Burke & Herbert Bank Declares Quarterly Dividend
Per-Share Dividend on Par with Same Quarter Last Year
Alexandria, VA, April 17 – Burke & Herbert Bank announced today that at the April 16 meeting of the Bank's Board of Directors, the Board declared a dividend per share of $18 payable on June 1, 2015 to shareholders of record as of the close of business on May 15, 2015. The per-share dividend of $18 is equal to the dividend paid for the same quarter in 2014 and an increase of $1 per share from the dividend paid in the previous quarter.
"We are pleased with the Bank's overall performance and delighted to be able to deliver continued value for our shareholders," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "We believe that our time-tested strategy of delivering high-quality personal service coupled with ongoing focus on ensuring that we have modern banking products and services to meet the banking, borrowing, and investment needs of individuals and businesses throughout the market is a key driver of our continued success," he added.
Burke & Herbert Bank posted net income for the first quarter of 2015 of $8.1 million, 6.2% ahead of earnings for the first quarter of 2014. As of March 31, 2015, the Bank had $2.67 billion in assets, an increase of $24.2 million from the same time a year ago. The Bank's return on average assets for the first three months of the year was 1.25%, which compares favorably to peers with assets of $1 to $5 billion.
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.