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

Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table provides a preliminary assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands):


Purchase Price:
Fair value of shares of the Company's common stock issued			$	499,974
Cash paid for fractional shares				12
Total purchase price			$	499,986

Fair value of assets acquired:
Cash and cash equivalents	$	46,164
Investments		464,742
Loans		2,173,481
Premises and equipment		28,001
Core deposit intangibles		40,860
Other assets		102,111
Total assets	$	2,855,359

Fair value of liabilities assumed:
Deposits	$	2,227,073
Short-term borrowings		220,685
Long-term borrowings		70,535
Other liabilities		40,345
Total liabilities	$	2,558,638

Net assets acquired			$	296,721
Preliminary goodwill			$	203,265

Outstanding Principal Balance And Carrying Amount of Acquired Impaired Loans

The following table presents the acquired impaired loans receivable at the acquisition date (dollars in thousands):


Contractually required principal and interest payments	$	44,232
Nonaccretable difference		(6,061)
Cash flows expected to be collected		38,171
Accretable difference		(5,061)
Fair value of loans acquired with a deterioration of credit quality	$	33,110

Business Acquisition, Pro Forma Information

The Company expects to achieve further operating cost savings and other business synergies, including branch closures, as a result of the acquisition which are not reflected in the pro forma amounts below (dollars in thousands):


	Pro forma for the three				Pro forma for the six
	months ended				months ended
	June 30,				June 30,
	2019		2018		2019		2018
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Total revenues ⁽¹⁾	$	169,172	$	184,758	$	332,326	$	341,407
Net income	$	53,480	$	57,741	$	105,787	$	82,599
EPS	$	0.65	$	0.71	$	1.32	$	1.01

(1)	Includes net interest income and noninterest income.