Burke & Herbert Bank Reports First-Quarter Earnings
Alexandria, VA, May 25 – Burke & Herbert Bank posted net income of $7.6 million in the first quarter of 2016, a decrease of $466,000, or 5.8%, from the Bank's income in the first quarter of the year prior. Earnings continue to be dampened by narrow interest rate margins resulting from the prolonged period of low interest rates. The Bank's overall performance, however, remains strong, as demonstrated by several key indicators of financial strength and growth.
Checking account balances continued their rise, reaching $911.3 million at the end of the quarter, $37.7 million ahead of the same time last year. Growth was driven by our core consumer checking account portfolio, which ended the quarter at nearly 48,000 accounts, 5.4% ahead of the same point one year ago.
To read the results in detail, download a copy of our 2016 First Quarter Earnings Report.
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.