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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 June 30, 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 July 28, 2023 was 75,004,706.

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 June 30, 2023 (unaudited) and December 31, 2022 (audited)

2

Consolidated Statements of Income (unaudited) for the three and six months ended June 30, 2023 and 2022

3

Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and six months ended June 30, 2023 and 2022

4

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the six months ended June 30, 2023 and 2022

5

Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2023 and 2022

6

Notes to Consolidated Financial Statements (unaudited)

8

Report of Independent Registered Public Accounting Firm

52

Item 2.

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

53

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

84

Item 4.

Controls and Procedures

86

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

87

Item 1A.

Risk Factors

87

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

89

Item 5.

Other Information

89

Item 6.

Exhibits

90

Signatures

91

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

American National

American National Bankshares Inc.

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

merger agreement

Agreement and Plan of Merger dated July 24, 2023 by and between Atlantic Union Bankshares Corporation and American National Bankshares Inc.

merger

Proposed merger of American National Bankshares Inc. with and into Atlantic Union Bankshares Corporation pursuant to the merger agreement

Table of Contents

MFC

Middleburg Financial Corporation

NPA

Nonperforming assets

NYSE

New York Stock Exchange

OCI

Other comprehensive (loss) income

PD/LGD

Probability of default/loss given default

ROU asset

Right of Use Asset

RPAs

Risk Participation Agreements

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 JUNE 30, 2023 AND DECEMBER 31, 2022

(Dollars in thousands, except share data)

June 30,

December 31,

2023

    

2022

ASSETS

(unaudited)

(audited)

Cash and cash equivalents:

Cash and due from banks

$

199,778

$

216,384

Interest-bearing deposits in other banks

227,015

102,107

Federal funds sold

1,474

1,457

Total cash and cash equivalents

428,267

319,948

Securities available for sale, at fair value

2,182,448

2,741,816

Securities held to maturity, at carrying value

849,610

847,732

Restricted stock, at cost

111,178

120,213

Loans held for sale

10,327

3,936

Loans held for investment, net of deferred fees and costs

15,066,930

14,449,142

Less: allowance for loan and lease losses

120,683

110,768

Total loans held for investment, net

14,946,247

14,338,374

Premises and equipment, net

114,786

118,243

Goodwill

925,211

925,211

Amortizable intangibles, net

23,469

26,761

Bank owned life insurance

446,441

440,656

Other assets

564,348

578,248

Total assets

$

20,602,332

$

20,461,138

LIABILITIES

Noninterest-bearing demand deposits

$

4,310,306

$

4,883,239

Interest-bearing deposits

12,101,681

11,048,438

Total deposits

16,411,987

15,931,677

Securities sold under agreements to repurchase

130,461

142,837

Other short-term borrowings

799,400

1,176,000

Long-term borrowings

390,440

389,863

Other liabilities

445,574

448,024

Total liabilities

18,177,862

18,088,401

Commitments and contingencies (Note 7)

STOCKHOLDERS' EQUITY

Preferred stock, $10.00 par value

173

173

Common stock, $1.33 par value

99,088

98,873

Additional paid-in capital

1,776,494

1,772,440

Retained earnings

959,582

919,537

Accumulated other comprehensive loss

(410,867)

(418,286)

Total stockholders' equity

2,424,470

2,372,737

Total liabilities and stockholders' equity

$

20,602,332

$

20,461,138

Common shares outstanding

74,998,075

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.

-2-

Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

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

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2023

    

2022

    

2023

    

2022

Interest and dividend income:

Interest and fees on loans

$

205,172

$

123,266

$

395,165

$

237,466

Interest on deposits in other banks

1,014

157

2,507

288

Interest and dividends on securities:

Taxable

15,565

14,695

32,317

28,361

Nontaxable

8,496

10,637

17,804

21,097

Total interest and dividend income

230,247

148,755

447,793

287,212

Interest expense:

Interest on deposits

65,267

6,097

117,100

10,580

Interest on short-term borrowings

8,044

555

15,607

576

Interest on long-term borrowings

4,852

3,336

9,558

6,358

Total interest expense

78,163

9,988

142,265

17,514

Net interest income

152,084

138,767

305,528

269,698

Provision for credit losses

6,069

3,559

17,920

6,359

Net interest income after provision for credit losses

146,015

135,208

287,608

263,339

Noninterest income:

Service charges on deposit accounts

8,118

8,040

16,020

15,637

Other service charges, commissions and fees

1,693

1,709

3,439

3,364

Interchange fees

2,459

2,268

4,784

4,078

Fiduciary and asset management fees

4,359

6,939

8,620

14,194

Mortgage banking income

449

2,200

1,303

5,317

Gain (loss) on sale of securities

2

(2)

(13,398)

(2)

Bank owned life insurance income

2,870

2,716

5,698

5,413

Loan-related interest rate swap fees

2,316

2,600

3,755

6,460

Other operating income

1,931

11,816

3,603

13,978

Total noninterest income

24,197

38,286

33,824

68,439

Noninterest expenses:

Salaries and benefits

62,019

55,305

122,547

113,603

Occupancy expenses

6,094

6,395

12,450

13,278

Furniture and equipment expenses

3,565

3,590

7,317

7,187

Technology and data processing

8,566

7,862

16,708

15,658

Professional services

4,433

4,680

7,847

8,770

Marketing and advertising expense

2,817

2,502

5,168

4,665

FDIC assessment premiums and other insurance

4,074

2,765

7,973

5,250

Franchise and other taxes

4,499

4,500

8,997

8,999

Loan-related expenses

1,619

1,867

3,171

3,643

Amortization of intangible assets

2,216

2,915

4,494

5,954

Other expenses

5,759

6,387

17,262

17,082

Total noninterest expenses

105,661

98,768

213,934

204,089

Income before income taxes

64,551

74,726

107,498

127,689

Income tax expense

9,310

12,500

16,604

21,773

Net income

55,241

62,226

90,894

105,916

Dividends on preferred stock

2,967

2,967

5,934

5,934

Net income available to common shareholders

$

52,274

$

59,259

$

84,960

$

99,982

Basic earnings per common share

$

0.70

$

0.79

$

1.13

$

1.33

Diluted earnings per common share

$

0.70

$

0.79

$

1.13

$

1.33

Dividends declared per common share

$

0.30

$

0.28

$

0.60

$

0.56

Basic weighted average number of common shares outstanding

74,995,450

74,847,899

74,914,247

75,194,347

Diluted weighted average number of common shares outstanding

74,995,557

74,849,871

74,915,977

75,201,326

See accompanying notes to consolidated financial statements.

-3-

Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(Dollars in thousands)

Three Months Ended

 

Six Months Ended

June 30, 

 

June 30, 

    

2023

    

2022

 

2023

    

2022

Net income

$

55,241

$

62,226

$

90,894

$

105,916

Other comprehensive (loss) income:

 

 

 

  

 

Cash flow hedges:

 

 

 

  

 

Change in fair value of cash flow hedges (net of tax, $4,340 and $3,076 for the three months and $694 and $9,273 for the six months ended June 30, 2023 and 2022, respectively)

 

(16,325)

 

(11,572)

 

(2,611)

 

(34,885)

AFS securities:

 

 

 

 

Unrealized holding losses arising during period (net of tax, $8,651 and $30,137 for the three months and $126 and $79,837 for the six months ended June 30, 2023 and 2022, respectively)

 

(32,544)

 

(113,374)

 

(476)

 

(300,341)

Reclassification adjustment for (gains) losses included in net income (net of tax, $0 and $0 for the three months and $2,814 and $0 for the six months ended June 30, 2023 and 2022, respectively) (1)

 

(2)

 

1

 

10,584

 

1

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 and $2 and $3 for six months ended June 30, 2023 and 2022, respectively) (2)

 

(2)

 

(5)

 

(5)

 

(10)

Bank owned life insurance:

 

 

 

Unrealized holding gains arising during the period

10

Reclassification adjustment for losses included in net income (3)

 

(61)

 

150

 

(83)

 

317

Other comprehensive (loss) income:

 

(48,934)

 

(124,800)

 

7,419

 

(334,918)

Comprehensive income (loss)

$

6,307

$

(62,574)

$

98,313

$

(229,002)

(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.

-4-

Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 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

Net Income

 

55,241

 

55,241

Other comprehensive loss (net of taxes of $12,992)

 

(48,934)

 

(48,934)

Dividends on common stock ($0.30 per share)

 

(22,498)

 

(22,498)

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 (11,822 shares)

 

16