GlobeNewswire Inc | Jan 25, 2022 07:30AM EST

January 25, 2022

RICHMOND, Va., Jan. 25, 2022 (GLOBE NEWSWIRE) -- Atlantic Union Bankshares Corporation (the Company or Atlantic Union) (Nasdaq: AUB) today reported net income available to common shareholders of $44.8 million and basic and diluted earnings per common share of $0.59 for the fourth quarter ended December 31, 2021. Adjusted operating earnings available to common shareholders(1) were $53.8 million, diluted operating earnings per common share(1) were $0.71, and pre-tax pre-provision adjusted operating earnings(1) were $66.2 million for the fourth quarter ended December 31, 2021.

Net income available to common shareholders was $252.0 million and basic and diluted earnings per common share were $3.26 for the twelve months ended December 31, 2021. Adjusted operating earnings available to common shareholders(1) were $273.3 million, diluted operating earnings per common share(1) were $3.53, and pre-tax pre-provision adjusted operating earnings(1) were $284.8 million for the twelve months ended December 31, 2021.

Looking back at 2021, it was a challenging but successful year for Atlantic Union Bankshares, said John C. Asbury, president and chief executive officer of Atlantic Union. While there were ups and downs with the continuing pandemic, Atlantic Union had a strong finish to 2021 and we are optimistic as we enter 2022. We expect that loan growth will continue to show strength and credit losses will remain historically low due to the positive economic outlook. We made difficult choices to position the Company for long-term success through the strategic actions we took throughout the continuing pandemic and in the fourth quarter, and we remain optimistic that the lingering effects of the pandemic will continue to recede in 2022.

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 Initiatives

During the fourth quarter of 2021, the Company took certain actions to reduce expenses in light of the current and expected operating environment that included the closure of the Atlantic Union Bankshares operations center and consolidation of 16 branches, all expected to be completed in March 2022. These actions resulted in restructuring expenses in the fourth quarter of 2021 of approximately $16.5 million primarily related to real estate, lease and other asset write downs, as well as severance costs.

Additionally, during the fourth quarter of 2021 the Company sold shares of Visa, Inc. Class B common stock and recorded a gain in other income of $5.1 million.

Subordinated Notes Offering

During the fourth quarter of 2021, the Company issued $250.0 million of fixed-to-floating rate subordinated notes with a maturity date of December 15, 2031 (the 2031 Notes). The 2031 Notes were sold at par resulting in net proceeds, after underwriting discounts and offering expenses, of approximately $246.9 million.

The Company used a portion of the net proceeds from the 2031 Notes issuance to redeem its outstanding $150 million fixed-to-floating rate subordinated notes that were due to mature in 2026 (the 2026 Notes), with such redemption effective during the fourth quarter of 2021. As a result of the redemption, the Company recorded additional interest expense of approximately $1.0 million in the fourth quarter of 2021 due to the acceleration of the related unamortized discount.

Share Repurchase Program

During the fourth quarter of 2021, the Companys Board of Directors authorized a share repurchase program (the Repurchase Program) to purchase up to $100 million of the Companys common stock in either open market or privately negotiated transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and /or Rule 10b-18 under the Exchange Act. This Repurchase Program replaced the prior $125 million repurchase program that was fully utilized as of September 30, 2021 and was otherwise due to expire on June 30, 2022. There were no share repurchase transactions for the quarter ended December 31, 2021.

Small Business Administration (SBA) Paycheck Protection Program (PPP)

The Company participated in the SBA PPP under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was intended to provide economic relief to small businesses that had been adversely impacted by the COVID-19 global pandemic (COVID-19). The PPP loan funding program expired on May 31, 2021. The Company had PPP loans with a recorded investment of $154.7 million and unamortized deferred fees of $4.4 million as of December 31, 2021. The loans carry a 1% interest rate.

In addition to an insignificant amount of PPP loan pay offs, the Company has processed $2.0 billion(*) of loan forgiveness on 16,000 PPP loans(*) since the inception of the program through December 31, 2021. In the fourth quarter of 2021, the Company processed $315.0 million(*) on 2,700 PPP loans for forgiveness.(*) Number and amount of PPP loans processed for forgiveness are rounded and approximate values

NET INTEREST INCOME

For the fourth quarter of 2021, net interest income was $138.3 million, an increase from $137.5 million reported in the third quarter of 2021. Net interest income (FTE)(1)was $141.6 million in the fourth quarter of 2021, an increase of approximately $903,000 from the third quarter of 2021. The increases in net interest income and net interest income (FTE) were primarily driven by higher investment income as a result of growth in the investment portfolio, and marginally higher interest and fees on loans, including PPP loan interest and fees. These increases in net interest income and net interest income (FTE) were partially offset by the previously mentioned unamortized discount acceleration. The fourth quarter net interest margin decreased 2 basis points to 3.03% from the previous quarter, and the net interest margin (FTE)(1)also decreased 2 basis points during the same period to 3.10%. Earning asset yields declined by 1 basis point compared to the third quarter of 2021 due to the impact of the low interest rate environment on core loan and investment securities yields and the elevated but low yielding cash balances due to excess liquidity. The cost of funds increased by 1 basis point compared to the third quarter of 2021, driven by higher borrowing costs, primarily as a result of the previously mentioned acceleration of an unamortized discount.

The Companys net interest margin (FTE) (1) includes the impact of acquisition accounting fair value adjustments. Net accretion related to acquisition accounting was $4.2 million for the quarter ended December 31, 2021. The four quarters of 2021 and the remaining estimated net accretion impact are reflected in the following table (dollars in thousands):

Deposit Loan Accretion Borrowings Accretion (Amortization) Amortization TotalFor the quarterended $ 4,287 $ 20 $ (198 ) $ 4,109 March31,2021For the quarterended 4,132 12 (202 ) 3,942 June30,2021For the quarterended 4,176 (8 ) (203 ) 3,965 September30,2021For the quarterended 4,449 (11 ) (203 ) 4,235 December31,2021Total for the yearended December 31, $ 17,044 $ 13 $ (806 ) $ 16,251 2021For the yearsending (estimated):2022 5,166 (43 ) (829 ) 4,294 2023 3,843 (32 ) (852 ) 2,959 2024 3,108 (4 ) (877 ) 2,227 2025 2,422 (1 ) (900 ) 1,521 2026 1,947 ? (926 ) 1,021 Thereafter 8,562 ? (8,948 ) (386 )Total remainingacquisitionaccounting fair $ 25,048 $ (80 ) $ (13,332 ) $ 11,636 value adjustmentsat December 31,2021

ASSET QUALITY

OverviewDuring the fourth quarter of 2021, nonperforming assets (NPAs) as a percentage of loans decreased 3 basis points from the prior quarter and remained low at 0.25% at December 31, 2021. Accruing past due loan levels as a percentage of total loans held for investment at December 31,2021 decreased 7 basis points as compared to September 30, 2021, and were 13 basis points lower than at December 31,2020. Net charge-off levels remained low at 0.02% of average loans on an annualized basis for the fourth quarter of 2021. The allowance for credit losses (ACL) totaled $107.8 million at December 31, 2021, a $1.5 million decrease from the prior quarter primarily due to lower expected losses, reflecting the positive economic outlook, partially offset by the impact of loan growth in the current quarter.

Nonperforming AssetsAt December 31,2021, NPAs totaled $32.8 million, a decrease of $4.4 million from September 30, 2021. NPAs as apercentage of total outstanding loans at December 31,2021 were 0.25%, a decrease of 3 basis points from September 30,2021. Excluding the impact of the PPP loans(1), NPAs as a percentage of total adjusted loans held for investment were 0.25% at December 31, 2021, a decrease of 4 basis points from 0.29% at September 30, 2021.

