Atlantic Union Bankshares Reports Third Quarter Financial Results

Higher funding costs compressed lending margins, while lower credit-loss provisions partly offset falling fee income and rising expenses.

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RICHMOND, Va.--(BUSINESS WIRE)-- Atlantic Union Bankshares Corporation (the “Company” or “Atlantic Union”) (NYSE: AUB) reported net income available to common shareholders of $133.7 million and basic and diluted earnings per common share of $0.95 and $0.94, respectively, for the third quarter of 2026 and adjusted operating earnings available to common shareholders⁽⁺⁾ of $135.6 million and adjusted diluted operating earnings per common share⁽⁺⁾ of $0.96 for the third quarter of 2026.

“Atlantic Union delivered a solid third quarter, with healthy loan growth, strong credit quality and continued progress in expanding our earnings capacity,” said John C. Asbury, president and chief executive officer of Atlantic Union. “Excluding the expense associated with the redemption of our subordinated debt, our operating performance demonstrates the earnings power we have built over many years, which we believe positions us to deliver differentiated financial performance relative to our peers.”

“Atlantic Union is a story of transformation from a Virginia community bank into the largest regional bank headquartered in the lower Mid-Atlantic, with operations across Virginia and Maryland and a growing presence in North Carolina. Guided by our priorities of soundness, profitability and growth—in that order—we remain focused on sustainable, profitable growth and long-term value creation for our shareholders.”

STRATEGIC ACTIONS

Subordinated Debt

During the third quarter of 2026, the Company issued $250.0 million in aggregate principal amount of its 6.25% Fixed-to-Floating Rate Subordinated Notes due August 1, 2036 (the “2036 Subordinated Notes”). The 2036 Subordinated Notes convert to a floating rate equal to the three-month term Secured Overnight Financing Rate, plus a spread of 213 basis points on August 1, 2031. Net proceeds from the issuance, after underwriting discounts and offering expenses, were approximately $246.8 million.

The Company used the net proceeds to redeem the $168.0 million principal amount of its outstanding 4.25% Fixed-to-Floating Rate Subordinated Notes due 2029 (the “2029 Subordinated Notes”), plus accrued interest, and for general corporate purposes. The 2029 Subordinated Notes transitioned to a floating interest rate on November 15, 2024, and had a rate of 6.53% at the time of redemption. As a result of the redemption, the Company recognized a $2.7 million pre-tax loss on debt extinguishment in the third quarter of 2026, recorded within non-interest expense, reflecting the acceleration of acquisition-related fair value marks associated with the 2029 Subordinated Notes.

Share Repurchase Program

On May 5, 2026, the Company’s Board of Directors authorized a $250.0 million share repurchase program (the “Repurchase Program”) 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. During the third quarter of 2026, the Company repurchased approximately 1.5 million shares (or $62.5 million), at an average price of $41.38 per share. At September 30, 2026, approximately $177.5 million remained available under the Repurchase Program for future repurchases.

NET INTEREST INCOME

For the third quarter of 2026, net interest income was $328.4 million, an increase of $3.3 million from $325.1 million in the second quarter of 2026. Net interest income - fully taxable equivalent (“FTE”)(+) was $333.1 million in the third quarter of 2026, an increase of $3.4 million from $329.7 million in the second quarter of 2026. The increases from the prior quarter in both net interest income and net interest income (FTE)(+) were driven primarily by higher interest income on loans held for investment (“LHFI”), reflecting loan growth and increased loan accretion income. The aforementioned increases were partially offset by higher deposit interest expense, primarily resulting from increased costs on customer interest-bearing deposits, higher brokered deposit costs, and higher borrowing costs from both short-term and long-term borrowings. Long-term borrowing costs increased primarily due to the overlapping periods in which both the 2029 and 2036 Subordinated Notes were outstanding, as well as the larger principal amount of the 2036 Subordinated Notes.

For the third quarter of 2026, the Company’s net interest margin decreased 7 basis points from the prior quarter to 3.82%. Net interest margin (FTE)⁽⁺⁾ decreased 6 basis points from the prior quarter to 3.88%. The decreases were driven primarily by a higher cost of funds which increased 7 basis points to 2.01% compared to the second quarter of 2026, primarily due to increased costs on interest-bearing customer deposits and higher brokered deposit costs. The yield on total earning assets (FTE)⁽⁺⁾ was 5.89% for the third quarter of 2026, an increase of 1 basis point from the prior quarter, driven by higher loan balances and loan accretion income.

The Company’s net interest margin (FTE)⁽⁺⁾ includes the impact of acquisition accounting fair value adjustments. Net accretion income for the quarter ended September 30, 2026 was $40.9 million, compared to $39.9 million for the quarter ended June 30, 2026. The impact of accretion and amortization for the periods presented is reflected in the following table (dollars in thousands):

		Loan			Deposit			Borrowings
		Accretion			Accretion			Amortization			Total
For the quarter ended June 30, 2026		$	40,449		$	111		$	(621)		$	39,939
For the quarter ended September 30, 2026			41,298			19			(452)			40,865

ASSET QUALITY

Overview

At September 30, 2026, nonperforming assets (“NPAs”) as a percentage of total LHFI was 0.37%, a decrease of 2 basis points from June 30, 2026 and a decrease of 12 basis points from September 30, 2025, which was primarily driven by lower new nonaccruals in the current quarter. Accruing past due loans as a percentage of total LHFI totaled 0.34% at September 30, 2026, an increase of 6 basis points from June 30, 2026, and an increase of 7 basis points from September 30, 2025. Net charge-offs were 0.03% of total average LHFI (annualized) for the third quarter of 2026, unchanged from the second quarter of 2026, and a decrease of 53 basis points compared to the third quarter of 2025, which was primarily driven by charge-offs of two commercial and industrial loans in the third quarter of 2025. The allowance for credit losses (“ACL”) totaled $334.2 million at September 30, 2026, a $3.3 million increase from the prior quarter.

