Burke & Herbert Bank Reports Third-Quarter Earnings
Alexandria, VA, November 14 – For the nine months ended September 30, 2014, Burke & Herbert Bank posted net income of $24.3 million, $8.6 million of which was realized during the third quarter. While year-to-date net income declined $1.7 million (-6.8%) from the same period the year prior, a one-time write-down of $1.3 million on real property recorded in the first quarter remains the primary driver of the year-over-year decline in earnings.
The Bank's core operations remain strong and continue to generate solid earnings despite the prolonged period during which low interest rates have prevailed. Our customer base continues to grow and our commercial lending activity has increased – both key indicators of ongoing success.
To read the results in detail, download a copy of our Third 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 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.