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, 2024

Business Combination, Description [Abstract]

Schedule of consideration transferred and fair value of assets acquired and liabilities assumed


Purchase price consideration			$	505,473

Fair value of assets acquired:
Cash and cash equivalents	$	55,060
Securities AFS		507,764
LHFS		2,611
LHFI		2,151,546
Premises and equipment		35,802
CDI and other intangibles		84,687
Bank owned life insurance		30,627
Other assets		79,919
Total assets	$	2,948,016

Fair value of liabilities assumed:
Deposits	$	2,583,089
Short-term borrowings		98,336
Long-term borrowings		24,967
Other liabilities		18,424
Total liabilities	$	2,724,816

Fair value of net assets acquired			$	223,200
Preliminary goodwill			$	282,273

The Company assessed the fair value based on the following methods for the significant assets acquired and liabilities assumed:

Schedule of pro forma amounts

Pro forma

Three Months Ended

Six Months Ended

June 30,

2024 ⁽²⁾

2023 ⁽³⁾

2024 ⁽²⁾

2023 ⁽³⁾

(unaudited)

Total revenues ⁽¹⁾

208,346

212,406

392,345

413,412

Net income available to common shareholders ⁽⁴⁾

46,430

64,450

99,831

111,177

⁽¹⁾ Includes net interest income and noninterest income.

⁽²⁾ Includes the net impact of American National’s accretion adjustments of $5.0 million for the six months ended June 30, 2024. There were no pro forma net accretion adjustments for the three months ended June 30, 2024.

⁽³⁾ Includes the net impact of American National’s accretion adjustments of $5.0 million and $9.9 million for the three and six months ended June 30, 2023, respectively.

⁽⁴⁾ For the three and six months ended June 30, 2024, excludes merger-related costs associated with the acquisition of American National as noted below.