Atlantic Union Bankshares Corp Debt Disclosure

9. BORROWINGS

Short-term Borrowings

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

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Short-term borrowings are used to manage normal liquidity and support the Company's asset and liability management strategies and can fluctuate depending on funding needs. The Company maintains federal funds lines with several correspondent banks; the available balance was $1.4 billion and $597.0 million at December 31, 2025 and 2024, respectively. The Company also maintains an alternate line of credit at a correspondent bank; and the available balance was $25.0 million at both December 31, 2025 and 2024. Additionally, the Company had a collateral dependent line of credit with the FHLB of up to $11.1 billion and $7.4 billion at December 31, 2025 and 2024, respectively. The Company’s secured line of credit capacity totaled $5.9 billion and $2.8 billion, of which $5.3 billion and $2.4 billion were available at December 31, 2025 and 2024, respectively. The Company also has the ability to borrow additional funds through the Federal Reserve Discount Window. The Company’s borrowing capacity with the Federal Reserve Discount Window totaled $2.6 billion and $3.0 billion, none of which was used at December 31, 2025 and 2024, respectively.

Refer to Note 10 “Commitments and Contingencies” in this Form 10-K for additional information on the Company’s pledged collateral. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with these lines and was in compliance with these covenants as of December 31, 2025 and 2024.

Long-term Borrowings

As part of the Sandy Spring acquisition, in 2025, the Company assumed subordinated debt with a principal balance of $358.0 million. Refer to the table below for contractual rates and maturity terms.

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

⁽¹⁾ Three-Month Chicago Mercantile Exchange Secured Overnight Financing Rate (“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⁾ 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 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 may 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.

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Total long-term borrowings consisted of the following as of December 31, 2024 (dollars in thousands):

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

⁽²⁾ Three-Month Chicago Mercantile Exchange SOFR.

⁽³⁾ Rate as of December 31, 2024. 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⁾ Remaining discounts of $14.0 million and $2.2 million on Trust Preferred Capital Securities and Subordinated Debt,

respectively.

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As of December 31, 2025, the scheduled maturities of long-term debt are as follows for the years ending (dollars in thousands):

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