Atlantic Union Bankshares Corporation (NYSE: AUB) has reported its financial results for the fourth quarter and full year ending December 31, 2024. The company reported net income available to common shareholders of $54.8 million for the fourth quarter of 2024, with basic and diluted earnings per common share of $0.61 and $0.60, respectively. For the full year ending December 31, 2024, net income available to common shareholders was $197.3 million, with basic and diluted earnings per common share of $2.29 and $2.24, respectively.
Net interest income for the fourth quarter of 2024 was $183.2 million, representing a slight increase from the third quarter of 2024. The net interest margin and the net interest margin (fte) decreased by 5 basis points compared to the prior quarter to 3.26% and 3.33%, respectively. Earning asset yields for the fourth quarter of 2024 decreased by 20 basis points to 5.74% compared to the third quarter of 2024.
Nonperforming assets as a percentage of total loans held for investment (LHFI) increased by 12 basis points from the prior quarter to 0.32% at December 31, 2024. The allowance for credit losses totaled $193.7 million at December 31, 2024, a $16.1 million increase from the prior quarter.
Net charge-offs were 0.03% of total average LHFI for the fourth quarter of 2024, which represented an increase of 2 basis points from the prior quarter.
The company recorded a provision for credit losses of $17.5 million for the fourth quarter of 2024, compared to $2.6 million in the prior quarter.
Total assets were reported to be $24.6 billion at December 31, 2024, reflecting a decrease from the prior quarter primarily due to a decrease in the investment securities portfolio and cash and cash equivalents.
Loan and lease financing increased to $18.5 billion at December 31, 2024, an increase of $133.3 million from the prior quarter.
Total investments decreased to $3.3 billion at December 31, 2024, primarily due to paydown activity and a decrease in the market value of the available for sale securities portfolio.
Total deposits were $20.4 billion at December 31, 2024, representing an increase of $92.3 million from the prior quarter.
The market has reacted to these announcements by moving the company's shares -3.1% to a price of $36.7. Check out the company's full 8-K submission here.
