Atlantic Union Bankshares Corporation reported significant financial growth in its first quarter of 2026, with net income available to common shareholders reaching $119.2 million, a substantial increase from $46.9 million in the same period of 2025. This translates to earnings per share of $0.84, compared to $0.53 a year earlier. The company's total assets decreased to $37.3 billion from $37.6 billion at the end of 2025, primarily due to declines in cash and securities, while loans held for investment (LHFI) rose to $27.9 billion, reflecting a $150.3 million increase driven by growth in the commercial and industrial portfolio.

The financial results were bolstered by the acquisition of Sandy Spring Bancorp, which was finalized on April 1, 2025. The acquisition added over 50 branches and significantly expanded Atlantic Union's footprint in Virginia, Maryland, and Washington, D.C. Goodwill associated with this acquisition was finalized at $540.8 million as of March 31, 2026. The merger contributed to a notable increase in noninterest income, which surged by 87.9% to $54.8 million, largely due to higher fiduciary and asset management fees, as well as increased service charges on deposit accounts.

Operationally, Atlantic Union Bankshares reported a total of 30.4 billion in deposits, a slight decrease of $80.4 million from the previous quarter, primarily due to a decline in brokered deposits. However, interest-bearing customer deposits increased, indicating a shift in funding strategy. The bank's total borrowings also decreased significantly by 52.2% to $1.3 billion, reflecting a repayment of higher short-term borrowings using customer deposits.

Looking ahead, the company remains focused on managing its interest rate risk and maintaining liquidity amid ongoing economic uncertainties. The Federal Reserve's recent decisions on interest rates and the potential impacts of inflation and recessionary conditions are being closely monitored. Atlantic Union Bankshares continues to emphasize its commitment to sound lending practices and maintaining a diversified loan portfolio, particularly in the commercial real estate sector, which remains a significant area of focus given its associated risks. The bank's capital ratios remain strong, exceeding regulatory requirements, and it plans to continue its strategic growth initiatives while managing operational costs effectively.

About Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corporation is a Virginia-based financial holding company providing comprehensive banking and financial services through its subsidiary, Atlantic Union Bank. It serves commercial and retail clients primarily in Virginia, Maryland, and North Carolina, offering deposit products, commercial and residential loans, mortgage banking, equipment financing, wealth management, and insurance. The company operates through Wholesale and Consumer Banking segments, leveraging a community-focused, digitally enabled business model to deliver personalized financial solutions.

This description was generated via AI from an annual report. Updated 9 months ago.

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