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

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

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

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

Third Quarter 2025 Highlights

Loans

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

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

We continue to expect 2025 period end loan growth of 5% to 6% as compared to the year ended December 31, 2024.

Deposits

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

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

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

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

Net Interest Income and Net Interest Margin

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

Based on our latest forecasts for balance sheet growth and mix, and current market conditions, we continue to expect total net interest income growth of 14% to 15% in 2025.

Noninterest Income

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

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

Noninterest Expense

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

After adjusting to exclude the $14 million impact of the loss on prepayments of FHLB advances recognized in the fourth quarter of 2024, we now expect total noninterest expense to grow by 5% to 6% in 2025.

Taxes

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

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

Credit

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

In 2025, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.

Capital

The Company's capital position remains strong, with a CET1 capital ratio of 10.33% at September 30, 2025. The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis.

THIRD QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 23, 2025. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp third quarter 2025 earnings call. The third quarter 2025 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $44 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

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

NON-GAAP FINANCIAL MEASURES

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

Associated Banc-Corp

Consolidated Balance Sheets (Unaudited)

(Dollars in thousands)

September 30,

2025

June 30,

2025

Sequential

Quarter

Change

March 31,

2025

December 31,

2024

September 30,

2024

Comparable

Quarter

Change

Assets

Cash and due from banks

$ 490,431

$ 521,167

$ (30,736)

$ 521,323

$ 544,059

$ 554,631

$ (64,200)

Interest-bearing deposits in other financial institutions

802,251

738,938

63,313

711,033

453,590

408,101

394,150

Federal funds sold and securities purchased under agreements to resell

—

105

21,955

4,310

(4,220)

Available for sale (AFS) investment securities, at fair value

5,217,278

5,036,508

180,770

4,796,570

4,581,434

4,152,527

1,064,751

Held to maturity (HTM) investment securities, net, at amortized cost

3,636,080

3,672,101

(36,021)

3,705,793

3,738,687

3,769,150

(133,070)

Equity securities

26,000

25,912

23,331

23,242

23,158

2,842

Federal Home Loan Bank (FHLB) and Federal Reserve Bank stocks, at cost

251,642

278,356

(26,714)

194,244

179,665

178,168

73,474

Residential loans held for sale

74,563

96,804

(22,241)

47,611

646,687

67,219

7,344

Commercial loans held for sale

—

8,406

(8,406)

7,910

32,634

11,833

(11,833)

Loans

30,951,964

30,607,605

344,359

30,294,127

29,768,586

29,990,897

961,067

Allowance for loan losses

(378,341)

(376,515)

(1,826)

(371,348)

(363,545)

(361,765)

(16,576)

Loans, net

30,573,623

30,231,091

342,532

29,922,780

29,405,041

29,629,131

944,492

Tax credit and other investments

245,239

247,111

(1,872)

254,187

258,886

265,385

(20,146)

Premises and equipment, net

384,139

377,372

6,767

377,521

379,093

373,816

10,323

Bank and corporate owned life insurance

693,511

691,470

2,041

690,551

689,000

686,704

6,807

Goodwill

1,104,992

—

1,104,992

—

Other intangible assets, net

25,052

27,255

(2,203)

29,457

31,660

33,863

(8,811)

Mortgage servicing rights, net

85,063

85,245

(182)

86,251

87,683

81,977

3,086

Interest receivable

168,451

168,627

(176)

159,729

167,772

167,777

674

Other assets

677,458

682,373

(4,915)

675,748

676,987

698,073

(20,615)

Total assets

$ 44,455,863

$ 43,993,729

$ 462,134

$ 43,309,136

$ 43,023,068

$ 42,210,815

$ 2,245,048

Liabilities and stockholders' equity

Noninterest-bearing demand deposits

$ 5,906,251

$ 5,782,487

$ 123,764

$ 6,135,946

$ 5,775,657

$ 5,857,421

$ 48,830

Interest-bearing deposits

28,975,602

28,365,079

610,523

29,060,767

28,872,777

27,696,877

1,278,725

Total deposits

34,881,853

34,147,565

734,288

35,196,713

34,648,434

33,554,298

1,327,555

Short-term funding

399,665

75,585

324,080

311,335

470,369

917,028

(517,363)

FHLB advances

3,220,679

3,879,489

(658,810)

2,027,297

1,853,807

1,913,294

1,307,385

Other long-term funding

594,074

593,530

544

591,382

837,635

844,342

(250,268)

Allowance for unfunded commitments

36,276

35,276

1,000

35,276

38,776

35,776

500

Accrued expenses and other liabilities

455,019

481,503

(26,484)

460,574

568,485

532,842

(77,823)

Total liabilities

39,587,565

39,212,948

374,617

38,622,578

38,417,506

37,797,579

1,789,986

Stockholders' equity

Preferred equity

194,112

—

194,112

—

Common equity

4,674,186

4,586,669

87,517

4,492,446

4,411,450

4,219,125

455,061

Total stockholders' equity

4,868,298

4,780,781

87,517

4,686,558

4,605,562

4,413,236

455,061

Total liabilities and stockholders' equity

$ 44,455,863

$ 43,993,729

$ 462,134

$ 43,309,136

$ 43,023,068

$ 42,210,815

$ 2,245,048

Numbers may not recalculate due to rounding conventions.

Associated Banc-Corp

Consolidated Statements of Income (Unaudited)

Comparable Quarter

Year to Date (YTD)

Comparable YTD

(Dollars in thousands, except per share data)

3Q25

3Q24

Dollar

Change

Percentage

Change

September

2025

September

2024

Dollar

Change

Percentage

Change

Interest income

Interest and fees on loans

$ 455,623

$ 465,728

$ (10,105)

(2) %

$ 1,336,703

$ 1,376,988

$ (40,285)

(3) %

Interest and dividends on investment securities

Taxable

73,727

51,229

22,498

44 %

214,689

148,055

66,634

45 %

Tax-exempt

13,888

14,660

(772)

(5) %

41,746

44,103

(2,357)

(5) %

Other interest

13,353

8,701

4,652

53 %

35,274

24,834

10,440

42 %

Total interest income

556,591

540,318

16,273

3 %

1,628,412

1,593,980

34,432

2 %

Interest expense

Interest on deposits

202,344

231,623

(29,279)

(13) %

609,139

678,916

(69,777)

(10) %

Interest on federal funds purchased and securities sold

under agreements to repurchase

2,107

3,385

(1,278)

(38) %

7,733

8,551

(818)

(10) %

Interest on other short-term funding

212

6,144

(5,932)

