Burke & Herbert Bank Reports Second-Quarter Earnings
Alexandria, VA, August 19 - Burke & Herbert Bank's net income for the second quarter of 2016 was $7.4 million, nearly 7% higher than the same period in 2015. For the first six months of 2016, the Bank posted net income of $15.0 million, on par with the first half of the previous year.
Net interest income for the quarter totaled $22.6 million, an increase of 3.5% over the previous quarter and 1.0% higher than the same quarter last year. For the first six months of 2016, the Bank's net interest income was $44.5 million, slightly lower (-1.5%) than for the same period in 2015.
The Bank's loan portfolio continues to grow, and the pace of that growth is increasing. Net loans grew by $41.3 million, or 2.8%, in the second quarter. As of June 30, the total net loan portfolio topped $1.5 billion, an all-time high for the Bank. Much of the net loan growth year-to-date was driven by commercial real estate loans, and the credit quality of our loan portfolio remains strong.
For complete details, download a copy of the Bank's Second 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.