Form 8-K

8-K — Atlantic Union Bankshares Corp

Accession: 0001104659-26-085221

Filed: 2026-07-21

Period: 2026-07-21

CIK: 0000883948

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — aub-20260721x8k.htm (Primary)

EX-99.1 (aub-20260721xex99d1.htm)

EX-99.2 (aub-20260721xex99d2.htm)

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8-K

8-K (Primary)

Filename: aub-20260721x8k.htm · Sequence: 1

ATLANTIC UNION BANKSHARES CORPORATION_July 21, 2026

0000883948false0000883948us-gaap:SeriesAPreferredStockMember2026-07-212026-07-210000883948us-gaap:CommonStockMember2026-07-212026-07-2100008839482026-07-212026-07-21

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 21, 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 2.02 Results of Operations and Financial Condition.

On July 21, 2026, Atlantic Union Bankshares Corporation (the “Company”) issued a press release announcing its financial results for the second quarter of 2026. A copy of the press release is being furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information disclosed in or incorporated by reference into this Item 2.02, including Exhibit 99.1, is furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Item 7.01 Regulation FD Disclosure.

Attached as Exhibit 99.2 and incorporated herein by reference is a presentation that the Company will use in connection with a webcast and conference call for investors and analysts at 9:00 a.m. Eastern Time on Tuesday, July 21, 2026. This presentation is also available under the Presentations link in the Investor Relations – News & Events section of the Company’s website at https://investors.atlanticunionbank.com.

The information disclosed in or incorporated by reference into this Item 7.01, including Exhibit 99.2, is furnished and shall not be deemed filed for purposes of Section 18 of the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description of Exhibit

99.1

Press release dated July 21, 2026 regarding the second quarter 2026 results.

99.2

Atlantic Union Bankshares Corporation presentation.

104

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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 21, 2026

By:

/s/ Alexander D. Dodd

Alexander D. Dodd

Executive Vice President and

Chief Financial Officer

EX-99.1

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Exhibit 99.1

Contact: Alexander D. Dodd - (804) 486-2634

Executive Vice President / Chief Financial Officer

ATLANTIC UNION BANKSHARES REPORTS SECOND QUARTER FINANCIAL RESULTS

Richmond, Va., July 21, 2026 – Atlantic Union Bankshares Corporation (the “Company” or “Atlantic Union”) (NYSE: AUB) reported net income available to common shareholders of $158.0 million and both basic and diluted earnings per common share of $1.11, for the second quarter of 2026 and adjusted operating earnings available to common shareholders(1) of $134.0 million and adjusted diluted operating earnings per common share(1) of $0.94 for the second quarter of 2026.

“Atlantic Union delivered strong second quarter financial results, driven by well-distributed loan growth, deposit growth, and solid asset quality,” said John C. Asbury, president and chief executive officer of Atlantic Union. “Our core operating performance demonstrates the company’s earnings power and shows that our investments to enhance the franchise are producing results. We believe Atlantic Union is well positioned to deliver differentiated financial performance relative to peers.”

“Atlantic Union is a story of transformation from a Virginia community bank to the largest regional bank headquartered in the lower Mid-Atlantic, with operations in Virginia, Maryland, and a growing presence in North Carolina. Operating under the mantra of soundness, profitability, and growth – in that order of priority – Atlantic Union remains committed to generating sustainable, profitable growth and building long-term value for our shareholders.”

STRATEGIC ACTIONS

Bearing Insurance Group, LLC (“Bearing Insurance”) Sale

The Company completed the sale of its equity interest (held by the Company’s indirect subsidiary, Union Insurance Group, LLC) in Bearing Insurance to an unaffiliated third party, effective May 1, 2026, resulting in a pre-tax gain of approximately $32.3 million during the second quarter of 2026.

Share Repurchase Program

During the second quarter of 2026, the Company’s Board of Directors authorized a share repurchase program (the “Repurchase Program”) to purchase up to $250 million of the Company’s common stock through May 5, 2027 in open market transactions or privately negotiated transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As part of the

Repurchase Program, approximately 265 thousand common shares (or $10.0 million) were repurchased during the second quarter of 2026 at an average purchase price of $37.76. Approximately $240.0 million remains available under the Repurchase Program for future share repurchases.

NET INTEREST INCOME

For the second quarter of 2026, net interest income was $325.1 million, an increase of $12.7 million from $312.4 million in the first quarter of 2026. Net interest income - fully taxable equivalent (“FTE”)(1) was $329.7 million in the second quarter of 2026, an increase of $12.8 million from $316.9 million in the first quarter of 2026. The increases from the prior quarter in both net interest income and net interest income (FTE)(1) were driven primarily by higher interest income on loans held for investment (“LHFI”), reflecting loan growth, higher loan yields, and increased loan accretion income. Net interest income and net interest income (FTE)(1) also increased due to lower interest expense on long-term borrowing costs, primarily due to reduced acquisition accounting related borrowing amortization. The aforementioned increases

were partially offset by higher deposit interest expense primarily resulting from growth in interest-bearing deposit balances and modestly higher deposit costs.

For the second quarter of 2026, the Company’s net interest margin and net interest margin (FTE)(1) increased 9 basis points from the prior quarter to 3.89% and 3.94%, respectively. The increases were driven primarily by higher earning asset yields which increased 9 basis points to 5.88% compared to the first quarter of 2026 due to higher loan yields and loan accretion income. Cost of funds was 1.94% for the second quarter of 2026, unchanged from the prior quarter, as increases in deposit costs were offset by lower acquisition accounting-related borrowing amortization.

The Company’s net interest margin (FTE)(1) includes the impact of acquisition accounting fair value adjustments. Net accretion income for the quarter ended June 30, 2026 was $39.9 million, compared to $32.9 million for the quarter ended March 31, 2026. The impact of accretion and amortization for the periods presented are reflected in the following table (dollars in thousands):

Loan

Deposit

Borrowings

Accretion

Amortization

Total

For the quarter ended March 31, 2026

35,602

366

(3,044)

32,924

For the quarter ended June 30, 2026

40,449

111

(621)

39,939

ASSET QUALITY

Overview

At June 30, 2026, nonperforming assets (“NPAs”) as a percentage of total LHFI was 0.39%, an increase of 3 basis points from the prior quarter and included nonaccrual loans of $110.9 million. Accruing past due loans as a percentage of total LHFI totaled 0.28% at June 30, 2026, a decrease of 17 basis points from March 31, 2026, and unchanged from June 30, 2025. Net charge-offs were 0.03% of total average LHFI (annualized) for the second quarter of 2026, an increase of 1 basis point compared to March 31, 2026, and an increase of 2 basis points compared to June 30, 2025. The allowance for credit losses (“ACL”) totaled $331.0 million at June 30, 2026, a $9.1 million increase from the prior quarter.

Nonperforming Assets

At June 30, 2026, NPAs totaled $112.7 million, compared to $99.7 million as of March 31, 2026. The increase in NPAs was primarily due to certain previously delinquent loans within the commercial and industrial loan portfolio that were placed on nonaccrual status during the quarter ended June 30, 2026. This increase in NPAs was partially offset by net customer paydowns and charge-offs. The following table shows a summary of NPA balances at the quarters ended (dollars in thousands):

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Nonaccrual loans

110,926

97,828

115,051

131,240

162,615

Foreclosed properties

1,756

1,856

1,826

2,001

774

Total nonperforming assets

112,682

99,684

116,877

133,241

163,389

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

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2025

Beginning Balance

97,828

115,051

131,240

162,615

69,015

Net customer payments and other activity (2)

(9,330)

(33,934)

(21,667)

(17,947)

(4,595)

Additions (2)

24,283

17,679

7,816

25,333

98,975

Charge-offs

(1,855)

(909)

(2,307)

(37,410)

(780)

Loans returning to accruing status

—

(31)

(77)

—

Transfers to foreclosed property

—

(59)

—

(1,274)

—

Ending Balance

110,926

97,828

115,051

131,240

162,615

(2) Measurement period adjustments related to the fair values of certain Sandy Spring Bancorp, Inc. (“Sandy Spring”) acquired loans impacted the nonaccrual activity for the quarters ended March 31, 2026, December 31, 2025, and September 30, 2025, and were finalized upon conclusion of the measurement period on March 31, 2026. The additions during the quarter ended June 30, 2025, were primarily driven by purchased credit deteriorated loans acquired from Sandy Spring.

Past Due Loans

At June 30, 2026, past due loans still accruing interest totaled $80.4 million or 0.28% of total LHFI, compared to $125.0 million or 0.45% of total LHFI at March 31, 2026, and $77.7 million or 0.28% of total LHFI at June 30, 2025. The decrease in past due loans from the prior quarter was primarily within the commercial and industrial and residential 1-4 family – consumer loan portfolios.

Allowance for Credit Losses

At June 30, 2026, the ACL was $331.0 million, comprised of an allowance for loan and lease losses (“ALLL”) of $298.8 million and a reserve for unfunded commitments (“RUC”) of $32.2 million. The ACL increased $9.1 million from the prior quarter, primarily reflecting the reserve build associated with the loan portfolio growth during the second quarter of 2026 as the ACL as a percentage of total LHFI remained consistent with the prior quarter at 1.15%. The ALLL as a percentage of total LHFI and the RUC coverage ratio were 1.04% and 0.11%, respectively, at June 30, 2026, consistent with the prior quarter.

Net Charge-offs

Net charge-offs were $2.0 million or 0.03% of total average LHFI on an annualized basis for the second quarter of 2026, compared to $1.6 million or 0.02% (annualized) for the first quarter of 2026, and $666 thousand or 0.01% (annualized) for the second quarter of 2025.

Provision for Credit Losses

For the second quarter of 2026, the Company recorded a provision for credit losses of $11.7 million, compared to $2.7 million in the prior quarter, and $105.7 million in the second quarter of 2025. The increase in the provision for credit losses from the prior quarter primarily reflects the reserve build associated with loan portfolio growth during the second quarter of 2026. Included in the provision for credit losses for the second quarter of 2025 was $89.5 million of Day 1 initial provision expense on purchased non-credit deteriorated (“non-PCD”) loans and $11.4 million on unfunded commitments, each acquired from Sandy Spring.

NONINTEREST INCOME

Noninterest income increased $35.4 million to $90.2 million for the second quarter of 2026 from $54.8 million in the prior quarter, 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 income(1), which excludes the pre-tax gain on sale of equity interest in Bearing Insurance ($32.3 million in the second quarter 2026) and the pre-tax gains on sale of securities ($4 thousand in the second quarter 2026 and $2 thousand in the first quarter 2026) increased $3.1 million to $57.9 million, compared to $54.8 million in the prior quarter. This increase was primarily due to 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. These increases were 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.

NONINTEREST EXPENSE

Noninterest expense decreased $10.7 million to $199.1 million for the second quarter of 2026 from $209.8 million in the prior quarter, primarily driven by a $9.0 million decrease in pre-tax merger-related costs.

Adjusted operating noninterest expense(1), which excludes merger-related costs ($9.0 million in the first quarter 2026) and amortization of intangible assets ($15.1 million in the second quarter 2026 and $15.4 million in the first quarter 2026) decreased $1.3 million to $184.0 million, compared to $185.3 million in the prior quarter. This decrease was primarily due to a $1.8 million decrease in marketing and advertising expense and a $1.1 million decrease in salaries and benefits expense, primarily due to a seasonal decrease in payroll taxes and 401(k) contribution expenses. These decreases were partially offset by a $1.6 million increase in other expenses.

INCOME TAXES

The Company’s effective tax rate was 21.3% for the quarter ended June 30, 2026, compared with (13.2%) for the quarter ended June 30, 2025. For the six months ended June 30, 2026 and June 30, 2025, the effective tax rates were 21.1% and 11.9%, respectively. The increase in the effective tax rate during the 2026 periods was primarily driven by an $8.0 million income tax benefit recognized in the second quarter of 2025 related to the re-evaluation of the Company’s state net deferred tax asset following the Sandy Spring acquisition.

KEY BALANCE SHEET COMPONENTS AND CAPITAL RATIOS

The following tables summarize the Company’s key balance sheet components and capital ratios as of the dates presented (dollars in millions, except per share data):

6/30/2026

3/31/2026

QoQ

QoQ % change(2)

6/30/2025

YoY

YoY % change

(unaudited)

Assets

38,100

37,315

785

8.44

37,289

811

2.17

LHFI (net of unearned income)

28,673

27,946

727

10.43

27,328

1,345

4.92

Quarterly Average LHFI (net of unearned income)

28,244

27,830

414

5.97

27,095

1,149

4.24

Total Securities

4,942

5,059

(117)

(9.28)

4,777

165

3.45

Securities available for sale ("AFS")

3,877

4,011

(134)

(13.40)

3,809

1.79

Securities held to maturity ("HTM")

861

870

(9)

(4.15)

827

4.11

Restricted Stock, at cost

204

178

58.59

141

44.68

Deposits

30,468

30,391

1.02

30,972

(504)

(1.63)

Quarterly Average Deposits

30,391

30,210

181

2.40

31,243

(852)

(2.73)

Borrowings

1,881

1,305

576

177.04

893

988

110.64

Cash dividends paid per common share

0.37

—

0.34

0.03

8.82

Dividends on each share of Series A preferred stock (3)

171.88

—

171.88

—

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

(3) The preferred stock dividend was equivalent to $0.43 per outstanding depositary share for each period presented.

