Atlantic Union Bankshares Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

SEGMENT REPORTING AND REVENUE (Tables)

SEGMENT REPORTING AND REVENUE (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

The following table presents and reconciles income before income taxes compared to the Consolidated Statements of Income. Income before income taxes for the three months ended March 31, 2026 and March 31, 2025 totaled $154.6 million and $61.5 million, respectively. The information is disaggregated by major source and reportable operating segment for the three months ended March 31, (dollars in thousands):


	Wholesale Banking		Consumer Banking		Corporate Other		Total
2026
Interest and dividend income	$	426,119	$	231,232	$	(185,616)	$	471,735
Interest expense		265,241		122,083		(227,962)		159,362
Net interest income		160,878		109,149		42,346		312,373
Provision for credit losses		280		2,007		450		2,737
Net interest income after provision for credit losses		160,598		107,142		41,896		309,636
Noninterest income		28,944		18,353		7,486		54,783
Noninterest expenses		93,790		104,996		11,024		209,810
Income before income taxes	$	95,752	$	20,499	$	38,358	$	154,609
2025
Interest and dividend income	$	296,987	$	156,143	$	(147,294)	$	305,836
Interest expense		197,647		80,359		(156,334)		121,672
Net interest income		99,340		75,784		9,040		184,164
Provision for credit losses		15,045		2,593		—		17,638
Net interest income after provision for credit losses		84,295		73,191		9,040		166,526
Noninterest income		11,799		14,634		2,730		29,163
Noninterest expenses		55,212		67,567		11,405		134,184
Income before income taxes	$	40,882	$	20,258	$	365	$	61,505

Schedule of operating segment results - balance sheet metrics

The following table presents the Company’s operating segment results for key balance sheet metrics as of the periods ended (dollars in thousands):


	Wholesale Banking		Consumer Banking		Corporate Other ⁽¹⁾		Total
March 31, 2026
LHFI, net of unearned income	$	23,294,363	$	5,309,769	$	(657,708)	$	27,946,424
Goodwill ⁽²⁾		1,281,726		473,149		—		1,754,875
Deposits ⁽³⁾		11,878,174		17,738,197		774,885		30,391,256
December 31, 2025
LHFI, net of unearned income	$	23,179,687	$	5,317,949	$	(701,469)	$	27,796,167
Goodwill		1,254,979		478,308		—		1,733,287
Deposits ⁽³⁾		11,339,236		17,820,026		1,312,374		30,471,636

⁽¹⁾Corporate Other includes acquisition accounting fair value adjustments.

⁽²⁾During the first quarter of 2026, goodwill was reallocated among reporting units as a result of measurement period adjustments associated with the Sandy Spring acquisition, resulting in a $26.7 million increase in Wholesale Banking and a $5.2 million decrease in Consumer Banking. Refer to Note 2 “Acquisitions” and Note 5 “Goodwill & Intangible Assets” within this Item 1 of this Quarterly Report for more information.

⁽³⁾Corporate Other primarily includes brokered deposits.

Schedule of Disaggregation of Revenue

Noninterest income disaggregated by major source for the three months ended March 31, consisted of the following (dollars in thousands):


	2026		2025
Noninterest income:
Service charges on deposit accounts ⁽¹⁾:
Overdraft fees	$	6,037	$	5,576
Maintenance fees & other		6,079		4,107
Other service charges, commissions, and fees ⁽¹⁾		1,938		1,762
Interchange fees ⁽¹⁾		3,326		2,949
Fiduciary and asset management fees ⁽¹⁾:
Trust asset management fees		10,613		3,826
Registered advisor management fees		7,380		—
Brokerage management fees		2,185		2,871
Mortgage banking income		2,026		973
Bank owned life insurance income		5,200		3,537
Loan-related interest rate swap fees		3,975		2,400
Other operating income		6,024		1,162
Total noninterest income	$	54,783	$	29,163

⁽¹⁾ Income within scope of ASC 606, Revenue from Contracts with Customers.

Disaggregated noninterest income by segment

The following tables present noninterest income disaggregated by reportable operating segment for the three months ended March 31, (dollars in thousands):


	Wholesale Banking		Consumer Banking		Corporate Other ⁽¹⁾		Total
2026
Noninterest income:
Service charges on deposit accounts	$	4,411	$	7,705	$	—	$	12,116
Other service charges, commissions and fees		435		1,503		—		1,938
Fiduciary and asset management fees		17,880		2,298		—		20,178
Mortgage banking income		—		2,026		—		2,026
Other income		6,218		4,821		7,486		18,525
Total noninterest income	$	28,944	$	18,353	$	7,486	$	54,783
2025
Noninterest income:
Service charges on deposit accounts	$	3,010	$	6,673	$	—	$	9,683
Other service charges, commissions and fees		396		1,366		—		1,762
Fiduciary and asset management fees		4,771		1,926		—		6,697
Mortgage banking income		—		973		—		973
Other income		3,622		3,696		2,730		10,048
Total noninterest income	$	11,799	$	14,634	$	2,730	$	29,163

⁽¹⁾ For the three months ended March 31, 2026 and March 31, 2025, other income primarily includes income from BOLI and equity method investment income.

Disaggregated noninterest expense by segment

The following tables present noninterest expense disaggregated by reportable operating segment for the three months ended March 31, (dollars in thousands):


	Wholesale Banking		Consumer Banking		Corporate Other		Total
2026
Noninterest expenses:
Salaries and benefits	$	35,519	$	28,171	$	49,723	$	113,413
Occupancy expenses		376		8,385		4,441		13,202
Technology and data processing		1,758		274		13,570		15,602
Furniture and equipment expenses		84		1,592		3,879		5,555
Loan-related expenses		829		1,254		768		2,851
Other expenses ⁽¹⁾		55,224		65,320		(61,357)		59,187
Total noninterest expense	$	93,790	$	104,996	$	11,024	$	209,810
2025
Noninterest expenses:
Salaries and benefits	$	20,684	$	19,936	$	34,795	$	75,415
Occupancy expenses		236		5,166		3,178		8,580
Technology and data processing		886		179		9,123		10,188
Furniture and equipment expenses		62		994		2,858		3,914
Loan-related expenses		113		774		362		1,249
Other expenses ⁽¹⁾		33,231		40,518		(38,911)		34,838
Total noninterest expense	$	55,212	$	67,567	$	11,405	$	134,184

⁽¹⁾ Includes allocated expenses