ASB 8-K
Associated Banc-Corp (ASB)
8-K
2025-04-24
For: 2025-04-24
View Original
Added on
April 06, 2026
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 | |||||
| FORM | |||||
| CURRENT REPORT | |||||
| Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 | |||||
| Date of Report (Date of earliest event reported) | |||||
| | ||
| (Exact name of registrant as specified in its chapter) | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip code) | ||||||||||
| Registrant’s telephone number, including area code | ||||||||
| (Former name or former address, if changed since last report) | |||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | |||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities Registered Pursuant to Section 12(b) of the act:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
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. | ||||
| Item 2.02 Results of Operations and Financial Condition. | ||
| On April 24, 2025, Associated Banc-Corp announced its earnings for the quarter ended March 31, 2025. A copy of the registrant’s press release containing this information and the slide presentation discussed on the conference call for investors and analysts on April 24, 2025, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference. | ||
| Item 9.01 Financial Statements and Exhibits. | ||
(d) Exhibits. | ||
The following exhibits are furnished as part of this Report on Form 8-K: | ||
| SIGNATURES | ||||||||
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | ||||||||
| Associated Banc-Corp | ||||||||
| (Registrant) | ||||||||
| Date: April 24, 2025 | By: /s/ Derek S. Meyer | |||||||
| Derek S. Meyer | ||||||||
| Chief Financial Officer | ||||||||
Exhibit 99.1
 | NEWS RELEASE Investor Contact: Ben McCarville, Senior Vice President, Director of Investor Relations 920-491-7059 Media Contact: Andrea Kozek, Vice President, Public Relations Senior Manager 920-491-7518 | ||||
Associated Banc-Corp Reports First Quarter 2025 Net Income Available to Common Equity of $99 Million, or $0.59 per Common Share
GREEN BAY, Wis. -- April 24, 2025 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $99 million, or $0.59 per common share, for the quarter ended March 31, 2025. These amounts compare to a loss of $164 million, or $1.03 per common share, for the quarter ended December 31, 2024 and earnings of $78 million, or $0.52 per common share, for the quarter ended March 31, 2024.
"2025 is off to a strong start at Associated Bank," said President and CEO Andy Harmening. "During the first quarter, we achieved several key milestones of our strategic plan, completing our commercial expansion, achieving a record-high net promoter score, and finalizing the balance sheet repositioning we announced in December. Importantly, the emerging momentum from our initiatives helped us deliver another strong financial quarter, with over $500 million in loan and deposit growth, 16 basis points of margin expansion, ten basis points of CET1 capital accretion and solid credit quality trends."
"The current macroeconomic environment has added an element of uncertainty for the industry, but here at Associated, we’re entering this period of uncertainty with the major investments in our strategic plan completed, a strengthened profitability profile, a solid capital position, and a foundational discipline on credit and risk management. We continue to feel well-positioned to deliver enhanced value for our stakeholders in 2025."
First Quarter 2025 Highlights (all comparisons to Fourth Quarter 2024)
•Diluted earnings per common share of $0.59
•Total period end loan growth of $526 million
•Total period end deposit growth of $548 million
•Total period end core customer deposit1 growth of $503 million
•Net interest income of $286 million
•Net interest margin of 2.97%
•Noninterest income of $59 million
•Noninterest expense of $211 million
•Provision for credit losses of $13 million
•Allowance for credit losses on loans / total loans of 1.34%
•Net charge offs / average loans (annualized) of 0.12%
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Loans
First quarter 2025 average total loans of $30.1 billion decreased $91 million from the prior quarter and increased 3%, or $742 million, from the same period last year. With respect to first quarter 2025 average balances by loan category:
•Commercial and business lending increased $250 million from the prior quarter and increased $908 million from the same period last year to $11.7 billion.
•Commercial real estate lending increased $107 million from the prior quarter and decreased $76 million from the same period last year to $7.3 billion.
•Consumer lending decreased $448 million from the prior quarter and decreased $90 million from the same period last year to $11.1 billion.
First quarter 2025 period end total loans of $30.3 billion increased 2%, or $526 million, from the prior quarter and increased 3%, or $800 million, from the same period last year. With respect to first quarter 2025 period end balances by loan category:
•Commercial and business lending increased $327 million from the prior quarter and increased $1.1 billion from the same period last year to $12.0 billion.
•Commercial real estate lending increased $196 million from the prior quarter and increased $85 million the same period last year to $7.4 billion.
•Consumer lending increased $3 million from the prior quarter and decreased $374 million from the same period last year to $10.8 billion.
We continue to expect 2025 period end loan growth of 5% to 6% as compared to the year ended December 31, 2024.
Deposits
First quarter 2025 average deposits of $34.8 billion increased 1%, or $496 million, from the prior quarter and increased 5%, or $1.6 billion, from the same period last year. With respect to first quarter 2025 average balances by deposit category:
•Noninterest-bearing demand deposits decreased $98 million from the prior quarter and decreased $242 million from the same period last year to $5.6 billion.
•Savings increased $30 million from the prior quarter and increased $234 million from the same period last year to $5.2 billion.
•Interest-bearing demand deposits increased $408 million from the prior quarter and increased $542 million from the same period last year to $8.0 billion.
•Money market deposits increased $155 million from the prior quarter and decreased $37 million from the same period last year to $6.1 billion.
•Total time deposits decreased $157 million from the prior quarter and increased $873 million from the same period last year to $8.1 billion.
•Network transaction deposits increased $157 million from the prior quarter and increased $196 million from the same period last year to $1.8 billion.
First quarter 2025 period end deposits of $35.2 billion increased 2%, or $548 million, from the prior quarter and increased 4%, or $1.5 billion, from the same period last year. With respect to first quarter 2025 period end balances by deposit category:
•Noninterest-bearing demand deposits increased $360 million from the prior quarter and decreased $118 million from the same period last year to $6.1 billion.
•Savings increased $114 million from the prior quarter and increased $123 million from the same period last year to $5.2 billion.
•Interest-bearing demand deposits decreased $50 million from the prior quarter and increased $328 million from the same period last year to $9.1 billion.
•Money market deposits increased $182 million from the prior quarter and increased $98 million from the same period last year to $6.8 billion.
•Total time deposits decreased $59 million from the prior quarter and increased $1.1 billion from the same period last year to $7.9 billion.
•Network transaction deposits (included in money market and interest-bearing demand deposits) increased $125 million from the prior quarter and increased $90 million from the same period last year to $1.9 billion.
We continue to expect 2025 period end total deposit growth of 1% to 2% and period end core customer deposit growth of 4% to 5% as compared to the year ended December 31, 2024.
Net Interest Income and Net Interest Margin
First quarter 2025 net interest income of $286 million increased $16 million from the prior quarter and increased $28 million from the same period last year. The net interest margin increased to 2.97%, reflecting a 16 basis point increase from the prior quarter and an 18 basis point increase from the same period last year.
•The average yield on total loans for the first quarter of 2025 decreased 15 basis points from the prior quarter and decreased 39 basis points from the same period last year to 5.83%.
•The average cost of total interest-bearing liabilities for the first quarter of 2025 decreased 23 basis points from the prior quarter and decreased 49 basis points from the same period last year to 3.06%.
•The net free funds benefit for the first quarter of 2025 decreased 6 basis points from the prior quarter and decreased 12 basis points from the same period last year to 0.58%.
We continue to expect total net interest income growth of 12% to 13% in 2025.
Noninterest Income
First quarter 2025 total noninterest income of $59 million increased $266 million from the prior quarter and decreased $6 million, or 10%, from the same period last year. The increase relative to the prior quarter was primarily driven by nonrecurring items recognized in the fourth quarter of 2024 as a result of the balance sheet repositioning announced in December of 2024. The decrease relative to the same period last year was primarily driven by a $7 million loss related to the settlement of the mortgage sale announced in December of 2024. With respect to first quarter 2025 noninterest income line items:
•The Company recognized a small investment securities net gain in the first quarter of 2025 as compared to a $148 million net loss in the prior quarter and a $4 million net gain in the same period last year. The loss in the prior quarter was primarily driven by a net loss on a sale of investments recognized in the fourth quarter of 2024 as a result of the balance sheet repositioning announced in December of 2024.
•The Company incurred a loss on mortgage portfolio sale of $7 million in the first quarter of 2025 as compared to a $130 million loss in the prior quarter and no loss in the same period last year. The current and prior quarter losses were driven by the mortgage portfolio sale as a result of the balance sheet repositioning announced in December of 2024.
•Capital markets, net decreased $5 million from the prior quarter and increased slightly from the same period last year.
•Wealth management fees decreased $2 million from the prior quarter and increased $1 million from the same period last year.
•Card-based fees decreased $2 million from the prior quarter and decreased $1 million from the same period last year.
After adjusting to exclude the fourth quarter 2024 and first quarter 2025 impacts of the mortgage and investment securities sales we announced in December 2024, we continue to expect total noninterest income growth of between 0% and 1% in 2025.
Noninterest Expense
First quarter 2025 total noninterest expense of $211 million decreased $14 million from the prior quarter, driven primarily by a $14 million expense for a loss on prepayments of FHLB advances recognized in the fourth quarter of 2024 as a result of the balance sheet repositioning announced in December of 2024, and increased $13 million from the same period last year. With respect to first quarter 2025 noninterest expense line items:
•Personnel expense decreased $2 million from the prior quarter and increased $5 million from the same period last year.
•Occupancy expense increased $1 million from the prior quarter and increased $2 million from the same period last year.
•FDIC assessment expense increased $1 million from the prior quarter and decreased $4 million from the same period last year.
•Other noninterest expense increased $1 million from the prior quarter and increased $7 million from the same period last year.
After adjusting to exclude the $14 million impact of the loss on prepayments of FHLB advances recognized in the fourth quarter of 2024, we continue to expect total noninterest expense to grow by 3% to 4% in 2025.
Taxes
First quarter 2025 tax expense was $19 million compared to a $16 million tax benefit in the prior quarter and $20 million of tax expense in the same period last year. First quarter 2025 tax expense included a $6 million benefit from a partial release of a valuation allowance on deferred taxes. The tax benefit recognized in the prior quarter was primarily driven by a loss on income before income taxes as a result of nonrecurring items associated with the balance sheet repositioning announced in December 2024. The effective tax rate for the first quarter of 2025 was 16.0% compared to an effective tax rate of 19.8% in the same period last year.
We continue to expect the annual effective tax rate to be between 19% and 21% in 2025.
Credit
First quarter 2025 provision for credit losses on loans was $13 million, compared to a provision of $17 million in the prior quarter and a provision of $24 million in the same period last year. With respect to first quarter 2025 credit quality:
•Nonaccrual loans of $135 million increased $12 million from the prior quarter and decreased $44 million from the same period last year. The nonaccrual loans to total loans ratio was 0.44% in the first quarter, up from 0.41% in the prior quarter and down from 0.60% in the same period last year.
•First quarter 2025 net charge offs of $9 million decreased compared to net charge offs of $12 million in the prior quarter and decreased compared to net charge offs of $22 million in the same period last year.
•The allowance for credit losses on loans (ACLL) of $407 million increased $4 million compared to the prior quarter and increased $19 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the first quarter, down from 1.35% in the prior quarter and up from 1.31% in the same period last year.
In 2025, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.
Capital
The Company’s capital position remains strong, with a CET1 capital ratio of 10.11% at March 31, 2025. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.
FIRST QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 24, 2025. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp first quarter 2025 earnings call. The first quarter 2025 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $43 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD-LOOKING STATEMENTS
Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “intend,” "target,” “outlook,” “project,” “guidance,” “forecast,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.
