Burke & Herbert Financial Services Corp. reported its financial results for the first quarter ended March 31, 2025. The company announced net income applicable to common shares of $27.0 million, or $1.80 per diluted common share. This represents an increase from $19.6 million, or $1.30 per diluted common share, reported in the fourth quarter of 2024.
The company's balance sheet remained strong, characterized by ample liquidity, solid capital ratios, and adequate loss reserves. Regulatory capital ratios as of March 31, 2025, continued to exceed requirements, with a Common Equity Tier 1 capital ratio of 11.7% and a Total risk-based capital ratio of 14.7%. These results represent the first full quarter following the merger-related systems conversion.
In a move to enhance shareholder value, the board of directors authorized a share repurchase program, allowing the company to purchase up to $50.0 million of its common shares. The timing and price of repurchases will be at the company's discretion, depending on market conditions and financial performance. The company also noted ongoing investments in technology improvements and expansion in Bethesda, Maryland, and Richmond, Virginia.
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