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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-39325

ATLANTIC UNION BANKSHARES CORPORATION

(Exact name of registrant as specified in its charter)

Virginia

54-1598552

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

1051 East Cary Street

Suite 1200

Richmond, Virginia 23219

(Address of principal executive offices) (Zip Code)

(804) 633-5031

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading symbol(s)

    

Name of each exchange on which registered

Common Stock, par value $1.33 per share

AUB

The New York Stock Exchange

Depositary Shares, Each Representing a 1/400th Interest in a Share of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A

AUB.PRA

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.              Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).            Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

The number of shares of common stock outstanding as of April 27, 2023 was 74,994,600.

Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION

FORM 10-Q

INDEX

ITEM

    

    

PAGE

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets as of March 31, 2023 (unaudited) and December 31, 2022 (audited)

2

Consolidated Statements of Income (unaudited) for the three months ended March 31, 2023 and 2022

3

Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months ended March 31, 2023 and 2022

4

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the three months ended March 31, 2023 and 2022

5

Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2023 and 2022

6

Notes to Consolidated Financial Statements (unaudited)

8

Report of Independent Registered Public Accounting Firm

51

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

52

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

76

Item 4.

Controls and Procedures

78

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

80

Item 1A.

Risk Factors

80

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

81

Item 6.

Exhibits

81

Signatures

83

Table of Contents

Glossary of Acronyms and Defined Terms

In this Form 10-Q, unless the context suggests otherwise, the terms “we”, “us”, and “our” refer to Atlantic Union Bankshares Corporation and its direct and indirect subsidiaries, including Atlantic Union Bank.

2022 Form 10-K

Annual Report on Form 10-K for the year ended December 31, 2022

ACL

Allowance for credit losses

AFS

Available for sale

ALLL

Allowance for loan and lease losses, a component of ACL

AOCI

Accumulated other comprehensive income (loss)

ASC

Accounting Standards Codification

ASU

Accounting Standards Update

AUB

Atlantic Union Bankshares Corporation

the Bank

Atlantic Union Bank

BOLI

Bank-owned life insurance

bps

Basis points

BTFP

Bank Term Funding Program

CECL

Current expected credit losses

CFPB

Consumer Financial Protection Bureau

the Company

Atlantic Union Bankshares Corporation and its subsidiaries

depositary shares

Depositary shares, each representing a 1/400th ownership interest in a share of the Company’s Series A preferred stock, with a liquidation preference of $10,000 per share of Series A preferred stock (equivalent to $25 per depositary share)

DHFB

Dixon, Hubard, Feinour & Brown, Inc.

EPS

Earnings per common share

Exchange Act

Securities Exchange Act of 1934, as amended

FASB

Financial Accounting Standards Board

FDIC

Federal Deposit Insurance Corporation

Federal Reserve

Board of Governors of the Federal Reserve System

FRB

Federal Reserve Bank of Richmond

FHLB

Federal Home Loan Bank of Atlanta

FHLMC

Federal Home Loan Mortgage Corporation

FNB

FNB Corporation

FNMA

Federal National Mortgage Association

FOMC

Federal Open Market Committee

FTE

Fully taxable equivalent

FR Y9-C

Consolidated financial statements for a U.S. bank holding company, a savings and loan holding company, a U.S. intermediate holding company, and a securities holding company

GAAP

Accounting principles generally accepted in the United States

GNMA

Government National Mortgage Association

HTM

Held to maturity

ICE

Intercontinental Exchange Data Services

LHFI

Loans held for investment

LHFS

Loans held for sale

LIBOR

London Interbank Offered Rate

MBS

Mortgage-Backed Securities

MFC

Middleburg Financial Corporation

NPA

Nonperforming assets

NYSE

New York Stock Exchange

OCI

Other comprehensive (loss) income

OREO

Other real estate owned

PD/LGD

Probability of default/loss given default

Table of Contents

ROU asset

Right of Use Asset

RPAs

Risk Participation Agreements

SBA

Small Business Administration

SEC

Securities and Exchange Commission

Series A preferred stock

6.875% Perpetual Non-Cumulative Preferred Stock, Series A, par value $10.00 per share

SOFR

Secured Overnight Financing Rate

TLM

Troubled loan modification

TDR

Troubled debt restructuring

VFG

Virginia Financial Group, Inc.

