Original source text
RICHMOND, Va.--(BUSINESS WIRE)--Atlantic Union Bankshares Corporation (the “Company” or “Atlantic Union”) (NYSE: AUB) reported net income available to common shareholders of $133.7 million and basic and diluted earnings per common share of $0.95 and $0.94, respectively, for the third quarter of 2026 and adjusted operating earnings available to common shareholders(+) of $135.6 million and adjusted diluted operating earnings per common share(+) of $0.96 for the third quarter of 2026.“Atlantic Union delivered a solid third quarter, with healthy loan growth, strong credit quality and continued progress in expanding our earnings capacity,” said John C. Asbury, president and chief executive officer of Atlantic Union. “Excluding the expense associated with the redemption of our subordinated debt, our operating performance demonstrates the earnings power we have built over many years, which we believe positions us to deliver differentiated financial performance relative to our peers.”
“Atlantic Union is a story of transformation from a Virginia community bank into the largest regional bank headquartered in the lower Mid-Atlantic, with operations across Virginia and Maryland and a growing presence in North Carolina. Guided by our priorities of soundness, profitability and growth—in that order—we remain focused on sustainable, profitable growth and long-term value creation for our shareholders.”
STRATEGIC ACTIONS
Subordinated Debt
During the third quarter of 2026, the Company issued $250.0 million in aggregate principal amount of its 6.25% Fixed-to-Floating Rate Subordinated Notes due August 1, 2036 (the “2036 Subordinated Notes”). The 2036 Subordinated Notes convert to a floating rate equal to the three-month term Secured Overnight Financing Rate, plus a spread of 213 basis points on August 1, 2031. Net proceeds from the issuance, after underwriting discounts and offering expenses, were approximately $246.8 million.
The Company used the net proceeds to redeem the $168.0 million principal amount of its outstanding 4.25% Fixed-to-Floating Rate Subordinated Notes due 2029 (the “2029 Subordinated Notes”), plus accrued interest, and for general corporate purposes. The 2029 Subordinated Notes transitioned to a floating interest rate on November 15, 2024, and had a rate of 6.53% at the time of redemption. As a result of the redemption, the Company recognized a $2.7 million pre-tax loss on debt extinguishment in the third quarter of 2026, recorded within non-interest expense, reflecting the acceleration of acquisition-related fair value marks associated with the 2029 Subordinated Notes.
Share Repurchase Program
On May 5, 2026, the Company’s Board of Directors authorized a $250.0 million share repurchase program (the “Repurchase Program”) through May 5, 2027 in open market transactions or privately negotiated transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the third quarter of 2026, the Company repurchased approximately 1.5 million shares (or $62.5 million), at an average price of $41.38 per share. At September 30, 2026, approximately $177.5 million remained available under the Repurchase Program for future repurchases.
NET INTEREST INCOME
For the third quarter of 2026, net interest income was $328.4 million, an increase of $3.3 million from $325.1 million in the second quarter of 2026. Net interest income - fully taxable equivalent (“FTE”)(+) was $333.1 million in the third quarter of 2026, an increase of $3.4 million from $329.7 million in the second quarter of 2026. The increases from the prior quarter in both net interest income and net interest income (FTE)(+) were driven primarily by higher interest income on loans held for investment (“LHFI”), reflecting loan growth and increased loan accretion income. The aforementioned increases were partially offset by higher deposit interest expense, primarily resulting from increased costs on customer interest-bearing deposits, higher brokered deposit costs, and higher borrowing costs from both short-term and long-term borrowings. Long-term borrowing costs increased primarily due to the overlapping periods in which both the 2029 and 2036 Subordinated Notes were outstanding, as well as the larger principal amount of the 2036 Subordinated Notes.
For the third quarter of 2026, the Company’s net interest margin decreased 7 basis points from the prior quarter to 3.82%. Net interest margin (FTE)(+) decreased 6 basis points from the prior quarter to 3.88%. The decreases were driven primarily by a higher cost of funds which increased 7 basis points to 2.01% compared to the second quarter of 2026, primarily due to increased costs on interest-bearing customer deposits and higher brokered deposit costs. The yield on total earning assets (FTE)(+) was 5.89% for the third quarter of 2026, an increase of 1 basis point from the prior quarter, driven by higher loan balances and loan accretion income.
The Company’s net interest margin (FTE)(+) includes the impact of acquisition accounting fair value adjustments. Net accretion income for the quarter ended September 30, 2026 was $40.9 million, compared to $39.9 million for the quarter ended June 30, 2026. The impact of accretion and amortization for the periods presented is reflected in the following table (dollars in thousands):
Loan
Deposit
Borrowings
Accretion
Accretion
Amortization
Total
For the quarter ended June 30, 2026
$
40,449
$
111
$
(621)
$
39,939
For the quarter ended September 30, 2026
41,298
19
(452)
40,865
ASSET QUALITY
Overview
At September 30, 2026, nonperforming assets (“NPAs”) as a percentage of total LHFI was 0.37%, a decrease of 2 basis points from June 30, 2026 and a decrease of 12 basis points from September 30, 2025, which was primarily driven by lower new nonaccruals in the current quarter. Accruing past due loans as a percentage of total LHFI totaled 0.34% at September 30, 2026, an increase of 6 basis points from June 30, 2026, and an increase of 7 basis points from September 30, 2025. Net charge-offs were 0.03% of total average LHFI (annualized) for the third quarter of 2026, unchanged from the second quarter of 2026, and a decrease of 53 basis points compared to the third quarter of 2025, which was primarily driven by charge-offs of two commercial and industrial loans in the third quarter of 2025. The allowance for credit losses (“ACL”) totaled $334.2 million at September 30, 2026, a $3.3 million increase from the prior quarter.
Nonperforming Assets
The following table shows a summary of NPA balances at the quarters ended (dollars in thousands):
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Nonaccrual loans
$
106,509
$
110,926
$
97,828
$
115,051
$
131,240
Foreclosed properties
1,964
1,756
1,856
1,826
2,001
Total nonperforming assets
$
108,473
$
112,682
$
99,684
$
116,877
$
133,241
The following table shows the activity in nonaccrual loans for the quarters ended (dollars in thousands):
September 30,
June 30,
March 31,
December 31,
September 30,
2026
2026
2026
2025
2025
Beginning Balance
$
110,926
$
97,828
$
115,051
$
131,240
$
162,615
Net customer payments and other activity (1)
(8,683
)
(9,330
)
(33,934
)
(21,667
)
(17,947
)
Additions (1)
6,220
24,283
17,679
7,816
25,333
Charge-offs
(1,746
)
(1,855
)
(909
)
(2,307
)
(37,410
)
Loans returning to accruing status
—
—
—
(31
)
(77
)
Transfers to foreclosed property
(208
)
—
(59
)
—
(1,274
)
Ending Balance
$
106,509
$
110,926
$
97,828
$
115,051
$
131,240
Past Due Loans
At September 30, 2026, past due loans still accruing interest totaled $98.9 million or 0.34% of total LHFI, compared to $80.4 million or 0.28% of total LHFI at June 30, 2026, and $74.2 million or 0.27% of total LHFI at September 30, 2025. The increase in past due loans from the prior quarter was primarily within commercial real estate – non-owner occupied, commercial and industrial, and commercial real estate – owner occupied loan portfolios.
