Burke & Herbert Bank Announces Second-Quarter Earnings
Alexandria, VA, August 20, 2019 – As we enter the second half of 2019, we are pleased to share news of changes among Burke & Herbert Bank's executive leadership, the culmination of succession planning completed over the last two years. On June 3, David P. Boyle joined the Bank in the role of President & Chief Operating Officer.
Concurrently, W. Scott McSween became the Chief Executive Officer. In January 2020, Mr. McSween will retire from the Bank and David Boyle will become the Chief Executive Officer. Hunt Burke will continue to serve as Chairman of the Board of Directors.
David brings more than 30 years of banking experience to his new position, most recently having served as Executive Vice President and Chief Financial Officer at Orrstown Bank in Shippensburg, Pennsylvania. He also served in senior roles at PNC Bank, National City Bank, and Wayne Bancorp, and worked at two Certifed Public Accounting firms.
For the first half of 2019, the Bank's net income was $13.8 million, $2.8 million (or 16.8%) below the Bank's income during the same period one year ago. Earnings per share through June 30 declined $13.79 from the corresponding point in 2018, to $73.85.
The Bank's lending business picked up considerably in the frst six months of 2019. New loan production, comprised primarily of commercial loans, totaled $118.2 million in the second quarter alone, marking the highest level of quarterly production in two years.
On the consumer side of our business, we have continued to focus on gaining new, primary customer relationships based on the foundation of a personal checking account. The Bank's total number of personal checking accounts on file exceeded 54,600 as of June 30, a year-over-year increase of 3.0%.
For 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.