6/30/2026

3/31/2026

6/30/2025

Common equity Tier 1 capital ratio (4)

10.41

10.21

9.77

Tier 1 capital ratio (4)

10.94

10.75

10.32

Total capital ratio (4)

14.15

14.01

13.74

Leverage ratio (Tier 1 capital to average assets) (4)

9.62

9.31

8.65

Common equity to total assets

13.09

12.51

Tangible common equity to tangible assets (1)

8.17

8.03

7.39

(4) All ratios at June 30, 2026 are estimates and subject to change pending the Company’s filing of its FR Y9-C. All other periods are presented as filed.

The key drivers of the consolidated balance sheet changes for the periods presented are summarized below:

● Total assets increased from March 31, 2026, primarily due to increases in LHFI. Total assets increased from June 30, 2025, primarily due to higher LHFI balances, partially offset by lower cash and cash equivalents due to higher balances in the prior year that included proceeds from the commercial real estate (“CRE”) loan sale completed in June 2025.

● LHFI and quarterly average LHFI increased compared to both March 31, 2026 and June 30, 2025. The increase from the prior quarter was primarily due to higher balances in the commercial and industrial and construction and land development loan portfolios. The increase from the same period in the prior year was primarily due to increases in the commercial and industrial and CRE portfolios.

● Total securities decreased from March 31, 2026, primarily due to principal repayments of AFS mortgage-backed securities. Total securities increased from June 30, 2025, driven by increases in AFS mortgage-backed securities and restricted stock.

● Total deposits and quarterly average deposits increased from the prior quarter, driven by an increase in interest-bearing deposits, partially offset by a decrease in demand deposits. Compared to the same period in the prior year, total deposits and quarterly average deposits decreased due to lower brokered and demand deposits, partially offset by an increase in interest-bearing customer deposit balances.

● Total borrowings increased from March 31, 2026 and June 30, 2025, primarily due to increases in Federal Home Loan Bank advances used to fund loan originations.

(1) These are financial measures not calculated in accordance with generally accepted accounting principles (“GAAP”). For a reconciliation of these non-GAAP financial measures see the “Alternative Performance Measures (non-GAAP)” section of the Key Financial Results.

ABOUT ATLANTIC UNION BANKSHARES CORPORATION

Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has branches and ATMs located in Virginia, Maryland, North Carolina and Washington, D.C. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; AUB Investments, Inc., which provides investment services; and Atlantic Union Capital Markets, Inc., which provides capital market services.

SECOND QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL

The Company will hold a conference call and webcast for investors at 9:00 a.m. Eastern Time on Tuesday, July 21, 2026, during which management will review our financial results for the second quarter 2026 and provide an update on our recent activities.

The listen-only webcast and the accompanying slides can be accessed at:

https://edge.media-server.com/mmc/p/vmj8w6m2.

For analysts who wish to participate in the conference call, please register at the following URL:

https://register-conf.media-server.com/register/BI37bcbed0fe9040ad9bc7dcc61497c399.

To participate in the conference call, you must use the link to receive an audio dial-in number and an Access PIN.

A replay of the webcast, and the accompanying slides, will be available on the Company’s website for 90 days at: https://investors.atlanticunionbank.com/.

NON-GAAP FINANCIAL MEASURES

In reporting the results as of and for the period ended June 30, 2026, we have provided supplemental performance measures determined by methods other than in accordance with GAAP. These non-GAAP financial measures are a supplement to GAAP, which we use to prepare our financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. We use the non-GAAP financial measures discussed herein in our analysis of our performance. Management believes that these non-GAAP financial measures provide additional understanding of our ongoing operations, enhance the comparability of our results of operations with prior periods and show the effects of significant gains and charges in the periods presented without the impact of items or events that may obscure trends in our underlying performance. For a reconciliation of these measures to their most directly comparable GAAP measures and additional information about these non-GAAP financial measures, see “Alternative Performance Measures (non-GAAP)” in the tables within the section “Key Financial Results.”

FORWARD-LOOKING STATEMENTS

This press release and statements by our management may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include, without limitation, statements made in Mr. Asbury’s quotations; statements regarding our strategic expansion into North Carolina; statements regarding our business, financial and operating results, including our deposit base and funding; the impact of changes in economic conditions, the interest rate environment, economic, fiscal or trade policy and the potential related impacts on our business and loan demand; management’s beliefs regarding our liquidity, capital resources, asset quality, CRE loan portfolio and our customer relationships; and statements that include other projections, predictions, expectations, or beliefs about future events or results or otherwise are not statements of historical fact. Such forward-looking statements are based on certain assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties, and other factors, some of which cannot be predicted or quantified, that may cause actual results, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are often characterized by the use of qualified words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “view,” “opportunity,” “seek to,” “potential,” “continue,” “confidence,” or words of similar meaning or other statements concerning opinions or judgment of the Company and our management about future events. Although we believe that our expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of our existing knowledge of our business and operations, there can be no assurance that actual future results, performance, or achievements of, or trends affecting, us will not differ materially from any projected future results, performance, achievements or trends expressed or implied by such forward-looking statements. Actual future results, performance, achievements or trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to, the effects of or changes in:

● market interest rates and their related impacts on macroeconomic conditions, customer and client behavior, our funding costs and our 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 us, 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 our capital position;

● general economic and financial market conditions, in the United States generally and particularly in the markets in which we operate and which our 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 our acquisition activity, 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 we do business, or as a result of other unexpected factors or events;

● potential adverse reactions or changes to business or employee relationships;

● our 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 our loan or investment portfolios and changes in these portfolios;

● demand for loan products and financial services in our market areas;

● our ability to manage our growth or implement our growth strategy;

● the effectiveness of expense reduction plans;

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

● real estate values in our lending area;

● changes in accounting principles, standards, rules, and interpretations, and the related impact on our 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 our credit processes and management of our credit risk;

● our 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 our borrowers to satisfy their obligations to us, on the value of collateral securing loans, on the demand for our loans or our other products and services, on supply chains and methods used to distribute products and services, on incidents of cyberattack and fraud, on our liquidity or capital positions, on risks posed by reliance on third-party service providers, on other aspects of our business operations and on financial markets and economic growth;

● performance by our 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 our 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 our control.

Please also refer to such other factors as discussed throughout Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2025, and related disclosures in other filings, which have been filed with the U.S. Securities and Exchange Commission (“SEC”) and are available on the SEC’s website at www.sec.gov. All risk factors and uncertainties described herein and therein should be considered in evaluating forward-looking statements, and all the forward-looking statements are expressly qualified by the cautionary statements contained or referred to herein and therein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our businesses or operations. Readers are cautioned not to rely too heavily on forward-looking statements. Forward-looking statements speak only as of the date they are made. We do not intend or assume any obligation to update, revise or clarify any forward-looking statements that may be made from time to time by or on behalf of the Company, whether as a result of new information, future events or otherwise, except as required by law.

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

KEY FINANCIAL RESULTS (UNAUDITED)

(Dollars in thousands, except share data)

As of & For Three Months Ended

As of & For Six Months Ended

6/30/26

3/31/26

6/30/25

6/30/26

6/30/25

Results of Operations

Interest and dividend income

486,828

471,735

510,372

958,563

816,208

Interest expense

161,710

159,362

189,001

321,072

310,672

Net interest income

325,118

312,373

321,371

637,491

505,536

Provision for credit losses

11,737

2,737

105,707

14,475

123,345

Net interest income after provision for credit losses

313,381

309,636

215,664

623,016

382,191

Noninterest income

90,248

54,783

81,522

145,031

110,685

Noninterest expenses

199,136

209,810

279,698

408,946

413,882

Income before income taxes

204,493

154,609

17,488

359,101

78,994

Income tax expense (benefit)

43,480

32,444

(2,303)

75,922

9,384

Net income

161,013

122,165

19,791

283,179

69,610

Dividends on preferred stock

2,967

5,934

Net income available to common shareholders

158,046

119,198

16,824

277,245

63,676

Interest earned on earning assets (FTE) (1)

491,389

476,285

514,734

967,673

824,328

Net interest income (FTE) (1)

329,679

316,923

325,733

646,601

513,656

Total revenue (FTE) (1)

419,927

371,706

407,255

791,632

624,341

Pre-tax pre-provision earnings (FTE) (1)

220,791

161,896

127,557

382,686

210,459

Key Ratios

Earnings per common share, diluted

1.11

0.84

0.12

1.95

0.55

Return on average assets (ROA)

1.73

1.33

0.21

1.53

0.45

Return on average equity (ROE)

12.60

9.78

1.67

11.20

3.53

Return on average tangible common equity (ROTCE) (2)(3)

23.42

18.63

4.99

21.06

7.83

Efficiency ratio

47.94

57.14

69.42

52.26

67.16

Efficiency ratio (FTE) (1)

47.42

56.45

68.68

51.66

66.29

Net interest margin

3.89

3.80

3.78

3.84

3.62

Net interest margin (FTE) (1)

3.94

3.85

3.83

3.90

3.68

Yields on earning assets (FTE) (1)

5.88

5.79

6.05

5.83

5.91

Average cost of interest-bearing liabilities

2.59

2.60

2.97

2.60

2.97

Average cost of deposits

1.93

1.90

2.20

1.92

2.24

Average cost of funds

1.94

2.22

1.93

2.23

Operating Measures (4)

Adjusted operating earnings

136,987

129,119

138,112

266,107

192,653

Adjusted operating earnings available to common shareholders

134,020

126,152

135,145

260,173

186,719

Adjusted operating pre-tax pre-provision earnings (FTE) (1) (7)

188,437

170,928

176,421

359,364

264,366

Adjusted operating earnings per common share, diluted

0.94

0.89

0.95

1.83

1.61

Adjusted operating ROA

1.47

1.41

1.46

1.44

1.24

Adjusted operating ROE

10.72

10.33

11.63

10.53

9.77

Adjusted operating ROTCE (2)(3)

20.11

19.62

23.79

19.86

19.50

Adjusted operating efficiency ratio (FTE) (1)(6)

47.47

49.86

48.34

48.64

51.52

Per Share Data

Earnings per common share, basic

1.11

0.84

0.12

1.95

0.55

Earnings per common share, diluted

1.11

0.84

0.12

1.95

0.55

Cash dividends paid per common share

0.37

0.34

0.74

0.68

Market value per share

42.31

35.74

31.28

42.31

31.28

Book value per common share

35.14

34.39

32.93

35.14

32.93

Tangible book value per common share (2)

20.77

19.93

18.38

20.77

18.38

Price to earnings ratio, diluted

9.50

10.52

65.70

10.77

28.27

Price to book value per common share ratio

1.20

1.04

0.95

1.20

0.95

Price to tangible book value per common share ratio (2)

2.04

1.79

1.70

2.04

1.70

Unvested shares of restricted stock awards

481,488

1,100,123

916,294

481,488

916,294

Weighted average common shares outstanding, basic

142,099,251

141,901,606

141,680,472

142,000,975

115,596,296

Weighted average common shares outstanding, diluted

142,320,806

142,280,978

141,738,325

142,301,002

116,056,670

Common shares outstanding at end of period

141,924,165

142,060,496

141,694,720

141,924,165

141,694,720

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

KEY FINANCIAL RESULTS (UNAUDITED)

(Dollars in thousands, except share data)

As of & For Three Months Ended

As of & For Six Months Ended

6/30/26

3/31/26

6/30/25

6/30/26

6/30/25

Capital Ratios

Common equity Tier 1 capital ratio (5)

10.41

10.21

9.77

10.41

9.77

Tier 1 capital ratio (5)

10.94

10.75

10.32

10.94

10.32

Total capital ratio (5)

14.15

14.01

13.74

14.15

13.74

Leverage ratio (Tier 1 capital to average assets) (5)

9.62

9.31

8.65

9.62

8.65

Common equity to total assets

13.09

12.51

13.09

12.51

Tangible common equity to tangible assets (2)

8.17

8.03

7.39

8.17

7.39

Financial Condition

Assets

38,099,868

37,315,011

37,289,371

38,099,868

37,289,371

LHFI (net of unearned income)

28,673,271

27,946,424

27,328,333

28,673,271

27,328,333

Securities

4,941,974

5,059,211

4,777,022

4,941,974

4,777,022

Earning Assets

34,110,112

33,358,287

33,392,111

34,110,112

33,392,111

Goodwill

1,754,875

1,710,912

1,754,875

1,710,912

Amortizable intangibles, net

284,962

300,099

351,381

284,962

351,381

Deposits

30,468,257

30,391,256

30,972,175

30,468,257

30,972,175

Borrowings

1,881,340

1,304,587

892,767

1,881,340

892,767

Stockholders' equity

5,153,414

5,052,316

4,832,639

5,153,414

4,832,639

Tangible common equity (2)