Allowance for Credit Losses
At September 30, 2026, the ACL was $334.2 million, comprised of an allowance for loan and lease losses (“ALLL”) of $301.4 million and a reserve for unfunded commitments (“RUC”) of $32.8 million. The ACL increased $3.3 million from the prior quarter, primarily reflecting the impact of loan growth during the third quarter of 2026. At September 30, 2026, the ALLL and ACL represented 1.03% and 1.14% of total LHFI, respectively, compared to 1.04% and 1.15% at June 30, 2026. The RUC coverage ratio was 0.11% at September 30, 2026, consistent with the prior quarter.
Net Charge-offs
Net charge-offs were $2.3 million or 0.03% of total average LHFI on an annualized basis for the third quarter of 2026, compared to $2.0 million or 0.03% (annualized) for the second quarter of 2026, and $38.6 million or 0.56% (annualized) for the third quarter of 2025. The decrease in net charge-offs for the third quarter of 2026 compared to the prior year was primarily due to the charge-offs of two commercial and industrial loans that were recorded in the third quarter of 2025 and had been partially reserved for previously.
Provision for Credit Losses
For the third quarter of 2026, the Company recorded a provision for credit losses of $5.7 million, compared to $11.7 million in the prior quarter, and $16.2 million in the third quarter of 2025. The decrease in the provision for credit losses compared to the prior quarter primarily reflected lower reserve requirements associated with a modest decline in the allowance coverage ratio, as well as slower loan growth relative to the second quarter of 2026. The decrease in the provision for credit losses compared to the third quarter of 2025 was primarily attributable to the charge-offs of two commercial and industrial loans that were recorded in the third quarter of 2025 and had been partially reserved for previously.
NONINTEREST INCOME
Noninterest income decreased $35.4 million to $54.8 million for the third quarter of 2026 from $90.2 million in the prior quarter, primarily driven by a $32.3 million pre-tax gain on the sale of the Company’s equity interest in Bearing Insurance Group, LLC (“Bearing Insurance”) recognized during the second quarter of 2026.
Adjusted operating noninterest income(+), which excludes the pre-tax gain on sale of equity interest in Bearing Insurance ($32.3 million in the second quarter of 2026) and the pre-tax gains on sale of securities ($10 thousand in the third quarter of 2026 and $4 thousand in the second quarter of 2026), decreased $3.1 million to $54.8 million, compared to $57.9 million in the prior quarter. This decrease was primarily due to a $2.0 million decline in loan-related interest rate swap fees driven by lower transaction volumes, a $1.1 million decrease in mortgage banking income due to lower mortgage origination volumes and lower gain on sale margins, and a $1.0 million decrease in fiduciary and asset management fees.
NONINTEREST EXPENSE
Noninterest expense increased $5.2 million to $204.3 million for the third quarter of 2026 from $199.1 million in the prior quarter, primarily driven by the $2.7 million pre-tax loss on debt extinguishment recognized in the third quarter of 2026.
Adjusted operating noninterest expense(+), which excludes the pre-tax loss on debt extinguishment ($2.7 million in the third quarter of 2026) and amortization of intangible assets ($14.9 million in the third quarter of 2026 and $15.1 million in the second quarter of 2026), increased $2.7 million to $186.7 million, compared to $184.0 million in the prior quarter. This increase was primarily due to a $2.6 million seasonal increase in marketing and advertising expense, a $1.7 million increase in salaries and benefits expense, primarily due to an increase in variable incentive compensation expense and additional full-time equivalent employees associated with the Company’s North Carolina expansion, and a $1.5 million increase in technology and data processing expense, primarily reflecting ongoing investments in strategic technology initiatives and related software maintenance costs. These increases were partially offset by a $3.4 million decrease in other expenses, primarily driven by gains on the sales of other real estate owned during the third quarter of 2026.
INCOME TAXES
The Company’s effective tax rate was 21.1% for the quarter ended September 30, 2026, compared to 20.8% for the quarter ended September 30, 2025. For the nine months ended September 30, 2026 and September 30, 2025, the effective tax rates were 21.1% and 17.2%, respectively. The increase in the effective tax rate for the nine months ended September 30, 2026 was primarily due to a $7.7 million income tax benefit recognized in the second quarter of 2025 related to the re-evaluation of the Company’s state net deferred tax asset following the Sandy Spring acquisition, as well as an overall increase in the proportion of taxable income to tax-exempt income.
KEY BALANCE SHEET COMPONENTS AND CAPITAL RATIOS
The following tables summarize the Company’s key balance sheet components and capital ratios as of the dates presented (dollars in millions, except per share data):
9/30/2026
6/30/2026
QoQ
QoQ %
change(1)
9/30/2025
YoY
YoY %
change
(unaudited)
(unaudited)
(unaudited)
Assets
$
38,352
$
38,100
$
252
2.62
%
$
37,073
$
1,279
3.45
%
Cash and cash equivalents
701
990
(289)
(115.82)
%
795
(94)
(11.82)
%
LHFI (net of unearned income)
29,297
28,673
624
8.63
%
27,361
1,936
7.08
%
Quarterly Average LHFI (net of unearned income)
28,928
28,244
684
9.61
%
27,386
1,542
5.63
%
Total Securities
4,784
4,942
(158)
(12.68)
%
5,311
(527)
(9.92)
%
Securities available for sale ("AFS")
3,749
3,877
(128)
(13.10)
%
4,268
(519)
(12.16)
%
Securities held to maturity ("HTM")
845
861
(16)
(7.37)
%
884
(39)
(4.41)
%
Restricted Stock, at cost
190
204
(14)
(27.23)
%
159
31
19.50
%
Deposits
30,966
30,468
498
6.48
%
30,665
301
0.98
%
