Burke & Herbert Financial Services' Q4 net income rises to $30 mln
Overview
U.S. bank's Q4 net income rose to $30 mln, with EPS at $1.98
Company maintained strong balance sheet with $4.8 bln in liquidity
Company announced merger agreement with LINKBANCORP for expanded operations
Outlook
Burke & Herbert expects merger with LINKBANCORP to create $11 bln asset company
Result Drivers
LOAN PORTFOLIO MANAGEMENT - Co exited $201.5 mln of non-strategic loans and originated $383.3 mln of new relationship-based loans, leading to a decrease in total gross loans
DEPOSIT STRATEGY - Core deposits increased by $51.9 mln, excluding a $60 mln decrease in brokered deposits, reflecting a shift towards more stable funding
INTEREST EXPENSE REDUCTION - Net interest income rose due to a $1.2 mln decrease in interest expense, driven by lower deposit costs
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 EPS |
| $1.98 |
|
Q4 Net Income |
| $30.25 mln |
|
Q4 Net Interest Income |
| $74.92 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Burke & Herbert Financial Services Corp is $74.00, about 12.1% above its January 21 closing price of $66.01
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago
Press Release: ID:nGNX6VlgS3
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.
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