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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q




☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2026

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-39325

ATLANTIC UNION BANKSHARES CORPORATION

(Exact name of registrant as specified in its charter)


Virginia	54-1598552
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

4300 Cox Road

Glen Allen, Virginia 23060

(Address of principal executive offices) (Zip Code)

(804) 633-5031

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, par value $1.33 per share		AUB		The New York Stock Exchange
Depositary Shares, Each Representing a 1/400^th Interest in a Share of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A		AUB.PRA		The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐
		Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


	Yes ☐ No ☒

The number of shares of common stock outstanding as of April 28, 2026 was 143,115,672.

Table of Contents

ATLANTIC UNION BANKSHARES CORPORATION

FORM 10-Q

INDEX


ITEM		PAGE

	PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025 (audited)	2

	Consolidated Statements of Income (unaudited) for the three months ended March 31, 2026 and March 31, 2025	3

	Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months ended March 31, 2026 and March 31, 2025	4

	Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the three months ended March 31, 2026 and March 31, 2025	5

	Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2026 and March 31, 2025	6

	Notes to the Consolidated Financial Statements (unaudited)	8

	Report of Independent Registered Public Accounting Firm	52

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	84

Item 4.	Controls and Procedures	87

	PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	87

Item 1A.	Risk Factors	87

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	88

Item 5.	Other Information	88

Item 6.	Exhibits	89

	Signatures	90

Table of Contents

Glossary of Acronyms and Defined Terms

In this Quarterly Report on Form 10-Q, except as otherwise indicated or the context suggests otherwise, references to the “Company” refers to Atlantic Union Bankshares Corporation, a Virginia corporation, and the terms “we”, “us” and “our” refer to the Company and its direct and indirect subsidiaries, including Atlantic Union Bank, which we refer to as the “Bank.” The “Federal Reserve” refers to the Board of Governors of the Federal Reserve System, our primary federal regulator.

“Our common stock” refers to the Company’s common stock, par value $1.33 per share, and the term “depositary shares” means the Company’s depositary shares, each representing a 1/400th ownership interest in a share of the Company’s Series A preferred stock, with a liquidation preference of $10 thousand per share of Series A preferred stock (equivalent to $25 per depositary share). “Series A preferred stock” refers to the Company’s 6.875% Perpetual Non-Cumulative Preferred Stock, Series A, par value $10.00 per share.

“Sandy Spring” refers to Sandy Spring Bancorp, Inc., which we acquired on April 1, 2025, pursuant to the Agreement and Plan of Merger dated October 21, 2024, by and between the Company and Sandy Spring, which we refer to as the “Sandy Spring merger agreement.”

The “Forward Sale Agreements” refers to the forward sale agreements between the Company and Morgan Stanley & Co. LLC, as forward purchaser (the “Forward Purchaser”), each dated as of October 21, 2024, in connection with which the Forward Purchaser or its affiliate borrowed from third parties an aggregate of 11,338,028 shares of our common stock for sale in a registered public offering.


ACL	–	Allowance for credit losses
AFS	–	Available for sale
ALLL	–	Allowance for loan and lease losses, a component of the ACL
AOCI	–	Accumulated other comprehensive income (loss)
ASC	–	Accounting Standards Codification
ASU	–	Accounting Standards Update
BOLI	–	Bank owned life insurance
bps	–	Basis points
CDI	–	Core deposit intangible
CECL	–	Current expected credit losses
CFPB	–	Consumer Financial Protection Bureau
CRE	–	Commercial real estate
EPS	–	Earnings per common share
FASB	–	Financial Accounting Standards Board
FDIC	–	Federal Deposit Insurance Corporation
FRB	–	Federal Reserve Bank of Richmond
FHLB	–	Federal Home Loan Bank of Atlanta
FOMC	–	Federal Open Market Committee
FTE	–	Fully taxable equivalent
GAAP	–	Accounting principles generally accepted in the United States
HTM	–	Held to maturity
LHFI	–	Loans held for investment, net of unearned income
LHFS	–	Loans held for sale
MBS	–	Mortgage-Backed Securities
NDFI	–	Non-depository financial institutions
NPA	–	Nonperforming assets
NYSE	–	New York Stock Exchange
PCD	–	Purchased credit deteriorated
RUC	–	Reserve for unfunded commitments
SEC	–	U.S. Securities and Exchange Commission
SOFR	–	Secured Overnight Financing Rate
TLM	–	Troubled loan modification

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025

(Dollars in thousands, except share data)


	March 31,		December 31,
	2026		2025
ASSETS		(unaudited)		(audited)
Cash and cash equivalents:
Cash and due from banks	$	451,370	$	234,257
Interest-bearing deposits in other banks		321,302		706,014
Federal funds sold		7,456		26,191
Total cash and cash equivalents		780,128		966,462
Securities available for sale, at fair value		4,011,410		4,194,301
Securities held to maturity, at carrying value		870,288		884,216
Restricted stock, at cost		177,513		190,200
Loans held for sale		20,776		18,486
Loans held for investment, net of unearned income		27,946,424		27,796,167
Less: allowance for loan and lease losses		291,100		295,108
Total loans held for investment, net		27,655,324		27,501,059
Premises and equipment, net		162,549		166,752
Goodwill		1,754,875		1,733,287
Amortizable intangibles, net		300,099		315,544
Bank owned life insurance		675,816		672,890
Other assets		906,233		942,557
Total assets	$	37,315,011	$	37,585,754
LIABILITIES
Noninterest-bearing demand deposits	$	6,843,726	$	6,844,629
Interest-bearing deposits		23,547,530		23,627,007
Total deposits		30,391,256		30,471,636
Securities sold under agreements to repurchase		144,605		75,432
Other short-term borrowings		385,000		650,000
Long-term borrowings		774,982		771,860
Other liabilities		566,852		610,428
Total liabilities		32,262,695		32,579,356
Commitments and contingencies (Note 8)
STOCKHOLDERS' EQUITY
Preferred stock, $10.00 par value		173		173
Common stock, $1.33 par value		188,940		188,563
Additional paid-in capital		3,890,335		3,888,841
Retained earnings		1,251,356		1,184,908
Accumulated other comprehensive loss		(278,488)		(256,087)
Total stockholders' equity		5,052,316		5,006,398
Total liabilities and stockholders' equity	$	37,315,011	$	37,585,754

Common shares issued and outstanding		142,060,496		141,776,886
Common shares authorized		200,000,000		200,000,000
Preferred shares issued and outstanding		17,250		17,250
Preferred shares authorized		500,000		500,000

See accompanying notes to consolidated financial statements.

