アソシエーテッドバンコープの適時開示・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)			April 23, 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 April 23, 2026, Associated Banc-Corp announced its earnings for the quarter ended March 31, 2026. 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 April 23, 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 April 23, 2026, containing financial information for the quarter ended March 31, 2026.

99.2 Slide presentation discussed on the conference call for investors and analysts on April 23, 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: April 23, 2026						By: /s/ Derek S. Meyer
						Derek S. Meyer
						Chief Financial Officer

EX-99.1 2 asb03312026ex991.htm EX-99.1 Document

Exhibit 99.1


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

Associated Banc-Corp Reports First Quarter 2026 Net Income Available to Common Equity of $117 Million, or $0.70 per Common Share

GREEN BAY, Wis. -- April 23, 2026 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $117 million, or $0.70 per common share, for the quarter ended March 31, 2026. These amounts compare to earnings of $134 million, or $0.80 per common share, for the quarter ended December 31, 2025 and earnings of $99 million, or $0.59 per common share, for the quarter ended March 31, 2025.

“After posting the strongest bottom line in company history in 2025, we maintained our growth momentum in the first quarter of 2026, with over $500 million in C&I loan growth, strong customer household growth, and steady credit performance,” said President & CEO Andy Harmening. “We’ve also taken proactive steps to accelerate our growth trajectory in major metro markets by announcing several key hires, expanding our commercial presence, and closing on our acquisition of American National Corporation.”

“As we look to the remainder of 2026, we’re well-positioned to navigate the current environment thanks to the resilience and stability of our Midwestern markets, our enhanced profitability profile, a solid capital position, and our ability to attract and deepen relationships. We look forward to providing additional updates on Associated’s growth journey along the way.”

First Quarter 2026 Highlights

•Diluted earnings per common share of $0.70

•Total period end loans of $31.8 billion (+2% vs. 4Q 2025; +5% vs. 1Q 2025)

•Total period end commercial & industrial loans of $12.3 billion (+5% vs. 4Q 2025; +13% vs. 1Q 2025)

•Total period end deposits of $35.7 billion (+1% vs. 4Q 2025; +2% vs. 1Q 2025)

•Total period end core customer deposits1 of $30.4 billion (+3% vs. 4Q 2025; +4% vs. 1Q 2025)

•Net interest income of $307 million ((1)% vs. 4Q 2025; +7% vs. 1Q 2025)

•Net interest margin of 3.03%

•Noninterest income of $76 million

•Noninterest expense of $219 million

•Provision for credit losses of $11 million

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

•Net charge offs / average loans (annualized) of 0.07%

•Book value / share of $29.04

•Tangible book value / share1 of $22.23

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

Loans

First quarter 2026 average total loans of $31.3 billion increased 1%, or $286 million, from the prior quarter and increased 4%, or $1.2 billion, from the same period last year. With respect to first quarter 2026 average balances by loan category:

•Commercial and business lending increased $222 million from the prior quarter and increased $1.2 billion from the same period last year to $13.0 billion.

•Commercial real estate lending increased $67 million from the prior quarter and increased $19 million from the same period last year to $7.3 billion.

•Consumer lending decreased $2 million from the prior quarter and decreased $91 million from the same period last year to $11.0 billion.

First quarter 2026 period end total loans of $31.8 billion increased 2%, or $635 million, from the prior quarter and increased 5%, or $1.5 billion, from the same period last year. With respect to first quarter 2026 period end balances by loan category:

•Commercial and business lending increased $547 million from the prior quarter and increased $1.5 billion from the same period last year to $13.5 billion.

•Commercial real estate lending increased $143 million from the prior quarter and decreased $22 million the same period last year to $7.4 billion.

•Consumer lending decreased $56 million from the prior quarter and increased $37 million from the same period last year to $10.9 billion.

After including the impact of the acquisition of American National Corporation, we now expect 2026 period end loan growth of 17% to 19% as compared to Associated's standalone results for the year ended December 31, 2025.

Deposits

First quarter 2026 average deposits of $35.2 billion decreased 1%, or $468 million, from the prior quarter and increased 1%, or $327 million, from the same period last year. With respect to first quarter 2026 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $65 million from the prior quarter and increased $359 million from the same period last year to $6.0 billion.

•Savings increased $96 million from the prior quarter and increased $370 million from the same period last year to $5.5 billion.

•Interest-bearing demand deposits decreased $168 million from the prior quarter and decreased $145 million from the same period last year to $7.9 billion.

•Money market deposits increased $171 million from the prior quarter and decreased $18 million from the same period last year to $6.1 billion.

•Brokered CDs decreased $470 million from the prior quarter and decreased $787 million from the same period last year to $3.5 billion.

•Other time deposits increased $141 million from the prior quarter and increased $478 million from the same period last year to $4.2 billion.

•Network transaction deposits decreased $173 million from the prior quarter and increased $70 million from the same period last year to $1.9 billion.

•Core customer deposits1 increased $174 million from the prior quarter and increased $1.0 billion from the same period last year to $29.7 billion.

First quarter 2026 period end deposits of $35.7 billion increased 1%, or $179 million, from the prior quarter and increased 2%, or $535 million, from the same period last year. With respect to first quarter 2026 period end balances by deposit category:

•Noninterest-bearing demand deposits decreased $2 million from the prior quarter and decreased $11 million from the same period last year to $6.1 billion.

•Savings increased $189 million from the prior quarter and increased $413 million from the same period last year to $5.7 billion.

•Interest-bearing demand deposits increased $141 million from the prior quarter and increased $94 million from the same period last year to $8.0 billion.

•Money market deposits increased $49 million from the prior quarter and increased $47 million from the same period last year to $6.2 billion.

•Brokered CDs decreased $232 million from the prior quarter and decreased $635 million from the same period last year to $3.6 billion.

•Other time deposits increased $443 million from the prior quarter and increased $763 million from the same period last year to $4.5 billion.

•Network transaction deposits decreased $408 million from the prior quarter and decreased $136 million from the same period last year to $1.7 billion.

•Core customer deposits1 increased $820 million from the prior quarter and increased $1.3 billion from the same period last year to $30.4 billion.

After including the impact of the acquisition of American National Corporation, we now expect 2026 period end total deposit growth of 17% to 19% and period end core customer deposit growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.

Net Interest Income and Net Interest Margin

First quarter 2026 net interest income of $307 million decreased $3 million from the prior quarter and increased $21 million from the same period last year. The net interest margin of 3.03% was a 3 basis point decrease from the prior quarter and a 6 basis point increase from the same period last year.

•The average yield on total loans for the first quarter of 2026 decreased 19 basis points from the prior quarter and decreased 30 basis points from the same period last year to 5.53%.

•The average cost of total interest-bearing liabilities for the first quarter of 2026 decreased 15 basis points from the prior quarter and decreased 39 basis points from the same period last year to 2.67%.

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

•The net free funds benefit for the first quarter of 2026 decreased 5 basis points from the prior quarter and decreased 8 basis points from the same period last year to 0.50%.

We expect to share an updated 2026 net interest income outlook following the finalization of purchase accounting adjustments tied to the acquisition of American National Corporation.

Noninterest Income

First quarter 2026 total noninterest income of $76 million decreased $4 million from the prior quarter and increased $17 million from the same period last year. With respect to first quarter 2026 noninterest income line items:

•Capital markets, net decreased $5 million from the prior quarter and increased $2 million from the same period last year.

•Wealth management fees decreased $1 million from the prior quarter and increased $3 million from the same period last year.

•Mortgage banking, net increased $3 million from the prior quarter and increased $2 million from the same period last year.

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

After including the impact from the acquisition of American National Corporation, we now expect total noninterest income growth of 8% to 10% in 2026 as compared to Associated's standalone results for the year ended December 31, 2025.

Noninterest Expense

First quarter 2026 total noninterest expense of $219 million decreased slightly from the prior quarter and increased $9 million from the same period last year. With respect to first quarter 2026 noninterest expense line items:

•Personnel expense increased slightly from the prior quarter and increased $11 million from the same period last year.

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

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

We expect to share an updated 2026 noninterest expense outlook following the finalization of purchase accounting adjustments tied to the acquisition of American National Corporation.

Taxes

First quarter 2026 tax expense was $33 million, compared to $26 million of tax expense in the prior quarter and $19 million of tax expense in the same period last year. The effective tax rate for the first quarter of 2026 was 21.75%, compared to 15.82% in the prior quarter and 16.03% in the same period last year.

We continue to expect the annual effective tax rate to be between 19% and 21% in 2026.

Credit

First quarter 2026 provision for credit losses on loans was $11 million, compared to a provision of $7 million in the prior quarter and a provision of $13 million in the same period last year. With respect to first quarter 2026 credit quality:

•Nonaccrual loans of $111 million increased $10 million from the prior quarter and decreased $24 million from the same period last year. The nonaccrual loans to total loans ratio was 0.35% in the first quarter, up from 0.32% in the prior quarter and down from 0.44% in the same period last year.

•First quarter 2026 net charge offs of $5 million increased compared to net charge offs of $2 million in the prior quarter and decreased compared to net charge offs of $9 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $425 million increased $6 million compared to the prior quarter and increased $18 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the first quarter, down from 1.35% in the prior quarter and flat compared to 1.34% in the same period last year.

