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)			January 22, 2026


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 January 22, 2026, Associated Banc-Corp announced its earnings for the quarter ended December 31, 2025. A copy of the registrant’s press release containing this information and the slide presentation discussed on the conference call for investors and analysts on January 22, 2026, 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 January 22, 2026, containing financial information for the quarter ended December 31, 2025.

99.2 Slide presentation discussed on the conference call for investors and analysts on January 22, 2026.


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: January 22, 2026						By: /s/ Derek S. Meyer
						Derek S. Meyer
						Chief Financial Officer

EX-99.1 2 asb12312025ex991.htm EX-99.1 Document


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

Associated Banc-Corp Delivers Record Annual Net Income Available to Common Equity of $463 Million in 2025

GREEN BAY, Wis. -- January 22, 2026 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $463 million, or $2.77 per common share for the year ended December 31, 2025. These amounts compare to earnings of $112 million, or $0.72 per common share, for the year ended December 31, 2024. For the quarter ended December 31, 2025, the Company reported earnings of $134 million, or $0.80 per common share. These amounts compare to a loss of $164 million, or $1.03 per common share for the quarter ended December 31, 2024 and earnings of $122 million, or $0.73 per common share for the quarter ended September 30, 2025.

"2025 was a pivotal year for Associated Bank," said President and CEO Andy Harmening. "We achieved several key milestones of our strategic plan, proved we can win in key growth markets, drove high-quality, relationship loan and deposit growth, and posted the strongest bottom line in company history."

"We enter 2026 with a stronger growth profile, enhanced profitability, stronger capital generation and consistently solid credit results. We have the talent, the product set and the value proposition to build on our momentum organically going forward. We're also excited to welcome American National Bank colleagues, customers and communities to the Associated family later this year. We look forward to providing additional updates on Associated's growth journey throughout the year."

2025 Highlights (all comparisons on a period end basis compared to 2024)

•Diluted GAAP earnings per common share of $2.77

•Total period end loans of $31.2 billion (+5% vs. 2024)

•Total period end deposits of $35.6 billion (+3% vs. 2024)

•Total period end core customer deposits1 of $29.6 billion (+3% vs. 2024)

•Record net interest income of $1.2 billion (+15% vs. 2024)

•Net interest margin of 3.03%

•Noninterest income of $286 million

•Noninterest expense of $856 million

•Provision for credit losses of $54 million

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

•Net charge offs / average loans of 0.12%

•Book value / share of $28.81

•Tangible book value / share1 of $22.01

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

Loans

Fourth quarter 2025 period end total loans of $31.2 billion increased 1%, or $212 million, from the prior quarter. Compared to the same period last year, period end total loans increased 5%, or $1.4 billion. With respect to fourth quarter 2025 period end balances by loan category:

•Commercial and business lending increased $268 million from the prior quarter and increased $1.3 billion from the same period last year to $13.0 billion.

•Commercial real estate lending decreased $88 million from the prior quarter and increased $30 million from the same period last year to $7.2 billion.

•Consumer lending increased $31 million from the prior quarter and increased $96 million from the same period last year to $10.9 billion.

Fourth quarter 2025 average total loans of $31.0 billion increased 1%, or $245 million, from the prior quarter and increased 3%, or $793 million, from the same period last year. With respect to fourth quarter 2025 average balances by loan category:

•Commercial and business lending increased $272 million from the prior quarter and increased $1.3 billion from the same period last year to $12.7 billion.

•Commercial real estate lending decreased $26 million from the prior quarter and increased $59 million from the same period last year to $7.3 billion.

•Consumer lending decreased $1 million from the prior quarter and decreased $537 million from the same period last year to $11.0 billion.

Full year 2025 average loans of $30.6 billion were up 3%, or $893 million, from 2024. With respect to full year 2025 average balances by loan category:

•Commercial and business lending increased $1.2 billion to $12.3 billion.

•Commercial real estate lending increased $61 million to $7.3 billion.

•Consumer lending decreased $362 million to $11.0 billion.

In 2026, we expect total period end loan growth of 5% to 6% as compared to the year ended December 31, 2025, excluding any impact from the acquisition of American National Corporation.

Deposits

Fourth quarter 2025 period end deposits of $35.6 billion were up 2%, or $671 million, from the prior quarter and were up 3%, or $904 million from the same period last year. With respect to fourth quarter 2025 period end balances by deposit category:

•Noninterest-bearing demand deposits increased $220 million from the prior quarter and increased $351 million from the same period last year to $6.1 billion.

•Savings increased $91 million from the prior quarter and increased $339 million from the same period last year to $5.5 billion.

•Interest-bearing demand deposits increased $32 million from the prior quarter and decreased $171 million from the same period last year to $7.8 billion.

•Money market deposits increased $354 million from the prior quarter and increased $130 million from the same period last year to $6.1 billion.

•Brokered CDs decreased $161 million from the prior quarter and decreased $481 million from the same period last year to $3.8 billion.

•Other time deposits decreased $6 million from the prior quarter and increased $341 million from the same period last year to $4.0 billion.

•Network transaction deposits increased $141 million from the prior quarter and increased $397 million from the same period last year to $2.2 billion.

•Core customer deposits1 increased $691 million from the prior quarter and increased $989 million from the same period last year to $29.6 billion.

Fourth quarter 2025 average deposits of $35.6 billion increased 3%, or $923 million, from the prior quarter and increased 4%, or $1.3 billion, from the same period last year. With respect to fourth quarter 2025 average balances by deposit category:

•Noninterest-bearing demand deposits increased $268 million from the prior quarter and increased $326 million from the same period last year to $6.1 billion.

•Savings increased $99 million from the prior quarter and increased $305 million from the same period last year to $5.4 billion.

•Interest-bearing demand deposits increased $155 million from the prior quarter and increased $431 million from the same period last year to $8.1 billion.

•Money market deposits increased $30 million from the prior quarter and decreased $33 million from the same period last year to $5.9 billion.

•Brokered CDs increased $82 million from the prior quarter and decreased $517 million from the same period last year to $4.0 billion.

•Other time deposits increased $132 million from the prior quarter and increased $380 million from the same period last year to $4.1 billion.

•Network transaction deposits increased $157 million from the prior quarter and increased $400 million from the same period last year to $2.1 billion.

Full year 2025 average deposits of $34.8 billion increased 4%, or $1.5 billion from 2024. With respect to full year 2025 average balances by deposit category:

•Noninterest-bearing demand deposits increased $43 million to $5.8 billion.

•Savings increased $211 million to $5.3 billion.

•Interest-bearing demand deposits increased $473 million to $7.9 billion.

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

•Money market deposits decreased $40 million to $6.0 billion.

•Brokered CDs decreased $162 million to $4.1 billion.

•Other time deposits increased $645 million to $3.9 billion.

•Network transaction deposits increased $284 million to $1.9 billion.

In 2026, we expect period end total deposit growth of 5% to 6% and period end core customer deposit growth of 5% to 6% as compared to the year ended December 31, 2025, excluding any impact from the acquisition of American National Corporation.

Net Interest Income and Net Interest Margin

Full year 2025 net interest income of $1.2 billion was up 15%, or $154 million, from 2024. Net interest margin of 3.03% increased 25 basis points from the prior year.

•The average yield on total earning assets decreased 16 basis points from the prior year to 5.45%.

•The average cost of interest-bearing liabilities decreased 53 basis points from the prior year to 2.98%.

•The net free funds benefit decreased 12 basis points from the prior year to 0.56%.

Fourth quarter 2025 net interest income of $310 million increased 2%, or $5 million, from the prior quarter. Net interest margin of 3.06% increased 2 basis points from the prior quarter. Compared to the same period last year, net interest income increased 15%, or $40 million, and the net interest margin increased 25 basis points.

•The average yield on total earning assets for the fourth quarter of 2025 decreased 16 basis points from the prior quarter and decreased 12 basis points from the same period last year to 5.34%.

•The average cost of total interest-bearing liabilities for the fourth quarter of 2025 decreased 21 basis points from the prior quarter and decreased 47 basis points from the same period last year to 2.82%.

•The net free funds benefit for the fourth quarter of 2025 decreased 2 basis points from the prior quarter and decreased 9 basis points from the same period last year to 0.55%.

We expect total net interest income growth of 5.5% to 6.5% in 2026, excluding any impact from the acquisition of American National Corporation.

Noninterest Income

Full year 2025 noninterest income of $286 million increased $296 million from the prior year. The increase was primarily driven by nonrecurring items associated with a balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to 2025 noninterest income line items:

•Capital markets, net increased $10 million from the prior year.

•Wealth management fees increased $4 million from the prior year.

•Mortgage banking, net increased $4 million from the prior year.

•Bank and corporate owned life insurance increased $4 million from the prior year.

Fourth quarter 2025 total noninterest income of $79 million decreased $2 million from the prior quarter and increased $286 million from the same period last year. The comparable quarter decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to fourth quarter 2025 noninterest income line items:

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

•Capital markets, net increased slightly from the prior quarter and increased $2 million from the same period last year.

•Asset gains (losses), net decreased $3 million from the prior quarter and were up slightly from the same period last year.

•Mortgage banking, net decreased $1 million from the prior quarter and decreased slightly from the same period last year.

We expect total noninterest income growth of between 4% and 5% in 2026, excluding any impact from the acquisition of American National Corporation.

Noninterest Expense

Full year 2025 noninterest expense of $856 million increased 5%, or $37 million, from 2024. With respect to full year 2025 noninterest expense line items:

•Personnel expense increased $34 million from the prior year.

•Technology expense increased $3 million from the prior year.

•Business development and advertising expense increased $3 million from the prior year.

•Loss on prepayments of FHLB advances decreased $14 million from the prior year, driven by the nonrecurring expense recognized in 2024 for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024.

•Other noninterest expense increased $8 million from the prior year.

Fourth quarter 2025 noninterest expense of $219 million increased $3 million from the prior quarter and decreased $5 million from the same period last year. With respect to fourth quarter 2025 noninterest expense line items:

•Personnel expense decreased $1 million from the prior quarter and increased $9 million from the same period last year.

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

We expect total noninterest expense to grow by 3% in 2026, excluding any impact from the acquisition of American National Corporation.

Taxes

The fourth quarter of 2025 had a tax expense of $26 million compared to $30 million of tax expense in the prior quarter and $16 million of tax benefit in the same period last year. The tax benefit in the comparable quarter was driven primarily by a loss on income before income taxes as a result of nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024.

In 2026, we expect the annual effective tax rate to be between 19% and 21%, assuming no change in the corporate tax rate and excluding any impact from the acquisition of American National Corporation.

Credit

Full year 2025 provision for credit losses was $54 million, compared to a provision of $85 million in the prior year.

The fourth quarter 2025 provision for credit losses was $7 million, compared to a provision of $16 million in the prior quarter and a provision of $17 million in the same period last year. With respect to fourth quarter 2025 credit quality:

•Nonaccrual loans of $100 million decreased $6 million, or 5%, from the prior quarter and decreased $23 million, or 19%, from the same period last year. The nonaccrual loans to total loans ratio was 0.32% in the fourth quarter, down from 0.34% in the prior quarter and down from 0.41% in the same period last year.

•Net charge offs of $2 million decreased $11 million, or 83%, from the prior quarter and decreased $10 million, or 81%, from the same period last year.

•The allowance for credit losses on loans (ACLL) of $419 million increased $5 million from the prior quarter and increased $17 million from the same period last year. The ACLL to total loans ratio was 1.35% in the fourth quarter, up from 1.34% in the prior quarter and flat from the same period last year.