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025

(Dollars in thousands, except share and per share data)


	Three Months Ended
	March 31,		March 31,
	2026		2025
Interest and dividend income:
Interest and fees on loans	$	419,628	$	271,515
Interest on deposits in other banks		2,146		2,513
Interest and dividends on securities:
Taxable		41,008		23,648
Nontaxable		8,953		8,160
Total interest and dividend income		471,735		305,836
Interest expense:
Interest on deposits		141,779		115,587
Interest on short-term borrowings		5,227		909
Interest on long-term borrowings		12,356		5,176
Total interest expense		159,362		121,672
Net interest income		312,373		184,164
Provision for credit losses		2,737		17,638
Net interest income after provision for credit losses		309,636		166,526
Noninterest income:
Service charges on deposit accounts		12,116		9,683
Other service charges, commissions and fees		1,938		1,762
Interchange fees		3,326		2,949
Fiduciary and asset management fees		20,178		6,697
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
Noninterest expenses:
Salaries and benefits		113,413		75,415
Occupancy expenses		13,202		8,580
Furniture and equipment expenses		5,555		3,914
Technology and data processing		15,602		10,188
Professional services		5,768		4,687
Marketing and advertising expense		7,328		3,184
FDIC assessment premiums and other insurance		6,846		5,201
Franchise and other taxes		4,705		4,643
Loan-related expenses		2,851		1,249
Amortization of intangible assets		15,446		5,398
Merger-related costs		9,034		4,940
Other expenses		10,060		6,785
Total noninterest expenses		209,810		134,184
Income before income taxes		154,609		61,505
Income tax expense		32,444		11,687
Net Income	$	122,165	$	49,818
Dividends on preferred stock		2,967		2,967
Net income available to common shareholders	$	119,198	$	46,851

Basic earnings per common share	$	0.84	$	0.53
Diluted earnings per common share	$	0.84	$	0.52
Dividends declared per common share	$	0.37	$	0.34
Basic weighted average number of common shares outstanding		141,901,606		89,222,296
Diluted weighted average number of common shares outstanding		142,280,978		90,072,795

See accompanying notes to consolidated financial statements.

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025

(Dollars in thousands)


		Three Months Ended
		March 31,
		2026			2025
Net income		$	122,165		$	49,818
Other comprehensive income:
Cash flow hedges:
Change in fair value of cash flow hedges (net of tax, $594 and $2,747 for the three months ended March 31, 2026 and March 31, 2025, respectively)			(1,982)			10,336
AFS securities:
Unrealized holding (losses) gains arising during period (net of tax, $5,833 and $4,188 for the three months ended March 31, 2026 and March 31, 2025, respectively)			(20,538)			15,754
Reclassification adjustment for (gains) losses included in net income (net of tax, $1 and $21 for the three months ended March 31, 2026 and March 31, 2025, respectively) ⁽¹⁾			(1)			81
Bank owned life insurance:
Unrealized holding gains (losses) arising during the period			323			(10)
Reclassification adjustment for gains included in net income ⁽²⁾			(203)			(190)
Other comprehensive (loss) income:			(22,401)			25,971
Comprehensive income		$	99,764		$	75,789

⁽¹⁾ The gross amounts reclassified into earnings are reported as "Other operating income" on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense.

⁽²⁾ Reclassifications into earnings are reported in "Salaries and benefits" expense on the Company’s Consolidated Statements of Income.

See accompanying notes to consolidated financial statements.

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025

(Dollars in thousands, except share and per share amounts)

Accumulated

Additional

Other

Common

Preferred

Paid-In

Retained

Comprehensive

Stock

Capital

Earnings

Income (Loss)

Total

Balance - December 31, 2025

188,563

173

3,888,841

1,184,908

(256,087)

5,006,398

Net Income

122,165

Other comprehensive loss (net of taxes of $6,428)

(22,401)

Dividends on common stock ($0.37 per share)

(52,750)

Dividends on preferred stock ($171.88 per share)

(2,967)

Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes (283,610 shares)

377

(5,302)

(4,925)

Stock-based compensation expense

6,796

Balance - March 31, 2026

188,940

173

3,890,335

1,251,356

(278,488)

5,052,316


									Accumulated
					Additional				Other
	Common		Preferred		Paid-In		Retained		Comprehensive
	Stock		Stock		Capital		Earnings		Income (Loss)		Total
Balance - December 31, 2024	$	118,519	$	173	$	2,280,547	$	1,103,326	$	(359,686)	$	3,142,879
Net Income								49,818				49,818
Other comprehensive income (net of taxes of $6,957)										25,971		25,971
Dividends on common stock ($0.34 per share)								(30,542)				(30,542)
Dividends on preferred stock ($171.88 per share)								(2,967)				(2,967)
Issuance of common stock under Equity Compensation Plans, stock issuance for services rendered, and vesting of restricted stock, net of shares held for taxes (228,311 shares)		304				(3,698)						(3,394)
Stock-based compensation expense						3,451						3,451
Balance - March 31, 2025	$	118,823	$	173	$	2,280,300	$	1,119,635	$	(333,715)	$	3,185,216

See accompanying notes to consolidated financial statements.

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025

(Dollars in thousands)


		2026			2025
Operating activities:
Net income		$	122,165		$	49,818
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			2,737			17,638
Depreciation of premises and equipment			4,917			3,168
Amortization, net			6,218			6,160
Accretion related to acquisitions, net			(17,758)			(7,155)
BOLI income			(5,200)			(3,537)
Loans held for sale:
Originations and purchases			(90,346)			(44,255)
Proceeds from sales			87,420			43,803
Changes in operating assets and liabilities:
Net decrease in other assets			50,837			17,141
Net decrease in other liabilities			(33,662)			(20,749)
Net cash provided by operating activities			127,328			62,032
Investing activities:
Securities AFS and restricted stock:
Purchases			(121,441)			(131,017)
Proceeds from sales			80,140			41,366
Proceeds from maturities, calls and paydowns			214,320			72,477
Securities HTM:
Purchases			—			(25,436)
Proceeds from maturities, calls and paydowns			12,668			7,036
Net change in other investments			(9,342)			(6,694)
Net (increase) decrease in LHFI			(146,632)			53,435
Net purchases of premises and equipment			(7,019)			(2,398)
Proceeds from BOLI settlements			492			—
Proceeds from sales of foreclosed properties and former bank premises			—			874
Net cash provided by investing activities			23,186			9,643
Financing activities:
Net increase (decrease) in:
Non-interest-bearing deposits			(903)			194,125
Interest-bearing deposits			(79,111)			(89,286)
Short-term borrowings			(195,827)			(59,257)
Dividends paid			(55,717)			(33,509)
Vesting of restricted stock, net of shares held for taxes			(5,290)			(3,684)
Net cash (used in) provided by financing activities			(336,848)			8,389
(Decrease) increase in cash and cash equivalents			(186,334)			80,064
Cash, cash equivalents and restricted cash at beginning of the period			966,462			354,074
Cash, cash equivalents and restricted cash at end of the period		$	780,128		$	434,138

