Form 8-K

8-K — ASSOCIATED BANC-CORP

Accession: 0000007789-26-000138

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0000007789

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Financial Statements and Exhibits

Documents

8-K — asb-20260423.htm (Primary)

EX-99.1 (asb03312026ex991.htm)

EX-99.2 (asb1q2026earningspresent.htm)

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8-K

8-K (Primary)

Filename: asb-20260423.htm · Sequence: 1

asb-20260423

0000007789FALSE00000077892026-04-232026-04-230000007789exch:XNYS2026-04-232026-04-230000007789us-gaap:SeriesEPreferredStockMemberexch:XNYS2026-04-232026-04-230000007789us-gaap:SeriesFPreferredStockMemberexch:XNYS2026-04-232026-04-230000007789asb:TwoThousandTwentyThreeSubordinatedDebtMemberexch:XNYS2026-04-232026-04-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 23, 2026

Associated Banc-Corp

(Exact name of registrant as specified in its chapter)

Wisconsin 001-31343 39-1098068

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

433 Main Street Green Bay Wisconsin 54301

(Address of principal executive offices) (Zip code)

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

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the act:

Title of each class Trading symbol Name of each exchange on which registered

Common stock, par value $0.01 per share ASB New York Stock Exchange

Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E ASB PrE New York Stock Exchange

Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F ASB PrF New York Stock Exchange

6.625% Fixed-Rate Reset Subordinated Notes due 2033 ASBA New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On April 23, 2026, Associated Banc-Corp announced its earnings for the quarter ended March 31, 2026. A copy of the registrant’s press release containing this information and the slide presentation discussed on the conference call for investors and analysts on April 23, 2026, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits.

The following exhibits are furnished as part of this Report on Form 8-K:

99.1    Press release of the registrant dated April 23, 2026, containing financial information for the quarter ended March 31, 2026.

99.2    Slide presentation discussed on the conference call for investors and analysts on April 23, 2026.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Associated Banc-Corp

(Registrant)

Date: April 23, 2026

By: /s/ Derek S. Meyer

Derek S. Meyer

Chief Financial Officer

EX-99.1

EX-99.1

Filename: asb03312026ex991.htm · Sequence: 2

Document

Exhibit 99.1

NEWS RELEASE

Investor Contact:

Ben McCarville, Senior Vice President, Director of Investor Relations

920-491-7059

Media Contact:

Andrea Kozek, Vice President, Public Relations Senior Manager

920-491-7518

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

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

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

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

First Quarter 2026 Highlights

•Diluted earnings per common share of $0.70

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

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

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

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

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

•Net interest margin of 3.03%

•Noninterest income of $76 million

•Noninterest expense of $219 million

•Provision for credit losses of $11 million

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

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

•Book value / share of $29.04

•Tangible book value / share1 of $22.23

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

Loans

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

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

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

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

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

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

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

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

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

Deposits

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Net Interest Income and Net Interest Margin

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

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

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

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

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

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

Noninterest Income

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

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

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

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

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

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

Noninterest Expense

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

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

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

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

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

Taxes

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

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

Credit

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

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

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

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

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

Capital

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

FIRST QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL

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

ABOUT ASSOCIATED BANC-CORP

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

FORWARD-LOOKING STATEMENTS

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

NON-GAAP FINANCIAL MEASURES

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

# # #

Associated Banc-Corp

Consolidated Balance Sheets (Unaudited)

(Dollars in thousands) March 31, 2026 December 31, 2025 Sequential Quarter Change September 30, 2025 June 30, 2025 March 31, 2025 Comparable Quarter Change

Assets

Cash and due from banks $ 465,318  $ 574,698  $ (109,380) $ 490,431  $ 521,167  $ 521,323  $ (56,005)

Interest-bearing deposits in other financial institutions 920,684  1,144,123  (223,439) 802,251  738,938  711,033  209,651

Federal funds sold and securities purchased under agreements to resell 175  1,400  (1,225) 90  —  105  70

Available for sale (AFS) investment securities, at fair value 5,514,456  5,397,563  116,893  5,217,278  5,036,508  4,796,570  717,886

Held to maturity (HTM) investment securities, net, at amortized cost 3,570,843  3,602,519  (31,676) 3,636,080  3,672,101  3,705,793  (134,950)

Equity securities 26,109  26,060  49  26,000  25,912  23,331  2,778

Regulatory stocks, at cost 290,189  252,514  37,675  251,642  278,356  194,244  95,945

Residential loans held for sale 87,461  72,499  14,962  74,563  96,804  47,611  39,850

Commercial loans held for sale —  —  —  —  8,406  7,910  (7,910)

Loans 31,798,164  31,163,614  634,550  30,951,964  30,607,605  30,294,127  1,504,037

Allowance for loan losses (385,756) (378,068) (7,688) (378,341) (376,515) (371,348) (14,408)

Loans, net 31,412,408  30,785,546  626,862  30,573,623  30,231,091  29,922,780  1,489,628

Tax credit and other investments 230,954  236,657  (5,703) 245,239  247,111  254,187  (23,233)

Premises and equipment, net 376,760  381,624  (4,864) 384,139  377,372  377,521  (761)

Bank and corporate owned life insurance 694,765  694,452  313  693,511  691,470  690,551  4,214

Goodwill 1,104,992  1,104,992  —  1,104,992  1,104,992  1,104,992  —

Other intangible assets, net 20,647  22,849  (2,202) 25,052  27,255  29,457  (8,810)

Mortgage servicing rights, net 87,599  86,337  1,262  85,063  85,245  86,251  1,348

