Atlantic Union Bankshares Reports First Quarter Financial Results

About this update from Atlantic Union Bankshares Corporation

[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":2182,"height":387,"url":"https://media.zenfs.com/en/business-wire.com/5357d55b63dcf7de67c7e23ee5ad5224"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/j_lG7eAAF8EmaiPzMRruiw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTE3MDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/5357d55b63dcf7de67c7e23ee5ad5224","width":960,"height":170},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/GULUrXxGiV5hYiHva67mqw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTI0MDA7aD00MjY7Y2Y9d2VicA--/https://media.zenfs.com/en/business-wire.com/5357d55b63dcf7de67c7e23ee5ad5224","width":1200,"height":213}},"lazy":false},{"type":"text","content":" RICHMOND, Va., April 24, 2025 --( BUSINESS WIRE )--Atlantic Union Bankshares Corporation (the "Company" or "Atlantic Union") (NYSE: AUB) reported net income available to common shareholders of $46.9 million and basic and diluted earnings per common share of $0.53 and $0.52, respectively, for the first quarter of 2025 and adjusted operating earnings available to common shareholders (1) of $51.6 million and adjusted diluted operating earnings per common share (1) of $0.57 for the first quarter of 2025.","length":520,"tagName":"p"},{"type":"text","content":" Merger with Sandy Spring Bancorp, Inc. ("Sandy Spring") and Full Physical Settlement of the Forward Sale Agreements ","length":125,"tagName":"p"},{"type":"text","content":"On April 1, 2025, the Company completed its merger with Sandy Spring. Under the terms of the merger agreement, at the effective time of the merger, each outstanding share of Sandy Spring common stock, other than shares of restricted Sandy Spring common stock and shares of Sandy Spring common stock held by the Company or Sandy Spring, was converted into the right to receive 0.900 shares of the Company’s common stock, with cash to be paid in lieu of fractional shares. With the acquisition of Sandy Spring, the Company acquired 53 branches, strengthening the Company’s presence in Virginia and Maryland and creating the largest regional banking franchise headquartered in the lower Mid-Atlantic.","length":697,"tagName":"p"},{"type":"text","content":"Also on April 1, 2025, the Company physically settled in full the previously disclosed forward sale agreements between the Company and Morgan Stanley & Co. LLC, as forward purchaser, by delivering 11,338,028 shares of the Company’s common stock to the forward purchaser. The Company received net proceeds from such sale of shares of the Company’s common stock and full physical settlement of the forward sale agreements, before expenses, of approximately $385.0 million.","length":474,"tagName":"p"},{"type":"text","content":"During the first quarter of 2025, the Company incurred merger-related costs of approximately $4.9 million related to the merger with Sandy Spring. Because the merger closed on April 1, 2025, the historical consolidated financial results of Sandy Spring are not included in the Company’s financial results for the quarter ended March 31, 2025.","length":342,"tagName":"p"},{"type":"text","content":" "It was an eventful first quarter for Atlantic Union," said John C. Asbury, president and chief executive officer of Atlantic Union. "We were pleased to close our acquisition of Sandy Spring on April 1st, a full quarter ahead of our original expectations due to our receipt of required regulatory approvals earlier than anticipated. The earlier close is expected to accelerate the achievement of our anticipated cost savings from the transaction. ","length":461,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" It was also a good start to the year as we experienced net interest margin expansion and average loan and customer deposit balance growth for the quarter. Asset quality also remained solid with negligible net charge offs. Over the quarter, however, the economic outlook became more uncertain, financial markets became more volatile, and governmental policies changed abruptly. Consequently, we took proactive steps to fortify our loan loss reserves in recognition of the increased uncertainty surrounding the macroeconomic environment. ","length":535,"tagName":"p"},{"type":"text","content":" Atlantic Union is a story of transformation from a Virginia community bank to the largest regional bank headquartered in the lower Mid-Atlantic with operations throughout Virginia, Maryland and a growing presence in North Carolina. Operating under the mantra of soundness, profitability, and growth – in that order of priority – Atlantic Union remains committed to generating sustainable, profitable growth, and building long-term value for our shareholders." ","length":464,"tagName":"p"},{"type":"text","content":" NET INTEREST INCOME ","length":19,"tagName":"p"},{"type":"text","content":"For the first quarter of 2025, net interest income was $184.2 million, an increase of $916,000 from $183.2 million in the fourth quarter of 2024. Net interest income - fully taxable equivalent ("FTE") (1) was $187.9 million in the first quarter of 2025, an increase of $882,000 from $187.0 million in the fourth quarter of 2024. The increases from the prior quarter in both net interest income and net interest income (FTE) (1) are due primarily to the impact of lower deposit costs, driven by the decrease in the federal funds rate, reflecting the full quarter impact of the Federal Reserve lowering rates three times between September