The following table shows a summary of NPA balances at the quarter ended (dollars in thousands):

December31, September30, June30, March31, December31, 2021 2021 2021 2021 2020Nonaccrual $ 31,100 $ 35,472 $ 36,399 $ 41,866 $ 42,448loansForeclosed 1,696 1,696 1,696 2,344 2,773propertiesTotalnonperforming $ 32,796 $ 37,168 $ 38,095 $ 44,210 $ 45,221assets

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

December31, September30, June30, March31, December31, 2021 2021 2021 2021 2020Beginning $ 35,472 $ 36,399 $ 41,866 $ 42,448 $ 39,023 BalanceNetcustomer (5,068 ) (4,719 ) (9,307 ) (4,133 ) (4,640 )paymentsAdditions 1,294 4,177 4,162 3,821 8,211 Charge-offs (598 ) (385 ) (183 ) (270 ) (146 )Loansreturning ? ? (153 ) ? ? to accruingstatusTransfersto ? ? 14 ? ? foreclosedpropertyEnding $ 31,100 $ 35,472 $ 36,399 $ 41,866 $ 42,448 Balance

The following table shows the activity in foreclosed properties for the quarter ended (dollars in thousands):

December31, September30, June30, March31, December31, 2021 2021 2021 2021 2020Beginning $ 1,696 $ 1,696 $ 2,344 $ 2,773 $ 4,159 BalanceAdditionsof ? ? 14 ? ? foreclosedpropertyValuation ? ? ? ? (35 )adjustmentsProceeds ? ? (572 ) (419 ) (1,357 )from salesGains(losses) ? ? (90 ) (10 ) 6 from salesEnding $ 1,696 $ 1,696 $ 1,696 $ 2,344 $ 2,773 Balance

Past Due LoansPast due loans still accruing interest totaled $29.9 million or 0.23% of total loans held for investment at December 31,2021, compared to $38.8 million or 0.30% of total loans held for investment at September 30, 2021, and $49.8 million or 0.36% of total loans held for investment at December 31,2020. Of the total past due loans still accruing interest, $9.1 million or 0.07% of total loans held for investment were loans past due 90days or more at December 31,2021, compared to $11.0 million or 0.08% of total loans held for investment at September 30,2021, and $13.6 million or 0.10% of total loans held for investment at December 31,2020.

Net Charge-offsNet charge-offs totaled $511,000 or 0.02% of total average loans on an annualized basis for the quarter ended December 31, 2021, compared to $113,000 or less than 0.01% for the third quarter of 2021, and $1.8 million or 0.05% for the fourth quarter of 2020.

Provision for Credit LossesFor the quarter ended December 31, 2021, the Company recorded a negative provision for credit losses of $1.0 million, compared to a negative provision for credit losses of $18.8 million in the previous quarter, and a negative provision for credit losses of $13.8 million recorded during the same quarter in 2020. The provision for credit losses for the fourth quarter of 2021 reflected a negative provision of $1.5 million for loan losses and a provision of $500,000 for unfunded commitments.

Allowance for Credit Losses At December 31, 2021, the ACL was $107.8 million and included an allowance for loan and lease losses (ALLL) of $99.8 million and a reserve for unfunded commitments (RUC) of $8.0 million. The ACL at December 31, 2021 decreased $1.5 million from September 30,2021 due to lower expected losses than previously estimated as a result of ongoing economic improvements, benign credit quality metrics to date, risk rating upgrades during the quarter, and a positive macroeconomic outlook, and was comprised of a $2.0 million decrease in the ALLL and a $500,000 increase in the RUC.

The ACL as a percentage of total loans decreased slightly to 0.82% at December 31, 2021, compared to 0.83% at September 30, 2021. The ALLL as apercentage of the total loan portfolio was 0.76% at December 31,2021 and 0.77% at September 30,2021.

NONINTEREST INCOME

Noninterest income increased $6.5 million to $36.4 million for the quarter ended December 31, 2021 from $29.9 million in the prior quarter, primarily driven by a $5.1 million gain from the sale of Visa, Inc. Class B common stock and increases in several other noninterest income categories, partially offset by a $1.5 million decline in mortgage banking income reflecting the seasonal drop in mortgage loan origination volumes in the fourth quarter of 2021. The other noninterest income increases from the prior quarter include an increase of $937,000 in unrealized gains on equity method investments, a seasonal increase of $610,000 in service charges on deposit accounts, a $559,000 increase in bank owned life insurance revenue, an increase of $341,000 in loan interest rate swap fee income, and additional asset management fees of $210,000 due to growth in assets under management in the fourth quarter.

NONINTEREST EXPENSE

Noninterest expense increased $24.6 million to $119.9 million for the quarter ended December 31, 2021 from $95.3 million in the prior quarter, primarily driven by restructuring expenses of $16.5 million related to the announced closure of the Companys operations center and the consolidation of 16 branches planned for March 2022. In addition, salaries and benefits increased $4.4 million from the prior quarter, primarily driven by performance based variable incentive compensation and profit-sharing expenses, including a $500,000 contribution to the Companys Employee Stock Ownership Plan (ESOP). Other notable expenses incurred in the fourth quarter of 2021 include $1.4 million in expenses associated with strategic projects, $1.2 million in severance costs unrelated to branch closures, and approximately $900,000 in technology and data processing costs related to the termination of a software contract.

INCOME TAXES

The effective tax rate for the three months ended December 31,2021 was 14.4%, compared to 18.0% for the three months ended September 30, 2021, reflecting the impact of changes in the proportion of tax exempt income to pretax income. The effective tax rate for the twelve months ended December 31,2021 was 17.2%, compared to 15.1% for the twelve months ended December 31, 2020.

BALANCE SHEET

At December31,2021, total assets were $20.1 billion, an increase of $129.1 million or approximately 2.6% (annualized) from September 30,2021, and an increase of $436.3 million or approximately 2.2% from December31,2020. Total assets have increased from the prior quarter primarily due to net growth in the investment securities portfolio, as well as growth in the loan portfolio, which was partially offset by PPP loan forgiveness.

At December 31,2021, loans held for investment (net of deferred fees and costs) totaled $13.2 billion, including $150.4 million in PPP loans, an increase of $56.3 million or 1.7% (annualized) from September 30,2021, while average loans at December 31, 2021 decreased $369.3 million or 10.9% (annualized) from the prior quarter. Excluding the effects of the PPP(1), loans held for investment (net of deferred fees and costs) at December 31, 2021 increased $372.5 million or 11.7% (annualized) from September 30,2021, and average loans increased $29.8 million or 0.9% (annualized) from the prior quarter. Loans held for investment (net of deferred fees and costs) decreased $825.5 million or 5.9% from December 31,2020, and quarterly average loans decreased $1.1 billion or 7.8% from the same period in the prior year. Excluding the effects of the PPP(1), loans held for investment (net of deferred fees and costs) at December31, 2021 increased $203.7 million or 1.6% from the same period in the prior year, and quarterly average loans during the fourth quarter of 2021 increased $51.1 million or 0.4% from the same period in the prior year. In addition to an insignificant amount of PPP loan payoffs, the Company processed $315.0 million(*) of loan forgiveness on 2,700 PPP loans(*) during the fourth quarter of 2021, compared to $391.8 million(*) of loan forgiveness on 3,000 PPP loans(*) during the third quarter of 2021, and $429.3 million(*) of loan forgiveness on 3,100 PPP loans(*) during the fourth quarter of 2020.

At December 31,2021, total deposits were $16.6 billion, a decrease of $11.1 million or approximately 0.3% (annualized) from September 30,2021, while average deposits increased $143.1 million or 3.4% (annualized) from the prior quarter. Deposits at December 31, 2021 increased $888.3 million or 5.6% from December31,2020, and quarterly average deposits at December 31, 2021 increased $965.1 million or 6.1% from the same period in the prior year. The increase in deposits from the prior year was primarily due to additional liquidity of bank customers due to higher levels of government assistance programs since the start of COVID and increased savings. The decrease in deposits from the prior quarter is primarily attributable to the run-off of time deposits.