2,947,220

2,830,985

2,603,989

2,947,220

2,603,989

Loans held for investment, net of unearned income

Construction and land development

1,859,217

1,748,413

2,444,151

1,859,217

2,444,151

Commercial real estate - owner occupied

4,308,292

4,319,847

3,940,371

4,308,292

3,940,371

Commercial real estate - non-owner occupied

7,303,555

7,212,035

6,912,692

7,303,555

6,912,692

Multifamily real estate

2,429,355

2,321,504

2,083,559

2,429,355

2,083,559

Commercial & Industrial

5,628,880

5,384,856

5,141,691

5,628,880

5,141,691

Residential 1-4 Family - Commercial

1,008,438

1,053,303

1,131,288

1,008,438

1,131,288

Residential 1-4 Family - Consumer

2,930,665

2,839,216

2,746,046

2,930,665

2,746,046

Residential 1-4 Family - Revolving

1,312,531

1,257,079

1,154,085

1,312,531

1,154,085

Auto

131,477

156,843

245,554

131,477

245,554

Consumer

110,909

109,755

119,526

110,909

119,526

Other Commercial

1,649,952

1,543,573

1,409,370

1,649,952

1,409,370

Total LHFI

28,673,271

27,946,424

27,328,333

28,673,271

27,328,333

Deposits

Interest checking accounts

7,812,504

7,515,409

6,909,250

7,812,504

6,909,250

Money market accounts

6,821,997

6,985,315

7,242,686

6,821,997

7,242,686

Savings accounts

2,567,073

2,691,144

2,865,159

2,567,073

2,865,159

Customer time deposits of more than $250,000

1,876,425

1,767,455

1,780,027

1,876,425

1,780,027

Customer time deposits of $250,000 or less

4,104,769

3,977,869

3,972,352

4,104,769

3,972,352

Time deposits

5,981,194

5,745,324

5,752,379

5,981,194

5,752,379

Total interest-bearing customer deposits

23,182,768

22,937,192

22,769,474

23,182,768

22,769,474

Brokered deposits

557,751

610,338

1,163,580

557,751

1,163,580

Total interest-bearing deposits

23,740,519

23,547,530

23,933,054

23,740,519

23,933,054

Demand deposits

6,727,738

6,843,726

7,039,121

6,727,738

7,039,121

Total deposits

30,468,257

30,391,256

30,972,175

30,468,257

30,972,175

Averages

Assets

37,433,973

37,254,857

37,939,232

37,344,910

31,345,735

LHFI (net of unearned income)

28,243,611

27,830,037

27,094,551

28,037,967

22,785,570

Loans held for sale

23,303

16,207

1,777,882

19,775

897,916

Securities

4,976,527

5,207,502

4,721,736

5,091,377

4,058,367

Earning assets

33,544,840

33,377,790

34,121,715

33,461,778

28,148,353

Deposits

30,390,719

30,210,336

31,243,383

30,301,026

25,884,505

Time deposits

6,086,936

6,039,778

6,553,018

6,063,487

5,639,409

Interest-bearing deposits

23,654,149

23,454,604

24,150,220

23,554,928

20,128,691

Borrowings

1,371,046

1,373,627

1,331,793

1,372,329

931,066

Interest-bearing liabilities

25,025,195

24,828,231

25,482,013

24,927,257

21,059,757

Stockholders' equity

5,125,495

5,068,069

4,761,630

5,096,940

3,977,098

Tangible common equity (2)

2,911,942

2,860,550

2,524,128

2,886,387

2,125,105

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

KEY FINANCIAL RESULTS (UNAUDITED)

(Dollars in thousands, except share data)

As of & For Three Months Ended

As of & For Six Months Ended

6/30/26

3/31/26

6/30/25

6/30/26

6/30/25

Asset Quality

Allowance for Credit Losses (ACL)(8)

Beginning balance, Allowance for loan and lease losses (ALLL)

291,100

295,108

193,796

295,108

178,644

Add: Recoveries

1,327

1,307

1,913

2,634

2,520

Less: Charge-offs

3,313

2,901

2,579

6,214

5,464

Add: Initial Allowance - Purchased Credit Deteriorated (PCD) loans

—

28,265

—

28,265

Add: Initial Provision - Non-PCD loans

—

89,538

—

89,538

Add: Provision (release) for loan losses

9,642

(2,414)

4,641

7,228

22,071

Ending balance, ALLL

298,756

291,100

315,574

298,756

315,574

Beginning balance, Reserve for unfunded commitments (RUC)

30,828

26,161

15,249

26,161

15,041

Add: Initial Provision - RUC acquired loans

—

11,425

—

11,425

Add: Provision (release) for unfunded commitments

1,399

4,667

104

6,066

312

Ending balance, RUC

32,227

30,828

26,778

32,227

26,778

Total ACL

330,983

321,928

342,352

330,983

342,352

ACL / total LHFI

1.15

1.25

1.15

1.25

ALLL / total LHFI

1.04

1.15

1.04

1.15

Net charge-offs / total average LHFI (annualized)

0.03

0.02

0.01

0.03

Provision (release) for loan losses/ total average LHFI (annualized)

0.14

(0.04)

1.39

0.05

0.99

Nonperforming Assets

Construction and land development

4,441

2,485

50,904

4,441

50,904

Commercial real estate - owner occupied

7,130

6,416

6,116

7,130

6,116

Commercial real estate - non-owner occupied

12,478

12,221

28,413

12,478

28,413

Multifamily real estate

23,399

20,564

1,589

23,399

1,589

Commercial & Industrial

31,423

18,959

44,897

31,423

44,897

Residential 1-4 Family - Commercial

2,115

6,416

2,700

2,115

2,700

Residential 1-4 Family - Consumer

24,117

24,426

20,689

24,117

20,689

Residential 1-4 Family - Revolving

4,983

5,364

5,346

4,983

5,346

Auto

374

515

526

374

526

Consumer

Other Commercial

450

1,415

450

1,415

Nonaccrual loans

110,926

97,828

162,615

110,926

162,615

Foreclosed property

1,756

1,856

774

1,756

774

Total nonperforming assets (NPAs)

112,682

99,684

163,389

112,682

163,389

Construction and land development

331

186

22,807

331

22,807

Commercial real estate - owner occupied

7,503

4,362

1,817

7,503

1,817

Commercial real estate - non-owner occupied

7,597

1,793

2,764

7,597

2,764

Multifamily real estate

3,541

4,195

—

3,541

—

Commercial & Industrial

2,250

3,675

2,657

2,250

2,657

Residential 1-4 Family - Commercial

362

1,161

5,561

362

5,561

Residential 1-4 Family - Consumer

5,954

4,449

1,487

5,954

1,487

Residential 1-4 Family - Revolving

4,319

4,340

2,460

4,319

2,460

Auto

219

239

150

219

150

Consumer

Other Commercial

1,616

—

1,616

LHFI ≥ 90 days and still accruing

33,725

24,470

39,812

33,725

39,812

Total NPAs and LHFI ≥ 90 days

146,407

124,154

203,201

146,407

203,201

NPAs / total LHFI

0.39

0.36

0.60

0.39

0.60

NPAs / total assets

0.30

0.27

0.44

0.30

0.44

ALLL / nonaccrual loans

269.33

297.56

194.06

269.33

194.06

ALLL/ nonperforming assets

265.13

292.02

193.14

265.13

193.14

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

KEY FINANCIAL RESULTS (UNAUDITED)

(Dollars in thousands, except share data)

As of & For Three Months Ended

As of & For Six Months Ended

6/30/26

3/31/26

6/30/25

6/30/26

6/30/25

Past Due Detail

Construction and land development

593

2,866

447

593

447

Commercial real estate - owner occupied

9,636

8,223

3,933

9,636

3,933

Commercial real estate - non-owner occupied

474

5,445

1,295

474

1,295

Multifamily real estate

1,325

6,944

410

1,325

410

Commercial & Industrial

2,512

10,396

4,606

2,512

4,606

Residential 1-4 Family - Commercial

2,140

4,076

3,186

2,140

3,186

Residential 1-4 Family - Consumer

1,557

22,015

2,125

1,557

2,125

Residential 1-4 Family - Revolving

4,297

4,094

4,270

4,297

4,270

Auto

1,853

2,212

3,735

1,853

3,735

Consumer

310

268

274

310

274

Other Commercial

2,516

2,714

2,516

LHFI 30-59 days past due

27,213

69,253

24,300

27,213

24,300

Construction and land development

2,210

3,299

189

2,210

189

Commercial real estate - owner occupied

2,112

8,767

537

2,112

537

Commercial real estate - non-owner occupied

871

4,084

147

871

147

Multifamily real estate

732

—

727

732

727

Commercial & Industrial

1,830

10,432

2,278

1,830

2,278

Residential 1-4 Family - Commercial

1,111

323

552

1,111

552

Residential 1-4 Family - Consumer

6,985

1,841

4,559

6,985

4,559

Residential 1-4 Family - Revolving

1,732

1,218

2,094

1,732

2,094

Auto

465

411

718

465

718

Consumer

320

333

387

320

387

Other Commercial

1,051

525

1,440

1,051

1,440

LHFI 60-89 days past due

19,419

31,233

13,628

19,419

13,628

Past Due and still accruing

80,357

124,956

77,740

80,357

77,740

Past Due and still accruing / total LHFI

0.28

0.45

0.28

Alternative Performance Measures (non-GAAP)

Net interest income (FTE) (1)

Net interest income (GAAP)

325,118

312,373

321,371

637,491

505,536

FTE adjustment

4,561

4,550

4,362

9,110

8,120

Net interest income (FTE) (non-GAAP)

329,679

316,923

325,733

646,601

513,656

Noninterest income (GAAP)

90,248

54,783

81,522

145,031

110,685

Total revenue (FTE) (non-GAAP)

419,927

371,706

407,255

791,632

624,341

Less: Noninterest expense (GAAP)

199,136

209,810

279,698

408,946

413,882

Pre-tax pre-provision earnings (FTE) (non-GAAP)

220,791

161,896

127,557

382,686

210,459

Average earning assets

33,544,840

33,377,790

34,121,715

33,461,778

28,148,353

Net interest margin

3.89

3.80

3.78

3.84

3.62

Net interest margin (FTE)

3.94

3.85

3.83

3.90

3.68

Tangible Assets (2)

Ending assets (GAAP)

38,099,868

37,315,011

37,289,371

38,099,868

37,289,371

Less: Ending goodwill

1,754,875

1,710,912

1,754,875

1,710,912

Less: Ending amortizable intangibles

284,962

300,099

351,381

284,962

351,381

Ending tangible assets (non-GAAP)

36,060,031

35,260,037

35,227,078

36,060,031

35,227,078

Tangible Common Equity (2)

Ending equity (GAAP)

5,153,414

5,052,316

4,832,639

5,153,414

4,832,639

Less: Ending goodwill

1,754,875

1,710,912

1,754,875

1,710,912

Less: Ending amortizable intangibles

284,962

300,099

351,381

284,962

351,381

Less: Perpetual preferred stock

166,357

Ending tangible common equity (non-GAAP)

2,947,220

2,830,985

2,603,989

2,947,220

2,603,989

Average equity (GAAP)

5,125,495

5,068,069

4,761,630

5,096,940

3,977,098

Less: Average goodwill

1,754,875

1,733,527

1,710,557

1,744,260

1,463,677

Less: Average amortizable intangibles

292,322

307,636

360,589

299,937

221,960

Less: Average perpetual preferred stock

166,356

Average tangible common equity (non-GAAP)

2,911,942

2,860,550

2,524,128

2,886,387

2,125,105

ROTCE (2)(3)

Net income available to common shareholders (GAAP)

158,046

119,198

16,824

277,245

63,676

Plus: Amortization of intangibles, tax effected

11,957

12,202

14,562

24,160

18,827

Net income available to common shareholders before amortization of intangibles (non-GAAP)

170,003

131,400

31,386

301,405

82,503

Return on average tangible common equity (ROTCE)

23.42

18.63

4.99

21.06

7.83

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

KEY FINANCIAL RESULTS (UNAUDITED)

(Dollars in thousands, except share data)

As of & For Three Months Ended

As of & For Six Months Ended

6/30/26

3/31/26

6/30/25

6/30/26

6/30/25

Operating Measures (4)

Net income (GAAP)

161,013

122,165

19,791

283,179

69,610

Plus: Merger-related costs, net of tax

—

6,956

63,349

6,956

67,992

Plus: CECL Day 1 non-PCD loans and RUC provision expense, net of tax

—

77,742

—

77,742

Less: Gain (loss) on sale of securities, net of tax

(67)

Less: Gain on CRE loan sale, net of tax

—

12,104

—

12,104

Less: Gain on sale of equity interest in Cary Street Partners ("CSP"), net of tax

—

10,654

—

10,654

Less: Gain on sale of equity interest in Bearing Insurance, net of tax

24,023

—

24,023

—

Adjusted operating earnings (non-GAAP)

136,987

129,119

138,112

266,107

192,653

Less: Dividends on preferred stock

2,967

5,934

Adjusted operating earnings available to common shareholders (non-GAAP)

134,020

126,152

135,145

260,173

186,719

Operating Efficiency Ratio (1)(6)

Noninterest expense (GAAP)

199,136

209,810

279,698

408,946

413,882

Less: Amortization of intangible assets

15,136

15,446

18,433

30,582

23,832

Less: Merger-related costs

—

9,034

78,900

9,034

83,840

Adjusted operating noninterest expense (non-GAAP)

184,000

185,330

182,365

369,330

306,210

Noninterest income (GAAP)

90,248

54,783

81,522

145,031

110,685

Less: Gain (loss) on sale of securities

(87)

