The following is a summary of the Atlantic Union Bankshares Corporation (AUB) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Atlantic Union reported a Q2 net income of $22.2 million, with earnings per share of $0.25.

• Adjusted operating earnings were $56.4 million or $0.63 per share.

• Net interest margin saw an increase to 3.46%, driven by acquisition-related income and organic growth.

• Net charge-offs decreased to 4 basis points annualized from 13 basis points in the previous quarter.

Business Progress:

• Completed merger with American National Bankshares, enhancing market presence and product offerings.

• Integration of systems and operations post-merger is progressing, with the financial benefits beginning to materialize.

• Expanding commercial banking in North Carolina, with new hires and increased activity in Wilmington and Raleigh.

• Expectation of mid-single-digit annualized loan growth for the second half of 2024.

Opportunities:

• Targeting growth in commercial and industrial sectors across new and existing markets in North Carolina, leveraging the merger with American National.

• Positive economic indicators in primary markets (Virginia and North Carolina) suggest favorable conditions for business expansion.

Risks:

• Continued challenges in the banking environment

• Potential fluctuations in net interest margin due to interest rate changes and economic conditions

More details: Atlantic Union Bankshares IR

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