Mission Statement, Vision, & Core Values (2024) of Atlantic Union Bankshares Corporation (AUB)

An Overview of Atlantic Union Bankshares Corporation (AUB)

General Summary of the Company

Atlantic Union Bankshares Corporation (AUB) is a prominent financial institution headquartered in Richmond, Virginia. Established in 1997, the company has evolved through a series of mergers and acquisitions, significantly expanding its footprint in the Mid-Atlantic region. AUB provides a comprehensive range of banking services including commercial and consumer banking, wealth management, and treasury management services.

As of 2024, Atlantic Union Bankshares offers various products such as:

• Loans (commercial, consumer, mortgage)
• Depository services (checking and savings accounts)
• Investment services
• Wealth management and trust services

In terms of sales, the company reported total assets of $24.8 billion and total deposits of $20.3 billion as of September 30, 2024, reflecting a robust growth trajectory partly attributed to the acquisition of American National Bankshares.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reports, Atlantic Union Bankshares demonstrated strong financial performance for the first nine months of 2024. The net income available to common shareholders was $142.4 million, with a basic and diluted earnings per share (EPS) of $1.68, compared to $136.0 million and $1.81 for the same period in 2023.

For the third quarter of 2024, net income reached $73.4 million, a significant increase from $51.1 million in the third quarter of 2023. The adjusted operating earnings available to common shareholders were $74.5 million, yielding an adjusted diluted EPS of $0.83.

Key financial metrics for the first nine months of 2024 include:

These results indicate a healthy revenue stream, particularly from loans and deposit growth, bolstered by the recent acquisition.

Introduction to Company as One of the Leaders in the Industry

Atlantic Union Bankshares stands as a leading player in the regional banking industry, characterized by its extensive network and diverse financial services. The company has consistently outperformed many of its peers in terms of growth and profitability, particularly following strategic acquisitions that have enhanced its market position.

As of 2024, AUB's robust total assets and deposits position it favorably among other financial institutions, enabling it to leverage economies of scale and diversify its offerings effectively. The company’s commitment to innovation and customer service continues to drive its success in a competitive landscape. For further insights into AUB’s operational strategies and market positioning, details can be explored in the following sections.

Mission Statement of Atlantic Union Bankshares Corporation (AUB)

Mission Statement Overview

The mission statement of Atlantic Union Bankshares Corporation (AUB) serves as a guiding principle for the organization, outlining its purpose and the commitment to deliver high-quality financial services. This statement not only reflects the company's goals but also shapes its strategic direction and operational focus. In 2024, the mission statement emphasizes the dedication to serve customers, support communities, and create value for shareholders.

Core Component 1: Commitment to Customers

AUB prioritizes its customers by providing tailored financial solutions that meet their diverse needs. The bank actively engages in understanding customer expectations and works to exceed them. As of September 30, 2024, AUB reported a total of $20.3 billion in deposits, reflecting a significant increase of approximately 20.7% from the previous year, showcasing customer trust and satisfaction in its services.

Core Component 2: Community Engagement

Community involvement is a fundamental aspect of AUB's mission. The bank invests in local initiatives and supports programs that enhance the quality of life in the communities it serves. In 2024, AUB's total assets reached $24.8 billion, an increase of 17.2% from December 31, 2023, highlighting its growth and commitment to sustainable community development.

Core Component 3: Shareholder Value Creation

AUB's mission statement underscores its dedication to creating value for shareholders. This commitment is reflected in its strong financial performance, with net income available to common shareholders amounting to $142.4 million for the first nine months of 2024, compared to $136.0 million for the same period in 2023. Additionally, AUB declared a quarterly dividend of $0.32 per common share, consistent with the previous year, indicating a stable return on investment for shareholders.

Vision Statement of Atlantic Union Bankshares Corporation (AUB)

Vision Statement of Atlantic Union Bankshares Corporation (AUB)

As of 2024, Atlantic Union Bankshares Corporation (AUB) aims to position itself as a premier financial services provider in the Mid-Atlantic region, focusing on delivering customer-centric solutions while driving sustainable growth and shareholder value. The key components of their vision statement can be analyzed as follows:

AUB emphasizes an unwavering commitment to providing exceptional customer service and tailored financial solutions. This focus is reflected in their recent financial performance, where net income available to common shareholders was $142.4 million for the first nine months of 2024, showcasing a year-over-year increase from $136.0 million in the same period of 2023.

AUB's vision incorporates a strategy for sustainable growth, which has been evident in their balance sheet figures. As of September 30, 2024, total assets reached $24.8 billion, marking a substantial increase of approximately 17.2% from $21.2 billion at the end of 2023. This growth is primarily attributed to the acquisition of American National, which significantly boosted their loan portfolio.

AUB is dedicated to enhancing shareholder value through strategic initiatives, including dividend payments and stock performance. In the third quarter of 2024, the bank declared cash dividends of $0.32 per common share, a 6.7% increase from the prior year. This commitment to returning value to shareholders is underscored by a robust equity position, with stockholders’ equity amounting to $3.2 billion as of September 30, 2024, up from $2.6 billion at December 31, 2023.

Core Values of Atlantic Union Bankshares Corporation (AUB)

Integrity

The core value of Integrity emphasizes the importance of ethical behavior and transparency in all actions and decisions. Atlantic Union Bankshares Corporation (AUB) demonstrates its commitment to integrity through various initiatives aimed at maintaining trust among customers, employees, and stakeholders.

In 2024, AUB implemented comprehensive training programs focusing on ethical practices and compliance. This included mandatory ethics training for all employees, which was attended by over 4,500 staff members, reinforcing the company's commitment to ethical behavior.

Customer Focus

Customer Focus is a fundamental value that drives AUB's operations and strategic initiatives. The bank is dedicated to understanding and meeting the needs of its customers, which is reflected in its service offerings and customer engagement strategies.

In 2024, AUB launched a new digital banking platform that increased customer satisfaction scores by 15% compared to the previous year. The platform features user-friendly interfaces and enhanced security measures, attracting over 100,000 new users since its launch.

Community Engagement

Community Engagement reflects AUB's commitment to supporting the communities it serves. The bank actively participates in initiatives that promote economic development and social responsibility.

In 2024, AUB invested over $2 million in community development programs and contributed 5,000 volunteer hours to local charities. The bank's partnership with local organizations has resulted in the creation of 500 jobs in underserved areas.

Excellence

The value of Excellence is central to AUB's mission to deliver high-quality services and products. The bank strives for continuous improvement and innovation to meet the evolving needs of its customers.

As of 2024, AUB achieved a return on equity (ROE) of 15%, significantly above the industry average of 12%. This performance is attributed to strategic investments in technology and process optimization, which enhanced operational efficiency.

Teamwork

Teamwork emphasizes the importance of collaboration and mutual respect among employees. AUB fosters a culture of teamwork to drive innovation and achieve common goals.

In 2024, AUB introduced team-building initiatives that resulted in a 20% increase in employee engagement scores. The bank also launched cross-departmental projects that enhanced collaboration across various functions, leading to improved service delivery.

Commitment to Diversity

Commitment to Diversity is a key value at AUB, recognizing that a diverse workforce enhances creativity and innovation. The bank actively promotes diversity and inclusion within its workforce.

As of 2024, AUB reported a 30% increase in diversity within its leadership roles compared to the previous year. The bank has also established partnerships with diverse suppliers, allocating 15% of its procurement budget to minority-owned businesses.

Updated on 16 Nov 2024

Resources:

1. 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.
2. 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.