Atlantic Union Bankshares Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Atlantic Union Bankshares Corp. has submitted its 2023 10-K filing detailing financial performance and corporate structure.</b>

AI Summary

Atlantic Union Bankshares Corp (AUB-PA) filed a Annual Report (10-K) with the SEC on February 22, 2024. Atlantic Union Bankshares Corp. filed its 2023 Form 10-K on February 22, 2024. The company is incorporated in Virginia (VA) and operates under the SIC code 6022 for State Commercial Banks. The filing covers the fiscal year ending December 31, 2023. Key financial data points such as retained earnings, preferred stock, common stock, and additional paid-in capital are detailed for fiscal years 2020-2023. The company's principal business address is 4300 Cox Road, Glen Allen, VA 23060.

Why It Matters

For investors and stakeholders tracking Atlantic Union Bankshares Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Atlantic Union Bankshares Corp.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data, including equity components and historical trends, allows stakeholders to analyze the bank's stability, growth, and capital management strategies.

Risk Assessment

Risk Level: low — Atlantic Union Bankshares Corp shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Atlantic Union Bankshares Corp.'s performance and strategic positioning.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240222 — Filing Date (Date the 10-K was filed)
• 6022 — SIC Code (Standard Industrial Classification for State Commercial Banks)

Key Players & Entities

• Atlantic Union Bankshares Corp. (company) — Filer of the 10-K
• Union Bankshares Corp (company) — Former company name
• UNION FIRST MARKET BANKSHARES CORP (company) — Former company name
• VA (location) — State of incorporation and business address
• 4300 COX ROAD (address) — Business and mailing address
• GLEN ALLEN (location) — City of business and mailing address
• 23060 (postal_code) — ZIP code for business and mailing address

FAQ

Industry Context

Atlantic Union Bankshares Corp. operates within the State Commercial Banks industry, a sector characterized by its role in financial intermediation, lending, and deposit-taking services.

Regulatory Implications

As a commercial bank, Atlantic Union Bankshares Corp. is subject to regulations from various federal and state authorities governing financial institutions, including capital requirements, consumer protection, and risk management.

What Investors Should Do

1. Analyze the balance sheet and income statement for the fiscal year ended December 31, 2023.
2. Review any disclosed risk factors or management discussion and analysis sections for potential operational or market challenges.
3. Compare key financial metrics with previous fiscal years to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-22: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing a comprehensive update compared to previous filings which would include quarterly reports (10-Q) and potentially other specific event filings.

Key Financial Figures

• $1.33 — ch registered Common Stock, par value $1.33 per share AUB The New York Stock Ex
• $25.95 — the closing share price on that date of $25.95 per share. The number of shares of com
• $10,000 — stock, with a liquidation preference of $10,000 per share of Series A preferred stock (
• $25 — Series A preferred stock (equivalent to $25 per depositary share) DHFB – Dixon,
• $10.00 — ve Preferred Stock, Series A, par value $10.00 per share SOFR – Secured Overnight F
• $21.2 billion — December 31, 2023, we had approximately $21.2 billion in assets, $15.6 billion in LHFI (net o
• $15.6 billion — approximately $21.2 billion in assets, $15.6 billion in LHFI (net of deferred fees and costs
• $16.8 billion — LHFI (net of deferred fees and costs), $16.8 billion in deposits, and $2.6 billion in stockh
• $2.6 billion — costs), $16.8 billion in deposits, and $2.6 billion in stockholders' equity. Recent Devel

Filing Documents

• aub-20231231x10k.htm (10-K) — 9386KB
• aub-20231231xex4d6.htm (EX-4.6) — 117KB
• aub-20231231xex10d25.htm (EX-10.25) — 53KB
• aub-20231231xex21d1.htm (EX-21.1) — 12KB
• aub-20231231xex23d1.htm (EX-23.1) — 24KB
• aub-20231231xex31d1.htm (EX-31.1) — 11KB
• aub-20231231xex31d2.htm (EX-31.2) — 11KB
• aub-20231231xex32d1.htm (EX-32.1) — 13KB
• aub-20231231xex97d1.htm (EX-97.1) — 50KB
• aub-20231231x10k006.jpg (GRAPHIC) — 42KB
• aub-20231231xex97d1001.jpg (GRAPHIC) — 11KB
• 0000883948-24-000030.txt (&nbsp;) — 39470KB
• aub-20231231.xsd (EX-101.SCH) — 125KB
• aub-20231231_cal.xml (EX-101.CAL) — 176KB
• aub-20231231_def.xml (EX-101.DEF) — 534KB
• aub-20231231_lab.xml (EX-101.LAB) — 1140KB
• aub-20231231_pre.xml (EX-101.PRE) — 920KB
• aub-20231231x10k_htm.xml (XML) — 11642KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 38 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. [Reserved] 42 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 76 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 77 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 149 Item 9A.

