Atlantic Union Bankshares Corporation

Latest Results (20.08.2024):

Net Interest Income

For the second quarter of 2024, Atlantic Union Bankshares Corporation reported net interest income of $184.5 million, marking an increase of $36.7 million from the first quarter of 2024. This rise was primarily attributed to a $2.8 billion increase in average interest-earning assets, partially offset by a $2.2 billion increase in average interest-bearing liabilities, largely due to the acquisition of American National.

Noninterest Income

Atlantic Union Bankshares Corporation's noninterest income for the second quarter of 2024 decreased by $1.8 million to $23.8 million from the previous quarter. This decline was mainly driven by $6.5 million in pre-tax losses on the sale of available-for-sale securities as part of the restructuring of the American National securities portfolio.

Noninterest Expense

Noninterest expense for Atlantic Union Bankshares Corporation surged by $44.7 million to $150.0 million in the second quarter of 2024, up from $105.3 million in the prior quarter. This increase was primarily due to pre-tax merger costs of approximately $29.8 million related to the American National acquisition.

Asset Quality

At the end of the second quarter of 2024, Atlantic Union Bankshares Corporation reported nonperforming assets (NPAs) as a percentage of total loans held for investment (LHFI) at 0.20%, a decrease of 3 basis points from the previous quarter. This improvement was largely due to the effects of the American National acquisition.

Provision for Credit Losses

During the second quarter of 2024, Atlantic Union Bankshares Corporation recorded a provision for credit losses of $21.8 million, compared to $8.2 million in the prior quarter. This increase included a $13.2 million initial provision expense on non-purchased credit deteriorated (non-PCD) loans and $1.4 million on unfunded commitments acquired from American National.