Burke & Herbert Bank Declares Quarterly Dividend
Follows Announcement of Strong Earnings Performance for 2015
Alexandria, VA, Jan. 22 – Burke & Herbert Bank announced today that at the meeting of its Board of Directors held on January 21, a regular cash dividend of $17.50 per share was declared, to be paid on March 1, 2016 to shareholders of record as of the close of business on February 16, 2016. The quarterly dividend represents an increase of $.50 per share from the dividend paid during the same quarter in 2015.
"The Bank's capital position is strong, as was our financial performance in 2015," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "Despite ongoing pressure on our net interest margin resulting from the long-lasting low-rate environment, we produced yet another year with solid earnings. We always are pleased to be able to deliver value for our shareholders," he added.
Burke & Herbert Bank posted net income of $30.9 million for 2015, 8.3% below earnings in the year prior. As of December 31, 2015, the Bank's assets reached $2.66 billion, $48.0 million or 1.8% ahead of assets at December 31, 2014. At $1.44 billion as of December 31, 2015, the Bank's loan portfolio reached an all-time high. The loan portfolio, the primary driver of income for the Bank, increased by $138.6 million in 2015, ending the year 10.7% ahead of the total one year ago. The Bank's total deposits reached $2.21 billion at year-end, reflecting growth of 2.9% since December 31, 2014.
Burke & Herbert Bank, established in 1852, is the oldest bank in the Commonwealth of Virginia and the oldest continuously operating bank in the Washington, D.C. area. The Bank offers a full range of personal and business banking products and services designed to meet customers' banking, borrowing, and investing needs. Burke & Herbert Bank is headquartered in Alexandria and operates 25 branches in Northern Virginia.