Financial Data and Key Metrics Changes - Reported net income available to common shareholders was $53.2 million, with earnings per share of $0.67, down approximately $3.2 million or $0.05 per common share from the fourth quarter [29] - Reported return on equity for the first quarter was 8.4%, down from 8.8% in the prior quarter [29] - Non-GAAP adjusted operating earnings available to common shareholders in the first quarter was $64.8 million, with earnings per common share of $0.82, down approximately $8.1 million or $0.11 per common share from the fourth quarter [30] Business Line Data and Key Metrics Changes - The company closed five branches in the quarter, reducing the total number of branches by 20, or 13% since the same time last year [9] - Commercial loan growth was relatively flat excluding PPP loans, with commercial line utilization dropping one percentage point over the quarter to 25% [22] - The loan book showed a decline in commercial loan balances of $16 million or 4.6% annualized, and reductions in consumer loan balances of $66 million or 80% on an annualized basis [43] Market Data and Key Metrics Changes - The unemployment rate in Virginia improved to 5.1% in March, down from 5.6% in December, and is 90 basis points better than the national average [16] - Total deposits stood at $16.3 billion, an increase of $575 million or approximately 15% annualized from the prior quarter [45] - The overall decline in consumer loan balances was driven by continued pay downs in the HELOC and residential mortgage loan portfolios [44] Company Strategy and Development Direction - The company aims to become the premier Mid Atlantic bank, focusing on soundness, profitability, and growth [7] - The management is optimistic about organic growth and potential M&A opportunities, particularly due to disruptions at larger competitors [11] - The company is investing in projects to improve efficiency and scalability, with a focus on enhancing the customer experience [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in credit quality, noting minimal credit losses and a positive economic outlook due to government stimulus and vaccine rollout [21] - The company expects loan growth in the second half of the year to be better than the first half, potentially reaching 4% to 5% for the full year [23] - Management remains focused on mitigating credit risk while positioning for success in a recovering economy [24] Other Important Information - The total allowance for credit losses was $155.7 million, with a decrease of $14.8 million due to lower expected losses [31] - Noninterest expense declined to $111.9 million in the first quarter, down from $121.7 million in the prior quarter [40] - The effective tax rate for the first quarter increased to 16.8% from 15.1% in the fourth quarter [42] Q&A Session Summary Question: Inquiry about expense outlook and expected returns on investments - Management indicated that the annual run rate of expenses is expected to be around $92 million, with returns from investments anticipated to materialize in the second half of the year and more significantly in 2022 [48][52] Question: Discussion on net interest income and funding side - Management expects continued compression in earning asset yields but noted a steepening of the curve that could mitigate some of the compression [55][59] Question: Inquiry about M&A appetite and geographic focus - Management expressed interest in M&A opportunities, particularly in regions where they see growth potential, while maintaining a focus on organic growth [71]

Atlantic Union Bankshares Corporation (NYSE:AUB) Q4 2020 Results Conference Call January 26, 2021 9:00 AM ET Company Participants Bill Cimino - Senior Vice President, Investor Relations John Asbury - President, Chief Executive Officer & Director Rob Gorman - Executive Vice President & Chief Financial Officer Dave Ring - Head of Commercial Banking Doug Woolley - Chief Credit Officer Conference Call Participants Casey Whitman - Piper Sandler Eugene Koysman - Barclays Stuart Lotz - KBW Laurie Hunsicker - Compa ...

