Atlantic Union Bankshares Corporation (the “Company” or “Atlantic
Union”) (Nasdaq: AUB) reported net income available to common
shareholders of $55.1 million and basic and diluted earnings per
common share of $0.74 for the third quarter ended September 30,
2022. Adjusted operating earnings available to common
shareholders(1) were $55.1 million, diluted adjusted operating
earnings per common share(1) were $0.74, and pre-tax pre-provision
adjusted operating earnings available to common shareholders(1)
were $73.4 million for the third quarter ended September 30, 2022.
“We believe the third quarter financial results show that
Atlantic Union Bankshares is delivering on what we said we would do
- with upper single digit annualized loan growth, double digit
deposit growth, strong credit quality, an expanding net interest
margin and positive operating leverage,” said John C. Asbury,
president and chief executive officer of Atlantic Union. “We
continue to see resiliency and positive market dynamics in our
footprint, which combined with our asset sensitivity, gives us
confidence in our ability to achieve our top tier financial
targets.”
“Operating under the mantra of soundness, profitability and
growth – in that order of priority - Atlantic Union remains
committed to generating sustainable, profitable growth and building
long term value for our shareholders.”
NET INTEREST INCOME
For the third quarter of 2022, net interest income was $150.7
million, an increase of $11.9 million from $138.8 million for the
second quarter of 2022. Net interest income (FTE)(1) was $154.6
million in the third quarter of 2022, an increase of $12.2 million
from the second quarter of 2022. The increases in net interest
income and net interest income (FTE)(1) were primarily driven by
increases in loan yields on the Company’s variable rate loans due
to higher market interest rates, higher interest income due to
average loan growth from the prior quarter, and the additional day
count in the third quarter, compared to the second quarter. These
increases were partially offset by decreases in Paycheck Protection
Program (“PPP)” and fair value accretion interest income and
increases in deposit and borrowing costs as a result of increases
in short-term market rates and average deposit growth from the
prior quarter. The third quarter net interest margin increased 19
basis points from the prior quarter to 3.34% at September 30, 2022,
and the net interest margin (FTE)(1) increased 19 basis points
during the same period to 3.43%. Earning asset yields increased by
42 basis points in the third quarter of 2022 compared to the second
quarter due to the impact of rising market interest rates on loans
and investment securities yields. The cost of funds increased from
the prior quarter by 23 basis points to 45 basis points at
September 30, 2022, driven by higher deposit and borrowing costs as
noted above.
The Company’s net interest margin (FTE) (1) includes the impact
of acquisition accounting fair value adjustments. Net accretion
related to acquisition accounting was $1.1 million for the quarter
ended September 30, 2022, representing a decrease of $1.6 million
from the prior quarter. The first, second, and third quarters of
2022 and the remaining estimated net accretion impact are reflected
in the following table (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan |
|
Deposit |
|
Borrowings |
|
|
|
|
|
Accretion |
|
Amortization |
|
Amortization |
|
Total |
For the quarter ended March
31, 2022 |
|
$ |
2,253 |
|
$ |
(10 |
) |
|
$ |
(203 |
) |
|
$ |
2,040 |
|
For the quarter ended
June 30, 2022 |
|
|
2,879 |
|
|
(11 |
) |
|
|
(207 |
) |
|
|
2,661 |
|
For the quarter ended
September 30, 2022 |
|
|
1,326 |
|
|
(11 |
) |
|
|
(209 |
) |
|
|
1,106 |
|
For the remaining three months
of 2022 (estimated) |
|
|
945 |
|
|
(12 |
) |
|
|
(208 |
) |
|
|
725 |
|
For the years ending
(estimated): |
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
3,338 |
|
|
(31 |
) |
|
|
(852 |
) |
|
|
2,455 |
|
2024 |
|
|
2,714 |
|
|
(4 |
) |
|
|
(877 |
) |
|
|
1,833 |
|
2025 |
|
|
2,123 |
|
|
(1 |
) |
|
|
(900 |
) |
|
|
1,222 |
|
2026 |
|
|
1,707 |
|
|
— |
|
|
|
(926 |
) |
|
|
781 |
|
2027 |
|
|
1,306 |
|
|
— |
|
|
|
(953 |
) |
|
|
353 |
|
Thereafter |
|
|
6,469 |
|
|
— |
|
|
|
(7,994 |
) |
|
|
(1,525 |
) |
Total remaining acquisition accounting fair value adjustments at
September 30, 2022 |
|
$ |
18,602 |
|
$ |
(48 |
) |
|
$ |
(12,710 |
) |
|
$ |
5,844 |
|
ASSET QUALITY
OverviewDuring the third quarter of 2022,
nonperforming assets (“NPAs”) as a percentage of loans remained low
at 0.21% at September 30, 2022. Accruing past due loan levels as a
percentage of total loans held for investment at September
30, 2022 totaled 21 basis points, which was a 6 basis point
increase from June 30, 2022, and a 9 basis point decrease from
September 30, 2021. Net charge-off levels remained low at
0.02% of total average loans (annualized) for the third quarter of
2022. The allowance for credit losses (“ACL”) totaled $119.0
million at September 30, 2022, a $5.8 million increase from the
prior quarter.
Nonperforming AssetsAt September 30, 2022, NPAs totaled
$28.6 million, a decrease of $2.5 million from June 30, 2022. The
following table shows a summary of NPA balances at the quarter
ended (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
2022 |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
Nonaccrual loans |
|
$ |
26,500 |
|
$ |
29,070 |
|
$ |
29,032 |
|
$ |
31,100 |
|
$ |
35,472 |
Foreclosed properties |
|
|
2,087 |
|
|
2,065 |
|
|
1,696 |
|
|
1,696 |
|
|
1,696 |
Total nonperforming
assets |
|
$ |
28,587 |
|
$ |
31,135 |
|
$ |
30,728 |
|
$ |
32,796 |
|
$ |
37,168 |
The following table shows the activity in nonaccrual loans for
the quarter ended (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
Beginning Balance |
|
$ |
29,070 |
|
|
$ |
29,032 |
|
|
$ |
31,100 |
|
|
$ |
35,472 |
|
|
$ |
36,399 |
|
Net customer payments |
|
|
(3,725 |
) |
|
|
(2,472 |
) |
|
|
(4,132 |
) |
|
|
(5,068 |
) |
|
|
(4,719 |
) |
Additions |
|
|
1,302 |
|
|
|
3,203 |
|
|
|
2,087 |
|
|
|
1,294 |
|
|
|
4,177 |
|
Charge-offs |
|
|
(125 |
) |
|
|
(311 |
) |
|
|
(23 |
) |
|
|
(598 |
) |
|
|
(385 |
) |
Transfers to foreclosed property |
|
|
(22 |
) |
|
|
(382 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Ending Balance |
|
$ |
26,500 |
|
|
$ |
29,070 |
|
|
$ |
29,032 |
|
|
$ |
31,100 |
|
|
$ |
35,472 |
|
Past Due LoansPast due loans still accruing
interest totaled $29.0 million or 0.21% of total loans held for
investment at September 30, 2022, compared to $20.4 million or
0.15% of total loans held for investment at June 30, 2022, and
$38.8 million or 0.30% of total loans held for investment at
September 30, 2021. The increase in past due loan levels in
the third quarter of 2022 as compared to the second quarter of 2022
was primarily due to increases in past due credit relationships
within the commercial real estate – owner occupied and commercial
and industrial portfolios. Of the total past due loans still
accruing interest, $7.4 million or 0.05% of total loans held for
investment were loans past due 90 days or more at September
30, 2022, compared to $4.6 million or 0.03% of total loans
held for investment at June 30, 2022, and $11.0 million or 0.08% of
total loans held for investment at September 30, 2021.
Allowance for Credit Losses At September 30,
2022, the ACL was $119.0 million and included an allowance for loan
and lease losses (“ALLL”) of $108.0 million and a reserve for
unfunded commitments (“RUC”) of $11.0 million. The ACL at September
30, 2022 increased $5.8 million from June 30, 2022, primarily
due to increased uncertainty in the macroeconomic outlook and the
impact of loan growth in the third quarter of 2022.
The ACL as a percentage of total loans increased to 0.86% at
September 30, 2022, compared to 0.83% at June 30, 2022. The ALLL as
a percentage of total loans was 0.78% at September 30, 2022,
compared to 0.76% at June 30, 2022.
Net Charge-offsNet charge-offs were $587,000 or
0.02% of total average loans on an annualized basis for the
quarter ended September 30, 2022, compared to $939,000 or 0.03%
(annualized) for the second quarter of 2022, and $113,000 or less
than 0.01% (annualized) for the third quarter of 2021. On a
year-to-date basis through September 30, 2022, net charge-offs
totaled $1.5 million or 0.02% of total average loans
(annualized).
Provision for Credit LossesFor the quarter
ended September 30, 2022, the Company recorded a provision for
credit losses of $6.4 million, compared to a provision for credit
losses of $3.6 million in the previous quarter, and a negative
provision for credit losses of $18.8 million recorded during the
same quarter in 2021. The provision for credit losses for the third
quarter of 2022 reflected a provision of $4.4 million for loan and
lease losses and a $2.0 million reserve for unfunded
commitments.
NONINTEREST INCOME
Noninterest income decreased $12.7 million to $25.6 million for
the quarter ended September 30, 2022 from $38.3 million in the
prior quarter, primarily due to the impact of the sale of Dixon,
Hubard, Feinour & Brown, Inc. (“DHFB”), as the prior quarter
included a $9.1 million pre-tax gain on the transaction within
other operating income. In addition, the current quarter’s
fiduciary and asset management fees decreased $2.8 million from the
prior quarter due to a decrease in assets under management
primarily driven by the DHFB sale. Other decreases from the prior
quarter include a $1.3 million decrease in service charges on
deposit accounts, reflective of the changes to the Company’s
overdraft policy, a $810,000 decrease in mortgage banking income
due to a decline in mortgage origination volumes and lower gain on
sales margins, and a $550,000 reduction in loan related interest
rate swap fee income driven by a decrease in average transaction
swap fees. These noninterest income category decreases were
partially offset by increases of $819,000 primarily related to
syndication, foreign exchange, and other capital market transaction
fees, included in other operating income, an increase of $729,000
in bank owned life insurance income due to mortality benefits, and
an increase of $193,000 in interchange fees.
NONINTEREST EXPENSE
Noninterest expense increased to $99.9 million for the quarter
ended September 30, 2022 from $98.8 million in the prior quarter,
primarily driven by a $1.3 million increase in salaries and
benefits expense due primarily to elevated new hire recruiting
expenses and lower deferred loan origination costs resulting from
changes in loan originations production mix from the prior quarter.
In addition, other expenses increased from the prior quarter by
$1.1 million primarily driven by OREO gains of $631,000 realized in
the prior quarter. The increases to noninterest expense were
partially offset by a $1.2 million decline in professional services
expense primarily driven by lower strategic project costs.
INCOME TAXES
The effective tax rate for the three months ended September
30, 2022 was 17.0%, compared to 16.7% for the three months
ended June 30, 2022, as the prior quarter reflected the impact of
discrete items related to the sale of DHFB.
BALANCE SHEET
At September 30, 2022, total assets were $20.0 billion, an
increase of $288.4 million or approximately 5.8% (annualized) from
June 30, 2022, and an increase of $14.6 million or approximately
0.1% from September 30, 2021. Total assets increased from the prior
quarter due to the increase in total loans held for investment (net
of deferred fees and costs) of $263.3 million driven by loan
growth, as well as an increase in cash and cash equivalents of
$150.0 million due to deposit growth, partially offset by a decline
in the investment securities portfolio of $179.4 million primarily
related to the impact of market interest rate increases on the
market value of the available for sale securities portfolio.
