ASB 8-K
Associated Banc-Corp (ASB)
8-K
2026-04-23
For: 2026-04-23
View Original
Added on
April 23, 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 | ||
| 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: | 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 2026 Net Income Available to Common Equity of $117 Million, or $0.70 per Common Share
GREEN BAY, Wis. -- April 23, 2026 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $117 million, or $0.70 per common share, for the quarter ended March 31, 2026. These amounts compare to earnings of $134 million, or $0.80 per common share, for the quarter ended December 31, 2025 and earnings of $99 million, or $0.59 per common share, for the quarter ended March 31, 2025.
“After posting the strongest bottom line in company history in 2025, we maintained our growth momentum in the first quarter of 2026, with over $500 million in C&I loan growth, strong customer household growth, and steady credit performance,” said President & CEO Andy Harmening. “We’ve also taken proactive steps to accelerate our growth trajectory in major metro markets by announcing several key hires, expanding our commercial presence, and closing on our acquisition of American National Corporation.”
“As we look to the remainder of 2026, we’re well-positioned to navigate the current environment thanks to the resilience and stability of our Midwestern markets, our enhanced profitability profile, a solid capital position, and our ability to attract and deepen relationships. We look forward to providing additional updates on Associated’s growth journey along the way.”
First Quarter 2026 Highlights
•Diluted earnings per common share of $0.70
•Total period end loans of $31.8 billion (+2% vs. 4Q 2025; +5% vs. 1Q 2025)
•Total period end commercial & industrial loans of $12.3 billion (+5% vs. 4Q 2025; +13% vs. 1Q 2025)
•Total period end deposits of $35.7 billion (+1% vs. 4Q 2025; +2% vs. 1Q 2025)
•Total period end core customer deposits1 of $30.4 billion (+3% vs. 4Q 2025; +4% vs. 1Q 2025)
•Net interest income of $307 million ((1)% vs. 4Q 2025; +7% vs. 1Q 2025)
•Net interest margin of 3.03%
•Noninterest income of $76 million
•Noninterest expense of $219 million
•Provision for credit losses of $11 million
•Allowance for credit losses on loans / total loans of 1.34%
•Net charge offs / average loans (annualized) of 0.07%
•Book value / share of $29.04
•Tangible book value / share1 of $22.23
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 2026 average total loans of $31.3 billion increased 1%, or $286 million, from the prior quarter and increased 4%, or $1.2 billion, from the same period last year. With respect to first quarter 2026 average balances by loan category:
•Commercial and business lending increased $222 million from the prior quarter and increased $1.2 billion from the same period last year to $13.0 billion.
•Commercial real estate lending increased $67 million from the prior quarter and increased $19 million from the same period last year to $7.3 billion.
•Consumer lending decreased $2 million from the prior quarter and decreased $91 million from the same period last year to $11.0 billion.
First quarter 2026 period end total loans of $31.8 billion increased 2%, or $635 million, from the prior quarter and increased 5%, or $1.5 billion, from the same period last year. With respect to first quarter 2026 period end balances by loan category:
•Commercial and business lending increased $547 million from the prior quarter and increased $1.5 billion from the same period last year to $13.5 billion.
•Commercial real estate lending increased $143 million from the prior quarter and decreased $22 million the same period last year to $7.4 billion.
•Consumer lending decreased $56 million from the prior quarter and increased $37 million from the same period last year to $10.9 billion.
After including the impact of the acquisition of American National Corporation, we now expect 2026 period end loan growth of 17% to 19% as compared to Associated's standalone results for the year ended December 31, 2025.
Deposits
First quarter 2026 average deposits of $35.2 billion decreased 1%, or $468 million, from the prior quarter and increased 1%, or $327 million, from the same period last year. With respect to first quarter 2026 average balances by deposit category:
•Noninterest-bearing demand deposits decreased $65 million from the prior quarter and increased $359 million from the same period last year to $6.0 billion.
•Savings increased $96 million from the prior quarter and increased $370 million from the same period last year to $5.5 billion.
•Interest-bearing demand deposits decreased $168 million from the prior quarter and decreased $145 million from the same period last year to $7.9 billion.
•Money market deposits increased $171 million from the prior quarter and decreased $18 million from the same period last year to $6.1 billion.
•Brokered CDs decreased $470 million from the prior quarter and decreased $787 million from the same period last year to $3.5 billion.
•Other time deposits increased $141 million from the prior quarter and increased $478 million from the same period last year to $4.2 billion.
•Network transaction deposits decreased $173 million from the prior quarter and increased $70 million from the same period last year to $1.9 billion.
•Core customer deposits1 increased $174 million from the prior quarter and increased $1.0 billion from the same period last year to $29.7 billion.
First quarter 2026 period end deposits of $35.7 billion increased 1%, or $179 million, from the prior quarter and increased 2%, or $535 million, from the same period last year. With respect to first quarter 2026 period end balances by deposit category:
•Noninterest-bearing demand deposits decreased $2 million from the prior quarter and decreased $11 million from the same period last year to $6.1 billion.
•Savings increased $189 million from the prior quarter and increased $413 million from the same period last year to $5.7 billion.
•Interest-bearing demand deposits increased $141 million from the prior quarter and increased $94 million from the same period last year to $8.0 billion.
•Money market deposits increased $49 million from the prior quarter and increased $47 million from the same period last year to $6.2 billion.
•Brokered CDs decreased $232 million from the prior quarter and decreased $635 million from the same period last year to $3.6 billion.
•Other time deposits increased $443 million from the prior quarter and increased $763 million from the same period last year to $4.5 billion.
•Network transaction deposits decreased $408 million from the prior quarter and decreased $136 million from the same period last year to $1.7 billion.
•Core customer deposits1 increased $820 million from the prior quarter and increased $1.3 billion from the same period last year to $30.4 billion.
After including the impact of the acquisition of American National Corporation, we now expect 2026 period end total deposit growth of 17% to 19% and period end core customer deposit growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.
Net Interest Income and Net Interest Margin
First quarter 2026 net interest income of $307 million decreased $3 million from the prior quarter and increased $21 million from the same period last year. The net interest margin of 3.03% was a 3 basis point decrease from the prior quarter and a 6 basis point increase from the same period last year.
•The average yield on total loans for the first quarter of 2026 decreased 19 basis points from the prior quarter and decreased 30 basis points from the same period last year to 5.53%.
•The average cost of total interest-bearing liabilities for the first quarter of 2026 decreased 15 basis points from the prior quarter and decreased 39 basis points from the same period last year to 2.67%.
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
•The net free funds benefit for the first quarter of 2026 decreased 5 basis points from the prior quarter and decreased 8 basis points from the same period last year to 0.50%.
We expect to share an updated 2026 net interest income outlook following the finalization of purchase accounting adjustments tied to the acquisition of American National Corporation.
Noninterest Income
First quarter 2026 total noninterest income of $76 million decreased $4 million from the prior quarter and increased $17 million from the same period last year. With respect to first quarter 2026 noninterest income line items:
•Capital markets, net decreased $5 million from the prior quarter and increased $2 million from the same period last year.
•Wealth management fees decreased $1 million from the prior quarter and increased $3 million from the same period last year.
•Mortgage banking, net increased $3 million from the prior quarter and increased $2 million from the same period last year.
•Card-based fees decreased $1 million from the prior quarter and increased $1 million from the same period last year.
After including the impact from the acquisition of American National Corporation, we now expect total noninterest income growth of 8% to 10% in 2026 as compared to Associated's standalone results for the year ended December 31, 2025.
Noninterest Expense
First quarter 2026 total noninterest expense of $219 million decreased slightly from the prior quarter and increased $9 million from the same period last year. With respect to first quarter 2026 noninterest expense line items:
•Personnel expense increased slightly from the prior quarter and increased $11 million from the same period last year.
•Technology expense increased $1 million from the prior quarter and increased $3 million from the same period last year.
•Business development and advertising expense decreased $1 million from the prior quarter and increased $1 million from the same period last year.
We expect to share an updated 2026 noninterest expense outlook following the finalization of purchase accounting adjustments tied to the acquisition of American National Corporation.
Taxes
First quarter 2026 tax expense was $33 million, compared to $26 million of tax expense in the prior quarter and $19 million of tax expense in the same period last year. The effective tax rate for the first quarter of 2026 was 21.75%, compared to 15.82% in the prior quarter and 16.03% in the same period last year.
We continue to expect the annual effective tax rate to be between 19% and 21% in 2026.
Credit
First quarter 2026 provision for credit losses on loans was $11 million, compared to a provision of $7 million in the prior quarter and a provision of $13 million in the same period last year. With respect to first quarter 2026 credit quality:
•Nonaccrual loans of $111 million increased $10 million from the prior quarter and decreased $24 million from the same period last year. The nonaccrual loans to total loans ratio was 0.35% in the first quarter, up from 0.32% in the prior quarter and down from 0.44% in the same period last year.
•First quarter 2026 net charge offs of $5 million increased compared to net charge offs of $2 million in the prior quarter and decreased compared to net charge offs of $9 million in the same period last year.
•The allowance for credit losses on loans (ACLL) of $425 million increased $6 million compared to the prior quarter and increased $18 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 flat compared to 1.34% in the same period last year.
