Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): October 21, 2024

ATLANTIC UNION BANKSHARES CORPORATION

(Exact name of registrant as specified in its charter)

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

4300 Cox Road

Glen Allen, Virginia 23060

(Address of principal executive offices, including Zip Code)

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

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

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

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

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

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

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

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

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

Emerging growth company

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

Item 2.02 Results of Operations and Financial Condition

On October 21, 2024, Atlantic Union Bankshares Corporation (the “Company”) issued a press release announcing its financial results for the third quarter of 2024. A copy of the press release is being furnished as Exhibit 99.1 hereto and is incorporated herein by reference. The Company does not incorporate by reference information presented at any website referenced in the press release.

The information provided under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and is not deemed to be “filed” with the Securities and Exchange Commission (“SEC”) for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to this Current Report on Form 8-K in such a filing.

Item 7.01 Regulation FD Disclosure

Attached as Exhibit 99.2 and incorporated herein by reference is an investor presentation, dated October 21, 2024, regarding the Company’s financial results for the third quarter of 2024 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 Monday, October 21, 2024. This call has been rescheduled from the previously announced date and time. 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 provided under Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, is being furnished and is not deemed to be “filed” with the SEC for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to this Current Report on Form 8-K in such a filing. The Company does not incorporate by reference to this Current Report on Form 8-K information presented at any website referenced in this report or in any of the Exhibits attached hereto.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description of Exhibit
99.1		Press release dated October 21, 2024 regarding the third quarter 2024 results.
99.2		Atlantic Union Bankshares Corporation investor presentation, dated October 21, 2024.
104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

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

	ATLANTIC UNION BANKSHARES CORPORATION


Date: October 21, 2024	By:	/s/ Robert M. Gorman
		Robert M. Gorman
		Executive Vice President and
		Chief Financial Officer

Exhibit 99.1

Contact:

Robert M. Gorman - (804) 523-7828

Executive Vice President / Chief Financial Officer

ATLANTIC UNION BANKSHARES REPORTS THIRD QUARTER FINANCIAL RESULTS

Atlantic Union Bankshares investor call today, Monday, October 21, 2024 at 9:00 a.m. (EDT)

Richmond, Va., October 21, 2024 – Atlantic Union Bankshares Corporation (the “Company” or “Atlantic Union”) (NYSE: AUB) reported net income available to common shareholders of $73.4 million and basic and diluted earnings per common share of $0.82 for the third quarter of 2024 and adjusted operating earnings available to common shareholders⁽¹⁾ of $74.5 million and adjusted diluted operating earnings per common share⁽¹⁾ of $0.83 for the third quarter of 2024.

“Atlantic Union delivered solid financial results in the quarter and the enhanced earnings power we envisioned as a result of the American National Bankshares acquisition is now evident,” said John C. Asbury, president and chief executive officer of Atlantic Union. “During the quarter, we completed the integration work associated with American National Bank and added to our teams in our North Carolina markets which we believe offer long term growth and expansion opportunities. October marks the 8-year anniversary of my having joined the Company, and the transformation we have achieved during this time is exactly what we said we’d do at the outset. This would not have been possible without the dedication of our Teammates and support of our customers. We remain excited about what the future holds for Atlantic Union.

“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 third quarter of 2024, net interest income was $182.9 million, a decrease of $1.6 million from $184.5 million in the second quarter of 2024. Net interest income - fully taxable equivalent (“FTE”)⁽¹⁾was $186.8 million in the third quarter of 2024, a decrease of $1.5 million from $188.3 million in the second quarter of 2024. The decreases from the prior quarter in both net interest income and net interest income (FTE)⁽¹⁾ were primarily the result of increased interest expense due to the $111.3 million increase in average interest bearing liabilities and lower net accretion income and investment securities interest income, partially offset by increased interest income due to the $165.4 million increase in average loans held for investment (“LHFI”). For the third quarter of 2024, both the Company’s net interest margin and the net interest margin (FTE)⁽¹⁾ decreased 8 basis points compared to the prior quarter to 3.31% and to 3.38%, respectively, primarily due to higher cost of funds and lower yields on earning assets. Earning asset yields for the third quarter of 2024 decreased 2 basis points to 5.94% compared to the second quarter of 2024, primarily due to lower yields on securities and lower loan accretion income, partially offset by growth in average LHFI. Cost of funds increased from the prior quarter by 6 basis points to 2.56% for the third quarter of 2024, due primarily to average deposit growth in higher yielding deposit products, partially offset by lower borrowing costs.

The Company’s net interest margin (FTE) ⁽¹⁾ includes the impact of acquisition accounting fair value adjustments. Net accretion income related to acquisition accounting declined by $1.6 million to $12.7 million for the quarter ended September 30, 2024, compared to $14.3 million for the quarter ended June 30, 2024. The impact of accretion and amortization for the periods presented are reflected in the following table (dollars in thousands):

	Loan		Deposit			Borrowings
	Accretion		Amortization			Amortization			Total
For the quarter ended June 30, 2024	$	15,660	$	(1,035	)	$	(285	)	$	14,340
For the quarter ended September 30, 2024		13,926		(913	)		(288	)		12,725

ASSET QUALITY

Overview

At September 30, 2024, nonperforming assets (“NPAs”) as a percentage of total LHFI was 0.20%, consistent with the prior quarter and included nonaccrual loans of $36.8 million. Accruing past due loans as a percentage of total LHFI totaled 30 basis points at September 30, 2024, an increase of 8 basis points from June 30, 2024, and an increase of 3 basis points from September 30, 2023. Net charge-offs were 0.01% of total average LHFI (annualized) for the third quarter of 2024, a decrease of 3 basis points from June 30, 2024, and consistent with September 30, 2023. The allowance for credit losses (“ACL”) totaled $177.6 million at September 30, 2024, a $1.9 million increase from the prior quarter.

Nonperforming Assets

At September 30, 2024, NPAs totaled $37.3 million, compared to $36.1 million in the prior quarter. 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,
	2024		2024		2024		2023		2023
Nonaccrual loans	$	36,847	$	35,913	$	36,389	$	36,860	$	28,626
Foreclosed properties		404		230		29		29		149
Total nonperforming assets	$	37,251	$	36,143	$	36,418	$	36,889	$	28,775

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,
	2024			2024			2024			2023			2023
Beginning Balance	$	35,913		$	36,389		$	36,860		$	28,626		$	29,105
Net customer payments		(2,219	)		(6,293	)		(1,583	)		(2,198	)		(1,947	)
Additions		5,347			6,831			5,047			10,604			1,651
Charge-offs		(542	)		(759	)		(3,935	)		(172	)		(64	)
Loans returning to accruing status		(1,478	)		(54	)		—			—			(119	)
Transfers to foreclosed property		(174	)		(201	)		—			—			—
Ending Balance	$	36,847		$	35,913		$	36,389		$	36,860		$	28,626

Past Due Loans

At September 30, 2024, past due loans still accruing interest totaled $55.2 million or 0.30% of total LHFI, compared to $40.2 million or 0.22% of total LHFI at June 30, 2024, and $40.6 million or 0.27% of total LHFI at September 30, 2023. The increase in past due loan levels at September 30, 2024 from June 30, 2024 was primarily within the 60-89 days past due category and driven by increases in past due relationships within the Commercial Real Estate (“CRE”) non-owner occupied, CRE owner occupied, and residential 1-4 family consumer as well as increases in Commercial and Industrial (“C&I”) past due relationships within the 30-59 days past due category. Of the total past due loans still accruing interest, $15.2 million or 0.08% of total LHFI were past due 90 days or more at September 30, 2024, compared to $15.6 million or 0.09% of total LHFI at June 30, 2024, and $11.9 million or 0.08% of total LHFI at September 30, 2023.

Allowance for Credit Losses

At September 30, 2024, the ACL was $177.6 million and included an allowance for loan and lease losses (“ALLL”) of $160.7 million and a reserve for unfunded commitments (“RUC”) of $16.9 million. The ACL at September 30, 2024 increased $1.9 million from June 30, 2024, primarily due to the impact of continued uncertainty in the economic outlook on certain portfolios.

The ACL as a percentage of total LHFI was 0.97% at September 30, 2024, compared to 0.96% at June 30, 2024. The ALLL as a percentage of total LHFI was 0.88% at September 30, 2024, compared to 0.86% at June 30, 2024.

Net Charge-offs

Net charge-offs were $0.7 million or 0.01% of total average LHFI on an annualized basis for the third quarter of 2024, compared to $1.7 million or 0.04% (annualized) for the second quarter of 2024, and $0.3 million or 0.01% (annualized) for the third quarter of 2023.

Provision for Credit Losses

For the third quarter of 2024, the Company recorded a provision for credit losses of $2.6 million, compared to $21.8 million in the prior quarter, and $5.0 million in the third quarter of 2023. Included in the provision for credit losses for the second quarter of 2024 was $13.2 million initial provision expense on non-purchased credit deteriorated loans and $1.4 million on unfunded commitments, each acquired from American National Bankshares Inc. (“American National”).

NONINTEREST INCOME

Noninterest income increased $10.5 million to $34.3 million for the third quarter of 2024 from $23.8 million in the prior quarter, primarily driven by $6.5 million of pre-tax losses incurred in the prior quarter on the sale of available for sale (“AFS”) securities as part of the Company’s restructuring of the American National securities portfolio.

Adjusted operating noninterest income,⁽¹⁾ which excludes losses and gains on sale of AFS securities (pre-tax gains of $4,000 in the third quarter and pre-tax losses of $6.5 million in the second quarter), increased $4.0 million to $34.3 million for the third quarter from $30.3 million for the prior quarter, primarily driven by a $1.9 million increase in other operating income due to an increase in equity method investment income, a $1.2 million increase in bank owned life insurance income primarily driven by death benefits received in the third quarter, and a $706,000 seasonal increase in service charges on deposit accounts.

NONINTEREST EXPENSE

Noninterest expense decreased $27.4 million to $122.6 million for the third quarter of 2024 from $150.0 million in the prior quarter, primarily driven by a $28.4 million decrease in pre-tax merger-related expenses associated with the American National acquisition.

Adjusted operating noninterest expense,⁽¹⁾which excludes merger-related costs ($1.4 million in the third quarter and $29.8 million in the second quarter) and amortization of intangible assets ($5.8 million in the third quarter and $6.0 million in the second quarter), increased $1.2 million to $115.4 million for the third quarter from $114.2 million in the prior quarter, primarily driven by a $923,000 increase in salaries and benefits due to increases in variable incentive compensation expenses and full-time equivalent employees, as well as a $607,000 increase in Federal Deposit Insurance Corporation (“FDIC”) assessment premiums and other insurance driven by an increase in our assessment base as a result of the American National acquisition. These increases were partially offset by a $537,000 decrease in technology and data processing expense.

INCOME TAXES

The Company’s effective tax rate for the three months ended September 30, 2024 and 2023 was 17.0% and 17.6%, respectively, and the effective tax rate for the nine months ended September 30, 2024 and 2023 was 19.7% and 16.3%. respectively. The increase in the effective tax rate for the nine months ended September 30, 2024 was primarily due to a $4.8 million valuation allowance established during the second quarter of 2024, which resulted in a 250 basis points increase in the effective tax rate.

BALANCE SHEET

At September 30, 2024, total assets were $24.8 billion, an increase of $42.3 million or approximately 0.7% (annualized) from June 30, 2024 and $4.1 billion or approximately 19.6% from September 30, 2023. Total assets increased from the prior quarter due to an increase in cash and cash equivalents primarily due to deposit growth, as well as an increase in the investment securities portfolio due to an increase in the market value of the AFS securities portfolio, partially offset by a decrease in other assets driven by decreases in deferred income taxes associated with other comprehensive income fair value changes related to AFS securities and derivatives in the current quarter. The increase in total assets from the prior year was due to growth in LHFI and the AFS securities portfolio, primarily due to the American National acquisition.

