アソシエーテッドバンコープの適時開示・決算・その他


UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549
FORM			8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)			July 24, 2025


Associated Banc-Corp
(Exact name of registrant as specified in its chapter)


Wisconsin	001-31343	39-1098068
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


433 Main Street	Green Bay	Wisconsin	54301
(Address of principal executive offices)			(Zip code)


Registrant’s telephone number, including area code			920			491-7500



(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
Common stock, par value $0.01 per share	ASB	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E	ASB PrE	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F	ASB PrF	New York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033	ASBA	New York Stock Exchange


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 July 24, 2025, Associated Banc-Corp announced its earnings for the quarter ended June 30, 2025. A copy of the registrant’s press release containing this information and the slide presentation discussed on the conference call for investors and analysts on July 24, 2025, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are furnished as part of this Report on Form 8-K:
99.1 Press release of the registrant dated July 24, 2025, containing financial information for the quarter ended June 30, 2025.

99.2 Slide presentation discussed on the conference call for investors and analysts on July 24, 2025.


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: July 24, 2025						By: /s/ Derek S. Meyer
						Derek S. Meyer
						Chief Financial Officer

EX-99.1 2 asb06302025ex991.htm EX-99.1 Document

Exhibit 99.1


			NEWS RELEASE Investor Contact: Ben McCarville, Senior Vice President, Director of Investor Relations 920-491-7059 Media Contact: Andrea Kozek, Vice President, Public Relations Senior Manager 920-491-7518

Record Quarterly Net Interest Income Drives Associated Banc-Corp's Second Quarter 2025 Earnings per Common Share of $0.65

GREEN BAY, Wis. -- July 24, 2025 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $108 million, or $0.65 per common share, for the quarter ended June 30, 2025. These amounts compare to earnings of $99 million, or $0.59 per common share, for the quarter ended March 31, 2025 and earnings of $113 million, or $0.74 per common share, for the quarter ended June 30, 2024.

“Midway through 2025, Associated Bank is seeing strong momentum from the strategic actions we’ve taken over the past several quarters,” said President & CEO Andy Harmening. “In the second quarter, we delivered over $350 million in additional C&I loan growth, another 7 basis points of margin expansion, and the best checking household growth we’ve seen since we began tracking a decade ago--all of which contributed to the strongest quarterly net interest income we've seen in company history. Importantly, we also delivered another 9 basis points of CET1 capital accretion and solid credit performance.”

“While uncertainty has been an ongoing theme at the macro level, we feel well-positioned to build on our momentum over the back half of the year thanks to our strengthened profitability profile, solid capital position, and disciplined approach to growth. We look forward to providing additional updates on our progress along the way."

Second Quarter 2025 Highlights

•Diluted earnings per common share of $0.65

•Record net interest income of $300 million (+5% vs. 1Q 2025; +17% vs. 2Q 2024)

•Total period end loans of $30.6 billion (+1% vs. 1Q 2025; +3% vs. 2Q 2024)

•Total period end deposits of $34.1 billion (-3% vs. 1Q 2025; +4% vs. 2Q 2024)

•Total period end core customer deposits1 of $28.3 billion (-3% vs. 1Q 2025; +4% vs. 2Q 2024)

•Net interest margin of 3.04%

•Noninterest income of $67 million

•Noninterest expense of $209 million

•Provision for credit losses of $18 million

•Allowance for credit losses on loans / total loans of 1.35%

•Net charge offs / average loans (annualized) of 0.17%

•Book value / share of $27.67

•Tangible book value / share1 of $20.84

1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans

Second quarter 2025 average total loans of $30.5 billion increased 1%, or $381 million, from the prior quarter and increased 3%, or $912 million, from the same period last year. With respect to second quarter 2025 average balances by loan category:

•Commercial and business lending increased $371 million from the prior quarter and increased $1.1 billion from the same period last year to $12.1 billion.

•Commercial real estate lending increased $138 million from the prior quarter and increased $202 million from the same period last year to $7.5 billion.

•Consumer lending decreased $128 million from the prior quarter and decreased $374 million from the same period last year to $10.9 billion.

Second quarter 2025 period end total loans of $30.6 billion increased 1%, or $313 million, from the prior quarter and increased 3%, or $989 million, from the same period last year. With respect to second quarter 2025 period end balances by loan category:

•Commercial and business lending increased $339 million from the prior quarter and increased $1.3 billion from the same period last year to $12.4 billion.

•Commercial real estate lending decreased $86 million from the prior quarter and increased $64 million the same period last year to $7.3 billion.

•Consumer lending increased $60 million from the prior quarter and decreased $385 million from the same period last year to $10.9 billion.

We continue to expect 2025 period end loan growth of 5% to 6% as compared to the year ended December 31, 2024.

Deposits

Second quarter 2025 average deposits of $34.2 billion decreased 2%, or $630 million, from the prior quarter and increased 5%, or $1.6 billion, from the same period last year. With respect to second quarter 2025 average balances by deposit category:

•Noninterest-bearing demand deposits increased $9 million from the prior quarter and decreased $63 million from the same period last year to $5.6 billion.

•Savings increased $60 million from the prior quarter and increased $89 million from the same period last year to $5.2 billion.

•Interest-bearing demand deposits decreased $348 million from the prior quarter and increased $418 million from the same period last year to $7.7 billion.

•Money market deposits decreased $91 million from the prior quarter and decreased $6 million from the same period last year to $6.0 billion.

•Brokered CDs decreased $225 million from the prior quarter and increased $162 million from the same period last year to $4.1 billion.

•Other time deposits decreased $31 million from the prior quarter and increased $725 million from the same period last year to $3.7 billion.

•Network transaction deposits decreased $4 million from the prior quarter and increased $249 million from the same period last year to $1.8 billion.

Second quarter 2025 period end deposits of $34.1 billion decreased 3%, or $1.0 billion, from the prior quarter and increased 4%, or $1.5 billion, from the same period last year. With respect to second quarter 2025 period end balances by deposit category:

•Noninterest-bearing demand deposits decreased $353 million from the prior quarter and decreased $33 million from the same period last year to $5.8 billion.

•Savings increased $44 million from the prior quarter and increased $135 million from the same period last year to $5.3 billion.

•Interest-bearing demand deposits decreased $380 million from the prior quarter and increased $297 million from the same period last year to $7.5 billion.

•Money market deposits decreased $225 million from the prior quarter and increased $33 million from the same period last year to $5.9 billion.

•Brokered CDs decreased $125 million from the prior quarter and increased $10 million from the same period last year to $4.1 billion.

•Other time deposits increased $82 million from the prior quarter and increased $724 million from the same period last year to $3.8 billion.

•Network transaction deposits decreased $91 million from the prior quarter and increased $289 million from the same period last year to $1.8 billion.

•Core customer deposits1 decreased $833 million from the prior quarter and increased $1.2 billion from the same period last year to $28.3 billion.

We now expect 2025 period end total deposit growth of 1% to 3% and continue to expect period end core customer deposit growth of 4% to 5% as compared to the year ended December 31, 2024.

Net Interest Income and Net Interest Margin

Second quarter 2025 net interest income of $300 million increased $14 million from the prior quarter and increased $43 million from the same period last year. The net interest margin increased to 3.04%, reflecting a 7 basis point increase from the prior quarter and a 29 basis point increase from the same period last year.

•The average yield on total loans for the second quarter of 2025 increased 6 basis points from the prior quarter and decreased 32 basis points from the same period last year to 5.89%.

•The average cost of total interest-bearing liabilities for the second quarter of 2025 decreased 4 basis points from the prior quarter and decreased 58 basis points from the same period last year to 3.02%.

•The net free funds benefit for the second quarter of 2025 decreased 2 basis points from the prior quarter and decreased 14 basis points from the same period last year to 0.56%.

1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Based on our latest forecasts for balance sheet growth and mix, and current market conditions, we now expect total net interest income growth of 14% to 15% in 2025.

Noninterest Income

Second quarter 2025 total noninterest income of $67 million increased $8 million from the prior quarter and increased $2 million from the same period last year. The increase relative to the prior quarter was primarily driven by a $7 million loss recognized in the first quarter of 2025 related to the settlement of the mortgage sale originally announced in December of 2024. With respect to second quarter 2025 noninterest income line items:

•Capital markets, net increased $1 million from the prior quarter and $1 million from the same period a year ago.

•Card-based fees increased $1 million from the prior quarter and decreased $1 million from the same period last year.

•Wealth management fees increased $1 million from the prior quarter and increased slightly from the same period last year.

After adjusting to exclude the fourth quarter 2024 and first quarter 2025 impacts of the mortgage and investment securities sales we announced in December 2024, we now expect total noninterest income growth of between 1% and 2% in 2025.

Noninterest Expense

Second quarter 2025 total noninterest expense of $209 million decreased $1 million from the prior quarter and increased $13 million from the same period last year. With respect to second quarter 2025 noninterest expense line items:

•Personnel expense increased $3 million from the prior quarter and increased $5 million from the same period last year.

•Business development and advertising expense increased $1 million from the prior quarter and increased slightly from the same period last year.

•Legal and professional expense increased $1 million from the prior quarter and increased $2 million from the same period last year.

•Occupancy expense decreased $3 million from the prior quarter and decreased slightly from the same period last year.

•FDIC assessment expense decreased $1 million from the prior quarter and increased $3 million from the same period last year.

After adjusting to exclude the $14 million impact of the loss on prepayments of FHLB advances recognized in the fourth quarter of 2024, we now expect total noninterest expense to grow by 4% to 5% in 2025.

Taxes

Second quarter 2025 tax expense was $28 million, compared to $19 million of tax expense in the prior quarter and $13 million of tax benefit in the same period last year. The effective tax rate for the second quarter of 2025 was 20.34%, compared to 16.03% in the prior quarter.

We continue to expect the annual effective tax rate to be between 19% and 21% in 2025.

Credit

Second quarter 2025 provision for credit losses on loans was $18 million, compared to a provision of $13 million in the prior quarter and a provision of $23 million in the same period last year. With respect to second quarter 2025 credit quality:

•Nonaccrual loans of $113 million decreased $22 million from the prior quarter and decreased $41 million from the same period last year. The nonaccrual loans to total loans ratio was 0.37% in the first quarter, down from 0.44% in the prior quarter and down from 0.52% in the same period last year.

•Second quarter 2025 net charge offs of $13 million increased compared to net charge offs of $9 million in the prior quarter and decreased compared to net charge offs of $21 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $412 million increased $5 million compared to the prior quarter and increased $22 million compared to the same period last year. The ACLL to total loans ratio was 1.35% in the first quarter, up from 1.34% in the prior quarter and up from 1.32% in the same period last year.

In 2025, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.20% at June 30, 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.

SECOND 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, July 24, 2025. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp second quarter 2025 earnings call. The second 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 $44 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “intend,” "target,” “outlook,” “project,” “guidance,” “forecast,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.

