# EDGAR Filing Document

**Accession Number:** 0000007789
**File Stem:** 0000007789-25-000113
**Filing Date:** 2025-7
**Character Count:** 115372
**Document Hash:** 9c14f13f92fe29a49db9520c03a2c9a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000007789-25-000113.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0000007789-25-000113

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250724

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**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:** 251147084

**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-20250724

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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)** | **July 24, 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 July 24, 2025, Associated Banc-Corp announced its earnings for the quarter ended June 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 July 24, 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 July 24, 2025, containing financial information for the quarter ended June 30, 2025.](asb06302025ex991.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 July 24, 2025.](asb2q25earningspresentat.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: July 24, 2025 | By: /s/ Derek S. Meyer |
|  | Derek S. Meyer |
|  | Chief Financial Officer |

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## 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 |

---

***Record Quarterly Net Interest Income Drives Associated Banc-Corp's Second Quarter 2025 Earnings per Common Share of $0.65***

GREEN BAY, Wis. -- July 24, 2025 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $108 million, or $0.65 per common share, for the quarter ended June 30, 2025. These amounts compare to earnings of $99 million, or $0.59 per common share, for the quarter ended March 31, 2025 and earnings of $113 million, or $0.74 per common share, for the quarter ended June 30, 2024.

"Midway through 2025, Associated Bank is seeing strong momentum from the strategic actions we've taken over the past several quarters," said President & CEO Andy Harmening. "In the second quarter, we delivered over $350 million in additional C&I loan growth, another 7 basis points of margin expansion, and the best checking household growth we've seen since we began tracking a decade ago--all of which contributed to the strongest quarterly net interest income we've seen in company history. Importantly, we also delivered another 9 basis points of CET1 capital accretion and solid credit performance."

"While uncertainty has been an ongoing theme at the macro level, we feel well-positioned to build on our momentum over the back half of the year thanks to our strengthened profitability profile, solid capital position, and disciplined approach to growth. We look forward to providing additional updates on our progress along the way."

**Second Quarter 2025 Highlights**

• Diluted earnings per common share of $0.65

• Record net interest income of $300 million (+5% vs. 1Q 2025; +17% vs. 2Q 2024)

• Total period end loans of $30.6 billion (+1% vs. 1Q 2025; +3% vs. 2Q 2024)

• Total period end deposits of $34.1 billion (-3% vs. 1Q 2025; +4% vs. 2Q 2024)

• Total period end core customer deposits<sup>1</sup> of $28.3 billion (-3% vs. 1Q 2025; +4% vs. 2Q 2024)

• Net interest margin of 3.04%

• Noninterest income of $67 million

• Noninterest expense of $209 million

• Provision for credit losses of $18 million

• Allowance for credit losses on loans / total loans of 1.35%

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

• Book value / share of $27.67

• Tangible book value / share<sup>1</sup> of $20.84

<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**

Second quarter 2025 average total loans of $30.5 billion increased 1%, or $381 million, from the prior quarter and increased 3%, or $912 million, from the same period last year. With respect to second quarter 2025 average balances by loan category:

• Commercial and business lending increased $371 million from the prior quarter and increased $1.1 billion from the same period last year to $12.1 billion.

• Commercial real estate lending increased $138 million from the prior quarter and increased $202 million from the same period last year to $7.5 billion.

• Consumer lending decreased $128 million from the prior quarter and decreased $374 million from the same period last year to $10.9 billion.

Second quarter 2025 period end total loans of $30.6 billion increased 1%, or $313 million, from the prior quarter and increased 3%, or $989 million, from the same period last year. With respect to second quarter 2025 period end balances by loan category:

• Commercial and business lending increased $339 million from the prior quarter and increased $1.3 billion from the same period last year to $12.4 billion.

• Commercial real estate lending decreased $86 million from the prior quarter and increased $64 million the same period last year to $7.3 billion.

• Consumer lending increased $60 million from the prior quarter and decreased $385 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**

Second quarter 2025 average deposits of $34.2 billion decreased 2%, or $630 million, from the prior quarter and increased 5%, or $1.6 billion, from the same period last year. With respect to second quarter 2025 average balances by deposit category:

• Noninterest-bearing demand deposits increased $9 million from the prior quarter and decreased $63 million from the same period last year to $5.6 billion.

• Savings increased $60 million from the prior quarter and increased $89 million from the same period last year to $5.2 billion.

• Interest-bearing demand deposits decreased $348 million from the prior quarter and increased $418 million from the same period last year to $7.7 billion.

• Money market deposits decreased $91 million from the prior quarter and decreased $6 million from the same period last year to $6.0 billion.

• Brokered CDs decreased $225 million from the prior quarter and increased $162 million from the same period last year to $4.1 billion.

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• Other time deposits decreased $31 million from the prior quarter and increased $725 million from the same period last year to $3.7 billion.

