false000196433300019643332024-07-262024-07-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

July 26, 2024
Date of Report (date of earliest event reported)
___________________________________
Burke & Herbert Financial Services Corp.
(Exact name of registrant as specified in its charter)
___________________________________

Virginia
(State or other jurisdiction of
incorporation or organization)
001-41633
(Commission File Number)
92-0289417
(I.R.S. Employer Identification Number)
100 S. Fairfax Street
Alexandria, VA 22314
(Address of principal executive offices and zip code)
(703) 666-3555
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock, par value $0.50BHRBThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 - Results of Operations and Financial Condition.
On July 26, 2024, Burke & Herbert Financial Services Corp. (the "Company") issued a press release announcing its results of operations and financial condition for the quarter ended June 30, 2024. A copy of the press release is included as Exhibit 99.1 to this report.
Item 7.01 - Regulation FD Disclosure
The management of Burke & Herbert Financial Services Corp. anticipates meetings with investors during 2024. A copy of presentation materials will be made available on the investor relations section of the Company's website (https://www.burkeandherbertbank.com) and is furnished as exhibit 99.2 to this report. All information included in this presentation is presented as of the dates indicated, and the Company does not assume any obligation to correct or update such information in the future. The Company disclaims any inferences regarding the materiality of such information which otherwise may arise as a result of it furnishing such information under Item 7.01 of this Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information furnished in this Item 7.01, including Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise be subject to the liabilities of Section 18 of the Exchange Act.
Item 8.01 - Other Events
On July 26, 2024, the Company announced its Board of Directors declared a regular quarterly cash dividend on the Company's common stock of $0.53 per share, payable on September 3, 2024, to shareholders of record as of the close of business on August 15, 2024.

Item 9.01 - Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:

Exhibit No.Description
99.1
99.2
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 26th day of July, 2024.



Burke & Herbert Financial Services Corp.
By:
/s/ Roy E. Halyama
Name:
Roy E. Halyama
Title:
Executive Vice President, CFO

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Burke & Herbert Financial Services Corp. Announces Second Quarter 2024 Results and Declares Common Stock Dividend

For Immediate Release
July 26, 2024

Alexandria, VA – Burke & Herbert Financial Services Corp. (the “Company” or “Burke & Herbert”) (Nasdaq: BHRB) reported financial results for the quarter ended June 30, 2024. In addition, at its meeting on July 25, 2024, the board of directors declared a $0.53 per share regular cash dividend to be paid on September 3, 2024, to shareholders of record as of the close of business on August 15, 2024.

Q2 2024 Highlights

•On May 3, 2024, the Company announced the completion of the merger of Summit Financial Group, Inc. ("Summit") with and into Burke & Herbert and the merger of Summit Community Bank, Inc., with and into Burke & Herbert Bank & Trust Company. The merger created a financial holding company with more than $7.8 billion in assets and more than 75 branches across Virginia, West Virginia, Maryland, Delaware, and Kentucky, with more than 800 employees serving our communities.

•Related to the merger, the total aggregate consideration paid was approximately $397.4 million and resulted in approximately $32.8 million of preliminary goodwill subject to adjustment in accordance with ASC 805.

•Reflective of the current expected credit losses (“CECL”) provision expenses related to the day 2 purchase accounting impact from acquired loans and merger related expenses, the Company reported a net loss applicable to common shares of $17.1 million for the quarter; adjusted (non-GAAP1) operating net income applicable to common shares of $25.0 million for the quarter.

•Basic and diluted loss per common share for the quarter was $1.41; adjusted (non-GAAP1) diluted EPS for the quarter was $2.04.

•Net interest income for the quarter was $59.8 million; net interest income on a fully taxable equivalent basis (non-GAAP1) for the quarter was $60.5 million.

•Net interest margin on a fully taxable equivalent basis (non-GAAP1) for the quarter was 4.06%.

•Non-interest expense for the quarter was $64.4 million; adjusted (non-GAAP1) non-interest expense for the quarter was $40.6 million.

•Provision for credit losses (“provision”) of $23.9 million for the quarter; $29.5 million of CECL Day 2 non-purchased credit deteriorated (“non-PCD”) provision expense2.

•Balance sheet remains strong with ample liquidity. Total liquidity, including all available borrowing capacity with cash and cash equivalents, totaled $2.4 billion at the end of the second quarter.

•Ending total loans of $5.6 billion and ending total deposits of $6.6 billion; ending loan-to-deposit ratio of 84.6%.

•Asset quality remains stable across the loan portfolio with adequate reserves.

•The Company continues to be well-capitalized, ending the quarter with 10.9% Common Equity Tier 1 capital to risk-weighted assets3, 13.8% Total risk-based capital to risk-weighted assets3, and a leverage ratio of 9.0%3.

(1) Non-GAAP financial measures referenced in this release are used by management to measure performance in operating the business that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included in the non-GAAP reconciliation tables in this release. Non-GAAP measures should not be used as a substitute for the closest comparable GAAP measurements.
(2) Refers to the initial increase in allowance for credit losses required on acquired non-PCD loans through the provision for credit losses.
(3) Estimated.
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From David P. Boyle, Company Chair and Chief Executive Officer

"The consummation of our partnership with Summit brought together two organizations committed to being the quintessential community bank in our markets, where we care about the people who live and work among us. Our results for the second quarter demonstrate the financial benefits of the merger and we look forward to delivering increased value not only for our shareholders but for our customers, employees, and communities."

Results of Operations

Second Quarter 2024

The Company reported second quarter 2024 net loss applicable to common shares of $17.1 million, or $(1.41) per diluted common share.

Included in the second quarter were pre-tax charges of $29.5 million of CECL Day 2 non-PCD provision expense related to the allowance established on acquired non-PCD loans and $23.8 million of expenses related to the merger with Summit. Excluding these items from the current quarter on a tax effected basis, adjusted operating net income was $25.0 million, or $2.04 per diluted share.