In 2026, 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 10.47% at March 31, 2026. 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 2026 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 23, 2026. 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 2026 earnings call. The first quarter 2026 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 approximately $50 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 over 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and Nebraska. 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) | |||||||||||||||||||||||
| (Dollars in thousands) | March 31, 2026 | December 31, 2025 | Sequential Quarter Change | September 30, 2025 | June 30, 2025 | March 31, 2025 | Comparable Quarter Change | ||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and due from banks | $ | 465,318 | $ | 574,698 | $ | (109,380) | $ | 490,431 | $ | 521,167 | $ | 521,323 | $ | (56,005) | |||||||||
| Interest-bearing deposits in other financial institutions | 920,684 | 1,144,123 | (223,439) | 802,251 | 738,938 | 711,033 | 209,651 | ||||||||||||||||
| Federal funds sold and securities purchased under agreements to resell | 175 | 1,400 | (1,225) | 90 | — | 105 | 70 | ||||||||||||||||
| Available for sale (AFS) investment securities, at fair value | 5,514,456 | 5,397,563 | 116,893 | 5,217,278 | 5,036,508 | 4,796,570 | 717,886 | ||||||||||||||||
| Held to maturity (HTM) investment securities, net, at amortized cost | 3,570,843 | 3,602,519 | (31,676) | 3,636,080 | 3,672,101 | 3,705,793 | (134,950) | ||||||||||||||||
| Equity securities | 26,109 | 26,060 | 49 | 26,000 | 25,912 | 23,331 | 2,778 | ||||||||||||||||
| Regulatory stocks, at cost | 290,189 | 252,514 | 37,675 | 251,642 | 278,356 | 194,244 | 95,945 | ||||||||||||||||
| Residential loans held for sale | 87,461 | 72,499 | 14,962 | 74,563 | 96,804 | 47,611 | 39,850 | ||||||||||||||||
| Commercial loans held for sale | — | — | — | — | 8,406 | 7,910 | (7,910) | ||||||||||||||||
| Loans | 31,798,164 | 31,163,614 | 634,550 | 30,951,964 | 30,607,605 | 30,294,127 | 1,504,037 | ||||||||||||||||
| Allowance for loan losses | (385,756) | (378,068) | (7,688) | (378,341) | (376,515) | (371,348) | (14,408) | ||||||||||||||||
| Loans, net | 31,412,408 | 30,785,546 | 626,862 | 30,573,623 | 30,231,091 | 29,922,780 | 1,489,628 | ||||||||||||||||
| Tax credit and other investments | 230,954 | 236,657 | (5,703) | 245,239 | 247,111 | 254,187 | (23,233) | ||||||||||||||||
| Premises and equipment, net | 376,760 | 381,624 | (4,864) | 384,139 | 377,372 | 377,521 | (761) | ||||||||||||||||
| Bank and corporate owned life insurance | 694,765 | 694,452 | 313 | 693,511 | 691,470 | 690,551 | 4,214 | ||||||||||||||||
| Goodwill | 1,104,992 | 1,104,992 | — | 1,104,992 | 1,104,992 | 1,104,992 | — | ||||||||||||||||
| Other intangible assets, net | 20,647 | 22,849 | (2,202) | 25,052 | 27,255 | 29,457 | (8,810) | ||||||||||||||||
| Mortgage servicing rights, net | 87,599 | 86,337 | 1,262 | 85,063 | 85,245 | 86,251 | 1,348 | ||||||||||||||||
| Interest receivable | 161,021 | 161,118 | (97) | 168,451 | 168,627 | 159,729 | 1,292 | ||||||||||||||||
| Other assets | 629,359 | 657,645 | (28,286) | 677,458 | 682,373 | 675,748 | (46,389) | ||||||||||||||||
| Total assets | $ | 45,593,740 | $ | 45,202,596 | $ | 391,144 | $ | 44,455,863 | $ | 43,993,729 | $ | 43,309,136 | $ | 2,284,604 | |||||||||
| Liabilities and stockholders' equity | |||||||||||||||||||||||
| Noninterest-bearing demand deposits | $ | 6,125,067 | $ | 6,126,632 | $ | (1,565) | $ | 5,906,251 | $ | 5,782,487 | $ | 6,135,946 | $ | (10,879) | |||||||||
| Interest-bearing deposits | 29,606,698 | 29,425,976 | 180,722 | 28,975,602 | 28,365,079 | 29,060,767 | 545,931 | ||||||||||||||||
| Total deposits | 35,731,765 | 35,552,608 | 179,157 | 34,881,853 | 34,147,565 | 35,196,713 | 535,052 | ||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 395,652 | 307,864 | 87,788 | 399,665 | 75,585 | 311,335 | 84,317 | ||||||||||||||||
| FHLB advances | 3,421,762 | 3,268,094 | 153,668 | 3,220,679 | 3,879,489 | 2,027,297 | 1,394,465 | ||||||||||||||||
| Senior and subordinated debt | 592,629 | 594,276 | (1,647) | 594,074 | 593,530 | 591,382 | 1,247 | ||||||||||||||||
| Allowance for unfunded commitments | 39,276 | 41,276 | (2,000) | 36,276 | 35,276 | 35,276 | 4,000 | ||||||||||||||||
| Accrued expenses and other liabilities | 414,784 | 463,131 | (48,347) | 455,019 | 481,503 | 460,574 | (45,790) | ||||||||||||||||
| Total liabilities | 40,595,868 | 40,227,249 | 368,619 | 39,587,565 | 39,212,948 | 38,622,578 | 1,973,290 | ||||||||||||||||
| Stockholders' equity | |||||||||||||||||||||||
| Preferred equity | 194,112 | 194,112 | — | 194,112 | 194,112 | 194,112 | — | ||||||||||||||||
| Common equity | 4,803,760 | 4,781,235 | 22,525 | 4,674,186 | 4,586,669 | 4,492,446 | 311,314 | ||||||||||||||||
| Total stockholders' equity | 4,997,872 | 4,975,347 | 22,525 | 4,868,298 | 4,780,781 | 4,686,558 | 311,314 | ||||||||||||||||
| Total liabilities and stockholders' equity | $ | 45,593,740 | $ | 45,202,596 | $ | 391,144 | $ | 44,455,863 | $ | 43,993,729 | $ | 43,309,136 | $ | 2,284,604 | |||||||||
Numbers may not recalculate due to rounding conventions.
1
| Associated Banc-Corp Consolidated Statements of Income (Unaudited) | Comparable Quarter | |||||||||||||
| (Dollars and shares in thousands, except per share data) | 1Q26 | 1Q25 | Dollar Change | Percentage Change | ||||||||||
| Interest income | ||||||||||||||
| Interest and fees on loans | $ | 426,989 | $ | 433,299 | $ | (6,310) | (1) | % | ||||||
| Interest and dividends on investment securities | ||||||||||||||
| Taxable | 75,676 | 69,788 | 5,888 | 8 | % | |||||||||
| Tax-exempt | 13,738 | 13,956 | (218) | (2) | % | |||||||||
| Other interest | 11,641 | 9,243 | 2,398 | 26 | % | |||||||||
| Total interest income | 528,044 | 526,285 | 1,759 | — | % | |||||||||
| Interest expense | ||||||||||||||
| Interest on deposits | 175,273 | 209,140 | (33,867) | (16) | % | |||||||||
| Interest on federal funds purchased and securities sold under agreements to repurchase | 3,732 | 3,622 | 110 | 3 | % | |||||||||
| Interest on FHLB advances | 31,570 | 16,090 | 15,480 | 96 | % | |||||||||
| Interest on senior and subordinated debt | 10,163 | 11,085 | (922) | (8) | % | |||||||||
| Interest on other interest-bearing liabilities | 116 | 408 | (292) | (72) | % | |||||||||
| Total interest expense | 220,854 | 240,345 | (19,491) | (8) | % | |||||||||
| Net interest income | 307,190 | 285,941 | 21,249 | 7 | % | |||||||||
| Provision for credit losses | 11,001 | 13,003 | (2,002) | (15) | % | |||||||||
| Net interest income after provision for credit losses | 296,189 | 272,938 | 23,251 | 9 | % | |||||||||
| Noninterest income | ||||||||||||||
| Wealth management fees | 25,219 | 22,498 | 2,721 | 12 | % | |||||||||
| Service charges and deposit account fees | 14,054 | 12,814 | 1,240 | 10 | % | |||||||||
| Card-based fees | 11,579 | 10,442 | 1,137 | 11 | % | |||||||||
| Other fee-based revenue | 4,862 | 5,251 | (389) | (7) | % | |||||||||
| Capital markets, net | 6,543 | 4,345 | 2,198 | 51 | % | |||||||||
| Mortgage banking, net | 6,111 | 3,822 | 2,289 | 60 | % | |||||||||
| Loss on mortgage portfolio sale | — | (6,976) | 6,976 | (100) | % | |||||||||
| Bank and corporate owned life insurance | 3,816 | 5,204 | (1,388) | (27) | % | |||||||||
| Asset gains (losses), net | 840 | (878) | 1,718 | N/M | ||||||||||
| Investment securities (losses) gains, net | (28) | 4 | (32) | N/M | ||||||||||
| Other | 2,861 | 2,251 | 610 | 27 | % | |||||||||
| Total noninterest income | 75,857 | 58,776 | 17,081 | 29 | % | |||||||||
| Noninterest expense | ||||||||||||||
| Personnel | 135,172 | 123,897 | 11,275 | 9 | % | |||||||||
| Technology | 29,736 | 27,139 | 2,597 | 10 | % | |||||||||
| Occupancy | 13,725 | 15,381 | (1,656) | (11) | % | |||||||||
| Business development and advertising | 7,827 | 6,386 | 1,441 | 23 | % | |||||||||
| Equipment | 5,610 | 4,527 | 1,083 | 24 | % | |||||||||
| Legal and professional | 6,721 | 6,083 | 638 | 10 | % | |||||||||
| Loan and foreclosure costs | 1,707 | 2,594 | (887) | (34) | % | |||||||||
| FDIC assessment | 8,837 | 10,436 | (1,599) | (15) | % | |||||||||
| Other intangible amortization | 2,203 | 2,203 | — | — | % | |||||||||
| Other | 7,625 | 11,974 | (4,349) | (36) | % | |||||||||
| Total noninterest expense | 219,163 | 210,619 | 8,544 | 4 | % | |||||||||
| Income before income taxes | 152,883 | 121,095 | 31,788 | 26 | % | |||||||||
| Income tax expense | 33,248 | 19,409 | 13,839 | 71 | % | |||||||||
| Net income | 119,635 | 101,687 | 17,948 | 18 | % | |||||||||
| Preferred stock dividends | 2,875 | 2,875 | — | — | % | |||||||||
| Net income available to common equity | $ | 116,760 | $ | 98,812 | $ | 17,948 | 18 | % | ||||||
Pre-tax pre-provision income (loss)(a) | 163,884 | 134,098 | 29,786 | 22 | % | |||||||||
| Earnings per common share | ||||||||||||||
| Basic | $ | 0.70 | $ | 0.60 | $ | 0.10 | 17 | % | ||||||
| Diluted | $ | 0.70 | $ | 0.59 | $ | 0.11 | 19 | % | ||||||
| Average common shares outstanding | ||||||||||||||
| Basic | 165,097 | 165,228 | (131) | — | % | |||||||||
| Diluted | 166,561 | 166,604 | (43) | — | % | |||||||||
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
Prior periods have been adjusted to conform with current period presentation.
