Exhibit 99.1

Contact:              Robert M. Gorman - (804) 523‑7828

Executive Vice President / Chief Financial Officer

ATLANTIC UNION BANKSHARES REPORTS FOURTH QUARTER AND FULL YEAR  RESULTS

Richmond, Va., January 21, 2020 – Atlantic Union Bankshares Corporation (the “Company” or “Atlantic Union”) (Nasdaq: AUB) today reported net income of $55.8 million and earnings per share of $0.69 for its fourth quarter ended December 31, 2019. Net operating earnings(1) were $57.3 million and operating earnings per share(1) were $0.71  for its fourth quarter ended December 31, 2019; these operating results exclude $709,000 in after-tax merger and $713,000 in after-tax rebranding-related costs.

Net income was $193.5 million and earnings per share were $2.41 for the year ended December 31, 2019. Net operating earnings(1) were $220.9 million and operating earnings per share(1) were $2.75 for the year ended December 31, 2019; these operating results exclude $22.3 million in after-tax merger and $5.1 million in after-tax rebranding-related costs but include after tax losses from discontinued operations of $170,000 and approximately $1.0 million in after-tax expenses related to branch closure costs.

“Atlantic Union closed out an eventful 2019 with a solid fourth quarter - continuing to execute on our strategic plan and further improving performance against our key financial metrics despite the challenging interest rate environment,” said John C. Asbury, CEO of Atlantic Union Bankshares.  “As we begin 2020 we continue to believe we have a great opportunity before us to create something uniquely valuable for our shareholders and the communities we serve and remain keenly focused on reaching the full potential of this powerful franchise.”

Select highlights for the fourth quarter of 2019

o Return on Average Assets (“ROA”) was 1.27% compared to 1.23% in the third quarter of 2019. Operating ROA(1) was 1.30% compared to 1.29% in the third quarter of 2019.

o Return on Average Equity (“ROE”) was 8.81% compared to 8.35% in the third quarter of 2019. Operating ROE(1) was 9.03% compared to 8.80% in the third quarter of 2019.

o Operating Return on Average Tangible Common Equity (“ROTCE”)(1) was 16.01% compared to 15.64% in the third quarter of 2019.

o Efficiency ratio improved to 57.40% from 60.47% in the third quarter of 2019. Operating efficiency ratio (FTE)(1) improved to 52.65% from 55.12% in the third quarter of 2019.

Select highlights for the full year 2019

o ROA was 1.15% compared to 1.11% for the year ended 2018. Operating ROA(1) was 1.31% compared to 1.35% for the year ended 2018.

o ROE was 7.89% compared to 7.85% for the year ended 2018. Operating ROE(1) was 9.01% compared to 9.57% for the year ended 2018.

o Operating ROTCE(1) was 16.14% compared to 17.35% for the year ended 2018.

o Efficiency ratio improved to 62.37% from 63.62% for the year ended 2018. Operating efficiency ratio (FTE)(1) increased to 53.61% from 52.90%  for the year ended 2018.  

(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.

NET INTEREST INCOME

For the fourth quarter of 2019, net interest income was $135.1 million, a decrease of $1.5 million from the third quarter of 2019. Net interest income (FTE)(1) was $137.8 million in the fourth quarter of 2019, a decrease of $1.6 million from the third quarter of 2019. The decreases in both net interest income and net interest income (FTE) were primarily driven by lower earning asset yields during the three months ended December 31, 2019 compared to the three months ended September 30, 2019. The fourth quarter net interest margin decreased 9 basis points to 3.48% from 3.57% in the previous quarter, while the net interest margin (FTE)(1) decreased 9 basis points to 3.55% from 3.64% during the same periods. The decreases in the net interest margin and net interest margin (FTE) were principally due to an 18 basis point decrease in the yield on earning assets, partially offset by a 9 basis point decrease in the cost of funds.

The Company’s net interest margin (FTE) includes the impact of acquisition accounting fair value adjustments. During the fourth quarter of 2019, net accretion related to acquisition accounting increased $1.5 million from the prior quarter to $6.6 million for the quarter ended December 31, 2019. The third and fourth quarters of 2019, and the remaining estimated net accretion impact are reflected in the following table (dollars in thousands):

			Deposit
	Loan		Accretion		Borrowings
	Accretion		(Amortization)		Amortization		Total
For the quarter ended September 30, 2019	$	5,018	$	179	$	(97)	$	5,100
For the quarter ended December 31, 2019		6,612		148		(123)		6,637
For the year ended December 31, 2019		24,846		833		(360)		25,319
For the years ending (estimated): (2)
2020		14,253		132		(633)		13,752
2021		10,823		14		(807)		10,030
2022		8,911		(43)		(829)		8,039
2023		6,302		(32)		(852)		5,418
2024		4,817		(4)		(877)		3,936
Thereafter		20,084		(1)		(10,773)		9,310

ASSET QUALITY/LOAN LOSS PROVISION

Overview

During the fourth quarter of 2019, the Company experienced decreases  in nonperforming assets (“NPA”) primarily due to nonaccrual customer payments and sales of foreclosed properties. Past due loan levels as a percentage of total loans held for investment at December 31, 2019 were higher than past due loan levels at September 30, 2019 and down from past due loan levels at December 31, 2018. The increase in past due loans from the prior quarter was primarily driven by a seasonal increase related to residential 1-4 family – consumer loans that were 30 days past due as of year-end of which the majority subsequently became current. Net charge-off levels  decreased from the third quarter of 2019 and were primarily related to the third party consumer loan portfolio; as a result, the provision for loan losses decreased from the third quarter of 2019.

All nonaccrual and past due loan metrics discussed below exclude purchased credit impaired (“PCI”) loans totaling $86.7 million  (net of fair value mark of $18.2 million) at December 31, 2019.

⁽¹⁾ For a reconciliation of this non-GAAP financial measure, see Alternative Performance Measures (non-GAAP) section of the Key Financial Results.

⁽²⁾ Estimated loan accretion presented is prior to the adoption of Accounting Standard Codification (ASC) 326 – Financial Instruments – Credit Losses  (CECL).

