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)			October 23, 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 October 23, 2025, Associated Banc-Corp announced its earnings for the quarter ended September 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 October 23, 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 October 23, 2025, containing financial information for the quarter ended September 30, 2025.

99.2 Slide presentation discussed on the conference call for investors and analysts on October 23, 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: October 23, 2025						By: /s/ Derek S. Meyer
						Derek S. Meyer
						Chief Financial Officer

EX-99.1 2 asb09302025ex991.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

Associated Banc-Corp Reports Third Quarter 2025 Net Income Available to Common Equity of $122 Million, or $0.73 per Common Share

GREEN BAY, Wis. -- October 23, 2025 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $122 million, or $0.73 per common share, for the quarter ended September 30, 2025. These amounts compare to earnings of $108 million, or $0.65 per common share, for the quarter ended June 30, 2025 and earnings of $85 million, or $0.56 per common share, for the quarter ended September 30, 2024.

"We've continued to see promising results driven by the strategic growth investments we’ve made across our company,” said President & CEO Andy Harmening. “Here in the third quarter, we posted nearly $300 million in C&I loan growth, over $700 million in deposit growth, and strong revenue results including record-high net interest income. We also delivered solid credit performance and expanded CET1 capital by another 13 basis points.”

“As we look to the remainder of 2025 and into 2026, the Associated Bank franchise has strong momentum that continues to build. Our strategic plan puts us in a favorable position to grow and deepen our customer base, take market share, bolster capital, and improve our return profile—all while maintaining the disciplined approach that helped get us here.”

Third Quarter 2025 Highlights

•Diluted earnings per common share of $0.73

•Record net interest income of $305 million (+2% vs. 2Q 2025; +16% vs. 3Q 2024)

•Total period end loans of $31.0 billion (+1% vs. 2Q 2025; +3% vs. 3Q 2024)

•Total period end deposits of $34.9 billion (+2% vs. 2Q 2025; +4% vs. 3Q 2024)

•Total period end core customer deposits1 of $28.9 billion (+2% vs. 2Q 2025; +4% vs. 3Q 2024)

•Net interest margin of 3.04%

•Noninterest income of $81 million

•Noninterest expense of $216 million

•Provision for credit losses of $16 million

•Allowance for credit losses on loans / total loans of 1.34%

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

•Book value / share of $28.17

•Tangible book value / share1 of $21.36

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

Loans

Third quarter 2025 average total loans of $30.8 billion increased 1%, or $258 million, from the prior quarter and increased 4%, or $1.1 billion, from the same period last year. With respect to third quarter 2025 average balances by loan category:

•Commercial and business lending increased $378 million from the prior quarter and increased $1.5 billion from the same period last year to $12.5 billion.

•Commercial real estate lending decreased $160 million from the prior quarter and increased $57 million from the same period last year to $7.3 billion.

•Consumer lending increased $40 million from the prior quarter and decreased $442 million from the same period last year to $11.0 billion.

Third quarter 2025 period end total loans of $31.0 billion increased 1%, or $344 million, from the prior quarter and increased 3%, or $961 million, from the same period last year. With respect to third quarter 2025 period end balances by loan category:

•Commercial and business lending increased $334 million from the prior quarter and increased $1.3 billion from the same period last year to $12.7 billion.

•Commercial real estate lending increased $8 million from the prior quarter and increased $143 million the same period last year to $7.3 billion.

•Consumer lending increased $3 million from the prior quarter and decreased $520 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

Third quarter 2025 average deposits of $34.7 billion increased 1%, or $503 million, from the prior quarter and increased 4%, or $1.4 billion, from the same period last year. With respect to third quarter 2025 average balances by deposit category:

•Noninterest-bearing demand deposits increased $148 million from the prior quarter and increased $144 million from the same period last year to $5.8 billion.

•Savings increased $115 million from the prior quarter and increased $213 million from the same period last year to $5.3 billion.

•Interest-bearing demand deposits increased $215 million from the prior quarter and increased $504 million from the same period last year to $7.9 billion.

•Money market deposits decreased $128 million from the prior quarter and decreased $81 million from the same period last year to $5.9 billion.

•Brokered CDs decreased $174 million from the prior quarter and decreased $332 million from the same period last year to $3.9 billion.

•Other time deposits increased $236 million from the prior quarter and increased $647 million from the same period last year to $4.0 billion.

•Network transaction deposits increased $90 million from the prior quarter and increased $289 million from the same period last year to $1.9 billion.

Third quarter 2025 period end deposits of $34.9 billion increased 2%, or $734 million, from the prior quarter and increased 4%, or $1.3 billion, from the same period last year. With respect to third quarter 2025 period end balances by deposit category:

•Noninterest-bearing demand deposits increased $124 million from the prior quarter and increased $49 million from the same period last year to $5.9 billion.

•Savings increased $89 million from the prior quarter and increased $308 million from the same period last year to $5.4 billion.

•Interest-bearing demand deposits increased $301 million from the prior quarter and increased $490 million from the same period last year to $7.8 billion.

•Money market deposits decreased $130 million from the prior quarter and decreased $46 million from the same period last year to $5.8 billion.

•Brokered CDs decreased $116 million from the prior quarter and decreased $286 million from the same period last year to $4.0 billion.

•Other time deposits increased $244 million from the prior quarter and increased $366 million from the same period last year to $4.0 billion.

•Network transaction deposits increased $222 million from the prior quarter and increased $447 million from the same period last year to $2.0 billion.

•Core customer deposits1 increased $628 million from the prior quarter and increased $1.2 billion from the same period last year to $28.9 billion.

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

Net Interest Income and Net Interest Margin

Third quarter 2025 net interest income of $305 million increased $5 million from the prior quarter and increased $43 million from the same period last year. The net interest margin of 3.04% was flat from the prior quarter and a 26 basis point increase from the same period last year.

•The average yield on total loans for the third quarter of 2025 remained flat from the prior quarter and decreased 38 basis points from the same period last year to 5.89%.

•The average cost of total interest-bearing liabilities for the third quarter of 2025 increased 1 basis point from the prior quarter and decreased 56 basis points from the same period last year to 3.03%.

•The net free funds benefit for the third quarter of 2025 increased 1 basis point from the prior quarter and decreased 12 basis points from the same period last year to 0.57%.

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 continue to expect total net interest income growth of 14% to 15% in 2025.

Noninterest Income

Third quarter 2025 total noninterest income of $81 million increased $14 million from the prior quarter and increased $14 million from the same period last year. With respect to third quarter 2025 noninterest income line items:

•Capital markets, net increased $5 million from the prior quarter and increased $6 million from the same period last year.

•Wealth management fees increased $2 million from the prior quarter and increased $1 million from the same period last year.

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

•Asset gains (losses), net increased $5 million from the prior quarter and increased $4 million from the same period last year.

After adjusting to exclude the fourth quarter 2024 and first quarter 2025 impacts of the mortgage and investment securities sales we announced in December 2024, we now expect total noninterest income growth of between 5% and 6% in 2025.

Noninterest Expense

Third quarter 2025 total noninterest expense of $216 million increased $7 million from the prior quarter and increased $16 million from the same period last year. With respect to third quarter 2025 noninterest expense line items:

•Personnel expense increased $9 million from the prior quarter and increased $15 million from the same period last year.

•Business development and advertising expense increased $1 million from the prior quarter and increased $2 million from the same period last year.

•Technology expense increased $2 million from the prior quarter and increased $1 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 5% to 6% in 2025.

Taxes

Third quarter 2025 tax expense was $30 million, compared to $28 million of tax expense in the prior quarter and $20 million of tax expense in the same period last year. The effective tax rate for the third quarter of 2025 was 19.16%, compared to 20.34% in the prior quarter and 18.61% in the same period last year.

We now expect the annual effective tax rate to be between 18% and 19% in 2025.

Credit

Third quarter 2025 provision for credit losses on loans was $16 million, compared to a provision of $18 million in the prior quarter and a provision of $21 million in the same period last year. With respect to third quarter 2025 credit quality:

•Nonaccrual loans of $106 million decreased $7 million from the prior quarter and decreased $22 million from the same period last year. The nonaccrual loans to total loans ratio was 0.34% in the third quarter, down from 0.37% in the prior quarter and down from 0.43% in the same period last year.

•Third quarter 2025 net charge offs of $13 million were flat compared to net charge offs of $13 million in the prior quarter and net charge offs of $13 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $415 million increased $3 million compared to the prior quarter and increased $17 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the third quarter, down from 1.35% in the prior quarter and up from 1.33% 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 10.33% at September 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.

