0001964333-25-000105 | 10-K | XBRL Viewer | Burke Herbert Financial Services Corp

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Securities - Schedule of Debt Securities, Available-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	$ 1,549,589	$ 1,372,575
Gross Unrealized Gains	1,658	89
Gross Unrealized Losses	118,876	124,225
Fair Value	1,432,371	1,248,439
U.S. Treasuries and government agencies
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	165,619	197,026
Gross Unrealized Gains	0	0
Gross Unrealized Losses	16,492	17,955
Fair Value	149,127	179,071
Obligations of states and municipalities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	777,181	535,229
Gross Unrealized Gains	846	21
Gross Unrealized Losses	79,303	72,047
Fair Value	698,724	463,203
Residential mortgage backed — agency
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	57,244	47,074
Gross Unrealized Gains	121	0
Gross Unrealized Losses	4,179	4,836
Fair Value	53,186	42,238
Residential mortgage backed — non-agency
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	259,964	284,826
Gross Unrealized Gains	44	17
Gross Unrealized Losses	12,132	18,812
Fair Value	247,876	266,031
Commercial mortgage backed — agency
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	33,791	36,151
Gross Unrealized Gains	27	28
Gross Unrealized Losses	747	1,294
Fair Value	33,071	34,885
Commercial mortgage backed — non-agency
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	158,621	183,454
Gross Unrealized Gains	2	0
Gross Unrealized Losses	4,112	6,393
Fair Value	154,511	177,061
Asset-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	64,308	79,315
Gross Unrealized Gains	316	23
Gross Unrealized Losses	568	1,402
Fair Value	64,056	77,936
Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	32,861	9,500
Gross Unrealized Gains	302	0
Gross Unrealized Losses	1,343	1,486
Fair Value	$ 31,820	$ 8,014

Securities - Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value
Less Than Twelve Months	$ 344,160	$ 28,327
More Than Twelve Months	934,759	1,194,396
Gross Unrealized Losses
Less Than Twelve Months	7,945	279
More Than Twelve Months	110,931	123,946
Total Unrealized Losses	118,876	124,225
U.S. Treasuries and government agencies
Fair Value
Less Than Twelve Months	0	0
More Than Twelve Months	149,127	179,071
Gross Unrealized Losses
Less Than Twelve Months	0	0
More Than Twelve Months	16,492	17,955
Total Unrealized Losses	16,492	17,955
Obligations of states and municipalities
Fair Value
Less Than Twelve Months	181,027	501
More Than Twelve Months	433,488	458,113
Gross Unrealized Losses
Less Than Twelve Months	5,338	14
More Than Twelve Months	73,965	72,033
Total Unrealized Losses	79,303	72,047
Residential mortgage backed - agency
Fair Value
Less Than Twelve Months	203	36
More Than Twelve Months	42,233	42,203
Gross Unrealized Losses
Less Than Twelve Months	2	0
More Than Twelve Months	4,177	4,836
Total Unrealized Losses	4,179	4,836
Residential mortgage backed - non-agency
Fair Value
Less Than Twelve Months	110,191	632
More Than Twelve Months	134,727	263,184
Gross Unrealized Losses
Less Than Twelve Months	1,911	2
More Than Twelve Months	10,221	18,810
Total Unrealized Losses	12,132	18,812
Commercial mortgage backed - agency
Fair Value
Less Than Twelve Months	3,412	0
More Than Twelve Months	28,885	34,080
Gross Unrealized Losses
Less Than Twelve Months	29	0
More Than Twelve Months	718	1,294
Total Unrealized Losses	747	1,294
Commercial mortgage backed - non-agency
Fair Value
Less Than Twelve Months	30,064	23,437
More Than Twelve Months	108,761	153,625
Gross Unrealized Losses
Less Than Twelve Months	523	254
More Than Twelve Months	3,589	6,139
Total Unrealized Losses	4,112	6,393
Asset-backed
Fair Value
Less Than Twelve Months	4,140	3,721
More Than Twelve Months	29,243	56,106
Gross Unrealized Losses
Less Than Twelve Months	4	9
More Than Twelve Months	564	1,393
Total Unrealized Losses	568	1,402
Other
Fair Value
Less Than Twelve Months	15,123	0
More Than Twelve Months	8,295	8,014
Gross Unrealized Losses
Less Than Twelve Months	138	0
More Than Twelve Months	1,205	1,486
Total Unrealized Losses	$ 1,343	$ 1,486

Share-Based Compensation - Schedule of Restricted Stock Unit (RSU) Awards (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Shares
Beginning nonvested (in shares) \| shares	143,585
Granted (in shares) \| shares	100,665
Vested (in shares) \| shares	(108,293)
Forfeited (in shares) \| shares	(1,755)
Ending nonvested (in shares) \| shares	134,202
Weighted-Average Grant-Date Fair Value
Beginning nonvested (in dollars per share) \| $ / shares	$ 51.21
Granted (in dollars per share) \| $ / shares	55.71
Vested (in dollars per share) \| $ / shares	47.27
Forfeited (in dollars per share) \| $ / shares	58.61
Ending nonvested (in dollars per share) \| $ / shares	$ 57.67

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Fair Value, off-Balance-Sheet Risks

A summary of the contractual amounts of the Company’s financial instruments outstanding at December 31, 2024, and December 31, 2023, is as follows (in thousands):


	December 31, 2024		December 31, 2023
Commitments to extend credit	$	877,837	$	278,923
Commercial letters of credit	13,333		10,718

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest income
Taxable loans, including fees	$ 311,303	$ 101,800	$ 73,640
Tax-exempt loans, including fees	118	0	0
Taxable securities	39,817	37,179	29,616
Tax-exempt securities	10,243	5,615	8,940
Other interest income	4,680	2,302	437
Total interest income	366,161	146,896	112,633
Interest expense
Deposits	118,664	39,195	3,742
Short-term borrowings	14,189	13,856	5,136
Subordinated debt	7,412	0	0
Other interest expense	111	86	63
Total interest expense	140,376	53,137	8,941
Net interest income	225,785	93,759	103,692
Credit loss expense (recapture) - loans and available-for-sale securities	20,475	235	(7,466)
Credit loss expense (recapture) - off-balance sheet credit exposures	3,745	(21)	0
Total provision for (recapture of) credit losses	24,220	214	(7,466)
Net interest income after credit loss expense	201,565	93,545	111,158
Non-interest income
Net gains (losses) on securities	1,357	(112)	(454)
Income from company-owned life insurance	4,686	2,844	2,656
Other non-interest income	6,118	3,196	2,721
Total non-interest income	36,166	17,952	17,087
Non-interest expense
Salaries and wages	77,089	39,247	39,438
Pensions and other employee benefits	17,186	9,401	7,700
Occupancy	11,577	6,035	5,621
Equipment rentals, depreciation and maintenance	23,174	5,770	5,768
Other operating	68,807	25,983	17,419
Total non-interest expense	197,833	86,436	75,946
Income before income taxes	39,898	25,061	52,299
Income tax expense	4,190	2,369	8,286
Net income	35,708	22,692	44,013
Preferred stock dividends	675	0	0
Net income applicable to common shares	$ 35,033	$ 22,692	$ 44,013
Earnings per common share:
Basic (in dollars per share)	$ 2.83	$ 3.05	$ 5.93
Diluted (in dollars per share)	$ 2.82	$ 3.02	$ 5.89
Fiduciary and wealth management
Non-interest income
Revenue from contract with customer	$ 8,411	$ 5,354	$ 5,309
Service charges and fees
Non-interest income
Revenue from contract with customer	$ 15,594	$ 6,670	$ 6,855

Business Combination - Schedule of Consideration Goodwill (Details) - USD ($) $ / shares in Units, $ in Thousands	May 03, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 32,783	$ 0	$ 0	$ 0
Summit Financial Group, Inc
Business Acquisition [Line Items]
Common stock of Summit Financial Group, Inc. (in shares)	14,686,738
Exchange ratio (in shares)	0.5043
Expected Burke & Herbert common stock to be issued (in shares)	7,406,522
Expected Burke & Herbert common stock to be issued (in shares)	7,405,772
Fractional common stock to be paid in cash (in shares)	750
Price per share of Burke & Herbert common stock issued (in dollars per share)	$ 51.67
Purchase price consideration for common stock issued	$ 382,656
Average 10 day closing price used to pay fractional common stock (in dollars per share)	$ 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

Derivatives

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements.

Cash flow hedges of interest rate risk

The Company’s objectives in using interest rate derivatives is to add stability to net interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps, caps, and floors as part of its risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2024, such derivatives were used to hedge the variable cash flows associated with variable-rate liabilities and assets.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest expense or interest income in the same period(s) during which the hedged transaction affects earnings. During the next twelve months, the Company estimates an additional $1.0 million will be reclassified as a reduction to interest expense.

Derivatives not designated as hedges

The Company enters into interest rate swaps with its loan customers to facilitate their financing requests. Upon entering into swaps with our loan customers, the Company will enter into corresponding offsetting derivatives with third parties. These derivatives represent economic hedges and do not qualify as hedges for accounting. These back-to-back interest rate swaps are reported at fair value in “other assets” and “other liabilities” in the Company’s Consolidated Balance Sheets. Changes in the fair value of interest rate swaps are recorded in other non-interest expense and sum to zero because of offsetting terms of swaps with borrowers and swaps with dealer counterparties.

The table below presents the fair value of the Company’s derivative financial instruments, which includes accrued interest, as well as their classification on the Consolidated Balance Sheets as of December 31, 2024, and December 31, 2023 (in thousands):


	December 31, 2024
	Balance Sheet Location	Notional Amount		Fair Value
Derivatives designated as hedges:
Interest rate swaps related to cash flow hedges	Other assets	$	250,000	$	1,368
Interest rate swaps related to cash flow hedges	Other liabilities	50,000		165

Derivatives not designated as hedges:
Interest rate swaps related to customer loans	Other assets	$	99,899	$	1,823
Interest rate swaps related to customer loans	Other liabilities	99,899		1,823


	December 31, 2023
	Balance Sheet Location	Notional Amount		Fair Value
Derivatives designated as hedges:
Interest rate swaps related to cash flow hedges	Other assets	$	100,000	$	65
Interest rate swaps related to cash flow hedges	Other liabilities	150,000		1,047

Derivatives not designated as hedges:
Interest rate swaps related to customer loans	Other assets	$	72,572	$	998
Interest rate swaps related to customer loans	Other liabilities	72,572		998

The table below presents the effect of cash flow hedge accounting on AOCI for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 (in thousands):


	December 31, 2024							December 31, 2024
Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative		Amount of Gain or (Loss) Recognized in OCI Included Component		Amount of Gain or (Loss) Recognized in OCI Excluded Component		Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from AOCI into Income		Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component		Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest Rate Products	$	(19)	$	(19)	$	—	Interest Income	$	(611)	$	(611)	$	—
Interest Rate Products	4,021		4,021		—		Interest Expense	2,794		2,794		—
Total	$	4,002	$	4,002	$	—		$	2,183	$	2,183	$	—


	December 31, 2023							December 31, 2023
Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative		Amount of Gain or (Loss) Recognized in OCI Included Component		Amount of Gain or (Loss) Recognized in OCI Excluded Component		Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from AOCI into Income		Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component		Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest Rate Products	$	(329)	$	(329)	$	—	Interest Income	$	(1,749)	$	(1,749)	$	—
Interest Rate Products	(29)		(29)		—		Interest Expense	—		—		—
Total	$	(358)	$	(358)	$	—		$	(1,749)	$	(1,749)	$	—


	December 31, 2022							December 31, 2022
Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative		Amount of Gain or (Loss) Recognized in OCI Included Component		Amount of Gain or (Loss) Recognized in OCI Excluded Component		Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from AOCI into Income		Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component		Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest Rate Products	$	(2,178)	$	(2,178)	$	—	Interest Income	$	(167)	$	(167)	$	—
Total	$	(2,178)	$	(2,178)	$	—		$	(167)	$	(167)	$	—

The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income as of December 31, 2024, December 31, 2023, and December 31, 2022 (in thousands).


	Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	December 31, 2024				December 31, 2023				December 31, 2022
	Interest Income		Interest Expense		Interest Income		Interest Expense		Interest Income		Interest Expense
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded.	$	(451)	$	2,794	$	(895)	$	—	$	(167)	$	—
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships in Subtopic 815-20
Interest contracts
Hedging items(1)	160		—		(1,025)		—		—		—
Derivatives designated as hedging instruments	—		—		1,879		—		—		—
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20
Interest contracts
Amount of gain or (loss) reclassified from AOCI into income	(611)		2,794		(1,749)		—		(167)		—
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring	—		—		—		—		—		—
Amount of Gain or (Loss) Reclassified from AOCI into Income - Included Component	(611)		2,794		(1,749)		—		(167)		—
Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component	—		—		—		—		—		—

(1) The Company voluntarily discontinued a fair value hedging relationship and these amounts include the gain or (loss) and the hedging adjustment on a voluntary discontinued hedging relationship. The Company has allocated the basis adjustment to the remaining individual assets in the closed portfolio and will amortize the basis adjustment over a period consistent with the amortization of other discounts or premiums on the hedged assets.

Credit-risk-related Contingent Features

As of December 31, 2024, the fair value of derivatives in a liability position, which includes accrued interest but excludes any adjustment for non-performance risk related to these agreements, was $165 thousand. As of December 31, 2024, the Company has posted the full amount of collateral related to these agreements.

Share-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The Company has a share-based incentive plan described below that allows it to offer a variety of equity compensation awards, subject to approval. Total compensation expense that has been charged against income for the share-based awards granted was $2.9 million, $2.4 million, and $2.0 million for 2024, 2023, and 2022, respectively. The total income tax benefit was $605 thousand, $506 thousand, and $421 thousand for 2024, 2023, and 2022, respectively.

2019 Stock Incentive Plan

In 2019, the Company’s Stock Incentive Plan (“2019 SIP”) was approved by the Bank’s Board. The 2019 SIP provides for the issuance of share-based awards to directors and employees of the Company. The 2019 SIP authorized 240,000 units to be issued and the Company’s practice is using authorized unissued shares to satisfy these awards. Each unit represents a contingent right to receive one common share or an equivalent amount of cash, or a combination of the two, at the discretion of the Company. Currently, we have a sufficient number of authorized unissued shares to satisfy outstanding equity awards.

Under the 2019 SIP, the Company has issued restricted stock unit (“RSU”) awards that are both time-based and performance-based. Each RSU award will indicate the number of shares, the conditions (e.g., service, performance, and/or a combination), and the grant date. Compensation expense is recognized over the vesting period of the awards based on the fair value of the award at grant date.

2023 Stock Incentive Plan

In 2023, a new stock incentive plan (“2023 SIP”) was approved by the Board and shareholders. Upon the plan’s shareholder approval date of March 30, 2023, no further share-based awards have been issued under the 2019 SIP. The 2023 SIP provides for the issuance of share-based awards to directors and employees of the Company. The 2023 SIP authorized the issuance of 250,000 shares, subject to an annual increase in available shares and shares recycled from the 2019 SIP that were cancelled. Based on our shares outstanding as of December 31, 2023, and awards that were recycled from the 2019 SIP, the total shares authorized for issuance under the plan as of December 31, 2024 was 324,887.

A total of 100,665, 25,705, and 13,160 shares were issued in 2024, 2023, and 2022, respectively.

For time-based RSUs, the fair value was determined by using the closing stock price on the date prior to the grant date. These RSUs vest over three to five years.

The Board, from time to time, approves performance-based RSU awards that may be earned between a three to five year performance period. Whether units are earned at the end of the performance period will be determined based on the achievement of performance and/or market targets (e.g., market capitalization target) over the performance period. If the conditions are achieved, the grant recipient will receive 100% of the units granted as these awards do not provide for a multiplier effect. The performance/market targets are determined by the Board.

The fair value for performance-based RSU awards was determined by using a Monte Carlo simulation analysis to estimate the achievement of the market capitalization target determined by the Board. The Monte Carlo simulation analysis required the following inputs: (1) expected term, (2) expected volatility, (3) risk-free rate, and (4) dividend yield. The expected term was based on the stated performance period. Management used the expected volatility from a peer group. The risk-free interest rate is based on the U.S. Treasury yield curve over the performance period. The dividend yield assumption was based on historical and anticipated dividend payouts.

The following is a summary of all the Company’s RSU awards issued under both the 2019 SIP and 2023 SIP:


Non-vested Shares	Shares	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2024	143,585	$	51.21
Granted	100,665	55.71
Vested	(108,293)	47.27
Forfeited	(1,755)	58.61
Non-vested at December 31, 2024	134,202	$	57.67

As of December 31, 2024, there was $5.1 million of total unrecognized compensation costs related to non-vested shares granted under the 2019 SIP and 2023 SIP. The cost is expected to be recognized over a weighted average period of 1.47 years.

2023 Employee Stock Purchase Plan

In 2023, a new employee stock purchase plan (“2023 ESPP”) was approved by the Board and shareholders. Upon the 2023 ESPP’s shareholder approval date of March 30, 2023, the 2023 ESPP reserved 250,000 shares of common stock for issuance to employees, subject to an annual increase in reserved shares. At December 31, 2024, 312,230 shares were available to be issued. Whole shares are sold to participants in the plan at 85% of the lower of the stock price at the beginning or end of each semi-annual offering period. The first semi-annual offering period began on September 1, 2023 and the current semi-annual offering period began on September 1, 2024. Eligible employees may purchase shares in an amount that does not exceed the lesser of the IRS limit of $25,000 or 15% of their annual salary.


	December 31, 2024
Shares purchased	12,057
Weighted average price of shares purchased	$	44.93
Compensation expense recognized (in 000's)	179.3

Stock Appreciation Rights (“SAR”)

Upon completion of the Merger and as a part of the Merger Agreement, the Company assumed SAR awards that had been issued to existing employees that would continue with the same terms and conditions adjusted for the exchange ratio of 0.5043. As part of the Merger, a significant portion of SAR awards accelerated their vesting and thus did not require any future service component. Management used the Black-Scholes option-pricing model to fair

value these accelerated SAR awards and included this value as part of the purchase price consideration discussed in Note 25 - Business Combination.

The Company also used the Black-Scholes option-pricing model to fair value the non-accelerated SAR awards that were not fully vested. The SAR awards that have been assumed by the Company were issued in 2019, 2021, and 2023, and these SAR awards become exercisable ratably over 7 years (14.3% per year) and contractually expire 10 years after the grant date.

Upon completion of the Merger, the Company determined the fair value per SAR using the following assumptions:


	2019 SAR			2021 SAR			2023 SAR
# of years to full vesting	7 years			7 years			7 years
Fair value	$	14.89		$	16.92		$	14.56
Risk-free interest rate	4.51		%	4.32		%	4.14		%
Expected dividend yield	3.95		%	3.95		%	3.95		%
Expected common stock volatility	32.56		%	32.56		%	32.56		%
Expected contractual life (in years)	4.77			7.20			8.77

A summary of SAR and option activity during the year ended December 31, 2024, is as follows:


				Weighted Average
Dollars in thousands, except per share information	SARs	Aggregate Fair Value		Remaining Contractual Term (Yrs.)	Exercise Price
Outstanding, December 31, 2023	—	$	—	—	$	—
Granted (or acquired)	299,556	4,996		5.67	45.24
Exercised	70,041	1,387		—	39.90
Forfeited	5,642	86		—	47.96
Expired	—	—		—	—
Outstanding, December 31, 2024	223,873	$	3,523	5.44	$	46.87

Exercisable SARs:
At December 31, 2024	183,971	2,931		5.04	46.39

The total fair value of SARs exercised was $1.4 million during the year ended December 31, 2024. The total fair value of SARs vested was $67.0 thousand during the year ended December 31, 2024. As of December 31, 2024, there was $538.2 thousand of total unrecognized compensation costs related to non-vested SARs acquired through the Merger. The cost is expected to be recognized over a weighted average period of 2.27 years years.

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Uncertain tax positions	$ 0	$ 167

Allowance for Credit Losses - Schedule of Financing Receivable, Past Due (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	$ 5,672,236	$ 2,087,756
90 Days Past Due & Still Accruing	2,497	0
Non-accrual loans	35,871	3,744
Total Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	68,313	15,326
30 - 59 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	40,359	12,351
60 - 89 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	7,947	653
90 Days or More Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	20,007	2,322
Current Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	5,603,923	2,072,430
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	2,637,802	1,309,084
90 Days Past Due & Still Accruing	0	0
Non-accrual loans	19,183	0
Commercial real estate \| Total Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	19,414	10,496
Commercial real estate \| 30 - 59 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	10,974	10,496
Commercial real estate \| 60 - 89 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	0	0
Commercial real estate \| 90 Days or More Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	8,440	0
Commercial real estate \| Current Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	2,618,388	1,298,588
Owner-occupied commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	614,362	131,381
90 Days Past Due & Still Accruing	307	0
Non-accrual loans	5,760	1,000
Owner-occupied commercial real estate \| Total Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	8,036	790
Owner-occupied commercial real estate \| 30 - 59 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	1,160	0
Owner-occupied commercial real estate \| 60 - 89 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	1,636	0
Owner-occupied commercial real estate \| 90 Days or More Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	5,240	790
Owner-occupied commercial real estate \| Current Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	606,326	130,591
Acquisition, construction & development
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	465,537	49,091
90 Days Past Due & Still Accruing	812	0
Non-accrual loans	1,098	0
Acquisition, construction & development \| Total Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	6,491	0
Acquisition, construction & development \| 30 - 59 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	5,210	0
Acquisition, construction & development \| 60 - 89 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	38	0
Acquisition, construction & development \| 90 Days or More Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	1,243	0
Acquisition, construction & development \| Current Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	459,046	49,091
Commercial & industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	613,085	67,847
90 Days Past Due & Still Accruing	350	0
Non-accrual loans	1,757	0
Commercial & industrial \| Total Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	4,717	559
Commercial & industrial \| 30 - 59 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	1,654	195
Commercial & industrial \| 60 - 89 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	1,594	364
Commercial & industrial \| 90 Days or More Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	1,469	0
Commercial & industrial \| Current Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	608,368	67,288
Single family residential (1-4 units)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	1,173,749	527,980
90 Days Past Due & Still Accruing	1,012	0
Non-accrual loans	7,857	2,744
Single family residential (1-4 units) \| Total Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	28,523	3,478
Single family residential (1-4 units) \| 30 - 59 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	20,724	1,657
Single family residential (1-4 units) \| 60 - 89 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	4,379	289
Single family residential (1-4 units) \| 90 Days or More Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	3,420	1,532
Single family residential (1-4 units) \| Current Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	1,145,226	524,502
Consumer non-real estate and other
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	167,701	2,373
90 Days Past Due & Still Accruing	16	0
Non-accrual loans	216	0
Consumer non-real estate and other \| Total Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	1,132	3
Consumer non-real estate and other \| 30 - 59 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	637	3
Consumer non-real estate and other \| 60 - 89 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	300	0
Consumer non-real estate and other \| 90 Days or More Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	195	0
Consumer non-real estate and other \| Current Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans	$ 166,569	$ 2,370

Borrowed Funds - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Subordinated debentures
Debt Instrument [Line Items]
2025	$ 0
2026	0
2027	0
2028	0
2029	0
Thereafter	105,000
Total	105,000
Subordinated debentures owed to unconsolidated subsidiary trusts
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	19,589
Total	$ 19,589

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The following table presents the change in goodwill for the the years ended December 31, 2024, December 31, 2023, and December 31, 2022, (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Beginning of period	$	—	$	—	$	—
Acquired goodwill	32,783		—		—
Impairment	—		—		—

End of period	$	32,783	$	—	$	—

During the year ended, December 31, 2024, the Company recorded $32.8 million of goodwill associated with the acquisition of Summit. See Note 25 - Business Combination to the consolidated financial statements for additional detail regarding this transaction.

The Company performs the annual goodwill impairment test on September 30 every year.

Other intangible assets consist of the core deposit intangible which is being amortized on an accelerated basis over its estimated useful life of 7 years. During the year ended, December 31, 2024, the Company recorded $68.8 million of core deposit intangibles associated with the acquisition of Summit.

The gross carrying amounts and accumulated amortization of other intangible assets for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, were as follows (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Beginning of period	$	—	$	—	$	—
Acquired core deposit intangible	68,760		—		—
Amortization	(11,460)		—		—
Impairment	—		—		—

Total core deposit intangible	$	57,300	$	—	$	—

The Company reviews other intangible assets for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Total amortization expense associated with intangible assets was $11.5 million for the year ended December 31, 2024.

Estimated amortization expense for future years is as follows (in thousands):


	Estimated Amortization
2025	$	15,553
2026	13,097
2027	10,641
2028	8,186
2029	5,730
Thereafter	4,093
Total	$	57,300

Income Taxes - Schedule of Statutory Tax Rates to Income Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Expected taxes using statutory rates	$ 8,286	$ 5,263	$ 10,983
Benefit of tax-exempt municipal interest income, net of non-deductible interest	(1,143)	(363)	(1,694)
Nontaxable income from company-owned life insurance	(991)	(604)	(570)
Low income tax credits, net of amortization	(3,619)	(1,840)	(1,840)
State taxes, net of federal benefit	716	157	1,159
Merger-related	280	382	0
Non-deductible compensation	530	0	0
Other adjustment, net	131	(626)	248
Total	$ 4,190	$ 2,369	$ 8,286

Share-Based Compensation - Schedule of Employee Stock Purchase Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense recognized (in 000's)	$ 2,879,000	$ 2,464,000	$ 2,000,000
Employee Stock \| 2023 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares purchased (in shares)	12,057
Weighted average price of shares purchased (in dollars per share)	$ 44.93
Compensation expense recognized (in 000's)	$ 179,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Paragraph 2
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)(2)(i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 170,326	$ 96,312
Accumulated depreciation	(38,056)	(35,184)
Total	132,270	61,128
Land
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	29,654	14,626
Premises
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	111,415	64,181
Furniture and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 29,257	$ 17,505

Nature of Business Activities and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Principles of consolidation

Nature of operations and principles of consolidation

The consolidated financial statements include Burke & Herbert Financial Services Corp. (“Burke & Herbert”) and its wholly-owned subsidiary Burke & Herbert Bank & Trust Company (“the Bank”), together referred to as “the Company” for purposes of the Notes to the Financial Statements. Intercompany transactions and balances are eliminated in consolidation.

Use of estimates

To prepare financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”), management makes estimates and assumptions based on available information that affects the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash, cash equivalents, and cash flows

For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks, including cash items in process of clearing with maturities fewer than 90 days. Cash flows from customer loans, federal funds purchased, securities sold under agreements to repurchase, and deposits are reported on a net basis.

Restriction on cash

No reserve balances were required at December 31, 2024, and December 31, 2023. There was no reserve requirement with the Federal Reserve as of December 31, 2024, or December 31, 2023.

Debt securities and Equity securities

Debt securities

Management determines the appropriate classification of debt securities at the time of purchase. Debt securities that the Company has both the positive intent and ability to hold to maturity are classified as held to maturity and are reported at cost, adjusted for amortization of premiums and accretion of discounts. Debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity, are classified as available-for-sale and are reported at fair value. Unrealized gains and losses on investments classified as available-for-sale have been accounted for as a separate component of accumulated other comprehensive income or loss, net of the related deferred tax effect.

Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are recognized in interest income over the terms of the securities. Any decision to sell a security classified as available-for-sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method.

A debt security is placed on non-accrual status at the time any principal or interest payments become more than 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income.

Allowance for credit losses (“ACL”) - available-for-sale debt securities

Management evaluates all available-for-sale (“AFS”) debt securities in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. The Company first assesses whether it intends to sell or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income.

For AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists, and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income.

Changes in the ACL are recorded as credit loss expense (or recapture). Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Accrued interest receivable on AFS debt securities totaled $10.3 million at December 31, 2024, and is excluded from the estimate of credit losses.

Equity securities

Equity securities are carried at fair value with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical, or a similar, investment.

Due to the nature of, and restrictions placed upon, certain equity securities have been classified as restricted stock and are carried at cost. These equity securities are not subject to the classifications above.

Loan commitments and related financial instruments

Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.

Loans held-for-sale

Loans held-for-sale are those loans the Company has the intent to sell in the foreseeable future. The Company has elected to use the fair value accounting option (“FVO”) for loans held-for-sale. Gains and losses on sales of loans are recognized at settlement dates and are determined by the difference between the sales proceeds and the fair value of the loans. All sales are made without recourse and are sold with servicing released.

Mortgage banking derivatives

The Company enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (interest rate lock commitments). Interest rate lock commitments on mortgage loans to be held-for-sale are accounted for as free-standing derivatives. The period of time between issuance of a loan commitment and closing and sale of the loan generally ranges from 15 to 90 days. The Company protects itself from changes in interest rates through the use of best-efforts forward delivery commitments, whereby the Company commits to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed interest rate risk on the loan. As a result, the Company is not exposed to significant losses, nor will it realize significant gains related to rate lock commitments due to changes in interest rates. The Company has elected to use the FVO for best effort forward sales commitments.

Derivatives

At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings as respective fair values changes. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Changes in the fair value of derivatives not designated or that do not qualify for hedge accounting are reported currently in earnings as non-interest income.

Accrued settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense based on the item being hedged. Accrued settlements on derivatives not designated or that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged.

The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer

probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended.

When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still probable of occurring, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings.

The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All of the contracts to which the Company is a party settle monthly or quarterly. In addition, the Company obtains collateral above certain thresholds of the fair value of its derivatives for each dealer counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business.

Loans

Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances, adjusted for partial charge-offs, the allowance for credit losses, and any deferred fees and costs on originated loans. Accrued interest receivable totaled $24.1 million on the Consolidated Balance Sheets and is excluded from the estimate of credit losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct original costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments.

For all loan portfolio segments, the accrual of interest income is discontinued at the time the loan becomes 90 days delinquent, unless the loan is well-secured and in process of collection. Loans also are placed on non-accrual if collection of principal or interest is considered impaired. Past-due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful.

All interest income accrued, but not received, for loans placed on non-accrual is reversed against interest income. Interest income received on such loans is accounted for on the cash-basis or cost-recovery method until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. For all portfolio segments, loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, a history of on-time payments has again been established, and future payments are reasonably assured.

Concentration of credit risk

Substantially all of the Company’s loans and commitments have been granted to customers in the Company’s market area; therefore, the Company’s exposure to credit risk is significantly affected by changes in the market area’s economy. Our customers are general depositors of the Company from the same market area. Some investments in state and municipal securities also involve governmental entities within the Company’s market area. The distribution of commitments to extend credit approximates the distribution of loans outstanding.

Allowance for credit losses

Allowance for credit losses - loans

The allowance for credit losses, in management’s judgement, reflects expected credit losses in the loan portfolio as of the balance sheet date. The estimate for expected credit losses is based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions, and prepayment experience as related to credit contractual term information. The ACL is measured and recorded upon the initial recognition of a financial asset. The ACL is reduced by charge-offs, net of

recoveries of previous losses, and is increased or decreased by a provision for (or recapture of) credit losses, which is recorded in the Consolidated Statements of Income.

The ACL for expected credit losses is determined based on a quantitative assessment of two categories of loans: collectively evaluated loans and individually evaluated loans. In addition, the ACL also includes a qualitative component which adjusts the CECL model for risk factors that are not considered within the CECL model, but are relevant in assessing the expected credit losses within the loan portfolio.

The Company is using a remaining useful life or weighted average remaining maturity (“WARM”) methodology to estimate its current expected credit losses. For purposes of calculating reserves in collectively evaluated loans, the ACL calculation segments the Company’s loan portfolio using federal call codes to group loans which share similar risk characteristics. In order to generate reasonable and supportable forecasts of loss rates over a two-year period, the ACL calculation utilizes macroeconomic variable loss drivers, which may include aggregate macroeconomic indicators pertaining to such items as equity market conditions or interest rates, as well as other variables that are portfolio-specific, such as those that pertain to the commercial real estate or residential loan portfolios. A straight-line reversion technique is used for the following four quarters, and in following quarters, the ACL calculation reverts to historical average loss rates.

Based on management’s analysis, adjustments may be applied for additional factors impacting the risk of loss in the loan portfolio beyond information used to calculate reasonable and supportable, reversion and post-reversion period forecasts on collectively evaluated loans. As the reasonable and supportable and reversion period forecasts reflect the use of the macroeconomic variable loss drivers, management may consider that an additional or reduced reserve is warranted through qualitative risk factors based on current and expected conditions, including those that utilize supplemental information relative to the macroeconomic variable loss drivers. Qualitative risk factors considered by management include the following:

•Nature and volume of loans;

•Concentrations of credit; and

•Delinquency trends.

Loans that do not share similar risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation for the ACL. Loans identified to be individually evaluated under CECL include loans on non-accrual status and may include accruing loans that do not share similar risk characteristics to other accruing loans collectively evaluated. A specific reserve analysis is applied to the individually evaluated loans, which considers collateral value, an observable market price, or the present value of the expected future cash flows. A specific reserve may be assigned if the measured value of the loan using one of the before mentioned methods is less than the current carrying value of the loan.

Under CECL, for collateral-dependent loans, the Company has adopted the practical expedient to measure the ACL based on the fair value of the collateral. A loan is considered collateral-dependent when the Company determines foreclosure is probable or the borrower is experiencing financial difficulty and the Company expects repayment to be provided substantially through the operation or sale of the collateral. Collateral could be in the form of real estate, equipment, or business assets. An ACL may result for a collateral-dependent loan if the fair value of the underlying collateral, as of the reporting date, adjusted for expected costs to repair or sell, was less than the amortized cost basis of the loan. If repayment of the loan is instead dependent only on the operation, rather than the sale of the collateral, the measure of the ACL does not incorporate estimated costs to sell. For loans analyzed on the basis of projected future principal and interest cash flows, the Company will discount the expected cash flows at the effective interest rate of the loan, and an ACL would result if the present value of the expected cash flows was less than the amortized cost basis of the loan. When the discounted cash flow method is used to determine the ACL,

management does not adjust the effective interest rate used to discount cash flows to incorporate expected prepayments.

