Atlantic Union Bankshares Corporation · NYSE:AUB
Atlantic Union Bankshares — Q1 2026 Earnings Presentation
36 slides from Atlantic Union Bankshares's earnings presentation, Apr 21, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation April 21, 2026
Slide 2: Forward-Looking Statements
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 a
Slide 3: Additional Information
ADDITIONAL INFORMATION Non-GAAP Financial Measures No Offer or Solicitation This presentation contains certain financial information determined by methods other than This presentation does not constitute an offer to sell or a solicitation of an offer to buy any in accordance with generally accepted
Slide 4: Our Company
OUR COMPANY Soundness | Profitability | Growth M a ry l a n d BALTIMORE WASHINGTON Largest Regional Bank Headquartered in the Lower Mid-Atlantic FREDERICKSBURG STAUNTON V i rg i n i a HIGHLIGHTS 1 CHARLOTTESVILLE $37.3 Billion $27.9 Billion $30.4 Billion ROANOKE RICHMOND NORFOLK Assets Loans Deposit
Slide 5: Our Shareholder Value Proposition
OUR SHAREHOLDER LEADING REGIONAL PRESENCE Dense, uniquely valuable presence across attractive markets VALUE PROPOSITION ATTRACTIVE FINANCIAL PROFILE FINANCIAL STRENGTH Solid balance sheet & Solid dividend yield capital levels & payout ratio with earnings upside PEER-LEADING STRONG GROWTH PERFORMANCE
Slide 6: AUB Q1 2026 Financial Results
AUB Q1 2026 FINANCIAL RESULTS
Slide 7: Highlights
HIGHLIGHTS FINANCIAL RATIOS LOANS & DEPOSITS Q1 2026 adjusted operating return on tangible common Loan growth was approximately 2.2% annualized in equity of 19.6%1 Q1 2026 Non-interest bearing deposits at 23% of total Q1 2026 adjusted operating return on assets of 1.41%1 deposits at March 31, 2026 Q
Slide 8: Our Markets
Our Markets 2025 GDP 2026 POPULATION ($ BILLIONS) (MILLIONS) GDP GDP Pop. Pop. # State ($Billions) # State ($Billions) # State (Millions) # State (Millions) 1 California 4,251 9 Washington 895 1 California 39.4 9 North Carolina 11.2 2 Texas 2,904 10 North Carolina 894 2 Texas 32.0 10 Michigan 10.2 3
Slide 9: The Next Phase: Harnessing Organic Power
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 Organic growth Capital generation Disciplined execution We have invested the capital, built the platform, and Deepening relationships, Shifti
Slide 10: Q1 2026 Financial Performance At-A-Glance
• Reported net income available to common Q1 2026 FINANCIAL PERFORMANCE AT-A-GLANCE shareholders increased $10.2 million in the first quarter of 2026 compared to the fourth quarter of 2025, primarily driven by: SUMMARIZED INCOME STATEMENT • A decrease in noninterest expense, primarily driven by a 1Q
Slide 11: Q1 2026 Allowance for Credit Losses
Q1 2026 ALLOWANCE FOR CREDIT LOSSES (ACL) Q1 MACROECONOMIC FORECAST AND PROVISION FOR CREDIT LOSSES MOODY’S MARCH 2026 BASELINE FORECAST: • US GDP expected to average ~2.8% growth ALLOWANCE FOR LOAN RESERVE FOR UNFUNDED ALLOWANCE FOR in 2026 and ~1.8% in 2027. & LEASE LOSSES (ALLL) COMMITMENTS (RUC)
Slide 12: Q1 2026 Net Interest Margin
Q1 2026 NET INTEREST MARGIN MARGIN OVERVIEW MARKET RATES 2 Q1 2026 Q4 2025 Q1 2026 Q4 2025 Net interest margin (FTE)1 3.85% 3.96% Loan yield (FTE)1 6.14% 6.44% EOP Avg EOP Avg Investment yield (FTE)1 4.08% 4.09% Fed funds 3.75% 3.75% 3.75% 4.02% Earning asset yield (FTE)1 5.79% 5.99% Prime 6.75% 6.7
Slide 13: Q1 2026 Noninterest Income
Q1 2026 NONINTEREST INCOME Noninterest income decreased approximately 4% in the first quarter of 2026 compared to the fourth quarter of 2025 primarily due to: ($ THOUSANDS) 1Q2026 4Q2025 $ Change % Change • A $4.4 million decrease in loan-related Service charges on deposit accounts $12,116 $11,742 $
Slide 14: Q1 2026 Noninterest Expense