(97) %

907

16,929

(16,022)

(95) %

Interest on FHLB advances

35,965

24,799

11,166

45 %

86,944

80,612

6,332

8 %

Interest on other long-term funding

10,741

11,858

(1,117)

(9) %

32,526

32,012

514

2 %

Total interest expense

251,369

277,809

(26,440)

(10) %

737,250

817,021

(79,771)

(10) %

Net interest income

305,222

262,509

42,713

16 %

891,163

776,960

114,203

15 %

Provision for credit losses

16,000

20,991

(4,991)

(24) %

46,999

68,000

(21,001)

(31) %

Net interest income after provision for credit losses

289,223

241,518

47,705

20 %

844,164

708,960

135,204

19 %

Noninterest income

Wealth management fees

25,315

24,144

1,171

5 %

70,837

68,466

2,371

3 %

Service charges and deposit account fees

13,861

13,708

153

1 %

39,822

38,410

1,412

4 %

Card-based fees

12,308

11,731

577

5 %

33,950

34,973

(1,023)

(3) %

Other fee-based revenue

5,414

5,057

357

7 %

15,659

14,316

1,343

9 %

Capital markets, net

10,764

4,317

6,447

149 %

20,873

13,052

7,821

60 %

Mortgage banking, net

3,541

2,132

1,409

66 %

11,577

7,299

4,278

59 %

Loss on mortgage portfolio sale

—

N/M

(6,976)

—

(6,976)

N/M

Bank and corporate owned life insurance

4,051

4,001

1 %

13,391

11,156

2,235

20 %

Asset gains (losses), net

3,340

(474)

3,814

N/M

727

(1,407)

2,134

N/M

Investment securities gains, net

100

(99)

(99) %

4,047

(4,034)

(100) %

Other

2,670

2,504

166

7 %

7,147

7,054

1 %

Total noninterest income

81,265

67,221

14,044

21 %

207,019

197,365

9,654

5 %

Noninterest expense

Personnel

135,703

121,036

14,667

12 %

386,593

362,012

24,581

7 %

Technology

28,590

27,217

1,373

5 %

82,237

80,579

1,658

2 %

Occupancy

12,757

13,536

(779)

(6) %

40,782

40,297

485

1 %

Business development and advertising

8,362

6,683

1,679

25 %

22,496

20,735

1,761

8 %

Equipment

4,368

4,653

(285)

(6) %

13,389

13,702

(313)

(2) %

Legal and professional

5,232

5,639

(407)

(7) %

17,989

14,740

3,249

22 %

Loan and foreclosure costs

1,638

2,748

(1,110)

(40) %

6,937

6,519

418

6 %

FDIC assessment

9,980

8,223

1,757

21 %

30,124

29,300

824

3 %

Other intangible amortization

2,203

—

— %

6,608

—

— %

Other

7,369

8,659

(1,290)

(15) %

29,017

19,622

9,395

48 %

Total noninterest expense

216,202

200,597

15,605

8 %

636,173

594,115

42,058

7 %

Income before income taxes

154,286

108,142

46,144

43 %

415,010

312,211

102,799

33 %

Income tax expense

29,554

20,124

9,430

47 %

77,362

27,451

49,911

182 %

Net income

124,732

88,018

36,714

42 %

337,648

284,760

52,888

19 %

Preferred stock dividends

2,875

—

— %

8,625

—

— %

Net income available to common equity

$ 121,857

$ 85,143

$ 36,714

43 %

$ 329,023

$ 276,135

$ 52,888

19 %

Pre-tax pre-provision income (a)

170,286

129,133

41,153

32 %

462,009

380,211

81,798

22 %

Earnings per common share

Basic

$ 0.73

$ 0.56

$ 0.17

30 %

$ 1.98

$ 1.83

$ 0.15

8 %

Diluted

$ 0.73

$ 0.56

$ 0.17

30 %

$ 1.96

$ 1.82

$ 0.14

8 %

Average common shares outstanding

Basic

165,029

150,247

14,782

10 %

165,064

149,993

15,071

10 %

Diluted

166,703

151,492

15,211

10 %

166,645

151,244

15,401

10 %

N/M = Not meaningful

Numbers may not sum due to rounding.

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

Associated Banc-Corp

Consolidated Statements of Income (Unaudited) - Quarterly Trend

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

Sequential Quarter

3Q25

2Q25

Dollar

Change

Percentage

Change

1Q25

4Q24

3Q24

Interest income

Interest and fees on loans

$ 455,623

$ 447,781

$ 7,842

2 %

$ 433,299

$ 453,253

$ 465,728

Interest and dividends on investment securities

Taxable

73,727

71,174

2,553

4 %

69,788

50,524

51,229

Tax-exempt

13,888

13,902

(14)

— %

13,956

14,469

14,660

Other interest

13,353

12,679

674

5 %

9,243

10,478

8,701

Total interest income

556,591

545,536

11,055

2 %

526,285

528,724

540,318

Interest expense

Interest on deposits

202,344

197,656

4,688

2 %

209,140

222,888

231,623

Interest on federal funds purchased and securities sold under agreements

to repurchase

2,107

2,004

103

5 %

3,622

3,203

3,385

Interest on other short-term funding

212

287

(75)

(26) %

408

668

6,144

Interest on FHLB advances

35,965

34,889

1,076

3 %

16,090

17,908

24,799

Interest on other long-term funding

10,741

10,700

— %

11,085

13,769

11,858

Total interest expense

251,369

245,536

5,833

2 %

240,345

258,436

277,809

Net interest income

305,222

300,000

5,222

2 %

285,941

270,289

262,509

Provision for credit losses

16,000

17,996

(1,996)

(11) %

13,003

16,986

20,991

Net interest income after provision for credit losses

289,223

282,004

7,219

3 %

272,938

253,303

241,518

Noninterest income

Wealth management fees

25,315

23,025

2,290

10 %

22,498

24,103

24,144

Service charges and deposit account fees

13,861

13,147

714

5 %

12,814

13,232

13,708

Card-based fees

12,308

11,200

1,108

10 %

10,442

11,948

11,731

Other fee-based revenue

5,414

4,995

419

8 %

5,251

5,182

5,057

Capital markets, net

10,764

5,765

4,999

87 %

4,345

9,032

4,317

Mortgage banking, net

3,541

4,213

(672)

(16) %

3,822

3,387

2,132

Loss on mortgage portfolio sale

—

N/M

(6,976)

(130,406)

—

Bank and corporate owned life insurance

4,051

4,135

(84)

(2) %

5,204

2,322

4,001

Asset gains (losses), net

3,340

(1,735)

