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Three Months Ended September 30,
|
| |
Nine Months Ended 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 | | |
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2024
|
| |
2023
|
| ||||||||||||
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 | | |
|
| | |
September 30,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
Assets | | | | | | | | | | | | | |
Securities available for sale, at fair value
|
| | | $ | 2,608,182 | | | | | $ | 2,084,928 | | |
Securities held to maturity, at carrying value
|
| | | | 807,080 | | | | | | 843,269 | | |
Loans held for investment, net of deferred fees and costs
|
| | | | 18,337,299 | | | | | | 15,283,620 | | |
Interest-bearing deposits in other banks
|
| | | | 291,163 | | | | | | 159,718 | | |
Liabilities | | | | | | | | | | | | | |
Total deposits
|
| | | | 20,305,287 | | | | | | 16,786,505 | | |
Securities sold under agreements to repurchase
|
| | | | 59,227 | | | | | | 134,936 | | |
Other short-term borrowings
|
| | | | 375,000 | | | | | | 495,000 | | |
Long-term borrowings
|
| | | | 417,937 | | | | | | 390,733 | | |
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2024
|
| |
2023
|
| ||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans
|
| | | $ | 154,339 | | | | | $ | 147,304 | | | | | $ | 456,309 | | | | | $ | 431,305 | | |
Interest on mortgage loans held for sale
|
| | | | 364 | | | | | | 238 | | | | | | 801 | | | | | | 697 | | |
Interest on SBA loans held for sale
|
| | | | 2 | | | | | | — | | | | | | 2 | | | | | | — | | |
Interest on deposits with banks
|
| | | | 6,191 | | | | | | 6,371 | | | | | | 17,401 | | | | | | 13,979 | | |
Interest and dividend income on investment securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Taxable
|
| | | | 7,440 | | | | | | 6,682 | | | | | | 21,319 | | | | | | 20,538 | | |
Tax-advantaged
|
| | | | 1,762 | | | | | | 1,811 | | | | | | 5,385 | | | | | | 5,376 | | |
Interest on federal funds sold
|
| | | | — | | | | | | 5 | | | | | | 8 | | | | | | 13 | | |
Total interest income
|
| | | | 170,098 | | | | | | 162,411 | | | | | | 501,225 | | | | | | 471,908 | | |
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2024
|
| |
2023
|
| ||||||||||||
Interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on deposits
|
| | | | 79,287 | | | | | | 63,102 | | | | | | 227,062 | | | | | | 155,215 | | |
Interest on retail repurchase agreements and federal funds purchased
|
| | | | 452 | | | | | | 4,082 | | | | | | 4,890 | | | | | | 10,377 | | |
Interest on advances from Federal Home Loan Bank of Atlanta
|
| | | | 5,001 | | | | | | 6,200 | | | | | | 16,394 | | | | | | 21,623 | | |
Interest on subordinated debt
|
| | | | 3,946 | | | | | | 3,946 | | | | | | 11,839 | | | | | | 11,839 | | |
Total interest expense
|
| | | | 88,686 | | | | | | 77,330 | | | | | | 260,185 | | | | | | 199,054 | | |
Net interest income:
|
| | | | 81,412 | | | | | | 85,081 | | | | | | 241,040 | | | | | | 272,854 | | |
Provision/ (credit) for credit losses
|
| | | | 6,316 | | | | | | 2,365 | | | | | | 9,724 | | | | | | (14,116) | | |
Net interest income after provision/ (credit) for credit losses
|
| | | | 75,096 | | | | | | 82,716 | | | | | | 231,316 | | | | | | 286,970 | | |
Non-interest income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts
|
| | | | 3,009 | | | | | | 2,704 | | | | | | 8,765 | | | | | | 7,698 | | |
Mortgage banking activities
|
| | | | 1,529 | | | | | | 1,682 | | | | | | 4,524 | | | | | | 4,744 | | |
