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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
PARENT COMPANY FINANCIAL INFORMATION | 21. PARENT COMPANY FINANCIAL INFORMATION The primary source of funds for the dividends paid by Atlantic Union Bankshares Corporation (for this note only, the “Parent Company”) is dividends received from its subsidiaries. The payments of dividends by the Bank to the Parent Company are subject to certain statutory limitations which contemplate that the current year earnings and earnings retained for the two preceding years may be paid to the Parent Company without regulatory approval. As of December 31, 2020, the aggregate amount of unrestricted funds that could be transferred from the Bank to the Parent Company without prior regulatory approval totaled approximately $370.8 million, or 13.69%, of the consolidated net assets. Financial information for the Parent Company is as follows: PARENT COMPANY CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2020 and 2019 (Dollars in thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
ASSETS |  | ​ |  |  | ​ |
Cash | ​ | $ | 116,748 | ​ | $ | 5,283
Premises and equipment, net | ​ |  | 10,435 | ​ |  | 10,568
Other assets | ​ |  | 30,429 | ​ |  | 27,438
Investment in subsidiaries | ​ |  | 2,858,608 | ​ |  | 2,786,842
Total assets | ​ | $ | 3,016,220 | ​ | $ | 2,830,131
LIABILITIES AND STOCKHOLDERS' EQUITY | ​ |  |  | ​ |  |
Long-term borrowings | ​ | $ | 148,806 | ​ | $ | 157,155
Trust preferred capital notes | ​ |  | 141,023 | ​ |  | 140,237
Other liabilities | ​ |  | 17,901 | ​ |  | 19,637
Total liabilities | ​ |  | 307,730 | ​ |  | 317,029
Total stockholders' equity | ​ |  | 2,708,490 | ​ |  | 2,513,102
Total liabilities and stockholders' equity | ​ | $ | 3,016,220 | ​ | $ | 2,830,131
​ ​ PARENT COMPANY CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2020, 2019, and 2018 (Dollars in thousands) ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | ​ | 2018
Income: |  | ​ |  |  | ​ |  |  | ​ |
Interest and dividend income | ​ | $ | — | ​ | $ | 3 | ​ | $ | —
Dividends received from subsidiaries | ​ |  | 97,880 | ​ |  | 160,033 | ​ |  | 50,750
Other operating income | ​ |  | 1,338 | ​ |  | 1,484 | ​ |  | 2,719
Total income | ​ |  | 99,218 | ​ |  | 161,520 | ​ |  | 53,469
Expenses: | ​ |  |  | ​ |  |  | ​ |  |
Interest expense | ​ |  | 13,506 | ​ |  | 15,935 | ​ |  | 15,253
Other operating expenses | ​ |  | 8,249 | ​ |  | 11,434 | ​ |  | 13,782
Total expenses | ​ |  | 21,755 | ​ |  | 27,369 | ​ |  | 29,035
Income before income taxes and equity in undistributed net income from subsidiaries | ​ |  | 77,463 | ​ |  | 134,151 | ​ |  | 24,434
Income tax benefit | ​ |  | (5,439) | ​ |  | (6,499) | ​ |  | (6,176)
Equity in undistributed net income from subsidiaries | ​ |  | 75,326 | ​ |  | 52,878 | ​ |  | 115,638
Net income | ​ | $ | 158,228 | ​ | $ | 193,528 | ​ | $ | 146,248
Comprehensive income | ​ | $ | 193,668 | ​ | $ | 239,376 | ​ | $ | 136,905
​ ​ PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2020, 2019, and 2018 (Dollars in thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
Operating activities: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 158,228 | ​ | $ | 193,528 | ​ | $ | 146,248
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Equity in undistributed net income of subsidiaries | ​ |  | (75,326) | ​ |  | (52,878) | ​ |  | (115,638)
Depreciation of premises and equipment | ​ |  | 439 | ​ |  | 424 | ​ |  | 424
Acquisition accounting amortization, net | ​ |  | 735 | ​ |  | 662 | ​ |  | 636
Gain on sale of investment | ​ |  | — | ​ |  | — | ​ |  | (1,416)
Issuance of common stock for services | ​ |  | 804 | ​ |  | 910 | ​ |  | 914
Net increase in other assets | ​ |  | (3,005) | ​ |  | (3,256) | ​ |  | (584)
Net increase (decrease) in other liabilities | ​ |  | 10,038 | ​ |  | 4,964 | ​ |  | (4,159)
Net cash provided by (used in) operating activities | ​ |  | 91,913 | ​ |  | 144,354 | ​ |  | 26,425
Investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Net increase in premises and equipment | ​ |  | (306) | ​ |  | (355) | ​ |  | —
Proceeds from sale of investment | ​ |  | — | ​ |  | — | ​ |  | 3,761
Increase in equity method investments | ​ | ​ | (2,353) | ​ | ​ | — | ​ | ​ | —
Cash paid in acquisitions | ​ | ​ | — | ​ | ​ | (12) | ​ | ​ | —
Cash received in acquisitions | ​ |  | — | ​ |  | 21,553 | ​ |  | 25,976
Net cash provided by (used in) investing activities | ​ |  | (2,659) | ​ |  | 21,186 | ​ |  | 29,737
Financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Net increase (decrease) in short-term borrowings | ​ |  | — | ​ |  | (5,000) | ​ |  | 5,000
Repayments of long-term borrowings | ​ |  | (8,500) | ​ |  | — | ​ |  | —
Cash dividends paid - common stock | ​ |  | (78,860) | ​ |  | (78,345) | ​ |  | (58,001)
Cash dividends paid - preferred stock | ​ | ​ | (5,658) | ​ | ​ | — | ​ | ​ | —
Cancellation of warrants | ​ |  | — | ​ |  | — | ​ |  | (1,530)
Issuance (repurchase) of common stock | ​ |  | (48,866) | ​ |  | (78,292) | ​ |  | 2,347
Issuance of preferred stock, net | ​ | ​ | 166,356 | ​ | ​ | — | ​ | ​ | —
Vesting of restricted stock, net of shares held for taxes | ​ |  | (2,261) | ​ |  | (2,301) | ​ |  | (2,908)
Net cash provided by (used in) financing activities | ​ |  | 22,211 | ​ |  | (163,938) | ​ |  | (55,092)
Increase (decrease) in cash and cash equivalents | ​ |  | 111,465 | ​ |  | 1,602 | ​ |  | 1,070
Cash, cash equivalents and restricted cash at beginning of the period | ​ |  | 5,283 | ​ |  | 3,681 | ​ |  | 2,611
Cash, cash equivalents and restricted cash at end of the period | ​ | $ | 116,748 | ​ | $ | 5,283 | ​ | $ | 3,681
Supplemental schedule of noncash investing and financing activities | ​ |  |  | ​ |  |  | ​ |  |
Issuance of common stock in exchange for net assets in acquisition | ​ | $ | — | ​ | $ | 499,974 | ​ | $ | 794,809
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Transactions related to bank acquisition | ​ |  |  | ​ |  |  | ​ |  |
Assets acquired | ​ |  | — | ​ |  | 509,075 | ​ |  | 859,176
Liabilities assumed | ​ |  | — | ​ |  | 9,089 | ​ |  | 64,367
​

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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