Burke & Herbert Financial Services Corp. reported its financial results for the third quarter ended September 30, 2024. The company announced net income applicable to common shares of $27.4 million, or $1.82 per diluted common share. Excluding pre-tax charges of $3.1 million related to the merger with Summit, adjusted operating net income was $29.8 million, or $1.98 per diluted share.
Net interest income for the third quarter of 2024 increased significantly to $73.179 million, compared to $22.889 million in the prior-year period. The company's taxable-equivalent net interest margin expanded to 4.07% for the quarter. These results demonstrate the financial benefits of the merger with Summit Financial Group.
The company maintained a 'well-capitalized' status, with a Common Equity Tier 1 capital to risk-weighted asset ratio of 11.3% and a Total risk-based capital to risk-weighted asset ratio of 14.3%, both significantly above regulatory requirements. Additionally, the board of directors declared a $0.55 per share regular cash dividend, representing a 3.8% increase from the prior quarter dividend, to be paid on December 2, 2024.
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