Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-39325 ATLANTIC UNION BANKSHARES CORPORATION (Exact name of registrant as specified in its charter) Virginia (State or other jurisdiction of incorporation or organ ...

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures ...

RICHMOND, Va.--(BUSINESS WIRE)--The Board of Directors (the “Board”) of Atlantic Union Bankshares Corporation (the “Company”) has declared a quarterly dividend of $0.32 per share of common stock, which is the same as the fourth quarter of 2023 and an approximately 7% increase from the dividend in the first quarter of 2023. Based on the Company’s common stock closing price of $35.22 on January 25, 2024, the dividend yield is approximately 3.6%. The common stock dividend is payable on February 23, 2024 to com ...

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yie ...

Atlantic Union Bankshares Corporation (NYSE:AUB) Q4 2023 Earnings Conference Call January 23, 2024 9:00 AM ET Company Participants Bill Cimino - Senior Vice President of Investor Relations John Asbury - President and Chief Executive Officer Robert Gorman - Executive Vice President and Chief Financial Officer David Ring - Executive Vice President and Wholesale Banking Group Executive Douglas Woolley - Executive Vice President and Chief Credit Officer Conference Call Participants Casey Whitman - Piper Sandler ...

Atlantic Union (AUB) reported $187.22 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 2.7%. EPS of $0.78 for the same period compares to $0.90 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $179.72 million, representing a surprise of +4.17%. The company delivered an EPS surprise of +4.00%, with the consensus EPS estimate being $0.75.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

Atlantic Union (AUB) came out with quarterly earnings of $0.78 per share, beating the Zacks Consensus Estimate of $0.75 per share. This compares to earnings of $0.90 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4%. A quarter ago, it was expected that this holding company for Atlantic Union Bank would post earnings of $0.76 per share when it actually produced earnings of $0.80, delivering a surprise of 5.26%.Over the last fo ...

Kirkikis Earnings of Atlantic Union Bankshares Corporation (NYSE:AUB) will likely increase in 2024 on the back of loan growth. The upcoming acquisition of American National and organic means will likely drive loan growth. On the other hand, pressure on the margin will limit earnings growth. Overall, I'm expecting the company to report earnings of $2.50 per share for 2023 and $3.02 per share for 2024. The year-end target price suggests a small upside from the current market price. Based on the total expected ...

Financial Performance - The Company reported a significant change in its financial condition and results of operations, which should be evaluated in conjunction with its consolidated financial statements and prior reports[194]. - Net income available to common shareholders for Q3 2023 was $51.1 million, with basic and diluted EPS of $0.68, compared to $55.1 million and $0.74 for Q3 2022[223]. - Net interest income for Q3 2023 was $151.9 million, an increase of $1.2 million from Q3 2022, while the net interest margin decreased to 3.27%[227]. - For the first nine months of 2023, net interest income was $457.5 million, an increase of $37.1 million from the same period of 2022[229]. - Noninterest income rose to $27,094 thousand, a 5.9% increase from $25,584 thousand year-over-year, driven by a $27.7 million gain from a sale-leaseback transaction[240]. - Adjusted operating earnings for Q3 2023 were $59.8 million, with adjusted diluted operating EPS of $0.80, compared to $55.1 million and $0.74 in Q3 2022[223]. Assets and Liabilities - As of September 30, 2023, total assets increased to $20.7 billion, up $275.1 million or approximately 1.8% from December 31, 2022[225]. - Total liabilities increased by $259.0 million or approximately 1.9% (annualized) to $18.3 billion as of September 30, 2023, compared to December 31, 2022[272]. - Total deposits reached $16.8 billion, an increase of $854.8 million or approximately 7.2% from December 31, 2022, driven by a $1.6 billion increase in interest-bearing deposits[225]. - Total short-term and long-term borrowings decreased by $688.0 million or 40.3% to $1.0 billion as of September 30, 2023, compared to December 31, 2022[274]. - Liquid assets totaled $5.6 billion, accounting for 27.2% of total assets, while liquid earning assets were $5.4 billion, or 29.2% of total earning assets[289]. Loans and Credit Quality - The loan portfolio (LHFI) net of deferred fees and costs increased to $15.3 billion as of September 30, 2023, compared to $14.4 billion at December 31, 2022[294]. - The allowance for credit losses (ACL) increased by $16.5 million to $140.9 million due to economic uncertainty and net loan growth[298]. - Nonperforming assets (NPAs) totaled $28.8 million, reflecting a 6.1% increase from $27.1 million at December 31, 2022, with NPAs as a percentage of total LHFI remaining stable at 0.19%[300]. - The company reported past due LHFI still accruing interest of $40.6 million, or 0.27% of total LHFI, up from $30.0 million or 0.21% at December 31, 2022[306]. - The company continues to focus on soundly underwritten loans to qualifying borrowers, mitigating risks in concentrated portfolios such as commercial real estate[295]. Interest Income and Expense - Interest and dividend income rose to $694.95 million, a $236.59 million increase compared to the same period in 2022[229]. - Interest expense increased significantly to $237.48 million, up by $199.53 million from the previous year[229]. - The cost of interest-bearing liabilities rose to 2.42%, an increase of 199 bps from 0.43% in the prior year[229]. - The yield on interest-earning assets increased to 5.09%, up from 3.44% in the same period of 2022, reflecting a rise of 165 bps[229]. Strategic Initiatives and Mergers - The pending merger with American National is expected to bring strategic gains and cost savings, although there are risks associated with regulatory approvals and market conditions[198]. - The Company incurred pre-tax merger costs of approximately $2.0 million related to the proposed merger with American National Bankshares Inc.[219]. - The Company initiated strategic cost-saving measures expected to reduce annual expenses by approximately $17 million, incurring pre-tax expenses of $8.7 million in Q3 2023[220]. Regulatory and Accounting Changes - The Company does not expect the recent accounting pronouncement (ASU No. 2023-02) to have a significant impact on its consolidated financial statements[211]. - The Company is allowed to phase in the impact of adopting the CECL methodology over a three-year period that began in 2022 and ends in 2024[325]. Risk Factors - The Company is subject to various risks, including changes in market interest rates, economic conditions, and regulatory changes that could affect its operations[198]. - The company remains cautious about future economic conditions, including inflation and interest rates, which may impact NPAs[299]. Branch and ATM Network - The Company has 109 branches and 123 ATMs across Virginia, Maryland, and North Carolina as of September 30, 2023[212].

