Atlantic Union Bankshares Corporation - AUB STOCK NEWS

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.

Atlantic Union Bankshares Corporation announced the appointment of Heather Cox to its Board of Directors, effective immediately. With a robust background in technology and banking, her expertise is anticipated to enhance the board's capabilities. Cox previously held senior roles at Humana, USAA, and Citi, showcasing her leadership in digital strategy and customer experience. Recognized as a top innovator in banking, her addition aligns with Atlantic Union's vision to transform into a premier mid-Atlantic regional bank, further solidifying its operational strength.

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.