Burke & Herbert Bank Posts Strong 3rd Quarter Earnings
On Pace to Generate Record Earnings for the Year
Alexandria, VA -- Burke & Herbert Bank announced today that the Bank completed another strong quarter, posting net income of $8.4 million for the third quarter of 2011 resulting in earnings per share of $43.83. For the nine months ended September 30, 2011 net income reached $26.0 million, up 4% over the same nine months in 2010. Year-to-date earnings per share of $135.30 also compare favorably to the same period last year ($130.11).
"I am delighted with the Bank’s continued growth and solid financial performance," stated E. Hunt Burke, the Bank’s Chairman & Chief Executive Officer. "Despite the challenges presented by the low-rate environment and slowly-recovering overall economy, we have been able to create value for our shareholders while at the same time investing in the Bank’s future," he added. "Our high-quality loan portfolio continues to serve us quite well."
Burke & Herbert Bank has generated record earnings for three consecutive years and is on pace to do so yet again in 2011. Key performance metrics for the nine months ended September 30, including return on average assets of 1.49%, overhead efficiency ratio of 45.56%, and net credit losses as a percentage of total loans of 0.18% remain stronger than peer group averages and provide further evidence of the Bank’s continued success.
"We are in the enviable position of having the financial capacity to invest in the products, services, people, and technology we believe are required to ensure our future success," noted W. Scott McSween, the Bank’s President & Chief Operating Officer. "The year to date has been a successful one both in terms of our progress in enhancing our brand and in delivering strong returns for our shareholders."
Burke & Herbert Bank was established in 1852 and is the oldest bank in the Commonwealth of Virginia and the oldest continuously operating bank in the Washington, DC area. The Bank offers a full range of personal and business banking products along with investment accounts and trust services. Burke & Herbert Bank is headquartered in Alexandria and operates 24 branches in northern Virginia. To learn more, please visit us at burkeandherbertbank.com.
Download a copy of the Bank's Third Quarter 2011 Earnings Report.