Atlantic Union Bankshares Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Atlantic Union Bankshares Corp filed its Q1 2024 10-Q, detailing equity balances and comparative financial data.</b>

AI Summary

Atlantic Union Bankshares Corp (AUB-PA) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Atlantic Union Bankshares Corp filed its 10-Q report for the period ending March 31, 2024. The filing details financial information for the first quarter of 2024. Key financial statement components like Retained Earnings, Preferred Stock, Common Stock, and Additional Paid-In Capital are reported as of March 31, 2024. Comparative data for December 31, 2023, and March 31, 2023, are included for several equity accounts. The company's business address is 4300 Cox Road, Glen Allen, VA 23060, with a phone number of 800-990-4828.

Why It Matters

For investors and stakeholders tracking Atlantic Union Bankshares Corp, this filing contains several important signals. This 10-Q filing provides stakeholders with the latest financial performance and position of Atlantic Union Bankshares Corp for the first quarter of 2024. The inclusion of comparative data from previous periods allows investors to track trends and assess the company's financial trajectory.

Risk Assessment

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

Analyst Insight

Review the detailed financial statements within the 10-Q to understand the company's performance and any significant changes in its balance sheet or equity structure.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-02 — Filing Date (Filed As Of Date)
• 2023-12-31 — Previous Year End Date (Comparative Data Point)
• 2023-03-31 — Previous Year Quarter End Date (Comparative Data Point)

Key Players & Entities

• Atlantic Union Bankshares Corp (company) — Filer
• 4300 Cox Road (address) — Business Address
• Glen Allen (city) — Business Address City
• VA (state) — Business Address State
• 23060 (zip_code) — Business Address Zip
• 800-990-4828 (phone_number) — Business Phone
• Union Bankshares Corp (company) — Former Company Name
• UNION FIRST MARKET BANKSHARES CORP (company) — Former Company Name

FAQ

Industry Context

Atlantic Union Bankshares Corp operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

As a publicly traded company, Atlantic Union Bankshares Corp is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the balance sheet details for changes in equity accounts.
2. Compare the Q1 2024 equity figures with those from Q4 2023 and Q1 2023.
3. Note any specific disclosures related to preferred stock, common stock, or retained earnings.

Key Dates

• 2024-03-31: Quarterly Period End — Financial reporting period for the 10-Q
• 2024-05-02: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This filing is the first 10-Q for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $1.33 — ch registered Common Stock, par value $1.33 per share AUB The New York Stock Ex
• $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) EPS – Earni
• $10.00 — ve Preferred Stock, Series A, par value $10.00 per share SOFR – Secured Overnigh

Filing Documents

• aub-20240331x10q.htm (10-Q) — 7186KB
• aub-20240331xex10d12.htm (EX-10.12) — 132KB
• aub-20240331xex15d01.htm (EX-15.01) — 3KB
• aub-20240331xex31d01.htm (EX-31.01) — 11KB
• aub-20240331xex31d02.htm (EX-31.02) — 11KB
• aub-20240331xex32d01.htm (EX-32.01) — 13KB
• 0000883948-24-000047.txt (&nbsp;) — 30276KB
• aub-20240331.xsd (EX-101.SCH) — 84KB
• aub-20240331_cal.xml (EX-101.CAL) — 141KB
• aub-20240331_def.xml (EX-101.DEF) — 362KB
• aub-20240331_lab.xml (EX-101.LAB) — 734KB
• aub-20240331_pre.xml (EX-101.PRE) — 589KB
• aub-20240331x10q_htm.xml (XML) — 9560KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 (audited) 2 Consolidated Statements of Income (unaudited) for the three months ended March 31, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months ended March 31, 2024 and 2023 4 Consolidated Statements of Changes in Stockholders' Equity (unaudited) for the three months ended March 31, 2024 and 2023 5 Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8 Report of Independent Registered Public Accounting Firm 42 Item 2.

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 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 69 Item 4.

Controls and Procedures

Controls and Procedures 71

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 72 Item 1A.

Risk Factors

Risk Factors 72 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 72 Item 5. Other Information 73 Item 6. Exhibits 74

Signatures

Signatures 75 Table of Contents Glossary of Acronyms and Defined Terms In this Quarterly Report on Form 10-Q, unless the context suggests otherwise, the terms "we", "us", and "our" refer to Atlantic Union Bankshares Corporation and its direct and indirect subsidiaries, including Atlantic Union Bank. 2023 Form 10-K – Annual Report on Form 10-K for the year ended December 31, 2023 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 BOLI – Bank-owned life insurance bps – Basis points BTFP – Bank Term Funding Program CECL – Current expected credit losses CFPB – Consumer Financial Protection Bureau CME SOFR – Chicago Mercantile Exchange Secured Overnight Financing Rate the Company – Atlantic Union Bankshares Corporation and its subsidiaries 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 FDIC – Federal Deposit Insurance Corporation Federal Reserve – Board of Governors of the Federal Reserve System FHLB – Federal Home Loan Bank of Atlanta FHLMC – Federal Home Loan Mortgage Corporation FNB – FNB Corporation FNMA – Federal National Mortgage Association FOMC – Federal Open Market Committee F

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (Dollars in thousands, except share data) March 31, December 31, 2024 2023 ASSETS (unaudited) (audited) Cash and cash equivalents: Cash and due from banks $ 168,850 $ 196,754 Interest-bearing deposits in other banks 225,386 167,601 Federal funds sold 2,434 13,776 Total cash and cash equivalents 396,670 378,131 Securities available for sale, at fair value 2,202,216 2,231,261 Securities held to maturity, at carrying value 828,928 837,378 Restricted stock, at cost 110,272 115,472 Loans held for sale 12,200 6,710 Loans held for investment, net of deferred fees and costs 15,851,628 15,635,043 Less: allowance for loan and lease losses 136,190 132,182 Total loans held for investment, net 15,715,438 15,502,861 Premises and equipment, net 90,126 90,959 Goodwill 925,211 925,211 Amortizable intangibles, net 17,288 19,183 Bank owned life insurance 455,885 452,565 Other assets 623,886 606,466 Total assets $ 21,378,120 $ 21,166,197 LIABILITIES Noninterest-bearing demand deposits $ 3,845,191 $ 3,963,181 Interest-bearing deposits 13,433,244 12,854,948 Total deposits 17,278,435 16,818,129 Securities sold under agreements to repurchase 66,405 110,833 Other short-term borrowings 600,000 810,000 Long-term borrowings 391,319 391,025 Other liabilities 493,033 479,883 Total liabilities 18,829,192 18,609,870 Commitments and contingencies (Note 7) STOCKHOLDERS' EQUITY Preferred stock, $ 10.00 par value 173 173 Common stock, $ 1.33 par value 99,399 99,147 Additional paid-in capital 1,782,809 1,782,286 Retained earnings 1,040,845 1,018,070 Accumulated other comprehensive loss ( 374,298 ) ( 343,349 ) Total stockholders' equi

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View this 10-Q filing on SEC EDGAR