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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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