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Steven Scouton

Managing Director and Senior Research Analyst at Piper Sandler & Co.

Stephen Scouten is a Managing Director and Senior Research Analyst at Piper Sandler, specializing in equity research for regional and mid-cap commercial banks in the Southeastern U.S. He covers companies such as Atlantic Union Bankshares, United Bankshares, Bank OZK, Home BancShares, and South State Bank, and maintains a record of 60-70% success rate on investment calls, with a typical average return per recommendation ranging from 8.3% to 11.25% and top-performing trades generating up to 190% return. Scouten began his analyst career in the early 2010s at SunTrust Robinson Humphrey, advanced to Keefe, Bruyette & Woods, then joined Sandler O'Neill + Partners in 2014, before moving to Piper Sandler where he currently holds his role. A CFA Charterholder with an MBA in Finance from Emory University's Goizueta Business School, he is a member of the CFA Society of Atlanta and the CFA Institute, and has received academic achievement awards during his studies.

Steven Scouton's questions to Atlantic Union Bankshares (AUB) leadership

Question · Q3 2025

Steven Scouton with Piper Sandler asked for clarification on the 1Q2026 expense run rate, confirming the full inclusion of Sandy Spring cost saves. He also inquired about paydown levels in Q3 versus prior quarters and whether future growth relies on slowing paydowns or increased production. Additionally, he sought insight into why the net interest margin guidance range was tightened, removing theoretical upside.

Answer

EVP and CFO Rob Gorman indicated that a $190 million run rate for adjusted operating non-interest expense, excluding amortization, would be a good starting point for 1Q2026, encompassing all Sandy Spring cost saves. President and CEO John Asbury and EVP and Wholesale Banking Group Executive David Ring noted that Q3 paydowns were consistent with prior quarters, with future growth primarily driven by higher production levels rather than a slowdown in paydowns. Rob Gorman explained that the margin guidance adjustment was due to where Q3 ended and a dialing back of accretion income impacts, though core margin expansion is still anticipated.

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