Burke & Herbert Bank Reports Second-Quarter Earnings
Alexandria, VA, August 19 – 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 – $656,000 (4.2%) less than the same quarter in 2014.
The Bank's core operating income remained strong in the quarter. However, earnings were dampened by a non-recurring charge of $700,000 to write down certain real estate holdings to market value.
Net interest income for the year through June 30 reached $45.1 million, on par with the first six months of 2014. Interest and fees earned on loans increased to $32.1 million for the first six months of 2015, 1.8% ahead of last year. Despite the continued challenges related to the extended low-rate environment, strong growth in the Bank's loan portfolio is generating year-over-year improvement in interest income.
For the year to date, the Bank's investment portfolio has generated $16.6 million in interest income, $8.3 million of which was earned in the second quarter.
As of June 30, total deposits stood at $2.23 billion, 2.6% higher than one year ago, with the trend of improved growth continuing from the previous quarter.
To read the results in detail, download a copy of our 2015 Second Quarter 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.