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

Date of Report (Date of earliest event reported) July 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 July 23, 2026, Associated Banc-Corp announced its earnings for the quarter ended June 30, 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 July 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:





SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  Associated Banc-Corp
  (Registrant)
   
   
Date: July 23, 2026
 By: /s/ Derek S. Meyer
  Derek S. Meyer
  Chief Financial Officer
  
 
 

EX-99.1 2 asb06302026ex991.htm EX-99.1 Document
Exhibit 99.1

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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 Second Quarter 2026 Earnings of $0.63 Per Common Share, or $0.73 Per Common Share Excluding Nonrecurring Items Recognized During the Quarter1

Results fueled by sustained organic growth trends, ongoing integration of American National Corporation.
GREEN BAY, Wis. -- July 23, 2026 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $121 million, or $0.63 per common share, for the quarter ended June 30, 2026. These amounts compare to earnings of $117 million, or $0.70 per common share, for the quarter ended March 31, 2026 and earnings of $108 million, or $0.65 per common share, for the quarter ended June 30, 2025.
The Company's results for the quarter ended June 30, 2026 were impacted by several nonrecurring expenses associated with the acquisition of American National Corporation that closed on April 1, 2026. Excluding the impact of these nonrecurring items, the Company reported adjusted earnings of $140 million, or $0.73 per common share1.
"Organic growth continues to be a primary focus for our company, and midway through 2026, we've maintained our momentum in several important ways," said President & CEO Andy Harmening. "Through June 30th, we've seen double-digit C&I growth, excellent household growth, and strong, improving annual deposit growth--all while maintaining our disciplined approach to expense management and credit. We've also been pleased with the American National partnership, which has largely come in as expected."
"As we look to the back half of 2026 and into 2027, we expect to maintain our growth trajectory through steady execution of organic initiatives and the successful integration of American National Corporation. We look forward to demonstrating our ability to deliver profitable growth sustainably over time."
Second Quarter 2026 Highlights
•Total period end loans of $36.5 billion (+15% vs. 1Q 2026; +19% vs. 2Q 2025)
•Total period end commercial & industrial loans of $13.8 billion (+11% vs. 1Q 2026; +22% vs. 2Q 2025)
•Total period end deposits of $39.9 billion (+12% vs. 1Q 2026; +17% vs. 2Q 2025)
•Total period end core customer deposits1 of $34.2 billion (+12% vs. 1Q 2026; +21% vs. 2Q 2025)
•Net interest income of $370 million (+20% vs. 1Q 2026; +23% vs. 2Q 2025)
•Net interest margin of 3.17%
•Noninterest income of $80 million
•Noninterest expense of $272 million
•Provision for credit losses of $19 million
•Allowance for credit losses on loans / total loans of 1.36%
•Net charge offs / average loans (annualized) of 0.26%
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans
Second quarter 2026 average total loans of $35.9 billion increased 15%, or $4.6 billion, from the prior quarter and increased 18%, or $5.4 billion, from the same period last year. With respect to second quarter 2026 average balances by loan category:
•Commercial and business lending increased $1.8 billion from the prior quarter and increased $2.7 billion from the same period last year to $14.8 billion.
•Commercial real estate lending increased $1.6 billion from the prior quarter and increased $1.5 billion from the same period last year to $8.9 billion.
•Consumer lending increased $1.2 billion from the prior quarter and increased $1.2 billion from the same period last year to $12.2 billion.
Second quarter 2026 period end total loans of $36.5 billion increased 15%, or $4.7 billion, from the prior quarter and increased 19%, or $5.9 billion, from the same period last year. With respect to second quarter 2026 period end balances by loan category:
•Commercial and business lending increased $1.8 billion from the prior quarter and increased $2.9 billion from the same period last year to $15.3 billion.
•Commercial real estate lending increased $1.7 billion from the prior quarter and increased $1.7 billion from the same period last year to $9.0 billion.
•Consumer lending increased $1.2 billion from the prior quarter and increased $1.2 billion from the same period last year to $12.1 billion.
We now expect 2026 period end loan growth of 18% to 20% as compared to Associated's standalone results for the year ended December 31, 2025.
Deposits
Second quarter 2026 average deposits of $40.4 billion increased 15%, or $5.2 billion, from the prior quarter and increased 18%, or $6.2 billion, from the same period last year. With respect to second quarter 2026 average balances by deposit category:
•Noninterest-bearing demand deposits increased $1.1 billion from the prior quarter and increased $1.4 billion from the same period last year to $7.1 billion.
•Savings increased $514 million from the prior quarter and increased $824 million from the same period last year to $6.0 billion.
•Interest-bearing demand deposits increased $834 million from the prior quarter and increased $1.0 billion from the same period last year to $8.7 billion.
•Money market deposits increased $1.6 billion from the prior quarter and increased $1.7 billion from the same period last year to $7.6 billion.
•Brokered CDs increased $558 million from the prior quarter and decreased $4 million from the same period last year to $4.1 billion.


•Other time deposits increased $711 million from the prior quarter and increased $1.2 billion from the same period last year to $4.9 billion.
•Network transaction deposits decreased $38 million from the prior quarter and increased $36 million from the same period last year to $1.9 billion.
•Core customer deposits1 increased $4.7 billion from the prior quarter and increased $6.1 billion from the same period last year to $34.4 billion.
Second quarter 2026 period end deposits of $39.9 billion increased 12%, or $4.2 billion, from the prior quarter and increased 17%, or $5.8 billion, from the same period last year. With respect to second quarter 2026 period end balances by deposit category:
•Noninterest-bearing demand deposits increased $783 million from the prior quarter and increased $1.1 billion from the same period last year to $6.9 billion.
•Savings increased $511 million from the prior quarter and increased $880 million from the same period last year to $6.2 billion.
•Interest-bearing demand deposits increased $733 million from the prior quarter and increased $1.2 billion from the same period last year to $8.7 billion.
•Money market deposits increased $1.4 billion from the prior quarter and increased $1.7 billion from the same period last year to $7.6 billion.
•Brokered CDs increased $371 million from the prior quarter and decreased $138 million from the same period last year to $3.9 billion.
•Other time deposits increased $298 million from the prior quarter and increased $980 million from the same period last year to $4.8 billion.
•Network transaction deposits increased $77 million from the prior quarter and increased $31 million from the same period last year to $1.8 billion.
•Core customer deposits1 increased $3.8 billion from the prior quarter and increased $5.9 billion from the same period last year to $34.2 billion.
We continue to 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
Second quarter 2026 net interest income of $370 million increased $63 million from the prior quarter and increased $70 million from the same period last year. The net interest margin of 3.17% was a 14 basis point increase from the prior quarter and a 13 basis point increase from the same period last year.
•The average yield on total loans for the second quarter of 2026 increased 14 basis points from the prior quarter and decreased 22 basis points from the same period last year to 5.67%.
•The average cost of total interest-bearing liabilities for the second quarter of 2026 decreased 1 basis point from the prior quarter and decreased 36 basis points from the same period last year to 2.66%.
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 second quarter of 2026 increased 2 basis points from the prior quarter and decreased 4 basis points from the same period last year to 0.52%.
We expect 2026 net interest income growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.
Noninterest Income
Second quarter 2026 total noninterest income of $80 million increased $5 million from the prior quarter and increased $13 million from the same period last year. With respect to second quarter 2026 noninterest income line items:
•Card-based fees increased $3 million from the prior quarter and increased $3 million from the same period last year.
•Service charges and deposit account fees increased $2 million from the prior quarter and increased $3 million from the same period last year.
•Capital markets, net increased $1 million from the prior quarter and increased $2 million from the same period last year.
•Wealth management fees increased $1 million from the prior quarter and increased $3 million from the same period last year.
•Mortgage banking, net decreased $3 million from the prior quarter and decreased $1 million from the same period last year.
We continue to 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
Second quarter 2026 total noninterest expense of $272 million increased $53 million from the prior quarter and increased $63 million from the same period last year. Second quarter 2026 total noninterest expense included $24 million of nonrecurring costs associated with the acquisition of American National Corporation, which closed on April 1, 2026. With respect to second quarter 2026 noninterest expense line items:
•Personnel expense increased $26 million from the prior quarter and increased $34 million from the same period last year.
•Legal and professional expense increased $11 million from the prior quarter and increased $11 million from the same period last year.
•Other intangible amortization increased $5 million from the prior quarter and increased $5 million from the same period last year.
•Technology expense increased $3 million from the prior quarter and increased $6 million from the same period last year.
We expect 2026 noninterest expense growth of 20% to 21% as compared to Associated's standalone results for the year ended December 31, 2025. This figure includes nonrecurring costs incurred in connection with the acquisition of American National Corporation.



Taxes
Second quarter 2026 income tax expense was $36 million, compared to $33 million of income tax expense in the prior quarter and $28 million of income tax expense in the same period last year. The effective tax rate for the second quarter of 2026 was 22.37%, compared to 21.75% in the prior quarter and 20.34% in the same period last year.
We continue to expect the annual effective tax rate to be between 19% and 21% in 2026.
Credit
Second quarter 2026 provision for credit losses on loans was $19 million, compared to a provision of $11 million in the prior quarter and a provision of $18 million in the same period last year. With respect to second quarter 2026 credit quality:
•Nonaccrual loans of $150 million increased $39 million from the prior quarter and increased $37 million from the same period last year. The nonaccrual loans to total loans ratio was 0.41% in the second quarter, up from 0.35% in the prior quarter and up from 0.37% in the same period last year.
•Second quarter 2026 net charge offs of $23 million increased compared to net charge offs of $5 million in the prior quarter and increased compared to net charge offs of $13 million in the same period last year.
•The allowance for credit losses on loans (ACLL) of $494 million increased $69 million compared to the prior quarter and increased $83 million compared to the same period last year. The ACLL to total loans ratio was 1.36% in the second quarter, up from 1.34% in the prior quarter and up from 1.35% 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 June 30, 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.



