Atlantic Union Bankshares Corporation (NYSE:AUB) Q3 2022 Earnings Conference Call October 20, 2022 9:00 AM ET

Company Participants

Bill Cimino - SVP, IR

John Asbury - President and CEO

Robert Gorman - EVP and CFO

Conference Call Participants

Catherine Mealor - KBW

Operator

Good day, and thank you for standing by. Welcome to the Atlantic Union Bankshares Third Quarter 2022 Earnings Conference Call. [Operator Instructions] Please be advised today’s conference is being recorded.

And I would now like to hand the conference over to your speaker today, Bill Cimino, Senior Vice President of Investor Relations. Sir please go ahead.

Bill Cimino

Thank you, Chris. Good morning, everyone. I have Atlantic Union Bankshares’ President and CEO, John Asbury; and Executive Vice President and CFO, Rob Gorman, with me today. We also have other members of our executive management with us for the question-and-answer period.

Please note that today’s earnings release and the accompanying slide presentation we are going through on this webcast are available to download on our Investor website, investors.atlanticunionbank.com.

During today’s call, we will comment on our financial performance using both GAAP metrics and non-GAAP financial measures. Important information about these non-GAAP financial measures, including reconciliation to comparable GAAP measures, is included in the appendix to our slide presentation and in our earnings release for the third quarter of 2022.

We will make forward-looking statements on today’s call, which are not statements of historical fact and are subject to risks and uncertainties. There can be no assurance that actual performance will not differ materially from any future expectations or results expressed or implied by these forward-looking statements. We undertake no obligation to publicly revise or update any forward-looking statements. Please refer to our earnings release for the third quarter of 2022, and our other SEC filings for further discussion of the company’s risk factors and other important information regarding our forward-looking statements, including factors that could cause actual results to differ from those expressed or implied in any forward looking statement. All comments made during today’s call are subject to that Safe Harbor statement. At the end of the call, we will take questions from the research analyst community.

I’ll now turn the call over to John Asbury.

John Asbury

Thank you, Bill, and thank you everyone for joining us today. Atlantic Union Bank delivered another solid quarter. We recorded upper single digit loan growth and more than funded it with double digit deposit growth on a loan quarter annualized basis. Net interest margin expanded considerably. Asset quality remains strong and we expanded our asset based lending effort. We are on track to hit our top tier financial targets in the fourth quarter of this year.