Bremer Staff Report
Bremer Financial Corporation last week reported net income of $24.4 million for the three months ended June 30, 2012, an increase of $6.2 million or 34.6 percent from the $18.2 million earned for the three months ended June 30, 2011.
For the six months ended June 30, 2012, net income was $48.8 million compared to $37 million earned in the first six months of 2011, an increase of 31.7 percent. The increase in 2012 earnings compared to 2011 was primarily driven by a lower provision for loan losses. Return on average equity for the second quarter of 2012 was 12.0 percent compared to 9.4 percent for the second quarter of 2011, while return on average assets was 1.22 percent in the second quarter of 2012 compared to 0.92 percent in the second quarter of 2011.
For the six months ended June 30, return on average equity was 12.1 percent in 2012 compared to 9.7 percent in 2011, while the return on average assets increased to 1.22 percent in 2012 from 0.94 percent in 2011.
Net interest income for the second quarter of 2012 was $71.7 million, an increase of $2.9 million or 4.2 percent from the $68.8 million reported for the same period a year ago. Our net interest margin was 3.97 percent for the quarter ended June 30, 2012 compared to 3.87 percent for the quarter ended June 30, 2011. For the first six months of 2012, our net interest margin was 3.92% compared to 3.85 percent a year earlier.
“The increase in our earnings reflects the commitment of our team to stay close to our clients, in good times, as well as more challenging times,” explained CEO Pat Donovan. “As a result, we are able to grow with them when the economy begins to improve.”