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025

(Dollars in thousands)


		2026			2025
Supplemental Disclosure of Cash Flow Information
Cash payments (refunds) for:
Interest		$	156,358		$	119,161
Income taxes			(6,218)			697

Supplemental schedule of noncash investing and financing activities
Transfers from bank premises to other real estate owned			6,235			—

See accompanying notes to consolidated financial statements.

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ATLANTIC UNION BANKSHARES CORPORATION AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company

Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE: AUB) is the holding company for Atlantic Union Bank (the “Bank”), which provides banking and related financial products and services to consumers and businesses. Except as otherwise indicated or the context suggests otherwise, references to the “Company” refers to Atlantic Union Bankshares Corporation and its subsidiaries.

Basis of Financial Information

The accounting policies and practices of Atlantic Union Bankshares Corporation and subsidiaries conform to accounting principles generally accepted in the United States (“GAAP”) and follow general practices within the banking industry. The consolidated financial statements include the accounts of the Company, which is a financial holding company and a bank holding company that owns all of the outstanding common stock of its banking subsidiary, Atlantic Union Bank, which owns Atlantic Union Equipment Finance, Inc., AUB Investments, Inc., and Atlantic Union Capital Markets, Inc.

The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan and lease losses (“ALLL”), the fair value of financial instruments, valuation of deferred tax assets, and valuation of acquired assets and liabilities. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other period.

Effective January 1, 2026, the Company made certain changes to its allowance methodology as part of the continued enhancement of its credit modeling practices, resulting in more dynamic and precise modeling that allows for more granularity in the monitoring of our expected credit losses. As a result of this change, the Company moved from two loan portfolio segments (Commercial and Consumer) to three portfolio segments (Commercial Real Estate (“CRE”), Commercial and Industrial, and Consumer), by reorganizing the former Commercial segment into the CRE and Commercial and Industrial segments, with no changes made to the Consumer segment. These changes were accounted for prospectively as a change in accounting estimate, did not have a material impact on the Company’s consolidated financial statements, and resulted in no changes to previously reported values. For more information on this change in estimate, see the Company’s allowance for credit losses (“ACL”) and loans held for investment (“LHFI”) accounting policies described below. For information regarding the Company’s collectively assessed prior allowance methodology, as well as the Company’s reserve for unfunded commitments (“RUC”) and the allowance for credit losses on securities policies, see Note 1 “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” of the Company’s 2025 Form 10-K.

Allowance for Credit Losses

The ACL primarily consists of the ALLL, RUC, and the allowance for credit losses on securities. The Company’s ACL is governed by the Company’s Allowance Committee, which reports to the Audit Committee and contains representatives from the Company’s finance, credit, and risk teams, and is responsible for approving the Company’s estimate of expected credit losses and resulting ACL. The Allowance Committee considers the quantitative model results and qualitative factors when approving the final ACL. The Company’s ACL model is subject to the Company’s model risk management program, which is overseen by the Operational Risk Committee that reports to the Company’s Executive Risk Committee and Board Risk Committee. The ALLL includes qualitative adjustments to capture the impact of factors or uncertainties not reflected in the quantitative model. These adjustments are comprised of relevant internal and external factors within the qualitative framework that adheres to the Interagency Policy Statement on Allowances for Credit Losses.

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Allowance for Loan and Lease Losses: The ALLL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Changes in the ALLL are recorded as a provision for loan losses to bring the ALLL to an estimated balance that management considers appropriate to absorb expected credit losses over the expected contractual life of the loan portfolio. Loans are charged off against the ALLL when management believes the amount is no longer collectible based on an evaluation of the borrower’s financial condition, repayment capacity, collateral values, and other observable factors affecting collectability. Subsequent recoveries of previously charged off amounts are recorded as increases to the ALLL; however, expected recoveries are not to exceed the aggregate of amounts previously charged off.

Determining the Contractual Term – Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless the extensions or renewal options are included in the original or modified contract at the reporting date and are not unconditionally legally cancelable by the Company.

The Company’s ALLL measures the expected lifetime loss using both pooled and loan-level assumptions for financial assets that share common risk characteristics and evaluates an individual reserve in instances where the financial assets do not share the same risk characteristics.

Collectively Assessed Reserve Consideration – Loans that share common risk characteristics are considered collectively assessed. Loss estimates within the collectively assessed population are based on a combination of pooled assumptions and loan-level characteristics.

Effective January 1, 2026, the Company now uses either a loan-level probability of default/loss given default methodology or a segment level loss rate model for its loan portfolio. The ALLL is estimated using quantitative methods that consider a variety of factors from both internal and external sources at the loan, portfolio, and macroeconomic environment levels. The Company’s quantitative models consider various macroeconomic variables including the unemployment rate, gross domestic product, home price index, and others for a reasonable and supportable forecast period. The ALLL quantitative estimate is sensitive to changes in the macroeconomic variable forecasts during the reasonable and supportable period.

The estimated loan losses that are forecasted using the methodology described above are then adjusted for changes in qualitative factors not inherently considered in the quantitative analysis. The qualitative factors include, among others, credit concentrations of the loan portfolio, economic uncertainty, model imprecision, and factors related to credit administration.

Because current economic conditions and forecasts can change and future events are inherently difficult to predict, the anticipated amount of estimated credit losses on loans, and therefore the appropriateness of the ALLL, could change significantly. In estimating the ALLL, the Company considers multiple forecast scenarios to address the uncertainty inherent in macroeconomic variable forecasts. It is difficult to estimate how potential changes in any one economic factor or input might affect the overall allowance because a wide variety of factors and inputs are considered in estimating the allowance and changes in those factors and inputs considered may not occur at the same rate and may not be consistent across all loan types. Additionally, changes in factors and inputs may be directionally inconsistent, such that an improvement in one factor may offset deterioration in others.