• Network transaction deposits decreased $4 million from the prior quarter and increased $249 million from the same period last year to $1.8 billion.

Second quarter 2025 period end deposits of $34.1 billion decreased 3%, or $1.0 billion, from the prior quarter and increased 4%, or $1.5 billion, from the same period last year. With respect to second quarter 2025 period end balances by deposit category:

• Noninterest-bearing demand deposits decreased $353 million from the prior quarter and decreased $33 million from the same period last year to $5.8 billion.

• Savings increased $44 million from the prior quarter and increased $135 million from the same period last year to $5.3 billion.

• Interest-bearing demand deposits decreased $380 million from the prior quarter and increased $297 million from the same period last year to $7.5 billion.

• Money market deposits decreased $225 million from the prior quarter and increased $33 million from the same period last year to $5.9 billion.

• Brokered CDs decreased $125 million from the prior quarter and increased $10 million from the same period last year to $4.1 billion.

• Other time deposits increased $82 million from the prior quarter and increased $724 million from the same period last year to $3.8 billion.

• Network transaction deposits decreased $91 million from the prior quarter and increased $289 million from the same period last year to $1.8 billion.

• Core customer deposits<sup>1</sup> decreased $833 million from the prior quarter and increased $1.2 billion from the same period last year to $28.3 billion.

We now expect 2025 period end total deposit growth of 1% to 3% and continue to expect 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**

Second quarter 2025 net interest income of $300 million increased $14 million from the prior quarter and increased $43 million from the same period last year. The net interest margin increased to 3.04%, reflecting a 7 basis point increase from the prior quarter and a 29 basis point increase from the same period last year.

• The average yield on total loans for the second quarter of 2025 increased 6 basis points from the prior quarter and decreased 32 basis points from the same period last year to 5.89%.

• The average cost of total interest-bearing liabilities for the second quarter of 2025 decreased 4 basis points from the prior quarter and decreased 58 basis points from the same period last year to 3.02%.

• The net free funds benefit for the second quarter of 2025 decreased 2 basis points from the prior quarter and decreased 14 basis points from the same period last year to 0.56%.

<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 now expect total net interest income growth of 14% to 15% in 2025.

**Noninterest Income** 

Second quarter 2025 total noninterest income of $67 million increased $8 million from the prior quarter and increased $2 million from the same period last year. The increase relative to the prior quarter was primarily driven by a $7 million loss recognized in the first quarter of 2025 related to the settlement of the mortgage sale originally announced in December of 2024. With respect to second quarter 2025 noninterest income line items:

• Capital markets, net increased $1 million from the prior quarter and $1 million from the same period a year ago.

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

• Wealth management fees increased $1 million from the prior quarter and increased slightly 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 1% and 2% in 2025.

**Noninterest Expense**

Second quarter 2025 total noninterest expense of $209 million decreased $1 million from the prior quarter and increased $13 million from the same period last year. With respect to second quarter 2025 noninterest expense line items:

• Personnel expense increased $3 million from the prior quarter and increased $5 million from the same period last year.

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

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

• Occupancy expense decreased $3 million from the prior quarter and decreased slightly from the same period last year.

• FDIC assessment expense decreased $1 million from the prior quarter and increased $3 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 4% to 5% in 2025.

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**Taxes**

Second quarter 2025 tax expense was $28 million, compared to $19 million of tax expense in the prior quarter and $13 million of tax benefit in the same period last year. The effective tax rate for the second quarter of 2025 was 20.34%, compared to 16.03% in the prior quarter.

We continue to expect the annual effective tax rate to be between 19% and 21% in 2025.

**Credit**

Second quarter 2025 provision for credit losses on loans was $18 million, compared to a provision of $13 million in the prior quarter and a provision of $23 million in the same period last year. With respect to second quarter 2025 credit quality:

• Nonaccrual loans of $113 million decreased $22 million from the prior quarter and decreased $41 million from the same period last year. The nonaccrual loans to total loans ratio was 0.37% in the first quarter, down from 0.44% in the prior quarter and down from 0.52% in the same period last year.

**•** Second quarter 2025 net charge offs of $13 million increased compared to net charge offs of $9 million in the prior quarter and decreased compared to net charge offs of $21 million in the same period last year.

