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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 September 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.)

4300 Cox Road

Glen Allen, Virginia 23060

(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 October 26, 2023 was 75,016,179.

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

2

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

3

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

4

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

5

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

7

Notes to Consolidated Financial Statements (unaudited)

9

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

86

Item 4.

Controls and Procedures

88

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

89

Item 1A.

Risk Factors

89

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

90

Item 5.

Other Information

90

Item 6.

Exhibits

91

Signatures

92

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

ALCO

Asset liability management committee

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

CME SOFR

Chicago Mercantile Exchange Secured Overnight Financing Rate

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

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

FRB

Federal Reserve Bank of Richmond

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

FTE

Fully taxable equivalent

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.

Table of Contents

merger

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

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 SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(Dollars in thousands, except share data)

September 30,

December 31,

2023

    

2022

ASSETS

(unaudited)

(audited)

Cash and cash equivalents:

Cash and due from banks

$

233,526

$

216,384

Interest-bearing deposits in other banks

159,718

102,107

Federal funds sold

5,701

1,457

Total cash and cash equivalents

398,945

319,948

Securities available for sale, at fair value

2,084,928

2,741,816

Securities held to maturity, at carrying value

843,269

847,732

Restricted stock, at cost

104,785

120,213

Loans held for sale

6,608

3,936

Loans held for investment, net of deferred fees and costs

15,283,620

14,449,142

Less: allowance for loan and lease losses

125,627

110,768

Total loans held for investment, net

15,157,993

14,338,374

Premises and equipment, net

94,510

118,243

Goodwill

925,211

925,211

Amortizable intangibles, net

21,277

26,761

Bank owned life insurance

449,452

440,656

Other assets

649,258

578,248

Total assets

$

20,736,236

$

20,461,138

LIABILITIES

Noninterest-bearing demand deposits

$

4,144,949

$

4,883,239

Interest-bearing deposits

12,641,556

11,048,438

Total deposits

16,786,505

15,931,677

Securities sold under agreements to repurchase

134,936

142,837

Other short-term borrowings

495,000

1,176,000

Long-term borrowings

390,733

389,863

Other liabilities

540,261

448,024

Total liabilities

18,347,435

18,088,401

Commitments and contingencies (Note 7)

STOCKHOLDERS' EQUITY

Preferred stock, $10.00 par value

173

173

Common stock, $1.33 par value

99,120

98,873

Additional paid-in capital

1,779,281

1,772,440

Retained earnings

988,133

919,537

Accumulated other comprehensive loss

(477,906)

(418,286)

Total stockholders' equity

2,388,801

2,372,737

Total liabilities and stockholders' equity

$

20,736,236

$

20,461,138

Common shares outstanding

74,997,132

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 NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

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

Three Months Ended

Nine Months Ended

September 30,

September 30,

September 30,

September 30,

2023

    

2022

    

2023

    

2022

Interest and dividend income:

Interest and fees on loans

$

221,380

$

144,673

$

616,544

$

382,139

Interest on deposits in other banks

1,309

941

3,815

1,229

Interest and dividends on securities:

Taxable

16,055

14,750

48,373

43,110

Nontaxable

8,415

10,792

26,220

31,889

Total interest and dividend income

247,159

171,156

694,952

458,367

Interest expense:

Interest on deposits

83,590

15,386

200,690

25,966

Interest on short-term borrowings

6,499

1,229

22,106

1,805

Interest on long-term borrowings

5,129

3,826

14,687

10,183

Total interest expense

95,218

20,441

237,483

37,954

Net interest income

151,941

150,715

457,469

420,413

Provision for credit losses

4,991

6,412

22,911

12,771

Net interest income after provision for credit losses

146,950

144,303

434,558

407,642

Noninterest income:

Service charges on deposit accounts

8,557

6,784

24,577

22,421

Other service charges, commissions and fees

2,632

1,770

6,071

5,134

Interchange fees

2,314

2,461

7,098

6,539

Fiduciary and asset management fees

4,549

4,134

13,169

18,329

Mortgage banking income

666

1,390

1,969

6,707

Loss on sale of securities

(27,594)