NON-GAAP FINANCIAL MEASURES
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
# # #
| Associated Banc-Corp Consolidated Balance Sheets (Unaudited) | |||||||||||||||||||||||
| ($ in thousands) | March 31, 2025 | December 31, 2024 | Seql Qtr $ Change | September 30, 2024 | June 30, 2024 | March 31, 2024 | Comp Qtr $ Change | ||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and due from banks | $ | 521,323 | $ | 544,059 | $ | (22,737) | $ | 554,631 | $ | 470,818 | $ | 429,859 | $ | 91,464 | |||||||||
| Interest-bearing deposits in other financial institutions | 711,033 | 453,590 | 257,443 | 408,101 | 484,677 | 420,114 | 290,919 | ||||||||||||||||
| Federal funds sold and securities purchased under agreements to resell | 105 | 21,955 | (21,850) | 4,310 | 3,600 | 1,610 | (1,505) | ||||||||||||||||
| Investment securities available for sale, at fair value | 4,796,570 | 4,581,434 | 215,136 | 4,152,527 | 3,912,730 | 3,724,148 | 1,072,422 | ||||||||||||||||
| Investment securities held to maturity, net, at amortized cost | 3,705,793 | 3,738,687 | (32,894) | 3,769,150 | 3,799,035 | 3,832,967 | (127,174) | ||||||||||||||||
| Equity securities | 23,331 | 23,242 | 89 | 23,158 | 22,944 | 19,571 | 3,760 | ||||||||||||||||
| Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 194,244 | 179,665 | 14,578 | 178,168 | 212,102 | 173,968 | 20,276 | ||||||||||||||||
| Residential loans held for sale | 47,611 | 646,687 | (599,076) | 67,219 | 83,795 | 52,414 | (4,803) | ||||||||||||||||
| Commercial loans held for sale | 7,910 | 32,634 | (24,724) | 11,833 | — | — | 7,910 | ||||||||||||||||
| Loans | 30,294,127 | 29,768,586 | 525,541 | 29,990,897 | 29,618,271 | 29,494,263 | 799,864 | ||||||||||||||||
| Allowance for loan losses | (371,348) | (363,545) | (7,802) | (361,765) | (355,844) | (356,006) | (15,342) | ||||||||||||||||
| Loans, net | 29,922,780 | 29,405,041 | 517,739 | 29,629,131 | 29,262,428 | 29,138,257 | 784,523 | ||||||||||||||||
| Tax credit and other investments | 254,187 | 258,886 | (4,699) | 265,385 | 246,300 | 255,252 | (1,065) | ||||||||||||||||
| Premises and equipment, net | 377,521 | 379,093 | (1,572) | 373,816 | 369,968 | 367,618 | 9,903 | ||||||||||||||||
| Bank and corporate owned life insurance | 690,551 | 689,000 | 1,552 | 686,704 | 683,451 | 685,089 | 5,462 | ||||||||||||||||
| Goodwill | 1,104,992 | 1,104,992 | — | 1,104,992 | 1,104,992 | 1,104,992 | — | ||||||||||||||||
| Other intangible assets, net | 29,457 | 31,660 | (2,203) | 33,863 | 36,066 | 38,268 | (8,811) | ||||||||||||||||
| Mortgage servicing rights, net | 86,251 | 87,683 | (1,433) | 81,977 | 85,640 | 85,226 | 1,025 | ||||||||||||||||
| Interest receivable | 159,729 | 167,772 | (8,044) | 167,777 | 173,106 | 167,092 | (7,363) | ||||||||||||||||
| Other assets | 675,748 | 676,987 | (1,239) | 698,073 | 672,256 | 640,638 | 35,110 | ||||||||||||||||
| Total assets | $ | 43,309,136 | $ | 43,023,068 | $ | 286,068 | $ | 42,210,815 | $ | 41,623,908 | $ | 41,137,084 | $ | 2,172,052 | |||||||||
| Liabilities and stockholders’ equity | |||||||||||||||||||||||
| Noninterest-bearing demand deposits | $ | 6,135,946 | $ | 5,775,657 | $ | 360,289 | $ | 5,857,421 | $ | 5,815,045 | $ | 6,254,135 | $ | (118,189) | |||||||||
| Interest-bearing deposits | 29,060,767 | 28,872,777 | 187,990 | 27,696,877 | 26,875,995 | 27,459,023 | 1,601,744 | ||||||||||||||||
| Total deposits | 35,196,713 | 34,648,434 | 548,279 | 33,554,298 | 32,691,039 | 33,713,158 | 1,483,555 | ||||||||||||||||
| Short-term funding | 311,335 | 470,369 | (159,033) | 917,028 | 859,539 | 765,671 | (454,336) | ||||||||||||||||
| FHLB advances | 2,027,297 | 1,853,807 | 173,490 | 1,913,294 | 2,673,046 | 1,333,411 | 693,886 | ||||||||||||||||
| Other long-term funding | 591,382 | 837,635 | (246,253) | 844,342 | 536,113 | 536,055 | 55,327 | ||||||||||||||||
| Allowance for unfunded commitments | 35,276 | 38,776 | (3,500) | 35,776 | 33,776 | 31,776 | 3,500 | ||||||||||||||||
| Accrued expenses and other liabilities | 460,574 | 568,485 | (107,911) | 532,842 | 588,057 | 588,341 | (127,767) | ||||||||||||||||
| Total liabilities | 38,622,578 | 38,417,506 | 205,071 | 37,797,579 | 37,381,571 | 36,968,412 | 1,654,166 | ||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||
| Preferred equity | 194,112 | 194,112 | — | 194,112 | 194,112 | 194,112 | — | ||||||||||||||||
| Common equity | 4,492,446 | 4,411,450 | 80,996 | 4,219,125 | 4,048,225 | 3,974,561 | 517,885 | ||||||||||||||||
| Total stockholders’ equity | 4,686,558 | 4,605,562 | 80,996 | 4,413,236 | 4,242,337 | 4,168,673 | 517,885 | ||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 43,309,136 | $ | 43,023,068 | $ | 286,068 | $ | 42,210,815 | $ | 41,623,908 | $ | 41,137,084 | $ | 2,172,052 | |||||||||
Numbers may not recalculate due to rounding conventions.
1
| Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend | |||||||||||||||||||||||||||||
| ($ in thousands, except per share data) | Seql Qtr | Comp Qtr | |||||||||||||||||||||||||||
| 1Q25 | 4Q24 | $ Change | % Change | 3Q24 | 2Q24 | 1Q24 | $ Change | % Change | |||||||||||||||||||||
| Interest income | |||||||||||||||||||||||||||||
| Interest and fees on loans | $ | 433,299 | $ | 453,253 | $ | (19,954) | (4) | % | $ | 465,728 | $ | 456,788 | $ | 454,472 | $ | (21,173) | (5) | % | |||||||||||
| Interest and dividends on investment securities | |||||||||||||||||||||||||||||
| Taxable | 69,702 | 50,524 | 19,178 | 38 | % | 51,229 | 50,278 | 46,548 | 23,154 | 50 | % | ||||||||||||||||||
| Tax-exempt | 13,956 | 14,469 | (513) | (4) | % | 14,660 | 14,669 | 14,774 | (818) | (6) | % | ||||||||||||||||||
| Other interest | 8,920 | 10,478 | (1,558) | (15) | % | 8,701 | 8,539 | 7,595 | 1,325 | 17 | % | ||||||||||||||||||
| Total interest income | 525,877 | 528,724 | (2,847) | (1) | % | 540,318 | 530,274 | 523,388 | 2,489 | — | % | ||||||||||||||||||
| Interest expense | |||||||||||||||||||||||||||||
| Interest on deposits | 209,140 | 222,888 | (13,748) | (6) | % | 231,623 | 221,062 | 226,231 | (17,091) | (8) | % | ||||||||||||||||||
| Interest on federal funds purchased and securities sold under agreements to repurchase | 3,622 | 3,203 | 419 | 13 | % | 3,385 | 2,303 | 2,863 | 759 | 27 | % | ||||||||||||||||||
| Interest on other short-term funding | — | 668 | (668) | (100) | % | 6,144 | 6,077 | 4,708 | (4,708) | (100) | % | ||||||||||||||||||
| Interest on FHLB advances | 16,090 | 17,908 | (1,818) | (10) | % | 24,799 | 34,143 | 21,671 | (5,581) | (26) | % | ||||||||||||||||||
| Interest on other long-term funding | 11,085 | 13,769 | (2,684) | (19) | % | 11,858 | 10,096 | 10,058 | 1,027 | 10 | % | ||||||||||||||||||
| Total interest expense | 239,937 | 258,436 | (18,499) | (7) | % | 277,809 | 273,681 | 265,530 | (25,593) | (10) | % | ||||||||||||||||||
| Net interest income | 285,941 | 270,289 | 15,652 | 6 | % | 262,509 | 256,593 | 257,858 | 28,083 | 11 | % | ||||||||||||||||||
| Provision for credit losses | 13,003 | 16,986 | (3,982) | (23) | % | 20,991 | 23,008 | 24,001 | (10,998) | (46) | % | ||||||||||||||||||
| Net interest income after provision for credit losses | 272,938 | 253,303 | 19,635 | 8 | % | 241,518 | 233,585 | 233,857 | 39,081 | 17 | % | ||||||||||||||||||
| Noninterest income | |||||||||||||||||||||||||||||
| Wealth management fees | 22,498 | 24,103 | (1,605) | (7) | % | 24,144 | 22,628 | 21,694 | 804 | 4 | % | ||||||||||||||||||
| Service charges and deposit account fees | 12,814 | 13,232 | (418) | (3) | % | 13,708 | 12,263 | 12,439 | 375 | 3 | % | ||||||||||||||||||
| Card-based fees | 10,442 | 11,948 | (1,506) | (13) | % | 11,731 | 11,975 | 11,267 | (825) | (7) | % | ||||||||||||||||||
| Other fee-based revenue | 5,251 | 5,182 | 68 | 1 | % | 5,057 | 4,857 | 4,402 | 849 | 19 | % | ||||||||||||||||||
| Capital markets, net | 4,345 | 9,032 | (4,687) | (52) | % | 4,317 | 4,685 | 4,050 | 295 | 7 | % | ||||||||||||||||||
| Mortgage banking, net | 3,822 | 3,387 | 435 | 13 | % | 2,132 | 2,505 | 2,662 | 1,160 | 44 | % | ||||||||||||||||||
| Loss on mortgage portfolio sale | (6,976) | (130,406) | 123,430 | (95) | % | — | — | — | (6,976) | N/M | |||||||||||||||||||
| Bank and corporate owned life insurance | 5,204 | 2,322 | 2,883 | 124 | % | 4,001 | 4,584 | 2,570 | 2,634 | 102 | % | ||||||||||||||||||
| Asset (losses) gains, net | (878) | 364 | (1,242) | N/M | (474) | (627) | (306) | (572) | 187 | % | |||||||||||||||||||
| Investment securities gains (losses), net | 4 | (148,194) | 148,198 | N/M | 100 | 67 | 3,879 | (3,875) | (100) | % | |||||||||||||||||||
| Other | 2,251 | 2,257 | (6) | — | % | 2,504 | 2,222 | 2,327 | (76) | (3) | % | ||||||||||||||||||
| Total noninterest income (loss) | 58,776 | (206,772) | 265,549 | N/M | 67,221 | 65,159 | 64,985 | (6,209) | (10) | % | |||||||||||||||||||
| Noninterest expense | |||||||||||||||||||||||||||||
| Personnel | 123,897 | 125,944 | (2,047) | (2) | % | 121,036 | 121,581 | 119,395 | 4,502 | 4 | % | ||||||||||||||||||
| Technology | 27,139 | 26,984 | 154 | 1 | % | 27,217 | 27,161 | 26,200 | 939 | 4 | % | ||||||||||||||||||
| Occupancy | 15,381 | 14,325 | 1,056 | 7 | % | 13,536 | 13,128 | 13,633 | 1,748 | 13 | % | ||||||||||||||||||
| Business development and advertising | 6,386 | 7,408 | (1,022) | (14) | % | 6,683 | 7,535 | 6,517 | (131) | (2) | % | ||||||||||||||||||
| Equipment | 4,527 | 4,729 | (202) | (4) | % | 4,653 | 4,450 | 4,599 | (72) | (2) | % | ||||||||||||||||||
| Legal and professional | 6,083 | 6,861 | (778) | (11) | % | 5,639 | 4,429 | 4,672 | 1,411 | 30 | % | ||||||||||||||||||
| Loan and foreclosure costs | 2,594 | 1,951 | 642 | 33 | % | 2,748 | 1,793 | 1,979 | 615 | 31 | % | ||||||||||||||||||
| FDIC assessment | 10,436 | 9,139 | 1,298 | 14 | % | 8,223 | 7,131 | 13,946 | (3,510) | (25) | % | ||||||||||||||||||
| Other intangible amortization | 2,203 | 2,203 | — | — | % | 2,203 | 2,203 | 2,203 | — | — | % | ||||||||||||||||||
| Loss on prepayments of FHLB advances | — | 14,243 | (14,243) | (100) | % | — | — | — | — | N/M | |||||||||||||||||||
| Other | 11,974 | 10,496 | 1,478 | 14 | % | 8,659 | 6,450 | 4,513 | 7,461 | 165 | % | ||||||||||||||||||
| Total noninterest expense | 210,619 | 224,282 | (13,664) | (6) | % | 200,597 | 195,861 | 197,657 | 12,962 | 7 | % | ||||||||||||||||||
