Atlantic Union Bankshares reports Q4 adjusted EPS 78c, consensus 75c

Reports Q4 adjusted revenue $185.33M, consensus $179.29M. Q4 loan loss provision was $8.7M vs. $6.3M a year ago. Q4 net charge-offs were $1.2M or 0.03% of total average LHFI on an annualized basis for 4Q23, compared to $294K 000 or 0.01% annualized for 3Q23, and $810K or 0.02% annualized for 4Q22. Tangible book value per common share was $19.39 vs. $17.12 at end of previous quarter. “Looking back at 2023, it was a successful year for Atlantic Union, as we made good progress against our strategic plan, successfully responded to challenges within the banking industry, and delivered strong operating results,” said CEO John Asbury. “We undertook important actions that we believe will better position Atlantic Union for the future and preserve positive operating leverage, including a meaningful reduction to our structural expense base, our pending acquisition of American National Bank in Danville, Virginia, and balance sheet restructuring…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.”