SECOND 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, July 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 second quarter 2026 earnings call. The second 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 $52 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) June 30, 2026 March 31, 2026 Sequential Quarter Change December 31, 2025 September 30, 2025 June 30, 2025 Comparable Quarter Change
Assets
Cash and due from banks $ 548,057  $ 465,318  $ 82,739  $ 574,698  $ 490,431  $ 521,167  $ 26,890 
Interest-bearing deposits in other financial institutions 1,268,379  920,684  347,695  1,144,123  802,251  738,938  529,441 
Federal funds sold and securities purchased under agreements to resell 14,355  175  14,180  1,400  90  —  14,355 
Available for sale (AFS) investment securities, net, at fair value 6,366,586  5,514,456  852,130  5,397,563  5,217,278  5,036,508  1,330,078 
Held to maturity (HTM) investment securities, net, at amortized cost 3,510,726  3,570,843  (60,117) 3,602,519  3,636,080  3,672,101  (161,375)
Equity securities 29,960  26,109  3,851  26,060  26,000  25,912  4,048 
Regulatory stocks, at cost 329,436  290,189  39,247  252,514  251,642  278,356  51,080 
Residential loans held for sale 94,490  87,461  7,029  72,499  74,563  96,804  (2,314)
Commercial loans held for sale 15,000  —  15,000  —  —  8,406  6,594 
Loans 36,467,040  31,798,164  4,668,876  31,163,614  30,951,964  30,607,605  5,859,435 
Allowance for loan losses (443,729) (385,756) (57,973) (378,068) (378,341) (376,515) (67,214)
Loans, net 36,023,311  31,412,408  4,610,903  30,785,546  30,573,623  30,231,091  5,792,220 
Tax credit and other investments 235,536  230,954  4,582  236,657  245,239  247,111  (11,575)
Premises and equipment, net 449,003  376,760  72,243  381,624  384,139  377,372  71,631 
Bank and corporate owned life insurance 717,116  694,765  22,351  694,452  693,511  691,470  25,646 
Goodwill 1,147,081  1,104,992  42,089  1,104,992  1,104,992  1,104,992  42,089 
Other intangible assets, net 116,953  20,647  96,306  22,849  25,052  27,255  89,698 
Mortgage servicing rights, net 87,683  87,599  84  86,337  85,063  85,245  2,438 
Interest receivable 181,916  161,021  20,895  161,118  168,451  168,627  13,289 
Other assets 676,918  629,359  47,559  657,645  677,458  682,373  (5,455)
Total assets $ 51,812,506  $ 45,593,740  $ 6,218,766  $ 45,202,596  $ 44,455,863  $ 43,993,729  $ 7,818,777 
Liabilities and stockholders' equity
Noninterest-bearing demand deposits $ 6,908,338  $ 6,125,067  $ 783,271  $ 6,126,632  $ 5,906,251  $ 5,782,487  $ 1,125,851 
Interest-bearing deposits 33,022,917  29,606,698  3,416,219  29,425,976  28,975,602  28,365,079  4,657,838 
Total deposits 39,931,255  35,731,765  4,199,490  35,552,608  34,881,853  34,147,565  5,783,690 
Federal funds purchased and securities sold under agreements to repurchase 529,276  395,652  133,624  307,864  399,665  75,585  453,691 
FHLB advances 4,574,681  3,421,762  1,152,919  3,268,094  3,220,679  3,879,489  695,192 
Senior and subordinated debt 591,080  592,629  (1,549) 594,276  594,074  593,530  (2,450)
Allowance for unfunded commitments 50,744  39,276  11,468  41,276  36,276  35,276  15,468 
Accrued expenses and other liabilities 497,347  414,784  82,563  463,131  455,019  481,503  15,844 
Total liabilities 46,174,383  40,595,868  5,578,515  40,227,249  39,587,565  39,212,948  6,961,435 
Stockholders' equity
Preferred equity 194,112  194,112  —  194,112  194,112  194,112  — 
Common equity 5,444,011  4,803,760  640,251  4,781,235  4,674,186  4,586,669  857,342 
Total stockholders' equity 5,638,123  4,997,872  640,251  4,975,347  4,868,298  4,780,781  857,342 
Total liabilities and stockholders' equity $ 51,812,506  $ 45,593,740  $ 6,218,766  $ 45,202,596  $ 44,455,863  $ 43,993,729  $ 7,818,777 
Numbers may not recalculate due to rounding conventions.

1


Associated Banc-Corp
Consolidated Statements of Income (Unaudited)		 Comparable Quarter Year to Date (YTD) Comparable YTD
(Dollars and shares in thousands, except per share data) 2Q26 2Q25 Dollar Change Percentage Change June 2026 June 2025 Dollar Change Percentage Change
Interest income
Interest and fees on loans $ 506,528  $ 447,781  $ 58,747  13  % $ 933,516  $ 881,080  $ 52,436  6  %
Interest and dividends on investment securities
Taxable 88,347  71,174  17,173  24  % 164,023  140,962  23,061  16  %
Tax-exempt 13,725  13,902  (177) (1) % 27,463  27,858  (395) (1) %
Other interest 14,694  12,679  2,015  16  % 26,335  21,921  4,414  20  %
Total interest income 623,294  545,536  77,758  14  % 1,151,337  1,071,821  79,516  7  %
Interest expense
Interest on deposits 203,765  197,656  6,109  3  % 379,038  406,796  (27,758) (7) %
Interest on federal funds purchased and securities sold under agreements to repurchase 4,085  2,004  2,081  104  % 7,818  5,626  2,192  39  %
Interest on FHLB advances 35,052  34,889  163  —  % 66,621  50,979  15,642  31  %
Interest on senior and subordinated debt 10,163  10,700  (537) (5) % 20,326  21,785  (1,459) (7) %
Interest on other interest-bearing liabilities 190  287  (97) (34) % 306  695  (389) (56) %
Total interest expense 253,255  245,536  7,719  3  % 474,109  485,881  (11,772) (2) %
Net interest income 370,039  300,000  70,039  23  % 677,228  585,940  91,288  16  %
Provision for credit losses 19,388  17,996  1,392  8  % 30,389  30,999  (610) (2) %
Net interest income after provision for credit losses 350,651  282,004  68,647  24  % 646,839  554,941  91,898  17  %
Noninterest income
Wealth management fees 26,217  23,025  3,192  14  % 51,435  45,522  5,913  13  %
Service charges and deposit account fees 15,863  13,147  2,716  21  % 29,916  25,961  3,955  15  %
Card-based fees 14,161  11,200  2,961  26  % 25,740  21,642  4,098  19  %
Other fee-based revenue 5,758  4,995  763  15  % 10,623  10,245  378  4  %
Capital markets, net 7,476  5,765  1,711  30  % 14,018  10,110  3,908  39  %
Mortgage banking, net 2,777  4,213  (1,436) (34) % 8,888  8,035  853  11  %
Loss on mortgage portfolio sale —  —  —  N/M —  (6,976) 6,976  (100) %
Bank and corporate owned life insurance 4,615  4,135  480  12  % 8,430  9,339  (909) (10) %
Asset gains (losses), net 789  (1,735) 2,524  N/M 1,629  (2,613) 4,242  N/M
Investment securities gains, net 35  7  28  N/M 6  11  (5) (45) %
Other 2,707  2,226  481  22  % 5,571  4,477  1,094  24  %
Total noninterest income 80,398  66,977  13,421  20  % 156,256  125,754  30,502  24  %
Noninterest expense
Personnel 161,168  126,994  34,174  27  % 296,341  250,890  45,451  18  %
Technology 32,867  26,508  6,359  24  % 62,603  53,646  8,957  17  %
Occupancy 14,091  12,644  1,447  11  % 27,817  28,025  (208) (1) %
Business development and advertising 8,548  7,748  800  10  % 16,374  14,134  2,240  16  %
Equipment 5,423  4,494  929  21  % 11,033  9,021  2,012  22  %
Legal and professional 17,454  6,674  10,780  162  % 24,176  12,757  11,419  90  %
Loan and foreclosure costs 1,552  2,705  (1,153) (43) % 3,259  5,299  (2,040) (38) %
FDIC assessment 10,595  9,708  887  9  % 19,432  20,144  (712) (4) %
Other intangible amortization 6,894  2,203  4,691  N/M 9,096  4,405  4,691  106  %
Other 13,290  9,674  3,616  37  % 20,914  21,648  (734) (3) %
Total noninterest expense 271,882  209,352  62,530  30  % 491,045  419,971  71,074  17  %
Income before income taxes 159,167  139,629  19,538  14  % 312,050  260,724  51,326  20  %
Income tax expense 35,603  28,399  7,204  25  % 68,850  47,808  21,042  44  %
Net income 123,564  111,230  12,334  11  % 243,200  212,916  30,284  14  %
Preferred stock dividends 2,875  2,875  —  —  % 5,750  5,750  —  —  %
Net income available to common equity $ 120,689  $ 108,355  $ 12,334  11  % $ 237,450  $ 207,166  $ 30,284  15  %
Pre-tax pre-provision income(a)
178,555  157,625  20,930  13  % 342,439  291,723  50,716  17  %
Earnings per common share
Basic $ 0.64  $ 0.65  $ (0.01) (2) % $ 1.34  $ 1.25  $ 0.09  7  %
Diluted $ 0.63  $ 0.65  $ (0.02) (3) % $ 1.33  $ 1.24  $ 0.09  7  %
Average common shares outstanding
Basic 188,084  164,936  23,148  14  % 176,654  165,081  11,573  7  %
Diluted 189,899  166,343  23,556  14  % 178,402  166,506  11,896  7  %
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.

2


Associated Banc-Corp
Consolidated Statements of Income (Unaudited) - Quarterly Trend
(Dollars and shares in thousands, except per share data)     Sequential Quarter      
2Q26 1Q26 Dollar Change Percentage Change 4Q25 3Q25 2Q25
Interest income
Interest and fees on loans $ 506,528  $ 426,989  $ 79,539  19  % $ 445,687  $ 455,623  $ 447,781 
Interest and dividends on investment securities
Taxable 88,347  75,676  12,671  17  % 73,511  73,727  71,174 
Tax-exempt 13,725  13,738  (13) —  % 13,851  13,888  13,902 
Other interest 14,694  11,641  3,053  26  % 11,294  13,353  12,679 
Total interest income 623,294  528,044  95,250  18  % 544,343  556,591  545,536 
Interest expense
Interest on deposits 203,765  175,273  28,492  16  % 194,778  202,344  197,656 
Interest on federal funds purchased and securities sold under agreements to repurchase 4,085  3,732  353  9  % 2,682  2,107  2,004 
Interest on FHLB advances 35,052  31,570  3,482  11  % 26,309  35,965  34,889 
Interest on senior and subordinated debt 10,163  10,163  —  —  % 10,483  10,741  10,700 
Interest on other interest-bearing liabilities 190  116  74  64  % 110  212  287 
Total interest expense 253,255  220,854  32,401  15  % 234,362  251,369  245,536 
Net interest income 370,039  307,190  62,849  20  % 309,981  305,222  300,000 
Provision for credit losses 19,388  11,001  8,387  76  % 6,998  16,000  17,996 
Net interest income after provision for credit losses 350,651  296,189  54,462  18  % 302,983  289,223  282,004 
Noninterest income
Wealth management fees 26,217  25,219  998  4  % 25,742  25,315  23,025 
Service charges and deposit account fees 15,863  14,054  1,809  13  % 13,827  13,861  13,147 
Card-based fees 14,161  11,579  2,582  22  % 12,679  12,308  11,200 
Other fee-based revenue 5,758  4,862  896  18  % 5,557  5,414  4,995 
Capital markets, net 7,476  6,543  933  14  % 11,175  10,764  5,765 
Mortgage banking, net 2,777  6,111  (3,334) (55) % 2,926  3,541  4,213 
Bank and corporate owned life insurance 4,615  3,816  799  21  % 3,804  4,051  4,135 
Asset gains (losses), net 789  840  (51) (6) % 838  3,340  (1,735)
Investment securities gains (losses), net 35  (28) 63  N/M 37  1  7 
Other 2,707  2,861  (154) (5) % 2,799  2,670  2,226 
Total noninterest income 80,398  75,857  4,541  6  % 79,384  81,265  66,977 
Noninterest expense
Personnel 161,168  135,172  25,996  19  % 135,130  135,703  126,994 
Technology 32,867  29,736  3,131  11  % 28,641  28,590  26,508 
Occupancy 14,091  13,725  366  3  % 14,229  12,757  12,644 
Business development and advertising 8,548  7,827  721  9  % 9,118  8,362  7,748 
Equipment 5,423  5,610  (187) (3) % 6,888  4,368  4,494 
Legal and professional 17,454  6,721  10,733  160  % 5,945  5,232  6,674 
Loan and foreclosure costs 1,552  1,707  (155) (9) % 1,327  1,638  2,705 
FDIC assessment 10,595  8,837  1,758  20  % 6,589  9,980  9,708 
Other intangible amortization 6,894  2,203  4,691  N/M 2,203  2,203  2,203 
Other 13,290  7,625  5,665  74  % 9,396  7,369  9,674 
Total noninterest expense 271,882  219,163  52,719  24  % 219,466  216,202  209,352 
Income before income taxes 159,167  152,883  6,284  4  % 162,901  154,286  139,629 
Income tax expense 35,603  33,248  2,355  7  % 25,772  29,554  28,399 
Net income 123,564  119,635  3,929  3  % 137,129  124,732  111,230 
Preferred stock dividends 2,875  2,875  —  —  % 2,875  2,875  2,875 
Net income available to common equity $ 120,689  $ 116,760  $ 3,929  3  % $ 134,254  $ 121,857  $ 108,355 
Pre-tax pre-provision income(a)
178,555  163,884  14,671  9  % 169,899  170,286  157,625 
Earnings per common share
Basic $ 0.64  $ 0.70  $ (0.06) (9) % $ 0.81  $ 0.73  $ 0.65 
Diluted $ 0.63  $ 0.70  $ (0.07) (10) % $ 0.80  $ 0.73  $ 0.65 
Average common shares outstanding
Basic 188,084  165,097  22,987  14  % 165,126  165,029  164,936 
Diluted 189,899  166,561  23,338  14  % 166,746  166,703  166,343 
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.
3


Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
Three Months Ended
  June 30, 2026
March 31, 2026
June 30, 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 $ 13,185,643  $ 197,248  6.00  % $ 11,776,702  $ 172,507  5.94  % $ 10,981,221  $ 179,955  6.57  %
Commercial real estate—owner occupied 1,577,489  22,000  5.59  % 1,190,708  15,968  5.44  % 1,114,054  16,014  5.77  %
Commercial and business lending 14,763,132  219,248  5.96  % 12,967,410  188,475  5.89  % 12,095,274  195,969  6.50  %
Commercial real estate—investor 6,502,707  99,131  6.11  % 5,277,283  78,154  6.01  % 5,582,333  91,569  6.58  %
Real estate construction 2,410,500  40,425  6.73  % 2,055,338  34,043  6.72  % 1,869,708  33,883  7.27  %
Commercial real estate lending 8,913,207  139,556  6.28  % 7,332,621  112,197  6.21  % 7,452,041  125,452  6.75  %
Total commercial 23,676,339  358,804  6.08  % 20,300,031  300,672  6.01  % 19,547,316  321,421  6.59  %
Residential mortgage 6,916,754  65,963  3.81  % 6,831,984  64,640  3.78  % 7,034,607  64,995  3.70  %
Auto finance 4,044,290  58,768  5.83  % 3,125,504  41,969  5.45  % 2,933,161  41,156  5.63  %
Home equity 817,378  13,096  6.41  % 709,865  11,692  6.60  % 667,339  12,098  7.25  %
Other consumer 415,476  10,388  10.03  % 314,118  8,504  10.98  % 309,578  8,644  11.20  %
Total consumer 12,193,898  148,215  4.87  % 10,981,471  126,805  4.65  % 10,944,685  126,893  4.64  %
Total loans 35,870,237  507,019  5.67  % 31,281,502  427,477  5.53  % 30,492,001  448,313  5.89  %
Investments
Taxable securities 8,153,435  88,347  4.33  % 7,071,751  75,676  4.28  % 6,578,690  71,174  4.33  %
Tax-exempt securities(b)
1,971,946  17,373  3.52  % 1,978,501  17,389  3.52  % 2,004,725  17,598  3.51  %
Other short-term investments 1,291,636  14,694  4.56  % 1,016,795  11,641  4.64  % 999,294  12,679  5.09  %
Total investments 11,417,017  120,414  4.22  % 10,067,047  104,706  4.17  % 9,582,709  101,451  4.24  %
Total earning assets and related interest income 47,287,254  $ 627,433  5.32  % 41,348,549  $ 532,183  5.20  % 40,074,710  $ 549,764  5.50  %
Other assets, net 3,948,588  3,670,399  3,345,353 
Total assets $ 51,235,842  $ 45,018,948  $ 43,420,063 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings $ 6,046,605  $ 19,815  1.31  % $ 5,532,848  $ 17,690  1.30  % $ 5,222,869  $ 17,139  1.32  %
Interest-bearing demand 8,720,180  37,161  1.71  % 7,886,442  34,236  1.76  % 7,683,402  42,485  2.22  %
Money market 7,641,652  45,976  2.41  % 6,061,442  34,239  2.29  % 5,988,947  38,695  2.59  %
Network transaction deposits 1,879,876  17,459  3.73  % 1,917,854  17,502  3.70  % 1,843,998  20,211  4.40  %
Brokered CDs 4,085,995  40,487  3.97  % 3,528,294  34,811  4.00  % 4,089,844  45,418  4.45  %
Other time deposits 4,945,821  42,867  3.48  % 4,234,785  36,795  3.52  % 3,725,205  33,707  3.63  %
Total interest-bearing deposits 33,320,129  203,765  2.45  % 29,161,665  175,273  2.44  % 28,554,266  197,656  2.78  %
Federal funds purchased and securities sold under agreements to repurchase 460,414  4,085  3.56  % 425,142  3,732  3.56  % 220,872  2,004  3.64  %
FHLB advances 3,733,950  35,052  3.77  % 3,380,379  31,570  3.79  % 3,221,749  34,889  4.34  %
Senior and subordinated debt 592,195  10,163  6.86  % 594,401  10,163  6.84  % 592,399  10,700  7.22  %
Other interest-bearing liabilities 16,430  190  4.64  % 11,212  116  4.18  % 17,844  287  6.45  %
Total funding 4,802,989  49,490  4.13  % 4,411,134  45,581  4.18  % 4,052,863  47,880  4.74  %
Total interest-bearing liabilities and related interest expense 38,123,118  $ 253,255  2.66  % 33,572,799  $ 220,854  2.67  % 32,607,129  $ 245,536  3.02  %
Noninterest-bearing demand deposits 7,062,098  5,999,278  5,648,935 
Other liabilities 422,642  440,344  431,338 
Stockholders’ equity 5,627,984  5,006,527  4,732,661 
Total liabilities and stockholders’ equity $ 51,235,842  $ 45,018,948  $ 43,420,063 
Interest rate spread 2.65  % 2.53  % 2.48  %
Net free funds 0.52  % 0.50  % 0.56  %
Fully tax-equivalent net interest income and net interest margin $ 374,178  3.17  % $ 311,329  3.03  % $ 304,228  3.04  %
Fully tax-equivalent adjustment (4,139) (4,139) (4,228)
Net interest income $ 370,039  $ 307,190  $ 300,000 
Numbers may not recalculate due to rounding conventions.
(a)Prior period has been adjusted to conform with current period presentation.
(b)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(c)Loans held for sale have been included in the average balances.
4


Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
Six Months Ended June 30,
  2026
2025(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 $ 12,485,064  $ 369,755  5.97  % $ 10,783,368  $ 349,740  6.54  %
Commercial real estate—owner occupied 1,385,167  37,968  5.53  % 1,127,535  32,214  5.76  %
Commercial and business lending 13,870,231  407,723  5.93  % 11,910,904  381,954  6.46  %
Commercial real estate—investor 5,893,380  177,285  6.06  % 5,499,334  178,658  6.55  %
Real estate construction 2,233,900  74,468  6.72  % 1,884,065  67,829  7.26  %
Commercial real estate lending 8,127,280  251,753  6.24  % 7,383,399  246,486  6.73  %
Total commercial 21,997,511  659,476  6.04  % 19,294,303  628,440  6.57  %
Residential mortgage
6,874,603  130,603  3.80  % 7,144,851  131,818  3.69  %
Auto finance 3,587,435  100,736  5.66  % 2,889,190  80,332  5.61  %
Home equity 763,919  24,788  6.49  % 662,509  24,150  7.29  %
Other consumer 365,077  18,892  10.44  % 311,691  17,417  11.27  %
Total consumer 11,591,034  275,019  4.76  % 11,008,241  253,717  4.62  %
Total loans 33,588,545  934,495  5.60  % 30,302,544  882,157  5.86  %
Investments
Taxable securities 7,615,581  164,023  4.31  % 6,489,135  140,962  4.34  %
Tax-exempt securities(b)
1,975,205  34,763  3.52  % 2,010,403  35,264  3.51  %
Other short-term investments 1,154,975  26,335  4.60  % 878,929  21,921  5.03  %
Total investments 10,745,761  225,121  4.19  % 9,378,467  198,147  4.23  %
Total earning assets and related interest income 44,334,306  $ 1,159,616  5.26  % 39,681,011  $ 1,080,304  5.48  %
Other assets, net 3,810,263  3,346,515 
Total assets $ 48,144,569  $ 43,027,526 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings $ 5,791,146  $ 37,505  1.31  % $ 5,192,835  $ 35,068  1.36  %
Interest-bearing demand 8,305,614  71,397  1.73  % 7,856,593  87,915  2.26  %
Money market 6,855,912  80,215  2.36  % 6,033,999  78,255  2.62  %
Network transaction deposits 1,898,760  34,961  3.71  % 1,845,974  40,278  4.40  %
Brokered CDs 3,808,685  75,298  3.99  % 4,201,955  94,711  4.55  %
Other time deposits 4,592,267  79,662  3.50  % 3,740,683  70,569  3.80  %
Total interest-bearing deposits 31,252,384  379,038  2.45  % 28,872,038  406,796  2.84  %
Federal funds purchased and securities sold under agreements to repurchase 442,876  7,818  3.56  % 297,963  5,626  3.81  %
FHLB advances 3,558,141  66,621  3.78  % 2,413,352  50,979  4.26  %
Senior and subordinated debt 593,292  20,326  6.85  % 609,788  21,785  7.15  %
Other interest-bearing liabilities 13,835  306  4.46  % 24,683  695  5.68  %
Total funding 4,608,144  95,071  4.15  % 3,345,786  79,085  4.76  %
Total interest-bearing liabilities and related interest expense 35,860,528  $ 474,109  2.67  % 32,217,824  $ 485,881  3.04  %
Noninterest-bearing demand deposits 6,533,624  5,644,554 
Other liabilities 431,445  483,247 
Stockholders’ equity 5,318,972  4,681,901 
Total liabilities and stockholders’ equity $ 48,144,569  $ 43,027,526 
Interest rate spread 2.59  % 2.44  %
Net free funds 0.51  % 0.57  %
Fully tax-equivalent net interest income and net interest margin $ 685,507  3.10  % $ 594,423  3.01  %
Fully tax-equivalent adjustment (8,279) (8,483)
Net interest income $ 677,228  $ 585,940 
Numbers may not recalculate due to rounding conventions.
(a)Prior period has been adjusted to conform with current period presentation.
(b)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(c)Loans held for sale have been included in the average balances.
5


