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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, 2024

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 April 25, 2024 was 89,766,691.

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, 2024 (unaudited) and December 31, 2023 (audited)

2

Consolidated Statements of Income (unaudited) for the three months ended March 31, 2024 and 2023

3

Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months ended March 31, 2024 and 2023

4

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the three months ended March 31, 2024 and 2023

5

Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023

6

Notes to Consolidated Financial Statements (unaudited)

8

Report of Independent Registered Public Accounting Firm

42

Item 2.

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

43

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

69

Item 4.

Controls and Procedures

71

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

72

Item 1A.

Risk Factors

72

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

72

Item 5.

Other Information

73

Item 6.

Exhibits

74

Signatures

75

Table of Contents

Glossary of Acronyms and Defined Terms

In this Quarterly Report on 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.

2023 Form 10-K

Annual Report on Form 10-K for the year ended December 31, 2023

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)

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

LHFI

Loans held for investment

LHFS

Loans held for sale

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

MFC

Middleburg Financial Corporation

NPA

Nonperforming assets

Table of Contents

NYSE

New York Stock Exchange

OCI

Other comprehensive (loss) income

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

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, 2024 AND DECEMBER 31, 2023

(Dollars in thousands, except share data)

March 31,

December 31,

2024

    

2023

ASSETS

(unaudited)

(audited)

Cash and cash equivalents:

Cash and due from banks

$

168,850

$

196,754

Interest-bearing deposits in other banks

225,386

167,601

Federal funds sold

2,434

13,776

Total cash and cash equivalents

396,670

378,131

Securities available for sale, at fair value

2,202,216

2,231,261

Securities held to maturity, at carrying value

828,928

837,378

Restricted stock, at cost

110,272

115,472

Loans held for sale

12,200

6,710

Loans held for investment, net of deferred fees and costs

15,851,628

15,635,043

Less: allowance for loan and lease losses

136,190

132,182

Total loans held for investment, net

15,715,438

15,502,861

Premises and equipment, net

90,126

90,959

Goodwill

925,211

925,211

Amortizable intangibles, net

17,288

19,183

Bank owned life insurance

455,885

452,565

Other assets

623,886

606,466

Total assets

$

21,378,120

$

21,166,197

LIABILITIES

Noninterest-bearing demand deposits

$

3,845,191

$

3,963,181

Interest-bearing deposits

13,433,244

12,854,948

Total deposits

17,278,435

16,818,129

Securities sold under agreements to repurchase

66,405

110,833

Other short-term borrowings

600,000

810,000

Long-term borrowings

391,319

391,025

Other liabilities

493,033

479,883

Total liabilities

18,829,192

18,609,870

Commitments and contingencies (Note 7)

STOCKHOLDERS' EQUITY

Preferred stock, $10.00 par value

173

173

Common stock, $1.33 par value

99,399

99,147

Additional paid-in capital

1,782,809

1,782,286

Retained earnings

1,040,845

1,018,070

Accumulated other comprehensive loss

(374,298)

(343,349)

Total stockholders' equity

2,548,928

2,556,327

Total liabilities and stockholders' equity

$

21,378,120

$

21,166,197

Common shares outstanding

75,381,740

75,023,327

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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Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2024 AND 2023

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

Three Months Ended

March 31,

March 31,

2024

    

2023

Interest and dividend income:

Interest and fees on loans

$

234,600

$

189,992

Interest on deposits in other banks

1,280

1,493

Interest and dividends on securities:

Taxable

18,879

16,753

Nontaxable

8,156

9,308

Total interest and dividend income

262,915

217,546

Interest expense:

Interest on deposits

101,864

51,834

Interest on short-term borrowings

8,161

7,563

Interest on long-term borrowings

5,065

4,706

Total interest expense

115,090

64,103

Net interest income

147,825

153,443

Provision for credit losses

8,239

11,850

Net interest income after provision for credit losses

139,586

141,593

Noninterest income:

Service charges on deposit accounts

8,569

7,902

Other service charges, commissions and fees

1,731

1,746

Interchange fees

2,294

2,325

Fiduciary and asset management fees

4,838

4,262

Mortgage banking income

867

854

Gain (loss) on sale of securities

3

(13,400)

Bank owned life insurance income

3,245

2,828

Loan-related interest rate swap fees

1,216

1,439

Other operating income

2,789

1,672

Total noninterest income

25,552

9,628

Noninterest expenses:

Salaries and benefits

61,882

60,529

Occupancy expenses

6,625

6,356

Furniture and equipment expenses

3,309

3,752

Technology and data processing

8,127

8,142

Professional services

3,081

3,413

Marketing and advertising expense

2,318

2,351

FDIC assessment premiums and other insurance

5,143

3,899

Franchise and other taxes

4,501

4,498

Loan-related expenses

1,323

1,552

Amortization of intangible assets

1,895

2,279

Other expenses

7,069

11,503

Total noninterest expenses

105,273

108,274

Income before income taxes

59,865

42,947

Income tax expense

10,096

7,294

Net Income

$

49,769

$

35,653

Dividends on preferred stock

2,967

2,967

Net income available to common shareholders

46,802

32,686

Basic earnings per common share

$

0.62

$

0.44

Diluted earnings per common share

$

0.62

$

0.44

Dividends declared per common share

$

0.32

$

0.30

Basic weighted average number of common shares outstanding

75,197,113

74,832,141

Diluted weighted average number of common shares outstanding

75,197,376

74,835,514

See accompanying notes to consolidated financial statements.

