Atlantic Union Q4 2021 Earnings Report
Key Takeaways
Atlantic Union Bankshares Corporation reported a strong fourth quarter with net income available to common shareholders of $44.8 million and earnings per share of $0.59. The company took strategic actions to reduce expenses and position itself for long-term success, including closing the operations center and consolidating 16 branches. Loan growth is expected to continue, and credit losses are anticipated to remain historically low.
Net income available to common shareholders was $44.8 million, with basic and diluted EPS of $0.59.
Adjusted operating earnings available to common shareholders were $53.8 million, with diluted operating EPS of $0.71.
Pre-tax pre-provision adjusted operating earnings were $66.2 million.
Strategic initiatives included closing the operations center and consolidating 16 branches, resulting in $16.5 million in restructuring expenses.
Atlantic Union
Atlantic Union
Forward Guidance
Atlantic Union anticipates continued loan growth and historically low credit losses due to a positive economic outlook. The company expects the lingering effects of the pandemic to continue to recede in 2022.