Wealth management income
|
| | | | 10,738 | | | | | | 9,391 | | | | | | 31,151 | | | | | | 27,414 | | |
Insurance agency commissions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Income from bank owned life insurance
|
| | | | 1,307 | | | | | | 845 | | | | | | 4,283 | | | | | | 3,003 | | |
Bank card fees
|
| | | | 435 | | | | | | 450 | | | | | | 1,293 | | | | | | 1,315 | | |
Other income
|
| | | | 2,697 | | | | | | 2,319 | | | | | | 7,653 | | | | | | 6,344 | | |
Total non-interest income
|
| | | | 19,715 | | | | | | 17,391 | | | | | | 57,669 | | | | | | 50,518 | | |
Non-interest expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 41,030 | | | | | | 44,853 | | | | | | 115,549 | | | | | | 124,710 | | |
Occupancy expense of premises
|
| | | | 4,657 | | | | | | 4,609 | | | | | | 14,278 | | | | | | 14,220 | | |
Equipment expenses
|
| | | | 3,841 | | | | | | 3,811 | | | | | | 11,672 | | | | | | 11,688 | | |
Marketing
|
| | | | 1,320 | | | | | | 729 | | | | | | 3,350 | | | | | | 3,861 | | |
Outside data services
|
| | | | 3,025 | | | | | | 2,819 | | | | | | 9,414 | | | | | | 8,186 | | |
FDIC insurance
|
| | | | 2,773 | | | | | | 2,333 | | | | | | 8,635 | | | | | | 6,846 | | |
Amortization of intangible assets
|
| | | | 2,323 | | | | | | 1,245 | | | | | | 6,527 | | | | | | 3,820 | | |
Professional fees and services
|
| | | | 6,577 | | | | | | 4,509 | | | | | | 16,403 | | | | | | 12,354 | | |
Other expenses
|
| | | | 7,391 | | | | | | 7,563 | | | | | | 23,219 | | | | | | 22,227 | | |
Total non-interest expense
|
| | | | 72,937 | | | | | | 72,471 | | | | | | 209,047 | | | | | | 207,912 | | |
Income before income tax expense
|
| | | | 21,874 | | | | | | 27,636 | | | | | | 79,938 | | | | | | 129,576 | | |
Income tax expense
|
| | | | 5,665 | | | | | | 6,890 | | | | | | 20,550 | | | | | | 32,832 | | |
Net income
|
| | | $ | 16,209 | | | | | $ | 20,746 | | | | | $ | 59,388 | | | | | $ | 96,744 | | |
|
| | |
September 30
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 750,346 | | | | | $ | 717,591 | | |
Net loans
|
| | | | 11,360,493 | | | | | | 11,176,932 | | |
Goodwill
|
| | | | 363,436 | | | | | | 363,436 | | |
Liabilities | | | | | | | | | | | | | |
Total deposits
|
| | | | 11,737,694 | | | | | | 11,151,012 | | |
Total borrowings
|
| | | | 892,018 | | | | | | 1,287,234 | | |
| | |
As of June 30, 2024
|
| ||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Atlantic Union
(Historical) |
| |
Sandy Spring
(As Reclassified)(1) |
| |
Transaction
Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 446,014 | | | | | $ | 406,710 | | | | | $ | 221,000 | | | |
(2), (3)
|
| | | $ | 1,073,724 | | |
Securities available for sale, at fair value
|
| | | | 2,555,723 | | | | | | 1,101,846 | | | | | | | | | | | | | | | 3,657,569 | | |
Securities held to maturity, at carrying value
|
| | | | 810,450 | | | | | | 226,233 | | | | | | (41,583) | | | |
(4)
|
| | | | 995,100 | | |
Other investments, at cost
|
| | | | | | | | | | 73,432 | | | | | | | | | | | | | | | 73,432 | | |
Loans held for sale
|
| | | | 12,906 | | | | | | 18,961 | | | | | | | | | | | | | | | 31,867 | | |
Loans held for investment, net of deferred fees and costs
|
| | | | 18,347,190 | | | | | | 11,483,921 | | | | | | (742,386) | | | |
(5)
|
| | | | 29,088,725 | | |
Less: allowance for loan losses
|
| | | | 158,131 | | | | | | 125,863 | | | | | | 46,396 | | | |
(6)
|
| | | | 330,390 | | |
Total loans held for investment,
net |
