bhrb-20251023
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

October 23, 2025
Date of Report (date of earliest event reported)
___________________________________
Burke & Herbert Financial Services Corp.
(Exact name of registrant as specified in its charter)
___________________________________

Virginia
(State or other jurisdiction of
incorporation or organization)
001-41633
(Commission File Number)
92-0289417
(I.R.S. Employer Identification Number)
100 S. Fairfax Street
Alexandria, VA 22314
(Address of principal executive offices and zip code)
(703) 666-3555
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock, par value $0.50BHRBThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 - Results of Operations and Financial Condition.
On October 23, 2025, Burke & Herbert Financial Services Corp. (the "Company") issued a press release announcing its results of operations and financial condition for the quarter ended September 30, 2025. A copy of the press release is included as Exhibit 99.1 to this report.
Item 7.01 - Regulation FD Disclosure
The management of Burke & Herbert Financial Services Corp. anticipates meetings with investors during 2025. A copy of presentation materials will be made available on the investor relations section of the Company's website (https://www.burkeandherbertbank.com) and is furnished as exhibit 99.2 to this report. All information included in this presentation is presented as of the dates indicated, and the Company does not assume any obligation to correct or update such information in the future. The Company disclaims any inferences regarding the materiality of such information which otherwise may arise as a result of it furnishing such information under Item 7.01 of this Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information furnished in this Item 7.01, including Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise be subject to the liabilities of Section 18 of the Exchange Act.
Item 8.01 - Other Events
On October 23, 2025, the Company announced its Board of Directors declared a regular quarterly cash dividend on the Company's common stock of $0.55 per share, payable on December 1, 2025, to shareholders of record as of the close of business on November 14, 2025.

Item 9.01 - Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:

Exhibit No.Description
99.1
99.2
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 23th day of October, 2025.



Burke & Herbert Financial Services Corp.
By:
/s/ Roy E. Halyama
Name:
Roy E. Halyama
Title:
Executive Vice President, CFO

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Burke & Herbert Financial Services Corp. Announces Third Quarter 2025 Results and Declares Common Stock Dividend
For Immediate Release
October 23, 2025
Alexandria, VA – Burke & Herbert Financial Services Corp. (the “Company” or “Burke & Herbert”) (Nasdaq: BHRB) reported financial results for the quarter year ended September 30, 2025, and disclosed that, at its meeting on October 23, 2025, the board of directors declared a $0.55 per share regular cash dividend to be paid on December 1, 2025, to shareholders of record as of the close of business on November 14, 2025.
Q3 2025 Highlights
•For the quarter, net income applicable to common shares totaled $29.7 million, and diluted earnings per common share (“EPS”) was $1.97. For the quarter ended June 30, 2025, net income applicable to common shares totaled $29.7 million, and diluted EPS was $1.97.
•For the quarter, the annualized return on average assets was 1.50% and the annualized return on average equity was 14.88%.
•Ending total gross loans were $5.6 billion and ending total deposits were $6.4 billion; ending loan-to-deposit ratio was 86.7%. The net interest margin (non-GAAP1) was 4.08% for the three months ended September 30, 2025.
•The balance sheet remains strong with ample liquidity. Total liquidity, including all available borrowing capacity with cash and cash equivalents, totaled $4.3 billion at the end of the third quarter.
•Asset quality metrics remain within the Company’s moderate risk profile with adequate reserve coverage.
•The Company continues to be well-capitalized, ending the quarter with 12.7%2 Common Equity Tier 1 capital to risk-weighted assets, 15.4%2 Total risk-based capital to risk-weighted assets, and a leverage ratio of 10.7%.2
From David P. Boyle, Company Chair and Chief Executive Officer
“Our solid results reflect the teamwork in executing our strategy to be trusted advisors to our customers and to expand into attractive markets where we deliver our full suite of products and services. Our loan originations were strong, and we increased our deposits during the quarter. We recently opened our first branch in Bethesda, Maryland and our newer markets in Virginia, including Fredericksburg and Richmond, are exceeding our expectations. Our balance sheet remains well positioned with ample liquidity, solid capital ratios, and adequate loss reserves. We are looking forward to a strong close to 2025 and delivering increased value for our customers, employees, communities, and shareholders.”
Results of Operations
Third Quarter 2025 compared to Second Quarter 2025
The Company reported third quarter 2025 net income applicable to common shares of $29.7 million, or $1.97 per diluted common share, compared to second quarter 2025 net income applicable to common shares of $29.7 million, or $1.97 per diluted common share.

(1) Non-GAAP financial measures referenced in this release are used by management to measure performance in operating the business that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included in the non-GAAP reconciliation tables in this release. Non-GAAP measures should not be used as a substitute for the closest comparable GAAP measurements.
(2) Ratios as of September 30, 2025, are estimated.
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•Period-end total gross loans were $5.6 billion at September 30, 2025, a decrease of $31.0 million from June 30, 2025, as the Company exited approximately $80.0 million of non-strategic loans while originating $228.9 million of new, relationship-based loan commitments.
•Period-end total deposits were $6.4 billion at September 30, 2025, an increase of $21.1 million from June 30, 2025. Excluding a $7.7 million decrease in brokered deposits, core deposits increased $28.8 million.
•Net interest income for the quarter was $73.8 million compared to $74.2 million in the prior quarter due to a decrease in interest income of $0.6 million which slightly exceeded a decrease in interest expense of $0.2 million. The decrease in total interest income was mainly attributable to a decrease in loan interest income of $1.7 million primarily driven by lower accretion income. This was slightly offset by an increase in interest income from securities of $0.7 million and an increase in other interest income of $0.3 million. The decrease in total interest expense was primarily driven by lower deposit costs from a decrease in the balance of brokered time deposits and lower rates on certain deposit products.
•Net interest margin on a fully taxable equivalent basis (non-GAAP1) decreased to 4.08% versus 4.17% in the second quarter of 2025, mainly attributable to a lower yield on the loan portfolio primarily due to lower accretion income, partially offset by an increase in yield on the securities portfolio and a decrease in yield on interest-bearing liabilities compared to the second quarter of 2025.
•Accretion income on loans during the quarter was $8.2 million, and the amortization expense impact on interest expense was $1.4 million, or 36.7 bps of net interest margin on an annualized basis in the third quarter of 2025. In the prior quarter, accretion income on loans during the quarter was $11.5 million, and the amortization expense impact on interest expense was $1.4 million, or 56.0 bps of net interest margin on an annualized basis.
•The cost of total deposits, including non-interest bearing deposits, was 1.87% in the third quarter of 2025, compared to 1.90% in the second quarter of 2025. The decrease in the cost of deposits was mostly due to a decrease in the rate paid on interest-bearing deposits compared to the second quarter of 2025.
•The Company recorded credit provision expense in the third quarter of 2025 of $262 thousand and the Company’s allowance for credit losses at September 30, 2025, was $67.6 million, or 1.2% of total loans.
•Total non-interest income for the third quarter of 2025 was $11.6 million compared to $12.9 million in the prior quarter, primarily due to collection of death proceeds from company-owned life insurance which increased non-interest income by $1.8 million in the prior quarter, which was somewhat offset by increases in other categories of non-interest income in the third quarter of 2025 compared to the second quarter of 2025.
•Non-interest expense for the third quarter of 2025 was $48.1 million compared to $49.3 million in the second quarter of 2025, primarily reflecting continued operating efficiency gains, post-merger.
Regulatory capital ratios2
The Company continues to be well-capitalized with capital ratios that are above regulatory requirements. As of September 30, 2025, our Common Equity Tier 1 capital to risk-weighted asset and Total risk-based capital to risk-weighted asset ratios were 12.7%2 and 15.4%2, respectively, and significantly above the