At September 30, 2022, loans held for investment (net of
deferred fees and costs) totaled $13.9 billion, including $12.1
million in PPP loans, an increase of $263.3 million or 7.7%
(annualized) from $13.7 billion, including $21.7 million in PPP
loans, at June 30, 2022. Average loans held for investment (net of
deferred fees and costs) totaled $13.7 billion at September 30,
2022, an increase of $207.9 million or 6.1% (annualized) from the
prior quarter. Excluding the effects of the PPP(1), adjusted loans
held for investment (net of deferred fees and costs) at September
30, 2022 increased $272.9 million or 7.9% (annualized) from June
30, 2022 and adjusted average loans increased $237.0 million or
7.0% (annualized) from the prior quarter. At September 30, 2022,
loans held for investment (net of deferred fees and costs)
increased $779.1 million or 5.9% from September 30, 2021, and
quarterly average loans increased $281.8 million or 2.1% from the
same period in the prior year. Excluding the effects of the PPP(1),
adjusted loans held for investment (net of deferred fees and costs)
at September 30, 2022 increased $1.2 billion or 9.7% from the same
period in the prior year, and adjusted quarterly average loans
during the third quarter of 2022 increased $954.8 million or 7.5%
from the same period in the prior year.
At September 30, 2022, total deposits were $16.5 billion, an
increase of $417.6 million or approximately 10.3% (annualized) from
June 30, 2022. Average deposits at September 30, 2022 also
increased from the prior quarter by $297.2 million or 7.3%
(annualized). Total deposits at September 30, 2022 decreased $75.9
million or 0.5% from September 30, 2021, and quarterly average
deposits at September 30, 2022 decreased $229.9 million or 1.4%
from the same period in the prior year. The decrease in total
deposits from the prior year was primarily due to maturing high
cost time deposits.
The following table shows the Company’s capital ratios at the
quarters ended:
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
|
2022 |
|
2022 |
|
2021 |
|
Common equity Tier 1 capital
ratio (2) |
|
9.96 |
% |
9.96 |
% |
10.37 |
% |
Tier 1 capital ratio (2) |
|
10.98 |
% |
11.00 |
% |
11.49 |
% |
Total capital ratio (2) |
|
13.80 |
% |
13.86 |
% |
13.78 |
% |
Leverage ratio (Tier 1 capital
to average assets) (2) |
|
9.32 |
% |
9.26 |
% |
8.97 |
% |
Common equity to total
assets |
|
10.60 |
% |
11.32 |
% |
12.68 |
% |
Tangible common equity to
tangible assets (1) |
|
6.11 |
% |
6.78 |
% |
8.16 |
% |
For the quarter ended September 30, 2022, the Company’s common
equity to total assets capital ratio and the tangible common equity
to tangible assets capital ratio decreased from the prior quarter
and prior year primarily due to the unrealized losses on the
available for sale securities portfolio recorded in other
comprehensive income due to market interest rate increases in the
third quarter of 2022.
During the third quarter of 2022, the Company declared and paid
a quarterly dividend on the outstanding shares of Series A
Preferred Stock of $171.88 per share (equivalent to $0.43 per
outstanding depositary share), consistent with the second quarter
of 2022 and the third quarter of 2021. During the third quarter of
2022, the Company also declared and paid cash dividends of $0.30
per common share, an increase of $0.02 or approximately 7.1% from
the second quarter of 2022 and the third quarter of 2021.
(1) These are financial measures not calculated in accordance
with generally accepted accounting principles (“GAAP”). For a
reconciliation of these non-GAAP financial measures, see
Alternative Performance Measures (non-GAAP) section of the Key
Financial Results.
(2) All ratios at September 30, 2022 are estimates and
subject to change pending the Company’s filing of its FR Y9-C. All
other periods are presented as filed.
ABOUT ATLANTIC UNION BANKSHARES CORPORATION
Headquartered in Richmond, Virginia, Atlantic Union Bankshares
Corporation (Nasdaq: AUB) is the holding company for Atlantic Union
Bank. Atlantic Union Bank has 114 branches and approximately 130
ATMs located throughout Virginia, and in portions of Maryland and
North Carolina. Certain non-bank financial services affiliates of
Atlantic Union Bank include: Atlantic Union Equipment Finance,
Inc., which provides equipment financing; Atlantic Union Financial
Consultants, LLC, which provides brokerage services; and Union
Insurance Group, LLC, which offers various lines of insurance
products.
THIRD QUARTER 2022 EARNINGS RELEASE CONFERENCE
CALL
The Company will hold a conference call and webcast for
investors at 9:00 a.m. Eastern Time on Thursday, October 20,
2022 during which management will review the financial results for
the three and nine months ended September 30, 2022 and provide an
update on recent activities.
The listen-only webcast and the accompanying slides can be
accessed at: https://edge.media-server.com/mmc/p/st4hi3qy.
For analysts who wish to participate in the call, please
register at the following URL:
https://register.vevent.com/register/BI0d0b7ad4bc21407885cc5e244e5d623f.
To participate in the conference call, you must use the link to
receive an audio dial-in number and an Access PIN.
A replay of the webcast, and the accompanying slides, will be
available on the Company’s website for 90 days at:
https://investors.atlanticunionbank.com/.
NON-GAAP FINANCIAL
MEASURES
In reporting the results as of and for the periods ended
September 30, 2022, the Company has provided supplemental
performance measures on a tax-equivalent, tangible, operating,
adjusted or pre-tax pre-provision basis. These non-GAAP financial
measures are a supplement to GAAP, which is used to prepare the
Company’s financial statements, and should not be considered in
isolation or as a substitute for comparable measures calculated in
accordance with GAAP. In addition, the Company’s non-GAAP financial
measures may not be comparable to non-GAAP financial measures of
other companies. The Company uses the non-GAAP financial measures
discussed herein in its analysis of the Company’s performance. The
Company’s management believes that these non-GAAP financial
measures provide additional understanding of ongoing operations,
enhance comparability of results of operations with prior periods
and show the effects of significant gains and charges in the
periods presented without the impact of items or events that may
obscure trends in the Company’s underlying performance. For a
reconciliation of these measures to their most directly comparable
GAAP measures and additional information about these non-GAAP
financial measures, see “Alternative Performance Measures
(non-GAAP)” in the tables within the section “Key Financial
Results.”
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that include, without limitation,
statements made in Mr. Asbury’s quotes, statements regarding the
Company’s outlook on future economic conditions and the impacts of
the current economic uncertainties, estimates with respect to the
remaining net accretion related to acquisition accounting,
statements that include, projections, predictions, expectations, or
beliefs about future events or results, including the Company’s
ability to meet its top tier financial targets, or otherwise that
are not statements of historical fact. Such forward-looking
statements are based on certain assumptions as of the time they are
made, and are inherently subject to known and unknown risks,
uncertainties, and other factors, some of which cannot be predicted
or quantified, that may cause actual results, performance, or
achievements to be materially different from those expressed or
implied by such forward-looking statements. Such statements are
often characterized by the use of qualified words (and their
derivatives) such as “expect,” “believe,” “estimate,” “plan,”
“project,” “anticipate,” “intend,” “will,” “may,” “view,”
“opportunity,” “potential,” “continue,” “confidence,” or words of
similar meaning or other statements concerning opinions or judgment
of the Company and its management about future events. Although the
Company believes that its expectations with respect to
forward-looking statements are based upon reasonable assumptions
within the bounds of its existing knowledge of its business and
operations, there can be no assurance that actual future results,
performance, or achievements of, or trends affecting, the Company
will not differ materially from any projected future results,
performance, achievements or trends expressed or implied by such
forward-looking statements. Actual future results, performance,
achievements or trends may differ materially from historical
results or those anticipated depending on a variety of factors,
including, but not limited to the effects of or changes in:
- market interest rates and the impacts on macroeconomic
conditions, customer and client behavior, the Company’s funding
costs and the Company’s loan and securities portfolio;
- inflation and its impacts on economic growth and customer and
client behavior;
- general economic and financial market conditions, in the United
States generally and particularly in the markets in which the
Company operates and which its loans are concentrated, including
the effects of declines in real estate values, an increase in
unemployment levels and slowdowns in economic growth;
- monetary and fiscal policies of the U.S. government, including
policies of the U.S. Department of the Treasury and the Federal
Reserve;
- the quality or composition of the Company’s loan or investment
portfolios and changes therein;
- demand for loan products and financial services in the
Company’s market areas;
- the Company’s ability to manage its growth or implement its
growth strategy;
- the effectiveness of expense reduction plans;
- the introduction of new lines of business or new products and
services;
- the Company’s ability to recruit and retain key employees;
- real estate values in the Company’s lending area;
- an insufficient ACL;
- changes in accounting principles, standards, rules, and
interpretations, and the related impact on the Company’s financial
statements;
- volatility in the ACL resulting from the CECL methodology,
either alone or as that may be affected by conditions arising out
of the COVID-19 pandemic, inflation, changing interest rates, or
other factors;
- the Company’s liquidity and capital positions;
- concentrations of loans secured by real estate, particularly
commercial real estate;
- the effectiveness of the Company’s credit processes and
management of the Company’s credit risk;
- the Company’s ability to compete in the market for financial
services and increased competition from fintech companies;
- technological risks and developments, and cyber threats,
attacks, or events;
- operational, technological, cultural, regulatory, legal,
credit, and other risks associated with the exploration,
consummation and integration of potential future acquisitions,
whether involving stock or cash considerations;
- the potential adverse effects of unusual and infrequently
occurring events, such as weather-related disasters, terrorist
acts, geopolitical conflicts (such as the ongoing conflict between
Russia and Ukraine) or public health events (such as COVID-19), and
of governmental and societal responses thereto; these potential
adverse effects may include, without limitation, adverse effects on
the ability of the Company's borrowers to satisfy their obligations
to the Company, on the value of collateral securing loans, on the
demand for the Company's loans or its other products and services,
on supply chains and methods used to distribute products and
services, on incidents of cyberattack and fraud, on the Company’s
liquidity or capital positions, on risks posed by reliance on
third-party service providers, on other aspects of the Company's
business operations and on financial markets and economic
growth;
- the effect of steps the Company takes in response to the
COVID-19 pandemic, the severity and duration of the pandemic, the
uncertainty regarding new variants of COVID-19 that have emerged,
the speed and efficacy of vaccine and treatment developments, the
impact of loosening or tightening of government restrictions, the
pace of recovery when the pandemic subsides and the heightened
impact it has on many of the risks described herein;
- the discontinuation of LIBOR and its impact on the financial
markets, and the Company’s ability to manage operational, legal,
and compliance risks related to the discontinuation of LIBOR and
implementation of one or more alternate reference rates;
- performance by the Company’s counterparties or vendors;
- deposit flows;
- the availability of financing and the terms thereof;
- the level of prepayments on loans and mortgage-backed
securities;
- legislative or regulatory changes and requirements;
- potential claims, damages, and fines related to litigation or
government actions;
- the effects of changes in federal, state or local tax laws and
regulations;
- any event or development that would cause the Company to
conclude that there was an impairment of any asset, including
intangible assets, such as goodwill; and
- other factors, many of which are
beyond the control of the Company.
Please also refer to such other factors as discussed throughout
Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” of the Company’s Annual Report on Form 10-K for
the year ended December 31, 2021 and related
disclosures in other filings, which have been filed with the U.S.
