# EDGAR Filing Document

**Accession Number:** 0000007789
**File Stem:** 0000007789-25-000173
**Filing Date:** 2025-10
**Character Count:** 112926
**Document Hash:** c0195640eaf5552ec93339fa486fdd90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000007789-25-000173.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000007789-25-000173

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20251023

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASSOCIATED BANC-CORP
- **CENTRAL INDEX KEY:** 0000007789
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 391098068
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31343
- **FILM NUMBER:** 251413288

**BUSINESS ADDRESS:**
- **STREET 1:** 433 MAIN STREET
- **CITY:** GREEN BAY
- **STATE:** WI
- **ZIP:** 54301
- **BUSINESS PHONE:** 920-491-7500

**MAIL ADDRESS:**
- **STREET 1:** 433 MAIN STREET
- **CITY:** GREEN BAY
- **STATE:** WI
- **ZIP:** 54301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASSOCIATED BANK SERVICES INC
- **DATE OF NAME CHANGE:** 19770626

?xml version='1.0' encoding='ASCII'? asb-20251023

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

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| | |
|:---|:---|
| **Date of Report (Date of earliest event reported)** | **October 23, 2025** |

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| |
|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |
| (Exact name of registrant as specified in its chapter) |

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| | | |
|:---|:---|:---|
| **Wisconsin** | **001-31343** | **39-1098068** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

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| | | | |
|:---|:---|:---|:---|
| **433 Main Street** | **Green Bay** | **Wisconsin** | **54301** |
| &nbsp;&nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;&nbsp;(Address of principal executive offices) | (Zip code) |

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| | | |
|:---|:---|:---|
| **Registrant's telephone number, including area code** | **920** | **491-7500** |

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

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

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| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading symbol</u> | <u>Name of each exchange on which registered</u> |
| 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 |

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| | |
|:---|:---|
| 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). | 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.  |

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| |
|:---|
| **Item 2.02 Results of Operations and Financial Condition.** |
| On October 23, 2025, Associated Banc-Corp announced its earnings for the quarter ended September 30, 2025. A copy of the registrant's press release containing this information and the slide presentation discussed on the conference call for investors and analysts on October 23, 2025, 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.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Exhibits.**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following exhibits are furnished as part of this Report on Form 8-K: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1&nbsp;&nbsp;&nbsp;&nbsp;Press release of the registrant dated October 23, 2025, containing financial information for the quarter ended September 30, 2025.](asb09302025ex991.htm)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.2&nbsp;&nbsp;&nbsp;&nbsp;Slide presentation discussed on the conference call for investors and analysts on October 23, 2025.](asb3q25earningspresentat.htm)</u> |

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| | |
|:---|:---|
| **<u>SIGNATURES</u>** | **<u>SIGNATURES</u>** |
| 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. | 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: October 23, 2025 | By: /s/ Derek S. Meyer |
|  | Derek S. Meyer |
|  | Chief Financial Officer |

---

## Exhibit 99.1

Exhibit 99.1

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| | |
|:---|:---|
| ![asblogoa11.jpg](asblogoa11.jpg) | **NEWS RELEASE** <br>**<u>Investor Contact:</u>**<br>Ben McCarville, Senior Vice President, Director of Investor Relations &nbsp;&nbsp;&nbsp;&nbsp;<br>920-491-7059 <br>**<u>Media Contact:</u>**<br>Andrea Kozek, Vice President, Public Relations Senior Manager<br>920-491-7518 |

---

***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. -- October 23, 2025 -- 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**

• Diluted earnings per common share of $0.73

• Record net interest income of $305 million (+2% vs. 2Q 2025; +16% vs. 3Q 2024)

• Total period end loans of $31.0 billion (+1% vs. 2Q 2025; +3% vs. 3Q 2024)

• Total period end deposits of $34.9 billion (+2% vs. 2Q 2025; +4% vs. 3Q 2024)

• Total period end core customer deposits<sup>1</sup> of $28.9 billion (+2% vs. 2Q 2025; +4% vs. 3Q 2024)

• Net interest margin of 3.04%

• Noninterest income of $81 million

• Noninterest expense of $216 million

• Provision for credit losses of $16 million

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

• Net charge offs / average loans (annualized) of 0.17%

• Book value / share of $28.17

• Tangible book value / share<sup>1</sup> of $21.36

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

------

**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:

• Commercial and business lending increased $378 million from the prior quarter and increased $1.5 billion from the same period last year to $12.5 billion.

• Commercial real estate lending decreased $160 million from the prior quarter and increased $57 million from the same period last year to $7.3 billion.

• Consumer lending increased $40 million from the prior quarter and decreased $442 million from the same period last year to $11.0 billion.

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:

• Commercial and business lending increased $334 million from the prior quarter and increased $1.3 billion from the same period last year to $12.7 billion.

• Commercial real estate lending increased $8 million from the prior quarter and increased $143 million the same period last year to $7.3 billion.

• Consumer lending increased $3 million from the prior quarter and decreased $520 million from the same period last year to $10.9 billion.

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:

• Noninterest-bearing demand deposits increased $148 million from the prior quarter and increased $144 million from the same period last year to $5.8 billion.

• Savings increased $115 million from the prior quarter and increased $213 million from the same period last year to $5.3 billion.

• Interest-bearing demand deposits increased $215 million from the prior quarter and increased $504 million from the same period last year to $7.9 billion.

• Money market deposits decreased $128 million from the prior quarter and decreased $81 million from the same period last year to $5.9 billion.

• Brokered CDs decreased $174 million from the prior quarter and decreased $332 million from the same period last year to $3.9 billion.

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• Other time deposits increased $236 million from the prior quarter and increased $647 million from the same period last year to $4.0 billion.

• Network transaction deposits increased $90 million from the prior quarter and increased $289 million from the same period last year to $1.9 billion.

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:

• Noninterest-bearing demand deposits increased $124 million from the prior quarter and increased $49 million from the same period last year to $5.9 billion.

• Savings increased $89 million from the prior quarter and increased $308 million from the same period last year to $5.4 billion.

• Interest-bearing demand deposits increased $301 million from the prior quarter and increased $490 million from the same period last year to $7.8 billion.

• Money market deposits decreased $130 million from the prior quarter and decreased $46 million from the same period last year to $5.8 billion.

• Brokered CDs decreased $116 million from the prior quarter and decreased $286 million from the same period last year to $4.0 billion.

• Other time deposits increased $244 million from the prior quarter and increased $366 million from the same period last year to $4.0 billion.

• Network transaction deposits increased $222 million from the prior quarter and increased $447 million from the same period last year to $2.0 billion.

• Core customer deposits<sup>1</sup> increased $628 million from the prior quarter and increased $1.2 billion from the same period last year to $28.9 billion.

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.

**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.

• The average yield on total loans for the third quarter of 2025 remained flat from the prior quarter and decreased 38 basis points from the same period last year to 5.89%.

• The average cost of total interest-bearing liabilities for the third quarter of 2025 increased 1 basis point from the prior quarter and decreased 56 basis points from the same period last year to 3.03%.

• The net free funds benefit for the third quarter of 2025 increased 1 basis point from the prior quarter and decreased 12 basis points from the same period last year to 0.57%.

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

------

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:

• Capital markets, net increased $5 million from the prior quarter and increased $6 million from the same period last year.

• Wealth management fees increased $2 million from the prior quarter and increased $1 million from the same period last year.

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

• Asset gains (losses), net increased $5 million from the prior quarter and increased $4 million from the same period last year.

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:

• Personnel expense increased $9 million from the prior quarter and increased $15 million from the same period last year.

• Business development and advertising expense increased $1 million from the prior quarter and increased $2 million from the same period last year.

• Technology expense increased $2 million from the prior quarter and increased $1 million from the same period last year.

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.

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**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:

• Nonaccrual loans of $106 million decreased $7 million from the prior quarter and decreased $22 million from the same period last year. The nonaccrual loans to total loans ratio was 0.34% in the third quarter, down from 0.37% in the prior quarter and down from 0.43% in the same period last year.

**•** Third quarter 2025 net charge offs of $13 million were flat compared to net charge offs of $13 million in the prior quarter and net charge offs of $13 million in the same period last year.

• The allowance for credit losses on loans (ACLL) of $415 million increased $3 million compared to the prior quarter and increased $17 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the third quarter, down from 1.35% in the prior quarter and up from 1.33% in the same period last year.

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.

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**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.

\# \# \#

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Associated Banc-Corp<br>Consolidated Balance Sheets (Unaudited) |  |  |  |  |  |  |  |
| (Dollars in thousands) | **September 30, 2025** | June 30, 2025 | Sequential Quarter Change | March 31, 2025 | December 31, 2024 | &nbsp;&nbsp;September 30, 2024 | Comparable Quarter Change |
| **Assets** |  |  |  |  |  |  |  |
| Cash and due from banks | $**490431** | $521167 | $(30736) | $521323 | $544059 | $554631 | $(64200) |
| Interest-bearing deposits in other financial institutions | **802251** | 738938 | 63313 | 711033 | 453590 | 408101 | 394150 |
| Federal funds sold and securities purchased under agreements to resell | **90** |  | 90 | 105 | 21955 | 4310 | (4220) |
| Available for sale (AFS) investment securities, at fair value | **5217278** | 5036508 | 180770 | 4796570 | 4581434 | 4152527 | 1064751 |
| Held to maturity (HTM) investment securities, net, at amortized cost | **3636080** | 3672101 | (36021) | 3705793 | 3738687 | 3769150 | (133070) |
| Equity securities | **26000** | 25912 | 88 | 23331 | 23242 | 23158 | 2842 |
| Federal Home Loan Bank (FHLB) and Federal Reserve Bank stocks, at cost | **251642** | 278356 | (26714) | 194244 | 179665 | 178168 | 73474 |
| Residential loans held for sale | **74563** | 96804 | (22241) | 47611 | 646687 | 67219 | 7344 |
| Commercial loans held for sale | **—** | 8406 | (8406) | 7910 | 32634 | 11833 | (11833) |
| Loans | **30951964** | 30607605 | 344359 | 30294127 | 29768586 | 29990897 | 961067 |
| Allowance for loan losses | **(378341)** | (376515) | (1826) | (371348) | (363545) | (361765) | (16576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net | **30573623** | 30231091 | 342532 | 29922780 | 29405041 | 29629131 | 944492 |
| Tax credit and other investments | **245239** | 247111 | (1872) | 254187 | 258886 | 265385 | (20146) |
| Premises and equipment, net | **384139** | 377372 | 6767 | 377521 | 379093 | 373816 | 10323 |
| Bank and corporate owned life insurance | **693511** | 691470 | 2041 | 690551 | 689000 | 686704 | 6807 |
| Goodwill | **1104992** | 1104992 |  | 1104992 | 1104992 | 1104992 |  |
| Other intangible assets, net | **25052** | 27255 | (2203) | 29457 | 31660 | 33863 | (8811) |
| Mortgage servicing rights, net | **85063** | 85245 | (182) | 86251 | 87683 | 81977 | 3086 |
| Interest receivable | **168451** | 168627 | (176) | 159729 | 167772 | 167777 | 674 |
| Other assets | **677458** | 682373 | (4915) | 675748 | 676987 | 698073 | (20615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**44455863** | $43993729 | $462134 | $43309136 | $43023068 | $42210815 | $2245048 |
| **Liabilities and stockholders' equity** |  |  |  |  |  |  |  |
| Noninterest-bearing demand deposits | $**5906251** | $5782487 | $123764 | $6135946 | $5775657 | $5857421 | $48830 |
| Interest-bearing deposits | **28975602** | 28365079 | 610523 | 29060767 | 28872777 | 27696877 | 1278725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **34881853** | 34147565 | 734288 | 35196713 | 34648434 | 33554298 | 1327555 |
| Short-term funding | **399665** | 75585 | 324080 | 311335 | 470369 | 917028 | (517363) |
| FHLB advances | **3220679** | 3879489 | (658810) | 2027297 | 1853807 | 1913294 | 1307385 |
| Other long-term funding | **594074** | 593530 | 544 | 591382 | 837635 | 844342 | (250268) |
| Allowance for unfunded commitments | **36276** | 35276 | 1000 | 35276 | 38776 | 35776 | 500 |
| Accrued expenses and other liabilities | **455019** | 481503 | (26484) | 460574 | 568485 | 532842 | (77823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **39587565** | 39212948 | 374617 | 38622578 | 38417506 | 37797579 | 1789986 |
| **Stockholders' equity** |  |  |  |  |  |  |  |
| Preferred equity | **194112** | 194112 |  | 194112 | 194112 | 194112 |  |
| Common equity | **4674186** | 4586669 | 87517 | 4492446 | 4411450 | 4219125 | 455061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | **4868298** | 4780781 | 87517 | 4686558 | 4605562 | 4413236 | 455061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $**44455863** | $43993729 | $462134 | $43309136 | $43023068 | $42210815 | $2245048 |