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well-capitalized requirements of 6.5% and 10%, respectively. The leverage ratio was 10.7%2 compared to a 5% level to be considered well-capitalized.
Burke & Herbert Bank & Trust Company (“the Bank”), the Company’s wholly-owned bank subsidiary, also continues to be well-capitalized with capital ratios that are above regulatory requirements. As of September 30, 2025, the Bank’s Common Equity Tier 1 capital to risk-weighted asset and Total risk-based capital to risk-weighted asset ratios were 14.0%2 and 15.2%,2 respectively, and significantly above the well-capitalized requirements. In addition, the Bank’s leverage ratio of 11.4%2 is considered to be well-capitalized.
For more information about the Company’s financial condition, including additional disclosures pertinent to recent events in the banking industry, please see our financial statements and supplemental information attached to this release.
About Burke & Herbert
Burke & Herbert Financial Services Corp. is the financial holding company for Burke & Herbert Bank & Trust Company. Burke & Herbert Bank & Trust Company is the oldest continuously operating bank under its original name headquartered in the greater Washington, D.C. metropolitan area. With over 75 branches across Delaware, Kentucky, Maryland, Virginia, and West Virginia, Burke & Herbert Bank & Trust Company offers a full range of business and personal financial solutions designed to meet customers’ banking, borrowing, and investment needs. Learn more at investor.burkeandherbertbank.com.
Cautionary Note Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the beliefs, goals, intentions, and expectations of the Company regarding revenues, earnings, earnings per share, loan production, asset quality, and capital levels, among other matters; our estimates of future costs and benefits of the actions we may take; our assessments of expected losses on loans; our assessments of interest rate and other market risks; our ability to achieve our financial and other strategic goals; and other statements that are not historical facts.
Forward–looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “will,” “should,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward–looking statements speak only as of the date they are made; the Company does not assume any duty, does not undertake, and specifically disclaims any obligation to update such forward–looking statements, whether written or oral, that may be made from time to time, whether because of new information, future events, or otherwise, except as required by law. Furthermore, because forward–looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in or implied by such forward-looking statements because of a variety of factors, many of which are beyond the control of the Company. Further, factors identified herein are not necessarily all of the factors that could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm the Company. Accordingly, you should consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by the Company and not place undue reliance on forward-looking statements. 
The risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to, the following: costs or difficulties associated with



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newly developed or acquired operations; changes in general economic, political, or market trends (either nationally or locally in the areas in which we conduct, or will conduct, business), including inflation, changes in interest rates, market volatility and monetary fluctuations, and changes in federal government policies and practices, as well as the impact from recently announced and future tariffs on the markets we serve; increased competition; changes in consumer confidence and demand for financial services, including changes in consumer borrowing, repayment, investment, and deposit practices; changes in asset quality and credit risk; our ability to control costs and expenses; adverse developments in borrower industries or declines in real estate values; changes in and compliance with federal and state laws and regulations that pertain to our business and capital levels; our ability to raise capital as needed; the impact, extent and timing of technological changes; the effects of any cybersecurity breaches; and the other factors discussed in the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” section of the Company's Annual Report on Form 10–K for the year ended December 31, 2024, the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and other reports the Company files with the SEC.



4
Burke & Herbert Financial Services Corp.
Consolidated Statements of Income (unaudited)
(In thousands)
Three Months EndedNine Months Ended
September 30,June 30September 30,
20252024202520252024
Interest income
Taxable loans, including fees$95,132 $103,682 $96,803 $288,966 $213,400 
Tax-exempt loans, including fees47 48 43 136 81 
Taxable securities9,062 10,076 9,303 27,852 29,949 
Tax-exempt securities4,863 3,135 3,939 12,069 7,052 
Other interest income2,105 1,585 1,770 4,830 2,886 
Total interest income111,209 118,526 111,858 333,853 253,368 
Interest expense
Deposits30,286 39,441 30,431 92,568 82,745 
Short-term borrowings4,379 3,080 4,438 12,009 10,806 
Subordinated debt2,748 2,798 2,730 8,207 4,658 
Other interest expense26 28 26 79 84 
Total interest expense37,439 45,347 37,625 112,863 98,293 
Net interest income73,770 73,179 74,233 220,990 155,075 
Credit loss expense - loans and available-for-sale securities574 85 717 2,191 19,515 
Credit loss (recapture) - off-balance sheet credit exposures(312)62 (93)(804)3,872 
Total provision for credit losses262 147 624 1,387 23,387 
Net interest income after credit loss expense73,508 73,032 73,609 219,603 131,688 
Non-interest income
Fiduciary and wealth management2,664 2,352 2,425 7,532 5,982 
Service charges and fees2,070 2,509 2,036 6,195 4,977 
Net gains on securities212 — 38 251 613 
Income from company-owned life insurance1,152 1,330 2,982 5,327 2,799 
Bank debit and other card revenue3,192 3,119 3,024 9,100 6,708 
Other non-interest income2,295 1,306 2,372 6,080 3,296 
Total non-interest income11,585 10,616 12,877 34,485 24,375 
Non-interest expense
Salaries and wages20,848 20,858 21,320 63,109 51,271 
Pensions and other employee benefits4,429 4,678 4,067 13,632 12,346 
Occupancy3,479 3,412 3,521 11,045 7,947 
Equipment rentals, depreciation and maintenance3,908 4,699 4,100 12,092 18,643 
Core deposit intangible amortization3,683 4,297 3,888 11,869 7,162 
ATM, card and network expense1,200 1,640 1,314 3,646 3,299 
FDIC and other regulatory assessments976 1,037 1,088 2,978 2,500 
Other operating9,569 10,205 10,007 28,690 33,255 
Total non-interest expense48,092 50,826 49,305 147,061 136,423 
Income before income taxes37,001 32,822 37,181 107,027 19,640 
Income tax expense7,037 5,200 7,284 19,965 3,725 
Net income29,964 27,622 29,897 87,062 15,915 
Preferred stock dividends225 225 225 675 450 
Net income applicable to common shares$29,739 $27,397 $29,672 $86,387 $15,465 



