Atlantic Union Bankshares Corp Files Q2 2024 10-Q

TL;DR

AUBN's Q2 2024 10-Q is in. Check financials.

AI Summary

Atlantic Union Bankshares Corp filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Key financial metrics and disclosures relevant to investors and regulators are presented in this report.

Why It Matters

This 10-Q filing provides crucial insights into Atlantic Union Bankshares Corp's financial health and operational performance during the second quarter of 2024, impacting investor decisions and market perception.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative events indicated.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240806 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Atlantic Union Bankshares Corp (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240806 (date) — Filing date
• 4300 COX ROAD, GLEN ALLEN, VA 23060 (address) — Company's business and mailing address

FAQ

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-20240630x10q.htm (10-Q) — 9089KB
• aub-20240630xex15d01.htm (EX-15.01) — 3KB
• aub-20240630xex31d01.htm (EX-31.01) — 11KB
• aub-20240630xex31d02.htm (EX-31.02) — 11KB
• aub-20240630xex32d01.htm (EX-32.01) — 13KB
• aub-20240630x10q030.jpg (GRAPHIC) — 1KB
• 0000883948-24-000082.txt ( ) — 36134KB
• aub-20240630.xsd (EX-101.SCH) — 94KB
• aub-20240630_cal.xml (EX-101.CAL) — 157KB
• aub-20240630_def.xml (EX-101.DEF) — 425KB
• aub-20240630_lab.xml (EX-101.LAB) — 818KB
• aub-20240630_pre.xml (EX-101.PRE) — 677KB
• aub-20240630x10q_htm.xml (XML) — 11370KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 (audited) 2 Consolidated Statements of Income (unaudited) for the three and six months ended June 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Changes in Stockholders' Equity (unaudited) for the six months ended June 30, 2024 and 2023 5 Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2024 and 2023 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8 Report of Independent Registered Public Accounting Firm 49 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 50 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 83 Item 4.

Controls and Procedures

Controls and Procedures 85

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 86 Item 1A.

Risk Factors

Risk Factors 86 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 86 Item 5. Other Information 87 Item 6. Exhibits 88

Signatures

Signatures 89 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 CDI – Core deposit intangibles 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 CRE – Commercial real estate 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 Nati

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2024 AND DECEMBER 31, 2023 (Dollars in thousands, except share data) June 30, December 31, 2024 2023 ASSETS (unaudited) (audited) Cash and cash equivalents: Cash and due from banks $ 233,065 $ 196,754 Interest-bearing deposits in other banks 207,129 167,601 Federal funds sold 5,820 13,776 Total cash and cash equivalents 446,014 378,131 Securities available for sale, at fair value 2,555,723 2,231,261 Securities held to maturity, at carrying value 810,450 837,378 Restricted stock, at cost 125,308 115,472 Loans held for sale 12,906 6,710 Loans held for investment, net of deferred fees and costs 18,347,190 15,635,043 Less: allowance for loan and lease losses 158,131 132,182 Total loans held for investment, net 18,189,059 15,502,861 Premises and equipment, net 114,987 90,959 Goodwill 1,207,484 925,211 Amortizable intangibles, net 95,980 19,183 Bank owned life insurance 489,550 452,565 Other assets 713,952 606,466 Total assets $ 24,761,413 $ 21,166,197 LIABILITIES Noninterest-bearing demand deposits $ 4,527,248 $ 3,963,181 Interest-bearing deposits 15,473,629 12,854,948 Total deposits 20,000,877 16,818,129 Securities sold under agreements to repurchase 64,585 110,833 Other short-term borrowings 725,500 810,000 Long-term borrowings 416,649 391,025 Other liabilities 510,116 479,883 Total liabilities 21,717,727 18,609,870 Commitments and contingencies (Note 8) STOCKHOLDERS' EQUITY Preferred stock, $ 10.00 par value 173 173 Common stock, $ 1.33 par value 118,475 99,147 Additional paid-in capital 2,273,312 1,782,286 Retained earnings 1,034,313 1,018,070 Accumulated other comprehensive loss ( 382,587 ) ( 343,349 ) Total stockholders' eq

View Full Filing

View this 10-Q filing on SEC EDGAR