Nonperforming Assets

The following table shows a summary of NPA balances at the quarters ended (dollars in thousands):

		September 30,			June 30,			March 31,			December 31,			September 30,
		2026			2026			2026			2025			2025
Nonaccrual loans		$	106,509		$	110,926		$	97,828		$	115,051		$	131,240
Foreclosed properties			1,964			1,756			1,856			1,826			2,001
Total nonperforming assets		$	108,473		$	112,682		$	99,684		$	116,877		$	133,241

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

		September 30,				June 30,				March 31,				December 31,				September 30,
		2026				2026				2026				2025				2025
Beginning Balance		$	110,926			$	97,828			$	115,051			$	131,240			$	162,615
Net customer payments and other activity (1)			(8,683	)			(9,330	)			(33,934	)			(21,667	)			(17,947	)
Additions (1)			6,220				24,283				17,679				7,816				25,333
Charge-offs			(1,746	)			(1,855	)			(909	)			(2,307	)			(37,410	)
Loans returning to accruing status			—				—				—				(31	)			(77	)
Transfers to foreclosed property			(208	)			—				(59	)			—				(1,274	)
Ending Balance		$	106,509			$	110,926			$	97,828			$	115,051			$	131,240

____________________
(1)	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.

Past Due Loans

At September 30, 2026, past due loans still accruing interest totaled $98.9 million or 0.34% of total LHFI, compared to $80.4 million or 0.28% of total LHFI at June 30, 2026, and $74.2 million or 0.27% of total LHFI at September 30, 2025. The increase in past due loans from the prior quarter was primarily within commercial real estate – non-owner occupied, commercial and industrial, and commercial real estate – owner occupied loan portfolios.

Allowance for Credit Losses

At September 30, 2026, the ACL was $334.2 million, comprised of an allowance for loan and lease losses (“ALLL”) of $301.4 million and a reserve for unfunded commitments (“RUC”) of $32.8 million. The ACL increased $3.3 million from the prior quarter, primarily reflecting the impact of loan growth during the third quarter of 2026. At September 30, 2026, the ALLL and ACL represented 1.03% and 1.14% of total LHFI, respectively, compared to 1.04% and 1.15% at June 30, 2026. The RUC coverage ratio was 0.11% at September 30, 2026, consistent with the prior quarter.

Net Charge-offs

Net charge-offs were $2.3 million or 0.03% of total average LHFI on an annualized basis for the third quarter of 2026, compared to $2.0 million or 0.03% (annualized) for the second quarter of 2026, and $38.6 million or 0.56% (annualized) for the third quarter of 2025. The decrease in net charge-offs for the third quarter of 2026 compared to the prior year was primarily due to the charge-offs of two commercial and industrial loans that were recorded in the third quarter of 2025 and had been partially reserved for previously.

Provision for Credit Losses

For the third quarter of 2026, the Company recorded a provision for credit losses of $5.7 million, compared to $11.7 million in the prior quarter, and $16.2 million in the third quarter of 2025. The decrease in the provision for credit losses compared to the prior quarter primarily reflected lower reserve requirements associated with a modest decline in the allowance coverage ratio, as well as slower loan growth relative to the second quarter of 2026. The decrease in the provision for credit losses compared to the third quarter of 2025 was primarily attributable to the charge-offs of two commercial and industrial loans that were recorded in the third quarter of 2025 and had been partially reserved for previously.

NONINTEREST INCOME

Noninterest income decreased $35.4 million to $54.8 million for the third quarter of 2026 from $90.2 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 Group, LLC (“Bearing Insurance”) recognized during the second quarter of 2026.

Adjusted operating noninterest income⁽⁺⁾, which excludes the pre-tax gain on sale of equity interest in Bearing Insurance ($32.3 million in the second quarter of 2026) and the pre-tax gains on sale of securities ($10 thousand in the third quarter of 2026 and $4 thousand in the second quarter of 2026), decreased $3.1 million to $54.8 million, compared to $57.9 million in the prior quarter. This decrease was primarily due to a $2.0 million decline in loan-related interest rate swap fees driven by lower transaction volumes, a $1.1 million decrease in mortgage banking income due to lower mortgage origination volumes and lower gain on sale margins, and a $1.0 million decrease in fiduciary and asset management fees.

NONINTEREST EXPENSE

Noninterest expense increased $5.2 million to $204.3 million for the third quarter of 2026 from $199.1 million in the prior quarter, primarily driven by the $2.7 million pre-tax loss on debt extinguishment recognized in the third quarter of 2026.

Adjusted operating noninterest expense⁽⁺⁾, which excludes the pre-tax loss on debt extinguishment ($2.7 million in the third quarter of 2026) and amortization of intangible assets ($14.9 million in the third quarter of 2026 and $15.1 million in the second quarter of 2026), increased $2.7 million to $186.7 million, compared to $184.0 million in the prior quarter. This increase was primarily due to a $2.6 million seasonal increase in marketing and advertising expense, a $1.7 million increase in salaries and benefits expense, primarily due to an increase in variable incentive compensation expense and additional full-time equivalent employees associated with the Company’s North Carolina expansion, and a $1.5 million increase in technology and data processing expense, primarily reflecting ongoing investments in strategic technology initiatives and related software maintenance costs. These increases were partially offset by a $3.4 million decrease in other expenses, primarily driven by gains on the sales of other real estate owned during the third quarter of 2026.

INCOME TAXES

The Company’s effective tax rate was 21.1% for the quarter ended September 30, 2026, compared to 20.8% for the quarter ended September 30, 2025. For the nine months ended September 30, 2026 and September 30, 2025, the effective tax rates were 21.1% and 17.2%, respectively. The increase in the effective tax rate for the nine months ended September 30, 2026 was primarily due to a $7.7 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, as well as an overall increase in the proportion of taxable income to tax-exempt income.

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):

	9/30/2026			6/30/2026			QoQ			QoQ % change(1)		9/30/2025			YoY			YoY % change
	(unaudited)			(unaudited)								(unaudited)
Assets	$	38,352		$	38,100		$	252		2.62	%	$	37,073		$	1,279		3.45	%
Cash and cash equivalents		701			990			(289)		(115.82)	%		795			(94)		(11.82)	%
LHFI (net of unearned income)		29,297			28,673			624		8.63	%		27,361			1,936		7.08	%
Quarterly Average LHFI (net of unearned income)		28,928			28,244			684		9.61	%		27,386			1,542		5.63	%
Total Securities		4,784			4,942			(158)		(12.68)	%		5,311			(527)		(9.92)	%
Securities available for sale ("AFS")		3,749			3,877			(128)		(13.10)	%		4,268			(519)		(12.16)	%
Securities held to maturity ("HTM")		845			861			(16)		(7.37)	%		884			(39)		(4.41)	%
Restricted Stock, at cost		190			204			(14)		(27.23)	%		159			31		19.50	%
Deposits		30,966			30,468			498		6.48	%		30,665			301		0.98	%
Quarterly Average Deposits		30,508			30,391			117		1.53	%		31,032			(524)		(1.69)	%
Borrowings		1,622			1,881			(259)		(54.63)	%		860			762		88.60	%
Quarterly Average Borrowings		1,717			1,371			346		100.13	%		869			848		97.58	%
Cash dividends paid per common share	$	0.37		$	0.37		$	—		—	%	$	0.34		$	0.03		8.82	%
Dividends on each share of Series A preferred stock (2)	$	171.88		$	171.88		$	—		—	%	$	171.88		$	—		—	%

____________________
(1)	Quarter over quarter percentage changes are calculated on an annualized basis except for dividends, which are presented on a per share basis.
(2)	The preferred stock dividend was equivalent to $0.43 per outstanding depositary share for each period presented.

