Atlantic Union Bankshares (AUB) 47th Annual Raymond James Institutional Investor Conference summary

Strategic transformation and market positioning

• Achieved leading depository market share among regional banks in Maryland and Virginia, following targeted acquisitions and organic growth over the past decade, expanding from Virginia into Maryland and North Carolina.

• Transitioned from a Virginia community bank to the largest regional bank headquartered in the Lower Mid-Atlantic, with $37.6B in assets and 178 branches across VA, MD, and NC.

• Recent acquisitions of American National Bank and Sandy Spring Bank completed the regional footprint, with integration progressing well and focus on maximizing Sandy Spring's potential.

• Emphasizing organic growth by deepening relationships, increasing market share, and leveraging technology for efficiency, while deprioritizing further whole bank acquisitions.

• Expansion in North Carolina includes 10 new branches over three years, focusing on Raleigh and Wilmington, with both retail and commercial banking teams being added.

Financial performance and capital strategy

• Achieved top quartile performance in return on tangible equity and efficiency ratio among peers in 2024 and 2025, with Q4 2025 adjusted operating ROTCE at 22.1% and full-year at 20.4%.

• Guidance for 12%-15% tangible book value per share growth in 2026, supported by disciplined capital management and organic growth.

• Dividend per share has grown at a 7% CAGR since 2017, with a Q4 2025 dividend of $0.37 per share, up 8.8%, and a target payout ratio of 35%-45%.

• CET1 capital ratio targeted at 9.5%-10.5%, with 10.1% reported as of December 31, 2025, and share repurchases expected when exceeding 10.5%.

• Medium-term targets include 19%-20% return on tangible equity, 1.4%-1.5% ROA, and a 46%-48% efficiency ratio.

Loan growth, specialty verticals, and competitive dynamics

• Loan pipelines remain strong and well-balanced, with particular strength in equipment finance and multifamily segments.

• Specialty verticals include government contract finance, equipment finance, asset-based lending, and a formalized healthcare finance effort.

• Loan pricing remains competitive but stable, with some deposit pricing pressure in larger metro areas.

• Diversified $27.8B loan portfolio, with 40% commercial, 25.8% non-owner occupied CRE, and 8.7% multifamily real estate.

• CRE portfolio is geographically diverse, with strong credit metrics and low delinquencies across office and multifamily segments.