•Period-end total loans were $5.6 billion at June 30, 2024, up from $2.1 billion at December 31, 2023, primarily due to the merger.

•Period-end total deposits were $6.6 billion at June 30, 2024, up from $3.0 billion at December 31, 2023, primarily due to the merger.

•Net interest income increased to $59.8 million in the second quarter of 2024 compared to $22.1 million in the first quarter of 2024.

•Net interest margin on a fully taxable equivalent basis increased 138.1 bps to 4.06% compared to 2.68% in the first quarter of 2024, driven by the mix of interest-earning assets added by the merger and the impact of the fair value accretion and amortization marks.

•Accretion income on loans was $13.4 million and the amortization expense impact on interest expense was $2.5 million, or 18.2 bps of net interest margin in the second quarter of 2024.

•The cost of total deposits was 2.43% in the second quarter of 2024 compared to 1.75% in the first quarter of 2024.

•The Company recorded a total provision expense in the second quarter of 2024 of $23.9 million, which included $29.5 million of CECL Day 2 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans and $3.2 million attributable to the provision for unfunded commitments, compared to $0.7 million of total provision recapture in the first quarter of 2024.

•The allowance for credit losses at June 30, 2024, was $68.0 million, or 1.2% of total loans, which included $29.5 million of CECL Day 2 non-PCD provision expense related to acquired non-PCD loans and $23.5 million of allowance related to acquired PCD loans.

•Total non-interest income for the second quarter of 2024 was $9.5 million, an increase of $5.3 million from the first quarter of 2024 due to the merger.

•Non-interest expense for the second quarter of 2024 was $64.4 million and included $23.8 million of merger-related charges.

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Regulatory capital ratios4

The Company continues to be well-capitalized with capital ratios that are above regulatory requirements. As of June 30, 2024, our Common Equity Tier 1 capital to risk-weighted asset and Total risk-based capital to risk-weighted asset ratios were 10.9%4 and 13.8%4, respectively, and significantly above the well-capitalized requirements of 6.5% and 10%, respectively. The leverage ratio was 9.0%4 compared to a 5% level to be considered well-capitalized.

Burke & Herbert Bank & Trust Company (“the Bank”), the Company’s wholly-owned bank subsidiary, also continues to be well-capitalized with capital ratios that are above regulatory requirements. As of June 30, 2024, the Bank’s Common Equity Tier 1 capital to risk-weighted asset and Total risk-based capital to risk-weighted asset ratios were 12.4%4 and 13.5%4, respectively, and significantly above the well-capitalized requirements. In addition, the Bank’s leverage ratio of 9.9%4 is considered to be well-capitalized.

For more information about the Company’s financial condition, including additional disclosures pertinent to recent events in the banking industry, please see our financial statements and supplemental information attached to this release.

About Burke & Herbert

Burke & Herbert Financial Services Corp. is the financial holding company for Burke & Herbert Bank & Trust Company. Burke & Herbert Bank & Trust Company is the oldest continuously operating bank under its original name headquartered in the greater Washington, D.C. metropolitan area. With over 75 branches across Delaware, Kentucky, Maryland, Virginia, and West Virginia, Burke & Herbert Bank & Trust Company offers a full range of business and personal financial solutions designed to meet customers’ banking, borrowing, and investment needs. Learn more at investor.burkeandherbertbank.com.

Cautionary Note Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the beliefs, goals, intentions, and expectations of the Company regarding revenues, earnings, earnings per share, loan production, asset quality, and capital levels, among other matters; our estimates of future costs and benefits of the actions we may take; our assessments of expected losses on loans; our assessments of interest rate and other market risks; our ability to achieve our financial and other strategic goals; the expected cost savings, synergies, returns, and other anticipated benefits from the integration of Summit following the recently completed merger of Summit with and into the Company; and other statements that are not historical facts.

Forward–looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “will,” “should,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward–looking statements speak only as of the date they are made; the Company does not assume any duty, does not undertake, and specifically disclaims any obligation to update such forward–looking statements, whether written or oral, that may be made from time to time, whether because of new information, future events, or otherwise, except as required by law. Furthermore, because forward–looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in or implied by such forward-looking statements because of a variety of factors, many of which are beyond the control of the Company. Accordingly, you should not place undue reliance on forward-looking statements.

(4) Estimated.


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The risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to, the following: costs or difficulties associated with newly developed or acquired operations; risks related to our ability to successfully integrate Summit into the Company and operate the combined company; changes in general economic trends (either nationally or locally in the areas in which we conduct, or will conduct, business), including inflation, interest rates, market and monetary fluctuations; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries or declines in real estate values; changes in and compliance with federal and state laws and regulations that pertain to our business and capital levels; our ability to raise capital as needed; the effects of any cybersecurity breaches; and the other factors discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the Company’s Annual Report on Form 10–K for the year ended December 31, 2023, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and other reports the Company files with the SEC.

