ASB 8-K
Associated Banc-Corp (ASB)
8-K
2026-01-22
For: 2026-01-22
View Original
Added on
April 06, 2026
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 | |||||
| FORM | |||||
| CURRENT REPORT | |||||
| Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 | |||||
| Date of Report (Date of earliest event reported) | |||||
| | ||
| (Exact name of registrant as specified in its chapter) | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip code) | ||||||||||
| Registrant’s telephone number, including area code | ||||||||
| (Former name or former address, if changed since last report) | |||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | |||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities Registered Pursuant to Section 12(b) of the act:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
Emerging growth company | |||||
☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ||||
| Item 2.02 Results of Operations and Financial Condition. | ||
On | ||
| 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 | ||||||||
 | 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 Delivers Record Annual Net Income Available to Common Equity of $463 Million in 2025
GREEN BAY, Wis. -- January 22, 2026 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $463 million, or $2.77 per common share for the year ended December 31, 2025. These amounts compare to earnings of $112 million, or $0.72 per common share, for the year ended December 31, 2024. For the quarter ended December 31, 2025, the Company reported earnings of $134 million, or $0.80 per common share. These amounts compare to a loss of $164 million, or $1.03 per common share for the quarter ended December 31, 2024 and earnings of $122 million, or $0.73 per common share for the quarter ended September 30, 2025.
"2025 was a pivotal year for Associated Bank," said President and CEO Andy Harmening. "We achieved several key milestones of our strategic plan, proved we can win in key growth markets, drove high-quality, relationship loan and deposit growth, and posted the strongest bottom line in company history."
"We enter 2026 with a stronger growth profile, enhanced profitability, stronger capital generation and consistently solid credit results. We have the talent, the product set and the value proposition to build on our momentum organically going forward. We're also excited to welcome American National Bank colleagues, customers and communities to the Associated family later this year. We look forward to providing additional updates on Associated's growth journey throughout the year."
2025 Highlights (all comparisons on a period end basis compared to 2024)
•Diluted GAAP earnings per common share of $2.77
•Total period end loans of $31.2 billion (+5% vs. 2024)
•Total period end deposits of $35.6 billion (+3% vs. 2024)
•Total period end core customer deposits1 of $29.6 billion (+3% vs. 2024)
•Record net interest income of $1.2 billion (+15% vs. 2024)
•Net interest margin of 3.03%
•Noninterest income of $286 million
•Noninterest expense of $856 million
•Provision for credit losses of $54 million
•Allowance for credit losses on loans / total loans of 1.35%
•Net charge offs / average loans of 0.12%
•Book value / share of $28.81
•Tangible book value / share1 of $22.01
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Loans
Fourth quarter 2025 period end total loans of $31.2 billion increased 1%, or $212 million, from the prior quarter. Compared to the same period last year, period end total loans increased 5%, or $1.4 billion. With respect to fourth quarter 2025 period end balances by loan category:
•Commercial and business lending increased $268 million from the prior quarter and increased $1.3 billion from the same period last year to $13.0 billion.
•Commercial real estate lending decreased $88 million from the prior quarter and increased $30 million from the same period last year to $7.2 billion.
•Consumer lending increased $31 million from the prior quarter and increased $96 million from the same period last year to $10.9 billion.
Fourth quarter 2025 average total loans of $31.0 billion increased 1%, or $245 million, from the prior quarter and increased 3%, or $793 million, from the same period last year. With respect to fourth quarter 2025 average balances by loan category:
•Commercial and business lending increased $272 million from the prior quarter and increased $1.3 billion from the same period last year to $12.7 billion.
•Commercial real estate lending decreased $26 million from the prior quarter and increased $59 million from the same period last year to $7.3 billion.
•Consumer lending decreased $1 million from the prior quarter and decreased $537 million from the same period last year to $11.0 billion.
Full year 2025 average loans of $30.6 billion were up 3%, or $893 million, from 2024. With respect to full year 2025 average balances by loan category:
•Commercial and business lending increased $1.2 billion to $12.3 billion.
•Commercial real estate lending increased $61 million to $7.3 billion.
•Consumer lending decreased $362 million to $11.0 billion.
In 2026, we expect total period end loan growth of 5% to 6% as compared to the year ended December 31, 2025, excluding any impact from the acquisition of American National Corporation.
Deposits
Fourth quarter 2025 period end deposits of $35.6 billion were up 2%, or $671 million, from the prior quarter and were up 3%, or $904 million from the same period last year. With respect to fourth quarter 2025 period end balances by deposit category:
•Noninterest-bearing demand deposits increased $220 million from the prior quarter and increased $351 million from the same period last year to $6.1 billion.
•Savings increased $91 million from the prior quarter and increased $339 million from the same period last year to $5.5 billion.
•Interest-bearing demand deposits increased $32 million from the prior quarter and decreased $171 million from the same period last year to $7.8 billion.
•Money market deposits increased $354 million from the prior quarter and increased $130 million from the same period last year to $6.1 billion.
•Brokered CDs decreased $161 million from the prior quarter and decreased $481 million from the same period last year to $3.8 billion.
•Other time deposits decreased $6 million from the prior quarter and increased $341 million from the same period last year to $4.0 billion.
•Network transaction deposits increased $141 million from the prior quarter and increased $397 million from the same period last year to $2.2 billion.
•Core customer deposits1 increased $691 million from the prior quarter and increased $989 million from the same period last year to $29.6 billion.
Fourth quarter 2025 average deposits of $35.6 billion increased 3%, or $923 million, from the prior quarter and increased 4%, or $1.3 billion, from the same period last year. With respect to fourth quarter 2025 average balances by deposit category:
•Noninterest-bearing demand deposits increased $268 million from the prior quarter and increased $326 million from the same period last year to $6.1 billion.
•Savings increased $99 million from the prior quarter and increased $305 million from the same period last year to $5.4 billion.
•Interest-bearing demand deposits increased $155 million from the prior quarter and increased $431 million from the same period last year to $8.1 billion.
•Money market deposits increased $30 million from the prior quarter and decreased $33 million from the same period last year to $5.9 billion.
•Brokered CDs increased $82 million from the prior quarter and decreased $517 million from the same period last year to $4.0 billion.
•Other time deposits increased $132 million from the prior quarter and increased $380 million from the same period last year to $4.1 billion.
•Network transaction deposits increased $157 million from the prior quarter and increased $400 million from the same period last year to $2.1 billion.
Full year 2025 average deposits of $34.8 billion increased 4%, or $1.5 billion from 2024. With respect to full year 2025 average balances by deposit category:
•Noninterest-bearing demand deposits increased $43 million to $5.8 billion.
•Savings increased $211 million to $5.3 billion.
•Interest-bearing demand deposits increased $473 million to $7.9 billion.
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
•Money market deposits decreased $40 million to $6.0 billion.
•Brokered CDs decreased $162 million to $4.1 billion.
•Other time deposits increased $645 million to $3.9 billion.
•Network transaction deposits increased $284 million to $1.9 billion.
In 2026, we expect period end total deposit growth of 5% to 6% and period end core customer deposit growth of 5% to 6% as compared to the year ended December 31, 2025, excluding any impact from the acquisition of American National Corporation.
Net Interest Income and Net Interest Margin
Full year 2025 net interest income of $1.2 billion was up 15%, or $154 million, from 2024. Net interest margin of 3.03% increased 25 basis points from the prior year.
•The average yield on total earning assets decreased 16 basis points from the prior year to 5.45%.
•The average cost of interest-bearing liabilities decreased 53 basis points from the prior year to 2.98%.
•The net free funds benefit decreased 12 basis points from the prior year to 0.56%.
Fourth quarter 2025 net interest income of $310 million increased 2%, or $5 million, from the prior quarter. Net interest margin of 3.06% increased 2 basis points from the prior quarter. Compared to the same period last year, net interest income increased 15%, or $40 million, and the net interest margin increased 25 basis points.
•The average yield on total earning assets for the fourth quarter of 2025 decreased 16 basis points from the prior quarter and decreased 12 basis points from the same period last year to 5.34%.
•The average cost of total interest-bearing liabilities for the fourth quarter of 2025 decreased 21 basis points from the prior quarter and decreased 47 basis points from the same period last year to 2.82%.
•The net free funds benefit for the fourth quarter of 2025 decreased 2 basis points from the prior quarter and decreased 9 basis points from the same period last year to 0.55%.
We expect total net interest income growth of 5.5% to 6.5% in 2026, excluding any impact from the acquisition of American National Corporation.
Noninterest Income
Full year 2025 noninterest income of $286 million increased $296 million from the prior year. The increase was primarily driven by nonrecurring items associated with a balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to 2025 noninterest income line items:
•Capital markets, net increased $10 million from the prior year.
•Wealth management fees increased $4 million from the prior year.
•Mortgage banking, net increased $4 million from the prior year.
•Bank and corporate owned life insurance increased $4 million from the prior year.
Fourth quarter 2025 total noninterest income of $79 million decreased $2 million from the prior quarter and increased $286 million from the same period last year. The comparable quarter decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to fourth quarter 2025 noninterest income line items:
•Wealth management fees were up slightly from the prior quarter and increased $2 million from the same period last year.
•Capital markets, net increased slightly from the prior quarter and increased $2 million from the same period last year.
•Asset gains (losses), net decreased $3 million from the prior quarter and were up slightly from the same period last year.
•Mortgage banking, net decreased $1 million from the prior quarter and decreased slightly from the same period last year.
We expect total noninterest income growth of between 4% and 5% in 2026, excluding any impact from the acquisition of American National Corporation.
Noninterest Expense
Full year 2025 noninterest expense of $856 million increased 5%, or $37 million, from 2024. With respect to full year 2025 noninterest expense line items:
•Personnel expense increased $34 million from the prior year.
•Technology expense increased $3 million from the prior year.
•Business development and advertising expense increased $3 million from the prior year.
•Loss on prepayments of FHLB advances decreased $14 million from the prior year, driven by the nonrecurring expense recognized in 2024 for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024.
•Other noninterest expense increased $8 million from the prior year.
Fourth quarter 2025 noninterest expense of $219 million increased $3 million from the prior quarter and decreased $5 million from the same period last year. With respect to fourth quarter 2025 noninterest expense line items:
•Personnel expense decreased $1 million from the prior quarter and increased $9 million from the same period last year.
•FDIC assessment expense decreased $3 million from the prior quarter and decreased $3 million from the same period last year.
•Loss on prepayments of FHLB advances decreased $14 million from the prior year, driven by the nonrecurring expense recognized in 2024 for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024.
We expect total noninterest expense to grow by 3% in 2026, excluding any impact from the acquisition of American National Corporation.
Taxes
The fourth quarter of 2025 had a tax expense of $26 million compared to $30 million of tax expense in the prior quarter and $16 million of tax benefit in the same period last year. The tax benefit in the comparable quarter was driven primarily by a loss on income before income taxes as a result of nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024.
In 2026, we expect the annual effective tax rate to be between 19% and 21%, assuming no change in the corporate tax rate and excluding any impact from the acquisition of American National Corporation.
Credit
Full year 2025 provision for credit losses was $54 million, compared to a provision of $85 million in the prior year.
The fourth quarter 2025 provision for credit losses was $7 million, compared to a provision of $16 million in the prior quarter and a provision of $17 million in the same period last year. With respect to fourth quarter 2025 credit quality:
•Nonaccrual loans of $100 million decreased $6 million, or 5%, from the prior quarter and decreased $23 million, or 19%, from the same period last year. The nonaccrual loans to total loans ratio was 0.32% in the fourth quarter, down from 0.34% in the prior quarter and down from 0.41% in the same period last year.
•Net charge offs of $2 million decreased $11 million, or 83%, from the prior quarter and decreased $10 million, or 81%, from the same period last year.
•The allowance for credit losses on loans (ACLL) of $419 million increased $5 million from the prior quarter and increased $17 million from the same period last year. The ACLL to total loans ratio was 1.35% in the fourth quarter, up from 1.34% in the prior quarter and flat from the same period last year.
In 2026, we expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality, excluding any impact from the acquisition of American National Corporation.
Capital
The Company’s capital position remains strong, with a CET1 capital ratio of 10.49% at December 31, 2025. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.
FOURTH QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 22, 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 fourth quarter 2025 earnings call. The fourth quarter 2025 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $45 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota, and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD-LOOKING STATEMENTS
Statements made in this 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 or anticipated timing to complete the proposed transaction involving Associated Banc-Corp ("Associated") and American National Bank ("American National"); the ability to integrate the two businesses successfully and in a timely manner, if at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all; the possibility that the transaction may be more expensive to complete 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.