| Income (loss) before income taxes | 121,095 | (177,752) | 298,847 | N/M | 108,142 | 102,884 | 101,185 | 19,910 | 20 | % | |||||||||||||||||||
| Income tax expense (benefit) | 19,409 | (16,137) | 35,546 | N/M | 20,124 | (12,689) | 20,016 | (607) | (3) | % | |||||||||||||||||||
| Net income (loss) | 101,687 | (161,615) | 263,301 | N/M | 88,018 | 115,573 | 81,169 | 20,518 | 25 | % | |||||||||||||||||||
| Preferred stock dividends | 2,875 | 2,875 | — | — | % | 2,875 | 2,875 | 2,875 | — | — | % | ||||||||||||||||||
| Net income (loss) available to common equity | $ | 98,812 | $ | (164,490) | $ | 263,301 | N/M | $ | 85,143 | $ | 112,698 | $ | 78,294 | $ | 20,518 | 26 | % | ||||||||||||
| Earnings (loss) per common share | |||||||||||||||||||||||||||||
| Basic | $ | 0.60 | $ | (1.04) | $ | 1.64 | N/M | $ | 0.56 | $ | 0.75 | $ | 0.52 | $ | 0.08 | 15 | % | ||||||||||||
| Diluted | $ | 0.59 | $ | (1.03) | $ | 1.62 | N/M | $ | 0.56 | $ | 0.74 | $ | 0.52 | $ | 0.07 | 13 | % | ||||||||||||
| Average common shares outstanding | |||||||||||||||||||||||||||||
| Basic | 165,228 | 157,710 | 7,518 | 5 | % | 150,247 | 149,872 | 149,855 | 15,373 | 10 | % | ||||||||||||||||||
| Diluted | 166,604 | 159,164 | 7,441 | 5 | % | 151,492 | 151,288 | 151,292 | 15,312 | 10 | % | ||||||||||||||||||
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
2
| Associated Banc-Corp Selected Quarterly Information | |||||||||||||||||
| ($ in millions except per share data; shares repurchased and outstanding in thousands) | 1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | ||||||||||||
| Per common share data | |||||||||||||||||
| Dividends | $ | 0.23 | $ | 0.23 | $ | 0.22 | $ | 0.22 | $ | 0.22 | |||||||
| Market value: | |||||||||||||||||
| High | 25.63 | 28.14 | 23.95 | 22.48 | 22.00 | ||||||||||||
| Low | 21.06 | 20.64 | 20.07 | 19.90 | 19.73 | ||||||||||||
| Close | 22.53 | 23.90 | 21.54 | 21.15 | 21.51 | ||||||||||||
| Book value / share | 27.09 | 26.55 | 27.90 | 26.85 | 26.37 | ||||||||||||
| Tangible book value / share | 20.25 | 19.71 | 20.37 | 19.28 | 18.78 | ||||||||||||
| Performance ratios (annualized) | |||||||||||||||||
| Return on average assets | 0.97 | % | (1.53) | % | 0.85 | % | 1.13 | % | 0.80 | % | |||||||
| Noninterest expense / average assets | 2.00 | % | 2.12 | % | 1.93 | % | 1.92 | % | 1.95 | % | |||||||
| Effective tax rate | 16.03 | % | N/M | 18.61 | % | (12.33) | % | 19.78 | % | ||||||||
Dividend payout ratio(a) | 38.33 | % | N/M | 39.29 | % | 29.33 | % | 42.31 | % | ||||||||
| Net interest margin | 2.97 | % | 2.81 | % | 2.78 | % | 2.75 | % | 2.79 | % | |||||||
| Selected trend information | |||||||||||||||||
Average full time equivalent employees(b) | 4,006 | 3,982 | 4,041 | 4,025 | 4,070 | ||||||||||||
| Branch count | 183 | 188 | 188 | 188 | 188 | ||||||||||||
Assets under management, at market value(c) | $ | 14,685 | $ | 14,773 | $ | 15,033 | $ | 14,304 | $ | 14,171 | |||||||
| Mortgage portfolio serviced for others | $ | 6,243 | $ | 6,285 | $ | 6,302 | $ | 6,307 | $ | 6,349 | |||||||
| Mortgage servicing rights, net / mortgage portfolio serviced for others | 1.38 | % | 1.40 | % | 1.30 | % | 1.36 | % | 1.34 | % | |||||||
Shares repurchased during period(d) | 900 | — | — | — | 900 | ||||||||||||
| Shares outstanding, end of period | 165,807 | 166,178 | 151,213 | 150,785 | 150,739 | ||||||||||||
| Selected quarterly ratios | |||||||||||||||||
| Loans / deposits | 86.07 | % | 85.92 | % | 89.38 | % | 90.60 | % | 87.49 | % | |||||||
| Stockholders’ equity / assets | 10.82 | % | 10.70 | % | 10.46 | % | 10.19 | % | 10.13 | % | |||||||
Risk-based capital(e)(f) | |||||||||||||||||
| Total risk-weighted assets | $ | 33,801 | $ | 33,950 | $ | 33,326 | $ | 32,768 | $ | 32,753 | |||||||
| Common equity Tier 1 | $ | 3,417 | $ | 3,397 | $ | 3,238 | $ | 3,172 | $ | 3,089 | |||||||
| Common equity Tier 1 capital ratio | 10.11 | % | 10.01 | % | 9.72 | % | 9.68 | % | 9.43 | % | |||||||
| Tier 1 capital ratio | 10.68 | % | 10.58 | % | 10.30 | % | 10.27 | % | 10.02 | % | |||||||
| Total capital ratio | 12.75 | % | 12.61 | % | 12.36 | % | 12.34 | % | 12.08 | % | |||||||
| Tier 1 leverage ratio | 8.69 | % | 8.73 | % | 8.49 | % | 8.37 | % | 8.24 | % | |||||||
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a)Ratio is based upon basic earnings per common share.
(b)Average full time equivalent employees without overtime.
(c)Excludes assets held in brokerage accounts.
(d)Does not include repurchases related to tax withholding on equity compensation.
(e)The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.
(f)March 31, 2025 data is estimated.
3
| Associated Banc-Corp Selected Asset Quality Information | |||||||||||||||||||||||
| ($ in thousands) | Mar 31, 2025 | Dec 31, 2024 | Seql Qtr % Change | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Allowance for loan losses | |||||||||||||||||||||||
| Balance at beginning of period | $ | 363,545 | $ | 361,765 | — | % | $ | 355,844 | $ | 356,006 | $ | 351,094 | 4 | % | |||||||||
| Provision for loan losses | 16,500 | 14,000 | 18 | % | 19,000 | 21,000 | 27,000 | (39) | % | ||||||||||||||
| Charge offs | (13,714) | (13,770) | — | % | (15,337) | (23,290) | (24,018) | (43) | % | ||||||||||||||
| Recoveries | 5,017 | 1,551 | N/M | 2,258 | 2,127 | 1,930 | 160 | % | |||||||||||||||
| Net (charge offs) recoveries | (8,698) | (12,220) | (29) | % | (13,078) | (21,163) | (22,088) | (61) | % | ||||||||||||||
| Balance at end of period | $ | 371,348 | $ | 363,545 | 2 | % | $ | 361,765 | $ | 355,844 | $ | 356,006 | 4 | % | |||||||||
| Allowance for unfunded commitments | |||||||||||||||||||||||
| Balance at beginning of period | $ | 38,776 | $ | 35,776 | 8 | % | $ | 33,776 | $ | 31,776 | $ | 34,776 | 12 | % | |||||||||
| Provision for unfunded commitments | (3,500) | 3,000 | N/M | 2,000 | 2,000 | (3,000) | 17 | % | |||||||||||||||
| Balance at end of period | $ | 35,276 | $ | 38,776 | (9) | % | $ | 35,776 | $ | 33,776 | $ | 31,776 | 11 | % | |||||||||
| Allowance for credit losses on loans (ACLL) | $ | 406,624 | $ | 402,322 | 1 | % | $ | 397,541 | $ | 389,620 | $ | 387,782 | 5 | % | |||||||||
| Provision for credit losses on loans | $ | 13,000 | $ | 17,000 | (24) | % | $ | 21,000 | $ | 23,000 | $ | 24,000 | (46) | % | |||||||||
| ($ in thousands) | Mar 31, 2025 | Dec 31, 2024 | Seql Qtr % Change | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Net (charge offs) recoveries | |||||||||||||||||||||||
| Commercial and industrial | $ | (4,726) | $ | (2,406) | 96 | % | $ | (10,649) | $ | (13,676) | $ | (18,638) | (75) | % | |||||||||
| Commercial real estate—owner occupied | — | — | N/M | — | 1 | 2 | (100) | % | |||||||||||||||
| Commercial and business lending | (4,726) | (2,406) | 96 | % | (10,649) | (13,674) | (18,636) | (75) | % | ||||||||||||||
| Commercial real estate—investor | (892) | (6,617) | (87) | % | (1) | (4,569) | — | N/M | |||||||||||||||
| Real estate construction | 30 | 4 | N/M | 2 | 28 | 30 | — | % | |||||||||||||||
| Commercial real estate lending | (863) | (6,612) | (87) | % | 2 | (4,541) | 30 | N/M | |||||||||||||||
| Total commercial | (5,589) | (9,018) | (38) | % | (10,647) | (18,216) | (18,606) | (70) | % | ||||||||||||||
| Residential mortgage | 197 | (239) | N/M | (160) | (289) | (62) | N/M | ||||||||||||||||
| Auto finance | (1,519) | (1,782) | (15) | % | (1,281) | (1,480) | (2,094) | (27) | % | ||||||||||||||
| Home equity | 289 | 277 | 4 | % | 424 | 238 | 211 | 37 | % | ||||||||||||||
| Other consumer | (2,076) | (1,457) | 42 | % | (1,414) | (1,417) | (1,537) | 35 | % | ||||||||||||||
| Total consumer | (3,109) | (3,202) | (3) | % | (2,431) | (2,947) | (3,482) | (11) | % | ||||||||||||||
| Total net (charge offs) recoveries | $ | (8,698) | $ | (12,220) | (29) | % | $ | (13,078) | $ | (21,163) | $ | (22,088) | (61) | % | |||||||||
| (In basis points) | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | ||||||||||||||||||
| Net (charge offs) recoveries to average loans (annualized) | |||||||||||||||||||||||
| Commercial and industrial | (18) | (9) | (43) | (55) | (77) | ||||||||||||||||||
| Commercial real estate—owner occupied | — | — | — | — | — | ||||||||||||||||||
| Commercial and business lending | (16) | (8) | (39) | (50) | (69) | ||||||||||||||||||
| Commercial real estate—investor | (7) | (51) | — | (37) | — | ||||||||||||||||||
| Real estate construction | 1 | — | — | — | 1 | ||||||||||||||||||
| Commercial real estate lending | (5) | (37) | — | (25) | — | ||||||||||||||||||
| Total commercial | (12) | (19) | (23) | (40) | (41) | ||||||||||||||||||
| Residential mortgage | 1 | (1) | (1) | (1) | — | ||||||||||||||||||
| Auto finance | (22) | (26) | (19) | (24) | (35) | ||||||||||||||||||
| Home equity | 18 | 17 | 26 | 15 | 14 | ||||||||||||||||||
| Other consumer | (268) | (208) | (216) | (221) | (232) | ||||||||||||||||||
| Total consumer | (11) | (11) | (8) | (10) | (13) | ||||||||||||||||||
| Total net (charge offs) recoveries | (12) | (16) | (18) | (29) | (30) | ||||||||||||||||||
| ($ in thousands) | Mar 31, 2025 | Dec 31, 2024 | Seql Qtr % Change | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Credit quality | |||||||||||||||||||||||
| Nonaccrual loans | $ | 134,808 | $ | 123,260 | 9 | % | $ | 128,476 | $ | 154,423 | $ | 178,346 | (24) | % | |||||||||
| Other real estate owned (OREO) | 23,475 | 20,217 | 16 | % | 18,830 | 8,325 | 8,437 | 178 | % | ||||||||||||||
| Repossessed assets | 688 | 687 | — | % | 793 | 671 | 1,241 | (45) | % | ||||||||||||||
| Total nonperforming assets | $ | 158,971 | $ | 144,164 | 10 | % | $ | 148,098 | $ | 163,418 | $ | 188,025 | (15) | % | |||||||||
| Loans 90 or more days past due and still accruing | $ | 3,036 | $ | 3,189 | (5) | % | $ | 7,107 | $ | 2,354 | $ | 2,417 | 26 | % | |||||||||
| Allowance for credit losses on loans to total loans | 1.34 | % | 1.35 | % | 1.33 | % | 1.32 | % | 1.31 | % | |||||||||||||
| Allowance for credit losses on loans to nonaccrual loans | 301.63 | % | 326.40 | % | 309.43 | % | 252.31 | % | 217.43 | % | |||||||||||||
| Nonaccrual loans to total loans | 0.44 | % | 0.41 | % | 0.43 | % | 0.52 | % | 0.60 | % | |||||||||||||
| Nonperforming assets to total loans plus OREO and repossessed assets | 0.52 | % | 0.48 | % | 0.49 | % | 0.55 | % | 0.64 | % | |||||||||||||
| Nonperforming assets to total assets | 0.37 | % | 0.34 | % | 0.35 | % | 0.39 | % | 0.46 | % | |||||||||||||
