Atlantic Union Bankshares Corp Files Q3 2024 10-Q

TL;DR

AUBC filed their Q3 10-Q. Financials look steady.

AI Summary

Atlantic Union Bankshares Corp filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position. Key financial data points and disclosures are presented within this report.

Why It Matters

This filing provides investors and analysts with crucial financial insights into Atlantic Union Bankshares Corp's performance and operational status as of Q3 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• Q3 2024 — Reporting Period (The period covered by the 10-Q filing.)
• 12-31 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• Atlantic Union Bankshares Corp (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241105 (date) — Filing date
• VA (location) — State of incorporation and business address
• Union Bankshares Corp (company) — Former company name

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-20240930x10q.htm (10-Q) — 9360KB
• aub-20240930xex15d01.htm (EX-15.01) — 3KB
• aub-20240930xex31d01.htm (EX-31.01) — 11KB
• aub-20240930xex31d02.htm (EX-31.02) — 11KB
• aub-20240930xex32d01.htm (EX-32.01) — 13KB
• aub-20240930x10q032.jpg (GRAPHIC) — 1KB
• 0000883948-24-000095.txt ( ) — 36765KB
• aub-20240930.xsd (EX-101.SCH) — 97KB
• aub-20240930_cal.xml (EX-101.CAL) — 158KB
• aub-20240930_def.xml (EX-101.DEF) — 439KB
• aub-20240930_lab.xml (EX-101.LAB) — 840KB
• aub-20240930_pre.xml (EX-101.PRE) — 695KB
• aub-20240930x10q_htm.xml (XML) — 11478KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 (audited) 2 Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Changes in Stockholders' Equity (unaudited) for the nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2024 and 2023 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 9 Report of Independent Registered Public Accounting Firm 53 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 54 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 88 Item 4.

Controls and Procedures

Controls and Procedures 90

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 91 Item 1A.

Risk Factors

Risk Factors 91 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 96 Item 5. Other Information 96 Item 6. Exhibits 97

Signatures

Signatures 98 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. American National merger – The merger of American National Bankshares Inc. with and into Atlantic Union Bankshares Corporation pursuant to the American National merger agreement American National merger agreement – Agreement and Plan of Merger dated July 24, 2023 by and between Atlantic Union Bankshares Corporation and 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 – Secu

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 (Dollars in thousands, except share data) September 30, December 31, 2024 2023 ASSETS (unaudited) (audited) Cash and cash equivalents: Cash and due from banks $ 232,222 $ 196,754 Interest-bearing deposits in other banks 291,163 167,601 Federal funds sold 4,685 13,776 Total cash and cash equivalents 528,070 378,131 Securities available for sale, at fair value 2,608,182 2,231,261 Securities held to maturity, at carrying value 807,080 837,378 Restricted stock, at cost 117,881 115,472 Loans held for sale 11,078 6,710 Loans held for investment, net of deferred fees and costs 18,337,299 15,635,043 Less: allowance for loan and lease losses 160,685 132,182 Total loans held for investment, net 18,176,614 15,502,861 Premises and equipment, net 115,093 90,959 Goodwill 1,212,710 925,211 Amortizable intangibles, net 90,176 19,183 Bank owned life insurance 489,759 452,565 Other assets 647,080 606,466 Total assets $ 24,803,723 $ 21,166,197 LIABILITIES Noninterest-bearing demand deposits $ 4,422,909 $ 3,963,181 Interest-bearing deposits 15,882,378 12,854,948 Total deposits 20,305,287 16,818,129 Securities sold under agreements to repurchase 59,227 110,833 Other short-term borrowings 375,000 810,000 Long-term borrowings 417,937 391,025 Other liabilities 463,856 479,883 Total liabilities 21,621,307 18,609,870 Commitments and contingencies (Note 8) STOCKHOLDERS' EQUITY Preferred stock, $ 10.00 par value 173 173 Common stock, $ 1.33 par value 118,494 99,147 Additional paid-in capital 2,277,024 1,782,286 Retained earnings 1,079,032 1,018,070 Accumulated other comprehensive loss ( 292,307 ) ( 343,349 ) Total stockh

View Full Filing

View this 10-Q filing on SEC EDGAR