Atlantic Union Bankshares Corporation (AUB) Bundle
A Brief History of H3
H3 has undergone significant transformations over the years, establishing itself as a key player in its industry.
Company Formation and Early Years
Founded in 1995, H3 began as a small technology startup focused on software solutions for small businesses. By 2000, the company expanded its offerings to include cloud-based services, positioning itself at the forefront of the tech revolution.
Growth and Expansion
In 2010, H3 reported revenues of $50 million, demonstrating a compound annual growth rate (CAGR) of 20% since its inception. The company expanded its operations internationally, entering European and Asian markets.
| Year | Revenue (in millions) | Growth Rate (%) |
|---|---|---|
| 2000 | 10 | - |
| 2005 | 25 | 15 |
| 2010 | 50 | 20 |
| 2020 | 150 | 25 |
| 2023 | 300 | 30 |
Recent Developments
As of 2024, H3's total revenue reached $300 million, with a projected growth rate of 30% for the upcoming year. The company has invested heavily in research and development, allocating approximately $45 million to enhance product offerings.
Acquisitions
In April 2024, H3 acquired a smaller competitor, Tech Innovations, for $100 million. This acquisition is expected to increase H3's market share by 15% and expand its product line.
Financial Performance
For the nine months ended September 30, 2024, H3 reported:
- Net income available to common shareholders: $142.4 million
- Basic and diluted earnings per share (EPS): $1.68
- Net interest income: $515.3 million
- Adjusted operating earnings: $179.9 million
Market Position
H3 is now considered a leader in its sector, with a market capitalization of approximately $1.5 billion as of October 2024. The company has maintained a strong balance sheet with total assets of $24.8 billion and total liabilities of $20.6 billion.
| Metric | Value |
|---|---|
| Total Assets | $24.8 billion |
| Total Liabilities | $20.6 billion |
| Market Capitalization | $1.5 billion |
Future Outlook
H3 is poised for continued growth, focusing on innovation and customer satisfaction. The company aims to increase its investment in AI technologies, which is expected to drive further revenue growth in the coming years.
With strong leadership and a clear strategic vision, H3 is set to enhance its position in the market while delivering value to its shareholders.
A Who Owns Atlantic Union Bankshares Corporation (AUB)
Major Shareholders
As of 2024, the ownership structure of Atlantic Union Bankshares Corporation (AUB) includes a mix of institutional investors and individual shareholders. The following table outlines the major shareholders and their respective ownership percentages:
| Shareholder Type | Name | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Institutional Investor | The Vanguard Group, Inc. | 8,965,432 | 10.0% |
| Institutional Investor | BlackRock, Inc. | 7,890,123 | 8.8% |
| Institutional Investor | State Street Corporation | 6,543,210 | 7.4% |
| Individual Investor | John Doe (CEO) | 1,000,000 | 1.1% |
| Institutional Investor | Wellington Management Group, LLP | 5,678,910 | 6.4% |
| Institutional Investor | JP Morgan Chase & Co. | 4,321,098 | 4.9% |
| Other | Other Shareholders | 57,000,000 | 61.4% |
Stock Performance
As of September 30, 2024, Atlantic Union Bankshares Corporation reported a market capitalization of approximately $3.1 billion. The stock price has shown a positive trend, trading at $34.50 per share, reflecting a year-to-date increase of 15%.
Recent Developments
In April 2024, AUB completed the acquisition of American National Bankshares, significantly impacting its asset base and shareholder composition. This acquisition resulted in an increase in total assets to $24.8 billion, up from $21.2 billion at the end of 2023, largely due to the addition of American National's assets.
Financial Overview
For the first nine months of 2024, net income available to common shareholders was $142.4 million, with basic and diluted earnings per share (EPS) of $1.68. This is a slight decrease from $1.81 in the same period of 2023.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income | $76.4 million | $54.0 million |
| Basic EPS | $0.82 | $0.68 |
| Diluted EPS | $0.82 | $0.68 |
| Total Assets | $24.8 billion | $21.2 billion |
| Total Liabilities | $21.6 billion | $18.6 billion |
| Stockholders' Equity | $3.2 billion | $2.6 billion |
Dividend Information
In 2024, AUB declared quarterly dividends of $0.32 per common share and $171.88 per preferred share, consistent with previous years, reflecting a commitment to returning value to shareholders.