Associated Banc-Corp
Loan and Deposit Composition		              
(Dollars in thousands)
Period end loan composition Jun 30, 2026 Mar 31, 2026 Seql Qtr % Change Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Comp Qtr % Change
Commercial and industrial $ 13,750,175  $ 12,339,597  11  % $ 11,799,757  $ 11,567,651  $ 11,281,964  22  %
Commercial real estate—owner occupied 1,575,445  1,193,778  32  % 1,186,324  1,149,939  1,101,501  43  %
Commercial and business lending 15,325,620  13,533,375  13  % 12,986,081  12,717,590  12,383,465  24  %
Commercial real estate—investor 6,492,950  5,266,584  23  % 5,246,030  5,369,441  5,370,422  21  %
Real estate construction 2,546,186  2,117,479  20  % 1,994,642  1,958,766  1,950,267  31  %
Commercial real estate lending 9,039,136  7,384,063  22  % 7,240,672  7,328,207  7,320,689  23  %
Total commercial 24,364,756  20,917,438  16  % 20,226,753  20,045,797  19,704,154  24  %
Residential mortgage 6,808,398  6,727,734  1  % 6,793,957  6,858,285  6,949,387  (2) %
Auto finance 4,044,416  3,136,334  29  % 3,106,498  3,041,644  2,969,495  36  %
Home equity 826,343  706,075  17  % 713,271  698,112  676,208  22  %
Other consumer 423,127  310,583  36  % 323,135  308,126  308,361  37  %
Total consumer 12,102,284  10,880,726  11  % 10,936,861  10,906,167  10,903,451  11  %
Total loans $ 36,467,040  $ 31,798,164  15  % $ 31,163,614  $ 30,951,964  $ 30,607,605  19  %
Quarter average loan composition(a)
Jun 30, 2026 Mar 31, 2026 Seql Qtr % Change Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Comp Qtr % Change
Commercial and industrial $ 13,185,643  $ 11,776,702  12  % $ 11,588,059  $ 11,367,533  $ 10,981,221  20  %
Commercial real estate—owner occupied 1,577,489  1,190,708  32  % 1,157,531  1,105,787  1,114,054  42  %
Commercial and business lending 14,763,132  12,967,410  14  % 12,745,590  12,473,319  12,095,274  22  %
Commercial real estate—investor 6,502,707  5,277,283  23  % 5,291,562  5,300,765  5,582,333  16  %
Real estate construction 2,410,500  2,055,338  17  % 1,974,318  1,991,565  1,869,708  29  %
Commercial real estate lending 8,913,207  7,332,621  22  % 7,265,880  7,292,330  7,452,041  20  %
Total commercial 23,676,339  20,300,031  17  % 20,011,470  19,765,649  19,547,316  21  %
Residential mortgage 6,916,754  6,831,984  1  % 6,899,778  6,987,858  7,034,607  (2) %
Auto finance 4,044,290  3,125,504  29  % 3,064,457  3,000,978  2,933,161  38  %
Home equity 817,378  709,865  15  % 706,923  690,330  667,339  22  %
Other consumer 415,476  314,118  32  % 312,730  305,644  309,578  34  %
Total consumer 12,193,898  10,981,471  11  % 10,983,888  10,984,811  10,944,685  11  %
Total loans $ 35,870,237  $ 31,281,502  15  % $ 30,995,358  $ 30,750,460  $ 30,492,001  18  %
Period end deposit and customer funding composition Jun 30, 2026 Mar 31, 2026 Seql Qtr % Change Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Comp Qtr % Change
Noninterest-bearing demand $ 6,908,338  $ 6,125,067  13  % $ 6,126,632  $ 5,906,251  $ 5,782,487  19  %
Savings 6,171,614  5,660,641  9  % 5,471,870  5,380,574  5,291,674  17  %
Interest-bearing demand 8,697,879  7,964,665  9  % 7,823,362  7,791,861  7,490,772  16  %
Money market 7,614,164  6,188,045  23  % 6,139,438  5,785,871  5,915,867  29  %
Network transaction deposits 1,823,130  1,746,518  4  % 2,154,995  2,013,964  1,792,362  2  %
Brokered CDs 3,933,787  3,562,752  10  % 3,795,133  3,956,517  4,072,048  (3) %
Other time deposits 4,782,343  4,484,077  7  % 4,041,178  4,046,815  3,802,356  26  %
Total deposits 39,931,255  35,731,765  12  % 35,552,608  34,881,853  34,147,565  17  %
Other customer funding(b)
55,371  42,372  31  % 47,794  64,570  75,440  (27) %
Total deposits and other customer funding $ 39,986,626  $ 35,774,137  12  % $ 35,600,402  $ 34,946,423  $ 34,223,005  17  %
Core customer deposits(c) and other customer funding
$ 34,229,709  $ 30,464,867  12  % $ 29,650,274  $ 28,975,941  $ 28,358,595  21  %
Quarter average deposit composition Jun 30, 2026 Mar 31, 2026 Seql Qtr % Change Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Comp Qtr % Change
Noninterest-bearing demand $ 7,062,098  $ 5,999,278  18  % $ 6,064,487  $ 5,796,676  $ 5,648,935  25  %
Savings 6,046,605  5,532,848  9  % 5,436,968  5,338,129  5,222,869  16  %
Interest-bearing demand 8,720,180  7,886,442  11  % 8,054,088  7,898,770  7,683,402  13  %
Money market 7,641,652  6,061,442  26  % 5,890,836  5,860,802  5,988,947  28  %
Network transaction deposits 1,879,876  1,917,854  (2) % 2,090,587  1,933,659  1,843,998  2  %
Brokered CDs 4,085,995  3,528,294  16  % 3,998,012  3,916,329  4,089,844  —  %
Other time deposits 4,945,821  4,234,785  17  % 4,093,939  3,961,522  3,725,205  33  %
Total deposits 40,382,227  35,160,943  15  % 35,628,917  34,705,887  34,203,201  18  %
Other customer funding(b)
57,029  43,973  30  % 45,973  74,305  80,010  (29) %
Total deposits and other customer funding $ 40,439,256  $ 35,204,916  15  % $ 35,674,890  $ 34,780,192  $ 34,283,211  18  %
Core customer deposits(c) and other customer funding
$ 34,473,385  $ 29,758,768  16  % $ 29,586,291  $ 28,930,204  $ 28,349,369  22  %
Numbers may not recalculate due to rounding conventions.
(a) Loans held for sale have been included in the average balances.
(b) Includes repurchase agreements.
(c) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.

6


Associated Banc-Corp
Selected Asset Quality Information		          
(Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Seql Qtr %
Change		 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Comp Qtr %
Change
Allowance for loan losses
Balance at beginning of period $ 385,756  $ 378,068  2  % $ 378,341  $ 376,515  $ 371,348  4  %
Provision for loan losses recorded at acquisition 397  —  N/M —  —  —  N/M
Allowance for PCD loans acquired 39,512  —  N/M —  —  —  N/M
Allowance for purchased seasoned loans acquired 28,263  —  N/M —  —  —  N/M
Balance at April 1, 2026 453,928  —  N/M —  —  —  N/M
Provision for loan losses 13,000  13,000  —  % 2,000  15,000  18,000  (28) %
Charge offs (26,282) (8,210) N/M (7,636) (15,254) (18,348) 43  %
Recoveries 3,083  2,898  6  % 5,363  2,081  5,515  (44) %
Net charge offs (23,199) (5,312) N/M (2,273) (13,173) (12,833) 81  %
Balance at end of period $ 443,729  $ 385,756  15  % $ 378,068  $ 378,341  $ 376,515  18  %
Allowance for unfunded commitments
Balance at beginning of period $ 39,276  $ 41,276  (5) % $ 36,276  $ 35,276  $ 35,276  11  %
Allowance for PCD unfunded commitments acquired 3,597  —  N/M —  —  —  N/M
Allowance for purchased seasoned unfunded commitments acquired 1,871  —  N/M —  —  —  N/M
Balance at April 1, 2026 44,744  —  N/M —  —  —  N/M
Provision for unfunded commitments 6,000  (2,000) N/M 5,000  1,000  —  N/M
Balance at end of period 50,744  39,276  29  % 41,276  36,276  35,276  44  %
Allowance for credit losses on loans (ACLL) $ 494,473  $ 425,032  16  % $ 419,344  $ 414,618  $ 411,791  20  %
Provision for credit losses on loans $ 19,397  $ 11,000  76  % $ 7,000  $ 16,000  $ 18,000  8  %
(Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Seql Qtr %
Change		 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Comp Qtr %
Change
Net (charge offs) recoveries
Commercial and industrial $ (17,604) $ (2,736) N/M $ 1,524  $ (1,230) $ (1,826) N/M
Commercial real estate—owner occupied —  —  N/M (113) —  —  N/M
Commercial and business lending (17,604) (2,736) N/M 1,411  (1,230) (1,826) N/M
Commercial real estate—investor (2,710) 500  N/M 94  (8,930) (8,493) (68) %
Real estate construction 2  2  —  % 2  2  121  (98) %
Commercial real estate lending (2,708) 502  N/M 96  (8,928) (8,372) (68) %
Total commercial (20,312) (2,234) N/M 1,507  (10,158) (10,198) 99  %
Residential mortgage (197) 148  N/M (197) (231) (302) (35) %
Auto finance (1,508) (1,843) (18) % (2,010) (1,505) (689) 119  %
Home equity 251  439  (43) % 2  56  237  6  %
Other consumer (1,433) (1,822) (21) % (1,575) (1,336) (1,881) (24) %
Total consumer (2,887) (3,078) (6) % (3,780) (3,015) (2,636) 10  %
Total net charge offs $ (23,199) $ (5,312) N/M $ (2,273) $ (13,173) $ (12,833) 81  %
(In basis points) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial (54) (9) 5  (4) (7)
Commercial real estate—owner occupied —  —  (4) —  — 
Commercial and business lending (48) (9) 4  (4) (6)
Commercial real estate—investor (17) 4  1  (67) (61)
Real estate construction —  —  —  —  3 
Commercial real estate lending (12) 3  1  (49) (45)
Total commercial (34) (4) 3  (20) (21)
Residential mortgage (1) 1  (1) (1) (2)
Auto finance (15) (24) (26) (20) (9)
Home equity 12  25  —  3  14 
Other consumer (138) (235) (200) (173) (244)
Total consumer (9) (11) (14) (11) (10)
Total net charge offs (26) (7) (3) (17) (17)
(Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Seql Qtr %
Change		 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Comp Qtr %
Change
Credit quality
Nonaccrual loans $ 149,953  $ 110,581  36  % $ 100,428  $ 106,179  $ 112,999  33  %
Other real estate owned (OREO) 34,052  32,534  5  % 28,016  29,268  34,287  (1) %
Repossessed assets 1,293  806  60  % 757  789  882  47  %
Total nonperforming assets $ 185,298  $ 143,921  29  % $ 129,201  $ 136,236  $ 148,169  25  %
Accruing loans past due 90 days or more(a)
$ 2,288  $ 2,490  (8) % $ 2,814  $ 2,692  $ 14,160  (84) %
Allowance for credit losses on loans to total loans 1.36  % 1.34  % 1.35  % 1.34  % 1.35  %
Allowance for credit losses on loans to nonaccrual loans 329.75  % 384.36  % 417.56  % 390.49  % 364.42  %
Nonaccrual loans to total loans 0.41  % 0.35  % 0.32  % 0.34  % 0.37  %
Nonperforming assets to total loans plus OREO and repossessed assets 0.51  % 0.45  % 0.41  % 0.44  % 0.48  %
Nonperforming assets to total assets 0.36  % 0.32  % 0.29  % 0.31  % 0.34  %


