Form 8-K

8-K — Atlantic Union Bankshares Corp

Accession: 0001104659-26-086873

Filed: 2026-07-27

Period: 2026-07-27

CIK: 0000883948

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — tm2621266d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2621266d1_ex99-1.htm)

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United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities

Exchange Act of 1934

Date of Report (Date of earliest event reported):

July 27, 2026

ATLANTIC

UNION BANKSHARES CORPORATION

(Exact name of registrant as specified in its

charter)

Virginia

001-39325

54-1598552

(State or other jurisdiction

(Commission

(I.R.S. Employer

of incorporation)

File Number) Identification No.)

4300

Cox Road

Glen

Allen, Virginia 23060

(Address of principal executive offices, including

Zip Code)

Registrant’s telephone number, including

area code: (804) 633-5031

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.

below):

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common

Stock, par value $1.33 per share

AUB

New

York Stock Exchange

Depositary

Shares, Each Representing a 1/400th Interest in a Share of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A

AUB.PRA

New

York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth

company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange

Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use

the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section

13(a) of the Exchange Act.

Item 8.01 Other Events.

On July 27, 2026, Atlantic Union Bankshares Corporation (the “Company”) filed a preliminary prospectus supplement to the prospectus,

dated August 6, 2024, contained in its registration statement on Form S-3ASR (File No. 333-281290) filed with the Securities and Exchange

Commission (the "SEC") on August 6, 2024, pursuant to which the Company is proposing to offer and sell a newly issued series of Fixed-to-Floating

Rate Subordinated Notes due 2036 (the “Notes”).

In connection with the proposed offering and sale of the Notes, the Company made available an investor presentation (the “Investor

Presentation”) to be used by members of management in meetings with potential purchasers of the Notes. A copy of the Investor Presentation

is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description of Exhibit

99.1

Atlantic Union Bankshares Corporation investor presentation

104

Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ATLANTIC UNION BANKSHARES CORPORATION

Date: July 27, 2026

By:

/s/ Alexander D. Dodd

Alexander D. Dodd

Executive Vice President and

Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2621266d1_ex99-1.htm · Sequence: 2

Exhibit

99.1

Fixed Income

Investor Presentation July

7, 2026

FORWARD-LOOKING STATEMENTS

The foregoing presentation may contain statements about Atlantic Union Bankshares Corporation ("AUB" or the "Company") that constitute forward-looking statements within the meaning of the Private Securities

Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about the Company's business, new

and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by forward-looking

terminology such as "intend," "should," "expect," "believe," "view," "opportunity," "allow," "continues," "reflects," "would," "could," "typically," "usually," "anticipate," "may," "estimate," "outlook," "project" or similar

statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements depending on a variety of

factors, including, but not limited to, the effects of or changes in: market interest rates and their related impacts on macroeconomic conditions, customer and client behavior, the Company’s funding costs and the

Company’s loan and securities portfolios; economic conditions, including inflation and recessionary conditions and their related impacts on economic growth and customer and client behavior; U.S. and global trade

policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, and geopolitical instability; volatility in the

financial services sector, including failures or rumors of failures of other depository institutions, along with actions taken by governmental agencies to address such turmoil, and the effects on the ability of depository

institutions, including the Company, to attract and retain depositors and to borrow or raise capital; legislative or regulatory changes and requirements, including changes in federal, state or local tax laws and changes

impacting the rulemaking, supervision, examination and enforcement priorities of the federal banking agencies; the sufficiency of liquidity and changes in the Company’s capital position; general economic and

financial market conditions, in the United States generally and particularly in the markets in which the Company operates and which the Company’s loans are concentrated, including the effects of declines in real

estate values, an increase in unemployment levels, U.S. fiscal debt, budget, and tax matters, U.S. government shutdowns, and slowdowns in economic growth; the possibility that the anticipated benefits of the

Company’s acquisition activity, including the Company’s acquisition of Sandy Spring, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the

strength of the economy, competitive factors in the areas where the Company does business, or as a result of other unexpected factors or events; potential adverse reactions or changes to business or employee

relationships, including those resulting from the Company’s acquisition of Sandy Spring; the Company’s ability to identify, recruit and retain key employees; monetary, fiscal and regulatory 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 in these portfolios; demand for

loan products and financial services in the Company’s market areas; the Company’s ability to manage the Company’s growth or implement the Company’s growth strategy; the effectiveness of expense reduction

plans; the introduction of new lines of business or new products and services; real estate values in the Company’s lending area; changes in accounting principles, standards, rules, and interpretations, and the

related impact on the Company’s financial statements; an insufficient ACL or volatility in the ACL resulting from the Current Expected Credit Losses (“CECL”) methodology, either alone or as that may be affected by

changing economic conditions, credit concentrations, inflation, changing interest rates, or other factors; concentrations of loans secured by real estate, particularly CRE; 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; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action or increase the risk of a cybersecurity

attack or the probability that such an attack would be successful; 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 consideration; the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts, geopolitical

conflicts or public health events (such as pandemics), and of governmental and societal responses thereto; these potential adverse effects may include, without limitation, adverse effects on macroeconomic

conditions, the ability of the Company’s borrowers to satisfy their obligations to us, on the value of collateral securing loans, on the demand for the Company’s loans or the Company’s 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; 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; actual or potential claims, damages, and fines related to litigation or government actions, which may result in, among other things,

additional costs, fines, penalties, restrictions on the Company’s business activities, reputational harm, or other adverse consequences; any event or development that would cause us 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 Company’s control. A detailed discussion of factors that could affect the Company's results is

included in the Company's filings with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of its Annual Report on Form 10-K for the year ended December 31, 2025. The Company

undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in its expectations, except as required by law. Although the Company believes that the expectations

reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements.

DISCLAIMER

This presentation is not an offer to sell securities, and the Company is not soliciting an offer to buy securities in any jurisdiction where such offer or sale is not permitted. Neither the SEC, the Federal Deposit

Insurance Corporation ("FDIC"), nor any state securities commission has approved or disapproved of the securities of the Company or passed upon the accuracy or adequacy of this presentation. Any representation

to the contrary is a criminal offense. The Company's subordinated notes are not a deposit account of its subsidiary bank and are not insured by the FDIC or any other governmental agency. Except as otherwise

indicated, this presentation speaks as of the date hereof. This presentation shall not constitute an offer to purchase or the solicitation of an offer to sell the Company's subordinated notes. In addition, the redemption

of the Company’s subordinated notes due 2029 will be made solely pursuant to a redemption notice delivered pursuant to the indenture governing the existing subordinated notes due 2029, and nothing contained

herein constitutes a notice of redemption of such notes.

The offering of subordinated notes is being made pursuant to a shelf registration statement (File No. 333-281290) (including base prospectus), filed by the Company with the SEC on August 6, 2024. The Company filed

a preliminary prospectus supplement on July 27, 2026 with the SEC for the offering to which this presentation relates. Before you invest, you should read the prospectus and the preliminary prospectus supplement

included in the registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may obtain these documents for free by

visiting EDGAR on the SEC's website at sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you copies of the prospectus and the preliminary prospectus

supplement relating to the proposed offering if you request it by contacting Keefe, Bruyette & Woods, Inc., a Stifel Company, by emailing USCapitalMarkets@kbw.com.

Certain information contained in this presentation relates to or is based on publications and other data obtained from third-party sources. While the Company believes these third-party sources to be reliable as of the

date of this presentation, the Company has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. The

delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of the Company after the date hereof.

PRELIMINARY FINANCIAL INFORMATION

This presentation includes certain preliminary unaudited financial information and expectations relating to the second quarter of 2026. The Company's full unaudited financial statements as of and for the quarterly

period ended June 30, 2026, are not yet available. In the opinion of management, such unaudited financial information includes all adjustments (consisting of normal recurring accruals) necessary for a fair

presentation of the Company's financial position and results of operations for such period. These results are also subject to further revision based upon the review of the Company's independent registered public

accounting firm of such quarterly results and an audit by its independent registered public accounting firm of its annual results for the year ended December 31, 2026. Therefore, no assurance can be given that, upon

completion of the Company's review and the review of its independent registered public accounting firm, the Company will not report materially different financial results than those set forth in this presentation.

There can be no assurance that such results will be indicative of the Company's results for the entire year ending December 31, 2026. Further, although this presentation describes the current estimated impact of the

Company's potential use of a portion of the proceeds from this offering, any such actions will depend on a number of factors, including market conditions and business developments. The Company is not required to

apply any portion of the net proceeds of this offering for any particular purpose, and its management will have broad discretion in allocating the net proceeds of the offering.

The Company does not intend to update or otherwise revise these expected events and estimates to reflect future events or changes in estimates and does not intend to disclose publicly whether its actual results will

vary from its estimates other than through the release of actual results in the ordinary course of business. No independent registered public accounting firm has compiled, examined or performed any procedures with

respect to the preliminary financial information included in this presentation, nor have they expressed any opinion or other form of assurance on such information or its achievability. These estimates should not be

regarded as a representation by the Company, its management or the underwriters as to the Company's actual results for the quarterly period ended June 30, 2026. The assumptions and estimates underlying the

estimated financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties, including those described under "Risk Factors" in

the Company's SEC filings. Accordingly, you should not place undue reliance on these estimates.

NON-GAAP FINANCIAL MEASURES

This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Management uses these non-GAAP

financial measures to evaluate the Company's business and may refer to such measures in this presentation. The Company's management believes that these non-GAAP financial measures provide a greater

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. You should not rely on these

non-GAAP financial measures as a substitute for, or as superior to, GAAP results. Non-GAAP financial measures have inherent limitations, are not uniformly applied and are not audited. Because non-GAAP financial

measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. Please refer to the appendix

section of this presentation for non-GAAP definitions and a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.

