Burke & Herbert Bank Declares Quarterly Dividend
Per-Share Dividend on Par with Same Quarter Last Year
Alexandria, VA, April 18, 2014 – Burke & Herbert Bank announced that at the April 17 meeting of the Bank's Board of Directors, the Board declared a dividend per share of $18.00, payable on June 2, 2014 to shareholders of record as of the close of business on May 16, 2014. The per-share dividend of $18.00 is equal to the dividend paid for the same quarter in 2013.
"We are pleased that Burke & Herbert Bank continues to deliver great value for our shareholders," said E. Hunt Burke, the Bank’s Chairman & Chief Executive Officer. "While the long-lasting low-rate environment has dampened our earnings, the Bank's financial position and capital base remain solid. Our investments in our people, products, technology and overall brand are serving us well, as evidenced by the growing base of customers who consider us their primary bank," he added.
Burke & Herbert Bank posted net income for the first quarter of 2014 of $7.6 million, a decrease of $1.1 million in comparison to the same quarter last year. The primary cause of the decline in quarterly earnings was a one-time market value write-down of $1.3 million on real property. Earnings per share for the quarter were $160.69, down from $184.28 the same quarter last year.
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 along with trust and wealth management products and services. Burke & Herbert Bank is headquartered in Alexandria and operates 25 branches in Northern Virginia.
Trust and wealth management 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.