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): July 24, 2025

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 July 24, 2025, Atlantic Union Bankshares Corporation (the “Company”) issued a press release announcing its financial results for the second quarter of 2025. 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, as amended (the “Exchange Act”).

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, July 24, 2025. 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 Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description of Exhibit
99.1	Press release dated July 24, 2025 regarding the second quarter 2025 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: July 24, 2025	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 SECOND QUARTER FINANCIAL RESULTS

Richmond, Va., July 24, 2025 – Atlantic Union Bankshares Corporation (the “Company” or “Atlantic Union”) (NYSE: AUB) reported net income available to common shareholders of $16.8 million and both basic and diluted earnings per common share of $0.12, for the second quarter of 2025 and adjusted operating earnings available to common shareholders⁽¹⁾ of $135.1 million and adjusted diluted operating earnings per common share⁽¹⁾ of $0.95 for the second quarter of 2025.

In the second quarter of 2025, the Company’s adjusted operating earnings⁽¹⁾ included the following main pre-tax adjustments:

● $78.9 million in merger-related costs associated with the Sandy Spring Bancorp, Inc. (“Sandy Spring”) acquisition

● $100.9 million in current expected credit losses (“CECL”) Day 1 initial provision expense related to the Sandy Spring acquisition, comprised of the initial provision expense on purchased non-credit deteriorated (“non-PCD”) loans, which represents the CECL “double count” of the non-PCD loan credit mark, and the additional provision for unfunded commitments

● $15.7 million gain on sale of $2.0 billion of commercial real estate (“CRE”) loans acquired in the Sandy Spring acquisition, which were previously identified, marked to fair value, and classified as held for sale as of the April 1, 2025 acquisition date

● $14.3 million gain on sale of our equity interest in Cary Street Partners LLC (“CSP”)

Merger with Sandy Spring and Full Physical Settlement of the Forward Sale Agreements

On April 1, 2025, the Company completed its acquisition of Sandy Spring and its results of operations are included in the Company’s consolidated results since the date of acquisition. Therefore, the Company’s second quarter and first half of 2025 results reflect increased levels of average balances, net interest income, and expense compared to its prior quarter and first half of 2024 results. After purchase accounting fair value adjustments, the acquisition added $13.0 billion of total assets, including $8.6 billion of loans held for investment (“LHFI”), $1.9 billion of loans held for sale, primarily consisting of the CRE loans sold during the quarter subsequent to the acquisition discussed below, as well as $12.2 billion of total liabilities, primarily consisting of $11.2 billion in deposits. The Company recorded preliminary goodwill of $496.9 million and core deposit intangibles and other intangibles of $290.7 million related to the acquisition.

In connection with the acquisition, the Company recorded an initial allowance for credit losses (“ACL”) of $129.2 million that consisted of an allowance for loan and lease losses (“ALLL”) of $117.8 million, which included a $28.3 million reserve on acquired loans that experienced a more-than insignificant amount of credit deterioration since origination (“PCD” loans), and a reserve for unfunded commitments (“RUC”) discussed below. The Company also recorded a $89.5 million reserve on non-PCD loans established through provision expense, which represents the CECL “double count” of the non-PCD credit mark, and a $11.4 million RUC through the provision for credit losses.

Also on April 1, 2025, the Company physically settled in full the previously disclosed forward sale agreements between the Company and Morgan Stanley & Co. LLC, as forward purchaser, by delivering 11,338,028 shares of the Company’s common stock to the forward purchaser. The Company received net proceeds from such sale of shares of the Company’s common stock and full physical settlement of the forward sale agreements, before expenses, of approximately $385.0 million.

CRE Loan Sale

On June 26, 2025, the Company completed the sale of approximately $2.0 billion of performing CRE loans acquired in the Sandy Spring acquisition, which the Company marked to fair value at $1.8 billion and classified as held for sale as of the April 1, 2025 acquisition date. The CRE loan sale transaction generated a $15.7 million pre-tax gain during the second quarter of 2025. Under the terms of the loan purchase agreement, the Company sold the loans without recourse and retained customer-facing servicing responsibilities.

“With the closing of the Sandy Spring acquisition on April 1, 2025, our second quarter results provide an initial view into the operating earnings power of our combined franchise,” said John C. Asbury, president and chief executive officer of Atlantic Union. “While merger-related costs created a noisy quarter, our operating results demonstrate that we are off to a great start with the acquisition.

It was also a productive quarter as we physically settled in full the previously announced forward sale of common equity and received net proceeds, before expenses, of $385.0 million, closed on the planned sale of approximately $2.0 billion of CRE loans acquired from Sandy Spring, and sold our equity interest in Cary Street Partners resulting in a pre-tax gain of $14.3 million. The CRE loan sale was an important step in executing on our strategy related to the Sandy Spring acquisition and our team achieved better-than-expected pricing on the sale, which resulted in a pre-tax gain on sale of $15.7 million.

Atlantic Union is a story of transformation from a Virginia community bank to the largest regional bank headquartered in the lower Mid-Atlantic, with operations throughout Virginia, Maryland, and a growing presence in North Carolina. 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.”

NET INTEREST INCOME

For the second quarter of 2025, net interest income was $321.4 million, an increase of $137.2 million from $184.2 million in the first quarter of 2025. Net interest income - fully taxable equivalent (“FTE”)⁽¹⁾ was $325.7 million in the second quarter of 2025, an increase of $137.8 million from $187.9 million in the first quarter of 2025. The increases from the prior quarter in both net interest income and net interest income (FTE)⁽¹⁾ are due primarily to a $12.0 billion increase in average interest earning assets due primarily to the addition of Sandy Spring acquired loans and the impact of loan accretion income related to acquisition accounting, as well as organic loan growth, partially offset by a $8.9 billion increase in average interest bearing liabilities due primarily to the addition of Sandy Spring acquired deposits and borrowings and the associated net amortization related to acquisition accounting.

For the second quarter of 2025, the Company’s net interest margin increased 40 basis points to 3.78% and the net interest margin (FTE)⁽¹⁾ increased 38 basis points to 3.83%, compared to the first quarter of 2025, primarily driven by the net accretion of purchase accounting adjustments on loans, deposits, and long-term borrowings related to the Sandy Spring acquisition. Earning asset yields for the second quarter of 2025 increased 37 basis points to 6.05%, compared to the first quarter of 2025, due to higher yields on loans, primarily as a result of higher accretion income due to the Sandy Spring acquisition. Cost of funds decreased by 1 basis point to 2.22% for the second quarter of 2025, compared to the first quarter of 2025, primarily due to a lower cost of deposits, which includes the acquisition related accretion, partially offset by higher borrowing costs, primarily due to increased long-term subordinated debt as a result of the Sandy Spring acquisition.

The Company’s net interest margin (FTE)⁽¹⁾ includes the impact of acquisition accounting fair value adjustments. Net accretion income related to acquisition accounting was $45.4 million for the quarter ended June 30, 2025 compared to $12.6 million for the quarter ended March 31, 2025, with the increase due to the Sandy Spring acquisition. The impact of accretion and amortization for the periods presented are reflected in the following table (dollars in thousands):

			Deposit
	Loan		Accretion		Borrowings
	Accretion		(Amortization)		Amortization		Total
For the quarter ended March 31, 2025	$	13,286	$	(415)	$	(287)	$	12,584
For the quarter ended June 30, 2025		45,744		1,884		(2,256)		45,372

ASSET QUALITY

Overview

At June 30, 2025, nonperforming assets (“NPAs”) as a percentage of total LHFI was 0.60%, an increase of 22 basis points from the prior quarter and included nonaccrual loans of $162.6 million. The increase in NPAs as a percentage of LHFI was primarily due to PCD loans acquired from Sandy Spring, primarily in the construction and land development, commercial real estate non-owner occupied, residential 1-4 family consumer and revolving, and commercial real estate owner occupied portfolios, which were nonperforming at the time of acquisition and were recorded at their amortized cost basis, which reflects their acquisition date fair value plus the initial allowance for expected credit losses recognized at acquisition, in accordance with ASC 326, Financial Instruments – Credit Losses. Accruing past due loans as a percentage of total LHFI totaled 28 basis points at June 30, 2025, an increase of 1 basis point from March 31, 2025, and an increase of 6 basis points from June 30, 2024. Net charge-offs were 0.01% of total average LHFI (annualized) for the second quarter of 2025, a decrease of 4 basis points compared to March 31, 2025, and a decrease of 3 basis points compared to June 30, 2024. The ACL totaled $342.4 million at June 30, 2025, a $133.3 million increase from the prior quarter, primarily reflecting the impacts of the Sandy Spring acquisition.

Nonperforming Assets

At June 30, 2025, NPAs totaled $163.4 million, compared to $69.4 million as of March 31, 2025. The increase in NPAs was primarily due to PCD loans acquired in the Sandy Spring acquisition, which included $49.4 million of acquired construction and land development loans, $27.1 million of acquired commercial real estate non-owner occupied loans, $10.3 million of acquired residential 1-4 family consumer and revolving loans, $3.1 million of acquired commercial real estate owner occupied loans, and the remainder due to other acquired Sandy Spring loans. The following table shows a summary of NPA balances at the quarters ended (dollars in thousands):

	June 30,		March 31,		December 31,		September 30,		June 30,
	2025		2025		2024		2024		2024
Nonaccrual loans	$	162,615	$	69,015	$	57,969	$	36,847	$	35,913
Foreclosed properties		774		404		404		404		230
Total nonperforming assets	$	163,389	$	69,419	$	58,373	$	37,251	$	36,143

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

	June 30,		March 31,		December 31,		September 30,		June 30,
	2025		2025		2024		2024		2024
Beginning Balance	$	69,015	$	57,969	$	36,847	$	35,913	$	36,389
Net customer payments		(4,595)		(898)		(11,491)		(2,219)		(6,293)
Additions		98,975		13,197		34,446		5,347		6,831
Charge-offs		(780)		(1,253)		(1,231)		(542)		(759)
Loans returning to accruing status		—		—		(602)		(1,478)		(54)
Transfers to foreclosed property		—		—		—		(174)		(201)
Ending Balance	$	162,615	$	69,015	$	57,969	$	36,847	$	35,913

Past Due Loans

At June 30, 2025, past due loans still accruing interest totaled $77.7 million or 0.28% of total LHFI, compared to $50.0 million or 0.27% of total LHFI at March 31, 2025, and $40.2 million or 0.22% of total LHFI at June 30, 2024. The increase in past due loan levels at June 30, 2025 from March 31, 2025 was primarily within the construction and land development, commercial and industrial, commercial real estate owner occupied, and residential 1-4 family – commercial portfolios. Of the total past due loans still accruing interest, $39.8 million or 0.15% of total LHFI were past due 90 days or more at June 30, 2025, compared to $6.8 million or 0.04% of total LHFI at March 31, 2025, and $15.6 million or 0.09% of total LHFI at June 30, 2024.

Allowance for Credit Losses

At June 30, 2025, the ACL was $342.4 million, an increase of $133.3 million from the prior quarter, and included an ALLL of $315.6 million and an RUC of $26.8 million. At April 1, 2025, the initial ACL related to the Sandy Spring acquisition was $129.2 million, consisting of an ALLL of $117.8 million and RUC of $11.4 million. The ALLL included

an $89.5 million reserve on acquired non-PCD loans established through provision expense, which represents the CECL “double count” of the non-PCD credit mark, and a $28.3 million reserve on PCD loans. Outside of the initial ACL related to the Sandy Spring acquisition, the ACL at June 30, 2025 increased $4.1 million from March 31, 2025, primarily reflecting the impacts of loan growth and deteriorating macroeconomic forecasts.

The ACL as a percentage of total LHFI was 1.25% at June 30, 2025, compared to 1.13% at March 31, 2025. The ALLL as a percentage of total LHFI was 1.15% at June 30, 2025, compared to 1.05% at March 31, 2025.

Net Charge-offs

Net charge-offs were $666,000 or 0.01% of total average LHFI on an annualized basis for the second quarter of 2025, compared to $2.3 million or 0.05% (annualized) for the first quarter of 2025, and $1.7 million or 0.04% (annualized) for the second quarter of 2024.

Provision for Credit Losses

For the second quarter of 2025, the Company recorded a provision for credit losses of $105.7 million, compared to $17.6 million in the prior quarter, and $21.8 million in the second quarter of 2024. Included in the provision for credit losses for the second quarter of 2025 was $89.5 million of Day 1 initial provision expense on non-PCD loans and $11.4 million on unfunded commitments, each acquired from Sandy Spring. Included in the provision for credit losses for the second quarter of 2024 was $13.2 million of Day 1 initial provision expense on non-PCD loans and $1.4 million on unfunded commitments, each acquired from American National. Outside of the Day 1 initial provision expense recorded on non-PCD loans and unfunded commitments acquired from Sandy Spring and American National, the provision for credit losses decreased compared to the prior quarter and the prior year, primarily reflecting the impact of the overall build in the allowance for loan losses due to the uncertainty in the economic outlook in the prior quarter and prior year, as well as lower net charge-offs in the second quarter of 2025.

NONINTEREST INCOME

Noninterest income increased $52.3 million to $81.5 million for the second quarter of 2025 from $29.2 million in the prior quarter, primarily driven by the $15.7 million gain on the CRE loan sale, a $14.3 million gain on the sale of our equity interest in CSP, and the full quarter impact of the Sandy Spring acquisition that closed on April 1, 2025.

Adjusted operating noninterest income⁽¹⁾ which excludes the gain on CRE loan sale ($15.7 million in the second quarter), gain on sale of our equity interest in CSP ($14.3 million in the second quarter), and gains and losses on sale of securities (gains of $16,000 in the second quarter and losses of $102,000 in the first quarter), increased $22.2 million to $51.5 million, compared to $29.3 million in the prior quarter. This increase was primarily due to the impact of the Sandy Spring acquisition, which drove the majority of the $11.0 million increase in fiduciary and asset management fees, due to assets under management increasing approximately 110% from the prior quarter, the $2.5 million increase in service charges on deposit accounts, and the $830,000 increase in interchange fees. In addition to the impact of the Sandy Spring acquisition, the bank owned life insurance income increase of $3.8 million includes death benefits of $2.4 million received in the second quarter and the mortgage banking income increase of $1.8 million includes the impact of the Sandy Spring’s mortgage business, as well as a seasonal increase in mortgage loan origination volumes.  Other operating income increased $2.4 million, primarily due to an increase in equity method investment income.

