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Dec 31, 2020
Atlantic Union Q4 2020 Earnings Report
Reported solid financial results for Q4 and fiscal year 2020, demonstrating flexibility and agility.
Key Takeaways
Atlantic Union Bankshares Corporation reported a net income available to common shareholders of $56.5 million, with basic and diluted earnings per common share of $0.72 for the fourth quarter ended December 31, 2020. The company delivered solid financial results despite the continued economic disruption caused by the pandemic.
Net income available to common shareholders was $56.5 million, with basic and diluted earnings per common share of $0.72 for Q4 2020.
Adjusted operating earnings available to common shareholders were $72.9 million, and diluted operating earnings per common share were $0.93 for Q4 2020.
Pre-tax pre-provision adjusted operating earnings were $77.0 million for Q4 2020.
The company processed approximately $429.3 million of loan forgiveness on approximately 3,100 PPP loans during the fourth quarter of 2020.
Atlantic Union
Atlantic Union
Forward Guidance
Looking forward, the company is optimistic that the challenges of COVID-19 will ease as 2021 progresses and that Atlantic Union will emerge as a stronger company that is well positioned to generate sustainable, profitable growth and build long term value for its shareholders.
Positive Outlook
- Benign credit quality metrics to date.
- More optimistic economic outlook due to the roll-out of COVID-19 vaccines.
- Additional government stimulus inclusive of more PPP funding.
- Strong financial position with ample liquidity.
- Well-fortified capital base.
Challenges Ahead
- Continued economic disruption caused by the pandemic in 2020.
- Near-term uncertainty.
- Potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts or public health events (such as COVID-19), and of governmental and societal responses thereto
- Technological risks and developments, and cyber threats, attacks, or events
- Changes in interest rates