5,075

N/M

(878)

364

(474)

Investment securities gains (losses), net

(6)

(86) %

(148,194)

100

Other

2,670

2,226

444

20 %

2,251

2,257

2,504

Total noninterest income (loss)

81,265

66,977

14,288

21 %

58,776

(206,772)

67,221

Noninterest expense

Personnel

135,703

126,994

8,709

7 %

123,897

125,944

121,036

Technology

28,590

26,508

2,082

8 %

27,139

26,984

27,217

Occupancy

12,757

12,644

113

1 %

15,381

14,325

13,536

Business development and advertising

8,362

7,748

614

8 %

6,386

7,408

6,683

Equipment

4,368

4,494

(126)

(3) %

4,527

4,729

4,653

Legal and professional

5,232

6,674

(1,442)

(22) %

6,083

6,861

5,639

Loan and foreclosure costs

1,638

2,705

(1,067)

(39) %

2,594

1,951

2,748

FDIC assessment

9,980

9,708

272

3 %

10,436

9,139

8,223

Other intangible amortization

2,203

—

— %

2,203

Loss on prepayments of FHLB advances

—

N/M

—

14,243

—

Other

7,369

9,674

(2,305)

(24) %

11,974

10,496

8,659

Total noninterest expense

216,202

209,352

6,850

3 %

210,619

224,282

200,597

Income (loss) before income taxes

154,286

139,629

14,657

10 %

121,095

(177,752)

108,142

Income tax expense (benefit)

29,554

28,399

1,155

4 %

19,409

(16,137)

20,124

Net income (loss)

124,732

111,230

13,502

12 %

101,687

(161,615)

88,018

Preferred stock dividends

2,875

—

— %

2,875

Net income (loss) available to common equity

$ 121,857

$ 108,355

$ 13,502

12 %

$ 98,812

$ (164,490)

$ 85,143

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

170,286

157,625

12,661

8 %

134,098

(160,766)

129,133

Earnings (loss) per common share

Basic

$ 0.73

$ 0.65

$ 0.08

12 %

$ 0.60

$ (1.04)

$ 0.56

Diluted

$ 0.73

$ 0.65

$ 0.08

12 %

$ 0.59

$ (1.03)

$ 0.56

Average common shares outstanding

Basic

165,029

164,936

— %

165,228

157,710

150,247

Diluted

166,703

166,343

360

— %

166,604

159,164

151,492

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

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

Associated Banc-Corp

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

Three Months Ended

September 30, 2025

June 30, 2025

September 30, 2024

(Dollars in thousands)

Average

Balance

Interest

Income /Expense

Average

Yield /Rate

Average

Balance

Interest

Income /Expense

Average

Yield /Rate

Average

Balance

Interest

Income /Expense

Average

Yield /Rate

Assets

Earning assets

Loans (b) (c)

Commercial and industrial

$ 11,367,533

$ 187,046

6.53 %

$ 10,981,221

$ 179,955

6.57 %

$ 9,884,246

$ 183,687

7.39 %

Commercial real estate—owner occupied

1,105,787

15,827

5.68 %

1,114,054

16,014

5.77 %

1,087,144

16,640

6.09 %

Commercial and business lending

12,473,319

202,873

6.45 %

12,095,274

195,969

6.50 %

10,971,390

200,327

7.27 %

Commercial real estate—investor

5,300,765

87,114

6.52 %

5,582,333

91,569

6.58 %

5,085,090

93,351

7.30 %

Real estate construction

1,991,565

36,770

7.32 %

1,869,708

33,883

7.27 %

2,150,416

43,348

8.02 %

Commercial real estate lending

7,292,330

123,884

6.74 %

7,452,041

125,452

6.75 %

7,235,505

136,699

7.52 %

Total commercial

19,765,649

326,757

6.56 %

19,547,316

321,421

6.59 %

18,206,896

337,027

7.36 %

Residential mortgage

6,987,858

65,553

3.75 %

7,034,607

64,995

3.70 %

7,888,290

70,171

3.56 %

Auto finance

3,000,978

42,230

5.58 %

2,933,161

41,156

5.63 %

2,635,890

37,904

5.72 %

Home equity

690,330

12,641

7.32 %

667,339

12,098

7.25 %

642,463

13,350

8.31 %

Other consumer

305,644

8,972

11.65 %

309,578

8,644

11.20 %

260,547

7,774

11.87 %

Total consumer

10,984,811

129,396

4.70 %

10,944,685

126,893

4.64 %

11,427,191

129,199

4.51 %

Total loans

30,750,460

456,153

5.89 %

30,492,001

448,313

5.89 %

29,634,087

466,226

6.27 %

Investments

Taxable securities

6,767,664

73,727

4.36 %

6,578,690

71,174

4.33 %

5,816,102

51,466

3.54 %

Tax-exempt securities (b)

