Atlantic Union Bankshares : 2024 Annual Meeting Presentation

Annual

Shareholders'

Meeting

NYSE: AUB

May 7, 2024

Forward Looking Statements

This presentation and statements by our management may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include, without limitation, statements on slides entitled "Q1 2024 Highlights and FY 2023 Highlights," "2024 Financial Outlook," statements regarding our strategic priorities, plans, and initiatives, including how we plan to execute on such priorities, plans, and initiatives, including our planned transformation agenda, the impact of future economic conditions, statements about our capital management strategy, and statements that include other projections, predictions, expectations, or beliefs about future events or results or otherwise are not statements of historical fact. Such forward-looking statements are based on certain 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 characterized by the use of qualified words (and their derivatives) such as "expect," "believe," "estimate," "plan," "project," "anticipate," "intend," "will," "may," "view," "opportunity," "potential," ""position," "continue," "confidence," or words of similar meaning or other statements concerning opinions or judgment of the Company and our management about future events. Although we believe that our expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of our existing knowledge of our business and operations, there can be no assurance that actual future results, performance, or achievements of, or trends affecting, us will not differ materially from any projected future results, performance, achievements or trends 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:

• market interest rates and their related impacts on macroeconomic conditions, customer and client behavior, our funding	• an insufficient ACL or volatility in the ACL resulting from the CECL methodology, either alone or as that may be affected by
costs and our loan and securities portfolios;	changing economic conditions, credit concentrations, inflation, changing interest rates, or other factors;
• inflation and its impacts on economic growth and customer and client behavior;	• our liquidity and capital positions;
• adverse developments in the financial industry generally, such as bank failures, responsive measures to mitigate and	• concentrations of loans secured by real estate, particularly commercial real estate;
manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer and	• the effectiveness of our credit processes and management of our credit risk;
client behavior;	• our ability to compete in the market for financial services and increased competition from fintech companies;
• the sufficiency of liquidity;	• technological risks and developments, and cyber threats, attacks, or events;
• general economic and financial market conditions, in the United States generally and particularly in the markets in which	• operational, technological, cultural, regulatory, legal, credit, and other risks associated with the exploration, consummation
we operate and which our loans are concentrated, including the effects of declines in real estate values, an increase in	and integration of potential future acquisitions, whether involving stock or cash considerations;
unemployment levels and slowdowns in economic growth;	• the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts,
• the impact of purchase accounting with respect to our merger with American National Bankshares Inc. ("American	geopolitical conflicts or public health events (such as pandemics), and of governmental and societal responses thereto;
National"), or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine the	these potential adverse effects may include, without limitation, adverse effects on the ability of our borrowers to satisfy their
fair value and credit marks;	obligations to us, on the value of collateral securing loans, on the demand for our loans or our other products and services,
• the possibility that the anticipated benefits of our merger with American National, including anticipated cost savings and	on supply chains and methods used to distribute products and services, on incidents of cyberattack and fraud, on our
strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the	liquidity or capital positions, on risks posed by reliance on third-party service providers, on other aspects of our business
integration of the two companies or as a result of the strength of the economy, competitive factors in the areas where we	operations and on financial markets and economic growth;
do business, or as a result of other unexpected factors or events;	• performance by our counterparties or vendors;
• potential adverse reactions or changes to business or employee relationships, including those resulting from our merger	• deposit flows;
with American National;	• the availability of financing and the terms thereof;
• the integration of the business and operations of American National may take longer or be more costly than anticipated;	• the level of prepayments on loans and mortgage-backed securities;
• monetary and fiscal policies of the U.S. government, including policies of the U.S. Department of the Treasury and the	• legislative or regulatory changes and requirements;
Federal Reserve;	• actual or potential claims, damages, and fines related to litigation or government actions, which may result in, among other
• the quality or composition of our loan or investment portfolios and changes therein;	things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse
• demand for loan products and financial services in our market areas;	consequences;
• our ability to manage our growth or implement our growth strategy;	• the effects of changes in federal, state or local tax laws and regulations;
• the effectiveness of expense reduction plans;	• any event or development that would cause us to conclude that there was an impairment of any asset, including intangible
• the introduction of new lines of business or new products and services;	assets, such as goodwill; and
• our ability to recruit and retain key employees;	• other factors, many of which are beyond our control.
• real estate values in our lending area;
• changes in accounting principles, standards, rules, and interpretations, and the related impact on our financial statements;

