Company Quick10K Filing
Union Bankshares
Price32.70 EPS2
Shares82 P/E19
MCap2,676 P/FCF24
Net Debt545 EBIT286
TEV3,221 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-11
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-13
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-14
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-09
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-16
8-K 2020-07-31 Regulation FD, Exhibits
8-K 2020-07-24 Other Events, Exhibits
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-07-07 Other Events, Exhibits
8-K 2020-06-10
8-K 2020-06-09
8-K 2020-05-12
8-K 2020-05-07
8-K 2020-05-05
8-K 2020-04-30
8-K 2020-04-28
8-K 2020-04-07
8-K 2020-04-06
8-K 2019-12-05
8-K 2019-11-01
8-K 2019-11-01
8-K 2019-10-24
8-K 2019-10-22
8-K 2019-10-17
8-K 2019-10-03
8-K 2019-09-10
8-K 2019-08-21
8-K 2019-08-20
8-K 2019-08-02
8-K 2019-07-18
8-K 2019-07-08
8-K 2019-07-02
8-K 2019-05-20
8-K 2019-05-13
8-K 2019-05-06
8-K 2019-05-02
8-K 2019-04-24
8-K 2019-04-09
8-K 2019-02-11
8-K 2019-02-01
8-K 2019-01-31
8-K 2019-01-24
8-K 2019-01-22
8-K 2019-01-15
8-K 2019-01-11
8-K 2019-01-08
8-K 2018-11-16
8-K 2018-11-13
8-K 2018-11-07
8-K 2018-10-31
8-K 2018-10-25
8-K 2018-10-17
8-K 2018-10-08
8-K 2018-10-05
8-K 2018-10-04
8-K 2018-09-25
8-K 2018-09-12
8-K 2018-09-10
8-K 2018-09-10
8-K 2018-09-04
8-K 2018-08-07
8-K 2018-07-19
8-K 2018-07-18
8-K 2018-07-05
8-K 2018-06-29
8-K 2018-06-21
8-K 2018-05-23
8-K 2018-05-04
8-K 2018-05-02
8-K 2018-05-01
8-K 2018-04-24
8-K 2018-04-03
8-K 2018-04-01
8-K 2018-02-14
8-K 2018-02-06
8-K 2018-01-24
8-K 2018-01-23
8-K 2018-01-03
8-K 2018-01-01

UBSH 10Q Quarterly Report

Part I - Financial Information
Item 1 - Financial Statements
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 6 - Exhibits
EX-15.1 aub-20200331xex15d1.htm
EX-31.1 aub-20200331xex31d1.htm
EX-31.2 aub-20200331xex31d2.htm
EX-32.1 aub-20200331xex32d1.htm

Union Bankshares Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

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Table of Contents

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, 2020

OR

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

Commission File Number: 000-20293

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

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 30, 2020 was 78,709,196.

Table of Contents

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, 2020 (unaudited) and December 31, 2019 (audited)

2

Consolidated Statements of Income (unaudited) for the three months ended March 31, 2020 and 2019

3

Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2020 and 2019

4

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the three months ended March 31, 2020 and 2019

5

Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2020 and 2019

6

Notes to Consolidated Financial Statements (unaudited)

8

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

82

Item 4.

Controls and Procedures

84

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

85

Item 1A.

Risk Factors

85

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

87

Item 6.

Exhibits

88

Signatures

89

Table of Contents

Glossary of Acronyms and Defined Terms

2019 Form 10-K

Annual Report on Form 10-K for the year ended December 31, 2019

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

AOCI

Accumulated other comprehensive income (loss)

ASC

Accounting Standards Codification

ASC 326

ASU 2016-13, Financial Instruments and Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

ASC 820

ASC 820, Fair Value Measurements and Disclosures

ASC 842

ASU 2016-02, Leases (Topic 842)

ASU

Accounting Standards Update

ATM

Automated teller machine

the Bank

Atlantic Union Bank (formerly, Union Bank & Trust)

BOLI

Bank-owned life insurance

bps

Basis points

BSA

Bank Secrecy Act

CARES Act

Coronavirus Aid, Relief, and Economic Security Act

CCPs

Central Counterparty Clearinghouses

CECL

Current expected credit losses

CME

Chicago Mercantile Exchange

the Company

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

COVID-19

Novel strain of coronavirus first identified in December 2019 in Wuhan, China

DHFB

Dixon, Hubard, Feinour, & Brown, Inc.

Dodd-Frank Act

Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

EPS

Earnings per 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

Federal Reserve Act

Federal Reserve Act of 1913, as amended

Federal Reserve Bank

Federal Reserve Bank of Richmond

FHLB

Federal Home Loan Bank of Atlanta

FinCEN

Financial Crimes Enforcement Network

FOMC

Federal Open Markets Committee

FTE

Fully taxable equivalent

GAAP or U.S. GAAP

Accounting principles generally accepted in the United States

HTM

Held to maturity

IDC

Interactive Data Corporation

LCH

London Clearing House

LIBOR

London Interbank Offered Rate

MBS

Mortgage Backed Securities

MD&A

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

NOW

Negotiable order of withdrawal

NPA

Nonperforming assets

OAL

Outfitter Advisors, Ltd.

