GlobeNewswire Inc | Jul 22, 2021 07:30AM EDT

July 22, 2021

RICHMOND, Va., July 22, 2021 (GLOBE NEWSWIRE) -- Atlantic Union Bankshares Corporation (the Company or Atlantic Union) (Nasdaq: AUB) today reported net income available to common shareholders of $82.4 million and basic and diluted earnings per common share of $1.05 for the second quarter ended June 30, 2021. Pre-tax pre-provision adjusted operating earnings(1) were $77.0 million for the second quarter ended June 30, 2021.

Net income available to common shareholders was $135.6 million and basic and diluted earnings per common share of $1.72 for the six months ended June 30, 2021. Adjusted operating earnings available to common shareholders(1) were $147.2 million, diluted operating earnings per common share(1) were $1.87, and pre-tax pre-provision adjusted operating earnings(1) were $145.6 million for the six months ended June 30, 2021.

Atlantic Union delivered solid financial results in the second quarter reflective of steadily improving economic conditions as the headwinds from COVID-19 continued to subside, said John C. Asbury, president and chief executive officer of Atlantic Union. During the second quarter, loan balances grew modestly, credit quality remained pristine and our capital and liquidity positions continue to be strong.

As we head into the second half of 2021, we expect that loan growth will accelerate as economic activity picks up over the next several quarters and credit losses will remain historically low due to the positive economic outlook. 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.

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

The Company has participated in the SBA PPP under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (PPP Round One), which was intended to provide economic relief to small businesses that have been adversely impacted by the COVID-19 global pandemic (COVID-19). The Company processed over 11,000 PPP loans totaling $1.7 billion in 2020 pursuant to the CARES Act. The loans carry a 1% interest rate. As of June 30, 2021, PPP Round One loans have a recorded investment of $337.7 million and unamortized deferred fees of $2.0 million.

Certain provisions of the CARES Act, including additional PPP funding, were extended during December 2020 and expired on May 31, 2021 (PPP Round Two). The Company processed over 5,000 loans pursuant to PPP Round Two, with a recorded investment of $546.1 million and unamortized deferred fees of $22.4 million as of June 30, 2021. The loans carry a 1% interest rate.

In addition to an insignificant amount of PPP loan pay offs, the Company has processed $1.3 billion(*) of loan forgiveness on 9,800 PPP loans(*) through June 30, 2021. In the second quarter of 2021, 4,500 PPP Round One(*) loans totaling $696.0 million(*) were processed for forgiveness and 500 PPP Round Two loans(*) totaling $9.0 million(*) were processed for forgiveness.

Share Repurchase Program

On May 4, 2021, the Companys Board of Directors authorized a share repurchase program (or the Repurchase Program) to purchase up to $125 million worth 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. The Repurchase Program expires on June 30, 2022 and replaced the prior repurchase program that was due to expire on June 30, 2021. Under the Repurchase Program, 1.1 million shares were repurchased for $42.3 million in the aggregate during the quarter ended June 30, 2021. As of June 30, 2021, the Company has remaining repurchase authorization of $82.7 million available under the Repurchase Program.(*)PPP values are rounded and approximate values

NET INTEREST INCOME

For the second quarter of 2021, net interest income was $140.5 million, an increase from $134.9 million reported in the first quarter of 2021. Net interest income (FTE)(1)was $143.7 million in the second quarter of 2021, an increase of $5.7 million from the first quarter of 2021. The increases in the net interest income and net interest income (FTE) were primarily driven by the increase in PPP loan accretion included in interest income to $11.5 million in the second quarter of 2021 from $7.8 million in the first quarter of 2021, an increase of $176.8 million in average earning assets and the higher calendar day count in the second quarter. The second quarter net interest margin increased 6 basis points to 3.15% from 3.09% in the previous quarter, while the net interest margin (FTE)(1) increased 7 basis points to 3.23% from 3.16% during the same period as a result of stable earning asset yields compared to the first quarter and a 7 basis point decline in cost of funds.

The Companys net interest margin (FTE) (1) includes the impact of acquisition accounting fair value adjustments. Net accretion related to acquisition accounting declined $167,000 from the prior quarter to $3.9 million for the quarter ended June 30,2021. The first and second 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 quarter ended $ 4,287 20 (198 ) $ 4,109March31,2021For the quarter ended 4,132 12 (202 ) 3,942June30,2021For the remaining six 3,607 (17 ) (407 ) 3,183months of 2021 (estimated)For the years ending (estimated):2022 6,166 (43 ) (829 ) 5,2942023 4,594 (32 ) (852 ) 3,7102024 3,756 (4 ) (877 ) 2,8752025 2,877 (1 ) (900 ) 1,9762026 2,298 ? (926 ) 1,372Thereafter 10,374 ? (8,945 ) 1,429Total remainingacquisition accounting $ 33,672 (97 ) (13,736 ) $ 19,839fair value adjustments atJune 30, 2021

ASSET QUALITY

OverviewDuring the second quarter of 2021, nonperforming assets (NPAs) as a percentage of loans decreased slightly and remained low at 0.28% at June 30, 2021. Accruing past due loan levels as a percentage of total loans held for investment at June 30,2021 decreased 7 basis points as compared to March 31, 2021 and were 10 basis points lower than accruing past due loan levels at June 30,2020. Net charge-off levels remained low at less than 0.01% of average loans for the second quarter 2021, which is a 3 basis point decrease from the first quarter of 2021, and a 9 basis point decrease from the second quarter of 2020. The allowance for credit losses (ACL) totaled $128.3 million at June 30, 2021, a $27.5 million decrease from the prior quarter due to lower expected losses than previously estimated and improvements in the macroeconomic outlook.

Nonperforming AssetsAt June 30,2021, NPAs totaled $38.1 million, a decrease of $6.1 million from March 31, 2021. NPAs as apercentage of total outstanding loans at June 30,2021 were 0.28%, a decrease of 3 basis points from 0.31% at March 31,2021. Excluding the impact of the PPP loans(1), NPAs as a percentage of total adjusted loans held for investment were 0.30% at June 30, 2021, a decrease of 5 basis points from 0.35% at March 31, 2021.