		9/30/2026		6/30/2026		9/30/2025
Common equity Tier 1 capital ratio (3)		10.39	%	10.41	%	9.92	%
Tier 1 capital ratio (3)		10.91	%	10.94	%	10.46	%
Total capital ratio (3)		14.55	%	14.15	%	13.81	%
Leverage ratio (Tier 1 capital to average assets) (3)		9.59	%	9.62	%	8.92	%
Common equity to total assets		12.74	%	13.09	%	12.81	%
Tangible common equity to tangible assets (+)		7.87	%	8.17	%	7.69	%

____________________
(3)	All ratios at September 30, 2026 are estimates and subject to change pending the Company’s filing of its FR Y-9C. 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 the prior quarter primarily due to increases in LHFI, partially offset by a decrease in cash and cash equivalents. Total assets increased from the same period in the prior year primarily due to an increase in LHFI, partially offset by a decrease in total securities.

• LHFI and quarterly average LHFI increased compared to both June 30, 2026 and September 30, 2025. The increase in LHFI from the prior quarter was primarily due to higher balances in the commercial and industrial, other commercial, and construction and land development loan portfolios. The increase in LHFI from the same period in the prior year was primarily due to increases in commercial and industrial, commercial real estate – non-owner occupied, and other commercial portfolios.

• Total securities decreased from June 30, 2026, primarily reflecting the impact of higher market interest rates on the fair value of AFS securities, with the related unrealized losses reflected in accumulated other comprehensive income (“AOCI”). Total securities decreased from September 30, 2025 primarily due to principal repayments of AFS mortgage-backed securities and the impact of higher market interest rates on the fair value of AFS securities.

• Common equity to total assets and tangible common equity to tangible assets decreased from June 30, 2026, as the negative impact of changes in AOCI associated with higher market interest rates and lower fair values of AFS securities more than offset capital generated through earnings during the quarter.

• Total deposits and quarterly average deposits increased from the prior quarter due to increases in brokered and demand deposits, partially offset by a decrease in interest-bearing customer deposits. Compared to the same period in the prior year, total deposits increased due to higher interest-bearing deposits, partially offset by lower demand deposits.

• Total borrowings decreased from June 30, 2026 and increased from September 30, 2025. The decrease from the prior quarter was primarily due to decreases in Federal Home Loan Bank (“FHLB”) advances, partially offset by an increase in long-term borrowings due to the net impact of the 2036 Subordinated Notes issuance and 2029 Subordinated Notes redemption. The increase from the same period in the prior year was primarily due to increases in FHLB advances and an increase in long-term borrowings due to the Subordinated Notes activity noted above.

• Since the inception of the Repurchase Program authorized on May 5, 2026, the Company has repurchased approximately 1.8 million shares for $72.5 million at an average price of $40.84 per share. As of September 30, 2026, approximately $177.5 million remained available under the Repurchase Program for future share repurchases.

(+)	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.

THIRD 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, October 20, 2026, during which management will review our financial results for the third quarter of 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/gb9rrzsf.

For analysts who wish to participate in the conference call, please register at the following URL: https://register-conf.media-server.com/register/BI45511d3d3f0e45e98658c057c5f2478a.

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 September 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. Non-GAAP financial measures may be identified with the symbol ⁽⁺⁾ and may be labeled as adjusted. 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, including our expectations regarding new branch openings; statements regarding our investments in strategic technology initiatives; 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 Nine Months Ended
	9/30/26			6/30/26			9/30/25			9/30/26			9/30/25
Results of Operations
Interest and dividend income	$	501,133		$	486,828		$	503,437		$	1,459,695		$	1,319,645
Interest expense		172,711			161,710			184,227			493,782			494,900
Net interest income		328,422			325,118			319,210			965,913			824,745
Provision for credit losses		5,731			11,737			16,233			20,205			139,578
Net interest income after provision for credit losses		322,691			313,381			302,977			945,708			685,167
Noninterest income		54,792			90,248			51,751			199,823			162,436
Noninterest expense		204,333			199,136			238,446			613,279			652,327
Income before income taxes		173,150			204,493			116,282			532,252			195,276
Income tax expense (benefit)		36,518			43,480			24,142			112,441			33,527
Net income		136,632			161,013			92,140			419,811			161,749
Dividends on preferred stock		2,967			2,967			2,967			8,901			8,901
Net income available to common shareholders	$	133,665		$	158,046		$	89,173		$	410,910		$	152,848
Interest earned on earning assets (FTE) (1)	$	505,826		$	491,389		$	507,856		$	1,473,501		$	1,332,184
Net interest income (FTE) (1)		333,115			329,679			323,629			979,719			837,284
Total revenue (FTE) (1)		387,907			419,927			375,380			1,179,542			999,720
Pre-tax pre-provision earnings (FTE) (1)		183,574			220,791			136,934			566,263			347,393
Key Ratios
Earnings per common share, diluted	$	0.94		$	1.11		$	0.63		$	2.89		$	1.22
Return on average assets (ROA)		1.43	%		1.73	%		0.98	%		1.49	%		0.65	%
Return on average equity (ROE)		10.54	%		12.60	%		7.51	%		10.98	%		5.06	%
Return on average tangible common equity (ROTCE) (2)(3)		19.59	%		23.42	%		15.51	%		20.56	%		10.81	%
Efficiency ratio		53.32	%		47.94	%		64.28	%		52.61	%		66.08	%
Efficiency ratio (FTE) (1)		52.68	%		47.42	%		63.52	%		51.99	%		65.25	%
Net interest margin		3.82	%		3.89	%		3.77	%		3.84	%		3.68	%
Net interest margin (FTE) (1)		3.88	%		3.94	%		3.83	%		3.89	%		3.73	%
Yields on earning assets (FTE) (1)		5.89	%		5.88	%		6.00	%		5.85	%		5.94	%
Average cost of interest-bearing liabilities		2.68	%		2.59	%		2.93	%		2.62	%		2.96	%
Average cost of deposits		2.00	%		1.93	%		2.18	%		1.94	%		2.22	%
Average cost of funds		2.01	%		1.94	%		2.17	%		1.96	%		2.21	%
Operating Measures (4)
Adjusted operating earnings	$	138,601		$	136,987		$	122,693		$	404,709		$	315,343
Adjusted operating earnings available to common shareholders		135,634			134,020			119,726			395,808			306,442
Adjusted operating pre-tax pre-provision earnings (FTE) (1) (7)		186,218			188,437			176,547			545,585			440,913
Adjusted operating earnings per common share, diluted	$	0.96		$	0.94		$	0.84		$	2.79		$	2.46
Adjusted operating ROA		1.45	%		1.47	%		1.30	%		1.44	%		1.26	%
Adjusted operating ROE		10.69	%		10.72	%		10.00	%		10.58	%		9.86	%
Adjusted operating ROTCE (2)(3)		19.85	%		20.11	%		20.09	%		19.86	%		19.73	%
Adjusted operating efficiency ratio (FTE) (1)(6)		48.14	%		47.47	%		48.79	%		48.47	%		50.45	%
Per Share Data
Earnings per common share, basic	$	0.95		$	1.11		$	0.63		$	2.90		$	1.23
Earnings per common share, diluted		0.94			1.11			0.63			2.89			1.22
Cash dividends paid per common share		0.37			0.37			0.34			1.11			1.02
Market value per share		37.95			42.31			35.29			37.95			35.29
Book value per common share		34.78			35.14			33.52			34.78			33.52
Tangible book value per common share (2)		20.36			20.77			18.99			20.36			18.99
Price to earnings ratio, diluted		10.14			9.50			14.16			9.81			21.55
Price to book value per common share ratio		1.09			1.20			1.05			1.09			1.05
Price to tangible book value per common share ratio (2)		1.86			2.04			1.86			1.86			1.86
Unvested shares of restricted stock awards		462,710			481,488			885,686			462,710			885,686
Weighted average common shares outstanding, basic		141,293,231			142,099,251			141,728,909			141,762,468			124,402,891
Weighted average common shares outstanding, diluted		141,641,618			142,320,806			141,986,217			142,078,792			124,794,832
Common shares outstanding at end of period		140,445,286			141,924,165			141,732,071			140,445,286			141,732,071

