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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, 2021

OR

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

Commission File Number: 001-39325

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

Depositary Shares, Each Representing a 1/400th Interest in a Share of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A

AUBAP

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 29, 2021 was 79,010,443.

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, 2021 (unaudited) and December 31, 2020 (audited)

2

Consolidated Statements of Income (unaudited) for the three months ended March 31, 2021 and 2020

3

Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2021 and 2020

4

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the three months ended March 31, 2021 and 2020

5

Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2021 and 2020

6

Notes to Consolidated Financial Statements (unaudited)

8

Review Report of Independent Registered Public Accounting Firm

49

Item 2.

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

50

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

79

Item 4.

Controls and Procedures

81

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

82

Item 1A.

Risk Factors

82

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

82

Item 6.

Exhibits

83

Signatures

84

Table of Contents

Glossary of Acronyms and Defined Terms

2020 Form 10-K

Annual Report on Form 10-K for the year ended December 31, 2020

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, a component of ACL

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

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

CAA

Consolidated Appropriations Act, 2021

CARES Act

Coronavirus Aid, Relief, and Economic Security Act

CECL

Current expected credit losses

the Company

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

COVID-19

COVID-19 global pandemic

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)

Dodd-Frank Act

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

EPS

Earnings per common 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 or

FRB

Federal Reserve Bank of Richmond

FHLB

Federal Home Loan Bank of Atlanta

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

ICE Data Services

Intercontinental Exchange Data Services

the Joint Guidance

The five federal bank regulatory agencies and the Conference of State Bank Supervisors guidance issued on March 22, 2020 (subsequently revised on April 7, 2020)

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

NSF

Nonsufficient funds

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

PPPLF

Paycheck Protection Program Liquidity Facility

PPP

Paycheck Protection Program

PPP Round One

Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act

PPP Round Two

Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act, as amended by the Consolidated Appropriations Act, 2021

Quarterly Report

Quarterly Report on Form 10-Q for the quarter ended March 31, 2021

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

RVI

Residual value insurance

SBA

Small Business Administration

SEC

Securities and Exchange Commission

Series A preferred stock

6.875% Perpetual Non-Cumulative Preferred Stock, Series A, par value $10.00 per share

SSFA

Simplified supervisory formula approach

TDR

Troubled debt restructuring

Topic 606

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

Topic 740

ASU 2019-12, “Income Taxes: Simplifying the Accounting for Income Taxes”

Topic 848

ASU 2020-04, “Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting”

TFSB

The Federal Savings Bank

Xenith

Xenith Bankshares, Inc. and its subsidiaries

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,

2021

    

2020

ASSETS

(unaudited)

(audited)

Cash and cash equivalents:

Cash and due from banks

$

155,972

$

172,307

Interest-bearing deposits in other banks

244,593

318,974

Federal funds sold

315

2,013

Total cash and cash equivalents

400,880

493,294

Securities available for sale, at fair value

2,697,043

2,540,419

Securities held to maturity, at carrying value

543,575

544,851

Restricted stock, at cost

76,824

94,782

Loans held for sale, at fair value

49,082

96,742

Loans held for investment, net of deferred fees and costs

14,272,280

14,021,314

Less allowance for loan and lease losses

142,911

160,540

Total loans held for investment, net

14,129,369

13,860,774

Premises and equipment, net

161,478

163,829

Goodwill

935,560

935,560

Amortizable intangibles, net

53,471

57,185

Bank owned life insurance

328,627

326,892

Other assets

478,703

514,121

Total assets

$

19,854,612

$

19,628,449

LIABILITIES

Noninterest-bearing demand deposits

$

5,066,399

$

4,368,703

Interest-bearing deposits

11,231,618

11,354,062

Total deposits

16,298,017

15,722,765

Securities sold under agreements to repurchase

105,522

100,888

Other short-term borrowings

168,000

250,000

Long-term borrowings

290,078

489,829

Other liabilities

283,263

356,477

Total liabilities

17,144,880

16,919,959

Commitments and contingencies (Note 7)

