8-K

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 19, 2023

ATLANTIC UNION BANKSHARES CORPORATION

(Exact name of registrant as specified in its charter)

Virginia	001-39325	54-1598552
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

4300 Cox Road

Glen Allen, Virginia 23060

(Address of principal executive offices, including Zip Code)

Registrant’s telephone number, including area code: (804) 633-5031

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.33 per share	AUB	New York Stock Exchange
Depositary Shares, Each Representing a 1/400th Interest in a Share of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A	AUB.PRA	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 19, 2023, Atlantic Union Bankshares Corporation (the “Company”) issued a press release announcing its financial results for the third quarter 2023. A copy of the press release is being furnished as Exhibit 99.1 hereto and is incorporated herein by reference. 

The information disclosed in or incorporated by reference into this Item 2.02, including Exhibit 99.1, is furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

Item 7.01 Regulation FD Disclosure

Attached as Exhibit 99.2 and incorporated herein by reference is a presentation that the Company will use in connection with a webcast and conference call for investors and analysts at 9:00 a.m. Eastern Time on Thursday, October 19, 2023. This presentation is also available under the Presentations link in the Investor Relations – News & Events section of the Company’s website at https://investors.atlanticunionbank.com.

The information disclosed in or incorporated by reference into this Item 7.01, including Exhibit 99.2, is furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description of Exhibit
99.1	Press release dated October 19, 2023 regarding the third quarter 2023 results.
99.2	Atlantic Union Bankshares Corporation presentation.
104	Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ATLANTIC UNION BANKSHARES CORPORATION
Date: October 19, 2023	By:	/s/ Robert M. Gorman
		Robert M. Gorman
		Executive Vice President and
		Chief Financial Officer

2

EX-99.1

Exhibit 99.1

Contact:              Robert M. Gorman - (804) 523-7828

Executive Vice President / Chief Financial Officer

ATLANTIC UNION BANKSHARES REPORTS THIRD QUARTER FINANCIAL RESULTS

Richmond, Va., October 19, 2023 – Atlantic Union Bankshares Corporation (the “Company” or “Atlantic Union”) (NYSE: AUB) reported net income available to common shareholders of $51.1 million and basic and diluted earnings per common share of $0.68 for the third quarter of 2023 and adjusted operating earnings available to common shareholders⁽¹⁾ of $59.8 million and adjusted diluted operating earnings per common share⁽¹⁾ of $0.80 for the third quarter of 2023.

“Atlantic Union delivered strong operating results in the third quarter,” said John C. Asbury, president and chief executive officer of Atlantic Union. “We were especially pleased with our customer deposit growth that more than funded loan growth during the quarter, negligible charge-offs, and the impact of our expense reduction actions taken earlier in the year. The proactive measures we have taken to manage this challenging environment are serving us well.”

“We believe that our model of a diversified, traditional, full-service bank that delivers the products and services that our customers want and need combined with local decision making, responsiveness, and client service orientation positively sets us apart from other banks, both larger and smaller. Operating under the mantra of soundness, profitability, and growth – in that order of priority – Atlantic Union remains committed to generating sustainable, profitable growth and building long term value for our shareholders.”

STRATEGIC ACTIONS

Merger with American National Bankshares Inc. (“American National”)

On July 25, 2023, the Company announced that it entered into a merger agreement to acquire American National. During the third quarter of 2023, the Company incurred pre-tax merger costs of approximately $2.0 million.

Cost Saving Initiatives

As previously disclosed, the Company initiated a series of strategic cost savings measures during the second quarter of 2023 that is expected to reduce the annual expense run rate by approximately $17 million. As a result of these measures, the Company incurred pre-tax expenses of $8.7 million in the third quarter of 2023 and $3.9 million in the second quarter of 2023, principally composed of severance charges related to headcount reductions, costs related to modifying certain third-party vendor contracts, and charges for exiting certain leases.

Sale-Leaseback Transaction

On September 20, 2023, Atlantic Union Bank (the “Bank”) executed a sale-leaseback transaction and sold 27 properties, which consisted of 25 branches and a drive thru and parking lot, each adjacent to a sold branch, to a single purchaser for an aggregate purchase price of $45.8 million. Concurrently, the Bank entered into absolute net lease agreements with the purchaser under which the Bank will lease each of the properties for an initial term of 17 years with specified renewal options. The sale-leaseback transaction resulted in a pre-tax gain of approximately $27.7 million during the third quarter of 2023, after transaction-related expenses.

Available for Sale (“AFS”) Securities Sale

Concurrent with the sale-leaseback transaction, also on September 20, 2023, the Company restructured a portion of its investment portfolio by selling low yielding AFS securities with a book value of $228.3 million, resulting in a pre-tax net loss of $27.7 million. The net proceeds from the securities sale transaction were reinvested into higher yielding AFS securities at the end of the third quarter of 2023.

NET INTEREST INCOME

For the third quarter of 2023, net interest income was $151.9 million, a decrease of $143,000 from $152.1 million in the second quarter of 2023. Net interest income (FTE)⁽¹⁾ was $155.7 million in the third quarter of 2023, a decrease of $65,000 from $155.8 million in the second quarter of 2023 due to higher deposit costs driven by increases in market interest rates, changes in the deposit mix as depositors continue to migrate to higher costing interest bearing deposit accounts, and growth in average deposit balances, partially offset by an increase in loan yields on variable rate loans due to increases in short-term interest rates during the quarter, as well as growth in average loans held for investment (“LHFI”). Our net interest margin decreased 10 basis points from the prior quarter to 3.27% at September 30, 2023, and our net interest margin (FTE)⁽¹⁾ decreased 10 basis points during the same period to 3.35%. Earning asset yields increased by 20 basis points to 5.39% in the third quarter of 2023 compared to the second quarter of 2023, primarily due to the impact of increases in market interest rates on loans and loan growth. Our cost of funds increased by 30 basis points to 2.04% at September 30, 2023 compared to the prior quarter, due primarily to higher deposit costs driven by higher rates and changes in the deposit mix as noted above.

The Company’s net interest margin (FTE) ⁽¹⁾ includes the impact of acquisition accounting fair value adjustments. Net accretion related to acquisition accounting was $1.1 million for the third quarter of 2023. The impact of net accretion in the second and third quarters of 2023 are reflected in the following table (dollars in thousands):

	Loan		Deposit		Borrowings
	Accretion		Amortization		Amortization		Total
For the quarter ended June 30, 2023	$	1,073	$	(7)	$	(213)	$	853
For the quarter ended September 30, 2023		1,300		(6)		(215)		1,079

ASSET QUALITY

Overview

At September 30, 2023, nonperforming assets (“NPAs”) as a percentage of total LHFI was 0.19% and was unchanged from the prior quarter and included nonaccrual loans of $28.6 million. Accruing past due loans as a percentage of total LHFI totaled 27 basis points at September 30, 2023, an increase of 11 basis points from June 30, 2023, and an increase of 6 basis points from September 30, 2022. The increase in past due loan levels from June 30, 2023 was primarily within the 30-59 days past due category and resulted primarily from increases in past due credit relationships within the commercial real estate and commercial and industrial portfolios. Net charge-offs were 0.01% of total average LHFI (annualized) for the third quarter of 2023, a decrease of 3 basis points from June 30, 2023, and a decrease of 1 basis point from September 30, 2022. The allowance for credit losses (“ACL”) totaled $140.9 million at September 30, 2023, a $4.7 million increase from the prior quarter.

Nonperforming Assets

At September 30, 2023, NPAs totaled $28.8 million, compared to $29.2 million in the prior quarter. The following table shows a summary of NPA balances at the quarter ended (dollars in thousands):

	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2023		2023		2022		2022
Nonaccrual loans	$	28,626	$	29,105	$	29,082	$	27,038	$	26,500
Foreclosed properties		149		50		29		76		2,087
Total nonperforming assets	$	28,775	$	29,155	$	29,111	$	27,114	$	28,587

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

	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2023		2023		2022		2022
Beginning Balance	$	29,105	$	29,082	$	27,038	$	26,500	$	29,070
Net customer payments		(1,947)		(5,950)		(1,755)		(1,805)		(3,725)
Additions		1,651		6,685		4,151		2,935		1,302
Charge-offs		(64)		(712)		(39)		(461)		(125)
Loans returning to accruing status		(119)		—		(313)		(131)		—
Transfers to foreclosed property		—		—		—		—		(22)
Ending Balance	$	28,626	$	29,105	$	29,082	$	27,038	$	26,500

Past Due Loans

At September 30, 2023, past due loans still accruing interest totaled $40.6 million or 0.27% of total LHFI, compared to $24.1 million or 0.16% of total LHFI at June 30, 2023, and $29.0 million or 0.21% of total LHFI at September 30, 2022. The increase in past due loan levels from June 30, 2023 was primarily within the 30-59 days past due category and driven by increases in past due credit relationships within the commercial real estate and commercial and industrial portfolios. Of the total past due loans still accruing interest, $11.9 million or 0.08% of total LHFI were loans past due 90 days or more at September 30, 2023, compared to $10.1 million or 0.07% of total LHFI at June 30, 2023, and $7.4 million or 0.05% of total LHFI at September 30, 2022.

Allowance for Credit Losses

At September 30, 2023, the ACL was $140.9 million and included an allowance for loan and lease losses (“ALLL”) of $125.6 million and a reserve for unfunded commitments of $15.3 million. The ACL at September 30, 2023 increased $4.7 million from June 30, 2023 due to loan growth in the third quarter of 2023 and the impact of continued uncertainty in the economic outlook.

The ACL as a percentage of total LHFI was 0.92% at September 30, 2023, an increase of 2 basis points from June 30, 2023. The ALLL as a percentage of total LHFI was 0.82% at September 30, 2023, compared to 0.80% at June 30, 2023.

Net Charge-offs

Net charge-offs were $294,000 or 0.01% of total average LHFI on an annualized basis for the third quarter of 2023, compared to $1.6 million or 0.04% (annualized) for the second quarter of 2023, and $587,000 or 0.02% (annualized) for the third quarter of 2022.

Provision for Credit Losses

For the third quarter of 2023, the Company recorded a provision for credit losses of $5.0 million, compared to a provision for credit losses of $6.1 million in the prior quarter, and a provision for credit losses of $6.4 million in the third quarter of 2022.

NONINTEREST INCOME

Noninterest income increased $2.9 million to $27.1 million for the third quarter of 2023 from $24.2 million in the prior quarter, primarily driven by a $939,000 increase in other service charges, commissions and fees primarily due to a merchant services vendor contract signing bonus, a $714,000 increase in equity method investment income (included within other operating income), a $439,000 increase in service charges on deposits accounts, and a $379,000 increase in loan-related interest rate swap fees due to several new swap transactions. Noninterest income in the third quarter also included a $27.7 million gain related to the sale-leaseback transaction, included in other operating income, which was almost wholly offset by $27.6 million of losses incurred on the sale of AFS securities in the third quarter of 2023.

NONINTEREST EXPENSE

Noninterest expense increased $2.8 million to $108.5 million for the third quarter of 2023 from $105.7 million in the prior quarter, primarily driven by a $10.0 million increase in other expenses, which includes $8.7 million in expenses associated with strategic cost saving initiatives and $2.0 million in merger-related costs. Adjusted operating noninterest expense,⁽¹⁾ which excludes amortization of intangible assets ($2.2 million in both the third quarter and second quarter of 2023), expenses associated with strategic cost savings initiatives ($8.7 million in the third quarter and $3.9 million in the second quarter of 2023), and merger-related costs associated with the American National merger ($2.0 million in the third quarter of 2023), decreased $3.9 million to $95.7 million for the third quarter of 2023 from $99.5 million in the prior quarter. The decrease in adjusted operating noninterest expense⁽¹⁾ was primarily due to a $1.6 million decrease in salaries and benefits expense reflecting the impact of strategic cost saving initiatives, a $1.1 million decrease in professional services expense related to strategic projects in the prior quarter, a $643,000 decrease in technology and data processing expense, and a $598,000 decrease in marketing and advertising expense.

INCOME TAXES

The effective tax rate for the three months ended September 30, 2023 and 2022 was 17.6% and 17.0%, respectively, and the effective tax rate for the nine months ended September 30, 2023 and 2022 was 16.3% and 17.0%, respectively.