Quarterly Average Deposits
30,508
30,391
117
1.53
%
31,032
(524)
(1.69)
%
Borrowings
1,622
1,881
(259)
(54.63)
%
860
762
88.60
%
Quarterly Average Borrowings
1,717
1,371
346
100.13
%
869
848
97.58
%
Cash dividends paid per common share
$
0.37
$
0.37
$
—
—
%
$
0.34
$
0.03
8.82
%
Dividends on each share of Series A preferred stock (2)
$
171.88
$
171.88
$
—
—
%
$
171.88
$
—
—
%
9/30/2026
6/30/2026
9/30/2025
Common equity Tier 1 capital ratio (3)
10.39
%
10.41
%
9.92
%
Tier 1 capital ratio (3)
10.91
%
10.94
%
10.46
%
Total capital ratio (3)
14.55
%
14.15
%
13.81
%
Leverage ratio (Tier 1 capital to average assets) (3)
9.59
%
9.62
%
8.92
%
Common equity to total assets
12.74
%
13.09
%
12.81
%
Tangible common equity to tangible assets (+)
7.87
%
8.17
%
7.69
%
The key drivers of the consolidated balance sheet changes for the periods presented are summarized below:
Total assets increased from the prior quarter primarily due to increases in LHFI, partially offset by a decrease in cash and cash equivalents. Total assets increased from the same period in the prior year primarily due to an increase in LHFI, partially offset by a decrease in total securities. LHFI and quarterly average LHFI increased compared to both June 30, 2026 and September 30, 2025. The increase in LHFI from the prior quarter was primarily due to higher balances in the commercial and industrial, other commercial, and construction and land development loan portfolios. The increase in LHFI from the same period in the prior year was primarily due to increases in commercial and industrial, commercial real estate – non-owner occupied, and other commercial portfolios. Total securities decreased from June 30, 2026, primarily reflecting the impact of higher market interest rates on the fair value of AFS securities, with the related unrealized losses reflected in accumulated other comprehensive income (“AOCI”). Total securities decreased from September 30, 2025 primarily due to principal repayments of AFS mortgage-backed securities and the impact of higher market interest rates on the fair value of AFS securities. Common equity to total assets and tangible common equity to tangible assets decreased from June 30, 2026, as the negative impact of changes in AOCI associated with higher market interest rates and lower fair values of AFS securities more than offset capital generated through earnings during the quarter. Total deposits and quarterly average deposits increased from the prior quarter due to increases in brokered and demand deposits, partially offset by a decrease in interest-bearing customer deposits. Compared to the same period in the prior year, total deposits increased due to higher interest-bearing deposits, partially offset by lower demand deposits. Total borrowings decreased from June 30, 2026 and increased from September 30, 2025. The decrease from the prior quarter was primarily due to decreases in Federal Home Loan Bank (“FHLB”) advances, partially offset by an increase in long-term borrowings due to the net impact of the 2036 Subordinated Notes issuance and 2029 Subordinated Notes redemption. The increase from the same period in the prior year was primarily due to increases in FHLB advances and an increase in long-term borrowings due to the Subordinated Notes activity noted above. Since the inception of the Repurchase Program authorized on May 5, 2026, the Company has repurchased approximately 1.8 million shares for $72.5 million at an average price of $40.84 per share. As of September 30, 2026, approximately $177.5 million remained available under the Repurchase Program for future share repurchases. 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, North Carolina and Washington, D.C. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; AUB Investments, Inc., which provides investment services; and Atlantic Union Capital Markets, Inc., which provides capital market services.
THIRD QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL
The Company will hold a conference call and webcast for investors at 9:00 a.m. Eastern Time on Tuesday, October 20, 2026, during which management will review our financial results for the third quarter of 2026 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/gb9rrzsf.
For analysts who wish to participate in the conference call, please register at the following URL: https://register-conf.media-server.com/register/BI45511d3d3f0e45e98658c057c5f2478a.
To participate in the conference call, you must use the link to receive an audio dial-in number and an Access PIN.
A replay of the webcast, and the accompanying slides, will be available on the Company’s website for 90 days at: https://investors.atlanticunionbank.com/.
NON-GAAP FINANCIAL MEASURES
In reporting the results as of and for the period ended September 30, 2026, 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 our 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. Non-GAAP financial measures may be identified with the symbol (+) and may be labeled as adjusted. For a reconciliation of these measures to their most directly comparable GAAP measures and additional information about these non-GAAP financial measures, see “Alternative Performance Measures (non-GAAP)” in the tables within the section “Key Financial Results.”
FORWARD-LOOKING STATEMENTS
