Earnings of Atlantic Union Bankshares Corporation (AUB) plunged by 87% sequentially to $0.09 per share in the first quarter of 2020. The earnings decline was attributable to a surge in provision expense to $60 million in the first quarter from $3 million in the last quarter of 2019. The provision expense will likely remain elevated in the second quarter because AUB will need to adjust its reserves for a higher unemployment rate than it previously expected. Moreover, the net interest margin will likely decline further in the year ahead because of the sensitivity of the