Burke & Herbert Bank Declares Final 2016 Dividend
Annual dividend payment matches prior year
Alexandria, VA, Oct. 21 – Burke & Herbert Bank announced today that at the meeting of its Board of Directors held on October 20, a regular cash dividend of $21.50 per share was declared, to be paid on December 1, 2016 to shareholders of record as of the close of business on November 15, 2016. This dividend payment will bring the total per-share dividend for the year to $74, matching the total dividends paid in 2015.
"We are pleased about the Bank's performance overall and delighted to be able to deliver strong value to the Bank's shareholders," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "Earnings for 2016 are ahead of last year, and our growing, high-quality loan portfolio positions us well for continued success," he added.
Burke & Herbert Bank posted net income of $7.7 million for the third quarter of 2016, ahead of the same quarter one year ago by 8.3%. Through the third quarter, earnings for 2016 totaled $22.8 million, 2.7% ahead of the same nine months in the year prior. As of September 30, 2016, the Bank's assets reached $2.92 billion, representing a gain of $247.5 million, or 9.3%, when compared to September 30, 2015. The Bank's asset growth was concentrated in the loan portfolio. The Bank's loan portfolio, the primary driver of income for the Bank, reached $1.60 billion at quarter's end, increasing on a net basis by $196.8 million, or 14.1%, since the corresponding point last year. Credit quality remained strong as well, as evidenced by a loan delinquency rate of 0.85% at the end of the quarter. The Bank's deposits stood at $2.23 billion at the end of the third quarter, on par with total deposits as of the same date in 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.