1,997,416

17,580

3.52 %

2,004,725

17,598

3.51 %

2,110,896

17,885

3.39 %

Other short-term investments

1,046,723

13,353

5.06 %

999,294

12,679

5.09 %

629,431

8,959

5.66 %

Total investments

9,811,804

104,660

4.26 %

9,582,709

101,451

4.24 %

8,556,429

78,310

3.66 %

Total earning assets and related

interest income

40,562,264

$ 560,813

5.50 %

40,074,710

$ 549,764

5.50 %

38,190,516

$ 544,535

5.68 %

Other assets, net

3,452,939

3,345,353

3,199,195

Total assets

$ 44,015,203

$ 43,420,063

$ 41,389,711

Liabilities and stockholders' equity

Interest-bearing liabilities

Interest-bearing deposits

Savings

$ 5,338,129

$ 19,042

1.42 %

$ 5,222,869

$ 17,139

1.32 %

$ 5,125,147

$ 21,611

1.68 %

Interest-bearing demand

7,898,770

44,763

2.25 %

7,683,402

42,485

2.22 %

7,394,550

49,740

2.68 %

Money market

5,860,802

38,061

2.58 %

5,988,947

38,695

2.59 %

5,942,147

46,290

3.10 %

Network transaction deposits

1,933,659

21,276

4.37 %

1,843,998

20,211

4.40 %

1,644,305

22,077

5.34 %

Brokered CDs

3,916,329

42,878

4.34 %

4,089,844

45,418

4.45 %

4,247,941

56,307

5.27 %

Other time deposits

3,961,522

36,323

3.64 %

3,725,205

33,707

3.63 %

3,314,507

35,600

4.27 %

Total interest-bearing deposits

28,909,211

202,344

2.78 %

28,554,266

197,656

2.78 %

27,668,597

231,623

3.33 %

Federal funds purchased and securities

sold under agreements to repurchase

227,460

2,107

3.68 %

220,872

2,004

3.64 %

299,286

3,385

4.50 %

Other short-term funding

19,033

212

4.42 %

17,580

287

6.55 %

519,421

6,638

5.08 %

FHLB advances

3,181,903

35,965

4.48 %

3,221,749

34,889

4.34 %

1,750,590

24,799

5.64 %

Other long-term funding

593,288

10,741

7.24 %

592,664

10,700

7.22 %

647,440

11,858

7.33 %

Total short and long-term funding

4,021,685

49,025

4.85 %

4,052,863

47,880

4.74 %

3,216,737

46,680

5.78 %

Total interest-bearing liabilities and

related interest expense

32,930,896

$ 251,369

3.03 %

32,607,129

$ 245,536

3.02 %

30,885,334

$ 278,304

3.59 %

Noninterest-bearing demand deposits

5,796,676

5,648,935

5,652,228

Other liabilities

466,482

431,338

521,423

Stockholders' equity

4,821,150

4,732,661

4,330,727

Total liabilities and stockholders' equity

$ 44,015,203

$ 43,420,063

$ 41,389,711

Interest rate spread

2.47 %

2.48 %

2.10 %

Net free funds

0.57 %

0.56 %

0.69 %

Fully tax-equivalent net interest income

and net interest margin

$ 309,444

3.04 %

$ 304,228

3.04 %

$ 266,232

2.78 %

Fully tax-equivalent adjustment

(4,222)

(4,228)

(3,723)

Net interest income

$ 305,222

$ 300,000

$ 262,509

Numbers may not recalculate due to rounding conventions.

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

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

Associated Banc-Corp

Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year (a)

Nine Months Ended September 30,

2025

2024

(Dollars in thousands)

Average

Balance

Interest

Income /Expense

Average

Yield / Rate

Average

Balance

Interest

Income /Expense

Average

Yield / Rate

Assets

Earning assets

Loans (b) (c)

Commercial and industrial

$ 10,980,230

$ 536,786

6.54 %

$ 9,843,435

$ 542,989

7.37 %

Commercial real estate—owner occupied

1,120,206

48,042

5.73 %

1,089,662

49,619

6.08 %

Commercial and business lending

12,100,436

584,828

6.46 %

10,933,098

592,609

7.24 %

Commercial real estate—investor

5,432,417

265,772

6.54 %

5,030,534

274,450

7.29 %

Real estate construction

1,920,292

104,598

7.28 %

2,261,008

135,302

7.99 %

Commercial real estate lending

7,352,709

370,370

6.73 %

7,291,541

409,752

7.51 %

Total commercial

19,453,145

955,197

6.56 %

18,224,639

1,002,361

7.35 %

Residential mortgage

7,091,945

197,371

3.71 %

7,939,493

208,291

3.50 %

Auto finance

2,926,862

122,562

5.60 %

2,511,694

105,528

5.61 %

Home equity

671,884

36,791

7.30 %

590,340

39,386

8.90 %

Other consumer

309,654

26,389

11.39 %

261,781

22,959

11.71 %

Total consumer

11,000,345

383,113

4.65 %

11,303,307

376,164

4.44 %

Total loans

30,453,490

1,338,311

5.87 %

29,527,946

1,378,524

6.23 %

Investments

Taxable securities

6,582,998

214,689

4.35 %

5,671,823

148,672

3.50 %

Tax-exempt securities (b)

2,006,027

52,844

3.51 %

2,120,107

53,806

3.38 %

Other short-term investments

935,475

35,274

5.04 %

609,143

26,574

5.83 %

Total investments

9,524,500

302,806

4.24 %

8,401,073

229,051

3.64 %

Total earning assets and related interest income

39,977,990

$ 1,641,117

5.48 %

37,929,019

$ 1,607,575

5.66 %

Other assets, net

3,382,379

3,157,137

Total assets

$ 43,360,369

$ 41,086,156

Liabilities and stockholders' equity

Interest-bearing liabilities

Interest-bearing deposits

Savings

$ 5,241,799

$ 54,110

1.38 %

$ 5,062,518

$ 65,330

1.72 %

Interest-bearing demand

7,870,806

132,678

2.25 %

7,383,471

147,838

2.67 %

Money market

5,975,632

116,316

2.60 %

6,017,642

139,987

3.11 %

Network transaction deposits

1,875,523

61,554

4.39 %

1,630,568

65,697

5.38 %

Brokered CDs

4,105,700

137,589

4.48 %

4,148,547

165,423

5.33 %

Other time deposits

3,815,105

106,892

3.75 %

3,082,143

94,640

4.10 %

Total interest-bearing deposits

28,884,565

609,139

2.82 %

27,324,889

678,916

3.32 %

Federal funds purchased and securities sold under agreements to repurchase

274,204

7,733

3.77 %

259,209

8,551

4.41 %

Other short-term funding

22,597

907

5.37 %

508,913

19,285

5.06 %

FHLB advances

2,672,351

86,944

4.35 %

1,907,104

80,612

5.65 %

Other long-term funding

604,410

32,526

7.18 %

573,676

32,012

7.44 %

Total short and long-term funding

3,573,561

128,110

4.79 %

3,248,902

140,461

5.77 %

Total interest-bearing liabilities and related interest expense

32,458,126

$ 737,250

3.04 %

30,573,791

$ 819,377

3.58 %

Noninterest-bearing demand deposits

5,695,818

5,748,446

Other liabilities

477,597

537,432

Stockholders' equity

4,728,828

4,226,487

Total liabilities and stockholders' equity

$ 43,360,369

$ 41,086,156

Interest rate spread

2.45 %

2.08 %

Net free funds

0.57 %

0.69 %

Fully tax-equivalent net interest income and net interest margin

$ 903,867

3.02 %

$ 788,199

2.77 %

Fully tax-equivalent adjustment

(12,705)

(11,239)

Net interest income

$ 891,163

$ 776,960

Numbers may not recalculate due to rounding conventions.