NON-GAAP FINANCIAL MEASURES

This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

# # #


Associated Banc-Corp Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)	June 30, 2025		March 31, 2025		Sequential Quarter Change		December 31, 2024		September 30, 2024		June 30, 2024		Comparable Quarter Change
Assets
Cash and due from banks	$	521,167	$	521,323	$	(156)	$	544,059	$	554,631	$	470,818	$	50,349
Interest-bearing deposits in other financial institutions	738,938		711,033		27,905		453,590		408,101		484,677		254,261
Federal funds sold and securities purchased under agreements to resell	—		105		(105)		21,955		4,310		3,600		(3,600)
Investment securities available for sale, at fair value	5,036,508		4,796,570		239,938		4,581,434		4,152,527		3,912,730		1,123,778
Investment securities held to maturity, net, at amortized cost	3,672,101		3,705,793		(33,692)		3,738,687		3,769,150		3,799,035		(126,934)
Equity securities	25,912		23,331		2,581		23,242		23,158		22,944		2,967
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	278,356		194,244		84,112		179,665		178,168		212,102		66,254
Residential loans held for sale	96,804		47,611		49,193		646,687		67,219		83,795		13,009
Commercial loans held for sale	8,406		7,910		496		32,634		11,833		—		8,406
Loans	30,607,605		30,294,127		313,478		29,768,586		29,990,897		29,618,271		989,334
Allowance for loan losses	(376,515)		(371,348)		(5,167)		(363,545)		(361,765)		(355,844)		(20,671)
Loans, net	30,231,091		29,922,780		308,311		29,405,041		29,629,131		29,262,428		968,663
Tax credit and other investments	247,111		254,187		(7,076)		258,886		265,385		246,300		811
Premises and equipment, net	377,372		377,521		(149)		379,093		373,816		369,968		7,403
Bank and corporate owned life insurance	691,470		690,551		919		689,000		686,704		683,451		8,019
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	27,255		29,457		(2,203)		31,660		33,863		36,066		(8,811)
Mortgage servicing rights, net	85,245		86,251		(1,005)		87,683		81,977		85,640		(395)

Interest receivable	168,627		159,729		8,898		167,772		167,777		173,106		(4,479)
Other assets	682,373		675,748		6,625		676,987		698,073		672,256		10,118
Total assets	$	43,993,729	$	43,309,136	$	684,593	$	43,023,068	$	42,210,815	$	41,623,908	$	2,369,821
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	5,782,487	$	6,135,946	$	(353,459)	$	5,775,657	$	5,857,421	$	5,815,045	$	(32,558)
Interest-bearing deposits	28,365,079		29,060,767		(695,688)		28,872,777		27,696,877		26,875,995		1,489,084
Total deposits	34,147,565		35,196,713		(1,049,147)		34,648,434		33,554,298		32,691,039		1,456,526
Short-term funding	75,585		311,335		(235,750)		470,369		917,028		859,539		(783,955)
FHLB advances	3,879,489		2,027,297		1,852,192		1,853,807		1,913,294		2,673,046		1,206,443
Other long-term funding	593,530		591,382		2,147		837,635		844,342		536,113		57,417
Allowance for unfunded commitments	35,276		35,276		—		38,776		35,776		33,776		1,500
Accrued expenses and other liabilities	481,503		460,574		20,929		568,485		532,842		588,057		(106,554)
Total liabilities	39,212,948		38,622,578		590,370		38,417,506		37,797,579		37,381,571		1,831,377
Stockholders’ equity
Preferred equity	194,112		194,112		—		194,112		194,112		194,112		—






Common equity	4,586,669		4,492,446		94,223		4,411,450		4,219,125		4,048,225		538,444
Total stockholders’ equity	4,780,781		4,686,558		94,223		4,605,562		4,413,236		4,242,337		538,444
Total liabilities and stockholders’ equity	$	43,993,729	$	43,309,136	$	684,593	$	43,023,068	$	42,210,815	$	41,623,908	$	2,369,821

Numbers may not recalculate due to rounding conventions.


Associated Banc-Corp Consolidated Statements of Income (Unaudited)					Comparable Quarter				Year to Date (YTD)				Comparable YTD
(Dollars in thousands, except per share data)	2Q25		2Q24		Dollar Change		Percentage Change		June 2025		June 2024		Dollar Change		Percentage Change
Interest income
Interest and fees on loans	$	447,781	$	456,788	$	(9,007)	(2)	%	$	881,080	$	911,260	$	(30,179)	(3)	%
Interest and dividends on investment securities
Taxable	71,174		50,278		20,896		42	%	140,962		96,826		44,136		46	%
Tax-exempt	13,902		14,669		(767)		(5)	%	27,858		29,443		(1,585)		(5)	%
Other interest	12,679		8,539		4,140		48	%	21,921		16,133		5,788		36	%
Total interest income	545,536		530,274		15,262		3	%	1,071,821		1,053,662		18,159		2	%
Interest expense
Interest on deposits	197,656		221,062		(23,406)		(11)	%	406,796		447,293		(40,497)		(9)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	2,004		2,303		(299)		(13)	%	5,626		5,166		460		9	%
Interest on other short-term funding	287		6,077		(5,790)		(95)	%	695		10,785		(10,090)		(94)	%
Interest on FHLB advances	34,889		34,143		746		2	%	50,979		55,814		(4,835)		(9)	%
Interest on other long-term funding	10,700		10,096		604		6	%	21,785		20,154		1,631		8	%
Total interest expense	245,536		273,681		(28,145)		(10)	%	485,881		539,211		(53,330)		(10)	%
Net interest income	300,000		256,593		43,407		17	%	585,940		514,451		71,490		14	%
Provision for credit losses	17,996		23,008		(5,012)		(22)	%	30,999		47,009		(16,010)		(34)	%
Net interest income after provision for credit losses	282,004		233,585		48,419		21	%	554,941		467,442		87,499		19	%
Noninterest income
Wealth management fees	23,025		22,628		396		2	%	45,522		44,323		1,200		3	%
Service charges and deposit account fees	13,147		12,263		883		7	%	25,961		24,702		1,259		5	%
Card-based fees	11,200		11,975		(775)		(6)	%	21,642		23,242		(1,600)		(7)	%
Other fee-based revenue	4,995		4,857		138		3	%	10,245		9,259		986		11	%
Capital markets, net	5,765		4,685		1,080		23	%	10,110		8,735		1,374		16	%
Mortgage banking, net	4,213		2,505		1,709		68	%	8,035		5,166		2,869		56	%
Loss on mortgage portfolio sale	—		—		—		N/M		(6,976)		—		(6,976)		N/M
Bank and corporate owned life insurance	4,135		4,584		(449)		(10)	%	9,339		7,154		2,185		31	%
Asset losses, net	(1,735)		(627)		(1,108)		177	%	(2,613)		(933)		(1,680)		180	%
Investment securities gains, net	7		67		(60)		(90)	%	11		3,947		(3,935)		(100)	%

Other	2,226		2,222		4		—	%	4,477		4,549		(72)		(2)	%
Total noninterest income	66,977		65,159		1,818		3	%	125,754		130,144		(4,390)		(3)	%
Noninterest expense
Personnel	126,994		121,581		5,413		4	%	250,890		240,976		9,914		4	%
Technology	26,508		27,161		(654)		(2)	%	53,646		53,362		285		1	%
Occupancy	12,644		13,128		(484)		(4)	%	28,025		26,761		1,264		5	%
Business development and advertising	7,748		7,535		213		3	%	14,134		14,052		82		1	%
Equipment	4,494		4,450		44		1	%	9,021		9,049		(28)		—	%
Legal and professional	6,674		4,429		2,245		51	%	12,757		9,101		3,656		40	%
Loan and foreclosure costs	2,705		1,793		913		51	%	5,299		3,771		1,528		41	%
FDIC assessment	9,708		7,131		2,577		36	%	20,144		21,077		(933)		(4)	%
Other intangible amortization	2,203		2,203		—		—	%	4,405		4,405		—		—	%

Other	9,674		6,450		3,224		50	%	21,648		10,963		10,685		97	%
Total noninterest expense	209,352		195,861		13,492		7	%	419,971		393,518		26,453		7	%
Income before income taxes	139,629		102,884		36,745		36	%	260,724		204,068		56,656		28	%
Income tax expense (benefit)	28,399		(12,689)		41,089		N/M		47,808		7,326		40,482		N/M
Net income	111,230		115,573		(4,344)		(4)	%	212,916		196,742		16,174		8	%
Preferred stock dividends	2,875		2,875		—		—	%	5,750		5,750		—		—	%
Net income available to common equity	$	108,355	$	112,698	$	(4,344)	(4)	%	$	207,166	$	190,992	$	16,174	8	%

Pre-tax pre-provision income (loss)(a)	157,625		125,892		31,733		25	%	291,723		251,077		40,646		16	%
Earnings per common share
Basic	$	0.65	$	0.75	$	(0.10)	(13)	%	$	1.25	$	1.27	$	(0.02)	(2)	%
Diluted	$	0.65	$	0.74	$	(0.09)	(12)	%	$	1.24	$	1.26	$	(0.02)	(2)	%
Average common shares outstanding
Basic	164,936		149,872		15,063		10	%	165,081		149,864		15,217		10	%
Diluted	166,343		151,288		15,055		10	%	166,506		151,310		15,196		10	%

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.


Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
(Dollars and shares in thousands, except per share data)					Sequential Quarter
	2Q25		1Q25		Dollar Change		Percentage Change		4Q24		3Q24		2Q24
Interest income
Interest and fees on loans	$	447,781	$	433,299	$	14,482	3	%	$	453,253	$	465,728	$	456,788
Interest and dividends on investment securities
Taxable	71,174		69,788		1,387		2	%	50,524		51,229		50,278
Tax-exempt	13,902		13,956		(53)		—	%	14,469		14,660		14,669
Other interest	12,679		9,243		3,436		37	%	10,478		8,701		8,539
Total interest income	545,536		526,285		19,251		4	%	528,724		540,318		530,274
Interest expense
Interest on deposits	197,656		209,140		(11,484)		(5)	%	222,888		231,623		221,062
Interest on federal funds purchased and securities sold under agreements to repurchase	2,004		3,622		(1,618)		(45)	%	3,203		3,385		2,303
Interest on other short-term funding	287		408		(121)		(30)	%	668		6,144		6,077
Interest on FHLB advances	34,889		16,090		18,799		117	%	17,908		24,799		34,143
Interest on other long-term funding	10,700		11,085		(385)		(3)	%	13,769		11,858		10,096
Total interest expense	245,536		240,345		5,192		2	%	258,436		277,809		273,681
Net interest income	300,000		285,941		14,059		5	%	270,289		262,509		256,593
Provision for credit losses	17,996		13,003		4,993		38	%	16,986		20,991		23,008
Net interest income after provision for credit losses	282,004		272,938		9,066		3	%	253,303		241,518		233,585
Noninterest income
Wealth management fees	23,025		22,498		527		2	%	24,103		24,144		22,628
Service charges and deposit account fees	13,147		12,814		332		3	%	13,232		13,708		12,263
Card-based fees	11,200		10,442		758		7	%	11,948		11,731		11,975
Other fee-based revenue	4,995		5,251		(256)		(5)	%	5,182		5,057		4,857
Capital markets, net	5,765		4,345		1,420		33	%	9,032		4,317		4,685
Mortgage banking, net	4,213		3,822		391		10	%	3,387		2,132		2,505
Loss on mortgage portfolio sale	—		(6,976)		6,976		(100)	%	(130,406)		—		—
Bank and corporate owned life insurance	4,135		5,204		(1,069)		(21)	%	2,322		4,001		4,584