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

June30, March31, December31, September30, June30, 2021 2021 2020 2020 2020Nonaccrual $ 36,399 $ 41,866 $ 42,448 $ 39,023 $ 39,624loansForeclosed 1,696 2,344 2,773 4,159 4,397propertiesTotalnonperforming $ 38,095 $ 44,210 $ 45,221 $ 43,182 $ 44,021assets

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

June30, March31, December31, September30, June30, 2021 2021 2020 2020 2020Beginning $ 41,866 $ 42,448 $ 39,023 $ 39,624 $ 44,022 BalanceNetcustomer (9,307 ) (4,133 ) (4,640 ) (2,803 ) (6,524 )paymentsAdditions 4,162 3,821 8,211 2,790 3,206 Charge-offs (183 ) (270 ) (146 ) (588 ) (1,088 )Loansreturning (153 ) ? ? ? 8 to accruingstatusTransfersto 14 ? ? ? ? foreclosedpropertyEnding $ 36,399 $ 41,866 $ 42,448 $ 39,023 $ 39,624 Balance

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

June30, March31, December31, September30, June30, 2021 2021 2020 2020 2020Beginning $ 2,344 $ 2,773 $ 4,159 $ 4,397 $ 4,444 BalanceAdditionsof 14 ? ? ? ? foreclosedpropertyValuation ? ? (35 ) ? ? adjustmentsProceeds (572 ) (419 ) (1,357 ) (254 ) (55 )from salesGains(losses) (90 ) (10 ) 6 16 8 from salesEnding $ 1,696 $ 2,344 $ 2,773 $ 4,159 $ 4,397 Balance

Past Due LoansPast due loans still accruing interest totaled $25.1 million or 0.18% of total loans held for investment at June 30,2021, compared to $36.0 million or 0.25% of total loans held for investment at March 31, 2021, and $40.5 million or 0.28% of total loans held for investment at June 30,2020. Excluding the impact of the PPP loans(1), past due loans still accruing interest were 0.20% of total adjusted loans held for investment at June 30, 2021, compared to 0.28% of total adjusted loans held for investment at March 31, 2021, and 0.32% of total adjusted loans held for investment at June 30, 2020. Of the total past due loans still accruing interest, $8.7 million or 0.06% of total loans held for investment were loans past due 90days or more at June 30,2021, compared to $9.8 million or 0.07% of total loans held for investment at March 31,2021, and $19.3 million or 0.13% of total loans held for investment at June 30,2020.

Net Charge-offsNet charge-offs totaled $69,000 or less than 0.01% of total average loans (annualized) for the quarter ended June 30, 2021, compared to $1.2 million or 0.03% for the first quarter of 2021, and $3.3 million or 0.09% for the second quarter of 2020. Excluding the impact of the PPP loans(1), net charge-offs for the second quarter of 2021 were less than 0.01% of total adjusted average loans on an annualized basis, compared to 0.04% for the first quarter of 2021, and 0.10% for the second quarter of 2020.

Provision for Credit LossesFor the quarter ended June 30, 2021, the Company recorded a negative provision for credit losses of $27.4 million, compared to a negative provision of credit losses of $13.6 million in the previous quarter, and which decreased $61.6 million compared to the provision for credit losses of $34.2 million recorded during the same quarter in 2020. The provision for credit losses for the second quarter of 2021 reflected a negative provision of $24.6 million in provision for loan losses and a negative provision of $2.8 million for unfunded commitments. The decrease in the provision for credit losses as compared to the same quarter in 2020 was driven by the benign credit impacts since the pandemic began, the significant recovery in the economy since last year, as well as the improvement in the economic forecast utilized in estimating the ACL as of June 30, 2021.

Allowance for Credit LossesAt June 30, 2021, the ACL was $128.3 million and included an allowance for loan and lease losses (ALLL) of $118.3 million and a reserve for unfunded commitments (RUC) of $10.0 million. The ACL at June 30, 2021 decreased $27.5 million from March 31,2021, due to lower expected losses than previously estimated as a result of benign credit quality metrics to date and an improved economic outlook due to the roll-out of COVID-19 vaccines and the impact of government stimulus inclusive of PPP loan funding. The ACL as a percentage of total loans was 0.94% at June 30, 2021 and 1.09% at March 31, 2021. When excluding PPP loans(1), which are 100% guaranteed by the SBA, the ACL as a percentage of total adjusted loans at June 30, 2021 decreased 22 basis points to 1.00% from the prior quarter.

At June 30, 2021, the ALLL decreased $24.7 million and the RUC decreased $2.8 million from March 31, 2021. The ALLL as apercentage of the total loan portfolio was 0.86% at June 30,2021 and 1.00% at March 31,2021. When excluding PPP loans(1), which are 100% guaranteed by the SBA, the ALLL as a percentage of total adjusted loans decreased 20 basis points from the prior quarter to 0.92% at June 30, 2021. The ratio of the ALLL to nonaccrual loans was 324.9% at June 30,2021, compared to 341.4% at March 31, 2021.

NONINTEREST INCOME

Noninterest income decreased $2.5 million to $28.5 million for the quarter ended June 30, 2021 from $31.0 million in the prior quarter, primarily driven by a $3.6 million decline in mortgage banking income driven by lower mortgage origination volumes and a decline in loan-related interest rate swap income of $433,000 due to lower transaction volumes. In addition, there was a decline in unrealized gains on equity method investments of approximately $1.1 million during the second quarter of 2021. These quarterly declines were partially offset by increases in several other non-interest income categories including, an increase in service charges on deposit accounts of $1.1 million related to service charges on deposit accounts, higher debit card interchange fees of $356,000, an increase in bank owned life insurance income of $944,000 primarily due to life insurance proceeds received during the quarter, and an increase in fiduciary and asset management fees of $344,000 due to growth in assets under management.

NONINTEREST EXPENSE

Noninterest expense decreased $19.9 million to $92.0 million for the quarter ended June 30, 2021 from $111.9 million in the prior quarter. The decreases in non-interest expense was primarily driven by the recognition of debt extinguishment costs of $14.7 million during the first quarter of 2021, resulting from the prepayment of $200.0 million in long-termFHLB advances. Salaries and benefits declined by approximately $1.9 million primarily due to decreases in payroll related taxes, which are typically seasonally higher in the first quarter. Professional services declined $552,000 primarily due to legal fees and costs related to strategic projects recognized in the first quarter of 2021. In addition, noninterest expense decreased $1.3 million due to costs related to the Companys closure of five branches in February 2021 recognized during the first quarter of 2021. OREO and related credit expenses declined from the first quarter of 2021 by approximately $795,000, primarily driven by gains of $930,000 on the sale of closed branches during the second quarter. These net reductions were offset by an increase of $694,000 in marketing and advertising expenses and an increase in technology and data processing of $315,000. Noninterest expense for the second quarter of 2021 also included approximately $200,000 in costs related to the Companys response to the COVID-19 pandemic and approximately $250,000 in expenses related to PPP loan forgiveness processing incurred during the second quarter of 2021.

INCOME TAXES

The effective tax rate for the three months ended June 30,2021 was 18.3%, compared to 16.8% for the three months ended March 31, 2021. The increase in the effective tax rate is primarily due to changes in the proportion of tax-exempt income to pre-tax income.

