Welcome to our dedicated page for Burke & Herbert news (Ticker: BHRB), a resource for investors and traders seeking the latest updates and insights on Burke & Herbert stock.
Overview of Burke & Herbert Financial Services Corp. (BHRB)
Burke & Herbert Financial Services Corp. (Nasdaq: BHRB) is a distinguished and historic financial institution that operates as the bank holding company for Burke & Herbert Bank & Trust Company. Established in 1852, Burke & Herbert Bank holds the distinction of being the oldest continuously operating bank in the Washington, D.C. metropolitan area. With a steadfast commitment to community banking, the company serves individuals, families, and businesses across Northern Virginia, Maryland, and beyond. Its mission revolves around providing personalized financial solutions while fostering local economic growth and prosperity.
Core Business Model and Revenue Streams
Burke & Herbert operates within the community banking sector, offering a comprehensive suite of financial products and services. These include personal and business banking solutions, such as checking and savings accounts, commercial and residential lending, wealth management, and investment services. The company generates revenue through diverse streams, including fiduciary and wealth management income, service charges on deposit accounts, and fees from debit and credit card transactions. This diversified revenue model underscores its ability to cater to a wide range of financial needs while maintaining stability in its operations.
Market Position and Regional Focus
As a community-focused financial institution, Burke & Herbert differentiates itself through its deep ties to the local communities it serves. With over 20 branches in Northern Virginia and additional commercial loan offices in regions such as Fredericksburg, Loudoun County, and Richmond, Virginia, as well as Bethesda, Maryland, the company maintains a strong regional presence. The recent merger with Summit Financial Group has expanded its footprint further, adding branches across Delaware, Kentucky, Maryland, Virginia, and West Virginia. This strategic growth positions Burke & Herbert as a regional banking leader while retaining its hallmark personalized service.
Commitment to Customer Service and Innovation
Burke & Herbert’s longstanding reputation for exceptional customer service is a cornerstone of its business philosophy. The company prides itself on being "at your service," emphasizing personalized interactions and tailored financial solutions. Despite its historic roots, Burke & Herbert is forward-thinking, continuously evolving its offerings to meet the changing needs of its customers. This includes adopting innovative technologies to enhance the banking experience while maintaining the human touch that sets it apart from larger, impersonal institutions.
Competitive Landscape and Differentiation
In a competitive industry dominated by national banks and emerging fintech companies, Burke & Herbert leverages its community-oriented approach as a key differentiator. Its focus on building long-term relationships, combined with its local expertise, allows it to compete effectively in its markets. The company’s ability to balance tradition with innovation ensures its relevance in an ever-changing financial landscape.
Strategic Growth and Future Outlook
The recent merger with Summit Financial Group marks a significant milestone in Burke & Herbert’s growth strategy. This partnership not only expands its geographic reach but also enhances its capabilities to serve a broader customer base. By uniting two organizations with shared values and a commitment to community banking, Burke & Herbert is well-positioned to capitalize on new opportunities while staying true to its mission of fostering local economic well-being.
Conclusion
Burke & Herbert Financial Services Corp. exemplifies the essence of community banking, combining a rich history with a forward-looking approach. Its commitment to personalized service, regional focus, and strategic growth initiatives underscores its role as a trusted financial partner for individuals and businesses alike. As it continues to evolve and expand, Burke & Herbert remains deeply invested in the welfare and prosperity of the communities it serves.
Burke & Herbert Financial Services Corp. (BHRB) has reported its Q4 and full-year 2024 results, declaring a $0.55 per share cash dividend payable on March 3, 2025. The company achieved Q4 net income of $19.6 million ($1.30 per diluted share), with adjusted operating net income of $26.6 million ($1.77 per diluted share).
The full-year 2024 results showed net income of $35.0 million ($2.82 per diluted share), with adjusted operating net income of $87.2 million ($7.01 per diluted share). The company maintains strong liquidity of $4.2 billion and reported total gross loans of $5.7 billion with total deposits of $6.5 billion.
Key financial metrics include an 11.5% Common Equity Tier 1 capital ratio, 14.6% Total risk-based capital ratio, and a 9.8% leverage ratio. The company completed its merger with Summit Financial Group in May 2024 and became a Federal Reserve System member on December 31, 2024.