In 2026, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.47% at March 31, 2026. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

FIRST QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 23, 2026. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp first quarter 2026 earnings call. The first quarter 2026 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of approximately $50 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and Nebraska. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

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

NON-GAAP FINANCIAL MEASURES

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

# # #


Associated Banc-Corp Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)	March 31, 2026		December 31, 2025		Sequential Quarter Change		September 30, 2025		June 30, 2025		March 31, 2025		Comparable Quarter Change
Assets
Cash and due from banks	$	465,318	$	574,698	$	(109,380)	$	490,431	$	521,167	$	521,323	$	(56,005)
Interest-bearing deposits in other financial institutions	920,684		1,144,123		(223,439)		802,251		738,938		711,033		209,651
Federal funds sold and securities purchased under agreements to resell	175		1,400		(1,225)		90		—		105		70
Available for sale (AFS) investment securities, at fair value	5,514,456		5,397,563		116,893		5,217,278		5,036,508		4,796,570		717,886
Held to maturity (HTM) investment securities, net, at amortized cost	3,570,843		3,602,519		(31,676)		3,636,080		3,672,101		3,705,793		(134,950)
Equity securities	26,109		26,060		49		26,000		25,912		23,331		2,778
Regulatory stocks, at cost	290,189		252,514		37,675		251,642		278,356		194,244		95,945
Residential loans held for sale	87,461		72,499		14,962		74,563		96,804		47,611		39,850
Commercial loans held for sale	—		—		—		—		8,406		7,910		(7,910)
Loans	31,798,164		31,163,614		634,550		30,951,964		30,607,605		30,294,127		1,504,037
Allowance for loan losses	(385,756)		(378,068)		(7,688)		(378,341)		(376,515)		(371,348)		(14,408)
Loans, net	31,412,408		30,785,546		626,862		30,573,623		30,231,091		29,922,780		1,489,628
Tax credit and other investments	230,954		236,657		(5,703)		245,239		247,111		254,187		(23,233)
Premises and equipment, net	376,760		381,624		(4,864)		384,139		377,372		377,521		(761)
Bank and corporate owned life insurance	694,765		694,452		313		693,511		691,470		690,551		4,214
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	20,647		22,849		(2,202)		25,052		27,255		29,457		(8,810)
Mortgage servicing rights, net	87,599		86,337		1,262		85,063		85,245		86,251		1,348
Interest receivable	161,021		161,118		(97)		168,451		168,627		159,729		1,292
Other assets	629,359		657,645		(28,286)		677,458		682,373		675,748		(46,389)
Total assets	$	45,593,740	$	45,202,596	$	391,144	$	44,455,863	$	43,993,729	$	43,309,136	$	2,284,604
Liabilities and stockholders' equity
Noninterest-bearing demand deposits	$	6,125,067	$	6,126,632	$	(1,565)	$	5,906,251	$	5,782,487	$	6,135,946	$	(10,879)
Interest-bearing deposits	29,606,698		29,425,976		180,722		28,975,602		28,365,079		29,060,767		545,931
Total deposits	35,731,765		35,552,608		179,157		34,881,853		34,147,565		35,196,713		535,052
Federal funds purchased and securities sold under agreements to repurchase	395,652		307,864		87,788		399,665		75,585		311,335		84,317
FHLB advances	3,421,762		3,268,094		153,668		3,220,679		3,879,489		2,027,297		1,394,465
Senior and subordinated debt	592,629		594,276		(1,647)		594,074		593,530		591,382		1,247
Allowance for unfunded commitments	39,276		41,276		(2,000)		36,276		35,276		35,276		4,000
Accrued expenses and other liabilities	414,784		463,131		(48,347)		455,019		481,503		460,574		(45,790)
Total liabilities	40,595,868		40,227,249		368,619		39,587,565		39,212,948		38,622,578		1,973,290
Stockholders' equity
Preferred equity	194,112		194,112		—		194,112		194,112		194,112		—






Common equity	4,803,760		4,781,235		22,525		4,674,186		4,586,669		4,492,446		311,314
Total stockholders' equity	4,997,872		4,975,347		22,525		4,868,298		4,780,781		4,686,558		311,314
Total liabilities and stockholders' equity	$	45,593,740	$	45,202,596	$	391,144	$	44,455,863	$	43,993,729	$	43,309,136	$	2,284,604

Numbers may not recalculate due to rounding conventions.


Associated Banc-Corp Consolidated Statements of Income (Unaudited)					Comparable Quarter
(Dollars and shares in thousands, except per share data)	1Q26		1Q25		Dollar Change		Percentage Change
Interest income
Interest and fees on loans	$	426,989	$	433,299	$	(6,310)	(1)	%
Interest and dividends on investment securities
Taxable	75,676		69,788		5,888		8	%
Tax-exempt	13,738		13,956		(218)		(2)	%
Other interest	11,641		9,243		2,398		26	%
Total interest income	528,044		526,285		1,759		—	%
Interest expense
Interest on deposits	175,273		209,140		(33,867)		(16)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	3,732		3,622		110		3	%
Interest on FHLB advances	31,570		16,090		15,480		96	%
Interest on senior and subordinated debt	10,163		11,085		(922)		(8)	%
Interest on other interest-bearing liabilities	116		408		(292)		(72)	%
Total interest expense	220,854		240,345		(19,491)		(8)	%
Net interest income	307,190		285,941		21,249		7	%
Provision for credit losses	11,001		13,003		(2,002)		(15)	%
Net interest income after provision for credit losses	296,189		272,938		23,251		9	%
Noninterest income
Wealth management fees	25,219		22,498		2,721		12	%
Service charges and deposit account fees	14,054		12,814		1,240		10	%
Card-based fees	11,579		10,442		1,137		11	%
Other fee-based revenue	4,862		5,251		(389)		(7)	%
Capital markets, net	6,543		4,345		2,198		51	%
Mortgage banking, net	6,111		3,822		2,289		60	%
Loss on mortgage portfolio sale	—		(6,976)		6,976		(100)	%
Bank and corporate owned life insurance	3,816		5,204		(1,388)		(27)	%
Asset gains (losses), net	840		(878)		1,718		N/M
Investment securities (losses) gains, net	(28)		4		(32)		N/M

Other	2,861		2,251		610		27	%
Total noninterest income	75,857		58,776		17,081		29	%
Noninterest expense
Personnel	135,172		123,897		11,275		9	%
Technology	29,736		27,139		2,597		10	%
Occupancy	13,725		15,381		(1,656)		(11)	%
Business development and advertising	7,827		6,386		1,441		23	%
Equipment	5,610		4,527		1,083		24	%
Legal and professional	6,721		6,083		638		10	%
Loan and foreclosure costs	1,707		2,594		(887)		(34)	%
FDIC assessment	8,837		10,436		(1,599)		(15)	%
Other intangible amortization	2,203		2,203		—		—	%

Other	7,625		11,974		(4,349)		(36)	%
Total noninterest expense	219,163		210,619		8,544		4	%
Income before income taxes	152,883		121,095		31,788		26	%
Income tax expense	33,248		19,409		13,839		71	%
Net income	119,635		101,687		17,948		18	%
Preferred stock dividends	2,875		2,875		—		—	%
Net income available to common equity	$	116,760	$	98,812	$	17,948	18	%

Pre-tax pre-provision income (loss)(a)	163,884		134,098		29,786		22	%
Earnings per common share
Basic	$	0.70	$	0.60	$	0.10	17	%
Diluted	$	0.70	$	0.59	$	0.11	19	%
Average common shares outstanding
Basic	165,097		165,228		(131)		—	%
Diluted	166,561		166,604		(43)		—	%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

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

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


Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
(Dollars and shares in thousands, except per share data)					Sequential Quarter
	1Q26		4Q25		Dollar Change		Percentage Change		3Q25		2Q25		1Q25
Interest income
Interest and fees on loans	$	426,989	$	445,687	$	(18,698)	(4)	%	$	455,623	$	447,781	$	433,299
Interest and dividends on investment securities
Taxable	75,676		73,511		2,165		3	%	73,727		71,174		69,788
Tax-exempt	13,738		13,851		(113)		(1)	%	13,888		13,902		13,956
Other interest	11,641		11,294		347		3	%	13,353		12,679		9,243
Total interest income	528,044		544,343		(16,299)		(3)	%	556,591		545,536		526,285
Interest expense
Interest on deposits	175,273		194,778		(19,505)		(10)	%	202,344		197,656		209,140
Interest on federal funds purchased and securities sold under agreements to repurchase	3,732		2,682		1,050		39	%	2,107		2,004		3,622
Interest on FHLB advances	31,570		26,309		5,261		20	%	35,965		34,889		16,090
Interest on senior and subordinated debt	10,163		10,483		(320)		(3)	%	10,741		10,700		11,085
Interest on other interest-bearing liabilities	116		110		6		5	%	212		287		408
Total interest expense	220,854		234,362		(13,508)		(6)	%	251,369		245,536		240,345
Net interest income	307,190		309,981		(2,791)		(1)	%	305,222		300,000		285,941
Provision for credit losses	11,001		6,998		4,003		57	%	16,000		17,996		13,003
Net interest income after provision for credit losses	296,189		302,983		(6,794)		(2)	%	289,223		282,004		272,938
Noninterest income
Wealth management fees	25,219		25,742		(523)		(2)	%	25,315		23,025		22,498
Service charges and deposit account fees	14,054		13,827		227		2	%	13,861		13,147		12,814
Card-based fees	11,579		12,679		(1,100)		(9)	%	12,308		11,200		10,442
Other fee-based revenue	4,862		5,557		(695)		(13)	%	5,414		4,995		5,251
Capital markets, net	6,543		11,175		(4,632)		(41)	%	10,764		5,765		4,345
Mortgage banking, net	6,111		2,926		3,185		109	%	3,541		4,213		3,822
Loss on mortgage portfolio sale	—		—		—		—	%	—		—		(6,976)
Bank and corporate owned life insurance	3,816		3,804		12		—	%	4,051		4,135		5,204
Asset gains (losses), net	840		838		2		—	%	3,340		(1,735)		(878)
Investment securities (losses) gains, net	(28)		37		(65)		N/M		1		7		4

