Atlantic Union Bankshares (AUB) Q1 2026 earnings summary

Executive summary

• Net income available to common shareholders was $119.2 million, with diluted EPS of $0.84 for Q1 2026; adjusted operating earnings were $126.2 million and adjusted diluted EPS was $0.89, reflecting the successful integration of Sandy Spring Bancorp and organic growth in core markets.

• Adjusted operating earnings available to common shareholders fell $12.2M sequentially, mainly due to lower net interest income, partially offset by reduced adjusted noninterest expense.

• Focused on organic growth, especially in attractive Mid-Atlantic markets and North Carolina, with a transition in the CFO role to Alex Dodd.

• Asset quality remains strong, with improved annualized loan growth and reduced higher-cost brokered deposits.

Financial highlights

• Net interest income was $312.4 million, down $17.8 million from Q4 2025 but up $128.2 million year-over-year; net interest margin (FTE) was 3.85%, down 11 bps sequentially but up 42 bps year-over-year.

• Adjusted operating earnings available to common shareholders were $126.2 million ($0.89/share); adjusted operating ROTCE was 19.6%, adjusted operating ROA 1.41%, and adjusted operating efficiency ratio 49.9%.

• Noninterest income was $54.8 million, down $2.2 million sequentially but up 87.9% year-over-year, mainly from lower swap fees and higher fiduciary and asset management fees.

• Noninterest expense fell $33.4 million to $209.8 million, mainly due to lower merger-related costs; total assets at March 31, 2026 were $37.3 billion.

• Tangible book value per share rose $0.24 (1%) to $19.93, despite AOCI headwinds.

Outlook and guidance

• Year-end 2026 loan balances projected at $29B–$30B; deposit balances at $31B–$32B.

• Full-year NIM expected between 3.90%–4.00%, assuming no Fed rate cuts and stable term rates; net interest income (FTE) projected at ~$1.34–$1.35B.

• Noninterest income forecasted at $220M–$230M; adjusted operating noninterest expense at $742M–$752M.

• Tangible book value per share growth targeted at 12%–15% for 2026.

• Management reaffirmed confidence in achieving full-year 2026 targets for adjusted operating ROA, ROTCE, and efficiency ratio.