Less: Gain on CRE loan sale

—

15,720

—

15,720

Less: Gain on sale of equity interest in CSP

—

14,300

—

14,300

Less: Gain on sale of equity interest in Bearing Insurance

32,350

—

32,350

—

Adjusted operating noninterest income (non-GAAP)

57,894

54,781

51,486

112,675

80,752

Net interest income (FTE) (non-GAAP) (1)

329,679

316,923

325,733

646,601

513,656

Adjusted operating noninterest income (non-GAAP)

57,894

54,781

51,486

112,675

80,752

Total adjusted revenue (FTE) (non-GAAP) (1)

387,573

371,704

377,219

759,276

594,408

Efficiency ratio

47.94

57.14

69.42

52.26

67.16

Efficiency ratio (FTE) (1)

47.42

56.45

68.68

51.66

66.29

Adjusted operating efficiency ratio (FTE) (1)(6)

47.47

49.86

48.34

48.64

51.52

Operating ROA & ROE (4)

Adjusted operating earnings (non-GAAP)

136,987

129,119

138,112

266,107

192,653

Average assets (GAAP)

37,433,973

37,254,857

37,939,232

37,344,910

31,345,735

Return on average assets (ROA) (GAAP)

1.73

1.33

0.21

1.53

0.45

Adjusted operating return on average assets (ROA) (non-GAAP)

1.47

1.41

1.46

1.44

1.24

Average equity (GAAP)

5,125,495

5,068,069

4,761,630

5,096,940

3,977,098

Return on average equity (ROE) (GAAP)

12.60

9.78

1.67

11.20

3.53

Adjusted operating return on average equity (ROE) (non-GAAP)

10.72

10.33

11.63

10.53

9.77

Operating ROTCE (2)(3)(4)

Adjusted operating earnings available to common shareholders (non-GAAP)

134,020

126,152

135,145

260,173

186,719

Plus: Amortization of intangibles, tax effected

11,957

12,202

14,562

24,160

18,827

Adjusted operating earnings available to common shareholders before amortization of intangibles (non-GAAP)

145,977

138,354

149,707

284,333

205,546

Average tangible common equity (non-GAAP)

2,911,942

2,860,550

2,524,128

2,886,387

2,125,105

Adjusted operating return on average tangible common equity (non-GAAP)

20.11

19.62

23.79

19.86

19.50

Operating pre-tax pre-provision earnings (FTE) (7)

Net income (GAAP)

161,013

122,165

19,791

283,179

69,610

Plus: Provision for credit losses

11,737

2,737

105,707

14,475

123,345

Plus: Income tax expense

43,480

32,444

(2,303)

75,922

9,384

Plus: Merger-related costs

—

9,034

78,900

9,034

83,840

Plus: FTE adjustment

4,561

4,550

4,362

9,110

8,120

Less: Gain (loss) on sale of securities

(87)

Less: Gain on CRE loan sale

—

15,720

—

15,720

Less: Gain on sale of equity interest in CSP

—

14,300

—

14,300

Less: Gain on sale of equity interest in Bearing Insurance

32,350

—

32,350

—

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

188,437

170,928

176,421

359,364

264,366

Less: Dividends on preferred stock

2,967

5,934

Adjusted operating pre-tax pre-provision earnings available to common shareholders (FTE) (non-GAAP)

185,470

167,961

173,454

353,430

258,432

Weighted average common shares outstanding, diluted

142,320,806

142,280,978

141,738,325

142,301,002

116,056,670

Adjusted operating pre-tax pre-provision earnings per common share, diluted (FTE)

1.30

1.18

1.22

2.48

2.23

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

KEY FINANCIAL RESULTS (UNAUDITED)

(Dollars in thousands, except share data)

As of & For Three Months Ended

As of & For Six Months Ended

6/30/26

3/31/26

6/30/25

6/30/26

6/30/25

Mortgage Origination Held for Sale Volume

Refinance Volume

12,226

25,375

15,126

37,601

25,161

Purchase Volume

98,624

60,543

131,192

159,167

164,925

Total Mortgage loan originations held for sale

110,850

85,918

146,318

196,768

190,086

% of originations held for sale that are refinances

11.0

29.5

10.3

19.1

13.2

Wealth

Assets under management

16,522,020

15,246,694

14,270,205

16,522,020

14,270,205

Other Data

End of period full-time equivalent employees

3,073

3,034

3,160

3,073

3,160

(1) These are non-GAAP financial measures. The Company believes net interest income (FTE), total revenue (FTE), 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.

(2) These are non-GAAP financial measures. 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.

(3) These are non-GAAP financial measures. 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.

(4) These are non-GAAP financial measures. Adjusted operating measures exclude, as applicable, merger-related costs, CECL Day 1 non-PCD loans and RUC provision expense, gain (loss) 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 these non-GAAP adjusted measures provide investors with important information about the continuing economic results of the Company’s operations.

(5) All ratios at June 30, 2026 are estimates and subject to change pending the Company’s filing of its FR Y9-C. All other periods are presented as filed.

(6) The adjusted operating efficiency ratio (FTE) excludes, as applicable, the amortization of intangible assets, merger-related costs, gain (loss) 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. 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.

(7) These are non-GAAP financial measures. 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, gain (loss) 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.

(8) 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. The ACL methodology changes were accounted for prospectively as a change in accounting estimate and did not have a material impact on the Company’s Consolidated Financial Statements.

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share data)

June 30,

December 31,

June 30,

2026

2025

ASSETS

(unaudited)

(audited)

(unaudited)

Cash and cash equivalents:

Cash and due from banks

521,608

234,257

337,974

Interest-bearing deposits in other banks

452,419

706,014

1,246,294

Federal funds sold

16,270

26,191

4,380

Total cash and cash equivalents

990,297

966,462

1,588,648

Securities available for sale, at fair value

3,876,717

4,194,301

3,809,281

Securities held to maturity, at carrying value

860,906

884,216

827,135

Restricted stock, at cost

204,351

190,200

140,606

Loans held for sale

23,074

18,486

32,987

Loans held for investment, net of unearned income

28,673,271

27,796,167

27,328,333

Less: allowance for loan and lease losses

298,756

295,108

315,574

Total loans held for investment, net

28,374,515

27,501,059

27,012,759

Premises and equipment, net

163,241

166,752

164,828

Goodwill

1,754,875

1,733,287

1,710,912

Amortizable intangibles, net

284,962

315,544

351,381

Bank owned life insurance

679,507

672,890

665,477

Other assets

887,423

942,557

985,357

Total assets

38,099,868

37,585,754

37,289,371

LIABILITIES

Noninterest-bearing demand deposits

6,727,738

6,844,629

7,039,121

Interest-bearing deposits

23,740,519

23,627,007

23,933,054

Total deposits

30,468,257

30,471,636

30,972,175

Securities sold under agreements to repurchase

155,659

75,432

127,351

Other short-term borrowings

950,000

650,000

—

Long-term borrowings

775,681

771,860

765,416

Other liabilities

596,857

610,428

591,790

Total liabilities

32,946,454

32,579,356

32,456,732

Commitments and contingencies

STOCKHOLDERS' EQUITY

Preferred stock, $10.00 par value

173

Common stock, $1.33 par value

188,759

188,563

188,454

Additional paid-in capital

3,885,085

3,888,841

3,876,831

Retained earnings

1,356,190

1,184,908

1,087,967

Accumulated other comprehensive loss

(276,793)

(256,087)

(320,786)

Total stockholders' equity

5,153,414

5,006,398

4,832,639

Total liabilities and stockholders' equity

38,099,868

37,585,754

37,289,371

Common shares issued and outstanding

141,924,165

141,776,886

141,694,720

Common shares authorized

200,000,000

Preferred shares issued and outstanding

17,250

Preferred shares authorized

500,000

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(Dollars in thousands, except share data)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

2026

2025

2026

2025

Interest and dividend income:

Interest and fees on loans

436,807

419,628

458,766

856,436

730,281

Interest on deposits in other banks

2,165

2,146

4,991

4,311

7,504

Interest and dividends on securities:

Taxable

38,973

41,008

38,260

79,980

61,908

Nontaxable

8,883

8,953

8,355

17,836

16,515

Total interest and dividend income

486,828

471,735

510,372

958,563

816,208

Interest expense:

Interest on deposits

146,438

141,779

171,343

288,217

286,929

Interest on short-term borrowings

5,327

5,227

4,147

10,554

5,056

Interest on long-term borrowings

9,945

12,356

13,511

22,301

18,687

Total interest expense

161,710

159,362

189,001

321,072

310,672

Net interest income

325,118

312,373

321,371

637,491

505,536

Provision for credit losses

11,737

2,737

105,707

14,475

123,345

Net interest income after provision for credit losses

313,381

309,636

215,664

623,016

382,191

Noninterest income:

Service charges on deposit accounts

12,259

12,116

12,220

24,374

21,905

Other service charges, commissions and fees

2,286

1,938

2,245

4,224

4,007

Interchange fees

3,750

3,326

3,779

7,076

6,727

Fiduciary and asset management fees

21,460

20,178

17,723

41,638

24,420

Mortgage banking income

2,656

2,026

2,821

4,682

3,794

Bank owned life insurance income

5,734

5,200

7,327

10,934

10,864

Loan-related interest rate swap fees

6,484

3,975

1,733

10,458

4,133

Other operating income

35,619

6,024

33,674

41,645

34,835

Total noninterest income

90,248

54,783

81,522

145,031

110,685

Noninterest expenses:

Salaries and benefits

112,309

113,413

109,942

225,722

185,357

Occupancy expenses

12,862

13,202

12,782

26,064

21,362

Furniture and equipment expenses

5,532

5,555

6,344

11,088

10,258

Technology and data processing

16,016

15,602

17,248

31,618

27,435

Professional services

6,154

5,768

7,808

11,922

12,494

Marketing and advertising expense

5,479

7,328

3,757

12,807

6,941

FDIC assessment premiums and other insurance

6,633

6,846

8,642

13,479

13,844

Franchise and other taxes

4,675

4,705

4,688

9,381

9,331

Loan-related expenses

2,723

2,851

1,278

5,574

2,527

Amortization of intangible assets

15,136

15,446

18,433

30,582

23,832

Merger-related costs

—

9,034

78,900

9,034

83,840

Other expenses

11,617

10,060

9,876

21,675

16,661

Total noninterest expenses

199,136

209,810

279,698

408,946

413,882

Income before income taxes

204,493

154,609

17,488

359,101

78,994

Income tax expense (benefit)

43,480

32,444

(2,303)

75,922

9,384

Net Income

161,013

122,165

19,791

283,179

69,610

Dividends on preferred stock

2,967

5,934

Net income available to common shareholders

158,046

119,198

16,824

277,245

63,676

Basic earnings per common share

1.11

0.84

0.12

1.95

0.55

Diluted earnings per common share

1.11

0.84

0.12

1.95

0.55

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

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

(Dollars in thousands)

For the Quarter Ended

June 30, 2026

March 31, 2026

Average

Balance

Interest

Income /

Expense (1)

Yield /

Rate (1)(2)

Average

Balance

Interest

Income /

Expense (1)

Yield /

Rate (1)(2)

Assets:

Securities:

Taxable

3,659,723

38,973

4.27%

3,877,982

41,008

4.29%

Tax-exempt

1,316,804

11,245

3.43%

1,329,520

11,333

3.46%

Total securities

4,976,527

50,218

4.05%

5,207,502

52,341

4.08%

LHFI, net of unearned income (3)(4)

28,243,611

438,508

6.23%

27,830,037

421,299

6.14%

Other earning assets

324,702

2,663

3.29%

340,251

2,645

3.15%

Total earning assets

33,544,840

491,389

5.88%

33,377,790

476,285

5.79%

Allowance for loan and lease losses

(293,455)

(296,795)

Total non-earning assets

4,182,588

4,173,862

Total assets

37,433,973

37,254,857

Liabilities and Stockholders' Equity:

Interest-bearing deposits:

Transaction and money market accounts

14,949,644

83,153

2.23%

14,701,490

79,333

2.19%

Regular savings

2,617,569

10,762

1.65%

2,713,336

10,894

1.63%

Time deposits (5)

6,086,936

52,523

3.46%

6,039,778

51,552

3.46%

Total interest-bearing deposits

23,654,149

146,438

2.48%

23,454,604

141,779

2.45%

Other borrowings (6)

1,371,046

15,272

4.47%

1,373,627

17,583

5.19%

Total interest-bearing liabilities

25,025,195

161,710

2.59%

24,828,231

159,362

2.60%

Noninterest-bearing liabilities:

Demand deposits

6,736,570

6,755,732

Other liabilities

546,713

602,825

Total liabilities

32,308,478

32,186,788

Stockholders' equity

5,125,495

5,068,069

Total liabilities and stockholders' equity

37,433,973

37,254,857

Net interest income (FTE)

329,679

316,923

Interest rate spread

3.29%

3.19%

Cost of funds

1.94%

Net interest margin (FTE)

3.94%

3.85%

(1) Income and yields are reported on a taxable equivalent basis using the statutory federal corporate tax rate of 21%.

(2) Rates and yields are annualized and calculated from rounded amounts in thousands, which appear above.

(3) Nonaccrual loans are included in average loans outstanding.

(4) Interest income on loans includes $40.4 million and $35.6 million for the three months ended June 30, 2026, and March 31, 2026, respectively, in accretion of the fair market value adjustments related to acquisitions.

