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

Annual report pursuant to Section 13 and 15(d)

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

5. PREMISES AND EQUIPMENT

The Company’s premises and equipment as of December 31, 2021 and 2020 are as follows (dollars in thousands):


	2021		2020
Land	$	32,286	$	39,845
Land improvements and buildings		111,199		129,497
Leasehold improvements		23,195		24,037
Furniture and equipment		76,356		80,191
Construction in progress		1,717		2,497
Total		244,753		276,067
Accumulated depreciation and amortization		(109,945)		(112,238)
Bank premises and equipment, net	$	134,808	$	163,829

Depreciation expense for the years ended December 31, 2021, 2020, and 2019 was $15.9 million, $15.2 million, and $15.0 million, respectively. Refer to Note 7 “Leases” in this Form 10-K for further discussion regarding the Company’s leasing arrangements.

In 2021, the Company determined it would close the Company’s operations center by March 2022 and classified it as held for sale at December 31, 2021, resulting in an impairment expense of $11.7 million during the year ended December 31, 2021. Refer to Note 14 “Fair Value Measurements” in this Form 10-K for further discussion regarding the Company’s fair value methodology. Write downs are included in “Other Expenses” within noninterest expense on the Company’s Consolidated Statements of Income.