Burke & Herbert Bank Declares Final 2018 Quarterly Dividend
Dividend Increased from Prior Quarter and Prior Year
Alexandria, VA – Burke & Herbert Bank announced that at a meeting of the Bank's Board of Directors held on October 18, 2018, a regular cash dividend of $22 per share was declared, to be paid on December 3, 2018 to shareholders of record as of the close of business on November 15, 2018. The dividend payment represents an increase of $2 per share over the dividend paid in the prior quarter, and brings the per-share dividend for 2018 to $80, an increase of $5 from the year prior.
"We are pleased to be able to deliver strong value to our shareholders in the form of cash dividends," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "Our dividend announcement today reflects the strong capital position the Bank continues to hold, coupled with another solid earnings performance. We remain enthused about the Bank's future and look forward to achieving continued success," he added.
Burke & Herbert Bank posted net income of $7.7 million for the third quarter of 2018, bringing the total for the nine months ended September 30, 2018 to $24.4 million. Net income for the year through September 30 is shy of the net income posted at the same time one year ago by only 0.5%. The Bank's assets stood at $3.04 billion as of September 30, 2018, with net loans, the largest single component of earning assets, totaling $1.83 billion.
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.