In 2026, we expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality, excluding any impact from the acquisition of American National Corporation.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.49% at December 31, 2025. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

FOURTH QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 22, 2026. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp fourth quarter 2025 earnings call. The fourth quarter 2025 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $45 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota, and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should," “intend,” "target," “outlook,” "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include the ability or anticipated timing to complete the proposed transaction involving Associated Banc-Corp ("Associated") and American National Bank ("American National"); the ability to integrate the two businesses successfully and in a timely manner, if at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all; the possibility that the transaction may be more expensive to complete than anticipated; and such other risk factors as identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.

NON-GAAP FINANCIAL MEASURES

This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. Information concerning these non-GAAP financial measures can be found in the financial tables.

Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

# # #


Associated Banc-Corp Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)	December 31, 2025		September 30, 2025		Sequential Quarter Change		June 30, 2025		March 31, 2025		December 31, 2024		Comparable Quarter Change
Assets
Cash and due from banks	$	574,698	$	490,431	$	84,267	$	521,167	$	521,323	$	544,059	$	30,639
Interest-bearing deposits in other financial institutions	1,144,123		802,251		341,872		738,938		711,033		453,590		690,533
Federal funds sold and securities purchased under agreements to resell	1,400		90		1,310		—		105		21,955		(20,555)
Available for sale (AFS) investment securities, at fair value	5,397,563		5,217,278		180,285		5,036,508		4,796,570		4,581,434		816,129
Held to maturity (HTM) investment securities, net, at amortized cost	3,602,519		3,636,080		(33,561)		3,672,101		3,705,793		3,738,687		(136,168)
Equity securities	26,060		26,000		60		25,912		23,331		23,242		2,818
Regulatory stocks, at cost	252,514		251,642		872		278,356		194,244		179,665		72,849
Residential loans held for sale	72,499		74,563		(2,064)		96,804		47,611		646,687		(574,188)
Commercial loans held for sale	—		—		—		8,406		7,910		32,634		(32,634)
Loans	31,163,614		30,951,964		211,650		30,607,605		30,294,127		29,768,586		1,395,028
Allowance for loan losses	(378,068)		(378,341)		273		(376,515)		(371,348)		(363,545)		(14,523)
Loans, net	30,785,546		30,573,623		211,923		30,231,091		29,922,780		29,405,041		1,380,505
Tax credit and other investments	236,657		245,239		(8,582)		247,111		254,187		258,886		(22,229)
Premises and equipment, net	381,624		384,139		(2,515)		377,372		377,521		379,093		2,531
Bank and corporate owned life insurance	694,452		693,511		941		691,470		690,551		689,000		5,452
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	22,849		25,052		(2,203)		27,255		29,457		31,660		(8,811)
Mortgage servicing rights, net	86,337		85,063		1,274		85,245		86,251		87,683		(1,346)

Interest receivable	161,118		168,451		(7,333)		168,627		159,729		167,772		(6,654)
Other assets	657,645		677,458		(19,813)		682,373		675,748		676,987		(19,342)
Total assets	$	45,202,596	$	44,455,863	$	746,733	$	43,993,729	$	43,309,136	$	43,023,068	$	2,179,528
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	6,126,632	$	5,906,251	$	220,381	$	5,782,487	$	6,135,946	$	5,775,657	$	350,975
Interest-bearing deposits	29,425,976		28,975,602		450,374		28,365,079		29,060,767		28,872,777		553,199
Total deposits	35,552,608		34,881,853		670,755		34,147,565		35,196,713		34,648,434		904,174
Short-term funding	307,864		399,665		(91,801)		75,585		311,335		470,369		(162,505)
FHLB advances	3,268,094		3,220,679		47,415		3,879,489		2,027,297		1,853,807		1,414,287
Other long-term funding	594,276		594,074		202		593,530		591,382		837,635		(243,359)
Allowance for unfunded commitments	41,276		36,276		5,000		35,276		35,276		38,776		2,500
Accrued expenses and other liabilities	463,131		455,019		8,112		481,503		460,574		568,485		(105,354)
Total liabilities	40,227,249		39,587,565		639,684		39,212,948		38,622,578		38,417,506		1,809,743
Stockholders’ equity
Preferred equity	194,112		194,112		—		194,112		194,112		194,112		—






Common equity	4,781,235		4,674,186		107,049		4,586,669		4,492,446		4,411,450		369,785
Total stockholders’ equity	4,975,347		4,868,298		107,049		4,780,781		4,686,558		4,605,562		369,785
Total liabilities and stockholders’ equity	$	45,202,596	$	44,455,863	$	746,733	$	43,993,729	$	43,309,136	$	43,023,068	$	2,179,528

Numbers may not recalculate due to rounding conventions.


Associated Banc-Corp Consolidated Statements of Income (Unaudited)					Comparable Quarter				Year to Date (YTD)				Comparable YTD
(Dollars in thousands, except per share data)	4Q25		4Q24		Dollar Change		Percentage Change		December 2025		December 2024		Dollar Change		Percentage Change
Interest income
Interest and fees on loans	$	445,687	$	453,253	$	(7,566)	(2)	%	$	1,782,390	$	1,830,241	$	(47,851)	(3)	%
Interest and dividends on investment securities
Taxable	73,511		50,524		22,987		45	%	288,200		198,579		89,621		45	%
Tax-exempt	13,851		14,469		(618)		(4)	%	55,598		58,572		(2,974)		(5)	%
Other interest	11,294		10,478		816		8	%	46,568		35,312		11,256		32	%
Total interest income	544,343		528,724		15,619		3	%	2,172,756		2,122,704		50,052		2	%
Interest expense
Interest on deposits	194,778		222,888		(28,110)		(13)	%	803,918		901,804		(97,886)		(11)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	2,682		3,203		(521)		(16)	%	10,415		11,754		(1,339)		(11)	%
Interest on other short-term funding	110		668		(558)		(84)	%	1,016		17,597		(16,581)		(94)	%
Interest on FHLB advances	26,309		17,908		8,401		47	%	113,253		98,520		14,733		15	%
Interest on other long-term funding	10,483		13,769		(3,286)		(24)	%	43,009		45,781		(2,772)		(6)	%
Total interest expense	234,362		258,436		(24,074)		(9)	%	971,611		1,075,456		(103,845)		(10)	%
Net interest income	309,981		270,289		39,692		15	%	1,201,145		1,047,248		153,897		15	%
Provision for credit losses	6,998		16,986		(9,988)		(59)	%	53,996		84,986		(30,990)		(36)	%
Net interest income after provision for credit losses	302,983		253,303		49,680		20	%	1,147,149		962,263		184,886		19	%
Noninterest income
Wealth management fees	25,742		24,103		1,639		7	%	96,579		92,569		4,010		4	%
Service charges and deposit account fees	13,827		13,232		595		4	%	53,649		51,642		2,007		4	%
Card-based fees	12,679		11,948		731		6	%	46,629		46,921		(292)		(1)	%
Other fee-based revenue	5,557		5,182		375		7	%	21,216		19,499		1,717		9	%
Capital markets, net	11,175		9,032		2,143		24	%	32,048		22,084		9,964		45	%
Mortgage banking, net	2,926		3,387		(461)		(14)	%	14,502		10,686		3,816		36	%
Loss on mortgage portfolio sale	—		(130,406)		130,406		(100)	%	(6,976)		(130,406)		123,430		(95)	%
Bank and corporate owned life insurance	3,804		2,322		1,482		64	%	17,195		13,477		3,718		28	%
Asset gains (losses), net	838		364		474		130	%	1,565		(1,042)		2,607		N/M
Investment securities gains (losses), net	37		(148,194)		148,231		N/M		49		(144,147)		144,196		N/M

Other	2,799		2,257		542		24	%	9,944		9,310		634		7	%
Total noninterest income (loss)	79,384		(206,772)		286,156		N/M		286,400		(9,407)		295,807		N/M
Noninterest expense
Personnel	135,130		125,944		9,186		7	%	521,723		487,956		33,767		7	%
Technology	28,641		26,984		1,657		6	%	110,877		107,563		3,314		3	%
Occupancy	14,229		14,325		(96)		(1)	%	55,011		54,622		389		1	%
Business development and advertising	9,118		7,408		1,710		23	%	31,614		28,142		3,472		12	%
Equipment	6,888		4,729		2,159		46	%	20,277		18,431		1,846		10	%
Legal and professional	5,945		6,861		(916)		(13)	%	23,934		21,601		2,333		11	%
Loan and foreclosure costs	1,327		1,951		(624)		(32)	%	8,264		8,471		(207)		(2)	%
FDIC assessment	6,589		9,139		(2,550)		(28)	%	36,713		38,439		(1,726)		(4)	%
Other intangible amortization	2,203		2,203		—		—	%	8,811		8,811		—		—	%
Loss on prepayments of FHLB advances	—		14,243		(14,243)		(100)	%	—		14,243		(14,243)		(100)	%
Other	9,396		10,496		(1,100)		(10)	%	38,415		30,118		8,297		28	%
Total noninterest expense	219,466		224,282		(4,816)		(2)	%	855,639		818,397		37,242		5	%
Income (loss) before income taxes	162,901		(177,752)		340,653		N/M		577,910		134,459		443,451		N/M
Income tax expense (benefit)	25,772		(16,137)		41,909		N/M		103,133		11,314		91,819		N/M
Net income (loss)	137,129		(161,615)		298,744		N/M		474,777		123,145		351,632		N/M
Preferred stock dividends	2,875		2,875		—		—	%	11,500		11,500		—		—	%
Net income (loss) available to common equity	$	134,254	$	(164,490)	$	298,744	N/M		$	463,277	$	111,645	$	351,632	N/M

Pre-tax pre-provision income (loss)(a)	169,899		(160,766)		330,665		N/M		631,906		219,445		412,461		188	%
Earnings (losses) per common share
Basic	$	0.81	$	(1.04)	$	1.85	N/M		$	2.79	$	0.73	$	2.06	N/M
Diluted	$	0.80	$	(1.03)	$	1.83	N/M		$	2.77	$	0.72	$	2.05	N/M
Average common shares outstanding
Basic	165,126		157,710		7,416		5	%	165,079		151,933		13,146		9	%
Diluted	166,746		159,164		7,582		5	%	166,613		153,347		13,266		9	%

N/M = Not meaningful

Numbers may not sum due to rounding.