OFFERING OVERVIEW Issuer Security Offered Offering Size Expected Security Ratings¹ Format

Term Call Use of Proceeds Joint Book-Running Managers Atlantic Union Bankshares Corporation

(NYSE: AUB) Fixed-to-Floating Rate Subordinated Notes Due 2036 $200 million BBB (Stable)

by Kroll Bond Rating Agency SEC Registered 10 Years 5 Years Redeem $168.0 million aggregate

principal amount of the Company's outstanding 4.25% Fixed-to-Floating Rate Subordinated Notes

due 2029 and general corporate purposes, including providing capital to Atlantic Union Bank

to support its growth Keefe, Bruyette & Woods, A Stifel Company | Piper Sandler 1. An

explanation of the significance of ratings may be obtained from the rating agency. Generally,

rating agencies base their ratings on such material and information, and such of their own

investigations, studies and assumptions, as they deem appropriate. The rating of the subordinated

notes should be evaluated independently from similar ratings of other securities. A credit

rating of a security is not a recommendation to buy, sell or hold securities and may be subject

to review, revision, suspension, reduction or withdrawal at any time by the assigning rating

agency. No report of any rating agency is incorporated by reference herein. Deal Roadshow

Only

OUR EXECUTIVE LEADERSHIP

Executive Vice President & Chief Financial Officer since April 2026

Deputy Chief Financial Officer & Executive Vice President at TD Bank

Group (most recently)

Interim Chief Financial Officer for TD Bank's U.S. operations; CFO of

the Consumer Bank

Began banking career at MBNA before joining TD Banknorth, prior to its

combination with Commerce Bank

Alexander D. Dodd, CFA

EVP & CFO

Age: 49

John C. Asbury

President & CEO

Age: 61

Chief Executive Officer since January 2017

President since October 2016

President and Chief Executive Officer of First National Bank of Santa

Fe (2015-2016)

Senior Executive Vice President and Head of Business Services Group

at Regions Bank (2010-2014)

COMPANY OVERVIEW

N O R F O L K

V I R G I N I A

B E A C H

M a ry l a n d

V irg in ia

No rth C a ro l in a

C H A R L O T T E

W I L M I N G T O N

B A L T I M O R E

R A L E I G H

G R E E N S B O R O

W A S H I N G T O N

R O A N O K E

S T A U N T O N

C H A R L O T T E S V I L L E

R I C H M O N D

F R E D E R I C K S B U R G

HIGHLIGHTS1

branches across

Virginia, North

Carolina and

Maryland footprint

177

largest regional

bank in lower Mid-Atlantic, Maryland

and Virginia2,3

$38.1 Billion

Assets

$28.7 Billion

Loans

$30.5 Billion

Deposits

$6.0 Billion

Market Capitalization

Soundness | Profitability | Growth

OUR COMPANY

Branch (177) LPO (2)

Largest Regional Bank Headquartered in the Lower Mid-Atlantic

1. Assets, Loans, Deposits, and Branch Count are as of June 30, 2026. Market Cap as of July 20, 2026.

2. Based on deposit market share as of June 30, 2025. Regional market: Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia

3. Regional banks defined as U.S. Banks with <$100 Billion in assets

A DELIBERATE, DISCIPLINED TRANSFORMATION JOURNEY

Over the last ten years, we have evolved from

a local Virginia community bank into the

largest regional bank headquartered in the

lower Mid-Atlantic.

Our expansion has been deliberate, blending

steady organic growth with focused strategic

mergers and acquisitions.

Every acquisition and investment was driven by a

specific goal: to establish a strong, connected

presence initially throughout Virginia, then

Maryland, and now North Carolina. In the near

term, we intend to maximize the potential of the

Sandy Spring Bank acquisition.

$3.3

$3.0

$3.1

$11.8 AUB Acquired

2017 2018 2019 2020 2021 2022 2023 2024 2025

$9.3

$13.8

$17.5

$19.6 $20.1 $20.5 $21.2

$24.6

$37.6

TOTAL ASSETS, ($ BILLIONS)

Total Growth CAGR:+18% | Organic Growth CAGR: 7%

$38.1

Q2 2026

Acquired assets as of closing date except for Sandy Spring Bancorp which excludes the approximately $2 billion of CRE loans that were sold after closing

THE LEADING BANK OF THE LOWER MID-ATLANTIC REGION

BRANCH GROWTH CAGR

FROM 2017 TO 2Q 2026

2017

PATH TO VIRGINIA’S BANK LARGEST REGIONAL BANK HEADQUARTERED IN THE LOWER

MID-ATLANTIC

177 Branches (June 30, 2026)

2026

18%

ASSET GROWTH CAGR

FROM 2017 TO 2Q 2026

Former 37 Branches

Former 15 Branches Former 26 Branches

Former 53 Branches

111 Branches (June 30, 2017)

Source: SNL Financial

Branch counts as of the time of the closing of each acquisition

AFFLUENT AND GROWING MARKETS

VIRGINIA MARYLAND1

Key Geographic Highlights

NORTH CAROLINA

Total Market Deposits

Median HHI 2031 Proj.

$326.8bn

$110.6k

$264.3bn

$116.7k

$726.3bn

2.57%

Branches: 126

Deposits: $20.4bn

Branches: 40

Deposits: $9.7bn

Branches: 11

Deposits: $892mm

Median HHI CAGR 2031 Proj.

Population CAGR 2031 Proj.

Total Market Deposits

Median HHI 2031 Proj.

Median HHI CAGR 2031 Proj.

Population CAGR 2031 Proj.

Total Market Deposits

Median HHI 2031 Proj.

Median HHI CAGR 2031 Proj.

Population CAGR 2031 Proj.

2.07%

0.39%

1.73%

0.27%

$89.7k

1.00%

Source for non-Company information: S&P Global Market Intelligence; Deposit market data as of 6/30/2025.

1. Deposit market share data includes District of Columbia

Leading Regional Presence

Dense, uniquely valuable presence

across attractive markets

• #1 Largest Regional Bank headquartered in the lower Mid-Atlantic1

• 177 Total Branches Across our Virginia, Maryland, Washing ton D.C., and North Carolina markets

• We believe the three state footprint that we operate in is among the most attractive in the country

FinancialStrength

Solid balance sheet & capital

levels

• 10.4% CET1 Ratio |14.1% Total Risk-Based Capital Ratio; rapidly accreting capital

• 94% Loan-to-Deposit Ratio; 92% Core Deposits2 | 22% Non-Interest Bearing Deposits

• Proven track record of conservative credit

• 1.15% Allowance for Credit Losses to Loans

Q2 2026 HIGHLIGHTS

Source: S&P Global Market Intelligence Financial Data as of or for the three months ended 6/30/2026.

1. Based on Deposit market share as of June 30, 2025. Regional banks defined as U.S. Banks with <$100Bn in assets; Mid-Atlantic defined as Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington D.C., and West Virginia

2. Core deposits defined as total deposits less jumbo time deposits and brokered deposits

3. Organic growth excludes loans acquired in acquisitions from 2017 to 2Q 2026

4. Non-GAAP financial measure. Please refer to the appendix for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure.

Solid Earnings Power

Top-tier returns, an expanding margin,

and diversified revenue

• Adjusted operating ROA4 of 1.47% (GAAP ROA of 1.73%)

• Adjusted operating ROTCE4 of 20.1% (GAAP ROTCE of 23.4%)

• Net Interest Margin of 3.89%, up 9 basis points from the prior quarter on higher earning -asset yields

• Diversified revenue base — Q2 2026 adjusted operating noninterest income4 of $57.9 million across

fiduciary & asset management, service charges, interchange, etc.

Strong Growth Profile

Organic & Capitalizing on Executing

Sandy Spring Acquisition

• Focused on organic growth opportunities and adding 10 branches to North Carolina

• Total Loan CAGR from 2017 to 2Q 2026 = 18% Total | 8% Organic3

• $17Bn of Wealth AUM

FINANCIAL OVERVIEW

FINANCIAL HIGHLIGHTS

Q2 2026 FINANCIALS AT A GLANCE

Balance Sheet ($B)

Profitability

Assets

Gross Loans HFI

Deposits

TCE1

GAAP Adj.1

Net

Income

ROA

ROTCE

Dil. EPS

Net

Income1

ROA1

ROTCE1

$161M

$38.1

$30.5

$2.95

1.73%

23.4%

$137M

1.47%

20.1%

Dil. EPS1 $0.94

$28.7

Q2 2026 Highlights

Reported net income available to common shareholders increased 32.6% from

the prior quarter driven by:

• An increase in noninterest income, primarily driven by a $32.3 million pre-tax gain on the sale of equity interest in Bearing Insurance Group, LLC

(“Bearing Insurance”);

• Increase in net interest income, primarily driven by higher interest income

on loans held for investment (“LHFI”) and lower interest expense on long-term borrowing costs;

• A decrease in noninterest expense, primarily driven by a $9.0 million

decrease in pre-tax merger-related costs;

• Partially offset by an increase in provision for credit losses, primarily

driven by the reserve build associated with loan portfolio growth;

• An increase in income tax expense associated with higher pre-tax income.

Adjusted operating earnings available to common shareholders1

increased

6.2% from the prior quarter primarily due to:

• An increase in net interest income, as described above;

• An increase in adjusted noninterest income1

, primarily due to a $2.5 million

increase in loan-related interest rate swap fees, and a $1.3 million increase in

fiduciary and asset management fees, partially offset by a $2.8 million

decrease in other operating income;

• Partially offset by an increase in income tax expense, as described above.

1. Non-GAAP financial measure. Please refer to the appendix for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure.

2. Quarter over quarter percentage changes in this table are calculated on an annualized basis except for dividends, which are presented on a per share basis.

QoQ

Growth2

+8.4%

+1.0%

+16.5%

+10.4%

Eff.

Ratio

$1.11

NIM Core

NIM (FTE)1

Eff.