4
Burke & Herbert Financial Services Corp.
Consolidated Statements of Income (unaudited)
(In thousands)
Three months ended June 30Six months ended June 30
2024202320242023
Interest income
Taxable loans, including fees$81,673 $25,300 $109,718 $48,060 
Tax-exempt loans, including fees33 — 33 — 
Taxable securities10,930 9,419 19,873 19,221 
Tax-exempt securities2,556 1,409 3,917 2,867 
Other interest income905 988 1,301 1,296 
Total interest income96,097 37,116 134,842 71,444 
Interest expense
Deposits30,373 10,030 43,304 15,431 
Borrowed funds4,071 3,279 7,726 7,417 
Subordinated debt1,860 — 1,860 — 
Other interest expense28 15 56 30 
Total interest expense36,332 13,324 52,946 22,878 
Net interest income59,765 23,792 81,896 48,566 
Credit loss expense - loans and available-for-sale securities20,100 (97)19,430 834 
Credit loss expense - off-balance sheet credit exposures3,810 311 3,810 (105)
Total provision for (recapture of) credit losses23,910 214 23,240 729 
Net interest income after credit loss expense 35,855 23,578 58,656 47,837 
Non-interest income
Fiduciary and wealth management 2,211 1,305 3,630 2,642 
Service charges and fees4,088 1,741 5,694 3,376 
Net gains (losses) on securities613 (111)613 (111)
Income from company-owned life insurance922 571 1,469 1,131 
Other non-interest income1,671 1,119 2,353 1,801 
Total non-interest income9,505 4,625 13,759 8,839 
Non-interest expense
Salaries and wages20,895 9,922 30,413 19,416 
Pensions and other employee benefits5,303 2,406 7,668 4,874 
Occupancy2,997 1,545 4,535 3,002 
Equipment rentals, depreciation and maintenance12,663 1,457 13,944 2,796 
Other operating22,574 6,018 29,037 11,625 
Total non-interest expense64,432 21,348 85,597 41,713 
Income (loss) before income taxes(19,072)6,855 (13,182)14,963 
Income tax expense (benefit)(2,153)821 (1,475)1,405 
Net income (loss)(16,919)6,034 (11,707)13,558 
Preferred stock dividends225 — 225 — 
Net income (loss) applicable to common shares$(17,144)$6,034 $(11,932)$13,558 



5
Burke & Herbert Financial Services Corp.
Consolidated Balance Sheets
(In thousands)
June 30, 2024December 31, 2023
(Unaudited)(Audited)
Assets
Cash and due from banks$35,072 $8,896 
Interest-earning deposits with banks176,848 35,602 
Cash and cash equivalents211,920 44,498 
Securities available-for-sale, at fair value1,414,870 1,248,439 
Restricted stock, at cost15,169 5,964 
Loans held-for-sale, at fair value3,268 1,497 
Loans5,616,724 2,087,756 
Allowance for credit losses(68,017)(25,301)
Net loans5,548,707 2,062,455 
Property held-for-sale3,334 — 
Premises and equipment, net135,581 61,128 
Accrued interest receivable33,371 15,895 
Intangible assets65,895 — 
Goodwill32,783 — 
Company-owned life insurance182,112 94,159 
Other assets163,183 83,544 
Total Assets
$7,810,193 $3,617,579 
Liabilities and Shareholders’ Equity
Liabilities
Non-interest-bearing deposits$1,397,030 $830,320 
Interest-bearing deposits5,242,541 2,171,561 
Total deposits6,639,571 3,001,881 
Short-term borrowings285,161 272,000 
Subordinated debentures, net92,178 — 
Subordinated debentures owed to unconsolidated subsidiary trusts16,886 — 
Accrued interest and other liabilities83,271 28,948 
Total Liabilities 7,117,067 3,302,829 
Shareholders’ Equity
Preferred stock and surplus10,413 — 
Common Stock7,752 4,000 
Common stock, additional paid-in capital399,553 14,495 
Retained earnings403,422 427,333 
Accumulated other comprehensive income (loss)(100,430)(103,494)
Treasury stock(27,584)(27,584)
Total Shareholders’ Equity 693,126 314,750 
Total Liabilities and Shareholders’ Equity $7,810,193 $3,617,579 
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Burke & Herbert Financial Services Corp.
Supplemental Information (unaudited)
As of or for the three months ended
(In thousands, except ratios and per share amounts)


June 30March 31December 31September 30June 30
20242024202320232023
Per common share information
Basic earnings (loss)
$(1.41)$0.70 $0.68 $0.55 $0.81 
Diluted earnings (loss)
(1.41)0.69 0.67 0.55 0.80 
Cash dividends0.53 0.53 0.53 0.53 0.53 
Book value45.72 42.92 42.37 36.46 39.05 
Tangible book value (non-GAAP1)
39.11 42.92 42.37 36.46 39.05 
Balance sheet-related (at period end, unless indicated)
Assets$7,810,193 $3,696,390 $3,617,579 $3,585,188 $3,569,226 
Average earning assets5,994,383 3,377,092 3,332,733 3,337,282 3,379,534 
Loans (gross)5,616,724 2,118,155 2,087,756 2,070,616 2,000,969 
Loans (net)5,548,707 2,093,549 2,062,455 2,044,505 1,975,050 
Securities, available-for-sale, at fair value1,414,870 1,275,520 1,248,439 1,224,395 1,252,190 
Intangible assets65,895 — — — — 
Goodwill32,783 — — — — 
Non-interest-bearing deposits1,397,030 822,767 830,320 853,385 876,396 
Interest-bearing deposits5,242,541 2,167,346 2,171,561 2,132,233 2,128,867 
Deposits, total6,639,571 2,990,113 3,001,881 2,985,618 3,005,263 
Brokered deposits403,668 370,847 389,011 389,018 389,051 
Uninsured deposits1,931,786 700,846 677,308 670,735 681,908 
Short-term borrowings285,161 360,000 272,000 299,000 249,000 
Subordinated debt, net109,064 — — — — 
Unused borrowing capacity5
2,162,112 704,233 914,980 883,525 958,962 
Total equity693,126 319,308 314,750 270,819 290,072 
Total common equity682,713 319,308 314,750 270,819 290,072 
Accumulated other comprehensive income (loss)(100,430)(100,954)(103,494)(146,159)(126,177)




(5) Includes Federal Home Loan Bank, Borrower-in-Custody (BIC), and correspondent bank availability.