| Annualized year-to-date net charge offs (recoveries) to year-to-date average loans | 0.12 | % | 0.23 | % | 0.25 | % | 0.30 | % | 0.30 | % | |||||||||||||
4
| Associated Banc-Corp Selected Asset Quality Information (continued) | |||||||||||||||||||||||
| ($ in thousands) | Mar 31, 2025 | Dec 31, 2024 | Seql Qtr % Change | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Nonaccrual loans | |||||||||||||||||||||||
| Commercial and industrial | $ | 12,898 | $ | 19,084 | (32) | % | $ | 14,369 | $ | 21,190 | $ | 72,243 | (82) | % | |||||||||
| Commercial real estate—owner occupied | 1,501 | 1,501 | — | % | 9,285 | 1,851 | 2,090 | (28) | % | ||||||||||||||
| Commercial and business lending | 14,399 | 20,585 | (30) | % | 23,654 | 23,041 | 74,333 | (81) | % | ||||||||||||||
| Commercial real estate—investor | 31,689 | 16,705 | 90 | % | 18,913 | 48,249 | 18,697 | 69 | % | ||||||||||||||
| Real estate construction | 125 | 30 | N/M | 15 | 16 | 18 | N/M | ||||||||||||||||
| Commercial real estate lending | 31,814 | 16,735 | 90 | % | 18,928 | 48,265 | 18,715 | 70 | % | ||||||||||||||
| Total commercial | 46,213 | 37,320 | 24 | % | 42,582 | 71,306 | 93,047 | (50) | % | ||||||||||||||
| Residential mortgage | 72,455 | 70,038 | 3 | % | 70,138 | 68,058 | 69,954 | 4 | % | ||||||||||||||
| Auto finance | 7,692 | 7,402 | 4 | % | 7,456 | 6,986 | 7,158 | 7 | % | ||||||||||||||
| Home equity | 8,275 | 8,378 | (1) | % | 8,231 | 7,996 | 8,100 | 2 | % | ||||||||||||||
| Other consumer | 173 | 122 | 42 | % | 70 | 77 | 87 | 99 | % | ||||||||||||||
| Total consumer | 88,595 | 85,941 | 3 | % | 85,894 | 83,117 | 85,299 | 4 | % | ||||||||||||||
| Total nonaccrual loans | $ | 134,808 | $ | 123,260 | 9 | % | $ | 128,476 | $ | 154,423 | $ | 178,346 | (24) | % | |||||||||
| Mar 31, 2025 | Dec 31, 2024 | Seql Qtr % Change | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Comp Qtr % Change | |||||||||||||||||
Restructured loans (accruing)(a) | |||||||||||||||||||||||
| Commercial and industrial | $ | 459 | $ | 475 | (3) | % | $ | 424 | $ | 410 | $ | 377 | 22 | % | |||||||||
| Commercial real estate—owner occupied | — | — | N/M | — | — | — | N/M | ||||||||||||||||
| Commercial and business lending | 459 | 475 | (3) | % | 424 | 410 | 377 | 22 | % | ||||||||||||||
| Commercial real estate—investor | — | — | N/M | — | — | — | N/M | ||||||||||||||||
| Real estate construction | — | — | N/M | — | — | — | N/M | ||||||||||||||||
| Commercial real estate lending | — | — | N/M | — | — | — | N/M | ||||||||||||||||
| Total commercial | 459 | 475 | (3) | % | 424 | 410 | 377 | 22 | % | ||||||||||||||
| Residential mortgage | 599 | 782 | (23) | % | 361 | 306 | 345 | 74 | % | ||||||||||||||
| Auto finance | 1 | 8 | (88) | % | 35 | 142 | 66 | (98) | % | ||||||||||||||
| Home equity | 171 | 27 | N/M | 104 | 103 | 182 | (6) | % | |||||||||||||||
| Other consumer | 2,421 | 2,239 | 8 | % | 1,642 | 1,615 | 1,487 | 63 | % | ||||||||||||||
| Total consumer | 3,192 | 3,057 | 4 | % | 2,141 | 2,166 | 2,080 | 53 | % | ||||||||||||||
| Total restructured loans (accruing) | $ | 3,651 | $ | 3,531 | 3 | % | $ | 2,565 | $ | 2,576 | $ | 2,457 | 49 | % | |||||||||
| Nonaccrual restructured loans (included in nonaccrual loans) | $ | 3,451 | $ | 2,581 | 34 | % | $ | 1,840 | $ | 717 | $ | 1,141 | N/M | ||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Seql Qtr % Change | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Comp Qtr % Change | |||||||||||||||||
| Accruing loans 30-89 days past due | |||||||||||||||||||||||
| Commercial and industrial | $ | 7,740 | $ | 1,260 | N/M | $ | 1,212 | $ | 2,052 | $ | 521 | N/M | |||||||||||
| Commercial real estate—owner occupied | 1,156 | 1,634 | (29) | % | 2,209 | — | — | N/M | |||||||||||||||
| Commercial and business lending | 8,896 | 2,893 | N/M | 3,421 | 2,052 | 521 | N/M | ||||||||||||||||
| Commercial real estate—investor | 2,463 | 36,391 | (93) | % | 10,746 | 1,023 | 19,164 | (87) | % | ||||||||||||||
| Real estate construction | — | 21 | (100) | % | 88 | — | 1,260 | (100) | % | ||||||||||||||
| Commercial real estate lending | 2,463 | 36,412 | (93) | % | 10,834 | 1,023 | 20,424 | (88) | % | ||||||||||||||
| Total commercial | 11,360 | 39,305 | (71) | % | 14,255 | 3,075 | 20,945 | (46) | % | ||||||||||||||
| Residential mortgage | 13,568 | 14,892 | (9) | % | 13,630 | 10,374 | 9,903 | 37 | % | ||||||||||||||
| Auto finance | 12,522 | 14,850 | (16) | % | 15,458 | 15,814 | 12,521 | — | % | ||||||||||||||
| Home equity | 3,606 | 4,625 | (22) | % | 3,146 | 3,694 | 2,819 | 28 | % | ||||||||||||||
Other consumer(b) | 2,381 | 3,128 | (24) | % | 2,163 | 1,995 | 2,260 | 5 | % | ||||||||||||||
| Total consumer | 32,076 | 37,496 | (14) | % | 34,397 | 31,877 | 27,503 | 17 | % | ||||||||||||||
| Total accruing loans 30-89 days past due | $ | 43,435 | $ | 76,801 | (43) | % | $ | 48,651 | $ | 34,952 | $ | 48,448 | (10) | % | |||||||||
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) Balances depict loans that have been modified in the preceding 12 months for each respective period end.
(b) Excluding guaranteed student loans.
5
| Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||||||||||||||||||||
| ($ in thousands) | Average Balance | Interest Income /Expense | Average Yield /Rate | Average Balance | Interest Income /Expense | Average Yield /Rate | Average Balance | Interest Income /Expense | Average Yield /Rate | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Earning assets | |||||||||||||||||||||||||||||
Loans (a) (b) | |||||||||||||||||||||||||||||
| Commercial and business lending | $ | 11,724,484 | $ | 185,985 | 6.43 | % | $ | 11,474,489 | $ | 194,355 | 6.74 | % | $ | 10,816,255 | $ | 194,090 | 7.22 | % | |||||||||||
| Commercial real estate lending | 7,313,994 | 121,034 | 6.71 | % | 7,206,796 | 128,476 | 7.09 | % | 7,389,962 | 138,850 | 7.56 | % | |||||||||||||||||
| Total commercial | 19,038,479 | 307,020 | 6.54 | % | 18,681,285 | 322,831 | 6.88 | % | 18,206,217 | 332,940 | 7.35 | % | |||||||||||||||||
| Residential mortgage | 7,256,320 | 66,823 | 3.68 | % | 7,814,056 | 70,513 | 3.61 | % | 7,896,956 | 68,787 | 3.48 | % | |||||||||||||||||
| Auto finance | 2,844,730 | 39,176 | 5.59 | % | 2,771,414 | 39,365 | 5.65 | % | 2,373,720 | 32,603 | 5.52 | % | |||||||||||||||||
| Other retail | 971,453 | 20,826 | 8.63 | % | 935,162 | 21,041 | 8.98 | % | 892,128 | 20,661 | 9.28 | % | |||||||||||||||||
| Total loans | 30,110,982 | 433,844 | 5.83 | % | 30,201,918 | 453,750 | 5.98 | % | 29,369,022 | 454,991 | 6.22 | % | |||||||||||||||||
| Investment securities | |||||||||||||||||||||||||||||
| Taxable | 6,398,584 | 69,919 | 4.37 | % | 5,745,085 | 50,752 | 3.53 | % | 5,517,023 | 46,727 | 3.39 | % | |||||||||||||||||
Tax-exempt(a) | 2,016,144 | 17,666 | 3.50 | % | 2,085,957 | 17,653 | 3.39 | % | 2,133,352 | 18,024 | 3.38 | % | |||||||||||||||||
| Other short-term investments | 757,227 | 9,111 | 4.88 | % | 846,195 | 10,717 | 5.04 | % | 576,782 | 8,311 | 5.80 | % | |||||||||||||||||
| Total investments and other | 9,171,955 | 96,696 | 4.22 | % | 8,677,238 | 79,122 | 3.64 | % | 8,227,158 | 73,062 | 3.55 | % | |||||||||||||||||
| Total earning assets | 39,282,937 | $ | 530,540 | 5.45 | % | 38,879,155 | $ | 532,871 | 5.46 | % | 37,596,179 | $ | 528,053 | 5.64 | % | ||||||||||||||
| Other assets, net | 3,347,690 | 3,192,406 | 3,173,027 | ||||||||||||||||||||||||||
| Total assets | $ | 42,630,627 | $ | 42,071,562 | $ | 40,769,206 | |||||||||||||||||||||||
| Liabilities and stockholders' equity | |||||||||||||||||||||||||||||
| Interest-bearing liabilities | |||||||||||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||||||||||
| Savings | $ | 5,162,468 | $ | 17,929 | 1.41 | % | $ | 5,132,247 | $ | 20,120 | 1.56 | % | $ | 4,928,031 | $ | 21,747 | 1.77 | % | |||||||||||
| Interest-bearing demand | 8,031,707 | 45,430 | 2.29 | % | 7,623,230 | 46,061 | 2.40 | % | 7,490,119 | 49,990 | 2.68 | % | |||||||||||||||||
| Money market | 6,079,551 | 39,560 | 2.64 | % | 5,924,269 | 41,457 | 2.78 | % | 6,116,604 | 47,306 | 3.11 | % | |||||||||||||||||
| Network transaction deposits | 1,847,972 | 20,067 | 4.40 | % | 1,690,745 | 20,091 | 4.73 | % | 1,651,937 | 22,205 | 5.41 | % | |||||||||||||||||
| Time deposits | 8,071,642 | 86,154 | 4.33 | % | 8,228,420 | 95,158 | 4.60 | % | 7,198,315 | 84,983 | 4.75 | % | |||||||||||||||||
| Total interest-bearing deposits | 29,193,341 | 209,140 | 2.91 | % | 28,598,911 | 222,888 | 3.10 | % | 27,385,005 | 226,231 | 3.32 | % | |||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 375,910 | 3,622 | 3.91 | % | 310,370 | 3,203 | 4.11 | % | 263,979 | 2,863 | 4.36 | % | |||||||||||||||||
| Other short-term funding | 31,312 | 408 | 5.28 | % | 88,415 | 1,135 | 5.11 | % | 449,999 | 5,603 | 5.01 | % | |||||||||||||||||
| FHLB advances | 1,595,972 | 16,090 | 4.09 | % | 1,456,087 | 17,908 | 4.89 | % | 1,540,247 | 21,671 | 5.66 | % | |||||||||||||||||
| Other long-term funding | 627,658 | 11,085 | 7.06 | % | 840,880 | 13,769 | 6.55 | % | 539,106 | 10,058 | 7.46 | % | |||||||||||||||||
| Total short and long-term funding | 2,630,852 | 31,205 | 4.79 | % | 2,695,752 | 36,015 | 5.33 | % | 2,793,331 | 40,194 | 5.78 | % | |||||||||||||||||
| Total interest-bearing liabilities | 31,824,193 | $ | 240,345 | 3.06 | % | 31,294,664 | $ | 258,903 | 3.29 | % | 30,178,337 | $ | 266,425 | 3.55 | % | ||||||||||||||
| Noninterest-bearing demand deposits | 5,640,123 | 5,738,557 | 5,882,052 | ||||||||||||||||||||||||||
| Other liabilities | 535,732 | 510,000 | 527,437 | ||||||||||||||||||||||||||
| Stockholders’ equity | 4,630,578 | 4,528,342 | 4,181,381 | ||||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 42,630,627 | $ | 42,071,562 | $ | 40,769,206 | |||||||||||||||||||||||
| Interest rate spread | 2.39 | % | 2.17 | % | 2.09 | % | |||||||||||||||||||||||
| Net free funds | 0.58 | % | 0.64 | % | 0.70 | % | |||||||||||||||||||||||
| Fully tax-equivalent net interest income and net interest margin | $ | 290,195 | 2.97 | % | $ | 273,968 | 2.81 | % | $ | 261,628 | 2.79 | % | |||||||||||||||||
| Fully tax-equivalent adjustment | 4,254 | 3,680 | 3,770 | ||||||||||||||||||||||||||
| Net interest income | $ | 285,941 | $ | 270,289 | $ | 257,858 | |||||||||||||||||||||||
Numbers may not recalculate due to rounding conventions.
