Atlantic Union Bankshares Corporation reported significant growth in its financial performance for the third quarter and the first nine months of 2024, largely driven by the acquisition of American National Bankshares, which was completed on April 1, 2024. As of September 30, 2024, total assets reached $24.8 billion, a 17.2% increase from $21.2 billion at the end of 2023. Total deposits rose to $20.3 billion, up 20.7% from $16.8 billion, reflecting a $3.5 billion increase attributed to the acquisition.
The company’s loans held for investment (LHFI) also saw a substantial increase, rising to $18.3 billion from $15.6 billion, marking a 17.3% growth. This increase was primarily driven by a boost in the commercial real estate (CRE) loan portfolio. Net interest income for Q3 2024 was reported at $182.9 million, a 20.3% increase from $151.9 million in Q3 2023. For the nine months ended September 30, 2024, net interest income totaled $515.3 million, up from $457.5 million in the same period of the previous year.
The company’s net income for Q3 2024 was $76.4 million, compared to $54.0 million in Q3 2023, while net income for the first nine months of 2024 reached $151.3 million, up from $144.9 million in the prior year. Earnings per share for Q3 2024 were $0.82, an increase from $0.68 in Q3 2023. However, for the nine months, EPS slightly decreased to $1.68 from $1.81.
Noninterest income also increased significantly, with Q3 2024 reporting $34.3 million, up from $27.1 million in Q3 2023. This growth was driven by higher service charges, interchange fees, and fiduciary and asset management fees, reflecting the positive impact of the American National acquisition.
On the expense side, total noninterest expenses for Q3 2024 were $122.6 million, up from $108.5 million in Q3 2023, primarily due to increased salaries and benefits, occupancy, and technology expenses related to the acquisition. The provision for credit losses for the first nine months of 2024 was $32.6 million, an increase from $22.9 million in the same period of 2023.
The company also announced a proposed merger with Sandy Spring Bank, expected to close by Q3 2025, which will further enhance its market presence. As of September 30, 2024, the company maintained strong capital ratios, exceeding regulatory requirements, and reported total stockholders' equity of $3.2 billion, up from $2.6 billion at the end of 2023.
About Atlantic Union Bankshares Corp
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