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Burke & Herbert Financial Services Corp.
Supplemental Information (unaudited)
As of or for the three months ended
(In thousands, except ratios and per share amounts)


June 30March 31December 31September 30June 30
20242024202320232023
Income statement
Interest income$96,097 $38,745 $38,180 $37,272 $37,116 
Interest expense36,332 16,614 15,876 14,383 13,324 
Non-interest income9,505 4,254 4,824 4,289 4,625 
Total revenue (non-GAAP1)
69,270 26,385 27,128 27,178 28,417 
Non-interest expense64,432 21,165 22,300 22,423 21,348 
Pretax, pre-provision earnings (non-GAAP1)
4,838 5,220 4,828 4,755 7,069 
Provision for (recapture of) credit losses23,910 (670)(750)235 214 
Income (loss) before income taxes
(19,072)5,890 5,578 4,520 6,855 
Income tax expense (benefit)
(2,153)678 500 464 821 
Net income (loss)(16,919)5,212 5,078 4,056 6,034 
Preferred stock dividends225 — — — — 
Net income (loss) applicable to common shares
$(17,144)$5,212 $5,078 $4,056 $6,034 
Ratios
Return on average assets (annualized)(1.06)%0.58 %0.56 %0.45 %0.67 %
Return on average equity (annualized)(12.44)6.67 7.30 5.60 8.34 
Net interest margin (non-GAAP1)
4.06 2.68 2.70 2.76 2.87 
Efficiency ratio93.02 80.22 82.20 82.50 75.12 
Loan-to-deposit ratio84.59 70.84 69.55 69.35 66.58 
Common Equity Tier 1 (CET1) capital ratio6
10.92 16.56 16.85 16.44 17.60 
Total risk-based capital ratio6
13.82 17.54 17.88 17.48 18.71 
Leverage ratio6
9.04 11.36 11.31 11.32 11.20 

(6) Estimated.
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Burke & Herbert Financial Services Corp.
Non-GAAP Reconciliations (unaudited)
(In thousands, except ratios and per share amounts)

Operating net income, adjusted diluted EPS, and adjusted non-interest expense (non-GAAP)
For the three months ended
June 30March 31December 31September 30June 30
20242024202320232023
Net income (loss) applicable to common shares$(17,144)$5,212 $5,078 $4,056 $6,034 
Add back significant items (tax effected):
Listing-related— — — — 79 
Merger-related18,806 537 1,141 1,592 92 
Day 2 non-PCD Provision23,305 — — — — 
Total significant items42,111 537 1,141 1,592 171 
Operating net income$24,967 $5,749 $6,219 $5,648 $6,205 
Weighted average dilutive shares12,262,979 7,527,489 7,508,289 7,499,278 7,514,955 
Adjusted diluted EPS7
$2.04 $0.76 $0.83 $0.75 $0.83 
Non-interest expense$64,432 $21,165 $22,300 $22,423 $21,348 
Remove significant items:
Listing-related— — — — 100 
Merger-related23,805 680 1,444 2,015 116 
Total significant items$23,805 $680 $1,444 $2,015 $216 
Adjusted non-interest expense$40,627 $20,485 $20,856 $20,408 $21,132 

Operating net income is a non-GAAP measure that is derived from net income adjusted for significant items. The Company believes that operating net income is useful in periods with certain significant items, such as listing-related, merger-related expenses, or Day 2 non-PCD provision. The operating net income is more reflective of management’s ability to grow the business and manage expenses. Adjusted non-interest expense also removes these significant items such as listing-related and merger-related expenses. Management believes it represents a more normalized non-interest expense total for periods with identified significant items.

Total Revenue (non-GAAP)
For the three months ended
June 30March 31December 31September 30June 30
20242024202320232023
Interest income$96,097 $38,745 $38,180 $37,272 $37,116 
Interest expense36,332 16,614 15,876 14,383 13,324 
Non-interest income9,505 4,254 4,824 4,289 4,625 
Total revenue (non-GAAP)$69,270 $26,385 $27,128 $27,178 $28,417 
(7) Weighted average diluted shares for Q2 2024 calculated only for computation of adjusted diluted EPS. Weighted average diluted shares for GAAP diluted EPS are the same as shares for calculating basic EPS due to the antidilutive effect of the diluted shares when considering the GAAP net loss for the quarter.



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Burke & Herbert Financial Services Corp.
Non-GAAP Reconciliations (unaudited)
(In thousands, except ratios and per share amounts)
Total revenue is a non-GAAP measure and is derived from total interest income less total interest expense plus total non-interest income. We believe that total revenue is a useful tool to determine how the Company is managing its business and demonstrates how stable our revenue sources are from period to period.

Pretax, Pre-Provision Earnings (non-GAAP)
For the three months ended
June 30March 31December 31September 30June 30
20242024202320232023
Income (loss) before taxes
$(19,072)$5,890 $5,578 $4,520 $6,855 
Provision for (recapture of) credit losses23,910 (670)(750)235 214 
Pretax, pre-provision earnings (non-GAAP)$4,838 $5,220 $4,828 $4,755 $7,069 
Pretax, pre-provision earnings is a non-GAAP measure and is based on adjusting income before income taxes and to exclude provision for (recapture of) credit losses. We believe that pretax, pre-provision earnings is a useful tool to help evaluate the ability to provide for credit costs through operations and provides an additional basis to compare results between periods by isolating the impact of provision for (recapture of) credit losses, which can vary significantly between periods.

Tangible Common Equity (non-GAAP)
For the three months ended
June 30March 31December 31September 30June 30
Actual balances20242024202320232023
Common shareholders' equity$682,713 $319,308 $314,750 $270,819 $290,072 
Less:
Intangible assets65,895 — — — — 
Goodwill32,783 — — — — 
Tangible common equity (non-GAAP)$584,035 $319,308 $314,750 $270,819 $290,072 
Shares outstanding at end of period14,932,169 7,440,025 7,428,710 7,428,710 7,428,710 
Tangible book value per common share$39.11 $42.92 $42.37 $36.46 $39.05 

In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength because they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive income/(loss) in stockholders' equity.

