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Atlantic Union Bankshares Corporation Announces Agreement to Acquire American National Bankshares Inc.

  • RICHMOND, Va. & DANVILLE, Va.--(BUSINESS WIRE)--Atlantic Union Bankshares Corporation (“Atlantic Union”) (NYSE: AUB) and American National Bankshares Inc. (“American National”) (Nasdaq: AMNB) jointly announced today that they have entered into a definitive merger agreement for Atlantic Union to acquire American National in an all-stock transaction. Combining the two organizations will strengthen Atlantic Union, the largest regional bank headquartered in Virginia, by deepening its presence in Southwest and Southside Virginia.
    07/25/2023

Dividend Champions For September 2020

  • Monthly update of the Dividend Champions List. 34 companies declared higher dividends in the past month, with an average increase of 8.4% over their previous payouts.
    09/02/2020
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The price of Atlantic Union Bankshares Corporation (AUBAP) is 25.27 and it was updated on 2025-03-14 07:02:01.

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Dividend Challenger Highlights: Week Of August 16

  • A weekly summary of dividend activity for Dividend Challengers. Companies which changed their dividends.
    Sat, Aug. 15, 2020

LIM Advisors Statement on Revised Tender Offer for NichiiGakkan

  • LIM Advisors Limited ("LIM Advisors"), which represents investment funds that collectively own shares of NichiiGakkan Co., Ltd. ("NichiiGakkan" or the "Company") (TSE:9792), notes the increase in the tender offer price for all the common stock of NichiiGakkan by K.K. BCJ-44 (the "Tender Offeror") to ¥1,670 per share, which was announced on Friday 31 July 2020. While an improvement in offer terms, LIM Advisors believes the revised tender offer price continues to be substantially below fair value of approximately ¥2,400 per share. Therefore, LIM Advisors will not be tendering its shares into the revised offer.
    Sun, Aug. 02, 2020
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Bain Capital raises offer price for Japan's Nichiigakkan

  • 07/31/2020

Earnings Beat: Atlantic Union Bankshares Corporation Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

  • Atlantic Union Bankshares Corporation (NASDAQ:AUB) just released its second-quarter report and things are looking...
  • 07/26/2020

Atlantic Union Bankshares Corporation Declares Quarterly Common Stock Dividend and Preferred Stock Dividend

  • RICHMOND, Va., July 24, 2020 (GLOBE NEWSWIRE) -- The Board of Directors (the “Board”) of Atlantic Union Bankshares Corporation (the “Company”) has declared a quarterly dividend of $0.25 per share of common stock.  The common stock dividend amount is the same as that paid in the prior quarter and the third quarter of 2019. Based on the Company’s common stock closing price of $23.79 on July 23, 2020, the dividend yield is approximately 4.2%.  The common stock dividend is payable on August 21, 2020 to common shareholders of record as of August 7, 2020.The Board also declared a quarterly dividend on the outstanding shares of its 6.875% Perpetual Non-Cumulative Preferred Stock, Series A (the “Series A preferred stock”). The Series A preferred stock is represented by depositary shares, each representing a 1/400th ownership interest in a share of Series A preferred stock.  The dividend of $156.60 per share (equivalent to $0.39 per outstanding depositary share) is payable on September 1, 2020 to holders of record as of August 14, 2020.About Atlantic Union Bankshares Corporation Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (Nasdaq: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has 149 branches and approximately 170 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Middleburg Financial is a brand name used by Atlantic Union Bank and certain affiliates when providing trust, wealth management, private banking, and investment advisory products and services. Certain non-bank affiliates of Atlantic Union Bank include: Old Dominion Capital Management, Inc., and its subsidiary, Outfitter Advisors, Ltd., Dixon, Hubard, Feinour, & Brown, Inc., and Middleburg Investment Services, LLC, which provide investment advisory and/or brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.Contact: Bill Cimino, Senior Vice President and Director of Investor Relations 804.448.0937
  • 07/24/2020

Atlantic Union Bankshares Corp (AUB) CEO John Asbury on Q2 2020 Results - Earnings Call Transcript

  • Atlantic Union Bankshares Corp (NASDAQ:AUB) Q2 2020 Earnings Conference Call July 23, 2020, 09:00 ET Company Participants William Cimino - SVP, IR John Asbury - President, CEO & Director Robert Gorman - EVP & CFO Douglas Woolley - Chief Credit Officer & SVP Maria Tedesco - President Conference Call Participants Eugene Koysman - Barclays Bank Catherine Mealor - KBW Broderick Preston - Stephens Inc.
  • 07/23/2020

