Atlantic Union Bankshares Corporation · NYSE:AUB
Atlantic Union Bankshares — Q3 2025 Earnings Presentation
35 slides from Atlantic Union Bankshares's earnings presentation, Oct 23, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 EARNINGS PRESENTATION NYSE: AUB October 23, 2025
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 $37.1 Billion $27.4 Billion $30.7 Billion ROANOKE RICHMOND NORFOLK Assets Loans Deposit
Slide 5: Our Shareholder Value Proposition
OUR SHAREHOLDER LEADING REGIONAL PRESENCE Dense, uniquely valuable presence across attractive markets VALUE PROPOSITION ATTRACTIVE FINANCIAL PROFILE FINANCIAL STRENGTH Solid balance sheet & Solid dividend yield capital levels & payout ratio with earnings upside PEER-LEADING STRONG GROWTH PERFORMANCE
Slide 6: AUB Q3 2025 Financial Results
AUB Q3 2025 FINANCIAL RESULTS
Slide 7: Highlights
HIGHLIGHTS FINANCIAL RATIOS LOANS & DEPOSITS Q3 2025 adjusted operating return on tangible common Loan growth was approximately 0.5% annualized in equity of 20.1%1 seasonally slow Q3 2025. Average loan growth quarter over quarter of 4.3% annualized Q3 2025 adjusted operating return on assets of 1.30
Slide 8: Among the Most Attractive States in USA for Business
AMONG THE MOST ATTRACTIVE Ranked Virginia the Best State for Business for 2024, 2021 and 2020 STATES IN USA FOR BUSINESS and 2nd best in 2023 North Carolina ranked best in 2025 and 2023 and 2nd best in 2024 Maryland ranked 8th for Technology MEDIAN HOUSEHOLD INCOME ($) 2025 POPULATION (MILLIONS) and
Slide 9: Q3 2025 Financial Performance At-A-Glance
• Reported net income available to common Q3 2025 FINANCIAL PERFORMANCE AT-A-GLANCE shareholders increased $72.3 million, primarily driven by: • A decrease in the provision for credit losses, SUMMARIZED INCOME STATEMENT primarily driven by $100.9 million in aggregate 3Q2025 2Q2025 $ Change % Change
Slide 10: Q3 2025 Allowance for Credit Losses and Provision for Credit Losses
Q3 2025 ALLOWANCE FOR CREDIT LOSSES (ACL) Q3 MACROECONOMIC FORECAST AND PROVISION FOR CREDIT LOSSES MOODY’S SEPTEMBER 2025 BASELINE FORECAST: ALLOWANCE FOR LOAN RESERVE FOR UNFUNDED ALLOWANCE FOR • US GDP expected to average ~1.8% growth & LEASE LOSSES (ALLL) COMMITMENTS (RUC) CREDIT LOSSES in 2025
Slide 11: Q3 2025 Net Interest Margin
Q3 2025 NET INTEREST MARGIN MARGIN OVERVIEW MARKET RATES 3Q 2025 2Q 2025 3Q 2025 2Q 2025 Net interest margin (FTE)1 3.83% 3.83% Loan yield 6.43% 6.48% EOP Avg EOP Avg Investment yield 4.10% 4.15% Fed funds 4.25% 4.46% 4.50% 4.50% Earning asset yield 6.00% 6.05% Prime 7.25% 7.46% 7.50% 7.50% Cost of
Slide 12: Q3 2025 Noninterest Income
Q3 2025 NONINTEREST INCOME Adjusted operating noninterest income1 ($ THOUSANDS) 3Q2025 2Q2025 $ Change % Change increased approximately 10% in the third quarter compared to the second quarter Service charges on deposit accounts $12,838 $12,220 $618 5.1% primarily due to: Other service charges, commi
Slide 13: Q3 2025 Noninterest Expense
Q3 2025 NONINTEREST EXPENSE Adjusted operating noninterest expense1 ($ THOUSANDS) 3Q2025 2Q2025 $ Change % Change increased 1.7% in the third quarter compared Salaries and benefits $108,319 $109,942 ($1,623) (1.5%) to the second quarter primarily due to: • An increase in marketing and advertising Oc