As a result of the American National acquisition, the Company’s associated goodwill at September 30, 2024 totaled $287.5 million. During the quarter ended September 30, 2024, the Company adjusted the allocation of the purchase price for certain provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The measurement period adjustments recorded in this quarter relate to deferred taxes, the fair values of long-term borrowings, and foreclosed properties, which resulted in a $5.2 million increase in the preliminary goodwill recognized during the second quarter of 2024.

At September 30, 2024, LHFI totaled $18.3 billion, a decrease of $9.9 million or 0.2% (annualized) from June 30, 2024, and an increase of $3.1 billion or 20.0% from September 30, 2023. LHFI decreased from the prior quarter primarily due to decreases in the commercial and industrial loan portfolio as a result of loan paydowns and lower revolving credit usage, partially offset by increases in the construction and land development loan portfolio as construction projects continued to fund up. The increase from the same period in the prior year was primarily due to the American National acquisition. Quarterly average LHFI totaled $18.3 billion, an increase of $165.4 million or 3.6% (annualized) from the prior quarter, and an increase of $3.5 billion or 23.8% (annualized) from September 30, 2023. Quarterly average LHFI increased from the prior quarter primarily due to an increase in the CRE owner occupied, multifamily real estate, and construction and land development loan portfolios, partially offset by a decrease in the CRE non-owner occupied loan portfolio. The increase from the same period in the prior year was primarily due to the American National acquisition, as well as loan growth.

At September 30, 2024, total investments were $3.5 billion, an increase of $41.7 million or 4.7% (annualized) from June 30, 2024, and an increase of $500.2 million or 16.5% from September 30, 2023. The increase compared to the prior quarter was primarily due to the increase in the market value of the AFS securities portfolio, and the increase compared to the same period in the prior year was primarily due to the American National acquisition. AFS securities totaled $2.6 billion at both September 30, 2024 and June 30, 2024 and increased from $2.1 billion at September 30, 2023. Total net unrealized losses on the AFS securities portfolio were $334.5 million at September 30, 2024, compared to $420.7 million at June 30, 2024, and $523.1 million at September 30, 2023. Held to maturity securities are carried at cost and totaled $807.1 million at September 30, 2024, $810.5 million at June 30, 2024, and $843.3 million at September 30, 2023 and had net unrealized losses of $30.3 million at September 30, 2024, $44.0 million at June 30, 2024, and $81.2 million at September 30, 2023.

At September 30, 2024, total deposits were $20.3 billion, an increase of $304.4 million or 6.1% (annualized) from the prior quarter. Average deposits at September 30, 2024 increased from the prior quarter by $140.5 million or 2.8% (annualized). Total deposits at September 30, 2024 increased $3.5 billion or 21.0% from September 30, 2023, and quarterly average deposits at September 30, 2024 increased $3.4 billion or 20.1% from the same period in the prior year. The increase in deposit balances from the prior quarter are primarily due to increases in interest bearing customer deposits and brokered deposits of $325.6 million and $83.2 million, respectively, partially offset by decreases of $104.4 million in demand deposits. The increase from the same period in the prior year is primarily related to the addition of the American National acquired deposits, as well as an increase of $901.5 million in brokered deposits.

At September 30, 2024, total borrowings were $852.2 million, a decrease of $354.6 million from June 30, 2024 and a decrease of $168.5 million from September 30, 2023. At September 30, 2024 average borrowings were $855.3 million, a decrease of $188.0 million from June 30, 2024, and a decrease of $49.9 million from September 30, 2023. The decreases in average borrowings from the prior quarter and the same period in the prior year were primarily due to paydowns of short-term borrowings due to deposit growth.

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

	September 30,			June 30,			September 30,
	2024			2024			2023
Common equity Tier 1 capital ratio ⁽²⁾		9.77	%		9.47	%		9.94	%
Tier 1 capital ratio ⁽²⁾		10.57	%		10.26	%		10.88	%
Total capital ratio ⁽²⁾		13.33	%		12.99	%		13.70	%
Leverage ratio (Tier 1 capital to average assets) ⁽²⁾		9.27	%		9.05	%		9.62	%
Common equity to total assets		12.16	%		11.62	%		10.72	%
Tangible common equity to tangible assets ⁽¹⁾		7.29	%		6.71	%		6.45	%

⁽¹⁾ These are financial measures not calculated in accordance with generally accepted accounting principles (“GAAP”). For a reconciliation of these non-GAAP financial measures, see the “Alternative Performance Measures (non-GAAP)” section of the Key Financial Results.

⁽²⁾ All ratios at September 30, 2024 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 third quarter of 2024, the Company declared and paid a quarterly dividend on the outstanding shares of Series A Preferred Stock of $171.88 per share (equivalent to $0.43 per outstanding depositary share), consistent with the second quarter of 2024 and the third quarter of 2023. During the third quarter of 2024, the Company also declared and paid cash dividends of $0.32 per common share, consistent with the second quarter of 2024 and a $0.02 increase or approximately 6.7% from the third quarter of 2023.

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 had 129 branches and approximately 150 ATMs located throughout Virginia and in portions of Maryland and North Carolina as of September 30, 2024. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

THIRD QUARTER 2024 EARNINGS RELEASE CONFERENCE CALL

The Company will hold a conference call and webcast for investors at 9:00 a.m. Eastern Time on Monday, October 21, 2024, during which management will review our financial results for the third quarter 2024 and provide an update on our recent activities. This call has been rescheduled from the previously announced date and time.

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

https://edge.media-server.com/mmc/p/6q92at5j.

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

https://register.vevent.com/register/BI352e42e841fa454e85cc98ae24ac2697. 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, 2024, 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 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 its 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 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 our future ability to recognize the benefits of certain tax assets, our business, financial and operating results, including our deposit base and funding, the impact of future economic conditions, changes in economic conditions, our asset quality, 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,” “potential,” “continue,” “confidence,” or words of similar meaning or other statements concerning opinions or judgment of the Company and our management about future events. Although we believe that our expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of our existing knowledge of our business and operations, there can be no assurance that actual future results, performance, or achievements of, or trends affecting, us will not differ materially from any projected future results, performance, achievements or trends expressed or implied by such forward-looking statements. Actual future results, performance, achievements or trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to, the effects of or changes in:

	·	market interest rates and their related impacts on macroeconomic conditions, customer and client behavior, our funding costs and our loan and securities portfolios;
	·	inflation and its impacts on economic growth and customer and client behavior;
	·	adverse developments in the financial industry generally, such as bank failures, responsive measures to mitigate and manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer and client behavior;
	·	the sufficiency of liquidity and changes in our capital positions;
	·	general economic and financial market conditions, in the United States generally and particularly in the markets in which we operate and which our loans are concentrated, including the effects of declines in real estate values, an increase in unemployment levels and slowdowns in economic growth;
	·	the American National acquisition, including the impact of purchase accounting, any change in the assumptions used regarding the assets acquired and liabilities assumed to determine the fair value and credit marks, and the possibility that the anticipated benefits are not realized when expected or at all;
	·	potential adverse reactions or changes to business or employee relationships, including those resulting from the American National acquisition;
	·	monetary and fiscal policies of the U.S. government, including policies of the U.S. Department of the Treasury and the Federal Reserve;
	·	the quality or composition of our loan or investment portfolios and changes therein;
	·	demand for loan products and financial services in our market areas;
	·	our ability to manage our growth or implement our growth strategy;

	·	the effectiveness of expense reduction plans;
	·	the introduction of new lines of business or new products and services;
	·	our ability to recruit and retain key employees;
	·	real estate values in our lending area;
	·	changes in accounting principles, standards, rules, and interpretations, and the related impact on our financial statements;
	·	an insufficient ACL or volatility in the ACL resulting from the CECL methodology, either alone or as that may be affected by 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 considerations;
	·	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;
	·	the effects of legislative or regulatory changes and requirements, including changes in federal, state or local tax laws;
	·	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, 2023 and related disclosures in other filings, which have been filed with the U.S. Securities and Exchange Commission (“SEC”) and are available on the SEC’s website at www.sec.gov. All risk factors and uncertainties described herein and therein should be considered in evaluating forward-looking statements, and all of the forward-looking statements are expressly qualified by the cautionary statements contained or referred to herein and therein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our businesses or operations. Readers are cautioned not to rely too heavily on 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
	9/30/24			6/30/24			9/30/23			9/30/24			9/30/23
Results of Operations
Interest and dividend income	$	324,528		$	320,888		$	247,159		$	908,330		$	694,952
Interest expense		141,596			136,354			95,218			393,040			237,483
Net interest income		182,932			184,534			151,941			515,290			457,469
Provision for credit losses		2,603			21,751			4,991			32,592			22,911
Net interest income after provision for credit losses		180,329			162,783			146,950			482,698			434,558
Noninterest income		34,286			23,812			27,094			83,651			60,918
Noninterest expenses		122,582			150,005			108,508			377,859			322,442
Income before income taxes		92,033			36,590			65,536			188,490			173,034
Income tax expense		15,618			11,429			11,519			37,144			28,123
Net income		76,415			25,161			54,017			151,346			144,911
Dividends on preferred stock		2,967			2,967			2,967			8,901			8,901
Net income available to common shareholders	$	73,448		$	22,194		$	51,050		$	142,445		$	136,010

Interest earned on earning assets (FTE) ⁽¹⁾	$	328,427		$	324,702		$	250,903		$	919,766		$	706,150
Net interest income (FTE) ⁽¹⁾		186,831			188,348			155,685			526,726			468,667
Total revenue (FTE) ⁽¹⁾		221,117			212,160			182,779			610,377			529,585
Pre-tax pre-provision adjusted operating earnings ⁽⁷⁾		95,985			94,635			81,086			261,437			228,837

Key Ratios
Earnings per common share, diluted	$	0.82		$	0.25		$	0.68		$	1.68		$	1.81
Return on average assets (ROA)		1.24	%		0.41	%		1.04	%		0.86	%		0.95	%
Return on average equity (ROE)		9.77	%		3.35	%		8.76	%		6.97	%		7.93	%
Return on average tangible common equity (ROTCE) ^(2) (3)		18.89	%		6.99	%		15.71	%		13.20	%		14.22	%
Efficiency ratio		56.43	%		72.00	%		60.61	%		63.09	%		62.20	%
Efficiency ratio (FTE) ⁽¹⁾		55.44	%		70.70	%		59.37	%		61.91	%		60.89	%
Net interest margin		3.31	%		3.39	%		3.27	%		3.28	%		3.35	%
Net interest margin (FTE) ⁽¹⁾		3.38	%		3.46	%		3.35	%		3.35	%		3.43	%
Yields on earning assets (FTE) ⁽¹⁾		5.94	%		5.96	%		5.39	%		5.85	%		5.17	%
Cost of interest-bearing liabilities		3.40	%		3.33	%		2.80	%		3.32	%		2.42	%
Cost of deposits		2.57	%		2.46	%		1.97	%		2.48	%		1.63	%
Cost of funds		2.56	%		2.50	%		2.04	%		2.50	%		1.74	%

Operating Measures ⁽⁴⁾
Adjusted operating earnings	$	77,497		$	59,319		$	62,749		$	188,811		$	171,286
Adjusted operating earnings available to common shareholders		74,530			56,352			59,782			179,910			162,385
Adjusted operating earnings per common share, diluted	$	0.83		$	0.63		$	0.80		$	2.12		$	2.17
Adjusted operating ROA		1.25	%		0.97	%		1.21	%		1.07	%		1.12	%
Adjusted operating ROE		9.91	%		7.90	%		10.17	%		8.69	%		9.37	%
Adjusted operating ROTCE ^(2) (3)		19.15	%		15.85	%		18.31	%		16.43	%		16.88	%
Adjusted operating efficiency ratio (FTE) ⁽¹⁾⁽⁶⁾		52.20	%		52.24	%		52.36	%		53.55	%		54.55	%