BALANCE SHEET

At June30,2021, total assets were $20.0 billion, an increase of $134.7 million or approximately 2.7% (annualized) from March31,2021, and an increase of $237.0 million or approximately 1.2% from June30,2020. The increase in assets from the prior quarter was primarily driven by an increase in cash and cash equivalents, as well as net growth in the investment securities portfolio. The increase in assets from the prior quarter was partially offset by a decrease in loans due to PPP loan forgiveness. The increase in assets from the prior year was primarily driven by net growth in the investment securities portfolio and organic loan growth, partially offset by a decrease in loans due to PPP loan forgiveness.

At June30,2021, loans held for investment (net of deferred fees and costs) were $13.7 billion, including $859.4 million in PPP loans, a decrease of $574.4 million or 16.1% (annualized) from March31,2021, and average loans decreased $92.2 million or 2.6% (annualized) from the prior quarter. Excluding the effects of the PPP(1), loans held for investment (net of deferred fees and costs) increased $79.0 million or 2.5% (annualized) from March31,2021, and average loans increased $29.5 million or 0.9% (annualized) from the prior quarter. Loans held for investment (net of deferred fees and costs) decreased $610.7 million or 4.3% from June30,2020, while quarterly average loans increased $14.2 million or 0.1% 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 June30,2021 increased $128.6 million or 1.0% from the same period in the prior year, and quarterly average loans during the second quarter of 2021 increased $100.5 million or 0.8% from the same period in the prior year. In addition to an insignificant amount of PPP loan payoffs, the Company processed approximately $705.0 million of loan forgiveness on approximately 5,000 PPP loans during the second quarter of 2021, in addition to $165.0 million of loan forgiveness on approximately 2,500 PPP loans during the first quarter of 2021.

At June30,2021, total deposits were $16.7 billion, an increase of $361.2 million or approximately 8.9% (annualized) from March31,2021, and average deposits increased $425.9 million or 10.6% (annualized) from the prior quarter. Deposits increased $1.1 billion or 6.8% from June30,2020, and quarterly average deposits increased $1.5 billion or 10.3% from the same period in the prior year. The increases in deposits from the prior quarter and prior year were primarily due to the impact of PPP loan related deposits and government stimulus actions.

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

June30, March31, June30, 2021 2020 2020 Common equity Tier 1 10.56 % 10.56 % 9.88 %capital ratio ^(2)Tier 1 capital ratio 11.67 % 11.70 % 11.03 %^(2)Total capital ratio ^ 14.05 % 14.25 % 13.81 %(2)Leverage ratio (Tier1 capital to average 9.20 % 9.18 % 8.82 %assets) ^(2)Common equity to 12.91 % 12.81 % 12.41 %total assetsTangible commonequity to tangible 8.40 % 8.24 % 7.74 %assets ^(1)

_____________________________(2)All ratios at June 30,2021 are estimates and subject to change pending the Companys filing of its FR Y9-C. All other periods are presented as filed.

During the second quarter of 2021, the Company declared and paid cash dividends of $0.28 per common share, an increase of $0.03, or approximately 12.0%, compared to both the first quarter of 2021 and the second quarter of 2020. During the second quarter of 2021, the Company also 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).

On May 4, 2021, the Companys Board of Directors authorized the Repurchase Program to purchase up to $125 million worth 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. The Repurchase Program expires on June 30, 2022 and replaced the prior repurchase program that was due to expire on June 30, 2021. As part of the Repurchase Program, 1.1 million shares (or $42.3 million) were repurchased during the quarter ended June 30, 2021. As of June 30, 2021, the Company is authorized to repurchase approximately $82.7 million of the Companys common stock.

_____________________________(1) These are financial measures not calculated in accordance withGAAP. For a reconciliation of these non-GAAP financial measures, see Alternative Performance Measures (non-GAAP) section of the Key Financial Results.

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 129 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; Old Dominion Capital Management, Inc., and its subsidiary, Outfitter Advisors, Ltd., and Dixon, Hubard, Feinour, & Brown, Inc., which provide investment advisory services; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

SECOND QUARTER 2021 EARNINGS RELEASE CONFERENCE CALL

The Company will hold a conference call and webcast for analysts on Thursday, July 22, 2021 at 9:00a.m. Eastern Time during which management will review the second quarter 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 2240959. Management will conduct a listen-only webcast with accompanying slides, which can be found at: https://edge.media-server.com/mmc/p/e3ix8xvr.