Allowance for credit losses - off-balance sheet credit exposures

On a quarterly basis, the Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The ACL on off-balance sheet credit exposures is adjusted through the provision for credit losses on the Consolidated Statements of Income. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life by loan segment at each balance sheet date under the CECL model using the same methodology as the loan portfolio. The ACL for unfunded commitments is included in accrued interest and other liabilities on the Company’s Consolidated Balance Sheets.

Purchased credit deteriorated (PCD) loans

The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to the individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount of premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through credit loss expense

Premises and equipment

Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives up to 40 years. Furniture, fixtures and equipment are depreciated using the straight-line method (or accelerated) method with useful lives ranging from 3 to 10 years. Maintenance and repairs are charged to expense as incurred and major improvements are capitalized.

Company-owned life insurance

The Company has purchased life insurance policies on certain employees. Company-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement.

Transfers of financial assets

Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Other real estate owned (OREO)

Assets acquired through foreclosure or other proceedings are initially recorded at fair value at the date of foreclosure less estimated costs of disposal, which establishes a new cost. After foreclosure, valuations periodically are performed by management and the foreclosed assets held-for-sale are carried at the lower of cost or fair value less estimated costs of disposal. Any write-down to fair value at the time of transfer to foreclosed assets is charged to the allowance for credit losses. All subsequent gains on sale, losses on sale, and additional write-downs are included in net gains/(losses) on other real estate owned. Revenue and expenses from the operations of foreclosed assets are included in other non-interest income and other operating expenses.

Income taxes

The Company accounts for income taxes in accordance with income tax accounting guidance. The Company has adopted the accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions.

The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur.

Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more likely than not recognition threshold is initially, and subsequently, measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more likely than not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized.

The Company recognizes interest and penalties on income taxes as a component of income tax expense.

Pension plan and 401(k) plan & other plans

Pension plan

The Company has a non-contributory defined benefit pension plan that was frozen to new participants on June 1, 2005. The Company’s funding policy for the defined benefit plan is to make annual contributions to the Plan in amounts that are determined based on actuarial valuations and recommendations and which meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974.

Authoritative accounting literature requires an employer to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its balance sheet and to recognize changes in the funded status in the year in which the changes occur through comprehensive income. The funded status of a benefit plan will be measured as the difference between plan assets at fair value and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation. For any other postretirement plan, the benefit obligation is the accumulated postretirement benefit obligation. Authoritative accounting literature also requires an employer to measure the funded status of a plan as of the date of its year-end balance sheet. The guidance also requires additional disclosure in the notes to financial statements about certain effects on net periodic benefit cost for the next fiscal year that arises from delayed recognition of the gains or losses, prior service costs or credits, and a transition asset or obligation.

401(k) plan & other plans

The Company maintains the 401(k) plans of both legacy Summit and Burke & Herbert. Under both of these plans, eligible employees may contribute a percentage of their compensation, and the Company matches a portion of the employee’s contribution based on the specific 401(k) plan. The contribution amounts matched by the Company depend on the 401(k) plan. The 401(k) expense is the amount of the matching contributions. For the deferred compensation and supplemental retirement plan, the expense allocates the benefits over the years of service.

Earnings per common share

Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. The Company’s capital structure includes a share-based incentive plan, and an employee stock purchase plan, which may be dilutive to earnings per share (“EPS”). Diluted EPS is calculated by assuming dilution of common shares and adjusting common shares for compensation cost attributable to the share-based compensation plan and employee stock purchase plan. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of issuance of the financial statements.

Trust assets and fees

Assets of the trust department, other than trust cash on deposit at the Company, are not included in these financial statements because they are not assets of the Company. Trust fees are recognized in income using the accrual method.

Loss contingencies

Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe that there are currently any such matters that will have a material effect on the financial statements.

Comprehensive income (loss)

Comprehensive income (loss) consists of net income and other comprehensive income (loss), net of tax. Other comprehensive income (loss) includes unrealized gains and losses on securities available-for-sale, unrealized gains and losses on cash flow hedges, and changes in the funded status of the pension plan, which are also recognized as separate components of equity.

Leases

Leases are classified as operating or finance leases at the lease commencement date. The Company leases certain locations for its operations. The Company records leases on the balance sheet in the form of a lease liability for the present value of future minimum payments under the lease terms and a right-of-use asset equal to the lease liability adjusted for items such as deferred or prepaid rent, lease incentives, and any impairment of the right-of-use asset. The discount rate used in determining the lease liability is based upon incremental borrowing rates the Company could obtain for similar loans as of the date of commencement or renewal. The Company does not record short-term leases with an initial lease term of one year or less on the consolidated balance sheets.

At lease inception, the Company determines the lease term by considering the non-cancelable lease term and all optional renewal periods that the Company is reasonably certain to renew. The lease term is also used to calculate straight-line lease expense. Leasehold improvements are amortized over the shorter of the useful life and the estimated lease term. The Company’s leases do not contain residual value guarantees or material variable lease payments that will impact the Company’s ability to pay dividends or cause the Company to incur additional material expenses.

Operating lease expense consists of a single lease cost allocated over the remaining lease term on a straight-line basis, variable lease expense, and any impairment of the right-of-use asset. Lease expense is included in occupancy expense on the Company’s consolidated statements of income. The Company’s variable lease expense includes rent escalators that are based on market conditions defined in the lease agreements. The amortization of the right-of-use asset arising from finance leases is expensed through occupancy expense and the interest on the related lease liability is expensed through other interest expense on the Company’s consolidated statements of income.

Fair value of financial instruments

Fair values of financial instruments are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk,

prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates.

Goodwill and other intangible assets

Goodwill arises from business combinations and is determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a business combination and determined to have indefinite useful life are not amortized but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that an impairment test should be performed. The Company has selected September 30 as the date to perform the annual impairment test. Intangible assets with finite useful lives are amortized over their estimated useful lives to their estimated residual values. Amortized intangibles must be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset (group) might not be recoverable. An impairment loss related to intangible assets with finite useful lives is recognized if the carrying amount of the intangible asset is not recoverable and its carrying amount exceeds its fair value. After the impairment loss is recognized, the adjusted carrying amount of the intangible asset shall be its new accounting basis. Goodwill is the only intangible asset with an indefinite life on our balance sheet.

Other intangible assets consists of core deposit and acquired customer relationship intangible assets arising from whole bank and branch acquisitions and are amortized on an accelerated method over their estimated useful lives, which range from 7 to 10 years

Share-based compensation

Compensation cost is recognized for restricted stock units (“RSUs”) issued to employees, based on the fair value of these awards at the date of grant. The Company RSUs awards are all classified as equity under U.S. GAAP. Compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s accounting policy is to recognize forfeitures as they occur for all share-based compensation plans.

Operating segment reporting

The Company operates in one segment – Community Banking and the financial performance of this one segment is used to make resource allocations and performance decisions. The Company’s Chief Executive Officer is in charge of allocating the Company’s resources and assessing performance, and has been identified as the chief operating decision maker. While the chief decision-maker monitors the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Individual operating results are not reviewed by senior management to make resource allocation or performance decisions. Therefore, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.

Reclassifications

Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholder’s equity.

Adoption of new accounting standards and Newly issued not yet adopted accounting standards

Adoption of new accounting standards

On November 27, 2023 the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The amendments “improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.” In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other

disclosure requirements. The purpose of the amendments is to enable “investors to better understand an entity’s overall performance” and assess “potential future cash flows.”

The ASU applies to all public entities that are required to report segment information in accordance with ASC 280. The enhanced segment disclosure requirements apply “retrospectively to all prior periods presented in the financial statements.” The significant segment expense and other segment item amounts “disclosed in prior periods shall be based on the significant segment expense categories identified and disclosed in the period of adoption.” The amendments in ASU 2023-07 were effective for all public entities for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted the standard with the fiscal year ending December 31, 2024, and it did not have a material impact on the financial statements.

On January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), as amended, which replaces the incurred loss methodology with an expected credit loss methodology that is referred to as the current expected credit loss methodology. The CECL methodology requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, as well as future forecasts, including reasonable and supportable forecasts and other forecast periods. CECL generally applies to financial assets measured at amortized cost and some off-balance sheet credit exposures, such as unfunded commitments to extend credit. Financial assets measured at amortized cost are presented as the net amount expected to be collected.

In addition, CECL made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities if management does not intend to sell and does not believe that it is more likely than not that they will be required to sell.

The Company adopted ASC 326 and all related subsequent amendments thereto effective January 1, 2023, using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. The adoption of the new CECL standard resulted in a cumulative-effect adjustment that increased the allowance for credit losses for loans by $4.1 million and increased the allowance for unfunded commitments by $274.8 thousand. Retained earnings, net of deferred taxes, decreased by $3.4 million. Results for reporting periods beginning after January 1, 2023, are presented under ASU 2016-13, while prior period amounts continue to be reported in accordance with the incurred loss model under the previously applicable GAAP.

The following table illustrates the impact of the adoption of CECL, and the transition away from the incurred loss method, on January 1, 2023. The impact to the ACL is presented at the loan segment level (in thousands):


	January 1, 2023
	Reserves under Incurred Loss Model		Reserves under CECL Model		Impact of CECL Adoption
Financial Assets:
Commercial real estate	$	15,477	$	18,163	$	2,686
Owner-occupied commercial real estate	635		629		(6)
Acquisition, construction & development	2,082		1,442		(640)
Commercial & industrial	438		675		237
Single family residential (1-4 units)	2,379		4,040		1,661
Consumer non-real estate and other	28		215		187
Unallocated reserve	—		—		—
Allowance for credit losses on loans	$	21,039	$	25,164	$	4,125
Financial Liabilities:
Allowance for credit losses on off-balance sheet credit exposure	$	—	$	275	$	275

The Company adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2023. As of December 31, 2022, the Company did not have any other-than-temporarily impaired investment securities. The Company did not record an ACL for securities upon adoption.

The Company elected not to measure an ACL for accrued interest receivable and instead elected to reverse interest income on loans or securities that are placed on non-accrual status, which generally occurs when the instrument is 90 days past due, or earlier if the Company believes the collection of interest is doubtful. The Company has concluded that this policy results in the timely reversal of uncollectible interest.

On January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 addresses areas identified by the FASB as part of its implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings (“TDRs”) by creditors that have adopted the CECL model and enhance the disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the amendments require that the Company disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The Company adopted the standard prospectively, and it did not have a material impact on the financial statements.

In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging - Portfolio Layer Method. ASU 2022-01 clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets and is intended to better align hedge accounting with an organization’s risk management strategies. In 2017, FASB issued ASU 2017-12 to better align the economic results of risk management activities with hedge accounting. One of the major provisions of that standard was the addition of the last-of-layer hedging method. For a closed portfolio of fixed-rate-prepayable financial assets of one or more beneficial interests secured by a portfolio of prepayable financial instruments, such as mortgages or mortgage-backed securities, the last-of-layer method allows an entity to hedge its exposure to fair value changes due to the changes in interest rates for a portion of the portfolio that is not expected to be affected by prepayments, defaults, and other events affecting

the timing and amount of cash flows. ASU 2022-01 renames that method the portfolio layer method. ASU 2022-01 was effective January 1, 2023.

Newly issued not yet adopted accounting standards

In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40): Reporting Comprehensive Income—Expense Disaggregation Disclosures. This ASU seeks to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. This ASU is not expected to have a material impact our consolidated financial statements.

In March 2024, the FASB issued ASU 2024-01, Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The amendments in this update seek to improve GAAP by adding an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The adoption of this pronouncement is not expected to have a material impact on our Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU seeks to enhance the transparency and decision usefulness of the disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual consolidated financial statements that have not yet been issued. This ASU is not expected to have a material impact our consolidated financial statements.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. We do not expect the adoption of ASU 2023-06 to have a material impact on our consolidated financial statements.

In March 2023, the FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. These amendments permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The ASU is effective for public business entities for fiscal years beginning after December 15, 2024, including interim periods with those fiscal years. Early adoption is permitted for all entities in any interim period. The amendments in this ASU must be applied on either a modified retrospective or a retrospective basis (except for LIHTC investments not accounted for using the proportional amortization method). A reporting entity that has LIHTC investments that are no longer permitted to use (1) the cost method guidance in paragraph 323-740-25-2A, (2) the equity method example in paragraphs 323-740-55-8 through 55-9, or (3) the delayed equity contribution guidance in paragraphs 323-740-25-3 must either use its general transition method (modified

retrospective or retrospective) or apply a prospective approach. We do not expect the adoption of ASU 2023-02 to have a material impact on our consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurements (Topic 820): Fair Value Measurements of Equity Securities Subject to Contractual Sale Restrictions. ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments also require some additional disclosures for equity securities that are subject to contractual sale restrictions. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. The amendments in this ASU should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. We do not expect the adoption of ASU 2022-03 to have a material impact on our consolidated financial statements.

Determination of Fair Value

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Significant unobservable inputs that reflect our own assumptions that market participants would use in pricing an asset or liability.

In instances in which multiple levels of inputs are used to measure fair value, hierarchy classification is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

The Company used the following methods and significant assumptions to estimate fair value:

Investment securities

The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2), using matrix pricing. Matrix pricing is a mathematical technique commonly used to price debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on securities’ relationship to other benchmark quoted securities (Level 2 inputs). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3).

Equity Investments

Equity investments are recorded at fair value on a recurring basis, with changes in fair value reported in net income. Through the Merger, at December 31, 2024, we acquired an investment in an S&P 500 index mutual fund that is traded on an exchange, and we classify it as Level 2.

Through the Merger, we acquired perpetual preferred stock of a bank holding company issued in October 2022 in a private offering. The perpetual preferred stock does not trade on an exchange or in an active over-the-counter market; therefore, we estimate its fair value using the present value of its future cash flows using observed discount rates of similar publicly-traded securities, adjusted for a liquidity premium. We classify the perpetual preferred stock as Level 2.

Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment. Such equity securities are included in Equity Investments on the accompanying consolidated balance sheets.

Derivatives

The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). The Company has contracted with a third-party vendor to provide valuations for interest rate swaps using standard swap valuation techniques. The Company has considered counterparty credit risk in the valuation of its interest rate swap assets and has considered its own credit risk in the valuation of its interest rate swap liabilities. The Company recognizes interest rate lock commitments at fair value. Fair value of interest rate lock commitments is based on the price of underlying loans obtained from an investor for loans that will be delivered on a best effort basis (Level 2).

Loans held-for-sale, at fair value

The fair value of loans held-for-sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan (Level 2). These loans currently consist of one-to-four family residential loans originated for sale in the secondary market.

Collateral dependent loans

Loans for which the borrower is experiencing financial difficulty and repayment is dependent upon the operation or sale of collateral, are considered collateral-dependent. For collateral-dependent loans, the fair value is measured based on the value of the collateral securing the loans, less estimated costs of disposal. Collateral may be in the form of real estate or business assets, including equipment, inventory, and accounts receivable. The vast majority of the collateral underlying collateral-dependent loans is real estate, the fair value of which is measured through an appraisal. The appraisals of the collateral supporting collateral-dependent loans may utilize a single valuation approach or a combination of approaches, including comparable sales and the income approach. Any fair value adjustments are recorded in the period incurred as provision for credit losses on the Consolidated Statements of Income. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business.

Other real estate owned

Assets acquired through foreclosure or other proceedings are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. The fair value of foreclosed properties is determined on a nonrecurring basis generally utilizing current appraisals performed by an independent, licensed appraiser applying an income or market value approach using observable market data. Updated appraisals of foreclosed properties are generally obtained if the existing appraisal is more than 18 months old or more frequently if there is a known deterioration in value. However, if a current appraisal is not available, the original appraised value is discounted, as appropriate, to compensate for the estimated depreciation in the value of the real estate since the date of its original appraisal. Such discounts are generally estimated based upon management’s knowledge of sales of similar property within the applicable market area and its knowledge of other real estate market-related data as well as general economic trends. Upon foreclosure, any fair value adjustment is charged against the allowance for credit losses on loans. Subsequent

fair value adjustments are recorded in the period incurred and included in other noninterest expense in the consolidated statements of income.

Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share excludes dilution and is computed by dividing net income applicable to common shares by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential impact of contingently issuable shares. The Company uses the treasury stock method as described by ASC 260 - Earnings Per Share for each dilutive instrument when computing diluted earnings per share.

The following shows the weighted average number of shares used in computing earnings per share and the effect of the weighted average number of shares of dilutive potential Common Stock. Dilutive potential Common Stock has no effect on income available to common shareholders.


	December 31, 2024		December 31, 2023		December 31, 2022
Net income applicable to common shares (in thousands)	$	35,033	$	22,692	$	44,013

Weighted average number of shares	12,393,677		7,428,042		7,425,088
Options effect of dilutive shares	48,154		78,813		42,629
Weighted average dilutive shares	12,441,831		7,506,855		7,467,717

Basic earnings per common share	$	2.83	$	3.05	$	5.93
Diluted earnings per common share	2.82		3.02		5.89

Stock awards equivalent to 67,882 shares, 503 shares, and zero shares of Common Stock were not considered in computing diluted earnings per common share for 2024, 2023, and 2022, respectively, because they were antidilutive.

Borrowed Funds

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowed Funds

Short-term borrowings

The Company had borrowings of $365.0 million and $272.0 million at December 31, 2024, and December 31, 2023, respectively. At December 31, 2024, the interest rate on this debt ranged from 4.43% to 4.57%. At December 31, 2023, the interest rate on this debt ranged from 4.38% to 5.57%. The average balance outstanding during 2024 and 2023 was $422.5 million and $293.9 million, respectively. The Company has a finance lease liability that is not included in these balances - See Note 11 — Leased Property for a discussion of this liability that is included in the accrued interest and other liabilities line in the Consolidated Balance Sheets.

The Company has available lines of credit with the Federal Reserve Bank of Richmond, such as the Borrower-In-Custody program, the FHLB of Atlanta, and unsecured federal funds lines of credit from correspondent banking relationships. Through these sources, the Company has unused borrowing capacity of $4.1 billion as of December 31, 2024. The advances on credit lines are secured by both securities and loans. The lendable collateral value of securities and loans pledged against available lines of credit as of December 31, 2024, and December 31, 2023, was $3.1 billion and $797.8 million, respectively. As of December 31, 2024, all of the Company’s borrowings will mature within one calendar year.

The contractual maturities of these borrowings as of December 31, 2024, are as follows (in thousands):


Due in 2025	$	365,000
Due in 2026	—
Total	$	365,000

Long-term borrowings

Subordinated Debentures

As part of the Merger, Burke & Herbert assumed $75 million of subordinated debentures, that were fair valued at $61.5 million with a $13.5 million discount being amortized into interest expense over the stated maturity. As of December 31, 2024, the net balance was $65.0 million. The subordinated debt qualifies as Tier 2 capital under Federal Reserve Board guidelines, until the debt is within 5 years of its maturity; thereafter, the amount qualifying as Tier 2 capital is reduced 20% each year until maturity. The subordinated debentures were issued in the fourth quarter of 2021 and bear interest at a fixed rate of 3.25% per year, from acquisition date to, but excluding, December 1, 2026, payable semi-annually in arrears. From and including, December 1, 2026 to, but excluding, the maturity date

or earlier redemption date, the interest rate will reset quarterly at a variable rate equal to the then current three-month term Secured Overnight Financing Rate (“SOFR”), as published by the Federal Reserve Bank of New York, plus 230 basis points, payable quarterly in arrears. This debt has a 10-year term, and generally, is not prepayable by us within the first 5 years from issuance, which was fourth quarter 2021.

Through the Merger, Burke & Herbert also assumed $30 million of subordinated debentures that were fair valued at $29.8 million with a $0.2 million discount being amortized into interest expense over the stated maturity. As of December 31, 2024, the net balance was $29.9 million. The subordinated debt qualifies as Tier 2 capital under Federal Reserve Board guidelines, until the debt is within 5 years of its maturity; thereafter, the amount qualifying as Tier 2 capital is reduced by 20% each year until its maturity. The subordinated debentures were issued in the third quarter of 2020 and bear interest at a fixed rate of 5.00% per year from the date of assumption to, but excluding, September 30, 2025, payable quarterly in arrears. From and including September 30, 2025, to, but excluding, the maturity date or earlier redemption date, the interest rate will reset quarterly at a variable rate equal to the then current three-month term SOFR plus 487 basis points, payable quarterly in arrears. This debt has a 10-year term, and generally, is not prepayable by us within the first 5 years from issuance, which was third quarter 2020.

Subordinated Debentures Owed to Unconsolidated Subsidiary Trusts

As part of the Merger, Burke & Herbert became the sponsor for SFG Capital Trust I, SFG Capital Trust II, and SFG Capital Trust III. For each of these trusts, 100% of the common equity is owned by us. SFG Capital Trust I issued $3.5 million in capital securities and $109 thousand in common securities and invested the proceeds in $3.6 million of debentures, which were assumed by Burke & Herbert in the Merger. SFG Capital Trust II issued $7.5 million in capital securities and $232 thousand in common securities and invested the proceeds in $7.7 million of debentures, which were assumed by Burke & Herbert in the Merger. SFG Capital Trust III issued $8 million in capital securities and $248 thousand in common securities and invested the proceeds in $8.3 million of debentures, which were assumed by Burke & Herbert in the Merger. Distributions on the capital securities issued by the trusts are payable quarterly at a variable rate equal to 3 month LIBOR plus 345 basis points for SFG Capital Trust I, 3 months of LIBOR plus 280 basis points for SFG Capital Trust II, and 3 month LIBOR plus 145 basis points for SFG Capital Trust III, and equals the interest rate earned on the debentures held by the trusts and is recorded as interest expense by us. The capital securities are subject to mandatory redemption in whole, or in part, upon repayment of the debentures. We have entered into agreements which, taken collectively, fully and unconditionally guarantee the capital securities subject to the terms of the guarantee. The debentures of each Capital Trust are redeemable by us quarterly.

The capital securities issued by SFG Capital Trust I, SFG Capital Trust II, and SFG Capital Trust III qualify as Tier 1 capital under the Federal Reserve guidelines. In accordance with these Guidelines, trust preferred securities are limited to 25% of Tier 1 capital elements, net of goodwill. The amount of trust preferred securities and certain other elements in excess of the limit can be included in Tier 2 capital.

The remaining maturities of subordinated debentures as of December 31, 2024, are as follows (in thousands):


	Subordinated debentures		Subordinated debentures owed to unconsolidated subsidiary trusts
2025	$	—	$	—
2026	—		—
2027	—		—
2028	—		—
2029	—		—
Thereafter	105,000		19,589
Total	$	105,000	$	19,589

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Components of Non-interest Income

The following table presents the components of non-interest income for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Service charges and fees(1)
Debit card fees	$	8,874	$	4,175	$	4,454
Deposit related fees	6,576		2,409		2,308
Other fees	144		86		93
Fiduciary and wealth management(1)
Trust fees	4,919		3,074		3,176
Advisory fees	2,385		1,866		1,575
Other fees	1,107		414		558
Net gains (losses) on securities(2)	1,357		(112)		(454)
Income from life insurance(2)	4,686		2,844		2,656
Other non-interest income(1)
FHLB dividend(2)	902		643		484
Merchant & credit card fees	897		748		801
Safety deposit fees	441		359		394
Servicing release premium	484		138		58
Wire fees	480		350		358
Customer loan swap fees	556		414		—
Investor servicing income	345		—		—
Letter of credit fees	364		89		68
Unfunded commitment purchase accounting adjustment(2)	547		—		—
Other non-interest(3)	1,102		455		558
Total non-interest income	$	36,166	$	17,952	$	17,087

__________________

(1)Income within the scope of ASC 606 - Revenue Recognition

(2)Income excluded from the scope of ASC 606 - Revenue Recognition

(3)Includes income that arises from the Company electing the FVO as stated that is not within the scope of ASC 606.

Defined Benefit Pension Plan - Schedule of Assumptions Used to Determine Pension Benefit Obligation (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase	3.00%	3.00%	3.00%
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.49%	4.80%	5.00%

Leased Property - Schedule of Lease, Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finance lease cost
Right-of-use asset amortization	$ 285	$ 244	$ 204
Interest expense	110	86	63
Operating lease cost	2,864	3,210	2,495
Total lease cost	$ 3,259	$ 3,540	$ 2,762

Business Combination

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combination

Effective on May 3, 2024, Burke & Herbert completed the Merger with Summit, pursuant to the Merger Agreement.

In the Merger, holders of Summit common stock outstanding at the effective time of the Merger received 0.5043 shares of Burke & Herbert Common Stock for each share of Summit common stock they owned, subject to the payment of cash in lieu of fractional shares. The total aggregate consideration payable in the Merger was approximately 7,405,772 shares of Burke & Herbert Common Stock. Additionally, each share of Summit’s 6.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series 2021 issued and outstanding was converted into the right to receive a share of Burke & Herbert Series 2021 Preferred Stock.

Summit’s results of operations from May 3, 2024, were included in the Company’s results beginning with reporting as of June 30, 2024. Net interest income and pre-tax net income for Summit were estimated to be $99.9 million and $111.3 million, respectively, since the date of the acquisition through December 31, 2024, and are included in the Company’s Consolidated Statement of Income. Pre-tax net income for Summit only includes income and expense that are still being recorded on Summit’s core operating system. As the Company is merging data and processes, certain legacy Summit expenses, including occupancy and salaries, are now merged within the Company’s core system. Merger-related costs of $36.5 million are included in non-interest expense in the Company’s income statement for the year ended, December 31, 2024. A portion of these merger-related costs is captured in Other Operating Non-Interest Expense as further description in Note 20 - Other Operating Expense and an additional $19.5 million of such merger-related costs is captured in Salaries and Wages, Pensions and Other Employee Benefits, Occupancy, and Equipment rentals, depreciation and maintenance. These costs captured in those line items represent change-in-control payments, acceleration of benefit due to the change-in-control, software breakage, and other lease breakage fees. The fair value of the common shares issued as part of the consideration paid for Summit was determined in the basis of the closing price of the Company’s common shares on the date of completion of the Merger.

We accounted for the Merger using the acquisition method of accounting in accordance with ASC 805, Business Combinations, and accordingly, the assets and liabilities of Summit were recorded at their respective fair values on the date of completion of the Merger. The fair values of assets and liabilities are subject to refinement for up to one year after the acquisition date if any additional information relative to the acquisition date fair values becomes available. We recognized goodwill of $32.8 million in connection with the acquisition, which is not amortized for financial reporting purposes, but is subject to annual impairment testing. The goodwill arising from

the transaction is not deductible for tax purposes and consisted largely of synergies and the cost savings resulting from the combining of the operations of the companies.

The core deposit intangible represents the value of long-term deposit relationships acquired in this transaction and will be amortized over an estimated weighted average life of 7 years using an accelerated method which approximates the estimated run-off of the acquired deposits. The fair value of intangible assets related to core deposits was $68.8 million on the date of acquisition.

The fair value of purchased financial assets with credit deterioration was $380.8 million on the date of the acquisition. The gross contractual amounts receivable relating to the purchased financial assets with credit deterioration was $442.3 million. The Company estimates, on the date of the acquisition, that $23.9 million of the contractual cash flows specific to the purchased financial assets with credit deterioration will not be collected.

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


	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

Post Merger, all of the securities, held-to-maturity were reclassified as available-for-sale.

The following table presents supplemental pro forma information as if the Merger had occurred on January 1, 2024 and on January 1, 2023. The unaudited pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, depreciation expense on property acquired, interest expense on deposits acquired, and the related income tax effects. 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

Regulatory Capital Matters

12 Months Ended

Dec. 31, 2024

Regulatory Capital Requirements under Banking Regulations [Abstract]

Regulatory Capital Matters

Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, “prompt corrective action” regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Under the Basel III Framework, an entity must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The net unrealized gain or loss on AFS securities is not included in computing regulatory capital. Management believes as of December 31, 2024, the Company and the Bank meet all capital adequacy requirements to which they are subject.

“Prompt corrective action” regulations provide five classifications: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized,” and “critically undercapitalized,” although these terms are not used to represent overall financial condition. If “adequately capitalized,” regulatory approval is required to accept brokered deposits. If “undercapitalized,” capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. As of December 31, 2024, and December 31, 2023, the most recent notification from the FDIC categorized the Bank as “well capitalized” under the regulatory framework for “prompt corrective action.”

The table below presents the actual and required capital amounts and ratios for the Company and the Bank at December 31, 2024, and December 31, 2023 (in thousands except for ratios).


	Actual				Minimum Required Capital - Basel III			Minimum Required to be Well Capitalized
	Amount		Ratio		Amount		Ratio	Amount		Ratio
As of December 31, 2024
Total Capital to risk-weighted assets
Consolidated	$	930,753	14.57	%	$	670,590	≥ 10.5%	$	638,658	N/A
Burke & Herbert Bank & Trust	919,843		14.41		670,028		≥ 10.5	638,122		≥ 10.0
Tier 1 (Core) Capital to risk-weighted assets
Consolidated	763,842		11.96		542,859		≥ 8.5	510,926		N/A
Burke & Herbert Bank & Trust	847,804		13.29		542,404		≥ 8.5	510,498		≥ 8.0
Common Tier 1 (CET 1) to risk-weighted assets
Consolidated	736,416		11.53		447,060		≥ 7.0	415,127		N/A
Burke & Herbert Bank & Trust	847,804		13.29		446,686		≥ 7.0	414,779		≥ 6.5
Tier 1 (Core) Capital to average assets (leverage ratio)
Consolidated	736,416		9.80		311,904		≥ 4.0	389,880		N/A
Burke & Herbert Bank & Trust	847,804		10.88		311,616		≥ 4.0	389,520		≥ 5.0


As of December 31, 2023
Total Capital to risk-weighted assets
Consolidated	$	443,799	17.88	%	$	260,694	≥ 10.5%	$	248,280	N/A
Burke & Herbert Bank & Trust	442,414		17.82		260,626		≥ 10.5	248,215		≥ 10.0
Tier 1 (Core) Capital to risk-weighted assets
Consolidated	418,244		16.85		211,038		≥ 8.5	198,624		N/A
Burke & Herbert Bank & Trust	416,859		16.79		210,983		≥ 8.5	198,572		≥ 8.0
Common Tier 1 (CET 1) to risk-weighted assets
Consolidated	418,244		16.85		173,796		≥ 7.0	161,382		N/A
Burke & Herbert Bank & Trust	416,859		16.79		173,751		≥ 7.0	161,340		≥ 6.5
Tier 1 (Core) Capital to average assets (leverage ratio)
Consolidated	418,244		11.31		147,965		≥ 4.0	184,957		N/A
Burke & Herbert Bank & Trust	416,859		11.27		147,986		≥4.0	184,982		≥5.0

The Company’s principal source of funds for dividend payments is dividends received from the Bank. Banking regulations limit the amount of dividends that may be paid without prior approval of regulatory agencies. As of December 31, 2024, approximately $249.7 million of retained earnings was available for dividend declaration consistent with the Company’s capital plan.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Nature of Business Activities and Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Nature of Business Activities and Significant Accounting Policies

Nature of operations and principles of consolidation

Burke & Herbert was organized as a Virginia corporation in 2022 to serve as the holding company for the Bank. Burke & Herbert became a bank holding company when it commenced operations on October 1, 2022, following a reorganization transaction in which it acquired control of the Bank under the BHCA. This transaction was treated as an internal reorganization as all shareholders of the Bank became shareholders of Burke & Herbert. Burke & Herbert has no material operations other than owning the Bank. In September 2023, the Burke & Herbert elected to become a financial holding company under the BHCA. As a financial holding company of a Virginia state bank, Burke & Herbert is subject to regulation, supervision, and examination by the Federal Reserve and the Virginia BFI. The Bank is a Virginia chartered commercial bank that commenced operations in 1852. The Bank became a member of the Federal Reserve System on December 31, 2024. The Bank is subject to regulation, supervision, and examination by the Federal Reserve (through the Federal Reserve Bank of Richmond) and the Virginia BFI.

The Bank’s primary market area includes northern Virginia and West Virginia, and it has over 77 branches and commercial loan offices across Delaware, Kentucky, Maryland, Virginia, and West Virginia. The Company’s branch locations accept business and consumer deposits from a diverse customer base. The Company’s deposit products include checking, savings, and term certificate accounts. The Company’s loan portfolio includes commercial and consumer loans, a substantial portion of which are secured by real estate.

Merger with Summit Financial Group, Inc.

Effective on the Closing Date, Burke & Herbert completed the Merger with Summit, pursuant to the August 24, 2023 Merger Agreement.

Pursuant to the Merger Agreement, on the Closing Date, (i) Summit merged with and into Burke & Herbert with Burke & Herbert as the surviving entity, and (ii) immediately following the Merger, SCB merged with and into the Bank, with the Bank as the surviving bank.

In the Merger, holders of Summit common stock outstanding at the effective time of the Merger received 0.5043 shares of Burke & Herbert Common Stock for each share of Summit common stock they owned, subject to the payment of cash in lieu of fractional shares. The total aggregate consideration payable in the Merger was approximately 7,405,772 shares of Burke & Herbert Common Stock. Additionally, each share of the Summit Series 2021 Preferred Stock issued and outstanding was converted into the right to receive a share of the newly created Burke & Herbert Series 2021 Preferred Stock. Summit’s results of operations are included from the Closing Date forward.