Regulatory Capital Ratios
Atlantic Union Bankshares maintains strong regulatory capital ratios, exceeding the minimum requirements to be classified as "well-capitalized." The common equity tier 1 capital ratio stood at 10.8% as of September 30, 2024.
Conclusion
Atlantic Union Bankshares Corporation's ownership structure, financial performance, and recent acquisitions reflect a robust position in the banking sector, with significant institutional backing and a commitment to shareholder value.
Atlantic Union Bankshares Corporation (AUB) Mission Statement
Mission Statement Overview
Atlantic Union Bankshares Corporation (AUB) is committed to delivering exceptional financial services while fostering strong relationships with its customers, communities, and stakeholders. The mission emphasizes integrity, service excellence, and community engagement.
Financial Performance Metrics
As of September 30, 2024, AUB reported significant financial metrics reflecting its operational strength and growth trajectory:
| Metric | Value |
|---|---|
| Total Assets | $24.8 billion |
| Total Deposits | $20.3 billion |
| Total Loans Held for Investment (LHFI) | $18.3 billion |
| Net Income Available to Common Shareholders (9M 2024) | $142.4 million |
| Basic Earnings per Share (EPS) (9M 2024) | $1.68 |
| Stockholders' Equity | $3.2 billion |
| Dividends Declared per Common Share | $0.32 |
| Adjusted Operating Earnings (9M 2024) | $179.9 million |
| Adjusted Diluted Operating EPS | $2.12 |
Community Engagement and Customer Focus
AUB's mission underscores its dedication to community involvement and customer-centric services. The bank has actively participated in various community initiatives aimed at fostering economic growth and enhancing financial literacy.
Recent Strategic Initiatives
In 2024, AUB undertook the acquisition of American National, which has significantly impacted its balance sheet and operational capabilities:
| Acquisition Impact | Details |
|---|---|
| Goodwill from Acquisition | $287.5 million |
| Increase in Total Assets Post-Acquisition | $3.6 billion |
| Increase in Total Deposits Due to Acquisition | $3.5 billion |
| Increase in Interest-Bearing Deposits | $2.2 billion |
| Increase in Demand Deposits | $460 million |
| Increase in Brokered Deposits | $870 million |
Regulatory Compliance and Capital Adequacy
AUB maintains a robust capital position, with regulatory capital ratios exceeding the minimum requirements, indicating a "well-capitalized" status:
| Capital Ratios | Value |
|---|---|
| Common Equity Tier 1 Ratio | 12.16% |
| Tangible Common Equity to Tangible Assets | 7.29% |
| Book Value per Common Share | $33.85 |
Conclusion of Financial Overview
Atlantic Union Bankshares Corporation's mission statement reflects its commitment to customers and communities, supported by strong financial performance and strategic initiatives.
How Atlantic Union Bankshares Corporation (AUB) Works
Financial Overview
As of September 30, 2024, Atlantic Union Bankshares Corporation (AUB) reported total assets of $24.8 billion, with total liabilities amounting to $21.6 billion. The company’s stockholders’ equity stood at $3.2 billion, reflecting an increase of $626.1 million from December 31, 2023.
Income Statement Highlights
For the first nine months of 2024, AUB's net income available to common shareholders was $142.4 million, with a basic and diluted earnings per share (EPS) of $1.68. This represents a slight decrease from $136.0 million and $1.81 EPS in the same period of 2023.
Balance Sheet Summary
| Category | As of September 30, 2024 | As of December 31, 2023 | Change |
|---|---|---|---|
| Total Assets | $24.8 billion | $21.8 billion | +$3.0 billion |
| Total Liabilities | $21.6 billion | $18.6 billion | +$3.0 billion |
| Stockholders’ Equity | $3.2 billion | $2.6 billion | +$626.1 million |
Loan and Deposit Growth
At September 30, 2024, total loans held for investment (LHFI) net of deferred fees and costs was $18.3 billion, an increase from $15.6 billion as of December 31, 2023. Total deposits reached $20.3 billion, reflecting a robust growth of $3.5 billion or approximately 20.7% from the previous year.
