Burke & Herbert Bank Reports Third-Quarter Earnings
Alexandria, VA, November 18 – Burke & Herbert Bank is pleased to report net income of $7.1 million for the third quarter of 2015, bringing net income for the year to date (through September 30) to $22.2 million. Third-quarter income was ahead of the prior quarter by nearly 3%. Earnings for the year to date are down 8.8% from the same time last year.
Net interest income for the quarter, the largest component of total income, increased slightly (0.9%) over the previous quarter, to $22.5 million. Year-to-date, net interest income totaled $67.6 million, on par with results from one year ago.
Driven by continued growth in the Bank's loan portfolio, income from interest and fees on loans continued to grow. The Bank earned $16.1 million in loan interest and fees in the third quarter (an increase of 2.3% over the previous quarter) and $48.2 million through September 30 in 2015 (an improvement of 1% over the same period one year ago).
The Bank's non-interest income continues to grow, propelled by two key areas. Income from our Trust Services and Wealth Management businesses increased by 15.5% over the prior year, reaching $2.7 million for the first three quarters of 2015. We continue to attract and serve new clients seeking asset management, estate planning, investment management, and financial planning services. Likewise, debit card use by the Bank's growing base of checking account customers is driving higher interchange income, contributing significantly to the increase of 2.3% in service charges, commissions and fees as compared to 2014.
To read the results in detail, download a copy of our 2015 Third 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.