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Burke & Herbert Financial Services Corp.
Consolidated Balance Sheets
(In thousands)
September 30, 2025December 31, 2024
(Unaudited)(Audited)
Assets
Cash and due from banks$55,224 $35,554 
Interest-earning deposits with banks76,489 99,760 
Cash and cash equivalents131,713 135,314 
Securities available-for-sale, at fair value1,598,407 1,432,371 
Restricted stock, at cost42,187 33,559 
Loans held-for-sale, at fair value1,303 2,331 
Loans5,559,479 5,672,236 
Allowance for credit losses(67,604)(68,040)
Net loans5,491,875 5,604,196 
Premises and equipment, net136,117 132,270 
Other real estate owned2,742 2,783 
Accrued interest receivable35,444 34,454 
Intangible assets45,431 57,300 
Goodwill34,149 32,783 
Company-owned life insurance182,980 182,834 
Other assets186,689 161,990 
Total Assets
$7,889,037 $7,812,185 
Liabilities and Shareholders’ Equity
Liabilities
Non-interest-bearing deposits$1,358,250 $1,379,940 
Interest-bearing deposits5,053,802 5,135,299 
Total deposits6,412,052 6,515,239 
Short-term borrowings450,000 365,000 
Subordinated debentures, net68,906 94,872 
Subordinated debentures owed to unconsolidated subsidiary trusts17,204 17,013 
Accrued interest and other liabilities118,644 89,904 
Total Liabilities 7,066,806 7,082,028 
Shareholders’ Equity
Preferred stock and surplus10,413 10,413 
Common stock7,800 7,770 
Common stock, additional paid-in capital404,656 401,172 
Retained earnings495,400 434,106 
Accumulated other comprehensive income (loss)(68,454)(95,720)
Treasury stock(27,584)(27,584)
Total Shareholders’ Equity 822,231 730,157 
Total Liabilities and Shareholders’ Equity $7,889,037 $7,812,185 




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Burke & Herbert Financial Services Corp.
Details of Net Interest Margin (unaudited)
For the three months ended
Details of Net Interest Margin - Yield Percentages
September 30June 30March 31December 31September 30
20252025202520242024
Interest-earning assets:
Loans:
Taxable loans
6.76 %6.90 %6.96 %6.91 %7.34 %
Tax-exempt loans
6.78 5.90 5.80 5.87 5.63 
Total loans
6.76 6.90 6.96 6.91 7.34 
Interest-earning deposits and fed funds sold
4.33 4.68 5.76 4.48 3.43 
Securities:
Taxable securities
3.86 3.83 3.85 3.82 4.05 
Tax-exempt securities
4.17 4.20 3.85 3.55 3.58 
Total securities
3.97 3.95 3.85 3.75 3.91 
Total interest-earning assets6.11 %6.25 %6.31 %6.22 %6.56 %
Interest-bearing liabilities:
Deposits:
Interest-bearing demand
2.18 %2.21 %2.16 %2.51 %3.19 %
Money market & savings
2.02 2.01 2.02 1.60 1.43 
Brokered CDs & time deposits
3.25 3.37 3.85 4.55 4.82 
Total interest-bearing deposits
2.37 2.41 2.53 2.76 3.02 
Borrowings:
Short-term borrowings
3.85 3.91 3.88 4.17 4.06 
Subordinated debt borrowings and other
9.49 9.62 9.85 9.87 10.16 
Total interest-bearing liabilities
2.63 %2.68 %2.76 %2.98 %3.21 %
Taxable-equivalent net interest spread
3.48 3.57 3.55 3.24 3.35 
Benefit from use of non-interest-bearing deposits0.60 0.60 0.63 0.67 0.72 
Taxable-equivalent net interest margin (non-GAAP1)
4.08 %4.17 %4.18 %3.91 %4.07 %

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Burke & Herbert Financial Services Corp.
Details of Net Interest Margin (unaudited)
For the three months ended
(In thousands)
Details of Net Interest Margin - Average Balances
September 30June 30March 31December 31September 30
20252025202520242024
Interest-earning assets:
Loans:
Taxable loans
$5,584,315 $5,627,236 $5,651,937 $5,634,157 $5,621,531 
Tax-exempt loans
3,511 3,737 4,057 3,115 4,310 
Total loans
5,587,826 5,630,973 5,655,994 5,637,272 5,625,841 
Interest-earning deposits and fed funds sold
100,445 81,369 40,757 152,537 175,265 
Securities:
Taxable securities
1,034,136 1,059,310 1,039,391 1,031,024 996,749 
Tax-exempt securities
586,129 476,586 435,789 452,937 440,781 
Total securities
1,620,265 1,535,896 1,475,180 1,483,961 1,437,530 
Total interest-earning assets$7,308,536 $7,248,238 $7,171,931 $7,273,770 $7,238,636 
Interest-bearing liabilities:
Deposits:
Interest-bearing demand
$2,278,587 $2,239,100 $2,216,243 $2,560,445 $2,144,567 
Money market & savings
1,660,401 1,648,338 1,633,307 1,366,276 1,725,387 
Brokered CDs & time deposits
1,135,546 1,173,213 1,253,841 1,247,900 1,328,076 
Total interest-bearing deposits
5,074,534 5,060,651 5,103,391 5,174,621 5,198,030 
Borrowings:
Short-term borrowings
453,486 457,775 336,245 325,084 304,849 
Subordinated debt borrowings and other
114,900 113,813 112,383 111,021 109,557 
Total interest-bearing liabilities
$5,642,920 $5,632,239 $5,552,019 $5,610,726 $5,612,436 
Non-interest-bearing deposits
$1,338,188 $1,352,785 $1,371,615 $1,411,202 $1,389,134 
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Burke & Herbert Financial Services Corp.
Supplemental Information (unaudited)
As of or for the three months ended
(In thousands, except ratios and per share amounts)


