Atlantic Union Bankshares (AUB) Q3 FY2024 earnings: revenue $217 million, up 21.3% on the year

Atlantic Union Bankshares Corp. (AUB) reported revenue of $217 million for Q3 FY2024, the quarter ended 30 September 2024, up 21.3% on the same quarter a year earlier. Net income was $76 million, up 41.5% on the year, and diluted earnings per share $0.82. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2024.

Revenue$217 millionup 21.3%

Net income$76 millionup 41.5%

Diluted EPS$0.82

QuarterQ3 FY2024ended 30 September 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	Q3 FY2023	Change on the year
Revenue	217	208	179	+21.3%
Interest expense	n/a	n/a	95.2	n/a
Pre-tax income	92.0	36.6	65.5	+40.4%
Income tax	15.6	11.4	11.5	+35.6%
Effective tax rate	17.0%	31.2%	17.6%
Net income	76.4	25.2	54.0	+41.5%
Net margin	35.2%	12.1%	30.2%
Diluted EPS	$0.82	$0.25	$0.68	+20.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	Q3 FY2023	Change on the year
Operating cash flow	67.5	85.6	85.7	-21.2%
Capital expenditure	3.4	1.0	0.6	+466.3%
Free cash flow	64.1	84.7	85.0	-24.7%
Cash from investing	98.7	-167	-164	n/a
Cash from financing	-84.2	131	49.0	n/a
Depreciation and amortisation	9.1	9.3	5.4	+67.9%
Share-based compensation	n/a	n/a	2.7	n/a
Buybacks	n/a	n/a	0.0	n/a
Dividends paid	n/a	n/a	22.5	n/a
Dividend per share	$0.32	$0.32	$0.30	+6.7%
Diluted shares, weighted	90m	90m	75m	+19.7%
Shares outstanding at period end	90m	90m	75m	+19.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	Q3 FY2023	Change on the year
Shareholders' equity	3,182	3,044	2,389	+33.2%
Deposits	20,305	20,001	16,787	+21.0%
Short-term borrowings	434	790	630	-31.1%
Debt	418	417	391	+7.0%
Other liabilities	464	510	540	-14.1%
Total liabilities and equity	24,804	24,761	20,736	+19.6%
Fixed assets	115	115	94.5	+21.8%
Goodwill	1,213	1,207	925	+31.1%
Intangible assets	90.2	96.0	21.3	+323.8%
Securities held for sale or to maturity	3,415	3,366	2,085	+63.8%
Cash and equivalents	528	446	399	+32.4%
Other assets	19,442	19,531	17,211	+13.0%
Total assets	24,804	24,761	20,736	+19.6%

Questions

What was Atlantic Union Bankshares' revenue in Q3 FY2024?

Atlantic Union Bankshares (AUB) reported revenue of $217 million for Q3 FY2024, the quarter ended 30 September 2024, up 21.3% on the same quarter a year earlier.

How much did Atlantic Union Bankshares earn in Q3 FY2024?

Net income for Q3 FY2024 was $76 million, up 41.5% on the year, and diluted earnings per share $0.82.

When did Atlantic Union Bankshares report Q3 FY2024 results?

Atlantic Union Bankshares filed its 10-Q for the quarter ended 30 September 2024 with the SEC on 5 November 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	179	184	173	208	217	218	213	403	371	387	367	415
Interest expense	95.2	106	115	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	65.5	66.9	59.9	36.6	92.0	71.3	61.5	17.5	116	142	155	204
Tax rate	18%	15%	17%	31%	17%	19%	19%	-13%	21%	21%	21%	21%
Net income	54.0	56.9	49.8	25.2	76.4	57.8	49.8	19.8	92.1	112	122	161
Net margin	30%	31%	29%	12%	35%	26%	23%	5%	25%	29%	33%	39%
Diluted EPS	$0.68	$0.72	$0.62	$0.25	$0.82	n/a	$0.52	$0.12	$0.63	$0.77	$0.84	$1.11
Operating cash flow	85.7	48.4	57.0	85.6	67.5	98.3	62.0	1,904	157	114	127	150
Capital expenditure	0.6	1.3	2.1	1.0	3.4	0.8	2.4	n/a	8.4	3.5	7.0	6.4
Free cash flow	85.0	47.1	54.9	84.7	64.1	97.4	59.6	n/a	149	111	120	144
Buybacks	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	22.5	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	75m	75m	75m	90m	90m	90m	89m	142m	142m	142m	142m	142m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2024, filed 5 November 2024, accession 0000883948-24-000095: the filing on EDGAR. All of Atlantic Union Bankshares Corp.'s filings: EDGAR company page.

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