Interest receivable 161,021  161,118  (97) 168,451  168,627  159,729  1,292

Other assets 629,359  657,645  (28,286) 677,458  682,373  675,748  (46,389)

Total assets $ 45,593,740  $ 45,202,596  $ 391,144  $ 44,455,863  $ 43,993,729  $ 43,309,136  $ 2,284,604

Liabilities and stockholders' equity

Noninterest-bearing demand deposits $ 6,125,067  $ 6,126,632  $ (1,565) $ 5,906,251  $ 5,782,487  $ 6,135,946  $ (10,879)

Interest-bearing deposits 29,606,698  29,425,976  180,722  28,975,602  28,365,079  29,060,767  545,931

Total deposits 35,731,765  35,552,608  179,157  34,881,853  34,147,565  35,196,713  535,052

Federal funds purchased and securities sold under agreements to repurchase 395,652  307,864  87,788  399,665  75,585  311,335  84,317

FHLB advances 3,421,762  3,268,094  153,668  3,220,679  3,879,489  2,027,297  1,394,465

Senior and subordinated debt 592,629  594,276  (1,647) 594,074  593,530  591,382  1,247

Allowance for unfunded commitments 39,276  41,276  (2,000) 36,276  35,276  35,276  4,000

Accrued expenses and other liabilities 414,784  463,131  (48,347) 455,019  481,503  460,574  (45,790)

Total liabilities 40,595,868  40,227,249  368,619  39,587,565  39,212,948  38,622,578  1,973,290

Stockholders' equity

Preferred equity 194,112  194,112  —  194,112  194,112  194,112  —

Common equity 4,803,760  4,781,235  22,525  4,674,186  4,586,669  4,492,446  311,314

Total stockholders' equity 4,997,872  4,975,347  22,525  4,868,298  4,780,781  4,686,558  311,314

Total liabilities and stockholders' equity $ 45,593,740  $ 45,202,596  $ 391,144  $ 44,455,863  $ 43,993,729  $ 43,309,136  $ 2,284,604

Numbers may not recalculate due to rounding conventions.

1

Associated Banc-Corp

Consolidated Statements of Income (Unaudited) Comparable Quarter

(Dollars and shares in thousands, except per share data) 1Q26 1Q25 Dollar Change Percentage Change

Interest income

Interest and fees on loans $ 426,989  $ 433,299  $ (6,310) (1) %

Interest and dividends on investment securities

Taxable 75,676  69,788  5,888  8  %

Tax-exempt 13,738  13,956  (218) (2) %

Other interest 11,641  9,243  2,398  26  %

Total interest income 528,044  526,285  1,759  —  %

Interest expense

Interest on deposits 175,273  209,140  (33,867) (16) %

Interest on federal funds purchased and securities sold under agreements to repurchase 3,732  3,622  110  3  %

Interest on FHLB advances 31,570  16,090  15,480  96  %

Interest on senior and subordinated debt 10,163  11,085  (922) (8) %

Interest on other interest-bearing liabilities 116  408  (292) (72) %

Total interest expense 220,854  240,345  (19,491) (8) %

Net interest income 307,190  285,941  21,249  7  %

Provision for credit losses 11,001  13,003  (2,002) (15) %

Net interest income after provision for credit losses 296,189  272,938  23,251  9  %

Noninterest income

Wealth management fees 25,219  22,498  2,721  12  %

Service charges and deposit account fees 14,054  12,814  1,240  10  %

Card-based fees 11,579  10,442  1,137  11  %

Other fee-based revenue 4,862  5,251  (389) (7) %

Capital markets, net 6,543  4,345  2,198  51  %

Mortgage banking, net 6,111  3,822  2,289  60  %

Loss on mortgage portfolio sale —  (6,976) 6,976  (100) %

Bank and corporate owned life insurance 3,816  5,204  (1,388) (27) %

Asset gains (losses), net 840  (878) 1,718  N/M

Investment securities (losses) gains, net (28) 4  (32) N/M

Other 2,861  2,251  610  27  %

Total noninterest income 75,857  58,776  17,081  29  %

Noninterest expense

Personnel 135,172  123,897  11,275  9  %

Technology 29,736  27,139  2,597  10  %

Occupancy 13,725  15,381  (1,656) (11) %

Business development and advertising 7,827  6,386  1,441  23  %

Equipment 5,610  4,527  1,083  24  %

Legal and professional 6,721  6,083  638  10  %

Loan and foreclosure costs 1,707  2,594  (887) (34) %

FDIC assessment 8,837  10,436  (1,599) (15) %

Other intangible amortization 2,203  2,203  —  —  %

Other 7,625  11,974  (4,349) (36) %

Total noninterest expense 219,163  210,619  8,544  4  %

Income before income taxes 152,883  121,095  31,788  26  %

Income tax expense 33,248  19,409  13,839  71  %

Net income 119,635  101,687  17,948  18  %

Preferred stock dividends 2,875  2,875  —  —  %

Net income available to common equity $ 116,760  $ 98,812  $ 17,948  18  %

Pre-tax pre-provision income (loss)(a)

163,884  134,098  29,786  22  %

Earnings per common share

Basic $ 0.70  $ 0.60  $ 0.10  17  %

Diluted $ 0.70  $ 0.59  $ 0.11  19  %

Average common shares outstanding

Basic 165,097  165,228  (131) —  %

Diluted 166,561  166,604  (43) —  %

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

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

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

2

Associated Banc-Corp

Consolidated Statements of Income (Unaudited) - Quarterly Trend

(Dollars and shares in thousands, except per share data)     Sequential Quarter

1Q26 4Q25 Dollar Change Percentage Change 3Q25 2Q25 1Q25

Interest income

Interest and fees on loans $ 426,989  $ 445,687  $ (18,698) (4) % $ 455,623  $ 447,781  $ 433,299