Use of estimates

Cash, cash equivalents, and cash flows

Restriction on cash

No reserve balances were required at December 31, 2024, and December 31, 2023. There was no reserve requirement with the Federal Reserve as of December 31, 2024, or December 31, 2023.

Debt securities

Allowance for credit losses (“ACL”) - available-for-sale debt securities

Accrued interest receivable on AFS debt securities totaled $10.3 million at December 31, 2024, and is excluded from the estimate of credit losses.

Equity securities

Loan commitments and related financial instruments

Loans held-for-sale

Mortgage banking derivatives

Derivatives

probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended.

Loans

Concentration of credit risk

Allowance for credit losses - loans

recoveries of previous losses, and is increased or decreased by a provision for (or recapture of) credit losses, which is recorded in the Consolidated Statements of Income.

•Nature and volume of loans;

•Concentrations of credit; and

•Delinquency trends.

management does not adjust the effective interest rate used to discount cash flows to incorporate expected prepayments.

Allowance for credit losses - off-balance sheet credit exposures

Purchased credit deteriorated (PCD) loans

Premises and equipment

Company-owned life insurance

Transfers of financial assets

Other real estate owned (OREO)

Income taxes

The Company recognizes interest and penalties on income taxes as a component of income tax expense.

Pension plan

401(k) plan & other plans

Earnings per common share

Trust assets and fees

Loss contingencies

Comprehensive income (loss)

Leases

Fair value of financial instruments

prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates.

Goodwill and other intangible assets

Share-based compensation

Operating segment reporting

Reclassifications

Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholder’s equity.

Adoption of new accounting standards

disclosure requirements. The purpose of the amendments is to enable “investors to better understand an entity’s overall performance” and assess “potential future cash flows.”


	January 1, 2023
	Reserves under Incurred Loss Model		Reserves under CECL Model		Impact of CECL Adoption
Financial Assets:
Commercial real estate	$	15,477	$	18,163	$	2,686
Owner-occupied commercial real estate	635		629		(6)
Acquisition, construction & development	2,082		1,442		(640)
Commercial & industrial	438		675		237
Single family residential (1-4 units)	2,379		4,040		1,661
Consumer non-real estate and other	28		215		187
Unallocated reserve	—		—		—
Allowance for credit losses on loans	$	21,039	$	25,164	$	4,125
Financial Liabilities:
Allowance for credit losses on off-balance sheet credit exposure	$	—	$	275	$	275

the timing and amount of cash flows. ASU 2022-01 renames that method the portfolio layer method. ASU 2022-01 was effective January 1, 2023.

Newly issued not yet adopted accounting standards

retrospective or retrospective) or apply a prospective approach. We do not expect the adoption of ASU 2023-02 to have a material impact on our consolidated financial statements.

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Accounting policies for segments are the same as those described in Note 1. Segment performance is evaluated using consolidated net income. The Company operates in one segment – Community Banking and the financial performance of this one segment is used to make resource allocations and performance decisions. The Company’s Chief Executive Officer is in charge of allocating the Company’s resources and assessing performance, and has been identified as the chief operating decision maker. While the chief decision-maker monitors the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Individual operating results are not reviewed by senior management to make resource allocation or performance decisions. Therefore, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Net Income	$ 35,708	$ 22,692	$ 44,013
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets	5,865	2,872	3,053
Amortization of other intangible assets	11,542	0	0
Amortization on assumed liabilities	10,172	0	0
Accretion income related to acquired loans	(40,876)	0	0
Amortization of housing tax credits	5,432	5,591	6,147
Realized (gain) loss on sales of available-for-sale securities	(1,357)	112	454
Realized (gain) on sales of OREO property	(172)	0	0
Provision for (recapture of) credit losses	24,220	214	(7,466)
Income from company-owned life insurance	(4,686)	(2,844)	(2,656)
Deferred tax expense (benefit)	(1,507)	(1,453)	1,397
(Gain) loss on disposal of fixed assets	2,177	37	(4,533)
Accretion of securities	(3,746)	(1,615)	(1,622)
Amortization of securities	9,496	9,161	11,117
Share-based compensation expense	2,879	2,464	2,000
Repayment of operating lease liabilities	(2,705)	(3,137)	(2,330)
(Gain) on loans held-for-sale	(484)	(138)	(58)
Proceeds from sales of loans held-for-sale	37,099	14,205	9,585
Change in fair value of loans held-for-sale	28	(28)	23
Originations of loans held-for-sale	(37,477)	(15,536)	(2,300)
(Increase) decrease in accrued interest receivable	3,030	(414)	(228)
(Increase) decrease in other assets	(32,499)	3,851	501
Increase in accrued interest payable and other liabilities	63,660	6,475	3,960
Net cash flows provided by operating activities	85,799	42,509	61,057
Cash Flows from Investing Activities
Proceeds from maturities, prepayments, and calls of securities available-for-sale, net	257,877	112,025	213,596
Proceeds from sales of securities available-for-sale, net	372,370	77,780	195,907
Purchases of securities available-for-sale, net	(622,760)	(33,221)	(367,615)
Net cash from merger	52,607	0	0
Sales of restricted stock	40,572	29,880	22,718
Purchases of restricted stock	(67,683)	(19,402)	(27,081)
Proceeds from sales of OREO properties	758	0	0
Proceeds from sales of property and equipment	0	3,383	8,260
Purchases of property and equipment, net of disposals	(4,567)	(14,249)	(23,075)
Proceeds from company-owned life insurance	2,213	1,171	1,231
(Increase) decrease in loans made to customers, net	92,170	(200,535)	(151,352)
Net cash flows provided by (used in) investing activities	123,557	(43,168)	(127,411)
Cash Flows from Financing Activities
Net increase (decrease) in non-interest-bearing accounts	(27,493)	(130,372)	29,845
Net increase (decrease) in interest-bearing accounts	(158,696)	211,853	(42,862)
Increase (decrease) in other short-term borrowings	93,000	(71,100)	68,100
Repayment of finance lease liabilities	(216)	(119)	(152)
Proceeds from employee stock purchase program	259	206	0
Cash dividends paid	(28,636)	(15,747)	(15,742)
Issuance of common stock	3,242	0	0
Treasury stock transactions	0	141	97
Net cash flows provided by (used in) financing activities	(118,540)	(5,138)	39,286
(Decrease) increase in cash and cash equivalents	90,816	(5,797)	(27,068)
Cash and cash equivalents
Beginning of year	44,498	50,295	77,363
End of year	135,314	44,498	50,295
Cash payments for:
Interest paid to depositors	114,741	37,573	3,411
Interest paid on short-term borrowings	17,049	7,975	4,324
Interest paid on subordinated debt and trust preferred securities	7,412	0	0
Interest paid on finance lease	110	86	63
Income taxes	1,975	1,570	950
Change in unrealized gains on available-for-sale securities	8,275	41,415	(182,088)
Change in pension plan benefits	1,518	1,628	(1,280)
Lease liability arising from obtaining right-of-use assets	12,329	1,214	1,558
Premises & equipment transferred to property held-for-sale	0	0	3,449
Transfers from portfolio loans to loans held-for-sale	0	0	19,594
Financing of sale from loans held-for-sale	0	0	9,000
Common stock issued for merger, net	387,032	0	0
Preferred stock issued for merger, net	10,413	0	0
Fair value of assets purchased in merger	4,503,102	0	0
Fair value of liabilities assumed in merger	$ 4,138,440	$ 0	$ 0

Securities (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Debt Securities, Available-for-Sale

The carrying amount of available-for-sale securities and their approximate fair values at December 31, 2024, and December 31, 2023, are summarized as follows (in thousands):


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	165,619	$	—	$	16,492	$	149,127
Obligations of states and municipalities	777,181		846		79,303		698,724
Residential mortgage backed — agency	57,244		121		4,179		53,186
Residential mortgage backed — non-agency	259,964		44		12,132		247,876
Commercial mortgage backed — agency	33,791		27		747		33,071
Commercial mortgage backed — non-agency	158,621		2		4,112		154,511
Asset-backed	64,308		316		568		64,056
Other	32,861		302		1,343		31,820
Total	$	1,549,589	$	1,658	$	118,876	$	1,432,371


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	197,026	$	—	$	17,955	$	179,071
Obligations of states and municipalities	535,229		21		72,047		463,203
Residential mortgage backed — agency	47,074		—		4,836		42,238
Residential mortgage backed — non-agency	284,826		17		18,812		266,031
Commercial mortgage backed — agency	36,151		28		1,294		34,885
Commercial mortgage backed — non-agency	183,454		—		6,393		177,061
Asset-backed	79,315		23		1,402		77,936
Other	9,500		—		1,486		8,014
Total	$	1,372,575	$	89	$	124,225	$	1,248,439

The maturities of securities available-for-sale at December 31, 2024, were as follows (in thousands): (Expected maturities of securities not due at a single maturity date are based on average life at estimated prepayment speed. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay some obligations with or without call or prepayment penalties).


	December 31, 2024
	Amortized Cost
	One Year or Less		One to Five Years		Five to Ten Years		After Ten Years		Total
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	5,110	$	160,509	$	—	$	—	$	165,619
Obligations of states and municipalities	—		154,071		369,063		254,047		777,181
Residential mortgage backed - agency	—		18,778		28,045		10,421		57,244
Residential mortgage backed - non-agency	21,789		80,363		128,978		28,834		259,964
Commercial mortgage backed - agency	94		26,500		7,197		—		33,791
Commercial mortgage backed - non-agency	86,629		47,211		24,781		—		158,621
Asset-backed	9,070		30,463		24,775		—		64,308
Other	—		2,752		15,688		14,421		32,861
Total	$	122,692	$	520,647	$	598,527	$	307,723	$	1,549,589


	December 31, 2024
	Fair Value
	One Year or Less		One to Five Years		Five to Ten Years		After Ten Years		Total
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	4,924	$	144,203	$	—	$	—	$	149,127
Obligations of states and municipalities	—		147,857		328,969		221,898		698,724
Residential mortgage backed - agency	—		18,440		24,214		10,532		53,186
Residential mortgage backed - non-agency	21,688		75,622		122,710		27,856		247,876
Commercial mortgage backed - agency	94		25,936		7,041		—		33,071
Commercial mortgage backed - non-agency	85,667		45,408		23,436		—		154,511
Asset-backed	9,062		30,361		24,633		—		64,056
Other	—		2,881		14,601		14,338		31,820
Total	$	121,435	$	490,708	$	545,604	$	274,624	$	1,432,371

Schedule of Realized Gain (Loss)

The proceeds from sales, calls and maturities, and principal payments received of debt securities available-for-sale, and the related gross gains and losses realized for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, were as follows (in thousands):


	Proceeds from						Gross realized
For the year ended December 31,	Sales		Calls and maturities		Principal Payments		Gains		Losses
2024	$	372,370	$	46,434	$	211,443	$	3,381	$	2,024
2023	77,780		1,797		110,228		772		884
2022	195,907		59,352		154,244		1,512		1,966

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

Available-for-sale securities in a continuous unrealized loss position for less than twelve months and more than twelve months are as follows (in thousands):


	December 31, 2024
	Less Than Twelve Months				More Than Twelve Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Unrealized Losses
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	—	$	—	$	149,127	$	16,492	$	16,492
Obligations of states and municipalities	181,027		5,338		433,488		73,965		79,303
Residential mortgage backed - agency	203		2		42,233		4,177		4,179
Residential mortgage backed - non-agency	110,191		1,911		134,727		10,221		12,132
Commercial mortgage backed - agency	3,412		29		28,885		718		747
Commercial mortgage backed - non-agency	30,064		523		108,761		3,589		4,112
Asset-backed	4,140		4		29,243		564		568
Other	15,123		138		8,295		1,205		1,343
Total	$	344,160	$	7,945	$	934,759	$	110,931	$	118,876


	December 31, 2023
	Less Than Twelve Months				More Than Twelve Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Unrealized Losses
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	—	$	—	$	179,071	$	17,955	$	17,955
Obligations of states and municipalities	501		14		458,113		72,033		72,047
Residential mortgage backed - agency	36		—		42,203		4,836		4,836
Residential mortgage backed - non-agency	632		2		263,184		18,810		18,812
Commercial mortgage backed - agency	—		—		34,080		1,294		1,294
Commercial mortgage backed - non-agency	23,437		254		153,625		6,139		6,393
Asset-backed	3,721		9		56,106		1,393		1,402
Other	—		—		8,014		1,486		1,486
Total	$	28,327	$	279	$	1,194,396	$	123,946	$	124,225

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Fair Value Measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned	$ 2,783	$ 0
Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned	2,783	0
Level 3 \| Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned	2,783	0
Level 3 \| Nonrecurring \| Appraisal of collateral
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	4,021	$ 0
Other real estate owned	$ 2,783
Level 3 \| Nonrecurring \| Valuation Technique, Appraisal of Collateral for Liquidity \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans, measurement input	0.050	0.050
Other real estate owned, measurement input	0.050
Level 3 \| Nonrecurring \| Valuation Technique, Appraisal of Collateral for Liquidity \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans, measurement input	0.200	0.200
Other real estate owned, measurement input	0.200
Level 3 \| Nonrecurring \| Valuation Technique, Appraisal of Collateral for Selling Costs \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans, measurement input	0.060	0.060
Other real estate owned, measurement input	0.060
Level 3 \| Nonrecurring \| Valuation Technique, Appraisal of Collateral for Selling Costs \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Individually evaluated loans, measurement input	0.080	0.080
Other real estate owned, measurement input	0.080

Fair Value Measurements - Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial Assets
Cash and Due from Banks	$ 35,554	$ 8,896
Financial liabilities
Subordinated debentures, net	94,872	0
Subordinated debentures owed to unconsolidated subsidiary trusts	17,013	0
Carrying Amount
Financial Assets
Cash and Due from Banks	35,554	8,896
Loans, net	5,604,196	2,062,455
Accrued interest	34,454	15,895
Financial liabilities
Short-term borrowings	365,000	272,000
Subordinated debentures, net	94,872
Subordinated debentures owed to unconsolidated subsidiary trusts	17,013
Accrued interest	6,157	8,954
Carrying Amount \| Non-interest-bearing
Financial liabilities
Deposit liabilities	1,379,940	830,320
Carrying Amount \| Interest-bearing
Financial liabilities
Deposit liabilities	5,135,299	2,171,561
Carrying Amount \| Bank Time Deposits
Financial Assets
Interest-bearing deposits with banks	99,760	35,602
Fair Value Amount
Financial Assets
Cash and Due from Banks	35,554	8,896
Loans, net	5,465,772	1,897,459
Accrued interest	34,454	15,895
Financial liabilities
Short-term borrowings	364,985	271,716
Subordinated debentures, net	91,760
Subordinated debentures owed to unconsolidated subsidiary trusts	14,587
Accrued interest	6,157	8,954
Fair Value Amount \| Non-interest-bearing
Financial liabilities
Deposit liabilities	1,379,940	830,320
Fair Value Amount \| Interest-bearing
Financial liabilities
Deposit liabilities	5,126,423	2,167,218
Fair Value Amount \| Bank Time Deposits
Financial Assets
Interest-bearing deposits with banks	99,760	35,602
Fair Value Amount \| Level 1
Financial Assets
Cash and Due from Banks	35,554	8,896
Loans, net	0	0
Accrued interest	0	0
Financial liabilities
Short-term borrowings	0	0
Subordinated debentures, net	0
Subordinated debentures owed to unconsolidated subsidiary trusts	0
Accrued interest	0	0
Fair Value Amount \| Level 1 \| Non-interest-bearing
Financial liabilities
Deposit liabilities	0	0
Fair Value Amount \| Level 1 \| Interest-bearing
Financial liabilities
Deposit liabilities	0	0
Fair Value Amount \| Level 1 \| Bank Time Deposits
Financial Assets
Interest-bearing deposits with banks	99,760	35,602
Fair Value Amount \| Level 2
Financial Assets
Cash and Due from Banks	0	0
Loans, net	0	0
Accrued interest	34,454	15,895
Financial liabilities
Short-term borrowings	364,985	271,716
Subordinated debentures, net	91,760
Subordinated debentures owed to unconsolidated subsidiary trusts	14,587
Accrued interest	6,157	8,954
Fair Value Amount \| Level 2 \| Non-interest-bearing
Financial liabilities
Deposit liabilities	1,379,940	830,320
Fair Value Amount \| Level 2 \| Interest-bearing
Financial liabilities
Deposit liabilities	5,126,423	2,167,218
Fair Value Amount \| Level 2 \| Bank Time Deposits
Financial Assets
Interest-bearing deposits with banks	0	0
Fair Value Amount \| Level 3
Financial Assets
Cash and Due from Banks	0	0
Loans, net	5,465,772	1,897,459
Accrued interest	0	0
Financial liabilities
Short-term borrowings	0	0
Subordinated debentures, net	0
Subordinated debentures owed to unconsolidated subsidiary trusts	0
Accrued interest	0	0
Fair Value Amount \| Level 3 \| Non-interest-bearing
Financial liabilities
Deposit liabilities	0	0
Fair Value Amount \| Level 3 \| Interest-bearing
Financial liabilities
Deposit liabilities	0	0
Fair Value Amount \| Level 3 \| Bank Time Deposits
Financial Assets
Interest-bearing deposits with banks	$ 0	$ 0

Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) reclassified from AOCI into income and income included component	$ 2,183	$ (1,749)	$ (167)
Interest Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded.	(451)	(895)	(167)
Interest Income \| Interest contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedging items	160	(1,025)	0
Derivatives designated as hedging instruments	0	1,879	0
Amount of gain or (loss) reclassified from AOCI into income and income included component	(611)	(1,749)	(167)
Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component	0	0	0
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded.	2,794	0	0
Interest Expense \| Interest contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedging items	0	0	0
Derivatives designated as hedging instruments	0	0	0
Amount of gain or (loss) reclassified from AOCI into income and income included component	2,794	0	0
Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component	$ 0	$ 0	$ 0

Securities - Schedule of Expected Maturity for Debt Securities, Available-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amortized Cost
One Year or Less	$ 122,692
One to Five Years	520,647
Five to Ten Years	598,527
After Ten Years	307,723
Total	1,549,589	$ 1,372,575
Fair Value
One Year or Less	121,435
One to Five Years	490,708
Five to Ten Years	545,604
After Ten Years	274,624
Total	1,432,371	1,248,439
U.S. Treasuries and government agencies
Amortized Cost
One Year or Less	5,110
One to Five Years	160,509
Five to Ten Years	0
After Ten Years	0
Total	165,619	197,026
Fair Value
One Year or Less	4,924
One to Five Years	144,203
Five to Ten Years	0
After Ten Years	0
Total	149,127	179,071
Obligations of states and municipalities
Amortized Cost
One Year or Less	0
One to Five Years	154,071
Five to Ten Years	369,063
After Ten Years	254,047
Total	777,181	535,229
Fair Value
One Year or Less	0
One to Five Years	147,857
Five to Ten Years	328,969
After Ten Years	221,898
Total	698,724	463,203
Residential mortgage backed - agency
Amortized Cost
One Year or Less	0
One to Five Years	18,778
Five to Ten Years	28,045
After Ten Years	10,421
Total	57,244	47,074
Fair Value
One Year or Less	0
One to Five Years	18,440
Five to Ten Years	24,214
After Ten Years	10,532
Total	53,186	42,238
Residential mortgage backed - non-agency
Amortized Cost
One Year or Less	21,789
One to Five Years	80,363
Five to Ten Years	128,978
After Ten Years	28,834
Total	259,964	284,826
Fair Value
One Year or Less	21,688
One to Five Years	75,622
Five to Ten Years	122,710
After Ten Years	27,856
Total	247,876	266,031
Commercial mortgage backed - agency
Amortized Cost
One Year or Less	94
One to Five Years	26,500
Five to Ten Years	7,197
After Ten Years	0
Total	33,791	36,151
Fair Value
One Year or Less	94
One to Five Years	25,936
Five to Ten Years	7,041
After Ten Years	0
Total	33,071	34,885
Commercial mortgage backed - non-agency
Amortized Cost
One Year or Less	86,629
One to Five Years	47,211
Five to Ten Years	24,781
After Ten Years	0
Total	158,621	183,454
Fair Value
One Year or Less	85,667
One to Five Years	45,408
Five to Ten Years	23,436
After Ten Years	0
Total	154,511	177,061
Asset-backed
Amortized Cost
One Year or Less	9,070
One to Five Years	30,463
Five to Ten Years	24,775
After Ten Years	0
Total	64,308	79,315
Fair Value
One Year or Less	9,062
One to Five Years	30,361
Five to Ten Years	24,633
After Ten Years	0
Total	64,056	77,936
Other
Amortized Cost
One Year or Less	0
One to Five Years	2,752
Five to Ten Years	15,688
After Ten Years	14,421
Total	32,861	9,500
Fair Value
One Year or Less	0
One to Five Years	2,881
Five to Ten Years	14,601
After Ten Years	14,338
Total	$ 31,820	$ 8,014

Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest income	$ 366,161	$ 146,896	$ 112,633
Interest expense	140,376	53,137	8,941
Pensions and other employee benefits	17,186	9,401	7,700
Income tax expense (benefit)	(4,190)	(2,369)	(8,286)
Net income	35,708	22,692	44,013
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	1,680	(3,566)	520
Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest income	(611)	(1,749)	(167)
Interest expense	2,794	0	0
Income tax expense (benefit)	(502)	367	35
Net income	1,681	(1,382)	(132)
Reclassification out of Accumulated Other Comprehensive Income \| Available-for-sale securities:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest income	160	(1,025)	0
Net gains/(losses) on securities	1,357	(112)	(454)
Income tax expense (benefit)	(349)	239	95
Net income	1,168	(898)	(359)
Reclassification out of Accumulated Other Comprehensive Income \| Defined benefit pension plan:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pensions and other employee benefits	(1,518)	(1,628)	1,280
Income tax expense (benefit)	349	342	(269)
Net income	$ (1,169)	$ (1,286)	$ 1,011

Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Aggregate Loan Balances with Related Parties

Aggregate loan balances with related parties were as follows (in thousands):


	December 31, 2024
Balance, beginning	$	124,414
New loans	1,040
Effect of changes in composition of related parties	32,075
Repayments	(237)
Balance, ending	$	157,293

Loans

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Loans

The Company’s loan portfolio segments, as reported in the tables below, include (i) commercial real estate, (ii) owner-occupied commercial real estate, (iii) acquisition, construction & development, (iv) commercial & industrial, (v) single family residential (1-4 units), and (vi) consumer non-real estate and other. The risks associated with lending activities differ among the various loan segments and are subject to the impact of changes in interest rates, market conditions of collateral securing the loans, and general economic conditions.

•Commercial real estate loans carry risk associated with either the net operating income generated from the lease of the real estate collateral or income generated from the sale of the collateral. Other risk factors include the credit-worthiness of the sponsor and the value of the collateral.

•Owner-occupied commercial real estate loans carry risk associated with the operations of the business that occupies the property and the value of the collateral.

•Acquisition, construction & development loans carry risk associated with the credit-worthiness of the borrower, project completion within budget, sale after completion, and the value of the collateral.

•Commercial & industrial loans carry the risk associated with the operations of the business and the value of the collateral, if any.

•Single family residential (1-4 units) loans for consumer purposes carry risk associated with the continued credit-worthiness of the borrower and the value of the collateral. Single family residential (1-4 units) loans for investment purpose carry risk associated with the continued credit-worthiness of the borrower, the value of the collateral, and either the net operating income generated from the lease of the real estate collateral or income generated from the sale of the collateral.

•Consumer non-real estate and other loans, which includes overdrafts, carry risk associated with the credit-worthiness of the borrower and the value of the collateral, if any.

Loans at year-end by portfolio segment were as follows (in thousands):


	December 31, 2024		December 31, 2023
Commercial real estate	$	2,637,802	$	1,309,084
Owner-occupied commercial real estate	614,362		131,381
Acquisition, construction & development	465,537		49,091
Commercial & industrial	613,085		67,847
Single family residential (1-4 units)	1,173,749		527,980
Consumer non-real estate and other	167,701		2,373
Loans, gross	5,672,236		2,087,756
Allowance for credit losses	(68,040)		(25,301)
Loans, net	$	5,604,196	$	2,062,455

Net deferred loan fees included in the above loan categories totaled $4.4 million and $3.5 million at December 31, 2024, and December 31, 2023, respectively.

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2024

Credit Loss [Abstract]

Schedule of Financing Receivable, Allowance for Credit Loss

The following tables present the activity in the ACL for the year ended December 31, 2024, including the impact of the allowance established for PCD loans, the activity in the ACL including the impact of the adoption of

CECL for the year ended December 31, 2023, and the activity in the ACL for the year ended December 31, 2022 (in thousands).


	Commercial real estate		Owner-occupied commercial real estate		Acquisition, construction & development		Commercial & industrial		Single family residential (1-4 units)		Consumer non-real estate and other		Unallocated		Total
December 31, 2024
Beginning balance, prior to adoption of CECL	$	20,633	$	783	$	368	$	645	$	2,797	$	75	$	—	$	25,301
Allowance established for acquired PCD loans	7,503		1,931		5,968		5,684		2,608		216		—		23,910
Provision for (recapture of) credit losses	2,675		547		11,050		566		4,465		1,172		—		20,475
Charge-offs	(382)		—		—		(301)		(190)		(934)		—		(1,807)
Recoveries	15		—		—		39		83		24		—		161
Balance, end of period	$	30,444	$	3,261	$	17,386	$	6,633	$	9,763	$	553	$	—	$	68,040

	Commercial real estate		Owner-occupied commercial real estate		Acquisition, construction & development		Commercial & industrial		Single family residential (1-4 units)		Consumer non-real estate and other		Unallocated		Total
December 31, 2023
Balance, beginning of period	$	15,477	$	635	$	2,082	$	438	$	2,379	$	28	$	—	$	21,039
Impact of adoption CECL	2,686		(6)		(640)		237		1,661		187		—		4,125
Provision for (recapture of) credit losses	2,432		154		(1,074)		(1)		(1,295)		19		—		235
Charge-offs	—		—		—		(29)		—		(165)		—		(194)
Recoveries	38		—		—		—		52		6		—		96
Balance, end of period	$	20,633	$	783	$	368	$	645	$	2,797	$	75	$	—	$	25,301

	Commercial real estate		Owner-occupied commercial real estate		Acquisition, construction & development		Commercial & industrial		Single family residential (1-4 units)		Consumer non-real estate and other		Unallocated		Total
December 31, 2022
Balance, beginning of period	$	25,112	$	611	$	2,189	$	165	$	2,434	$	18	$	1,180	$	31,709
Provision for (recapture of) loan losses	(6,391)		24		(107)		293		(239)		134		(1,180)		(7,466)
Charge-offs	(3,282)		—		—		(20)		—		(148)		—		(3,450)
Recoveries	38		—		—		—		184		24		—		246
Balance, end of period	$	15,477	$	635	$	2,082	$	438	$	2,379	$	28	$	—	$	21,039

The following tables present information about collateral-dependent loans that were individually evaluated for purposes of determining the ACL as of December 31, 2024 and December 31, 2023 (in thousands).


	Collateral Dependent Loans
	With Allowance				With No Related Allowance		Total
	Amortized Cost		Related Allowance		Amortized Cost		Amortized Cost		Related Allowance
December 31, 2024
Commercial real estate	$	7,459	$	4,791	$	12,439	$	19,898	$	4,791
Owner-occupied commercial real estate	—		—		1,833		1,833		—
Acquisition, construction & development	535		303		369		904		303
Commercial & industrial	983		734		348		1,331		734
Single family residential (1-4 units)	898		26		3,408		4,306		26
Consumer non-real estate and other	—		—		—		—		—
Total	$	9,875	$	5,854	$	18,397	$	28,272	$	5,854


	Collateral Dependent Loans
	With Allowance				With No Related Allowance		Total
	Amortized Cost		Related Allowance		Amortized Cost		Amortized Cost		Related Allowance
December 31, 2023
Commercial real estate	$	—	$	—	$	—	$	—	$	—
Owner-occupied commercial real estate	—		—		1,000		1,000		—
Acquisition, construction & development	—		—		—		—		—
Commercial & industrial	—		—		—		—		—
Single family residential (1-4 units)	—		—		2,744		2,744		—
Consumer non-real estate and other	—		—		—		—		—
Total	$	—	$	—	$	3,744	$	3,744	$	—

Schedule of Financing Receivable, Past Due

The recorded investment in loans excludes accrued interest receivable and loan origination fees, net due to immateriality. The following table presents the aging of the recorded investment in past due loans as of December 31, 2024, and December 31, 2023, by portfolio segment (in thousands).


	December 31, 2024
	30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total Past Due		Current Loans		Total Loans		90 Days Past Due & Still Accruing		Non-accrual loans
Commercial real estate	$	10,974	$	—	$	8,440	$	19,414	$	2,618,388	$	2,637,802	$	—	$	19,183
Owner-occupied commercial real estate	1,160		1,636		5,240		8,036		606,326		614,362		307		5,760
Acquisition, construction & development	5,210		38		1,243		6,491		459,046		465,537		812		1,098
Commercial & industrial	1,654		1,594		1,469		4,717		608,368		613,085		350		1,757
Single family residential (1-4 units)	20,724		4,379		3,420		28,523		1,145,226		1,173,749		1,012		7,857
Consumer non-real estate and other	637		300		195		1,132		166,569		167,701		16		216
Total	$	40,359	$	7,947	$	20,007	$	68,313	$	5,603,923	$	5,672,236	$	2,497	$	35,871

	December 31, 2023
	30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total Past Due		Current Loans		Total Loans		90 Days Past Due & Still Accruing		Non-accrual loans
Commercial real estate	$	10,496	$	—	$	—	$	10,496	$	1,298,588	$	1,309,084	$	—	$	—
Owner-occupied commercial real estate	—		—		790		790		130,591		131,381		—		1,000
Acquisition, construction & development	—		—		—		—		49,091		49,091		—		—
Commercial & industrial	195		364		—		559		67,288		67,847		—		—
Single family residential (1-4 units)	1,657		289		1,532		3,478		524,502		527,980		—		2,744
Consumer non-real estate and other	3		—		—		3		2,370		2,373		—		—
Total	$	12,351	$	653	$	2,322	$	15,326	$	2,072,430	$	2,087,756	$	—	$	3,744

Schedule of Financing Receivable Credit Quality Indicators

The following table presents the amortized cost basis of the loan portfolio by year of origination, loan class, and credit quality, as of December 31, 2024 (in thousands).


	Term Loans
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
Commercial real estate
Pass	$	248,023	$	378,322	$	482,195	$	337,136	$	153,187	$	588,490	$	96,914	$	2,284,267
Special Mention	—		7,148		30,018		52,885		7,154		57,255		28,211		182,671
Substandard	—		2,232		49,752		39,636		2,999		52,740		23,505		170,864
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	248,023	$	387,702	$	561,965	$	429,657	$	163,340	$	698,485	$	148,630	$	2,637,802

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	382	$	—	$	382.00

Owner-occupied commercial real estate
Pass	$	61,433	$	72,571	$	93,941	$	126,700	$	36,197	$	170,809	$	32,452	$	594,103
Special Mention	—		—		—		243		2,729		1,275		—		4,247
Substandard	—		—		5,192		1,496		5,499		3,594		82		15,863
Doubtful	—		—		—		—		—		149		—		149
Loss	—		—		—		—		—		—		—		—
Total	$	61,433	$	72,571	$	99,133	$	128,439	$	44,425	$	175,827	$	32,534	$	614,362

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Acquisition, construction & development
Pass	$	25,461	$	109,751	$	90,652	$	147,702	$	3,564	$	16,312	$	15,107	$	408,549
Special Mention	—		—		—		2,641		142		—		—		2,783
Substandard	—		13,115		4,467		3,326		21,372		63		11,564		53,907
Doubtful	—		—		—		—		—		—		298		298
Loss	—		—		—		—		—		—		—		—
Total	$	25,461	$	122,866	$	95,119	$	153,669	$	25,078	$	16,375	$	26,969	$	465,537

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial & industrial
Pass	$	108,206	$	57,280	$	47,828	$	35,189	$	15,109	$	28,019	$	237,852	$	529,483
Special Mention	365		—		35,237		10,898		1,505		—		16,856		64,861
Substandard	37		285		4,482		618		523		1,029		11,765		18,739
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		2		—		2
Total	$	108,608	$	57,565	$	87,547	$	46,705	$	17,137	$	29,050	$	266,473	$	613,085

Year to date gross charge-offs	$	—	$	10	$	195	$	87	$	—	$	9	$	—	$	301

Single family residential (1-4 units)
Pass	$	88,857	$	152,438	$	201,410	$	142,719	$	77,783	$	332,025	$	170,077	$	1,165,309
Special Mention	—		—		—		—		—		214		174		388


Substandard	—		1,494		800		586		605		3,935		437		7,857
Doubtful	—		—		—		—		—		—		—		—
Loss	93		—		—		—		—		1		101		195
Total	$	88,950	$	153,932	$	202,210	$	143,305	$	78,388	$	336,175	$	170,789	$	1,173,749

Year to date gross charge-offs	$	—	$	39	$	28	$	—	$	—	$	123	$	—	$	190

Consumer non-real estate and other
Pass	$	21,095	$	10,796	$	6,122	$	1,836	$	1,096	$	2,797	$	123,148	$	166,890
Special Mention	15		—		—		—		—		—		—		15
Substandard	363		90		17		—		—		17		—		487
Doubtful	—		—		—		5		3		—		—		8
Loss	289		12		—		—		—		—		—		301
Total	$	21,762	$	10,898	$	6,139	$	1,841	$	1,099	$	2,814	$	123,148	$	167,701

Year to date gross charge-offs	$	468	$	71	$	17	$	1	$	—	$	20	$	357	$	934

Totals	$	554,237	$	805,534	$	1,052,113	$	903,616	$	329,467	$	1,258,726	$	768,543	$	5,672,236

The following table presents the amortized cost basis of the loan portfolio by year of origination, loan class, and credit quality, as of December 31, 2023 (in thousands).