Individually Assessed Reserve Consideration – Loans that do not share similar risk characteristics with any loan segments are evaluated on an individual basis. The individual reserve component relates to loans that have shown substantial credit deterioration as measured by nonaccrual status, risk rating, and/or delinquency status. In addition, the Company has elected the practical expedient that would include loans for individual assessment consideration if the repayment of the loan is expected substantially through the operation or sale of collateral because the borrower is experiencing financial difficulty. Where the expected source of repayment is from the sale of collateral, the ALLL is based on the fair value of the underlying collateral, less selling costs, compared to the amortized cost basis of the loan. If the ALLL is based on the operation of the collateral, the reserve is calculated based on the fair value of the collateral calculated as the present value of expected cash flows from the operation of the collateral, compared to the amortized cost basis. If the Company determines that the value of a collateral dependent loan is less than the recorded investment in the loan, the Company charges off the deficiency if it is determined that such amount is deemed uncollectible. Typically, a loss is confirmed when the Company is moving toward foreclosure or final disposition. The ALLL on loans individually assessed is updated, reviewed, and approved on a quarterly basis at or near the end of each reporting period.

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The Company performs regular credit reviews of the loan portfolio to review the credit quality and adherence to its underwriting standards. The credit reviews include annual commercial loan reviews performed by the Company’s commercial bankers in accordance with the commercial loan policy, relationship reviews that accompany annual loan renewals, and independent reviews by its Credit Risk Review Group. Upon origination, each commercial loan is assigned an initial risk rating in accordance with the Company’s underwriting guidelines, which require newly originated loans to be rated between one and four, with ratings closer to one indicating lower credit risk. The Company’s full risk rating scale ranges from one to nine, and loans may migrate to higher risk ratings over time if their risk profile deteriorates. The risk rating scale is the Company’s primary credit quality indicator for commercial loans. Consumer loans are not risk rated unless past due status, bankruptcy, or other events result in the assignment of a Substandard or worse risk rating in accordance with the consumer loan policy. Delinquency status is the Company’s primary credit quality indicator for Consumer loans.

Refer to Note 1 “Summary of Significant Accounting Policies” in the “Notes to the Consolidated Financial Statements” contained in Item 8 “Financial Statements and Supplementary Data” in the Company’s 2025 Form 10-K for additional information on the Company’s policies and for further information on the Company’s credit quality indicators.

Loans Held for Investment

Prior to January 1, 2026, the Company applied ALLL methodologies to two portfolio segments: Commercial and Consumer. As disclosed above, effective January 1, 2026, the Company made certain changes to its allowance methodology as part of the continued enhancement of its credit modeling practices, resulting in more dynamic and precise modeling that allow for more granularity in the monitoring of our expected credit losses. As a result of this change, the Company moved from two loan portfolio segments (Commercial and Consumer) to three portfolio segments (CRE, Commercial and Industrial, and Consumer), by reorganizing the former Commercial segment into the CRE and Commercial and Industrial segments, with no changes made to the Consumer segment. The Company defines the three loan portfolio segments as follows:

CRE:

●

CRE – Non-Owner Occupied - Term loans typically made to borrowers to support income producing properties that rely upon the successful operation of the property for repayment. General market conditions and economic activity may impact the performance of these types of loans. In addition to using specific underwriting policies and procedures for these types of loans, the Company manages risk by diversifying the lending to various property types, such as retail, office, office warehouse, and hotel, as well as avoiding concentrations to any one business, industry, property type, or market.

●

CRE – Owner Occupied - Term loans made to support owner occupied real estate properties that rely upon the successful operation of the business occupying the property for repayment. General market conditions and economic activity may affect these types of loans. In addition to using specific underwriting policies and procedures for these types of loans, the Company manages risk by avoiding concentrations to any one business or industry.

●

Construction and Land Development - Construction loans generally made to commercial and residential developers and builders for specific construction projects. The successful repayment of these types of loans is generally dependent upon (a) a commitment for permanent financing from the Company or other lender, or (b) from the sale of the constructed property. These loans carry more risk than both types of CRE term loans due to the dynamics of construction projects, changes in interest rates, the long-term financing market, and state and local government regulations. As in CRE term lending, the Company manages risk by using specific underwriting policies and procedures for these types of loans and by avoiding excessive concentrations to any one business, industry, property type, or market.

Also included in this category are loans generally made to residential home builders to support their lot and home construction inventory needs. Repayment relies upon the sale of the underlying residential real estate project. This type of lending is generally viewed as carrying a higher level of risk as compared to other commercial lending. This class of lending manages risks related to residential real estate market conditions, a functioning primary and secondary market in which to finance the sale of residential properties, and the borrower’s ability to manage inventory and run projects. The Company manages this risk by lending to experienced builders and developers by using specific underwriting policies and procedures for these types of loans and by avoiding excessive concentrations with any particular customer or geographic region.

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●

Multifamily Real Estate - Loans made to real estate investors to support permanent financing for multifamily residential income producing properties that rely on the successful operation of the property for repayment. This operation mainly involves property maintenance, re-leasing upon tenant turnover and collection of rents due from tenants. The Company manages this risk by avoiding concentrations with any particular customer and if necessary, in any particular submarket.

●

Residential 1-4 Family – Commercial - Loans made to commercial borrowers where the loan is secured by residential property. The Residential 1-4 Family - Commercial loan portfolio carries risks associated with the creditworthiness of the tenant, the ability to re-lease the property when vacancies occur, and changes in loan-to-value ratios. The Company manages these risks through policies and procedures, such as limiting loan-to-value ratios at origination, requiring guarantees, experienced underwriting, and requiring standards for appraisers.

●

Other Commercial (Farmland) - Portfolios carry risks associated with the creditworthiness of the borrower and changes in the economic environment. The Company manages these risks by using general underwriting policies and procedures for these types of loans and experienced underwriting. Loans secured by farmland are included in this category.

Commercial and Industrial:

●

Commercial & Industrial - Loans generally made to support borrowers’ needs for short-term or seasonal cash flow and equipment/vehicle purchases. Repayment relies upon the successful operation of the business. This type of lending typically carries a lower level of commercial credit risk as compared to other commercial lending. The Company manages this risk by using general underwriting policies and procedures for these types of loans and by avoiding concentrations to any one business or industry.