Per Share Data
Earnings per common share, basic	$	0.82		$	0.25		$	0.68		$	1.68		$	1.81
Earnings per common share, diluted		0.82			0.25			0.68			1.68			1.81
Cash dividends paid per common share		0.32			0.32			0.30			0.96			0.90
Market value per share		37.67			32.85			28.78			37.67			28.78
Book value per common share		33.85			32.30			29.82			33.85			29.82
Tangible book value per common share ⁽²⁾		19.23			17.67			17.12			19.23			17.12
Price to earnings ratio, diluted		11.57			33.03			10.65			16.81			11.86
Price to book value per common share ratio		1.11			1.02			0.97			1.11			0.97
Price to tangible book value per common share ratio ⁽²⁾		1.96			1.86			1.68			1.96			1.68
Weighted average common shares outstanding, basic		89,780,531			89,768,466			74,999,128			84,933,126			74,942,851
Weighted average common shares outstanding, diluted		89,780,531			89,768,466			74,999,128			84,933,213			74,943,999
Common shares outstanding at end of period		89,774,392			89,769,734			74,997,132			89,774,392			74,997,132

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
	9/30/24			6/30/24			9/30/23			9/30/24			9/30/23
Capital Ratios
Common equity Tier 1 capital ratio ⁽⁵⁾		9.77	%		9.47	%		9.94	%		9.77	%		9.94	%
Tier 1 capital ratio ⁽⁵⁾		10.57	%		10.26	%		10.88	%		10.57	%		10.88	%
Total capital ratio ⁽⁵⁾		13.33	%		12.99	%		13.70	%		13.33	%		13.70	%
Leverage ratio (Tier 1 capital to average assets) ⁽⁵⁾		9.27	%		9.05	%		9.62	%		9.27	%		9.62	%
Common equity to total assets		12.16	%		11.62	%		10.72	%		12.16	%		10.72	%
Tangible common equity to tangible assets ⁽²⁾		7.29	%		6.71	%		6.45	%		7.29	%		6.45	%

Financial Condition
Assets	$	24,803,723		$	24,761,413		$	20,736,236		$	24,803,723		$	20,736,236
LHFI (net of deferred fees and costs)		18,337,299			18,347,190			15,283,620			18,337,299			15,283,620
Securities		3,533,143			3,491,481			3,032,982			3,533,143			3,032,982
Earning Assets		22,180,501			22,067,549			18,491,561			22,180,501			18,491,561
Goodwill		1,212,710			1,207,484			925,211			1,212,710			925,211
Amortizable intangibles, net		90,176			95,980			21,277			90,176			21,277
Deposits		20,305,287			20,000,877			16,786,505			20,305,287			16,786,505
Borrowings		852,164			1,206,734			1,020,669			852,164			1,020,669
Stockholders' equity		3,182,416			3,043,686			2,388,801			3,182,416			2,388,801
Tangible common equity ⁽²⁾		1,713,173			1,573,865			1,275,956			1,713,173			1,275,956

Loans held for investment, net of deferred fees and costs
Construction and land development	$	1,588,531		$	1,454,545		$	1,132,940		$	1,588,531		$	1,132,940
Commercial real estate - owner occupied		2,401,807			2,397,700			1,975,281			2,401,807			1,975,281
Commercial real estate - non-owner occupied		4,885,785			4,906,285			4,148,218			4,885,785			4,148,218
Multifamily real estate		1,357,730			1,353,024			947,153			1,357,730			947,153
Commercial & Industrial		3,799,872			3,944,723			3,432,319			3,799,872			3,432,319
Residential 1-4 Family - Commercial		729,315			737,687			517,034			729,315			517,034
Residential 1-4 Family - Consumer		1,281,914			1,251,033			1,057,294			1,281,914			1,057,294
Residential 1-4 Family - Revolving		738,665			718,491			599,282			738,665			599,282
Auto		354,570			396,776			534,361			354,570			534,361
Consumer		109,522			115,541			126,151			109,522			126,151
Other Commercial		1,089,588			1,071,385			813,587			1,089,588			813,587
Total LHFI	$	18,337,299		$	18,347,190		$	15,283,620		$	18,337,299		$	15,283,620

Deposits
Interest checking accounts	$	5,208,794		$	5,044,503		$	5,055,464		$	5,208,794		$	5,055,464
Money market accounts		4,250,763			4,330,928			3,472,953			4,250,763			3,472,953
Savings accounts		1,037,229			1,056,474			950,363			1,037,229			950,363
Customer time deposits of $250,000 and over		1,160,262			1,015,032			634,950			1,160,262			634,950
Other customer time deposits		2,807,077			2,691,600			2,011,106			2,807,077			2,011,106
Time deposits		3,967,339			3,706,632			2,646,056			3,967,339			2,646,056
Total interest-bearing customer deposits		14,464,125			14,138,537			12,124,836			14,464,125			12,124,836
Brokered deposits		1,418,253			1,335,092			516,720			1,418,253			516,720
Total interest-bearing deposits	$	15,882,378		$	15,473,629		$	12,641,556		$	15,882,378		$	12,641,556
Demand deposits		4,422,909			4,527,248			4,144,949			4,422,909			4,144,949
Total deposits	$	20,305,287		$	20,000,877		$	16,786,505		$	20,305,287		$	16,786,505

Averages
Assets	$	24,613,518		$	24,620,198		$	20,596,189		$	23,489,608		$	20,397,518
LHFI (net of deferred fees and costs)		18,320,122			18,154,673			15,139,761			17,405,814			14,799,520
Loans held for sale		13,485			12,392			10,649			11,680			10,330
Securities		3,501,879			3,476,890			3,101,658			3,377,896			3,247,287
Earning assets		21,983,946			21,925,128			18,462,505			21,003,082			18,264,957
Deposits		20,174,158			20,033,678			16,795,611			19,122,193			16,499,045
Time deposits		4,758,039			4,243,344			2,914,004			4,155,713			2,571,114
Interest-bearing deposits		15,736,797			15,437,549			12,576,776			14,832,042			12,071,006
Borrowings		855,306			1,043,297			905,170			970,046			1,032,067
Interest-bearing liabilities		16,592,103			16,480,846			13,481,946			15,802,088			13,103,073
Stockholders' equity		3,112,509			3,021,929			2,446,902			2,901,666			2,443,833
Tangible common equity ⁽²⁾		1,643,562			1,549,876			1,332,993			1,550,978			1,328,385

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
	9/30/24			6/30/24			9/30/23			9/30/24			9/30/23
Asset Quality
Allowance for Credit Losses (ACL)
Beginning balance, Allowance for loan and lease losses (ALLL)	$	158,131		$	136,190		$	120,683		$	132,182		$	110,768
Add: Recoveries		2,053			1,348			1,335			4,378			3,537
Less: Charge-offs		2,719			3,088			1,629			11,701			9,957
Add: Initial Allowance - PCD American National loans		—			3,896			—			3,896			—
Add: Initial Provision - Non-PCD American National loans		—			13,229			—			13,229			—
Add: Provision for loan losses		3,220			6,556			5,238			18,701			21,279
Ending balance, ALLL	$	160,685		$	158,131		$	125,627		$	160,685		$	125,627

Beginning balance, Reserve for unfunded commitment (RUC)	$	17,557		$	15,582		$	15,548		$	16,269		$	13,675
Add: Initial Provision - RUC American National loans		—			1,353			—			1,353			—
Add: Provision for unfunded commitments		(614	)		622			(246	)		(679	)		1,627
Ending balance, RUC	$	16,943		$	17,557		$	15,302		$	16,943		$	15,302
Total ACL	$	177,628		$	175,688		$	140,929		$	177,628		$	140,929

ACL / total LHFI		0.97	%		0.96	%		0.92	%		0.97	%		0.92	%
ALLL / total LHFI		0.88	%		0.86	%		0.82	%		0.88	%		0.82	%
Net charge-offs / total average LHFI (annualized)		0.01	%		0.04	%		0.01	%		0.06	%		0.06	%
Provision for loan losses/ total average LHFI (annualized)		0.07	%		0.44	%		0.14	%		0.25	%		0.19	%

Nonperforming Assets
Construction and land development	$	1,945		$	1,144		$	355		$	1,945		$	355
Commercial real estate - owner occupied		4,781			4,651			3,882			4,781			3,882
Commercial real estate - non-owner occupied		9,919			10,741			5,999			9,919			5,999
Multifamily real estate		—			1			—			—			—
Commercial & Industrial		3,048			3,408			2,256			3,048			2,256
Residential 1-4 Family - Commercial		1,727			1,783			1,833			1,727			1,833
Residential 1-4 Family - Consumer		11,925			10,799			10,368			11,925			10,368
Residential 1-4 Family - Revolving		2,960			3,028			3,572			2,960			3,572
Auto		532			354			361			532			361
Consumer		10			4			—			10			—
Nonaccrual loans	$	36,847		$	35,913		$	28,626		$	36,847		$	28,626
Foreclosed property		404			230			149			404			149
Total nonperforming assets (NPAs)	$	37,251		$	36,143		$	28,775		$	37,251		$	28,775
Construction and land development	$	82		$	764		$	25		$	82		$	25
Commercial real estate - owner occupied		1,239			1,047			2,395			1,239			2,395
Commercial real estate - non-owner occupied		1,390			1,309			2,835			1,390			2,835
Multifamily real estate		53			141			—			53			—
Commercial & Industrial		862			684			792			862			792
Residential 1-4 Family - Commercial		801			678			817			801			817
Residential 1-4 Family - Consumer		1,890			1,645			3,632			1,890			3,632
Residential 1-4 Family - Revolving		1,186			1,449			1,034			1,186			1,034
Auto		401			263			229			401			229
Consumer		143			176			97			143			97
Other Commercial		7,127			7,464			15			7,127			15
LHFI ≥ 90 days and still accruing	$	15,174		$	15,620		$	11,871		$	15,174		$	11,871
Total NPAs and LHFI ≥ 90 days	$	52,425		$	51,763		$	40,646		$	52,425		$	40,646
NPAs / total LHFI		0.20	%		0.20	%		0.19	%		0.20	%		0.19	%
NPAs / total assets		0.15	%		0.15	%		0.14	%		0.15	%		0.14	%
ALLL / nonaccrual loans		436.09	%		440.32	%		438.86	%		436.09	%		438.86	%
ALLL/ nonperforming assets		431.36	%		437.51	%		436.58	%		431.36	%		436.58	%

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
	9/30/24			6/30/24			9/30/23			9/30/24			9/30/23
Past Due Detail
Construction and land development	$	1,559		$	1,689		$	—		$	1,559		$	—
Commercial real estate - owner occupied		2,291			3,450			3,501			2,291			3,501
Commercial real estate - non-owner occupied		1,085			1,316			4,573			1,085			4,573
Multifamily real estate		821			1,694			—			821			—
Commercial & Industrial		5,876			2,154			3,049			5,876			3,049
Residential 1-4 Family - Commercial		656			873			744			656			744
Residential 1-4 Family - Consumer		471			1,331			1,000			471			1,000
Residential 1-4 Family - Revolving		3,309			2,518			2,326			3,309			2,326
Auto		2,796			3,463			2,703			2,796			2,703
Consumer		700			385			517			700			517
Other Commercial		2			289			3,545			2			3,545
LHFI 30-59 days past due	$	19,566		$	19,162		$	21,958		$	19,566		$	21,958
Construction and land development	$	369		$	155		$	386			369			386
Commercial real estate - owner occupied		1,306			72			1,902			1,306			1,902
Commercial real estate - non-owner occupied		6,875			—			797			6,875			797
Multifamily real estate		135			632			150			135			150
Commercial & Industrial		549			192			576			549			576
Residential 1-4 Family - Commercial		736			689			67			736			67
Residential 1-4 Family - Consumer		6,950			1,960			1,775			6,950			1,775
Residential 1-4 Family - Revolving		2,672			795			602			2,672			602
Auto		468			565			339			468			339
Consumer		182			309			164			182			164
Other Commercial		185			—			—			185			—
LHFI 60-89 days past due	$	20,427		$	5,369		$	6,758		$	20,427		$	6,758

