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

Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

STOCKHOLDERS' EQUITY

12. STOCKHOLDERS’ EQUITY

Series A Preferred Stock

On June 9, 2020, the Company issued and sold 6,900,000 depositary shares, each representing a 1/400th ownership interest in a share of its Series A preferred stock, with a liquidation preference of $10,000 per share of Series A preferred stock (equivalent to $25 per depositary share), including 900,000 depositary shares pursuant to the exercise in full by the underwriters of their option to purchase additional depositary shares. The total net proceeds to the Company were approximately $166.4 million, after deducting the underwriting discount and other offering expenses payable by the Company.

Repurchase Programs

In 2019, the Company’s Board of Directors authorized a share repurchase program to purchase up to $150.0 million of the Company’s common stock through June 30, 2021 in open market transactions or privately negotiated transactions. On March 20, 2020, the Company suspended its share repurchase program, which had approximately $20.0 million remaining in authorization at the time. The Company repurchased an aggregate of approximately 3.7 million shares, at an average price of $35.48 per share, under the authorization prior to suspension.

On May 4, 2021, the Company’s Board of Directors authorized a share repurchase program to purchase up to $125.0 million worth of the Company’s common stock through June 30, 2022 in open market transactions or privately negotiated transactions, which was fully utilized as of September 30, 2021. The Company repurchased an aggregate of approximately 3.4 million shares, at an average price of $36.99 per share, pursuant to this authorization.

On December 10, 2021, the Company’s Board of Directors authorized a new share Repurchase Program to purchase up to $100.0 million of the Company’s common stock through December 9, 2022 in open market transactions or privately negotiated transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and /or Rule 10b-18 under the Exchange Act. There were no share repurchase transactions under the Repurchase Program for the year ended December 31, 2021.

Accumulated Other Comprehensive Income (Loss)

The change in accumulated other comprehensive income (loss) for the year ended December 31, 2021 is summarized as follows, net of tax (dollars in thousands):

Unrealized

Gains

(Losses) for

Unrealized

AFS

Unrealized

Gains (Losses)

Securities

Change in Fair

Gains

on AFS

Transferred

Value of Cash

(Losses)

Securities

to HTM

Flow Hedges

on BOLI

Total

Balance - December 31, 2020

74,161

—

(3,201)

71,015

Other comprehensive income (loss):

Other comprehensive loss before reclassification

(51,329)

—

(1,520)

—

(52,849)

Amounts reclassified from AOCI into earnings

(69)

(20)

(47)

605

469

Net current period other comprehensive income (loss)

(51,398)

(20)

(1,567)

605

(52,380)

Balance - December 31, 2021

22,763

(1,567)

(2,596)

18,635

The change in accumulated other comprehensive income (loss) for the year ended December 31, 2020 is summarized as follows, net of tax (dollars in thousands):


			Unrealized
			Gains
			(Losses) for
	Unrealized		AFS				Unrealized
	Gains (Losses)		Securities		Change in Fair		Gains
	on AFS		Transferred		Value of Cash		(Losses) on
	Securities		to HTM		Flow Hedges		BOLI		Total
Balance - December 31, 2019	$	37,877	$	75	$	(782)	$	(1,595)	$	35,575
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassification		45,996		—		(699)		(2,098)		43,199
Amounts reclassified from AOCI into earnings		(9,712)		(20)		1,481		492		(7,759)
Net current period other comprehensive income (loss)		36,284		(20)		782		(1,606)		35,440
Balance - December 31, 2020	$	74,161	$	55	$	—	$	(3,201)	$	71,015

The change in accumulated other comprehensive income (loss) for the year ended December 31, 2019 is summarized as follows, net of tax (dollars in thousands):


			Unrealized
			Gains
			(Losses) for
	Unrealized		AFS				Unrealized
	Gains (Losses)		Securities		Change in Fair		Gains
	on AFS		Transferred		Value of Cash		(Losses)
	Securities		to HTM		Flow Hedges		on BOLI		Total
Balance - December 31, 2018	$	(5,949)	$	95	$	(3,393)	$	(1,026)	$	(10,273)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassification		49,890		—		(5,103)		(646)		44,141
Amounts reclassified from AOCI into earnings		(6,064)		(20)		7,714		77		1,707
Net current period other comprehensive income (loss)		43,826		(20)		2,611		(569)		45,848
Balance - December 31, 2019	$	37,877	$	75	$	(782)	$	(1,595)	$	35,575

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details