Burke & Herbert Bank Declares Quarterly Dividend
Dividend Announcement Follows Solid Earnings Quarter
Alexandria, VA, July 18 – Burke & Herbert Bank announced today that at the meeting of the Bank's Board of Directors on July 17, a dividend of $19.00 per share was declared, to be paid on September 2, 2014 to shareholders of record as of the close of business on August 15, 2014. The per-share dividend of $19.00 represents an increase of $1.00 per share from the previous quarter and is equal to the dividend paid for the same quarter in 2013.
The dividend announcement follows the completion of a solid earnings quarter for the Bank. For the second quarter of 2014, the Bank's net income totaled $8.1 million, bringing cumulative net income for the one-half of the year to $15.7 million. While reduced by $1.5 million, or 9.0%, from the same period in 2013, the primary cause of the decline in year-to-date earnings is a one-time write-down of $1.3 million on real property recorded in the first quarter, as reported previously. Earnings for ongoing operations in 2014 remain strong.
"Burke & Herbert Bank continues to deliver solid value for our shareholders as evidenced by today's dividend announcement," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "And, we are working hard to enhance our competitive position in order to continue to grow both our personal and business customer bases, thus ensuring the Bank's continued success" he added.
Burke & Herbert Bank produced earnings per share of $42.03 for the second quarter and $81.65 for the first one-half of 2014. The Bank's book value per share stood at $1,604.03 as of June 30, 2014.
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.