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”). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. 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) | December 31, 2025 | September 30, 2025 | Sequential Quarter Change | June 30, 2025 | March 31, 2025 | December 31, 2024 | Comparable Quarter Change | ||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and due from banks | $ | 574,698 | $ | 490,431 | $ | 84,267 | $ | 521,167 | $ | 521,323 | $ | 544,059 | $ | 30,639 | |||||||||
| Interest-bearing deposits in other financial institutions | 1,144,123 | 802,251 | 341,872 | 738,938 | 711,033 | 453,590 | 690,533 | ||||||||||||||||
| Federal funds sold and securities purchased under agreements to resell | 1,400 | 90 | 1,310 | — | 105 | 21,955 | (20,555) | ||||||||||||||||
| Available for sale (AFS) investment securities, at fair value | 5,397,563 | 5,217,278 | 180,285 | 5,036,508 | 4,796,570 | 4,581,434 | 816,129 | ||||||||||||||||
| Held to maturity (HTM) investment securities, net, at amortized cost | 3,602,519 | 3,636,080 | (33,561) | 3,672,101 | 3,705,793 | 3,738,687 | (136,168) | ||||||||||||||||
| Equity securities | 26,060 | 26,000 | 60 | 25,912 | 23,331 | 23,242 | 2,818 | ||||||||||||||||
| Regulatory stocks, at cost | 252,514 | 251,642 | 872 | 278,356 | 194,244 | 179,665 | 72,849 | ||||||||||||||||
| Residential loans held for sale | 72,499 | 74,563 | (2,064) | 96,804 | 47,611 | 646,687 | (574,188) | ||||||||||||||||
| Commercial loans held for sale | — | — | — | 8,406 | 7,910 | 32,634 | (32,634) | ||||||||||||||||
| Loans | 31,163,614 | 30,951,964 | 211,650 | 30,607,605 | 30,294,127 | 29,768,586 | 1,395,028 | ||||||||||||||||
| Allowance for loan losses | (378,068) | (378,341) | 273 | (376,515) | (371,348) | (363,545) | (14,523) | ||||||||||||||||
| Loans, net | 30,785,546 | 30,573,623 | 211,923 | 30,231,091 | 29,922,780 | 29,405,041 | 1,380,505 | ||||||||||||||||
| Tax credit and other investments | 236,657 | 245,239 | (8,582) | 247,111 | 254,187 | 258,886 | (22,229) | ||||||||||||||||
| Premises and equipment, net | 381,624 | 384,139 | (2,515) | 377,372 | 377,521 | 379,093 | 2,531 | ||||||||||||||||
| Bank and corporate owned life insurance | 694,452 | 693,511 | 941 | 691,470 | 690,551 | 689,000 | 5,452 | ||||||||||||||||
| Goodwill | 1,104,992 | 1,104,992 | — | 1,104,992 | 1,104,992 | 1,104,992 | — | ||||||||||||||||
| Other intangible assets, net | 22,849 | 25,052 | (2,203) | 27,255 | 29,457 | 31,660 | (8,811) | ||||||||||||||||
| Mortgage servicing rights, net | 86,337 | 85,063 | 1,274 | 85,245 | 86,251 | 87,683 | (1,346) | ||||||||||||||||
| Interest receivable | 161,118 | 168,451 | (7,333) | 168,627 | 159,729 | 167,772 | (6,654) | ||||||||||||||||
| Other assets | 657,645 | 677,458 | (19,813) | 682,373 | 675,748 | 676,987 | (19,342) | ||||||||||||||||
| Total assets | $ | 45,202,596 | $ | 44,455,863 | $ | 746,733 | $ | 43,993,729 | $ | 43,309,136 | $ | 43,023,068 | $ | 2,179,528 | |||||||||
| Liabilities and stockholders’ equity | |||||||||||||||||||||||
| Noninterest-bearing demand deposits | $ | 6,126,632 | $ | 5,906,251 | $ | 220,381 | $ | 5,782,487 | $ | 6,135,946 | $ | 5,775,657 | $ | 350,975 | |||||||||
| Interest-bearing deposits | 29,425,976 | 28,975,602 | 450,374 | 28,365,079 | 29,060,767 | 28,872,777 | 553,199 | ||||||||||||||||
| Total deposits | 35,552,608 | 34,881,853 | 670,755 | 34,147,565 | 35,196,713 | 34,648,434 | 904,174 | ||||||||||||||||
| Short-term funding | 307,864 | 399,665 | (91,801) | 75,585 | 311,335 | 470,369 | (162,505) | ||||||||||||||||
| FHLB advances | 3,268,094 | 3,220,679 | 47,415 | 3,879,489 | 2,027,297 | 1,853,807 | 1,414,287 | ||||||||||||||||
| Other long-term funding | 594,276 | 594,074 | 202 | 593,530 | 591,382 | 837,635 | (243,359) | ||||||||||||||||
| Allowance for unfunded commitments | 41,276 | 36,276 | 5,000 | 35,276 | 35,276 | 38,776 | 2,500 | ||||||||||||||||
| Accrued expenses and other liabilities | 463,131 | 455,019 | 8,112 | 481,503 | 460,574 | 568,485 | (105,354) | ||||||||||||||||
| Total liabilities | 40,227,249 | 39,587,565 | 639,684 | 39,212,948 | 38,622,578 | 38,417,506 | 1,809,743 | ||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||
| Preferred equity | 194,112 | 194,112 | — | 194,112 | 194,112 | 194,112 | — | ||||||||||||||||
| Common equity | 4,781,235 | 4,674,186 | 107,049 | 4,586,669 | 4,492,446 | 4,411,450 | 369,785 | ||||||||||||||||
| Total stockholders’ equity | 4,975,347 | 4,868,298 | 107,049 | 4,780,781 | 4,686,558 | 4,605,562 | 369,785 | ||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 45,202,596 | $ | 44,455,863 | $ | 746,733 | $ | 43,993,729 | $ | 43,309,136 | $ | 43,023,068 | $ | 2,179,528 | |||||||||
Numbers may not recalculate due to rounding conventions.
1
| Associated Banc-Corp Consolidated Statements of Income (Unaudited) | Comparable Quarter | Year to Date (YTD) | Comparable YTD | |||||||||||||||||||||||
| (Dollars in thousands, except per share data) | 4Q25 | 4Q24 | Dollar Change | Percentage Change | December 2025 | December 2024 | Dollar Change | Percentage Change | ||||||||||||||||||
| Interest income | ||||||||||||||||||||||||||
| Interest and fees on loans | $ | 445,687 | $ | 453,253 | $ | (7,566) | (2) | % | $ | 1,782,390 | $ | 1,830,241 | $ | (47,851) | (3) | % | ||||||||||
| Interest and dividends on investment securities | ||||||||||||||||||||||||||
| Taxable | 73,511 | 50,524 | 22,987 | 45 | % | 288,200 | 198,579 | 89,621 | 45 | % | ||||||||||||||||
| Tax-exempt | 13,851 | 14,469 | (618) | (4) | % | 55,598 | 58,572 | (2,974) | (5) | % | ||||||||||||||||
| Other interest | 11,294 | 10,478 | 816 | 8 | % | 46,568 | 35,312 | 11,256 | 32 | % | ||||||||||||||||
| Total interest income | 544,343 | 528,724 | 15,619 | 3 | % | 2,172,756 | 2,122,704 | 50,052 | 2 | % | ||||||||||||||||
| Interest expense | ||||||||||||||||||||||||||
| Interest on deposits | 194,778 | 222,888 | (28,110) | (13) | % | 803,918 | 901,804 | (97,886) | (11) | % | ||||||||||||||||
| Interest on federal funds purchased and securities sold under agreements to repurchase | 2,682 | 3,203 | (521) | (16) | % | 10,415 | 11,754 | (1,339) | (11) | % | ||||||||||||||||
| Interest on other short-term funding | 110 | 668 | (558) | (84) | % | 1,016 | 17,597 | (16,581) | (94) | % | ||||||||||||||||
| Interest on FHLB advances | 26,309 | 17,908 | 8,401 | 47 | % | 113,253 | 98,520 | 14,733 | 15 | % | ||||||||||||||||
| Interest on other long-term funding | 10,483 | 13,769 | (3,286) | (24) | % | 43,009 | 45,781 | (2,772) | (6) | % | ||||||||||||||||
| Total interest expense | 234,362 | 258,436 | (24,074) | (9) | % | 971,611 | 1,075,456 | (103,845) | (10) | % | ||||||||||||||||
| Net interest income | 309,981 | 270,289 | 39,692 | 15 | % | 1,201,145 | 1,047,248 | 153,897 | 15 | % | ||||||||||||||||
| Provision for credit losses | 6,998 | 16,986 | (9,988) | (59) | % | 53,996 | 84,986 | (30,990) | (36) | % | ||||||||||||||||
| Net interest income after provision for credit losses | 302,983 | 253,303 | 49,680 | 20 | % | 1,147,149 | 962,263 | 184,886 | 19 | % | ||||||||||||||||
| Noninterest income | ||||||||||||||||||||||||||
| Wealth management fees | 25,742 | 24,103 | 1,639 | 7 | % | 96,579 | 92,569 | 4,010 | 4 | % | ||||||||||||||||
| Service charges and deposit account fees | 13,827 | 13,232 | 595 | 4 | % | 53,649 | 51,642 | 2,007 | 4 | % | ||||||||||||||||
| Card-based fees | 12,679 | 11,948 | 731 | 6 | % | 46,629 | 46,921 | (292) | (1) | % | ||||||||||||||||
| Other fee-based revenue | 5,557 | 5,182 | 375 | 7 | % | 21,216 | 19,499 | 1,717 | 9 | % | ||||||||||||||||
Capital markets, net | 11,175 | 9,032 | 2,143 | 24 | % | 32,048 | 22,084 | 9,964 | 45 | % | ||||||||||||||||
| Mortgage banking, net | 2,926 | 3,387 | (461) | (14) | % | 14,502 | 10,686 | 3,816 | 36 | % | ||||||||||||||||
| Loss on mortgage portfolio sale | — | (130,406) | 130,406 | (100) | % | (6,976) | (130,406) | 123,430 | (95) | % | ||||||||||||||||
| Bank and corporate owned life insurance | 3,804 | 2,322 | 1,482 | 64 | % | 17,195 | 13,477 | 3,718 | 28 | % | ||||||||||||||||
| Asset gains (losses), net | 838 | 364 | 474 | 130 | % | 1,565 | (1,042) | 2,607 | N/M | |||||||||||||||||
| Investment securities gains (losses), net | 37 | (148,194) | 148,231 | N/M | 49 | (144,147) | 144,196 | N/M | ||||||||||||||||||
Other | 2,799 | 2,257 | 542 | 24 | % | 9,944 | 9,310 | 634 | 7 | % | ||||||||||||||||
| Total noninterest income (loss) | 79,384 | (206,772) | 286,156 | N/M | 286,400 | (9,407) | 295,807 | N/M | ||||||||||||||||||
| Noninterest expense | ||||||||||||||||||||||||||
| Personnel | 135,130 | 125,944 | 9,186 | 7 | % | 521,723 | 487,956 | 33,767 | 7 | % | ||||||||||||||||
| Technology | 28,641 | 26,984 | 1,657 | 6 | % | 110,877 | 107,563 | 3,314 | 3 | % | ||||||||||||||||
| Occupancy | 14,229 | 14,325 | (96) | (1) | % | 55,011 | 54,622 | 389 | 1 | % | ||||||||||||||||
| Business development and advertising | 9,118 | 7,408 | 1,710 | 23 | % | 31,614 | 28,142 | 3,472 | 12 | % | ||||||||||||||||
| Equipment | 6,888 | 4,729 | 2,159 | 46 | % | 20,277 | 18,431 | 1,846 | 10 | % | ||||||||||||||||
| Legal and professional | 5,945 | 6,861 | (916) | (13) | % | 23,934 | 21,601 | 2,333 | 11 | % | ||||||||||||||||
| Loan and foreclosure costs | 1,327 | 1,951 | (624) | (32) | % | 8,264 | 8,471 | (207) | (2) | % | ||||||||||||||||
| FDIC assessment | 6,589 | 9,139 | (2,550) | (28) | % | 36,713 | 38,439 | (1,726) | (4) | % | ||||||||||||||||
| Other intangible amortization | 2,203 | 2,203 | — | — | % | 8,811 | 8,811 | — | — | % | ||||||||||||||||
| Loss on prepayments of FHLB advances | — | 14,243 | (14,243) | (100) | % | — | 14,243 | (14,243) | (100) | % | ||||||||||||||||
| Other | 9,396 | 10,496 | (1,100) | (10) | % | 38,415 | 30,118 | 8,297 | 28 | % | ||||||||||||||||
| Total noninterest expense | 219,466 | 224,282 | (4,816) | (2) | % | 855,639 | 818,397 | 37,242 | 5 | % | ||||||||||||||||
| Income (loss) before income taxes | 162,901 | (177,752) | 340,653 | N/M | 577,910 | 134,459 | 443,451 | N/M | ||||||||||||||||||
| Income tax expense (benefit) | 25,772 | (16,137) | 41,909 | N/M | 103,133 | 11,314 | 91,819 | N/M | ||||||||||||||||||
| Net income (loss) | 137,129 | (161,615) | 298,744 | N/M | 474,777 | 123,145 | 351,632 | N/M | ||||||||||||||||||
| Preferred stock dividends | 2,875 | 2,875 | — | — | % | 11,500 | 11,500 | — | — | % | ||||||||||||||||
| Net income (loss) available to common equity | $ | 134,254 | $ | (164,490) | $ | 298,744 | N/M | $ | 463,277 | $ | 111,645 | $ | 351,632 | N/M | ||||||||||||
Pre-tax pre-provision income (loss)(a) | 169,899 | (160,766) | 330,665 | N/M | 631,906 | 219,445 | 412,461 | 188 | % | |||||||||||||||||
| Earnings (losses) per common share | ||||||||||||||||||||||||||
| Basic | $ | 0.81 | $ | (1.04) | $ | 1.85 | N/M | $ | 2.79 | $ | 0.73 | $ | 2.06 | N/M | ||||||||||||
| Diluted | $ | 0.80 | $ | (1.03) | $ | 1.83 | N/M | $ | 2.77 | $ | 0.72 | $ | 2.05 | N/M | ||||||||||||
| Average common shares outstanding | ||||||||||||||||||||||||||
| Basic | 165,126 | 157,710 | 7,416 | 5 | % | 165,079 | 151,933 | 13,146 | 9 | % | ||||||||||||||||
| Diluted | 166,746 | 159,164 | 7,582 | 5 | % | 166,613 | 153,347 | 13,266 | 9 | % | ||||||||||||||||
N/M = Not meaningful
Numbers may not sum due to rounding.