Slide 14: Q3 2025 Loan and Deposit Growth
Q3 2025 LOAN AND DEPOSIT GROWTH LOAN GROWTH • At September 30, 2025, loans held for investment ($ THOUSANDS) 3Q2025 2Q2025 QTD ANNUALIZED GROWTH (“LHFI”) totaled $27.4 billion, an increase of $32.8 Commercial real estate - non-owner occupied $ 6,805,302 $ 6,912,692 (6.2%) million from the prior quar
Slide 15: Strong Capital Position
STRONG CAPITAL POSITION CAPITAL MANAGEMENT STRATEGY ATLANTIC UNION CAPITAL MANAGEMENT At September 30,2025 OBJECTIVES ARE TO: • Maintain designation as a “well capitalized” PRO FORMA INCLUDING AOCI institution. REPORTED & HTM UNREALIZED LOSSES • Ensure capital levels are commensurate with the Compan
Slide 16: 2025 Financial Outlook
2025 FINANCIAL OUTLOOK1 KEY ASSUMPTIONS1 • Full Year 2025 outlook includes nine Inclusive of Sandy Spring beginning April 1st months impact of the Sandy Spring acquisition in results Targets for 4Q 20251 FULL YEAR 2025 OUTLOOK1 • The outlook includes estimates of merger-related purchase accounting L
Slide 17: Appendix
APPENDIX Q3 2025 7) Atlantic (4 Union Bankshares
Slide 18: North Carolina Expansion Strategy
North Carolina Expansion Strategy BALTIMORE M a ry l a n d Our initial focus will be in Raleigh and Wilmington, with plans to open highly visible locations targeting attractive WASHINGTON submarkets combined with AUB branded ATMs at high-traffic STAUNTON retailers and paired with expanded commercial
Slide 19: AUB Diversified and Granular Loan Portfolio
AUB DIVERSIFIED AND GRANULAR LOAN PORTFOLIO At September 30,2025 TOTAL LOAN PORTFOLIO $27.4 BILLION LOAN PORTFOLIO CHARACTERISTICS Residential 1-4 family - Revolving 4.3% Auto Consumer 0.8% 0.4% C&D 7.9% 6.43% Q3 2025 Weighted Average Yield (Tax Equivalent) Consumer 1-4 Family 10.2% Owner Occupied C
Slide 20: AUB CRE Portfolio
AUB CRE PORTFOLIO At September 30,2025 CRE BY CLASS $ IN MILLIONS Total Outstandings % of Portfolio All Other Loans 39.3% Total Non-Owner Occupied CRE 24.9% Hotel/Motel B&B $1,202 4.4% Industrial/Warehouse $1,287 4.7% Office $1,392 5.1% Retail $1,724 6.3% $27.4B Self Storage $611 2.2% Total Senior L
Slide 21: Non-Owner Occupied Office CRE Portfolio
NON-OWNER OCCUPIED OFFICE CRE PORTFOLIO At September 30,2025 NON-OWNER OCCUPIED OFFICE GEOGRAPHICALLY DIVERSE NON-OWNER OCCUPIED OFFICE PORTFOLIO PORTFOLIO CREDIT QUALITY ($ MILLIONS) BY MARKET DC METRO SUBMARKET* KEY PORTFOLIO METRICS Carolinas $305 District of Columbia $71 Avg. Office Loan ($ thou
Slide 22: Multifamily CRE Portfolio
MULTIFAMILY CRE PORTFOLIO At September 30,2025 MULTIFAMILY PORTFOLIO CREDIT GEOGRAPHICALLY DIVERSE MULTIFAMILY PORTFOLIO QUALITY ($ MILLIONS) BY MARKET DC METRO SUBMARKET* KEY PORTFOLIO METRICS Carolinas $735 District of Columbia $218 Avg. Multifamily Loan ($ thousands) $3,338 Western VA $279 Suburb
Slide 23: Overview of Government-Related Loan Portfolio Exposures
OVERVIEW OF GOVERNMENT-RELATED LOAN PORTFOLIO EXPOSURES As of September 30,2025 • 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.
