Financial reports / Atlantic Union Bankshares Corporation | Tables in SEC filings

AUB Atlantic Union Bankshares Corporation

Quarterly report


	2024		2023
Operating activities:
Net income	$	151,346	$	144,911
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		32,592		22,911
Depreciation of premises and equipment		9,541		9,897
Amortization, net		17,064		18,215
(Accretion) amortization related to acquisitions, net		(14,325)		3,530
Losses on securities sales, net		6,510		40,992
BOLI income		(12,074)		(8,671)
Writedown of ROU assets, foreclosed properties, and equipment		216		1,929
Gain on sale-leaseback transaction		—		(27,700)
Loans held for sale:
Originations and purchases		(157,156)		(109,934)
Proceeds from sales		155,392		107,264
Changes in operating assets and liabilities:
Net decrease (increase) in other assets		38,888		(74,154)
Net (decrease) increase in other liabilities		(17,831)		95,563
Net cash provided by operating activities		210,163		224,753
Investing activities:
Securities AFS and restricted stock:
Purchases		(619,879)		(425,431)
Proceeds from sales		620,405		856,881
Proceeds from maturities, calls, and paydowns		170,542		133,947
Securities HTM:
Purchases		(2,615)		(13,826)
Proceeds from maturities, calls, and paydowns		29,702		15,453
Net change in other investments		(14,919)		(9,177)
Net increase in LHFI		(523,841)		(839,536)
Net purchases of premises and equipment		(6,543)		(3,835)
Proceeds from BOLI settlements		5,645		353
Proceeds from sale-leaseback transaction		—		45,805
Proceeds from sales of foreclosed properties and former bank premises		3,021		5,846
Net cash received in acquisition		54,988		—
Net cash used in investing activities		(283,494)		(233,520)
Financing activities:
Net increase (decrease) in:
Non-interest-bearing deposits		308,316		(738,290)
Interest-bearing deposits		593,803		1,593,090
Short-term borrowings		(584,942)		(688,901)
Common stock:
Issuance		227		563
Dividends paid		(90,383)		(76,315)
Vesting of restricted stock, net of shares held for taxes		(3,751)		(2,383)
Net cash provided by financing activities		223,270		87,764
Increase in cash and cash equivalents		149,939		78,997
Cash, cash equivalents and restricted cash at beginning of the period		378,131		319,948
Cash, cash equivalents and restricted cash at end of the period	$	528,070	$	398,945


	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 stockholders' equity		3,182,416		2,556,327
Total liabilities and stockholders' equity	$	24,803,723	$	21,166,197

Common shares outstanding		89,774,392		75,023,327
Common shares authorized		200,000,000		200,000,000
Preferred shares outstanding		17,250		17,250
Preferred shares authorized		500,000		500,000


	Carrying		Gross Unrealized				Estimated
	Value		Gains		(Losses)		Fair Value
September 30, 2024
Obligations of states and political subdivisions	$	695,460	$	3,775	$	(23,241)	$	675,994
Corporate and other bonds(1)		3,484		—		(64)		3,420
Commercial MBS
Agency		27,164		—		(5,308)		21,856
Non-agency		21,218		156		(533)		20,841
Total commercial MBS		48,382		156		(5,841)		42,697
Residential MBS
Agency		38,339		—		(4,872)		33,467
Non-agency		21,415		15		(181)		21,249
Total residential MBS		59,754		15		(5,053)		54,716
Total HTM securities	$	807,080	$	3,946	$	(34,199)	$	776,827


										Greater than
				30-59 Days			60-89 Days			90 Days and
	Current			Past Due			Past Due			still Accruing			Nonaccrual			Total Loans
Construction and Land Development	$	1,107,183		$	270		$	24		$	25		$	348		$	1,107,850
CRE – Owner Occupied		1,991,632			1,575			—			2,579			3,001			1,998,787
CRE – Non-Owner Occupied		4,156,089			545			184			2,967			12,616			4,172,401
Multifamily Real Estate		1,061,851			—			146			—			—			1,061,997
Commercial & Industrial		3,579,657			4,303			49			782			4,556			3,589,347
Residential 1-4 Family – Commercial		518,150			567			676			1,383			1,804			522,580
Residential 1-4 Family – Consumer		1,053,255			7,546			1,804			4,470			11,098			1,078,173
Residential 1-4 Family – Revolving		611,584			2,238			1,429			1,095			3,087			619,433
Auto		480,557			4,737			872			410			350			486,926
Consumer		119,487			770			232			152			—			120,641
Other Commercial		870,339			6,569			—			—			—			876,908
Total LHFI, net of deferred fees and costs	$	15,549,784		$	29,120		$	5,416		$	13,863		$	36,860		$	15,635,043
% of total loans		99.45	%		0.19	%		0.03	%		0.09	%		0.24	%		100.00	%


	September 30,		December 31,
	2024		2023
CRE – Owner Occupied	$	2,050	$	—
CRE – Non-Owner Occupied		8,156		4,835
Total LHFI	$	10,206	$	4,835

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