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Numbers may not recalculate due to rounding conventions.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Associated Banc-Corp<br>Consolidated Statements of Income (Unaudited) | Associated Banc-Corp<br>Consolidated Statements of Income (Unaudited) | Associated Banc-Corp<br>Consolidated Statements of Income (Unaudited) | Comparable Quarter | Comparable Quarter | Year to Date (YTD) | Year to Date (YTD) | Comparable 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 | $**455623** | $465728 | $(10105) | (2)% | $**1336703** | $1376988 | $(40285) | (3)% |
| Interest and dividends on investment securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | **73727** | 51229 | 22498 | 44% | **214689** | 148055 | 66634 | 45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | **13888** | 14660 | (772) | (5)% | **41746** | 44103 | (2357) | (5)% |
| Other interest | **13353** | 8701 | 4652 | 53% | **35274** | 24834 | 10440 | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | **556591** | 540318 | 16273 | 3% | **1628412** | 1593980 | 34432 | 2% |
| **Interest expense** |  |  |  |  |  |  |  |  |
| Interest on deposits | **202344** | 231623 | (29279) | (13)% | **609139** | 678916 | (69777) | (10)% |
| Interest on federal funds purchased and securities sold under agreements to repurchase | **2107** | 3385 | (1278) | (38)% | **7733** | 8551 | (818) | (10)% |
| Interest on other short-term funding | **212** | 6144 | (5932) | (97)% | **907** | 16929 | (16022) | (95)% |
| Interest on FHLB advances | **35965** | 24799 | 11166 | 45% | **86944** | 80612 | 6332 | 8% |
| Interest on other long-term funding | **10741** | 11858 | (1117) | (9)% | **32526** | 32012 | 514 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | **251369** | 277809 | (26440) | (10)% | **737250** | 817021 | (79771) | (10)% |
| **Net interest income** | **305222** | 262509 | 42713 | 16% | **891163** | 776960 | 114203 | 15% |
| Provision for credit losses | **16000** | 20991 | (4991) | (24)% | **46999** | 68000 | (21001) | (31)% |
| Net interest income after provision for credit losses | **289223** | 241518 | 47705 | 20% | **844164** | 708960 | 135204 | 19% |
| **Noninterest income** |  |  |  |  |  |  |  |  |
| Wealth management fees | **25315** | 24144 | 1171 | 5% | **70837** | 68466 | 2371 | 3% |
| Service charges and deposit account fees | **13861** | 13708 | 153 | 1% | **39822** | 38410 | 1412 | 4% |
| Card-based fees | **12308** | 11731 | 577 | 5% | **33950** | 34973 | (1023) | (3)% |
| Other fee-based revenue | **5414** | 5057 | 357 | 7% | **15659** | 14316 | 1343 | 9% |
| Capital markets, net  | **10764** | 4317 | 6447 | 149% | **20873** | 13052 | 7821 | 60% |
| Mortgage banking, net | **3541** | 2132 | 1409 | 66% | **11577** | 7299 | 4278 | 59% |
| Loss on mortgage portfolio sale | **—** |  |  | N/M | **(6976)** |  | (6976) | N/M |
| Bank and corporate owned life insurance | **4051** | 4001 | 50 | 1% | **13391** | 11156 | 2235 | 20% |
| Asset gains (losses), net | **3340** | (474) | 3814 | N/M | **727** | (1407) | 2134 | N/M |
| Investment securities gains, net | **1** | 100 | (99) | (99)% | **13** | 4047 | (4034) | (100)% |
| Other  | **2670** | 2504 | 166 | 7% | **7147** | 7054 | 93 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | **81265** | 67221 | 14044 | 21% | **207019** | 197365 | 9654 | 5% |
| **Noninterest expense** |  |  |  |  |  |  |  |  |
| Personnel | **135703** | 121036 | 14667 | 12% | **386593** | 362012 | 24581 | 7% |
| Technology | **28590** | 27217 | 1373 | 5% | **82237** | 80579 | 1658 | 2% |
| Occupancy | **12757** | 13536 | (779) | (6)% | **40782** | 40297 | 485 | 1% |
| Business development and advertising | **8362** | 6683 | 1679 | 25% | **22496** | 20735 | 1761 | 8% |
| Equipment | **4368** | 4653 | (285) | (6)% | **13389** | 13702 | (313) | (2)% |
| Legal and professional | **5232** | 5639 | (407) | (7)% | **17989** | 14740 | 3249 | 22% |
| Loan and foreclosure costs | **1638** | 2748 | (1110) | (40)% | **6937** | 6519 | 418 | 6% |
| FDIC assessment | **9980** | 8223 | 1757 | 21% | **30124** | 29300 | 824 | 3% |
| Other intangible amortization | **2203** | 2203 |  | —% | **6608** | 6608 |  | —% |
| Other | **7369** | 8659 | (1290) | (15)% | **29017** | 19622 | 9395 | 48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | **216202** | 200597 | 15605 | 8% | **636173** | 594115 | 42058 | 7% |
| **Income before income taxes** | **154286** | 108142 | 46144 | 43% | **415010** | 312211 | 102799 | 33% |
| Income tax expense | **29554** | 20124 | 9430 | 47% | **77362** | 27451 | 49911 | 182% |
| **Net income** | **124732** | 88018 | 36714 | 42% | **337648** | 284760 | 52888 | 19% |
| Preferred stock dividends | **2875** | 2875 |  | —% | **8625** | 8625 |  | —% |
| **Net income available to common equity** | $**121857** | $85143 | $36714 | 43% | $**329023** | $276135 | $52888 | 19% |
| Pre-tax pre-provision income<sup>(a)</sup> | **170286** | 129133 | 41153 | 32% | **462009** | 380211 | 81798 | 22% |
| **Earnings per common share** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**0.73** | $0.56 | $0.17 | 30% | $**1.98** | $1.83 | $0.15 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**0.73** | $0.56 | $0.17 | 30% | $**1.96** | $1.82 | $0.14 | 8% |
| **Average common shares outstanding** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | **165029** | 150247 | 14782 | 10% | **165064** | 149993 | 15071 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | **166703** | 151492 | 15211 | 10% | **166645** | 151244 | 15401 | 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<br>Consolidated Statements of Income (Unaudited) - Quarterly Trend | Associated Banc-Corp<br>Consolidated Statements of Income (Unaudited) - Quarterly Trend | Associated Banc-Corp<br>Consolidated Statements of Income (Unaudited) - Quarterly Trend | Associated Banc-Corp<br>Consolidated Statements of Income (Unaudited) - Quarterly Trend | Associated Banc-Corp<br>Consolidated Statements of Income (Unaudited) - Quarterly Trend | Associated Banc-Corp<br>Consolidated Statements of Income (Unaudited) - Quarterly Trend | Associated Banc-Corp<br>Consolidated Statements of Income (Unaudited) - Quarterly Trend | Associated Banc-Corp<br>Consolidated Statements of Income (Unaudited) - Quarterly Trend |
| (Dollars and shares in thousands, except per share data) |  |  | Sequential Quarter | Sequential Quarter |  |  |  |
| (Dollars and shares in thousands, except per share data) | **3Q25** | 2Q25 | Dollar Change | Percentage Change | 1Q25 | 4Q24 | 3Q24 |
| **Interest income** |  |  |  |  |  |  |  |
| Interest and fees on loans | $**455623** | $447781 | $7842 | 2% | $433299 | $453253 | $465728 |
| Interest and dividends on investment securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | **73727** | 71174 | 2553 | 4% | 69788 | 50524 | 51229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | **13888** | 13902 | (14) | —% | 13956 | 14469 | 14660 |
| Other interest | **13353** | 12679 | 674 | 5% | 9243 | 10478 | 8701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | **556591** | 545536 | 11055 | 2% | 526285 | 528724 | 540318 |
| **Interest expense** |  |  |  |  |  |  |  |
| Interest on deposits | **202344** | 197656 | 4688 | 2% | 209140 | 222888 | 231623 |
| Interest on federal funds purchased and securities sold under agreements to repurchase | **2107** | 2004 | 103 | 5% | 3622 | 3203 | 3385 |
| Interest on other short-term funding | **212** | 287 | (75) | (26)% | 408 | 668 | 6144 |
| Interest on FHLB advances | **35965** | 34889 | 1076 | 3% | 16090 | 17908 | 24799 |
| Interest on other long-term funding | **10741** | 10700 | 41 | —% | 11085 | 13769 | 11858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | **251369** | 245536 | 5833 | 2% | 240345 | 258436 | 277809 |
| **Net interest income** | **305222** | 300000 | 5222 | 2% | 285941 | 270289 | 262509 |
| Provision for credit losses | **16000** | 17996 | (1996) | (11)% | 13003 | 16986 | 20991 |
| Net interest income after provision for credit losses | **289223** | 282004 | 7219 | 3% | 272938 | 253303 | 241518 |
| **Noninterest income** |  |  |  |  |  |  |  |
| Wealth management fees | **25315** | 23025 | 2290 | 10% | 22498 | 24103 | 24144 |
| Service charges and deposit account fees | **13861** | 13147 | 714 | 5% | 12814 | 13232 | 13708 |
| Card-based fees | **12308** | 11200 | 1108 | 10% | 10442 | 11948 | 11731 |
| Other fee-based revenue | **5414** | 4995 | 419 | 8% | 5251 | 5182 | 5057 |
| Capital markets, net | **10764** | 5765 | 4999 | 87% | 4345 | 9032 | 4317 |
| Mortgage banking, net | **3541** | 4213 | (672) | (16)% | 3822 | 3387 | 2132 |
| Loss on mortgage portfolio sale | **—** |  |  | N/M | (6976) | (130406) |  |
| Bank and corporate owned life insurance | **4051** | 4135 | (84) | (2)% | 5204 | 2322 | 4001 |
| Asset gains (losses), net | **3340** | (1735) | 5075 | N/M | (878) | 364 | (474) |
| Investment securities gains (losses), net | **1** | 7 | (6) | (86)% | 4 | (148194) | 100 |
| Other | **2670** | 2226 | 444 | 20% | 2251 | 2257 | 2504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income (loss) | **81265** | 66977 | 14288 | 21% | 58776 | (206772) | 67221 |
| **Noninterest expense** |  |  |  |  |  |  |  |
| Personnel | **135703** | 126994 | 8709 | 7% | 123897 | 125944 | 121036 |
| Technology | **28590** | 26508 | 2082 | 8% | 27139 | 26984 | 27217 |
| Occupancy | **12757** | 12644 | 113 | 1% | 15381 | 14325 | 13536 |
| Business development and advertising | **8362** | 7748 | 614 | 8% | 6386 | 7408 | 6683 |
| Equipment | **4368** | 4494 | (126) | (3)% | 4527 | 4729 | 4653 |
| Legal and professional | **5232** | 6674 | (1442) | (22)% | 6083 | 6861 | 5639 |
| Loan and foreclosure costs | **1638** | 2705 | (1067) | (39)% | 2594 | 1951 | 2748 |
| FDIC assessment | **9980** | 9708 | 272 | 3% | 10436 | 9139 | 8223 |
| Other intangible amortization | **2203** | 2203 |  | —% | 2203 | 2203 | 2203 |
| Loss on prepayments of FHLB advances | **—** |  |  | N/M |  | 14243 |  |
| Other | **7369** | 9674 | (2305) | (24)% | 11974 | 10496 | 8659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | **216202** | 209352 | 6850 | 3% | 210619 | 224282 | 200597 |
| **Income (loss) before income taxes** | **154286** | 139629 | 14657 | 10% | 121095 | (177752) | 108142 |
| Income tax expense (benefit) | **29554** | 28399 | 1155 | 4% | 19409 | (16137) | 20124 |
| **Net income (loss)** | **124732** | 111230 | 13502 | 12% | 101687 | (161615) | 88018 |
| Preferred stock dividends | **2875** | 2875 |  | —% | 2875 | 2875 | 2875 |
| **Net income (loss) available to common equity** | $**121857** | $108355 | $13502 | 12% | $98812 | $(164490) | $85143 |
| Pre-tax pre-provision income (loss)<sup>(a)</sup> | **170286** | 157625 | 12661 | 8% | 134098 | (160766) | 129133 |
| **Earnings (loss) per common share** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**0.73** | $0.65 | $0.08 | 12% | $0.60 | $(1.04) | $0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**0.73** | $0.65 | $0.08 | 12% | $0.59 | $(1.03) | $0.56 |
| **Average common shares outstanding** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | **165029** | 164936 | 93 | —% | 165228 | 157710 | 150247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | **166703** | 166343 | 360 | —% | 166604 | 159164 | 151492 |