Other	2,861		2,799		62		2	%	2,670		2,226		2,251
Total noninterest income	75,857		79,384		(3,527)		(4)	%	81,265		66,977		58,776
Noninterest expense
Personnel	135,172		135,130		42		—	%	135,703		126,994		123,897
Technology	29,736		28,641		1,095		4	%	28,590		26,508		27,139
Occupancy	13,725		14,229		(504)		(4)	%	12,757		12,644		15,381
Business development and advertising	7,827		9,118		(1,291)		(14)	%	8,362		7,748		6,386
Equipment	5,610		6,888		(1,278)		(19)	%	4,368		4,494		4,527
Legal and professional	6,721		5,945		776		13	%	5,232		6,674		6,083
Loan and foreclosure costs	1,707		1,327		380		29	%	1,638		2,705		2,594
FDIC assessment	8,837		6,589		2,248		34	%	9,980		9,708		10,436
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,203

Other	7,625		9,396		(1,771)		(19)	%	7,369		9,674		11,974
Total noninterest expense	219,163		219,466		(303)		—	%	216,202		209,352		210,619
Income before income taxes	152,883		162,901		(10,018)		(6)	%	154,286		139,629		121,095
Income tax expense	33,248		25,772		7,476		29	%	29,554		28,399		19,409
Net income	119,635		137,129		(17,494)		(13)	%	124,732		111,230		101,687
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		2,875
Net income available to common equity	$	116,760	$	134,254	$	(17,494)	(13)	%	$	121,857	$	108,355	$	98,812

Pre-tax pre-provision income(a)	163,884		169,899		(6,015)		(4)	%	170,286		157,625		134,098
Earnings per common share
Basic	$	0.70	$	0.81	$	(0.11)	(14)	%	$	0.73	$	0.65	$	0.60
Diluted	$	0.70	$	0.80	$	(0.10)	(13)	%	$	0.73	$	0.65	$	0.59
Average common shares outstanding
Basic	165,097		165,126		(29)		—	%	165,029		164,936		165,228
Diluted	166,561		166,746		(185)		—	%	166,703		166,343		166,604

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

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

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


Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	March 31, 2026						December 31, 2025(a)						March 31, 2025(a)
(Dollars in thousands)	Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate
Assets
Earning assets
Loans (b)(c)
Commercial and industrial	$	11,776,702	$	172,507	5.94	%	$	11,588,059	$	182,101	6.24	%	$	10,583,318	$	169,785	6.50	%
Commercial real estate—owner occupied	1,190,708		15,968		5.44	%	1,157,531		16,358		5.61	%	1,141,167		16,200		5.76	%
Commercial and business lending	12,967,410		188,475		5.89	%	12,745,590		198,459		6.18	%	11,724,484		185,985		6.43	%
Commercial real estate—investor	5,277,283		78,154		6.01	%	5,291,562		84,153		6.31	%	5,415,412		87,089		6.52	%
Real estate construction	2,055,338		34,043		6.72	%	1,974,318		34,870		7.01	%	1,898,582		33,945		7.25	%
Commercial real estate lending	7,332,621		112,197		6.21	%	7,265,880		119,023		6.50	%	7,313,994		121,034		6.71	%
Total commercial	20,300,031		300,672		6.01	%	20,011,470		317,482		6.30	%	19,038,479		307,020		6.54	%
Residential mortgage	6,831,984		64,640		3.78	%	6,899,778		64,779		3.76	%	7,256,320		66,823		3.68	%
Auto finance	3,125,504		41,969		5.45	%	3,064,457		42,915		5.56	%	2,844,730		39,176		5.59	%
Home equity	709,865		11,692		6.60	%	706,923		12,570		7.11	%	657,625		12,052		7.34	%
Other consumer	314,118		8,504		10.98	%	312,730		8,454		10.72	%	313,828		8,773		11.34	%
Total consumer	10,981,471		126,805		4.65	%	10,983,888		128,718		4.67	%	11,072,503		126,824		4.61	%
Total loans	31,281,502		427,477		5.53	%	30,995,358		446,200		5.72	%	30,110,982		433,844		5.83	%
Investments
Taxable securities	7,071,751		75,676		4.28	%	6,912,251		73,511		4.25	%	6,398,584		69,788		4.36	%
Tax-exempt securities(b)	1,978,501		17,389		3.52	%	1,990,389		17,534		3.52	%	2,016,144		17,666		3.50	%
Other short-term investments	1,016,795		11,641		4.64	%	972,884		11,294		4.61	%	757,227		9,243		4.95	%
Total investments	10,067,047		104,706		4.17	%	9,875,524		102,339		4.14	%	9,171,955		96,696		4.22	%
Total earning assets and related interest income	41,348,549		$	532,183	5.20	%	40,870,882		$	548,539	5.34	%	39,282,937		$	530,540	5.45	%
Other assets, net	3,670,399						3,531,889						3,347,690
Total assets	$	45,018,948					$	44,402,771					$	42,630,627
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,532,848	$	17,690	1.30	%	$	5,436,968	$	18,823	1.37	%	$	5,162,468	$	17,929	1.41	%
Interest-bearing demand	7,886,442		34,236		1.76	%	8,054,088		40,309		1.99	%	8,031,707		45,430		2.29	%
Money market	6,061,442		34,239		2.29	%	5,890,836		35,353		2.38	%	6,079,551		39,560		2.64	%
Network transaction deposits	1,917,854		17,502		3.70	%	2,090,587		20,882		3.96	%	1,847,972		20,067		4.40	%
Brokered CDs	3,528,294		34,811		4.00	%	3,998,012		42,056		4.17	%	4,315,311		49,292		4.63	%
Other time deposits	4,234,785		36,795		3.52	%	4,093,939		37,355		3.62	%	3,756,332		36,862		3.98	%
Total interest-bearing deposits	29,161,665		175,273		2.44	%	29,564,430		194,778		2.61	%	29,193,341		209,140		2.91	%
Federal funds purchased and securities sold under agreements to repurchase	425,142		3,732		3.56	%	289,679		2,682		3.67	%	375,910		3,622		3.91	%
FHLB advances	3,380,379		31,570		3.79	%	2,504,464		26,309		4.17	%	1,595,972		16,090		4.09	%
Senior and subordinated debt	594,401		10,163		6.84	%	594,104		10,483		7.06	%	627,371		11,085		7.07	%

Other interest-bearing liabilities	11,212		116		4.18	%	13,212		110		3.29	%	31,599		408		5.24	%
Total funding	4,411,134		45,581		4.18	%	3,401,459		39,584		4.63	%	2,630,852		31,205		4.79	%
Total interest-bearing liabilities and related interest expense	33,572,799		$	220,854	2.67	%	32,965,889		$	234,362	2.82	%	31,824,193		$	240,345	3.06	%
Noninterest-bearing demand deposits	5,999,278						6,064,487						5,640,123
Other liabilities	440,344						464,838						535,732
Stockholders’ equity	5,006,527						4,907,557						4,630,578
Total liabilities and stockholders’ equity	$	45,018,948					$	44,402,771					$	42,630,627
Interest rate spread					2.53	%					2.52	%					2.39	%
Net free funds					0.50	%					0.55	%					0.58	%
Fully tax-equivalent net interest income and net interest margin			$	311,329	3.03	%			$	314,177	3.06	%			$	290,195	2.97	%
Fully tax-equivalent adjustment			(4,139)						(4,196)						(4,254)
Net interest income			$	307,190					$	309,981					$	285,941

Numbers may not recalculate due to rounding conventions.