Nonperforming Assets

At December 31, 2019, NPAs totaled $32.9 million, a decrease of $3.5 million or 9.6%, from September 30, 2019 and a decrease of $735,000 or 2.2%, from December 31, 2018. NPAs as a percentage of total outstanding loans at December 31, 2019 were 0.26%, a decline of 4 basis points from 0.30% at September 30, 2019 and a  decline of 9 basis points from 0.35% at December 31, 2018. As the Company’s NPAs have been at or near historic lows over the last several quarters, certain changes from quarter to quarter might stand out in comparison to one another but do not have a significant impact on the Company’s overall asset quality position. 

The following table shows a summary of nonperforming asset balances at the quarter ended (dollars in thousands):

	December 31,		September 30,		June 30,		March 31,		December 31,
	2019		2019		2019		2019		2018
Nonaccrual loans	$	28,232	$	30,032	$	27,462	$	24,841	$	26,953
Foreclosed properties		4,708		6,385		6,506		7,353		6,722
Total nonperforming assets	$	32,940	$	36,417	$	33,968	$	32,194	$	33,675

The following table shows the activity in nonaccrual loans for the quarter ended (dollars in thousands):

	December 31,		September 30,		June 30,		March 31,		December 31,
	2019		2019		2019		2019		2018
Beginning Balance	$	30,032	$	27,462	$	24,841	$	26,953	$	28,110
Net customer payments		(5,741)		(3,612)		(3,108)		(2,314)		(3,077)
Additions		5,631		8,327		6,321		3,297		4,659
Charge-offs		(1,690)		(884)		(592)		(1,626)		(2,069)
Loans returning to accruing status		—		(1,103)		—		(952)		(420)
Transfers to foreclosed property		—		(158)		—		(517)		(250)
Ending Balance	$	28,232	$	30,032	$	27,462	$	24,841	$	26,953

The following table shows the activity in foreclosed properties for the quarter ended (dollars in thousands):

	December 31,		September 30,		June 30,		March 31,		December 31,
	2019		2019		2019		2019		2018
Beginning Balance	$	6,385	$	6,506	$	7,353	$	6,722	$	6,800
Additions of foreclosed property		62		645		271		900		432
Valuation adjustments		(375)		(62)		(433)		(51)		(140)
Proceeds from sales		(1,442)		(737)		(638)		(171)		(286)
Gains (losses) from sales		78		33		(47)		(47)		(84)
Ending Balance	$	4,708	$	6,385	$	6,506	$	7,353	$	6,722

Past Due Loans

Past due loans still accruing interest totaled $76.6 million or 0.61% of total loans held for investment at December 31, 2019,  compared to $55.1 million or 0.45% of total loans held for investment at September 30, 2019, and $61.9 million or 0.64% of total loans held for investment at December 31, 2018.  Of the total past due loans still accruing interest $13.4 million or 0.11% of total loans held for investment were loans past due 90 days or more at December 31, 2019, compared to $12.0 million or 0.10% of total loans held for investment at September 30, 2019, and $8.9 million or 0.09% of total loans held for investment at December 31, 2018. The increase in past due loans was primarily driven by a seasonal increase related to residential 1-4 family - consumer loans that were 30 days past due as of year-end of which the majority subsequently became current.

Net Charge-offs

For the fourth quarter of 2019, net charge-offs were $4.6 million or 0.15% of total average loans on an annualized basis, compared to $7.7 million or 0.25% for the prior quarter, and $5.0 million or 0.21% for the fourth quarter last year. The majority of net charge-offs in the fourth quarter of 2019 were related to consumer loans. For the year ended December 31, 2019, net charge-offs were $20.9 million or 0.17% of total average loans compared to $11.1 million or 0.12%, for the year ended 2018.

Provision for Loan Losses

The provision for loan losses for the fourth quarter of 2019 was $3.1 million, a decrease of $6.0 million compared to the previous quarter and  a decrease of $1.7 million compared to the fourth quarter in 2018. The decrease in the provision for loan losses from the previous quarter and from the prior year were primarily driven by lower levels of net charge-offs.

Allowance for Loan Losses (“ALL”)

The ALL decreased $1.5 million from September 30, 2019 to $42.3 million at  December 31, 2019, primarily due to lower incurred losses embedded in the third party consumer portfolio as it continues to pay down and an improved economic environment, partially offset by loan growth during the quarter. The ALL as a percentage of the total loan portfolio was 0.34% at December 31, 2019, 0.36% at September 30, 2019, and 0.42% at December 31, 2018.  

The ratio of the ALL to nonaccrual loans was 149.8% at December 31, 2019, compared to 145.9% at September 30, 2019 and 152.3% at December 31, 2018.  The current level of the allowance for loan losses reflects specific reserves related to nonperforming loans, current risk ratings on loans, net charge-off activity, loan growth, delinquency trends, and other credit risk factors that the Company considers important in assessing the adequacy of the allowance for loan losses.

NONINTEREST INCOME

Noninterest income decreased $18.9 million to $29.2 million for the quarter ended December 31, 2019 from $48.1 million in the prior quarter. The decrease from prior quarter was primarily driven by approximately $9.3 million in life insurance proceeds received during the third quarter related to a Xenith-acquired loan that had been charged off prior to the Company’s acquisition of Xenith and a gain on sale of investment securities of approximately $7.1 million recorded during the third quarter. In addition, the fourth quarter noninterest income included a decline of approximately $2.0 million in loan related interest rate swap income due to lower transaction volumes and seasonally lower mortgage banking revenue of $685,000.  

NONINTEREST EXPENSE

Noninterest expense decreased $17.4 million for the quarter ended December 31, 2019 from $111.7 million in the prior quarter. Excluding merger-related costs, amortization of intangible assets, and rebranding-related costs, operating noninterest expense(1) decreased $15.4 million or 14.9%, in the fourth quarter of 2019. The decrease in operating noninterest expense was primarily due to the recognition of approximately $16.4 million loss on debt extinguishment in the third quarter resulting from the repayment of approximately $140.0 million in FHLB advances and the termination of the related cash flow hedges. Salaries and benefits declined by $2.5 million, primarily due to lower incentive compensation expense and higher deferred costs related to new loan originations.  These decreases were partially offset by increases in marketing expense of approximately $1.1 million, professional fees of $955,000 related to higher consulting costs, FDIC and other insurance expenses of $873,000 primarily due to a lower FDIC small bank assessment credit earned in the fourth quarter, and OREO and credit-related expense of approximately $542,000 due to OREO valuation adjustments driven by updated appraisals received during the quarter.  