Ratio(FTE)1

47.9% 47.5%

3.89% 3.46%

BALANCE SHEET TRENDS

LOANS ($ IN MILLIONS ) DEPOSITS ($ IN MILLIONS ) ASSETS ($ IN MILLIONS )

18,471

27,796 27,946 28,673

2024 2025 Q1 2026 Q2 2026

20,398

30,472 30,391 30,468

2024 2025 Q1 2026 Q2 2026

24,585

37,586 37,315 38,100

2024 2025 Q1 2026 Q2 2026

PROFITABILITY

ROA (%) ROTCE (%)

EFFICIENCY RATIO (%) EPS ($)

0.88% 0.80%

1.33%

1.73%

1.11%

1.33% 1.41% 1.47%

2024 2025 Q1 2026 Q2 2026

ROA (GAAP) Adjusted Operating ROA

13.4% 12.8%

18.6%

23.4%

16.9%

20.4% 19.6% 20.1%

2024 2025 Q1 2026 Q2 2026

ROTCE (GAAP) Adjusted Operating ROTCE

62.1% 65.2%

57.1%

47.9%

53.3%

49.7% 49.9%

47.5%

2024 2025 Q1 2026 Q2 2026

Efficiency Ratio (GAAP) Adjusted Operating Efficiency Ratio(FTE)

$2.24 $2.03 $1.95

$2.88

$3.44

$1.83

2024 2025 YTD 2026

EPS (GAAP) Adjusted Operating EPS

Quarterly data for three months ended, year-to-date data for six months ended, yearly data for the twelve months ended.

1. Non-GAAP financial measure. Please refer to the appendix for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure.

2. Annualized for illustrative purposes.

$3.932

$3.61

GAAP Measure

Adjusted Operating

Non-GAAP Measure

$3.692

699

1,155

312 325

714

1,172

317 330

3.27%

3.74% 3.80% 3.34% 3.89%

3.80% 3.85% 3.94%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

200

400

600

800

1,000

1,200

1,400

1,600

2024 2025 Q1 2026 Q2 2026

Net Interest Income (GAAP) Net Interest Income (FTE) (non-GAAP)

NIM NIM (FTE)

NET INTEREST MARGIN

BAR CHART LONG NET INTEREST INCOME ($ IN MILLIONS ) LOAN PORTFOLIO PRICING MIX

DOLLAR

LINE CHART NIM

SINCE Q1 2025

COMMENTARY – Q2 2026 vs. Q1 2026

1,3242

Q2 2026

Fixed 46%

1-month SOFR 41%

Prime 8%

Other 5%

Total 100%

Approximately 19% of the total loan portfolio at 6/30/2026 have floors and all

are above floors

▪ Net interest income increased $12.7 million to $325.1 million, and net

interest income (FTE)1

increased $12.8 million to $329.7 million from the

prior quarter.

▪ Increases were driven primarily by higher interest income on loans held

for investment, reflecting loan growth, higher loan yields, and increased

loan accretion income.

▪ Net interest margin and net interest margin (FTE)1 each increased 9

basis points from the prior quarter to 3.89% and 3.94%, respectively,

aided by earning asset yields rising 9 basis points to 5.88%.

▪ Net accretion income was $39.9 million for the quarter, compared to

$32.9 million in the prior quarter.

▪ Loan portfolio is 46% fixed / 41% 1-month SOFR / 8% Prime / 5% other;

approximately 19% of the total portfolio has floors, all of which are above

their floors at 6/30/26.

1. Non-GAAP financial measure. Please refer to the appendix for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure.

2. Annualized for illustrative purposes

1,304 1,286 2

1,2652

▪ Average cost of deposits increased 3 basis points to 1.93%, while

average cost of funds was unchanged at 1.94%, as increases in deposit

costs were offset by lower acquisition accounting-related borrowing

amortization.

▪ Loan yield (FTE)1

increased 9 basis points to 6.23% and earning asset

yield (FTE)1

increased 9 basis points to 5.88%, driven by higher loan

yields and loan accretion income.

▪ Cost of interest-bearing deposits was 2.48% and cost of interest-bearing liabilities was 2.59% for the quarter.

▪ Balance sheet remains modestly asset-sensitive; the securities

portfolio is used defensively to neutralize the overall asset-sensitive

interest rate risk profile.

INTEREST RATE POSITIONING

NIM, YIELD ON LOANS & COST OF DEPOSITS Q2 2026 INTEREST RATE SENSITIVITY

3.11%

3.39% 3.31% 3.26%

3.38%

3.78% 3.77%

3.90% 3.80%

3.89%

6.03%

6.34% 6.35%

6.14% 6.01%

6.48% 6.43% 6.44%

6.14%

6.23%

2.39%

2.46%

2.57%

2.48%

2.29%

2.20% 2.18%

2.03%

1.90%

1.93%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2

NIM Yield on Loans Cost of Deposits

(20.3)

(14.2)

(6.3)

6.4

11.8

16.3

-300 -200 -100 +100 +200 +300

Change in Future Net

Interest Income ($mm)

Change in Interest Rates

% Change in

Future Net

Interest

Income:

(6%) (4%) (2%) 2% 4% 5%

1. Non-GAAP financial measure. Please refer to the appendix for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure.

COMMENTARY – Q2 2026 vs. Q1 2026

51.5

56.6

56.5 57.9

81.5

51.8

57.0 54.8

90.2

13.6%

14.9%

14.4%

14.7%

14.9%

20.2%

14.0%

14.7%

14.9%

21.7%

-100.0%

-80.0%

-60.0%

-40.0%

-20.0%

0.0%

20.0%

-10.0

10.0

30.0

50.0

70.0

90.0

110.0

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

Adjusted Operating NII NII (GAAP)

Adjusted Operating NII / Rev NII / Rev (GAAP)

NON-INTEREST INCOME

NON-INTEREST INCOME ($ IN MILLIONS) Q2 2026 COMPOSITION

Service Charge

(Deps. Acct)

13.6% Other Service

Charge / Fees

2.5%

Interchange Fees

4.2%

Fiduciary and AM

Fees

23.8%

Mortgage Banking

Income

2.9%

BOLI

6.4%

Loan-related Rate

Swap Fees

7.2%

Other

39.5%

▪ Noninterest income increased $35.4 million to $90.2 million, primarily driven by

a $32.3 million pre-tax gain on the sale of the Company's equity interest in

Bearing Insurance.

▪ Adjusted operating noninterest income1

, which excludes the pre-tax gain on sale

of equity interest in Bearing Insurance and pre-tax gains on sale of securities,

increased $3.1 million to $57.9 million.

▪ Increase was driven by a $2.5 million increase in loan-related interest rate swap

fees due to an increase in transaction volumes and a $1.3 million increase in

fiduciary and asset management fees, primarily due to an increase in assets

under management.

▪ Partially offset by a $2.8 million decrease in other operating income, primarily

due to a decrease in equity method investment income, reflecting the impact of

the Bearing Insurance equity interest sale and mark-to-market valuation losses

on certain investments.

Figures may not foot due to rounding.

1. Non-GAAP financial measure. Please refer to the appendix for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure

2. Q2 2025 excludes the impact of the $15.7 million pre-tax gain on the Commercial Real Estate ("CRE") loan sale and a $14.3 million pre-tax gain on the sale of the Company's equity interest in Carry Street Partners “CSP”

3. Q3 2025 excludes the impact of the ($4.8) million pre-tax loss related to the final CRE loan sale settlement

4. Q4 2025 excludes the impact of the $457,000 pre-tax gain on sale of the Company's equity interest in CSP

5. Q2 2026 excludes the impact of the $32.3 million pre-tax gain on sale of the Company's equity interest in Bearing Insurance Group, LLC ("Bearing Insurance”)

Make this GAAP vs. NonGAAP

Add Q1 2026, Q2 2026

Remove 2023

SHOW ALL ADJUSTED OPERATING NIM

And normal NIM. Side by side and 2 lines

Show total Noninterest Income and add the

top bar dotted line for the nonrecurring

COMMENTARY – Q2 2026 vs. Q1 2026

182.4 185.5 186.9 185.3 184.0

279.7

238.4 243.2

209.8

199.1

48.3% 48.8% 47.8%

49.9% 47.5%

69.4%

64.3% 62.8%

57.1%

47.9%

-80.0%

-60.0%

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

Adjusted Operating NIE NIE (GAAP)

Adjusted Operating Efficiency Ratio Efficiency Ratio (GAAP)

NON-INTEREST EXPENSE

NON-INTEREST EXPENSE ($ IN MILLIONS) Q2 2026 COMPOSITION

Salaries and

Benefits

56.4%

Occupancy

6.5%

Furniture and

Equipment

2.8%

Technology and

data processing

8.0%

Professional

Services

3.1%

Marketing and

advertising

2.8%

Other

20.5%

▪ Noninterest expense decreased $10.7 million to $199.1 million,

primarily driven by a $9.0 million decrease in pre-tax merger-related

costs.

▪ Adjusted operating noninterest expense1

, which excludes merger-related

costs and amortization of intangible assets, decreased $1.3 million to

$184.0 million.

▪ Decrease driven by a $1.8 million decline in marketing and advertising

expense and a $1.1 million decline in salaries and benefits expense

(seasonal decrease in payroll taxes and 401(k) contribution expenses),

partially offset by a $1.6 million increase in other expenses.

▪ Efficiency ratio (FTE)1 of 47.4% and adjusted operating efficiency ratio

(FTE)1 of 47.5% for the quarter.

Figures may not foot due to rounding.

1. Non-GAAP financial measure. Please refer to the appendix for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure

2. Excludes merger-related costs and amortization of intangible assets

COMMENTARY – Q2 2026 vs. Q1 2026

LOAN PORTFOLIO AND

ASSET QUALITY

DIVERSIFIED AND GRANULAR LOAN PORTFOLIO

Duration

Q2 2025 Weighted Average Yield (Tax Equivalent)

C&D 6.5%

Owner Occupied

CRE

15.0%

C&I

19.6%

Other Commercial

5.8% Commercial 1-4 Family

3.5%

Non-Owner

Occupied CRE

25.5%

Multifamily RE

8.5%

Consumer 1-4 Family

10.2%

Residential 1-4 family

- Revolving 4.6%

Auto

0.5%

Consumer

0.4%

TOTAL LOAN PORTFOLIO $28.7 BILLION

Total Portfolio Characteristics

As of June 30,2026

LOAN PORTFOLIO CHARACTERISTICS

1.3 years

Duration

40%

Commercial2

6.23%

Q2 2026 Weighted Average Yield (Tax Equivalent)1

Figures may not foot due to rounding.