Interest and dividends on investment securities

Taxable 75,676  73,511  2,165  3  % 73,727  71,174  69,788

Tax-exempt 13,738  13,851  (113) (1) % 13,888  13,902  13,956

Other interest 11,641  11,294  347  3  % 13,353  12,679  9,243

Total interest income 528,044  544,343  (16,299) (3) % 556,591  545,536  526,285

Interest expense

Interest on deposits 175,273  194,778  (19,505) (10) % 202,344  197,656  209,140

Interest on federal funds purchased and securities sold under agreements to repurchase 3,732  2,682  1,050  39  % 2,107  2,004  3,622

Interest on FHLB advances 31,570  26,309  5,261  20  % 35,965  34,889  16,090

Interest on senior and subordinated debt 10,163  10,483  (320) (3) % 10,741  10,700  11,085

Interest on other interest-bearing liabilities 116  110  6  5  % 212  287  408

Total interest expense 220,854  234,362  (13,508) (6) % 251,369  245,536  240,345

Net interest income 307,190  309,981  (2,791) (1) % 305,222  300,000  285,941

Provision for credit losses 11,001  6,998  4,003  57  % 16,000  17,996  13,003

Net interest income after provision for credit losses 296,189  302,983  (6,794) (2) % 289,223  282,004  272,938

Noninterest income

Wealth management fees 25,219  25,742  (523) (2) % 25,315  23,025  22,498

Service charges and deposit account fees 14,054  13,827  227  2  % 13,861  13,147  12,814

Card-based fees 11,579  12,679  (1,100) (9) % 12,308  11,200  10,442

Other fee-based revenue 4,862  5,557  (695) (13) % 5,414  4,995  5,251

Capital markets, net 6,543  11,175  (4,632) (41) % 10,764  5,765  4,345

Mortgage banking, net 6,111  2,926  3,185  109  % 3,541  4,213  3,822

Loss on mortgage portfolio sale —  —  —  —  % —  —  (6,976)

Bank and corporate owned life insurance 3,816  3,804  12  —  % 4,051  4,135  5,204

Asset gains (losses), net 840  838  2  —  % 3,340  (1,735) (878)

Investment securities (losses) gains, net (28) 37  (65) N/M 1  7  4

Other 2,861  2,799  62  2  % 2,670  2,226  2,251

Total noninterest income 75,857  79,384  (3,527) (4) % 81,265  66,977  58,776

Noninterest expense

Personnel 135,172  135,130  42  —  % 135,703  126,994  123,897

Technology 29,736  28,641  1,095  4  % 28,590  26,508  27,139

Occupancy 13,725  14,229  (504) (4) % 12,757  12,644  15,381

Business development and advertising 7,827  9,118  (1,291) (14) % 8,362  7,748  6,386

Equipment 5,610  6,888  (1,278) (19) % 4,368  4,494  4,527

Legal and professional 6,721  5,945  776  13  % 5,232  6,674  6,083

Loan and foreclosure costs 1,707  1,327  380  29  % 1,638  2,705  2,594

FDIC assessment 8,837  6,589  2,248  34  % 9,980  9,708  10,436

Other intangible amortization 2,203  2,203  —  —  % 2,203  2,203  2,203

Other 7,625  9,396  (1,771) (19) % 7,369  9,674  11,974

Total noninterest expense 219,163  219,466  (303) —  % 216,202  209,352  210,619

Income before income taxes 152,883  162,901  (10,018) (6) % 154,286  139,629  121,095

Income tax expense 33,248  25,772  7,476  29  % 29,554  28,399  19,409

Net income 119,635  137,129  (17,494) (13) % 124,732  111,230  101,687

Preferred stock dividends 2,875  2,875  —  —  % 2,875  2,875  2,875

Net income available to common equity $ 116,760  $ 134,254  $ (17,494) (13) % $ 121,857  $ 108,355  $ 98,812

Pre-tax pre-provision income(a)

163,884  169,899  (6,015) (4) % 170,286  157,625  134,098

Earnings per common share

Basic $ 0.70  $ 0.81  $ (0.11) (14) % $ 0.73  $ 0.65  $ 0.60

Diluted $ 0.70  $ 0.80  $ (0.10) (13) % $ 0.73  $ 0.65  $ 0.59

Average common shares outstanding

Basic 165,097  165,126  (29) —  % 165,029  164,936  165,228

Diluted 166,561  166,746  (185) —  % 166,703  166,343  166,604

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

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

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

3

Associated Banc-Corp

Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter

Three Months Ended

March 31, 2026

December 31, 2025(a)

March 31, 2025(a)

(Dollars in thousands) Average

Balance Interest

Income /Expense Average

Yield /Rate Average

Balance Interest

Income /Expense Average

Yield /Rate Average

Balance Interest

Income /Expense Average

Yield /Rate

Assets

Earning assets

Loans (b)(c)

Commercial and industrial $ 11,776,702  $ 172,507  5.94  % $ 11,588,059  $ 182,101  6.24  % $ 10,583,318  $ 169,785  6.50  %

Commercial real estate—owner occupied 1,190,708  15,968  5.44  % 1,157,531  16,358  5.61  % 1,141,167  16,200  5.76  %

Commercial and business lending 12,967,410  188,475  5.89  % 12,745,590  198,459  6.18  % 11,724,484  185,985  6.43  %

