Atlantic Union Bankshares Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Tables) 10K

EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Tables) 10K

12 Months Ended

Dec. 31, 2024

Employee Benefits and Share-based Compensation, Noncash [Abstract]

The following 401(k) Plan match and other discretionary contributions were made to the Company’s employees, in accordance with the descriptions above for the years ended December 31, (dollars in thousands):


	2024		2023		2022
401(k) Plan Company Match	$	8,279	$	7,091	$	7,037
401(k) Plan ESOP Contribution		800		804		750
Cash		913		696		667
Total	$	9,992	$	8,591	$	8,454

Schedule of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense, which is included in “Salaries and benefits” expense on the Company’s Consolidated Statements of Income as follows for the years ended December 31, (dollars in thousands, except per share data):


	2024		2023		2022
Stock-based compensation expense	$	13,796	$	11,101	$	10,609
Reduction of income tax expense		2,897		2,331		2,228
Per share compensation cost	$	0.12	$	0.12	$	0.11

Summary of Stock Option Activity

The following table summarizes the stock option activity during the year ended December 31, 2024:


				Weighted
		Weighted		Average
	Stock	Average		Remaining	Aggregate
	Options	Exercise		Contractual	Intrinsic
	(shares)	Price		Life	Value
Outstanding as of December 31, 2023	10,993	$	31.83	0.06	$	51,777
Granted	—		—
Exercised	(7,163)		31.83
Forfeited	—		—
Expired	(3,830)		31.83
Outstanding as of December 31, 2024	—	$	—	—	$	—
Exercisable as of December 31, 2024	—		—	—		—

Summary of Restricted Stock Activity

The following table summarizes the restricted stock activity for the year ended December 31, 2024:


		Weighted
	Number of	Average
	Shares of	Grant-Date Fair
	Restricted Stock	Value
Unvested as of December 31, 2023	476,630	$	37.03
Granted	461,330		33.27
Net settle for taxes	(69,791)		37.13
Vested	(188,616)		36.66
Forfeited	(21,552)		34.90
Unvested as of December 31, 2024	658,001	$	34.56

Summary of Performance Stock Activity


	Number of	Weighted Average
	Shares of	Grant-
	PSUs	Date Fair Value
Unvested as of December 31, 2023	229,262	$	37.29
Granted	106,370		30.24
Net settle for taxes	(20,804)		33.52
Vested	(44,694)		33.52
Forfeited	(8,094)		33.52
Unvested as of December 31, 2024 ⁽¹⁾	262,040	$	35.49

⁽¹⁾ The number of PSUs with a performance-based condition is presented based on achieving the performance measure

at the target level of performance.

Schedule of Performance Stock Units Valuation Assumptions


	2024		2023		2022
Dividend yield ⁽¹⁾	N/A		3.19	%	3.95	%
Expected life in years ⁽²⁾	2.86		2.85		2.25
Expected volatility ⁽³⁾	33.92	%	40.39	%	36.32	%
Risk-free interest rate ⁽⁴⁾	4.47	%	4.39	%	4.18	%
Present value of expected dividends foregone ⁽⁵⁾	3.82		N/A		N/A

⁽¹⁾ Calculated as the ratio of the current dividend paid per the stock price on the date of grant.

⁽²⁾ Represents the remaining performance period as of the grant date.

⁽³⁾ Based on the historical volatility for the period commensurate with the expected life of the PSUs.

⁽⁴⁾ Based upon the zero-coupon U.S. Treasury rate commensurate with the expected life of the PSUs on the grant date.

⁽⁵⁾Calculated using projected dividend payments and timing over the remaining performance period.

N/A – assumption not used for respective period.

Estimated Unamortized Compensation Expense Recognized in Future

The estimated unamortized compensation expense, net of estimated forfeitures, related to, restricted stock, performance stock and stock options issued and outstanding as of December 31, 2024 that will be recognized in future periods is as follows (dollars in thousands):


	Restricted		Performance			Stock
	Stock		Stock			Options	Total
2025	$	8,429	$	2,236	$	—	$	10,665
2026		5,054		1,125		—		6,179
2027		817		—		—		817
2028		6		—		—		6
Total	$	14,306	$	3,361	$	—	$	17,667