THIRD 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, October 23, 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 third quarter 2025 earnings call. The third 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)	September 30, 2025		June 30, 2025		Sequential Quarter Change		March 31, 2025		December 31, 2024		September 30, 2024		Comparable Quarter Change
Assets
Cash and due from banks	$	490,431	$	521,167	$	(30,736)	$	521,323	$	544,059	$	554,631	$	(64,200)
Interest-bearing deposits in other financial institutions	802,251		738,938		63,313		711,033		453,590		408,101		394,150
Federal funds sold and securities purchased under agreements to resell	90		—		90		105		21,955		4,310		(4,220)
Available for sale (AFS) investment securities, at fair value	5,217,278		5,036,508		180,770		4,796,570		4,581,434		4,152,527		1,064,751
Held to maturity (HTM) investment securities, net, at amortized cost	3,636,080		3,672,101		(36,021)		3,705,793		3,738,687		3,769,150		(133,070)
Equity securities	26,000		25,912		88		23,331		23,242		23,158		2,842
Federal Home Loan Bank (FHLB) and Federal Reserve Bank stocks, at cost	251,642		278,356		(26,714)		194,244		179,665		178,168		73,474
Residential loans held for sale	74,563		96,804		(22,241)		47,611		646,687		67,219		7,344
Commercial loans held for sale	—		8,406		(8,406)		7,910		32,634		11,833		(11,833)
Loans	30,951,964		30,607,605		344,359		30,294,127		29,768,586		29,990,897		961,067
Allowance for loan losses	(378,341)		(376,515)		(1,826)		(371,348)		(363,545)		(361,765)		(16,576)
Loans, net	30,573,623		30,231,091		342,532		29,922,780		29,405,041		29,629,131		944,492
Tax credit and other investments	245,239		247,111		(1,872)		254,187		258,886		265,385		(20,146)
Premises and equipment, net	384,139		377,372		6,767		377,521		379,093		373,816		10,323
Bank and corporate owned life insurance	693,511		691,470		2,041		690,551		689,000		686,704		6,807
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	25,052		27,255		(2,203)		29,457		31,660		33,863		(8,811)
Mortgage servicing rights, net	85,063		85,245		(182)		86,251		87,683		81,977		3,086

Interest receivable	168,451		168,627		(176)		159,729		167,772		167,777		674
Other assets	677,458		682,373		(4,915)		675,748		676,987		698,073		(20,615)
Total assets	$	44,455,863	$	43,993,729	$	462,134	$	43,309,136	$	43,023,068	$	42,210,815	$	2,245,048
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	5,906,251	$	5,782,487	$	123,764	$	6,135,946	$	5,775,657	$	5,857,421	$	48,830
Interest-bearing deposits	28,975,602		28,365,079		610,523		29,060,767		28,872,777		27,696,877		1,278,725
Total deposits	34,881,853		34,147,565		734,288		35,196,713		34,648,434		33,554,298		1,327,555
Short-term funding	399,665		75,585		324,080		311,335		470,369		917,028		(517,363)
FHLB advances	3,220,679		3,879,489		(658,810)		2,027,297		1,853,807		1,913,294		1,307,385
Other long-term funding	594,074		593,530		544		591,382		837,635		844,342		(250,268)
Allowance for unfunded commitments	36,276		35,276		1,000		35,276		38,776		35,776		500
Accrued expenses and other liabilities	455,019		481,503		(26,484)		460,574		568,485		532,842		(77,823)
Total liabilities	39,587,565		39,212,948		374,617		38,622,578		38,417,506		37,797,579		1,789,986
Stockholders’ equity
Preferred equity	194,112		194,112		—		194,112		194,112		194,112		—






Common equity	4,674,186		4,586,669		87,517		4,492,446		4,411,450		4,219,125		455,061
Total stockholders’ equity	4,868,298		4,780,781		87,517		4,686,558		4,605,562		4,413,236		455,061
Total liabilities and stockholders’ equity	$	44,455,863	$	43,993,729	$	462,134	$	43,309,136	$	43,023,068	$	42,210,815	$	2,245,048

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)	3Q25		3Q24		Dollar Change		Percentage Change		September 2025		September 2024		Dollar Change		Percentage Change
Interest income
Interest and fees on loans	$	455,623	$	465,728	$	(10,105)	(2)	%	$	1,336,703	$	1,376,988	$	(40,285)	(3)	%
Interest and dividends on investment securities
Taxable	73,727		51,229		22,498		44	%	214,689		148,055		66,634		45	%
Tax-exempt	13,888		14,660		(772)		(5)	%	41,746		44,103		(2,357)		(5)	%
Other interest	13,353		8,701		4,652		53	%	35,274		24,834		10,440		42	%
Total interest income	556,591		540,318		16,273		3	%	1,628,412		1,593,980		34,432		2	%
Interest expense
Interest on deposits	202,344		231,623		(29,279)		(13)	%	609,139		678,916		(69,777)		(10)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	2,107		3,385		(1,278)		(38)	%	7,733		8,551		(818)		(10)	%
Interest on other short-term funding	212		6,144		(5,932)		(97)	%	907		16,929		(16,022)		(95)	%
Interest on FHLB advances	35,965		24,799		11,166		45	%	86,944		80,612		6,332		8	%
Interest on other long-term funding	10,741		11,858		(1,117)		(9)	%	32,526		32,012		514		2	%
Total interest expense	251,369		277,809		(26,440)		(10)	%	737,250		817,021		(79,771)		(10)	%
Net interest income	305,222		262,509		42,713		16	%	891,163		776,960		114,203		15	%
Provision for credit losses	16,000		20,991		(4,991)		(24)	%	46,999		68,000		(21,001)		(31)	%
Net interest income after provision for credit losses	289,223		241,518		47,705		20	%	844,164		708,960		135,204		19	%
Noninterest income
Wealth management fees	25,315		24,144		1,171		5	%	70,837		68,466		2,371		3	%
Service charges and deposit account fees	13,861		13,708		153		1	%	39,822		38,410		1,412		4	%
Card-based fees	12,308		11,731		577		5	%	33,950		34,973		(1,023)		(3)	%
Other fee-based revenue	5,414		5,057		357		7	%	15,659		14,316		1,343		9	%
Capital markets, net	10,764		4,317		6,447		149	%	20,873		13,052		7,821		60	%
Mortgage banking, net	3,541		2,132		1,409		66	%	11,577		7,299		4,278		59	%
Loss on mortgage portfolio sale	—		—		—		N/M		(6,976)		—		(6,976)		N/M
Bank and corporate owned life insurance	4,051		4,001		50		1	%	13,391		11,156		2,235		20	%
Asset gains (losses), net	3,340		(474)		3,814		N/M		727		(1,407)		2,134		N/M
Investment securities gains, net	1		100		(99)		(99)	%	13		4,047		(4,034)		(100)	%

Other	2,670		2,504		166		7	%	7,147		7,054		93		1	%
Total noninterest income	81,265		67,221		14,044		21	%	207,019		197,365		9,654		5	%
Noninterest expense
Personnel	135,703		121,036		14,667		12	%	386,593		362,012		24,581		7	%
Technology	28,590		27,217		1,373		5	%	82,237		80,579		1,658		2	%
Occupancy	12,757		13,536		(779)		(6)	%	40,782		40,297		485		1	%
Business development and advertising	8,362		6,683		1,679		25	%	22,496		20,735		1,761		8	%
Equipment	4,368		4,653		(285)		(6)	%	13,389		13,702		(313)		(2)	%
Legal and professional	5,232		5,639		(407)		(7)	%	17,989		14,740		3,249		22	%
Loan and foreclosure costs	1,638		2,748		(1,110)		(40)	%	6,937		6,519		418		6	%
FDIC assessment	9,980		8,223		1,757		21	%	30,124		29,300		824		3	%
Other intangible amortization	2,203		2,203		—		—	%	6,608		6,608		—		—	%

Other	7,369		8,659		(1,290)		(15)	%	29,017		19,622		9,395		48	%
Total noninterest expense	216,202		200,597		15,605		8	%	636,173		594,115		42,058		7	%
Income before income taxes	154,286		108,142		46,144		43	%	415,010		312,211		102,799		33	%
Income tax expense	29,554		20,124		9,430		47	%	77,362		27,451		49,911		182	%
Net income	124,732		88,018		36,714		42	%	337,648		284,760		52,888		19	%
Preferred stock dividends	2,875		2,875		—		—	%	8,625		8,625		—		—	%
Net income available to common equity	$	121,857	$	85,143	$	36,714	43	%	$	329,023	$	276,135	$	52,888	19	%

Pre-tax pre-provision income(a)	170,286		129,133		41,153		32	%	462,009		380,211		81,798		22	%
Earnings per common share
Basic	$	0.73	$	0.56	$	0.17	30	%	$	1.98	$	1.83	$	0.15	8	%
Diluted	$	0.73	$	0.56	$	0.17	30	%	$	1.96	$	1.82	$	0.14	8	%
Average common shares outstanding
Basic	165,029		150,247		14,782		10	%	165,064		149,993		15,071		10	%
Diluted	166,703		151,492		15,211		10	%	166,645		151,244		15,401		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
	3Q25		2Q25		Dollar Change		Percentage Change		1Q25		4Q24		3Q24
Interest income
Interest and fees on loans	$	455,623	$	447,781	$	7,842	2	%	$	433,299	$	453,253	$	465,728
Interest and dividends on investment securities
Taxable	73,727		71,174		2,553		4	%	69,788		50,524		51,229
Tax-exempt	13,888		13,902		(14)		—	%	13,956		14,469		14,660
Other interest	13,353		12,679		674		5	%	9,243		10,478		8,701
Total interest income	556,591		545,536		11,055		2	%	526,285		528,724		540,318
Interest expense
Interest on deposits	202,344		197,656		4,688		2	%	209,140		222,888		231,623
Interest on federal funds purchased and securities sold under agreements to repurchase	2,107		2,004		103		5	%	3,622		3,203		3,385
Interest on other short-term funding	212		287		(75)		(26)	%	408		668		6,144
Interest on FHLB advances	35,965		34,889		1,076		3	%	16,090		17,908		24,799
Interest on other long-term funding	10,741		10,700		41		—	%	11,085		13,769		11,858
Total interest expense	251,369		245,536		5,833		2	%	240,345		258,436		277,809
Net interest income	305,222		300,000		5,222		2	%	285,941		270,289		262,509
Provision for credit losses	16,000		17,996		(1,996)		(11)	%	13,003		16,986		20,991
Net interest income after provision for credit losses	289,223		282,004		7,219		3	%	272,938		253,303		241,518
Noninterest income
Wealth management fees	25,315		23,025		2,290		10	%	22,498		24,103		24,144
Service charges and deposit account fees	13,861		13,147		714		5	%	12,814		13,232		13,708
Card-based fees	12,308		11,200		1,108		10	%	10,442		11,948		11,731
Other fee-based revenue	5,414		4,995		419		8	%	5,251		5,182		5,057
Capital markets, net	10,764		5,765		4,999		87	%	4,345		9,032		4,317
Mortgage banking, net	3,541		4,213		(672)		(16)	%	3,822		3,387		2,132
Loss on mortgage portfolio sale	—		—		—		N/M		(6,976)		(130,406)		—
Bank and corporate owned life insurance	4,051		4,135		(84)		(2)	%	5,204		2,322		4,001