Financial Data and Key Metrics Changes - The reported net income available to common shareholders was $51.1 million, with earnings per common share at $0.68, while adjusted operating earnings were $59.8 million or $0.80 per common share, reflecting an increase of 7.9% from the previous quarter and 8.5% year-over-year [25][26] - Adjusted operating return on tangible common equity rose to 18.3% from 17% in the prior quarter, and adjusted operating return on assets increased to 1.21%, up 5 basis points from the previous quarter [25][26] - Total deposits grew by 9.1% annualized for the quarter, reaching $16.8 billion, driven by increases in interest-bearing customer deposits and broker deposits [31] Business Line Data and Key Metrics Changes - Annualized loan growth was 5.7% during the third quarter, led by growth in commercial loans, with year-to-date loan growth at 7.7% annualized [17][31] - The loan portfolio yield increased to 5.84%, up 22 basis points from the previous quarter, while the tax equivalent net interest margin was 3.35%, a decrease of 10 basis points from the prior quarter [27][28] Market Data and Key Metrics Changes - Virginia's unemployment rate improved to 2.5% in August, down from 2.9% in May, remaining below the national average of 3.8% [13] - The lending pipeline is slightly higher than a year ago, indicating a healthy macroeconomic environment in the company's footprint [12][13] Company Strategy and Development Direction - The company announced a merger agreement to acquire American National Bankshares, expected to close in Q1 2024, which aims to enhance financial performance and expand market presence [8][10] - The company is focused on generating positive operating leverage, with a strategy to grow revenue faster than expenses, supported by structural expense reductions [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic outlook, anticipating a mild recession but expecting a favorable macroeconomic environment in their markets [12][20] - The company remains resilient and expects a good finish to the year, with a focus on sustainable, profitable growth [21][33] Other Important Information - The company undertook a sale-leaseback transaction of 27 properties, generating cash proceeds of approximately $46 million and a pre-tax gain of $27.7 million [23][24] - The total allowance for credit losses was $140.9 million, reflecting an increase due to loan growth and economic uncertainty [26] Q&A Session Summary Question: Expectations for margin compression in Q4 - Management expects further margin compression of 5 to 10 basis points in Q4, with a potential trough in the first quarter around 3.25% [36][37] Question: Loan production rates - New loan production is expected to average around 7%, with variable rate loans closer to 8% and fixed-rate loans slightly over 6% [39][40] Question: Shared national credit exposure - The company has a small exposure to shared national credits, primarily with known Virginia-based corporations, and does not engage in secondary issuances [42][43] Question: Fee growth outlook - Fee growth is expected to be in the range of 2% to 4%, driven by net client growth and seasonal impacts [46][47] Question: Credit normalization expectations - Management projects a normalization of charge-offs to 15 to 20 basis points annually, with potential drivers including higher interest rates and recessionary factors [64][66]