Burke & Herbert Bank Declares Quarterly Dividend
Announcement Follows Strong Q2 Earnings Results
Alexandria, VA, July 22 – Burke & Herbert Bank announced today that at the meeting of its Board of Directors held on July 21, a regular cash dividend of $17.50 per share was declared, to be paid on September 1, 2016 to shareholders of record as of the close of business on August 15, 2016. The per-share dividend of $17.50 mirrors the dividend paid in the previous two quarters.
"Today’s dividend announcement reflects our solid financial performance, strong capital position, and confidence in our continued success," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "While the low rate environment and other market challenges have imposed increasing pressure on earnings, we are having a good year, highlighted by strong loan growth," he added.
Burke & Herbert Bank posted net income of $7.4 million for the second quarter of 2016, ahead of the same quarter one year ago by 6.9%. For the year to date, earnings total $15.0 million, just ahead of the same point in 2015. As of June 30, 2016, the Bank's assets reached $2.89 billion, representing a gain of $200.5 million, or 7.5%, when compared to the same date one year ago. The Bank's net loan portfolio, the primary driver of income for the Bank, stood at $1.51 billion on June 30, 2016, $193.1 million or 14.7% ahead of the level one year earlier. The Bank's deposits have grown as well, ending the quarter at $2.26 billion, $29.5 million or 1.3% ahead of June 30, 2015.
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.