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 June 30,2021, 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 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 Six Months Ended 06/30/21 03/31/21 06/30/20 06/30/21 06/30/20Results of (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)OperationsInterest and $ 150,852 $ 147,673 $ 162,867 $ 298,525 $ 334,193 dividend incomeInterest expense 10,304 12,775 25,562 23,079 61,880 Net interest 140,548 134,898 137,305 275,446 272,313 incomeProvision for (27,414 ) (13,624 ) 34,200 (41,037 ) 94,396 credit lossesNet interestincome after 167,962 148,522 103,105 316,483 177,917 provision forcredit lossesNoninterest 28,466 30,985 35,932 59,451 64,838 incomeNoninterest 91,971 111,937 102,814 203,908 198,459 expensesIncome before 104,457 67,570 36,223 172,026 44,296 income taxesIncome tax 19,073 11,381 5,514 30,453 6,498 expenseNet income 85,384 56,189 30,709 141,573 37,798 Dividends on 2,967 2,967 ? 5,934 ? preferred stockNet incomeavailable to $ 82,417 $ 53,222 $ 30,709 $ 135,639 $ 37,798 commonshareholders Interest earnedon earning $ 153,996 $ 150,726 $ 165,672 $ 304,722 $ 339,755 assets (FTE) ^(1)Net interestincome (FTE) ^ 143,692 137,951 140,110 281,643 277,875 (1)Total revenue 172,158 168,936 176,042 341,094 342,713 (FTE) ^(1)Pre-taxpre-provisionadjusted 77,043 68,563 70,390 145,606 138,492 operatingearnings ^(8) Key Ratios Earnings percommon share, $ 1.05 $ 0.67 $ 0.39 $ 1.72 $ 0.48 dilutedReturn onaverage assets 1.72 % 1.16 % 0.64 % 1.44 % 0.41 %(ROA)Return onaverage equity 12.46 % 8.38 % 4.96 % 10.44 % 3.06 %(ROE)Return onaverage tangible 21.44 % 14.58 % 9.46 % 18.06 % 6.13 %common equity(ROTCE) ^(2) (3)Efficiency ratio 54.42 % 67.48 % 59.35 % 60.89 % 58.86 %Net interest 3.15 % 3.09 % 3.23 % 3.12 % 3.35 %marginNet interestmargin (FTE) ^ 3.23 % 3.16 % 3.29 % 3.19 % 3.42 %(1)Yields onearning assets 3.46 % 3.46 % 3.90 % 3.46 % 4.18 %(FTE) ^(1)Cost ofinterest-bearing 0.35 % 0.43 % 0.84 % 0.39 % 1.03 %liabilitiesCost of deposits 0.18 % 0.23 % 0.53 % 0.20 % 0.68 %Cost of funds 0.23 % 0.30 % 0.61 % 0.27 % 0.76 % Operating Measures^ (4)Adjustedoperating $ 85,384 $ 67,736 $ 30,682 $ 153,120 $ 37,640 earningsAdjustedoperatingearnings 82,417 64,769 30,682 147,186 37,640 available tocommonshareholdersAdjustedoperatingearnings per $ 1.05 $ 0.82 $ 0.39 $ 1.87 $ 0.48 common share,dilutedAdjusted 1.72 % 1.40 % 0.64 % 1.56 % 0.41 %operating ROAAdjusted 12.46 % 10.10 % 4.96 % 11.29 % 3.04 %operating ROEAdjustedoperating ROTCE 21.44 % 17.58 % 9.46 % 19.54 % 6.11 %^(2) (3)Adjustedoperating 51.35 % 55.38 % 53.28 % 53.34 % 54.04 %efficiency ratio(FTE) ^(1)(7) Per Share Data Earnings percommon share, $ 1.05 $ 0.67 $ 0.39 $ 1.72 $ 0.48 basicEarnings percommon share, 1.05 0.67 0.39 1.72 0.48 dilutedCash dividendspaid per common 0.28 0.25 0.25 0.53 0.50 shareMarket value per 36.22 38.36 23.16 36.22 23.16 shareBook value per 33.30 32.37 31.32 33.30 31.32 common shareTangible bookvalue per common 20.59 19.78 18.54 20.59 18.54 share ^(2)Price toearnings ratio, 8.60 14.12 14.77 10.44 23.99 dilutedPrice to bookvalue per common 1.09 1.19 0.74 1.09 0.74 share ratioPrice totangible book 1.76 1.94 1.25 1.76 1.25 value per commonshare ratio ^(2)Weighted averagecommon shares 78,819,697 78,863,468 78,711,765 78,841,462 79,001,058 outstanding,basicWeighted averagecommon shares 78,843,724 78,884,235 78,722,690 78,863,859 79,020,036 outstanding,dilutedCommon sharesoutstanding at 77,928,948 79,006,331 78,713,056 77,928,948 78,713,056 end of period

As of & For Three Months Ended As of & For Six Months Ended 06/30/21 03/31/21 06/30/20 06/30/21 06/30/20Capital Ratios (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)Common equityTier 1 capital 10.56 % 10.56 % 9.88 % 10.56 % 9.88 %ratio ^(5)Tier 1 capital 11.67 % 11.70 % 11.03 % 11.67 % 11.03 %ratio ^(5)Total capital 14.05 % 14.25 % 13.81 % 14.05 % 13.81 %ratio ^(5)Leverage ratio(Tier 1 capital 9.20 % 9.18 % 8.82 % 9.20 % 8.82 %to averageassets) ^(5)Common equity to 12.91 % 12.81 % 12.41 % 12.91 % 12.41 %total assetsTangible commonequity to 8.40 % 8.24 % 7.74 % 8.40 % 7.74 %tangible assets^(2) Financial ConditionAssets $ 19,989,356 $ 19,854,612 $ 19,752,317 $ 19,989,356 $ 19,752,317 Loans held for 13,697,929 14,272,280 14,308,646 13,697,929 14,308,646 investment, netSecurities 3,491,669 3,317,442 2,672,557 3,491,669 2,672,557 Earning Assets 17,824,283 17,889,174 17,680,876 17,824,283 17,680,876 Goodwill 935,560 935,560 935,560 935,560 935,560 Amortizable 49,917 53,471 65,105 49,917 65,105 intangibles, netDeposits 16,659,219 16,298,017 15,605,139 16,659,219 15,605,139 Borrowings 380,079 563,600 1,125,030 380,079 1,125,030 Stockholders' 2,747,597 2,709,732 2,618,226 2,747,597 2,618,226 equityTangible common 1,595,763 1,554,344 1,451,197 1,595,763 1,451,197 equity ^(2) Loans held forinvestment, net of deferred feesand costsConstruction and $ 838,722 $ 884,303 $ 1,247,939 $ 838,722 $ 1,247,939 land developmentCommercial realestate - owner 2,069,658 2,083,155 2,067,087 2,069,658 2,067,087 occupiedCommercial realestate - 3,712,607 3,671,471 3,455,125 3,712,607 3,455,125 non-owneroccupiedMultifamily real 860,081 842,906 717,719 860,081 717,719 estateCommercial & 2,990,622 3,599,884 3,555,971 2,990,622 3,555,971 IndustrialResidential 1-4Family - 637,485 658,051 715,384 637,485 715,384 CommercialResidential 1-4Family - 823,355 816,916 841,051 823,355 841,051 ConsumerResidential 1-4Family - 559,014 563,786 627,765 559,014 627,765 RevolvingAuto 411,073 406,349 380,053 411,073 380,053 Consumer 195,036 215,711 311,362 195,036 311,362 Other Commercial 600,276 529,748 389,190 600,276 389,190 Total loans held $ 13,697,929 $ 14,272,280 $ 14,308,646 $ 13,697,929 $ 14,308,646 for investment Deposits NOW accounts $ 3,777,540 $ 3,612,135 $ 3,618,523 $ 3,777,540 $ 3,618,523 Money market 4,450,724 4,244,092 4,158,325 4,450,724 4,158,325 accountsSavings accounts 1,032,171 991,418 824,164 1,032,171 824,164 Time deposits of$250,000 and 566,180 619,040 689,693 566,180 689,693 overOther time 1,610,032 1,764,933 1,968,474 1,610,032 1,968,474 depositsTime deposits 2,176,212 2,383,973 2,658,167 2,176,212 2,658,167 Totalinterest-bearing $ 11,436,647 $ 11,231,618 $ 11,259,179 $ 11,436,647 $ 11,259,179 depositsDemand deposits 5,222,572 5,066,399 4,345,960 5,222,572 4,345,960 Total deposits $ 16,659,219 $ 16,298,017 $ 15,605,139 $ 16,659,219 $ 15,605,139 Averages Assets $ 19,922,978 $ 19,686,854 $ 19,157,238 $ 19,805,569 $ 18,358,579 Loans held for 13,971,939 14,064,123 13,957,711 14,017,777 13,275,817 investment, netLoans held for 36,790 63,022 56,846 49,834 53,783 saleSecurities 3,420,329 3,209,377 2,648,967 3,315,435 2,635,202 Earning assets 17,868,938 17,692,095 17,106,132 17,781,005 16,334,901 Deposits 16,500,541 16,074,650 14,960,386 16,288,772 14,153,621 Time deposits 2,270,217 2,490,432 2,667,268 2,379,716 2,711,384 Interest-bearing 11,446,768 11,491,129 10,941,368 11,468,826 10,681,393 depositsBorrowings 399,855 574,678 1,344,994 486,784 1,395,539 Interest-bearing 11,846,623 12,065,807 12,286,362 11,955,610 12,076,932 liabilitiesStockholders' 2,747,864 2,719,941 2,489,969 2,733,980 2,487,807 equityTangible common 1,594,311 1,562,575 1,446,948 1,578,531 1,462,875 equity ^(2)

