Atlantic Union Bankshares Corporation ( (AUB) ) has released its Q1 earnings. Here is a breakdown of the information Atlantic Union Bankshares Corporation presented to its investors.
Atlantic Union Bankshares Corporation, headquartered in Richmond, Virginia, operates as a holding company for Atlantic Union Bank, offering a range of financial services across Virginia, Maryland, and North Carolina.
In the first quarter of 2025, Atlantic Union Bankshares reported a net income of $46.9 million available to common shareholders, with earnings per share of $0.53. The company also completed a significant merger with Sandy Spring Bancorp, enhancing its regional presence and becoming the largest regional banking franchise headquartered in the lower Mid-Atlantic.
Key financial highlights for the quarter included net interest income of $184.2 million, an increase from the previous quarter, driven by lower deposit costs. The company also saw a 12 basis points increase in net interest margin to 3.38%. Despite the economic uncertainty and market volatility, asset quality remained solid, with negligible net charge-offs and a proactive increase in loan loss reserves.
The merger with Sandy Spring Bancorp is expected to accelerate cost savings, and the company has strengthened its market position with the acquisition of 53 branches. However, noninterest income decreased due to lower transaction volumes and other operating income, while noninterest expenses rose due to seasonal increases in salaries and benefits.
Looking ahead, Atlantic Union Bankshares remains committed to sustainable growth and profitability, focusing on soundness and building long-term value for shareholders. The company is poised to navigate the uncertain economic environment with a robust strategy and expanded regional footprint.