Securities and Exchange Commission (“SEC”) and are available on the
SEC’s website at www.sec.gov. All risk factors and uncertainties
described herein and therein should be considered in evaluating
forward-looking statements, all forward-looking statements made in
this press release are expressly qualified by the cautionary
statements contained or referred to herein and therein. The actual
results or developments anticipated may not be realized or, even if
substantially realized, they may not have the expected consequences
to or effects on the Company or its businesses or operations.
Readers are cautioned not to rely too heavily on the
forward-looking statements contained in the press release, and
undue reliance should not be placed on such forward-looking
statements. Forward-looking statements speak only as of the date
they are made. The Company does not intend or assume any obligation
to update, revise or clarify any forward-looking statements that
may be made from time to time by or on behalf of the Company,
whether as a result of new information, future events or
otherwise.
ATLANTIC UNION BANKSHARES CORPORATION AND
SUBSIDIARIESKEY FINANCIAL RESULTS
(UNAUDITED)(Dollars in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of & For Three Months Ended |
|
As of & For Nine Months Ended |
|
|
|
09/30/22 |
|
06/30/22 |
|
09/30/21 |
|
09/30/22 |
|
09/30/21 |
|
Results of
Operations |
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income |
|
$ |
171,156 |
|
$ |
148,755 |
|
$ |
146,379 |
|
|
$ |
458,367 |
|
$ |
444,904 |
|
|
Interest expense |
|
|
20,441 |
|
|
9,988 |
|
|
8,891 |
|
|
|
37,954 |
|
|
31,970 |
|
|
Net interest income |
|
|
150,715 |
|
|
138,767 |
|
|
137,488 |
|
|
|
420,413 |
|
|
412,934 |
|
|
Provision for credit losses |
|
|
6,412 |
|
|
3,559 |
|
|
(18,850 |
) |
|
|
12,771 |
|
|
(59,888 |
) |
|
Net interest income after provision for credit losses |
|
|
144,303 |
|
|
135,208 |
|
|
156,338 |
|
|
|
407,642 |
|
|
472,822 |
|
|
Noninterest income |
|
|
25,584 |
|
|
38,286 |
|
|
29,938 |
|
|
|
94,023 |
|
|
89,388 |
|
|
Noninterest expenses |
|
|
99,923 |
|
|
98,768 |
|
|
95,343 |
|
|
|
304,012 |
|
|
299,251 |
|
|
Income before income taxes |
|
|
69,964 |
|
|
74,726 |
|
|
90,933 |
|
|
|
197,653 |
|
|
262,959 |
|
|
Income tax expense |
|
|
11,894 |
|
|
12,500 |
|
|
16,368 |
|
|
|
33,667 |
|
|
46,821 |
|
|
Net income |
|
|
58,070 |
|
|
62,226 |
|
|
74,565 |
|
|
|
163,986 |
|
|
216,138 |
|
|
Dividends on preferred stock |
|
|
2,967 |
|
|
2,967 |
|
|
2,967 |
|
|
|
8,901 |
|
|
8,901 |
|
|
Net income available to common shareholders |
|
$ |
55,103 |
|
$ |
59,259 |
|
$ |
71,598 |
|
|
$ |
155,085 |
|
$ |
207,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest earned on earning assets (FTE) (1) |
|
$ |
174,998 |
|
$ |
152,332 |
|
$ |
149,543 |
|
|
$ |
469,122 |
|
$ |
454,265 |
|
|
Net interest income (FTE) (1) |
|
|
154,557 |
|
|
142,344 |
|
|
140,652 |
|
|
|
431,168 |
|
|
422,295 |
|
|
Total revenue (FTE) (1) |
|
|
180,141 |
|
|
180,630 |
|
|
170,590 |
|
|
|
525,191 |
|
|
511,683 |
|
|
Pre-PPP total adjusted revenue (FTE) (1) (10) |
|
|
179,687 |
|
|
170,204 |
|
|
159,408 |
|
|
|
511,325 |
|
|
474,790 |
|
|
Pre-tax pre-provision adjusted operating earnings (8) |
|
|
76,376 |
|
|
69,205 |
|
|
72,074 |
|
|
|
206,852 |
|
|
218,581 |
|
|
Pre-PPP pre-tax pre-provision adjusted operating earnings (8)
(10) |
|
|
75,922 |
|
|
67,859 |
|
|
60,901 |
|
|
|
202,066 |
|
|
181,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share, diluted |
|
$ |
0.74 |
|
$ |
0.79 |
|
$ |
0.94 |
|
|
$ |
2.07 |
|
$ |
2.66 |
|
|
Return on average assets (ROA) |
|
|
1.15 |
% |
|
1.27 |
% |
|
1.47 |
|
% |
|
1.10 |
% |
|
1.45 |
|
% |
Return on average equity (ROE) |
|
|
9.45 |
% |
|
10.21 |
% |
|
10.88 |
|
% |
|
8.72 |
% |
|
10.59 |
|
% |
Return on average tangible common equity (ROTCE) (2) (3) |
|
|
17.21 |
% |
|
18.93 |
% |
|
18.79 |
|
% |
|
15.69 |
% |
|
18.31 |
|
% |
Efficiency ratio |
|
|
56.68 |
% |
|
55.78 |
% |
|
56.95 |
|
% |
|
59.10 |
% |
|
59.57 |
|
% |
Efficiency ratio (FTE) (1) |
|
|
55.47 |
% |
|
54.68 |
% |
|
55.89 |
|
% |
|
57.89 |
% |
|
58.48 |
|
% |
Net interest margin |
|
|
3.34 |
% |
|
3.15 |
% |
|
3.05 |
|
% |
|
3.16 |
% |
|
3.10 |
|
% |
Net interest margin (FTE) (1) |
|
|
3.43 |
% |
|
3.24 |
% |
|
3.12 |
|
% |
|
3.24 |
% |
|
3.17 |
|
% |
Yields on earning assets (FTE) (1) |
|
|
3.88 |
% |
|
3.46 |
% |
|
3.31 |
|
% |
|
3.52 |
% |
|
3.41 |
|
% |
Cost of interest-bearing liabilities |
|
|
0.68 |
% |
|
0.35 |
% |
|
0.30 |
|
% |
|
0.43 |
% |
|
0.36 |
|
% |
Cost of deposits |
|
|
0.37 |
% |
|
0.15 |
% |
|
0.14 |
|
% |
|
0.21 |
% |
|
0.18 |
|
% |
Cost of funds |
|
|
0.45 |
% |
|
0.22 |
% |
|
0.19 |
|
% |
|
0.28 |
% |
|
0.24 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Measures (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating earnings |
|
$ |
58,070 |
|
$ |
54,244 |
|
$ |
74,558 |
|
|
$ |
160,355 |
|
$ |
228,391 |
|
|
Adjusted operating earnings available to common shareholders |
|
|
55,103 |
|
|
51,277 |
|
|
71,591 |
|
|
|
151,454 |
|
|
219,490 |
|
|
Adjusted operating earnings per common share, diluted |
|
$ |
0.74 |
|
$ |
0.69 |
|
$ |
0.94 |
|
|
$ |
2.02 |
|
$ |
2.81 |
|
|
Adjusted operating ROA |
|
|
1.15 |
% |
|
1.10 |
% |
|
1.47 |
|
% |
|
1.08 |
% |
|
1.54 |
|
% |
Adjusted operating ROE |
|
|
9.45 |
% |
|
8.90 |
% |
|
10.88 |
|
% |
|
8.53 |
% |
|
11.19 |
|
% |
Adjusted operating ROTCE (2) (3) |
|
|
17.21 |
% |
|
16.47 |
% |
|
18.79 |
|
% |
|
15.34 |
% |
|
19.35 |
|
% |
Adjusted operating efficiency ratio (FTE) (1)(7) |
|
|
54.09 |
% |
|
55.88 |
% |
|
53.91 |
|
% |
|
56.20 |
% |
|
53.36 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share, basic |
|
$ |
0.74 |
|
$ |
0.79 |
|
$ |
0.94 |
|
|
$ |
2.07 |
|
$ |
2.66 |
|
|
Earnings per common share, diluted |
|
|
0.74 |
|
|
0.79 |
|
|
0.94 |
|
|
|
2.07 |
|
|
2.66 |
|
|
Cash dividends paid per common share |
|
|
0.30 |
|
|
0.28 |
|
|
0.28 |
|
|
|
0.86 |
|
|
0.81 |
|
|
Market value per share |
|
|
30.38 |
|
|
33.92 |
|
|
36.85 |
|
|
|
30.38 |
|
|
36.85 |
|
|
Book value per common share |
|
|
28.46 |
|
|
29.95 |
|
|
33.60 |
|
|
|
28.46 |
|
|
33.60 |
|
|
Tangible book value per common share (2) |
|
|
15.61 |
|
|
17.07 |
|
|
20.55 |
|
|
|
15.61 |
|
|
20.55 |
|
|
Price to earnings ratio, diluted |
|
|
10.37 |
|
|
10.68 |
|
|
9.88 |
|
|
|
10.99 |
|
|
10.36 |
|
|
Price to book value per common share ratio |
|
|
1.07 |
|
|
1.13 |
|
|
1.10 |
|
|
|
1.07 |
|
|
1.10 |
|
|
Price to tangible book value per common share ratio (2) |
|
|
1.95 |
|
|
1.99 |
|
|
1.79 |
|
|
|
1.95 |
|
|
1.79 |
|
|
Weighted average common shares outstanding, basic |
|
|
74,703,699 |
|
|
74,847,899 |
|
|
76,309,355 |
|
|
|
75,029,000 |
|
|
77,988,151 |
|
|
Weighted average common shares outstanding, diluted |
|
|
74,705,054 |
|
|
74,849,871 |
|
|
76,322,736 |
|
|
|
75,034,084 |
|
|
78,007,543 |
|
|
Common shares outstanding at end of period |
|
|
74,703,774 |
|
|
74,688,314 |
|
|
75,645,031 |
|
|
|
74,703,774 |
|
|
75,645,031 |
|
|
ATLANTIC UNION BANKSHARES CORPORATION AND
SUBSIDIARIESKEY FINANCIAL RESULTS
(UNAUDITED)(Dollars in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of & For Three Months Ended |
|
As of & For Nine Months Ended |
|
|
|
09/30/22 |
|
06/30/22 |
|
09/30/21 |
|
09/30/22 |
|
09/30/21 |
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1 capital ratio (5) |
|
|
9.96 |
% |
|
9.96 |
% |
|
10.37 |
% |
|
9.96 |
% |
|
10.37 |
% |
Tier 1 capital ratio (5) |
|
|
10.98 |
% |
|
11.00 |
% |
|
11.49 |
% |
|
10.98 |
% |
|
11.49 |
% |
Total capital ratio (5) |
|
|
13.80 |
% |
|
13.86 |
% |
|
13.78 |
% |
|
13.80 |
% |
|
13.78 |
% |
Leverage ratio (Tier 1 capital to average assets) (5) |
|
|
9.32 |
% |
|
9.26 |
% |
|
8.97 |
% |
|
9.32 |
% |
|
8.97 |
% |
Common equity to total assets |
|
|
10.60 |
% |
|
11.32 |
% |
|
12.68 |
% |
|
10.60 |
% |
|
12.68 |
% |
Tangible common equity to tangible assets (2) |
|
|
6.11 |
% |
|
6.78 |
% |
|
8.16 |
% |
|
6.11 |
% |
|
8.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Condition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
19,950,231 |
|
$ |
19,661,799 |
|
$ |
19,935,657 |
|
$ |
19,950,231 |
|
$ |
19,935,657 |
|
Loans held for investment (net of deferred fees and costs) |
|
|
13,918,720 |
|
|
13,655,408 |
|
|
13,139,586 |
|
|
13,918,720 |
|
|
13,139,586 |
|
Securities |
|
|
3,640,722 |
|
|
3,820,078 |
|
|
3,807,723 |
|
|
3,640,722 |
|
|
3,807,723 |
|
Earning Assets |