	Term Loans
	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total
Commercial real estate
Pass	$	195,857	$	261,817	$	166,253	$	22,791	$	75,170	$	416,774	$	36,761	$	1,175,423
Special Mention	—		12,235		35,449		—		4,876		—		—		52,560
Substandard	—		15,420		12,847		—		2,209		50,625		—		81,101
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	195,857	$	289,472	$	214,549	$	22,791	$	82,255	$	467,399	$	36,761	$	1,309,084

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Owner-occupied commercial real estate
Pass	$	9,309	$	31,725	$	11,229	$	14,103	$	10,279	$	43,616	$	6,184	$	126,445
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		532		—		—		—		4,404		—		4,936
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	9,309	$	32,257	$	11,229	$	14,103	$	10,279	$	48,020	$	6,184	$	131,381

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Acquisition, construction & development
Pass	$	8,535	$	24,286	$	13,698	$	—	$	728	$	241	$	1,603	$	49,091
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	8,535	$	24,286	$	13,698	$	—	$	728	$	241	$	1,603	$	49,091

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Commercial & industrial
Pass	$	29,111	$	15,204	$	4,344	$	162	$	15	$	1,335	$	16,854	$	67,025
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		822		—		—		—		—		822
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	29,111	$	15,204	$	5,166	$	162	$	15	$	1,335	$	16,854	$	67,847

Year to date gross charge-offs	$	—	$	—	$	—	$	29	$	—	$	—	$	—	$	29

Single family residential (1-4 units)
Pass	$	78,222	$	122,067	$	60,202	$	32,158	$	40,938	$	137,376	$	54,273	$	525,236
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		291		243		—		2,171		39		2,744
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	78,222	$	122,067	$	60,493	$	32,401	$	40,938	$	139,547	$	54,312	$	527,980

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer non-real estate and other
Pass	$	334	$	150	$	43	$	151	$	386	$	325	$	984	$	2,373
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	334	$	150	$	43	$	151	$	386	$	325	$	984	$	2,373

Year to date gross charge-offs	$	—	$	165	$	—	$	—	$	—	$	—	$	—	$	165

Totals	$	321,368	$	483,436	$	305,178	$	69,608	$	134,601	$	656,867	$	116,698	$	2,087,756

Schedule of Purchased Credit Deteriorated Loans

The carrying amount of those loans, at acquisition, is as follows (in thousands):


	Amounts
Purchase price of loans at acquisition	$	380,795
Allowance for credit losses at acquisition	23,910
Non-credit discount/(premium) at acquisition	37,640

Par value of acquired loans at acquisition	$	442,345

Schedule of Real Estate Owned

Real estate owned activity was as follows for the year ended December 31, 2024 (in thousands):


	December 31, 2024
Beginning balance	$	—
Loans acquired/transferred to real estate owned	3,541
Capital expenditures	—
Direct write-downs	—
Sales of real estate owned	(758)

End of period balance	$	2,783

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Provision for credit losses	$ 16,387	$ 5,600
Lease liability	3,914	2,008
Compensation accruals	10,714	1,984
Other accruals	442	27
Partnership investments	2,587	2,264
Purchase accounting adjustments	35,497	0
Unrealized losses on securities available-for-sale	26,627	26,069
Tax credit carryforward	9,777	8,690
OPEB Liability	188	0
Total deferred tax asset	106,133	46,642
Deferred tax liabilities:
Tax over book depreciation	(6,003)	(2,073)
Pension accrual	(458)	(434)
Unrealized gains on interest rate swaps	(833)	(85)
Purchase accounting adjustments	(16,588)	0
Right of use asset	(3,757)	(1,906)
Mortgage servicing rights	(460)	0
Total deferred tax liability	(28,099)	(4,498)
Net deferred tax asset	$ 78,034	$ 42,144

Regulatory Capital Matters - Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Consolidated
Total Capital to risk-weighted assets
Actual Amount	$ 930,753	$ 443,799
Actual Ratio	0.1457	0.1788
Minimum Required for Capital Amount	$ 670,590	$ 260,694
Minimum Required for Capital Ratio	0.105	0.105
Minimum Required to be Well Capitalized Amount	$ 638,658	$ 248,280
Tier 1 (Core) Capital to risk-weighted assets
Actual Amount	$ 763,842	$ 418,244
Actual Ratio	0.1196	0.1685
Minimum Required for Capital Adequacy Purposes (includes applicable capital conservation buffer) Amount	$ 542,859	$ 211,038
Minimum Required for Capital Adequacy Purposes (includes applicable capital conservation buffer) Ratio	0.085	0.085
To Be Well Capitalized Under Prompt Corrective Action Regulations Amount	$ 510,926	$ 198,624
Common Tier 1 (CET 1) to risk-weighted assets
Actual Amount	$ 736,416	$ 418,244
Actual Ratio	0.1153	0.1685
Minimum Required for Capital Adequacy Purposes (includes applicable capital conservation buffer) Amount	$ 447,060	$ 173,796
Minimum Required for Capital Adequacy Purposes (includes applicable capital conservation buffer) Ratio	0.070	0.070
To Be Well Capitalized Under Prompt Corrective Action Regulations Amount	$ 415,127	$ 161,382
Tier 1 (Core) Capital to average assets (leverage ratio)
Actual Amount	$ 736,416	$ 418,244
Actual Ratio	0.0980	0.1131
Minimum Required for Capital Adequacy Purposes (includes applicable capital conservation buffer) Amount	$ 311,904	$ 147,965
Minimum Required for Capital Adequacy Purposes (includes applicable capital conservation buffer) Ratio	0.040	0.040
To Be Well Capitalized Under Prompt Corrective Action Regulations Amount	$ 389,880	$ 184,957
Burke & Herbert Bank & Trust
Total Capital to risk-weighted assets
Actual Amount	$ 919,843	$ 442,414
Actual Ratio	0.1441	0.1782
Minimum Required for Capital Amount	$ 670,028	$ 260,626
Minimum Required for Capital Ratio	0.105	0.105
Minimum Required to be Well Capitalized Amount	$ 638,122	$ 248,215
Minimum Required to be Well Capitalized Ratio	0.100	0.100
Tier 1 (Core) Capital to risk-weighted assets
Actual Amount	$ 847,804	$ 416,859
Actual Ratio	0.1329	0.1679
Minimum Required for Capital Adequacy Purposes (includes applicable capital conservation buffer) Amount	$ 542,404	$ 210,983
Minimum Required for Capital Adequacy Purposes (includes applicable capital conservation buffer) Ratio	0.085	0.085
To Be Well Capitalized Under Prompt Corrective Action Regulations Amount	$ 510,498	$ 198,572
To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio	0.080	0.080
Common Tier 1 (CET 1) to risk-weighted assets
Actual Amount	$ 847,804	$ 416,859
Actual Ratio	0.1329	0.1679
Minimum Required for Capital Adequacy Purposes (includes applicable capital conservation buffer) Amount	$ 446,686	$ 173,751
Minimum Required for Capital Adequacy Purposes (includes applicable capital conservation buffer) Ratio	0.070	0.070
To Be Well Capitalized Under Prompt Corrective Action Regulations Amount	$ 414,779	$ 161,340
To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio	0.065	0.065
Tier 1 (Core) Capital to average assets (leverage ratio)
Actual Amount	$ 847,804	$ 416,859
Actual Ratio	0.1088	0.1127
Minimum Required for Capital Adequacy Purposes (includes applicable capital conservation buffer) Amount	$ 311,616	$ 147,986
Minimum Required for Capital Adequacy Purposes (includes applicable capital conservation buffer) Ratio	0.040	0.040
To Be Well Capitalized Under Prompt Corrective Action Regulations Amount	$ 389,520	$ 184,982
To Be Well Capitalized Under Prompt Corrective Action Regulations Ratio	0.050	0.050

Allowance for Credit Losses - Schedule of Real Estate Owned (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Real Estate Owned [Abstract]
Beginning balance	$ 0
Loans acquired/transferred to real estate owned	3,541
Capital expenditures	0
Direct write-downs	0
Sales of real estate owned	(758)
End of period balance	$ 2,783

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income. ASC 606 is applicable to non-interest revenue streams, such as trust and wealth management income, deposit related fees, interchange fees, merchant income, and annuity and insurance commissions.

The following table presents the components of non-interest income for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Service charges and fees(1)
Debit card fees	$	8,874	$	4,175	$	4,454
Deposit related fees	6,576		2,409		2,308
Other fees	144		86		93
Fiduciary and wealth management(1)
Trust fees	4,919		3,074		3,176
Advisory fees	2,385		1,866		1,575
Other fees	1,107		414		558
Net gains (losses) on securities(2)	1,357		(112)		(454)
Income from life insurance(2)	4,686		2,844		2,656
Other non-interest income(1)
FHLB dividend(2)	902		643		484
Merchant & credit card fees	897		748		801
Safety deposit fees	441		359		394
Servicing release premium	484		138		58
Wire fees	480		350		358
Customer loan swap fees	556		414		—
Investor servicing income	345		—		—
Letter of credit fees	364		89		68
Unfunded commitment purchase accounting adjustment(2)	547		—		—
Other non-interest(3)	1,102		455		558
Total non-interest income	$	36,166	$	17,952	$	17,087

__________________

(1)Income within the scope of ASC 606 - Revenue Recognition

(2)Income excluded from the scope of ASC 606 - Revenue Recognition

(3)Includes income that arises from the Company electing the FVO as stated that is not within the scope of ASC 606.

A description of the Company’s revenue streams accounted for under ASC 606 follows:

Service charges and fees

Service charges and fees on deposit accounts consist of monthly service fees, check orders, and other deposit account related fees. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied at a point in time, and the related revenue recognized. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts.

Debit card fees and merchant & other credit fees charges are primarily comprised of debit and credit card income, ATM fees, merchant services income, and other service charges. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Visa. Merchant services income mainly consists of fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation is largely satisfied, and the related revenue is recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month.

Income from fiduciary & wealth management activities

Fiduciary and wealth management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. The Company does not earn performance-based incentives. Optional services are transactional-based with the Company’s performance obligation being satisfied at a point in time (i.e., as incurred), and that allows the Company to recognize the related revenue associated with that transaction. Payment is received shortly after services are rendered.

Other non-interest income

Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. The Company earns a servicing release premium for residential loans sold with servicing released to third-party investors. In some cases, the Company will retain servicing and that will result in investor servicing income being recognized monthly as interest payments are collected from the borrower. Other items captured within here are recognized at a point in time such as merchant & debit card fees.

Part of the merger resulted in the Company recognizing a liability for the unfunded commitments that were assumed as part of the transaction. As these commitments mature, the Company reduces this liability that is recorded, within “Accrued Interest and Other Liabilities” on the Consolidated Balance Sheets, and records non-interest income.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Nature of Business Activities and Significant Accounting Policies - Narrative (Details)		12 Months Ended
	May 03, 2024 shares	Dec. 31, 2024 USD ($) branch segment	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of branches, more than \| branch		77
Reserve balance requirements		$ 0		$ 0
Cash reserve deposit required and made		$ 0		0
Debt securities, available-for-sale, accrued interest, after allowance for credit loss, statement of financial position [extensible enumeration]		Accrued interest receivable
Accrued interest receivable on available-for-sale debt securities		$ 10,300,000
Financing receivable, accrued interest, after allowance for credit loss, statement of financial position [extensible enumeration]		Accrued interest receivable
Accrued interest receivable on loans		$ 24,100,000
Number of operating segment \| segment		1
Number of reportable segment \| segment		1
Allowance for credit losses on loans		$ 68,040,000	$ 21,039,000	25,301,000	$ 31,709,000
Decrease in retained earnings, net of deferred taxes		$ (434,106,000)		$ (427,333,000)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on loans			4,125,000
Credit losses on unfunded commitments			274,800
Decrease in retained earnings, net of deferred taxes			$ 3,400,000
Building and Building Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life		40 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term of issuance of loan commitment		15 days
Useful lives (in years)		7 years
Minimum \| Furniture and Fixtures
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life		3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term of issuance of loan commitment		90 days
Useful lives (in years)		10 years
Maximum \| Furniture and Fixtures
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life		10 years
Summit Financial Group, Inc
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock portion, number of Burke & Herbert stock for each share of Summit common stock converted (in shares) \| shares	0.5043
Expected Burke & Herbert common stock to be issued (in shares) \| shares	7,405,772

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and due from banks	$ 35,554	$ 8,896
Interest-bearing deposits with banks	99,760	35,602
Cash and cash equivalents	135,314	44,498
Securities available-for-sale, at fair value	1,432,371	1,248,439
Restricted stock, at cost	33,559	5,964
Loans held-for-sale, at fair value	2,331	1,497
Loans	5,672,236	2,087,756
Allowance for credit losses	(68,040)	(25,301)
Net loans	5,604,196	2,062,455
Other real estate owned	2,783	0
Premises and equipment, net	132,270	61,128
Accrued interest receivable	34,454	15,895
Intangible assets	57,300	0
Goodwill	32,783	0
Company-owned life insurance	182,834	94,159
Other assets	161,990	83,544
Total Assets	7,812,185	3,617,579
Liabilities
Non-interest-bearing deposits	1,379,940	830,320
Interest-bearing deposits	5,135,299	2,171,561
Total deposits	6,515,239	3,001,881
Short-term borrowings	365,000	272,000
Subordinated debentures, net	94,872	0
Subordinated debentures owed to unconsolidated subsidiary trusts	17,013	0
Accrued interest and other liabilities	89,904	28,948
Total Liabilities	7,082,028	3,302,829
Commitments and contingent liabilities (see Note 14)
Shareholders’ Equity
Preferred stock and related surplus, $1.00 par value per share; 2,000,000 shares authorized; 1,500 shares issued and outstanding at December 31, 2024, zero shares issued and outstanding at December 31, 2023	10,413	0
Common Stock $0.50 par value; 40,000,000 shares authorized, 15,540,394 shares issued and 14,969,104 shares outstanding at December 31, 2024; 20,000,000 shares authorized, 8,000,000 shares issued and 7,428,710 shares outstanding at December 31, 2023	7,770	4,000
Common stock, additional paid-in capital	401,172	14,495
Retained earnings	434,106	427,333
Accumulated other comprehensive income (loss)	(95,720)	(103,494)
Treasury stock 571,290 shares, at cost, at December 31, 2024, and 571,290 shares, at cost, at December 31, 2023	(27,584)	(27,584)
Total Shareholders' Equity	730,157	314,750
Total Liabilities and Shareholders' Equity	$ 7,812,185	$ 3,617,579

Fair Value Measurements - Schedule of Fair Value Measurements, Nonrecurring (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned	$ 2,783	$ 0
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned	2,783	0
Nonrecurring \| Commercial real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	2,668	0
Nonrecurring \| Owner-occupied commercial real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Nonrecurring \| Acquisition, construction & development
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	232	0
Nonrecurring \| Commercial & industrial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	249	0
Nonrecurring \| Single family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	872	0
Nonrecurring \| Consumer non-real estate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 1 \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned	0	0
Level 1 \| Nonrecurring \| Commercial real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 1 \| Nonrecurring \| Owner-occupied commercial real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 1 \| Nonrecurring \| Acquisition, construction & development
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 1 \| Nonrecurring \| Commercial & industrial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 1 \| Nonrecurring \| Single family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 1 \| Nonrecurring \| Consumer non-real estate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 2 \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned	0	0
Level 2 \| Nonrecurring \| Commercial real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 2 \| Nonrecurring \| Owner-occupied commercial real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 2 \| Nonrecurring \| Acquisition, construction & development
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 2 \| Nonrecurring \| Commercial & industrial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 2 \| Nonrecurring \| Single family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 2 \| Nonrecurring \| Consumer non-real estate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 3 \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned	2,783	0
Level 3 \| Nonrecurring \| Commercial real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	2,668	0
Level 3 \| Nonrecurring \| Owner-occupied commercial real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	0	0
Level 3 \| Nonrecurring \| Acquisition, construction & development
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	232	0
Level 3 \| Nonrecurring \| Commercial & industrial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	249	0
Level 3 \| Nonrecurring \| Single family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	872	0
Level 3 \| Nonrecurring \| Consumer non-real estate and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total amortized cost	$ 0	$ 0

Transactions with Related Parties - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Deposits	$ 6,515,239	$ 3,001,881
Related Party
Related Party Transaction [Line Items]
Deposits	$ 156,800	$ 103,600

Other Operating Expense

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Other Operating Expense

Other operating expense from the Consolidated Statements of Income for years ended December 31, 2024, December 31, 2023, and December 31, 2022, is as follows (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
FDIC assessment	$	3,329	$	1,957	$	1,249
Historic tax credit amortization	2,526		2,526		2,526
IT related	2,835		1,961		1,915
Consultant fees	8,510		3,082		1,708
ATM, card, & network expense	5,398		2,566		2,244
Directors' fees	1,991		1,918		1,941
Audit expense	1,905		1,124		705
Legal expense	2,131		2,245		986
Virginia franchise tax	2,487		2,601		2,492
Marketing expense	1,894		459		1,035
Donation expense	6,157		89		162
Core deposit intangible amortization	11,460		—		—
(Gain) / loss on sale or disposal of assets	2,177		37		(4,533)
Other	16,007		5,418		4,989
Total	$	68,807	$	25,983	$	17,419

The Company incurred merger-related expenses of $17.0 million and $3.0 million for the year ended December 31, 2024, and December 31, 2023, respectively. These expenses are included in the consultant fees, audit fees, legal expense, donation, and other line items detailed in other operating expenses.

Defined Benefit Pension Plan

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Defined Benefit Pension Plan

The Company provides pension benefits for eligible employees through a defined benefit pension plan. Employees hired prior to June 1, 2005 participate in the retirement plan on a non-contributing basis and were fully vested after five years of service.

The following tables set forth the Plan’s status and related disclosures (in thousands):


	December 31, 2024		December 31, 2023
Changes in benefit obligation:
Benefit obligation at beginning of year	$	31,500	$	30,225
Service cost	445		469
Interest cost	1,456		1,471
Actuarial (gain) loss	(3,040)		775
Distributions	(1,761)		(1,440)
Benefit obligation at end of year	$	28,600	$	31,500

Change in plan assets:
Fair value of plan assets at beginning of year	$	33,181	$	31,968
Adjustment to beginning of year fair value	—		—
Actual return on plan assets	(806)		2,653
Employer contribution	—		—
Distributions	(1,761)		(1,440)
Fair value of plan assets at end of year	$	30,614	$	33,181

Funded status recognized as accrued pension cost	$	2,014	$	1,681

Amounts recognized in accumulated other comprehensive (income) loss:
Net loss	$	5,755	$	7,273
Deferred income tax benefit	(1,179)		(1,527)
Total amount recognized	$	4,576	$	5,746

Accumulated benefit obligation	$	26,930	$	29,372

At December 31, 2024, December 31, 2023, and December 31, 2022, the assumptions used to determine the pension benefit obligation were as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Discount rate	5.49	%	4.80	%	5.00	%
Rate of compensation increase	3.00		3.00		3.00

Components of net periodic benefit cost and other amounts recognized in other comprehensive income (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Components of net periodic pension cost:
Service cost	$	445	$	469	$	786
Interest cost	1,456		1,471		1,141
Expected return on plan assets	(1,115)		(879)		(1,539)
Amortization of prior service costs	—		—		—
Amortization of net loss	400		630		309
Net periodic pension costs	$	1,186	$	1,691	$	697

Other changes recognized in other comprehensive (income) loss
Net loss	$	(1,118)	$	(998)	$	1,589
Amortization of net loss	(400)		(630)		(309)
Deferred tax expense (benefit)	349		342		(269)
Total recognized in accumulated other comprehensive (income) loss	$	(1,169)	$	(1,286)	$	1,011

Total recognized in net periodic pension costs and other comprehensive loss	$	17	$	405	$	1,708

For the years ended December 31, 2024, December 31, 2023, and December 31, 2022, the assumptions used to determine net periodic pension cost were as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Discount rate	5.49	%	4.80	%	5.00	%
Expected long-term rate of return on plan assets	4.00		3.75		3.75
Annual salary increase	3.00		3.00		3.00

The expected long-term return on plan assets assumption was developed as a weighted average rate based on the target asset allocation of the plan and the long-term capital market assumptions. The overall return for each asset class was developed by combining a long-term inflation component and the associated expected real rates. The development of the capital market assumptions utilized a variety of methodologies, including, but not limited to, historical analysis, stock valuation models, such as dividend discount models, and earnings yield models, expected economic growth outlook, and market yields analysis.

The Company’s pension plan asset allocations at December 31, 2024, and December 31, 2023, were as follows:


	December 31, 2024		December 31, 2023
Equity securities	9.9	%	9.6	%
Debt securities & cash equivalents	90.1	%	90.4	%
Total	100.0	%	100.0	%

As of December 31, 2024, and December 31, 2023, the fair value of plan assets was as follows (in thousands):


	December 31, 2024
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Assets at Fair Value
Cash and cash equivalents	$	—	$	—	$	—	$	—
Equity securities	—		3,040		—		3,040
Debt securities	—		27,574		—		27,574
Total pension assets	$	—	$	30,614	$	—	$	30,614


	December 31, 2023
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Assets at Fair Value
Cash and cash equivalents	$	122	$	—	$	—	$	122
Equity securities	—		3,209		—		3,209
Debt securities	—		29,859		—		29,859
Total pension assets	$	122	$	33,068	$	—	$	33,190

Assets are valued using a combination of methods including quoted prices for similar assets in active or non-active markets.

The fund is sufficiently diversified to maintain a reasonable level of risk without imprudently sacrificing return. Investments are selected by officers experienced in financial matters and risk management, and implementation of approved investment strategies is monitored on a regular basis. Both actively and passively managed investment strategies are considered, and funds are allocated across asset classes to develop an efficient investment structure.

It is the responsibility of the trustee to consider costs in administering the portfolio, while maintaining high quality investments. Costs include, but are not limited to, management and custodial fees, consulting fees, transaction costs, and other administrative costs which may be charged to the trust.

The Company does not expect to contribute to its pension plan in 2025.

Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows (in thousands):


Years ending December 31,
2025	$	1,472
2026	1,523
2027	1,523
2028	1,629
2029	1,673
Following 5 years	9,478

Other Post-Retirement Plans

Investment and Savings Plan

2022 totaled $1.7 million, $1.0 million, and $1.0 million, respectively, which were included within pensions and other employee benefits on the Consolidated Statements of Income.

Other Retirement Plans

- Definition

The entire disclosure for retirement benefits.

+ References

+ Details

Leased Property - Schedule of Lessee, Operating Lease and Financing Lease, Payment to be Received, Fiscal Year Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 3,145
2026	2,659
2027	2,237
2028	1,897
2029	1,748
Thereafter	4,772
Total undiscounted lease payments	16,458
Less: discount	(2,872)
Operating leases	13,586	$ 5,327
Finance Leases
2025	333
2026	340
2027	347
2028	354
2029	361
Thereafter	2,629
Total undiscounted lease payments	4,364
Less: discount	(744)
Finance Leases	$ 3,620	$ 3,840

Common Stock Transactions (Details)		12 Months Ended
Common Stock Transactions (Details)	Nov. 15, 2022 shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Equity [Abstract]
(Purchase) sale of treasury stock, net (in shares)			2,950	2,000
Stockholders' equity note, stock split, conversion ratio	40
Additional shares of common stock (in shares)	39
Common stock, dividends, per share, declared (in dollars per share) \| $ / shares		$ 2.14	$ 2.12	$ 2.12

Derivatives - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on derivative and in OCI included component	$ 4,002	$ (358)	$ (2,178)
Amount of gain or (loss) reclassified from AOCI into income and income included component	2,183	(1,749)	(167)
Amount of Gain or (Loss) Recognized in OCI Excluded Component	0	0	0
Interest Rate Products \| Interest Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on derivative and in OCI included component	(19)	(329)	(2,178)
Amount of gain or (loss) reclassified from AOCI into income and income included component	(611)	(1,749)	(167)
Amount of Gain or (Loss) Recognized in OCI Excluded Component	0	0	0
Interest Rate Products \| Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on derivative and in OCI included component	4,021	(29)
Amount of gain or (loss) reclassified from AOCI into income and income included component	2,794	0	$ 0
Amount of Gain or (Loss) Recognized in OCI Excluded Component	$ 0	$ 0

Transactions with Related Parties - Schedule of Aggregate Loan Balances with Related Parties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning	$ 2,087,756
Balance, ending	5,672,236
Related Party
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning	124,414
New loans	1,040
Effect of changes in composition of related parties	32,075
Repayments	(237)
Balance, ending	$ 157,293

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Defined Benefit Pension Plan - Schedule of Fair Value of Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	$ 30,614	$ 33,181	$ 31,968
Recurring
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	30,614	33,190
Recurring \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	122
Recurring \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	3,040	3,209
Recurring \| Debt securities & cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	27,574	29,859
Recurring \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	122
Recurring \| Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	122
Recurring \| Level 1 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Recurring \| Level 1 \| Debt securities & cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Recurring \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	30,614	33,068
Recurring \| Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Recurring \| Level 2 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	3,040	3,209
Recurring \| Level 2 \| Debt securities & cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	27,574	29,859
Recurring \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Recurring \| Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Recurring \| Level 3 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Recurring \| Level 3 \| Debt securities & cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	$ 0	$ 0

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2024

Credit Loss [Abstract]

Allowance for Credit Losses

On January 1, 2023, the Company adopted the CECL methodology as required under ASC 326. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables. For further discussion on the Company’s accounting policies and policy elections related to the accounting standards update refer to Note 1 — Nature of Business Activities and Significant Accounting Policies in these Notes to Consolidated Financial Statements. All information presented as of December 31, 2024, and December 31, 2023, is in accordance with ASC 326. All other information presented prior to January 1, 2023, is in accordance with previous applicable GAAP.

The Company’s ACL is calculated quarterly, with any adjustment recorded to the provision for credit losses in the Consolidated Statements of Income. Management calculates the quantitative portion of collectively evaluated loans for all loan categories using the WARM method. For purposes of estimating the Company’s ACL, management generally evaluates collectively evaluated loans by federal call code in order to group loans with similar risk characteristics.

Loans that do not share similar risk characteristics are evaluated on an individual loan basis and are excluded from the collective evaluation for the ACL. Loans identified to be individually evaluated under CECL include loans on non-accrual status and may include accruing loans that do not share similar risk characteristics to other accruing loans that are collectively evaluated on a loan pool basis. A specific reserve analysis may be applied to the individually evaluated loans, which considers collateral value, an observable market price, or the present value of the expected future cash flows. A specific reserve is assigned if the measured value of the loan using one of the before mentioned methods is less than the carrying value of the loan.

Based on management’s analysis, adjustments may be applied for additional factors impacting the risk of loss in the loan portfolio beyond the information that is used to calculate a reasonable and supportable forecast and a reversion period forecast on collectively evaluated loans. Management may consider an additional or reduced reserve as warranted through qualitative risk factors based on the current and expected conditions, as measured in supplemental information relative to the macroeconomic variable loss drivers used to calculate a reasonable and supportable forecast and a reversion period forecast. These qualitative risk factors considered by management are largely comparable to legacy factors prior to the adoption of CECL.

CECL for the year ended December 31, 2023, and the activity in the ACL for the year ended December 31, 2022 (in thousands).


	Commercial real estate		Owner-occupied commercial real estate		Acquisition, construction & development		Commercial & industrial		Single family residential (1-4 units)		Consumer non-real estate and other		Unallocated		Total
December 31, 2024
Beginning balance, prior to adoption of CECL	$	20,633	$	783	$	368	$	645	$	2,797	$	75	$	—	$	25,301
Allowance established for acquired PCD loans	7,503		1,931		5,968		5,684		2,608		216		—		23,910
Provision for (recapture of) credit losses	2,675		547		11,050		566		4,465		1,172		—		20,475
Charge-offs	(382)		—		—		(301)		(190)		(934)		—		(1,807)
Recoveries	15		—		—		39		83		24		—		161
Balance, end of period	$	30,444	$	3,261	$	17,386	$	6,633	$	9,763	$	553	$	—	$	68,040

	Commercial real estate		Owner-occupied commercial real estate		Acquisition, construction & development		Commercial & industrial		Single family residential (1-4 units)		Consumer non-real estate and other		Unallocated		Total
December 31, 2023
Balance, beginning of period	$	15,477	$	635	$	2,082	$	438	$	2,379	$	28	$	—	$	21,039
Impact of adoption CECL	2,686		(6)		(640)		237		1,661		187		—		4,125
Provision for (recapture of) credit losses	2,432		154		(1,074)		(1)		(1,295)		19		—		235
Charge-offs	—		—		—		(29)		—		(165)		—		(194)
Recoveries	38		—		—		—		52		6		—		96
Balance, end of period	$	20,633	$	783	$	368	$	645	$	2,797	$	75	$	—	$	25,301

	Commercial real estate		Owner-occupied commercial real estate		Acquisition, construction & development		Commercial & industrial		Single family residential (1-4 units)		Consumer non-real estate and other		Unallocated		Total
December 31, 2022
Balance, beginning of period	$	25,112	$	611	$	2,189	$	165	$	2,434	$	18	$	1,180	$	31,709
Provision for (recapture of) loan losses	(6,391)		24		(107)		293		(239)		134		(1,180)		(7,466)
Charge-offs	(3,282)		—		—		(20)		—		(148)		—		(3,450)
Recoveries	38		—		—		—		184		24		—		246
Balance, end of period	$	15,477	$	635	$	2,082	$	438	$	2,379	$	28	$	—	$	21,039


	December 31, 2024
	30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total Past Due		Current Loans		Total Loans		90 Days Past Due & Still Accruing		Non-accrual loans
Commercial real estate	$	10,974	$	—	$	8,440	$	19,414	$	2,618,388	$	2,637,802	$	—	$	19,183
Owner-occupied commercial real estate	1,160		1,636		5,240		8,036		606,326		614,362		307		5,760
Acquisition, construction & development	5,210		38		1,243		6,491		459,046		465,537		812		1,098
Commercial & industrial	1,654		1,594		1,469		4,717		608,368		613,085		350		1,757
Single family residential (1-4 units)	20,724		4,379		3,420		28,523		1,145,226		1,173,749		1,012		7,857
Consumer non-real estate and other	637		300		195		1,132		166,569		167,701		16		216
Total	$	40,359	$	7,947	$	20,007	$	68,313	$	5,603,923	$	5,672,236	$	2,497	$	35,871

	December 31, 2023
	30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total Past Due		Current Loans		Total Loans		90 Days Past Due & Still Accruing		Non-accrual loans
Commercial real estate	$	10,496	$	—	$	—	$	10,496	$	1,298,588	$	1,309,084	$	—	$	—
Owner-occupied commercial real estate	—		—		790		790		130,591		131,381		—		1,000
Acquisition, construction & development	—		—		—		—		49,091		49,091		—		—
Commercial & industrial	195		364		—		559		67,288		67,847		—		—
Single family residential (1-4 units)	1,657		289		1,532		3,478		524,502		527,980		—		2,744
Consumer non-real estate and other	3		—		—		3		2,370		2,373		—		—
Total	$	12,351	$	653	$	2,322	$	15,326	$	2,072,430	$	2,087,756	$	—	$	3,744

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, current economic information, and other factors. The Company analyzes loans individually by classifying the loans by credit risk. The Company internally grades all commercial loans at the time of origination. In addition, the Company performs an annual review on the top twenty-five non-homogenous commercial loan relationships as measured by total Company exposure to each borrower. The Company uses the following definitions for credit risk classifications:

Pass: These include satisfactory loans that have acceptable levels of risk.

Special Mention: Loans classified as special mention have a potential credit weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard: Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the orderly liquidation of debt. Loans classified as substandard are inadequately protected by sound net worth, payment capacity of the borrower, or of the collateral pledged. If weaknesses go uncorrected, there is potential for partial loss of principal and/or interest.

Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and unlikely.

Loss: Loans classified as a loss are considered to be uncollectible and cannot be justified to continue as viable assets. While there may be the possibility of some recovery in the future, it is not practical or desirable to defer writing off these loans at the present time.

The Company has a portfolio of smaller homogenous loans that are not individually risk rated that are included within the single family residential and consumer non-real estate and other loan classes. Generally, these loan classes are rated as “Pass,” unless these loans are on non-accrual, and are then classified as substandard.

The following table presents the amortized cost basis of the loan portfolio by year of origination, loan class, and credit quality, as of December 31, 2024 (in thousands).


