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Parent Company Financial Information (Tables)
12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheet
The following tables summarize condensed financial statements for Burke & Herbert Financial Services Corp., which commenced operations as a holding company on October 1, 2022, as of and for the years ended December 31, 2024, and December 31, 2023 (in thousands):
Parent Company Only Condensed Balance SheetDecember 31, 2024December 31, 2023
Assets
Cash and cash equivalents$8,320 $284 
Investment in banking subsidiary833,630 313,364 
Other assets73,392 1,653 
Total assets
$915,342 $315,301 
Liabilities
Subordinated debentures, net94,872 — 
Subordinated debentures owed to unconsolidated subsidiary trusts17,013 — 
Accrued expenses and other liabilities$5,828 $551 
Total liabilities
117,713 551 
Total Shareholders’ Equity
797,629 314,750 
Total Liabilities and Shareholders’ Equity
$915,342 $315,301 
Schedule of Condensed Statement of Income
Parent Company Only Condensed Statement of IncomeDecember 31, 2024December 31, 2023
Income
Dividends from bank subsidiary$23,869 $18,997 
Total Income23,869 18,997 
Expense
Salaries and employee benefit6,949 2,052 
Interest expense7,412 — 
Other operating expenses7,863 4,826 
Total Expense
22,224 6,878 
Income (loss) before income tax benefit and equity in undistributed income of subsidiaries
1,645 12,119 
Income tax benefit4,718 1,445 
Income (loss) before equity in undistributed income of subsidiaries6,363 13,564 
Equity in undistributed earnings of subsidiary29,345 9,128 
Net Income35,708 22,692 
Preferred stock dividends675 — 
Net income applicable to common shares$35,033 $22,692 
Schedule of Condensed Statement of Cash Flows
Parent Company Only Condensed Statement of Cash FlowsDecember 31, 2024December 31, 2023
Cash Flows from Operating Activities
Net income$35,708 $22,692 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries(29,345)(9,128)
Share-based compensation
2,879 2,464 
Deferred income taxes(773)(539)
Net change in other assets24,446 (899)
Net change in other liabilities3,498 (906)
Net cash flows provided by operating activities $36,413 $13,684 
Cash Flows from Investing Activities
— — 
Net cash (used in) provided by investing activities $— $— 
Cash Flows from Financing Activities
Proceeds from employee stock purchase program
259 206 
Dividends paid(28,636)(15,747)
Treasury stock transactions— 141 
Net cash (used in) financing activities $(28,377)$(15,400)
Increase in cash and cash equivalents $8,036 $(1,716)
Cash and cash equivalents
Beginning of the year$284 $2,000 
End of the year8,320 284