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

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

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


Associated Banc-Corp Loan and Deposit Composition
(Dollars in thousands)
Period end loan composition	Mar 31, 2026		Dec 31, 2025		Seql Qtr % Change		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Comp Qtr % Change
Commercial and industrial	$	12,339,597	$	11,799,757	5	%	$	11,567,651	$	11,281,964	$	10,925,769	13	%
Commercial real estate—owner occupied	1,193,778		1,186,324		1	%	1,149,939		1,101,501		1,118,363		7	%
Commercial and business lending	13,533,375		12,986,081		4	%	12,717,590		12,383,465		12,044,132		12	%
Commercial real estate—investor	5,266,584		5,246,030		—	%	5,369,441		5,370,422		5,597,442		(6)	%
Real estate construction	2,117,479		1,994,642		6	%	1,958,766		1,950,267		1,809,054		17	%
Commercial real estate lending	7,384,063		7,240,672		2	%	7,328,207		7,320,689		7,406,496		—	%
Total commercial	20,917,438		20,226,753		3	%	20,045,797		19,704,154		19,450,628		8	%
Residential mortgage	6,727,734		6,793,957		(1)	%	6,858,285		6,949,387		6,999,654		(4)	%
Auto finance	3,136,334		3,106,498		1	%	3,041,644		2,969,495		2,878,765		9	%
Home equity	706,075		713,271		(1)	%	698,112		676,208		654,140		8	%
Other consumer	310,583		323,135		(4)	%	308,126		308,361		310,940		—	%
Total consumer	10,880,726		10,936,861		(1)	%	10,906,167		10,903,451		10,843,499		—	%
Total loans	$	31,798,164	$	31,163,614	2	%	$	30,951,964	$	30,607,605	$	30,294,127	5	%

Quarter average loan composition(a)	Mar 31, 2026		Dec 31, 2025		Seql Qtr % Change		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Comp Qtr % Change
Commercial and industrial	$	11,776,702	$	11,588,059	2	%	$	11,367,533	$	10,981,221	$	10,583,318	11	%
Commercial real estate—owner occupied	1,190,708		1,157,531		3	%	1,105,787		1,114,054		1,141,167		4	%
Commercial and business lending	12,967,410		12,745,590		2	%	12,473,319		12,095,274		11,724,484		11	%
Commercial real estate—investor	5,277,283		5,291,562		—	%	5,300,765		5,582,333		5,415,412		(3)	%
Real estate construction	2,055,338		1,974,318		4	%	1,991,565		1,869,708		1,898,582		8	%
Commercial real estate lending	7,332,621		7,265,880		1	%	7,292,330		7,452,041		7,313,994		—	%
Total commercial	20,300,031		20,011,470		1	%	19,765,649		19,547,316		19,038,479		7	%
Residential mortgage	6,831,984		6,899,778		(1)	%	6,987,858		7,034,607		7,256,320		(6)	%
Auto finance	3,125,504		3,064,457		2	%	3,000,978		2,933,161		2,844,730		10	%
Home equity	709,865		706,923		—	%	690,330		667,339		657,625		8	%
Other consumer	314,118		312,730		—	%	305,644		309,578		313,828		—	%
Total consumer	10,981,471		10,983,888		—	%	10,984,811		10,944,685		11,072,503		(1)	%
Total loans	$	31,281,502	$	30,995,358	1	%	$	30,750,460	$	30,492,001	$	30,110,982	4	%

Period end deposit and customer funding composition(b)	Mar 31, 2026		Dec 31, 2025		Seql Qtr % Change		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Comp Qtr % Change
Noninterest-bearing demand	$	6,125,067	$	6,126,632	—	%	$	5,906,251	$	5,782,487	$	6,135,946	—	%
Savings	5,660,641		5,471,870		3	%	5,380,574		5,291,674		5,247,291		8	%
Interest-bearing demand	7,964,665		7,823,362		2	%	7,791,861		7,490,772		7,870,965		1	%
Money market	6,188,045		6,139,438		1	%	5,785,871		5,915,867		6,141,275		1	%
Network transaction deposits	1,746,518		2,154,995		(19)	%	2,013,964		1,792,362		1,882,930		(7)	%
Brokered CDs	3,562,752		3,795,133		(6)	%	3,956,517		4,072,048		4,197,512		(15)	%
Other time deposits	4,484,077		4,041,178		11	%	4,046,815		3,802,356		3,720,793		21	%
Total deposits	35,731,765		35,552,608		1	%	34,881,853		34,147,565		35,196,713		2	%
Other customer funding(c)	42,372		47,794		(11)	%	64,570		75,440		85,950		(51)	%
Total deposits and other customer funding	$	35,774,137	$	35,600,402	—	%	$	34,946,423	$	34,223,005	$	35,282,663	1	%
Core customer deposits(d) and other customer funding	$	30,464,867	$	29,650,274	3	%	$	28,975,941	$	28,358,595	$	29,202,221	4	%

Quarter average deposit composition	Mar 31, 2026		Dec 31, 2025		Seql Qtr % Change		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Comp Qtr % Change
Noninterest-bearing demand	$	5,999,278	$	6,064,487	(1)	%	$	5,796,676	$	5,648,935	$	5,640,123	6	%
Savings	5,532,848		5,436,968		2	%	5,338,129		5,222,869		5,162,468		7	%
Interest-bearing demand	7,886,442		8,054,088		(2)	%	7,898,770		7,683,402		8,031,707		(2)	%
Money market	6,061,442		5,890,836		3	%	5,860,802		5,988,947		6,079,551		—	%
Network transaction deposits	1,917,854		2,090,587		(8)	%	1,933,659		1,843,998		1,847,972		4	%
Brokered CDs	3,528,294		3,998,012		(12)	%	3,916,329		4,089,844		4,315,311		(18)	%
Other time deposits	4,234,785		4,093,939		3	%	3,961,522		3,725,205		3,756,332		13	%
Total deposits	35,160,943		35,628,917		(1)	%	34,705,887		34,203,201		34,833,464		1	%
Other customer funding(c)	43,973		45,973		(4)	%	74,305		80,010		87,693		(50)	%
Total deposits and other customer funding	$	35,204,916	$	35,674,890	(1)	%	$	34,780,192	$	34,283,211	$	34,921,157	1	%
Core customer deposits(d) and other customer funding	$	29,758,768	$	29,586,291	1	%	$	28,930,204	$	28,349,369	$	28,757,874	3	%

Numbers may not recalculate due to rounding conventions.

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

(b) March 31, 2025 has been adjusted to conform with current period presentation.

(d) 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)	Mar 31, 2026			Dec 31, 2025			Seql Qtr % Change		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	378,068		$	378,341		—	%	$	376,515		$	371,348		$	363,545		4	%
Provision for loan losses	13,000			2,000			N/M		15,000			18,000			16,500			(21)	%
Charge offs	(8,210)			(7,636)			8	%	(15,254)			(18,348)			(13,714)			(40)	%
Recoveries	2,898			5,363			(46)	%	2,081			5,515			5,017			(42)	%
Net charge offs	(5,312)			(2,273)			134	%	(13,173)			(12,833)			(8,698)			(39)	%
Balance at end of period	$	385,756		$	378,068		2	%	$	378,341		$	376,515		$	371,348		4	%
Allowance for unfunded commitments
Balance at beginning of period	$	41,276		$	36,276		14	%	$	35,276		$	35,276		$	38,776		6	%
Provision for unfunded commitments	(2,000)			5,000			N/M		1,000			—			(3,500)			(43)	%
Balance at end of period	39,276			41,276			(5)	%	36,276			35,276			35,276			11	%
Allowance for credit losses on loans (ACLL)	$	425,032		$	419,344		1	%	$	414,618		$	411,791		$	406,624		5	%
Provision for credit losses on loans	$	11,000		$	7,000		57	%	$	16,000		$	18,000		$	13,000		(15)	%
(Dollars in thousands)	Mar 31, 2026			Dec 31, 2025			Seql Qtr % Change		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Comp Qtr % Change
Net (charge offs) recoveries


Commercial and industrial	$	(2,736)		$	1,524		N/M		$	(1,230)		$	(1,826)		$	(4,726)		(42)	%
Commercial real estate—owner occupied	—			(113)			(100)	%	—			—			—			N/M
Commercial and business lending	(2,736)			1,411			N/M		(1,230)			(1,826)			(4,726)			(42)	%
Commercial real estate—investor	500			94			N/M		(8,930)			(8,493)			(892)			N/M
Real estate construction	2			2			—	%	2			121			30			(93)	%
Commercial real estate lending	502			96			N/M		(8,928)			(8,372)			(863)			N/M
Total commercial	(2,234)			1,507			N/M		(10,158)			(10,198)			(5,589)			(60)	%
Residential mortgage	148			(197)			N/M		(231)			(302)			197			(25)	%
Auto finance	(1,843)			(2,010)			(8)	%	(1,505)			(689)			(1,519)			21	%
Home equity	439			2			N/M		56			237			289			52	%
Other consumer	(1,822)			(1,575)			16	%	(1,336)			(1,881)			(2,076)			(12)	%
Total consumer	(3,078)			(3,780)			(19)	%	(3,015)			(2,636)			(3,109)			(1)	%
Total net charge offs	$	(5,312)		$	(2,273)		134	%	$	(13,173)		$	(12,833)		$	(8,698)		(39)	%

(In basis points)	Mar 31, 2026			Dec 31, 2025					Sep 30, 2025			Jun 30, 2025			Mar 31, 2025
Net (charge offs) recoveries to average loans (annualized)


Commercial and industrial	(9)			5					(4)			(7)			(18)
Commercial real estate—owner occupied	—			(4)					—			—			—
Commercial and business lending	(9)			4					(4)			(6)			(16)
Commercial real estate—investor	4			1					(67)			(61)			(7)
Real estate construction	—			—					—			3			1
Commercial real estate lending	3			1					(49)			(45)			(5)
Total commercial	(4)			3					(20)			(21)			(12)
Residential mortgage	1			(1)					(1)			(2)			1
Auto finance	(24)			(26)					(20)			(9)			(22)
Home equity	25			—					3			14			18
Other consumer	(235)			(200)					(173)			(244)			(268)
Total consumer	(11)			(14)					(11)			(10)			(11)
Total net charge offs	(7)			(3)					(17)			(17)			(12)

