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

Quarterly report [Sections 13 or 15(d)]

BORROWINGS (Tables)

BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2026


		September 30,			December 31,
		2026			2025
Securities sold under agreements to repurchase		$	114,650		$	75,432
FHLB advances			650,000			650,000
Total short-term borrowings		$	764,650		$	725,432

Average outstanding balance during the period		$	674,386		$	175,929
Average interest rate during the period			3.68	%		3.44	%
Average interest rate at end of period			3.77	%		3.15	%

Available Unused Short-Term Debt


	September 30,		December 31,
	2026		2025
Federal funds lines with correspondent banks	$	1,388,000	$	1,410,000
Alternative line of credit with correspondent bank		25,000		25,000
FHLB secured line of credit ⁽¹⁾		4,898,679		5,277,231
Federal Reserve Discount Window ⁽²⁾		1,212,083		2,573,492
Other secondary sources ⁽³⁾		4,715,146		4,960,331
Total available unused short-term borrowings	$	12,238,908	$	14,246,054

⁽¹⁾ The Company’s total credit capacity with FHLB was $11.4 billion and $11.1 billion at September 30, 2026 and December 31, 2025, respectively. Based on the amount of collateral pledged, the secured line of credit capacity was $5.5 billion and $5.9 billion at September 30, 2026 and December 31, 2025, respectively.

⁽²⁾ The Company’s Federal Reserve Discount Window borrowing capacity was $1.2 billion and $2.6 billion at September 30, 2026 and December 31, 2025, respectively. No amounts were outstanding under the Federal Reserve Discount Window at either date.

⁽³⁾Includes unpledged AFS and HTM securities, available brokered deposit capacity, and unrestricted cash and cash equivalents.

Long-Term Borrowings

Total long-term borrowings consisted of the following as of September 30, 2026 (dollars in thousands):

Spread to

Principal

3-Month SOFR

Rate ⁽³⁾

Maturity

Investment ⁽⁴⁾

Trust Preferred Capital Securities ⁽⁵⁾

Trust Preferred Capital Note – Statutory Trust I

22,500

2.75

% ⁽¹⁾

7.09

6/17/2034

696

Trust Preferred Capital Note – Statutory Trust II

36,000

1.40

% ⁽¹⁾

5.74

6/15/2036

1,114

VFG Limited Liability Trust I Indenture

20,000

2.73

% ⁽¹⁾

7.07

3/18/2034

619

FNB Statutory Trust II Indenture

12,000

3.10

% ⁽¹⁾

7.44

6/26/2033

372

Gateway Capital Statutory Trust I

8,000

3.10

% ⁽¹⁾

7.44

9/17/2033

248

Gateway Capital Statutory Trust II

7,000

2.65

% ⁽¹⁾

6.99

6/17/2034

217

Gateway Capital Statutory Trust III

15,000

1.50

% ⁽¹⁾

5.84

5/30/2036

464

Gateway Capital Statutory Trust IV

25,000

1.55

% ⁽¹⁾

5.89

7/30/2037

774

MFC Capital Trust II

5,000

2.85

% ⁽¹⁾

7.19

1/23/2034

155

AMNB Statutory Trust I

20,000

1.35

% ⁽¹⁾

5.69

6/30/2036

619

MidCarolina Trust I

5,000

3.45

% ⁽²⁾

7.53

11/7/2032

155

MidCarolina Trust II

3,500

2.95

% ⁽²⁾

7.03

1/7/2034

109

Total Trust Preferred Capital Securities

179,000

5,542

Subordinated Debt ⁽⁵⁾

2031 Subordinated Notes ⁽⁶⁾

250,000

—

2.88

12/15/2031

2032 Subordinated Notes ⁽⁷⁾

190,000

—

3.88

3/30/2032

2036 Subordinated Notes ⁽⁸⁾

250,000

—

6.25

8/1/2036

Total Subordinated Debt

690,000

Fair Value Discount ⁽⁹⁾

(16,789)

Investment in Trust Preferred Capital Securities

5,542

Total Long-term Borrowings

857,753

⁽¹⁾ Three-Month Chicago Mercantile Exchange SOFR + 0.262%.

⁽²⁾ Three-Month Chicago Mercantile Exchange SOFR.

⁽³⁾ Rate as of September 30, 2026. Calculated using non-rounded numbers.

⁽⁴⁾ Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets.

⁽⁵⁾ Trust Preferred Capital Securities and Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.

⁽⁶⁾ Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026.

⁽⁷⁾ Fixed-to-floating rate notes acquired in the Sandy Spring acquisition. On March 30, 2027, the interest rate changes to a floating rate equal to the then current Three-Month Term SOFR plus a spread of 196.5 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after March 30, 2027.

⁽⁸⁾ Fixed-to-floating rate notes. On August 1, 2031, the interest rate changes to a floating rate equal to the then current Three-Month Term SOFR plus a spread of 213 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after August 1, 2031.

⁽⁹⁾ Remaining discounts of $12.0 million and $4.8 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.

Total long-term borrowings consisted of the following as of December 31, 2025 (dollars in thousands):


			Spread to
	Principal		3-Month SOFR		Rate ⁽³⁾		Maturity	Investment ⁽⁴⁾
Trust Preferred Capital Securities ⁽⁵⁾
Trust Preferred Capital Note – Statutory Trust I	$	22,500	2.75	% ⁽¹⁾	6.66	%	6/17/2034	$	696
Trust Preferred Capital Note – Statutory Trust II		36,000	1.40	% ⁽¹⁾	5.31	%	6/15/2036		1,114
VFG Limited Liability Trust I Indenture		20,000	2.73	% ⁽¹⁾	6.64	%	3/18/2034		619
FNB Statutory Trust II Indenture		12,000	3.10	% ⁽¹⁾	7.01	%	6/26/2033		372
Gateway Capital Statutory Trust I		8,000	3.10	% ⁽¹⁾	7.01	%	9/17/2033		248
Gateway Capital Statutory Trust II		7,000	2.65	% ⁽¹⁾	6.56	%	6/17/2034		217
Gateway Capital Statutory Trust III		15,000	1.50	% ⁽¹⁾	5.41	%	5/30/2036		464
Gateway Capital Statutory Trust IV		25,000	1.55	% ⁽¹⁾	5.46	%	7/30/2037		774
MFC Capital Trust II		5,000	2.85	% ⁽¹⁾	6.76	%	1/23/2034		155
AMNB Statutory Trust I		20,000	1.35	% ⁽¹⁾	5.26	%	6/30/2036		619
MidCarolina Trust I		5,000	3.45	% ⁽²⁾	7.10	%	11/7/2032		155
MidCarolina Trust II		3,500	2.95	% ⁽²⁾	6.60	%	1/7/2034		109
Total Trust Preferred Capital Securities	$	179,000						$	5,542
Subordinated Debt ⁽⁵⁾
2031 Subordinated Notes ⁽⁶⁾		250,000	—	%	2.88	%	12/15/2031
2032 Subordinated Notes⁽⁷⁾		190,000	—	%	3.88	%	3/30/2032
2029 Subordinated Notes ⁽⁸⁾		168,000	2.62	% ⁽¹⁾	6.53	%	11/15/2029
Total Subordinated Debt	$	608,000
Fair Value Discount ⁽⁹⁾		(20,682)
Investment in Trust Preferred Capital Securities		5,542
Total Long-term Borrowings	$	771,860

⁽¹⁾ Three-Month Chicago Mercantile Exchange SOFR + 0.262%.

⁽²⁾ Three-Month Chicago Mercantile Exchange SOFR.

⁽³⁾ Rate as of December 31, 2025. Calculated using non-rounded numbers.

⁽⁴⁾ Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets.

⁽⁵⁾ Trust Preferred Capital Securities and Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.

⁽⁸⁾ Fixed-to-floating rate notes acquired in the Sandy Spring acquisition. On November 15, 2024, the interest rate changed to a floating rate equal to the then current Three-Month Term SOFR plus a spread of 262 bps and a 26 bps spread adjustment through its maturity date or earlier redemption. The notes could be redeemed before maturity on any interest payment date occurring on or after November 15, 2024.

⁽⁹⁾ Remaining discounts of $12.9 million and $7.8 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.

Contractual Maturities of Long-Term Debt

As of September 30, 2026, the scheduled maturities of long-term debt are as follows for the years ending (dollars in thousands):

Trust

Preferred

Total

Capital

Subordinated

Fair Value

Long-term

Notes

Debt

Discount ⁽¹⁾

Borrowings

For the remaining three months of 2026

—

(439)

2027

—

(1,783)

2028

—

(1,833)

2029

—

(1,882)

2030

—

(1,934)

Thereafter

184,542

690,000

(8,918)

865,624

Total long-term borrowings

184,542

690,000

(16,789)

857,753

⁽¹⁾ Includes discount on Trust Preferred Capital Securities and Subordinated Debt.