Successful Sandy Spring Integration
The integration of Sandy Spring is progressing smoothly with the core systems conversion completed and the closure of 5 overlapping branches. The bank is now unified under the Atlantic Union Bank brand.
Loan and Deposit Growth
Quarterly loan growth was approximately 0.5% annualized, with average loan growth quarter-over-quarter at 4.3% annualized. Noninterest-bearing deposits grew at approximately 4% annualized in the third quarter.
Improvement in Credit Quality
Credit quality improved with third quarter nonperforming assets at 0.49% of loans, and criticized asset levels decreased by over $250 million or 16%.
Steady Net Interest Margin
The reported FTE net interest margin remained steady at 3.83%, with an improvement excluding accretion income impacts.
Strong Fee Income
Fee income was strong, with approximately $1 million of swap income attributed to the former Sandy Spring Bank, and increased wealth management opportunities.