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, 2019

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, 2019 and December 31, 2018 (dollars in thousands):



	Fair Value Measurements at March 31, 2019 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:
U.S. government and agency securities	$	—	$	4,457	$	—	$	4,457
Obligations of states and political subdivisions	—		531,788		—		531,788
Corporate and other bonds	—		178,887		—		178,887
Mortgage-backed securities	—		1,390,393		—		1,390,393
Other securities	—		3,537		—		3,537
Loans held for sale	—		28,712		—		28,712
Derivatives:
Interest rate swap	—		24,865		—		24,865
Fair value hedges	—		893		—		893


LIABILITIES
Derivatives:
Interest rate swap	$	—	$	24,865	$	—	$	24,865
Cash flow hedges	—		6,328		—		6,328
Fair value hedges	—		3,027		—		3,027



	Fair Value Measurements at December 31, 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	$	—	$	468,491	$	—	$	468,491
Corporate and other bonds	—		167,696		—		167,696
Mortgage-backed securities	—		1,129,865		—		1,129,865
Other securities	—		8,769		—		8,769
Derivatives:
Interest rate swap	—		19,426		—		19,426
Fair value hedges	—		1,872		—		1,872

LIABILITIES
Derivatives:
Interest rate swap	$	—	$	19,426	$	—	$	19,426
Cash flow hedges	—		4,786		—		4,786
Fair value hedges	—		1,684		—		1,684

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, 2019 and December 31, 2018 (dollars in thousands):



	Fair Value Measurements at March 31, 2019 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	$	—	$	—	$	7,263	$	7,263
Foreclosed properties	—		—		7,353		7,353
Former bank premises	—		—		2,695		2,695



	Fair Value Measurements at December 31, 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	$	—	$	—	$	3,734	$	3,734
Foreclosed properties	—		—		6,722		6,722
Former bank premises	—		—		2,090		2,090

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, 2019 and December 31, 2018 are as follows (dollars in thousands):



			Fair Value Measurements at March 31, 2019 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	$	165,041	$	165,041	$	—	$	—	$	165,041
AFS securities	2,109,062		—		2,109,062		—		2,109,062
HTM securities	559,380		—		566,541		18,065		584,606
Restricted stock	135,911		—		135,911		—		135,911
Loans held for sale	28,712		—		28,712		—		28,712
Net loans	11,911,483		—		—		11,785,466		11,785,466
Derivatives:
Interest rate swap	24,865		—		24,865		—		24,865
Fair value hedge	893		—		893		—		893
Accrued interest receivable	56,681		—		56,681		—		56,681
BOLI	317,990		—		317,990		—		317,990

LIABILITIES
Deposits	$	12,489,330	$	—	$	12,515,527	$	—	$	12,515,527
Borrowings	1,753,103		—		1,739,009		—		1,739,009
Accrued interest payable	8,389		—		8,389		—		8,389
Derivatives:
Interest rate swap	24,865		—		24,865		—		24,865
Cash flow hedges	6,328		—		6,328		—		6,328
Fair value hedges	3,027		—		3,027		—		3,027



			Fair Value Measurements at December 31, 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	$	261,199	$	261,199	$	—	$	—	$	261,199
AFS securities	1,774,821		—		1,774,821		—		1,774,821
HTM securities	492,272		—		499,501		—		499,501
Restricted stock	124,602		—		124,602		—		124,602
Net loans	9,675,162		—		—		9,534,717		9,534,717
Derivatives:
Interest rate swap	19,426		—		19,426		—		19,426
Fair value hedges	1,872		—		1,872		—		1,872
Accrued interest receivable	46,062		—		46,062		—		46,062
BOLI	263,034		—		263,034		—		263,034

LIABILITIES
Deposits	$	9,970,960	$	—	$	9,989,788	$	—	$	9,989,788
Borrowings	1,756,278		—		1,742,038		—		1,742,038
Accrued interest payable	5,284		—		5,284		—		5,284
Derivatives:
Interest rate swap	19,426		—		19,426		—		19,426
Cash flow hedges	4,786		—		4,786		—		4,786
Fair value hedges	1,684		—		1,684		—		1,684