Atlantic Union Bankshares Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)
Notes Tables
Notes Details

INCOME TAXES (Tables)

v2.4.1.9

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities consist of the following components as of December 31, 2014 and 2013 (dollars in thousands):


	2014		2013
Deferred tax assets:
Allowance for loan losses	$	11,335	$	10,657
Benefit plans		3,283		1,385
Nonaccrual loans		534		983
Acquisition accounting		17,071		2,252
Stock grants		1,613		1,379
Other real estate owned		3,232		3,282
Securities available for sale		615		1,550
Prime loan swap		1,753		180
Investments in pass through entities		1,681		8
Other		2,017		1,589
Total deferred tax assets	$	43,134	$	23,265

Deferred tax liabilities:
Acquisition accounting	$	20,916	$	5,232
Securities available for sale		9,543		649
Other		2,746		747
Total deferred tax liabilities		33,205		6,628
Net deferred tax asset	$	9,929	$	16,637

Provision for Income Taxes Charged to Operations

The provision for income taxes charged to operations for the years ended December 31, 2014, 2013, and 2012 consists of the following (dollars in thousands):


	2014		2013		2012

Current tax expense	$	14,718	$	12,251	$	14,528
Deferred tax expense (benefit)		2,644		262		(195)
Income tax expense	$	17,362	$	12,513	$	14,333

Schedule of Income Tax Expense, Difference in Income Tax Rate to Pretax Income

The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income for the years ended December 31, 2014, 2013, and 2012, due to the following (dollars in thousands):


	2014		2013		2012

Computed “expected” tax expense	$	24,484	$	16,453	$	17,411
(Decrease) in taxes resulting from:
Tax-exempt interest income, net		(5,181)		(3,308)		(2,614)
Other, net		(1,941)		(632)		(464)
Income tax expense	$	17,362	$	12,513	$	14,333

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

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