Burke & Herbert Stock Price, News & Analysis

Burke & Herbert Financial Services (Nasdaq: BHRB) has appointed Patrick 'Kip' Huffman, CPA, as Senior Vice President and Chief Accounting Officer. Huffman joins with nearly 20 years of accounting and finance experience, previously serving as Senior Vice President and Chief Accounting Officer at a Mid-Atlantic region community bank.

In his new role, Huffman will oversee the company's entire accounting operations, including policy management, financial and regulatory reporting, and risk control execution.

Burke & Herbert Financial Services (Nasdaq: BHRB) has announced the appointment of Robert V. 'Cedar' Hintelmann, Jr. as Executive Vice President and Chief Credit Officer, effective March 17, 2025. Hintelmann brings over 25 years of credit experience and previously served as Executive Vice President and Deputy Credit Officer at a super-regional bank in the Mid-Atlantic region.

In his new role, Hintelmann will oversee credit policy and manage credit risk for the company's loan portfolio. Company Chair and CEO David P. Boyle expressed enthusiasm about the appointment, highlighting Hintelmann's extensive experience in credit policy and risk management as integral to the company's plans for loan portfolio expansion and growth.

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.