Atlantic Union Bankshares Corporation · NYSE:AUB
Atlantic Union Bankshares — Debt Investor Presentation (July 2026)
51 slides from Atlantic Union Bankshares's debt investor presentation, Jul 27, 2026
Slide 1: Fixed Income Investor Presentation
Fixed Income Investor Presentation July 2 7, 2026
Slide 2: Forward-Looking Statements
2 FORWARD-LOOKING STATEMENTS The foregoing presentation may contain statements about Atlantic Union Bankshares Corporation ("AUB" or the "Company") that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historica
Slide 3: Disclaimer
3 DISCLAIMER This presentation is not an offer to sell securities, and the Company is not soliciting an offer to buy securities in any jurisdiction where such offer or sale is not permitted. Neither the SEC, the Federal Deposit Insurance Corporation ("FDIC"), nor any state securities commission has
Slide 4: Non-GAAP Financial Measures
4 NON-GAAP FINANCIAL MEASURES This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Management uses these non-GAAP financial measures to evaluate the Company's business and may refer t
Slide 5: Offering Overview
5 OFFERING OVERVIEW Issuer Security Offered Offering Size Expected Security Ratings¹ Format Term Call Use of Proceeds Joint Book-Running Managers Atlantic Union Bankshares Corporation (NYSE: AUB) Fixed-to-Floating Rate Subordinated Notes Due 2036 $200 million BBB (Stable) by Kroll Bond Rating Agency
Slide 6: Our Executive Leadership
OUR EXECUTIVE LEADERSHIP Executive Vice President & Chief Financial Officer since April 2026 Deputy Chief Financial Officer & Executive Vice President at TD Bank Group (most recently) Interim Chief Financial Officer for TD Bank's U.S. operations; CFO of the Consumer Bank Began banking career at MBNA
Slide 7: Company Overview
COMPANY OVERVIEW
Slide 8: Largest Regional Bank Headquartered in the Lower Mid-Atlantic
8 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
Slide 9: A Deliberate, Disciplined Transformation Journey
9 A DELIBERATE, DISCIPLINED TRANSFORMATION JOURNEY Over the last ten years, we have evolved from a local Virginia community bank into the largest regional bank headquartered in the lower Mid-Atlantic. Our expansion has been deliberate, blending steady organic growth with focused strategic mergers an
Slide 10: The Leading Bank of the Lower Mid-Atlantic Region
10 THE LEADING BANK OF THE LOWER MID-ATLANTIC REGION 6% BRANCH GROWTH CAGR FROM 2017 TO 2Q 2026 2017 PATH TO VIRGINIA’S BANK LARGEST REGIONAL BANK HEADQUARTERED IN THE LOWER MID-ATLANTIC 177 Branches (June 30, 2026) 2026 18% ASSET GROWTH CAGR FROM 2017 TO 2Q 2026 Former 37 Branches Former 15 Branche
Slide 11: Affluent and Growing Markets
11 AFFLUENT AND GROWING MARKETS VIRGINIA MARYLAND1 Key Geographic Highlights NORTH CAROLINA Total Market Deposits Median HHI 2031 Proj. $326.8bn $110.6k $264.3bn $116.7k $726.3bn 2.57% Branches: 126 Deposits: $20.4bn Branches: 40 Deposits: $9.7bn Branches: 11 Deposits: $892mm Median HHI CAGR 2031 Pr
Slide 12: Leading Regional Presence and Financial Strength
12 Leading Regional Presence Dense, uniquely valuable presence across attractive markets • #1 Largest Regional Bank headquartered in the lower Mid-Atlantic1 • 177 Total Branches Across our Virginia, Maryland, Washing ton D.C., and North Carolina markets • We believe the three state footprint that we
Slide 13: Financial Overview
FINANCIAL OVERVIEW
Slide 14: Financial Highlights