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


Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
(Dollars and shares in thousands, except per share data)					Sequential Quarter
	4Q25		3Q25		Dollar Change		Percentage Change		2Q25		1Q25		4Q24
Interest income
Interest and fees on loans	$	445,687	$	455,623	$	(9,936)	(2)	%	$	447,781	$	433,299	$	453,253
Interest and dividends on investment securities
Taxable	73,511		73,727		(216)		—	%	71,174		69,788		50,524
Tax-exempt	13,851		13,888		(37)		—	%	13,902		13,956		14,469
Other interest	11,294		13,353		(2,059)		(15)	%	12,679		9,243		10,478
Total interest income	544,343		556,591		(12,248)		(2)	%	545,536		526,285		528,724
Interest expense
Interest on deposits	194,778		202,344		(7,566)		(4)	%	197,656		209,140		222,888
Interest on federal funds purchased and securities sold under agreements to repurchase	2,682		2,107		575		27	%	2,004		3,622		3,203
Interest on other short-term funding	110		212		(102)		(48)	%	287		408		668
Interest on FHLB advances	26,309		35,965		(9,656)		(27)	%	34,889		16,090		17,908
Interest on other long-term funding	10,483		10,741		(258)		(2)	%	10,700		11,085		13,769
Total interest expense	234,362		251,369		(17,007)		(7)	%	245,536		240,345		258,436
Net interest income	309,981		305,222		4,759		2	%	300,000		285,941		270,289
Provision for credit losses	6,998		16,000		(9,002)		(56)	%	17,996		13,003		16,986
Net interest income after provision for credit losses	302,983		289,223		13,760		5	%	282,004		272,938		253,303
Noninterest income
Wealth management fees	25,742		25,315		427		2	%	23,025		22,498		24,103
Service charges and deposit account fees	13,827		13,861		(34)		—	%	13,147		12,814		13,232
Card-based fees	12,679		12,308		371		3	%	11,200		10,442		11,948
Other fee-based revenue	5,557		5,414		143		3	%	4,995		5,251		5,182
Capital markets, net	11,175		10,764		411		4	%	5,765		4,345		9,032
Mortgage banking, net	2,926		3,541		(615)		(17)	%	4,213		3,822		3,387
Loss on mortgage portfolio sale	—		—		—		—	%	—		(6,976)		(130,406)
Bank and corporate owned life insurance	3,804		4,051		(247)		(6)	%	4,135		5,204		2,322

Asset gains (losses), net	838		3,340		(2,502)		(75)	%	(1,735)		(878)		364
Investment securities gains (losses), net	37		1		36		N/M		7		4		(148,194)

Other	2,799		2,670		129		5	%	2,226		2,251		2,257
Total noninterest income (loss)	79,384		81,265		(1,881)		(2)	%	66,977		58,776		(206,772)
Noninterest expense
Personnel	135,130		135,703		(573)		—	%	126,994		123,897		125,944
Technology	28,641		28,590		51		—	%	26,508		27,139		26,984
Occupancy	14,229		12,757		1,472		12	%	12,644		15,381		14,325
Business development and advertising	9,118		8,362		756		9	%	7,748		6,386		7,408
Equipment	6,888		4,368		2,520		58	%	4,494		4,527		4,729
Legal and professional	5,945		5,232		713		14	%	6,674		6,083		6,861
Loan and foreclosure costs	1,327		1,638		(311)		(19)	%	2,705		2,594		1,951
FDIC assessment	6,589		9,980		(3,391)		(34)	%	9,708		10,436		9,139
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,203
Loss on prepayments of FHLB advances	—		—		—		—	%	—		—		14,243
Other	9,396		7,369		2,027		28	%	9,674		11,974		10,496
Total noninterest expense	219,466		216,202		3,264		2	%	209,352		210,619		224,282
Income (loss) before income taxes	162,901		154,286		8,615		6	%	139,629		121,095		(177,752)
Income tax expense (benefit)	25,772		29,554		(3,782)		(13)	%	28,399		19,409		(16,137)
Net income (loss)	137,129		124,732		12,397		10	%	111,230		101,687		(161,615)
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		2,875
Net income (loss) available to common equity	$	134,254	$	121,857	$	12,397	10	%	$	108,355	$	98,812	$	(164,490)

Pre-tax pre-provision income (loss)(a)	169,899		170,286		(387)		—	%	157,625		134,098		(160,766)
Earnings (losses) per common share
Basic	$	0.81	$	0.73	$	0.08	11	%	$	0.65	$	0.60	$	(1.04)
Diluted	$	0.80	$	0.73	$	0.07	10	%	$	0.65	$	0.59	$	(1.03)
Average common shares outstanding
Basic	165,126		165,029		97		—	%	164,936		165,228		157,710
Diluted	166,746		166,703		43		—	%	166,343		166,604		159,164

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

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


Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	December 31, 2025						September 30, 2025						December 31, 2024(a)
(Dollars in thousands)	Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate
Assets
Earning assets
Loans (b) (c)
Commercial and industrial	$	11,588,059	$	182,101	6.24	%	$	11,367,533	$	187,046	6.53	%	$	10,338,865	$	177,369	6.83	%
Commercial real estate—owner occupied	1,157,531		16,358		5.61	%	1,105,787		15,827		5.68	%	1,135,624		16,985		5.95	%
Commercial and business lending	12,745,590		198,459		6.18	%	12,473,319		202,873		6.45	%	11,474,489		194,355		6.74	%
Commercial real estate—investor	5,291,562		84,153		6.31	%	5,300,765		87,114		6.52	%	5,120,608		88,737		6.89	%
Real estate construction	1,974,318		34,870		7.01	%	1,991,565		36,770		7.32	%	2,086,188		39,739		7.58	%
Commercial real estate lending	7,265,880		119,023		6.50	%	7,292,330		123,884		6.74	%	7,206,796		128,476		7.09	%
Total commercial	20,011,470		317,482		6.30	%	19,765,649		326,757		6.56	%	18,681,285		322,831		6.88	%
Residential mortgage	6,899,778		64,779		3.76	%	6,987,858		65,553		3.75	%	7,814,056		70,513		3.61	%
Auto finance	3,064,457		42,915		5.56	%	3,000,978		42,230		5.58	%	2,771,414		39,365		5.65	%
Home equity	706,923		12,570		7.11	%	690,330		12,641		7.32	%	656,792		13,018		7.93	%
Other consumer	312,730		8,454		10.72	%	305,644		8,972		11.65	%	278,370		8,023		11.47	%
Total consumer	10,983,888		128,718		4.67	%	10,984,811		129,396		4.70	%	11,520,632		130,919		4.54	%
Total loans	30,995,358		446,200		5.72	%	30,750,460		456,153		5.89	%	30,201,918		453,750		5.98	%
Investments
Taxable securities	6,912,251		73,511		4.25	%	6,767,664		73,727		4.36	%	5,745,085		50,752		3.53	%
Tax-exempt securities(b)	1,990,389		17,534		3.52	%	1,997,416		17,580		3.52	%	2,085,957		17,653		3.39	%
Other short-term investments	972,884		11,294		4.61	%	1,046,723		13,353		5.06	%	846,195		10,717		5.04	%
Total investments	9,875,524		102,339		4.14	%	9,811,804		104,660		4.26	%	8,677,238		79,122		3.64	%
Total earning assets and related interest income	40,870,882		$	548,539	5.34	%	40,562,264		$	560,813	5.50	%	38,879,155		$	532,871	5.46	%
Other assets, net	3,531,889						3,452,939						3,192,406
Total assets	$	44,402,771					$	44,015,203					$	42,071,562
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,436,968	$	18,823	1.37	%	$	5,338,129	$	19,042	1.42	%	$	5,132,247	$	20,120	1.56	%
Interest-bearing demand	8,054,088		40,309		1.99	%	7,898,770		44,763		2.25	%	7,623,230		46,061		2.40	%
Money market	5,890,836		35,353		2.38	%	5,860,802		38,061		2.58	%	5,924,269		41,457		2.78	%
Network transaction deposits	2,090,587		20,882		3.96	%	1,933,659		21,276		4.37	%	1,690,745		20,091		4.73	%
Brokered CDs	3,998,012		42,056		4.17	%	3,916,329		42,878		4.34	%	4,514,841		55,734		4.91	%
Other time deposits	4,093,939		37,355		3.62	%	3,961,522		36,323		3.64	%	3,713,579		39,425		4.22	%
Total interest-bearing deposits	29,564,430		194,778		2.61	%	28,909,211		202,344		2.78	%	28,598,911		222,888		3.10	%
Federal funds purchased and securities sold under agreements to repurchase	289,679		2,682		3.67	%	227,460		2,107		3.68	%	310,370		3,203		4.11	%
Other short-term funding	12,997		110		3.34	%	19,033		212		4.42	%	88,415		1,135		5.11	%
FHLB advances	2,504,464		26,309		4.17	%	3,181,903		35,965		4.48	%	1,456,087		17,908		4.89	%
Other long-term funding	594,319		10,483		7.06	%	593,288		10,741		7.24	%	840,880		13,769		6.55	%
Total short and long-term funding	3,401,459		39,584		4.63	%	4,021,685		49,025		4.85	%	2,695,752		36,015		5.33	%
Total interest-bearing liabilities and related interest expense	32,965,889		$	234,362	2.82	%	32,930,896		$	251,369	3.03	%	31,294,664		$	258,903	3.29	%
Noninterest-bearing demand deposits	6,064,487						5,796,676						5,738,557
Other liabilities	464,838						466,482						510,000
Stockholders’ equity	4,907,557						4,821,150						4,528,342
Total liabilities and stockholders’ equity	$	44,402,771					$	44,015,203					$	42,071,562
Interest rate spread					2.52	%					2.47	%					2.17	%
Net free funds					0.55	%					0.57	%					0.64	%
Fully tax-equivalent net interest income and net interest margin			$	314,177	3.06	%			$	309,444	3.04	%			$	273,968	2.81	%
Fully tax-equivalent adjustment			(4,196)						(4,222)						(3,680)
Net interest income			$	309,981					$	305,222					$	270,289

Numbers may not recalculate due to rounding conventions.

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

(b)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.

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


Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
	Twelve Months Ended December 31,
	2025						2024(a)
(Dollars in thousands)	Average Balance		Interest Income /Expense		Average Yield / Rate		Average Balance		Interest Income /Expense		Average Yield / Rate
Assets
Earning assets
Loans (b) (c)
Commercial and industrial	$	11,133,436	$	718,887	6.46	%	$	9,967,970	$	720,359	7.23	%
Commercial real estate—owner occupied	1,129,614		64,400		5.70	%	1,101,216		66,605		6.05	%
Commercial and business lending	12,263,050		783,287		6.39	%	11,069,185		786,963		7.11	%
Commercial real estate—investor	5,396,914		349,925		6.48	%	5,053,175		363,187		7.19	%
Real estate construction	1,933,910		139,468		7.21	%	2,217,064		175,041		7.90	%
Commercial real estate lending	7,330,824		489,393		6.68	%	7,270,239		538,228		7.40	%
Total commercial	19,593,874		1,272,680		6.50	%	18,339,424		1,325,191		7.23	%
Residential mortgage	7,043,508		262,150		3.72	%	7,907,962		278,804		3.53	%
Auto finance	2,961,544		165,476		5.59	%	2,576,979		144,892		5.62	%
Home equity	680,716		49,361		7.25	%	607,044		52,404		8.63	%
Other consumer	310,429		34,843		11.22	%	265,951		30,982		11.65	%
Total consumer	10,996,197		511,830		4.65	%	11,357,935		507,083		4.46	%
Total loans	30,590,071		1,784,510		5.83	%	29,697,360		1,832,274		6.17	%
Investments
Taxable securities	6,665,988		288,200		4.32	%	5,690,238		199,424		3.50	%
Tax-exempt securities(b)	2,002,085		70,377		3.52	%	2,111,523		71,458		3.38	%
Other short-term investments	944,904		46,568		4.93	%	668,730		37,291		5.58	%
Total investments	9,612,977		405,145		4.21	%	8,470,491		308,173		3.64	%
Total earning assets and related interest income	40,203,048		$	2,189,655	5.45	%	38,167,851		$	2,140,446	5.61	%
Other assets, net	3,420,064						3,166,002
Total assets	$	43,623,112					$	41,333,853
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,290,992	$	72,932	1.38	%	$	5,080,045	$	85,450	1.68	%
Interest-bearing demand	7,917,003		172,987		2.19	%	7,443,738		193,900		2.60	%
Money market	5,954,259		151,669		2.55	%	5,994,171		181,444		3.03	%
Network transaction deposits	1,929,731		82,437		4.27	%	1,645,695		85,788		5.21	%
Brokered CDs	4,078,557		179,645		4.40	%	4,240,621		221,157		5.22	%
Other time deposits	3,885,386		144,248		3.71	%	3,240,865		134,065		4.14	%
Total interest-bearing deposits	29,055,928		803,918		2.77	%	27,645,135		901,804		3.26	%
Federal funds purchased and securities sold under agreements to repurchase	278,104		10,415		3.75	%	272,069		11,754		4.32	%
Other short-term funding	20,177		1,016		5.04	%	403,214		20,420		5.06	%
FHLB advances	2,630,034		113,253		4.31	%	1,793,734		98,520		5.49	%
Other long-term funding	601,867		43,009		7.15	%	640,842		45,781		7.14	%
Total short and long-term funding	3,530,182		167,693		4.75	%	3,109,859		176,475		5.67	%
Total interest-bearing liabilities and related interest expense	32,586,110		$	971,611	2.98	%	30,754,994		$	1,078,279	3.51	%
Noninterest-bearing demand deposits	5,788,743						5,745,960
Other liabilities	474,382						530,537
Stockholders’ equity	4,773,877						4,302,362
Total liabilities and stockholders’ equity	$	43,623,112					$	41,333,853
Interest rate spread					2.46	%					2.10	%
Net free funds					0.56	%					0.68	%
Fully tax-equivalent net interest income and net interest margin			$	1,218,044	3.03	%			$	1,062,167	2.78	%
Fully tax-equivalent adjustment			(16,899)						(14,919)
Net interest income			$	1,201,145					$	1,047,248

Numbers may not recalculate due to rounding conventions.