Asset gains (losses), net	3,340		(1,735)		5,075		N/M		(878)		364		(474)
Investment securities gains (losses), net	1		7		(6)		(86)	%	4		(148,194)		100

Other	2,670		2,226		444		20	%	2,251		2,257		2,504
Total noninterest income (loss)	81,265		66,977		14,288		21	%	58,776		(206,772)		67,221
Noninterest expense
Personnel	135,703		126,994		8,709		7	%	123,897		125,944		121,036
Technology	28,590		26,508		2,082		8	%	27,139		26,984		27,217
Occupancy	12,757		12,644		113		1	%	15,381		14,325		13,536
Business development and advertising	8,362		7,748		614		8	%	6,386		7,408		6,683
Equipment	4,368		4,494		(126)		(3)	%	4,527		4,729		4,653
Legal and professional	5,232		6,674		(1,442)		(22)	%	6,083		6,861		5,639
Loan and foreclosure costs	1,638		2,705		(1,067)		(39)	%	2,594		1,951		2,748
FDIC assessment	9,980		9,708		272		3	%	10,436		9,139		8,223
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,203
Loss on prepayments of FHLB advances	—		—		—		N/M		—		14,243		—
Other	7,369		9,674		(2,305)		(24)	%	11,974		10,496		8,659
Total noninterest expense	216,202		209,352		6,850		3	%	210,619		224,282		200,597
Income (loss) before income taxes	154,286		139,629		14,657		10	%	121,095		(177,752)		108,142
Income tax expense (benefit)	29,554		28,399		1,155		4	%	19,409		(16,137)		20,124
Net income (loss)	124,732		111,230		13,502		12	%	101,687		(161,615)		88,018
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		2,875
Net income (loss) available to common equity	$	121,857	$	108,355	$	13,502	12	%	$	98,812	$	(164,490)	$	85,143

Pre-tax pre-provision income (loss)(a)	170,286		157,625		12,661		8	%	134,098		(160,766)		129,133
Earnings (loss) per common share
Basic	$	0.73	$	0.65	$	0.08	12	%	$	0.60	$	(1.04)	$	0.56
Diluted	$	0.73	$	0.65	$	0.08	12	%	$	0.59	$	(1.03)	$	0.56
Average common shares outstanding
Basic	165,029		164,936		93		—	%	165,228		157,710		150,247
Diluted	166,703		166,343		360		—	%	166,604		159,164		151,492

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 Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter(a)
	Three Months Ended
	September 30, 2025						June 30, 2025						September 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	$	11,367,533	$	187,046	6.53	%	$	10,981,221	$	179,955	6.57	%	$	9,884,246	$	183,687	7.39	%
Commercial real estate—owner occupied	1,105,787		15,827		5.68	%	1,114,054		16,014		5.77	%	1,087,144		16,640		6.09	%
Commercial and business lending	12,473,319		202,873		6.45	%	12,095,274		195,969		6.50	%	10,971,390		200,327		7.27	%
Commercial real estate—investor	5,300,765		87,114		6.52	%	5,582,333		91,569		6.58	%	5,085,090		93,351		7.30	%
Real estate construction	1,991,565		36,770		7.32	%	1,869,708		33,883		7.27	%	2,150,416		43,348		8.02	%
Commercial real estate lending	7,292,330		123,884		6.74	%	7,452,041		125,452		6.75	%	7,235,505		136,699		7.52	%
Total commercial	19,765,649		326,757		6.56	%	19,547,316		321,421		6.59	%	18,206,896		337,027		7.36	%
Residential mortgage	6,987,858		65,553		3.75	%	7,034,607		64,995		3.70	%	7,888,290		70,171		3.56	%
Auto finance	3,000,978		42,230		5.58	%	2,933,161		41,156		5.63	%	2,635,890		37,904		5.72	%
Home equity	690,330		12,641		7.32	%	667,339		12,098		7.25	%	642,463		13,350		8.31	%
Other consumer	305,644		8,972		11.65	%	309,578		8,644		11.20	%	260,547		7,774		11.87	%
Total consumer	10,984,811		129,396		4.70	%	10,944,685		126,893		4.64	%	11,427,191		129,199		4.51	%
Total loans	30,750,460		456,153		5.89	%	30,492,001		448,313		5.89	%	29,634,087		466,226		6.27	%
Investments
Taxable securities	6,767,664		73,727		4.36	%	6,578,690		71,174		4.33	%	5,816,102		51,466		3.54	%
Tax-exempt securities(b)	1,997,416		17,580		3.52	%	2,004,725		17,598		3.51	%	2,110,896		17,885		3.39	%
Other short-term investments	1,046,723		13,353		5.06	%	999,294		12,679		5.09	%	629,431		8,959		5.66	%
Total investments	9,811,804		104,660		4.26	%	9,582,709		101,451		4.24	%	8,556,429		78,310		3.66	%
Total earning assets and related interest income	40,562,264		$	560,813	5.50	%	40,074,710		$	549,764	5.50	%	38,190,516		$	544,535	5.68	%
Other assets, net	3,452,939						3,345,353						3,199,195
Total assets	$	44,015,203					$	43,420,063					$	41,389,711
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,338,129	$	19,042	1.42	%	$	5,222,869	$	17,139	1.32	%	$	5,125,147	$	21,611	1.68	%
Interest-bearing demand	7,898,770		44,763		2.25	%	7,683,402		42,485		2.22	%	7,394,550		49,740		2.68	%
Money market	5,860,802		38,061		2.58	%	5,988,947		38,695		2.59	%	5,942,147		46,290		3.10	%
Network transaction deposits	1,933,659		21,276		4.37	%	1,843,998		20,211		4.40	%	1,644,305		22,077		5.34	%
Brokered CDs	3,916,329		42,878		4.34	%	4,089,844		45,418		4.45	%	4,247,941		56,307		5.27	%
Other time deposits	3,961,522		36,323		3.64	%	3,725,205		33,707		3.63	%	3,314,507		35,600		4.27	%
Total interest-bearing deposits	28,909,211		202,344		2.78	%	28,554,266		197,656		2.78	%	27,668,597		231,623		3.33	%
Federal funds purchased and securities sold under agreements to repurchase	227,460		2,107		3.68	%	220,872		2,004		3.64	%	299,286		3,385		4.50	%
Other short-term funding	19,033		212		4.42	%	17,580		287		6.55	%	519,421		6,638		5.08	%
FHLB advances	3,181,903		35,965		4.48	%	3,221,749		34,889		4.34	%	1,750,590		24,799		5.64	%
Other long-term funding	593,288		10,741		7.24	%	592,664		10,700		7.22	%	647,440		11,858		7.33	%
Total short and long-term funding	4,021,685		49,025		4.85	%	4,052,863		47,880		4.74	%	3,216,737		46,680		5.78	%
Total interest-bearing liabilities and related interest expense	32,930,896		$	251,369	3.03	%	32,607,129		$	245,536	3.02	%	30,885,334		$	278,304	3.59	%
Noninterest-bearing demand deposits	5,796,676						5,648,935						5,652,228
Other liabilities	466,482						431,338						521,423
Stockholders’ equity	4,821,150						4,732,661						4,330,727
Total liabilities and stockholders’ equity	$	44,015,203					$	43,420,063					$	41,389,711
Interest rate spread					2.47	%					2.48	%					2.10	%
Net free funds					0.57	%					0.56	%					0.69	%
Fully tax-equivalent net interest income and net interest margin			$	309,444	3.04	%			$	304,228	3.04	%			$	266,232	2.78	%
Fully tax-equivalent adjustment			(4,222)						(4,228)						(3,723)
Net interest income			$	305,222					$	300,000					$	262,509