NONINTEREST EXPENSE

Noninterest expense increased $145.5 million to $279.7 million for the second quarter of 2025 from $134.2 million in the prior quarter, primarily driven by a $74.0 million increase in merger-related costs, as well as other increases in noninterest expense due to the full quarter impact of the Sandy Spring acquisition.

Adjusted operating noninterest expense⁽¹⁾ which excludes merger-related costs ($78.9 million in the second quarter and $4.9 million in the first quarter) and amortization of intangible assets ($18.4 million in the second quarter and $5.4 million in the first quarter) increased $58.6 million to $182.4 million, compared to $123.8 million in the prior quarter. This increase was primarily due to the impact of the Sandy Spring acquisition, which drove the majority of the $34.5 million increase in salaries and benefits, the $7.1 million increase in technology and data processing, the $4.2 million increase in occupancy expenses, the $3.4 million increase in FDIC assessment premiums and other insurance, the $3.1 million increase in professional services, the $3.1 million increase in other expenses, primarily due to increases in communication expense and teammate training and travel costs, and the $2.4 million increase in furniture and equipment expenses.

INCOME TAXES

During the second quarter of 2025, the Company’s estimated annual effective tax rate (“AETR”) increased to 21.7% from approximately 19.0% in the first quarter of 2025, reflecting the impact of the Sandy Spring acquisition as Sandy Spring operated in a higher state tax jurisdiction, which now impacts a larger proportion of the Company’s consolidated pre-tax income. The updated AETR was applied to the year-to-date pre-tax income calculation during the second quarter of 2025, impacting the Company’s income tax expense for the quarter ended June 30, 2025.

The Company’s effective tax rate for the three months ended June 30, 2025 and March 31, 2025 was (13.2%) and 19.0%, respectively. The negative effective tax rate for the quarter ended June 30, 2025 reflects the impact of a $8.0 million income tax benefit recorded this quarter related to the Company re-evaluating its state deferred tax asset, as a result of the Sandy Spring acquisition.

BALANCE SHEET

At June 30, 2025, the Company’s consolidated balance sheet includes the impact of the Sandy Spring acquisition, which closed April 1, 2025, as discussed above. ASC 805, Business Combinations, allows for a measurement period of twelve months beyond the acquisition date to finalize the fair value measurements of an acquired company’s net assets as additional information existing as of the acquisition date becomes available. If applicable, any future measurement period adjustments will be recorded through goodwill upon identification. Below is a summary of the related impact of the Sandy Spring acquisition as of the acquisition date:

● The fair value of assets acquired totaled $13.0 billion and included LHFI of $8.6 billion with an initial loan discount of $789.7 million, loans held for sale of $1.9 billion, and total investments of $1.3 billion.

● The fair value of the liabilities assumed totaled $12.2 billion and included total deposits of $11.2 billion with an initial deposit mark related to time deposits of $243.4 million and total borrowings of $833.0 million.

● Core deposit intangibles and other intangibles recorded totaled $290.7 million.

● Preliminary goodwill recorded totaled $496.9 million.

On June 26, 2025, the Company completed the sale of approximately $2.0 billion of performing CRE loans acquired in the Sandy Spring acquisition, which the Company marked to fair value at $1.84 billion and classified as held for sale as of the April 1, 2025 acquisition date. The Company received net proceeds from the sale of the CRE loans, before expenses, of approximately $1.87 billion, which increased the Company’s cash balance at June 30, 2025, and a portion of such proceeds were used to repay the Company’s short-term Federal Home Loan Bank advances and brokered CDs that matured during the second quarter of 2025.

At June 30, 2025, total assets were $37.3 billion, an increase of $12.7 billion from March 31, 2025, and $12.5 billion or approximately 50.6% from June 30, 2024. The increases in total assets from the prior quarter and prior year were primarily driven by growth in LHFI and the available for sale (“AFS”) securities portfolio, primarily due to the Sandy Spring acquisition. At June 30, 2025, cash and cash equivalents were $1.6 billion, an increase of $1.2 billion from March 31, 2025, and $1.1 billion from June 30, 2024, primarily reflecting the impact from the CRE loan sale proceeds.

At June 30, 2025, LHFI totaled $27.3 billion, an increase of $8.9 billion from March 31, 2025, and an increase of $9.0 billion or 49.0% from June 30, 2024. LHFI increased from the prior quarter and prior year primarily due to the Sandy Spring acquisition, as well as organic loan growth.

At June 30, 2025, total investments were $4.8 billion, an increase of $1.4 billion from March 31, 2025, and an increase of $1.3 billion or 36.8% from June 30, 2024. The increases compared to the prior quarter and prior year were primarily due to the Sandy Spring acquisition. AFS securities totaled $3.8 billion at June 30, 2025, $2.5 billion at March 31, 2025, and $2.6 billion at June 30, 2024. As part of the Sandy Spring acquisition, the Company restructured $485.2 million of securities acquired from Sandy Spring and reinvested the proceeds into higher yielding securities. Total net unrealized losses on the AFS securities portfolio were $372.8 million at June 30, 2025, compared to $382.0 million at March 31, 2025, and $420.7 million at June 30, 2024. Held to maturity securities are carried at cost and totaled $827.1 million at

June 30, 2025, $821.1 million at March 31, 2025, and $810.5 million at June 30, 2024 and had net unrealized losses of $49.2 million at June 30, 2025, $48.6 million at March 31, 2025, and $44.0 million at June 30, 2024.

At June 30, 2025, total deposits were $31.0 billion, an increase of $10.5 billion from the prior quarter, and an increase of $11.0 billion or 54.9% from June 30, 2024. The increases in total deposits from the prior quarter and prior year were primarily due to increases in interest-bearing customer deposits and demand deposits, primarily related to the addition of the Sandy Spring acquired deposits.

At June 30, 2025, total borrowings were $892.8 million, an increase of $417.1 million from March 31, 2025 primarily driven by the acquisition of long-term subordinated debt issued by Sandy Spring, and a decrease of $314.0 million or 26.0% from June 30, 2024. The increase in borrowings from the prior quarter was primarily due to the Sandy Spring acquisition, while the decrease from the same period in the prior year was primarily due to repayment of short-term Federal Home Loan Bank advances.

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

	June 30,		March 31,		June 30,
	2025		2025		2024
Common equity Tier 1 capital ratio (2)	9.77	%	10.07	%	9.47	%
Tier 1 capital ratio (2)	10.32	%	10.87	%	10.26	%
Total capital ratio (2)	13.73	%	13.88	%	12.99	%
Leverage ratio (Tier 1 capital to average assets) (2)	8.65	%	9.45	%	9.05	%
Common equity to total assets	12.51	%	12.26	%	11.62	%
Tangible common equity to tangible assets (1)	7.39	%	7.39	%	6.71	%

⁽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 June 30, 2025 are estimates and subject to change pending the Company’s filing of its FR Y9-C. All other periods are presented as filed.

During the second quarter of 2025, 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 first quarter of 2025 and the second quarter of 2024. During the second quarter of 2025, the Company also declared and paid cash dividends of $0.34 per common share, consistent with the first quarter of 2025 and a $0.02 increase or approximately 6.3% from the second quarter of 2024.

On April 1, 2025, the Company physically settled in full the previously disclosed forward sale agreements between the Company and Morgan Stanley & Co. LLC, as forward purchaser, by delivering 11,338,028 shares of the Company’s common stock to the forward purchaser. The Company received net proceeds from such sale of shares of the Company’s common stock and full physical settlement of the forward sale agreements, before expenses, of approximately $385.0 million.

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 branches and ATMs located in Virginia, 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.

SECOND QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL

The Company will hold a conference call and webcast for investors at 9:00 a.m. Eastern Time on Thursday, July 24, 2025, during which management will review our financial results for the second quarter 2025 and provide an update on our recent activities.

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

https://edge.media-server.com/mmc/p/qhq3zxe7.

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

https://register-conf.media-server.com/register/BI5ce9a0a26dc048d7a667f6dd94226844. 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 June 30, 2025, we have provided supplemental performance measures determined by methods other than in accordance with GAAP. These non-GAAP financial measures are a supplement to GAAP, which we use to prepare our financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. We use the non-GAAP financial measures discussed herein in our analysis of our performance. Management believes that these non-GAAP financial measures provide additional understanding of ongoing operations, enhance the comparability of our 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 our 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 the recently completed acquisition of Sandy Spring, including expectations with regard to the benefits of the Sandy Spring acquisition; statements regarding our business, financial and operating results, including our deposit base and funding; the impact of changes in economic conditions, anticipated changes in the interest rate environment and the related impacts on our net interest margin, changes in economic, fiscal or trade policy and the potential impacts on our business, loan demand and economic conditions; in our markets and nationally; management’s beliefs regarding our liquidity, capital resources, asset quality, CRE loan portfolio and our customer relationships; 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,” “seek to,” “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;

● economic conditions, including inflation and recessionary conditions and their related impacts on economic growth and customer and client behavior;

● U.S. and global trade policies and tensions, including change in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, and geopolitical instability;

● volatility in the financial services sector, including failures or rumors of failures of other depository institutions, along with actions taken by governmental agencies to address such turmoil, and the effects on the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital;

● legislative or regulatory changes and requirements, including as part of the regulatory reform agenda of the Trump administration, including changes in federal, state or local tax laws and changes impacting the rulemaking, supervision, examination and enforcement priorities of the federal banking agencies;

● the sufficiency of liquidity and changes in our capital position;

● 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, U.S. fiscal debt, budget, and tax matters, and slowdowns in economic growth;

● the diversion of management’s attention from ongoing business operations and opportunities due to our recent acquisition of Sandy Spring;

● the impact of purchase accounting with respect to the Sandy Spring acquisition, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine the fair value and credit marks;

● the possibility that the anticipated benefits of our acquisition activity, including our acquisitions of Sandy Spring and American National, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the strength of the economy, competitive factors in the areas where we do business, or as a result of other unexpected factors or events, or with respect to our acquisition of Sandy Spring, as a result of the impact of, or problems arising from, the integration of the two companies;

● the integration of the business and operations of Sandy Spring may take longer or be more costly than anticipated;

● potential adverse reactions or changes to business or employee relationships, including those resulting from our acquisitions of Sandy Spring and American National;

● our ability to identify, recruit and retain key employees;

● monetary, fiscal and regulatory 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 in these portfolios;

● 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;

● 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 changing economic conditions, credit concentrations, inflation, changing interest rates, or other factors;

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

● 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 consideration;

● the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts, geopolitical conflicts or public health events (such as pandemics), 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;

● 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;

● 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;

● 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, 2024, 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 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 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, except as required by law.

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 Six Months Ended
	6/30/25			3/31/25			6/30/24			6/30/25			6/30/24
Results of Operations
Interest and dividend income	$	510,372		$	305,836		$	320,888		$	816,208		$	583,802
Interest expense		189,001			121,672			136,354			310,672			251,444
Net interest income		321,371			184,164			184,534			505,536			332,358
Provision for credit losses		105,707			17,638			21,751			123,345			29,989
Net interest income after provision for credit losses		215,664			166,526			162,783			382,191			302,369
Noninterest income		81,522			29,163			23,812			110,685			49,365
Noninterest expenses		279,698			134,184			150,005			413,882			255,279
Income before income taxes		17,488			61,505			36,590			78,994			96,455
Income tax (benefit) expense		(2,303)			11,687			11,429			9,384			21,525
Net income		19,791			49,818			25,161			69,610			74,930
Dividends on preferred stock		2,967			2,967			2,967			5,934			5,934
Net income available to common shareholders	$	16,824		$	46,851		$	22,194		$	63,676		$	68,996
Interest earned on earning assets (FTE) (1)	$	514,734		$	309,593		$	324,702		$	824,328		$	591,339
Net interest income (FTE) (1)		325,733			187,921			188,348			513,656			339,895
Total revenue (FTE) (1)		407,255			217,084			212,160			624,341			389,260
Pre-tax pre-provision adjusted operating earnings (7)		172,059			84,185			94,635			256,246			165,449
Key Ratios
Earnings per common share, diluted	$	0.12		$	0.52		$	0.25		$	0.55		$	0.84
Return on average assets (ROA)		0.21	%		0.82	%		0.41	%		0.45	%		0.66	%
Return on average equity (ROE)		1.67	%		6.35	%		3.35	%		3.53	%		5.39	%
Return on average tangible common equity (ROTCE) (2) (3)		4.99	%		12.04	%		6.99	%		7.83	%		10.06	%
Efficiency ratio		69.42	%		62.90	%		72.00	%		67.16	%		66.88	%
Efficiency ratio (FTE) (1)		68.68	%		61.81	%		70.70	%		66.29	%		65.58	%
Net interest margin		3.78	%		3.38	%		3.39	%		3.62	%		3.26	%
Net interest margin (FTE) (1)		3.83	%		3.45	%		3.46	%		3.68	%		3.33	%
Yields on earning assets (FTE) (1)		6.05	%		5.68	%		5.96	%		5.91	%		5.80	%
Cost of interest-bearing liabilities		2.97	%		2.97	%		3.33	%		2.97	%		3.28	%
Cost of deposits		2.20	%		2.29	%		2.46	%		2.24	%		2.43	%
Cost of funds		2.22	%		2.23	%		2.50	%		2.23	%		2.47	%
Operating Measures (4)
Adjusted operating earnings	$	138,112		$	54,542		$	70,839		$	192,653		$	122,832
Adjusted operating earnings available to common shareholders		135,145			51,575			67,872			186,719			116,898
Adjusted operating earnings per common share, diluted	$	0.95		$	0.57		$	0.76		$	1.61		$	1.42
Adjusted operating ROA		1.46	%		0.90	%		1.16	%		1.24	%		1.08	%
Adjusted operating ROE		11.63	%		6.95	%		9.43	%		9.77	%		8.84	%
Adjusted operating ROTCE (2) (3)		23.79	%		13.15	%		18.84	%		19.50	%		16.46	%
Adjusted operating efficiency ratio (FTE) (1)(6)		48.34	%		57.02	%		52.24	%		51.52	%		54.30	%
Per Share Data
Earnings per common share, basic	$	0.12		$	0.53		$	0.25		$	0.55		$	0.84
Earnings per common share, diluted		0.12			0.52			0.25			0.55			0.84
Cash dividends paid per common share		0.34			0.34			0.32			0.68			0.64
Market value per share		31.28			31.14			32.85			31.28			32.85
Book value per common share(8)		32.93			33.79			32.30			32.93			32.30
Tangible book value per common share (2)(8)		18.38			19.32			17.67			18.38			17.67
Price to earnings ratio, diluted		65.70			14.76			33.04			28.27			19.53
Price to book value per common share ratio (8)		0.95			0.92			1.02			0.95			1.02
Price to tangible book value per common share ratio (2)(8)		1.70			1.61			1.86			1.70			1.86
Unvested shares of restricted stock awards(8)		916,294			806,420			691,111			916,294			691,111
Weighted average common shares outstanding, basic		141,680,472			89,222,296			89,768,466			115,596,296			82,482,790
Weighted average common shares outstanding, diluted		141,738,325			90,072,795			89,768,466			116,056,670			82,482,921
Common shares outstanding at end of period		141,694,720			89,340,541			89,769,734			141,694,720			89,769,734

