Burke & Herbert Bank Reports First-Quarter Earnings
Alexandria, VA – Burke & Herbert Bank's financial position remains extraordinarily solid despite the continued challenges facing the banking industry in general as interest rates remain at all-time lows. Importantly, the Bank's customer base continues to grow and we continue to achieve progress in our work to ensure a highly competitive position for meeting the banking, borrowing, and investing needs of today's consumers and businesses.
For the first quarter of 2014, Burke & Herbert Bank posted net income of $7.6 million. While this represents a decrease of $1.1 million compared to the same quarter last year, the primary cause of the decline was a one-time market value write-down of $1.3 million on real property.
For the first three months of 2014, the Bank earned interest income of $24.6 million, a decrease of 4.9% from the prior year. The decline was driven by the market's demand for lower rates when pricing loans in the highly competitive environment of today.
To read the results in detail and learn more about our mission to become the "Bank of Choice" in Northern Virginia, download a copy of our First Quarter 2014 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 along with investment accounts, trust products and wealth management services. Burke & Herbert Bank is headquartered in Alexandria and operates 25 branches in Northern Virginia.
Trust products and wealth management 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.