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, 2018

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, 2018 and December 31, 2017 (dollars in thousands):



	Fair Value Measurements at June 30, 2018 using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Balance
ASSETS
AFS securities:
Obligations of states and political subdivisions	$	—	$	528,584	$	—	$	528,584
Corporate and other bonds	—		148,448		—		148,448
Mortgage-backed securities	—		869,434		—		869,434
Other securities	—		11,582		—		11,582
Marketable equity securities	28,200		—		—		28,200
Loans held for sale	—		40,190		—		40,190
Derivatives:
Interest rate swap	—		20,606		—		20,606
Fair value hedges	—		2,925		—		2,925
Interest rate lock commitments	—		—		200		200

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	20,606	$	—	$	20,606
Cash flow hedges	—		3,671		—		3,671
Fair value hedges	—		35		—		35
Best efforts forward delivery commitments	—		—		182		182



	Fair Value Measurements at December 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
AFS securities:
Obligations of states and political subdivisions	$	—	$	301,824	$	—	$	301,824
Corporate and other bonds	—		113,880		—		113,880
Mortgage-backed securities	—		548,858		—		548,858
Other securities	—		9,660		—		9,660
Loans held for sale	—		40,662		—		40,662
Derivatives:
Interest rate swap	—		1,350		—		1,350
Cash flow hedges	—		49		—		49
Fair value hedges	—		1,598		—		1,598
Interest rate lock commitments	—		—		559		559
Best efforts forward delivery commitments	—		—		12		12

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	1,350	$	—	$	1,350
Cash flow hedges	—		8,005		—		8,005
Fair value hedges	—		76		—		76

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, 2018 and December 31, 2017 (dollars in thousands):



	Fair Value Measurements at June 30, 2018 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	$	—	$	—	$	5,135	$	5,135
OREO	—		—		7,995		7,995



	Fair Value Measurements at December 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	$	—	$	—	$	3,229	$	3,229
OREO	—		—		6,636		6,636

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, 2018 and December 31, 2017 are as follows (dollars in thousands):



			Fair Value Measurements at June 30, 2018 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	$	578,053	$	578,053	$	—	$	—	$	578,053
AFS securities	1,558,048		—		1,558,048		—		1,558,048
HTM securities	47,604		—		47,649		—		47,649
Marketable equity securities	28,200		28,200		—		—		28,200
Restricted stock	104,837		—		104,837		—		104,837
Loans held for sale	40,190		—		40,190		—		40,190
Net loans	9,248,989		—		—		9,149,667		9,149,667
Derivatives:
Interest rate swap	20,606		—		20,606		—		20,606
Fair value hedge	2,925		—		2,925		—		2,925
Interest rate lock commitments	200		—		—		200		200
Accrued interest receivable	37,314		—		37,314		—		37,314
BOLI	260,124		—		260,124		—		260,124

LIABILITIES
Deposits	$	9,797,272	$	—	$	9,814,479	$	—	$	9,814,479
Borrowings	1,300,276		—		1,287,968		—		1,287,968
Accrued interest payable	3,794		—		3,794		—		3,794
Derivatives:
Interest rate swap	20,606		—		20,606		—		20,606
Cash flow hedges	3,671		—		3,671		—		3,671
Fair value hedges	35		—		35		—		35
Best efforts forward delivery commitments	182		—		—		182		182



			Fair Value Measurements at December 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	$	199,373	$	199,373	$	—	$	—	$	199,373
AFS securities	974,222		—		974,222		—		974,222
HTM securities	199,639		—		203,483		—		203,483
Restricted stock	75,283		—		75,283		—		75,283
Loans held for sale	40,662		—		40,662		—		40,662
Net loans	7,103,344		—		—		7,117,593		7,117,593
Derivatives:
Interest rate swap	1,350		—		1,350		—		1,350
Cash flow hedges	49		—		49		—		49
Fair value hedges	1,598		—		1,598		—		1,598
Interest rate lock commitments	559		—		—		559		559
Best efforts forward delivery commitments	12		—		—		12		12
Accrued interest receivable	26,427		—		26,427		—		26,427
BOLI	182,854		—		182,854		—		182,854

LIABILITIES
Deposits	$	6,991,718	$	—	$	6,977,845	$	—	$	6,977,845
Borrowings	1,219,414		—		1,198,645		—		1,198,645
Accrued interest payable	2,538		—		2,538		—		2,538
Derivatives:
Interest rate swap	1,350		—		1,350		—		1,350
Cash flow hedges	8,005		—		8,005		—		8,005
Fair value hedges	76		—		76		—		76