September 30June 30March 31December 31September 30
20252025202520242024
Per common share information
Basic earnings$1.98 $1.98 $1.80 $1.31 $1.83 
Diluted earnings1.97 1.97 1.80 1.30 1.82 
Cash dividends0.55 0.55 0.55 0.55 0.53 
Book value54.02 51.28 49.90 48.08 48.63 
Tangible book value (non-GAAP1)
48.72 45.73 44.17 42.06 42.32 
Balance sheet-related (at period end, unless otherwise indicated)
Assets$7,889,037 $8,053,084 $7,838,090 $7,812,185 $7,864,913 
Average interest-earning assets
7,308,536 7,248,238 7,171,931 7,273,770 7,238,636 
Loans (gross)5,559,479 5,590,457 5,647,507 5,672,236 5,574,037 
Loans (net)5,491,875 5,523,201 5,579,754 5,604,196 5,506,220 
Securities, available-for-sale, at fair value1,598,407 1,522,611 1,436,869 1,432,371 1,436,431 
Intangible assets45,431 49,114 53,002 57,300 61,598 
Goodwill34,149 34,149 32,842 32,783 32,783 
Non-interest-bearing deposits1,358,250 1,363,617 1,382,427 1,379,940 1,392,123 
Interest-bearing deposits5,053,802 5,027,357 5,159,444 5,135,299 5,208,702 
Deposits, total6,412,052 6,390,974 6,541,871 6,515,239 6,600,825 
Brokered deposits124,386 132,098 246,902 244,802 345,328 
Uninsured deposits2,022,739 1,963,566 1,943,227 1,926,724 1,999,403 
Short-term borrowings450,000 650,000 300,000 365,000 320,163 
Subordinated debt, net86,110 114,692 113,289 111,885 110,482 
Unused borrowing capacity 3
4,153,137 4,075,313 4,082,879 4,092,378 2,353,963 
Total equity822,231 780,018 758,000 730,157 738,059 
Total common equity811,818 769,605 747,587 719,744 727,646 
Accumulated other comprehensive income (loss)(68,454)(87,854)(88,024)(95,720)(75,758)
Asset Quality
Provision for credit losses$262 $624 $501 $833 $147 
Net loan charge-offs226 1,214 1,187 737 285 
Allowance for credit losses67,604 67,256 67,753 68,040 67,817 
Total delinquencies 4
34,722 29,056 86,223 38,213 12,486 
Nonperforming loans 5
89,051 85,531 64,756 38,368 35,872 



(3) Includes Federal Home Loan Bank, Borrower-in-Custody (BIC), and correspondent bank availability.
(4) Total delinquencies represent accruing loans 30 days or more past due.
(5) Includes non-accrual loans and loans 90 days past due and still accruing.

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Burke & Herbert Financial Services Corp.
Supplemental Information (unaudited)
As of or for the three months ended
(In thousands, except ratios and per share amounts)



September 30June 30March 31December 31September 30
20252025202520242024
Income statement
Interest income$111,209 $111,858 $110,786 $112,793 $118,526 
Interest expense37,439 37,625 37,799 42,083 45,347 
Non-interest income11,585 12,877 10,023 11,791 10,616 
Total revenue (non-GAAP1)
85,355 87,110 83,010 82,501 83,795 
Non-interest expense48,092 49,305 49,664 61,410 50,826 
Pretax, pre-provision earnings (non-GAAP1)
37,263 37,805 33,346 21,091 32,969 
Provision for (recapture of) credit losses262 624 501 833 147 
Income before income taxes37,001 37,181 32,845 20,258 32,822 
Income tax expense7,037 7,284 5,644 465 5,200 
Net income29,964 29,897 27,201 19,793 27,622 
Preferred stock dividends225 225 225 225 225 
Net income applicable to common shares$29,739 $29,672 $26,976 $19,568 $27,397 
Ratios
Return on average assets (annualized)1.50 %1.51 %1.41 %1.00 %1.40 %
Return on average equity (annualized)14.88 15.50 14.57 10.49 15.20 
Net interest margin (non-GAAP1)
4.08 4.17 4.18 3.91 4.07 
Efficiency ratio56.34 56.60 59.83 74.44 60.66 
Loan-to-deposit ratio86.70 87.47 86.33 87.06 84.44 
Consolidated Common Equity Tier 1 (CET1) capital ratio 2
12.73 12.22 11.77 11.53 11.40 
Consolidated Total risk-based capital ratio 2
15.37 15.27 14.79 14.57 14.45 
Consolidated Leverage ratio2
10.71 10.42 10.12 9.80 9.66 
Allowance coverage ratio1.22 1.20 1.20 1.20 1.22 
Allowance for credit losses as a percentage of non-performing loans75.92 78.63 104.63 177.34 189.05 
Non-performing loans as a percentage of total loans1.60 1.53 1.15 0.68 0.64 
Non-performing assets as a percentage of total assets1.16 1.10 0.86 0.53 0.49 
Net charge-offs to average loans (annualized)
1.6 bps
8.6 bps
8.5 bps
5.2 bps
2.0 bps


10
Burke & Herbert Financial Services Corp.
Non-GAAP Reconciliations (unaudited)
(In thousands, except ratios and per share amounts)