(5) Interest expense on time deposits includes $111 thousand and $366 thousand for the three months ended June 30, 2026, and March 31, 2026, respectively, in accretion of the fair market value adjustments related to acquisitions.

(6) Interest expense on borrowings includes $621 thousand and $3.0 million for the three months ended June 30, 2026, and March 31, 2026, respectively, in amortization of the fair market value adjustments related to acquisitions.

EX-99.2

Filename: aub-20260721xex99d2.htm · Sequence: 3

Exhibit 99.2

Q2 2026 Earnings

Presentation July 21, 2026

FORWARD-LOOKING STATEMENTS

This presentation and statements by our management may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include, without limitation, statements

regarding our strategic expansion into North Carolina; statements regarding our business, financial and operating results, including our deposit base and funding; the impact of changes in economic conditions, the interest rate environment, economic, fiscal or trade

policy and the potential related impacts on our business and loan demand; management’s beliefs regarding our liquidity, capital resources, asset quality, CRE loan portfolio and our customer relationships; statements regarding our strategy, statements that include

other projections, predictions, expectations, or beliefs about future events or results or otherwise are not statements of historical fact, and statements on the slides entitled “Highlights”, “The Next Phase – Harnessing Organic Power” and “2026 Financial Outlook”.

Such forward-looking statements are based on certain assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties, and other factors, some of which cannot be predicted or quantified, that may cause actual

results, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are often characterized by the use of qualified words (and their derivatives) such as “expect,”

“believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “view,” “opportunity,” “seek to,” “potential,” “continue,” “confidence,” or words of similar meaning or other statements concerning opinions or judgment of Atlantic Union Bankshares

Corporation (the “Company,” “AUB,” “we,” “us” or “our”) and our management about future events. Although we believe that our expectations with respect to forward-looking statements are based on reasonable assumptions within the bounds of our existing

knowledge of our business and operations, there can be no assurance that actual future results, performance, or achievements of, or trends affecting, us will not differ materially from any projected future results, performance, achievements or trends expressed or

implied by such forward-looking statements. Actual future results, performance, achievements or trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to, the effects of or changes in:

• market interest rates and their related impacts on macroeconomic conditions, customer and client behavior, our funding

costs and our 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 us, 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 our capital position;

• general economic and financial market conditions in the United States generally and particularly in the markets in which we

operate and which our 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 our acquisition activity, 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 we do business, or as a result of other unexpected factors or events;

• potential adverse reactions or changes to business or employee relationships;

• our 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 our loan or investment portfolios and changes in these portfolios;

• demand for loan products and financial services in our market areas;

• our ability to manage our growth or implement our growth strategy;

• the effectiveness of expense reduction plans;

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

• real estate values in our lending area;

• changes in accounting principles, standards, rules, and interpretations, and the related impact on our financial statements;

• an insufficient ACL or volatility in the ACL resulting from the 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 commercial real estate;

• the effectiveness of our credit processes and management of our credit risk;

• our 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

our borrowers to satisfy their obligations to us, on the value of collateral securing loans, on the demand for our loans or our

other products and services, on supply chains and methods used to distribute products and services, on incidents of

cyberattack and fraud, on our liquidity or capital positions, on risks posed by reliance on third-party service providers, on

other aspects of our business operations and on financial markets and economic growth;

• performance by our 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 our 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 our control.

December 31, 2025, and related disclosures in other filings, which have been filed with the U.S. Securities and Exchange Commission (“SEC”) and are available on the SEC’s website at www.sec.gov. All risk factors and uncertainties described herein and therein

should be considered in evaluating forward-looking statements, and all forward-looking statements are expressly qualified by the cautionary statements contained or referred to herein and therein. The actual results or developments anticipated may not be realized

or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our businesses or operations. Readers are cautioned not to rely too heavily on forward-looking statements. Forward-looking statements speak only as of

the date they are made. We do not intend or assume any obligation to update, revise or clarify any forward-looking statements that may be made from time to time by or on behalf of the Company, whether because of new information, future events or otherwise,

except as required by law.

ADDITIONAL INFORMATION

Non-GAAP Financial Measures

This presentation contains certain financial information determined by methods other than

in accordance with generally accepted accounting principles in the United States (“GAAP”).

These non-GAAP financial measures are a supplement to GAAP, which is used to prepare

our financial statements, and should not be considered in isolation or as a substitute for

comparable measures calculated in accordance with GAAP. In addition, our non-GAAP

financial measures may not be comparable to non-GAAP financial measures of other

companies. We use the non-GAAP financial measures discussed herein in our analysis of

our performance. Our management believes that these non-GAAP financial measures

provide additional understanding of ongoing operations, enhance comparability of results

of operations with prior periods, show the effects of significant gains and charges in the

periods presented without the impact of items or events that may obscure trends in our

underlying performance, or show the potential effects of accumulated other

comprehensive income (or AOCI) or unrealized losses on securities on our capital. This

presentation also includes certain projections of non-GAAP financial measures. Due to the

inherent variability and difficulty associated with making accurate forecasts and

projections of information that is excluded from these projected non-GAAP measures, and

the fact that some of the excluded information is not currently ascertainable or accessible,

we are unable to quantify certain amounts that would be required to be included in the most

directly comparable projected GAAP financial measures without unreasonable effort.

Consequently, no disclosure of projected comparable GAAP measures is included, and no

reconciliation of forward-looking non-GAAP financial information is included.

Please see “Reconciliation of Non-GAAP Disclosures” at the end of this presentation for a

reconciliation to the nearest GAAP financial measure.

No Offer or Solicitation

This presentation does not constitute an offer to sell or a solicitation of an offer to buy any

securities. No offer of securities shall be made except by means of a prospectus meeting

the requirements of the Securities Act of 1933, as amended, and no offer to sell or

solicitation of an offer to buy shall be made in any jurisdiction in which such offer,

solicitation or sale would be unlawful.

Market and Industry Data

Unless otherwise indicated, market data and certain industry forecast data used in this

presentation were obtained from internal reports, where appropriate, as well as third party

sources and other publicly available information. Data regarding the industries and markets

in which the Company competes, its market position and market share within these

industries are inherently imprecise and are subject to significant business, economic and

competitive uncertainties beyond the Company's control. In addition, assumptions and

estimates of the Company and its industries' future performance are necessarily subject to

a high degree of uncertainty and risk due to a variety of factors. These and other factors

could cause future performance to differ materially from assumptions and estimates.

About Atlantic Union Bankshares Corporation

Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE: AUB)

is the holding company for Atlantic Union Bank. Atlantic Union Bank has branches and

ATMs located in Virginia, Maryland, North Carolina and Washington, D.C. Certain non-bank

financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment

Finance, Inc., which provides equipment financing; AUB Investments, Inc., which provides

investment services; and Atlantic Union Capital Markets, Inc., which provides capital

market services.

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

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

OUR COMPANY

Branch (177) LPO (2)

Largest Regional Bank Headquartered in the Lower Mid-Atlantic

Dense, uniquely valuable presence

across attractive markets

FINANCIAL

STRENGTH

Solid balance sheet &

capital levels

PEER-LEADING

PERFORMANCE

Committed to top-tier

financial performance

ATTRACTIVE

FINANCIAL

PROFILE

Solid dividend yield

& payout ratio with

earnings upside

STRONG GROWTH

POTENTIAL

Organic & acquisition

opportunities

OUR

SHAREHOLDER

VALUE

PROPOSITION

Positioned for growth and long-term shareholder value creation as a

preeminent regional bank with a leading presence in attractive markets

LEADING

REGIONAL

PRESENCE

AUB Q2 2026

FINANCIAL RESULTS

1. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measure in "Appendix - Reconciliation of Non-GAAP Disclosures” 7

HIGHLIGHTS

Q2 2026

LOANS

& DEPOSITS

Quarterly average loan growth was approximately

6.0% annualized in Q2 2026 and quarterly loan

growth increased approximately 10.4% annualized

since the end of Q1 2026

Quarterly average deposit growth was approximately

2.4% annualized in Q2 2026 and quarterly deposit

growth increased approximately 1.0% annualized

since the end of Q1 2026

POSITIONING

FOR LONG TERM

Lending pipelines remain healthy and ended Q2

2026 higher than at the start of Q2 2026

Focused on generating positive operating leverage

DIFFERENTIATED

CLIENT EXPERIENCE

Responsive, strong and capable alternative to large

national banks, while competitive with and more

capable than smaller banks

CAPITALIZE ON

STRATEGIC OPPORTUNITIES

Focused on execution and organic growth opportunities

Organic expansion in North Carolina

FINANCIAL

RATIOS

Q2 2026 adjusted operating return on tangible common

equity of 20.11%1

Q2 2026 adjusted operating return on assets of 1.47%1

Q2 2026 adjusted operating efficiency ratio (FTE) of 47.47%1

Q2 2026 adjusted operating earnings available to common

shareholders of $0.94

ASSET

QUALITY

Q2 2026 annualized net charge-offs at 3 basis points

of total average loans held for investment

Allowance for Credit Loss as a percentage of loans

held for investment of 1.15%

Nonperforming Assets as a percentage of loans held

for investment of 0.39%

Source: Most recent data available from S&P Global; Bureau of Economic Analysis, Bureau of Labor Statistics 8

OUR MARKETS

# State

Pop.

(Millions)

1 California 39.4

2 Texas 32.0

3 Florida 24.0

4 New York 19.9

5 Pennsylvania 13.1

6 Illinois 12.7

7 Ohio 11.9

8 Georgia 11.3

# State HHI ($)

1 District of Columbia 117,508

2 Massachusetts 109,065

3 New Jersey 108,801

4 Maryland 107,134

5 New Hampshire 106,667

6 California 105,694

7 Washington 105,641

8 Hawaii 105,239

# State

GDP

($Billions)

1 California 4,251

2 Texas 2,904

3 New York 2,468

4 Florida 1,835

5 Illinois 1,202

6 Pennsylvania 1,056

7 Ohio 967

8 Georgia 925

# State

Pop.

(Millions)

9 North Carolina 11.2

10 Michigan 10.2

11 New Jersey 9.6

12 Virginia 8.9

13 Washington 8.0

14 Arizona 7.7

15 Tennessee 7.3

18 Maryland 6.3

# State HHI ($)

9 Utah 103,211

10 Connecticut 102,592

11 Colorado 102,130

12 Virginia 99,769

13 Alaska 96,366

14 Minnesota 95,088

15 Rhode Island 93,626

37 North Carolina 79,045

# State

GDP

($Billions)

9 Washington 895

10 North Carolina 894

11 New Jersey 887

12 Massachusetts 820

13 Virginia 798

14 Michigan 730

15 Arizona 598

18 Maryland 568

MEDIAN HOUSEHOLD INCOME ($)

2026 POPULATION

( M I LLI O N S )

2025 CURRENT DOLLAR GDP

( $ B I LLI O N S )

UNEMPLOYMENT BY STATE

# State May 2026 (%)

1 South Dakota 2.1

2 North Dakota 2.4

3 Hawaii 2.5

4 Vermont 2.6

5 Alabama 3.0

5 Nebraska 3.0

5 New Hampshire 3.0

8 Maine 3.1

# State May 2026 (%)

9 Iowa 3.2

10 Indiana 3.3

16 North Carolina 3.7

20 Virginia 3.8

31 Maryland 4.4

51 District of

Columbia 6.1

National Rate 4.3

THE NEXT PHASE

HARNESSING ORGANIC POWER

With the franchise now established, our focus is on maximizing its potential: We Believe AUB

Was Built For

This Moment

We have invested the capital,

built the platform, and

assembled the team. Now is the

time to demonstrate the power

of what we have built—

delivering sustainable, top-tier

performance and returns.

Organic growth

Deepening relationships,

growing our company

organically, and leveraging our

scale efficiently.

Capital generation

Shifting from capital

deployment to capital

creation, targeting top tier

returns, earnings growth,

and tangible book value per

share growth.

Disciplined execution

Delivering on the promises

made to our stakeholders.

