Atlantic Union Bankshares Corporation - AUB STOCK NEWS

Atlantic Union Bankshares Corporation (AUB) reported a net income of $58.3 million for Q3 2020, translating to diluted earnings of $0.74 per share. For the first nine months, net income totaled $96.1 million with earnings of $1.22 per share. The bank processed over 11,000 PPP loans worth $1.7 billion. Notably, operating expenses decreased by $9.6 million, driven by branch consolidations and lower costs. As of September 30, 2020, total assets were approximately $19.9 billion, reflecting a 14.3% year-over-year increase. The capital ratios remain strong with a Common equity Tier 1 capital ratio of 10.04%.

Atlantic Union Bankshares Corporation (NASDAQ: AUB) will announce its third quarter 2020 earnings on October 22, 2020, before market opening. A conference call for analysts, featuring management commentary and a webcast, will follow at 9:00 a.m. ET on the same day. Interested participants can join via a toll-free dial-in number or an international number. The conference ID for the call is 9936549. A webcast replay and slides will be available for 90 days on the company’s investor relations website.

Atlantic Union Bankshares Corporation announced that President and CEO John C. Asbury will present at the Barclays Global Financial Services Conference on September 14, 2020. The presentation is set for approximately 2:00 p.m. EDT and will be available via live webcast.

After the event, a replay of the webcast will be archived for future access. Atlantic Union Bankshares, trading under the ticker AUB, is headquartered in Richmond, Virginia, and operates 149 branches across Virginia, Maryland, and North Carolina.

The Board of Directors of Atlantic Union Bankshares Corporation has declared a quarterly dividend of $0.25 per share of common stock, maintaining the same amount as the previous quarter and the third quarter of 2019. With a closing price of $23.79 on July 23, 2020, the dividend yield is approximately 4.2%. This dividend will be payable on August 21, 2020, to shareholders of record as of August 7, 2020. Furthermore, a dividend of $156.60 per share on the Series A preferred stock is set for September 1, 2020, payable to holders of record as of August 14, 2020.

Atlantic Union Bankshares Corporation (AUB) reported net income of $30.7 million and earnings per share of $0.39 for Q2 2020. Pre-tax earnings reached $70.4 million. The company processed over 11,000 loans for approximately $1.7 billion under the SBA Paycheck Protection Program. Total assets increased to $19.8 billion, and deposits rose to $15.6 billion, largely due to PPP loans. However, the company recognized a $10.3 million loss on debt extinguishment and incurred severance costs of $1.8 million related to expense reduction initiatives.

Atlantic Union Bankshares Corporation announced the closing of its offering of 6,900,000 Depositary Shares, each representing a 1/400th interest in its 6.875% Perpetual Non-Cumulative Preferred Stock, Series A. The total net proceeds are approximately $166.4 million, to be used for general corporate purposes. An application has been filed to list the Depositary Shares on Nasdaq under the symbol AUBAP, with trading expected to commence within 30 days of the closing date.

Atlantic Union Bankshares Corporation has priced an offering of 6,000,000 Depositary Shares representing a 1/400th interest in its 6.875% Perpetual Non-Cumulative Preferred Stock, Series A. The offering is set at an aggregate price of $150 million and is expected to close on June 9, 2020. An additional 900,000 Depositary Shares may be purchased by underwriters. The Company plans to use the net proceeds for general corporate purposes, including debt repayment and funding acquisitions. The Depositary Shares will be listed on Nasdaq under the symbol AUBAP.

Atlantic Union Bankshares Corporation has announced a quarterly dividend of $0.25 per share, consistent with the previous quarter and reflecting a 9% increase from last year. The dividend yield stands at approximately 4.4%, based on the stock's closing price of $22.48 on May 4, 2020. Shareholders of record as of May 20, 2020 will receive the dividend on June 3, 2020. This dividend declaration underscores the company’s commitment to returning value to its shareholders.