Burke & Herbert Bank Declares Fourth Quarterly Dividend for 2010
Bank Continues Trend of Net Income Growth
Alexandria, VA – Burke & Herbert Bank announced today that at its meeting on November 4, 2010, its Board of Directors declared a dividend of $18 per share payable on December 1 to stockholders of record at the close of business on November 15, 2010.
The Bank’s performance has been strong throughout the year. For the nine months ended September 30, 2010, the Bank reported net income of $25.0 million compared with $23.9 million for the same period in 2009. Third quarter 2010 net income was $9.3 million, up from $8.3 million in the same quarter last year.
E. Hunt Burke, Chairman & Chief Executive Officer said, “We’re proud to continue to create value for our shareholders as we serve the banking needs of consumers and businesses in Northern Virginia. Our third quarter was a successful one, and was yet another quarter that produced impressive earnings and year-over-year growth.”
For the third quarter of 2010 the Bank reported earnings per share of $48.28, an increase of 11.3% over the same period in 2009. Year-to-date earnings per share at September 30 were $130.11, 4.5% higher than 2009. Total dividends declared for 2010 of $72 per share exceeded dividends paid in 2009 by $8.
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. Burke & Herbert Bank provides a full range of personal and business banking products and services including mortgages, business loans, trust services and 24-hour online banking (burkeandherbertbank.com). The Bank operates 22 branches in Northern Virginia. Member FDIC.