On this page of StockholderLetter.com we present the latest annual shareholder letter from Burke & Herbert Financial Services Corp. — ticker symbol BHRB. Reading current and past BHRB letters to shareholders can bring important insights into the investment thesis.
BURKEANDHERBERTBANK.COM
2023 ANNUAL REPORT
1
2023 ANNUAL REPORT
PURPOSE
We strive to deliver
extraordinary banking
experiences that build prosperity
for customers and community.
VALUES
SERVE & LEAD
DELIVER MORE
We are dedicated to serving our
customers and our teams, leading
with quiet confidence and integrity to
inspire the trust of all those we serve.
We   re driven to go above and
beyond, continually innovating and
improving on how we deliver the best
possible experiences and outcomes
for all those we serve.
We   re here to serve.
We do what it takes.
ELEVATE EVERYONE
ALWAYS INVESTED
We promote equity and inclusion,
empowering individual growth
through our actions and words,
because we believe that when one
succeeds, we all succeed.
We take ownership and responsibility
for our work and are invested in the
long-term success of our customers,
colleagues, and communities.
We center people.
We see things through.
2
BURKEANDHERBERTBANK.COM
AN EXTRAORDINARY
COMPANY BEGINS WITH
AN EXTRAORDINARY TEAM.
As Virginia   s oldest bank, we   ve helped build steady prosperity for businesses,
families, and communities since 1852, delivering expert guidance, strong local
leadership, and an eye to what   s next. As we continue our steadfast path, we reflect
on 2023 as a year of significant transition. We marked our debut as a publicly traded
company on Nasdaq, building on the foundation laid with the establishment of a
holding company in 2022. We consolidated our workforce in a new Corporate Center
in Alexandria, Virginia. And, we closed the year with the unveiling of an inspirational
brand refresh. A renewed brand, which serves as a guiding light to propel us forward
for many years to come. The heart of our brand has been and always will be our
extraordinary team, our customers, and our communities. We   ve been here for over
170 years and we   re looking forward to 170 more.
3
TO OUR SHAREHOLDERS,
CUSTOMERS, AND FRIENDS
2023 ANNUAL REPORT
On behalf of the entire Burke & Herbert Bank
team, thank you for your ongoing support
and confidence in our ability to serve you. I   m
grateful to be the Chief Executive Officer of a
quintessential community bank that strives
to deliver extraordinary experiences that
build prosperity for our customers and our
communities.
on executing our strategic plan developed over
the past few years with the belief and conviction
that the strategy is sound.
In my message last year, I discussed planned
initiatives to drive us forward and we delivered.
In April of 2023, Burke & Herbert Financial
Services Corp. common stock began trading on
the Nasdaq stock exchange, creating additional
access to capital, increasing trading volume, and
providing better liquidity for our shareholders.
Our updated investor relations site was launched
to keep shareholders abreast of ongoing holding
company activity. Additionally, the introduction
of an employee stock purchase plan in 2023
strengthened the Burke & Herbert Bank family
and established a direct link between service
and value for team members.
We do that by remaining focused on what we
can control and staying true to our core values.
Last year was challenging on many fronts
and we could have easily been diverted from
our strategy by global conflict, geopolitical
uncertainty, inflation and resulting higher
interest rates, economic concerns, regulatory
changes, U.S. political infighting, bank failures,
and a myriad of other anxiety-inducing concerns
that are generally out of our control. While we
care deeply about the outcome of much of that,
the Burke & Herbert Bank team stayed focused
ABOVE: Nasdaq tower announcement of the
holding company. Photo credit: Nasdaq
LEFT: David P. Boyle and group of select staff and
board members ringing market   s opening bell.
Photo credit: Nasdaq
4
BURKEANDHERBERTBANK.COM
   Today   s announcement is
consistent with our overall
growth strategy that is
designed to deliver enhanced
long-term value for our
shareholders. We believe
taking these actions will create
additional access to capital,
increase trading volume,
provide better liquidity for
our shareholders, and create
greater visibility within the
investor community.   
   David P. Boyle, April 23, 2023
In August of 2023, we united a large portion of
our workforce at our new Corporate Center in
Alexandria, Virginia, improving our collaboration
and strengthening our culture of community and
service to one another. Our new office houses
almost 200 team members from commercial,
treasury management, retail banking, human
resources, operations, finance and accounting,
credit risk management, marketing, digital
strategy, and information technology. Our
Corporate Center is more centrally located for
our expanding workforce, is certified as a LEED
Gold level building, and provides additional
visibility for the Bank.
Our Bethesda, Maryland, commercial banking
expansion (opened in 2022) delivered the
highest loan production in the company last
year. We recently opened our first branch in
Richmond, Virginia, and are excited about the
opportunities there.
ABOVE: 5680 King Centre Drive in Alexandria, Virginia, is the Bank   s new Corporate Center, home to almost 200 of the Bank   s local workforce.
5
 • shareholder letter icon 5/29/2024 Letter Continued (Full PDF)
 • stockholder letter icon More "Banking & Savings" Category Stockholder Letters
 • Benford's Law Stocks icon BHRB Benford's Law Stock Score = 100


