Financial Data and Key Metrics Changes - Reported net income available to common shareholders was $44.8 million, down approximately $26.8 million from the third quarter, with earnings per common share at $0.59 [21] - Non-GAAP adjusted operating earnings available to common shareholders were $53.8 million, down approximately $17.8 million from the third quarter, with adjusted operating earnings per common share at $0.71 [21] - The reported return on equity for the fourth quarter was 6.98%, while the non-GAAP adjusted operating return on tangible common equity was 14.25% [21] - Total allowance for credit losses was $107.8 million, down approximately $1.5 million from the previous quarter [22] Business Line Data and Key Metrics Changes - Fourth quarter loan production was the best since the pandemic started, with 11.7% annualized loan growth during the quarter, excluding PPP [9][10] - Commercial loan balances increased by $345 million or 12.8% linked quarter annualized, while consumer loan balances grew $27 million or 5.4% annualized [31] - Non-interest income increased by $6.5 million to $36.4 million, primarily driven by a gain on the sale of Visa Class B stock [28] Market Data and Key Metrics Changes - Virginia's unemployment rate improved to 3.4% in November, down from 3.8% in September, better than the national average of 4.2% [12] - The company expects upper single-digit loan growth for 2022, supported by solid pipelines and competitive positioning [11] Company Strategy and Development Direction - The company aims to diversify income streams, focusing on both net interest income and non-interest income, with initiatives in foreign exchange solutions and specialty finance operations [16] - The strategic focus includes leveraging financial technology and fintech partnerships to generate new sources of income [17] - The company plans to close 16 branches, which will reduce its retail branch network by approximately 12% [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic outlook, citing a benign credit environment and expected Federal Reserve rate hikes in 2022 [7][8] - The company is confident in maintaining differentiated financial performance and achieving top-tier financial targets for 2022 [14][34] Other Important Information - The company raised tier two regulatory capital by issuing $250 million of subordinated notes [33] - A share repurchase program was authorized to purchase up to $100 million of the company's common stock [33] Q&A Session Summary Question: Loan growth towards the end of the quarter - Management noted strong loan growth with average yields on new commercial loans around 3% [39] Question: Rate hikes and deposit betas - Management expects three rate hikes from the Fed in 2022, with deposit costs not expected to rise significantly until later in the year [41] Question: Core NII growth guidance - Management revised the core NII growth guidance to 7.5% to 8% for the year, primarily due to higher rates and putting excess liquidity to work [50] Question: Service charges and overdraft policies - Management acknowledged seasonal increases in service charges and indicated ongoing adjustments to overdraft policies to remain consumer-friendly [56][57]

Atlantic Union Bankshares Corporation (NYSE:AUB) Q3 2021 Earnings Conference Call October 25, 2021 9:00 AM ET Company Participants John Asbury - President, Chief Executive Officer Maria Tedesco - President, Atlantic Union Bank Robert Gorman - Executive Vice President, Chief Financial Officer David Ring - Head of Commercial Banking Shawn O’Brien - Head of Consumer Banking Bill Cimino - Senior Vice President, Investor Relations Conference Call Participants Casey Whitman - Piper Sandler Catherine Mealor - KBW ...

Financial Performance - Net income available to common shareholders for Q3 2021 was $716 million, a decrease of $108 million from the prior quarter[20] - Common EPS, diluted, decreased to $094 in Q3 2021 from $105 in Q2 2021[19] - The Return on Tangible Common Equity (ROTCE) was 1879% for Q3 2021, compared to 2144% for Q2 2021[19] - The efficiency ratio increased to 5695% in Q3 2021 from 5442% in Q2 2021[19] - Net interest margin decreased to 305% in Q3 2021 from 315% in Q2 2021[19] Balance Sheet - Total assets were $199 billion as of September 30, 2021[8] - Loans totaled $131 billion as of September 30, 2021[8] - Deposits totaled $166 billion as of September 30, 2021[8] - Loans held for investment totaled $131 billion, a decrease of $558 million from the prior quarter, driven by approximately $3918 million of PPP loans that were forgiven and declines in commercial loan balances ex PPP of $165 million[31] - Total deposits decreased by $371 million, or approximately 09% annualized[31] Capital Management - The company repurchased 23 million shares for $827 million during the quarter[36] - The company paid dividends of $028 per common share, up 12% from the prior year[36]

Atlantic Union Bankshares Corporation (NYSE:AUB) Q2 2021 Earnings Conference Call July 22, 2021 9:00 AM ET Company Participants Bill Cimino - SVP of IR John Asbury - President and CEO Rob Gorman - Executive Vice President, CFO David Ring - Executive VP & Wholesale Banking Group Executive Maria Tedesco - President Conference Call Participants Brody Preston - Stephens Inc Eugene Koysman - Barclays Casey Whitman - Piper Sandler Laurie Hunsicker - Compass Point Catherine Mealor - KBW Operator Ladies and gentle ...

Interest Rate Sensitivity - As of March 31, 2021, the Company reported a net interest income sensitivity increase of 14.71% with a +300 basis points change in yield curve compared to 11.05% in the previous year[324]. - The Company’s economic value of equity showed a change of +5.79% with a +300 basis points change in yield curve as of March 31, 2021, compared to -2.88% in the previous year[327]. - The Company is more asset sensitive as of March 31, 2021, indicating that net interest income would increase with an immediate rise in market rates[325]. - The Company’s earnings simulation model estimates net interest income sensitivity to interest rate changes, with a projected increase of 4.76% for a +100 basis points change in rates[324]. - The Company’s overall interest sensitivity risk is governed by policies based on expectations of future interest rate movements and economic conditions[320]. - The Company’s economic value simulation uses discounted cash flow analysis to assess the fair value of assets and liabilities under different interest rate environments[326]. Internal Controls and Management - The Company’s management evaluated the effectiveness of disclosure controls and procedures as of March 31, 2021, concluding they were effective at the reasonable assurance level[329]. - There have been no changes in internal control over financial reporting that materially affected the Company during the quarter ended March 31, 2021[331]. Legal Proceedings - The Company believes that ongoing legal proceedings will not have a material adverse effect on its financial condition or results of operations[333].