The following table shows the Companys capital ratios at the quarters ended:

December31, September30, December31, 2021 2021 2020 CommonequityTier 1 10.24 % 10.37 % 10.26 %capitalratio ^(2)Tier 1capital 11.33 % 11.49 % 11.39 %ratio ^(2)Totalcapital 14.18 % 13.78 % 14.00 %ratio ^(2)Leverageratio(Tier 1capital 9.01 % 8.97 % 8.95 %toaverageassets)^(2)Commonequity 12.68 % 12.68 % 12.95 %to totalassetsTangiblecommonequityto 8.20 % 8.16 % 8.31 %tangibleassets ^(1)

During the fourth quarter of 2021, 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 third quarter of 2021 and the fourth quarter of 2020. During the fourth quarter of 2021, the Company also declared and paid cash dividends of $0.28 per common share, consistent with the third quarter of 2021, and an increase of $0.03, or approximately 12.0%, compared to the fourth quarter of 2020.

On December 10, 2021, the Companys Board of Directors authorized a Repurchase Program to purchase up to $100 million of the Companys common stock 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 Exchange Act. There were no share repurchase transactions during the quarter ended December 31, 2021. The Repurchase Program followed a prior $125 million share repurchase authorization that was approved by the Companys Board of Directors during the second quarter of 2021 and was fully utilized by September 30, 2021.

During the fourth quarter of 2021, the Company issued $250.0 million of 2.875% fixed-to-floating rate subordinated notes with a maturity date of December 15, 2031. The 2031 Notes were sold at par resulting in net proceeds, after underwriting discounts and offering expenses, of approximately $246.9 million. The Company used a portion of the net proceeds from the 2031 Notes issuance to repay its outstanding $150 million of 5.00% fixed-to-floating rate subordinated notes due 2026.

(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 Alternative Performance Measures (non-GAAP) section of the Key Financial Results.

(2) All ratios at December 31,2021 are estimates and subject to change pending the Companys filing of its FR Y9-C. All other periods are presented as filed.

(*) Number and amount of PPP loans processed for forgiveness are rounded and approximate values.

ABOUT ATLANTIC UNION BANKSHARES CORPORATION

Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (Nasdaq: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has 130 branches and approximately 150 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Dixon, Hubard, Feinour & Brown, Inc., which provides investment advisory services; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

FOURTH QUARTER AND FISCAL YEAR 2021 EARNINGS RELEASE CONFERENCE CALL

The Company will hold a conference call and webcast for analysts on Tuesday, January 25, 2022 at 9:00a.m. Eastern Time during which management will review the fourth quarter and fiscal year 2021 financial results and provide an update on recent activities. Interested parties may participate in the call toll-free by dialing (866) 220-4170; international callers wishing to participate may do so by dialing (864) 663-5235. The conference ID number is 3699316. Management will conduct a listen-only webcast with accompanying slides, which can be found at: https://edge.media-server.com/mmc/p/93uvghah.

A replay of the webcast, and the accompanying slides, will be available on the Companys website for 90 days at: https://investors.atlanticunionbank.com/.

NON-GAAP FINANCIAL MEASURES

In reporting the results as of and for the periods ended December 31,2021, the Company has provided supplemental performance measures on a tax-equivalent, tangible, operating, adjusted or pre-tax pre-provision basis. These non-GAAP financial measures are a supplement to GAAP, which is used to prepare the Companys financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, the Companys 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 Companys performance. The Companys management believes that these non-GAAP financial measures provide additional understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented without the impact of items or events that may obscure trends in the Companys 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) section of the Key Financial Results.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including without limitation, statements made in Mr. Asburys quotes and statements regarding the Companys outlook on future economic conditions and the impacts of the COVID-19 pandemic, are statements that include, projections, predictions, expectations, or beliefs about future events or results that are not statements of historical fact. Such forward-looking statements are based on various 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 accompanied by words that convey projected future events or outcomes such as expect, believe, estimate, plan, project, anticipate, intend, will, may, view, opportunity, potential, or words of similar meaning or other statements concerning opinions or judgment of the Company and its management about future events. Although the Company believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of, or trends affecting, the Company will not differ materially from any projected future results, performance, or achievements 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:

-- changes in interest rates; -- general economic and financial market conditions, in the United States generally and particularly in the markets in which the Company operates and which its loans are concentrated, including the effects of declines in real estate values, an increase in unemployment levels and slowdowns in economic growth, including as a result of COVID-19; -- the quality or composition of the loan or investment portfolios and changes therein; -- demand for loan products and financial services in the Companys market area; -- the Companys ability to manage its growth or implement its growth strategy; -- the effectiveness of expense reduction plans; -- the introduction of new lines of business or new products and services; -- the Companys ability to recruit and retain key employees; -- the incremental cost and/or decreased revenues associated with exceeding $10 billion in assets; -- real estate values in the Banks lending area; -- an insufficient ACL; -- changes in accounting principles; -- the Companys liquidity and capital positions; -- concentrations of loans secured by real estate, particularly commercial real estate; -- the effectiveness of the Companys credit processes and management of the Companys credit risk; -- the Companys 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; -- the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts or public health events (such as COVID-19), and of governmental and societal responses thereto; these potential adverse effects may include, without limitation, adverse effects on the ability of the Company's borrowers to satisfy their obligations to the Company, on the value of collateral securing loans, on the demand for the Company's loans or its other products and services, on supply chains and methods used to distribute products and services, on incidents of cyberattack and fraud, on the Companys liquidity or capital positions, on risks posed by reliance on third-party service providers, on other aspects of the Company's business operations and on financial markets and economic growth; -- the effect of steps the Company takes in response to COVID-19, the severity and duration of the pandemic, the uncertainty regarding new variants of COVID-19 that have emerged, the speed and efficacy of vaccine and treatment developments, the impact of loosening or tightening of government restrictions, the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein; -- the discontinuation of LIBOR and its impact on the financial markets, and the Companys ability to manage operational, legal and compliance risks related to the discontinuation of LIBOR and implementation of one or more alternate reference rates, -- performance by the Companys counterparties or vendors; -- deposit flows; -- the availability of financing and the terms thereof; -- the level of prepayments on loans and mortgage-backed securities; -- legislative or regulatory changes and requirements, including the impact of the CARES Act, as amended by the CAA, and other legislative and regulatory reactions to COVID-19; -- potential claims, damages, and fines related to litigation or government actions, including litigation or actions arising from the Companys participation in and administration of programs related to COVID-19, including, among other things, the CARES Act, as amended by the CAA; -- the effects of changes in federal, state or local tax laws and regulations; -- monetary and fiscal policies of the U.S. government, including policies of the U.S. Department of the Treasury and the Federal Reserve; -- changes to applicable accounting principles and guidelines; and -- other factors, many of which are beyond the control of the Company.

