Burke & Herbert Bank Announces First-Quarter Earnings
Alexandria, VA – Burke & Herbert Bank achieved net income of $8.4 million in the first quarter of 2018, a healthy increase of 12.2% over the Bank's net income in the first quarter of 2017. Earnings per share thus far in 2018 total $44.12. Two major factors drove this strong result: increased interest income generated by the Bank’s loan portfolio, and a material reduction in non-interest expense.
The primary driver of increased interest income was the Bank's lending business, which continues to grow. The loan portfolio ended the quarter at $1.85 billion, an increase of $123.8 million, or 7.2%, since the end of the first quarter in 2017.
Boosted by an increase of 11.3% in interest and fee revenue on loans, the Bank's total interest income in the first quarter reached $27.1 million, ahead of the same quarter in 2017 by nearly $1.7 million.
On the consumer side of our business, the number of checking account customers continued to increase. The personal checking account portfolio exceeded 52,000 accounts at quarter-end, having grown by 4.4% since the same time last year.
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.