Burke & Herbert Q3 adjusted EPS rises on LINKBANCORP merger impact

Burke & Herbert Financial Services

Thu 21:18

Overview
U.S. regional bank's Q3 adjusted EPS was $2.14 
Net income applicable to common shares was $36.2 mln in Q3
Net interest income rose from prior quarter, driven by higher loan balances and yields

Outlook
Company did not provide specific financial guidance for the upcoming quarter or full year

Result Drivers
MERGER IMPACT - Net interest income rose mainly due to the full quarter impact of the LINKBANCORP merger
LOAN GROWTH & YIELDS - Higher loan balances and yields contributed to increased net interest margin, partially offset by higher funding costs
NON-INTEREST INCOME - Growth in debit card and wealth management income supported higher non-interest income

Company press release: ID:nGNX4Wpd9Z

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Adjusted EPS
 
$2.14
 
Q3 EPS
 
$1.78
 
Q3 Net Income
 
$36.39 mln
 
Q3 Net Interest Income
 
$105.02 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "hold."
Wall Street's median 12-month price target for Burke & Herbert Financial Services Corp is $81.50, about 17.3% above its October 21 closing price of $69.47
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads
Oct 22 - Huntington Bancshares Q3 EPS unchanged, net interest income up 
Oct 22 - United Bankshares Q3 EPS beats estimates, helped by loan growth
Oct 22 - S&T Bancorp's Q3 EPS rises to record high

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)