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. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures”

Note: all tables presented dollars in thousands, except per share amounts

Q2 2026 FINANCIAL PERFORMANCE

AT-A-GLANCE

EARNINGS METRICS

2Q2026 1Q2026

Net Income available to common

shareholders $158,046 $119,198

Common EPS, diluted $1.11 $0.84

ROE 12.60% 9.78%

ROTCE (non-GAAP)1

23.42% 18.63%

ROA 1.73% 1.33%

Efficiency ratio 47.94% 57.14%

Efficiency ratio (FTE)1

47.42% 56.45%

Net interest margin 3.89% 3.80%

Net interest margin (FTE)1

3.94% 3.85%

SUMMARIZED INCOME STATEMENT

2Q2026 1Q2026 $ Change % Change

Net interest income $325,118 $312,373 $12,745 4.1%

- Provision for credit losses 11,737 2,737 9,000 NM

+ Noninterest income 90,248 54,783 35,465 64.7%

- Noninterest expense 199,136 209,810 (10,674) (5.1%)

- Income tax expense 43,480 32,444 11,036 34.0%

Net income (GAAP) $161,013 $122,165 $38,848 31.8%

- Dividends on preferred stock 2,967 2,967 — 0.0%

Net income available to common shareholders (GAAP) $158,046 $119,198 $38,848 32.6%

+ Merger-related costs, net of tax — 6,956 (6,956) (100.0%)

- Gain on sale of securities, net of tax 3 2 1 50.0%

- Gain on sale of equity interest in Bearing Insurance, net of tax 24,023 — 24,023 NM

Adjusted operating earnings available to common shareholders (non-GAAP)1

$134,020 $126,152 $7,868 6.2%

NM - Not Meaningful

A D J U S T E D O P E R A T I N G E A R N I N G S M E T R I C S - N O N-G A A P1

2Q2026 1Q2026

Adjusted operating earnings available to common

shareholders

$134,020 $126,152

Adjusted operating common EPS, diluted $0.94 $0.89

Core net interest margin (FTE) 3.46% 3.45%

Adjusted operating ROA 1.47% 1.41%

Adjusted operating ROTCE 20.11% 19.62%

Adjusted operating efficiency ratio (FTE) 47.47% 49.86%

Adjusted operating PTPP earnings (FTE) $188,437 $170,928

PTPP = Pre-tax Pre-provision

11 Data as of or for the twelve months ended each respective year, except for 2026 YTD which is as of the six months ended June 30, 2026

STRONG TRACK RECORD OF PERFORMANCE (GAAP)

$3.26 $2.97 $2.53 $2.24 $2.03 $1.95

2021 2022 2023 2024 2025 2026 YTD

9.68% 9.51% 8.27% 7.04% 6.16%

11.20%

2021 2022 2023 2024 2025 2026 YTD

61.91% 57.46% 61.32% 62.09% 65.16%

52.26%

2021 2022 2023 2024 2025 2026 YTD

1.32% 1.18% 0.98% 0.88% 0.80%

1.53%

2021 2022 2023 2024 2025 2026 YTD

EARNINGS PER SHARE, DILUTED

AVAILABLE TO COMMON SHAREHOLDERS ($) RETURN ON EQUITY (ROE) (%)

RETURN ON ASSETS (ROA) (%) EFFICIENCY RATIO (%)

STRONG TRACK RECORD OF PERFORMANCE (NON-GAAP)

Data as of or for the twelve months ended each respective year, except 2026 YTD which is as of the six months ended June 30, 2026

(1) Non-GAAP financial measure; See reconciliation to most directly comparable GAAP measure in "Appendix -- Reconciliation of Non-GAAP Disclosures”

ADJUSTED OPERATING EARNINGS PER SHARE

AVAILABLE TO COMMON SHAREHOLDERS, DILUTED ($)(1)

ADJUSTED OPERATING RETURN

ON TANGIBLE COMMON EQUITY (ROTCE) (%)(1)

ADJUSTED OPERATING RETURN ON ASSETS (ROA) (%)(1) ADJUSTED OPERATING EFFICIENCY RATIO (FTE)(%)(1)

$3.53

$2.92 $2.95 $2.88

$3.44

$1.83

2021 2022 2023 2024 2025 2026 YTD

18.07% 17.06% 17.21% 16.85%

20.41% 19.86%

2021 2022 2023 2024 2025 2026 YTD

54.52% 54.68% 54.15% 53.31%

49.68% 48.64%

2021 2022 2023 2024 2025 2026 YTD

1.43%

1.16% 1.14% 1.11%

1.33% 1.44%

2021 2022 2023 2024 2025 2026 YTD

Numbers may not foot due to rounding 13

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%)

Q1 2026 Reported NIM Core Loan Yield* Earning Assets Mix Core Deposits Net Purchase

Accounting Accretion

Q2 2026 Reported NIM

NET INTEREST MARGIN (FTE): DRIVERS OF CHANGE Q1 2026 TO Q2 2026

* Core Loan yield includes Loan Fees and Loan Swaps

1. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures”

Numbers may not foot due to rounding

2. Source Bloomberg

Q2 2026 NET INTEREST MARGIN

MARKET RATES2

Q2 2026 Q1 2026

EOP Avg EOP Avg

Fed funds 3.75% 3.75% 3.75% 3.75%

Prime 6.75% 6.75% 6.75% 6.75%

1-month SOFR 3.65% 3.64% 3.66% 3.67%

2-year Treasury 4.17% 3.97% 3.79% 3.58%

5-year Treasury 4.23% 4.09% 3.94% 3.77%

10- year Treasury 4.47% 4.41% 4.32% 4.19%

MARGIN OVERVIEW

Q2 2026 Q1 2026

Net interest margin (FTE)1 3.94% 3.85%

Loan yield (FTE)1 6.23% 6.14%

Investment yield (FTE)1 4.05% 4.08%

Earning asset yield (FTE)1 5.88% 5.79%

Cost of deposits 1.93% 1.90%

Cost of interest-bearing deposits 2.48% 2.45%

Cost of interest-bearing liabilities 2.59% 2.60%

Cost of funds 1.94% 1.94%

Presented on an FTE basis (non-GAAP)1

Approximately 19% of the total loan portfolio at 6/30/2026

have floors and all are above floors

LOAN PORTFOLIO PRICING MIX

Q2 2026

Fixed 46%

1-month SOFR 41%

Prime 8%

Other 5%

Total 100%

3.83%

1 bps

2 bps

3.85%

8 bps

- 2 bps

3.85%

3.94%

1. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures” 15

Q2 2026 NONINTEREST INCOME Noninterest income increased approximately

65% in the second quarter of 2026 compared

to the first quarter of 2026 primarily due to:

• A $32.3 million pre-tax gain on the sale of

equity interest in Bearing Insurance,

included within other operating income.

Adjusted operating noninterest income1

increased approximately 5.7% in the second

quarter of 2026 compared to the first quarter

of 2026 primarily due to:

• A $2.5 million increase in loan-related

interest rate swap fees due to an increase in

transaction volumes;

• 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.

($ THOUSANDS) 2Q2026 1Q2026 $ Change % Change

Service charges on deposit accounts $12,259 $12,116 $143 1.2%

Other service charges, commissions and fees 2,286 1,938 348 18.0%

Interchange fees 3,750 3,326 424 12.7%

Fiduciary and asset management fees 21,460 20,178 1,282 6.4%

Mortgage banking income 2,656 2,026 630 31.1%

Bank owned life insurance income 5,734 5,200 534 10.3%

Loan-related interest rate swap fees 6,484 3,975 2,509 63.1%

Other operating income 35,619 6,024 29,595 NM

Total noninterest income $90,248 $54,783 $35,465 64.7%

Less: Gain on sale of securities 4 2 2 100.0%

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

Total adjusted operating noninterest income (non-GAAP)1

$57,894 $54,781 $3,113 5.7%

NM - Not Meaningful

1. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures” 16

Q2 2026 NONINTEREST EXPENSE Noninterest expense decreased

approximately 5% in the second quarter of

2026 compared to the first quarter of 2026

primarily due to:

• A $9.0 million decrease in pre-tax merger-related costs.

Adjusted operating noninterest expense1

decreased approximately 0.7% in the second

quarter of 2026 compared to the first quarter

of 2026 primarily due to:

• A $1.8 million decrease in marketing and

advertising expense;

• A $1.1 million decrease in salaries and

benefits expense, primarily due to a

seasonal decrease in payroll taxes and

401(k) contribution expenses;

• Partially offset by a $1.6 million increase in

other expenses.

($ THOUSANDS) 2Q2026 1Q2026 $ Change % Change

Salaries and benefits $112,309 $113,413 ($1,104) (1.0%)

Occupancy expenses 12,862 13,202 (340) (2.6%)

Furniture and equipment expenses 5,532 5,555 (23) (0.4%)

Technology and data processing 16,016 15,602 414 2.7%

Professional services 6,154 5,768 386 6.7%

Marketing and advertising expense 5,479 7,328 (1,849) (25.2%)

FDIC assessment premiums and other insurance 6,633 6,846 (213) (3.1%)

Franchise and other taxes 4,675 4,705 (30) (0.6%)

Loan-related expenses 2,723 2,851 (128) (4.5%)

Amortization of intangible assets 15,136 15,446 (310) (2.0%)

Merger-related costs — 9,034 (9,034) (100.0%)

Other expenses 11,617 10,060 1,557 15.5%

Total noninterest expenses $199,136 $209,810 ($10,674) (5.1%)

Less: Amortization of intangible assets 15,136 15,446 (310) (2.0%)

Less: Merger-related costs — 9,034 (9,034) (100.0%)

Total adjusted operating noninterest expense (non-GAAP)1

$184,000 $185,330 ($1,330) (0.7%)

Q2 2026 LOAN AND DEPOSITS

• At June 30, 2026, LHFI totaled $28.7 billion, an

increase of $726.8 million from the prior quarter

primarily due to increases in commercial and

industrial and construction and land development

loan portfolios.

• Average loan yields (FTE)2

increased 9 basis

point to 6.23%, due to higher loan yields and

loan accretion income.

• At June 30, 2026, total deposits were $30.5 billion,

an increase of $77.0 million from the prior quarter

due to an increase in interest-bearing customer

deposits, partially offset by a decrease in demand

deposits.

• Noninterest-bearing demand deposits

accounted for 22% of total deposit balances

at the end of the second quarter of 2026,

down from 23% in the prior quarter.

• The average cost of deposits increased by 3

basis points compared to the prior quarter,

resulting from an increase in interest-bearing

deposits.

• At June 30, 2026, the loan to deposit ratio was

94.1%, up from 92.0% in the prior quarter.

(1) Auto portfolio is in run-off mode.

(2) For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures”

LOANS

($ THOUSANDS) 2Q2026 1Q2026 QTD ANNUALIZED % CHANGE

Commercial real estate - non-owner occupied $ 7,303,555 $ 7,212,035 5.1%

Commercial real estate - owner occupied 4,308,292 4,319,847 (1.1%)

Construction and land development 1,859,217 1,748,413 25.4%

Multifamily real estate 2,429,355 2,321,504 18.6%

Residential 1-4 Family - Commercial 1,008,438 1,053,303 (17.1%)

Total Commercial Real Estate (CRE) 16,908,857 16,655,102 6.1%

Commercial & Industrial 5,628,880 5,384,856 18.2%

Other Commercial 1,649,952 1,543,573 27.6%

Total Commercial & Industrial 7,278,832 6,928,429 20.3%

Total Commercial Loans $ 24,187,689 $ 23,583,531 10.3%

Residential 1-4 Family - Consumer 2,930,665 2,839,216 12.9%

Residential 1-4 Family - Revolving 1,312,531 1,257,079 17.7%

Auto(1) 131,477 156,843 (64.9%)

Consumer 110,909 109,755 4.2%

Total Consumer Loans $ 4,485,582 $ 4,362,893 11.3%

Total Loans Held for Investment (LHFI) (net of unearned income) $ 28,673,271 $ 27,946,424 10.4%

Average Loan Yield (FTE) 6.23% 6.14%

DEPOSITS

($ THOUSANDS) 2Q2026 1Q2026 QTD ANNUALIZED % CHANGE

Interest checking accounts $ 7,812,504 $ 7,515,409 15.9%

Money market accounts 6,821,997 6,985,315 (9.4%)

Savings accounts 2,567,073 2,691,144 (18.5%)

Customer time deposits of more than $250,000 1,876,425 1,767,455 24.7%

Customer time deposits of $250,000 or less 4,104,769 3,977,869 12.8%

Time deposits 5,981,194 5,745,324 16.5%

Total interest-bearing customer deposits 23,182,768 22,937,192 4.3%

Brokered deposits 557,751 610,338 (34.6%)

Total interest-bearing deposits 23,740,519 23,547,530 3.3%

Demand deposits 6,727,738 6,843,726 (6.8%)

Total Deposits $ 30,468,257 $ 30,391,256 1.0%

Average Cost of Deposits 1.93% 1.90%

Loan to Deposit Ratio 94.1% 92.0%

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. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures”

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

• Figures may not foot due to rounding

STRONG CAPITAL POSITION 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

AS OF JUNE 30, 2026

• 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

At June 30, 2026

QUARTERLY ROLL FORWARD COMMON EQUITY

TIER 1 RATIO

TANGIBLE COMMON

EQUITY RATIO

TANGIBLE BOOK VALUE

PER SHARE

3/31/26 10.21% 8.03% $19.93

Pre-Provision Net Income 0.47% 0.41% 1.01

One-Time impacts (Bearing Insurance) 0.08% 0.07% 0.17

After Tax Provision (0.03%) (0.03%) (0.06)

Common Dividend (0.17%) (0.15%) (0.37)

Common Share Repurchases (0.03%) (0.03%) (0.05)

AOCI 0.00% 0.00% 0.01

Goodwill & Intangibles 0.08% 0.04% 0.11

Deferred Taxes and Other 0.07% 0.01% 0.03

Asset Growth (0.25%) (0.19%) 0.00

6/30/26 10.41% 8.17% $20.77

AOCI Total Impact --- 0.77% 1.95

6/30/26 ex. AOCI 10.41% 8.94% $22.72

2026 FINANCIAL OUTLOOK

1. Information on this slide is presented as of July 21, 2026, reflects the Company’s updated financial outlook, certain of the Company’s financial targets, and key economic and other assumptions, and will not be updated or affirmed unless and until

the Company publicly announces such an update or affirmation. The 2026 financial outlook, the Company’s financial targets and the key economic assumptions contain forward-looking statements. These statements are based on current beliefs

and expectations of our management and are subject to significant risks and uncertainties, including, but not limited to, volatility and uncertainty in the macro economic environment, changes in federal and state governmental policies, the

imposition or expansion of tariffs, sustained inflationary pressures, macroeconomic conditions, and geopolitical instability. As a result, actual results or conditions may differ materially. See the information set forth below the heading “Forward-Looking Statements” on slide 2 of this presentation.

