The following is a summary of the Atlantic Union Bankshares Corporation (AUB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Atlantic Union reported a Q1 net income of $46.8 million, and earnings per share of $0.62.

• Adjusted operating earnings stood at approximately $49 million, with a return on tangible common equity of 13.9%.

• The company saw an annualized loan growth of 5.6% in Q1, led by commercial loans.

• There was a decrease in tax equivalent net interest income to $151.5 million, majorly due to higher deposit costs and decreased day count in the quarter.

• Net charge-offs in Q1 were driven by two credits reserved for in the last quarter.

• The total allowance for credit losses at the end of Q1 increased to $151.8 million because of loan growth and economic uncertainty.

• Deposit growth outpaced the credit growth, with total deposits up 5% year-over-year and 11% annualized quarter-over-quarter.

Business Progress:

• Atlantic Union's acquisition of American National Bank was completed in Q1, with the first mock systems conversion successful.

• The company is looking to mid-single-digit loan growth for 2024, inclusive of American National Bank.

• Their future plans include a targeted expansion into the North Carolina markets for increased organic growth.

• The bank's regulatory capital ratios were comfortably above well-capitalized levels at the end of Q1.

• Their projected year-end loan balances and deposit balances are predicted at or above $18 billion and $19.8 billion respectively.

• The company intends to keep the deposits in brokered around 4% of total deposits, with interests fluctuating between 2% and 4%.

More details: Atlantic Union Bankshares IR

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