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Mar 31, 2020
Atlantic Union Q1 2020 Earnings Report
Atlantic Union reported a decrease in net income and earnings per share due to the implementation of CECL and the deteriorating economic environment related to COVID-19.
Key Takeaways
Atlantic Union Bankshares Corporation reported net income of $7.1 million and diluted earnings per share of $0.09 for the first quarter ended March 31, 2020. The results were impacted by the implementation of CECL and the deteriorating economic environment related to COVID-19, which resulted in a material increase in the Company’s provision for credit losses.
Net income was $7.1 million and diluted earnings per share was $0.09.
Pre-tax pre-provision earnings were $68.3 million, or $0.86 per share.
Net interest income was $135.0 million.
The provision for credit losses was $60.2 million.
Revenue by Segment
Forward Guidance
Atlantic Union Bankshares Corporation did not provide specific forward guidance in this earnings report.
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Avg. Return Before/After Earnings
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