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 Nine Months Ended
	9/30/26			6/30/26			9/30/25			9/30/26			9/30/25
Capital Ratios
Common equity Tier 1 capital ratio (5)		10.39	%		10.41	%		9.92	%		10.39	%		9.92	%
Tier 1 capital ratio (5)		10.91	%		10.94	%		10.46	%		10.91	%		10.46	%
Total capital ratio (5)		14.55	%		14.15	%		13.81	%		14.55	%		13.81	%
Leverage ratio (Tier 1 capital to average assets) (5)		9.59	%		9.62	%		8.92	%		9.59	%		8.92	%
Common equity to total assets		12.74	%		13.09	%		12.81	%		12.74	%		12.81	%
Tangible common equity to tangible assets (2)		7.87	%		8.17	%		7.69	%		7.87	%		7.69	%
Financial Condition
Assets	$	38,351,665		$	38,099,868		$	37,072,733		$	38,351,665		$	37,072,733
LHFI (net of unearned income)		29,296,616			28,673,271			27,361,173			29,296,616			27,361,173
Securities		4,784,392			4,941,974			5,310,629			4,784,392			5,310,629
Earning Assets		34,350,279			34,110,112			33,151,873			34,350,279			33,151,873
Goodwill		1,754,875			1,754,875			1,726,386			1,754,875			1,726,386
Amortizable intangibles, net		270,016			284,962			333,236			270,016			333,236
Deposits		30,965,529			30,468,257			30,665,324			30,965,529			30,665,324
Borrowings		1,622,403			1,881,340			860,312			1,622,403			860,312
Stockholders' equity		5,050,604			5,153,414			4,917,058			5,050,604			4,917,058
Tangible common equity (2)		2,859,356			2,947,220			2,691,079			2,859,356			2,691,079
Loans held for investment, net of unearned income
Construction and land development	$	2,025,385		$	1,859,217		$	2,163,182		$	2,025,385		$	2,163,182
Commercial real estate - owner occupied		4,356,099			4,308,292			4,335,919			4,356,099			4,335,919
Commercial real estate - non-owner occupied		7,275,895			7,303,555			6,805,302			7,275,895			6,805,302
Multifamily real estate		2,382,541			2,429,355			2,196,467			2,382,541			2,196,467
Commercial & Industrial		5,850,846			5,628,880			4,956,770			5,850,846			4,956,770
Residential 1-4 Family - Commercial		984,149			1,008,438			1,105,067			984,149			1,105,067
Residential 1-4 Family - Consumer		2,991,674			2,930,665			2,799,669			2,991,674			2,799,669
Residential 1-4 Family - Revolving		1,346,890			1,312,531			1,186,298			1,346,890			1,186,298
Auto		110,418			131,477			211,900			110,418			211,900
Consumer		107,158			110,909			121,620			107,158			121,620
Other Commercial		1,865,561			1,649,952			1,478,979			1,865,561			1,478,979
Total LHFI	$	29,296,616		$	28,673,271		$	27,361,173		$	29,296,616		$	27,361,173
Deposits
Interest checking accounts	$	7,844,500		$	7,812,504		$	6,916,702		$	7,844,500		$	6,916,702
Money market accounts		6,556,864			6,821,997			6,932,836			6,556,864			6,932,836
Savings accounts		2,723,123			2,567,073			2,882,897			2,723,123			2,882,897
Customer time deposits of more than $250,000		1,869,330			1,876,425			1,773,710			1,869,330			1,773,710
Customer time deposits of $250,000 or less		4,124,050			4,104,769			4,007,070			4,124,050			4,007,070
Time deposits		5,993,380			5,981,194			5,780,780			5,993,380			5,780,780
Total interest-bearing customer deposits		23,117,867			23,182,768			22,513,215			23,117,867			22,513,215
Brokered deposits		1,085,988			557,751			1,047,467			1,085,988			1,047,467
Total interest-bearing deposits	$	24,203,855		$	23,740,519		$	23,560,682		$	24,203,855		$	23,560,682
Demand deposits		6,761,674			6,727,738			7,104,642			6,761,674			7,104,642
Total deposits	$	30,965,529		$	30,468,257		$	30,665,324		$	30,965,529		$	30,665,324
Averages
Assets	$	37,975,963		$	37,433,973		$	37,377,383		$	37,557,572		$	33,378,378
LHFI (net of unearned income)		28,927,866			28,243,611			27,386,338			28,337,859			24,336,012
Loans held for sale		22,140			23,303			27,185			20,572			604,483
Securities		4,895,169			4,976,527			4,955,297			5,025,255			4,360,629
Earning assets		34,091,046			33,544,840			33,563,417			33,673,838			29,973,209
Deposits		30,507,775			30,390,719			31,031,655			30,370,700			27,619,076
Time deposits		6,422,120			6,086,936			6,283,031			6,184,345			5,856,307
Interest-bearing deposits		23,885,413			23,654,149			24,071,758			23,666,300			21,457,491
Borrowings		1,717,294			1,371,046			868,783			1,488,581			910,077
Interest-bearing liabilities		25,602,707			25,025,195			24,940,541			25,154,881			22,367,568
Stockholders' equity		5,144,943			5,125,495			4,866,989			5,113,117			4,276,987
Tangible common equity (2)		2,946,399			2,911,942			2,647,488			2,906,612			2,301,146