Q1 2026 NONINTEREST EXPENSE Noninterest expense decreased approximately 14% in the first quarter of 2026 compared to the fourth quarter of 2025 ($ THOUSANDS) 1Q2026 4Q2025 $ Change % Change primarily due to: Salaries and benefits $113,413 $108,405 $5,008 4.6% • A $29.6 million decrease in pre-tax me
Slide 15: Q1 2026 Loan and Deposits
Q1 2026 LOAN AND DEPOSITS LOANS • At March 31, 2026, LHFI totaled $27.9 billion, an ($ THOUSANDS) 1Q2026 4Q2025 QTD ANNUALIZED % CHANGE increase of $150.3 million from the prior quarter. Commercial real estate - non-owner occupied $ 7,212,035 $ 7,178,515 1.9% Commercial real estate - owner occupied
Slide 16: Strong Capital Position
STRONG CAPITAL POSITION CAPITAL MANAGEMENT STRATEGY At March 31, 2026 PRO FORMA INCLUDING AOCI ATLANTIC UNION CAPITAL MANAGEMENT REPORTED OBJECTIVES ARE TO: & HTM UNREALIZED LOSSES • Maintain designation as a “well capitalized” REGULATORY WELL ATLANTIC institution. CAPITALIZED ATLANTIC UNION ATLANTI
Slide 17: 2026 Financial Outlook
2026 Financial Outlook FULL YEAR 2026 OUTLOOK 1 KEY ASSUMPTIONS1 Loans (end of period) $29.0 – 30.0 billion • The Federal Reserve Bank does not cut Deposits (end of period) $31.0 – 32.0 billion the fed funds rate in 2026 and term rates remain stable ACL to loans: ~115 – 120 bps Credit Outlook • Assu
Slide 18: Appendix
APPENDIX Q1 2026 y) Atlantic (4 Union Bankshares
Slide 19: AUB Diversified and Granular Loan Portfolio
AUB DIVERSIFIED AND GRANULAR LOAN PORTFOLIO At March 31,2026 TOTAL LOAN PORTFOLIO $27.9 BILLION LOAN PORTFOLIO CHARACTERISTICS Residential 1-4 family - Revolving 4.5% Auto Consumer 0.6% 0.4% C&D 6.3% 6.14% Consumer 1-4 Family Q1 2026 Weighted Average Yield (Tax Equivalent)1 Owner Occupied 10.2% CRE
Slide 20: AUB CRE Portfolio
AUB CRE PORTFOLIO At March 31, 2026 CRE BY CLASS $ IN MILLIONS Total % of Outstandings Total Portfolio All Other Loans 40.2% Total Non-Owner Occupied CRE 25.8% Hotel/Motel B&B $1,247 4.5% Industrial/Warehouse $1,337 4.8% Office $1,465 5.2% Retail $1,743 6.2% $27.9B Self Storage $716 2.6% Total Senio
Slide 21: Non-Owner Occupied Office CRE Portfolio
NON-OWNER OCCUPIED OFFICE CRE PORTFOLIO At March 31, 2026 NON-OWNER OCCUPIED OFFICE GEOGRAPHICALLY DIVERSE NON-OWNER OCCUPIED OFFICE PORTFOLIO PORTFOLIO CREDIT QUALITY ($ MILLIONS) BY MARKET DC METRO SUBMARKET* KEY PORTFOLIO METRICS Carolinas $301 District of Columbia $59 Avg. Office Loan ($ thousan
Slide 22: Multifamily CRE Portfolio
MULTIFAMILY CRE PORTFOLIO At March 31, 2026 MULTIFAMILY PORTFOLIO CREDIT GEOGRAPHICALLY DIVERSE MULTIFAMILY PORTFOLIO QUALITY ($ MILLIONS) BY MARKET DC METRO SUBMARKET* KEY PORTFOLIO METRICS Carolinas $721 District of Columbia $244 Avg. Multifamily Loan ($ thousands) $3,566 Western VA $261 Suburban
Slide 23: Overview of Government-Related Loan Portfolio Exposures
OVERVIEW OF GOVERNMENT-RELATED LOAN PORTFOLIO EXPOSURES As of March 31, 2026 • Government Contracting team has managed through government shutdowns and sequestrations in the KEY METRICS OF GOVERNMENT CONTRACTING PORTFOLIO past. • Focus on national security agency and defense industry contractors. $7
Slide 24: AUB NDFI/Private Credit Portfolio
AUB NON-DEPOSITORY FINANCIAL INSTITUTION (“NDFI”)/PRIVATE CREDIT PORTFOLIO At March 31, 2026 NDFI/PRIVATE CREDIT PORTFOLIO PORTFOLIO CHARACTERISTICS $ IN MILLIONS NDFI/PRIVATE CREDIT LOAN TYPES • Comprised primarily of facilities that help fund private equity group lending to businesses $24.0 Loans
Slide 25: Attractive Core Deposit Base
ATTRACTIVE CORE DEPOSIT BASE DEPOSIT BASE CHARACTERISTICS DEPOSIT COMPOSITION AT MARCH 31, 2026 — $30.4 BILLION 1.90% Brokered 2% Savings 9% Q1 2026 cost of deposits Jumbo Time Non-Interest Bearing 6% 23% 92% Retail Time 13% core deposits1 48% Money Market Interest Checking 23% 25% transactional acc
