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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, 2021

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.)

1051 East Cary Street

Suite 1200

Richmond, Virginia 23219

(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 NASDAQ Global Select Market

Depositary Shares, Each Representing a 1/400th Interest in a Share of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A

AUBAP

The NASDAQ Global Select Market

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 28, 2021 was 75,653,113.

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, 2021 (unaudited) and December 31, 2020 (audited)

2

Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2021 and 2020

3

Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2021 and 2020

4

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the three and nine months ended September 30, 2021 and 2020

5

Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2021 and 2020

7

Notes to Consolidated Financial Statements (unaudited)

9

Review Report of Independent Registered Public Accounting Firm

52

Item 2.

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

53

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

84

Item 4.

Controls and Procedures

86

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

88

Item 1A.

Risk Factors

88

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

88

Item 6.

Exhibits

89

Signatures

90

Table of Contents

Glossary of Acronyms and Defined Terms

2020 Form 10-K

Annual Report on Form 10-K for the year ended December 31, 2020

Access

Access National Corporation and its subsidiaries

ACL

Allowance for credit losses

AFS

Available for sale

ALCO

Asset Liability Committee

ALLL

Allowance for loan and lease losses, a component of ACL

AOCI

Accumulated other comprehensive income (loss)

ASC

Accounting Standards Codification

ASC 326

ASU 2016-13, Financial Instruments and Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

ASC 820

ASC 820, Fair Value Measurements and Disclosures

ASU

Accounting Standards Update

ATM

Automated teller machine

AUB

Atlantic Union Bankshares Corporation

AUBAP

Atlantic Union Bankshares Corporation trading symbol

the Bank

Atlantic Union Bank (formerly, Union Bank & Trust)

BOLI

Bank-owned life insurance

bps

Basis points

CAA

Consolidated Appropriations Act, 2021

CARES Act

Coronavirus Aid, Relief, and Economic Security Act

CECL

Current expected credit losses

the Company

Atlantic Union Bankshares Corporation (formerly, Union Bankshares Corporation) and its subsidiaries

COVID-19

COVID-19 global pandemic

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)

DHFB

Dixon, Hubard, Feinour & Brown, Inc.

EPS

Earnings per common share

Exchange Act

Securities Exchange Act of 1934, as amended

FASB

Financial Accounting Standards Board

FCMs

Futures Commission Merchants

FDIC

Federal Deposit Insurance Corporation

Federal Reserve

Board of Governors of the Federal Reserve System

Federal Reserve Bank or

FRB

Federal Reserve Bank of Richmond

FHLB

Federal Home Loan Bank of Atlanta

FHLMC

Federal Home Loan Mortgage Corporation

FNMA

Federal National Mortgage Association

FOMC

Federal Open Markets Committee

FTE

Fully taxable equivalent

GAAP or U.S. GAAP

Accounting principles generally accepted in the United States

GNMA

Government National Mortgage Association

HTM

Held to maturity

ICE Data Services

Intercontinental Exchange Data Services

the Joint Guidance

The five federal bank regulatory agencies and the Conference of State Bank Supervisors guidance issued on March 22, 2020 (subsequently revised on April 7, 2020)

LHFI

Loans held for investment

LHFS

Loans held for sale

LIBOR

London Interbank Offered Rate

Table of Contents

NOW

Negotiable order of withdrawal

NPA

Nonperforming assets

OCI

Other comprehensive income

OREO

Other real estate owned

OTC

Over-the-counter

PCD

Purchased credit deteriorated

PD/LGD

Probability of default/loss given default

PPPLF

Paycheck Protection Program Liquidity Facility

PPP

Paycheck Protection Program

Quarterly Report

Quarterly Report on Form 10-Q for the quarter ended September 30, 2021

Repurchase Program

The share repurchase program, approved on May 4, 2021 by the Company’s Board of Directors, which authorizes the Company to purchase up to $125 million worth of the Company’s common stock