This press release and statements by our management may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include, without limitation, statements made in Mr. Asbury’s quotations; statements regarding our strategic expansion into North Carolina, including our expectations regarding new branch openings; statements regarding our investments in strategic technology initiatives; statements regarding our business, financial and operating results, including our deposit base and funding; the impact of changes in economic conditions, the interest rate environment, economic, fiscal or trade policy and the potential related impacts on our business and loan demand; 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 changes 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 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, U.S. government shutdowns, and slowdowns in economic growth; the possibility that the anticipated benefits of our acquisition activity, 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; potential adverse reactions or changes to business or employee relationships; 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 Current Expected Credit Losses (“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; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action or increase the risk of a cybersecurity attack or the probability that such an attack would be successful; 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 macroeconomic conditions, 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, 2025, 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 Nine Months Ended
9/30/26
6/30/26
9/30/25
9/30/26
9/30/25
Results of Operations
Interest and dividend income
$
501,133
$
486,828
$
503,437
$
1,459,695
$
1,319,645
Interest expense
172,711
161,710
184,227
493,782
494,900
Net interest income
328,422
325,118
319,210
965,913
824,745
Provision for credit losses
5,731
11,737
16,233
20,205
139,578
Net interest income after provision for credit losses
322,691
313,381
302,977
945,708
685,167
Noninterest income
54,792
90,248
51,751
199,823
162,436
Noninterest expense
204,333
199,136
238,446
613,279
652,327
Income before income taxes
173,150
204,493
116,282
532,252
195,276
Income tax expense (benefit)
36,518
43,480
24,142
112,441
33,527
Net income
136,632
161,013
92,140
419,811
161,749
Dividends on preferred stock
2,967
2,967
2,967
8,901
8,901
Net income available to common shareholders
$
133,665
$
158,046
$
89,173
$
410,910
$
152,848
Interest earned on earning assets (FTE) (1)
$
505,826
$
491,389
$
507,856
$
1,473,501
$
1,332,184
Net interest income (FTE) (1)
333,115
329,679
323,629
979,719
837,284
Total revenue (FTE) (1)
387,907
419,927
375,380
1,179,542
999,720
Pre-tax pre-provision earnings (FTE) (1)
183,574
220,791
136,934
566,263
347,393
Key Ratios
Earnings per common share, diluted
$
0.94
$
1.11
$
0.63
$
2.89
$
1.22
Return on average assets (ROA)
1.43
%
1.73
%
0.98
%
1.49
%
0.65
%
Return on average equity (ROE)
10.54
%
12.60
%
7.51
%
10.98
%
5.06
%
Return on average tangible common equity (ROTCE) (2)(3)
19.59
%
23.42
%
15.51
%
20.56
%
10.81
%
Efficiency ratio
53.32
%
47.94
%
64.28
%
52.61
%
66.08
%
Efficiency ratio (FTE) (1)
52.68
%
47.42
%
63.52
%
51.99
%
65.25
%
Net interest margin
3.82
%
3.89
%
3.77
%
3.84
%
3.68
%
Net interest margin (FTE) (1)
3.88
%
3.94
%
3.83
%
3.89
%
3.73
%
Yields on earning assets (FTE) (1)
5.89
%
5.88
%
6.00
%
5.85
%
5.94
%
Average cost of interest-bearing liabilities
2.68
%
2.59
%
2.93
%
2.62
%
2.96
%
Average cost of deposits
2.00
%
1.93
%
2.18
%
1.94
%
2.22
%
Average cost of funds
2.01
%
1.94
%
2.17
%
1.96
%
2.21
%
Operating Measures (4)
Adjusted operating earnings
$
138,601
$
136,987
$
122,693
$
404,709
$
315,343
Adjusted operating earnings available to common shareholders
135,634
134,020
119,726
395,808
306,442
Adjusted operating pre-tax pre-provision earnings (FTE) (1) (7)
186,218
188,437
176,547
545,585
440,913
Adjusted operating earnings per common share, diluted
$
0.96
$
0.94
$
0.84
$
2.79
$
2.46
Adjusted operating ROA
1.45
%
1.47
%
1.30
%
1.44
%
1.26
%
Adjusted operating ROE
10.69
%
10.72
%
10.00
%
10.58
%
9.86
%
Adjusted operating ROTCE (2)(3)
19.85
%
20.11
%
20.09
%
19.86
%
19.73
%
Adjusted operating efficiency ratio (FTE) (1)(6)
48.14
%
47.47
%
48.79
%
48.47
%
50.45
%
Per Share Data
Earnings per common share, basic
$
0.95
$
1.11
$
0.63
$
2.90
$
1.23
Earnings per common share, diluted
0.94
1.11
0.63
2.89
1.22
Cash dividends paid per common share
0.37
0.37
0.34
1.11
1.02
Market value per share
37.95
42.31
35.29
37.95
35.29
Book value per common share
34.78
35.14
33.52
34.78
33.52
Tangible book value per common share (2)
20.36
20.77
18.99
20.36
18.99
Price to earnings ratio, diluted
10.14
9.50
14.16
9.81
21.55
Price to book value per common share ratio
1.09
1.20
1.05
1.09
1.05
Price to tangible book value per common share ratio (2)
1.86
2.04
1.86
1.86
1.86
Unvested shares of restricted stock awards
462,710
481,488
885,686
462,710
885,686
Weighted average common shares outstanding, basic
141,293,231
142,099,251
141,728,909
141,762,468
124,402,891
Weighted average common shares outstanding, diluted
141,641,618
142,320,806
141,986,217
142,078,792
124,794,832
Common shares outstanding at end of period
140,445,286
141,924,165
141,732,071
140,445,286
141,732,071
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES
KEY FINANCIAL RESULTS (UNAUDITED)
(Dollars in thousands, except share data)
As of & For Three Months Ended
As of & For Nine Months Ended
9/30/26
6/30/26
9/30/25
9/30/26
9/30/25
Capital Ratios
Common equity Tier 1 capital ratio (5)
10.39
%
10.41
%
9.92
%
10.39
%
9.92
%
Tier 1 capital ratio (5)
10.91
%
10.94
%
10.46
%
10.91
%
10.46
%
Total capital ratio (5)
14.55
%
14.15
%
13.81
%
14.55
%
13.81
%
Leverage ratio (Tier 1 capital to average assets) (5)
9.59
%
9.62
%
8.92
%
9.59
%
8.92
%
Common equity to total assets
12.74
%
13.09
%
12.81
%
12.74
%
12.81
%
Tangible common equity to tangible assets (2)
7.87
%
8.17
%
7.69
%
7.87
%
7.69
%
Financial Condition
Assets
$
38,351,665
$
38,099,868
$
37,072,733
$
38,351,665
$
37,072,733
LHFI (net of unearned income)
29,296,616
28,673,271
27,361,173
29,296,616
27,361,173
Securities
4,784,392
4,941,974
5,310,629
4,784,392
5,310,629
Earning Assets
34,350,279
34,110,112
33,151,873
34,350,279
33,151,873
Goodwill
1,754,875
1,754,875
1,726,386
1,754,875
1,726,386
Amortizable intangibles, net
270,016
284,962
333,236
270,016
333,236
Deposits
30,965,529
30,468,257
30,665,324
30,965,529
30,665,324
Borrowings
1,622,403
1,881,340
860,312
1,622,403
860,312