(1) For a reconciliation of this non-GAAP financial measure, see Alternative Performance Measures (non-GAAP) section of the Key Financial Results

INCOME TAXES

The effective tax rate for the three months ended December 31, 2019 was 16.7% compared to 16.8% for the three months ended September 30, 2019.  

BALANCE SHEET

At December 31, 2019, total assets were $17.6 billion, an increase of $122.0 million, or approximately 2.8% (annualized), from September 30, 2019, and an increase of $3.8 billion, or approximately 27.6% from December 31, 2018. The increase in assets from the previous quarter was primarily due to loan growth during the fourth quarter of 2019. The increase from the prior year was primarily a result of the Access acquisition and loan growth.

At December 31, 2019, loans held for investment (net of deferred fees and costs) were $12.6 billion, an increase of $303.9 million, or 9.9% (annualized), from September 30, 2019, while average loans increased $87.4 million, or 2.9% (annualized), from the prior quarter. Loans held for investment increased $2.9 billion, or 29.8% from December 31, 2018, while quarterly average loans increased $2.8 billion, or 29.0% from the prior year. The increase from the prior year was primarily a result of the Access acquisition.

At December 31, 2019, total deposits were $13.3 billion, an increase of $260.3 million, or approximately 8.0% (annualized), from September 30, 2019, while average deposits increased $490.7 million, or 15.3% (annualized), from prior quarter.  Deposits increased $3.3 billion, or 33.4% from December 31, 2018, while quarterly average deposits increased $3.4 billion, or 33.7% from the prior year. The increase from the prior year was primarily a result of the Access acquisition.

The following table shows the Company’s capital ratios at the quarters ended:

	December 31,		September 30,		December 31,
	2019		2019		2018
Common equity Tier 1 capital ratio (2)	10.24	%	10.48	%	9.93	%
Tier 1 capital ratio (2)	10.24	%	10.48	%	11.09	%
Total capital ratio (2)	12.64	%	12.93	%	12.88	%
Leverage ratio (Tier 1 capital to average assets) (2)	8.79	%	8.94	%	9.71	%
Common equity to total assets	14.31	%	14.48	%	13.98	%
Tangible common equity to tangible assets (1)	9.08	%	9.23	%	8.84	%

⁽¹⁾ For a reconciliation of this non-GAAP financial measure, see Alternative Performance Measures (non-GAAP) section of the Key Financial Results

⁽²⁾ All ratios at December 31, 2019 are estimates and subject to change pending the Company’s filing of its FR Y9-C. All other periods are presented as filed.

During the fourth quarter of 2019, the Company declared and paid cash dividends of $0.25 per common share, consistent with the third quarter of 2019 and an increase of $0.02, or 8.7% compared to the fourth quarter of 2018. On July 10, 2019, the Company announced that its Board of Directors has authorized a share repurchase program to purchase up to $150 million of the Company’s common stock through June 30, 2021 in open market transactions or privately negotiated transactions. As of December 31, 2019, authority remained to repurchase approximately $70 million of the Company’s common stock.

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 149 branches and approximately 170 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Middleburg Financial is a brand name used by Atlantic Union Bank and certain affiliates when providing trust, wealth management, private banking, and investment advisory products and services. Certain non-bank affiliates of Atlantic Union Bank include: Old Dominion Capital Management, Inc., and its subsidiary, Outfitter Advisors, Ltd., Dixon, Hubard, Feinour, & Brown, Inc., and Middleburg Investment Services, LLC, which provide investment advisory and/or brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

FOURTH QUARTER AND FULL YEAR 2019 EARNINGS RELEASE CONFERENCE CALL

Atlantic Union Bank will hold a conference call on Tuesday,  January 21, 2020 at 9:00 a.m. Eastern Time during which management will review the fourth quarter and full year 2019 financial results and provide an update on recent activities. Interested parties may participate in the call toll-free by dialing (877) 668‑4908; international callers wishing to participate may do so by dialing (973) 453‑3058. The conference ID number is 2394624.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

NON-GAAP FINANCIAL MEASURES

In reporting the results of the quarter and full year ended December 31, 2019, the Company has provided supplemental performance measures on a tax-equivalent, tangible, or operating 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) section of the 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 include, without limitation, projections, predictions, expectations, or beliefs about future events or results that are not statements of historical fact. Such forward-looking statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements.  Forward-looking statements are often accompanied by words that convey projected future events or outcomes such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “view,” “opportunity,” “potential,” 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 results, performance, or achievements of, or trends affecting, the Company will not differ materially from any projected future results, performance, or achievements 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:

· changes in interest rates;

· 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,

· the Company’s ability to manage its growth or implement its growth strategy;

· the introduction of new lines of business or new products and services;

· the possibility that any of the anticipated benefits of the acquisition of Access will not be realized or will not be realized within the expected time period, the expected revenue synergies and cost savings from the acquisition may not be fully realized or realized within the expected time frame, revenues following the acquisition may be lower than expected, or customer and employee relationships and business operations may be disrupted by the acquisition;

· the Company’s ability to recruit and retain key employees;

· the incremental cost and/or decreased revenues associated with exceeding $10 billion in assets;

· real estate values in the Bank’s lending area;

· an insufficient allowance for loan losses;

· the quality or composition of the loan or investment portfolios;

· 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;

· demand for loan products and financial services in the Company’s market area;

· the Company’s ability to compete in the market for financial services;

· technological risks and developments, and cyber threats, attacks, or events;

· 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;

· the effects of changes in federal, state or local tax laws and regulations;

· monetary and fiscal policies of the U.S. government including policies of the U.S. Department of the Treasury and the Federal Reserve;

· changes to applicable accounting principles and guidelines; and

· other factors, many of which are beyond the control of the Company.

