Atlantic Union (AUB) Reports Q3 Earnings with Loan Growth but Narrowing Net Interest Margin
Atlantic Union Bankshares Corporation (AUB) posted a net income of $133.7 million for the third quarter, or $0.94 per diluted share, up from $89.2 million in the same period last year. Adjusted operating earnings were slightly higher at $135.6 million ($0.96 per diluted share), excluding a debt extinguishment loss. The bank reported 8.6% annualized loan growth to $29.3 billion, driven by commercial and construction lending. However, the net interest margin (FTE) declined to 3.88%, down six basis points from Q2 due to higher funding costs and customer shifts toward interest-bearing products. Total deposits rose to $31.0 billion with a 6.5% annualized increase. Management also noted a slight decline in common equity Tier 1 capital ratio (to 10.39%) and tangible book value per share ($20.36), attributed to unrealized losses. Looking ahead, AUB revised its full-year net interest margin guidance downward to between 3.90% and 3.95%, assuming a potential December rate hike by the Federal Reserve.
Tickers: $AUB
Topics: capital_ratio deposits financial_results loans net_income
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Part of the story Atlantic Union Reports Strong Loan Growth and Strategic Expansion (2 articles)