Atlantic Union Bankshares' reports $73M net income in Q3

Atlantic Union Bankshares Corporation (NYSE:AUB) has announced its financial performance for the third quarter of 2024, reporting a net income of $73.4 million available to common shareholders.

This translates to earnings per share (EPS) of $0.82, reflecting the company's consistent growth and profitability.

The bank's net interest income for the quarter was $182.9 million, a slight decline of $1.6 million from the previous quarter.

This decrease was primarily driven by the rising cost of interest-bearing liabilities.

However, the company offset part of this financial pressure with significant growth in average loans held for investment, which increased by $165.4 million.

As of September 30, 2024, Atlantic Union Bankshares' total assets reached $24.8 billion, marking a $42.3 million or 0.7% (annualized) increase from the previous quarter.

The bank also saw a year-over-year asset growth of $4.1 billion, representing an impressive 19.6% increase from September 30, 2023.