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

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

Associated Banc-Corp

Loan and Deposit Composition

(Dollars in thousands)

Period end loan composition

Sep 30, 2025

Jun 30, 2025

Seql Qtr %

Change

Mar 31, 2025

Dec 31, 2024

Sep 30, 2024

Comp Qtr %

Change

Commercial and industrial

$ 11,567,651

$ 11,281,964

3 %

$ 10,925,769

$ 10,573,741

$ 10,258,899

13 %

Commercial real estate—owner occupied

1,149,939

1,101,501

4 %

1,118,363

1,143,741

1,120,849

3 %

Commercial and business lending

12,717,590

12,383,465

3 %

12,044,132

11,717,483

11,379,748

12 %

Commercial real estate—investor

5,369,441

5,370,422

— %

5,597,442

5,227,975

5,070,635

6 %

Real estate construction

1,958,766

1,950,267

— %

1,809,054

1,982,632

2,114,300

(7) %

Commercial real estate lending

7,328,207

7,320,689

— %

7,406,496

7,210,607

7,184,934

2 %

Total commercial

20,045,797

19,704,154

2 %

19,450,628

18,928,090

18,564,683

8 %

Residential mortgage

6,858,285

6,949,387

(1) %

6,999,654

7,047,541

7,803,083

(12) %

Auto finance

3,041,644

2,969,495

2 %

2,878,765

2,810,220

2,708,946

12 %

Home equity

698,112

676,208

3 %

654,140

664,252

651,379

7 %

Other consumer

308,126

308,361

— %

310,940

318,483

262,806

17 %

Total consumer

10,906,167

10,903,451

— %

10,843,499

10,840,496

11,426,214

(5) %

Total loans

$ 30,951,964

$ 30,607,605

1 %

$ 30,294,127

$ 29,768,586

$ 29,990,897

3 %

Quarter average loan composition

Sep 30, 2025

Jun 30, 2025

Seql Qtr %

Change

Mar 31, 2025

Dec 31, 2024

Sep 30, 2024

Comp Qtr %

Change

Commercial and industrial (a)

$ 11,367,533

$ 10,981,221

4 %

$ 10,583,318

$ 10,338,865

$ 9,884,246

15 %

Commercial real estate—owner occupied

1,105,787

1,114,054

(1) %

1,141,167

1,135,624

1,087,144

2 %

Commercial and business lending

12,473,319

12,095,274

3 %

11,724,484

11,474,489

10,971,390

14 %

Commercial real estate—investor

5,300,765

5,582,333

(5) %

5,415,412

5,120,608

5,085,090

4 %

Real estate construction

1,991,565

1,869,708

7 %

1,898,582

2,086,188

2,150,416

(7) %

Commercial real estate lending

7,292,330

7,452,041

(2) %

7,313,994

7,206,796

7,235,505

1 %

Total commercial

19,765,649

19,547,316

1 %

19,038,479

18,681,285

18,206,896

9 %

Residential mortgage (a)

6,987,858

7,034,607

(1) %

7,256,320

7,814,056

7,888,290

(11) %

Auto finance

3,000,978

2,933,161

2 %

2,844,730

2,771,414

2,635,890

14 %

Home equity

690,330

667,339

3 %

657,625

656,792

642,463

7 %

Other consumer

305,644

309,578

(1) %

313,828

278,370

260,547

17 %

Total consumer

10,984,811

10,944,685

— %

11,072,503

11,520,632

11,427,191

(4) %

Total loans (a)

$ 30,750,460

$ 30,492,001

1 %

$ 30,110,982

$ 30,201,918

$ 29,634,087

4 %

Period end deposit and customer funding

composition (b)

Sep 30, 2025

Jun 30, 2025

Seql Qtr %

Change

Mar 31, 2025

Dec 31, 2024

Sep 30, 2024

Comp Qtr %

Change

Noninterest-bearing demand

$ 5,906,251

$ 5,782,487

2 %

$ 6,135,946

$ 5,775,657

$ 5,857,421

1 %

Savings

5,380,574

5,291,674

2 %

5,247,291

5,133,295

5,072,508

6 %

Interest-bearing demand

7,791,861

7,490,772

4 %

7,870,965

7,994,475

7,302,239

7 %

Money market

5,785,871

5,915,867

(2) %

6,141,275

6,009,793

5,831,637

(1) %

Network transaction deposits

2,013,964

1,792,362

12 %

1,882,930

1,758,388

1,566,908

29 %

Brokered CDs

3,956,517

4,072,048

(3) %

4,197,512

4,276,309

4,242,670

(7) %

Other time deposits

4,046,815

3,802,356

6 %

3,720,793

3,700,518

3,680,914

10 %

Total deposits

34,881,853

34,147,565

2 %

35,196,713

34,648,434

33,554,298

4 %

Other customer funding (c)

64,570

75,440

(14) %

85,950

100,044

110,988

(42) %

Total deposits and other customer funding

$ 34,946,423

$ 34,223,005

2 %

$ 35,282,663

$ 34,748,478

$ 33,665,286

4 %

Net deposits and other customer funding (d)

$ 28,975,941

$ 28,358,595

2 %

$ 29,202,221

$ 28,713,780

$ 27,855,707

4 %

Quarter average deposit composition

Sep 30, 2025

Jun 30, 2025

Seql Qtr %

Change

Mar 31, 2025

Dec 31, 2024

Sep 30, 2024

Comp Qtr %

Change

Noninterest-bearing demand

$ 5,796,676

$ 5,648,935

3 %

$ 5,640,123

$ 5,738,557

$ 5,652,228

3 %

Savings

5,338,129

5,222,869

2 %

5,162,468

5,132,247

5,125,147

4 %

Interest-bearing demand

7,898,770

7,683,402

3 %

8,031,707

7,623,230

7,394,550

7 %

Money market

5,860,802

5,988,947

(2) %

6,079,551

5,924,269

5,942,147

(1) %

Network transaction deposits

1,933,659

1,843,998

5 %

1,847,972

1,690,745

1,644,305

18 %

Brokered CDs

3,916,329

4,089,844

(4) %

4,315,311

4,514,841

4,247,941

(8) %

Other time deposits

3,961,522

3,725,205

6 %

3,756,332

3,713,579

3,314,507

20 %

Total deposits

34,705,887

34,203,201

1 %

34,833,464

34,337,468

33,320,825

4 %

Other customer funding (c)

74,305

80,010

(7) %

87,693

94,965

104,115

(29) %

Total deposits and other customer funding

$ 34,780,192

$ 34,283,211

1 %

$ 34,921,157

$ 34,432,433

$ 33,424,940

4 %

Net deposits and other customer funding (d)

$ 28,930,204

$ 28,349,369

2 %

$ 28,757,874

$ 28,226,848

$ 27,532,694

5 %

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

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

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

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

Associated Banc-Corp

Selected Asset Quality Information

(Dollars in thousands)