As of & For Three Months Ended As of & For Six Months Ended 06/30/21 03/31/21 06/30/20 06/30/21 06/30/20Asset Quality (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)Allowance forCredit Losses (ACL)Beginningbalance,Allowance for $ 142,911 $ 160,540 $ 141,043 $ 160,540 $ 42,294 loan andlease losses(ALLL)Add: Day 1impact from ? ? ? ? 47,484 adoption ofCECLAdd: 1,876 2,469 1,411 4,345 3,571 RecoveriesLess: 1,945 3,641 4,677 5,586 11,828 Charge-offsAdd:Provision for (24,581 ) (16,457 ) 32,200 (41,038 ) 88,456 loan lossesEnding $ 118,261 $ 142,911 $ 169,977 $ 118,261 $ 169,977 balance, ALLL Beginningbalance,Reserve for $ 12,833 $ 10,000 $ 9,000 $ 10,000 $ 900 unfundedcommitment(RUC)Add: Day 1impact from ? ? ? ? 4,160 adoption ofCECLAdd:Provision for (2,833 ) 2,833 2,000 ? 5,940 unfundedcommitmentsEnding $ 10,000 $ 12,833 $ 11,000 $ 10,000 $ 11,000 balance, RUCTotal ACL $ 128,261 $ 155,744 $ 180,977 $ 128,261 $ 180,977 ACL / totaloutstanding 0.94 % 1.09 % 1.26 % 0.94 % 1.26 %loansACL / totaladjusted 1.00 % 1.22 % 1.42 % 1.00 % 1.42 %loans^(9)ALLL / totaloutstanding 0.86 % 1.00 % 1.19 % 0.86 % 1.19 %loansALLL / totaladjusted 0.92 % 1.12 % 1.34 % 0.92 % 1.34 %loans^(9)Netcharge-offs / 0.00 % 0.03 % 0.09 % 0.02 % 0.13 %total averageloansNetcharge-offs /total 0.00 % 0.04 % 0.10 % 0.02 % 0.14 %adjustedaverage loans^(9)Provision forloan losses/ (0.71 ) (0.47 ) 0.93 % (0.59 ) 1.34 %total average % % %loansProvision forloan losses/total (0.77 ) (0.52 ) 1.02 % (0.65 ) 1.48 %adjusted % % %average loans^(9) Nonperforming Assets ^(6)Constructionand land $ 2,685 $ 2,637 $ 3,977 $ 2,685 $ 3,977 developmentCommercialreal estate - 6,969 7,016 8,924 6,969 8,924 owneroccupiedCommercialreal estate - 3,026 1,958 1,877 3,026 1,877 non-owneroccupiedMultifamily 113 ? 33 113 33 real estateCommercial & 1,908 2,023 2,708 1,908 2,708 IndustrialResidential1-4 Family - 4,200 9,190 5,784 4,200 5,784 CommercialResidential1-4 Family - 13,489 14,770 12,029 13,489 12,029 ConsumerResidential1-4 Family - 3,726 3,853 3,626 3,726 3,626 RevolvingAuto 179 303 584 179 584 Consumer 104 116 81 104 81 Other ? ? 1 ? 1 CommercialNonaccrual $ 36,399 $ 41,866 $ 39,624 $ 36,399 $ 39,624 loansForeclosed 1,696 2,344 4,397 1,696 4,397 propertyTotalnonperforming $ 38,095 $ 44,210 $ 44,021 $ 38,095 $ 44,021 assets (NPAs)Constructionand land $ 186 $ 189 $ 473 $ 186 $ 473 developmentCommercialreal estate - 2,276 3,180 7,851 2,276 7,851 owneroccupiedCommercialreal estate - 827 817 878 827 878 non-owneroccupiedMultifamily ? ? 366 ? 366 real estateCommercial & 1,088 654 178 1,088 178 IndustrialResidential1-4 Family - 759 576 578 759 578 CommercialResidential1-4 Family - 2,725 3,041 5,099 2,725 5,099 ConsumerResidential1-4 Family - 561 917 1,995 561 1,995 RevolvingAuto 168 154 181 168 181 Consumer 156 248 1,157 156 1,157 Other ? ? 499 ? 499 CommercialLoans ? 90days and $ 8,746 $ 9,776 $ 19,255 $ 8,746 $ 19,255 stillaccruingTotal NPAsand loans ? $ 46,841 $ 53,986 $ 63,276 $ 46,841 $ 63,276 90 daysNPAs / totaloutstanding 0.28 % 0.31 % 0.31 % 0.28 % 0.31 %loansNPAs / totaladjusted 0.30 % 0.35 % 0.35 % 0.30 % 0.35 %loans^(9)NPAs / total 0.19 % 0.22 % 0.22 % 0.19 % 0.22 %assetsALLL /nonaccrual 324.90 % 341.35 % 428.97 % 324.90 % 428.97 %loansALLL/nonperforming 310.44 % 323.25 % 386.13 % 310.44 % 386.13 %assets