(a) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
2
| Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend | |||||||||||||||||||||||
| (Dollars and shares in thousands, except per share data) | Sequential Quarter | ||||||||||||||||||||||
| 1Q26 | 4Q25 | Dollar Change | Percentage Change | 3Q25 | 2Q25 | 1Q25 | |||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Interest and fees on loans | $ | 426,989 | $ | 445,687 | $ | (18,698) | (4) | % | $ | 455,623 | $ | 447,781 | $ | 433,299 | |||||||||
| Interest and dividends on investment securities | |||||||||||||||||||||||
| Taxable | 75,676 | 73,511 | 2,165 | 3 | % | 73,727 | 71,174 | 69,788 | |||||||||||||||
| Tax-exempt | 13,738 | 13,851 | (113) | (1) | % | 13,888 | 13,902 | 13,956 | |||||||||||||||
| Other interest | 11,641 | 11,294 | 347 | 3 | % | 13,353 | 12,679 | 9,243 | |||||||||||||||
| Total interest income | 528,044 | 544,343 | (16,299) | (3) | % | 556,591 | 545,536 | 526,285 | |||||||||||||||
| Interest expense | |||||||||||||||||||||||
| Interest on deposits | 175,273 | 194,778 | (19,505) | (10) | % | 202,344 | 197,656 | 209,140 | |||||||||||||||
| Interest on federal funds purchased and securities sold under agreements to repurchase | 3,732 | 2,682 | 1,050 | 39 | % | 2,107 | 2,004 | 3,622 | |||||||||||||||
| Interest on FHLB advances | 31,570 | 26,309 | 5,261 | 20 | % | 35,965 | 34,889 | 16,090 | |||||||||||||||
| Interest on senior and subordinated debt | 10,163 | 10,483 | (320) | (3) | % | 10,741 | 10,700 | 11,085 | |||||||||||||||
| Interest on other interest-bearing liabilities | 116 | 110 | 6 | 5 | % | 212 | 287 | 408 | |||||||||||||||
| Total interest expense | 220,854 | 234,362 | (13,508) | (6) | % | 251,369 | 245,536 | 240,345 | |||||||||||||||
| Net interest income | 307,190 | 309,981 | (2,791) | (1) | % | 305,222 | 300,000 | 285,941 | |||||||||||||||
| Provision for credit losses | 11,001 | 6,998 | 4,003 | 57 | % | 16,000 | 17,996 | 13,003 | |||||||||||||||
| Net interest income after provision for credit losses | 296,189 | 302,983 | (6,794) | (2) | % | 289,223 | 282,004 | 272,938 | |||||||||||||||
| Noninterest income | |||||||||||||||||||||||
| Wealth management fees | 25,219 | 25,742 | (523) | (2) | % | 25,315 | 23,025 | 22,498 | |||||||||||||||
| Service charges and deposit account fees | 14,054 | 13,827 | 227 | 2 | % | 13,861 | 13,147 | 12,814 | |||||||||||||||
| Card-based fees | 11,579 | 12,679 | (1,100) | (9) | % | 12,308 | 11,200 | 10,442 | |||||||||||||||
| Other fee-based revenue | 4,862 | 5,557 | (695) | (13) | % | 5,414 | 4,995 | 5,251 | |||||||||||||||
| Capital markets, net | 6,543 | 11,175 | (4,632) | (41) | % | 10,764 | 5,765 | 4,345 | |||||||||||||||
| Mortgage banking, net | 6,111 | 2,926 | 3,185 | 109 | % | 3,541 | 4,213 | 3,822 | |||||||||||||||
| Loss on mortgage portfolio sale | — | — | — | — | % | — | — | (6,976) | |||||||||||||||
| Bank and corporate owned life insurance | 3,816 | 3,804 | 12 | — | % | 4,051 | 4,135 | 5,204 | |||||||||||||||
| Asset gains (losses), net | 840 | 838 | 2 | — | % | 3,340 | (1,735) | (878) | |||||||||||||||
| Investment securities (losses) gains, net | (28) | 37 | (65) | N/M | 1 | 7 | 4 | ||||||||||||||||
| Other | 2,861 | 2,799 | 62 | 2 | % | 2,670 | 2,226 | 2,251 | |||||||||||||||
| Total noninterest income | 75,857 | 79,384 | (3,527) | (4) | % | 81,265 | 66,977 | 58,776 | |||||||||||||||
| Noninterest expense | |||||||||||||||||||||||
| Personnel | 135,172 | 135,130 | 42 | — | % | 135,703 | 126,994 | 123,897 | |||||||||||||||
| Technology | 29,736 | 28,641 | 1,095 | 4 | % | 28,590 | 26,508 | 27,139 | |||||||||||||||
| Occupancy | 13,725 | 14,229 | (504) | (4) | % | 12,757 | 12,644 | 15,381 | |||||||||||||||
| Business development and advertising | 7,827 | 9,118 | (1,291) | (14) | % | 8,362 | 7,748 | 6,386 | |||||||||||||||
| Equipment | 5,610 | 6,888 | (1,278) | (19) | % | 4,368 | 4,494 | 4,527 | |||||||||||||||
| Legal and professional | 6,721 | 5,945 | 776 | 13 | % | 5,232 | 6,674 | 6,083 | |||||||||||||||
| Loan and foreclosure costs | 1,707 | 1,327 | 380 | 29 | % | 1,638 | 2,705 | 2,594 | |||||||||||||||
| FDIC assessment | 8,837 | 6,589 | 2,248 | 34 | % | 9,980 | 9,708 | 10,436 | |||||||||||||||
| Other intangible amortization | 2,203 | 2,203 | — | — | % | 2,203 | 2,203 | 2,203 | |||||||||||||||
| Other | 7,625 | 9,396 | (1,771) | (19) | % | 7,369 | 9,674 | 11,974 | |||||||||||||||
| Total noninterest expense | 219,163 | 219,466 | (303) | — | % | 216,202 | 209,352 | 210,619 | |||||||||||||||
| Income before income taxes | 152,883 | 162,901 | (10,018) | (6) | % | 154,286 | 139,629 | 121,095 | |||||||||||||||
| Income tax expense | 33,248 | 25,772 | 7,476 | 29 | % | 29,554 | 28,399 | 19,409 | |||||||||||||||
| Net income | 119,635 | 137,129 | (17,494) | (13) | % | 124,732 | 111,230 | 101,687 | |||||||||||||||
| Preferred stock dividends | 2,875 | 2,875 | — | — | % | 2,875 | 2,875 | 2,875 | |||||||||||||||
| Net income available to common equity | $ | 116,760 | $ | 134,254 | $ | (17,494) | (13) | % | $ | 121,857 | $ | 108,355 | $ | 98,812 | |||||||||
Pre-tax pre-provision income(a) | 163,884 | 169,899 | (6,015) | (4) | % | 170,286 | 157,625 | 134,098 | |||||||||||||||
| Earnings per common share | |||||||||||||||||||||||
| Basic | $ | 0.70 | $ | 0.81 | $ | (0.11) | (14) | % | $ | 0.73 | $ | 0.65 | $ | 0.60 | |||||||||
| Diluted | $ | 0.70 | $ | 0.80 | $ | (0.10) | (13) | % | $ | 0.73 | $ | 0.65 | $ | 0.59 | |||||||||
| Average common shares outstanding | |||||||||||||||||||||||
| Basic | 165,097 | 165,126 | (29) | — | % | 165,029 | 164,936 | 165,228 | |||||||||||||||
| Diluted | 166,561 | 166,746 | (185) | — | % | 166,703 | 166,343 | 166,604 | |||||||||||||||
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
Prior periods have been adjusted to conform with current period presentation.
(a) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
3
| Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025(a) | March 31, 2025(a) | |||||||||||||||||||||||||||
| (Dollars 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 (b)(c) | |||||||||||||||||||||||||||||
| Commercial and industrial | $ | 11,776,702 | $ | 172,507 | 5.94 | % | $ | 11,588,059 | $ | 182,101 | 6.24 | % | $ | 10,583,318 | $ | 169,785 | 6.50 | % | |||||||||||
| Commercial real estate—owner occupied | 1,190,708 | 15,968 | 5.44 | % | 1,157,531 | 16,358 | 5.61 | % | 1,141,167 | 16,200 | 5.76 | % | |||||||||||||||||
| Commercial and business lending | 12,967,410 | 188,475 | 5.89 | % | 12,745,590 | 198,459 | 6.18 | % | 11,724,484 | 185,985 | 6.43 | % | |||||||||||||||||
| Commercial real estate—investor | 5,277,283 | 78,154 | 6.01 | % | 5,291,562 | 84,153 | 6.31 | % | 5,415,412 | 87,089 | 6.52 | % | |||||||||||||||||
| Real estate construction | 2,055,338 | 34,043 | 6.72 | % | 1,974,318 | 34,870 | 7.01 | % | 1,898,582 | 33,945 | 7.25 | % | |||||||||||||||||
| Commercial real estate lending | 7,332,621 | 112,197 | 6.21 | % | 7,265,880 | 119,023 | 6.50 | % | 7,313,994 | 121,034 | 6.71 | % | |||||||||||||||||
| Total commercial | 20,300,031 | 300,672 | 6.01 | % | 20,011,470 | 317,482 | 6.30 | % | 19,038,479 | 307,020 | 6.54 | % | |||||||||||||||||
| Residential mortgage | 6,831,984 | 64,640 | 3.78 | % | 6,899,778 | 64,779 | 3.76 | % | 7,256,320 | 66,823 | 3.68 | % | |||||||||||||||||
| Auto finance | 3,125,504 | 41,969 | 5.45 | % | 3,064,457 | 42,915 | 5.56 | % | 2,844,730 | 39,176 | 5.59 | % | |||||||||||||||||
| Home equity | 709,865 | 11,692 | 6.60 | % | 706,923 | 12,570 | 7.11 | % | 657,625 | 12,052 | 7.34 | % | |||||||||||||||||
| Other consumer | 314,118 | 8,504 | 10.98 | % | 312,730 | 8,454 | 10.72 | % | 313,828 | 8,773 | 11.34 | % | |||||||||||||||||
| Total consumer | 10,981,471 | 126,805 | 4.65 | % | 10,983,888 | 128,718 | 4.67 | % | 11,072,503 | 126,824 | 4.61 | % | |||||||||||||||||
| Total loans | 31,281,502 | 427,477 | 5.53 | % | 30,995,358 | 446,200 | 5.72 | % | 30,110,982 | 433,844 | 5.83 | % | |||||||||||||||||
| Investments | |||||||||||||||||||||||||||||
| Taxable securities | 7,071,751 | 75,676 | 4.28 | % | 6,912,251 | 73,511 | 4.25 | % | 6,398,584 | 69,788 | 4.36 | % | |||||||||||||||||
Tax-exempt securities(b) | 1,978,501 | 17,389 | 3.52 | % | 1,990,389 | 17,534 | 3.52 | % | 2,016,144 | 17,666 | 3.50 | % | |||||||||||||||||
| Other short-term investments | 1,016,795 | 11,641 | 4.64 | % | 972,884 | 11,294 | 4.61 | % | 757,227 | 9,243 | 4.95 | % | |||||||||||||||||
| Total investments | 10,067,047 | 104,706 | 4.17 | % | 9,875,524 | 102,339 | 4.14 | % | 9,171,955 | 96,696 | 4.22 | % | |||||||||||||||||
| Total earning assets and related interest income | 41,348,549 | $ | 532,183 | 5.20 | % | 40,870,882 | $ | 548,539 | 5.34 | % | 39,282,937 | $ | 530,540 | 5.45 | % | ||||||||||||||
| Other assets, net | 3,670,399 | 3,531,889 | 3,347,690 | ||||||||||||||||||||||||||
| Total assets | $ | 45,018,948 | $ | 44,402,771 | $ | 42,630,627 | |||||||||||||||||||||||
| Liabilities and stockholders' equity | |||||||||||||||||||||||||||||
| Interest-bearing liabilities | |||||||||||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||||||||||
| Savings | $ | 5,532,848 | $ | 17,690 | 1.30 | % | $ | 5,436,968 | $ | 18,823 | 1.37 | % | $ | 5,162,468 | $ | 17,929 | 1.41 | % | |||||||||||
| Interest-bearing demand | 7,886,442 | 34,236 | 1.76 | % | 8,054,088 | 40,309 | 1.99 | % | 8,031,707 | 45,430 | 2.29 | % | |||||||||||||||||
| Money market | 6,061,442 | 34,239 | 2.29 | % | 5,890,836 | 35,353 | 2.38 | % | 6,079,551 | 39,560 | 2.64 | % | |||||||||||||||||
| Network transaction deposits | 1,917,854 | 17,502 | 3.70 | % | 2,090,587 | 20,882 | 3.96 | % | 1,847,972 | 20,067 | 4.40 | % | |||||||||||||||||
| Brokered CDs | 3,528,294 | 34,811 | 4.00 | % | 3,998,012 | 42,056 | 4.17 | % | 4,315,311 | 49,292 | 4.63 | % | |||||||||||||||||
| Other time deposits | 4,234,785 | 36,795 | 3.52 | % | 4,093,939 | 37,355 | 3.62 | % | 3,756,332 | 36,862 | 3.98 | % | |||||||||||||||||
| Total interest-bearing deposits | 29,161,665 | 175,273 | 2.44 | % | 29,564,430 | 194,778 | 2.61 | % | 29,193,341 | 209,140 | 2.91 | % | |||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 425,142 | 3,732 | 3.56 | % | 289,679 | 2,682 | 3.67 | % | 375,910 | 3,622 | 3.91 | % | |||||||||||||||||
| FHLB advances | 3,380,379 | 31,570 | 3.79 | % | 2,504,464 | 26,309 | 4.17 | % | 1,595,972 | 16,090 | 4.09 | % | |||||||||||||||||
| Senior and subordinated debt | 594,401 | 10,163 | 6.84 | % | 594,104 | 10,483 | 7.06 | % | 627,371 | 11,085 | 7.07 | % | |||||||||||||||||
| Other interest-bearing liabilities | 11,212 | 116 | 4.18 | % | 13,212 | 110 | 3.29 | % | 31,599 | 408 | 5.24 | % | |||||||||||||||||
| Total funding | 4,411,134 | 45,581 | 4.18 | % | 3,401,459 | 39,584 | 4.63 | % | 2,630,852 | 31,205 | 4.79 | % | |||||||||||||||||
| Total interest-bearing liabilities and related interest expense | 33,572,799 | $ | 220,854 | 2.67 | % | 32,965,889 | $ | 234,362 | 2.82 | % | 31,824,193 | $ | 240,345 | 3.06 | % | ||||||||||||||
| Noninterest-bearing demand deposits | 5,999,278 | 6,064,487 | 5,640,123 | ||||||||||||||||||||||||||
| Other liabilities | 440,344 | 464,838 | 535,732 | ||||||||||||||||||||||||||
| Stockholders’ equity | 5,006,527 | 4,907,557 | 4,630,578 | ||||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 45,018,948 | $ | 44,402,771 | $ | 42,630,627 | |||||||||||||||||||||||
| Interest rate spread | 2.53 | % | 2.52 | % | 2.39 | % | |||||||||||||||||||||||
| Net free funds | 0.50 | % | 0.55 | % | 0.58 | % | |||||||||||||||||||||||
| Fully tax-equivalent net interest income and net interest margin | $ | 311,329 | 3.03 | % | $ | 314,177 | 3.06 | % | $ | 290,195 | 2.97 | % | |||||||||||||||||
| Fully tax-equivalent adjustment | (4,139) | (4,196) | (4,254) | ||||||||||||||||||||||||||
| Net interest income | $ | 307,190 | $ | 309,981 | $ | 285,941 | |||||||||||||||||||||||
Numbers may not recalculate due to rounding conventions.
