Wall Street and the mega banks may be making the headlines but its the small banks that are making the profits not just for themselves but for their customers.
Burke and Herbert reported a record net income of $9.4 million for the first quarter of 2010. Thats $49.10 per share, a net increase of 33.9 percent over the same quarter in 2009.
Revenue increased 20.5 percent to $25.3 million on continued growth in net interest income. Loans increased by 13.7 percent. And, deposits have increased year-over-year by 15.3 percent to a grand total of $1.6 billion.
Our continued growth on assets and earnings reflects our ongoing success in meeting the needs of our customers, even amidst these times of uncertain and challenging financial conditions, said Chairman and CEO E. Hunt Burke.