Welcome to our dedicated page for Burke & Herbert Financial Services news (Ticker: BHRB), a resource for investors and traders seeking the latest updates and insights on Burke & Herbert Financial Services stock.
Burke & Herbert Financial Services Corp. (NASDAQ: BHRB) is the bank holding company for Burke & Herbert Bank & Trust Company, the oldest continuously operating bank in the Washington, D.C. region, established in 1852. Headquartered in Alexandria, Virginia, the bank offers a comprehensive suite of business and personal financial solutions to meet the diverse needs of its customers. Its services include banking, borrowing, and investment options, catering to individuals, families, and businesses across the Northern Virginia area, with additional commercial loan offices in Fredericksburg, Loudoun County, Richmond, and Bethesda, Maryland.
Burke & Herbert Bank is known for its unwavering commitment to customer service, indicated by its motto, “At your service,” which underscores its dedication to fostering strong, long-lasting relationships with its clients. The bank's focus on community banking is evident through its involvement in local initiatives and support for non-profits. Recent highlights include a partnership with Monumental Sports to donate $100 for every goal scored by the Washington Capitals to the Capital Youth Empowerment Program.
In a significant development, Burke & Herbert has recently merged with Summit Financial Group, Inc., bringing together two organizations committed to exceptional community banking. This merger, valued at approximately $371.5 million, combines the strengths of both banks, creating a robust financial entity with an expanded footprint and enhanced resources to better serve their customers. The merger is expected to close in the first quarter of 2024, subject to regulatory and shareholder approvals.
Financially, Burke & Herbert has demonstrated resilience and growth even amid industry challenges. As of the third quarter of 2023, the company reported net income of $4.1 million and continues to maintain a strong liquidity position. Key financial metrics include a Common Equity Tier 1 capital ratio of 16.4% and a Total risk-based capital ratio of 17.5%, both significantly above regulatory requirements.
The company also emphasizes transparency and shareholder value, as evidenced by its regular cash dividends, with the most recent being $0.53 per share, and its listing on the Nasdaq stock exchange. Burke & Herbert's strategic focus remains on delivering long-term value to its customers, employees, communities, and shareholders through continuous innovation and community involvement.
Learn more about Burke & Herbert Financial Services Corp. at www.burkeandherbertbank.com.
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.
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