Past Due and still accruing	$	55,167		$	40,151		$	40,587		$	55,167		$	40,587
Past Due and still accruing / total LHFI		0.30	%		0.22	%		0.27	%		0.30	%		0.27	%

Alternative Performance Measures (non-GAAP)
Net interest income (FTE) ⁽¹⁾
Net interest income (GAAP)	$	182,932		$	184,534		$	151,941		$	515,290		$	457,469
FTE adjustment		3,899			3,814			3,744			11,436			11,198
Net interest income (FTE) (non-GAAP)	$	186,831		$	188,348		$	155,685		$	526,726		$	468,667
Noninterest income (GAAP)		34,286			23,812			27,094			83,651			60,918
Total revenue (FTE) (non-GAAP)	$	221,117		$	212,160		$	182,779		$	610,377		$	529,585

Average earning assets	$	21,983,946		$	21,925,128		$	18,462,505		$	21,003,082		$	18,264,957
Net interest margin		3.31	%		3.39	%		3.27	%		3.28	%		3.35	%
Net interest margin (FTE)		3.38	%		3.46	%		3.35	%		3.35	%		3.43	%

Tangible Assets ⁽²⁾
Ending assets (GAAP)	$	24,803,723		$	24,761,413		$	20,736,236		$	24,803,723		$	20,736,236
Less: Ending goodwill		1,212,710			1,207,484			925,211			1,212,710			925,211
Less: Ending amortizable intangibles		90,176			95,980			21,277			90,176			21,277
Ending tangible assets (non-GAAP)	$	23,500,837		$	23,457,949		$	19,789,748		$	23,500,837		$	19,789,748

Tangible Common Equity ⁽²⁾
Ending equity (GAAP)	$	3,182,416		$	3,043,686		$	2,388,801		$	3,182,416		$	2,388,801
Less: Ending goodwill		1,212,710			1,207,484			925,211			1,212,710			925,211
Less: Ending amortizable intangibles		90,176			95,980			21,277			90,176			21,277
Less: Perpetual preferred stock		166,357			166,357			166,357			166,357			166,357
Ending tangible common equity (non-GAAP)	$	1,713,173		$	1,573,865		$	1,275,956		$	1,713,173		$	1,275,956

Average equity (GAAP)	$	3,112,509		$	3,021,929		$	2,446,902		$	2,901,666		$	2,443,833
Less: Average goodwill		1,209,590			1,208,588			925,211			1,114,810			925,211
Less: Average amortizable intangibles		93,001			97,109			22,342			69,522			23,881
Less: Average perpetual preferred stock		166,356			166,356			166,356			166,356			166,356
Average tangible common equity (non-GAAP)	$	1,643,562		$	1,549,876		$	1,332,993		$	1,550,978		$	1,328,385

ROTCE ⁽²⁾⁽³⁾
Net income available to common shareholders (GAAP)	$	73,448		$	22,194		$	51,050		$	142,445		$	136,010
Plus: Amortization of intangibles, tax effected		4,585			4,736			1,732			10,817			5,283
Net income available to common shareholders before amortization of intangibles (non-GAAP)	$	78,033		$	26,930		$	52,782		$	153,262		$	141,293

Return on average tangible common equity (ROTCE)		18.89	%		6.99	%		15.71	%		13.20	%		14.22	%

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
	9/30/24			6/30/24			9/30/23			9/30/24			9/30/23
Operating Measures ⁽⁴⁾
Net income (GAAP)	$	76,415		$	25,161		$	54,017		$	151,346		$	144,911
Plus: Merger-related costs, net of tax		1,085			24,236			1,965			26,884			1,965
Plus: Strategic cost saving initiatives, net of tax		—			—			6,851			—			9,959
Plus: FDIC special assessment, net of tax		—			—			—			664			—
Plus: Legal reserve, net of tax		—			—			—			—			3,950
Plus: Deferred tax asset write-down		—			4,774			—			4,774			—
Less: Gain (loss) on sale of securities, net of tax		3			(5,148	)		(21,799	)		(5,143	)		(32,384	)
Less: Gain on sale-leaseback transaction, net of tax		—			—			21,883			—			21,883
Adjusted operating earnings (non-GAAP)		77,497			59,319			62,749			188,811			171,286
Less: Dividends on preferred stock		2,967			2,967			2,967			8,901			8,901
Adjusted operating earnings available to common shareholders (non-GAAP)	$	74,530		$	56,352		$	59,782		$	179,910		$	162,385

Operating Efficiency Ratio ⁽¹⁾⁽⁶⁾
Noninterest expense (GAAP)	$	122,582		$	150,005		$	108,508		$	377,859		$	322,442
Less: Amortization of intangible assets		5,804			5,995			2,193			13,693			6,687
Less: Merger-related costs		1,353			29,778			1,993			33,005			1,993
Less: FDIC special assessment		—			—			—			840			—
Less: Strategic cost saving initiatives		—			—			8,672			—			12,607
Less: Legal reserve		—			—			—			—			5,000
Adjusted operating noninterest expense (non-GAAP)	$	115,425		$	114,232		$	95,650		$	330,321		$	296,155

Noninterest income (GAAP)	$	34,286		$	23,812		$	27,094		$	83,651		$	60,918
Less: Gain (loss) on sale of securities		4			(6,516	)		(27,594	)		(6,510	)		(40,992	)
Less: Gain on sale-leaseback transaction		—			—			27,700			—			27,700
Adjusted operating noninterest income (non-GAAP)	$	34,282		$	30,328		$	26,988		$	90,161		$	74,210

Net interest income (FTE) (non-GAAP) ⁽¹⁾	$	186,831		$	188,348		$	155,685		$	526,726		$	468,667
Adjusted operating noninterest income (non-GAAP)		34,282			30,328			26,988			90,161			74,210
Total adjusted revenue (FTE) (non-GAAP) ⁽¹⁾	$	221,113		$	218,676		$	182,673		$	616,887		$	542,877

Efficiency ratio		56.43	%		72.00	%		60.61	%		63.09	%		62.20	%
Efficiency ratio (FTE) ⁽¹⁾		55.44	%		70.70	%		59.37	%		61.91	%		60.89	%
Adjusted operating efficiency ratio (FTE) ⁽¹⁾⁽⁶⁾		52.20	%		52.24	%		52.36	%		53.55	%		54.55	%

Operating ROA & ROE ⁽⁴⁾
Adjusted operating earnings (non-GAAP)	$	77,497		$	59,319		$	62,749		$	188,811		$	171,286

Average assets (GAAP)	$	24,613,518		$	24,620,198		$	20,596,189		$	23,489,608		$	20,397,518
Return on average assets (ROA) (GAAP)		1.24	%		0.41	%		1.04	%		0.86	%		0.95	%
Adjusted operating return on average assets (ROA) (non-GAAP)		1.25	%		0.97	%		1.21	%		1.07	%		1.12	%

Average equity (GAAP)	$	3,112,509		$	3,021,929		$	2,446,902		$	2,901,666		$	2,443,833
Return on average equity (ROE) (GAAP)		9.77	%		3.35	%		8.76	%		6.97	%		7.93	%
Adjusted operating return on average equity (ROE) (non-GAAP)		9.91	%		7.90	%		10.17	%		8.69	%		9.37	%

Operating ROTCE ^(2)(3)(4)
Adjusted operating earnings available to common shareholders (non-GAAP)	$	74,530		$	56,352		$	59,782		$	179,910		$	162,385
Plus: Amortization of intangibles, tax effected		4,585			4,736			1,732			10,817			5,283
Adjusted operating earnings available to common shareholders before amortization of intangibles (non-GAAP)	$	79,115		$	61,088		$	61,514		$	190,727		$	167,668

Average tangible common equity (non-GAAP)	$	1,643,562		$	1,549,876		$	1,332,993		$	1,550,978		$	1,328,385
Adjusted operating return on average tangible common equity (non-GAAP)		19.15	%		15.85	%		18.31	%		16.43	%		16.88	%

Pre-tax pre-provision adjusted operating earnings ⁽⁷⁾
Net income (GAAP)	$	76,415		$	25,161		$	54,017		$	151,346		$	144,911
Plus: Provision for credit losses		2,603			21,751			4,991			32,592			22,911
Plus: Income tax expense		15,618			11,429			11,519			37,144			28,123
Plus: Merger-related costs		1,353			29,778			1,993			33,005			1,993
Plus: Strategic cost saving initiatives		—			—			8,672			—			12,607
Plus: FDIC special assessment		—			—			—			840			—
Plus: Legal reserve		—			—			—			—			5,000
Less: Gain (loss) on sale of securities, net of tax		4			(6,516	)		(27,594	)		(6,510	)		(40,992	)
Less: Gain on sale-leaseback transaction		—			—			27,700			—			27,700
Pre-tax pre-provision adjusted operating earnings (non-GAAP)	$	95,985		$	94,635		$	81,086		$	261,437		$	228,837
Less: Dividends on preferred stock		2,967			2,967			2,967			8,901			8,901
Pre-tax pre-provision adjusted operating earnings available to common shareholders (non-GAAP)	$	93,018		$	91,668		$	78,119		$	252,536		$	219,936

Weighted average common shares outstanding, diluted		89,780,531			89,768,466			74,999,128			84,933,213			74,943,999
Pre-tax pre-provision earnings per common share, diluted	$	1.04		$	1.02		$	1.04		$	2.97		$	2.93

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
	9/30/24			6/30/24			9/30/23			9/30/24			9/30/23
Mortgage Origination Held for Sale Volume
Refinance Volume	$	4,285		$	4,234		$	2,239		$	14,157		$	9,767
Purchase Volume		56,634			48,487			35,815			136,889			100,175
Total Mortgage loan originations held for sale	$	60,919		$	52,721		$	38,054		$	151,046		$	109,942
% of originations held for sale that are refinances		7.0	%		8.0	%		5.9	%		9.4	%		8.9	%

Wealth
Assets under management	$	6,826,123		$	6,487,087		$	4,675,523		$	6,826,123		$	4,675,523

Other Data
End of period full-time equivalent employees		2,122			2,083			1,788			2,122			1,788
Number of full-service branches		129			129			109			129			109
Number of automatic transaction machines (ATMs)		149			149			123			149			123

	(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, as applicable, merger-related costs, strategic cost saving initiatives (principally composed of severance charges related to headcount reductions and charges for exiting leases), FDIC special assessments, legal reserves associated with our previously disclosed settlement with the CFPB, deferred tax asset write-down, gain (loss) on sale of securities, and gain on sale-leaseback transaction. The Company believes these non-GAAP adjusted measures provide investors with important information about the continuing economic results of the Company’s operations.
	(5)	All ratios at September 30, 2024 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, strategic cost saving initiatives (principally composed of severance charges related to headcount reductions and charges for exiting leases), legal reserves associated with our previously disclosed settlement with the CFPB, gain (loss) on sale of securities, and gain on sale-leaseback transaction. 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 expense, merger-related costs, strategic cost saving initiatives (principally composed of severance charges related to headcount reductions and charges for exiting leases), FDIC special assessments, legal reserves associated with our previously disclosed settlement with the CFPB, gain (loss) on sale of securities, and gain on sale-leaseback transaction. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the Company’s operations.