Sep 30, 2025

Jun 30, 2025

Seql Qtr %

Change

Mar 31, 2025

Dec 31, 2024

Sep 30, 2024

Comp Qtr %

Change

Allowance for loan losses

Balance at beginning of period

$ 376,515

$ 371,348

1 %

$ 363,545

$ 361,765

$ 355,844

6 %

Provision for loan losses

15,000

18,000

(17) %

16,500

14,000

19,000

(21) %

Charge offs

(15,254)

(18,348)

(17) %

(13,714)

(13,770)

(15,337)

(1) %

Recoveries

2,081

5,515

(62) %

5,017

1,551

2,258

(8) %

Net charge offs

(13,173)

(12,833)

3 %

(8,698)

(12,220)

(13,078)

1 %

Balance at end of period

$ 378,341

$ 376,515

— %

$ 371,348

$ 363,545

$ 361,765

5 %

Allowance for unfunded commitments

Balance at beginning of period

$ 35,276

— %

$ 38,776

$ 35,776

$ 33,776

4 %

Provision for unfunded commitments

1,000

—

N/M

(3,500)

3,000

2,000

(50) %

Balance at end of period

36,276

35,276

3 %

35,276

38,776

35,776

1 %

Allowance for credit losses on loans (ACLL)

$ 414,618

$ 411,791

1 %

$ 406,624

$ 402,322

$ 397,541

4 %

Provision for credit losses on loans

$ 16,000

$ 18,000

(11) %

$ 13,000

$ 17,000

$ 21,000

(24) %

(Dollars in thousands)

Sep 30, 2025

Jun 30, 2025

Seql Qtr %

Change

Mar 31, 2025

Dec 31, 2024

Sep 30, 2024

Comp Qtr %

Change

Net (charge offs) recoveries

Commercial and industrial

$ (1,230)

$ (1,826)

(33) %

$ (4,726)

$ (2,406)

$ (10,649)

(88) %

Commercial real estate—owner occupied

—

N/M

—

N/M

Commercial and business lending

(1,230)

(1,826)

(33) %

(4,726)

(2,406)

(10,649)

(88) %

Commercial real estate—investor

(8,930)

(8,493)

5 %

(892)

(6,617)

(1)

N/M

Real estate construction

121

(98) %

— %

Commercial real estate lending

(8,928)

(8,372)

7 %

(863)

(6,612)

N/M

Total commercial

(10,158)

(10,198)

— %

(5,589)

(9,018)

(10,647)

(5) %

Residential mortgage

(231)

(302)

(24) %

197

(239)

(160)

44 %

Auto finance

(1,505)

(689)

118 %

(1,519)

(1,782)

(1,281)

17 %

Home equity

237

(76) %

289

277

424

(87) %

Other consumer

(1,336)

(1,881)

(29) %

(2,076)

(1,457)

(1,414)

(6) %

Total consumer

(3,015)

(2,636)

14 %

(3,109)

(3,202)

(2,431)

24 %

Total net charge offs

$ (13,173)

$ (12,833)

3 %

$ (8,698)

$ (12,220)

$ (13,078)

1 %

(in basis points)

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Sep 30, 2024

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

Commercial and industrial

(4)

(7)

(18)

(9)

(43)

Commercial real estate—owner occupied

—

Commercial and business lending

(4)

(6)

(16)

(8)

(39)

Commercial real estate—investor

(67)

(61)

(7)

(51)

—

Real estate construction

—

Commercial real estate lending

(49)

(45)

(5)

(37)

—

Total commercial

(20)

(21)

(12)

(19)

(23)

Residential mortgage

(1)

(2)

(1)

Auto finance

(20)

(9)

(22)

(26)

(19)

Home equity

Other consumer

(173)

(244)

(268)

(208)

(216)

Total consumer

(11)

(10)

(11)

(8)

Total net charge offs

(17)

(12)

(16)

(18)

(Dollars in thousands)

Sep 30, 2025

Jun 30, 2025

Seql Qtr %

Change

Mar 31, 2025

Dec 31, 2024

Sep 30, 2024

Comp Qtr %

Change

Credit quality

Nonaccrual loans

$ 106,179

$ 112,999

(6) %

$ 134,808

$ 123,260

$ 128,476

(17) %

Other real estate owned (OREO)

29,268

34,287

(15) %

23,475

20,217

18,830

55 %

Repossessed assets

789

882

(11) %

688

687

793

(1) %

Total nonperforming assets

$ 136,236

$ 148,169

(8) %

$ 158,971

$ 144,164

$ 148,098

(8) %

Accruing loans past due 90 days or more (a)

$ 2,692

$ 14,160

(81) %

$ 3,036

$ 3,189

$ 7,107

(62) %

Allowance for credit losses on loans to total loans

1.34 %

1.35 %

1.34 %

1.35 %

1.33 %

Allowance for credit losses on loans to nonaccrual loans

390.49 %

364.42 %

301.63 %

326.40 %

309.43 %

Nonaccrual loans to total loans

0.34 %

0.37 %

0.44 %

0.41 %

0.43 %

Nonperforming assets to total loans plus OREO and repossessed assets

0.44 %

0.48 %

0.52 %

0.48 %

0.49 %

Nonperforming assets to total assets

0.31 %

0.34 %

0.37 %

0.34 %

0.35 %

Associated Banc-Corp

Selected Asset Quality Information (continued)

(Dollars in thousands)

Sep 30, 2025

Jun 30, 2025

Seql Qtr %

Change

Mar 31, 2025

Dec 31, 2024

Sep 30, 2024

Comp Qtr %

Change

Nonaccrual loans

Commercial and industrial

$ 12,802

$ 6,945

84 %

$ 12,898

$ 19,084

$ 14,369

(11) %

Commercial real estate—owner occupied

203

—

N/M

1,501

9,285

(98) %

Commercial and business lending

13,006

6,945

87 %

14,399

20,585

23,654

(45) %

Commercial real estate—investor

7,333

15,805

(54) %

31,689

16,705

18,913

(61) %

Real estate construction

145

146

(1) %

125

N/M

Commercial real estate lending

7,478

15,950

(53) %

31,814

16,735

18,928

(60) %

Total commercial

20,484

22,895

(11) %

46,213

37,320

42,582

(52) %

Residential mortgage

69,093

73,817

(6) %

72,455

70,038

70,138

(1) %

Auto finance

8,218

8,004

3 %

7,692

7,402

7,456

10 %

Home equity

8,299

8,201

1 %

8,275

8,378

8,231

1 %

Other consumer

4 %

173

122

21 %

Total consumer

85,696

90,104

(5) %

88,595

85,941

85,894

— %

Total nonaccrual loans

$ 106,179

$ 112,999

(6) %

$ 134,808

$ 123,260

$ 128,476

(17) %

(Dollars in thousands)