7


Associated Banc-Corp
Selected Asset Quality Information (continued)
(Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Seql Qtr %
Change		 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Comp Qtr %
Change
Nonaccrual loans
Commercial and industrial $ 44,388  $ 19,606  126  % $ 7,178  $ 12,802  $ 6,945  N/M
Commercial real estate—owner occupied 3,255  34  N/M 203  203  —  N/M
Commercial and business lending 47,643  19,640  143  % 7,381  13,006  6,945  N/M
Commercial real estate—investor 11,184  8,078  38  % 8,311  7,333  15,805  (29) %
Real estate construction 2,974  25  N/M 144  145  146  N/M
Commercial real estate lending 14,158  8,103  75  % 8,455  7,478  15,950  (11) %
Total commercial 61,801  27,743  123  % 15,836  20,484  22,895  170  %
Residential mortgage 70,335  66,890  5  % 68,492  69,093  73,817  (5) %
Auto finance 10,973  8,888  23  % 8,271  8,218  8,004  37  %
Home equity 6,582  6,950  (5) % 7,774  8,299  8,201  (20) %
Other consumer 262  110  138  % 55  85  82  N/M
Total consumer 88,152  82,838  6  % 84,592  85,696  90,104  (2) %
Total nonaccrual loans $ 149,953  $ 110,581  36  % $ 100,428  $ 106,179  $ 112,999  33  %
(Dollars in thousands) Jun 30, 2026 Mar 31, 2026 Seql Qtr %
Change		 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Comp Qtr %
Change
Accruing loans 30-89 days past due
Commercial and industrial $ 10,668  $ 24,253  (56) % $ 2,683  $ 1,071  $ 2,593  N/M
Commercial real estate—owner occupied 893  345  159  % 34  —  5,628  (84) %
Commercial and business lending 11,561  24,598  (53) % 2,717  1,071  8,221  41  %
Commercial real estate—investor 3,089  33,487  (91) % 19,405  14,190  1,042  196  %
Real estate construction 1,437  —  N/M 117  21  90  N/M
Commercial real estate lending 4,526  33,487  (86) % 19,522  14,211  1,132  N/M
Total commercial 16,087  58,085  (72) % 22,239  15,282  9,353  72  %
Residential mortgage 14,034  7,755  81  % 13,135  12,684  8,744  60  %
Auto finance 20,367  14,549  40  % 16,445  14,013  13,149  55  %
Home equity 4,536  2,742  65  % 3,779  4,265  4,338  5  %
Other consumer(a)
2,988  2,173  38  % 2,704  2,728  2,578  16  %
Total consumer 41,925  27,219  54  % 36,063  33,689  28,810  46  %
Total accruing loans 30-89 days past due $ 58,012  $ 85,304  (32) % $ 58,302  $ 48,971  $ 38,163  52  %
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) Excluding guaranteed student loans.
8


Associated Banc-Corp
Selected Quarterly Information
(Dollars and shares in thousands, except per share data and as noted) YTD
Jun 2026		 YTD
Jun 2025		 2Q26 1Q26 4Q25 3Q25 2Q25
Per common share data
Dividends $ 0.48  $ 0.46  $ 0.24  $ 0.24  $ 0.24  $ 0.23  $ 0.23 
Market value:
High 31.34  25.63  31.34  29.37  27.14  27.01  24.56 
Low 24.34  18.91  25.98  24.34  24.11  23.78  18.91 
Close 30.77  25.86  25.76  25.71  24.39 
Book value / share(a)
28.85  29.04  28.81  28.17  27.67 
Tangible book value (TBV) / share(a)(b)
22.15  22.23  22.01  21.36  20.84 
Selected trend information
Net interest margin(c)
3.10  % 3.01  % 3.17  % 3.03  % 3.06  % 3.04  % 3.04  %
Effective tax rate 22.06  % 18.34  % 22.37  % 21.75  % 15.82  % 19.16  % 20.34  %
Noninterest expense / average assets(c)
2.06  % 1.97  % 2.13  % 1.97  % 1.96  % 1.95  % 1.93  %
Dividend payout ratio(d)
35.82  % 36.80  % 37.50  % 34.29  % 29.63  % 31.51  % 35.38  %
Loans / deposits ratio 91.32  % 88.99  % 87.65  % 88.73  % 89.63  %
Assets under management, at market value(e)
$ 17,009  $ 15,708  $ 16,132  $ 16,178  $ 15,537 
Common shares repurchased during period(f)
894  900  —  894  —  —  — 
Common shares outstanding, end of period 188,718  165,438  165,980  165,904  165,778 
Risk-based capital(g)(h)
Total risk-weighted assets $ 41,108,329  $ 35,773,810  $ 35,125,680  $ 34,688,358  $ 34,241,408 
Common equity Tier 1(i)
$ 4,304,915  $ 3,744,610  $ 3,683,711  $ 3,584,712  $ 3,493,316 
Common equity Tier 1 capital ratio(i)
10.47  % 10.47  % 10.49  % 10.33  % 10.20  %
Tier 1 capital ratio 10.94  % 11.01  % 11.04  % 10.89  % 10.77  %
Total capital ratio 12.79  % 13.02  % 13.08  % 12.94  % 12.83  %
Tier 1 leverage ratio 8.99  % 8.98  % 8.96  % 8.81  % 8.72  %
Selected equity and performance ratios
Total stockholders’ equity / total assets 10.88  % 10.96  % 11.01  % 10.95  % 10.87  %
Tangible common equity / tangible assets (TCE Ratio)(b)
8.27  % 8.27  % 8.29  % 8.18  % 8.06  %
Average stockholders' equity / average assets 11.05  % 10.88  % 10.98  % 11.12  % 11.05  % 10.95  % 10.90  %
Return on average equity(c)
9.22  % 9.17  % 8.81  % 9.69  % 11.09  % 10.26  % 9.43  %
Return on average tangible common equity (ROATCE)(b)(c)
12.54  % 12.66  % 12.12  % 13.03  % 15.04  % 14.02  % 12.96  %
Return on average assets(c)
1.02  % 1.00  % 0.97  % 1.08  % 1.23  % 1.12  % 1.03  %
Return on average tangible assets(b)(c)
1.07  % 1.04  % 1.03  % 1.12  % 1.27  % 1.17  % 1.07  %
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio 57.26  % 57.70  % 58.30  % 56.03  % 55.21  % 54.77  % 55.81  %
Adjusted efficiency ratio(b)
54.23  % 57.15  % 52.91  % 55.77  % 55.15  % 54.77  % 55.81  %
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)June 30, 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.