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 Six Months Ended
	6/30/25			3/31/25			6/30/24			6/30/25			6/30/24
Capital Ratios
Common equity Tier 1 capital ratio (5)		9.77	%		10.07	%		9.47	%		9.77	%		9.47	%
Tier 1 capital ratio (5)		10.32	%		10.87	%		10.26	%		10.32	%		10.26	%
Total capital ratio (5)		13.73	%		13.88	%		12.99	%		13.73	%		12.99	%
Leverage ratio (Tier 1 capital to average assets) (5)		8.65	%		9.45	%		9.05	%		8.65	%		9.05	%
Common equity to total assets		12.51	%		12.26	%		11.62	%		12.51	%		11.62	%
Tangible common equity to tangible assets (2)		7.39	%		7.39	%		6.71	%		7.39	%		6.71	%
Financial Condition
Assets	$	37,289,371		$	24,632,611		$	24,761,413		$	37,289,371		$	24,761,413
LHFI (net of deferred fees and costs)		27,328,333			18,427,689			18,347,190			27,328,333			18,347,190
Securities		4,777,022			3,405,206			3,491,481			4,777,022			3,491,481
Earning Assets		33,392,111			22,085,559			22,067,549			33,392,111			22,067,549
Goodwill		1,710,912			1,214,053			1,207,484			1,710,912			1,207,484
Amortizable intangibles, net		351,381			79,165			95,980			351,381			95,980
Deposits		30,972,175			20,502,874			20,000,877			30,972,175			20,000,877
Borrowings		892,767			475,685			1,206,734			892,767			1,206,734
Stockholders' equity		4,832,639			3,185,216			3,043,686			4,832,639			3,043,686
Tangible common equity (2)		2,603,989			1,725,641			1,573,865			2,603,989			1,573,865
Loans held for investment, net of deferred fees and costs
Construction and land development	$	2,444,151		$	1,305,969		$	1,454,545		$	2,444,151		$	1,454,545
Commercial real estate - owner occupied		3,940,371			2,363,509			2,397,700			3,940,371			2,397,700
Commercial real estate - non-owner occupied		6,912,692			5,072,694			4,906,285			6,912,692			4,906,285
Multifamily real estate		2,083,559			1,531,547			1,353,024			2,083,559			1,353,024
Commercial & Industrial		5,141,691			3,819,415			3,944,723			5,141,691			3,944,723
Residential 1-4 Family - Commercial		1,131,288			738,388			737,687			1,131,288			737,687
Residential 1-4 Family - Consumer		2,746,046			1,286,526			1,251,033			2,746,046			1,251,033
Residential 1-4 Family - Revolving		1,154,085			778,527			718,491			1,154,085			718,491
Auto		245,554			279,517			396,776			245,554			396,776
Consumer		119,526			101,334			115,541			119,526			115,541
Other Commercial		1,409,370			1,150,263			1,071,385			1,409,370			1,071,385
Total LHFI	$	27,328,333		$	18,427,689		$	18,347,190		$	27,328,333		$	18,347,190
Deposits
Interest checking accounts	$	6,909,250		$	5,336,264		$	5,044,503		$	6,909,250		$	5,044,503
Money market accounts		7,242,686			4,602,260			4,330,928			7,242,686			4,330,928
Savings accounts		2,865,159			1,033,315			1,056,474			2,865,159			1,056,474
Customer time deposits of $250,000 and over		1,614,102			1,141,311			1,015,032			1,614,102			1,015,032
Other customer time deposits		4,138,277			2,810,070			2,691,600			4,138,277			2,691,600
Time deposits		5,752,379			3,951,381			3,706,632			5,752,379			3,706,632
Total interest-bearing customer deposits		22,769,474			14,923,220			14,138,537			22,769,474			14,138,537
Brokered deposits		1,163,580			1,108,481			1,335,092			1,163,580			1,335,092
Total interest-bearing deposits	$	23,933,054		$	16,031,701		$	15,473,629		$	23,933,054		$	15,473,629
Demand deposits		7,039,121			4,471,173			4,527,248			7,039,121			4,527,248
Total deposits	$	30,972,175		$	20,502,874		$	20,000,877		$	30,972,175		$	20,000,877
Averages
Assets	$	37,939,232		$	24,678,974		$	24,620,198		$	31,345,735		$	22,921,478
LHFI (net of deferred fees and costs)		27,094,551			18,428,710			18,154,673			22,785,570			16,943,636
Loans held for sale		1,777,882			8,172			12,392			897,916			10,767
Securities		4,721,736			3,387,627			3,476,890			4,058,367			3,315,223
Earning assets		34,121,715			22,108,618			21,925,128			28,148,353			20,507,261
Deposits		31,243,383			20,466,081			20,033,678			25,884,505			18,590,430
Time deposits		6,553,018			4,715,648			4,243,344			5,639,409			3,851,241
Interest-bearing deposits		24,150,220			16,062,478			15,437,549			20,128,691			14,374,693
Borrowings		1,331,793			525,889			1,043,297			931,066			1,028,047
Interest-bearing liabilities		25,482,013			16,588,367			16,480,846			21,059,757			15,402,740
Stockholders' equity		4,761,630			3,183,846			3,021,929			3,977,098			2,795,086
Tangible common equity (2)		2,524,128			1,721,647			1,549,876			2,125,105			1,504,178

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 Six Months Ended
	6/30/25			3/31/25			6/30/24			6/30/25			6/30/24
Asset Quality
Allowance for Credit Losses (ACL)
Beginning balance, Allowance for loan and lease losses (ALLL)	$	193,796		$	178,644		$	136,190		$	178,644		$	132,182
Add: Recoveries		1,913			607			1,348			2,520			2,325
Less: Charge-offs		2,579			2,885			3,088			5,464			8,982
Add: Initial Allowance - Purchased Credit Deteriorated (PCD) loans		28,265			—			3,896			28,265			3,896
Add: Initial Provision - Non-PCD loans		89,538			—			13,229			89,538			13,229
Add: Provision for loan losses		4,641			17,430			6,556			22,071			15,481
Ending balance, ALLL	$	315,574		$	193,796		$	158,131		$	315,574		$	158,131
Beginning balance, Reserve for unfunded commitment (RUC)	$	15,249		$	15,041		$	15,582		$	15,041		$	16,269
Add: Initial Provision - RUC acquired loans		11,425			—			1,353			11,425			1,353
Add: Provision for unfunded commitments		104			208			622			312			(65)
Ending balance, RUC	$	26,778		$	15,249		$	17,557		$	26,778		$	17,557
Total ACL	$	342,352		$	209,045		$	175,688		$	342,352		$	175,688
ACL / total LHFI		1.25	%		1.13	%		0.96	%		1.25	%		0.96	%
ALLL / total LHFI		1.15	%		1.05	%		0.86	%		1.15	%		0.86	%
Net charge-offs / total average LHFI (annualized)		0.01	%		0.05	%		0.04	%		0.03	%		0.08	%
Provision for loan losses/ total average LHFI (annualized)		1.39	%		0.38	%		0.44	%		0.99	%		0.34	%
Nonperforming Assets
Construction and land development	$	50,904		$	2,794		$	1,144		$	50,904		$	1,144
Commercial real estate - owner occupied		6,116			2,932			4,651			6,116			4,651
Commercial real estate - non-owner occupied		28,413			1,159			10,741			28,413			10,741
Multifamily real estate		1,589			124			1			1,589			1
Commercial & Industrial		44,897			43,106			3,408			44,897			3,408
Residential 1-4 Family - Commercial		2,700			1,610			1,783			2,700			1,783
Residential 1-4 Family - Consumer		20,689			12,942			10,799			20,689			10,799
Residential 1-4 Family - Revolving		5,346			3,593			3,028			5,346			3,028
Auto		526			641			354			526			354
Consumer		20			16			4			20			4
Other Commercial		1,415			98			—			1,415			—
Nonaccrual loans	$	162,615		$	69,015		$	35,913		$	162,615		$	35,913
Foreclosed property		774			404			230			774			230
Total nonperforming assets (NPAs)	$	163,389		$	69,419		$	36,143		$	163,389		$	36,143
Construction and land development	$	22,807		$	—		$	764		$	22,807		$	764
Commercial real estate - owner occupied		1,817			714			1,047			1,817			1,047
Commercial real estate - non-owner occupied		2,764			—			1,309			2,764			1,309
Multifamily real estate		—			—			141			—			141
Commercial & Industrial		2,657			1,075			684			2,657			684
Residential 1-4 Family - Commercial		5,561			1,091			678			5,561			678
Residential 1-4 Family - Consumer		1,487			1,193			1,645			1,487			1,645
Residential 1-4 Family - Revolving		2,460			2,397			1,449			2,460			1,449
Auto		150			196			263			150			263
Consumer		79			94			176			79			176
Other Commercial		30			22			7,464			30			7,464
LHFI ≥ 90 days and still accruing	$	39,812		$	6,782		$	15,620		$	39,812		$	15,620
Total NPAs and LHFI ≥ 90 days	$	203,201		$	76,201		$	51,763		$	203,201		$	51,763
NPAs / total LHFI		0.60	%		0.38	%		0.20	%		0.60	%		0.20	%
NPAs / total assets		0.44	%		0.28	%		0.15	%		0.44	%		0.15	%
ALLL / nonaccrual loans		194.06	%		280.80	%		440.32	%		194.06	%		440.32	%
ALLL/ nonperforming assets		193.14	%		279.17	%		437.51	%		193.14	%		437.51	%

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 Six Months Ended
	6/30/25			3/31/25			6/30/24			6/30/25			6/30/24
Past Due Detail
Construction and land development	$	447		$	458		$	1,689		$	447		$	1,689
Commercial real estate - owner occupied		3,933			1,455			3,450			3,933			3,450
Commercial real estate - non-owner occupied		1,295			3,760			1,316			1,295			1,316
Multifamily real estate		410			1,353			1,694			410			1,694
Commercial & Industrial		4,606			4,192			2,154			4,606			2,154
Residential 1-4 Family - Commercial		3,186			1,029			873			3,186			873
Residential 1-4 Family - Consumer		2,125			11,005			1,331			2,125			1,331
Residential 1-4 Family - Revolving		4,270			2,533			2,518			4,270			2,518
Auto		3,735			3,662			3,463			3,735			3,463
Consumer		274			479			385			274			385
Other Commercial		19			6,875			289			19			289
LHFI 30-59 days past due	$	24,300		$	36,801		$	19,162		$	24,300		$	19,162
Construction and land development	$	189		$	35		$	155			189			155
Commercial real estate - owner occupied		537			971			72			537			72
Commercial real estate - non-owner occupied		147			—			—			147			—
Multifamily real estate		727			981			632			727			632
Commercial & Industrial		2,278			838			192			2,278			192
Residential 1-4 Family - Commercial		552			19			689			552			689
Residential 1-4 Family - Consumer		4,559			348			1,960			4,559			1,960
Residential 1-4 Family - Revolving		2,094			1,137			795			2,094			795
Auto		718			539			565			718			565
Consumer		387			384			309			387			309
Other Commercial		1,440			1,123			—			1,440			—
LHFI 60-89 days past due	$	13,628		$	6,375		$	5,369		$	13,628		$	5,369
Past Due and still accruing	$	77,740		$	49,958		$	40,151		$	77,740		$	40,151
Past Due and still accruing / total LHFI		0.28	%		0.27	%		0.22	%		0.28	%		0.22	%
Alternative Performance Measures (non-GAAP)
Net interest income (FTE) (1)
Net interest income (GAAP)	$	321,371		$	184,164		$	184,534		$	505,536		$	332,358
FTE adjustment		4,362			3,757			3,814			8,120			7,537
Net interest income (FTE) (non-GAAP)	$	325,733		$	187,921		$	188,348		$	513,656		$	339,895
Noninterest income (GAAP)		81,522			29,163			23,812			110,685			49,365
Total revenue (FTE) (non-GAAP)	$	407,255		$	217,084		$	212,160		$	624,341		$	389,260
Average earning assets	$	34,121,715		$	22,108,618		$	21,925,128		$	28,148,353		$	20,507,261
Net interest margin		3.78	%		3.38	%		3.39	%		3.62	%		3.26	%
Net interest margin (FTE)		3.83	%		3.45	%		3.46	%		3.68	%		3.33	%
Tangible Assets (2)
Ending assets (GAAP)	$	37,289,371		$	24,632,611		$	24,761,413		$	37,289,371		$	24,761,413
Less: Ending goodwill		1,710,912			1,214,053			1,207,484			1,710,912			1,207,484
Less: Ending amortizable intangibles		351,381			79,165			95,980			351,381			95,980
Ending tangible assets (non-GAAP)	$	35,227,078		$	23,339,393		$	23,457,949		$	35,227,078		$	23,457,949
Tangible Common Equity (2)
Ending equity (GAAP)	$	4,832,639		$	3,185,216		$	3,043,686		$	4,832,639		$	3,043,686
Less: Ending goodwill		1,710,912			1,214,053			1,207,484			1,710,912			1,207,484
Less: Ending amortizable intangibles		351,381			79,165			95,980			351,381			95,980
Less: Perpetual preferred stock		166,357			166,357			166,357			166,357			166,357
Ending tangible common equity (non-GAAP)	$	2,603,989		$	1,725,641		$	1,573,865		$	2,603,989		$	1,573,865
Average equity (GAAP)	$	4,761,630		$	3,183,846		$	3,021,929		$	3,977,098		$	2,795,086
Less: Average goodwill		1,710,557			1,214,053			1,208,588			1,463,677			1,066,899
Less: Average amortizable intangibles		360,589			81,790			97,109			221,960			57,653
Less: Average perpetual preferred stock		166,356			166,356			166,356			166,356			166,356
Average tangible common equity (non-GAAP)	$	2,524,128		$	1,721,647		$	1,549,876		$	2,125,105		$	1,504,178
ROTCE (2)(3)
Net income available to common shareholders (GAAP)	$	16,824		$	46,851		$	22,194		$	63,676		$	68,996
Plus: Amortization of intangibles, tax effected		14,562			4,264			4,736			18,827			6,232
Net income available to common shareholders before amortization of intangibles (non-GAAP)	$	31,386		$	51,115		$	26,930		$	82,503		$	75,228
Return on average tangible common equity (ROTCE)		4.99	%		12.04	%		6.99	%		7.83	%		10.06	%