Operating net income, adjusted diluted EPS, and adjusted non-interest expense (non-GAAP1)
For the three months ended
September 30June 30March 31December 31September 30
20252025202520242024
Net income applicable to common shares$29,739 $29,672 $26,976 $19,568 $27,397 
Add back significant items (tax effected):
Merger-related— — — 7,069 2,449 
Total significant items— — — 7,069 2,449 
Operating net income$29,739 $29,672 $26,976 $26,637 $29,846 
Weighted average dilutive shares15,112,413 15,023,807 15,026,376 15,038,442 15,040,145 
Adjusted diluted EPS
$1.97 $1.97 $1.80 $1.77 $1.98 
Non-interest expense$48,092 $49,305 $49,664 $61,410 $50,826 
Remove significant items:
Merger-related— — — 8,948 3,101 
Total significant items$— $— $— $8,948 $3,101 
Adjusted non-interest expense$48,092 $49,305 $49,664 $52,462 $47,725 

Operating net income is a non-GAAP measure that is derived from net income adjusted for significant items. The Company believes that operating net income is useful in periods with certain significant items such as merger-related expenses. The operating net income is more reflective of management’s ability to grow the business and manage expenses. Adjusted non-interest expense also removes these significant items, such as merger-related expenses. Management believes it represents a more normalized non-interest expense total for periods with identified significant items.

Total Revenue (non-GAAP1)
For the three months ended
September 30June 30March 31December 31September 30
20252025202520242024
Interest income$111,209 $111,858 $110,786 $112,793 $118,526 
Interest expense37,439 37,625 37,799 42,083 45,347 
Non-interest income11,585 12,877 10,023 11,791 10,616 
Total revenue (non-GAAP1)
$85,355 $87,110 $83,010 $82,501 $83,795 
Total revenue is a non-GAAP measure and is derived from total interest income less total interest expense plus total non-interest income. We believe that total revenue is a useful tool to determine how the Company is managing its business and demonstrates how stable our revenue sources are from period to period.





11
Burke & Herbert Financial Services Corp.
Non-GAAP Reconciliations (unaudited)
(In thousands, except ratios and per share amounts)
Pretax, Pre-Provision Earnings (non-GAAP1)
For the three months ended
September 30June 30March 31December 31September 30
20252025202520242024
Income before taxes$37,001 $37,181 $32,845 $20,258 $32,822 
Provision for (recapture of) credit losses262 624 501 833 147 
Pretax, pre-provision earnings (non-GAAP1)
$37,263 $37,805 $33,346 $21,091 $32,969 
Pretax, pre-provision earnings is a non-GAAP measure and is based on adjusting income before income taxes and to exclude provision for (recapture of) credit losses. We believe that pretax, pre-provision earnings is a useful tool to help evaluate the ability to provide for credit costs through operations and provides an additional basis to compare results between periods by isolating the impact of provision for (recapture of) credit losses, which can vary significantly between periods.

Tangible Common Equity (non-GAAP1)
For the three months ended
September 30June 30March 31December 31September 30
20252025202520242024
Common shareholders' equity$811,818 $769,605 $747,587 $719,744 $727,646 
Less:
Intangible assets45,431 49,114 53,002 57,300 61,598 
Goodwill34,149 34,149 32,842 32,783 32,783 
Tangible common equity (non-GAAP1)
$732,238 $686,342 $661,743 $629,661 $633,265 
Shares outstanding at end of period15,028,524 15,007,712 14,982,807 14,969,104 14,963,003 
Tangible book value per common share$48.72 $45.73 $44.17 $42.06 $42.32 

In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength because they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive income/(loss) in stockholders' equity.

12
Burke & Herbert Financial Services Corp.
Non-GAAP Reconciliations (unaudited)
(In thousands, except ratios and per share amounts)
Net Interest Margin & Taxable-Equivalent Net Interest Income (non-GAAP1)
As of or for the three months ended
September 30June 30March 31December 31September 30
20252025202520242024
Net interest income$73,770 $74,233 $72,987 $70,710 $73,179 
Taxable-equivalent adjustments1,305 1,059 881 858 847 
Net interest income (Fully Taxable-Equivalent - FTE)$75,075 $75,292 $73,868 $71,568 $74,026 
Average interest-earning assets
$7,308,536 $7,248,238 $7,171,931 $7,273,770 $7,238,636 
Net interest margin (non-GAAP1)
4.08 %4.17 %4.18 %3.91 %4.07 %
The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use net interest income on a fully taxable-equivalent (FTE) basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. FTE net interest income is calculated by adding the tax benefit on certain financial interest earning assets, whose interest is tax-exempt, to total interest income then subtracting total interest expense. Management believes FTE net interest income is a standard practice in the banking industry, and when net interest income is adjusted on an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income and this adjustment is not permitted under GAAP. FTE net interest income is only used for calculating FTE net interest margin, which is calculated by annualizing FTE net interest income and then dividing by the average earning assets. The tax rate used for this adjustment is 21%. Net interest income shown elsewhere in this presentation is GAAP net interest income.
13
1 October 2025 3Q25 Update (Nasdaq: BHRB)

