Burke & Herbert Bank Declares Quarterly Dividend
Shareholders to Receive Payments on December 1
Alexandria, VA, October 16 – Burke & Herbert Bank announced today that at the meeting of its Board of Directors held on October 15, a regular cash dividend of $20 per share was declared, to be paid on December 1, 2015 to shareholders of record as of the close of business on November 13, 2015. The per-share dividend of $20 represents an increase of $1 per share from the dividend paid in the previous quarter and is equal to the dividend paid during the same quarter last year. Dividends paid for 2015 total $74 per share, equal to the sum of the payments made in 2014.
"Our dividend announcement today reflects Burke & Herbert Bank's continued solid performance as well as our strong capital positon," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "We are pleased to be able to deliver value for our shareholders as we continue our work to make Burke & Herbert Bank the Bank of Choice for consumers and businesses throughout Northern Virginia."
Burke & Herbert Bank posted net income of $7.1 million for the third quarter of 2015, bringing year-to-date earnings to $22.2 million. As of September 30, 2015, the Bank's assets reached $2.68 billion, $59.5 million or 2.3% ahead of assets at September 30, 2014. The Bank's net loan portfolio, the primary driver of income for the Bank, stood at $1.39 billion on September 30, 2015, $116.7 million or 9.1% ahead of the same time last year. The Bank's total deposits reached $2.22 billion at quarter-end, reflecting growth of 2.5% since September 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.