Atlantic Union Bankshares Corporation - AUB STOCK NEWS

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.

SolaREIT has closed a $15 million revolving credit facility with Atlantic Union Bank (AUB), enhancing its liquidity for solar development financing. This facility complements SolaREIT's existing securitization partnership with Nuveen/TIAA CREF, enabling efficient land acquisition for community solar projects. President Laura Pagliarulo emphasized the need for financial flexibility in the solar sector, while John Lester from Atlantic Union Bank highlighted their commitment to supporting clean energy initiatives. SolaREIT, a minority and women-owned business based in Vienna, Virginia, focuses on financing solar land, aiming to contribute to a low-carbon economy.

The Board of Directors of Atlantic Union Bankshares Corporation has declared a quarterly dividend of $0.30 per share of common stock, maintaining the rate from Q4 2022, but reflecting a 7.1% increase from Q1 2022. This translates to a dividend yield of approximately 3.2%, based on a stock closing price of $38.04 on January 26, 2023. The dividend will be payable on February 24, 2023 to shareholders of record by February 10, 2023. Additionally, a dividend of $171.88 per share on the 6.875% Series A Preferred Stock is set for March 1, 2023.

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.