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

(b)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.

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


Associated Banc-Corp Loan and Deposit Composition
(Dollars in thousands)
Period end loan composition	Dec 31, 2025		Sep 30, 2025		Seql Qtr % Change		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Comp Qtr % Change
Commercial and industrial	$	11,799,757	$	11,567,651	2	%	$	11,281,964	$	10,925,769	$	10,573,741	12	%
Commercial real estate—owner occupied	1,186,324		1,149,939		3	%	1,101,501		1,118,363		1,143,741		4	%
Commercial and business lending	12,986,081		12,717,590		2	%	12,383,465		12,044,132		11,717,483		11	%
Commercial real estate—investor	5,246,030		5,369,441		(2)	%	5,370,422		5,597,442		5,227,975		—	%
Real estate construction	1,994,642		1,958,766		2	%	1,950,267		1,809,054		1,982,632		1	%
Commercial real estate lending	7,240,672		7,328,207		(1)	%	7,320,689		7,406,496		7,210,607		—	%
Total commercial	20,226,753		20,045,797		1	%	19,704,154		19,450,628		18,928,090		7	%
Residential mortgage	6,793,957		6,858,285		(1)	%	6,949,387		6,999,654		7,047,541		(4)	%
Auto finance	3,106,498		3,041,644		2	%	2,969,495		2,878,765		2,810,220		11	%
Home equity	713,271		698,112		2	%	676,208		654,140		664,252		7	%
Other consumer	323,135		308,126		5	%	308,361		310,940		318,483		1	%
Total consumer	10,936,861		10,906,167		—	%	10,903,451		10,843,499		10,840,496		1	%
Total loans	$	31,163,614	$	30,951,964	1	%	$	30,607,605	$	30,294,127	$	29,768,586	5	%

Quarter average loan composition(a)	Dec 31, 2025		Sep 30, 2025		Seql Qtr % Change		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Comp Qtr % Change
Commercial and industrial	$	11,588,059	$	11,367,533	2	%	$	10,981,221	$	10,583,318	$	10,338,865	12	%
Commercial real estate—owner occupied	1,157,531		1,105,787		5	%	1,114,054		1,141,167		1,135,624		2	%
Commercial and business lending	12,745,590		12,473,319		2	%	12,095,274		11,724,484		11,474,489		11	%
Commercial real estate—investor	5,291,562		5,300,765		—	%	5,582,333		5,415,412		5,120,608		3	%
Real estate construction	1,974,318		1,991,565		(1)	%	1,869,708		1,898,582		2,086,188		(5)	%
Commercial real estate lending	7,265,880		7,292,330		—	%	7,452,041		7,313,994		7,206,796		1	%
Total commercial	20,011,470		19,765,649		1	%	19,547,316		19,038,479		18,681,285		7	%
Residential mortgage	6,899,778		6,987,858		(1)	%	7,034,607		7,256,320		7,814,056		(12)	%
Auto finance	3,064,457		3,000,978		2	%	2,933,161		2,844,730		2,771,414		11	%
Home equity	706,923		690,330		2	%	667,339		657,625		656,792		8	%
Other consumer	312,730		305,644		2	%	309,578		313,828		278,370		12	%
Total consumer	10,983,888		10,984,811		—	%	10,944,685		11,072,503		11,520,632		(5)	%
Total loans	$	30,995,358	$	30,750,460	1	%	$	30,492,001	$	30,110,982	$	30,201,918	3	%

Period end deposit and customer funding composition(b)	Dec 31, 2025		Sep 30, 2025		Seql Qtr % Change		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Comp Qtr % Change
Noninterest-bearing demand	$	6,126,632	$	5,906,251	4	%	$	5,782,487	$	6,135,946	$	5,775,657	6	%
Savings	5,471,870		5,380,574		2	%	5,291,674		5,247,291		5,133,295		7	%
Interest-bearing demand	7,823,362		7,791,861		—	%	7,490,772		7,870,965		7,994,475		(2)	%
Money market	6,139,438		5,785,871		6	%	5,915,867		6,141,275		6,009,793		2	%
Network transaction deposits	2,154,995		2,013,964		7	%	1,792,362		1,882,930		1,758,388		23	%
Brokered CDs	3,795,133		3,956,517		(4)	%	4,072,048		4,197,512		4,276,309		(11)	%
Other time deposits	4,041,178		4,046,815		—	%	3,802,356		3,720,793		3,700,518		9	%
Total deposits	35,552,608		34,881,853		2	%	34,147,565		35,196,713		34,648,434		3	%
Other customer funding(c)	47,794		64,570		(26)	%	75,440		85,950		100,044		(52)	%
Total deposits and other customer funding	$	35,600,402	$	34,946,423	2	%	$	34,223,005	$	35,282,663	$	34,748,478	2	%
Core customer deposits(d) and other customer funding	$	29,650,274	$	28,975,941	2	%	$	28,358,595	$	29,202,221	$	28,713,780	3	%

Quarter average deposit composition	Dec 31, 2025		Sep 30, 2025		Seql Qtr % Change		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Comp Qtr % Change
Noninterest-bearing demand	$	6,064,487	$	5,796,676	5	%	$	5,648,935	$	5,640,123	$	5,738,557	6	%
Savings	5,436,968		5,338,129		2	%	5,222,869		5,162,468		5,132,247		6	%
Interest-bearing demand	8,054,088		7,898,770		2	%	7,683,402		8,031,707		7,623,230		6	%
Money market	5,890,836		5,860,802		1	%	5,988,947		6,079,551		5,924,269		(1)	%
Network transaction deposits	2,090,587		1,933,659		8	%	1,843,998		1,847,972		1,690,745		24	%
Brokered CDs	3,998,012		3,916,329		2	%	4,089,844		4,315,311		4,514,841		(11)	%
Other time deposits	4,093,939		3,961,522		3	%	3,725,205		3,756,332		3,713,579		10	%
Total deposits	35,628,917		34,705,887		3	%	34,203,201		34,833,464		34,337,468		4	%
Other customer funding(c)	45,973		74,305		(38)	%	80,010		87,693		94,965		(52)	%
Total deposits and other customer funding	$	35,674,890	$	34,780,192	3	%	$	34,283,211	$	34,921,157	$	34,432,433	4	%
Core customer deposits(d) and other customer funding	$	29,586,291	$	28,930,204	2	%	$	28,349,369	$	28,757,874	$	28,226,848	5	%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

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

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

(d) Total deposits excluding brokered CDs and network transaction deposits. This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.


Associated Banc-Corp Selected Asset Quality Information
(Dollars in thousands)	Dec 31, 2025			Sep 30, 2025			Seql Qtr % Change		Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	378,341		$	376,515		—	%	$	371,348		$	363,545		$	361,765		5	%
Provision for loan losses	2,000			15,000			(87)	%	18,000			16,500			14,000			(86)	%
Charge offs	(7,636)			(15,254)			(50)	%	(18,348)			(13,714)			(13,770)			(45)	%
Recoveries	5,363			2,081			158	%	5,515			5,017			1,551			N/M
Net charge offs	(2,273)			(13,173)			(83)	%	(12,833)			(8,698)			(12,220)			(81)	%
Balance at end of period	$	378,068		$	378,341		—	%	$	376,515		$	371,348		$	363,545		4	%
Allowance for unfunded commitments
Balance at beginning of period	$	36,276		$	35,276		3	%	$	35,276		$	38,776		$	35,776		1	%
Provision for unfunded commitments	5,000			1,000			N/M		—			(3,500)			3,000			67	%
Balance at end of period	41,276			36,276			14	%	35,276			35,276			38,776			6	%
Allowance for credit losses on loans (ACLL)	$	419,344		$	414,618		1	%	$	411,791		$	406,624		$	402,322		4	%
Provision for credit losses on loans	$	7,000		$	16,000		(56)	%	$	18,000		$	13,000		$	17,000		(59)	%
(Dollars in thousands)	Dec 31, 2025			Sep 30, 2025			Seql Qtr % Change		Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Comp Qtr % Change
Net (charge offs) recoveries


Commercial and industrial	$	1,524		$	(1,230)		N/M		$	(1,826)		$	(4,726)		$	(2,406)		N/M
Commercial real estate—owner occupied	(113)			—			N/M		—			—			—			N/M
Commercial and business lending	1,411			(1,230)			N/M		(1,826)			(4,726)			(2,406)			N/M
Commercial real estate—investor	94			(8,930)			N/M		(8,493)			(892)			(6,617)			N/M
Real estate construction	2			2			—	%	121			30			4			(50)	%
Commercial real estate lending	96			(8,928)			N/M		(8,372)			(863)			(6,612)			N/M
Total commercial	1,507			(10,158)			N/M		(10,198)			(5,589)			(9,018)			N/M
Residential mortgage	(197)			(231)			(15)	%	(302)			197			(239)			(18)	%
Auto finance	(2,010)			(1,505)			34	%	(689)			(1,519)			(1,782)			13	%
Home equity	2			56			(96)	%	237			289			277			(99)	%
Other consumer	(1,575)			(1,336)			18	%	(1,881)			(2,076)			(1,457)			8	%
Total consumer	(3,780)			(3,015)			25	%	(2,636)			(3,109)			(3,202)			18	%
Total net charge offs	$	(2,273)		$	(13,173)		(83)	%	$	(12,833)		$	(8,698)		$	(12,220)		(81)	%

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


Commercial and industrial	5			(4)					(7)			(18)			(9)
Commercial real estate—owner occupied	(4)			—					—			—			—
Commercial and business lending	4			(4)					(6)			(16)			(8)
Commercial real estate—investor	1			(67)					(61)			(7)			(51)
Real estate construction	—			—					3			1			—
Commercial real estate lending	1			(49)					(45)			(5)			(37)
Total commercial	3			(20)					(21)			(12)			(19)
Residential mortgage	(1)			(1)					(2)			1			(1)
Auto finance	(26)			(20)					(9)			(22)			(26)
Home equity	—			3					14			18			17
Other consumer	(200)			(173)					(244)			(268)			(208)
Total consumer	(14)			(11)					(10)			(11)			(11)
Total net charge offs	(3)			(17)					(17)			(12)			(16)

(Dollars in thousands)	Dec 31, 2025			Sep 30, 2025			Seql Qtr % Change		Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Comp Qtr % Change
Credit quality
Nonaccrual loans	$	100,428		$	106,179		(5)	%	$	112,999		$	134,808		$	123,260		(19)	%
Other real estate owned (OREO)	28,016			29,268			(4)	%	34,287			23,475			20,217			39	%

Repossessed assets	757			789			(4)	%	882			688			687			10	%
Total nonperforming assets	$	129,201		$	136,236		(5)	%	$	148,169		$	158,971		$	144,164		(10)	%

Accruing loans past due 90 days or more(a)	$	2,814		$	2,692		5	%	$	14,160		$	3,036		$	3,189		(12)	%