Asset (losses) gains, net	(1,735)		(878)		(857)		98	%	364		(474)		(627)
Investment securities gains (losses), net	7		4		3		66	%	(148,194)		100		67

Other	2,226		2,251		(25)		(1)	%	2,257		2,504		2,222
Total noninterest income (loss)	66,977		58,776		8,201		14	%	(206,772)		67,221		65,159
Noninterest expense
Personnel	126,994		123,897		3,097		2	%	125,944		121,036		121,581
Technology	26,508		27,139		(631)		(2)	%	26,984		27,217		27,161
Occupancy	12,644		15,381		(2,736)		(18)	%	14,325		13,536		13,128
Business development and advertising	7,748		6,386		1,362		21	%	7,408		6,683		7,535
Equipment	4,494		4,527		(33)		(1)	%	4,729		4,653		4,450
Legal and professional	6,674		6,083		591		10	%	6,861		5,639		4,429
Loan and foreclosure costs	2,705		2,594		112		4	%	1,951		2,748		1,793
FDIC assessment	9,708		10,436		(728)		(7)	%	9,139		8,223		7,131
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,203
Loss on prepayments of FHLB advances	—		—		—		N/M		14,243		—		—
Other	9,674		11,974		(2,300)		(19)	%	10,496		8,659		6,450
Total noninterest expense	209,352		210,619		(1,267)		(1)	%	224,282		200,597		195,861
Income (loss) before income taxes	139,629		121,095		18,534		15	%	(177,752)		108,142		102,884
Income tax expense (benefit)	28,399		19,409		8,991		46	%	(16,137)		20,124		(12,689)
Net income (loss)	111,230		101,687		9,543		9	%	(161,615)		88,018		115,573
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		2,875
Net income (loss) available to common equity	$	108,355	$	98,812	$	9,543	10	%	$	(164,490)	$	85,143	$	112,698

Pre-tax pre-provision income (loss)(a)	157,625		134,098		23,527		18	%	(160,766)		129,133		125,892
Earnings (loss) per common share
Basic	$	0.65	$	0.60	$	0.05	8	%	$	(1.04)	$	0.56	$	0.75
Diluted	$	0.65	$	0.59	$	0.06	10	%	$	(1.03)	$	0.56	$	0.74
Average common shares outstanding
Basic	164,936		165,228		(292)		—	%	157,710		150,247		149,872
Diluted	166,343		166,604		(261)		—	%	159,164		151,492		151,288

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.


Associated Banc-Corp Selected Quarterly Information
(Dollars and shares in thousands, except per share data and as noted)	YTD Jun 2025			YTD Jun 2024			2Q25			1Q25			4Q24			3Q24			2Q24
Per common share data
Dividends	$	0.46		$	0.44		$	0.23		$	0.23		$	0.23		$	0.22		$	0.22
Market value:
High	25.63			22.48			24.56			25.63			28.14			23.95			22.48
Low	18.91			19.73			18.91			21.06			20.64			20.07			19.90
Close							24.39			22.53			23.90			21.54			21.15
Book value / share							27.67			27.09			26.55			27.90			26.85
Tangible book value (TBV) / share(a)							20.84			20.25			19.71			20.37			19.28
Performance ratios (annualized)
Return on average assets	1.00		%	0.97		%	1.03		%	0.97		%	(1.53)		%	0.85		%	1.13		%
Noninterest expense / average assets	1.97		%	1.93		%	1.93		%	2.00		%	2.12		%	1.93		%	1.92		%
Effective tax rate	18.34		%	3.59		%	20.34		%	16.03		%	N/M			18.61		%	(12.33)		%
Dividend payout ratio(b)	36.80		%	34.65		%	35.38		%	38.33		%	N/M			39.29		%	29.33		%
Net interest margin	3.01		%	2.77		%	3.04		%	2.97		%	2.81		%	2.78		%	2.75		%
Selected trend information


Assets under management, at market value(c)							$	15,537		$	14,685		$	14,773		$	15,033		$	14,304





Shares repurchased during period(d)	900			900			—			900			—			—			—
Shares outstanding, end of period							165,778			165,807			166,178			151,213			150,785

Loans / deposits ratio							89.63		%	86.07		%	85.92		%	89.38		%	90.60		%
Stockholders’ equity / assets ratio							10.87		%	10.82		%	10.70		%	10.46		%	10.19		%
Risk-based capital(e)(f)
Total risk-weighted assets							$	34,241,408		$	33,800,823		$	33,950,173		$	33,326,479		$	32,767,830
Common equity Tier 1							$	3,493,316		$	3,417,432		$	3,396,836		$	3,238,155		$	3,172,298
Common equity Tier 1 capital ratio							10.20		%	10.11		%	10.01		%	9.72		%	9.68		%
Tier 1 capital ratio							10.77		%	10.68		%	10.58		%	10.30		%	10.27		%
Total capital ratio							12.83		%	12.75		%	12.61		%	12.36		%	12.34		%
Tier 1 leverage ratio							8.72		%	8.69		%	8.73		%	8.49		%	8.37		%

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.

(b)Ratio is based upon basic earnings per common share.

(c)In millions. Excludes assets held in brokerage accounts.

(d)Does not include repurchases related to tax withholding on equity compensation.

(e)The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.

(f)June 30, 2025 data is estimated.


Associated Banc-Corp Selected Asset Quality Information
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Seql Qtr % Change		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	371,348		$	363,545		2	%	$	361,765		$	355,844		$	356,006		4	%
Provision for loan losses	18,000			16,500			9	%	14,000			19,000			21,000			(14)	%
Charge offs	(18,348)			(13,714)			34	%	(13,770)			(15,337)			(23,290)			(21)	%
Recoveries	5,515			5,017			10	%	1,551			2,258			2,127			159	%
Net (charge offs) recoveries	(12,833)			(8,698)			48	%	(12,220)			(13,078)			(21,163)			(39)	%
Balance at end of period	$	376,515		$	371,348		1	%	$	363,545		$	361,765		$	355,844		6	%
Allowance for unfunded commitments
Balance at beginning of period	$	35,276		$	38,776		(9)	%	$	35,776		$	33,776		$	31,776		11	%
Provision for unfunded commitments	—			(3,500)			(100)	%	3,000			2,000			2,000			(100)	%
Balance at end of period	35,276			35,276			—	%	38,776			35,776			33,776			4	%
Allowance for credit losses on loans (ACLL)	$	411,791		$	406,624		1	%	$	402,322		$	397,541		$	389,620		6	%
Provision for credit losses on loans	$	18,000		$	13,000		38	%	$	17,000		$	21,000		$	23,000		(22)	%
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Seql Qtr % Change		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Comp Qtr % Change
Net (charge offs) recoveries


Commercial and industrial	$	(1,826)		$	(4,726)		(61)	%	$	(2,406)		$	(10,649)		$	(13,676)		(87)	%
Commercial real estate—owner occupied	—			—			N/M		—			—			1			(100)	%
Commercial and business lending	(1,826)			(4,726)			(61)	%	(2,406)			(10,649)			(13,674)			(87)	%
Commercial real estate—investor	(8,493)			(892)			N/M		(6,617)			(1)			(4,569)			86	%
Real estate construction	121			30			N/M		4			2			28			N/M
Commercial real estate lending	(8,372)			(863)			N/M		(6,612)			2			(4,541)			84	%
Total commercial	(10,198)			(5,589)			82	%	(9,018)			(10,647)			(18,216)			(44)	%
Residential mortgage	(302)			197			N/M		(239)			(160)			(289)			4	%
Auto finance	(689)			(1,519)			(55)	%	(1,782)			(1,281)			(1,480)			(53)	%
Home equity	237			289			(18)	%	277			424			238			—	%
Other consumer	(1,881)			(2,076)			(9)	%	(1,457)			(1,414)			(1,417)			33	%
Total consumer	(2,636)			(3,109)			(15)	%	(3,202)			(2,431)			(2,947)			(11)	%
Total net charge offs	$	(12,833)		$	(8,698)		48	%	$	(12,220)		$	(13,078)		$	(21,163)		(39)	%

(in basis points)	Jun 30, 2025			Mar 31, 2025					Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Net (charge offs) recoveries to average loans (annualized)


Commercial and industrial	(7)			(18)					(9)			(43)			(55)
Commercial real estate—owner occupied	—			—					—			—			—
Commercial and business lending	(6)			(16)					(8)			(39)			(50)
Commercial real estate—investor	(61)			(7)					(51)			—			(37)
Real estate construction	3			1					—			—			—
Commercial real estate lending	(45)			(5)					(37)			—			(25)
Total commercial	(21)			(12)					(19)			(23)			(40)
Residential mortgage	(2)			1					(1)			(1)			(1)
Auto finance	(9)			(22)					(26)			(19)			(24)
Home equity	14			18					17			26			15
Other consumer	(244)			(268)					(208)			(216)			(221)
Total consumer	(10)			(11)					(11)			(8)			(10)
Total net charge offs	(17)			(12)					(16)			(18)			(29)

(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Seql Qtr % Change		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Comp Qtr % Change
Credit quality
Nonaccrual loans	$	112,999		$	134,808		(16)	%	$	123,260		$	128,476		$	154,423		(27)	%
Other real estate owned (OREO)	34,287			23,475			46	%	20,217			18,830			8,325			N/M

Repossessed assets	882			688			28	%	687			793			671			31	%
Total nonperforming assets	$	148,169		$	158,971		(7)	%	$	144,164		$	148,098		$	163,418		(9)	%

Loans 90 or more days past due and still accruing	$	14,160		$	3,036		N/M		$	3,189		$	7,107		$	2,354		N/M

Allowance for credit losses on loans to total loans	1.35		%	1.34		%			1.35		%	1.33		%	1.32		%

Allowance for credit losses on loans to nonaccrual loans	364.42		%	301.63		%			326.40		%	309.43		%	252.31		%
Nonaccrual loans to total loans	0.37		%	0.44		%			0.41		%	0.43		%	0.52		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.48		%	0.52		%			0.48		%	0.49		%	0.55		%
Nonperforming assets to total assets	0.34		%	0.37		%			0.34		%	0.35		%	0.39		%