1. Non-GAAP financial measure. Please refer to the appendix for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure.

2. Commercial defined as C&I plus owner-occupied commercial real estate and other commercial

293%

275% 272% 274%

2024 2025 Q1 2026 Q2 2026

63%

39% 41% 42%

2024 2025 Q1 2026 Q2 2026

C&D AND CRE LOAN CONCENTRATIONS

C&D LOANS / RISK BASED CAPITAL (%) CRE1 LOANS / RISK BASED CAPITAL (%)

Financial data per bank level regulatory filings.

1. Commercial Real Estate (including CRE loans held for sale) as defined by joint regulatory guidance to include call codes 1.a (Construction), 1.d (Multifamily), 1.e.2. (Other Non-farm Non-residential, excluding Owner-Occupied)

and CRE loans not secured by real estate.

Total Non-Owner Occupied CRE

25.5%

Owner Occupied CRE 15.0%

Construction and Land

Development 6.5%

Multifamily Real Estate 8.5%

Residential 1-4 Family -

Commercial 3.5%

Other Commercial

(Farmland) 0.1%

All Other Loans 40.9%

CRE PORTFOLIO

At June 30, 2026

CRE BY CLASS

$ I N M I LLI O N S

Total

Outstandings

% of

Total Portfolio

Hotel/Motel B&B $1,230 4.3%

Industrial/Warehouse $1,290 4.5%

Office $1,478 5.2%

Retail $1,844 6.4%

Self Storage $715 2.5%

Senior Living $120 0.4%

Other $627 2.2%

Total Non-Owner Occupied CRE $7,304 25.5%

Owner Occupied CRE $4,308 15.0%

Construction and Land Development $1,859 6.5%

Multifamily Real Estate $2,429 8.5%

Residential 1-4 Family - Commercial $1,008 3.5%

Other Commercial (Farmland) $42 0.1%

Total CRE $16,951 59.1%

$28.7B

Total Loans

274%

CRE Concentration

Ratio1

1. CRE concentration as a percentage of total capital; Loan balances used are as defined in the Call Report instructions.

Figures may not foot due to rounding.

NON-OWNER OCCUPIED OFFICE CRE PORTFOLIO

NON-OWNER OCCUPIED OFFICE

GEOGRAPHICALLY DIVERSE NON PORTFOLIO CREDIT QUALITY -OWNER OCCUPIED OFFICE PORTFOLIO

( $ M I LLI O N S )

Carolinas $326

Western VA $154

Fredericksburg Area $163

Central VA $100

Coastal VA/NC $61

Baltimore $127

DC Metro $436

Other Maryland $50

Eastern VA $26

Other $36

Total $1,478

BY MARKET DC METRO SUBMARKET2 KEY PORTFOLIO METRICS

Avg. Office Loan ($ thousands) $2,223

Median Office Loan ($ thousands) $744

Loan Loss Reserve / Office Loans 1.58%

NCOs / Office Loans1 (0.02%)

Delinquencies / Office Loans 0.40%

NPL / Office Loans 0.20%

Criticized Loans / Office Loans 8.88%

District of Columbia $60

Suburban Maryland $180

Suburban Virginia $196

Total $436

As of June 30, 2026

Figures may not foot due to rounding.

1. Trailing 4 Quarters Avg NCO/Trailing 4 Quarter Avg Office Portfolio

2. DC, Montgomery County, Prince George’s County, Fairfax County, Fairfax City, Falls Church City, Arlington County, Alexandria City

MULTIFAMILY CRE PORTFOLIO

Carolinas $768

Western VA $255

Fredericksburg Area $87

Central VA $291

Coastal VA/NC $220

Baltimore $133

DC Metro $368

Other Maryland $11

Eastern VA $39

Other $259

Total $2,429

BY MARKET

MULTIFAMILY PORTFOLIO CREDIT

GEOGRAPHICALLY DIVERSE MULTIFAMILY PORTFOLIO QUALITY

DC METRO SUBMARKET2 KEY PORTFOLIO METRICS

( $ M I LLI O N S )

Avg. Multifamily Loan ($ thousands) $3,715

Median Multifamily Loan ($ thousands) $888

Loan Loss Reserve / Multifamily Loans 1.34%

NCOs / Multifamily Loans1 0.00%

Delinquencies / Multifamily Loans 1.19%

NPL / Multifamily Loans 0.96%

Criticized Loans / Multifamily Loans 12.57%

District of Columbia $251

Suburban Maryland $108

Suburban Virginia $9

Total $368

As of June 30, 2026

Figures may not foot due to rounding.

1. Trailing 4 Quarters Avg NCO/Trailing 4 Quarter Avg Multifamily Portfolio

2. DC, Montgomery County, Prince George’s County, Fairfax County, Fairfax City, Falls Church City, Arlington County, Alexandria City

$776.4 million 1.00% $3.6 million

Total Amount of Loans Loan Loss Reserve/

Gov Con Loans

Avg. Loan Size

0.00% 0.0% 8.84%

Non-Performing Loans Net Charge-Offs1 Criticized Loans/

Gov Con Loans

OVERVIEW OF GOVERNMENT-RELATED LOAN

PORTFOLIO EXPOSURES

• Government Contracting team has

managed through government

shutdowns and sequestrations in the

past.

• Focus on national security agency and

defense industry contractors.

• Active monitoring of all published

notices of contract terminations or

stop work orders.

KEY METRICS OF GOVERNMENT CONTRACTING PORTFOLIO

As of June 30, 2026

1. Trailing 4 Quarters Avg NCO/Trailing 4 Quarter Avg Government Contracting Portfolio

$20.7

$154.2

$78.3

• Comprised primarily of facilities that help fund private equity

group lending to businesses

• The Company’s exposure consists of granular downstream

credits held as collateral with each facility controlled with

specific conservative advance rates and concentration

percentages

• The Company has had no NDFI charge-offs or past due loans in

the preceding four quarters

• All NDFI loans are included in the Other Commercial (Other) loan

class

NON-DEPOSITORY FINANCIAL INSTITUTION (“NDFI”)/PRIVATE

CREDIT PORTFOLIO

As of June 30, 2026

NDFI/PRIVATE CREDIT PORTFOLIO PORTFOLIO CHARACTERISTICS

$ I N M I LLI O N S

Loans to mortgage credit intermediaries

Institutional CRE, Residential Mortgage Warehouse,

Mortgage Servicing Rights ("MSR")

Loans to business credit intermediaries

Wholesale Lender Finance, Business Development

Companies

Other loans to non-depository financial

institutions

All Other (e.g. insurance, broker/dealer)

Loans to consumer credit intermediaries1

Consumer Lender Finance

N D F I / P R I V A T E C R E D I T LO A N T Y P E S

Total of $253.2

NDFI Loan Loss Reserve / Total NDFI Loans 0.86%

NDFI Loans/ Total Loans 0.88%

Average NDFI Loan Size $2.2 million

KEY PORTFOLIO METRICS

1. As of June 30, 2026, there were no outstanding balances related to loans to consumer credit intermediaries

0.31%

0.41%

0.45%

0.28%

2024 2025 Q1 2026 2Q 2026

0.31%

0.41% 0.35% 0.39%

2024 2025 Q1 2026 Q2 2026

0.38%

1.39%

0.23%

0.04% (0.04%)

0.14%

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 2Q 2026

Loan Loss Provision / Average Loans

ASSET QUALITY

NON-PERFORMING ASSETS / LHFI PROVISIONS

NON-ACCRUAL LOANS / LHFI PAST DUE AND STILL ACCRUING / LHFI 1

0.32%

0.42% 0.36% 0.39%

2024 2025 Q1 2026 Q2 2026

1.13% 1.16% 1.15% 1.15% ACL /

LOANS:

Yearly data as of or for the twelve months ended, quarterly data as of or for the three months ended

1. Shown as 30+ days past due and still accruing / total loans held for investment.

1.25% 1.17%

30 Numbers may not foot due to rounding

Q2 2026 ALLOWANCE FOR CREDIT LOSSES (ACL)

AND PROVISION FOR CREDIT LOSSES

Q2 MACROECONOMIC FORECAST

Q2 ACL CONSIDERATIONS

MOODY’S JUNE 2026 BASELINE FORECAST:

• US GDP expected to average ~2.1% growth

in 2026 and ~1.9% in 2027.

• The national unemployment rate expected

to average ~4.4% in 2026 and ~4.6% 2027.

• Effective January 1, 2026, the Company

made certain changes to its ACL

methodology as part of the continued

enhancement of its credit modeling

practices, resulting in more dynamic and

precise modeling that allows for more

granularity in the monitoring of our credit

losses.

• Utilizes a weighted Moody’s forecast

economic scenarios approach in the

overall estimate.

• The increase in the allowance for credit

losses reflects growth in both the ALLL and

the RUC primarily driven by loan growth

and higher unfunded commitments.

• The reasonable and supportable forecast

period is 2 years; followed by reversion to

the historical loss average over 2 years.

ALLOWANCE FOR LOAN

& LEASE LOSSES (ALLL)

RESERVE FOR UNFUNDED

COMMITMENTS (RUC)

ALLOWANCE FOR

CREDIT LOSSES

12/31/2025

Ending Balance % of loans

$295.1 million

(1.06%)

$26.2 million

(0.10%)

$321.3 million

(1.16%)

Q1 2026 Activity

($4.0) million

Decrease driven by portfolio mix

changes.

+$4.6 million

Increase primarily driven by higher

construction and land development

unfunded commitments.

