Burke & Herbert reports Q1 net income $5.2M; merger with Summit expected May 3

Burke & Herbert Financial Services Corp.

Net income $5.2M ($0.69 diluted EPS) vs $5.1M prior qtr, $7.5M year-ago; adjusted EPS $0.76.
Final regulatory approval received for merger with Summit Financial (SMMF); expected close May 3, 2024.
Combined company will have >$8B assets, >75 branches across VA, WV, MD, DE, KY.
Board declared $0.53/share quarterly dividend, payable June 3 to holders of record May 15.
Loans up 8.5% YoY; deposits stable at $3.0B; CET1 ratio 16.6%, well-capitalized.

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 quarter ended March 31, 2024 results: net income $5.2 million, EPS $0.69 per diluted share.

Period: the quarter ended March 31, 2024
Net income: $5.2 million
EPS: $0.69 per diluted share
Result: reported results

Exact text from the filing

Net income totaled $5.2 million for the quarter, compared to $5.1 million the previous quarter and $7.5 million for the same quarter in 2023. Diluted earnings per share for the quarter was $0.69, compared to $0.67 the previous quarter and $1.00 for the same quarter in 2023.

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Source: SEC EDGAR

accession 0001964333-24-000093

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