Welcome to our dedicated page for Atlantic Union Bankshares Corporation news (Ticker: AUB), a resource for investors and traders seeking the latest updates and insights on Atlantic Union Bankshares Corporation stock.
Atlantic Union Bankshares Corporation (NASDAQ: AUB), headquartered in Richmond, Virginia, is a financial holding company that operates through its main subsidiary, Atlantic Union Bank. The bank offers a comprehensive range of financial services to both commercial and retail clients, making it a full-service community bank.
Atlantic Union Bank is the largest community banking institution in the Commonwealth of Virginia, extending its presence through 114 branches and approximately 130 ATMs located throughout Virginia, and parts of Maryland and North Carolina. The bank's non-bank affiliates include Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which offers brokerage services; and Union Insurance Group, LLC, providing various insurance products.
The company's core business segments include Wholesale Banking and Consumer Banking. Services offered range from traditional banking products like checking, savings, and certificates of deposit to more specialized services such as loans for commercial, industrial, residential mortgage, and consumer purposes. Additionally, Atlantic Union Bank provides trust and wealth management services, enhancing its portfolio of financial offerings.
Recently, Atlantic Union Bank enhanced its commitment to the clean energy sector by partnering with SolaREIT™, a renewable energy real estate investment company. The bank closed a $30 million revolving credit facility with SolaREIT™, marking their second partnership aimed at providing financing solutions to solar and battery energy storage developers. This initiative underscores Atlantic Union Bank's dedication to supporting sustainable projects and providing flexible financial solutions to meet evolving industry needs.
Financially, Atlantic Union Bankshares Corporation is well-positioned with strong liquidity and a solid capital base. The company's strategic initiatives and partnerships reflect its ongoing commitment to growth and service excellence in the financial sector.
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
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.
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