Investor Presentaiton

Reconciliation of Non-GAAP Disclosures Adjusted operating measures exclude the after-tax effect of merger and rebranding-related costs unrelated to the Company's normal operations. In addition, adjusted operating measures exclude the gains or losses related to balance sheet repositioning (principally composed of gains and losses on debt extinguishment) and gains or losses on sale of securities. The Company believes these non-GAAP adjusted measures provide investors with important information about the combined economic results of the organization's operations Additionally, the Company believes that return on tangible common equity (ROTCE) is a meaningful supplement to GAAP financial measures and useful to investors because it measures the performance of a business consistently across time without regard to whether components of the business were acquired or developed internally. (Dollars in thousands, except per share amounts) Net income Net Income (GAAP) ADJUSTED OPERATING EARNINGS & FINANCIAL METRICS For the six months ended June 30, 2021 2020 2019 For the years ended December 31, 2018 2017 2016 $ 141,573 $ 158,228 193,528 27,395 $ 146,248 32,065 $ 72,923 4,405 6,250 S 77,476 Plus: Merger and rebranding-related costs, net of tax Plus: Nonrecurring tax expenses Plus: Net loss related to balance sheet repositioning, net of tax Less: Gain on sale of securities, net of tax Adjusted operating earnings (non-GAAP) $ Less: Dividends on preferred stock Adjusted operating earnings available to common shareholders (non-GAAP) S 11,609 62 153,120 5,934 147,186 25,979 12,953 9.712 6.063 S 174,495 227,813 $ 303 178,010 $ 520 83,058 S 133 77,343 $ 5,658 168,837 $ 227,813 $ 178,010 $ 83,058 S 77,343 Earnings per share (EPS) Weighted average common shares outstanding, diluted 78,863,859 78,875,668 80,263,557 65,908,573 43,779,744 43,890,271 EPS available to common shareholders, diluted (GAAP) $ Adjusted operating EPS available to common shareholders, diluted (non-GAAP) $ 1.72 1.87 $ 1.93 $ 2.41 $ 2.22 S 1.67 S 1.77 $ 2.14 $ 2.84 $ 2.70 $ 1.90 $ 1.76 Return on assets (ROA) Average assets ROA (GAAP) Adjusted operating ROA (non-GAAP) $ 19,805.569 $ 19,083,853 $ 16,840,310 $ 13,181,609 S 8,820,142 S 8,046,305 1.44% 1.56% 0.83% 0.91% 1.15% 1.35% 1.11% 1.35% 0.83% 0.94% 0.96% 0.96% Return on equity (ROE) Adjusted operating earnings available to common shareholders (non-GAAP) $ 147,186 $ Plus: Amortization of intangibles, tax effected 5.765 Adjuted operating earnings available to common shareholders before amortization $ 152,951 168,837 13.093 181,930 $ 227,813 14,632 242,445 S 178,010 10,143 188,153 S 83,058 $ 77,343 3,957. 4,687 S 87,015 S 82,030 of intangibles (non-GAAP) Average common equity (GAAP) Less: Average intangible assets Less: Average perpetual preferred stock Average tangible common equity (non-GAAP) $ $ 2,733,980 989.093 166,356 1,578,531 10.44% $ $ 2,576,372 1,000,654 93,658 1,482,060 6.14% $ 2,451,435 991,926 $ 1,863,216 776,944 S 1,030,847 315,722 S 994,785 318,131 1,459,509 7.89% 1,086,272 $ 7.85% 715,125 7.07% S 676,654 7.79% ROE (GAAP) Return on tangible common equity (ROTCE) Net Income available to common shareholders (GAAP) $ Plus: Amortization of intangibles, tax effected 135,639 5,765 $ 152,570 13.093 $ 193,528 14,632 $ 146,248 10,143 S 72,923 3,957 S 77,476 4.687 Net Income available to common shareholdes before amortization of intangibles (non-GAAP) $ 141,404 $ 165,663 $ ROTCE Adjusted operating ROTCE (non-GAAP) 18.06% 19.54% 11.18% 12.28% 208,160 14.26% 16.61% $ 156,391 $ 76,880 S 82,163 14.40% 17.32% 10.75% 12.17% 12.14% 12.12% Atlantic 28 Union Bankshares

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