GLEN ALLEN, Va. (AP) — GLEN ALLEN, Va. (AP) — Atlantic Union Bankshares Corporation (AUB) on Tuesday reported first-quarter profit of $122.2 million.
The bank, based in Glen Allen, Virginia, said it had earnings of 84 cents per share. Earnings, adjusted for non-recurring costs, came to 89 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.
The holding company for Atlantic Union Bank posted revenue of $526.5 million in the period. Its revenue net of interest expense was $371.7 million, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $381.6 million.
Atlantic Union shares have risen almost 10% since the beginning of the year. The stock has risen 57% in the last 12 months.
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