(a)Prior period has been adjusted to conform with current period presentation.
(b)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(c)Loans held for sale have been included in the average balances.
4
| Associated Banc-Corp Loan and Deposit Composition | |||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Period end loan composition | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % Change | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % Change | ||||||||||||||||
| Commercial and industrial | $ | 12,339,597 | $ | 11,799,757 | 5 | % | $ | 11,567,651 | $ | 11,281,964 | $ | 10,925,769 | 13 | % | |||||||||
| Commercial real estate—owner occupied | 1,193,778 | 1,186,324 | 1 | % | 1,149,939 | 1,101,501 | 1,118,363 | 7 | % | ||||||||||||||
| Commercial and business lending | 13,533,375 | 12,986,081 | 4 | % | 12,717,590 | 12,383,465 | 12,044,132 | 12 | % | ||||||||||||||
| Commercial real estate—investor | 5,266,584 | 5,246,030 | — | % | 5,369,441 | 5,370,422 | 5,597,442 | (6) | % | ||||||||||||||
| Real estate construction | 2,117,479 | 1,994,642 | 6 | % | 1,958,766 | 1,950,267 | 1,809,054 | 17 | % | ||||||||||||||
| Commercial real estate lending | 7,384,063 | 7,240,672 | 2 | % | 7,328,207 | 7,320,689 | 7,406,496 | — | % | ||||||||||||||
| Total commercial | 20,917,438 | 20,226,753 | 3 | % | 20,045,797 | 19,704,154 | 19,450,628 | 8 | % | ||||||||||||||
| Residential mortgage | 6,727,734 | 6,793,957 | (1) | % | 6,858,285 | 6,949,387 | 6,999,654 | (4) | % | ||||||||||||||
| Auto finance | 3,136,334 | 3,106,498 | 1 | % | 3,041,644 | 2,969,495 | 2,878,765 | 9 | % | ||||||||||||||
| Home equity | 706,075 | 713,271 | (1) | % | 698,112 | 676,208 | 654,140 | 8 | % | ||||||||||||||
| Other consumer | 310,583 | 323,135 | (4) | % | 308,126 | 308,361 | 310,940 | — | % | ||||||||||||||
| Total consumer | 10,880,726 | 10,936,861 | (1) | % | 10,906,167 | 10,903,451 | 10,843,499 | — | % | ||||||||||||||
| Total loans | $ | 31,798,164 | $ | 31,163,614 | 2 | % | $ | 30,951,964 | $ | 30,607,605 | $ | 30,294,127 | 5 | % | |||||||||
Quarter average loan composition(a) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % Change | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % Change | ||||||||||||||||
| Commercial and industrial | $ | 11,776,702 | $ | 11,588,059 | 2 | % | $ | 11,367,533 | $ | 10,981,221 | $ | 10,583,318 | 11 | % | |||||||||
| Commercial real estate—owner occupied | 1,190,708 | 1,157,531 | 3 | % | 1,105,787 | 1,114,054 | 1,141,167 | 4 | % | ||||||||||||||
| Commercial and business lending | 12,967,410 | 12,745,590 | 2 | % | 12,473,319 | 12,095,274 | 11,724,484 | 11 | % | ||||||||||||||
| Commercial real estate—investor | 5,277,283 | 5,291,562 | — | % | 5,300,765 | 5,582,333 | 5,415,412 | (3) | % | ||||||||||||||
| Real estate construction | 2,055,338 | 1,974,318 | 4 | % | 1,991,565 | 1,869,708 | 1,898,582 | 8 | % | ||||||||||||||
| Commercial real estate lending | 7,332,621 | 7,265,880 | 1 | % | 7,292,330 | 7,452,041 | 7,313,994 | — | % | ||||||||||||||
| Total commercial | 20,300,031 | 20,011,470 | 1 | % | 19,765,649 | 19,547,316 | 19,038,479 | 7 | % | ||||||||||||||
| Residential mortgage | 6,831,984 | 6,899,778 | (1) | % | 6,987,858 | 7,034,607 | 7,256,320 | (6) | % | ||||||||||||||
| Auto finance | 3,125,504 | 3,064,457 | 2 | % | 3,000,978 | 2,933,161 | 2,844,730 | 10 | % | ||||||||||||||
| Home equity | 709,865 | 706,923 | — | % | 690,330 | 667,339 | 657,625 | 8 | % | ||||||||||||||
| Other consumer | 314,118 | 312,730 | — | % | 305,644 | 309,578 | 313,828 | — | % | ||||||||||||||
| Total consumer | 10,981,471 | 10,983,888 | — | % | 10,984,811 | 10,944,685 | 11,072,503 | (1) | % | ||||||||||||||
| Total loans | $ | 31,281,502 | $ | 30,995,358 | 1 | % | $ | 30,750,460 | $ | 30,492,001 | $ | 30,110,982 | 4 | % | |||||||||
Period end deposit and customer funding composition(b) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % Change | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % Change | ||||||||||||||||
| Noninterest-bearing demand | $ | 6,125,067 | $ | 6,126,632 | — | % | $ | 5,906,251 | $ | 5,782,487 | $ | 6,135,946 | — | % | |||||||||
| Savings | 5,660,641 | 5,471,870 | 3 | % | 5,380,574 | 5,291,674 | 5,247,291 | 8 | % | ||||||||||||||
| Interest-bearing demand | 7,964,665 | 7,823,362 | 2 | % | 7,791,861 | 7,490,772 | 7,870,965 | 1 | % | ||||||||||||||
| Money market | 6,188,045 | 6,139,438 | 1 | % | 5,785,871 | 5,915,867 | 6,141,275 | 1 | % | ||||||||||||||
| Network transaction deposits | 1,746,518 | 2,154,995 | (19) | % | 2,013,964 | 1,792,362 | 1,882,930 | (7) | % | ||||||||||||||
| Brokered CDs | 3,562,752 | 3,795,133 | (6) | % | 3,956,517 | 4,072,048 | 4,197,512 | (15) | % | ||||||||||||||
| Other time deposits | 4,484,077 | 4,041,178 | 11 | % | 4,046,815 | 3,802,356 | 3,720,793 | 21 | % | ||||||||||||||
| Total deposits | 35,731,765 | 35,552,608 | 1 | % | 34,881,853 | 34,147,565 | 35,196,713 | 2 | % | ||||||||||||||
Other customer funding(c) | 42,372 | 47,794 | (11) | % | 64,570 | 75,440 | 85,950 | (51) | % | ||||||||||||||
| Total deposits and other customer funding | $ | 35,774,137 | $ | 35,600,402 | — | % | $ | 34,946,423 | $ | 34,223,005 | $ | 35,282,663 | 1 | % | |||||||||
Core customer deposits(d) and other customer funding | $ | 30,464,867 | $ | 29,650,274 | 3 | % | $ | 28,975,941 | $ | 28,358,595 | $ | 29,202,221 | 4 | % | |||||||||
| Quarter average deposit composition | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % Change | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % Change | ||||||||||||||||
| Noninterest-bearing demand | $ | 5,999,278 | $ | 6,064,487 | (1) | % | $ | 5,796,676 | $ | 5,648,935 | $ | 5,640,123 | 6 | % | |||||||||
| Savings | 5,532,848 | 5,436,968 | 2 | % | 5,338,129 | 5,222,869 | 5,162,468 | 7 | % | ||||||||||||||
| Interest-bearing demand | 7,886,442 | 8,054,088 | (2) | % | 7,898,770 | 7,683,402 | 8,031,707 | (2) | % | ||||||||||||||
| Money market | 6,061,442 | 5,890,836 | 3 | % | 5,860,802 | 5,988,947 | 6,079,551 | — | % | ||||||||||||||
| Network transaction deposits | 1,917,854 | 2,090,587 | (8) | % | 1,933,659 | 1,843,998 | 1,847,972 | 4 | % | ||||||||||||||
| Brokered CDs | 3,528,294 | 3,998,012 | (12) | % | 3,916,329 | 4,089,844 | 4,315,311 | (18) | % | ||||||||||||||
| Other time deposits | 4,234,785 | 4,093,939 | 3 | % | 3,961,522 | 3,725,205 | 3,756,332 | 13 | % | ||||||||||||||
| Total deposits | 35,160,943 | 35,628,917 | (1) | % | 34,705,887 | 34,203,201 | 34,833,464 | 1 | % | ||||||||||||||
Other customer funding(c) | 43,973 | 45,973 | (4) | % | 74,305 | 80,010 | 87,693 | (50) | % | ||||||||||||||
| Total deposits and other customer funding | $ | 35,204,916 | $ | 35,674,890 | (1) | % | $ | 34,780,192 | $ | 34,283,211 | $ | 34,921,157 | 1 | % | |||||||||
Core customer deposits(d) and other customer funding | $ | 29,758,768 | $ | 29,586,291 | 1 | % | $ | 28,930,204 | $ | 28,349,369 | $ | 28,757,874 | 3 | % | |||||||||
Numbers may not recalculate due to rounding conventions.
(a) Loans held for sale have been included in the average balances.
(b) March 31, 2025 has been adjusted to conform with current period presentation.
(c) Includes repurchase agreements.
