Burke & Herbert Bank Declares First-Quarter Dividend
Follows Announcement of Strong Results for 2017
Alexandria, VA, January 19, 2018 – Burke & Herbert Bank announced today that at the meeting of its Board of Directors held on January 18, a regular cash dividend of $19 per share was declared, to be paid on March 1, 2018 to shareholders of record as of the close of business on February 15, 2018. This quarterly dividend payment represents an increase of $1 per share from the dividend paid during the same quarter last year. In 2017, the Bank paid dividends totaling $75 per share, ahead of the prior year by $1 per share.
"Our dividend announcement today reflects the continued solid financial performance of the Bank as well as our strong capital positon," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "Earnings for 2017 exceeded the prior year and, importantly, we continued to produce a healthy volume of new loans – a key driver of earnings – while maintaining exceptional quality in our loan portfolio. We are pleased about the Bank's performance overall, and look forward to continued growth and success in 2018 and beyond," he added.
Burke & Herbert Bank posted net income of $27.8 million for 2017, as compared to earnings of $27.2 million in the year prior. As of December 31, 2017, the Bank's assets reached $3.09 billion, representing an increase of $128.8 million or 4.4% when compared to the end of the year prior. Net loans, which represent the largest component of earning assets, grew by $193.5 million or 11.8% to end the year at $1.84 billion. New loan production was robust, finishing the year just shy of the $500 million mark, making this our highest production year ever. The increase was driven primarily by growth in the commercial real estate lending business, a core competency for Burke & Herbert Bank. The Bank's deposits ended the year at $2.30 billion, increasing $80.9 million or 3.7% from deposits at year-end 2016.
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.