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BHRB Burke & Herbert Bank & Trust Company

Quarterly report

Six Months Ended June 30,
2024			2023
Cash Flows from Operating Activities			Net Income (loss)			$			(11,707)	$	13,558	Adjustments to reconcile net income (loss) to net cash provided by operating activities:	Depreciation and amortization of fixed assets			2,315			1,354	Amortization of other intangible assets	2,865			—	Accretion on assumed liabilities	2,526			—	Accretion income related to acquired loans	13,302			—	Amortization of housing tax credits	2,745			2,796	Realized (gain) loss on sales of available-for-sale securities	(613)			111	Realized (gain) on sales of OREO property	(26)			—	Provision for credit losses	23,240			729	Income from company-owned life insurance	(1,469)			(1,131)	Deferred tax (benefit)	(38,461)			(1,560)	Loss on disposal of fixed assets	473			—	Accretion of securities	(1,654)			(815)	Amortization of securities	4,631			4,643	Share-based compensation expense	1,496			1,188	Repayment of operating lease liabilities	(1,111)			(1,631)	(Gain) on loans held-for-sale	(199)			(28)	Proceeds from sale of loans held-for-sale	14,105			2,845	Change in fair value of loans held-for-sale	28			6	Originations of loans held-for-sale	(15,705)			(3,307)	(Increase) decrease in accrued interest receivable	(1,501)			700	(Increase) decrease in other assets	(39,733)			2,750	Increase in accrued interest payable and other liabilities	32,178			656	Net cash flows provided by (used in) operating activities	$			(12,275)	$	22,864	Cash Flows from Investing Activities	Proceeds from maturities, prepayments, and calls of securities available-for-sale, net			128,020			52,500	Proceeds from sale of securities available-for-sale, net	365,990			77,780	Purchases of securities available-for-sale, net	(480,920)			—	Cash (paid) from merger, net	(750)			—	Sales of restricted stock	24,201			27,447	Purchases of restricted stock	(33,406)			(14,918)	Purchases of property and equipment, net of disposals	(2,523)			(4,367)	(Purchase of) proceeds from company-owned life insurance	1,433			(6)	(Increase) decrease in loans made to customers, net	137,008			(113,748)	Net cash flows provided by investing activities	$			139,053	$	24,688	Cash Flows from Financing Activities	Net (decrease) in non-interest-bearing accounts			(14,966)			(84,296)	Net increase (decrease) in interest-bearing accounts	(56,300)			169,159	Net increase (decrease) in other short-term borrowings	122,064			(94,100)	Repayment of finance lease liabilities	(107)			(80)	Cash dividends paid	(12,033)			(7,872)	Proceeds from employee stock purchase program	208			—	Issuance of common stock	1,778			—

13 Aug 24

4:01pm

BHRB Burke & Herbert Bank & Trust Company

Quarterly report

The following table sets forth the various components of our non-interest expense for the periods indicated (in thousands):

Six Months Ended June 30,	Increase (Decrease)
2024			2023			Amount			Percent
Salaries and wages			$	30,413	$	19,416	$	10,997	56.6	%
Pensions and other employee benefits			7,668		4,874	2,794	57.3	Occupancy	4,535		3,002	1,533	51.1	Equipment rentals, depreciation and maintenance	13,944		2,796	11,148	398.7	Other	29,037		11,625	17,412	149.8	Total	$	85,597	$	41,713	$	43,884	105.2	%

13 Aug 24

4:01pm

BHRB Burke & Herbert Bank & Trust Company

Quarterly report

Three Months Ended June 30,	Six Months Ended June 30,
2024			2023			2024			2023
Interest income			Taxable loans, including fees			$			81,673	$	25,300	$	109,718	$	48,060	Tax-exempt loans, including fees	33			—	33	—	Taxable securities	10,930			9,419	19,873	19,221	Tax-exempt securities	2,556			1,409	3,917	2,867	Other interest income	905			988	1,301	1,296	Total interest income	96,097			37,116	134,842	71,444	Interest expense	Deposits			30,373			10,030	43,304	15,431	Short-term borrowings	4,071			3,279	7,726	7,417	Subordinated debt	1,860			—	1,860	—	Other interest expense	28			15	56	30	Total interest expense	36,332			13,324	52,946	22,878	Net interest income	59,765			23,792	81,896	48,566	Credit loss expense - loans and available-for-sale securities	20,100			310	19,430	833	Credit loss expense - off-balance sheet credit exposures	3,810			(96)	3,810	(104)	Total provision for credit losses	23,910			214	23,240	729	Net interest income after credit loss expense	35,855			23,578	58,656	47,837	Non-interest income	Fiduciary and wealth management			2,211			1,305	3,630	2,642	Service charges and fees	4,088			1,741	5,694	3,376	Net gains (losses) on securities	613			(111)	613	(111)	Income from company-owned life insurance	922			571	1,469	1,131	Other non-interest income	1,671			1,119	2,353	1,801	Total non-interest income	9,505			4,625	13,759	8,839	Non-interest expense	Salaries and wages			20,895			9,922	30,413	19,416	Pensions and other employee benefits	5,303			2,406	7,668	4,874	Occupancy	2,997			1,545	4,535	3,002	Equipment rentals, depreciation and maintenance	12,663			1,457	13,944	2,796	Other operating	22,574			6,018	29,037	11,625	Total non-interest expense	64,432			21,348	85,597	41,713	Income (loss) before income taxes	(19,072)			6,855	(13,182)	14,963	Income tax expense (benefit)	(2,153)			821	(1,475)	1,405	Net income (loss)	(16,919)			6,034	(11,707)	13,558	Preferred stock dividends	225			—	225	—	Net income (loss) applicable to common shares	$			(17,144)	$	6,034	$	(11,932)	$	13,558	Earnings (loss) per common share:	Basic			$			(1.41)	$	0.81	$	(1.22)	$	1.82	Diluted	(1.41)			0.80	(1.22)	1.80

13 Aug 24

4:01pm

BHRB Burke & Herbert Bank & Trust Company

Quarterly report

The following table sets forth the various components of our non-interest expense for the periods indicated (in thousands):

Three months ended June 30,	Increase (Decrease)
2024			2023			Amount			Percent
Salaries and wages			$	20,895	$	9,922	$	10,973	110.6	%
Pensions and other employee benefits			5,303		2,406	2,897	120.4	Occupancy	2,997		1,545	1,452	94.0	Equipment rentals, depreciation and maintenance	12,663		1,457	11,206	769.1	Other	22,574		6,018	16,556	275.1	Total	$	64,432	$	21,348	$	43,084	201.8	%

13 Aug 24

4:01pm

BHRB Burke & Herbert Bank & Trust Company

Quarterly report

The following table sets forth the various components of our non-interest expense for the periods indicated (in thousands):

Three months ended March 31,	Increase (Decrease)
2024			2023			Amount			Percent
Salaries and wages			$	9,518	$	9,494	$	24	0.3	%
Pensions and other employee benefits			2,365		2,468	(103)	(4.2)	Occupancy	1,538		1,457	81	5.6	Equipment rentals, depreciation and maintenance	1,281		1,339	(58)	(4.3)	Other	6,463		5,607	856	15.3	Total	$	21,165	$	20,365	$	800	3.9	%

10 May 24

8:31am

Quarterly report

10 May 24

8:31am

Quarterly report

10 May 24

8:31am

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