Controls and Procedures

Controls and Procedures 149 Item 9B. Other Information 150 Item 9C. Disclosure Regarding Foreign Jurisdiction That Prevent Inspection s 150 PART III Item 10. Directors, Executive Officers and Corporate Governance 151 Item 11.

Executive Compensation

Executive Compensation 151 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 152 Item 13. Certain Relationships and Related Transactions, and Director Independence 152 Item 14. Principal Accountant Fees and Services 152 PART IV Item 15. Exhibit and Financial Statement Schedules 152 Item 16. Form 10-K Summary 156

Signatures

Signatures 157 i Table of Contents Glossary of Acronyms and Defined Terms Access – Access National Corporation and its subsidiaries ACL – Allowance for credit losses AFS – Available for sale ALCO – Asset liability management committee ALLL – Allowance for loan and lease losses, a component of ACL American National – American National Bankshares Inc. AOCI – Accumulated other comprehensive income (loss) ASC – Accounting Standards Codification ASU – Accounting Standards Update AUB – Atlantic Union Bankshares Corporation the Bank – Atlantic Union Bank BHCA – Bank Holding Company Act of 1956, as amended BOLI – Bank-owned life insurance bps – Basis points BSA/AML – Bank Secrecy Act/Anti-Money Laundering regulations BTFP – Bank Term Funding Program CAMELS – Capital adequacy, asset quality, management, earnings, liquidity, and sensitivity CECL – Current expected credit losses CFPB – Consumer Financial Protection Bureau the Company – Atlantic Union Bankshares Corporation and its subsidiaries CRA – Community Reinvestment Act of 1977 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. DIF – Deposit Insurance Fund Dodd-Frank Act – Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 EPS – Earnings per common share ESG – Environmental, social, and governance ESOP – Employee Stock Ownership Plan Exchange Act – Securities Exchange Act of 1934, as amended FASB – Financial Accounting Standards Board FDIA – Federal Deposit Insurance Act 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 B

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements in this Form 10-K may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include, without limitation, statements regarding our expectations with regard to our business, financial and operating results, including our deposit base and funding and the impact of future economic conditions, anticipated changes in the interest rate environments and the related impacts on our net interest margin, changes in economic conditions, management's belief regarding liquidity and capital resources, the expected impact of our cost saving measures initiated in the second quarter of 2023, and the expected impact of our balance sheet restructuring in the first and third quarters of 2023, statements regarding our pending merger with American National, and statements that include other projections, predictions, expectations, or beliefs about future events or results or otherwise are not statements of historical fact. Such forward-looking statements are based on certain assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties, and other factors, some of which cannot be predicted or quantified, that may cause actual results, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are often characterized by the use of qualified words (and their derivatives) such as "expect," "believe," "estimate," "plan," "project," "anticipate," "intend," "will," "may," "view," "seek to," "opportunity," "potential," "continue, "confidence" or words of similar meaning or other statements concerning opinions or judgment of our management about future events. Although we believe that our expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of our ex

BUSINESS

ITEM 1. BUSINESS. GENERAL Overview Atlantic Union Bankshares Corporation is a financial holding company and bank holding company organized under the laws of the Commonwealth of Virginia and registered under the BHCA. We are headquartered in Richmond, Virginia and provide a wide range of financial services and products to commercial and retail clients through our wholly-owned subsidiary bank, Atlantic Union Bank, a Federal Reserve member bank charted under the laws of the Commonwealth of Virginia. The Bank is headquartered in Richmond, Virginia and, as of December 31, 2023, operated 109 branches and 123 ATMs located throughout Virginia, and portions of Maryland and North Carolina. In addition, our non-bank financial services affiliates include Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products. At December 31, 2023, we had approximately $21.2 billion in assets, $15.6 billion in LHFI (net of deferred fees and costs), $16.8 billion in deposits, and $2.6 billion in stockholders' equity. Recent Developments On July 24, 2023, the Company and American National entered into a merger agreement. Under the merger agreement, American National will merge with and into the Company, with the Company continuing as the surviving entity. Immediately following the merger, American National Bank and Trust Company will merge with and into the Bank, with the Bank continuing as the surviving bank. Subject to the terms and conditions of the merger agreement, at the effective time of the merger, each outstanding share of American National common stock will be converted into the right to receive 1.35 shares of the Company's common stock. The merger agreement was unanimously approved by the boards of directors of the Company and American National, and is subject to customar

View Full Filing

View this 10-K filing on SEC EDGAR