Commercial real estate—investor 5,277,283  78,154  6.01  % 5,291,562  84,153  6.31  % 5,415,412  87,089  6.52  %

Real estate construction 2,055,338  34,043  6.72  % 1,974,318  34,870  7.01  % 1,898,582  33,945  7.25  %

Commercial real estate lending 7,332,621  112,197  6.21  % 7,265,880  119,023  6.50  % 7,313,994  121,034  6.71  %

Total commercial 20,300,031  300,672  6.01  % 20,011,470  317,482  6.30  % 19,038,479  307,020  6.54  %

Residential mortgage 6,831,984  64,640  3.78  % 6,899,778  64,779  3.76  % 7,256,320  66,823  3.68  %

Auto finance 3,125,504  41,969  5.45  % 3,064,457  42,915  5.56  % 2,844,730  39,176  5.59  %

Home equity 709,865  11,692  6.60  % 706,923  12,570  7.11  % 657,625  12,052  7.34  %

Other consumer 314,118  8,504  10.98  % 312,730  8,454  10.72  % 313,828  8,773  11.34  %

Total consumer 10,981,471  126,805  4.65  % 10,983,888  128,718  4.67  % 11,072,503  126,824  4.61  %

Total loans 31,281,502  427,477  5.53  % 30,995,358  446,200  5.72  % 30,110,982  433,844  5.83  %

Investments

Taxable securities 7,071,751  75,676  4.28  % 6,912,251  73,511  4.25  % 6,398,584  69,788  4.36  %

Tax-exempt securities(b)

1,978,501  17,389  3.52  % 1,990,389  17,534  3.52  % 2,016,144  17,666  3.50  %

Other short-term investments 1,016,795  11,641  4.64  % 972,884  11,294  4.61  % 757,227  9,243  4.95  %

Total investments 10,067,047  104,706  4.17  % 9,875,524  102,339  4.14  % 9,171,955  96,696  4.22  %

Total earning assets and related interest income 41,348,549  $ 532,183  5.20  % 40,870,882  $ 548,539  5.34  % 39,282,937  $ 530,540  5.45  %

Other assets, net 3,670,399  3,531,889  3,347,690

Total assets $ 45,018,948  $ 44,402,771  $ 42,630,627

Liabilities and stockholders' equity

Interest-bearing liabilities

Interest-bearing deposits

Savings $ 5,532,848  $ 17,690  1.30  % $ 5,436,968  $ 18,823  1.37  % $ 5,162,468  $ 17,929  1.41  %

Interest-bearing demand 7,886,442  34,236  1.76  % 8,054,088  40,309  1.99  % 8,031,707  45,430  2.29  %

Money market 6,061,442  34,239  2.29  % 5,890,836  35,353  2.38  % 6,079,551  39,560  2.64  %

Network transaction deposits 1,917,854  17,502  3.70  % 2,090,587  20,882  3.96  % 1,847,972  20,067  4.40  %

Brokered CDs 3,528,294  34,811  4.00  % 3,998,012  42,056  4.17  % 4,315,311  49,292  4.63  %

Other time deposits 4,234,785  36,795  3.52  % 4,093,939  37,355  3.62  % 3,756,332  36,862  3.98  %

Total interest-bearing deposits 29,161,665  175,273  2.44  % 29,564,430  194,778  2.61  % 29,193,341  209,140  2.91  %

Federal funds purchased and securities sold under agreements to repurchase 425,142  3,732  3.56  % 289,679  2,682  3.67  % 375,910  3,622  3.91  %

FHLB advances 3,380,379  31,570  3.79  % 2,504,464  26,309  4.17  % 1,595,972  16,090  4.09  %

Senior and subordinated debt 594,401  10,163  6.84  % 594,104  10,483  7.06  % 627,371  11,085  7.07  %

Other interest-bearing liabilities 11,212  116  4.18  % 13,212  110  3.29  % 31,599  408  5.24  %

Total funding 4,411,134  45,581  4.18  % 3,401,459  39,584  4.63  % 2,630,852  31,205  4.79  %

Total interest-bearing liabilities and related interest expense 33,572,799  $ 220,854  2.67  % 32,965,889  $ 234,362  2.82  % 31,824,193  $ 240,345  3.06  %

Noninterest-bearing demand deposits 5,999,278  6,064,487  5,640,123

Other liabilities 440,344  464,838  535,732

Stockholders’ equity 5,006,527  4,907,557  4,630,578

Total liabilities and stockholders’ equity $ 45,018,948  $ 44,402,771  $ 42,630,627

Interest rate spread 2.53  % 2.52  % 2.39  %

Net free funds 0.50  % 0.55  % 0.58  %

Fully tax-equivalent net interest income and net interest margin $ 311,329  3.03  % $ 314,177  3.06  % $ 290,195  2.97  %

Fully tax-equivalent adjustment (4,139) (4,196) (4,254)

Net interest income $ 307,190  $ 309,981  $ 285,941

Numbers may not recalculate due to rounding conventions.