10
Burke & Herbert Financial Services Corp.
Non-GAAP Reconciliations (unaudited)
(In thousands, except ratios and per share amounts)
Net Interest Margin & Taxable-Equivalent Net Interest Income (non-GAAP)
As of or for the three months ended
June 30March 31December 31September 30June 30
20242024202320232023
Net interest income$59,765 $22,131 $22,304 $22,889 $23,792 
Taxable-equivalent adjustments688 362 365 366 375 
Net interest income (Fully Taxable-Equivalent - FTE)$60,453 $22,493 $22,669 $23,255 $24,167 
Average earning assets$5,994,383 $3,377,092 $3,332,733 $3,337,282 $3,379,534 
Net interest margin (non-GAAP)4.06 %2.68 %2.70 %2.76 %2.87 %
The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use net interest income on a fully taxable-equivalent (FTE) basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. FTE net interest income is calculated by adding the tax benefit on certain financial interest earning assets, whose interest is tax-exempt, to total interest income then subtracting total interest expense. Management believes FTE net interest income is a standard practice in the banking industry, and when net interest income is adjusted on an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income and this adjustment is not permitted under GAAP. FTE net interest income is only used for calculating FTE net interest margin, which is calculated by annualizing FTE net interest income and then dividing by the average earning assets. The tax-rate used for this adjustment is 21%. Net interest income shown elsewhere in this presentation is GAAP net interest income.
11
1 2Q24 Update (Nasdaq: BHRB) July 2024

 
2 Cautionary Statement Regarding Forward-Looking Information This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the beliefs, goals, intentions, and expectations of the Company regarding revenues, earnings, earnings per share, loan production, asset quality, and capital levels, among other matters; our estimates of future costs and benefits of the actions we may take; our assessments of expected losses on loans; our assessments of interest rate and other market risks; our ability to achieve our financial and other strategic goals; the expected cost savings, synergies, returns, and other anticipated benefits from the integration of Summit following the recently completed merger of Summit with and into the Company; and other statements that are not historical facts. Forward–looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “will,” “should,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward–looking statements speak only as of the date they are made; the Company does not assume any duty, does not undertake, and specifically disclaims any obligation to update such forward–looking statements, whether written or oral, that may be made from time to time, whether because of new information, future events, or otherwise, except as required by law. Furthermore, because forward–looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in or implied by such forward-looking statements because of a variety of factors, many of which are beyond the control of the Company. Accordingly, you should not place undue reliance on forward-looking statements. The risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to, the following: costs or difficulties associated with newly developed or acquired operations; risks related to our ability to successfully integrate Summit into the Company and operate the combined company; changes in general economic trends (either nationally or locally in the areas in which we conduct, or will conduct, business), including inflation, interest rates, market and monetary fluctuations; increased competition; changes in consumer demand for financial services; our ability to control costs and expenses; adverse developments in borrower industries or declines in real estate values; changes in and compliance with federal and state laws and regulations that pertain to our business and capital levels; our ability to raise capital as needed; the effects of any cybersecurity breaches; and the other factors discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the Company’s Annual Report on Form 10–K for the year ended December 31, 2023, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and other reports the Company files with the SEC. Non-GAAP Financial Measures This presentation contains certain financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such non-GAAP financial measures may include the following: fully tax-equivalent net interest margin, core operating earnings, core net income, tangible book value per common share, total risk-based capital ratio, tier one leverage ratio, tier one capital ratio, and the tangible common equity to tangible assets ratio. Management uses these non-GAAP financial measures to assess the performance of the Company’s core business and the strength of its capital position. Management believes that these non-GAAP financial measures provide meaningful additional information about the Company to assist investors in evaluating operating results, financial strength, and capitalization. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant charges for credit costs and other factors. These non-GAAP financial measures should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The computations of the non-GAAP financial measures used in this presentation are referenced in a footnote or in the appendix to this presentation.

 
3 Introduction • Thank you for your interest in Burke & Herbert Financial Services Corp. and its wholly owned subsidiary Burke & Herbert Bank & Trust Company. A quintessential community banking institution, we are headquartered in Old Town Alexandria, Virginia and have served the banking, borrowing and investing needs of generations of businesses, organizations, families and individuals since 1852. • As a true community bank, we are deeply tied to the people, neighborhoods and institutions where we live and work. Our employees form a diverse, dedicated, close- knit team that upholds a culture of customer service and forges strong and lasting relationships with our customers and shared communities. We are selective in our hiring, proud of the caliber of our people, and encourage a collegial environment in which each individual feels valued. • On May 3, 2024, we merged with Summit Financial Group, Inc. (Summit), creating an $8 billion financial institution with more than 75 branches across Virginia, West Virginia, Maryland, Delaware, and Kentucky, with more than 800 employees serving our communities.

 
4 Business Model • Our business model is built on customer service - Being a trusted advisor by understanding our customers’ financial goals and offering our diverse products and services to help them achieve financial prosperity • Our approach is concentrated on growing and deepening relationships across our businesses that meet our risk/return measures • We are focused on our strategic priorities which are designed to enhance value over the long term - Profitably expanding our market share - Deepening customer relationships by delivering fee-based financial solutions - Leveraging technology to create efficiencies that help us better serve customers