ROU Asset

Right of Use Asset

RUC

Reserve for unfunded commitments

RVI

Residual value insurance

SBA

Small Business Administration

SEC

Securities and Exchange Commission

Series A preferred stock

6.875% Perpetual Non-Cumulative Preferred Stock, Series A, par value $10.00 per share

SSFA

Simplified supervisory formula approach

TDR

Troubled debt restructuring

Topic 606

ASU No. 2014-09, “Revenue from Contracts with Customers: Topic 606”

Topic 740

ASU 2019-12, “Income Taxes: Simplifying the Accounting for Income Taxes”

Topic 848

ASU 2020-04, “Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting”

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share data)

September 30,

December 31,

2021

    

2020

ASSETS

(unaudited)

(audited)

Cash and cash equivalents:

Cash and due from banks

$

255,648

$

172,307

Interest-bearing deposits in other banks

807,225

318,974

Federal funds sold

377

2,013

Total cash and cash equivalents

1,063,250

493,294

Securities available for sale, at fair value

3,195,176

2,540,419

Securities held to maturity, at carrying value

535,722

544,851

Restricted stock, at cost

76,825

94,782

Loans held for sale, at fair value

35,417

96,742

Loans held for investment, net of deferred fees and costs

13,139,586

14,021,314

Less allowance for loan and lease losses

101,798

160,540

Total loans held for investment, net

13,037,788

13,860,774

Premises and equipment, net

159,588

163,829

Goodwill

935,560

935,560

Amortizable intangibles, net

46,537

57,185

Bank owned life insurance

430,341

326,892

Other assets

419,453

514,121

Total assets

$

19,935,657

$

19,628,449

LIABILITIES

Noninterest-bearing demand deposits

$

5,328,838

$

4,368,703

Interest-bearing deposits

11,293,322

11,354,062

Total deposits

16,622,160

15,722,765

Securities sold under agreements to repurchase

95,181

100,888

Other short-term borrowings

250,000

Long-term borrowings

290,584

489,829

Other liabilities

233,293

356,477

Total liabilities

17,241,218

16,919,959

Commitments and contingencies (Note 7)

STOCKHOLDERS' EQUITY

Preferred stock, $10.00 par value

173

173

Common stock, $1.33 par value

100,062

104,169

Additional paid-in capital

1,804,617

1,917,081

Retained earnings

760,164

616,052

Accumulated other comprehensive income (loss)

29,423

71,015

Total stockholders' equity

2,694,439

2,708,490

Total liabilities and stockholders' equity

$

19,935,657

$

19,628,449

Common shares outstanding

75,645,031

78,729,212

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)

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

Three Months Ended

Nine Months Ended

September 30,

September 30,

September 30,

September 30,

2021

    

2020

    

2021

    

2020

Interest and dividend income:

Interest and fees on loans

$

124,999

$

138,402

$

383,575

$

432,763

Interest on deposits in other banks

291

137

454

1,154

Interest and dividends on securities:

Taxable

11,230

10,275

32,102

33,170

Nontaxable

9,859

8,600

28,773

24,520

Total interest and dividend income

146,379

157,414

444,904

491,607

Interest expense:

Interest on deposits

5,837

15,568

22,203

63,943

Interest on short-term borrowings

22

72

91

1,598

Interest on long-term borrowings

3,032

4,393

9,676

16,372

Total interest expense

8,891

20,033

31,970

81,913

Net interest income

137,488

137,381

412,934

409,694

Provision for credit losses

(18,850)

6,558

(59,888)

100,954

Net interest income after provision for credit losses

156,338

130,823

472,822

308,740

Noninterest income:

Service charges on deposit accounts

7,198

6,041

19,314

18,549

Other service charges, commissions and fees

1,534

1,621

4,970

4,600

Interchange fees

2,203

1,979

6,252

5,300

Fiduciary and asset management fees

7,029

6,045

20,323

17,543

Mortgage banking income

4,818

8,897

17,692

16,744

Gains on securities transactions

9

18

87

12,293

Bank owned life insurance income

2,727

3,421

8,202

7,498

Loan-related interest rate swap fees

1,102

3,170

4,176

12,602

Other operating income

3,318

3,215

8,372

4,116

Total noninterest income

29,938

34,407

89,388

99,245

Noninterest expenses:

Salaries and benefits

53,534

49,000

156,959

149,013

Occupancy expenses

7,251

7,441

21,705

21,798

Furniture and equipment expenses

4,040

3,895

11,919

11,042

Technology and data processing

7,534

6,564

21,657

19,187

Professional services

3,792

2,914

13,161

9,211

Marketing and advertising expense

2,548

2,631

7,330

7,413

FDIC assessment premiums and other insurance

2,172

1,811

6,798

7,578

Other taxes

4,432

4,124

13,303

12,364

Loan-related expenses

1,503

2,314

5,289

7,512

Amortization of intangible assets

3,381

4,053

10,679

12,676

Loss on debt extinguishment

14,695

10,306

Other expenses

5,156

8,475

15,756

23,581

Total noninterest expenses

95,343

93,222

299,251

291,681

Income from continuing operations before income taxes

90,933

72,008

262,959

116,304

Income tax expense

16,368

11,008

46,821

17,506

Net income

74,565

61,000

216,138

98,798

Dividends on preferred stock

2,967

2,691

8,901

2,691

Net income available to common shareholders

$

71,598

$

58,309

$

207,237

$

96,107

Basic earnings per common share

$

0.94

$

0.74

$

2.66

$

1.22

Diluted earnings per common share

$

0.94

$

0.74

$

2.66

$

1.22

Dividends declared per common share

$

0.28

$

0.25

$

0.81

$

0.75

Basic weighted average number of common shares outstanding

76,309,355

78,714,353

77,988,151

78,904,792

Diluted weighted average number of common shares outstanding

76,322,736

78,725,346

78,007,543

78,921,108

See accompanying notes to consolidated financial statements.

-3-

Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Dollars in thousands)

Three Months Ended

 

Nine Months Ended

September 30, 

 

September 30, 

    

2021

    

2020

 

2021

    

2020

Net income

$

74,565

$

61,000

$

216,138

$

98,798

Other comprehensive income (loss):

 

 

 

  

 

Cash flow hedges:

 

 

 

  

 

Change in fair value of cash flow hedges

 

(545)

 

 

634

 

(699)

Reclassification adjustment for losses (gains) included in net income (net of tax, $0 and $0 for the three months and $12 and $394 for the nine months ended September 30, 2021 and 2020, respectively) (1)

 

 

 

(47)

 

1,481

AFS securities:

 

 

 

 

Unrealized holding gains (losses) arising during period (net of tax, $6,178 and $332 for the three months and $11,311 and $9,824 for the nine months ended September 30, 2021 and 2020, respectively)

 

(23,242)

 

1,250

 

(42,549)

 

36,956

Reclassification adjustment for gains included in net income (net of tax, $2 and $4 for the three months and $18 and $2,582 for the nine months ended September 30, 2021 and 2020, respectively) (2)

 

(7)

 

(14)

 

(69)

 

(9,711)

HTM securities:

 

 

 

 

Reclassification adjustment for accretion of unrealized gain on AFS securities transferred to HTM (net of tax, $1 and $1 for the three months and $4 and $4 for the nine months ended September 30, 2021 and 2020, respectively) (3)

 

(5)

 

(5)

 

(15)

 

(15)

Bank owned life insurance:

 

 

 

Unrealized holding losses arising during the period

(1,289)

Reclassification adjustment for losses included in net income (4)

 

150

 

127

 

454

 

364

Other comprehensive income (loss)

 

(23,649)

 

1,358

 

(41,592)

 

27,087

Comprehensive income

$

50,916

$