Atlantic Union Bankshares (US:AUB)2021-08-04 16:00Financial Performance - Net income for the three months ended June 30, 2021, was $85,384 thousand, up from $30,709 thousand in the same period of 2020, representing an increase of 178.5%[19] - The company reported a net income available to common shareholders of $135,639 thousand for the six months ended June 30, 2021, compared to $37,798 thousand for the same period in 2020, an increase of 258.5%[19] - Comprehensive income for the six months ended June 30, 2021, was $123,630 thousand, compared to $63,527 thousand for the same period in 2020, representing a 94.6% increase[20] - Net income for the six months ended June 30, 2021, was $85,384 thousand, up from $56,189 thousand in the prior year, reflecting a 52% growth[23] - Net income available to common shareholders for the second quarter of 2021 was $82.4 million, compared to $30.7 million for the same period in 2020[210] Earnings and Dividends - Basic earnings per common share for the three months ended June 30, 2021, was $1.05, compared to $0.39 for the same period in 2020, an increase of 169.2%[16] - Dividends declared per common share for the three months ended June 30, 2021, was $0.28, up from $0.25 in the same period of 2020[16] - The Company declared a quarterly dividend of $0.28 per share, which is a 12.0% increase from the dividend paid in the third quarter of 2020[187] Asset and Liability Management - Total assets as of December 31, 2020, amounted to $19,628,449 thousand[13] - Total deposits as of December 31, 2020, were $15,722,765 thousand, indicating a strong liquidity position[13] - The total stockholders' equity as of June 30, 2021, was $2,747,597 thousand, an increase from $2,709,732 thousand at the end of the first quarter of 2021[23] - The carrying value of cash and cash equivalents was reported at $865,170,000, matching its fair value[175] Credit Quality and Loan Performance - Provision for credit losses for the three months ended June 30, 2021, was $(27,414) thousand, a significant improvement compared to $(34,200) thousand for the same period in 2020[16] - The allowance for loan and lease losses decreased to $118,261 thousand as of June 30, 2021, from $160,540 thousand on December 31, 2020, showing a reduction of about 26.4%[65] - The percentage of total loans classified as nonaccrual was 0.30%, with a total of $42,448 in nonaccrual loans[70] - Troubled Debt Restructurings (TDRs) decreased to $19.3 million, down from $20.6 million, with an allowance of $800,000 for the current period[71] Loan Portfolio and Delinquency - Total loans held for investment, net of deferred fees and costs, was $13,697,929 thousand as of June 30, 2021, a decrease from $14,021,314 thousand on December 31, 2020, representing a decline of approximately 2.3%[65] - The total amount of loans in the Commercial Real Estate - Owner Occupied category was $2,128,909, with $7,128 classified as nonaccrual[69] - The total number of loans 30-59 days past due in the Consumer segment was 3,561 in 2021, compared to 30 in 2020, highlighting a significant increase in early-stage delinquencies[90] Securities and Investments - The total fair value of AFS securities as of June 30, 2021, was $2,873,405,000[175] - The total unrealized losses for AFS securities as of June 30, 2021, were $(11,538), with specific losses attributed to various categories of securities[45] - The fair value of held-to-maturity (HTM) securities was $611,476,000, including significant unobservable inputs[175] - The company utilized third-party valuation services for its securities portfolio, primarily relying on ICE Data Services[168] Shareholder Actions - The Company repurchased approximately 1.1 million shares for $42.3 million under the new share repurchase program during the quarter ended June 30, 2021[148] - The Company authorized a Repurchase Program to buy up to $125 million worth of common stock, with $42.3 million spent on repurchasing 1.1 million shares during the quarter ended June 30, 2021[209] - The Company has approximately $82.7 million remaining under its authorized share repurchase program as of June 30, 2021[148] Operational Efficiency - Total noninterest expenses for the three months ended June 30, 2021, were $91,971 thousand, compared to $102,814 thousand for the same period in 2020, a decrease of 10.6%[16] - The Company completed the consolidation of 15 branches in 2020 and five additional branches in February 2021, incurring branch closure costs of approximately $1.1 million in the first quarter of 2021[208] - Pre-tax pre-provision adjusted operating earnings for the six months ended June 30, 2021, totaled $145.6 million, compared to $138.5 million for the same period in 2020[211]