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Business Combination (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Business Acquisition, Total Consideration Paid | The following table details the total consideration paid for Summit on May 3, 2024, the fair values of the assets acquired and liabilities assumed and the resulting goodwill at the acquisition date.
($ in thousands, except share information) |  |
Consideration |  | May 3, 2024
Common stock of Summit Financial Group, Inc. |  | 14,686,738
Exchange ratio |  | 0.5043
Expected Burke & Herbert common stock to be issued |  | 7,406,522 |
Actual Burke & Herbert common stock issued |  | 7,405,772 |
Fractional common stock to be paid in cash |  | 750 |
Actual Burke & Herbert common stock issued |  | 7,405,772 |
Price per share of Burke & Herbert common stock issued |  | $ | 51.67 |
Purchase price consideration for common stock issued |  | $ | 382,656 |
Fractional common stock to be paid in cash |  | 750 |
Average 10 day closing price used to pay fractional common stock |  | $ | 53.66 |
Cash paid for fractional shares |  | $ | 40 |
Implied value of stock appreciation rights ("SARs") and restricted stock units |  | 4,336 |
Fair value of preferred stock issued by Burke & Herbert |  | 10,413 |
Fully diluted transaction value |  | 397,445 |
Goodwill |  | $ | 32,783 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
|  | As Recorded |  | Estimated |  | Estimated
|  | by Summit |  | Fair Value |  | Fair Value
($ in thousands) |  | May 3, 2024 |  | Adjustments |  | May 3, 2024
Total purchase price consideration |  |  |  |  |  | $ | 397,445 |
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and equivalents |  | $ | 53,357 |  |  | $ | — |  |  | $ | 53,357 |
Securities, available-for-sale, at fair value |  | 491,608 |  |  | — |  |  | 491,608 |
Securities, held-to-maturity, at amortized cost |  | 93,573 |  |  | (7,430) |  |  | 86,143 |
Equity and other investments |  | 36,085 |  |  | — |  |  | 36,085 |
Loans, gross |  | 3,707,940 |  |  | (153,306) |  |  | 3,554,634 |
Allowance for credit losses |  | (49,471) |  |  | 25,991 |  |  | (23,480) |
Loans, net of allowance |  | 3,658,469 |  |  | (127,315) |  |  | 3,531,154 |
Premises and equipment, net |  | 62,255 |  |  | 13,276 |  |  | 75,531 |
Accrued interest receivable |  | 19,610 |  |  | — |  |  | 19,610 |
Company-owned life insurance |  | 86,363 |  |  | — |  |  | 86,363 |
Goodwill and intangibles |  | 73,144 |  |  | (4,384) |  |  | 68,760 |
Other assets |  | 43,169 |  |  | 11,322 |  |  | 54,491 |
Total identifiable assets acquired |  | 4,617,633 |  |  | (114,531) |  |  | 4,503,102 |
Deposits |  | 3,704,072 |  |  | (7,136) |  |  | 3,696,936 |
Borrowings |  | 283,398 |  |  | — |  |  | 283,398 |
Subordinated debentures and trust preferred securities |  | 123,533 |  |  | (16,466) |  |  | 107,067 |
Unfunded reserve liability |  | 6,692 |  |  | (3,190) |  |  | 3,502 |
Accrued interest and other liabilities |  | 47,537 |  |  | — |  |  | 47,537 |
Total liabilities |  | 4,165,232 |  |  | (26,792) |  |  | 4,138,440 |
Total identifiable net assets |  | $ | 452,401 |  |  | $ | (87,739) |  |  | $ | 364,662 |
Goodwill |  | $ | 32,783 |
Schedule of Business Acquisition, Pro Forma Information | The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed dates.
($ in thousands) | June 30, 2024 |  | June 30, 2023
Net Interest Income | $ | 287,481 |  |  | $ | 293,300 |
Net Income | 110,122 |  |  | 55,453 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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