Burke & Herbert Bank Reports First-Quarter Earnings
Alexandria, VA, May 20 – Burke & Herbert Bank posted net income of nearly $8.1 million for the first quarter of 2015, 6.2% higher than the Bank's net income in the same quarter in the year prior.
First-quarter results for 2015 reflect a healthy start to the year, with improvements recorded in both net interest income and non-interest income when compared to the same quarter one year ago.
Net interest income for the quarter totaled $22.8 million, 197-thousand, or 0.9% ahead of the same quarter last year, driven by lower interest paid on deposits and other borrowed funds, and a reduction in the provision for loan losses, reflecting the strength of the Bank's loan portfolio.
Non-interest income for the first quarter totaled more than $3.0 million, a 9.2% increase over the same period one year ago, driven by the Bank's growing Wealth Management and Trust businesses; the volume of new consumer mortgage loans closed during the first quarter of 2015, which exceeded the amount closed in the same quarter last year, and sustained growth in income from debit card usage as more and more checking account customers turn to the convenience of using their Burke & Herbert Bank Visa® Debit Cards to make purchases.
As of March 31, total deposits stood at $2.21 billion. While slightly lower than on the same date one year ago, total deposits have grown by 2.8% since the end of 2014, reflecting a positive trend for the first three months of 2015.
To read the results in detail, download a copy of our First Quarter 2015 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 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.