Please refer to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of the Companys Annual Report on Form10-K for theyear ended December31,2020 and related disclosures in other filings, which have been filed with the SEC and are available on the SECs website at www.sec.gov. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. 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 its businesses or operations. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIESKEY FINANCIAL RESULTS(Dollars in thousands, except share data)

As of & For Three Months Ended As of & For Year Ended 12/31/21 09/30/21 12/31/20 12/31/21 12/31/20 Results of (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) OperationsInterest and $ 147,456 $ 146,379 $ 161,847 $ 592,359 $ 653,454 dividend incomeInterest expense 9,129 8,891 16,243 41,099 98,156 Net interest 138,327 137,488 145,604 551,260 555,298 incomeProvision for (1,000 ) (18,850 ) (13,813 ) (60,888 ) 87,141 credit lossesNet interestincome after 139,327 156,338 159,417 612,148 468,157 provision forcredit lossesNoninterest 36,417 29,938 32,241 125,806 131,486 incomeNoninterest 119,944 95,343 121,668 419,195 413,349 expensesIncome before 55,800 90,933 69,990 318,759 186,294 income taxesIncome tax 8,021 16,368 10,560 54,842 28,066 expenseNet income 47,779 74,565 59,430 263,917 158,228 Dividends on 2,967 2,967 2,967 11,868 5,658 preferred stockNet incomeavailable to $ 44,812 $ 71,598 $ 56,463 $ 252,049 $ 152,570 commonshareholders Interest earnedon earning $ 150,684 $ 149,543 $ 164,931 $ 604,950 $ 665,001 assets (FTE) ^(1)Net interestincome (FTE) ^ 141,555 140,652 148,688 563,851 566,845 (1)Total revenue 177,972 170,590 180,929 689,657 698,331 (FTE) ^(1)Pre-taxpre-provisionadjusted 66,199 72,074 77,776 284,779 300,790 operatingearnings ^(8) Key Ratios Earnings percommon share, $ 0.59 $ 0.94 $ 0.72 $ 3.26 $ 1.93 dilutedReturn onaverage assets 0.94 % 1.47 % 1.19 % 1.32 % 0.83 %(ROA)Return onaverage equity 6.98 % 10.88 % 8.82 % 9.68 % 6.14 %(ROE)Return onaverage tangible 11.98 % 18.79 % 15.60 % 16.72 % 11.18 %common equity(ROTCE) ^(2) (3)Efficiency ratio 68.64 % 56.95 % 68.41 % 61.91 % 60.19 %Net interest 3.03 % 3.05 % 3.25 % 3.08 % 3.26 %marginNet interestmargin (FTE) ^ 3.10 % 3.12 % 3.32 % 3.15 % 3.32 %(1)Yields onearning assets 3.30 % 3.31 % 3.69 % 3.38 % 3.90 %(FTE) ^(1)Cost ofinterest-bearing 0.30 % 0.30 % 0.52 % 0.34 % 0.80 %liabilitiesCost of deposits 0.12 % 0.14 % 0.30 % 0.16 % 0.51 %Cost of funds 0.20 % 0.19 % 0.37 % 0.23 % 0.58 % Operating Measures^ (4)Adjustedoperating $ 56,784 $ 74,558 $ 76,493 $ 285,174 $ 179,838 earningsAdjustedoperatingearnings 53,817 71,591 73,526 273,306 174,180 available tocommonshareholdersAdjustedoperatingearnings per $ 0.71 $ 0.94 $ 0.93 $ 3.53 $ 2.21 common share,dilutedAdjusted 1.11 % 1.47 % 1.54 % 1.43 % 0.94 %operating ROAAdjusted 8.30 % 10.88 % 11.36 % 10.46 % 6.98 %operating ROEAdjustedoperating ROTCE 14.25 % 18.79 % 20.07 % 18.07 % 12.64 %^(2) (3)Adjustedoperating 57.96 % 53.91 % 53.15 % 54.52 % 52.18 %efficiency ratio(FTE) ^(1)(7) Per Share Data Earnings percommon share, $ 0.59 $ 0.94 $ 0.72 $ 3.26 $ 1.93 basicEarnings percommon share, 0.59 0.94 0.72 3.26 1.93 dilutedCash dividendspaid per common 0.28 0.28 0.25 1.09 1.00 shareMarket value per 37.29 36.85 32.94 37.29 32.94 shareBook value per 33.80 33.60 32.46 33.80 32.46 common shareTangible bookvalue per common 20.79 20.55 19.78 20.79 19.78 share ^(2)Price toearnings ratio, 15.93 9.88 11.50 11.44 17.07 dilutedPrice to bookvalue per common 1.10 1.10 1.01 1.10 1.01 share ratioPrice totangible book 1.79 1.79 1.67 1.79 1.67 value per commonshare ratio ^(2)Weighted averagecommon shares 75,654,336 76,309,355 78,721,530 77,399,902 78,858,726 outstanding,basicWeighted averagecommon shares 75,667,759 76,322,736 78,740,351 77,417,801 78,875,668 outstanding,dilutedCommon sharesoutstanding at 75,663,648 75,645,031 78,729,212 75,663,648 78,729,212 end of period

As of & For Three Months Ended As of & For Year Ended 12/31/21 09/30/21 12/31/20 12/31/21 12/31/20 Capital Ratios (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Common equityTier 1 capital 10.24 % 10.37 % 10.26 % 10.24 % 10.26 %ratio ^(5)Tier 1 capital 11.33 % 11.49 % 11.39 % 11.33 % 11.39 %ratio ^(5)Total capital 14.18 % 13.78 % 14.00 % 14.18 % 14.00 %ratio ^(5)Leverage ratio(Tier 1 capital 9.01 % 8.97 % 8.95 % 9.01 % 8.95 %to averageassets) ^(5)Common equity to 12.68 % 12.68 % 12.95 % 12.68 % 12.95 %total assetsTangible commonequity to 8.20 % 8.16 % 8.31 % 8.20 % 8.31 %tangible assets^(2) Financial ConditionAssets $ 20,064,796 $ 19,935,657 $ 19,628,449 $ 20,064,796 $ 19,628,449 Loans held forinvestment (net 13,195,843 13,139,586 14,021,314 13,195,843 14,021,314 of deferred feesand costs)Securities 4,186,475 3,807,723 3,180,052 4,186,475 3,180,052 Earning Assets 18,030,138 17,795,784 17,624,618 18,030,138 17,624,618 Goodwill 935,560 935,560 935,560 935,560 935,560 Amortizable 43,312 46,537 57,185 43,312 57,185 intangibles, netDeposits 16,611,068 16,622,160 15,722,765 16,611,068 15,722,765 Borrowings 506,594 385,765 840,717 506,594 840,717 Stockholders' 2,710,071 2,694,439 2,708,490 2,710,071 2,708,490 equityTangible common 1,564,842 1,545,985 1,549,388 1,564,842 1,549,388 equity ^(2) Loans held forinvestment, net of deferred feesand costsConstruction and $ 862,236 $ 877,351 $ 925,798 $ 862,236 $ 925,798 land developmentCommercial realestate - owner 1,995,409 2,027,299 2,128,909 1,995,409 2,128,909 occupiedCommercial realestate - 3,789,377 3,730,720 3,657,562 3,789,377 3,657,562 non-owneroccupiedMultifamily real 778,626 776,287 814,745 778,626 814,745 estateCommercial & 2,542,243 2,580,190 3,263,460 2,542,243 3,263,460 IndustrialResidential 1-4Family - 607,337 624,347 671,949 607,337 671,949 CommercialResidential 1-4Family - 816,524 822,971 822,866 816,524 822,866 ConsumerResidential 1-4Family - 560,796 557,803 596,996 560,796 596,996 RevolvingAuto 461,052 425,436 401,324 461,052 401,324 Consumer 176,992 182,039 247,730 176,992 247,730 Other Commercial 605,251 535,143 489,975 605,251 489,975 Total loans held $ 13,195,843 $ 13,139,586 $ 14,021,314 $ 13,195,843 $ 14,021,314 for investment Deposits NOW accounts $ 4,176,032 $ 4,016,505 $ 3,621,181 $ 4,176,032 $ 3,621,181 Money market 4,249,858 4,152,986 4,248,335 4,249,858 4,248,335 accountsSavings accounts 1,121,297 1,079,735 904,095 1,121,297 904,095 Time deposits of$250,000 and 452,193 546,199 654,224 452,193 654,224 overOther time 1,404,364 1,497,897 1,926,227 1,404,364 1,926,227 depositsTime deposits 1,856,557 2,044,096 2,580,451 1,856,557 2,580,451 Totalinterest-bearing $ 11,403,744 $ 11,293,322 $ 11,354,062 $ 11,403,744 $ 11,354,062 depositsDemand deposits 5,207,324 5,328,838 4,368,703 5,207,324 4,368,703 Total deposits $ 16,611,068 $ 16,622,160 $ 15,722,765 $ 16,611,068 $ 15,722,765 Averages Assets $ 20,236,889 $ 20,056,570 $ 19,817,318 $ 19,977,551 $ 19,083,853 Loans held forinvestment (net 13,082,412 13,451,674 14,188,661 13,639,325 13,777,467 of deferred feesand costs)Loans held for 26,775 30,035 59,312 39,031 53,016 saleSecurities 3,998,058 3,679,977 3,140,243 3,579,378 2,826,504 Earning assets 18,138,285 17,910,389 17,801,490 17,903,671 17,058,795 Deposits 16,861,219 16,718,144 15,896,149 16,541,286 14,950,295 Time deposits 1,941,420 2,109,131 2,571,639 2,201,039 2,643,229 Interest-bearing 11,489,510 11,512,825 11,482,105 11,485,130 11,028,169 depositsBorrowings 445,344 395,984 891,699 453,452 1,215,676 Interest-bearing 11,934,854 11,908,809 12,373,804 11,938,582 12,243,845 liabilitiesStockholders' 2,715,610 2,718,032 2,679,170 2,725,330 2,576,372 equityTangible common 1,568,828 1,567,937 1,518,223 1,573,415 1,482,060 equity ^(2)

As of & For Three Months Ended As of & For Year Ended 12/31/21 09/30/21 12/31/20 12/31/21 12/31/20 Asset Quality (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Allowance forCredit Losses (ACL)Beginningbalance,Allowance for $ 101,798 $ 118,261 $ 174,122 $ 160,540 $ 42,294 loan andlease losses(ALLL)Add: Day 1impact from ? ? ? ? 47,484 adoption ofCECLAdd: 1,720 2,153 1,617 8,218 6,755 RecoveriesLess: 2,231 2,266 3,386 10,083 18,193 Charge-offsAdd:Provision for (1,500 ) (16,350 ) (11,813 ) (58,888 ) 82,200 loan lossesEnding $ 99,787 $ 101,798 $ 160,540 $ 99,787 $ 160,540 balance, ALLL Beginningbalance,Reserve for $ 7,500 $ 10,000 $ 12,000 $ 10,000 $ 900 unfundedcommitment(RUC)Add: Day 1impact from ? ? ? ? 4,160 adoption ofCECLAdd:Provision for 500 (2,500 ) (2,000 ) (2,000 ) 4,940 unfundedcommitmentsEnding $ 8,000 $ 7,500 $ 10,000 $ 8,000 $ 10,000 balance, RUCTotal ACL $ 107,787 $ 109,298 $ 170,540 $ 107,787 $ 170,540 ACL / totaloutstanding 0.82 % 0.83 % 1.22 % 0.82 % 1.22 %loansACL / totaladjusted 0.83 % 0.86 % 1.33 % 0.83 % 1.33 %loans^(9)ALLL / totaloutstanding 0.76 % 0.77 % 1.14 % 0.76 % 1.14 %loansALLL / totaladjusted 0.76 % 0.80 % 1.25 % 0.76 % 1.25 %loans^(9)Netcharge-offs / 0.02 % 0.00 % 0.05 % 0.01 % 0.08 %total averageloansNetcharge-offs /total 0.02 % 0.00 % 0.06 % 0.01 % 0.09 %adjustedaverage loans^(9)Provision forloan losses/ (0.05 ) % (0.48 ) % (0.33 ) % (0.43 ) % 0.60 %total averageloansProvision forloan losses/total (0.05 ) % (0.51 ) % (0.37 ) % (0.46 ) % 0.65 %adjustedaverage loans^(9) ' Nonperforming Assets ^(6)Constructionand land $ 2,697 $ 2,710 $ 3,072 $ 2,697 $ 3,072 developmentCommercialreal estate - 5,637 7,786 7,128 5,637 7,128 owneroccupiedCommercialreal estate - 3,641 4,174 2,317 3,641 2,317 non-owneroccupiedMultifamily 113 113 33 113 33 real estateCommercial & 1,647 2,062 2,107 1,647 2,107 IndustrialResidential1-4 Family - 2,285 2,445 9,993 2,285 9,993 CommercialResidential1-4 Family - 11,397 12,150 12,600 11,397 12,600 ConsumerResidential1-4 Family - 3,406 3,723 4,629 3,406 4,629 RevolvingAuto 223 255 500 223 500 Consumer 54 54 69 54 69 Nonaccrual $ 31,100 $ 35,472 $ 42,448 $ 31,100 $ 42,448 loansForeclosed 1,696 1,696 2,773 1,696 2,773 propertyTotalnonperforming $ 32,796 $ 37,168 $ 45,221 $ 32,796 $ 45,221 assets (NPAs)Constructionand land $ 299 $ 304 $ ? $ 299 $ ? developmentCommercialreal estate - 1,257 1,886 3,727 1,257 3,727 owneroccupiedCommercialreal estate - 433 1,175 148 433 148 non-owneroccupiedCommercial & 1,897 1,256 1,114 1,897 1,114 IndustrialResidential1-4 Family - 990 1,091 1,560 990 1,560 CommercialResidential1-4 Family - 3,013 2,462 5,699 3,013 5,699 ConsumerResidential1-4 Family - 882 2,474 826 882 826 RevolvingAuto 241 209 166 241 166 Consumer 120 173 394 120 394 Loans ? 90days and $ 9,132 $ 11,030 $ 13,634 $ 9,132 $ 13,634 stillaccruingTotal NPAsand loans ? $ 41,928 $ 48,198 $ 58,855 $ 41,928 $ 58,855 90 daysNPAs / totaloutstanding 0.25 % 0.28 % 0.32 % 0.25 % 0.32 %loansNPAs / totaladjusted 0.25 % 0.29 % 0.35 % 0.25 % 0.35 %loans^(9)NPAs / total 0.16 % 0.19 % 0.23 % 0.16 % 0.23 %assetsALLL /nonaccrual 320.86 % 286.98 % 378.20 % 320.86 % 378.20 %loansALLL/nonperforming 304.27 % 273.89 % 355.01 % 304.27 % 355.01 %assets