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Dollars in thousands, except share data)

March 31,

December 31,

2023

    

2022

ASSETS

(unaudited)

(audited)

Cash and cash equivalents:

Cash and due from banks

$

187,106

$

216,384

Interest-bearing deposits in other banks

184,371

102,107

Federal funds sold

719

1,457

Total cash and cash equivalents

372,196

319,948

Securities available for sale, at fair value

2,252,365

2,741,816

Securities held to maturity, at carrying value

855,418

847,732

Restricted stock, at cost

87,616

120,213

Loans held for sale

14,213

3,936

Loans held for investment, net of deferred fees and costs

14,584,280

14,449,142

Less: allowance for loan and lease losses

116,512

110,768

Total loans held for investment, net

14,467,768

14,338,374

Premises and equipment, net

116,466

118,243

Goodwill

925,211

925,211

Amortizable intangibles, net

24,482

26,761

Bank owned life insurance

443,537

440,656

Other assets

544,098

578,248

Total assets

$

20,103,370

$

20,461,138

LIABILITIES

Noninterest-bearing demand deposits

$

4,578,009

$

4,883,239

Interest-bearing deposits

11,877,901

11,048,438

Total deposits

16,455,910

15,931,677

Securities sold under agreements to repurchase

163,760

142,837

Other short-term borrowings

245,000

1,176,000

Long-term borrowings

390,150

389,863

Other liabilities

408,314

448,024

Total liabilities

17,663,134

18,088,401

Commitments and contingencies (Note 7)

STOCKHOLDERS' EQUITY

Preferred stock, $10.00 par value

173

173

Common stock, $1.33 par value

99,072

98,873

Additional paid-in capital

1,773,118

1,772,440

Retained earnings

929,806

919,537

Accumulated other comprehensive loss

(361,933)

(418,286)

Total stockholders' equity

2,440,236

2,372,737

Total liabilities and stockholders' equity

$

20,103,370

$

20,461,138

Common shares outstanding

74,989,228

74,712,622

Common shares authorized

200,000,000

200,000,000

Preferred shares outstanding

17,250

17,250

Preferred shares authorized

500,000

500,000

See accompanying notes to consolidated financial statements.

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2023 AND 2022

(Dollars in thousands, except share and per share data)

Three Months Ended

March 31,

March 31,

2023

    

2022

    

Interest and dividend income:

Interest and fees on loans

$

189,992

$

114,200

Interest on deposits in other banks

1,493

131

Interest and dividends on securities:

Taxable

16,753

13,666

Nontaxable

9,308

10,459

Total interest and dividend income

217,546

138,456

Interest expense:

Interest on deposits

51,834

4,483

Interest on short-term borrowings

7,563

21

Interest on long-term borrowings

4,706

3,021

Total interest expense

64,103

7,525

Net interest income

153,443

130,931

Provision for credit losses

11,850

2,800

Net interest income after provision for credit losses

141,593

128,131

Noninterest income:

Service charges on deposit accounts

7,902

7,596

Other service charges, commissions and fees

1,746

1,655

Interchange fees

2,325

1,810

Fiduciary and asset management fees

4,262

7,255

Mortgage banking income

854

3,117

Loss on sale of securities

(13,400)

Bank owned life insurance income

2,828

2,697

Loan-related interest rate swap fees

1,439

3,860

Other operating income

1,672

2,163

Total noninterest income

9,628

30,153

Noninterest expenses:

