Business
Burke & Herbert Financial Services Corp. Announces Fourth Quarter and Full Year 2023 Results and Declares Common Stock Dividend
ALEXANDRIA, Va., Jan. 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., Jan. 26, 2024 /PRNewswire/ -- Burke & Herbert Financial Services Corp. (the \"Company\" or \"Burke & Herbert\") (Nasdaq: BHRB) reported financial results for the quarter ended and year ended December 31, 2023. In addition, at its meeting on January 25, 2024, the board of directors declared a $0.53 per share regular cash dividend to be paid on March 1, 2024, to shareholders of record as of the close of business on February 15, 2024.\n\n \n \n\n\n\n\n\n\n \nNet income totaled $5.1 million for the quarter compared to $4.1 million the previous quarter and $13.4 million for the same quarter in 2022. Diluted earnings per share for the quarter was $0.67, compared to $0.55 the previous quarter and $1.78 for the same quarter in 2022.Excluding significant items1, operating net income (non-GAAP2) totaled $6.2 million for the quarter, compared to $5.6 million the previous quarter and $13.6 million for the same quarter in 2022. Excluding significant items1, adjusted diluted earnings per share (non-GAAP2) for the quarter was $0.83, compared to $0.75 the previous quarter and $1.82 for the same quarter in 2022.For the twelve months ended December 31, 2023, net income totaled $22.7 million, or $3.02 per diluted share, compared to $44.0 million, or $5.89 per diluted share, for the twelve months ended December 31, 2022.Excluding significant items1, operating net income (non-GAAP2) for the twelve months ended December 31, 2023, totaled $25.8 million, or $3.43 per adjusted diluted share (non-GAAP2), compared to $44.3 million, or $5.93 per adjusted diluted earnings per share (non-GAAP2), for the twelve months ended December 31, 2022.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 $959.5 million at the end of the fourth quarter.Total loans increased $17.1 million during the quarter ending December 31, 2023, ending at $2.1 billion.Total deposits increased $16.3 million compared to the prior quarter, ending the quarter at $3.0 billion, and resulting in a loan-to-deposit ratio of 70%.Asset quality remains stable across the loan portfolio with adequate reserves.The Company continues to be well-capitalized, ending the quarter with 16.8% Common Equity Tier 1 capital to risk-weighted assets, 17.9...