Slide 24: Attractive Core Deposit Base
ATTRACTIVE CORE DEPOSIT BASE DEPOSIT BASE CHARACTERISTICS DEPOSIT COMPOSITION AT SEPTEMBER 30, 2025 — $30.7 BILLION 2.18% Brokered Savings 9% Q3 2025 cost of deposits 3% Jumbo Time Non-Interest Bearing 6% 23% 91% Retail Time core deposits1 13% 46% Money Market 23% Interest Checking 23% transactional
Slide 25: Granular Deposit Base
GRANULAR DEPOSIT BASE PERIOD END UNINSURED & UNCOLLATERALIZED DEPOSITS CUSTOMER DEPOSIT GRANULARITY AS A PERCENTAGE OF TOTAL DEPOSITS ($ MILLIONS) $9,907 $9,802 $5,992 $6,060 $5,551 $105,000 $104,000 29% 32% 32% 30% $92,000 27% $19,000 $22,000 $22,000 Q3 2024 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025
Slide 26: AUB Liquidity Position
AUB LIQUIDITY POSITION At September 30,2025 ($ M I LLI ON S) Fed Funds Lines $1,410 Discount Window $3,352 FHLB Borrowing Liquidity Capacity TOTAL LIQUIDITY SOURCES OF $5,420 Sources Total $15.4 BILLION $15.4 ~157% Liquidity Coverage Ratio of Uninsured/Uncollateralized Deposits of $9.8 billion billi
Slide 27: Securities Portfolio
SECURITIES PORTFOLIO • Total securities portfolio of $5.1 billion with a total unrealized loss of $363.3 million – 84% of total portfolio book value in At September 30,2025 available-for-sale (“AFS”) at an unrealized loss of $327.6 million – 16% of total portfolio book value INVESTMENT SECURITIES BA
Slide 28: 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 29: Reconciliation of Non-GAAP Disclosures: Adjusted Operating Earnings and Efficiency Ratio
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, the CECL Day September 30, 2025 June 30, 2025 1 non-PCD loans
Slide 30: Reconciliation of Non-GAAP Disclosures: Net Interest Margin
RECONCILIATION OF NON-GAAP DISCLOSURES The Company believes net interest NET INTEREST MARGIN income (FTE), total revenue (FTE), (Dollars in thousands) and total adjusted revenue (FTE), For the three months ended which are used in computing net September 30, 2025 June 30, 2025 interest margin (FTE),
Slide 31: Reconciliation of Non-GAAP Disclosures: Tangible Assets and Equity
RECONCILIATION OF NON-GAAP DISCLOSURES TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO Tangible assets and tangible common equity are used in the calculation of certain profitability, (Dollars in thousands, except per share amounts) As of September 30, 2025 capital, and per share ratios.
Slide 32: Reconciliation of Non-GAAP Disclosures: Tangible Assets and Equity
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 September 30, 2025 capital, and per share ratios.
Slide 33: Reconciliation of Non-GAAP Disclosures: Risk-Based Capital Ratios
RECONCILIATION OF NON-GAAP DISCLOSURES RISK-BASED CAPITAL RATIOS All regulatory capital ratios at September 30, (Dollars in thousands) 2025 are estimates and subject to change As of September 30, 2025 pending the Company’s filing of its FR Y-9C. In addition to these regulatory capital ratios, the At
Slide 34: Reconciliation of Non-GAAP Disclosures: Operating Measures
RECONCILIATION OF NON-GAAP DISCLOSURES OPERATING MEASURES Tangible assets and tangible common equity are (Dollars in thousands) used in the calculation of certain profitability, For the three months ended capital, and per share ratios. The Company September 30, 2025 June 30, 2025 believes tangible a
Slide 35: Reconciliation of Non-GAAP Disclosures: Pre-Tax Pre-Provision Earnings
RECONCILIATION OF NON-GAAP DISCLOSURES PRE-TAX PRE-PROVISION ADJUSTED OPERATING EARNINGS Pre-tax pre-provision adjusted earnings excludes, as applicable, the provision for credit (Dollars in thousands) losses, which can fluctuate significantly from For the three months ended period-to-period under t
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