| | | | 18,189,059 | | | | | | 11,358,058 | | | | | | (788,782) | | | | | | | | | 28,758,335 | | |
Premises and equipment, net
|
| | | | 114,987 | | | | | | 58,212 | | | | | | 9,000 | | | |
(7)
|
| | | | 182,199 | | |
Goodwill
|
| | | | 1,207,484 | | | | | | 363,436 | | | | | | 301,511 | | | |
(8)
|
| | | | 1,872,431 | | |
Amortizable intangibles, net
|
| | | | 95,980 | | | | | | 30,087 | | | | | | 248,079 | | | |
(9)
|
| | | | 374,146 | | |
Bank owned life insurance
|
| | | | 489,550 | | | | | | — | | | | | | | | | | | | | | | 489,550 | | |
Other assets
|
| | | | 839,260 | | | | | | 371,368 | | | | | | 116,878 | | | |
(10)
|
| | | | 1,327,506 | | |
Total assets
|
| | | $ | 24,761,413 | | | | | $ | 14,008,343 | | | | | $ | 66,103 | | | | | | | | $ | 38,835,859 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Noninterest-bearing demand deposits
|
| | | $ | 4,527,248 | | | | | $ | 2,931,405 | | | | | | | | | | | | | | $ | 7,458,653 | | |
Interest-bearing deposits
|
| | | | 15,473,629 | | | | | | 8,408,823 | | | | | | (14,059) | | | |
(11)
|
| | | | 23,868,393 | | |
Total deposits
|
| | | | 20,000,877 | | | | | | 11,340,228 | | | | | | (14,059) | | | | | | | | | 31,327,046 | | |
Other short-term borrowings
|
| | | | 790,085 | | | | | | 575,038 | | | | | | | | | | | | | | | 1,365,123 | | |
Long-term borrowings
|
| | | | 416,649 | | | | | | 371,101 | | | | | | (20,973) | | | |
(12)
|
| | | | 766,777 | | |
Other liabilities
|
| | | | 510,116 | | | | | | 122,972 | | | | | | | | | | | | | | | 633,088 | | |
Total liabilities
|
| | | | 21,717,727 | | | | | | 12,409,339 | | | | | | (35,032) | | | | | | | | | 34,092,034 | | |
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock
|
| | | | 173 | | | | | | — | | | | | | | | | | | | | | | 173 | | |
Common stock
|
| | | | 118,475 | | | | | | 45,110 | | | | | | 22,731 | | | |
(2), (13), (14)
|
| | | | 186,316 | | |
Additional paid-in capital
|
| | | | 2,273,312 | | | | | | 745,336 | | | | | | 1,081,546 | | | |
(2), (13), (14)
|
| | | | 4,100,194 | | |
Retained earnings
|
| | | | 1,034,313 | | | | | | 910,552 | | | | | | (1,105,136) | | | |
(3), (6), (13)
|
| | | | 839,729 | | |
Accumulated other comprehensive
loss |
| | | | (382,587) | | | | | | (101,994) | | | | | | 101,994 | | | |
(13)
|
| | | | (382,587) | | |
Total stockholders’ equity
|
| | | | 3,043,686 | | | | | | 1,599,004 | | | | | | 101,135 | | | | | | | | | 4,743,825 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 24,761,413 | | | | | $ | 14,008,343 | | | | | $ | 66,103 | | | | | | | | $ | 38,835,859 | | |
| | |
For the Six Months Ended June 30, 2024
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except
per share amounts) |
| |
Atlantic
Union (Historical) |
| |
American
National (Historical) (for the three months ended March 31, 2024) |
| |
American
National Transaction Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma Subtotal |
| |
Sandy Spring
(As Reclassified)(15) |
| |
Sandy Spring
Transaction Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma |
| |||||||||||||||||||||
Interest and dividend income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans
|
| | | $ | 519,796 | | | | | $ | 28,339 | | | | | $ | 15,007 | | | |
(16)
|
| | | $ | 563,142 | | | | | $ | 301,970 | | | | | $ | 99,427 | | | |
(23)
|
| | | $ | 964,539 | | |
Interest and dividends on securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable
|
| | | | 43,765 | | | | | | 2,615 | | | | | | 4,844 | | | |
(17)
|
| | | | 51,224 | | | | | | 13,879 | | | | | | 22,270 | | | |
(24)
|
| | | | 87,373 | | |
Nontaxable
|
| | | | 16,323 | | | | | | 24 | | | | | | 17 | | | |
(17)
|
| | | | 16,364 | | | | | | 3,623 | | | | | | 5,960 | | | |
(24)
|
| | | | 25,947 | | |
Other interest income
|
| | | | 3,918 | | | | | | 625 | | | | | | | | | | | | | | | 4,543 | | | | | | 11,655 | | | | | | | | | | | | | | | 16,198 | | |
Total interest and dividend income
|
| | | | 583,802 | | | | | | 31,603 | | | | | | 19,868 | | | | | | | | | 635,273 | | | | | | 331,127 | | | | | | 127,657 | | | | | | | | | 1,094,057 | | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on deposits
|
| | | | 224,368 | | | | | | 10,871 | | | | | | | | | | | | | | | 235,239 | | | | | | 147,775 | | | | | | 7,030 | | | |
(25)
|
| | | | 390,044 | | |
Interest on borrowings
|
| | | | 27,076 | | | | | | 1,641 | | | | | | 116 | | | |
(18)
|
| | | | 28,833 | | | | | | 23,724 | | | | | | 1,907 | | | |
(26)
|
| | | | 54,464 | | |
Total interest expense
|
| | | | 251,444 | | | | | | 12,512 | | | | | | 116 | | | | | | | | | 264,072 | | | | | | 171,499 | | | | | | 8,937 | | | | | | | | | 444,508 | | |
Net interest income
|
| | | | 332,358 | | | | | | 19,091 | | | | | | 19,752 | | | | | | | | | 371,201 | | | | | | 159,628 | | | | | | 118,720 | | | | | | | | | 649,549 | | |
Provision for credit losses
|
| | | | 29,989 | | | | | | 400 | | | | | | — | | | | | | | | | 30,389 | | | | | | 3,408 | | | | | | — | | | | | | | | | 33,797 | | |
Net interest income after provision for credit losses
|
| | | | 302,369 | | | | | | 18,691 | | | | | | 19,752 | | | | | | | | | 340,812 | | | | | | 156,220 | | | | | | 118,720 | | | | | | | | | 615,752 | | |
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts
|
| | | | 17,655 | | | | | | 518 | | | | | | | | | | | | | | | 18,173 | | | | | | 5,756 | | | | | | | | | | | | | | | 23,929 | | |
(Loss) gain on sale of securities
|
| | | | (6,513) | | | | | | — | | | | | | | | | | | | | | | (6,513) | | | | | | — | | | | | | | | | | | | | | | (6,513) | | |
Other operating income
|
| | | | 38,223 | | | | | | 3,755 | | | | | | (1,068) | | | |
(19), (22)
|
| | | | 40,910 | | | | | | 32,198 | | | | | | | | | | | | | | | 73,108 | | |
Total noninterest income
|
| | | | 49,365 | | | | | | 4,273 | | | | | | (1,068) | | | | | | | | | 52,570 | | | | | | 37,954 | | | | | | — | | | | | | | | | 90,524 | | |
Noninterest expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and benefits
|
| | | | 130,413 | | | | | | 8,527 | | | | | | | | | | | | | | | 138,940 | | | | | | 74,519 | | | | | | | | | | | | | | | 213,459 | | |
Occupancy expenses
|
| | | | 14,462 | | | | | | 1,555 | | | | | | | | | | | | | | | 16,017 | | | | | | 9,621 | | | | | | | | | | | | | | | 25,638 | | |
Technology and data processing
|
| | | | 18,401 | | | | | | 1,461 | | | | | | | | | | | | | | | 19,862 | | | | | | 6,389 | | | | | | | | | | | | | | | 26,251 | | |
Amortization of intangible assets
|
| | | | 7,889 | | | | | | 215 | | | | | | 4,031 | | | |
(20)
|
| | | | 12,135 | | | | | | 4,204 | | | | | | 19,969 | | | |
(28)
|
| | | | 36,308 | | |
Merger-related costs
|
| | | | 31,652 | | | | | | 165 | | | | | | | | | | | | | | | 31,817 | | | | | | — | | | | | | | | | | | | | | | 31,817 | | |
Other expenses
|
| | | | 52,462 | | | | | | 3,488 | | | | | | (411) | | | |
(22)
|
| | | | 55,539 | | | | | | 41,377 | | | | | | | | | | | | | | | 96,916 | | |
Total noninterest expenses
|
| | | | 255,279 | | | | | | 15,411 | | | | | | 3,620 | | | | | | | | | 274,310 | | | | | | 136,110 | | | | | | 19,969 | | | | | | | | | 430,389 | | |