|
|
17,790,324 |
|
|
17,578,979 |
|
|
17,795,784 |
|
|
17,790,324 |
|
|
17,795,784 |
|
Goodwill |
|
|
925,211 |
|
|
925,211 |
|
|
935,560 |
|
|
925,211 |
|
|
935,560 |
|
Amortizable intangibles, net |
|
|
29,142 |
|
|
31,621 |
|
|
46,537 |
|
|
29,142 |
|
|
46,537 |
|
Deposits |
|
|
16,546,216 |
|
|
16,128,635 |
|
|
16,622,160 |
|
|
16,546,216 |
|
|
16,622,160 |
|
Borrowings |
|
|
669,558 |
|
|
797,948 |
|
|
385,765 |
|
|
669,558 |
|
|
385,765 |
|
Stockholders' equity |
|
|
2,281,150 |
|
|
2,391,476 |
|
|
2,694,439 |
|
|
2,281,150 |
|
|
2,694,439 |
|
Tangible common equity (2) |
|
|
1,160,440 |
|
|
1,268,287 |
|
|
1,545,985 |
|
|
1,160,440 |
|
|
1,545,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment, net of deferred fees and costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land development |
|
$ |
1,068,201 |
|
$ |
988,379 |
|
$ |
877,351 |
|
$ |
1,068,201 |
|
$ |
877,351 |
|
Commercial real estate - owner occupied |
|
|
1,953,872 |
|
|
1,965,702 |
|
|
2,027,299 |
|
|
1,953,872 |
|
|
2,027,299 |
|
Commercial real estate - non-owner occupied |
|
|
3,900,325 |
|
|
3,860,819 |
|
|
3,730,720 |
|
|
3,900,325 |
|
|
3,730,720 |
|
Multifamily real estate |
|
|
774,970 |
|
|
762,502 |
|
|
776,287 |
|
|
774,970 |
|
|
776,287 |
|
Commercial & Industrial |
|
|
2,709,047 |
|
|
2,595,891 |
|
|
2,580,190 |
|
|
2,709,047 |
|
|
2,580,190 |
|
Residential 1-4 Family - Commercial |
|
|
542,612 |
|
|
553,771 |
|
|
624,347 |
|
|
542,612 |
|
|
624,347 |
|
Residential 1-4 Family - Consumer |
|
|
891,353 |
|
|
865,174 |
|
|
822,971 |
|
|
891,353 |
|
|
822,971 |
|
Residential 1-4 Family - Revolving |
|
|
588,452 |
|
|
583,073 |
|
|
557,803 |
|
|
588,452 |
|
|
557,803 |
|
Auto |
|
|
561,277 |
|
|
525,301 |
|
|
425,436 |
|
|
561,277 |
|
|
425,436 |
|
Consumer |
|
|
172,776 |
|
|
180,045 |
|
|
182,039 |
|
|
172,776 |
|
|
182,039 |
|
Other Commercial |
|
|
755,835 |
|
|
774,751 |
|
|
535,143 |
|
|
755,835 |
|
|
535,143 |
|
Total loans held for investment |
|
$ |
13,918,720 |
|
$ |
13,655,408 |
|
$ |
13,139,586 |
|
$ |
13,918,720 |
|
$ |
13,139,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest checking accounts |
|
$ |
4,354,351 |
|
$ |
3,943,303 |
|
$ |
4,016,505 |
|
$ |
4,354,351 |
|
$ |
4,016,505 |
|
Money market accounts |
|
|
3,962,473 |
|
|
3,956,050 |
|
|
4,152,986 |
|
|
3,962,473 |
|
|
4,152,986 |
|
Savings accounts |
|
|
1,173,566 |
|
|
1,165,577 |
|
|
1,079,735 |
|
|
1,173,566 |
|
|
1,079,735 |
|
Time deposits of $250,000 and over |
|
|
415,984 |
|
|
360,158 |
|
|
546,199 |
|
|
415,984 |
|
|
546,199 |
|
Other time deposits |
|
|
1,348,904 |
|
|
1,342,009 |
|
|
1,497,897 |
|
|
1,348,904 |
|
|
1,497,897 |
|
Time deposits |
|
|
1,764,888 |
|
|
1,702,167 |
|
|
2,044,096 |
|
|
1,764,888 |
|
|
2,044,096 |
|
Total interest-bearing deposits |
|
$ |
11,255,278 |
|
$ |
10,767,097 |
|
$ |
11,293,322 |
|
$ |
11,255,278 |
|
$ |
11,293,322 |
|
Demand deposits |
|
|
5,290,938 |
|
|
5,361,538 |
|
|
5,328,838 |
|
|
5,290,938 |
|
|
5,328,838 |
|
Total deposits |
|
$ |
16,546,216 |
|
$ |
16,128,635 |
|
$ |
16,622,160 |
|
$ |
16,546,216 |
|
$ |
16,622,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Averages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
19,980,500 |
|
$ |
19,719,402 |
|
$ |
20,056,570 |
|
$ |
19,873,644 |
|
$ |
19,890,155 |
|
Loans held for investment (net of deferred fees and costs) |
|
|
13,733,447 |
|
|
13,525,529 |
|
|
13,451,674 |
|
|
13,521,507 |
|
|
13,827,002 |
|
Loans held for sale |
|
|
15,063 |
|
|
20,634 |
|
|
30,035 |
|
|
16,779 |
|
|
43,162 |
|
Securities |
|
|
3,818,607 |
|
|
3,930,912 |
|
|
3,679,977 |
|
|
3,981,308 |
|
|
3,438,285 |
|
Earning assets |
|
|
17,879,222 |
|
|
17,646,470 |
|
|
17,910,389 |
|
|
17,803,550 |
|
|
17,824,607 |
|
Deposits |
|
|
16,488,224 |
|
|
16,191,056 |
|
|
16,718,144 |
|
|
16,397,790 |
|
|
16,433,470 |
|
Time deposits |
|
|
1,745,224 |
|
|
1,667,378 |
|
|
2,109,131 |
|
|
1,726,341 |
|
|
2,288,530 |
|
Interest-bearing deposits |
|
|
11,163,945 |
|
|
10,824,465 |
|
|
11,512,825 |
|
|
11,091,115 |
|
|
11,483,654 |
|
Borrowings |
|
|
703,272 |
|
|
765,886 |
|
|
395,984 |
|
|
660,995 |
|
|
456,184 |
|
Interest-bearing liabilities |
|
|
11,867,217 |
|
|
11,590,351 |
|
|
11,908,809 |
|
|
11,752,110 |
|
|
11,939,838 |
|
Stockholders' equity |
|
|
2,436,999 |
|
|
2,445,045 |
|
|
2,718,032 |
|
|
2,513,522 |
|
|
2,728,605 |
|
Tangible common equity (2) |
|
|
1,315,085 |
|
|
1,304,536 |
|
|
1,567,937 |
|
|
1,378,240 |
|
|
1,574,961 |
|
ATLANTIC UNION BANKSHARES CORPORATION AND
SUBSIDIARIESKEY FINANCIAL RESULTS
(UNAUDITED)(Dollars in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of & For Three Months Ended |
|
As of & For Nine Months Ended |
|
|
|
09/30/22 |
|
06/30/22 |
|
09/30/21 |
|
09/30/22 |
|
09/30/21 |
|
Asset
Quality |
|
|
|
|
|
|
|
|
|
|
|
Allowance for Credit Losses (ACL) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance, Allowance for loan and lease losses (ALLL) |
|
$ |
104,184 |
|
$ |
102,591 |
|
$ |
118,261 |
|
|
$ |
99,787 |
|
$ |
160,540 |
|
|
Add: Recoveries |
|
|
1,214 |
|
|
1,018 |
|
|
2,153 |
|
|
|
3,745 |
|
|
6,498 |
|
|
Less: Charge-offs |
|
|
1,801 |
|
|
1,957 |
|
|
2,266 |
|
|
|
5,267 |
|
|
7,852 |
|
|
Add: Provision for loan losses |
|
|
4,412 |
|
|
2,532 |
|
|
(16,350 |
) |
|
|
9,744 |
|
|
(57,388 |
) |
|
Ending balance, ALLL |
|
$ |
108,009 |
|
$ |
104,184 |
|
$ |
101,798 |
|
|
$ |
108,009 |
|
$ |
101,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance, Reserve for unfunded commitment (RUC) |
|
$ |
9,000 |
|
$ |
8,000 |
|
$ |
10,000 |
|
|
$ |
8,000 |
|
$ |
10,000 |
|
|
Add: Provision for unfunded commitments |
|
|
2,000 |
|
|
1,000 |
|
|
(2,500 |
) |
|
|
3,000 |
|
|
(2,500 |
) |
|
Ending balance, RUC |
|
$ |
11,000 |
|
$ |
9,000 |
|
$ |
7,500 |
|
|
$ |
11,000 |
|
$ |
7,500 |
|
|
Total ACL |
|
$ |
119,009 |
|
$ |
113,184 |
|
$ |
109,298 |
|
|
$ |
119,009 |
|
$ |
109,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL / total outstanding loans |
|
|
0.86 |
% |
|
0.83 |
% |
|
0.83 |
|
% |
|
0.86 |
% |
|
0.83 |
|
% |
ACL / total adjusted loans(9) |
|
|
0.86 |
% |
|
0.83 |
% |
|
0.86 |
|
% |
|
0.86 |
% |
|
0.86 |
|
% |
ALLL / total outstanding loans |
|
|
0.78 |
% |
|
0.76 |
% |
|
0.77 |
|
% |
|
0.78 |
% |
|
0.77 |
|
% |
ALLL / total adjusted loans(9) |
|
|
0.78 |
% |
|
0.76 |
% |
|
0.80 |
|
% |
|
0.78 |
% |
|
0.80 |
|
% |
Net charge-offs / total average loans |
|
|
0.02 |
% |
|
0.03 |
% |
|
0.00 |
|
% |
|
0.02 |
% |
|
0.01 |
|
% |
Net charge-offs / total adjusted average loans(9) |
|
|
0.02 |
% |
|
0.03 |
% |
|
0.00 |
|
% |
|
0.02 |
% |
|
0.01 |
|
% |
Provision for loan losses/ total average loans |
|
|
0.13 |
% |
|
0.08 |
% |
|
(0.48 |
) |
% |
|
0.10 |
% |
|
(0.55 |
) |
% |
Provision for loan losses/ total adjusted average loans(9) |
|
|
0.13 |
% |
|
0.08 |
% |
|
(0.51 |
) |
% |
|
0.10 |
% |
|
(0.60 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land development |
|
$ |
421 |
|
$ |
581 |
|
$ |
2,710 |
|
|
$ |
421 |
|
$ |
2,710 |
|
|
Commercial real estate - owner occupied |
|
|
4,883 |
|
|
4,996 |
|
|
7,786 |
|
|
|
4,883 |
|
|
7,786 |
|
|
Commercial real estate - non-owner occupied |
|
|
1,923 |
|
|
3,301 |
|
|
4,174 |
|
|
|
1,923 |
|
|
4,174 |
|
|
Multifamily real estate |
|
|
— |
|
|
— |
|
|
113 |
|
|
|
— |
|
|
113 |
|
|
Commercial & Industrial |
|
|
2,289 |
|
|
2,728 |
|
|
2,062 |
|
|
|
2,289 |
|
|
2,062 |
|
|
Residential 1-4 Family - Commercial |
|
|
1,962 |
|
|
2,031 |
|
|
2,445 |
|
|
|
1,962 |
|
|
2,445 |
|
|
Residential 1-4 Family - Consumer |
|
|
11,121 |
|
|
12,084 |
|
|
12,150 |
|
|
|
11,121 |
|
|
12,150 |
|
|
Residential 1-4 Family - Revolving |
|
|
3,583 |
|
|
3,069 |
|
|
3,723 |
|
|
|
3,583 |
|
|
3,723 |
|
|
Auto |
|
|
318 |
|
|
279 |
|
|
255 |
|
|
|
318 |
|
|
255 |
|
|
Consumer |
|
|
— |
|
|
1 |
|
|
54 |
|
|
|
— |
|
|
54 |
|
|
Nonaccrual loans |
|
$ |
26,500 |
|
$ |
29,070 |
|
$ |
35,472 |
|
|
$ |
26,500 |
|
$ |
35,472 |
|
|
Foreclosed property |
|
|
2,087 |
|
|
2,065 |
|
|
1,696 |
|
|
|
2,087 |
|
|
1,696 |
|
|
Total nonperforming assets (NPAs) |
|
$ |
28,587 |
|
$ |
31,135 |
|
$ |
37,168 |
|
|
$ |
28,587 |
|
$ |
37,168 |
|
|
Construction and land development |
|
$ |
115 |
|
$ |
1 |
|
$ |
304 |
|
|
$ |
115 |
|
$ |
304 |
|
|
Commercial real estate - owner occupied |
|
|
3,517 |
|
|
792 |
|
|
1,886 |
|
|
|
3,517 |
|
|
1,886 |
|
|
Commercial real estate - non-owner occupied |
|
|
621 |
|
|
642 |
|
|
1,175 |
|
|
|
621 |
|
|
1,175 |
|
|
