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

Annual report pursuant to Section 13 and 15(d)

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

4. PREMISES AND EQUIPMENT

The Company’s premises and equipment as of December 31, 2022 and 2021 are as follows (dollars in thousands):


	2022		2021
Land	$	29,741	$	32,286
Land improvements and buildings		106,123		111,199
Leasehold improvements		21,529		23,195
Furniture and equipment		74,940		76,356
Construction in progress		1,296		1,717
Total		233,629		244,753
Accumulated depreciation and amortization		(115,386)		(109,945)
Bank premises and equipment, net	$	118,243	$	134,808

Depreciation expense for the years ended December 31, 2022, 2021, and 2020 was $14.2 million, $15.9 million, and $15.2 million, respectively. Refer to Note 6 “Leases” for further discussion regarding the Company’s leasing arrangements.

In 2021, the Company determined it would close its operations center in March 2022, classifying it as held for sale at December 31, 2021, which resulted in an impairment expense of $11.7 million during the year ended December 31, 2021. The sale of the operations center was completed during the third quarter of 2022. The Company incurred no significant impairment expense during the year ended December 31, 2022. Refer to Note 13 “Fair Value Measurements” for further discussion regarding the Company’s fair value methodology. Write downs are included in “Other Expenses” within noninterest expense on the Company’s Consolidated Statements of Income.