---

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<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter<sup>(a)</sup> | Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter<sup>(a)</sup> | Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter<sup>(a)</sup> | Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter<sup>(a)</sup> | Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter<sup>(a)</sup> | Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter<sup>(a)</sup> | Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter<sup>(a)</sup> |  |  |  |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | June 30, 2025 | June 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2024 | September 30, 2024 |
| (Dollars in thousands) | **Average<br>Balance** | **Interest<br>Income /Expense** | **Average<br>Yield /Rate** | Average<br>Balance | Interest<br>Income /Expense | Average<br>Yield /Rate | Average<br>Balance | Interest<br>Income /Expense | Average<br>Yield /Rate |
| **Assets** |  |  |  |  |  |  |  |  |  |
| Earning assets |  |  |  |  |  |  |  |  |  |
| Loans <sup>(b) (c)</sup> |  |  |  |  |  |  |  |  |  |
| Commercial and industrial | $**11367533** | $**187046** | **6.53%** | $10981221 | $179955 | 6.57% | $9884246 | $183687 | 7.39% |
| Commercial real estate—owner occupied | **1105787** | **15827** | **5.68%** | 1114054 | 16014 | 5.77% | 1087144 | 16640 | 6.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **12473319** | **202873** | **6.45%** | 12095274 | 195969 | 6.50% | 10971390 | 200327 | 7.27% |
| Commercial real estate—investor | **5300765** | **87114** | **6.52%** | 5582333 | 91569 | 6.58% | 5085090 | 93351 | 7.30% |
| Real estate construction | **1991565** | **36770** | **7.32%** | 1869708 | 33883 | 7.27% | 2150416 | 43348 | 8.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **7292330** | **123884** | **6.74%** | 7452041 | 125452 | 6.75% | 7235505 | 136699 | 7.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **19765649** | **326757** | **6.56%** | 19547316 | 321421 | 6.59% | 18206896 | 337027 | 7.36% |
| Residential mortgage | **6987858** | **65553** | **3.75%** | 7034607 | 64995 | 3.70% | 7888290 | 70171 | 3.56% |
| Auto finance | **3000978** | **42230** | **5.58%** | 2933161 | 41156 | 5.63% | 2635890 | 37904 | 5.72% |
| Home equity | **690330** | **12641** | **7.32%** | 667339 | 12098 | 7.25% | 642463 | 13350 | 8.31% |
| Other consumer | **305644** | **8972** | **11.65%** | 309578 | 8644 | 11.20% | 260547 | 7774 | 11.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **10984811** | **129396** | **4.70%** | 10944685 | 126893 | 4.64% | 11427191 | 129199 | 4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | **30750460** | **456153** | **5.89%** | 30492001 | 448313 | 5.89% | 29634087 | 466226 | 6.27% |
| Investments |  |  |  |  |  |  |  |  |  |
| Taxable securities | **6767664** | **73727** | **4.36%** | 6578690 | 71174 | 4.33% | 5816102 | 51466 | 3.54% |
| Tax-exempt securities<sup>(b)</sup> | **1997416** | **17580** | **3.52%** | 2004725 | 17598 | 3.51% | 2110896 | 17885 | 3.39% |
| Other short-term investments | **1046723** | **13353** | **5.06%** | 999294 | 12679 | 5.09% | 629431 | 8959 | 5.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | **9811804** | **104660** | **4.26%** | 9582709 | 101451 | 4.24% | 8556429 | 78310 | 3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total earning assets and related interest income | **40562264** | $**560813** | **5.50%** | 40074710 | $549764 | 5.50% | 38190516 | $544535 | 5.68% |
| Other assets, net | **3452939** |  |  | 3345353 |  |  | 3199195 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**44015203** |  |  | $43420063 |  |  | $41389711 |  |  |
| **Liabilities and stockholders' equity** |  |  |  |  |  |  |  |  |  |
| Interest-bearing liabilities |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |  |  |  |
| Savings | $**5338129** | $**19042** | **1.42%** | $5222869 | $17139 | 1.32% | $5125147 | $21611 | 1.68% |
| Interest-bearing demand | **7898770** | **44763** | **2.25%** | 7683402 | 42485 | 2.22% | 7394550 | 49740 | 2.68% |
| Money market | **5860802** | **38061** | **2.58%** | 5988947 | 38695 | 2.59% | 5942147 | 46290 | 3.10% |
| Network transaction deposits | **1933659** | **21276** | **4.37%** | 1843998 | 20211 | 4.40% | 1644305 | 22077 | 5.34% |
| Brokered CDs | **3916329** | **42878** | **4.34%** | 4089844 | 45418 | 4.45% | 4247941 | 56307 | 5.27% |
| Other time deposits | **3961522** | **36323** | **3.64%** | 3725205 | 33707 | 3.63% | 3314507 | 35600 | 4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | **28909211** | **202344** | **2.78%** | 28554266 | 197656 | 2.78% | 27668597 | 231623 | 3.33% |
| Federal funds purchased and securities sold under agreements to repurchase | **227460** | **2107** | **3.68%** | 220872 | 2004 | 3.64% | 299286 | 3385 | 4.50% |
| Other short-term funding | **19033** | **212** | **4.42%** | 17580 | 287 | 6.55% | 519421 | 6638 | 5.08% |
| FHLB advances | **3181903** | **35965** | **4.48%** | 3221749 | 34889 | 4.34% | 1750590 | 24799 | 5.64% |
| Other long-term funding | **593288** | **10741** | **7.24%** | 592664 | 10700 | 7.22% | 647440 | 11858 | 7.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short and long-term funding | **4021685** | **49025** | **4.85%** | 4052863 | 47880 | 4.74% | 3216737 | 46680 | 5.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities and related interest expense | **32930896** | $**251369** | **3.03%** | 32607129 | $245536 | 3.02% | 30885334 | $278304 | 3.59% |
| Noninterest-bearing demand deposits | **5796676** |  |  | 5648935 |  |  | 5652228 |  |  |
| Other liabilities | **466482** |  |  | 431338 |  |  | 521423 |  |  |
| Stockholders' equity | **4821150** |  |  | 4732661 |  |  | 4330727 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $**44015203** |  |  | $43420063 |  |  | $41389711 |  |  |
| 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 |  | $**309444** | **3.04%** |  | $304228 | 3.04% |  | $266232 | 2.78% |
| Fully tax-equivalent adjustment |  | **(4222)** |  |  | (4228) |  |  | (3723) |  |
| Net interest income |  | $**305222** |  |  | $300000 |  |  | $262509 |  |

---

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%.

