Recent Updates — BHRB
Burke & Herbert Financial Services Corp. reported net income applicable to common shares of $36.2 million for the quarter ended September 30, 2026, or diluted earnings per share of $1.78. The company also announced a regular quarterly cash dividend of $0.55 per share, payable on December 1, 2026, to shareholders of record as of November 13, 2026. Adjusted operating net income was $43.4 million, or adjusted diluted EPS of $2.14. The company completed a $100 million subordinated debt offering and reported total assets of $11.0 billion with a loan-to-deposit ratio of 90.0%. Burke & Herbert Financial Services Corp. operates as the financial holding company for Burke & Herbert Bank & Trust Company, providing banking services in the greater Washington, D.C. metropolitan area.
Burke & Herbert Financial Services Corp. completed its underwritten public offering of $100,000,000 aggregate principal amount of 7.00% Fixed-to-Floating Rate Subordinated Notes due 2036 on September 30, 2026. The notes were sold at par to Keefe, Bruyette & Woods, Inc., as sole underwriter. The company intends to use the net proceeds plus cash on hand to repay $42.6 million of existing subordinated debt maturing in 2028 and 2030, potentially retire $75.0 million of notes due in 2031, and possibly redeem $15.0 million of preferred stock. The offering is intended to qualify as Tier 2 capital for regulatory purposes. Burke & Herbert Financial Services Corp. operates as the holding company for a regional bank providing commercial and consumer banking services.
Burke & Herbert Financial Services Corp. filed a preliminary prospectus supplement to propose the offering and sale of $100 million in Fixed-to-Floating Rate Subordinated Notes due 2036. The company intends to use the net proceeds, combined with existing cash, to redeem up to $117.6 million in outstanding subordinated debt and up to $15.0 million in aggregate liquidation preference of preferred stock. Keefe, Bruyette & Woods, Inc., a Stifel Company, is serving as the sole manager for this transaction. Burke & Herbert Financial Services Corp. operates as a community bank providing financial services through its subsidiary, Burke & Herbert Bank & Trust.
Burke & Herbert Financial Services Corp. and its bank subsidiary entered into a change in control agreement with Executive Vice President and Chief Financial Officer Kirtan Parikh on July 6, 2026. The agreement provides for severance benefits if Mr. Parikh is terminated without cause or resigns for good reason within twelve months following a change in control event. Benefits include twenty-four months of base salary, a lump-sum payment equal to two times his target annual incentive bonus from the prior fiscal year, and healthcare premium coverage for up to eighteen months. The agreement requires Mr. Parikh to execute a separation and release agreement containing non-solicitation and non-disparagement clauses. Burke & Herbert Financial Services Corp. operates as a bank holding company providing financial services through its subsidiary.