Salaries and benefits

60,529

58,298

Occupancy expenses

6,356

6,883

Furniture and equipment expenses

3,752

3,597

Technology and data processing

8,142

7,796

Professional services

3,413

4,090

Marketing and advertising expense

2,351

2,163

FDIC assessment premiums and other insurance

3,899

2,485

Franchise and other taxes

4,498

4,499

Loan-related expenses

1,552

1,776

Amortization of intangible assets

2,279

3,039

Other expenses

11,503

10,695

Total noninterest expenses

108,274

105,321

Income from continuing operations before income taxes

42,947

52,963

Income tax expense

7,294

9,273

Net income

35,653

43,690

Dividends on preferred stock

2,967

2,967

Net income available to common shareholders

$

32,686

$

40,723

Basic earnings per common share

$

0.44

$

0.54

Diluted earnings per common share

$

0.44

$

0.54

Dividends declared per common share

$

0.30

$

0.28

Basic weighted average number of common shares outstanding

74,832,141

75,544,644

Diluted weighted average number of common shares outstanding

74,835,514

75,556,127

See accompanying notes to consolidated financial statements.

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2023 AND 2022

(Dollars in thousands)

Three Months Ended

 

March 31, 

 

    

2023

    

2022

 

Net income

$

35,653

$

43,690

Other comprehensive income (loss):

 

 

Cash flow hedges:

 

 

Change in fair value of cash flow hedges (net of tax, $3,645 and $6,197 for the three months ended March 31, 2023 and 2022, respectively)

 

13,714

 

(23,313)

AFS securities:

 

 

Unrealized holding gains (losses) arising during period (net of tax, $8,525 and $49,700 for the three months ended March 31, 2023 and 2022, respectively)

 

32,068

 

(186,967)

Reclassification adjustment for losses included in net income (net of tax, $2,814 and $0 for the three months ended March 31, 2023 and 2022, respectively) (1)

 

10,586

 

HTM securities:

 

 

Reclassification adjustment for accretion of unrealized gain on AFS securities transferred to HTM (net of tax, $1 and $1 for the three months ended March 31, 2023 and 2022, respectively) (2)

 

(3)

 

(5)

Bank owned life insurance:

 

 

Unrealized holding gains arising during the period

10

Reclassification adjustment for losses included in net income (3)

 

(22)

 

167

Other comprehensive income (loss):

 

56,353

 

(210,118)

Comprehensive income (loss)

$

92,006

$

(166,428)

(1) The gross amounts reclassified into earnings are reported as "Other operating income" on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense.

(2) The gross amounts reclassified into earnings are reported within interest income on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense.

(3) Reclassifications in earnings are reported in "Salaries and benefits" expense on the Company’s Consolidated Statements of Income.

See accompanying notes to consolidated financial statements.

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2023 AND 2022

(Dollars in thousands, except share and per share amounts)

  

  

  

  

  

Accumulated

  

Additional

Other

Common

Preferred

Paid-In

Retained

Comprehensive

Stock

Stock

Capital

Earnings

Income (Loss)

Total

Balance - December 31, 2022

$

98,873

$

173

$

1,772,440

$

919,537

$

(418,286)

$

2,372,737

Net Income

 

35,653

 

35,653

Other comprehensive income (net of taxes of $14,983)

 

56,353

 

56,353

Dividends on common stock ($0.30 per share)

 

(22,417)

 

(22,417)

Dividends on preferred stock ($171.88 per share)

 

(2,967)

 

(2,967)

Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes (149,684 shares)

 

199

(1,654)

(1,455)

Stock-based compensation expense

 

2,332

 

2,332

Balance - March 31, 2023

$

99,072

$

173

$

1,773,118

$

929,806

$

(361,933)

$

2,440,236

Balance - December 31, 2021

$

100,101

$

173

$

1,807,368

$

783,794

$

18,635

$

2,710,071

Net Income

 

43,690

 

43,690

Other comprehensive loss (net of taxes of $49,701)

 

(210,118)

 

(210,118)

Dividends on common stock ($0.28 per share)

 

(21,163)

 

(21,163)

Dividends on preferred stock ($171.88 per share)

 

(2,967)

 

(2,967)

Stock purchased under stock repurchase plan (629,691 shares)

(837)

(24,181)

(25,018)

Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes (291,723 shares)

 

387

1,044

1,431

Stock-based compensation expense

 

2,409

 

2,409

Balance - March 31, 2022

$

99,651

$

173

$

1,786,640

$

803,354

$

(191,483)

$

2,498,335

See accompanying notes to consolidated financial statements.