(c)Nonaccrual loans and loans held for sale have been included in the average balances.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year<sup>(a)</sup> | Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year<sup>(a)</sup> | Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year<sup>(a)</sup> | Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year<sup>(a)</sup> | Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year<sup>(a)</sup> | Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year<sup>(a)</sup> | Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year<sup>(a)</sup> |
|  | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| (Dollars in thousands) | **Average<br>Balance** | **Interest<br>Income /Expense** | **Average<br>Yield / Rate** | Average<br>Balance | Interest<br>Income /Expense | Average<br>Yield / Rate |
| **Assets** |  |  |  |  |  |  |
| Earning assets |  |  |  |  |  |  |
| Loans <sup>(b) (c)</sup> |  |  |  |  |  |  |
| Commercial and industrial | $**10980230** | $**536786** | **6.54%** | $9843435 | $542989 | 7.37% |
| Commercial real estate—owner occupied | **1120206** | **48042** | **5.73%** | 1089662 | 49619 | 6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **12100436** | **584828** | **6.46%** | 10933098 | 592609 | 7.24% |
| Commercial real estate—investor | **5432417** | **265772** | **6.54%** | 5030534 | 274450 | 7.29% |
| Real estate construction | **1920292** | **104598** | **7.28%** | 2261008 | 135302 | 7.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **7352709** | **370370** | **6.73%** | 7291541 | 409752 | 7.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **19453145** | **955197** | **6.56%** | 18224639 | 1002361 | 7.35% |
| Residential mortgage  | **7091945** | **197371** | **3.71%** | 7939493 | 208291 | 3.50% |
| Auto finance | **2926862** | **122562** | **5.60%** | 2511694 | 105528 | 5.61% |
| Home equity | **671884** | **36791** | **7.30%** | 590340 | 39386 | 8.90% |
| Other consumer | **309654** | **26389** | **11.39%** | 261781 | 22959 | 11.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **11000345** | **383113** | **4.65%** | 11303307 | 376164 | 4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | **30453490** | **1338311** | **5.87%** | 29527946 | 1378524 | 6.23% |
| Investments |  |  |  |  |  |  |
| Taxable securities | **6582998** | **214689** | **4.35%** | 5671823 | 148672 | 3.50% |
| Tax-exempt securities<sup>(b)</sup> | **2006027** | **52844** | **3.51%** | 2120107 | 53806 | 3.38% |
| Other short-term investments | **935475** | **35274** | **5.04%** | 609143 | 26574 | 5.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | **9524500** | **302806** | **4.24%** | 8401073 | 229051 | 3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total earning assets and related interest income | **39977990** | $**1641117** | **5.48%** | 37929019 | $1607575 | 5.66% |
| Other assets, net | **3382379** |  |  | 3157137 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**43360369** |  |  | $41086156 |  |  |
| **Liabilities and stockholders' equity** |  |  |  |  |  |  |
| Interest-bearing liabilities |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| Savings | $**5241799** | $**54110** | **1.38%** | $5062518 | $65330 | 1.72% |
| Interest-bearing demand | **7870806** | **132678** | **2.25%** | 7383471 | 147838 | 2.67% |
| Money market | **5975632** | **116316** | **2.60%** | 6017642 | 139987 | 3.11% |
| Network transaction deposits | **1875523** | **61554** | **4.39%** | 1630568 | 65697 | 5.38% |
| Brokered CDs | **4105700** | **137589** | **4.48%** | 4148547 | 165423 | 5.33% |
| Other time deposits | **3815105** | **106892** | **3.75%** | 3082143 | 94640 | 4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | **28884565** | **609139** | **2.82%** | 27324889 | 678916 | 3.32% |
| Federal funds purchased and securities sold under agreements to repurchase | **274204** | **7733** | **3.77%** | 259209 | 8551 | 4.41% |
| Other short-term funding | **22597** | **907** | **5.37%** | 508913 | 19285 | 5.06% |
| FHLB advances | **2672351** | **86944** | **4.35%** | 1907104 | 80612 | 5.65% |
| Other long-term funding | **604410** | **32526** | **7.18%** | 573676 | 32012 | 7.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short and long-term funding | **3573561** | **128110** | **4.79%** | 3248902 | 140461 | 5.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities and related interest expense | **32458126** | $**737250** | **3.04%** | 30573791 | $819377 | 3.58% |
| Noninterest-bearing demand deposits | **5695818** |  |  | 5748446 |  |  |
| Other liabilities | **477597** |  |  | 537432 |  |  |
| Stockholders' equity | **4728828** |  |  | 4226487 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $**43360369** |  |  | $41086156 |  |  |
| Interest rate spread |  |  | **2.45%** |  |  | 2.08% |
| Net free funds |  |  | **0.57%** |  |  | 0.69% |
| Fully tax-equivalent net interest income and net interest margin |  | $**903867** | **3.02%** |  | $788199 | 2.77% |
| Fully tax-equivalent adjustment |  | **(12705)** |  |  | (11239) |  |
| Net interest income |  | $**891163** |  |  | $776960 |  |

---

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%.

(c)Nonaccrual loans and loans held for sale have been included in the average balances.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Associated Banc-Corp <br>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 | $**11567651** | $11281964 | 3% | $10925769 | $10573741 | $10258899 | 13% |
| Commercial real estate—owner occupied | **1149939** | 1101501 | 4% | 1118363 | 1143741 | 1120849 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **12717590** | 12383465 | 3% | 12044132 | 11717483 | 11379748 | 12% |
| Commercial real estate—investor | **5369441** | 5370422 | —% | 5597442 | 5227975 | 5070635 | 6% |
| Real estate construction | **1958766** | 1950267 | —% | 1809054 | 1982632 | 2114300 | (7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **7328207** | 7320689 | —% | 7406496 | 7210607 | 7184934 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **20045797** | 19704154 | 2% | 19450628 | 18928090 | 18564683 | 8% |
| Residential mortgage | **6858285** | 6949387 | (1)% | 6999654 | 7047541 | 7803083 | (12)% |
| Auto finance | **3041644** | 2969495 | 2% | 2878765 | 2810220 | 2708946 | 12% |
| Home equity | **698112** | 676208 | 3% | 654140 | 664252 | 651379 | 7% |
| Other consumer | **308126** | 308361 | —% | 310940 | 318483 | 262806 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **10906167** | 10903451 | —% | 10843499 | 10840496 | 11426214 | (5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $**30951964** | $30607605 | 1% | $30294127 | $29768586 | $29990897 | 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<sup>(a)</sup> | $**11367533** | $10981221 | 4% | $10583318 | $10338865 | $9884246 | 15% |
| Commercial real estate—owner occupied | **1105787** | 1114054 | (1)% | 1141167 | 1135624 | 1087144 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **12473319** | 12095274 | 3% | 11724484 | 11474489 | 10971390 | 14% |
| Commercial real estate—investor | **5300765** | 5582333 | (5)% | 5415412 | 5120608 | 5085090 | 4% |
| Real estate construction | **1991565** | 1869708 | 7% | 1898582 | 2086188 | 2150416 | (7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **7292330** | 7452041 | (2)% | 7313994 | 7206796 | 7235505 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **19765649** | 19547316 | 1% | 19038479 | 18681285 | 18206896 | 9% |
| Residential mortgage<sup>(a)</sup> | **6987858** | 7034607 | (1)% | 7256320 | 7814056 | 7888290 | (11)% |
| Auto finance | **3000978** | 2933161 | 2% | 2844730 | 2771414 | 2635890 | 14% |
| Home equity | **690330** | 667339 | 3% | 657625 | 656792 | 642463 | 7% |
| Other consumer | **305644** | 309578 | (1)% | 313828 | 278370 | 260547 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **10984811** | 10944685 | —% | 11072503 | 11520632 | 11427191 | (4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans<sup>(a)</sup> | $**30750460** | $30492001 | 1% | $30110982 | $30201918 | $29634087 | 4% |
| Period end deposit and customer funding composition<sup>(b)</sup> | **Sep 30, 2025** | Jun 30, 2025 | Seql Qtr % Change | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Comp Qtr % Change |
| Noninterest-bearing demand | $**5906251** | $5782487 | 2% | $6135946 | $5775657 | $5857421 | 1% |
| Savings | **5380574** | 5291674 | 2% | 5247291 | 5133295 | 5072508 | 6% |
| Interest-bearing demand | **7791861** | 7490772 | 4% | 7870965 | 7994475 | 7302239 | 7% |
| Money market | **5785871** | 5915867 | (2)% | 6141275 | 6009793 | 5831637 | (1)% |
| Network transaction deposits | **2013964** | 1792362 | 12% | 1882930 | 1758388 | 1566908 | 29% |
| Brokered CDs | **3956517** | 4072048 | (3)% | 4197512 | 4276309 | 4242670 | (7)% |
| Other time deposits | **4046815** | 3802356 | 6% | 3720793 | 3700518 | 3680914 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **34881853** | 34147565 | 2% | 35196713 | 34648434 | 33554298 | 4% |
| Other customer funding<sup>(c)</sup> | **64570** | 75440 | (14)% | 85950 | 100044 | 110988 | (42)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits and other customer funding | $**34946423** | $34223005 | 2% | $35282663 | $34748478 | $33665286 | 4% |
| Net deposits and other customer funding<sup>(d)</sup> | $**28975941** | $28358595 | 2% | $29202221 | $28713780 | $27855707 | 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 | $**5796676** | $5648935 | 3% | $5640123 | $5738557 | $5652228 | 3% |
| Savings | **5338129** | 5222869 | 2% | 5162468 | 5132247 | 5125147 | 4% |
| Interest-bearing demand | **7898770** | 7683402 | 3% | 8031707 | 7623230 | 7394550 | 7% |
| Money market | **5860802** | 5988947 | (2)% | 6079551 | 5924269 | 5942147 | (1)% |
| Network transaction deposits | **1933659** | 1843998 | 5% | 1847972 | 1690745 | 1644305 | 18% |
| Brokered CDs | **3916329** | 4089844 | (4)% | 4315311 | 4514841 | 4247941 | (8)% |
| Other time deposits | **3961522** | 3725205 | 6% | 3756332 | 3713579 | 3314507 | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **34705887** | 34203201 | 1% | 34833464 | 34337468 | 33320825 | 4% |
| Other customer funding<sup>(c)</sup> | **74305** | 80010 | (7)% | 87693 | 94965 | 104115 | (29)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits and other customer funding | $**34780192** | $34283211 | 1% | $34921157 | $34432433 | $33424940 | 4% |
| Net deposits and other customer funding<sup>(d)</sup> | $**28930204** | $28349369 | 2% | $28757874 | $28226848 | $27532694 | 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.

(c) Includes repurchase agreements.

