Burke & Herbert Q3 Profit Surges On Impact Of Merger With Summit Financial

(RTTNews) - Burke & Herbert Financial Services Corp. (BHRB) Friday announced a surge in third quarter earnings compared to the prior year. Currently, shares are gaining $1.16 percent to $65.17, while the stock closed at $64.42 on Thursday.

The quarterly results reflect the merger of Summit Financial Group Inc. with and into Burke & Herbert and Summit Community Bank Inc. with and into Burke & Herbert Bank and Trust Company.

The quarterly earnings were $27.39 million or $1.82 per share, compared to $4.06 million a year ago. On an adjusted basis, earnings were $1.98 per share.

On average, 2 analysts polled by Thomson Reuters expect the company to earn $1.75 per share.

Net interest income for the quarter climbed to $73.18 million from $22.89 million in the prior year. Non-interest income for the quarter were $10.616 million, up from $4. 289 million in the previous year.

In addition, the company declared a $0.55 per share regular cash dividend to be paid on December 2, 2024.