Burke & Herbert Bank Declares Quarterly Dividend
Dividend Increased from Prior Quarter
Alexandria, VA, July 23, 2018 – Burke & Herbert Bank announced today that at the most recent meeting of the Bank's Board of Directors, a regular cash dividend of $20 per share was declared, to be paid on September 4, 2018 to shareholders of record as of the close of business on August 15, 2018. The dividend payment represents an increase of $1 per share over the dividend paid in the prior quarter.
"We are having a good year," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "Earnings for the first six months of 2018 are ahead of last year's pace and we are optimistic about continued growth during the remainder of the year. We are pleased with our results to date and delighted to be able to continue delivering strong value for our shareholders in the form of cash dividends."
Burke & Herbert Bank posted net income of $8.3 million for the second quarter of 2018, bringing the total for the year to date to $16.7 million. Net income for the first six months of the year is ahead of the prior year by $1.1 million or 6.8%. The Bank's assets stood at $3.06 billion as of June 30, 2018, with net loans, the largest single component of earning assets, totaling $1.87 billion. The Bank's net loan portfolio has grown by 2.2% when compared to the same time one year ago with credit quality remaining exceptional. The loan delinquency rate at quarter end was only 0.43%. The Bank's deposit portfolio totaled $2.33 billion as of June 30, virtually unchanged (-0.6%) from the same time the year prior.
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.