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 Nine Months Ended
	9/30/26			6/30/26			9/30/25			9/30/26			9/30/25
Asset Quality
Allowance for Credit Losses (ACL)(8)
Beginning balance, Allowance for loan and lease losses (ALLL)	$	298,756		$	291,100		$	315,574		$	295,108		$	178,644
Add: Recoveries		2,276			1,327			1,847			4,911			4,368
Less: Charge-offs		4,547			3,313			40,440			10,761			45,905
Add: Initial Allowance - Purchased Credit Deteriorated (PCD) loans		—			—			—			—			28,265
Add: Initial Provision - Non-PCD loans		—			—			—			—			89,538
Add: Provision for loan losses		4,947			9,642			16,054			12,174			38,125
Ending balance, ALLL	$	301,432		$	298,756		$	293,035		$	301,432		$	293,035
Beginning balance, Reserve for unfunded commitments (RUC)	$	32,227		$	30,828		$	26,778		$	26,161		$	15,041
Add: Initial Provision - RUC acquired loans		—			—			—			—			11,425
Add: Provision for unfunded commitments		587			1,399			173			6,653			485
Ending balance, RUC	$	32,814		$	32,227		$	26,951		$	32,814		$	26,951
Total ACL	$	334,246		$	330,983		$	319,986		$	334,246		$	319,986
ACL / total LHFI		1.14	%		1.15	%		1.17	%		1.14	%		1.17	%
ALLL / total LHFI		1.03	%		1.04	%		1.07	%		1.03	%		1.07	%
Net charge-offs / total average LHFI (annualized)		0.03	%		0.03	%		0.56	%		0.03	%		0.23	%
Provision for loan losses/ total average LHFI (annualized)		0.07	%		0.14	%		0.23	%		0.06	%		0.70	%
Nonperforming Assets
Construction and land development	$	4,071		$	4,441		$	61,436		$	4,071		$	61,436
Commercial real estate - owner occupied		5,594			7,130			6,467			5,594			6,467
Commercial real estate - non-owner occupied		13,801			12,478			13,125			13,801			13,125
Multifamily real estate		20,529			23,399			1,583			20,529			1,583
Commercial & Industrial		30,397			31,423			9,193			30,397			9,193
Residential 1-4 Family - Commercial		1,778			2,115			6,615			1,778			6,615
Residential 1-4 Family - Consumer		24,169			24,117			23,623			24,169			23,623
Residential 1-4 Family - Revolving		4,379			4,983			5,444			4,379			5,444
Auto		297			374			556			297			556
Consumer		3			16			37			3			37
Other Commercial		1,491			450			3,161			1,491			3,161
Nonaccrual loans	$	106,509		$	110,926		$	131,240		$	106,509		$	131,240
Foreclosed property		1,964			1,756			2,001			1,964			2,001
Total nonperforming assets (NPAs)	$	108,473		$	112,682		$	133,241		$	108,473		$	133,241
Construction and land development	$	2,353		$	331		$	1,856		$	2,353		$	1,856
Commercial real estate - owner occupied		4,558			7,503			2,790			4,558			2,790
Commercial real estate - non-owner occupied		1,735			7,597			2,283			1,735			2,283
Multifamily real estate		3,541			3,541			2,088			3,541			2,088
Commercial & Industrial		1,904			2,250			1,005			1,904			1,005
Residential 1-4 Family - Commercial		557			362			2,570			557			2,570
Residential 1-4 Family - Consumer		7,549			5,954			2,955			7,549			2,955
Residential 1-4 Family - Revolving		5,170			4,319			1,816			5,170			1,816
Auto		317			219			348			317			348
Consumer		327			33			311			327			311
Other Commercial		4,141			1,616			—			4,141			—
LHFI ≥ 90 days and still accruing	$	32,152		$	33,725		$	18,022		$	32,152		$	18,022
Total NPAs and LHFI ≥ 90 days	$	140,625		$	146,407		$	151,263		$	140,625		$	151,263
NPAs / total LHFI		0.37	%		0.39	%		0.49	%		0.37	%		0.49	%
NPAs / total assets		0.28	%		0.30	%		0.36	%		0.28	%		0.36	%
ALLL / nonaccrual loans		283.01	%		269.33	%		223.28	%		283.01	%		223.28	%
ALLL/ nonperforming assets		277.89	%		265.13	%		219.93	%		277.89	%		219.93	%