Income before income taxes
|
| | | | 96,455 | | | | | | 7,553 | | | | | | 15,064 | | | | | | | | | 119,072 | | | | | | 58,064 | | | | | | 98,751 | | | | | | | | | 275,887 | | |
Income tax expense
|
| | | | 21,525 | | | | | | 1,509 | | | | | | 3,465 | | | |
(30)
|
| | | | 26,499 | | | | | | 14,885 | | | | | | 22,713 | | | |
(30)
|
| | | | 64,097 | | |
Net income
|
| | | | 74,930 | | | | | | 6,044 | | | | | | 11,599 | | | | | | | | | 92,573 | | | | | | 43,179 | | | | | | 76,038 | | | | | | | | | 211,790 | | |
Dividends on preferred stock
|
| | | | 5,934 | | | | | | — | | | | | | — | | | | | | | | | 5,934 | | | | | | — | | | | | | — | | | | | | | | | 5,934 | | |
Net income available to common shareholders
|
| | | $ | 68,996 | | | | | $ | 6,044 | | | | | $ | 11,599 | | | | | | | | $ | 86,639 | | | | | $ | 43,179 | | | | | $ | 76,038 | | | | | | | | $ | 205,856 | | |
Basic earnings per common share
|
| | | $ | 0.84 | | | | | $ | 0.57 | | | | | | | | | | | | | | | | | | | | $ | 0.96 | | | | | | | | | | | | | | $ | 1.45 | | |
Diluted earnings per common share
|
| | | $ | 0.84 | | | | | $ | 0.57 | | | | | | | | | | | | | | | | | | | | $ | 0.96 | | | | | | | | | | | | | | $ | 1.45 | | |
Basic weighted average number of common shares outstanding
|
| | | | 82,482,790 | | | | | | 10,630,663 | | | | | | 3,720,732 | | | |
(21)
|
| | | | 96,834,185 | | | | | | 45,009,000 | | | | | | 428,678 | | | |
(31)
|
| | | | 142,271,863 | | |
Diluted weighted average number of common shares outstanding
|
| | | | 82,482,921 | | | | | | 10,630,663 | | | | | | 3,720,732 | | | |
(21)
|
| | | | 96,834,316 | | | | | | 45,113,000 | | | | | | 418,278 | | | |
(31)
|
| | | | 142,365,594 | | |
| | |
For the Year Ended December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except
per share amounts) |
| |
Atlantic
Union (Historical) |
| |
American
National (Historical) |
| |
American
National Transaction Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma Subtotal |
| |
Sandy Spring
(As Reclassified)(15) |
| |
Sandy Spring
Transaction Accounting Adjustments |
| |
Note
|
| |
Combined
Pro Forma |
| |||||||||||||||||||||
Interest and dividend income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans
|
| | | $ | 846,923 | | | | | $ | 106,471 | | | | | $ | 43,467 | | | |
(16)
|
| | | $ | 996,861 | | | | | $ | 579,960 | | | | | $ | 198,853 | | | |
(23)
|
| | | $ | 1,775,674 | | |
Interest and dividends on securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable
|
| | | | 67,075 | | | | | | 11,034 | | | | | | 16,146 | | | |
(17)
|
| | | | 94,255 | | | | | | 26,992 | | | | | | 44,540 | | | |
(24)
|
| | | | 165,787 | | |
Nontaxable
|
| | | | 34,381 | | | | | | 139 | | | | | | 57 | | | |
(17)
|
| | | | 34,577 | | | | | | 7,224 | | | | | | 11,920 | | | |
(24)
|
| | | | 53,721 | | |
Other interest income
|
| | | | 6,071 | | | | | | 2,585 | | | | | | | | | | | | | | | 8,656 | | | | | | 23,348 | | | | | | | | | | | | | | | 32,004 | | |
Total interest and dividend income
|
| | | | 954,450 | | | | | | 120,229 | | | | | | 59,670 | | | | | | | | | 1,134,349 | | | | | | 637,524 | | | | | | 255,313 | | | | | | | | | 2,027,186 | | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on deposits
|
| | | | 296,689 | | | | | | 28,843 | | | | | | | | | | | | | | | 325,532 | | | | | | 225,028 | | | | | | 14,059 | | | |
(25)
|
| | | | 564,619 | | |
Interest on borrowings
|
| | | | 46,748 | | | | | | 6,804 | | | | | | 463 | | | |
(18)
|