2. Refer to “Additional Information” slide and Appendix for non-GAAP disclosures.

FULL YEAR 2026 OUTLOOK 1

Loans (end of period) $29.0 – 30.0 billion

Deposits (end of period) $31.0 – 32.0 billion

Credit Outlook

ACL to loans: ~115 – 120 bps

Net charge-off ratio: ~5 – 10 bps

Net Interest Income (FTE) 2 ~$1.32 - $1.33 billion

Net Interest Margin (FTE) 2 ~3.90% - 3.95%

Noninterest Income ~$220 - $230MM

Adjusted Operating Noninterest Expense2

(excludes amortization of intangible assets)

~$742- $752MM

Amortization of intangible assets ~$60MM

Tangible Book Value Growth Per Share ~12% growth

• The Federal Reserve Bank raises the fed

funds rate 25 basis points in September

2026 and term rates remain stable

• Assumes moderate GDP growth and a

stable economy in AUB’s branch footprint

• Expect Virginia, Maryland, and North

Carolina unemployment rate to rise

but remain at or below the national

unemployment rate in 2026

• Assumes continued repurchases of

common stock in second half of the year

KEY ASSUMPTIONS1

Q2 2026

APPENDIX

AUB DIVERSIFIED AND GRANULAR LOAN PORTFOLIO

Figures may not total to 100% due to rounding

Duration and Weighted Average Yield Data is as of or for the three months ended June 30, 2026

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

1. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in "Appendix - Reconciliation of Non-GAAP Disclosures"

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

At June 30,2026

LOAN PORTFOLIO CHARACTERISTICS

1.3 years

Duration

40%

Commercial

6.23%

Q2 2026 Weighted Average Yield (Tax Equivalent)1

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%

AUB CRE PORTFOLIO

At June 30, 2026

CRE BY CLASS

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.

( $ M I LLI O N S ) ( $ M I LLI O N S )

At June 30, 2026

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

Figures may not foot due to rounding.

NON-OWNER OCCUPIED OFFICE CRE PORTFOLIO

NON-OWNER OCCUPIED OFFICE

GEOGRAPHICALLY DIVERSE NON-OWNER OCCUPIED OFFICE PORTFOLIO PORTFOLIO CREDIT QUALITY

* DC, Montgomery County, Prince George’s County, Fairfax County, Fairfax City, Falls

Church City, Arlington County, Alexandria City

( $ 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 SUBMARKET* 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

MULTIFAMILY CRE PORTFOLIO

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

Figures may not foot due to rounding.

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

At June 30, 2026

* DC, Montgomery County, Prince George’s County, Fairfax County, Fairfax City, Falls

Church City, Arlington County, Alexandria City

MULTIFAMILY PORTFOLIO

GEOGRAPHICALLY DIVERSE MULTIFAMILY PORTFOLIO CREDIT QUALITY

( $ 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

BY MARKET DC METRO SUBMARKET* KEY PORTFOLIO METRICS

OVERVIEW OF GOVERNMENT-RELATED LOAN

PORTFOLIO EXPOSURES

$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

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

• 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

$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

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

AUB NON-DEPOSITORY FINANCIAL INSTITUTION

(“NDFI”)/PRIVATE CREDIT PORTFOLIO

At 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

ATTRACTIVE CORE DEPOSIT BASE

Cost of deposit data is as of and for the three months ended June 30, 2026, figures may not foot due to rounding

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

Non-Interest Bearing

22%

Interest Checking

26%

Money Market

22%

Retail Time

13%

Jumbo Time

Brokered

Savings

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

92%

core deposits1

48%

transactional accounts

1.93%

Q2 2026 cost of 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

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

AUB 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)

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% Yield

4.08% Yield

4.05% Yield

INVESTMENT SECURITIES BALANCES

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

At June 30, 2026

( $ M I L L I O N S )

RECONCILIATION OF NON-GAAP DISCLOSURES

We have provided supplemental performance measures determined by methods other than in accordance with GAAP. These non-GAAP financial measures

are a supplement to GAAP, which we use to prepare our financial statements, and should not be considered in isolation or as a substitute for comparable

measures calculated in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to non-GAAP financial measures of

other companies. We use the non-GAAP financial measures discussed herein in our analysis of our performance. Management believes that these non-GAAP financial measures provide additional understanding of ongoing operations, enhance the comparability of our results of operations with prior periods

and show the effects of significant gains and charges in the periods presented without the impact of items or events that may obscure trends in our

underlying performance or show the potential effects of accumulated other comprehensive income or unrealized losses on held to maturity securities on

our capital.

Due to the impact of completing the Sandy Spring acquisition in the second quarter of 2025 and the acquisition of American National Bankshares in the

second quarter of 2024, we updated our non-GAAP operating measures beginning in the second quarter of 2025 to exclude the CECL Day 1 non-PCD loans

and RUC provision expense. The CECL Day 1 non-PCD loans and RUC provision expense is comprised of the initial provision expense on non-PCD loans,

which represents the CECL “double count” of the non-PCD credit mark, and the additional provision for unfunded commitments. The Company does not

view the CECL Day 1 non-PCD loans and RUC provision expense as organic costs to run the Company’s business and believes this updated presentation

provides investors with additional information to assist in period-to-period and company-to-company comparisons of operating performance, which will

aid investors in analyzing the Company’s performance. Prior period non-GAAP operating measures presented in this presentation have been recast to

conform to this updated presentation.

RECONCILIATION OF NON-GAAP DISCLOSURES

Adjusted operating measures exclude, as

applicable, merger-related costs, gain on sale of

equity interest in Bearing Insurance, and gain on

sale of securities. 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, gain on sale of securities,

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.

ADJUSTED OPERATING EARNINGS AND EFFICIENCY RATIO

(Dollars in thousands, except per share amounts)

For the three months ended

June 30, 2026 March 31, 2026

Operating Measures

Net Income (GAAP) $ 161,013 $ 122,165

Plus: Merger-related costs, net of tax — 6,956

Less: Gain on sale of equity interest in Bearing Insurance, net of tax 24,023 —

Less: Gain on sale of securities, net of tax 3 2

Adjusted operating earnings (non-GAAP) $ 136,987 $ 129,119

Less: Dividends on preferred stock 2,967 2,967

Adjusted operating earnings available to common shareholders (non-GAAP) $ 134,020 $ 126,152

Weighted average common shares outstanding, diluted 142,320,806 142,280,978

EPS available to common shareholders, diluted (GAAP) $ 1.11 $ 0.84

Adjusted operating EPS available to common shareholders (non-GAAP) $ 0.94 $ 0.89

Operating Efficiency Ratio

Noninterest expense (GAAP) $ 199,136 $ 209,810

Less: Amortization of intangible assets 15,136 15,446

Less: Merger-related costs — 9,034

Adjusted operating noninterest expense (non-GAAP) $ 184,000 $ 185,330

Noninterest income (GAAP) $ 90,248 $ 54,783

Less: Gain on sale of securities 4 2

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

Adjusted operating noninterest income (non-GAAP) $ 57,894 $ 54,781

Net interest income (GAAP) $ 325,118 $ 312,373

Noninterest income (GAAP) 90,248 54,783

Total revenue (GAAP) $ 415,366 $ 367,156

Net interest income (FTE) (non-GAAP) $ 329,679 $ 316,923

Adjusted operating noninterest income (non-GAAP) 57,894 54,781

Total adjusted revenue (FTE) (non-GAAP) $ 387,573 $ 371,704

Efficiency ratio (GAAP) 47.94% 57.14%

Efficiency ratio FTE (non-GAAP) 47.42% 56.45%

Adjusted operating efficiency ratio (FTE) (non-GAAP) 47.47% 49.86%

RECONCILIATION OF NON-GAAP DISCLOSURES

Adjusted operating measures exclude, as

applicable, merger-related costs, FDIC

special assessments, legal reserves

associated with our previously disclosed

settlement with the Consumer Financial

Protection Bureau (“CFPB”), strategic cost

savings initiatives (principally composed of

severance charges related to headcount

reductions, costs related to modifying

certain third party vendor contracts, and

charges for exiting certain leases), strategic

branch closing and related facility

consolidation costs (principally composed of

real estate, leases and other asset write

downs, as well as severance and expense

reduction initiatives), the net loss related to

balance sheet repositioning (principally

composed of gains and losses on debt

extinguishment, and charges for exiting

certain leases), deferred tax asset write-down, CECL Day 1 non-Purchased Credit

Deteriorated (“PCD”) loans and RUC

provision expense, gain (loss) on sale of

securities, gain on sale-leaseback

transaction, gain on CRE loan sale, gain on

sale of Dixon, Hubard, Feinour & Brown, Inc.

(“DHFB”), gain on sale of equity interest in

Cary Street Partners (“CSP”), gain on sale of

equity interest in Bearing Insurance, and gain

on the sale of Visa, Inc. Class B common

stock. The Company believes these non-GAAP adjusted measures provide investors

with important information about the

continuing economic results of the

Company’s operations.

ADJUSTED OPERATING EARNINGS & FINANCIAL METRICS

For the six months ended For the years ended

(Dollars in thousands, except outstanding share and per share

amounts) June 30, 2026 2025 2024 2023 2022 2021

Operating Measures

Net Income (GAAP) $ 283,179 $ 273,715 $ 209,131 $ 201,818 $ 234,510 $ 263,917

Plus: Merger-related costs, net of tax 6,956 124,590 33,476 2,850 — —

Plus: FDIC special assessment, net of tax — — 664 2,656 — —

Plus: Legal reserve, net of tax — — — 6,809 — —

Plus: Strategic cost saving initiatives, net of tax — — — 9,959 — —

Plus: Strategic branch closing and facility consolidation

costs, net of tax — — — — 4,351 13,775

Plus: Net loss related to balance sheet repositioning, net of

tax

— — — — — 11,609

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

Plus: CECL Day 1 non-PCD loans and RUC provision

expense, net of tax — 77,742 11,520 — — —

Less: Gain (loss) on sale of securities, net of tax 5 (62) (5,129) (32,381) (2) 69

Less: Gain on sale-leaseback transaction, net of tax — — — 23,367 — —

Less: Gain on CRE loan sale, net of tax — 8,405 — — — —

Less: Gain on sale of DHFB, net of tax — — — — 7,984 —

Less: Gain on sale of equity interest in CSP, net of tax — 10,994 — — — —

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

net of tax 24,023 — — — — —

Less: Gain on Visa, Inc. Class B common stock, net of tax — — — — — 4,058

Adjusted operating earnings (non-GAAP) $ 266,107 $ 456,710 $ 264,694 $ 233,106 $ 230,879 $ 285,174

Less: Dividends on preferred stock 5,934 11,868 11,868 11,868 11,868 11,868

Adjusted operating earnings available to common

shareholders (non-GAAP) $ 260,173 $ 444,842 $ 252,826 $ 221,238 $ 219,011 $ 273,306

Earnings per share (EPS)

Weighted average common shares outstanding, diluted 142,301,002 129,161,421 87,909,237 74,962,363 74,953,398 77,417,801

EPS available to common shareholders, diluted (GAAP) $ 1.95 $ 2.03 $ 2.24 $ 2.53 $ 2.97 $ 3.26

Adjusted operating EPS available to common shareholders,

diluted (non-GAAP) $ 1.83 $ 3.44 $ 2.88 $ 2.95 $ 2.92 $ 3.53

RECONCILIATION OF NON-GAAP DISCLOSURES

The Company believes net interest income (FTE),

total revenue (FTE), and total adjusted revenue

(FTE), which are used in computing net interest

margin (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, losses related to

balance sheet repositioning (principally composed

of gains and losses on debt extinguishment),

merger-related costs, FDIC special assessments,

strategic cost savings initiatives (principally

composed of severance charges related to

headcount reductions, costs related to modifying

certain third party vendor contracts, and charges

for exiting certain leases), legal reserves

associated with our previously disclosed

settlement with the CFPB, strategic branch closing

and facility consolidation costs (principally

composed of real estate, leases and other asset

write downs, as well as severance and expense

reduction initiatives), gain (loss) on sale of

securities, gain on sale-leaseback transaction,

gain on sale of DHFB, gain on CRE loan sale, gain

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

equity interest in Bearing Insurance, and gain on

sale of Visa, Inc. Class B common stock. 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.