 
2 Cautionary Statement Regarding Forward-Looking Information This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the beliefs, goals, intentions, and expectations of the Company regarding revenues, earnings, earnings per share, loan production, asset quality, and capital levels, among other matters; our estimates of future costs and benefits of the actions we may take; our assessments of expected losses on loans; our assessments of interest rate and other market risks; our ability to achieve our financial and other strategic goals; and other statements that are not historical facts. Forward–looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “will,” “should,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward–looking statements speak only as of the date they are made; the Company does not assume any duty, does not undertake, and specifically disclaims any obligation to update such forward–looking statements, whether written or oral, that may be made from time to time, whether because of new information, future events, or otherwise, except as required by law. Furthermore, because forward–looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in or implied by such forward-looking statements because of a variety of factors, many of which are beyond the control of the Company. Further, factors identified herein are not necessarily all of the factors that could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm the Company. Accordingly, you should consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by the Company and not place undue reliance on forward-looking statements. The risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to, the following: costs or difficulties associated with newly developed or acquired operations; changes in general economic, political, or market trends (either nationally or locally in the areas in which we conduct, or will conduct, business), including inflation, changes in interest rates, market volatility and monetary fluctuations, and changes in federal government policies and practices, as well as the impact from recently announced and future tariffs on the markets we serve; increased competition; changes in consumer confidence and demand for financial services, including changes in consumer borrowing, repayment, investment, and deposit practices; changes in asset quality and credit risk; our ability to control costs and expenses; adverse developments in borrower industries or declines in real estate values; changes in and compliance with federal and state laws and regulations that pertain to our business and capital levels; our ability to raise capital as needed; the impact, extent and timing of technological changes; the effects of any cybersecurity breaches; and the other factors discussed in the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” section of the Company's Annual Report on Form 10–K for the year ended December 31, 2024, the Company's Quarterly Reports on Form 10-Q for the quarter ended June 30, 2025, and other reports the Company files with the SEC. Non-GAAP Financial Measures This presentation contains certain financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such non-GAAP financial measures may include the following: fully tax-equivalent net interest margin, core operating earnings, core net income, tangible book value per common share, total risk-based capital ratio, tier one leverage ratio, tier one capital ratio, and the tangible common equity to tangible assets ratio. Management uses these non-GAAP financial measures to assess the performance of the Company’s core business and the strength of its capital position. Management believes that these non-GAAP financial measures provide meaningful additional information about the Company to assist investors in evaluating operating results, financial strength, and capitalization. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant charges for credit costs and other factors. These non-GAAP financial measures should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The computations of the non-GAAP financial measures used in this presentation are referenced in a footnote or in the appendix to this presentation.

 
3 Introduction • Thank you for your interest in Burke & Herbert Financial Services Corp., and its wholly owned subsidiary Burke & Herbert Bank & Trust Company. As a community banking institution, we are headquartered in Old Town Alexandria, Virginia, and have served the banking, borrowing and investing needs of businesses, organizations, families, and individuals since 1852. • As a true community bank, we are deeply tied to the people, neighborhoods, and institutions where we live and work. Our employees form a diverse, dedicated, close-knit team that upholds a culture of customer service and forges strong and lasting relationships with our customers and shared communities. We are selective in our hiring, proud of the caliber of our people, and encourage a collegial environment in which each individual feels valued. • We strive to be your quintessential community bank that delivers extraordinary experiences and top-quartile results, while staying true to our values and remaining focused on what we can control.

 
4 Overview Headquarters: Alexandria, VA Corporate Centers: Kingstowne, VA Moorefield, WV 173 Years Providing Service Beyond Expectations More than 75 locations across 5 states Total Assets $7.9 Billion Total Gross Loans $5.6 Billion Total Deposits $6.4 Billion Return on Average Assets 1.50% Return on Average Equity 14.88% Financial results as of or for the quarter ended Sept. 30, 2025; returns are annualized

 
5 Core Values Driven by our values, we endeavor to be your quintessential community bank — delivering service beyond expectations Serve & Lead We are dedicated to serving our customers and our teams, leading with quiet confidence and integrity to inspire the trust of all those we serve. Deliver More We're driven to go above and beyond, continually innovating and improving on how we deliver the best possible experiences and outcomes for all those we serve. Elevate Everyone We embrace our differences and respect everyone's unique contributions. We seek to empower individuals through our actions and words because we believe that when one succeeds, we all succeed. Always Invested We take ownership and responsibility for our work and are invested in the long-term success of our customers, colleagues, and communities.

 
6 Investment Strategy Unmatched Legacy & Reputation Strong & Consistent Financial Performance Market Leadership in a High-Growth Region Community Banking with a Competitive Edge • Oldest continuously operated bank in Virginia with 170+ years of trust • Multi-generational customer relationships, deeply imbedded in the community • Publicly traded, yet maintains a family-owned culture with a long-term view • Well-capitalized and resilient with low earnings volatility across economic cycles • Desired moderate risk profile with a fortress balance sheet • Stable deposit base with loyal customer retention • Our goal is to consistently deliver top quartile returns relative to our peers • Headquartered in historic Alexandria, VA, a prime location in the D.C. metro area • Strong presence in Northern VA’s affluent, high-income markets • Significant M&A and organic opportunities for deeper market penetration • Relationship-driven banking model vs. larger impersonal regional and super- regional banks • Faster, local decision-making for businesses and individuals • Longstanding trust gives us a competitive edge in our markets • A seasoned management team with large bank experience Future Growth and Innovation – Three Pillars of our Strategic Plan Continue to Maintain & Expand Our Trusted Advisor Relationship Model Expand Existing Markets & Pursue New Market Opportunities Deliver our Full Suite of Market Expected Products & Services

 
7 3Q25 At a Glance Highlights Built for the Long-Term $30.0 million Net Income $1.97 Diluted Earnings per Share (EPS) 4.08% Net Interest Margin1 1.22% Allowance Coverage Ratio 15.37% Total Risk-Based Capital Ratio2 (1) Net interest margin and tangible book value are non- GAAP financial measures (see Appendix). (2) Estimated. (3) Change from 4Q24 to 3Q25. • Our objective is to build and maintain a fortress balance sheet - Maintain credit discipline through the cycle - Ensure proper allowances for credit losses - Stay liquid and have multiple sources of liquidity - Manage capital for the long term - Stress test the balance sheet for severe shocks - Maintain relatively neutral interest rate position - Continually improve risk, governance, and controls - Operate an effective risk-adjusted return culture Loan to Deposit Ratio 86.7% Uninsured Deposit % 31.5% Efficiency Ratio 56.3% Book Value $54.02 per common share Tangible Book Value1 $48.72 per common share Tangible Book Value1Growth3 +15.8% Financial results as of or for the quarter ended Sept. 30, 2025