+$0.6 million

$2.2 million Provision for Credit

Losses and $1.6 million net charge-offs.

03/31/2026

Ending Balance % of loans

$291.1 million

(1.04%)

$30.8 million

(0.11%)

$321.9 million

(1.15%)

Q2 2026 Activity +$7.7 million

Increase driven by loan growth.

+$1.4 million

Increase driven by growth in

unfunded commitments.

+$9.1 million

$11.0 million Provision for Credit

Losses and $2.0 million net

charge-offs.

06/30/2026

Ending Balance % of loans

$298.8 million

(1.04%)

$32.2 million

(0.11%)

$331.0 million

(1.15%)

HISTORY OF PRUDENT CREDIT MANAGEMENT ACROSS CYCLES

NET CHARGE OFFS / AVERAGE LOANS (%)

0.01% 0.05%

0.21%

0.71%

0.58% 0.56% 0.58%

0.36%

0.11% 0.14% 0.09% 0.15% 0.12% 0.17%

0.08% 0.01% 0.02% 0.05% 0.05%

0.17%

0.03%

0.39%

0.59%

1.41%

2.56% 2.56%

1.57%

1.10%

0.69%

0.49%

0.44% 0.47% 0.50% 0.48% 0.51% 0.50%

0.25% 0.27%

0.51%

0.68% 0.63%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026

AUB Industry Average

TBU

FDIC Banks

Source: S&P Global Market Intelligence, Federal Reserve Bank of St. Louis (Federal Reserve Economic Data - FRED), Federal Deposit Insurance Corporation (FDIC) & company filings; Financial data as of respective quarter ended; Industry

average includes all FDIC-Insured Institutions.

FUNDING & LIQUIDITY

ATTRACTIVE CORE DEPOSIT BASE

Non-Interest Bearing

22%

Interest Checking

26%

Money Market

22%

Retail Time

13%

Jumbo Time

Brokered

Savings

DEPOSIT BASE CHARACTERISTICS AS OF JUNE 30, 2026 DEPOSIT COMPOSITION — $30.5 BILLION

92%

core deposits1

48%

transactional accounts

1.93%

cost of deposits

Figures may not foot due to rounding

1. Core deposits defined as total deposits less jumbo time deposits and brokered deposits

GRANULAR DEPOSIT BASE

CUSTOMER DEPOSIT GRANULARITY

PERIOD END UNINSURED & UNCOLLATERALIZED DEPOSITS

AS A PERCENTAGE OF TOTAL DEPOSITS

( $ M I LLI O N S )

$22,000 $22,000 $22,000

$105,000

$118,000 $120,000

$2,100 $2,600 $2,500

$7,400

$8,000 $8,100

Q2 2025 Q1 2026 Q2 2026

Retail Avg. Deposits Acct Size Business Avg. Deposits Acct Size

Retail Accounts - Median Business Accounts - Median

32% 32% 31% 32% 33%

$9,907 $9,802 $9,551 $9,608 $9,915

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

SECURITIES PORTFOLIO

• Total securities portfolio of $4.7 billion with a

total net unrealized losses of $346.2 million

– 83% of total portfolio book value in

available-for-sale (“AFS”) with net

unrealized losses of $317 million

– 17% of total portfolio book value

designated as held-to-maturity with net

unrealized losses of $29 million

– 14% floating rate versus 86% fixed rate

• Total effective duration of approximately 4.0

years. Securities portfolio is used defensively

to neutralize overall asset sensitive interest

rate risk profile

• ~27% municipals, ~71% treasuries, agency

MBS/CMOs and ~2% corporates and other

investments

• Securities to total assets of 12.4% as of June

30, 2026, down from 13.1% as of March 31,

2026

$4,636

$4,882

$4,738

2Q 2025 1Q 2026 2Q 2026

4.15% Yield1

4.08% Yield1

4.05% Yield1

INVESTMENT SECURITIES BALANCES

Total AFS (fair value) and HTM (carrying value)

( $ M I LLI O N S )

Data as of 6/30/26, unless stated otherwise

1. Non-GAAP financial measure. Please refer to the appendix for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure.

Cash and Cash

Equivalents

(unrestricted)

$969

Unencumbered

Securities

$1,790

FHLB Borrowing

Capacity

$4,988

Fed Funds Lines

$1,392

Discount Window

$1,653

Secondary Sources*

$2,514

LIQUIDITY POSITION

* Includes brokered deposits and other sources of liquidity

Figures may not foot due to rounding

Liquidity

Sources

Total

$13.3

billion

At June 30, 2026

TOTAL LIQUIDITY SOURCES OF

$13.3 BILLION

~134% Liquidity Coverage Ratio of

Uninsured/Uncollateralized Deposits of $9.9 billion

($ MILLIONS)

CAPITAL POSITION

CAPITAL RATIO

REGULATORY WELL

CAPITALIZED

MINIMUMS

REPORTED PRO FORMA INCLUDING AOCI

& HTM UNREALIZED LOSSES

ATLANTIC UNION

BANKSHARES

ATLANTIC

UNION BANK

ATLANTIC

UNION

BANKSHARES

ATLANTIC

UNION BANK

Common Equity Tier 1 Ratio

(CET1) 6.5% 10.4% 13.0% 9.4% 12.0%

Tier 1 Capital Ratio 8.0% 10.9% 13.0% 10.0% 12.0%

Total Risk Based Capital Ratio 10.0% 14.1% 14.0% 13.2% 13.0%

Leverage Ratio 5.0% 9.6% 11.4% 8.8% 10.6%

Tangible Equity to Tangible

Assets (non-GAAP)1

- 8.6% 10.4% 8.6% 10.3%

Tangible Common Equity Ratio

(non-GAAP) 1

- 8.2% 10.4% 8.1% 10.3%

As of 6/30/2026 As of 3/31/2026 % Change

Tangible Book Value per share

(non-GAAP) 1 - $20.77 $19.93 4.2%

1. Non-GAAP financial measure. Please refer to the appendix for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure

* Capital information presented herein is based on estimates and subject to change pending the Company’s filing of its regulatory reports

STRONG CAPITAL POSITION

At June 30, 2026

CAPITAL MANAGEMENT STRATEGY

ATLANTIC UNION CAPITAL MANAGEMENT

OBJECTIVES ARE TO:

• Maintain designation as a “well capitalized”

institution.

• Ensure capital levels are commensurate with

the Company’s risk profile, capital stress test

projections, and strategic plan objectives.

THE COMPANY’S CAPITAL RATIOS ARE WELL

ABOVE REGULATORY WELL CAPITALIZED LEVELS

• On a pro forma standalone basis, the Company

and the Bank would be well capitalized if

unrealized losses on securities were realized at

June 30, 2026.

CAPITAL MANAGEMENT ACTIONS

During the second quarter of 2026, the Company:

• Paid a common stock dividend of 37 cents per

share, which was the same as the first quarter of

2026, and an increase of 8.8% from the second

quarter of 2025 dividend amount.

• Paid dividends of $171.88 per outstanding share

of Series A Preferred Stock

• Repurchased $10.0 million of common stock at

an average price of $37.76

CONSOLIDATED CAPITAL RATIOS

TIER 1 RATIO (%)

TOTAL CAPITAL RATIO (%)

10.8% 10.6% 10.8% 10.9%

2024 2025 Q1 2026 Q2 2026

13.6%

13.9% 14.0% 14.1%

2024 2025 Q1 2026 Q2 2026

TANGIBLE COMMON EQUITY / TANGIBLE

ASSETS (%)1

7.2%

7.9% 8.0% 8.2%

2024 2025 Q1 2026 Q2 2026

CET1 RATIO (%)

10.0% 10.1% 10.2% 10.4%

2024 2025 Q1 2026 Q2 2026

1. Non-GAAP financial measure. Please refer to the appendix for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure

APPENDIX

PRO FORMA CONSOLIDATED CAPITAL Note: Assumes 0% risk weighting on net subordinated debt proceeds

1. For illustrative purposes only, assumes a $200 million subordinated debt raise, net of

customary offering and underwriting expenses, for net proceeds of $197.5 million. Qualifying

subordinated debt is included in Tier 2 capital at its gross outstanding principal (par)

amount of $200 million 2. Reflects the redemption at par of existing subordinated notes of

$168 million, which represents $101 million net capital impact to qualifying subordinated

debt (60% Tier 2 phase out due to maturity schedule) 3. Non-GAAP financial measure. Please

refer to the appendix for a reconciliation of the non-GAAP financial measure to the most

directly comparable GAAP measure. As Reported $200M Redemption Pro Forma AUB Sub Debt of

Existing AUB ($ in millions) 6/30/2026 Issuance 1 Sub Debt 2 6/30/2026 Regulatory Capital

Components Common Equity Tier 1 $3,271 $3,271 Additional Tier 1 Capital 166 166 Tier 1 Capital

$3,438 $3,438 Qualifying loan loss reserve $305 $305 Plus: Qualifying Subordinated Debt 537

200 (101) 636 Plus: Additional TRUP 167 167 Total Tier 2 $1,008 $1,107 Total Risk Based Capital

$4,446 200 (101) $4,545 Assets for Regulatory Ratios Risk Adjusted Assets $31,421 $31,421

Average assets for leverage ratio 35,721 198 (168) 35,750 TCE / TA Components Tangible Common

Equity $2,947 $2,947 Actual Assets 38,100 198 (168) 38,129 Tangible Assets 36,060 198 (168)

36,090 Capital Ratios Tangible Common Equity / Tangible Assets 8.2% 8.2% Tier 1 Leverage

Ratio 9.6% 9.6% Common Equity Tier 1 Ratio 10.4% 10.4% Tier 1 Risk-Based Ratio 10.9% 10.9%