BALANCE SHEET

At September 30, 2023, total assets were $20.7 billion, an increase of $133.9 million or approximately 2.6% (annualized) from June 30, 2023, and an increase of $786.0 million or approximately 3.9% from September 30, 2022. Total assets increased from the prior quarter primarily due to a $216.7 million increase in LHFI (net of deferred fees and costs), partially offset by a $110.3 million decrease in investment securities due primarily to the decline in market value of the AFS securities portfolio due to the impact of market interest rates. Total assets increased from the prior year period primarily due to a $1.4 billion increase in LHFI (net of deferred fees and costs), partially offset by a $607.7 million decrease in investment securities due primarily to the sale of AFS securities inthefirstandthirdquartersof2023.

At September 30, 2023, LHFI (net of deferred fees and costs) totaled $15.3 billion, an increase of $216.7 million or 5.7% (annualized) from $15.1 billion at June 30, 2023. Average LHFI (net of deferred fees and costs) totaled $15.1 billion at September 30, 2023, an increase of $393.5 million or 10.6% (annualized) from the prior quarter. At September 30, 2023, both LHFI (net of deferred fees and costs) and average LHFI (net of deferred fees and costs) increased $1.4 billion from September 30, 2022. LHFI (net of deferred fees and costs) increased from the prior quarter primarily due to increases in the multifamily real estate and other commercial portfolios and increased from the same period in the prior year primarily due to increases in the commercial and industrial and commercial real estate non-owner occupied portfolios.

At September 30, 2023, total investments were $3.0 billion, a decrease of $110.3 million from June 30, 2023 and a decrease of $607.7 million from September 30, 2022. AFS securities totaled $2.1 billion at September 30, 2023, $2.2 billion at June 30, 2023, and $2.7 billion at September 30, 2022. At September 30, 2023, total net unrealized losses on the AFS securities portfolio were $523.1 million, compared to $450.1 million at June 30, 2023 and $507.7 million at September 30, 2022. Held to maturity (“HTM”) securities are carried at cost and totaled $843.3 million at September 30, 2023, $849.6 million at June 30, 2023, and $841.3 million at September 30, 2022 and had net unrealized losses of $81.2 million at September 30, 2023, compared to $41.8 million at June 30, 2023 and $75.9 million at September 30, 2022.

At September 30, 2023, total deposits were $16.8 billion, an increase of $374.5 million or approximately 9.1% (annualized) from June 30, 2023. Average deposits at September 30, 2023 increased from the prior quarter by $515.5 million or 12.6% (annualized). Total deposits at September 30, 2023 increased $240.3 million or 1.5% from September 30, 2022, and quarterly average deposits at September 30, 2023 increased $307.4 million or 1.9% from the same period in the prior year. Total deposits increased from the prior quarter and the prior year period primarily due to increases in interest bearing customer deposits and brokered deposits, partially offset by decreases in demand deposits.

At September 30, 2023, total borrowings were $1.0 billion, a decrease of $299.6 million from June 30, 2023, and an increase of $351.1 million from September 30, 2022. Total borrowings decreased from the prior quarter primarily due to

paydowns of short-term borrowings due to deposit growth and increased from the prior year period due to increased short-term borrowings used to fund loan growth.

The following table shows the Company’s capital ratios at the quarters ended:

	September 30,		June 30,		September 30,
	2023		2023		2022
Common equity Tier 1 capital ratio (2)	9.94	%	9.86	%	9.96	%
Tier 1 capital ratio (2)	10.88	%	10.81	%	10.98	%
Total capital ratio (2)	13.70	%	13.64	%	13.80	%
Leverage ratio (Tier 1 capital to average assets) (2)	9.62	%	9.64	%	9.32	%
Common equity to total assets	10.72	%	10.96	%	10.60	%
Tangible common equity to tangible assets (1)	6.45	%	6.66	%	6.11	%

During the third quarter of 2023, the Company declared and paid a quarterly dividend on the outstanding shares of Series A Preferred Stock of $171.88 per share (equivalent to $0.43 per outstanding depositary share), consistent with the second quarter of 2023 and the third quarter of 2022. During the third quarter of 2023, the Company also declared and paid cash dividends of $0.30 per common share, consistent with the second quarter of 2023 and the third quarter of 2022.

⁽¹⁾ 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.

⁽²⁾ All ratios at September 30, 2023 are estimates and subject to change pending the Company’s filing of its FR Y9-C. All other periods are presented as filed.

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 109 branches and 123 ATMs located throughout Virginia and in portions of Maryland and North Carolina as of September 30, 2023. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

THIRD QUARTER 2023 EARNINGS RELEASE CONFERENCE CALL

The Company will hold a conference call and webcast for investors at 9:00 a.m. Eastern Time on Thursday, October 19, 2023 during which the Company’s management will review the Company’s financial results for the third quarter 2023 and provide an update on recent activities.

The listen-only webcast and the accompanying slides can be accessed at:

https://edge.media-server.com/mmc/p/xamg8swa.

For analysts who wish to participate in the conference call, please register at the following URL:

https://register.vevent.com/register/BI2b71d4244e9e49b393decce9c92d4054. 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, 2023, the Company has provided supplemental performance measures on a tax-equivalent, tangible, operating, adjusted or pre-tax pre-provision basis. These non-GAAP

financial measures are a supplement to GAAP, which is used to prepare the Company’s financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, the Company’s non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. The Company uses the non-GAAP financial measures discussed herein in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP financial measures provide additional understanding of ongoing operations, enhance comparability of 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 the Company’s underlying performance. 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 expectations with regard to our business, financial and operating results, including our deposit base, the impact of future economic conditions, the expected impact of our cost saving measures initiative in the second quarter of 2023, 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,” “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;

● inflation and its impacts on economic growth and customer and client behavior;

● adverse developments in the financial industry generally, such as bank failures, responsive measures to mitigate and manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer and client behavior;

● the sufficiency of liquidity;

● 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 and slowdowns in economic growth;

● the failure to close our previously announced merger with American National when expected or at all because required regulatory, American National shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all, and the risk that any regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed merger;

● the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between the Company and American National;

● any change in the purchase accounting assumptions used regarding the American National assets acquired and liabilities assumed to determine the fair value and credit marks, particularly in light of the current rising interest rate environment;

● the possibility that the anticipated benefits of the proposed merger, including anticipated cost savings and strategic gains, are not realized when expected or at all;

● the proposed merger being more expensive or taking longer to complete than anticipated, including as a result of unexpected factors or events;

● the diversion of management’s attention from ongoing business operations and opportunities do to the proposed merger;

● potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed merger;

● the dilutive effect of shares of the Company’s common stock to be issued at the completion of the proposed merger;

● changes in the Company’s or American National’s share price before closing;

● monetary and fiscal 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 therein;

● 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;

● our ability to recruit and retain key employees;

● 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 CECL methodology, either alone or as that may be affected by inflation, changing interest rates, or other factors;

● our liquidity and capital positions;

● concentrations of loans secured by real estate, particularly commercial real estate;

● 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;

● 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 considerations;

● the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts, geopolitical conflicts or public health events, and of governmental and societal responses thereto; these potential adverse effects may include, without limitation, adverse effects on 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;

● the discontinuation of LIBOR and its impact on the financial markets, and our ability to manage operational, legal, and compliance risks related to the discontinuation of LIBOR and implementation of one or more alternate reference rates;

● 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;

● legislative or regulatory changes and requirements;

● 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;

● the effects of changes in federal, state or local tax laws and regulations;

● 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, 2022, Part II, Item 1A. Risk Factors in our Quarterly Reports on Form 10-Q for the quarters ended June 30, 2023 and March 31, 2023, 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 of 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 the forward-looking statements, and undue reliance should not be placed on such 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.

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
	09/30/23			06/30/23			09/30/22			09/30/23			09/30/22
Results of Operations
Interest and dividend income	$	247,159		$	230,247		$	171,156		$	694,952		$	458,367
Interest expense		95,218			78,163			20,441			237,483			37,954
Net interest income		151,941			152,084			150,715			457,469			420,413
Provision for credit losses		4,991			6,069			6,412			22,911			12,771
Net interest income after provision for credit losses		146,950			146,015			144,303			434,558			407,642
Noninterest income		27,094			24,197			25,584			60,918			94,023
Noninterest expenses		108,508			105,661			99,923			322,442			304,012
Income before income taxes		65,536			64,551			69,964			173,034			197,653
Income tax expense		11,519			9,310			11,894			28,123			33,667
Net income		54,017			55,241			58,070			144,911			163,986
Dividends on preferred stock		2,967			2,967			2,967			8,901			8,901
Net income available to common shareholders	$	51,050		$	52,274		$	55,103		$	136,010		$	155,085
Interest earned on earning assets (FTE) (1)	$	250,903		$	233,913		$	174,998		$	706,150		$	469,122
Net interest income (FTE) (1)		155,685			155,750			154,557			468,667			431,168
Total revenue (FTE) (1)		182,779			179,947			180,141			529,585			525,191
Pre-tax pre-provision adjusted operating earnings (7)		81,086			74,553			76,376			228,837			206,852
Key Ratios
Earnings per common share, diluted	$	0.68		$	0.70		$	0.74		$	1.81		$	2.07
Return on average assets (ROA)		1.04	%		1.10	%		1.15	%		0.95	%		1.10	%
Return on average equity (ROE)		8.76	%		9.00	%		9.45	%		7.93	%		8.72	%
Return on average tangible common equity (ROTCE) (2) (3)		15.71	%		16.11	%		17.21	%		14.22	%		15.69	%
Efficiency ratio		60.61	%		59.94	%		56.68	%		62.20	%		59.10	%
Efficiency ratio (FTE) (1)		59.37	%		58.72	%		55.47	%		60.89	%		57.89	%
Net interest margin		3.27	%		3.37	%		3.34	%		3.35	%		3.16	%
Net interest margin (FTE) (1)		3.35	%		3.45	%		3.43	%		3.43	%		3.24	%
Yields on earning assets (FTE) (1)		5.39	%		5.19	%		3.88	%		5.17	%		3.52	%
Cost of interest-bearing liabilities		2.80	%		2.42	%		0.68	%		2.42	%		0.43	%
Cost of deposits		1.97	%		1.61	%		0.37	%		1.63	%		0.21	%
Cost of funds		2.04	%		1.74	%		0.45	%		1.74	%		0.28	%
Operating Measures (4)
Adjusted operating earnings	$	62,749		$	58,348		$	58,070		$	171,286		$	160,355
Adjusted operating earnings available to common shareholders		59,782			55,381			55,103			162,385			151,454
Adjusted operating earnings per common share, diluted	$	0.80		$	0.74		$	0.74		$	2.17		$	2.02
Adjusted operating ROA		1.21	%		1.16	%		1.15	%		1.12	%		1.08	%
Adjusted operating ROE		10.17	%		9.51	%		9.45	%		9.37	%		8.53	%
Adjusted operating ROTCE (2) (3)		18.31	%		17.03	%		17.21	%		16.88	%		15.34	%
Adjusted operating efficiency ratio (FTE) (1)(6)		52.36	%		55.30	%		54.09	%		54.55	%		56.20	%
Per Share Data
Earnings per common share, basic	$	0.68		$	0.70		$	0.74		$	1.81		$	2.07
Earnings per common share, diluted		0.68			0.70			0.74			1.81			2.07
Cash dividends paid per common share		0.30			0.30			0.30			0.90			0.86
Market value per share		28.78			25.95			30.38			28.78			30.38
Book value per common share		29.82			30.31			28.46			29.82			28.46
Tangible book value per common share (2)		17.12			17.58			15.61			17.12			15.61
Price to earnings ratio, diluted		10.65			9.28			10.37			11.86			10.99
Price to book value per common share ratio		0.97			0.86			1.07			0.97			1.07
Price to tangible book value per common share ratio (2)		1.68			1.48			1.95			1.68			1.95
Weighted average common shares outstanding, basic		74,999,128			74,995,450			74,703,699			74,942,851			75,029,000
Weighted average common shares outstanding, diluted		74,999,128			74,995,557			74,705,054			74,943,999			75,034,084
Common shares outstanding at end of period		74,997,132			74,998,075			74,703,774			74,997,132			74,703,774

