Burke & Herbert Financial Services Corp. reported its financial results for the fourth quarter and full year ended December 31, 2024. For the fourth quarter, net income applicable to common shares was $19.6 million, or $1.30 per diluted common share. Excluding pre-tax charges of $8.9 million related to the Summit merger, adjusted operating net income was $26.6 million, or $1.77 per diluted common share.
For the full year 2024, net income applicable to common shares reached $35.033 million, a substantial increase from $22.692 million in the prior year. Total interest income for the full year increased to $366.161 million from $146.896 million in 2023, with net interest income rising to $225.785 million from $93.759 million. These results reflect the financial benefits of the merger and successful systems integration.
The company successfully completed its systems integration in November, leading to growth in both loans and core deposits during the quarter. Burke & Herbert maintained its 'well-capitalized' status with robust capital ratios, including a Common Equity Tier 1 capital ratio of 11.5% and a Total risk-based capital ratio of 14.6%. The company also reported ample liquidity, with $4,092,378 thousand in unused borrowing capacity.
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