Atlantic Union Bankshares Corp
For the period ended Sep 30, 2024. Filed Nov 5, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 5, 2024
AUB$40.18+2.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
INDEX
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| ITEM | | PAGE | ||
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| | | PART I - FINANCIAL INFORMATION | | |
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| Item 1. | | Financial Statements | | |
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| | | Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 (audited) | | 2 |
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| | | Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2024 and 2023 | | 3 |
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| | | Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and nine months ended September 30, 2024 and 2023 | | 4 |
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| | | Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the nine months ended September 30, 2024 and 2023 | | 5 |
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| | | Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2024 and 2023 | | 7 |
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| | | Notes to Consolidated Financial Statements (unaudited) | | 9 |
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| | | Report of Independent Registered Public Accounting Firm | | 53 |
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| Item 2. | | Management’s Discussion and Analysis of Financial Condition and Results of Operations | | 54 |
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| Item 3. | | Quantitative and Qualitative Disclosures About Market Risk | | 88 |
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| Item 4. | | Controls and Procedures | | 90 |
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| | | PART II - OTHER INFORMATION | | |
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| Item 1. | | Legal Proceedings | | 91 |
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| Item 1A. | | Risk Factors | | 91 |
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| Item 2. | | Unregistered Sales of Equity Securities and Use of Proceeds | | 96 |
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| Item 5. | | Other Information | | 96 |
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| Item 6. | | Exhibits | | 97 |
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| | | Signatures | | 98 |
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.
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| 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 | – | 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 |
| FRB | – | Federal Reserve Bank of Richmond |
| FR Y9-C | – | Consolidated financial statements for a U.S. bank holding company, a savings and loan holding company, a U.S. intermediate holding company, and a securities holding company |
| FTE | – | Fully taxable equivalent |
| GAAP | – | Accounting principles generally accepted in the United States |
| GNMA | – | Government National Mortgage Association |
| HTM | – | Held to maturity |
| LHFI | – | Loans held for investment |
| LHFS | – | Loans held for sale |
| MBS | – | Mortgage-Backed Securities |
| merger agreement | – | Agreement and Plan of Merger dated October 21, 2024 by and between Atlantic Union Bankshares Corporation and Sandy Spring Bancorp, Inc. |
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| merger | – | The merger of Sandy Spring Bancorp, Inc. with and into Atlantic Union Bankshares Corporation pursuant to the merger agreement |
| MFC | – | Middleburg Financial Corporation |
| NPA | – | Nonperforming assets |
| NYSE | – | New York Stock Exchange |
| OCI | – | Other comprehensive (loss) income |
| PCD | – | Purchased credit deteriorated |
| ROU asset | – | Right of Use Asset |
| RPAs | – | Risk Participation Agreements |
| Sandy Spring | – | Sandy Spring Bancorp, Inc. |
| SEC | – | Securities and Exchange Commission |
| Series A preferred stock | – | 6.875% Perpetual Non-Cumulative Preferred Stock, Series A, par value $10.00 per share |
| SOFR | – | Secured Overnight Financing Rate |
| TLM | – | Troubled loan modification |
| VFG | – | Virginia Financial Group, Inc. |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.