Please also refer to such other factors as discussed throughout Part I, Item 1A. "Risk Factors" and Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 2023, and related disclosures in other filings, which have been filed with the U.S. Securities and Exchange Commission ("SEC") and are available on the SEC's website at www.sec.gov. All risk factors and uncertainties described herein and therein should be considered in evaluating forward-looking statements, and all of the forward-looking statements are expressly qualified by the cautionary statements contained or referred to herein and therein. 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 our businesses or operations. Readers are cautioned not to rely too heavily on the forward-looking statements. Forward- looking statements speak only as of the date they are made. We do not intend or assume any obligation to update, revise or clarify any forward-looking statements that may be made from time to time by or on behalf of the Company, whether as a result of new information, future events or otherwise, except as required by law.

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Additional Information

Non-GAAP Financial Measures

This presentation contains certain financial information determined by methods other than in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures are a supplement to GAAP, which is used to prepare the Company's financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, the Company's 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 Company's performance. The Company's management believes that these non-GAAP financial measures provide additional understanding of ongoing operations, enhance comparability of results of operations with prior periods, 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 Company's underlying performance, or show the potential effects of accumulated other comprehensive income (or AOCI) or unrealized losses on securities on the Company's capital. This presentation also includes certain projections of non-GAAP financial measures. Due to the inherent variability and difficulty associated with making accurate forecasts and projections of information that is excluded from these projected non-GAAP measures, and the fact that some of the excluded information is not currently ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable projected GAAP financial measures without unreasonable effort. Consequently, no disclosure of projected comparable GAAP measures is included, and no reconciliation of forward- looking non-GAAP financial information is included.

Please see "Reconciliation of Non-GAAP Disclosures" at the end of this presentation for a reconciliation to the nearest GAAP financial measure.

No Offer or Solicitation

This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Atlantic Union Bankshares Corporation

Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has 135 branches and 150 ATMs located throughout Virginia and in portions of Maryland and North Carolina as of April 1, 2024. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

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Asbury

Officer

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Our Company | Pro Forma Combined Basis

Soundness | Profitability | Growth

Highlights ($bn)	Branch/Office Footprint

$24.5*	$18.2*
Assets	Loans

$19.9*	$3.0
Deposits	Market Capitalization

• Statewide Virginia footprint of 122 branches in all major markets
• #1 regional bank1 deposit market share in Virginia
• Strong balance sheet and capital levels
• Committed to top-tierfinancial performance with a highly experienced management team able to execute change

Largest Regional Banking Company Headquartered in Virginia

*Data as of 3/31/2024, presented on a pro forma basis reflecting the acquisition of American National, before any merger-related adjustments, which closed on April 1, 2024;

market capitalization as of 4/22/2024	5
1) Regional bank defined as having less than $100 billion in assets; rank determined by asset size; data per S&P Global Market Intelligence

Our Shareholder Value Proposition

Leading Regional Presence

Dense, uniquely valuable presence

across attractive markets

Attractive	Financial
Financial Profile	Strength
Solid dividend yield	Solid balance sheet
& payout ratio with	& capital levels
earnings upside

Peer-Leading	Strong Growth
Performance	Potential
Committed to top-tier	Organic & acquisition
financial performance	opportunities

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Virginia's Bank and Sizeable Opportunity to Take Market Share from the Big Three

Virginia: All Banks		Growth
				Opportunity
	Rank	Institution	Deposits ($mm)	Market Share (%)	Branches
1	Truist Financial Corp	$51,051	22.0%	265
2	Wells Fargo & Co	39,591	17.0	198
3	Bank of America Corp.	25,571	11.0	102
4	Atlantic Union Bankshares Corp	17,935	7.7	122
5	TowneBank	10,499	4.5	38
6	United Bankshares Inc.	8,643	3.7	84
7	Capital One Financial Corp.	5,704	2.5	25
8	PNC Financial Services Group Inc.	5,436	2.3	57
9	Burke & Herbert	3,786	1.6	37
10	Carter Bank & Trust	3,172	1.4	53
		Top 10 Banks	$171,388	73.7%	981
		All Institutions in Market	$232,406	100.0%	1,844