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Dollars in thousands)

Three Months Ended

 

March 31, 

 

    

2024

    

2023

 

Net income

$

49,769

$

35,653

Other comprehensive (loss) income:

 

 

Cash flow hedges:

 

 

Change in fair value of cash flow hedges (net of tax, $2,726 and $3,645 for the three months ended March 31, 2024 and 2023, respectively)

 

(10,253)

 

13,714

AFS securities:

 

 

Unrealized holding (losses) gains arising during period (net of tax, $5,450 and $8,525 for the three months ended March 31, 2024 and 2023, respectively)

 

(20,501)

 

32,068

Reclassification adjustment for (gains) losses included in net income (net of tax, $1 and $2,814 for the three months ended March 31, 2024 and 2023, respectively) (1)

 

(2)

 

10,586

HTM securities:

 

 

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

 

(2)

 

(3)

Bank owned life insurance:

 

 

Unrealized holding (losses) gains arising during the period (net of tax)

(16)

10

Reclassification adjustment for gains included in net income (3)

 

(175)

 

(22)

Other comprehensive (loss) income:

 

(30,949)

 

56,353

Comprehensive income

$

18,820

$

92,006

(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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Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(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, 2023

$

99,147

$

173

$

1,782,286

$

1,018,070

$

(343,349)

$

2,556,327

Net Income

 

49,769

 

49,769

Other comprehensive income (net of taxes of $8,182)

 

(30,949)

 

(30,949)

Dividends on common stock ($0.32 per share)

 

(24,027)

 

(24,027)

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 (189,503 shares)

 

252

(2,458)

(2,206)

Stock-based compensation expense

 

2,981

 

2,981

Balance - March 31, 2024

$

99,399

$

173

$

1,782,809

$

1,040,845

$

(374,298)

$

2,548,928

  

  

  

  

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

See accompanying notes to consolidated financial statements.

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Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Dollars in thousands)

    

2024

    

2023

Operating activities:

 

  

 

  

Net income

$

49,769

$

35,653

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

 

  

 

  

Provision for credit losses

 

8,239

 

11,850

Depreciation of premises and equipment

 

2,961

 

3,427

Amortization, net

 

6,542

 

6,417

Amortization related to acquisitions, net

 

2,869

 

1,288

(Gains) losses on securities sales, net

 

(3)

 

13,400

BOLI income

 

(3,245)

 

(2,828)

Writedown of ROU assets, foreclosed properties, and equipment

 

 

112

Loans held for sale:

Originations and purchases

(41,244)

(286,526)

Proceeds from sales

 

35,770

 

283,316

Changes in operating assets and liabilities:

 

 

Net (increase) decrease in other assets

 

(11,368)

 

18,840

Net increase (decrease) in other liabilities

 

6,721

 

(22,441)

Net cash provided by operating activities

 

57,011

 

62,508

Investing activities:

 

  

 

  

Securities available for sale and restricted stock:

 

Purchases

 

(115,674)

 

(45,633)

Proceeds from sales

 

61,943

 

558,466

Proceeds from maturities, calls, and paydowns

 

60,985

 

47,338

Securities held to maturity:

 

Purchases

(13,826)

Proceeds from maturities, calls, and paydowns

 

7,374

 

5,218

Net change in other investments

(6,724)

(2,941)

Net increase in LHFI

 

(220,677)

 

(145,260)

Net purchases of premises and equipment

(2,124)

(1,624)

Proceeds from BOLI settlements

353

Proceeds from sales of foreclosed properties and former bank premises

 

 

533

Net cash (used in) provided by investing activities

 

(214,897)

 

402,624

Financing activities:

 

  

 

  

Net increase (decrease) in:

 

Non-interest-bearing deposits

 

(117,990)

 

(305,230)

Interest-bearing deposits

 

578,294

 

829,449

Short-term borrowings

(254,428)

(910,077)

Common stock:

 

Issuance

227

474

Dividends paid

 

(26,994)

 

(25,384)

Vesting of restricted stock, net of shares held for taxes

(2,684)

(2,116)

Net cash provided by (used in) financing activities

 

176,425

 

(412,884)

Increase in cash and cash equivalents

 

18,539

52,248

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

 

378,131

 

319,948

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

$

396,670

$

372,196

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Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(Dollars in thousands)

    

2024

    

2023

Supplemental Disclosure of Cash Flow Information

 

  

 

  

Cash payments for:

 

  

 

  

Interest

$

109,148

$

58,678

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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Table of Contents

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, which provides banking and related financial products and services to consumers and businesses.

Basis of Financial Information

The accounting policies and practices of Atlantic Union Bankshares Corporation and subsidiaries conform to GAAP and follow general practices within the banking industry. The consolidated financial statements include the accounts of the Company, which is a financial holding company and a bank holding company that owns all of the outstanding common stock of its banking subsidiary, Atlantic Union Bank, which owns Union Insurance Group, LLC, Atlantic Union Financial Consultants, LLC, and Atlantic Union Equipment Finance, Inc.

The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the ACL and the fair value of financial instruments. 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 2023 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. None of these reclassifications had a material effect on the Company’s financial statements. See Note 1 “Summary of Significant Accounting Policies” in the “Notes to the Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” in the Company’s 2023 Form 10-K for additional information on the Company’s accounting policies. There have not been any significant changes to the Company’s accounting policies from those disclosed in the Company’s 2023 Form 10-K that could have a material effect on the Company’s financial statements.

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Table of Contents

2. SECURITIES AND OTHER INVESTMENTS

Available for Sale

The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities for the periods ended are as follows (dollars in thousands):

Amortized

Gross Unrealized

Estimated

    

Cost

    

Gains

    

(Losses)

    

Fair Value

March 31, 2024

 

  

 

  

 

  

  

U.S. government and agency securities

$

62,561

$

208

$

(33)

$

62,736

Obligations of states and political subdivisions

 

585,749

 

14

 

(123,913)

 

461,850

Corporate and other bonds (1)