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, 2023

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

4. PREMISES AND EQUIPMENT

The following table presents the premises and equipment balances as of December 31, (dollars in thousands):


	2023		2022
Land	$	22,072	$	29,741
Land improvements and buildings		100,105		106,123
Leasehold improvements		22,705		21,529
Furniture and equipment		84,948		74,940
Construction in progress		1,527		1,296
Total		231,357		233,629
Accumulated depreciation and amortization		(140,398)		(115,386)
Premises and equipment, net	$	90,959	$	118,243

Depreciation expense for the years ended December 31, 2023, 2022, and 2021 was $12.9 million, $14.2 million, and $15.9 million, respectively. Refer to Note 6 “Leases” in this Form 10-K for further discussion regarding the Company’s leasing arrangements.

Refer to Note 13 “Fair Value Measurements” in this Form 10-K 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.

The decrease in premises and equipment, net at December 31, 2023, compared to December 2022, was primarily driven by the sale-leaseback transactions executed in 2023. Refer to Note 6 “Leases” in this Form 10-K for further discussion regarding the sale-leaseback transactions.