Burke & Herbert Bank Declares Quarterly Dividend
Follows Announcement of Strong Start to 2018
Alexandria, VA, April 26, 2018 – Burke & Herbert Bank announced today that at the most recent meeting of the Bank's Board of Directors, a regular cash dividend in the amount of $19 per share was declared, to be paid on June 1, 2018 to shareholders of record as of the close of business on May 15, 2018. This quarterly dividend payment is equal to the amount of the dividend paid three months earlier. In 2017, the Bank paid dividends totaling $75 per share, an improvement of $1 per share over the total amount paid in 2016.
"The first quarter of 2018 was yet another to result in solid earnings for us. Additionally, our capital position remains strong," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "We are pleased with our earnings performance, as well as our financial condition overall. We are proud to be able to continue delivering strong value for our shareholders in the form of cash dividends."
Burke & Herbert Bank posted net income of $8.4 million for the first quarter of 2018, ahead of the same quarter the prior year by 12.2%. As of March 31, 2018, the Bank's assets stood at $3.04 billion, with net loans, the largest component of earning assets, reaching $1.85 billion. Compared to the same quarter the prior year, net loans increased by $123.8 million, or 7.2%, and grew by $14.9 million, or 0.8%, since year-end 2017. Interest and fees on loans contributed $19.8 million this quarter, $2.0 million or 11.3% more than in the same quarter the year prior. The Bank's deposits ended the quarter at $2.34 billion, increasing modestly (+1.8%) since year-end.
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.