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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, 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 July 30, 2024 was 89,782,844.

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

2

Consolidated Statements of Income (unaudited) for the three and six months ended June 30, 2024 and 2023

3

Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and six months ended June 30, 2024 and 2023

4

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the six months ended June 30, 2024 and 2023

5

Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2024 and 2023

6

Notes to Consolidated Financial Statements (unaudited)

8

Report of Independent Registered Public Accounting Firm

49

Item 2.

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

50

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

83

Item 4.

Controls and Procedures

85

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

86

Item 1A.

Risk Factors

86

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

86

Item 5.

Other Information

87

Item 6.

Exhibits

88

Signatures

89

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

CDI

Core deposit intangibles

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

CRE

Commercial real estate

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

The 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

PCD

Purchased credit deteriorated

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 JUNE 30, 2024 AND DECEMBER 31, 2023

(Dollars in thousands, except share data)

June 30,

December 31,

2024

    

2023

ASSETS

(unaudited)

(audited)

Cash and cash equivalents:

Cash and due from banks

$

233,065

$

196,754

Interest-bearing deposits in other banks

207,129

167,601

Federal funds sold

5,820

13,776

Total cash and cash equivalents

446,014

378,131

Securities available for sale, at fair value

2,555,723

2,231,261

Securities held to maturity, at carrying value

810,450

837,378

Restricted stock, at cost

125,308

115,472

Loans held for sale

12,906

6,710

Loans held for investment, net of deferred fees and costs

18,347,190

15,635,043

Less: allowance for loan and lease losses

158,131

132,182

Total loans held for investment, net

18,189,059

15,502,861

Premises and equipment, net

114,987

90,959

Goodwill

1,207,484

925,211

Amortizable intangibles, net

95,980

19,183

Bank owned life insurance

489,550

452,565

Other assets

713,952

606,466

Total assets

$

24,761,413

$

21,166,197

LIABILITIES

Noninterest-bearing demand deposits

$

4,527,248

$

3,963,181

Interest-bearing deposits

15,473,629

12,854,948

Total deposits

20,000,877

16,818,129

Securities sold under agreements to repurchase

64,585

110,833

Other short-term borrowings

725,500

810,000

Long-term borrowings

416,649

391,025

Other liabilities

510,116

479,883

Total liabilities

21,717,727

18,609,870

Commitments and contingencies (Note 8)

STOCKHOLDERS' EQUITY

Preferred stock, $10.00 par value

173

173

Common stock, $1.33 par value

118,475

99,147

Additional paid-in capital

2,273,312

1,782,286

Retained earnings

1,034,313

1,018,070

Accumulated other comprehensive loss

(382,587)

(343,349)

Total stockholders' equity

3,043,686

2,556,327

Total liabilities and stockholders' equity

$

24,761,413

$

21,166,197

Common shares outstanding

89,769,734

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.

-2-

Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

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

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2024

    

2023

    

2024

2023

Interest and dividend income:

Interest and fees on loans

$

285,198

$

205,172

$

519,796

$

395,165

Interest on deposits in other banks

2,637

1,014

3,918

2,507

Interest and dividends on securities:

Taxable

24,886

15,565

43,765

32,317

Nontaxable

8,167

8,496

16,323

17,804

Total interest and dividend income

320,888

230,247

583,802

447,793

Interest expense:

Interest on deposits

122,504

65,267

224,368

117,100

Interest on short-term borrowings

8,190

8,044

16,351

15,607

Interest on long-term borrowings

5,660

4,852

10,725

9,558

Total interest expense

136,354

78,163

251,444

142,265

Net interest income

184,534

152,084

332,358

305,528

Provision for credit losses

21,751

6,069

29,989

17,920

Net interest income after provision for credit losses

162,783

146,015

302,369

287,608

Noninterest income:

Service charges on deposit accounts

9,086

8,118

17,655

16,020

Other service charges, commissions and fees

1,967

1,693

3,698

3,439

Interchange fees

3,126

2,459

5,420

4,784

Fiduciary and asset management fees

6,907

4,359

11,745

8,620

Mortgage banking income

1,193

449

2,060

1,303

(Loss) gain on sale of securities

(6,516)

2

(6,513)

(13,398)

Bank owned life insurance income

3,791

2,870

7,037

5,698

Loan-related interest rate swap fees

1,634

2,316

2,850

3,755

Other operating income

2,624

1,931

5,413

3,603

Total noninterest income

23,812

24,197

49,365

33,824

Noninterest expenses:

Salaries and benefits

68,531

62,019

130,413

122,547

Occupancy expenses

7,836

6,094

14,462

12,450

Furniture and equipment expenses

3,805

3,565

7,114

7,317

Technology and data processing

10,274

8,566

18,401

16,708

Professional services

4,377

4,433

7,458

7,847

Marketing and advertising expense

2,983

2,817

5,301

5,168

FDIC assessment premiums and other insurance

4,675

4,074

9,818

7,973

Franchise and other taxes

5,013

4,499

9,514

8,997

Loan-related expenses

1,275

1,619

2,598

3,171

Amortization of intangible assets

5,995

2,216

7,889

4,494

Merger-related costs

29,778

31,652

Other expenses

5,463

5,759

10,659

17,262

Total noninterest expenses

150,005

105,661

$

255,279

$

213,934

Income before income taxes

36,590

64,551

96,455

107,498

Income tax expense

11,429

9,310

21,525

16,604

Net Income

$

25,161

$

55,241

74,930

90,894

Dividends on preferred stock

2,967

2,967

5,934

5,934

Net income available to common shareholders

22,194

52,274

68,996

84,960

Basic earnings per common share

$

0.25

$

0.70

$

0.84

$

1.13

Diluted earnings per common share

$

0.25

$

0.70

$

0.84

$

1.13

Dividends declared per common share

$

0.32

$

0.30

$

0.64

$

0.60

Basic weighted average number of common shares outstanding

89,768,466

74,995,450

82,482,790

74,914,247

Diluted weighted average number of common shares outstanding

89,768,466

74,995,557

82,482,921

74,915,977

See accompanying notes to consolidated financial statements.

-3-

Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(Dollars in thousands)

Three Months Ended

 

Six Months Ended

June 30, 

 

June 30, 

    

2024

    

2023

 

2024

    

2023

Net income

$

25,161

$

55,241

$

74,930

$

90,894

Other comprehensive (loss) income:

 

 

 

  

 

Cash flow hedges:

 

 

 

  

 

Change in fair value of cash flow hedges (net of tax, $95 and $4,340 for the three months and $2,820 and $694 for the six months ended June 30, 2024 and 2023, respectively)

 

(357)

 

(16,325)

 

(10,610)

 

(2,611)

AFS securities:

 

 

 

 

Unrealized holding losses arising during period (net of tax, $3,433 and $8,651 for the three months and $8,883 and $126 for the six months ended June 30, 2024 and 2023, respectively)

 

(12,917)

 

(32,544)

 

(33,417)

 

(476)

Reclassification adjustment for losses (gains) included in net income (net of tax, $1,368 and $0 for the three months and $1,368 and $2,814 for the six months ended June 30, 2024 and 2023, respectively) (1)

 

5,148

 

(2)

 

5,145

 

10,584

HTM securities:

 

 

 

 

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

 

(3)

 

(2)

 

(5)

 

(5)

Bank owned life insurance:

 

 

 

Unrealized holding (losses) gains arising during the period

(16)

10

Reclassification adjustment for gains included in net income (3)

 

(160)

 

(61)

 

(335)

 

(83)

Other comprehensive (loss) income:

 

(8,289)

 

(48,934)

 

(39,238)

 

7,419

Comprehensive income

$

16,872

$

6,307

$

35,692

$

98,313

(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, 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 loss (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

Net Income