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
	09/30/23			06/30/23			09/30/22			09/30/23			09/30/22
Capital Ratios
Common equity Tier 1 capital ratio (5)		9.94	%		9.86	%		9.96	%		9.94	%		9.96	%
Tier 1 capital ratio (5)		10.88	%		10.81	%		10.98	%		10.88	%		10.98	%
Total capital ratio (5)		13.70	%		13.64	%		13.80	%		13.70	%		13.80	%
Leverage ratio (Tier 1 capital to average assets) (5)		9.62	%		9.64	%		9.32	%		9.62	%		9.32	%
Common equity to total assets		10.72	%		10.96	%		10.60	%		10.72	%		10.60	%
Tangible common equity to tangible assets (2)		6.45	%		6.66	%		6.11	%		6.45	%		6.11	%
Financial Condition
Assets	$	20,736,236		$	20,602,332		$	19,950,231		$	20,736,236		$	19,950,231
LHFI (net of deferred fees and costs)		15,283,620			15,066,930			13,918,720			15,283,620			13,918,720
Securities		3,032,982			3,143,235			3,640,722			3,032,982			3,640,722
Earning Assets		18,491,561			18,452,007			17,790,324			18,491,561			17,790,324
Goodwill		925,211			925,211			925,211			925,211			925,211
Amortizable intangibles, net		21,277			23,469			29,142			21,277			29,142
Deposits		16,786,505			16,411,987			16,546,216			16,786,505			16,546,216
Borrowings		1,020,669			1,320,301			669,558			1,020,669			669,558
Stockholders' equity		2,388,801			2,424,470			2,281,150			2,388,801			2,281,150
Tangible common equity (2)		1,275,956			1,309,433			1,160,440			1,275,956			1,160,440
LHFI, net of deferred fees and costs
Construction and land development	$	1,132,940		$	1,231,720		$	1,068,201		$	1,132,940		$	1,068,201
Commercial real estate - owner occupied		1,975,281			1,952,189			1,953,872			1,975,281			1,953,872
Commercial real estate - non-owner occupied		4,148,218			4,113,318			3,900,325			4,148,218			3,900,325
Multifamily real estate		947,153			788,895			774,970			947,153			774,970
Commercial & Industrial		3,432,319			3,373,148			2,709,047			3,432,319			2,709,047
Residential 1-4 Family - Commercial		517,034			518,317			542,612			517,034			542,612
Residential 1-4 Family - Consumer		1,057,294			1,017,698			891,353			1,057,294			891,353
Residential 1-4 Family - Revolving		599,282			600,339			588,452			599,282			588,452
Auto		534,361			585,756			561,277			534,361			561,277
Consumer		126,151			134,709			172,776			126,151			172,776
Other Commercial		813,587			750,841			755,835			813,587			755,835
Total LHFI	$	15,283,620		$	15,066,930		$	13,918,720		$	15,283,620		$	13,918,720
Deposits
Interest checking accounts	$	5,055,464		$	4,824,192		$	4,354,351		$	5,055,464		$	4,354,351
Money market accounts		3,472,953			3,413,936			3,962,470			3,472,953			3,962,470
Savings accounts		950,363			986,081			1,173,566			950,363			1,173,566
Customer time deposits of $250,000 and over		634,950			578,739			391,332			634,950			391,332
Other customer time deposits		2,011,106			1,813,031			1,352,440			2,011,106			1,352,440
Time deposits		2,646,056			2,391,770			1,743,772			2,646,056			1,743,772
Total interest-bearing customer deposits		12,124,836			11,615,979			11,234,159			12,124,836			11,234,159
Brokered deposits		516,720			485,702			21,119			516,720			21,119
Total interest-bearing deposits	$	12,641,556		$	12,101,681		$	11,255,278		$	12,641,556		$	11,255,278
Demand deposits		4,144,949			4,310,306			5,290,938			4,144,949			5,290,938
Total deposits	$	16,786,505		$	16,411,987		$	16,546,216		$	16,786,505		$	16,546,216
Averages
Assets	$	20,596,189		$	20,209,687		$	19,980,500		$	20,397,518		$	19,873,644
LHFI (net of deferred fees and costs)		15,139,761			14,746,218			13,733,447			14,799,520			13,521,507
Loans held for sale		10,649			14,413			15,063			10,330			16,779
Securities		3,101,658			3,176,662			3,818,607			3,247,287			3,981,308
Earning assets		18,462,505			18,091,809			17,879,222			18,264,957			17,803,550
Deposits		16,795,611			16,280,154			16,488,224			16,499,045			16,397,790
Time deposits		2,914,004			2,500,966			1,745,224			2,571,114			1,726,341
Interest-bearing deposits		12,576,776			11,903,004			11,163,945			12,071,006			11,091,115
Borrowings		905,170			1,071,171			703,272			1,032,067			660,995
Interest-bearing liabilities		13,481,946			12,974,175			11,867,217			13,103,073			11,752,110
Stockholders' equity		2,446,902			2,460,741			2,436,999			2,443,833			2,513,522
Tangible common equity (2)		1,332,993			1,345,426			1,315,085			1,328,385			1,378,240

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
	09/30/23			06/30/23			09/30/22			09/30/23			09/30/22
Asset Quality
Allowance for Credit Losses (ACL)
Beginning balance, Allowance for loan and lease losses (ALLL)	$	120,683		$	116,512		$	104,184		$	110,768		$	99,787
Add: Recoveries		1,335			1,035			1,214			3,537			3,745
Less: Charge-offs		1,629			2,602			1,801			9,957			5,267
Add: Provision for loan losses		5,238			5,738			4,412			21,279			9,744
Ending balance, ALLL	$	125,627		$	120,683		$	108,009		$	125,627		$	108,009
Beginning balance, Reserve for unfunded commitment (RUC)	$	15,548		$	15,199		$	9,000		$	13,675		$	8,000
Add: Provision for unfunded commitments		(246)			349			2,000			1,627			3,000
Ending balance, RUC	$	15,302		$	15,548		$	11,000		$	15,302		$	11,000
Total ACL	$	140,929		$	136,231		$	119,009		$	140,929		$	119,009
ACL / total LHFI		0.92	%		0.90	%		0.86	%		0.92	%		0.86	%
ALLL / total LHFI		0.82	%		0.80	%		0.78	%		0.82	%		0.78	%
Net charge-offs / total average LHFI (annualized)		0.01	%		0.04	%		0.02	%		0.06	%		0.02	%
Provision for loan losses/ total average LHFI (annualized)		0.14	%		0.16	%		0.13	%		0.19	%		0.10	%
Nonperforming Assets
Construction and land development	$	355		$	284		$	421		$	355		$	421
Commercial real estate - owner occupied		3,882			3,978			4,883			3,882			4,883
Commercial real estate - non-owner occupied		5,999			6,473			1,923			5,999			1,923
Commercial & Industrial		2,256			2,738			2,289			2,256			2,289
Residential 1-4 Family - Commercial		1,833			1,844			1,962			1,833			1,962
Residential 1-4 Family - Consumer		10,368			10,033			11,121			10,368			11,121
Residential 1-4 Family - Revolving		3,572			3,461			3,583			3,572			3,583
Auto		361			291			318			361			318
Consumer		—			3			—			—			—
Nonaccrual loans	$	28,626		$	29,105		$	26,500		$	28,626		$	26,500
Foreclosed property		149			50			2,087			149			2,087
Total nonperforming assets (NPAs)	$	28,775		$	29,155		$	28,587		$	28,775		$	28,587
Construction and land development	$	25		$	24		$	115		$	25		$	115
Commercial real estate - owner occupied		2,395			2,463			3,517			2,395			3,517
Commercial real estate - non-owner occupied		2,835			2,763			621			2,835			621
Commercial & Industrial		792			810			526			792			526
Residential 1-4 Family - Commercial		817			693			308			817			308
Residential 1-4 Family - Consumer		3,632			1,716			680			3,632			680
Residential 1-4 Family - Revolving		1,034			1,259			1,255			1,034			1,255
Auto		229			243			148			229			148
Consumer		97			74			86			97			86
Other Commercial		15			66			95			15			95
LHFI ≥ 90 days and still accruing	$	11,871		$	10,111		$	7,351		$	11,871		$	7,351
Total NPAs and LHFI ≥ 90 days	$	40,646		$	39,266		$	35,938		$	40,646		$	35,938
NPAs / total LHFI		0.19	%		0.19	%		0.21	%		0.19	%		0.21	%
NPAs / total assets		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
ALLL / nonaccrual loans		438.86	%		414.65	%		407.58	%		438.86	%		407.58	%
ALLL/ nonperforming assets		436.58	%		413.94	%		377.83	%		436.58	%		377.83	%

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
	09/30/23			06/30/23			09/30/22			09/30/23			09/30/22
Past Due Detail
Construction and land development	$	—		$	295		$	120		$	—		$	120
Commercial real estate - owner occupied		3,501			602			7,337			3,501			7,337
Commercial real estate - non-owner occupied		4,573			—			—			4,573			—
Commercial & Industrial		3,049			254			796			3,049			796
Residential 1-4 Family - Commercial		744			1,076			1,410			744			1,410
Residential 1-4 Family - Consumer		1,000			1,504			1,123			1,000			1,123
Residential 1-4 Family - Revolving		2,326			1,729			1,115			2,326			1,115
Auto		2,703			2,877			1,876			2,703			1,876
Consumer		517			334			409			517			409
Other Commercial		3,545			23			—			3,545			—
LHFI 30-59 days past due	$	21,958		$	8,694		$	14,186		$	21,958		$	14,186
Construction and land development	$	386		$	—		$	107		$	386		$	107
Commercial real estate - owner occupied		1,902			10			763			1,902			763
Commercial real estate - non-owner occupied		797			—			457			797			457
Multifamily real estate		150			—			—			150			—
Commercial & Industrial		576			400			3,128			576			3,128
Residential 1-4 Family - Commercial		67			189			97			67			97
Residential 1-4 Family - Consumer		1,775			2,813			1,449			1,775			1,449
Residential 1-4 Family - Revolving		602			1,114			1,081			602			1,081
Auto		339			564			257			339			257
Consumer		164			214			101			164			101
LHFI 60-89 days past due	$	6,758		$	5,304		$	7,440		$	6,758		$	7,440
Past Due and still accruing	$	40,587		$	24,109		$	28,977		$	40,587		$	28,977
Past Due and still accruing / total LHFI		0.27	%		0.16	%		0.21	%		0.27	%		0.21	%
Alternative Performance Measures (non-GAAP)
Net interest income (FTE) (1)
Net interest income (GAAP)	$	151,941		$	152,084		$	150,715		$	457,469		$	420,413
FTE adjustment		3,744			3,666			3,842			11,198			10,755
Net interest income (FTE) (non-GAAP)	$	155,685		$	155,750		$	154,557		$	468,667		$	431,168
Noninterest income (GAAP)		27,094			24,197			25,584			60,918			94,023
Total revenue (FTE) (non-GAAP)	$	182,779		$	179,947		$	180,141		$	529,585		$	525,191
Average earning assets	$	18,462,505		$	18,091,809		$	17,879,222		$	18,264,957		$	17,803,550
Net interest margin		3.27	%		3.37	%		3.34	%		3.35	%		3.16	%
Net interest margin (FTE)		3.35	%		3.45	%		3.43	%		3.43	%		3.24	%
Tangible Assets (2)
Ending assets (GAAP)	$	20,736,236		$	20,602,332		$	19,950,231		$	20,736,236		$	19,950,231
Less: Ending goodwill		925,211			925,211			925,211			925,211			925,211
Less: Ending amortizable intangibles		21,277			23,469			29,142			21,277			29,142
Ending tangible assets (non-GAAP)	$	19,789,748		$	19,653,652		$	18,995,878		$	19,789,748		$	18,995,878
Tangible Common Equity (2)
Ending equity (GAAP)	$	2,388,801		$	2,424,470		$	2,281,150		$	2,388,801		$	2,281,150
Less: Ending goodwill		925,211			925,211			925,211			925,211			925,211
Less: Ending amortizable intangibles		21,277			23,469			29,142			21,277			29,142
Less: Perpetual preferred stock		166,357			166,357			166,357			166,357			166,357
Ending tangible common equity (non-GAAP)	$	1,275,956		$	1,309,433		$	1,160,440		$	1,275,956		$	1,160,440
Average equity (GAAP)	$	2,446,902		$	2,460,741		$	2,436,999		$	2,443,833		$	2,513,522
Less: Average goodwill		925,211			925,211			925,211			925,211			932,035
Less: Average amortizable intangibles		22,342			23,748			30,347			23,881			36,891
Less: Average perpetual preferred stock		166,356			166,356			166,356			166,356			166,356
Average tangible common equity (non-GAAP)	$	1,332,993		$	1,345,426		$	1,315,085		$	1,328,385		$	1,378,240
ROTCE (2)(3)
Net income available to common shareholders (GAAP)	$	51,050		$	52,274		$	55,103		$	136,010		$	155,085
Plus: Amortization of intangibles, tax effected		1,732			1,751			1,959			5,283			6,663
Net income available to common shareholders before amortization of intangibles (non-GAAP)	$	52,782		$	54,025		$	57,062		$	141,293		$	161,748
Return on average tangible common equity (ROTCE)		15.71	%		16.11	%		17.21	%		14.22	%		15.69	%