 
5 Executive Team  Served as the President and CEO of BHRB since 2020, prior to which he was the President and COO after joining in 2019  Named Chair of the Board in 2023  Served as EVP and CFO at Orrstown Bank prior to joining BHRB David Boyle Chief Executive Officer  Served as Chief Credit Officer, EVP and Chair of the Loan Committee at BHRB  Previously served as its SVP in the years since joining in 2014  Has over 40 years of experience working in credit and lending Jeff Welch Chief Credit Officer  Served as the President and Chief Executive Officer of Summit since 1994  Served as a member of the Board of Directors since 1993 and as CEO of Summit since 2013 Charlie Maddy President  Served as EVP and CFO at Summit  Had previously served as the Senior VP and CAO  Has 30+ years of experience; before joining Summit he worked in public accounting at Arnett Carbis Toothman Rob Tissue EVP of Financial Strategy  Served as EVP of Summit and President of their subsidiary, Summit Community Bank, Inc. since 2012  Joined Summit in 2008, prior to which he served as Regional President at United Bank Brad Ritchie Chief Lending Officer  Served as EVP and CRO of Summit since 2022  Joined Summit in 2016, serving as the Chief Audit Officer Joe Hager Chief Operating Officer  Served as the EVP and CFO of BHRB since joining in 2021  Previously served as the CFO of PNC Capital Finance  Has 30+ years of experience in various other finance related roles Roy Halyama Chief Financial Officer  Served as the Chief Compliance Officer for BHRB since joining in 2014  Previously served as the Principal VP of Compliance until being promoted to SVP in 2021 and then EVP in 2023  Has over 30 years of experience Jennifer Schmidt Chief Risk Officer  Served as Director of Trust & Wealth Management and EVP at BHRB  Previously worked as SVP after joining BHRB in 2011  Served as an area director of financial advisors prior to start at BHRB Shannon Rowan Director of Trust & Wealth Mgmt.  Served as Summit EVP & Chief Human Resources Officer since 2019  Began career at Summit in 1991 and has overseen HR functions since 1997  Teaches classes at the WV School of Banking, one being Principles of Banking Danyl Freeman EVP & Chief HR Officer  Served as Chief Experience Officer of Summit  Joined Summit in 2005 and served as SVP of Marketing and Public Relations Angie Zirk Chief Experience Officer  Served as EVP and Chief Operating Officer of Provident State Bank  Joined Summit in 2023 through acquisition Lauren Kimlel EVP Branch Banking

 
6 Strategic Rationale for the Merger with Summit 1 2 3 4 5 Strategically Compelling: Strong pro forma profitability, complementary strengths and enhanced strategic positioning, particularly in Virginia, West Virginia, and Maryland Scale: Created an ~$8 billion bank with >75 branch locations across an attractive 5- state Mid-Atlantic and Southeast footprint Management Strength: Culturally compatible organizations with combined management depth supportive of growth to $10 billion of assets and beyond Investment in Franchise: >$115 million combined earnings stream and strong capital position provide runway for future investment and growth Balance Sheet Flexibility: >$600 million of marked securities able to be converted to immediate liquidity with no negative capital implications

 
7 An Attractive Footprint  Population: 137k  Pop. CAGR: 0.70%   Proj. Pop. CAGR: 0.57%   Median HHI: $70k  Proj. Median HHI: $81k Harrisonburg, VA Eastern Shore of MD (2)  Population: 70k  Pop. CAGR: 0.24%  Median HHI: $75k   Proj. Median HHI: $81k Charleston, WV  Population: 252k  Median HHI: $52k  Proj. Median HHI: $60k Hagerstown-Martinsburg, MD-WV  Population: 302k  Pop. CAGR: 0.88%   Proj. Pop. CAGR: 0.70%   Median HHI: $68k  Proj. Median HHI: $74k  Population: 6.44mm  Pop. CAGR: 1.01%   Proj. Pop. CAGR: 0.54%   Median HHI: $118k   Proj. Median HHI: $132k  Greater Washington D.C. Lexington-Fayette, KY  Population: 523k  Pop. CAGR: 0.79%   Proj. Pop. CAGR: 0.52%   Proj. Median HHI: $77k  Population: 147k  Pop. CAGR: 1.04%   Proj. Pop. CAGR: 0.95%   Median HHI: $82k   Proj. Median HHI: $93k  Winchester, VA-WV Huntington-Ashland, WV-KY-OH  Population: 354k  Median HHI: $54k  Proj. Median HHI: $59k Salisbury, MD-DE  Population: 436k  Pop. CAGR: 1.19%   Proj. Pop. CAGR: 1.03%   Median HHI: $68k  Proj. Median HHI: $74k Fastest Growing Metro in VA Horse Capital of the World Capital of the U.S. Capital of West Virginia Indicates higher than U.S. National Average (1) Source: S&P Global Market Intelligence. Current population and HHI metrics are for the year 2023. Population CAGR is based on through 2023; Projected population and HHI CAGRs are based on 2023 actual through 2028 projected (1) U.S. National Benchmark defined as the median for HHI metrics and as the growth rate pertaining to the total U.S. population for population CAGR metrics; U.S. population CAGR is 0.62%; U.S. projected population CAGR is 0.42%; U.S. median HHI is $74k; U.S. projected HHI is $83k (2) Eastern Shore of MD is made up of the Easton, MD and Cambridge, MD MSAs; Median HHI calculated using a weighted average based on pro forma deposits

 
8 Announcement Estimates vs. Updated Estimates (in millions) Estimate at Aug. 24, 20231 Estimate at May 3, 2024 Day 2 – CECL reserve $16.6 $29.5 PCD loan CECL mark 23.9 23.5 Gross CECL credit mark 40.5 53.0 Accretable loan mark 122.3 172.5 Core deposit intangible 66.0 68.8 Time deposit mark 15.5 7.1 Sub-debt mark 24.2 13.7 Preferred stock mark 5.6 4.5 Annualized cost savings goal 20.0 20.0 Total merger costs 57.0 42.0 Preliminary goodwill creation3 27.6 32.8 Estimate at Aug. 24, 20231 June 30, 2024 Tangible book value per common share2 $34.57 $39.11 Tangible common equity / tangible assets2 6.4% 7.6% Leverage ratio3 8.1% 9.0% Common equity tier 1 ratio3 10.4% 10.9% Tier 1 capital ratio3 10.6% 11.3% Total capital ratio3 12.5% 13.8% (1) Reflected estimates assuming December 31, 2023 close. Actual closing was May 3, 2024. (2) Non-GAAP measure. See the appendix for further information. (3) June 30, 2024 is estimated. • Gross CECL credit mark higher primarily due to higher loan balances at close and broader macroeconomic trends • Amortizing marks more favorable than modeled due to rate changes • Resulting capital ratios and per share metrics more favorable than modeled • Expected annualized cost savings delayed due to scheduled conversion later in 2024