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)
	Nine Months Ended September 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	$	10,980,230	$	536,786	6.54	%	$	9,843,435	$	542,989	7.37	%
Commercial real estate—owner occupied	1,120,206		48,042		5.73	%	1,089,662		49,619		6.08	%
Commercial and business lending	12,100,436		584,828		6.46	%	10,933,098		592,609		7.24	%
Commercial real estate—investor	5,432,417		265,772		6.54	%	5,030,534		274,450		7.29	%
Real estate construction	1,920,292		104,598		7.28	%	2,261,008		135,302		7.99	%
Commercial real estate lending	7,352,709		370,370		6.73	%	7,291,541		409,752		7.51	%
Total commercial	19,453,145		955,197		6.56	%	18,224,639		1,002,361		7.35	%
Residential mortgage	7,091,945		197,371		3.71	%	7,939,493		208,291		3.50	%
Auto finance	2,926,862		122,562		5.60	%	2,511,694		105,528		5.61	%
Home equity	671,884		36,791		7.30	%	590,340		39,386		8.90	%
Other consumer	309,654		26,389		11.39	%	261,781		22,959		11.71	%
Total consumer	11,000,345		383,113		4.65	%	11,303,307		376,164		4.44	%
Total loans	30,453,490		1,338,311		5.87	%	29,527,946		1,378,524		6.23	%
Investments
Taxable securities	6,582,998		214,689		4.35	%	5,671,823		148,672		3.50	%
Tax-exempt securities(b)	2,006,027		52,844		3.51	%	2,120,107		53,806		3.38	%
Other short-term investments	935,475		35,274		5.04	%	609,143		26,574		5.83	%
Total investments	9,524,500		302,806		4.24	%	8,401,073		229,051		3.64	%
Total earning assets and related interest income	39,977,990		$	1,641,117	5.48	%	37,929,019		$	1,607,575	5.66	%
Other assets, net	3,382,379						3,157,137
Total assets	$	43,360,369					$	41,086,156
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,241,799	$	54,110	1.38	%	$	5,062,518	$	65,330	1.72	%
Interest-bearing demand	7,870,806		132,678		2.25	%	7,383,471		147,838		2.67	%
Money market	5,975,632		116,316		2.60	%	6,017,642		139,987		3.11	%
Network transaction deposits	1,875,523		61,554		4.39	%	1,630,568		65,697		5.38	%
Brokered CDs	4,105,700		137,589		4.48	%	4,148,547		165,423		5.33	%
Other time deposits	3,815,105		106,892		3.75	%	3,082,143		94,640		4.10	%
Total interest-bearing deposits	28,884,565		609,139		2.82	%	27,324,889		678,916		3.32	%
Federal funds purchased and securities sold under agreements to repurchase	274,204		7,733		3.77	%	259,209		8,551		4.41	%
Other short-term funding	22,597		907		5.37	%	508,913		19,285		5.06	%
FHLB advances	2,672,351		86,944		4.35	%	1,907,104		80,612		5.65	%
Other long-term funding	604,410		32,526		7.18	%	573,676		32,012		7.44	%
Total short and long-term funding	3,573,561		128,110		4.79	%	3,248,902		140,461		5.77	%
Total interest-bearing liabilities and related interest expense	32,458,126		$	737,250	3.04	%	30,573,791		$	819,377	3.58	%
Noninterest-bearing demand deposits	5,695,818						5,748,446
Other liabilities	477,597						537,432
Stockholders’ equity	4,728,828						4,226,487
Total liabilities and stockholders’ equity	$	43,360,369					$	41,086,156
Interest rate spread					2.45	%					2.08	%
Net free funds					0.57	%					0.69	%
Fully tax-equivalent net interest income and net interest margin			$	903,867	3.02	%			$	788,199	2.77	%
Fully tax-equivalent adjustment			(12,705)						(11,239)
Net interest income			$	891,163					$	776,960

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	Sep 30, 2025		Jun 30, 2025		Seql Qtr % Change		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Comp Qtr % Change
Commercial and industrial	$	11,567,651	$	11,281,964	3	%	$	10,925,769	$	10,573,741	$	10,258,899	13	%
Commercial real estate—owner occupied	1,149,939		1,101,501		4	%	1,118,363		1,143,741		1,120,849		3	%
Commercial and business lending	12,717,590		12,383,465		3	%	12,044,132		11,717,483		11,379,748		12	%
Commercial real estate—investor	5,369,441		5,370,422		—	%	5,597,442		5,227,975		5,070,635		6	%
Real estate construction	1,958,766		1,950,267		—	%	1,809,054		1,982,632		2,114,300		(7)	%
Commercial real estate lending	7,328,207		7,320,689		—	%	7,406,496		7,210,607		7,184,934		2	%
Total commercial	20,045,797		19,704,154		2	%	19,450,628		18,928,090		18,564,683		8	%
Residential mortgage	6,858,285		6,949,387		(1)	%	6,999,654		7,047,541		7,803,083		(12)	%
Auto finance	3,041,644		2,969,495		2	%	2,878,765		2,810,220		2,708,946		12	%
Home equity	698,112		676,208		3	%	654,140		664,252		651,379		7	%
Other consumer	308,126		308,361		—	%	310,940		318,483		262,806		17	%
Total consumer	10,906,167		10,903,451		—	%	10,843,499		10,840,496		11,426,214		(5)	%
Total loans	$	30,951,964	$	30,607,605	1	%	$	30,294,127	$	29,768,586	$	29,990,897	3	%

Quarter average loan composition	Sep 30, 2025		Jun 30, 2025		Seql Qtr % Change		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Comp Qtr % Change
Commercial and industrial(a)	$	11,367,533	$	10,981,221	4	%	$	10,583,318	$	10,338,865	$	9,884,246	15	%
Commercial real estate—owner occupied	1,105,787		1,114,054		(1)	%	1,141,167		1,135,624		1,087,144		2	%
Commercial and business lending	12,473,319		12,095,274		3	%	11,724,484		11,474,489		10,971,390		14	%
Commercial real estate—investor	5,300,765		5,582,333		(5)	%	5,415,412		5,120,608		5,085,090		4	%
Real estate construction	1,991,565		1,869,708		7	%	1,898,582		2,086,188		2,150,416		(7)	%
Commercial real estate lending	7,292,330		7,452,041		(2)	%	7,313,994		7,206,796		7,235,505		1	%
Total commercial	19,765,649		19,547,316		1	%	19,038,479		18,681,285		18,206,896		9	%
Residential mortgage(a)	6,987,858		7,034,607		(1)	%	7,256,320		7,814,056		7,888,290		(11)	%
Auto finance	3,000,978		2,933,161		2	%	2,844,730		2,771,414		2,635,890		14	%
Home equity	690,330		667,339		3	%	657,625		656,792		642,463		7	%
Other consumer	305,644		309,578		(1)	%	313,828		278,370		260,547		17	%
Total consumer	10,984,811		10,944,685		—	%	11,072,503		11,520,632		11,427,191		(4)	%
Total loans(a)	$	30,750,460	$	30,492,001	1	%	$	30,110,982	$	30,201,918	$	29,634,087	4	%

Period end deposit and customer funding composition(b)	Sep 30, 2025		Jun 30, 2025		Seql Qtr % Change		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Comp Qtr % Change
Noninterest-bearing demand	$	5,906,251	$	5,782,487	2	%	$	6,135,946	$	5,775,657	$	5,857,421	1	%
Savings	5,380,574		5,291,674		2	%	5,247,291		5,133,295		5,072,508		6	%
Interest-bearing demand	7,791,861		7,490,772		4	%	7,870,965		7,994,475		7,302,239		7	%
Money market	5,785,871		5,915,867		(2)	%	6,141,275		6,009,793		5,831,637		(1)	%
Network transaction deposits	2,013,964		1,792,362		12	%	1,882,930		1,758,388		1,566,908		29	%
Brokered CDs	3,956,517		4,072,048		(3)	%	4,197,512		4,276,309		4,242,670		(7)	%
Other time deposits	4,046,815		3,802,356		6	%	3,720,793		3,700,518		3,680,914		10	%
Total deposits	34,881,853		34,147,565		2	%	35,196,713		34,648,434		33,554,298		4	%
Other customer funding(c)	64,570		75,440		(14)	%	85,950		100,044		110,988		(42)	%
Total deposits and other customer funding	$	34,946,423	$	34,223,005	2	%	$	35,282,663	$	34,748,478	$	33,665,286	4	%
Net deposits and other customer funding(d)	$	28,975,941	$	28,358,595	2	%	$	29,202,221	$	28,713,780	$	27,855,707	4	%

Quarter average deposit composition	Sep 30, 2025		Jun 30, 2025		Seql Qtr % Change		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Comp Qtr % Change
Noninterest-bearing demand	$	5,796,676	$	5,648,935	3	%	$	5,640,123	$	5,738,557	$	5,652,228	3	%
Savings	5,338,129		5,222,869		2	%	5,162,468		5,132,247		5,125,147		4	%
Interest-bearing demand	7,898,770		7,683,402		3	%	8,031,707		7,623,230		7,394,550		7	%
Money market	5,860,802		5,988,947		(2)	%	6,079,551		5,924,269		5,942,147		(1)	%
Network transaction deposits	1,933,659		1,843,998		5	%	1,847,972		1,690,745		1,644,305		18	%
Brokered CDs	3,916,329		4,089,844		(4)	%	4,315,311		4,514,841		4,247,941		(8)	%
Other time deposits	3,961,522		3,725,205		6	%	3,756,332		3,713,579		3,314,507		20	%
Total deposits	34,705,887		34,203,201		1	%	34,833,464		34,337,468		33,320,825		4	%
Other customer funding(c)	74,305		80,010		(7)	%	87,693		94,965		104,115		(29)	%
Total deposits and other customer funding	$	34,780,192	$	34,283,211	1	%	$	34,921,157	$	34,432,433	$	33,424,940	4	%
Net deposits and other customer funding(d)	$	28,930,204	$	28,349,369	2	%	$	28,757,874	$	28,226,848	$	27,532,694	5	%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) Loans held for sale have been included in the average balances.

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

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


Associated Banc-Corp Selected Asset Quality Information
(Dollars in thousands)	Sep 30, 2025			Jun 30, 2025			Seql Qtr % Change		Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	376,515		$	371,348		1	%	$	363,545		$	361,765		$	355,844		6	%
Provision for loan losses	15,000			18,000			(17)	%	16,500			14,000			19,000			(21)	%
Charge offs	(15,254)			(18,348)			(17)	%	(13,714)			(13,770)			(15,337)			(1)	%
Recoveries	2,081			5,515			(62)	%	5,017			1,551			2,258			(8)	%
Net charge offs	(13,173)			(12,833)			3	%	(8,698)			(12,220)			(13,078)			1	%
Balance at end of period	$	378,341		$	376,515		—	%	$	371,348		$	363,545		$	361,765		5	%
Allowance for unfunded commitments
Balance at beginning of period	$	35,276		$	35,276		—	%	$	38,776		$	35,776		$	33,776		4	%
Provision for unfunded commitments	1,000			—			N/M		(3,500)			3,000			2,000			(50)	%
Balance at end of period	36,276			35,276			3	%	35,276			38,776			35,776			1	%
Allowance for credit losses on loans (ACLL)	$	414,618		$	411,791		1	%	$	406,624		$	402,322		$	397,541		4	%
Provision for credit losses on loans	$	16,000		$	18,000		(11)	%	$	13,000		$	17,000		$	21,000		(24)	%
(Dollars in thousands)	Sep 30, 2025			Jun 30, 2025			Seql Qtr % Change		Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Comp Qtr % Change
Net (charge offs) recoveries