Associated Banc-Corp Selected Asset Quality Information (continued)
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025		Seql Qtr % Change		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	6,945	$	12,898	(46)	%	$	19,084	$	14,369	$	21,190	(67)	%
Commercial real estate—owner occupied	—		1,501		(100)	%	1,501		9,285		1,851		(100)	%
Commercial and business lending	6,945		14,399		(52)	%	20,585		23,654		23,041		(70)	%
Commercial real estate—investor	15,805		31,689		(50)	%	16,705		18,913		48,249		(67)	%
Real estate construction	146		125		17	%	30		15		16		N/M
Commercial real estate lending	15,950		31,814		(50)	%	16,735		18,928		48,265		(67)	%
Total commercial	22,895		46,213		(50)	%	37,320		42,582		71,306		(68)	%
Residential mortgage	73,817		72,455		2	%	70,038		70,138		68,058		8	%
Auto finance	8,004		7,692		4	%	7,402		7,456		6,986		15	%
Home equity	8,201		8,275		(1)	%	8,378		8,231		7,996		3	%
Other consumer	82		173		(53)	%	122		70		77		6	%
Total consumer	90,104		88,595		2	%	85,941		85,894		83,117		8	%
Total nonaccrual loans	$	112,999	$	134,808	(16)	%	$	123,260	$	128,476	$	154,423	(27)	%

















	Jun 30, 2025		Mar 31, 2025		Seql Qtr % Change		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial	$	2,593	$	7,740	(66)	%	$	1,260	$	1,212	$	2,052	26	%
Commercial real estate—owner occupied	5,628		1,156		N/M		1,634		2,209		—		N/M
Commercial and business lending	8,221		8,896		(8)	%	2,893		3,421		2,052		N/M
Commercial real estate—investor	1,042		2,463		(58)	%	36,391		10,746		1,023		2	%
Real estate construction	90		—		N/M		21		88		—		N/M
Commercial real estate lending	1,132		2,463		(54)	%	36,412		10,834		1,023		11	%
Total commercial	9,353		11,360		(18)	%	39,305		14,255		3,075		N/M
Residential mortgage	8,744		13,568		(36)	%	14,892		13,630		10,374		(16)	%
Auto finance	13,149		12,522		5	%	14,850		15,458		15,814		(17)	%
Home equity	4,338		3,606		20	%	4,625		3,146		3,694		17	%
Other consumer(a)	2,578		2,381		8	%	3,128		2,163		1,995		29	%
Total consumer	28,810		32,076		(10)	%	37,496		34,397		31,877		(10)	%
Total accruing loans 30-89 days past due	$	38,163	$	43,435	(12)	%	$	76,801	$	48,651	$	34,952	9	%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) Excluding guaranteed student loans.


Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter(a)
	Three Months Ended
	June 30, 2025						March 31, 2025						June 30, 2024
(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	$	10,981,221	$	179,955	6.57	%	$	10,583,318	$	169,785	6.50	%	$	9,915,894	$	181,615	7.37	%
Commercial real estate—owner occupied	1,114,054		16,014		5.77	%	1,141,167		16,200		5.76	%	1,095,334		16,577		6.09	%
Commercial and business lending	12,095,274		195,969		6.50	%	11,724,484		185,985		6.43	%	11,011,228		198,191		7.24	%
Commercial real estate—investor	5,582,333		91,569		6.58	%	5,415,412		87,089		6.52	%	4,964,394		88,737		7.19	%
Real estate construction	1,869,708		33,883		7.27	%	1,898,582		33,945		7.25	%	2,285,379		45,466		8.00	%
Commercial real estate lending	7,452,041		125,452		6.75	%	7,313,994		121,034		6.71	%	7,249,773		134,203		7.45	%
Total commercial	19,547,316		321,421		6.59	%	19,038,479		307,020		6.54	%	18,261,000		332,394		7.32	%
Residential mortgage	7,034,607		64,995		3.70	%	7,256,320		66,823		3.68	%	7,905,236		69,389		3.51	%
Auto finance	2,933,161		41,156		5.63	%	2,844,730		39,176		5.59	%	2,524,107		35,021		5.58	%
Home equity	667,339		12,098		7.25	%	657,625		12,052		7.34	%	630,855		12,975		8.23	%
Other consumer	309,578		8,644		11.20	%	313,828		8,773		11.34	%	258,366		7,528		11.72	%
Total consumer	10,944,685		126,893		4.64	%	11,072,503		126,824		4.61	%	11,318,564		124,913		4.42	%
Total loans	30,492,001		448,313		5.89	%	30,110,982		433,844		5.83	%	29,579,564		457,307		6.21	%
Investments
Taxable securities	6,578,690		71,174		4.33	%	6,398,584		69,788		4.36	%	5,680,757		50,479		3.55	%
Tax-exempt securities(b)	2,004,725		17,598		3.51	%	2,016,144		17,666		3.50	%	2,116,174		17,896		3.38	%
Other short-term investments	999,294		12,679		5.09	%	757,227		9,243		4.95	%	620,943		9,304		6.03	%
Total investments	9,582,709		101,451		4.24	%	9,171,955		96,696		4.22	%	8,417,874		77,680		3.69	%
Total earning assets and related interest income	40,074,710		$	549,764	5.50	%	39,282,937		$	530,540	5.45	%	37,997,438		$	534,987	5.65	%
Other assets, net	3,345,353						3,347,690						3,103,168
Total assets	$	43,420,063					$	42,630,627					$	41,100,606
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,222,869	$	17,139	1.32	%	$	5,162,468	$	17,929	1.41	%	$	5,133,688	$	21,972	1.72	%
Interest-bearing demand	7,683,402		42,485		2.22	%	8,031,707		45,430		2.29	%	7,265,621		48,109		2.66	%
Money market	5,988,947		38,695		2.59	%	6,079,551		39,560		2.64	%	5,995,005		46,391		3.11	%
Network transaction deposits	1,843,998		20,211		4.40	%	1,847,972		20,067		4.40	%	1,595,312		21,416		5.40	%
Brokered CDs	4,089,844		45,418		4.45	%	4,315,311		49,292		4.63	%	3,927,727		52,306		5.36	%
Other time deposits	3,725,205		33,707		3.63	%	3,756,332		36,862		3.98	%	2,999,936		30,867		4.14	%
Total interest-bearing deposits	28,554,266		197,656		2.78	%	29,193,341		209,140		2.91	%	26,917,289		221,062		3.30	%
Federal funds purchased and securities sold under agreements to repurchase	220,872		2,004		3.64	%	375,910		3,622		3.91	%	213,921		2,303		4.33	%
Other short-term funding	17,580		287		6.55	%	31,312		408		5.28	%	561,596		7,044		5.04	%
FHLB advances	3,221,749		34,889		4.34	%	1,595,972		16,090		4.09	%	2,432,195		34,143		5.65	%
Other long-term funding	592,664		10,700		7.22	%	627,658		11,085		7.06	%	533,670		10,096		7.57	%
Total short and long-term funding	4,052,863		47,880		4.74	%	2,630,852		31,205		4.79	%	3,741,381		53,586		5.75	%
Total interest-bearing liabilities and related interest expense	32,607,129		$	245,536	3.02	%	31,824,193		$	240,345	3.06	%	30,658,670		$	274,648	3.60	%
Noninterest-bearing demand deposits	5,648,935						5,640,123						5,712,115
Other liabilities	431,338						535,732						563,616
Stockholders’ equity	4,732,661						4,630,578						4,166,204
Total liabilities and stockholders’ equity	$	43,420,063					$	42,630,627					$	41,100,606
Interest rate spread					2.48	%					2.39	%					2.05	%
Net free funds					0.56	%					0.58	%					0.70	%
Fully tax-equivalent net interest income and net interest margin			$	304,228	3.04	%			$	290,195	2.97	%			$	260,340	2.75	%
Fully tax-equivalent adjustment			4,228						4,254						3,747
Net interest income			$	300,000					$	285,941					$	256,593

Numbers may not recalculate due to rounding conventions.

(a)Prior periods have 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)Nonaccrual loans and loans held for sale have been included in the average balances.


Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year(a)
	Six Months Ended June 30,
	2025						2024
(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	$	10,783,368	$	349,740	6.54	%	$	9,822,806	$	359,302	7.35	%
Commercial real estate—owner occupied	1,127,535		32,214		5.76	%	1,090,935		32,979		6.08	%
Commercial and business lending	11,910,904		381,954		6.46	%	10,913,741		392,281		7.23	%
Commercial real estate—investor	5,499,334		178,658		6.55	%	5,002,956		181,099		7.28	%
Real estate construction	1,884,065		67,829		7.26	%	2,316,911		91,954		7.98	%
Commercial real estate lending	7,383,399		246,486		6.73	%	7,319,867		273,053		7.50	%
Total commercial	19,294,303		628,440		6.57	%	18,233,608		665,334		7.34	%
Residential mortgage	7,144,851		131,818		3.69	%	7,965,375		138,120		3.47	%
Auto finance	2,889,190		80,332		5.61	%	2,448,914		67,624		5.55	%
Home equity	662,509		24,150		7.29	%	563,992		26,036		9.23	%
Other consumer	311,691		17,417		11.27	%	262,404		15,185		11.64	%
Total consumer	11,008,241		253,717		4.62	%	11,240,684		246,965		4.40	%
Total loans	30,302,544		882,157		5.86	%	29,474,293		912,299		6.22	%
Investments
Taxable securities	6,489,135		140,962		4.34	%	5,598,890		97,206		3.47	%
Tax-exempt securities(b)	2,010,403		35,264		3.51	%	2,124,763		35,920		3.38	%
Other short-term investments	878,929		21,921		5.03	%	598,888		17,615		5.91	%
Total investments	9,378,467		198,147		4.23	%	8,322,541		150,741		3.62	%
Total earning assets and related interest income	39,681,011		$	1,080,304	5.48	%	37,796,834		$	1,063,040	5.65	%
Other assets, net	3,346,515						3,135,876
Total assets	$	43,027,526					$	40,932,710
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,192,835	$	35,068	1.36	%	$	5,030,859	$	43,719	1.75	%
Interest-bearing demand	7,856,593		87,915		2.26	%	7,377,870		98,099		2.67	%
Money market	6,033,999		78,255		2.62	%	6,055,804		93,698		3.11	%
Network transaction deposits	1,845,974		40,278		4.40	%	1,623,625		43,621		5.40	%
Brokered CDs	4,201,955		94,711		4.55	%	4,098,304		109,116		5.35	%
Other time deposits	3,740,683		70,569		3.80	%	2,964,685		59,040		4.00	%
Total interest-bearing deposits	28,872,038		406,796		2.84	%	27,151,147		447,293		3.31	%
Federal funds purchased and securities sold under agreements to repurchase	297,963		5,626		3.81	%	238,950		5,166		4.35	%
Other short-term funding	24,408		695		5.74	%	503,602		12,646		5.05	%
FHLB advances	2,413,352		50,979		4.26	%	1,986,221		55,814		5.65	%
Other long-term funding	610,064		21,785		7.14	%	536,388		20,154		7.51	%
Total short and long-term funding	3,345,786		79,085		4.76	%	3,265,160		93,780		5.77	%
Total interest-bearing liabilities and related interest expense	32,217,824		$	485,881	3.04	%	30,416,308		$	541,073	3.58	%
Noninterest-bearing demand deposits	5,644,554						5,797,084
Other liabilities	483,247						545,526
Stockholders’ equity	4,681,901						4,173,793
Total liabilities and stockholders’ equity	$	43,027,526					$	40,932,710
Interest rate spread					2.44	%					2.07	%
Net free funds					0.57	%					0.70	%
Fully tax-equivalent net interest income and net interest margin			$	594,423	3.01	%			$	521,967	2.77	%
Fully tax-equivalent adjustment			8,483						7,516
Net interest income			$	585,940					$	514,451

Numbers may not recalculate due to rounding conventions.