OCI

Other comprehensive income

Table of Contents

OREO

Other real estate owned

OTTI

Other than temporary impairment

PCD

Purchased credit deteriorated

PCI

Purchased credit impaired

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, 2020

ROA

Return on average assets

ROE

Return on average common equity

ROTCE

Return on average tangible common equity

ROU Asset

Right of Use Asset

RUC

Reserve for unfunded commitments

SBA

Small Business Administration

SEC

Securities and Exchange Commission

SSFA

Simplified supervisory formula approach

Tax Act

Tax Cuts and Jobs Act of 2017

TDR

Troubled debt restructuring

Topic 606

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

TFSB

The Federal Savings Bank

UMG

Union Mortgage Group, Inc.

Xenith

Xenith Bankshares, Inc.

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share data)

March 31,

December 31,

2020

    

2019

ASSETS

(unaudited)

(audited)

Cash and cash equivalents:

Cash and due from banks

$

197,521

$

163,050

Interest-bearing deposits in other banks

292,154

234,810

Federal funds sold

15,284

38,172

Total cash and cash equivalents

504,959

436,032

Securities available for sale, at fair value

1,972,903

1,945,445

Securities held to maturity, at carrying value

552,176

555,144

Restricted stock, at cost

130,227

130,848

Loans held for sale, at fair value

76,690

55,405

Loans held for investment, net of deferred fees and costs

12,768,841

12,610,936

Less allowance for loan and lease losses

141,043

42,294

Total loans held for investment, net

12,627,798

12,568,642

Premises and equipment, net

161,139

161,073

Goodwill

935,560

935,560

Amortizable intangibles, net

69,298

73,669

Bank owned life insurance

324,980

322,917

Other assets

491,646

377,587

Assets of discontinued operations

668

Total assets

$

17,847,376

$

17,562,990

LIABILITIES

Noninterest-bearing demand deposits

$

3,067,573

$

2,970,139

Interest-bearing deposits

10,485,462

10,334,842

Total deposits

13,553,035

13,304,981

Securities sold under agreements to repurchase

56,781

66,053

Other short-term borrowings

380,000

370,200

Long-term borrowings

1,077,683

1,077,495

Other liabilities

354,427

230,519

Liabilities of discontinued operations

640

Total liabilities

15,421,926

15,049,888

Commitments and contingencies (Note 8)

STOCKHOLDERS' EQUITY

Common stock, $1.33 par value; shares authorized of 200,000,000 and 100,000,000 at March 31, 2020 and December 31, 2019, respectively; 78,710,448 and 80,001,185 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively.

104,086

105,827

Additional paid-in capital

1,743,429

1,790,305

Retained earnings

529,606

581,395

Accumulated other comprehensive income (loss)

48,329

35,575

Total stockholders' equity

2,425,450

2,513,102

Total liabilities and stockholders' equity

$

17,847,376

$

17,562,990

See accompanying notes to consolidated financial statements.

-2-

Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

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

Three Months Ended

March 31,

March 31,

2020

    

2019

(Unaudited)

(Unaudited)

Interest and dividend income:

Interest and fees on loans

$

151,127

$

144,115

Interest on deposits in other banks

862

473

Interest and dividends on securities:

Taxable

11,627

13,081

Nontaxable

7,709

7,983

Total interest and dividend income

171,325

165,652

Interest expense:

Interest on deposits

28,513

24,430

Interest on short-term borrowings

1,340

6,551

Interest on long-term borrowings

6,464

7,124

Total interest expense

36,317

38,105

Net interest income

135,008

127,547

Provision for credit losses

60,196

3,792

Net interest income after provision for credit losses

74,812

123,755

Noninterest income:

Service charges on deposit accounts

7,578

7,158

Other service charges, commissions and fees

1,624

1,664

Interchange fees

1,625

5,045

Fiduciary and asset management fees

5,984

5,054

Mortgage banking income

2,022

1,454

Gains (losses) on securities transactions

1,936

151

Bank owned life insurance income

2,049

2,055

Loan-related interest rate swap fees

3,948

1,460

Other operating income

2,141

897

Total noninterest income

28,907

24,938

Noninterest expenses:

Salaries and benefits

50,117

48,007

Occupancy expenses

7,133

7,399

Furniture and equipment expenses

3,741

3,396

Printing, postage, and supplies

1,290

1,242

Technology and data processing

6,169

5,676

Professional services

3,307

2,958

Marketing and advertising expense

2,739

2,383

FDIC assessment premiums and other insurance

2,861

2,639

Other taxes

4,120

3,764

Loan-related expenses

2,697