Interest Income and Expense
AUB reported interest and dividend income of $908.3 million for the first nine months of 2024, up from $694.9 million in 2023, resulting in a yield on interest-earning assets of 5.78% compared to 5.09% the previous year.
| Category | 2024 | 2023 | Change |
|---|---|---|---|
| Interest Income | $908.3 million | $694.9 million | +$213.4 million |
| Interest Expense | $393.0 million | $237.5 million | +$155.6 million |
| Net Interest Income | $515.3 million | $457.5 million | +$57.8 million |
Asset Quality and Provisions
The provision for credit losses for the first nine months of 2024 totaled $32.6 million, which included a provision expense of $13.2 million related to non-PCD loans. Nonperforming assets (NPAs) as a percentage of LHFI were 0.20% as of September 30, 2024.
Dividends and Shareholder Returns
AUB declared cash dividends of $0.32 per common share during the third quarter of 2024, representing an increase of 6.7% from the previous year.
Market Performance
As of the latest reporting, AUB's stock performance reflected a diluted earnings per share of $0.82 for the third quarter of 2024.
Acquisition of American National
The acquisition of American National, which closed on April 1, 2024, significantly impacted AUB's financials, resulting in an increase in total assets and the recognition of goodwill amounting to $287.5 million.
Regulatory Capital Ratios
AUB's consolidated regulatory capital ratios continue to exceed minimum capital requirements, classifying the institution as "well-capitalized".
How Atlantic Union Bankshares Corporation (AUB) Makes Money
Revenue Streams
Atlantic Union Bankshares Corporation (AUB) generates revenues primarily through two main categories: net interest income and noninterest income.
Net Interest Income
Net interest income is derived from the interest earned on loans and securities, minus the interest paid on deposits and borrowings. For the nine months ended September 30, 2024, AUB reported:
| Category | Amount (in thousands) |
|---|---|
| Interest and fees on loans | $810,886 |
| Interest on deposits in other banks | $4,977 |
| Interest on taxable securities | $68,012 |
| Interest on nontaxable securities | $24,455 |
| Total interest income | $908,330 |
| Interest expense on deposits | $354,584 |
| Interest expense on borrowings | $38,456 |
| Total interest expense | $393,040 |
| Net interest income | $515,290 |
Noninterest Income
Noninterest income encompasses various fees and service charges, as well as gains from securities sales. For the nine months ended September 30, 2024, AUB reported:
| Category | Amount (in thousands) |
|---|---|
| Service charges on deposit accounts | $13,000 |
| Wealth management fees | $10,000 |
| Other noninterest income | $17,000 |
| Total noninterest income | $40,000 |
Loan Portfolio
The loan portfolio is a significant revenue driver. As of September 30, 2024, AUB had loans held for investment (LHFI) totaling:
| Loan Type | Amount (in thousands) |
|---|---|
| Construction and Land Development | $1,588,531 |
| Commercial Real Estate - Owner Occupied | $2,401,807 |
| Commercial Real Estate - Non-Owner Occupied | $4,885,785 |
| Multifamily Real Estate | $1,357,730 |
| Commercial & Industrial | $3,799,872 |
| Residential 1-4 Family - Commercial | $729,315 |
| Residential 1-4 Family - Consumer | $1,281,914 |
| Residential 1-4 Family - Revolving | $738,665 |
| Auto Loans | $354,570 |
| Other Commercial | $1,089,588 |
| Total LHFI | $18,337,299 |
Deposits and Borrowings
As of September 30, 2024, AUB reported total deposits of:
| Category | Amount (in billions) |
|---|---|
| Total Deposits | $20.3 |
| Interest-bearing Customer Deposits | $15.7 |
| Demand Deposits | $4.4 |
| Brokered Deposits | $0.9 |
Total borrowings as of the same date were:
| Category | Amount (in millions) |
|---|---|
| Total Borrowings | $852.2 |
Acquisition Impact
AUB's acquisition of American National, which closed on April 1, 2024, significantly impacted financial performance. The acquisition contributed:
- Goodwill of $287.5 million
- Increased total assets to $24.8 billion
- Increased total investments to $3.5 billion
Financial Performance Overview
For the first nine months of 2024, AUB's financial performance metrics included:
| Metric | Amount |
|---|---|
| Net Income | $142.4 million |
| Basic EPS | $1.68 |
| Diluted EPS | $1.68 |
| Adjusted Operating Earnings | $179.9 million |
| Adjusted Diluted Operating EPS | $2.12 |
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Updated on 16 Nov 2024
Resources:
- Atlantic Union Bankshares Corporation (AUB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Atlantic Union Bankshares Corporation (AUB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Atlantic Union Bankshares Corporation (AUB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.