Atlantic Union Bankshares Corporation · NYSE:AUB
Atlantic Union Bankshares — Q2 2026 Earnings Presentation
41 slides from Atlantic Union Bankshares's earnings presentation, Jul 21, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation July 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 s
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 Largest Regional Bank Headquartered in the Lower Mid-Atlantic WASHINGTON FREDERICKSBURG STAUNTON V i rg i n i a HIGHLIGHTS 1 CHARLOTTESVILLE $38.1 Billion $28.7 Billion $30.5 Billion ROANOKE RICHMOND NORFOLK Assets Loans Deposit
Slide 5: Our Shareholder Value Proposition
OUR SHAREHOLDER LEADING REGIONAL Dense, uniquely valuable presence VALUE across attractive markets PRESENCE PROPOSITION ATTRACTIVE FINANCIAL FINANCIAL STRENGTH PROFILE Solid balance sheet & Solid dividend yield capital levels & payout ratio with earnings upside PEER-LEADING STRONG GROWTH PERFORMANCE
Slide 6: AUB Q2 2026 Financial Results
AUB Q2 2026 FINANCIAL RESULTS
Slide 7: Highlights
LOANS FINANCIAL HIGHLIGHTS & DEPOSITS Quarterly average loan growth was approximately 6.0% annualized in Q2 2026 and quarterly loan RATIOS Q2 2026 adjusted operating return on tangible common equity of 20.11%1 growth increased approximately 10.4% annualized since the end of Q1 2026 Q2 2026 adjusted
Slide 8: Our Markets
2025 CURRENT DOLLAR GDP 2026 POPULATION OUR MARKETS ($ BILLIONS) GDP GDP (MILLIONS) 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
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: Q2 2026 Financial Performance At-A-Glance
Q2 2026 FINANCIAL PERFORMANCE AT-A-GLANCE Q2 2026 HIGHLIGHTS Reported net income available to common shareholders SUMMARIZED INCOME STATEMENT increased 32.6% from the prior quarter driven by: 2Q2026 1Q2026 $ Change % Change • An increase in noninterest income, primarily driven by Net interest income
Slide 11: Strong Track Record of Performance (GAAP)
STRONG TRACK RECORD OF PERFORMANCE (GAAP) EARNINGS PER SHARE, DILUTED AVAILABLE TO COMMON SHAREHOLDERS ($) RETURN ON EQUITY (ROE) (%) $3.26 $2.97 11.20% $2.53 $2.24 9.68% 9.51% $2.03 $1.95 8.27% 7.04% 6.16% 2021 2022 2023 2024 2025 2026 YTD 2021 2022 2023 2024 2025 2026 YTD RETURN ON ASSETS (ROA) (%
Slide 12: Strong Track Record of Performance (Non-GAAP)
STRONG TRACK RECORD OF PERFORMANCE (NON-GAAP) ADJUSTED OPERATING EARNINGS PER SHARE ADJUSTED OPERATING RETURN AVAILABLE TO COMMON SHAREHOLDERS, DILUTED ($) (1) ON TANGIBLE COMMON EQUITY (ROTCE) (%) (1) $3.53 $3.44 20.41% 19.86% $2.92 $2.95 18.07% 17.06% 17.21% 16.85% $2.88 $1.83 2021 2022 2023 2024
Slide 13: Q2 2026 Allowance for Credit Losses and Provision
Q2 2026 ALLOWANCE FOR CREDIT LOSSES Q2 MACROECONOMIC FORECAST (ACL) AND PROVISION FOR CREDIT LOSSES MOODY’S JUNE 2026 BASELINE FORECAST: • US GDP expected to average ~2.1% growth in 2026 and ~1.9% in 2027. ALLOWANCE FOR LOAN RESERVE FOR UNFUNDED ALLOWANCE FOR • The national unemployment rate expecte
Slide 14: Q2 2026 Net Interest Margin
Q2 2026 NET INTEREST MARGIN MARGIN OVERVIEW MARKET RATES 2 Q2 2026 Q1 2026 Q2 2026 Q1 2026 Net interest margin (FTE)1 3.94% 3.85% EOP Avg EOP Avg Loan yield (FTE)1 6.23% 6.14% Fed funds 3.75% 3.75% 3.75% 3.75% Investment yield (FTE)1 4.05% 4.08% Earning asset yield (FTE)1 5.88% 5.79% Prime 6.75% 6.7
Slide 15: Q2 2026 Noninterest Income
Q2 2026 NONINTEREST INCOME Noninterest income increased approximately 65% in the second quarter of 2026 compared to the first quarter of 2026 primarily due to: • A $32.3 million pre-tax gain on the sale of ($ THOUSANDS) 2Q2026 1Q2026 $ Change % Change equity interest in Bearing Insurance, included w
