AUB · Atlantic Union Bankshares Corporation

Atlantic Union Bankshares’ Q1 2026 results reflect the inflection point following full integration of Sandy Spring Bancorp, with earnings anchored by stable asset quality, disciplined funding optimization, and progress on operational efficiency. Net interest income declined $17.8M QoQ to $312.4M, primarily due to lower loan accretion income ($13.0M less than Q4 2025), reduced day count, and lower variable-rate loan yields following 75 bps of Fed rate cuts between September–December 2025. However, this was partially offset by a $12.3M QoQ decline in interest expense, driven by lower deposit costs — particularly from reduced brokered deposit balances and repricing of customer deposits. The net interest margin (FTE) compressed 11 bps to 3.85%, consistent with industry-wide NIM pressure but mitigated by a 9 bps drop in cost of funds to 1.94%. Asset quality strengthened meaningfully: NPAs/LHFI fell to 0.36%, nonaccrual loans declined $17.2M QoQ, and net charge-offs remained exceptionally low at 0.02% annualized. Adjusted operating metrics highlight structural improvement — the adjusted operating efficiency ratio (FTE) improved to 49.86% (from 47.77% QoQ), driven by a $29.6M reduction in merger-related costs and lower amortization of intangibles. Management explicitly reaffirmed confidence in achieving full-year 2026 financial targets, citing the underlying strength of organic growth, continued deposit mix improvement, and successful integration execution. The forward-looking commentary in Exhibit 99.1 and 99.2 underscores strategic focus on organic power, North Carolina expansion, and disciplined capital allocation — positioning AUB as a consolidated regional franchise with sustainable profitability levers beyond acquisition synergies.