(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 | ||||||||||||||||||||||
| 4Q25 | 3Q25 | Dollar Change | Percentage Change | 2Q25 | 1Q25 | 4Q24 | |||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Interest and fees on loans | $ | 445,687 | $ | 455,623 | $ | (9,936) | (2) | % | $ | 447,781 | $ | 433,299 | $ | 453,253 | |||||||||
| Interest and dividends on investment securities | |||||||||||||||||||||||
| Taxable | 73,511 | 73,727 | (216) | — | % | 71,174 | 69,788 | 50,524 | |||||||||||||||
| Tax-exempt | 13,851 | 13,888 | (37) | — | % | 13,902 | 13,956 | 14,469 | |||||||||||||||
| Other interest | 11,294 | 13,353 | (2,059) | (15) | % | 12,679 | 9,243 | 10,478 | |||||||||||||||
| Total interest income | 544,343 | 556,591 | (12,248) | (2) | % | 545,536 | 526,285 | 528,724 | |||||||||||||||
| Interest expense | |||||||||||||||||||||||
| Interest on deposits | 194,778 | 202,344 | (7,566) | (4) | % | 197,656 | 209,140 | 222,888 | |||||||||||||||
| Interest on federal funds purchased and securities sold under agreements to repurchase | 2,682 | 2,107 | 575 | 27 | % | 2,004 | 3,622 | 3,203 | |||||||||||||||
| Interest on other short-term funding | 110 | 212 | (102) | (48) | % | 287 | 408 | 668 | |||||||||||||||
| Interest on FHLB advances | 26,309 | 35,965 | (9,656) | (27) | % | 34,889 | 16,090 | 17,908 | |||||||||||||||
| Interest on other long-term funding | 10,483 | 10,741 | (258) | (2) | % | 10,700 | 11,085 | 13,769 | |||||||||||||||
| Total interest expense | 234,362 | 251,369 | (17,007) | (7) | % | 245,536 | 240,345 | 258,436 | |||||||||||||||
| Net interest income | 309,981 | 305,222 | 4,759 | 2 | % | 300,000 | 285,941 | 270,289 | |||||||||||||||
| Provision for credit losses | 6,998 | 16,000 | (9,002) | (56) | % | 17,996 | 13,003 | 16,986 | |||||||||||||||
| Net interest income after provision for credit losses | 302,983 | 289,223 | 13,760 | 5 | % | 282,004 | 272,938 | 253,303 | |||||||||||||||
| Noninterest income | |||||||||||||||||||||||
| Wealth management fees | 25,742 | 25,315 | 427 | 2 | % | 23,025 | 22,498 | 24,103 | |||||||||||||||
| Service charges and deposit account fees | 13,827 | 13,861 | (34) | — | % | 13,147 | 12,814 | 13,232 | |||||||||||||||
| Card-based fees | 12,679 | 12,308 | 371 | 3 | % | 11,200 | 10,442 | 11,948 | |||||||||||||||
| Other fee-based revenue | 5,557 | 5,414 | 143 | 3 | % | 4,995 | 5,251 | 5,182 | |||||||||||||||
| Capital markets, net | 11,175 | 10,764 | 411 | 4 | % | 5,765 | 4,345 | 9,032 | |||||||||||||||
| Mortgage banking, net | 2,926 | 3,541 | (615) | (17) | % | 4,213 | 3,822 | 3,387 | |||||||||||||||
| Loss on mortgage portfolio sale | — | — | — | — | % | — | (6,976) | (130,406) | |||||||||||||||
| Bank and corporate owned life insurance | 3,804 | 4,051 | (247) | (6) | % | 4,135 | 5,204 | 2,322 | |||||||||||||||
| Asset gains (losses), net | 838 | 3,340 | (2,502) | (75) | % | (1,735) | (878) | 364 | |||||||||||||||
| Investment securities gains (losses), net | 37 | 1 | 36 | N/M | 7 | 4 | (148,194) | ||||||||||||||||
| Other | 2,799 | 2,670 | 129 | 5 | % | 2,226 | 2,251 | 2,257 | |||||||||||||||
| Total noninterest income (loss) | 79,384 | 81,265 | (1,881) | (2) | % | 66,977 | 58,776 | (206,772) | |||||||||||||||
| Noninterest expense | |||||||||||||||||||||||
| Personnel | 135,130 | 135,703 | (573) | — | % | 126,994 | 123,897 | 125,944 | |||||||||||||||
| Technology | 28,641 | 28,590 | 51 | — | % | 26,508 | 27,139 | 26,984 | |||||||||||||||
| Occupancy | 14,229 | 12,757 | 1,472 | 12 | % | 12,644 | 15,381 | 14,325 | |||||||||||||||
| Business development and advertising | 9,118 | 8,362 | 756 | 9 | % | 7,748 | 6,386 | 7,408 | |||||||||||||||
| Equipment | 6,888 | 4,368 | 2,520 | 58 | % | 4,494 | 4,527 | 4,729 | |||||||||||||||
| Legal and professional | 5,945 | 5,232 | 713 | 14 | % | 6,674 | 6,083 | 6,861 | |||||||||||||||
| Loan and foreclosure costs | 1,327 | 1,638 | (311) | (19) | % | 2,705 | 2,594 | 1,951 | |||||||||||||||
| FDIC assessment | 6,589 | 9,980 | (3,391) | (34) | % | 9,708 | 10,436 | 9,139 | |||||||||||||||
| Other intangible amortization | 2,203 | 2,203 | — | — | % | 2,203 | 2,203 | 2,203 | |||||||||||||||
| Loss on prepayments of FHLB advances | — | — | — | — | % | — | — | 14,243 | |||||||||||||||
| Other | 9,396 | 7,369 | 2,027 | 28 | % | 9,674 | 11,974 | 10,496 | |||||||||||||||
| Total noninterest expense | 219,466 | 216,202 | 3,264 | 2 | % | 209,352 | 210,619 | 224,282 | |||||||||||||||
| Income (loss) before income taxes | 162,901 | 154,286 | 8,615 | 6 | % | 139,629 | 121,095 | (177,752) | |||||||||||||||
| Income tax expense (benefit) | 25,772 | 29,554 | (3,782) | (13) | % | 28,399 | 19,409 | (16,137) | |||||||||||||||
| Net income (loss) | 137,129 | 124,732 | 12,397 | 10 | % | 111,230 | 101,687 | (161,615) | |||||||||||||||
| Preferred stock dividends | 2,875 | 2,875 | — | — | % | 2,875 | 2,875 | 2,875 | |||||||||||||||
| Net income (loss) available to common equity | $ | 134,254 | $ | 121,857 | $ | 12,397 | 10 | % | $ | 108,355 | $ | 98,812 | $ | (164,490) | |||||||||
Pre-tax pre-provision income (loss)(a) | 169,899 | 170,286 | (387) | — | % | 157,625 | 134,098 | (160,766) | |||||||||||||||
| Earnings (losses) per common share | |||||||||||||||||||||||
| Basic | $ | 0.81 | $ | 0.73 | $ | 0.08 | 11 | % | $ | 0.65 | $ | 0.60 | $ | (1.04) | |||||||||
| Diluted | $ | 0.80 | $ | 0.73 | $ | 0.07 | 10 | % | $ | 0.65 | $ | 0.59 | $ | (1.03) | |||||||||
| Average common shares outstanding | |||||||||||||||||||||||
| Basic | 165,126 | 165,029 | 97 | — | % | 164,936 | 165,228 | 157,710 | |||||||||||||||
| Diluted | 166,746 | 166,703 | 43 | — | % | 166,343 | 166,604 | 159,164 | |||||||||||||||
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(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 | |||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024(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 | $ | 11,588,059 | $ | 182,101 | 6.24 | % | $ | 11,367,533 | $ | 187,046 | 6.53 | % | $ | 10,338,865 | $ | 177,369 | 6.83 | % | |||||||||||
| Commercial real estate—owner occupied | 1,157,531 | 16,358 | 5.61 | % | 1,105,787 | 15,827 | 5.68 | % | 1,135,624 | 16,985 | 5.95 | % | |||||||||||||||||
| Commercial and business lending | 12,745,590 | 198,459 | 6.18 | % | 12,473,319 | 202,873 | 6.45 | % | 11,474,489 | 194,355 | 6.74 | % | |||||||||||||||||
| Commercial real estate—investor | 5,291,562 | 84,153 | 6.31 | % | 5,300,765 | 87,114 | 6.52 | % | 5,120,608 | 88,737 | 6.89 | % | |||||||||||||||||
| Real estate construction | 1,974,318 | 34,870 | 7.01 | % | 1,991,565 | 36,770 | 7.32 | % | 2,086,188 | 39,739 | 7.58 | % | |||||||||||||||||
| Commercial real estate lending | 7,265,880 | 119,023 | 6.50 | % | 7,292,330 | 123,884 | 6.74 | % | 7,206,796 | 128,476 | 7.09 | % | |||||||||||||||||
| Total commercial | 20,011,470 | 317,482 | 6.30 | % | 19,765,649 | 326,757 | 6.56 | % | 18,681,285 | 322,831 | 6.88 | % | |||||||||||||||||
| Residential mortgage | 6,899,778 | 64,779 | 3.76 | % | 6,987,858 | 65,553 | 3.75 | % | 7,814,056 | 70,513 | 3.61 | % | |||||||||||||||||
| Auto finance | 3,064,457 | 42,915 | 5.56 | % | 3,000,978 | 42,230 | 5.58 | % | 2,771,414 | 39,365 | 5.65 | % | |||||||||||||||||
| Home equity | 706,923 | 12,570 | 7.11 | % | 690,330 | 12,641 | 7.32 | % | 656,792 | 13,018 | 7.93 | % | |||||||||||||||||
| Other consumer | 312,730 | 8,454 | 10.72 | % | 305,644 | 8,972 | 11.65 | % | 278,370 | 8,023 | 11.47 | % | |||||||||||||||||
| Total consumer | 10,983,888 | 128,718 | 4.67 | % | 10,984,811 | 129,396 | 4.70 | % | 11,520,632 | 130,919 | 4.54 | % | |||||||||||||||||
| Total loans | 30,995,358 | 446,200 | 5.72 | % | 30,750,460 | 456,153 | 5.89 | % | 30,201,918 | 453,750 | 5.98 | % | |||||||||||||||||
| Investments | |||||||||||||||||||||||||||||
| Taxable securities | 6,912,251 | 73,511 | 4.25 | % | 6,767,664 | 73,727 | 4.36 | % | 5,745,085 | 50,752 | 3.53 | % | |||||||||||||||||
Tax-exempt securities(b) | 1,990,389 | 17,534 | 3.52 | % | 1,997,416 | 17,580 | 3.52 | % | 2,085,957 | 17,653 | 3.39 | % | |||||||||||||||||
| Other short-term investments | 972,884 | 11,294 | 4.61 | % | 1,046,723 | 13,353 | 5.06 | % | 846,195 | 10,717 | 5.04 | % | |||||||||||||||||
| Total investments | 9,875,524 | 102,339 | 4.14 | % | 9,811,804 | 104,660 | 4.26 | % | 8,677,238 | 79,122 | 3.64 | % | |||||||||||||||||
| Total earning assets and related interest income | 40,870,882 | $ | 548,539 | 5.34 | % | 40,562,264 | $ | 560,813 | 5.50 | % | 38,879,155 | $ | 532,871 | 5.46 | % | ||||||||||||||
| Other assets, net | 3,531,889 | 3,452,939 | 3,192,406 | ||||||||||||||||||||||||||
| Total assets | $ | 44,402,771 | $ | 44,015,203 | $ | 42,071,562 | |||||||||||||||||||||||
| Liabilities and stockholders' equity | |||||||||||||||||||||||||||||
| Interest-bearing liabilities | |||||||||||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||||||||||
| Savings | $ | 5,436,968 | $ | 18,823 | 1.37 | % | $ | 5,338,129 | $ | 19,042 | 1.42 | % | $ | 5,132,247 | $ | 20,120 | 1.56 | % | |||||||||||
| Interest-bearing demand | 8,054,088 | 40,309 | 1.99 | % | 7,898,770 | 44,763 | 2.25 | % | 7,623,230 | 46,061 | 2.40 | % | |||||||||||||||||
| Money market | 5,890,836 | 35,353 | 2.38 | % | 5,860,802 | 38,061 | 2.58 | % | 5,924,269 | 41,457 | 2.78 | % | |||||||||||||||||
| Network transaction deposits | 2,090,587 | 20,882 | 3.96 | % | 1,933,659 | 21,276 | 4.37 | % | 1,690,745 | 20,091 | 4.73 | % | |||||||||||||||||
| Brokered CDs | 3,998,012 | 42,056 | 4.17 | % | 3,916,329 | 42,878 | 4.34 | % | 4,514,841 | 55,734 | 4.91 | % | |||||||||||||||||
| Other time deposits | 4,093,939 | 37,355 | 3.62 | % | 3,961,522 | 36,323 | 3.64 | % | 3,713,579 | 39,425 | 4.22 | % | |||||||||||||||||
| Total interest-bearing deposits | 29,564,430 | 194,778 | 2.61 | % | 28,909,211 | 202,344 | 2.78 | % | 28,598,911 | 222,888 | 3.10 | % | |||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 289,679 | 2,682 | 3.67 | % | 227,460 | 2,107 | 3.68 | % | 310,370 | 3,203 | 4.11 | % | |||||||||||||||||
| Other short-term funding | 12,997 | 110 | 3.34 | % | 19,033 | 212 | 4.42 | % | 88,415 | 1,135 | 5.11 | % | |||||||||||||||||
| FHLB advances | 2,504,464 | 26,309 | 4.17 | % | 3,181,903 | 35,965 | 4.48 | % | 1,456,087 | 17,908 | 4.89 | % | |||||||||||||||||
| Other long-term funding | 594,319 | 10,483 | 7.06 | % | 593,288 | 10,741 | 7.24 | % | 840,880 | 13,769 | 6.55 | % | |||||||||||||||||
| Total short and long-term funding | 3,401,459 | 39,584 | 4.63 | % | 4,021,685 | 49,025 | 4.85 | % | 2,695,752 | 36,015 | 5.33 | % | |||||||||||||||||
| Total interest-bearing liabilities and related interest expense | 32,965,889 | $ | 234,362 | 2.82 | % | 32,930,896 | $ | 251,369 | 3.03 | % | 31,294,664 | $ | 258,903 | 3.29 | % | ||||||||||||||
| Noninterest-bearing demand deposits | 6,064,487 | 5,796,676 | 5,738,557 | ||||||||||||||||||||||||||
| Other liabilities | 464,838 | 466,482 | 510,000 | ||||||||||||||||||||||||||
| Stockholders’ equity | 4,907,557 | 4,821,150 | 4,528,342 | ||||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 44,402,771 | $ | 44,015,203 | $ | 42,071,562 | |||||||||||||||||||||||
| Interest rate spread | 2.52 | % | 2.47 | % | 2.17 | % | |||||||||||||||||||||||
| Net free funds | 0.55 | % | 0.57 | % | 0.64 | % | |||||||||||||||||||||||
| Fully tax-equivalent net interest income and net interest margin | $ | 314,177 | 3.06 | % | $ | 309,444 | 3.04 | % | $ | 273,968 | 2.81 | % | |||||||||||||||||
| Fully tax-equivalent adjustment | (4,196) | (4,222) | (3,680) | ||||||||||||||||||||||||||
