Atlantic Union Bankshares Corporation

Atlantic Union Bankshares reported second-quarter 2026 net income available to common shareholders of $158 million and earnings per common share of $1.11. Adjusted operating earnings available to common shareholders were $134 million, or $0.94 per share, excluding the $32.3 million pre-tax gain from the sale of its equity interest in Bearing Insurance. Reported tax-equivalent net interest income was $329.7 million, up $12.8 million from Q1, and reported tax-equivalent net interest margin rose 9 basis points to 3.94%; core NIM increased 1 basis point to 3.46%. Noninterest income was $90.2 million, boosted by the Bearing gain, and adjusted operating noninterest income was $57.9 million. Noninterest expense was $199.1 million reported and $184 million on an adjusted operating basis. Average loans were $28.2 billion and period-end loans were about $28.7 billion; total deposits were $30.5 billion. Net charge-offs were $2 million, or 3 basis points annualized, the allowance for credit losses was $331 million, or 115 basis points of loans held for investment, and tangible book value per share was $20.77. For 2026, management now expects loans to end between $29 billion and $30 billion, deposits between $31 billion and $32 billion, full-year fully tax-equivalent net interest income between $1.32 billion and $1.33 billion, NIM between 3.90% and 3.95%, noninterest income between $220 million and $230 million, adjusted operating noninterest expense between $742 million and $752 million, and net charge-offs between 5 and 10 basis points.

John Asbury framed the quarter as evidence that the franchise is starting to show the earnings power from the capital invested over the last two years. He emphasized disciplined execution, organic growth, soundness and profitability, and said there are no additional acquisitions currently planned during this phase of the strategy. His tone was confident and constructive, with repeated references to strong pipelines, resilient customer activity and long-term value creation.

Alex Dodd said the quarter’s adjusted results reflected strong operating performance, with NII boosted by loan growth, higher loan yields and increased accretion income. He highlighted that the company is comfortably above well-capitalized levels, CET1 was 10.41%, loan-to-deposit ended at 94.1%, and tangible book value per share rose to $20.77, up 4.2% sequentially and 13% year over year. He also noted the company bought back about $10 million of stock at an average price of $37.76, with about $240 million still authorized, and said the capital plan assumes roughly 12% annual growth in tangible book value per share in 2026.

Analysts focused on NIM and deposit competition, asking how new loan yields compare with the existing portfolio, what fixed-rate repricing opportunities exist, and how much the revised NII guide reflects a possible Fed rate cut. Management said new fixed and variable loan spreads are both around 200 basis points, and that each quarter there is about $800 million to $900 million of variable-rate loans maturing at roughly 5% that can be rebooked around 610 basis points. On deposits, management said the pressure is mainly mix-related, with customers moving into higher-yielding interest-bearing accounts; new interest-bearing deposits are running over 3%, and the deposit beta for a 25 basis point hike is about 50% on interest-bearing products and 40% overall. Questions also touched on the North Carolina buildout, the Sandy Spring franchise contribution, securities portfolio reduction, and buyback pacing; management said the NC branch rollout has begun, the securities book is being held around 13% of assets and funded down to support lending, and buybacks will be paced against share price and loan-growth needs.