RICHMOND, Va., Oct. 17, 2019 (GLOBE NEWSWIRE) — Atlantic Union Bankshares Corporation (the “Company” or “Atlantic Union”) (Nasdaq: AUB) today reported net income of $53.2 million and earnings per share of $0.65 for its third quarter ended September 30, 2019. Net operating earnings⁽¹⁾ were $56.1 million and operating earnings per share⁽¹⁾ were $0.69 for its third quarter ended September 30, 2019; these operating results exclude $1.9 million in after-tax merger and $895,000 in after-tax rebranding-related costs.
Net income was $137.7 million and earnings per share were $1.72 for the nine months ended September 30, 2019. Net operating earnings⁽¹⁾ were $163.7 million and operating earnings per share⁽¹⁾ were $2.04 for the nine months ended September 30, 2019; these operating results exclude $21.6 million in after-tax merger and $4.4 million in after-tax rebranding-related costs but include after tax losses from discontinued operations of $128,000 and approximately $1.0 million in after-tax expenses related to branch closure costs.“Atlantic Union delivered solid financial results in the third quarter despite the challenges of the current interest rate environment,” said John C. Asbury, President and Chief Executive Officer for the Company. “As in the first and second quarters of 2019, third quarter results were noisy as we worked toward completing the Access National Bank integration work and our rebranding efforts and took strategic actions that impacted our reported quarterly financial results such as repositioning the balance sheet for lower interest rates. Nevertheless, the Company continues to perform well and remains committed to deliver on our previously communicated financial performance targets.
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