As of & For Three Months Ended As of & For Year Ended 12/31/21 09/30/21 12/31/20 12/31/21 12/31/20 Past Due (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Detail ^(6)Constructionand land $ 1,357 $ 744 $ 1,903 $ 1,357 $ 1,903 developmentCommercialreal estate - 1,230 735 1,870 1,230 1,870 owner occupiedCommercialreal estate - 1,965 1,302 2,144 1,965 2,144 non-owneroccupiedMultifamily 84 ? 617 84 617 real estateCommercial & 1,161 11,089 1,848 1,161 1,848 IndustrialResidential1-4 Family - 1,844 807 2,227 1,844 2,227 CommercialResidential1-4 Family - 3,368 406 10,182 3,368 10,182 ConsumerResidential1-4 Family - 1,493 1,092 2,975 1,493 2,975 RevolvingAuto 1,866 1,548 2,076 1,866 2,076 Consumer 689 790 1,166 689 1,166 Other 37 631 16 37 16 CommercialLoans 30-59 $ 15,094 $ 19,144 $ 27,024 $ 15,094 $ 27,024 days past dueConstructionand land $ ? $ 58 $ 547 $ ? $ 547 developmentCommercialreal estate - 152 61 1,380 152 1,380 owner occupiedCommercialreal estate - 127 570 1,721 127 1,721 non-owneroccupiedCommercial & 1,438 3,328 1,190 1,438 1,190 IndustrialResidential1-4 Family - 272 698 818 272 818 CommercialResidential1-4 Family - 2,925 2,188 1,533 2,925 1,533 ConsumerResidential1-4 Family - 363 587 1,044 363 1,044 RevolvingAuto 249 202 376 249 376 Consumer 186 317 550 186 550 Other ? 600 ? ? ? CommercialLoans 60-89 $ 5,712 $ 8,609 $ 9,159 $ 5,712 $ 9,159 days past due Past Due and $ 29,938 $ 38,783 $ 49,817 $ 29,938 $ 49,817 still accruingPast Due andstill accruing 0.23 % 0.30 % 0.36 % 0.23 % 0.36 %/ total loans Troubled Debt RestructuringsPerforming $ 10,313 $ 11,335 $ 13,961 $ 10,313 $ 13,961 Nonperforming 7,642 7,365 6,655 7,642 6,655 Total troubleddebt $ 17,955 $ 18,700 $ 20,616 $ 17,955 $ 20,616 restructurings AlternativePerformance Measures(non-GAAP)Net interestincome (FTE) ^ (1)Net interest $ 138,327 $ 137,488 $ 145,604 $ 551,260 $ 555,298 income (GAAP)FTE adjustment 3,228 3,164 3,084 12,591 11,547 Net interestincome (FTE) $ 141,555 $ 140,652 $ 148,688 $ 563,851 $ 566,845 (non-GAAP)Noninterest 36,417 29,938 32,241 125,806 131,486 income (GAAP)Total revenue(FTE) $ 177,972 $ 170,590 $ 180,929 $ 689,657 $ 698,331 (non-GAAP) Average $ 18,138,285 $ 17,910,389 $ 17,801,490 $ 17,903,671 $ 17,058,795 earning assetsNet interest 3.03 % 3.05 % 3.25 % 3.08 % 3.26 %marginNet interest 3.10 % 3.12 % 3.32 % 3.15 % 3.32 %margin (FTE) Tangible Assets ^(2)Ending assets $ 20,064,796 $ 19,935,657 $ 19,628,449 $ 20,064,796 $ 19,628,449 (GAAP)Less: Ending 935,560 935,560 935,560 935,560 935,560 goodwillLess: Endingamortizable 43,312 46,537 57,185 43,312 57,185 intangiblesEndingtangible $ 19,085,924 $ 18,953,560 $ 18,635,704 $ 19,085,924 $ 18,635,704 assets(non-GAAP) TangibleCommon Equity ^(2)Ending equity $ 2,710,071 $ 2,694,439 $ 2,708,490 $ 2,710,071 $ 2,708,490 (GAAP)Less: Ending 935,560 935,560 935,560 935,560 935,560 goodwillLess: Endingamortizable 43,312 46,537 57,185 43,312 57,185 intangiblesLess:Perpetual 166,357 166,357 166,357 166,357 166,357 preferredstockEndingtangible $ 1,564,842 $ 1,545,985 $ 1,549,388 $ 1,564,842 $ 1,549,388 common equity(non-GAAP) Average equity $ 2,715,610 $ 2,718,032 $ 2,679,170 $ 2,725,330 $ 2,576,372 (GAAP)Less: Average 935,560 935,560 935,560 935,560 935,560 goodwillLess: Averageamortizable 44,866 48,179 59,031 49,999 65,094 intangiblesLess: Averageperpetual 166,356 166,356 166,356 166,356 93,658 preferredstockAveragetangible $ 1,568,828 $ 1,567,937 $ 1,518,223 $ 1,573,415 $ 1,482,060 common equity(non-GAAP) ROTCE ^(2)(3) Net incomeavailable tocommon $ 44,812 $ 71,598 $ 56,463 $ 252,049 $ 152,570 shareholders(GAAP)Plus:Amortizationof 2,548 2,671 3,079 10,984 13,093 intangibles,tax effectedNet incomeavailable tocommonshareholders $ 47,360 $ 74,269 $ 59,542 $ 263,033 $ 165,663 beforeamortizationof intangibles(non-GAAP) Return onaveragetangible 11.98 % 18.79 % 15.60 % 16.72 % 11.18 %common equity(ROTCE)

As of & For Three Months Ended As of & For Year Ended 12/31/21 09/30/21 12/31/20 12/31/21 12/31/20 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Operating Measures^ (4)Net income $ 47,779 $ 74,565 $ 59,430 $ 263,917 $ 158,228 (GAAP)Plus: Net lossrelated tobalance sheet ? ? 16,440 11,609 25,979 repositioning,net of taxLess: Gain onsale of ? 7 ? 69 9,712 securities,net of taxLess: Gain onVisa, Inc.Class B common 4,058 ? ? 4,058 ? stock, net oftaxPlus: Branchclosing andfacility 13,063 ? 623 13,775 5,343 consolidationcosts, net oftaxAdjustedoperating 56,784 74,558 76,493 285,174 179,838 earnings(non-GAAP)Less:Dividends on 2,967 2,967 2,967 11,868 5,658 preferredstockAdjustedoperatingearningsavailable to $ 53,817 $ 71,591 $ 73,526 $ 273,306 $ 174,180 commonshareholders(non-GAAP) Noninterest $ 119,944 $ 95,343 $ 121,668 $ 419,195 $ 413,349 expense (GAAP)Less:Amortization 3,225 3,381 3,897 13,904 16,574 of intangibleassetsLess: Lossesrelated to ? ? 20,810 14,695 31,116 balance sheetrepositioningLess: Branchclosing andfacility 16,536 ? 789 17,437 6,764 consolidationcostsAdjustedoperatingnoninterest $ 100,183 $ 91,962 $ 96,172 $ 373,159 $ 358,895 expense(non-GAAP) Noninterest $ 36,417 $ 29,938 $ 32,241 $ 125,806 $ 131,486 income (GAAP)Plus: Lossesrelated to ? ? ? ? (1,769 ) balance sheetrepositioningLess: Gain onsale of ? 9 ? 87 12,294 securitiesLess: Gain onVisa, Inc. 5,137 ? ? 5,137 ? Class B commonstockAdjustedoperatingnoninterest $ 31,280 $ 29,929 $ 32,241 $ 120,582 $ 120,961 income(non-GAAP) Net interestincome (FTE) $ 141,555 $ 140,652 $ 148,688 $ 563,851 $ 566,845 (non-GAAP)^(1)Adjustedoperatingnoninterest 31,280 29,929 32,241 120,582 120,961 income(non-GAAP)Total adjustedrevenue (FTE) $ 172,835 $ 170,581 $ 180,929 $ 684,433 $ 687,806 (non-GAAP) ^(1) Efficiency 68.64 % 56.95 % 68.41 % 61.91 % 60.19 %ratioAdjustedoperatingefficiency 57.96 % 53.91 % 53.15 % 54.52 % 52.18 %ratio (FTE) ^(1)(7) OperatingROTCE ^(2)(3) (4)Adjustedoperatingearningsavailable to $ 53,817 $ 71,591 $ 73,526 $ 273,306 $ 174,180 commonshareholders(non-GAAP)Plus:Amortizationof 2,548 2,671 3,079 10,984 13,093 intangibles,tax effectedAdjustedoperatingearningsavailable tocommon $ 56,365 $ 74,262 $ 76,605 $ 284,290 $ 187,273 shareholdersbeforeamortizationof intangibles(non-GAAP) Averagetangible $ 1,568,828 $ 1,567,937 $ 1,518,223 $ 1,573,415 $ 1,482,060 common equity(non-GAAP)Adjustedoperatingreturn onaverage 14.25 % 18.79 % 20.07 % 18.07 % 12.64 %tangiblecommon equity(non-GAAP) Pre-taxpre-provisionadjusted operatingearnings ^(8)Net income $ 47,779 $ 74,565 $ 59,430 $ 263,917 $ 158,228 (GAAP)Plus:Provision for (1,000 ) (18,850 ) (13,813 ) (60,888 ) 87,141 credit lossesPlus: Income 8,021 16,368 10,560 54,842 28,066 tax expensePlus: Net lossrelated to ? ? 20,810 14,695 32,885 balance sheetrepositioningLess: Gain onsale of ? 9 ? 87 12,294 securitiesLess: Gain onVisa, Inc. 5,137 ? ? 5,137 ? Class B commonstockPlus: Branchclosing andfacility 16,536 ? 789 17,437 6,764 consolidationcostsPre-taxpre-provisionadjusted $ 66,199 $ 72,074 $ 77,776 $ 284,779 $ 300,790 operatingearnings(non-GAAP)Less:Dividends on 2,967 2,967 2,967 11,868 5,658 preferredstockPre-taxpre-provisionadjustedoperatingearnings $ 63,232 $ 69,107 $ 74,809 $ 272,911 $ 295,132 available tocommonshareholders(non-GAAP) Weightedaverage commonshares 75,667,759 76,322,736 78,740,351 77,417,801 78,875,668 outstanding,dilutedPre-taxpre-provisionearnings per $ 0.84 $ 0.91 $ 0.95 $ 3.53 $ 3.74 common share,diluted Adjusted Loans ^(9)Loans held forinvestment(net of $ 13,195,843 $ 13,139,586 $ 14,021,314 $ 13,195,843 $ 14,021,314 deferred feesand costs)(GAAP)Less: PPPadjustments(net of 150,363 466,609 1,179,522 150,363 1,179,522 deferred feesand costs)Total adjustedloans $ 13,045,480 $ 12,672,977 $ 12,841,792 $ 13,045,480 $ 12,841,792 (non-GAAP) Average loansheld forinvestment(net of $ 13,082,412 $ 13,451,674 $ 14,188,661 $ 13,639,325 $ 13,777,467 deferred feesand costs)(GAAP)Less: AveragePPPadjustments 288,204 687,259 1,445,602 864,814 1,091,921 (net ofdeferred feesand costs)Total adjustedaverage loans $ 12,794,208 $ 12,764,415 $ 12,743,059 $ 12,774,511 $ 12,685,546 (non-GAAP)