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

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

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

4

Associated Banc-Corp

Loan and Deposit Composition

(Dollars in thousands)

Period end loan composition Mar 31, 2026 Dec 31, 2025 Seql Qtr % Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr % Change

Commercial and industrial $ 12,339,597  $ 11,799,757  5  % $ 11,567,651  $ 11,281,964  $ 10,925,769  13  %

Commercial real estate—owner occupied 1,193,778  1,186,324  1  % 1,149,939  1,101,501  1,118,363  7  %

Commercial and business lending 13,533,375  12,986,081  4  % 12,717,590  12,383,465  12,044,132  12  %

Commercial real estate—investor 5,266,584  5,246,030  —  % 5,369,441  5,370,422  5,597,442  (6) %

Real estate construction 2,117,479  1,994,642  6  % 1,958,766  1,950,267  1,809,054  17  %

Commercial real estate lending 7,384,063  7,240,672  2  % 7,328,207  7,320,689  7,406,496  —  %

Total commercial 20,917,438  20,226,753  3  % 20,045,797  19,704,154  19,450,628  8  %

Residential mortgage 6,727,734  6,793,957  (1) % 6,858,285  6,949,387  6,999,654  (4) %

Auto finance 3,136,334  3,106,498  1  % 3,041,644  2,969,495  2,878,765  9  %

Home equity 706,075  713,271  (1) % 698,112  676,208  654,140  8  %

Other consumer 310,583  323,135  (4) % 308,126  308,361  310,940  —  %

Total consumer 10,880,726  10,936,861  (1) % 10,906,167  10,903,451  10,843,499  —  %

Total loans $ 31,798,164  $ 31,163,614  2  % $ 30,951,964  $ 30,607,605  $ 30,294,127  5  %

Quarter average loan composition(a)

Mar 31, 2026 Dec 31, 2025 Seql Qtr % Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr % Change

Commercial and industrial $ 11,776,702  $ 11,588,059  2  % $ 11,367,533  $ 10,981,221  $ 10,583,318  11  %

Commercial real estate—owner occupied 1,190,708  1,157,531  3  % 1,105,787  1,114,054  1,141,167  4  %

Commercial and business lending 12,967,410  12,745,590  2  % 12,473,319  12,095,274  11,724,484  11  %

Commercial real estate—investor 5,277,283  5,291,562  —  % 5,300,765  5,582,333  5,415,412  (3) %

Real estate construction 2,055,338  1,974,318  4  % 1,991,565  1,869,708  1,898,582  8  %

Commercial real estate lending 7,332,621  7,265,880  1  % 7,292,330  7,452,041  7,313,994  —  %

Total commercial 20,300,031  20,011,470  1  % 19,765,649  19,547,316  19,038,479  7  %

Residential mortgage 6,831,984  6,899,778  (1) % 6,987,858  7,034,607  7,256,320  (6) %

Auto finance 3,125,504  3,064,457  2  % 3,000,978  2,933,161  2,844,730  10  %

Home equity 709,865  706,923  —  % 690,330  667,339  657,625  8  %

Other consumer 314,118  312,730  —  % 305,644  309,578  313,828  —  %

Total consumer 10,981,471  10,983,888  —  % 10,984,811  10,944,685  11,072,503  (1) %

Total loans $ 31,281,502  $ 30,995,358  1  % $ 30,750,460  $ 30,492,001  $ 30,110,982  4  %

Period end deposit and customer funding composition(b)

Mar 31, 2026 Dec 31, 2025 Seql Qtr % Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr % Change

Noninterest-bearing demand $ 6,125,067  $ 6,126,632  —  % $ 5,906,251  $ 5,782,487  $ 6,135,946  —  %

Savings 5,660,641  5,471,870  3  % 5,380,574  5,291,674  5,247,291  8  %

Interest-bearing demand 7,964,665  7,823,362  2  % 7,791,861  7,490,772  7,870,965  1  %

Money market 6,188,045  6,139,438  1  % 5,785,871  5,915,867  6,141,275  1  %

Network transaction deposits 1,746,518  2,154,995  (19) % 2,013,964  1,792,362  1,882,930  (7) %

Brokered CDs 3,562,752  3,795,133  (6) % 3,956,517  4,072,048  4,197,512  (15) %

Other time deposits 4,484,077  4,041,178  11  % 4,046,815  3,802,356  3,720,793  21  %

Total deposits 35,731,765  35,552,608  1  % 34,881,853  34,147,565  35,196,713  2  %

Other customer funding(c)

42,372  47,794  (11) % 64,570  75,440  85,950  (51) %

Total deposits and other customer funding $ 35,774,137  $ 35,600,402  —  % $ 34,946,423  $ 34,223,005  $ 35,282,663  1  %

Core customer deposits(d) and other customer funding

$ 30,464,867  $ 29,650,274  3  % $ 28,975,941  $ 28,358,595  $ 29,202,221  4  %

Quarter average deposit composition Mar 31, 2026 Dec 31, 2025 Seql Qtr % Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr % Change

Noninterest-bearing demand $ 5,999,278  $ 6,064,487  (1) % $ 5,796,676  $ 5,648,935  $ 5,640,123  6  %

Savings 5,532,848  5,436,968  2  % 5,338,129  5,222,869  5,162,468  7  %

Interest-bearing demand 7,886,442  8,054,088  (2) % 7,898,770  7,683,402  8,031,707  (2) %

Money market 6,061,442  5,890,836  3  % 5,860,802  5,988,947  6,079,551  —  %

Network transaction deposits 1,917,854  2,090,587  (8) % 1,933,659  1,843,998  1,847,972  4  %

Brokered CDs 3,528,294  3,998,012  (12) % 3,916,329  4,089,844  4,315,311  (18) %

Other time deposits 4,234,785  4,093,939  3  % 3,961,522  3,725,205  3,756,332  13  %

Total deposits 35,160,943  35,628,917  (1) % 34,705,887  34,203,201  34,833,464  1  %

Other customer funding(c)

43,973  45,973  (4) % 74,305  80,010  87,693  (50) %

Total deposits and other customer funding $ 35,204,916  $ 35,674,890  (1) % $ 34,780,192  $ 34,283,211  $ 34,921,157  1  %

Core customer deposits(d) and other customer funding

$ 29,758,768  $ 29,586,291  1  % $ 28,930,204  $ 28,349,369  $ 28,757,874  3  %

Numbers may not recalculate due to rounding conventions.