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 Nine Months Ended
	9/30/26			6/30/26			9/30/25			9/30/26			9/30/25
Past Due Detail
Construction and land development	$	474		$	593		$	1,387		$	474		$	1,387
Commercial real estate - owner occupied		13,431			9,636			5,346			13,431			5,346
Commercial real estate - non-owner occupied		8,729			474			4,295			8,729			4,295
Multifamily real estate		249			1,325			3,113			249			3,113
Commercial & Industrial		3,085			2,512			4,902			3,085			4,902
Residential 1-4 Family - Commercial		1,909			2,140			2,843			1,909			2,843
Residential 1-4 Family - Consumer		2,359			1,557			1,871			2,359			1,871
Residential 1-4 Family - Revolving		3,929			4,297			3,074			3,929			3,074
Auto		1,797			1,853			2,744			1,797			2,744
Consumer		226			310			329			226			329
Other Commercial		766			2,516			—			766			—
LHFI 30-59 days past due	$	36,954		$	27,213		$	29,904		$	36,954		$	29,904
Construction and land development	$	850		$	2,210		$	5,784		$	850		$	5,784
Commercial real estate - owner occupied		6,128			2,112			2,217			6,128			2,217
Commercial real estate - non-owner occupied		4,382			871			—			4,382			—
Multifamily real estate		—			732			2,553			—			2,553
Commercial & Industrial		6,523			1,830			8,397			6,523			8,397
Residential 1-4 Family - Commercial		558			1,111			803			558			803
Residential 1-4 Family - Consumer		6,101			6,985			3,320			6,101			3,320
Residential 1-4 Family - Revolving		2,090			1,732			2,162			2,090			2,162
Auto		635			465			867			635			867
Consumer		744			320			179			744			179
Other Commercial		1,826			1,051			—			1,826			—
LHFI 60-89 days past due	$	29,837		$	19,419		$	26,282		$	29,837		$	26,282
Past Due and still accruing	$	98,943		$	80,357		$	74,208		$	98,943		$	74,208
Past Due and still accruing / total LHFI		0.34	%		0.28	%		0.27	%		0.34	%		0.27	%
Alternative Performance Measures (non-GAAP)
Net interest income (FTE) (1)
Net interest income (GAAP)	$	328,422		$	325,118		$	319,210		$	965,913		$	824,745
FTE adjustment		4,693			4,561			4,419			13,806			12,539
Net interest income (FTE) (non-GAAP)	$	333,115		$	329,679		$	323,629		$	979,719		$	837,284
Noninterest income (GAAP)		54,792			90,248			51,751			199,823			162,436
Total revenue (FTE) (non-GAAP)	$	387,907		$	419,927		$	375,380		$	1,179,542		$	999,720
Less: Noninterest expense (GAAP)		204,333			199,136			238,446			613,279			652,327
Pre-tax pre-provision earnings (FTE) (non-GAAP)	$	183,574		$	220,791		$	136,934		$	566,263		$	347,393
Average earning assets	$	34,091,046		$	33,544,840		$	33,563,417		$	33,673,838		$	29,973,209
Net interest margin		3.82	%		3.89	%		3.77	%		3.84	%		3.68	%
Net interest margin (FTE)		3.88	%		3.94	%		3.83	%		3.89	%		3.73	%
Tangible Assets (2)
Ending assets (GAAP)	$	38,351,665		$	38,099,868		$	37,072,733		$	38,351,665		$	37,072,733
Less: Ending goodwill		1,754,875			1,754,875			1,726,386			1,754,875			1,726,386
Less: Ending amortizable intangibles		270,016			284,962			333,236			270,016			333,236
Ending tangible assets (non-GAAP)	$	36,326,774		$	36,060,031		$	35,013,111		$	36,326,774		$	35,013,111
Tangible Common Equity (2)
Ending equity (GAAP)	$	5,050,604		$	5,153,414		$	4,917,058		$	5,050,604		$	4,917,058
Less: Ending goodwill		1,754,875			1,754,875			1,726,386			1,754,875			1,726,386
Less: Ending amortizable intangibles		270,016			284,962			333,236			270,016			333,236
Less: Perpetual preferred stock		166,357			166,357			166,357			166,357			166,357
Ending tangible common equity (non-GAAP)	$	2,859,356		$	2,947,220		$	2,691,079		$	2,859,356		$	2,691,079
Average equity (GAAP)	$	5,144,943		$	5,125,495		$	4,866,989		$	5,113,117		$	4,276,987
Less: Average goodwill		1,754,875			1,754,875			1,711,081			1,747,837			1,547,051
Less: Average amortizable intangibles		277,313			292,322			342,064			292,312			262,434
Less: Average perpetual preferred stock		166,356			166,356			166,356			166,356			166,356
Average tangible common equity (non-GAAP)	$	2,946,399		$	2,911,942		$	2,647,488		$	2,906,612		$	2,301,146
ROTCE (2)(3)
Net income available to common shareholders (GAAP)	$	133,665		$	158,046		$	89,173		$	410,910		$	152,848
Plus: Amortization of intangibles, tax effected		11,807			11,957			14,335			35,967			33,161
Net income available to common shareholders before amortization of intangibles (non-GAAP)	$	145,472		$	170,003		$	103,508		$	446,877		$	186,009
Return on average tangible common equity (ROTCE)		19.59	%		23.42	%		15.51	%		20.56	%		10.81	%

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 Nine Months Ended
	9/30/26			6/30/26			9/30/25				9/30/26			9/30/25
Operating Measures (4)
Net income (GAAP)	$	136,632		$	161,013		$	92,140			$	419,811		$	161,749
Plus: Merger-related costs, net of tax		—			—			26,856				6,956			94,847
Plus: CECL Day 1 non-PCD loans and RUC provision expense, net of tax		—			—			—				—			77,742
Plus: Loss on debt extinguishment, net of tax		1,977			—			—				1,977			—
Less: Gain (loss) on sale of securities, net of tax		8			3			3				12			(64	)
Less: (Loss) gain on CRE loan sale, net of tax		—			—			(3,700	)			—			8,405
Less: Gain on sale of equity interest in Cary Street Partners ("CSP"), net of tax		—			—			—				—			10,654
Less: Gain on sale of equity interest in Bearing Insurance, net of tax		—			24,023			—				24,023			—
Adjusted operating earnings (non-GAAP)		138,601			136,987			122,693				404,709			315,343
Less: Dividends on preferred stock		2,967			2,967			2,967				8,901			8,901
Adjusted operating earnings available to common shareholders (non-GAAP)	$	135,634		$	134,020		$	119,726			$	395,808		$	306,442
Operating Efficiency Ratio (1)(6)
Noninterest expense (GAAP)	$	204,333		$	199,136		$	238,446			$	613,279		$	652,327
Less: Loss on debt extinguishment		2,654			—			—				2,654			—
Less: Amortization of intangible assets		14,946			15,136			18,145				45,528			41,976
Less: Merger-related costs		—			—			34,812				9,034			118,652
Adjusted operating noninterest expense (non-GAAP)	$	186,733		$	184,000		$	185,489			$	556,063		$	491,699
Noninterest income (GAAP)	$	54,792		$	90,248		$	51,751			$	199,823		$	162,436
Less: Gain (loss) on sale of securities		10			4			4				16			(83	)
Less: (Loss) gain on CRE loan sale		—			—			(4,805	)			—			10,915
Less: Gain on sale of equity interest in CSP		—			—			—				—			14,300
Less: Gain on sale of equity interest in Bearing Insurance		—			32,350			—				32,350			—
Adjusted operating noninterest income (non-GAAP)	$	54,782		$	57,894		$	56,552			$	167,457		$	137,304
Net interest income (FTE) (non-GAAP) (1)	$	333,115		$	329,679		$	323,629			$	979,719		$	837,284
Adjusted operating noninterest income (non-GAAP)		54,782			57,894			56,552				167,457			137,304
Total adjusted revenue (FTE) (non-GAAP) (1)	$	387,897		$	387,573		$	380,181			$	1,147,176		$	974,588
Efficiency ratio		53.32	%		47.94	%		64.28		%		52.61	%		66.08		%
Efficiency ratio (FTE) (1)		52.68	%		47.42	%		63.52		%		51.99	%		65.25		%
Adjusted operating efficiency ratio (FTE) (1)(6)		48.14	%		47.47	%		48.79		%		48.47	%		50.45		%
Operating ROA & ROE (4)
Adjusted operating earnings (non-GAAP)	$	138,601		$	136,987		$	122,693			$	404,709		$	315,343
Average assets (GAAP)	$	37,975,963		$	37,433,973		$	37,377,383			$	37,557,572		$	33,378,378
Return on average assets (ROA) (GAAP)		1.43	%		1.73	%		0.98		%		1.49	%		0.65		%
Adjusted operating return on average assets (ROA) (non-GAAP)		1.45	%		1.47	%		1.30		%		1.44	%		1.26		%
Average equity (GAAP)	$	5,144,943		$	5,125,495		$	4,866,989			$	5,113,117		$	4,276,987
Return on average equity (ROE) (GAAP)		10.54	%		12.60	%		7.51		%		10.98	%		5.06		%
Adjusted operating return on average equity (ROE) (non-GAAP)		10.69	%		10.72	%		10.00		%		10.58	%		9.86		%
Operating ROTCE (2)(3)(4)
Adjusted operating earnings available to common shareholders (non-GAAP)	$	135,634		$	134,020		$	119,726			$	395,808		$	306,442
Plus: Amortization of intangibles, tax effected		11,807			11,957			14,335				35,967			33,161
Adjusted operating earnings available to common shareholders before amortization of intangibles (non-GAAP)	$	147,441		$	145,977		$	134,061			$	431,775		$	339,603
Average tangible common equity (non-GAAP)	$	2,946,399		$	2,911,942		$	2,647,488			$	2,906,612		$	2,301,146
Adjusted operating return on average tangible common equity (non-GAAP)		19.85	%		20.11	%		20.09		%		19.86	%		19.73		%
Operating pre-tax pre-provision earnings (FTE) (7)
Net income (GAAP)	$	136,632		$	161,013		$	92,140			$	419,811		$	161,749
Plus: Provision for credit losses		5,731			11,737			16,233				20,205			139,578
Plus: Income tax expense		36,518			43,480			24,142				112,441			33,527
Plus: Merger-related costs		—			—			34,812				9,034			118,652
Plus: FTE adjustment		4,693			4,561			4,419				13,806			12,539
Plus: Loss on debt extinguishment		2,654			—			—				2,654			—
Less: Gain (loss) on sale of securities		10			4			4				16			(83	)
Less: (Loss) gain on CRE loan sale		—			—			(4,805	)			—			10,915
Less: Gain on sale of equity interest in CSP		—			—			—				—			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)	$	186,218		$	188,437		$	176,547			$	545,585		$	440,913
Less: Dividends on preferred stock		2,967			2,967			2,967				8,901			8,901
Adjusted operating pre-tax pre-provision earnings available to common shareholders (FTE) (non-GAAP)	$	183,251		$	185,470		$	173,580			$	536,684		$	432,012
Weighted average common shares outstanding, diluted		141,641,618			142,320,806			141,986,217				142,078,792			124,794,832
Adjusted operating pre-tax pre-provision earnings per common share, diluted (FTE)	$	1.29		$	1.30		$	1.22			$	3.78		$	3.46