(a)Prior periods have 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)Nonaccrual loans and loans held for sale have been included in the average balances.


Associated Banc-Corp Loan and Deposit Composition
(Dollars in thousands)
Period end loan composition	Jun 30, 2025		Mar 31, 2025		Seql Qtr % Change		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Comp Qtr % Change
Commercial and industrial	$	11,281,964	$	10,925,769	3	%	$	10,573,741	$	10,258,899	$	9,970,412	13	%
Commercial real estate—owner occupied	1,101,501		1,118,363		(2)	%	1,143,741		1,120,849		1,102,146		—	%
Commercial and business lending	12,383,465		12,044,132		3	%	11,717,483		11,379,748		11,072,558		12	%
Commercial real estate—investor	5,370,422		5,597,442		(4)	%	5,227,975		5,070,635		5,001,392		7	%
Real estate construction	1,950,267		1,809,054		8	%	1,982,632		2,114,300		2,255,637		(14)	%
Commercial real estate lending	7,320,689		7,406,496		(1)	%	7,210,607		7,184,934		7,257,029		1	%
Total commercial	19,704,154		19,450,628		1	%	18,928,090		18,564,683		18,329,587		7	%
Residential mortgage	6,949,387		6,999,654		(1)	%	7,047,541		7,803,083		7,840,073		(11)	%
Auto finance	2,969,495		2,878,765		3	%	2,810,220		2,708,946		2,556,009		16	%
Home equity	676,208		654,140		3	%	664,252		651,379		634,142		7	%
Other consumer	308,361		310,940		(1)	%	318,483		262,806		258,460		19	%
Total consumer	10,903,451		10,843,499		1	%	10,840,496		11,426,214		11,288,684		(3)	%
Total loans	$	30,607,605	$	30,294,127	1	%	$	29,768,586	$	29,990,897	$	29,618,271	3	%

Quarter average loan composition	Jun 30, 2025		Mar 31, 2025		Seql Qtr % Change		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Comp Qtr % Change
Commercial and industrial(a)	$	10,981,221	$	10,583,318	4	%	$	10,338,865	$	9,884,246	$	9,915,894	11	%
Commercial real estate—owner occupied	1,114,054		1,141,167		(2)	%	1,135,624		1,087,144		1,095,334		2	%
Commercial and business lending	12,095,274		11,724,484		3	%	11,474,489		10,971,390		11,011,228		10	%
Commercial real estate—investor	5,582,333		5,415,412		3	%	5,120,608		5,085,090		4,964,394		12	%
Real estate construction	1,869,708		1,898,582		(2)	%	2,086,188		2,150,416		2,285,379		(18)	%
Commercial real estate lending	7,452,041		7,313,994		2	%	7,206,796		7,235,505		7,249,773		3	%
Total commercial	19,547,316		19,038,479		3	%	18,681,285		18,206,896		18,261,000		7	%
Residential mortgage(a)	7,034,607		7,256,320		(3)	%	7,814,056		7,888,290		7,905,236		(11)	%
Auto finance	2,933,161		2,844,730		3	%	2,771,414		2,635,890		2,524,107		16	%
Home equity	667,339		657,625		1	%	656,792		642,463		630,855		6	%
Other consumer	309,578		313,828		(1)	%	278,370		260,547		258,366		20	%
Total consumer	10,944,685		11,072,503		(1)	%	11,520,632		11,427,191		11,318,564		(3)	%
Total loans(a)	$	30,492,001	$	30,110,982	1	%	$	30,201,918	$	29,634,087	$	29,579,564	3	%

Period end deposit and customer funding composition(b)	Jun 30, 2025		Mar 31, 2025		Seql Qtr % Change		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Comp Qtr % Change
Noninterest-bearing demand	$	5,782,487	$	6,135,946	(6)	%	$	5,775,657	$	5,857,421	$	5,815,045	(1)	%
Savings	5,291,674		5,247,291		1	%	5,133,295		5,072,508		5,157,103		3	%
Interest-bearing demand	7,490,772		7,870,965		(5)	%	7,994,475		7,302,239		7,193,485		4	%
Money market	5,915,867		6,141,275		(4)	%	6,009,793		5,831,637		5,882,508		1	%
Network transaction deposits	1,792,362		1,882,930		(5)	%	1,758,388		1,566,908		1,502,919		19	%
Brokered CDs	4,072,048		4,197,512		(3)	%	4,276,309		4,242,670		4,061,578		—	%
Other time deposits	3,802,356		3,720,793		2	%	3,700,518		3,680,914		3,078,401		24	%
Total deposits	34,147,565		35,196,713		(3)	%	34,648,434		33,554,298		32,691,039		4	%
Other customer funding(c)	75,440		85,950		(12)	%	100,044		110,988		89,524		(16)	%
Total deposits and other customer funding	$	34,223,005	$	35,282,663	(3)	%	$	34,748,478	$	33,665,286	$	32,780,564	4	%
Net deposits and other customer funding(d)	$	28,358,595	$	29,202,221	(3)	%	$	28,713,780	$	27,855,707	$	27,216,066	4	%

Quarter average deposit composition	Jun 30, 2025		Mar 31, 2025		Seql Qtr % Change		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Comp Qtr % Change
Noninterest-bearing demand	$	5,648,935	$	5,640,123	—	%	$	5,738,557	$	5,652,228	$	5,712,115	(1)	%
Savings	5,222,869		5,162,468		1	%	5,132,247		5,125,147		5,133,688		2	%
Interest-bearing demand	7,683,402		8,031,707		(4)	%	7,623,230		7,394,550		7,265,621		6	%
Money market	5,988,947		6,079,551		(1)	%	5,924,269		5,942,147		5,995,005		—	%
Network transaction deposits	1,843,998		1,847,972		—	%	1,690,745		1,644,305		1,595,312		16	%
Brokered CDs	4,089,844		4,315,311		(5)	%	4,514,841		4,247,941		3,927,727		4	%
Other time deposits	3,725,205		3,756,332		(1)	%	3,713,579		3,314,507		2,999,936		24	%
Total deposits	34,203,201		34,833,464		(2)	%	34,337,468		33,320,825		32,629,404		5	%
Other customer funding(c)	80,010		87,693		(9)	%	94,965		104,115		87,161		(8)	%
Total deposits and other customer funding	$	34,283,211	$	34,921,157	(2)	%	$	34,432,433	$	33,424,940	$	32,716,565	5	%
Net deposits and other customer funding(d)	$	28,349,369	$	28,757,874	(1)	%	$	28,226,848	$	27,532,694	$	27,193,526	4	%

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.

(d) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.


Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	YTD			YTD
(Dollars in thousands)	Jun 2025			Jun 2024			2Q25			1Q25			4Q24			3Q24			2Q24
Selected equity and performance ratios(a)
Average stockholders' equity / average assets	10.88		%	10.20		%	10.90		%	10.86		%	10.76		%	10.46		%	10.14		%
Tangible common equity / tangible assets (TCE Ratio) (b)							8.06		%	7.96		%	7.82		%	7.50		%	7.18		%
Return on average equity	9.17		%	9.48		%	9.43		%	8.91		%	(14.20)		%	8.09		%	11.16		%
Return on average tangible common equity (ROATCE) (c)	12.66		%	13.78		%	12.96		%	12.34		%	(20.27)		%	11.52		%	16.25		%
Return on average common equity Tier 1 (ROACET1) (c)	12.20		%	12.42		%	12.57		%	11.82		%	(19.28)		%	10.53		%	14.54		%
Return on average tangible assets(c)	1.04		%	1.01		%	1.07		%	1.01		%	(1.55)		%	0.89		%	1.18		%
Tangible common equity reconciliation(b)
Common equity							$	4,586,669		$	4,492,446		$	4,411,450		$	4,219,125		$	4,048,225
Less: Goodwill and other intangible assets, net							1,132,247			1,134,450			1,136,653			1,138,855			1,141,058
Tangible common equity for TCE Ratio and TBV / share							$	3,454,422		$	3,357,996		$	3,274,797		$	3,080,269		$	2,907,167


Tangible assets reconciliation(b)
Total assets							$	43,993,729		$	43,309,136		$	43,023,068		$	42,210,815		$	41,623,908
Less: Goodwill and other intangible assets, net							1,132,247			1,134,450			1,136,653			1,138,855			1,141,058
Tangible assets for TCE Ratio							$	42,861,482		$	42,174,686		$	41,886,415		$	41,071,960		$	40,482,850
Average tangible common equity and average common equity Tier 1 reconciliation(b)
Average common equity	$	4,487,789		$	3,979,681		$	4,538,549		$	4,436,467		$	4,334,230		$	4,136,615		$	3,972,092
Less: Average goodwill and other intangible assets, net	1,134,600			1,143,478			1,133,627			1,135,584			1,137,826			1,140,060			1,142,368
Average tangible common equity for ROATCE	3,353,189			2,836,203			3,404,922			3,300,883			3,196,404			2,996,555			2,829,725
Modified CECL transitional amount	—			22,425			—			—			22,425			22,425			22,425
Average accumulated other comprehensive loss(d)	46,443			214,850			28,405			64,680			151,862			172,711			241,634
Average deferred tax assets, net	24,638			18,404			24,392			24,886			23,462			23,564			24,506
Average common equity Tier 1 for ROACET1	$	3,424,270		$	3,091,883		$	3,457,719		$	3,390,449		$	3,394,154		$	3,215,255		$	3,118,290
Average tangible assets reconciliation(b)
Average total assets	$	43,027,526		$	40,932,710		$	43,420,063		$	42,630,627		$	42,071,562		$	41,389,711		$	41,100,606
Less: Average goodwill and other intangible assets, net	1,134,600			1,143,478			1,133,627			1,135,584			1,137,826			1,140,060			1,142,368
Average tangible assets for return on average tangible assets	$	41,892,926		$	39,789,232		$	42,286,436		$	41,495,043		$	40,933,736		$	40,249,651		$	39,958,238
Adjusted net income (loss) reconciliation(c)
Net income (loss)	$	212,916		$	196,742		$	111,230		$	101,687		$	(161,615)		$	88,018		$	115,573
Other intangible amortization, net of tax	3,304			3,304			1,652			1,652			1,652			1,652			1,652
Adjusted net income (loss) for return on average tangible assets	$	216,220		$	200,046		$	112,882		$	103,339		$	(159,963)		$	89,670		$	117,225
Adjusted net income (loss) available to common equity reconciliation(c)
Net income (loss) available to common equity	$	207,166		$	190,992		$	108,355		$	98,812		$	(164,490)		$	85,143		$	112,698
Other intangible amortization, net of tax	3,304			3,304			1,652			1,652			1,652			1,652			1,652
Adjusted net income (loss) available to common equity for ROATCE and ROACET1	$	210,470		$	194,296		$	110,007		$	100,464		$	(162,838)		$	86,795		$	114,350