Atlantic Union Bankshares Reports Second Quarter Results

  • RICHMOND, Va., July 23, 2020 (GLOBE NEWSWIRE) -- Atlantic Union Bankshares Corporation (the “Company” or “Atlantic Union”) (Nasdaq: AUB) today reported net income of $30.7 million and diluted earnings per share of $0.39 for its second quarter ended June 30, 2020.  Pre-tax pre-provision earnings(1) were $70.4 million, or $0.89 per share(1), in the second quarter ended June 30, 2020. Net income was $37.8 million and earnings per share were $0.48 for the six months ended June 30, 2020.  Pre-tax pre-provision earnings(1) were $138.7 million, or $1.76 per share(1), in the six months ended June 30, 2020.“During the second quarter Atlantic Union demonstrated resilience, agility and innovation along with its willingness to make the tough decisions required to successfully navigate through the challenges of COVID-19,” said John C. Asbury, President and Chief Executive Officer of Atlantic Union. “We have remained focused on helping our customers and our communities weather the storm as exemplified by our team’s ability to process more than 11,000 loans which provided approximately $1.7 billion to businesses through the Small Business Administration’s Paycheck Protection Program during the second quarter. “Operating under the mantra of soundness, profitability and growth – in that order of priority – we believe that Atlantic Union continues to be in a strong financial position with ample liquidity and a well-fortified capital base further enhanced by the issuance of preferred stock during the quarter.  We also took action to better align our expense run rate to the revenue reality of the much lower for longer than expected interest rate environment.  This includes the consolidation of 14 branches, or nearly 10% of our branch network, that is expected to close in September.”Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”)During the second quarter of 2020, the Company continued to participate in the SBA PPP under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which was intended to provide economic relief to small businesses that have been adversely impacted by the COVID-19 global pandemic (“COVID-19”).  The Company processed over 11,000 loans, which totaled $1.7 billion with a recorded investment of $1.6 billion as of June 30, 2020. The loans carry a 1% interest rate and the Company recorded net PPP loan origination fees of approximately $50.2 million which are being amortized over a 24-month period.Expense Reduction Measures and Balance Sheet RepositioningDuring the second quarter of 2020, the Company undertook several actions, including a planned consolidation of 14 branches expected to occur in September, to reduce expenses in light of the current and expected operating environment. These actions resulted in expenses during the second quarter of $1.8 million of severance costs and also $1.6 million related to the real estate write-downs. In response to the current rate environment, the Company prepaid a Federal Home Loan Bank (“FHLB”) advance, which resulted in a prepayment penalty of approximately $10.3 million, and sold several securities, which resulted in a gain of approximately $10.3 million.On June 9, 2020, the Company issued and sold 6,900,000 depositary shares, each representing a 1/400th ownership interest in a share of the Company’s 6.875% Perpetual Non-Cumulative Preferred Stock, Series A (“Series A Preferred Stock”), par value $10.00 per share of Series A Preferred Stock, with a liquidation preference of $10,000 per share of Series A Preferred Stock. The net proceeds received from the issuance of the Series A Preferred Stock were approximately $166.4 million, after deducting the underwriting discount and other offering expenses payable by the Company.* * *(1) These are financial measures not calculated in accordance with generally accepted accounting principles (“GAAP”). For a reconciliation of these non-GAAP financial measures, see Alternative Performance Measures (non-GAAP) section of the Key Financial Results.NET INTEREST INCOMEFor the second quarter of 2020, net interest income was $137.3 million, an increase from $135.0 million reported in the first quarter of 2020. Net interest income (FTE)(1) was $140.1 million in the second quarter of 2020, an increase of $2.3 million from the first quarter of 2020. The second quarter net interest margin decreased 26 basis points to 3.23% from 3.49% in the previous quarter, while the net interest margin (FTE)(1)  decreased 27 basis points to 3.29% from 3.56% during the same period. The decreases in the net interest margin and net interest margin (FTE) were principally due to a 60 basis point decrease in the yield on earning assets (FTE)(1) offset by a 33 basis point decrease in cost of funds. The decline in the Company’s earning asset yields was driven by the impact of the lower yielding PPP loans originated during the second quarter and the full quarter impact of the lower interest rate environment. The cost of funds decline was driven by lower deposit costs and wholesale borrowing costs driven by lower market interest rates and a favorable funding mix.The Company’s net interest margin (FTE) includes the impact of acquisition accounting fair value adjustments. During the second quarter of 2020, net accretion related to acquisition accounting decreased $3.1 million from the prior quarter to $6.3 million for the quarter ended June 30, 2020. The first and second quarters of 2020, and the remaining estimated net accretion impact are reflected in the following table (dollars in thousands):                   Deposit          Loan Accretion Borrowings      Accretion (Amortization) Amortization Total For the quarter ended March 31, 2020 $ 9,528 $ 50  $ (138) $ 9,440 For the quarter ended June 30, 2020   6,443   34    (140)   6,337 For the remaining six months of 2020 (estimated)   5,400   49    (355)   5,094 For the years ending (estimated):             2021   9,405   14    (807)   8,612 2022   7,569   (43)   (829)   6,697 2023   5,415   (32)   (852)   4,531 2024   4,406   (4)   (877)   3,525 2025   3,322   (1)   (900)   2,421 Thereafter   14,931   —    (9,873)   5,058 * * *(1) These are financial measures not calculated in accordance with GAAP. For a reconciliation of these non-GAAP financial measures, see Alternative Performance Measures (non-GAAP) section of the Key Financial Results.ASSET QUALITYOverview During the second quarter of 2020, the Company experienced decreases in nonperforming assets (“NPAs”) primarily due to nonaccrual loan customer payments. Past due loan levels as a percentage of total loans held for investment at June 30, 2020 were down from past due loan levels at March 31, 2020 and June 30, 2019.  Net charge-off levels and the provision for loan losses decreased from the first quarter of 2020.Loan Modifications for Borrowers Affected by COVID-19 On March 22, 2020, the five federal bank regulatory agencies and the Conference of State Bank Supervisors issued joint guidance (subsequently revised on April 7, 2020) with respect to loan modifications for borrowers affected by COVID-19 (the “March 22 Joint Guidance”). The March 22 Joint Guidance encourages banks, savings associations, and credit unions to make loan modifications for borrowers affected by COVID-19 and, importantly, assures those financial institutions that they will not (i) receive supervisory criticism for such prudent loan modifications and (ii) be required by examiners to automatically categorize COVID-19-related loan modifications as TDRs. The federal banking regulators have confirmed with the Financial Accounting Standards Board (or FASB) that short-term loan modifications made on a good faith basis in response to COVID-19 to borrowers who were current (i.e., less than 30 days past due on contractual payments) prior to any loan modification are not TDRs.In addition, Section 4013 of the CARES Act provides banks, savings associations, and credit unions with the ability to make loan modifications related to COVID-19 without categorizing the loan as a TDR or conducting the analysis to make the determination, which is intended to streamline the loan modification process. Any such suspension is effective for the term of the loan modification; however, the suspension is only permitted for loan modifications made during the effective period of Section 4013 and only for those loans that were not more than thirty days past due as of December 31, 2019.The Company has made certain loan modifications pursuant to the March 22 Joint Guidance or Section 4013 of the CARES Act and as of June 30, 2020 approximately $1.6 billion remain under their modified terms.Nonperforming Assets At June 30, 2020, NPAs totaled $44.0 million, a decrease of $4.4 million from March 31, 2020. NPAs as a percentage of total outstanding loans at June 30, 2020 were 0.31%, a decrease of 7 basis points from 0.38% at March 31, 2020. Excluding the impact of the PPP loans(1), NPAs as a percentage of total outstanding loans were 0.35%, a decrease of 3 basis points from March 31, 2020. The Company’s adoption of current expected credit loss (“CECL”) on January 1, 2020 resulted in a change in the accounting and reporting related to purchased credit impaired (“PCI”) loans, which are now defined as purchased credit deteriorated (“PCD”) and evaluated at the loan level instead of being evaluated in pools under PCI accounting.  All prior period nonaccrual and past due loan metrics discussed herein have not been restated for CECL accounting and exclude PCI-related loan balances.* * *(1) These are financial measures not calculated in accordance with GAAP. For a reconciliation of these non-GAAP financial measures, see Alternative Performance Measures (non-GAAP) section of the Key Financial Results.
  • 07/23/2020

