Burke & Herbert Bank Announces Second-Quarter Earnings
Alexandria, VA – We are pleased to report that Burke & Herbert Bank earned net income of $16.7 million in the first half of 2018, a healthy increase of 6.8%, or $1.1 million, over the same period one year ago. Net income for the second quarter totaled $8.3 million. Earnings continue to be driven primarily by interest income generated by the Bank's loan portfolio.
The Bank's assets stood at $3.1 billion as of June 30, with total loans – the largest single component of earning assets – totaling $1.9 billion. In the second quarter, the loan portfolio grew by 1.1% over the previous quarter, and at quarter-end was 2.2% above the level one year ago. In addition, the quality of the Bank's loan portfolio continues to be stellar: As of June 30, the loan delinquency rate was only 0.43%. The ratio of non-performing loans to total loans also continues to improve, currently standing at a mere 1.09%.
Interest income totaled $27.8 million in the second quarter, 2.4% higher than the quarter prior, and 4.2% greater than the same period one year ago. For the first six months of 2018, interest income totaled $54.9 million, an increase of $2.8 million, or 5.4%, over the same point one year ago. The single-largest contributor to this result continues to be interest and fees on loans, having gained by 9.8% (i.e., $3.6 million) over the prior year, to $40.5 million.
For complete details of the Bank's second-quarter performance, download a copy of our Second 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.