	Term Loans
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
Commercial real estate
Pass	$	248,023	$	378,322	$	482,195	$	337,136	$	153,187	$	588,490	$	96,914	$	2,284,267
Special Mention	—		7,148		30,018		52,885		7,154		57,255		28,211		182,671
Substandard	—		2,232		49,752		39,636		2,999		52,740		23,505		170,864
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	248,023	$	387,702	$	561,965	$	429,657	$	163,340	$	698,485	$	148,630	$	2,637,802

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	382	$	—	$	382.00

Owner-occupied commercial real estate
Pass	$	61,433	$	72,571	$	93,941	$	126,700	$	36,197	$	170,809	$	32,452	$	594,103
Special Mention	—		—		—		243		2,729		1,275		—		4,247
Substandard	—		—		5,192		1,496		5,499		3,594		82		15,863
Doubtful	—		—		—		—		—		149		—		149
Loss	—		—		—		—		—		—		—		—
Total	$	61,433	$	72,571	$	99,133	$	128,439	$	44,425	$	175,827	$	32,534	$	614,362

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Acquisition, construction & development
Pass	$	25,461	$	109,751	$	90,652	$	147,702	$	3,564	$	16,312	$	15,107	$	408,549
Special Mention	—		—		—		2,641		142		—		—		2,783
Substandard	—		13,115		4,467		3,326		21,372		63		11,564		53,907
Doubtful	—		—		—		—		—		—		298		298
Loss	—		—		—		—		—		—		—		—
Total	$	25,461	$	122,866	$	95,119	$	153,669	$	25,078	$	16,375	$	26,969	$	465,537

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial & industrial
Pass	$	108,206	$	57,280	$	47,828	$	35,189	$	15,109	$	28,019	$	237,852	$	529,483
Special Mention	365		—		35,237		10,898		1,505		—		16,856		64,861
Substandard	37		285		4,482		618		523		1,029		11,765		18,739
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		2		—		2
Total	$	108,608	$	57,565	$	87,547	$	46,705	$	17,137	$	29,050	$	266,473	$	613,085

Year to date gross charge-offs	$	—	$	10	$	195	$	87	$	—	$	9	$	—	$	301

Single family residential (1-4 units)
Pass	$	88,857	$	152,438	$	201,410	$	142,719	$	77,783	$	332,025	$	170,077	$	1,165,309
Special Mention	—		—		—		—		—		214		174		388


Substandard	—		1,494		800		586		605		3,935		437		7,857
Doubtful	—		—		—		—		—		—		—		—
Loss	93		—		—		—		—		1		101		195
Total	$	88,950	$	153,932	$	202,210	$	143,305	$	78,388	$	336,175	$	170,789	$	1,173,749

Year to date gross charge-offs	$	—	$	39	$	28	$	—	$	—	$	123	$	—	$	190

Consumer non-real estate and other
Pass	$	21,095	$	10,796	$	6,122	$	1,836	$	1,096	$	2,797	$	123,148	$	166,890
Special Mention	15		—		—		—		—		—		—		15
Substandard	363		90		17		—		—		17		—		487
Doubtful	—		—		—		5		3		—		—		8
Loss	289		12		—		—		—		—		—		301
Total	$	21,762	$	10,898	$	6,139	$	1,841	$	1,099	$	2,814	$	123,148	$	167,701

Year to date gross charge-offs	$	468	$	71	$	17	$	1	$	—	$	20	$	357	$	934

Totals	$	554,237	$	805,534	$	1,052,113	$	903,616	$	329,467	$	1,258,726	$	768,543	$	5,672,236

The following table presents the amortized cost basis of the loan portfolio by year of origination, loan class, and credit quality, as of December 31, 2023 (in thousands).


	Term Loans
	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total
Commercial real estate
Pass	$	195,857	$	261,817	$	166,253	$	22,791	$	75,170	$	416,774	$	36,761	$	1,175,423
Special Mention	—		12,235		35,449		—		4,876		—		—		52,560
Substandard	—		15,420		12,847		—		2,209		50,625		—		81,101
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	195,857	$	289,472	$	214,549	$	22,791	$	82,255	$	467,399	$	36,761	$	1,309,084

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Owner-occupied commercial real estate
Pass	$	9,309	$	31,725	$	11,229	$	14,103	$	10,279	$	43,616	$	6,184	$	126,445
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		532		—		—		—		4,404		—		4,936
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	9,309	$	32,257	$	11,229	$	14,103	$	10,279	$	48,020	$	6,184	$	131,381

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Acquisition, construction & development
Pass	$	8,535	$	24,286	$	13,698	$	—	$	728	$	241	$	1,603	$	49,091
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	8,535	$	24,286	$	13,698	$	—	$	728	$	241	$	1,603	$	49,091

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Commercial & industrial
Pass	$	29,111	$	15,204	$	4,344	$	162	$	15	$	1,335	$	16,854	$	67,025
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		822		—		—		—		—		822
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	29,111	$	15,204	$	5,166	$	162	$	15	$	1,335	$	16,854	$	67,847

Year to date gross charge-offs	$	—	$	—	$	—	$	29	$	—	$	—	$	—	$	29

Single family residential (1-4 units)
Pass	$	78,222	$	122,067	$	60,202	$	32,158	$	40,938	$	137,376	$	54,273	$	525,236
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		291		243		—		2,171		39		2,744
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	78,222	$	122,067	$	60,493	$	32,401	$	40,938	$	139,547	$	54,312	$	527,980

Year to date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer non-real estate and other
Pass	$	334	$	150	$	43	$	151	$	386	$	325	$	984	$	2,373
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total	$	334	$	150	$	43	$	151	$	386	$	325	$	984	$	2,373

Year to date gross charge-offs	$	—	$	165	$	—	$	—	$	—	$	—	$	—	$	165

Totals	$	321,368	$	483,436	$	305,178	$	69,608	$	134,601	$	656,867	$	116,698	$	2,087,756


	Collateral Dependent Loans
	With Allowance				With No Related Allowance		Total
	Amortized Cost		Related Allowance		Amortized Cost		Amortized Cost		Related Allowance
December 31, 2024
Commercial real estate	$	7,459	$	4,791	$	12,439	$	19,898	$	4,791
Owner-occupied commercial real estate	—		—		1,833		1,833		—
Acquisition, construction & development	535		303		369		904		303
Commercial & industrial	983		734		348		1,331		734
Single family residential (1-4 units)	898		26		3,408		4,306		26
Consumer non-real estate and other	—		—		—		—		—
Total	$	9,875	$	5,854	$	18,397	$	28,272	$	5,854


	Collateral Dependent Loans
	With Allowance				With No Related Allowance		Total
	Amortized Cost		Related Allowance		Amortized Cost		Amortized Cost		Related Allowance
December 31, 2023
Commercial real estate	$	—	$	—	$	—	$	—	$	—
Owner-occupied commercial real estate	—		—		1,000		1,000		—
Acquisition, construction & development	—		—		—		—		—
Commercial & industrial	—		—		—		—		—
Single family residential (1-4 units)	—		—		2,744		2,744		—
Consumer non-real estate and other	—		—		—		—		—
Total	$	—	$	—	$	3,744	$	3,744	$	—

Purchased Credit Deteriorated Loans

The Company has purchased loans for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans, at acquisition, is as follows (in thousands):


	Amounts
Purchase price of loans at acquisition	$	380,795
Allowance for credit losses at acquisition	23,910
Non-credit discount/(premium) at acquisition	37,640

Par value of acquired loans at acquisition	$	442,345

Loan Modifications

On January 1, 2023, the Company adopted ASU 2022-02 on a modified retrospective basis. ASU 2022-02 eliminates the TDR accounting model and requires that the Company evaluate, based on the accounting for loan modifications, whether the borrower is experiencing financial difficulty, and the modification results in a more-than-insignificant direct change in the contractual cash flows and represents a new loan or a continuation of an existing loan. This change required all loan modifications to be accounted for under the general loan modification guidance in ASC 310-20 - Receivables — Nonrefundable Fees and Other Costs, and subjects entities to new disclosure requirements on loan modifications to borrowers experiencing financial difficulty. Upon adoption of CECL, the Company loans classified as TDRs were individually evaluated for the ACL, and the measurement was done either using the collateral-dependent or the discounted cash flow method.

The Company may modify loans to borrowers experiencing financial difficulty by providing principal forgiveness, term extension, interest rate reduction, or an other-than-insignificant payment delay. When principal forgiveness is provided, the amount of forgiveness is charged-off against the ACL. The Company may also provide multiple types of modifications on an individual loan. For the years ended December 31, 2024 and December 31, 2023 the Company did not extend any modifications to borrowers experiencing financial difficulty that had a more-than-insignificant direct change in the contractual cash flows of the loan.

The Company did not extend any modifications that were defined as TDRs during the years ended December 31, 2022.

Other Real Estate Owned

Real estate owned activity was as follows for the year ended December 31, 2024 (in thousands):


	December 31, 2024
Beginning balance	$	—
Loans acquired/transferred to real estate owned	3,541
Capital expenditures	—
Direct write-downs	—
Sales of real estate owned	(758)

End of period balance	$	2,783

Parent Company Financial Information - Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Other assets	$ 161,990	$ 83,544
Total Assets	7,812,185	3,617,579
Liabilities
Subordinated debentures, net	94,872	0
Subordinated debentures owed to unconsolidated subsidiary trusts	17,013	0
Total Liabilities	7,082,028	3,302,829
Total Shareholders' Equity	730,157	314,750	$ 273,453	$ 389,627
Total Liabilities and Shareholders' Equity	7,812,185	3,617,579
Burke & Herbert Financial Services Corp.
Assets
Cash and cash equivalents	8,320	284
Investment in banking subsidiary	833,630	313,364
Other assets	73,392	1,653
Total Assets	915,342	315,301
Liabilities
Subordinated debentures, net	94,872	0
Subordinated debentures owed to unconsolidated subsidiary trusts	17,013	0
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

Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Cash dividends, paid	$ 28,000,000.0
Dividends accrued on share based compensation	$ 299,000.0

Defined Benefit Pension Plan (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Plan’s Status and Related Disclosures and Assumptions Used to Determine Pension Benefit Obligation

The following tables set forth the Plan’s status and related disclosures (in thousands):


	December 31, 2024		December 31, 2023
Changes in benefit obligation:
Benefit obligation at beginning of year	$	31,500	$	30,225
Service cost	445		469
Interest cost	1,456		1,471
Actuarial (gain) loss	(3,040)		775
Distributions	(1,761)		(1,440)
Benefit obligation at end of year	$	28,600	$	31,500

Change in plan assets:
Fair value of plan assets at beginning of year	$	33,181	$	31,968
Adjustment to beginning of year fair value	—		—
Actual return on plan assets	(806)		2,653
Employer contribution	—		—
Distributions	(1,761)		(1,440)
Fair value of plan assets at end of year	$	30,614	$	33,181

Funded status recognized as accrued pension cost	$	2,014	$	1,681

Amounts recognized in accumulated other comprehensive (income) loss:
Net loss	$	5,755	$	7,273
Deferred income tax benefit	(1,179)		(1,527)
Total amount recognized	$	4,576	$	5,746

Accumulated benefit obligation	$	26,930	$	29,372

At December 31, 2024, December 31, 2023, and December 31, 2022, the assumptions used to determine the pension benefit obligation were as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Discount rate	5.49	%	4.80	%	5.00	%
Rate of compensation increase	3.00		3.00		3.00

Schedule of Components of Net Periodic Benefit Cost

Components of net periodic benefit cost and other amounts recognized in other comprehensive income (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Components of net periodic pension cost:
Service cost	$	445	$	469	$	786
Interest cost	1,456		1,471		1,141
Expected return on plan assets	(1,115)		(879)		(1,539)
Amortization of prior service costs	—		—		—
Amortization of net loss	400		630		309
Net periodic pension costs	$	1,186	$	1,691	$	697

Other changes recognized in other comprehensive (income) loss
Net loss	$	(1,118)	$	(998)	$	1,589
Amortization of net loss	(400)		(630)		(309)
Deferred tax expense (benefit)	349		342		(269)
Total recognized in accumulated other comprehensive (income) loss	$	(1,169)	$	(1,286)	$	1,011

Total recognized in net periodic pension costs and other comprehensive loss	$	17	$	405	$	1,708

Schedule of Other Amounts Recognized in Other Comprehensive Income

Components of net periodic benefit cost and other amounts recognized in other comprehensive income (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Components of net periodic pension cost:
Service cost	$	445	$	469	$	786
Interest cost	1,456		1,471		1,141
Expected return on plan assets	(1,115)		(879)		(1,539)
Amortization of prior service costs	—		—		—
Amortization of net loss	400		630		309
Net periodic pension costs	$	1,186	$	1,691	$	697

Other changes recognized in other comprehensive (income) loss
Net loss	$	(1,118)	$	(998)	$	1,589
Amortization of net loss	(400)		(630)		(309)
Deferred tax expense (benefit)	349		342		(269)
Total recognized in accumulated other comprehensive (income) loss	$	(1,169)	$	(1,286)	$	1,011

Total recognized in net periodic pension costs and other comprehensive loss	$	17	$	405	$	1,708

Schedule of Assumptions Used to Determine Net Periodic Pension Cost

For the years ended December 31, 2024, December 31, 2023, and December 31, 2022, the assumptions used to determine net periodic pension cost were as follows:


	December 31, 2024		December 31, 2023		December 31, 2022
Discount rate	5.49	%	4.80	%	5.00	%
Expected long-term rate of return on plan assets	4.00		3.75		3.75
Annual salary increase	3.00		3.00		3.00

Schedule of Pension Plan Asset Allocations

The Company’s pension plan asset allocations at December 31, 2024, and December 31, 2023, were as follows:


	December 31, 2024		December 31, 2023
Equity securities	9.9	%	9.6	%
Debt securities & cash equivalents	90.1	%	90.4	%
Total	100.0	%	100.0	%

Schedule of Fair Value of Plan Assets

As of December 31, 2024, and December 31, 2023, the fair value of plan assets was as follows (in thousands):


	December 31, 2024
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Assets at Fair Value
Cash and cash equivalents	$	—	$	—	$	—	$	—
Equity securities	—		3,040		—		3,040
Debt securities	—		27,574		—		27,574
Total pension assets	$	—	$	30,614	$	—	$	30,614


	December 31, 2023
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Assets at Fair Value
Cash and cash equivalents	$	122	$	—	$	—	$	122
Equity securities	—		3,209		—		3,209
Debt securities	—		29,859		—		29,859
Total pension assets	$	122	$	33,068	$	—	$	33,190

Schedule of Estimated Future Benefit Payments

Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows (in thousands):


Years ending December 31,
2025	$	1,472
2026	1,523
2027	1,523
2028	1,629
2029	1,673
Following 5 years	9,478

Consolidated Statements of Changes in Shareholders’ Equity - USD ($)
$ in Thousands

Total

Cumulative Effect, Period of Adoption, Adjustment

Preferred Stock and Surplus

Common Stock

Paid-in Capital

Retained Earnings

Cumulative Effect, Period of Adoption, Adjustment

Comprehensive Income (Loss)

Treasury Stock

Beginning Balance at Dec. 31, 2021

$ 389,627

$ 0

$ 4,000

$ 10,374

$ 396,120

$ 6,955

$ (27,822)

Beginning balance (in shares) at Dec. 31, 2021

7,423,760

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net Income

44,013

Other comprehensive income (loss)

$ (146,450)

(146,450)

(Purchase) sale of treasury stock, net (in shares)

2,000

(Purchase) sale of treasury stock, net

$ 97

Cash dividends, declared

(15,742)

Share-based compensation expense, net

1,908

Ending Balance at Dec. 31, 2022

$ 273,453

$ (3,439)

$ 4,000

12,282

424,391

$ (3,439)

(139,495)

(27,725)

Ending balance (in shares) at Dec. 31, 2022

7,425,760

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accounting standards update

Accounting Standards Update 2016-13 [Member]

Net Income

$ 22,692

22,692

Other comprehensive income (loss)

$ 36,001

36,001

(Purchase) sale of treasury stock, net (in shares)

2,950

(Purchase) sale of treasury stock, net

$ 141

141

Cash dividends, declared

(16,298)

Share-based compensation expense, net

2,200

2,213

(13)

Ending Balance at Dec. 31, 2023

$ 314,750

$ 4,000

14,495

427,333

(103,494)

(27,584)

Ending balance (in shares) at Dec. 31, 2023

7,428,710

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net Income

$ 35,708

35,708

Acquisition of Summit Financial Group, Inc.

397,445

10,413

$ 3,703

383,329

Acquisition of Summit Financial Group, Inc. (in shares)

7,405,772

Other comprehensive income (loss)

7,774

Cash dividends, declared

(28,000)

Cash dividends, paid and accrued

^[1]

(28,260)

Preferred stock cash dividends, declared

(675)

Share-based compensation expense, net (in shares)

134,622

Share-based compensation expense, net

3,415

$ 67

3,348

Ending Balance at Dec. 31, 2024

$ 730,157

$ 10,413

$ 7,770

$ 401,172

$ 434,106

$ (95,720)

$ (27,584)

Ending balance (in shares) at Dec. 31, 2024

14,969,104

[1]	(1) Cash dividends, paid and accrued for the year ending December 31, 2024, include dividends paid of $28.0 million and $299.0 thousand of dividends accrued on share-based compensation but unpaid as of December 31, 2024.

Qualified Affordable Housing Project and Historic Tax Investments	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Qualified Affordable Housing Project and Historic Tax Investments	Qualified Affordable Housing Project and Historic Tax Investments The Company invests in qualified affordable housing projects. At December 31, 2024, and December 31, 2023, the balance of the investment for qualified affordable housing projects was $23.2 million and $18.0 million, respectively. These balances are reflected in the other assets line on the Consolidated Balance Sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $7.6 million and $0.7 million at December 31, 2024, and December 31, 2023, respectively. The Company expects to fulfill the majority of these commitments by 2025. During the year ended December 31, 2024, December 31, 2023, and December 31, 2022, the Company recognized amortization expense of $5.4 million, $5.6 million, and $6.1 million, respectively, which $2.9 million, $3.1 million, and $3.6 million, respectively, qualified for the proportional amortization method and was included in income tax expense on the Consolidated Statements of Income. During the year ended December 31, 2024, December 31, 2023, and December 31, 2022, $2.5 million, $2.5 million, and $2.5 million, respectively, was included in other non-interest expense on the Consolidated Statements of Income related to historic tax credit investments that do not qualify for the proportional amortization method.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Credit extension commitments

The Company’s financial statements do not reflect various financial instruments which arise in the normal course of business and which involve elements of credit risk, interest rate risk, and liquidity risk. These financial instruments include commitments to extend credit (e.g. revolving lines of credit) and commercial letters of credit.

Many of our lending relationships contain both funded and unfunded elements. The funded portion is reflected on our balance sheet. The unfunded portion of these commitments is not recorded on our balance sheet until a draw is made under the loan facility. Since many of our commitments to extend credit may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements.

A summary of the contractual amounts of the Company’s financial instruments outstanding at December 31, 2024, and December 31, 2023, is as follows (in thousands):


	December 31, 2024		December 31, 2023
Commitments to extend credit	$	877,837	$	278,923
Commercial letters of credit	13,333		10,718

Commitments to extend credit and commercial letters of credit both include exposure to some credit loss in the event of non-performance of the customer. The Company’s credit policies and procedures for credit commitments and financial guarantees are the same as those for extensions of credit that are recorded on the Consolidated Balance Sheets. Many of these instruments have fixed maturity dates, and many of them will expire without being drawn upon; accordingly, they do not generally present any significant liquidity risk to the Company.

Allowance for credit losses - off-balance-sheet credit exposures

The Company recorded a provision for credit losses on unfunded commitments of $3.7 million for the year ended December 31, 2024 and a recapture of $21 thousand for the year ended December 31, 2023. The ACL on off-balance-sheet credit exposures totaled $4.0 million as of December 31, 2024, and $254 thousand as of December 31, 2023 and is included in accrued interest and other liabilities on the accompanying Consolidated Balance Sheets.

Litigation

The Company is a party to litigation, claims, and proceedings arising in the normal course of business that are ordinary and routine to the nature of the Company’s business and operations. Management, after consultation with legal counsel, believes that the liabilities, if any, arising from any currently pending or threatened litigation, claims, or proceedings will not be material to the Company’s financial position.

Defined Benefit Pension Plan - Schedule of Pension Plan Asset Allocations (Details) - Pension Plan	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Plan asset allocations percentage	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan asset allocations percentage	9.90%	9.60%
Debt securities & cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Plan asset allocations percentage	90.10%	90.40%

Nature of Business Activities and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Impact of Adoption of CECL


	January 1, 2023
	Reserves under Incurred Loss Model		Reserves under CECL Model		Impact of CECL Adoption
Financial Assets:
Commercial real estate	$	15,477	$	18,163	$	2,686
Owner-occupied commercial real estate	635		629		(6)
Acquisition, construction & development	2,082		1,442		(640)
Commercial & industrial	438		675		237
Single family residential (1-4 units)	2,379		4,040		1,661
Consumer non-real estate and other	28		215		187
Unallocated reserve	—		—		—
Allowance for credit losses on loans	$	21,039	$	25,164	$	4,125
Financial Liabilities:
Allowance for credit losses on off-balance sheet credit exposure	$	—	$	275	$	275

Leased Property - Schedule of Assets and Liabilities, Lessee (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Right-of-use assets:
Operating leases	$ 13,203	$ 5,110
Finance leases	3,312	3,590
Total right-of-use assets	16,515	8,700
Lease liabilities:
Operating leases	13,586	5,327
Finance Leases	3,620	3,840
Total lease liabilities	$ 17,206	$ 9,167
Operating lease, right-of-use asset, statement of financial position [extensible enumeration]	Other assets	Other assets
Finance lease, right-of-use asset, statement of financial position [extensible enumeration]	Other assets	Other assets
Operating lease, liability, statement of financial position [extensible enumeration]	Accrued interest and other liabilities	Accrued interest and other liabilities
Finance lease, liability, statement of financial position [extensible enumeration]	Accrued interest and other liabilities	Accrued interest and other liabilities

Derivatives - Narrative (Details)	12 Months Ended
Derivatives - Narrative (Details)	Dec. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of interest rate swaps	$ 0
Fair value of liabilities	165,000
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedge gain (loss) to be reclassified within 12 months	$ 1,000,000.0

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Total core deposit intangible	$ 57,300
Core Deposits
Finite-Lived Intangible Assets [Line Items]
Beginning of period		$ 0	$ 0	$ 0
Acquired core deposit intangible	68,760	0	0
Amortization	(11,460)	0	0
Impairment	0	0	0
Total core deposit intangible	$ 57,300	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Loans - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	$ 5,672,236	$ 2,087,756
Allowance for credit losses	(68,040)	(25,301)	$ (21,039)	$ (31,709)
Loans, net	5,604,196	2,062,455
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	2,637,802	1,309,084
Allowance for credit losses	(30,444)	(20,633)	(15,477)	(25,112)
Owner-occupied commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	614,362	131,381
Allowance for credit losses	(3,261)	(783)	(635)	(611)
Acquisition, construction & development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	465,537	49,091
Allowance for credit losses	(17,386)	(368)	(2,082)	(2,189)
Commercial & industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	613,085	67,847
Allowance for credit losses	(6,633)	(645)	(438)	(165)
Single family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	1,173,749	527,980
Allowance for credit losses	(9,763)	(2,797)	(2,379)	(2,434)
Consumer non-real estate and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	167,701	2,373
Allowance for credit losses	$ (553)	$ (75)	$ (28)	$ (18)

Other Operating Expense - Schedule of Other Operating Cost and Expense, by Component (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
FDIC assessment	$ 3,329	$ 1,957	$ 1,249
Historic tax credit amortization	2,526	2,526	2,526
IT related	2,835	1,961	1,915
Consultant fees	8,510	3,082	1,708
ATM, card, & network expense	5,398	2,566	2,244
Directors' fees	1,991	1,918	1,941
Audit expense	1,905	1,124	705
Legal expense	2,131	2,245	986
Virginia franchise tax	2,487	2,601	2,492
Marketing expense	1,894	459	1,035
Donation expense	6,157	89	162
Core deposit intangible amortization	11,460	0	0
(Gain) / loss on sale or disposal of assets	2,177	37	(4,533)
Other	16,007	5,418	4,989
Total	$ 68,807	$ 25,983	$ 17,419

Business Combination - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		8 Months Ended
	May 03, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Estimated Fair Value Adjustments
Goodwill		$ 32,783	$ 0	$ 0	$ 0
Summit Financial Group, Inc
Business Acquisition [Line Items]
Total purchase price consideration	$ 397,445
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and equivalents	53,357
Securities, available-for-sale, at fair value	491,608
Securities, held-to-maturity, at amortized cost	86,143
Equity and other investments	36,085
Loans, gross	3,554,634
Allowance for credit losses	(23,480)
Loans, net of allowance	3,531,154
Premises and equipment, net	75,531
Accrued interest receivable	19,610
Company-owned life insurance	86,363
Goodwill and intangibles	68,760
Other assets	54,491
Total identifiable assets acquired	4,503,102
Deposits	3,696,936
Borrowings	283,398
Subordinated debentures and trust preferred securities	107,067
Unfunded reserve liability	3,502
Accrued interest and other liabilities	47,537
Total liabilities	4,138,440
Total identifiable net assets	364,662
Estimated Fair Value Adjustments
Securities, held-to-maturity, at amortized cost		(7,430)
Loans, gross		(153,306)
Allowance for credit losses		25,991
Loans, net of allowance		(127,315)
Premises and equipment, net		13,276
Goodwill and intangibles		(4,384)
Other assets		11,322
Total identifiable assets acquired		(114,531)
Deposits		(7,136)
Subordinated debentures and trust preferred securities		(16,466)
Unfunded reserve liability		(3,190)
Total liabilities		(26,792)
Total identifiable net assets		$ (87,739)
Goodwill	32,783
Summit Financial Group, Inc \| Previously Reported
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and equivalents	53,357
Securities, available-for-sale, at fair value	491,608
Securities, held-to-maturity, at amortized cost	93,573
Equity and other investments	36,085
Loans, gross	3,707,940
Allowance for credit losses	(49,471)
Loans, net of allowance	3,658,469
Premises and equipment, net	62,255
Accrued interest receivable	19,610
Company-owned life insurance	86,363
Goodwill and intangibles	73,144
Other assets	43,169
Total identifiable assets acquired	4,617,633
Deposits	3,704,072
Borrowings	283,398
Subordinated debentures and trust preferred securities	123,533
Unfunded reserve liability	6,692
Accrued interest and other liabilities	47,537
Total liabilities	4,165,232
Total identifiable net assets	$ 452,401

Cover - USD ($)

12 Months Ended

Dec. 31, 2024

Mar. 10, 2025

Jun. 30, 2024

Cover [Abstract]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2024

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

001-41633

Entity Registrant Name

Burke & Herbert Financial Services Corp.

Entity Incorporation, State or Country Code

Entity Tax Identification Number

92-0289417

Entity Address, Address Line One

100 S. Fairfax Street

Entity Address, City or Town

Alexandria

Entity Address, State or Province

Entity Address, Postal Zip Code

22314

City Area Code

703

Local Phone Number

666-3555

Title of 12(b) Security

Common Stock, par value $0.50 per share

Trading Symbol

BHRB

Security Exchange Name

NASDAQ

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

true

Entity Ex Transition Period

false

ICFR Auditor Attestation Flag

false

Document Financial Statement Error Correction Flag

false

Entity Shell Company

false

Entity Public Float

$ 685,478,000

Entity Common Stock, Shares Outstanding

14,982,655

Documents Incorporated by Reference


Document			Part of Form 10-K into which document is incorporated
Portions of the Registrant’s Proxy Statement for the Annual Meeting of Shareholders expected to be held on May 22, 2025			Part III - Items 10, 11, 12, 13 and 14

Amendment Flag

false

Entity Central Index Key

0001964333

Document Fiscal Year Focus

2024

Document Fiscal Period Focus

Securities - Schedule of Realized Gain (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Proceeds from sales	$ 372,370	$ 77,780	$ 195,907
Calls and maturities	46,434	1,797	59,352
Proceeds from principal payments	211,443	110,228	154,244
Gross realized gains	3,381	772	1,512
Gross realized losses	$ 2,024	$ 884	$ 1,966

Regulatory Capital Matters - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Regulatory Capital Requirements under Banking Regulations [Abstract]
Retained earnings available to be declared as dividend	$ 249.7

Securities

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Securities

The carrying amount of available-for-sale securities and their approximate fair values at December 31, 2024, and December 31, 2023, are summarized as follows (in thousands):


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	165,619	$	—	$	16,492	$	149,127
Obligations of states and municipalities	777,181		846		79,303		698,724
Residential mortgage backed — agency	57,244		121		4,179		53,186
Residential mortgage backed — non-agency	259,964		44		12,132		247,876
Commercial mortgage backed — agency	33,791		27		747		33,071
Commercial mortgage backed — non-agency	158,621		2		4,112		154,511
Asset-backed	64,308		316		568		64,056
Other	32,861		302		1,343		31,820
Total	$	1,549,589	$	1,658	$	118,876	$	1,432,371


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	197,026	$	—	$	17,955	$	179,071
Obligations of states and municipalities	535,229		21		72,047		463,203
Residential mortgage backed — agency	47,074		—		4,836		42,238
Residential mortgage backed — non-agency	284,826		17		18,812		266,031
Commercial mortgage backed — agency	36,151		28		1,294		34,885
Commercial mortgage backed — non-agency	183,454		—		6,393		177,061
Asset-backed	79,315		23		1,402		77,936
Other	9,500		—		1,486		8,014
Total	$	1,372,575	$	89	$	124,225	$	1,248,439

At December 31, 2024, and December 31, 2023, securities with amortized costs of $1.2 billion and $826.5 million, respectively, and with estimated fair values of $1.1 billion and $742.5 million, respectively, were pledged to serve as collateral for secured borrowings, derivative exposures, or to secure public deposits as required or permitted by law.


	Proceeds from						Gross realized
For the year ended December 31,	Sales		Calls and maturities		Principal Payments		Gains		Losses
2024	$	372,370	$	46,434	$	211,443	$	3,381	$	2,024
2023	77,780		1,797		110,228		772		884
2022	195,907		59,352		154,244		1,512		1,966

The tax benefit (provision) related to these net realized gains and losses for 2024, 2023, and 2022 was $(312.1) thousand, $23.5 thousand, and $95.3 thousand, respectively.


	December 31, 2024
	Amortized Cost
	One Year or Less		One to Five Years		Five to Ten Years		After Ten Years		Total
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	5,110	$	160,509	$	—	$	—	$	165,619
Obligations of states and municipalities	—		154,071		369,063		254,047		777,181
Residential mortgage backed - agency	—		18,778		28,045		10,421		57,244
Residential mortgage backed - non-agency	21,789		80,363		128,978		28,834		259,964
Commercial mortgage backed - agency	94		26,500		7,197		—		33,791
Commercial mortgage backed - non-agency	86,629		47,211		24,781		—		158,621
Asset-backed	9,070		30,463		24,775		—		64,308
Other	—		2,752		15,688		14,421		32,861
Total	$	122,692	$	520,647	$	598,527	$	307,723	$	1,549,589


	December 31, 2024
	Fair Value
	One Year or Less		One to Five Years		Five to Ten Years		After Ten Years		Total
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	4,924	$	144,203	$	—	$	—	$	149,127
Obligations of states and municipalities	—		147,857		328,969		221,898		698,724
Residential mortgage backed - agency	—		18,440		24,214		10,532		53,186
Residential mortgage backed - non-agency	21,688		75,622		122,710		27,856		247,876
Commercial mortgage backed - agency	94		25,936		7,041		—		33,071
Commercial mortgage backed - non-agency	85,667		45,408		23,436		—		154,511
Asset-backed	9,062		30,361		24,633		—		64,056
Other	—		2,881		14,601		14,338		31,820
Total	$	121,435	$	490,708	$	545,604	$	274,624	$	1,432,371

At year-end 2024 and 2023, there were no holdings of securities of any one issuer, other than U.S. Government and its agencies, in any amount greater than 10% of shareholders’ equity.

The following table shows the gross unrealized losses and fair value of the Company’s securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2024, and December 31, 2023.

Available-for-sale securities in a continuous unrealized loss position for less than twelve months and more than twelve months are as follows (in thousands):


	December 31, 2024
	Less Than Twelve Months				More Than Twelve Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Unrealized Losses
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	—	$	—	$	149,127	$	16,492	$	16,492
Obligations of states and municipalities	181,027		5,338		433,488		73,965		79,303
Residential mortgage backed - agency	203		2		42,233		4,177		4,179
Residential mortgage backed - non-agency	110,191		1,911		134,727		10,221		12,132
Commercial mortgage backed - agency	3,412		29		28,885		718		747
Commercial mortgage backed - non-agency	30,064		523		108,761		3,589		4,112
Asset-backed	4,140		4		29,243		564		568
Other	15,123		138		8,295		1,205		1,343
Total	$	344,160	$	7,945	$	934,759	$	110,931	$	118,876


	December 31, 2023
	Less Than Twelve Months				More Than Twelve Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Total Unrealized Losses
Securities Available-for-Sale
U.S. Treasuries and government agencies	$	—	$	—	$	179,071	$	17,955	$	17,955
Obligations of states and municipalities	501		14		458,113		72,033		72,047
Residential mortgage backed - agency	36		—		42,203		4,836		4,836
Residential mortgage backed - non-agency	632		2		263,184		18,810		18,812
Commercial mortgage backed - agency	—		—		34,080		1,294		1,294
Commercial mortgage backed - non-agency	23,437		254		153,625		6,139		6,393
Asset-backed	3,721		9		56,106		1,393		1,402
Other	—		—		8,014		1,486		1,486
Total	$	28,327	$	279	$	1,194,396	$	123,946	$	124,225

The Company is required to conduct an impairment evaluation on AFS securities to determine whether the Company has the intent to sell the security or it is more likely than not that it will be required to sell the security before recovery. If these situations apply, the guidance requires the Company to reduce the security's amortized cost basis down to its fair value through earnings. The Company also evaluates the unrealized losses on AFS securities to determine if a security's decline in fair value below its amortized cost basis is due to credit factors. The evaluation is based upon factors such as the creditworthiness of the underlying borrowers, performance of the underlying collateral, if applicable, and the level of credit support in the security structure. Management also evaluates other factors and circumstances that may be indicative of a decline in the fair value of the security due to a credit factor.