ADJUSTED OPERATING EFFICIENCY RATIO

For the six months ended For the years ended

(Dollars in thousands) June 30, 2026 2025 2024 2023 2022 2021

Operating Efficiency Ratio

Noninterest expense (GAAP) $ 408,946 $ 895,570 $ 507,534 $ 430,371 $ 403,802 $ 419,195

Less: Amortization of intangible assets 30,582 59,668 19,307 8,781 10,815 13,904

Less: Losses related to balance sheet repositioning — — — — — 14,695

Less: Merger-related costs 9,034 157,278 40,018 2,995 — —

Less: FDIC special assessment — — 840 3,362 — —

Less: Strategic cost saving initiatives — — — 12,607 — —

Less: Legal reserve — — — 8,300 — —

Less: Strategic branch closing and facility consolidation costs — — — — 5,508 17,437

Adjusted operating noninterest expense (non-GAAP) $ 369,330 $ 678,624 $ 447,369 $ 394,326 $ 387,479 $ 373,159

Noninterest income (GAAP) $ 145,031 $ 219,436 $ 118,878 $ 90,877 $ 118,523 $ 125,806

Less: Gain (loss) on sale of securities 6 (81) (6,493) (40,989) (3) 87

Less: Gain on sale-leaseback transaction — — — 29,579 — —

Less: Gain on sale of DHFB — — — — 9,082 —

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 — — — — —

Less: Gain on Visa, Inc. Class B common stock — — — — — 5,137

Adjusted operating noninterest income (non-GAAP) $ 112,675 $ 193,845 $ 125,371 $ 102,287 $ 109,444 $ 120,582

Net interest income (GAAP) $ 637,491 $ 1,154,913 $ 698,539 $ 611,013 $ 584,261 $ 551,260

Noninterest income (GAAP) 145,031 219,436 118,878 90,877 118,523 125,806

Total revenue (GAAP) $ 782,522 $ 1,374,349 $ 817,417 $ 701,890 $ 702,784 $ 677,066

Net interest income (FTE) (non-GAAP) $ 646,601 $ 1,172,074 $ 713,765 $ 625,923 $ 599,134 $ 563,851

Adjusted operating noninterest income (non-GAAP) 112,675 193,845 125,371 102,287 109,444 120,582

Total adjusted revenue (FTE) (non-GAAP) $ 759,276 $ 1,365,919 $ 839,136 $ 728,210 $ 708,578 $ 684,433

Efficiency ratio (GAAP) 52.26% 65.16% 62.09% 61.32% 57.46% 61.91%

Adjusted operating efficiency ratio (FTE) (non-GAAP) 48.64% 49.68% 53.31% 54.15% 54.68% 54.52%

RECONCILIATION OF NON-GAAP DISCLOSURES

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.

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

(Dollars in thousands)

For the three months ended

June 30, 2026 March 31, 2026

Net interest income (GAAP) $ 325,118 $ 312,373

FTE adjustment 4,561 4,550

Net interest income (FTE) (non-GAAP) $ 329,679 $ 316,923

Noninterest income (GAAP) 90,248 54,783

Total revenue (FTE) (non-GAAP) $ 419,927 $ 371,706

Net interest income (FTE) (non-GAAP) $ 329,679 $ 316,923

Purchase accounting adjustments 39,939 32,714

Core net interest income (FTE) (non-GAAP) $ 289,740 $ 284,209

Average earning assets $ 33,544,840 $ 33,377,790

Net interest margin (GAAP) 3.89% 3.80%

Net interest margin (FTE) (non-GAAP) 3.94% 3.85%

Core net interest margin (FTE) (non-GAAP) 3.46% 3.45%

Loan interest income (GAAP) $ 436,309 $ 419,129

FTE adjustment 2,199 2,170

Loan interest income (FTE) (non-GAAP) $ 438,508 $ 421,299

Average LHFI $ 28,243,611 $ 27,830,037

Loan yield (GAAP) 6.20% 6.11%

Loan yield (FTE) (non-GAAP) 6.23% 6.14%

Investment interest income (GAAP) $ 47,856 $ 49,961

FTE adjustment 2,362 2,380

Investment interest income (FTE) (non-GAAP) $ 50,218 $ 52,341

Average securities $ 4,976,527 $ 5,207,502

Investment yield (GAAP) 3.86% 3.89%

Investment yield (FTE) (non-GAAP) 4.05% 4.08%

Total earning assets interest income (GAAP) $ 486,828 $ 471,735

FTE adjustment 4,561 4,550

Total earning assets interest income (FTE) (non-GAAP) $ 491,389 $ 476,285

Average earning assets $ 33,544,840 $ 33,377,790

Earning assets yield (GAAP) 5.82% 5.73%

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

RECONCILIATION OF NON-GAAP DISCLOSURES

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 include 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.

TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO

(Dollars in thousands, except per share amounts)

As of June 30, 2026 As of March 31, 2026

Atlantic Union Atlantic Union Atlantic Union Atlantic Union

Bankshares Bank Bankshares Bank

Tangible Assets

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

Less: Ending goodwill 1,754,875 1,754,875 1,754,875 1,754,875

Less: Ending amortizable intangibles 284,962 284,962 300,099 300,099

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

Tangible Common Equity

Ending equity (GAAP) $ 5,153,414 $ 5,792,358 $ 5,052,316 $ 5,759,867

Less: Ending goodwill 1,754,875 1,754,875 1,754,875 1,754,875

Less: Ending amortizable intangibles 284,962 284,962 300,099 300,099

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

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

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

Accumulated other comprehensive loss (AOCI) $ (276,793) $ (276,815) $ (278,488) $ (278,514)

Common shares outstanding at end of period 141,924,165 142,060,496

Average equity (GAAP) $ 5,125,495 $ 5,771,065 $ 5,068,069 $ 5,759,823

Less: Average goodwill 1,754,875 1,754,875 1,733,527 1,733,527

Less: Average amortizable intangibles 292,322 292,322 307,636 307,636

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

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

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

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

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

RECONCILIATION OF NON-GAAP DISCLOSURES

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 include 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.

TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO

(Dollars in thousands, except per share amounts)

As of June 30, 2026

Atlantic Union Atlantic Union

Bankshares Bank

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

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

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

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

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

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

Leverage Ratio

Tier 1 capital $ 3,437,731 $ 4,079,069

Total average assets for leverage ratio $ 35,720,812 $ 35,638,388

Leverage ratio 9.6% 11.4%

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

RECONCILIATION OF NON-GAAP DISCLOSURES

All regulatory capital ratios at June 30, 2026 are

estimates and subject to change pending the

Company’s filing of its FR Y-9C. In addition to

these regulatory capital ratios, the Company

adjusts certain regulatory capital ratios to

include the impacts of AOCI, which the

Company has elected to exclude from regulatory

capital ratios under applicable regulations, and

net unrealized losses on HTM securities,

assuming that those unrealized losses were

realized at the end of the period, as applicable.

The Company believes that each of these ratios

help investors to assess the Company's

regulatory capital levels and capital adequacy.

RISK-BASED CAPITAL RATIOS

(Dollars in thousands)

As of June 30, 2026

Atlantic Union

Bankshares

Atlantic

Union Bank

Risk-Based Capital Ratios

Net unrealized losses on HTM securities, net of tax $

(29,142) $

(29,142)

Accumulated other comprehensive loss (AOCI) $

(276,793) $

(276,815)

Common equity tier 1 capital $ 3,271,375 $ 4,079,069

Tier 1 capital $ 3,437,731 $ 4,079,069

Total capital $ 4,445,769 $ 4,384,167

Total risk-weighted assets $ 31,420,871 $ 31,340,115

Common equity tier 1 capital ratio 10.4% 13.0%

Common equity tier 1 capital ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 9.4% 12.0%

Tier 1 capital ratio 10.9% 13.0%

Tier 1 capital ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 10.0% 12.0%

Total capital ratio 14.1% 14.0%

Total capital ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 13.2% 13.0%

RECONCILIATION OF NON-GAAP DISCLOSURES

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, gain on sale of securities,

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.

OPERATING MEASURES

(Dollars in thousands)

For the three months ended

June 30, 2026 March 31, 2026

Return on average assets (ROA)

Average assets (GAAP) $ 37,433,973 $ 37,254,857

ROA (GAAP) 1.73% 1.33%

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

Return on average equity (ROE)

Adjusted operating earnings available to common shareholders (non-GAAP) $ 134,020 $ 126,152

Plus: Amortization of intangibles, tax effected 11,957 12,202

Adjusted operating earnings available to common shareholders before amortization of intangibles (non-GAAP) $ 145,977 $ 138,354

Average equity (GAAP) $ 5,125,495 $ 5,068,069

Less: Average goodwill 1,754,875 1,733,527

Less: Average amortizable intangibles 292,322 307,636

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

Average tangible common equity (non-GAAP) $ 2,911,942 $ 2,860,550

ROE (GAAP) 12.60% 9.78%

Return on tangible common equity (ROTCE)

Net Income available to common shareholders (GAAP) $ 158,046 $ 119,198

Plus: Amortization of intangibles, tax effected 11,957 12,202

Net Income available to common shareholders before amortization of intangibles (non-GAAP) $ 170,003 $ 131,400

ROTCE (non-GAAP) 23.42% 18.63%

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

RECONCILIATION OF NON-GAAP DISCLOSURES

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 assessments, legal reserves associated with

our previously disclosed settlement with the CFPB,

strategic cost savings initiatives (principally composed

of severance charges related to headcount

reductions, costs related to modifying certain third

party vendor contracts and charges for exiting certain

leases), strategic branch closing and related facility

consolidation costs (principally composed of real

estate, leases and other asset write downs, as well as

severance and expense reduction initiatives), the net

loss related to balance sheet repositioning (principally

composed of gains and losses on debt

extinguishment), deferred tax asset write-down, CECL

Day 1 non-PCD loans and RUC provision expense,

gain (loss) on sale of securities, gain on sale-leaseback transaction, gain on CRE loan sale, gain on

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

gain on sale of equity interest in Bearing Insurance,

and gain on the sale of Visa, Inc. Class B common

stock. The Company believes these non-GAAP

adjusted measures provide investors with important

information about the continuing economic results of

the Company’s operations.

OPERATING MEASURES

For the six months ended For the years ended

(Dollars in thousands, except per share amounts) June 30, 2026 2025 2024 2023 2022 2021

Return on assets (ROA)

Average assets $ 37,344,910 $ 34,380,986 $ 23,862,190 $ 20,512,402 $ 19,949,388 $ 19,977,551

ROA (GAAP) 1.53% 0.80% 0.88% 0.98% 1.18% 1.32%

Adjusted operating ROA (non-GAAP) 1.44% 1.33% 1.11% 1.14% 1.16% 1.43%

Return on equity (ROE)

Adjusted operating earnings available to common

shareholders (non-GAAP) $ 260,173 $ 444,842 $ 252,826 $ 221,238 $ 219,011 $ 273,306

Plus: Amortization of intangibles, tax effected 24,160 47,138 15,253 6,937 8,544 10,984

Adjusted operating earnings available to common

shareholders before amortization of intangibles (non-GAAP)

$ 284,333 $ 491,980 $ 268,079 $ 228,175 $ 227,555 $ 284,290

Average equity (GAAP) 5,096,940 4,446,839 2,971,111 2,440,525 2,465,049 2,725,330

Less: Average goodwill 1,744,260 1,592,391 1,139,422 925,211 930,315 935,560

Less: Average amortizable intangibles 299,937 277,977 73,984 22,951 34,627 49,999

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

Average tangible common equity (non-GAAP) $ 2,886,387 $ 2,410,115 $ 1,591,349 $ 1,326,007 $ 1,333,751 $ 1,573,415

ROE (GAAP) 11.20% 6.16% 7.04% 8.27% 9.51% 9.68%

Return on tangible common equity (ROTCE)

Net Income available to common shareholders (GAAP) $ 277,245 $ 261,847 $ 197,263 $ 189,950 $ 222,642 $ 252,049

Plus: Amortization of intangibles, tax effected 24,160 47,138 15,253 6,937 8,544 10,984

Net Income available to common shareholders before

amortization of intangibles (non-GAAP) $ 301,405 $ 308,965 $ 212,516 $ 196,887 $ 231,186 $ 263,033

ROTCE (non-GAAP) 21.06% 12.82% 13.35% 14.85% 17.33% 16.72%

Adjusted operating ROTCE (non-GAAP) 19.86% 20.41% 16.85% 17.21% 17.06% 18.07%

RECONCILIATION OF NON-GAAP DISCLOSURES

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, gain on sale of securities,

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.

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

(Dollars in thousands)

For the three months ended

June 30, 2026 March 31, 2026

Net interest income (GAAP) $ 325,118 $ 312,373

FTE adjustment 4,561 4,550

Net interest income (FTE)(non-GAAP) $ 329,679 $ 316,923

Noninterest income (GAAP) 90,248 54,783

Total revenue (FTE)(non-GAAP) $ 419,927 $ 371,706

Less: Noninterest expense (GAAP) 199,136 209,810

Pre-tax pre-provision earnings (FTE)(non-GAAP) $ 220,791 $ 161,896

Plus: Merger-related costs — 9,034

Less: Gain on sale of securities 4 2

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

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

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v3.26.1

Document and Entity Information1

Jul. 21, 2026

Document Type

8-K

Document Period End Date

Jul. 21, 2026

Entity File Number

001-39325

Entity Registrant Name

ATLANTIC UNION BANKSHARES CORPORATION

Entity Incorporation, State or Country Code

Entity Tax Identification Number

54-1598552

Entity Address, Address Line One

4300 Cox Road

Entity Address, State or Province

Entity Address, City or Town

Glen Allen

Entity Address, Postal Zip Code

23060

City Area Code

(804)

Local Phone Number

633-5031

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Common Stock, par value $1.33 per share

Trading Symbol

AUB

Security Exchange Name

NYSE

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Title of 12(b) Security

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

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AUB.PRA

Security Exchange Name

NYSE

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