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
	09/30/23			06/30/23			09/30/22			09/30/23				09/30/22
Operating Measures (4)
Net income (GAAP)	$	54,017		$	55,241		$	58,070		$	144,911		$	163,986
Plus: Strategic cost saving initiatives, net of tax		6,851			3,109			—			9,959			—
Plus: Merger-related costs, net of tax		1,965			—			—			1,965			—
Plus: Legal reserve, net of tax		—			—			—			3,950			—
Plus: Strategic branch closing and facility consolidation costs, net of tax		—			—			—			—			4,351
Less: (Loss) gain on sale of securities, net of tax		(21,799)			2			—			(32,384)			(2)
Less: Gain on sale-leaseback transaction, net of tax		21,883			—			—			21,883			—
Less: Gain on sale of DHFB, net of tax		—			—			—			—			7,984
Adjusted operating earnings (non-GAAP)		62,749			58,348			58,070			171,286			160,355
Less: Dividends on preferred stock		2,967			2,967			2,967			8,901			8,901
Adjusted operating earnings available to common shareholders (non-GAAP)	$	59,782		$	55,381		$	55,103		$	162,385		$	151,454
Operating Efficiency Ratio (1)(6)
Noninterest expense (GAAP)	$	108,508		$	105,661		$	99,923		$	322,442		$	304,012
Less: Amortization of intangible assets		2,193			2,216			2,480			6,687			8,434
Less: Strategic cost saving initiatives		8,672			3,935			—			12,607			—
Less: Merger-related costs		1,993			—			—			1,993			—
Less: Legal reserve		—			—			—			5,000			—
Less: Strategic branch closing and facility consolidation costs		—			—			—			—			5,508
Adjusted operating noninterest expense (non-GAAP)	$	95,650		$	99,510		$	97,443		$	296,155		$	290,070
Noninterest income (GAAP)	$	27,094		$	24,197		$	25,584		$	60,918		$	94,023
Less: (Loss) gain on sale of securities		(27,594)			2			—			(40,992)			(2)
Less: Gain on sale-leaseback transaction		27,700			—			—			27,700			—
Less: Gain on sale of DHFB		—			—			—			—			9,082
Adjusted operating noninterest income (non-GAAP)	$	26,988		$	24,195		$	25,584		$	74,210		$	84,943
Net interest income (FTE) (non-GAAP) (1)	$	155,685		$	155,750		$	154,557		$	468,667		$	431,168
Adjusted operating noninterest income (non-GAAP)		26,988			24,195			25,584			74,210			84,943
Total adjusted revenue (FTE) (non-GAAP) (1)	$	182,673		$	179,945		$	180,141		$	542,877		$	516,111
Efficiency ratio		60.61	%		59.94	%		56.68	%		62.20	%		59.10	%
Efficiency ratio (FTE) (1)		59.37	%		58.72	%		55.47	%		60.89	%		57.89	%
Adjusted operating efficiency ratio (FTE) (1)(6)		52.36	%		55.30	%		54.09	%		54.55	%		56.20	%
Operating ROA & ROE (4)
Adjusted operating earnings (non-GAAP)	$	62,749		$	58,348		$	58,070		$	171,286		$	160,355
Average assets (GAAP)	$	20,596,189		$	20,209,687		$	19,980,500		$	20,397,518		$	19,873,644
Return on average assets (ROA) (GAAP)		1.04	%		1.10	%		1.15	%		0.95	%		1.10	%
Adjusted operating return on average assets (ROA) (non-GAAP)		1.21	%		1.16	%		1.15	%		1.12	%		1.08	%
Average equity (GAAP)	$	2,446,902		$	2,460,741		$	2,436,999		$	2,443,833		$	2,513,522
Return on average equity (ROE) (GAAP)		8.76	%		9.00	%		9.45	%		7.93	%		8.72	%
Adjusted operating return on average equity (ROE) (non-GAAP)		10.17	%		9.51	%		9.45	%		9.37	%		8.53	%
Operating ROTCE (2)(3)(4)
Adjusted operating earnings available to common shareholders (non-GAAP)	$	59,782		$	55,381		$	55,103		$	162,385		$	151,454
Plus: Amortization of intangibles, tax effected		1,732			1,751			1,959			5,283			6,663
Adjusted operating earnings available to common shareholders before amortization of intangibles (non-GAAP)	$	61,514		$	57,132		$	57,062		$	167,668		$	158,117
Average tangible common equity (non-GAAP)	$	1,332,993		$	1,345,426		$	1,315,085		$	1,328,385		$	1,378,240
Adjusted operating return on average tangible common equity (non-GAAP)		18.31	%		17.03	%		17.21	%		16.88	%		15.34	%
Pre-tax pre-provision adjusted operating earnings (7)
Net income (GAAP)	$	54,017		$	55,241		$	58,070		$	144,911		$	163,986
Plus: Provision for credit losses		4,991			6,069			6,412			22,911			12,771
Plus: Income tax expense		11,519			9,310			11,894			28,123			33,667
Plus: Strategic cost saving initiatives		8,672			3,935			—			12,607			—
Plus: Merger-related costs		1,993			—			—			1,993			—
Plus: Legal reserve		—			—			—			5,000			—
Plus: Strategic branch closing and facility consolidation costs		—			—			—			—			5,508
Less: (Loss) gain on sale of securities		(27,594)			2			—			(40,992)			(2)
Less: Gain on sale-leaseback transaction		27,700			—			—			27,700			—
Less: Gain on sale of DHFB		—			—			—			—			9,082
Pre-tax pre-provision adjusted operating earnings (non-GAAP)	$	81,086		$	74,553		$	76,376		$	228,837		$	206,852
Less: Dividends on preferred stock		2,967			2,967			2,967			8,901			8,901
Pre-tax pre-provision adjusted operating earnings available to common shareholders (non-GAAP)	$	78,119		$	71,586		$	73,409		$	219,936		$	197,951
Weighted average common shares outstanding, diluted		74,999,128			74,995,557			74,705,054			74,943,999			75,034,084
Pre-tax pre-provision earnings per common share, diluted	$	1.04		$	0.95		$	0.98		$	2.93		$	2.64

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
	09/30/23			06/30/23			09/30/22			09/30/23			09/30/22
Mortgage Origination Held for Sale Volume
Refinance Volume	$	2,239		$	4,076		$	5,637		$	9,767		$	53,753
Purchase Volume		35,815			32,168			66,360			100,175			209,206
Total Mortgage loan originations held for sale	$	38,054		$	36,244		$	71,997		$	109,942		$	262,959
% of originations held for sale that are refinances		5.9	%		11.2	%		7.8	%		8.9	%		20.4	%
Wealth
Assets under management	$	4,675,523		$	4,774,501		$	4,065,059		$	4,675,523		$	4,065,059
Other Data
End of period full-time employees		1,788			1,878			1,890			1,788			1,890
Number of full-service branches		109			109			114			109			114
Number of automatic transaction machines ("ATMs")		123			123			131			123			131

(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 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)

(4)

These are non-GAAP financial measures. Adjusted operating measures exclude, as applicable, strategic cost saving initiatives (principally composed of severance charges related to headcount reductions, costs related to modifying certain third party vendor contracts, and charges for exiting certain leases), merger-related costs, a legal reserve associated with an ongoing regulatory matter previously disclosed, strategic branch closing and related facility consolidation costs (principally composed of real estate, leases and other assets write downs, as well as severance and expense reduction initiatives), (loss) gain on sale of securities, gain on sale-leaseback transaction, and gain on sale of DHFB. The Company believes these non-GAAP adjusted measures provide investors with important information about the continuing economic results of the organization’s operations.

(5) All ratios at September 30, 2023 are estimates and subject to change pending the Company’s filing of its FR Y9-C. All other periods are presented as filed.

(6) The adjusted operating efficiency ratio (FTE) excludes, as applicable, the amortization of intangible assets, strategic cost saving initiatives, merger-related costs, a legal reserve associated with an ongoing regulatory matter previously disclosed, strategic branch closing and related facility consolidation costs, (loss) gain on sale of securities, gain on sale-leaseback transaction, and gain on sale of DHFB. This measure is similar to the measure utilized by the Company when analyzing corporate performance and is also similar to the measure utilized for incentive compensation. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the organization’s operations.

(7) These are non-GAAP financial measures. Pre-tax pre-provision adjusted earnings excludes, as applicable, the provision for credit losses, which can fluctuate significantly from period-to-period under the CECL methodology, income tax expense, strategic cost saving initiatives, merger-related costs, a legal reserve associated with an ongoing regulatory matter previously disclosed, strategic branch closure initiatives and related facility consolidation costs, (loss) gain on sale of securities, gain on sale-leaseback transaction, and gain on sale of DHFB. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the Company’s operations.

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share data)

