Atlantic Union Bankshares Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2016 and December 31, 2015 (dollars in thousands):



	Fair Value Measurements at September 30, 2016 using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Balance
ASSETS
Securities available for sale:
Obligations of states and political subdivisions	$	—	$	279,223	$	—	$	279,223
Corporate and other bonds	—		121,747		—		121,747
Mortgage-backed securities	—		540,596		—		540,596
Other securities	—		13,418		—		13,418
Loans held for sale	—		46,814		—		46,814
Derivatives:
Interest rate swap	—		12,218		—		12,218
Cash flow hedges	—		343		—		343
Interest rate lock commitments	—		—		1,422		1,422

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	12,218	$	—	$	12,218
Cash flow hedges	—		16,087		—		16,087
Fair value hedges	—		3,529		—		3,529



	Fair Value Measurements at December 31, 2015 using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Balance
ASSETS
Securities available for sale:
Obligations of states and political subdivisions	$	—	$	268,079	$	—	$	268,079
Corporate and other bonds	—		75,979		—		75,979
Mortgage-backed securities	—		548,171		—		548,171
Other securities	—		11,063		—		11,063
Loans held for sale	—		36,030		—		36,030
Derivatives:
Interest rate swap	—		3,758		—		3,758
Cash flow hedges	—		946		—		946
Interest rate lock commitments	—		—		701		701

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	3,758	$	—	$	3,758
Cash flow hedges	—		10,352		—		10,352
Fair value hedges	—		888		—		888

Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis

The following tables summarize the Company’s financial assets that were measured at fair value on a nonrecurring basis at September 30, 2016 and December 31, 2015 (dollars in thousands):



	Fair Value Measurements at September 30, 2016 using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Balance
ASSETS
Impaired loans	$	—	$	—	$	2,573	$	2,573
Other real estate owned	—		—		10,581		10,581



	Fair Value Measurements at December 31, 2015 using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Balance
ASSETS
Impaired loans	$	—	$	—	$	2,214	$	2,214
Other real estate owned	—		—		15,299		15,299

Carrying Values and Estimated Fair Values of the Company's Financial Instruments

The carrying values and estimated fair values of the Company’s financial instruments at September 30, 2016 and December 31, 2015 are as follows (dollars in thousands):



			Fair Value Measurements at September 30, 2016 using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Balance
ASSETS
Cash and cash equivalents	$	156,175	$	156,175	$	—	$	—	$	156,175
Securities available for sale	954,984		—		954,984		—		954,984
Held to maturity securities	200,839		—		209,717		—		209,717
Restricted stock	63,204		—		63,204		—		63,204
Loans held for sale	46,814		—		46,814		—		46,814
Net loans	6,112,376		—		—		6,144,971		6,144,971
Derivatives:
Interest rate lock commitments	1,422		—		—		1,422		1,422
Interest rate swap	12,218		—		12,218		—		12,218
Cash flow hedges	343		—		343		—		343
Accrued interest receivable	22,084		—		22,084		—		22,084
Bank owned life insurance	177,847		—		177,847		—		177,847

LIABILITIES
Deposits	$	6,258,506	$	—	$	6,258,166	$	—	$	6,258,166
Borrowings	925,627		—		905,653		—		905,653
Accrued interest payable	1,581		—		1,581		—		1,581
Derivatives:
Interest rate swap	12,218		—		12,218		—		12,218
Cash flow hedges	16,087		—		16,087		—		16,087
Fair value hedges	3,529		—		3,529		—		3,529



			Fair Value Measurements at December 31, 2015 using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Balance
ASSETS
Cash and cash equivalents	$	142,660	$	142,660	$	—	$	—	$	142,660
Securities available for sale	903,292		—		903,292		—		903,292
Held to maturity securities	205,374		—		209,437		—		209,437
Restricted stock	51,828		—		51,828		—		51,828
Loans held for sale	36,030		—		36,030		—		36,030
Net loans	5,637,415		—		—		5,671,155		5,671,155
Derivatives:
Interest rate lock commitments	701		—		—		701		701
Interest rate swap	3,758		—		3,758		—		3,758
Cash flow hedges	946		—		946		—		946
Accrued interest receivable	20,760		—		20,760		—		20,760
Bank owned life insurance	173,687		—		173,687		—		173,687

LIABILITIES
Deposits	$	5,963,936	$	—	$	5,957,484	$	—	$	5,957,484
Borrowings	680,175		—		659,364		—		659,364
Accrued interest payable	1,578		—		1,578		—		1,578
Derivatives:
Interest rate swap	3,758		—		3,758		—		3,758
Cash flow hedges	10,352		—		10,352		—		10,352
Fair value hedges	888		—		888		—		888