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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, 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 October 29, 2024 was 89,776,626.

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

2

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

3

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

4

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

5

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

7

Notes to Consolidated Financial Statements (unaudited)

9

Report of Independent Registered Public Accounting Firm

53

Item 2.

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

54

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

88

Item 4.

Controls and Procedures

90

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

91

Item 1A.

Risk Factors

91

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

96

Item 5.

Other Information

96

Item 6.

Exhibits

97

Signatures

98

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.

American National merger

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

American National merger agreement

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

Table of Contents

merger agreement

Agreement and Plan of Merger dated October 21, 2024 by and between Atlantic Union Bankshares Corporation and Sandy Spring Bancorp, Inc.

merger

The merger of Sandy Spring Bancorp, 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

PCD

Purchased credit deteriorated

ROU asset

Right of Use Asset

RPAs

Risk Participation Agreements

Sandy Spring

Sandy Spring Bancorp, Inc.

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 SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

(Dollars in thousands, except share data)

September 30,

December 31,

2024

    

2023

ASSETS

(unaudited)

(audited)

Cash and cash equivalents:

Cash and due from banks

$

232,222

$

196,754

Interest-bearing deposits in other banks

291,163

167,601

Federal funds sold

4,685

13,776

Total cash and cash equivalents

528,070

378,131

Securities available for sale, at fair value

2,608,182

2,231,261

Securities held to maturity, at carrying value

807,080

837,378

Restricted stock, at cost

117,881

115,472

Loans held for sale

11,078

6,710

Loans held for investment, net of deferred fees and costs

18,337,299

15,635,043

Less: allowance for loan and lease losses

160,685

132,182

Total loans held for investment, net

18,176,614

15,502,861

Premises and equipment, net

115,093

90,959

Goodwill

1,212,710

925,211

Amortizable intangibles, net

90,176

19,183

Bank owned life insurance

489,759

452,565

Other assets

647,080

606,466

Total assets

$

24,803,723

$

21,166,197

LIABILITIES

Noninterest-bearing demand deposits

$

4,422,909

$

3,963,181

Interest-bearing deposits

15,882,378

12,854,948

Total deposits

20,305,287

16,818,129

Securities sold under agreements to repurchase

59,227

110,833

Other short-term borrowings

375,000

810,000

Long-term borrowings

417,937

391,025

Other liabilities

463,856

479,883

Total liabilities

21,621,307

18,609,870

Commitments and contingencies (Note 8)

STOCKHOLDERS' EQUITY

Preferred stock, $10.00 par value

173

173

Common stock, $1.33 par value

118,494

99,147

Additional paid-in capital

2,277,024

1,782,286

Retained earnings

1,079,032

1,018,070

Accumulated other comprehensive loss

(292,307)

(343,349)

Total stockholders' equity

3,182,416

2,556,327

Total liabilities and stockholders' equity

$

24,803,723

$

21,166,197

Common shares outstanding

89,774,392

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 NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

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

Three Months Ended

Nine Months Ended

September 30,

September 30,

September 30,

September 30,

2024

    

2023

    

2024

2023

Interest and dividend income:

Interest and fees on loans

$

291,089

$

221,380

$

810,886

$

616,544

Interest on deposits in other banks

1,060

1,309

4,977

3,815

Interest and dividends on securities:

Taxable

24,247

16,055

68,012

48,373

Nontaxable

8,132

8,415

24,455

26,220

Total interest and dividend income

324,528

247,159

908,330

694,952

Interest expense:

Interest on deposits

130,216

83,590

354,584

200,690

Interest on short-term borrowings

5,698

6,499

22,049

22,106

Interest on long-term borrowings

5,682

5,129

16,407

14,687

Total interest expense

141,596

95,218

393,040

237,483

Net interest income

182,932

151,941

515,290

457,469

Provision for credit losses

2,603

4,991

32,592

22,911

Net interest income after provision for credit losses

180,329

146,950

482,698

434,558

Noninterest income:

Service charges on deposit accounts

9,792

8,557

27,447

24,577

Other service charges, commissions and fees

2,002

2,632

5,700

6,071

Interchange fees

3,371

2,314

8,791

7,098

Fiduciary and asset management fees

6,858

4,549

18,603

13,169

Mortgage banking income

1,214

666

3,274

1,969

Gain (loss) on sale of securities

4

(27,594)

(6,510)

(40,992)

Bank owned life insurance income

5,037

2,973

12,074

8,671

Loan-related interest rate swap fees

1,503

2,695

4,353

6,450

Other operating income

4,505

30,302

9,919

33,905

Total noninterest income

34,286

27,094

83,651

60,918

Noninterest expenses:

Salaries and benefits

69,454

57,449

199,867

179,996

Occupancy expenses

7,806

6,053

22,267

18,503

Furniture and equipment expenses

3,685

3,449

10,799

10,765

Technology and data processing

9,737

7,923

28,138

24,631

Professional services

3,994

3,291

11,452

11,138

Marketing and advertising expense

3,308

2,219

8,609

7,387

FDIC assessment premiums and other insurance

5,282

4,258

15,099

12,231

Franchise and other taxes

5,256

4,510

14,770

13,508

Loan-related expenses

1,445

1,388

4,043

4,560

Amortization of intangible assets

5,804

2,193

13,693

6,687

Merger-related costs

1,353

1,993

33,005

1,993

Other expenses

5,458

13,782

16,117

31,043

Total noninterest expenses

122,582

108,508

377,859

322,442

Income before income taxes

92,033

65,536

188,490

173,034

Income tax expense

15,618

11,519

37,144

28,123

Net Income

$

76,415

$

54,017

$

151,346

$

144,911

Dividends on preferred stock

2,967

2,967

8,901

8,901

Net income available to common shareholders

$

73,448

$

51,050

$

142,445

$

136,010

Basic earnings per common share

$

0.82

$

0.68

$

1.68

$

1.81

Diluted earnings per common share

$

0.82

$

0.68

$

1.68

$

1.81

Dividends declared per common share

$

0.32

$

0.30

$

0.96

$

0.90

Basic weighted average number of common shares outstanding

89,780,531

74,999,128

84,933,126

74,942,851

Diluted weighted average number of common shares outstanding

89,780,531

74,999,128

84,933,213

74,943,999

See accompanying notes to consolidated financial statements.

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Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(Dollars in thousands)

Three Months Ended

 

Nine Months Ended

September 30, 

 

September 30, 

    

2024

    

2023

 

2024

    

2023

Net income

$

76,415

$

54,017

$

151,346

$

144,911

Other comprehensive income (loss):

 

 

 

  

 

Cash flow hedges:

 

 

 

  

 

Change in fair value of cash flow hedges (net of tax, $6,271 and $2,547 for the three months and $3,450 and $3,241 for the nine months ended September 30, 2024 and 2023, respectively)

 

23,589

 

(9,581)

 

12,979

 

(12,192)

AFS securities:

 

 

 

 

Unrealized holding gains (losses) arising during period (net of tax, $17,770 and $21,051 for the three months and $8,887 and $21,178 for the nine months ended September 30, 2024 and 2023, respectively)

 

66,856

 

(79,193)

 

33,438

 

(79,669)

Reclassification adjustment for (gains) losses included in net income (net of tax, $1 and $5,795 for the three months and $1,367 and $8,609 for the nine months ended September 30, 2024 and 2023, respectively) (1)

 

(3)

 

21,799

 

5,143

 

32,383

HTM securities:

 

 

 

 

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

 

 

(2)

 

(5)

 

(7)

Bank owned life insurance:

 

 

 

Unrealized holding (losses) gains arising during the period

(16)

10

Reclassification adjustment for gains included in net income (3)

 

(162)

 

(62)

 

(497)

 

(145)

Other comprehensive income (loss):

 

90,280

 

(67,039)

 

51,042

 

(59,620)

Comprehensive income (loss)

$

166,695

$

(13,022)

$

202,388

$

85,291

(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)

NINE MONTHS ENDED SEPTEMBER 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)

 

(