●

Other Commercial (Other) - Portfolios carry risks associated with the creditworthiness of the borrower and changes in the economic environment. The Company manages these risks by using general underwriting policies and procedures for these types of loans and experienced underwriting. Loans that support small business lines of credit and agricultural lending are included in this category.

Consumer:

●

Auto - The consumer indirect auto lending portfolio carries certain risks associated with the values of the collateral that management must mitigate. The Company focuses its indirect auto lending on one to two-year-old used vehicles where substantial depreciation has already occurred thereby minimizing the risk of significant loss of collateral values in the future. This type of lending places reliance on computer-based loan approval systems to supplement other underwriting standards.

●

Consumer - Included in this category are loans to consumer borrowers for various personal and household purposes as well as loans purchased through various third-party lending programs. These portfolios carry risks associated with the borrower, changes in the economic environment, and the vendors themselves. The Company manages these risks through policies that require minimum credit scores and other underwriting requirements, robust analysis of actual performance versus expected performance, as well as ensuring compliance with the Company’s vendor management program.

●

Residential 1-4 Family – Consumer - Loans generally made to consumer residential borrowers. The Residential 1-4 Family - Consumer loan portfolio carries risks associated with the creditworthiness of the borrower and changes in loan-to-value ratios. The Company manages these risks through policies and procedures such as limiting loan-to-value ratios at origination, experienced underwriting, requiring standards for appraisers, and not making subprime loans.

●

Residential 1-4 Family – Revolving - The consumer portfolio carries risks associated with the creditworthiness of the borrower and changes in loan-to-value ratios. The Company manages these risks through policies and procedures, such as limiting loan-to-value ratios at origination, using experienced underwriting, requiring standards for appraisers, and not making subprime loans.

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The allowance methodology changes were accounted for prospectively as a change in accounting estimate, did not have a material impact on the Company’s consolidated financial statements, and resulted in no changes to previously reported values. See Note 4 “Loans and Allowance for Loan and Lease Losses” within this Item 1 of this Quarterly Report and “Critical Accounting Estimates” in Part I, Item 2 of this Quarterly Report for additional information on the change in methodology.

Adoption of New Accounting Standards – In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2025-10 Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This update established authoritative guidance on the accounting for government grants received by business entities. The amendments are effective for fiscal years beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company early adopted ASU 2025-10 effective January 1, 2026, on a modified prospective basis. ASU 2025-10 did not have a material impact on the Company’s consolidated financial statements.

2. ACQUISITIONS

Sandy Spring Bancorp, Inc. Acquisition

On April 1, 2025, the Company completed its previously announced acquisition of Sandy Spring, the holding company for Sandy Spring Bank, headquartered in Olney, Maryland. Under the terms of the Sandy Spring merger agreement, at the effective time of the Sandy Spring acquisition, each outstanding share of Sandy Spring common stock was converted into the right to receive 0.900 shares of the Company’s common stock, with cash paid in lieu of fractional shares, resulting in 41.0 million additional shares issued, or an aggregate transaction value of approximately $1.3 billion, based on the closing price per share of the Company’s common stock as quoted on the New York Stock Exchange (“NYSE”) on March 31, 2025, which was the last trading day prior to the consummation of the acquisition. With the acquisition of Sandy Spring, the Company acquired more than 50 branches in Virginia, Maryland, and Washington, D.C., enhancing the Company’s presence in Northern Virginia and Maryland.

Goodwill associated with the Sandy Spring acquisition totaled $540.8 million at March 31, 2026, allocated between the Company’s Wholesale Banking ($431.7 million) and Consumer Banking ($109.1 million) reporting segments, which is not deductible for tax purposes. The goodwill at March 31, 2026 was calculated based on the fair values of the assets acquired and liabilities assumed as of the acquisition date, inclusive of measurement period adjustments primarily related to loans, other assets, and other liabilities, which resulted in a $44.0 million increase in goodwill associated with the Sandy Spring acquisition compared to April 1, 2025. As of March 31, 2026, the measurement period concluded and goodwill was finalized.

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The following table provides a summary of the consideration transferred and the fair value of the assets acquired and liabilities assumed as of the date of the Sandy Spring acquisition, inclusive of the aforementioned measurement period adjustments (dollars in thousands).


Purchase price consideration			$	1,275,969

Fair value of assets acquired:
Cash and cash equivalents	$	270,211
Securities available for sale ("AFS")		1,266,925
Restricted stock		68,310
Loans held for sale ("LHFS") - CRE		1,839,638
LHFS - Non-CRE		29,152
LHFI		8,572,384
Premises and equipment		59,402
Core deposit intangible ("CDI") and other intangibles		290,650
Bank owned life insurance ("BOLI")		170,482
Lease right of use ("ROU") assets		40,808
Other assets ⁽¹⁾		337,509
Total assets	$	12,945,471

Fair value of liabilities assumed:
Deposits	$	11,227,922
Short-term borrowings		272,201
Long-term borrowings		560,761
Lease liabilities		40,808
Other liabilities		108,631
Total liabilities	$	12,210,323

Fair value of net assets acquired			$	735,148
Goodwill			$	540,821

⁽¹⁾ Other assets include deferred tax assets, accrued interest receivable, accounts receivable, and other intangibles, as well as other miscellaneous assets acquired from Sandy Spring.

The Company assessed the fair value for significant assets acquired and liabilities assumed based on the following methods:

●

Cash and cash equivalents: The fair value was determined to approximate the carrying amount based on the short-term nature of these assets.

●

Securities AFS: The fair value of the investment portfolio was based on pricing obtained by independent pricing services and quoted market prices.

●

Restricted stock: The carrying value approximates the fair value.

●

LHFS CRE and non-CRE: Fair values were estimated using a discounted cash flow analysis that considered factors including loan type, interest rate type, prepayment speeds, duration, and current discount rates.

●

LHFI: Fair values for LHFI were estimated using a discounted cash flow analysis that considered factors including loan type, interest rate type, prepayment speeds, duration, and current discount rates. The discount rates were developed considering market participants’ view of loan types, liquidity risk, the maturity of the loans, service costs and a required return of capital. Expected cash flows were derived using inputs that considered estimated credit losses and prepayments.

●

Premises and equipment: The fair value of bank premises and equipment held for use was valued by obtaining recent market data for similar property types with adjustments for characteristics of individual properties.