Please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018 and comparable “Risk Factors” sections of the Company’s Quarterly Reports on Form 10‑Q and related disclosures in other filings, which have been filed with the SEC and are available on the SEC’s website at www.sec.gov. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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 this press release. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

KEY FINANCIAL RESULTS

(Dollars in thousands, except share data)

	As of & For Three Months Ended									As of & For Year Ended
	12/31/19			09/30/19			12/31/18			12/31/19			12/31/18
Results of Operations	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
Interest and dividend income	$	174,211		$	178,345		$	140,636		$	699,332		$	528,788
Interest expense		39,081			41,744			31,547			161,460			102,097
Net interest income		135,130			136,601			109,089			537,872			426,691
Provision for credit losses		2,900			9,100			4,725			21,092			13,736
Net interest income after provision for credit losses		132,230			127,501			104,364			516,780			412,955
Noninterest income		29,193			48,106			23,487			132,815			104,241
Noninterest expenses		94,318			111,687			74,533			418,340			337,767
Income before income taxes		67,105			63,920			53,318			231,255			179,429
Income tax expense		11,227			10,724			9,041			37,557			30,016
Income from continuing operations		55,878			53,196			44,277			193,698			149,413
Discontinued operations, net of tax		(42)			42			(192)			(170)			(3,165)
Net income	$	55,836		$	53,238		$	44,085		$	193,528		$	146,248
Interest earned on earning assets (FTE) (1)	$	176,868		$	181,149		$	142,970		$	710,453		$	536,981
Net interest income (FTE) (1)		137,787			139,405			111,424			548,993			434,884
Key Ratios
Earnings per common share, diluted	$	0.69		$	0.65		$	0.67		$	2.41		$	2.22
Return on average assets (ROA)		1.27	%		1.23	%		1.29	%		1.15	%		1.11	%
Return on average equity (ROE)		8.81	%		8.35	%		9.21	%		7.89	%		7.85	%
Efficiency ratio		57.40	%		60.47	%		56.22	%		62.37	%		63.62	%
Net interest margin		3.48	%		3.57	%		3.62	%		3.61	%		3.67	%
Net interest margin (FTE) (1)		3.55	%		3.64	%		3.70	%		3.69	%		3.74	%
Yields on earning assets (FTE) (1)		4.55	%		4.73	%		4.74	%		4.77	%		4.62	%
Cost of interest-bearing liabilities		1.33	%		1.45	%		1.34	%		1.43	%		1.12	%
Cost of deposits		0.92	%		0.95	%		0.76	%		0.92	%		0.61	%
Cost of funds		1.00	%		1.09	%		1.04	%		1.08	%		0.88	%
Operating Measures (4)
Net operating earnings	$	57,258		$	56,057		$	46,248		$	220,923		$	178,313
Operating earnings per share, diluted	$	0.71		$	0.69		$	0.70		$	2.75		$	2.71
Operating ROA		1.30	%		1.29	%		1.36	%		1.31	%		1.35	%
Operating ROE		9.03	%		8.80	%		9.66	%		9.01	%		9.57	%
Operating ROTCE (2) (3)		16.01	%		15.64	%		17.18	%		16.14	%		17.35	%
Operating efficiency ratio (FTE) (1)(6)		52.65	%		55.12	%		51.34	%		53.61	%		52.90	%
Per Share Data
Earnings per common share, basic	$	0.69		$	0.65		$	0.67		$	2.41		$	2.22
Earnings per common share, diluted		0.69			0.65			0.67			2.41			2.22
Cash dividends paid per common share		0.25			0.25			0.23			0.96			0.88
Market value per share		37.55			37.25			28.23			37.55			28.23
Book value per common share		31.58			31.29			29.34			31.58			29.34
Tangible book value per common share (2)		18.90			18.80			17.51			18.90			17.51
Price to earnings ratio, diluted		13.72			14.44			10.62			15.58			12.72
Price to book value per common share ratio		1.19			1.19			0.96			1.19			0.96
Price to tangible book value per common share ratio (2)		1.99			1.98			1.61			1.99			1.61
Weighted average common shares outstanding, basic		80,439,007			81,769,193			65,982,304			80,200,950			65,859,165
Weighted average common shares outstanding, diluted		80,502,269			81,832,868			66,013,326			80,263,557			65,908,573
Common shares outstanding at end of period		80,001,185			81,147,896			65,977,149			80,001,185			65,977,149

