Atlantic Union Bankshares reports Q1 adjusted EPS 65c, consensus 72c

Reports Q1 adjusted revenue $177.1M, consensus $181.92M. Recorded a provision for credit losses of $8.2M vs. $8.7M in the prior quarter and $11.9M in 1Q23. Tangible book value per common share was $19.27 from $19.39 at previous quarter end. “Atlantic Union delivered good operating metrics in Q1 as the industry saw continued pressure from the higher for longer interest rate environment and economic uncertainty,” said CEO John C. Asbury. “Our markets remain healthy, and we grew loans at an annualized mid-single digit rate and more than funded them with growth in customer deposits. Credit metrics remained stable, and operating expenses were well managed in line with our 2024 financial plan…I want to welcome our new shareholders, customers and Teammates from the American National Bankshares merger which closed on April 1, 2024. We look forward to a successful integration of American National into Atlantic Union and believe that this combination will be a catalyst for future growth and differentiated financial performance.”