(d) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
5
| Associated Banc-Corp Selected Asset Quality Information | |||||||||||||||||||||||
| (Dollars in thousands) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % Change | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % Change | ||||||||||||||||
| Allowance for loan losses | |||||||||||||||||||||||
| Balance at beginning of period | $ | 378,068 | $ | 378,341 | — | % | $ | 376,515 | $ | 371,348 | $ | 363,545 | 4 | % | |||||||||
| Provision for loan losses | 13,000 | 2,000 | N/M | 15,000 | 18,000 | 16,500 | (21) | % | |||||||||||||||
| Charge offs | (8,210) | (7,636) | 8 | % | (15,254) | (18,348) | (13,714) | (40) | % | ||||||||||||||
| Recoveries | 2,898 | 5,363 | (46) | % | 2,081 | 5,515 | 5,017 | (42) | % | ||||||||||||||
| Net charge offs | (5,312) | (2,273) | 134 | % | (13,173) | (12,833) | (8,698) | (39) | % | ||||||||||||||
| Balance at end of period | $ | 385,756 | $ | 378,068 | 2 | % | $ | 378,341 | $ | 376,515 | $ | 371,348 | 4 | % | |||||||||
| Allowance for unfunded commitments | |||||||||||||||||||||||
| Balance at beginning of period | $ | 41,276 | $ | 36,276 | 14 | % | $ | 35,276 | $ | 35,276 | $ | 38,776 | 6 | % | |||||||||
| Provision for unfunded commitments | (2,000) | 5,000 | N/M | 1,000 | — | (3,500) | (43) | % | |||||||||||||||
| Balance at end of period | 39,276 | 41,276 | (5) | % | 36,276 | 35,276 | 35,276 | 11 | % | ||||||||||||||
| Allowance for credit losses on loans (ACLL) | $ | 425,032 | $ | 419,344 | 1 | % | $ | 414,618 | $ | 411,791 | $ | 406,624 | 5 | % | |||||||||
| Provision for credit losses on loans | $ | 11,000 | $ | 7,000 | 57 | % | $ | 16,000 | $ | 18,000 | $ | 13,000 | (15) | % | |||||||||
| (Dollars in thousands) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % Change | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % Change | ||||||||||||||||
| Net (charge offs) recoveries | |||||||||||||||||||||||
| Commercial and industrial | $ | (2,736) | $ | 1,524 | N/M | $ | (1,230) | $ | (1,826) | $ | (4,726) | (42) | % | ||||||||||
| Commercial real estate—owner occupied | — | (113) | (100) | % | — | — | — | N/M | |||||||||||||||
| Commercial and business lending | (2,736) | 1,411 | N/M | (1,230) | (1,826) | (4,726) | (42) | % | |||||||||||||||
| Commercial real estate—investor | 500 | 94 | N/M | (8,930) | (8,493) | (892) | N/M | ||||||||||||||||
| Real estate construction | 2 | 2 | — | % | 2 | 121 | 30 | (93) | % | ||||||||||||||
| Commercial real estate lending | 502 | 96 | N/M | (8,928) | (8,372) | (863) | N/M | ||||||||||||||||
| Total commercial | (2,234) | 1,507 | N/M | (10,158) | (10,198) | (5,589) | (60) | % | |||||||||||||||
| Residential mortgage | 148 | (197) | N/M | (231) | (302) | 197 | (25) | % | |||||||||||||||
| Auto finance | (1,843) | (2,010) | (8) | % | (1,505) | (689) | (1,519) | 21 | % | ||||||||||||||
| Home equity | 439 | 2 | N/M | 56 | 237 | 289 | 52 | % | |||||||||||||||
| Other consumer | (1,822) | (1,575) | 16 | % | (1,336) | (1,881) | (2,076) | (12) | % | ||||||||||||||
| Total consumer | (3,078) | (3,780) | (19) | % | (3,015) | (2,636) | (3,109) | (1) | % | ||||||||||||||
| Total net charge offs | $ | (5,312) | $ | (2,273) | 134 | % | $ | (13,173) | $ | (12,833) | $ | (8,698) | (39) | % | |||||||||
| (In basis points) | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | ||||||||||||||||||
| Net (charge offs) recoveries to average loans (annualized) | |||||||||||||||||||||||
| Commercial and industrial | (9) | 5 | (4) | (7) | (18) | ||||||||||||||||||
| Commercial real estate—owner occupied | — | (4) | — | — | — | ||||||||||||||||||
| Commercial and business lending | (9) | 4 | (4) | (6) | (16) | ||||||||||||||||||
| Commercial real estate—investor | 4 | 1 | (67) | (61) | (7) | ||||||||||||||||||
| Real estate construction | — | — | — | 3 | 1 | ||||||||||||||||||
| Commercial real estate lending | 3 | 1 | (49) | (45) | (5) | ||||||||||||||||||
| Total commercial | (4) | 3 | (20) | (21) | (12) | ||||||||||||||||||
| Residential mortgage | 1 | (1) | (1) | (2) | 1 | ||||||||||||||||||
| Auto finance | (24) | (26) | (20) | (9) | (22) | ||||||||||||||||||
| Home equity | 25 | — | 3 | 14 | 18 | ||||||||||||||||||
| Other consumer | (235) | (200) | (173) | (244) | (268) | ||||||||||||||||||
| Total consumer | (11) | (14) | (11) | (10) | (11) | ||||||||||||||||||
| Total net charge offs | (7) | (3) | (17) | (17) | (12) | ||||||||||||||||||
| (Dollars in thousands) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % Change | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % Change | ||||||||||||||||
| Credit quality | |||||||||||||||||||||||
| Nonaccrual loans | $ | 110,581 | $ | 100,428 | 10 | % | $ | 106,179 | $ | 112,999 | $ | 134,808 | (18) | % | |||||||||
| Other real estate owned (OREO) | 32,534 | 28,016 | 16 | % | 29,268 | 34,287 | 23,475 | 39 | % | ||||||||||||||
| Repossessed assets | 806 | 757 | 6 | % | 789 | 882 | 688 | 17 | % | ||||||||||||||
| Total nonperforming assets | $ | 143,921 | $ | 129,201 | 11 | % | $ | 136,236 | $ | 148,169 | $ | 158,971 | (9) | % | |||||||||
Accruing loans past due 90 days or more(a) | $ | 2,490 | $ | 2,814 | (12) | % | $ | 2,692 | $ | 14,160 | $ | 3,036 | (18) | % | |||||||||
| Allowance for credit losses on loans to total loans | 1.34 | % | 1.35 | % | 1.34 | % | 1.35 | % | 1.34 | % | |||||||||||||
| Allowance for credit losses on loans to nonaccrual loans | 384.36 | % | 417.56 | % | 390.49 | % | 364.42 | % | 301.63 | % | |||||||||||||
| Nonaccrual loans to total loans | 0.35 | % | 0.32 | % | 0.34 | % | 0.37 | % | 0.44 | % | |||||||||||||
| Nonperforming assets to total loans plus OREO and repossessed assets | 0.45 | % | 0.41 | % | 0.44 | % | 0.48 | % | 0.52 | % | |||||||||||||
| Nonperforming assets to total assets | 0.32 | % | 0.29 | % | 0.31 | % | 0.34 | % | 0.37 | % | |||||||||||||
6
| Associated Banc-Corp Selected Asset Quality Information (continued) | |||||||||||||||||||||||
| (Dollars in thousands) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % Change | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % Change | ||||||||||||||||
| Nonaccrual loans | |||||||||||||||||||||||
| Commercial and industrial | $ | 19,606 | $ | 7,178 | 173 | % | $ | 12,802 | $ | 6,945 | $ | 12,898 | 52 | % | |||||||||
| Commercial real estate—owner occupied | 34 | 203 | (83) | % | 203 | — | 1,501 | (98) | % | ||||||||||||||
| Commercial and business lending | 19,640 | 7,381 | 166 | % | 13,006 | 6,945 | 14,399 | 36 | % | ||||||||||||||
| Commercial real estate—investor | 8,078 | 8,311 | (3) | % | 7,333 | 15,805 | 31,689 | (75) | % | ||||||||||||||
| Real estate construction | 25 | 144 | (83) | % | 145 | 146 | 125 | (80) | % | ||||||||||||||
| Commercial real estate lending | 8,103 | 8,455 | (4) | % | 7,478 | 15,950 | 31,814 | (75) | % | ||||||||||||||
| Total commercial | 27,743 | 15,836 | 75 | % | 20,484 | 22,895 | 46,213 | (40) | % | ||||||||||||||
| Residential mortgage | 66,890 | 68,492 | (2) | % | 69,093 | 73,817 | 72,455 | (8) | % | ||||||||||||||
| Auto finance | 8,888 | 8,271 | 7 | % | 8,218 | 8,004 | 7,692 | 16 | % | ||||||||||||||
| Home equity | 6,950 | 7,774 | (11) | % | 8,299 | 8,201 | 8,275 | (16) | % | ||||||||||||||
| Other consumer | 110 | 55 | 100 | % | 85 | 82 | 173 | (36) | % | ||||||||||||||
| Total consumer | 82,838 | 84,592 | (2) | % | 85,696 | 90,104 | 88,595 | (6) | % | ||||||||||||||
| Total nonaccrual loans | $ | 110,581 | $ | 100,428 | 10 | % | $ | 106,179 | $ | 112,999 | $ | 134,808 | (18) | % | |||||||||
| (Dollars in thousands) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % Change | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % Change | ||||||||||||||||
| Accruing loans 30-89 days past due | |||||||||||||||||||||||
| Commercial and industrial | $ | 24,253 | $ | 2,683 | N/M | $ | 1,071 | $ | 2,593 | $ | 7,740 | N/M | |||||||||||
| Commercial real estate—owner occupied | 345 | 34 | N/M | — | 5,628 | 1,156 | (70) | % | |||||||||||||||
| Commercial and business lending | 24,598 | 2,717 | N/M | 1,071 | 8,221 | 8,896 | 177 | % | |||||||||||||||
| Commercial real estate—investor | 33,487 | 19,405 | 73 | % | 14,190 | 1,042 | 2,463 | N/M | |||||||||||||||
| Real estate construction | — | 117 | (100) | % | 21 | 90 | — | N/M | |||||||||||||||
| Commercial real estate lending | 33,487 | 19,522 | 72 | % | 14,211 | 1,132 | 2,463 | N/M | |||||||||||||||
| Total commercial | 58,085 | 22,239 | 161 | % | 15,282 | 9,353 | 11,360 | N/M | |||||||||||||||
| Residential mortgage | 7,755 | 13,135 | (41) | % | 12,684 | 8,744 | 13,568 | (43) | % | ||||||||||||||
| Auto finance | 14,549 | 16,445 | (12) | % | 14,013 | 13,149 | 12,522 | 16 | % | ||||||||||||||
| Home equity | 2,742 | 3,779 | (27) | % | 4,265 | 4,338 | 3,606 | (24) | % | ||||||||||||||
Other consumer(a) | 2,173 | 2,704 | (20) | % | 2,728 | 2,578 | 2,381 | (9) | % | ||||||||||||||
| Total consumer | 27,219 | 36,063 | (25) | % | 33,689 | 28,810 | 32,076 | (15) | % | ||||||||||||||
| Total accruing loans 30-89 days past due | $ | 85,304 | $ | 58,302 | 46 | % | $ | 48,971 | $ | 38,163 | $ | 43,435 | 96 | % | |||||||||
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) Excluding guaranteed student loans.