Burke & Herbert Financial Services Corp. (BHRB) reported Q3 2024 financial results, showcasing strong performance following its merger with Summit. The company achieved net income of $27.4 million, or $1.82 per diluted share, with adjusted earnings of $29.8 million ($1.98 per share). Key metrics include net interest income of $73.2 million, total gross loans of $5.6 billion, and total deposits of $6.6 billion. The board approved a dividend increase of 3.8% to $0.55 per share. The company maintains strong capital ratios with Common Equity Tier 1 at 11.3% and Total risk-based capital at 14.3%.
Burke & Herbert Financial Services Corp. has launched The Burke & Herbert Bank Foundation, a new philanthropic initiative aimed at supporting local communities and fostering prosperity. With over 170 years of commitment to responsible growth and economic development, the Foundation will provide targeted support to local organizations making a positive impact in Burke & Herbert Bank & Trust Company's geographies.
The Foundation adopts a community-driven approach, inviting local members, leaders, and organizations to share their vision and ensure resources are directed towards addressing unique challenges. David P. Boyle, Chair and CEO of Burke & Herbert, emphasized the importance of community-driven solutions, while H. Charles Maddy, III, President of Burke & Herbert, reaffirmed their commitment to cultivating deeper relationships in the communities they serve.
Local organizations are encouraged to submit support requests through the Foundation's website. Applications will be evaluated to align with the Foundation's mission of fostering community growth and prosperity.
KBRA has assigned ratings to Burke & Herbert Financial Services Corp. (NASDAQ: BHRB) and its subsidiary, Burke and Herbert Bank and Trust Company. The company received a BBB senior unsecured debt rating, BBB- subordinated debt rating, and K3 short-term debt rating. The bank subsidiary was assigned BBB+ deposit and senior unsecured debt ratings, BBB subordinated debt rating, and K2 short-term deposit and debt ratings.
The ratings are supported by BHRB's strong funding profile, with core deposits at 85% of total funding and below-average costs. The recent merger with Summit Financial Group has enhanced market diversification and deposit base granularity. BHRB has a history of strong credit performance and is expected to benefit from the merger through improved earnings and a higher concentration of loans within its earning asset mix.
Burke & Herbert Financial Services Corp. (NASDAQ: BHRB) reported Q2 2024 results and declared a $0.53 per share dividend. Key highlights:
- Completed merger with Summit Financial Group, creating a $7.8 billion asset company with 75+ branches across five states.
- Reported net loss of $17.1 million, primarily due to merger-related expenses and CECL provisions.
- Adjusted operating net income of $25.0 million; adjusted EPS of $2.04.
- Net interest income increased to $59.8 million; net interest margin at 4.06%.
- Total loans at $5.6 billion; total deposits at $6.6 billion.
- Well-capitalized with Common Equity Tier 1 ratio of 10.9% and Total risk-based capital ratio of 13.8%.
Burke & Herbert Financial Services Corp. completes a merger with Summit Financial Group, Inc., and Summit Community Bank, Inc. The merger aims to create a stronger community bank focused on delivering increased value, exceptional service, and future growth.
Burke & Herbert Financial Services Corp. reported Q1 2024 results with a net income of $5.2 million, declaring a $0.53 per share dividend. The balance sheet remains strong with $758.3 million liquidity, $3.0 billion in deposits, and $2.1 billion in loans. The Company's merger with Summit Financial Group, Inc. is set to close on May 3, 2024, creating a financial holding company with over $8 billion in assets.
FAQ
What is the current stock price of Burke & Herbert (BHRB)?
What is the market cap of Burke & Herbert (BHRB)?
What is Burke & Herbert Financial Services Corp. (BHRB)?
What services does Burke & Herbert Bank provide?
Where is Burke & Herbert Bank located?
How does Burke & Herbert generate revenue?
What sets Burke & Herbert apart from competitors?
What is the significance of the merger with Summit Financial Group?
Is Burke & Herbert Bank a member of the FDIC?
What is the history of Burke & Herbert Bank?
