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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-39325

ATLANTIC UNION BANKSHARES CORPORATION

(Exact name of registrant as specified in its charter)

Virginia

54-1598552

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

1051 East Cary Street

Suite 1200

Richmond, Virginia 23219

(Address of principal executive offices) (Zip Code)

(804) 633-5031

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading symbol(s)

    

Name of each exchange on which registered

Common Stock, par value $1.33 per share

AUB

The NASDAQ Global Select Market

Depositary Shares, Each Representing a 1/400th Interest in a Share of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A

AUBAP

The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.              Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).            Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

The number of shares of common stock outstanding as of July 28, 2022 was 74,703,474.

ATLANTIC UNION BANKSHARES CORPORATION

FORM 10-Q

INDEX

ITEM

    

    

PAGE

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021 (audited)

2

Consolidated Statements of Income (unaudited) for the three and six months ended June 30, 2022 and 2021

3

Consolidated Statements of Comprehensive (Loss) Income (unaudited) for the three and six months ended June 30, 2022 and 2021

4

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the three and six months ended June 30, 2022 and 2021

5

Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2022 and 2021

6

Notes to Consolidated Financial Statements (unaudited)

8

Review Report of Independent Registered Public Accounting Firm

47

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

48

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

75

Item 4.

Controls and Procedures

77

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

78

Item 1A.

Risk Factors

78

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

78

Item 6.

Exhibits

79

Signatures

80

Glossary of Acronyms and Defined Terms

2021 Form 10-K

Annual Report on Form 10-K for the year ended December 31, 2021

Access

Access National Corporation and its subsidiaries

ACL

Allowance for credit losses

AFS

Available for sale

ALCO

Asset Liability Committee

ALLL

Allowance for loan and lease losses, a component of ACL

AOCI

Accumulated other comprehensive income (loss)

ASC

Accounting Standards Codification

ASC 820

ASC 820, Fair Value Measurements and Disclosures

ASU

Accounting Standards Update

ATM

Automated teller machine

AUB

Atlantic Union Bankshares Corporation

AUBAP

Atlantic Union Bankshares Corporation trading symbol

the Bank

Atlantic Union Bank (formerly, Union Bank & Trust)

BOLI

Bank-owned life insurance

bps

Basis points

BVAL

Bloomberg Valuation Service

CAA

Consolidated Appropriations Act, 2021

CARES Act

Coronavirus Aid, Relief, and Economic Security Act

CECL

Current expected credit losses

the Company

Atlantic Union Bankshares Corporation (formerly, Union Bankshares Corporation) and its subsidiaries

COVID-19

COVID-19 global pandemic

CSP

Cary Street Partners Financial LLC

depositary shares

Depositary shares, each representing a 1/400th ownership interest in a share of the Company’s Series A preferred stock, with a liquidation preference of $10,000 per share of Series A preferred stock (equivalent to $25 per depositary share)

DHFB

Dixon, Hubard, Feinour & Brown, Inc.

EPS

Earnings per common share

Exchange Act

Securities Exchange Act of 1934, as amended

FASB

Financial Accounting Standards Board

FCMs

Futures Commission Merchants

FDIC

Federal Deposit Insurance Corporation

Federal Reserve

Board of Governors of the Federal Reserve System

FRB

Federal Reserve Bank of Richmond

FHLB

Federal Home Loan Bank of Atlanta

FHLMC

Federal Home Loan Mortgage Corporation

FNB

FNB Corporation

FNMA

Federal National Mortgage Association

FOMC

Federal Open Markets Committee

FR Y9-C

Consolidated financial statements for a U.S. bank holding company, a savings and loan holding company, a U.S. intermediate holding company, and a securities holding company

FTE

Fully taxable equivalent

GAAP or U.S. GAAP

Accounting principles generally accepted in the United States

GNMA

Government National Mortgage Association

HTM

Held to maturity

ICE

Intercontinental Exchange Data Services

the Joint Guidance

The five federal bank regulatory agencies and the Conference of State Bank Supervisors guidance

Issued on March 22, 2020 (subsequently revised on April 7, 2020)

LHFI

Loans held for investment

LHFS

Loans held for sale

LIBOR

London Interbank Offered Rate

MBS

Mortgage-Backed Securities

MFC

Middleburg Financial Corporation

NASDAQ

National Association of Securities Dealers Automated Quotation exchange

NOW

Negotiable order of withdrawal

NPA

Nonperforming assets

OCI

Other comprehensive income

OREO

Other real estate owned

OTC

Over-the-counter

PD/LGD

Probability of default/loss given default

PPP

Paycheck Protection Program

Quarterly Report

Quarterly Report on Form 10-Q for the quarter ended June 30, 2022

Repurchase Program

The share repurchase program, approved on December 10, 2021 by the Company’s Board of Directors, which authorizes the Company to purchase up to $100.0 million worth of the Company’s common stock

ROU asset

Right of Use Asset

RUC

Reserve for unfunded commitments

RVI

Residual value insurance

SBA

Small Business Administration

SEC

Securities and Exchange Commission

Series A preferred stock

6.875% Perpetual Non-Cumulative Preferred Stock, Series A, par value $10.00 per share

SOFR

Secured Overnight Financing Rate

SSFA

Simplified supervisory formula approach

TDR

Troubled debt restructuring

Topic 606

ASU No. 2014-09, “Revenue from Contracts with Customers: Topic 606”

Topic 848

ASU 2020-04, “Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting”

VFG

Virginia Financial Group, Inc.

2031 Notes

$250.0 million of 2.875% fixed-to-floating rate subordinate notes issued by the Company during the fourth quarter of 2021 with a maturity date of December 15, 2031

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

(Dollars in thousands, except share data)

June 30,

December 31,

2022

    

2021

ASSETS

(unaudited)

(audited)

Cash and cash equivalents:

Cash and due from banks

$

158,902

$

180,963

Interest-bearing deposits in other banks

82,086

618,714

Federal funds sold

388

2,824

Total cash and cash equivalents

241,376

802,501

Securities available for sale, at fair value

2,951,421

3,481,650

Securities held to maturity, at carrying value

780,749

628,000

Restricted stock, at cost

87,908

76,825

Loans held for sale, at fair value

15,866

20,861

Loans held for investment, net of deferred fees and costs

13,655,408

13,195,843

Less: allowance for loan and lease losses

104,184

99,787

Total loans held for investment, net

13,551,224

13,096,056

Premises and equipment, net

128,661

134,808

Goodwill

925,211

935,560

Amortizable intangibles, net

31,621

43,312

Bank owned life insurance

436,703

431,517

Other assets

511,059

413,706

Total assets

$

19,661,799

$

20,064,796

LIABILITIES

Noninterest-bearing demand deposits

$

5,361,538

$

5,207,324

Interest-bearing deposits

10,767,097

11,403,744

Total deposits

16,128,635

16,611,068

Securities sold under agreements to repurchase

118,658

117,870

Other short-term borrowings

290,000

Long-term borrowings

389,290

388,724

Other liabilities

343,740

237,063

Total liabilities

17,270,323

17,354,725

Commitments and contingencies (Note 7)

STOCKHOLDERS' EQUITY

Preferred stock, $10.00 par value

173

173

Common stock, $1.33 par value

98,822

100,101

Additional paid-in capital

1,767,063

1,807,368

Retained earnings

841,701

783,794

Accumulated other comprehensive (loss) income

(316,283)

18,635

Total stockholders' equity

2,391,476

2,710,071

Total liabilities and stockholders' equity

$

19,661,799

$

20,064,796

Common shares outstanding

74,688,314

75,663,648

Common shares authorized

200,000,000

200,000,000

Preferred shares outstanding

17,250

17,250

Preferred shares authorized

500,000

500,000

See accompanying notes to consolidated financial statements.

-2-

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Dollars in thousands, except share and per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2022

    

2021

    

2022

    

2021

Interest and dividend income:

Interest and fees on loans

$

123,266

$

130,570

$

237,466

$

258,576

Interest on deposits in other banks

157

86

288

163

Interest and dividends on securities:

Taxable

14,695

10,519

28,361

20,872

Nontaxable

10,637

9,677

21,097

18,914

Total interest and dividend income

148,755

150,852

287,212

298,525

Interest expense:

Interest on deposits

6,097

7,238

10,580

16,366

Interest on short-term borrowings

555

21

576

69

Interest on long-term borrowings

3,336

3,045

6,358

6,644

Total interest expense

9,988

10,304

17,514

23,079

Net interest income

138,767

140,548

269,698

275,446

Provision for credit losses

3,559

(27,414)

6,359

(41,037)

Net interest income after provision for credit losses

135,208

167,962

263,339

316,483

Noninterest income:

Service charges on deposit accounts

8,040

6,607

15,637

12,116

Other service charges, commissions and fees

1,709

1,735

3,364

3,436

Interchange fees

2,268

2,203

4,078

4,050

Fiduciary and asset management fees

6,939

6,819

14,194

13,294

Mortgage banking income

2,200

4,619

5,317

12,874

Bank owned life insurance income

2,716

3,209

5,413

5,475

Loan-related interest rate swap fees

2,600

1,321

6,460

3,075

Other operating income

11,814

1,953

13,976

5,131

Total noninterest income

38,286

28,466

68,439

59,451

Noninterest expenses:

Salaries and benefits

55,305

50,766

113,603

103,426

Occupancy expenses

6,395

7,140

13,278

14,454

Furniture and equipment expenses

3,590

3,911

7,187

7,880

Technology and data processing

7,862

7,219

15,658

14,123

Professional services

4,680

4,408

8,770

9,369

Marketing and advertising expense

2,502

2,738

4,665

4,782

FDIC assessment premiums and other insurance

2,765

2,319

5,250

4,626

Franchise and other taxes

4,500

4,435

8,999

8,871

Loan-related expenses

1,867

1,909

3,643

3,786

Amortization of intangible assets

2,915

3,568

5,954

7,298

Loss on debt extinguishment

14,695

Other expenses

6,387

3,558

17,082

10,598

Total noninterest expenses

98,768

91,971

204,089

203,908

Income from continuing operations before income taxes

74,726

104,457

127,689

172,026

Income tax expense

12,500

19,073

21,773

30,453

Net income

62,226

85,384

105,916

141,573

Dividends on preferred stock

2,967

2,967

5,934

5,934

Net income available to common shareholders

$

59,259

$

82,417

$

99,982

$

135,639

Basic earnings per common share

$

0.79

$

1.05

$

1.33

$

1.72

Diluted earnings per common share

$

0.79

$

1.05

$

1.33

$

1.72

Dividends declared per common share

$

0.28

$

0.28

$

0.56

$

0.53

Basic weighted average number of common shares outstanding

74,847,899

78,819,697

75,194,347

78,841,462

Diluted weighted average number of common shares outstanding

74,849,871

78,843,724

75,201,326

78,863,859

See accompanying notes to consolidated financial statements.

-3-

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Dollars in thousands)

Three Months Ended

 

Six Months Ended

June 30, 

 

June 30, 

    

2022

    

2021

 

2022

    

2021

Net income

$

62,226

$

85,384

$

105,916

$

141,573

Other comprehensive (loss) income:

 

 

 

  

 

Cash flow hedges:

 

 

 

  

 

Change in fair value of cash flow hedges (net of tax, $3,076 and $693 for the three months and $9,273 and $313 for the six months ended June 30, 2022 and 2021, respectively)

 

(11,572)

 

2,607

 

(34,885)

 

1,179

Reclassification adjustment for (gains) included in net income (net of tax, $0 and $0 for the three months and $0 and $12 for the six months ended June 30, 2022 and 2021, respectively) (1)

 

 

 

 

(47)

AFS securities:

 

 

 

 

Unrealized holding gains (losses) arising during period (net of tax, $30,137 and $3,673 for the three months and $79,837 and $5,132 for the six months ended June 30, 2022 and 2021, respectively)

 

(113,374)

 

13,818

 

(300,341)

 

(19,307)

Reclassification adjustment for (gains) losses included in net income (net of tax, $0 and $0 for the three months and $0 and $16 for the six months ended June 30, 2022 and 2021, respectively) (2)

 

1

 

 

1

 

(62)

HTM securities:

 

 

 

 

Reclassification adjustment for accretion of unrealized (gain) on AFS securities transferred to HTM (net of tax, $1 and $1 for the three months and $3 and $3 for the six months ended June 30, 2022 and 2021, respectively) (3)

 

(5)

 

(5)

 

(10)

 

(10)

Bank owned life insurance:

 

 

 

Reclassification adjustment for losses included in net income (4)

 

150

 

151

 

317

 

304

Other comprehensive (loss) income:

 

(124,800)

 

16,571

 

(334,918)

 

(17,943)

Comprehensive (loss) income

$

(62,574)

$

101,955

$

(229,002)

$

123,630

(1) The gross amounts are generally reported in the interest income and interest expense sections of the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense.

(2) The gross amounts reclassified into earnings are reported as "Other operating income" on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense.

(3) The gross amounts reclassified into earnings are reported within interest income on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense.

(4) Reclassifications in earnings are reported in "Salaries and benefits" expense on the Company’s Consolidated Statements of Income.

See accompanying notes to consolidated financial statements.

-4-

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(Dollars in thousands, except share and per share amounts)

  

  

  

  

  

Accumulated

  

Additional

Other

Common

Preferred

Paid-In

Retained

Comprehensive

Stock

Stock

Capital

Earnings

Income (Loss)

Total

Balance - December 31, 2021

$

100,101

$

173

$

1,807,368

$

783,794

$

18,635

$

2,710,071

Net Income

 

43,690

 

43,690

Other comprehensive loss (net of taxes of $49,701)

 

(210,118)

 

(210,118)

Dividends on common stock ($0.28 per share)

 

(21,163)

 

(21,163)

Dividends on preferred stock ($171.88 per share)

 

(2,967)