Bremer Staff Report
Bremer Financial Corporation reported net income of $24.3 million for the first three months of 2012 — an increase of $5.4 million or 29 percent from the $18.9 million earned for the same months in 2011.
Return on average equity for the first quarter of 2012 was 12.1 percent, compared to 10 percent for the first quarter of 2011; while return on average assets was 1.21 percent in the first quarter of 2012 compared to 0.97 percent in the first quarter of 2011.
Net interest income for the first quarter of 2012 was $70 million, an increase of $2.5 million or 3.7 percent from the $67.5 million reported for the same period a year ago. Net interest margin was 3.88 percent for the quarter ending March 31, 2012, compared to 3.82 percent for the quarter ending March 31, 2011.
“It’s gratifying to have had a strong first quarter, consistent with the momentum we experienced in 2011,” said Bremer CEO Pat Donovan. “The Bremer team continues to turn in a strong performance as they meet the needs of our clients and communities.”
