- Atlantic Union Bankshares Corporation (AUB, Financial) reported a net income of $46.9 million in Q1 2025.
- The company's merger with Sandy Spring Bancorp was completed on April 1, 2025.
- Net interest income rose slightly to $184.2 million due to lower deposit costs.
Atlantic Union Bankshares Corporation (AUB) announced its financial results for the first quarter of 2025 with a net income of $46.9 million available to common shareholders. Basic and diluted earnings per share were $0.53 and $0.52, respectively.
The merger with Sandy Spring Bancorp was successfully completed on April 1, 2025. This acquisition added 53 branches, expanding Atlantic Union's presence in Virginia and Maryland, solidifying its position as the largest regional banking franchise in the lower Mid-Atlantic.
The net interest income for Q1 2025 was $184.2 million, showing an increase from the previous quarter, primarily due to reduced deposit costs influenced by the Federal Reserve's interest rate cuts.
Materializing the forward sale agreements with Morgan Stanley & Co. LLC on April 1, 2025, Atlantic Union received net proceeds of approximately $385.0 million before expenses.
During the quarter, Atlantic Union experienced a net interest margin increase to 3.38%. Its allowance for credit losses rose by $15.3 million to $209.0 million, reflecting uncertainties in the economic outlook.
The company reported a provision for credit losses of $17.6 million, consistent with the previous quarter, and saw a decrease in noninterest income to $29.2 million due to lower transaction volumes and gains.
Atlantic Union's total assets reached $24.6 billion by the end of March 2025, with a year-over-year increase largely attributed to the American National acquisition. Total deposits grew to $20.5 billion, a significant rise from the prior year.
In summary, Atlantic Union Bankshares continues to focus on sustainable, profitable growth while navigating economic uncertainties, highlighted by its strategic expansion efforts and prudent financial management.