	As of & For Three Months Ended									As of & For Year Ended
	12/31/19			09/30/19			12/31/18			12/31/19			12/31/18
Capital Ratios	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
Common equity Tier 1 capital ratio (5)		10.24	%		10.48	%		9.93	%		10.24	%		9.93	%
Tier 1 capital ratio (5)		10.24	%		10.48	%		11.09	%		10.24	%		11.09	%
Total capital ratio (5)		12.64	%		12.93	%		12.88	%		12.64	%		12.88	%
Leverage ratio (Tier 1 capital to average assets) (5)		8.79	%		8.94	%		9.71	%		8.79	%		9.71	%
Common equity to total assets		14.31	%		14.48	%		13.98	%		14.31	%		13.98	%
Tangible common equity to tangible assets (2)		9.08	%		9.23	%		8.84	%		9.08	%		8.84	%
Financial Condition
Assets	$	17,562,990		$	17,441,035		$	13,765,599		$	17,562,990		$	13,765,599
Loans held for investment		12,610,936			12,306,997			9,716,207			12,610,936			9,716,207
Securities		2,631,437			2,607,748			2,391,695			2,631,437			2,391,695
Earning Assets		15,576,208			15,365,753			12,202,023			15,576,208			12,202,023
Goodwill		935,560			929,815			727,168			935,560			727,168
Amortizable intangibles, net		73,669			78,241			48,685			73,669			48,685
Deposits		13,304,981			13,044,712			9,970,960			13,304,981			9,970,960
Borrowings		1,513,748			1,549,181			1,756,278			1,513,748			1,756,278
Stockholders' equity		2,513,102			2,525,031			1,924,581			2,513,102			1,924,581
Tangible common equity (2)		1,503,873			1,516,975			1,148,728			1,503,873			1,148,728
Loans held for investment, net of deferred fees and costs
Construction and land development	$	1,250,924		$	1,201,149		$	1,194,821		$	1,250,924		$	1,194,821
Commercial real estate - owner occupied		2,041,243			1,979,052			1,337,345			2,041,243			1,337,345
Commercial real estate - non-owner occupied		3,286,098			3,198,580			2,467,410			3,286,098			2,467,410
Multifamily real estate		633,743			659,946			548,231			633,743			548,231
Commercial & Industrial		2,114,033			2,058,133			1,317,135			2,114,033			1,317,135
Residential 1-4 Family - Commercial		724,337			721,185			640,419			724,337			640,419
Residential 1-4 Family - Consumer		890,503			913,245			673,909			890,503			673,909
Residential 1-4 Family - Revolving		659,504			660,963			613,383			659,504			613,383
Auto		350,419			328,456			301,943			350,419			301,943
Consumer		372,853			386,848			379,694			372,853			379,694
Other Commercial		287,279			199,440			241,917			287,279			241,917
Total loans held for investment	$	12,610,936		$	12,306,997		$	9,716,207		$	12,610,936		$	9,716,207
Deposits
NOW accounts	$	2,905,713		$	2,515,777		$	2,288,523		$	2,905,713		$	2,288,523
Money market accounts		3,951,856			3,737,426			2,875,301			3,951,856			2,875,301
Savings accounts		727,847			739,505			622,823			727,847			622,823
Time deposits of $250,000 and over		684,797			717,090			292,224			684,797			292,224
Other time deposits		2,064,628			2,179,740			1,797,482			2,064,628			1,797,482
Time deposits		2,749,425			2,896,830			2,089,706			2,749,425			2,089,706
Total interest-bearing deposits	$	10,334,841		$	9,889,538		$	7,876,353		$	10,334,841		$	7,876,353
Demand deposits		2,970,140			3,155,174			2,094,607			2,970,140			2,094,607
Total deposits	$	13,304,981		$	13,044,712		$	9,970,960		$	13,304,981		$	9,970,960
Averages
Assets	$	17,437,552		$	17,203,328		$	13,538,160		$	16,840,310		$	13,181,609
Loans held for investment		12,327,692			12,240,254			9,557,160			11,949,171			9,584,785
Loans held for sale		75,038			75,558			—			53,390			21,085
Securities		2,608,942			2,660,270			2,340,051			2,663,184			1,877,018
Earning assets		15,418,605			15,191,792			11,961,234			14,881,142			11,620,893
Deposits		13,302,955			12,812,211			9,951,983			12,515,552			9,717,663
Time deposits		2,847,366			2,769,574			2,083,270			2,627,987			2,078,073
Interest-bearing deposits		10,265,986			9,803,624			7,789,642			9,624,396			7,617,174
Borrowings		1,369,035			1,623,681			1,575,173			1,656,426			1,489,542
Interest-bearing liabilities		11,635,021			11,427,305			9,364,815			11,280,822			9,106,716
Stockholders' equity		2,515,303			2,528,435			1,899,249			2,451,435			1,863,216
Tangible common equity (2)		1,509,001			1,517,400			1,121,788			1,459,509			1,086,272

		As of & For Three Months Ended									As of & For Year Ended
		12/31/19			09/30/19			12/31/18			12/31/19			12/31/18
Asset Quality		(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
Allowance for Loan Losses (ALL)
Beginning balance		$	43,820		$	42,463		$	41,294		$	41,045		$	38,208
Add: Recoveries			2,292			1,574			1,086			7,232			5,168
Less: Charge-offs			6,918			9,317			6,131			28,108			16,230
Add: Provision for loan losses			3,100			9,100			4,800			22,125			14,084
Add: Provision for loan losses included in discontinued operations			—			—			(4)			—			(185)
Ending balance		$	42,294		$	43,820		$	41,045		$	42,294		$	41,045
ALL / total outstanding loans			0.34	%		0.36	%		0.42	%		0.34	%		0.42	%
Net charge-offs / total average loans			0.15	%		0.25	%		0.21	%		0.17	%		0.12	%
Provision / total average loans			0.10	%		0.29	%		0.20	%		0.19	%		0.15	%
	`
Total PCI loans, net of fair value mark		$	86,681		$	89,735		$	90,221		$	86,681		$	90,221
Remaining fair value mark on purchased performing loans			50,067			54,067			30,281			50,067			30,281
Nonperforming Assets
Construction and land development		$	3,703		$	7,785		$	8,018		$	3,703		$	8,018
Commercial real estate - owner occupied			6,003			5,684			3,636			6,003			3,636
Commercial real estate - non-owner occupied			381			381			1,789			381			1,789
Commercial & Industrial			1,735			1,585			1,524			1,735			1,524
Residential 1-4 Family - Commercial			4,301			3,879			2,481			4,301			2,481
Residential 1-4 Family - Consumer			9,292			8,292			7,276			9,292			7,276
Residential 1-4 Family - Revolving			2,080			1,641			1,518			2,080			1,518
Auto			563			604			576			563			576
Consumer and all other			174			181			135			174			135
Nonaccrual loans		$	28,232		$	30,032		$	26,953		$	28,232		$	26,953
Foreclosed property			4,708			6,385			6,722			4,708			6,722
Total nonperforming assets (NPAs)		$	32,940		$	36,417		$	33,675		$	32,940		$	33,675
Construction and land development		$	189		$	171		$	180		$	189		$	180
Commercial real estate - owner occupied			1,062			2,571			3,193			1,062			3,193
Commercial real estate - non-owner occupied			1,451			36			—			1,451			—
Multifamily real estate			474			1,212			—			474			—
Commercial & Industrial			449			265			132			449			132
Residential 1-4 Family - Commercial			674			916			1,409			674			1,409
Residential 1-4 Family - Consumer			4,515			3,815			2,437			4,515			2,437
Residential 1-4 Family - Revolving			3,357			1,674			440			3,357			440
Auto			272			183			195			272			195
Consumer and all other			953			1,193			870			953			870
Loans ≥ 90 days and still accruing		$	13,396		$	12,036		$	8,856		$	13,396		$	8,856
Total NPAs and loans ≥ 90 days		$	46,336		$	48,453		$	42,531		$	46,336		$	42,531
NPAs / total outstanding loans			0.26	%		0.30	%		0.35	%		0.26	%		0.35	%
NPAs / total assets			0.19	%		0.21	%		0.24	%		0.19	%		0.24	%
ALL / nonaccrual loans			149.81	%		145.91	%		152.28	%		149.81	%		152.28	%
ALL / nonperforming assets			128.40	%		120.33	%		121.89	%		128.40	%		121.89	%
Past Due Detail
Construction and land development		$	4,563		$	1,062		$	759		$	4,563		$	759
Commercial real estate - owner occupied			3,482			4,977			8,755			3,482			8,755
Commercial real estate - non-owner occupied			457			5,757			338			457			338
Multifamily real estate			223			107			—			223			—
Commercial & Industrial			8,698			2,079			3,353			8,698			3,353
Residential 1-4 Family - Commercial			1,479			1,842			6,619			1,479			6,619
Residential 1-4 Family - Consumer			16,244			1,527			12,049			16,244			12,049
Residential 1-4 Family - Revolving			10,190			4,965			4,611			10,190			4,611
Auto			2,525			1,787			3,320			2,525			3,320
Consumer and all other			2,592			2,579			1,630			2,592			1,630
Loans 30-59 days past due		$	50,453		$	26,682		$	41,434		$	50,453		$	41,434

