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Bank holding companies

Atlantic Union Bankshares Reports 3Q24 Financial Results

Strategic Insights

— 1 min read

Atlantic Union Bankshares Corp., a Virginia, US-based bank holding company, has announced its financial results for the third quarter of 2024. The company's net income available to common shareholders was USD 73.4m and basic and diluted earnings per common share was USD 0.82. Atlantic Union Bankshares also reported adjusted operating earnings available to common shareholders of USD 74.5m and adjusted diluted operating earnings per common share of USD 0.83 for the third quarter of 2024.

Key Takeaways:

  • Net interest income was USD 182.9m, a decrease of USD 1.6m from USD 184.5m in the second quarter of 2024.
  • The company's net interest margin decreased 8 basis points to 3.31% and the net interest margin decreased 8 basis points to 3.38% due to higher cost of funds and lower yields on earning assets.
  • Earning asset yields for the third quarter of 2024 decreased 2 basis points to 5.94% compared to the second quarter of 2024.
  • Cost of funds increased from the prior quarter by 6 basis points to 2.56% due to average deposit growth in higher yielding deposit products.
  • Nonperforming assets as a percentage of total LHFI was 0.20% at September 30, 2024.
  • The company recorded a provision for credit losses of USD 2.6m, compared to USD 21.8m in the prior quarter, and USD 5.0m in the third quarter of 2023.
  • The allowance for credit losses totaled USD 177.6m at September 30, 2024, a USD 1.9m increase from the prior quarter.
  • Atlantic Union Bank had 129 branches and approximately 150 ATMs located throughout Virginia and in portions of Maryland and North Carolina as of September 30, 2024.

Statistics:

  • Net income available to common shareholders: USD 73.4m
  • Basic and diluted earnings per common share: USD 0.82
  • Adjusted operating earnings available to common shareholders: USD 74.5m
  • Adjusted diluted operating earnings per common share: USD 0.83
  • Net interest income: USD 182.9m
  • Cost of funds: 2.56% (up 6 basis points from Q2 2024)
  • Nonperforming assets as a percentage of total LHFI: 0.20%
  • Provision for credit losses: USD 2.6m
  • Allowance for credit losses: USD 177.6m

Sources:

  • M2 EQUITYBITES-October 23, 2024-Atlantic Union Bankshares Posts 3Q24 Financial Results (C)2024 M2 COMMUNICATIONS http://www.m2.co.uk

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