9


Associated Banc-Corp
Non-GAAP Financial Measures Reconciliation		 YTD YTD
(Dollars in thousands) Jun 2026 Jun 2025 2Q26 1Q26 4Q25 3Q25 2Q25
Tangible common equity reconciliation
Common equity $ 5,444,011 $ 4,803,760 $ 4,781,235 $ 4,674,186 $ 4,586,669
Less: Goodwill and other intangible assets, net 1,264,034 1,125,639 1,127,842 1,130,044 1,132,247
Tangible common equity for TBV / share and TCE Ratio $ 4,179,977 $ 3,678,121 $ 3,653,393 $ 3,544,142 $ 3,454,422
Tangible assets reconciliation
Total assets $ 51,812,506 $ 45,593,740 $ 45,202,596 $ 44,455,863 $ 43,993,729
Less: Goodwill and other intangible assets, net 1,264,034 1,125,639 1,127,842 1,130,044 1,132,247
Tangible assets for TCE Ratio $ 50,548,472 $ 44,468,101 $ 44,074,754 $ 43,325,819 $ 42,861,482
Average tangible common equity reconciliation
Average common equity $ 5,124,860 $ 4,487,789 $ 5,433,872 $ 4,812,415 $ 4,713,445 $ 4,627,038 $ 4,538,549
Less: Average goodwill and other intangible assets, net 1,197,702 1,134,600 1,267,876 1,126,748 1,129,055 1,131,385 1,133,627
Average tangible common equity for ROATCE 3,927,158 3,353,189 $ 4,165,996 $ 3,685,667 $ 3,584,390 $ 3,495,653 $ 3,404,922
Average tangible assets reconciliation
Average total assets $ 48,144,569 $ 43,027,526 $ 51,235,842 $ 45,018,948 $ 44,402,771 $ 44,015,203 $ 43,420,063
Less: Average goodwill and other intangible assets, net 1,197,702 1,134,600 1,267,876 1,126,748 1,129,055 1,131,385 1,133,627
Average tangible assets for return on average tangible assets $ 46,946,867 $ 41,892,926 $ 49,967,966 $ 43,892,200 $ 43,273,716 $ 42,883,818 $ 42,286,436
Adjusted net income reconciliation
Net income $ 243,200 $ 212,916 $ 123,564 $ 119,635 $ 137,129 $ 124,732 $ 111,230
Other intangible amortization, net of tax 6,822 3,304 5,170 1,652 1,652 1,652 1,652
Adjusted net income for return on average tangible assets $ 250,022 $ 216,220 $ 128,734 $ 121,287 $ 138,781 $ 126,384 $ 112,882
Adjusted net income available to common equity reconciliation
Net income available to common equity $ 237,450 $ 207,166 $ 120,689 $ 116,760 $ 134,254 $ 121,857 $ 108,355
Other intangible amortization, net of tax 6,822 3,304 5,170 1,652 1,652 1,652 1,652
Adjusted net income available to common equity for ROATCE $ 244,272 $ 210,470 $ 125,859 $ 118,412 $ 135,906 $ 123,509 $ 110,007
Pre-tax pre-provision income
Income before income taxes $ 312,050 $ 260,724 $ 159,167 $ 152,883 $ 162,901 $ 154,286 $ 139,629
Provision for credit losses 30,389 30,999 19,388 11,001 6,998 16,000 17,996
Pre-tax pre-provision income $ 342,439 $ 291,723 $ 178,555 $ 163,884 $ 169,899 $ 170,286 $ 157,625
Period end core customer deposits reconciliation
Total deposits $ 39,931,255 $ 35,731,765 $ 35,552,608 $ 34,881,853 $ 34,147,565
Less: Network transaction deposits 1,823,130 1,746,518 2,154,995 2,013,964 1,792,362
Less: Brokered CDs 3,933,787 3,562,752 3,795,133 3,956,517 4,072,048
Core customer deposits $ 34,174,338 $ 30,422,495 $ 29,602,480 $ 28,911,371 $ 28,283,155
Average core customer deposits reconciliation
Average total deposits $ 37,786,008 $ 34,516,592 $ 40,382,227 $ 35,160,943 $ 35,628,917 $ 34,705,887 $ 34,203,201
Less: Average network transaction deposits 1,898,760 1,845,974 1,879,876 1,917,854 2,090,587 1,933,659 1,843,998
Less: Average brokered CDs 3,808,685 4,201,955 4,085,995 3,528,294 3,998,012 3,916,329 4,089,844
Average core customer deposits $ 32,078,563 $ 28,468,663 $ 34,416,356 $ 29,714,795 $ 29,540,318 $ 28,855,899 $ 28,269,359
Total expense for efficiency ratios reconciliation
Noninterest expense $ 491,045  $ 419,971  $ 271,882  $ 219,163  $ 219,466  $ 216,202  $ 209,352 
Less: Other intangible amortization 9,096  4,405  6,894  2,203  2,203  2,203  2,203 
Total expense for fully tax-equivalent efficiency ratio 481,949  415,566  264,988  216,960  217,263  213,999  207,149 
Less: Acquisition costs(a)
25,476  —  24,469  1,007  252  —  — 
Total expense for adjusted efficiency ratio $ 456,473  $ 415,566  $ 240,519  $ 215,953  $ 217,011  $ 213,999  $ 207,149 
Total revenue for efficiency ratios reconciliation
Net interest income $ 677,228  $ 585,940  $ 370,039  $ 307,190  $ 309,981  $ 305,222  $ 300,000 
Noninterest income 156,256  125,754  80,398  75,857  79,384  81,265  66,977 
Less: Investment securities (losses) gains, net 6  11  35  (28) 37  1  7 
Fully tax-equivalent adjustment 8,279  8,483  4,139  4,139  4,196  4,222  4,228 
Total revenue for fully tax-equivalent efficiency ratio 841,757  720,166  454,541  387,214  393,524  390,708  371,198 
Less: Announced initiatives(b)
—  (6,976) —  —  —  —  — 
Total revenue for adjusted efficiency ratio $ 841,757  $ 727,142  $ 454,541  $ 387,214  $ 393,524  $ 390,708  $ 371,198 
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.


(continued)
10



Associated Banc-Corp
Non-GAAP Financial Measures Reconciliation
(Dollars in thousands) 2Q26
Adjusted net income available to common equity reconciliation
Net income available to common equity $ 120,689
Acquisition costs, net of tax 18,996
Adjusted net income available to common equity for adjusted earnings per share $ 139,685
11
EX-99.2 3 asb2q2026earningspresent.htm EX-99.2 asb2q2026earningspresent
Associated Banc-Corp Second Quarter 2026 Earnings Presentation July 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

 
$0.63 Diluted GAAP EPS $0.73 Diluted Adj. EPS1 10.47% CET1 Ratio 12.79% Total Capital Ratio 10.51% Common Equity / Total Assets 8.27% TCE Ratio1 8.81% Return on Avg. Equity 12.12% ROATCE1 13.95% Adj. ROATCE1 $28.85 Book Value / Share $22.15 TBV / Share1 Second Quarter 2026 Results 4 ▪ Total period end loans of $36.5 billion ▪ +15% vs. 1Q26; +19% vs. 2Q25 ▪ Ex. ANC1,2: +3% vs. 1Q26; +7% vs. 2Q25 ▪ Period end C&I loans of $13.8 billion ▪ +11% vs. 1Q26; +22% vs. 2Q25 ▪ Ex. ANC1,2: +5% vs. 1Q26; +15% vs. 2Q25 ▪ Total period end deposits of $39.9 billion ▪ +12% vs. 1Q26; +17% vs. 2Q25 ▪ Ex. ANC1,2: -1% vs. 1Q26; +4% vs. 2Q25 ▪ Period end core customer deposits1 of $34.2 billion ▪ +12% vs. 1Q26; +21% vs. 2Q25 ▪ Ex. ANC1,2: -1% vs. 1Q26; +6% vs. 2Q25 ▪ Net interest income of $370 million ▪ Net interest margin of 3.17% ▪ Noninterest income of $80 million ▪ Noninterest expense of $272 million ▪ Provision for credit losses of $19 million ▪ ACLL / total loans of 1.36% ▪ NCOs / average loans (annualized) of 0.26% 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Excludes balances acquired from American National Corporation (ANC). ANC balances are as of June 30, 2026, inclusive of FV marks recorded through PAA.

 
5 American National Corporation (ANC) Integration Update Transaction closed April 1, 2026, with conversion of systems, branches & accounts expected in October 2026 Estimated at Announcement1 Updated as of 7/23/20261 Nonrecurring Merger Expenses $55M ($8M taken by ANC; $47M taken by ASB) $60M ($7.4M taken by ANC; $52.5M forecasted by ASB) Loan Credit Mark Credit mark of $74M Credit mark of $74M Loan Fair Value Marks Mark up of $7.5M (Amortized sum-of-years-digits over ~5 yrs.) Mark down of $16.7M (Accreted over remaining life of loans) Auto Dealer Reserve Adjustment $25M $26M Securities Fair Value Marks AFS securities AOCI mark down of $36.5M Net securities and hedge adjustment of $51.4M Real Estate Fair Value Marks Mark up of $18M Mark up of $13M Other Fixed Asset Fair Value Marks Mark down of $5M Mark down of $5M Core Deposit Intangible 3% of ANC core deposits at close (Amortized sum-of-years-digits over 10 yrs.) $103M (Amortized sum-of-years-digits over 10 yrs.) Cost Savings 25% of ANC’s noninterest expense base 30% of ANC’s noninterest expense base TBVPS Dilution2 ~1.2% 1.9% TBVPS Earnback2 ~2.25 yrs. ~2.25 yrs. 1 All figures except TBVPS dilution and TBVPS earnback shown on a pre-tax basis. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

 
$3.9 $4.0 $4.1 $4.1 $5.3 $7.0 $7.0 $6.9 $6.8 $6.9 $7.5 $7.3 $7.3 $7.3 $8.9 $12.1 $12.5 $12.7 $13.0 $14.8 $30.5 $30.8 $31.0 $31.3 $35.9 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Quarterly Loan Trends 6 Average Quarterly Loans ($ in billions) Period End Balance Change 3/31/26 to 6/30/26 ($ in millions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer 2Q 2026 period end total loans grew by 15% vs. the prior quarter, or 3% excluding the impact of balances acquired from ANC1 Total $ Total % Ex. ANC1 $ Ex. ANC1 % C&I $1,411 11% $644 5% CRE-Investor 1,226 23% 50 1% Auto Finance 908 29% 60 2% CRE-Construction 429 20% 201 9% CRE-OO 382 32% 5 0% Other Consumer 233 23% 37 4% Resi. Mortgage 81 1% (58) (1)% Total Loans $4,669 15% $940 3% 1 Excludes balances acquired from American National Corporation (ANC). ANC balances are as of June 30, 2026, inclusive of FV marks recorded through PAA. This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

 
$8.5 $9.8 $9.7 $10.6 $11.8 $13.8 $13.0 2021 2022 2023 2024 2025 1H 2026 1H 2026 7 Period End C&I Loan Growth Trends ($ in billions) Launched Dallas C&I office in May 2026 Added top talent in key leadership roles Increased RMs by nearly 50% from 4Q21 to 2Q26 Sustainable Relationship Commercial Growth 1H 2026 results reflect continued growth momentum, with several YTD investments expected to sustain growth through 2026-27 Opened Kansas City C&I office in 2025; Doubled size of team in Mar. 2026 Ex. ANC1 +17% Growth vs. 12/31/2025Commercial & Industrial Loans Launched Franchise Banking vertical in Apr. 2026 Retooled incentive plans with sharpened relationship focus 1 Excludes balances acquired from American National Corporation (ANC). ANC balances are as of June 30, 2026, inclusive of FV marks recorded through PAA. This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. +10%

 
$1.8 $1.9 $2.1 $1.9 $1.9 $4.1 $3.9 $4.0 $3.5 $4.1 $3.7 $4.0 $4.1 $4.2 $5.0 $6.0 $5.9 $5.9 $6.1 $7.6 $5.2 $5.3 $5.4 $5.5 $6.0 $7.7 $7.9 $8.1 $7.9 $8.7 $5.6 $5.8 $6.1 $6.0 $7.1 $34.2 $34.7 $35.6 $35.2 $40.4 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Quarterly Deposit Trends 8 Average Quarterly Deposits ($ in billions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Excludes balances acquired from American National Corporation (ANC). ANC balances are as of June 30, 2026, inclusive of FV marks recorded through PAA. Customer CDs Savings Money Market Network Trans. Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs Period End Balance Change 3/31/26 to 6/30/26 ($ in millions) 2Q 2026 deposit balances were impacted by the addition of $4.4 billion in ANC-related balances Total $ Total % Ex. ANC1,2 $ Ex. ANC1,2 % Money Market $1,426 23% $(165) (3)% NIB-Demand 783 13% (203) (3)% IB-Demand 733 9% (91) (1)% Savings 511 9% 259 5% Brokered CDs 371 10% 168 5% Customer CDs 298 7% (198) (4)% Network Trans. Deposits 77 4% 12 1% Total Deposits $4,199 12% $(218) (1)% Core Customer Deposits1 $3,752 12% $(398) (1)%

 
$26.6 $27.1 $28.3 $30.0 6/30/2023 6/30/2024 6/30/2025 6/30/2026 $32.0 $32.7 $34.1 $39.9 6/30/2023 6/30/2024 6/30/2025 6/30/2026 Sustainable Relationship Deposit Growth 9 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Excludes balances acquired from American National Corporation (ANC). ANC balances are as of June 30, 2026, inclusive of FV marks recorded through PAA. Our YoY deposit growth rate has improved for three straight years, with relationship-focused initiatives driving sustainable growth Period End YoY Deposit Growth Trends ($ in billions) Customer CKG HH growth of 2%+ (annualized) Adding high-quality Commercial RMs in major metro markets with a sharpened focus on relationships Fully operational Specialty Deposit and Payment Solutions vertical ANC acquisition on track for expected October 2026 conversion Modernized digital platform, improved product set & enhanced marketing acquisition capabilities Successful Mass Affluent strategy +2% +17% +2% +4% +6% Total Deposits Core Customer Deposits Ex. ANC1,2 +4% Bolstered Private Wealth leadership with several key hires

