Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 0-20293 ATLANTIC UNION BANKSHARES CORPORATION (Exact name of registrant as specified in its charter) VIRGINIA 54-1598552 (State or other jurisdiction of (I.R.S. Emplo ...

Atlantic Union Bankshares Corporation. (NYSE:AUB) Q4 2019 Results Earnings Conference Call January 21, 2020 9:00 AM ET Company Participants Bill Cimino - VP, IR John Asbury - President & CEO Rob Gorman - EVP & CFO Maria Tedesco - President Shawn O’Brien - Executive Vice President & Consumer Banking Group Executive Kelly Dakin - Head of Digital Strategy and Customer Experience Conference Call Participants Casey Whitman - Piper Sandler Catherine Mealor - TBW William Wallace - Raymond James Brody Preston - Ste ...

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 September 30, 2019 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 ...

Financial Data and Key Metrics Changes - Reported net income for Q3 2019 was $53.2 million, with earnings per share at $0.65, an increase of approximately $4.5 million or $0.06 from the previous quarter [31] - Non-GAAP operating net earnings for Q3 were $56.1 million or $0.69 per share, down from $57.1 million or $0.70 per share in the prior quarter [32] - Operating return on tangible common equity was 15.64%, a decrease of 94 basis points from the second quarter [9] - Operating return on assets was 1.29%, down six basis points from the last quarter [9] - Operating efficiency ratio was 55.12%, an increase of 266 basis points from the prior quarter [9] Business Line Data and Key Metrics Changes - Loan growth was 3% annualized for the quarter, while average loans grew 5% [11] - Deposit growth was strong at about 17% annualized, with year-to-date deposit growth of approximately 9% [13] - The loan-to-deposit ratio was around 94% at quarter-end, slightly below the 95% target [13] Market Data and Key Metrics Changes - Unemployment in Virginia ticked down to 2.8%, indicating a steady economic environment [13] - Non-performing assets totaled $36.4 million, an increase of $2.4 million from the second quarter [46] Company Strategy and Development Direction - The company rolled out a new three-year strategic plan focusing on meeting customer needs, optimizing processes, demonstrating organic growth, and continuous improvement [16][17] - The company aims to capitalize on opportunities arising from the BB&T and SunTrust merger, having already hired 29 people from these companies [25] - The focus remains on organic growth rather than M&A, with a commitment to enhancing internal capabilities [66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's future despite challenges in the interest rate environment, expecting to achieve targeted ROTCE in Q4 2019 [10][33] - The current low rate environment is expected to compress net interest margins further, with projections for additional cuts from the Fed [52][34] - The company anticipates loan growth of approximately 6% for the full year 2019, with expectations for high single-digit growth in 2020 [12][57] Other Important Information - The company declared a quarterly cash dividend of $0.25 per common share, an increase of 8.7% compared to the prior quarter [49] - The company authorized a share repurchase program to buy up to $150 million of common stock through June 30, 2021 [49] Q&A Session Summary Question: Update on margin outlook - Management expects continued compression of 3 to 4 basis points in Q4 and 4 to 5 basis points per quarter through 2020, assuming further Fed cuts [52][54] Question: Growth expectations for next year - Management projects loan growth in the high single-digit range for 2020, potentially between 7% to 9% [57] Question: Core expenses outlook - Management anticipates core expenses to be in the $90 million to $91 million range for Q4, excluding rebranding and merger costs [60] Question: Update on third-party consumer loans - The third-party consumer loan book is over $200 million, with $140 million from Lending Club, which is in run-off mode [70] Question: Loan loss provisioning with CECL - Management expects charge-off ratios to increase to 25 to 30 basis points under CECL, depending on the economic environment [77]

