Atlantic Union Bank net worth in 2024 is a key indicator of its financial strength.
From significant mergers to asset growth, this detailed analysis by Ando Money explores how the bank continues to thrive in a competitive market, supported by solid assets and strategic investments.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | Atlantic Union Bank |
| Full Name | Atlantic Union Bankshares Corporation |
| Traded as | NYSE: AUB |
| ISIN | US04911A1079 |
| Founded | 1997 |
| Founders | N/A |
| Country/Territory | United States |
| Headquarters | Richmond, Virginia |
| Chief Executive Officer | John C. Asbury |
| Number of Employees | Approximately 2,000 |
| Market Cap | $3.50 billion (as of September 2024) |
| Total Assets | $21.4 billion (as of March 31, 2024) |
| Total equity | $2.5 billion (as of March 31, 2024) |
| Revenue | N/A |
| Net Income | $46.8 million (Q1 2024) |
What is the Net Worth/ Market Cap Of Atlantic Union Bank in 2024?
As of September 2024, Atlantic Union Bank has an estimated market capitalization of $3.50 billion.
This makes it a notable player in the regional banking scene, especially considering its steady growth through acquisitions and organic expansions.
When comparing Atlantic Union Bank with other players in the banking industry, it stands well among its peers.
Here’s a list of a few other banks related to Atlantic Union Bank:
- Truist Financial
- Wells Fargo
- American National Bank
- StellarOne Bank
- Access National Bank
- Bank of America
- Capital One
- Xenith Bank
- PNC Financial Services
To see how other banks stack up, explore more on the world’s leading financial institutions for a deeper look at global competitors.
Financial Performance Overview
Impact of Mergers and Acquisitions
Mergers have played a pivotal role in shaping Atlantic Union Bank’s growth strategy. Most notably, in April 2024, the merger with American National Bankshares significantly expanded the bank’s presence in Virginia and North Carolina.
This acquisition brought an additional 26 branches and opened doors to new markets, particularly in the Piedmont Triad region.
The financial impact of this merger was immediately felt, as Atlantic Union Bank reported $1.9 million in merger-related costs during the first quarter of 2024.
However, the long-term benefits, including increased loan and deposit growth, are expected to outweigh these initial expenses.
Revenue Streams and Profitability
Atlantic Union Bank’s revenue is driven by several key streams, including net interest income, which amounted to $147.8 million in the first quarter of 2024.
Although this represented a slight decline from the previous quarter, primarily due to higher deposit costs and changes in deposit mix, the bank continues to benefit from its diversified loan portfolio.
The interest rate environment also plays a significant role, with loan yields rising to 5.62% in Q1 2024.
On the non-interest income side, the bank generated $25.6 million.
This decrease from the previous quarter was largely due to fewer loan-related interest rate swap fees and lower operating income, but the bank remains focused on maintaining a balanced mix of interest and non-interest revenue.
Asset Quality and Risk Management
Maintaining a high standard of asset quality is critical for any bank, and Atlantic Union Bank is no exception.
At the end of the first quarter of 2024, the bank’s nonperforming assets (NPAs) stood at 0.23% of total loans held for investment, indicating strong asset management.
The Allowance for Credit Losses (ACL) increased slightly to $151.8 million, reflecting a conservative approach to managing credit risk.
The bank’s careful oversight of its loan portfolio, particularly in commercial real estate and construction loans, contributes to its ongoing stability.
Another noteworthy aspect of risk management is the bank’s net charge-offs, which amounted to 0.13% of total loans in Q1 2024.
This increase was primarily driven by two specific credit relationships, which had already been accounted for in the bank’s credit loss provisions from previous quarters.
Overall, Atlantic Union Bank’s conservative approach to credit risk helps ensure its financial health in uncertain economic conditions.
Deposits and Borrowings
A solid deposit base is essential for maintaining liquidity, and Atlantic Union Bank has continued to grow in this area.
As of March 31, 2024, the bank reported total deposits of $17.3 billion, with a significant portion allocated to interest-bearing deposit accounts. Brokered deposits also increased, reaching $665 million.
This growth is reflective of Atlantic Union Bank’s ability to attract and retain customers, even in a competitive market.
On the borrowing side, the bank’s total borrowings amounted to $1.1 billion, a decrease from the previous quarter.
The reduction in borrowings was primarily due to the bank’s use of short-term borrowings to support loan growth in earlier quarters, which has since been repaid.
This prudent approach to managing debt levels ensures that the bank maintains sufficient liquidity to fund its operations while minimizing unnecessary costs.
Capital Ratios and Equity Strength
Atlantic Union Bank maintains strong capital ratios, which is critical for absorbing potential financial shocks and sustaining growth.
The bank’s Tier 1 Capital Ratio stood at 9.87% as of March 31, 2024, indicating a robust capital position.
In terms of equity, the bank reported total stockholder equity of $2.5 billion, which has helped support its ongoing expansion efforts.
This solid foundation is further reflected in the leverage ratio of 9.62%, underscoring the bank’s ability to meet its financial obligations.
Additionally, dividends are an important component of stockholder returns. In the first quarter of 2024, Atlantic Union Bank declared a quarterly dividend of $0.32 per share, demonstrating its commitment to delivering consistent value to shareholders.
Corporate Investments and Community Engagement
Beyond traditional financial metrics, Atlantic Union Bank has made significant investments in local communities and corporate sponsorships.
The bank sponsors events such as Roanoke’s Drumstick Dash and supports various community groups through grants and summer internship programs.
These efforts not only enhance the bank’s reputation but also contribute to long-term financial performance by fostering strong relationships with local stakeholders.
FAQs about Atlantic Union Bank
What services does it offer?
It provides personal and business banking, mortgage lending, wealth management, and commercial loans. It also offers equipment financing and asset management.
How many branches does it have?
It operates 109 branches across Virginia, Maryland, and North Carolina, supporting personal and business banking needs.
What are its total assets in 2024?
As of the first quarter of 2024, its total assets amount to $21.4 billion.
Has it completed any mergers recently?
Yes, it merged with American National Bankshares in April 2024, adding 26 branches to its network.
What is its approach to community investment?
It supports communities with corporate sponsorships, grants, and internship programs. It sponsors events like Roanoke’s Drumstick Dash.
How does it manage asset quality?
Its nonperforming assets make up 0.23% of total loans. Its Allowance for Credit Losses stands at $151.8 million.
How does it ensure customer satisfaction?
It offers personalized service, local decision-making, and modern banking technology for a seamless customer experience.
Does it offer online banking?
Yes, it provides a full online banking platform for account management, fund transfers, bill payments, and more.
Conclusion
Atlantic Union Bank continues to grow and evolve, and its net worth is just one reflection of its success. Explore more about its financial future and share your thoughts in the comments.
You can also read more insights at andomoney.com for detailed financial analysis and updates.
