Atlantic Union Bankshares Corporation - AUB STOCK NEWS

Atlantic Union Bank has achieved the top ranking in the Mid-Atlantic region according to the J.D. Power 2021 Retail Banking Satisfaction Study, with a score of 854 out of 1000. This score surpasses the regional average of 814. The bank's President, Maria Tedesco, expressed pride in their commitment to enhancing digital and virtual banking services during a challenging year, emphasizing a focus on customer needs. Atlantic Union Bank operates 129 branches and approximately 150 ATMs across Virginia, Maryland, and North Carolina, showcasing its robust presence in the region.

Atlantic Union Bankshares Corporation has authorized a stock repurchase program worth $125 million effective through June 30, 2022. Purchases will occur in open market transactions or through negotiated deals, subject to market conditions and regulatory requirements. Additionally, the Board declared a quarterly dividend of $0.28 per share, representing a 12% increase from the previous quarter, with a yield of approximately 2.8%. This reflects the company’s commitment to enhancing shareholder value while navigating market dynamics.

Atlantic Union Bankshares Corporation (AUB) reported a net income of $53.2 million and earnings per share of $0.67 for Q1 2021, with adjusted operating earnings at $64.8 million and diluted earnings of $0.82. Despite COVID-19 challenges, the company remains optimistic about future growth, anticipating improved loan performance as the economy recovers. Nonperforming assets decreased to 0.31% of loans, with net charge-offs at 0.03%. Total assets rose to $19.9 billion, driven by PPP loans and growth in deposits, which increased 14.8% from the previous quarter.

Atlantic Union Bankshares Corporation (AUB) will release its first quarter 2021 financial results before market opening on April 22, 2021. Following the announcement, the company will conduct a conference call at 9:00 a.m. ET for analysts. Participants can join via a toll-free number or an international dial-in number. A replay of the call and accompanying slides will be available on the company's website for 90 days. With 129 branches and 150 ATMs, AUB serves Virginia and parts of Maryland and North Carolina.

Atlantic Union Bank has announced a rebranding of its wealth management division to Atlantic Union Bank Wealth Management. This change aims to enhance customer experience by offering integrated banking and wealth management services. The new branding reflects a full-service approach, allowing wealth clients easier access to Atlantic Union Bank's offerings, including savings and lending. The team emphasizes a life-centered method, creating customized financial plans that adapt to clients' changing priorities.

The Board of Directors of Atlantic Union Bankshares Corporation has declared a quarterly dividend of $0.25 per share, consistent with previous quarters. Based on a closing stock price of $33.59 on January 28, 2021, this represents a 3.0% dividend yield. The dividend is payable on February 26, 2021 to shareholders on record as of February 12, 2021. Additionally, the Board declared a dividend of $171.88 per share on its 6.875% Perpetual Non-Cumulative Preferred Stock, payable on March 1, 2021.

Atlantic Union Bankshares Corporation (AUB) reported a net income of $56.5 million and basic earnings per share of $0.72 for Q4 2020. For the entire year, net income was $152.6 million, with diluted earnings per share of $1.93. The bank's net interest income rose to $145.6 million, driven by increased income from PPP loans. However, noninterest expenses surged by $28.5 million, primarily due to a $20.8 million loss on debt extinguishment. Despite a challenging economic environment, the bank's provisions for credit losses decreased, indicating improved asset quality.

Atlantic Union Bankshares Corporation will announce its fourth quarter and fiscal year 2020 results before the market opens on January 26, 2021. Following the release, management will host a conference call at 9:00 a.m. Eastern Time, accessible via a toll-free number. A webcast with accompanying slides will also be available. Shareholders can access a replay of the webcast for 90 days on the company’s website.

Atlantic Union Bank has announced a historic philanthropic investment aimed at enhancing diversity and inclusivity. The bank's contributions to the Virginia Center for Inclusive Communities and Virginia State University total the largest in its history, with a focus on promoting equitable learning environments and professional development.

Additionally, the bank is launching a five-year scholarship fund for VSU students, which includes summer internships. This initiative supports the bank's ongoing commitment to advance social justice and foster stronger communities.