Burke & Herbert Bank Reports Continued Solid Performance
2015 Annual Report Now Available
Alexandria, VA – Burke & Herbert Bank is pleased to report that for 2015, our 163rd year in business, we continued our long history of solid performance, posting net income of $30.9 million for the year. While this was 8.3% below earnings in the year prior, the results were in line with our expectations given the prevailing economic conditions and the incremental expenses associated with required compliance enhancements and other important, needed investments in the Bank's infrastructure.
Earnings per share totaled $160.86, enabling us to return $74 per share in the form of cash dividends to our shareholders, thus mirroring the dividend payments made in the year prior. We are proud to be able to continue making a difference for our shareholders, delivering strong value despite the less-than-optimal market conditions.
Burke & Herbert Bank concluded 2015 with total assets of $2.7 billion, $49.5 million or 1.9% above the levels at year-end 2014. The Bank's net loan portfolio, which comprises the majority of the Bank's assets, grew to $1.4 billion, $138.6 million or 10.8% higher than at the end of the year prior. This strong growth follows the solid increase of $90.0 million or 7.4% we achieved in 2014. Our net loan portfolio thus attained a new all-time high as of December 31.
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.