14 FINANCIAL HIGHLIGHTS Q2 2026 FINANCIALS AT A GLANCE Balance Sheet ($B) Profitability Assets Gross Loans HFI Deposits TCE1 GAAP Adj.1 Net Income ROA ROTCE Dil. EPS Net Income1 ROA1 ROTCE1 $161M $38.1 $30.5 $2.95 1.73% 23.4% $137M 1.47% 20.1% Dil. EPS1 $0.94 $28.7 Q2 2026 Highlights Reported net in
Slide 15: Balance Sheet Trends
15 BALANCE SHEET TRENDS LOANS ($ IN MILLIONS ) DEPOSITS ($ IN MILLIONS ) ASSETS ($ IN MILLIONS ) 18,471 27,796 27,946 28,673 2024 2025 Q1 2026 Q2 2026 20,398 30,472 30,391 30,468 2024 2025 Q1 2026 Q2 2026 24,585 37,586 37,315 38,100 2024 2025 Q1 2026 Q2 2026
Slide 16: Profitability
16 PROFITABILITY ROA (%) ROTCE (%) EFFICIENCY RATIO (%) EPS ($) 0.88% 0.80% 1.33% 1.73% 1.11% 1.33% 1.41% 1.47% 2024 2025 Q1 2026 Q2 2026 ROA (GAAP) Adjusted Operating ROA 13.4% 12.8% 18.6% 23.4% 16.9% 20.4% 19.6% 20.1% 2024 2025 Q1 2026 Q2 2026 ROTCE (GAAP) Adjusted Operating ROTCE 62.1% 65.2% 57.1
Slide 17: Net Interest Margin and Net Interest Income
17 699 1,155 312 325 714 1,172 317 330 3.27% 3.74% 3.80% 3.34% 3.89% 3.80% 3.85% 3.94% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 0 200 400 600 800 1,000 1,200 1,400 1,600 2024 2025 Q1 2026 Q2 2026 Net Interest Income (GAAP) Net Interest Income (FTE) (non-GAAP) NIM NIM (FTE) NET INTEREST
Slide 18: Interest Rate Positioning
18 ▪ Average cost of deposits increased 3 basis points to 1.93%, while average cost of funds was unchanged at 1.94%, as increases in deposit costs were offset by lower acquisition accounting-related borrowing amortization. ▪ Loan yield (FTE)1 increased 9 basis points to 6.23% and earning asset yield
Slide 19: Non-Interest Income
19 51.5 56.6 56.5 57.9 81.5 51.8 57.0 54.8 90.2 13.6% 14.9% 14.4% 14.7% 14.9% 20.2% 14.0% 14.7% 14.9% 21.7% -100.0% -80.0% -60.0% -40.0% -20.0% 0.0% 20.0% -10.0 10.0 30.0 50.0 70.0 90.0 110.0 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Adjusted Operating NII NII (GAAP) Adjusted Operating NII / Rev NII /
Slide 20: Non-Interest Expense
20 182.4 185.5 186.9 185.3 184.0 279.7 238.4 243.2 209.8 199.1 48.3% 48.8% 47.8% 49.9% 47.5% 69.4% 64.3% 62.8% 57.1% 47.9% -80.0% -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Adjusted Operating NIE NIE (G
Slide 21: Loan Portfolio and Asset Quality
LOAN PORTFOLIO AND ASSET QUALITY
Slide 22: Diversified and Granular Loan Portfolio
22 DIVERSIFIED AND GRANULAR LOAN PORTFOLIO Duration Q2 2025 Weighted Average Yield (Tax Equivalent) C&D 6.5% Owner Occupied CRE 15.0% C&I 19.6% Other Commercial 5.8% Commercial 1-4 Family 3.5% Non-Owner Occupied CRE 25.5% Multifamily RE 8.5% Consumer 1-4 Family 10.2% Residential 1-4 family - Revolvi
Slide 23: C&D and CRE Loan Concentrations
23 293% 275% 272% 274% 2024 2025 Q1 2026 Q2 2026 63% 39% 41% 42% 2024 2025 Q1 2026 Q2 2026 C&D AND CRE LOAN CONCENTRATIONS C&D LOANS / RISK BASED CAPITAL (%) CRE1 LOANS / RISK BASED CAPITAL (%) Financial data per bank level regulatory filings. 1. Commercial Real Estate (including CRE loans held for
Slide 24: CRE Portfolio
24 Total Non-Owner Occupied CRE 25.5% Owner Occupied CRE 15.0% Construction and Land Development 6.5% Multifamily Real Estate 8.5% Residential 1-4 Family - Commercial 3.5% Other Commercial (Farmland) 0.1% All Other Loans 40.9% CRE PORTFOLIO At June 30, 2026 CRE BY CLASS $ I N M I LLI O N S Total Out
Slide 25: Non-Owner Occupied Office CRE Portfolio
