MergerMay 8, 2026, 08:37 AM
Burke & Herbert Completes LINKBANCORP Merger; Q1 Net Income $27.3M
AI Summary
Burke & Herbert Financial Services Corp. completed its previously announced merger with LINKBANCORP, Inc. on May 1, 2026, with LINKBANK merging into Burke & Herbert Bank & Trust Company. For the first quarter ended March 31, 2026, the company reported a slight increase in net income to $27.3 million, up from $27.2 million in the prior year, while basic earnings per common share remained flat at $1.80. Total assets saw a modest increase, but total deposits and net interest income experienced a decrease compared to the previous year.
Key Highlights
- Merger with LINKBANCORP, Inc. completed on May 1, 2026, converting LNKB shares to 0.1350 Burke & Herbert shares.
- Q1 2026 net income increased to $27.3 million from $27.2 million in Q1 2025.
- Basic earnings per common share remained flat at $1.80 for Q1 2026 and Q1 2025.
- Total assets grew to $7.93 billion as of March 31, 2026, from $7.92 billion at December 31, 2025.
- Total deposits decreased to $6.33 billion as of March 31, 2026, from $6.40 billion at December 31, 2025.
- Gross loans increased to $5.40 billion as of March 31, 2026, from $5.39 billion at December 31, 2025.
- Net interest income for Q1 2026 was $71.8 million, down from $73.0 million in Q1 2025.
- Total non-interest income rose to $12.9 million in Q1 2026 from $10.0 million in Q1 2025.