Business
Burke & Herbert Financial Services Corp. Announces Third Quarter 2023 Results and Declares Common Stock Dividend
ALEXANDRIA, Va., Oct. 27, 2023 /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., Oct. 27, 2023 /PRNewswire/ -- Burke & Herbert Financial Services Corp. (the \"Company\" or \"Burke & Herbert\") (Nasdaq: BHRB) reported financial results for the quarter ended September 30, 2023. In addition, at its meeting on October 26, 2023, the board of directors declared a $0.53 per share regular cash dividend to be paid on December 1, 2023, to shareholders of record as of the close of business November 15, 2023.\n\n \n \n\n\n\n\n\n\n \nFor the third quarter, the Company reported net income of $4.1 million, or $0.55 per diluted share. Excluding significant items1, operating net income (non-GAAP2) for the same period was $5.6 million, or $0.75 per diluted share. For the nine months ended September 30, 2023, net income was $17.6 million, or $2.35 per diluted share. Excluding significant items1, operating net income (non-GAAP2) for the same period was $19.5 million, or $2.60 per diluted share.\nThe 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 $925.4 million at the end of the third quarter.Total loans increased $69.6 million, representing a 13.8% annualized growth rate, during the quarter ending September 30, 2023, to $2.1 billion.Total deposits were relatively stable and ended the quarter at $3.0 billion, resulting in a loan-to-deposit ratio of 69.4%.Asset quality remains stable across the loan portfolio with adequate reserves.The Company continues to be well-capitalized, ending the quarter with 16.4% Common Equity Tier 1 capital to risk-weighted assets, 17.5% Total risk-based capital to risk-weighted assets, and a leverage ratio of 11.3%.On August 24, 2023, the Company and Summit Financial Group, Inc. (\"Summit\") (Nasdaq: SMMF) announced the signing of a definitive agreement under which Summit will merge with and into the Company in an all-stock merger of equals. When the merger is completed, the combined organization will create a financial holding company with more than $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. Completion of the merger is subject to receiving the requisite approvals of the Company's and Summit's stockholders, receipt of al...