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)

9 Months Ended

Sep. 30, 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 September 30, 2018 and December 31, 2017 (dollars in thousands):



	Fair Value Measurements at September 30, 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
AFS securities:
Obligations of states and political subdivisions	$	—	$	563,473	$	—	$	563,473
Corporate and other bonds	—		161,492		—		161,492
Mortgage-backed securities	—		1,146,913		—		1,146,913
Other securities	—		11,263		—		11,263
Marketable equity securities	27,375		—		—		27,375
Loans held for sale	—		360		—		360
Derivatives:
Interest rate swap	—		23,943		—		23,943
Fair value hedges	—		3,468		—		3,468

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	23,943	$	—	$	23,943
Cash flow hedges	—		2,526		—		2,526



	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
AFS securities:
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 September 30, 2018 and December 31, 2017 (dollars in thousands):



	Fair Value Measurements at September 30, 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	$	—	$	—	$	2,614	$	2,614
Foreclosed properties	—		—		6,800		6,800
Former bank premises	—		—		4,615		4,615



	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
Foreclosed properties	—		—		5,253		5,253
Former bank premises	—		—		1,383		1,383

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 September 30, 2018 and December 31, 2017 are as follows (dollars in thousands):



			Fair Value Measurements at September 30, 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	$	282,212	$	282,212	$	—	$	—	$	282,212
AFS securities	1,883,141		—		1,883,141		—		1,883,141
HTM securities	235,333		—		232,710		—		232,710
Marketable equity securities	27,375		27,375		—		—		27,375
Restricted stock	112,390		—		112,390		—		112,390
Loans held for sale	360		—		360		—		360
Net loans	9,370,304		—		—		9,258,960		9,258,960
Derivatives:
Interest rate swap	23,943		—		23,943		—		23,943
Fair value hedge	3,468		—		3,468		—		3,468
Interest rate lock commitments	—		—		—		—		—
Accrued interest receivable	41,691		—		41,691		—		41,691
BOLI	261,874		—		261,874		—		261,874

LIABILITIES
Deposits	$	9,834,695	$	—	$	9,851,948	$	—	$	9,851,948
Borrowings	1,554,642		—		1,542,161		—		1,542,161
Accrued interest payable	6,017		—		6,017		—		6,017
Derivatives:
Interest rate swap	23,943		—		23,943		—		23,943
Cash flow hedges	2,526		—		2,526		—		2,526



			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
AFS securities	974,222		—		974,222		—		974,222
HTM 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