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.
Burke & Herbert Financial Services Corp (BHRB) maintains its position as Northern Virginia's oldest community banking institution since 1852, blending historical stewardship with modern financial solutions. This news hub provides investors and community members with essential updates about the company's operations, financial milestones, and local impact.
Discover timely press releases covering quarterly earnings, strategic developments like the Summit Financial Group merger, and new banking initiatives. Our curated collection serves as your primary source for understanding BHRB's role in regional economic growth and personalized financial services.
Key updates include regulatory filings, leadership changes, product enhancements, and community investment programs. Each piece of content is selected to help stakeholders track the bank's performance and community engagement strategies.
Bookmark this page for convenient access to Burke & Herbert's latest announcements. For comprehensive insight into one of Washington D.C. metro's most established financial institutions, revisit regularly for verified updates directly from official sources.
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.
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