Sep 30, 2025

Jun 30, 2025

Seql Qtr %

Change

Mar 31, 2025

Dec 31, 2024

Sep 30, 2024

Comp Qtr %

Change

Accruing loans 30-89 days past due

Commercial and industrial

$ 1,071

$ 2,593

(59) %

$ 7,740

$ 1,260

$ 1,212

(12) %

Commercial real estate—owner occupied

—

5,628

(100) %

1,156

1,634

2,209

(100) %

Commercial and business lending

1,071

8,221

(87) %

8,896

2,893

3,421

(69) %

Commercial real estate—investor

14,190

1,042

N/M

2,463

36,391

10,746

32 %

Real estate construction

(77) %

—

(76) %

Commercial real estate lending

14,211

1,132

N/M

2,463

36,412

10,834

31 %

Total commercial

15,282

9,353

63 %

11,360

39,305

14,255

7 %

Residential mortgage

12,684

8,744

45 %

13,568

14,892

13,630

(7) %

Auto finance

14,013

13,149

7 %

12,522

14,850

15,458

(9) %

Home equity

4,265

4,338

(2) %

3,606

4,625

3,146

36 %

Other consumer (a)

2,728

2,578

6 %

2,381

3,128

2,163

26 %

Total consumer

33,689

28,810

17 %

32,076

37,496

34,397

(2) %

Total accruing loans 30-89 days past due

$ 48,971

$ 38,163

28 %

$ 43,435

$ 76,801

$ 48,651

1 %

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) Excluding guaranteed student loans.

Associated Banc-Corp

Selected Quarterly Information

(Dollars and shares in thousands, except per share data and as noted)

YTD

Sep 2025

YTD

Sep 2024

3Q25

2Q25

1Q25

4Q24

3Q24

Per common share data

Dividends

$ 0.69

$ 0.66

$ 0.23

$ 0.22

Market value:

High

27.01

23.95

27.01

24.56

25.63

28.14

23.95

Low

18.91

19.73

23.78

18.91

21.06

20.64

20.07

25.71

24.39

22.53

23.90

21.54

Book value / share (a)

28.17

27.67

27.09

26.55

27.90

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

21.36

20.84

20.25

19.71

20.37

Selected trend information

Net interest margin (c)

3.02 %

2.77 %

3.04 %

2.97 %

2.81 %

2.78 %

Effective tax rate

18.64 %

8.79 %

19.16 %

20.34 %

16.03 %

N/M

18.61 %

Noninterest expense / average assets (c)

1.96 %

1.93 %

1.95 %

1.93 %

2.00 %

2.12 %

1.93 %

Dividend payout ratio (c)(d)

34.85 %

36.07 %

31.51 %

35.38 %

38.33 %

N/M

39.29 %

Loans / deposits ratio

88.73 %

89.63 %

86.07 %

85.92 %

89.38 %

Assets under management, at market value (e)

$ 16,178

$ 15,537

$ 14,685

$ 14,773

$ 15,033

Common shares repurchased during period (f)

900

—

900

—

Common shares outstanding, end of period

165,904

165,778

165,807

166,178

151,213

Risk-based capital (g)(h)

Total risk-weighted assets

$ 34,688,358

$ 34,241,408

$ 33,800,823

$ 33,950,173

$ 33,326,479

Common equity Tier 1 (i)

$ 3,584,712

$ 3,493,316

$ 3,417,432

$ 3,396,836

$ 3,238,155

Common equity Tier 1 capital ratio (i)

10.33 %

10.20 %

10.11 %

10.01 %

9.72 %

Tier 1 capital ratio

10.89 %

10.77 %

10.68 %

10.58 %

10.30 %

Total capital ratio

12.94 %

12.83 %

12.75 %

12.61 %

12.36 %

Tier 1 leverage ratio

8.81 %

8.72 %

8.69 %

8.73 %

8.49 %

Selected equity and performance ratios

Stockholders' equity / assets ratio

10.95 %

10.87 %

10.82 %

10.70 %

10.46 %

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

8.18 %

8.06 %

7.96 %

7.82 %

7.50 %

Average stockholders' equity / average assets

10.91 %

10.29 %

10.95 %

10.90 %

10.86 %

10.76 %

10.46 %

Return on average equity (c)

9.55 %

9.00 %

10.26 %

9.43 %

8.91 %

(14.20) %

8.09 %

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

13.13 %

12.99 %

14.02 %

12.96 %

12.34 %

(20.27) %

11.52 %

Return on average assets (c)

1.04 %

0.93 %

1.12 %

1.03 %

0.97 %

(1.53) %

0.85 %

Return on average tangible assets (b)(c)

1.08 %

0.97 %

1.17 %

1.07 %

1.01 %

(1.55) %

0.89 %

Efficiency ratios (expense / revenue)

Fully tax-equivalent efficiency ratio

56.67 %

59.86 %

54.77 %

55.81 %

59.72 %

103.11 %

59.51 %

Adjusted efficiency ratio (b)

56.32 %

59.07 %

54.77 %

55.81 %

58.55 %

60.10 %

59.51 %

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) Based on period end common shares outstanding.

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

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

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

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

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

(h) September 30, 2025 data is estimated.

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

Associated Banc-Corp

Non-GAAP Financial Measures Reconciliation

YTD

(Dollars in thousands)

Sep 2025

Sep 2024

3Q25

2Q25

1Q25

4Q24

3Q24

Tangible common equity reconciliation

Common equity

$ 4,674,186

$ 4,586,669

$ 4,492,446

$ 4,411,450

$ 4,219,125

Less: Goodwill and other intangible assets, net

1,130,044

1,132,247

1,134,450

1,136,653

1,138,855

Tangible common equity for TBV / share and TCE Ratio

$ 3,544,142

$ 3,454,422

$ 3,357,996

$ 3,274,797

$ 3,080,269

Tangible assets reconciliation

Total assets

$ 44,455,863

$ 43,993,729

$ 43,309,136

$ 43,023,068

$ 42,210,815

Less: Goodwill and other intangible assets, net

1,130,044

1,132,247

1,134,450

1,136,653

1,138,855

Tangible assets for TCE Ratio

$ 43,325,819

$ 42,861,482

$ 42,174,686

$ 41,886,415

$ 41,071,960

Average tangible common equity reconciliation

Average common equity

$ 4,534,716

$ 4,032,375

$ 4,627,038

$ 4,538,549

$ 4,436,467

$ 4,334,230

$ 4,136,615

Less: Average goodwill and other intangible assets, net

1,133,517

1,142,331

1,131,385

1,133,627

1,135,584

1,137,826

1,140,060

Average tangible common equity for ROATCE

3,401,200

2,890,045

3,495,653

3,404,922

3,300,883

3,196,404

2,996,555

Average tangible assets reconciliation

Average total assets

$ 43,360,369

$ 41,086,156

$ 44,015,203

$ 43,420,063

$ 42,630,627

$ 42,071,562

$ 41,389,711

Less: Average goodwill and other intangible assets, net

1,133,517

1,142,331

1,131,385

1,133,627

1,135,584

1,137,826

1,140,060

Average tangible assets for return on average tangible assets

$ 42,226,853

$ 39,943,825

$ 42,883,818

$ 42,286,436

$ 41,495,043

$ 40,933,736

$ 40,249,651

Adjusted net income (loss) reconciliation

Net income (loss)