Commercial & Industrial |
|
|
526 |
|
|
322 |
|
|
1,256 |
|
|
|
526 |
|
|
1,256 |
|
|
Residential 1-4 Family - Commercial |
|
|
308 |
|
|
184 |
|
|
1,091 |
|
|
|
308 |
|
|
1,091 |
|
|
Residential 1-4 Family - Consumer |
|
|
680 |
|
|
1,112 |
|
|
2,462 |
|
|
|
680 |
|
|
2,462 |
|
|
Residential 1-4 Family - Revolving |
|
|
1,255 |
|
|
997 |
|
|
2,474 |
|
|
|
1,255 |
|
|
2,474 |
|
|
Auto |
|
|
148 |
|
|
134 |
|
|
209 |
|
|
|
148 |
|
|
209 |
|
|
Consumer |
|
|
86 |
|
|
79 |
|
|
173 |
|
|
|
86 |
|
|
173 |
|
|
Other Commercial |
|
|
95 |
|
|
329 |
|
|
— |
|
|
|
95 |
|
|
— |
|
|
Loans ≥ 90 days and still accruing |
|
$ |
7,351 |
|
$ |
4,592 |
|
$ |
11,030 |
|
|
$ |
7,351 |
|
$ |
11,030 |
|
|
Total NPAs and loans ≥ 90 days |
|
$ |
35,938 |
|
$ |
35,727 |
|
$ |
48,198 |
|
|
$ |
35,938 |
|
$ |
48,198 |
|
|
NPAs / total outstanding loans |
|
|
0.21 |
% |
|
0.23 |
% |
|
0.28 |
|
% |
|
0.21 |
% |
|
0.28 |
|
% |
NPAs / total adjusted loans(9) |
|
|
0.21 |
% |
|
0.23 |
% |
|
0.29 |
|
% |
|
0.21 |
% |
|
0.29 |
|
% |
NPAs / total assets |
|
|
0.14 |
% |
|
0.16 |
% |
|
0.19 |
|
% |
|
0.14 |
% |
|
0.19 |
|
% |
ALLL / nonaccrual loans |
|
|
407.58 |
% |
|
358.39 |
% |
|
286.98 |
|
% |
|
407.58 |
% |
|
286.98 |
|
% |
ALLL/ nonperforming assets |
|
|
377.83 |
% |
|
334.62 |
% |
|
273.89 |
|
% |
|
377.83 |
% |
|
273.89 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLANTIC UNION BANKSHARES CORPORATION AND
SUBSIDIARIESKEY FINANCIAL RESULTS
(UNAUDITED)(Dollars in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of & For Three Months Ended |
|
As of & For Nine Months Ended |
|
|
|
09/30/22 |
|
06/30/22 |
|
09/30/21 |
|
09/30/22 |
|
09/30/21 |
|
Past Due Detail (6) |
|
|
|
|
|
|
|
|
|
|
|
Construction and land development |
|
$ |
120 |
|
$ |
645 |
|
$ |
744 |
|
$ |
120 |
|
$ |
744 |
|
Commercial real estate - owner occupied |
|
|
7,337 |
|
|
1,374 |
|
|
735 |
|
|
7,337 |
|
|
735 |
|
Commercial real estate - non-owner occupied |
|
|
— |
|
|
511 |
|
|
1,302 |
|
|
— |
|
|
1,302 |
|
Commercial & Industrial |
|
|
796 |
|
|
2,581 |
|
|
11,089 |
|
|
796 |
|
|
11,089 |
|
Residential 1-4 Family - Commercial |
|
|
1,410 |
|
|
1,944 |
|
|
807 |
|
|
1,410 |
|
|
807 |
|
Residential 1-4 Family - Consumer |
|
|
1,123 |
|
|
594 |
|
|
406 |
|
|
1,123 |
|
|
406 |
|
Residential 1-4 Family - Revolving |
|
|
1,115 |
|
|
1,368 |
|
|
1,092 |
|
|
1,115 |
|
|
1,092 |
|
Auto |
|
|
1,876 |
|
|
1,841 |
|
|
1,548 |
|
|
1,876 |
|
|
1,548 |
|
Consumer |
|
|
409 |
|
|
361 |
|
|
790 |
|
|
409 |
|
|
790 |
|
Other Commercial |
|
|
— |
|
|
11 |
|
|
631 |
|
|
— |
|
|
631 |
|
Loans 30-59 days past due |
|
$ |
14,186 |
|
$ |
11,230 |
|
$ |
19,144 |
|
$ |
14,186 |
|
$ |
19,144 |
|
Construction and land development |
|
$ |
107 |
|
$ |
— |
|
$ |
58 |
|
$ |
107 |
|
$ |
58 |
|
Commercial real estate - owner occupied |
|
|
763 |
|
|
807 |
|
|
61 |
|
|
763 |
|
|
61 |
|
Commercial real estate - non-owner occupied |
|
|
457 |
|
|
— |
|
|
570 |
|
|
457 |
|
|
570 |
|
Commercial & Industrial |
|
|
3,128 |
|
|
546 |
|
|
3,328 |
|
|
3,128 |
|
|
3,328 |
|
Residential 1-4 Family - Commercial |
|
|
97 |
|
|
474 |
|
|
698 |
|
|
97 |
|
|
698 |
|
Residential 1-4 Family - Consumer |
|
|
1,449 |
|
|
1,646 |
|
|
2,188 |
|
|
1,449 |
|
|
2,188 |
|
Residential 1-4 Family - Revolving |
|
|
1,081 |
|
|
731 |
|
|
587 |
|
|
1,081 |
|
|
587 |
|
Auto |
|
|
257 |
|
|
213 |
|
|
202 |
|
|
257 |
|
|
202 |
|
Consumer |
|
|
101 |
|
|
210 |
|
|
317 |
|
|
101 |
|
|
317 |
|
Other Commercial |
|
|
— |
|
|
— |
|
|
600 |
|
|
— |
|
|
600 |
|
Loans 60-89 days past due |
|
$ |
7,440 |
|
$ |
4,627 |
|
$ |
8,609 |
|
$ |
7,440 |
|
$ |
8,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past Due and still accruing |
|
$ |
28,977 |
|
$ |
20,449 |
|
$ |
38,783 |
|
$ |
28,977 |
|
$ |
38,783 |
|
Past Due and still accruing / total loans |
|
|
0.21 |
% |
|
0.15 |
% |
|
0.30 |
% |
|
0.21 |
% |
|
0.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt Restructurings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
10,333 |
|
$ |
10,662 |
|
$ |
11,335 |
|
$ |
10,333 |
|
$ |
11,335 |
|
Nonperforming |
|
|
5,298 |
|
|
7,298 |
|
|
7,365 |
|
|
5,298 |
|
|
7,365 |
|
Total troubled debt restructurings |
|
$ |
15,631 |
|
$ |
17,960 |
|
$ |
18,700 |
|
$ |
15,631 |
|
$ |
18,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alternative
Performance Measures (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (FTE)
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (GAAP) |
|
$ |
150,715 |
|
$ |
138,767 |
|
$ |
137,488 |
|
$ |
420,413 |
|
$ |
412,934 |
|
FTE adjustment |
|
|
3,842 |
|
|
3,577 |
|
|
3,164 |
|
|
10,755 |
|
|
9,361 |
|
Net interest income (FTE) (non-GAAP) |
|
$ |
154,557 |
|
$ |
142,344 |
|
$ |
140,652 |
|
$ |
431,168 |
|
$ |
422,295 |
|
Noninterest income (GAAP) |
|
|
25,584 |
|
|
38,286 |
|
|
29,938 |
|
|
94,023 |
|
|
89,388 |
|
Total revenue (FTE) (non-GAAP) |
|
$ |
180,141 |
|
$ |
180,630 |
|
$ |
170,590 |
|
$ |
525,191 |
|
$ |
511,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average earning assets |
|
$ |
17,879,222 |
|
$ |
17,646,470 |
|
$ |
17,910,389 |
|
$ |
17,803,550 |
|
$ |
17,824,607 |
|
Net interest margin |
|
|
3.34 |
% |
|
3.15 |
% |
|
3.05 |
% |
|
3.16 |
% |
|
3.10 |
% |
Net interest margin (FTE) |
|
|
3.43 |
% |
|
3.24 |
% |
|
3.12 |
% |
|
3.24 |
% |
|
3.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Assets (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending assets (GAAP) |
|
$ |
19,950,231 |
|
$ |
19,661,799 |
|
$ |
19,935,657 |
|
$ |
19,950,231 |
|
$ |
19,935,657 |
|
Less: Ending goodwill |
|
|
925,211 |
|
|
925,211 |
|
|
935,560 |
|
|
925,211 |
|
|
935,560 |
|
Less: Ending amortizable intangibles |
|
|
29,142 |
|
|
31,621 |
|
|
46,537 |
|
|
29,142 |
|
|
46,537 |
|
Ending tangible assets (non-GAAP) |
|
$ |
18,995,878 |
|
$ |
18,704,967 |
|
$ |
18,953,560 |
|
$ |
18,995,878 |
|
$ |
18,953,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending equity (GAAP) |
|
$ |
2,281,150 |
|
$ |
2,391,476 |
|
$ |
2,694,439 |
|
$ |
2,281,150 |
|
$ |
2,694,439 |
|
Less: Ending goodwill |
|
|
925,211 |
|
|
925,211 |
|
|
935,560 |
|
|
925,211 |
|
|
935,560 |
|
Less: Ending amortizable intangibles |
|
|
29,142 |
|
|
31,621 |
|
|
46,537 |
|
|
29,142 |
|
|
46,537 |
|
Less: Perpetual preferred stock |
|
|
166,357 |
|
|
166,357 |
|
|
166,357 |
|
|
166,357 |
|
|
166,357 |
|
Ending tangible common equity (non-GAAP) |
|
$ |
1,160,440 |
|
$ |
1,268,287 |
|
$ |
1,545,985 |
|
$ |
1,160,440 |
|
$ |
1,545,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity (GAAP) |
|
$ |
2,436,999 |
|
$ |
2,445,045 |
|
$ |
2,718,032 |
|
$ |
2,513,522 |
|
$ |
2,728,605 |
|
Less: Average goodwill |
|
|
925,211 |
|
|
935,446 |
|
|
935,560 |
|
|
932,035 |
|
|
935,560 |
|
Less: Average amortizable intangibles |
|
|
30,347 |
|
|
38,707 |
|
|
48,179 |
|
|
36,891 |
|
|
51,728 |
|
Less: Average perpetual preferred stock |
|
|
166,356 |
|
|
166,356 |
|
|
166,356 |
|
|
166,356 |
|
|
166,356 |
|
Average tangible common equity (non-GAAP) |
|
$ |
1,315,085 |
|
$ |
1,304,536 |
|
$ |
1,567,937 |
|
$ |
1,378,240 |
|
$ |
1,574,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROTCE (2)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders (GAAP) |
|
$ |
55,103 |
|
$ |
59,259 |
|
$ |
71,598 |
|
$ |
155,085 |
|
$ |
207,237 |
|
Plus: Amortization of intangibles, tax effected |
|
|
1,959 |
|
|
2,303 |
|
|
2,671 |
|
|
6,663 |
|
|
8,436 |
|
Net income available to common shareholders before amortization of
intangibles (non-GAAP) |
|
$ |
57,062 |
|
$ |
61,562 |
|
$ |
74,269 |
|
$ |
161,748 |
|
$ |
215,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common equity (ROTCE) |
|
|
17.21 |
% |
|
18.93 |
% |
|
18.79 |
% |
|
15.69 |
% |
|
18.31 |
% |
ATLANTIC UNION BANKSHARES CORPORATION AND
SUBSIDIARIESKEY FINANCIAL RESULTS
(UNAUDITED)(Dollars in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of & For Three Months Ended |
|
As of & For Nine Months Ended |
|
|
|
09/30/22 |
|
06/30/22 |
|
09/30/21 |
|
09/30/22 |
|
09/30/21 |
|
Operating Measures (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
58,070 |
|
$ |
62,226 |
|
|
$ |
74,565 |
|
|
$ |
163,986 |
|
|
$ |
216,138 |
|
|
Plus: Net loss related to balance sheet repositioning, net of
tax |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,609 |
|
|
Less: (Loss) gain on sale of securities, net of tax |
|
|
— |
|
|
(2 |
) |
|
|
7 |
|
|
|
(2 |
) |
|
|
69 |
|
|
Less: Gain on sale of DHFB, net of tax |
|
|
— |
