Burke & Herbert Bank Declares Quarterly Dividend
Bank Continues to Deliver Value to Shareholders
Alexandria, VA – Burke & Herbert Bank announced today that at the meeting of its Board of Directors held on July 16, a dividend in the amount of $19 per share was declared, to be paid on September 1, 2015 to shareholders of record as of the close of business on August 14, 2015. The per-share dividend of $19 represents an increase of $1 per share from the dividend paid in the previous quarter and is equal to the dividend paid at the same point in 2014.
"Today's dividend announcement reflects the ongoing strong financial performance of Burke & Herbert Bank as well as the Bank's solid capital position," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "The investments we have made in our products, services, processes, technology, and people during the last several years have positioned us well to continue to deliver value to our customers, our shareholders and the communities we serve. We are pleased with our progress and remain committed to achieving our mission of becoming the Bank of Choice for individuals and businesses throughout Northern Virginia," he added.
Burke & Herbert Bank posted net income of $6.9 million for the second quarter of 2015, bringing year-to-date earnings to $15.0 million. The Bank’s core operating income remained strong in the quarter; however, earnings were dampened by a non-recurring charge of $700,000 resulting from the write-down on a piece of real property to reflect the current market value.
As of June 30, 2015, the Bank’s assets total $2.69 billion, an increase of $89.3 million or 3.4% over the same point in 2014. The Bank’s net loan portfolio, the primary driver of income for the Bank, stood at $1.32 billion on June 30, 2015, $116.1 million or 9.7% ahead of the level on June 30, 2014.
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.