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Associated Banc-Corp<br>Selected Asset Quality Information | Associated Banc-Corp<br>Selected Asset Quality Information | Associated Banc-Corp<br>Selected Asset Quality Information |  |  |  |  |  |
| (Dollars in thousands) | **Sep 30, 2025** | Jun 30, 2025 | Seql Qtr %<br>Change | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Comp Qtr %<br>Change |
| **Allowance for loan losses** |  |  |  |  |  |  |  |
| Balance at beginning of period | $**376515** | $371348 | 1% | $363545 | $361765 | $355844 | 6% |
| Provision for loan losses | **15000** | 18000 | (17)% | 16500 | 14000 | 19000 | (21)% |
| Charge offs | **(15254)** | (18348) | (17)% | (13714) | (13770) | (15337) | (1)% |
| Recoveries | **2081** | 5515 | (62)% | 5017 | 1551 | 2258 | (8)% |
| Net charge offs | **(13173)** | (12833) | 3% | (8698) | (12220) | (13078) | 1% |
| Balance at end of period | $**378341** | $376515 | —% | $371348 | $363545 | $361765 | 5% |
| **Allowance for unfunded commitments** |  |  |  |  |  |  |  |
| Balance at beginning of period | $**35276** | $35276 | —% | $38776 | $35776 | $33776 | 4% |
| Provision for unfunded commitments | **1000** |  | N/M | (3500) | 3000 | 2000 | (50)% |
| Balance at end of period | **36276** | 35276 | 3% | 35276 | 38776 | 35776 | 1% |
| Allowance for credit losses on loans (ACLL) | $**414618** | $411791 | 1% | $406624 | $402322 | $397541 | 4% |
| Provision for credit losses on loans | $**16000** | $18000 | (11)% | $13000 | $17000 | $21000 | (24)% |
| (Dollars in thousands) | **Sep 30, 2025** | Jun 30, 2025 | Seql Qtr %<br>Change | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Comp Qtr %<br>Change |
| **Net (charge offs) recoveries** |  |  |  |  |  |  |  |
| Commercial and industrial | $**(1230)** | $(1826) | (33)% | $(4726) | $(2406) | $(10649) | (88)% |
| Commercial real estate—owner occupied | **—** |  | N/M |  |  |  | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **(1230)** | (1826) | (33)% | (4726) | (2406) | (10649) | (88)% |
| Commercial real estate—investor | **(8930)** | (8493) | 5% | (892) | (6617) | (1) | N/M |
| Real estate construction | **2** | 121 | (98)% | 30 | 4 | 2 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **(8928)** | (8372) | 7% | (863) | (6612) | 2 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **(10158)** | (10198) | —% | (5589) | (9018) | (10647) | (5)% |
| Residential mortgage | **(231)** | (302) | (24)% | 197 | (239) | (160) | 44% |
| Auto finance | **(1505)** | (689) | 118% | (1519) | (1782) | (1281) | 17% |
| Home equity | **56** | 237 | (76)% | 289 | 277 | 424 | (87)% |
| Other consumer | **(1336)** | (1881) | (29)% | (2076) | (1457) | (1414) | (6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **(3015)** | (2636) | 14% | (3109) | (3202) | (2431) | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net charge offs | $**(13173)** | $(12833) | 3% | $(8698) | $(12220) | $(13078) | 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 | **—** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **(4)** | (6) |  | (16) | (8) | (39) |  |
| Commercial real estate—investor | **(67)** | (61) |  | (7) | (51) |  |  |
| Real estate construction | **—** | 3 |  | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **(49)** | (45) |  | (5) | (37) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **(20)** | (21) |  | (12) | (19) | (23) |  |
| Residential mortgage | **(1)** | (2) |  | 1 | (1) | (1) |  |
| Auto finance | **(20)** | (9) |  | (22) | (26) | (19) |  |
| Home equity | **3** | 14 |  | 18 | 17 | 26 |  |
| Other consumer | **(173)** | (244) |  | (268) | (208) | (216) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **(11)** | (10) |  | (11) | (11) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net charge offs | **(17)** | (17) |  | (12) | (16) | (18) |  |
| (Dollars in thousands) | **Sep 30, 2025** | Jun 30, 2025 | Seql Qtr %<br>Change | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Comp Qtr %<br>Change |
| **Credit quality** |  |  |  |  |  |  |  |
| Nonaccrual loans | $**106179** | $112999 | (6)% | $134808 | $123260 | $128476 | (17)% |
| Other real estate owned (OREO) | **29268** | 34287 | (15)% | 23475 | 20217 | 18830 | 55% |
| Repossessed assets | **789** | 882 | (11)% | 688 | 687 | 793 | (1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $**136236** | $148169 | (8)% | $158971 | $144164 | $148098 | (8)% |
| Accruing loans past due 90 days or more<sup>(a)</sup> | $**2692** | $14160 | (81)% | $3036 | $3189 | $7107 | (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<br>Selected Asset Quality Information (continued) | Associated Banc-Corp<br>Selected Asset Quality Information (continued) | Associated Banc-Corp<br>Selected Asset Quality Information (continued) | Associated Banc-Corp<br>Selected Asset Quality Information (continued) | Associated Banc-Corp<br>Selected Asset Quality Information (continued) | Associated Banc-Corp<br>Selected Asset Quality Information (continued) | Associated Banc-Corp<br>Selected Asset Quality Information (continued) | Associated Banc-Corp<br>Selected Asset Quality Information (continued) |
| (Dollars in thousands) | **Sep 30, 2025** | Jun 30, 2025 | Seql Qtr %<br>Change | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Comp Qtr %<br>Change |
| **Nonaccrual loans** |  |  |  |  |  |  |  |
| Commercial and industrial | $**12802** | $6945 | 84% | $12898 | $19084 | $14369 | (11)% |
| Commercial real estate—owner occupied | **203** |  | N/M | 1501 | 1501 | 9285 | (98)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **13006** | 6945 | 87% | 14399 | 20585 | 23654 | (45)% |
| Commercial real estate—investor | **7333** | 15805 | (54)% | 31689 | 16705 | 18913 | (61)% |
| Real estate construction | **145** | 146 | (1)% | 125 | 30 | 15 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **7478** | 15950 | (53)% | 31814 | 16735 | 18928 | (60)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **20484** | 22895 | (11)% | 46213 | 37320 | 42582 | (52)% |
| Residential mortgage | **69093** | 73817 | (6)% | 72455 | 70038 | 70138 | (1)% |
| Auto finance | **8218** | 8004 | 3% | 7692 | 7402 | 7456 | 10% |
| Home equity | **8299** | 8201 | 1% | 8275 | 8378 | 8231 | 1% |
| Other consumer | **85** | 82 | 4% | 173 | 122 | 70 | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **85696** | 90104 | (5)% | 88595 | 85941 | 85894 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonaccrual loans | $**106179** | $112999 | (6)% | $134808 | $123260 | $128476 | (17)% |
| (Dollars in thousands) | **Sep 30, 2025** | Jun 30, 2025 | Seql Qtr %<br>Change | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Comp Qtr %<br>Change |
| **Accruing loans 30-89 days past due** |  |  |  |  |  |  |  |
| Commercial and industrial | $**1071** | $2593 | (59)% | $7740 | $1260 | $1212 | (12)% |
| Commercial real estate—owner occupied | **—** | 5628 | (100)% | 1156 | 1634 | 2209 | (100)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **1071** | 8221 | (87)% | 8896 | 2893 | 3421 | (69)% |
| Commercial real estate—investor | **14190** | 1042 | N/M | 2463 | 36391 | 10746 | 32% |
| Real estate construction | **21** | 90 | (77)% |  | 21 | 88 | (76)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **14211** | 1132 | N/M | 2463 | 36412 | 10834 | 31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **15282** | 9353 | 63% | 11360 | 39305 | 14255 | 7% |
| Residential mortgage | **12684** | 8744 | 45% | 13568 | 14892 | 13630 | (7)% |
| Auto finance | **14013** | 13149 | 7% | 12522 | 14850 | 15458 | (9)% |
| Home equity | **4265** | 4338 | (2)% | 3606 | 4625 | 3146 | 36% |
| Other consumer<sup>(a)</sup> | **2728** | 2578 | 6% | 2381 | 3128 | 2163 | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **33689** | 28810 | 17% | 32076 | 37496 | 34397 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accruing loans 30-89 days past due | $**48971** | $38163 | 28% | $43435 | $76801 | $48651 | 1% |

---

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) Excluding guaranteed student loans.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Associated Banc-Corp<br>Selected Quarterly Information |  |  |  |  |  |  |  |
| (Dollars and shares in thousands, except per share data and as noted) | **YTD<br>Sep 2025** | YTD<br>Sep 2024 | **3Q25** | 2Q25 | 1Q25 | 4Q24 | 3Q24 |
| **Per common share data** |  |  |  |  |  |  |  |
| Dividends | $**0.69** | $0.66 | $**0.23** | $0.23 | $0.23 | $0.23 | $0.22 |
| Market value: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High | **27.01** | 23.95 | **27.01** | 24.56 | 25.63 | 28.14 | 23.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low | **18.91** | 19.73 | **23.78** | 18.91 | 21.06 | 20.64 | 20.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Close |  |  | **25.71** | 24.39 | 22.53 | 23.90 | 21.54 |
| Book value / share<sup>(a)</sup> |  |  | **28.17** | 27.67 | 27.09 | 26.55 | 27.90 |
| Tangible book value (TBV) / share<sup>(a)(b)</sup> |  |  | **21.36** | 20.84 | 20.25 | 19.71 | 20.37 |
| **Selected trend information** |  |  |  |  |  |  |  |
| Net interest margin<sup>(c)</sup> | **3.02%** | 2.77% | **3.04%** | 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<sup>(c)</sup> | **1.96%** | 1.93% | **1.95%** | 1.93% | 2.00% | 2.12% | 1.93% |
| Dividend payout ratio<sup>(c)(d)</sup> | **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<sup>(e)</sup> |  |  | $**16178** | $15537 | $14685 | $14773 | $15033 |
| Common shares repurchased during period<sup>(f)</sup> | **900** | 900 | **—** |  | 900 |  |  |
| Common shares outstanding, end of period |  |  | **165904** | 165778 | 165807 | 166178 | 151213 |
| **Risk-based capital**<sup>(g)(h)</sup> |  |  |  |  |  |  |  |
| Total risk-weighted assets |  |  | $**34688358** | $34241408 | $33800823 | $33950173 | $33326479 |
| Common equity Tier 1<sup>(i)</sup> |  |  | $**3584712** | $3493316 | $3417432 | $3396836 | $3238155 |
| Common equity Tier 1 capital ratio<sup>(i)</sup> |  |  | **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)<sup>(b)</sup> |  |  | **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<sup>(c)</sup> | **9.55%** | 9.00% | **10.26%** | 9.43% | 8.91% | (14.20)% | 8.09% |
| Return on average tangible common equity (ROATCE)<sup>(b)(c)</sup> | **13.13%** | 12.99% | **14.02%** | 12.96% | 12.34% | (20.27)% | 11.52% |
| Return on average assets<sup>(c)</sup> | **1.04%** | 0.93% | **1.12%** | 1.03% | 0.97% | (1.53)% | 0.85% |
| Return on average tangible assets<sup>(b)(c)</sup> | **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<sup>(b)</sup> | **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.

(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)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.