 
Average Yield Trends 10 Quarterly Average Yields (%) 6.75 6.74 6.50 6.21 6.28 6.50 6.45 6.18 5.89 5.96 5.63 5.58 5.56 5.45 5.83 3.70 3.75 3.76 3.78 3.81 4.24 4.26 4.14 4.17 4.22 2.78 2.78 2.61 2.44 2.45 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 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 5.50 5.50 5.34 5.20 5.32 3.02 3.03 2.82 2.67 2.66 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Investments The yield on total earning assets increased by 12 bps in 2Q, while interest-bearing liability costs decreased by 1 bp

 
Net Interest Income & Net Interest Margin Trends 11 $300 $305 $310 $307 $370 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3.04% Quarterly Net Interest Income Quarterly Net Interest Margin 3.04% 3.06% 3.03% 3.17% Net Interest Income & Net Interest Margin ($ in millions) 1Q 2026 to 2Q 2026 Walk-forward ($ in millions) NII NIM 1Q 2026 Actuals $307 3.03% Acquired ANC Balances & Core Growth $56 0.08% ANC Purchase Accounting Net Accretion $4 0.03% ANC Deferred Loan Costs & Fees Adjustment $3 0.03% 2Q 2026 Actuals $370 3.17% Net interest income increased $63 million vs. the prior quarter, while net interest margin improved by 14 bps to 3.17%

 
Interest Rate Risk Management1 12 Contractual Funding Obligations ($ in billions) Contractual Swaps Balances ($ in billions) Estimated NII Sensitivity Profile (%) 10.8 4.0 3.2 2.9 3.7 5.4 1.9 1.6 1.6 1.9 -5.0 -1.2 -1.0 -1.0 -1.2 -21.0 -1.8 -2.1 -1.9 -2.6 2Q 2022 2Q 2023 2Q 2024 2Q 2025 2Q 2026 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) $2.45 $2.45 $2.23 $1.83 $1.35 2Q 2026 3Q 2026 4Q 2026 1Q 2027 2Q 2027 ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $8.5 $0.2 $0.0 $8.7 Short-Term Funding $0.5 - - $0.5 FHLB Advances $4.4 $0.2 $0.0 $4.6 Other Long-Term Funding - - $0.6 $0.6 Total $13.4 $0.4 $0.6 $14.4 3.60%3.63% 3.68%3.68% 3.57% Notional Balances Weighted Avg. Yield 1 All updates as of or for the period ended June 30, 2026 unless otherwise noted. 2 In the down 200 for 2Q 2022, scenario rates are floored at zero. 2 We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a volatile rate environment

 
Cash & Investment Securities Portfolio 13 Period End Investment Securities ($ in billions) Period End Securities + Cash / Total Assets $5.0 $5.2 $5.4 $5.5 $6.3 $3.7 $3.6 $3.6 $3.6 $3.5 $0.3 $0.3 $0.3 $0.3 $0.4 $9.0 $9.1 $9.3 $9.4 $10.2 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Held to MaturityAvailable for Sale Other Securities 20.5% 20.5% 20.5% 20.6% 19.8% 2.9% 2.9% 3.8% 3.1% 3.5% 23.4% 23.4% 24.3% 23.7% 23.3% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 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 positions in proportion to broader balance sheet growth

 
$23 $25 $26 $25 $26 $13 $14 $14 $14 $16 $11 $12 $13 $12 $14 $6 $11 $11 $7 $7 $4 $4 $3 $6 $3 $10 $15 $12 $12 $14 $67 $81 $79 $76 $80 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Quarterly Noninterest Income Trends 14 Wealth Mgmt. Fees Capital Markets, net Other1 Mortgage Banking, net Service Charges & Deposit Account Fees Card-Based Fees 1 Other is comprised of other fee-based revenue, bank and corporate owned life insurance, asset gains (losses), net, investment securities gains (losses), net, and other noninterest income. Capital Markets, Net ($ in millions) $17 $10 $9 $10 $14 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 $44 $41 $44 $46 $51 1H 2022 1H 2023 1H 2024 1H 2025 1H 2026 Wealth Management Fees ($ in millions)Total Quarterly Noninterest Income ($ in millions) 2Q 2026 noninterest income of $80 million was up 6% vs. the prior quarter and 20% vs. the same period a year ago

 
55.8 54.8 55.2 56.0 58.355.8 54.8 55.2 55.8 52.9 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Quarterly Noninterest Expense Trends 15 Total Quarterly Noninterest Expense ($ in millions) Efficiency Ratio (%) $127 $136 $135 $135 $161 $27 $29 $29 $30 $33 $13 $13 $14 $14 $14 $10 $10 $7 $9 $11 $33 $29 $34 $31 $53 $209 $216 $219 $219 $272 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Personnel Other1 Technology FDIC AssessmentOccupancy Adjusted Efficiency Ratio2Fully Tax-Equivalent Efficiency Ratio 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. 2Q 2026 noninterest expense includes $24.5 million of nonrecurring costs tied to the acquisition of American National Corporation 2Q 2026 YTD Jun 2026 Personnel $13.4 $13.4 Legal & Professional 9.6 10.3 Technology 0.8 0.8 Business Development & Advertising 0.4 0.7 Other 0.3 0.3 Total $24.5 $25.5 Nonrecurring Acquisition-Related Expenses ($ in millions)

 
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. 10.20 10.77 12.83 10.47 10.94 12.79 CET1 Tier 1 Capital Total Capital 2Q 2025 2Q 2026 27.67 28.17 28.81 29.04 28.85 20.84 21.36 22.01 22.23 22.15 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Tangible Common Equity / Tangible Assets (TCE Ratio)1 Total Common Equity / Total Assets 10.43 10.51 10.58 10.54 10.51 8.06 8.18 8.29 8.27 8.27 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 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 186,135$ 1.50% 208,208$ 1.54% 234,735$ 1.53% CRE - Investor 63,342 1.18% 53,899 1.02% 65,698 1.01% CRE - Construction 65,885 3.38% 69,810 3.30% 85,681 3.37% Residential Mortgage 34,096 0.49% 32,739 0.49% 35,452 0.52% Other Consumer 62,332 1.58% 60,376 1.45% 72,907 1.38% Total 411,791$ 1.35% 425,032$ 1.34% 494,473$ 1.36% 3/31/2026 6/30/20266/30/2025 $412 $415 $419 $425 $494 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Allowance for Credit Losses on Loans (ACLL)1 17 ACLL Trends ($ in millions) 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) 1.35% 1.34% 1.35% 1.34% 1.36% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 ACLL / Total Loans Our ACLL increased to $494 million following the acquisition of ANC, while ACLL / total loans increased 2 bps to 1.36%

 
Credit Quality Trends 18 Total Delinquent Loans ($ in millions) Nonaccrual Loans ($ in millions) Total Criticized Loans ($ in millions) Net Charge Offs & Provision ($ in millions) $14 $3 $3 $3 $2 $38 $49 $58 $85 $58 $52 $52 $61 $88 $60 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Accruing Loans 30-89 Days PD $13 $13 $2 $5 $23 $18 $16 $7 $11 $19 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD $113 $106 $100 $111 $150 $888 $1,125 $1,067 $1,066 $1,129 $467 $412 $310 $272 $460 $1,468 $1,643 $1,478 $1,449 $1,739 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 $90 $86 $85 $83 $88 $16 $7 $8 $8 $14 $7 $13 $7 $20 $48 $113 $106 $100 $111 $150 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans 2Q credit quality remained solid with decreasing delinquent loans and NCOs of $23 million, incl. $7 million of ANC-related NCOs

 
FY 2026 Outlook1 19 Previous FY 2026 Outlook April 23, 2026 Updated FY 2026 Outlook Total Loans Up 17% to 19% Up 18% to 20% Total C&I Loans Up 20% to 22% No Change Total Deposits Up 17% to 19% No Change Core Customer Deposits2 Up 19% to 21% No Change Net Interest Income Updating with 2Q Earnings Up 19% to 21% Noninterest Income Up 8% to 10% No Change Noninterest Expense3 Updating with 2Q Earnings Up 20% to 21% Effective Tax Rate 19% to 21% No Change CET1 Capital Ratio 10% to 10.75% No Change 1 Projections are on an end of period basis for Associated Banc-Corp and American National Corporation combined as of and for the year ended December 31, 2026 as compared to Associated Banc-Corp standalone 2025 results as of December 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. 3 Includes nonrecurring costs incurred in connection with the acquisition of American National Corporation.

 
Appendix Minneapolis, MN

 
American National Corporation Acquisition Purchase Accounting Accretion (PAA) Summary 21 Actual Scheduled1 2Q 2026 3Q 2026 4Q 2026 1Q 2027 2Q 2027 Loans (Interest Income) $4.2 $2.8 $1.7 $1.2 $0.9 Deposits (Interest Expense) (0.3) (0.2) (0.1) (0.1) (0.1) Core Deposit Intangible (Noninterest Expense) (4.7) (4.7) (4.7) (4.7) (4.2) Pre-Tax Purchase Accounting Impact, Net $(0.8) $(2.1) $(3.1) $(3.5) $(3.3) ($ in millions) 1 These scheduled amounts may vary from future actuals as they do not include potential impacts of prepayments, early withdrawals or impairments that may occur in the future.

