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, 2017

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, 2017 and December 31, 2016 (dollars in thousands):



	Fair Value Measurements at September 30, 2017 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	$	—	$	292,199	$	—	$	292,199
Corporate and other bonds	—		115,422		—		115,422
Mortgage-backed securities	—		546,904		—		546,904
Other securities	—		13,836		—		13,836
Loans held for sale	—		30,896		—		30,896
Derivatives:
Interest rate swap	—		3,051		—		3,051
Cash flow hedges	—		120		—		120
Fair value hedges	—		1,253		—		1,253
Interest rate lock commitments	—		—		685		685
Best efforts forward delivery commitments	—		—		245		245

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	3,051	$	—	$	3,051
Cash flow hedges	—		9,460		—		9,460
Fair value hedges	—		371		—		371



	Fair Value Measurements at December 31, 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	$	—	$	275,890	$	—	$	275,890
Corporate and other bonds	—		121,780		—		121,780
Mortgage-backed securities	—		535,286		—		535,286
Other securities	—		13,808		—		13,808
Loans held for sale	—		36,487		—		36,487
Derivatives:
Interest rate swap	—		1,005		—		1,005
Cash flow hedges	—		211		—		211
Fair value hedges	—		1,437		—		1,437
Interest rate lock commitments	—		—		610		610
Best efforts forward delivery commitments	—		—		1,469		1,469

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	1,005	$	—	$	1,005
Cash flow hedges	—		9,619		—		9,619
Fair value hedges	—		296		—		296

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, 2017 and December 31, 2016 (dollars in thousands):



	Fair Value Measurements at September 30, 2017 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	$	—	$	—	$	7,143	$	7,143
Other real estate owned	—		—		8,764		8,764



	Fair Value Measurements at December 31, 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	$	—	$	—	$	4,344	$	4,344
Other real estate owned	—		—		10,084		10,084

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, 2017 and December 31, 2016 are as follows (dollars in thousands):



			Fair Value Measurements at September 30, 2017 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	$	176,961	$	176,961	$	—	$	—	$	176,961
Securities available for sale	968,361		—		968,361		—		968,361
Held to maturity securities	204,801		—		209,835		—		209,835
Restricted stock	68,441		—		68,441		—		68,441
Loans held for sale	30,896		—		30,896		—		30,896
Net loans	6,861,567		—		—		6,873,609		6,873,609
Derivatives:
Interest rate swap	3,051		—		3,051		—		3,051
Cash flow hedge	120		—		120		—		120
Fair value hedge	1,253		—		1,253		—		1,253
Interest rate lock commitments	685		—		—		685		685
Best efforts forward delivery commitments	245		—		—		245		245
Accrued interest receivable	25,279		—		25,279		—		25,279
Bank owned life insurance	181,451		—		181,451		—		181,451

LIABILITIES
Deposits	$	6,881,826	$	—	$	6,873,124	$	—	$	6,873,124
Borrowings	1,052,087		—		1,031,983		—		1,031,983
Accrued interest payable	4,372		—		4,372		—		4,372
Derivatives:
Interest rate swap	3,051		—		3,051		—		3,051
Cash flow hedges	9,460		—		9,460		—		9,460
Fair value hedges	371		—		371		—		371



			Fair Value Measurements at December 31, 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	$	179,237	$	179,237	$	—	$	—	$	179,237
Securities available for sale	946,764		—		946,764		—		946,764
Held to maturity securities	201,526		—		202,315		—		202,315
Restricted stock	60,782		—		60,782		—		60,782
Loans held for sale	36,487		—		36,487		—		36,487
Net loans	6,269,868		—		—		6,265,443		6,265,443
Derivatives:
Interest rate swap	1,005		—		1,005		—		1,005
Cash flow hedges	211		—		211		—		211
Fair value hedges	1,437		—		1,437		—		1,437
Interest rate lock commitments	610		—		—		610		610
Best efforts forward delivery commitments	1,469		—		—		1,469		1,469
Accrued interest receivable	23,448		—		23,448		—		23,448
Bank owned life insurance	179,318		—		179,318		—		179,318

LIABILITIES
Deposits	$	6,379,489	$	—	$	6,370,457	$	—	$	6,370,457
Borrowings	990,089		—		970,195		—		970,195
Accrued interest payable	2,320		—		2,230		—		2,230
Derivatives:
Interest rate swap	1,005		—		1,005		—		1,005
Cash flow hedges	9,619		—		9,619		—		9,619
Fair value hedges	296		—		296		—		296