	September 30,		December 31,		September 30,
	2023		2022		2022
ASSETS		(unaudited)		(audited)		(unaudited)
Cash and cash equivalents:
Cash and due from banks	$	233,526	$	216,384	$	177,969
Interest-bearing deposits in other banks		159,718		102,107		211,785
Federal funds sold		5,701		1,457		1,188
Total cash and cash equivalents		398,945		319,948		390,942
Securities available for sale, at fair value		2,084,928		2,741,816		2,717,323
Securities held to maturity, at carrying value		843,269		847,732		841,349
Restricted stock, at cost		104,785		120,213		82,050
Loans held for sale		6,608		3,936		12,889
Loans held for investment, net of deferred fees and costs		15,283,620		14,449,142		13,918,720
Less: allowance for loan and lease losses		125,627		110,768		108,009
Total loans held for investment, net		15,157,993		14,338,374		13,810,711
Premises and equipment, net		94,510		118,243		126,374
Goodwill		925,211		925,211		925,211
Amortizable intangibles, net		21,277		26,761		29,142
Bank owned life insurance		449,452		440,656		437,988
Other assets		649,258		578,248		576,252
Total assets	$	20,736,236	$	20,461,138	$	19,950,231
LIABILITIES
Noninterest-bearing demand deposits	$	4,144,949	$	4,883,239	$	5,290,938
Interest-bearing deposits		12,641,556		11,048,438		11,255,278
Total deposits		16,786,505		15,931,677		16,546,216
Securities sold under agreements to repurchase		134,936		142,837		146,182
Other short-term borrowings		495,000		1,176,000		133,800
Long-term borrowings		390,733		389,863		389,576
Other liabilities		540,261		448,024		453,307
Total liabilities		18,347,435		18,088,401		17,669,081
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $10.00 par value		173		173		173
Common stock, $1.33 par value		99,120		98,873		98,845
Additional paid-in capital		1,779,281		1,772,440		1,769,858
Retained earnings		988,133		919,537		874,393
Accumulated other comprehensive loss		(477,906)		(418,286)		(462,119)
Total stockholders' equity		2,388,801		2,372,737		2,281,150
Total liabilities and stockholders' equity	$	20,736,236	$	20,461,138	$	19,950,231
Common shares outstanding		74,997,132		74,712,622		74,703,774
Common shares authorized		200,000,000		200,000,000		200,000,000
Preferred shares 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,
	2023		2023		2022		2023		2022
Interest and dividend income:
Interest and fees on loans	$	221,380	$	205,172	$	144,673	$	616,544	$	382,139
Interest on deposits in other banks		1,309		1,014		941		3,815		1,229
Interest and dividends on securities:
Taxable		16,055		15,565		14,750		48,373		43,110
Nontaxable		8,415		8,496		10,792		26,220		31,889
Total interest and dividend income		247,159		230,247		171,156		694,952		458,367
Interest expense:
Interest on deposits		83,590		65,267		15,386		200,690		25,966
Interest on short-term borrowings		6,499		8,044		1,229		22,106		1,805
Interest on long-term borrowings		5,129		4,852		3,826		14,687		10,183
Total interest expense		95,218		78,163		20,441		237,483		37,954
Net interest income		151,941		152,084		150,715		457,469		420,413
Provision for credit losses		4,991		6,069		6,412		22,911		12,771
Net interest income after provision for credit losses		146,950		146,015		144,303		434,558		407,642
Noninterest income:
Service charges on deposit accounts		8,557		8,118		6,784		24,577		22,421
Other service charges, commissions and fees		2,632		1,693		1,770		6,071		5,134
Interchange fees		2,314		2,459		2,461		7,098		6,539
Fiduciary and asset management fees		4,549		4,359		4,134		13,169		18,329
Mortgage banking income		666		449		1,390		1,969		6,707
(Loss) gain on sale of securities		(27,594)		2		—		(40,992)		(2)
Bank owned life insurance income		2,973		2,870		3,445		8,671		8,858
Loan-related interest rate swap fees		2,695		2,316		2,050		6,450		8,510
Other operating income		30,302		1,931		3,550		33,905		17,527
Total noninterest income		27,094		24,197		25,584		60,918		94,023
Noninterest expenses:
Salaries and benefits		57,449		62,019		56,600		179,996		170,203
Occupancy expenses		6,053		6,094		6,408		18,503		19,685
Furniture and equipment expenses		3,449		3,565		3,673		10,765		10,860
Technology and data processing		7,923		8,566		8,273		24,631		23,930
Professional services		3,291		4,433		3,504		11,138		12,274
Marketing and advertising expense		2,219		2,817		2,343		7,387		7,008
FDIC assessment premiums and other insurance		4,258		4,074		3,094		12,231		8,344
Franchise and other taxes		4,510		4,499		4,507		13,508		13,506
Loan-related expenses		1,388		1,619		1,575		4,560		5,218
Amortization of intangible assets		2,193		2,216		2,480		6,687		8,434
Other expenses		15,775		5,759		7,466		33,036		24,550
Total noninterest expenses		108,508		105,661		99,923		322,442		304,012
Income before income taxes		65,536		64,551		69,964		173,034		197,653
Income tax expense		11,519		9,310		11,894		28,123		33,667
Net income	$	54,017	$	55,241	$	58,070		144,911		163,986
Dividends on preferred stock		2,967		2,967		2,967		8,901		8,901
Net income available to common shareholders	$	51,050	$	52,274	$	55,103	$	136,010	$	155,085
Basic earnings per common share	$	0.68	$	0.70	$	0.74	$	1.81	$	2.07
Diluted earnings per common share	$	0.68	$	0.70	$	0.74	$	1.81	$	2.07

AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS) (UNAUDITED)

(Dollars in thousands)

	For the Quarter Ended
	September 30, 2023					June 30, 2023
	Average Balance		Interest Income / Expense (1)		Yield / Rate (1)(2)	Average Balance		Interest Income / Expense (1)		Yield / Rate (1)(2)
Assets:
Securities:
Taxable	$	1,799,675	$	16,055	3.54%	$	1,865,193	$	15,565	3.35%
Tax-exempt		1,301,983		10,653	3.25%		1,311,469		10,755	3.29%
Total securities		3,101,658		26,708	3.42%		3,176,662		26,320	3.32%
LHFI, net of deferred fees and costs (3)		15,139,761		222,698	5.84%		14,746,218		206,452	5.62%
Other earning assets		221,086		1,497	2.69%		168,929		1,141	2.71%
Total earning assets		18,462,505	$	250,903	5.39%		18,091,809	$	233,913	5.19%
Allowance for loan and lease losses		(121,229)					(117,643)
Total non-earning assets		2,254,913					2,235,521
Total assets	$	20,596,189				$	20,209,687
Liabilities and Stockholders' Equity:
Interest-bearing deposits:
Transaction and money market accounts	$	8,697,801	$	57,378	2.62%	$	8,387,473	$	46,953	2.25%
Regular savings		964,971		499	0.21%		1,014,565		430	0.17%
Time deposits		2,914,004		25,713	3.50%		2,500,966		17,884	2.87%
Total interest-bearing deposits		12,576,776		83,590	2.64%		11,903,004		65,267	2.20%
Other borrowings		905,170		11,628	5.10%		1,071,171		12,896	4.83%
Total interest-bearing liabilities	$	13,481,946	$	95,218	2.80%	$	12,974,175	$	78,163	2.42%
Noninterest-bearing liabilities:
Demand deposits		4,218,835					4,377,150
Other liabilities		448,506					397,621
Total liabilities		18,149,287					17,748,946
Stockholders' equity		2,446,902					2,460,741
Total liabilities and stockholders' equity	$	20,596,189				$	20,209,687
Net interest income			$	155,685				$	155,750
Interest rate spread					2.59%					2.77%
Cost of funds					2.04%					1.74%
Net interest margin					3.35%					3.45%

(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 actual, not rounded amounts in thousands, which appear above.

(3) Nonaccrual loans are included in average loans outstanding.

EX-99.2

Exhibit 99.2

3rd Quarter 2023 Earnings Presentation NYSE: AUB October 19, 2023

2 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 on slides entitled "Q3 2023 Highlights and 2023 Outlook” and “Financial Outlook,” statements regarding our strategic priorities and liquidity and capital management strategies, expectations with regard to our business, financial, and operating results, including our deposit base and funding, the impact of future economic conditions, and statements that include, other projections, predictions, expectations, or beliefs about future events or results, including our ability to meet our top tier financial targets, 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, achievements, or trends to be materially different from those expressed or implied by such forward-looking statements. Such 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,” “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; • inflation and its impacts on economic growth and customer and client behavior; • adverse developments in the financial industry, such as bank failures, responsive measures to mitigate and manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer behavior; • the sufficiency of liquidity; • 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 and slowdowns in economic growth; • our failure to close on our proposed merger with American National Bankshares Inc. (“American National”) when expected or at all because required regulatory, American National shareholder or other approvals or conditions are not received or satisfied on a timely basis or at all, and the risk that any regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger; • the occurrence of any event, change or circumstance that could give rise to the termination of the merger agreement; • the risks that the anticipated benefits of the proposed merger, including cost savings and strategic gains, are not realized when expected or at all; • the proposed merger may be more expensive or take longer to complete than anticipated, and may divert management’s attention from ongoing business and opportunities; • government monetary and fiscal policies, including policies of the U.S. Treasury and the Federal Reserve; • the quality or composition of our loan or investment portfolios and changes therein; • 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; • our ability to recruit and retain key employees; • 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 CECL methodology, either alone or as that may be affected by inflation, changing interest rates, or other factors; • our liquidity and capital positions; • concentrations of loans secured by real estate, particularly commercial real estate; • 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; • 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 considerations; • the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts, geopolitical conflicts or public health events, and of governmental and societal responses thereto; these potential adverse effects may include, without limitation, adverse effects on 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; • the discontinuation of LIBOR and its impact on the financial markets, and our ability to manage operational, legal, and compliance risks related to the discontinuation of LIBOR and implementation of one or more alternate reference rates; • 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; • legislative or regulatory changes and requirements; • 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; • the effects of changes in federal, state or local tax laws and regulations; • 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, 2022, Part II, Item 1A. Risk Factors in our Quarterly Reports on Form 10-Q for the quarters ended June 30, 2023 and March 31, 2023, 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 of 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 the forward-looking statements, and undue reliance should not be placed on such 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.

3 Additional Information Non-GAAP Financial Measures This presentation contains certain financial information determined by methods other than in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures are a supplement to GAAP, which is used to prepare the Company’s financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, the Company’s non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. The Company uses the non-GAAP financial measures discussed herein in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP financial measures provide additional understanding of ongoing operations, enhance comparability of results of operations with prior periods, show the effects of significant gains and charges in the periods presented without the impact of items or events that may obscure trends in the Company’s underlying performance, or show the potential effects of accumulated other comprehensive income (or AOCI) or unrealized losses on securities on the Company's capital. Please see “Reconciliation of Non-GAAP Disclosures” at the end of this presentation for a reconciliation to the nearest GAAP financial measure. No Offer or Solicitation This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful. 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 109 branches and 123 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

4 Largest Regional Banking Company Headquartered in Virginia Our Company Soundness | Profitability | Growth Data as of 9/30/2023, market capitalization as of 10/18/2023 1) Regional bank defined as having less than $100 billion in assets; rank determined by asset size; data per S&P Global Market Intelligence Highlights ($bn) • Statewide Virginia footprint of 104 branches in all major markets • #1 regional bank1 deposit market share in Virginia • Strong balance sheet and capital levels • Committed to top-tier financial performance with a highly experienced management team able to execute change 4 $20.7 Assets $15.3 Loans $16.8 Deposits $2.2 Market Capitalization Branch/Office Footprint AUB (109) AUB LPO (2) AUB Equipment Finance Headquarters (1)

5 Our Shareholder Value Proposition Leading Regional Presence Dense, uniquely valuable presence across attractive markets Financial Strength Solid balance sheet & capital levels Attractive Financial Profile Solid dividend yield & payout ratio with earnings upside Strong Growth Potential Organic & acquisition opportunities Peer-Leading Performance Committed to top-tier financial performance

6 Q3 2023 Highlights and 2023 Outlook Loan and Deposit Growth • Customer deposit growth more than funded loan growth in Q3 2023 • 5.7% annualized loan growth in Q3 2023 • 9.1% annualized deposit growth in Q3 2023 • Line of Credit Utilization relatively flat with Q2 2023 Asset Quality • Q3 2023 net charge-offs at 1 bps annualized and expect net charge-offs of <10 bps for 2023 Positioning for Long Term • Restructured more than $200 million of securities portfolio in Q3 2023 for continued high rate environment in a capital neutral transaction • Lending pipelines remain resilient • Resilient, growing deposit base • Drive organic growth and performance of the core banking franchise Differentiated Client Experience • Position Company as responsive, strong and capable alternative to large national banks, while competing against smaller banks Operating Leverage Focus • ~5.2% adjusted revenue growth1 year over year • ~2.1% adjusted operating noninterest expense increase1 year over year • Adjusted operating leverage1 of ~3.1% year over year • Pre-Tax, Pre-Provision adjusted operating earnings1 increased 10.6% year over year • Took strategic actions to reduce expenses in Q2 Capitalize on Strategic Opportunities • Announced intention to acquire American National Bankshares and expect to close in the first quarter of 2024 6 1 For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures.”’ Operating leverage is for the first nine months of 2023 compared to the first nine months of 2022.

7 Loan and Deposit Betas 32% 26% 25% 68% 74% 75% Q3 2022 Q2 2023 Q3 2023 Deposit Mix Shift Non Interest Deposits Interest Bearing Deposits $16,546 $16,412 $16,787 12% 17% 26% 30% 36% 0.37% 0.72% 1.28% 1.61% 1.97% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Total Deposit Beta2 Cumulative Deposit Beta 18% 25% 37% 41% 48% 0.55% 1.05% 1.79% 2.20% 2.64% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Interest Bearing Deposit Beta2 Cumulative Int. Bearing Deposit Beta Int. Bearing Rate Paid 34% 39% 42% 44% 45% 4.20% 4.90% 5.35% 5.62% 5.84% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Total Loan Beta1 Cumulative Loan Beta Avg. Rate 3Q 2023 Highlights • Total deposits up 9.1% (annualized) • Mix shift into higher costing deposit products and higher deposit betas drove increased cost of deposits • From the start of the cycle1 2 through Q3 2023 the total deposit beta is 36% and total loan beta is 45% • Loan and deposit betas expected to continue to rise throughout 2023 1 Loan Betas are calculated as the change in yield from Q1 2022 to the represented quarter. 2Deposit Betas and Interest Bearing Deposit Betas are calculated as the change in rate paid from Q4 2021 to the represented quarter.