 
Twin Cities 165-Year Foundation in Wisconsin…Accelerating Household, Deposit and C&I Growth in Major Metro Markets 22 ASB Branch Footprint States1 Strategic Major Metro Growth Markets 1 Upon conversion of American National Bank branches expected in October 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

 
Total Loans Outstanding Balances as of June 30, 2026 23 1 All values as of period end. 2 North American Industry Classification System. ($ in millions) 6/30/2026 1 % of Total Loans 6/30/2026 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 3,254$ 8.9% Multi-Family 3,907$ 10.7% Manufacturing & Wholesale Trade 2,982 8.2% Industrial 1,945 5.3% Real Estate (includes REITs) 2,617 7.2% Office 795 2.2% Finance & Insurance 1,026 2.8% Retail 721 2.0% Mortgage Warehouse 788 2.2% Hotel/Motel 349 1.0% Construction 689 1.9% Single Family Construction 276 0.8% Transportation and Warehousing 621 1.7% Warehouse 263 0.7% Retail Trade 602 1.7% Medical 261 0.7% Rental and Leasing Services 566 1.6% Land 109 0.3% Health Care and Social Assistance 427 1.2% Self Storage 18 0.1% Professional, Scientific, and Tech. Serv. 354 1.0% Other 395 1.0% Information 288 0.8% Total CRE 9,039$ 24.8% Waste Management 255 0.7% Accommodation and Food Services 153 0.4% Consumer Management of Companies & Enterprises 130 0.4% Residential Mortgage 6,808$ 18.7% Educational Services 87 0.2% Auto Finance 4,044 11.1% Arts, Entertainment, and Recreation 76 0.2% Home Equity 826 2.3% Agriculture, Forestry, Fishing and Hunting 52 0.1% Credit Cards 203 0.6% Public Administration 21 0.1% Other 221 0.5% Mining 3 0.0% Total Consumer 12,102$ 33.2% Other 335 0.7% Total C&BL 15,326$ 42.0% Total Loans 36,467$ 100.0%

 
Wisconsin 18% Illinois 11% Minnesota 11% Nebraska 9% Other Midwest2 18%Texas 10% Other 22% Loan Stratification Outstanding Balances as of June 30, 2026 24 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Multi-Family 43% Retail 8% Office 9% Industrial 22% Warehouse 3% Hotel / Motel 4% Other 11% Wisconsin 23% Illinois 15% Minnesota 10% Nebraska 5% Other Midwest 13% Texas 5% Other 28% Manufacturing & Wholesale Trade 19% Power & Utilities 21% Real Estate 17% Mortgage Warehouse 5% Finance & Insurance 7% Residential Mortgage 56% Auto Finance 33% Home Equity 7% Credit Cards 2% Other 2% Wisconsin 19% Illinois 14% Minnesota 8% Nebraska 4% Other Midwest 9% Texas 6% Other 41% 2 2 C&BL by State $15.3 billion Consumer by Category $12.1 billion C&BL by Industry $15.3 billion Total Loans by State1 CRE by State $9.0 billion CRE by Property Type $9.0 billion

 
High-Quality Commercial Real Estate Portfolio1 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Portfolio LTV 57% 58% 57% 57% 53% Delinquencies3/Loans 0.17% 0.19% 0.27% 0.45% 0.05% NALs/Loans 0.22% 0.10% 0.12% 0.11% 0.16% ACLL/Loans 1.77% 1.74% 1.70% 1.68% 1.67% NCOs/Avg. Loans4 0.45% 0.49% (0.01)% (0.03)% 0.12% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.16% Top 10 Largest CRE Borrowers 1.21% Largest CRE Property Type (Multi-Family) 10.71% CRE Office Loans 2.18% CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.24x 2026 Remaining Maturities $218 million Central Business District vs. Suburban ~86% Suburban Property Class Mix6 ~50% Class A Consumer 33% Com'l & Business Lending 42% CRE 25% Total Loans by Segment Wisconsin 18% Illinois 11% Minnesota 11% Nebraska 9% Other Midwest2 18%Texas 10% Other 25% CRE by State Multi-Family 43% Retail 8% Office 9% Industrial 22% Other 18% CRE by Property Type 1 All updates as of or for the period ended June 30, 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. Excludes American National Corporation loans. 6 Property class mix determined by third-party vendor partner mapping of portfolio.

 
High-Quality Consumer Loan Portfolio1 26 1 All data as of or for the period ended June 30, 2026 unless otherwise noted. 6/30/2026 % of Total Loans Residential Mortgage $6,808 18.7% Auto Finance 4,044 11.1% Home Equity 826 2.3% Credit Cards 203 0.6% Other 221 0.5% Total Consumer $12,102 33.2% Prime/Super Prime Consumer Loan Portfolio 788 781 792 792 Resi. Mortgage Auto Finance Home Equity Credit Cards Weighted Avg. Portfolio FICO Scores 86% 8% 6% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)

 
Stable, Granular Deposit Portfolio 27 Associated Bank, N.A. Period End Deposits ($ in billions) Liquidity Sources ($ in millions) 25% 25% 26% 26% 26% 75% 75% 74% 74% 74% $34.2 $34.9 $35.6 $35.8 $40.1 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits 3/31/2026 6/30/2026 Federal Reserve Balance $915.7 $1,265.7 FHLB Chicago Capacity $5,574.2 $5,330.8 Fed Discount Window Capacity $6,506.8 $6,387.4 Funding Available Within One Business Day1 $12,996.7 $12,983.9 Fed Funds Lines $1,981.0 $1,967.0 Brokered Deposits Capacity2 $1,529.8 $2,015.0 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Available Liquidity $17,507.5 $17,965.9 170% 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.

 
TBVPS Accretion / (Dilution) & Earnback Reconciliation1,2 28 1 Numbers may not recalculate due to rounding conventions. 2 This is a non-GAAP financial measure. See slides 29-31 for a reconciliation of non-GAAP financial measures to GAAP financial measures. Estimated TBVPS2 at Close $ in millions Basic shares (M) $ per share ASB standalone TBV at close2 $3,725 166 $22.45 (+) Equity consideration to ANC 604 23 (-) Core deposit intangible, net of DTL (89) (-) Goodwill created (14) (-) One-time merger expenses (37) Pro forma TBV at close2 $4,189 189 $22.18 Accretion / (dilution) to ASB - $ $(0.27) Accretion / (dilution) to ASB - % (1.2)% Crossover TBVPS earnback2 2.25 years TBVPS2 at Close $ in millions Basic shares (M) $ per share ASB standalone TBV at close2 $3,678 165 $22.23 (+) Equity consideration to ANC 594 23 (-) Core deposit intangible, net of DTL (78) (-) Goodwill created (42) (-) One-time merger expenses (41) Pro forma TBV at close2 $4,111 188 $21.82 Accretion / (dilution) to ASB - $ $(0.41) Accretion / (dilution) to ASB - % (1.9)% Crossover TBVPS earnback2 2.25 years Updated Post-CloseEstimated at Announcement (12/1/2025) American National Corporation (ANC) Acquisition

 
Reconciliation & Definitions of Non-GAAP Items 29 Period End Adjusted Loans Reconciliation ($ in thousands) A Jun 30, 2026 B ANC Bal as of Jun 30, 2026 A – B = Adjusted Loans ex. ANC Commercial and industrial $13,750,175 $766,171 $12,984,004 Commercial real estate—owner occupied 1,575,445 376,197 1,199,248 Commercial and business lending 15,325,620 1,142,368 14,183,252 Commercial real estate—investor 6,492,950 1,176,143 5,316,807 Real estate construction 2,546,186 227,977 2,318,209 Commercial real estate lending 9,039,136 1,404,120 7,635,016 Total commercial 24,364,756 2,546,488 21,818,268 Residential mortgage 6,808,398 138,409 6,669,989 Auto finance 4,044,416 847,719 3,196,697 Home equity 826,343 95,709 730,634 Other consumer 423,127 100,201 322,926 Total consumer 12,102,284 1,182,038 10,920,246 Total loans $36,467,040 $3,728,526 $32,738,514 Period End Adjusted Deposits Reconciliation ($ in thousands) A Jun 30, 2026 B ANC Bal as of Jun 30, 2026 A – B = Adjusted Deposits ex. ANC Noninterest-bearing demand $6,908,338 $985,791 $5,922,547 Savings 6,171,614 252,193 5,919,421 Interest-bearing demand 8,697,879 824,379 7,873,500 Money market 7,614,164 1,590,702 6,023,462 Network transaction deposits 1,823,130 65,003 1,758,127 Brokered CDs 3,933,787 202,806 3,730,981 Other time deposits 4,782,343 496,765 4,285,578 Total deposits $39,931,255 $4,417,639 $35,513,616 Core customer deposits1 $34,174,338 $4,149,830 $30,024,508 1 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits.

 
Tangible Common Equity & Tangible Assets Reconciliation ($ in thousands) 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025 Common equity $5,444,011 $4,803,760 $4,781,235 $4,674,186 $4,586,669 Less: Goodwill and other intangible assets, net 1,264,034 1,125,639 1,127,842 1,130,044 1,132,247 Tangible common equity for TCE Ratio and TBV / share $4,179,977 $3,678,121 $3,653,393 $3,544,142 $3,454,422 Total assets $51,812,506 $45,593,740 $45,202,596 $44,455,863 $43,993,729 Less: Goodwill and other intangible assets, net 1,264,034 1,125,639 1,127,842 1,130,044 1,132,247 Tangible assets for TCE Ratio $50,548,472 $44,468,101 $44,074,754 $43,325,819 $42,861,482 Reconciliation & Definitions of Non-GAAP Items 30 Period End Core Customer Deposits Reconciliation ($ in thousands) 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025 2Q 2024 2Q 2023 Total deposits $39,931,255 $35,731,765 $35,552,608 $34,881,853 $34,147,565 $32,691,039 $32,014,409 Less: Network transaction deposits 1,823,130 1,746,518 2,154,995 2,013,964 1,792,362 1,502,919 1,600,619 Less: Brokered CDs 3,933,787 3,562,752 3,795,133 3,956,517 4,072,048 4,061,578 3,818,325 Core customer deposits $34,174,338 $30,422,495 $29,602,480 $28,911,371 $28,283,155 $27,126,542 $26,595,465 Average Core Customer Deposits Reconciliation ($ in thousands) 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025 Average total deposits $40,382,227 $35,160,943 $35,628,917 $34,705,887 $34,203,201 Less: Average network transaction deposits 1,879,876 1,917,854 2,090,587 1,933,659 1,843,998 Less: Average brokered CDs 4,085,995 3,528,294 3,998,012 3,916,329 4,089,844 Average core customer deposits $34,416,356 $29,714,795 $29,540,318 $28,855,899 $28,269,359 Adjusted Net Income Available to Common Equity Reconciliation ($ in thousands) 2Q 2026 Net income available to common equity $120,689 Acquisition costs, net of tax1 18,996 Adjusted net income available to common equity for adjusted earnings per share $139,685 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.

 
Reconciliation & Definitions of Non-GAAP Items 31 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. Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025 Total expense for efficiency ratios reconciliation Noninterest expense $271,882 $219,163 $219,466 $216,202 $209,352 Less: Other intangible amortization 6,894 2,203 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 264,988 216,960 217,263 213,999 207,149 Less: Acquisition costs1 24,469 1,007 252 - - Total expense for adjusted efficiency ratio $240,519 $215,953 $217,011 $213,999 $207,149 Total revenue for efficiency ratios reconciliation Net interest income $370,039 $307,190 $309,981 $305,222 $300,000 Noninterest income 80,398 75,857 79,384 81,265 66,977 Less: Investment securities (losses) gains, net 35 (28) 37 1 7 Fully tax-equivalent adjustment 4,139 4,139 4,196 4,222 4,228 Total revenue for fully tax-equivalent efficiency ratio 454,541 387,214 393,524 390,708 371,198 Less: Announced initiatives - - - - - Total revenue for adjusted efficiency ratio $454,541 $387,214 $393,524 $390,708 $371,198 Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) 2Q 2026 Net income available to common equity $120,689 Other intangible amortization, net of tax 5,170 Adjusted net income available to common equity for ROATCE $125,859 Acquisition costs, net of tax1 18,996 Adjusted net income available to common equity for adjusted ROATCE $144,855 Average common equity $5,433,872 Less: Average goodwill and other intangible assets, net 1,267,876 Average tangible common equity for ROATCE $4,165,996

 
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