Total Risk-Based Ratio 14.1% 14.5% 3 3 Deal Roadshow Only

KROLL BOND RATING AGENCY AND OUTSTANDING DEBT &

PREFERRED SUMMARY

As of October 24, 2025 KBRA

Atlantic Union Bankshares Corporation

Senior Unsecured Debt BBB+

Subordinated Debt BBB

Preferred Stock BBB-Short-Term Debt K2

Outlook Stable

As of October 24, 2025 KBRA

Atlantic Union Bank

Deposit A-Senior Unsecured Debt A-Subordinated Debt BBB+

Short-Term Debt K2

Outlook Stable

Debt and Hybrid Securities Profile

Issue Entity Rank Maturity Call Amount

($000)

Front-End

Coupon Back-End Coupon Current

Coupon1

Subordinated Debt

2031 Sub Notes

(10NC5) HoldCo Subordinated 12/15/2031 12/15/2026 $250,000 2.875% 3M SOFR + 186 bps 2.875%

2032 Sub Notes

(10NC5) HoldCo Subordinated 3/30/2032 3/30/2027 $190,000 3.875% 3M SOFR + 196.5 bps 3.875%

2029 Sub Notes

(10NC5) HoldCo Subordinated 11/15/2029 Callable $168,000 4.250% 3M SOFR + 262 bps2 6.530%

Trust Preferred Capital Securities

Statutory Trust I HoldCo Jr. Subordinated 6/17/2034 Callable $22,500 — 3M SOFR + 275 bps2 6.660%

Statutory Trust II HoldCo Jr. Subordinated 6/15/2036 Callable $36,000 — 3M SOFR + 140 bps2 5.310%

VFG Limited Liability

Trust I HoldCo Jr. Subordinated 3/18/2034 Callable $20,000 — 3M SOFR + 273 bps2 6.640%

FNB Statutory Trust II HoldCo Jr. Subordinated 6/26/2033 Callable $12,000 — 3M SOFR + 310 bps2 7.010%

Gateway Capital

Statutory Trust I HoldCo Jr. Subordinated 9/17/2033 Callable $8,000 — 3M SOFR + 310 bps2 7.010%

Gateway Capital

Statutory Trust II HoldCo Jr. Subordinated 6/17/2034 Callable $7,000 — 3M SOFR + 265 bps2 6.560%

Gateway Capital

Statutory Trust III HoldCo Jr. Subordinated 5/30/2036 Callable $15,000 — 3M SOFR + 150 bps2 5.410%

Gateway Capital

Statutory Trust IV HoldCo Jr. Subordinated 7/30/2037 Callable $25,000 — 3M SOFR + 155 bps2 5.460%

MFC Capital Trust II HoldCo Jr. Subordinated 1/23/2034 Callable $5,000 — 3M SOFR + 285 bps2 6.760%

AMNB Statutory

Trust I HoldCo Jr. Subordinated 6/30/2036 Callable $20,000 — 3M SOFR + 135 bps2 5.260%

MidCarolina Trust I HoldCo Jr. Subordinated 11/7/2032 Callable $5,000 — 3M SOFR + 345 bps3 7.100%

MidCarolina Trust II HoldCo Jr. Subordinated 1/7/2034 Callable $3,500 — 3M SOFR + 295 bps3 6.600%

Preferred Stock

Series A Preferred

(Perpetual NC) HoldCo Preferred Stock Perpetual Callable $172,500 6.875% — 6.875%

$168M of 2029 Sub Notes receiving 60% Tier 2

capital treatment given remaining time to maturity

Rating disclaimer: An explanation of the significance of ratings may be obtained from the rating agency. Generally, rating agencies base their ratings on such material and information, and such of their own investigations, studies and

assumptions, as they deem appropriate. Ratings should be evaluated independently from similar ratings of other securities. A credit rating of a security is not a recommendation to buy, sell or hold securities and may be subject to review,

revision, suspension, reduction or withdrawal at any time by the assigning rating agency. No report of any rating agency is incorporated by reference herein.

1. Coupon rate subject to change; Data per AUB 2025Y 10-K.

2. Three-Month Chicago Mercantile Exchange Secured Overnight Financing Rate (“SOFR”) + 0.262%

3. Three-Month Chicago Mercantile Exchange SOFR

DOUBLE LEVERAGE AND INTEREST COVERAGE Deal Roadshow Only Fiscal Year Ended, Three Months

Ended 6/30/2026, ($ in millions) 2022 2023 2024 2025 Standalone Offering Adjustments Pro

Forma 1 Double Leverage Bank-Level Equity $2,666 $2,845 $3,475 $5,716 $5,792 $5 $5,797 Consolidated

Equity 2,373 2,556 3,143 5,006 5,153 0 5,153 Double Leverage Ratio 112% 111% 111% 114% 112%

112% Interest Coverage Earnings: Income From Continuing Operations Before Taxes $280.0 $239.9

$259.8 $337.0 $204.5 ($0.2) $204.3 (+) Total Debt Interest 20.0 46.7 45.1 51.0 15.3 0.4 15.7

Earnings (Before Corporate Debt Interest) $299.9 $286.6 $304.9 $388.0 $219.8 $220.0 (+) Total

Deposit Interest 56.2 296.7 483.9 615.5 146.4 $146.4 Earnings (Before Corporate Debt Interest

+ Deposit Interest) $356.1 $583.3 $788.8 $1,003.6 $366.2 $366.4 Interest: Total Debt Interest

$20.0 $46.7 $45.1 $51.0 $15.3 $0.4 $15.7 Interest Expense Excluding Deposit Interest $20.0

$46.7 $45.1 $51.0 $15.3 $15.7 Total Deposit Interest 56.2 296.7 483.9 615.5 146.4 146.4 Interest

Expense Including Deposit Interest $76.2 $343.4 $529.0 $666.6 $161.7 $162.1 Adjusted Interest

Coverage (Ex. Deposit Interest Expense) - A / C 15.0x 6.1x 6.8x 7.6x 14.4x 14.0x Adjusted

Interest Coverage (Inc. Deposit Interest Expense) - B / D 4.7x 1.7x 1.5x 1.5x 2.3x 2.3x A

B C D Figures may not foot due to rounding 1. For illustrative purposes only. Assumes a $200

million subordinated debt raise with market standard fees and expenses. Assumes $5 million

of proceeds down streamed as equity to the bank. Remainder of proceeds held as cash at the

holding company. Includes redemption at par of existing subordinated debt notes of $168 million

due 11/15/2029 and with a floating rate of 3M Term SOFR + 262 bps

RECONCILIATION OF NON-GAAP DISCLOSURES

NET INTEREST MARGIN, LOAN YIELD, INVESTMENT YIELD AND EARNING ASSET YIELD

(Dollars in thousands, except per share amounts and ratios)

For the year ended For the three months ended

2024 2025 Q2 '25 Q1 '26 Q2 '26

Net interest income (GAAP) $698,539 $1,154,913 $321,372 $279,659 $285,162

FTE adjustment 15,226 17,161 4,361 4,549 4,560

Net interest income (FTE) (non-GAAP) $713,765 $1,172,074 $325,733 $284,208 $289,722

Noninterest income (GAAP) 118,878 219,436 81,522 54,783 90,248

Total revenue (FTE) (non-GAAP) 832,643 1,391,510 407,255 338,991 379,970

Net interest income (FTE) (non-GAAP) $713,765 $1,172,074 $325,733 $284,208 $289,722

Purchase accounting adjustments 40,476 145,970 45,372 32,714 39,939

Core net interest income (FTE) (non-GAAP) 673,289 1,026,104 280,361 251,494 249,783

Average earning assets $21,347,677 $30,876,034 $34,121,715 $33,377,790 $33,544,840

Net interest margin (GAAP) 3.27% 3.74% 3.78% 3.40% 3.41%

Net interest margin (FTE) (non-GAAP) 3.34% 3.80% 3.83% 3.45% 3.46%

Core net interest margin (FTE) (non-GAAP) 3.15% 3.32% 3.30% 3.06% 2.99%

Loan interest income (GAAP) $1,091,588 $1,591,505 $435,677 $419,129 $436,309

FTE adjustment 6,563 8,153 2,142 2,170 2,199

Loan interest income (FTE) (non-GAAP) 1,098,151 1,599,658 437,819 421,299 438,508

Average LHFI $17,647,589 $25,116,692 $27,094,551 $27,830,037 $28,243,611

Loan yield (GAAP) 6.19% 6.34% 6.45% 6.11% 6.20%

Loan yield (FTE) (non-GAAP) 6.22% 6.37% 6.48% 6.14% 6.23%

Investment interest income (GAAP) $123,780 $179,433 $46,616 $49,961 $47,856

FTE adjustment 8,663 9,008 2,220 2,380 2,362

Investment interest income (FTE) (non-GAAP) 132,443 188,441 48,836 52,341 50,218

Average securities $3,394,095 $4,589,613 $4,721,736 $5,207,502 $4,976,527

Investment yield (GAAP) 3.65% 3.91% 3.96% 3.89% 3.86%

Investment yield (FTE) (non-GAAP) 3.90% 4.11% 4.15% 4.08% 4.05%

Total earning assets interest income (GAAP) $1,227,535 $1,821,487 $510,372 $471,735 $486,828

FTE adjustment 15,226 17,161 4,362 4,550 4,561

Total earning assets interest income (FTE) (non-GAAP) 1,242,761 1,838,648 514,734 476,285 491,389

Average earning assets $21,347,677 $30,876,034 $34,121,715 $33,377,790 $33,544,840

Earning assets yield (GAAP) 5.75% 5.90% 6.00% 5.73% 5.82%

Earning assets yield (FTE) (non-GAAP) 5.82% 5.95% 6.05% 5.79% 5.88%

The Company believes net interest income (FTE), interest

income (FTE), investment income (FTE), total revenue (FTE),

earning asset income (FTE), total adjusted revenue (FTE),

which are used in computing net interest margin (FTE), core

net interest margin (FTE), loan yield (FTE), investment yield

(FTE), earning asset yield (FTE), efficiency ratio (FTE) and

adjusted operating efficiency ratio (FTE), provide valuable

additional insight into the net interest margin, loan yield,

investment yield, earning asset yield, 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 the 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.