|
|
7,984 |
|
|
|
— |
|
|
|
7,984 |
|
|
|
— |
|
|
Plus: Branch closing and facility consolidation costs, net of
tax |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
4,351 |
|
|
|
713 |
|
|
Adjusted operating earnings (non-GAAP) |
|
|
58,070 |
|
|
54,244 |
|
|
|
74,558 |
|
|
|
160,355 |
|
|
|
228,391 |
|
|
Less: Dividends on preferred stock |
|
|
2,967 |
|
|
2,967 |
|
|
|
2,967 |
|
|
|
8,901 |
|
|
|
8,901 |
|
|
Adjusted operating earnings available to common shareholders
(non-GAAP) |
|
$ |
55,103 |
|
$ |
51,277 |
|
|
$ |
71,591 |
|
|
$ |
151,454 |
|
|
$ |
219,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense (GAAP) |
|
$ |
99,923 |
|
$ |
98,768 |
|
|
$ |
95,343 |
|
|
$ |
304,012 |
|
|
$ |
299,251 |
|
|
Less: Amortization of intangible assets |
|
|
2,480 |
|
|
2,915 |
|
|
|
3,381 |
|
|
|
8,434 |
|
|
|
10,679 |
|
|
Less: Losses related to balance sheet repositioning |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,695 |
|
|
Less: Branch closing and facility consolidation costs |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
5,508 |
|
|
|
902 |
|
|
Adjusted operating noninterest expense (non-GAAP) |
|
$ |
97,443 |
|
$ |
95,853 |
|
|
$ |
91,962 |
|
|
$ |
290,070 |
|
|
$ |
272,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (GAAP) |
|
$ |
25,584 |
|
$ |
38,286 |
|
|
$ |
29,938 |
|
|
$ |
94,023 |
|
|
$ |
89,388 |
|
|
Less: (Loss) gain on sale of securities |
|
|
— |
|
|
(2 |
) |
|
|
9 |
|
|
|
(2 |
) |
|
|
87 |
|
|
Less: Gain on sale of DHFB |
|
|
— |
|
|
9,082 |
|
|
|
— |
|
|
|
9,082 |
|
|
|
— |
|
|
Adjusted operating noninterest income (non-GAAP) |
|
$ |
25,584 |
|
$ |
29,206 |
|
|
$ |
29,929 |
|
|
$ |
84,943 |
|
|
$ |
89,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (FTE) (non-GAAP) (1) |
|
$ |
154,557 |
|
$ |
142,344 |
|
|
$ |
140,652 |
|
|
$ |
431,168 |
|
|
$ |
422,295 |
|
|
Adjusted operating noninterest income (non-GAAP) |
|
|
25,584 |
|
|
29,206 |
|
|
|
29,929 |
|
|
|
84,943 |
|
|
|
89,301 |
|
|
Total adjusted revenue (FTE) (non-GAAP) (1) |
|
|
180,141 |
|
|
171,550 |
|
|
|
170,581 |
|
|
|
516,111 |
|
|
|
511,596 |
|
|
Less: PPP accretion interest income and fees |
|
|
454 |
|
|
1,346 |
|
|
|
11,173 |
|
|
|
4,786 |
|
|
|
36,806 |
|
|
Pre-PPP total adjusted revenue (FTE) (non-GAAP) (1) (10) |
|
$ |
179,687 |
|
$ |
170,204 |
|
|
$ |
159,408 |
|
|
$ |
511,325 |
|
|
$ |
474,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
56.68 |
% |
|
55.78 |
|
% |
|
56.95 |
|
% |
|
59.10 |
|
% |
|
59.57 |
|
% |
Efficiency ratio (FTE) (1) |
|
|
55.47 |
% |
|
54.68 |
|
% |
|
55.89 |
|
% |
|
57.89 |
|
% |
|
58.48 |
|
% |
Adjusted operating efficiency ratio (FTE) (1)(7) |
|
|
54.09 |
% |
|
55.88 |
|
% |
|
53.91 |
|
% |
|
56.20 |
|
% |
|
53.36 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ROA & ROE (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating earnings (non-GAAP) |
|
$ |
58,070 |
|
$ |
54,244 |
|
|
$ |
74,558 |
|
|
$ |
160,355 |
|
|
$ |
228,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets (GAAP) |
|
$ |
19,980,500 |
|
$ |
19,719,402 |
|
|
$ |
20,056,570 |
|
|
$ |
19,873,644 |
|
|
$ |
19,890,155 |
|
|
Return on average assets (ROA) (GAAP) |
|
|
1.15 |
% |
|
1.27 |
|
% |
|
1.47 |
|
% |
|
1.10 |
|
% |
|
1.45 |
|
% |
Adjusted operating return on average assets (ROA) (non-GAAP) |
|
|
1.15 |
% |
|
1.10 |
|
% |
|
1.47 |
|
% |
|
1.08 |
|
% |
|
1.54 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average equity (GAAP) |
|
$ |
2,436,999 |
|
$ |
2,445,045 |
|
|
$ |
2,718,032 |
|
|
$ |
2,513,522 |
|
|
$ |
2,728,605 |
|
|
Return on average equity (ROE) (GAAP) |
|
|
9.45 |
% |
|
10.21 |
|
% |
|
10.88 |
|
% |
|
8.72 |
|
% |
|
10.59 |
|
% |
Adjusted operating return on average equity (ROE) (non-GAAP) |
|
|
9.45 |
% |
|
8.90 |
|
% |
|
10.88 |
|
% |
|
8.53 |
|
% |
|
11.19 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ROTCE (2)(3)(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating earnings available to common shareholders
(non-GAAP) |
|
$ |
55,103 |
|
$ |
51,277 |
|
|
$ |
71,591 |
|
|
$ |
151,454 |
|
|
$ |
219,490 |
|
|
Plus: Amortization of intangibles, tax effected |
|
|
1,959 |
|
|
2,303 |
|
|
|
2,671 |
|
|
|
6,663 |
|
|
|
8,436 |
|
|
Adjusted operating earnings available to common shareholders before
amortization of intangibles (non-GAAP) |
|
$ |
57,062 |
|
$ |
53,580 |
|
|
$ |
74,262 |
|
|
$ |
158,117 |
|
|
$ |
227,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common equity (non-GAAP) |
|
$ |
1,315,085 |
|
$ |
1,304,536 |
|
|
$ |
1,567,937 |
|
|
$ |
1,378,240 |
|
|
$ |
1,574,961 |
|
|
Adjusted operating return on average tangible common equity
(non-GAAP) |
|
|
17.21 |
% |
|
16.47 |
|
% |
|
18.79 |
|
% |
|
15.34 |
|
% |
|
19.35 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision adjusted operating earnings
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
58,070 |
|
$ |
62,226 |
|
|
$ |
74,565 |
|
|
$ |
163,986 |
|
|
$ |
216,138 |
|
|
Plus: Provision for credit losses |
|
|
6,412 |
|
|
3,559 |
|
|
|
(18,850 |
) |
|
|
12,771 |
|
|
|
(59,888 |
) |
|
Plus: Income tax expense |
|
|
11,894 |
|
|
12,500 |
|
|
|
16,368 |
|
|
|
33,667 |
|
|
|
46,821 |
|
|
Plus: Net loss related to balance sheet repositioning |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,695 |
|
|
Less: (Loss) gain on sale of securities |
|
|
— |
|
|
(2 |
) |
|
|
9 |
|
|
|
(2 |
) |
|
|
87 |
|
|
Less: Gain on sale of DHFB |
|
|
— |
|
|
9,082 |
|
|
|
— |
|
|
|
9,082 |
|
|
|
— |
|
|
Plus: Branch closing and facility consolidation costs |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
5,508 |
|
|
|
902 |
|
|
Pre-tax pre-provision adjusted operating earnings (non-GAAP) |
|
$ |
76,376 |
|
$ |
69,205 |
|
|
$ |
72,074 |
|
|
$ |
206,852 |
|
|
$ |
218,581 |
|
|
Less: Dividends on preferred stock |
|
|
2,967 |
|
|
2,967 |
|
|
|
2,967 |
|
|
|
8,901 |
|
|
|
8,901 |
|
|
Pre-tax pre-provision adjusted operating earnings available to
common shareholders (non-GAAP) |
|
$ |
73,409 |
|
$ |
66,238 |
|
|
$ |
69,107 |
|
|
$ |
197,951 |
|
|
$ |
209,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision adjusted operating earnings (non-GAAP) |
|
$ |
76,376 |
|
$ |
69,205 |
|
|
$ |
72,074 |
|
|
$ |
206,852 |
|
|
$ |
218,581 |
|
|
Less: PPP accretion interest income and fees |
|
|
454 |
|
|
1,346 |
|
|
|
11,173 |
|
|
|
4,786 |
|
|
|
36,806 |
|
|
Pre-PPP pre-tax pre-provision adjusted operating earnings
(non-GAAP) (10) |
|
$ |
75,922 |
|
$ |
67,859 |
|
|
$ |
60,901 |
|
|
$ |
202,066 |
|
|
$ |
181,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, diluted |
|
|
74,705,054 |
|
|
74,849,871 |
|
|
|
76,322,736 |
|
|
|
75,034,084 |
|
|
|
78,007,543 |
|
|
Pre-tax pre-provision earnings per common share, diluted |
|
$ |
0.98 |
|
$ |
0.88 |
|
|
$ |
0.91 |
|
|
$ |
2.64 |
|
|
$ |
2.69 |
|
|
ATLANTIC UNION BANKSHARES CORPORATION AND
SUBSIDIARIESKEY FINANCIAL RESULTS
(UNAUDITED)(Dollars in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of & For Three Months Ended |
|
As of & For Nine Months Ended |
|
|
|
09/30/22 |
|
06/30/22 |
|
09/30/21 |
|
09/30/22 |
|
09/30/21 |
|
Adjusted Loans (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment (net of deferred fees and costs)
(GAAP) |
|
$ |
13,918,720 |
|
$ |
13,655,408 |
|
$ |
13,139,586 |
|
$ |
13,918,720 |
|
$ |
13,139,586 |
|
Less: PPP adjustments (net of deferred fees and costs) |
|
|
12,146 |
|
|
21,749 |
|
|
466,609 |
|
|
12,146 |
|
|
466,609 |
|
Total adjusted loans (non-GAAP) |
|
$ |
13,906,574 |
|
$ |
13,633,659 |
|
$ |
12,672,977 |
|
$ |
13,906,574 |
|
$ |
12,672,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans held for investment (net of deferred fees and costs)
(GAAP) |
|
$ |
13,733,447 |
|
$ |
13,525,529 |
|
$ |
13,451,674 |
|
$ |
13,521,507 |
|
$ |
13,827,002 |
|
Less: Average PPP adjustments (net of deferred fees and costs) |
|
|
14,280 |
|
|
43,391 |
|
|
687,259 |
|
|
53,246 |
|
|
1,059,130 |
|
Total adjusted average loans (non-GAAP) |
|
$ |
13,719,167 |
|
$ |
13,482,138 |
|
$ |
12,764,415 |
|
$ |
13,468,261 |
|
$ |
12,767,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage Origination Held for Sale Volume |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refinance Volume |
|
$ |
5,637 |
|
$ |
14,916 |
|
$ |
49,154 |
|
$ |
53,753 |
|
$ |
241,401 |
|
Purchase Volume |
|
|
66,360 |
|
|
84,551 |
|
|
93,819 |
|
|
209,206 |
|
|
250,523 |
|
Total Mortgage loan originations held for sale |
|
$ |
71,997 |
|
$ |
99,467 |
|
$ |
142,973 |
|
$ |
262,959 |
|
$ |