As of & For Three Months Ended As of & For Year Ended 12/31/21 09/30/21 12/31/20 12/31/21 12/31/20 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) MortgageOriginationHeld for Sale Volume ^(10)Refinance $ 46,575 $ 49,154 $ 165,042 $ 287,976 $ 469,037 VolumePurchase 71,969 93,819 83,214 322,492 293,905 VolumeTotalMortgageloan $ 118,544 $ 142,973 $ 248,256 $ 610,468 $ 762,942 originationsheld forsale% oforiginationsheld for 39.3 % 34.4 % 66.5 % 47.2 % 61.5 %sale thatarerefinances Wealth Assets undermanagement $ 6,741,022 $ 6,377,518 $ 5,865,264 $ 6,741,022 $ 5,865,264 (AUM) Other Data End ofperiod 1,876 1,918 1,879 1,876 1,879 full-timeemployeesNumber offull-service 130 130 134 130 134 branchesNumber ofautomatictransaction 148 149 156 148 156 machines(ATMs)



These are non-GAAP financial measures. Net interest income (FTE) and total adjusted revenue (FTE), which are used in computing net interest margin (FTE) and adjusted operating efficiency ratio (FTE), respectively, provide valuable additional insight into the net interest margin and the(1) efficiency ratio by adjusting for differences in tax treatment of interest income sources. The entire FTE adjustment is attributable to interest income on earning assets, which is used in computing yield on earning assets. Interest expense and the related cost of interest-bearing liabilities and cost of funds ratios are not affected by the FTE components. 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(2) 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. These are non-GAAP financial measures. The Company believes that ROTCE is a meaningful supplement to GAAP financial measures and useful to investors(3) because it measures the performance of a business consistently across time without regard to whether components of the business were acquired or developed internally. These are non-GAAP financial measures. Adjusted operating measures exclude the gains or losses related to balance sheet repositioning (principally composed of gains and losses on debt extinguishment), gains or losses on sale of securities, gains on the sale of Visa, Inc. Class B common stock, as well as branch closing and facility consolidation costs (principally(4) composed of real estate, leases and other assets write downs, gains or losses on related real estate sales, as well as severance associated with branch closing and corporate expense reduction initiatives). The Company believes these non-GAAP adjusted measures provide investors with important information about the continuing economic results of the organization?s operations. Prior periods reflect adjustments for previously announced branch closing and corporate expense reduction initiatives. All ratios at December 31, 2021 are estimates and subject to change(5) pending the Company?s filing of its FR Y9-C. All other periods are presented as filed. These balances reflect the impact of the CARES Act and the Joint Guidance,(6) which provides relief for TDR designations and also provides guidance on past due reporting for modified loans. The adjusted operating efficiency ratio (FTE) excludes the amortization of intangible assets, gains or losses on sale of securities, gains on the sale of Visa, Inc. Class B common stock, gains or losses related to balance sheet repositioning (principally composed of gains and losses on debt extinguishment), as well as branch closing and facility consolidation(7) costs. This measure is similar to the measure utilized by the Company when analyzing corporate performance and is also similar to the measure utilized for incentive compensation. The Company believes this adjusted measure provides investors with important information about the combined economic results of the organization?s operations. Prior periods reflect adjustments for previously announced branch closing and corporate expense reduction initiatives. This is a non-GAAP financial measure. Pre-tax pre-provision adjusted earnings excludes the provision for credit losses, which can fluctuate significantly from period-to-period under the CECL methodology, income tax expense, gains or losses related to balance sheet repositioning (principally composed of gains and losses on debt extinguishment), gains(8) or losses on sale of securities, gains on the sale of Visa, Inc. Class B common stock, as well as branch closing and facility consolidation costs. The Company believes this adjusted measure provides investors with important information about the combined economic results of the organization?s operations. Prior periods reflect adjustments for previously announced branch closing and corporate expense reduction initiatives. These are non-GAAP financial measures. PPP adjustment impact excludes the SBA guaranteed loans funded during 2020 and 2021. The Company believes loans held for investment (net of deferred fees and costs), excluding PPP is useful to investors as it provides more clarity on the Company?s organic growth. The Company also believes that the related non-GAAP financial measures of past due loans still accruing interest as a(9) percentage of total loans held for investment (net of deferred fees and costs), excluding PPP, are useful to investors as loans originated under the PPP carry an SBA guarantee. The Company believes that the ALLL as a percentage of loans held for investment (net of deferred fees and costs), excluding PPP, is useful to investors because of the size of the Company?s PPP originations and the impact of the embedded credit enhancement provided by the SBA guarantee.(10) Periods ended December 31, 2020 have been restated to adjust for certain mortgage loans held for investment that were previously included.

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Dollars in thousands, except share data)

December 31, September 30, December 31, 2021 2021 2020 ASSETS (unaudited) (unaudited) (audited) Cash and cash equivalents: Cash and due from banks $ 180,963 $ 255,648 $ 172,307 Interest-bearing deposits in 618,714 807,225 318,974 other banksFederal funds sold 2,824 377 2,013 Total cash and cash equivalents 802,501 1,063,250 493,294 Securities available for sale, 3,481,650 3,195,176 2,540,419 at fair valueSecurities held to maturity, at 628,000 535,722 544,851 carrying valueRestricted stock, at cost 76,825 76,825 94,782 Loans held for sale, at fair 20,861 35,417 96,742 valueLoans held for investment, net 13,195,843 13,139,586 14,021,314 of deferred fees and costsLess: allowance for loan and 99,787 101,798 160,540 lease lossesTotal loans held for 13,096,056 13,037,788 13,860,774 investment, netPremises and equipment, net 134,808 159,588 163,829 Goodwill 935,560 935,560 935,560 Amortizable intangibles, net 43,312 46,537 57,185 Bank owned life insurance 431,517 430,341 326,892 Other assets 413,706 419,453 514,121 Total assets $ 20,064,796 $ 19,935,657 $ 19,628,449 LIABILITIES Noninterest-bearing demand $ 5,207,324 $ 5,328,838 $ 4,368,703 depositsInterest-bearing deposits 11,403,744 11,293,322 11,354,062 Total deposits 16,611,068 16,622,160 15,722,765 Securities sold under 117,870 95,181 100,888 agreements to repurchaseOther short-term borrowings ? ? 250,000 Long-term borrowings 388,724 290,584 489,829 Other liabilities 237,063 233,293 356,477 Total liabilities 17,354,725 17,241,218 16,919,959 Commitments and contingencies STOCKHOLDERS' EQUITY Preferred stock, $10.00 par 173 173 173 valueCommon stock, $1.33 par value 100,101 100,062 104,169 Additional paid-in capital 1,807,368 1,804,617 1,917,081 Retained earnings 783,794 760,164 616,052 Accumulated other comprehensive 18,635 29,423 71,015 incomeTotal stockholders' equity 2,710,071 2,694,439 2,708,490 Total liabilities and $ 20,064,796 $ 19,935,657 $ 19,628,449 stockholders' equity Common shares outstanding 75,663,648 75,645,031 78,729,212 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 SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(Dollars in thousands, except share data)

