Business
Burke & Herbert Financial Services Corp. Announces First Quarter 2024 Results and Declares Common Stock Dividend
ALEXANDRIA, Va., April 26, 2024 /PRNewswire/ --Burke & Herbert Financial Services Corp. (the "Company" or "Burke & Herbert") (Nasdaq: BHRB) reported financial
About this update from Burke & Herbert Financial Services Corp.
[{"type":"text","content":"ALEXANDRIA, Va., April 26, 2024 /PRNewswire/ --Burke & Herbert Financial Services Corp. (the \"Company\" or \"Burke & Herbert\") (Nasdaq: BHRB) reported financial results for the quarter ended March 31, 2024. In addition, at its meeting on April 25, 2024, the board of directors declared a $0.53 per share regular cash dividend to be paid on June 3, 2024, to shareholders of record as of the close of business on May 15, 2024.\n\n \n \n \n \n \n \n\n \nNet income totaled $5.2 million for the quarter, compared to $5.1 million the previous quarter and $7.5 million for the same quarter in 2023. Diluted earnings per share for the quarter was $0.69, compared to $0.67 the previous quarter and $1.00 for the same quarter in 2023.Excluding significant items1, operating net income (non-GAAP2) totaled $5.7 million for the quarter, compared to $6.2 million the previous quarter and $7.7 million for the same quarter in 2023. Excluding significant items1, adjusted diluted earnings per share (non-GAAP2) for the quarter was $0.76, compared to $0.83 the previous quarter and $1.02 for the same quarter in 2023.The Company notes the following highlights:\nBalance sheet remains strong with ample liquidity. Total liquidity, including all available borrowing capacity with cash and cash equivalents, totaled $758.3 million at the end of the first quarter.Total gross loans increased $166.4 million, or 8.5%, year-over-year and the Company ended the first quarter with a loan-to-deposit ratio of 70.8%.Total deposits were relatively stable and ended the quarter at $3.0 billion.Asset quality remains stable across the loan portfolio with adequate reserves.The Company continues to be well-capitalized, ending the quarter with 16.6% Common Equity Tier 1 capital to risk-weighted assets, 17.5% Total risk-based capital to risk-weighted assets, and a leverage ratio of 11.4%.On April 19, 2024, the Company and Summit Financial Group, Inc. (\"Summit\") (Nasdaq: SMMF) announced receipt of the final regulatory approval required to complete the previously announced merger of equals pursuant to the Agreement and Plan of Reorganization, dated as of August 24, 2023, by and between Burke & Herbert and Summit. The merger is expected to close on May 3, 2024, pending satisfaction of customary closing conditions.When the merger is completed, the combination will create a financial hold...