Atlantic Union Bankshares Corporation reports developments for a regional financial and bank holding company that provides banking, trust and wealth management through its community bank subsidiary and non-bank financial services affiliates. News centers on quarterly and annual results, Wholesale Banking and Consumer Banking performance, loan growth, deposit mix, asset quality, allowance measures and integration activity tied to the completed Sandy Spring acquisition.
Company updates also cover common and Series A preferred stock dividends, share repurchase authorizations, investor presentations, executive leadership changes and shareholder-meeting matters. Its banking disclosures commonly discuss commercial, industrial, residential mortgage and consumer lending, depository services and the capital actions associated with a publicly traded bank holding company.
Atlantic Union Bankshares Corporation (AUB) reported a net income of $53.2 million and earnings per share of $0.67 for Q1 2021, with adjusted operating earnings at $64.8 million and diluted earnings of $0.82. Despite COVID-19 challenges, the company remains optimistic about future growth, anticipating improved loan performance as the economy recovers. Nonperforming assets decreased to 0.31% of loans, with net charge-offs at 0.03%. Total assets rose to $19.9 billion, driven by PPP loans and growth in deposits, which increased 14.8% from the previous quarter.
Atlantic Union Bankshares Corporation (AUB) will release its first quarter 2021 financial results before market opening on April 22, 2021. Following the announcement, the company will conduct a conference call at 9:00 a.m. ET for analysts. Participants can join via a toll-free number or an international dial-in number. A replay of the call and accompanying slides will be available on the company's website for 90 days. With 129 branches and 150 ATMs, AUB serves Virginia and parts of Maryland and North Carolina.
Atlantic Union Bank has announced a rebranding of its wealth management division to Atlantic Union Bank Wealth Management. This change aims to enhance customer experience by offering integrated banking and wealth management services. The new branding reflects a full-service approach, allowing wealth clients easier access to Atlantic Union Bank's offerings, including savings and lending. The team emphasizes a life-centered method, creating customized financial plans that adapt to clients' changing priorities.
The Board of Directors of Atlantic Union Bankshares Corporation has declared a quarterly dividend of $0.25 per share, consistent with previous quarters. Based on a closing stock price of $33.59 on January 28, 2021, this represents a 3.0% dividend yield. The dividend is payable on February 26, 2021 to shareholders on record as of February 12, 2021. Additionally, the Board declared a dividend of $171.88 per share on its 6.875% Perpetual Non-Cumulative Preferred Stock, payable on March 1, 2021.
Atlantic Union Bankshares Corporation (AUB) reported a net income of $56.5 million and basic earnings per share of $0.72 for Q4 2020. For the entire year, net income was $152.6 million, with diluted earnings per share of $1.93. The bank's net interest income rose to $145.6 million, driven by increased income from PPP loans. However, noninterest expenses surged by $28.5 million, primarily due to a $20.8 million loss on debt extinguishment. Despite a challenging economic environment, the bank's provisions for credit losses decreased, indicating improved asset quality.
Atlantic Union Bankshares Corporation will announce its fourth quarter and fiscal year 2020 results before the market opens on January 26, 2021. Following the release, management will host a conference call at 9:00 a.m. Eastern Time, accessible via a toll-free number. A webcast with accompanying slides will also be available. Shareholders can access a replay of the webcast for 90 days on the company’s website.
Atlantic Union Bank has announced a historic philanthropic investment aimed at enhancing diversity and inclusivity. The bank's contributions to the Virginia Center for Inclusive Communities and Virginia State University total the largest in its history, with a focus on promoting equitable learning environments and professional development.
Additionally, the bank is launching a five-year scholarship fund for VSU students, which includes summer internships. This initiative supports the bank's ongoing commitment to advance social justice and foster stronger communities.
The Board of Directors of Atlantic Union Bankshares Corporation has declared a quarterly dividend of $0.25 per share, consistent with previous quarters. Based on the closing stock price of $24.45 on October 28, 2020, this results in a dividend yield of approximately 4.1%. The dividend will be payable on November 27, 2020 for shareholders of record as of November 13, 2020. Additionally, a dividend of $171.88 per share on the 6.875% Perpetual Non-Cumulative Preferred Stock will be payable on December 1, 2020 for holders of record as of November 16, 2020.
Atlantic Union Bankshares Corporation (AUB) reported a net income of $58.3 million for Q3 2020, translating to diluted earnings of $0.74 per share. For the first nine months, net income totaled $96.1 million with earnings of $1.22 per share. The bank processed over 11,000 PPP loans worth $1.7 billion. Notably, operating expenses decreased by $9.6 million, driven by branch consolidations and lower costs. As of September 30, 2020, total assets were approximately $19.9 billion, reflecting a 14.3% year-over-year increase. The capital ratios remain strong with a Common equity Tier 1 capital ratio of 10.04%.
Atlantic Union Bankshares Corporation (NASDAQ: AUB) will announce its third quarter 2020 earnings on October 22, 2020, before market opening. A conference call for analysts, featuring management commentary and a webcast, will follow at 9:00 a.m. ET on the same day. Interested participants can join via a toll-free dial-in number or an international number. The conference ID for the call is 9936549. A webcast replay and slides will be available for 90 days on the company’s investor relations website.