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]

BORROWINGS (Tables)

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2024

Total short-term borrowings consist of the following as of December 31, (dollars in thousands):


	2024			2023
Securities sold under agreements to repurchase	$	56,275		$	110,833
Federal Funds Purchased		—			90,000
FHLB Advances		60,000			720,000
Total short-term borrowings	$	116,275		$	920,833

Average outstanding balance during the period	$	445,339		$	573,553
Average interest rate during the period		5.22	%		4.73	%
Average interest rate at end of period		3.34	%		5.15	%

Long-Term Borrowings

Total long-term borrowings consist of the following as of December 31, 2024 (dollars in thousands):

Spread to

Principal

3-Month SOFR

Rate ⁽³⁾

Maturity

Investment ⁽⁴⁾

Trust Preferred Capital Securities

Trust Preferred Capital Note – Statutory Trust I

22,500

2.75

% ⁽¹⁾

7.32

6/17/2034

696

Trust Preferred Capital Note – Statutory Trust II

36,000

1.40

% ⁽¹⁾

5.97

6/15/2036

1,114

VFG Limited Liability Trust I Indenture

20,000

2.73

% ⁽¹⁾

7.30

3/18/2034

619

FNB Statutory Trust II Indenture

12,000

3.10

% ⁽¹⁾

7.67

6/26/2033

372

Gateway Capital Statutory Trust I

8,000

3.10

% ⁽¹⁾

7.67

9/17/2033

248

Gateway Capital Statutory Trust II

7,000

2.65

% ⁽¹⁾

7.22

6/17/2034

217

Gateway Capital Statutory Trust III

15,000

1.50

% ⁽¹⁾

6.07

5/30/2036

464

Gateway Capital Statutory Trust IV

25,000

1.55

% ⁽¹⁾

6.12

7/30/2037

774

MFC Capital Trust II

5,000

2.85

% ⁽¹⁾

7.42

1/23/2034

155

AMNB Statutory Trust I ⁽⁵⁾

20,000

1.35

% ⁽¹⁾

5.92

6/30/2036

619

MidCarolina Trust I ⁽⁵⁾

5,000

3.45

% ⁽²⁾

7.76

11/7/2032

155

MidCarolina Trust II ⁽⁵⁾

3,500

2.95

% ⁽²⁾

7.26

1/7/2034

109

Total Trust Preferred Capital Securities

179,000

5,542

Subordinated Debt ⁽⁶⁾

2031 Subordinated Debt

250,000

—

2.875

12/15/2031

Total Subordinated Debt ⁽⁷⁾

250,000

Fair Value Discount ⁽⁸⁾

(16,239)

Investment in Trust Preferred Capital Securities

5,542

Total Long-term Borrowings

418,303

⁽¹⁾Three-Month Chicago Mercantile Exchange Secured Overnight Financing Rate (“SOFR”) + 0.262%.

⁽²⁾ Three-Month Chicago Mercantile Exchange SOFR.

⁽³⁾ Rate as of December 31, 2024. Calculated using non-rounded numbers.

⁽⁴⁾Represents the junior subordinated debentures owned by the Company in trust and is reported in "Other assets" on the Company’s Consolidated Balance Sheets.

⁽⁵⁾ Assumed in the American National acquisition and adjusted to fair value at the time of acquisition.

⁽⁶⁾ Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.

⁽⁷⁾ Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 basis points through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026.

⁽⁸⁾ Remaining discounts of $14.0 million and $2.2 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.

Total long-term borrowings consist of the following as of December 31, 2023 (dollars in thousands):


			Spread to
	Principal		3-Month SOFR ⁽¹⁾		Rate ⁽²⁾		Maturity	Investment ⁽³⁾
Trust Preferred Capital Securities
Trust Preferred Capital Note – Statutory Trust I	$	22,500	2.75	%	8.34	%	6/17/2034	$	696
Trust Preferred Capital Note – Statutory Trust II		36,000	1.40	%	6.99	%	6/15/2036		1,114
VFG Limited Liability Trust I Indenture		20,000	2.73	%	8.32	%	3/18/2034		619
FNB Statutory Trust II Indenture		12,000	3.10	%	8.69	%	6/26/2033		372
Gateway Capital Statutory Trust I		8,000	3.10	%	8.69	%	9/17/2033		248
Gateway Capital Statutory Trust II		7,000	2.65	%	8.24	%	6/17/2034		217
Gateway Capital Statutory Trust III		15,000	1.50	%	7.09	%	5/30/2036		464
Gateway Capital Statutory Trust IV		25,000	1.55	%	7.14	%	7/30/2037		774
MFC Capital Trust II		5,000	2.85	%	8.44	%	1/23/2034		155
Total Trust Preferred Capital Securities	$	150,500						$	4,659
Subordinated Debt ⁽⁴⁾
2031 Subordinated Debt		250,000	—	%	2.875	%	12/15/2031
Total Subordinated Debt ⁽⁵⁾	$	250,000
Fair Value Discount ⁽⁶⁾		(14,134)
Investment in Trust Preferred Capital Securities		4,659
Total Long-term Borrowings	$	391,025

⁽¹⁾ Three-month Chicago Mercantile Exchange SOFR + 0.262%.

⁽²⁾ Rate as of December 31, 2023. Calculated using non-rounded numbers.

⁽³⁾ Represents the junior subordinated debentures owned by the Company in trust and is reported in "Other assets" on

the Company’s Consolidated Balance Sheets.

⁽⁴⁾ Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.

⁽⁵⁾ Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current

Three-Month Term SOFR plus a spread of 186 basis points through its maturity date or earlier redemption. The notes

may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026.

⁽⁶⁾ Remaining discounts of $11.7 million and $2.5 million on Trust Preferred Capital Securities and Subordinated Debt,

respectively.

Contractual Maturities of Long-Term Debt

As of December 31, 2024, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):

Trust

Preferred

Total

Capital

Subordinated

Fair Value

Long-term

Notes

Debt

Discount ⁽¹⁾

Borrowings

2025

—

(1,481)

2026

—

(1,510)

2027

—

(1,541)

2028

—

(1,575)

2029

—

(1,606)

Thereafter

184,542

250,000

(8,526)

426,016

Total long-term borrowings

184,542

250,000

(16,239)

418,303

⁽¹⁾ Includes discount on Trust Preferred Capital Securities and Subordinated Debt.