 
9 2Q24 Balance Sheet Highlights • Repositioned balance sheet post closing - Sold approximately $366 million of securities - Relatively neutral interest rate position • Our objective is to build and maintain a fortress balance sheet - Maintain credit discipline through the cycle - Ensure proper allowances for credit losses - Stay liquid and have multiple sources of liquidity - Manage capital for the long term - Stress test the balance sheet for severe shocks - Continually improve risk, governance and controls - Operate an effective risk-adjusted return culture - Derive revenue from multiple sources Balance Sheet ($ in 000s) June 30, 2024 Assets Cash and Cash Equivalents 211,920$ Investments 1,430,039 Loans Held for Sale 3,268 Gross Loans, (excluding HFS loans) 5,616,724 Allowance for Loan Losses (68,017) Net Loans 5,548,707 Goodwill and Other Intangibles 98,678 Other Assets 517,581 Total Assets 7,810,193 Liabilities Total Deposits 6,639,571 Short-term Borrowings 285,161 Subordinated Debentures 109,064 Other Liablities 83,271 Total Liabilities 7,117,067 Shareholders' Equity Common Stock 7,752 Preferred Stock 10,413 Additional Paid-in Capital 399,553 Retained Earnings 403,422 Accumulated Other Comprehensive Income (100,430) Treasury Stock (27,584) Total Shareholders' Equity 693,126 Total Liabilities & Shareholders' Equity 7,810,193$

 
10 2Q24 Income Statement Second Half 2024 Expectations Income Statement ($ in 000s) June 30, 2024 2Q24 Operating Net Income1 (1) Non-GAAP measure. See the appendix for further information. (2) Core noninterest expense excludes merger-related expense. • Net interest income (non-FTE) between $141.0 million and $149.0 million • Noninterest income between $20.5 million and $22.0 million • Provision expense up to $5.0 million • Core noninterest expense2 (non-GAAP) between $100 million and $104 million • Merger-related expense between $15.0 million and $17.0 million • Effective tax rate between 17.0% and 18.5% • Estimated fully diluted weighted average shares of 15.1 million Net Income (loss) applicable to common shares $ (17,144) Addback significant items (tax effected): Merger-related 18,806 Day 2 Non-PCD Provision 23,305 Total significant items 42,111 Operating net income 24,967$ Weighted average dilutive shares 12,262,979 Adjusted diluted EPS 2.04$ Non-interest expense 64,432$ Remove significant items: Merger-related 23,805 Total significant items 23,805 Adjusted non-interest expense 40,627$ Interest income 3 months ended 6 months ended Loans 81,706$ 109,751$ Securities 13,486 23,790 Other Interest Income 905 1,301 Total Interest Income 96,097 134,842 Interest expense Deposits 30,373 43,304 Borrowed Funds 4,071 7,726 Subordinated Debt and other interest 1,888 1,916 Total Interest Expense 36,332 52,946 Net Interest Income 59,765 81,896 Provision expense 23,910 23,240 Net Interest Income after Provision 35,855 58,656 Non-interest income Fiduciary and wealth management 2,211 3,630 Service charges and fees 4,088 5,694 Other non-interest income 3,206 4,435 Total Non-interest Income 9,505 13,759 Non-interest expense Salaries, wages and other employees benefits 26,198 38,081 Occupancy 2,997 4,535 Other operating 35,237 42,981 Total Non-interest Expense 64,432 85,597 Income tax expense (benefit) (2,153) (1,475) Net income (loss) (16,919) (11,707) Preferred stock dividends 225 225 Net income (loss) applicable to common shares (17,144)$ (11,932)$

 
11 Loan Portfolio as of 2Q24 ($ in 000s) Residential $1,219,984 Owner-Occupied CRE $626,375 Commercial & Industrial $499,892 AD&C $479,937 Consumer $246,868 Commercial Real Estate $2,543,668 Portfolio $5,616,724 Loan Segment Adjustable Rate Fixed Rate Commercial Real Estate $ 1,045,619 $ 1,498,049 Residential 618,631 601,353 Owner-occupied CRE 346,724 279,651 AD&C 362,276 117,661 Commercial & Industrial 357,275 142,617 Consumer 168,898 77,970 $ 2,899,423 $ 2,717,301 • The commercial real estate (CRE) portfolio is well-diversified across asset classes - CRE as a percentage of bank total risk-based capital is estimated at 350% - AD&C as a percentage of bank total risk-based capital is estimated at 55% • The CRE loan portfolio geographic footprint is spread across the West Virginia and greater DC / Maryland / Virginia (DMV) area with minimal office building exposure within Washington D.C. • In line with our overall strategy, we are focused on commercial & industrial loan growth and greater portfolio granularity • Unused commitments totaled approximately $1.1 billion and include 20% of unconditionally cancelable commitments Commercial Real Estate Category $ by Asset Class % by Asset Class Retail Real Estate $ 580,335 23% Multi-Family 488,718 19% Office Bldgs/Condos 408,472 16% Hotels/Motels 375,190 15% Industrial/Warehouse 227,940 9% Other 186,223 7% Self-Storage 132,374 5% Restaurants & Gas Stations 74,944 4% Nursing-Assisted Living 69,472 2% $ 2,543,668 100%

 
12 Security Portfolio as of 2Q24 ($in 000s) U.S Treasury & Agency $147,430 Municipal $637,754 Agency RMBS $54,168 Non-Agency RMBS $267,313 Agency CMBS $35,042 Non-Agency CMBS $159,363 Asset-Backed $76,952 Other $36,848 Portfolio FV $1,414,870 • Portfolio duration is approximately 4.5 years • 79% of unrealized losses have a duration of approximately 5.5 years; remainder less than 2.5 years • Unrealized losses are the result of the interest rate environment • AOCI accretion is expected to be approximately 5.5% per quarter assuming a stagnant interest rate environment • The current portfolio is held as available-for-sale, and there is no intent to reclassify any part • Majority of non-agency CMBS and ABS are equity enhanced through structure and credit support Category Net Unrealized Losses Amortized Cost WA Yield U.S. Treasury & Agency $ 18,950 $ 166,380 1.31% Municipal 76,695 714,449 2.58% Agency RMBS 3,936 58,104 4.07% Non-Agency RMBS 15,354 282,667 4.08% Agency CMBS 926 35,968 5.52% Non-Agency CMBS 6,312 165,675 4.55% Asset-Backed 616 77,568 6.48% Other 1,452 38,300 7.28% $ 124,241 $1,539,111 3.37%

