Burke & Herbert Bank Reports First-Quarter Earnings
Alexandria, VA, May 31 – Burke & Herbert Bank posted net income of nearly $7.5 million in the first quarter of 2017 - slightly below the Bank's net income in the first quarter of 2016, by 1.6%.
The Bank achieved strong gains in both net interest income and non-interest income when compared to the same period a year ago: net interest income for the quarter totaled $23.2 million, a substantial increase of more than $1.3 million, or 6.1%, over the same quarter one year ago; non-interest income for the first quarter totaled $3.6 million, an improvement of 9.0% year-over-year.
The primary driver of increased interest income was continuing growth in the Bank's commercial lending business. The loan portfolio ended the quarter at $1.75 billion, having grown by $259.8 million, or 17.5%, since the end of the first quarter in 2016, and by $84.6 million, or 4.2%, year-to-date. Following a record year in 2016 for new loan production, the Bank enjoyed a strong start to 2017. New loan and line of credit production for the first quarter reached $137.0 million, ahead of the same quarter one year ago by 67.0%.
For complete details of the Bank's first-quarter performance, download a copy of our First 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 and services designed to meet customers' banking, borrowing, and investing needs. Burke & Herbert Bank is headquartered in Alexandria and operates 25 branches in Northern Virginia.