# Exhibit 99.1

|FOR IMMEDIATE RELEASE |  | Contacts: |  | FinancialStuart F. BradtController651-734-4717sfbradt@bremer.comCorporate Communications DirectorTeresa M. Morrow651-312-3570tmmorrow@bremer.com | 
|--------------------- |  | --------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------ | 

# BREMER REPORTS FIRST QUARTER 2006 EARNINGS

St. Paul, Minn. (April
25, 2006)  Bremer Financial Corporation reported net income of $16.3 million for the three months ended March 31, 2006, an
increase of 0.9% from the $16.2 million earned for the same three-month period in 2005. Return on average equity for the first
quarter of 2006 was 12.0% compared to 12.9% in the first quarter of 2005, while return on average assets decreased to 1.03% in the
first quarter of 2006 compared to 1.07% in the first quarter of 2005.

Net interest income for the first quarter of 2006 was $55.8 million, an
increase of $2.5 million or 4.6% from the $53.4 million reported for the same period a year ago. Our net interest margin increased
slightly to 3.91% from 3.89% when comparing the same two quarters, and our average loans and leases increased $79.5 million or
1.7%. Our net interest margin has remained relatively flat as short-term interest rates have risen during the past year and higher
yields on earning assets have been offset by higher interest costs for deposits and borrowings.

As we review our first quarter results, Id like to recognize the
efforts of our 1,850 employees who are taking action on behalf of their clients and communities, said CEO Stan Dardis.
The commitment to build healthy communities runs through every department and business line at Bremer, and that
differentiates us

# - more -

---

# Bremer Reports First Quarter 2006 Earnings
Page 2

from other companies which are focused on earnings per share or analyst
expectations. Bremer employees put the needs of clients first, and the result is increased business and profits. The greatest
beneficiary of those profits are our communities, the recipients of the grants that the Otto Bremer Foundation is able to make
based on our financial performance.

Noninterest income increased $0.1 million or 0.7% to $18.9 million in the
first quarter of 2006 from $18.8 million for the first quarter of 2005. Increases in service charge revenues and investment
management and trust fees were offset by a $0.5 million loss on the sale of investment securities in the first three months of
2006.

Noninterest expense increased $3.4 million or 7.6% to $47.4 million in the
first quarter of 2006 from $44.1 million in the first quarter of 2005. Increases in personnel costs accounted for approximately
67.8% of the increase in noninterest expenses when comparing the two quarters. Exclusive of personnel costs, total noninterest
expense increased $1.1 million or 6.4% when comparing the same two periods.

Nonperforming assets at March 31, 2006 were $16.2 million compared to $14.1
million at December 31, 2005 and $12.6 million at March 31, 2005. Correspondingly, the ratio of nonperforming assets to total
loans, leases and other real estate owned (OREO) increased to 0.35% at March 31, 2006 from 0.30% at December 31, 2005 and 0.25% at
March 31, 2005.

Net charge-offs in the first quarter of 2006 were $583.0 thousand compared to
$339.0 thousand in the first quarter of 2005. We recorded a provision for loan losses of $2.5 million in the first quarter of 2006
compared to $3.3 million in the first quarter of 2005. Our ratio of reserve for loan losses to total loans and leases was 1.23% at
March 31, 2006, 1.20% at December 31, 2005 and 1.30% at March 31, 2005.

Bremer Financial Corporation is a privately-held, $6.5 billion regional
financial services company jointly owned by its employees and the Otto Bremer Foundation. Founded in 1943 by Otto Bremer, the
company is headquartered in St. Paul, Minnesota and provides a comprehensive range of banking, investment, trust and

# - more -

---

# Bremer Reports First Quarter 2006 Earnings
Page 3

insurance services to over 100 locations in Minnesota, North Dakota and
Wisconsin. Company profits are distributed in the form of charitable grants by the Otto Bremer Foundation to communities served by
Bremer.

Except for historical information contained herein, the statements made in
this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risk and uncertainties, including
statements regarding the intent, belief or current expectations of Bremer Financial Corporation and its management as to
Bremers strategic directions, prospects and future results. Certain factors may cause actual results to differ materially
from those contained in the forward-looking statements, including our competitive environment, economic and other conditions in
the markets in which we operate, governmental regulation, including policies and enactments of the Federal Reserve Board, and
other risks set forth in Item 1A. of Bremers Annual Report on Form 10-K for the year ended December 31, 2005 filed with the
Securities and Exchange Commission, which is incorporated herein by reference.