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 Six Months Ended
	6/30/25			3/31/25			6/30/24			6/30/25			6/30/24
Operating Measures (4)
Net income (GAAP)	$	19,791		$	49,818		$	25,161		$	69,610		$	74,930
Plus: Merger-related costs, net of tax		63,349			4,643			24,236			67,992			25,799
Plus: FDIC special assessment, net of tax		—			—			—			—			664
Plus: Deferred tax asset write-down		—			—			4,774			—			4,774
Plus: CECL Day 1 non-PCD loans and RUC provision expense, net of tax		77,742			—			11,520			77,742			11,520
Less: Gain (loss) on sale of securities, net of tax		12			(81)			(5,148)			(67)			(5,145)
Less: Gain on CRE loan sale, net of tax		12,104			—			—			12,104			—
Less: Gain on sale of equity interest in CSP, net of tax		10,654			—			—			10,654			—
Adjusted operating earnings (non-GAAP)		138,112			54,542			70,839			192,653			122,832
Less: Dividends on preferred stock		2,967			2,967			2,967			5,934			5,934
Adjusted operating earnings available to common shareholders (non-GAAP)	$	135,145		$	51,575		$	67,872		$	186,719		$	116,898
Operating Efficiency Ratio (1)(6)
Noninterest expense (GAAP)	$	279,698		$	134,184		$	150,005		$	413,882		$	255,279
Less: Amortization of intangible assets		18,433			5,398			5,995			23,832			7,889
Less: Merger-related costs		78,900			4,940			29,778			83,840			31,652
Less: FDIC special assessment		—			—			—			—			840
Adjusted operating noninterest expense (non-GAAP)	$	182,365		$	123,846		$	114,232		$	306,210		$	214,898
Noninterest income (GAAP)	$	81,522		$	29,163		$	23,812		$	110,685		$	49,365
Less: Gain (loss) on sale of securities		16			(102)			(6,516)			(87)			(6,513)
Less: Gain on CRE loan sale		15,720			—			—			15,720			—
Less: Gain on sale of equity interest in CSP		14,300			—			—			14,300			—
Adjusted operating noninterest income (non-GAAP)	$	51,486		$	29,265		$	30,328		$	80,752		$	55,878
Net interest income (FTE) (non-GAAP) (1)	$	325,733		$	187,921		$	188,348		$	513,656		$	339,895
Adjusted operating noninterest income (non-GAAP)		51,486			29,265			30,328			80,752			55,878
Total adjusted revenue (FTE) (non-GAAP) (1)	$	377,219		$	217,186		$	218,676		$	594,408		$	395,773
Efficiency ratio		69.42	%		62.90	%		72.00	%		67.16	%		66.88	%
Efficiency ratio (FTE) (1)		68.68	%		61.81	%		70.70	%		66.29	%		65.58	%
Adjusted operating efficiency ratio (FTE) (1)(6)		48.34	%		57.02	%		52.24	%		51.52	%		54.30	%
Operating ROA & ROE (4)
Adjusted operating earnings (non-GAAP)	$	138,112		$	54,542		$	70,839		$	192,653		$	122,832
Average assets (GAAP)	$	37,939,232		$	24,678,974		$	24,620,198		$	31,345,735		$	22,921,478
Return on average assets (ROA) (GAAP)		0.21	%		0.82	%		0.41	%		0.45	%		0.66	%
Adjusted operating return on average assets (ROA) (non-GAAP)		1.46	%		0.90	%		1.16	%		1.24	%		1.08	%
Average equity (GAAP)	$	4,761,630		$	3,183,846		$	3,021,929		$	3,977,098		$	2,795,086
Return on average equity (ROE) (GAAP)		1.67	%		6.35	%		3.35	%		3.53	%		5.39	%
Adjusted operating return on average equity (ROE) (non-GAAP)		11.63	%		6.95	%		9.43	%		9.77	%		8.84	%
Operating ROTCE (2)(3)(4)
Adjusted operating earnings available to common shareholders (non-GAAP)	$	135,145		$	51,575		$	67,872		$	186,719		$	116,898
Plus: Amortization of intangibles, tax effected		14,562			4,264			4,736			18,827			6,232
Adjusted operating earnings available to common shareholders before amortization of intangibles (non-GAAP)	$	149,707		$	55,839		$	72,608		$	205,546		$	123,130
Average tangible common equity (non-GAAP)	$	2,524,128		$	1,721,647		$	1,549,876		$	2,125,105		$	1,504,178
Adjusted operating return on average tangible common equity (non-GAAP)		23.79	%		13.15	%		18.84	%		19.50	%		16.46	%
Pre-tax pre-provision adjusted operating earnings (7)
Net income (GAAP)	$	19,791		$	49,818		$	25,161		$	69,610		$	74,930
Plus: Provision for credit losses		105,707			17,638			21,751			123,345			29,989
Plus: Income tax (benefit) expense		(2,303)			11,687			11,429			9,384			21,525
Plus: Merger-related costs		78,900			4,940			29,778			83,840			31,652
Plus: FDIC special assessment		—			—			—			—			840
Less: Gain (loss) on sale of securities		16			(102)			(6,516)			(87)			(6,513)
Less: Gain on CRE loan sale		15,720			—			—			15,720			—
Less: Gain on sale of equity interest in CSP		14,300			—			—			14,300			—
Pre-tax pre-provision adjusted operating earnings (non-GAAP)	$	172,059		$	84,185		$	94,635		$	256,246		$	165,449
Less: Dividends on preferred stock		2,967			2,967			2,967			5,934			5,934
Pre-tax pre-provision adjusted operating earnings available to common shareholders (non-GAAP)	$	169,092		$	81,218		$	91,668		$	250,312		$	159,515
Weighted average common shares outstanding, diluted		141,738,325			90,072,795			89,768,466			116,056,670			82,482,921
Pre-tax pre-provision earnings per common share, diluted	$	1.19		$	0.90		$	1.02		$	2.16		$	1.93

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 Six Months Ended
	6/30/25			3/31/25			6/30/24			6/30/25			6/30/24
Mortgage Origination Held for Sale Volume
Refinance Volume	$	15,126		$	10,035		$	4,234		$	25,161		$	9,872
Purchase Volume		131,192			33,733			48,487			164,925			80,255
Total Mortgage loan originations held for sale	$	146,318		$	43,768		$	52,721		$	190,086		$	90,127
% of originations held for sale that are refinances		10.3	%		22.9	%		8.0	%		13.2	%		11.0	%
Wealth
Assets under management	$	14,270,205		$	6,785,740		$	6,487,087		$	14,270,205		$	6,487,087
Other Data
End of period full-time equivalent employees		3,160			2,128			2,083			3,160			2,083

(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 the 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, merger-related costs, FDIC special assessments, deferred tax asset write-down, the CECL Day 1 non-PCD loans and RUC provision expense, gain (loss) on sale of securities, gain on CRE loan sale, and gain on sale of equity interest in CSP. The Company believes these non-GAAP adjusted measures provide investors with important information about the continuing economic results of the Company’s operations. Due to the impact of completing the Sandy Spring acquisition in the second quarter of 2025 and the acquisition of American National Bankshares in the second quarter of 2024, we updated our non-GAAP operating measures beginning in the second quarter of 2025 to exclude the CECL Day 1 non-PCD loans and RUC provision expense. The CECL Day 1 non-PCD loans and RUC provision expense is comprised of the initial provision expense on non-PCD loans, which represents the CECL “double count” of the non-PCD credit mark, and the additional provision for unfunded commitments. The Company does not view the CECL Day 1 non-PCD loans and RUC provision expense as organic costs to run the Company’s business and believes this updated presentation will provide investors with additional information to assist in period-to-period and company-to-company comparisons of operating performance, which will aid investors in analyzing the Company’s performance. Prior period non-GAAP operating measures presented in this release have been recast to conform to this updated presentation.

(5) All ratios at June 30, 2025 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, merger-related costs, FDIC special assessments, gain (loss) on sale of securities, gain on CRE loan sale, and gain on sale of equity interest in CSP. This measure is similar to the measure used by the Company when analyzing corporate performance and is also similar to the measure used for incentive compensation. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the Company’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 (benefit) expense, merger-related costs, FDIC special assessments, gain (loss) on sale of securities, gain on CRE loan sale, and gain on sale of equity interest in CSP. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the Company’s operations.

(8) The calculations for the periods prior to March 31, 2025 exclude the impact of unvested restricted stock awards outstanding as of each period end; however, unvested shares are reflected in March 31, 2025 and subsequent period ratios.

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share data)

	June 30,		December 31,		June 30,
	2025		2024		2024
ASSETS		(unaudited)		(audited)		(unaudited)
Cash and cash equivalents:
Cash and due from banks	$	337,974	$	196,435	$	233,065
Interest-bearing deposits in other banks		1,246,294		153,695		207,129
Federal funds sold		4,380		3,944		5,820
Total cash and cash equivalents		1,588,648		354,074		446,014
Securities available for sale, at fair value		3,809,281		2,442,166		2,555,723
Securities held to maturity, at carrying value		827,135		803,851		810,450
Restricted stock, at cost		140,606		102,954		125,308
Loans held for sale		32,987		9,420		12,906
Loans held for investment, net of deferred fees and costs		27,328,333		18,470,621		18,347,190
Less: allowance for loan and lease losses		315,574		178,644		158,131
Total loans held for investment, net		27,012,759		18,291,977		18,189,059
Premises and equipment, net		164,828		112,704		114,987
Goodwill		1,710,912		1,214,053		1,207,484
Amortizable intangibles, net		351,381		84,563		95,980
Bank owned life insurance		665,477		493,396		489,550
Other assets		985,357		676,165		713,952
Total assets	$	37,289,371	$	24,585,323	$	24,761,413
LIABILITIES
Noninterest-bearing demand deposits	$	7,039,121	$	4,277,048	$	4,527,248
Interest-bearing deposits		23,933,054		16,120,571		15,473,629
Total deposits		30,972,175		20,397,619		20,000,877
Securities sold under agreements to repurchase		127,351		56,275		64,585
Other short-term borrowings		—		60,000		725,500
Long-term borrowings		765,416		418,303		416,649
Other liabilities		591,790		510,247		510,116
Total liabilities		32,456,732		21,442,444		21,717,727
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $10.00 par value		173		173		173
Common stock, $1.33 par value		188,454		118,519		118,475
Additional paid-in capital		3,876,831		2,280,547		2,273,312
Retained earnings		1,087,967		1,103,326		1,034,313
Accumulated other comprehensive loss		(320,786)		(359,686)		(382,587)
Total stockholders' equity		4,832,639		3,142,879		3,043,686
Total liabilities and stockholders' equity	$	37,289,371	$	24,585,323	$	24,761,413
Common shares outstanding		141,694,720		89,770,231		89,769,734
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						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2025		2025		2024		2025		2024
Interest and dividend income:
Interest and fees on loans	$	458,766	$	271,515	$	285,198	$	730,281	$	519,796
Interest on deposits in other banks		4,991		2,513		2,637		7,504		3,918
Interest and dividends on securities:
Taxable		38,260		23,648		24,886		61,908		43,765
Nontaxable		8,355		8,160		8,167		16,515		16,323
Total interest and dividend income		510,372		305,836		320,888		816,208		583,802
Interest expense:
Interest on deposits		171,343		115,587		122,504		286,929		224,368
Interest on short-term borrowings		4,147		909		8,190		5,056		16,351
Interest on long-term borrowings		13,511		5,176		5,660		18,687		10,725
Total interest expense		189,001		121,672		136,354		310,672		251,444
Net interest income		321,371		184,164		184,534		505,536		332,358
Provision for credit losses		105,707		17,638		21,751		123,345		29,989
Net interest income after provision for credit losses		215,664		166,526		162,783		382,191		302,369
Noninterest income:
Service charges on deposit accounts		12,220		9,683		9,086		21,905		17,655
Other service charges, commissions and fees		2,245		1,762		1,967		4,007		3,698
Interchange fees		3,779		2,949		3,126		6,727		5,420
Fiduciary and asset management fees		17,723		6,697		6,907		24,420		11,745
Mortgage banking income		2,821		973		1,193		3,794		2,060
Gain (loss) on sale of securities		16		(102)		(6,516)		(87)		(6,513)
Bank owned life insurance income		7,327		3,537		3,791		10,864		7,037
Loan-related interest rate swap fees		1,733		2,400		1,634		4,133		2,850
Other operating income		33,658		1,264		2,624		34,922		5,413
Total noninterest income		81,522		29,163		23,812		110,685		49,365
Noninterest expenses:
Salaries and benefits		109,942		75,415		68,531		185,357		130,413
Occupancy expenses		12,782		8,580		7,836		21,362		14,462
Furniture and equipment expenses		6,344		3,914		3,805		10,258		7,114
Technology and data processing		17,248		10,188		10,274		27,435		18,401
Professional services		7,808		4,687		4,377		12,494		7,458
Marketing and advertising expense		3,757		3,184		2,983		6,941		5,301
FDIC assessment premiums and other insurance		8,642		5,201		4,675		13,844		9,818
Franchise and other taxes		4,688		4,643		5,013		9,331		9,514
Loan-related expenses		1,278		1,249		1,275		2,527		2,598
Amortization of intangible assets		18,433		5,398		5,995		23,832		7,889
Merger-related costs		78,900		4,940		29,778		83,840		31,652
Other expenses		9,876		6,785		5,463		16,661		10,659
Total noninterest expenses		279,698		134,184		150,005		413,882		255,279
Income before income taxes		17,488		61,505		36,590		78,994		96,455
Income tax (benefit) expense		(2,303)		11,687		11,429		9,384		21,525
Net Income	$	19,791	$	49,818	$	25,161	$	69,610	$	74,930
Dividends on preferred stock		2,967		2,967		2,967		5,934		5,934
Net income available to common shareholders	$	16,824	$	46,851	$	22,194	$	63,676	$	68,996
Basic earnings per common share	$	0.12	$	0.53	$	0.25	$	0.55	$	0.84
Diluted earnings per common share	$	0.12	$	0.52	$	0.25	$	0.55	$	0.84

