Burke & Herbert Bank Declares Quarterly Dividend
Alexandria, VA, July 18, 2013 – Burke & Herbert Bank announced today that the Bank's Board of Directors declared a dividend of $19.00 per share payable on September 3, 2013 to shareholders of record as of the close of business on August 15, 2013. The current dividend represents a $1.00 per share increase over the amount paid on June 3, 2013.
"Our dividend announcement today follows a solid second quarter for the Bank. We are pleased that the Bank continues to produce strong financial results and deliver value for our shareholders,” noted E. Hunt Burke, the Bank's Chairman & Chief Executive Officer.
Burke & Herbert Bank posted net income for the second quarter of 2013 of $8.5 million. For the first six months of 2013, the Bank reported net income of $17.2 million, down slightly from the same six months a year earlier. The Bank's net interest income was down modestly from the first half of 2012 (-3.0%), driven by the prolonged low-rate environment. That decline, however, was partially offset by strong growth (+14.9%) in non-interest income, reflecting the continued success of the Bank's consumer mortgage business, growing card business, and the introduction of a new Wealth Management business line creating a new revenue stream for the Bank.
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 services. Burke & Herbert Bank is headquartered in Alexandria and operates 25 branches in Northern Virginia.
Trust and investment 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.