25 NON-OWNER OCCUPIED OFFICE CRE PORTFOLIO NON-OWNER OCCUPIED OFFICE GEOGRAPHICALLY DIVERSE NON PORTFOLIO CREDIT QUALITY -OWNER OCCUPIED OFFICE PORTFOLIO ( $ M I LLI O N S ) Carolinas $326 Western VA $154 Fredericksburg Area $163 Central VA $100 Coastal VA/NC $61 Baltimore $127 DC Metro $436 Other M
Slide 26: Multifamily CRE Portfolio
26 MULTIFAMILY CRE PORTFOLIO Carolinas $768 Western VA $255 Fredericksburg Area $87 Central VA $291 Coastal VA/NC $220 Baltimore $133 DC Metro $368 Other Maryland $11 Eastern VA $39 Other $259 Total $2,429 BY MARKET MULTIFAMILY PORTFOLIO CREDIT GEOGRAPHICALLY DIVERSE MULTIFAMILY PORTFOLIO QUALITY DC
Slide 27: Government-Related Loan Portfolio Exposures
27 $776.4 million 1.00% $3.6 million Total Amount of Loans Loan Loss Reserve/ Gov Con Loans Avg. Loan Size 0.00% 0.0% 8.84% Non-Performing Loans Net Charge-Offs1 Criticized Loans/ Gov Con Loans OVERVIEW OF GOVERNMENT-RELATED LOAN PORTFOLIO EXPOSURES • Government Contracting team has managed through
Slide 28: NDFI/Private Credit Portfolio
28 $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
Slide 29: Asset Quality
29 0.31% 0.41% 0.45% 0.28% 2024 2025 Q1 2026 2Q 2026 0.31% 0.41% 0.35% 0.39% 2024 2025 Q1 2026 Q2 2026 0.38% 1.39% 0.23% 0.04% (0.04%) 0.14% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 2Q 2026 Loan Loss Provision / Average Loans ASSET QUALITY NON-PERFORMING ASSETS / LHFI PROVISIONS NON-ACCRUAL LOANS / L
Slide 30: Allowance for Credit Losses and Provision
30 Numbers may not foot due to rounding Q2 2026 ALLOWANCE FOR CREDIT LOSSES (ACL) AND PROVISION FOR CREDIT LOSSES Q2 MACROECONOMIC FORECAST Q2 ACL CONSIDERATIONS MOODY’S JUNE 2026 BASELINE FORECAST: • US GDP expected to average ~2.1% growth in 2026 and ~1.9% in 2027. • The national unemployment rate
Slide 31: History of Prudent Credit Management Across Cycles
31 HISTORY OF PRUDENT CREDIT MANAGEMENT ACROSS CYCLES NET CHARGE OFFS / AVERAGE LOANS (%) 0.01% 0.05% 0.21% 0.71% 0.58% 0.56% 0.58% 0.36% 0.11% 0.14% 0.09% 0.15% 0.12% 0.17% 0.08% 0.01% 0.02% 0.05% 0.05% 0.17% 0.03% 0.39% 0.59% 1.41% 2.56% 2.56% 1.57% 1.10% 0.69% 0.49% 0.44% 0.47% 0.50% 0.48% 0.51%
Slide 32: Funding & Liquidity
FUNDING & LIQUIDITY
Slide 33: Attractive Core Deposit Base
33 ATTRACTIVE CORE DEPOSIT BASE Non-Interest Bearing 22% Interest Checking 26% Money Market 22% Retail Time 13% Jumbo Time 6% Brokered 2% Savings 8% DEPOSIT BASE CHARACTERISTICS AS OF JUNE 30, 2026 DEPOSIT COMPOSITION — $30.5 BILLION 92% core deposits1 48% transactional accounts 1.93% cost of deposi
Slide 34: Granular Deposit Base
34 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
Slide 35: Securities Portfolio
35 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 wi
Slide 36: Liquidity Position
36 Cash and Cash Equivalents (unrestricted) $969 Unencumbered Securities $1,790 FHLB Borrowing Capacity $4,988 Fed Funds Lines $1,392 Discount Window $1,653 Secondary Sources* $2,514 LIQUIDITY POSITION * Includes brokered deposits and other sources of liquidity Figures may not foot due to rounding L
Slide 37: Capital Position
CAPITAL POSITION
Slide 38: Capital Ratios
38 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
Slide 39: Consolidated Capital Ratios
39 CONSOLIDATED CAPITAL RATIOS TIER 1 RATIO (%) TOTAL CAPITAL RATIO (%) 10.8% 10.6% 10.8% 10.9% 2024 2025 Q1 2026 Q2 2026 13.6% 13.9% 14.0% 14.1% 2024 2025 Q1 2026 Q2 2026 TANGIBLE COMMON EQUITY / TANGIBLE ASSETS (%)1 7.2% 7.9% 8.0% 8.2% 2024 2025 Q1 2026 Q2 2026 CET1 RATIO (%) 10.0% 10.1% 10.2% 10.