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

Allowance for credit losses on loans to nonaccrual loans	417.56		%	390.49		%			364.42		%	301.63		%	326.40		%
Nonaccrual loans to total loans	0.32		%	0.34		%			0.37		%	0.44		%	0.41		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.41		%	0.44		%			0.48		%	0.52		%	0.48		%
Nonperforming assets to total assets	0.29		%	0.31		%			0.34		%	0.37		%	0.34		%


Associated Banc-Corp Selected Asset Quality Information (continued)
(Dollars in thousands)	Dec 31, 2025		Sep 30, 2025		Seql Qtr % Change		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	7,178	$	12,802	(44)	%	$	6,945	$	12,898	$	19,084	(62)	%
Commercial real estate—owner occupied	203		203		—	%	—		1,501		1,501		(86)	%
Commercial and business lending	7,381		13,006		(43)	%	6,945		14,399		20,585		(64)	%
Commercial real estate—investor	8,311		7,333		13	%	15,805		31,689		16,705		(50)	%
Real estate construction	144		145		(1)	%	146		125		30		N/M
Commercial real estate lending	8,455		7,478		13	%	15,950		31,814		16,735		(49)	%
Total commercial	15,836		20,484		(23)	%	22,895		46,213		37,320		(58)	%
Residential mortgage	68,492		69,093		(1)	%	73,817		72,455		70,038		(2)	%
Auto finance	8,271		8,218		1	%	8,004		7,692		7,402		12	%
Home equity	7,774		8,299		(6)	%	8,201		8,275		8,378		(7)	%
Other consumer	55		85		(35)	%	82		173		122		(55)	%
Total consumer	84,592		85,696		(1)	%	90,104		88,595		85,941		(2)	%
Total nonaccrual loans	$	100,428	$	106,179	(5)	%	$	112,999	$	134,808	$	123,260	(19)	%

















(Dollars in thousands)	Dec 31, 2025		Sep 30, 2025		Seql Qtr % Change		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial	$	2,683	$	1,071	151	%	$	2,593	$	7,740	$	1,260	113	%
Commercial real estate—owner occupied	34		—		N/M		5,628		1,156		1,634		(98)	%
Commercial and business lending	2,717		1,071		154	%	8,221		8,896		2,893		(6)	%
Commercial real estate—investor	19,405		14,190		37	%	1,042		2,463		36,391		(47)	%
Real estate construction	117		21		N/M		90		—		21		N/M
Commercial real estate lending	19,522		14,211		37	%	1,132		2,463		36,412		(46)	%
Total commercial	22,239		15,282		46	%	9,353		11,360		39,305		(43)	%
Residential mortgage	13,135		12,684		4	%	8,744		13,568		14,892		(12)	%
Auto finance	16,445		14,013		17	%	13,149		12,522		14,850		11	%
Home equity	3,779		4,265		(11)	%	4,338		3,606		4,625		(18)	%
Other consumer(a)	2,704		2,728		(1)	%	2,578		2,381		3,128		(14)	%
Total consumer	36,063		33,689		7	%	28,810		32,076		37,496		(4)	%
Total accruing loans 30-89 days past due	$	58,302	$	48,971	19	%	$	38,163	$	43,435	$	76,801	(24)	%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) Excluding guaranteed student loans.


Associated Banc-Corp Selected Quarterly Information
(Dollars and shares in thousands, except per share data and as noted)	YTD Dec 2025			YTD Dec 2024			4Q25			3Q25			2Q25			1Q25			4Q24
Per common share data
Dividends	$	0.93		$	0.89		$	0.24		$	0.23		$	0.23		$	0.23		$	0.23
Market value:
High	27.14			28.14			27.14			27.01			24.56			25.63			28.14
Low	18.91			19.73			24.11			23.78			18.91			21.06			20.64
Close							25.76			25.71			24.39			22.53			23.90
Book value / share(a)							28.81			28.17			27.67			27.09			26.55
Tangible book value (TBV) / share(a)(b)							22.01			21.36			20.84			20.25			19.71
Selected trend information
Net interest margin(c)	3.03		%	2.78		%	3.06		%	3.04		%	3.04		%	2.97		%	2.81		%
Effective tax rate	17.85		%	8.41		%	15.82		%	19.16		%	20.34		%	16.03		%	N/M
Noninterest expense / average assets(c)	1.96		%	1.98		%	1.96		%	1.95		%	1.93		%	2.00		%	2.12		%
Dividend payout ratio(d)	33.33		%	121.92		%	29.63		%	31.51		%	35.38		%	38.33		%	N/M
Loans / deposits ratio							87.65		%	88.73		%	89.63		%	86.07		%	85.92		%


Assets under management, at market value(e)							$	16,132		$	16,178		$	15,537		$	14,685		$	14,773





Common shares repurchased during period(f)	900			900			—			—			—			900			—
Common shares outstanding, end of period							165,980			165,904			165,778			165,807			166,178

Risk-based capital(g)(h)
Total risk-weighted assets							$	35,125,680		$	34,688,358		$	34,241,408		$	33,800,823		$	33,950,173
Common equity Tier 1(i)							$	3,683,711		$	3,584,712		$	3,493,316		$	3,417,432		$	3,396,836
Common equity Tier 1 capital ratio(i)							10.49		%	10.33		%	10.20		%	10.11		%	10.01		%
Tier 1 capital ratio							11.04		%	10.89		%	10.77		%	10.68		%	10.58		%
Total capital ratio							13.08		%	12.94		%	12.83		%	12.75		%	12.61		%
Tier 1 leverage ratio							8.96		%	8.81		%	8.72		%	8.69		%	8.73		%
Selected equity and performance ratios
Stockholders’ equity / assets ratio							11.01		%	10.95		%	10.87		%	10.82		%	10.70		%
Tangible common equity / tangible assets (TCE Ratio)(b)							8.29		%	8.18		%	8.06		%	7.96		%	7.82		%
Average stockholders' equity / average assets	10.94		%	10.41		%	11.05		%	10.95		%	10.90		%	10.86		%	10.76		%
Return on average equity(c)	9.95		%	2.86		%	11.09		%	10.26		%	9.43		%	8.91		%	(14.20)		%
Return on average tangible common equity (ROATCE)(b)(c)	13.63		%	3.99		%	15.04		%	14.02		%	12.96		%	12.34		%	(20.27)		%

Return on average assets(c)	1.09		%	0.30		%	1.23		%	1.12		%	1.03		%	0.97		%	(1.53)		%
Return on average tangible assets(b)(c)	1.13		%	0.32		%	1.27		%	1.17		%	1.07		%	1.01		%	(1.55)		%
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio	56.29		%	67.64		%	55.21		%	54.77		%	55.81		%	59.72		%	103.11		%
Adjusted efficiency ratio(b)	56.01		%	59.34		%	55.15		%	54.77		%	55.81		%	58.55		%	60.10		%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a)Based on period end common shares outstanding.

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

(c)This ratio is annualized.

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

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

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

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

(h)December 31, 2025 data is estimated.

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


Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	YTD		YTD
(Dollars in thousands)	Dec 2025		Dec 2024		4Q25		3Q25		2Q25		1Q25		4Q24
Tangible common equity reconciliation
Common equity					$	4,781,235	$	4,674,186	$	4,586,669	$	4,492,446	$	4,411,450
Less: Goodwill and other intangible assets, net					1,127,842		1,130,044		1,132,247		1,134,450		1,136,653
Tangible common equity for TBV / share and TCE Ratio					$	3,653,393	$	3,544,142	$	3,454,422	$	3,357,996	$	3,274,797


Tangible assets reconciliation
Total assets					$	45,202,596	$	44,455,863	$	43,993,729	$	43,309,136	$	43,023,068
Less: Goodwill and other intangible assets, net					1,127,842		1,130,044		1,132,247		1,134,450		1,136,653
Tangible assets for TCE Ratio					$	44,074,754	$	43,325,819	$	42,861,482	$	42,174,686	$	41,886,415
Average tangible common equity reconciliation
Average common equity	$	4,579,765	$	4,108,251	$	4,713,445	$	4,627,038	$	4,538,549	$	4,436,467	$	4,334,230
Less: Average goodwill and other intangible assets, net	1,132,392		1,141,198		1,129,055		1,131,385		1,133,627		1,135,584		1,137,826
Average tangible common equity for ROATCE	3,447,373		2,967,052		3,584,390		3,495,653		3,404,922		3,300,883		3,196,404




Average tangible assets reconciliation
Average total assets	$	43,623,112	$	41,333,853	$	44,402,771	$	44,015,203	$	43,420,063	$	42,630,627	$	42,071,562
Less: Average goodwill and other intangible assets, net	1,132,392		1,141,198		1,129,055		1,131,385		1,133,627		1,135,584		1,137,826
Average tangible assets for return on average tangible assets	$	42,490,720	$	40,192,655	$	43,273,716	$	42,883,818	$	42,286,436	$	41,495,043	$	40,933,736
Adjusted net income (loss) reconciliation
Net income (loss)	$	474,777	$	123,145	$	137,129	$	124,732	$	111,230	$	101,687	$	(161,615)
Other intangible amortization, net of tax	6,608		6,608		1,652		1,652		1,652		1,652		1,652
Adjusted net income (loss) for return on average tangible assets	$	481,385	$	129,753	$	138,781	$	126,384	$	112,882	$	103,339	$	(159,963)
Adjusted net income (loss) available to common equity reconciliation
Net income (loss) available to common equity	$	463,277	$	111,645	$	134,254	$	121,857	$	108,355	$	98,812	$	(164,490)
Other intangible amortization, net of tax	6,608		6,608		1,652		1,652		1,652		1,652		1,652
Adjusted net income (loss) available to common equity for ROATCE	$	469,885	$	118,253	$	135,906	$	123,509	$	110,007	$	100,464	$	(162,838)








Pre-tax pre-provision income (loss)
Income (loss) before income taxes	$	577,910	$	134,459	$	162,901	$	154,286	$	139,629	$	121,095	$	(177,752)
Provision for credit losses	53,996		84,986		6,998		16,000		17,996		13,003		16,986
Pre-tax pre-provision income (loss)	$	631,906	$	219,444	$	169,899	$	170,286	$	157,625	$	134,098	$	(160,766)





Period end core customer deposits reconciliation
Total deposits					$	35,552,608	$	34,881,853	$	34,147,565	$	35,196,713	$	34,648,434
Less: Network transaction deposits					2,154,995		2,013,964		1,792,362		1,882,930		1,758,388
Less: Brokered CDs					3,795,133		3,956,517		4,072,048		4,197,512		4,276,309
Core customer deposits					$	29,602,480	$	28,911,371	$	28,283,155	$	29,116,271	$	28,613,737
Average core customer deposits reconciliation
Average total deposits	$	34,844,671	$	33,391,095	$	35,628,917	$	34,705,887	$	34,203,201	$	34,833,464	$	34,337,468
Less: Average network transaction deposits	1,929,731		1,645,695		2,090,587		1,933,659		1,843,998		1,847,972		1,690,745
Less: Average brokered CDs	4,078,557		4,240,621		3,998,012		3,916,329		4,089,844		4,315,311		4,514,841
Average core customer deposits	$	28,836,383	$	27,504,780	$	29,540,318	$	28,855,899	$	28,269,359	$	28,670,181	$	28,131,882
Total expense for efficiency ratios reconciliation(a)
Noninterest expense	$	855,639	$	818,397	$	219,466	$	216,202	$	209,352	$	210,619	$	224,282
Less: Other intangible amortization	8,811		8,811		2,203		2,203		2,203		2,203		2,203
Total expense for fully tax-equivalent efficiency ratio	846,828		809,586		217,263		213,999		207,149		208,416		222,080
Less: FDIC special assessment	—		7,696		—		—		—		—		—
Less: Announced initiatives(b)	—		14,243		—		—		—		—		14,243
Less: Acquisition costs(c)	252		—		252		—		—		—		—
Total expense for adjusted efficiency ratio	$	846,576	$	787,647	$	217,011	$	213,999	$	207,149	$	208,416	$	207,836
Total revenue for efficiency ratios reconciliation(a)
Net interest income	$	1,201,145	$	1,047,248	$	309,981	$	305,222	$	300,000	$	285,941	$	270,289
Noninterest income (loss)	286,400		(9,407)		79,384		81,265		66,977		58,776		(206,772)
Less: Investment securities gains (losses), net	49		(144,147)		37		1		7		4		(148,194)
Fully tax-equivalent adjustment	16,899		14,919		4,196		4,222		4,228		4,254		3,680
Total revenue for fully tax-equivalent efficiency ratio	1,504,395		1,196,907		393,524		390,708		371,198		348,968		215,390
Less: Announced initiatives(b)	(6,976)		(130,406)		—		—		—		(6,976)		(130,406)
Total revenue for adjusted efficiency ratio	$	1,511,371	$	1,327,313	$	393,524	$	390,708	$	371,198	$	355,943	$	345,795

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)During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. These costs, incurred in connection with the proposed acquisition, represent nonrecurring costs.


