Burke & Herbert Bank Reports First-Quarter Results
Q1 Income Increases Over One Year Ago
Alexandria, VA – Burke & Herbert Bank is pleased to report net income of $8.4 million in the first quarter of 2019, reflecting a modest increase (0.4%) over the Bank's net income during the same period one year ago. Thus far in 2019, earnings per share total $44.94, 1.9% ahead of the same time last year.
The Bank's income for the quarter included a year-over-year increase of $1.2 million, or 5.9%, in interest and fees on loans, and a $238,000 year-over-year increase (3.3%) in the interest earned on our investment portfolio. Overall, the Bank's total interest income reached $28.5 million for the quarter, increasing by $1.4 million, or 5.2%, from the same quarter one year ago.
On the consumer side of our business, the number of personal checking accounts as of March 31 increased to more than 54,200 – a year-over-year gain of 3.4%. We continue to focus on attracting new, primary customer relationships that begin with checking as the foundation.
We are proud of the accomplishments and results achieved in the first quarter of 2019, and we believe that Burke & Herbert Bank is well-positioned for continued success throughout 2019 and beyond.
To read details of the Bank's performance, download a copy of the 2019 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.