	As of & For Three Months Ended									As of & For Year Ended
	12/31/19			09/30/19			12/31/18			12/31/19			12/31/18
Past Due Detail cont'd	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
Construction and land development	$	482		$	351		$	6		$	482		$	6
Commercial real estate - owner occupied		2,184			—			1,142			2,184			1,142
Commercial real estate - non-owner occupied		—			1,878			41			—			41
Multifamily real estate		—			164			146			—			146
Commercial & Industrial		1,598			1,946			389			1,598			389
Residential 1-4 Family - Commercial		2,207			3,081			1,577			2,207			1,577
Residential 1-4 Family - Consumer		3,072			5,182			5,143			3,072			5,143
Residential 1-4 Family - Revolving		1,784			1,747			1,644			1,784			1,644
Auto		236			407			403			236			403
Consumer and all other		1,233			1,675			1,096			1,233			1,096
Loans 60-89 days past due	$	12,796		$	16,431		$	11,587		$	12,796		$	11,587
Troubled Debt Restructurings
Performing	$	15,686		$	15,156		$	19,201		$	15,686		$	19,201
Nonperforming		3,810			3,582			7,397			3,810			7,397
Total troubled debt restructurings	$	19,496		$	18,738		$	26,598		$	19,496		$	26,598
Alternative Performance Measures (non-GAAP)
Net interest income (FTE)
Net interest income (GAAP)	$	135,130		$	136,601		$	109,089		$	537,872		$	426,691
FTE adjustment		2,657			2,804			2,335			11,121			8,193
Net interest income (FTE) (non-GAAP) (1)	$	137,787		$	139,405		$	111,424		$	548,993		$	434,884
Average earning assets		15,418,605			15,191,792			11,961,234			14,881,142			11,620,893
Net interest margin		3.48	%		3.57	%		3.62	%		3.61	%		3.67	%
Net interest margin (FTE) (1)		3.55	%		3.64	%		3.70	%		3.69	%		3.74	%
Tangible Assets
Ending assets (GAAP)	$	17,562,990		$	17,441,035		$	13,765,599		$	17,562,990		$	13,765,599
Less: Ending goodwill		935,560			929,815			727,168			935,560			727,168
Less: Ending amortizable intangibles		73,669			78,241			48,685			73,669			48,685
Ending tangible assets (non-GAAP)	$	16,553,761		$	16,432,979		$	12,989,746		$	16,553,761		$	12,989,746
Tangible Common Equity (2)
Ending equity (GAAP)	$	2,513,102		$	2,525,031		$	1,924,581		$	2,513,102		$	1,924,581
Less: Ending goodwill		935,560			929,815			727,168			935,560			727,168
Less: Ending amortizable intangibles		73,669			78,241			48,685			73,669			48,685
Ending tangible common equity (non-GAAP)	$	1,503,873		$	1,516,975		$	1,148,728		$	1,503,873		$	1,148,728
Average equity (GAAP)	$	2,515,303		$	2,528,435		$	1,899,249		$	2,451,435		$	1,863,216
Less: Average goodwill		930,457			930,525			727,544			912,521			725,597
Less: Average amortizable intangibles		75,845			80,510			49,917			79,405			51,347
Average tangible common equity (non-GAAP)	$	1,509,001		$	1,517,400		$	1,121,788		$	1,459,509		$	1,086,272
Operating Measures (4)
Net income (GAAP)	$	55,836		$	53,238		$	44,085		$	193,528		$	146,248
Plus: Merger and rebranding-related costs, net of tax		1,422			2,819			2,163			27,395			32,065
Net operating earnings (non-GAAP)	$	57,258		$	56,057		$	46,248		$	220,923		$	178,313
Noninterest expense (GAAP)	$	94,318		$	111,687		$	74,533		$	418,340		$	337,767
Less: Merger Related Costs		896			2,435			2,314			27,824			39,728
Less: Rebranding Costs		902			1,133			—			6,455			—
Less: Amortization of intangible assets		4,603			4,764			2,954			18,521			12,839
Operating noninterest expense (non-GAAP)	$	87,917		$	103,355		$	69,265		$	365,540		$	285,200
Net interest income (FTE) (non-GAAP) (1)	$	137,787		$	139,405		$	111,424		$	548,993		$	434,884
Noninterest income (GAAP)		29,193			48,106			23,487			132,815			104,241
Efficiency ratio		57.40	%		60.47	%		56.22	%		62.37	%		63.62	%
Operating efficiency ratio (FTE)(6)		52.65	%		55.12	%		51.34	%		53.61	%		52.90	%

