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, 2017

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, 2017 and December 31, 2016 (dollars in thousands):



	Fair Value Measurements at March 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	$	—	$	277,849	$	—	$	277,849
Corporate and other bonds	—		112,046		—		112,046
Mortgage-backed securities	—		549,355		—		549,355
Other securities	—		13,808		—		13,808
Loans held for sale	—		19,976		—		19,976
Derivatives:
Interest rate swap	—		897		—		897
Cash flow hedges	—		167		—		167
Fair value hedges	—		1,549		—		1,549
Interest rate lock commitments	—		—		1,251		1,251

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	897	$	—	$	897
Cash flow hedges	—		9,354		—		9,354
Fair value hedges	—		138		—		138
Best efforts forward delivery commitments	—		—		111		111



	Fair Value Measurements at December 31, 2016 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	$	—	$	275,890	$	—	$	275,890
Corporate and other bonds	—		121,780		—		121,780
Mortgage-backed securities	—		535,286		—		535,286
Other securities	—		13,808		—		13,808
Loans held for sale	—		36,487		—		36,487
Derivatives:
Interest rate swap	—		1,005		—		1,005
Cash flow hedges	—		211		—		211
Fair value hedges	—		1,437		—		1,437
Interest rate lock commitments	—		—		610		610
Best efforts forward delivery commitments	—		—		1,469		1,469

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	1,005	$	—	$	1,005
Cash flow hedges	—		9,619		—		9,619
Fair value hedges	—		296		—		296

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, 2017 and December 31, 2016 (dollars in thousands):



	Fair Value Measurements at March 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	$	—	$	—	$	18,097	$	18,097
Other real estate owned	—		—		9,605		9,605



	Fair Value Measurements at December 31, 2016 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	$	—	$	—	$	4,344	$	4,344
Other real estate owned	—		—		10,084		10,084

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, 2017 and December 31, 2016 are as follows (dollars in thousands):



			Fair Value Measurements at March 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	$	183,819	$	183,819	$	—	$	—	$	183,819
Securities available for sale	953,058		—		953,058		—		953,058
Held to maturity securities	203,478		—		205,611		—		205,611
Restricted stock	65,402		—		65,402		—		65,402
Loans held for sale	19,976		—		19,976		—		19,976
Net loans	6,515,632		—		—		6,518,399		6,518,399
Derivatives:
Interest rate swap	897		—		897		—		897
Cash flow hedge	167		—		167		—		167
Fair value hedge	1,549		—		1,549		—		1,549
Interest rate lock commitments	1,251		—		—		1,251		1,251
Accrued interest receivable	23,458		—		23,458		—		23,458
Bank owned life insurance	178,774		—		178,774		—		178,774

LIABILITIES
Deposits	$	6,614,195	$	—	$	6,605,551	$	—	$	6,605,551
Borrowings	980,866		—		960,830		—		960,830
Accrued interest payable	4,209		—		4,209		—		4,209
Derivatives:
Interest rate swap	897		—		897		—		897
Cash flow hedges	9,354		—		9,354		—		9,354
Fair value hedges	138		—		138		—		138
Best efforts forward delivery commitments	111		—		—		111		111



			Fair Value Measurements at December 31, 2016 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	$	179,237	$	179,237	$	—	$	—	$	179,237
Securities available for sale	946,764		—		946,764		—		946,764
Held to maturity securities	201,526		—		202,315		—		202,315
Restricted stock	60,782		—		60,782		—		60,782
Loans held for sale	36,487		—		36,487		—		36,487
Net loans	6,269,868		—		—		6,265,443		6,265,443
Derivatives:
Interest rate swap	1,005		—		1,005		—		1,005
Cash flow hedges	211		—		211		—		211
Fair value hedges	1,437		—		1,437		—		1,437
Interest rate lock commitments	610		—		—		610		610
Best efforts forward delivery commitments	1,469		—		—		1,469		1,469
Accrued interest receivable	23,448		—		23,448		—		23,448
Bank owned life insurance	179,318		—		179,318		—		179,318

LIABILITIES
Deposits	$	6,379,489	$	—	$	6,370,457	$	—	$	6,370,457
Borrowings	990,089		—		970,195		—		970,195
Accrued interest payable	2,320		—		2,230		—		2,230
Derivatives:
Interest rate swap	1,005		—		1,005		—		1,005
Cash flow hedges	9,619		—		9,619		—		9,619
Fair value hedges	296		—		296		—		296