Slide 16: Q2 2026 Noninterest Expense
Q2 2026 NONINTEREST EXPENSE Noninterest expense decreased approximately 5% in the second quarter of 2026 compared to the first quarter of 2026 primarily due to: ($ THOUSANDS) 2Q2026 1Q2026 $ Change % Change • A $9.0 million decrease in pre-tax merger- Salaries and benefits $112,309 $113,413 ($1,104)
Slide 17: Q2 2026 Loan and Deposits
Q2 2026 LOAN AND DEPOSITS • At June 30, 2026, LHFI totaled $28.7 billion, an increase of $726.8 million from the prior quarter LOANS primarily due to increases in commercial and ($ THOUSANDS) 2Q2026 1Q2026 QTD ANNUALIZED % CHANGE industrial and construction and land development Commercial real estat
Slide 18: Strong Capital Position
STRONG CAPITAL POSITION CAPITAL MANAGEMENT STRATEGY ATLANTIC UNION CAPITAL MANAGEMENT PRO FORMA INCLUDING AOCI OBJECTIVES ARE TO: At June 30, 2026 REGULATORY REPORTED & HTM UNREALIZED LOSSES WELL • Maintain designation as a “well capitalized” ATLANTIC ATLANTIC institution. CAPITALIZED ATLANTIC ATLAN
Slide 19: 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 raises the fed Deposits (end of period) $31.0 – 32.0 billion funds rate 25 basis points in September 2026 and term rates remain stable ACL to loans: ~115 – 120 bps C
Slide 20: Appendix
APPENDIX Q2 2026 y) Atlantic (4 Union Bankshares
Slide 21: AUB Diversified and Granular Loan Portfolio
AUB DIVERSIFIED AND GRANULAR LOAN PORTFOLIO At June 30,2026 TOTAL LOAN PORTFOLIO $28.7 BILLION LOAN PORTFOLIO CHARACTERISTICS Residential 1-4 family - Revolving 4.6% Auto Consumer 0.5% 0.4% C&D 6.5% 6.23% Consumer 1-4 Family Q2 2026 Weighted Average Yield (Tax Equivalent)1 Owner Occupied 10.2% CRE 1
Slide 22: AUB CRE Portfolio
AUB CRE PORTFOLIO At June 30, 2026 CRE BY CLASS ($ MILLIONS) ($ MILLIONS) Total % of Outstandings Total Portfolio All Other Loans 40.9% Total Non-Owner Occupied CRE 25.5% Hotel/Motel B&B $1,230 4.3% Industrial/Warehouse $1,290 4.5% Office $1,478 5.2% Retail $1,844 6.4% $28.7B Self Storage $715 2.5%
Slide 23: Non-Owner Occupied Office CRE Portfolio
NON-OWNER OCCUPIED OFFICE CRE PORTFOLIO At June 30, 2026 NON-OWNER OCCUPIED OFFICE GEOGRAPHICALLY DIVERSE NON-OWNER OCCUPIED OFFICE PORTFOLIO PORTFOLIO CREDIT QUALITY ($ MILLIONS) BY MARKET DC METRO SUBMARKET* KEY PORTFOLIO METRICS Carolinas $326 District of Columbia $60 Avg. Office Loan ($ thousand
Slide 24: Multifamily CRE Portfolio
MULTIFAMILY CRE PORTFOLIO At June 30, 2026 MULTIFAMILY PORTFOLIO GEOGRAPHICALLY DIVERSE MULTIFAMILY PORTFOLIO CREDIT QUALITY ($ MILLIONS) BY MARKET DC METRO SUBMARKET* KEY PORTFOLIO METRICS Carolinas $768 District of Columbia $251 Avg. Multifamily Loan ($ thousands) $3,715 Western VA $255 Suburban M
Slide 25: Overview of Government-Related Loan Portfolio Exposures
OVERVIEW OF GOVERNMENT-RELATED LOAN PORTFOLIO EXPOSURES As of June 30, 2026 • Government Contracting team has KEY METRICS OF GOVERNMENT CONTRACTING PORTFOLIO managed through government shutdowns and sequestrations in the $776.4 million 1.00% $3.6 million past. • Focus on national security agency and
Slide 26: NDFI/Private Credit Portfolio
AUB NON-DEPOSITORY FINANCIAL INSTITUTION (“NDFI”)/PRIVATE CREDIT PORTFOLIO At June 30, 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 $20.7 Loans t
Slide 27: Attractive Core Deposit Base