and December in 2024, resulting in the current federal funds target rate range of 4.25% to 4.5%. The increases were partially offset by a decrease in interest income on loans held for investment ("LHFI") due to lower loan yields, primarily driven by the impact of the interest rate cuts on our variable rate loans, as well as the lower day count in the first quarter.","length":1022,"tagName":"p"},{"type":"text","content":"For the first quarter of 2025, both the Company’s net interest margin and the net interest margin (FTE) (1) increased 12 basis points to 3.38% and 3.45%, respectively, compared to the fourth quarter of 2024, due to lower cost of funds on interest bearing liabilities, partially offset by a decline in earning assets yields. Cost of funds decreased by 18 basis points to 2.23% for the first quarter of 2025, compared to the fourth quarter of 2024, reflecting lower borrowing and deposit costs. Earning asset yields for the first quarter of 2025 decreased 6 basis points to 5.68%, compared to the fourth quarter of 2024, primarily due to lower yields on loans, as a result of the decreases in the Federal Fund rates.","length":713,"tagName":"p"},{"type":"text","content":"The Company’s net interest margin (FTE) (1) includes the impact of acquisition accounting fair value adjustments. Net accretion income related to acquisition accounting was $12.6 million for the quarters ended March 31, 2025 and December 31, 2024. 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ASSET QUALITY ","length":13,"tagName":"p"},{"type":"text","content":" Overview ","length":8,"tagName":"p"},{"type":"text","content":"At March 31, 2025, nonperforming assets ("NPAs") as a percentage of total LHFI was 0.38%, an increase of 6 basis points from the prior quarter and included nonaccrual loans of $69.0 million. The increase in NPAs was primarily due to one new nonaccrual loan within the commercial and industrial portfolio of $9.4 million. Accruing past due loans as a percentage of total LHFI totaled 27 basis points at March 31, 2025, a decrease of 4 basis points from December 31, 2024, and a decrease of 5 basis points from March 31, 2024. Net charge-offs were 0.05% of total average LHFI (annualized) for the first quarter of 2025, an increase of 2 basis points compared to December 31, 2024, and a decrease of 8 basis points from March 31, 2024. The allowance for credit losses ("ACL") totaled $209.0 million at March 31, 2025, a $15.3 million increase from the prior quarter, primarily reflecting the impacts of the increased uncertainty in the economic outlook.","length":970,"tagName":"p"},{"type":"text","content":" Nonperforming Assets ","length":20,"tagName":"p"},{"type":"text","content":"At March 31, 2025, NPAs totaled $69.4 million, compared to $58.4 million in the prior quarter. The following table shows a summary of NPA balances at the quarters ended (dollars in thousands):","length":192,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:45%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:1%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"3","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;text-align:center;list-style-position:inside;","val":[{"type":"text","content":" March 31, 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The decrease in past due loan levels at March 31, 2025 from December 31, 2024 was primarily within the commercial and industrial, commercial real estate non-owner occupied, and residential 1-4 family – consumer portfolios. Of the total past due loans still accruing interest, $6.8 million or 0.04% of total LHFI were past due 90 days or more at March 31, 2025, compared to $14.1 million or 0.08% of total LHFI at December 31, 2024, and $11.4 million or 0.07% of total LHFI at March 31, 2024.","length":726,"tagName":"p"},{"type":"text","content":" Allowance for Credit Losses ","length":27,"tagName":"p"},{"type":"text","content":"At March 31, 2025, the ACL was $209.0 million and included an allowance for loan and lease losses ("ALLL") of $193.8 million and a reserve for unfunded commitments ("RUC") of $15.2 million. The ACL at March 31, 2025 increased $15.3 million from December 31, 2024, primarily reflecting the impacts of the increased uncertainty in the economic outlook. The RUC at March 31, 2025 increased $208,000 from December 31, 2024.","length":439,"tagName":"p"},{"type":"text","content":"The ACL as a percentage of total LHFI was 1.13% at March 31, 2025, compared to 1.05% at December 31, 2024. The ALLL as a percentage of total LHFI was 1.05% at March 31, 2025, compared to 0.97% at December 31, 2024.","length":214,"tagName":"p"},{"type":"text","content":" Net Charge-offs ","length":15,"tagName":"p"},{"type":"text","content":"Net charge-offs were $2.3 million or 0.05% of total average LHFI on an annualized basis for the first quarter of 2025, compared to $1.4 million or 0.03% (annualized) for the fourth quarter of 2024, and $4.9 million or 0.13% (annualized) for the first quarter of 2024.","length":267,"tagName":"p"},{"type":"text","content":" Provision for Credit Losses ","length":27,"tagName":"p"},{"type":"text","content":"For the first quarter of 2025, the Company recorded a provision for credit losses of $17.6 million, compared to $17.5 million in the prior quarter, and $8.2 million in the first quarter of 2024.","length":194,"tagName":"p"},{"type":"text","content":" NONINTEREST INCOME ","length":18,"tagName":"p"},{"type":"text","content":"Noninterest income decreased $6.0 million to $29.2 million for the first quarter of 2025 from $35.2 million in the prior