Stockholders' equity
5,050,604
5,153,414
4,917,058
5,050,604
4,917,058
Tangible common equity (2)
2,859,356
2,947,220
2,691,079
2,859,356
2,691,079
Loans held for investment, net of unearned income
Construction and land development
$
2,025,385
$
1,859,217
$
2,163,182
$
2,025,385
$
2,163,182
Commercial real estate - owner occupied
4,356,099
4,308,292
4,335,919
4,356,099
4,335,919
Commercial real estate - non-owner occupied
7,275,895
7,303,555
6,805,302
7,275,895
6,805,302
Multifamily real estate
2,382,541
2,429,355
2,196,467
2,382,541
2,196,467
Commercial & Industrial
5,850,846
5,628,880
4,956,770
5,850,846
4,956,770
Residential 1-4 Family - Commercial
984,149
1,008,438
1,105,067
984,149
1,105,067
Residential 1-4 Family - Consumer
2,991,674
2,930,665
2,799,669
2,991,674
2,799,669
Residential 1-4 Family - Revolving
1,346,890
1,312,531
1,186,298
1,346,890
1,186,298
Auto
110,418
131,477
211,900
110,418
211,900
Consumer
107,158
110,909
121,620
107,158
121,620
Other Commercial
1,865,561
1,649,952
1,478,979
1,865,561
1,478,979
Total LHFI
$
29,296,616
$
28,673,271
$
27,361,173
$
29,296,616
$
27,361,173
Deposits
Interest checking accounts
$
7,844,500
$
7,812,504
$
6,916,702
$
7,844,500
$
6,916,702
Money market accounts
6,556,864
6,821,997
6,932,836
6,556,864
6,932,836
Savings accounts
2,723,123
2,567,073
2,882,897
2,723,123
2,882,897
Customer time deposits of more than $250,000
1,869,330
1,876,425
1,773,710
1,869,330
1,773,710
Customer time deposits of $250,000 or less
4,124,050
4,104,769
4,007,070
4,124,050
4,007,070
Time deposits
5,993,380
5,981,194
5,780,780
5,993,380
5,780,780
Total interest-bearing customer deposits
23,117,867
23,182,768
22,513,215
23,117,867
22,513,215
Brokered deposits
1,085,988
557,751
1,047,467
1,085,988
1,047,467
Total interest-bearing deposits
$
24,203,855
$
23,740,519
$
23,560,682
$
24,203,855
$
23,560,682
Demand deposits
6,761,674
6,727,738
7,104,642
6,761,674
7,104,642
Total deposits
$
30,965,529
$
30,468,257
$
30,665,324
$
30,965,529
$
30,665,324
Averages
Assets
$
37,975,963
$
37,433,973
$
37,377,383
$
37,557,572
$
33,378,378
LHFI (net of unearned income)
28,927,866
28,243,611
27,386,338
28,337,859
24,336,012
Loans held for sale
22,140
23,303
27,185
20,572
604,483
Securities
4,895,169
4,976,527
4,955,297
5,025,255
4,360,629
Earning assets
34,091,046
33,544,840
33,563,417
33,673,838
29,973,209
Deposits
30,507,775
30,390,719
31,031,655
30,370,700
27,619,076
Time deposits
6,422,120
6,086,936
6,283,031
6,184,345
5,856,307
Interest-bearing deposits
23,885,413
23,654,149
24,071,758
23,666,300
21,457,491
Borrowings
1,717,294
1,371,046
868,783
1,488,581
910,077
Interest-bearing liabilities
25,602,707
25,025,195
24,940,541
25,154,881
22,367,568
Stockholders' equity
5,144,943
5,125,495
4,866,989
5,113,117
4,276,987
Tangible common equity (2)
2,946,399
2,911,942
2,647,488
2,906,612
2,301,146
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES
KEY FINANCIAL RESULTS (UNAUDITED)
(Dollars in thousands, except share data)
As of & For Three Months Ended
As of & For Nine Months Ended
9/30/26
6/30/26
9/30/25
9/30/26
9/30/25
Asset Quality
Allowance for Credit Losses (ACL)(8)
Beginning balance, Allowance for loan and lease losses (ALLL)
$
298,756
$
291,100
$
315,574
$
295,108
$
178,644
Add: Recoveries
2,276
1,327
1,847
4,911
4,368
Less: Charge-offs
4,547
3,313
40,440
10,761
45,905
Add: Initial Allowance - Purchased Credit Deteriorated (PCD) loans
—
—
—
—
28,265
Add: Initial Provision - Non-PCD loans
—
—
—
—
89,538
Add: Provision for loan losses
4,947
9,642
16,054
12,174
38,125
Ending balance, ALLL
$
301,432
$
298,756
$
293,035
$
301,432
$
293,035
Beginning balance, Reserve for unfunded commitments (RUC)
$
32,227
$
30,828
$
26,778
$
26,161
$
15,041
Add: Initial Provision - RUC acquired loans
—
—
—
—
11,425
Add: Provision for unfunded commitments
587
1,399
173
6,653
485
Ending balance, RUC
$
32,814
$
32,227
$
26,951
$
32,814
$
26,951
Total ACL
$
334,246
$
330,983
$
319,986
$
334,246
$
319,986
ACL / total LHFI
1.14
%
1.15
%
1.17
%
1.14
%
1.17
%
ALLL / total LHFI
1.03
%
1.04
%
1.07
%
1.03
%
1.07
%
Net charge-offs / total average LHFI (annualized)
0.03
%
0.03
%
0.56
%
0.03
%
0.23
%
Provision for loan losses/ total average LHFI (annualized)
0.07
%
0.14
%
0.23
%
0.06
%
0.70
%
Nonperforming Assets
Construction and land development
$
4,071
$
4,441
$
61,436
$
4,071
$
61,436
Commercial real estate - owner occupied
5,594
7,130
6,467
5,594
6,467
Commercial real estate - non-owner occupied
13,801
12,478
13,125
13,801
13,125
Multifamily real estate
20,529
23,399
1,583
20,529
1,583
Commercial & Industrial
30,397
31,423
9,193
30,397
9,193
Residential 1-4 Family - Commercial
1,778
2,115
6,615
1,778
6,615
Residential 1-4 Family - Consumer
24,169
24,117
23,623
24,169
23,623
Residential 1-4 Family - Revolving
4,379
4,983
5,444
4,379
5,444
Auto
297
374
556
297
556
Consumer
3
16
37
3
37
Other Commercial
1,491
450
3,161
1,491
3,161
Nonaccrual loans
$
106,509
$
110,926
$
131,240
$
106,509
$
131,240
Foreclosed property
1,964
1,756
2,001
1,964
2,001
Total nonperforming assets (NPAs)
$
108,473
$
112,682
$
133,241
$
108,473
$
133,241
Construction and land development
$
2,353
$
331
$
1,856
$
2,353
$
1,856
Commercial real estate - owner occupied
4,558
7,503
2,790
4,558
2,790
Commercial real estate - non-owner occupied
1,735
7,597
2,283
1,735
2,283
Multifamily real estate
3,541
3,541
2,088
3,541
2,088
Commercial & Industrial
1,904
2,250
1,005
1,904
1,005
Residential 1-4 Family - Commercial
557
362
2,570
557
2,570
Residential 1-4 Family - Consumer
7,549
5,954
2,955
7,549
2,955
Residential 1-4 Family - Revolving
5,170
4,319
1,816
5,170
1,816
Auto
317
219
348
317
348
Consumer
327
33
311
327
311
Other Commercial
4,141
1,616
—
4,141
—
LHFI ≥ 90 days and still accruing
$
32,152
$
33,725
$
18,022
$
32,152
$
18,022
Total NPAs and LHFI ≥ 90 days
$
140,625
$
146,407
$
151,263
$
140,625
$
151,263
NPAs / total LHFI
0.37
%
0.39
%
0.49
%
0.37
%
0.49
%
NPAs / total assets