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

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

(c) Includes repurchase agreements.

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

5

Associated Banc-Corp

Selected Asset Quality Information

(Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr %

Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %

Change

Allowance for loan losses

Balance at beginning of period $ 378,068  $ 378,341  —  % $ 376,515  $ 371,348  $ 363,545  4  %

Provision for loan losses 13,000  2,000  N/M 15,000  18,000  16,500  (21) %

Charge offs (8,210) (7,636) 8  % (15,254) (18,348) (13,714) (40) %

Recoveries 2,898  5,363  (46) % 2,081  5,515  5,017  (42) %

Net charge offs (5,312) (2,273) 134  % (13,173) (12,833) (8,698) (39) %

Balance at end of period $ 385,756  $ 378,068  2  % $ 378,341  $ 376,515  $ 371,348  4  %

Allowance for unfunded commitments

Balance at beginning of period $ 41,276  $ 36,276  14  % $ 35,276  $ 35,276  $ 38,776  6  %

Provision for unfunded commitments (2,000) 5,000  N/M 1,000  —  (3,500) (43) %

Balance at end of period 39,276  41,276  (5) % 36,276  35,276  35,276  11  %

Allowance for credit losses on loans (ACLL) $ 425,032  $ 419,344  1  % $ 414,618  $ 411,791  $ 406,624  5  %

Provision for credit losses on loans $ 11,000  $ 7,000  57  % $ 16,000  $ 18,000  $ 13,000  (15) %

(Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr %

Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %

Change

Net (charge offs) recoveries

Commercial and industrial $ (2,736) $ 1,524  N/M $ (1,230) $ (1,826) $ (4,726) (42) %

Commercial real estate—owner occupied —  (113) (100) % —  —  —  N/M

Commercial and business lending (2,736) 1,411  N/M (1,230) (1,826) (4,726) (42) %

Commercial real estate—investor 500  94  N/M (8,930) (8,493) (892) N/M

Real estate construction 2  2  —  % 2  121  30  (93) %

Commercial real estate lending 502  96  N/M (8,928) (8,372) (863) N/M

Total commercial (2,234) 1,507  N/M (10,158) (10,198) (5,589) (60) %

Residential mortgage 148  (197) N/M (231) (302) 197  (25) %

Auto finance (1,843) (2,010) (8) % (1,505) (689) (1,519) 21  %

Home equity 439  2  N/M 56  237  289  52  %

Other consumer (1,822) (1,575) 16  % (1,336) (1,881) (2,076) (12) %

Total consumer (3,078) (3,780) (19) % (3,015) (2,636) (3,109) (1) %

Total net charge offs $ (5,312) $ (2,273) 134  % $ (13,173) $ (12,833) $ (8,698) (39) %

(In basis points) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025

Net (charge offs) recoveries to average loans (annualized)

Commercial and industrial (9) 5  (4) (7) (18)

Commercial real estate—owner occupied —  (4) —  —  —

Commercial and business lending (9) 4  (4) (6) (16)

Commercial real estate—investor 4  1  (67) (61) (7)

Real estate construction —  —  —  3  1

Commercial real estate lending 3  1  (49) (45) (5)

Total commercial (4) 3  (20) (21) (12)

Residential mortgage 1  (1) (1) (2) 1

Auto finance (24) (26) (20) (9) (22)

Home equity 25  —  3  14  18

Other consumer (235) (200) (173) (244) (268)

Total consumer (11) (14) (11) (10) (11)

Total net charge offs (7) (3) (17) (17) (12)

(Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr %

Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %

Change

Credit quality

Nonaccrual loans $ 110,581  $ 100,428  10  % $ 106,179  $ 112,999  $ 134,808  (18) %

Other real estate owned (OREO) 32,534  28,016  16  % 29,268  34,287  23,475  39  %

Repossessed assets 806  757  6  % 789  882  688  17  %

Total nonperforming assets $ 143,921  $ 129,201  11  % $ 136,236  $ 148,169  $ 158,971  (9) %

Accruing loans past due 90 days or more(a)

$ 2,490  $ 2,814  (12) % $ 2,692  $ 14,160  $ 3,036  (18) %

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

Allowance for credit losses on loans to nonaccrual loans 384.36  % 417.56  % 390.49  % 364.42  % 301.63  %

Nonaccrual loans to total loans 0.35  % 0.32  % 0.34  % 0.37  % 0.44  %

Nonperforming assets to total loans plus OREO and repossessed assets 0.45  % 0.41  % 0.44  % 0.48  % 0.52  %

Nonperforming assets to total assets 0.32  % 0.29  % 0.31  % 0.34  % 0.37  %

6

Associated Banc-Corp

Selected Asset Quality Information (continued)

(Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr %

Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %

Change

Nonaccrual loans

Commercial and industrial $ 19,606  $ 7,178  173  % $ 12,802  $ 6,945  $ 12,898  52  %

Commercial real estate—owner occupied 34  203  (83) % 203  —  1,501  (98) %

Commercial and business lending 19,640  7,381  166  % 13,006  6,945  14,399  36  %

Commercial real estate—investor 8,078  8,311  (3) % 7,333  15,805  31,689  (75) %