quarter, primarily driven by a $2.7 million decrease in loan-related interest rate swap fees due to seasonally lower transaction volumes, and a $2.5 million decrease in other operating income primarily due to a decline in equity method investment income and lower gains on the sale of lease equipment.","length":422,"tagName":"p"},{"type":"text","content":" NONINTEREST EXPENSE ","length":19,"tagName":"p"},{"type":"text","content":"Noninterest expense increased $4.5 million to $134.2 million for the first quarter of 2025 from $129.7 million in the prior quarter, primarily driven by a $4.1 million increase in salaries and benefits expense due primarily to seasonal increases of $4.7 million in payroll taxes and 401(k) contribution expenses in the first quarter, a $1.3 million increase in other expenses primarily driven by OREO-related gains recognized in the prior quarter, a $1.0 million increase in franchise and other taxes, a $805,000 increase in technology and data processing expense primarily driven by expense related to an upgrade to the consumer online banking system in the first quarter, and a $616,000 increase in occupancy expenses primarily driven by seasonal winter weather-related expenses. These increases were partially offset by a $2.1 million decrease in merger-related costs and a $666,000 decrease in professional services fees.","length":925,"tagName":"p"},{"type":"text","content":" INCOME TAXES ","length":12,"tagName":"p"},{"type":"text","content":"The Company’s effective tax rate for both quarters ended March 31, 2025 and December 31, 2024 was 19.0%.","length":104,"tagName":"p"},{"type":"text","content":" BALANCE SHEET ","length":13,"tagName":"p"},{"type":"text","content":"At March 31, 2025, total assets were $24.6 billion, an increase of $47.3 million or approximately 0.8% (annualized) from December 31, 2024, and an increase of $3.3 billion or approximately 15.2% from March 31, 2024. Total assets were relatively consistent with the prior quarter, and increased from the prior year primarily due to the American National Bankshares Inc. ("American National") acquisition.","length":413,"tagName":"p"},{"type":"text","content":"At March 31, 2025, LHFI totaled $18.4 billion, a decrease of $42.9 million or 0.9% (annualized) from December 31, 2024, and an increase of $2.6 billion or 16.3% from March 31, 2024. Quarterly average LHFI totaled $18.4 billion at March 31, 2025, an increase of $61.1 million or 1.3% (annualized) from the prior quarter, and an increase of $2.7 billion or 17.1% from March 31, 2024. LHFI decreased from the prior quarter primarily due to declines in the construction and land development and commercial and industrial loan portfolios, partially offset by increases in the multifamily real estate and non-owner occupied commercial real estate loan portfolios. The increase from the prior year was primarily due to the American National acquisition.","length":746,"tagName":"p"},{"type":"text","content":"At March 31, 2025, total investments were $3.4 billion, an increase of $56.2 million or 6.8% (annualized) from December 31, 2024, and an increase of $263.8 million or 8.4% from March 31, 2024. The increase compared to the prior quarter was primarily due to purchases of mortgage-backed securities and an increase in market value of the Company’s existing available-for-sale ("AFS") securities portfolio. The increase compared to the prior year was primarily due to the American National acquisition. AFS securities totaled $2.5 billion at March 31, 2025, $2.4 billion at December 31, 2024, and $2.2 billion at March 31, 2024. Total net unrealized losses on the AFS securities portfolio were $382.0 million at March 31, 2025, compared to $402.6 million at December 31, 2024, and $410.9 million at March 31, 2024. Held to maturity securities are carried at cost and totaled $821.1 million at March 31, 2025, $803.9 million at December 31, 2024, and $828.9 million at March 31, 2024 and had net unrealized losses of $48.6 million at March 31, 2025, $44.5 million at December 31, 2024, and $37.6 million at March 31, 2024.","length":1128,"tagName":"p"},{"type":"text","content":"At March 31, 2025, total deposits were $20.5 billion, an increase of $105.3 million or 2.1% (annualized) from the prior quarter. Average deposits at March 31, 2025 decreased $291.4 million or 5.7% (annualized) from the prior quarter. Total deposits at March 31, 2025 increased $3.2 billion or 18.7% from March 31, 2024 and average deposits at March 31, 2025 increased $3.3 billion or 19.4% from March 31, 2024. The increase in deposit balances from the prior quarter was primarily due to an increase in demand deposits of $194.1 million, partially offset by a decrease in brokered deposits. The increase from the prior year was primarily due to the American National acquisition.","length":679,"tagName":"p"},{"type":"text","content":"At March 31, 2025, total borrowings were $475.7 million, a decrease of $58.9 million from December 31, 2024, and a decrease of $582.0 million from March 31, 2024. At March 31, 2025 average borrowings were $525.9 million, a decrease of $17.2 million from December 31, 2024, and a decrease of $486.9 million from March 31, 2024. The decreases in average borrowings from the prior quarter and the prior year were primarily due to repayment of short-term Federal Home Loan Bank advances using funds from customer deposit growth.","length":524,"tagName":"p"},{"type":"text","content":"The following table shows the Company’s capital ratios at the quarters 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