| Net interest income | $ | 309,981 | $ | 305,222 | $ | 270,289 | |||||||||||||||||||||||
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 Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year | ||||||||||||||||||||
| Twelve Months Ended December 31, | ||||||||||||||||||||
| 2025 | 2024(a) | |||||||||||||||||||
| (Dollars in thousands) | 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 | $ | 11,133,436 | $ | 718,887 | 6.46 | % | $ | 9,967,970 | $ | 720,359 | 7.23 | % | ||||||||
| Commercial real estate—owner occupied | 1,129,614 | 64,400 | 5.70 | % | 1,101,216 | 66,605 | 6.05 | % | ||||||||||||
| Commercial and business lending | 12,263,050 | 783,287 | 6.39 | % | 11,069,185 | 786,963 | 7.11 | % | ||||||||||||
| Commercial real estate—investor | 5,396,914 | 349,925 | 6.48 | % | 5,053,175 | 363,187 | 7.19 | % | ||||||||||||
| Real estate construction | 1,933,910 | 139,468 | 7.21 | % | 2,217,064 | 175,041 | 7.90 | % | ||||||||||||
| Commercial real estate lending | 7,330,824 | 489,393 | 6.68 | % | 7,270,239 | 538,228 | 7.40 | % | ||||||||||||
| Total commercial | 19,593,874 | 1,272,680 | 6.50 | % | 18,339,424 | 1,325,191 | 7.23 | % | ||||||||||||
Residential mortgage | 7,043,508 | 262,150 | 3.72 | % | 7,907,962 | 278,804 | 3.53 | % | ||||||||||||
| Auto finance | 2,961,544 | 165,476 | 5.59 | % | 2,576,979 | 144,892 | 5.62 | % | ||||||||||||
| Home equity | 680,716 | 49,361 | 7.25 | % | 607,044 | 52,404 | 8.63 | % | ||||||||||||
| Other consumer | 310,429 | 34,843 | 11.22 | % | 265,951 | 30,982 | 11.65 | % | ||||||||||||
| Total consumer | 10,996,197 | 511,830 | 4.65 | % | 11,357,935 | 507,083 | 4.46 | % | ||||||||||||
| Total loans | 30,590,071 | 1,784,510 | 5.83 | % | 29,697,360 | 1,832,274 | 6.17 | % | ||||||||||||
| Investments | ||||||||||||||||||||
| Taxable securities | 6,665,988 | 288,200 | 4.32 | % | 5,690,238 | 199,424 | 3.50 | % | ||||||||||||
Tax-exempt securities(b) | 2,002,085 | 70,377 | 3.52 | % | 2,111,523 | 71,458 | 3.38 | % | ||||||||||||
| Other short-term investments | 944,904 | 46,568 | 4.93 | % | 668,730 | 37,291 | 5.58 | % | ||||||||||||
| Total investments | 9,612,977 | 405,145 | 4.21 | % | 8,470,491 | 308,173 | 3.64 | % | ||||||||||||
| Total earning assets and related interest income | 40,203,048 | $ | 2,189,655 | 5.45 | % | 38,167,851 | $ | 2,140,446 | 5.61 | % | ||||||||||
| Other assets, net | 3,420,064 | 3,166,002 | ||||||||||||||||||
| Total assets | $ | 43,623,112 | $ | 41,333,853 | ||||||||||||||||
| Liabilities and stockholders' equity | ||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||||||
| Savings | $ | 5,290,992 | $ | 72,932 | 1.38 | % | $ | 5,080,045 | $ | 85,450 | 1.68 | % | ||||||||
| Interest-bearing demand | 7,917,003 | 172,987 | 2.19 | % | 7,443,738 | 193,900 | 2.60 | % | ||||||||||||
| Money market | 5,954,259 | 151,669 | 2.55 | % | 5,994,171 | 181,444 | 3.03 | % | ||||||||||||
| Network transaction deposits | 1,929,731 | 82,437 | 4.27 | % | 1,645,695 | 85,788 | 5.21 | % | ||||||||||||
| Brokered CDs | 4,078,557 | 179,645 | 4.40 | % | 4,240,621 | 221,157 | 5.22 | % | ||||||||||||
| Other time deposits | 3,885,386 | 144,248 | 3.71 | % | 3,240,865 | 134,065 | 4.14 | % | ||||||||||||
| Total interest-bearing deposits | 29,055,928 | 803,918 | 2.77 | % | 27,645,135 | 901,804 | 3.26 | % | ||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 278,104 | 10,415 | 3.75 | % | 272,069 | 11,754 | 4.32 | % | ||||||||||||
| Other short-term funding | 20,177 | 1,016 | 5.04 | % | 403,214 | 20,420 | 5.06 | % | ||||||||||||
| FHLB advances | 2,630,034 | 113,253 | 4.31 | % | 1,793,734 | 98,520 | 5.49 | % | ||||||||||||
| Other long-term funding | 601,867 | 43,009 | 7.15 | % | 640,842 | 45,781 | 7.14 | % | ||||||||||||
| Total short and long-term funding | 3,530,182 | 167,693 | 4.75 | % | 3,109,859 | 176,475 | 5.67 | % | ||||||||||||
| Total interest-bearing liabilities and related interest expense | 32,586,110 | $ | 971,611 | 2.98 | % | 30,754,994 | $ | 1,078,279 | 3.51 | % | ||||||||||
| Noninterest-bearing demand deposits | 5,788,743 | 5,745,960 | ||||||||||||||||||
| Other liabilities | 474,382 | 530,537 | ||||||||||||||||||
| Stockholders’ equity | 4,773,877 | 4,302,362 | ||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 43,623,112 | $ | 41,333,853 | ||||||||||||||||
| Interest rate spread | 2.46 | % | 2.10 | % | ||||||||||||||||
| Net free funds | 0.56 | % | 0.68 | % | ||||||||||||||||
| Fully tax-equivalent net interest income and net interest margin | $ | 1,218,044 | 3.03 | % | $ | 1,062,167 | 2.78 | % | ||||||||||||
| Fully tax-equivalent adjustment | (16,899) | (14,919) | ||||||||||||||||||
| Net interest income | $ | 1,201,145 | $ | 1,047,248 | ||||||||||||||||
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.
5
| Associated Banc-Corp Loan and Deposit Composition | |||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Period end loan composition | Dec 31, 2025 | Sep 30, 2025 | Seql Qtr % Change | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Commercial and industrial | $ | 11,799,757 | $ | 11,567,651 | 2 | % | $ | 11,281,964 | $ | 10,925,769 | $ | 10,573,741 | 12 | % | |||||||||
| Commercial real estate—owner occupied | 1,186,324 | 1,149,939 | 3 | % | 1,101,501 | 1,118,363 | 1,143,741 | 4 | % | ||||||||||||||
| Commercial and business lending | 12,986,081 | 12,717,590 | 2 | % | 12,383,465 | 12,044,132 | 11,717,483 | 11 | % | ||||||||||||||
| Commercial real estate—investor | 5,246,030 | 5,369,441 | (2) | % | 5,370,422 | 5,597,442 | 5,227,975 | — | % | ||||||||||||||
| Real estate construction | 1,994,642 | 1,958,766 | 2 | % | 1,950,267 | 1,809,054 | 1,982,632 | 1 | % | ||||||||||||||
| Commercial real estate lending | 7,240,672 | 7,328,207 | (1) | % | 7,320,689 | 7,406,496 | 7,210,607 | — | % | ||||||||||||||
| Total commercial | 20,226,753 | 20,045,797 | 1 | % | 19,704,154 | 19,450,628 | 18,928,090 | 7 | % | ||||||||||||||
| Residential mortgage | 6,793,957 | 6,858,285 | (1) | % | 6,949,387 | 6,999,654 | 7,047,541 | (4) | % | ||||||||||||||
| Auto finance | 3,106,498 | 3,041,644 | 2 | % | 2,969,495 | 2,878,765 | 2,810,220 | 11 | % | ||||||||||||||
| Home equity | 713,271 | 698,112 | 2 | % | 676,208 | 654,140 | 664,252 | 7 | % | ||||||||||||||
| Other consumer | 323,135 | 308,126 | 5 | % | 308,361 | 310,940 | 318,483 | 1 | % | ||||||||||||||
| Total consumer | 10,936,861 | 10,906,167 | — | % | 10,903,451 | 10,843,499 | 10,840,496 | 1 | % | ||||||||||||||
| Total loans | $ | 31,163,614 | $ | 30,951,964 | 1 | % | $ | 30,607,605 | $ | 30,294,127 | $ | 29,768,586 | 5 | % | |||||||||
Quarter average loan composition(a) | Dec 31, 2025 | Sep 30, 2025 | Seql Qtr % Change | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Commercial and industrial | $ | 11,588,059 | $ | 11,367,533 | 2 | % | $ | 10,981,221 | $ | 10,583,318 | $ | 10,338,865 | 12 | % | |||||||||
| Commercial real estate—owner occupied | 1,157,531 | 1,105,787 | 5 | % | 1,114,054 | 1,141,167 | 1,135,624 | 2 | % | ||||||||||||||
| Commercial and business lending | 12,745,590 | 12,473,319 | 2 | % | 12,095,274 | 11,724,484 | 11,474,489 | 11 | % | ||||||||||||||
| Commercial real estate—investor | 5,291,562 | 5,300,765 | — | % | 5,582,333 | 5,415,412 | 5,120,608 | 3 | % | ||||||||||||||
| Real estate construction | 1,974,318 | 1,991,565 | (1) | % | 1,869,708 | 1,898,582 | 2,086,188 | (5) | % | ||||||||||||||
| Commercial real estate lending | 7,265,880 | 7,292,330 | — | % | 7,452,041 | 7,313,994 | 7,206,796 | 1 | % | ||||||||||||||
| Total commercial | 20,011,470 | 19,765,649 | 1 | % | 19,547,316 | 19,038,479 | 18,681,285 | 7 | % | ||||||||||||||
| Residential mortgage | 6,899,778 | 6,987,858 | (1) | % | 7,034,607 | 7,256,320 | 7,814,056 | (12) | % | ||||||||||||||
| Auto finance | 3,064,457 | 3,000,978 | 2 | % | 2,933,161 | 2,844,730 | 2,771,414 | 11 | % | ||||||||||||||
| Home equity | 706,923 | 690,330 | 2 | % | 667,339 | 657,625 | 656,792 | 8 | % | ||||||||||||||
| Other consumer | 312,730 | 305,644 | 2 | % | 309,578 | 313,828 | 278,370 | 12 | % | ||||||||||||||
| Total consumer | 10,983,888 | 10,984,811 | — | % | 10,944,685 | 11,072,503 | 11,520,632 | (5) | % | ||||||||||||||
| Total loans | $ | 30,995,358 | $ | 30,750,460 | 1 | % | $ | 30,492,001 | $ | 30,110,982 | $ | 30,201,918 | 3 | % | |||||||||
Period end deposit and customer funding composition(b) | Dec 31, 2025 | Sep 30, 2025 | Seql Qtr % Change | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Noninterest-bearing demand | $ | 6,126,632 | $ | 5,906,251 | 4 | % | $ | 5,782,487 | $ | 6,135,946 | $ | 5,775,657 | 6 | % | |||||||||
| Savings | 5,471,870 | 5,380,574 | 2 | % | 5,291,674 | 5,247,291 | 5,133,295 | 7 | % | ||||||||||||||
| Interest-bearing demand | 7,823,362 | 7,791,861 | — | % | 7,490,772 | 7,870,965 | 7,994,475 | (2) | % | ||||||||||||||
| Money market | 6,139,438 | 5,785,871 | 6 | % | 5,915,867 | 6,141,275 | 6,009,793 | 2 | % | ||||||||||||||
| Network transaction deposits | 2,154,995 | 2,013,964 | 7 | % | 1,792,362 | 1,882,930 | 1,758,388 | 23 | % | ||||||||||||||
| Brokered CDs | 3,795,133 | 3,956,517 | (4) | % | 4,072,048 | 4,197,512 | 4,276,309 | (11) | % | ||||||||||||||
| Other time deposits | 4,041,178 | 4,046,815 | — | % | 3,802,356 | 3,720,793 | 3,700,518 | 9 | % | ||||||||||||||
| Total deposits | 35,552,608 | 34,881,853 | 2 | % | 34,147,565 | 35,196,713 | 34,648,434 | 3 | % | ||||||||||||||
Other customer funding(c) | 47,794 | 64,570 | (26) | % | 75,440 | 85,950 | 100,044 | (52) | % | ||||||||||||||
| Total deposits and other customer funding | $ | 35,600,402 | $ | 34,946,423 | 2 | % | $ | 34,223,005 | $ | 35,282,663 | $ | 34,748,478 | 2 | % | |||||||||
Core customer deposits(d) and other customer funding | $ | 29,650,274 | $ | 28,975,941 | 2 | % | $ | 28,358,595 | $ | 29,202,221 | $ | 28,713,780 | 3 | % | |||||||||
| Quarter average deposit composition | Dec 31, 2025 | Sep 30, 2025 | Seql Qtr % Change | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Noninterest-bearing demand | $ | 6,064,487 | $ | 5,796,676 | 5 | % | $ | 5,648,935 | $ | 5,640,123 | $ | 5,738,557 | 6 | % | |||||||||
| Savings | 5,436,968 | 5,338,129 | 2 | % | 5,222,869 | 5,162,468 | 5,132,247 | 6 | % | ||||||||||||||
| Interest-bearing demand | 8,054,088 | 7,898,770 | 2 | % | 7,683,402 | 8,031,707 | 7,623,230 | 6 | % | ||||||||||||||
| Money market | 5,890,836 | 5,860,802 | 1 | % | 5,988,947 | 6,079,551 | 5,924,269 | (1) | % | ||||||||||||||
| Network transaction deposits | 2,090,587 | 1,933,659 | 8 | % | 1,843,998 | 1,847,972 | 1,690,745 | 24 | % | ||||||||||||||
| Brokered CDs | 3,998,012 | 3,916,329 | 2 | % | 4,089,844 | 4,315,311 | 4,514,841 | (11) | % | ||||||||||||||
| Other time deposits | 4,093,939 | 3,961,522 | 3 | % | 3,725,205 | 3,756,332 | 3,713,579 | 10 | % | ||||||||||||||
| Total deposits | 35,628,917 | 34,705,887 | 3 | % | 34,203,201 | 34,833,464 | 34,337,468 | 4 | % | ||||||||||||||
Other customer funding(c) | 45,973 | 74,305 | (38) | % | 80,010 | 87,693 | 94,965 | (52) | % | ||||||||||||||
| Total deposits and other customer funding | $ | 35,674,890 | $ | 34,780,192 | 3 | % | $ | 34,283,211 | $ | 34,921,157 | $ | 34,432,433 | 4 | % | |||||||||
Core customer deposits(d) and other customer funding | $ | 29,586,291 | $ | 28,930,204 | 2 | % | $ | 28,349,369 | $ | 28,757,874 | $ | 28,226,848 | 5 | % | |||||||||
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) Loans held for sale have been included in the average balances.
(b) Prior periods have been adjusted to conform with current period presentation.
(c) Includes repurchase agreements.