Pre-tax pre-provision income (loss)
Income (loss) before income taxes	$	260,724		$	204,068		$	139,629		$	121,095		$	(177,752)		$	108,142		$	102,884
Provision for credit losses	30,999			47,009			17,996			13,003			16,986			20,991			23,008
Pre-tax pre-provision income (loss)	$	291,723		$	251,077		$	157,625		$	134,098		$	(160,766)		$	129,133		$	125,892





Period end core customer deposits reconciliation
Total deposits							$	34,147,565		$	35,196,713		$	34,648,434		$	33,554,298		$	32,691,039
Less: Network transaction deposits							1,792,362			1,882,930			1,758,388			1,566,908			1,502,919
Less: Brokered CDs							4,072,048			4,197,512			4,276,309			4,242,670			4,061,578
Core customer deposits							$	28,283,155		$	29,116,271		$	28,613,737		$	27,744,719		$	27,126,542
Average core customer deposits reconciliation
Average total deposits	$	34,516,592		$	32,948,231		$	34,203,201		$	34,833,464		$	34,337,468		$	33,320,825		$	32,629,404
Less: Average network transaction deposits	1,845,974			1,623,625			1,843,998			1,847,972			1,690,745			1,644,305			1,595,312
Less: Average brokered CDs	4,201,955			4,098,304			4,089,844			4,315,311			4,514,841			4,247,941			3,927,727
Average core customer deposits	$	28,468,663		$	27,226,302		$	28,269,359		$	28,670,181		$	28,131,882		$	27,428,578		$	27,106,365

Numbers may not recalculate due to rounding conventions.

(a)These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.

(b)The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and strength.

(c)Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.

(d)The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital. This adjustment reflects that election.


Associated Banc-Corp Non-GAAP Efficiency Ratios Reconciliation(a)	YTD			YTD
(Dollars in thousands)	Jun 2025			Jun 2024			2Q25			1Q25			4Q24			3Q24			2Q24










Total expense for efficiency ratios reconciliation
Noninterest expense	$	419,971		$	393,518		$	209,352		$	210,619		$	224,282		$	200,597		$	195,861


Less: Other intangible amortization	4,405			4,405			2,203			2,203			2,203			2,203			2,203
Total expense for fully tax-equivalent efficiency ratio	415,566			389,112			207,149			208,416			222,080			198,394			193,658
Less: FDIC special assessment	—			7,696			—			—			—			—			—
Less: Announced initiatives(b)	—			—			—			—			14,243			—			—
Total expense for adjusted efficiency ratio	$	415,566		$	381,416		$	207,149		$	208,416		$	207,836		$	198,394		$	193,658
Total revenue for efficiency ratios reconciliation
Net interest income	$	585,940		$	514,451		$	300,000		$	285,941		$	270,289		$	262,509		$	256,593
Noninterest income (loss)	125,754			130,144			66,977			58,776			(206,772)			67,221			65,159
Less: Investment securities gains (losses), net	11			3,947			7			4			(148,194)			100			67

Fully tax-equivalent adjustment	8,483			7,516			4,228			4,254			3,680			3,723			3,747
Total revenue for fully tax-equivalent efficiency ratio	720,166			648,165			371,198			348,968			215,390			333,353			325,432
Less: Announced initiatives(b)	(6,976)			—			—			(6,976)			(130,406)			—			—
Total revenue for adjusted efficiency ratio	$	727,142		$	648,165		$	371,198		$	355,943		$	345,795		$	333,353		$	325,432
Efficiency ratios (expense / revenue)

Fully tax-equivalent efficiency ratio	57.70		%	60.03		%	55.81		%	59.72		%	103.11		%	59.51		%	59.51		%
Adjusted efficiency ratio	57.15		%	58.85		%	55.81		%	58.55		%	60.10		%	59.51		%	59.51		%


Nonrecurring Item Reconciliation
(Dollars in thousands, except per share data)	4Q24		4Q24 per share data (diluted)
GAAP net (loss)	$	(161,615)	$	(1.03)
Loss on mortgage portfolio sale(c)	130,406		0.82
Provision on initiatives	1,460		0.01
Net loss on sale of investments(c)	148,183		0.93
Loss on prepayments of FHLB advances	14,243		0.09

Tax effect	(38,655)		(0.24)
Net income, excluding nonrecurring items, net of tax	94,022		$	0.57
Less preferred stock dividends	(2,875)
Net income available to common equity, excluding nonrecurring items, net of tax	$	91,147


Nonrecurring Item Noninterest Income Reconciliation	YTD				YTD
(Dollars in thousands)	Jun 2025		1Q25		Dec 2024		4Q24
GAAP noninterest income (loss)	$	125,754	$	58,776	$	(9,407)	$	(206,772)
Less: Loss on mortgage portfolio sale(c)	(6,976)		(6,976)		(130,406)		(130,406)
Less: Net loss on sale of investments(c)	—		—		(148,183)		(148,183)
Noninterest income, excluding nonrecurring items	$	132,729	$	65,752	$	269,182	$	71,816

Nonrecurring Item Noninterest Expense Reconciliation					YTD
(Dollars in thousands)					Dec 2024		4Q24
GAAP noninterest expense					$	818,397	$	224,282
Loss on prepayments of FHLB advances(c)					(14,243)		(14,243)
Noninterest expense, excluding nonrecurring items					$	804,154	$	210,039

Numbers may not recalculate due to rounding conventions.

(a)Prior periods have been adjusted to conform with current period presentation.

(b)Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio.

(c)These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024.

EX-99.2 3 asb2q25earningspresentat.htm EX-99.2 asb2q25earningspresentat

July 24, 2025 Second Quarter 2025 Earnings Presentation Associated Banc-Corp

1 Important Disclosures Forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “intend,” "target,” “outlook,” “project,” “guidance,” “forecast,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference. Trademarks: All trademarks, service marks, and trade names referenced in this material are official trademarks and the property of their respective owners. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Non-GAAP Measures: This presentation includes certain non-GAAP financial measures. These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. These non- GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Unless otherwise noted, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation.

2 Second Quarter 2025 Results1 1 All figures shown on an end of period basis unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ▪ Total loans of $30.6 billion ▪ +1.0% vs. 1Q 2025; +3.3% vs. 2Q 2024 ▪ Total C&I loans of $11.3 billion ▪ +3.3% vs. 1Q 2025; +13.2% vs. 2Q 2024 ▪ Total deposits of $34.1 billion ▪ -3.0% vs. 1Q 2025; +4.5% vs. 2Q 2024 ▪ Total core customer deposits2 of $28.3 billion ▪ -2.9% vs. 1Q 2025; +4.3% vs. 2Q 2024 ▪ Net interest income of $300 million ▪ Net interest margin of 3.04% ▪ Noninterest income of $67 million ▪ Noninterest expense of $209 million ▪ Provision for credit losses of $18 million ▪ ACLL / total loans of 1.35% ▪ NCOs / avg. loans (annualized) of 0.17% ▪ Total common equity / total assets of 10.43% ▪ TCE ratio2 of 8.06% ▪ Book value / share of $27.67 ▪ Tangible book value / share2 of $20.84 $0.65 Diluted Earnings Per Common Share +3.3% Total Loans vs. 2Q 2024 +5.7% Total Adjusted Loans2 vs. 2Q 2024 +4.5% Total Deposits vs. 2Q 2024 +4.3% Core Customer Deposits2 vs. 2Q 2024 +16.9% Net Interest Income vs. 2Q 2024 +29 bps Net Interest Margin vs. 2Q 2024 10.20% CET1 Ratio 12.83% Total Capital Ratio 9.43% Return on Average Equity 12.96% Return on Average Tangible Common Equity2 ASB reported net income available to common equity of $108 million, or $0.65 per common share

3 $8.5 $9.8 $9.7 $10.6 $10.9 $11.3 2021 2022 2023 2024 1Q 2025 2Q 2025 Strategic Investments are Driving Growth1 1 All updates as of or for the period ended June 30, 2025 unless otherwise noted. Bolstered Key Leadership Expanded Commercial Presence Enhanced Consumer Value Proposition Repositioned Balance Sheet Rebalanced Consumer Lending Approach We are positioned to enhance our profitability by growing & remixing our balance sheet simultaneously Period End Commercial & Industrial Loans Period End Resi. Mortgage Loans / Total Loans Net Interest Margin (%) ($ in billions) 2.39 2.91 2.81 2.78 2.97 3.04 2021 2022 2023 2024 1Q 2025 2Q 2025 31.2% 29.6% 26.9% 23.7% 23.1% 22.7% 2021 2022 2023 2024 1Q 2025 2Q 2025

4 Commercial & Business Lending Commercial Real Estate Residential Mortgage $3.4 $3.5 $3.7 $3.8 $3.9 $7.9 $7.9 $7.8 $7.3 $7.0 $7.2 $7.2 $7.2 $7.3 $7.5 $11.0 $11.0 $11.5 $11.7 $12.1 $29.6 $29.6 $30.2 $30.1 $30.5 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(227) $(50) $(17) $19 $91 $141 $356 CRE Construction Commercial & Industrial Period End Loan Change (3/31/2025 to 6/30/2025) CRE-Investor Auto Finance Home Equity & Other Consumer Residential Mortgage Quarterly Loan Trends Total period end loans increased 1% vs. 1Q 2025, led by C&I growth of over 3% Auto Finance, Home Equity & Other Consumer CRE-Owner Occupied Total Loans +$313 (+1%)

5 $1.6 $1.6 $1.7 $1.8 $1.8 $3.9 $4.2 $4.5 $4.3 $4.1 $3.0 $3.3 $3.7 $3.8 $3.7 $6.0 $5.9 $5.9 $6.1 $6.0 $5.1 $5.1 $5.1 $5.2 $5.2 $7.3 $7.4 $7.6 $8.0 $7.7 $5.7 $5.7 $5.7 $5.6 $5.6 $32.6 $33.3 $34.3 $34.8 $34.2 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Average Quarterly Deposits ($ in billions) Period End Total Deposit Trends ($ in billions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Quarterly Deposit & Funding Trends Total period end deposits are up 4%+ vs. 2Q 2024, driven by household growth & relationship deepening efforts $28.0 $27.1 $27.7 $28.6 $29.1 $28.3 $5.7 $5.6 $5.8 $6.0 $6.1 $5.9 $33.7 $32.7 $33.5 $34.6 $35.2 $34.1 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Brokered CDs & Network Transaction Deposits Core Customer Deposits1 +4.3% +4.5%