●

CDI and other intangibles: CDI represents the future economic benefit of acquired customer deposits. The fair value of the CDI asset was estimated based on a discounted cash flow methodology that incorporated expected customer attrition rates, cost of deposit base, net maintenance cost associated with customer deposits, and the cost for

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alternative funding sources. The discount rates used were based on market rates. Other intangibles include customer relationship intangible assets and non-compete intangible assets. Customer relationship intangible assets represent the value associated with customer relationships related to the wealth management business that was acquired. Non-compete intangible assets represent the value associated with non-compete agreements for former employees in place at the date of the acquisition.

●

BOLI: The fair value of BOLI is carried at its current cash surrender value, which is the most reasonable estimate of fair value.

●

Lease ROU assets and lease liabilities: The fair value of the lease ROU assets was measured at an amount equal to the lease liability and evaluated for favorable or unfavorable lease terms when compared with market terms on a lease-by-lease basis.

●

Deposits: The fair value of interest-bearing and non-interest-bearing deposits is the amount payable on demand at the acquisition date. The fair value of time deposits was estimated using a discounted cash flow calculation that includes a market rate analysis of the current rates offered by market participants for certificates of deposits that mature in the same period.

●

Short-Term Borrowings: Acquired short term borrowings consisted of Federal Home Loan Bank (“FHLB”) overnight borrowings and borrowings under repurchase agreements. The carrying amount on short-term borrowings was determined to approximate fair value.

●

Long-Term Borrowings: The fair values of long-term borrowings, including trust preferred securities and subordinated debt, were estimated using a discounted cash flow approach analysis, factoring in market terms and the structural terms of the borrowings.

Unaudited Pro forma Impact of the Acquisition

The following table presents for illustrative purposes only certain unaudited pro forma information as if the Company had acquired Sandy Spring on January 1, 2025. These results combine the historical results of Sandy Spring in the Company's Consolidated Statements of Income and while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity. These results are not indicative of what would have occurred had the Sandy Spring acquisition taken place on January 1, 2025. No adjustments have been made to the pro forma results regarding possible revenue enhancements, provision for credit losses, or expense efficiencies. Pro forma adjustments below include the net impact of Sandy Spring’s accretion and the elimination of merger-related costs. Merger-related costs as disclosed in the Company’s Consolidated Statement of Income were related to the Sandy Spring acquisition and include costs associated with employee severance, other employee related costs, professional fees, information technology related costs, including system conversion, and lease and contract termination expenses. Merger-related costs have been expensed as incurred. The Company expects to achieve further operating cost savings and other business synergies, as a result of the Sandy Spring acquisitions, which are not reflected in the pro forma amounts below (dollars in thousands):


			Pro forma
			Three Months Ended
			March 31,
		2025 ⁽²⁾
		(unaudited)
Total revenues ⁽¹⁾		$	360,315
Net income available to common shareholders ⁽³⁾		$	70,582

⁽¹⁾ Includes net interest income and noninterest income.

⁽²⁾ Includes the net impact of Sandy Spring’s accretion adjustments of $21.0 million.

⁽³⁾ Excludes merger-related costs of $4.6 million.

The Company’s operating results for the three months ended March 31, 2026, include the operating results of the acquired assets and assumed liabilities of Sandy Spring subsequent to the acquisition on April 1, 2025. Revenues and earnings since the acquisition date of the former operations of Sandy Spring have not been disclosed due to the merging of certain processes and the conversion of Sandy Spring’s systems that occurred in the fourth quarter of 2025. As a result, separate financial information is not readily available.

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3. SECURITIES AND OTHER INVESTMENTS

Available for Sale

The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of March 31, 2026 are as follows (dollars in thousands):

Amortized

Gross Unrealized

Estimated

 

Cost

 

Gains

 

(Losses)

 

Fair Value

U.S. government and agency securities

101,788

392

(77)

102,103

Obligations of states and political subdivisions

587,355

118

(115,269)

472,204

Corporate and other bonds ⁽¹⁾

216,280

466

(3,736)

213,010

Commercial MBS

Agency

347,910

809

(40,053)

308,666

Non-agency

111,773

104

(2,354)

109,523

Total commercial MBS

459,683

913

(42,407)

418,189

Residential MBS

Agency

2,808,181

8,408

(168,862)

2,647,727

Non-agency

158,214

760

(2,777)

156,197

Total residential MBS

2,966,395

9,168

(171,639)

2,803,924

Other securities

1,980

—

1,980

Total AFS securities

4,333,481

11,057

(333,128)

4,011,410

⁽¹⁾ Other bonds include asset-backed securities.

The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2025 are as follows (dollars in thousands):


		Amortized			Gross Unrealized						Estimated
		Cost			Gains			(Losses)			Fair Value
U.S. government and agency securities		$	103,335		$	681		$	(14)		$	104,002
Obligations of states and political subdivisions			589,194			178			(101,487)			487,885
Corporate and other bonds ⁽¹⁾			221,432			709			(4,207)			217,934
Commercial MBS
Agency			354,405			1,276			(39,806)			315,875
Non-agency			115,009			187			(1,905)			113,291
Total commercial MBS			469,414			1,463			(41,711)			429,166
Residential MBS
Agency			2,942,900			15,838			(165,524)			2,793,214
Non-agency			161,767			935			(2,558)			160,144
Total residential MBS			3,104,667			16,773			(168,082)			2,953,358
Other securities			1,956			—			—			1,956
Total AFS securities		$	4,489,998		$	19,804		$	(315,501)		$	4,194,301

⁽¹⁾ Other bonds include asset-backed securities.

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The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses, which are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position for the following periods ended (dollars in thousands).


