Atlantic Union Bankshares Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)
Notes Tables
Notes Details

INCOME TAXES (Tables)

v2.4.0.8

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities consist of the following components as of December 31, 2013 and 2012 (dollars in thousands):


	2013		2012
Deferred tax assets:
Allowance for loan losses	$	10,657	$	12,221
Benefit plans		1,385		1,429
Nonaccrual loans		983		1,148
Acquisition accounting		2,252		2,980
Stock grants		1,379		1,232
Other real estate owned		3,282		2,709
Securities available for sale		901		-
Other		1,777		1,018
Total deferred tax assets	$	22,616	$	22,737

Deferred tax liabilities:
Acquisition accounting	$	5,232	$	6,057
Securities available for sale		-		6,101
Other		747		899
Total deferred tax liabilities		5,979		13,057
Net deferred tax asset	$	16,637	$	9,680

Provision for Income Taxes Charged to Operations

The provision for income taxes charged to operations for the years ended December 31, 2013, 2012, and 2011 consists of the following (dollars in thousands):


	2013		2012		2011

Current tax expense	$	12,251	$	14,528	$	11,879
Deferred tax expense (benefit)		262		(195)		(615)
Income tax expense	$	12,513	$	14,333	$	11,264

Schedule of Income Tax Expense, Difference in Income Tax Rate to Pretax Income

The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the years ended December 31, 2013, 2012, and 2011, due to the following (dollars in thousands):


	2013		2012		2011

Computed "expected" tax expense	$	16,453	$	17,411	$	14,600
(Decrease) in taxes resulting from:
Tax-exempt interest income, net		(3,308)		(2,614)		(2,681)
Other, net		(632)		(464)		(655)
Income tax expense	$	12,513	$	14,333	$	11,264

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

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