0.28
%
0.30
%
0.36
%
0.28
%
0.36
%
ALLL / nonaccrual loans
283.01
%
269.33
%
223.28
%
283.01
%
223.28
%
ALLL/ nonperforming assets
277.89
%
265.13
%
219.93
%
277.89
%
219.93
%
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 Nine Months Ended
9/30/26
6/30/26
9/30/25
9/30/26
9/30/25
Past Due Detail
Construction and land development
$
474
$
593
$
1,387
$
474
$
1,387
Commercial real estate - owner occupied
13,431
9,636
5,346
13,431
5,346
Commercial real estate - non-owner occupied
8,729
474
4,295
8,729
4,295
Multifamily real estate
249
1,325
3,113
249
3,113
Commercial & Industrial
3,085
2,512
4,902
3,085
4,902
Residential 1-4 Family - Commercial
1,909
2,140
2,843
1,909
2,843
Residential 1-4 Family - Consumer
2,359
1,557
1,871
2,359
1,871
Residential 1-4 Family - Revolving
3,929
4,297
3,074
3,929
3,074
Auto
1,797
1,853
2,744
1,797
2,744
Consumer
226
310
329
226
329
Other Commercial
766
2,516
—
766
—
LHFI 30-59 days past due
$
36,954
$
27,213
$
29,904
$
36,954
$
29,904
Construction and land development
$
850
$
2,210
$
5,784
$
850
$
5,784
Commercial real estate - owner occupied
6,128
2,112
2,217
6,128
2,217
Commercial real estate - non-owner occupied
4,382
871
—
4,382
—
Multifamily real estate
—
732
2,553
—
2,553
Commercial & Industrial
6,523
1,830
8,397
6,523
8,397
Residential 1-4 Family - Commercial
558
1,111
803
558
803
Residential 1-4 Family - Consumer
6,101
6,985
3,320
6,101
3,320
Residential 1-4 Family - Revolving
2,090
1,732
2,162
2,090
2,162
Auto
635
465
867
635
867
Consumer
744
320
179
744
179
Other Commercial
1,826
1,051
—
1,826
—
LHFI 60-89 days past due
$
29,837
$
19,419
$
26,282
$
29,837
$
26,282
Past Due and still accruing
$
98,943
$
80,357
$
74,208
$
98,943
$
74,208
Past Due and still accruing / total LHFI
0.34
%
0.28
%
0.27
%
0.34
%
0.27
%
Alternative Performance Measures (non-GAAP)
Net interest income (FTE) (1)
Net interest income (GAAP)
$
328,422
$
325,118
$
319,210
$
965,913
$
824,745
FTE adjustment
4,693
4,561
4,419
13,806
12,539
Net interest income (FTE) (non-GAAP)
$
333,115
$
329,679
$
323,629
$
979,719
$
837,284
Noninterest income (GAAP)
54,792
90,248
51,751
199,823
162,436
Total revenue (FTE) (non-GAAP)
$
387,907
$
419,927
$
375,380
$
1,179,542
$
999,720
Less: Noninterest expense (GAAP)
204,333
199,136
238,446
613,279
652,327
Pre-tax pre-provision earnings (FTE) (non-GAAP)
$
183,574
$
220,791
$
136,934
$
566,263
$
347,393
Average earning assets
$
34,091,046
$
33,544,840
$
33,563,417
$
33,673,838
$
29,973,209
Net interest margin
3.82
%
3.89
%
3.77
%
3.84
%
3.68
%
Net interest margin (FTE)
3.88
%
3.94
%
3.83
%
3.89
%
3.73
%
Tangible Assets (2)
Ending assets (GAAP)
$
38,351,665
$
38,099,868
$
37,072,733
$
38,351,665
$
37,072,733
Less: Ending goodwill
1,754,875
1,754,875
1,726,386
1,754,875
1,726,386
Less: Ending amortizable intangibles
270,016
284,962
333,236
270,016
333,236
Ending tangible assets (non-GAAP)
$
36,326,774
$
36,060,031
$
35,013,111
$
36,326,774
$
35,013,111
Tangible Common Equity (2)
Ending equity (GAAP)
$
5,050,604
$
5,153,414
$
4,917,058
$
5,050,604
$
4,917,058
Less: Ending goodwill
1,754,875
1,754,875
1,726,386
1,754,875
1,726,386
Less: Ending amortizable intangibles
270,016
284,962
333,236
270,016
333,236
Less: Perpetual preferred stock
166,357
166,357
166,357
166,357
166,357
Ending tangible common equity (non-GAAP)
$
2,859,356
$
2,947,220
$
2,691,079
$
2,859,356
$
2,691,079
Average equity (GAAP)
$
5,144,943
$
5,125,495
$
4,866,989
$
5,113,117
$
4,276,987
Less: Average goodwill
1,754,875
1,754,875
1,711,081
1,747,837
1,547,051
Less: Average amortizable intangibles
277,313
292,322
342,064
292,312
262,434
Less: Average perpetual preferred stock
166,356
166,356
166,356
166,356
166,356
Average tangible common equity (non-GAAP)
$
2,946,399
$
2,911,942
$
2,647,488
$
2,906,612
$
2,301,146
ROTCE (2)(3)
Net income available to common shareholders (GAAP)
$
133,665
$
158,046
$
89,173
$
410,910
$
152,848
Plus: Amortization of intangibles, tax effected
11,807
11,957
14,335
35,967
33,161
Net income available to common shareholders before amortization of intangibles (non-GAAP)
$
145,472
$
170,003
$
103,508
$
446,877
$
186,009
Return on average tangible common equity (ROTCE)
19.59
%
23.42
%
15.51
%
20.56
%
10.81
%
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES
KEY FINANCIAL RESULTS (UNAUDITED)
(Dollars in thousands, except share data)
As of & For Three Months Ended
As of & For Nine Months Ended
9/30/26
6/30/26
9/30/25
9/30/26
9/30/25
Operating Measures (4)
Net income (GAAP)
$
136,632
$
161,013
$
92,140
$
419,811
$
161,749
Plus: Merger-related costs, net of tax
—
—
26,856
6,956
94,847
Plus: CECL Day 1 non-PCD loans and RUC provision expense, net of tax
—
—
—
—
77,742
Plus: Loss on debt extinguishment, net of tax
1,977
—
—
1,977
—
Less: Gain (loss) on sale of securities, net of tax
8
3
3
12
(64
)
Less: (Loss) gain on CRE loan sale, net of tax
—
—
(3,700
)
—
8,405
Less: Gain on sale of equity interest in Cary Street Partners ("CSP"), net of tax
—
—
—
—
10,654
Less: Gain on sale of equity interest in Bearing Insurance, net of tax
—
24,023
—
24,023
—
Adjusted operating earnings (non-GAAP)
138,601
136,987
122,693
404,709
315,343
Less: Dividends on preferred stock
2,967
2,967
2,967
8,901
8,901
Adjusted operating earnings available to common shareholders (non-GAAP)
$
135,634
$
134,020
$
119,726
$
395,808
$
306,442
Operating Efficiency Ratio (1)(6)
Noninterest expense (GAAP)
$
204,333
$
199,136
$
238,446
$
613,279
$
652,327
Less: Loss on debt extinguishment
2,654
—
—
2,654
—
Less: Amortization of intangible assets
14,946
15,136
18,145
45,528
41,976
Less: Merger-related costs
—
—
34,812
9,034
118,652
Adjusted operating noninterest expense (non-GAAP)
$
186,733
$
184,000
$
185,489
$
556,063
$
491,699
Noninterest income (GAAP)
$
54,792
$
90,248
$
51,751
$
199,823
$
162,436
Less: Gain (loss) on sale of securities
10
4
4
16
(83
)
Less: (Loss) gain on CRE loan sale
—
—
(4,805
)
—
10,915