RECONCILIATION OF NON-GAAP DISCLOSURES

ADJUSTED OPERATING EARNINGS AND EFFICIENCY RATIO

(Dollars in thousands, except per share amounts and ratios)

For the year ended For the three months ended

2024 2025 Q2' 25 Q3' 25 Q4' 25 Q1 '26 Q2 '26 Operating Measures Net Income (GAAP) $209,131 $273,715 $19,791 $92,140 $111,966 $122,165 $161,013

Plus: Merger-related costs, net of tax 33,476 124,590 63,349 26,856 29,742 6,956 -

Plus: FDIC special assessment, net of tax 664 - - - - - -

Plus: Deferred tax asset write-down 4,774 - - - - - -

Plus: CECL Day 1 non-PCD & RUC provision, net of tax 11,520 77,742 77,742 - - - -

Less: (Loss) gain on sale of securities, net of tax (5,129) (62) 1 2 3 2 2 3

Less: Gain (loss) on CRE loan sale, net of tax - 8,405 - - - - -

Less: Gain on sale of equity interest in CSP, net of tax - 10,994 10,654 - 340 - -

Less: Gain on sale of equity interest in Bearing Ins., net of tax - - - - - - 24,023 Adjusted operating earnings (non-GAAP) $264,694 $456,710 $138,112 $122,693 $141,366 $129,119 $136,987

Less: Dividends on preferred stock 11,868 11,868 2,967 2,967 2,967 2,967 2,967 Adjusted operating earnings avail. to common shareholders (non-GAAP) $252,826 $444,842 $135,145 $119,726 $138,399 $126,152 $134,020

Weighted average common shares outstanding, diluted 87,909,237 129,161,421 141,738,325 141,986,217 142,118,797 142,280,978 142,320,806

EPS available to common shareholders, diluted (GAAP) $2.24 $2.03 $0.12 $0.63 $0.77 $0.84 $1.11 Adjusted operating EPS available to common shareholders (non-GAAP) $2.88 $3.44 $0.95 $0.84 $0.97 $0.89 $0.94

Operating Efficiency Ratio Noninterest expense (GAAP) $507,534 $895,570 $279,698 $238,446 $243,243 $209,810 $199,136

Less: Amortization of intangible assets 19,307 59,668 18,433 18,145 17,692 15,446 15,136

Less: Merger-related costs 40,018 157,278 78,900 34,812 38,626 9,034 -

Less: FDIC special assessment 840 - - - - - - Adjusted operating noninterest expense (non-GAAP) $447,369 $678,624 $182,365 $185,489 $186,925 $185,330 $184,000

Noninterest income (GAAP) $118,878 $219,436 $81,522 $51,751 $57,000 $54,783 $90,248

Less: (Loss) gain on sale of securities (6,493) (81) 1 6 4 2 2 4

Less: Gain (loss) on CRE loan sale - 10,915 15,720 (4,805) - - -

Less: Gain on sale of equity interest in CSP - 14,757 14,300 - 457 - -

Less: Gain on sale of equity interest in Bearing Insurance - - - - - - 32,350 Adjusted operating noninterest income (non-GAAP) $125,371 $193,845 $51,486 $56,552 $56,541 $54,781 $57,894

Net interest income (GAAP) $698,539 $1,154,913 $321,371 $319,210 $330,168 $312,373 $325,118 Noninterest income (GAAP) 118,878 219,436 81,522 51,751 57,000 54,783 90,248

Total revenue (GAAP) $817,417 $1,374,349 $402,893 $370,961 $387,168 $367,156 $415,366

Net interest income (FTE) (non-GAAP) $713,765 $1,172,074 $325,733 $323,629 $334,789 $316,923 $329,679 Adjusted operating noninterest income (non-GAAP) 125,371 193,845 51,486 56,552 56,541 54,781 57,894

Total adjusted revenue (FTE) (non-GAAP) $839,136 $1,365,919 $377,219 $380,181 $391,330 $371,704 $387,573

Efficiency ratio (GAAP) 62.1% 65.2% 69.4% 62.8% 62.8% 57.1% 47.9%

Efficiency ratio FTE (non-GAAP) 61.0% 64.4% 68.7% 62.1% 62.1% 56.4% 47.4%

Adjusted operating efficiency ratio (FTE) (non-GAAP) 53.3% 49.7% 48.3% 48.8% 47.8% 49.9% 47.5%

Adjusted operating measures exclude, as applicable,

merger-related costs, FDIC special assessment, deferred tax

asset write-down, CECL Day 1 non-PCD loans and RUC

provision expense, (loss) gain on sale of securities, gain

(loss) on CRE loan sale, gain on sale of equity interest in Cary

Street Partners (“CSP”), and gain on sale of equity interest in

Bearing Insurance. The Company believes these non-GAAP

adjusted measures provide investors with important

information about the continuing economic results of the

Company’s operations. The Company believes net interest

income (FTE), total revenue (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 the 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. The adjusted operating efficiency ratio

(FTE) excludes, as applicable, the amortization of intangible

assets, merger-related costs, FDIC special assessment,

(loss) gain on sale of securities, gain (loss) on CRE loan sale,

gain on sale of equity interest in CSP, and gain on sale of

equity interest in Bearing Insurance. This measure is similar

to the measure used by the Company when analyzing

corporate performance and is also similar to the measure

used for incentive compensation. The Company believes this

adjusted measure provides investors with important

information about the continuing economic results of the

Company’s operations.

RECONCILIATION OF NON-GAAP DISCLOSURES

OPERATING MEASURES — RETURN ON ASSETS, EQUITY AND TANGIBLE COMMON EQUITY

(Dollars in thousands, except per share amounts and ratios)

For the year ended For the three months ended

2024 2025 Q1 '26 Q2 '26

Return on average assets (ROA)

Average assets (GAAP) $23,862,190 $34,380,986 $37,254,857 $37,433,973

ROA (GAAP) 0.88% 0.80% 1.33% 1.73%

Adjusted operating ROA (non-GAAP) 1.11% 1.33% 1.41% 1.47%

Return on average equity (ROE)

Adjusted operating earnings avail. to common shareholders (non-GAAP) $252,826 $444,842 $126,152 $134,020

Plus: Amortization of intangibles, tax effected 15,253 47,138 12,202 11,957

Adjusted operating earnings avail. to common before amort. of intangibles (non-GAAP) $268,079 $491,980 $138,354 $145,977

Average equity (GAAP) $2,971,111 $4,446,839 $5,068,069 $5,125,495

Less: Average goodwill 1,139,422 1,592,391 1,733,527 1,754,875

Less: Average amortizable intangibles 73,984 277,977 307,636 292,322

Less: Average perpetual preferred stock 166,356 166,356 166,356 166,356

Average tangible common equity (non-GAAP) $1,591,349 $2,410,115 $2,860,550 $2,911,942

ROE (GAAP) 7.04% 6.16% 9.78% 12.60%

Return on tangible common equity (ROTCE)

Net income available to common shareholders (GAAP) $197,263 $261,847 $119,198 $158,046

Plus: Amortization of intangibles, tax effected 15,253 47,138 12,202 11,957

Net income avail. to common before amort. of intangibles (non-GAAP) $212,516 $308,985 $131,400 $170,003

ROTCE (non-GAAP) 13.35% 12.82% 18.63% 23.42%

Adjusted operating ROTCE (non-GAAP) 16.85% 20.41% 19.62% 20.11%

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. The Company believes

tangible common equity is an important indication of its

ability to grow organically and through business

combinations as well as its ability to pay dividends and to

engage in various capital management strategies. The

Company believes that ROTCE is a meaningful supplement

to GAAP financial measures and is 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. Adjusted operating measures exclude, as

applicable, merger-related costs, FDIC special assessment,

deferred tax asset write-down, CECL Day 1 non-PCD loans

and RUC provision expense, (loss) gain on sale of securities,

gain (loss) on CRE loan sale, gain on sale of equity interest in

CSP, gain on sale of equity interest in Bearing Insurance and

amortization of intangible assets. The Company believes

these non-GAAP adjusted measures provide investors with

important information about the continuing economic results

of the Company’s operations.

RECONCILIATION OF NON-GAAP DISCLOSURES

TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO — ATLANTIC UNION BANKSHARES (CONSOLIDATED)

(Dollars in thousands, except per share amounts and ratios)

For the year ended For the three months ended

2024 2025 Q1 '26 Q2 '26

Tangible Assets

Ending Assets (GAAP) $24,585,323 $37,585,754 $37,315,011 $38,099,868

Less: Ending goodwill 1,214,053 1,733,287 1,754,875 1,754,875

Less: Ending amortizable intangibles 84,563 315,544 300,099 284,962

Ending tangible assets (non-GAAP) $23,286,707 $35,536,923 $35,260,037 $36,060,031

Tangible Common Equity

Ending equity (GAAP) $3,142,879 $5,006,398 $5,052,316 $5,153,414

Less: Ending goodwill 1,214,053 1,733,287 1,754,875 1,754,875

Less: Ending amortizable intangibles 84,563 315,544 300,099 284,962

Less: Perpetual preferred stock 166,357 166,357 166,357 166,357

Ending tangible common equity (non-GAAP) $1,677,906 $2,791,210 $2,830,985 $2,947,220

Net unrealized losses on HTM securities, net of tax ($44,516) ($27,404) ($35,456) ($29,142)

Accumulated other comprehensive loss (AOCI) (359,686) (256,087) (278,488) (276,793)

Common shares outstanding at end of period 89,770,231 141,776,886 142,060,496 141,924,165

Average equity (GAAP) $2,971,111 $4,950,858 $5,068,069 $5,125,495

Less: Average goodwill 1,139,422 1,726,933 1,733,527 1,754,875

Less: Average amortizable intangibles 73,984 324,099 307,636 292,322

Less: Average perpetual preferred stock 166,356 166,356 166,356 166,356

Average tangible common equity (non-GAAP) $1,591,349 $2,733,470 $2,860,550 $2,911,942

Book value per common share (GAAP) $33.40 $34.14 $34.39 $35.14

Tangible book value per common share (non-GAAP) $18.83 $19.69 $19.93 $20.77

Tangible book value per common share, ex AOCI (non-GAAP) $22.87 $21.49 $21.89 $22.72

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. The Company believes

tangible common equity is an important indication of its

ability to grow organically and through business

combinations, as well as its ability to pay dividends and to

engage in various capital management strategies. The

Company also calculates adjusted tangible common equity

to tangible assets ratios to exclude AOCI, which is principally

comprised of unrealized losses on AFS securities, and to

exclude the impact of unrealized losses on HTM securities.