Commercial and industrial	$	(1,230)		$	(1,826)		(33)	%	$	(4,726)		$	(2,406)		$	(10,649)		(88)	%
Commercial real estate—owner occupied	—			—			N/M		—			—			—			N/M
Commercial and business lending	(1,230)			(1,826)			(33)	%	(4,726)			(2,406)			(10,649)			(88)	%
Commercial real estate—investor	(8,930)			(8,493)			5	%	(892)			(6,617)			(1)			N/M
Real estate construction	2			121			(98)	%	30			4			2			—	%
Commercial real estate lending	(8,928)			(8,372)			7	%	(863)			(6,612)			2			N/M
Total commercial	(10,158)			(10,198)			—	%	(5,589)			(9,018)			(10,647)			(5)	%
Residential mortgage	(231)			(302)			(24)	%	197			(239)			(160)			44	%
Auto finance	(1,505)			(689)			118	%	(1,519)			(1,782)			(1,281)			17	%
Home equity	56			237			(76)	%	289			277			424			(87)	%
Other consumer	(1,336)			(1,881)			(29)	%	(2,076)			(1,457)			(1,414)			(6)	%
Total consumer	(3,015)			(2,636)			14	%	(3,109)			(3,202)			(2,431)			24	%
Total net charge offs	$	(13,173)		$	(12,833)		3	%	$	(8,698)		$	(12,220)		$	(13,078)		1	%

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


Commercial and industrial	(4)			(7)					(18)			(9)			(43)
Commercial real estate—owner occupied	—			—					—			—			—
Commercial and business lending	(4)			(6)					(16)			(8)			(39)
Commercial real estate—investor	(67)			(61)					(7)			(51)			—
Real estate construction	—			3					1			—			—
Commercial real estate lending	(49)			(45)					(5)			(37)			—
Total commercial	(20)			(21)					(12)			(19)			(23)
Residential mortgage	(1)			(2)					1			(1)			(1)
Auto finance	(20)			(9)					(22)			(26)			(19)
Home equity	3			14					18			17			26
Other consumer	(173)			(244)					(268)			(208)			(216)
Total consumer	(11)			(10)					(11)			(11)			(8)
Total net charge offs	(17)			(17)					(12)			(16)			(18)

(Dollars in thousands)	Sep 30, 2025			Jun 30, 2025			Seql Qtr % Change		Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Comp Qtr % Change
Credit quality
Nonaccrual loans	$	106,179		$	112,999		(6)	%	$	134,808		$	123,260		$	128,476		(17)	%
Other real estate owned (OREO)	29,268			34,287			(15)	%	23,475			20,217			18,830			55	%

Repossessed assets	789			882			(11)	%	688			687			793			(1)	%
Total nonperforming assets	$	136,236		$	148,169		(8)	%	$	158,971		$	144,164		$	148,098		(8)	%

Accruing loans past due 90 days or more(a)	$	2,692		$	14,160		(81)	%	$	3,036		$	3,189		$	7,107		(62)	%

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

Allowance for credit losses on loans to nonaccrual loans	390.49		%	364.42		%			301.63		%	326.40		%	309.43		%
Nonaccrual loans to total loans	0.34		%	0.37		%			0.44		%	0.41		%	0.43		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.44		%	0.48		%			0.52		%	0.48		%	0.49		%
Nonperforming assets to total assets	0.31		%	0.34		%			0.37		%	0.34		%	0.35		%


Associated Banc-Corp Selected Asset Quality Information (continued)
(Dollars in thousands)	Sep 30, 2025		Jun 30, 2025		Seql Qtr % Change		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	12,802	$	6,945	84	%	$	12,898	$	19,084	$	14,369	(11)	%
Commercial real estate—owner occupied	203		—		N/M		1,501		1,501		9,285		(98)	%
Commercial and business lending	13,006		6,945		87	%	14,399		20,585		23,654		(45)	%
Commercial real estate—investor	7,333		15,805		(54)	%	31,689		16,705		18,913		(61)	%
Real estate construction	145		146		(1)	%	125		30		15		N/M
Commercial real estate lending	7,478		15,950		(53)	%	31,814		16,735		18,928		(60)	%
Total commercial	20,484		22,895		(11)	%	46,213		37,320		42,582		(52)	%
Residential mortgage	69,093		73,817		(6)	%	72,455		70,038		70,138		(1)	%
Auto finance	8,218		8,004		3	%	7,692		7,402		7,456		10	%
Home equity	8,299		8,201		1	%	8,275		8,378		8,231		1	%
Other consumer	85		82		4	%	173		122		70		21	%
Total consumer	85,696		90,104		(5)	%	88,595		85,941		85,894		—	%
Total nonaccrual loans	$	106,179	$	112,999	(6)	%	$	134,808	$	123,260	$	128,476	(17)	%

















(Dollars in thousands)	Sep 30, 2025		Jun 30, 2025		Seql Qtr % Change		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial	$	1,071	$	2,593	(59)	%	$	7,740	$	1,260	$	1,212	(12)	%
Commercial real estate—owner occupied	—		5,628		(100)	%	1,156		1,634		2,209		(100)	%
Commercial and business lending	1,071		8,221		(87)	%	8,896		2,893		3,421		(69)	%
Commercial real estate—investor	14,190		1,042		N/M		2,463		36,391		10,746		32	%
Real estate construction	21		90		(77)	%	—		21		88		(76)	%
Commercial real estate lending	14,211		1,132		N/M		2,463		36,412		10,834		31	%
Total commercial	15,282		9,353		63	%	11,360		39,305		14,255		7	%
Residential mortgage	12,684		8,744		45	%	13,568		14,892		13,630		(7)	%
Auto finance	14,013		13,149		7	%	12,522		14,850		15,458		(9)	%
Home equity	4,265		4,338		(2)	%	3,606		4,625		3,146		36	%
Other consumer(a)	2,728		2,578		6	%	2,381		3,128		2,163		26	%
Total consumer	33,689		28,810		17	%	32,076		37,496		34,397		(2)	%
Total accruing loans 30-89 days past due	$	48,971	$	38,163	28	%	$	43,435	$	76,801	$	48,651	1	%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) Excluding guaranteed student loans.


Associated Banc-Corp Selected Quarterly Information
(Dollars and shares in thousands, except per share data and as noted)	YTD Sep 2025			YTD Sep 2024			3Q25			2Q25			1Q25			4Q24			3Q24
Per common share data
Dividends	$	0.69		$	0.66		$	0.23		$	0.23		$	0.23		$	0.23		$	0.22
Market value:
High	27.01			23.95			27.01			24.56			25.63			28.14			23.95
Low	18.91			19.73			23.78			18.91			21.06			20.64			20.07
Close							25.71			24.39			22.53			23.90			21.54
Book value / share(a)							28.17			27.67			27.09			26.55			27.90
Tangible book value (TBV) / share(a)(b)							21.36			20.84			20.25			19.71			20.37
Selected trend information
Net interest margin(c)	3.02		%	2.77		%	3.04		%	3.04		%	2.97		%	2.81		%	2.78		%
Effective tax rate	18.64		%	8.79		%	19.16		%	20.34		%	16.03		%	N/M			18.61		%
Noninterest expense / average assets(c)	1.96		%	1.93		%	1.95		%	1.93		%	2.00		%	2.12		%	1.93		%
Dividend payout ratio(c)(d)	34.85		%	36.07		%	31.51		%	35.38		%	38.33		%	N/M			39.29		%
Loans / deposits ratio							88.73		%	89.63		%	86.07		%	85.92		%	89.38		%


Assets under management, at market value(e)							$	16,178		$	15,537		$	14,685		$	14,773		$	15,033





Common shares repurchased during period(f)	900			900			—			—			900			—			—
Common shares outstanding, end of period							165,904			165,778			165,807			166,178			151,213

Risk-based capital(g)(h)
Total risk-weighted assets							$	34,688,358		$	34,241,408		$	33,800,823		$	33,950,173		$	33,326,479
Common equity Tier 1(i)							$	3,584,712		$	3,493,316		$	3,417,432		$	3,396,836		$	3,238,155
Common equity Tier 1 capital ratio(i)							10.33		%	10.20		%	10.11		%	10.01		%	9.72		%
Tier 1 capital ratio							10.89		%	10.77		%	10.68		%	10.58		%	10.30		%
Total capital ratio							12.94		%	12.83		%	12.75		%	12.61		%	12.36		%
Tier 1 leverage ratio							8.81		%	8.72		%	8.69		%	8.73		%	8.49		%
Selected equity and performance ratios
Stockholders’ equity / assets ratio							10.95		%	10.87		%	10.82		%	10.70		%	10.46		%
Tangible common equity / tangible assets (TCE Ratio)(b)							8.18		%	8.06		%	7.96		%	7.82		%	7.50		%
Average stockholders' equity / average assets	10.91		%	10.29		%	10.95		%	10.90		%	10.86		%	10.76		%	10.46		%
Return on average equity(c)	9.55		%	9.00		%	10.26		%	9.43		%	8.91		%	(14.20)		%	8.09		%
Return on average tangible common equity (ROATCE)(b)(c)	13.13		%	12.99		%	14.02		%	12.96		%	12.34		%	(20.27)		%	11.52		%

Return on average assets(c)	1.04		%	0.93		%	1.12		%	1.03		%	0.97		%	(1.53)		%	0.85		%
Return on average tangible assets(b)(c)	1.08		%	0.97		%	1.17		%	1.07		%	1.01		%	(1.55)		%	0.89		%
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio	56.67		%	59.86		%	54.77		%	55.81		%	59.72		%	103.11		%	59.51		%
Adjusted efficiency ratio(b)	56.32		%	59.07		%	54.77		%	55.81		%	58.55		%	60.10		%	59.51		%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a)Based on period end common shares outstanding.