------

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Associated Banc-Corp<br>Non-GAAP Financial Measures Reconciliation | **YTD** | YTD |  |  |  |  |  |
| (Dollars in thousands) | **Sep 2025** | Sep 2024 | **3Q25** | 2Q25 | 1Q25 | 4Q24 | 3Q24 |
| **Tangible common equity reconciliation** |  |  |  |  |  |  |  |
| Common equity |  |  | $**4674186** | $4586669 | $4492446 | $4411450 | $4219125 |
| Less: Goodwill and other intangible assets, net |  |  | **1130044** | 1132247 | 1134450 | 1136653 | 1138855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity for TBV / share and TCE Ratio |  |  | $**3544142** | $3454422 | $3357996 | $3274797 | $3080269 |
| **Tangible assets reconciliation** |  |  |  |  |  |  |  |
| Total assets |  |  | $**44455863** | $43993729 | $43309136 | $43023068 | $42210815 |
| Less: Goodwill and other intangible assets, net |  |  | **1130044** | 1132247 | 1134450 | 1136653 | 1138855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible assets for TCE Ratio |  |  | $**43325819** | $42861482 | $42174686 | $41886415 | $41071960 |
| **Average tangible common equity reconciliation** |  |  |  |  |  |  |  |
| Average common equity | $**4534716** | $4032375 | $**4627038** | $4538549 | $4436467 | $4334230 | $4136615 |
| Less: Average goodwill and other intangible assets, net | **1133517** | 1142331 | **1131385** | 1133627 | 1135584 | 1137826 | 1140060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity for ROATCE | **3401200** | 2890045 | **3495653** | 3404922 | 3300883 | 3196404 | 2996555 |
| **Average tangible assets reconciliation** |  |  |  |  |  |  |  |
| Average total assets | $**43360369** | $41086156 | $**44015203** | $43420063 | $42630627 | $42071562 | $41389711 |
| Less: Average goodwill and other intangible assets, net | **1133517** | 1142331 | **1131385** | 1133627 | 1135584 | 1137826 | 1140060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible assets for return on average tangible assets | $**42226853** | $39943825 | $**42883818** | $42286436 | $41495043 | $40933736 | $40249651 |
| **Adjusted net income (loss) reconciliation** |  |  |  |  |  |  |  |
| Net income (loss) | $**337648** | $284760 | $**124732** | $111230 | $101687 | $(161615) | $88018 |
| Other intangible amortization, net of tax | **4956** | 4956 | **1652** | 1652 | 1652 | 1652 | 1652 |
| &nbsp;&nbsp;&nbsp;Adjusted net income (loss) for return on average tangible assets | $**342604** | $289716 | $**126384** | $112882 | $103339 | $(159963) | $89670 |
| **Adjusted net income (loss) available to common equity reconciliation** |  |  |  |  |  |  |  |
| Net income (loss) available to common equity | $**329023** | $276135 | $**121857** | $108355 | $98812 | $(164490) | $85143 |
| Other intangible amortization, net of tax | **4956** | 4956 | **1652** | 1652 | 1652 | 1652 | 1652 |
| &nbsp;&nbsp;&nbsp;Adjusted net income (loss) available to common equity for ROATCE | $**333979** | $281091 | $**123509** | $110007 | $100464 | $(162838) | $86795 |
| **Pre-tax pre-provision income (loss)** |  |  |  |  |  |  |  |
| Income (loss) before income taxes | $**415010** | $312211 | $**154286** | $139629 | $121095 | $(177752) | $108142 |
| Provision for credit losses | **46999** | 68000 | **16000** | 17996 | 13003 | 16986 | 20991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax pre-provision income (loss) | $**462009** | $380211 | $**170286** | $157625 | $134098 | $(160766) | $129133 |
| **Period end core customer deposits reconciliation** |  |  |  |  |  |  |  |
| Total deposits |  |  | $**34881853** | $34147565 | $35196713 | $34648434 | $33554298 |
| Less: Network transaction deposits |  |  | **2013964** | 1792362 | 1882930 | 1758388 | 1566908 |
| Less: Brokered CDs |  |  | **3956517** | 4072048 | 4197512 | 4276309 | 4242670 |
| &nbsp;&nbsp;&nbsp;Core customer deposits |  |  | $**28911371** | $28283155 | $29116271 | $28613737 | $27744719 |
| **Average core customer deposits reconciliation** |  |  |  |  |  |  |  |
| Average total deposits | $**34580383** | $33073335 | $**34705887** | $34203201 | $34833464 | $34337468 | $33320825 |
| Less: Average network transaction deposits | **1875523** | 1630568 | **1933659** | 1843998 | 1847972 | 1690745 | 1644305 |
| Less: Average brokered CDs | **4105700** | 4148547 | **3916329** | 4089844 | 4315311 | 4514841 | 4247941 |
| &nbsp;&nbsp;&nbsp;Average core customer deposits | $**28599160** | $27294220 | $**28855899** | $28269359 | $28670181 | $28131882 | $27428578 |
| **Total expense for efficiency ratios reconciliation**<sup>(a)</sup> |  |  |  |  |  |  |  |
| Noninterest expense | $**636173** | $594115 | $**216202** | $209352 | $210619 | $224282 | $200597 |
| Less: Other intangible amortization | **6608** | 6608 | **2203** | 2203 | 2203 | 2203 | 2203 |
| &nbsp;&nbsp;&nbsp;Total expense for fully tax-equivalent efficiency ratio | **629565** | 587506 | **213999** | 207149 | 208416 | 222080 | 198394 |
| Less: FDIC special assessment | **—** | 7696 | **—** |  |  |  |  |
| Less: Announced initiatives<sup>(b)</sup> | **—** |  | **—** |  |  | 14243 |  |
| &nbsp;&nbsp;&nbsp;Total expense for adjusted efficiency ratio | $**629565** | $579810 | $**213999** | $207149 | $208416 | $207836 | $198394 |
| **Total revenue for efficiency ratios reconciliation**<sup>(a)</sup> |  |  |  |  |  |  |  |
| Net interest income | $**891163** | $776960 | $**305222** | $300000 | $285941 | $270289 | $262509 |
| Noninterest income (loss) | **207019** | 197365 | **81265** | 66977 | 58776 | (206772) | 67221 |
| Less: Investment securities gains (losses), net | **13** | 4047 | **1** | 7 | 4 | (148194) | 100 |
| Fully tax-equivalent adjustment | **12705** | 11239 | **4222** | 4228 | 4254 | 3680 | 3723 |
| &nbsp;&nbsp;&nbsp;Total revenue for fully tax-equivalent efficiency ratio | **1110874** | 981518 | **390708** | 371198 | 348968 | 215390 | 333353 |
| Less: Announced initiatives<sup>(b)</sup> | **(6976)** |  | **—** |  | (6976) | (130406) |  |
| &nbsp;&nbsp;&nbsp;Total revenue for adjusted efficiency ratio | $**1117850** | $981518 | $**390708** | $371198 | $355943 | $345795 | $333353 |

---

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) | $(161615) | $(1.03) |
| Loss on mortgage portfolio sale<sup>(a)</sup> | 130406 | 0.82 |
| Provision on initiatives | 1460 | 0.01 |
| Net loss on sale of investments<sup>(a)</sup> | 148183 | 0.93 |
| Loss on prepayments of FHLB advances | 14243 | 0.09 |
| Tax effect | (38655) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net income, excluding nonrecurring items, net of tax | 94022 | $0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less preferred stock dividends | (2875) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income available to common equity, excluding nonrecurring items, net of tax | $91147 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Nonrecurring Item Noninterest Income Reconciliation | **YTD** |  | YTD |  |
| (Dollars in thousands) | **Sep 2025** | **1Q25** | Dec 2024 | 4Q24 |
| GAAP noninterest income (loss) | $**207019** | $58776 | $(9407) | $(206772) |
| Less: Loss on mortgage portfolio sale<sup>(a)</sup> | **(6976)** | (6976) | (130406) | (130406) |
| Less: Net loss on sale of investments<sup>(a)</sup> | **—** |  | (148183) | (148183) |
| &nbsp;&nbsp;&nbsp;Noninterest income, excluding nonrecurring items | $**213995** | $65752 | $269182 | $71816 |
| Nonrecurring Item Noninterest Expense Reconciliation |  |  | YTD |  |
| (Dollars in thousands) |  |  | Dec 2024 | 4Q24 |
| GAAP noninterest expense |  |  | $818397 | $224282 |
| Loss on prepayments of FHLB advances<sup>(a)</sup> |  |  | (14243) | (14243) |
| &nbsp;&nbsp;&nbsp;Noninterest expense, excluding nonrecurring items |  |  | $804154 | $210039 |

---

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.

## Exhibit 99.2

![](asb3q25earningspresentat001.jpg)

October 23, 2025 Third Quarter 2025 Earnings Presentation Associated Banc-Corp

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![](asb3q25earningspresentat002.jpg)

1 Important Disclosures 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. 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.

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![](asb3q25earningspresentat003.jpg)

2 Third Quarter 2025 Results1 1 All figures shown on an end of period basis unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ▪ Total loans of $31.0 billion ▪ +1.1% vs. 2Q 2025; +3.2% vs. 3Q 2024 ▪ Total C&I loans of $11.6 billion ▪ +2.5% vs. 2Q 2025; +12.8% vs. 3Q 2024 ▪ Total deposits of $34.9 billion ▪ +2.2% vs. 2Q 2025; +4.0% vs. 3Q 2024 ▪ Total core customer deposits2 of $28.9 billion ▪ +2.2% vs. 2Q 2025; +4.2% vs. 3Q 2024 ▪ Net interest income of $305 million ▪ Net interest margin of 3.04% ▪ Noninterest income of $81 million ▪ Noninterest expense of $216 million ▪ Provision for credit losses of $16 million ▪ ACLL / total loans of 1.34% ▪ NCOs / avg. loans (annualized) of 0.17% ▪ Total common equity / total assets of 10.51% ▪ TCE ratio2 of 8.18% ▪ Book value / share of $28.17 ▪ Tangible book value / share2 of $21.36 $0.73 Diluted Earnings Per Common Share +3.2% Total Loans vs. 3Q 2024 +5.5% Total Adjusted Loans2 vs. 3Q 2024 +4.0% Total Deposits vs. 3Q 2024 +4.2% Core Customer Deposits2 vs. 3Q 2024 +16.3% Net Interest Income vs. 3Q 2024 +26 bps Net Interest Margin vs. 3Q 2024 10.33% CET1 Ratio 12.94% Total Capital Ratio 10.26% Return on Average Equity 14.02% Return on Average Tangible Common Equity2 ASB reported net income available to common equity of $122 million, or $0.73 per common share

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![](asb3q25earningspresentat004.jpg)

3 31.2 29.6 26.9 23.7 23.1 22.7 22.2 2021 2022 2023 2024 1Q25 2Q25 3Q25 $8.5 $9.8 $9.7 $10.6 $10.9 $11.3 $11.6 2021 2022 2023 2024 1Q25 2Q25 3Q25 Our Strategic Plan is Delivering Growth & Profitability1 1 All updates as of or for the period ended September 30, 2025 unless otherwise noted. Bolstered Key Leadership Expanded Commercial Presence Enhanced Consumer Value Proposition Repositioned Balance Sheet Rebalanced Consumer Lending Approach Growing & remixing our balance sheet simultaneously sets up for enhanced profitability in 2025 & 2026 Period End Commercial & Industrial Loans Period End Resi. Mortgage Loans / Total Loans Net Interest Margin ($ in billions) 2.39 2.91 2.81 2.78 2.97 3.04 3.04 2021 2022 2023 2024 1Q25 2Q25 3Q25 (%) (%)

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![](asb3q25earningspresentat005.jpg)