(d) Total deposits excluding brokered CDs and network transaction deposits. This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
6
| Associated Banc-Corp Selected Asset Quality Information | |||||||||||||||||||||||
| (Dollars in thousands) | Dec 31, 2025 | Sep 30, 2025 | Seql Qtr % Change | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Allowance for loan losses | |||||||||||||||||||||||
| Balance at beginning of period | $ | 378,341 | $ | 376,515 | — | % | $ | 371,348 | $ | 363,545 | $ | 361,765 | 5 | % | |||||||||
| Provision for loan losses | 2,000 | 15,000 | (87) | % | 18,000 | 16,500 | 14,000 | (86) | % | ||||||||||||||
| Charge offs | (7,636) | (15,254) | (50) | % | (18,348) | (13,714) | (13,770) | (45) | % | ||||||||||||||
| Recoveries | 5,363 | 2,081 | 158 | % | 5,515 | 5,017 | 1,551 | N/M | |||||||||||||||
| Net charge offs | (2,273) | (13,173) | (83) | % | (12,833) | (8,698) | (12,220) | (81) | % | ||||||||||||||
| Balance at end of period | $ | 378,068 | $ | 378,341 | — | % | $ | 376,515 | $ | 371,348 | $ | 363,545 | 4 | % | |||||||||
| Allowance for unfunded commitments | |||||||||||||||||||||||
| Balance at beginning of period | $ | 36,276 | $ | 35,276 | 3 | % | $ | 35,276 | $ | 38,776 | $ | 35,776 | 1 | % | |||||||||
| Provision for unfunded commitments | 5,000 | 1,000 | N/M | — | (3,500) | 3,000 | 67 | % | |||||||||||||||
| Balance at end of period | 41,276 | 36,276 | 14 | % | 35,276 | 35,276 | 38,776 | 6 | % | ||||||||||||||
| Allowance for credit losses on loans (ACLL) | $ | 419,344 | $ | 414,618 | 1 | % | $ | 411,791 | $ | 406,624 | $ | 402,322 | 4 | % | |||||||||
| Provision for credit losses on loans | $ | 7,000 | $ | 16,000 | (56) | % | $ | 18,000 | $ | 13,000 | $ | 17,000 | (59) | % | |||||||||
| (Dollars in thousands) | Dec 31, 2025 | Sep 30, 2025 | Seql Qtr % Change | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Net (charge offs) recoveries | |||||||||||||||||||||||
| Commercial and industrial | $ | 1,524 | $ | (1,230) | N/M | $ | (1,826) | $ | (4,726) | $ | (2,406) | N/M | |||||||||||
| Commercial real estate—owner occupied | (113) | — | N/M | — | — | — | N/M | ||||||||||||||||
| Commercial and business lending | 1,411 | (1,230) | N/M | (1,826) | (4,726) | (2,406) | N/M | ||||||||||||||||
| Commercial real estate—investor | 94 | (8,930) | N/M | (8,493) | (892) | (6,617) | N/M | ||||||||||||||||
| Real estate construction | 2 | 2 | — | % | 121 | 30 | 4 | (50) | % | ||||||||||||||
| Commercial real estate lending | 96 | (8,928) | N/M | (8,372) | (863) | (6,612) | N/M | ||||||||||||||||
| Total commercial | 1,507 | (10,158) | N/M | (10,198) | (5,589) | (9,018) | N/M | ||||||||||||||||
| Residential mortgage | (197) | (231) | (15) | % | (302) | 197 | (239) | (18) | % | ||||||||||||||
| Auto finance | (2,010) | (1,505) | 34 | % | (689) | (1,519) | (1,782) | 13 | % | ||||||||||||||
| Home equity | 2 | 56 | (96) | % | 237 | 289 | 277 | (99) | % | ||||||||||||||
| Other consumer | (1,575) | (1,336) | 18 | % | (1,881) | (2,076) | (1,457) | 8 | % | ||||||||||||||
| Total consumer | (3,780) | (3,015) | 25 | % | (2,636) | (3,109) | (3,202) | 18 | % | ||||||||||||||
| Total net charge offs | $ | (2,273) | $ | (13,173) | (83) | % | $ | (12,833) | $ | (8,698) | $ | (12,220) | (81) | % | |||||||||
| (in basis points) | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | ||||||||||||||||||
| Net (charge offs) recoveries to average loans (annualized) | |||||||||||||||||||||||
| Commercial and industrial | 5 | (4) | (7) | (18) | (9) | ||||||||||||||||||
| Commercial real estate—owner occupied | (4) | — | — | — | — | ||||||||||||||||||
| Commercial and business lending | 4 | (4) | (6) | (16) | (8) | ||||||||||||||||||
| Commercial real estate—investor | 1 | (67) | (61) | (7) | (51) | ||||||||||||||||||
| Real estate construction | — | — | 3 | 1 | — | ||||||||||||||||||
| Commercial real estate lending | 1 | (49) | (45) | (5) | (37) | ||||||||||||||||||
| Total commercial | 3 | (20) | (21) | (12) | (19) | ||||||||||||||||||
| Residential mortgage | (1) | (1) | (2) | 1 | (1) | ||||||||||||||||||
| Auto finance | (26) | (20) | (9) | (22) | (26) | ||||||||||||||||||
| Home equity | — | 3 | 14 | 18 | 17 | ||||||||||||||||||
| Other consumer | (200) | (173) | (244) | (268) | (208) | ||||||||||||||||||
| Total consumer | (14) | (11) | (10) | (11) | (11) | ||||||||||||||||||
| Total net charge offs | (3) | (17) | (17) | (12) | (16) | ||||||||||||||||||
| (Dollars in thousands) | Dec 31, 2025 | Sep 30, 2025 | Seql Qtr % Change | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Credit quality | |||||||||||||||||||||||
| Nonaccrual loans | $ | 100,428 | $ | 106,179 | (5) | % | $ | 112,999 | $ | 134,808 | $ | 123,260 | (19) | % | |||||||||
| Other real estate owned (OREO) | 28,016 | 29,268 | (4) | % | 34,287 | 23,475 | 20,217 | 39 | % | ||||||||||||||
| Repossessed assets | 757 | 789 | (4) | % | 882 | 688 | 687 | 10 | % | ||||||||||||||
| Total nonperforming assets | $ | 129,201 | $ | 136,236 | (5) | % | $ | 148,169 | $ | 158,971 | $ | 144,164 | (10) | % | |||||||||
Accruing loans past due 90 days or more(a) | $ | 2,814 | $ | 2,692 | 5 | % | $ | 14,160 | $ | 3,036 | $ | 3,189 | (12) | % | |||||||||
| Allowance for credit losses on loans to total loans | 1.35 | % | 1.34 | % | 1.35 | % | 1.34 | % | 1.35 | % | |||||||||||||
| Allowance for credit losses on loans to nonaccrual loans | 417.56 | % | 390.49 | % | 364.42 | % | 301.63 | % | 326.40 | % | |||||||||||||
| Nonaccrual loans to total loans | 0.32 | % | 0.34 | % | 0.37 | % | 0.44 | % | 0.41 | % | |||||||||||||
| Nonperforming assets to total loans plus OREO and repossessed assets | 0.41 | % | 0.44 | % | 0.48 | % | 0.52 | % | 0.48 | % | |||||||||||||
| Nonperforming assets to total assets | 0.29 | % | 0.31 | % | 0.34 | % | 0.37 | % | 0.34 | % | |||||||||||||
7
| Associated Banc-Corp Selected Asset Quality Information (continued) | |||||||||||||||||||||||
| (Dollars in thousands) | Dec 31, 2025 | Sep 30, 2025 | Seql Qtr % Change | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Nonaccrual loans | |||||||||||||||||||||||
| Commercial and industrial | $ | 7,178 | $ | 12,802 | (44) | % | $ | 6,945 | $ | 12,898 | $ | 19,084 | (62) | % | |||||||||
| Commercial real estate—owner occupied | 203 | 203 | — | % | — | 1,501 | 1,501 | (86) | % | ||||||||||||||
| Commercial and business lending | 7,381 | 13,006 | (43) | % | 6,945 | 14,399 | 20,585 | (64) | % | ||||||||||||||
| Commercial real estate—investor | 8,311 | 7,333 | 13 | % | 15,805 | 31,689 | 16,705 | (50) | % | ||||||||||||||
| Real estate construction | 144 | 145 | (1) | % | 146 | 125 | 30 | N/M | |||||||||||||||
| Commercial real estate lending | 8,455 | 7,478 | 13 | % | 15,950 | 31,814 | 16,735 | (49) | % | ||||||||||||||
| Total commercial | 15,836 | 20,484 | (23) | % | 22,895 | 46,213 | 37,320 | (58) | % | ||||||||||||||
| Residential mortgage | 68,492 | 69,093 | (1) | % | 73,817 | 72,455 | 70,038 | (2) | % | ||||||||||||||
| Auto finance | 8,271 | 8,218 | 1 | % | 8,004 | 7,692 | 7,402 | 12 | % | ||||||||||||||
| Home equity | 7,774 | 8,299 | (6) | % | 8,201 | 8,275 | 8,378 | (7) | % | ||||||||||||||
| Other consumer | 55 | 85 | (35) | % | 82 | 173 | 122 | (55) | % | ||||||||||||||
| Total consumer | 84,592 | 85,696 | (1) | % | 90,104 | 88,595 | 85,941 | (2) | % | ||||||||||||||
| Total nonaccrual loans | $ | 100,428 | $ | 106,179 | (5) | % | $ | 112,999 | $ | 134,808 | $ | 123,260 | (19) | % | |||||||||
| (Dollars in thousands) | Dec 31, 2025 | Sep 30, 2025 | Seql Qtr % Change | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % Change | ||||||||||||||||
| Accruing loans 30-89 days past due | |||||||||||||||||||||||
| Commercial and industrial | $ | 2,683 | $ | 1,071 | 151 | % | $ | 2,593 | $ | 7,740 | $ | 1,260 | 113 | % | |||||||||
| Commercial real estate—owner occupied | 34 | — | N/M | 5,628 | 1,156 | 1,634 | (98) | % | |||||||||||||||
| Commercial and business lending | 2,717 | 1,071 | 154 | % | 8,221 | 8,896 | 2,893 | (6) | % | ||||||||||||||
| Commercial real estate—investor | 19,405 | 14,190 | 37 | % | 1,042 | 2,463 | 36,391 | (47) | % | ||||||||||||||
| Real estate construction | 117 | 21 | N/M | 90 | — | 21 | N/M | ||||||||||||||||
| Commercial real estate lending | 19,522 | 14,211 | 37 | % | 1,132 | 2,463 | 36,412 | (46) | % | ||||||||||||||
| Total commercial | 22,239 | 15,282 | 46 | % | 9,353 | 11,360 | 39,305 | (43) | % | ||||||||||||||
| Residential mortgage | 13,135 | 12,684 | 4 | % | 8,744 | 13,568 | 14,892 | (12) | % | ||||||||||||||
| Auto finance | 16,445 | 14,013 | 17 | % | 13,149 | 12,522 | 14,850 | 11 | % | ||||||||||||||
| Home equity | 3,779 | 4,265 | (11) | % | 4,338 | 3,606 | 4,625 | (18) | % | ||||||||||||||
Other consumer(a) | 2,704 | 2,728 | (1) | % | 2,578 | 2,381 | 3,128 | (14) | % | ||||||||||||||
| Total consumer | 36,063 | 33,689 | 7 | % | 28,810 | 32,076 | 37,496 | (4) | % | ||||||||||||||
| Total accruing loans 30-89 days past due | $ | 58,302 | $ | 48,971 | 19 | % | $ | 38,163 | $ | 43,435 | $ | 76,801 | (24) | % | |||||||||
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) Excluding guaranteed student loans.
8
| Associated Banc-Corp Selected Quarterly Information | |||||||||||||||||||||||
| (Dollars and shares in thousands, except per share data and as noted) | YTD Dec 2025 | YTD Dec 2024 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | ||||||||||||||||
| Per common share data | |||||||||||||||||||||||
| Dividends | $ | 0.93 | $ | 0.89 | $ | 0.24 | $ | 0.23 | $ | 0.23 | $ | 0.23 | $ | 0.23 | |||||||||
| Market value: | |||||||||||||||||||||||
| High | 27.14 | 28.14 | 27.14 | 27.01 | 24.56 | 25.63 | 28.14 | ||||||||||||||||
| Low | 18.91 | 19.73 | 24.11 | 23.78 | 18.91 | 21.06 | 20.64 | ||||||||||||||||
| Close | 25.76 | 25.71 | 24.39 | 22.53 | 23.90 | ||||||||||||||||||
Book value / share(a) | 28.81 | 28.17 | 27.67 | 27.09 | 26.55 | ||||||||||||||||||
Tangible book value (TBV) / share(a)(b) | 22.01 | 21.36 | 20.84 | 20.25 | 19.71 | ||||||||||||||||||
| Selected trend information | |||||||||||||||||||||||
Net interest margin(c) | 3.03 | % | 2.78 | % | 3.06 | % | 3.04 | % | 3.04 | % | 2.97 | % | 2.81 | % | |||||||||
| Effective tax rate | 17.85 | % | 8.41 | % | 15.82 | % | 19.16 | % | 20.34 | % | 16.03 | % | N/M | ||||||||||
Noninterest expense / average assets(c) | 1.96 | % | 1.98 | % | 1.96 | % | 1.95 | % | 1.93 | % | 2.00 | % | 2.12 | % | |||||||||
Dividend payout ratio(d) | 33.33 | % | 121.92 | % | 29.63 | % | 31.51 | % | 35.38 | % | 38.33 | % | N/M | ||||||||||
| Loans / deposits ratio | 87.65 | % | 88.73 | % | 89.63 | % | 86.07 | % | 85.92 | % | |||||||||||||
Assets under management, at market value(e) | $ | 16,132 | $ | 16,178 | $ | 15,537 | $ | 14,685 | $ | 14,773 | |||||||||||||
Common shares repurchased during period(f) | 900 | 900 | — | — | — | 900 | — | ||||||||||||||||
| Common shares outstanding, end of period | 165,980 | 165,904 | 165,778 | 165,807 | 166,178 | ||||||||||||||||||
Risk-based capital(g)(h) | |||||||||||||||||||||||
| Total risk-weighted assets | $ | 35,125,680 | $ | 34,688,358 | $ | 34,241,408 | $ | 33,800,823 | $ | 33,950,173 | |||||||||||||
Common equity Tier 1(i) | $ | 3,683,711 | $ | 3,584,712 | $ | 3,493,316 | $ | 3,417,432 | $ | 3,396,836 | |||||||||||||
Common equity Tier 1 capital ratio(i) | 10.49 | % | 10.33 | % | 10.20 | % | 10.11 | % | 10.01 | % | |||||||||||||
| Tier 1 capital ratio | 11.04 | % | 10.89 | % | 10.77 | % | 10.68 | % | 10.58 | % | |||||||||||||
| Total capital ratio | 13.08 | % | 12.94 | % | 12.83 | % | 12.75 | % | 12.61 | % | |||||||||||||
| Tier 1 leverage ratio | 8.96 | % | 8.81 | % | 8.72 | % | 8.69 | % | 8.73 | % | |||||||||||||
| Selected equity and performance ratios | |||||||||||||||||||||||
| Stockholders’ equity / assets ratio | 11.01 | % | 10.95 | % | 10.87 | % | 10.82 | % | 10.70 | % | |||||||||||||
Tangible common equity / tangible assets (TCE Ratio)(b) | 8.29 | % | 8.18 | % | 8.06 | % | 7.96 | % | 7.82 | % | |||||||||||||
| Average stockholders' equity / average assets | 10.94 | % | 10.41 | % | 11.05 | % | 10.95 | % | 10.90 | % | 10.86 | % | 10.76 | % | |||||||||
Return on average equity(c) | 9.95 | % | 2.86 | % | 11.09 | % | 10.26 | % | 9.43 | % | 8.91 | % | (14.20) | % | |||||||||
Return on average tangible common equity (ROATCE)(b)(c) | 13.63 | % | 3.99 | % | 15.04 | % | 14.02 | % | 12.96 | % | 12.34 | % | (20.27) | % | |||||||||
Return on average assets(c) | 1.09 | % | 0.30 | % | 1.23 | % | 1.12 | % | 1.03 | % | 0.97 | % | (1.53) | % | |||||||||
Return on average tangible assets(b)(c) | 1.13 | % | 0.32 | % | 1.27 | % | 1.17 | % | 1.07 | % | 1.01 | % | (1.55) | % | |||||||||
| Efficiency ratios (expense / revenue) | |||||||||||||||||||||||
| Fully tax-equivalent efficiency ratio | 56.29 | % | 67.64 | % | 55.21 | % | 54.77 | % | 55.81 | % | 59.72 | % | 103.11 | % | |||||||||
Adjusted efficiency ratio(b) | 56.01 | % | 59.34 | % | 55.15 | % | 54.77 | % | 55.81 | % | 58.55 | % | 60.10 | % | |||||||||
N/M = Not meaningful
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)December 31, 2025 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.
