Welcome to our dedicated page for Atlantic Un Bankshares news (Ticker: AUB), a resource for investors and traders seeking the latest updates and insights on Atlantic Un Bankshares stock.
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.
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Atlantic Union Bankshares Corporation (NYSE: AUB) reported a net income of $32.7 million for Q1 2023, translating to earnings per share (EPS) of $0.44. Adjusted operating earnings were $47.2 million with an EPS of $0.63, excluding a $13.4 million loss from securities sales and a $5.0 million legal reserve. The company's balance sheet repositioning strategy involved selling $505.7 million in available-for-sale securities, intended to boost liquidity and enhance earnings potential over two years. Net interest income fell to $153.4 million, a decline attributed to market conditions. The nonperforming asset ratio rose to 0.20%, while net charge-offs increased to 0.13% of average loans. Despite these challenges, total assets were $20.1 billion, underpinned by strong loan growth of $1.1 billion year-over-year.
Atlantic Union Bankshares Corporation will announce its first quarter 2023 financial results before market opening on April 25, 2023. Following this, a conference call will take place at 9:00 a.m. Eastern Time, where investors can tune in to hear the details. The webcast will be available alongside accompanying slides on their website. Atlantic Union Bankshares is headquartered in Richmond, Virginia, and operates 109 branches across Virginia, Maryland, and North Carolina, offering various financial services.
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