Less: Gain on sale of equity interest in CSP
—
—
—
—
14,300
Less: Gain on sale of equity interest in Bearing Insurance
—
32,350
—
32,350
—
Adjusted operating noninterest income (non-GAAP)
$
54,782
$
57,894
$
56,552
$
167,457
$
137,304
Net interest income (FTE) (non-GAAP) (1)
$
333,115
$
329,679
$
323,629
$
979,719
$
837,284
Adjusted operating noninterest income (non-GAAP)
54,782
57,894
56,552
167,457
137,304
Total adjusted revenue (FTE) (non-GAAP) (1)
$
387,897
$
387,573
$
380,181
$
1,147,176
$
974,588
Efficiency ratio
53.32
%
47.94
%
64.28
%
52.61
%
66.08
%
Efficiency ratio (FTE) (1)
52.68
%
47.42
%
63.52
%
51.99
%
65.25
%
Adjusted operating efficiency ratio (FTE) (1)(6)
48.14
%
47.47
%
48.79
%
48.47
%
50.45
%
Operating ROA & ROE (4)
Adjusted operating earnings (non-GAAP)
$
138,601
$
136,987
$
122,693
$
404,709
$
315,343
Average assets (GAAP)
$
37,975,963
$
37,433,973
$
37,377,383
$
37,557,572
$
33,378,378
Return on average assets (ROA) (GAAP)
1.43
%
1.73
%
0.98
%
1.49
%
0.65
%
Adjusted operating return on average assets (ROA) (non-GAAP)
1.45
%
1.47
%
1.30
%
1.44
%
1.26
%
Average equity (GAAP)
$
5,144,943
$
5,125,495
$
4,866,989
$
5,113,117
$
4,276,987
Return on average equity (ROE) (GAAP)
10.54
%
12.60
%
7.51
%
10.98
%
5.06
%
Adjusted operating return on average equity (ROE) (non-GAAP)
10.69
%
10.72
%
10.00
%
10.58
%
9.86
%
Operating ROTCE (2)(3)(4)
Adjusted operating earnings available to common shareholders (non-GAAP)
$
135,634
$
134,020
$
119,726
$
395,808
$
306,442
Plus: Amortization of intangibles, tax effected
11,807
11,957
14,335
35,967
33,161
Adjusted operating earnings available to common shareholders before amortization of intangibles (non-GAAP)
$
147,441
$
145,977
$
134,061
$
431,775
$
339,603
Average tangible common equity (non-GAAP)
$
2,946,399
$
2,911,942
$
2,647,488
$
2,906,612
$
2,301,146
Adjusted operating return on average tangible common equity (non-GAAP)
19.85
%
20.11
%
20.09
%
19.86
%
19.73
%
Operating pre-tax pre-provision earnings (FTE) (7)
Net income (GAAP)
$
136,632
$
161,013
$
92,140
$
419,811
$
161,749
Plus: Provision for credit losses
5,731
11,737
16,233
20,205
139,578
Plus: Income tax expense
36,518
43,480
24,142
112,441
33,527
Plus: Merger-related costs
—
—
34,812
9,034
118,652
Plus: FTE adjustment
4,693
4,561
4,419
13,806
12,539
Plus: Loss on debt extinguishment
2,654
—
—
2,654
—
Less: Gain (loss) on sale of securities
10
4
4
16
(83
)
Less: (Loss) gain on CRE loan sale
—
—
(4,805
)
—
10,915
Less: Gain on sale of equity interest in CSP
—
—
—
—
14,300
Less: Gain on sale of equity interest in Bearing Insurance
—
32,350
—
32,350
—
Adjusted operating pre-tax pre-provision earnings (FTE) (non-GAAP)
$
186,218
$
188,437
$
176,547
$
545,585
$
440,913
Less: Dividends on preferred stock
2,967
2,967
2,967
8,901
8,901
Adjusted operating pre-tax pre-provision earnings available to common shareholders (FTE) (non-GAAP)
$
183,251
$
185,470
$
173,580
$
536,684
$
432,012
Weighted average common shares outstanding, diluted
141,641,618
142,320,806
141,986,217
142,078,792
124,794,832
Adjusted operating pre-tax pre-provision earnings per common share, diluted (FTE)
$
1.29
$
1.30
$
1.22
$
3.78
$
3.46
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES
KEY FINANCIAL RESULTS (UNAUDITED)
(Dollars in thousands, except share data)
As of & For Three Months Ended
As of & For Nine Months Ended
9/30/26
6/30/26
9/30/25
9/30/26
9/30/25
Mortgage Origination Held for Sale Volume
Refinance Volume
$
14,466
$
12,226
$
11,296
$
52,067
$
36,457
Purchase Volume
82,574
98,624
97,729
241,741
262,654
Total Mortgage loan originations held for sale
$
97,040
$
110,850
$
109,025
$
293,808
$
299,111
% of originations held for sale that are refinances
14.9
%
11.0
%
10.4
%
17.7
%
12.2
%
Wealth
Assets under management
$
16,578,808
$
16,522,020
$
14,819,080
$
16,578,808
$
14,819,080
Other Data
End of period full-time equivalent employees
3,111
3,073
3,100
3,111
3,100
____________________ (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)
These are non-GAAP financial measures. Adjusted operating measures exclude or include, as applicable, merger-related costs, CECL Day 1 non-PCD loans and RUC provision expense, loss on debt extinguishment, gain (loss) on sale of securities, (loss) gain on CRE loan sale, gain on sale of equity interest in CSP, and gain on sale of equity interest in Bearing Insurance. The Company believes these non-GAAP adjusted measures provide investors with important information about the continuing economic results of the Company’s operations.
(5)
All ratios at September 30, 2026 are estimates and subject to change pending the Company’s filing of its FR Y-9C. 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, loss on debt extinguishment, gain (loss) on sale of securities, (loss) gain on CRE loan sale, gain on sale of equity interest in CSP, and gain on sale of equity interest in Bearing Insurance. 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. Adjusted operating pre-tax pre-provision earnings (FTE) excludes or includes, as applicable, the provision for credit losses, which can fluctuate significantly from period-to-period under the CECL methodology, income tax expense, merger-related costs, FTE adjustment, loss on debt extinguishment, gain (loss) on sale of securities, (loss) gain on CRE loan sale, gain on sale of equity interest in CSP, and gain on sale of equity interest in Bearing Insurance. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the Company’s operations.
(8)
Effective January 1, 2026, the Company made certain changes to its ACL methodology as part of the continued enhancement of its credit modeling practices, resulting in more dynamic and precise modeling that allows for more granularity in the monitoring of our credit losses. The ACL methodology changes were accounted for prospectively as a change in accounting estimate and did not have a material impact on the Company’s Consolidated Financial Statements.