Real estate construction 25  144  (83) % 145  146  125  (80) %

Commercial real estate lending 8,103  8,455  (4) % 7,478  15,950  31,814  (75) %

Total commercial 27,743  15,836  75  % 20,484  22,895  46,213  (40) %

Residential mortgage 66,890  68,492  (2) % 69,093  73,817  72,455  (8) %

Auto finance 8,888  8,271  7  % 8,218  8,004  7,692  16  %

Home equity 6,950  7,774  (11) % 8,299  8,201  8,275  (16) %

Other consumer 110  55  100  % 85  82  173  (36) %

Total consumer 82,838  84,592  (2) % 85,696  90,104  88,595  (6) %

Total nonaccrual loans $ 110,581  $ 100,428  10  % $ 106,179  $ 112,999  $ 134,808  (18) %

(Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr %

Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %

Change

Accruing loans 30-89 days past due

Commercial and industrial $ 24,253  $ 2,683  N/M $ 1,071  $ 2,593  $ 7,740  N/M

Commercial real estate—owner occupied 345  34  N/M —  5,628  1,156  (70) %

Commercial and business lending 24,598  2,717  N/M 1,071  8,221  8,896  177  %

Commercial real estate—investor 33,487  19,405  73  % 14,190  1,042  2,463  N/M

Real estate construction —  117  (100) % 21  90  —  N/M

Commercial real estate lending 33,487  19,522  72  % 14,211  1,132  2,463  N/M

Total commercial 58,085  22,239  161  % 15,282  9,353  11,360  N/M

Residential mortgage 7,755  13,135  (41) % 12,684  8,744  13,568  (43) %

Auto finance 14,549  16,445  (12) % 14,013  13,149  12,522  16  %

Home equity 2,742  3,779  (27) % 4,265  4,338  3,606  (24) %

Other consumer(a)

2,173  2,704  (20) % 2,728  2,578  2,381  (9) %

Total consumer 27,219  36,063  (25) % 33,689  28,810  32,076  (15) %

Total accruing loans 30-89 days past due $ 85,304  $ 58,302  46  % $ 48,971  $ 38,163  $ 43,435  96  %

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) Excluding guaranteed student loans.

7

Associated Banc-Corp

Selected Quarterly Information

(Dollars and shares in thousands, except per share data and as noted) 1Q26 4Q25 3Q25 2Q25 1Q25

Per common share data

Dividends $ 0.24  $ 0.24  $ 0.23  $ 0.23  $ 0.23

Market value:

High 29.37  27.14  27.01  24.56  25.63

Low 24.34  24.11  23.78  18.91  21.06

Close 25.86  25.76  25.71  24.39  22.53

Book value / share(a)

29.04  28.81  28.17  27.67  27.09

Tangible book value (TBV) / share(a)(b)

22.23  22.01  21.36  20.84  20.25

Selected trend information

Net interest margin(c)

3.03  % 3.06  % 3.04  % 3.04  % 2.97  %

Effective tax rate 21.75  % 15.82  % 19.16  % 20.34  % 16.03  %

Noninterest expense / average assets(c)

1.97  % 1.96  % 1.95  % 1.93  % 2.00  %

Dividend payout ratio(d)

34.29  % 29.63  % 31.51  % 35.38  % 38.33  %

Loans / deposits ratio 88.99  % 87.65  % 88.73  % 89.63  % 86.07  %

Assets under management, at market value(e)

$ 15,708  $ 16,132  $ 16,178  $ 15,537  $ 14,685

Common shares repurchased during period(f)

894  —  —  —  900

Common shares outstanding, end of period 165,438  165,980  165,904  165,778  165,807

Risk-based capital(g)(h)

Total risk-weighted assets $ 35,773,810  $ 35,125,680  $ 34,688,358  $ 34,241,408  $ 33,800,823

Common equity Tier 1(i)

$ 3,744,610  $ 3,683,711  $ 3,584,712  $ 3,493,316  $ 3,417,432

Common equity Tier 1 capital ratio(i)

10.47  % 10.49  % 10.33  % 10.20  % 10.11  %

Tier 1 capital ratio 11.01  % 11.04  % 10.89  % 10.77  % 10.68  %

Total capital ratio 13.02  % 13.08  % 12.94  % 12.83  % 12.75  %

Tier 1 leverage ratio 8.98  % 8.96  % 8.81  % 8.72  % 8.69  %

Selected equity and performance ratios

Total stockholders’ equity / total assets 10.96  % 11.01  % 10.95  % 10.87  % 10.82  %

Tangible common equity / tangible assets (TCE Ratio)(b)

8.27  % 8.29  % 8.18  % 8.06  % 7.96  %

Average stockholders' equity / average assets 11.12  % 11.05  % 10.95  % 10.90  % 10.86  %

Return on average equity(c)

9.69  % 11.09  % 10.26  % 9.43  % 8.91  %

Return on average tangible common equity (ROATCE)(b)(c)

13.03  % 15.04  % 14.02  % 12.96  % 12.34  %

Return on average assets(c)

1.08  % 1.23  % 1.12  % 1.03  % 0.97  %

Return on average tangible assets(b)(c)

1.12  % 1.27  % 1.17  % 1.07  % 1.01  %

Efficiency ratios (expense / revenue)

Fully tax-equivalent efficiency ratio 56.03  % 55.21  % 54.77  % 55.81  % 59.72  %

Adjusted efficiency ratio(b)

55.77  % 55.15  % 54.77  % 55.81  % 58.55  %

Numbers may not recalculate due to rounding conventions.

(a)Based on period end common shares outstanding.

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

(c)This ratio is annualized.

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

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

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

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

(h)March 31, 2026 data is estimated.