491,924 |
|
% of originations held for sale that are refinances |
|
|
7.8 |
% |
|
15.0 |
% |
|
34.4 |
% |
|
20.4 |
% |
|
49.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets under management ("AUM") |
|
$ |
4,065,059 |
|
$ |
4,415,537 |
|
$ |
6,377,518 |
|
$ |
4,065,059 |
|
$ |
6,377,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period full-time employees |
|
|
1,890 |
|
|
1,856 |
|
|
1,918 |
|
|
1,890 |
|
|
1,918 |
|
Number of full-service branches |
|
|
114 |
|
|
114 |
|
|
130 |
|
|
114 |
|
|
130 |
|
Number of automatic transaction machines ("ATMs") |
|
|
131 |
|
|
131 |
|
|
149 |
|
|
131 |
|
|
149 |
|
(1) These are non-GAAP financial measures. Net
interest income (FTE) and total adjusted revenue (FTE), which are
used in computing net interest margin (FTE), efficiency ratio (FTE)
and adjusted operating efficiency ratio (FTE), provide valuable
additional insight into the net interest margin and the efficiency
ratio by adjusting for differences in tax treatment of interest
income sources. The entire FTE adjustment is attributable to
interest income on earning assets, which is used in computing yield
on earning assets. Interest expense and the related cost of
interest-bearing liabilities and cost of funds ratios are not
affected by the FTE components.(2) These are
non-GAAP financial measures. Tangible assets and tangible common
equity are used in the calculation of certain profitability,
capital, and per share ratios. The Company believes tangible
assets, tangible common equity and the related ratios are
meaningful measures of capital adequacy because they provide a
meaningful base for period-to-period and company-to-company
comparisons, which the Company believes will assist investors in
assessing the capital of the Company and its ability to absorb
potential losses.(3) These are non-GAAP financial
measures. The Company believes that ROTCE is a meaningful
supplement to GAAP financial measures and useful to investors
because it measures the performance of a business consistently
across time without regard to whether components of the business
were acquired or developed internally.(4) These
are non-GAAP financial measures. Adjusted operating measures
exclude the losses related to balance sheet repositioning
(principally composed of losses on debt extinguishment), gains or
losses on sale of securities, gain on the sale of DHFB, as well as
branch closing and facility consolidation costs (principally
composed of real estate, leases and other assets write downs, as
well as severance associated with branch closing and corporate
expense reduction initiatives). The Company believes these non-GAAP
adjusted measures provide investors with important information
about the continuing economic results of the organization’s
operations. Prior periods reflect adjustments for previously
announced branch closing and corporate expense reduction
initiatives.
(5) All ratios at September 30, 2022 are
estimates and subject to change pending the Company’s filing of its
FR Y9-C. All other periods are presented as
filed.(6) These balances reflect the impact of the
CARES Act and the joint guidance issued by the five federal bank
regulatory agencies and the Conference of State Bank Supervisors on
March 22, 2020, as subsequently revised on April 7, 2020, which
provides relief for TDR designations and also provides guidance on
past due reporting for modified loans. (7) The
adjusted operating efficiency ratio (FTE) excludes the amortization
of intangible assets, gains or losses on sale of securities, gain
on the sale of DHFB, losses related to balance sheet repositioning
(principally composed of losses on debt extinguishment), as well as
branch closing and facility consolidation costs. This measure is
similar to the measure utilized by the Company when analyzing
corporate performance and is also similar to the measure utilized
for incentive compensation. The Company believes this adjusted
measure provides investors with important information about the
combined economic results of the organization’s operations. Prior
periods reflect adjustments for previously announced branch closing
and corporate expense reduction
initiatives.(8) These are non-GAAP financial
measures. Pre-tax pre-provision adjusted earnings excludes the
provision for credit losses, which can fluctuate significantly from
period-to-period under the CECL methodology, income tax expense,
losses related to balance sheet repositioning (principally composed
of losses on debt extinguishment), gains or losses on sale of
securities, gain on the sale of DHFB, as well as branch closing and
facility consolidation costs. The Company believes this adjusted
measure provides investors with important information about the
combined economic results of the organization’s operations. Prior
periods reflect adjustments for previously announced branch closing
and corporate expense reduction
initiatives.(9) These are non-GAAP financial
measures. PPP adjustment impact excludes the unforgiven portion of
PPP loans. The Company believes loans held for investment (net of
deferred fees and costs), excluding PPP is useful to investors as
it provides more clarity on the Company’s organic growth. The
Company also believes that the related non-GAAP financial measures
of past due loans still accruing interest as a percentage of total
loans held for investment (net of deferred fees and costs),
excluding PPP, are useful to investors as loans originated under
the PPP carry a Small Business Administration (“SBA”) guarantee.
The Company believes that the ALLL as a percentage of loans held
for investment (net of deferred fees and costs), excluding PPP, is
useful to investors because of the size of the Company’s PPP
originations and the impact of the embedded credit enhancement
provided by the SBA guarantee. (10) These are
non-GAAP financial measures. The Company believes excluding PPP
accretion interest income and fees from operating earnings is
useful to investors as it provides more clarity on the Company’s
non-PPP related income.ATLANTIC UNION BANKSHARES
CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Dollars in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
September 30, |
|
2022 |
|
|
2021 |
|
2021 |
ASSETS |
|
(unaudited) |
|
|
(audited) |
|
|
(unaudited) |
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
177,969 |
|
|
$ |
180,963 |
|
$ |
255,648 |
Interest-bearing deposits in other banks |
|
211,785 |
|
|
|
618,714 |
|
|
807,225 |
Federal funds sold |
|
1,188 |
|
|
|
2,824 |
|
|
377 |
Total cash and cash equivalents |
|
390,942 |
|
|
|
802,501 |
|
|
1,063,250 |
Securities available for sale, at fair value |
|
2,717,323 |
|
|
|
3,481,650 |
|
|
3,195,176 |
Securities held to maturity, at carrying
value |
|
841,349 |
|
|
|
628,000 |
|
|
535,722 |
Restricted stock, at cost |
|
82,050 |
|
|
|
76,825 |
|
|
76,825 |
Loans held for sale, at fair value |
|
12,889 |
|
|
|
20,861 |
|
|
35,417 |
Loans held for investment, net of deferred fees and
costs |
|
13,918,720 |
|
|
|
13,195,843 |
|
|
13,139,586 |
Less: allowance for loan and lease losses |
|
108,009 |
|
|
|
99,787 |
|
|
101,798 |
Total loans held for investment, net |
|
13,810,711 |
|
|
|
13,096,056 |
|
|
13,037,788 |
Premises and equipment, net |
|
126,374 |
|
|
|
134,808 |
|
|
159,588 |
Goodwill |
|
925,211 |
|
|
|
935,560 |
|
|
935,560 |
Amortizable intangibles, net |
|
29,142 |
|
|
|
43,312 |
|
|
46,537 |
Bank owned life insurance |
|
437,988 |
|
|
|
431,517 |
|
|
430,341 |
Other assets |
|
576,252 |
|
|
|
413,706 |
|
|
419,453 |
Total assets |
$ |
19,950,231 |
|
|
$ |
20,064,796 |
|
$ |
19,935,657 |
LIABILITIES |
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
$ |
5,290,938 |
|
|
$ |
5,207,324 |
|
$ |
5,328,838 |
Interest-bearing deposits |
|
11,255,278 |
|
|
|
11,403,744 |
|
|
11,293,322 |
Total deposits |
|
16,546,216 |
|
|
|
16,611,068 |
|
|
16,622,160 |
Securities sold under agreements to
repurchase |
|
146,182 |
|
|
|
117,870 |
|
|
95,181 |
Other short-term borrowings |
|
133,800 |
|
|
|
— |
|
|
— |
Long-term borrowings |
|
389,576 |
|
|
|
388,724 |
|
|
290,584 |
Other liabilities |
|
453,307 |
|
|
|
237,063 |
|
|
233,293 |
Total liabilities |
|
17,669,081 |
|
|
|
17,354,725 |
|
|
17,241,218 |
Commitments and
contingencies |
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
Preferred stock, $10.00 par value |
|
173 |
|
|
|
173 |
|
|
173 |
