# Exhibit 99.1

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

# BREMER REPORTS FOURTH QUARTER 2005 EARNINGS

St. Paul, Minn. (January 24, 2006) 
Bremer Financial Corporation reported net income of $20.7 million for the three months ended December 31, 2005, an increase of
12.5% from the $18.4 million earned for the same three-month period in 2004. On a year-to-date basis through December 31, 2005,
net income was $72.0 million compared to $64.2 million earned in 2004, an increase of 12.2%. Return on average equity for the
fourth quarter of 2005 was 15.2% compared to 14.7% in the fourth quarter of 2004, while return on average assets increased to
1.30% in the fourth quarter of 2005 compared to 1.22% in the fourth quarter of 2004.

Net interest income for the fourth quarter of 2005 was $56.8 million, an
increase of $2.4 million or 4.4% from the $54.4 million reported for the same period a year ago. While our net interest margin
decreased slightly to 3.95% from 3.98% when comparing the same two quarters, our average loans and leases increased $173.2 million
or 3.9%. On a year-to-date basis, net interest income increased $24.3 million or 12.3% to $222.4 million from $198.1 million in
2004, while our net interest margin increased to 3.90% from 3.77% during the same period.

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# Bremer Reports Fourth Quarter 2005 Earnings
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Im so proud of the effort turned in by our team of 1,800
employees. They have capped an incredible year by generating total net income of $72 million  a record year for
Bremer, said CEO Stan Dardis. They did it by taking action on behalf of their clients and communities each and every
day. Those efforts are reflected in the highest earnings in Bremers history  proof that our clients are rewarding us
with their business. And the greatest beneficiaries of those profits are our communities, the recipients of the grants that the
Otto Bremer Foundation is able to make based on our performance each year.

The decrease in our net interest margin from the fourth quarter of 2004 to
the fourth quarter of 2005 is primarily the result of increasing deposit costs. While the average yield on our earning assets
increased 90 basis points, to 6.55% from 5.65%, when comparing the fourth quarter of 2005 with the fourth quarter of 2004, the
cost of our interest bearing liabilities increased 114 basis points, to 3.16% from 2.02%. On a year-to-basis, our net interest
margin increased 13 basis points, as our asset yields early in the year responded more quickly than our deposit costs to the
continued rise in short-term interest rates that began in June 2004. Due to the competitiveness of both lending and deposit
markets, we do not expect further increases in short-term interest rates to result in additional significant improvements to our
net interest margin.

Noninterest income increased $2.6 million or 12.6% to $23.3 million in the
fourth quarter of 2005 from $20.7 million for the fourth quarter of 2004. On a year-to-date basis, noninterest income increased
$5.5 million or 6.9% to $85.2 million in 2005 from $79.7 million in 2004. This is largely the result of a $2.1 million gain on
sale of loans in the fourth quarter of 2005 and a $5.3 million gain on sale of loans on a year-to-date basis related to the
September 2005 transfer of $229.9 million of home equity loans to a special interest trust in connection with a securitization
transaction. We recorded no investment securities gains in 2005, compared to $2.1 million in gains recorded in 2004.

Noninterest expense increased $2.2 million or 4.9% to $47.3 million in the
fourth quarter of 2005 from $45.1 million in the fourth quarter of 2004. On a year-to-date basis, noninterest expense increased
$12.3 million or 7.1% to $184.7 million in 2005 from $172.5 million in 2004. Increases in personnel costs accounted for
approximately 66.3% of the increase in noninterest expenses when comparing the two full year periods. Exclusive of personnel
costs, total noninterest expense increased $4.1 million or 6.1% when comparing the same two periods.

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# Bremer Reports Fourth Quarter 2005 Earnings
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Nonperforming assets at December 31, 2005 were $14.1 million compared to
$11.4 million at December 31, 2004. Correspondingly, the ratio of nonperforming assets to total loans, leases and other real
estate owned (OREO) increased to 0.30% at December 31, 2005 from 0.25% at December 31, 2004.

Net charge-offs in the fourth quarter of 2005 were $1.5 million compared to
$2.3 million in the fourth quarter of 2004. We recorded a provision for loan losses of $1.5 million in the fourth quarter of 2005
compared to $1.4 million in the fourth quarter of 2004. Our ratio of reserve for loan losses to total loans and leases was 1.20%
at December 31, 2005 and 1.28% at December 31, 2004.

Bremer Financial Corporation is a privately-held, $6.6 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 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 Exhibit 99.1 to Bremers Annual Report on Form 10-K for the year ended December 31, 2004 filed with
the Securities and Exchange Commission, which is incorporated herein by reference.

*   *   *   *   *

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# Bremer Reports Fourth Quarter 2005 Earnings
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# BREMER FINANCIAL CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share amounts)

|                                                    | Three months ended December 31, |  |   | Twelve months ended December 31,
|--------------------------------------------------- | ------------------------------- |  | - | --------------------------------
|
|Operating Results:                                  |                                 |  |   |                                 
|Total interest income                               |                                 |  | $ | 95,811                          
|Total interest expense                              |                                 |  |   | 39,029                          
|                                                    |                                 |  |   |                                 
|Net interest income                                 |                                 |  |   | 56,782                          
|Provision for loan losses                           |                                 |  |   | 1,529                           
|                                                    |                                 |  |   |                                 
|Net interest income after provision for loan losses |                                 |  |   | 55,253                          
|Noninterest income                                  |                                 |  |   | 23,348                          
|Noninterest expense                                 |                                 |  |   | 47,268                          
|                                                    |                                 |  |   |                                 
|Income before income tax expense                    |                                 |  |   | 31,333                          
|Income tax expense                                  |                                 |  |   | 10,597                          
|                                                    |                                 |  |   |                                 
|Net income                                          |                                 |  | $ | 20,736                          
|                                                    |                                 |  |   |                                 
|                                                   
|Net income per share  basic and diluted            |                                 |  | $ | 1.73                            
|Dividends paid per share                            |                                 |  |   | 0.58                            
|                                                   
|Tax equivalent net interest income                  |                                 |  | $ | 59,330                          
|Net charge-offs                                     |                                 |  |   | 1,534                           
|                                                   
|Selected Financial Ratios:                          |                                 | 
|Return on average assets                            |                                 |  |   | 1.30                            
|Return on average equity (1)                        |                                 |  |   | 15.2                            
|Average equity to average assets (1)                |                                 |  |   | 8.5                             
|Net interest margin (2)                             |                                 |  |   | 3.95                            
|Operating efficiency ratio (3)                      |                                 |  |   | 57.2                            
|Net charge-offs to average loans and leases         |                                 |  |   | 0.13                            
|                                                   
|
|Balance Sheet Data:                                
|Total assets                                        |                                 |  | $ | 6,555,895                       
|Securities (4)                                      |                                 |  |   | 1,374,065                       
|Loans and leases (5)                                |                                 |  |   | 4,639,766                       
|Total deposits                                      |                                 |  |   | 4,878,352                       
|Short-term borrowings                               |                                 |  |   | 736,560                         
|Long-term debt                                      |                                 |  |   | 322,016                         
|Redeemable class A common stock                     |                                 |  |   | 43,731                          
|Shareholders equity                                |                                 |  |   | 502,904                         
|Per share book value of common stock                |                                 |  |   | 45.55                           
|                                                   
|Asset Quality:                                     
|Reserve for loan losses                             |                                 |  | $ | 55,628                          
|Nonperforming assets                                |                                 |  |   | 14,107                          
|Nonperforming assets to total loans, leases         |                                 | 
|and OREO                                            |                                 |  |   | 0.30                            
|Reserve for loan losses to total loans and leases   |                                 |  |   | 1.20                            

|_________________
|-----------------
|(1)              

|(2) |  | Tax-equivalent basis (TEB).
|--- |  | ---------------------------

|(3) |  | Noninterest expense as a percentage of tax-equivalent net interest
income and noninterest income.
|--- |  | -------------------------------------------------------------------------------------------------

|(4) |  | Includes securities held-to-maturity and securities
available-for-sale.
|--- |  | -----------------------------------------------------------------------

|(5) |  | Net of unearned discount and includes nonaccrual loans and leases.
|--- |  | ------------------------------------------------------------------

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# Bremer Reports Fourth Quarter 2005 Earnings
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# BREMER FINANCIAL CORPORATION AND SUBSIDIARIES
SUMMARY BALANCE SHEET AND INCOME STATEMENT
(dollars in thousands)

|                                                    | Three months ended December 31, |  | Twelve months ended December 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                        |                                 |  | $                               
|                                                    |                                 |  |                                 
|                                                   
|
|
|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                               |                                 |  |                                 
|Gain 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) |  | Net of unearned discount and includes nonaccrual loans and leases.
|--- |  | ------------------------------------------------------------------

|(3) |  | Excluding net unrealized gain (loss) on securities
available-for-sale.
|--- |  | ----------------------------------------------------------------------

|(4) |  | Before deducting the reserve for loan losses.
|--- |  | ---------------------------------------------

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