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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 March 31, 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 April 28, 2022 was 75,014,103.

ATLANTIC UNION BANKSHARES CORPORATION

FORM 10-Q

INDEX

ITEM

    

    

PAGE

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

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

2

Consolidated Statements of Income (unaudited) for the three months ended March 31, 2022 and 2021

3

Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months ended March 31, 2022 and 2021

4

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the three months ended March 31, 2022 and 2021

5

Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 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

70

Item 4.

Controls and Procedures

72

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

73

Item 1A.

Risk Factors

73

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

73

Item 6.

Exhibits

75

Signatures

77

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

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)

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

FNMA

Federal National Mortgage Association

FOMC

Federal Open Markets Committee

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

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 March 31, 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 MARCH 31, 2022 AND DECEMBER 31, 2021

(Dollars in thousands, except share data)

March 31,

December 31,

2022

    

2021

ASSETS

(unaudited)

(audited)

Cash and cash equivalents:

Cash and due from banks

$

178,225

$

180,963

Interest-bearing deposits in other banks

213,140

618,714

Federal funds sold

4,938

2,824

Total cash and cash equivalents

396,303

802,501

Securities available for sale, at fair value

3,193,280

3,481,650

Securities held to maturity, at carrying value

756,872

628,000

Restricted stock, at cost

77,033

76,825

Loans held for sale, at fair value

21,227

20,861

Loans held for investment, net of deferred fees and costs

13,459,349

13,195,843

Less: allowance for loan and lease losses

102,591

99,787

Total loans held for investment, net

13,356,758

13,096,056

Premises and equipment, net

130,998

134,808

Goodwill

935,560

935,560

Amortizable intangibles, net

40,273

43,312

Bank owned life insurance

434,012

431,517

Other assets

440,114

413,706

Total assets

$

19,782,430

$

20,064,796

LIABILITIES

Noninterest-bearing demand deposits

$

5,370,063

$

5,207,324

Interest-bearing deposits

11,114,160

11,403,744

Total deposits

16,484,223

16,611,068

Securities sold under agreements to repurchase

115,027

117,870

Long-term borrowings

389,005

388,724

Other liabilities

295,840

237,063

Total liabilities

17,284,095

17,354,725

Commitments and contingencies (Note 7)

STOCKHOLDERS' EQUITY

Preferred stock, $10.00 par value

173

173

Common stock, $1.33 par value

99,651

100,101

Additional paid-in capital

1,786,640

1,807,368

Retained earnings

803,354

783,794

Accumulated other comprehensive income (loss)

(191,483)

18,635

Total stockholders' equity

2,498,335

2,710,071

Total liabilities and stockholders' equity

$

19,782,430

$

20,064,796

Common shares outstanding

75,335,956

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 MONTHS ENDED MARCH 31, 2022 AND 2021

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

Three Months Ended

March 31,

March 31,

2022

    

2021

    

Interest and dividend income:

Interest and fees on loans

$

114,200

$

128,006

Interest on deposits in other banks

131

77

Interest and dividends on securities:

Taxable

13,666

10,353

Nontaxable

10,459

9,237

Total interest and dividend income

138,456

147,673

Interest expense:

Interest on deposits

4,483

9,128

Interest on short-term borrowings

21

48

Interest on long-term borrowings

3,021

3,599

Total interest expense

7,525

12,775

Net interest income

130,931

134,898

Provision for credit losses

2,800

(13,624)

Net interest income after provision for credit losses

128,131

148,522

Noninterest income:

Service charges on deposit accounts

7,596

5,509

Other service charges, commissions and fees

1,655

1,701

Interchange fees

1,810

1,847

Fiduciary and asset management fees

7,255

6,475

Mortgage banking income

3,117

8,255

Bank owned life insurance income

2,697

2,265

Loan-related interest rate swap fees

3,860

1,754

Other operating income

2,163

3,179

Total noninterest income

30,153

30,985

Noninterest expenses:

Salaries and benefits

58,298

52,660

Occupancy expenses

6,883

7,315

Furniture and equipment expenses

3,597

3,968

Technology and data processing

7,796

6,904

Professional services

4,090

4,960

Marketing and advertising expense

2,163

2,044

FDIC assessment premiums and other insurance

2,485

2,307

Other taxes

4,499

4,436

Loan-related expenses

1,776

1,877

Amortization of intangible assets

3,039

3,730

Loss on debt extinguishment

14,695

Other expenses

10,695

7,041

Total noninterest expenses

105,321

111,937

Income from continuing operations before income taxes

52,963

67,570

Income tax expense

9,273

11,381

Net income

43,690

56,189

Dividends on preferred stock

2,967

2,967

Net income available to common shareholders

$

40,723

$

53,222

Basic earnings per common share

$

0.54

$

0.67

Diluted earnings per common share

$

0.54

$

0.67

Dividends declared per common share

$

0.28

$

0.25

Basic weighted average number of common shares outstanding

75,544,644

78,863,468

Diluted weighted average number of common shares outstanding

75,556,127

78,884,235

See accompanying notes to consolidated financial statements.

-3-

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2022 AND 2021

(Dollars in thousands)

Three Months Ended

 

March 31, 

 

    

2022

    

2021

 

Net income

$

43,690

$

56,189

Other comprehensive income (loss):

 

 

Cash flow hedges:

 

 

Change in fair value of cash flow hedges (net of tax, $6,197 and $380 for the three months ended March 31, 2022 and 2021, respectively)

 

(23,313)

 

(1,428)

Reclassification adjustment for gains included in net income (net of tax, $0 and $12 for the three months ended March 31, 2022 and 2021, respectively) (1)

 

 

(47)

AFS securities:

 

 

Unrealized holding losses arising during period (net of tax, $49,700 and $8,806 for the three months ended March 31, 2022 and 2021, respectively)

 

(186,967)

 

(33,125)

Reclassification adjustment for gains included in net income (net of tax, $0 and $16 for the three months ended March 31, 2022 and 2021, respectively) (2)

 

 

(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 ended March 31, 2022 and 2021, respectively) (3)

 

(5)

 

(5)

Bank owned life insurance:

 

 

Reclassification adjustment for losses included in net income (4)

 

167

 

153

Other comprehensive loss

 

(210,118)

 

(34,514)

Comprehensive (loss) income

$

(166,428)

$

21,675

(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 "Gains on securities transactions" 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)

THREE MONTHS ENDED MARCH 31, 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)

 

(2,967)

Stock purchased under stock repurchase plan (629,691 shares)

(837)

(24,181)

(25,018)

Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes (291,723 shares)

 

387

1,044

1,431

Stock-based compensation expense

 

2,409

 

2,409

Balance - March 31, 2022

$

99,651

$

173

$

1,786,640

$

803,354

$

(191,483)

$

2,498,335

Balance - December 31, 2020

$

104,169

$

173

$

1,917,081

$

616,052

$

71,015

$

2,708,490

Net Income

 

56,189

 

56,189

Other comprehensive loss (net of taxes of $8,835)

 

  

(34,514)

 

(34,514)

Dividends on common stock ($0.25 per share)

 

  

(19,700)

 

(19,700)

Dividends on preferred stock ($171.88 per share)

(2,967)

(2,967)

Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes (243,884 shares)

 

324

(289)

 

35

Stock-based compensation expense

 

  

2,199

 

2,199

Balance- March 31, 2021

$

104,493

$

173

$

1,918,991

$

649,574

$

36,501

$

2,709,732

See accompanying notes to consolidated financial statements.

-5-

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2022 AND 2021

(Dollars in thousands)

    

2022

    

2021

Operating activities:

 

  

 

  

Net income

$

43,690

$

56,189

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

  

 

  

Depreciation of premises and equipment

 

3,599

 

3,969

Writedown of ROU assets and equipment

 

4,570

 

1,065

Amortization, net

 

8,619

 

7,904

Amortization (accretion) related to acquisitions, net

 

875

 

(532)

Provision for credit losses

 

2,800

 

(13,624)

Gains on securities transactions, net

 

 

(78)

BOLI income

 

(2,697)

 

(2,265)

Originations and purchases of loans held for sale

 

(91,957)

 

(185,885)

Proceeds from sales of loans held for sale

91,434

231,250

Gains on sales of foreclosed properties and former bank premises, net

(706)

Losses on debt extinguishment

14,695

Stock-based compensation expenses

 

2,409

 

2,199

Issuance of common stock for services

 

217

 

Net decrease in other assets

 

46,434

 

42,567

Net increase (decrease) in other liabilities

 

1,454

 

(72,375)

Net cash provided by operating activities

 

111,447