8 Non-Owner-Occupied CRE Portfolio at September 30, 2023 $ in millions Total Outstandings % of Portfolio Multi Family $947 6.2% Retail $852 5.6% Hotel/Motel B&B $804 5.3% Office $792 5.2% Industrial/Warehouse $692 4.5% Senior Living $365 2.4% Self Storage $346 2.3% Other $297 1.9% Total Non-Owner Occupied CRE $5,095 33.3% Non-Owner Occupied Office CRE 5.2% Non-Owner-Occupied Non-Office CRE 28.1% All Other Loans 66.7% $15.3B Total Loans Non-Owner-Occupied CRE By Type Numbers may not foot due to rounding.

9 Non-Medical Office 78% Medical Offices 22% Medical vs Other Office By Market ($ millions) Key Portfolio Metrics Carolinas $249 Fredericksburg Area $132 Central VA $108 Northern VA/Maryland $67 Western VA $101 Eastern VA $51 Other $86 Total $792 Avg. Office Loan ($ millions) $1.9 Loan Loss Reserve / Office Loans 2.3% NCOs / Office Loans1 0.00% Delinquencies / Office Loans 0.74% NPL / Office Loans 0.03% Criticized Loans / Office Loans 2.69% Non-Owner-Occupied Office CRE Portfolio at September 30, 2023 $792MM Non-Owner-Occupied Office Portfolio Non Owner-Occupied Office Portfolio Credit Quality Geographically Diverse Non-Owner Occupied Office Portfolio 1Trailing 4 Quarters Avg NCO/Trailing 4 Quarter Avg Office Portfolio

10 Q3 2023 Financial Performance At-a-Glance 1For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures” Note: all tables presented dollars in thousands, except per share amounts • Reported net income available to common shareholders for the third quarter of 2023 was $51.1 million or $0.68 per share, down $1.2 million or $0.02 per share compared to the prior quarter, primarily driven by: • An increase in noninterest expense, reflecting expenses incurred in the third quarter primarily associated with strategic cost savings initiatives and merger-related costs associated with the American National merger, • An increase in income taxes, • An increase in noninterest income, primarily due to increases in other service charges, commissions and fees, equity method investment income (included within other operating income), service charges on deposit accounts, and loan-related interest rate swap fees. Noninterest income also reflects a gain related to the sale-leaseback transaction included in other operating income, which was almost wholly offset by losses incurred on the sale of available for sale (“AFS”) securities in the third quarter of 2023, • A decrease in the provision for credit losses. • Adjusted operating earnings available to common shareholders1 increased $4.4 million to $59.8 million at September 30, 2023 compared to the prior quarter, primarily driven by: • A decrease in adjusted operating noninterest expense1 , primarily due to decreases in salaries and benefits expense, professional services expense, technology and data processing expense, and marketing and advertising expense, • An increase in adjusted operating noninterest income1 , primarily due to increases in other service charges, commissions and fees, equity method investment income (included within other operating income), service charges on deposit accounts, and loan-related interest rate swap fees, • A decrease in the provision for credit losses, • An increase in income taxes. 3Q2023 2Q2023 Net Income available to common shareholders $ 51,050 $ 52,274 Common EPS, diluted $ 0.68 $ 0.70 ROE 8.76% 9.00% ROTCE (non-GAAP)1 15.71% 16.11% ROA 1.04% 1.10% Efficiency ratio 60.61% 59.94% Efficiency ratio (FTE)1 59.37% 58.72% Net interest margin 3.27% 3.37% Net interest margin (FTE)1 3.35% 3.45% Earnings Metrics 3Q2023 2Q2023 Adjusted operating earnings available to common shareholders $ 59,782 $ 55,381 Adjusted operating common EPS, diluted $ 0.80 $ 0.74 Adjusted operating ROA 1.21% 1.16% Adjusted operating ROTCE 18.31% 17.03% Adjusted operating efficiency ratio (FTE) 52.36% 55.30% Adjusted operating earnings PTPP $ 81,086 $ 74,553 PTPP = Pre-tax Pre-provision Adjusted Operating Earnings Metrics - non-GAAP1 3Q2023 2Q2023 Net interest income $ 151,941 $ 152,084 - Provision for credit losses 4,991 6,069 + Noninterest income 27,094 24,197 - Noninterest expense 108,508 105,661 - Taxes 11,519 9,310 Net income (GAAP) $ 54,017 $ 55,241 - Dividends on preferred stock 2,967 2,967 Net income available to common shareholders (GAAP) $ 51,050 $ 52,274 + Strategic cost saving initiatives, net of tax 6,851 3,109 + Merger-related costs, net of tax 1,965 - - (Loss) gain on sale of securities, net of tax (21,799) 2 - Gain on sale-leaseback transaction, net of tax 21,883 - Adjusted operating earnings available to common shareholders (non-GAAP)1 $ 59,782 $ 55,381 Summarized Income Statement

11 Q3 2023 Allowance For Credit Loss (ACL) and Provision for Credit Losses Q3 Macroeconomic Forecast Moody’s September 2023 Baseline Forecast: • US GDP expected to average ~2.1% growth in 2023 and ~1.4% in 2024. • The national unemployment rate expected to average ~3.7% in 2023 and ~4.1% in 2024. Q3 ACL Considerations • Utilizes a weighted Moody’s forecast economic scenarios approach in the quantitative model. • Qualitative factors were added for certain portfolios and other factors as deemed appropriate. • The reasonable and supportable forecast period is 2 years; followed by reversion to the historical loss average over 2 years. Allowance for Loan & Lease Losses Reserve for Unfunded Commitments Allowance for Credit Losses 03/31/2023 Ending Balance % of loans $117MM (0.80%) $15MM (0.10%) $132MM (0.90%) Q2 2023 Activity +$4MM Increase due to loan growth and the impact of continued uncertainty in the economic outlook +$1MM Increase due to uncertainty in the economic outlook +$5MM $6.1 million Provision for Credit Losses and $1.6 million net charge-offs 06/30/2023 Ending Balance % of loans $121MM (0.80%) $16MM (0.10%) $136MM (0.90%) Q3 2023 Activity +$5MM Increase due to loan growth and the impact of continued uncertainty in the economic outlook -$0.2MM Decrease due to decline in unfunded balances +$5MM $5.0 million Provision for Credit Losses and $0.3 million net charge-offs 09/30/2023 Ending Balance % of loans $126MM (0.82%) $15MM (0.10%) $141MM (0.92%) Numbers may not foot due to rounding.

12 Q3 2023 Net Interest Margin Market Rates 3Q2023 2Q2023 EOP Avg EOP Avg Fed funds 5.50% 5.43% 5.25% 5.16% Prime 8.50% 8.43% 8.25% 8.16% 1-month SOFR 5.32% 5.29% 5.17% 5.04% 2-year Treasury 5.04% 4.93% 4.90% 4.28% 10- year Treasury 4.57% 4.14% 3.84% 3.59% Margin Overview 3Q2023 2Q2023 Net interest margin (FTE)1 3.35% 3.45% Loan yield 5.84% 5.62% Investment yield 3.42% 3.32% Earning asset yield 5.39% 5.19% Cost of deposits 1.97% 1.61% Cost of interest-bearing deposits 2.64% 2.20% Cost of interest-bearing liabilities 2.80% 2.42% Cost of funds 2.04% 1.74% Presented on an FTE basis (non-GAAP)1 Approximately 16% of the loan portfolio at 9/30/2023 have floors and all are above floors Loan Portfolio Pricing Mix 3Q2023 Fixed 48% 1-month SOFR 42% Prime 6% Other 4% Total 100% 1 For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures” Numbers may not foot due to rounding 20 bps -16 bps 4 bps -19 bps Total Deposit Cost -35 bps

13 Q3 2023 Noninterest Income and Noninterest Expense Adjusted operating noninterest income1 increased $2.8 million to $27.0 million for the quarter ended September 30, 2023 from $24.2 million in the prior quarter due to: • A $439,000 increase in service charges on deposit accounts • A $939,000 increase in other service charges, commissions and fees due to a merchant services vendor contract signing bonus • A $379,000 increase in loan-related interest rate swap fees due to several new swap transactions • A $714,000 increase in equity method investment income (included within other operating income) Adjusted operating noninterest expense1 decreased $3.9 million to $95.7 million for the quarter ended September 30, 2023 from $99.5 million in the prior quarter due to: • A $1.6 million decrease in salaries and benefits reflecting the impact of strategic cost saving initiatives • A $643,000 decrease in technology and data processing expense • A $1.1 million decrease in professional services related to strategic projects in the prior quarter • A $598,000 decrease in marketing and advertising expense 1For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures” 2 Included within other operating income 4 Included within other expenses Noninterest Expense ($ thousands) 3Q2023 2Q2023 Salaries and benefits $ 57,449 $ 62,019 Occupancy expenses 6,053 6,094 Furniture and equipment expenses 3,449 3,565 Technology and data processing 7,923 8,566 Professional services 3,291 4,433 Marketing and advertising expense 2,219 2,817 FDIC assessment premiums and other insurance 4,258 4,074 Franchise and other taxes 4,510 4,499 Loan-related expenses 1,388 1,619 Amortization of intangible assets 2,193 2,216 Other expenses 15,775 5,759 Total noninterest expenses $ 108,508 $ 105,661 Less: Amortization of intangible assets 2,193 2,216 Less: Strategic cost saving initiatives3 8,672 3,935 Less: Merger-related costs4 1,993 - Total adjusted operating noninterest expense (non-GAAP)1 $ 95,650 $ 99,510 3$8.7 million included within other expenses and -$67,000 included within salaries and benefits Noninterest Income ($ thousands) 3Q2023 2Q2023 Service charges on deposit accounts $ 8,557 $ 8,118 Other service charges, commissions and fees 2,632 1,693 Interchange fees 2,314 2,459 Fiduciary and asset management fees 4,549 4,359 Mortgage banking income 666 449 (Loss) gain on sale of securities (27,594) 2 Bank owned life insurance income 2,973 2,870 Loan-related interest rate swap fees 2,695 2,316 Other operating income 30,302 1,931 Total noninterest income $ 27,094 $ 24,197 Less: (Loss) gain on sale of securities (27,594) - Less: Gain on sale-leaseback transaction2 27,700 - Total adjusted operating noninterest income (non-GAAP)1 $ 26,988 $ 24,197

14 Q3 2023 Loan and Deposit Growth • At September 30, 2023, loans held for investment (net of deferred fees and costs) totaled $15.3 billion, an increase of $216.7 million or 5.7% (annualized) from the prior quarter, driven by an increase in commercial loan balances of $238.1 million, partially offset by a decrease in consumer loan balances of $21.4 million • Commercial loans increased by 7.4% (annualized), primarily driven by increases in new loan production of multifamily real estate and other commercial loans. • Consumer loans balances decreased by 3.6% (annualized), primarily driven by a decrease in auto and other consumer loans. • Average loan yields increased 22 basis points during the quarter, primarily driven by the Company’s variable rate loan portfolio due to increases in short-term interest rates during the quarter. • Total deposits increased by $374.5 million or 9.1% (annualized) from the prior quarter • Interest-bearing deposits increased by $539.9 million, which includes a $254.3 million increase in time deposits and a $231.3 million increase in interest checking accounts. This increase was partially offset by a $165.4 decrease in demand deposits, as customers continued to move funds from lower to higher yielding deposit products. • Transactional accounts1 comprised 55% of total deposit balances at the end of the third quarter of 2023, in line with the prior quarter. • Interest checking accounts include approximately $1.4 billion of fully insured cash sweep (“ICS”) deposits. • The cost of deposits increased by 36 basis points compared to the prior quarter, primarily due to higher rates and changes in the deposit mix as depositors continued to migrate to higher costing interest bearing deposit accounts. 1Total interest-checking accounts and demand deposit accounts Loan Growth ($ thousands) 3Q2023 2Q2023 QTD Annualized Growth Commercial & Industrial $ 3,432,319 $ 3,373,148 7.0% Commercial real estate - owner occupied 1,975,281 1,952,189 4.7% Other Commercial 813,587 750,841 33.2% Total Commercial & Industrial 6,221,187 6,076,178 9.5% Commercial real estate - non-owner occupied 4,148,218 4,113,318 3.4% Construction and land development 1,132,940 1,231,720 (31.8%) Multifamily real estate 947,153 788,895 79.6% Residential 1-4 Family - Commercial 517,034 518,317 (1.0%) Total CRE & Construction 6,745,345 6,652,250 5.6% Total Commercial Loans 12,966,532 12,728,428 7.4% Residential 1-4 Family - Consumer 1,057,294 1,017,698 15.4% Residential 1-4 Family - Revolving 599,282 600,339 (0.7%) Auto 534,361 585,756 (34.8%) Consumer 126,151 134,709 (25.2%) Total Consumer Loans 2,317,088 2,338,502 (3.6%) Total Loans Held for Investment (net of deferred fees and costs) $ 15,283,620 $ 15,066,930 5.7% Average Loan Yield 5.84% 5.62% Deposit Growth ($ thousands) 3Q2023 2Q2023 QTD Annualized Growth Interest checking accounts 5,055,464 4,824,192 19.0% Money market accounts 3,472,953 3,413,936 6.9% Savings accounts 950,363 986,081 (14.4%) Customer deposits of $250,000 and over 634,950 578,739 38.5% Other customer time deposits 2,011,106 1,813,031 43.3% Time deposits 2,646,056 2,391,770 42.2% Total interest-bearing customer deposits 12,124,836 11,615,979 17.4% Brokered deposits 516,720 485,702 25.3% Total interest-bearing deposits 12,641,556 12,101,681 17.7% Demand deposits 4,144,949 4,310,306 (15.2%) Total Deposits $ 16,786,505 $ 16,411,987 9.1% Average Cost of Deposits 1.97% 1.61% Loan to Deposit Ratio 91.0% 91.8%