This includes, but is not limited to, an evaluation of the type of security, length of time, and extent to which the fair value has been less than cost and near-term prospects of the issuer. If this assessment indicates that a credit loss exists, the present value of the expected cash flows of the security is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost, an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis under the CECL standard, and declines due to non-credit factors are recorded in accumulated other comprehensive income (“AOCI”), net of taxes. If a credit loss is recognized in earnings, subsequent improvements to the expectation of collectability will be recognized through the ACL. If the fair value of the security increases above its amortized cost, the unrealized gain will be recorded in accumulated other comprehensive income, net of taxes, in the consolidated statements of financial condition. Prior to implementation of the CECL standard, unrealized losses caused by a credit event would require the direct write-down of the AFS security through the other-than-temporary impairment (“OTTI”) approach.

The Company did not record an ACL on the AFS securities as of December 31, 2024 and as of December 31, 2023. The Company considers the unrealized losses on the AFS securities to be related to fluctuations in market conditions, primarily interest rates, and not reflective of deterioration in credit. The Company had 462 securities in an unrealized loss position as of December 31, 2024. The Company has evaluated AFS securities in an unrealized loss position for credit-related impairment at December 31, 2024, and concluded no impairment existed based on a combination of factors, which included: (1) the securities are of high credit quality, (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) the contractual terms of the investments do not permit the issuer(s) to settle the securities at a price less than the par value of each investment, (4) issuers continue to make timely principal and interest payments, and (5) the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be

required to sell any of the investments before recovery of its amortized cost basis. As such, there was no ACL on AFS securities at December 31, 2024 and at December 31, 2023.

Securities of U.S. Treasury and Federal Agencies and Federal Agency Mortgage (Residential and Commercial) Backed Securities

At December 31, 2024, the unrealized losses associated with 11 U.S. Treasuries and Government Agency securities, 15 Residential Mortgage Backed – Agency securities, and 14 Commercial Mortgage Backed – Agency securities were generally driven by changes in interest rates and not due to credit losses given the explicit or implicit guarantees provided by the U.S. government. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at December 31, 2024.

Securities of U.S. States and Municipalities

At December 31, 2024, the unrealized losses associated with 292 State and Municipal securities were primarily caused by changes in interest rates and not the credit quality of the securities. These investments are investment grade and were generally underwritten in accordance with our own investment standards prior to the decision to purchase, without relying on a bond insurer’s guarantee in making the investment decision. These securities will continue to be monitored as part of our ongoing impairment analysis but are expected to perform, even if the rating agencies reduce the credit rating of the bond insurers. As a result, we expect to recover the entire amortized cost basis of these securities. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at December 31, 2024.

Residential & Commercial Mortgage Backed – Non-Agency Securities

At December 31, 2024, the unrealized losses associated with 78 Residential Mortgage Backed – Non-Agency securities and 27 Commercial Mortgage Backed – Non-Agency securities were generally driven by changes in interest rates, credit spreads, and projected collateral losses. We assess for credit impairment by estimating the present value of expected cash flows. The key assumptions for determining expected cash flows include default rates, loss severities, and/or prepayment rates. Based on our assessment of the expected credit losses and the credit enhancement level of the securities, we expect to recover the entire amortized cost of these securities. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at December 31, 2024.

Asset-Backed Securities

At December 31, 2024, the unrealized losses associated with 16 Asset-Backed securities were generally driven by changes in interest rates, credit spreads, and projected collateral losses. We assess for credit impairment by estimating the present value of expected cash flows. The key assumptions for determining expected cash flows include default rates, loss severities, and/or prepayment rates. Based on our assessment of the expected credit losses and the credit enhancement level of the securities, we expect to recover the entire amortized cost of these securities. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at December 31, 2024.

Other Securities

At December 31, 2024, the unrealized losses associated with 9 securities were primarily driven by interest rates and not the credit quality of the securities. These investments are underwritten in accordance with our own investment standards prior to the decision to purchase, without relying on a bond insurer’s guarantee in making the investment decision. Based on our assessment of the expected credit losses, we expect to recover the entire amortized cost basis of the securities. Therefore, the Company has concluded that the unrealized losses for these securities do not require an ACL at December 31, 2024.

Restricted stock, at cost

The Company’s investment in FHLB stock totaled $18.2 million and $5.9 million at December 31, 2024, and 2023, respectively. The Company’s investment in Federal Reserve Bank stock totaled $14.8 million and $— at December 31, 2024, and 2023, respectively. FHLB and Federal Reserve stock are generally viewed as long-term

investments and as restricted investment securities, which are carried at cost, because there is no market for the stocks other than member institutions. Therefore, when evaluating FHLB and Federal Reserve stock for impairment, their values are based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company does not consider these investments to be impaired at December 31, 2024, and no impairment has been recognized. FHLB stock and Federal Reserve stock are included in a separate line item, Restricted stock, at cost, on the Consolidated Balance Sheets and are not part of the Company’s AFS investment securities portfolio.

The Company’s Restricted stock line item on the Consolidated Balance Sheets also includes an investment in Community Bankers’ Bank, totaling $111 thousand at December 31, 2024, and $50 thousand December 31, 2023, which is carried at cost and is not impaired at December 31, 2024. The Company also has other restricted investments including Independent Community Bankcorp, Inc. and WV Bankers Title which are included in restricted stock on the Consolidated Balance Sheets as of December 31, 2024.

Allowance for Credit Losses - Schedule of Impaired Financing Receivables (Details) - Collateral Pledged - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
With Allowance
Amortized Cost	$ 9,875	$ 0
Related Allowance	5,854	0
Amortized Cost, With No Related Allowance	18,397	3,744
Total amortized cost	28,272	3,744
Commercial real estate
With Allowance
Amortized Cost	7,459	0
Related Allowance	4,791	0
Amortized Cost, With No Related Allowance	12,439	0
Total amortized cost	19,898	0
Owner-occupied commercial real estate
With Allowance
Amortized Cost	0	0
Related Allowance	0	0
Amortized Cost, With No Related Allowance	1,833	1,000
Total amortized cost	1,833	1,000
Acquisition, construction & development
With Allowance
Amortized Cost	535	0
Related Allowance	303	0
Amortized Cost, With No Related Allowance	369	0
Total amortized cost	904	0
Commercial & industrial
With Allowance
Amortized Cost	983	0
Related Allowance	734	0
Amortized Cost, With No Related Allowance	348	0
Total amortized cost	1,331	0
Single family residential (1-4 units)
With Allowance
Amortized Cost	898	0
Related Allowance	26	0
Amortized Cost, With No Related Allowance	3,408	2,744
Total amortized cost	4,306	2,744
Consumer non-real estate and other
With Allowance
Amortized Cost	0	0
Related Allowance	0	0
Amortized Cost, With No Related Allowance	0	0
Total amortized cost	$ 0	$ 0

Regulatory Capital Matters (Tables)

12 Months Ended

Dec. 31, 2024

Regulatory Capital Requirements under Banking Regulations [Abstract]

Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations

The table below presents the actual and required capital amounts and ratios for the Company and the Bank at December 31, 2024, and December 31, 2023 (in thousands except for ratios).


	Actual				Minimum Required Capital - Basel III			Minimum Required to be Well Capitalized
	Amount		Ratio		Amount		Ratio	Amount		Ratio
As of December 31, 2024
Total Capital to risk-weighted assets
Consolidated	$	930,753	14.57	%	$	670,590	≥ 10.5%	$	638,658	N/A
Burke & Herbert Bank & Trust	919,843		14.41		670,028		≥ 10.5	638,122		≥ 10.0
Tier 1 (Core) Capital to risk-weighted assets
Consolidated	763,842		11.96		542,859		≥ 8.5	510,926		N/A
Burke & Herbert Bank & Trust	847,804		13.29		542,404		≥ 8.5	510,498		≥ 8.0
Common Tier 1 (CET 1) to risk-weighted assets
Consolidated	736,416		11.53		447,060		≥ 7.0	415,127		N/A
Burke & Herbert Bank & Trust	847,804		13.29		446,686		≥ 7.0	414,779		≥ 6.5
Tier 1 (Core) Capital to average assets (leverage ratio)
Consolidated	736,416		9.80		311,904		≥ 4.0	389,880		N/A
Burke & Herbert Bank & Trust	847,804		10.88		311,616		≥ 4.0	389,520		≥ 5.0


As of December 31, 2023
Total Capital to risk-weighted assets
Consolidated	$	443,799	17.88	%	$	260,694	≥ 10.5%	$	248,280	N/A
Burke & Herbert Bank & Trust	442,414		17.82		260,626		≥ 10.5	248,215		≥ 10.0
Tier 1 (Core) Capital to risk-weighted assets
Consolidated	418,244		16.85		211,038		≥ 8.5	198,624		N/A
Burke & Herbert Bank & Trust	416,859		16.79		210,983		≥ 8.5	198,572		≥ 8.0
Common Tier 1 (CET 1) to risk-weighted assets
Consolidated	418,244		16.85		173,796		≥ 7.0	161,382		N/A
Burke & Herbert Bank & Trust	416,859		16.79		173,751		≥ 7.0	161,340		≥ 6.5
Tier 1 (Core) Capital to average assets (leverage ratio)
Consolidated	418,244		11.31		147,965		≥ 4.0	184,957		N/A
Burke & Herbert Bank & Trust	416,859		11.27		147,986		≥4.0	184,982		≥5.0

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)


	December 31, 2024
	Gains and Losses on Cash Flow Hedges		Unrealized Gains and Losses on Available-for-Sale Securities		Defined Benefit Pension Items		Accumulated Other Comprehensive Income
Beginning Balance	$	(490)	$	(97,259)	$	(5,745)	$	(103,494)
Net unrealized gains (losses)	3,082		6,372		—		9,454
Less: net realized (gains) losses reclassified to earnings	(1,681)		(1,168)		—		(2,849)
Net change in pension plan benefits	—		—		1,169		1,169
Ending Balance	$	911	$	(92,055)	$	(4,576)	$	(95,720)

	December 31, 2023
	Gains and Losses on Cash Flow Hedges		Unrealized Gains and Losses on Available-for-Sale Securities		Defined Benefit Pension Items		Accumulated Other Comprehensive Income
Beginning Balance	$	(1,589)	$	(130,875)	$	(7,031)	$	(139,495)
Net unrealized gains (losses)	(283)		32,718		—		32,435
Less: net realized (gains) losses reclassified to earnings	1,382		898		—		2,280
Net change in pension plan benefits	—		—		1,286		1,286
Ending Balance	$	(490)	$	(97,259)	$	(5,745)	$	(103,494)

	December 31, 2022
	Gains and Losses on Cash Flow Hedges		Unrealized Gains and Losses on Available-for-Sale Securities		Defined Benefit Pension Items		Accumulated Other Comprehensive Income
Beginning Balance	$	—	$	12,975	$	(6,020)	$	6,955
Net unrealized gains (losses)	(1,721)		(144,209)		—		(145,930)
Less: net realized (gains) losses reclassified to earnings	132		359		—		491
Net change in pension plan benefits	—		—		(1,011)		(1,011)
Ending Balance	$	(1,589)	$	(130,875)	$	(7,031)	$	(139,495)

Schedule of Reclassification out of Accumulated Other Comprehensive Income (Loss)


Details about Accumulated Other Comprehensive Income Components	Amount Reclassified From Accumulated Other Comprehensive Income						Affected Line Item in the Statements of Income
	December 31, 2024		December 31, 2023		December 31, 2022
Cash flow hedges:
Interest rate contracts	$	(611)	$	(1,749)	$	(167)	Interest income
Interest rate contracts	2,794		—		—		Interest expense
Tax effect	(502)		367		35		Income tax expense (benefit)
Net of Tax	$	1,681	$	(1,382)	$	(132)

Available-for-sale securities:
Realized gains (losses) on securities	$	1,357	$	(112)	$	(454)	Net gains/(losses) on securities
Realized gains (losses) on basis adjustment for fair value hedges	160		(1,025)		—		Interest income
Tax effect	(349)		239		95		Income tax expense (benefit)
Net of Tax	$	1,168	$	(898)	$	(359)

Defined benefit pension plan:
Amortization of actuarial gain / (loss)	$	(1,518)	$	(1,628)	$	1,280	Pension and other employee benefits
Tax effect	349		342		(269)		Income tax expense (benefit)
Net of Tax	$	(1,169)	$	(1,286)	$	1,011

Total reclassifications, net of tax	$	1,680	$	(3,566)	$	520	Net income

Other Post-Retirement Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan cost	$ 1,700	$ 1,000	$ 1,000
Supplemental Employee Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan cost	3,700	522	$ 290
Two Thousand Twenty One Deferred Compensation Plan \| Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension plan assets	1,300	818
Net periodic pension costs	$ 541	$ 341

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Other Operating Expense - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other Expense
Business Acquisition [Line Items]
Merger-related expenses	$ 17.0	$ 3.0

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	173
Auditor Name	Crowe LLP
Auditor Location	Washington, D.C.

Premises and Equipment - Narrative (Details) - USD ($)	12 Months Ended
Premises and Equipment - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 5,865,000	$ 2,872,000	$ 3,053,000
Gain (loss) on sold premises	$ (2,200,000)	$ (36,600)	$ 4,500,000

Share-Based Compensation - Narrative (Details) - USD ($)		12 Months Ended
	Mar. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 03, 2024	Dec. 31, 2019
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost for awards granted		$ 2,900,000	$ 2,400,000	$ 2,000,000.0
Total income tax benefit		$ 605,000	$ 506,000	$ 421,000
Summit Financial Group, Inc
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock portion, number of Burke & Herbert stock for each share of Summit common stock converted (in shares)					0.5043
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued during period (in shares)		100,665	25,705	13,160
Restricted Stock Units (RSUs) \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)		3 years
Restricted Stock Units (RSUs) \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)		5 years
Restricted Stock Units (RSUs) \| 2019 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized to be issued (in shares)						240,000
Right to receive common share						1
Restricted Stock Units (RSUs) \| 2023 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized to be issued (in shares)	250,000	324,887
Restricted Stock Units (RSUs) \| 2023 Stock Incentive Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)		3 years
Restricted Stock Units (RSUs) \| 2023 Stock Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)		5 years
Restricted Stock Units (RSUs) \| 2019 and 2023 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs		$ 5,100,000
Average period for cost to be recognized (in years)		1 year 5 months 19 days
Performance-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage (as a percent)		100.00%
Employee Stock \| 2023 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)	250,000
Number of shares available for grant (in shares)		312,230
Purchase price of common stock (as a percent)	85.00%
Eligible employees, subscription rate (as a percent)	15.00%
Stock Appreciation Rights (SARs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)		7 years
Unrecognized compensation costs		$ 538,200
Average period for cost to be recognized (in years)		2 years 3 months 7 days
Exercisable during period (as a percent)		14.30%
Award expiration period		10 years
Exercised		$ 1,387,000
Vested (in shares)		67,000.0

Defined Benefit Pension Plan - Schedule of Assumptions Used to Determine Net Periodic Pension Cost (Details) - Pension Plan	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.49%	4.80%	5.00%
Expected long-term rate of return on plan assets	4.00%	3.75%	3.75%
Annual salary increase	3.00%	3.00%	3.00%

Transactions with Related Parties

12 Months Ended

Dec. 31, 2024

Transactions with Related Parties

Loans to directors and principal officers, including their immediate families and affiliated companies in which they have a direct or indirect material interest, are considered to be related parties.

Aggregate loan balances with related parties were as follows (in thousands):


	December 31, 2024
Balance, beginning	$	124,414
New loans	1,040
Effect of changes in composition of related parties	32,075
Repayments	(237)
Balance, ending	$	157,293

None of the loans are past due, on non-accrual status, or have been restructured to provide a reduction or deferral of interest or principal because of deterioration in the financial position of the borrower. There were no loans to a related party that were considered classified loans at December 31, 2024, or December 31, 2023.

Deposits from related parties at years ended December 31, 2024, and December 31, 2023, were $156.8 million and $103.6 million.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Deposits

12 Months Ended

Dec. 31, 2024

Financial Services, Banking and Thrift [Abstract]

Deposits

The aggregate amount of time deposits that meet or exceed the FDIC Insurance limit of $250,000, was approximately $284.4 million and $92.3 million on December 31, 2024, and December 31, 2023, respectively. Brokered time deposits, which are fully insured, totaled $244.8 million and $389.0 million at December 31, 2024, and December 31, 2023, respectively. Time deposits through the Certificate of Deposit Account Registry Service (“CDARS”) program totaled $35.7 million at December 31, 2024, compared to $24.2 million at December 31, 2023.

At December 31, 2024, the scheduled maturities of brokered deposits and time deposits for the next five years, and for the years thereafter, were as follows (in thousands):


Years ending December 31,
2025	$	1,075,072
2026	121,629
2027	37,510
2028	8,237
2029	6,096
Thereafter	4,735
Total	$	1,253,279

At December 31, 2024, and December 31, 2023, amounts included in time deposits for individual retirement accounts totaled $118.9 million and $28.5 million, respectively.

Overdrafts of $1.6 million and $110 thousand were reclassified to loans as of the year ended December 31, 2024, and December 31, 2023, respectively.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, authorized (in shares)	2,000,000	2,000,000
Preferred stock, issued (in shares)	1,500	0
Preferred stock, outstanding (in shares)	1,500	0
Common stock, par value per share (in dollars per share)	$ 0.50	$ 0.50
Common stock, authorized (in shares)	40,000,000	20,000,000
Common stock, issued (in shares)	15,540,394	8,000,000
Common stock, outstanding (in shares)	14,969,104	7,428,710
Treasury stock, shares (in shares)	571,290	571,290

Leased Property - Schedule of Additional Information on Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Finance lease weighted average remaining lease term (years)	11 years 9 months	12 years 7 months 28 days
Finance lease weighted average discount rate	3.06%	2.96%
Operating lease weighted average remaining lease term (years)	6 years 10 months 2 days	3 years 8 months 15 days
Operating lease weighted average discount rate	4.65%	3.33%
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 3,087	$ 3,330
Operating cash flows from finance leases	110	86	$ 63
Financing cash flows from finance leases	216	119	$ 152
Right-of-use assets obtained in exchange for new finance lease liabilities	0	1,214
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 12,329	$ 0

Loans (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Loans at year-end by portfolio segment were as follows (in thousands):


	December 31, 2024		December 31, 2023
Commercial real estate	$	2,637,802	$	1,309,084
Owner-occupied commercial real estate	614,362		131,381
Acquisition, construction & development	465,537		49,091
Commercial & industrial	613,085		67,847
Single family residential (1-4 units)	1,173,749		527,980
Consumer non-real estate and other	167,701		2,373
Loans, gross	5,672,236		2,087,756
Allowance for credit losses	(68,040)		(25,301)
Loans, net	$	5,604,196	$	2,062,455

Defined Benefit Pension Plan - Schedule of Estimated Future Benefit Payments (Details) - Pension Plan $ in Thousands	Dec. 31, 2024 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2025	$ 1,472
2026	1,523
2027	1,523
2028	1,629
2029	1,673
Following 5 years	$ 9,478

Earnings Per Share - Narrative (Details) - shares	12 Months Ended
Earnings Per Share - Narrative (Details) - shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Stock awards antidilutive (in shares)	67,882	503	0

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 15,553
2026	13,097
2027	10,641
2028	8,186
2029	5,730
Thereafter	4,093
Total	$ 57,300

Commitments and Contingencies - Schedule of Fair Value, Off-Balance-Sheet Risks (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments to extend credit
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instrument contractual amount	$ 877,837	$ 278,923
Commercial letters of credit
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instrument contractual amount	$ 13,333	$ 10,718

Borrowed Funds -Schedule of Short-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Due in 2025	$ 365,000
Due in 2026	0
Total	$ 365,000	$ 272,000

Leased Property - Schedule of Lessor, Operating Lease, Payment to be Received, Maturity (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 2,661
2026	2,338
2027	2,124
2028	2,061
2029	2,015
Thereafter	2,833
Total lease receivables	$ 14,032

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 35,708	$ 22,692	$ 44,013

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents the change in goodwill for the the years ended December 31, 2024, December 31, 2023, and December 31, 2022, (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Beginning of period	$	—	$	—	$	—
Acquired goodwill	32,783		—		—
Impairment	—		—		—

End of period	$	32,783	$	—	$	—

Schedule of Finite-Lived Intangible Assets

The gross carrying amounts and accumulated amortization of other intangible assets for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, were as follows (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Beginning of period	$	—	$	—	$	—
Acquired core deposit intangible	68,760		—		—
Amortization	(11,460)		—		—
Impairment	—		—		—

Total core deposit intangible	$	57,300	$	—	$	—

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated amortization expense for future years is as follows (in thousands):


	Estimated Amortization
2025	$	15,553
2026	13,097
2027	10,641
2028	8,186
2029	5,730
Thereafter	4,093
Total	$	57,300

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
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+ Details

Defined Benefit Pension Plan - Schedule of Plan’s Status and Related Disclosures (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in benefit obligation:
Benefit obligation at beginning of year	$ 31,500	$ 30,225
Service cost	445	469	$ 786
Interest cost	1,456	1,471	1,141
Actuarial (gain) loss	(3,040)	775
Distributions	(1,761)	(1,440)
Benefit obligation at end of year	28,600	31,500	30,225
Change in plan assets:
Fair value of plan assets at beginning of year	33,181	31,968
Actual return on plan assets	(806)	2,653
Employer contribution	0	0
Distributions	(1,761)	(1,440)
Fair value of plan assets at end of year	30,614	33,181	31,968
Funded status recognized as accrued pension cost	2,014	1,681
Amounts recognized in accumulated other comprehensive (income) loss:
Net loss	5,755	7,273
Deferred income tax benefit	(1,179)	(1,527)
Total amount recognized	4,576	5,746
Accumulated benefit obligation	26,930	29,372
Revision of Prior Period, Adjustment
Change in plan assets:
Fair value of plan assets at beginning of year	$ 0	0
Fair value of plan assets at end of year		$ 0	$ 0

Borrowed Funds - Narrative (Details) - USD ($)		12 Months Ended
Borrowed Funds - Narrative (Details) - USD ($)	May 03, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Short-term borrowings		$ 365,000,000	$ 272,000,000
Outstanding amount for short-term debt		422,500,000	293,900,000
Unused funds for short-term debt		4,100,000,000
Securities and loans pledged		3,100,000,000	797,800,000
Issuance of common stock		3,242,000	0	$ 0
Subordinated debentures owed to unconsolidated subsidiary trusts		17,013,000	$ 0
SFG Capital Trust I
Short-Term Debt [Line Items]
Subordinated debentures owed to unconsolidated subsidiary trusts	$ 3,600,000
SFG Capital Trust II
Short-Term Debt [Line Items]
Subordinated debentures owed to unconsolidated subsidiary trusts	7,700,000
SFG Capital Trust III
Short-Term Debt [Line Items]
Subordinated debentures owed to unconsolidated subsidiary trusts	8,300,000
SFG Capital Trust I
Short-Term Debt [Line Items]
SFG capital trust issued	3,500,000
Issuance of common stock	109,000
SFG Capital Trust II
Short-Term Debt [Line Items]
SFG capital trust issued	7,500,000
Issuance of common stock	232,000
SFG Capital Trust III
Short-Term Debt [Line Items]
SFG capital trust issued	8,000,000
Issuance of common stock	$ 248,000
SFG Capital Trust I
Short-Term Debt [Line Items]
Subsidiary, ownership percentage, parent (as a percent)	100.00%
SFG Capital Trust II
Short-Term Debt [Line Items]
Subsidiary, ownership percentage, parent (as a percent)	100.00%
SFG Capital Trust III
Short-Term Debt [Line Items]
Subsidiary, ownership percentage, parent (as a percent)	100.00%
Subordinated debentures
Short-Term Debt [Line Items]
Subordinated debentures, net		105,000,000
Subordinated debentures owed to unconsolidated subsidiary trusts
Short-Term Debt [Line Items]
Subordinated debentures, net		19,589,000
Subordinated debentures owed to unconsolidated subsidiary trusts \| SFG Capital Trust I
Short-Term Debt [Line Items]
Basis points	3.45%
Subordinated debentures owed to unconsolidated subsidiary trusts \| SFG Capital Trust II
Short-Term Debt [Line Items]
Basis points	2.80%
Subordinated debentures owed to unconsolidated subsidiary trusts \| SFG Capital Trust III
Short-Term Debt [Line Items]
Basis points	1.45%
Subordinated Debentures, Issued in Fourth Quarter of 2021 \| Subordinated debentures
Short-Term Debt [Line Items]
Debt instrument, face amount	$ 75,000,000
Debt instrument, fair value	61,500,000
Amortization of debt discount (premium)	$ 13,500,000
Subordinated debentures, net		65,000,000
Number of maturity (in years)	5 years
Tier 2 capital reduction (as a percent)	20.00%
Subordinated borrowing bears interest (as a percent)	3.25%
Basis points	2.30%
Debt instrument, term (in years)	10 years
Number of years not pre payable issuance	5 years
Subordinated Debentures, Issued in Third Quarter of 2020 \| Subordinated debentures
Short-Term Debt [Line Items]
Debt instrument, face amount	$ 30,000,000
Debt instrument, fair value	29,800,000
Amortization of debt discount (premium)	$ 200,000
Subordinated debentures, net		$ 29,900,000
Number of maturity (in years)	5 years
Tier 2 capital reduction (as a percent)	20.00%
Subordinated borrowing bears interest (as a percent)	5.00%
Basis points	4.87%
Debt instrument, term (in years)	10 years
Number of years not pre payable issuance	5 years
Minimum
Short-Term Debt [Line Items]
Interest rate for short-term debt		4.43%	4.38%
Maximum
Short-Term Debt [Line Items]
Interest rate for short-term debt		4.57%	5.57%

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Determination of Fair Value

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 3 – Significant unobservable inputs that reflect our own assumptions that market participants would use in pricing an asset or liability.

The Company used the following methods and significant assumptions to estimate fair value:

Investment securities

Equity Investments

Derivatives

Loans held-for-sale, at fair value

Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):


	Fair Value Measurements at December 31, 2024 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets
Investment Securities
U.S. Treasuries and government agencies	$	149,127	$	—	$	—	$	149,127
Obligations of state and municipalities	—		698,724		—		698,724
Residential mortgage backed - agency	—		53,186		—		53,186
Residential mortgage backed - non-agency	—		247,876		—		247,876
Commercial mortgage backed - agency	—		33,071		—		33,071
Commercial mortgage backed - non-agency	—		154,511		—		154,511
Asset backed	—		64,056		—		64,056
Other	—		31,820		—		31,820
Total investment securities available-for-sale	$	149,127	$	1,283,244	$	—	$	1,432,371

Loans held-for-sale, at fair value	$	—	$	2,331	$	—	$	2,331

Equity investments	$	—	$	12,407	$	—	$	12,407

Derivatives	$	—	$	3,191	$	—	$	3,191

Financial liabilities
Derivatives	$	—	$	1,988	$	—	$	1,988


	Fair Value Measurements at December 31, 2023 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets
Investment Securities
U.S. Treasuries and government agencies	$	179,071	$	—	$	—	$	179,071
Obligations of state and municipalities	—		463,203		—		463,203
Residential mortgage backed - agency	—		42,238		—		42,238
Residential mortgage backed - non-agency	—		266,031		—		266,031
Commercial mortgage backed - agency	—		34,885		—		34,885
Commercial mortgage backed - non-agency	—		177,061		—		177,061
Asset backed	—		77,936		—		77,936
Other	—		8,014		—		8,014
Total investment securities available-for-sale	$	179,071	$	1,069,368	$	—	$	1,248,439

Loans held-for-sale, at fair value	$	—	$	1,497	$	—	$	1,497

Derivatives	$	—	$	1,063	$	—	$	1,063

Financial liabilities
Derivatives	$	—	$	2,045	$	—	$	2,045

The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a non-recurring basis in the financial statements:

Collateral dependent loans

Other real estate owned

fair value adjustments are recorded in the period incurred and included in other noninterest expense in the consolidated statements of income.

Assets that were measured at fair value on a non-recurring basis during the period are summarized below (in thousands):


	Fair Value Measurements at December 31, 2024 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Collateral dependent loans
Commercial real estate	$	—	$	—	$	2,668	$	2,668
Owner-occupied commercial real estate	—		—		—		—
Acquisition, construction & development	—		—		232		232
Commercial & industrial	—		—		249		249
Single family residential	—		—		872		872
Consumer non-real estate and other	—		—		—		—
Other real estate owned	—		—		2,783		2,783

Fair Value Measurements at December 31, 2023 Using:

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

(Level 1)

(Level 2)

(Level 3)

Total

Collateral dependent loans

Commercial real estate

—

Owner-occupied commercial real estate

—

Acquisition, construction & development

—

Commercial & industrial

—

Single family residential

—

Consumer non-real estate and other

—

Other real estate owned

—

The following table presents quantitative information about Level 3 Fair Value Measurements for assets measured at fair value on a non-recurring basis at December 31, 2024, and December 31, 2023 (in thousands except for percentages):

Description

Fair Value

Valuation Techniques

Unobservable Inputs

Range

December 31, 2024

Collateral dependent loans

4,021

Appraisal of collateral

Management adjustments (e.g., liquidity, selling costs, etc.)

5.0% to 20.0% for liquidity, 6.0% to 8.0% for selling costs

Other real estate owned

2,783

Appraisal of collateral

Management adjustments (e.g., liquidity, selling costs, etc.)

5.0% to 20.0% for liquidity, 6.0% to 8.0% for selling costs

December 31, 2023

Collateral dependent loans

—

Appraisal of collateral

Management adjustments (e.g., liquidity, selling costs, etc.)

5.0% to 20.0% for liquidity, 6.0% to 8.0% for selling costs

Fair value of financial instruments

The carrying amounts and estimated fair values of financial instruments not carried at fair value, at December 31, 2024, and December 31, 2023, were as follows (in thousands):


			Fair Value Measurements at December 31, 2024 Using:
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)		Total
Financial Assets
Cash and due from banks	$	35,554	$	35,554	$	—	$	—	$	35,554
Interest-bearing deposits with banks	99,760		99,760		—		—		99,760
Loans, net	5,604,196		—		—		5,465,772		5,465,772
Accrued interest	34,454		—		34,454		—		34,454

Financial liabilities
Non-interest-bearing	$	1,379,940	$	—	$	1,379,940	$	—	$	1,379,940
Interest-bearing	5,135,299		—		5,126,423		—		5,126,423
Short-term borrowings	365,000		—		364,985		—		364,985
Subordinated debentures, net	94,872		—		91,760		—		91,760
Subordinated debentures owed to unconsolidated subsidiary trusts	17,013		—		14,587		—		14,587
Accrued interest	6,157		—		6,157		—		6,157


			Fair Value Measurements at December 31, 2023 Using:
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)		Total
Financial Assets
Cash and due from banks	$	8,896	$	8,896	$	—	$	—	$	8,896
Interest-bearing deposits with banks	35,602		35,602		—		—		35,602
Loans, net	2,062,455		—		—		1,897,459		1,897,459
Accrued interest	15,895		—		15,895		—		15,895

Financial liabilities
Non-interest-bearing	$	830,320	$	—	$	830,320	$	—	$	830,320
Interest-bearing	2,171,561		—		2,167,218		—		2,167,218
Other borrowed funds	272,000		—		271,716		—		271,716
Accrued interest	8,954		—		8,954		—		8,954

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Allowance for Credit Losses - Schedule of Purchased Credit Deteriorated Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Credit Loss [Abstract]
Purchase price of loans at acquisition	$ 380,795
Allowance for credit losses at acquisition	23,910
Non-credit discount/(premium) at acquisition	37,640
Par value of acquired loans at acquisition	$ 442,345

Business Combination - Narrative (Details) - USD ($)		5 Months Ended	12 Months Ended
Business Combination - Narrative (Details) - USD ($)	May 03, 2024	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Preliminary goodwill			$ 32,783,000	$ 0	$ 0	$ 0
Summit Financial Group, Inc
Business Acquisition [Line Items]
Common stock portion, number of Burke & Herbert stock for each share of Summit common stock converted (in shares)	0.5043
Consideration payable (in shares)	7,405,772
Preferred stock, fixed rate (as a percent)	6.00%
Net interest income		$ 99,900,000
Net income		$ 111,300,000
Preliminary goodwill	$ 32,783,000
Goodwill, expected tax deductible amount	$ 0
Estimated weighted average life	7 years
Goodwill and intangibles	$ 68,760,000
Summit Financial Group, Inc \| Financial Asset Acquired with Credit Deterioration
Business Acquisition [Line Items]
Business combination, acquired receivable, fair value	380,800,000
Business combination, acquired receivable, gross contractual amount	442,300,000
Business combination, acquired receivable, estimated uncollectible	$ 23,900,000
Summit Financial Group, Inc \| Noninterest Expense
Business Acquisition [Line Items]
Merger-related expenses			36,500,000
Summit Financial Group, Inc \| Salary and Wage, Excluding Cost of Good and Service Sold, Employee Benefits and Share-Based Compensation, Occupancy, Net, and Equipment Expense
Business Acquisition [Line Items]
Merger-related expenses			$ 19,500,000

Premises and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Premises and Equipment

Premises and equipment are included in the Balance Sheet at December 31, 2024, and December 31, 2023, were as follows (in thousands):


	December 31, 2024		December 31, 2023
Cost:
Land	$	29,654	$	14,626
Premises	111,415		64,181
Furniture and equipment	29,257		17,505
	170,326		96,312

Less:
Accumulated depreciation	(38,056)		(35,184)

Total	$	132,270	$	61,128

Depreciation and amortization (e.g. leasehold improvements) expense for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 was $5.9 million, $2.9 million, and $3.1 million, respectively.