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share data)

	September 30,			December 31,			September 30,
	2024			2023			2023
ASSETS		(unaudited)			(audited)			(unaudited)
Cash and cash equivalents:
Cash and due from banks	$	232,222		$	196,754		$	233,526
Interest-bearing deposits in other banks		291,163			167,601			159,718
Federal funds sold		4,685			13,776			5,701
Total cash and cash equivalents		528,070			378,131			398,945
Securities available for sale, at fair value		2,608,182			2,231,261			2,084,928
Securities held to maturity, at carrying value		807,080			837,378			843,269
Restricted stock, at cost		117,881			115,472			104,785
Loans held for sale		11,078			6,710			6,608
Loans held for investment, net of deferred fees and costs		18,337,299			15,635,043			15,283,620
Less: allowance for loan and lease losses		160,685			132,182			125,627
Total loans held for investment, net		18,176,614			15,502,861			15,157,993
Premises and equipment, net		115,093			90,959			94,510
Goodwill		1,212,710			925,211			925,211
Amortizable intangibles, net		90,176			19,183			21,277
Bank owned life insurance		489,759			452,565			449,452
Other assets		647,080			606,466			649,258
Total assets	$	24,803,723		$	21,166,197		$	20,736,236
LIABILITIES
Noninterest-bearing demand deposits	$	4,422,909		$	3,963,181		$	4,144,949
Interest-bearing deposits		15,882,378			12,854,948			12,641,556
Total deposits		20,305,287			16,818,129			16,786,505
Securities sold under agreements to repurchase		59,227			110,833			134,936
Other short-term borrowings		375,000			810,000			495,000
Long-term borrowings		417,937			391,025			390,733
Other liabilities		463,856			479,883			540,261
Total liabilities		21,621,307			18,609,870			18,347,435
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $10.00 par value		173			173			173
Common stock, $1.33 par value		118,494			99,147			99,120
Additional paid-in capital		2,277,024			1,782,286			1,779,281
Retained earnings		1,079,032			1,018,070			988,133
Accumulated other comprehensive loss		(292,307	)		(343,349	)		(477,906	)
Total stockholders' equity		3,182,416			2,556,327			2,388,801
Total liabilities and stockholders' equity	$	24,803,723		$	21,166,197		$	20,736,236

Common shares outstanding		89,774,392			75,023,327			74,997,132
Common shares authorized		200,000,000			200,000,000			200,000,000
Preferred shares outstanding		17,250			17,250			17,250
Preferred shares authorized		500,000			500,000			500,000

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(Dollars in thousands, except share data)

	Three Months Ended								Nine Months Ended
	September 30,		June 30,			September 30,			September 30,			September 30,
	2024		2024			2023			2024			2023
Interest and dividend income:
Interest and fees on loans	$	291,089	$	285,198		$	221,380		$	810,886		$	616,544
Interest on deposits in other banks		1,060		2,637			1,309			4,977			3,815
Interest and dividends on securities:
Taxable		24,247		24,886			16,055			68,012			48,373
Nontaxable		8,132		8,167			8,415			24,455			26,220
Total interest and dividend income		324,528		320,888			247,159			908,330			694,952
Interest expense:
Interest on deposits		130,216		122,504			83,590			354,584			200,690
Interest on short-term borrowings		5,698		8,190			6,499			22,049			22,106
Interest on long-term borrowings		5,682		5,660			5,129			16,407			14,687
Total interest expense		141,596		136,354			95,218			393,040			237,483
Net interest income		182,932		184,534			151,941			515,290			457,469
Provision for credit losses		2,603		21,751			4,991			32,592			22,911
Net interest income after provision for credit losses		180,329		162,783			146,950			482,698			434,558
Noninterest income:
Service charges on deposit accounts		9,792		9,086			8,557			27,447			24,577
Other service charges, commissions and fees		2,002		1,967			2,632			5,700			6,071
Interchange fees		3,371		3,126			2,314			8,791			7,098
Fiduciary and asset management fees		6,858		6,907			4,549			18,603			13,169
Mortgage banking income		1,214		1,193			666			3,274			1,969
Gain (loss) on sale of securities		4		(6,516	)		(27,594	)		(6,510	)		(40,992	)
Bank owned life insurance income		5,037		3,791			2,973			12,074			8,671
Loan-related interest rate swap fees		1,503		1,634			2,695			4,353			6,450
Other operating income		4,505		2,624			30,302			9,919			33,905
Total noninterest income		34,286		23,812			27,094			83,651			60,918
Noninterest expenses:
Salaries and benefits		69,454		68,531			57,449			199,867			179,996
Occupancy expenses		7,806		7,836			6,053			22,267			18,503
Furniture and equipment expenses		3,685		3,805			3,449			10,799			10,765
Technology and data processing		9,737		10,274			7,923			28,138			24,631
Professional services		3,994		4,377			3,291			11,452			11,138
Marketing and advertising expense		3,308		2,983			2,219			8,609			7,387
FDIC assessment premiums and other insurance		5,282		4,675			4,258			15,099			12,231
Franchise and other taxes		5,256		5,013			4,510			14,770			13,508
Loan-related expenses		1,445		1,275			1,388			4,043			4,560
Amortization of intangible assets		5,804		5,995			2,193			13,693			6,687
Merger-related costs		1,353		29,778			1,993			33,005			1,993
Other expenses		5,458		5,463			13,782			16,117			31,043
Total noninterest expenses		122,582		150,005			108,508			377,859			322,442
Income before income taxes		92,033		36,590			65,536			188,490			173,034
Income tax expense		15,618		11,429			11,519			37,144			28,123
Net Income	$	76,415	$	25,161		$	54,017		$	151,346		$	144,911
Dividends on preferred stock		2,967		2,967			2,967			8,901			8,901
Net income available to common shareholders	$	73,448	$	22,194		$	51,050		$	142,445		$	136,010

Basic earnings per common share	$	0.82	$	0.25		$	0.68		$	1.68		$	1.81
Diluted earnings per common share	$	0.82	$	0.25		$	0.68		$	1.68		$	1.81

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, 2024								June 30, 2024
	Average Balance			Interest Income / Expense ⁽¹⁾		Yield / Rate ⁽¹⁾⁽²⁾			Average Balance			Interest Income / Expense⁽¹⁾		Yield / Rate ⁽¹⁾⁽²⁾
Assets:
Securities:
Taxable	$	2,248,207		$	24,247		4.29	%	$	2,221,486		$	24,886		4.51	%
Tax-exempt		1,253,672			10,293		3.27	%		1,255,404			10,338		3.31	%
Total securities		3,501,879			34,540		3.92	%		3,476,890			35,224		4.07	%
LHFI, net of deferred fees and costs ⁽³⁾⁽⁴⁾		18,320,122			292,469		6.35	%		18,154,673			286,391		6.34	%
Other earning assets		161,945			1,418		3.48	%		293,565			3,087		4.23	%
Total earning assets		21,983,946		$	328,427		5.94	%		21,925,128		$	324,702		5.96	%
Allowance for loan and lease losses		(159,023	)							(157,204	)
Total non-earning assets		2,788,595								2,852,274
Total assets	$	24,613,518							$	24,620,198

Liabilities and Stockholders' Equity:
Interest-bearing deposits:
Transaction and money market accounts	$	9,932,247		$	74,996		3.00	%	$	10,117,794		$	74,833		2.97	%
Regular savings		1,046,511			579		0.22	%		1,076,411			555		0.21	%
Time deposits ⁽⁵⁾		4,758,039			54,641		4.57	%		4,243,344			47,116		4.47	%
Total interest-bearing deposits		15,736,797			130,216		3.29	%		15,437,549			122,504		3.19	%
Other borrowings ⁽⁶⁾		855,306			11,380		5.29	%		1,043,297			13,850		5.34	%
Total interest-bearing liabilities	$	16,592,103		$	141,596		3.40	%	$	16,480,846		$	136,354		3.33	%

Noninterest-bearing liabilities:
Demand deposits		4,437,361								4,596,129
Other liabilities		471,545								521,294
Total liabilities		21,501,009								21,598,269
Stockholders' equity		3,112,509								3,021,929
Total liabilities and stockholders' equity	$	24,613,518							$	24,620,198

Net interest income (FTE)				$	186,831							$	188,348

Interest rate spread							2.54	%							2.63	%
Cost of funds							2.56	%							2.50	%
Net interest margin (FTE)							3.38	%							3.46	%

	⁽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 $13.9 million and $15.7 million for the three months ended September 30, 2024 and June 30, 2024, respectively, in accretion of the fair market value adjustments related to acquisitions.
	⁽⁵⁾	Interest expense on time deposits includes $913,000 and $1.0 million for the three months ended September 30, 2024 and June 30, 2024, respectively, in accretion of the fair market value adjustments related to acquisitions.
	⁽⁶⁾	Interest expense on borrowings includes $288,000 and $285,000 for the three months ended September 30, 2024 and June 30, 2024, respectively, in amortization of the fair market value adjustments related to acquisitions.

Exhibit 99.2

3rd Quarter 2024 Earnings Presentation NYSE: AUB October 21, 2024

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, statement s on slides entitled “Q3 2024 Highlights“ and “2024 Financial Outlook,” statements regarding our expectations with regard to the b ene fits of the American National Bankshares Inc. ("American National") acquisition, our business, financial and operating result s, including our deposit base and funding, the impact of future economic conditions, changes in economic conditions, our asset quality, ou r c ustomer relationships, and statements that include other projections, predictions, expectations, or beliefs about future even ts 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 ex pre ssed or implied by such forward - looking statements. Forward - looking statements are often characterized by the use of qualified w ords (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “v iew ,” “opportunity,” “potential,” “continue,” “confidence,” or words of similar meaning or other statements concerning opinions or judgment of the Atlantic Union Bankshares Corporation (the “Company”) and our management about future events. Although we believe that our expectation s w ith 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 af fecting, us will not differ materially from any projected future results, performance, achievements or trends expressed or im pli ed by such forward - looking statements. Actual future results, performance, achievements or trends may differ materially from historical res ults or those anticipated depending on a variety of factors, including, but not limited to, the effects of or changes in: • market interest rates and their related impacts on macroeconomic conditions, customer and client behavior, our funding costs and our loan and securities portfolios; • inflation and its impacts on economic growth and customer and client behavior; • adverse developments in the financial industry generally, such as bank failures, responsive measures to mitigate and manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer and client behavior; • the sufficiency of liquidity 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 and slowdowns in economic growth; • the American National acquisition, including the impact of purchase accounting, any change in the assumptions used regarding the assets acquired and liabilities assumed to determine the fair value and credit marks, and the possibility that the anticipated benefits are not realized when expected or at all; • potential adverse reactions or changes to business or employee relationships, including those resulting from the American National acquisition; • monetary and fiscal policies of the U.S. government, including policies of the U.S. Department of the Treasury and the Federal Reserve; • the quality or composition of our loan or investment portfolios and changes therein; • demand for loan products and financial services in our market areas; • our ability to manage our growth or implement our growth strategy; • the effectiveness of expense reduction plans; • the introduction of new lines of business or new products and services; • our ability to recruit and retain key employees; • real estate values in our lending area; • changes in accounting principles, standards, rules, and interpretations, and the related impact on our financial statements; • an insufficient ACL or volatility in the ACL resulting from the CECL methodology, either alone or as that may be affected by 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, consummatio n and integration of potential future acquisitions, whether involving stock or cash considerations; • the potential adverse effects of unusual and infrequently occurring events, such as weather - related disasters, terrorist acts, geopolitical conflicts or public health events (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; • the effects of legislative or regulatory changes and requirements, including changes in federal, state or local tax laws; • 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. “Managem ent ’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10 - K for the year ende d December 31, 2023, and related disclosures in other filings, which have been filed with the U.S. Securities and Exchange Commiss ion (“SEC”) and are available on the SEC’s website at www.sec.gov. All risk factors and uncertainties described herein and therein should be considered in evaluating forward - looking statements, and all of the forward - looking statements are expressly q ualified by the cautionary statements contained or referred to herein and therein. The actual results or developments antici pat ed may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Comp any or our businesses or operations. Readers are cautioned not to rely too heavily on the 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 cl ari fy 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.