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 Nine Months Ended
	9/30/26			6/30/26			9/30/25			9/30/26			9/30/25
Mortgage Origination Held for Sale Volume
Refinance Volume	$	14,466		$	12,226		$	11,296		$	52,067		$	36,457
Purchase Volume		82,574			98,624			97,729			241,741			262,654
Total Mortgage loan originations held for sale	$	97,040		$	110,850		$	109,025		$	293,808		$	299,111
% of originations held for sale that are refinances		14.9	%		11.0	%		10.4	%		17.7	%		12.2	%
Wealth
Assets under management	$	16,578,808		$	16,522,020		$	14,819,080		$	16,578,808		$	14,819,080
Other Data
End of period full-time equivalent employees		3,111			3,073			3,100			3,111			3,100

____________________
(1)	These are non-GAAP financial measures. 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.
(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 or include, as applicable, merger-related costs, CECL Day 1 non-PCD loans and RUC provision expense, loss on debt extinguishment, gain (loss) on sale of securities, (loss) 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 September 30, 2026 are estimates and subject to change pending the Company’s filing of its FR Y-9C. 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, loss on debt extinguishment, gain (loss) on sale of securities, (loss) 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 or includes, 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, FTE adjustment, loss on debt extinguishment, gain (loss) on sale of securities, (loss) 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)
	September 30,				December 31,				September 30,
	2026				2025				2025
ASSETS		(unaudited)				(audited)				(unaudited)
Cash and cash equivalents:
Cash and due from banks	$	451,303			$	234,257			$	342,490
Interest-bearing deposits in other banks		237,178				706,014				447,323
Federal funds sold		12,280				26,191				4,852
Total cash and cash equivalents		700,761				966,462				794,665
Securities available for sale, at fair value		3,748,965				4,194,301				4,267,523
Securities held to maturity, at carrying value		845,326				884,216				883,786
Restricted stock, at cost		190,101				190,200				159,320
Loans held for sale		16,825				18,486				24,772
Loans held for investment, net of unearned income		29,296,616				27,796,167				27,361,173
Less: allowance for loan and lease losses		301,432				295,108				293,035
Total loans held for investment, net		28,995,184				27,501,059				27,068,138
Premises and equipment, net		166,524				166,752				168,315
Goodwill		1,754,875				1,733,287				1,726,386
Amortizable intangibles, net		270,016				315,544				333,236
Bank owned life insurance		683,224				672,890				669,102
Other assets		979,864				942,557				977,490
Total assets	$	38,351,665			$	37,585,754			$	37,072,733
LIABILITIES
Noninterest-bearing demand deposits	$	6,761,674			$	6,844,629			$	7,104,642
Interest-bearing deposits		24,203,855				23,627,007				23,560,682
Total deposits		30,965,529				30,471,636				30,665,324
Securities sold under agreements to repurchase		114,650				75,432				91,630
Other short-term borrowings		650,000				650,000				—
Long-term borrowings		857,753				771,860				768,682
Other liabilities		713,129				610,428				630,039
Total liabilities		33,301,061				32,579,356				32,155,675
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $10.00 par value		173				173				173
Common stock, $1.33 par value		186,792				188,563				188,504
Additional paid-in capital		3,828,984				3,888,841				3,882,830
Retained earnings		1,437,072				1,184,908				1,128,659
Accumulated other comprehensive loss		(402,417	)			(256,087	)			(283,108	)
Total stockholders' equity		5,050,604				5,006,398				4,917,058
Total liabilities and stockholders' equity	$	38,351,665			$	37,585,754			$	37,072,733
Common shares issued and outstanding		140,445,286				141,776,886				141,732,071
Common shares authorized		200,000,000				200,000,000				200,000,000
Preferred shares issued and outstanding		17,250				17,250				17,250
Preferred shares authorized		500,000				500,000				500,000