	Less than 12 months				More than 12 months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value ⁽²⁾		Losses		Value		Losses
March 31, 2026
U.S. government and agency securities	$	26,206	$	(69)	$	620	$	(8)	$	26,826	$	(77)
Obligations of states and political subdivisions		4,126		(185)		455,363		(115,084)		459,489		(115,269)
Corporate and other bonds ⁽¹⁾		61,260		(202)		82,663		(3,534)		143,923		(3,736)
Commercial MBS
Agency		45,786		(293)		160,332		(39,760)		206,118		(40,053)
Non-agency		65,561		(555)		21,320		(1,799)		86,881		(2,354)
Total commercial MBS		111,347		(848)		181,652		(41,559)		292,999		(42,407)
Residential MBS
Agency		557,665		(3,797)		827,330		(165,065)		1,384,995		(168,862)
Non-agency		54,459		(440)		28,511		(2,337)		82,970		(2,777)
Total residential MBS		612,124		(4,237)		855,841		(167,402)		1,467,965		(171,639)
Total AFS securities	$	815,063	$	(5,541)	$	1,576,139	$	(327,587)	$	2,391,202	$	(333,128)

December 31, 2025
U.S. government and agency securities	$	6,689	$	(6)	$	737	$	(8)	$	7,426	$	(14)
Obligations of states and political subdivisions		25		—		473,201		(101,487)		473,226		(101,487)
Corporate and other bonds ⁽¹⁾		37,988		(75)		98,125		(4,132)		136,113		(4,207)
Commercial MBS
Agency		44,536		(166)		161,001		(39,640)		205,537		(39,806)
Non-agency		39,171		(177)		22,429		(1,728)		61,600		(1,905)
Total commercial MBS		83,707		(343)		183,430		(41,368)		267,137		(41,711)
Residential MBS
Agency		359,095		(1,564)		886,626		(163,960)		1,245,721		(165,524)
Non-agency		48,559		(247)		24,868		(2,311)		73,427		(2,558)
Total residential MBS		407,654		(1,811)		911,494		(166,271)		1,319,148		(168,082)
Total AFS securities	$	536,063	$	(2,235)	$	1,666,987	$	(313,266)	$	2,203,050	$	(315,501)

⁽¹⁾ Other bonds include asset-backed securities.

⁽²⁾ Comprised of 693 and 703 individual securities as of March 31, 2026 and December 31, 2025, respectively.

The Company has evaluated AFS securities in an unrealized loss position for credit related impairment at March 31, 2026 and December 31, 2025 and concluded no impairment existed based on several factors which included: (1) the majority of these securities are of high credit quality, (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) the contractual terms of the investments do not permit the issuer(s) to settle the securities at a price less than the cost basis of each investment, (4) issuers continue to make timely principal and interest payments, and (5) the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis.

Additionally, the majority of the Company’s mortgage-backed securities (“MBS”) are issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association, and do not have credit risk given the implicit and explicit government guarantees associated with these agencies. In addition, the non-agency mortgage-backed and asset-backed securities generally received a 20% simplified supervisory formula approach rating. The Company’s AFS investment portfolio is generally highly-rated or agency backed. At March 31, 2026 and December 31, 2025, all AFS securities were current with no securities past due or on non-accrual, and no ACL was held against the Company’s AFS securities portfolio.

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The following table presents the amortized cost and estimated fair value of AFS securities as of the periods ended, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

March 31, 2026

December 31, 2025

 

Amortized

 

Estimated

 

Amortized

 

Estimated

Cost

Fair Value

Cost

Fair Value

Due in one year or less

88,280

88,670

63,692

63,993

Due after one year through five years

268,750

268,837

298,683

299,727

Due after five years through ten years

476,315

454,579

492,242

475,707

Due after ten years

3,500,136

3,199,324

3,635,381

3,354,874

Total AFS securities

4,333,481

4,011,410

4,489,998

4,194,301

Refer to Note 8 “Commitments and Contingencies” within this Item 1 of this Quarterly Report for information regarding the estimated fair value of AFS securities that were pledged to secure public deposits, repurchase agreements and for other purposes as permitted or required by law as of March 31, 2026 and December 31, 2025.

Accrued interest receivable on AFS securities totaled $13.8 million and $15.0 million at March 31, 2026 and December 31, 2025, respectively, and is included in “Other assets” on the Company’s Consolidated Balance Sheets. For the three months ended March 31, 2026 and March 31, 2025, accrued interest receivable write-offs were not material to the Company’s consolidated financial statements.

Held to Maturity

The Company reports held to maturity (“HTM”) securities on the Company’s Consolidated Balance Sheets at carrying value. Carrying value is amortized cost, which includes any unamortized unrealized gains and losses recognized in accumulated other comprehensive income (loss) (“AOCI”) prior to reclassifying the securities from AFS securities to HTM securities. The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of March 31, 2026 are as follows (dollars in thousands):

Carrying

Gross Unrealized

Estimated

 

Value

 

Gains

 

(Losses)

Fair Value

Obligations of states and political subdivisions

781,389

1,689

(26,266)

756,812

Corporate and other bonds ⁽¹⁾

2,124

—

(33)

2,091

Commercial MBS

Agency

28,955

—

(5,690)

23,265

Non-agency

10,919

(482)

10,503

Total commercial MBS

39,874

(6,172)

33,768

Residential MBS

Agency

35,085

—

(4,562)

30,523

Non-agency

11,816

—

(178)

11,638

Total residential MBS

46,901

—

(4,740)

42,161

Total HTM securities

870,288

1,755

(37,211)

834,832

⁽¹⁾ Other bonds include asset-backed securities.

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The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2025 are as follows (dollars in thousands):


		Carrying			Gross Unrealized						Estimated
		Value			Gains			(Losses)			Fair Value
Obligations of states and political subdivisions		$	793,162		$	4,139		$	(20,951)		$	776,350
Corporate and other bonds ⁽¹⁾			2,255			—			(26)			2,229
Commercial MBS
Agency			29,074			—			(5,619)			23,455
Non-agency			11,703			103			(504)			11,302
Total commercial MBS			40,777			103			(6,123)			34,757
Residential MBS
Agency			35,793			—			(4,397)			31,396
Non-agency			12,229			—			(149)			12,080
Total residential MBS			48,022			—			(4,546)			43,476
Total HTM securities		$	884,216		$	4,242		$	(31,646)		$	856,812

⁽¹⁾ Other bonds include asset-backed securities.

The following table presents the amortized cost of HTM securities as of the periods ended, by security type and credit rating (dollars in thousands):


		Obligations of states and political			Corporate and other			Mortgage-backed			Total HTM
		subdivisions			bonds			securities			securities
March 31, 2026
Credit Rating:
AAA/AA/A		$	770,694		$	—		$	1,690		$	772,384
BBB/BB/B			1,116			—			—			1,116
Not Rated – Agency ⁽¹⁾			—			—			64,040			64,040
Not Rated – Non-Agency ⁽²⁾			9,579			2,124			21,045			32,748
Total		$	781,389		$	2,124		$	86,775		$	870,288
December 31, 2025
Credit Rating:
AAA/AA/A		$	782,453		$	—		$	1,702		$	784,155
BBB/BB/B			1,122			—			—			1,122
Not Rated – Agency ⁽¹⁾			—			—			64,867			64,867
Not Rated – Non-Agency ⁽²⁾			9,587			2,255			22,230			34,072
Total		$	793,162		$	2,255		$	88,799		$	884,216

⁽¹⁾ Generally considered not to have credit risk given the government guarantees associated with these agencies.