Three Months Ended Year Ended December September December December December 31, 30, 31, 31, 31, 2021 2021 2020 2021 2020 (unaudited) (unaudited) (unaudited) (unaudited) (audited)Interest anddividend income:Interest and $ 125,195 $ 124,999 $ 142,108 $ 508,770 $ 574,871fees on loansInterest ondeposits in 401 291 117 855 1,270other banksInterest anddividends on securities:Taxable 11,757 11,230 10,414 43,859 43,585Nontaxable 10,103 9,859 9,208 38,875 33,728Total interestand dividend 147,456 146,379 161,847 592,359 653,454incomeInterest expense:Interest on 4,915 5,837 12,000 27,117 75,943depositsInterest onshort-term 17 22 93 108 1,691borrowingsInterest onlong-term 4,197 3,032 4,150 13,874 20,522borrowingsTotal interest 9,129 8,891 16,243 41,099 98,156expenseNet interest 138,327 137,488 145,604 551,260 555,298incomeProvision for (1,000 ) (18,850 ) (13,813 ) (60,888 ) 87,141credit lossesNet interestincome after 139,327 156,338 159,417 612,148 468,157provision forcredit lossesNoninterest income:Servicecharges on 7,808 7,198 6,702 27,122 25,251depositaccountsOther servicecharges, 1,625 1,534 1,692 6,595 6,292commissionsand feesInterchange 2,027 2,203 1,884 8,279 7,184feesFiduciary andasset 7,239 7,029 6,107 27,562 23,650managementfeesMortgage 3,330 4,818 9,113 21,022 25,857banking incomeGains onsecurities ? 9 ? 87 12,294transactionsBank ownedlife insurance 3,286 2,727 2,057 11,488 9,554incomeLoan-relatedinterest rate 1,443 1,102 2,704 5,620 15,306swap feesOtheroperating 9,659 3,318 1,982 18,031 6,098incomeTotalnoninterest 36,417 29,938 32,241 125,806 131,486incomeNoninterest expenses:Salaries and 57,970 53,534 57,649 214,929 206,662benefitsOccupancy 7,013 7,251 7,043 28,718 28,841expensesFurniture andequipment 4,031 4,040 3,881 15,950 14,923expensesTechnology anddata 8,543 7,534 6,742 30,200 25,929processingProfessional 4,680 3,792 3,797 17,841 13,007servicesMarketing andadvertising 2,545 2,548 2,473 9,875 9,886expenseFDICassessmentpremiums and 2,684 2,172 2,393 9,482 9,971otherinsuranceOther taxes 4,436 4,432 4,119 17,740 16,483Loan-related 1,715 1,503 2,004 7,004 9,515expensesAmortizationof intangible 3,225 3,381 3,897 13,904 16,574assetsLoss on debt ? ? 20,810 14,695 31,116extinguishmentOther expenses 23,102 5,156 6,860 38,857 30,442Totalnoninterest 119,944 95,343 121,668 419,195 413,349expensesIncome before 55,800 90,933 69,990 318,759 186,294income taxesIncome tax 8,021 16,368 10,560 54,842 28,066expenseNet income $ 47,779 $ 74,565 $ 59,430 263,917 158,228Dividends onpreferred 2,967 2,967 2,967 11,868 5,658stockNet incomeavailable to $ 44,812 $ 71,598 $ 56,463 $ 252,049 $ 152,570commonshareholders Basic earningsper common $ 0.59 $ 0.94 $ 0.72 $ 3.26 $ 1.93shareDilutedearnings per $ 0.59 $ 0.94 $ 0.72 $ 3.26 $ 1.93common share

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

For the Quarter Ended December 31, 2021 September 30, 2021 Interest Yield Interest Yield Average Income/ / Average Income/ / Balance Expense ^ Rate^ Balance Expense ^ Rate^ (1) (1)(2) (1) (1)(2) (unaudited) (unaudited)Assets: Securities: Taxable $ 2,492,935 $ 11,757 1.87 % $ 2,248,478 $ 11,230 1.98 %Tax-exempt 1,505,123 12,788 3.37 % 1,431,499 12,480 3.46 %Total securities 3,998,058 24,545 2.44 % 3,679,977 23,710 2.56 %Loans, net ^(3) (4) 13,082,412 125,505 3.81 % 13,451,674 125,290 3.70 %Other earning assets 1,057,815 634 0.24 % 778,738 543 0.28 %Total earning assets $ 18,138,285 $ 150,684 3.30 % $ 17,910,389 $ 149,543 3.31 %Allowance for loan (99,940 ) (117,414 ) and lease lossesTotal non-earning 2,198,544 2,263,595 assetsTotal assets $ 20,236,889 $ 20,056,570 Liabilities andStockholders' Equity:Interest-bearing deposits:Transaction andmoney market $ 8,447,579 $ 1,208 0.06 % $ 8,345,410 $ 1,501 0.07 %accountsRegular savings 1,100,511 56 0.02 % 1,058,284 55 0.02 %Time deposits ^(5) 1,941,420 3,651 0.75 % 2,109,131 4,281 0.81 %Totalinterest-bearing 11,489,510 4,915 0.17 % 11,512,825 5,837 0.20 %depositsOther borrowings ^ 445,344 4,214 3.75 % 395,984 3,054 3.06 %(6)Totalinterest-bearing $ 11,934,854 $ 9,129 0.30 % $ 11,908,809 $ 8,891 0.30 %liabilities Noninterest-bearing liabilities:Demand deposits 5,371,709 5,205,319 Other liabilities 214,716 224,410 Total liabilities $ 17,521,279 $ 17,338,538 Stockholders' equity 2,715,610 2,718,032 Total liabilitiesand stockholders' $ 20,236,889 $ 20,056,570 equityNet interest income $ 141,555 $ 140,652 Interest rate spread 3.00 % 3.01 %Cost of funds 0.20 % 0.19 %Net interest margin 3.10 % 3.12 %

(1) Income and yields are reported on a taxable equivalent basis using the statutory federal corporate tax rate of 21%.(2) Rates and yields are annualized and calculated from actual, not rounded amounts in thousands, which appear above.(3) Nonaccrual loans are included in average loans outstanding. Interest income on loans includes $4.4 million and $4.2 million for the(4) three months ended December 31, 2021 and September 30, 2021, respectively, in accretion of the fair market value adjustments related to acquisitions. Interest expense on time deposits includes amortization of $11,000 and(5) $8,000 for the three months ended December 31, 2021 and September 30, 2021, respectively, for the fair market value adjustments related to acquisitions. Interest expense on borrowings includes $203,000 for both the three months(6) ended December 31, 2021 and September 30, 2021, in amortization of the fair market value adjustments related to acquisitions.

Contact: Robert M. Gorman- (804) 523-7828 Executive Vice President / Chief Financial Officer