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

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

(Dollars in thousands)

	For the Quarter Ended
	June 30, 2025					March 31, 2025
	Average Balance		Interest Income / Expense (1)		Yield / Rate (1)(2)	Average Balance		Interest Income / Expense (1)		Yield / Rate (1)(2)
Assets:
Securities:
Taxable	$	3,441,963	$	38,260	4.46%	$	2,131,859	$	23,648	4.50%
Tax-exempt		1,279,773		10,576	3.31%		1,255,768		10,329	3.34%
Total securities		4,721,736		48,836	4.15%		3,387,627		33,977	4.07%
LHFI, net of deferred fees and costs (3)(4)		27,094,551		437,819	6.48%		18,428,710		272,904	6.01%
Other earning assets		2,305,428		28,079	4.89%		292,281		2,712	3.76%
Total earning assets		34,121,715	$	514,734	6.05%		22,108,618	$	309,593	5.68%
Allowance for loan and lease losses		(349,131)					(179,601)
Total non-earning assets		4,166,648					2,749,957
Total assets	$	37,939,232				$	24,678,974
Liabilities and Stockholders' Equity:
Interest-bearing deposits:
Transaction and money market accounts	$	14,748,786	$	95,719	2.60%	$	10,316,955	$	66,688	2.62%
Regular savings		2,848,416		13,818	1.95%		1,029,875		501	0.20%
Time deposits (5)		6,553,018		61,806	3.78%		4,715,648		48,398	4.16%
Total interest-bearing deposits		24,150,220		171,343	2.85%		16,062,478		115,587	2.92%
Other borrowings (6)		1,331,793		17,658	5.32%		525,889		6,085	4.69%
Total interest-bearing liabilities	$	25,482,013	$	189,001	2.97%	$	16,588,367	$	121,672	2.97%
Noninterest-bearing liabilities:
Demand deposits		7,093,163					4,403,603
Other liabilities		602,426					503,158
Total liabilities		33,177,602					21,495,128
Stockholders' equity		4,761,630					3,183,846
Total liabilities and stockholders' equity	$	37,939,232				$	24,678,974
Net interest income (FTE)			$	325,733				$	187,921
Interest rate spread					3.08%					2.71%
Cost of funds					2.22%					2.23%
Net interest margin (FTE)					3.83%					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 rounded amounts in thousands, which appear above.

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

(4) Interest income on loans includes $45.7 million and $13.3 million for the three months ended June 30, 2025 and March 31, 2025, respectively, in accretion of the fair market value adjustments related to acquisitions.

(5) Interest expense on time deposits includes $1.9 million in accretion and $415,000 in amortization for the three months ended June 30, 2025 and March 31, 2025, respectively, of the fair market value adjustments related to acquisitions.

(6) Interest expense on borrowings includes $2.3 million and $287,000 for the three months ended June 30, 2025 and March 31, 2025, respectively, in amortization of the fair market value adjustments related to acquisitions.

EX-99.2

Exhibit 99.2

Q2 2025 EARNINGS PRESENTATION NYSE: AUB JULY 24, 2025

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 regarding our recently completed acquisition of Sandy Spring Bancorp, Inc. (“Sandy Spring”) and expectations with regard to the benefits of the Sandy Spring acquisition, statements regarding our business, financial and operating results, including our deposit base and funding; the impact of changes in economic conditions, anticipated changes in the interest rate environment and the related impacts on our net interest margin, changes in economic, fiscal or trade policy and the potential impacts on our business, loan demand and economic conditions, in our markets and nationally; management’s beliefs regarding our liquidity, capital resources, asset quality, CRE loan portfolio and our customer relationships; statements regarding our North Carolina expansion strategy and the impact of such strategy, statements that include other projections, predictions, expectations, or beliefs about future events or results or otherwise are not statements of historical fact, and statements on the slides entitled “2025 Financial Outlook (inclusive of Sandy Spring beginning April 1st)” and “North Carolina Expansion Strategy”. 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,” “seek to,” “potential,” “continue,” “confidence,” or words of similar meaning or other statements concerning opinions or judgment of Atlantic Union Bankshares Corporation (the “Company,” “AUB,” “we,” “us” or “our”) and our management about future events. Although we believe that our expectations with respect to forward-looking statements are based on 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; • economic conditions, including inflation and recessionary conditions and their related impacts on economic growth and customer and client behavior; • U.S. and global trade policies and tensions, including change in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, and geopolitical instability; • volatility in the financial services sector, including failures or rumors of failures of other depository institutions, along with actions taken by governmental agencies to address such turmoil, and the effects on the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; • legislative or regulatory changes and requirements, including as part of the regulatory reform agenda of the Trump administration, including changes in federal state or local tax laws and changes impacting the rulemaking, supervision, examination and enforcement priorities of the federal banking agencies; • the sufficiency of liquidity and changes in our capital position; • 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, U.S. fiscal debt, budget and tax matters, and slowdowns in economic growth; • the diversion of management’s attention from ongoing business operations and opportunities due to our recent acquisition of Sandy Spring; • the impact of purchase accounting with respect to the Sandy Spring acquisition, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine the fair value and credit marks; • the possibility that the anticipated benefits of our acquisition activity, including our acquisitions of Sandy Spring and American National, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the strength of the economy, competitive factors in the areas where we do business, or as a result of other unexpected factors or events, or with respect to our acquisition of Sandy Spring, as a result of the impact of, or problems arising from, the integration of the two companies; • the integration of the business and operations of Sandy Spring may take longer or be more costly than anticipated; • potential adverse reactions or changes to business or employee relationships, including those resulting from our acquisitions of Sandy Spring and American National; • our ability to identify, recruit and retain key employees • monetary, fiscal and regulatory 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 in these portfolios; • 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; • 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 changing economic conditions, credit concentrations, inflation, changing interest rates, or other factors; • 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 consideration; • the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts, geopolitical conflicts or public health events (such as pandemics), 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; • 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; • 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; • 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, 2024, 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 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 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 because of new information, future events or otherwise, except as required by law.

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 our financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. We use the non-GAAP financial measures discussed herein in our analysis of our performance. Our 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 our underlying performance, or show the potential effects of accumulated other comprehensive income (or AOCI) or unrealized losses on securities on our capital. This presentation also includes certain projections of non-GAAP financial measures. Due to the inherent variability and difficulty associated with making accurate forecasts and projections of information that is excluded from these projected non-GAAP measures, and the fact that some of the excluded information is not currently ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in the most directly comparable projected GAAP financial measures without unreasonable effort. Consequently, no disclosure of projected comparable GAAP measures is included, and no reconciliation of forward-looking non-GAAP financial information is included. 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. Market and Industry Data Unless otherwise indicated, market data and certain industry forecast data used in this presentation were obtained from internal reports, where appropriate, as well as third party sources and other publicly available information. Data regarding the industries in which the Company competes, its market position and market share within these industries are inherently imprecise and are subject to significant business, economic and competitive uncertainties beyond the Company's control. In addition, assumptions and estimates of the Company and its industries' future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause future performance to differ materially from assumptions and estimates. 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 branches and ATMs located in Virginia, 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 N O R F O L K V I R G I N I A B E A C H M a ry l a n d V irg in ia No rth C a ro l in a C H A R L O T T E W I L M I N G T O N B A L T I M O R E R A L E I G H G R E E N S B O R O W A S H I N G T O N R O A N O K E S T A U N T O N C H A R L O T T E S V I L L E R I C H M O N D F R E D E R I C K S B U R G HIGHLIGHTS1 branches across Virginia, North Carolina and Maryland footprint 183 largest regional bank in Mid-Atlantic, Maryland and Virginia2,3 #1 $37.3 Billion Assets $27.3 Billion Loans $31.0 Billion Deposits $4.8 Billion Market Capitalization Soundness | Profitability | Growth 1. Assets, Loans, Deposits and Branch Count are as of June 30, 2025. Market Cap as of July 23, 2025. 2. Regional market: Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington D.C., and West Virginia 3. Regional banks defined as U.S. Banks with <$100 Billion in assets OUR COMPANY Branch (183) LPO (2) Largest Regional Bank Headquartered in the Lower Mid-Atlantic

5 Dense, uniquely valuable presence across attractive markets FINANCIAL STRENGTH Solid balance sheet & capital levels PEER-LEADING PERFORMANCE Committed to top-tier financial performance ATTRACTIVE FINANCIAL PROFILE Solid dividend yield & payout ratio with earnings upside STRONG GROWTH POTENTIAL Organic & acquisition opportunities OUR SHAREHOLDER VALUE PROPOSITION Positioned for growth and long-term shareholder value creation as a preeminent regional bank with a leading presence in attractive markets LEADING REGIONAL PRESENCE

AUB Q2 2025 FINANCIAL RESULTS

7 1. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measure in "Appendix - Reconciliation of Non-GAAP Disclosures” HIGHLIGHTS Q2 2025 LOANS & DEPOSITS Assuming the Sandy Spring acquisition closed on March 31 instead of April 1, and excluding both the loan fair value marks on the acquired loans and the effect of the CRE loan sale transaction, our loan growth was approximately 4% annualized in Q2 2025 Paid down approximately $340 million in brokered deposits Loan/Deposit ratio of 88.2% at June 30, 2025 POSITIONING FOR LONG TERM Lending pipelines remain healthy Focus on systems integration of Sandy Spring, performance of the core banking franchise, and building out North Carolina franchise Focused on generating positive operating leverage DIFFERENTIATED CLIENT EXPERIENCE Responsive, strong and capable alternative to large national banks, while competitive with and more capable than smaller banks CAPITALIZE ON STRATEGIC OPPORTUNITIES Closed the acquisition of Sandy Spring on April 1, 2025 Sandy Spring core systems conversion scheduled for October 2025 FINANCIAL RATIOS Q2 2025 adjusted operating return on tangible common equity of 23.8%1 Q2 2025 adjusted operating return on assets of 1.46%1 Q2 2025 adjusted operating efficiency ratio (FTE) of 48.31 ASSET QUALITY Q2 2025 net charge-offs at 1 basis point of total average loans held for investment annualized Increased Allowance for Credit Loss to 1.25% of loans held for investment Credit marked Sandy Spring’s loan portfolio and brought onto AUB’s more conservative risk rating system 7

Source: Most recent data available from SNL Financial; Bureau of Economic Analysis; Bureau of Labor Statistics, CNBC, U.S. Small Business Administration, Business Facilities 8 AMONG THE MOST ATTRACTIVE STATES IN USA FOR BUSINESS Virginia rated 1st in Workforce Training and Cybersecurity, 2nd in Tech Talent Pipeline and 3 rd in Business Climate North Carolina rated 2nd in Business Climate Virginia ranked 3rd and Maryland ranked 4th in AI Growth Hubs # State June 2025 % 1 South Dakota 1.8 2 North Dakota 2.5 3 Vermont 2.6 4 Montana 2.8 4 Hawaii 2.8 6 Nebraska 3.0 7 New Hampshire 3.1 7 Oklahoma 3.1 # State Pop. (Millions) 1 California 39.2 2 Texas 30.7 3 Florida 22.7 4 New York 19.6 5 Pennsylvania 13.0 6 Illinois 12.5 7 Ohio 11.8 8 Georgia 11.1 # State HHI ($) 1 District of Columbia 98,916 2 Maryland 97,364 3 Massachusetts 96,584 4 New Jersey 96,278 5 New Hampshire 94,929 6 Washington 93,297 7 California 92,605 8 Hawaii 91,385 # State GDP ($Billions) 1 California 4,103 2 Texas 2,709 3 New York 2,297 4 Florida 1,706 5 Illinois 1,137 6 Pennsylvania 1,024 7 Ohio 928 8 Georgia 882 # State Pop. (Millions) 9 North Carolina 10.9 10 Michigan 10.1 11 New Jersey 9.3 12 Virginia 8.8 13 Washington 7.9 14 Arizona 7.5 15 Tennessee 7.1 19 Maryland 6.2 # State HHI ($) 9 Colorado 90,555 10 Connecticut 89,717 11 Virginia 89,172 12 Utah 88,438 13 Alaska 86,275 14 Minnesota 86,272 15 New York 81,057 37 North Carolina 71,489 # State June 2025 % 9 Alabama 3.2 9 Utah 3.2 9 Wisconsin 3.2 12 Maryland 3.3 16 Virginia 3.5 21 North Carolina 3.7 50 District of Columbia 5.9 National Rate 4.1 # State GDP ($Billions) 9 Washington 854 10 New Jersey 847 11 North Carolina 839 12 Massachusetts 781 13 Virginia 764 14 Michigan 707 15 Colorado 553 18 Maryland 543 Ranked Virginia the Best State for Business for 2024, 2021 and 2020 and 2nd best in 2023 North Carolina ranked best in 2025 and 2023 and 2nd best in 2024 Maryland ranked 8th for Technology and Innovation in 2024 Virginia has 854,172 small businesses — 99.6% of VA businesses Maryland has 668,365 small businesses — 99.6% of MD businesses North Carolina has 1.1 million small businesses — 99.6% of NC businesses MEDIAN HOUSEHOLD INCOME ($) 2024 POPULATION (MILLIONS) 2024 GDP UNEMPLOYMENT BY STATE ( $ B I LLI O N S )