PART I - FINANCIAL INFORMATION This section provides the unaudited consolidated financial statements, management's analysis of financial condition and results of operations, market risk disclosures, and controls and procedures for the company [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements, including balance sheets and income statements, reflecting significant growth from the Access National Corporation acquisition Consolidated Balance Sheet Highlights (Unaudited, in thousands) | Metric | June 30, 2019 (in thousands) | December 31, 2018 (in thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | $17,159,384 | $13,765,599 | +24.7% | | Net Loans Held for Investment | $12,178,051 | $9,675,162 | +25.9% | | Goodwill | $930,449 | $727,168 | +28.0% | | Total Deposits | $12,515,544 | $9,970,960 | +25.5% | | Total Liabilities | $14,647,089 | $11,841,018 | +23.7% | Consolidated Statement of Income Highlights (Unaudited, in thousands) | Metric | Three Months Ended June 30, 2019 (in thousands) | Three Months Ended June 30, 2018 (in thousands) | Six Months Ended June 30, 2019 (in thousands) | Six Months Ended June 30, 2018 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $138,594 | $108,168 | $266,141 | $211,640 | | Provision for Credit Losses | $5,300 | $2,147 | $9,092 | $5,671 | | Noninterest Income | $30,578 | $40,597 | $55,515 | $60,865 | | Noninterest Expenses | $105,608 | $85,140 | $212,335 | $186,885 | | Net Income | $48,823 | $47,327 | $84,453 | $63,966 | | Diluted EPS | $0.59 | $0.72 | $1.06 | $0.97 | [Notes to Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details accounting policies, the impact of the Access National acquisition, and specifics on portfolios, allowances, and new accounting standards - Effective May 17, 2019, Union Bankshares Corporation changed its name to Atlantic Union Bankshares Corporation, and its primary banking subsidiary changed its name to Atlantic Union Bank[33](index=33&type=chunk) - On February 1, 2019, the Company completed the acquisition of Access National Corporation for a purchase price of approximately **$500.0 million**, resulting in the recording of **$203.3 million** in goodwill and **$43.5 million** in amortizable intangible assets[36](index=36&type=chunk)[37](index=37&type=chunk) - The Company adopted ASU No. 2016-02, "Leases (Topic 842)" on January 1, 2019, which resulted in the recognition of right-of-use assets of **$48.9 million** and lease liabilities of **$53.2 million** on the Consolidated Balance Sheet[39](index=39&type=chunk) - On July 10, 2019, subsequent to the reporting period, the Board of Directors authorized a share repurchase program for up to **$150 million** of the Company's common stock through June 30, 2021[217](index=217&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=81&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes the company's financial performance, highlighting the Access National Corporation acquisition's impact on income, expenses, and balance sheet growth - The acquisition of Access National Corporation on February 1, 2019, was a primary driver of financial results and balance sheet growth in the first half of 2019[234](index=234&type=chunk) - The company rebranded to Atlantic Union Bankshares Corporation on May 20, 2019, incurring rebranding costs of **$4.0 million** in Q2 2019[234](index=234&type=chunk) Q2 2019 Performance Metrics | Metric | Q2 2019 | Q2 2018 | | :--- | :--- | :--- | | Net Income | $48.8M | $47.3M | | EPS (Diluted) | $0.59 | $0.72 | | Net Operating Earnings (Non-GAAP) | $57.1M | $53.9M | | Operating EPS (Non-GAAP) | $0.70 | $0.82 | | ROA | 1.15% | 1.44% | | ROE | 7.86% | 10.28% | Six Months 2019 Performance Metrics | Metric | H1 2019 | H1 2018 | | :--- | :--- | :--- | | Net Income | $84.5M | $64.0M | | EPS (Diluted) | $1.06 | $0.97 | | Net Operating Earnings (Non-GAAP) | $107.6M | $92.7M | | Operating EPS (Non-GAAP) | $1.36 | $1.41 | | ROA | 1.04% | 0.98% | | ROE | 7.16% | 7.03% | [Quantitative and Qualitative Disclosures About Market Risk](index=121&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's primary market risk, interest rate risk, and its management through ALCO models, indicating asset sensitivity Net Interest Income Sensitivity Analysis (12-Month Horizon) | Change in Interest Rates | Estimated Change in NII (as of June 30, 2019) | | :--- | :--- | | +300 bps | +9.79% | | +200 bps | +6.73% | | +100 bps | +3.45% | | -100 bps | -4.08% | | -200 bps | -7.81% | - From a net interest income perspective, the Company was less asset sensitive as of June 30, 2019, compared to its position as of June 30, 2018. This shift is partly due to changing market characteristics of deposit products and other balance sheet strategies[342](index=342&type=chunk) [Item 4. Controls and Procedures](index=125&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Management concluded that as of June 30, 2019, the Company's disclosure controls and procedures were effective at the reasonable assurance level[347](index=347&type=chunk) - No changes occurred during the quarter ended June 30, 2019, that materially affected, or are reasonably likely to materially affect, the internal control over financial reporting[349](index=349&type=chunk) PART II - OTHER INFORMATION This section addresses legal proceedings, risk factors, unregistered equity sales, and a list of exhibits filed with the report [Item 1. Legal Proceedings](index=126&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, with management anticipating no material adverse effect on financial condition or operations - Management believes that the ultimate outcome of various legal proceedings will not have a material adverse effect on the business, financial condition, or results of operations of the Company[351](index=351&type=chunk) [Item 1A. Risk Factors](index=126&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred regarding the risk factors previously disclosed in the company's 2018 Form 10-K - There have been no material changes with respect to the risk factors disclosed in the Company's 2018 Form 10-K[352](index=352&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=126&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2019, the company issued 21,479 common shares from warrant exercises for $601,627 in unregistered sales to accredited investors - During Q2 2019, the Company issued **21,479 shares** of common stock from warrant exercises for cash consideration of approximately **$601,627**. These were unregistered sales to accredited investors[353](index=353&type=chunk) [Item 6. Exhibits](index=127&type=section&id=Item%206.%20Exhibits) This section provides a comprehensive list of all exhibits filed as part of the Form 10-Q, including agreements and certifications

Atlantic Union Bankshares Corporation (NYSE:AUB) Q2 2019 Earnings Conference Call July 18, 2019 9:00 AM ET Company Participants Bill Cimino – Vice President, Director-Investor Relations John Asbury – President and Chief Executive Officer Rob Gorman – Executive Vice President and Chief Financial Officer Conference Call Participants Catherine Mealor – Keefe, Bruyette, & Woods, Inc. Casey Whitman – Sandler O'Neill + Partners, L.P. Austin Nicholas – Stephens Inc. Operator Good morning. My name is Nicole, and I ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |---------------------------------------------------------------------------------|-------------------------| | | | | Commission File Number: | 000-20293 | | UNION BANKSHARES | CORPORATI ...

Union Bankshares Corporation (UBSH) Q1 2019 Results Earnings Conference Call April 24, 2019 9:00 AM ET Company Participants John Asbury - President & Chief Executive Officer Rob Gorman - EVP & Chief Financial Officer David Ring - Executive Vice President, Commercial Banking Group Executive Maria Tedesco - President, Union Bank & Trust Bill Cimino - Vice President, Director of Investor Relations Conference Call Participants Catherine Mealor - KBW Casey Whitman - Sandler O'Neill Austin Nicholas - Stephens Lau ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________ FORM 10-K __________________________________________________ ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 ¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 0-20293 __________________________________________________ UNION BANKSHARES CORPORA ...