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April 22 , 2021 Atlantic Union Bankshares Atlantic Union Bankshares Reports First Quarter Results RICHMOND , Va . , April 22 , 2021 ( GLOBE NEWSWIRE ) -- Atlantic Union Bankshares Corporation ( the “ Company ” or “ Atlantic Union ” ) ( Nasdaq : AUB ) today reported net income available to common shareholders of $ 53.2 million and basic and diluted earnings per common share of $ 0.67 for the first quarter ended March 31 , 2021. Adjusted operating earnings available to common shareholders ( 1 ) were $ 64.8 million , diluted operating earnings per common share ( 1 ) were $ 0.82 , and pre - tax pre - provision adjusted operating earnings ( 1 ) were $ 68.6 million for the first quarter ended March 31 , 2021 . " Despite near term economic headwinds from COVID - 19 , Atlantic Union delivered solid financial results in the first quarter while positioning the company for success over the long term , " said John C. Asbury , president and chief executive officer of Atlantic Union . " Operating under the mantra of soundness , profitability and growth – in that order of priority - Atlantic Union remains in a strong financial position with ample liquidity and a well - fortified capital base . " - " Our conservative credit culture continues to serve us well as we help our clients manage through the pandemic . With credit quality metrics remaining benign and a more optimistic economic recovery outlook due to the roll - out of COVID - 19 vaccines and additional government stimulus inclusive of more PPP funding , we believe that credit losses will not be as severe as initially projected and that loan growth will improve as economic activity accelerates over the next few quarters . " " Looking forward , we remain optimistic that the challenges of COVID - 19 will ease as the year progresses and that Atlantic Union will emerge as a stronger company that is well positioned to generate sustainable , profitable growth and build long term value for our shareholders . " Small Business Administration ( " SBA " ) Paycheck Protection Program ( “ PPP ” ) The Company has participated in the SBA PPP under the Coronavirus Aid , Relief , and Economic Security ( " CARES ” ) Act ( " PPP Round One " ) , which was intended to provide economic relief to small businesses that have been adversely impacted by the COVID - 19 global pandemic ( " COVID - 19 ” ) . The Company processed over 11,000 PPP loans totaling $ 1.7 billion in 2020 pursuant to the CARES Act . The loans carry a 1 % interest rate . As of March 31 , 2021 , PPP Round One loans have a recorded investment of $ 1.03 billion and unamortized deferred fees of $ 10.7 million . In addition to an insignificant amount of PPP loan pay offs , the Company has processed approximately $ 600 million of loan forgiveness on approximately 5,600 PPP loans , of which approximately 2,500 PPP loans totaling approximately $ 165.0 million were processed for forgiveness in the first quarter of 2021 . Certain provisions of the CARES Act , including additional PPP funding , were extended as a result of the Consolidated Appropriations Act 2021 ( the “ CAA ” ) ( “ PPP Round Two " ) , which