In 2024, 2023, and 2022, the Company sold or disposed of premises that resulted in a loss of $2.2 million, a loss of $36.6 thousand, and a gain of $4.5 million, respectively, that is captured in other operating expenses on the Consolidated Statements of Income.

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reportable segment	1

Derivatives - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other assets \| Derivatives not designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 99,899	$ 72,572
Derivative asset, fair value	1,823	998
Other assets \| Cash Flow Hedging \| Derivatives designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	250,000	100,000
Derivative asset, fair value	1,368	65
Other liabilities \| Derivatives not designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	99,899	72,572
Derivative liability, fair value	1,823	998
Other liabilities \| Cash Flow Hedging \| Derivatives designated as hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	50,000	150,000
Derivative liability, fair value	$ 165	$ 1,047

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Off-balance-sheet, credit total	$ 4,000	$ 254	$ 0
Unfunded Loan Commitment
Derivatives, Fair Value [Line Items]
Credit loss expense (recapture) - off-balance sheet credit exposures	$ 3,700	$ (21)

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 35,708	$ 22,692	$ 44,013
Unrealized gains (losses) on securities:
Unrealized gain (loss) arising during period, net of tax of $(1,903) for 2024, $(8,721) for 2023, and $38,333 for 2022	6,372	32,718	(144,209)
Reclassification adjustment for loss (gain) on securities, net of tax of $312 for 2024, $(24) for 2023, and ($95) for 2022	(1,045)	88	359
Reclassification adjustment for loss (gain) on fair value hedge, net of tax of $37 for 2024, $(215) for 2023, and $— for 2022	(123)	810	0
Defined benefit pension plans:
Changes in pension plan benefits, net of tax of $(349) for 2024, ($342) for 2023, and $263 for 2022	1,169	1,286	(1,011)
Unrealized gain (loss) on cash flow hedge
Unrealized holding gain (loss) on cash flow hedge, net of tax of $(920) for 2024, $75 for 2023, and $457 for 2022	3,082	(283)	(1,721)
Reclassification adjustment for losses (gains) included in net income, net of tax of $502 for 2024, $(367) for 2023, and $(35) for 2022	(1,681)	1,382	132
Total other comprehensive income (loss)	7,774	36,001	(146,450)
Comprehensive income (loss)	$ 43,482	$ 58,693	$ (102,437)

Leased Property - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
Leased Property - Narrative (Details) $ in Thousands	Dec. 31, 2022 building	Dec. 31, 2024	Dec. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
Number of buildings sold \| building	2
Sale leaseback transaction, lease terms	one year
Operating lease expense \| $			$ 655
Minimum
Lessor, Lease, Description [Line Items]
Operating lease term		1 year
Lease term of contract		1 year
Maximum
Lessor, Lease, Description [Line Items]
Operating lease term		10 years
Lease term of contract		14 years

Securities - Narrative (Details)	12 Months Ended
Securities - Narrative (Details)	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized cost	$ 1,549,589,000	$ 1,372,575,000
Fair Value	1,432,371,000	1,248,439,000
Realized tax benefit (provision) gain (loss)	(312,100)	23,500	$ 95,300
Allowance for credit loss on available for sale debt securities	$ 0	0
Securities unrealized loss \| security	462
Debt securities available-for-sale, impairment	$ 0
Federal home loan bank stock	18,200,000	5,900,000
Federal reserve bank stock	14,800,000	0
Restricted stock, at cost	33,559,000	5,964,000
Community Bankers' Bank
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Restricted stock, at cost	111,000	50,000
U.S. Treasuries and government agencies
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized cost	165,619,000	197,026,000
Fair Value	$ 149,127,000	179,071,000
Securities in unrealized loss positions \| security	11
Residential mortgage backed - agency
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized cost	$ 57,244,000	47,074,000
Fair Value	$ 53,186,000	42,238,000
Securities in unrealized loss positions \| security	15
Commercial Mortgage Backed – Agency Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Securities in unrealized loss positions \| security	14
State and Municipal Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Securities in unrealized loss positions \| security	292
Residential mortgage backed - non-agency
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized cost	$ 259,964,000	284,826,000
Fair Value	$ 247,876,000	266,031,000
Securities in unrealized loss positions \| security	78
Commercial mortgage backed - non-agency
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized cost	$ 158,621,000	183,454,000
Fair Value	$ 154,511,000	177,061,000
Securities in unrealized loss positions \| security	27
Asset-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized cost	$ 64,308,000	79,315,000
Fair Value	$ 64,056,000	77,936,000
Securities in unrealized loss positions \| security	16
Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized cost	$ 32,861,000	9,500,000
Fair Value	$ 31,820,000	8,014,000
Securities in unrealized loss positions \| security	9
Asset Pledged as Collateral
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized cost	$ 1,200,000,000	826,500,000
Fair Value	$ 1,100,000,000	$ 742,500,000

Leased Property

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leased Property

Lessor Arrangements

The Company enters into operating leases with customers to lease vacant space in certain owned premises that is not being used by the Company. These operating leases are typically payable in monthly installments with terms ranging from around one year to around ten years and may contain renewal options.

The components of lease income, which is included in non-interest expense on the Consolidated Statements of Income, were as follows for the year ending (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Operating lease income	$	2,597	$	2,301	$	1,309
Total lease income	$	2,597	$	2,301	$	1,309

The remaining maturities of operating lease receivables as of December 31, 2024, are as follows (in thousands):


	Operating Leases
2025	$	2,661
2026	2,338
2027	2,124
2028	2,061
2029	2,015
Thereafter	2,833
Total lease receivables	$	14,032

Lessee Arrangements

The Company has entered into leases for branches and office space. The leases are evaluated for whether the lease will be classified as either a finance or operating lease. Certain leases offer the option to extend the lease term, and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. Including renewal options, the Company’s leases range from less than one year to around fourteen years. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations.

Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. These cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. The right-of-use asset and lease liability are included in other assets and other liabilities, respectively, in the Consolidated Balance Sheets.

In the fourth quarter of 2022 the Company sold two buildings in separate transactions and entered into sale-leaseback agreements to lease back the properties for up to one year. The lease terms were at market with third-parties and resulted in $655 thousand of operating lease expense in 2023.

Right-of-use assets and liabilities by lease type, and the associated balance sheet classifications are as follows (in thousands):


	Balance Sheet Classification	December 31, 2024		December 31, 2023
Right-of-use assets:
Operating leases	Other assets	$	13,203	$	5,110
Finance leases	Other assets	3,312		3,590
Total right-of-use assets		$	16,515	$	8,700
Lease liabilities:
Operating leases	Other liabilities	$	13,586	$	5,327
Finance Leases	Other liabilities	3,620		3,840
Total lease liabilities		$	17,206	$	9,167

The components of total lease cost were as follows for the period ending (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Finance lease cost
Right-of-use asset amortization	$	285	$	244	$	204
Interest expense	110		86		63
Operating lease cost	2,864		3,210		2,495
Total lease cost	$	3,259	$	3,540	$	2,762

The Company’s future undiscounted lease payments for finance and operating leases with initial terms of one year or more as of December 31, 2024, are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	3,145	$	333
2026	2,659		340
2027	2,237		347
2028	1,897		354
2029	1,748		361
Thereafter	4,772		2,629
Total undiscounted lease payments	16,458		4,364
Less: discount	(2,872)		(744)
Net lease liabilities	$	13,586	$	3,620

The following table presents additional information about the Company’s leases as of December 31, 2024, and December 31, 2023.


Supplemental lease information (dollars in thousands)	December 31, 2024			December 31, 2023
Finance lease weighted average remaining lease term (years)	11.75			12.66
Finance lease weighted average discount rate	3.06		%	2.96		%
Operating lease weighted average remaining lease term (years)	6.84			3.71
Operating lease weighted average discount rate	4.65		%	3.33		%

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,087		$	3,330
Operating cash flows from finance leases	110			86
Financing cash flows from finance leases	216			119
Right-of-use assets obtained in exchange for new finance lease liabilities	—			1,214
Right-of-use assets obtained in exchange for new operating lease liabilities	12,329			—

Leased Property

Lessor Arrangements

The components of lease income, which is included in non-interest expense on the Consolidated Statements of Income, were as follows for the year ending (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Operating lease income	$	2,597	$	2,301	$	1,309
Total lease income	$	2,597	$	2,301	$	1,309

The remaining maturities of operating lease receivables as of December 31, 2024, are as follows (in thousands):


	Operating Leases
2025	$	2,661
2026	2,338
2027	2,124
2028	2,061
2029	2,015
Thereafter	2,833
Total lease receivables	$	14,032

Lessee Arrangements

Right-of-use assets and liabilities by lease type, and the associated balance sheet classifications are as follows (in thousands):


	Balance Sheet Classification	December 31, 2024		December 31, 2023
Right-of-use assets:
Operating leases	Other assets	$	13,203	$	5,110
Finance leases	Other assets	3,312		3,590
Total right-of-use assets		$	16,515	$	8,700
Lease liabilities:
Operating leases	Other liabilities	$	13,586	$	5,327
Finance Leases	Other liabilities	3,620		3,840
Total lease liabilities		$	17,206	$	9,167

The components of total lease cost were as follows for the period ending (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Finance lease cost
Right-of-use asset amortization	$	285	$	244	$	204
Interest expense	110		86		63
Operating lease cost	2,864		3,210		2,495
Total lease cost	$	3,259	$	3,540	$	2,762

The Company’s future undiscounted lease payments for finance and operating leases with initial terms of one year or more as of December 31, 2024, are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	3,145	$	333
2026	2,659		340
2027	2,237		347
2028	1,897		354
2029	1,748		361
Thereafter	4,772		2,629
Total undiscounted lease payments	16,458		4,364
Less: discount	(2,872)		(744)
Net lease liabilities	$	13,586	$	3,620

The following table presents additional information about the Company’s leases as of December 31, 2024, and December 31, 2023.


Supplemental lease information (dollars in thousands)	December 31, 2024			December 31, 2023
Finance lease weighted average remaining lease term (years)	11.75			12.66
Finance lease weighted average discount rate	3.06		%	2.96		%
Operating lease weighted average remaining lease term (years)	6.84			3.71
Operating lease weighted average discount rate	4.65		%	3.33		%

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,087		$	3,330
Operating cash flows from finance leases	110			86
Financing cash flows from finance leases	216			119
Right-of-use assets obtained in exchange for new finance lease liabilities	—			1,214
Right-of-use assets obtained in exchange for new operating lease liabilities	12,329			—

Leased Property

Lessor Arrangements

The components of lease income, which is included in non-interest expense on the Consolidated Statements of Income, were as follows for the year ending (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Operating lease income	$	2,597	$	2,301	$	1,309
Total lease income	$	2,597	$	2,301	$	1,309

The remaining maturities of operating lease receivables as of December 31, 2024, are as follows (in thousands):


	Operating Leases
2025	$	2,661
2026	2,338
2027	2,124
2028	2,061
2029	2,015
Thereafter	2,833
Total lease receivables	$	14,032

Lessee Arrangements

Right-of-use assets and liabilities by lease type, and the associated balance sheet classifications are as follows (in thousands):


	Balance Sheet Classification	December 31, 2024		December 31, 2023
Right-of-use assets:
Operating leases	Other assets	$	13,203	$	5,110
Finance leases	Other assets	3,312		3,590
Total right-of-use assets		$	16,515	$	8,700
Lease liabilities:
Operating leases	Other liabilities	$	13,586	$	5,327
Finance Leases	Other liabilities	3,620		3,840
Total lease liabilities		$	17,206	$	9,167

The components of total lease cost were as follows for the period ending (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Finance lease cost
Right-of-use asset amortization	$	285	$	244	$	204
Interest expense	110		86		63
Operating lease cost	2,864		3,210		2,495
Total lease cost	$	3,259	$	3,540	$	2,762

The Company’s future undiscounted lease payments for finance and operating leases with initial terms of one year or more as of December 31, 2024, are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	3,145	$	333
2026	2,659		340
2027	2,237		347
2028	1,897		354
2029	1,748		361
Thereafter	4,772		2,629
Total undiscounted lease payments	16,458		4,364
Less: discount	(2,872)		(744)
Net lease liabilities	$	13,586	$	3,620

The following table presents additional information about the Company’s leases as of December 31, 2024, and December 31, 2023.


Supplemental lease information (dollars in thousands)	December 31, 2024			December 31, 2023
Finance lease weighted average remaining lease term (years)	11.75			12.66
Finance lease weighted average discount rate	3.06		%	2.96		%
Operating lease weighted average remaining lease term (years)	6.84			3.71
Operating lease weighted average discount rate	4.65		%	3.33		%

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,087		$	3,330
Operating cash flows from finance leases	110			86
Financing cash flows from finance leases	216			119
Right-of-use assets obtained in exchange for new finance lease liabilities	—			1,214
Right-of-use assets obtained in exchange for new operating lease liabilities	12,329			—

Common Stock Transactions	12 Months Ended
Common Stock Transactions	Dec. 31, 2024
Equity [Abstract]
Common Stock Transactions	Common Stock Transactions In 2024, the Company reissued zero shares of treasury stock to satisfy the vesting of RSUs and SARs. No other purchase or sale of the Company’s Common Stock occurred in 2024. In 2023, the Company reissued 2,950 shares of treasury stock to satisfy the vesting of RSUs. No other purchase or sale of the Company’s Common Stock occurred in 2023. On November 15, 2022, the Company effected a forty-for-one stock split of its Common Stock by issuing thirty-nine additional shares of Common Stock for each outstanding share of Common Stock of record as of November 9, 2022. All share and earnings per share information have been retroactively adjusted to reflect the stock split within the financial statements and notes to the financial statements. During 2022, the Company also reissued 2,000 shares of treasury stock to satisfy the vesting of RSUs. During 2024, 2023, and 2022, the Company declared and paid cash dividends of $2.14, $2.12, and $2.12 per share, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Business Combination (Tables)

12 Months Ended

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

Leased Property (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Lessor, Lease Income

The components of lease income, which is included in non-interest expense on the Consolidated Statements of Income, were as follows for the year ending (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Operating lease income	$	2,597	$	2,301	$	1,309
Total lease income	$	2,597	$	2,301	$	1,309

Schedule of Lessor, Operating Lease, Payment to be Received, Maturity

The remaining maturities of operating lease receivables as of December 31, 2024, are as follows (in thousands):


	Operating Leases
2025	$	2,661
2026	2,338
2027	2,124
2028	2,061
2029	2,015
Thereafter	2,833
Total lease receivables	$	14,032

Schedule of Assets and Liabilities, Lessee

Right-of-use assets and liabilities by lease type, and the associated balance sheet classifications are as follows (in thousands):


	Balance Sheet Classification	December 31, 2024		December 31, 2023
Right-of-use assets:
Operating leases	Other assets	$	13,203	$	5,110
Finance leases	Other assets	3,312		3,590
Total right-of-use assets		$	16,515	$	8,700
Lease liabilities:
Operating leases	Other liabilities	$	13,586	$	5,327
Finance Leases	Other liabilities	3,620		3,840
Total lease liabilities		$	17,206	$	9,167

Schedule of Lease, Cost

The components of total lease cost were as follows for the period ending (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Finance lease cost
Right-of-use asset amortization	$	285	$	244	$	204
Interest expense	110		86		63
Operating lease cost	2,864		3,210		2,495
Total lease cost	$	3,259	$	3,540	$	2,762

The following table presents additional information about the Company’s leases as of December 31, 2024, and December 31, 2023.


Supplemental lease information (dollars in thousands)	December 31, 2024			December 31, 2023
Finance lease weighted average remaining lease term (years)	11.75			12.66
Finance lease weighted average discount rate	3.06		%	2.96		%
Operating lease weighted average remaining lease term (years)	6.84			3.71
Operating lease weighted average discount rate	4.65		%	3.33		%

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,087		$	3,330
Operating cash flows from finance leases	110			86
Financing cash flows from finance leases	216			119
Right-of-use assets obtained in exchange for new finance lease liabilities	—			1,214
Right-of-use assets obtained in exchange for new operating lease liabilities	12,329			—

Schedule of Lessee, Operating Lease, Liability, Maturity

The Company’s future undiscounted lease payments for finance and operating leases with initial terms of one year or more as of December 31, 2024, are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	3,145	$	333
2026	2,659		340
2027	2,237		347
2028	1,897		354
2029	1,748		361
Thereafter	4,772		2,629
Total undiscounted lease payments	16,458		4,364
Less: discount	(2,872)		(744)
Net lease liabilities	$	13,586	$	3,620

Schedule of Finance Lease, Liability, to be Paid, Maturity

The Company’s future undiscounted lease payments for finance and operating leases with initial terms of one year or more as of December 31, 2024, are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	3,145	$	333
2026	2,659		340
2027	2,237		347
2028	1,897		354
2029	1,748		361
Thereafter	4,772		2,629
Total undiscounted lease payments	16,458		4,364
Less: discount	(2,872)		(744)
Net lease liabilities	$	13,586	$	3,620

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income applicable to common shares (in thousands)	$ 35,033	$ 22,692	$ 44,013
Weighted average number of shares (in shares)	12,393,677	7,428,042	7,425,088
Options effect of dilutive shares (in shares)	48,154	78,813	42,629
Weighted average dilutive shares (in shares)	12,441,831	7,506,855	7,467,717
Basic earnings per common share (in dollars per share)	$ 2.83	$ 3.05	$ 5.93
Diluted earnings per common share (in dollars per share)	$ 2.82	$ 3.02	$ 5.89

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	December 31, 2024		December 31, 2023		December 31, 2022
Net income applicable to common shares (in thousands)	$	35,033	$	22,692	$	44,013

Weighted average number of shares	12,393,677		7,428,042		7,425,088
Options effect of dilutive shares	48,154		78,813		42,629
Weighted average dilutive shares	12,441,831		7,506,855		7,467,717

Basic earnings per common share	$	2.83	$	3.05	$	5.93
Diluted earnings per common share	2.82		3.02		5.89

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following is a summary of all the Company’s RSU awards issued under both the 2019 SIP and 2023 SIP:


Non-vested Shares	Shares	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2024	143,585	$	51.21
Granted	100,665	55.71
Vested	(108,293)	47.27
Forfeited	(1,755)	58.61
Non-vested at December 31, 2024	134,202	$	57.67

Schedule of Employee Stock Purchase Plan


	December 31, 2024
Shares purchased	12,057
Weighted average price of shares purchased	$	44.93
Compensation expense recognized (in 000's)	179.3

Schedule of Share-Based Payment Award, Stock Appreciation Rights, Valuation Assumptions

Upon completion of the Merger, the Company determined the fair value per SAR using the following assumptions:


	2019 SAR			2021 SAR			2023 SAR
# of years to full vesting	7 years			7 years			7 years
Fair value	$	14.89		$	16.92		$	14.56
Risk-free interest rate	4.51		%	4.32		%	4.14		%
Expected dividend yield	3.95		%	3.95		%	3.95		%
Expected common stock volatility	32.56		%	32.56		%	32.56		%
Expected contractual life (in years)	4.77			7.20			8.77

Schedule of Stock Appreciation Rights and Option Activity

A summary of SAR and option activity during the year ended December 31, 2024, is as follows:


				Weighted Average
Dollars in thousands, except per share information	SARs	Aggregate Fair Value		Remaining Contractual Term (Yrs.)	Exercise Price
Outstanding, December 31, 2023	—	$	—	—	$	—
Granted (or acquired)	299,556	4,996		5.67	45.24
Exercised	70,041	1,387		—	39.90
Forfeited	5,642	86		—	47.96
Expired	—	—		—	—
Outstanding, December 31, 2024	223,873	$	3,523	5.44	$	46.87

Exercisable SARs:
At December 31, 2024	183,971	2,931		5.04	46.39

Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Short-Term Debt

The contractual maturities of these borrowings as of December 31, 2024, are as follows (in thousands):


Due in 2025	$	365,000
Due in 2026	—
Total	$	365,000

Schedule of Maturities of Long-Term Debt

The remaining maturities of subordinated debentures as of December 31, 2024, are as follows (in thousands):


	Subordinated debentures		Subordinated debentures owed to unconsolidated subsidiary trusts
2025	$	—	$	—
2026	—		—
2027	—		—
2028	—		—
2029	—		—
Thereafter	105,000		19,589
Total	$	105,000	$	19,589

Allowance for Credit Losses - Schedule of Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	$ 554,237	$ 321,368
Year two	805,534	483,436
Year three	1,052,113	305,178
Year four	903,616	69,608
Year five	329,467	134,601
Prior	1,258,726	656,867
Revolving Loans	768,543	116,698
Loans	5,672,236	2,087,756
Year to date gross charge-offs
Total	1,807	194	$ 3,450
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	248,023	195,857
Year two	387,702	289,472
Year three	561,965	214,549
Year four	429,657	22,791
Year five	163,340	82,255
Prior	698,485	467,399
Revolving Loans	148,630	36,761
Loans	2,637,802	1,309,084
Year to date gross charge-offs
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	382	0
Revolving Loans	0	0
Total	382	0	3,282
Commercial real estate \| Pass
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	248,023	195,857
Year two	378,322	261,817
Year three	482,195	166,253
Year four	337,136	22,791
Year five	153,187	75,170
Prior	588,490	416,774
Revolving Loans	96,914	36,761
Loans	2,284,267	1,175,423
Commercial real estate \| Special Mention
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	7,148	12,235
Year three	30,018	35,449
Year four	52,885	0
Year five	7,154	4,876
Prior	57,255	0
Revolving Loans	28,211	0
Loans	182,671	52,560
Commercial real estate \| Substandard
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	2,232	15,420
Year three	49,752	12,847
Year four	39,636	0
Year five	2,999	2,209
Prior	52,740	50,625
Revolving Loans	23,505	0
Loans	170,864	81,101
Commercial real estate \| Doubtful
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans	0	0
Loans	0	0
Commercial real estate \| Loss
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans	0	0
Loans	0	0
Owner-occupied commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	61,433	9,309
Year two	72,571	32,257
Year three	99,133	11,229
Year four	128,439	14,103
Year five	44,425	10,279
Prior	175,827	48,020
Revolving Loans	32,534	6,184
Loans	614,362	131,381
Year to date gross charge-offs
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans	0	0
Total	0	0	0
Owner-occupied commercial real estate \| Pass
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	61,433	9,309
Year two	72,571	31,725
Year three	93,941	11,229
Year four	126,700	14,103
Year five	36,197	10,279
Prior	170,809	43,616
Revolving Loans	32,452	6,184
Loans	594,103	126,445
Owner-occupied commercial real estate \| Special Mention
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	243	0
Year five	2,729	0
Prior	1,275	0
Revolving Loans	0	0
Loans	4,247	0
Owner-occupied commercial real estate \| Substandard
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	532
Year three	5,192	0
Year four	1,496	0
Year five	5,499	0
Prior	3,594	4,404
Revolving Loans	82	0
Loans	15,863	4,936
Owner-occupied commercial real estate \| Doubtful
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	149	0
Revolving Loans	0	0
Loans	149	0
Owner-occupied commercial real estate \| Loss
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans	0	0
Loans	0	0
Acquisition, construction & development
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	25,461	8,535
Year two	122,866	24,286
Year three	95,119	13,698
Year four	153,669	0
Year five	25,078	728
Prior	16,375	241
Revolving Loans	26,969	1,603
Loans	465,537	49,091
Year to date gross charge-offs
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans	0	0
Total	0	0	0
Acquisition, construction & development \| Pass
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	25,461	8,535
Year two	109,751	24,286
Year three	90,652	13,698
Year four	147,702	0
Year five	3,564	728
Prior	16,312	241
Revolving Loans	15,107	1,603
Loans	408,549	49,091
Acquisition, construction & development \| Special Mention
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	2,641	0
Year five	142	0
Prior	0	0
Revolving Loans	0	0
Loans	2,783	0
Acquisition, construction & development \| Substandard
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	13,115	0
Year three	4,467	0
Year four	3,326	0
Year five	21,372	0
Prior	63	0
Revolving Loans	11,564	0
Loans	53,907	0
Acquisition, construction & development \| Doubtful
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans	298	0
Loans	298	0
Acquisition, construction & development \| Loss
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans	0	0
Loans	0	0
Commercial & industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	108,608	29,111
Year two	57,565	15,204
Year three	87,547	5,166
Year four	46,705	162
Year five	17,137	15
Prior	29,050	1,335
Revolving Loans	266,473	16,854
Loans	613,085	67,847
Year to date gross charge-offs
Year one	0	0
Year two	10	0
Year three	195	0
Year four	87	29
Year five	0	0
Prior	9	0
Revolving Loans	0	0
Total	301	29	20
Commercial & industrial \| Pass
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	108,206	29,111
Year two	57,280	15,204
Year three	47,828	4,344
Year four	35,189	162
Year five	15,109	15
Prior	28,019	1,335
Revolving Loans	237,852	16,854
Loans	529,483	67,025
Commercial & industrial \| Special Mention
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	365	0
Year two	0	0
Year three	35,237	0
Year four	10,898	0
Year five	1,505	0
Prior	0	0
Revolving Loans	16,856	0
Loans	64,861	0
Commercial & industrial \| Substandard
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	37	0
Year two	285	0
Year three	4,482	822
Year four	618	0
Year five	523	0
Prior	1,029	0
Revolving Loans	11,765	0
Loans	18,739	822
Commercial & industrial \| Doubtful
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans	0	0
Loans	0	0
Commercial & industrial \| Loss
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	2	0
Revolving Loans	0	0
Loans	2	0
Single family residential (1-4 units)
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	88,950	78,222
Year two	153,932	122,067
Year three	202,210	60,493
Year four	143,305	32,401
Year five	78,388	40,938
Prior	336,175	139,547
Revolving Loans	170,789	54,312
Loans	1,173,749	527,980
Year to date gross charge-offs
Year one	0	0
Year two	39	0
Year three	28	0
Year four	0	0
Year five	0	0
Prior	123	0
Revolving Loans	0	0
Total	190	0	0
Single family residential (1-4 units) \| Pass
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	88,857	78,222
Year two	152,438	122,067
Year three	201,410	60,202
Year four	142,719	32,158
Year five	77,783	40,938
Prior	332,025	137,376
Revolving Loans	170,077	54,273
Loans	1,165,309	525,236
Single family residential (1-4 units) \| Special Mention
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	214	0
Revolving Loans	174	0
Loans	388	0
Single family residential (1-4 units) \| Substandard
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	1,494	0
Year three	800	291
Year four	586	243
Year five	605	0
Prior	3,935	2,171
Revolving Loans	437	39
Loans	7,857	2,744
Single family residential (1-4 units) \| Doubtful
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans	0	0
Loans	0	0
Single family residential (1-4 units) \| Loss
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	93	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	1	0
Revolving Loans	101	0
Loans	195	0
Consumer non-real estate and other
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	21,762	334
Year two	10,898	150
Year three	6,139	43
Year four	1,841	151
Year five	1,099	386
Prior	2,814	325
Revolving Loans	123,148	984
Loans	167,701	2,373
Year to date gross charge-offs
Year one	468	0
Year two	71	165
Year three	17	0
Year four	1	0
Year five	0	0
Prior	20	0
Revolving Loans	357	0
Total	934	165	$ 148
Consumer non-real estate and other \| Pass
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	21,095	334
Year two	10,796	150
Year three	6,122	43
Year four	1,836	151
Year five	1,096	386
Prior	2,797	325
Revolving Loans	123,148	984
Loans	166,890	2,373
Consumer non-real estate and other \| Special Mention
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	15	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans	0	0
Loans	15	0
Consumer non-real estate and other \| Substandard
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	363	0
Year two	90	0
Year three	17	0
Year four	0	0
Year five	0	0
Prior	17	0
Revolving Loans	0	0
Loans	487	0
Consumer non-real estate and other \| Doubtful
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	5	0
Year five	3	0
Prior	0	0
Revolving Loans	0	0
Loans	8	0
Consumer non-real estate and other \| Loss
Financing Receivable, Allowance for Credit Loss [Line Items]
Year one	289	0
Year two	12	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Revolving Loans	0	0
Loans	$ 301	$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Share-Based Compensation - Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions (Details) - Stock Appreciation Rights (SARs) - $ / shares		12 Months Ended
	May 03, 2024	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
# of years to full vesting		7 years
2019 SAR
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
# of years to full vesting	7 years
Fair value (in dollars per share)	$ 14.89
Risk-free interest rate (as a percent)	4.51%
Expected dividend yield (as a percent)	3.95%
Expected common stock volatility (as a percent)	32.56%
Expected contractual life (in years)	4 years 9 months 7 days
2021 SAR
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
# of years to full vesting	7 years
Fair value (in dollars per share)	$ 16.92
Risk-free interest rate (as a percent)	4.32%
Expected dividend yield (as a percent)	3.95%
Expected common stock volatility (as a percent)	32.56%
Expected contractual life (in years)	7 years 2 months 12 days
2023 SAR
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
# of years to full vesting	7 years
Fair value (in dollars per share)	$ 14.56
Risk-free interest rate (as a percent)	4.14%
Expected dividend yield (as a percent)	3.95%
Expected common stock volatility (as a percent)	32.56%
Expected contractual life (in years)	8 years 9 months 7 days

Loans - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Unamortized loan fee	$ 4.4	$ 3.5

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 314,750	$ 273,453	$ 389,627
Net unrealized gains (losses)	9,454	32,435	(145,930)
Less: net realized (gains) losses reclassified to earnings	(2,849)	2,280	491
Net change in pension plan benefits	1,169	1,286	(1,011)
Ending Balance	730,157	314,750	273,453
Gains and Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(490)	(1,589)	0
Net unrealized gains (losses)	3,082	(283)	(1,721)
Less: net realized (gains) losses reclassified to earnings	(1,681)	1,382	132
Net change in pension plan benefits	0	0	0
Ending Balance	911	(490)	(1,589)
Unrealized Gains and Losses on Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(97,259)	(130,875)	12,975
Net unrealized gains (losses)	6,372	32,718	(144,209)
Less: net realized (gains) losses reclassified to earnings	(1,168)	898	359
Net change in pension plan benefits	0	0	0
Ending Balance	(92,055)	(97,259)	(130,875)
Defined Benefit Pension Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(5,745)	(7,031)	(6,020)
Net unrealized gains (losses)	0	0	0
Less: net realized (gains) losses reclassified to earnings	0	0	0
Net change in pension plan benefits	1,169	1,286	(1,011)
Ending Balance	(4,576)	(5,745)	(7,031)
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(103,494)	(139,495)	6,955
Ending Balance	$ (95,720)	$ (103,494)	$ (139,495)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Paragraph 1
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 830
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-04(19))
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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-09(6))
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-09(7))
-Publisher FASB
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Other Operating Expense (Tables)

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Operating Cost and Expense, by Component

Other operating expense from the Consolidated Statements of Income for years ended December 31, 2024, December 31, 2023, and December 31, 2022, is as follows (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
FDIC assessment	$	3,329	$	1,957	$	1,249
Historic tax credit amortization	2,526		2,526		2,526
IT related	2,835		1,961		1,915
Consultant fees	8,510		3,082		1,708
ATM, card, & network expense	5,398		2,566		2,244
Directors' fees	1,991		1,918		1,941
Audit expense	1,905		1,124		705
Legal expense	2,131		2,245		986
Virginia franchise tax	2,487		2,601		2,492
Marketing expense	1,894		459		1,035
Donation expense	6,157		89		162
Core deposit intangible amortization	11,460		—		—
(Gain) / loss on sale or disposal of assets	2,177		37		(4,533)
Other	16,007		5,418		4,989
Total	$	68,807	$	25,983	$	17,419

Deposits - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial Services, Banking and Thrift [Abstract]
Time deposits, at or above FDIC insurance limit	$ 284,400	$ 92,300
Brokered time deposits	244,800	389,000
Interest bearing deposit, certificates of deposits	35,700	24,200
Time deposits, individual retirement account	118,900	28,500
Deposit liabilities reclassified as loans receivable	$ 1,600	$ 110

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net gains (losses) on securities	$ 1,357	$ (112)	$ (454)
Income from company-owned life insurance	4,686	2,844	2,656
Other non-interest income	6,118	3,196	2,721
Total non-interest income	36,166	17,952	17,087
Service charges and fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	15,594	6,670	6,855
Debit card fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	8,874	4,175	4,454
Deposit related fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	6,576	2,409	2,308
Other fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	144	86	93
Fiduciary and wealth management
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	8,411	5,354	5,309
Trust fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	4,919	3,074	3,176
Advisory fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	2,385	1,866	1,575
Other fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,107	414	558
FHLB dividend
Disaggregation of Revenue [Line Items]
Other non-interest income	902	643	484
Merchant & credit card fees
Disaggregation of Revenue [Line Items]
Other non-interest income	897	748	801
Safety deposit fees
Disaggregation of Revenue [Line Items]
Other non-interest income	441	359	394
Servicing release premium
Disaggregation of Revenue [Line Items]
Other non-interest income	484	138	58
Wire fees
Disaggregation of Revenue [Line Items]
Other non-interest income	480	350	358
Customer loan swap fees
Disaggregation of Revenue [Line Items]
Other non-interest income	556	414	0
Investor servicing income
Disaggregation of Revenue [Line Items]
Other non-interest income	345	0	0
Letter of credit fees
Disaggregation of Revenue [Line Items]
Other non-interest income	364	89	68
Unfunded commitment purchase accounting adjustment
Disaggregation of Revenue [Line Items]
Other non-interest income	547	0	0
Other non-interest
Disaggregation of Revenue [Line Items]
Other non-interest income	$ 1,102	$ 455	$ 558