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2023 AND 2022

(Dollars in thousands)

    

2023

    

2022

Operating activities:

 

  

 

  

Net income

$

35,653

$

43,690

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Depreciation of premises and equipment

 

3,427

 

3,599

Writedown of ROU assets, foreclosed properties and equipment

 

112

 

4,570

Amortization, net

 

6,417

 

8,619

Amortization related to acquisitions, net

 

1,288

 

875

Provision for credit losses

 

11,850

 

2,800

Losses on securities transactions

 

13,400

 

BOLI income

(2,828)

(2,697)

Originations and purchases of LHFS

 

(286,526)

 

(91,957)

Proceeds from sales of LHFS

283,316

91,434

Stock-based compensation expenses

 

2,332

 

2,409

Issuance of common stock for services

 

187

 

217

Net decrease in other assets

 

18,840

 

46,434

Net (decrease) increase in other liabilities

 

(27,901)

 

1,454

Net cash provided by operating activities

 

59,567

 

111,447

Investing activities:

 

  

 

  

Purchases of AFS securities, restricted stock, and other investments

 

(45,633)

 

(62,773)

Purchases of HTM securities

 

(13,826)

 

(130,533)

Proceeds from sales of AFS securities and restricted stock

 

558,466

 

Proceeds from maturities, calls and paydowns of AFS securities

 

47,338

 

109,974

Proceeds from maturities, calls and paydowns of HTM securities

 

5,218

 

550

Net increase in LHFI

(145,260)

(258,502)

Net increase in premises and equipment

 

(1,624)

 

(797)

Proceeds from BOLI settlements

353

2,068

Proceeds from sales of foreclosed properties and former bank premises

 

533

 

Net cash provided by (used in) investing activities

 

405,565

 

(340,013)

Financing activities:

 

  

 

  

Net (decrease) increase in noninterest-bearing deposits

 

(305,230)

 

162,739

Net increase (decrease) in interest-bearing deposits

 

829,449

 

(289,594)

Net decrease in short-term borrowings

 

(910,077)

 

(2,843)

Cash dividends paid - common stock

 

(22,417)

 

(21,163)

Cash dividends paid - preferred stock

(2,967)

(2,967)

Repurchase of common stock

(25,018)

Issuance of common stock

 

474

 

3,804

Vesting of restricted stock, net of shares held for taxes

 

(2,116)

 

(2,590)

Net cash used in financing activities

 

(412,884)

 

(177,632)

Increase (decrease) in cash and cash equivalents

 

52,248

(406,198)

Cash, cash equivalents and restricted cash at beginning of the period

 

319,948

 

802,501

Cash, cash equivalents and restricted cash at end of the period

$

372,196

$

396,303

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2023 AND 2022

(Dollars in thousands)

    

2023

    

2022

Supplemental Disclosure of Cash Flow Information

 

  

 

  

Cash payments for:

 

  

 

  

Interest

$

58,678

$

5,393

Supplemental schedule of noncash investing and financing activities

 

  

 

  

Transfer from LHFI to LHFS

7,087

See accompanying notes to consolidated financial statements.

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company

Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank had 109 branches and approximately 125 ATMs located throughout Virginia, and in portions of Maryland and North Carolina as of March 31, 2023. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements; however, in the opinion of management all adjustments necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other period.

The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s 2022 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation.