Nonrecurring Items Noninterest Income Reconciliation	YTD		YTD
(Dollars in thousands)	Dec 2025		Dec 2024		4Q24
GAAP noninterest income (loss)	$	286,400	$	(9,407)	$	(206,772)
Less: Loss on mortgage portfolio sale(a)	(6,976)		(130,406)		(130,406)
Less: Net loss on sale of investments(a)	—		(148,183)		(148,183)
Noninterest income, excluding nonrecurring items	$	293,376	$	269,182	$	71,816


2020 Non-GAAP Financial Measures Reconciliation(b)	YTD
(Dollars in thousands)	2020
Adjusted net income available to common equity reconciliation
Net income available to common equity	$	288,413
Other intangible amortization, net of tax	7,644
Adjusted net income available to common equity for ROATCE	$	296,057
Average tangible common equity reconciliation
Average common equity	$	3,633,259
Less: Average goodwill and other intangible assets, net	1,227,561
Average tangible common equity for ROATCE	$	2,405,698

Return on average tangible common equity (ROATCE)	12.31%

Total expense for efficiency ratios reconciliation
Noninterest expense	$	776,034
Less: Other intangible amortization	10,192
Total expense for fully tax-equivalent efficiency ratio	765,842
Less: Announced initiatives(c)	59,917
Less: Acquisition costs(d)	2,447
Total expense for adjusted efficiency ratio	$	703,478
Total revenue for efficiency ratios reconciliation
Net interest income	$	762,957
Noninterest income	514,056
Less: Investment securities gains (losses), net	9,222
Fully tax-equivalent adjustment	15,959
Total revenue for fully tax-equivalent efficiency ratio	1,283,750
Less: Announced initiatives(e)	170,736
Total revenue for adjusted efficiency ratio	$	1,113,014

Fully tax-equivalent efficiency ratio	59.66		%
Adjusted efficiency ratio	63.20		%

Numbers may not recalculate due to rounding conventions.

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

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

(c)2020 announced initiatives impacting noninterest expense consisted of cost saving efforts that were executed during the third quarter of 2020. These initiatives included a $44.7 million loss on prepayment of FHLB advances, $9.6 million in severance, and $5.6 million in write-downs related to branch sales and lease breakage related to announced branch consolidations.

(d)During the first quarter of 2020, the Corporation finalized the acquisition of First Staunton. These costs, incurred in connection with the acquisition, represent nonrecurring costs.

(e)2020 announced initiatives impacting noninterest income consisted of a $163.3 million asset gain related to the sale of ABRC (Associated Benefits and Risk Consulting, the Corporation's insurance division) which was sold in June 2020, as well as a gain on sale of branches totalling $7.4 million, which occurred in the fourth quarter of 2020.

EX-99.2 3 asb4q2025earningspresent.htm EX-99.2 asb4q2025earningspresent

Associated Banc-Corp Fourth Quarter 2025 Earnings Presentation January 22, 2026

Important Disclosures 2 Forward-looking statements: Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should," “intend,” "target," “outlook,” "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward- looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include the ability or anticipated timing to complete the proposed transaction involving Associated Banc-Corp ("Associated") and American National Bank ("American National"); the ability to integrate the two businesses successfully and in a timely manner, if at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all; the possibility that the transaction may be more expensive to complete than anticipated; and such other risk factors as identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference. Trademarks: All trademarks, service marks, and trade names referenced in this material are official trademarks and the property of their respective owners. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Non-GAAP measures: This presentation includes certain non-GAAP financial measures. These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. These non-GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Unless otherwise noted, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation.

Financial Results Minneapolis, MNAssociated Bank River Center – Milwaukee, WI

Fourth Quarter & FY 2025 Results 4 ▪ Diluted EPS of $0.80 ▪ Total loans of $31.2B (+0.7% vs. 3Q25; +4.7% vs. 4Q24) ▪ C&I loans of $11.8B (+2.0% vs. 3Q25; +11.6% vs. 4Q24) ▪ Total deposits of $35.6B (+1.9% vs. 3Q25; +2.6% vs. 4Q24) ▪ Core customer deposits3 of $29.6B (+2.4% vs. 3Q25; +3.5% vs. 4Q24) ▪ Net interest income of $310M ▪ Net interest margin of 3.06% ▪ Noninterest income of $79M ▪ Noninterest expense of $219M ▪ Provision for credit losses of $7M ▪ NCOs / average loans (annualized) of 0.03% ▪ CET1 ratio of 10.49% ▪ Return on average equity of 11.09% ▪ Return on average tangible common equity3 of 15.04% 4Q 2025 Operating Results1 $2.77 Diluted EPS 4.7% Total Loan Growth 11.6% Total C&I Loan Growth 2.6% Total Deposit Growth 3.5% Core Customer Deposit Growth3 14.7% Net Interest Income Growth +25 bps Net Interest Margin +$296M (N/M) Noninterest Income Growth +$24M (+9.0%) Adj. Noninterest Income Growth3 +48 bps CET1 Ratio 4Q25 vs. 4Q24 0.12% NCOs / Average Loans 9.95% Return on Average Equity 13.63% Return on Average Tangible Common Equity3 FY 2025 Highlights1,2 1 All figures shown as of and for the period ended December 31, 2025 unless otherwise noted. 2 Growth represents FY 2025 results as compared to FY 2024 results unless otherwise noted. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Strengthened Franchise Positioned for Growth 5 Bolstered Key Leadership Expanded Commercial Presence Enhanced Consumer Value Proposition Repositioned Balance Sheet Maintained Strong Risk Management Culture $7.7 $11.8 2020 2025 Period End C&I Loans ($ in billions) 32.2 21.8 2020 2025 Period End Res. Mortgage Loans / Total Loans (%) Net Interest Margin (%) 2.53 3.03 2020 2025 Net Charge Offs / Average Loans (%) 0.41 0.10 0.00 0.16 0.23 0.12 2020 2021 2022 2023 2024 2025 Efficiency Ratio (%) Return on Average Equity (%) 7.78 9.95 12.31 13.63 FY 2020 FY 2025 ROATCE1ROAE 59.66 56.29 63.20 56.01 FY 2020 FY 2025 Adjusted1Fully Tax-Equivalent 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Milwaukee Chicago Total Deposits2 +12% +13% Commercial & Industrial Loans2 +13% +33% Consumer + Business CKG HHs3 +4% +11% Accelerating Growth in Major Metro Markets 6 1 Milwaukee and Chicago growth shown on an end of period basis as of and for the year ended December 31, 2025 as compared to results as of and for the year ended December 31, 2023 unless otherwise noted. 2 Market-level loan & deposit data based on organizational business unit reporting. 3 Market-level consumer & business checking household data based on Designated Market Area geographies as defined by Nielsen. Growth Market Opportunities in 2026Legacy Metro Market Growth 12/31/23 – 12/31/251 Twin Cities Kansas City Omaha Dallas Total Bank Opportunities Expanding in 2026 New in 2026 New in 2025; Expanding in 2026 Expanding in 2026 Commercial Opportunities

Expected 2026 Metro Market Investments & Outcomes1 7 (1-3)% 0.0% 1.0% 1.4% 2.0% 2.5% 2023 2024 2025 2026E 2027E >100% Marketing Acquisition Spend Increase in Twin Cities & Omaha in 2026 (>25% increase across all markets) +10% Commercial & Business Relationship Managers in 20263 (+11 FTE) +$0.8 +$1.2 +$1.2 96 115 115 126 2023 2024 2025 2026E 2027E Organic Metro Market Consumer & Business CKG HH Growth Expected to Accelerate… 2025 2026E 2027E Twin Cities +1% +3% +3% Omaha - - +4-5% Milwaukee +2% +2-3% +2-3% Chicago +5% +5% +5% Commercial Growth Opportunities in Major Markets… Comm’l & Business RMsPeriod End C&I Loans ($B) …Driving Improved Organic Total Bank CKG HH Growth2 …Expected to Drive Continued Total Bank C&I Growth3 Twin Cities +5 RMs Kansas City +2 RMs Dallas +4 RMs Chicago Milwaukee Continued RM investment & sustained growth 2016-2022 St. Louis 1 Expected investments & growth for the years ended December 31, 2026 and December 31, 2027 as compared to the previous fiscal year ended December 31. 2 Total bank checking household growth includes consumer, business & private wealth households. 3 Commercial RM & balance growth excludes any impact from the acquisition of American National Corporation.

$3.7 $3.8 $3.9 $4.0 $4.1 $7.8 $7.3 $7.0 $7.0 $6.9 $7.2 $7.3 $7.5 $7.3 $7.3 $11.5 $11.7 $12.1 $12.5 $12.7 $30.2 $30.1 $30.5 $30.8 $31.0 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Quarterly Loan Trends 8 Average Quarterly Loans ($ in billions) Period End Loan Change 9/30/25 to 12/31/25 ($ in millions) $(123) $(64) $30 $36 $36 $65 $232 Commercial & Industrial Residential Mortgage Auto Finance CRE-Investor CRE-Construction Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer CRE-Owner Occupied Home Equity & Other Consumer

$1.0 $2.3 $3.2 $3.8 $4.1 $7.6 $8.5 $7.9 $7.0 $6.8 $6.2 $7.2 $7.4 $7.2 $7.2 $9.4 $10.8 $10.8 $11.7 $13.0 $24.2 $28.8 $29.2 $29.8 $31.2 2021 2022 2023 2024 2025 Annual Loan Trends 9 Period End Annual Loans ($ in billions) Period End Loan Change 12/31/24 to 12/31/25 ($ in millions) $(254) $12 $18 $43 $54 $296 Commercial & Industrial Residential Mortgage Auto Finance CRE-Investor Home Equity & Other Consumer Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer CRE-Owner Occupied CRE-Construction $1,226 31% 22%

$1.7 $1.8 $1.8 $1.9 $2.1 $4.5 $4.3 $4.1 $3.9 $4.0 $3.7 $3.8 $3.7 $4.0 $4.1 $5.9 $6.1 $6.0 $5.9 $5.9 $5.1 $5.2 $5.2 $5.3 $5.4 $7.6 $8.0 $7.7 $7.9 $8.1 $5.7 $5.6 $5.6 $5.8 $6.1 $34.3 $34.8 $34.2 $34.7 $35.6 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Quarterly Deposit & Funding Trends 10 Average Quarterly Deposits ($ in billions) Period End Funding Change (9/30/25 to 12/31/25) ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Customer CDs Savings Money Market Network Trans. Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs $(161) $(92) $47 $141 $(6) $32 $91 $220 $354 Customer CDs Noninterest-Bearing Demand FHLB Advances Network Transaction Deposits Brokered CDs Core Customer Deposits1 +$691 (+2%) Wholesale Funding Sources $(65) (-1%) Total Deposits +$671 (+2%) Money Market Savings Interest-Bearing Demand Other Wholesale Funding