4 Commercial & Business Lending Commercial Real Estate Residential Mortgage $3.5 $3.7 $3.8 $3.9 $4.0 $7.9 $7.8 $7.3 $7.0 $7.0 $7.2 $7.2 $7.3 $7.5 $7.3 $11.0 $11.5 $11.7 $12.1 $12.5 $29.6 $30.2 $30.1 $30.5 $30.8 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(91) $(1) $8 $22 $48 $72 $286 Auto Finance Commercial & Industrial Period End Loan Change (6/30/2025 to 9/30/2025) Residential Mortgage CRE-Owner Occupied Home Equity & Other Consumer CRE-Investor Quarterly Loan Trends Total period end loans increased 1% vs. 2Q 2025, led by C&I growth of $286 million Auto Finance, Home Equity & Other Consumer Total Loans +$344 (+1%) CRE Construction

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![](asb3q25earningspresentat006.jpg)

5 $(659) $(116) $222 $325 $1.6 $1.7 $1.8 $1.8 $1.9 $4.2 $4.5 $4.3 $4.1 $3.9 $3.3 $3.7 $3.8 $3.7 $4.0 $5.9 $5.9 $6.1 $6.0 $5.9 $5.1 $5.1 $5.2 $5.2 $5.3 $7.4 $7.6 $8.0 $7.7 $7.9 $5.7 $5.7 $5.6 $5.6 $5.8 $33.3 $34.3 $34.8 $34.2 $34.7 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Average Quarterly Deposits ($ in billions) Period End Funding Change (6/30/2025 to 9/30/2025) ($ in millions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Quarterly Deposit & Funding Trends Total deposits & core customer deposits1 both grew 2% vs. the prior quarter $(130) $89 $124 $244 $301 Money Market Customer CDs Network Transaction Deposits Other Wholesale Funding FHLB Advances Core Customer Deposits1 +$628 (+2%) Wholesale Funding Sources $(228) (-2%) Total Deposits +$734 (+2%) Interest-Bearing Demand Noninterest-Bearing Demand Savings Brokered CDs

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![](asb3q25earningspresentat007.jpg)

6 Quarterly Average Yields Average Yield Trends 7.52 7.09 6.71 6.75 6.747.27 6.74 6.43 6.50 6.45 5.72 5.65 5.59 5.63 5.58 3.56 3.61 3.68 3.70 3.75 3.66 3.64 4.22 4.24 4.26 3.33 3.10 2.91 2.78 2.78 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Residential Mortgage Loans Commercial & Business Lending Loans Commercial Real Estate Loans Total Interest-Bearing Deposits Auto Finance Loans Asset & Liability Yield / Rate Trends Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 5.68 5.46 5.45 5.50 5.50 3.59 3.29 3.06 3.02 3.03 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Investments 3Q earning asset yields & interest-bearing deposit costs were both flat vs. the prior quarter (%)(%)

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![](asb3q25earningspresentat008.jpg)

7 Net Interest Income & Net Interest Margin Trends $263 $270 $286 $300 $305 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 2.97% 2.81% 2.78% 3.04% 3.04% ($ in millions) Quarterly Net Interest Income Quarterly Net Interest Margin Net interest income increased by $5 million vs. the prior quarter to $305 million

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![](asb3q25earningspresentat009.jpg)

8 Interest Rate Risk Management1 Contractual Funding Obligations Contractual Swaps Balances ($ in billions) 1 All updates as of or for the period ended September 30, 2025 unless otherwise noted. We've taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment Estimated NII Sensitivity Profile (%) 9.2 4.0 2.9 2.1 4.6 2.0 1.6 1.1 -4.3 -0.6 -1.0 -0.5 -8.5 -0.8 -2.0 -1.4 3Q 2022 3Q 2023 3Q 2024 3Q 2025 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) $2.45 $2.45 $2.20 $2.20 $2.20 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $7.9 $0.1 $0.0 $8.0 Short-Term Funding $0.4 - - $0.4 FHLB Advances $3.0 $0.2 $0.0 $3.2 Other Long-Term Funding $0.0 $0.0 $0.6 $0.6 Total $11.3 $0.3 $0.6 $12.2 ($ in billions) 3.72%3.72%3.76%3.89% 3.72% Notional Balances Weighted Avg. Yield

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![](asb3q25earningspresentat010.jpg)

9 Cash & Investment Securities Portfolio 19.2% 19.8% 20.1% 20.5% 20.5% 2.3% 2.4% 2.9% 2.9% 2.9% 21.5% 22.2% 23.0% 23.4% 23.4% 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Securities Period End Securities + Cash / Total Assets Cash $4.2 $4.6 $4.8 $5.0 $5.2 $3.8 $3.7 $3.7 $3.7 $3.6 $0.2 $0.2 $0.2 $0.3 $0.3 $8.1 $8.5 $8.7 $9.0 $9.1 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Held to MaturityAvailable for Sale ($ in billions) Period End Investment Securities Other Securities Average Investment Securities Yields We continue to target securities + cash / total assets of 22% to 24% in 2025 3.66% 3.64% 4.22% 4.24% 4.26% 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025

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![](asb3q25earningspresentat011.jpg)

10 $24 $24 $22 $23 $25 $14 $13 $13 $13 $14 $12 $12 $10 $11 $12 $4 $9 $4 $6 $11 $2 $3 $4 $4 $4 $11 $10 $5 $10 $15 $67 $72 $59 $67 $81 3Q 2024 4Q 2024 Adj. 1Q 2025 2Q 2025 3Q 2025 Noninterest Income Trends ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Other is comprised of other fee-based revenue, bank and corporate owned life insurance, asset gains (losses), net, investment securities gains (losses), net, and other noninterest income. Quarterly Noninterest Income Trends Wealth Mgmt. Fees Capital Markets, net Other2 4Q 2024 GAAP noninterest income impacted by a balance sheet repositioning with a $130M loss on a mortgage portfolio sale and a $148M net loss on a sale of investments (both pre-tax) 1 3Q GAAP noninterest income increased 21% vs. the prior quarter, led by capital markets, wealth & asset gains 4Q 2024 GAAP $(207) 1Q 2025 GAAP noninterest income includes an additional $7M pre-tax loss on a mortgage portfolio sale, primarily driven by the FAS91 impact of the mortgage portfolio sale announced in 4Q 2024 and settled in 1Q 2025 Mortgage Banking, net Service Charges & Deposit Account Fees Card-Based Fees

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11 $121 $126 $124 $127 $136 $27 $27 $27 $27 $29 $14 $14 $15 $13 $13 $8 $9 $10 $10 $10 $31 $34 $34 $33 $29 $14 $201 $224 $211 $209 $216 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Efficiency RatioNoninterest Expense Trends Noninterest Expense Trends 1 Other is comprised of business development & advertising, equipment, legal & professional, loan & foreclosure costs, other intangible amortization & other noninterest expenses. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) Adjusted Efficiency Ratio2Fully Tax-Equivalent Efficiency Ratio 59.5 103.1 59.7 55.8 54.859.5 60.1 58.6 55.8 54.8 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Noninterest Expense / Average Assets 1.93 2.12 2.00 1.93 1.95 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Noninterest expense was up $7 million vs. 2Q, with the increase largely attributable to performance Personnel Other1 Technology FDIC Assessment Loss on Prepayment of FHLB Occupancy (%, annualized) (%)

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12 Regulatory Capital Ratios 9.72 10.30 12.36 10.33 10.89 12.94 CET1 Tier 1 Capital Total Capital 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Capital Profile 3Q 2024 3Q 2025 We continue to target a CET1 range of 10% to 10.5% in 2025 27.90 26.55 27.09 27.67 28.17 20.37 19.71 20.25 20.84 21.36 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Per Common Share Data Additional Capital Ratios Tangible Common Equity / Tangible Assets (TCE Ratio)1 Total Common Equity / Total Assets 10.00 10.25 10.37 10.43 10.51 7.50 7.82 7.96 8.06 8.18 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Tangible Book Value / Share1Book Value / Share ($) (%)(%)

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13 ACLL / Total LoansACLL1 Update ▪ ACLL increased $3 million from the prior quarter to $415 million, driven primarily by loan growth plus some incremental credit movement and general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody's August 2025 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Allowance for Credit Losses on Loans (ACLL) 1.33 1.35 1.34 1.35 1.34 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Our ACLL percentage decreased by 1 basis point vs. the prior quarter to 1.34% (%) Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 143,974$1.27% 186,135$1.50% 189,277$1.49% CRE - Investor 78,743 1.55% 63,342 1.18% 62,454 1.16% CRE - Construction 79,136 3.74% 65,885 3.38% 65,324 3.33% Residential Mortgage 34,931 0.45% 34,096 0.49% 34,815 0.51% Other Consumer 60,756 1.68% 62,332 1.58% 62,748 1.55% Total 397,541$1.33% 411,791$1.35% 414,618$1.34% 9/30/2024 6/30/2025 9/30/2025

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14 Net Charge Offs & Provision Total Delinquent Loans Credit Quality Trends $7 $3 $3 $14 $3 $49 $77 $44 $38 $49 $56 $80 $47 $52 $52 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in millions) Accruing Loans 30-89 Days PD $13 $12 $9 $13 $13 $21 $17 $13 $18 $16 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD Total Criticized Loans $128 $123 $135 $113 $106 $688 $751 $740 $888 $1,125 $229 $396 $451 $467 $412 $1,046 $1,271 $1,325 $1,468 $1,643 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in millions) ($ in millions) Nonaccrual Loans $86 $86 $89 $90 $86 $19 $17 $32 $16 $7 $24 $21 $14 $7 $13 $128 $123 $135 $113 $106 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in millions) CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans 3Q 2025 credit quality remained solid with decreases in delinquencies & nonaccruals, stable NCOs

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15 1 Projections are on an end of period basis as of and for the year ended 12/31/2025 as compared to 2024 results as of 12/31/2024 unless otherwise noted. 2 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. We have not provided a reconciliation of the projection for core customer deposits to the projection for total deposits due to the low visibility and unpredictability of the components of total deposits necessary for such reconciliation. 3 Adjusted 2024 figures have been provided for noninterest income and noninterest expense to exclude the impact of nonrecurring items incurred as a result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. These figures are non-GAAP financial measures. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 4 Projections are on an end of period basis as of and for the year ended 12/31/2025 as compared to adjusted 2024 results as of 12/31/2024 unless otherwise noted. 5 2025 noninterest income guidance excludes the $7 million loss on mortgage sale incurred in the first quarter of 2025 as a result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. GAAP FY 2024 Result Adjusted FY 2024 Result3 Previous FY 2025 Guidance4 Updated FY 2025 Guidance4 Noninterest Income $(9)M $269M Up 1% to 2%5 Up 5% to 6%5 Noninterest Expense $818M $804M Up 4% to 5% Up 5% to 6% FY 2025 Outlook Previous FY 2025 Guidance1 Updated FY 2025 Guidance1 Total Loans Up 5% to 6% No change Total Deposits Up 1% to 3% No change Core Customer Deposits2 Up 4% to 5% No change Net Interest Income Up 14% to 15% No change Effective Tax Rate 19% to 21% 18% to 19% CET1 Capital Ratio 10% to 10.5% No change