 
8 Loan Portfolio as of 3Q25 ($ in 000s) Residential $1,127,952 Owner-Occupied CRE $612,560 Commercial & Industrial $534,731 AD&C $375,027 Consumer $105,034 Commercial Real Estate $2,804,175 Loans, gross $5,559,479 Loan Segment Adjustable Rate Fixed Rate Commercial Real Estate $ 1,282,996 $ 1,521,179 Residential 546,687 581,265 Owner-occupied CRE 339,370 273,190 AD&C 244,937 130,090 Commercial & Industrial 355,449 179,282 Consumer 71,273 33,761 $ 2,840,712 $ 2,718,767 Commercial Real Estate Category $ by Asset Class % by Asset Class Retail Real Estate $ 593,478 21% Office Bldgs. / Condos 500,602 18% Multi-Family 478,320 17% Hotels / Motels 395,189 14% Industrial / Warehouse 304,575 11% Other 234,967 9% Self-Storage 118,659 4% Nursing-Assisted Living 112,046 4% Restaurants and Gas Stations 66,339 2% $ 2,804,175 100% 3Q25 Highlights • The commercial real estate (CRE) portfolio is well-diversified across asset classes: - CRE + AD&C as a percentage of Bank total risk-based capital is estimated at 331% - AD&C as a percentage of Bank total risk-based capital is estimated at 39% • The CRE loan portfolio geographic footprint is spread across the West Virginia and greater DC / Maryland / Virginia (DMV) area with minimal office building exposure within Washington, D.C. • In line with our overall strategy, we are focused on commercial & industrial loan growth and greater portfolio granularity

 
9 Security Portfolio as of 3Q25 ($ in 000s) U.S Treasury & Agency $154,234 Municipal $876,973 Agency RMBS $55,475 Non-Agency RMBS $225,870 Agency CMBS $75,658 Non-Agency CMBS $130,082 Asset-Backed $53,966 Other $26,149 AFS Portfolio FV $1,598,407 Unrealized losses (net of taxes) impacts book value by $4.28 per common share Category Net Unrealized Losses Amortized Cost WA Yield U.S. Treasury & Agency $ 10,240 $ 164,474 1.31% Municipal 62,408 939,381 3.09% Agency RMBS 2,597 58,072 3.60% Non-Agency RMBS 4,830 230,700 4.26% Agency CMBS 668 76,326 5.13% Non-Agency CMBS 1,416 131,498 4.35% Asset-Backed 491 54,457 5.49% Other 969 27,118 7.42% $ 83,619 $ 1,682,026 3.44% 3Q25 Highlights • Portfolio duration is approximately 4.55 years • 75% of unrealized losses have a duration of approximately 6 years; remainder less than 2.6 years • Unrealized losses are the result of the interest rate environment • AOCI accretion is expected to be approximately 5.5% per quarter assuming a stagnant interest rate environment • The current portfolio is held as available-for-sale, and there is no intent to reclassify any part • Majority of non-agency CMBS and ABS are equity enhanced through structure and credit support

 
10 Funding Sources as of 3Q25 ($ in 000s) Demand (non- interest) $1,358,250 Demand (interest) $2,275,726 Money Market & Savings $1,648,160 Brokered CDs $124,386 Time Deposits & Other $1,005,530 Deposits $6,412,052 Short-term borrowings total $450 million with total unused borrowing capacity1 of $4.2 billion Short-term borrowings average rate for 3Q25 was 3.85% Category Average Rate QTD Demand (non-interest bearing) − % Demand (interest bearing) 2.18 % Money Market & Savings 2.02 % Brokered CDs & Time Deposits 3.25 % Total Interest-Bearing Deposits 2.37 % Total Deposits 1.87 % 3Q25 Highlights • Loan-to-deposit ratio of 86.7% • Brokered deposits represent 1.9% of total deposits • Uninsured deposits totaled $2.02 billion, representing 31.5% of total deposit balance • Stress tests are performed on liquidity and capital on a quarterly basis • We believe we have ample liquidity to withstand significant stress (1) Includes Federal Home Loan Bank, Borrower-in-Custody (BIC), and correspondent bank availability.

 
11 12.0% 12.2% 12.6% 13.2% 4Q24 1Q25 2Q25 3Q25 Tier 1 Capital Ratio Capital Ratio Trends1 11.5% 11.8% 12.2% 12.7% 4Q24 1Q25 2Q25 3Q25 Common Equity Tier 1 Ratio 14.6% 14.8% 15.3% 15.4% 4Q24 1Q25 2Q25 3Q25 Total Capital Ratio 9.8% 10.1% 10.4% 10.7% 4Q24 1Q25 2Q25 3Q25 Leverage Ratio Capital Management • We take a forward-looking, disciplined approach to capital management that emphasizes acceptable risk-adjusted returns over the long-term • Our capital management priorities include - Supporting customers - Funding business investments - Maintaining appropriate capital in light of economic conditions and regulatory expectations - Returning excess capital to shareholders • Modeled stress scenarios include evaluating the impact of deposit shocks, interest rate scenarios, and general balance sheet repositioning • Stress scenarios result in capital levels well above well-capitalized levels (1) All 3Q25 capital ratios are estimated. The Company redeemed $30 million of subordinated debt on September 30, 2025.

 
12 Asset Quality Trends 1.20% 1.20% 1.20% 1.22% 4Q24 1Q25 2Q25 3Q25 Allowance Coverage Ratio 5.2 8.5 8.6 1.6 4Q24 1Q25 2Q25 3Q25 NCOs / Average Loans (annualized) in bps 177.3% 104.6% 78.6% 75.92% 4Q24 1Q25 2Q25 3Q25 Allowance for Credit Losses / NPLs 0.68% 1.15% 1.53% 1.60% 4Q24 1Q25 2Q25 3Q25 NPLs / Total Loans Credit Management • Our objective is to maintain a moderate risk profile through the economic cycle • Credit risk management is embedded in our risk culture and in our decision-making processes - Managed through specific policies and processes - Measured and evaluated against our risk appetite and credit concentration limits - Reported, along with specific mitigation activities, to management and the Board of Directors through our governance structure • Loan reviews include ongoing monitoring procedures that involve additional stress testing of interest rate movements and collateral performance

 
13 Final Thoughts • Our business model is built on customer service and is designed to consistently deliver top quartile returns relative to our peers • Our approach is concentrated on growing and deepening relationships across our businesses that meet our risk/return measures • We are focused on our strategic priorities which are designed to enhance value over the long term - Being a trusted advisor - Growing fee revenue - Profitably expanding our markets • We take the long-view and maintain a moderate risk profile through the economic cycle