(b)This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.

(c)This ratio is annualized.

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

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

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

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

(h)September 30, 2025 data is estimated.

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


Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	YTD		YTD
(Dollars in thousands)	Sep 2025		Sep 2024		3Q25		2Q25		1Q25		4Q24		3Q24
Tangible common equity reconciliation
Common equity					$	4,674,186	$	4,586,669	$	4,492,446	$	4,411,450	$	4,219,125
Less: Goodwill and other intangible assets, net					1,130,044		1,132,247		1,134,450		1,136,653		1,138,855
Tangible common equity for TBV / share and TCE Ratio					$	3,544,142	$	3,454,422	$	3,357,996	$	3,274,797	$	3,080,269


Tangible assets reconciliation
Total assets					$	44,455,863	$	43,993,729	$	43,309,136	$	43,023,068	$	42,210,815
Less: Goodwill and other intangible assets, net					1,130,044		1,132,247		1,134,450		1,136,653		1,138,855
Tangible assets for TCE Ratio					$	43,325,819	$	42,861,482	$	42,174,686	$	41,886,415	$	41,071,960
Average tangible common equity reconciliation
Average common equity	$	4,534,716	$	4,032,375	$	4,627,038	$	4,538,549	$	4,436,467	$	4,334,230	$	4,136,615
Less: Average goodwill and other intangible assets, net	1,133,517		1,142,331		1,131,385		1,133,627		1,135,584		1,137,826		1,140,060
Average tangible common equity for ROATCE	3,401,200		2,890,045		3,495,653		3,404,922		3,300,883		3,196,404		2,996,555




Average tangible assets reconciliation
Average total assets	$	43,360,369	$	41,086,156	$	44,015,203	$	43,420,063	$	42,630,627	$	42,071,562	$	41,389,711
Less: Average goodwill and other intangible assets, net	1,133,517		1,142,331		1,131,385		1,133,627		1,135,584		1,137,826		1,140,060
Average tangible assets for return on average tangible assets	$	42,226,853	$	39,943,825	$	42,883,818	$	42,286,436	$	41,495,043	$	40,933,736	$	40,249,651
Adjusted net income (loss) reconciliation
Net income (loss)	$	337,648	$	284,760	$	124,732	$	111,230	$	101,687	$	(161,615)	$	88,018
Other intangible amortization, net of tax	4,956		4,956		1,652		1,652		1,652		1,652		1,652
Adjusted net income (loss) for return on average tangible assets	$	342,604	$	289,716	$	126,384	$	112,882	$	103,339	$	(159,963)	$	89,670
Adjusted net income (loss) available to common equity reconciliation
Net income (loss) available to common equity	$	329,023	$	276,135	$	121,857	$	108,355	$	98,812	$	(164,490)	$	85,143
Other intangible amortization, net of tax	4,956		4,956		1,652		1,652		1,652		1,652		1,652
Adjusted net income (loss) available to common equity for ROATCE	$	333,979	$	281,091	$	123,509	$	110,007	$	100,464	$	(162,838)	$	86,795








Pre-tax pre-provision income (loss)
Income (loss) before income taxes	$	415,010	$	312,211	$	154,286	$	139,629	$	121,095	$	(177,752)	$	108,142
Provision for credit losses	46,999		68,000		16,000		17,996		13,003		16,986		20,991
Pre-tax pre-provision income (loss)	$	462,009	$	380,211	$	170,286	$	157,625	$	134,098	$	(160,766)	$	129,133





Period end core customer deposits reconciliation
Total deposits					$	34,881,853	$	34,147,565	$	35,196,713	$	34,648,434	$	33,554,298
Less: Network transaction deposits					2,013,964		1,792,362		1,882,930		1,758,388		1,566,908
Less: Brokered CDs					3,956,517		4,072,048		4,197,512		4,276,309		4,242,670
Core customer deposits					$	28,911,371	$	28,283,155	$	29,116,271	$	28,613,737	$	27,744,719
Average core customer deposits reconciliation
Average total deposits	$	34,580,383	$	33,073,335	$	34,705,887	$	34,203,201	$	34,833,464	$	34,337,468	$	33,320,825
Less: Average network transaction deposits	1,875,523		1,630,568		1,933,659		1,843,998		1,847,972		1,690,745		1,644,305
Less: Average brokered CDs	4,105,700		4,148,547		3,916,329		4,089,844		4,315,311		4,514,841		4,247,941
Average core customer deposits	$	28,599,160	$	27,294,220	$	28,855,899	$	28,269,359	$	28,670,181	$	28,131,882	$	27,428,578
Total expense for efficiency ratios reconciliation(a)
Noninterest expense	$	636,173	$	594,115	$	216,202	$	209,352	$	210,619	$	224,282	$	200,597
Less: Other intangible amortization	6,608		6,608		2,203		2,203		2,203		2,203		2,203
Total expense for fully tax-equivalent efficiency ratio	629,565		587,506		213,999		207,149		208,416		222,080		198,394
Less: FDIC special assessment	—		7,696		—		—		—		—		—
Less: Announced initiatives(b)	—		—		—		—		—		14,243		—
Total expense for adjusted efficiency ratio	$	629,565	$	579,810	$	213,999	$	207,149	$	208,416	$	207,836	$	198,394
Total revenue for efficiency ratios reconciliation(a)
Net interest income	$	891,163	$	776,960	$	305,222	$	300,000	$	285,941	$	270,289	$	262,509
Noninterest income (loss)	207,019		197,365		81,265		66,977		58,776		(206,772)		67,221
Less: Investment securities gains (losses), net	13		4,047		1		7		4		(148,194)		100
Fully tax-equivalent adjustment	12,705		11,239		4,222		4,228		4,254		3,680		3,723
Total revenue for fully tax-equivalent efficiency ratio	1,110,874		981,518		390,708		371,198		348,968		215,390		333,353
Less: Announced initiatives(b)	(6,976)		—		—		—		(6,976)		(130,406)		—
Total revenue for adjusted efficiency ratio	$	1,117,850	$	981,518	$	390,708	$	371,198	$	355,943	$	345,795	$	333,353

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.


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(a)	130,406		0.82
Provision on initiatives	1,460		0.01
Net loss on sale of investments(a)	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)	Sep 2025		1Q25		Dec 2024		4Q24
GAAP noninterest income (loss)	$	207,019	$	58,776	$	(9,407)	$	(206,772)
Less: Loss on mortgage portfolio sale(a)	(6,976)		(6,976)		(130,406)		(130,406)
Less: Net loss on sale of investments(a)	—		—		(148,183)		(148,183)
Noninterest income, excluding nonrecurring items	$	213,995	$	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(a)					(14,243)		(14,243)
Noninterest expense, excluding nonrecurring items					$	804,154	$	210,039

Numbers may not recalculate due to rounding conventions.

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

EX-99.2 3 asb3q25earningspresentat.htm EX-99.2 asb3q25earningspresentat

October 23, 2025 Third 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 Third 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 $31.0 billion ▪ +1.1% vs. 2Q 2025; +3.2% vs. 3Q 2024 ▪ Total C&I loans of $11.6 billion ▪ +2.5% vs. 2Q 2025; +12.8% vs. 3Q 2024 ▪ Total deposits of $34.9 billion ▪ +2.2% vs. 2Q 2025; +4.0% vs. 3Q 2024 ▪ Total core customer deposits2 of $28.9 billion ▪ +2.2% vs. 2Q 2025; +4.2% vs. 3Q 2024 ▪ Net interest income of $305 million ▪ Net interest margin of 3.04% ▪ Noninterest income of $81 million ▪ Noninterest expense of $216 million ▪ Provision for credit losses of $16 million ▪ ACLL / total loans of 1.34% ▪ NCOs / avg. loans (annualized) of 0.17% ▪ Total common equity / total assets of 10.51% ▪ TCE ratio2 of 8.18% ▪ Book value / share of $28.17 ▪ Tangible book value / share2 of $21.36 $0.73 Diluted Earnings Per Common Share +3.2% Total Loans vs. 3Q 2024 +5.5% Total Adjusted Loans2 vs. 3Q 2024 +4.0% Total Deposits vs. 3Q 2024 +4.2% Core Customer Deposits2 vs. 3Q 2024 +16.3% Net Interest Income vs. 3Q 2024 +26 bps Net Interest Margin vs. 3Q 2024 10.33% CET1 Ratio 12.94% Total Capital Ratio 10.26% Return on Average Equity 14.02% Return on Average Tangible Common Equity2 ASB reported net income available to common equity of $122 million, or $0.73 per common share

3 31.2 29.6 26.9 23.7 23.1 22.7 22.2 2021 2022 2023 2024 1Q25 2Q25 3Q25 $8.5 $9.8 $9.7 $10.6 $10.9 $11.3 $11.6 2021 2022 2023 2024 1Q25 2Q25 3Q25 Our Strategic Plan is Delivering Growth & Profitability1 1 All updates as of or for the period ended September 30, 2025 unless otherwise noted. Bolstered Key Leadership Expanded Commercial Presence Enhanced Consumer Value Proposition Repositioned Balance Sheet Rebalanced Consumer Lending Approach Growing & remixing our balance sheet simultaneously sets up for enhanced profitability in 2025 & 2026 Period End Commercial & Industrial Loans Period End Resi. Mortgage Loans / Total Loans Net Interest Margin ($ in billions) 2.39 2.91 2.81 2.78 2.97 3.04 3.04 2021 2022 2023 2024 1Q25 2Q25 3Q25 (%) (%)