3 Additional Information Non - GAAP Financial Measures This presentation contains certain financial information determined by methods other than in accordance with generally accepted accounting principles in the United States (“GAAP”). These non - GAAP financial measures are a supplement to GAAP, which is used to prepare the Company’s financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, the Company’s non - GAAP financial measures may not be comparable to non - GAAP financial measures of other companies. The Company uses the non - GAAP financial measures discussed herein in its analysis of the Company’s performance. The Company’s management believes that these non - GAAP financial measures provide additional understanding of ongoing operations, enhance comparability of results of operations with prior periods, show the effects of significant gains and charges in the periods presented without the impact of items or events that may obscure trends in the Company’s underlying performance, or show the potential effects of accumulated other comprehensive income (or AOCI) or unrealized losses on securities on the Company's capital. 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, the Company is 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. 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 had 129 branches and approximately 150 ATMs located throughout Virginia and in portions of Maryland and North Carolina as of September 30, 2024. Certain non - bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

4 Largest Regional Banking Company Headquartered in Virginia Our Company Soundness | Profitability | Growth * Data as of 9/30/2024, market capitalization as of 10/14/2024 1) Regional bank defined as having less than $100 billion in assets; rank determined by asset size; market share data per S&P Gl obal Market Intelligence as of June 30, 2024 Highlights ($bn) • 129 branches across Virginia, North Carolina and Maryland footprint • #1 regional bank 1 deposit market share in Virginia • Strong balance sheet and capital levels • Committed to top - tier financial performance with a highly experienced management team able to execute change 4 $ 18.3 Loans $ 24.8 Assets $ 3.5 Market Capitalization $ 20.3 Deposits Branch/Office Footprint

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

6 Q3 2024 Highlights Loan and Deposit Growth • Loans were relatively flat for the quarter • Deposit growth of approximately 6% annualized for the quarter Asset Quality • Q3 2024 net charge - offs at 1 bps annualized • Nonperforming assets consistent with last two quarters Positioning for Long Term • Lending pipelines remain healthy • Focus on performance of the core banking franchise Differentiated Client Experience • Responsive, strong and capable alternative to large national banks, while competitive with and more capable than smaller banks Improved Financial Ratios • Adjusted operating return on tangible common equity of 19.15% 1 • Adjusted operating return on average assets of 1.25% 1 • Adjusted operating efficiency ratio (FTE) of 52.20% 1 Capitalize on Strategic Opportunities • Selectively adding commercial bankers in North Carolina 6 1 - For non - GAAP financial measures, see reconciliation to most directly comparable GAAP measure in "Appendix - Reconciliation o f Non - GAAP Disclosures

7 Q3 2024 Financial Performance At - a - Glance 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 • Reported net income available to common shareholders for the third quarter of 2024 was $73.4 million or $0.82 per share, up $51.3 million or $0.57 per share compared to the prior quarter, primarily driven by the net impact of the following items: • A decrease in net interest income, primarily the result of increased interest expense due to the $111.3 million increase in average interest bearing liabilities and lower net accretion income and investment securities interest income, partially offset by increased interest income due to the $165.4 million increase in average LHFI; • A decrease in the provision for credit losses, due primarily to the prior quarter impact related to the American National acquisition, which included an initial provision expense of $13.2 million on non - PCD loans, and $1.4 million on unfunded commitments; • An increase in noninterest income, primarily driven by $6.5 million of pre - tax losses incurred in the prior quarter on the sale of available for sale ("AFS") securities as part of the Company's restructuring of the American National securities portfolio; • A $27.4 million decrease in noninterest expense, primarily driven by a $28.4 million decrease in pre - tax merger - related costs associated with the American National acquisition; • An increase in income tax expense, primarily the result of an increase in pretax income. • Adjusted operating earnings available to common shareholders 1 increased $18.2 million to $74.5 million at September 30, 2024 compared to the prior quarter, primarily driven by the net impact of the following items: • A decrease in net interest income as described above; • A decrease in the provision for credit losses, due primarily to the American National acquisition as described above; • An increase in adjusted operating noninterest income 1 , primarily driven by increases in other income due to an increase in equity method investment income, bank owned life insurance income, and service charges on deposit accounts; • An increase in adjusted operating noninterest expense 1 , primarily driven by increases in salaries and benefits and Federal Deposit Insurance Corporation (“FDIC”) assessment premiums and other insurance, partially offset by a decrease in technology and data processing expense; • An increase in income tax expense discussed above. 3Q2024 2Q2024 Net interest income $ 182,932 $ 184,534 - Provision for credit losses 2,603 21,751 + Noninterest income 34,286 23,812 - Noninterest expense 122,582 150,005 - Taxes 15,618 11,429 Net income (GAAP) $ 76,415 $ 25,161 - Dividends on preferred stock 2,967 2,967 Net income available to common shareholders (GAAP) $ 73,448 $ 22,194 + Merger-related costs, net of tax 1,085 24,236 + Deferred tax asset write-down — 4,774 - Gain (loss) on sale of securities, net of tax 3 (5,148) Adjusted operating earnings available to common shareholders (non-GAAP) 1 $ 74,530 $ 56,352 Summarized Income Statement 3Q2024 2Q2024 Net Income available to common shareholders $ 73,448 $ 22,194 Common EPS, diluted $ 0.82 $ 0.25 ROE 9.77% 3.35% ROTCE (non-GAAP) 1 18.89% 6.99% ROA 1.24% 0.41% Efficiency ratio 56.43% 72.00% Efficiency ratio (FTE) 1 55.44% 70.70% Net interest margin 3.31% 3.39% Net interest margin (FTE) 1 3.38% 3.46% Earnings Metrics 3Q2024 2Q2024 Adjusted operating earnings available to common shareholders $ 74,530 $ 56,352 Adjusted operating common EPS, diluted $ 0.83 $ 0.63 Adjusted operating ROA 1.25% 0.97% Adjusted operating ROTCE 19.15% 15.85% Adjusted operating efficiency ratio (FTE) 52.20% 52.24% Adjusted operating earnings PTPP $ 95,985 $ 94,635 PTPP = Pre-tax Pre-provision Adjusted Operating Earnings Metrics - non-GAAP 1

8 Q3 2024 Allowance For Credit Losses (ACL) and Provision for Credit Losses 8 Q3 Macroeconomic Forecast Q3 ACL Considerations Numbers may not foot due to rounding. Moody’s September 2024 Baseline Forecast : • US GDP expected to average ~2.6% growth in 2024 and ~ 2.1 % in 2025. • The national unemployment rate expected to average ~ 4 .1% in 2024 and 2025 . • Utilizes a weighted Moody’s forecast economic scenarios approach in the quantitative model. • Qualitative factors were added for certain portfolios as deemed appropriate. • The reasonable and supportable forecast period is 2 years; followed by reversion to the historical loss average over 2 years . Allowance for Credit Losses Reserve for Unfunded Commitments (RUC) Allowance for Loan & Lease Losses (ALLL) $151.8MM (0.96%) $15.6MM (0.10%) $136.2MM (0.86%) 03/31/2024 Ending Balance % of loans +14.6MM Provision for credit losses +$1.4MM +$13.2MM American National Initial Allowance - Non - PCD recorded via provision expense +3.9MM ─ +3.9MM American National Initial Allowance - PCD recorded via PCD gross up of ALLL +$5.4MM $7.2 million Provision for Credit Losses and $1.7 million net charge - offs +$0.6MM Slight increase from last quarter due to increase in unfunded balances. +$4.8MM Increase due to loan growth and the impact of continued uncertainty in the economic outlook on certain portfolios. Q2 2024 Activity $175.7MM (0.96%) $17.6MM (0.10%) $158.1MM (0.86%) 06/30/2024 Ending Balance % of loans +$2.0MM $2.6 million Provision for Credit Losses and $700 thousand net charge - offs - $0.6MM Slight decrease from last quarter due to decrease in unfunded balances. +$2.6MM Increase due to the impact of continued uncertainty in the economic outlook on certain portfolios. Q3 2024 Activity $177.6MM (0.97%) $16.9MM (0.09%) $160.7MM (0.88%) 09/30/2024 Ending Balance % of loans

9 &RUH/RDQ<LHOG6HFXULWLHV<LHOGDQG (DUQLQJV$VVHWV0L[ &RUH'HSRVLWV DQG)XQGLQJPL[ 1HW3XUFKDVH$FFRXQWLQJ $FFUHWLRQ 4 Net Interest Margin (FTE): Drivers of Change 2Q 2024 to 3Q 2024 Q3 2024 Net Interest Margin Market Rates 2Q2024 3Q2024 Avg EOP Avg EOP 5.50% 5.50% 5.43% 5.00% Fed funds 8.50% 8.50% 8.44% 8.00% Prime 5.33% 5.34% 5.22% 4.85% 1 - month SOFR 4.83% 4.75% 4.84% 4.75% 2 - year Treasury 4.44% 4.40% 3.95% 3.78% 10 - year Treasury Margin Overview 2Q2024 3Q2024 3.46% 3.38% Net interest margin (FTE) 1 6.34% 6.35% Loan yield 4.07% 3.92% Investment yield 5.96% 5.94% Earning asset yield 2.46% 2.57% Cost of deposits 3.19% 3.29% Cost of interest - bearing deposits 3.33% 3.40% Cost of interest - bearing liabilities 2.50% 2.56% Cost of funds Presented on an FTE basis (non - GAAP) 1 Approximately 15% of the loan portfolio at 9/30/2024 have floors and all are above floors Loan Portfolio Pricing Mix 3Q2024 51% Fixed 39% 1 - month SOFR 7% Prime 4% Other 100% Total 1 For non - GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of N on - GAAP Disclosures” * Core Loan Yield includes Loan Fees and Loan Swaps Numbers may not foot due to rounding 7 bps - 5 bps - 4 bps - 6 bps

10 Adjusted operating noninterest expense 1 increased $1.2 million to $115.4 million for the quarter ended September 30, 2024 from $114.2 million in the prior quarter primarily driven by : • A $923,000 increase in salaries and benefits due to increases in variable incentive compensation expenses and full - time equivalent employees • A $607,000 increase in FDIC assessment premiums and other insurance driven by an increase in our assessment base as a result of the American National acquisition • Partially offset by a $537,000 decrease in technology and data processing expense Adjusted o perating noninterest income 1 in creased $4.0 million to $34.3 million for the quarter ended September 30, 2024 from $30.3 million for the prior quarter primarily driven by: • A $706,000 seasonal increase in service charges on deposit accounts • A $1.2 million increase in bank owned life insurance income primarily driven by death benefits received in the third quarter • A $1.9 million increase in other operating income primarily due to an increase in equity method investment income Q3 2024 Noninterest Income and Noninterest Expense 1 For non - GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation of N on - GAAP Disclosures” Noninterest Income ($ thousands) 3Q2024 2Q2024 Service charges on deposit accounts $ 9,792 $ 9,086 Other service charges, commissions and fees 2,002 1,967 Interchange fees 3,371 3,126 Fiduciary and asset management fees 6,858 6,907 Mortgage banking income 1,214 1,193 Gain (loss) on sale of securities 4 (6,516) Bank owned life insurance income 5,037 3,791 Loan-related interest rate swap fees 1,503 1,634 Other operating income 4,505 2,624 Total noninterest income $ 34,286 $ 23,812 Less: Gain (loss) on sale of securities 4 (6,516) Total adjusted operating noninterest income (non-GAAP) 1 $ 34,282 $ 30,328 Noninterest Expense ($ thousands) 3Q2024 2Q2024 Salaries and benefits $ 69,454 $ 68,531 Occupancy expenses 7,806 7,836 Furniture and equipment expenses 3,685 3,805 Technology and data processing 9,737 10,274 Professional services 3,994 4,377 Marketing and advertising expense 3,308 2,983 FDIC assessment premiums and other insurance 5,282 4,675 Franchise and other taxes 5,256 5,013 Loan-related expenses 1,445 1,275 Amortization of intangible assets 5,804 5,995 Merger-related costs 1,353 29,778 Other expenses 5,458 5,463 Total noninterest expenses $ 122,582 $ 150,005 Less: Amortization of intangible assets 5,804 5,995 Less: Merger-related costs 1,353 29,778 Total adjusted operating noninterest expense (non-GAAP) 1 $ 115,425 $ 114,232