Common stock, $1.33 par value |
|
98,845 |
|
|
|
100,101 |
|
|
100,062 |
Additional paid-in capital |
|
1,769,858 |
|
|
|
1,807,368 |
|
|
1,804,617 |
Retained earnings |
|
874,393 |
|
|
|
783,794 |
|
|
760,164 |
Accumulated other comprehensive income (loss) |
|
(462,119 |
) |
|
|
18,635 |
|
|
29,423 |
Total stockholders' equity |
|
2,281,150 |
|
|
|
2,710,071 |
|
|
2,694,439 |
Total liabilities and stockholders' equity |
$ |
19,950,231 |
|
|
$ |
20,064,796 |
|
$ |
19,935,657 |
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
74,703,774 |
|
|
|
75,663,648 |
|
|
75,645,031 |
Common shares authorized |
|
200,000,000 |
|
|
|
200,000,000 |
|
|
200,000,000 |
Preferred shares outstanding |
|
17,250 |
|
|
|
17,250 |
|
|
17,250 |
Preferred shares authorized |
|
500,000 |
|
|
|
500,000 |
|
|
500,000 |
ATLANTIC UNION BANKSHARES CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)(Dollars in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
2022 |
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
Interest and dividend
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
144,673 |
|
$ |
123,266 |
|
$ |
124,999 |
|
|
$ |
382,139 |
|
$ |
383,575 |
|
Interest on deposits in other banks |
|
941 |
|
|
157 |
|
|
291 |
|
|
|
1,229 |
|
|
454 |
|
Interest and dividends on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
14,750 |
|
|
14,695 |
|
|
11,230 |
|
|
|
43,110 |
|
|
32,102 |
|
Nontaxable |
|
10,792 |
|
|
10,637 |
|
|
9,859 |
|
|
|
31,889 |
|
|
28,773 |
|
Total interest and dividend income |
|
171,156 |
|
|
148,755 |
|
|
146,379 |
|
|
|
458,367 |
|
|
444,904 |
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
15,386 |
|
|
6,097 |
|
|
5,837 |
|
|
|
25,966 |
|
|
22,203 |
|
Interest on short-term borrowings |
|
1,229 |
|
|
555 |
|
|
22 |
|
|
|
1,805 |
|
|
91 |
|
Interest on long-term borrowings |
|
3,826 |
|
|
3,336 |
|
|
3,032 |
|
|
|
10,183 |
|
|
9,676 |
|
Total interest expense |
|
20,441 |
|
|
9,988 |
|
|
8,891 |
|
|
|
37,954 |
|
|
31,970 |
|
Net interest income |
|
150,715 |
|
|
138,767 |
|
|
137,488 |
|
|
|
420,413 |
|
|
412,934 |
|
Provision for credit
losses |
|
6,412 |
|
|
3,559 |
|
|
(18,850 |
) |
|
|
12,771 |
|
|
(59,888 |
) |
Net interest income after provision for credit
losses |
|
144,303 |
|
|
135,208 |
|
|
156,338 |
|
|
|
407,642 |
|
|
472,822 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
6,784 |
|
|
8,040 |
|
|
7,198 |
|
|
|
22,421 |
|
|
19,314 |
|
Other service charges, commissions and fees |
|
1,770 |
|
|
1,709 |
|
|
1,534 |
|
|
|
5,134 |
|
|
4,970 |
|
Interchange fees |
|
2,461 |
|
|
2,268 |
|
|
2,203 |
|
|
|
6,539 |
|
|
6,252 |
|
Fiduciary and asset management fees |
|
4,134 |
|
|
6,939 |
|
|
7,029 |
|
|
|
18,329 |
|
|
20,323 |
|
Mortgage banking income |
|
1,390 |
|
|
2,200 |
|
|
4,818 |
|
|
|
6,707 |
|
|
17,692 |
|
Bank owned life insurance income |
|
3,445 |
|
|
2,716 |
|
|
2,727 |
|
|
|
8,858 |
|
|
8,202 |
|
Loan-related interest rate swap fees |
|
2,050 |
|
|
2,600 |
|
|
1,102 |
|
|
|
8,510 |
|
|
4,176 |
|
Other operating income |
|
3,550 |
|
|
11,814 |
|
|
3,327 |
|
|
|
17,525 |
|
|
8,459 |
|
Total noninterest income |
|
25,584 |
|
|
38,286 |
|
|
29,938 |
|
|
|
94,023 |
|
|
89,388 |
|
Noninterest
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
56,600 |
|
|
55,305 |
|
|
53,534 |
|
|
|
170,203 |
|
|
156,959 |
|
Occupancy expenses |
|
6,408 |
|
|
6,395 |
|
|
7,251 |
|
|
|
19,685 |
|
|
21,705 |
|
Furniture and equipment expenses |
|
3,673 |
|
|
3,590 |
|
|
4,040 |
|
|
|
10,860 |
|
|
11,919 |
|
Technology and data processing |
|
8,273 |
|
|
7,862 |
|
|
7,534 |
|
|
|
23,930 |
|
|
21,657 |
|
Professional services |
|
3,504 |
|
|
4,680 |
|
|
3,792 |
|
|
|
12,274 |
|
|
13,161 |
|
Marketing and advertising expense |
|
2,343 |
|
|
2,502 |
|
|
2,548 |
|
|
|
7,008 |
|
|
7,330 |
|
FDIC assessment premiums and other insurance |
|
3,094 |
|
|
2,765 |
|
|
2,172 |
|
|
|
8,344 |
|
|
6,798 |
|
Franchise and other taxes |
|
4,507 |
|
|
4,500 |
|
|
4,432 |
|
|
|
13,506 |
|
|
13,303 |
|
Loan-related expenses |
|
1,575 |
|
|
1,867 |
|
|
1,503 |
|
|
|
5,218 |
|
|
5,289 |
|
Amortization of intangible assets |
|
2,480 |
|
|
2,915 |
|
|
3,381 |
|
|
|
8,434 |
|
|
10,679 |
|
Loss on debt extinguishment |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
14,695 |
|
Other expenses |
|
7,466 |
|
|
6,387 |
|
|
5,156 |
|
|
|
24,550 |
|
|
15,756 |
|
Total noninterest expenses |
|
99,923 |
|
|
98,768 |
|
|
95,343 |
|
|
|
304,012 |
|
|
299,251 |
|
Income before income taxes |
|
69,964 |
|
|
74,726 |
|
|
90,933 |
|
|
|
197,653 |
|
|
262,959 |
|
Income tax expense |
|
11,894 |
|
|
12,500 |
|
|
16,368 |
|
|
|
33,667 |
|
|
46,821 |
|
Net income |
$ |
58,070 |
|
$ |
62,226 |
|
$ |
74,565 |
|
|
|
163,986 |
|
|
216,138 |
|
Dividends on preferred
stock |
|
2,967 |
|
|
2,967 |
|
|
2,967 |
|
|
|
8,901 |
|
|
8,901 |
|
Net income available to common shareholders |
$ |
55,103 |
|
$ |
59,259 |
|
$ |
71,598 |
|
|
$ |
155,085 |
|
$ |
207,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
$ |
0.74 |
|
$ |
0.79 |
|
$ |
0.94 |
|
|
$ |
2.07 |
|
$ |
2.66 |
|
Diluted earnings per common
share |
$ |
0.74 |
|
$ |
0.79 |
|
$ |
0.94 |
|
|
$ |
2.07 |
|
$ |
2.66 |
|
AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES
(TAXABLE EQUIVALENT BASIS) (UNAUDITED) (Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
September 30, 2022 |
|
June 30, 2022 |
|
AverageBalance |
|
InterestIncome /
Expense (1) |
|
Yield /Rate (1)(2) |
|
AverageBalance |
|
InterestIncome /
Expense (1) |
|
Yield /Rate (1)(2) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
2,193,279 |
|
|
$ |
14,750 |
|
2.67 |
% |
|
$ |
2,322,024 |
|
|
$ |
14,695 |
|
2.54 |
% |
Tax-exempt |
|
1,625,328 |
|
|
|
13,661 |
|
3.33 |
% |
|
|
1,608,888 |
|
|
|
13,465 |
|
3.36 |
% |
Total securities |
|
3,818,607 |
|
|
|
28,411 |
|
2.95 |
% |
|
|
3,930,912 |
|
|
|
28,160 |
|
2.87 |
% |
Loans, net (3) |
|
13,733,447 |
|
|
|
145,433 |
|
4.20 |
% |
|
|
13,525,529 |
|
|
|
123,764 |
|
3.67 |
% |
Other earning assets |
|
327,168 |
|
|
|
1,154 |
|
1.40 |
% |
|
|
190,029 |
|
|
|
408 |
|
0.86 |
% |
Total earning assets |
$ |
17,879,222 |
|
|
$ |
174,998 |
|
3.88 |
% |
|
$ |
17,646,470 |
|
|
$ |
152,332 |
|
3.46 |
% |
Allowance for loan and lease
losses |
|
(104,746 |
) |
|
|
|
|
|
|
|
(103,211 |
) |
|
|
|
|
|
Total non-earning
assets |
|
2,206,024 |
|
|
|
|
|
|
|
|
2,176,143 |
|
|
|
|
|
|
Total
assets |
$ |
19,980,500 |
|
|
|
|
|
|
|
$ |
19,719,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction and money market accounts |
$ |
8,247,650 |
|
|
$ |
11,342 |
|
0.55 |
% |
|
$ |
7,987,888 |
|
|
$ |
3,082 |
|
0.15 |
% |
Regular savings |
|
1,171,071 |
|
|
|
64 |
|
0.02 |
% |
|
|
1,169,199 |
|
|
|
55 |
|
0.02 |
% |
Time deposits |
|
1,745,224 |
|
|
|
3,980 |
|
0.90 |
% |
|
|
1,667,378 |
|
|
|
2,960 |
|
0.71 |
% |
Total interest-bearing deposits |
|
11,163,945 |
|
|
|
15,386 |
|
0.55 |
% |
|
|
10,824,465 |
|
|
|
6,097 |
|
0.23 |
% |
Other borrowings |
|
703,272 |
|
|
|
5,055 |
|
2.85 |
% |
|
|
765,886 |
|
|
|
3,891 |
|
2.04 |
% |
Total interest-bearing liabilities |
$ |
11,867,217 |
|
|
$ |
20,441 |
|
0.68 |
% |
|
$ |
11,590,351 |
|
|
$ |
9,988 |
|
0.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
5,324,279 |
|
|
|
|
|
|
|
|
5,366,591 |
|
|
|
|
|
|
Other liabilities |
|
352,005 |
|
|
|
|
|
|
|
|
317,415 |
|
|
|
|
|
|
Total liabilities |
$ |
17,543,501 |
|
|
|
|
|
|
|
$ |
17,274,357 |
|
|
|
|
|
|
Stockholders' equity |
|
2,436,999 |
|
|
|
|
|
|
|
|
2,445,045 |
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
19,980,500 |
|
|
|
|
|
|
|
$ |
19,719,402 |
|
|
|
|
|
|
Net interest
income |
|
|
|
$ |
154,557 |
|
|
|
|
|
|
$ |
142,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
spread |
|
|
|
|
|
|
3.20 |
% |
|
|
|
|
|
|
|
3.11 |
% |
Cost of
funds |
|
|
|
|
|
|
0.45 |
% |
|
|
|
|
|
|
|
0.22 |
% |
Net interest
margin |
|
|
|
|
|
|
3.43 |
% |
|
|
|
|
|
|
|
3.24 |
% |
(1) Income and yields are reported on a taxable
equivalent basis using the statutory federal corporate tax rate of
21%.
(2) Rates and yields are annualized and
calculated from actual, not rounded amounts in thousands, which
appear above.(3) Nonaccrual loans are included in
average loans outstanding.
Contact: Robert
M. Gorman - (804) 523-7828Executive Vice President / Chief
Financial Officer
Grafico Azioni Atlantic Union Bankshares (NASDAQ:AUB)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Atlantic Union Bankshares (NASDAQ:AUB)
Storico
Da Giu 2023 a Giu 2024