|
Virginia
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
6022
(Primary Standard Industrial
Classification Code Number) |
| |
54-1598552
(I.R.S. Employer
Identification Number) |
|
|
Lee Hochbaum, Esq.
Davis Polk & Wardwell LLP 450 Lexington Avenue New York, New York 10017 (212) 450-4000 |
| |
Daniel J. Schrider
Chair, President and Chief Executive Officer Sandy Spring Bancorp, Inc. 17801 Georgia Avenue Olney, Maryland 20832 (301) 774-6400 |
| |
Edward G. Olifer, Esq.
Stephen F. Donahoe, Esq. Kilpatrick Townsend & Stockton LLP 701 Pennsylvania Avenue NW, Suite 200 Washington, DC 20004 (202) 508-5800 |
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Large accelerated filer
☒
|
| |
Accelerated filer
☐
|
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Non-accelerated filer
☐
|
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Smaller reporting company
☐
|
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| | | |
Emerging growth company
☐
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John C. Asbury
President and Chief Executive Officer Atlantic Union Bankshares Corporation |
| |
Daniel J. Schrider
Chair, President and Chief Executive Officer Sandy Spring Bancorp, Inc. |
|
|
•
if you are an Atlantic Union shareholder:
|
| |
•
if you are a Sandy Spring stockholder:
|
|
|
Atlantic Union Bankshares Corporation
4300 Cox Road Glen Allen, Virginia 23060 (804) 633-5031 |
| |
Sandy Spring Bancorp, Inc.
17801 Georgia Avenue Olney, Maryland 20832 (301) 774-6400 |
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|
Attention:
Rachael R. Lape
Executive Vice President, General Counsel and Corporate Secretary
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| |
Attention: Investor Relations
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| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | | |
| | | | D-1 | | | |
| | | | E-1 | | |
| | |
Atlantic Union
Common Stock |
| |
Sandy Spring
Common Stock |
| |
Implied Value
of One Share of Sandy Spring Common Stock |
| |||||||||
October 18, 2024
|
| | | $ | 38.81 | | | | | $ | 32.61 | | | | | $ | 34.929 | | |
[ ]
|
| | | $ | [ ] | | | | | $ | [ ] | | | | | $ | [ ] | | |
| | |
As of September 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
|
| | | $ | 528,070 | | | | | $ | 750,346 | | | | | $ | 240,979 | | | |
(2), (3)
|
| | | $ | 1,519,395 | | |
Securities available for sale, at fair
value |
| | | | 2,608,182 | | | | | | 1,149,056 | | | | | | — | | | | | | | | | 3,757,238 | | |
Securities held to maturity, at carrying value
|
| | | | 807,080 | | | | | | 220,296 | | | | | | (41,583) | | | |
(4)
|
| | | | 985,793 | | |
Other investments, at cost
|
| | | | 117,881 | | | | | | 71,136 | | | | | | — | | | | | | | | | 189,017 | | |
Loans held for sale
|
| | | | 11,078 | | | | | | 21,914 | | | | | | — | | | | | | | | | 32,992 | | |
Loans held for investment, net of
deferred fees and costs |
| | | | 18,337,299 | | | | | | 11,491,921 | | | | | | (742,458) | | | |
(5)
|
| | | | 29,086,762 | | |
Less: allowance for loan losses
|
| | | | 160,685 | | | | | | 131,428 | | | | | | 40,951 | | | |
(6)
|
| | | | 333,064 | | |
Total loans held for investment,
net |
| | | | 18,176,614 | | | | | | 11,360,493 | | | | | | (783,409) | | | | | | | | | 28,753,698 | | |
Premises and equipment, net
|
| | | | 115,093 | | | | | | 57,249 | | | | | | 9,000 | | | |
(7)
|
| | | | 181,342 | | |
Goodwill
|
| | | | 1,212,710 | | | | | | 363,436 | | | | | | 488,639 | | | |
(8)
|
| | | | 2,064,785 | | |
