GLEN ALLEN, Va. (AP) — GLEN ALLEN, Va. (AP) — Atlantic Union Bankshares Corporation (AUB) on Thursday reported first-quarter profit of $49.8 million.
The bank, based in Glen Allen, Virginia, said it had earnings of 52 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were 57 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.
The holding company for Atlantic Union Bank posted revenue of $335 million in the period. Its revenue net of interest expense was $217.1 million, also missing Street forecasts. Three analysts surveyed by Zacks expected $220.7 million.
Atlantic Union shares have dropped 30% since the beginning of the year. The stock has decreased 20% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AUB at https://www.zacks.com/ap/AUB
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