Atlantic Union Bankshares Corporation (NASDAQ:AUB) Q3 2023 Earnings Call Transcript

In terms of market rates or competitive rates, we haven’t really seen much movement at all in the last two quarters, maybe since, I guess, maybe, late April-May, it’s been pretty steady. We haven’t really raised our rates at all in terms of our published deposit rates or specials, CD specials or money market promos. So we’re not looking that, to see a lot more market rates unless we see or deposit rates increase from the Fed point of view, unless we see market rates rise, which we’re not projecting at the moment.

Steve Moss: Okay, that’s helpful. And then, John, I apologize, I dialed in at the end of your credit comments here, but just – on the 30 to 89-day past due bucket picking up here, it was crossed, owner occupied, non-owner occupied, and C&I. Kind of curious, any color or maybe any underlying trends there?

John Asbury: Yes, that was largely driven by a couple of administrative past dues. We literally had one credit that was a third of that increase and for various reasons, it was not renewed on time. It’s subsequently been renewed. We are not concerned about that. We’ve seen no material change in past dues from our perspective. Doug, do you have anything to add to that?

Doug Woolley: John, well said, a few smaller – few smaller loans, but administrative past dues drove that.

John Asbury: Yes, which are cleared.

Steve Moss: Okay, great. No, I appreciate all the color there. Thank you very much, guys.

John Asbury: Thank you.

RobGorman: Thanks, Steve.

Bill Cimino: Thanks, Steve. And thanks everyone for joining us today. We look forward to talking with you in three months’ time. Everybody have a good fourth quarter.

Operator: Thank you. This concludes today’s conference call. Thank you for participating. You may now disconnect.