Regional banking company Atlantic Union Bankshares (NYSE: AUB) missed Wall Street’s revenue expectations in Q1 CY2026, but sales rose 69.1% year on year to $367.2 million. Its non-GAAP profit of $0.89 per share was 2.2% above analysts’ consensus estimates.
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Atlantic Union Bankshares (AUB) Q1 CY2026 Highlights:
- Net Interest Income: $312.4 million vs analyst estimates of $330.2 million (69.6% year-on-year growth, 5.4% miss)
- Net Interest Margin: 3.8% vs analyst estimates of 3.9% (13.1 basis point miss)
- Revenue: $367.2 million vs analyst estimates of $381.8 million (69.1% year-on-year growth, 3.8% miss)
- Efficiency Ratio: 57.1% vs analyst estimates of 53.6% (357.2 basis point miss)
- Adjusted EPS: $0.89 vs analyst estimates of $0.87 (2.2% beat)
- Tangible Book Value per Share: $19.93 vs analyst estimates of $20.28 (5.9% year-on-year decline, 1.7% miss)
- Market Capitalization: $5.54 billion
“Atlantic Union had a solid first quarter, reflecting disciplined execution and a successful conclusion of the Sandy Spring Bancorp, Inc. integration,” said John C. Asbury, president and chief executive officer of Atlantic Union.
Company Overview
Tracing its roots back to 1902 when it first opened its doors in Virginia, Atlantic Union Bankshares (NYSE: AUB) is a full-service regional bank providing commercial and retail banking, wealth management, and insurance services throughout Virginia and parts of Maryland and North Carolina.
Sales Growth
Net interest income and and fee-based revenue are the two pillars supporting bank earnings. The former captures profit from the gap between lending rates and deposit costs, while the latter encompasses charges for banking services, credit products, wealth management, and trading activities. Over the last five years, Atlantic Union Bankshares grew its revenue at an excellent 17% compounded annual growth rate. Its growth beat the average banking company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. Atlantic Union Bankshares’s annualized revenue growth of 44.6% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Atlantic Union Bankshares achieved a magnificent 69.1% year-on-year revenue growth rate, but its $367.2 million of revenue fell short of Wall Street’s lofty estimates.
Net interest income made up 83.2% of the company’s total revenue during the last five years, meaning Atlantic Union Bankshares barely relies on non-interest income to drive its overall growth.
While banks generate revenue from multiple sources, investors view net interest income as the cornerstone - its predictable, recurring characteristics stand in sharp contrast to the volatility of non-interest income.
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Tangible Book Value Per Share (TBVPS)
The balance sheet drives banking profitability since earnings flow from the spread between borrowing and lending rates. As such, valuations for these companies concentrate on capital strength and sustainable equity accumulation potential.
Because of this, tangible book value per share (TBVPS) emerges as the critical performance benchmark. By excluding intangible assets with uncertain liquidation values, this metric captures real, liquid net worth per share. Other (and more commonly known) per-share metrics like EPS can sometimes be murky due to M&A or accounting rules allowing for loan losses to be spread out.
Atlantic Union Bankshares’s TBVPS declined at a 1.8% annual clip over the last five years. A turnaround doesn’t seem to be in sight as its TBVPS also dropped by 3.3% annually over the last two years ($21.31 to $19.93 per share).
Over the next 12 months, Consensus estimates call for Atlantic Union Bankshares’s TBVPS to grow by 14% to $22.71, decent growth rate.
Key Takeaways from Atlantic Union Bankshares’s Q1 Results
Atlantic Union Bankshares's revenue missed and its net interest income fell short of Wall Street’s estimates. On the other hand, EPS beat. Overall, this was a mixed quarter. The stock remained flat at $38.49 immediately after reporting.
Atlantic Union Bankshares may have had a tough quarter, but does that actually create an opportunity to invest right now? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).
