Burke & Herbert Bank & Trust Company Releases First Quarter Earnings & Announces Second Quarter Dividend
Alexandria, VA – Burke & Herbert Bank & Trust Company announced that at a meeting of its Board of Directors held on April 16, 2020, a regular cash dividend of $20 per share was declared, to be paid on June 1, 2020, to shareholders of record as of the close of business on May 15, 2020. The dividend payment for the quarter is equal to the dividend paid in the prior three quarters.
“We are pleased to be able to continue delivering value for our shareholders in the form of cash dividends,” said David P. Boyle, the Bank’s President and Chief Executive Officer. “Our quarterly dividend declaration reflects the strong capital position maintained by the Bank as well as a solid performance for the first quarter of the year,” he added.
The Bank posted net income of $6.9 million for the first quarter of 2020 and earnings per share of $36.95. Compared to the fourth quarter of 2019, earnings improved notably and exceeded the Bank’s forecast. Net income for the quarter, however, declined by $1.5 million when compared to the same quarter last year, driven primarily by a larger provision for loan loss expense. The larger provision reflects expected stress on the loan portfolio resulting from the coronavirus pandemic and the associated negative impact on the economy.
At the end of the first quarter, the Bank’s assets stood at $3.1 billion, a 4.0% increase when compared to the same time last year, and 9.0% greater than assets reported at year-end 2019. As of March 31, 2020, the Bank’s equity capital stood at $356.3 million, substantially above all regulatory requirements.
For more information, please see our First Quarter Earnings Report.
Burke & Herbert Bank & Trust Company, established in 1852, is the oldest bank in the Commonwealth of Virginia and the oldest continuously operating bank in the Washington DC 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 & Trust Company is headquartered in Alexandria and operates 25 branches in Northern Virginia.