Business
Burke & Herbert Financial Services Corp. Announces First Quarter 2023 Results and Declares Common Stock Dividend
ALEXANDRIA, Va., April 28, 2023 /PRNewswire/ -- Burke & Herbert Financial Services Corp. (the "Company") (Nasdaq: BHRB) reported financial results for the
About this update from Burke & Herbert Financial Services Corp.
[{"type":"text","content":"ALEXANDRIA, Va., April 28, 2023 /PRNewswire/ -- Burke & Herbert Financial Services Corp. (the \"Company\") (Nasdaq: BHRB) reported financial results for the quarter ended March 31, 2023. In addition, at its meeting on April 27, 2023, the board of directors declared a $0.53 per share regular cash dividend to be paid on June 1, 2023, to shareholders of record as of the close of business May 15, 2023.\n\n \n \n \n \n \n \n\n \nThe Company notes the following first quarter highlights:\nBalance sheet remains strong with ample liquidity and capital ratios significantly higher than regulatory defined well-capitalized levels;Asset quality remains stable across the loan portfolio with adequate reserves;Focus remains on strategic initiatives to profitably expand market share, transform the Company's digital capabilities and grow sources of non-interest income; andOn April 26, 2023, the Company's common shares, previously quoted on OTC Markets, began trading on the Nasdaq stock exchange.From David P. Boyle, Company Chair, President and Chief Executive Officer\n\"During an extremely volatile quarter across the industry, we grew loans, opportunistically bolstered our liquidity position, and increased our capital position. Despite an environment that resulted in a rapid increase in interest expense, the team delivered a year-over-year increase in pretax, pre-provision earnings and remains steadfastly focused on executing our strategic initiatives.\"\nResults of Operations\nFirst Quarter 2023 - Comparison to prior year quarter\nNet income for the three months ended March 31, 2023, was $7.5 million or $1.6 million lower than the three months ended March 31, 2022.\nTotal revenue (non-GAAP) for the three months ended March 31, 2023, was $29.0 million or 5% higher than the three months ended March 31, 2022, and included $22.8 million in interest and fees on loans and $11.3 million on investment security income, which was a 38% increase and a 45% increase, respectively, over the prior year three months ended March 31, 2022. Overall, interest income for the three months ended March 31, 2023, was $34.3 million or 42% higher than the three months ended March 31, 2022. The increase in interest income for the Company's loans was due to higher balances and rates, and the interest income increase in investment securities was primarily due to higher rates....