(40,992)

(2)

Bank owned life insurance income

2,973

3,445

8,671

8,858

Loan-related interest rate swap fees

2,695

2,050

6,450

8,510

Other operating income

30,302

3,550

33,905

17,527

Total noninterest income

27,094

25,584

60,918

94,023

Noninterest expenses:

Salaries and benefits

57,449

56,600

179,996

170,203

Occupancy expenses

6,053

6,408

18,503

19,685

Furniture and equipment expenses

3,449

3,673

10,765

10,860

Technology and data processing

7,923

8,273

24,631

23,930

Professional services

3,291

3,504

11,138

12,274

Marketing and advertising expense

2,219

2,343

7,387

7,008

FDIC assessment premiums and other insurance

4,258

3,094

12,231

8,344

Franchise and other taxes

4,510

4,507

13,508

13,506

Loan-related expenses

1,388

1,575

4,560

5,218

Amortization of intangible assets

2,193

2,480

6,687

8,434

Other expenses

15,775

7,466

33,036

24,550

Total noninterest expenses

108,508

99,923

322,442

304,012

Income before income taxes

65,536

69,964

173,034

197,653

Income tax expense

11,519

11,894

28,123

33,667

Net income

54,017

58,070

144,911

163,986

Dividends on preferred stock

2,967

2,967

8,901

8,901

Net income available to common shareholders

$

51,050

$

55,103

$

136,010

$

155,085

Basic earnings per common share

$

0.68

$

0.74

$

1.81

$

2.07

Diluted earnings per common share

$

0.68

$

0.74

$

1.81

$

2.07

Dividends declared per common share

$

0.30

$

0.30

$

0.90

$

0.86

Basic weighted average number of common shares outstanding

74,999,128

74,703,699

74,942,851

75,029,000

Diluted weighted average number of common shares outstanding

74,999,128

74,705,054

74,943,999

75,034,084

See accompanying notes to consolidated financial statements.

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Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Dollars in thousands)

Three Months Ended

 

Nine Months Ended

September 30, 

 

September 30, 

    

2023

    

2022

 

2023

    

2022

Net income

$

54,017

$

58,070

$

144,911

$

163,986

Other comprehensive (loss) income:

 

 

 

  

 

Cash flow hedges:

 

 

 

  

 

Change in fair value of cash flow hedges (net of tax, $2,547 and $6,417 for the three months and $3,241 and $15,691 for the nine months ended September 30, 2023 and 2022, respectively)

 

(9,581)

 

(24,142)

 

(12,192)

 

(59,027)

AFS securities:

 

 

 

 

Unrealized holding losses arising during period (net of tax, $21,051 and $32,388 for the three months and $21,178 and $112,226 for the nine months ended September 30, 2023 and 2022, respectively)

 

(79,193)

 

(121,841)

 

(79,669)

 

(422,183)

Reclassification adjustment for losses included in net income (net of tax, $5,795 and $0 for the three months and $8,609 and $0 for the nine months ended September 30, 2023 and 2022, respectively) (1)

 

21,799

 

 

32,383

 

2

HTM securities:

 

 

 

 

Reclassification adjustment for accretion of unrealized gain on AFS securities transferred to HTM (net of tax) (2)

 

(2)

 

(4)

 

(7)

 

(14)

Bank owned life insurance:

 

 

 

Unrealized holding gains arising during the period

10

Reclassification adjustment for (gains) losses included in net income (3)

 

(62)

 

151

 

(145)

 

468

Other comprehensive (loss) income:

 

(67,039)

 

(145,836)

 

(59,620)

 

(480,754)

Comprehensive (loss) income

$

(13,022)

$

(87,766)

$

85,291

$

(316,768)

(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)

NINE MONTHS ENDED SEPTEMBER 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)