BHRB

MKT CAP $1.4BP/E 11.1DIV YIELD —FCF YIELD 6.17%REV TTM —NET INCOME $97M −7.2%NET CASH —52W 58.86 – 74.64SEC XBRL · TTM TO Invalid Date

How BHRB rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

44%

of sentences unchanged

Added

413

new sentences

Dropped

393

sentences removed

Length

+1,457

words, now 44,155

New in FY2025

The historical information indicated as of and for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, has been derived from the Company’s audited consolidated financial statements for the years ended December 31, 2025, December 31, 2024, and December 31, 2023.
As of December 31, (In thousands, except ratios, share, and per share data) 2025 2024 2023 Selected Financial Condition Data: Total assets $ 7,920,626 $ 7,812,185 $ 3,617,579 Total cash and cash equivalents 289,127 135,314 44,498 Total investment securities, at fair value 1,615,954 1,432,371 1,248,439 Net loans 5,319,853 5,604,196 2,062,455 Company-owned life insurance 213,200 182,834 94,159 Premises and equipment, net 136,809 132,270 61,128 Total deposits 6,403,941 6,515,239 3,001,881 Short-term borrowings 450,000 365,000 272,000 Total shareholders’ equity 854,649 730,157 314,750 Common shareholders’ equity 844,236 719,744 314,750 As of or for the Year Ended December 31, Selected Operating Data: 2025 2024 2023 Interest income $ 444,993 $ 367,063 $ 147,539 Interest expense 149,081 140,376 53,137 Net interest income 295,912 226,687 94,402 Provision for credit losses 1,523 24,220 214 Total non-interest income 46,110 35,264 17,309 Total non-interest expense 195,561 197,833 86,436 Income before income taxes 144,938 39,898 25,061 Income tax expense 27,632 4,190 2,369 Preferred stock dividends 900 675 — Net income applicable to common shares 116,406 35,033 22,692 Per Share Data: Average shares of common stock outstanding, basic 15,006,614 12,393,677 7,428,042 Average shares of common stock outstanding, diluted 15,073,859 12,441,831 7,506,855 Total shares of common stock outstanding 15,028,524 14,969,104 7,428,710 Basic net income per common share $ 7.76 $ 2.83 $ 3.05 Diluted net income per common share 7.72 2.82 3.02 Dividends declared per common share 2.20 2.14 2.12 Common stock dividend payout ratio (1) 28.50 % 75.89 % 70.20 % Book value per common share (at period end) $ 56.18 $ 48.08 $ 42.37 As of or for the Year Ended December 31, 2025 2024 2023 Performance Ratios: Return on average assets 1.48 % 0.45 % 0.63 % Return on average equity (2) 14.76 5.97 8.00 Interest rate spread (3) 3.54 2.54 2.24 Net interest margin (4) 4.14 3.10 2.87 Efficiency ratio (5) 57.18 75.52 77.37 Capital Ratios: Common equity tier 1 (CET 1) capital to risk-weighted assets 13.45 % 11.53 % 16.85 % Total risk-based capital to risk-weighted assets 16.17 14.57 17.88 Tier 1 capital to risk-weighted assets 13.89 11.96 16.85 Tier 1 capital to average assets (leverage ratio) 10.92 9.80 11.31 Asset Quality Ratios: Allowance coverage ratio 1.26 % 1.20 % 1.21 % Allowance for credit losses as a percentage of non-performing loans 91.36 177.34 675.77 Net charge-offs to average outstanding loans during the period 0.05 0.03 — Non-performing loans as a percentage of total loans 1.38 0.68 0.18 Non-performing assets as a percentage of total assets 0.97 0.53 0.10 Other Data: Number of full-service branches 77 77 23 Number of full-time equivalent employees 832 815 400 __________________ (1) Common stock dividend payout ratio represents per share dividends declared divided by diluted earnings per common share.
Results of Operations Results of Operations for Years Ended December 31, 2025, and December 31, 2024 General Consolidated net income applicable to common shares for the year ended December 31, 2025, was $116.4 million compared to $35.0 million during the year ended December 31, 2024.
The $81.4 million or 232.3% increase in net income applicable to common shares in 2025 compared to 2024 was primarily due to higher rates on interest-earning assets and a slight decrease in non-interest expense compared to the prior year ended December 31, 2024.
Net interest income totaled $295.9 million for the year ended December 31, 2025, compared to $226.7 million for the year ended December 31, 2024.
The $69.2 million increase in net interest income was primarily driven by higher rates which resulted in higher interest income on loans and securities, partially offset by higher deposit interest expense and higher interest expense on subordinated debt.
Interest-bearing demand deposits and money market & savings accounts were the primary driver of increased net interest expense due mostly to an increase in rates, which was partially offset by a decline in volume.