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Appendix

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17 Stable, Granular Deposit Portfolio 22% 23% 26% 25% 25% 78% 77% 74% 75% 75% $33.8 $34.9 $35.2 $34.2 $34.9 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Period End Deposit Trends (Associated Bank, N.A.) ($ in billions) Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits As of 9/30/2025, ASB's total liquidity sources covered 179% of uninsured, uncollateralized deposits Liquidity Sources 6/30/2025 9/30/2025 Federal Reserve Balance $735.9 $800.0 FHLB Chicago Capacity $5,026.2 $5,943.7 Fed Discount Window Capacity $5,441.2 $5,725.9 Funding Available Within One Business Day1 $11,203.2 $12,469.6 Fed Funds Lines $1,729.0 $1,419.0 Brokered Deposits Capacity2 $734.6 $697.9 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Available Liquidity $14,666.9 $15,586.5 179% of uninsured, uncollateralized deposits 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Estimated availability based on the Corporation's current internal funding considerations. ($ in millions)

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18 $3.6 $3.8 $3.8 $4.0 $4.0 $7.8 $7.0 $7.0 $6.9 $6.9 $7.2 $7.2 $7.4 $7.3 $7.3 $11.4 $11.7 $12.0 $12.4 $12.7 $30.0 $29.8 $30.3 $30.6 $31.0 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) Average Loan Change (2Q 2025 to 3Q 2025)Period End Quarterly Loan Trends $(282) $(47) $(8) $19 $68 $122 $386 Commercial & Industrial Residential Mortgage Auto Finance CRE-Construction CRE-Investor Additional Quarterly Loan Trends Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer CRE-Owner Occupied Home Equity & Other Consumer Total Loans +$258 (+1%)

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19 $1.6 $1.8 $1.9 $1.8 $2.0 $4.2 $4.3 $4.2 $4.1 $4.0 $3.7 $3.7 $3.7 $3.8 $4.0 $5.8 $6.0 $6.1 $5.9 $5.8 $5.1 $5.1 $5.2 $5.3 $5.4 $7.3 $8.0 $7.9 $7.5 $7.8 $5.9 $5.8 $6.1 $5.8 $5.9 $33.6 $34.6 $35.2 $34.1 $34.9 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Period End Quarterly Deposits ($ in billions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs Additional Quarterly Deposit & Funding Trends 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) $(174) $(40) $9 $90 Quarterly Average Funding Change (2Q25 to 3Q25) $(128) $115 $148 $215 $236 Money Market Interest-Bearing Demand Other Wholesale Funding Network Transaction Deposits Brokered CDs Core Customer Deposits1 +$587 (+2%) Wholesale Funding Sources $(115) (-1%) Total Deposits +$503 (+1%) Customer CDs Noninterest-Bearing Demand Savings FHLB Advances

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20 Total Loans Outstanding Balances as of September 30, 2025 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 9/30/2025 1 % of Total Loans 9/30/2025 1 % of Total Loans C&BL (by NAICS 2) CRE (by property type) Utilities 2,923$9.4% Multi-Family 3,179$10.3% Manufacturing & Wholesale Trade 2,781 9.0% Industrial 1,716 5.5% Real Estate (includes REITs) 2,191 7.1% Office 830 2.7% Mortgage Warehouse 647 2.1% Retail 651 2.1% Finance & Insurance 643 2.1% Hotel/Motel 201 0.6% Retail Trade 566 1.8% Single Family Construction 160 0.5% Rental and Leasing Services 558 1.8% Warehouse 152 0.5% Transportation and Warehousing 482 1.6% Medical 142 0.5% Construction 447 1.4% Land 83 0.3% Health Care and Social Assistance 317 1.0% Self Storage 14 0.0% Professional, Scientific, and Tech. Serv. 298 1.0% Other 200 0.6% Information 191 0.6% Total CRE 7,328$23.7% Waste Management 176 0.6% Accommodation and Food Services 122 0.4% Consumer Arts, Entertainment, and Recreation 63 0.2% Residential Mortgage 6,858$22.2% Educational Services 61 0.2% Auto Finance 3,042 9.8% Management of Companies & Enterprises 53 0.2% Home Equity 698 2.3% Public Administration 15 0.0% Credit Cards 193 0.6% Agriculture, Forestry, Fishing and Hunting 9 0.0% Other 115 0.4% Mining 4 0.0% Total Consumer 10,906$35.2% Other 169 0.5% Total C&BL 12,718$41.1% Total Loans 30,952$100.0%

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21 Multi-Family 43% Retail 9% Office 11% Industrial 23% Warehouse 2%Hotel / Motel 3% Other 9% Wisconsin 28% Illinois 19% Minnesota 9% Other Midwest 12% Texas 6% Other 27% Manufacturing & Wholesale Trade 22% Power & Utilities 23% Real Estate 17% Mortgage Warehouse 5% Finance & Insurance 5% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 25% Natural Gas 21% Solar 25% Transmission, Control & Distribution 8% Other 22% Wisconsin 21% Illinois 14% Minnesota 7% Texas 6% Other Midwest 9% Other 42% Wisconsin 20% Illinois 14% Minnesota 9% Other Midwest2 20% Texas 11% Other 25% 2 2 Loan Stratification Outstanding Balances as of September 30, 2025 C&BL by Geography $12.7 billion Power & Utilities Lending $2.9 billion C&BL by Industry $12.7 billion Total Loans1 CRE by Geography $7.3 billion CRE by Property Type $7.3 billion

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22 Multi-Family 43% Retail 9% Office 11% Industrial 23% Other 14% Consumer 35% Com'l & Business Lending 41% CRE 24% Wisconsin 20% Illinois 14% Minnesota 9% Other Midwest2 20% Texas 11% Other 25% 1 All updates as of or for the period ended September 30, 2025 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. 4 Calculated on an annualized basis. 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 Commercial Real Estate Portfolio1 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 Portfolio LTV 58% 57% 57% 57% 58% Delinquencies3/Loans 0.22% 0.50% 0.03% 0.17% 0.19% NALs/Loans 0.26% 0.23% 0.43% 0.22% 0.10% ACLL/Loans 2.20% 1.99% 1.88% 1.77% 1.74% NCOs/Avg. Loans4 0.00% 0.37% 0.05% 0.45% 0.49% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.15% Top 10 Largest CRE Borrowers 1.29% Largest CRE Property Type (Multi-Fam) 10.27% CRE Office Loans 2.68% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.23x 2025 Remaining Maturities $155 million Central Business District vs. Suburban ~83% Suburban Property Class Mix6 ~53% Class A ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets

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23 9/30/2025 % of Total Loans Residential Mortgage $6,858 22.2% Auto Finance $3,042 9.8% Home Equity $698 2.3% Credit Cards $193 0.6% Other $115 0.4% Total Consumer $10,906 35.2% 1 All data as of or for the period ended September 30, 2025 unless otherwise noted. Prime/Super Prime Consumer Loan Portfolio High-Quality Consumer Loan Portfolio1 787 780 792 791 Resi. Mortgage Auto Finance Home Equity Credit Cards 94% of our $10.9 billion consumer loan portfolio is prime / super prime Weighted Avg. Portfolio FICO Scores 87% 8% 6% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)

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24 Period End Core Customer Deposits Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 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 $27,744,719 Reconciliation & Definitions of Non-GAAP Items 1 The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. Average Core Customer Deposits Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Average total deposits $34,705,887 $34,203,201 $34,833,464 $34,337,468 $33,320,825 Less: Average network transaction deposits 1,933,659 1,843,998 1,847,972 1,690,745 1,644,305 Less: Average brokered CDs 3,916,329 4,089,844 4,315,311 4,514,841 4,247,941 Average core customer deposits $28,855,899 $28,269,359 $28,670,181 $28,131,882 $27,428,578 Tangible Common Equity & Tangible Assets Reconciliation1 ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 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 TCE Ratio and TBV / share $3,544,142 $3,454,422 $3,357,996 $3,274,797 $3,080,269 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 $41,071,960 Period End Loans Reconciliation ($ in thousands) 3Q 2025 Total loans $30,951,964 Mortgage portfolio loans sold in 1Q 2025 694,985 Total adjusted loans $31,646,949

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25 Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Net income (loss) available to common equity $121,857 $108,355 $98,812 $(164,490) $85,143 Other intangible amortization, net of tax 1,652 1,652 1,652 1,652 1,652 Adjusted net income (loss) available to common equity for ROATCE1 $123,509 $110,007 $100,464 $(162,838) $86,795 Average common equity $4,627,038 $4,538,549 $4,436,467 $4,334,230 $4,136,615 Less: Average goodwill and other intangible assets, net 1,131,385 1,133,627 1,135,584 1,137,826 1,140,060 Average tangible common equity for ROATCE $3,495,653 $3,404,922 $3,300,883 $3,196,404 $2,996,555 Reconciliation & Definitions of Non-GAAP Items 1 Adjusted net income available to common equity, which is used in the calculation of return on average tangible common equity, adds back other intangible amortization, net of tax. 2 These items classified as nonrecurring items are the result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. Nonrecurring Item Noninterest Income Reconciliation ($ in thousands) YTD Sep 2025 1Q 2025 YTD Dec 2024 4Q 2024 GAAP noninterest income (loss) $207,019 $58,776 $(9,407) $(206,772) Less: Loss on mortgage portfolio sale2 (6,976) (6,976) (130,406) (130,406) Less: Net loss on sale of investments2 - - (148,183) (148,183) Noninterest income, excluding nonrecurring items $213,995 $65,752 $269,182 $71,816 Nonrecurring Item Noninterest Expense Reconciliation ($ in thousands) YTD Dec 2024 4Q 2024 GAAP noninterest expense $818,397 $224,282 Loss on prepayments of FHLB advances2 (14,243) (14,243) Noninterest expense, excluding nonrecurring items $804,154 $210,039

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26 Reconciliation & Definitions of Non-GAAP Items 1 Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of the balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio. Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Total expense for efficiency ratios reconciliation Noninterest expense $216,202 $209,352 $210,619 $224,282 $200,597 Less: Other intangible amortization 2,203 2,203 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 213,999 207,149 208,416 222,080 198,394 Less: FDIC special assessment - - - - - Less: Announced initiatives1 - - - 14,243 - Total expense for adjusted efficiency ratio $213,999 $207,149 $208,416 $207,836 $198,394 Total revenue for efficiency ratios reconciliation Net interest income $305,222 $300,000 $285,941 $270,289 $262,509 Noninterest income (loss) 81,265 66,977 58,776 (206,772) 67,221 Less: Investment securities gains (losses), net 1 7 4 (148,194) 100 Fully tax-equivalent adjustment 4,222 4,228 4,254 3,680 3,723 Total revenue for fully tax-equivalent efficiency ratio 390,708 371,198 348,968 215,390 333,353 Less: Announced initiatives1 - - (6,976) (130,406) - Total revenue for adjusted efficiency ratio $390,708 $371,198 $355,943 $345,795 $333,353 Efficiency Ratios (expense / revenue) Fully tax-equivalent efficiency ratio 54.77% 55.81% 59.72% 103.11% 59.51% Adjusted efficiency ratio 54.77% 55.81% 58.55% 60.10% 59.51%

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