Atlantic Union Bankshares (AUB) reported net income available to common shareholders of $133.7 million, or $0.94 per diluted share, compared with $89.2 million a year earlier. Net interest margin fell to 3.88%, down 6 basis points from the prior quarter as funding costs rose and customers shifted into interest-bearing products, while loans held for investment reached $29.3 billion. The company issued $250.0 million of 6.25% fixed-to-floating subordinated notes to redeem $168.0 million of 4.25% notes. Management lowered its full-year net charge-off guidance to less than 5 basis points on favorable credit trends, and said its North Carolina expansion has begun with one Raleigh branch, with seven more planned there.
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Atlantic Union Bankshares reported third-quarter net income available to common shareholders of $133.7 million, or $0.94 per diluted share, versus $89.2 million a year earlier. Excluding a $2.7 million pretax loss on debt extinguishment, adjusted operating earnings were $135.6 million, or $0.96 per share. Net interest margin (FTE) fell to 3.88%, down 6 basis points, as funding costs rose and customers shifted into interest-bearing products. Loans held for investment reached $29.3 billion and deposits $31.0 billion, and the company issued $250.0 million of 6.25% notes to redeem $168.0 million of 4.25% notes. Management kept several full-year guidance metrics, including net interest income of $1.32 billion to $1.33 billion, while warning that higher rates could weigh on mortgage banking and commercial real estate construction.
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