Atlantic Union Bankshares Corporation 2020 Q2 - Results - Earnings Call Presentation

  • The following slide deck was published by Atlantic Union Bankshares Corporation in conjunction with their 2020 Q2 earnings call.
  • 07/23/2020

How Much Did Atlantic Union Bankshares' (NASDAQ:AUB) CEO Pocket Last Year?

  • John Asbury has been the CEO of Atlantic Union Bankshares Corporation (NASDAQ:AUB) since 2017, and this article will...
  • 07/14/2020

Is Atlantic Union Bankshares Corporation (AUB) A Good Stock To Buy?

  • How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]
  • 07/09/2020

New Preferred Stock IPOs - June 2020

  • Thirteen new preferred stocks were introduced during June, offering an average annual coupon of 6.8 percent. There are currently 126 high quality preferred stoc
  • 07/02/2020

Bain Capital says extends Japan's Nichiigakkan tender offer deadline to July 9

  • 06/22/2020

Lim Advisors presses Nichiigakkan for extension in Bain Capital offer -letter

  • Investment fund Lim Advisors is pressing management of Nichiigakkan Co to extend the deadline of a tender offer from Bain Capital, according to a letter sent to management of the Japanese nursing home operator. Hong-Kong based Lim is also asking Nichiigakkan to publicly discuss the process of the tender offer and demanding that the Japanese company's special committee, set up to gauge the fairness of the transaction, should hire its own financial and legal advisor, the letter showed. Bain, the U.S. buyout fund, is trying to buy out the company in a public tender offer scheduled to expire on June 22.
  • 06/16/2020
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