STOCKHOLDERS' EQUITY

Preferred stock, $10.00 par value

173

173

Common stock, $1.33 par value

104,493

104,169

Additional paid-in capital

1,918,991

1,917,081

Retained earnings

649,574

616,052

Accumulated other comprehensive income (loss)

36,501

71,015

Total stockholders' equity

2,709,732

2,708,490

Total liabilities and stockholders' equity

$

19,854,612

$

19,628,449

Common shares outstanding

79,006,331

78,729,212

Common shares authorized

200,000,000

200,000,000

Preferred shares outstanding

17,250

17,250

Preferred shares authorized

500,000

500,000

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,

2021

    

2020

    

Interest and dividend income:

Interest and fees on loans

$

128,006

$

151,127

Interest on deposits in other banks

77

862

Interest and dividends on securities:

Taxable

10,353

11,627

Nontaxable

9,237

7,709

Total interest and dividend income

147,673

171,325

Interest expense:

Interest on deposits

9,128

28,513

Interest on short-term borrowings

48

1,340

Interest on long-term borrowings

3,599

6,464

Total interest expense

12,775

36,317

Net interest income

134,898

135,008

Provision for credit losses

(13,624)

60,196

Net interest income after provision for credit losses

148,522

74,812

Noninterest income:

Service charges on deposit accounts

5,509

7,578

Other service charges, commissions and fees

1,701

1,624

Interchange fees

1,847

1,625

Fiduciary and asset management fees

6,475

5,984

Mortgage banking income

8,255

2,022

Gains on securities transactions

78

1,936

Bank owned life insurance income

2,265

2,049

Loan-related interest rate swap fees

1,754

3,948

Other operating income

3,101

2,141

Total noninterest income

30,985

28,907

Noninterest expenses:

Salaries and benefits

52,660

50,117

Occupancy expenses

7,315

7,133

Furniture and equipment expenses

3,968

3,741

Technology and data processing

6,904

6,169

Professional services

4,960

3,307

Marketing and advertising expense

2,044

2,739

FDIC assessment premiums and other insurance

2,307

2,861

Other taxes

4,436

4,120

Loan-related expenses

1,877

2,697

OREO and credit-related expenses

(114)

688

Amortization of intangible assets

3,730

4,401

Loss on debt extinguishment

14,695

Other expenses

7,155

7,672

Total noninterest expenses

111,937

95,645

Income from continuing operations before income taxes

67,570

8,074

Income tax expense

11,381

985

Net income

56,189

7,089

Dividends on preferred stock

2,967

Net income available to common shareholders

$

53,222

$

7,089

Basic earnings per common share

$

0.67

$

0.09

Diluted earnings per common share

$

0.67

$

0.09

Dividends declared per common share

$

0.25

$

0.25

Basic weighted average number of common shares outstanding

78,863,468

79,290,352

Diluted weighted average number of common shares outstanding

78,884,235

79,317,382

See accompanying notes to consolidated financial statements.

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Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Dollars in thousands)

Three Months Ended

 

March 31, 

 

    

2021

    

2020

 

Net income

$

56,189

$

7,089

Other comprehensive income (loss):

 

 

  

Cash flow hedges:

 

 

  

Change in fair value of cash flow hedges

 

(1,428)

 

(699)

Reclassification adjustment for losses (gains) included in net income (net of tax, $12 and $394 for the three months ended March 31, 2021 and 2020, respectively) (1)

 

(47)

 

1,481

AFS securities:

 

 

Unrealized holding gains (losses) arising during period (net of tax, $8,806 and $3,904 for the three months ended March 31, 2021 and 2020, respectively)

 

(33,125)

 

14,687

Reclassification adjustment for gains included in net income (net of tax, $16 and $407 for the three months ended March 31, 2021 and 2020, respectively) (2)

 

(62)

 

(1,529)

HTM securities:

 

 

  

Reclassification adjustment for accretion of unrealized gain on AFS securities transferred to HTM (net of tax, $1 and $1 for the three months ended March 31, 2021 and 2020, respectively) (3)

 

(5)

 

(5)

Bank owned life insurance:

 

 

  

Unrealized holding losses arising during the period

(1,289)