ATTRACTIVE CORE DEPOSIT BASE DEPOSIT BASE CHARACTERISTICS DEPOSIT COMPOSITION AT JUNE 30, 2026 — $30.5 BILLION 1.93% Brokered Savings 8% Q2 2026 cost of deposits 2% Jumbo Time Non-Interest Bearing 6% 22% 92% Retail Time core deposits1 13% 48% Money Market transactional accounts Interest Checking 22%
Slide 28: Granular Deposit Base
GRANULAR DEPOSIT BASE PERIOD END UNINSURED & UNCOLLATERALIZED DEPOSITS CUSTOMER DEPOSIT GRANULARITY AS A PERCENTAGE OF TOTAL DEPOSITS ($ MILLIONS) $9,907 $9,802 $9,915 $9,551 $9,608 $8,000 $8,100 32% 32% 33% $7,400 31% 32% $118,000 $120,000 $105,000 $2,600 $2,500 $2,100 $22,000 $22,000 $22,000 Q2 20
Slide 29: AUB Liquidity Position
AUB LIQUIDITY POSITION At June 30, 2026 ($ M I LLI ON S) Fed Funds Lines $1,392 Discount Window $1,653 FHLB Borrowing Capacity Liquidity Sources TOTAL LIQUIDITY SOURCES OF $4,988 Total $13.3 BILLION $13.3 ~134% Liquidity Coverage Ratio of Uninsured/Uncollateralized Deposits of $9.9 billion billion S
Slide 30: Securities Portfolio
SECURITIES PORTFOLIO At June 30, 2026 • Total securities portfolio of $4.7 billion with a total net unrealized losses of $346.2 million – 83% of total portfolio book value in INVESTMENT SECURITIES BALANCES available-for-sale (“AFS”) with net unrealized losses of $317 million ($ MILLIONS) – 17% of to
Slide 31: 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 32: 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 June 30, 2026 March 31, 2026 equity interest i
Slide 33: Reconciliation of Non-GAAP Disclosures
RECONCILIATION OF NON-GAAP DISCLOSURES ADJUSTED OPERATING EARNINGS & FINANCIAL METRICS Adjusted operating measures exclude, as applicable, merger-related costs, FDIC For the six months ended For the years ended special assessments, legal reserves (Dollars in thousands, except outstanding share and p
Slide 34: Reconciliation of Non-GAAP Disclosures
RECONCILIATION OF NON-GAAP DISCLOSURES The Company believes net interest income (FTE), ADJUSTED OPERATING EFFICIENCY RATIO total revenue (FTE), and total adjusted revenue (FTE), which are used in computing net interest For the six months ended For the years ended margin (FTE) and adjusted operating
Slide 35: 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 June 30, 2026 March 31, 2026 income (FTE), interest income (FTE), Net interest income (GAAP) $ 325,118
Slide 36: 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 June 30, 2026 As of March 31, 2026 capital, and p
Slide 37: 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 June 30, 2026 capital, and per share ratios. The
Slide 38: Reconciliation of Non-GAAP Disclosures
RECONCILIATION OF NON-GAAP DISCLOSURES RISK-BASED CAPITAL RATIOS All regulatory capital ratios at June 30, 2026 are (Dollars in thousands) estimates and subject to change pending the As of June 30, 2026 Company’s filing of its FR Y-9C. In addition to these regulatory capital ratios, the Company Atla
Slide 39: 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, June 30, 2026 March 31, 2026 capital, and per share ratios. The Company believes tangible asset
Slide 40: Reconciliation of Non-GAAP Disclosures
RECONCILIATION OF NON-GAAP DISCLOSURES Tangible assets and tangible common equity are used OPERATING MEASURES in the calculation of certain profitability, capital, and per share ratios. The Company believes tangible For the six months ended For the years ended assets, tangible common equity and the
Slide 41: 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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