Workflow
Burke & Herbert Financial Services Corp. Announces Fourth Quarter and Full Year 2024 Results and Declares Common Stock Dividend
BHRBBurke & Herbert Financial Services (BHRB) Prnewswire·2025-01-24 21:01

Core Viewpoint - Burke & Herbert Financial Services Corp. reported strong financial results for Q4 2024, highlighting the benefits of its merger with Summit Financial Group, with a net income of 19.6millionandacashdividendof19.6 million and a cash dividend of 0.55 per share declared for shareholders [1][3][4]. Financial Performance - For Q4 2024, net income applicable to common shares was 19.6million,or19.6 million, or 1.30 per diluted common share, with adjusted operating net income of 26.6million,or26.6 million, or 1.77 per diluted common share [4][6]. - For the full year 2024, net income applicable to common shares totaled 35.0million,withearningsperdilutedcommonshareat35.0 million, with earnings per diluted common share at 2.82, and adjusted operating net income of 87.2million,or87.2 million, or 7.01 per diluted common share [4][6]. Balance Sheet and Capital Ratios - As of December 31, 2024, total assets were 7.81billion,withtotalgrossloansof7.81 billion, with total gross loans of 5.7 billion and total deposits of 6.5billion[16][20].−Thecompanymaintainedstrongcapitalratios,withaCommonEquityTier1capitalratioof11.56.5 billion [16][20]. - The company maintained strong capital ratios, with a Common Equity Tier 1 capital ratio of 11.5% and Total risk-based capital ratio of 14.6%, both significantly above regulatory requirements [5][7][8]. Loan and Deposit Trends - Total gross loans increased by 98.2 million from the previous quarter, while total deposits decreased by 85.6million,primarilyduetoareductioninbrokereddeposits[6][20].−Theloan−to−depositratiostoodat87.185.6 million, primarily due to a reduction in brokered deposits [6][20]. - The loan-to-deposit ratio stood at 87.1%, indicating a stable lending environment [4][6]. Income and Expense Analysis - Net interest income for Q4 2024 was 70.7 million, a decrease from 73.2millioninthepriorquarter,attributedtolowerloaninterestincome[6][22].−Non−interestincomeroseto73.2 million in the prior quarter, attributed to lower loan interest income [6][22]. - Non-interest income rose to 11.8 million, up from 10.6millioninthepreviousquarter,drivenbygainsonsecuritiesandincreasedinsuranceproceeds[6][22].DividendDeclaration−Theboardofdirectorsdeclaredaregularcashdividendof10.6 million in the previous quarter, driven by gains on securities and increased insurance proceeds [6][22]. Dividend Declaration - The board of directors declared a regular cash dividend of 0.55 per share, payable on March 3, 2025, to shareholders of record as of February 14, 2025 [1].