$0.9 $0.8 $1.5 $1.6 $1.9 $1.5 $1.3 $4.9 $7.5 $8.0 $6.9 $7.2 $6.7 $6.0 $6.0 $4.1 $4.7 $4.8 $5.1 $5.3 $6.1 $6.6 $6.9 $7.4 $7.9 $8.1 $8.2 $6.6 $5.7 $5.8 $27.7 $28.8 $31.3 $33.4 $34.8 2021 2022 2023 2024 2025 Annual Deposit Trends 11 Average Annual Deposits ($ in billions) 4Q24 to 4Q25 Deposit Growth Trends 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Total Time Deposits Savings Money Market Network Trans. Deposits Noninterest-Bearing Demand Interest-Bearing Demand 3.8% 2.6% 5.0% 3.5% Average Balance Growth Period End Balance Growth Core Customer Deposits1Total Deposits

Average Yield Trends 12 Quarterly Average Yields (%) 7.09 6.71 6.75 6.74 6.50 6.74 6.43 6.50 6.45 6.18 5.65 5.59 5.63 5.58 5.56 3.61 3.68 3.70 3.75 3.76 3.64 4.22 4.24 4.26 4.14 3.10 2.91 2.78 2.78 2.61 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Residential Mortgage Commercial & Business Lending Commercial Real Estate Total Interest- Bearing Deposits Auto Finance Asset & Liability Yield / Rate Trends (%) Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 5.46 5.45 5.50 5.50 5.34 3.29 3.06 3.02 3.03 2.82 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Investments

Net Interest Income & Net Interest Margin Trends 13 ($ in millions) $270 $286 $300 $305 $310 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 3.04% 2.81% 3.04% 3.06% Quarterly Net Interest Income Quarterly Net Interest Margin 2.97%

Interest Rate Risk Management1 14 Contractual Funding Obligations ($ in billions) Contractual Swaps Balances2 ($ in billions) Estimated NII Sensitivity Profile (%) 7.8 3.8 2.0 2.8 3.9 1.9 1.0 1.5 -3.4 -1.3 -0.5 -0.8 -6.7 -2.6 -1.3 -2.2 4Q 2022 4Q 2023 4Q 2024 4Q 2025 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) $2.45 $2.30 $2.30 $2.30 $1.73 4Q 2025 1Q 2026 2Q 2026 3Q 2026 4Q 2026 ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $7.8 $0.1 $0.0 $7.8 Short-Term Funding $0.3 - - $0.3 FHLB Advances $3.1 $0.2 $0.0 $3.3 Other Long-Term Funding - - $0.6 $0.6 Total $11.1 $0.3 $0.6 $12.0 3.70%3.70%3.70%3.76% 3.64% Notional Balances Weighted Avg. Yield 1 All updates as of or for the period ended December 31, 2025 unless otherwise noted. 2 Includes $100 million of forward starting swaps added in early January 2026.

Cash & Investment Securities Portfolio 15 Period End Investment Securities ($ in billions) Period End Securities + Cash / Total Assets $4.6 $4.8 $5.0 $5.2 $5.4 $3.7 $3.7 $3.7 $3.6 $3.6 $0.2 $0.2 $0.3 $0.3 $0.3 $8.5 $8.7 $9.0 $9.1 $9.3 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Held to MaturityAvailable for Sale Other Securities 19.8% 20.1% 20.5% 20.5% 20.5% 2.4% 2.9% 2.9% 2.9% 3.8% 22.2% 23.0% 23.4% 23.4% 24.3% 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Investment Securities / Total Assets Cash / Total Assets We continue to target securities + cash / total assets of 22% to 24% in 2026

$24 $22 $23 $25 $26 $13 $13 $13 $14 $14 $12 $10 $11 $12 $13 $9 $4 $6 $11 $11 $3 $4 $4 $4 $3 $10 $5 $10 $15 $12 $72 $59 $67 $81 $79 4Q 2024 Adj. 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Quarterly Noninterest Income Trends 16 ($ in millions) 4Q 2024 GAAP $(207) 1 4Q 2024 GAAP noninterest income impacted by a balance sheet repositioning with a $130M loss on a mortgage portfolio sale and a $148M net loss on a sale of investments (both pre-tax) 1Q 2025 GAAP noninterest income includes an additional $7M pre-tax loss on a mortgage portfolio sale, primarily driven by the FAS91 impact of the mortgage portfolio sale announced in 4Q 2024 and settled in 1Q 2025 Wealth Mgmt. Fees Capital Markets, net Other2Mortgage Banking, net Service Charges & Deposit Account Fees Card-Based Fees 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Other is comprised of other fee-based revenue, bank and corporate owned life insurance, asset gains (losses), net, investment securities gains (losses), net, and other noninterest income.

Quarterly Noninterest Expense Trends 17 Noninterest Expense Trends ($ in millions) Efficiency Ratio (%) $126 $124 $127 $136 $135 $27 $27 $27 $29 $29 $14 $15 $13 $13 $14 $9 $10 $10 $10 $7 $34 $34 $33 $29 $34 $14 $224 $211 $209 $216 $219 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Personnel Other1 Technology FDIC Assessment Loss on Prepayment of FHLB Occupancy Adjusted Efficiency Ratio2Fully Tax-Equivalent Efficiency Ratio 103.1 59.7 55.8 54.8 55.2 60.1 58.6 55.8 54.8 55.2 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1 Other is comprised of business development & advertising, equipment, legal & professional, loan & foreclosure costs, other intangible amortization & other noninterest expenses. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Capital Profile 18 Regulatory Capital Ratios (%) Additional Capital Ratios (%) Per Common Share Data ($) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 10.01 10.58 12.61 10.49 11.04 13.08 CET1 Tier 1 Capital Total Capital 4Q 2024 4Q 2025 26.55 27.09 27.67 28.17 28.81 19.71 20.25 20.84 21.36 22.01 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Tangible Common Equity / Tangible Assets (TCE Ratio)1 Total Common Equity / Total Assets 10.25 10.37 10.43 10.51 10.58 7.82 7.96 8.06 8.18 8.29 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Tangible Book Value / Share1Book Value / Share

Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 160,620$ 1.37% 189,277$ 1.49% 198,793$ 1.53% CRE - Investor 72,125 1.38% 62,454 1.16% 58,742 1.12% CRE - Construction 71,090 3.59% 65,324 3.33% 64,542 3.24% Residential Mortgage 32,576 0.46% 34,815 0.51% 33,644 0.50% Other Consumer 65,910 1.74% 62,748 1.55% 63,623 1.54% Total 402,322$ 1.35% 414,618$ 1.34% 419,344$ 1.35% 12/31/202512/31/2024 9/30/2025 $402 $407 $412 $415 $419 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Allowance for Credit Losses on Loans (ACLL)1 19 ACLL Trends ($ in millions) 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) 1.35% 1.34% 1.35% 1.34% 1.35% 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 ACLL / Total Loans

Credit Quality Trends 20 Total Delinquent Loans ($ in millions) Nonaccrual Loans ($ in millions) Total Criticized Loans ($ in millions) Net Charge Offs & Provision ($ in millions) $3 $3 $14 $3 $3 $77 $44 $38 $49 $58 $80 $47 $52 $52 $61 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Accruing Loans 30-89 Days PD $12 $9 $13 $13 $2 $17 $13 $18 $16 $7 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD $123 $135 $113 $106 $100 $751 $740 $888 $1,125 $1,067 $396 $451 $467 $412 $310 $1,271 $1,325 $1,468 $1,643 $1,478 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 $86 $89 $90 $86 $85 $17 $32 $16 $7 $8 $21 $14 $7 $13 $7 $123 $135 $113 $106 $100 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans

FY 2026 Outlook1 21 Total Loans Up 5% to 6% Total Commercial & Industrial Loans Up 9% to 10% Total Deposits Up 5% to 6% Core Customer Deposits2 Up 5% to 6% Net Interest Income Up 5.5% to 6.5% Noninterest Income Up 4% to 5% Noninterest Expense Up 3% Effective Tax Rate 19% to 21% CET1 Capital Ratio 10% to 10.75% 1 Projections are on an end of period basis as of and for the year ended 12/31/2026 as compared to 2025 results as of 12/31/2025 unless otherwise noted. Projections exclude any impact from the acquisition of American National Corporation. 2 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. We have not provided a reconciliation of the projection for core customer deposits to the projection for total deposits due to the low visibility and unpredictability of the components of total deposits necessary for such reconciliation.

Appendix IDS Center Office - Minneapolis, MN

23 1 2 3 4 December 30, 2025 Filed applications with the OCC and Federal Reserve 3Q 2026 Expected conversion of systems & branches 2Q 2026 Expected legal close of transaction December 1, 2025 Announced acquisition of ANC American National Corporation (ANC) Integration Timeline

Additional Quarterly Loan Trends 24 Period End Quarterly Loans ($ in billions) Average Loan Change 3Q 2025 to 4Q 2025 ($ in millions) $3.8 $3.8 $4.0 $4.0 $4.1 $7.0 $7.0 $6.9 $6.9 $6.8 $7.2 $7.4 $7.3 $7.3 $7.2 $11.7 $12.0 $12.4 $12.7 $13.0 $29.8 $30.3 $30.6 $31.0 $31.2 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 $(88) $(17) $(9) $24 $52 $63 $221 Commercial & Industrial CRE-Construction Auto Finance Residential Mortgage CRE-Investor CRE-Owner Occupied Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Home Equity & Other Consumer

$0.9 $1.7 $2.7 $3.4 $4.0 $7.8 $8.1 $8.7 $7.9 $7.0 $6.2 $6.6 $7.3 $7.3 $7.3 $9.1 $9.9 $10.8 $11.1 $12.3 $24.1 $26.2 $29.5 $29.7 $30.6 2021 2022 2023 2024 2025 Additional Annual Loan Trends 25 Annual Average Loans ($ in billions) Quarterly Avg. Loan Change 4Q24 to 4Q25 ($ in millions) $(914) $(112) $22 $84 $171 $293 Commercial & Industrial CRE-Construction Auto Finance Residential Mortgage CRE-Owner Occupied CRE-Investor Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Home Equity & Other Consumer $1,249

12/31/2025 1 % of Total Loans 12/31/2025 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 3,009$ 9.7% Multi-Family 3,138$ 10.1% Manufacturing & Wholesale Trade 2,927 9.4% Industrial 1,768 5.7% Real Estate (includes REITs) 2,184 7.0% Office 729 2.3% Finance & Insurance 699 2.2% Retail 608 2.0% Retail Trade 590 1.9% Single Family Construction 188 0.6% Rental and Leasing Services 570 1.8% Hotel/Motel 176 0.6% Mortgage Warehouse 528 1.7% Medical 161 0.5% Transportation and Warehousing 504 1.6% Warehouse 152 0.5% Construction 490 1.6% Land 76 0.2% Health Care and Social Assistance 316 1.0% Self Storage 13 0.0% Professional, Scientific, and Tech. Serv. 300 1.0% Other 232 0.7% Information 229 0.7% Total CRE 7,241$ 23.2% Waste Management 168 0.5% Accommodation and Food Services 127 0.4% Consumer Educational Services 60 0.2% Residential Mortgage 6,794$ 21.8% Management of Companies & Enterprises 50 0.2% Auto Finance 3,106 10.0% Arts, Entertainment, and Recreation 49 0.2% Home Equity 713 2.3% Public Administration 17 0.1% Credit Cards 201 0.6% Agriculture, Forestry, Fishing and Hunting 13 0.0% Other 123 0.4% Mining 4 0.0% Total Consumer 10,937$ 35.1% Other 152 0.5% Total C&BL 12,986$ 41.7% Total Loans 31,164$ 100.0% Total Loans Outstanding Balances as of December 31, 2025 26 1 All values as of period end. 2 North American Industry Classification System. ($ in millions)