*   *   *   *   *

# - more -

---

# Bremer Reports First Quarter 2006 Earnings
Page 4

# BREMER FINANCIAL CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)

|                                                    | Three months ended March 31, |  | Change
|--------------------------------------------------- | ---------------------------- |  | ------
|
|Operating Results:                                  |                              |  |       
|Total interest income                               |                              |  | $     
|Total interest expense                              |                              |  |       
|                                                    |                              |  |       
|Net interest income                                 |                              |  |       
|Provision for loan losses                           |                              |  |       
|                                                    |                              |  |       
|Net interest income after provision for loan losses |                              |  |       
|Noninterest income                                  |                              |  |       
|Noninterest expense                                 |                              |  |       
|                                                    |                              |  |       
|Income before income tax expense                    |                              |  |       
|Income tax expense                                  |                              |  |       
|                                                    |                              |  |       
|Net income                                          |                              |  | $     
|                                                    |                              |  |       
|                                                   
|Net income per share  basic and diluted            |                              |  | $     
|Dividends paid per share                            |                              |  |       
|                                                   
|Tax equivalent net interest income                  |                              |  | $     
|Net charge-offs                                     |                              |  |       
|                                                   
|Selected Financial Ratios:                          |                              | 
|Return on average assets                            |                              |  |       
|Return on average equity (1)                        |                              |  |       
|Average equity to average assets (1)                |                              |  |       
|Net interest margin (2)                             |                              |  |       
|Operating efficiency ratio (3)                      |                              |  |       
|Net charge-offs to average loans and leases         |                              |  |       
|                                                   
|
|Balance Sheet Data:                                 |                              |  |       
|Total assets                                        |                              |  | $     
|Securities (4)                                      |                              |  |       
|Loans and leases (5)                                |                              |  |       
|Total deposits                                      |                              |  |       
|Short-term borrowings                               |                              |  |       
|Long-term debt                                      |                              |  |       
|Redeemable class A common stock                     |                              |  |       
|Shareholders equity                                |                              |  |       
|Per share book value of common stock                |                              |  |       
|                                                   
|Asset Quality:                                     
|Reserve for loan losses                             |                              |  | $     
|Nonperforming assets                                |                              |  |       
|Nonperforming assets to total loans, leases         |                              | 
|and OREO                                            |                              |  |       
|Reserve for loan losses to total loans and leases   |                              |  |       

|_________________
|-----------------
|(1)              
|(2)              
|(3)              
|(4)              
|(5)              

# - more -

---

# Bremer Reports First Quarter 2006 Earnings
Page 5

# BREMER FINANCIAL CORPORATION AND SUBSIDIARIES
SUMMARY BALANCE SHEET AND INCOME STATEMENT
(dollars in thousands)

|                                      | Three months ended March 31,
|------------------------------------- | ----------------------------
|
|
|Summary Average Balance Sheet:        |                             
|Total loans and leases (2)            |                             
|Total securities (3)                  |                             
|Total other earning assets            |                             
|                                      |                             
|Total interest earning assets (4)     |                             
|Total noninterest earning assets      |                             
|                                      |                             
|Total assets                          |                             
|                                      |                             
|Noninterest bearing deposits          |                             
|Interest bearing deposits             |                             
|Short-term borrowings                 |                             
|Long-term debt                        |                             
|                                      |                             
|Total interest bearing liabilities    |                             
|Other noninterest bearing liabilities |                             
|Minority interest                     |                             
|Redeemable class A common stock       |                             
|Shareholders equity                  |                             
|                                      |                             
|Total liabilities and equity          |                             
|                                      |                             

|                                                    | Three months ended March 31,
|--------------------------------------------------- | ----------------------------
|
|Summary Income Statement:                           |                             
|Total interest income                               |                             
|Total interest expense                              |                             
|                                                    |                             
|Net interest income                                 |                             
|Provision for loan losses                           |                             
|                                                    |                             
|Net interest income after provision for loan losses |                             
|Service charges                                     |                             
|Insurance                                           |                             
|Investment management and trust fees                |                             
|Brokerage                                           |                             
|Gain on sale of loans                               |                             
|Loss on sale of securities                          |                             
|Other                                               |                             
|                                                    |                             
|Total noninterest income                            |                             
|Salaries and wages                                  |                             
|Employee benefits                                   |                             
|Occupancy                                           |                             
|Furniture and equipment                             |                             
|Data processing fees                                |                             
|FDIC premiums and examination fees                  |                             
|Amortization of intangibles                         |                             
|Other                                               |                             
|                                                    |                             
|Total noninterest expense                           |                             
|                                                    |                             
|Income before income tax expense                    |                             
|Income tax expense                                  |                             
|                                                    |                             
|Net income                                          |                             
|                                                    |                             

|_________________
|-----------------
|(1)              
|(2)              
|(3)              
|(4)              

---