(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(b)Nonaccrual loans and loans held for sale have been included in the average balances.
6
| Associated Banc-Corp Loan and Deposit Composition | |||||||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||
| Period end loan composition | Mar 31, 2025 | Dec 31, 2024 | Seql Qtr % Change | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Commercial and industrial | $ | 10,925,769 | $ | 10,573,741 | 3 | % | $ | 10,258,899 | $ | 9,970,412 | $ | 9,858,329 | 11 | % | |||||||||
| Commercial real estate—owner occupied | 1,118,363 | 1,143,741 | (2) | % | 1,120,849 | 1,102,146 | 1,095,894 | 2 | % | ||||||||||||||
| Commercial and business lending | 12,044,132 | 11,717,483 | 3 | % | 11,379,748 | 11,072,558 | 10,954,223 | 10 | % | ||||||||||||||
| Commercial real estate—investor | 5,597,442 | 5,227,975 | 7 | % | 5,070,635 | 5,001,392 | 5,035,195 | 11 | % | ||||||||||||||
| Real estate construction | 1,809,054 | 1,982,632 | (9) | % | 2,114,300 | 2,255,637 | 2,287,041 | (21) | % | ||||||||||||||
| Commercial real estate lending | 7,406,496 | 7,210,607 | 3 | % | 7,184,934 | 7,257,029 | 7,322,237 | 1 | % | ||||||||||||||
| Total commercial | 19,450,628 | 18,928,090 | 3 | % | 18,564,683 | 18,329,587 | 18,276,460 | 6 | % | ||||||||||||||
| Residential mortgage | 6,999,654 | 7,047,541 | (1) | % | 7,803,083 | 7,840,073 | 7,868,180 | (11) | % | ||||||||||||||
| Auto finance | 2,878,765 | 2,810,220 | 2 | % | 2,708,946 | 2,556,009 | 2,471,257 | 16 | % | ||||||||||||||
| Home equity | 654,140 | 664,252 | (2) | % | 651,379 | 634,142 | 619,764 | 6 | % | ||||||||||||||
| Other consumer | 310,940 | 318,483 | (2) | % | 262,806 | 258,460 | 258,603 | 20 | % | ||||||||||||||
| Total consumer | 10,843,499 | 10,840,496 | — | % | 11,426,214 | 11,288,684 | 11,217,802 | (3) | % | ||||||||||||||
| Total loans | $ | 30,294,127 | $ | 29,768,586 | 2 | % | $ | 29,990,897 | $ | 29,618,271 | $ | 29,494,263 | 3 | % | |||||||||
| Period end deposit and customer funding composition | Mar 31, 2025 | Dec 31, 2024 | Seql Qtr % Change | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Noninterest-bearing demand | $ | 6,135,946 | $ | 5,775,657 | 6 | % | $ | 5,857,421 | $ | 5,815,045 | $ | 6,254,135 | (2) | % | |||||||||
| Savings | 5,247,291 | 5,133,295 | 2 | % | 5,072,508 | 5,157,103 | 5,124,639 | 2 | % | ||||||||||||||
| Interest-bearing demand | 9,075,133 | 9,124,741 | (1) | % | 8,605,578 | 8,284,017 | 8,747,127 | 4 | % | ||||||||||||||
| Money market | 6,820,038 | 6,637,915 | 3 | % | 6,095,206 | 6,294,895 | 6,721,674 | 1 | % | ||||||||||||||
| Brokered CDs | 4,197,512 | 4,276,309 | (2) | % | 4,242,670 | 4,061,578 | 3,931,230 | 7 | % | ||||||||||||||
| Other time deposits | 3,720,793 | 3,700,518 | 1 | % | 3,680,914 | 3,078,401 | 2,934,352 | 27 | % | ||||||||||||||
| Total deposits | 35,196,713 | 34,648,434 | 2 | % | 33,554,298 | 32,691,039 | 33,713,158 | 4 | % | ||||||||||||||
Other customer funding(a) | 85,950 | 100,044 | (14) | % | 110,988 | 89,524 | 90,536 | (5) | % | ||||||||||||||
| Total deposits and other customer funding | $ | 35,282,663 | $ | 34,748,478 | 2 | % | $ | 33,665,286 | $ | 32,780,564 | $ | 33,803,694 | 4 | % | |||||||||
Network transaction deposits(b) | $ | 1,882,930 | $ | 1,758,388 | 7 | % | $ | 1,566,908 | $ | 1,502,919 | $ | 1,792,820 | 5 | % | |||||||||
Net deposits and other customer funding(c) | $ | 29,202,221 | $ | 28,713,780 | 2 | % | $ | 27,855,707 | $ | 27,216,066 | $ | 28,079,644 | 4 | % | |||||||||
| Quarter average loan composition | Mar 31, 2025 | Dec 31, 2024 | Seql Qtr % Change | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Commercial and industrial | $ | 10,583,318 | $ | 10,338,865 | 2 | % | $ | 9,884,246 | $ | 9,915,894 | $ | 9,729,718 | 9 | % | |||||||||
| Commercial real estate—owner occupied | 1,141,167 | 1,135,624 | — | % | 1,087,144 | 1,095,334 | 1,086,537 | 5 | % | ||||||||||||||
| Commercial and business lending | 11,724,484 | 11,474,489 | 2 | % | 10,971,390 | 11,011,228 | 10,816,255 | 8 | % | ||||||||||||||
| Commercial real estate—investor | 5,415,412 | 5,120,608 | 6 | % | 5,085,090 | 4,964,394 | 5,041,518 | 7 | % | ||||||||||||||
| Real estate construction | 1,898,582 | 2,086,188 | (9) | % | 2,150,416 | 2,285,379 | 2,348,444 | (19) | % | ||||||||||||||
| Commercial real estate lending | 7,313,994 | 7,206,796 | 1 | % | 7,235,505 | 7,249,773 | 7,389,962 | (1) | % | ||||||||||||||
| Total commercial | 19,038,479 | 18,681,285 | 2 | % | 18,206,896 | 18,261,000 | 18,206,217 | 5 | % | ||||||||||||||
| Residential mortgage | 7,256,320 | 7,814,056 | (7) | % | 7,888,290 | 7,905,236 | 7,896,956 | (8) | % | ||||||||||||||
| Auto finance | 2,844,730 | 2,771,414 | 3 | % | 2,635,890 | 2,524,107 | 2,373,720 | 20 | % | ||||||||||||||
| Home equity | 657,625 | 656,792 | — | % | 642,463 | 630,855 | 625,686 | 5 | % | ||||||||||||||
| Other consumer | 313,828 | 278,370 | 13 | % | 260,547 | 258,366 | 266,443 | 18 | % | ||||||||||||||
| Total consumer | 11,072,503 | 11,520,632 | (4) | % | 11,427,191 | 11,318,564 | 11,162,805 | (1) | % | ||||||||||||||
Total loans(d) | $ | 30,110,982 | $ | 30,201,918 | — | % | $ | 29,634,087 | $ | 29,579,564 | $ | 29,369,022 | 3 | % | |||||||||
| Quarter average deposit composition | Mar 31, 2025 | Dec 31, 2024 | Seql Qtr % Change | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Noninterest-bearing demand | $ | 5,640,123 | $ | 5,738,557 | (2) | % | $ | 5,652,228 | $ | 5,712,115 | $ | 5,882,052 | (4) | % | |||||||||
| Savings | 5,162,468 | 5,132,247 | 1 | % | 5,125,147 | 5,133,688 | 4,928,031 | 5 | % | ||||||||||||||
| Interest-bearing demand | 8,031,707 | 7,623,230 | 5 | % | 7,394,550 | 7,265,621 | 7,490,119 | 7 | % | ||||||||||||||
| Money market | 6,079,551 | 5,924,269 | 3 | % | 5,942,147 | 5,995,005 | 6,116,604 | (1) | % | ||||||||||||||
| Network transaction deposits | 1,847,972 | 1,690,745 | 9 | % | 1,644,305 | 1,595,312 | 1,651,937 | 12 | % | ||||||||||||||
| Brokered CDs | 4,315,311 | 4,514,841 | (4) | % | 4,247,941 | 3,927,727 | 4,268,881 | 1 | % | ||||||||||||||
| Other time deposits | 3,756,332 | 3,713,579 | 1 | % | 3,314,507 | 2,999,936 | 2,929,434 | 28 | % | ||||||||||||||
| Total deposits | 34,833,464 | 34,337,468 | 1 | % | 33,320,825 | 32,629,404 | 33,267,057 | 5 | % | ||||||||||||||
Other customer funding(a) | 87,693 | 94,965 | (8) | % | 104,115 | 87,161 | 101,483 | (14) | % | ||||||||||||||
| Total deposits and other customer funding | $ | 34,921,157 | $ | 34,432,433 | 1 | % | $ | 33,424,940 | $ | 32,716,565 | $ | 33,368,540 | 5 | % | |||||||||
Net deposits and other customer funding(c) | $ | 28,757,874 | $ | 28,226,848 | 2 | % | $ | 27,532,694 | $ | 27,193,526 | $ | 27,447,723 | 5 | % | |||||||||
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) Includes repurchase agreements.
(b) Included above in interest-bearing demand and money market.
(c) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.
(d) Loans held for sale have been included in the average balances.