9
| Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | YTD | YTD | |||||||||||||||||||||
| (Dollars in thousands) | Dec 2025 | Dec 2024 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | ||||||||||||||||
| Tangible common equity reconciliation | |||||||||||||||||||||||
| Common equity | $ | 4,781,235 | $ | 4,674,186 | $ | 4,586,669 | $ | 4,492,446 | $ | 4,411,450 | |||||||||||||
| Less: Goodwill and other intangible assets, net | 1,127,842 | 1,130,044 | 1,132,247 | 1,134,450 | 1,136,653 | ||||||||||||||||||
| Tangible common equity for TBV / share and TCE Ratio | $ | 3,653,393 | $ | 3,544,142 | $ | 3,454,422 | $ | 3,357,996 | $ | 3,274,797 | |||||||||||||
| Tangible assets reconciliation | |||||||||||||||||||||||
| Total assets | $ | 45,202,596 | $ | 44,455,863 | $ | 43,993,729 | $ | 43,309,136 | $ | 43,023,068 | |||||||||||||
| Less: Goodwill and other intangible assets, net | 1,127,842 | 1,130,044 | 1,132,247 | 1,134,450 | 1,136,653 | ||||||||||||||||||
| Tangible assets for TCE Ratio | $ | 44,074,754 | $ | 43,325,819 | $ | 42,861,482 | $ | 42,174,686 | $ | 41,886,415 | |||||||||||||
| Average tangible common equity reconciliation | |||||||||||||||||||||||
| Average common equity | $ | 4,579,765 | $ | 4,108,251 | $ | 4,713,445 | $ | 4,627,038 | $ | 4,538,549 | $ | 4,436,467 | $ | 4,334,230 | |||||||||
| Less: Average goodwill and other intangible assets, net | 1,132,392 | 1,141,198 | 1,129,055 | 1,131,385 | 1,133,627 | 1,135,584 | 1,137,826 | ||||||||||||||||
| Average tangible common equity for ROATCE | 3,447,373 | 2,967,052 | 3,584,390 | 3,495,653 | 3,404,922 | 3,300,883 | 3,196,404 | ||||||||||||||||
| Average tangible assets reconciliation | |||||||||||||||||||||||
| Average total assets | $ | 43,623,112 | $ | 41,333,853 | $ | 44,402,771 | $ | 44,015,203 | $ | 43,420,063 | $ | 42,630,627 | $ | 42,071,562 | |||||||||
| Less: Average goodwill and other intangible assets, net | 1,132,392 | 1,141,198 | 1,129,055 | 1,131,385 | 1,133,627 | 1,135,584 | 1,137,826 | ||||||||||||||||
| Average tangible assets for return on average tangible assets | $ | 42,490,720 | $ | 40,192,655 | $ | 43,273,716 | $ | 42,883,818 | $ | 42,286,436 | $ | 41,495,043 | $ | 40,933,736 | |||||||||
| Adjusted net income (loss) reconciliation | |||||||||||||||||||||||
| Net income (loss) | $ | 474,777 | $ | 123,145 | $ | 137,129 | $ | 124,732 | $ | 111,230 | $ | 101,687 | $ | (161,615) | |||||||||
| Other intangible amortization, net of tax | 6,608 | 6,608 | 1,652 | 1,652 | 1,652 | 1,652 | 1,652 | ||||||||||||||||
| Adjusted net income (loss) for return on average tangible assets | $ | 481,385 | $ | 129,753 | $ | 138,781 | $ | 126,384 | $ | 112,882 | $ | 103,339 | $ | (159,963) | |||||||||
| Adjusted net income (loss) available to common equity reconciliation | |||||||||||||||||||||||
| Net income (loss) available to common equity | $ | 463,277 | $ | 111,645 | $ | 134,254 | $ | 121,857 | $ | 108,355 | $ | 98,812 | $ | (164,490) | |||||||||
| Other intangible amortization, net of tax | 6,608 | 6,608 | 1,652 | 1,652 | 1,652 | 1,652 | 1,652 | ||||||||||||||||
| Adjusted net income (loss) available to common equity for ROATCE | $ | 469,885 | $ | 118,253 | $ | 135,906 | $ | 123,509 | $ | 110,007 | $ | 100,464 | $ | (162,838) | |||||||||
| Pre-tax pre-provision income (loss) | |||||||||||||||||||||||
| Income (loss) before income taxes | $ | 577,910 | $ | 134,459 | $ | 162,901 | $ | 154,286 | $ | 139,629 | $ | 121,095 | $ | (177,752) | |||||||||
| Provision for credit losses | 53,996 | 84,986 | 6,998 | 16,000 | 17,996 | 13,003 | 16,986 | ||||||||||||||||
| Pre-tax pre-provision income (loss) | $ | 631,906 | $ | 219,444 | $ | 169,899 | $ | 170,286 | $ | 157,625 | $ | 134,098 | $ | (160,766) | |||||||||
| Period end core customer deposits reconciliation | |||||||||||||||||||||||
| Total deposits | $ | 35,552,608 | $ | 34,881,853 | $ | 34,147,565 | $ | 35,196,713 | $ | 34,648,434 | |||||||||||||
| Less: Network transaction deposits | 2,154,995 | 2,013,964 | 1,792,362 | 1,882,930 | 1,758,388 | ||||||||||||||||||
| Less: Brokered CDs | 3,795,133 | 3,956,517 | 4,072,048 | 4,197,512 | 4,276,309 | ||||||||||||||||||
| Core customer deposits | $ | 29,602,480 | $ | 28,911,371 | $ | 28,283,155 | $ | 29,116,271 | $ | 28,613,737 | |||||||||||||
| Average core customer deposits reconciliation | |||||||||||||||||||||||
| Average total deposits | $ | 34,844,671 | $ | 33,391,095 | $ | 35,628,917 | $ | 34,705,887 | $ | 34,203,201 | $ | 34,833,464 | $ | 34,337,468 | |||||||||
| Less: Average network transaction deposits | 1,929,731 | 1,645,695 | 2,090,587 | 1,933,659 | 1,843,998 | 1,847,972 | 1,690,745 | ||||||||||||||||
| Less: Average brokered CDs | 4,078,557 | 4,240,621 | 3,998,012 | 3,916,329 | 4,089,844 | 4,315,311 | 4,514,841 | ||||||||||||||||
| Average core customer deposits | $ | 28,836,383 | $ | 27,504,780 | $ | 29,540,318 | $ | 28,855,899 | $ | 28,269,359 | $ | 28,670,181 | $ | 28,131,882 | |||||||||
Total expense for efficiency ratios reconciliation(a) | |||||||||||||||||||||||
| Noninterest expense | $ | 855,639 | $ | 818,397 | $ | 219,466 | $ | 216,202 | $ | 209,352 | $ | 210,619 | $ | 224,282 | |||||||||
| Less: Other intangible amortization | 8,811 | 8,811 | 2,203 | 2,203 | 2,203 | 2,203 | 2,203 | ||||||||||||||||
| Total expense for fully tax-equivalent efficiency ratio | 846,828 | 809,586 | 217,263 | 213,999 | 207,149 | 208,416 | 222,080 | ||||||||||||||||
| Less: FDIC special assessment | — | 7,696 | — | — | — | — | — | ||||||||||||||||
Less: Announced initiatives(b) | — | 14,243 | — | — | — | — | 14,243 | ||||||||||||||||
Less: Acquisition costs(c) | 252 | — | 252 | — | — | — | — | ||||||||||||||||
| Total expense for adjusted efficiency ratio | $ | 846,576 | $ | 787,647 | $ | 217,011 | $ | 213,999 | $ | 207,149 | $ | 208,416 | $ | 207,836 | |||||||||
Total revenue for efficiency ratios reconciliation(a) | |||||||||||||||||||||||
| Net interest income | $ | 1,201,145 | $ | 1,047,248 | $ | 309,981 | $ | 305,222 | $ | 300,000 | $ | 285,941 | $ | 270,289 | |||||||||
| Noninterest income (loss) | 286,400 | (9,407) | 79,384 | 81,265 | 66,977 | 58,776 | (206,772) | ||||||||||||||||
| Less: Investment securities gains (losses), net | 49 | (144,147) | 37 | 1 | 7 | 4 | (148,194) | ||||||||||||||||
| Fully tax-equivalent adjustment | 16,899 | 14,919 | 4,196 | 4,222 | 4,228 | 4,254 | 3,680 | ||||||||||||||||
| Total revenue for fully tax-equivalent efficiency ratio | 1,504,395 | 1,196,907 | 393,524 | 390,708 | 371,198 | 348,968 | 215,390 | ||||||||||||||||
Less: Announced initiatives(b) | (6,976) | (130,406) | — | — | — | (6,976) | (130,406) | ||||||||||||||||
| Total revenue for adjusted efficiency ratio | $ | 1,511,371 | $ | 1,327,313 | $ | 393,524 | $ | 390,708 | $ | 371,198 | $ | 355,943 | $ | 345,795 | |||||||||
(a)Prior periods have been adjusted to conform with current period presentation.
(b)Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio.
(c)During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. These costs, incurred in connection with the proposed acquisition, represent nonrecurring costs.
10
| Nonrecurring Items Noninterest Income Reconciliation | YTD | YTD | |||||||||
| (Dollars in thousands) | Dec 2025 | Dec 2024 | 4Q24 | ||||||||
| GAAP noninterest income (loss) | $ | 286,400 | $ | (9,407) | $ | (206,772) | |||||
Less: Loss on mortgage portfolio sale(a) | (6,976) | (130,406) | (130,406) | ||||||||
Less: Net loss on sale of investments(a) | — | (148,183) | (148,183) | ||||||||
| Noninterest income, excluding nonrecurring items | $ | 293,376 | $ | 269,182 | $ | 71,816 | |||||
2020 Non-GAAP Financial Measures Reconciliation(b) | YTD | ||||||||||
| (Dollars in thousands) | 2020 | ||||||||||
| Adjusted net income available to common equity reconciliation | |||||||||||
| Net income available to common equity | $ | 288,413 | |||||||||
| Other intangible amortization, net of tax | 7,644 | ||||||||||
| Adjusted net income available to common equity for ROATCE | $ | 296,057 | |||||||||
| Average tangible common equity reconciliation | |||||||||||
| Average common equity | $ | 3,633,259 | |||||||||
| Less: Average goodwill and other intangible assets, net | 1,227,561 | ||||||||||
| Average tangible common equity for ROATCE | $ | 2,405,698 | |||||||||
| Return on average tangible common equity (ROATCE) | 12.31% | ||||||||||
| Total expense for efficiency ratios reconciliation | |||||||||||
| Noninterest expense | $ | 776,034 | |||||||||
| Less: Other intangible amortization | 10,192 | ||||||||||
| Total expense for fully tax-equivalent efficiency ratio | 765,842 | ||||||||||
Less: Announced initiatives(c) | 59,917 | ||||||||||
Less: Acquisition costs(d) | 2,447 | ||||||||||
| Total expense for adjusted efficiency ratio | $ | 703,478 | |||||||||
| Total revenue for efficiency ratios reconciliation | |||||||||||
| Net interest income | $ | 762,957 | |||||||||
| Noninterest income | 514,056 | ||||||||||
| Less: Investment securities gains (losses), net | 9,222 | ||||||||||
| Fully tax-equivalent adjustment | 15,959 | ||||||||||
| Total revenue for fully tax-equivalent efficiency ratio | 1,283,750 | ||||||||||
Less: Announced initiatives(e) | 170,736 | ||||||||||
| Total revenue for adjusted efficiency ratio | $ | 1,113,014 | |||||||||
| Fully tax-equivalent efficiency ratio | 59.66 | % | |||||||||
| Adjusted efficiency ratio | 63.20 | % | |||||||||
Numbers may not recalculate due to rounding conventions.
(a)These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024.
(b)Prior periods have been adjusted to conform with current period presentation.
(c)2020 announced initiatives impacting noninterest expense consisted of cost saving efforts that were executed during the third quarter of 2020. These initiatives included a $44.7 million loss on prepayment of FHLB advances, $9.6 million in severance, and $5.6 million in write-downs related to branch sales and lease breakage related to announced branch consolidations.
(d)During the first quarter of 2020, the Corporation finalized the acquisition of First Staunton. These costs, incurred in connection with the acquisition, represent nonrecurring costs.
(e)2020 announced initiatives impacting noninterest income consisted of a $163.3 million asset gain related to the sale of ABRC (Associated Benefits and Risk Consulting, the Corporation's insurance division) which was sold in June 2020, as well as a gain on sale of branches totalling $7.4 million, which occurred in the fourth quarter of 2020.