7
| Associated Banc-Corp Selected Quarterly Information | |||||||||||||||||
| (Dollars and shares in thousands, except per share data and as noted) | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | ||||||||||||
| Per common share data | |||||||||||||||||
| Dividends | $ | 0.24 | $ | 0.24 | $ | 0.23 | $ | 0.23 | $ | 0.23 | |||||||
| Market value: | |||||||||||||||||
| High | 29.37 | 27.14 | 27.01 | 24.56 | 25.63 | ||||||||||||
| Low | 24.34 | 24.11 | 23.78 | 18.91 | 21.06 | ||||||||||||
| Close | 25.86 | 25.76 | 25.71 | 24.39 | 22.53 | ||||||||||||
Book value / share(a) | 29.04 | 28.81 | 28.17 | 27.67 | 27.09 | ||||||||||||
Tangible book value (TBV) / share(a)(b) | 22.23 | 22.01 | 21.36 | 20.84 | 20.25 | ||||||||||||
| Selected trend information | |||||||||||||||||
Net interest margin(c) | 3.03 | % | 3.06 | % | 3.04 | % | 3.04 | % | 2.97 | % | |||||||
| Effective tax rate | 21.75 | % | 15.82 | % | 19.16 | % | 20.34 | % | 16.03 | % | |||||||
Noninterest expense / average assets(c) | 1.97 | % | 1.96 | % | 1.95 | % | 1.93 | % | 2.00 | % | |||||||
Dividend payout ratio(d) | 34.29 | % | 29.63 | % | 31.51 | % | 35.38 | % | 38.33 | % | |||||||
| Loans / deposits ratio | 88.99 | % | 87.65 | % | 88.73 | % | 89.63 | % | 86.07 | % | |||||||
Assets under management, at market value(e) | $ | 15,708 | $ | 16,132 | $ | 16,178 | $ | 15,537 | $ | 14,685 | |||||||
Common shares repurchased during period(f) | 894 | — | — | — | 900 | ||||||||||||
| Common shares outstanding, end of period | 165,438 | 165,980 | 165,904 | 165,778 | 165,807 | ||||||||||||
Risk-based capital(g)(h) | |||||||||||||||||
| Total risk-weighted assets | $ | 35,773,810 | $ | 35,125,680 | $ | 34,688,358 | $ | 34,241,408 | $ | 33,800,823 | |||||||
Common equity Tier 1(i) | $ | 3,744,610 | $ | 3,683,711 | $ | 3,584,712 | $ | 3,493,316 | $ | 3,417,432 | |||||||
Common equity Tier 1 capital ratio(i) | 10.47 | % | 10.49 | % | 10.33 | % | 10.20 | % | 10.11 | % | |||||||
| Tier 1 capital ratio | 11.01 | % | 11.04 | % | 10.89 | % | 10.77 | % | 10.68 | % | |||||||
| Total capital ratio | 13.02 | % | 13.08 | % | 12.94 | % | 12.83 | % | 12.75 | % | |||||||
| Tier 1 leverage ratio | 8.98 | % | 8.96 | % | 8.81 | % | 8.72 | % | 8.69 | % | |||||||
| Selected equity and performance ratios | |||||||||||||||||
| Total stockholders’ equity / total assets | 10.96 | % | 11.01 | % | 10.95 | % | 10.87 | % | 10.82 | % | |||||||
Tangible common equity / tangible assets (TCE Ratio)(b) | 8.27 | % | 8.29 | % | 8.18 | % | 8.06 | % | 7.96 | % | |||||||
| Average stockholders' equity / average assets | 11.12 | % | 11.05 | % | 10.95 | % | 10.90 | % | 10.86 | % | |||||||
Return on average equity(c) | 9.69 | % | 11.09 | % | 10.26 | % | 9.43 | % | 8.91 | % | |||||||
Return on average tangible common equity (ROATCE)(b)(c) | 13.03 | % | 15.04 | % | 14.02 | % | 12.96 | % | 12.34 | % | |||||||
Return on average assets(c) | 1.08 | % | 1.23 | % | 1.12 | % | 1.03 | % | 0.97 | % | |||||||
Return on average tangible assets(b)(c) | 1.12 | % | 1.27 | % | 1.17 | % | 1.07 | % | 1.01 | % | |||||||
| Efficiency ratios (expense / revenue) | |||||||||||||||||
| Fully tax-equivalent efficiency ratio | 56.03 | % | 55.21 | % | 54.77 | % | 55.81 | % | 59.72 | % | |||||||
Adjusted efficiency ratio(b) | 55.77 | % | 55.15 | % | 54.77 | % | 55.81 | % | 58.55 | % | |||||||
Numbers may not recalculate due to rounding conventions.
(a)Based on period end common shares outstanding.
(b)This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
(c)This ratio is annualized.
(d)Ratio is based upon basic earnings per common share.
(e)In millions. Excludes assets held in brokerage accounts.
(f)Does not include repurchases related to tax withholding on equity compensation.
(g)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.
(h)March 31, 2026 data is estimated.
(i)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.
8
| Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | |||||||||||||||||
| (Dollars in thousands) | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | ||||||||||||
| Tangible common equity reconciliation | |||||||||||||||||
| Common equity | $ | 4,803,760 | $ | 4,781,235 | $ | 4,674,186 | $ | 4,586,669 | $ | 4,492,446 | |||||||
| Less: Goodwill and other intangible assets, net | 1,125,639 | 1,127,842 | 1,130,044 | 1,132,247 | 1,134,450 | ||||||||||||
| Tangible common equity for TBV / share and TCE Ratio | $ | 3,678,121 | $ | 3,653,393 | $ | 3,544,142 | $ | 3,454,422 | $ | 3,357,996 | |||||||
| Tangible assets reconciliation | |||||||||||||||||
| Total assets | $ | 45,593,740 | $ | 45,202,596 | $ | 44,455,863 | $ | 43,993,729 | $ | 43,309,136 | |||||||
| Less: Goodwill and other intangible assets, net | 1,125,639 | 1,127,842 | 1,130,044 | 1,132,247 | 1,134,450 | ||||||||||||
| Tangible assets for TCE Ratio | $ | 44,468,101 | $ | 44,074,754 | $ | 43,325,819 | $ | 42,861,482 | $ | 42,174,686 | |||||||
| Average tangible common equity reconciliation | |||||||||||||||||
| Average common equity | $ | 4,812,415 | $ | 4,713,445 | $ | 4,627,038 | $ | 4,538,549 | $ | 4,436,467 | |||||||
| Less: Average goodwill and other intangible assets, net | 1,126,748 | 1,129,055 | 1,131,385 | 1,133,627 | 1,135,584 | ||||||||||||
| Average tangible common equity for ROATCE | $ | 3,685,667 | $ | 3,584,390 | $ | 3,495,653 | $ | 3,404,922 | $ | 3,300,883 | |||||||
| Average tangible assets reconciliation | |||||||||||||||||
| Average total assets | $ | 45,018,948 | $ | 44,402,771 | $ | 44,015,203 | $ | 43,420,063 | $ | 42,630,627 | |||||||
| Less: Average goodwill and other intangible assets, net | 1,126,748 | 1,129,055 | 1,131,385 | 1,133,627 | 1,135,584 | ||||||||||||
| Average tangible assets for return on average tangible assets | $ | 43,892,200 | $ | 43,273,716 | $ | 42,883,818 | $ | 42,286,436 | $ | 41,495,043 | |||||||
| Adjusted net income reconciliation | |||||||||||||||||
| Net income | $ | 119,635 | $ | 137,129 | $ | 124,732 | $ | 111,230 | $ | 101,687 | |||||||
| Other intangible amortization, net of tax | 1,652 | 1,652 | 1,652 | 1,652 | 1,652 | ||||||||||||
| Adjusted net income for return on average tangible assets | $ | 121,287 | $ | 138,781 | $ | 126,384 | $ | 112,882 | $ | 103,339 | |||||||
| Adjusted net income available to common equity reconciliation | |||||||||||||||||
| Net income available to common equity | $ | 116,760 | $ | 134,254 | $ | 121,857 | $ | 108,355 | $ | 98,812 | |||||||
| Other intangible amortization, net of tax | 1,652 | 1,652 | 1,652 | 1,652 | 1,652 | ||||||||||||
| Adjusted net income available to common equity for ROATCE | $ | 118,412 | $ | 135,906 | $ | 123,509 | $ | 110,007 | $ | 100,464 | |||||||
| Pre-tax pre-provision income | |||||||||||||||||
| Income before income taxes | $ | 152,883 | $ | 162,901 | $ | 154,286 | $ | 139,629 | $ | 121,095 | |||||||
| Provision for credit losses | 11,001 | 6,998 | 16,000 | 17,996 | 13,003 | ||||||||||||
| Pre-tax pre-provision income | $ | 163,884 | $ | 169,899 | $ | 170,286 | $ | 157,625 | $ | 134,098 | |||||||
| Period end core customer deposits reconciliation | |||||||||||||||||
| Total deposits | $ | 35,731,765 | $ | 35,552,608 | $ | 34,881,853 | $ | 34,147,565 | $ | 35,196,713 | |||||||
| Less: Network transaction deposits | 1,746,518 | 2,154,995 | 2,013,964 | 1,792,362 | 1,882,930 | ||||||||||||
| Less: Brokered CDs | 3,562,752 | 3,795,133 | 3,956,517 | 4,072,048 | 4,197,512 | ||||||||||||
| Core customer deposits | $ | 30,422,495 | $ | 29,602,480 | $ | 28,911,371 | $ | 28,283,155 | $ | 29,116,271 | |||||||
| Average core customer deposits reconciliation | |||||||||||||||||
| Average total deposits | $ | 35,160,943 | $ | 35,628,917 | $ | 34,705,887 | $ | 34,203,201 | $ | 34,833,464 | |||||||
| Less: Average network transaction deposits | 1,917,854 | 2,090,587 | 1,933,659 | 1,843,998 | 1,847,972 | ||||||||||||
| Less: Average brokered CDs | 3,528,294 | 3,998,012 | 3,916,329 | 4,089,844 | 4,315,311 | ||||||||||||
| Average core customer deposits | $ | 29,714,795 | $ | 29,540,318 | $ | 28,855,899 | $ | 28,269,359 | $ | 28,670,181 | |||||||
| Total expense for efficiency ratios reconciliation | |||||||||||||||||
| Noninterest expense | $ | 219,163 | $ | 219,466 | $ | 216,202 | $ | 209,352 | $ | 210,619 | |||||||
| Less: Other intangible amortization | 2,203 | 2,203 | 2,203 | 2,203 | 2,203 | ||||||||||||
| Total expense for fully tax-equivalent efficiency ratio | 216,960 | 217,263 | 213,999 | 207,149 | 208,416 | ||||||||||||
Less: Acquisition costs(a) | 1,007 | 252 | — | — | — | ||||||||||||
| Total expense for adjusted efficiency ratio | $ | 215,953 | $ | 217,011 | $ | 213,999 | $ | 207,149 | $ | 208,416 | |||||||
| Total revenue for efficiency ratios reconciliation | |||||||||||||||||
| Net interest income | $ | 307,190 | $ | 309,981 | $ | 305,222 | $ | 300,000 | $ | 285,941 | |||||||
| Noninterest income | 75,857 | 79,384 | 81,265 | 66,977 | 58,776 | ||||||||||||
| Less: Investment securities (losses) gains, net | (28) | 37 | 1 | 7 | 4 | ||||||||||||
| Fully tax-equivalent adjustment | 4,139 | 4,196 | 4,222 | 4,228 | 4,254 | ||||||||||||
| Total revenue for fully tax-equivalent efficiency ratio | 387,214 | 393,524 | 390,708 | 371,198 | 348,968 | ||||||||||||
Less: Announced initiatives(b) | — | — | — | — | (6,976) | ||||||||||||
| Total revenue for adjusted efficiency ratio | $ | 387,214 | $ | 393,524 | $ | 390,708 | $ | 371,198 | $ | 355,943 | |||||||
(a)During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs.
(b)Announced initiatives include the loss on mortgage portfolio sale as a result of balance sheet repositioning that the Corporation announced in the fourth quarter of 2024.
9
Associated Banc-Corp First Quarter 2026 Earnings Presentation April 23, 2026
Important Disclosures 2 Forward-looking statements: Statements made in this document 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 the ability to integrate the American National Bank (“ANB”) business successfully and in a timely manner; the possibility that the anticipated benefits of the ANB transaction are not realized when expected or at all; the possibility that the ANB transaction may be more expensive to integrate than anticipated; and such other risk factors as 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.
