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 (NYSE: AUB) and Sandy Spring Bancorp (Nasdaq: SASR) have announced a definitive merger agreement for Atlantic Union to acquire Sandy Spring in an all-stock transaction valued at approximately $1.6 billion. This merger will create the largest regional bank headquartered in the lower Mid-Atlantic, significantly enhancing the combined company's presence in Northern Virginia and Maryland.
The combined entity will have pro forma total assets of $39.2 billion, total deposits of $32.0 billion, and gross loans of $29.8 billion, based on financial data as of September 30, 2024. The transaction will add 53 branch locations and approximately double Atlantic Union's wealth business by increasing assets under management by more than $6.5 billion.
Under the agreement terms, each Sandy Spring common stock share will be converted into 0.900 shares of Atlantic Union common stock. The transaction is expected to close by the end of the third quarter of 2025, subject to regulatory approvals and shareholder approval from both companies.
Atlantic Union Bankshares (NYSE: AUB) has announced the pricing of an underwritten public offering of 9,859,155 shares of its common stock at $35.50 per share, for an aggregate offering amount of $350.0 million. The net proceeds are expected to be approximately $336.0 million. The offering is set to close on October 22, 2024.
In connection with the offering, Atlantic Union entered into a forward sale agreement with Morgan Stanley & Co. The company expects to physically settle the agreement within approximately 18 months from the date of announcement. Atlantic Union intends to use the net proceeds for general corporate purposes, including potentially contributing Tier 1 capital into Atlantic Union Bank.
Atlantic Union Bankshares reported net income of $73.4 million and earnings per share of $0.82 for Q3 2024. The company's net interest income decreased to $182.9 million, down $1.6 million from Q2 2024. The net interest margin decreased by 8 basis points to 3.31%. Nonperforming assets remained stable at 0.20% of total loans. The allowance for credit losses increased to $177.6 million. Noninterest income rose by $10.5 million to $34.3 million, while noninterest expense decreased by $27.4 million to $122.6 million. Total assets grew to $24.8 billion, a 19.6% increase year-over-year. Loans held for investment totaled $18.3 billion, up 20% from the previous year. Total deposits increased to $20.3 billion, a 21% rise year-over-year. The company maintained strong capital ratios, with a common equity Tier 1 capital ratio of 9.77%.
Atlantic Union Bankshares (AUB) has announced the release of its third quarter 2024 financial results. The results will be made public before the market opens on Tuesday, October 22, 2024. Following this, the company will host a conference call and webcast for investors at 9:00 a.m. Eastern Time on the same day.
Investors can access the listen-only webcast and accompanying slides through a provided link. Analysts wishing to participate in the conference call are required to register separately. A replay of the webcast and slides will be available on the company's website for 90 days after the event.
Atlantic Union Bankshares (AUB) has announced its quarterly dividend declarations. The Board of Directors declared a common stock dividend of $0.32 per share, unchanged from the previous quarter but representing a 7% increase from Q3 2023. Based on the closing price of $40.36 on July 25, 2024, this translates to a dividend yield of approximately 3.2%. The common stock dividend is payable on August 23, 2024, to shareholders of record as of August 9, 2024.
Additionally, the company declared a quarterly dividend on its 6.875% Perpetual Non-Cumulative Preferred Stock, Series A. The preferred stock dividend amounts to $171.88 per share (equivalent to $0.43 per depositary share) and is payable on September 3, 2024, to holders of record as of August 19, 2024.
Atlantic Union Bankshares (NYSE: AUB) reported net income of $22.2 million and earnings per share of $0.25 for Q2 2024. Adjusted operating earnings were $56.4 million with adjusted EPS of $0.63. The company completed its acquisition of American National Bankshares on April 1, 2024, adding $2.9 billion in assets and $2.6 billion in deposits. Net interest income increased to $184.5 million, up $36.7 million from Q1. The net interest margin improved by 28 basis points to 3.39%. Nonperforming assets decreased to 0.20% of total loans. The allowance for credit losses increased to $175.7 million. The company declared a quarterly dividend of $0.32 per common share.
Atlantic Union Bankshares (AUB) will release its second quarter 2024 financial results before the market opens on Thursday, July 25, 2024. A conference call and webcast for investors will follow at 9:00 a.m. Eastern Time the same day. The webcast and accompanying slides can be accessed at the provided URL. Analysts wishing to participate in the conference call must register to receive an audio dial-in number and Access PIN. A replay of the webcast, with slides, will be available on the company's website for 90 days.
Atlantic Union Bank has successfully completed the integration of American National Bank and Trust Company branches and operations. This integration unifies the bank's presence across Virginia, North Carolina, and Maryland. Maria Tedesco, President and COO of Atlantic Union Bank, stated that the merger process has been smooth, thanks to their detailed integration playbook and the diligent work of their team. The unified bank aims to enhance its service offerings and customer conveniences as a result of this merger.
Atlantic Union Bankshares has declared a quarterly dividend of $0.32 per share of common stock, representing a 7% increase from the second quarter of 2023. The dividend yield is approximately 3.8%. Additionally, a dividend of $171.88 per share for the 6.875% Perpetual Non-Cumulative Preferred Stock, Series A, is payable in June 2024.
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