9 Source: SNL Financial; Bureau of Economic Analysis; Federal Reserve; Federal Government Employment excludes military personnel and is from a March 4, 2025 analysis by the Richmond Federal Reserve AMONG THE MOST ATTRACTIVE MARKETS IN USA # County 2025 ($) 1 Loudoun, VA 178,282 2 Falls Church, VA 177,401 3 Santa Clara, CA 158,751 4 San Mateo, CA 154,846 5 Los Alamos, NM 150,209 6 Fairfax, VA 150,142 7 Douglas, CO 149,907 8 Hunterdon, NJ 146,648 # State Total Share of all Federal Government (%) Share of state employment (%) % in National Security Agencies 1 District of Columbia 162,144 7.23 21.2 28.5 2 California 147,487 6.58 0.8 3 Virginia 144,483 6.45 3.5 80.0 4 Maryland 142,876 6.37 5.3 39.2 5 Texas 129,738 5.79 0.9 6 Florida 94,014 4.19 0.9 7 Georgia 79,686 3.56 1.6 8 Pennsylvania 66,079 2.95 1.1 9 Washington 56,772 2.53 1.6 10 Ohio 55,487 2.48 1.0 11 New York 53,600 2.39 0.6 12 North Carolina 51,013 2.28 1.0 # County 2025 ($) 9 Nantucket, MA 146,042 10 Fairfax, VA (City) 144,223 11 Summit, UT 142,844 12 Stafford, VA 142,519 13 Elbert, CO 141,524 14 San Francisco, CA 141,370 15 Marin, CA 140,592 UNEMPLOYMENT RATES FOR LARGE METRO AREAS MEDIAN HOUSEHOLD INCOME FEDERAL GOVERNMENT EMPLOYMENT Metro Area February 2025 Rate % Rank # May 2025 Rate % Rank # Raleigh/Cary 3.0 3 3.1 7 Baltimore/Columbia/Towson 3.3 6 3.2 11 Richmond 3.3 6 3.5 17 Washington DC/Arlington/Alexandria 3.4 8 3.6 19 Virginia Beach/Chesapeake/Norfolk 3.5 11 3.7 24 Within Virginia, Maryland and North Carolina, we operate in strong markets. • Unemployment ticked up slightly in most of our large metro areas, but remains below national average • 5 of top 12 counties with highest median household income in the country Outside of Washington D.C., where we have a limited presence, the share of Federal Government employment as a % of overall state employment is relatively low. • Virginia has a high percentage of employment at national security agencies such as Department of Navy, Department of Defense, Department of the Army, Department of Veterans Affairs, Department of the Air Force and Department of Homeland Security

10 1. For 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 Q2 2025 FINANCIAL PERFORMANCE AT-A-GLANCE • Reported net income available to common shareholders for the second quarter of 2025 was $16.8 million or $0.12 per diluted share, down $30.0 million or $0.40 per diluted share compared to the prior quarter, primarily driven by the net impact of the following items: • An increase in net interest income, due primarily to a $12.0 billion increase in average interest earning assets due primarily to the addition of Sandy Spring acquired loans and the impact of loan accretion income related to acquisition accounting, as well as organic loan growth, partially offset by a $8.9 billion increase in average interest bearing liabilities due primarily to the addition of Sandy Spring acquired deposits and borrowings and the associated net amortization related to acquisition accounting; • An increase in the provision for credit losses due primarily to the Sandy Spring acquisition, which included a Day 1 initial provision expense of $89.5 million on non-PCD loans, which represents the CECL “double count” of the non-PCD loan credit mark, and $11.4 million on unfunded commitments; • An increase in noninterest expense, primarily driven by a $74.0 million increase in merger-related costs, as well as other increases in noninterest expense due to the full quarter impact of the Sandy Spring acquisition; • Partially offset by an increase in noninterest income, primarily driven by the $15.7 million gain on CRE loan sale, a $14.3 million gain on the sale of our equity interest in Cary Street Partners (“CSP”), and the full quarter impact of the Sandy Spring acquisition. • Adjusted operating earnings available to common shareholders1 increased $83.6 million to $135.1 million for the second quarter compared to the prior quarter, primarily driven by the net impact of the following items: • An increase in net interest income1 , as described above; • An increase in adjusted operating noninterest income1 , as described above excluding the gain on CRE loan sale, gain on sale of our equity interest in CSP, and gains and losses on sale of securities; • An increase in adjusted noninterest expense1 , as described above excluding merger-related costs and amortization of intangible assets. SUMMARIZED INCOME STATEMENT 2Q2025 1Q2025 Net interest income $321,371 $184,164 - Provision for credit losses 105,707 17,638 + Noninterest income 81,522 29,163 - Noninterest expense 279,698 134,184 - Taxes (2,303) 11,687 Net income (GAAP) $19,791 $49,818 - Dividends on preferred stock 2,967 2,967 Net income available to common shareholders (GAAP) $16,824 $46,851 + Merger-related costs, net of tax 63,349 4,643 - Gain (loss) on sale of securities, net of tax 12 (81) +CECL Day 1 non-PCD loans and RUC provision expense, net of tax 77,742 — - Gain on CRE loan sale, net of tax 12,104 — - Gain on sale of equity interest in CSP, net of tax 10,654 — Adjusted operating earnings available to common shareholders (non-GAAP)1 $135,145 $51,575 EARNINGS METRICS 2Q2025 1Q2025 Net Income available to common shareholders $16,824 $46,851 Common EPS, diluted $0.12 $0.52 ROE 1.67% 6.35% ROTCE (non-GAAP)1 4.99% 12.04% ROA 0.21% 0.82% Efficiency ratio 69.42% 62.90% Efficiency ratio (FTE)1 68.68% 61.81% Net interest margin 3.78% 3.38% Net interest margin (FTE)1 3.83% 3.45% ADJUSTED OPERATING EARNINGS METRICS - NON-GAAP1 2Q2025 1Q2025 Adjusted operating earnings available to common shareholders $ 135,145 $ 51,575 Adjusted operating common EPS, diluted $0.95 $0.57 Adjusted operating ROA 1.46% 0.90% Adjusted operating ROTCE 23.79% 13.15% Adjusted operating efficiency ratio (FTE) 48.34% 57.02% Adjusted operating earnings PTPP $172,059 $84,185 PTPP = Pre-tax Pre-provision

11 Numbers may not foot due to rounding Q2 2025 ALLOWANCE FOR CREDIT LOSSES (ACL) AND PROVISION FOR CREDIT LOSSES Q2 MACROECONOMIC FORECAST Q2 ACL CONSIDERATIONS MOODY’S JUNE 2025 BASELINE FORECAST: • US GDP expected to average ~1.5% growth in 2025 and ~1.3% in 2026. • The national unemployment rate expected to rise to ~4.2% in 2025 and ~4.6% in 2026. • Utilizes a weighted Moody’s forecast economic scenarios approach in the quantitative model. • Qualitative factors were added as deemed appropriate, for certain portfolios as well as for the increased uncertainty in the economic outlook. • 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 (ALLL) RESERVE FOR UNFUNDED COMMITMENTS (RUC) ALLOWANCE FOR CREDIT LOSSES 12/31/2024 Ending Balance % of loans $178.7 million (0.97%) $15.0 million (0.09%) $193.7 million (1.05%) Q1 2025 Activity +$15.1 million Increase primarily reflecting the impacts of increased uncertainty in the economic outlook. +$0.2 million Slight increase primarily reflecting the impacts of increased uncertainty in the economic outlook. +$15.3 million $17.6 million Provision for Credit Losses and $2.3 million net charge-offs 03/31/2025 Ending Balance % of loans $193.8 million (1.05%) $15.2 million (0.08%) $209.0 million (1.13%) Sandy Spring Initial Allowance – Non-PCD recorded via provision expense +$89.5 million +$11.4 million +$100.9 million Provision for credit losses Sandy Spring Initial Allowance – PCD recorded via PCD gross up of ALLL $28.3 million - $28.3 million Q2 2025 Activity +$4.0 million Increase primarily reflecting loan growth and the impacts of deteriorating macroeconomic forecasts. +$0.2 million Slight increase primarily reflecting the impacts of deteriorating macroeconomic forecasts. +$4.2 million $4.8 million Provision for Credit Losses and $0.6 million net charge-offs 06/30/2025 Ending Balance % of loans $315.6 million (1.15%) $26.8 million (0.10%) $342.4 million (1.25%)

12 NET INTEREST MARGIN (FTE): DRIVERS OF CHANGE 1Q 2025 TO 2Q 2025 Q1 2025 Reported NIM Core Loan yield* Cash/Securities Yield Earning Assets Mix Core Deposits Borrowings Net Purchase Accounting Accretion Q2 2025 Reported NIM * Core Loan yield includes Loan Fees and Swaps 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 Q2 2025 NET INTEREST MARGIN MARKET RATES 2Q 2025 1Q 2025 EOP Avg EOP Avg Fed funds 4.50% 4.50% 4.50% 4.50% Prime 7.50% 7.50% 7.50% 7.50% 1-month SOFR 4.32% 4.32% 4.32% 4.32% 2-year Treasury 3.72% 3.87% 3.88% 4.16% 10- year Treasury 4.23% 4.35% 4.21% 4.46% MARGIN OVERVIEW 2Q 2025 1Q 2025 Net interest margin (FTE)1 3.83% 3.45% Loan yield 6.48% 6.01% Investment yield 4.15% 4.07% Earning asset yield 6.05% 5.68% Cost of deposits 2.20% 2.29% Cost of interest-bearing deposits 2.85% 2.92% Cost of interest-bearing liabilities 2.97% 2.97% Cost of funds 2.22% 2.23% Presented on an FTE basis (non-GAAP)1 Approximately 22% of the total loan portfolio at 6/30/2025 have floors and all are above floors LOAN PORTFOLIO PRICING MIX 2Q 2025 Fixed 50% 1-month SOFR 37% Prime 8% Other 5% Total 100% 3.45% 8 bps - 2 bps 30 bps 1 bps 3.83% 8 bps - 7 bps

1. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures” 13 Q2 2025 NONINTEREST INCOME AND NONINTEREST EXPENSE NONINTEREST EXPENSE ( $ T H O U S A N D S ) 2Q2025 1Q2025 Salaries and benefits $109,942 $75,415 Occupancy expenses 12,782 8,580 Furniture and equipment expenses 6,344 3,914 Technology and data processing 17,248 10,188 Professional services 7,808 4,687 Marketing and advertising expense 3,757 3,184 FDIC assessment premiums and other insurance 8,642 5,201 Franchise and other taxes 4,688 4,643 Loan-related expenses 1,278 1,249 Amortization of intangible assets 18,433 5,398 Merger-related costs 78,900 4,940 Other expenses 9,876 6,785 Total noninterest expenses $279,698 $134,184 Less: Amortization of intangible assets 18,433 5,398 Less: Merger-related costs 78,900 4,940 Total adjusted operating noninterest expense (non-GAAP)1 $182,365 $123,846 NONINTEREST INCOME ( $ T H O U S A N D S ) 2Q2025 1Q2025 Service charges on deposit accounts $12,220 $9,683 Other service charges, commissions and fees 2,245 1,762 Interchange fees 3,779 2,949 Fiduciary and asset management fees 17,723 6,697 Mortgage banking income 2,821 973 Gain (loss) on sale of securities 16 (102) Bank owned life insurance income 7,327 3,537 Loan-related interest rate swap fees 1,733 2,400 Other operating income 33,658 1,264 Total noninterest income $81,522 $29,163 Less: Gain (loss) on sale of securities 16 (102) Less: Gain on CRE loan sale 15,720 — Less: Gain on sale of equity interest in CSP 14,300 — Total adjusted operating noninterest income (non-GAAP)1 $51,486 $29,265 Adjusted operating noninterest income1 increased $22.2 million to $51.5 million for the second quarter of 2025 from $29.3 million in the prior quarter primarily due to: • The impact of the Sandy Spring acquisition, which drove the majority of the: • $11.0 million increase in fiduciary and asset management fees, as assets under management increased approximately 110% • $2.5 million increase in service charges on deposit accounts and • $830,000 increase in interchange fees • In addition to the impact of the Sandy Spring acquisition, • The bank owned life insurance income increase of $3.8 million includes death benefits of $2.4 million received in the second quarter • The mortgage banking income increase of $1.8 million includes the impact of Sandy Spring’s mortgage business and a seasonal increase in mortgage loan origination volumes • Other operating income increased $2.4 million, primarily due to an increase in equity method investment income Adjusted operating noninterest expense1 increased $58.6 million to $182.4 million for the second quarter of 2025 from $123.8 million in the prior quarter primarily due to: • The impact of the Sandy Spring acquisition, which drove the majority of the: • $34.5 million increase in salaries and benefits expense • $7.1 million increase in technology and data processing • $4.2 million increase in occupancy expenses • $3.4 million increase in FDIC assessment premiums and other insurance • $3.1 million increase in professional services • $3.1 million increase in other expenses, primarily due to increases in communication expense and teammate training and travel costs • $2.4 million increase in furniture and equipment expenses