Adoption of New Accounting Standards

In March 2022, the FASB issued ASU No. 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method to allow nonprepayable financial assets to be included in a closed portfolio hedge using the portfolio layer method and to allow multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU No. 2022-01 effective January 1, 2023 and concluded that it did not have significant impact on its consolidated financial statements.

In March 2022, the FASB issued ASU No. 2022-02 Financial Instruments- Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for TDRs by creditors and instead requires that an entity evaluate whether a loan modification represents a new loan or a continuation of an existing loan, consistent with the accounting for other loan modifications. The amendment also introduces new disclosure requirements for modifications to loans made to a borrower experiencing financial difficulty in the form of principal forgiveness, interest rate reductions, term extensions, or other-than-insignificant payment delays. The Company refers to these modifications to borrowers experiencing financial difficulty as Troubled Loan Modifications, or TLMs. In addition, the amendments require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted the amendments of ASU 2022-02 effective January 1, 2023 on a prospective basis. See below in Note 1 “Summary of Significant Accounting Policies” within this Item 1 of this Quarterly Report for discussion of the Company’s accounting policy for Loan Modifications and Note 3 “Loans and Allowance for Loan and Lease Losses” within this Item 1 of this Quarterly Report for more information.

In March 2020, the FASB issued ASC 848, Reference Rate Reform. This guidance provides temporary, optional guidance to ease the potential burden in accounting for reference rate reform associated with the LIBOR transition. LIBOR and other interbank offered rates are widely used benchmark or reference rates that have been used in the valuation of loans, derivatives, and other financial contracts. ASC 848 provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. ASC 848 is intended to help stakeholders during the global market-wide reference rate transition period. The amendments are effective as of March 12, 2020 through December 31, 2024 and can be adopted at an instrument level. The Company has elected the practical expedients provided in ASC 848 related to (1) accounting for contract modifications on its loans and securities tied to LIBOR and (2) asserting probability of the hedged item occurring, regardless of any expected modification in terms related to reference rate reform for the newly executed cash flow hedges. The Company

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may incorporate other components of ASC 848 at a later date. This amendment did not have a significant impact on the Company’s consolidated financial statements.

Loan Modifications

The Company evaluates all loan modifications according to the accounting guidance for loan refinancing and restructuring to determine whether the modification should be accounted for as a new loan or a continuation of the existing loan. If the modification meets the criteria to be accounted for as a new loan, any deferred fees and costs remaining prior to the modification are recognized in income and any new deferred fees and costs are recorded on the loan as part of the modification. If the modification does not meet the criteria to be accounted for as a new loan, any new deferred fees and costs resulting from the modification are added to the existing amortized cost basis of the loan.

The Company adopted the accounting guidance in ASU No. 2022-02 on January 1, 2023 that eliminates the recognition and measurement of TDRs. Upon adoption of this guidance, the Company no longer applies its TDR accounting policy and instead accounts for modifications in accordance with its loan modifications policy stated in the preceding paragraph. For the Company’s policy for accounting for TDRs prior to the adoption of ASU No. 2022-02, see Note 1 “Summary of Significant Accounting Policies” of the Company’s 2022 Form 10-K.

Effective January 1, 2023, the Company refers to modifications to loans where the borrower is experiencing financial difficulty and the modification is in the form of principal forgiveness, interest rate reductions, term extensions, other-than-insignificant payment delays, or a combination of the above modifications, as troubled loan modifications, or TLMs. The Company accounts for TLMs consistently with its accounting policy for accounting for loan modifications. The ALLL on TLMs is measured using the same method as all other LHFI. Refer to Note 3 “Loans and Allowance for Loan and Lease Losses” within this Item 1 of this Quarterly Report for additional disclosures related to TLMs.

Accrued Interest Receivable

The Company has elected to exclude accrued interest from the amortized cost basis in its determination of the ALLL, as well as the ACL reserve for securities. Accrued interest receivable totaled $60.7 million and