As of & For Three Months Ended As of & For Six Months Ended 06/30/21 03/31/21 06/30/20 06/30/21 06/30/20Past Due (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)Detail ^(6)Constructionand land $ 798 $ 865 $ 1,683 $ 798 $ 1,683 developmentCommercialreal estate - 1,450 3,426 1,679 1,450 1,679 owner occupiedCommercialreal estate - 1,501 1,055 930 1,501 930 non-owneroccupiedMultifamily 156 187 ? 156 ? real estateCommercial & 948 3,086 1,602 948 1,602 IndustrialResidential1-4 Family - 710 1,803 480 710 480 CommercialResidential1-4 Family - 764 6,831 1,229 764 1,229 ConsumerResidential1-4 Family - 919 1,397 1,924 919 1,924 RevolvingAuto 1,333 1,035 1,176 1,333 1,176 Consumer 545 595 844 545 844 Other 375 407 456 375 456 CommercialLoans 30-59 $ 9,499 $ 20,687 $ 12,003 $ 9,499 $ 12,003 days past dueConstructionand land $ 310 $ 473 $ 294 $ 310 $ 294 developmentCommercialreal estate - 2,008 514 430 2,008 430 owner occupiedCommercialreal estate - 78 1,413 369 78 369 non-owneroccupiedMultifamily ? 81 ? ? ? real estateCommercial & 1,733 613 296 1,733 296 IndustrialResidential1-4 Family - 565 798 2,105 565 2,105 CommercialResidential1-4 Family - 992 808 3,817 992 3,817 ConsumerResidential1-4 Family - 678 284 1,048 678 1,048 RevolvingAuto 165 165 290 165 290 Consumer 297 314 561 297 561 Other ? 88 ? ? ? CommercialLoans 60-89 $ 6,826 $ 5,551 $ 9,210 $ 6,826 $ 9,210 days past due Past Due and $ 25,071 $ 36,014 $ 40,468 $ 25,071 $ 40,468 still accruingPast Due andstill accruing 0.18 % 0.25 % 0.28 % 0.18 % 0.28 %/ total loansPast Due andstill accruing/ total 0.20 % 0.28 % 0.32 % 0.20 % 0.32 %adjusted loans^(9) Troubled Debt RestructuringsPerforming $ 13,053 $ 13,670 $ 15,303 $ 13,053 $ 15,303 Nonperforming 6,231 6,058 5,042 6,231 5,042 Total troubleddebt $ 19,284 $ 19,728 $ 20,345 $ 19,284 $ 20,345 restructurings AlternativePerformance Measures(non-GAAP)Net interestincome (FTE) ^ (1)Net interest $ 140,548 $ 134,898 $ 137,305 $ 275,446 $ 272,313 income (GAAP)FTE adjustment 3,144 3,053 2,805 6,197 5,562 Net interestincome (FTE) $ 143,692 $ 137,951 $ 140,110 $ 281,643 $ 277,875 (non-GAAP)Noninterest 28,466 30,985 35,932 59,451 64,838 income (GAAP)Total revenue(FTE) $ 172,158 $ 168,936 $ 176,042 $ 341,094 $ 342,713 (non-GAAP) Average $ 17,868,938 $ 17,692,095 $ 17,106,132 $ 17,781,005 $ 16,334,901 earning assetsNet interest 3.15 % 3.09 % 3.23 % 3.12 % 3.35 %marginNet interest 3.23 % 3.16 % 3.29 % 3.19 % 3.42 %margin (FTE) Tangible Assets ^(2)Ending assets $ 19,989,356 $ 19,854,612 $ 19,752,317 $ 19,989,356 $ 19,752,317 (GAAP)Less: Ending 935,560 935,560 935,560 935,560 935,560 goodwillLess: Endingamortizable 49,917 53,471 65,105 49,917 65,105 intangiblesEndingtangible $ 19,003,879 $ 18,865,581 $ 18,751,652 $ 19,003,879 $ 18,751,652 assets(non-GAAP) TangibleCommon Equity ^(2)Ending equity $ 2,747,597 $ 2,709,732 $ 2,618,226 $ 2,747,597 $ 2,618,226 (GAAP)Less: Ending 935,560 935,560 935,560 935,560 935,560 goodwillLess: Endingamortizable 49,917 53,471 65,105 49,917 65,105 intangiblesLess:Perpetual 166,357 166,357 166,364 166,357 166,364 preferredstockEndingtangible $ 1,595,763 $ 1,554,344 $ 1,451,197 $ 1,595,763 $ 1,451,197 common equity(non-GAAP) Average equity $ 2,747,864 $ 2,719,941 $ 2,489,969 $ 2,733,980 $ 2,487,807 (GAAP)Less: Average 935,560 935,560 935,560 935,560 935,560 goodwillLess: Averageamortizable 51,637 55,450 67,136 53,533 69,210 intangiblesLess: Averageperpetual 166,356 166,356 40,325 166,356 20,162 preferredstockAveragetangible $ 1,594,311 $ 1,562,575 $ 1,446,948 $ 1,578,531 $ 1,462,875 common equity(non-GAAP) ROTCE ^(2)(3) Net incomeavailable tocommon $ 82,417 $ 53,222 $ 30,709 $ 135,639 $ 37,798 shareholders(GAAP)Plus:Amortizationof 2,819 2,947 3,336 5,765 6,813 intangibles,tax effectedNet incomeavailable tocommonshareholders $ 85,236 $ 56,169 $ 34,045 $ 141,404 $ 44,611 beforeamortizationof intangibles(non-GAAP) Return onaveragetangible 21.44 % 14.58 % 9.46 % 18.06 % 6.13 %common equity(ROTCE) ^(2)(3)

