Atlantic Union Bankshares Corporation (the “Company” or “Atlantic Union”) (NYSE: AUB) reported net income available to common shareholders of $158.0 million and both basic and diluted earnings per common share of $1.11, for the second quarter of 2026 and adjusted operating earnings available to common shareholders(1) of $134.0 million and adjusted diluted operating earnings per common share(1) of $0.94 for the second quarter of 2026.
“Atlantic Union delivered strong second quarter financial results, driven by well-distributed loan growth, deposit growth, and solid asset quality,” said John C. Asbury, president and chief executive officer of Atlantic Union. “Our core operating performance demonstrates the company’s earnings power and shows that our investments to enhance the franchise are producing results. We believe Atlantic Union is well positioned to deliver differentiated financial performance relative to peers.”
“Atlantic Union is a story of transformation from a Virginia community bank to the largest regional bank headquartered in the lower Mid-Atlantic, with operations in Virginia, Maryland, and a growing presence in North Carolina. Operating under the mantra of soundness, profitability, and growth – in that order of priority – Atlantic Union remains committed to generating sustainable, profitable growth and building long-term value for our shareholders.”
STRATEGIC ACTIONS
Bearing Insurance Group, LLC (“Bearing Insurance”) Sale
The Company completed the sale of its equity interest (held by the Company’s indirect subsidiary, Union Insurance Group, LLC) in Bearing Insurance to an unaffiliated third party, effective May 1, 2026, resulting in a pre-tax gain of approximately $32.3 million during the second quarter of 2026.
Share Repurchase Program
During the second quarter of 2026, the Company’s Board of Directors authorized a share repurchase program (the “Repurchase Program”) to purchase up to $250 million of the Company’s common stock through May 5, 2027 in open market transactions or privately negotiated transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As part of the Repurchase Program, approximately 265 thousand common shares (or $10.0 million) were repurchased during the second quarter of 2026 at an average purchase price of $37.76. Approximately $240.0 million remains available under the Repurchase Program for future share repurchases.
NET INTEREST INCOME
For the second quarter of 2026, net interest income was $325.1 million, an increase of $12.7 million from $312.4 million in the first quarter of 2026. Net interest income - fully taxable equivalent (“FTE”)(1) was $329.7 million in the second quarter of 2026, an increase of $12.8 million from $316.9 million in the first quarter of 2026. The increases from the prior quarter in both net interest income and net interest income (FTE)(1) were driven primarily by higher interest income on loans held for investment (“LHFI”), reflecting loan growth, higher loan yields, and increased loan accretion income. Net interest income and net interest income (FTE)(1) also increased due to lower interest expense on long-term borrowing costs, primarily due to reduced acquisition accounting related borrowing amortization. The aforementioned increases were partially offset by higher deposit interest expense primarily resulting from growth in interest-bearing deposit balances and modestly higher deposit costs.
For the second quarter of 2026, the Company’s net interest margin and net interest margin (FTE)(1) increased 9 basis points from the prior quarter to 3.89% and 3.94%, respectively. The increases were driven primarily by higher earning asset yields which increased 9 basis points to 5.88% compared to the first quarter of 2026 due to higher loan yields and loan accretion income. Cost of funds was 1.94% for the second quarter of 2026, unchanged from the prior quarter, as increases in deposit costs were offset by lower acquisition accounting-related borrowing amortization.
The Company’s net interest margin (FTE)(1) includes the impact of acquisition accounting fair value adjustments. Net accretion income for the quarter ended June 30, 2026 was $39.9 million, compared to $32.9 million for the quarter ended March 31, 2026. The impact of accretion and amortization for the periods presented are reflected in the following table (dollars in thousands):
|
Loan Deposit Borrowings |
Accretion Accretion Amortization Total | For the quarter ended March 31, 2026 $ 35,602 $ 366 $ (3,044) $ 32,924 | For the quarter ended June 30, 2026 40,449 111 (621) 39,939 |
ASSET QUALITY
Overview
At June 30, 2026, nonperforming assets (“NPAs”) as a percentage of total LHFI was 0.39%, an increase of 3 basis points from the prior quarter and included nonaccrual loans of $110.9 million. Accruing past due loans as a percentage of total LHFI totaled 0.28% at June 30, 2026, a decrease of 17 basis points from March 31, 2026, and unchanged from June 30, 2025. Net charge-offs were 0.03% of total average LHFI (annualized) for the second quarter of 2026, an increase of 1 basis point compared to March 31, 2026, and an increase of 2 basis points compared to June 30, 2025. The allowance for credit losses (“ACL”) totaled $331.0 million at June 30, 2026, a $9.1 million increase from the prior quarter.
Nonperforming Assets
At June 30, 2026, NPAs totaled $112.7 million, compared to $99.7 million as of March 31, 2026. The increase in NPAs was primarily due to certain previously delinquent loans within the commercial and industrial loan portfolio that were placed on nonaccrual status during the quarter ended June 30, 2026. This increase in NPAs was partially offset by net customer paydowns and charge-offs. The following table shows a summary of NPA balances at the quarters ended (dollars in thousands):
|
June 30, March 31, December 31, September 30, June 30, |
2026 2026 2025 2025 2025 | Nonaccrual loans $ 110,926 $ 97,828 $ 115,051 $ 131,240 $ 162,615 | Foreclosed properties 1,756 1,856 1,826 2,001 774 | Total nonperforming assets $ 112,682 $ 99,684 $ 116,877 $ 133,241 $ 163,389 |
The following table shows the activity in nonaccrual loans for the quarters ended (dollars in thousands):
|
June 30, March 31, December 31, September 30, June 30, |
2026 2026 2025 2025 2025 | Beginning Balance $ 97,828 $ 115,051 $ 131,240 $ 162,615 $ 69,015 | Net customer payments and other activity (2) (9,330 ) (33,934 ) (21,667 ) (17,947 ) (4,595 ) | Additions (2) 24,283 17,679 7,816 25,333 98,975 | Charge-offs (1,855 ) (909 ) (2,307 ) (37,410 ) (780 ) | Loans returning to accruing status — — (31 ) (77 ) — | Transfers to foreclosed property — (59 ) — (1,274 ) — | Ending Balance $ 110,926 $ 97,828 $ 115,051 $ 131,240 $ 162,615 |
| _____________________________ | (2) Measurement period adjustments related to the fair values of certain Sandy Spring Bancorp, Inc. (“Sandy Spring”) acquired loans impacted the nonaccrual activity for the quarters ended March 31, 2026, December 31, 2025, and September 30, 2025, and were finalized upon conclusion of the measurement period on March 31, 2026. The additions during the quarter ended June 30, 2025, were primarily driven by purchased credit deteriorated loans acquired from Sandy Spring. |
Past Due Loans
At June 30, 2026, past due loans still accruing interest totaled $80.4 million or 0.28% of total LHFI, compared to $125.0 million or 0.45% of total LHFI at March 31, 2026, and $77.7 million or 0.28% of total LHFI at June 30, 2025. The decrease in past due loans from the prior quarter was primarily within the commercial and industrial and residential 1-4 family – consumer loan portfolios.
Allowance for Credit Losses
At June 30, 2026, the ACL was $331.0 million, comprised of an allowance for loan and lease losses (“ALLL”) of $298.8 million and a reserve for unfunded commitments (“RUC”) of $32.2 million. The ACL increased $9.1 million from the prior quarter, primarily reflecting the reserve build associated with the loan portfolio growth during the second quarter of 2026 as the ACL as a percentage of total LHFI remained consistent with the prior quarter at 1.15%. The ALLL as a percentage of total LHFI and the RUC coverage ratio were 1.04% and 0.11%, respectively, at June 30, 2026, consistent with the prior quarter.
Net Charge-offs
Net charge-offs were $2.0 million or 0.03% of total average LHFI on an annualized basis for the second quarter of 2026, compared to $1.6 million or 0.02% (annualized) for the first quarter of 2026, and $666 thousand or 0.01% (annualized) for the second quarter of 2025.
Provision for Credit Losses
For the second quarter of 2026, the Company recorded a provision for credit losses of $11.7 million, compared to $2.7 million in the prior quarter, and $105.7 million in the second quarter of 2025. The increase in the provision for credit losses from the prior quarter primarily reflects the reserve build associated with loan portfolio growth during the second quarter of 2026. Included in the provision for credit losses for the second quarter of 2025 was $89.5 million of Day 1 initial provision expense on purchased non-credit deteriorated (“non-PCD”) loans and $11.4 million on unfunded commitments, each acquired from Sandy Spring.
NONINTEREST INCOME
Noninterest income increased $35.4 million to $90.2 million for the second quarter of 2026 from $54.8 million in the prior quarter, primarily driven by a $32.3 million pre-tax gain on the sale of the Company’s equity interest in Bearing Insurance.
Adjusted operating noninterest income(1), which excludes the pre-tax gain on sale of equity interest in Bearing Insurance ($32.3 million in the second quarter 2026) and the pre-tax gains on sale of securities ($4 thousand in the second quarter 2026 and $2 thousand in the first quarter 2026) increased $3.1 million to $57.9 million, compared to $54.8 million in the prior quarter. This increase was primarily due to a $2.5 million increase in loan-related interest rate swap fees due to an increase in transaction volumes and a $1.3 million increase in fiduciary and asset management fees, primarily due to an increase in assets under management. These increases were partially offset by a $2.8 million decrease in other operating income, primarily due to a decrease in equity method investment income, reflecting the impact of the Bearing Insurance equity interest sale and mark-to-market valuation losses on certain investments.
NONINTEREST EXPENSE
Noninterest expense decreased $10.7 million to $199.1 million for the second quarter of 2026 from $209.8 million in the prior quarter, primarily driven by a $9.0 million decrease in pre-tax merger-related costs.
Adjusted operating noninterest expense(1), which excludes merger-related costs ($9.0 million in the first quarter 2026) and amortization of intangible assets ($15.1 million in the second quarter 2026 and $15.4 million in the first quarter 2026) decreased $1.3 million to $184.0 million, compared to $185.3 million in the prior quarter. This decrease was primarily due to a $1.8 million decrease in marketing and advertising expense and a $1.1 million decrease in salaries and benefits expense, primarily due to a seasonal decrease in payroll taxes and 401(k) contribution expenses. These decreases were partially offset by a $1.6 million increase in other expenses.
INCOME TAXES
The Company’s effective tax rate was 21.3% for the quarter ended June 30, 2026, compared with (13.2%) for the quarter ended June 30, 2025. For the six months ended June 30, 2026 and June 30, 2025, the effective tax rates were 21.1% and 11.9%, respectively. The increase in the effective tax rate during the 2026 periods was primarily driven by an $8.0 million income tax benefit recognized in the second quarter of 2025 related to the re-evaluation of the Company’s state net deferred tax asset following the Sandy Spring acquisition.
KEY BALANCE SHEET COMPONENTS AND CAPITAL RATIOS
The following tables summarize the Company’s key balance sheet components and capital ratios as of the dates presented (dollars in millions, except per share data):
|
6/30/2026 3/31/2026 QoQ QoQ % change(2) 6/30/2025 YoY YoY % change |
(unaudited) (unaudited) (unaudited) | Assets $ 38,100 $ 37,315 $ 785 8.44 % $ 37,289 $ 811 2.17 % | LHFI (net of unearned income) 28,673 27,946 727 10.43 % 27,328 1,345 4.92 % | Quarterly Average LHFI (net of unearned income) 28,244 27,830 414 5.97 % 27,095 1,149 4.24 % | Total Securities 4,942 5,059 (117 ) (9.28 ) % 4,777 165 3.45 % | Securities available for sale ("AFS") 3,877 4,011 (134 ) (13.40 ) % 3,809 68 1.79 % | Securities held to maturity ("HTM") 861 870 (9 ) (4.15 ) % 827 34 4.11 % | Restricted Stock, at cost 204 178 26 58.59 % 141 63 44.68 % | Deposits 30,468 30,391 77 1.02 % 30,972 (504 ) (1.63 ) % | Quarterly Average Deposits 30,391 30,210 181 2.40 % 31,243 (852 ) (2.73 ) % | Borrowings 1,881 1,305 576 177.04 % 893 988 110.64 % | Cash dividends paid per common share $ 0.37 $ 0.37 $ — — % $ 0.34 $ 0.03 8.82 % | Dividends on each share of Series A preferred stock (3) $ 171.88 $ 171.88 $ — — % $ 171.88 $ — — % |
| _____________________________ | (2) Quarter over quarter percentage changes are calculated on an annualized basis except for dividends, which are presented on a per share basis. | (3) The preferred stock dividend was equivalent to $0.43 per outstanding depositary share for each period presented. |
|
6/30/2026 3/31/2026 6/30/2025 | Common equity Tier 1 capital ratio (4) 10.41 % 10.21 % 9.77 % | Tier 1 capital ratio (4) 10.94 % 10.75 % 10.32 % | Total capital ratio (4) 14.15 % 14.01 % 13.74 % | Leverage ratio (Tier 1 capital to average assets) (4) 9.62 % 9.31 % 8.65 % | Common equity to total assets 13.09 % 13.09 % 12.51 % | Tangible common equity to tangible assets (1) 8.17 % 8.03 % 7.39 % |
| ________________________ | (4) All ratios at June 30, 2026 are estimates and subject to change pending the Company’s filing of its FR Y9-C. All other periods are presented as filed. |
The key drivers of the consolidated balance sheet changes for the periods presented are summarized below:
- Total assets increased from March 31, 2026, primarily due to increases in LHFI. Total assets increased from June 30, 2025, primarily due to higher LHFI balances, partially offset by lower cash and cash equivalents due to higher balances in the prior year that included proceeds from the commercial real estate (“CRE”) loan sale completed in June 2025.
- LHFI and quarterly average LHFI increased compared to both March 31, 2026 and June 30, 2025. The increase from the prior quarter was primarily due to higher balances in the commercial and industrial and construction and land development loan portfolios. The increase from the same period in the prior year was primarily due to increases in the commercial and industrial and CRE portfolios.
- Total securities decreased from March 31, 2026, primarily due to principal repayments of AFS mortgage-backed securities. Total securities increased from June 30, 2025, driven by increases in AFS mortgage-backed securities and restricted stock.
- Total deposits and quarterly average deposits increased from the prior quarter, driven by an increase in interest-bearing deposits, partially offset by a decrease in demand deposits. Compared to the same period in the prior year, total deposits and quarterly average deposits decreased due to lower brokered and demand deposits, partially offset by an increase in interest-bearing customer deposit balances.
- Total borrowings increased from March 31, 2026 and June 30, 2025, primarily due to increases in Federal Home Loan Bank advances used to fund loan originations.
| ___________________________ | (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. |
ABOUT ATLANTIC UNION BANKSHARES CORPORATION
Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has branches and ATMs located in Virginia, Maryland, North Carolina and Washington, D.C. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; AUB Investments, Inc., which provides investment services; and Atlantic Union Capital Markets, Inc., which provides capital market services.
SECOND QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL
The Company will hold a conference call and webcast for investors at 9:00 a.m. Eastern Time on Tuesday, July 21, 2026, during which management will review our financial results for the second quarter 2026 and provide an update on our recent activities.
The listen-only webcast and the accompanying slides can be accessed at: .
For analysts who wish to participate in the conference call, please register at the following URL: .
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: .
NON-GAAP FINANCIAL MEASURES
In reporting the results as of and for the period ended June 30, 2026, we have provided supplemental performance measures determined by methods other than in accordance with GAAP. These non-GAAP financial measures are a supplement to GAAP, which we use to prepare our financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. We use the non-GAAP financial measures discussed herein in our analysis of our performance. Management believes that these non-GAAP financial measures provide additional understanding of our ongoing operations, enhance the comparability of our results of operations with prior periods and show the effects of significant gains and charges in the periods presented without the impact of items or events that may obscure trends in our underlying performance. For a reconciliation of these measures to their most directly comparable GAAP measures and additional information about these non-GAAP financial measures, see “Alternative Performance Measures (non-GAAP)” in the tables within the section “Key Financial Results.”
FORWARD-LOOKING STATEMENTS
This press release and statements by our management may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include, without limitation, statements made in Mr. Asbury’s quotations; statements regarding our strategic expansion into North Carolina; statements regarding our business, financial and operating results, including our deposit base and funding; the impact of changes in economic conditions, the interest rate environment, economic, fiscal or trade policy and the potential related impacts on our business and loan demand; management’s beliefs regarding our liquidity, capital resources, asset quality, CRE loan portfolio and our customer relationships; and statements that include other projections, predictions, expectations, or beliefs about future events or results or otherwise are not statements of historical fact. Such forward-looking statements are based on certain assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties, and other factors, some of which cannot be predicted or quantified, that may cause actual results, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are often characterized by the use of qualified words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “view,” “opportunity,” “seek to,” “potential,” “continue,” “confidence,” or words of similar meaning or other statements concerning opinions or judgment of the Company and our management about future events. Although we believe that our expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of our existing knowledge of our business and operations, there can be no assurance that actual future results, performance, or achievements of, or trends affecting, us will not differ materially from any projected future results, performance, achievements or trends expressed or implied by such forward-looking statements. Actual future results, performance, achievements or trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to, the effects of or changes in:
- market interest rates and their related impacts on macroeconomic conditions, customer and client behavior, our funding costs and our loan and securities portfolios;
- economic conditions, including inflation and recessionary conditions and their related impacts on economic growth and customer and client behavior;
- U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, and geopolitical instability;
- volatility in the financial services sector, including failures or rumors of failures of other depository institutions, along with actions taken by governmental agencies to address such turmoil, and the effects on the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital;
- legislative or regulatory changes and requirements, including changes in federal, state or local tax laws and changes impacting the rulemaking, supervision, examination and enforcement priorities of the federal banking agencies;
- the sufficiency of liquidity and changes in our capital position;
- general economic and financial market conditions, in the United States generally and particularly in the markets in which we operate and which our loans are concentrated, including the effects of declines in real estate values, an increase in unemployment levels, U.S. fiscal debt, budget, and tax matters, U.S. government shutdowns, and slowdowns in economic growth;
- the possibility that the anticipated benefits of our acquisition activity, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the strength of the economy, competitive factors in the areas where we do business, or as a result of other unexpected factors or events;
- potential adverse reactions or changes to business or employee relationships;
- our ability to identify, recruit and retain key employees;
- monetary, fiscal and regulatory policies of the U.S. government, including policies of the U.S. Department of the Treasury and the Federal Reserve;
- the quality or composition of our loan or investment portfolios and changes in these portfolios;
- demand for loan products and financial services in our market areas;
- our ability to manage our growth or implement our growth strategy;
- the effectiveness of expense reduction plans;
- the introduction of new lines of business or new products and services;
- real estate values in our lending area;
- changes in accounting principles, standards, rules, and interpretations, and the related impact on our financial statements;
- an insufficient ACL or volatility in the ACL resulting from the Current Expected Credit Losses (“CECL”) methodology, either alone or as that may be affected by changing economic conditions, credit concentrations, inflation, changing interest rates, or other factors;
- concentrations of loans secured by real estate, particularly CRE;
- the effectiveness of our credit processes and management of our credit risk;
- our ability to compete in the market for financial services and increased competition from fintech companies;
- technological risks and developments, and cyber threats, attacks, or events;
- emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action or increase the risk of a cybersecurity attack or the probability that such an attack would be successful;
- operational, technological, cultural, regulatory, legal, credit, and other risks associated with the exploration, consummation and integration of potential future acquisitions, whether involving stock or cash consideration;
- the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts, geopolitical conflicts or public health events (such as pandemics), and of governmental and societal responses thereto; these potential adverse effects may include, without limitation, adverse effects on macroeconomic conditions, the ability of our borrowers to satisfy their obligations to us, on the value of collateral securing loans, on the demand for our loans or our other products and services, on supply chains and methods used to distribute products and services, on incidents of cyberattack and fraud, on our liquidity or capital positions, on risks posed by reliance on third-party service providers, on other aspects of our business operations and on financial markets and economic growth;
- performance by our counterparties or vendors;
- deposit flows;
- the availability of financing and the terms thereof;
- the level of prepayments on loans and mortgage-backed securities;
- actual or potential claims, damages, and fines related to litigation or government actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;
- any event or development that would cause us to conclude that there was an impairment of any asset, including intangible assets, such as goodwill; and
- other factors, many of which are beyond our control.
Please also refer to such other factors as discussed throughout Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10‑K for the year ended December 31, 2025, and related disclosures in other filings, which have been filed with the U.S. Securities and Exchange Commission (“SEC”) and are available on the SEC’s website at www.sec.gov. All risk factors and uncertainties described herein and therein should be considered in evaluating forward-looking statements, and all the forward-looking statements are expressly qualified by the cautionary statements contained or referred to herein and therein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our businesses or operations. Readers are cautioned not to rely too heavily on forward-looking statements. Forward-looking statements speak only as of the date they are made. We do not intend or assume any obligation to update, revise or clarify any forward-looking statements that may be made from time to time by or on behalf of the Company, whether as a result of new information, future events or otherwise, except as required by law.
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES KEY FINANCIAL RESULTS (UNAUDITED) (Dollars in thousands, except share data) |
As of & For Three Months Ended As of & For Six Months Ended |
6/30/26 3/31/26 6/30/25 6/30/26 6/30/25 | Results of Operations | Interest and dividend income $ 486,828 $ 471,735 $ 510,372 $ 958,563 $ 816,208 | Interest expense 161,710 159,362 189,001 321,072 310,672 | Net interest income 325,118 312,373 321,371 637,491 505,536 | Provision for credit losses 11,737 2,737 105,707 14,475 123,345 | Net interest income after provision for credit losses 313,381 309,636 215,664 623,016 382,191 | Noninterest income 90,248 54,783 81,522 145,031 110,685 | Noninterest expenses 199,136 209,810 279,698 408,946 413,882 | Income before income taxes 204,493 154,609 17,488 359,101 78,994 | Income tax expense (benefit) 43,480 32,444 (2,303 ) 75,922 9,384 | Net income 161,013 122,165 19,791 283,179 69,610 | Dividends on preferred stock 2,967 2,967 2,967 5,934 5,934 | Net income available to common shareholders $ 158,046 $ 119,198 $ 16,824 $ 277,245 $ 63,676 | Interest earned on earning assets (FTE) (1) $ 491,389 $ 476,285 $ 514,734 $ 967,673 $ 824,328 | Net interest income (FTE) (1) 329,679 316,923 325,733 646,601 513,656 | Total revenue (FTE) (1) 419,927 371,706 407,255 791,632 624,341 | Pre-tax pre-provision earnings (FTE) (1) 220,791 161,896 127,557 382,686 210,459 | Key Ratios | Earnings per common share, diluted $ 1.11 $ 0.84 $ 0.12 $ 1.95 $ 0.55 | Return on average assets (ROA) 1.73 % 1.33 % 0.21 % 1.53 % 0.45 % | Return on average equity (ROE) 12.60 % 9.78 % 1.67 % 11.20 % 3.53 % | Return on average tangible common equity (ROTCE) (2)(3) 23.42 % 18.63 % 4.99 % 21.06 % 7.83 % | Efficiency ratio 47.94 % 57.14 % 69.42 % 52.26 % 67.16 % | Efficiency ratio (FTE) (1) 47.42 % 56.45 % 68.68 % 51.66 % 66.29 % | Net interest margin 3.89 % 3.80 % 3.78 % 3.84 % 3.62 % | Net interest margin (FTE) (1) 3.94 % 3.85 % 3.83 % 3.90 % 3.68 % | Yields on earning assets (FTE) (1) 5.88 % 5.79 % 6.05 % 5.83 % 5.91 % | Average cost of interest-bearing liabilities 2.59 % 2.60 % 2.97 % 2.60 % 2.97 % | Average cost of deposits 1.93 % 1.90 % 2.20 % 1.92 % 2.24 % | Average cost of funds 1.94 % 1.94 % 2.22 % 1.93 % 2.23 % | Operating Measures (4) | Adjusted operating earnings $ 136,987 $ 129,119 $ 138,112 $ 266,107 $ 192,653 | Adjusted operating earnings available to common shareholders 134,020 126,152 135,145 260,173 186,719 | Adjusted operating pre-tax pre-provision earnings (FTE) (1) (7) 188,437 170,928 176,421 359,364 264,366 | Adjusted operating earnings per common share, diluted $ 0.94 $ 0.89 $ 0.95 $ 1.83 $ 1.61 | Adjusted operating ROA 1.47 % 1.41 % 1.46 % 1.44 % 1.24 % | Adjusted operating ROE 10.72 % 10.33 % 11.63 % 10.53 % 9.77 % | Adjusted operating ROTCE (2)(3) 20.11 % 19.62 % 23.79 % 19.86 % 19.50 % | Adjusted operating efficiency ratio (FTE) (1)(6) 47.47 % 49.86 % 48.34 % 48.64 % 51.52 % | Per Share Data | Earnings per common share, basic $ 1.11 $ 0.84 $ 0.12 $ 1.95 $ 0.55 | Earnings per common share, diluted 1.11 0.84 0.12 1.95 0.55 | Cash dividends paid per common share 0.37 0.37 0.34 0.74 0.68 | Market value per share 42.31 35.74 31.28 42.31 31.28 | Book value per common share 35.14 34.39 32.93 35.14 32.93 | Tangible book value per common share (2) 20.77 19.93 18.38 20.77 18.38 | Price to earnings ratio, diluted 9.50 10.52 65.70 10.77 28.27 | Price to book value per common share ratio 1.20 1.04 0.95 1.20 0.95 | Price to tangible book value per common share ratio (2) 2.04 1.79 1.70 2.04 1.70 | Unvested shares of restricted stock awards 481,488 1,100,123 916,294 481,488 916,294 | Weighted average common shares outstanding, basic 142,099,251 141,901,606 141,680,472 142,000,975 115,596,296 | Weighted average common shares outstanding, diluted 142,320,806 142,280,978 141,738,325 142,301,002 116,056,670 | Common shares outstanding at end of period 141,924,165 142,060,496 141,694,720 141,924,165 141,694,720 |
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES KEY FINANCIAL RESULTS (UNAUDITED) (Dollars in thousands, except share data) |
As of & For Three Months Ended As of & For Six Months Ended |
6/30/26 3/31/26 6/30/25 6/30/26 6/30/25 | Capital Ratios | Common equity Tier 1 capital ratio (5) 10.41 % 10.21 % 9.77 % 10.41 % 9.77 % | Tier 1 capital ratio (5) 10.94 % 10.75 % 10.32 % 10.94 % 10.32 % | Total capital ratio (5) 14.15 % 14.01 % 13.74 % 14.15 % 13.74 % | Leverage ratio (Tier 1 capital to average assets) (5) 9.62 % 9.31 % 8.65 % 9.62 % 8.65 % | Common equity to total assets 13.09 % 13.09 % 12.51 % 13.09 % 12.51 % | Tangible common equity to tangible assets (2) 8.17 % 8.03 % 7.39 % 8.17 % 7.39 % | Financial Condition | Assets $ 38,099,868 $ 37,315,011 $ 37,289,371 $ 38,099,868 $ 37,289,371 | LHFI (net of unearned income) 28,673,271 27,946,424 27,328,333 28,673,271 27,328,333 | Securities 4,941,974 5,059,211 4,777,022 4,941,974 4,777,022 | Earning Assets 34,110,112 33,358,287 33,392,111 34,110,112 33,392,111 | Goodwill 1,754,875 1,754,875 1,710,912 1,754,875 1,710,912 | Amortizable intangibles, net 284,962 300,099 351,381 284,962 351,381 | Deposits 30,468,257 30,391,256 30,972,175 30,468,257 30,972,175 | Borrowings 1,881,340 1,304,587 892,767 1,881,340 892,767 | Stockholders' equity 5,153,414 5,052,316 4,832,639 5,153,414 4,832,639 | Tangible common equity (2) 2,947,220 2,830,985 2,603,989 2,947,220 2,603,989 | Loans held for investment, net of unearned income | Construction and land development $ 1,859,217 $ 1,748,413 $ 2,444,151 $ 1,859,217 $ 2,444,151 | Commercial real estate - owner occupied 4,308,292 4,319,847 3,940,371 4,308,292 3,940,371 | Commercial real estate - non-owner occupied 7,303,555 7,212,035 6,912,692 7,303,555 6,912,692 | Multifamily real estate 2,429,355 2,321,504 2,083,559 2,429,355 2,083,559 | Commercial & Industrial 5,628,880 5,384,856 5,141,691 5,628,880 5,141,691 | Residential 1-4 Family - Commercial 1,008,438 1,053,303 1,131,288 1,008,438 1,131,288 | Residential 1-4 Family - Consumer 2,930,665 2,839,216 2,746,046 2,930,665 2,746,046 | Residential 1-4 Family - Revolving 1,312,531 1,257,079 1,154,085 1,312,531 1,154,085 | Auto 131,477 156,843 245,554 131,477 245,554 | Consumer 110,909 109,755 119,526 110,909 119,526 | Other Commercial 1,649,952 1,543,573 1,409,370 1,649,952 1,409,370 | Total LHFI $ 28,673,271 $ 27,946,424 $ 27,328,333 $ 28,673,271 $ 27,328,333 | Deposits | Interest checking accounts $ 7,812,504 $ 7,515,409 $ 6,909,250 $ 7,812,504 $ 6,909,250 | Money market accounts 6,821,997 6,985,315 7,242,686 6,821,997 7,242,686 | Savings accounts 2,567,073 2,691,144 2,865,159 2,567,073 2,865,159 | Customer time deposits of more than $250,000 1,876,425 1,767,455 1,780,027 1,876,425 1,780,027 | Customer time deposits of $250,000 or less 4,104,769 3,977,869 3,972,352 4,104,769 3,972,352 | Time deposits 5,981,194 5,745,324 5,752,379 5,981,194 5,752,379 | Total interest-bearing customer deposits 23,182,768 22,937,192 22,769,474 23,182,768 22,769,474 | Brokered deposits 557,751 610,338 1,163,580 557,751 1,163,580 | Total interest-bearing deposits $ 23,740,519 $ 23,547,530 $ 23,933,054 $ 23,740,519 $ 23,933,054 | Demand deposits 6,727,738 6,843,726 7,039,121 6,727,738 7,039,121 | Total deposits $ 30,468,257 $ 30,391,256 $ 30,972,175 $ 30,468,257 $ 30,972,175 | Averages | Assets $ 37,433,973 $ 37,254,857 $ 37,939,232 $ 37,344,910 $ 31,345,735 | LHFI (net of unearned income) 28,243,611 27,830,037 27,094,551 28,037,967 22,785,570 | Loans held for sale 23,303 16,207 1,777,882 19,775 897,916 | Securities 4,976,527 5,207,502 4,721,736 5,091,377 4,058,367 | Earning assets 33,544,840 33,377,790 34,121,715 33,461,778 28,148,353 | Deposits 30,390,719 30,210,336 31,243,383 30,301,026 25,884,505 | Time deposits 6,086,936 6,039,778 6,553,018 6,063,487 5,639,409 | Interest-bearing deposits 23,654,149 23,454,604 24,150,220 23,554,928 20,128,691 | Borrowings 1,371,046 1,373,627 1,331,793 1,372,329 931,066 | Interest-bearing liabilities 25,025,195 24,828,231 25,482,013 24,927,257 21,059,757 | Stockholders' equity 5,125,495 5,068,069 4,761,630 5,096,940 3,977,098 | Tangible common equity (2) 2,911,942 2,860,550 2,524,128 2,886,387 2,125,105 |
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES KEY FINANCIAL RESULTS (UNAUDITED) (Dollars in thousands, except share data) |
As of & For Three Months Ended As of & For Six Months Ended |
6/30/26 3/31/26 6/30/25 6/30/26 6/30/25 | Asset Quality | Allowance for Credit Losses (ACL)(8) | Beginning balance, Allowance for loan and lease losses (ALLL) $ 291,100 $ 295,108 $ 193,796 $ 295,108 $ 178,644 | Add: Recoveries 1,327 1,307 1,913 2,634 2,520 | Less: Charge-offs 3,313 2,901 2,579 6,214 5,464 | Add: Initial Allowance - Purchased Credit Deteriorated (PCD) loans — — 28,265 — 28,265 | Add: Initial Provision - Non-PCD loans — — 89,538 — 89,538 | Add: Provision (release) for loan losses 9,642 (2,414 ) 4,641 7,228 22,071 | Ending balance, ALLL $ 298,756 $ 291,100 $ 315,574 $ 298,756 $ 315,574 | Beginning balance, Reserve for unfunded commitments (RUC) $ 30,828 $ 26,161 $ 15,249 $ 26,161 $ 15,041 | Add: Initial Provision - RUC acquired loans — — 11,425 — 11,425 | Add: Provision (release) for unfunded commitments 1,399 4,667 104 6,066 312 | Ending balance, RUC $ 32,227 $ 30,828 $ 26,778 $ 32,227 $ 26,778 | Total ACL $ 330,983 $ 321,928 $ 342,352 $ 330,983 $ 342,352 | ACL / total LHFI 1.15 % 1.15 % 1.25 % 1.15 % 1.25 % | ALLL / total LHFI 1.04 % 1.04 % 1.15 % 1.04 % 1.15 % | Net charge-offs / total average LHFI (annualized) 0.03 % 0.02 % 0.01 % 0.03 % 0.03 % | Provision (release) for loan losses/ total average LHFI (annualized) 0.14 % (0.04 ) % 1.39 % 0.05 % 0.99 % | Nonperforming Assets | Construction and land development $ 4,441 $ 2,485 $ 50,904 $ 4,441 $ 50,904 | Commercial real estate - owner occupied 7,130 6,416 6,116 7,130 6,116 | Commercial real estate - non-owner occupied 12,478 12,221 28,413 12,478 28,413 | Multifamily real estate 23,399 20,564 1,589 23,399 1,589 | Commercial & Industrial 31,423 18,959 44,897 31,423 44,897 | Residential 1-4 Family - Commercial 2,115 6,416 2,700 2,115 2,700 | Residential 1-4 Family - Consumer 24,117 24,426 20,689 24,117 20,689 | Residential 1-4 Family - Revolving 4,983 5,364 5,346 4,983 5,346 | Auto 374 515 526 374 526 | Consumer 16 12 20 16 20 | Other Commercial 450 450 1,415 450 1,415 | Nonaccrual loans $ 110,926 $ 97,828 $ 162,615 $ 110,926 $ 162,615 | Foreclosed property 1,756 1,856 774 1,756 774 | Total nonperforming assets (NPAs) $ 112,682 $ 99,684 $ 163,389 $ 112,682 $ 163,389 | Construction and land development $ 331 $ 186 $ 22,807 $ 331 $ 22,807 | Commercial real estate - owner occupied 7,503 4,362 1,817 7,503 1,817 | Commercial real estate - non-owner occupied 7,597 1,793 2,764 7,597 2,764 | Multifamily real estate 3,541 4,195 — 3,541 — | Commercial & Industrial 2,250 3,675 2,657 2,250 2,657 | Residential 1-4 Family - Commercial 362 1,161 5,561 362 5,561 | Residential 1-4 Family - Consumer 5,954 4,449 1,487 5,954 1,487 | Residential 1-4 Family - Revolving 4,319 4,340 2,460 4,319 2,460 | Auto 219 239 150 219 150 | Consumer 33 70 79 33 79 | Other Commercial 1,616 — 30 1,616 30 | LHFI ≥ 90 days and still accruing $ 33,725 $ 24,470 $ 39,812 $ 33,725 $ 39,812 | Total NPAs and LHFI ≥ 90 days $ 146,407 $ 124,154 $ 203,201 $ 146,407 $ 203,201 | NPAs / total LHFI 0.39 % 0.36 % 0.60 % 0.39 % 0.60 % | NPAs / total assets 0.30 % 0.27 % 0.44 % 0.30 % 0.44 % | ALLL / nonaccrual loans 269.33 % 297.56 % 194.06 % 269.33 % 194.06 % | ALLL/ nonperforming assets 265.13 % 292.02 % 193.14 % 265.13 % 193.14 % |
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES KEY FINANCIAL RESULTS (UNAUDITED) (Dollars in thousands, except share data) |
As of & For Three Months Ended As of & For Six Months Ended |
6/30/26 3/31/26 6/30/25 6/30/26 6/30/25 | Past Due Detail | Construction and land development $ 593 $ 2,866 $ 447 $ 593 $ 447 | Commercial real estate - owner occupied 9,636 8,223 3,933 9,636 3,933 | Commercial real estate - non-owner occupied 474 5,445 1,295 474 1,295 | Multifamily real estate 1,325 6,944 410 1,325 410 | Commercial & Industrial 2,512 10,396 4,606 2,512 4,606 | Residential 1-4 Family - Commercial 2,140 4,076 3,186 2,140 3,186 | Residential 1-4 Family - Consumer 1,557 22,015 2,125 1,557 2,125 | Residential 1-4 Family - Revolving 4,297 4,094 4,270 4,297 4,270 | Auto 1,853 2,212 3,735 1,853 3,735 | Consumer 310 268 274 310 274 | Other Commercial 2,516 2,714 19 2,516 19 | LHFI 30-59 days past due $ 27,213 $ 69,253 $ 24,300 $ 27,213 $ 24,300 | Construction and land development $ 2,210 $ 3,299 $ 189 $ 2,210 $ 189 | Commercial real estate - owner occupied 2,112 8,767 537 2,112 537 | Commercial real estate - non-owner occupied 871 4,084 147 871 147 | Multifamily real estate 732 — 727 732 727 | Commercial & Industrial 1,830 10,432 2,278 1,830 2,278 | Residential 1-4 Family - Commercial 1,111 323 552 1,111 552 | Residential 1-4 Family - Consumer 6,985 1,841 4,559 6,985 4,559 | Residential 1-4 Family - Revolving 1,732 1,218 2,094 1,732 2,094 | Auto 465 411 718 465 718 | Consumer 320 333 387 320 387 | Other Commercial 1,051 525 1,440 1,051 1,440 | LHFI 60-89 days past due $ 19,419 $ 31,233 $ 13,628 $ 19,419 $ 13,628 | Past Due and still accruing $ 80,357 $ 124,956 $ 77,740 $ 80,357 $ 77,740 | Past Due and still accruing / total LHFI 0.28 % 0.45 % 0.28 % 0.28 % 0.28 % | Alternative Performance Measures (non-GAAP) | Net interest income (FTE) (1) | Net interest income (GAAP) $ 325,118 $ 312,373 $ 321,371 $ 637,491 $ 505,536 | FTE adjustment 4,561 4,550 4,362 9,110 8,120 | Net interest income (FTE) (non-GAAP) $ 329,679 $ 316,923 $ 325,733 $ 646,601 $ 513,656 | Noninterest income (GAAP) 90,248 54,783 81,522 145,031 110,685 | Total revenue (FTE) (non-GAAP) $ 419,927 $ 371,706 $ 407,255 $ 791,632 $ 624,341 | Less: Noninterest expense (GAAP) 199,136 209,810 279,698 408,946 413,882 | Pre-tax pre-provision earnings (FTE) (non-GAAP) $ 220,791 $ 161,896 $ 127,557 $ 382,686 $ 210,459 | Average earning assets $ 33,544,840 $ 33,377,790 $ 34,121,715 $ 33,461,778 $ 28,148,353 | Net interest margin 3.89 % 3.80 % 3.78 % 3.84 % 3.62 % | Net interest margin (FTE) 3.94 % 3.85 % 3.83 % 3.90 % 3.68 % | Tangible Assets (2) | Ending assets (GAAP) $ 38,099,868 $ 37,315,011 $ 37,289,371 $ 38,099,868 $ 37,289,371 | Less: Ending goodwill 1,754,875 1,754,875 1,710,912 1,754,875 1,710,912 | Less: Ending amortizable intangibles 284,962 300,099 351,381 284,962 351,381 | Ending tangible assets (non-GAAP) $ 36,060,031 $ 35,260,037 $ 35,227,078 $ 36,060,031 $ 35,227,078 | Tangible Common Equity (2) | Ending equity (GAAP) $ 5,153,414 $ 5,052,316 $ 4,832,639 $ 5,153,414 $ 4,832,639 | Less: Ending goodwill 1,754,875 1,754,875 1,710,912 1,754,875 1,710,912 | Less: Ending amortizable intangibles 284,962 300,099 351,381 284,962 351,381 | Less: Perpetual preferred stock 166,357 166,357 166,357 166,357 166,357 | Ending tangible common equity (non-GAAP) $ 2,947,220 $ 2,830,985 $ 2,603,989 $ 2,947,220 $ 2,603,989 | Average equity (GAAP) $ 5,125,495 $ 5,068,069 $ 4,761,630 $ 5,096,940 $ 3,977,098 | Less: Average goodwill 1,754,875 1,733,527 1,710,557 1,744,260 1,463,677 | Less: Average amortizable intangibles 292,322 307,636 360,589 299,937 221,960 | Less: Average perpetual preferred stock 166,356 166,356 166,356 166,356 166,356 | Average tangible common equity (non-GAAP) $ 2,911,942 $ 2,860,550 $ 2,524,128 $ 2,886,387 $ 2,125,105 | ROTCE (2)(3) | Net income available to common shareholders (GAAP) $ 158,046 $ 119,198 $ 16,824 $ 277,245 $ 63,676 | Plus: Amortization of intangibles, tax effected 11,957 12,202 14,562 24,160 18,827 | Net income available to common shareholders before amortization of intangibles (non-GAAP) $ 170,003 $ 131,400 $ 31,386 $ 301,405 $ 82,503 | Return on average tangible common equity (ROTCE) 23.42 % 18.63 % 4.99 % 21.06 % 7.83 % |
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES KEY FINANCIAL RESULTS (UNAUDITED) (Dollars in thousands, except share data) | As of & For Three Months Ended As of & For Six Months Ended |
6/30/26 3/31/26 6/30/25 6/30/26 6/30/25 | Operating Measures (4) | Net income (GAAP) $ 161,013 $ 122,165 $ 19,791 $ 283,179 $ 69,610 | Plus: Merger-related costs, net of tax — 6,956 63,349 6,956 67,992 | Plus: CECL Day 1 non-PCD loans and RUC provision expense, net of tax — — 77,742 — 77,742 | Less: Gain (loss) on sale of securities, net of tax 3 2 12 5 (67 ) | Less: Gain on CRE loan sale, net of tax — — 12,104 — 12,104 | Less: Gain on sale of equity interest in Cary Street Partners ("CSP"), net of tax — — 10,654 — 10,654 | Less: Gain on sale of equity interest in Bearing Insurance, net of tax 24,023 — — 24,023 — | Adjusted operating earnings (non-GAAP) 136,987 129,119 138,112 266,107 192,653 | Less: Dividends on preferred stock 2,967 2,967 2,967 5,934 5,934 | Adjusted operating earnings available to common shareholders (non-GAAP) $ 134,020 $ 126,152 $ 135,145 $ 260,173 $ 186,719 | Operating Efficiency Ratio (1)(6) | Noninterest expense (GAAP) $ 199,136 $ 209,810 $ 279,698 $ 408,946 $ 413,882 | Less: Amortization of intangible assets 15,136 15,446 18,433 30,582 23,832 | Less: Merger-related costs — 9,034 78,900 9,034 83,840 | Adjusted operating noninterest expense (non-GAAP) $ 184,000 $ 185,330 $ 182,365 $ 369,330 $ 306,210 | Noninterest income (GAAP) $ 90,248 $ 54,783 $ 81,522 $ 145,031 $ 110,685 | Less: Gain (loss) on sale of securities 4 2 16 6 (87 ) | Less: Gain on CRE loan sale — — 15,720 — 15,720 | Less: Gain on sale of equity interest in CSP — — 14,300 — 14,300 | Less: Gain on sale of equity interest in Bearing Insurance 32,350 — — 32,350 — | Adjusted operating noninterest income (non-GAAP) $ 57,894 $ 54,781 $ 51,486 $ 112,675 $ 80,752 | Net interest income (FTE) (non-GAAP) (1) $ 329,679 $ 316,923 $ 325,733 $ 646,601 $ 513,656 | Adjusted operating noninterest income (non-GAAP) 57,894 54,781 51,486 112,675 80,752 | Total adjusted revenue (FTE) (non-GAAP) (1) $ 387,573 $ 371,704 $ 377,219 $ 759,276 $ 594,408 | Efficiency ratio 47.94 % 57.14 % 69.42 % 52.26 % 67.16 % | Efficiency ratio (FTE) (1) 47.42 % 56.45 % 68.68 % 51.66 % 66.29 % | Adjusted operating efficiency ratio (FTE) (1)(6) 47.47 % 49.86 % 48.34 % 48.64 % 51.52 % | Operating ROA & ROE (4) | Adjusted operating earnings (non-GAAP) $ 136,987 $ 129,119 $ 138,112 $ 266,107 $ 192,653 | Average assets (GAAP) $ 37,433,973 $ 37,254,857 $ 37,939,232 $ 37,344,910 $ 31,345,735 | Return on average assets (ROA) (GAAP) 1.73 % 1.33 % 0.21 % 1.53 % 0.45 % | Adjusted operating return on average assets (ROA) (non-GAAP) 1.47 % 1.41 % 1.46 % 1.44 % 1.24 % | Average equity (GAAP) $ 5,125,495 $ 5,068,069 $ 4,761,630 $ 5,096,940 $ 3,977,098 | Return on average equity (ROE) (GAAP) 12.60 % 9.78 % 1.67 % 11.20 % 3.53 % | Adjusted operating return on average equity (ROE) (non-GAAP) 10.72 % 10.33 % 11.63 % 10.53 % 9.77 % | Operating ROTCE (2)(3)(4) | Adjusted operating earnings available to common shareholders (non-GAAP) $ 134,020 $ 126,152 $ 135,145 $ 260,173 $ 186,719 | Plus: Amortization of intangibles, tax effected 11,957 12,202 14,562 24,160 18,827 | Adjusted operating earnings available to common shareholders before amortization of intangibles (non-GAAP) $ 145,977 $ 138,354 $ 149,707 $ 284,333 $ 205,546 | Average tangible common equity (non-GAAP) $ 2,911,942 $ 2,860,550 $ 2,524,128 $ 2,886,387 $ 2,125,105 | Adjusted operating return on average tangible common equity (non-GAAP) 20.11 % 19.62 % 23.79 % 19.86 % 19.50 % | Operating pre-tax pre-provision earnings (FTE) (7) | Net income (GAAP) $ 161,013 $ 122,165 $ 19,791 $ 283,179 $ 69,610 | Plus: Provision for credit losses 11,737 2,737 105,707 14,475 123,345 | Plus: Income tax expense 43,480 32,444 (2,303 ) 75,922 9,384 | Plus: Merger-related costs — 9,034 78,900 9,034 83,840 | Plus: FTE adjustment 4,561 4,550 4,362 9,110 8,120 | Less: Gain (loss) on sale of securities 4 2 16 6 (87 ) | Less: Gain on CRE loan sale — — 15,720 — 15,720 | Less: Gain on sale of equity interest in CSP — — 14,300 — 14,300 | Less: Gain on sale of equity interest in Bearing Insurance 32,350 — — 32,350 — | Adjusted operating pre-tax pre-provision earnings (FTE) (non-GAAP) $ 188,437 $ 170,928 $ 176,421 $ 359,364 $ 264,366 | Less: Dividends on preferred stock 2,967 2,967 2,967 5,934 5,934 | Adjusted operating pre-tax pre-provision earnings available to common shareholders (FTE) (non-GAAP) $ 185,470 $ 167,961 $ 173,454 $ 353,430 $ 258,432 | Weighted average common shares outstanding, diluted 142,320,806 142,280,978 141,738,325 142,301,002 116,056,670 | Adjusted operating pre-tax pre-provision earnings per common share, diluted (FTE) $ 1.30 $ 1.18 $ 1.22 $ 2.48 $ 2.23 |
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES KEY FINANCIAL RESULTS (UNAUDITED) (Dollars in thousands, except share data) |
As of & For Three Months Ended As of & For Six Months Ended |
6/30/26 3/31/26 6/30/25 6/30/26 6/30/25 | Mortgage Origination Held for Sale Volume | Refinance Volume $ 12,226 $ 25,375 $ 15,126 $ 37,601 $ 25,161 | Purchase Volume 98,624 60,543 131,192 159,167 164,925 | Total Mortgage loan originations held for sale $ 110,850 $ 85,918 $ 146,318 $ 196,768 $ 190,086 | % of originations held for sale that are refinances 11.0 % 29.5 % 10.3 % 19.1 % 13.2 % | Wealth | Assets under management $ 16,522,020 $ 15,246,694 $ 14,270,205 $ 16,522,020 $ 14,270,205 | Other Data | End of period full-time equivalent employees 3,073 3,034 3,160 3,073 3,160 |
| _________________________________ | (1) These are non-GAAP financial measures. The Company believes net interest income (FTE), total revenue (FTE), 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, CECL Day 1 non-PCD loans and RUC provision expense, gain (loss) on sale of securities, gain on CRE loan sale, gain on sale of equity interest in CSP, and gain on sale of equity interest in Bearing Insurance. The Company believes these non-GAAP adjusted measures provide investors with important information about the continuing economic results of the Company’s operations. | (5) All ratios at June 30, 2026 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, gain (loss) on sale of securities, gain on CRE loan sale, gain on sale of equity interest in CSP, and gain on sale of equity interest in Bearing Insurance. This measure is similar to the measure used by the Company when analyzing corporate performance and is also similar to the measure used for incentive compensation. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the Company’s operations. | (7) These are non-GAAP financial measures. Adjusted operating pre-tax pre-provision earnings (FTE) excludes, 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, gain (loss) on sale of securities, gain on CRE loan sale, gain on sale of equity interest in CSP, and gain on sale of equity interest in Bearing Insurance. The Company believes this adjusted measure provides investors with important information about the continuing economic results of the Company’s operations. | (8) Effective January 1, 2026, the Company made certain changes to its ACL methodology as part of the continued enhancement of its credit modeling practices, resulting in more dynamic and precise modeling that allows for more granularity in the monitoring of our credit losses. The ACL methodology changes were accounted for prospectively as a change in accounting estimate and did not have a material impact on the Company’s Consolidated Financial Statements. |
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data) |
June 30, December 31, June 30, |
2026 2025 2025 | ASSETS (unaudited) (audited) (unaudited) | Cash and cash equivalents: | Cash and due from banks $ 521,608 $ 234,257 $ 337,974 | Interest-bearing deposits in other banks 452,419 706,014 1,246,294 | Federal funds sold 16,270 26,191 4,380 | Total cash and cash equivalents 990,297 966,462 1,588,648 | Securities available for sale, at fair value 3,876,717 4,194,301 3,809,281 | Securities held to maturity, at carrying value 860,906 884,216 827,135 | Restricted stock, at cost 204,351 190,200 140,606 | Loans held for sale 23,074 18,486 32,987 | Loans held for investment, net of unearned income 28,673,271 27,796,167 27,328,333 | Less: allowance for loan and lease losses 298,756 295,108 315,574 | Total loans held for investment, net 28,374,515 27,501,059 27,012,759 | Premises and equipment, net 163,241 166,752 164,828 | Goodwill 1,754,875 1,733,287 1,710,912 | Amortizable intangibles, net 284,962 315,544 351,381 | Bank owned life insurance 679,507 672,890 665,477 | Other assets 887,423 942,557 985,357 | Total assets $ 38,099,868 $ 37,585,754 $ 37,289,371 | LIABILITIES | Noninterest-bearing demand deposits $ 6,727,738 $ 6,844,629 $ 7,039,121 | Interest-bearing deposits 23,740,519 23,627,007 23,933,054 | Total deposits 30,468,257 30,471,636 30,972,175 | Securities sold under agreements to repurchase 155,659 75,432 127,351 | Other short-term borrowings 950,000 650,000 — | Long-term borrowings 775,681 771,860 765,416 | Other liabilities 596,857 610,428 591,790 | Total liabilities 32,946,454 32,579,356 32,456,732 | Commitments and contingencies | STOCKHOLDERS' EQUITY | Preferred stock, $10.00 par value 173 173 173 | Common stock, $1.33 par value 188,759 188,563 188,454 | Additional paid-in capital 3,885,085 3,888,841 3,876,831 | Retained earnings 1,356,190 1,184,908 1,087,967 | Accumulated other comprehensive loss (276,793 ) (256,087 ) (320,786 ) | Total stockholders' equity 5,153,414 5,006,398 4,832,639 | Total liabilities and stockholders' equity $ 38,099,868 $ 37,585,754 $ 37,289,371 | Common shares issued and outstanding 141,924,165 141,776,886 141,694,720 | Common shares authorized 200,000,000 200,000,000 200,000,000 | Preferred shares issued and outstanding 17,250 17,250 17,250 | Preferred shares authorized 500,000 500,000 500,000 |
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Dollars in thousands, except share data) |
Three Months Ended Six Months Ended |
June 30, March 31, June 30, June 30, June 30, |
2026 2026 2025 2026 2025 | Interest and dividend income: | Interest and fees on loans $ 436,807 $ 419,628 $ 458,766 $ 856,436 $ 730,281 | Interest on deposits in other banks 2,165 2,146 4,991 4,311 7,504 | Interest and dividends on securities: | Taxable 38,973 41,008 38,260 79,980 61,908 | Nontaxable 8,883 8,953 8,355 17,836 16,515 | Total interest and dividend income 486,828 471,735 510,372 958,563 816,208 | Interest expense: | Interest on deposits 146,438 141,779 171,343 288,217 286,929 | Interest on short-term borrowings 5,327 5,227 4,147 10,554 5,056 | Interest on long-term borrowings 9,945 12,356 13,511 22,301 18,687 | Total interest expense 161,710 159,362 189,001 321,072 310,672 | Net interest income 325,118 312,373 321,371 637,491 505,536 | Provision for credit losses 11,737 2,737 105,707 14,475 123,345 | Net interest income after provision for credit losses 313,381 309,636 215,664 623,016 382,191 | Noninterest income: | Service charges on deposit accounts 12,259 12,116 12,220 24,374 21,905 | Other service charges, commissions and fees 2,286 1,938 2,245 4,224 4,007 | Interchange fees 3,750 3,326 3,779 7,076 6,727 | Fiduciary and asset management fees 21,460 20,178 17,723 41,638 24,420 | Mortgage banking income 2,656 2,026 2,821 4,682 3,794 | Bank owned life insurance income 5,734 5,200 7,327 10,934 10,864 | Loan-related interest rate swap fees 6,484 3,975 1,733 10,458 4,133 | Other operating income 35,619 6,024 33,674 41,645 34,835 | Total noninterest income 90,248 54,783 81,522 145,031 110,685 | Noninterest expenses: | Salaries and benefits 112,309 113,413 109,942 225,722 185,357 | Occupancy expenses 12,862 13,202 12,782 26,064 21,362 | Furniture and equipment expenses 5,532 5,555 6,344 11,088 10,258 | Technology and data processing 16,016 15,602 17,248 31,618 27,435 | Professional services 6,154 5,768 7,808 11,922 12,494 | Marketing and advertising expense 5,479 7,328 3,757 12,807 6,941 | FDIC assessment premiums and other insurance 6,633 6,846 8,642 13,479 13,844 | Franchise and other taxes 4,675 4,705 4,688 9,381 9,331 | Loan-related expenses 2,723 2,851 1,278 5,574 2,527 | Amortization of intangible assets 15,136 15,446 18,433 30,582 23,832 | Merger-related costs — 9,034 78,900 9,034 83,840 | Other expenses 11,617 10,060 9,876 21,675 16,661 | Total noninterest expenses 199,136 209,810 279,698 408,946 413,882 | Income before income taxes 204,493 154,609 17,488 359,101 78,994 | Income tax expense (benefit) 43,480 32,444 (2,303 ) 75,922 9,384 | Net Income $ 161,013 $ 122,165 $ 19,791 $ 283,179 $ 69,610 | Dividends on preferred stock 2,967 2,967 2,967 5,934 5,934 | Net income available to common shareholders $ 158,046 $ 119,198 $ 16,824 $ 277,245 $ 63,676 | Basic earnings per common share $ 1.11 $ 0.84 $ 0.12 $ 1.95 $ 0.55 | Diluted earnings per common share $ 1.11 $ 0.84 $ 0.12 $ 1.95 $ 0.55 |
ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS) (UNAUDITED) (Dollars in thousands) |
For the Quarter Ended |
June 30, 2026 March 31, 2026 | Average Balance Interest Income / Expense (1) Yield / Rate (1)(2) Average Balance Interest Income / Expense (1) Yield / Rate (1)(2) | Assets: | Securities: | Taxable $ 3,659,723 $ 38,973 4.27 % $ 3,877,982 $ 41,008 4.29 % | Tax-exempt 1,316,804 11,245 3.43 % 1,329,520 11,333 3.46 % | Total securities 4,976,527 50,218 4.05 % 5,207,502 52,341 4.08 % | LHFI, net of unearned income (3)(4) 28,243,611 438,508 6.23 % 27,830,037 421,299 6.14 % | Other earning assets 324,702 2,663 3.29 % 340,251 2,645 3.15 % | Total earning assets 33,544,840 $ 491,389 5.88 % 33,377,790 $ 476,285 5.79 % | Allowance for loan and lease losses (293,455 ) (296,795 ) | Total non-earning assets 4,182,588 4,173,862 | Total assets $ 37,433,973 $ 37,254,857 | Liabilities and Stockholders' Equity: | Interest-bearing deposits: | Transaction and money market accounts $ 14,949,644 $ 83,153 2.23 % $ 14,701,490 $ 79,333 2.19 % | Regular savings 2,617,569 10,762 1.65 % 2,713,336 10,894 1.63 % | Time deposits (5) 6,086,936 52,523 3.46 % 6,039,778 51,552 3.46 % | Total interest-bearing deposits 23,654,149 146,438 2.48 % 23,454,604 141,779 2.45 % | Other borrowings (6) 1,371,046 15,272 4.47 % 1,373,627 17,583 5.19 % | Total interest-bearing liabilities $ 25,025,195 $ 161,710 2.59 % $ 24,828,231 $ 159,362 2.60 % | Noninterest-bearing liabilities: | Demand deposits 6,736,570 6,755,732 | Other liabilities 546,713 602,825 | Total liabilities 32,308,478 32,186,788 | Stockholders' equity 5,125,495 5,068,069 | Total liabilities and stockholders' equity $ 37,433,973 $ 37,254,857 | Net interest income (FTE) $ 329,679 $ 316,923 | Interest rate spread 3.29 % 3.19 % | Cost of funds 1.94 % 1.94 % | Net interest margin (FTE) 3.94 % 3.85 % |
| _____________________________ | (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 $40.4 million and $35.6 million for the three months ended June 30, 2026, and March 31, 2026, respectively, in accretion of the fair market value adjustments related to acquisitions. | (5) Interest expense on time deposits includes $111 thousand and $366 thousand for the three months ended June 30, 2026, and March 31, 2026, respectively, in accretion of the fair market value adjustments related to acquisitions. | (6) Interest expense on borrowings includes $621 thousand and $3.0 million for the three months ended June 30, 2026, and March 31, 2026, respectively, in amortization of the fair market value adjustments related to acquisitions. |
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