Business
Burke & Herbert Financial Services Corp. Announces Second Quarter 2024 Results and Declares Common Stock Dividend
ALEXANDRIA, Va., July 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., July 26, 2024 /PRNewswire/ -- Burke & Herbert Financial Services Corp. (the \"Company\" or \"Burke & Herbert\") (Nasdaq: BHRB) reported financial results for the quarter ended June 30, 2024. In addition, at its meeting on July 25, 2024, the board of directors declared a $0.53 per share regular cash dividend to be paid on September 3, 2024, to shareholders of record as of the close of business on August 15, 2024.\n\n \n \n \n \n \n \n\n \nQ2 2024 Highlights\nOn May 3, 2024, the Company announced the completion of the merger of Summit Financial Group, Inc. (\"Summit\") with and into Burke & Herbert and the merger of Summit Community Bank, Inc., with and into Burke & Herbert Bank & Trust Company. The merger created a financial holding company with more than $7.8 billion in assets and more than 75 branches across Virginia, West Virginia, Maryland, Delaware, and Kentucky, with more than 800 employees serving our communities.Related to the merger, the total aggregate consideration paid was approximately $397.4 million and resulted in approximately $32.8 million of preliminary goodwill subject to adjustment in accordance with ASC 805.Reflective of the current expected credit losses (\"CECL\") provision expenses related to the day 2 purchase accounting impact from acquired loans and merger related expenses, the Company reported a net loss applicable to common shares of $17.1 million for the quarter; adjusted (non-GAAP1) operating net income applicable to common shares of $25.0 million for the quarter.Basic and diluted loss per common share for the quarter was $1.41; adjusted (non-GAAP1) diluted EPS for the quarter was $2.04.Net interest income for the quarter was $59.8 million; net interest income on a fully taxable equivalent basis (non-GAAP1) for the quarter was $60.5 million.Net interest margin on a fully taxable equivalent basis (non-GAAP1) for the quarter was 4.06%.Non-interest expense for the quarter was $64.4 million; adjusted (non-GAAP1) non-interest expense for the quarter was $40.6 million.Provision for credit losses (\"provision\") of $23.9 million for the quarter; $29.5 million of CECL Day 2 non-purchased credit deteriorated (\"non-PCD\") provision expense2.Balance sheet remains strong with ample liquidity. Total liquidity, including all available borrowing capacity with cash and cash equivalents, totaled $2...