For the year ended December 31, 2025, the Company recorded credit provision expense of $1.5 million compared to $24.2 million for the year ended December 31, 2024.
For the year ended December 31, 2024, the Company recognized a one-time CECL Day 2 provision for non-PCD assets acquired in the Summit merger, which resulted in a higher credit provision expense when compared to the year ended December 31, 2025.
Non-interest income increased by $10.8 million, or 30.8%, to $46.1 million for the year ended December 31, 2025, compared to $35.3 million for the year ended December 31, 2024.
The increase in non-interest income was mostly due to the effect of the Summit merger and included increases in all categories of non-interest income except net gains on securities.
The largest increase was income from company-owned life insurance of $3.4 million followed by an increase in other non-interest income of $3.1 million, and an increase in bank debit and other card revenue of $2.5 million compared to the year ended December 31, 2024.
Net realized gains on the sale of securities decreased by $1.2 million compared to the year ended December 31, 2024.
Non-interest expense decreased by $2.3 million, or 1.1%, to $195.6 million for the year ended December 31, 2025, compared to $197.8 million for the year ended December 31, 2024.
The decrease was mostly due to large decreases in equipment rentals, depreciation and maintenance, which decreased $7.3 million and other operating expense which decreased by $9.5 million compared to the year ended December 31, 2024.
Increases were noted in other non-interest expense categories including salaries and wages which increased by $6.4 million, core deposit intangible amortization which increased by $4.1 million during the first full year following the Summit merger, occupancy, which increased by $2.9 million, and pensions and other employee benefits which increased by $1.3 million compared to the year ended December 31, 2024.
The $69.2 million increase in net interest income was primarily driven by higher interest income on loans and securities, partially offset by higher deposit interest expense.
Interest income on loans increased by $71.6 million while interest income on securities increased $4.1 million for the year ended December 31, 2025 compared to the year ended December 31, 2024.
Accretion income associated with acquired loans and borrowings totaled $39.8 million for the year ended, December 31, 2025 compared to $40.9 million for the year ended December 31, 2024.
Deposit interest expense increased by $3.3 million, while interest expense on subordinated debt assumed in the Summit merger led to an increase in interest expense of $3.1 million for the year ended December 31, 2025 compared to the year ended December 31, 2024.
The tax adjusted net interest margin was 4.14% for the year ended December 31, 2025, compared to 3.10% for the year ended December 31, 2024.
The increase in tax-adjusted net interest margin was primarily driven by higher rates on interest-earning assets for the year ended December 31, 2025 compared to the year ended December 31, 2024.
The yield for the year ended December 31, 2025, for the loan portfolio was 6.85% compared to 5.48% for the year ended December 31, 2024.
The increase was primarily the result of higher rates on loans, partially offset by lower volume.
For the year ended December 31, 2025, the tax-adjusted yield on the total investment securities portfolio was 3.96% compared to 3.36% for the year ended December 31, 2024.
The increase was primarily due to higher rates and was partially offset by lower volume.
The rate paid on interest-bearing deposits increased to 2.40% during the year ended December 31, 2025, from 2.27% during the year ended December 31, 2024.
The increase was a result of higher rates, partially offset by lower volume.
The rate paid on our short-term borrowings for the year ended December 31, 2025, was 3.90% compared to 3.35% for the year ended December 31, 2024.
The increase was due to higher average rates for the year ended, December 31, 2025.
The weighted-average rate paid on subordinated debt and trust preferred securities acquired in the Summit merger was 9.85% for the year ended December 31, 2025 compared to 10.08% for the year ended December 31, 2024.
The following table sets forth the major components of net interest income and the related yields and rates for the years ended December 31, 2025, and December 31, 2024, for comparison (dollars in thousands).