15 Capital Ratio Regulatory Well Capitalized Minimums Atlantic Union Bankshares Atlantic Union Bank Atlantic Union Bankshares Atlantic Union Bank Common Equity Tier 1 Ratio (CET1) 6.5% 9.9% 12.7% 7.0% 9.8% Tier 1 Capital Ratio 8.0% 10.9% 12.7% 8.0% 9.8% Total Risk Based Capital Ratio 10.0% 13.7% 13.3% 10.9% 10.5% Leverage Ratio 5.0% 9.6% 11.2% 6.8% 8.4% Tangible Equity to Tangible Assets (non-GAAP)2 - 7.3% 8.8% 6.9% 8.4% Tangible Common Equity Ratio (non-GAAP) 2 - 6.5% 8.8% 6.0% 8.4% Strong Capital Position at September 30, 2023 Figures may not foot due to rounding *Capital information presented herein is based on estimates and subject to change pending the Company’s filing of its regulatory reports 2) For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures” Capital Management Strategy Atlantic Union capital management objectives are to: • Maintain designation as a “well capitalized” institution. • Ensure capital levels are commensurate with the Company’s risk profile, capital stress test projections, and strategic plan objectives. The Company’s capital ratios are well above regulatory well capitalized levels as of September 30, 2023 • On a proforma basis, the Company would be well capitalized if unrealized losses on securities were realized at September 30, 2023 Capital Management Actions • During the third quarter of 2023, the Company paid dividends of $171.88 per outstanding share of Series A Preferred Stock and $0.30 per common share which is the same as the prior quarter’s and the prior year’s dividend. Quarterly Roll Forward Common Equity Tier 1 Ratio Tangible Common Equity Ratio Tangible Book Value per Share At 6/30/23 9.86% 6.66% 17.58 Pre-Provision Net Income 0.31% 0.28% 0.74 After-Tax Provision (0.02%) (0.02%) (0.06) Common Dividends1 (0.13%) (0.11%) (0.30) AOCI --- (0.34%) (0.90) Goodwill & Intangibles 0.01% 0.01% 0.03 Other 0.04% 0.01% 0.03 Asset Growth (0.13%) (0.05%) --- At 9/30/23 – Reported 9.94% 6.45% 17.12 AOCI net losses --- 2.41% 6.41 At 9/30/23 – ex AOCI2 9.94% 8.86% 23.53 (1) 30 cents per share Reported Proforma including AOCI and HTM unrealized losses

16 Financial Outlook1 1Key Economic Assumptions • Stabilizing Interest Rate environment • The Federal Reserve Bank fed funds rate holds at 5.50% for the rest of 2023 • Increased likelihood of soft landing • Expect relatively stable economy in AUB’s Virginia footprint in 2023 • Expect Virginia unemployment rate to remain low in 2023 Full Year 2023 Outlook versus FY 2022 Loan and Deposit Growth Mid-single digits growth Net Interest Income (FTE) Growth Mid-single digits growth Net Interest Margin (FTE) ~3.35% – 3.45% Adjusted Operating Noninterest Income Mid-single digits decline Adjusted Operating Noninterest Expense Flat Positive Adjusted Operating Leverage Adjusted Operating Revenue Growth: Mid-single digits Adjusted Operating Noninterest Expense Growth: Flat Credit Outlook ACL to loans: ~92 basis points Net charge-off ratio: <10 basis points 1) Information on this slide is presented as of October 19, 2023, reflects the Company’s updated financial outlook, certain of the company’s financial targets, and key economic assumptions, and will not be updated or affirmed unless and until the Company publicly announces such an update or affirmation. The adjusted operating noninterest expense growth rate outlook excludes charges associated with the Company’s strategic cost saving initiatives in Q2 2023 and Q3 2023, merger-related costs and the impact of the legal reserve in Q1 2023 and the adjusted operating non-interest income growth excludes gains and losses on the sale of securities and gain on sale-leaseback transaction. The FY 2023 financial outlook and the key economic assumptions contain forward-looking statements and actual results or conditions may differ materially. See the information set forth below the heading “Forward Looking Statements” on slide 2 of this presentation.

17 Appendix

18 Granular Deposit Base at September 30, 2023 35% 33% 28% 26% 27% $5,821 $5,299 $4,591 $4,346 $4,498 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Period End Uninsured and Uncollateralized Deposits as a Percentage of Total Deposits ($ in Millions) Top 15 Commercial Deposits by NAICS as of 9/30/2023 NAICS Code/Title % of Total Deposits 1 52 - Finance and Insurance 8.3% 2 54 - Professional, Scientific, and Technical Services 6.2% 3 53 - Real Estate and Rental and Leasing 5.9% 4 81 - Other Services (except Public Administration) 5.6% 5 92 - Public Administration 5.1% 6 23 - Construction 4.6% 7 42 - Wholesale Trade 3.3% 8 62 - Health Care and Social Assistance 2.6% 9 72 - Accommodation and Food Services 1.2% 10 33 - Manufacturing 1.1% 11 44 - Retail Trade 1.1% 12 61 - Educational Services 1.0% 13 56 - Administrative and Support and Waste Management and Remediation Services 0.8% 14 71 - Arts, Entertainment, and Recreation 0.6% 15 45 - Retail Trade 0.5% 47.9% $18,000 $18,000 $19,000 $108,000 $98,000 $100,000 Q3 2022 Q2 2023 Q3 2023 Customer Deposit Granularity Retail Avg. Deposits Acct Size Business Avg. Deposits Acct Size

19 Cash and Cash Equivalents (unrestricted) $454 Unencumbered Securities $901 FHLB Borrowing Capacity $1,638 Fed Funds Lines $737 Discount Window (ex-Bank Term Funding Program) $316 Discount Window – Bank Term Funding Program $531 Secondary Sources* $1,347 ($ in millions) Liquidity Position at September 30, 2023 Total Liquidity Sources of $5.9 billion ~130% liquidity coverage ratio of uninsured/uncollateralized deposits of $4.5 billion * Includes brokered deposits and other sources of liquidity Figures may not foot due to rounding Liquidity Sources Total $5.9 billion

20 Securities Portfolio at September 30, 2023 • As of September 30, 2023, total securities portfolio of $2.9 billion with a total unrealized loss of $604.3 million • 71% of total portfolio in available-for-sale at an unrealized loss of $523.1 million • 29% of total portfolio designated as held-to-maturity with an unrealized loss of $81.2 million • Total duration of 7.2 years. Securities portfolio is used defensively to neutralize overall asset sensitive interest rate risk profile • ~37% municipals, ~58% treasuries, agency MBS/CMOs and ~5% corporates and other investments • Securities to total assets of 14.1% as of September 30, 2023, down from 17.5% on December 31, 2022 • $228.3 million in AFS securities sold in September at a pre-tax loss of $27.7 million. Proceeds subsequently re-invested into higher yielding securities $3,559 $2,928 3Q 2022 2Q 2023 3Q 2023 Securities Balances (in $Millions) Total AFS (fair value) and HTM (carrying value) 2.95% Yield 3.42% Yield 3.32% Yield $3,032

21 Reconciliation of Non-GAAP Disclosures The Company has provided supplemental performance measures on a tax-equivalent, tangible, operating, adjusted, or pre-tax pre-provision basis. These non-GAAP financial measures are a supplement to GAAP, which is used to prepare the Company’s financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, the Company’s non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. The Company uses the non-GAAP financial measures discussed herein in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP financial measures provide additional understanding of ongoing operations, enhance comparability of 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 the Company’s underlying performance.

22 Reconciliation of Non -GAAP Disclosures Adjusted operating measures exclude, as applicable, strategic cost saving initiatives (principally composed of severance charges related to headcount reductions, costs related to modifying certain third party vendor contracts, and charges for exiting certain leases), merger -related costs, a legal reserve associated with an ongoing regulatory matter previously disclosed, strategic branch closing and related facility consolidation costs (principally composed of real estate, leases and other assets write downs, as well as severance and expense reduction initiatives), (loss) gain on sale of securities, gain on sale -leaseback transaction, and gain on sale of Dixon, Hubard, Feinour & Brown, Inc., (“DHFB”). The Company believes these non -GAAP adjusted measures provide investors with important information about the continuing economic results of the organization’s operations. Net interest income (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 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. The adjusted operating efficiency ratio (FTE) excludes, as applicable, the amortization of intangible assets, strategic cost saving initiatives, merger -related costs, a legal reserve associated with an ongoing regulatory matter previously disclosed, strategic branch closing and related facility consolidation costs, (loss) gain on sale of securities, gain on sale -leaseback transaction, and gain on sale of DHFB. This measure is similar to the measure utilized by the Company when analyzing corporate performance and is also similar to the measure utilized for incentive compensation. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the organization’s operations. (Dollars in thousands, except per share amounts) 3Q2023 2Q2023 3Q2022 3Q2023 3Q2022 Nine months ended YoY Operating Measures Net Income (GAAP) $ 54,017 $ 55,241 $ 58,070 $ 144,911 $ 163,986 Plus: Strategic cost saving initiatives, net of tax 6,851 3,109 - 9,959 - Plus: Merger-related costs, net of tax 1,965 - - 1,965 - Plus: Legal reserve, net of tax - - - 3,950 - Plus: Strategic branch closing and facility consolidation costs, net of tax - - - - 4,351 Less: (Loss) gain on sale of securities, net of tax (21,799) 2 - (32,384) (2) Less: Gain on sale-leaseback transaction, net of tax 21,883 - - 21,883 - Less: Gain on sale of DHFB, net of tax - - - - 7,984 Adjusted operating earnings (non-GAAP) $ 62,749 $ 58,348 $ 58,070 $ 171,286 $ 160,355 Less: Dividends on preferred stock 2,967 2,967 2,967 8,901 8,901 Adjusted operating earnings available to common shareholders (non-GAAP) $ 59,782 $ 55,381 $ 55,103 $ 162,385 $ 151,454 Weighted average common shares outstanding, diluted 74,999,128 74,995,557 74,705,054 74,943,999 75,034,084 EPS available to common shareholders, diluted (GAAP) $ 0.68 $ 0.70 $ 0.74 $ 1.81 $ 2.07 Adjusted operating EPS available to common shareholders (non-GAAP) $ 0.80 $ 0.74 $ 0.74 $ 2.17 $ 2.02 Operating Leverage Ratio and Efficiency Ratio Noninterest expense (GAAP) $ 108,508 $ 105,661 $ 99,923 $ 322,442 $ 304,012 6.06% Less: Amortization of intangible assets 2,193 2,216 2,480 6,687 8,434 Less: Strategic cost saving initiatives 8,672 3,935 - 12,607 - Less: Merger-related costs 1,993 - - 1,993 - Less: Legal reserve - - - 5,000 - Less: Strategic branch closing and facility consolidation costs - - - - 5,508 Adjusted operating noninterest expense (non-GAAP) $ 95,650 $ 99,510 $ 97,443 $ 296,155 $ 290,070 2.10% Noninterest income (GAAP) $ 27,094 $ 24,197 $ 25,584 $ 60,918 $ 94,023 Less: (Loss) gain on sale of securities (27,594) 2 - (40,992) (2) Less: Gain on sale-leaseback transaction 27,700 - - 27,700 - Less: Gain on sale of DHFB - - - - 9,082 Adjusted operating noninterest income (non-GAAP) $ 26,988 $ 24,195 $ 25,584 $ 74,210 $ 84,943 Net interest income (GAAP) $ 151,941 $ 152,084 $ 150,715 $ 457,469 $ 420,413 Noninterest income (GAAP) 27,094 24,197 25,584 60,918 94,023 Total revenue (GAAP) $ 179,035 $ 176,281 $ 176,299 $ 518,387 $ 514,436 0.77% Net interest income (FTE) (non-GAAP) $ 155,685 $ 155,750 $ 154,557 $ 468,667 $ 431,168 Adjusted operating noninterest income (non-GAAP) 26,988 24,195 25,584 74,210 84,943 Total adjusted revenue (FTE) (non-GAAP) $ 182,673 $ 179,945 $ 180,141 $ 542,877 $ 516,111 5.19% Operating leverage ratio (GAAP) (5.29%) Adjusted operating leverage ratio (non-GAAP) 3.09% Efficiency ratio (GAAP) 60.61% 59.94% 56.68% 62.20% 59.10% Efficiency ratio FTE (non-GAAP) 59.37% 58.72% 55.47% 60.89% 57.89% Adjusted operating efficiency ratio (FTE) (non-GAAP) 52.36% 55.30% 54.09% 54.55% 56.20% ADJUSTED OPERATING EARNINGS, OPERATING LEVERAGE, AND EFFICIENCY RATIO For the three months ended For the nine months ended 3Q23% Change