Amortizable intangibles, net
|
| | | | 90,176 | | | | | | 30,514 | | | | | | 247,652 | | | |
(9)
|
| | | | 368,342 | | |
Bank owned life insurance
|
| | | | 489,759 | | | | | | 170,584 | | | | | | — | | | | | | | | | 660,343 | | |
Other assets
|
| | | | 647,080 | | | | | | 188,049 | | | | | | 122,550 | | | |
(10)
|
| | | | 957,679 | | |
Total assets
|
| | | $ | 24,803,723 | | | | | $ | 14,383,073 | | | | | $ | 283,828 | | | | | | | | $ | 39,470,624 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Noninterest-bearing demand deposits
|
| | | $ | 4,422,909 | | | | | $ | 2,903,063 | | | | | | — | | | | | | | | $ | 7,325,972 | | |
Interest-bearing deposits
|
| | | | 15,882,378 | | | | | | 8,834,631 | | | | | | 5,000 | | | |
(11)
|
| | | | 24,722,009 | | |
Total deposits
|
| | | | 20,305,287 | | | | | | 11,737,694 | | | | | | 5,000 | | | | | | | | | 32,047,981 | | |
Other short-term borrowings
|
| | | | 434,227 | | | | | | 520,767 | | | | | | — | | | | | | | | | 954,994 | | |
Long-term borrowings
|
| | | | 417,937 | | | | | | 371,251 | | | | | | (10,000) | | | |
(12)
|
| | | | 779,188 | | |
Other liabilities
|
| | | | 463,856 | | | | | | 124,524 | | | | | | — | | | | | | | | | 588,380 | | |
Total liabilities
|
| | | | 21,621,307 | | | | | | 12,754,236 | | | | | | (5,000) | | | | | | | | | 34,370,543 | | |
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock
|
| | | | 173 | | | | | | — | | | | | | — | | | | | | | | | 173 | | |
Common stock
|
| | | | 118,494 | | | | | | 45,125 | | | | | | 24,723 | | | |
(2), (13), (14)
|
| | | | 188,342 | | |
Additional paid-in capital
|
| | | | 2,277,024 | | | | | | 748,202 | | | | | | 1,324,675 | | | |
(2), (13), (14)
|
| | | | 4,349,901 | | |
Retained earnings
|
| | | | 1,079,032 | | | | | | 911,411 | | | | | | (1,136,471) | | | |
(3), (6), (13)
|
| | | | 853,972 | | |
Accumulated other comprehensive loss
|
| | | | (292,307) | | | | | | (75,901) | | | | | | 75,901 | | | |
(13)
|
| | | | (292,307) | | |
Total stockholders’ equity
|
| | | | 3,182,416 | | | | | | 1,628,837 | | | | | | 288,828 | | | | | | | | | 5,100,081 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 24,803,723 | | | | | $ | 14,383,073 | | | | | $ | 283,828 | | | | | | | | $ | 39,470,624 | | |
| | |
For the Nine Months Ended September 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
|
| | | $ | 810,886 | | | | | $ | 28,339 | | | | | $ | 15,007 | | | |
(16)
|
| | | $ | 854,232 | | | | | $ | 456,309 | | | | | $ | 149,154 | | | |
(23)
|
| | | $ | 1,459,695 | | |
Interest and dividends on securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable
|
| | | | 68,012 | | | | | | 2,615 | | | | | | 4,844 | | | |
(17)
|
| | | | 75,471 | | | | | | 21,319 | | | | | | 34,691 | | | |
(24)
|
| | | | 131,481 | | |
Nontaxable
|
| | | | 24,455 | | | | | | 24 | | | | | | 17 | | | |
(17)
|
| | | | 24,496 | | | | | | 5,385 | | | | | | 9,284 | | | |
(24)
|
| | | | 39,165 | | |
Other interest income
|
| | | | 4,977 | | | | | | 625 | | | | | | — | | | | | | | | | 5,602 | | | | | | 18,212 | | | | | | — | | | | | | | | | 23,814 | | |
Total interest and dividend income
|
| | | | 908,330 | | | | | | 31,603 | | | | | | 19,868 | | | | | | | | | 959,801 | | | | | | 501,225 | | | | | | 193,129 | | | | | | | | | 1,654,155 | | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on deposits
|
| | | | 354,584 | | | | | | 10,871 | | | | | | — | | | | | | | | | 365,455 | | | | | | 227,062 | | | | | | — | | | | | | | | | 592,517 | | |
Interest on borrowings
|
| | | | 38,456 | | | | | | 1,641 | | | | | | 116 | | | |
(18)
|
| | | | 40,213 | | | | | | 33,123 | | | | | | 1,364 | | | |
(26)
|
| | | | 74,700 | | |
Total interest expense
|
| | | | 393,040 | | | | | | 12,512 | | | | | | 116 | | | | | | | | | 405,668 | | | | | | 260,185 | | | | | | 1,364 | | | | | | | | | 667,217 | | |
Net interest income
|
| | | | 515,290 | | | | | | 19,091 | | | | | | 19,752 | | | | | | | | | 554,133 | | | | | | 241,040 | | | | | | 191,765 | | | | | | | | | 986,938 | | |
Provision for credit losses
|
| | | | 32,592 | | | | | | 400 | | | | | | — | | | | | | | | | 32,992 | | | | | | 9,724 | | | | | | — | | | | | | | | | 42,716 | | |
Net interest income after provision
for credit losses |
| | | | 482,698 | | | | | | 18,691 | | | | | | 19,752 | | | | | | | | | 521,141 | | | | | | 231,316 | | | | | | 191,765 | | | | | | | | | 944,222 | | |
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts
|
| | | | 27,447 | | | | | | 518 | | | | | | — | | | | | | | | | 27,965 | | | | | | 8,765 | | | | | | — | | | | | | | | | 36,730 | | |
Loss on sale of securities
|
| | | | (6,510) | | | | | | — | | | | | | — | | | | | | | | | (6,510) | | | | | | — | | | | | | — | | | | | | | | | (6,510) | | |
Other operating income
|
| | | | 62,714 | | | | | | 3,755 | | | | | | (1,068) | | | |
(19),(22)
|
| | | | 65,401 | | | | | | 48,904 | | | | | | — | | | | | | | | | 114,305 | | |
Total noninterest income
|
| | | | 83,651 | | | | | | 4,273 | | | | | | (1,068) | | | | | | | | | 86,856 | | | | | | 57,669 | | | | | | — | | | | | | | | | 144,525 | | |
Noninterest expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and benefits
|
| | | | 199,867 | | | | | | 8,527 | | | | | | — | | | | | | | | | 208,394 | | | | | | 115,549 | | | | | | — | | | | | | | | | 323,943 | | |
Occupancy expenses
|
| | | | 22,267 | | | | | | 1,555 | | | | | | — | | | | | | | | | 23,822 | | | | | | 14,278 | | | | | | — | | | | | | | | | 38,100 | | |
Technology and data processing
|
| | | | 28,138 | | | | | | 1,461 | | | | | | — | | | | | | | | | 29,599 | | | | | | 9,414 | | | | | | — | | | | | | | | | 39,013 | | |
Amortization of intangible assets
|
| | | | 13,693 | | | | | | 215 | | | | | | 4,031 | | | |
(20)
|
| | | | 17,939 | | | | | | 6,527 | | | | | | 29,954 | | | |
(28)
|
| | | | 54,420 | | |
Merger-related costs
|
| | | | 33,005 | | | | | | 165 | | | | | | — | | | | | | | | | 33,170 | | | | | | — | | | | | | — | | | | | | | | | 33,170 | | |
Other expenses
|
| | | | 80,889 | | | | | | 3,488 | | | | | | (411) | | | |
(22)
|
| | | | 83,966 | | | | | | 63,279 | | | | | | — | | | | | | | | | 147,245 | | |
Total noninterest expenses
|
| | | | 377,859 | | | | | | 15,411 | | | | | | 3,620 | | | | | | | | | 396,890 | | | | | | 209,047 | | | | | | 29,954 | | | | | | | | | 635,891 | | |
Income before income taxes
|
| | | | 188,490 | | | | | | 7,553 | | | | | | 15,064 | | | | | | | | | 211,107 | | | | | | 79,938 | | | | | | 161,811 | | | | | | | | | 452,856 | | |
Income tax expense
|
| | | | 37,144 | | | | | | 1,509 | | | | | | 3,465 | | | |
(30)
|
| | | | 42,118 | | | | | | 20,550 | | | | | | 37,217 | | | |
(30)
|
| | | | 99,885 | | |
Net income
|
| | | | 151,346 | | | | | | 6,044 | | | | | | 11,599 | | | | | | | | | 168,989 | | | | | | 59,388 | | | | | | 124,594 | | | | | | | | | 352,971 | | |
Dividends on preferred stock
|
| | | | 8,901 | | | | | | — | | | | | | — | | | | | | | | | 8,901 | | | | | | — | | | | | | — | | | | | | | | | 8,901 | | |
Net income available to common shareholders
|
| | | $ | 142,445 | | | | | $ | 6,044 | | | | | $ | 11,599 | | | | | | | | $ | 160,088 | | | | | $ | 59,388 | | | | | $ | 124,594 | | | | | | | | $ | 344,070 | | |
Basic earnings per common share
|
| | | $ | 1.68 | | | | | $ | 0.57 | | | | | | | | | | | | | | | | | | | | $ | 1.32 | | | | | | | | | | | | | | $ | 2.32 | | |
Diluted earnings per common share
|
| | | $ | 1.68 | | | | | $ | 0.57 | | | | | | | | | | | | | | | | | | | | $ | 1.31 | | | | | | | | | | | | | | $ | 2.32 | | |
Basic weighted average number of common shares outstanding
|
| | | | 84,933,126 | | | | | | 10,630,663 | | | | | | 3,720,732 | | | |
(21)
|
| | | | 99,284,521 | | | | | | 45,046,255 | | | | | | 3,997,691 | | | |
(31)
|
| | | | 148,328,467 | | |
Diluted weighted average number of common shares outstanding
|
| | | | 84,933,213 | | | | | | 10,630,663 | | | | | | 3,720,732 | | | |
(21)
|
| | | | 99,284,608 | | | | | | 45,156,521 | | | | | | 3,987,869 | | | |
(31)
|
| | | | 148,428,998 | | |
| | |
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
Proforma |
| |||||||||||||||||||||
Interest and dividend income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans
|
| | | $ | 846,923 | | | | | $ | 106,471 | | | | | $ | 43,467 | | | |
(16)
|
| | | $ | 996,861 | | | | | $ | 579,960 | | | | | $ | 198,873 | | | |
(23)
|
| | | $ | 1,775,694 | | |
Interest and dividends on securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable
|
| | | | 67,075 | | | | | | 11,034 | | | | | | 16,146 | | | |
(17)
|
| | | | 94,255 | | | | | | 26,992 | | | | | | 46,254 | | | |
(24)
|
| | | | 167,501 | | |
Nontaxable
|
| | | | 34,381 | | | | | | 139 | | | | | | 57 | | | |
(17)
|
| | | | 34,577 | | | | | | 7,224 | | | | | | 12,379 | | | |
(24)
|
| | | | 54,180 | | |
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 | | | | | | 257,506 | | | | | | | | | 2,029,379 | | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on deposits
|
| | | | 296,689 | | | | | | 28,843 | | | | | | — | | | | | | | | | 325,532 | | | | | | 225,028 | | | | | | (5,000) | | | |
(25)
|
| | | | 545,560 | | |
Interest on borrowings
|
| | | | 46,748 | | | | | | 6,804 | | | | | | 463 | | | |
(18)
|
| | | | 54,015 | | | | | | 57,946 | | | | | | 1,818 | | | |
(26)
|
| | | | 113,779 | | |
Total interest expense
|
| | | | 343,437 | | | | | | 35,647 | | | | | | 463 | | | | | | | | | 379,547 | | | | | | 282,974 | | | | | | (3,182) | | | | | | | | | 659,339 | | |
Net interest income
|
| | | | 611,013 | | | | | | 84,582 | | | | | | 59,207 | | | | | | | | | 754,802 | | | | | | 354,550 | | | | | | 260,688 | | | | | | | | | 1,370,040 | | |
Provision for credit losses
|
| | | | 31,618 | | | | | | 495 | | | | | | — | | | | | | | | | 32,113 | | | | | | (17,561) | | | | | | 103,427 | | | |
(27)
|
| | | | 117,979 | | |
Net interest income after provision for credit losses
|
| | | | 579,395 | | | | | | 84,087 | | | | | | 59,207 | | | | | | | | | 722,689 | | | | | | 372,111 | | | | | | 157,261 | | | | | | | | | 1,252,061 | | |
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts
|
| | | | 33,240 | | | | | | 2,216 | | | | | | — | | | | | | | | | 35,456 | | | | | | 10,447 | | | | | | — | | | | | | | | | 45,903 | | |
Loss 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 | | | | | | — | | | | | | 145,421 | | | |
(29)
|
| | | | 147,998 | | |
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 | | | | | | 185,359 | | | | | | | | | 972,165 | | |
Income before income taxes
|
| | | | 239,901 | | | | | | 34,373 | | | | | | 41,661 | | | | | | | | | 315,935 | |