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)

6 Months Ended

Jun. 30, 2016

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 June 30, 2016 and December 31, 2015 (dollars in thousands):



	Fair Value Measurements at June 30, 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	$	—	$	272,786	$	—	$	272,786
Corporate and other bonds	—		108,579		—		108,579
Mortgage-backed securities	—		554,964		—		554,964
Other securities	—		13,334		—		13,334
Loans held for sale	—		38,114		—		38,114
Derivatives:
Interest rate swap	—		11,948		—		11,948
Cash flow hedges	—		382		—		382
Interest rate lock commitments	—		—		1,712		1,712

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	11,948	$	—	$	11,948
Cash flow hedges	—		17,263		—		17,263
Fair value hedges	—		3,816		—		3,816



	Fair Value Measurements at December 31, 2015 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	$	—	$	268,079	$	—	$	268,079
Corporate and other bonds	—		75,979		—		75,979
Mortgage-backed securities	—		548,171		—		548,171
Other securities	—		11,063		—		11,063
Loans held for sale	—		36,030		—		36,030
Derivatives:
Interest rate swap	—		3,758		—		3,758
Cash flow hedges	—		946		—		946
Interest rate lock commitments	—		—		701		701

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	3,758	$	—	$	3,758
Cash flow hedges	—		10,352		—		10,352
Fair value hedges	—		888		—		888

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 June 30, 2016 and December 31, 2015 (dollars in thousands):



	Fair Value Measurements at June 30, 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	$	—	$	—	$	3,585	$	3,585
Other real estate owned	—		—		13,381		13,381



	Fair Value Measurements at December 31, 2015 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	$	—	$	—	$	2,214	$	2,214
Other real estate owned	—		—		15,299		15,299

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 June 30, 2016 and December 31, 2015 are as follows (dollars in thousands):



			Fair Value Measurements at June 30, 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	$	217,034	$	217,034	$	—	$	—	$	217,034
Securities available for sale	949,663		—		949,663		—		949,663
Held to maturity securities	202,917		—		211,949		—		211,949
Restricted stock	62,206		—		62,206		—		62,206
Loans held for sale	38,114		—		38,114		—		38,114
Net loans	5,906,024		—		—		5,938,305		5,938,305
Derivatives:
Interest rate lock commitments	1,712		—		—		1,712		1,712
Interest rate swap	11,948		—		11,948		—		11,948
Cash flow hedges	382		—		382		—		382
Accrued interest receivable	21,664		—		21,664		—		21,664
Bank owned life insurance	176,413		—		176,413		—		176,413

LIABILITIES
Deposits	$	6,095,826	$	—	$	6,098,700	$	—	$	6,098,700
Borrowings	952,809		—		932,278		—		932,278
Accrued interest payable	1,595		—		1,595		—		1,595
Derivatives:
Interest rate swap	11,948		—		11,948		—		11,948
Cash flow hedges	17,263		—		17,263		—		17,263
Fair value hedges	3,816		—		3,816		—		3,816



			Fair Value Measurements at December 31, 2015 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	$	142,660	$	142,660	$	—	$	—	$	142,660
Securities available for sale	903,292		—		903,292		—		903,292
Held to maturity securities	205,374		—		209,437		—		209,437
Restricted stock	51,828		—		51,828		—		51,828
Loans held for sale	36,030		—		36,030		—		36,030
Net loans	5,637,415		—		—		5,671,155		5,671,155
Derivatives:
Interest rate lock commitments	701		—		—		701		701
Interest rate swap	3,758		—		3,758		—		3,758
Cash flow hedges	946		—		946		—		946
Accrued interest receivable	20,760		—		20,760		—		20,760
Bank owned life insurance	173,687		—		173,687		—		173,687

LIABILITIES
Deposits	$	5,963,936	$	—	$	5,957,484	$	—	$	5,957,484
Borrowings	680,175		—		659,364		—		659,364
Accrued interest payable	1,578		—		1,578		—		1,578
Derivatives:
Interest rate swap	3,758		—		3,758		—		3,758
Cash flow hedges	10,352		—		10,352		—		10,352
Fair value hedges	888		—		888		—		888