Burke & Herbert Bank Announces Third-Quarter Earnings
Alexandria, VA, November 20, 2018 – Burke & Herbert Bank posted net income of $7.7 million for the third quarter of 2018, bringing the year-to-date total through September 30 to $24.3 million, slightly (0.5%) below the Bank's net income for the same period in 2017. Total interest income for the quarter increased from the prior quarter, as well as the same quarter one year ago. Net interest income declined modestly, compared to both the previous quarter and the same quarter in 2017. An increase in interest expense drove these results.
Interest income for the third quarter of 2018 totaled $28.5 million, a 2.6% increase from the previous quarter. As of September 30, year-to-date interest income totaled $83.4 million, an increase of 4.4% over the same period in 2017.
In the consumer segment, Burke & Herbert Bank continued to attract new core checking account customers who are taking advantage of the value delivered by the Bank's Convenient Checking accounts and associated banking services. The personal checking account portfolio grew by 3.8% for the year through September in terms of the number of accounts on file, and the use of Online Banking, Mobile Banking, and the Burke & Herbert Bank Visa® Debit Card increased notably as well. Likewise, income from card-related activity continues to grow. For the year to date, card income exceeded that of the prior year by 6.6%.
For details of the Bank's third-quarter performance, download a copy of our Third 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.