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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 September 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 October 27, 2022 was 74,711,507.

ATLANTIC UNION BANKSHARES CORPORATION

FORM 10-Q

INDEX

ITEM

    

    

PAGE

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

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

2

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

3

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

4

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

5

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

7

Notes to Consolidated Financial Statements (unaudited)

9

Review Report of Independent Registered Public Accounting Firm

53

Item 2.

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

54

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

84

Item 4.

Controls and Procedures

86

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

87

Item 1A.

Risk Factors

87

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

87

Item 6.

Exhibits

88

Signatures

89

Glossary of Acronyms and Defined Terms

2021 Form 10-K

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

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

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

CODM

Chief operating decision maker

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

NM

Not meaningful

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 September 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

RPAs

Risk Participation Agreements

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.

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

(Dollars in thousands, except share data)

September 30,

December 31,

2022

    

2021

ASSETS

(unaudited)

(audited)

Cash and cash equivalents:

Cash and due from banks

$

177,969

$

180,963

Interest-bearing deposits in other banks

211,785

618,714

Federal funds sold

1,188

2,824

Total cash and cash equivalents

390,942

802,501

Securities available for sale, at fair value

2,717,323

3,481,650

Securities held to maturity, at carrying value

841,349

628,000

Restricted stock, at cost

82,050

76,825

Loans held for sale, at fair value

12,889

20,861

Loans held for investment, net of deferred fees and costs

13,918,720

13,195,843

Less: allowance for loan and lease losses

108,009

99,787

Total loans held for investment, net

13,810,711

13,096,056

Premises and equipment, net

126,374

134,808

Goodwill

925,211

935,560

Amortizable intangibles, net

29,142

43,312

Bank owned life insurance

437,988

431,517

Other assets

576,252

413,706

Total assets

$

19,950,231

$

20,064,796

LIABILITIES

Noninterest-bearing demand deposits

$

5,290,938

$

5,207,324

Interest-bearing deposits

11,255,278

11,403,744

Total deposits

16,546,216

16,611,068

Securities sold under agreements to repurchase

146,182

117,870

Other short-term borrowings

133,800

Long-term borrowings

389,576

388,724

Other liabilities

453,307

237,063

Total liabilities

17,669,081

17,354,725

Commitments and contingencies (Note 7)

STOCKHOLDERS' EQUITY

Preferred stock, $10.00 par value

173

173

Common stock, $1.33 par value

98,845

100,101

Additional paid-in capital

1,769,858

1,807,368

Retained earnings

874,393

783,794

Accumulated other comprehensive (loss) income

(462,119)

18,635

Total stockholders' equity

2,281,150

2,710,071

Total liabilities and stockholders' equity

$

19,950,231

$

20,064,796

Common shares outstanding

74,703,774

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 NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

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

Three Months Ended

Nine Months Ended

September 30,

September 30,

September 30,

September 30,

2022

    

2021

    

2022

    

2021

Interest and dividend income:

Interest and fees on loans

$

144,673

$

124,999

$

382,139

$

383,575

Interest on deposits in other banks

941

291

1,229

454

Interest and dividends on securities:

Taxable

14,750

11,230

43,110

32,102

Nontaxable

10,792

9,859

31,889

28,773

Total interest and dividend income

171,156

146,379

458,367

444,904

Interest expense:

Interest on deposits

15,386

5,837

25,966

22,203

Interest on short-term borrowings

1,229

22

1,805

91

Interest on long-term borrowings

3,826

3,032

10,183

9,676

Total interest expense

20,441

8,891

37,954

31,970

Net interest income

150,715

137,488

420,413

412,934

Provision for credit losses

6,412

(18,850)

12,771

(59,888)

Net interest income after provision for credit losses

144,303

156,338

407,642

472,822

Noninterest income:

Service charges on deposit accounts

6,784

7,198

22,421

19,314

Other service charges, commissions and fees

1,770

1,534

5,134

4,970

Interchange fees

2,461

2,203

6,539

6,252

Fiduciary and asset management fees

4,134

7,029

18,329

20,323

Mortgage banking income

1,390

4,818

6,707

17,692

Bank owned life insurance income

3,445

2,727

8,858

8,202

Loan-related interest rate swap fees

2,050

1,102

8,510

4,176

Other operating income

3,550

3,327

17,525

8,459

Total noninterest income

25,584

29,938

94,023

89,388

Noninterest expenses:

Salaries and benefits

56,600

53,534

170,203

156,959

Occupancy expenses

6,408

7,251

19,685

21,705

Furniture and equipment expenses

3,673

4,040

10,860

11,919

Technology and data processing

8,273

7,534

23,930

21,657

Professional services

3,504

3,792

12,274

13,161

Marketing and advertising expense

2,343

2,548

7,008

7,330

FDIC assessment premiums and other insurance

3,094

2,172

8,344

6,798

Franchise and other taxes

4,507

4,432

13,506

13,303

Loan-related expenses

1,575

1,503

5,218

5,289

Amortization of intangible assets

2,480

3,381

8,434

10,679

Loss on debt extinguishment

14,695

Other expenses

7,466

5,156

24,550

15,756

Total noninterest expenses

99,923

95,343

304,012

299,251

Income from continuing operations before income taxes

69,964

90,933

197,653

262,959

Income tax expense

11,894

16,368

33,667

46,821

Net income

58,070

74,565

163,986

216,138

Dividends on preferred stock

2,967

2,967

8,901

8,901

Net income available to common shareholders

$

55,103

$

71,598

$

155,085

$

207,237

Basic earnings per common share

$

0.74

$

0.94

$

2.07

$

2.66

Diluted earnings per common share

$

0.74

$

0.94

$

2.07

$

2.66

Dividends declared per common share

$

0.30

$

0.28

$

0.86

$

0.81

Basic weighted average number of common shares outstanding

74,703,699

76,309,355

75,029,000

77,988,151

Diluted weighted average number of common shares outstanding

74,705,054

76,322,736

75,034,084

78,007,543

See accompanying notes to consolidated financial statements.

-3-

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

(Dollars in thousands)

Three Months Ended

 

Nine Months Ended

September 30, 

 

September 30, 

    

2022

    

2021

 

2022

    

2021

Net income

$

58,070

$

74,565

$

163,986

$

216,138

Other comprehensive (loss) income:

 

 

 

  

 

Cash flow hedges:

 

 

 

  

 

Change in fair value of cash flow hedges (net of tax, $6,417 and $145 for the three months and $15,691 and $169 for the nine months ended September 30, 2022 and 2021, respectively)

 

(24,142)

 

(545)

 

(59,027)

 

634

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

 

 

 

 

(47)

AFS securities:

 

 

 

 

Unrealized holding (losses) arising during period (net of tax, $32,388 and $6,178 for the three months and $112,226 and $11,311 for the nine months ended September 30, 2022 and 2021, respectively)

 

(121,841)

 

(23,242)

 

(422,183)

 

(42,549)

Reclassification adjustment for (gains) losses included in net income (net of tax, $0 and $2 for the three months and $0 and $18 for the nine months ended September 30, 2022 and 2021, respectively) (2)

 

 

(7)

 

2

 

(69)

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 $4 and $4 for the nine months ended September 30, 2022 and 2021, respectively) (3)

 

(4)

 

(5)

 

(14)

 

(15)

Bank owned life insurance:

 

 

 

Reclassification adjustment for losses included in net income (4)

 

151

 

150

 

468

 

454

Other comprehensive (loss) income:

 

(145,836)

 

(23,649)

 

(480,754)

 

(41,592)

Comprehensive (loss) income

$

(87,766)

$

50,916

$

(316,768)

$

174,546

(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)

NINE MONTHS ENDED SEPTEMBER 30, 2022

(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