⁽²⁾ Non-agency mortgage-backed and asset-backed securities have limited credit risk, supported by most receiving a 20% simplified supervisory formula approach rating.

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The following table presents the amortized cost and estimated fair value of HTM securities as of the periods ended by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

March 31, 2026

December 31, 2025

 

Carrying

 

Estimated

 

Carrying

 

Estimated

Value

Fair Value

Value

Fair Value

Due in one year or less

11,727

11,779

507

503

Due after one year through five years

13,874

14,100

18,813

19,150

Due after five years through ten years

240,645

231,530

222,284

216,095

Due after ten years

604,042

577,423

642,612

621,064

Total HTM securities

870,288

834,832

884,216

856,812

Refer to Note 8 “Commitments and Contingencies” within this Item 1 of this Quarterly Report for information regarding the estimated fair value of HTM securities that were pledged to secure public deposits as permitted or required by law as of March 31, 2026 and December 31, 2025.

Accrued interest receivable on HTM securities totaled $7.8 million and $9.9 million at March 31, 2026 and December 31, 2025, respectively, and is included in “Other assets” on the Company’s Consolidated Balance Sheets. For the three months ended March 31, 2026 and March 31, 2025, accrued interest receivable write-offs were not material to the Company’s consolidated financial statements.

The Company’s HTM investment portfolio primarily consists of highly-rated municipal securities and agency MBS. At March 31, 2026 and December 31, 2025, the Company’s HTM securities were all current, with no securities past due or on non-accrual. The Company’s HTM securities ACL was immaterial at March 31, 2026 and December 31, 2025.

Restricted Stock, at cost

The FHLB required the Bank to maintain stock in an amount equal to 4.75% of outstanding borrowings and a specific percentage of the member’s total assets at March 31, 2026 and December 31, 2025. The Federal Reserve Bank of Richmond (“FRB”) requires the Company to maintain stock with a par value equal to 6% of its outstanding capital at March 31, 2026 and December 31, 2025. At March 31, 2026 and December 31, 2025, restricted stock consisted of FRB stock in the amount of $141.2 million and FHLB stock in the amount of $36.3 million and $49.0 million, respectively.

Realized Gains and Losses

The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three months ended March 31, (dollars in thousands):


	2026		2025
Realized gains (losses) ⁽¹⁾:
Gross realized gains	$	2	$	14
Gross realized losses		—		(116)
Net realized gains (losses)	$	2	$	(102)
Proceeds from sales of securities	$	80,140	$	41,366

⁽¹⁾ Includes gains (losses) on sales and calls of securities.

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4. LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES

Loans Held for Investment

The Company’s LHFI, net, are loans stated at their amortized cost, net of the ALLL and net of unearned income. The LHFI consisted of the following as of the periods ended (dollars in thousands):


	March 31, 2026		December 31, 2025
Construction and Land Development	$	1,748,413	$	1,666,381
CRE – Owner Occupied		4,319,847		4,305,796
CRE – Non-Owner Occupied		7,212,035		7,178,515
Multifamily Real Estate		2,321,504		2,418,250
Commercial & Industrial		5,384,856		5,229,728
Residential 1-4 Family – Commercial		1,053,303		1,100,157
Residential 1-4 Family – Consumer		2,839,216		2,825,259
Residential 1-4 Family – Revolving		1,257,079		1,248,284
Auto		156,843		183,720
Consumer		109,755		121,488
Other Commercial		1,543,573		1,518,589
Total LHFI, net of unearned income ⁽¹⁾		27,946,424		27,796,167
Allowance for loan and lease losses		(291,100)		(295,108)
Total LHFI, net	$	27,655,324	$	27,501,059

⁽¹⁾Total LHFI, net of unearned income included unamortized deferred fees and costs, as well as unamortized premiums and discounts totaling $761.0 million and $803.2 million as of March 31, 2026 and December 31, 2025, respectively.

Accrued interest receivable on LHFI totaled $101.9 million and $106.5 million at March 31, 2026 and December 31, 2025, respectively. Accrued interest receivable write-offs were not material to the Company’s consolidated financial statements for the three months ended March 31, 2026 and March 31, 2025.

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The following table shows the aging of the Company’s LHFI portfolio by class at March 31, 2026 (dollars in thousands):

 

Greater than

 

30-59 Days

 

60-89 Days

 

90 Days and

 

Current

Past Due

 

Past Due

 

still Accruing

 

Nonaccrual

 

Total Loans

Construction and Land Development

1,739,577

2,866

 

3,299

 

186

 

2,485

 

1,748,413

CRE – Owner Occupied

4,292,079

8,223

 

8,767

 

4,362

 

6,416

 

4,319,847

CRE – Non-Owner Occupied

7,188,492

5,445

 

4,084

 

1,793

 

12,221

 

7,212,035

Multifamily Real Estate

2,289,801

6,944

 

—

 

4,195

 

20,564

 

2,321,504

Commercial & Industrial

5,341,394

10,396

 

10,432

 

3,675

 

18,959

 

5,384,856

Residential 1-4 Family – Commercial

1,041,327

4,076

 

323

 

1,161

 

6,416

 

1,053,303

Residential 1-4 Family – Consumer

2,786,485

22,015

 

1,841

 

4,449

 

24,426

 

2,839,216

Residential 1-4 Family – Revolving

1,242,063

4,094

1,218

 

4,340

 

5,364

 

1,257,079

Auto

153,466

2,212

411

239

 

515

 

156,843

Consumer

109,072

268

333

109,755

Other Commercial

1,539,884

2,714

525

—

450

1,543,573

Total LHFI, net of unearned income

27,723,640

69,253

31,233

24,470

97,828

27,946,424

% of total loans

99.20

0.25

0.11

0.09

0.35

100.00

The following table shows the aging of the Company’s LHFI portfolio by class at December 31, 2025 (dollars in thousands):

 

Greater than

 

30-59 Days

60-89 Days

90 Days and

Current

Atlantic Union Bankshares Corp 10-Q