4 Commercial & Business Lending Commercial Real Estate Residential Mortgage $3.5 $3.7 $3.8 $3.9 $4.0 $7.9 $7.8 $7.3 $7.0 $7.0 $7.2 $7.2 $7.3 $7.5 $7.3 $11.0 $11.5 $11.7 $12.1 $12.5 $29.6 $30.2 $30.1 $30.5 $30.8 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(91) $(1) $8 $22 $48 $72 $286 Auto Finance Commercial & Industrial Period End Loan Change (6/30/2025 to 9/30/2025) Residential Mortgage CRE-Owner Occupied Home Equity & Other Consumer CRE-Investor Quarterly Loan Trends Total period end loans increased 1% vs. 2Q 2025, led by C&I growth of $286 million Auto Finance, Home Equity & Other Consumer Total Loans +$344 (+1%) CRE Construction

5 $(659) $(116) $222 $325 $1.6 $1.7 $1.8 $1.8 $1.9 $4.2 $4.5 $4.3 $4.1 $3.9 $3.3 $3.7 $3.8 $3.7 $4.0 $5.9 $5.9 $6.1 $6.0 $5.9 $5.1 $5.1 $5.2 $5.2 $5.3 $7.4 $7.6 $8.0 $7.7 $7.9 $5.7 $5.7 $5.6 $5.6 $5.8 $33.3 $34.3 $34.8 $34.2 $34.7 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Average Quarterly Deposits ($ in billions) Period End Funding Change (6/30/2025 to 9/30/2025) ($ in millions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Quarterly Deposit & Funding Trends Total deposits & core customer deposits1 both grew 2% vs. the prior quarter $(130) $89 $124 $244 $301 Money Market Customer CDs Network Transaction Deposits Other Wholesale Funding FHLB Advances Core Customer Deposits1 +$628 (+2%) Wholesale Funding Sources $(228) (-2%) Total Deposits +$734 (+2%) Interest-Bearing Demand Noninterest-Bearing Demand Savings Brokered CDs

6 Quarterly Average Yields Average Yield Trends 7.52 7.09 6.71 6.75 6.747.27 6.74 6.43 6.50 6.45 5.72 5.65 5.59 5.63 5.58 3.56 3.61 3.68 3.70 3.75 3.66 3.64 4.22 4.24 4.26 3.33 3.10 2.91 2.78 2.78 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 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 5.68 5.46 5.45 5.50 5.50 3.59 3.29 3.06 3.02 3.03 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Investments 3Q earning asset yields & interest-bearing deposit costs were both flat vs. the prior quarter (%)(%)

7 Net Interest Income & Net Interest Margin Trends $263 $270 $286 $300 $305 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 2.97% 2.81% 2.78% 3.04% 3.04% ($ in millions) Quarterly Net Interest Income Quarterly Net Interest Margin Net interest income increased by $5 million vs. the prior quarter to $305 million

8 Interest Rate Risk Management1 Contractual Funding Obligations Contractual Swaps Balances ($ in billions) 1 All updates as of or for the period ended September 30, 2025 unless otherwise noted. We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment Estimated NII Sensitivity Profile (%) 9.2 4.0 2.9 2.1 4.6 2.0 1.6 1.1 -4.3 -0.6 -1.0 -0.5 -8.5 -0.8 -2.0 -1.4 3Q 2022 3Q 2023 3Q 2024 3Q 2025 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) $2.45 $2.45 $2.20 $2.20 $2.20 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $7.9 $0.1 $0.0 $8.0 Short-Term Funding $0.4 - - $0.4 FHLB Advances $3.0 $0.2 $0.0 $3.2 Other Long-Term Funding $0.0 $0.0 $0.6 $0.6 Total $11.3 $0.3 $0.6 $12.2 ($ in billions) 3.72%3.72%3.76%3.89% 3.72% Notional Balances Weighted Avg. Yield

9 Cash & Investment Securities Portfolio 19.2% 19.8% 20.1% 20.5% 20.5% 2.3% 2.4% 2.9% 2.9% 2.9% 21.5% 22.2% 23.0% 23.4% 23.4% 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Securities Period End Securities + Cash / Total Assets Cash $4.2 $4.6 $4.8 $5.0 $5.2 $3.8 $3.7 $3.7 $3.7 $3.6 $0.2 $0.2 $0.2 $0.3 $0.3 $8.1 $8.5 $8.7 $9.0 $9.1 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Held to MaturityAvailable for Sale ($ 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 3.66% 3.64% 4.22% 4.24% 4.26% 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025

10 $24 $24 $22 $23 $25 $14 $13 $13 $13 $14 $12 $12 $10 $11 $12 $4 $9 $4 $6 $11 $2 $3 $4 $4 $4 $11 $10 $5 $10 $15 $67 $72 $59 $67 $81 3Q 2024 4Q 2024 Adj. 1Q 2025 2Q 2025 3Q 2025 Noninterest Income Trends ($ 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 3Q GAAP noninterest income increased 21% vs. the prior quarter, led by capital markets, wealth & asset gains 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 $121 $126 $124 $127 $136 $27 $27 $27 $27 $29 $14 $14 $15 $13 $13 $8 $9 $10 $10 $10 $31 $34 $34 $33 $29 $14 $201 $224 $211 $209 $216 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Efficiency RatioNoninterest Expense Trends Noninterest Expense Trends 1 Other is comprised of business development & advertising, equipment, legal & professional, loan & foreclosure costs, other intangible amortization & other noninterest expenses. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) Adjusted Efficiency Ratio2Fully Tax-Equivalent Efficiency Ratio 59.5 103.1 59.7 55.8 54.859.5 60.1 58.6 55.8 54.8 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Noninterest Expense / Average Assets 1.93 2.12 2.00 1.93 1.95 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Noninterest expense was up $7 million vs. 2Q, with the increase largely attributable to performance Personnel Other1 Technology FDIC Assessment Loss on Prepayment of FHLB Occupancy (%, annualized) (%)

12 Regulatory Capital Ratios 9.72 10.30 12.36 10.33 10.89 12.94 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 3Q 2024 3Q 2025 We continue to target a CET1 range of 10% to 10.5% in 2025 27.90 26.55 27.09 27.67 28.17 20.37 19.71 20.25 20.84 21.36 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Per Common Share Data Additional Capital Ratios Tangible Common Equity / Tangible Assets (TCE Ratio)1 Total Common Equity / Total Assets 10.00 10.25 10.37 10.43 10.51 7.50 7.82 7.96 8.06 8.18 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Tangible Book Value / Share1Book Value / Share ($) (%)(%)

13 ACLL / Total LoansACLL1 Update ▪ ACLL increased $3 million from the prior quarter to $415 million, driven primarily by loan growth plus some incremental credit movement and general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody’s August 2025 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Allowance for Credit Losses on Loans (ACLL) 1.33 1.35 1.34 1.35 1.34 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Our ACLL percentage decreased by 1 basis point vs. the prior quarter to 1.34% (%) Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 143,974$ 1.27% 186,135$ 1.50% 189,277$ 1.49% CRE - Investor 78,743 1.55% 63,342 1.18% 62,454 1.16% CRE - Construction 79,136 3.74% 65,885 3.38% 65,324 3.33% Residential Mortgage 34,931 0.45% 34,096 0.49% 34,815 0.51% Other Consumer 60,756 1.68% 62,332 1.58% 62,748 1.55% Total 397,541$ 1.33% 411,791$ 1.35% 414,618$ 1.34% 9/30/2024 6/30/2025 9/30/2025

14 Net Charge Offs & Provision Total Delinquent Loans Credit Quality Trends $7 $3 $3 $14 $3 $49 $77 $44 $38 $49 $56 $80 $47 $52 $52 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in millions) Accruing Loans 30-89 Days PD $13 $12 $9 $13 $13 $21 $17 $13 $18 $16 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD Total Criticized Loans $128 $123 $135 $113 $106 $688 $751 $740 $888 $1,125 $229 $396 $451 $467 $412 $1,046 $1,271 $1,325 $1,468 $1,643 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in millions) ($ in millions) Nonaccrual Loans $86 $86 $89 $90 $86 $19 $17 $32 $16 $7 $24 $21 $14 $7 $13 $128 $123 $135 $113 $106 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in millions) CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans 3Q 2025 credit quality remained solid with decreases in delinquencies & nonaccruals, stable NCOs

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 1% to 2%5 Up 5% to 6%5 Noninterest Expense $818M $804M Up 4% to 5% Up 5% to 6% FY 2025 Outlook Previous FY 2025 Guidance1 Updated FY 2025 Guidance1 Total Loans Up 5% to 6% No change Total Deposits Up 1% to 3% No change Core Customer Deposits2 Up 4% to 5% No change Net Interest Income Up 14% to 15% No change Effective Tax Rate 19% to 21% 18% to 19% CET1 Capital Ratio 10% to 10.5% No change

Appendix

17 Stable, Granular Deposit Portfolio 22% 23% 26% 25% 25% 78% 77% 74% 75% 75% $33.8 $34.9 $35.2 $34.2 $34.9 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Period End Deposit Trends (Associated Bank, N.A.) ($ in billions) Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits As of 9/30/2025, ASB’s total liquidity sources covered 179% of uninsured, uncollateralized deposits Liquidity Sources 6/30/2025 9/30/2025 Federal Reserve Balance $735.9 $800.0 FHLB Chicago Capacity $5,026.2 $5,943.7 Fed Discount Window Capacity $5,441.2 $5,725.9 Funding Available Within One Business Day1 $11,203.2 $12,469.6 Fed Funds Lines $1,729.0 $1,419.0 Brokered Deposits Capacity2 $734.6 $697.9 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Available Liquidity $14,666.9 $15,586.5 179% of uninsured, uncollateralized deposits 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Estimated availability based on the Corporation’s current internal funding considerations. ($ in millions)

