Atlantic Union Bankshares Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017 (dollars in thousands):



	Fair Value Measurements at March 31, 2018 using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Balance
ASSETS
Securities available for sale:
Obligations of states and political subdivisions	$	—	$	364,639	$	—	$	364,639
Corporate and other bonds	—		123,140		—		123,140
Mortgage-backed securities	—		754,412		—		754,412
Other securities	—		10,988		—		10,988
Loans held for sale	—		27,727		—		27,727
Derivatives:
Interest rate swap	—		16,009		—		16,009
Fair value hedges	—		3,468		—		3,468
Interest rate lock commitments	—		—		828		828

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	16,009	$	—	$	16,009
Cash flow hedges	—		5,063		—		5,063
Best efforts forward delivery commitments	—		—		22		22



	Fair Value Measurements at December 31, 2017 using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Balance
ASSETS
Securities available for sale:
Obligations of states and political subdivisions	$	—	$	301,824	$	—	$	301,824
Corporate and other bonds	—		113,880		—		113,880
Mortgage-backed securities	—		548,858		—		548,858
Other securities	—		9,660		—		9,660
Loans held for sale	—		40,662		—		40,662
Derivatives:
Interest rate swap	—		1,350		—		1,350
Cash flow hedges	—		49		—		49
Fair value hedges	—		1,598		—		1,598
Interest rate lock commitments	—		—		559		559
Best efforts forward delivery commitments	—		—		12		12

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	1,350	$	—	$	1,350
Cash flow hedges	—		8,005		—		8,005
Fair value hedges	—		76		—		76

Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis

The following tables summarize the Company’s financial assets that were measured at fair value on a nonrecurring basis at March 31, 2018 and December 31, 2017 (dollars in thousands):



	Fair Value Measurements at March 31, 2018 using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Balance
ASSETS
Impaired loans	$	—	$	—	$	2,685	$	2,685
OREO	—		—		10,099		10,099



	Fair Value Measurements at December 31, 2017 using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Balance
ASSETS
Impaired loans	$	—	$	—	$	3,229	$	3,229
OREO	—		—		6,636		6,636

Carrying Values and Estimated Fair Values of the Company's Financial Instruments

The carrying values and estimated fair values of the Company’s financial instruments at March 31, 2018 and December 31, 2017 are as follows (dollars in thousands):



			Fair Value Measurements at March 31, 2018 using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Balance
ASSETS
Cash and cash equivalents	$	342,463	$	342,463	$	—	$	—	$	342,463
Securities available for sale	1,253,179		—		1,253,179		—		1,253,179
Held to maturity securities	198,733		—		199,904		—		199,904
Restricted stock	105,261		—		105,261		—		105,261
Loans held for sale	27,727		—		27,727		—		27,727
Net loans	9,765,094		—		—		9,668,738		9,668,738
Derivatives:
Interest rate swap	16,009		—		16,009		—		16,009
Fair value hedge	3,468		—		3,468		—		3,468
Interest rate lock commitments	828		—		—		828		828
Accrued interest receivable	35,329		—		35,329		—		35,329
BOLI	258,381		—		258,381		—		258,381

LIABILITIES
Deposits	$	9,677,955	$	—	$	9,698,797	$	—	$	9,698,797
Borrowings	1,535,026		—		1,521,524		—		1,521,524
Accrued interest payable	5,638		—		5,638		—		5,638
Derivatives:
Interest rate swap	16,009		—		16,009		—		16,009
Cash flow hedges	5,063		—		5,063		—		5,063
Best efforts forward delivery commitments	22		—		—		22		22



			Fair Value Measurements at December 31, 2017 using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Balance
ASSETS
Cash and cash equivalents	$	199,373	$	199,373	$	—	$	—	$	199,373
Securities available for sale	974,222		—		974,222		—		974,222
Held to maturity securities	199,639		—		203,483		—		203,483
Restricted stock	75,283		—		75,283		—		75,283
Loans held for sale	40,662		—		40,662		—		40,662
Net loans	7,103,344		—		—		7,117,593		7,117,593
Derivatives:
Interest rate swap	1,350		—		1,350		—		1,350
Cash flow hedges	49		—		49		—		49
Fair value hedges	1,598		—		1,598		—		1,598
Interest rate lock commitments	559		—		—		559		559
Best efforts forward delivery commitments	12		—		—		12		12
Accrued interest receivable	26,427		—		26,427		—		26,427
BOLI	182,854		—		182,854		—		182,854

LIABILITIES
Deposits	$	6,991,718	$	—	$	6,977,845	$	—	$	6,977,845
Borrowings	1,219,414		—		1,198,645		—		1,198,645
Accrued interest payable	2,538		—		2,538		—		2,538
Derivatives:
Interest rate swap	1,350		—		1,350		—		1,350
Cash flow hedges	8,005		—		8,005		—		8,005
Fair value hedges	76		—		76		—		76