11
Associated Banc-Corp Fourth Quarter 2025 Earnings Presentation January 22, 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 or anticipated timing to complete the proposed transaction involving Associated Banc-Corp ("Associated") and American National Bank ("American National"); the ability to integrate the two businesses successfully and in a timely manner, if at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all; the possibility that the transaction may be more expensive to complete 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 Minneapolis, MNAssociated Bank River Center – Milwaukee, WI
Fourth Quarter & FY 2025 Results 4 ▪ Diluted EPS of $0.80 ▪ Total loans of $31.2B (+0.7% vs. 3Q25; +4.7% vs. 4Q24) ▪ C&I loans of $11.8B (+2.0% vs. 3Q25; +11.6% vs. 4Q24) ▪ Total deposits of $35.6B (+1.9% vs. 3Q25; +2.6% vs. 4Q24) ▪ Core customer deposits3 of $29.6B (+2.4% vs. 3Q25; +3.5% vs. 4Q24) ▪ Net interest income of $310M ▪ Net interest margin of 3.06% ▪ Noninterest income of $79M ▪ Noninterest expense of $219M ▪ Provision for credit losses of $7M ▪ NCOs / average loans (annualized) of 0.03% ▪ CET1 ratio of 10.49% ▪ Return on average equity of 11.09% ▪ Return on average tangible common equity3 of 15.04% 4Q 2025 Operating Results1 $2.77 Diluted EPS 4.7% Total Loan Growth 11.6% Total C&I Loan Growth 2.6% Total Deposit Growth 3.5% Core Customer Deposit Growth3 14.7% Net Interest Income Growth +25 bps Net Interest Margin +$296M (N/M) Noninterest Income Growth +$24M (+9.0%) Adj. Noninterest Income Growth3 +48 bps CET1 Ratio 4Q25 vs. 4Q24 0.12% NCOs / Average Loans 9.95% Return on Average Equity 13.63% Return on Average Tangible Common Equity3 FY 2025 Highlights1,2 1 All figures shown as of and for the period ended December 31, 2025 unless otherwise noted. 2 Growth represents FY 2025 results as compared to FY 2024 results unless otherwise noted. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Strengthened Franchise Positioned for Growth 5 Bolstered Key Leadership Expanded Commercial Presence Enhanced Consumer Value Proposition Repositioned Balance Sheet Maintained Strong Risk Management Culture $7.7 $11.8 2020 2025 Period End C&I Loans ($ in billions) 32.2 21.8 2020 2025 Period End Res. Mortgage Loans / Total Loans (%) Net Interest Margin (%) 2.53 3.03 2020 2025 Net Charge Offs / Average Loans (%) 0.41 0.10 0.00 0.16 0.23 0.12 2020 2021 2022 2023 2024 2025 Efficiency Ratio (%) Return on Average Equity (%) 7.78 9.95 12.31 13.63 FY 2020 FY 2025 ROATCE1ROAE 59.66 56.29 63.20 56.01 FY 2020 FY 2025 Adjusted1Fully Tax-Equivalent 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Milwaukee Chicago Total Deposits2 +12% +13% Commercial & Industrial Loans2 +13% +33% Consumer + Business CKG HHs3 +4% +11% Accelerating Growth in Major Metro Markets 6 1 Milwaukee and Chicago growth shown on an end of period basis as of and for the year ended December 31, 2025 as compared to results as of and for the year ended December 31, 2023 unless otherwise noted. 2 Market-level loan & deposit data based on organizational business unit reporting. 3 Market-level consumer & business checking household data based on Designated Market Area geographies as defined by Nielsen. Growth Market Opportunities in 2026Legacy Metro Market Growth 12/31/23 – 12/31/251 Twin Cities Kansas City Omaha Dallas Total Bank Opportunities Expanding in 2026 New in 2026 New in 2025; Expanding in 2026 Expanding in 2026 Commercial Opportunities
Expected 2026 Metro Market Investments & Outcomes1 7 (1-3)% 0.0% 1.0% 1.4% 2.0% 2.5% 2023 2024 2025 2026E 2027E >100% Marketing Acquisition Spend Increase in Twin Cities & Omaha in 2026 (>25% increase across all markets) +10% Commercial & Business Relationship Managers in 20263 (+11 FTE) +$0.8 +$1.2 +$1.2 96 115 115 126 2023 2024 2025 2026E 2027E Organic Metro Market Consumer & Business CKG HH Growth Expected to Accelerate… 2025 2026E 2027E Twin Cities +1% +3% +3% Omaha - - +4-5% Milwaukee +2% +2-3% +2-3% Chicago +5% +5% +5% Commercial Growth Opportunities in Major Markets… Comm’l & Business RMsPeriod End C&I Loans ($B) …Driving Improved Organic Total Bank CKG HH Growth2 …Expected to Drive Continued Total Bank C&I Growth3 Twin Cities +5 RMs Kansas City +2 RMs Dallas +4 RMs Chicago Milwaukee Continued RM investment & sustained growth 2016-2022 St. Louis 1 Expected investments & growth for the years ended December 31, 2026 and December 31, 2027 as compared to the previous fiscal year ended December 31. 2 Total bank checking household growth includes consumer, business & private wealth households. 3 Commercial RM & balance growth excludes any impact from the acquisition of American National Corporation.
$3.7 $3.8 $3.9 $4.0 $4.1 $7.8 $7.3 $7.0 $7.0 $6.9 $7.2 $7.3 $7.5 $7.3 $7.3 $11.5 $11.7 $12.1 $12.5 $12.7 $30.2 $30.1 $30.5 $30.8 $31.0 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Quarterly Loan Trends 8 Average Quarterly Loans ($ in billions) Period End Loan Change 9/30/25 to 12/31/25 ($ in millions) $(123) $(64) $30 $36 $36 $65 $232 Commercial & Industrial Residential Mortgage Auto Finance CRE-Investor CRE-Construction Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer CRE-Owner Occupied Home Equity & Other Consumer
$1.0 $2.3 $3.2 $3.8 $4.1 $7.6 $8.5 $7.9 $7.0 $6.8 $6.2 $7.2 $7.4 $7.2 $7.2 $9.4 $10.8 $10.8 $11.7 $13.0 $24.2 $28.8 $29.2 $29.8 $31.2 2021 2022 2023 2024 2025 Annual Loan Trends 9 Period End Annual Loans ($ in billions) Period End Loan Change 12/31/24 to 12/31/25 ($ in millions) $(254) $12 $18 $43 $54 $296 Commercial & Industrial Residential Mortgage Auto Finance CRE-Investor Home Equity & Other Consumer Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer CRE-Owner Occupied CRE-Construction $1,226 31% 22%
$1.7 $1.8 $1.8 $1.9 $2.1 $4.5 $4.3 $4.1 $3.9 $4.0 $3.7 $3.8 $3.7 $4.0 $4.1 $5.9 $6.1 $6.0 $5.9 $5.9 $5.1 $5.2 $5.2 $5.3 $5.4 $7.6 $8.0 $7.7 $7.9 $8.1 $5.7 $5.6 $5.6 $5.8 $6.1 $34.3 $34.8 $34.2 $34.7 $35.6 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Quarterly Deposit & Funding Trends 10 Average Quarterly Deposits ($ in billions) Period End Funding Change (9/30/25 to 12/31/25) ($ 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 $(161) $(92) $47 $141 $(6) $32 $91 $220 $354 Customer CDs Noninterest-Bearing Demand FHLB Advances Network Transaction Deposits Brokered CDs Core Customer Deposits1 +$691 (+2%) Wholesale Funding Sources $(65) (-1%) Total Deposits +$671 (+2%) Money Market Savings Interest-Bearing Demand Other Wholesale Funding
$0.9 $0.8 $1.5 $1.6 $1.9 $1.5 $1.3 $4.9 $7.5 $8.0 $6.9 $7.2 $6.7 $6.0 $6.0 $4.1 $4.7 $4.8 $5.1 $5.3 $6.1 $6.6 $6.9 $7.4 $7.9 $8.1 $8.2 $6.6 $5.7 $5.8 $27.7 $28.8 $31.3 $33.4 $34.8 2021 2022 2023 2024 2025 Annual Deposit Trends 11 Average Annual Deposits ($ in billions) 4Q24 to 4Q25 Deposit Growth Trends 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Total Time Deposits Savings Money Market Network Trans. Deposits Noninterest-Bearing Demand Interest-Bearing Demand 3.8% 2.6% 5.0% 3.5% Average Balance Growth Period End Balance Growth Core Customer Deposits1Total Deposits
Average Yield Trends 12 Quarterly Average Yields (%) 7.09 6.71 6.75 6.74 6.50 6.74 6.43 6.50 6.45 6.18 5.65 5.59 5.63 5.58 5.56 3.61 3.68 3.70 3.75 3.76 3.64 4.22 4.24 4.26 4.14 3.10 2.91 2.78 2.78 2.61 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 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 5.46 5.45 5.50 5.50 5.34 3.29 3.06 3.02 3.03 2.82 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Investments
Net Interest Income & Net Interest Margin Trends 13 ($ in millions) $270 $286 $300 $305 $310 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 3.04% 2.81% 3.04% 3.06% Quarterly Net Interest Income Quarterly Net Interest Margin 2.97%
Interest Rate Risk Management1 14 Contractual Funding Obligations ($ in billions) Contractual Swaps Balances2 ($ in billions) Estimated NII Sensitivity Profile (%) 7.8 3.8 2.0 2.8 3.9 1.9 1.0 1.5 -3.4 -1.3 -0.5 -0.8 -6.7 -2.6 -1.3 -2.2 4Q 2022 4Q 2023 4Q 2024 4Q 2025 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) $2.45 $2.30 $2.30 $2.30 $1.73 4Q 2025 1Q 2026 2Q 2026 3Q 2026 4Q 2026 ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $7.8 $0.1 $0.0 $7.8 Short-Term Funding $0.3 - - $0.3 FHLB Advances $3.1 $0.2 $0.0 $3.3 Other Long-Term Funding - - $0.6 $0.6 Total $11.1 $0.3 $0.6 $12.0 3.70%3.70%3.70%3.76% 3.64% Notional Balances Weighted Avg. Yield 1 All updates as of or for the period ended December 31, 2025 unless otherwise noted. 2 Includes $100 million of forward starting swaps added in early January 2026.
Cash & Investment Securities Portfolio 15 Period End Investment Securities ($ in billions) Period End Securities + Cash / Total Assets $4.6 $4.8 $5.0 $5.2 $5.4 $3.7 $3.7 $3.7 $3.6 $3.6 $0.2 $0.2 $0.3 $0.3 $0.3 $8.5 $8.7 $9.0 $9.1 $9.3 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Held to MaturityAvailable for Sale Other Securities 19.8% 20.1% 20.5% 20.5% 20.5% 2.4% 2.9% 2.9% 2.9% 3.8% 22.2% 23.0% 23.4% 23.4% 24.3% 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Investment Securities / Total Assets Cash / Total Assets We continue to target securities + cash / total assets of 22% to 24% in 2026
$24 $22 $23 $25 $26 $13 $13 $13 $14 $14 $12 $10 $11 $12 $13 $9 $4 $6 $11 $11 $3 $4 $4 $4 $3 $10 $5 $10 $15 $12 $72 $59 $67 $81 $79 4Q 2024 Adj. 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Quarterly Noninterest Income Trends 16 ($ in millions) 4Q 2024 GAAP $(207) 1 4Q 2024 GAAP noninterest income impacted by a balance sheet repositioning with a $130M loss on a mortgage portfolio sale and a $148M net loss on a sale of investments (both pre-tax) 1Q 2025 GAAP noninterest income includes an additional $7M pre-tax loss on a mortgage portfolio sale, primarily driven by the FAS91 impact of the mortgage portfolio sale announced in 4Q 2024 and settled in 1Q 2025 Wealth Mgmt. Fees Capital Markets, net Other2Mortgage Banking, net Service Charges & Deposit Account Fees Card-Based Fees 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Other is comprised of other fee-based revenue, bank and corporate owned life insurance, asset gains (losses), net, investment securities gains (losses), net, and other noninterest income.
Quarterly Noninterest Expense Trends 17 Noninterest Expense Trends ($ in millions) Efficiency Ratio (%) $126 $124 $127 $136 $135 $27 $27 $27 $29 $29 $14 $15 $13 $13 $14 $9 $10 $10 $10 $7 $34 $34 $33 $29 $34 $14 $224 $211 $209 $216 $219 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Personnel Other1 Technology FDIC Assessment Loss on Prepayment of FHLB Occupancy Adjusted Efficiency Ratio2Fully Tax-Equivalent Efficiency Ratio 103.1 59.7 55.8 54.8 55.2 60.1 58.6 55.8 54.8 55.2 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1 Other is comprised of business development & advertising, equipment, legal & professional, loan & foreclosure costs, other intangible amortization & other noninterest expenses. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Capital Profile 18 Regulatory Capital Ratios (%) Additional Capital Ratios (%) Per Common Share Data ($) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 10.01 10.58 12.61 10.49 11.04 13.08 CET1 Tier 1 Capital Total Capital 4Q 2024 4Q 2025 26.55 27.09 27.67 28.17 28.81 19.71 20.25 20.84 21.36 22.01 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Tangible Common Equity / Tangible Assets (TCE Ratio)1 Total Common Equity / Total Assets 10.25 10.37 10.43 10.51 10.58 7.82 7.96 8.06 8.18 8.29 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Tangible Book Value / Share1Book Value / Share
Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 160,620$ 1.37% 189,277$ 1.49% 198,793$ 1.53% CRE - Investor 72,125 1.38% 62,454 1.16% 58,742 1.12% CRE - Construction 71,090 3.59% 65,324 3.33% 64,542 3.24% Residential Mortgage 32,576 0.46% 34,815 0.51% 33,644 0.50% Other Consumer 65,910 1.74% 62,748 1.55% 63,623 1.54% Total 402,322$ 1.35% 414,618$ 1.34% 419,344$ 1.35% 12/31/202512/31/2024 9/30/2025 $402 $407 $412 $415 $419 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Allowance for Credit Losses on Loans (ACLL)1 19 ACLL Trends ($ in millions) 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) 1.35% 1.34% 1.35% 1.34% 1.35% 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 ACLL / Total Loans
Credit Quality Trends 20 Total Delinquent Loans ($ in millions) Nonaccrual Loans ($ in millions) Total Criticized Loans ($ in millions) Net Charge Offs & Provision ($ in millions) $3 $3 $14 $3 $3 $77 $44 $38 $49 $58 $80 $47 $52 $52 $61 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Accruing Loans 30-89 Days PD $12 $9 $13 $13 $2 $17 $13 $18 $16 $7 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD $123 $135 $113 $106 $100 $751 $740 $888 $1,125 $1,067 $396 $451 $467 $412 $310 $1,271 $1,325 $1,468 $1,643 $1,478 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 $86 $89 $90 $86 $85 $17 $32 $16 $7 $8 $21 $14 $7 $13 $7 $123 $135 $113 $106 $100 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans
FY 2026 Outlook1 21 Total Loans Up 5% to 6% Total Commercial & Industrial Loans Up 9% to 10% Total Deposits Up 5% to 6% Core Customer Deposits2 Up 5% to 6% Net Interest Income Up 5.5% to 6.5% Noninterest Income Up 4% to 5% Noninterest Expense Up 3% Effective Tax Rate 19% to 21% CET1 Capital Ratio 10% to 10.75% 1 Projections are on an end of period basis as of and for the year ended 12/31/2026 as compared to 2025 results as of 12/31/2025 unless otherwise noted. Projections exclude any impact from the acquisition of American National Corporation. 2 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. We have not provided a reconciliation of the projection for core customer deposits to the projection for total deposits due to the low visibility and unpredictability of the components of total deposits necessary for such reconciliation.
