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Atlantic Union Bankshares reports higher Q3 net income, net interest income YOY

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Atlantic Union Bankshares reports higher Q3 net income, net interest income YOY

Atlantic Union Bankshares Corp. reported third-quarter net income of $53.2 million, or 65 cents per share, compared with $38.2 million, or 58 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 67 cents.

On a fully taxable-equivalent basis, net interest margin for the third quarter was 3.64%, a decrease from 3.78% in the previous quarter and 3.76% in the prior-year period. On a fully taxable-equivalent basis, net interest income for the quarter was $139.4 million, an increase from $108.0 million in the prior-year period.

Noninterest income for the most recent quarter was $48.1 million, an increase from $19.9 million a year ago.

Provision for loan losses in the quarter increased on a year-over-year basis to $9.1 million from $3.1 million.

Total loans held for investment at the end of the third quarter stood at $12.31 billion, compared with $12.22 billion in the previous quarter and $9.41 billion at the end of the year-ago quarter.

Total deposits at the end of the quarter were $13.04 billion, compared with $12.52 billion in the previous quarter and $9.83 billion in the year-ago period.