Loan Stratification Outstanding Balances as of December 31, 2025 27 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Multi-Family 43% Retail 8% Office 10% Industrial 24% Warehouse 2%Hotel / Motel 2% Other 11% Wisconsin 26% Illinois 17% Minnesota 8% Other Midwest 14% Texas 5% Other 30% Manufacturing & Wholesale Trade 22% Power & Utilities 23% Real Estate 17% Mortgage Warehouse 4% Finance & Insurance 5% Residential Mortgage 62% Auto Finance 28% Home Equity 7% Credit Cards 2% Other 1% Wisconsin 21% Illinois 14% Minnesota 7% Texas 6% Other Midwest 9% Other 43% Wisconsin 21% Illinois 13% Minnesota 8% Other Midwest2 21% Texas 12% Other 26% 2 2 C&BL by State $13.0 billion Consumer by Category $10.9 billion C&BL by Industry $13.0 billion Total Loans by State1 CRE by State $7.2 billion CRE by Property Type $7.2 billion

High-Quality Commercial Real Estate Portfolio1 28 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Portfolio LTV 57% 57% 57% 58% 57% Delinquencies3/Loans 0.50% 0.03% 0.17% 0.19% 0.27% NALs/Loans 0.23% 0.43% 0.22% 0.10% 0.12% ACLL/Loans 1.99% 1.88% 1.77% 1.74% 1.70% NCOs/Avg. Loans4 0.37% 0.05% 0.45% 0.49% (0.01)% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.17% Top 10 Largest CRE Borrowers 1.32% Largest CRE Property Type (Multi-Fam) 10.07% CRE Office Loans 2.34% CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.23x 2026 Remaining Maturities $329 million Central Business District vs. Suburban ~80% Suburban Property Class Mix6 ~51% Class A Consumer 35% Com'l & Business Lending 42% CRE 23% Total Loans by Segment Wisconsin 21% Illinois 13% Minnesota 8% Other Midwest2 21% Texas 12% Other 26% CRE by Geography Multi-Family 43% Retail 8% Office 10% Industrial 24% Other 15% CRE by Property Type 1 All updates as of or for the period ended December 31, 2025 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. 4 Calculated on an annualized basis. Negative value represents a net recovery. 5 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. 6 Property class mix determined by third-party vendor partner mapping of portfolio.

High-Quality Consumer Loan Portfolio1 29 1 All data as of or for the period ended December 31, 2025 unless otherwise noted. 12/31/2025 % of Total Loans Residential Mortgage $6,794 21.8% Auto Finance $3,106 10.0% Home Equity $713 2.3% Credit Cards $201 0.6% Other $123 0.4% Total Consumer $10,937 35.1% Prime/Super Prime Consumer Loan Portfolio 786 781 791 792 Resi. Mortgage Auto Finance Home Equity Credit Cards Weighted Avg. Portfolio FICO Scores 87% 8% 5% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)

Stable, Granular Deposit Portfolio 30 Associated Bank, N.A. Period End Deposits ($ in billions) Liquidity Sources ($ in millions) 23% 26% 25% 25% 26% 77% 74% 75% 75% 74% $34.9 $35.2 $34.2 $34.9 $35.6 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits 9/30/2025 12/31/2025 Federal Reserve Balance $800.0 $1,139.4 FHLB Chicago Capacity $5,943.7 $6,221.5 Fed Discount Window Capacity $5,725.9 $6,443.8 Funding Available Within One Business Day1 $12,469.6 $13,804.7 Fed Funds Lines $1,419.0 $1,846.0 Brokered Deposits Capacity2 $697.9 $823.1 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Available Liquidity $15,586.5 $17,473.7 185% of uninsured, uncollateralized deposits 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Estimated availability based on the Corporation’s current internal funding considerations.

$1.8 $1.9 $1.8 $2.0 $2.2 $4.3 $4.2 $4.1 $4.0 $3.8 $3.7 $3.7 $3.8 $4.0 $4.0 $6.0 $6.1 $5.9 $5.8 $6.1 $5.1 $5.2 $5.3 $5.4 $5.5 $8.0 $7.9 $7.5 $7.8 $7.8 $5.8 $6.1 $5.8 $5.9 $6.1 $34.6 $35.2 $34.1 $34.9 $35.6 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Additional Quarterly Deposit & Funding Trends 31 Period End Quarterly Deposits ($ in billions) Quarterly Average Funding Change (3Q25 to 4Q25) ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Customer CDs Savings Money Market Network Trans. Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs $(5) $82 $157 $30 $99 $132 $155 $268 Interest-Bearing Demand Brokered CDs Network Transaction Deposits FHLB Advances Core Customer Deposits1 +$684 (+2%) Wholesale Funding Sources $(444) (-5%) Total Deposits +$923 (+3%) Noninterest-Bearing Demand Customer CDs Savings Other Wholesale Funding $(677) Money Market

$0.8 $1.0 $1.6 $1.8 $2.2 $1.3 $1.9 $7.3 $8.0 $7.8 $6.9 $7.5 $6.0 $6.0 $6.1 $4.4 $4.6 $4.8 $5.1 $5.5 $6.5 $6.8 $7.6 $8.0 $7.8 $8.5 $7.8 $6.1 $5.8 $6.1 $28.5 $29.6 $33.4 $34.6 $35.6 2021 2022 2023 2024 2025 Additional Annual Deposit & Funding Trends 32 Period End Annual Deposits ($ in billions) Annual Average Funding Change (2024 to 2025) ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Total Time Deposits Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand $(422) $(162) $284 $836 $(40) $43 $211 $473 $645 Money Market Interest-Bearing Demand Network Transaction Deposits FHLB Advances Other Wholesale Funding Core Customer Deposits1 +$1,332 (+5%) Wholesale Funding Sources +$536 (+6%) Total Deposits +$1,454 (+4%) Customer CDs Savings Noninterest-Bearing Demand Brokered CDs

Reconciliation & Definitions of Non-GAAP Items 33 Period End Core Customer Deposits Reconciliation ($ in thousands) 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Total deposits $35,552,608 $34,881,853 $34,147,565 $35,196,713 $34,648,434 Less: Network transaction deposits 2,154,995 2,013,964 1,792,362 1,882,930 1,758,388 Less: Brokered CDs 3,795,133 3,956,517 4,072,048 4,197,512 4,276,309 Core customer deposits $29,602,480 $28,911,371 $28,283,155 $29,116,271 $28,613,737 Avg. Core Customer Deposits Reconciliation ($ in thousands) YTD Dec 2025 YTD Dec 2024 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Average total deposits $34,844,671 $33,391,095 $35,628,917 $34,705,887 $34,203,201 $34,833,464 $34,337,468 Less: Average network transaction deposits 1,929,731 1,645,695 2,090,587 1,933,659 1,843,998 1,847,972 1,690,745 Less: Average brokered CDs 4,078,557 4,240,621 3,998,012 3,916,329 4,089,844 4,315,311 4,514,841 Average core customer deposits $28,836,383 $27,504,780 $29,540,318 $28,855,899 $28,269,359 $28,670,181 $28,131,882 1 Prior period has been adjusted to conform with current presentation. 2 These items classified as nonrecurring items are the result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) YTD Dec 2025 YTD Dec 20201 4Q 2025 Net income (loss) available to common equity $463,277 $288,413 $134,254 Other intangible amortization, net of tax 6,608 7,644 1,652 Adjusted net income (loss) available to common equity for ROATCE $469,885 $296,057 $135,906 Average common equity $4,579,765 $3,633,259 $4,713,445 Less: Average goodwill and other intangible assets, net 1,132,392 $1,227,561 1,129,055 Average tangible common equity for ROATCE $3,447,373 $2,405,698 $3,584,390 Nonrecurring Item Noninterest Income Reconciliation ($ in thousands) YTD Dec 2025 YTD Dec 2024 4Q 2024 GAAP noninterest income (loss) $286,400 $(9,407) $(206,772) Less: Loss on mortgage portfolio sale2 (6,976) (130,406) (130,406) Less: Net loss on sale of investments2 - (148,183) (148,183) Noninterest income, excluding nonrecurring items $293,376 $269,182 $71,816

Reconciliation & Definitions of Non-GAAP Items 34 Update 1 Prior period has been adjusted to conform with current presentation. 2 2020 announced initiatives impacting noninterest expense consisted of cost saving efforts that were executed during 3Q 2020. These initiatives included a $44.7 million loss on prepayment of FHLB advances, $9.6 million in severance, and $5.6 million in write-downs related to branch sales and lease breakage related to announced branch consolidations. 2020 announced initiatives impacting noninterest income consisted of a $163.3 million asset gain related to the sale of Associated Benefits and Risk Consulting, the Corporation's insurance division which was sold in June 2020, as well as a gain on sale of branches totaling $7.4 million, which occurred in 4Q 2020. 3 2025 announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of the balance sheet repositioning that the Corporation announced in 4Q 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio. 4 During 4Q 2025, the Corporation announced its acquisition of American National Corporation. Related costs have been incurring since, thus are excluded from the adjusted efficiency ratio as an effort to represent current operational efficiency. During 1Q 2020, the Corporation finalized the acquisition of First Staunton. These costs, incurred in connection with the acquisition, represent nonrecurring costs. Tangible Common Equity & Tangible Assets Reconciliation ($ in thousands) 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Common equity $4,781,235 $4,674,186 $4,586,669 $4,492,446 $4,411,450 Less: Goodwill and other intangible assets, net 1,127,842 1,130,044 1,132,247 1,134,450 1,136,653 Tangible common equity for TCE Ratio and TBV / share $3,653,393 $3,544,142 $3,454,422 $3,357,996 $3,274,797 Total assets $45,202,596 $44,455,863 $43,993,729 $43,309,136 $43,023,068 Less: Goodwill and other intangible assets, net 1,127,842 1,130,044 1,132,247 1,134,450 1,136,653 Tangible assets for TCE Ratio $44,074,754 $43,325,819 $42,861,482 $42,174,686 $41,886,415 Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) YTD Dec 2025 YTD Dec 20201 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Total expense for efficiency ratios reconciliation Noninterest expense $855,639 $776,034 $219,466 $216,202 $209,352 $210,619 $224,282 Less: Other intangible amortization 8,811 10,192 2,203 2,203 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 846,828 765,842 217,263 213,999 207,149 208,416 222,080 Less: FDIC special assessment - - - - - - - Less: Announced initiatives2,3 - 59,917 - - - - 14,243 Less: Acquisition costs4 252 2,447 252 Total expense for adjusted efficiency ratio $846,576 $703,478 $217,011 $213,999 $207,149 $208,416 $207,836 Total revenue for efficiency ratios reconciliation Net interest income $1,201,145 $762,957 $309,981 $305,222 $300,000 $285,941 $270,289 Noninterest income (loss) 286,400 514,056 79,384 81,265 66,977 58,776 (206,772) Less: Investment securities gains (losses), net 49 9,222 37 1 7 4 (148,194) Fully tax-equivalent adjustment 16,899 15,959 4,196 4,222 4,228 4,254 3,680 Total revenue for fully tax-equivalent efficiency ratio 1,504,395 1,283,750 393,524 390,708 371,198 348,968 215,390 Less: Announced initiatives2,3 (6,976) 170,736 - - - (6,976) (130,406) Total revenue for adjusted efficiency ratio $1,511,371 $1,113,014 $393,524 $390,708 $371,198 $355,943 $345,795

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