 
14 Appendix: Income Statement and Per Share Information Income Statement ($ in 000s) Sept. 30, June 30, March 31, Dec. 31, Sept. 30, 2025 2025 2025 2024 2024 Per common share information Interest income $ 111,209 $ 111,858 $ 110,786 $ 112,793 $ 118,526 Interest expense 37,439 37,625 37,799 42,083 45,347 Noninterest income 11,585 12,877 10,023 11,791 10,616 Total revenue (non-GAAP) 85,355 87,110 83,010 82,501 83,795 Noninterest expense 48,092 49,305 49,664 61,410 50,826 Pretax, pre-provision earnings (non-GAAP) 37,263 37,805 33,346 21,091 32,969 Provision for (recapture of) credit loss 262 624 501 833 147 Income (loss) before income taxes 37,001 37,181 32,845 20,258 32,822 Income tax expense (benefit) 7,037 7,284 5,644 465 5,200 Net income (loss) 29,964 29,897 27,201 19,793 27,622 Preferred stock dividends 225 225 225 225 225 Net income (loss) applicable to common shares $ 29,739 $ 29,672 $ 26,976 $ 19,568 $ 27,397 Basic earnings $ 1.98 $ 1.98 $ 1.80 $ 1.31 $ 1.83 Diluted earnings 1.97 1.97 1.80 1.30 1.82 Cash dividends 0.55 0.55 0.55 0.55 0.53 Book value 54.02 51.28 49.90 48.08 48.63 Tangible book value 48.72 45.73 44.17 42.06 42.32

 
15 Appendix: Balance Sheet Trends Balance Sheet (at period end), $ in 000s Sept. 30, June 30, March 31, Dec. 31, Sept. 30, 2025 2025 2025 2024 2024 Assets 7,889,037$ 8,053,084$ 7,838,090$ 7,812,185$ 7,864,913$ Average interest-earning assets 7,308,536 7,248,238 7,171,931 7,273,770 7,238,636 Loans (gross) 5,559,479 5,590,457 5,647,507 5,672,236 5,574,037 Loans (net) 5,491,875 5,523,201 5,579,754 5,604,196 5,506,220 Securities, available-for-sale, at fair value 1,598,407 1,522,611 1,436,869 1,432,371 1,436,431 Intangible assets 45,431 49,114 53,002 57,300 61,598 Goodwill 34,149 34,149 32,842 32,783 32,783 Non-interest bearing deposits 1,358,250 1,363,617 1,382,427 1,379,940 1,392,123 Interest-bearing deposits 5,053,802 5,027,357 5,159,444 5,135,299 5,208,702 Deposits, total 6,412,052 6,390,974 6,541,871 6,515,239 6,600,825 Brokered deposits 124,386 132,098 246,902 244,802 345,328 Uninsured deposits 2,022,739 1,963,566 1,943,227 1,926,724 1,999,403 Short-term borrowings 450,000 650,000 300,000 365,000 320,163 Subordinated debt, net 86,110 114,692 113,289 111,885 110,482 Unused borrowing capacity 4,153,137 4,075,313 4,082,879 4,092,378 2,353,963 Total equity 822,231 780,018 758,000 730,157 738,059 Total common equity 811,818 769,605 747,587 719,744 727,646 Accumulated other comprehensive income (loss) (68,454) (87,854) (88,024) (95,720) (75,758)

 
16 Appendix: Notes on Non-GAAP Financial Measures Total Common Equity, Tangible Book Value & Tangible Assets: Tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive income/(loss) in stockholders' equity. Sept. 30, June 30, March 31, Dec. 31, Sept. 30, 2025 2025 2025 2024 2024 Common Shareholders’ Equity $ 811,818 $ 769,605 $ 747,587 $ 719,744 $ 727,646 Less: Goodwill and intangible assets, net 79,580 83,263 85,844 90,083 94,381 Tangible common equity (non- GAAP) 732,238 686,342 661,743 629,661 633,265 Shares outstanding at end of period 15,028,524 15,007,712 14,982,807 14,969,104 14,963,003 Tangible book value per common share $ 48.72 $ 45.73 $ 44.17 $ 42.06 $ 42.32 Total Assets 7,889,037 8,053,084 7,838,090 7,812,185 7,864,913 Less: Goodwill and Intangible assets, net 79,580 83,263 85,844 90,083 94,381 Tangible assets (non-GAAP) $ 7,809,457 $ 7,969,821 $ 7,752,246 $ 7,722,102 $ 7,770,532

 
17 Appendix: Notes on Non-GAAP Financial Measures Total Revenue: Total revenue is a non-GAAP measure and is derived from total interest income less total interest expense plus total non-interest income. We believe that total revenue is a useful tool to determine how the Company is managing its business and demonstrates how stable our revenue sources are from period to period. Sept. 30, June 30, March 31, Dec. 31, Sept. 30, 2025 2025 2025 2024 2024 Interest income $ 111,209 $ 111,858 $ 110,786 $ 112,793 $ 118,526 Interest expense 37,439 37,625 37,799 42,083 45,347 Non-interest income 11,585 12,877 10,023 11,791 10,616 Total revenue (non-GAAP) $ 85,355 $ 87,110 $ 83,010 $ 82,501 $ 83,795

 
18 Appendix: Notes on Non-GAAP Financial Measures Net Interest Margin: The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use net interest income on a fully taxable-equivalent (FTE) basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. FTE net interest income is calculated by adding the tax benefit on certain financial interest earning assets, whose interest is tax-exempt, to total interest income then subtracting total interest expense. Management believes FTE net interest income is a standard practice in the banking industry, and when net interest income is adjusted on an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income and this adjustment is not permitted under GAAP. FTE net interest income is only used for calculating FTE net interest margin, which is calculated by annualizing FTE net interest income and then dividing by the average earning assets. Sept. 30, June 30, March 31, Dec. 31, Sept. 30, 2025 2025 2025 2024 2024 Net interest income $ 73,770 $ 74,233 $ 72,987 $ 70,710 $ 73,179 Taxable-equivalent adjustments 1,305 1,059 881 858 847 Net interest income (Fully Taxable-Equivalent - FTE) $ 75,075 $ 75,292 $ 73,868 $ 71,568 $ 74,026 Average interest-earning assets $ 7,308,536 $ 7,248,238 $ 7,171,931 $ 7,273,770 $ 7,238,636 Net interest margin (non-GAAP) 4.08% 4.17% 4.18% 3.91% 4.07%