Slide 26: Granular Deposit Base
GRANULAR DEPOSIT BASE PERIOD END UNINSURED & UNCOLLATERALIZED DEPOSITS CUSTOMER DEPOSIT GRANULARITY AS A PERCENTAGE OF TOTAL DEPOSITS ($ MILLIONS) $9,907 $9,802 $9,551 $9,608 $6,060 32% 32% 31% 32% 30% $117,000 $118,000 $98,000 $20,000 $22,000 $22,000 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025
Slide 27: AUB Liquidity Position
AUB LIQUIDITY POSITION At March 31, 2026 ($ M I LLI ON S) Fed Funds Lines $1,410 Discount Window $2,418 FHLB Borrowing Capacity Liquidity TOTAL LIQUIDITY SOURCES OF $5,628 Sources Total $15.0 BILLION $15.0 ~156% Liquidity Coverage Ratio of Uninsured/Uncollateralized Deposits of $9.6 billion billion
Slide 28: Securities Portfolio
SECURITIES PORTFOLIO At March 31, 2026 • Total securities portfolio of $4.9 billion with a total unrealized loss of $357.5 million – 83% of total portfolio book value in INVESTMENT SECURITIES BALANCES available-for-sale (“AFS”) at an unrealized loss of $322.1 million ($ MILLIONS) – 17% of total port
Slide 29: Reconciliation of Non-GAAP Disclosures
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
Slide 30: Reconciliation of Non-GAAP Disclosures
RECONCILIATION OF NON-GAAP DISCLOSURES ADJUSTED OPERATING EARNINGS AND EFFICIENCY RATIO (Dollars in thousands, except per share amounts) Adjusted operating measures exclude, as For the three months ended applicable, merger-related costs, gain on sale of March 31, 2026 December 31, 2025 equity intere
Slide 31: Reconciliation of Non-GAAP Disclosures
RECONCILIATION OF NON-GAAP DISCLOSURES NET INTEREST MARGIN, LOAN YIELD, INVESTMENT YIELD AND EARNING ASSET YIELD (Dollars in thousands) For the three months ended The Company believes net interest March 31, 2026 December 31, 2025 income (FTE), interest income (FTE), Net interest income (GAAP) $ 312,
Slide 32: Reconciliation of Non-GAAP Disclosures
RECONCILIATION OF NON-GAAP DISCLOSURES TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO Tangible assets and tangible common equity are (Dollars in thousands, except per share amounts) used in the calculation of certain profitability, As of March 31, 2026 As of December 31, 2025 capital, a
Slide 33: Reconciliation of Non-GAAP Disclosures
RECONCILIATION OF NON-GAAP DISCLOSURES TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO Tangible assets and tangible common equity are (Dollars in thousands, except per share amounts) used in the calculation of certain profitability, As of March 31, 2026 capital, and per share ratios. The
Slide 34: Reconciliation of Non-GAAP Disclosures
RECONCILIATION OF NON-GAAP DISCLOSURES RISK-BASED CAPITAL RATIOS All regulatory capital ratios at March 31, 2026 are (Dollars in thousands) estimates and subject to change pending the As of March 31, 2026 Company’s filing of its FR Y-9C. In addition to these regulatory capital ratios, the Company At
Slide 35: Reconciliation of Non-GAAP Disclosures
RECONCILIATION OF NON-GAAP DISCLOSURES OPERATING MEASURES (Dollars in thousands) Tangible assets and tangible common equity are For the three months ended used in the calculation of certain profitability, capital, and per share ratios. The Company March 31, 2026 December 31, 2025 believes tangible a
Slide 36: Reconciliation of Non-GAAP Disclosures
RECONCILIATION OF NON-GAAP DISCLOSURES ADJUSTED OPERATING PRE-TAX PRE-PROVISION EARNINGS (FTE) Adjusted operating pre-tax pre-provision (Dollars in thousands) earnings (FTE) excludes, as applicable, the provision for credit losses, which can fluctuate For the three months ended significantly from pe
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