 
13 Funding Sources as of 2Q24 ($ in 000s) Demand (non- interest) $1,397,030 Demand (interest) $2,507,259 Money Market & Savings $1,396,839 Brokered CDs $403,668 Time Deposits & Other $934,775 Deposits $6,639,571 Category Average Rate QTD Demand (non-interest bearing) − % Demand (interest bearing) 3.00% Money Market & Savings 1.53% Brokered Certificate of Deposits 4.53% Time Deposits & Other 4.57% Total Interest-Bearing Deposits 2.90% Total Deposits 2.43% • Loan-to-deposit ratio of 84.6% and loan + security-to-deposit ratio of 105.9% • Brokered deposits represent 6.1% of total deposits • Uninsured deposits totaled $1.9 billion, representing 29% of total deposit balance • Borrowings totaled $285 million with a total capacity of $2.4 billion and remaining capacity of $2.1 billion • Stress tests are performed on liquidity and capital on a quarterly basis • We believe we have ample liquidity to withstand significant stress

 
14 Capital Ratio Trends1 17.6% 18.0% 16.9% 10.9% FY21 FY22 FY23 2Q24 Common Equity Tier 1 Ratio 17.6% 18.0% 16.9% 11.3% FY21 FY22 FY23 2Q24 Tier 1 Capital Ratio 18.8% 18.9% 17.9% 13.8% FY21 FY22 FY23 2Q24 Total Capital Ratio 10.9% 8.7% 7.9% 9.0% FY21 FY22 FY23 2Q24 Leverage Ratio Capital Management • We take a forward-looking, disciplined approach to capital management that emphasizes acceptable risk- adjusted returns over the long-term • Our capital management priorities include - Supporting customers - Funding business investments - Maintaining appropriate capital in light of economic conditions and regulatory expectations - Returning excess capital to shareholders • Modeled stress scenarios include evaluating the impact of deposit shocks, interest rate scenarios, and general balance sheet repositioning • Stress scenarios result in capital levels well above well- capitalized levels (1) All 2Q24 capital ratios are estimated.

 
15 Asset Quality Trends 1.82% 1.11% 1.21% 1.21% FY21 FY22 FY23 2Q24 Allowance Coverage Ratio 0.18% 0.01% FY21 FY22 FY23 2Q24 NCOs / Average Loans 121.0% 383.0% 675.8% 185.2% FY21 FY22 FY23 2Q24 Allowance for Credit Losses / NPLs 1.50% 0.29% 0.18% 0.65% FY21 FY22 FY23 2Q24 NPLs / Total Loans Credit Management • Our objective is to maintain a moderate risk profile through the economic cycle • Credit risk management is embedded in our risk culture and in our decision-making processes - Managed through specific policies and processes - Measured and evaluated against our risk appetite and credit concentration limits - Reported, along with specific mitigation activities, to management and the Board of Directors through our governance structure • Underwriting guidelines are adjusted to reflect current market conditions • Loan reviews include ongoing monitoring procedures that involve additional stress testing of interest rate movements and collateral performance 0.00% 0.00%

 
16 Final Thoughts • Our business model is built on customer service and being a trusted advisor • Our approach is concentrated on growing and deepening relationships across our businesses that meet our risk/return measures • We are focused on our strategic priorities which are designed to enhance value over the long term - Profitably expanding our market share - Deepening customer relationships by delivering fee-based financial solutions - Leveraging technology to create efficiencies that help us better serve customers • With the Summit merger closed, we are focused on a seamless integration and delivering what our constituencies expect of us

 
17 Appendix: Notes on Non-GAAP Financial Measures Total Common Equity, Tangible Book Value & Tangible Assets: Tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive income/(loss) in stockholders' equity. June 30, 2024 Common Shareholders’ Equity $ 682,713 Less: Goodwill and intangible assets, net 98,678 Tangible common equity (non-GAAP) $ 584,035 Shares outstanding at end of period 14,932,169 Tangible book value per common share $ 39.11 Total Assets $7,810,193 Less: Goodwill and Intangible assets, net 98,678 Tangible assets (non-GAAP) $7,711,515 Operating Net Income, Adjusted diluted EPS and Adjusted non-interest expense: Operating net income is a non-GAAP measure that is derived from net income adjusted for significant items. The Company believes that operating net income is useful in periods with certain significant items, such as listing-related or merger-related expenses. The operating net income is more reflective of management’s ability to grow the business and manage expenses. Adjusted non-interest expense also removes these significant items such as listing-related and merger-related expenses. Management believes it represents a more normalized non-interest expense total for periods with identified significant items. Weighted averaged diluted shares calculated only computation of adjusted diluted EPS. Weighted average diluted shares for GAAP diluted EPS are the same as shares for calculating basis EPS due to the antidilutive effect of the diluted shares when considering the GAAP loss for the quarter.

 
v3.24.2
Cover
Jul. 26, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 26, 2024
Entity Registrant Name Burke & Herbert Financial Services Corp.
Entity Incorporation, State or Country Code VA
Entity File Number 001-41633
Entity Tax Identification Number 92-0289417
Entity Address, Address Line One 100 S. Fairfax Street
Entity Address, City or Town Alexandria
Entity Address, State or Province VA
Entity Address, Postal Zip Code 22314
City Area Code 703
Local Phone Number 666-3555
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.50
Trading Symbol BHRB
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period false
Amendment Flag false
Entity Central Index Key 0001964333
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