(Dollars in thousands)	Mar 31, 2026			Dec 31, 2025			Seql Qtr % Change		Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Comp Qtr % Change
Credit quality
Nonaccrual loans	$	110,581		$	100,428		10	%	$	106,179		$	112,999		$	134,808		(18)	%
Other real estate owned (OREO)	32,534			28,016			16	%	29,268			34,287			23,475			39	%

Repossessed assets	806			757			6	%	789			882			688			17	%
Total nonperforming assets	$	143,921		$	129,201		11	%	$	136,236		$	148,169		$	158,971		(9)	%

Accruing loans past due 90 days or more(a)	$	2,490		$	2,814		(12)	%	$	2,692		$	14,160		$	3,036		(18)	%

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

Allowance for credit losses on loans to nonaccrual loans	384.36		%	417.56		%			390.49		%	364.42		%	301.63		%
Nonaccrual loans to total loans	0.35		%	0.32		%			0.34		%	0.37		%	0.44		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.45		%	0.41		%			0.44		%	0.48		%	0.52		%
Nonperforming assets to total assets	0.32		%	0.29		%			0.31		%	0.34		%	0.37		%


Associated Banc-Corp Selected Asset Quality Information (continued)
(Dollars in thousands)	Mar 31, 2026		Dec 31, 2025		Seql Qtr % Change		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	19,606	$	7,178	173	%	$	12,802	$	6,945	$	12,898	52	%
Commercial real estate—owner occupied	34		203		(83)	%	203		—		1,501		(98)	%
Commercial and business lending	19,640		7,381		166	%	13,006		6,945		14,399		36	%
Commercial real estate—investor	8,078		8,311		(3)	%	7,333		15,805		31,689		(75)	%
Real estate construction	25		144		(83)	%	145		146		125		(80)	%
Commercial real estate lending	8,103		8,455		(4)	%	7,478		15,950		31,814		(75)	%
Total commercial	27,743		15,836		75	%	20,484		22,895		46,213		(40)	%
Residential mortgage	66,890		68,492		(2)	%	69,093		73,817		72,455		(8)	%
Auto finance	8,888		8,271		7	%	8,218		8,004		7,692		16	%
Home equity	6,950		7,774		(11)	%	8,299		8,201		8,275		(16)	%
Other consumer	110		55		100	%	85		82		173		(36)	%
Total consumer	82,838		84,592		(2)	%	85,696		90,104		88,595		(6)	%
Total nonaccrual loans	$	110,581	$	100,428	10	%	$	106,179	$	112,999	$	134,808	(18)	%

















(Dollars in thousands)	Mar 31, 2026		Dec 31, 2025		Seql Qtr % Change		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial	$	24,253	$	2,683	N/M		$	1,071	$	2,593	$	7,740	N/M
Commercial real estate—owner occupied	345		34		N/M		—		5,628		1,156		(70)	%
Commercial and business lending	24,598		2,717		N/M		1,071		8,221		8,896		177	%
Commercial real estate—investor	33,487		19,405		73	%	14,190		1,042		2,463		N/M
Real estate construction	—		117		(100)	%	21		90		—		N/M
Commercial real estate lending	33,487		19,522		72	%	14,211		1,132		2,463		N/M
Total commercial	58,085		22,239		161	%	15,282		9,353		11,360		N/M
Residential mortgage	7,755		13,135		(41)	%	12,684		8,744		13,568		(43)	%
Auto finance	14,549		16,445		(12)	%	14,013		13,149		12,522		16	%
Home equity	2,742		3,779		(27)	%	4,265		4,338		3,606		(24)	%
Other consumer(a)	2,173		2,704		(20)	%	2,728		2,578		2,381		(9)	%
Total consumer	27,219		36,063		(25)	%	33,689		28,810		32,076		(15)	%
Total accruing loans 30-89 days past due	$	85,304	$	58,302	46	%	$	48,971	$	38,163	$	43,435	96	%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) Excluding guaranteed student loans.


Associated Banc-Corp Selected Quarterly Information
(Dollars and shares in thousands, except per share data and as noted)	1Q26			4Q25			3Q25			2Q25			1Q25
Per common share data
Dividends	$	0.24		$	0.24		$	0.23		$	0.23		$	0.23
Market value:
High	29.37			27.14			27.01			24.56			25.63
Low	24.34			24.11			23.78			18.91			21.06
Close	25.86			25.76			25.71			24.39			22.53
Book value / share(a)	29.04			28.81			28.17			27.67			27.09
Tangible book value (TBV) / share(a)(b)	22.23			22.01			21.36			20.84			20.25
Selected trend information
Net interest margin(c)	3.03		%	3.06		%	3.04		%	3.04		%	2.97		%
Effective tax rate	21.75		%	15.82		%	19.16		%	20.34		%	16.03		%
Noninterest expense / average assets(c)	1.97		%	1.96		%	1.95		%	1.93		%	2.00		%
Dividend payout ratio(d)	34.29		%	29.63		%	31.51		%	35.38		%	38.33		%
Loans / deposits ratio	88.99		%	87.65		%	88.73		%	89.63		%	86.07		%


Assets under management, at market value(e)	$	15,708		$	16,132		$	16,178		$	15,537		$	14,685





Common shares repurchased during period(f)	894			—			—			—			900
Common shares outstanding, end of period	165,438			165,980			165,904			165,778			165,807

Risk-based capital(g)(h)
Total risk-weighted assets	$	35,773,810		$	35,125,680		$	34,688,358		$	34,241,408		$	33,800,823
Common equity Tier 1(i)	$	3,744,610		$	3,683,711		$	3,584,712		$	3,493,316		$	3,417,432
Common equity Tier 1 capital ratio(i)	10.47		%	10.49		%	10.33		%	10.20		%	10.11		%
Tier 1 capital ratio	11.01		%	11.04		%	10.89		%	10.77		%	10.68		%
Total capital ratio	13.02		%	13.08		%	12.94		%	12.83		%	12.75		%
Tier 1 leverage ratio	8.98		%	8.96		%	8.81		%	8.72		%	8.69		%
Selected equity and performance ratios
Total stockholders’ equity / total assets	10.96		%	11.01		%	10.95		%	10.87		%	10.82		%
Tangible common equity / tangible assets (TCE Ratio)(b)	8.27		%	8.29		%	8.18		%	8.06		%	7.96		%
Average stockholders' equity / average assets	11.12		%	11.05		%	10.95		%	10.90		%	10.86		%
Return on average equity(c)	9.69		%	11.09		%	10.26		%	9.43		%	8.91		%
Return on average tangible common equity (ROATCE)(b)(c)	13.03		%	15.04		%	14.02		%	12.96		%	12.34		%

Return on average assets(c)	1.08		%	1.23		%	1.12		%	1.03		%	0.97		%
Return on average tangible assets(b)(c)	1.12		%	1.27		%	1.17		%	1.07		%	1.01		%
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio	56.03		%	55.21		%	54.77		%	55.81		%	59.72		%
Adjusted efficiency ratio(b)	55.77		%	55.15		%	54.77		%	55.81		%	58.55		%

Numbers may not recalculate due to rounding conventions.

(a)Based on period end common shares outstanding.

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

(c)This ratio is annualized.

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

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

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

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

(h)March 31, 2026 data is estimated.

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


Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
(Dollars in thousands)	1Q26		4Q25		3Q25		2Q25		1Q25
Tangible common equity reconciliation
Common equity	$	4,803,760	$	4,781,235	$	4,674,186	$	4,586,669	$	4,492,446
Less: Goodwill and other intangible assets, net	1,125,639		1,127,842		1,130,044		1,132,247		1,134,450
Tangible common equity for TBV / share and TCE Ratio	$	3,678,121	$	3,653,393	$	3,544,142	$	3,454,422	$	3,357,996


Tangible assets reconciliation
Total assets	$	45,593,740	$	45,202,596	$	44,455,863	$	43,993,729	$	43,309,136
Less: Goodwill and other intangible assets, net	1,125,639		1,127,842		1,130,044		1,132,247		1,134,450
Tangible assets for TCE Ratio	$	44,468,101	$	44,074,754	$	43,325,819	$	42,861,482	$	42,174,686
Average tangible common equity reconciliation
Average common equity	$	4,812,415	$	4,713,445	$	4,627,038	$	4,538,549	$	4,436,467
Less: Average goodwill and other intangible assets, net	1,126,748		1,129,055		1,131,385		1,133,627		1,135,584
Average tangible common equity for ROATCE	$	3,685,667	$	3,584,390	$	3,495,653	$	3,404,922	$	3,300,883