7
| Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | |||||||||||||||||
| ($ in millions) | 1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | ||||||||||||
Selected equity and performance ratios(a) | |||||||||||||||||
Tangible common equity / tangible assets(b) | 7.96 | % | 7.82 | % | 7.50 | % | 7.18 | % | 7.08 | % | |||||||
| Return on average equity | 8.91 | % | (14.20) | % | 8.09 | % | 11.16 | % | 7.81 | % | |||||||
Return on average tangible common equity(c) | 12.34 | % | (20.27) | % | 11.52 | % | 16.25 | % | 11.31 | % | |||||||
Return on average common equity Tier 1(c) | 11.82 | % | (19.28) | % | 10.53 | % | 14.54 | % | 10.27 | % | |||||||
Return on average tangible assets(c) | 1.01 | % | (1.55) | % | 0.89 | % | 1.18 | % | 0.84 | % | |||||||
| Average stockholders' equity / average assets | 10.86 | % | 10.76 | % | 10.46 | % | 10.14 | % | 10.26 | % | |||||||
Tangible common equity reconciliation(b) | |||||||||||||||||
| Common equity | $ | 4,492 | $ | 4,411 | $ | 4,219 | $ | 4,048 | $ | 3,975 | |||||||
| Goodwill and other intangible assets, net | (1,134) | (1,137) | (1,139) | (1,141) | (1,143) | ||||||||||||
| Tangible common equity | $ | 3,358 | $ | 3,275 | $ | 3,080 | $ | 2,907 | $ | 2,831 | |||||||
Tangible assets reconciliation(b) | |||||||||||||||||
| Total assets | $ | 43,309 | $ | 43,023 | $ | 42,211 | $ | 41,624 | $ | 41,137 | |||||||
| Goodwill and other intangible assets, net | (1,134) | (1,137) | (1,139) | (1,141) | (1,143) | ||||||||||||
| Tangible assets | $ | 42,175 | $ | 41,886 | $ | 41,072 | $ | 40,483 | $ | 39,994 | |||||||
Average tangible common equity and average common equity Tier 1 reconciliation(b) | |||||||||||||||||
| Average common equity | $ | 4,436 | $ | 4,334 | $ | 4,137 | $ | 3,972 | $ | 3,987 | |||||||
| Average goodwill and other intangible assets, net | (1,136) | (1,138) | (1,140) | (1,142) | (1,145) | ||||||||||||
| Average tangible common equity | 3,301 | 3,196 | 2,997 | 2,830 | 2,843 | ||||||||||||
| Modified CECL transitional amount | — | 22 | 22 | 22 | 22 | ||||||||||||
Average accumulated other comprehensive loss(d) | 65 | 152 | 173 | 242 | 188 | ||||||||||||
| Average deferred tax assets, net | 25 | 23 | 24 | 25 | 12 | ||||||||||||
| Average common equity Tier 1 | $ | 3,390 | $ | 3,394 | $ | 3,215 | $ | 3,118 | $ | 3,065 | |||||||
Average tangible assets reconciliation(b) | |||||||||||||||||
| Average total assets | $ | 42,631 | $ | 42,072 | $ | 41,390 | $ | 41,101 | $ | 40,769 | |||||||
| Average goodwill and other intangible assets, net | (1,136) | (1,138) | (1,140) | (1,142) | (1,145) | ||||||||||||
| Average tangible assets | $ | 41,495 | $ | 40,934 | $ | 40,250 | $ | 39,958 | $ | 39,625 | |||||||
Adjusted net income (loss) reconciliation(c) | |||||||||||||||||
| Net income (loss) | $ | 102 | $ | (162) | $ | 88 | $ | 116 | $ | 81 | |||||||
| Other intangible amortization, net of tax | 2 | 2 | 2 | 2 | 2 | ||||||||||||
| Adjusted net income (loss) | $ | 103 | $ | (160) | $ | 90 | $ | 117 | $ | 83 | |||||||
Adjusted net income (loss) available to common equity reconciliation(c) | |||||||||||||||||
| Net income (loss) available to common equity | $ | 99 | $ | (164) | $ | 85 | $ | 113 | $ | 78 | |||||||
| Other intangible amortization, net of tax | 2 | 2 | 2 | 2 | 2 | ||||||||||||
| Adjusted net income (loss) available to common equity | $ | 100 | $ | (163) | $ | 87 | $ | 114 | $ | 80 | |||||||
Pre-tax pre-provision income (loss)(e) | |||||||||||||||||
| Income (loss) before income taxes | $ | 121 | $ | (178) | $ | 108 | $ | 103 | $ | 101 | |||||||
| Provision for credit losses | 13 | 17 | 21 | 23 | 24 | ||||||||||||
| Pre-tax pre-provision income (loss) | $ | 134 | $ | (161) | $ | 129 | $ | 126 | $ | 125 | |||||||
| Period end core customer deposits reconciliation | |||||||||||||||||
| Total deposits | $ | 35,197 | $ | 34,648 | $ | 33,554 | $ | 32,691 | $ | 33,713 | |||||||
| Network transaction deposits | (1,883) | (1,758) | (1,567) | (1,503) | (1,793) | ||||||||||||
| Brokered CDs | (4,198) | (4,276) | (4,243) | (4,062) | (3,931) | ||||||||||||
| Core customer deposits | $ | 29,116 | $ | 28,614 | $ | 27,745 | $ | 27,127 | $ | 27,989 | |||||||
| Average core customer deposits reconciliation | |||||||||||||||||
| Average total deposits | $ | 34,833 | $ | 34,337 | $ | 33,321 | $ | 32,629 | $ | 33,267 | |||||||
| Average network transaction deposits | (1,848) | (1,691) | (1,644) | (1,595) | (1,652) | ||||||||||||
| Average brokered CDs | (4,315) | (4,515) | (4,248) | (3,928) | (4,269) | ||||||||||||
| Average core customer deposits | $ | 28,670 | $ | 28,132 | $ | 27,429 | $ | 27,106 | $ | 27,346 | |||||||
(a)These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.
(b)The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and strength.
(c)Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.
(d)The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital. This adjustment reflects that election.
(e)Management believes this measure is meaningful because it reflects adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods.
8
Associated Banc-Corp Non-GAAP Efficiency Ratios Reconciliation(a) | |||||||||||||||||
| ($ in millions) | 1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | ||||||||||||
| Total expense for efficiency ratios reconciliation | |||||||||||||||||
| Noninterest expense | $ | 211 | $ | 224 | $ | 201 | $ | 196 | $ | 198 | |||||||
| Less: Other intangible amortization | 2 | 2 | 2 | 2 | 2 | ||||||||||||
| Total expense for fully tax-equivalent efficiency ratio | 208 | 222 | 198 | 194 | 195 | ||||||||||||
| Less: FDIC special assessment | — | — | — | — | 8 | ||||||||||||
Less: Announced initiatives(b) | — | 14 | — | — | — | ||||||||||||
| Total expense for adjusted efficiency ratio | $ | 208 | $ | 208 | $ | 198 | $ | 194 | $ | 188 | |||||||
| Total revenue for efficiency ratios reconciliation | |||||||||||||||||
| Net interest income | $ | 286 | $ | 270 | $ | 263 | $ | 257 | $ | 258 | |||||||
| Noninterest income | 59 | (207) | 67 | 65 | 65 | ||||||||||||
| Less: Investment securities gains (losses), net | — | (148) | — | — | 4 | ||||||||||||
| Fully tax-equivalent adjustment | 4 | 4 | 4 | 4 | 4 | ||||||||||||
| Total revenue for fully tax-equivalent efficiency ratio | 349 | 215 | 333 | 325 | 323 | ||||||||||||
Less: Announced initiatives(b) | (7) | (130) | — | — | — | ||||||||||||
| Total revenue for adjusted efficiency ratio | $ | 356 | $ | 346 | $ | 333 | $ | 325 | $ | 323 | |||||||
| Efficiency ratios (expense / revenue) | |||||||||||||||||
| Fully tax-equivalent efficiency ratio | 59.72 | % | 103.11 | % | 59.51 | % | 59.51 | % | 60.56 | % | |||||||
| Adjusted efficiency ratio | 58.55 | % | 60.10 | % | 59.51 | % | 59.51 | % | 58.18 | % | |||||||
| Nonrecurring Item Reconciliation | ||||||||
| ($ in millions, except per share data) | 4Q24 | 4Q24 per share data (diluted) | ||||||
| GAAP net (loss) | $ | (162) | $ | (1.03) | ||||
Loss on mortgage portfolio sale(c) | 130 | 0.82 | ||||||
| Provision on initiatives | 1 | 0.01 | ||||||
Net loss on sale of investments(c) | 148 | 0.93 | ||||||
| Loss on prepayments of FHLB advances | 14 | 0.09 | ||||||
| FDIC special assessment | — | — | ||||||
| Tax effect | (39) | (0.24) | ||||||
| Net income, excluding nonrecurring items, net of tax | 94 | $ | 0.57 | |||||
| Less preferred stock dividends | (3) | |||||||
| Net income available to common equity, excluding nonrecurring items, net of tax | $ | 91 | ||||||
| Nonrecurring Item Noninterest Income Reconciliation | YTD | |||||||||||||
| ($ in millions) | 1Q25 | Dec 2024 | 4Q24 | |||||||||||
| GAAP noninterest income (loss) | $ | 59 | $ | (9) | $ | (207) | ||||||||
Loss on mortgage portfolio sale(c) | 7 | 130 | 130 | |||||||||||
Net loss on sale of investments(c) | — | 148 | 148 | |||||||||||
| Noninterest income, excluding nonrecurring items | $ | 66 | $ | 269 | $ | 72 | ||||||||
| Nonrecurring Item Noninterest Expense Reconciliation | YTD | |||||||||||||
| ($ in millions) | Dec 2024 | 4Q24 | ||||||||||||
| GAAP noninterest expense | $ | 818 | $ | 224 | ||||||||||
Loss on prepayments of FHLB advances(c) | (14) | (14) | ||||||||||||
| Noninterest expense, excluding nonrecurring items | $ | 804 | $ | 210 | ||||||||||
Numbers may not recalculate due to rounding conventions.
(a)Prior periods have been adjusted to conform with current period presentation.
(b)Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio.
(c)These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024.
9
April 24, 2025 First Quarter 2025 Earnings Presentation Associated Banc-Corp Exhibit 99.2
1 Important Disclosures Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “intend,” "target,” “outlook,” “project,” “guidance,” “forecast,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference. Trademarks: All trademarks, service marks, and trade names referenced in this material are official trademarks and the property of their respective owners. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Non-GAAP Measures: This presentation includes certain non-GAAP financial measures. These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. These non- GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Unless otherwise noted, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation.
2 First Quarter 2025 Results1 1 All figures shown on an end of period basis unless otherwise noted. Growth reflects 1Q 2025 results compared to 4Q 2024. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. ▪ GAAP diluted EPS of $0.59 ▪ Total loan growth of $526 million ▪ Total C&I loan growth of $352 million ▪ Total deposit growth of $548 million ▪ Total core customer deposit2 growth of $503 million ▪ Loans / deposits of 86.07% ▪ Net interest income of $286 million ▪ Net interest margin of 2.97% ▪ Noninterest income of $59 million ▪ Noninterest expense of $211 million ▪ Provision for credit losses of $13 million ▪ ACLL / total loans of 1.34% ▪ NCOs / avg. loans (annualized) of 0.12% $0.59 Diluted Earnings Per Common Share +1.8% Total Loan Growth +16 bps Net Interest Margin Change +1.6% Total Deposit Growth +1.8% Core Customer Deposit Growth2 0.15% Total Delinquencies3 / Total Loans 10.11% CET1 Ratio 7.96% TCE Ratio2 $20.25 Tangible Book Value / Share ASB reported net income available to common equity of $99 million, or $0.59 per common share
3 Phase 2 Investments Complete; Positioned for Growth1 Results as of 1Q 20251 ▪ Commercial & Business RMs up nearly 30% vs. 3Q23 ▪ C&I loans up $1.1 billion as compared to 1Q24 ▪ $1.6B in net new Mass Affluent deposits since Dec. 2022 launch ▪ Net promoter score2 of 55 in 1Q25, a record-high since internal tracking began in 2017 ▪ Total checking household growth of 1% (annualized) in 1Q25 ▪ Reduced mortgage loan concentration from 29% in 3Q23 to 23% in 1Q25 1 All updates as of or for the period ended March 31, 2025 unless otherwise noted. 2 Annual net promoter score as measured by a customer’s likelihood to recommend Associated Bank to family & friends per our internal Consumer Relationship Survey. 2025 YTD through March 31, 2025. 3 Projections are on an end of period basis as of and for the year ended 12/31/2025 as compared to 2024 results as of 12/31/2024 unless otherwise noted. 4 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. We have not provided a reconciliation of the projection for core customer deposits to the projection for total deposits due to the low visibility and unpredictability of the components of total deposits necessary for such reconciliation. Added Top Talent in Key Leadership Roles Commercial RM Expansion Quarterly Product & Digital Upgrades Repositioned Balance Sheet Rebalanced Consumer Lending Approach We are positioned to attract & deepen relationships, take commercial market share & enhance profitability 5-6% Loan Growth $1.2 billion C&I Loan Growth 1-2% Total Deposit Growth 4-5% Core Customer Deposit Growth 2% Customer CKG HH Growth 12-13% Net Interest Income Growth FY 2025 Outlook3 4
4 Commercial & Business Lending Commercial Real Estate Residential Mortgage $3.3 $3.4 $3.5 $3.7 $3.8 $7.9 $7.9 $7.9 $7.8 $7.3 $7.4 $7.2 $7.2 $7.2 $7.3 $10.8 $11.0 $11.0 $11.5 $11.7 $29.4 $29.6 $29.6 $30.2 $30.1 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(174) $(48) $(25) $(18) $69 $352 $369 Commercial & Industrial CRE-Investor Period End Loan Change (12/31/2024 to 3/31/2025) CRE Construction Auto Finance Home Equity & Other Consumer Residential Lending Quarterly Loan Trends Total period end loans increased 2% vs. 4Q24, led by commercial Auto Finance, Home Equity & Other Consumer CRE-Owner Occupied Total Loans +$526 (+2%) Reflects $695M loan sale settling on 1/29/25
5 $1.7 $1.6 $1.6 $1.7 $1.8 $4.3 $3.9 $4.2 $4.5 $4.3 $2.9 $3.0 $3.3 $3.7 $3.8 $6.1 $6.0 $5.9 $5.9 $6.1 $4.9 $5.1 $5.1 $5.1 $5.2 $7.5 $7.3 $7.4 $7.6 $8.0 $5.9 $5.7 $5.7 $5.7 $5.6 $33.3 $32.6 $33.3 $34.3 $34.8 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Average Quarterly Deposits ($ in billions) Period End Funding Change (12/31/2024 to 3/31/2025) ($ in millions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. $(124) $20 $114 $131 $360 Interest-Bearing Demand Money Market Core Customer Deposits1 +$503 (+2%) Wholesale Funding Sources $(186) (-2%) Total Deposits +$548 (+2%) Noninterest-Bearing Demand Quarterly Deposit & Funding Trends Savings Total period end deposits & core customer deposits1 both increased 2% vs. the prior quarter Customer CDs $(405) $(79) $125 $173 FHLB Advances Other Wholesale Funding Network Transaction Deposits Brokered CDs
6 Quarterly Average Yields (%) Average Yield Trends 7.56 7.45 7.52 7.09 6.717.22 7.24 7.27 6.74 6.43 5.52 5.58 5.72 5.65 5.59 3.48 3.51 3.56 3.61 3.68 3.55 3.69 3.66 3.64 4.22 3.32 3.30 3.33 3.10 2.91 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Residential Mortgage Loans Commercial & Business Lending Loans Commercial Real Estate Loans Total Interest-Bearing Deposits Auto Finance Loans Asset & Liability Yield / Rate Trends (%) Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 5.64 5.65 5.68 5.46 5.45 3.55 3.60 3.59 3.29 3.06 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Investments and Other Earning asset yields decreased just 1 bp during 1Q, while interest-bearing liability costs decreased 23 bps