14 Q2 2025 LOAN AND DEPOSIT GROWTH LOAN GROWTH ( $ T H O U S A N D S ) 2Q2025 1Q2025 QTD ANNUALIZED GROWTH Commercial real estate - non-owner occupied $ 6,912,692 $ 5,072,694 145.5% Commercial real estate - owner occupied 3,940,371 2,363,509 267.6% Construction and land development 2,444,151 1,305,969 349.6% Multifamily real estate 2,083,559 1,531,547 144.6% Residential 1-4 Family - Commercial 1,131,288 738,388 213.4% Total Commercial Real Estate (CRE) 16,512,061 11,012,107 200.3% Commercial & Industrial 5,141,691 3,819,415 138.9% Other Commercial 1,409,370 1,150,263 90.4% Total Commercial & Industrial 6,551,061 4,969,678 127.6% Total Commercial Loans $ 23,063,122 $ 15,981,785 177.7% Residential 1-4 Family - Consumer 2,746,046 1,286,526 455.0% Residential 1-4 Family - Revolving 1,154,085 778,527 193.5% Auto 245,554 279,517 (48.7%) Consumer 119,526 101,334 72.0% Total Consumer Loans $ 4,265,211 $ 2,445,904 298.3% Total Loans Held for Investment (LHFI) (net of deferred fees and costs) $ 27,328,333 $ 18,427,689 193.7% Average Loan Yield 6.48% 6.01% DEPOSIT GROWTH ( $ T H O U S A N D S ) 2Q2025 1Q2025 QTD ANNUALIZED GROWTH Interest checking accounts $ 6,909,250 $ 5,336,264 118.2% Money market accounts 7,242,686 4,602,260 230.1% Savings accounts 2,865,159 1,033,315 711.1% Customer time deposits of $250,000 and over 1,614,102 1,141,311 166.2% Other customer time deposits 4,138,277 2,810,070 189.6% Time deposits 5,752,379 3,951,381 182.8% Total interest-bearing customer deposits 22,769,474 14,923,220 210.9% Brokered deposits 1,163,580 1,108,481 19.9% Total interest-bearing deposits 23,933,054 16,031,701 197.7% Demand deposits 7,039,121 4,471,173 230.4% Total Deposits $ 30,972,175 $ 20,502,874 204.8% Average Cost of Deposits 2.20% 2.29% Loan to Deposit Ratio 88.2% 89.9% • At June 30, 2025, loans held for investment (“LHFI”) totaled $27.3 billion, an increase of $8.9 billion from the prior quarter, primarily driven by the impact of the Sandy Spring acquisition, as well as organic loan growth. • Loan yields increased 47 basis points to 6.48% primarily driven by incremental merger related loan accretion income, which added approximately 39 basis points to the loan yield from the prior quarter which was in addition to an increase in the core loan yield1 of 9 basis points, driven by back book fixed rate loans repricing higher. • At June 30, 2025, total deposits were $31.0 billion, an increase of $10.5 billion from the prior quarter, primarily due to increases in interest bearing customer deposits and demand deposits, primarily related to the addition of the Sandy Spring acquired deposits. In addition: • Noninterest-bearing demand deposits accounted for 23% of total deposit balances at the end of the second quarter of 2025, up from 22% in the prior quarter. • The cost of deposits decreased by 9 basis points compared to the prior quarter, primarily driven by lower cost of time deposits and the impact of acquisition related accretion. • At June 30, 2025, loan to deposit ratio was 88.2%, which declined from 89.9% in the prior quarter. 1. Core loan yield excludes the impact of accretion income

15 CAPITAL RATIO REGULATORY WELL CAPITALIZED MINIMUMS REPORTED PRO FORMA INCLUDING AOCI & HTM UNREALIZED LOSSES ATLANTIC UNION BANKSHARES ATLANTIC UNION BANK ATLANTIC UNION BANKSHARES ATLANTIC UNION BANK Common Equity Tier 1 Ratio (CET1) 6.5% 9.8% 12.5% 8.6% 11.3% Tier 1 Capital Ratio 8.0% 10.3% 12.5% 9.1% 11.3% Total Risk Based Capital Ratio 10.0% 13.7% 13.5% 12.5% 12.3% Leverage Ratio 5.0% 8.7% 10.5% 7.6% 9.4% Tangible Equity to Tangible Assets (non-GAAP)1 - 7.9% 9.7% 7.7% 9.6% Tangible Common Equity Ratio (non-GAAP) 1 - 7.4% 9.7% 7.3% 9.6% 1. For non-GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of Non-GAAP Disclosures” * Capital information presented herein is based on estimates and subject to change pending the Company’s filing of its regulatory reports STRONG CAPITAL POSITION 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 JUNE 30, 2025 • On a pro forma standalone basis, the Company would be well capitalized if unrealized losses on securities were realized at June 30, 2025. CAPITAL MANAGEMENT ACTIONS • During the second quarter, the Company paid a common stock dividend of 34 cents per share, which was an increase of 6.3% from the second quarter of 2024 dividend amount. • During the second quarter of 2025, the Company paid dividends of $171.88 per outstanding share of Series A Preferred Stock At June 30,2025

16 1. Information on this slide is presented as of July 24, 2025, reflects the Company’s updated financial outlook, certain of the Company’s financial targets, and key economic and other 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 outlook excludes amortization of intangible assets, merger-related costs, and FDIC special assessments, and the adjusted operating noninterest income outlook excludes gains and losses on the sale of securities, loans or the equity interest in CSP. The FY 2025 financial outlook, the Company’s financial targets and the key economic assumptions contain forward-looking statements. These statements are based on current beliefs and expectations of our management and are subject to significant risks and uncertainties, including, but not limited to, volatility and uncertainty in the macroeconomic environment, changes in federal and state governmental policies, the imposition or expansion of tariffs, sustained inflationary pressures, recessionary conditions, and geopolitical instability. As a result, actual results or conditions may differ materially. See the information set forth below the heading “Forward-Looking Statements” on slide 2 of this presentation. 2. Refer to “Additional Information” slide and Appendix for non-GAAP disclosures. 3. Includes preliminary estimates of accretion income from the Sandy Spring acquisition which are subject to change. 2025 FINANCIAL OUTLOOK1 • 2025 outlook includes nine months impact of the Sandy Spring acquisition in results • The outlook includes estimates of merger-related purchase accounting adjustments with respect to the Sandy Spring acquisition that are subject to change • Remain on track for cost-savings target of 27% of Sandy Spring non-interest expense • The Federal Reserve Bank cuts the Fed Funds rate by 25 bps three times in 2025 starting in September • Assumes slower GDP growth but not forecasting recession in 2025 • Expect Virginia, Maryland and North Carolina unemployment rate to rise but remain below the national unemployment rate in 2025 Loans (end of period) $28.0 – 28.5 billion Deposits (end of period) $31.0 – 31.5 billion Credit Outlook ACL to loans: ~120 – 130 bps Net charge-off ratio: ~15 – 20 bps Net Interest Income (FTE) 2,3 ~$1.15 - $1.20 billion Net Interest Margin (FTE)2,3 ~3.75% - 4.00% Adjusted Operating Noninterest Income2 ~$175 - $185 million Adjusted Operating Noninterest Expense2 (excludes amortization of intangible assets) ~$670- $680 million Amortization of intangible assets ~$60 million KEY ASSUMPTIONS1 FULL YEAR 2025 OUTLOOK1 Inclusive of Sandy Spring beginning April 1st

AUB FRANCHISE PERSPECTIVES

18 10 New Branches Planned Over Next 3 Years Our initial focus will be in Raleigh and Wilmington, with plans to open highly visible locations targeting attractive submarkets combined with AUB branded ATMs at high-traffic retailers and paired with expanded commercial, wealth and mortgage teams North Carolina Expansion Strategy 7 Raleigh Branches 3 Wilmington Branches 49 Off-Site ATMs N O R F O L K V I R G I N I A B E A C H M a ry l a n d V irg in ia No rth C a ro l in a C H A R L O T T E W I L M I N G T O N B A L T I M O R E R A L E I G H G R E E N S B O R O W A S H I N G T O N R O A N O K E S T A U N T O N C H A R L O T T E S V I L L E R I C H M O N D F R E D E R I C K S B U R G Current Branch (183) LPO (1) Additional Branch Following Planned Expansion (10)

Q2 2025 APPENDIX

20 AUB DIVERSIFIED AND GRANULAR LOAN PORTFOLIO Figures may not total to 100% due to rounding Duration and Weighted Average Yield Data is as of or for the three months ended June 30, 2025 Commercial defined as C&I plus owner-occupied commercial real estate and other commercial Duration Q2 2025 Weighted Average Yield (Tax Equivalent) C&D 8.9% Owner Occupied CRE 14.4% C&I 18.8% Other Commercial Commercial 1-4 Family 5.2% 4.1% Non-Owner Occupied CRE 25.3% Multifamily RE 7.6% Consumer 1-4 Family 10.0% Residential 1-4 family - Revolving 4.2% Auto 0.9% Consumer 0.4% TOTAL LOAN PORTFOLIO $27.3 BILLION Total Portfolio Characteristics At June 30,2025 LOAN PORTFOLIO CHARACTERISTICS 1.5 years Duration 38% Commercial 6.48% Q2 2025 Weighted Average Yield (Tax Equivalent)

21 Total Non-Owner Occupied CRE 25.3% Owner Occupied CRE 14.4% Construction and Land Development 8.9% Multifamily Real Estate 7.6% Residential 1-4 Family - Commercial 4.1% All Other Loans 39.6% Figures may not foot due to rounding AUB COMMERCIAL REAL ESTATE (“CRE”) PORTFOLIO At June 30,2025 CRE BY CLASS $ I N M I LLI O N S $27.3B Total Loans Total Outstandings % of Portfolio Hotel/Motel B&B $1,157 4.2% Industrial/Warehouse $1,139 4.2% Office $1,415 5.2% Retail $1,762 6.4% Self Storage $538 2.0% Senior Living $427 1.5% Other $475 1.7% Total Non-Owner Occupied CRE $6,913 25.3% Owner Occupied CRE $3,940 14.4% Construction and Land Development $2,444 8.9% Multifamily Real Estate $2,084 7.6% Residential 1-4 Family - Commercial $1,131 4.1% Total CRE $16,512 60.4%

22 At June 30,2025 1. Trailing 4 Quarters Avg NCO/Trailing 4 Quarter Avg Office Portfolio Figures may not foot due to rounding. NON-OWNER OCCUPIED OFFICE CRE PORTFOLIO NON-OWNER OCCUPIED OFFICE GEOGRAPHICALLY DIVERSE NON PORTFOLIO CREDIT QUALITY -OWNER OCCUPIED OFFICE PORTFOLIO * DC, Montgomery County, Prince George’s County, Fairfax County, Fairfax City, Falls Church City, Arlington County, Alexandria City ( $ M I LLI O N S ) Avg. Office Loan ($ thousands) $1,946 Median Office Loan ($ thousands) $725 Loan Loss Reserve / Office Loans 3.11% NCOs / Office Loans1 -0.05% Delinquencies / Office Loans 0.22% NPL / Office Loans 0.86% Criticized Loans / Office Loans 3.67% Carolinas $303 Western VA $116 Fredericksburg Area $142 Central VA $99 Coastal VA $66 Baltimore Metro $131 DC Metro $395 Other Maryland $62 Eastern VA $47 Other $55 Total $1,415 District of Columbia $71 Suburban Maryland $166 Suburban Virginia $158 Total $395 BY MARKET DC METRO SUBMARKET* KEY PORTFOLIO METRICS

23 MULTIFAMILY CRE PORTFOLIO 1. Trailing 4 Quarters Avg NCO/Trailing 4 Quarter Avg Multifamily Portfolio Figures may not foot due to rounding. Avg. Multifamily Loan ($ thousands) $3,110 Median Multifamily Loan ($ thousands) $753 Loan Loss Reserve / Multifamily Loans 0.52% NCOs / Multifamily Loans1 -0.01% Delinquencies / Multifamily Loans 0.13% NPL / Multifamily Loans 0.08% Criticized Loans / Multifamily Loans 7.33% Carolinas $645 Western VA $285 Fredericksburg Area $81 Central VA $290 Coastal VA $217 Baltimore Metro $165 DC Metro $277 Other Maryland $9 Eastern VA $84 Other $30 Total $2,084 At June 30,2025 District of Columbia $219 Suburban Maryland $51 Suburban Virginia $6 Total $277 * DC, Montgomery County, Prince George’s County, Fairfax County, Fairfax City, Falls Church City, Arlington County, Alexandria City BY MARKET MULTIFAMILY PORTFOLIO CREDIT GEOGRAPHICALLY DIVERSE MULTIFAMILY PORTFOLIO QUALITY DC METRO SUBMARKET* KEY PORTFOLIO METRICS ( $ M I LLI O N S )

24 $744 million 1.31% $2.6 million Total Amount of Loans Loan Loss Reserve/ Gov Con Loans Avg. Loan Size 0.0% 0.0% 7.99% Non-Performing Loans Net Charge-Offs1 Criticized Loans/ Gov Con Loans Source: Company Materials (as of 2Q’2025) 1. Trailing 4 Quarters Avg NCO/Trailing 4 Quarter Avg Government Contracting Portfolio OVERVIEW OF GOVERNMENT-RELATED LOAN PORTFOLIO EXPOSURES • Government Contracting team has managed through government shutdowns and sequestrations in the past. • Focus on national security agency and defense industry contractors. • Active monitoring of all published notices of contract terminations or stop work orders. KEY METRICS OF GOVERNMENT CONTRACTING PORTFOLIO As of June 30,2025

