Burke & Herbert pro forma shows combined assets $8.2B, Q1 2024 net income $29.3M post-Summit merger

Burke & Herbert Financial Services Corp.

Total pro forma assets $8.196B, loans $5.558B, deposits $6.731B as of March 31, 2024.
Pro forma net income for Q1 2024: $29.3M ($1.96 basic EPS); FY2023: $56.4M ($3.80 basic EPS).
Total purchase consideration $397.4M; goodwill of $34.5M recorded from the merger.
Pro forma excludes cost savings or revenue enhancements; final purchase accounting subject to change.
Exchange ratio 0.5043 BHRB shares per Summit share; merger closed May 3, 2024.

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