11 Q3 2024 Loan and Deposit Growth • At September 30, 2024, LHFI totaled $18.3 billion, a decrease of $9.9 million or 0.2% (annualized) from the prior quarter. • Construction and land development loans increased $134.0 million or 36.6% (annualized) as construction projects continued to fund up. • Commercial & Industrial loans decreased by $144.9 million or 14.6% (annualized) as a result of loan paydowns and lower revolving credit line usage. • At September 30, 2024, total deposits were $20.3 billion, an increase of $304.4 million or 6.1% annualized from the prior quarter, primarily due to increases in interest bearing customer deposits and brokered deposits, partially offset by a decrease in demand deposits. In addition: • Noninterest - bearing demand deposits accounted for 22% of total deposit balances at the end of the third quarter of 2024, down slightly from 23% in the prior quarter. • Interest checking accounts included approximately $1.2 billion of fully insured cash sweep (“ICS”) deposits. • The cost of deposits increased by 11 basis points compared to the prior quarter, driven by deposit growth in higher yielding deposit products. Loan Growth ($ thousands) 3Q2024 2Q2024 QTD Annualized Growth Commercial real estate - non-owner occupied $ 4,885,785 $ 4,906,285 (1.7%) Commercial real estate - owner occupied 2,401,807 2,397,700 0.7% Construction and land development 1,588,531 1,454,545 36.6% Multifamily real estate 1,357,730 1,353,024 1.4% Residential 1-4 Family - Commercial 729,315 737,687 (4.5%) Total Commercial Real Estate (CRE) 10,963,168 10,849,241 4.2% Commercial & Industrial 3,799,872 3,944,723 (14.6%) Other Commercial 1,089,588 1,071,385 6.8% Total Commercial & Industrial 4,889,460 5,016,108 (10.0%) Total Commercial Loans 15,852,628 15,865,349 (0.3%) Residential 1-4 Family - Consumer 1,281,914 1,251,033 9.8% Residential 1-4 Family - Revolving 738,665 718,491 11.2% Auto 354,570 396,776 (42.3%) Consumer 109,522 115,541 (20.7%) Total Consumer Loans 2,484,671 2,481,841 0.5% Total LHFI (net of deferred fees and costs) $ 18,337,299 $ 18,347,190 (0.2%) Average Loan Yield 6.35% 6.34% Deposit Growth ($ thousands) 3Q2024 2Q2024 QTD Annualized Growth Interest checking accounts $ 5,208,794 $ 5,044,503 13.0% Money market accounts 4,250,763 4,330,928 (7.4%) Savings accounts 1,037,229 1,056,474 (7.2%) Customer time deposits of $250,000 and over 1,160,262 1,015,032 56.9% Other customer time deposits 2,807,077 2,691,600 17.1% Time deposits 3,967,339 3,706,632 28.0% Total interest-bearing customer deposits 14,464,125 14,138,537 9.2% Brokered deposits 1,418,253 1,335,092 24.8% Total interest-bearing deposits 15,882,378 15,473,629 10.5% Demand deposits 4,422,909 4,527,248 (9.2%) Total Deposits $ 20,305,287 $ 20,000,877 6.1% Average Cost of Deposits 2.57% 2.46% Loan to Deposit Ratio 90.3% 91.7%

12 Atlantic Union Bank Atlantic Union Bankshares Atlantic Union Bank Atlantic Union Bankshares Regulatory Well Capitalized Minimums Capital Ratio 10.9% 8.3% 12.3% 9.8% 6.5% Common Equity Tier 1 Ratio (CET1) 10.9% 9.2% 12.3% 10.6% 8.0% Tier 1 Capital Ratio 11.7% 12.0% 13.0% 13.3% 10.0% Total Risk Based Capital Ratio 9.4% 7.9% 10.7% 9.3% 5.0% Leverage Ratio 9.3% 7.9% 9.4% 8.0% - Tangible Equity to Tangible Assets ( non - GAAP) 1 9.3% 7.2% 9.4% 7.3% - Tangible Common Equity Ratio (non - GAAP) 1 Strong Capital Position at September 30, 2024 1) For non - GAAP financial measures, see reconciliation to most directly comparable GAAP measures in “Appendix – Reconciliation o f Non - GAAP Disclosures” *Capital information presented herein is based on estimates and subject to change pending the Company’s fil ing of its regulatory reports Capital Management Strategy Atlantic Union capital management objectives are to: • Maintain designation as a “well capitalized” institution. • Ensure capital levels are commensurate with the Company’s risk profile, capital stress test projections, and strategic plan objectives. The Company’s capital ratios are well above regulatory well capitalized levels as of September 30, 2024 • On a proforma basis, the Company would be well capitalized if unrealized losses on securities were realized at September 30, 2024. Capital Management Actions • During the third quarter of 2024, the Company paid dividends of $171.88 per outstanding share of Series A Preferred Stock and $0.32 per common share. The common dividend is 6.7% higher than the prior year’s dividend and consistent with the prior quarter’s dividend. Reported Proforma including AOCI and HTM unrealized losses

13 2024 Financial Outlook 1 1 Key Assumptions • 2024 outlook includes nine months impact of American National in results • The outlook includes estimates of merger - related purchase accounting adjustments that are subject to change • The Federal Reserve Bank cuts the fed funds rate by 25 bps in November and December 2024 • Increased likelihood of soft landing and expect relatively stable economy in AUB’s Virginia footprint in 2024 • Expect Virginia unemployment rate to remain low and below national unemployment rate in 2024 Notes 1 Full Year 2024 Outlook 1 ~$18.5 - $19.0B Loans (end of period) ~$20.0 - $20.5B Deposits (end of period) ACL to loans: ~95 – 100 bps Net charge - off ratio: ~5 – 7 bps Credit Outlook Targeting ~$190 to $195 million for 4Q24 ~$720 - $725MM Net Interest Income (FTE) 2,3 Targeting ~3.40% - 3.45% for 4Q24 ~3.35% - 3.40% Net Interest Margin (FTE) 2,3 Targeting ~$30 - 35 million for 4Q24 ~$120 - $125MM Adjusted Operating Noninterest Income 2 Targeting ~$115 - $120MM for 4Q24 ~$445 - $450MM Adjusted Operating Noninterest Expense 2 (excludes amortization of intangible assets) Estimated at ~$5 - $7MM for 4Q24 ~$20MM Amortization of intangible assets 1) Information on this slide is presented as of October 21, 2024, reflects the Company’s updated financial outlook, certain of the Company’s financial targets, and key economic assumpti on s, 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 exclud es 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. The FY 2024 financial outlook, the Co mpany’s financial targets and the key economic assumptions contain forward - looking statements and actual results or conditions may differ materially. See the information set forth below the heading “Forward Looking Statements” on sl ide 2 of this presentation. 2) Refer to “Additional Information” slide and Appendix for non - GAAP disclosures. 3) Includes estimates of accretion income from the American National acquisition which are subject to change.

14 Appendix

15 Total Non - Owner Occupied CRE 26.6% Owner Occupied CRE 13.1% Construction and Land Development 8.7% Multifamily Real Estate 7.4% Residential 1 - 4 Family - Commercial 4.0% All Other Loans 40.2% Commercial Real Estate (“CRE”) portfolio at September 30, 2024 Figures may not foot due to rounding CRE by class $ in millions Total Outstandings% of Portfolio Hotel/Motel B&B $996 5.4% Industrial/Warehouse $820 4.5% Office $876 4.8% Retail $1,075 5.8% Self Storage $435 2.4% Senior Living $354 1.9% Other $330 1.8% Total Non-Owner Occupied CRE $4,886 26.6% Owner Occupied CRE $2,402 13.1% Construction and Land Development $1,589 8.7% Multifamily Real Estate $1,358 7.4% Residential 1-4 Family - Commercial $729 4.0% Total CRE $10,963 59.8%

16 Other Office 76.3% Medical Office 23.7% Medical vs Other Office By Market ($ millions) Key Portfolio Metrics $309 Carolinas $128 Western VA $114 Fredericksburg Area $98 Central VA $68 Coastal VA $70 Northern VA/Maryland $47 Eastern VA $42 Other $876 Total $1,687 Avg. Office Loan ($ thousands) $574 Median Office Loan ($ thousands) 2.78% Loan Loss Reserve / Office Loans 0.10% NCOs / Office Loans 1 0.39% Delinquencies / Office Loans 0.34% NPL / Office Loans 9.61% Criticized Loans / Office Loans Non - Owner Occupied Office CRE Portfolio at September 30, 2024 $ 876 MM Non - Owner Occupied Office Portfolio Non - Owner Occupied Office Portfolio Credit Quality Geographically Diverse Non - Owner Occupied Office Portfolio 1 Trailing 4 Quarters Avg NCO/Trailing 4 Quarter Avg Office Portfolio

17 By Market ($ millions) Key Portfolio Metrics $403 Carolinas $273 Central VA $255 Western VA $153 Coastal VA $128 Eastern VA $93 Fredericksburg Area $29 Northern VA/Maryland $23 Other $1,358 Total Multifamily CRE Portfolio at September 30, 2024 Multifamily Portfolio Credit Quality Geographically Diverse Multifamily Portfolio 1 Trailing 4 Quarters Avg NCO/Trailing 4 Quarter Avg Multifamily Portfolio $2,667 Avg. Multifamily Loan ($ thousands) $649 Median Multifamily Loan ($ thousands) 0.45% Loan Loss Reserve / Multifamily Loans 0.00% NCOs / Multifamily Loans 1 0.07% Delinquencies / Multifamily Loans 0.00% NPL / Multifamily Loans 1.27% Criticized Loans / Multifamily Loans

18 Attractive Core Deposit Base Deposit Base Characteristics Deposit Composition at September 30, 2024 — $20.3 billion Cost of deposit data is as of and for the three months ended September 30, 2024 (1) Core deposits defined as total deposits less jumbo time deposits and brokered deposits • Q3 2024 cost of deposits – 2. 57 % • 88 % core deposits (1) • 48 % transactional accounts Non - Interest Bearing , 22% Interest Checking, 26% Money Market , 21% Retail Time , 14% Jumbo Time , 5% Brokered, 7% Savings, 5%

19 Granular Deposit Base $19,000 $20,000 $19,000 $100,000 $89,000 $92,000 Q3 2023 Q2 2024 Q3 2024 Customer Deposit Granularity Retail Avg. Deposits Acct Size Business Avg. Deposits Acct Size 27% 29% 29% 27% 27% $4,492 $4,922 $5,094 $5,375 $5,551 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Period End Uninsured and Uncollateralized Deposits as a Percentage of Total Deposits ($ in Millions)

20 Cash and Cash Equivalents (unrestricted) $545 Unencumbered Securities $1,166 FHLB Borrowing Capacity $2,323 Fed Funds Lines $597 Discount Window $3,951 Secondary Sources * $637 ($ in millions) Liquidity Position at September 30, 2024 Total Liquidity Sources of $9.2 billion ~166% liquidity coverage ratio of uninsured/uncollateralized deposits of $5.6 billion * Includes brokered deposits and other sources of liquidity Figures may not foot due to rounding Liquidity Sources Total $9.2 billion

21 Securities Portfolio at September 30, 2024 • Total securities portfolio of $3.4 billion with a total unrealized loss of $364.7 million • 78% of total portfolio in available - for - sale at an unrealized loss of $334.5 million • 22% of total portfolio designated as held - to - maturity with an unrealized loss of $30.2 million • Total effective duration of 4.6 years. Securities portfolio is used defensively to neutralize overall asset sensitive interest rate risk profile • ~34% municipals, ~61% treasuries, agency MBS/CMOs and ~5% corporates and other investments • Securities to total assets of 13.8% as of September 30, 2024, down from 14.5% on December 31, 2023 • In April 2024, sold $372 million in AFS securities acquired from American National, resulting in a pre - tax loss of $6.5 million. A majority of the proceeds were reinvested into higher yielding securities. $2,928 $3,366 $3,415 3Q 2023 2Q 2024 3Q 2024 Investment Securities Balances (in millions) Total AFS (fair value) and HTM (carrying value) 3.42% Yield 3.92% Yield 4.07% Yield

22 Reconciliation of Non - GAAP Disclosures The Company has provided supplemental performance measures determined by methods other than in accordance with GAAP. These no n - G AAP financial measures are a supplement to GAAP, which is used to prepare the Company’s financial statements, and should not be c ons idered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, the Company’s non - GAAP fin ancial measures may not be comparable to non - GAAP financial measures of other companies. The Company uses the non - GAAP financial measur es discussed herein in its analysis of the Company’s performance. The Company’s management believes that these non - GAAP financial m easures provide additional understanding of ongoing operations, enhance comparability of results of operations with prior periods and sh ow the effects of significant gains and charges in the periods presented without the impact of items or events that may obscure trends in the C omp any’s underlying performance.

