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Burke & Herbert Bank & Trust Company Announces Second Quarter 2021 Results July 29 , 2021 Alexandria , VA - Burke & Herbert Bank & Trust Company ( OTCPK : BHRB ) reported its financial results for the quarter ended June 30 , 2021 and the year to date . • Net income totaled $ 9.4 million for the quarter compared to $ 8.9 million the previous quarter and $ 4.7 million earned for the same quarter in 2020 , and earnings per share for the quarter increased to $ 50.54 from $ 47.95 the previous quarter and from $ 25.13 for the same 2020 quarter . • For the six months ended June 30 , 2021 , net income totaled $ 18.3 million , or $ 98.49 per share compared to $ 11.6 million , or $ 62.10 per share for the six months ended June 30 , 2020 . " While the banking industry continues to face some headwinds , our results reflect the success of our customer relationship and community - focused approach and the strength of our team , " said David P. Boyle , the Bank's President & Chief Executive Officer . " In addition to realizing improved earnings for the quarter , we also made significant progress in setting the stage for further growth , highlighted by our market expansion into Fredericksburg , Virginia . We look forward to serving businesses and individuals throughout greater Fredericksburg and to welcoming more new customers to Burke & Herbert Bank . We are confident that we can build on our successes and continue to deliver additional value for our shareholders , " he added . Second Quarter 2021 - Comparison to prior year quarter Total revenue for the quarter was $ 28.7 million or 10 % higher than last year due to an 8 % increase in net interest income and a 21 % increase in noninterest income . Revenue for the quarter included $ 6.8 million in interest on investments , a 26 % increase over the prior year , and $ 18.6 million in interest and fees on loans , which was 6 % lower year - over - year . The Bank continued to grow the securities portfolio using excess liquidity given the challenging lending and rate environments . Investment securities increased to $ 1.4 billion , a 55 % increase year- over - year and loans ended the quarter lower by 10 % to $ 1.8 billion . Total interest income for the quarter was $ 25.4 million , 1 % higher than the same period a year ago . Interest expense in the second quarter of $ 1.1 million was 61 % lower than the same period last year due to a $ 1.7 million decline in interest paid on deposits as the Bank continued repricing higher cost deposits . Total deposits ended the quarter at $ 2.9 billion , or 7 % higher than last year , with noninterest - bearing deposits increasing 19 % and interest - bearing deposits increasing 3 % . Noninterest income for the quarter increased 21 % compared to last year to $ 4.4 million . The $ 0.8 million increase was driven primarily by higher fiduciary and wealth management revenue and other service charges and fees . Provision for loan losses decreased by $ 6.8 million to $ 0.3 million reflecting the improved credit outlook compared to the same time a year ago . Overall , the Bank's revenue after provision for loan losses reached $ 28.4 million for the second quarter , an increase of $ 9.4 million over last year . Total noninterest expense increased by 25 % from the prior year to $ 17.9 million for the quarter primarily due to a 26 % increase in personnel expense and a 24 % increase in occupancy and other operating expense as the Bank continues to optimize the branch network and expand into newer markets . June 30 , 2021 Year - to - Date - Comparison to prior year - to - date period Total revenue for the six months was $ 56.6 million or 6 % higher than last year due to a 10 % increase in net interest income offset by an 11 % decrease in noninterest income .