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
September 30,
December 31,
September 30,
2026
2025
2025
ASSETS
(unaudited)
(audited)
(unaudited)
Cash and cash equivalents:
Cash and due from banks
$
451,303
$
234,257
$
342,490
Interest-bearing deposits in other banks
237,178
706,014
447,323
Federal funds sold
12,280
26,191
4,852
Total cash and cash equivalents
700,761
966,462
794,665
Securities available for sale, at fair value
3,748,965
4,194,301
4,267,523
Securities held to maturity, at carrying value
845,326
884,216
883,786
Restricted stock, at cost
190,101
190,200
159,320
Loans held for sale
16,825
18,486
24,772
Loans held for investment, net of unearned income
29,296,616
27,796,167
27,361,173
Less: allowance for loan and lease losses
301,432
295,108
293,035
Total loans held for investment, net
28,995,184
27,501,059
27,068,138
Premises and equipment, net
166,524
166,752
168,315
Goodwill
1,754,875
1,733,287
1,726,386
Amortizable intangibles, net
270,016
315,544
333,236
Bank owned life insurance
683,224
672,890
669,102
Other assets
979,864
942,557
977,490
Total assets
$
38,351,665
$
37,585,754
$
37,072,733
LIABILITIES
Noninterest-bearing demand deposits
$
6,761,674
$
6,844,629
$
7,104,642
Interest-bearing deposits
24,203,855
23,627,007
23,560,682
Total deposits
30,965,529
30,471,636
30,665,324
Securities sold under agreements to repurchase
114,650
75,432
91,630
Other short-term borrowings
650,000
650,000
—
Long-term borrowings
857,753
771,860
768,682
Other liabilities
713,129
610,428
630,039
Total liabilities
33,301,061
32,579,356
32,155,675
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $10.00 par value
173
173
173
Common stock, $1.33 par value
186,792
188,563
188,504
Additional paid-in capital
3,828,984
3,888,841
3,882,830
Retained earnings
1,437,072
1,184,908
1,128,659
Accumulated other comprehensive loss
(402,417
)
(256,087
)
(283,108
)
Total stockholders' equity
5,050,604
5,006,398
4,917,058
Total liabilities and stockholders' equity
$
38,351,665
$
37,585,754
$
37,072,733
Common shares issued and outstanding
140,445,286
141,776,886
141,732,071
Common shares authorized
200,000,000
200,000,000
200,000,000
Preferred shares issued and outstanding
17,250
17,250
17,250
Preferred shares authorized
500,000
500,000
500,000
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands, except share data)
Three Months Ended
Nine Months Ended
September 30,
June 30,
September 30,
September 30,
September 30,
2026
2026
2025
2026
2025
Interest and dividend income:
Interest and fees on loans
$
451,734
$
436,807
$
441,944
$
1,308,169
$
1,172,224
Interest on deposits in other banks
1,741
2,165
12,478
6,051
19,982
Interest and dividends on securities:
Taxable
38,793
38,973
40,601
118,773
102,509
Nontaxable
8,865
8,883
8,414
26,702
24,930
Total interest and dividend income
501,133
486,828
503,437
1,459,695
1,319,645
Interest expense:
Interest on deposits
153,553
146,438
170,721
441,769
457,650
Interest on short-term borrowings
8,031
5,327
626
18,585
5,682
Interest on long-term borrowings
11,127
9,945
12,880
33,428
31,568
Total interest expense
172,711
161,710
184,227
493,782
494,900
Net interest income
328,422
325,118
319,210
965,913
824,745
Provision for credit losses
5,731
11,737
16,233
20,205
139,578
Net interest income after provision for credit losses
322,691
313,381
302,977
945,708
685,167
Noninterest income:
Service charges on deposit accounts
12,886
12,259
12,838
37,261
34,743
Other service charges, commissions and fees
2,266
2,286
2,325
6,490
6,332
Interchange fees
3,697
3,750
4,089
10,773
10,816
Fiduciary and asset management fees
20,452
21,460
18,595
62,090
43,014
Mortgage banking income
1,528
2,656
2,811
6,211
6,605
Bank owned life insurance income
5,954
5,734
5,116
16,888
15,979
Loan-related interest rate swap fees
4,530
6,484
5,911
14,988
10,043
Other operating income
3,479
35,619
66
45,122
34,904
Total noninterest income
54,792
90,248
51,751
199,823
162,436
Noninterest expense:
Salaries and benefits
113,978
112,309
108,319
339,700
293,676
Occupancy expenses
13,089
12,862
13,582
39,153
34,944
Furniture and equipment expenses
5,604
5,532
6,536
16,691
16,794
Technology and data processing
17,492
16,016
17,009
49,110
44,444
Professional services
6,193
6,154
8,774
18,115
21,268
Marketing and advertising expense
8,040
5,479
5,100
20,847
12,041
FDIC assessment premiums and other insurance
6,759
6,633
8,817
20,239
22,660
Franchise and other taxes
4,767
4,675
4,669
14,148
14,000
Loan-related expenses
2,544
2,723
1,933
8,118
4,461
Amortization of intangible assets
14,946
15,136
18,145
45,528
41,976
Merger-related costs
—
—
34,812
9,034
118,652
Other expenses
10,921
11,617
10,750
32,596
27,411
Total noninterest expense
204,333
199,136
238,446
613,279
652,327
Income before income taxes
173,150
204,493
116,282
532,252
195,276
Income tax expense
36,518
43,480
24,142
112,441
33,527
Net Income
$
136,632
$
161,013
$
92,140
$
419,811
$
161,749
Dividends on preferred stock
2,967
2,967
2,967
8,901
8,901
Net income available to common shareholders
$
133,665
$
158,046
$
89,173
$
410,910
$
152,848
Basic earnings per common share
$
0.95
$
1.11
$
0.63
$
2.90
$
1.23
Diluted earnings per common share
$
0.94
$
1.11
$
0.63
$
2.89
$
1.22
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
September 30, 2026
June 30, 2026
Average
Balance
Interest
Income /
Expense (1)
Yield /
Rate (1)(2)
Average
Balance
Interest
Income /
Expense (1)
Yield /
Rate (1)(2)
Assets:
Securities:
Taxable
$
3,580,534
$
38,793
4.30
%
$
3,659,723
$
38,973
4.27
%
Tax-exempt
1,314,635
11,222
3.39
%
1,316,804
11,245
3.43
%
Total securities
4,895,169
50,015
4.05
%
4,976,527
50,218
4.05
%
LHFI, net of unearned income (3)(4)
28,927,866
453,611
6.22
%
28,243,611
438,508
6.23
%
Other earning assets
268,011
2,200
3.26
%
324,702
2,663
3.29
%
Total earning assets
34,091,046
$
505,826
5.89
%
33,544,840
$
491,389
5.88
%
Allowance for loan and lease losses
(300,123
)
(293,455
)
Total non-earning assets
4,185,040
4,182,588
Total assets
$
37,975,963
$
37,433,973
Liabilities and Stockholders' Equity:
Interest-bearing deposits:
Transaction and money market accounts
$
14,828,582
$
84,865
2.27
%
$
14,949,644
$
83,153
2.23
%
Regular savings
2,634,711
12,207
1.84
%
2,617,569
10,762
1.65
%
Time deposits (5)
6,422,120
56,481
3.49
%
6,086,936
52,523
3.46
%
Total interest-bearing deposits
23,885,413
153,553
2.55
%
23,654,149
146,438
2.48
%
Other borrowings (6)
1,717,294
19,158
4.43
%
1,371,046
15,272
4.47
%
Total interest-bearing liabilities
$
25,602,707
$
172,711
2.68
%
$
25,025,195
$
161,710
2.59
%
Noninterest-bearing liabilities:
Demand deposits
6,622,362
6,736,570
Other liabilities
605,951
546,713
Total liabilities
32,831,020
32,308,478
Stockholders' equity
5,144,943
5,125,495
Total liabilities and stockholders' equity
$
37,975,963
$
37,433,973
Net interest income (FTE)
$
333,115
$
329,679
Interest rate spread
3.21
%
3.29
%
Cost of funds
2.01
%
1.94
%
Net interest margin (FTE)
3.88
%
3.94
%
____________________ (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 $41.3 million and $40.4 million for the three months ended September 30, 2026, and June 30, 2026, respectively, in accretion of the fair market value adjustments related to acquisitions.
(5)
Interest expense on time deposits includes $19 thousand and $111 thousand for the three months ended September 30, 2026, and June 30, 2026, respectively, in accretion of the fair market value adjustments related to acquisitions.
(6)
Interest expense on borrowings includes $452 thousand and $621 thousand for the three months ended September 30, 2026, and June 30, 2026, respectively, in amortization of the fair market value adjustments related to acquisitions.