As of & For Three Months Ended As of & For Six Months Ended 06/30/21 03/31/21 06/30/20 06/30/21 06/30/20 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)Operating Measures^ (4)Net income $ 85,384 $ 56,189 $ 30,709 $ 141,573 $ 37,798 (GAAP)Plus: Net lossrelated tobalance sheet ? 11,609 8,141 11,609 9,539 repositioning,net of taxLess: Gain onsale of ? 62 8,168 62 9,697 securities,net of taxAdjustedoperating 85,384 67,736 30,682 153,120 37,640 earnings(non-GAAP)Less:Dividends on 2,967 2,967 ? 5,934 ? preferredstockAdjustedoperatingearningsavailable to $ 82,417 $ 64,769 $ 30,682 $ 147,186 $ 37,640 commonshareholders(non-GAAP) Noninterest $ 91,971 $ 111,937 $ 102,814 $ 203,908 $ 198,459 expense (GAAP)Less:Amortization 3,568 3,730 4,223 7,298 8,624 of intangibleassetsLess: Lossesrelated to ? 14,695 10,306 14,695 10,306 balance sheetrepositioningAdjustedoperatingnoninterest $ 88,403 $ 93,512 $ 88,285 $ 181,915 $ 179,529 expense(non-GAAP) Noninterest $ 28,466 $ 30,985 $ 35,932 $ 59,451 $ 64,838 income (GAAP)Less: Lossesrelated to ? ? ? ? (1,769 )balance sheetrepositioningLess: Gain onsale of ? 78 10,339 78 12,275 securitiesAdjustedoperatingnoninterest $ 28,466 $ 30,907 $ 25,593 $ 59,373 $ 54,332 income(non-GAAP) Net interestincome (FTE) $ 143,692 $ 137,951 $ 140,110 $ 281,643 $ 277,875 (non-GAAP)^(1)Adjustedoperatingnoninterest 28,466 30,907 25,593 59,373 54,332 income(non-GAAP)Total adjustedrevenue (FTE) $ 172,158 $ 168,858 $ 165,703 $ 341,016 $ 332,207 (non-GAAP) ^(1) Efficiency 54.42 % 67.48 % 59.35 % 60.89 % 58.86 %ratioAdjustedoperatingefficiency 51.35 % 55.38 % 53.28 % 53.34 % 54.04 %ratio (FTE) ^(1)(7) OperatingROTCE ^(2)(3) (4)Adjustedoperatingearningsavailable to $ 82,417 $ 64,769 $ 30,682 $ 147,186 $ 37,640 commonshareholders(non-GAAP)Plus:Amortizationof 2,819 2,947 3,336 5,765 6,813 intangibles,tax effectedAdjustedoperatingearningsavailable tocommon $ 85,236 $ 67,716 $ 34,018 $ 152,951 $ 44,453 shareholdersbeforeamortizationof intangibles(non-GAAP) Averagetangible $ 1,594,311 $ 1,562,575 $ 1,446,948 $ 1,578,531 $ 1,462,875 common equity(non-GAAP)Adjustedoperatingreturn onaverage 21.44 % 17.58 % 9.46 % 19.54 % 6.11 %tangiblecommon equity(non-GAAP) Pre-taxpre-provisionadjusted operatingearnings ^(8)Net income $ 85,384 $ 56,189 $ 30,709 $ 141,573 $ 37,798 (GAAP)Plus:Provision for (27,414 ) (13,624 ) 34,200 (41,037 ) 94,396 credit lossesPlus: Income 19,073 11,381 5,514 30,453 6,498 tax expensePlus: Net lossrelated to ? 14,695 10,306 14,695 12,075 balance sheetrepositioningLess: Gain onsale of ? 78 10,339 78 12,275 securitiesPre-taxpre-provisionadjusted $ 77,043 $ 68,563 $ 70,390 $ 145,606 $ 138,492 operatingearnings(non-GAAP) Weightedaverage commonshares 78,843,724 78,884,235 78,722,690 78,863,859 79,020,036 outstanding,dilutedPre-taxpre-provision $ 0.98 $ 0.87 $ 0.89 $ 1.85 $ 1.75 earnings pershare, diluted Adjusted Loans ^(9)Loans held forinvestment(net of $ 13,697,929 $ 14,272,280 $ 14,308,646 $ 13,697,929 $ 14,308,646 deferred feesand costs)(GAAP)Less: PPPadjustments(net of 859,386 1,512,714 1,598,718 859,386 1,598,718 deferred feesand costs)Total adjustedloans $ 12,838,543 $ 12,759,566 $ 12,709,928 $ 12,838,543 $ 12,709,928 (non-GAAP) Average loansheld forinvestment(net of $ 13,971,939 $ 14,064,123 $ 13,957,711 $ 14,017,777 $ 13,275,817 deferred feesand costs)(GAAP)Less: AveragePPPadjustments 1,187,641 1,309,326 1,273,883 1,248,147 1,273,883 (net ofdeferred feesand costs)Total adjustedaverage loans $ 12,784,298 $ 12,754,797 $ 12,683,828 $ 12,769,630 $ 12,001,934 (non-GAAP)

As of & For Three Months Ended As of & For Six Months Ended 06/30/21 03/31/21 06/30/20 06/30/21 06/30/20 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)MortgageOriginationHeld for Sale Volume ^(10)Refinance $ 73,330 $ 118,918 $ 121,389 $ 192,248 $ 178,424 VolumePurchase 88,747 67,957 61,131 156,704 114,681 VolumeTotalMortgageloan $ 162,077 $ 186,875 $ 182,520 $ 348,952 $ 293,105 originationsheld forsale% oforiginationsheld for 45.2 % 63.6 % 66.5 % 55.1 % 60.9 %sale thatarerefinances Wealth Assets undermanagement $ 6,396,010 $ 6,056,475 $ 5,271,288 $ 6,396,010 $ 5,271,288 ("AUM") Other Data End ofperiod 1,884 1,869 1,973 1,884 1,973 full-timeemployeesNumber offull-service 129 129 149 129 149 branchesNumber ofautomatictransaction 149 153 169 149 169 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(4) composed of gains and losses on debt extinguishment) and gains or losses on sale of securities. The Company believes these non-GAAP adjusted measures provide investors with important information about the combined economic results of the organization?s operations. All ratios at June 30, 2021 are estimates and subject to change pending(5) 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 and gains or losses related to balance sheet repositioning (principally composed of gains and losses on debt(7) extinguishment). 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. 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(8) expense, gains or losses related to balance sheet repositioning (principally composed of gains and losses on debt extinguishment), and gains or losses on sale of securities. The Company believes this adjusted measure provides investors with important information about the combined economic results of the organization?s operations. 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) Prior periods 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)

