Burke & Herbert Bank Declares Quarterly Dividend
Follows Announcement of Strong 2nd-Quarter Earnings
Alexandria, VA, July 21 – Burke & Herbert Bank announced today that at the meeting of its Board of Directors held on July 20, a regular cash dividend of $18.00 per share was declared, to be paid on September 1, 2017 to shareholders of record as of the close of business on August 15, 2017. This quarterly dividend payment is equal to the dividend paid during the first two quarters of 2017 and represents an increase of $0.50 per share from the dividend paid during the same quarter one year ago.
"We are pleased with the Bank's overall financial performance for the year thus far," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "We posted a strong second quarter, and continue to generate robust loan growth, a key driver of earnings. In addition, we continue to attract a healthy volume of new customers, beginning their relationships with us with a checking account and related convenient services. We have every reason to believe that the future is bright for Burke & Herbert Bank," he added.
Burke & Herbert Bank posted net income of $8.1 million for the second quarter of 2017, compared to earnings of $7.4 million for the same quarter in 2016, an increase of 9.3%. The strong second-quarter earnings brought year-to-date net income to $15.6 million, 3.8% ahead of net income for the same six-month period the year prior.
As of June 30, 2017, the Bank's assets reached $3.12 billion, representing an 8.3% gain when compared to assets at June 30, 2016. Net loans, which represent the largest component of earning assets, grew by $320.7 million, or 21.2%, to reach $1.83 billion as of June 30, 2017. The Bank's deposits at the mid-point of 2017 totaled $2.34 billion, 3.6% above the deposit level on the same date a 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.