Atlantic Union Bankshares Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

SEGMENT REPORTING AND REVENUE (Tables)

SEGMENT REPORTING AND REVENUE (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

The following table presents and reconciles income before income taxes compared to the Consolidated Statements of Income. Income before income taxes for the three months ended March 31, 2025 and 2024 totaled $61.5 million and $59.9 million, respectively. The information is disaggregated by major source and reportable operating segment for the three months ended March 31, (dollars in thousands):


	Wholesale Banking		Consumer Banking		Corporate Other		Total
2025
Interest and dividend income	$	296,987	$	156,143	$	(147,294)	$	305,836
Interest expense		197,647		80,359		(156,334)		121,672
Net interest income		99,340		75,784		9,040		184,164
Provision for credit losses		15,045		2,593		—		17,638
Net interest income after provision for credit losses		84,295		73,191		9,040		166,526
Noninterest income		11,799		14,634		2,730		29,163
Noninterest expenses		55,212		67,567		11,405		134,184
Income before income taxes	$	40,882	$	20,258	$	365	$	61,505
2024
Interest and dividend income	$	273,754	$	136,018	$	(146,857)	$	262,915
Interest expense		192,880		66,781		(144,571)		115,090
Net interest income		80,874	$	69,237	$	(2,286)	$	147,825
Provision for credit losses		5,366		2,873		—		8,239
Net interest income after provision for credit losses		75,508		66,364		(2,286)		139,586
Noninterest income		8,363		12,615		4,574		25,552
Noninterest expenses		43,955		55,880		5,438		105,273
Income before income taxes	$	39,916	$	23,099	$	(3,150)	$	59,865

Schedule of operating segment results - balance sheet metrics

The following table presents the Company’s operating segment results for key balance sheet metrics as of the periods ended (dollars in thousands):


	Wholesale Banking		Consumer Banking		Corporate Other		Total
March 31, 2025
LHFI, net of deferred fees and costs ^{(1) (2)}	$	15,504,550	$	3,039,079	$	(115,940)	$	18,427,689
Goodwill		850,035		364,018		—		1,214,053
Deposits ⁽³⁾		7,563,827		11,745,647		1,193,400		20,502,874
December 31, 2024
LHFI, net of deferred fees and costs ⁽¹⁾	$	15,514,640	$	3,085,207	$	(129,226)	$	18,470,621
Goodwill		850,035		364,018		—		1,214,053
Deposits		7,193,403		11,899,197		1,305,019		20,397,619

⁽¹⁾Corporate Other includes acquisition accounting fair value adjustments.

⁽²⁾Includes a reallocation of $10.3 million of LHFI from the Consumer Banking segment to the Wholesale Banking segments as part of the Company’s customer relationship annual review process.

⁽³⁾Includes a reallocation of $198.2 million of deposits from the Consumer Banking segment to the Wholesale Banking segments as part of the Company’s customer relationship annual review process.

Schedule of Disaggregation of Revenue

Noninterest income disaggregated by major source for the three months ended March 31, consisted of the following (dollars in thousands):


	2025		2024
Noninterest income:
Service charges on deposit accounts ⁽¹⁾:
Overdraft fees	$	5,576	$	4,748
Maintenance fees & other		4,107		3,821
Other service charges, commissions, and fees ⁽¹⁾		1,762		1,731
Interchange fees⁽¹⁾		2,949		2,294
Fiduciary and asset management fees ⁽¹⁾:
Trust asset management fees		3,826		3,356
Brokerage management fees		2,871		1,482
Mortgage banking income		973		867
(Loss) gain on sale of securities		(102)		3
Bank owned life insurance income		3,537		3,245
Loan-related interest rate swap fees		2,400		1,216
Other operating income		1,264		2,789
Total noninterest income	$	29,163	$	25,552

⁽¹⁾ Income within scope of ASC 606, Revenue from Contracts with Customers.

Disaggregated noninterest income by segment

The following tables present noninterest income disaggregated by reportable operating segment for the three months ended March 31, (dollars in thousands):


	Wholesale Banking		Consumer Banking		Corporate Other ⁽¹⁾		Total
2025
Noninterest income:
Service charges on deposit accounts	$	3,010	$	6,673	$	—	$	9,683
Other service charges, commissions and fees		396		1,366		—		1,762
Fiduciary and asset management fees		4,771		1,926		—		6,697
Mortgage banking income		—		973		—		973
Other income		3,622		3,696		2,730		10,048
Total noninterest income	$	11,799	$	14,634	$	2,730	$	29,163
2024
Noninterest income:
Service charges on deposit accounts	$	2,611	$	5,958	$	—	$	8,569
Other service charges, commissions and fees		396		1,335		—		1,731
Fiduciary and asset management fees		3,286		1,552		—		4,838
Mortgage banking income		—		867		—		867
Other income		2,070		2,903		4,574		9,547
Total noninterest income	$	8,363	$	12,615	$	4,574	$	25,552

⁽¹⁾ For the three months ended March 31, 2025 and 2024, other income primarily includes income from BOLI and equity method investment income.

Disaggregated noninterest expense by segment

The following tables present noninterest expense disaggregated by reportable operating segment for the three months ended March 31, (dollars in thousands):


	Wholesale Banking		Consumer Banking		Corporate Other		Total
2025
Noninterest expenses:
Salaries and benefits	$	20,684	$	19,936	$	34,795	$	75,415
Occupancy expenses		236		5,166		3,178		8,580
Furniture and equipment expenses		62		994		2,858		3,914
Loan-related expenses		113		774		362		1,249
Other expenses ⁽¹⁾		34,117		40,697		(29,788)		45,026
Total noninterest expense	$	55,212	$	67,567	$	11,405	$	134,184
2024
Noninterest expenses:
Salaries and benefits	$	16,434	$	16,273	$	29,175	$	61,882
Occupancy expenses		222		3,953		2,450		6,625
Furniture and equipment expenses		38		776		2,495		3,309
Loan-related expenses		212		748		363		1,323
Other expenses ⁽¹⁾		27,049		34,130		(29,045)		32,134
Total noninterest expense	$	43,955	$	55,880	$	5,438	$	105,273

⁽¹⁾ Includes allocated expenses