Deposits - Schedule of Time Deposits (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Financial Services, Banking and Thrift [Abstract]
2025	$ 1,075,072
2026	121,629
2027	37,510
2028	8,237
2029	6,096
Thereafter	4,735
Total	$ 1,253,279

Business Combination - Schedule of Business Acquisition, Pro Forma Information (Details) - Summit Financial Group, Inc - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Net Interest Income	$ 287,481	$ 293,300
Net Income	$ 110,122	$ 55,453

Defined Benefit Pension Plan - Schedule of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other changes recognized in other comprehensive (income) loss
Deferred tax expense (benefit)	$ 349	$ 342	$ (263)
Total recognized in accumulated other comprehensive (income) loss	(1,169)	(1,286)	1,011
Pension Plan
Components of net periodic pension cost:
Service cost	445	469	786
Interest cost	1,456	1,471	1,141
Expected return on plan assets	(1,115)	(879)	(1,539)
Amortization of prior service costs	0	0	0
Amortization of net loss	400	630	309
Net periodic pension costs	1,186	1,691	697
Other changes recognized in other comprehensive (income) loss
Net loss	(1,118)	(998)	1,589
Amortization of net loss	(400)	(630)	(309)
Deferred tax expense (benefit)	349	342	(269)
Total recognized in accumulated other comprehensive (income) loss	(1,169)	(1,286)	1,011
Total recognized in net periodic pension costs and other comprehensive loss	$ 17	$ 405	$ 1,708

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Preliminary goodwill	$ 32,783	$ 0	$ 0
Amortization of other intangible assets	$ 11,460	0	0
Core Deposits
Finite-Lived Intangible Assets [Line Items]
Useful lives (in years)	7 years
Acquired core deposit intangible	$ 68,760	$ 0	$ 0
Summit Financial Group, Inc
Finite-Lived Intangible Assets [Line Items]
Preliminary goodwill	32,800
Summit Financial Group, Inc \| Core Deposits
Finite-Lived Intangible Assets [Line Items]
Acquired core deposit intangible	$ 68,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current Expense:
Federal	$ 4,464	$ 3,592	$ 5,501
State	1,233	230	1,388
Current expense	5,697	3,822	6,889
Deferred Expense:
Federal	(1,181)	(1,422)	1,318
State	(326)	(31)	79
Deferred expense	(1,507)	(1,453)	1,397
Total	$ 4,190	$ 2,369	$ 8,286

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Qualified Affordable Housing Project and Historic Tax Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in qualified affordable housing projects	$ 23.2	$ 18.0
Investment, proportional amortization method, elected statement of financial position [extensible enumeration]	Other assets	Other assets
Investments in qualified affordable housing projects, unfunded commitments	$ 7.6	$ 0.7
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, before Amortization Expense	5.4	5.6	$ 6.1
Amortization expense that qualified for proportional amortization method	$ 2.9	$ 3.1	$ 3.6
Investment program, proportional amortization method, elected, income tax credit and other income tax benefit, before amortization, statement of income or comprehensive income [Extensible Enumeration]	Income tax expense	Income tax expense	Income tax expense
Investment program, proportional amortization method, applied, amortization expense, statement of income or comprehensive income [extensible enumeration]			Income tax expense
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, after Amortization, Statement of Cash Flows [Extensible Enumeration]			income tax expense
Investment Program Proportional Amortization Method Elected Income Tax Credit And Other Income Tax Benefit Before Amortization Statement Of Cash Flows Extensible Enumeration Not Disclosed Flag	Consolidated Statements of Income	Consolidated Statements of Income	Consolidated Statements of Income
Investment Program Proportional Amortization Method Applied Income Tax Credit And Other Tax Benefit Amortization Statement Of Cash Flows Extensible Enumeration Not Disclosed Flag	Consolidated Statements of Income	Consolidated Statements of Income	Consolidated Statements of Income
Investment program, proportional amortization method, elected, income tax credit and other income tax benefit, after amortization, statement of income or comprehensive income [Extensible Enumeration]	Net Income (Loss)	Net Income (Loss)	Net Income (Loss)
Investments in qualified affordable housing projects, amortization expense	$ 2.5	$ 2.5	$ 2.5
Investment program, proportional amortization method, applied, non-income-tax-related activity and other return, statement of income or comprehensive income [Extensible Enumeration]	Other operating	Other operating	Other operating

Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value


	December 31, 2024
	Balance Sheet Location	Notional Amount		Fair Value
Derivatives designated as hedges:
Interest rate swaps related to cash flow hedges	Other assets	$	250,000	$	1,368
Interest rate swaps related to cash flow hedges	Other liabilities	50,000		165

Derivatives not designated as hedges:
Interest rate swaps related to customer loans	Other assets	$	99,899	$	1,823
Interest rate swaps related to customer loans	Other liabilities	99,899		1,823


	December 31, 2023
	Balance Sheet Location	Notional Amount		Fair Value
Derivatives designated as hedges:
Interest rate swaps related to cash flow hedges	Other assets	$	100,000	$	65
Interest rate swaps related to cash flow hedges	Other liabilities	150,000		1,047

Derivatives not designated as hedges:
Interest rate swaps related to customer loans	Other assets	$	72,572	$	998
Interest rate swaps related to customer loans	Other liabilities	72,572		998

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The table below presents the effect of cash flow hedge accounting on AOCI for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 (in thousands):


	December 31, 2024							December 31, 2024
Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative		Amount of Gain or (Loss) Recognized in OCI Included Component		Amount of Gain or (Loss) Recognized in OCI Excluded Component		Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from AOCI into Income		Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component		Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest Rate Products	$	(19)	$	(19)	$	—	Interest Income	$	(611)	$	(611)	$	—
Interest Rate Products	4,021		4,021		—		Interest Expense	2,794		2,794		—
Total	$	4,002	$	4,002	$	—		$	2,183	$	2,183	$	—


	December 31, 2023							December 31, 2023
Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative		Amount of Gain or (Loss) Recognized in OCI Included Component		Amount of Gain or (Loss) Recognized in OCI Excluded Component		Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from AOCI into Income		Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component		Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest Rate Products	$	(329)	$	(329)	$	—	Interest Income	$	(1,749)	$	(1,749)	$	—
Interest Rate Products	(29)		(29)		—		Interest Expense	—		—		—
Total	$	(358)	$	(358)	$	—		$	(1,749)	$	(1,749)	$	—


	December 31, 2022							December 31, 2022
Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative		Amount of Gain or (Loss) Recognized in OCI Included Component		Amount of Gain or (Loss) Recognized in OCI Excluded Component		Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from AOCI into Income		Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component		Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component
Interest Rate Products	$	(2,178)	$	(2,178)	$	—	Interest Income	$	(167)	$	(167)	$	—
Total	$	(2,178)	$	(2,178)	$	—		$	(167)	$	(167)	$	—

Schedule of Derivative Instruments


	Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	December 31, 2024				December 31, 2023				December 31, 2022
	Interest Income		Interest Expense		Interest Income		Interest Expense		Interest Income		Interest Expense
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded.	$	(451)	$	2,794	$	(895)	$	—	$	(167)	$	—
The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships in Subtopic 815-20
Interest contracts
Hedging items(1)	160		—		(1,025)		—		—		—
Derivatives designated as hedging instruments	—		—		1,879		—		—		—
Gain or (loss) on cash flow hedging relationships in Subtopic 815-20
Interest contracts
Amount of gain or (loss) reclassified from AOCI into income	(611)		2,794		(1,749)		—		(167)		—
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring	—		—		—		—		—		—
Amount of Gain or (Loss) Reclassified from AOCI into Income - Included Component	(611)		2,794		(1,749)		—		(167)		—
Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component	—		—		—		—		—		—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):


	Fair Value Measurements at December 31, 2024 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets
Investment Securities
U.S. Treasuries and government agencies	$	149,127	$	—	$	—	$	149,127
Obligations of state and municipalities	—		698,724		—		698,724
Residential mortgage backed - agency	—		53,186		—		53,186
Residential mortgage backed - non-agency	—		247,876		—		247,876
Commercial mortgage backed - agency	—		33,071		—		33,071
Commercial mortgage backed - non-agency	—		154,511		—		154,511
Asset backed	—		64,056		—		64,056
Other	—		31,820		—		31,820
Total investment securities available-for-sale	$	149,127	$	1,283,244	$	—	$	1,432,371

Loans held-for-sale, at fair value	$	—	$	2,331	$	—	$	2,331

Equity investments	$	—	$	12,407	$	—	$	12,407

Derivatives	$	—	$	3,191	$	—	$	3,191

Financial liabilities
Derivatives	$	—	$	1,988	$	—	$	1,988


	Fair Value Measurements at December 31, 2023 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Financial assets
Investment Securities
U.S. Treasuries and government agencies	$	179,071	$	—	$	—	$	179,071
Obligations of state and municipalities	—		463,203		—		463,203
Residential mortgage backed - agency	—		42,238		—		42,238
Residential mortgage backed - non-agency	—		266,031		—		266,031
Commercial mortgage backed - agency	—		34,885		—		34,885
Commercial mortgage backed - non-agency	—		177,061		—		177,061
Asset backed	—		77,936		—		77,936
Other	—		8,014		—		8,014
Total investment securities available-for-sale	$	179,071	$	1,069,368	$	—	$	1,248,439

Loans held-for-sale, at fair value	$	—	$	1,497	$	—	$	1,497

Derivatives	$	—	$	1,063	$	—	$	1,063

Financial liabilities
Derivatives	$	—	$	2,045	$	—	$	2,045

Schedule of Fair Value Measurements, Nonrecurring

Assets that were measured at fair value on a non-recurring basis during the period are summarized below (in thousands):


	Fair Value Measurements at December 31, 2024 Using:
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Collateral dependent loans
Commercial real estate	$	—	$	—	$	2,668	$	2,668
Owner-occupied commercial real estate	—		—		—		—
Acquisition, construction & development	—		—		232		232
Commercial & industrial	—		—		249		249
Single family residential	—		—		872		872
Consumer non-real estate and other	—		—		—		—
Other real estate owned	—		—		2,783		2,783

Fair Value Measurements at December 31, 2023 Using:

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

(Level 1)

(Level 2)

(Level 3)

Total

Collateral dependent loans

Commercial real estate

—

Owner-occupied commercial real estate

—

Acquisition, construction & development

—

Commercial & industrial

—

Single family residential

—

Consumer non-real estate and other

—

Other real estate owned

—

Schedule of Fair Value Measurement Inputs and Valuation Techniques

Description

Fair Value

Valuation Techniques

Unobservable Inputs

Range

December 31, 2024

Collateral dependent loans

4,021

Appraisal of collateral

Management adjustments (e.g., liquidity, selling costs, etc.)

5.0% to 20.0% for liquidity, 6.0% to 8.0% for selling costs

Other real estate owned

2,783

Appraisal of collateral

Management adjustments (e.g., liquidity, selling costs, etc.)

5.0% to 20.0% for liquidity, 6.0% to 8.0% for selling costs

December 31, 2023

Collateral dependent loans

—

Appraisal of collateral

Management adjustments (e.g., liquidity, selling costs, etc.)

5.0% to 20.0% for liquidity, 6.0% to 8.0% for selling costs

Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The carrying amounts and estimated fair values of financial instruments not carried at fair value, at December 31, 2024, and December 31, 2023, were as follows (in thousands):


			Fair Value Measurements at December 31, 2024 Using:
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)		Total
Financial Assets
Cash and due from banks	$	35,554	$	35,554	$	—	$	—	$	35,554
Interest-bearing deposits with banks	99,760		99,760		—		—		99,760
Loans, net	5,604,196		—		—		5,465,772		5,465,772
Accrued interest	34,454		—		34,454		—		34,454

Financial liabilities
Non-interest-bearing	$	1,379,940	$	—	$	1,379,940	$	—	$	1,379,940
Interest-bearing	5,135,299		—		5,126,423		—		5,126,423
Short-term borrowings	365,000		—		364,985		—		364,985
Subordinated debentures, net	94,872		—		91,760		—		91,760
Subordinated debentures owed to unconsolidated subsidiary trusts	17,013		—		14,587		—		14,587
Accrued interest	6,157		—		6,157		—		6,157


			Fair Value Measurements at December 31, 2023 Using:
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)		Total
Financial Assets
Cash and due from banks	$	8,896	$	8,896	$	—	$	—	$	8,896
Interest-bearing deposits with banks	35,602		35,602		—		—		35,602
Loans, net	2,062,455		—		—		1,897,459		1,897,459
Accrued interest	15,895		—		15,895		—		15,895

Financial liabilities
Non-interest-bearing	$	830,320	$	—	$	830,320	$	—	$	830,320
Interest-bearing	2,171,561		—		2,167,218		—		2,167,218
Other borrowed funds	272,000		—		271,716		—		271,716
Accrued interest	8,954		—		8,954		—		8,954

Deposits (Tables)

12 Months Ended

Dec. 31, 2024

Financial Services, Banking and Thrift [Abstract]

Schedule of Maturities of Time Deposits

At December 31, 2024, the scheduled maturities of brokered deposits and time deposits for the next five years, and for the years thereafter, were as follows (in thousands):


Years ending December 31,
2025	$	1,075,072
2026	121,629
2027	37,510
2028	8,237
2029	6,096
Thereafter	4,735
Total	$	1,253,279

Allowance for Credit Losses - Schedule of Financing Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL	$ 25,301	$ 21,039	$ 31,709
Allowance established for acquired PCD loans	23,910
Provision for (recapture of) credit losses	20,475	235	(7,466)
Charge-offs	(1,807)	(194)	(3,450)
Recoveries	161	96	246
Balance, end of period	68,040	25,301	21,039
Commercial real estate
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL	20,633	15,477	25,112
Allowance established for acquired PCD loans	7,503
Provision for (recapture of) credit losses	2,675	2,432	(6,391)
Charge-offs	(382)	0	(3,282)
Recoveries	15	38	38
Balance, end of period	30,444	20,633	15,477
Owner-occupied commercial real estate
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL	783	635	611
Allowance established for acquired PCD loans	1,931
Provision for (recapture of) credit losses	547	154	24
Charge-offs	0	0	0
Recoveries	0	0	0
Balance, end of period	3,261	783	635
Acquisition, construction & development
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL	368	2,082	2,189
Allowance established for acquired PCD loans	5,968
Provision for (recapture of) credit losses	11,050	(1,074)	(107)
Charge-offs	0	0	0
Recoveries	0	0	0
Balance, end of period	17,386	368	2,082
Commercial & industrial
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL	645	438	165
Allowance established for acquired PCD loans	5,684
Provision for (recapture of) credit losses	566	(1)	293
Charge-offs	(301)	(29)	(20)
Recoveries	39	0	0
Balance, end of period	6,633	645	438
Single family residential
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL	2,797	2,379	2,434
Allowance established for acquired PCD loans	2,608
Provision for (recapture of) credit losses	4,465	(1,295)	(239)
Charge-offs	(190)	0	0
Recoveries	83	52	184
Balance, end of period	9,763	2,797	2,379
Consumer non-real estate and other
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL	75	28	18
Allowance established for acquired PCD loans	216
Provision for (recapture of) credit losses	1,172	19	134
Charge-offs	(934)	(165)	(148)
Recoveries	24	6	24
Balance, end of period	553	75	28
Unallocated reserve
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL	0	0	1,180
Allowance established for acquired PCD loans	0
Provision for (recapture of) credit losses	0	0	(1,180)
Charge-offs	0	0	0
Recoveries	0	0	0
Balance, end of period	$ 0	0	0
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL		4,125
Balance, end of period			4,125
Cumulative Effect, Period of Adoption, Adjustment \| Commercial real estate
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL		2,686
Balance, end of period			2,686
Cumulative Effect, Period of Adoption, Adjustment \| Owner-occupied commercial real estate
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL		(6)
Balance, end of period			(6)
Cumulative Effect, Period of Adoption, Adjustment \| Acquisition, construction & development
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL		(640)
Balance, end of period			(640)
Cumulative Effect, Period of Adoption, Adjustment \| Commercial & industrial
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL		237
Balance, end of period			237
Cumulative Effect, Period of Adoption, Adjustment \| Single family residential
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL		1,661
Balance, end of period			1,661
Cumulative Effect, Period of Adoption, Adjustment \| Consumer non-real estate and other
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL		187
Balance, end of period			187
Cumulative Effect, Period of Adoption, Adjustment \| Unallocated reserve
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance, prior to adoption of CECL		$ 0
Balance, end of period			$ 0

Parent Company Financial Information

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Information

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 Sheet	December 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	8,320	$	284
Investment in banking subsidiary	833,630		313,364
Other assets	73,392		1,653
Total assets	$	915,342	$	315,301

Liabilities
Subordinated debentures, net	94,872		—
Subordinated debentures owed to unconsolidated subsidiary trusts	17,013		—
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


Parent Company Only Condensed Statement of Income	December 31, 2024		December 31, 2023
Income
Dividends from bank subsidiary	$	23,869	$	18,997
Total Income	23,869		18,997

Expense
Salaries and employee benefit	6,949		2,052
Interest expense	7,412		—
Other operating expenses	7,863		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 benefit	4,718		1,445
Income (loss) before equity in undistributed income of subsidiaries	6,363		13,564
Equity in undistributed earnings of subsidiary	29,345		9,128
Net Income	35,708		22,692
Preferred stock dividends	675		—
Net income applicable to common shares	$	35,033	$	22,692


Parent Company Only Condensed Statement of Cash Flows	December 31, 2024		December 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 assets	24,446		(899)
Net change in other liabilities	3,498		(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 year	8,320		284

Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheet


Parent Company Only Condensed Balance Sheet	December 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	8,320	$	284
Investment in banking subsidiary	833,630		313,364
Other assets	73,392		1,653
Total assets	$	915,342	$	315,301

Liabilities
Subordinated debentures, net	94,872		—
Subordinated debentures owed to unconsolidated subsidiary trusts	17,013		—
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 Income	December 31, 2024		December 31, 2023
Income
Dividends from bank subsidiary	$	23,869	$	18,997
Total Income	23,869		18,997

Expense
Salaries and employee benefit	6,949		2,052
Interest expense	7,412		—
Other operating expenses	7,863		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 benefit	4,718		1,445
Income (loss) before equity in undistributed income of subsidiaries	6,363		13,564
Equity in undistributed earnings of subsidiary	29,345		9,128
Net Income	35,708		22,692
Preferred stock dividends	675		—
Net income applicable to common shares	$	35,033	$	22,692

Schedule of Condensed Statement of Cash Flows


Parent Company Only Condensed Statement of Cash Flows	December 31, 2024		December 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 assets	24,446		(899)
Net change in other liabilities	3,498		(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 year	8,320		284

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) arising during period, tax expense (benefit)	$ (1,903)	$ (8,721)	$ 38,333
Reclassification adjustment for loss (gain) on securities, tax	312	(24)	(95)
Reclassification adjustment for loss (gain) on a fair value hedge, tax	37	(215)	0
Changes in pension plan benefits, tax	(349)	(342)	263
Unrealized holding gain (loss) on cash flow hedge, tax	(920)	75	457
Reclassification adjustment for losses (gains) included in net income, tax	$ 502	$ (367)	$ (35)

Parent Company Financial Information - Schedule of Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Net Income	$ 35,708	$ 22,692	$ 44,013
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	2,879	2,464	2,000
Deferred income taxes	(1,507)	(1,453)	1,397
Net change in other assets	(32,499)	3,851	501
Net cash flows provided by operating activities	85,799	42,509	61,057
Cash Flows from Investing Activities
Net cash flows provided by (used in) investing activities	123,557	(43,168)	(127,411)
Cash Flows from Financing Activities
Proceeds from employee stock purchase program	259	206	0
Dividends paid	(28,636)	(15,747)	(15,742)
Net cash flows provided by (used in) financing activities	(118,540)	(5,138)	39,286
(Decrease) increase in cash and cash equivalents	90,816	(5,797)	(27,068)
Beginning of year	44,498	50,295	77,363
End of year	135,314	44,498	50,295
Burke & Herbert Financial Services Corp.
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 assets	24,446	(899)
Net change in other liabilities	3,498	(906)
Net cash flows provided by operating activities	36,413	13,684
Cash Flows from Investing Activities
Net cash flows provided by (used in) investing activities	0	0
Cash Flows from Financing Activities
Proceeds from employee stock purchase program	259	206
Dividends paid	(28,636)	(15,747)
Treasury stock transactions	0	141
Net cash flows provided by (used in) financing activities	(28,377)	(15,400)
(Decrease) increase in cash and cash equivalents	8,036	(1,716)
Beginning of year	284	2,000
End of year	$ 8,320	$ 284	$ 2,000

Defined Benefit Pension Plan - Narrative (Details)	12 Months Ended
Defined Benefit Pension Plan - Narrative (Details)	Dec. 31, 2024
Retirement Benefits [Abstract]
Defined benefit plan, vesting period	5 years

Share-Based Compensation - Schedule of Stock Appreciation Rights and Option Activity (Details) - Stock Appreciation Rights (SARs) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
SARs
Outstanding balance at the beginning (in shares)	0
Granted (or acquired) (in shares)	299,556
Exercised (in shares)	70,041
Forfeited (in shares)	5,642
Expired (in shares)	0
Outstanding balance at the end (in shares)	223,873
Exercisable (in shares)	183,971
Aggregate Fair Value
Outstanding balance at the beginning \| $	$ 0
Granted (or acquired) \| $	4,996
Exercised \| $	1,387
Forfeited \| $	86
Outstanding balance at the end \| $	3,523
Exercisable SARs \| $	$ 2,931
Weighted Average Remaining Contractual Terms
Outstanding	5 years 5 months 8 days
Granted (or acquired)	5 years 8 months 1 day
Exercisable SARs	5 years 14 days
Weighted Average Exercise Price
Outstanding balance at the beginning (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	45.24
Exercised (in dollars per share) \| $ / shares	39.90
Forfeited (in dollars per share) \| $ / shares	47.96
Outstanding balance at the end (in dollars per share) \| $ / shares	46.87
Exercisable SARs (in dollars per share) \| $ / shares	$ 46.39

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

The components of applicable income tax expense (benefit) for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, were as follows (in thousands):


	December 31, 2024		December 31, 2023		December 31, 2022
Current Expense:
Federal	$	4,464	$	3,592	$	5,501
State	1,233		230		1,388
	$	5,697	$	3,822	$	6,889

Deferred Expense:
Federal	$	(1,181)	$	(1,422)	$	1,318
State	(326)		(31)		79
	$	(1,507)	$	(1,453)	$	1,397

Total	$	4,190	$	2,369	$	8,286

Schedule of Statutory Tax Rates to Income Before Taxes


	December 31, 2024		December 31, 2023		December 31, 2022
Expected taxes using statutory rates	$	8,286	$	5,263	$	10,983
Benefit of tax-exempt municipal interest income, net of non-deductible interest	(1,143)		(363)		(1,694)
Nontaxable income from company-owned life insurance	(991)		(604)		(570)
Low income tax credits, net of amortization	(3,619)		(1,840)		(1,840)
State taxes, net of federal benefit	716		157		1,159
Merger-related	280		382		—
Non-deductible compensation	530		—		—
Other adjustment, net	131		(626)		248
Total	$	4,190	$	2,369	$	8,286

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax amounts in the accompanying Consolidated Balance Sheets include the following components (in thousands):


	December 31, 2024		December 31, 2023
Deferred tax assets:
Provision for credit losses	$	16,387	$	5,600
Lease liability	3,914		2,008
Compensation accruals	10,714		1,984
Other accruals	442		27
Partnership investments	2,587		2,264
Purchase accounting adjustments	35,497		—
Unrealized losses on securities available-for-sale	26,627		26,069
Tax credit carryforward	9,777		8,690
OPEB Liability	188		—
Total deferred tax asset	$	106,133	$	46,642

Deferred tax liabilities:
Tax over book depreciation	$	(6,003)	$	(2,073)
Pension accrual	(458)		(434)
Unrealized gains on interest rate swaps	(833)		(85)
Purchase accounting adjustments	(16,588)		—
Right of use asset	(3,757)		(1,906)
Mortgage servicing rights	(460)		—
Total deferred tax liability	$	(28,099)	$	(4,498)

Net deferred tax asset	$	78,034	$	42,144

Leased Property - Schedule of Lessor, Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease income	$ 2,597	$ 2,301	$ 1,309
Total lease income	$ 2,597	$ 2,301	$ 1,309
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Expense	Noninterest Expense	Noninterest Expense

Parent Company Financial Information - Schedule of Condensed Statement of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expense
Interest expense	$ 140,376	$ 53,137	$ 8,941
Income tax benefit	(4,190)	(2,369)	(8,286)
Net income	35,708	22,692	44,013
Preferred stock dividends	675	0	0
Net income applicable to common shares	35,033	22,692	$ 44,013
Burke & Herbert Financial Services Corp.
Income
Dividends from bank subsidiary	23,869	18,997
Total Income	23,869	18,997
Expense
Salaries and employee benefit	6,949	2,052
Interest expense	7,412	0
Other operating expenses	7,863	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 benefit	4,718	1,445
Income (loss) before equity in undistributed income of subsidiaries	6,363	13,564
Equity in undistributed earnings of subsidiary	29,345	9,128
Net income	35,708	22,692
Preferred stock dividends	675	0
Net income applicable to common shares	$ 35,033	$ 22,692

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial assets
Fair Value	$ 1,432,371	$ 1,248,439
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Financial liabilities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued interest and other liabilities	Accrued interest and other liabilities
U.S. Treasuries and government agencies
Financial assets
Fair Value	$ 149,127	$ 179,071
Obligations of states and municipalities
Financial assets
Fair Value	698,724	463,203
Residential mortgage backed - agency
Financial assets
Fair Value	53,186	42,238
Residential mortgage backed - non-agency
Financial assets
Fair Value	247,876	266,031
Commercial mortgage backed - agency
Financial assets
Fair Value	33,071	34,885
Commercial mortgage backed - non-agency
Financial assets
Fair Value	154,511	177,061
Asset-backed
Financial assets
Fair Value	64,056	77,936
Other
Financial assets
Fair Value	31,820	8,014
Recurring
Financial assets
Fair Value	1,432,371	1,248,439
Loans held-for-sale, at fair value	2,331	1,497
Equity investments	12,407
Derivatives	3,191	1,063
Financial liabilities
Derivatives	1,988	2,045
Recurring \| U.S. Treasuries and government agencies
Financial assets
Fair Value	149,127	179,071
Recurring \| Obligations of states and municipalities
Financial assets
Fair Value	698,724	463,203
Recurring \| Residential mortgage backed - agency
Financial assets
Fair Value	53,186	42,238
Recurring \| Residential mortgage backed - non-agency
Financial assets
Fair Value	247,876	266,031
Recurring \| Commercial mortgage backed - agency
Financial assets
Fair Value	33,071	34,885
Recurring \| Commercial mortgage backed - non-agency
Financial assets
Fair Value	154,511	177,061
Recurring \| Asset-backed
Financial assets
Fair Value	64,056	77,936
Recurring \| Other
Financial assets
Fair Value	31,820	8,014
Recurring \| Level 1
Financial assets
Fair Value	149,127	179,071
Loans held-for-sale, at fair value	0	0
Equity investments	0
Derivatives	0	0
Financial liabilities
Derivatives	0	0
Recurring \| Level 1 \| U.S. Treasuries and government agencies
Financial assets
Fair Value	149,127	179,071
Recurring \| Level 1 \| Obligations of states and municipalities
Financial assets
Fair Value	0	0
Recurring \| Level 1 \| Residential mortgage backed - agency
Financial assets
Fair Value	0	0
Recurring \| Level 1 \| Residential mortgage backed - non-agency
Financial assets
Fair Value	0	0
Recurring \| Level 1 \| Commercial mortgage backed - agency
Financial assets
Fair Value	0	0
Recurring \| Level 1 \| Commercial mortgage backed - non-agency
Financial assets
Fair Value	0	0
Recurring \| Level 1 \| Asset-backed
Financial assets
Fair Value	0	0
Recurring \| Level 1 \| Other
Financial assets
Fair Value	0	0
Recurring \| Level 2
Financial assets
Fair Value	1,283,244	1,069,368
Loans held-for-sale, at fair value	2,331	1,497
Equity investments	12,407
Derivatives	3,191	1,063
Financial liabilities
Derivatives	1,988	2,045
Recurring \| Level 2 \| U.S. Treasuries and government agencies
Financial assets
Fair Value	0	0
Recurring \| Level 2 \| Obligations of states and municipalities
Financial assets
Fair Value	698,724	463,203
Recurring \| Level 2 \| Residential mortgage backed - agency
Financial assets
Fair Value	53,186	42,238
Recurring \| Level 2 \| Residential mortgage backed - non-agency
Financial assets
Fair Value	247,876	266,031
Recurring \| Level 2 \| Commercial mortgage backed - agency
Financial assets
Fair Value	33,071	34,885
Recurring \| Level 2 \| Commercial mortgage backed - non-agency
Financial assets
Fair Value	154,511	177,061
Recurring \| Level 2 \| Asset-backed
Financial assets
Fair Value	64,056	77,936
Recurring \| Level 2 \| Other
Financial assets
Fair Value	31,820	8,014
Recurring \| Level 3
Financial assets
Fair Value	0	0
Loans held-for-sale, at fair value	0	0
Equity investments	0
Derivatives	0	0
Financial liabilities
Derivatives	0	0
Recurring \| Level 3 \| U.S. Treasuries and government agencies
Financial assets
Fair Value	0	0
Recurring \| Level 3 \| Obligations of states and municipalities
Financial assets
Fair Value	0	0
Recurring \| Level 3 \| Residential mortgage backed - agency
Financial assets
Fair Value	0	0
Recurring \| Level 3 \| Residential mortgage backed - non-agency
Financial assets
Fair Value	0	0
Recurring \| Level 3 \| Commercial mortgage backed - agency
Financial assets
Fair Value	0	0
Recurring \| Level 3 \| Commercial mortgage backed - non-agency
Financial assets
Fair Value	0	0
Recurring \| Level 3 \| Asset-backed
Financial assets
Fair Value	0	0
Recurring \| Level 3 \| Other
Financial assets
Fair Value	$ 0	$ 0

Nature of Business Activities and Significant Accounting Policies - Schedule of Impact of Adoption of CECL (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Assets:
Allowance for credit losses on loans	$ 68,040	$ 25,301	$ 21,039	$ 31,709
Financial Liabilities:
Allowance for credit losses on off-balance sheet credit exposure	4,000	254	0
Reserves under CECL Model
Financial Assets:
Allowance for credit losses on loans			25,164
Financial Liabilities:
Allowance for credit losses on off-balance sheet credit exposure			275
Impact of CECL Adoption
Financial Assets:
Allowance for credit losses on loans			4,125
Financial Liabilities:
Allowance for credit losses on off-balance sheet credit exposure			275
Commercial real estate
Financial Assets:
Allowance for credit losses on loans	30,444	20,633	15,477	25,112
Commercial real estate \| Reserves under CECL Model
Financial Assets:
Allowance for credit losses on loans			18,163
Commercial real estate \| Impact of CECL Adoption
Financial Assets:
Allowance for credit losses on loans			2,686
Owner-occupied commercial real estate
Financial Assets:
Allowance for credit losses on loans	3,261	783	635	611
Owner-occupied commercial real estate \| Reserves under CECL Model
Financial Assets:
Allowance for credit losses on loans			629
Owner-occupied commercial real estate \| Impact of CECL Adoption
Financial Assets:
Allowance for credit losses on loans			(6)
Acquisition, construction & development
Financial Assets:
Allowance for credit losses on loans	17,386	368	2,082	2,189
Acquisition, construction & development \| Reserves under CECL Model
Financial Assets:
Allowance for credit losses on loans			1,442
Acquisition, construction & development \| Impact of CECL Adoption
Financial Assets:
Allowance for credit losses on loans			(640)
Commercial & industrial
Financial Assets:
Allowance for credit losses on loans	6,633	645	438	165
Commercial & industrial \| Reserves under CECL Model
Financial Assets:
Allowance for credit losses on loans			675
Commercial & industrial \| Impact of CECL Adoption
Financial Assets:
Allowance for credit losses on loans			237
Single family residential (1-4 units)
Financial Assets:
Allowance for credit losses on loans	9,763	2,797	2,379	2,434
Single family residential (1-4 units) \| Reserves under CECL Model
Financial Assets:
Allowance for credit losses on loans			4,040
Single family residential (1-4 units) \| Impact of CECL Adoption
Financial Assets:
Allowance for credit losses on loans			1,661
Consumer non-real estate and other
Financial Assets:
Allowance for credit losses on loans	553	75	28	18
Consumer non-real estate and other \| Reserves under CECL Model
Financial Assets:
Allowance for credit losses on loans			215
Consumer non-real estate and other \| Impact of CECL Adoption
Financial Assets:
Allowance for credit losses on loans			187
Unallocated reserve
Financial Assets:
Allowance for credit losses on loans	$ 0	$ 0	0	$ 1,180
Unallocated reserve \| Reserves under CECL Model
Financial Assets:
Allowance for credit losses on loans			0
Unallocated reserve \| Impact of CECL Adoption
Financial Assets:
Allowance for credit losses on loans			$ 0