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RICHMOND - On Thursday, Atlantic Union Bankshares (NYSE:AUB) reported third quarter adjusted operating earnings that met Wall Street expectations while revenue fell short of estimates. The bank posted adjusted operating earnings of $0.84 per share for the third quarter, in line with analyst estimates, while revenue came in at $375.38 million versus the consensus estimate of $379.08 million.
Net income available to common shareholders was $89.2 million, or $0.63 per share on a GAAP basis, compared to $73.4 million, or $0.82 per share, in the same quarter last year. Revenue increased 69.8% YoY, primarily due to the acquisition of Sandy Spring Bancorp completed in the second quarter of 2025.
"Atlantic Union had a solid third quarter with operating results that illustrate the earnings power of our banking franchise," said John C. Asbury, president and chief executive officer. "While merger-related costs continued to create a noisy quarter, we believe we are on a path to deliver on the expectations related to the acquisition of Sandy Spring Bancorp."
Net interest income was $319.2 million, down slightly from $321.4 million in the previous quarter. The bank’s net interest margin decreased 1 basis point from the prior quarter to 3.77%, primarily due to lower earning asset yields, partially offset by lower cost of funds.
Total loans held for investment increased $32.8 million or 0.5% (annualized) from the previous quarter to $27.4 billion, while deposits decreased $306.9 million or 3.9% (annualized) to $30.7 billion.
Asset quality metrics showed improvement with nonperforming assets as a percentage of total loans decreasing to 0.49%, down 11 basis points from the prior quarter. However, net charge-offs increased to 0.56% of total average loans (annualized), up 55 basis points compared to both the previous quarter and the same period last year.
The bank maintained its quarterly dividend at $0.34 per common share, consistent with the previous quarter and representing a 6.3% increase from the third quarter of 2024.
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