Atlantic Un Bankshares Corp Stock Price, News & Analysis

Atlantic Union Bank is launching a new specialty finance division called Atlantic Union Business Credit, focusing on asset-based lending solutions. This division aims to meet the financing needs of working capital-intensive companies with loan commitments ranging from $5 million to $30 million. The initiative is supported by a seasoned team with over 150 years of combined experience. This division will cater to various financial needs such as management buyouts and acquisitions, using assets like receivables and inventory for securing funding.

The Board of Directors of Atlantic Union Bankshares Corporation has declared a quarterly dividend of $0.30 per share for common stock, marking a 7% increase from the previous year. Based on the closing price of $33.80 on July 27, 2022, the dividend yield is approximately 3.6%. This dividend will be payable on August 26, 2022 to shareholders of record as of August 12, 2022. Additionally, a dividend of $171.88 per share on the 6.875% Perpetual Non-Cumulative Preferred Stock will be paid on September 1, 2022 to holders of record as of August 17, 2022.

Atlantic Union Bankshares Corporation (Nasdaq: AUB) reported a net income of $59.3 million and earnings per share of $0.79 for Q2 2022. Adjusted operating earnings were $51.3 million, with diluted EPS at $0.69. The bank experienced annualized loan growth of upper single digits, net interest income rose to $138.8 million, and the net interest margin increased to 3.15%. Despite low nonperforming assets at 0.23%, total deposits decreased by 8.7% from the previous quarter. The share repurchase program continued, with $51.8 million remaining available for buybacks.

Atlantic Union Bankshares Corporation (AUB) announced it will release its second quarter 2022 financial results on July 21, 2022, before market open. A conference call and webcast for analysts will follow at 9:00 a.m. Eastern Time on the same day. Attendees must register online to receive dial-in details due to updated procedures. The company operates 114 branches and approximately 130 ATMs across Virginia, Maryland, and North Carolina, alongside several non-bank financial affiliates providing equipment financing, brokerage services, and insurance products.

Atlantic Union Bankshares Corporation has appointed Rilla Delorier to its Board of Directors, effective immediately. Delorier brings extensive experience from her roles at Umpqua Bank and SunTrust Bank, where she specialized in strategic planning and digital transformation. Her appointment is expected to enhance the bank's customer-centric culture and innovation. With 114 branches across Virginia and parts of Maryland and North Carolina, Atlantic Union Bank aims to continue its growth as a leading regional bank.

Atlantic Union Bankshares Corporation is set to become a strategic investor in Cary Street Partners by acquiring Dixon, Hubard, Feinour & Brown, Inc. (DHFB), a Virginia-based wealth management firm managing approximately $1.6 billion in assets. This acquisition will enhance Cary Street's presence in Virginia, adding offices in Roanoke, Charlottesville, and Arlington and allowing them to manage $7 billion in total assets across nearly 6,000 clients. The deal is expected to close by the end of June, pending regulatory approvals.

The Board of Directors of Atlantic Union Bankshares Corporation (AUB) has announced a quarterly dividend of $0.28 per share, consistent with previous quarters. This dividend, with a yield of approximately 3.2% based on a stock price of $34.47, will be payable on June 3, 2022, to shareholders on record by May 20, 2022. Additionally, a dividend of $171.88 per share on Series A preferred stock, equating to $0.43 per depositary share, will be paid on June 1, 2022, with a record date of May 17, 2022.

Atlantic Union Bank has appointed Clare Miller as the new Chief Human Resources Officer, effective late May 2022. With over 20 years of experience in human resources, Miller previously held the role of Chief Talent Officer at Huntington National Bank, where she led a team responsible for talent management and organizational effectiveness. Her leadership contributed to Huntington receiving the 2022 Forbes Best Large Employer Award. Miller holds a bachelor’s degree in organizational communications from Ohio University and has various HR certifications.

Atlantic Union Bankshares Corporation (Nasdaq: AUB) reported a net income of $40.7 million for Q1 2022, with earnings per share at $0.54. Adjusted operating earnings reached $45.1 million, while net interest income decreased to $130.9 million, down from $138.3 million in Q4 2021. The company implemented strategic expense reductions and consolidated operations, resulting in lower restructuring costs. Throughout Q1, nonperforming assets remained low at 0.23%. The share repurchase program saw approximately 630,000 shares repurchased for $25 million.