Atlantic Union Bankshares Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

PREMISES AND EQUIPMENT 10K

PREMISES AND EQUIPMENT 10K

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

5. PREMISES AND EQUIPMENT

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


	2024		2023
Land	$	28,517	$	22,072
Land improvements and buildings		126,907		100,105
Leasehold improvements		21,731		22,705
Furniture and equipment		84,717		84,948
Construction in progress		1,264		1,527
Total		263,136		231,357
Accumulated depreciation and amortization		(150,432)		(140,398)
Premises and equipment, net	$	112,704	$	90,959

Depreciation expense for the years ended December 31, 2024, 2023, and 2022 was $12.8 million, $12.9 million and $14.2 million, respectively. Refer to Note 7 “Leases” in this Form 10-K for further discussion regarding the Company’s leasing arrangements.

Refer to Note 14 “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 increase in premises and equipment at December 31, 2024, compared to 2023, was primarily due to the American National acquisition, which closed on April 1, 2024. Refer to Note 2 “Acquisitions” in this Form 10-K for further discussion regarding the American National acquisition.