BHRB Shareholder/Stockholder Letter Transcript:

BURKEANDHERBERTBANK.COM
2023 ANNUAL REPORT
1

2023 ANNUAL REPORT
PURPOSE
We strive to deliver
extraordinary banking
experiences that build prosperity
for customers and community.
VALUES
SERVE & LEAD
DELIVER MORE
We are dedicated to serving our
customers and our teams, leading
with quiet confidence and integrity to
inspire the trust of all those we serve.
We   re driven to go above and
beyond, continually innovating and
improving on how we deliver the best
possible experiences and outcomes
for all those we serve.
We   re here to serve.
We do what it takes.
ELEVATE EVERYONE
ALWAYS INVESTED
We promote equity and inclusion,
empowering individual growth
through our actions and words,
because we believe that when one
succeeds, we all succeed.
We take ownership and responsibility
for our work and are invested in the
long-term success of our customers,
colleagues, and communities.
We center people.
We see things through.
2

BURKEANDHERBERTBANK.COM
AN EXTRAORDINARY
COMPANY BEGINS WITH
AN EXTRAORDINARY TEAM.
As Virginia   s oldest bank, we   ve helped build steady prosperity for businesses,
families, and communities since 1852, delivering expert guidance, strong local
leadership, and an eye to what   s next. As we continue our steadfast path, we reflect
on 2023 as a year of significant transition. We marked our debut as a publicly traded
company on Nasdaq, building on the foundation laid with the establishment of a
holding company in 2022. We consolidated our workforce in a new Corporate Center
in Alexandria, Virginia. And, we closed the year with the unveiling of an inspirational
brand refresh. A renewed brand, which serves as a guiding light to propel us forward
for many years to come. The heart of our brand has been and always will be our
extraordinary team, our customers, and our communities. We   ve been here for over
170 years and we   re looking forward to 170 more.
3

TO OUR SHAREHOLDERS,
CUSTOMERS, AND FRIENDS
2023 ANNUAL REPORT
On behalf of the entire Burke & Herbert Bank
team, thank you for your ongoing support
and confidence in our ability to serve you. I   m
grateful to be the Chief Executive Officer of a
quintessential community bank that strives
to deliver extraordinary experiences that
build prosperity for our customers and our
communities.
on executing our strategic plan developed over
the past few years with the belief and conviction
that the strategy is sound.
In my message last year, I discussed planned
initiatives to drive us forward and we delivered.
In April of 2023, Burke & Herbert Financial
Services Corp. common stock began trading on
the Nasdaq stock exchange, creating additional
access to capital, increasing trading volume, and
providing better liquidity for our shareholders.
Our updated investor relations site was launched
to keep shareholders abreast of ongoing holding
company activity. Additionally, the introduction
of an employee stock purchase plan in 2023
strengthened the Burke & Herbert Bank family
and established a direct link between service
and value for team members.
We do that by remaining focused on what we
can control and staying true to our core values.
Last year was challenging on many fronts
and we could have easily been diverted from
our strategy by global conflict, geopolitical
uncertainty, inflation and resulting higher
interest rates, economic concerns, regulatory
changes, U.S. political infighting, bank failures,
and a myriad of other anxiety-inducing concerns
that are generally out of our control. While we
care deeply about the outcome of much of that,
the Burke & Herbert Bank team stayed focused
ABOVE: Nasdaq tower announcement of the
holding company. Photo credit: Nasdaq
LEFT: David P. Boyle and group of select staff and
board members ringing market   s opening bell.
Photo credit: Nasdaq
4

BURKEANDHERBERTBANK.COM
   Today   s announcement is
consistent with our overall
growth strategy that is
designed to deliver enhanced
long-term value for our
shareholders. We believe
taking these actions will create
additional access to capital,
increase trading volume,
provide better liquidity for
our shareholders, and create
greater visibility within the
investor community.   
   David P. Boyle, April 23, 2023
In August of 2023, we united a large portion of
our workforce at our new Corporate Center in
Alexandria, Virginia, improving our collaboration
and strengthening our culture of community and
service to one another. Our new office houses
almost 200 team members from commercial,
treasury management, retail banking, human
resources, operations, finance and accounting,
credit risk management, marketing, digital
strategy, and information technology. Our
Corporate Center is more centrally located for
our expanding workforce, is certified as a LEED
Gold level building, and provides additional
visibility for the Bank.
Our Bethesda, Maryland, commercial banking
expansion (opened in 2022) delivered the
highest loan production in the company last
year. We recently opened our first branch in
Richmond, Virginia, and are excited about the
opportunities there.
ABOVE: 5680 King Centre Drive in Alexandria, Virginia, is the Bank   s new Corporate Center, home to almost 200 of the Bank   s local workforce.
5



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