Burke & Herbert Bank Records Strong Second Quarter Earnings
Alexandria, VA – Burke & Herbert Bank is pleased to report that the Bank posted earnings of $9.0 million for the second quarter of 2012, boosting year-to-date earnings to $17.8 million. For the first half of 2012, the Bank's net income is 1.4% ahead of the same six months one year ago. Year-to-date earnings per share of $92.72 also compare favorably to the same period last year ($91.47).
"We have produced another solid earnings quarter thanks in large part to growth in interest income from investments and continued careful management of interest expense," stated E. Hunt Burke, the Bank’s Chairman and Chief Executive Officer. "Solid growth in non-interest income, driven by our growing mortgage business, played a key role as well," he added.
The Bank’s key performance metrics for the first half of 2012, including return on average assets of 1.43%, return on average equity of 14.09%, and overhead efficiency ratio of 49.21% remain quite strong compared to peer-group averages and provide further evidence of continued success. Burke & Herbert Bank’s total assets as of June 30, 2012 stood at $2.49 billion, up 6.1% over the same time last year.
"While the extended period of low interest rates and slowly improving overall economy present challenges for community banks such as ours, we are pleased that we have been able to continue delivering strong financial results and value for our shareholders," commented W. Scott McSween, the Bank’s President & Chief Operating Officer. "We also are pleased with the progress we’ve made in positioning the Bank for continued success with investments in products, services, people, and technology. Our investments in our brand will enable us to deliver even more value to both shareholders and Burke & Herbert Bank customers over the long run."
The Bank recently completed a significant upgrade to its Online Banking services for personal banking customers and installed new, advanced touchscreen ATMs at all branches, among other enhancements.
Burke & Herbert Bank was established in 1852 and 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 along with investment accounts and trust services. Burke & Herbert Bank is headquartered in Alexandria and operates 25 branches in Northern Virginia.
Trust products and services are not deposits, are not insured by the FDIC or any other government agency, are not guaranteed by the Bank and may lose value.