	As of & For Three Months Ended									As of & For Year Ended
	12/31/19			09/30/19			12/31/18			12/31/19			12/31/18
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
Operating ROTCE (2)(3)
Operating Net Income (non-GAAP)	$	57,258		$	56,057		$	46,248		$	220,923		$	178,313
Plus: Amortization of intangibles, tax effected		3,636			3,764			2,334			14,632			10,143
Net Income before amortization of intangibles (non-GAAP)	$	60,894		$	59,821		$	48,582		$	235,555		$	188,456
Average tangible common equity (non-GAAP)	$	1,509,001		$	1,517,400		$	1,121,788		$	1,459,509		$	1,086,272
Operating return on average tangible common equity (non-GAAP)		16.01	%		15.64	%		17.18	%		16.14	%		17.35	%
Mortgage Origination Volume
Refinance Volume	$	50,555		$	62,230		$	—		$	152,624		$	35,599
Construction Volume		14,571			3,915			—			18,846			13,867
Purchase Volume		63,836			78,113			—			258,282			43,082
Total Mortgage loan originations	$	128,962		$	144,258		$	—		$	429,752		$	92,548
% of originations that are refinances		39.2	%		43.1	%		0.00	%		35.5	%		38.5	%
Wealth
Assets under management ("AUM")	$	5,650,757		$	5,451,796		$	3,379,340		$	5,650,757		$	3,379,340
Other Data
End of period full-time employees		1,989			1,946			1,609			1,989			1,609
Number of full-service branches		149			149			140			149			140
Number of full automatic transaction machines ("ATMs")		169			169			188			169			188

(1) These are non-GAAP financial measures. Net interest income (FTE), which is used in computing net interest margin (FTE) and operating efficiency ratio (FTE), provides 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 common equity is used in the calculation of certain profitability, capital, and per share ratios. The Company believes 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.

In periods prior to December 31, 2018, the Company has not added amortization of intangibles, tax effected to operating net income (non-GAAP) when calculating operating ROTCE. The Company has adjusted its presentation for all periods in this release.

(4) These are non-GAAP financial measures. Operating measures exclude merger and rebranding-related costs unrelated to the Company’s normal operations. The Company believes these measures are useful to investors as they exclude certain costs resulting from acquisition activity and allow investors to more clearly see the combined economic results of the organization’s operations.

(5) All ratios at December 31, 2019 are estimates and subject to change pending the Company’s filing of its FR Y9‑C. All other periods are presented as filed.

(6) The operating efficiency ratio (FTE) excludes the amortization of intangible assets and merger-related 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 measure is useful to investors as it excludes certain costs resulting from acquisition activity allowing for greater comparability with others in the industry and allowing investors to more clearly see the combined economic results of the organization’s operations.

In prior periods, the Company has not excluded the amortization of intangibles from noninterest expense when calculating the operating efficiency ratio (FTE). The Company has adjusted its presentation for all periods in this release to exclude the amortization of intangibles from noninterest expense.

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share data)

	December 31,		September 30,		December 31,
	2019		2019		2018
ASSETS		(unaudited)		(unaudited)		(audited)
Cash and cash equivalents:
Cash and due from banks	$	163,050	$	218,584	$	166,927
Interest-bearing deposits in other banks		234,810		370,673		94,056
Federal funds sold		38,172		2,663		216
Total cash and cash equivalents		436,032		591,920		261,199
Securities available for sale, at fair value		1,945,445		1,918,859		1,774,821
Securities held to maturity, at carrying value		555,144		556,579		492,272
Restricted stock, at cost		130,848		132,310		124,602
Loans held for sale, at fair value		55,405		72,208		—
Loans held for investment, net of deferred fees and costs		12,610,936		12,306,997		9,716,207
Less allowance for loan losses		42,294		43,820		41,045
Total loans held for investment, net		12,568,642		12,263,177		9,675,162
Premises and equipment, net		161,073		168,122		146,967
Goodwill		935,560		929,815		727,168
Amortizable intangibles, net		73,669		78,241		48,685
Bank owned life insurance		322,917		320,779		263,034
Other assets		377,587		408,162		250,210
Assets of discontinued operations		668		863		1,479
Total assets	$	17,562,990	$	17,441,035	$	13,765,599
LIABILITIES
Noninterest-bearing demand deposits	$	2,970,139	$	3,155,174	$	2,094,607
Interest-bearing deposits		10,334,842		9,889,538		7,876,353
Total deposits		13,304,981		13,044,712		9,970,960
Securities sold under agreements to repurchase		66,053		67,260		39,197
Other short-term borrowings		370,200		344,600		1,048,600
Long-term borrowings		1,077,495		1,137,321		668,481
Other liabilities		230,519		321,348		112,093
Liabilities of discontinued operations		640		763		1,687
Total liabilities		15,049,888		14,916,004		11,841,018
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock, $1.33 par value, shares authorized of 200,000,000 at both December 31, 2019 and September 30, 2019, and 100,000,000 at December 31, 2018, respectively; shares issued and outstanding of 80,001,185 at December 31, 2019, 81,147,896 at September 30, 2019, and 65,977,149 at December 31, 2018.		105,827		107,330		87,250
Additional paid-in capital		1,790,305		1,831,667		1,380,259
Retained earnings		581,395		545,665		467,345
Accumulated other comprehensive income (loss)		35,575		40,369		(10,273)
Total stockholders' equity		2,513,102		2,525,031		1,924,581
Total liabilities and stockholders' equity	$	17,562,990	$	17,441,035	$	13,765,599

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME 

(Dollars in thousands, except share data)

