$AUB-PA

Atlantic Union Bankshares Corp

CIK:0000883948|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income:
Interest and fees on loans	$ 436,807	$ 458,766	$ 856,436	$ 730,281
Interest on deposits in other banks	2,165	4,991	4,311	7,504
Interest and dividends on securities:
Taxable	38,973	38,260	79,980	61,908
Nontaxable	8,883	8,355	17,836	16,515
Total interest and dividend income	486,828	510,372	958,563	816,208
Interest expense:
Interest on deposits	146,438	171,343	288,217	286,929
Interest on short-term borrowings	5,327	4,147	10,554	5,056
Interest on long-term borrowings	9,945	13,511	22,301	18,687
Total interest expense	161,710	189,001	321,072	310,672
Net interest income	325,118	321,371	637,491	505,536
Provision for credit losses	11,737	105,707	14,475	123,345
Net interest income after provision for credit losses	313,381	215,664	623,016	382,191
Noninterest income:
Service charges on deposit accounts	12,259	12,220	24,374	21,905
Other service charges, commissions and fees	2,286	2,245	4,224	4,007
Interchange fees	3,750	3,779	7,076	6,727
Fiduciary and asset management fees	21,460	17,723	41,638	24,420
Mortgage banking income	2,656	2,821	4,682	3,794
Bank owned life insurance income	5,734	7,327	10,934	10,864
Loan-related interest rate swap fees	6,484	1,733	10,458	4,133
Other operating income	35,619	33,674	41,645	34,835
Total noninterest income	90,248	81,522	145,031	110,685
Noninterest expenses:
Salaries and benefits	112,309	109,942	225,722	185,357
Occupancy expenses	12,862	12,782	26,064	21,362
Furniture and equipment expenses	5,532	6,344	11,088	10,258
Technology and data processing	16,016	17,248	31,618	27,435
Professional services	6,154	7,808	11,922	12,494
Marketing and advertising expense	5,479	3,757	12,807	6,941
FDIC assessment premiums and other insurance	6,633	8,642	13,479	13,844
Franchise and other taxes	4,675	4,688	9,381	9,331
Loan-related expenses	2,723	1,278	5,574	2,527
Amortization of intangible assets	15,136	18,433	30,582	23,832
Merger-related costs	0	78,900	9,034	83,840
Other expenses	11,617	9,876	21,675	16,661
Total noninterest expenses	199,136	279,698	408,946	413,882
Income before income taxes	204,493	17,488	359,101	78,994
Income tax expense (benefit)	43,480	(2,303)	75,922	9,384
Net Income	161,013	19,791	283,179	69,610
Dividends on preferred stock	2,967	2,967	5,934	5,934
Net income available to common shareholders	$ 158,046	$ 16,824	$ 277,245	$ 63,676
Basic earnings per common share	$ 1.11	$ 0.12	$ 1.95	$ 0.55
Diluted earnings per common share	1.11	0.12	1.95	0.55
Dividends declared per common share	$ 0.37	$ 0.34	$ 0.74	$ 0.68
Basic weighted average number of common shares outstanding	142,099,251	141,680,472	142,000,975	115,596,296
Diluted weighted average number of common shares outstanding	142,320,806	141,738,325	142,301,002	116,056,670

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 283,179	$ 69,610
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	14,475	123,345
Depreciation of premises and equipment	9,913	7,785
Amortization, net	14,166	13,695
Accretion related to acquisitions, net	(42,839)	(34,438)
Gain on CRE loan sale	0	(15,720)
BOLI income	(10,934)	(10,864)
Deferred tax expense	66,339	4,059
Originations and purchases	(204,020)	(184,784)
Proceeds from sales	198,533	2,046,402
Net decrease in other assets	1,539	1,892
Net decrease in other liabilities	(20,512)	(40,725)
Net cash provided by operating activities	277,489	1,965,957
Investing activities:
Purchases	(363,140)	(894,303)
Proceeds from sales	209,582	629,911
Proceeds from maturities, calls and paydowns	442,815	214,160
Purchases	0	(36,640)
Proceeds from maturities, calls and paydowns	20,821	10,956
Net change in other investments	31,042	29,227
Net increase in LHFI	(832,638)	(143,446)
Net purchases of premises and equipment	(13,413)	(486)
Proceeds from BOLI settlements	1,013	2,376
Proceeds from sales of foreclosed properties and former bank premises	1,992	5,435
Net cash received in acquisition	0	270,211
Net cash (used in) provided by investing activities	(501,926)	87,401
Financing activities:
Non-interest-bearing deposits	(116,891)	(24,946)
Interest-bearing deposits	113,990	(626,472)
Short-term borrowings	380,227	(261,096)
Repayments of long-term debt	0	(200,000)
Repurchase of common stock	(10,005)	0
Forward sale commmon stock issuance	0	384,963
Dividends paid	(111,896)	(84,968)
Vesting of restricted stock, net of shares held for taxes	(7,153)	(6,265)
Net cash provided by (used in) by financing activities	248,272	(818,784)
Increase in cash and cash equivalents	23,835	1,234,574
Cash, cash equivalents and restricted cash at beginning of the period	966,462	354,074
Cash, cash equivalents and restricted cash at end of the period	990,297	1,588,648
Cash payments for:
Interest	319,688	311,469
Income taxes	7,730	2,719
Supplemental schedule of noncash investing and financing activities
Transfers from bank premises to other real estate owned	6,235	0
Issuance of common stock in exchange for net assets in acquisitions	0	1,275,411
Assets acquired	0	12,988,972
Liabilities assumed	0	12,209,862
Cary Street Partners, LLC
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of equity interest	0	(14,300)
Bearing Insurance Group, LLC
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of equity interest	$ (32,350)	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents:
Cash and due from banks	$ 521,608	$ 234,257
Interest-bearing deposits in other banks	452,419	706,014
Federal funds sold	16,270	26,191
Total cash and cash equivalents	990,297	966,462
Securities available for sale, at fair value	3,876,717	4,194,301
Securities held to maturity, at carrying value	860,906	884,216
Restricted stock, at cost	204,351	190,200
Loans held for sale	23,074	18,486
Loans held for investment, net of unearned income	28,673,271	27,796,167
Less: allowance for loan and lease losses	298,756	295,108
Total loans held for investment, net	28,374,515	27,501,059
Premises and equipment, net	163,241	166,752
Goodwill	1,754,875	1,733,287
Amortizable intangibles, net	284,962	315,544
Bank owned life insurance	679,507	672,890
Other assets	887,423	942,557
Total assets	38,099,868	37,585,754
LIABILITIES
Noninterest-bearing demand deposits	6,727,738	6,844,629
Interest-bearing deposits	23,740,519	23,627,007
Total deposits	30,468,257	30,471,636
Securities sold under agreements to repurchase	155,659	75,432
Other short-term borrowings	950,000	650,000
Long-term borrowings	775,681	771,860
Other liabilities	596,857	610,428
Total liabilities	32,946,454	32,579,356
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $10.00 par value	173	173
Common stock, $1.33 par value	188,759	188,563
Additional paid-in capital	3,885,085	3,888,841
Retained earnings	1,356,190	1,184,908
Accumulated other comprehensive loss	(276,793)	(256,087)
Total stockholders' equity	5,153,414	5,006,398
Total liabilities and stockholders' equity	$ 38,099,868	$ 37,585,754
Common shares outstanding	141,924,165	141,776,886
Common shares authorized	200,000,000	200,000,000
Preferred shares outstanding	17,250	17,250
Preferred shares authorized	500,000	500,000