For the Years Ended 2025 2024 Average Outstanding Balance Interest Income/Expense Rate Earned/Paid Average Outstanding Balance Interest Income/Expense Rate Earned/ Paid Assets: Loans, gross (1)(2) $ 5,586,045 $ 382,794 6.85 % $ 5,684,348 $ 311,304 5.48 % Tax-exempt loans (1)(2)(3) 3,613 228 6.31 4,097 149 3.64 Total loans 5,589,658 383,022 6.85 5,688,445 311,453 5.48 Interest-bearing deposits and fed funds sold 111,860 4,777 4.27 118,067 4,457 3.77 Taxable AFS securities and other securities (4) 1,019,031 39,879 3.91 1,156,456 40,941 3.54 Tax-exempt AFS securities (3)(4) 542,615 21,980 4.05 449,980 12,966 2.88 Total securities 1,561,646 61,859 3.96 1,606,436 53,907 3.36 Total interest-earning assets 7,263,164 449,658 6.19 7,412,948 369,817 4.99 Non-interest-earning assets 610,748 329,082 Total assets $ 7,873,912 $ 7,742,030 Liabilities and shareholders’ equity: Deposits: Non-interest-bearing demand $ 1,353,250 $ 1,417,846 Interest-bearing demand 2,262,564 48,740 2.15 % 2,520,273 45,926 1.82 % Money market & savings 1,661,961 33,214 2.00 1,404,870 21,836 1.55 Brokered CDs & time deposits 1,165,200 40,015 3.43 1,295,270 50,902 3.93 Total interest-bearing deposits 5,089,725 121,969 2.40 5,220,413 118,664 2.27 Total deposits 6,442,975 121,969 1.89 6,638,259 118,664 1.79 Borrowings: Short-term borrowings and other (5) 425,634 16,585 3.90 426,278 14,300 3.35 Subordinated debt and other 106,884 10,527 9.85 73,507 7,412 10.08 Total interest-bearing liabilities 5,622,243 149,081 2.65 5,720,198 140,376 2.45 Non-interest-bearing liabilities 109,553 16,801 Equity 788,866 587,185 Total liabilities and equity $ 7,873,912 $ 7,742,030 Taxable-equivalent net interest income /net interest spread (6) 300,577 3.54 % 229,441 2.54 % Taxable-equivalent net interest margin (7) 4.14 % 3.10 % Taxable-equivalent net adjustment (4,665) (2,754) Net interest income $ 295,912 $ 226,687 Net interest-earning assets $ 1,640,921 $ 1,692,750 (1) Non-accrual loans are included in average loan balances.
(4) Calculated based on fair value of investment securities.
(5) Short-term borrowings and other includes finance lease liabilities.
(6) The interest rate spread represents the difference between the fully taxable equivalent weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period.
(7) The net interest margin represents fully taxable equivalent net interest income as a percent of average interest-earning assets for the period.
For the Years Ended December 31, 2025 December 31, 2024 GAAP Financial Measurements Interest Income - Loans $ 382,794 $ 311,303 Interest Income - Tax-exempt loans 180 118 Interest Income - Taxable AFS securities and other securities 36,807 39,817 Interest Income - Tax-exempt AFS securities 17,364 10,243 Interest Income - Other interest income 7,848 5,582 Total Interest Income 444,993 367,063 Interest Expense - Deposits 121,969 118,664 Interest Expense - Borrowed funds 16,480 14,189 Interest Expense - Subordinated debt 10,527 7,412 Interest Expense - Other 105 111 Total Interest Expense 149,081 140,376 Total Net Interest Income $ 295,912 $ 226,687 Non-GAAP Financial Measurements Add: Tax Benefit on Tax-Exempt Interest Income - Securities $ 4,665 $ 2,754 Total Tax Benefit on Tax-Exempt Interest Income (1) 4,665 2,754 Tax-Equivalent Net Interest Income $ 300,577 $ 229,441 (1) Tax benefit was calculated using the federal statutory tax rate of 21%.
Interest income and interest expense for the years ended December 31, 2025, and December 31, 2024, are annualized using an actual days over calendar year method.
Year Ended December 31, 2025, Compared to December 31, 2024 Increase (Decrease) Due to Change in: Average Volume Average Rate Net Change Income from the interest-earning assets: Loans, (1) gross $ (5,409) $ 76,978 $ 71,569 AFS Securities and other securities (1) (1,503) 9,455 7,952 Interest-bearing deposits and fed funds sold (234) 554 320 Total interest income on interest-earning assets (7,146) 86,987 79,841 Expense from the interest-bearing liabilities: Interest-bearing demand deposits (4,696) 7,510 2,814 Money market & savings 3,996 7,382 11,378 Brokered CDs & time deposits (5,112) (5,775) (10,887) Total interest expense on interest-bearing deposits (5,812) 9,117 3,305 Borrowings Short-term borrowings (22) 2,307 2,285 Subordinated debt and other 3,366 (251) 3,115 Total borrowings 3,344 2,056 5,400 Total interest expense on interest-bearing liabilities (2,468) 11,173 8,705 Taxable-equivalent net interest income $ (4,678) $ 75,814 $ 71,136 (1) Yields and interest income on tax-exempt securities have been computed on a taxable-equivalent basis.

and 373 more.

Gone since FY2024

The historical information indicated as of and for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, has been derived from the Company’s audited consolidated financial statements for the years ended December 31, 2024, December 31, 2023, and December 31, 2022.
As of December 31, (In thousands, except ratios, share, and per share data) 2024 2023 2022 Selected Financial Condition Data: Total assets $ 7,812,185 $ 3,617,579 $ 3,562,898 Total cash and cash equivalents 135,314 44,498 50,295 Total investment securities, at fair value 1,432,371 1,248,439 1,371,757 Net loans 5,604,196 2,062,455 1,866,182 Company-owned life insurance 182,834 94,159 92,487 Premises and equipment, net 132,270 61,128 53,170 Total deposits 6,515,239 3,001,881 2,920,400 Borrowed funds 365,000 272,000 343,100 Total shareholders’ equity 730,157 314,750 273,453 Common shareholders’ equity 719,744 314,750 273,453 As of or for the Year Ended December 31, Selected Operating Data: 2024 2023 2022 Interest income $ 366,161 $ 146,896 $ 112,633 Interest expense 140,376 53,137 8,941 Net interest income 225,785 93,759 103,692 Provision for (recapture of) credit losses 24,220 214 (7,466) Total non-interest income 36,166 17,952 17,087 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 Preferred stock dividends 675 — — Net income applicable to common shares 35,033 22,692 44,013 Per Share Data: Average shares of Common Stock outstanding, basic 12,393,677 7,428,042 7,425,088 Average shares of Common Stock outstanding, diluted 12,441,831 7,506,855 7,467,717 Total shares of Common Stock outstanding 14,969,104 7,428,710 7,425,760 Basic net income per common share $ 2.83 $ 3.05 $ 5.93 Diluted net income per common share 2.82 3.02 5.89 Dividends declared per common share 2.14 2.12 2.12 Dividend payout ratio (1) 75.89 % 70.20 % 35.99 % Book value per common share (at period end) $ 48.08 $ 42.37 $ 36.82 As of or for the Year Ended December 31, 2024 2023 2022 Performance Ratios: Return on average assets 0.45 % 0.63 % 1.24 % Return on average equity (2) 5.97 8.00 14.28 Interest rate spread (3) 2.53 2.23 3.06 Net interest margin (4) 3.08 2.85 3.19 Efficiency ratio (5) 75.52 77.37 62.88 Capital Ratios: Common equity tier 1 (CET 1) capital to risk-weighted assets 11.53 % 16.85 % 17.97 % Total risk-based capital to risk-weighted assets 14.57 17.88 18.88 Tier 1 capital to risk-weighted assets 11.96 16.85 17.97 Tier 1 capital to average assets (leverage ratio) 9.80 11.31 11.34 Asset Quality Ratios: Allowance coverage ratio 1.20 % 1.21 % 1.11 % Allowance for credit losses as a percentage of non-performing loans 177.34 675.77 382.74 Net charge-offs to average outstanding loans during the period 0.03 — 0.18 Non-performing loans as a percentage of total loans 0.68 0.18 0.29 Non-performing assets as a percentage of total assets 0.53 0.10 0.15 Other Data: Number of full-service branches 77 23 23 Number of full-time equivalent employees 815 400 411 __________________ (1) Dividend payout ratio represents dividends declared per common share divided by diluted earnings per common share.
Results of Operations Results of Operations for Years Ended December 31, 2024, and December 31, 2023 General Consolidated net income applicable to common shares for the year ended December 31, 2024, was $35.0 million compared to $22.7 million earned during the year ended December 31, 2023.
The $12.3 million or 54.4% increase in net income applicable to common shares in 2024 compared to 2023 was primarily due to the effect of the Merger which resulted in increases in all categories of interest income exceeding increases in interest expense compared to the prior year ended December 31, 2023.
Net interest income totaled $225.8 million for the year ended December 31, 2024, compared to $93.8 million for the year ended December 31, 2023.
The $132.0 million increase in net interest income was primarily driven by the Merger which resulted in higher loan interest income partially offset by higher deposit interest expense.
Interest-bearing demand deposits and time deposits were the primary driver of increased net interest expense due mostly to an increase in volume and partly to an increase in rate.
For the year ended December 31, 2024, the Company recorded credit provision expense of $24.2 million compared to $0.2 million for the year ended December 31, 2023.
For the year ended December 31, 2024, the Company recognized a one-time CECL Day 2 provision for non-PCD assets acquired in the Merger, which resulted in a higher credit provision expense compared to the year ended December 31, 2023.
Non-interest income increased by $18.2 million, or 101.5%, to $36.2 million for the year ended December 31, 2024, compared to $18.0 million for the year ended December 31, 2023.
The increase in non-interest income was mostly due to the Merger, and included increases in all categories of non-interest income.
The largest increase was in service charges and fees of $8.9 million followed by an increase in fiduciary and wealth management of $3.1 million and and increase in other non-interest income of $2.9 million.
The Company also realized gains on the sale of securities resulting in an increase of $1.5 million in net gains/(losses) from securities compared to the year ended December 31, 2023.
Non-interest expense increased by $111.4 million, or 128.9%, to $197.8 million for the year ended December 31, 2024, compared to $86.4 million for the year ended December 31, 2023.
The increase was mostly due to the Merger, and included increases in all categories of non-interest expense.
The largest increase was in other operating expenses which included $36.5 million of legal, consulting, and audit fees related to the Merger with Summit Financial Group, Inc.
Other large increases included salaries and wages which increased by $37.8 million and equipment rentals, depreciation and maintenance which increased $17.4 million compared to the year ended December 31, 2023.
The $132.0 million increase in net interest income was primarily driven by the Merger which resulted in higher loan interest income driven by higher accretion income, partially offset by higher deposit interest expense.
Interest income on loans increased by $209.6 million while interest income on securities increased $7.3 million for the year ended December 31, 2024 compared to the year ended December 31, 2023.
Accretion income associated with acquired loans and borrowings totaled $40.9 million for the year ended, December 31, 2024.
Deposit interest expense increased by $79.5 million, while interest expense on subordinated debt assumed in the Merger led to an increase in interest expense of $7.4 million for the year ended December 31, 2024 compared to the year ended December 31, 2023.
The tax adjusted net interest margin was 3.08% for the year ended December 31, 2024, compared to 2.85% for the year ended December 31, 2023.
The increase in tax-adjusted net interest margin was primarily driven by the the effect of the Merger and the acquisition of additional, higher-yielding interest-earning assets.
The yield for the year ended December 31, 2024, for the loan portfolio was 5.48% compared to 5.07% for the year ended December 31, 2023.
The increase was primarily the result of the Merger which resulted in higher accretion income and the acquisition of additional, higher-yielding loans.
For the year ended December 31, 2024, the tax-adjusted yield on the total investment securities portfolio was 3.30% compared to 3.44% for the year ended December 31, 2023.
The decrease was primarily due to the recovery on unrealized losses that decreased the effective rate earned on investment securities.
The rate paid on interest-bearing deposits increased to 2.27% during the year ended December 31, 2024, from 1.86% during the year ended December 31, 2023.
The increase was a result of the Merger which resulted in the assumption of additional interest-bearing deposits with higher interest rates and to a lesser extent by higher market interest rates.
The rate paid on our borrowings for the year ended December 31, 2024, was 3.35% compared to 4.69% for the year ended December 31, 2023.
The decrease was due to the decrease in short-term borrowing costs, driven by decreases in the Federal Funds Rate during 2024.
The rate paid on subordinated debt and trust preferred securities acquired in the merger was 10.08% for the year ended December 31, 2024.
The following table sets forth the major components of net interest income and the related yields and rates for the years ended December 31, 2024, and December 31, 2023, for comparison (dollars in thousands).
For the Years Ended 2024 2023 Average Outstanding Balance Interest Income/Expense Rate Earned/Paid Average Outstanding Balance Interest Income/Expense Rate Earned/ Paid Assets: Loans, gross (1)(2) $ 5,684,348 $ 311,304 5.48 % $ 2,007,030 $ 101,800 5.07 % Tax-exempt loans 4,097 149 3.64 — — N/A Total loans 5,688,445 311,453 5.48 2,007,030 101,800 5.07 Interest-bearing deposits and fed funds sold 118,067 4,457 3.77 52,002 2,302 4.43 Taxable securities 1,156,456 40,039 3.46 1,020,707 37,179 3.64 Tax-exempt securities (3) 449,980 12,966 2.88 265,608 7,108 2.68 Total securities 1,606,436 53,005 3.30 1,286,315 44,287 3.44 Total interest-earning assets 7,412,948 368,915 4.98 3,345,347 148,389 4.44 Non-interest-earning assets 329,082 249,008 Total assets $ 7,742,030 $ 3,594,355 Liabilities and shareholders’ equity: Deposits: Non-interest-bearing demand $ 1,417,846 $ 878,740 Interest-bearing demand 2,520,273 45,926 1.82 % 544,651 2,312 0.42 % Savings 1,404,870 21,836 1.55 967,306 15,819 1.64 Time 1,295,270 50,902 3.93 597,796 21,064 3.52 Total interest-bearing deposits 5,220,413 118,664 2.27 2,109,753 39,195 1.86 Total deposits 6,638,259 118,664 1.79 2,988,493 39,195 1.31 Borrowings: FHLB advances and other (4) 426,278 14,300 3.35 297,111 13,942 4.69 Subordinated debt and other 73,507 7,412 10.08 — — N/A Total interest-bearing liabilities 5,720,198 140,376 2.45 2,406,864 53,137 2.21 Non-interest-bearing liabilities 16,801 24,949 Equity 587,185 283,802 Total liabilities and equity $ 7,742,030 $ 3,594,355 Taxable-equivalent net interest income /net interest spread (5) 228,539 2.53 % 95,252 2.23 % Taxable-equivalent net interest margin (6) 3.08 % 2.85 % Taxable-equivalent net adjustment (2,754) (1,493) Net interest income $ 225,785 $ 93,759 Net interest-earning assets $ 1,692,750 $ 938,483 (1) Non-accrual loans are included in average loan balances.
(4) FHLB Advances and other includes finance lease liabilities.
(5) The interest rate spread represents the difference between the fully taxable equivalent weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period.
(6) The net interest margin represents fully taxable equivalent net interest income as a percent of average interest-earning assets for the period.
For the Years Ended December 31, 2024 December 31, 2023 GAAP Financial Measurements Interest Income - Loans $ 311,303 $ 101,800 Interest Income - Tax-exempt loans 118 — Interest Income - Securities taxable 39,817 37,179 Interest Income - Securities tax-exempt 10,243 5,615 Interest Income - Other interest income 4,680 2,302 Total Interest Income 366,161 146,896 Interest Expense - Deposits 118,664 39,195 Interest Expense - Borrowed funds 14,189 13,856 Interest Expense - Subordinated debt 7,412 — Interest Expense - Other 111 86 Total Interest Expense 140,376 53,137 Total Net Interest Income $ 225,785 $ 93,759 Non-GAAP Financial Measurements Add: Tax Benefit on Tax-Exempt Interest Income - Securities $ 2,754 $ 1,493 Total Tax Benefit on Tax-Exempt Interest Income (1) 2,754 1,493 Tax-Equivalent Net Interest Income $ 228,539 $ 95,252 (1) Tax benefit was calculated using the federal statutory tax rate of 21%.
Interest income and interest expense for the years ended December 31, 2024, and December 31, 2023, are annualized using an actual days over calendar year method.
Year Ended December 31, 2024, Compared to December 31, 2023 Increase (Decrease) Due to Change in: Average Volume Average Rate Net Change Income from the interest-earning assets: Loans, gross $ 201,361 $ 8,291 $ 209,652 Securities (1) 10,562 (1,845) 8,717 Interest-bearing deposits and fed funds sold 2,494 (338) 2,156 Total interest income on interest-earning assets 214,417 6,108 220,525 Expense from the interest-bearing liabilities: Interest-bearing demand deposits 36,001 7,613 43,614 Savings deposits 6,801 (784) 6,017 Time deposits 26,850 2,988 29,838 Total interest expense on interest-bearing deposits 69,652 9,817 79,469 Borrowings 11,745 (3,976) 7,769 Total interest expense on interest-bearing liabilities 81,397 5,841 87,238 Taxable-equivalent net interest income $ 133,020 $ 267 $ 133,287 (1) Yields and interest income on tax-exempt securities have been computed on a taxable-equivalent basis.

and 353 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch BHRB. Know when insiders buy.

One email the day a filing lands. Free.