Burke & Herbert Bank Declares Quarterly Dividend
Shareholders to Receive Payments on June 1
Alexandria, VA, April 22 – Burke & Herbert Bank announced today that at the meeting of the Bank's Board of Directors on April 21, the Board declared a dividend per share of $17.50, payable on June 1, 2016 to shareholders of record as of the close of business on May 16. The per-share dividend of $17.50 is equal to the dividend per share paid in the previous quarter.
"We are pleased to be able to deliver continued value for our shareholders in the form of cash dividends," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "While the prolonged low-interest rate environment continues to dampen interest income, our overall financial performance remains strong and the Bank continues to be well-capitalized," he added.
Burke & Herbert Bank posted net income of $7.6 million for the first quarter of 2016, representing a decline of 5.8% when compared to the same quarter in 2015. Earnings per share for the first quarter of 2016 amounted to $39.67. As of March 31, 2016, the Bank had $2.71 billion in assets, an increase of $39.6 million, or +1.5%, compared to the corresponding point one year ago. The Bank's net loan portfolio, the primary driver of interest income, stood at $1.47 billion at quarter-end, reflecting a healthy gain of 11.0% over the same quarter one year prior.
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.