Slide 40: Appendix
APPENDIX
Slide 41: Pro Forma Consolidated Capital
41 PRO FORMA CONSOLIDATED CAPITAL Note: Assumes 0% risk weighting on net subordinated debt proceeds 1. For illustrative purposes only, assumes a $200 million subordinated debt raise, net of customary offering and underwriting expenses, for net proceeds of $197.5 million. Qualifying subordinated debt
Slide 42: Kroll Bond Rating Agency and Outstanding Debt & Preferred Summary
42 KROLL BOND RATING AGENCY AND OUTSTANDING DEBT & PREFERRED SUMMARY As of October 24, 2025 KBRA Atlantic Union Bankshares Corporation Senior Unsecured Debt BBB+ Subordinated Debt BBB Preferred Stock BBB-Short-Term Debt K2 Outlook Stable As of October 24, 2025 KBRA Atlantic Union Bank Deposit A-Seni
Slide 43: Double Leverage and Interest Coverage
43 DOUBLE LEVERAGE AND INTEREST COVERAGE Deal Roadshow Only Fiscal Year Ended, Three Months Ended 6/30/2026, ($ in millions) 2022 2023 2024 2025 Standalone Offering Adjustments Pro Forma 1 Double Leverage Bank-Level Equity $2,666 $2,845 $3,475 $5,716 $5,792 $5 $5,797 Consolidated Equity 2,373 2,556
Slide 44: Reconciliation of Non-GAAP Disclosures: NIM and Yields
44 RECONCILIATION OF NON-GAAP DISCLOSURES NET INTEREST MARGIN, LOAN YIELD, INVESTMENT YIELD AND EARNING ASSET YIELD (Dollars in thousands, except per share amounts and ratios) For the year ended For the three months ended 2024 2025 Q2 '25 Q1 '26 Q2 '26 Net interest income (GAAP) $698,539 $1,154,913
Slide 45: Reconciliation of Non-GAAP Disclosures: Adjusted Operating Earnings
45 RECONCILIATION OF NON-GAAP DISCLOSURES ADJUSTED OPERATING EARNINGS AND EFFICIENCY RATIO (Dollars in thousands, except per share amounts and ratios) For the year ended For the three months ended 2024 2025 Q2' 25 Q3' 25 Q4' 25 Q1 '26 Q2 '26 Operating Measures Net Income (GAAP) $209,131 $273,715 $19
Slide 46: Reconciliation of Non-GAAP Disclosures: ROA, ROE, ROTCE
46 RECONCILIATION OF NON-GAAP DISCLOSURES OPERATING MEASURES — RETURN ON ASSETS, EQUITY AND TANGIBLE COMMON EQUITY (Dollars in thousands, except per share amounts and ratios) For the year ended For the three months ended 2024 2025 Q1 '26 Q2 '26 Return on average assets (ROA) Average assets (GAAP) $2
Slide 47: Reconciliation of Non-GAAP Disclosures: Tangible Assets and Equity
47 RECONCILIATION OF NON-GAAP DISCLOSURES TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO — ATLANTIC UNION BANKSHARES (CONSOLIDATED) (Dollars in thousands, except per share amounts and ratios) For the year ended For the three months ended 2024 2025 Q1 '26 Q2 '26 Tangible Assets Ending As
Slide 48: Reconciliation of Non-GAAP Disclosures: Tangible Assets and Equity
48 RECONCILIATION OF NON-GAAP DISCLOSURES TANGIBLE ASSETS, TANGIBLE COMMON EQUITY (Dollars in thousands, except per share amounts) 2024 2025 Q1' 26 Q2' 26 Atlantic Union Atlantic Union Atlantic Union Atlantic Union Atlantic Union Atlantic Union Bankshares Bankshares Bankshares Bank Bankshares Bank T
Slide 49: Reconciliation of Non-GAAP Disclosures: Tangible Equity and Leverage Ratio
49 RECONCILIATION OF NON-GAAP DISCLOSURES TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO (Dollars in thousands, except per share amounts) 2024 2025 Q1 '26 Q2 '26 Atlantic Union Atlantic Union Atlantic Union Atlantic Union Atlantic Union Bankshares Bankshares Bankshares Bankshares Bank C
Slide 50: Reconciliation of Non-GAAP Disclosures: Pre-Tax Pre-Provision Earnings
50 RECONCILIATION OF NON-GAAP DISCLOSURES ADJUSTED OPERATING PRE-TAX PRE-PROVISION EARNINGS (FTE) (Dollars in thousands, except per share amounts and ratios) For the year ended For the three months ended 2024 2025 Q1 '26 Q2 '26 Net interest income (GAAP) $698,539 $1,154,913 $312,373 $325,118 FTE adj
Slide 51: Reconciliation of Non-GAAP Disclosures: Loan Interest Income and Yield
51 RECONCILIATION OF NON-GAAP DISCLOSURES LOAN INTEREST INCOME AND LOAN YIELD, FULLY TAXABLE EQUIVALENT (FTE) (Dollars in thousands, except per share amounts and ratios) For the three months ended Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Loan interest income (GAAP) $234,
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