Financial Results Associated Bank River Center – Milwaukee, WI
$0.70 Diluted EPS 10.47% CET1 Ratio 13.02% Total Capital Ratio 10.54% Common Equity / Total Assets 8.27% TCE Ratio1 9.69% Return on Avg. Equity 13.03% ROATCE1 $29.04 Book Value / Share $22.23 TBV / Share1 First Quarter 2026 Results 4 ▪ Total period end loans of $31.8 billion ▪ +2.0% vs. 4Q25; +5.0% vs. 1Q25 ▪ Period end C&I loans of $12.3 billion ▪ +4.6% vs. 4Q25; +12.9% vs. 1Q25 ▪ Total period end deposits of $35.7 billion ▪ +0.5% vs. 4Q25; +1.5% vs. 1Q25 ▪ Period end core customer deposits1 of $30.4 billion ▪ +2.8% vs. 4Q25; +4.5% vs. 1Q25 ▪ Net interest income of $307 million ▪ Net interest margin of 3.03% ▪ Noninterest income of $76 million ▪ Noninterest expense of $219 million ▪ Provision for credit losses of $11 million ▪ ACLL / total loans of 1.34% ▪ NCOs / average loans (annualized) of 0.07% 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.
+2.2% Annualized Customer CKG HH Growth 1Q26 vs. 4Q25 Accelerating our Growth Trend 5 +4.6% Period End C&I Loan Growth 1Q26 vs. 4Q25 1 YTD updates as of April 23, 2026. 2 Marketing acquisition spend defined as business development & advertising expense. Marketing acquisition spend up 23% in 1Q26 vs. 1Q252 1Q 2026 results reflect growth trend, with several YTD investments expected to drive additional momentum in 2026-27 4/1/2026 Completed Acquisition of American National Corporation Accelerating Growth YTD Investments for Sustained Growth1 Expanded Kansas City C&I team Launched new Franchise Banking vertical Hired new Director of Private Banking, Major Metro Markets Launched Dallas C&I team Two new product launches already impacting results
6 Late 3Q 2026 Expected conversion of systems & branches 12/1/2025 Announced agreement to acquire ANC American National Corporation (ANC) Integration on Track Partnership expected to complement & accelerate our organic growth strategy 3/12/2026 Regulatory approvals received 4/1/2026 Close of transaction Early April 2026 40+ ASB leaders in Omaha for integration Early April 2026 Colleague decisioning completed 2Q 2026 Purchase accounting adjustments finalized Expanded Presence in Strategic Growth Markets Financially Attractive Partnership Strong Cultural Alignment
Twin Cities 165-Year Foundation in Wisconsin…Accelerating Household, Deposit and C&I Growth in Major Metro Markets 7 ASB Branch Footprint States1 Strategic Major Metro Growth Markets 1 Upon expected conversion of American National Bank branches in 3Q 2026. Milwaukee Chicago Omaha St. Louis Kansas City Dallas/Ft. Worth Driving Growth in Legacy Metros Expanding in Strategic Growth Markets Milwaukee Chicago Twin Cities Omaha Kansas City Dallas/Ft. Worth Expanding in 2026 New in 2026 New in 2025 Expanded in 2026 Expanding in 2026 St. Louis First MO branch in 2025
$3.8 $3.9 $4.0 $4.1 $4.1 $7.3 $7.0 $7.0 $6.9 $6.8 $7.3 $7.5 $7.3 $7.3 $7.3 $11.7 $12.1 $12.5 $12.7 $13.0 $30.1 $30.5 $30.8 $31.0 $31.3 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Quarterly Loan Trends 8 Average Quarterly Loans ($ in billions) Period End Loan Change 12/31/25 to 3/31/26 ($ in millions) $(66) $(20) $7 $21 $30 $123 $540 Commercial & Industrial Home Equity & Other Consumer CRE-Construction Residential Mortgage Auto Finance Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer CRE-Investor CRE-Owner Occupied Strong period end C&I loan growth of 5% helped drive total loan growth of 2% in 1Q
$1.8 $1.8 $1.9 $2.1 $1.9 $4.3 $4.1 $3.9 $4.0 $3.5 $3.8 $3.7 $4.0 $4.1 $4.2 $6.1 $6.0 $5.9 $5.9 $6.1 $5.2 $5.2 $5.3 $5.4 $5.5 $8.0 $7.7 $7.9 $8.1 $7.9 $5.6 $5.6 $5.8 $6.1 $6.0 $34.8 $34.2 $34.7 $35.6 $35.2 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Quarterly Deposit & Funding Trends 9 Average Quarterly Deposits ($ in billions) Period End Funding Change 12/31/25 to 3/31/26 ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Customer CDs Savings Money Market Network Trans. Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs $(408) $(232) $85 $154 $(2) $49 $141 $189 $443 Noninterest-Bearing Demand Savings Other Wholesale Funding FHLB Advances Network Transaction Deposits Core Customer Deposits1 +$820 (+3%) Wholesale Funding Sources $(401) (-4%) Total Deposits +$179 (+1%) Customer CDs Interest-Bearing Demand Money Market Brokered CDs Seasonal inflows during 1Q helped drive strong period end deposit trends and a 4% decrease in wholesale funding
Average Yield Trends 10 Quarterly Average Yields (%) 6.71 6.75 6.74 6.50 6.21 6.43 6.50 6.45 6.18 5.89 5.59 5.63 5.58 5.56 5.45 3.68 3.70 3.75 3.76 3.78 4.22 4.24 4.26 4.14 4.17 2.91 2.78 2.78 2.61 2.44 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Residential Mortgage Commercial & Business Lending Commercial Real Estate Total Interest- Bearing Deposits Auto Finance Asset & Liability Yield / Rate Trends (%) Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 5.45 5.50 5.50 5.34 5.20 3.06 3.02 3.03 2.82 2.67 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Investments The yield on total earning assets decreased by 14 bps in 1Q, while interest-bearing liability costs decreased by 15 bps
Net Interest Income & Net Interest Margin Trends 11 ($ in millions) $286 $300 $305 $310 $307 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 3.04% 2.97% 3.06% 3.03% Quarterly Net Interest Income Quarterly Net Interest Margin 3.04% 1Q net interest income increased $21 million from the same period a year ago, while NIM increased by 6 bps over the same period
Interest Rate Risk Management1 12 Contractual Funding Obligations ($ in billions) Contractual Swaps Balances2 ($ in billions) Estimated NII Sensitivity Profile (%) 10.4 6.8 3.2 2.6 3.8 5.1 3.4 1.7 1.4 2.0 -14.9 -2.3 -1.0 -0.6 -1.4 -14.9 -4.4 -1.9 -1.5 -3.1 1Q 2022 1Q 2023 1Q 2024 1Q 2025 1Q 2026 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) $2.45 $2.45 $2.45 $1.93 $1.53 1Q 2026 2Q 2026 3Q 2026 4Q 2026 1Q 2027 ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $8.0 $0.1 $0.0 $8.1 Short-Term Funding $0.4 - - $0.4 FHLB Advances $3.2 $0.2 $0.0 $3.4 Other Long-Term Funding - - $0.6 $0.6 Total $11.6 $0.3 $0.6 $12.5 3.61%3.68%3.68%3.68% 3.56% Notional Balances Weighted Avg. Yield 1 All updates as of or for the period ended March 31, 2026 unless otherwise noted. 2 Includes $50 million of forward starting swaps. 3 In both the down 100 and down 200 for 1Q 2022, scenario rates are floored at zero. 3 We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment
Cash & Investment Securities Portfolio 13 Period End Investment Securities ($ in billions) Period End Securities + Cash / Total Assets $4.8 $5.0 $5.2 $5.4 $5.5 $3.7 $3.7 $3.6 $3.6 $3.6 $0.2 $0.3 $0.3 $0.3 $0.3$8.7 $9.0 $9.1 $9.3 $9.4 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Held to MaturityAvailable for Sale Other Securities 20.1% 20.5% 20.5% 20.5% 20.6% 2.9% 2.9% 2.9% 3.8% 3.1% 23.0% 23.4% 23.4% 24.3% 23.7% 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Investment Securities / Total Assets Cash / Total Assets We continue to target securities + cash / total assets of 22% to 24% in 2026 We’ve continued to manage our cash & investment securities levels in proportion to broader balance sheet growth
$22 $23 $25 $26 $25 $13 $13 $14 $14 $14 $10 $11 $12 $13 $12 $4 $6 $11 $11 $7 $4 $4 $4 $3 $6 $5 $10 $15 $12 $12 $59 $67 $81 $79 $76 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Quarterly Noninterest Income Trends 14 1 Wealth Mgmt. Fees Capital Markets, net Other2 Mortgage Banking, net Service Charges & Deposit Account Fees Card-Based Fees 1 1Q 2025 GAAP noninterest income includes a $7 million pre-tax loss on a mortgage portfolio sale, primarily driven by the FAS91 impact of the mortgage portfolio sale announced in 4Q 2024 and settled in 1Q 2025. 2 Other is comprised of other fee-based revenue, bank and corporate owned life insurance, asset gains (losses), net, investment securities gains (losses), net, and other noninterest income. Capital Markets, Net ($ in millions) $30 $25 $22 $32 $7 FY 2022 FY 2023 FY 2024 FY 2025 1Q 2026 $84 $83 $93 $97 $25 FY 2022 FY 2023 FY 2024 FY 2025 1Q 2026 1Q26 noninterest income was materially higher vs. 1Q25, with strong growth in wealth, capital markets & other fee categories Wealth Management Fees ($ in millions)Total Quarterly Noninterest Income ($ in millions)
Quarterly Noninterest Expense Trends 15 Total Quarterly Noninterest Expense ($ in millions) Efficiency Ratio (%) $124 $127 $136 $135 $135 $27 $27 $29 $29 $30 $15 $13 $13 $14 $14 $10 $10 $10 $7 $9 $34 $33 $29 $34 $31 $211 $209 $216 $219 $219 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Personnel Other1 Technology FDIC AssessmentOccupancy Adjusted Efficiency Ratio2Fully Tax-Equivalent Efficiency Ratio 59.7 55.8 54.8 55.2 56.0 58.6 55.8 54.8 55.2 55.8 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 1 Other is comprised of business development & advertising, equipment, legal & professional, loan & foreclosure costs, other intangible amortization & other noninterest expenses. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Total noninterest expense decreased slightly from the prior quarter & increased 4% vs. the same period a year ago
Capital Profile 16 Regulatory Capital Ratios (%) Additional Capital Ratios (%) Per Common Share Data ($) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 10.11 10.68 12.75 10.47 11.01 13.02 CET1 Tier 1 Capital Total Capital 1Q 2025 1Q 2026 27.09 27.67 28.17 28.81 29.04 20.25 20.84 21.36 22.01 22.23 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Tangible Common Equity / Tangible Assets (TCE Ratio)1 Total Common Equity / Total Assets 10.37 10.43 10.51 10.58 10.54 7.96 8.06 8.18 8.29 8.27 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Tangible Book Value / Share1Book Value / Share We continue to target a CET1 range of 10% to 10.75% in 2026
Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 172,257$ 1.43% 198,793$ 1.53% 208,208$ 1.54% CRE - Investor 79,149 1.41% 58,742 1.12% 53,899 1.02% CRE - Construction 59,873 3.31% 64,542 3.24% 69,810 3.30% Residential Mortgage 34,160 0.49% 33,644 0.50% 32,739 0.49% Other Consumer 61,184 1.59% 63,623 1.54% 60,376 1.45% Total 406,624$ 1.34% 419,344$ 1.35% 425,032$ 1.34% 3/31/2025 3/31/202612/31/2025 $407 $412 $415 $419 $425 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Allowance for Credit Losses on Loans (ACLL)1 17 ACLL Trends ($ in millions) 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) 1.34% 1.35% 1.34% 1.35% 1.34% 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 ACLL / Total Loans Our ACLL increased to $425 million in support of balance sheet growth, while ACLL / total loans decreased 1 bp to 1.34%