The Company believes that each of these ratios enables

investors to assess the Company's capital levels and capital

adequacy without the effects of changes in AOCI, some of

which are uncertain and difficult to predict, or assuming that

the Company realized all previously unrealized losses on

HTM securities at the end of the period, as applicable.

RECONCILIATION OF NON-GAAP DISCLOSURES

TANGIBLE ASSETS, TANGIBLE COMMON EQUITY

(Dollars in thousands, except per share amounts)

2024 2025 Q1' 26 Q2' 26

Atlantic Union Atlantic Union Atlantic Union Atlantic Union Atlantic Union Atlantic Union

Bankshares Bankshares Bankshares Bank Bankshares Bank

Tangible Assets

Ending Assets (GAAP) $ 24,585,323 $ 37,585,754 $ 37,315,011 $ 37,224,225 $ 38,099,868 $ 38,016,047

Less: Ending goodwill 1,214,053 1,733,287 1,754,875 1,754,875 1,754,875 1,754,875

Less: Ending amortizable intangibles 84,563 315,544 300,099 300,099 284,962 284,962

Ending tangible assets (non-GAAP) $ 23,286,707 $ 35,536,923 $ 35,260,037 $ 35,169,251 $ 36,060,031 $ 35,976,210

Tangible Common Equity

Ending equity (GAAP) $ 3,142,879 $ 5,006,398 $ 5,052,316 $ 5,759,867 $ 5,153,414 $ 5,792,358

Less: Ending goodwill 1,214,053 1,733,287 1,754,875 1,754,875 1,754,875 1,754,875

Less: Ending amortizable intangibles 84,563 315,544 300,099 300,099 284,962 284,962

Less: Perpetual preferred stock 166,357 166,357 166,357 — 166,357 —

Ending tangible common equity (non-GAAP) $ 1,677,906 $ 2,791,210 $ 2,830,985 $ 3,704,893 $ 2,947,220 $ 3,752,521

Net unrealized losses on HTM securities, net of tax $ (44,516) $ (27,404) $ (35,456) $ (35,456) $ (29,142) $ (29,142)

Accumulated other comprehensive loss (AOCI) $ (359,686) $ (256,087) $ (278,488) $ (278,514) $ (276,793) $ (276,815)

Common shares outstanding at end of period 89,770,231 141,776,886 142,060,496 141,924,165

Average equity (GAAP) $ 2,971,111 $ 4,950,858 $ 5,068,069 $ 5,759,823 $ 5,125,495 $ 5,771,065

Less: Average goodwill 1,139,422 1,726,933 1,733,527 1,733,527 1,754,875 1,754,875

Less: Average amortizable intangibles 73,984 324,099 307,636 307,636 292,322 292,322

Less: Average perpetual preferred stock 166,356 166,356 166,356 — 166,356 —

Average tangible common equity (non-GAAP) $ 1,591,349 $ 2,733,470 $ 2,860,550 $ 3,718,660 $ 2,911,942 $ 3,723,868

Book value per common share (GAAP) $ 33.40 $ 34.14 $ 34.39 $ 35.14

Tangible book value per common share (non-GAAP) $ 18.83 $ 19.69 $ 19.93 $ 20.77

Tangible book value per common share, ex AOCI (non-GAAP) $ 22.87 $ 21.49 $ 21.89 $ 22.72

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. The Company believes

tangible common equity is an important indication of its

ability to grow organically and through business

combinations, as well as its ability to pay dividends and to

engage in various capital management strategies. The

Company also calculates adjusted tangible common equity

to tangible assets ratios to exclude AOCI, which is principally

comprised of unrealized losses on AFS securities, and to

exclude the impact of unrealized losses on HTM securities.

The Company believes that each of these ratios enables

investors to assess the Company's capital levels and capital

adequacy without the effects of changes in AOCI, some of

which are uncertain and difficult to predict, or assuming that

the Company realized all previously unrealized losses on

HTM securities at the end of the period, as applicable.

RECONCILIATION OF NON-GAAP DISCLOSURES

TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO

(Dollars in thousands, except per share amounts)

2024 2025 Q1 '26 Q2 '26

Atlantic Union Atlantic Union Atlantic Union Atlantic Union Atlantic Union

Bankshares Bankshares Bankshares Bankshares Bank

Common equity to total assets (GAAP) 12.1% 12.9% 13.1% 13.1% 15.2%

Tangible equity to tangible assets (non-GAAP) 7.9% 8.3% 8.5% 8.6% 10.4%

Tangible equity to tangible assets, incl net unrealized losses on HTM securities (non-GAAP) 7.7% 8.2% 8.4% 8.6% 10.3%

Tangible common equity to tangible assets (non-GAAP) 7.2% 7.9% 8.0% 8.2% 10.4%

Tangible common equity to tangible assets, incl net unrealized losses on HTM securities (non-GAAP) 7.0% 7.8% 7.9% 8.1% 10.3%

Tangible common equity to tangible assets, ex AOCI (non-GAAP) 8.8% 8.6% 8.8% 8.9%

Leverage Ratio

Tier 1 capital $ 2,229,519 $ 3,240,423 $ 3,298,944 $ 3,437,731 $ 4,079,069

Total average assets for leverage ratio $ 23,995,276 $ 35,602,493 $ 35,442,183 $ 35,720,812 $ 35,638,388

Leverage ratio 9.3% 9.1% 9.3% 9.6% 11.4%

Leverage ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 7.6% 8.3% 8.4% 8.8% 10.6%

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. The Company believes

tangible common equity is an important indication of its

ability to grow organically and through business

combinations, as well as its ability to pay dividends and to

engage in various capital management strategies. The

Company also calculates adjusted tangible common equity

to tangible assets ratios to exclude AOCI, which is principally

comprised of unrealized losses on AFS securities, and to

exclude the impact of unrealized losses on HTM securities.

The Company believes that each of these ratios enables

investors to assess the Company's capital levels and capital

adequacy without the effects of changes in AOCI, some of

which are uncertain and difficult to predict, or assuming that

the Company realized all previously unrealized losses on

HTM securities at the end of the period, as applicable.

RECONCILIATION OF NON-GAAP DISCLOSURES

ADJUSTED OPERATING PRE-TAX PRE-PROVISION EARNINGS (FTE)

(Dollars in thousands, except per share amounts and ratios)

For the year ended For the three months ended

2024 2025 Q1 '26 Q2 '26

Net interest income (GAAP) $698,539 $1,154,913 $312,373 $325,118

FTE adjustment 15,226 17,161 4,550 4,561

Net interest income (FTE) (non-GAAP) 713,765 1,172,074 316,923 329,679

Noninterest income (GAAP) 118,878 219,436 54,783 90,248

Total revenue (FTE) (non-GAAP) 832,643 1,391,510 371,706 419,927

Less: Noninterest expense (GAAP) 507,534 895,570 209,810 199,136

Pre-tax pre-provision earnings (FTE) (non-GAAP) 325,109 495,940 161,896 220,791

Plus: Merger-related costs 40,018 157,278 9,034 -

Plus: FDIC special assessment 840 -

Less: (Loss) gain on sale of securities (6,493) (81) 2 4

Less: Gain on CRE loan sale - 10,915 - -

Less: Gain on sale of equity interest in CSP - 14,757

Less: Gain on sale of equity interest in Bearing Insurance - - - 32,350

Adjusted operating pre-tax pre-provision earnings (FTE) (non-GAAP) $372,460 $627,627 $170,928 $188,437

Adjusted operating pre-tax pre-provision earnings (FTE)

excludes, as applicable, the provision for credit losses,

which can fluctuate significantly from period-to-period under

the CECL methodology, income tax expense, merger-related

costs, (loss) gain on sale of securities, gain on CRE loan sale,

gain on sale of equity interest in CSP, and gain on sale of

equity interest in Bearing Insurance. The Company believes

this adjusted measure provides investors with important

information about the continuing economic results of the

Company’s operations.

RECONCILIATION OF NON-GAAP DISCLOSURES

LOAN INTEREST INCOME AND LOAN YIELD, FULLY TAXABLE EQUIVALENT (FTE)

(Dollars in thousands, except per share amounts and ratios)

For the three months ended

Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26

Loan interest income (GAAP) $234,278 $284,747 $290,731 $281,830 $271,316 $435,677 $441,456 $443,055 $419,129 $436,309

Add: FTE adjustment 1,554 1,644 1,738 1,629 1,588 2,142 2,183 2,241 2,170 2,199

Loan interest income (FTE) (non-GAAP) 235,832 286,391 292,469 283,459 272,904 437,819 443,639 445,296 421,299 438,508

Average loans held for investment (LHFI) 15,732,599 18,154,673 18,320,122 18,367,657 18,428,710 27,094,551 27,386,338 27,433,274 27,830,037 28,243,611

Loan yield (GAAP) 5.99% 6.31% 6.31% 6.10% 5.97% 6.45% 6.40% 6.41% 6.11% 6.20%

Loan yield (FTE) (non-GAAP) 6.03% 6.34% 6.35% 6.14% 6.01% 6.48% 6.43% 6.44% 6.14% 6.23%

The Company believes interest income (FTE) and loan

interest income (FTE), which are used in computing loan yield

(FTE), provide valuable additional insight into loan yield 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 the

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.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Exchange Act

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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