7 Net Interest Income & Net Interest Margin Trends Net Interest Income & Net Interest Margin $258 $257 $263 $270 $286 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2.81%2.78%2.75%2.79% 2.97% Quarterly Net Interest Income Quarterly Net Interest Margin ($ in millions) 2.97% 2.97% 0.03% 3.00% 1Q 2025 Actual 1Q 2025 Pro Forma 1Q 2025 Pro Forma Net Interest Margin1 1 Pro forma net interest margin reflects the impact of the residential mortgage loan sale completed in January 2025 as if the transaction was fully completed on December 31, 2024. + The mortgage loan sale we completed in January 2025 would have added an incremental ~3 bps to our 1Q NIM if the transaction were completed on 12/31/2024. We expect the full financial impact of the balance sheet repositioning announced in December 2024 to be realized beginning in 2Q 2025. NII increased by $16 million & NIM expanded by 16 bps vs. the prior quarter
8 ▪ Added $2.9 billion of fixed-rate prime/super prime Auto Finance balances since 3Q 2021 ▪ Gradually built receive fixed swaps portfolio to protect against downside rate risk, with notional balances of ~$2.85 billion as of 3/31/2025 ▪ Emphasized shorter-term durations on contractual funding sources to maintain repricing flexibility in a falling rate environment Interest Rate Risk Management1 Balance Sheet Actions Since 2021 Contractual Funding Obligations ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $7.8 $0.1 $0.0 $7.9 Short-Term Funding $0.3 - - $0.3 FHLB Advances $1.8 $0.0 $0.2 $2.0 Other Long-Term Funding $0.0 $0.0 $0.6 $0.6 Total $10.0 $0.1 $0.8 $10.9 ($ in billions) 1 All updates as of or for the period ended March 31, 2025 unless otherwise noted. 2 In both the down 100 and down 200 for 1Q 2022, scenario rates are floored at zero. We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment Estimated NII Sensitivity Profile (%) 10.4 6.8 3.2 2.6 5.1 3.4 1.7 1.4 -14.9 -2.3 -1.0 -0.6 -14.9 -4.4 -1.9 -1.5 1Q 2022 1Q 2023 1Q 2024 1Q 2025 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) 2
9 Cash & Investment Securities Portfolio 18.8% 19.1% 19.2% 19.8% 20.1% 2.1% 2.3% 2.3% 2.4% 2.9% 20.9% 21.4% 21.5% 22.2% 23.0% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Securities Period End Securities + Cash / Total Assets Cash $3.7 $3.9 $4.2 $4.6 $4.8 $3.8 $3.8 $3.8 $3.7 $3.7 $0.2 $0.2 $0.2 $0.2 $0.2 $7.8 $7.9 $8.1 $8.5 $8.7 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Held to MaturityAvailable for Sale ($ in billions) Period End Investment Securities Other Securities Average Investment Securities Yields We continue to target securities + cash / total assets of 22% to 24% in 2025 3.55% 3.69% 3.66% 3.64% 4.22% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
10 $22 $23 $24 $24 $22 $12 $12 $14 $13 $13 $11 $12 $12 $12 $10 $4 $5 $4 $9 $4 $3 $3 $2 $3 $4 $13 $11 $11 $10 $5 $65 $65 $67 $72 $59 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Adj. 1Q 2025 Noninterest Income Trends ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Other is comprised of other fee-based revenue, bank and corporate owned life insurance, asset gains (losses), net, investment securities gains (losses), net, and other noninterest income. Quarterly Noninterest Income Trends Wealth Mgmt. Fees Capital Markets, net Other2 4Q 2024 GAAP noninterest income impacted by a balance sheet repositioning with a $130M loss on a mortgage portfolio sale and a $148M net loss on a sale of investments (both pre-tax) 1 1Q GAAP noninterest income was impacted by the settlement of the mortgage loan sale announced in 4Q 4Q 2024 GAAP $(207) 1Q 2025 GAAP noninterest income includes an additional $7M pre-tax loss on a mortgage portfolio sale, primarily driven by the FAS91 impact of the mortgage portfolio sale announced in 4Q 2024 and settled in 1Q 2025 Mortgage Banking, net Service Charges & Deposit Account Fees Card-Based Fees
11 $119 $122 $121 $126 $124 $26 $27 $27 $27 $27 $14 $13 $14 $14 $15 $14 $7 $8 $9 $10 $24 $27 $31 $34 $34 $14 $198 $196 $201 $224 $211 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Efficiency Ratio (%)Noninterest Expense Trends Noninterest Expense Trends 1 Other is comprised of business development & advertising, equipment, legal & professional, other intangible amortization, and other noninterest expenses. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) Adjusted Efficiency Ratio2Fully Tax-Equivalent Efficiency Ratio 60.6 59.5 59.5 103.1 59.758.2 59.5 59.5 60.1 58.6 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Noninterest Expense / Average Assets (%) 1.95 1.92 1.93 2.12 2.00 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 We have maintained noninterest expense levels at approximately 2% of average assets Personnel Other1 Technology FDIC Assessment Loss on Prepayment of FHLB Occupancy (Annualized)
12 Capital Ratios (%) 7.82 10.01 10.58 12.61 7.96 10.11 10.68 12.75 TCE Ratio CET1 Tier 1 Capital Total Capital 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Capital Profile 1 4Q 2024 1Q 2025 We continue to target a CET1 range of 10% to 10.5% in 2025 $18.78 $19.28 $20.37 $19.71 $20.25 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Tangible Book Value / Share CET1 Including AOCI1 (%) CET1 Ratio Incl. AOCICET1 Ratio 9.43 9.68 9.72 10.01 10.11 8.79 9.01 9.38 9.79 10.01 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
13 ACLL / Total Loans (%)ACLL1 Update ▪ ACLL increased $4 million from the prior quarter to $407 million, driven primarily by incremental credit movement coupled with general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody’s February 2025 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Allowance for Credit Losses on Loans (ACLL) 1.31 1.32 1.33 1.35 1.34 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Our ACLL percentage decreased by 1 basis point vs. the prior quarter to 1.34% Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 157,933$ 1.44% 160,620$ 1.37% 172,257$ 1.43% CRE - Investor 72,512 1.44% 72,125 1.38% 79,149 1.41% CRE - Construction 64,225 2.81% 71,090 3.59% 59,873 3.31% Residential Mortgage 35,915 0.46% 32,576 0.46% 34,160 0.49% Other Consumer 57,198 1.71% 65,910 1.74% 61,184 1.59% Total 387,782$ 1.31% 402,322$ 1.35% 406,624$ 1.34% 3/31/202512/31/20243/31/2024
14 Net Charge Offs & Provision Total Delinquent Loans Credit Quality Trends $2 $2 $7 $3 $3 $48 $35 $49 $77 $44 $51 $37 $56 $80 $47 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 ($ in millions) Accruing Loans 30-89 Days PD $22 $21 $13 $12 $9 $24 $23 $21 $17 $13 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD Total Criticized Loans $178 $154 $128 $123 $135 $484 $528 $688 $751 $740 $155 $118 $229 $396 $451 $818 $801 $1,046 $1,271 $1,325 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 ($ in millions) ($ in millions) Nonaccrual Loans $85 $83 $86 $86 $89 $19 $48 $19 $17 $32 $74 $23 $24 $21 $14 $178 $154 $128 $123 $135 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 ($ in millions) CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans 1Q 2025 credit quality remained solid with delinquencies down $33 million vs. 4Q 2024 & NCOs of just $9 million
15 3/31/2025 % of Total Loans Residential Mortgage $7,000 23.1% Auto Finance $2,879 9.5% Home Equity $654 2.2% Credit Cards $189 0.6% Other $122 0.4% Total Consumer $10,843 35.8% 1 All data as of or for the period ended March 31, 2025 unless otherwise noted. Prime/Super Prime Consumer Loan Portfolio High-Quality Consumer Loan Portfolio1 787 775 793 791 Resi. Mortgage Auto Finance Home Equity Credit Cards 94% of our $10.8 billion consumer loan portfolio is prime / super prime Weighted Avg. Portfolio FICO Scores 86% 8% 6% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)
16 1 Projections are on an end of period basis as of and for the year ended 12/31/2025 as compared to 2024 results as of 12/31/2024 unless otherwise noted. 2 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. We have not provided a reconciliation of the projection for core customer deposits to the projection for total deposits due to the low visibility and unpredictability of the components of total deposits necessary for such reconciliation. 3 Adjusted 2024 figures have been provided for noninterest income and noninterest expense to exclude the impact of nonrecurring items incurred as a result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. These figures are non-GAAP financial measures. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 4 Projections are on an end of period basis as of and for the year ended 12/31/2025 as compared to adjusted 2024 results as of 12/31/2024 unless otherwise noted. 5 2025 noninterest income guidance excludes the $7 million loss on mortgage sale incurred in the first quarter of 2025 as a result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. GAAP FY 2024 Result Adjusted FY 2024 Result3 FY 2025 Guidance4 Noninterest Income $(9)M $269M Up 0% to 1%5 Noninterest Expense $818M $804M Up 3% to 4% FY 2025 Guidance1 Total Loan Growth Up 5% to 6% Total Deposit Growth Up 1% to 2% Core Customer Deposit Growth2 Up 4% to 5% Net Interest Income Up 12% to 13% Effective Tax Rate 19% to 21% CET1 Capital Ratio 10% to 10.5% FY 2025 Outlook
Appendix
18 Commercial & Business Lending 39% Commercial Real Estate 24% Consumer 37% Corporate & Commercial Specialty 21% Community, Consumer & Business 61% Risk Mgmt & Shared Services 18% Associated Banc-Corp (NYSE: ASB)1 $43B Assets $30B Loans $5B Equity $35B Deposits Average Loans Average Deposits 1 All figures as of or for the quarter ended March 31, 2025 unless otherwise noted. Branch footprint & loan production office locations map updated as of April 14, 2025. 2 Based on assets as of December 31, 2024. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 10.11% CET1 Ratio 183 Branches ~4,000 Employees 7.96% TCE Ratio3 With roots dating back to 1861, ASB is the largest bank holding company based in Wisconsin2
191 The impact also includes a $3 million provision release for the loan sale and a $4 million provision build for the purchase of credit card balances during the quarter. Balance Sheet Repositioning Summary Estimated 12/4/2024 Actions Taken as of 12/31/2024 All Actions Complete as of 3/31/2025 Total Loans Sold $0.2B in ARMs & $0.5B in fixed-rate mortgages Wtd. avg. yield ~2.99% $723M in residential mortgage balances moved to loans held for sale $695M in residential mortgage balances sold on January 29, 2025 Securities Sold $1.3B in AFS securities Wtd. avg. yield 1.87% Sold $1.295B in AFS securities Wtd. avg. yield 1.87% Securities sale completed Nonrecurring Loss (After-Tax) $253M Reported $256M after-tax loss for loan sale1, securities sale, credit card balance purchase1 & loss on prepayment of FHLB Reported additional $6M after-tax loss in 1Q 2025 after closing of loan sale (FAS91 & valuation adjustments) Use of Proceeds Reinvest into $1.5B of GNMA securities Wtd. avg. yield ~5.08% ~4 yr. duration Repay $0.6B of FHLB advances Wtd. avg. cost ~5.90% Reinvested into $1.486B of GNMA securities Wtd. avg. yield ~5.08% 4.15 yr. duration Purchased $55M in existing customer credit card balances Paid down $600M of FHLB advances at 6.17% and temporarily borrowed $600M at a spread reduction of 1.43% Securities reinvestment completed Credit card balance purchase completed $600M of FHLB advances repaid in 1Q 2025 upon closing of loan sale Actions taken as a result of the balance sheet repositioning announced during the fourth quarter of 2024
20 Improving our Return Profile Over Time1 Strategy Progress Since 2021 Growing diversified asset classes to decrease reliance on legacy low-yielding, low-relationship asset classes ▪ Increased Commercial & Business RMs by ~50% since 4Q21 ▪ Increased total commercial loans by $3.8B vs. 4Q21 (+25%) ▪ Added $2.9B in fixed-rate prime/super prime Auto Finance balances since 3Q21 ▪ Exited TPO mortgage business in 1Q23 ▪ Sold $969M in mortgage loans & pivoted to “originate to sell” model in 4Q23 ▪ Sold $695M in mortgage loans in 1Q25 ▪ Shifted to balanced RM scorecard to deepen Commercial relationships ▪ Modernized digital banking experience ▪ Quarterly upgrades to products & services ▪ $1.6B in net new Mass Affluent deposits ▪ Paid down $849M of FHLB advances in 4Q23 and an additional $600M in 1Q25 ▪ Added new Specialty Deposit & Payment Solutions vertical in 4Q24 ▪ Added $1.2B of core customer deposits2 in 2024 LiabilitiesAssets Auto Finance Relationship Commercial Low- Relationship Mortgage Low- Relationship Commercial Wholesale Funding Sources Core Customer Deposits2 Attracting & deepening customer relationships to decrease reliance on wholesale & network funding sources 1 All updates as of or for the period ended March 31, 2025 unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Our efforts to remix the balance sheet & drive toward improved profitability are on track
21 Stable, Granular Deposit Portfolio 23% 22% 22% 23% 26% 77% 78% 78% 77% 74% $33.7 $32.8 $33.8 $34.9 $35.2 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Period End Deposit Trends (Associated Bank, N.A.) ($ in billions) Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits As of 3/31/2025, ASB’s total liquidity sources covered 143% of uninsured, uncollateralized deposits Liquidity Sources 12/31/2024 3/31/2025 Federal Reserve Balance $451.3 $705.7 FHLB Chicago Capacity $7,097.4 $6,362.6 Fed Discount Window Capacity $2,778.3 $3,308.3 Funding Available Within One Business Day1 $10,327.0 $10,376.6 Fed Funds Lines $1,164.0 $1,284.0 Brokered Deposits Capacity2 $418.2 $414.2 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Liquidity $12,909.2 $13,074.8 143% of uninsured, uncollateralized deposits 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Estimated availability based on the Corporation’s current internal funding considerations.
