Burke & Herbert reports Q2 GAAP net loss of $17.1M; adjusted EPS $2.04 on $397M merger

Burke & Herbert Financial Services Corp.

2024-Q2 EPS reported -$1.22

Net loss of $17.1M ($1.41 diluted loss per share); adjusted operating net income of $25.0M ($2.04 diluted EPS).
Net interest income $59.8M; net interest margin (FTE) 4.06%. Provision for credit losses $23.9M including $29.5M CECL Day 2 non-PCD provision.
Completed Summit merger on May 3 for ~$397.4M aggregate consideration; recorded $32.8M preliminary goodwill.
Total assets >$7.8B; loans $5.6B, deposits $6.6B; loan-to-deposit ratio 84.6%; CET1 ratio 10.9%.
Board declared $0.53 per share quarterly dividend, payable Sept 3 to holders of record Aug 15.

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