Bremer's profit rises as revenue slips Bremer Financial Corp., St. Paul, reported a slight increase in fourth-quarter profits on stronger loan volumes. Bremer, which has $7.8 billion in assets and more than 100 branches in Minnesota, North Dakota and Wisconsin, reported net income of $15.5 million, or $1.29 per share, up 2.1 percent from $15.19 million, or $1.27 per share, a year earlier. However, total revenue fell from $127 million to $121.9 million on weaker interest income. Unlike many of its rivals, Bremer's loan portfolio has not worsened dramatically during the economic downturn. The bank's nonperforming assets to total loans and foreclosed real estate increased to 2.24 percent as of Dec. 31, up from 2 percent the previous quarter and 1.56 percent a year earlier. "It's often been said that Bremer performs best in times of stress," said CEO Stan Dardis. "I witnessed that firsthand this year."
CHRIS SERRES
