Atlantic Union Bankshares Q3 adjusted EPS meets estimates on loan growth
AUB•Atlantic Union Bankshares reported Q3 adjusted EPS of $0.96, matching analyst estimates, as loan growth lifted net interest income to $328.42 million. The company repurchased 1.5 million shares for $62.5 million during the quarter.
1. Quarterly results
Q3 adjusted EPS was $0.96, matching the $0.96 analyst consensus. Net interest income was $328.42 million, while the provision for credit losses was $5.73 million.
2. Drivers and buybacks
Loan growth and increased loan accretion income lifted interest income on loans held for investment. Higher costs for interest-bearing deposits, brokered deposits and borrowings partly offset the gains; noninterest income also fell from the prior quarter, mainly due to lower loan-related swap fees, mortgage banking income, and fiduciary and asset management fees. Atlantic Union Bankshares repurchased 1.5 million shares for $62.5 million in Q3.
3. Outlook
The company did not provide specific financial guidance for the current quarter or full year in the press release.