6 Quarterly Average Yields (%) Average Yield Trends 7.45 7.52 7.09 6.71 6.75 7.24 7.27 6.74 6.43 6.50 5.58 5.72 5.65 5.59 5.63 3.51 3.56 3.61 3.68 3.70 3.69 3.66 3.64 4.22 4.24 3.30 3.33 3.10 2.91 2.78 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Residential Mortgage Loans Commercial & Business Lending Loans Commercial Real Estate Loans Total Interest-Bearing Deposits Auto Finance Loans Asset & Liability Yield / Rate Trends (%) Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 5.65 5.68 5.46 5.45 5.50 3.60 3.59 3.29 3.06 3.02 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Investments and Other 2Q NIM of 3.04% driven by a 5 bp increase in earning asset yields, 4 bp decrease in int.-bearing liability costs

7 Net Interest Income & Net Interest Margin Trends $257 $263 $270 $286 $300 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 2.81% 2.78%2.75% 2.97% 3.04% ($ in millions) Quarterly Net Interest Income Quarterly Net Interest Margin Net interest income increased by $14 million & net interest margin expanded by 7 bps vs. the prior quarter

8 Interest Rate Risk Management1 Contractual Funding Obligations Contractual Swaps Balances ($ in billions) 1 All updates as of or for the period ended June 30, 2025 unless otherwise noted. 2 In the down 200 for 2Q 2022, scenario rates are floored at zero. We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment Estimated NII Sensitivity Profile (%) 10.8 4.0 3.2 2.9 5.4 1.9 1.6 1.6 -5.0 -1.2 -1.0 -1.0 -21.0 -1.8 -2.1 -1.9 2Q 2022 2Q 2023 2Q 2024 2Q 2025 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) 2 $2.45 $2.45 $2.25 $2.00 $2.00 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $7.8 $0.1 $0.0 $7.9 Short-Term Funding $0.1 - - $0.1 FHLB Advances $3.7 $0.2 $0.0 $3.9 Other Long-Term Funding $0.0 $0.0 $0.6 $0.6 Total $11.5 $0.3 $0.6 $12.4 ($ in billions) 3.75%3.79%3.89%3.89% 3.75% Notional Balances Weighted Avg. Yield

9 Cash & Investment Securities Portfolio 19.1% 19.2% 19.8% 20.1% 20.5% 2.3% 2.3% 2.4% 2.9% 2.9% 21.4% 21.5% 22.2% 23.0% 23.4% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Securities Period End Securities + Cash / Total Assets Cash $3.9 $4.2 $4.6 $4.8 $5.0 $3.8 $3.8 $3.7 $3.7 $3.7 $0.2 $0.2 $0.2 $0.2 $0.3 $7.9 $8.1 $8.5 $8.7 $9.0 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Held to MaturityAvailable for Sale ($ in billions) Period End Investment Securities Other Securities Average Investment Securities Yields We continue to target securities + cash / total assets of 22% to 24% in 2025 3.69% 3.66% 3.64% 4.22% 4.24% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025

10 $23 $24 $24 $22 $23 $12 $14 $13 $13 $13 $12 $12 $12 $10 $11 $5 $4 $9 $4 $6 $3 $2 $3 $4 $4 $11 $11 $10 $5 $10 $65 $67 $72 $59 $67 2Q 2024 3Q 2024 4Q 2024 Adj. 1Q 2025 2Q 2025 Noninterest Income Trends ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Other is comprised of other fee-based revenue, bank and corporate owned life insurance, asset gains (losses), net, investment securities gains (losses), net, and other noninterest income. Quarterly Noninterest Income Trends Wealth Mgmt. Fees Capital Markets, net Other2 4Q 2024 GAAP noninterest income impacted by a balance sheet repositioning with a $130M loss on a mortgage portfolio sale and a $148M net loss on a sale of investments (both pre-tax) 1 2Q GAAP noninterest income increased 3% vs. the same period last year to $67 million 4Q 2024 GAAP $(207) 1Q 2025 GAAP noninterest income includes an additional $7M pre-tax loss on a mortgage portfolio sale, primarily driven by the FAS91 impact of the mortgage portfolio sale announced in 4Q 2024 and settled in 1Q 2025 Mortgage Banking, net Service Charges & Deposit Account Fees Card-Based Fees

11 $122 $121 $126 $124 $127 $27 $27 $27 $27 $27 $13 $14 $14 $15 $13 $7 $8 $9 $10 $10 $27 $31 $34 $34 $33 $14 $196 $201 $224 $211 $209 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Efficiency Ratio (%)Noninterest Expense Trends Noninterest Expense Trends 1 Other is comprised of business development & advertising, equipment, legal & professional, loan & foreclosure costs, other intangible amortization & other noninterest expenses. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) Adjusted Efficiency Ratio2Fully Tax-Equivalent Efficiency Ratio 59.5 59.5 103.1 59.7 55.859.5 59.5 60.1 58.6 55.8 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Noninterest Expense / Average Assets (%) 1.92 1.93 2.12 2.00 1.93 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Noninterest expense decreased 1% vs. the prior quarter, while our efficiency ratio came in below 56% Personnel Other1 Technology FDIC Assessment Loss on Prepayment of FHLB Occupancy (Annualized)

12 Capital Ratios (%) 7.18 9.68 10.27 12.34 8.06 10.20 10.77 12.83 TCE Ratio CET1 Tier 1 Capital Total Capital 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Capital Profile 1 2Q 2024 2Q 2025 We continue to target a CET1 range of 10% to 10.5% in 2025 $26.85 $27.90 $26.55 $27.09 $27.67 $19.28 $20.37 $19.71 $20.25 $20.84 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Per Common Share Data CET1 Including AOCI1 (%) CET1 Ratio Incl. AOCICET1 Ratio 9.68 9.72 10.01 10.11 10.20 9.01 9.38 9.79 10.01 10.16 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Tangible Book Value / Share1Book Value / Share

13 ACLL / Total Loans (%)ACLL1 Update ▪ ACLL increased $5 million from the prior quarter to $412 million, driven primarily by loan growth plus some incremental credit movement and general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody’s May 2025 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Allowance for Credit Losses on Loans (ACLL) 1.32 1.33 1.35 1.34 1.35 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Our ACLL percentage increased by 1 basis point vs. the prior quarter to 1.35% Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 150,274$ 1.36% 172,257$ 1.43% 186,135$ 1.50% CRE - Investor 72,156 1.44% 79,149 1.41% 63,342 1.18% CRE - Construction 71,680 3.18% 59,873 3.31% 65,885 3.38% Residential Mortgage 34,542 0.44% 34,160 0.49% 34,096 0.49% Other Consumer 60,968 1.77% 61,184 1.59% 62,332 1.58% Total 389,620$ 1.32% 406,624$ 1.34% 411,791$ 1.35% 3/31/2025 6/30/20256/30/2024

14 Net Charge Offs & Provision Total Delinquent Loans Credit Quality Trends $2 $7 $3 $3 $14 $35 $49 $77 $44 $38 $37 $56 $80 $47 $52 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ($ in millions) Accruing Loans 30-89 Days PD $21 $13 $12 $9 $13 $23 $21 $17 $13 $18 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD Total Criticized Loans $154 $128 $123 $135 $113 $528 $688 $751 $740 $888 $118 $229 $396 $451 $467 $801 $1,046 $1,271 $1,325 $1,468 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ($ in millions) ($ in millions) Nonaccrual Loans $83 $86 $86 $89 $90 $48 $19 $17 $32 $16 $23 $24 $21 $14 $7 $154 $128 $123 $135 $113 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ($ in millions) CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans 2Q 2025 credit quality remained solid with nonaccruals down $22 million vs. 1Q 2025 & NCOs of $13 million

15 1 Projections are on an end of period basis as of and for the year ended 12/31/2025 as compared to 2024 results as of 12/31/2024 unless otherwise noted. 2 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. We have not provided a reconciliation of the projection for core customer deposits to the projection for total deposits due to the low visibility and unpredictability of the components of total deposits necessary for such reconciliation. 3 Adjusted 2024 figures have been provided for noninterest income and noninterest expense to exclude the impact of nonrecurring items incurred as a result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. These figures are non-GAAP financial measures. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 4 Projections are on an end of period basis as of and for the year ended 12/31/2025 as compared to adjusted 2024 results as of 12/31/2024 unless otherwise noted. 5 2025 noninterest income guidance excludes the $7 million loss on mortgage sale incurred in the first quarter of 2025 as a result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. GAAP FY 2024 Result Adjusted FY 2024 Result3 Previous FY 2025 Guidance4 Updated FY 2025 Guidance4 Noninterest Income $(9)M $269M Up 0% to 1%5 Up 1% to 2%5 Noninterest Expense $818M $804M Up 3% to 4% Up 4% to 5% FY 2025 Outlook Previous FY 2025 Guidance1 Updated FY 2025 Guidance1 Total Loans Up 5% to 6% No change Total Deposits Up 1% to 2% Up 1% to 3% Core Customer Deposits2 Up 4% to 5% No change Net Interest Income Up 12% to 13% Up 14% to 15% Effective Tax Rate 19% to 21% No change CET1 Capital Ratio 10% to 10.5% No change

Appendix

17 Stable, Granular Deposit Portfolio 22% 22% 23% 26% 25% 78% 78% 77% 74% 75% $32.8 $33.8 $34.9 $35.2 $34.2 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Period End Deposit Trends (Associated Bank, N.A.) ($ in billions) Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits As of 6/30/2025, ASB’s total liquidity sources covered 173% of uninsured, uncollateralized deposits Liquidity Sources 3/31/2025 6/30/2025 Federal Reserve Balance $705.7 $735.9 FHLB Chicago Capacity $6,362.6 $5,026.2 Fed Discount Window Capacity $3,308.3 $5,441.2 Funding Available Within One Business Day1 $10,376.6 $11,203.2 Fed Funds Lines $1,284.0 $1,729.0 Brokered Deposits Capacity2 $414.2 $734.6 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Liquidity $13,074.8 $14,666.9 173% 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.