23 Reconciliation of Non - GAAP Disclosures Adjusted operating measures exclude, as applicable, merger - related costs, a deferred tax asset write - down, 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, and gain (loss) on sale of securities. 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. (Dollars in thousands, except per share amounts) 3Q2024 2Q2024 Operating Measures Net Income (GAAP) 76,415$ 25,161$ Plus: Merger-related costs, net of tax 1,085 24,236 Plus: Deferred tax asset write-down — 4,774 Less: Gain (loss) on sale of securities, net of tax 3 (5,148) Adjusted operating earnings (non-GAAP) 77,497$ 59,319$ Less: Dividends on preferred stock 2,967 2,967 Adjusted operating earnings available to common shareholders (non-GAAP) 74,530$ 56,352$ Weighted average common shares outstanding, diluted 89,780,531 89,768,466 EPS available to common shareholders, diluted (GAAP) 0.82$ 0.25$ Adjusted operating EPS available to common shareholders (non-GAAP) 0.83$ 0.63$ Operating Efficiency Ratio Noninterest expense (GAAP) 122,582$ 150,005$ Less: Amortization of intangible assets 5,804 5,995 Less: Merger-related costs 1,353 29,778 Adjusted operating noninterest expense (non-GAAP) 115,425$ 114,232$ Noninterest income (GAAP) 34,286$ 23,812$ Less: Gain (loss) on sale of securities 4 (6,516) Adjusted operating noninterest income (non-GAAP) 34,282$ 30,328$ Net interest income (GAAP) 182,932$ 184,534$ Noninterest income (GAAP) 34,286 23,812 Total revenue (GAAP) 217,218$ 208,346$ Net interest income (FTE) (non-GAAP) 186,831$ 188,348$ Adjusted operating noninterest income (non-GAAP) 34,282 30,328 Total adjusted revenue (FTE) (non-GAAP) 221,113$ 218,676$ Efficiency ratio (GAAP) 56.43% 72.00% Efficiency ratio FTE (non-GAAP) 55.44% 70.70% Adjusted operating efficiency ratio (FTE) (non-GAAP) 52.20% 52.24% For the three months ended ADJUSTED OPERATING EARNINGS AND EFFICIENCY RATIO

24 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. (Dollars in thousands) 3Q2024 2Q2024 Net interest income (GAAP) 182,932$ 184,534$ FTE adjustment 3,899 3,814 Net interest income (FTE) (non-GAAP) 186,831$ 188,348$ Noninterest income (GAAP) 34,286 23,812 Total revenue (FTE) (non-GAAP) 221,117$ 212,160$ Average earning assets 21,983,946$ 21,925,128$ Net interest margin (GAAP) 3.31% 3.39% Net interest margin (FTE) (non-GAAP) 3.38% 3.46% NET INTEREST MARGIN For the three months ended

25 Reconciliation of Non - GAAP Disclosures Tangible assets and tangible common equity are used in the calculation of certain profitability, capital, and per share ratios. The Company believes tangible assets, tangible common equity and the related ratios are meaningful measures of capital adequacy because they provide a meaningful base for period - to - period and company - to - company comparisons, which the Company believes will assist investors in assessing the capital of the Company and its ability to absorb potential losses. The Company believes tangible common equity is an important indication of its ability to grow organically and through business combinations, as well as its ability to pay dividends and to engage in various capital management strategies. The Company also calculates adjusted tangible common equity to tangible assets ratios to exclude AOCI, which is principally comprised of unrealized losses on AFS securities, and to include the impact of unrealized losses on HTM securities. The Company believes that each of these ratios enables investors to assess the Company's capital levels and capital adequacy without the effects of changes in AOCI, some of which are uncertain and difficult to predict, or assuming that the Company realized all previously unrealized losses on HTM securities at the end of the period, as applicable. (Dollars in thousands, except per share amounts) Atlantic Union Bankshares Atlantic Union Bank Tangible Assets Ending Assets (GAAP) 24,803,723$ 24,682,936$ Less: Ending goodwill 1,212,710 1,212,710 Less: Ending amortizable intangibles 90,176 90,176 Ending tangible assets (non-GAAP) 23,500,837$ 23,380,050$ Tangible Common Equity Ending equity (GAAP) 3,182,416$ 3,510,679$ Less: Ending goodwill 1,212,710 1,212,710 Less: Ending amortizable intangibles 90,176 90,176 Less: Perpetual preferred stock 166,357 — Ending tangible common equity (non-GAAP) 1,713,173$ 2,207,793$ Net unrealized losses on HTM securities, net of tax (30,253)$ (30,253)$ Accumulated other comprehensive loss (AOCI) (292,307)$ (292,307)$ Common shares outstanding at end of period 89,774,392 Average equity (GAAP) 3,112,509$ 3,432,314$ Less: Average goodwill 1,209,590 1,209,590 Less: Average amortizable intangibles 93,001 93,001 Less: Average perpetual preferred stock 166,356 — Average tangible common equity (non-GAAP) 1,643,562$ 2,129,723$ Less: Perpetual preferred stock Common equity to total assets (GAAP) 12.2% 14.2% Tangible equity to tangible assets (non-GAAP) 8.0% 9.4% Tangible equity to tangible assets, incl net unrealized losses on HTM securities (non-GAAP) 7.9% 9.3% Tangible common equity to tangible assets (non-GAAP) 7.3% 9.4% Tangible common equity to tangible assets, incl net unrealized losses on HTM securities (non-GAAP) 7.2% 9.3% Tangible common equity to tangible assets, ex AOCI (non-GAAP) 1 8.5% Book value per common share (GAAP) 33.85$ Tangible book value per common share (non-GAAP) 19.23$ Tangible book value per common share, ex AOCI (non-GAAP) 1 22.51$ Leverage Ratio Tier 1 capital 2,192,861$ 2,527,757$ Total average assets for leverage ratio 23,646,246$ 23,529,767$ Leverage ratio 9.3% 10.7% Leverage ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 7.9% 9.4% TANGIBLE ASSETS, TANGIBLE COMMON EQUITY, AND LEVERAGE RATIO As of September 30, 2024 1 Calculation excludes the impact of 680,936 unvested restricted stock awards (RSAs) outstanding as of September 30, 2024

26 Reconciliation of Non - GAAP Disclosures All regulatory capital ratios at September 30, 2024 are estimates and subject to change pending the Company’s filing of its FR Y - 9 C. In addition to these regulatory capital ratios, the Company adjusts certain regulatory capital ratios to include the impacts of AOCI, which the Company has elected to exclude from regulatory capital ratios under applicable regulations, and net unrealized losses on HTM securities, assuming that those unrealized losses were realized at the end of the period, as applicable. The Company believes that each of these ratios help investors to assess the Company's regulatory capital levels and capital adequacy. (Dollars in thousands) Atlantic Union Bankshares Atlantic Union Bank Risk-Based Capital Ratios Net unrealized losses on HTM securities, net of tax (30,253)$ (30,253)$ Accumulated other comprehensive loss (AOCI) (292,307)$ (292,307)$ Common equity tier 1 capital 2,026,505$ 2,527,757$ Tier 1 capital 2,192,861$ 2,527,757$ Total capital 2,766,161$ 2,688,661$ Total risk-weighted assets 20,743,851$ 20,629,534$ Common equity tier 1 capital ratio 9.8% 12.3% Common equity tier 1 capital ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 8.3% 10.9% Tier 1 capital ratio 10.6% 12.3% Tier 1 capital ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 9.2% 10.9% Total capital ratio 13.3% 13.0% Total capital ratio, incl AOCI and net unrealized losses on HTM securities (non-GAAP) 12.0% 11.7% RISK-BASED CAPITAL RATIOS As of September 30, 2024

27 Reconciliation of Non - GAAP Disclosures Tangible assets and tangible common equity are used in the calculation of certain profitability, capital, and per share ratios. The Company believes tangible assets, tangible common equity and the related ratios are meaningful measures of capital adequacy because they provide a meaningful base for period - to - period and company - to - company comparisons, which the Company believes will assist investors in assessing the capital of the Company and its ability to absorb potential losses. The Company believes tangible common equity is an important indication of its ability to grow organically and through business combinations as well as its ability to pay dividends and to engage in various capital management strategies. The Company believes that ROTCE is a meaningful supplement to GAAP financial measures and is useful to investors because it measures the performance of a business consistently across time without regard to whether components of the business were acquired or developed internally. Adjusted operating measures exclude, as applicable, merger - related costs, a deferred tax asset write - down, gain (loss) on sale of securities, 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. (Dollars in thousands) 3Q2024 2Q2024 Return on average assets (ROA) Average assets (GAAP) 24,613,518$ 24,620,198$ ROA (GAAP) 1.24% 0.41% Adjusted operating ROA (non-GAAP) 1.25% 0.97% Return on average equity (ROE) Adjusted operating earnings available to common shareholders (non-GAAP) 74,530$ 56,352$ Plus: Amortization of intangibles, tax effected 4,585 4,736 Adjusted operating earnings available to common shareholders before amortization of intangibles (non-GAAP) 79,115$ 61,088$ Average equity (GAAP) 3,112,509$ 3,021,929$ Less: Average goodwill 1,209,590 1,208,588 Less: Average amortizable intangibles 93,001 97,109 Less: Average perpetual preferred stock 166,356 166,356 Average tangible common equity (non-GAAP) 1,643,562$ 1,549,876$ ROE (GAAP) 9.77% 3.35% Return on tangible common equity (ROTCE) Net Income available to common shareholders (GAAP) 73,448$ 22,194$ Plus: Amortization of intangibles, tax effected 4,585 4,736 Net Income available to common shareholders before amortization of intangibles (non-GAAP) 78,033$ 26,930$ ROTCE (non-GAAP) 18.89% 6.99% Adjusted operating ROTCE (non-GAAP) 19.15% 15.85% For the three months ended OPERATING MEASURES

28 Reconciliation of Non - GAAP Disclosures Pre - tax pre - provision adjusted earnings excludes, as applicable, the provision for credit losses, which can fluctuate significantly from period - to - period under the CECL methodology, income tax expense, merger - related costs, and gain (loss) on sale of securities. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the Company’s operations. (Dollars in thousands) 3Q2024 2Q2024 Net income (GAAP) 76,415$ 25,161$ Plus: Provision for credit losses 2,603 21,751 Plus: Income tax expense 15,618 11,429 Plus: Merger-related costs 1,353 29,778 Less: Gain (loss) on sale of securities 4 (6,516) PTPP adjusted operating earnings (non-GAAP) 95,985$ 94,635$ For the three months ended PRE-TAX PRE-PROVISION ADJUSTED OPERATING EARNINGS

Cover	Oct. 21, 2024
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 21, 2024
Entity File Number	001-39325
Entity Registrant Name	ATLANTIC UNION BANKSHARES CORPORATION
Entity Central Index Key	0000883948
Entity Tax Identification Number	54-1598552
Entity Incorporation, State or Country Code	VA
Entity Address, Address Line One	4300 Cox Road
Entity Address, City or Town	Glen Allen
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23060
City Area Code	804
Local Phone Number	633-5031
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document Information [Line Items]
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]
Document Information [Line Items]
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