22 $3.3 $3.4 $3.6 $3.8 $3.8 $7.9 $7.8 $7.8 $7.0 $7.0 $7.3 $7.3 $7.2 $7.2 $7.4 $11.0 $11.1 $11.4 $11.7 $12.0 $29.5 $29.6 $30.0 $29.8 $30.3 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) Average Loan Change (4Q 2024 to 1Q 2025)Period End Quarterly Loan Trends $(188) $6 $36 $73 $244 $295 CRE-Investor CRE Construction Auto Finance Commercial & Industrial Residential Mortgage1 Additional Quarterly Loan Trends Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer $(558) CRE-Owner Occupied Home Equity & Other Consumer 1 $695 million in residential mortgage balances were sold in 1Q 2025 as a result of the balance sheet repositioning announced during 4Q 2024. Total Loans ($91) (-0.3%)
23 $1.8 $1.5 $1.6 $1.8 $1.9 $3.9 $4.1 $4.2 $4.3 $4.2 $2.9 $3.1 $3.7 $3.7 $3.7 $6.2 $5.9 $5.8 $6.0 $6.1 $5.1 $5.2 $5.1 $5.1 $5.2 $7.5 $7.2 $7.3 $8.0 $7.9 $6.3 $5.8 $5.9 $5.8 $6.1 $33.7 $32.7 $33.6 $34.6 $35.2 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Period End Quarterly Deposits ($ in billions) Average Funding Change (4Q 2024 to 1Q 2025) ($ in millions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs $(98) $30 $43 $155 $408 Noninterest-Bearing Demand Money Market $(205) $(200) $140 $157 Network Transaction Deposits Other Wholesale Funding Core Customer Deposits1 +$538 (+2%) Wholesale Funding Sources $(107) (-1%) Total Deposits +$496 (+1%) Interest-Bearing Demand FHLB Advances Additional Quarterly Deposit & Funding Trends Customer CDs Savings Brokered CDs 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.
24 Total Loans Outstanding Balances as of March 31, 2025 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 3/31/2025 1 % of Total Loans 3/31/2025 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 2,726$ 9.0% Multi-Family 3,254$ 10.7% Manufacturing & Wholesale Trade 2,625 8.7% Industrial 1,643 5.4% Real Estate (includes REITs) 2,077 6.9% Office 915 3.0% Finance & Insurance 705 2.3% Retail 640 2.1% Mortgage Warehouse 661 2.2% Hotel/Motel 201 0.7% Retail Trade 558 1.8% Warehouse 162 0.5% Rental and Leasing Services 484 1.6% Medical 155 0.5% Transportation and Warehousing 433 1.4% Single Family Construction 148 0.5% Construction 386 1.3% Land 97 0.3% Health Care and Social Assistance 333 1.1% Self Storage 14 0.0% Professional, Scientific, and Tech. Serv. 317 1.0% Other 177 0.6% Waste Management 193 0.6% Total CRE 7,406$ 24.4% Information 119 0.4% Accommodation and Food Services 116 0.4% Consumer Arts, Entertainment, and Recreation 60 0.2% Residential Mortgage 7,000$ 23.1% Management of Companies & Enterprises 60 0.2% Auto Finance 2,879 9.5% Educational Services 28 0.1% Home Equity 654 2.2% Public Administration 16 0.1% Credit Cards 189 0.6% Mining 3 0.0% Student Loans 47 0.2% Agriculture, Forestry, Fishing and Hunting 1 0.0% Other 75 0.2% Other 144 0.5% Total Consumer 10,843$ 35.8% Total C&BL 12,044$ 39.8% Total Loans 30,294$ 100.0%
25 Multi-Family 44% Retail 9% Office 12% Industrial 22% Warehouse 2% Hotel / Motel 3% Other 8% Wisconsin 27% Illinois 20% Minnesota 9% Other Midwest 12% Texas 6% Other 26% Manufacturing & Wholesale Trade 22% Power & Utilities 23% Real Estate 17% Mortgage Warehouse 5% Finance & Insurance 6% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 29% Natural Gas 26% Solar 19% Transmission, Control & Distribution 6% Other 19% Wisconsin 22% Illinois 15% Minnesota 7% Texas 6% Other Midwest 10% Other 40% Wisconsin 19% Illinois 14% Minnesota 10% Other Midwest2 21% Texas 10% Other 27% 2 2 Loan Stratification Outstanding Balances as of March 31, 2025 C&BL by Geography $12.0 billion Power & Utilities Lending $2.7 billion C&BL by Industry $12.0 billion Total Loans1 CRE by Geography $7.4 billion CRE by Property Type $7.4 billion
26 Swaps Update Contractual swap balances as of 3/31/2025 $2.85 $2.45 $2.45 $2.00 $1.75 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 3.89%3.89%3.82% 3.83% 3.79% ($ in billions) Notional Balances Weighted Average Yield
27 4% 0% 1Q 2017 1Q 2025 7% 1% 1Q 2009 1Q 2025 Strengthened Balance Sheet1 $9.4 $11.3 $2.2 $7.0$4.3 $12.0 $15.9 $30.3 1Q 2009 1Q 2025 Land & For-Sale Housing Loans / Total Loans Oil & Gas Loans / Total Loans Total Loan Portfolio Evolution ($ in billions) Commercial & Business Lending Residential Mortgage All Other Loans1 All figures shown on an end of period basis unless otherwise noted. 41% 63% 1Q 2015 – 1Q 2025 C&BL (ex. Oil & Gas) 0.16% Blended 0.09%Residential Mortgage 0.02% ~23% of total NCOs during a peak loss period from 1Q 2009 through 1Q 2011 ~68% of total NCOs from 1Q 2017 through 1Q 2023 1Q 2009 – 1Q 2025 C&BL (ex. Oil & Gas) 0.42% Blended 0.27%Residential Mortgage 0.09% WAvg. NCO Rates We’ve exited or greatly reduced certain historically volatile portfolios while growing historically stable assets
28 Multi-Family 44% Retail 9% Office 12% Industrial 22% Other 13% Consumer 36% Com'l & Business Lending 40% CRE 24% Wisconsin 19% Illinois 14% Minnesota 10% Other Midwest2 21% Texas 10% Other 27% 1 All updates as of or for the period ended March 31, 2025 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. 4 Calculated on an annualized basis. Negative values indicate a net recovery. 5 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. 6 Property class mix determined by third-party vendor partner mapping of portfolio. High-Quality Commercial Real Estate Portfolio1 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 Portfolio LTV 59% 59% 58% 57% 57% Delinquencies3/Loans 0.28% 0.01% 0.22% 0.50% 0.03% NALs/Loans 0.26% 0.67% 0.26% 0.23% 0.43% ACLL/Loans 1.87% 1.98% 2.20% 1.99% 1.88% NCOs/Avg. Loans4 0.00% 0.25% 0.00% 0.37% 0.05% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.16% Top 10 Largest CRE Borrowers 1.21% Largest CRE Property Type (Multi-Fam) 10.74% CRE Office Loans 3.02% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.20x 2025 Remaining Maturities $344 million Central Business District vs. Suburban ~79% Suburban Property Class Mix6 ~54% Class A ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets
29 Period End Core Customer Deposits Reconciliation ($ in millions) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Total deposits $35,197 $34,648 $33,554 $32,691 $33,713 Network transaction deposits (1,883) (1,758) (1,567) (1,503) (1,793) Brokered CDs (4,198) (4,276) (4,243) (4,062) (3,931) Core customer deposits $29,116 $28,614 $27,745 $27,127 $27,989 Reconciliation & Definitions of Non-GAAP Items 1 The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. 2 These items classified as nonrecurring items are the result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. Quarterly Average Core Customer Deposits Reconciliation ($ in millions) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Total deposits $34,833 $34,337 $33,321 $32,629 $33,267 Network transaction deposits (1,848) (1,691) (1,644) (1,595) (1,652) Brokered CDs (4,315) (4,515) (4,248) (3,928) (4,269) Core customer deposits $28,670 $28,132 $27,429 $27,106 $27,346 Tangible Common Equity and Tangible Assets Reconciliation1 ($ in millions) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Common equity $4,492 $4,411 $4,219 $4,048 $3,975 Goodwill and other intangible assets, net (1,134) (1,137) (1,139) (1,141) (1,143) Tangible common equity $3,358 $3,275 $3,080 $2,907 $2,831 Total assets $43,309 $43,023 $42,211 $41,624 $41,137 Goodwill and other intangible assets, net (1,134) (1,137) (1,139) (1,141) (1,143) Tangible assets $42,175 $41,886 $41,072 $40,483 $39,994 Nonrecurring Item Noninterest Income Reconciliation ($ in millions) 1Q 2025 YTD Dec 2024 4Q 2024 GAAP noninterest income (loss) $59 $(9) $(207) Loss on mortgage portfolio sale2 7 130 130 Net loss on sale of investments2 - 148 148 Noninterest income, excluding nonrecurring items $66 $269 $72
30 Reconciliation & Definitions of Non-GAAP Items 1 Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of the balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio. Non-GAAP Efficiency Ratios Reconciliation ($ in millions) 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Total expense for efficiency ratios reconciliation Noninterest expense $211 $224 $201 $196 $198 Less: Other intangible amortization 2 2 2 2 2 Total expense for fully tax-equivalent efficiency ratio 208 222 198 194 195 Less: FDIC special assessment - - - - 8 Less: Announced initiatives1 - 14 - - - Total expense for adjusted efficiency ratio 208 208 198 194 188 Total revenue for efficiency ratios reconciliation Net interest income 286 270 263 257 258 Noninterest income 59 (207) 67 65 65 Less: Investment securities gains (losses), net - (148) - - 4 Fully tax-equivalent adjustment 4 4 4 4 4 Total revenue for fully tax-equivalent efficiency ratio 349 215 333 325 323 Less: Announced initiatives1 (7) (130) - - - Total revenue for adjusted efficiency ratio 356 346 333 325 323 Efficiency Ratios (expense / revenue) Fully tax-equivalent efficiency ratio 59.72% 103.11% 59.51% 59.51% 60.56% Adjusted efficiency ratio 58.55% 60.10% 59.51% 59.51% 58.18%
31 Reconciliation & Definitions of Non-GAAP Items 1 This item classified as a nonrecurring item is a result of the balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. Common Equity Tier 1 Capital Ratio Reconciliation 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Common equity Tier 1 capital ratio 10.11% 10.01% 9.72% 9.68% 9.43% Accumulated other comprehensive loss adjustment (0.10)% (0.22)% (0.34)% (0.67)% (0.64)% Common equity Tier 1 capital ratio including accumulated other comprehensive loss 10.01% 9.79% 9.38% 9.01% 8.79% Nonrecurring Item Noninterest Expense Reconciliation ($ in millions) YTD Dec 2024 4Q 2024 GAAP noninterest expense $818 $224 Loss on prepayments of FHLB advances1 (14) (14) Noninterest expense, excluding nonrecurring items $804 $210