Credit Quality Trends 18 Total Delinquent Loans ($ in millions) Nonaccrual Loans ($ in millions) Total Criticized Loans ($ in millions) Net Charge Offs & Provision ($ in millions) $3 $14 $3 $3 $3 $44 $38 $49 $58 $85 $47 $52 $52 $61 $88 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Accruing Loans 30-89 Days PD $9 $13 $13 $2 $5 $13 $18 $16 $7 $11 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD $135 $113 $106 $100 $111 $740 $888 $1,125 $1,067 $1,066 $451 $467 $412 $310 $272 $1,325 $1,468 $1,643 $1,478 $1,449 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 $89 $90 $86 $85 $83 $32 $16 $7 $8 $8 $14 $7 $13 $7 $20 $135 $113 $106 $100 $111 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans 1Q credit quality remained solid with decreasing criticized loans and NCOs / avg. loans (annualized) of 0.07%
FY 2026 Outlook1 19 Total Loans Up 17% to 19% Total C&I Loans Up 20% to 22% Total Deposits Up 17% to 19% Core Customer Deposits2 Up 19% to 21% Net Interest Income Updating with 2Q 2026 Earnings Noninterest Income Up 8% to 10% Noninterest Expense Updating with 2Q 2026 Earnings Effective Tax Rate 19% to 21% CET1 Capital Ratio 10% to 10.75% 1 Projections are on an end of period basis as of and for the year ended 12/31/2026 as compared to Associated Banc-Corp standalone 2025 results as of 12/31/2025 unless otherwise noted. 2 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. We have not provided a reconciliation of the projection for core customer deposits to the projection for total deposits due to the low visibility and unpredictability of the components of total deposits necessary for such reconciliation. + ASB + American National Combined
Appendix IDS Center – Minneapolis, MN
Additional Quarterly Loan Trends 21 Period End Quarterly Loans ($ in billions) Average Loan Change 4Q 2025 to 1Q 2026 ($ in millions) $3.8 $4.0 $4.0 $4.1 $4.2 $7.0 $6.9 $6.9 $6.8 $6.7 $7.4 $7.3 $7.3 $7.2 $7.4 $12.0 $12.4 $12.7 $13.0 $13.5 $30.3 $30.6 $31.0 $31.2 $31.8 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 $(68) $(14) $4 $33 $61 $81 $189 Commercial & Industrial CRE-Investor CRE-Construction Residential Mortgage Auto Finance Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer CRE-Owner Occupied Home Equity & Other Consumer
3/31/2026 1 % of Total Loans 3/31/2026 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 3,183$ 10.0% Multi-Family 3,233$ 10.2% Manufacturing & Wholesale Trade 2,946 9.3% Industrial 1,785 5.6% Real Estate (includes REITs) 2,186 6.9% Office 746 2.3% Finance & Insurance 791 2.5% Retail 579 1.8% Mortgage Warehouse 654 2.1% Single Family Construction 193 0.6% Retail Trade 600 1.9% Hotel/Motel 190 0.6% Rental and Leasing Services 556 1.7% Medical 161 0.5% Construction 537 1.7% Warehouse 150 0.5% Transportation and Warehousing 522 1.6% Land 83 0.3% Professional, Scientific, and Tech. Serv. 324 1.0% Self Storage 4 0.0% Health Care and Social Assistance 316 1.0% Other 260 0.8% Information 271 0.9% Total CRE 7,384$ 23.2% Waste Management 163 0.5% Accommodation and Food Services 134 0.4% Consumer Management of Companies & Enterprises 62 0.2% Residential Mortgage 6,728$ 21.2% Educational Services 59 0.2% Auto Finance 3,136 9.9% Arts, Entertainment, and Recreation 53 0.2% Home Equity 706 2.2% Public Administration 17 0.1% Credit Cards 195 0.6% Agriculture, Forestry, Fishing and Hunting 9 0.0% Other 116 0.3% Mining 3 0.0% Total Consumer 10,881$ 34.2% Other 147 0.4% Total C&BL 13,533$ 42.6% Total Loans 31,798$ 100.0% Total Loans Outstanding Balances as of March 31, 2026 22 1 All values as of period end. 2 North American Industry Classification System. ($ in millions)
Loan Stratification Outstanding Balances as of March 31, 2026 23 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Multi-Family 44% Retail 8% Office 10% Industrial 24% Warehouse 2%Hotel / Motel 3% Other 9% Wisconsin 25% Illinois 17% Minnesota 8% Other Midwest 14% Texas 6% Other 30% Manufacturing & Wholesale Trade 22% Power & Utilities 23% Real Estate 16%Mortgage Warehouse 5% Finance & Insurance 6% Residential Mortgage 62% Auto Finance 29% Home Equity 6% Credit Cards 2% Other 1% Wisconsin 20% Illinois 14% Minnesota 7% Texas 6% Other Midwest 9% Other 44% Wisconsin 20% Illinois 13% Minnesota 8% Other Midwest2 20% Texas 13% Other 26% 2 2 C&BL by State $13.5 billion Consumer by Category $10.9 billion C&BL by Industry $13.5 billion Total Loans by State1 CRE by State $7.4 billion CRE by Property Type $7.4 billion
High-Quality Commercial Real Estate Portfolio1 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 Portfolio LTV 57% 57% 58% 57% 57% Delinquencies3/Loans 0.03% 0.17% 0.19% 0.27% 0.45% NALs/Loans 0.43% 0.22% 0.10% 0.12% 0.11% ACLL/Loans 1.88% 1.77% 1.74% 1.70% 1.68% NCOs/Avg. Loans4 0.05% 0.45% 0.49% (0.01)% (0.03)% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.16% Top 10 Largest CRE Borrowers 1.28% Largest CRE Property Type (Multi-Family) 10.17% CRE Office Loans 2.35% CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.22x 2026 Remaining Maturities $296 million Central Business District vs. Suburban ~81% Suburban Property Class Mix6 ~51% Class A Consumer 34% Com'l & Business Lending 43% CRE 23% Total Loans by Segment Wisconsin 20% Illinois 13% Minnesota 8% Other Midwest2 20% Texas 13% Other 26% CRE by State Multi-Family 44% Retail 8% Office 10% Industrial 24% Other 14% CRE by Property Type 1 All updates as of or for the period ended March 31, 2026 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 value represents 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 Consumer Loan Portfolio1 25 1 All data as of or for the period ended March 31, 2026 unless otherwise noted. 3/31/2026 % of Total Loans Residential Mortgage $6,728 21.2% Auto Finance $3,136 9.9% Home Equity $706 2.2% Credit Cards $195 0.6% Other $116 0.3% Total Consumer $10,881 34.2% Prime/Super Prime Consumer Loan Portfolio 789 783 794 792 Resi. Mortgage Auto Finance Home Equity Credit Cards Weighted Avg. Portfolio FICO Scores 87% 7% 6% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)
Stable, Granular Deposit Portfolio 26 Associated Bank, N.A. Period End Deposits ($ in billions) Liquidity Sources ($ in millions) 26% 25% 25% 26% 26% 74% 75% 75% 74% 74% $35.2 $34.2 $34.9 $35.6 $35.8 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits 12/31/2025 3/31/2026 Federal Reserve Balance $1,139.4 $915.7 FHLB Chicago Capacity $6,221.5 $5,574.2 Fed Discount Window Capacity $6,443.8 $6,506.8 Funding Available Within One Business Day1 $13,804.7 $12,996.7 Fed Funds Lines $1,846.0 $1,981.0 Brokered Deposits Capacity2 $823.1 $1,529.8 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Available Liquidity $17,473.7 $17,507.5 191% 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.
$1.9 $1.8 $2.0 $2.2 $1.7 $4.2 $4.1 $4.0 $3.8 $3.6 $3.7 $3.8 $4.0 $4.0 $4.5 $6.1 $5.9 $5.8 $6.1 $6.2 $5.2 $5.3 $5.4 $5.5 $5.7 $7.9 $7.5 $7.8 $7.8 $8.0 $6.1 $5.8 $5.9 $6.1 $6.1 $35.2 $34.1 $34.9 $35.6 $35.7 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Additional Quarterly Deposit & Funding Trends 27 Period End Quarterly Deposits ($ in billions) Quarterly Average Funding Change (4Q25 to 1Q26) ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Customer CDs Savings Money Market Network Trans. Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs $(470) $(173) $136 $(168) $(65) $96 $141 $171 Customer CDs FHLB Advances Brokered CDs Core Customer Deposits1 +$174 (+1%) Wholesale Funding Sources +$369 (+4%) Total Deposits $(468) (-1%) Money Market Savings Noninterest-Bearing Demand Network Transaction Deposits $876 Interest-Bearing Demand Other Wholesale Funding
Tangible Common Equity & Tangible Assets Reconciliation ($ in thousands) 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Common equity $4,803,760 $4,781,235 $4,674,186 $4,586,669 $4,492,446 Less: Goodwill and other intangible assets, net 1,125,639 1,127,842 1,130,044 1,132,247 1,134,450 Tangible common equity for TCE Ratio and TBV / share $3,678,121 $3,653,393 $3,544,142 $3,454,422 $3,357,996 Total assets $45,593,740 $45,202,596 $44,455,863 $43,993,729 $43,309,136 Less: Goodwill and other intangible assets, net 1,125,639 1,127,842 1,130,044 1,132,247 1,134,450 Tangible assets for TCE Ratio $44,468,101 $44,074,754 $43,325,819 $42,861,482 $42,174,686 Reconciliation & Definitions of Non-GAAP Items 28 Period End Core Customer Deposits Reconciliation ($ in thousands) 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Total deposits $35,731,765 $35,552,608 $34,881,853 $34,147,565 $35,196,713 Less: Network transaction deposits 1,746,518 2,154,995 2,013,964 1,792,362 1,882,930 Less: Brokered CDs 3,562,752 3,795,133 3,956,517 4,072,048 4,197,512 Core customer deposits $30,422,495 $29,602,480 $28,911,371 $28,283,155 $29,116,271 Avg. Core Customer Deposits Reconciliation ($ in thousands) 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Average total deposits $35,160,943 $35,628,917 $34,705,887 $34,203,201 $34,833,464 Less: Average network transaction deposits 1,917,854 2,090,587 1,933,659 1,843,998 1,847,972 Less: Average brokered CDs 3,528,294 3,998,012 3,916,329 4,089,844 4,315,311 Average core customer deposits $29,714,795 $29,540,318 $28,855,899 $28,269,359 $28,670,181 Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) 1Q 2026 Net income available to common equity $116,760 Other intangible amortization, net of tax 1,652 Adjusted net income available to common equity for ROATCE $118,412 Average common equity $4,812,415 Less: Average goodwill and other intangible assets, net 1,126,748 Average tangible common equity for ROATCE $3,685,667
Reconciliation & Definitions of Non-GAAP Items 29 Update 1 During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National Corporation. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs. 2 2025 announced initiatives include the loss on mortgage portfolio sale as a result of the balance sheet repositioning that the Corporation announced in 4Q 2024. Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Total expense for efficiency ratios reconciliation Noninterest expense $219,163 $219,466 $216,202 $209,352 $210,619 Less: Other intangible amortization 2,203 2,203 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 216,960 217,263 213,999 207,149 208,416 Less: Acquisition costs1 1,007 252 - - - Total expense for adjusted efficiency ratio $215,953 $217,011 $213,999 $207,149 $208,416 Total revenue for efficiency ratios reconciliation Net interest income $307,190 $309,981 $305,222 $300,000 $285,941 Noninterest income 75,857 79,384 81,265 66,977 58,776 Less: Investment securities (losses) gains, net (28) 37 1 7 4 Fully tax-equivalent adjustment 4,139 4,196 4,222 4,228 4,254 Total revenue for fully tax-equivalent efficiency ratio 387,214 393,524 390,708 371,198 348,968 Less: Announced initiatives2 - - - - (6,976) Total revenue for adjusted efficiency ratio $387,214 $393,524 $390,708 $371,198 $355,943
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