Appendix IDS Center Office - Minneapolis, MN
23 1 2 3 4 December 30, 2025 Filed applications with the OCC and Federal Reserve 3Q 2026 Expected conversion of systems & branches 2Q 2026 Expected legal close of transaction December 1, 2025 Announced acquisition of ANC American National Corporation (ANC) Integration Timeline
Additional Quarterly Loan Trends 24 Period End Quarterly Loans ($ in billions) Average Loan Change 3Q 2025 to 4Q 2025 ($ in millions) $3.8 $3.8 $4.0 $4.0 $4.1 $7.0 $7.0 $6.9 $6.9 $6.8 $7.2 $7.4 $7.3 $7.3 $7.2 $11.7 $12.0 $12.4 $12.7 $13.0 $29.8 $30.3 $30.6 $31.0 $31.2 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 $(88) $(17) $(9) $24 $52 $63 $221 Commercial & Industrial CRE-Construction Auto Finance Residential Mortgage CRE-Investor CRE-Owner Occupied Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Home Equity & Other Consumer
$0.9 $1.7 $2.7 $3.4 $4.0 $7.8 $8.1 $8.7 $7.9 $7.0 $6.2 $6.6 $7.3 $7.3 $7.3 $9.1 $9.9 $10.8 $11.1 $12.3 $24.1 $26.2 $29.5 $29.7 $30.6 2021 2022 2023 2024 2025 Additional Annual Loan Trends 25 Annual Average Loans ($ in billions) Quarterly Avg. Loan Change 4Q24 to 4Q25 ($ in millions) $(914) $(112) $22 $84 $171 $293 Commercial & Industrial CRE-Construction Auto Finance Residential Mortgage CRE-Owner Occupied CRE-Investor Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Home Equity & Other Consumer $1,249
12/31/2025 1 % of Total Loans 12/31/2025 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 3,009$ 9.7% Multi-Family 3,138$ 10.1% Manufacturing & Wholesale Trade 2,927 9.4% Industrial 1,768 5.7% Real Estate (includes REITs) 2,184 7.0% Office 729 2.3% Finance & Insurance 699 2.2% Retail 608 2.0% Retail Trade 590 1.9% Single Family Construction 188 0.6% Rental and Leasing Services 570 1.8% Hotel/Motel 176 0.6% Mortgage Warehouse 528 1.7% Medical 161 0.5% Transportation and Warehousing 504 1.6% Warehouse 152 0.5% Construction 490 1.6% Land 76 0.2% Health Care and Social Assistance 316 1.0% Self Storage 13 0.0% Professional, Scientific, and Tech. Serv. 300 1.0% Other 232 0.7% Information 229 0.7% Total CRE 7,241$ 23.2% Waste Management 168 0.5% Accommodation and Food Services 127 0.4% Consumer Educational Services 60 0.2% Residential Mortgage 6,794$ 21.8% Management of Companies & Enterprises 50 0.2% Auto Finance 3,106 10.0% Arts, Entertainment, and Recreation 49 0.2% Home Equity 713 2.3% Public Administration 17 0.1% Credit Cards 201 0.6% Agriculture, Forestry, Fishing and Hunting 13 0.0% Other 123 0.4% Mining 4 0.0% Total Consumer 10,937$ 35.1% Other 152 0.5% Total C&BL 12,986$ 41.7% Total Loans 31,164$ 100.0% Total Loans Outstanding Balances as of December 31, 2025 26 1 All values as of period end. 2 North American Industry Classification System. ($ in millions)
Loan Stratification Outstanding Balances as of December 31, 2025 27 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Multi-Family 43% Retail 8% Office 10% Industrial 24% Warehouse 2%Hotel / Motel 2% Other 11% Wisconsin 26% Illinois 17% Minnesota 8% Other Midwest 14% Texas 5% Other 30% Manufacturing & Wholesale Trade 22% Power & Utilities 23% Real Estate 17% Mortgage Warehouse 4% Finance & Insurance 5% Residential Mortgage 62% Auto Finance 28% Home Equity 7% Credit Cards 2% Other 1% Wisconsin 21% Illinois 14% Minnesota 7% Texas 6% Other Midwest 9% Other 43% Wisconsin 21% Illinois 13% Minnesota 8% Other Midwest2 21% Texas 12% Other 26% 2 2 C&BL by State $13.0 billion Consumer by Category $10.9 billion C&BL by Industry $13.0 billion Total Loans by State1 CRE by State $7.2 billion CRE by Property Type $7.2 billion
High-Quality Commercial Real Estate Portfolio1 28 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Portfolio LTV 57% 57% 57% 58% 57% Delinquencies3/Loans 0.50% 0.03% 0.17% 0.19% 0.27% NALs/Loans 0.23% 0.43% 0.22% 0.10% 0.12% ACLL/Loans 1.99% 1.88% 1.77% 1.74% 1.70% NCOs/Avg. Loans4 0.37% 0.05% 0.45% 0.49% (0.01)% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.17% Top 10 Largest CRE Borrowers 1.32% Largest CRE Property Type (Multi-Fam) 10.07% CRE Office Loans 2.34% CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.23x 2026 Remaining Maturities $329 million Central Business District vs. Suburban ~80% Suburban Property Class Mix6 ~51% Class A Consumer 35% Com'l & Business Lending 42% CRE 23% Total Loans by Segment Wisconsin 21% Illinois 13% Minnesota 8% Other Midwest2 21% Texas 12% Other 26% CRE by Geography Multi-Family 43% Retail 8% Office 10% Industrial 24% Other 15% CRE by Property Type 1 All updates as of or for the period ended December 31, 2025 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. 4 Calculated on an annualized basis. Negative 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 29 1 All data as of or for the period ended December 31, 2025 unless otherwise noted. 12/31/2025 % of Total Loans Residential Mortgage $6,794 21.8% Auto Finance $3,106 10.0% Home Equity $713 2.3% Credit Cards $201 0.6% Other $123 0.4% Total Consumer $10,937 35.1% Prime/Super Prime Consumer Loan Portfolio 786 781 791 792 Resi. Mortgage Auto Finance Home Equity Credit Cards Weighted Avg. Portfolio FICO Scores 87% 8% 5% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)
Stable, Granular Deposit Portfolio 30 Associated Bank, N.A. Period End Deposits ($ in billions) Liquidity Sources ($ in millions) 23% 26% 25% 25% 26% 77% 74% 75% 75% 74% $34.9 $35.2 $34.2 $34.9 $35.6 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits 9/30/2025 12/31/2025 Federal Reserve Balance $800.0 $1,139.4 FHLB Chicago Capacity $5,943.7 $6,221.5 Fed Discount Window Capacity $5,725.9 $6,443.8 Funding Available Within One Business Day1 $12,469.6 $13,804.7 Fed Funds Lines $1,419.0 $1,846.0 Brokered Deposits Capacity2 $697.9 $823.1 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Available Liquidity $15,586.5 $17,473.7 185% 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.
$1.8 $1.9 $1.8 $2.0 $2.2 $4.3 $4.2 $4.1 $4.0 $3.8 $3.7 $3.7 $3.8 $4.0 $4.0 $6.0 $6.1 $5.9 $5.8 $6.1 $5.1 $5.2 $5.3 $5.4 $5.5 $8.0 $7.9 $7.5 $7.8 $7.8 $5.8 $6.1 $5.8 $5.9 $6.1 $34.6 $35.2 $34.1 $34.9 $35.6 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Additional Quarterly Deposit & Funding Trends 31 Period End Quarterly Deposits ($ in billions) Quarterly Average Funding Change (3Q25 to 4Q25) ($ 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 $(5) $82 $157 $30 $99 $132 $155 $268 Interest-Bearing Demand Brokered CDs Network Transaction Deposits FHLB Advances Core Customer Deposits1 +$684 (+2%) Wholesale Funding Sources $(444) (-5%) Total Deposits +$923 (+3%) Noninterest-Bearing Demand Customer CDs Savings Other Wholesale Funding $(677) Money Market
$0.8 $1.0 $1.6 $1.8 $2.2 $1.3 $1.9 $7.3 $8.0 $7.8 $6.9 $7.5 $6.0 $6.0 $6.1 $4.4 $4.6 $4.8 $5.1 $5.5 $6.5 $6.8 $7.6 $8.0 $7.8 $8.5 $7.8 $6.1 $5.8 $6.1 $28.5 $29.6 $33.4 $34.6 $35.6 2021 2022 2023 2024 2025 Additional Annual Deposit & Funding Trends 32 Period End Annual Deposits ($ in billions) Annual Average Funding Change (2024 to 2025) ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Total Time Deposits Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand $(422) $(162) $284 $836 $(40) $43 $211 $473 $645 Money Market Interest-Bearing Demand Network Transaction Deposits FHLB Advances Other Wholesale Funding Core Customer Deposits1 +$1,332 (+5%) Wholesale Funding Sources +$536 (+6%) Total Deposits +$1,454 (+4%) Customer CDs Savings Noninterest-Bearing Demand Brokered CDs
Reconciliation & Definitions of Non-GAAP Items 33 Period End Core Customer Deposits Reconciliation ($ in thousands) 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Total deposits $35,552,608 $34,881,853 $34,147,565 $35,196,713 $34,648,434 Less: Network transaction deposits 2,154,995 2,013,964 1,792,362 1,882,930 1,758,388 Less: Brokered CDs 3,795,133 3,956,517 4,072,048 4,197,512 4,276,309 Core customer deposits $29,602,480 $28,911,371 $28,283,155 $29,116,271 $28,613,737 Avg. Core Customer Deposits Reconciliation ($ in thousands) YTD Dec 2025 YTD Dec 2024 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Average total deposits $34,844,671 $33,391,095 $35,628,917 $34,705,887 $34,203,201 $34,833,464 $34,337,468 Less: Average network transaction deposits 1,929,731 1,645,695 2,090,587 1,933,659 1,843,998 1,847,972 1,690,745 Less: Average brokered CDs 4,078,557 4,240,621 3,998,012 3,916,329 4,089,844 4,315,311 4,514,841 Average core customer deposits $28,836,383 $27,504,780 $29,540,318 $28,855,899 $28,269,359 $28,670,181 $28,131,882 1 Prior period has been adjusted to conform with current presentation. 2 These items classified as nonrecurring items are the result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) YTD Dec 2025 YTD Dec 20201 4Q 2025 Net income (loss) available to common equity $463,277 $288,413 $134,254 Other intangible amortization, net of tax 6,608 7,644 1,652 Adjusted net income (loss) available to common equity for ROATCE $469,885 $296,057 $135,906 Average common equity $4,579,765 $3,633,259 $4,713,445 Less: Average goodwill and other intangible assets, net 1,132,392 $1,227,561 1,129,055 Average tangible common equity for ROATCE $3,447,373 $2,405,698 $3,584,390 Nonrecurring Item Noninterest Income Reconciliation ($ in thousands) YTD Dec 2025 YTD Dec 2024 4Q 2024 GAAP noninterest income (loss) $286,400 $(9,407) $(206,772) Less: Loss on mortgage portfolio sale2 (6,976) (130,406) (130,406) Less: Net loss on sale of investments2 - (148,183) (148,183) Noninterest income, excluding nonrecurring items $293,376 $269,182 $71,816
Reconciliation & Definitions of Non-GAAP Items 34 Update 1 Prior period has been adjusted to conform with current presentation. 2 2020 announced initiatives impacting noninterest expense consisted of cost saving efforts that were executed during 3Q 2020. These initiatives included a $44.7 million loss on prepayment of FHLB advances, $9.6 million in severance, and $5.6 million in write-downs related to branch sales and lease breakage related to announced branch consolidations. 2020 announced initiatives impacting noninterest income consisted of a $163.3 million asset gain related to the sale of Associated Benefits and Risk Consulting, the Corporation's insurance division which was sold in June 2020, as well as a gain on sale of branches totaling $7.4 million, which occurred in 4Q 2020. 3 2025 announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of the balance sheet repositioning that the Corporation announced in 4Q 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio. 4 During 4Q 2025, the Corporation announced its acquisition of American National Corporation. Related costs have been incurring since, thus are excluded from the adjusted efficiency ratio as an effort to represent current operational efficiency. During 1Q 2020, the Corporation finalized the acquisition of First Staunton. These costs, incurred in connection with the acquisition, represent nonrecurring costs. Tangible Common Equity & Tangible Assets Reconciliation ($ in thousands) 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Common equity $4,781,235 $4,674,186 $4,586,669 $4,492,446 $4,411,450 Less: Goodwill and other intangible assets, net 1,127,842 1,130,044 1,132,247 1,134,450 1,136,653 Tangible common equity for TCE Ratio and TBV / share $3,653,393 $3,544,142 $3,454,422 $3,357,996 $3,274,797 Total assets $45,202,596 $44,455,863 $43,993,729 $43,309,136 $43,023,068 Less: Goodwill and other intangible assets, net 1,127,842 1,130,044 1,132,247 1,134,450 1,136,653 Tangible assets for TCE Ratio $44,074,754 $43,325,819 $42,861,482 $42,174,686 $41,886,415 Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) YTD Dec 2025 YTD Dec 20201 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Total expense for efficiency ratios reconciliation Noninterest expense $855,639 $776,034 $219,466 $216,202 $209,352 $210,619 $224,282 Less: Other intangible amortization 8,811 10,192 2,203 2,203 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 846,828 765,842 217,263 213,999 207,149 208,416 222,080 Less: FDIC special assessment - - - - - - - Less: Announced initiatives2,3 - 59,917 - - - - 14,243 Less: Acquisition costs4 252 2,447 252 Total expense for adjusted efficiency ratio $846,576 $703,478 $217,011 $213,999 $207,149 $208,416 $207,836 Total revenue for efficiency ratios reconciliation Net interest income $1,201,145 $762,957 $309,981 $305,222 $300,000 $285,941 $270,289 Noninterest income (loss) 286,400 514,056 79,384 81,265 66,977 58,776 (206,772) Less: Investment securities gains (losses), net 49 9,222 37 1 7 4 (148,194) Fully tax-equivalent adjustment 16,899 15,959 4,196 4,222 4,228 4,254 3,680 Total revenue for fully tax-equivalent efficiency ratio 1,504,395 1,283,750 393,524 390,708 371,198 348,968 215,390 Less: Announced initiatives2,3 (6,976) 170,736 - - - (6,976) (130,406) Total revenue for adjusted efficiency ratio $1,511,371 $1,113,014 $393,524 $390,708 $371,198 $355,943 $345,795
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