Average tangible assets reconciliation
Average total assets	$	45,018,948	$	44,402,771	$	44,015,203	$	43,420,063	$	42,630,627
Less: Average goodwill and other intangible assets, net	1,126,748		1,129,055		1,131,385		1,133,627		1,135,584
Average tangible assets for return on average tangible assets	$	43,892,200	$	43,273,716	$	42,883,818	$	42,286,436	$	41,495,043
Adjusted net income reconciliation
Net income	$	119,635	$	137,129	$	124,732	$	111,230	$	101,687
Other intangible amortization, net of tax	1,652		1,652		1,652		1,652		1,652
Adjusted net income for return on average tangible assets	$	121,287	$	138,781	$	126,384	$	112,882	$	103,339
Adjusted net income available to common equity reconciliation
Net income available to common equity	$	116,760	$	134,254	$	121,857	$	108,355	$	98,812
Other intangible amortization, net of tax	1,652		1,652		1,652		1,652		1,652
Adjusted net income available to common equity for ROATCE	$	118,412	$	135,906	$	123,509	$	110,007	$	100,464








Pre-tax pre-provision income
Income before income taxes	$	152,883	$	162,901	$	154,286	$	139,629	$	121,095
Provision for credit losses	11,001		6,998		16,000		17,996		13,003
Pre-tax pre-provision income	$	163,884	$	169,899	$	170,286	$	157,625	$	134,098





Period end core customer deposits reconciliation
Total deposits	$	35,731,765	$	35,552,608	$	34,881,853	$	34,147,565	$	35,196,713
Less: Network transaction deposits	1,746,518		2,154,995		2,013,964		1,792,362		1,882,930
Less: Brokered CDs	3,562,752		3,795,133		3,956,517		4,072,048		4,197,512
Core customer deposits	$	30,422,495	$	29,602,480	$	28,911,371	$	28,283,155	$	29,116,271
Average core customer deposits reconciliation
Average total deposits	$	35,160,943	$	35,628,917	$	34,705,887	$	34,203,201	$	34,833,464
Less: Average network transaction deposits	1,917,854		2,090,587		1,933,659		1,843,998		1,847,972
Less: Average brokered CDs	3,528,294		3,998,012		3,916,329		4,089,844		4,315,311
Average core customer deposits	$	29,714,795	$	29,540,318	$	28,855,899	$	28,269,359	$	28,670,181
Total expense for efficiency ratios reconciliation
Noninterest expense	$	219,163	$	219,466	$	216,202	$	209,352	$	210,619
Less: Other intangible amortization	2,203		2,203		2,203		2,203		2,203
Total expense for fully tax-equivalent efficiency ratio	216,960		217,263		213,999		207,149		208,416

Less: Acquisition costs(a)	1,007		252		—		—		—
Total expense for adjusted efficiency ratio	$	215,953	$	217,011	$	213,999	$	207,149	$	208,416
Total revenue for efficiency ratios reconciliation
Net interest income	$	307,190	$	309,981	$	305,222	$	300,000	$	285,941
Noninterest income	75,857		79,384		81,265		66,977		58,776
Less: Investment securities (losses) gains, net	(28)		37		1		7		4
Fully tax-equivalent adjustment	4,139		4,196		4,222		4,228		4,254
Total revenue for fully tax-equivalent efficiency ratio	387,214		393,524		390,708		371,198		348,968
Less: Announced initiatives(b)	—		—		—		—		(6,976)
Total revenue for adjusted efficiency ratio	$	387,214	$	393,524	$	390,708	$	371,198	$	355,943

Numbers may not recalculate due to rounding conventions.

(a)During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs.

(b)Announced initiatives include the loss on mortgage portfolio sale as a result of balance sheet repositioning that the Corporation announced in the fourth quarter of 2024.

EX-99.2 3 asb1q2026earningspresent.htm EX-99.2 asb1q2026earningspresent

Associated Banc-Corp First Quarter 2026 Earnings Presentation April 23, 2026

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

Financial Results Associated Bank River Center – Milwaukee, WI

$0.70 Diluted EPS 10.47% CET1 Ratio 13.02% Total Capital Ratio 10.54% Common Equity / Total Assets 8.27% TCE Ratio1 9.69% Return on Avg. Equity 13.03% ROATCE1 $29.04 Book Value / Share $22.23 TBV / Share1 First Quarter 2026 Results 4 ▪ Total period end loans of $31.8 billion ▪ +2.0% vs. 4Q25; +5.0% vs. 1Q25 ▪ Period end C&I loans of $12.3 billion ▪ +4.6% vs. 4Q25; +12.9% vs. 1Q25 ▪ Total period end deposits of $35.7 billion ▪ +0.5% vs. 4Q25; +1.5% vs. 1Q25 ▪ Period end core customer deposits1 of $30.4 billion ▪ +2.8% vs. 4Q25; +4.5% vs. 1Q25 ▪ Net interest income of $307 million ▪ Net interest margin of 3.03% ▪ Noninterest income of $76 million ▪ Noninterest expense of $219 million ▪ Provision for credit losses of $11 million ▪ ACLL / total loans of 1.34% ▪ NCOs / average loans (annualized) of 0.07% 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

+2.2% Annualized Customer CKG HH Growth 1Q26 vs. 4Q25 Accelerating our Growth Trend 5 +4.6% Period End C&I Loan Growth 1Q26 vs. 4Q25 1 YTD updates as of April 23, 2026. 2 Marketing acquisition spend defined as business development & advertising expense. Marketing acquisition spend up 23% in 1Q26 vs. 1Q252 1Q 2026 results reflect growth trend, with several YTD investments expected to drive additional momentum in 2026-27 4/1/2026 Completed Acquisition of American National Corporation Accelerating Growth YTD Investments for Sustained Growth1 Expanded Kansas City C&I team Launched new Franchise Banking vertical Hired new Director of Private Banking, Major Metro Markets Launched Dallas C&I team Two new product launches already impacting results

6 Late 3Q 2026 Expected conversion of systems & branches 12/1/2025 Announced agreement to acquire ANC American National Corporation (ANC) Integration on Track Partnership expected to complement & accelerate our organic growth strategy 3/12/2026 Regulatory approvals received 4/1/2026 Close of transaction Early April 2026 40+ ASB leaders in Omaha for integration Early April 2026 Colleague decisioning completed 2Q 2026 Purchase accounting adjustments finalized Expanded Presence in Strategic Growth Markets Financially Attractive Partnership Strong Cultural Alignment

Twin Cities 165-Year Foundation in Wisconsin…Accelerating Household, Deposit and C&I Growth in Major Metro Markets 7 ASB Branch Footprint States1 Strategic Major Metro Growth Markets 1 Upon expected conversion of American National Bank branches in 3Q 2026. Milwaukee Chicago Omaha St. Louis Kansas City Dallas/Ft. Worth Driving Growth in Legacy Metros Expanding in Strategic Growth Markets Milwaukee Chicago Twin Cities Omaha Kansas City Dallas/Ft. Worth Expanding in 2026 New in 2026 New in 2025 Expanded in 2026 Expanding in 2026 St. Louis First MO branch in 2025

$3.8 $3.9 $4.0 $4.1 $4.1 $7.3 $7.0 $7.0 $6.9 $6.8 $7.3 $7.5 $7.3 $7.3 $7.3 $11.7 $12.1 $12.5 $12.7 $13.0 $30.1 $30.5 $30.8 $31.0 $31.3 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Quarterly Loan Trends 8 Average Quarterly Loans ($ in billions) Period End Loan Change 12/31/25 to 3/31/26 ($ in millions) $(66) $(20) $7 $21 $30 $123 $540 Commercial & Industrial Home Equity & Other Consumer CRE-Construction Residential Mortgage Auto Finance Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer CRE-Investor CRE-Owner Occupied Strong period end C&I loan growth of 5% helped drive total loan growth of 2% in 1Q

$1.8 $1.8 $1.9 $2.1 $1.9 $4.3 $4.1 $3.9 $4.0 $3.5 $3.8 $3.7 $4.0 $4.1 $4.2 $6.1 $6.0 $5.9 $5.9 $6.1 $5.2 $5.2 $5.3 $5.4 $5.5 $8.0 $7.7 $7.9 $8.1 $7.9 $5.6 $5.6 $5.8 $6.1 $6.0 $34.8 $34.2 $34.7 $35.6 $35.2 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Quarterly Deposit & Funding Trends 9 Average Quarterly Deposits ($ in billions) Period End Funding Change 12/31/25 to 3/31/26 ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Customer CDs Savings Money Market Network Trans. Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs $(408) $(232) $85 $154 $(2) $49 $141 $189 $443 Noninterest-Bearing Demand Savings Other Wholesale Funding FHLB Advances Network Transaction Deposits Core Customer Deposits1 +$820 (+3%) Wholesale Funding Sources $(401) (-4%) Total Deposits +$179 (+1%) Customer CDs Interest-Bearing Demand Money Market Brokered CDs Seasonal inflows during 1Q helped drive strong period end deposit trends and a 4% decrease in wholesale funding

Average Yield Trends 10 Quarterly Average Yields (%) 6.71 6.75 6.74 6.50 6.21 6.43 6.50 6.45 6.18 5.89 5.59 5.63 5.58 5.56 5.45 3.68 3.70 3.75 3.76 3.78 4.22 4.24 4.26 4.14 4.17 2.91 2.78 2.78 2.61 2.44 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Residential Mortgage Commercial & Business Lending Commercial Real Estate Total Interest- Bearing Deposits Auto Finance Asset & Liability Yield / Rate Trends (%) Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 5.45 5.50 5.50 5.34 5.20 3.06 3.02 3.03 2.82 2.67 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Investments The yield on total earning assets decreased by 14 bps in 1Q, while interest-bearing liability costs decreased by 15 bps