18 $3.6 $3.8 $3.8 $4.0 $4.0 $7.8 $7.0 $7.0 $6.9 $6.9 $7.2 $7.2 $7.4 $7.3 $7.3 $11.4 $11.7 $12.0 $12.4 $12.7 $30.0 $29.8 $30.3 $30.6 $31.0 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) Average Loan Change (2Q 2025 to 3Q 2025)Period End Quarterly Loan Trends $(282) $(47) $(8) $19 $68 $122 $386 Commercial & Industrial Residential Mortgage Auto Finance CRE-Construction CRE-Investor 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 +$258 (+1%)

19 $1.6 $1.8 $1.9 $1.8 $2.0 $4.2 $4.3 $4.2 $4.1 $4.0 $3.7 $3.7 $3.7 $3.8 $4.0 $5.8 $6.0 $6.1 $5.9 $5.8 $5.1 $5.1 $5.2 $5.3 $5.4 $7.3 $8.0 $7.9 $7.5 $7.8 $5.9 $5.8 $6.1 $5.8 $5.9 $33.6 $34.6 $35.2 $34.1 $34.9 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Period End Quarterly Deposits ($ 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. ($ in millions) $(174) $(40) $9 $90 Quarterly Average Funding Change (2Q25 to 3Q25) $(128) $115 $148 $215 $236 Money Market Interest-Bearing Demand Other Wholesale Funding Network Transaction Deposits Brokered CDs Core Customer Deposits1 +$587 (+2%) Wholesale Funding Sources $(115) (-1%) Total Deposits +$503 (+1%) Customer CDs Noninterest-Bearing Demand Savings FHLB Advances

20 Total Loans Outstanding Balances as of September 30, 2025 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 9/30/2025 1 % of Total Loans 9/30/2025 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 2,923$ 9.4% Multi-Family 3,179$ 10.3% Manufacturing & Wholesale Trade 2,781 9.0% Industrial 1,716 5.5% Real Estate (includes REITs) 2,191 7.1% Office 830 2.7% Mortgage Warehouse 647 2.1% Retail 651 2.1% Finance & Insurance 643 2.1% Hotel/Motel 201 0.6% Retail Trade 566 1.8% Single Family Construction 160 0.5% Rental and Leasing Services 558 1.8% Warehouse 152 0.5% Transportation and Warehousing 482 1.6% Medical 142 0.5% Construction 447 1.4% Land 83 0.3% Health Care and Social Assistance 317 1.0% Self Storage 14 0.0% Professional, Scientific, and Tech. Serv. 298 1.0% Other 200 0.6% Information 191 0.6% Total CRE 7,328$ 23.7% Waste Management 176 0.6% Accommodation and Food Services 122 0.4% Consumer Arts, Entertainment, and Recreation 63 0.2% Residential Mortgage 6,858$ 22.2% Educational Services 61 0.2% Auto Finance 3,042 9.8% Management of Companies & Enterprises 53 0.2% Home Equity 698 2.3% Public Administration 15 0.0% Credit Cards 193 0.6% Agriculture, Forestry, Fishing and Hunting 9 0.0% Other 115 0.4% Mining 4 0.0% Total Consumer 10,906$ 35.2% Other 169 0.5% Total C&BL 12,718$ 41.1% Total Loans 30,952$ 100.0%

21 Multi-Family 43% Retail 9% Office 11% Industrial 23% Warehouse 2%Hotel / Motel 3% Other 9% Wisconsin 28% Illinois 19% Minnesota 9% Other Midwest 12% Texas 6% Other 27% Manufacturing & Wholesale Trade 22% Power & Utilities 23% Real Estate 17% Mortgage Warehouse 5% Finance & Insurance 5% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 25% Natural Gas 21% Solar 25% Transmission, Control & Distribution 8% Other 22% Wisconsin 21% Illinois 14% Minnesota 7% Texas 6% Other Midwest 9% Other 42% Wisconsin 20% Illinois 14% Minnesota 9% Other Midwest2 20% Texas 11% Other 25% 2 2 Loan Stratification Outstanding Balances as of September 30, 2025 C&BL by Geography $12.7 billion Power & Utilities Lending $2.9 billion C&BL by Industry $12.7 billion Total Loans1 CRE by Geography $7.3 billion CRE by Property Type $7.3 billion

22 Multi-Family 43% Retail 9% Office 11% Industrial 23% Other 14% Consumer 35% Com'l & Business Lending 41% CRE 24% Wisconsin 20% Illinois 14% Minnesota 9% Other Midwest2 20% Texas 11% Other 25% 1 All updates as of or for the period ended September 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. 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 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 Portfolio LTV 58% 57% 57% 57% 58% Delinquencies3/Loans 0.22% 0.50% 0.03% 0.17% 0.19% NALs/Loans 0.26% 0.23% 0.43% 0.22% 0.10% ACLL/Loans 2.20% 1.99% 1.88% 1.77% 1.74% NCOs/Avg. Loans4 0.00% 0.37% 0.05% 0.45% 0.49% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.15% Top 10 Largest CRE Borrowers 1.29% Largest CRE Property Type (Multi-Fam) 10.27% CRE Office Loans 2.68% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.23x 2025 Remaining Maturities $155 million Central Business District vs. Suburban ~83% Suburban Property Class Mix6 ~53% Class A ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets

23 9/30/2025 % of Total Loans Residential Mortgage $6,858 22.2% Auto Finance $3,042 9.8% Home Equity $698 2.3% Credit Cards $193 0.6% Other $115 0.4% Total Consumer $10,906 35.2% 1 All data as of or for the period ended September 30, 2025 unless otherwise noted. Prime/Super Prime Consumer Loan Portfolio High-Quality Consumer Loan Portfolio1 787 780 792 791 Resi. Mortgage Auto Finance Home Equity Credit Cards 94% of our $10.9 billion consumer loan portfolio is prime / super prime Weighted Avg. Portfolio FICO Scores 87% 8% 6% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)

24 Period End Core Customer Deposits Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Total deposits $34,881,853 $34,147,565 $35,196,713 $34,648,434 $33,554,298 Less: Network transaction deposits 2,013,964 1,792,362 1,882,930 1,758,388 1,566,908 Less: Brokered CDs 3,956,517 4,072,048 4,197,512 4,276,309 4,242,670 Core customer deposits $28,911,371 $28,283,155 $29,116,271 $28,613,737 $27,744,719 Reconciliation & Definitions of Non-GAAP Items 1 The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. Average Core Customer Deposits Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Average total deposits $34,705,887 $34,203,201 $34,833,464 $34,337,468 $33,320,825 Less: Average network transaction deposits 1,933,659 1,843,998 1,847,972 1,690,745 1,644,305 Less: Average brokered CDs 3,916,329 4,089,844 4,315,311 4,514,841 4,247,941 Average core customer deposits $28,855,899 $28,269,359 $28,670,181 $28,131,882 $27,428,578 Tangible Common Equity & Tangible Assets Reconciliation1 ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Common equity $4,674,186 $4,586,669 $4,492,446 $4,411,450 $4,219,125 Less: Goodwill and other intangible assets, net 1,130,044 1,132,247 1,134,450 1,136,653 1,138,855 Tangible common equity for TCE Ratio and TBV / share $3,544,142 $3,454,422 $3,357,996 $3,274,797 $3,080,269 Total assets $44,455,863 $43,993,729 $43,309,136 $43,023,068 $42,210,815 Less: Goodwill and other intangible assets, net 1,130,044 1,132,247 1,134,450 1,136,653 1,138,855 Tangible assets for TCE Ratio $43,325,819 $42,861,482 $42,174,686 $41,886,415 $41,071,960 Period End Loans Reconciliation ($ in thousands) 3Q 2025 Total loans $30,951,964 Mortgage portfolio loans sold in 1Q 2025 694,985 Total adjusted loans $31,646,949

25 Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Net income (loss) available to common equity $121,857 $108,355 $98,812 $(164,490) $85,143 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 $123,509 $110,007 $100,464 $(162,838) $86,795 Average common equity $4,627,038 $4,538,549 $4,436,467 $4,334,230 $4,136,615 Less: Average goodwill and other intangible assets, net 1,131,385 1,133,627 1,135,584 1,137,826 1,140,060 Average tangible common equity for ROATCE $3,495,653 $3,404,922 $3,300,883 $3,196,404 $2,996,555 Reconciliation & Definitions of Non-GAAP Items 1 Adjusted net income available to common equity, which is used in the calculation of return on average tangible common equity, adds back other intangible amortization, net of tax. 2 These items classified as nonrecurring items are the result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. Nonrecurring Item Noninterest Income Reconciliation ($ in thousands) YTD Sep 2025 1Q 2025 YTD Dec 2024 4Q 2024 GAAP noninterest income (loss) $207,019 $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 $213,995 $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. Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Total expense for efficiency ratios reconciliation Noninterest expense $216,202 $209,352 $210,619 $224,282 $200,597 Less: Other intangible amortization 2,203 2,203 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 213,999 207,149 208,416 222,080 198,394 Less: FDIC special assessment - - - - - Less: Announced initiatives1 - - - 14,243 - Total expense for adjusted efficiency ratio $213,999 $207,149 $208,416 $207,836 $198,394 Total revenue for efficiency ratios reconciliation Net interest income $305,222 $300,000 $285,941 $270,289 $262,509 Noninterest income (loss) 81,265 66,977 58,776 (206,772) 67,221 Less: Investment securities gains (losses), net 1 7 4 (148,194) 100 Fully tax-equivalent adjustment 4,222 4,228 4,254 3,680 3,723 Total revenue for fully tax-equivalent efficiency ratio 390,708 371,198 348,968 215,390 333,353 Less: Announced initiatives1 - - (6,976) (130,406) - Total revenue for adjusted efficiency ratio $390,708 $371,198 $355,943 $345,795 $333,353 Efficiency Ratios (expense / revenue) Fully tax-equivalent efficiency ratio 54.77% 55.81% 59.72% 103.11% 59.51% Adjusted efficiency ratio 54.77% 55.81% 58.55% 60.10% 59.51%