Virginia: Banks Headquartered in VA	Franchise
				Strength
	Rank	Institution	Deposits	Market Share (%)	Branches
	($mm)
1	Atlantic Union Bankshares Corp.	$17,935	22.0%	122
2	TowneBank	10,499	12.9	38
3	Capital One Financial Corp.	5,704	7.0	25
4	Burke & Herbert	3,786	4.6	37
5	Carter Bank & Trust	3,172	3.9	53
6	Primis Financial Corp	3,139	3.9	33
7	Blue Ridge Bankshares Inc.	2,592	3.2	26
8	First Bancorp Inc.	2,369	2.9	19
9	C&F Financial Corp	2,013	2.5	31
10	FVCBankcorp Inc.	1,962	2.4	5
		Top 10 Banks	$53,171	65.3%	389
		All Institutions in Market	$81,523	100.0%	810

Statewide Branch Footprint Brings Unique Franchise Value and Significant Growth Opportunity

Source: SNL Financial and FDIC deposit data

Deposit and branch data as of 6/30/23; which is presented on a pro forma basis reflecting the acquisition of American National, before any merger-related adjustments, which

closed on April 1, 20247 Note: Excludes branches with deposits greater than $5.0 billion

Q1 2024 and FY 2023 Highlights

Loan and Deposit Growth

Focus on Smooth Integration

Positioning for Long Term

• 5.6% annualized loan growth in Q1 2024 from Q4 2023 and 8.7% from Q1 2023
• 11.0% annualized deposit growth in Q1
  2024 from Q4 2023 and 5.0% from Q1
  2023

• Core Systems conversion planned for late May 2024
• Integration off to a good start and one mock system conversion completed
• Experienced integration team with our third integration of a $3 billion bank in 6 years

• In 2023, restructured the Company's securities portfolio by ~$500mm in February/March and ~$200mm in the third quarter to improve go-forward earnings trajectory
• In 2023, took strategic actions to reduce expenses
• Granular growing deposit base
• Focus on organic growth and performance of the core banking franchise

Differentiated Client

Experience

• Responsive, strong and capable alternative to large national banks, while competitive with and more capable than smaller banks

Asset Quality

• Q1 2024 net charge-offs at 13 bps annualized which is the same as Q1 2023
• Net charge-offs of 5 bps for FY 2023

Capitalize on

Strategic Opportunities

• Announced intention to acquire American National Bankshares in July 2023 and closed acquisition of American National on April 1, 2024

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Our Core Values

Culture - HOW we come together and interact as a team to accomplish our business

and societal goals.

Caring	Courageous	Committed
Working together toward	Speaking openly, honestly and	Driven to help our clients,
common goals, acting with	accepting our challenges and	Teammates and company
kindness, respect and a	mistakes as opportunities to	succeed, doing what is right and
genuine concern for others.	learn and grow.	accountable for our actions.

Diversity, Equity, Inclusion, and Belonging Statement

Atlantic Union Bank embraces diversity of thought and identity to better serve our stakeholders and achieve our purpose. We commit to cultivating a welcoming workplace where Teammate and customer perspectives are valued and respected.

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Authentically Human - Fostering a People-First Culture

Investment in our Teammates = Investment in our Customers = A Better Business Outcome

We are a high performing company committed to client success in all we

do. We believe we deliver a better banking experience by being

authentically human and digitally forward. We are a great place to work

that cares about our teammates.

Culture

An Employer of Choice

Top Workplaces in 2023 & 2024

Diversity

~2/3 Female Workforce

BM 75%	81%

+6 vs Overall Benchmark

Engagement

Exceeded Benchmark

BM 79%	86%

+7 vs Overall Benchmark

Growth &

Development

40%

Internal Hires

BM 71%	79%

+8 vs Overall Benchmark

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Data from 2024 Teammate Survey, Overall Benchmark from Perceptyx