2014 Annual Report Now Available
Alexandria, VA, March 26 - Burke & Herbert Bank is delighted to report that 2014 – our 162nd year in business – was a very successful one.
In 2014, Burke & Herbert Bank posted solid earnings of $33.7 million, or $175.33 per share. While net income decreased modestly from the prior year (-$917,000 or -2.7%), the decline was driven by a one-time write-down of $1.3 million on real property in the first quarter. The Bank's core operations remain strong, as demonstrated by several key indicators of financial strength and growth.
For the year, net interest income after provision for loan losses reached $91.9 million, ahead of the year prior by $113,000.
The Bank ended the year with total assets of $2.6 billion, $56.7 million (2.2%) ahead of year-end 2013. The Bank's loan portfolio, the largest asset category and the key driver of interest income, grew to $1.3 billion, up $90.0 million (7.4%) over the level at the end of 2013. New loan production in 2014 was the strongest in years, as we began to benefit from the expansion of our commercial lending team and other improvements made in our commercial banking program. We continue to enhance and modernize our lending processes and create increased capacity to support additional growth in 2015 and beyond.
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 and trust and wealth management products and services. Burke & Herbert Bank is headquartered in Alexandria and operates 25 branches in Northern Virginia.
Trust 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.