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands, except share data)
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2026			2026			2025			2026			2025
Interest and dividend income:
Interest and fees on loans	$	451,734		$	436,807		$	441,944		$	1,308,169		$	1,172,224
Interest on deposits in other banks		1,741			2,165			12,478			6,051			19,982
Interest and dividends on securities:
Taxable		38,793			38,973			40,601			118,773			102,509
Nontaxable		8,865			8,883			8,414			26,702			24,930
Total interest and dividend income		501,133			486,828			503,437			1,459,695			1,319,645
Interest expense:
Interest on deposits		153,553			146,438			170,721			441,769			457,650
Interest on short-term borrowings		8,031			5,327			626			18,585			5,682
Interest on long-term borrowings		11,127			9,945			12,880			33,428			31,568
Total interest expense		172,711			161,710			184,227			493,782			494,900
Net interest income		328,422			325,118			319,210			965,913			824,745
Provision for credit losses		5,731			11,737			16,233			20,205			139,578
Net interest income after provision for credit losses		322,691			313,381			302,977			945,708			685,167
Noninterest income:
Service charges on deposit accounts		12,886			12,259			12,838			37,261			34,743
Other service charges, commissions and fees		2,266			2,286			2,325			6,490			6,332
Interchange fees		3,697			3,750			4,089			10,773			10,816
Fiduciary and asset management fees		20,452			21,460			18,595			62,090			43,014
Mortgage banking income		1,528			2,656			2,811			6,211			6,605
Bank owned life insurance income		5,954			5,734			5,116			16,888			15,979
Loan-related interest rate swap fees		4,530			6,484			5,911			14,988			10,043
Other operating income		3,479			35,619			66			45,122			34,904
Total noninterest income		54,792			90,248			51,751			199,823			162,436
Noninterest expense:
Salaries and benefits		113,978			112,309			108,319			339,700			293,676
Occupancy expenses		13,089			12,862			13,582			39,153			34,944
Furniture and equipment expenses		5,604			5,532			6,536			16,691			16,794
Technology and data processing		17,492			16,016			17,009			49,110			44,444
Professional services		6,193			6,154			8,774			18,115			21,268
Marketing and advertising expense		8,040			5,479			5,100			20,847			12,041
FDIC assessment premiums and other insurance		6,759			6,633			8,817			20,239			22,660
Franchise and other taxes		4,767			4,675			4,669			14,148			14,000
Loan-related expenses		2,544			2,723			1,933			8,118			4,461
Amortization of intangible assets		14,946			15,136			18,145			45,528			41,976
Merger-related costs		—			—			34,812			9,034			118,652
Other expenses		10,921			11,617			10,750			32,596			27,411
Total noninterest expense		204,333			199,136			238,446			613,279			652,327
Income before income taxes		173,150			204,493			116,282			532,252			195,276
Income tax expense		36,518			43,480			24,142			112,441			33,527
Net Income	$	136,632		$	161,013		$	92,140		$	419,811		$	161,749
Dividends on preferred stock		2,967			2,967			2,967			8,901			8,901
Net income available to common shareholders	$	133,665		$	158,046		$	89,173		$	410,910		$	152,848
Basic earnings per common share	$	0.95		$	1.11		$	0.63		$	2.90		$	1.23
Diluted earnings per common share	$	0.94		$	1.11		$	0.63		$	2.89		$	1.22

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
	September 30, 2026										June 30, 2026
	Average Balance				Interest Income / Expense (1)			Yield / Rate (1)(2)			Average Balance				Interest Income / Expense (1)			Yield / Rate (1)(2)
Assets:
Securities:
Taxable	$	3,580,534			$	38,793		4.30	%		$	3,659,723			$	38,973		4.27	%
Tax-exempt		1,314,635				11,222		3.39	%			1,316,804				11,245		3.43	%
Total securities		4,895,169				50,015		4.05	%			4,976,527				50,218		4.05	%
LHFI, net of unearned income (3)(4)		28,927,866				453,611		6.22	%			28,243,611				438,508		6.23	%
Other earning assets		268,011				2,200		3.26	%			324,702				2,663		3.29	%
Total earning assets		34,091,046			$	505,826		5.89	%			33,544,840			$	491,389		5.88	%
Allowance for loan and lease losses		(300,123	)									(293,455	)
Total non-earning assets		4,185,040										4,182,588
Total assets	$	37,975,963									$	37,433,973
Liabilities and Stockholders' Equity:
Interest-bearing deposits:
Transaction and money market accounts	$	14,828,582			$	84,865		2.27	%		$	14,949,644			$	83,153		2.23	%
Regular savings		2,634,711				12,207		1.84	%			2,617,569				10,762		1.65	%
Time deposits (5)		6,422,120				56,481		3.49	%			6,086,936				52,523		3.46	%
Total interest-bearing deposits		23,885,413				153,553		2.55	%			23,654,149				146,438		2.48	%
Other borrowings (6)		1,717,294				19,158		4.43	%			1,371,046				15,272		4.47	%
Total interest-bearing liabilities	$	25,602,707			$	172,711		2.68	%		$	25,025,195			$	161,710		2.59	%
Noninterest-bearing liabilities:
Demand deposits		6,622,362										6,736,570
Other liabilities		605,951										546,713
Total liabilities		32,831,020										32,308,478
Stockholders' equity		5,144,943										5,125,495
Total liabilities and stockholders' equity	$	37,975,963									$	37,433,973
Net interest income (FTE)					$	333,115									$	329,679
Interest rate spread								3.21	%									3.29	%
Cost of funds								2.01	%									1.94	%
Net interest margin (FTE)								3.88	%									3.94	%

____________________
(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 $41.3 million and $40.4 million for the three months ended September 30, 2026, and June 30, 2026, respectively, in accretion of the fair market value adjustments related to acquisitions.
(5)	Interest expense on time deposits includes $19 thousand and $111 thousand for the three months ended September 30, 2026, and June 30, 2026, respectively, in accretion of the fair market value adjustments related to acquisitions.
(6)	Interest expense on borrowings includes $452 thousand and $621 thousand for the three months ended September 30, 2026, and June 30, 2026, respectively, in amortization of the fair market value adjustments related to acquisitions.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261020396973/en/

Alexander D. Dodd - (804) 486-2634
Executive Vice President / Chief Financial Officer

Source: Atlantic Union Bankshares Corporation

Key Terms

secured overnight financing rate financial

A secured overnight financing rate (SOFR) is a daily benchmark interest rate that reflects the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Think of it as the market price to “rent” cash for a day with a very safe pledge, similar to paying a short-term rental fee for money backed by government bonds. Investors track SOFR because it underpins pricing for loans, bonds and derivatives, so movements change borrowing costs, interest income and the valuation of interest-rate–linked positions.

rule 10b5-1 regulatory

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

allowance for credit losses financial

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.