$ 337,648

$ 284,760

$ 124,732

$ 111,230

$ 101,687

$ (161,615)

$ 88,018

Other intangible amortization, net of tax

4,956

1,652

Adjusted net income (loss) for return on average tangible assets

$ 342,604

$ 289,716

$ 126,384

$ 112,882

$ 103,339

$ (159,963)

$ 89,670

Adjusted net income (loss) available to common equity reconciliation

Net income (loss) available to common equity

$ 329,023

$ 276,135

$ 121,857

$ 108,355

$ 98,812

$ (164,490)

$ 85,143

Other intangible amortization, net of tax

4,956

1,652

Adjusted net income (loss) available to common equity for ROATCE

$ 333,979

$ 281,091

$ 123,509

$ 110,007

$ 100,464

$ (162,838)

$ 86,795

Pre-tax pre-provision income (loss)

Income (loss) before income taxes

$ 415,010

$ 312,211

$ 154,286

$ 139,629

$ 121,095

$ (177,752)

$ 108,142

Provision for credit losses

46,999

68,000

16,000

17,996

13,003

16,986

20,991

Pre-tax pre-provision income (loss)

$ 462,009

$ 380,211

$ 170,286

$ 157,625

$ 134,098

$ (160,766)

$ 129,133

Period end core customer deposits reconciliation

Total deposits

$ 34,881,853

$ 34,147,565

$ 35,196,713

$ 34,648,434

$ 33,554,298

Less: Network transaction deposits

2,013,964

1,792,362

1,882,930

1,758,388

1,566,908

Less: Brokered CDs

3,956,517

4,072,048

4,197,512

4,276,309

4,242,670

Core customer deposits

$ 28,911,371

$ 28,283,155

$ 29,116,271

$ 28,613,737

$ 27,744,719

Average core customer deposits reconciliation

Average total deposits

$ 34,580,383

$ 33,073,335

$ 34,705,887

$ 34,203,201

$ 34,833,464

$ 34,337,468

$ 33,320,825

Less: Average network transaction deposits

1,875,523

1,630,568

1,933,659

1,843,998

1,847,972

1,690,745

1,644,305

Less: Average brokered CDs

4,105,700

4,148,547

3,916,329

4,089,844

4,315,311

4,514,841

4,247,941

Average core customer deposits

$ 28,599,160

$ 27,294,220

$ 28,855,899

$ 28,269,359

$ 28,670,181

$ 28,131,882

$ 27,428,578

Total expense for efficiency ratios reconciliation (a)

Noninterest expense

$ 636,173

$ 594,115

$ 216,202

$ 209,352

$ 210,619

$ 224,282

$ 200,597

Less: Other intangible amortization

6,608

2,203

Total expense for fully tax-equivalent efficiency ratio

629,565

587,506

213,999

207,149

208,416

222,080

198,394

Less: FDIC special assessment

—

7,696

—

Less: Announced initiatives (b)

—

14,243

—

Total expense for adjusted efficiency ratio

$ 629,565

$ 579,810

$ 213,999

$ 207,149

$ 208,416

$ 207,836

$ 198,394

Total revenue for efficiency ratios reconciliation (a)

Net interest income

$ 891,163

$ 776,960

$ 305,222

$ 300,000

$ 285,941

$ 270,289

$ 262,509

Noninterest income (loss)

207,019

197,365

81,265

66,977

58,776

(206,772)

67,221

Less: Investment securities gains (losses), net

4,047

(148,194)

100

Fully tax-equivalent adjustment

12,705

11,239

4,222

4,228

4,254

3,680

3,723

Total revenue for fully tax-equivalent efficiency ratio

1,110,874

981,518

390,708

371,198

348,968

215,390

333,353

Less: Announced initiatives (b)

(6,976)

—

(6,976)

(130,406)

—

Total revenue for adjusted efficiency ratio

$ 1,117,850

$ 981,518

$ 390,708

$ 371,198

$ 355,943

$ 345,795

$ 333,353

Numbers may not recalculate due to rounding conventions.

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

(b) Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio.

Nonrecurring Item Reconciliation

(Dollars in thousands, except per share data)

4Q24

4Q24 per share data

(diluted)

GAAP net (loss)

$ (161,615)

$ (1.03)

Loss on mortgage portfolio sale (a)

130,406

0.82

Provision on initiatives

1,460

0.01

Net loss on sale of investments (a)

148,183

0.93

Loss on prepayments of FHLB advances

14,243

0.09

Tax effect

(38,655)

(0.24)

Net income, excluding nonrecurring items, net of tax

94,022

$ 0.57

Less preferred stock dividends

(2,875)

Net income available to common equity, excluding nonrecurring items, net of tax

$ 91,147

Nonrecurring Item Noninterest Income Reconciliation

YTD

(Dollars in thousands)

Sep 2025

1Q25

Dec 2024

4Q24

GAAP noninterest income (loss)

$ 207,019

$ 58,776

$ (9,407)

$ (206,772)

Less: Loss on mortgage portfolio sale (a)

(6,976)

(130,406)

Less: Net loss on sale of investments (a)

—

(148,183)

Noninterest income, excluding nonrecurring items

$ 213,995

$ 65,752

$ 269,182

$ 71,816

Nonrecurring Item Noninterest Expense Reconciliation

YTD

(Dollars in thousands)

Dec 2024

4Q24

GAAP noninterest expense

$ 818,397

$ 224,282

Loss on prepayments of FHLB advances (a)

(14,243)

Noninterest expense, excluding nonrecurring items

$ 804,154

$ 210,039

Numbers may not recalculate due to rounding conventions.

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

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

SOURCE Associated Banc-Corp