Net Interest Income & Net Interest Margin Trends 11 ($ in millions) $286 $300 $305 $310 $307 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 3.04% 2.97% 3.06% 3.03% Quarterly Net Interest Income Quarterly Net Interest Margin 3.04% 1Q net interest income increased $21 million from the same period a year ago, while NIM increased by 6 bps over the same period

Interest Rate Risk Management1 12 Contractual Funding Obligations ($ in billions) Contractual Swaps Balances2 ($ in billions) Estimated NII Sensitivity Profile (%) 10.4 6.8 3.2 2.6 3.8 5.1 3.4 1.7 1.4 2.0 -14.9 -2.3 -1.0 -0.6 -1.4 -14.9 -4.4 -1.9 -1.5 -3.1 1Q 2022 1Q 2023 1Q 2024 1Q 2025 1Q 2026 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) $2.45 $2.45 $2.45 $1.93 $1.53 1Q 2026 2Q 2026 3Q 2026 4Q 2026 1Q 2027 ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $8.0 $0.1 $0.0 $8.1 Short-Term Funding $0.4 - - $0.4 FHLB Advances $3.2 $0.2 $0.0 $3.4 Other Long-Term Funding - - $0.6 $0.6 Total $11.6 $0.3 $0.6 $12.5 3.61%3.68%3.68%3.68% 3.56% Notional Balances Weighted Avg. Yield 1 All updates as of or for the period ended March 31, 2026 unless otherwise noted. 2 Includes $50 million of forward starting swaps. 3 In both the down 100 and down 200 for 1Q 2022, scenario rates are floored at zero. 3 We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment

Cash & Investment Securities Portfolio 13 Period End Investment Securities ($ in billions) Period End Securities + Cash / Total Assets $4.8 $5.0 $5.2 $5.4 $5.5 $3.7 $3.7 $3.6 $3.6 $3.6 $0.2 $0.3 $0.3 $0.3 $0.3$8.7 $9.0 $9.1 $9.3 $9.4 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Held to MaturityAvailable for Sale Other Securities 20.1% 20.5% 20.5% 20.5% 20.6% 2.9% 2.9% 2.9% 3.8% 3.1% 23.0% 23.4% 23.4% 24.3% 23.7% 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Investment Securities / Total Assets Cash / Total Assets We continue to target securities + cash / total assets of 22% to 24% in 2026 We’ve continued to manage our cash & investment securities levels in proportion to broader balance sheet growth

$22 $23 $25 $26 $25 $13 $13 $14 $14 $14 $10 $11 $12 $13 $12 $4 $6 $11 $11 $7 $4 $4 $4 $3 $6 $5 $10 $15 $12 $12 $59 $67 $81 $79 $76 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Quarterly Noninterest Income Trends 14 1 Wealth Mgmt. Fees Capital Markets, net Other2 Mortgage Banking, net Service Charges & Deposit Account Fees Card-Based Fees 1 1Q 2025 GAAP noninterest income includes a $7 million pre-tax loss on a mortgage portfolio sale, primarily driven by the FAS91 impact of the mortgage portfolio sale announced in 4Q 2024 and settled in 1Q 2025. 2 Other is comprised of other fee-based revenue, bank and corporate owned life insurance, asset gains (losses), net, investment securities gains (losses), net, and other noninterest income. Capital Markets, Net ($ in millions) $30 $25 $22 $32 $7 FY 2022 FY 2023 FY 2024 FY 2025 1Q 2026 $84 $83 $93 $97 $25 FY 2022 FY 2023 FY 2024 FY 2025 1Q 2026 1Q26 noninterest income was materially higher vs. 1Q25, with strong growth in wealth, capital markets & other fee categories Wealth Management Fees ($ in millions)Total Quarterly Noninterest Income ($ in millions)

Quarterly Noninterest Expense Trends 15 Total Quarterly Noninterest Expense ($ in millions) Efficiency Ratio (%) $124 $127 $136 $135 $135 $27 $27 $29 $29 $30 $15 $13 $13 $14 $14 $10 $10 $10 $7 $9 $34 $33 $29 $34 $31 $211 $209 $216 $219 $219 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Personnel Other1 Technology FDIC AssessmentOccupancy Adjusted Efficiency Ratio2Fully Tax-Equivalent Efficiency Ratio 59.7 55.8 54.8 55.2 56.0 58.6 55.8 54.8 55.2 55.8 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 1 Other is comprised of business development & advertising, equipment, legal & professional, loan & foreclosure costs, other intangible amortization & other noninterest expenses. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Total noninterest expense decreased slightly from the prior quarter & increased 4% vs. the same period a year ago

Capital Profile 16 Regulatory Capital Ratios (%) Additional Capital Ratios (%) Per Common Share Data ($) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 10.11 10.68 12.75 10.47 11.01 13.02 CET1 Tier 1 Capital Total Capital 1Q 2025 1Q 2026 27.09 27.67 28.17 28.81 29.04 20.25 20.84 21.36 22.01 22.23 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Tangible Common Equity / Tangible Assets (TCE Ratio)1 Total Common Equity / Total Assets 10.37 10.43 10.51 10.58 10.54 7.96 8.06 8.18 8.29 8.27 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Tangible Book Value / Share1Book Value / Share We continue to target a CET1 range of 10% to 10.75% in 2026

Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 172,257$ 1.43% 198,793$ 1.53% 208,208$ 1.54% CRE - Investor 79,149 1.41% 58,742 1.12% 53,899 1.02% CRE - Construction 59,873 3.31% 64,542 3.24% 69,810 3.30% Residential Mortgage 34,160 0.49% 33,644 0.50% 32,739 0.49% Other Consumer 61,184 1.59% 63,623 1.54% 60,376 1.45% Total 406,624$ 1.34% 419,344$ 1.35% 425,032$ 1.34% 3/31/2025 3/31/202612/31/2025 $407 $412 $415 $419 $425 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Allowance for Credit Losses on Loans (ACLL)1 17 ACLL Trends ($ in millions) 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) 1.34% 1.35% 1.34% 1.35% 1.34% 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 ACLL / Total Loans Our ACLL increased to $425 million in support of balance sheet growth, while ACLL / total loans decreased 1 bp to 1.34%

Credit Quality Trends 18 Total Delinquent Loans ($ in millions) Nonaccrual Loans ($ in millions) Total Criticized Loans ($ in millions) Net Charge Offs & Provision ($ in millions) $3 $14 $3 $3 $3 $44 $38 $49 $58 $85 $47 $52 $52 $61 $88 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Accruing Loans 30-89 Days PD $9 $13 $13 $2 $5 $13 $18 $16 $7 $11 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD $135 $113 $106 $100 $111 $740 $888 $1,125 $1,067 $1,066 $451 $467 $412 $310 $272 $1,325 $1,468 $1,643 $1,478 $1,449 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 $89 $90 $86 $85 $83 $32 $16 $7 $8 $8 $14 $7 $13 $7 $20 $135 $113 $106 $100 $111 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans 1Q credit quality remained solid with decreasing criticized loans and NCOs / avg. loans (annualized) of 0.07%

FY 2026 Outlook1 19 Total Loans Up 17% to 19% Total C&I Loans Up 20% to 22% Total Deposits Up 17% to 19% Core Customer Deposits2 Up 19% to 21% Net Interest Income Updating with 2Q 2026 Earnings Noninterest Income Up 8% to 10% Noninterest Expense Updating with 2Q 2026 Earnings Effective Tax Rate 19% to 21% CET1 Capital Ratio 10% to 10.75% 1 Projections are on an end of period basis as of and for the year ended 12/31/2026 as compared to Associated Banc-Corp standalone 2025 results as of 12/31/2025 unless otherwise noted. 2 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. We have not provided a reconciliation of the projection for core customer deposits to the projection for total deposits due to the low visibility and unpredictability of the components of total deposits necessary for such reconciliation. + ASB + American National Combined

Appendix IDS Center – Minneapolis, MN

Additional Quarterly Loan Trends 21 Period End Quarterly Loans ($ in billions) Average Loan Change 4Q 2025 to 1Q 2026 ($ in millions) $3.8 $4.0 $4.0 $4.1 $4.2 $7.0 $6.9 $6.9 $6.8 $6.7 $7.4 $7.3 $7.3 $7.2 $7.4 $12.0 $12.4 $12.7 $13.0 $13.5 $30.3 $30.6 $31.0 $31.2 $31.8 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 $(68) $(14) $4 $33 $61 $81 $189 Commercial & Industrial CRE-Investor CRE-Construction Residential Mortgage Auto Finance Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer CRE-Owner Occupied Home Equity & Other Consumer