23 Reconciliation of Non-GAAP Disclosures 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 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. (Dollars in thousands) 3Q2023 2Q2023 3Q2022 Net interest income (GAAP) $ 151,941 $ 152,084 $ 150,715 FTE adjustment 3,744 3,666 3,842 Net interest income (FTE) (non-GAAP) $ 155,685 $ 155,750 $ 154,557 Noninterest income (GAAP) 27,094 24,197 25,584 Total revenue (FTE) (non-GAAP) $ 182,779 $ 179,947 $ 180,141 Average earning assets $ 18,462,505 $18,091,809 $17,879,222 Net interest margin (GAAP) 3.27% 3.37% 3.34% Net interest margin (FTE) 3.35% 3.45% 3.43% NET INTEREST MARGIN For the three months ended

24 Reconciliation of Non-GAAP Disclosures 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. The Company also calculates adjusted tangible common equity to tangible assets ratios to exclude AOCI, which is principally comprised of unrealized losses on AFS securities, and to include the impact of unrealized losses on HTM securities. The Company believes that each of these ratios enables investors to assess the Company's capital levels and capital adequacy without the effects of changes in AOCI, some of which are uncertain and difficult to predict, or assuming that the Company realized all previously unrealized losses on HTM securities at the end of the period, as applicable. (Dollars in thousands, except per share amounts) Atlantic Union Bankshares Atlantic Union Bank Tangible Assets Ending Assets (GAAP) $ 20,736,236 $ 20,606,311 Less: Ending goodwill 925,211 925,211 Less: Ending amortizable intangibles 21,277 21,277 Ending tangible assets (non-GAAP) $ 19,789,748 $ 19,659,823 Tangible Common Equity Ending equity (GAAP) $ 2,388,801 $ 2,680,878 Less: Ending goodwill 925,211 925,211 Less: Ending amortizable intangibles 21,277 21,277 Less: Perpetual preferred stock 166,357 - Ending tangible common equity (non-GAAP) $ 1,275,956 $ 1,734,390 Net unrealized losses on HTM securities, net of tax $ (81,223) $ (81,223) Accumulated other comprehensive loss (AOCI) $ (477,906) $ (477,906) Common shares outstanding at end of period 74,997,132 Average equity (GAAP) $ 2,446,902 $ 2,732,786 Less: Average goodwill 925,211 925,211 Less: Average amortizable intangibles 22,342 22,342 Less: Average perpetual preferred stock 166,356 - Average tangible common equity (non-GAAP) $ 1,332,993 $ 1,785,233 Less: Perpetual preferred stock Common equity to total assets (GAAP) 10.7% 13.0% Tangible equity to tangible assets (non-GAAP) 7.3% 8.8% Tangible equity to tangible assets, incl net unrealized losses on HTM securities (non-GAAP) 6.9% 8.4% Tangible common equity to tangible assets (non-GAAP) 6.4% 8.8% Tangible common equity to tangible assets, incl net unrealized losses on HTM securities (non-GAAP) 6.0% 8.4% Tangible common equity to tangible assets, ex AOCI (non-GAAP)1 8.9% Book value per common share (GAAP) $ 29.82 Tangible book value per common share (non-GAAP) $ 17.12 Tangible book value per common share, ex AOCI (non-GAAP)1 $ 23.53 Leverage Ratio Tier 1 capital $ 1,927,793 $ 2,229,018 Total average assets for leverage ratio $ 20,039,542 $ 19,933,657 Leverage ratio 9.6% 11.2% Leverage ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 6.8% 8.4% 1Calculation excludes the impact of 470,633 unvested restricted stock awards (RSAs) outstanding as of September 30, 2023 TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO As of September 30, 2023

25 Reconciliation of Non-GAAP Disclosures All regulatory capital ratios at September 30, 2023 are estimates and subject to change pending the Company’s filing of its FR Y-9 C. In addition to these regulatory capital ratios, the Company adjusts certain regulatory capital ratios to include the impacts of AOCI, which the Company has elected to exclude from regulatory capital ratios under applicable regulations, and net unrealized losses on HTM securities, assuming that those unrealized losses were realized at the end of the period, as applicable. The Company believes that each of these ratios help investors to assess the Company's regulatory capital levels and capital adequacy. (Dollars in thousands) Atlantic Union Bankshares Atlantic Union Bank Risk-Based Capital Ratios Net unrealized losses on HTM securities, net of tax $ (81,223) $ (81,223) Accumulated other comprehensive loss (AOCI) $ (477,906) $ (477,906) Common equity tier 1 capital $ 1,761,437 $ 2,229,018 Tier 1 capital $ 1,927,793 $ 2,229,018 Total capital $ 2,428,247 $ 2,343,399 Total risk-weighted assets $ 17,719,845 $ 17,611,092 Common equity tier 1 capital ratio 9.9% 12.7% Common equity tier 1 capital ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 7.0% 9.8% Tier 1 capital ratio 10.9% 12.7% Tier 1 capital ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 8.0% 9.8% Total capital ratio 13.7% 13.3% Total capital ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 10.9% 10.5% RISK-BASED CAPITAL RATIOS As of September 30, 2023

26 Reconciliation of Non -GAAP Disclosures 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. 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. Adjusted operating measures exclude, as applicable, strategic cost saving initiatives (principally composed of severance charges related to headcount reductions, costs related to modifying certain third party vendor contracts, and charges for exiting certain leases), merger -related costs, (loss) gain on sale of securities, as well as the gain on sale -leaseback transaction. The Company believes these non -GAAP adjusted measures provide investors with important information about the continuing economic results of the organization’s operations. (Dollars in thousands) 3Q2023 2Q2023 3Q2022 Return on average assets (ROA) Average assets $ 20,596,189 $ 20,209,687 $ 19,980,500 ROA (GAAP) 1.04% 1.10% 1.15% Adjusted operating ROA (non-GAAP) 1.21% 1.16% 1.15% Return on average equity (ROE) Adjusted operating earnings available to common shareholders (non-GAAP) $ 59,782 $ 55,381 $ 55,103 Plus: Amortization of intangibles, tax effected 1,732 1,751 1,959 Adjusted operating earnings available to common shareholders before amortization of intangibles (non-GAAP) $ 61,514 $ 57,132 $ 57,062 Average equity (GAAP) $ 2,446,902 $ 2,460,741 $ 2,436,999 Less: Average goodwill 925,211 925,211 925,211 Less: Average amortizable intangibles 22,342 23,748 30,347 Less: Average perpetual preferred stock 166,356 166,356 166,356 Average tangible common equity (non-GAAP) $ 1,332,993 $ 1,345,426 $ 1,315,085 ROE (GAAP) 8.76% 9.00% 9.45% Return on tangible common equity (ROTCE) Net Income available to common shareholders (GAAP) $ 51,050 $ 52,274 $ 55,103 Plus: Amortization of intangibles, tax effected 1,732 1,751 1,959 Net Income available to common shareholders before amortization of intangibles (non-GAAP) $ 52,782 $ 54,025 $ 57,062 ROTCE (non-GAAP) 15.71% 16.11% 17.21% Adjusted operating ROTCE (non-GAAP) 18.31% 17.03% 17.21% For the three months ended OPERATING MEASURES

27 Reconciliation of Non-GAAP Disclosures Pre-tax pre-provision adjusted earnings excludes, as applicable, the provision for credit losses, which can fluctuate significantly from period-to-period under the CECL methodology, income tax expense, strategic cost saving initiatives, merger-related costs, a legal reserve associated with an ongoing regulatory matter previously disclosed, strategic branch closing and related facility consolidation costs, (loss) gain on sale of securities, gain on sale-leaseback transaction, and gain on sale of DHFB. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the Company’s operations. (Dollars in thousands) 3Q2023 2Q2023 3Q2022 3Q2023 2Q2023 Net income (GAAP) $ 54,017 $ 55,241 $ 58,070 $ 144,911 $ 163,986 Plus: Provision for credit losses 4,991 6,069 6,412 22,911 12,771 Plus: Income tax expense 11,519 9,310 11,894 28,123 33,667 Plus: Strategic cost saving initiatives 8,672 3,935 - 12,607 - Plus: Merger-related costs 1,993 - - 1,993 - Plus: Legal reserve - - - 5,000 - Plus: Strategic branch closing and facility consolidation costs - - - - 5,508 Less: (Loss) gain on sale of securities (27,594) 2 - (40,992) (2) Less: Gain on sale-leaseback transaction 27,700 - - 27,700 - Less: Gain on sale of DHFB - - - - 9,082 PTPP adjusted operating earnings (non-GAAP) $ 81,086 $ 74,553 $ 76,376 $ 228,837 $ 206,852 Less: Dividends on preferred stock 2,967 2,967 2,967 8,901 8,901 PTPP adjusted operating earnings available to common shareholders (non-GAAP) $ 78,119 $ 71,586 $ 73,409 $ 219,936 $ 197,951 Net income growth - YTD (GAAP) (11.63%) PTPP adjusted operating earnings growth - YTD (non-GAAP) 10.63% For the three months ended PRE-TAX PRE-PROVISION ADJUSTED OPERATING EARNINGS For the nine months ended

XML

Document and Entity Information1	Oct. 19, 2023
Document Type	8-K
Document Period End Date	Oct. 19, 2023
Securities Act File Number	001-39325
Entity Registrant Name	ATLANTIC UNION BANKSHARES CORPORATION
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1598552
Entity Address, Address Line One	4300 Cox Road
Entity Address, State or Province	VA
Entity Address, City or Town	Glen Allen
Entity Address, Postal Zip Code	23060
City Area Code	(804)
Local Phone Number	633-5031
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000883948
Amendment Flag	false
Common Stock [Member]
Title of 12(b) Security	Common Stock, par value $1.33 per share
Trading Symbol	AUB
Security Exchange Name	NYSE
Series A Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/400th Interest in a Share of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A
Trading Symbol	AUB.PRA
Security Exchange Name	NYSE

XML

N-2	Oct. 19, 2023
Cover [Abstract]
Entity Central Index Key	0000883948
Amendment Flag	false
Securities Act File Number	001-39325
Document Type	8-K
Entity Registrant Name	ATLANTIC UNION BANKSHARES CORPORATION
Entity Address, Address Line One	4300 Cox Road
Entity Address, City or Town	Glen Allen
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23060
City Area Code	(804)
Local Phone Number	633-5031
Entity Emerging Growth Company	false