	Three Months Ended						Year Ended
	December 31,		September 30,		December 31,		December 31,		December 31,
	2019		2019		2018		2019		2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
Interest and dividend income:
Interest and fees on loans	$	152,513	$	156,651	$	121,846	$	612,115	$	469,856
Interest on deposits in other banks		1,686		1,030		309		3,733		2,125
Interest and dividends on securities:
Taxable		12,378		12,625		11,623		51,437		36,851
Nontaxable		7,634		8,039		6,858		32,047		19,956
Total interest and dividend income		174,211		178,345		140,636		699,332		528,788
Interest expense:
Interest on deposits		30,884		30,849		19,149		114,972		59,336
Interest on short-term borrowings		1,166		2,200		5,663		15,479		18,458
Interest on long-term borrowings		7,031		8,695		6,735		31,009		24,303
Total interest expense		39,081		41,744		31,547		161,460		102,097
Net interest income		135,130		136,601		109,089		537,872		426,691
Provision for credit losses		2,900		9,100		4,725		21,092		13,736
Net interest income after provision for credit losses		132,230		127,501		104,364		516,780		412,955
Noninterest income:
Service charges on deposit accounts		7,871		7,675		6,873		30,202		25,439
Other service charges and fees		1,544		1,513		1,467		6,423		5,603
Interchange fees, net		1,854		2,108		4,640		14,619		18,803
Fiduciary and asset management fees		6,531		6,082		4,643		23,365		16,150
Mortgage banking income, net		2,689		3,374		—		10,303		—
Gains (losses) on securities transactions, net		369		7,104		161		7,675		383
Bank owned life insurance income		2,119		2,062		2,072		8,311		7,198
Loan-related interest rate swap fees, net		3,470		5,480		1,376		14,126		3,554
Gain on Shore Premier sale		—		—		—		—		19,966
Other operating income		2,746		12,708		2,255		17,791		7,145
Total noninterest income		29,193		48,106		23,487		132,815		104,241
Noninterest expenses:
Salaries and benefits		47,233		49,718		38,581		195,349		159,378
Occupancy expenses		7,366		7,493		6,590		29,793		25,368
Furniture and equipment expenses		3,559		3,719		2,967		14,216		11,991
Printing, postage, and supplies		1,293		1,268		1,125		5,056		4,650
Technology and data processing		6,483		5,787		4,675		23,686		18,397
Professional services		3,636		2,681		2,183		11,905		10,283
Marketing and advertising expense		3,675		2,600		2,211		11,566		10,043
FDIC assessment premiums and other insurance		1,254		381		1,214		6,874		6,644
Other taxes		3,970		3,971		2,882		15,749		11,542
Loan-related expenses		2,793		2,566		2,109		10,043		7,206
OREO and credit-related expenses		1,547		1,005		1,026		4,708		4,131
Amortization of intangible assets		4,603		4,764		2,954		18,521		12,839
Training and other personnel costs		2,136		1,618		1,104		6,376		4,259
Merger-related costs		896		2,435		2,314		27,824		39,728
Rebranding expense		902		1,133		—		6,455		—
Loss on debt extinguishment		—		16,397		—		16,397		—
Other expenses		2,972		4,151		2,598		13,822		11,308
Total noninterest expenses		94,318		111,687		74,533		418,340		337,767
Income from continuing operations before income taxes		67,105		63,920		53,318		231,255		179,429
Income tax expense		11,227		10,724		9,041		37,557		30,016
Income from continuing operations	$	55,878	$	53,196	$	44,277	$	193,698	$	149,413
Discontinued operations:
Income (loss) from operations of discontinued mortgage segment	$	(56)	$	56	$	(509)	$	(230)	$	(4,280)
Income tax expense (benefit)		(14)		14		(317)		(60)		(1,115)
Income (loss) on discontinued operations		(42)		42		(192)		(170)		(3,165)
Net income		55,836		53,238		44,085		193,528		146,248
Basic earnings per common share	$	0.69	$	0.65	$	0.67	$	2.41	$	2.22
Diluted earnings per common share	$	0.69	$	0.65	$	0.67	$	2.41	$	2.22

AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS)

	For the Quarter Ended
	December 31, 2019					September 30, 2019
	Average Balance		Interest Income / Expense (1)		Yield / Rate (1)(2)	Average Balance		Interest Income / Expense (1)		Yield / Rate (1)(2)
	(unaudited)						(unaudited)
Assets:
Securities:
Taxable	$	1,666,082	$	12,378	2.95%	$	1,670,270	$	12,625	3.00%
Tax-exempt		942,860		9,663	4.07%		990,000		10,181	4.08%
Total securities		2,608,942		22,041	3.35%		2,660,270		22,806	3.40%
Loans, net (3) (4)		12,327,692		152,345	4.90%		12,240,254		156,471	5.07%
Other earning assets		481,971		2,482	2.04%		291,268		1,872	2.55%
Total earning assets		15,418,605	$	176,868	4.55%		15,191,792	$	181,149	4.73%
Allowance for loan losses		(44,739)					(46,229)
Total non-earning assets		2,063,686					2,057,765
Total assets	$	17,437,552				$	17,203,328
Liabilities and Stockholders' Equity:
Interest-bearing deposits:
Transaction and money market accounts	$	6,683,093	$	16,042	0.95%	$	6,290,112	$	16,389	1.03%
Regular savings		735,527		190	0.10%		743,938		266	0.14%
Time deposits (5)		2,847,366		14,652	2.04%		2,769,574		14,194	2.03%
Total interest-bearing deposits		10,265,986		30,884	1.19%		9,803,624		30,849	1.25%
Other borrowings (6)		1,369,035		8,197	2.38%		1,623,681		10,895	2.66%
Total interest-bearing liabilities		11,635,021		39,081	1.33%		11,427,305	$	41,744	1.45%
Noninterest-bearing liabilities:
Demand deposits		3,036,969					3,008,587
Other liabilities		250,259					239,001
Total liabilities		14,922,249					14,674,893
Stockholders' equity		2,515,303					2,528,435
Total liabilities and stockholders' equity	$	17,437,552				$	17,203,328
Net interest income			$	137,787				$	139,405
Interest rate spread					3.22%					3.28%
Cost of funds					1.00%					1.09%
Net interest margin					3.55%					3.64%

⁽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.

⁽⁴⁾ Interest income on loans includes $6.6 million and $5.0 million for the three months ended December  31, 2019 and September 30, 2019, respectively, in accretion of the fair market value adjustments related to acquisitions.

⁽⁵⁾ Interest expense on time deposits includes $148,000 and $179,000 for the three months ended December  31, 2019 and September 30, 2019, respectively, in accretion of the fair market value adjustments related to acquisitions.

⁽⁶⁾ Interest expense on borrowings includes $123,000 and $97,000 for the three months ended December 31, 2019 and September 30, 2019, in amortization of the fair market value adjustments related to acquisitions.