Reclassification adjustment for losses included in net income (4)

 

153

 

108

Other comprehensive income (loss)

 

(34,514)

 

12,754

Comprehensive income

$

21,675

$

19,843

(1)The gross amounts reclassified into earnings for the three months ended March 31, 2020 included a $1.8 million loss related to the termination of a cash flow hedge that is reported in “Other operating income” with the corresponding income tax effect being reflected as a component of income tax expense. The remaining gross amounts are reported in the interest income and interest expense sections of the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense.
(2)The gross amounts reclassified into earnings are reported as "Gains on securities transactions" on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense.
(3)The gross amounts reclassified into earnings are reported within interest income on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense.
(4)Reclassifications in earnings are reported in "Salaries and benefits" expense on the Company’s Consolidated Statements of Income.

See accompanying notes to consolidated financial statements.

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Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2021 and 2020

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

    

    

    

    

    

Accumulated

    

Additional

Other

Common

Preferred

Paid-In

Retained

Comprehensive

Stock

Stock

Capital

Earnings

Income (Loss)

Total

Balance - December 31, 2019

$

105,827

$

$

1,790,305

$

581,395

$

35,575

$

2,513,102

Net Income

 

 

  

 

7,089

 

  

 

7,089

Other comprehensive income (net of taxes of $3,890)

 

  

 

  

 

  

 

12,754

 

12,754

Dividends on common stock ($0.25 per share)

 

  

 

  

 

(19,825)

 

  

 

(19,825)

Stock purchased under stock repurchase plan (1,493,472 shares)

(1,985)

(47,894)

(49,879)

Issuance of common stock under Equity Compensation Plans, for services rendered, and vesting of restricted stock, net of shares held for taxes (183,750 shares)

 

244

 

(1,273)

 

  

 

  

 

(1,029)

Impact of adoption of ASC 326

(39,053)

(39,053)

Stock-based compensation expense

 

  

 

2,291

 

  

 

  

 

2,291

Balance- March 31, 2020

$

104,086

$

$

1,743,429

$

529,606

$

48,329

$

2,425,450

Balance - December 31, 2020

$

104,169

$

173

$

1,917,081

$

616,052

$

71,015

$

2,708,490

Net Income

 

56,189

 

56,189

Other comprehensive loss (net of taxes of $8,835)

 

(34,514)

 

(34,514)

Dividends on common stock ($0.25 per share)

 

(19,700)

 

(19,700)

Dividends on preferred stock ($171.88 per share)

 

(2,967)

 

(2,967)

Issuance of common stock under Equity Compensation Plans, for services rendered, and vesting of restricted stock, net of shares held for taxes (243,884 shares)

 

324

(289)

35

Stock-based compensation expense

 

2,199

 

2,199

Balance - March 31, 2021

$

104,493

$

173

$

1,918,991

$

649,574

$

36,501

$

2,709,732

See accompanying notes to consolidated financial statements.

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Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(Dollars in thousands)

    

2021

    

2020

Operating activities:

 

  

 

  

Net income

$

56,189

$

7,089

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

  

 

  

Depreciation of premises and equipment

 

3,969

 

3,831

Writedown of foreclosed properties and former bank premises

 

1,065

 

95

Amortization, net

 

7,904

 

6,164

Accretion related to acquisitions, net

 

(532)

 

(5,262)

Provision for credit losses

 

(13,624)

 

60,196

Gains on securities transactions, net

 

(78)

 

(1,936)

BOLI income

 

(2,265)

 

(2,049)

Originations and purchases of loans held for sale

 

(185,885)

 

(111,008)

Proceeds from sales of loans held for sale

231,250

92,298

Losses (gains) on sales of foreclosed properties and former bank premises, net

 

(706)

 

141

Losses on debt extinguishment

14,695

Stock-based compensation expenses

 

2,199

 

2,291

Issuance of common stock for services

 

 

204

Net decrease (increase) in other assets

 

42,567

 

(112,493)

Net increase (decrease) in other liabilities

 

(72,375)

 

110,796

Net cash provided by operating activities

 

84,373

 

50,357

Investing activities: