Overview

• US regional bank's Q2 adjusted EPS beat analyst expectations

• Net interest income rose from Q1, driven by loan growth and higher yields

• Company completed Bearing Insurance sale and authorized $250 mln share buyback, repurchasing $10 mln in Q2

Outlook

• Company did not provide specific guidance for the current quarter or full year

Result Drivers

• LOAN GROWTH AND HIGHER YIELDS - Net interest income rose from Q1, mainly due to loan growth, higher loan yields, and increased loan accretion income

• INSURANCE SALE GAIN - Noninterest income increased due to a $32.3 mln pre-tax gain on the sale of Bearing Insurance equity interest

• HIGHER FEE INCOME - Adjusted operating noninterest income rose, led by higher loan-related swap fees and fiduciary and asset management fees

Company press release: ID:nBw7k8TJRa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Adjusted EPS	Beat	$0.94	$0.91 (9 Analysts)
Q2 Net Interest Income		$325.12 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Atlantic Union Bankshares Corp is $45.50, about 8.3% above its July 20 closing price of $42.03

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads

• July 20 - ServisFirst Bancshares Q2 EPS rises 40% on loan growth, higher net interest margin

• July 20 - Zions Bancorp Q2 adjusted EPS misses estimates as one-time gains lift net profit

• July 21 - Mercantile Bank's Q2 adjusted EPS beats estimates, revenue slightly misses

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