3/31/2026 1 % of Total Loans 3/31/2026 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 3,183$ 10.0% Multi-Family 3,233$ 10.2% Manufacturing & Wholesale Trade 2,946 9.3% Industrial 1,785 5.6% Real Estate (includes REITs) 2,186 6.9% Office 746 2.3% Finance & Insurance 791 2.5% Retail 579 1.8% Mortgage Warehouse 654 2.1% Single Family Construction 193 0.6% Retail Trade 600 1.9% Hotel/Motel 190 0.6% Rental and Leasing Services 556 1.7% Medical 161 0.5% Construction 537 1.7% Warehouse 150 0.5% Transportation and Warehousing 522 1.6% Land 83 0.3% Professional, Scientific, and Tech. Serv. 324 1.0% Self Storage 4 0.0% Health Care and Social Assistance 316 1.0% Other 260 0.8% Information 271 0.9% Total CRE 7,384$ 23.2% Waste Management 163 0.5% Accommodation and Food Services 134 0.4% Consumer Management of Companies & Enterprises 62 0.2% Residential Mortgage 6,728$ 21.2% Educational Services 59 0.2% Auto Finance 3,136 9.9% Arts, Entertainment, and Recreation 53 0.2% Home Equity 706 2.2% Public Administration 17 0.1% Credit Cards 195 0.6% Agriculture, Forestry, Fishing and Hunting 9 0.0% Other 116 0.3% Mining 3 0.0% Total Consumer 10,881$ 34.2% Other 147 0.4% Total C&BL 13,533$ 42.6% Total Loans 31,798$ 100.0% Total Loans Outstanding Balances as of March 31, 2026 22 1 All values as of period end. 2 North American Industry Classification System. ($ in millions)

Loan Stratification Outstanding Balances as of March 31, 2026 23 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Multi-Family 44% Retail 8% Office 10% Industrial 24% Warehouse 2%Hotel / Motel 3% Other 9% Wisconsin 25% Illinois 17% Minnesota 8% Other Midwest 14% Texas 6% Other 30% Manufacturing & Wholesale Trade 22% Power & Utilities 23% Real Estate 16%Mortgage Warehouse 5% Finance & Insurance 6% Residential Mortgage 62% Auto Finance 29% Home Equity 6% Credit Cards 2% Other 1% Wisconsin 20% Illinois 14% Minnesota 7% Texas 6% Other Midwest 9% Other 44% Wisconsin 20% Illinois 13% Minnesota 8% Other Midwest2 20% Texas 13% Other 26% 2 2 C&BL by State $13.5 billion Consumer by Category $10.9 billion C&BL by Industry $13.5 billion Total Loans by State1 CRE by State $7.4 billion CRE by Property Type $7.4 billion

High-Quality Commercial Real Estate Portfolio1 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 Portfolio LTV 57% 57% 58% 57% 57% Delinquencies3/Loans 0.03% 0.17% 0.19% 0.27% 0.45% NALs/Loans 0.43% 0.22% 0.10% 0.12% 0.11% ACLL/Loans 1.88% 1.77% 1.74% 1.70% 1.68% NCOs/Avg. Loans4 0.05% 0.45% 0.49% (0.01)% (0.03)% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.16% Top 10 Largest CRE Borrowers 1.28% Largest CRE Property Type (Multi-Family) 10.17% CRE Office Loans 2.35% CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.22x 2026 Remaining Maturities $296 million Central Business District vs. Suburban ~81% Suburban Property Class Mix6 ~51% Class A Consumer 34% Com'l & Business Lending 43% CRE 23% Total Loans by Segment Wisconsin 20% Illinois 13% Minnesota 8% Other Midwest2 20% Texas 13% Other 26% CRE by State Multi-Family 44% Retail 8% Office 10% Industrial 24% Other 14% CRE by Property Type 1 All updates as of or for the period ended March 31, 2026 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. 4 Calculated on an annualized basis. Negative value represents a net recovery. 5 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. 6 Property class mix determined by third-party vendor partner mapping of portfolio.

High-Quality Consumer Loan Portfolio1 25 1 All data as of or for the period ended March 31, 2026 unless otherwise noted. 3/31/2026 % of Total Loans Residential Mortgage $6,728 21.2% Auto Finance $3,136 9.9% Home Equity $706 2.2% Credit Cards $195 0.6% Other $116 0.3% Total Consumer $10,881 34.2% Prime/Super Prime Consumer Loan Portfolio 789 783 794 792 Resi. Mortgage Auto Finance Home Equity Credit Cards Weighted Avg. Portfolio FICO Scores 87% 7% 6% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)

Stable, Granular Deposit Portfolio 26 Associated Bank, N.A. Period End Deposits ($ in billions) Liquidity Sources ($ in millions) 26% 25% 25% 26% 26% 74% 75% 75% 74% 74% $35.2 $34.2 $34.9 $35.6 $35.8 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits 12/31/2025 3/31/2026 Federal Reserve Balance $1,139.4 $915.7 FHLB Chicago Capacity $6,221.5 $5,574.2 Fed Discount Window Capacity $6,443.8 $6,506.8 Funding Available Within One Business Day1 $13,804.7 $12,996.7 Fed Funds Lines $1,846.0 $1,981.0 Brokered Deposits Capacity2 $823.1 $1,529.8 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Available Liquidity $17,473.7 $17,507.5 191% of uninsured, uncollateralized deposits 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Estimated availability based on the Corporation’s current internal funding considerations.

$1.9 $1.8 $2.0 $2.2 $1.7 $4.2 $4.1 $4.0 $3.8 $3.6 $3.7 $3.8 $4.0 $4.0 $4.5 $6.1 $5.9 $5.8 $6.1 $6.2 $5.2 $5.3 $5.4 $5.5 $5.7 $7.9 $7.5 $7.8 $7.8 $8.0 $6.1 $5.8 $5.9 $6.1 $6.1 $35.2 $34.1 $34.9 $35.6 $35.7 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Additional Quarterly Deposit & Funding Trends 27 Period End Quarterly Deposits ($ in billions) Quarterly Average Funding Change (4Q25 to 1Q26) ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Customer CDs Savings Money Market Network Trans. Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs $(470) $(173) $136 $(168) $(65) $96 $141 $171 Customer CDs FHLB Advances Brokered CDs Core Customer Deposits1 +$174 (+1%) Wholesale Funding Sources +$369 (+4%) Total Deposits $(468) (-1%) Money Market Savings Noninterest-Bearing Demand Network Transaction Deposits $876 Interest-Bearing Demand Other Wholesale Funding

Tangible Common Equity & Tangible Assets Reconciliation ($ in thousands) 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Common equity $4,803,760 $4,781,235 $4,674,186 $4,586,669 $4,492,446 Less: Goodwill and other intangible assets, net 1,125,639 1,127,842 1,130,044 1,132,247 1,134,450 Tangible common equity for TCE Ratio and TBV / share $3,678,121 $3,653,393 $3,544,142 $3,454,422 $3,357,996 Total assets $45,593,740 $45,202,596 $44,455,863 $43,993,729 $43,309,136 Less: Goodwill and other intangible assets, net 1,125,639 1,127,842 1,130,044 1,132,247 1,134,450 Tangible assets for TCE Ratio $44,468,101 $44,074,754 $43,325,819 $42,861,482 $42,174,686 Reconciliation & Definitions of Non-GAAP Items 28 Period End Core Customer Deposits Reconciliation ($ in thousands) 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Total deposits $35,731,765 $35,552,608 $34,881,853 $34,147,565 $35,196,713 Less: Network transaction deposits 1,746,518 2,154,995 2,013,964 1,792,362 1,882,930 Less: Brokered CDs 3,562,752 3,795,133 3,956,517 4,072,048 4,197,512 Core customer deposits $30,422,495 $29,602,480 $28,911,371 $28,283,155 $29,116,271 Avg. Core Customer Deposits Reconciliation ($ in thousands) 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Average total deposits $35,160,943 $35,628,917 $34,705,887 $34,203,201 $34,833,464 Less: Average network transaction deposits 1,917,854 2,090,587 1,933,659 1,843,998 1,847,972 Less: Average brokered CDs 3,528,294 3,998,012 3,916,329 4,089,844 4,315,311 Average core customer deposits $29,714,795 $29,540,318 $28,855,899 $28,269,359 $28,670,181 Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) 1Q 2026 Net income available to common equity $116,760 Other intangible amortization, net of tax 1,652 Adjusted net income available to common equity for ROATCE $118,412 Average common equity $4,812,415 Less: Average goodwill and other intangible assets, net 1,126,748 Average tangible common equity for ROATCE $3,685,667

Reconciliation & Definitions of Non-GAAP Items 29 Update 1 During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National Corporation. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs. 2 2025 announced initiatives include the loss on mortgage portfolio sale as a result of the balance sheet repositioning that the Corporation announced in 4Q 2024. Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Total expense for efficiency ratios reconciliation Noninterest expense $219,163 $219,466 $216,202 $209,352 $210,619 Less: Other intangible amortization 2,203 2,203 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 216,960 217,263 213,999 207,149 208,416 Less: Acquisition costs1 1,007 252 - - - Total expense for adjusted efficiency ratio $215,953 $217,011 $213,999 $207,149 $208,416 Total revenue for efficiency ratios reconciliation Net interest income $307,190 $309,981 $305,222 $300,000 $285,941 Noninterest income 75,857 79,384 81,265 66,977 58,776 Less: Investment securities (losses) gains, net (28) 37 1 7 4 Fully tax-equivalent adjustment 4,139 4,196 4,222 4,228 4,254 Total revenue for fully tax-equivalent efficiency ratio 387,214 393,524 390,708 371,198 348,968 Less: Announced initiatives2 - - - - (6,976) Total revenue for adjusted efficiency ratio $387,214 $393,524 $390,708 $371,198 $355,943

Thank You Monroe Office – Chicago, IL