25 ATTRACTIVE CORE DEPOSIT BASE Cost of deposit data is as of and for the three months ended June 30, 2025, figures may not foot due to rounding 1. Core deposits defined as total deposits less jumbo time deposits and brokered deposits Non-Interest Bearing 23% Interest Checking 22% Money Market 24% Retail Time 15% Jumbo Time 4% Brokered 3% Savings 9% DEPOSIT BASE CHARACTERISTICS DEPOSIT COMPOSITION AT JUNE 30, 2025 — $31.0 BILLION 93% core deposits1 45% transactional accounts 2.20% Q2 2025 cost of deposits

26 GRANULAR DEPOSIT BASE CUSTOMER DEPOSIT GRANULARITY PERIOD END UNINSURED & UNCOLLATERALIZED DEPOSITS AS A PERCENTAGE OF TOTAL DEPOSITS ( $ M I LLI O N S ) 27% 27% 29% 30% 32% $5,375 $5,551 $5,992 $6,060 $9,907 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $20,000 $20,000 $22,000 $89,000 $98,000 $105,000 Q2 2024 Q1 2025 Q2 2025 Retail Avg. Deposits Acct Size Business Avg. Deposits Acct Size

27 Cash and Cash Equivalents (unrestricted) $1,586 Unencumbered Securities $2,185 FHLB Borrowing Capacity $5,160 Fed Funds Lines $1,155 Discount Window $3,525 Secondary Sources* $1,959 AUB LIQUIDITY POSITION * Includes brokered deposits and other sources of liquidity Figures may not foot due to rounding Liquidity Sources Total $15.6 billion At June 30,2025 TOTAL LIQUIDITY SOURCES OF $15.6 BILLION ~158% Liquidity Coverage Ratio of Uninsured/Uncollateralized Deposits of $9.9 billion ($ MILLIONS)

28 SECURITIES PORTFOLIO • Total securities portfolio of $4.6 billion with a total unrealized loss of $422.0 million – 83% of total portfolio book value in available-for-sale at an unrealized loss of $372.8 million – 17% of total portfolio book value designated as held-to-maturity with an unrealized loss of $49.2 million – 15% floating rate versus 85% fixed rate • Total effective duration of approximately 4.3 years. Securities portfolio is used defensively to neutralize overall asset sensitive interest rate risk profile • ~27% municipals, ~71% treasuries, agency MBS/CMOs and ~2% corporates and other investments • In April 2025, we restructured $485.2 million in AFS securities acquired from Sandy Spring. A majority of the proceeds were reinvested into higher yielding securities which will be accretive to forward earnings. • Securities to total assets of 12.4% as of June 30, 2025, down from 13.4% on March 31, 2025 $3,366 $3,305 $4,636 2Q 2024 1Q 2025 2Q 2025 4.07% Yield 4.07% Yield 4.15% Yield INVESTMENT SECURITIES BALANCES Total AFS (fair value) and HTM (carrying value) At June 30,2025 ( $ M I LLI O N S )

29 RECONCILIATION OF NON-GAAP DISCLOSURES We have provided supplemental performance measures determined by methods other than in accordance with GAAP. These non-GAAP financial measures are a supplement to GAAP, which we use to prepare our financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. We use the non-GAAP financial measures discussed herein in our analysis of our performance. 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 our underlying performance or show the potential effects of accumulated other comprehensive income or unrealized losses on held to maturity securities on our capital. Due to the impact of completing the Sandy Spring acquisition in the second quarter of 2025 and the acquisition of American National Bankshares in the second quarter of 2024, we updated our non-GAAP operating measures beginning in the second quarter of 2025 to exclude the CECL Day 1 non-PCD loans and RUC provision expense. The CECL Day 1 non-PCD loans and RUC provision expense is comprised of the initial provision expense on non-PCD loans, which represents the CECL “double count” of the non-PCD credit mark, and the additional provision for unfunded commitments. The Company does not view the CECL Day 1 non-PCD loans and RUC provision expense as organic costs to run the Company’s business and believes this updated presentation will provide investors with additional information to assist in period-to-period and company-to-company comparisons of operating performance, which will aid investors in analyzing the Company’s performance.

30 RECONCILIATION OF NON-GAAP DISCLOSURES ADJUSTED OPERATING EARNINGS AND EFFICIENCY RATIO (Dollars in thousands, except per share amounts) For the three months ended June 30, 2025 March 31, 2025 Operating Measures Net Income (GAAP) $ 19,791 $ 49,818 Plus: Merger-related costs, net of tax 63,349 4,643 Plus: CECL Day 1 non-PCD loans and RUC provision expense, net of tax 77.742 — Less: Gain on CRE loan sale, net of tax 12,104 — Less: Gain on sale of equity interest in CSP, net of tax 10,654 — Less: Gain (loss) gain on sale of securities, net of tax 12 (81) Adjusted operating earnings (non-GAAP) $ 138,112 $ 54,542 Less: Dividends on preferred stock 2,967 2,967 Adjusted operating earnings available to common shareholders (non-GAAP) $ 135,145 $ 51,575 Weighted average common shares outstanding, diluted 141,738,325 90,072,795 EPS available to common shareholders, diluted (GAAP) $ 0.12 $ 0.52 Adjusted operating EPS available to common shareholders (non-GAAP) $ 0.95 $ 0.57 Operating Efficiency Ratio Noninterest expense (GAAP) $ 279,698 $ 134,184 Less: Amortization of intangible assets 18,433 5,398 Less: Merger-related costs 78,900 4,940 Adjusted operating noninterest expense (non-GAAP) $ 182,365 $ 123,846 Noninterest income (GAAP) $ 81,522 $ 29,163 Less: Gain (loss) on sale of securities 16 (102) Less: Gain on CRE loan sale 15,720 — Less: Gain on sale of equity interest in CSP 14,300 — Adjusted operating noninterest income (non-GAAP) $ 51,486 $ 29,265 Net interest income (GAAP) $ 321,371 $ 184,164 Noninterest income (GAAP) 81,522 29,163 Total revenue (GAAP) $ 402,893 $ 213,327 Net interest income (FTE) (non-GAAP) $ 325,733 $ 187,921 Adjusted operating noninterest income (non-GAAP) 51,486 29,265 Total adjusted revenue (FTE) (non-GAAP) $ 377,219 $ 217,186 Efficiency ratio (GAAP) 69.42% 62.90% Efficiency ratio FTE (non-GAAP) 68.68% 61.81% Adjusted operating efficiency ratio (FTE) (non-GAAP) 48.34% 57.02% Adjusted operating measures exclude, as applicable, merger-related costs, CECL Day 1 non-PCD loans and RUC provision expense, gain on CRE loan sale, gain on sale of equity interest in CSP, and gain (loss) on sale of securities. The Company believes these non-GAAP adjusted measures provide investors with important information about the continuing economic results of the Company’s operations. 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 the 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, merger-related costs, gain (loss) on sale of securities, gain on CRE loan sale, and gain on sale of equity interest in CSP. This measure is similar to the measure used by the Company when analyzing corporate performance and is also similar to the measure used for incentive compensation. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the Company’s operations.

31 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 the 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. NET INTEREST MARGIN (Dollars in thousands) For the three months ended June 30, 2025 March 31, 2025 Net interest income (GAAP) $ 321,371 $ 184,164 FTE adjustment 4,362 3,757 Net interest income (FTE) (non-GAAP) $ 325,733 $ 187,921 Noninterest income (GAAP) 81,522 29,163 Total revenue (FTE) (non-GAAP) $ 407,255 $ 217,084 Average earning assets $ 34,121,715 $ 22,108,618 Net interest margin (GAAP) 3.78% 3.38% Net interest margin (FTE) (non-GAAP) 3.83% 3.45%

32 RECONCILIATION OF NON-GAAP DISCLOSURES TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO (Dollars in thousands, except per share amounts) As of June 30, 2025 Atlantic Union Bankshares Atlantic Union Bank Tangible Assets Ending Assets (GAAP) $ 37,289,371 $ 37,202,881 Less: Ending goodwill 1,710,912 1,710,912 Less: Ending amortizable intangibles 351,381 351,381 Ending tangible assets (non-GAAP) $ 35,227,078 $ 35,140,588 Tangible Common Equity Ending equity (GAAP) $ 4,832,639 $ 5,474,358 Less: Ending goodwill 1,710,912 1,710,912 Less: Ending amortizable intangibles 351,381 351,381 Less: Perpetual preferred stock 166,357 — Ending tangible common equity (non-GAAP) $ 2,603,989 $ 3,412,065 Net unrealized losses on HTM securities, net of tax $ (49,210) $ (49,210) Accumulated other comprehensive loss (AOCI) $ (320,786) $ (320,848) Common shares outstanding at end of period 141,694,720 Average equity (GAAP) $ 4,761,630 $ 5,254,019 Less: Average goodwill 1,710,557 1,710,557 Less: Average amortizable intangibles 360,589 360,589 Less: Average perpetual preferred stock 166,356 — Average tangible common equity (non-GAAP) $ 2,524,128 $ 3,182,873 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.

33 RECONCILIATION OF NON-GAAP DISCLOSURES TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO (Dollars in thousands, except per share amounts) As of June 30, 2025 Atlantic Union Bankshares Atlantic Union Bank Common equity to total assets (GAAP) 12.5% 14.7% Tangible equity to tangible assets (non-GAAP) 7.9% 9.7% Tangible equity to tangible assets, incl net unrealized losses on HTM securities (non-GAAP) 7.7% 9.6% Tangible common equity to tangible assets (non-GAAP) 7.4% 9.7% Tangible common equity to tangible assets, incl net unrealized losses on HTM securities (non-GAAP) 7.3% 9.6% Tangible common equity to tangible assets, ex AOCI (non-GAAP) 8.3% Book value per common share (GAAP) $ 32.93 Tangible book value per common share (non-GAAP) $ 18.38 Tangible book value per common share, ex AOCI (non-GAAP) $ 20.64 Leverage Ratio Tier 1 capital $ 3,132,780 $ 3,776,076 Total average assets for leverage ratio $ 36,210,870 $ 36,116,875 Leverage ratio 8.7% 10.5% Leverage ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 7.6% 9.4% 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.

34 RECONCILIATION OF NON-GAAP DISCLOSURES RISK-BASED CAPITAL RATIOS (Dollars in thousands) As of June 30, 2025 Atlantic Union Bankshares Atlantic Union Bank Risk-Based Capital Ratios Net unrealized losses on HTM securities, net of tax $ (49,210) $ (49,210) Accumulated other comprehensive loss (AOCI) $ (320,786) $ (320,848) Common equity tier 1 capital $ 2,966,424 $ 3,776,076 Tier 1 capital $ 3,132,780 $ 3,776,076 Total capital $ 4,167,918 $ 4,086,340 Total risk-weighted assets $ 30,349,939 $ 30,265,121 Common equity tier 1 capital ratio 9.8% 12.5% Common equity tier 1 capital ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 8.6% 11.3% Tier 1 capital ratio 10.3% 12.5% Tier 1 capital ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 9.1% 11.3% Total capital ratio 13.7% 13.5% Total capital ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 12.5% 12.3% All regulatory capital ratios at June 30, 2025 are estimates and subject to change pending the Company’s filing of its FR Y-9C. 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.

35 RECONCILIATION OF NON-GAAP DISCLOSURES OPERATING MEASURES (Dollars in thousands) For the three months ended June 30, 2025 March 31, 2025 Return on average assets (ROA) Average assets (GAAP) $ 37,939,232 $ 24,678,974 ROA (GAAP) 0.21% 0.82% Adjusted operating ROA (non-GAAP) 1.46% 0.90% Return on average equity (ROE) Adjusted operating earnings available to common shareholders (non-GAAP) $ 135,145 $ 51,575 Plus: Amortization of intangibles, tax effected 14,193 4,264 Adjusted operating earnings available to common shareholders before amortization of intangibles (non-GAAP) $ 149,338 $ 55,839 Average equity (GAAP) $ 4,761,630 $ 3,183,846 Less: Average goodwill 1,710,557 1,214,053 Less: Average amortizable intangibles 360,589 81,790 Less: Average perpetual preferred stock 166,356 166,356 Average tangible common equity (non-GAAP) $ 2,524,128 $ 1,721,647 ROE (GAAP) 1.67% 6.35% Return on tangible common equity (ROTCE) Net Income available to common shareholders (GAAP) $ 16,824 $ 46,851 Plus: Amortization of intangibles, tax effected 14,193 4,264 Net Income available to common shareholders before amortization of intangibles (non-GAAP) $ 31,017 $ 51,115 ROTCE (non-GAAP) 4.99% 12.04% Adjusted operating ROTCE (non-GAAP) 23.79% 13.15% 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, merger-related costs, the CECL Day 1 non-PCD loans and RUC provision expense, gain (loss) on sale of securities, gain on CRE loan sale, gain on sale of equity interest in CSP and amortization of intangible assets. The Company believes these non-GAAP adjusted measures provide investors with important information about the continuing economic results of the Company’s operations.

36 RECONCILIATION OF NON-GAAP DISCLOSURES PRE-TAX PRE-PROVISION ADJUSTED OPERATING EARNINGS (Dollars in thousands) For the three months ended June 30, 2025 March 31, 2025 Net income (GAAP) $ 19,791 $ 49,818 Plus: Provision for credit losses 105,707 17,638 Plus: Income tax (benefit) expense (2,303) 11,687 Plus: Merger-related costs 78,900 4,940 Less: Gain (loss) on sale of securities 16 (102) Less: Gain on CRE loan sale 15,720 — Less: Gain on sale of equity interest in CSP 14,300 — PTPP adjusted operating earnings (non-GAAP) $ 172,059 $ 84,185 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 (benefit) expense, merger-related costs, gain (loss) on sale of securities, gain on CRE loan sale, and gain on sale of equity interest in CSP. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the Company’s operations.

XML

Document and Entity Information1	Jul. 24, 2025
Document Type	8-K
Document Period End Date	Jul. 24, 2025
Entity 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