Part I [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Unaudited financials as of September 30, 2020, reflect **$19.9 billion** in assets, **$61.0 million** net income, and higher credit loss allowance Consolidated Balance Sheet Highlights (unaudited) | Metric | September 30, 2020 ($) | December 31, 2019 ($) | | :--- | :--- | :--- | | Total Assets | $19,930,650 | $17,562,990 | | Total Loans Held for Investment, net | $14,209,093 | $12,568,642 | | Total Deposits | $15,576,098 | $13,304,981 | | Total Liabilities | $17,269,765 | $15,049,888 | | Total Stockholders' Equity | $2,660,885 | $2,513,102 | Consolidated Income Statement Highlights (unaudited) | Metric | Three Months Ended Sep 30, 2020 (in thousands) | Three Months Ended Sep 30, 2019 (in thousands) | Nine Months Ended Sep 30, 2020 (in thousands) | Nine Months Ended Sep 30, 2019 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $137,381 | $136,601 | $409,694 | $402,743 | | Provision for Credit Losses | $6,558 | $9,100 | $100,954 | $18,192 | | Noninterest Income | $34,407 | $48,106 | $99,245 | $103,621 | | Net Income | $61,000 | $53,238 | $98,798 | $137,692 | | Diluted Earnings Per Common Share | $0.74 | $0.65 | $1.22 | $1.72 | - The company adopted ASC 326 (CECL) on January 1, 2020, resulting in a **$39.1 million** net decrease to retained earnings and an initial increase in the Allowance for Credit Losses of **$51.6 million**[33](index=33&type=chunk)[36](index=36&type=chunk) - In response to COVID-19, the company made **$1.8 billion** in loan modifications under the CARES Act and regulatory guidance. As of September 30, 2020, approximately **$769.6 million** of these loans remained under their modified terms[30](index=30&type=chunk) - The bank processed over **11,000** Paycheck Protection Program (PPP) loans totaling **$1.7 billion**, with a recorded investment of **$1.6 billion** as of September 30, 2020[31](index=31&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=89&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights COVID-19's financial impact, CECL's effect on credit losses, and capital strengthening Q3 2020 vs Q3 2019 Performance Metrics | Metric | Q3 2020 ($) | Q3 2019 ($) | | :--- | :--- | :--- | | Net Income to Common Shareholders | $58.3 million | $53.2 million | | Diluted EPS | $0.74 | $0.65 | | Net Interest Margin (FTE) | 3.14% | 3.64% | | Pre-tax Pre-provision Operating Earnings | $78.6 million | $76.6 million | - The Allowance for Credit Losses (ACL) increased from **$43.2 million** at year-end 2019 to **$186.1 million** at September 30, 2020. This was driven by the adoption of ASC 326 (CECL) and a worsening economic forecast related to COVID-19[248](index=248&type=chunk)[344](index=344&type=chunk) - As of September 30, 2020, approximately **$769.6 million** in loans remained under COVID-19 related modifications. By October 16, 2020, this balance had declined by **32%** to approximately **$522.6 million**[261](index=261&type=chunk) - The company completed the consolidation of **14** branches in September 2020 as part of an expense reduction plan, incurring **$2.6 million** in related expenses during Q3 2020[250](index=250&type=chunk) - On June 9, 2020, the company issued **$166.4 million** in net proceeds from Series A preferred stock to be used for general corporate purposes, strengthening its capital position[249](index=249&type=chunk)[354](index=354&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=142&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with net interest income showing less asset sensitivity than prior year Net Interest Income Sensitivity Analysis (as of Sep 30) | Rate Shock | 2020 % Change | 2019 % Change | | :--- | :--- | :--- | | +300 bps | +11.39% | +13.16% | | +200 bps | +8.26% | +8.71% | | +100 bps | +4.37% | +4.48% | | -100 bps | -0.97% | -5.39% | Economic Value of Equity Sensitivity Analysis (as of Sep 30) | Rate Shock | 2020 % Change | 2019 % Change | | :--- | :--- | :--- | | +300 bps | -1.30% | -4.13% | | +200 bps | +0.49% | -2.44% | | +100 bps | +1.39% | -0.97% | | -100 bps | -5.24% | -3.43% | - Compared to September 30, 2019, the company was less asset sensitive from a net interest income perspective as of September 30, 2020, due to changes in market characteristics of loan and deposit products and other balance sheet strategies[396](index=396&type=chunk) [Item 4. Controls and Procedures](index=145&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2020, with no material internal control changes - The CEO and CFO concluded that as of September 30, 2020, the company's disclosure controls and procedures were effective at the reasonable assurance level[400](index=400&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended September 30, 2020, that have materially affected or are reasonably likely to materially affect internal controls[402](index=402&type=chunk) Part II [Item 1. Legal Proceedings](index=146&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with management expecting no material adverse effect on financials or operations - Management does not expect the aggregate outcome of various legal proceedings to have a material adverse effect on the company's business, financial condition, or results of operations[404](index=404&type=chunk) [Item 1A. Risk Factors](index=146&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from prior 2019 Form 10-K and Q2 2020 Form 10-Q disclosures - No material changes to risk factors were reported during the quarter ended September 30, 2020, from those previously disclosed in the 2019 Form 10-K and Q2 2020 Form 10-Q[405](index=405&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=146&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company had no unregistered equity sales, and its share repurchase program remains suspended since March 20, 2020 - The company's share repurchase program, authorized through June 30, 2021, was suspended on March 20, 2020, with approximately **$20 million** remaining in authorization[407](index=407&type=chunk) Issuer Purchases of Securities (Q3 2020) | Period | Total Shares Purchased | Average Price Paid per Share ($) | Shares Purchased as Part of Program | | :--- | :--- | :--- | :--- | | Jul-20 | 294 | $22.02 | - | | Aug-20 | 450 | $25.04 | - | | Sep-20 | 281 | $22.03 | - | | **Total** | **1,025** | **$23.35** | **-** | [Item 6. Exhibits](index=148&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Quarterly Report, including various agreements and certifications

Atlantic Union Bankshares Corp. (NYSE:AUB) Q3 2020 Earnings Conference Call October 22, 2020 9:00 AM ET Company Participants William Cimino - Senior Vice President, Investor Relations John Asbury - President, Chief Executive Officer & Director Robert Gorman - Executive Vice President & Chief Financial Officer Douglas Woolley - Chief Credit Officer & Senior Vice President Dave Ring - Executive Vice President & Commercial Banking Group Executive Conference Call Participants Eugene Koysman - Barclays Casey Whi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-20293 ATLANTIC UNION BANKSHARES CORPORATION (Exact name of registrant as specified in its charter) Virginia 54-1598552 (State or other jurisdiction of (I.R ...