Atlantic Union Bankshares (AUB) has reported a rise in its third-quarter net income available to common shareholders, reaching $73.45 million from last year's $51.05 million. The earnings per common share stood at $0.82, up from $0.68, with adjusted operating earnings per common share at $0.83 compared to $0.80 in the previous year. This slightly surpassed the expectations of analysts polled by Thomson Reuters, who had forecasted a profit of $0.81 per share for the quarter. It's worth noting that analyst estimates generally exclude special items.
The total revenue, calculated on a fully taxable equivalent (FTE) basis, amounted to $221.12 million, an increase from the prior year's $182.78 million, though it fell short of the $225.94 million average revenue estimate by analysts.
In a separate development, Atlantic Union Bankshares and Sandy Spring Bancorp have announced their entry into a definitive merger agreement. Under this all-stock transaction, valued at roughly $1.6 billion, Atlantic Union will acquire Sandy Spring. Each share of Sandy Spring common stock will be exchanged for 0.900 shares of Atlantic Union common stock, valuing the transaction at approximately $34.93 per Sandy Spring share.