18 $3.4 $3.6 $3.8 $3.8 $4.0 $7.8 $7.8 $7.0 $7.0 $6.9 $7.3 $7.2 $7.2 $7.4 $7.3 $11.1 $11.4 $11.7 $12.0 $12.4 $29.6 $30.0 $29.8 $30.3 $30.6 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) Average Loan Change (1Q 2025 to 2Q 2025)Period End Quarterly Loan Trends $(222) $(29) $(27) $5 $88 $167 $398 Commercial & Industrial CRE Construction Auto Finance CRE-Investor Residential Mortgage Additional Quarterly Loan Trends Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer CRE-Owner Occupied Home Equity & Other Consumer Total Loans +$381 (+1%)

19 $1.5 $1.6 $1.8 $1.9 $1.8 $4.1 $4.2 $4.3 $4.2 $4.1 $3.1 $3.7 $3.7 $3.7 $3.8 $5.9 $5.8 $6.0 $6.1 $5.9 $5.2 $5.1 $5.1 $5.2 $5.3 $7.2 $7.3 $8.0 $7.9 $7.5 $5.8 $5.9 $5.8 $6.1 $5.8 $32.7 $33.6 $34.6 $35.2 $34.1 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Period End Quarterly Deposits ($ in billions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs Additional Quarterly Deposit & Funding Trends 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Quarterly Average Total Deposit Trends ($ in billions) $27.3 $27.1 $27.4 $28.1 $28.7 $28.3 $5.9 $5.5 $5.9 $6.2 $6.2 $5.9 $33.3 $32.6 $33.3 $34.3 $34.8 $34.2 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Core Customer Deposits1 +4.3% +4.8% Brokered CDs & Network Transaction Deposits

20 Total Loans Outstanding Balances as of June 30, 2025 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 6/30/2025 1 % of Total Loans 6/30/2025 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 2,786$ 9.1% Multi-Family 3,211$ 10.5% Manufacturing & Wholesale Trade 2,729 8.9% Industrial 1,616 5.3% Real Estate (includes REITs) 2,129 7.0% Office 896 2.9% Mortgage Warehouse 723 2.4% Retail 627 2.0% Finance & Insurance 695 2.3% Hotel/Motel 202 0.7% Retail Trade 565 1.8% Warehouse 155 0.5% Rental and Leasing Services 540 1.8% Medical 154 0.5% Construction 444 1.5% Single Family Construction 151 0.5% Transportation and Warehousing 398 1.3% Land 88 0.3% Professional, Scientific, and Tech. Serv. 329 1.1% Self Storage 14 0.0% Health Care and Social Assistance 321 1.0% Other 205 0.7% Waste Management 176 0.6% Total CRE 7,321$ 23.9% Information 147 0.5% Accommodation and Food Services 112 0.4% Consumer Arts, Entertainment, and Recreation 62 0.2% Residential Mortgage 6,949$ 22.7% Management of Companies & Enterprises 58 0.2% Auto Finance 2,969 9.7% Educational Services 28 0.1% Home Equity 676 2.2% Public Administration 15 0.0% Credit Cards 192 0.6% Mining 4 0.0% Other 116 0.4% Agriculture, Forestry, Fishing and Hunting 1 0.0% Total Consumer 10,903$ 35.6% Other 123 0.4% Total C&BL 12,383$ 40.5% Total Loans 30,608$ 100.0%

21 Multi-Family 44% Retail 9% Office 12% Industrial 22% Warehouse 2% Hotel / Motel 3% Other 9% Wisconsin 28% Illinois 19% Minnesota 9% Other Midwest 12% Texas 5% Other 26% Manufacturing & Wholesale Trade 22% Power & Utilities 22% Real Estate 17% Mortgage Warehouse 6% Finance & Insurance 6% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 27% Natural Gas 23% Solar 24% Transmission, Control & Distribution 8% Other 18% Wisconsin 22% Illinois 14% Minnesota 7% Texas 6% Other Midwest 10% Other 41% Wisconsin 20% Illinois 14% Minnesota 9% Other Midwest2 21% Texas 10% Other 27% 2 2 Loan Stratification Outstanding Balances as of June 30, 2025 C&BL by Geography $12.4 billion Power & Utilities Lending $2.8 billion C&BL by Industry $12.4 billion Total Loans1 CRE by Geography $7.3 billion CRE by Property Type $7.3 billion

22 Multi-Family 44% Retail 9% Office 12% Industrial 22% Other 13% Consumer 36% Com'l & Business Lending 41% CRE 24% Wisconsin 20% Illinois 14% Minnesota 9% Other Midwest2 21% Texas 10% Other 27% 1 All updates as of or for the period ended June 30, 2025 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. 4 Calculated on an annualized basis. Negative values indicate a net recovery. 5 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. 6 Property class mix determined by third-party vendor partner mapping of portfolio. High-Quality Commercial Real Estate Portfolio1 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 Portfolio LTV 59% 58% 57% 57% 57% Delinquencies3/Loans 0.01% 0.22% 0.50% 0.03% 0.17% NALs/Loans 0.67% 0.26% 0.23% 0.43% 0.22% ACLL/Loans 1.98% 2.20% 1.99% 1.88% 1.77% NCOs/Avg. Loans4 0.25% 0.00% 0.37% 0.05% 0.45% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.19% Top 10 Largest CRE Borrowers 1.36% Largest CRE Property Type (Multi-Fam) 10.49% CRE Office Loans 2.93% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.21x 2025 Remaining Maturities $239 million Central Business District vs. Suburban ~81% Suburban Property Class Mix6 ~54% Class A ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets

23 6/30/2025 % of Total Loans Residential Mortgage $6,949 22.7% Auto Finance $2,969 9.7% Home Equity $676 2.2% Credit Cards $192 0.6% Other $116 0.4% Total Consumer $10,903 35.6% 1 All data as of or for the period ended June 30, 2025 unless otherwise noted. Prime/Super Prime Consumer Loan Portfolio High-Quality Consumer Loan Portfolio1 788 778 790 791 Resi. Mortgage Auto Finance Home Equity Credit Cards 93% of our $10.9 billion consumer loan portfolio is prime / super prime Weighted Avg. Portfolio FICO Scores 85% 8% 6% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)

24 Period End Core Customer Deposits Reconciliation ($ in thousands) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Total deposits $34,147,565 $35,196,713 $34,648,434 $33,554,298 $32,691,039 $33,713,158 Less: Network transaction deposits 1,792,362 1,882,930 1,758,388 1,566,908 1,502,919 1,792,820 Less: Brokered CDs 4,072,048 4,197,512 4,276,309 4,242,670 4,061,578 3,931,230 Core customer deposits $28,283,155 $29,116,271 $28,613,737 $27,744,719 $27,126,542 $27,989,108 Reconciliation & Definitions of Non-GAAP Items 1 The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. Average Core Customer Deposits Reconciliation ($ in thousands) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Average total deposits $34,203,201 $34,833,464 $34,337,468 $33,320,825 $32,629,404 $33,267,057 Less: Average network transaction deposits 1,843,998 1,847,972 1,690,745 1,644,305 1,595,312 1,651,937 Less: Average brokered CDs 4,089,844 4,315,311 4,514,841 4,247,941 3,927,727 4,268,881 Average core customer deposits $28,269,359 $28,670,181 $28,131,882 $27,428,578 $27,106,365 $27,346,239 Tangible Common Equity & Tangible Assets Reconciliation1 ($ in thousands) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Common equity $4,586,669 $4,492,446 $4,411,450 $4,219,125 $4,048,225 Less: Goodwill and other intangible assets, net 1,132,247 1,134,450 1,136,653 1,138,855 1,141,058 Tangible common equity for TCE Ratio and TBV / share $3,454,422 $3,357,996 $3,274,797 $3,080,269 $2,907,167 Total assets $43,993,729 $43,309,136 $43,023,068 $42,210,815 $41,623,908 Less: Goodwill and other intangible assets, net 1,132,247 1,134,450 1,136,653 1,138,855 1,141,058 Tangible assets for TCE Ratio $42,861,482 $42,174,686 $41,886,415 $41,071,960 $40,482,850 Period End Loans Reconciliation ($ in thousands) 2Q 2025 Total loans $30,607,605 Mortgage portfolio loans sold in 1Q 2025 694,985 Total adjusted loans $31,302,590

25 Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Net income (loss) available to common equity $108,355 $98,812 $(164,490) $85,143 $112,698 Other intangible amortization, net of tax 1,652 1,652 1,652 1,652 1,652 Adjusted net income (loss) available to common equity for ROATCE1 $110,007 $100,464 $(162,838) $86,795 $114,350 Average common equity $4,538,549 $4,436,467 $4,334,230 $4,136,615 $3,972,092 Less: Average goodwill and other intangible assets, net 1,133,627 1,135,584 1,137,826 1,140,060 1,142,368 Average tangible common equity for ROATCE $3,404,922 $3,300,883 $3,196,404 $2,996,555 $2,829,725 Reconciliation & Definitions of Non-GAAP Items 1 Adjusted net income available to common equity, which is used in the calculation of return on average tangible common equity, adds back other intangible amortization, net of tax. 2 These items classified as nonrecurring items are the result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. Nonrecurring Item Noninterest Income Reconciliation ($ in thousands) YTD Jun 2025 1Q 2025 YTD Dec 2024 4Q 2024 GAAP noninterest income (loss) $125,754 $58,776 $(9,407) $(206,772) Less: Loss on mortgage portfolio sale2 (6,976) (6,976) (130,406) (130,406) Less: Net loss on sale of investments2 - - (148,183) (148,183) Noninterest income, excluding nonrecurring items $132,729 $65,752 $269,182 $71,816 Nonrecurring Item Noninterest Expense Reconciliation ($ in thousands) YTD Dec 2024 4Q 2024 GAAP noninterest expense $818,397 $224,282 Loss on prepayments of FHLB advances2 (14,243) (14,243) Noninterest expense, excluding nonrecurring items $804,154 $210,039

26 Reconciliation & Definitions of Non-GAAP Items 1 Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of the balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio. Common Equity Tier 1 Capital Ratio Reconciliation 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Common equity Tier 1 capital ratio 10.20% 10.11% 10.01% 9.72% 9.68% Accumulated other comprehensive loss adjustment (0.04)% (0.10)% (0.22)% (0.34)% (0.67)% Common equity Tier 1 capital ratio including accumulated other comprehensive loss 10.16% 10.01% 9.79% 9.38% 9.01% Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Total expense for efficiency ratios reconciliation Noninterest expense $209,352 $210,619 $224,282 $200,597 $195,861 Less: Other intangible amortization 2,203 2,203 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 207,149 208,416 222,080 198,394 193,658 Less: FDIC special assessment - - - - - Less: Announced initiatives1 - - 14,243 - - Total expense for adjusted efficiency ratio $207,149 $208,416 $207,836 $198,394 $193,658 Total revenue for efficiency ratios reconciliation Net interest income $300,000 $285,941 $270,289 $262,509 $256,593 Noninterest income (loss) 66,977 58,776 (206,772) 67,221 65,159 Less: Investment securities gains (losses), net 7 4 (148,194) 100 67 Fully tax-equivalent adjustment 4,228 4,254 3,680 3,723 3,747 Total revenue for fully tax-equivalent efficiency ratio 371,198 348,968 215,390 333,353 325,432 Less: Announced initiatives1 - (6,976) (130,406) - - Total revenue for adjusted efficiency ratio $371,198 $355,943 $345,795 $333,353 $325,432 Efficiency Ratios (expense / revenue) Fully tax-equivalent efficiency ratio 55.81% 59.72% 103.11% 59.51% 59.51% Adjusted efficiency ratio 55.81% 58.55% 60.10% 59.51% 59.51%