June 30, December 31, June 30, 2021 2020 2020ASSETS (unaudited) (audited) (unaudited)Cash and cash equivalents: Cash and due from banks $ 268,682 $ 172,307 $ 202,947Interest-bearing deposits in 593,271 318,974 636,211other banksFederal funds sold 3,217 2,013 2,862Total cash and cash equivalents 865,170 493,294 842,020Securities available for sale, at 2,873,405 2,540,419 2,019,164fair valueSecurities held to maturity, at 541,439 544,851 547,561carrying valueRestricted stock, at cost 76,825 94,782 105,832Loans held for sale, at fair 32,726 96,742 55,067valueLoans held for investment, net of 13,697,929 14,021,314 14,308,646deferred fees and costsLess allowance for loan and lease 118,261 160,540 169,977lossesTotal loans held for investment, 13,579,668 13,860,774 14,138,669netPremises and equipment, net 161,114 163,829 164,321Goodwill 935,560 935,560 935,560Amortizable intangibles, net 49,917 57,185 65,105Bank owned life insurance 427,727 326,892 327,075Other assets 445,805 514,121 551,943Total assets $ 19,989,356 $ 19,628,449 $ 19,752,317LIABILITIES Noninterest-bearing demand $ 5,222,572 $ 4,368,703 $ 4,345,960depositsInterest-bearing deposits 11,436,647 11,354,062 11,259,179Total deposits 16,659,219 15,722,765 15,605,139Securities sold under agreements 89,749 100,888 77,216to repurchaseOther short-term borrowings ? 250,000 ?Long-term borrowings 290,330 489,829 1,047,814Other liabilities 202,461 356,477 403,922Total liabilities 17,241,759 16,919,959 17,134,091Commitments and contingencies STOCKHOLDERS' EQUITY Preferred stock, $10.00 par value 173 173 173Common stock, $1.33 par value 103,091 104,169 104,126Additional paid-in capital 1,881,395 1,917,081 1,911,985Retained earnings 709,866 616,052 540,638Accumulated other comprehensive 53,072 71,015 61,304income (loss)Total stockholders' equity 2,747,597 2,708,490 2,618,226Total liabilities and $ 19,989,356 $ 19,628,449 $ 19,752,317stockholders' equity Common shares outstanding 77,928,948 78,729,212 78,713,056Common shares authorized 200,000,000 200,000,000 200,000,000Preferred shares outstanding 17,250 17,250 17,250Preferred 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 Six Months Ended June 30, March 31, June 30, June 30, June 30, 2021 2021 2020 2021 2020Interest anddividend income:Interest and $ 130,570 $ 128,006 $ 143,234 $ 258,576 $ 294,361fees on loansInterest ondeposits in 86 77 155 163 1,017other banksInterest anddividends on securities:Taxable 10,519 10,353 11,267 20,872 22,895Nontaxable 9,677 9,237 8,211 18,914 15,920Total interestand dividend 150,852 147,673 162,867 298,525 334,193incomeInterest expense:Interest on 7,238 9,128 19,861 16,366 48,375depositsInterest onshort-term 21 48 186 69 1,526borrowingsInterest onlong-term 3,045 3,599 5,515 6,644 11,979borrowingsTotal interest 10,304 12,775 25,562 23,079 61,880expenseNet interest 140,548 134,898 137,305 275,446 272,313incomeProvision for (27,414 ) (13,624 ) 34,200 (41,037 ) 94,396credit lossesNet interestincome after 167,962 148,522 103,105 316,483 177,917provision forcredit lossesNoninterest income:Servicecharges on 6,607 5,509 4,930 12,116 12,508depositaccountsOther servicecharges, 1,735 1,701 1,354 3,436 2,978commissionsand feesInterchange 2,203 1,847 1,697 4,050 3,321feesFiduciary andasset 6,819 6,475 5,515 13,294 11,499managementfeesMortgage 4,619 8,255 5,826 12,874 7,847banking incomeGains onsecurities ? 78 10,339 78 12,275transactionsBank ownedlife insurance 3,209 2,265 2,027 5,475 4,076incomeLoan-relatedinterest rate 1,321 1,754 5,484 3,075 9,432swap feesOtheroperating 1,953 3,101 (1,240 ) 5,053 902incomeTotalnoninterest 28,466 30,985 35,932 59,451 64,838incomeNoninterest expenses:Salaries and 50,766 52,660 49,896 103,426 100,013benefitsOccupancy 7,140 7,315 7,224 14,454 14,357expensesFurniture andequipment 3,911 3,968 3,406 7,880 7,147expensesTechnology anddata 7,219 6,904 6,454 14,123 12,623processingProfessional 4,408 4,960 2,989 9,369 6,297servicesMarketing andadvertising 2,738 2,044 2,043 4,782 4,782expenseFDICassessmentpremiums and 2,319 2,307 2,907 4,626 5,768otherinsuranceOther taxes 4,435 4,436 4,120 8,871 8,240Loan-related 1,909 1,877 2,501 3,786 5,198expensesAmortizationof intangible 3,568 3,730 4,223 7,298 8,624assetsLoss on debt ? 14,695 10,306 14,695 10,306extinguishmentOther expenses 3,558 7,041 6,745 10,598 15,104Totalnoninterest 91,971 111,937 102,814 203,908 198,459expensesIncome before 104,457 67,570 36,223 172,026 44,296income taxesIncome tax 19,073 11,381 5,514 30,453 6,498expenseNet income $ 85,384 $ 56,189 $ 30,709 141,573 37,798Dividends onpreferred 2,967 2,967 ? 5,934 ?stockNet incomeavailable to $ 82,417 $ 53,222 $ 30,709 $ 135,639 $ 37,798commonshareholders Basic earningsper common $ 1.05 $ 0.67 $ 0.39 $ 1.72 $ 0.48shareDilutedearnings per $ 1.05 $ 0.67 $ 0.39 $ 1.72 $ 0.48common share

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

For the Quarter Ended June 30, 2021 March 31, 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 $ 2,028,637 $ 10,519 2.08 % $ 1,906,585 $ 10,353 2.20 %Tax-exempt 1,391,692 12,249 3.53 % 1,302,792 11,693 3.64 %Total securities 3,420,329 22,768 2.67 % 3,209,377 22,046 2.79 %Loans, net ^(3) (4) 13,971,939 130,840 3.76 % 14,064,123 128,122 3.69 %Other earning assets 476,670 388 0.33 % 418,595 558 0.54 %Total earning assets 17,868,938 $ 153,996 3.46 % 17,692,095 $ 150,726 3.46 %Allowance for loan (137,997 ) (157,802 ) and lease lossesTotal non-earning 2,192,037 2,152,561 assetsTotal assets $ 19,922,978 $ 19,686,854 Liabilities andStockholders' Equity:Interest-bearing deposits:Transaction andmoney market $ 8,159,890 $ 1,809 0.09 % $ 8,060,328 $ 2,152 0.11 %accountsRegular savings 1,016,661 55 0.02 % 940,369 59 0.03 %Time deposits ^(5) 2,270,217 5,374 0.95 % 2,490,432 6,917 1.13 %Totalinterest-bearing 11,446,768 7,238 0.25 % 11,491,129 9,128 0.32 %depositsOther borrowings ^ 399,855 3,066 3.08 % 574,678 3,647 2.57 %(6)Totalinterest-bearing 11,846,623 $ 10,304 0.35 % 12,065,807 $ 12,775 0.43 %liabilities Noninterest-bearing liabilities:Demand deposits 5,053,773 4,583,521 Other liabilities 274,718 317,585 Total liabilities 17,175,114 16,966,913 Stockholders' equity 2,747,864 2,719,941 Total liabilitiesand stockholders' $ 19,922,978 $ 19,686,854 equityNet interest income $ 143,692 $ 137,951 Interest rate spread 3.11 % 3.03 %Cost of funds 0.23 % 0.30 %Net interest margin 3.23 % 3.16 %

_____________________________(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 $4.1 million and $4.3 million for the(4) three months ended June 30, 2021 and March 31, 2021, respectively, in accretion of the fair market value adjustments related to acquisitions. Interest expense on time deposits includes $12,000 and $20,000 for the(5) three months ended June 30, 2021 and March 31, 2021, respectively, in accretion of the fair market value adjustments related to acquisitions. Interest expense on borrowings includes $202,000 and $198,000 for the three(6) months ended March 31, 2021 and March 31, 2021, in amortization of the fair market value adjustments related to acquisitions.

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