Atlantic Union Bankshares Reports Fourth Quarter and Full Year Results

RICHMOND, Va., Jan. 21, 2020 (GLOBE NEWSWIRE) — Atlantic Union Bankshares Corporation (the “Company” or “Atlantic Union”) (Nasdaq: AUB) today reported net income of $55.8 million and earnings per share of $0.69 for its fourth quarter ended December 31, 2019. Net operating earnings⁽¹⁾ were $57.3 million and operating earnings per share⁽¹⁾ were $0.71 for its fourth quarter ended December 31, 2019; these operating results exclude $709,000 in after-tax merger and $713,000 in after-tax rebranding-related costs.
Net income was $193.5 million and earnings per share were $2.41 for the year ended December 31, 2019. Net operating earnings⁽¹⁾ were $220.9 million and operating earnings per share⁽¹⁾ were $2.75 for the year ended December 31, 2019; these operating results exclude $22.3 million in after-tax merger and $5.1 million in after-tax rebranding-related costs but include after tax losses from discontinued operations of $170,000 and approximately $1.0 million in after-tax expenses related to branch closure costs.“Atlantic Union closed out an eventful 2019 with a solid fourth quarter – continuing to execute on our strategic plan and further improving performance against our key financial metrics despite the challenging interest rate environment,” said John C. Asbury, CEO of Atlantic Union Bankshares.  “As we begin 2020 we continue to believe we have a great opportunity before us to create something uniquely valuable for our shareholders and the communities we serve and remain keenly focused on reaching the full potential of this powerful franchise.”