Burke & Herbert Q2 net income $6.0M, down $4.4M YoY; dividend $0.53/share

Burke & Herbert Financial Services Corp.

2023-Q2 EPS reported $1.80

Net income $6.0M, down $4.4M from Q2 2022; total non-GAAP revenue $28.4M, down 6% YoY.
Interest income $37.1M (+40% YoY) but interest expense $13.3M, up $12.4M.
Loans net $2.0B (+14% YoY); deposits $3.0B (+2%); investment portfolio $1.3B (-17%).
Declared $0.53/share regular cash dividend, payable Sep 1, record Aug 15, 2023.
Asset quality stable; capital ratios above well-capitalized levels; ample liquidity.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Burke & Herbert Financial Services Corp. reported the three months ended June 30, 2023 results: revenue $28.4 million, net income $6.0 million.

Period: the three months ended June 30, 2023
Revenue: $28.4 million
Net income: $6.0 million
Result: reported results

Exact text from the filing

Net income for the three months ended June 30, 2023, was $6.0 million or $4.4 million lower than the three months ended June 30, 2022, primarily due to increased funding costs and the change in provision for credit losses that included a recapture of credit losses in the prior year quarter. Total revenue (non-GAAP) for the three months ended June 30, 2023, was $28.4 million or 6% lower than the three months ended June 30, 2022, and included $25.3 million in interest and fees on loans and $10.8 million in investment security income, which was a 45% increase and a 20% increase, respectively, over the prior year three months ended June 30, 2022.

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Source: SEC EDGAR

accession 0001964333-23-000152

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