| | | | 54,015 | | | | | | 57,946 | | | | | | 3,813 | | | |
(26)
|
| | | | 115,774 | | |
Total interest expense
|
| | | | 343,437 | | | | | | 35,647 | | | | | | 463 | | | | | | | | | 379,547 | | | | | | 282,974 | | | | | | 17,872 | | | | | | | | | 680,393 | | |
Net interest income
|
| | | | 611,013 | | | | | | 84,582 | | | | | | 59,207 | | | | | | | | | 754,802 | | | | | | 354,550 | | | | | | 237,441 | | | | | | | | | 1,346,793 | | |
Provision for credit losses
|
| | | | 31,618 | | | | | | 495 | | | | | | — | | | | | | | | | 32,113 | | | | | | (17,561) | | | | | | 103,355 | | | |
(27)
|
| | | | 117,907 | | |
Net interest income after provision for credit losses
|
| | | | 579,395 | | | | | | 84,087 | | | | | | 59,207 | | | | | | | | | 722,689 | | | | | | 372,111 | | | | | | 134,086 | | | | | | | | | 1,228,886 | | |
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts
|
| | | | 33,240 | | | | | | 2,216 | | | | | | | | | | | | | | | 35,456 | | | | | | 10,447 | | | | | | | | | | | | | | | 45,903 | | |
(Loss) gain on sale of securities
|
| | | | (40,989) | | | | | | (68) | | | | | | | | | | | | | | | (41,057) | | | | | | — | | | | | | | | | | | | | | | (41,057) | | |
Other operating income
|
| | | | 98,626 | | | | | | 16,188 | | | | | | (4,215) | | | |
(19), (22)
|
| | | | 110,599 | | | | | | 56,631 | | | | | | | | | | | | | | | 167,230 | | |
Total noninterest income
|
| | | | 90,877 | | | | | | 18,336 | | | | | | (4,215) | | | | | | | | | 104,998 | | | | | | 67,078 | | | | | | — | | | | | | | | | 172,076 | | |
Noninterest expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and benefits
|
| | | | 236,682 | | | | | | 36,356 | | | | | | | | | | | | | | | 273,038 | | | | | | 160,192 | | | | | | | | | | | | | | | 433,230 | | |
Occupancy expenses
|
| | | | 25,146 | | | | | | 6,219 | | | | | | | | | | | | | | | 31,365 | | | | | | 18,778 | | | | | | | | | | | | | | | 50,143 | | |
Technology and data processing
|
| | | | 32,484 | | | | | | 5,394 | | | | | | | | | | | | | | | 37,878 | | | | | | 11,186 | | | | | | | | | | | | | | | 49,064 | | |
Amortization of intangible assets
|
| | | | 8,781 | | | | | | 1,069 | | | | | | 14,640 | | | |
(20)
|
| | | | 24,490 | | | | | | 5,223 | | | | | | 39,938 | | | |
(28)
|
| | | | 69,651 | | |
Merger-related costs
|
| | | | — | | | | | | 2,577 | | | | | | | | | | | | | | | 2,577 | | | | | | — | | | | | | 149,351 | | | |
(29)
|
| | | | 151,928 | | |
Other expenses
|
| | | | 127,278 | | | | | | 16,435 | | | | | | (1,309) | | | |
(22)
|
| | | | 142,404 | | | | | | 79,675 | | | | | | | | | | | | | | | 222,079 | | |
Total noninterest expenses
|
| | | | 430,371 | | | | | | 68,050 | | | | | | 13,331 | | | | | | | | | 511,752 | | | | | | 275,054 | | | | | | 189,289 | | | | | | | | | 976,095 | | |
Income before income taxes
|
| | | | 239,901 | | | | | | 34,373 | | | | | | 41,661 | | | | | | | | | 315,935 | | | | | | 164,135 | | | | | | (55,203) | | | | | | | | | 424,867 | | |
Income tax expense
|
| | | | 38,083 | | | | | | 8,214 | | | | | | 9,582 | | | |
(30)
|
| | | | 55,879 | | | | | | 41,291 | | | | | | (12,697) | | | |
(30)
|
| | | | 84,473 | | |
Net income
|
| | | | 201,818 | | | | | | 26,159 | | | | | | 32,079 | | | | | | | | | 260,056 | | | | | | 122,844 | | | | | | (42,506) | | | | | | | | | 340,394 | | |
Dividends on preferred stock
|
| | | | 11,868 | | | | | | — | | | | | | — | | | | | | | | | 11,868 | | | | | | — | | | | | | — | | | | | | | | | 11,868 | | |
Net income available to common
shareholders |
| | | $ | 189,950 | | | | |