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

8

Associated Banc-Corp

Non-GAAP Financial Measures Reconciliation

(Dollars in thousands) 1Q26 4Q25 3Q25 2Q25 1Q25

Tangible common equity reconciliation

Common equity $ 4,803,760 $ 4,781,235 $ 4,674,186 $ 4,586,669 $ 4,492,446

Less: Goodwill and other intangible assets, net 1,125,639 1,127,842 1,130,044 1,132,247 1,134,450

Tangible common equity for TBV / share and TCE Ratio $ 3,678,121 $ 3,653,393 $ 3,544,142 $ 3,454,422 $ 3,357,996

Tangible assets reconciliation

Total assets $ 45,593,740 $ 45,202,596 $ 44,455,863 $ 43,993,729 $ 43,309,136

Less: Goodwill and other intangible assets, net 1,125,639 1,127,842 1,130,044 1,132,247 1,134,450

Tangible assets for TCE Ratio $ 44,468,101 $ 44,074,754 $ 43,325,819 $ 42,861,482 $ 42,174,686

Average tangible common equity reconciliation

Average common equity $ 4,812,415 $ 4,713,445 $ 4,627,038 $ 4,538,549 $ 4,436,467

Less: Average goodwill and other intangible assets, net 1,126,748 1,129,055 1,131,385 1,133,627 1,135,584

Average tangible common equity for ROATCE $ 3,685,667 $ 3,584,390 $ 3,495,653 $ 3,404,922 $ 3,300,883

Average tangible assets reconciliation

Average total assets $ 45,018,948 $ 44,402,771 $ 44,015,203 $ 43,420,063 $ 42,630,627

Less: Average goodwill and other intangible assets, net 1,126,748 1,129,055 1,131,385 1,133,627 1,135,584

Average tangible assets for return on average tangible assets $ 43,892,200 $ 43,273,716 $ 42,883,818 $ 42,286,436 $ 41,495,043

Adjusted net income reconciliation

Net income $ 119,635 $ 137,129 $ 124,732 $ 111,230 $ 101,687

Other intangible amortization, net of tax 1,652 1,652 1,652 1,652 1,652

Adjusted net income for return on average tangible assets $ 121,287 $ 138,781 $ 126,384 $ 112,882 $ 103,339

Adjusted net income available to common equity reconciliation

Net income available to common equity $ 116,760 $ 134,254 $ 121,857 $ 108,355 $ 98,812

Other intangible amortization, net of tax 1,652 1,652 1,652 1,652 1,652

Adjusted net income available to common equity for ROATCE $ 118,412 $ 135,906 $ 123,509 $ 110,007 $ 100,464

Pre-tax pre-provision income

Income before income taxes $ 152,883 $ 162,901 $ 154,286 $ 139,629 $ 121,095

Provision for credit losses 11,001 6,998 16,000 17,996 13,003

Pre-tax pre-provision income $ 163,884 $ 169,899 $ 170,286 $ 157,625 $ 134,098

Period end core customer deposits reconciliation

Total deposits $ 35,731,765 $ 35,552,608 $ 34,881,853 $ 34,147,565 $ 35,196,713

Less: Network transaction deposits 1,746,518 2,154,995 2,013,964 1,792,362 1,882,930

Less: Brokered CDs 3,562,752 3,795,133 3,956,517 4,072,048 4,197,512

Core customer deposits $ 30,422,495 $ 29,602,480 $ 28,911,371 $ 28,283,155 $ 29,116,271

Average core customer deposits reconciliation

Average total deposits $ 35,160,943 $ 35,628,917 $ 34,705,887 $ 34,203,201 $ 34,833,464

Less: Average network transaction deposits 1,917,854 2,090,587 1,933,659 1,843,998 1,847,972

Less: Average brokered CDs 3,528,294 3,998,012 3,916,329 4,089,844 4,315,311

Average core customer deposits $ 29,714,795 $ 29,540,318 $ 28,855,899 $ 28,269,359 $ 28,670,181

Total expense for efficiency ratios reconciliation

Noninterest expense $ 219,163  $ 219,466  $ 216,202  $ 209,352  $ 210,619

Less: Other intangible amortization 2,203  2,203  2,203  2,203  2,203

Total expense for fully tax-equivalent efficiency ratio 216,960  217,263  213,999  207,149  208,416

Less: Acquisition costs(a)

1,007  252  —  —  —

Total expense for adjusted efficiency ratio $ 215,953  $ 217,011  $ 213,999  $ 207,149  $ 208,416

Total revenue for efficiency ratios reconciliation

Net interest income $ 307,190  $ 309,981  $ 305,222  $ 300,000  $ 285,941

Noninterest income 75,857  79,384  81,265  66,977  58,776

Less: Investment securities (losses) gains, net (28) 37  1  7  4

Fully tax-equivalent adjustment 4,139  4,196  4,222  4,228  4,254

Total revenue for fully tax-equivalent efficiency ratio 387,214  393,524  390,708  371,198  348,968

Less: Announced initiatives(b)

—  —  —  —  (6,976)

Total revenue for adjusted efficiency ratio $ 387,214  $ 393,524  $ 390,708  $ 371,198  $ 355,943

Numbers may not recalculate due to rounding conventions.

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

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

9

EX-99.2

EX-99.2

Filename: asb1q2026earningspresent.htm · Sequence: 3

asb1q2026earningspresent

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

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

Financial Results Associated Bank River Center – Milwaukee, WI

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Appendix IDS Center – Minneapolis, MN

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

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

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

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

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

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

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

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

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

Thank You Monroe Office – Chicago, IL

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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