Atlantic Un Bankshares Corp Stock Price, News & Analysis

Atlantic Union Bank has appointed Matt Linderman as the new Chief Information Officer. With 25 years of experience in IT and operations, Linderman is expected to lead the bank's technology and digital strategy initiatives. Previously, he served as Chief Technology Officer at PNC Financial Services Group and held various senior roles at CarMax and Capital One. Linderman's leadership is anticipated to enhance the bank's digital transformation efforts. Atlantic Union Bank operates 114 branches and serves clients across Virginia, Maryland, and North Carolina.

Atlantic Union Bankshares Corporation (NYSE: AUB) reported a net income of $67.6 million for Q4 2022, translating to earnings per share of $0.90. The company's net interest income rose to $163.8 million, up 8.7% from the previous quarter, driven by higher loan yields.

The net interest margin increased 27 basis points to 3.61%. Nonperforming assets decreased to $27.1 million, while the allowance for credit losses was $124.4 million. The capital ratios remained strong, with a common equity Tier 1 ratio of 9.95%. The bank also declared a dividend of $0.30 per common share, a 7.1% increase from a year earlier.

Atlantic Union Bankshares will transfer its common stock and depositary shares to the New York Stock Exchange (NYSE) from Nasdaq, effective January 18, 2023. Common stock will trade under the ticker symbol 'AUB' and depositary shares under 'AUBAP'. CEO John Asbury expressed enthusiasm for the move, aiming to create long-term value for customers and shareholders. The transition highlights Atlantic Union's growth and commitment within the financial sector, emphasizing its partnership with NYSE, which is home to many prestigious companies.

Atlantic Union Bankshares Corporation (AUB) will announce its fourth quarter and fiscal year 2022 financial results before market opening on January 24, 2023. Following the announcement, a conference call and webcast for investors is scheduled for 9:00 a.m. Eastern Time on the same day. The webcast will be accessible online, and analysts must register in advance to participate. A replay of the session will be available on the company’s website for 90 days post-event.

The Board of Directors of Atlantic Union Bankshares Corporation (AUB) has declared a quarterly dividend of $0.30 per share, maintaining the same dividend as the previous quarter and reflecting a 7.1% increase from the same quarter last year. With a closing stock price of $33.71 on October 26, 2022, this results in a dividend yield of approximately 3.6%. The dividend is payable on November 25, 2022, to shareholders on record as of November 11, 2022. Additionally, a dividend of $171.88 per share for the Series A preferred stock will be paid on December 1, 2022.

Atlantic Union Bankshares Corporation (AUB) reported a net income of $55.1 million for Q3 2022, with an EPS of $0.74. Adjusted operating earnings matched the net income. Key growth metrics include upper single-digit loan growth and double-digit deposit growth. Net interest income rose to $150.7 million, driven by increased loan yields and average loan growth. However, noninterest income decreased significantly by $12.7 million due to the sale of DHFB. Overall, asset quality remained strong with nonperforming assets at 0.21% of loans.

Atlantic Union Bank Wealth Management has appointed Mitch York as Chief Investment Officer, effective immediately. York, with over two decades of experience, previously served as CIO for Concord Asset Management and led Edelman Financial Services’ $24 billion investment division. His leadership is expected to enhance the wealth management services offered by Atlantic Union Bank. The bank, headquartered in Richmond, Virginia, operates 114 branches and provides a range of financial services including equipment financing and brokerage.

Atlantic Union Bankshares Corporation will release its third quarter 2022 financial results on October 20, 2022, before market opening. A conference call for investors is scheduled for the same day at 9:00 a.m. Eastern Time, which will be available for online listening. Analysts can participate by registering for an audio dial-in number. A replay of the webcast will be accessible on the company’s website for 90 days following the event. Atlantic Union Bank operates 114 branches and offers various financial services throughout Virginia, Maryland, and North Carolina.

Atlantic Union Bank has appointed Sherry Williams as its new Chief Risk Officer, effective October 2022. Williams brings extensive experience from her previous role at Amalgamated Bank and has held various positions in risk management and auditing at major firms like PricewaterhouseCoopers and SunTrust Bank. Her role will focus on enhancing risk management functions to protect the bank’s stakeholders. She succeeds David Bilko, who retired earlier this year. Atlantic Union Bank operates 114 branches primarily in Virginia, Maryland, and North Carolina.