• The allowance for credit losses on loans (ACLL) of $412 million increased $5 million compared to the prior quarter and increased $22 million compared to the same period last year. The ACLL to total loans ratio was 1.35% in the first quarter, up from 1.34% in the prior quarter and up from 1.32% 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 10.20% at June 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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**SECOND 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, July 24, 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 second quarter 2025 earnings call. The second 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) | **June 30, 2025** | March 31, 2025 | Sequential Quarter Change | December 31, 2024 | September 30, 2024 | &nbsp;&nbsp;June 30, 2024 | Comparable Quarter Change |
| **Assets** |  |  |  |  |  |  |  |
| Cash and due from banks | $**521167** | $521323 | $(156) | $544059 | $554631 | $470818 | $50349 |
| Interest-bearing deposits in other financial institutions | **738938** | 711033 | 27905 | 453590 | 408101 | 484677 | 254261 |
| Federal funds sold and securities purchased under agreements to resell | **—** | 105 | (105) | 21955 | 4310 | 3600 | (3600) |
| Investment securities available for sale, at fair value | **5036508** | 4796570 | 239938 | 4581434 | 4152527 | 3912730 | 1123778 |
| Investment securities held to maturity, net, at amortized cost | **3672101** | 3705793 | (33692) | 3738687 | 3769150 | 3799035 | (126934) |
| Equity securities | **25912** | 23331 | 2581 | 23242 | 23158 | 22944 | 2967 |
| Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | **278356** | 194244 | 84112 | 179665 | 178168 | 212102 | 66254 |
| Residential loans held for sale | **96804** | 47611 | 49193 | 646687 | 67219 | 83795 | 13009 |
| Commercial loans held for sale | **8406** | 7910 | 496 | 32634 | 11833 |  | 8406 |
| Loans | **30607605** | 30294127 | 313478 | 29768586 | 29990897 | 29618271 | 989334 |
| Allowance for loan losses | **(376515)** | (371348) | (5167) | (363545) | (361765) | (355844) | (20671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net | **30231091** | 29922780 | 308311 | 29405041 | 29629131 | 29262428 | 968663 |
| Tax credit and other investments | **247111** | 254187 | (7076) | 258886 | 265385 | 246300 | 811 |
| Premises and equipment, net | **377372** | 377521 | (149) | 379093 | 373816 | 369968 | 7403 |
| Bank and corporate owned life insurance | **691470** | 690551 | 919 | 689000 | 686704 | 683451 | 8019 |
| Goodwill | **1104992** | 1104992 |  | 1104992 | 1104992 | 1104992 |  |
| Other intangible assets, net | **27255** | 29457 | (2203) | 31660 | 33863 | 36066 | (8811) |
| Mortgage servicing rights, net | **85245** | 86251 | (1005) | 87683 | 81977 | 85640 | (395) |
| Interest receivable | **168627** | 159729 | 8898 | 167772 | 167777 | 173106 | (4479) |
| Other assets | **682373** | 675748 | 6625 | 676987 | 698073 | 672256 | 10118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**43993729** | $43309136 | $684593 | $43023068 | $42210815 | $41623908 | $2369821 |
| **Liabilities and stockholders' equity** |  |  |  |  |  |  |  |
| Noninterest-bearing demand deposits | $**5782487** | $6135946 | $(353459) | $5775657 | $5857421 | $5815045 | $(32558) |
| Interest-bearing deposits | **28365079** | 29060767 | (695688) | 28872777 | 27696877 | 26875995 | 1489084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **34147565** | 35196713 | (1049147) | 34648434 | 33554298 | 32691039 | 1456526 |
| Short-term funding | **75585** | 311335 | (235750) | 470369 | 917028 | 859539 | (783955) |
| FHLB advances | **3879489** | 2027297 | 1852192 | 1853807 | 1913294 | 2673046 | 1206443 |
| Other long-term funding | **593530** | 591382 | 2147 | 837635 | 844342 | 536113 | 57417 |
| Allowance for unfunded commitments | **35276** | 35276 |  | 38776 | 35776 | 33776 | 1500 |
| Accrued expenses and other liabilities | **481503** | 460574 | 20929 | 568485 | 532842 | 588057 | (106554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **39212948** | 38622578 | 590370 | 38417506 | 37797579 | 37381571 | 1831377 |
| **Stockholders' equity** |  |  |  |  |  |  |  |
| Preferred equity | **194112** | 194112 |  | 194112 | 194112 | 194112 |  |
| Common equity | **4586669** | 4492446 | 94223 | 4411450 | 4219125 | 4048225 | 538444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | **4780781** | 4686558 | 94223 | 4605562 | 4413236 | 4242337 | 538444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $**43993729** | $43309136 | $684593 | $43023068 | $42210815 | $41623908 | $2369821 |

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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) | **2Q25** | 2Q24 | Dollar Change | Percentage Change | **June 2025** | June 2024 | Dollar Change | Percentage Change |
| **Interest income** |  |  |  |  |  |  |  |  |
| Interest and fees on loans | $**447781** | $456788 | $(9007) | (2)% | $**881080** | $911260 | $(30179) | (3)% |
| Interest and dividends on investment securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | **71174** | 50278 | 20896 | 42% | **140962** | 96826 | 44136 | 46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | **13902** | 14669 | (767) | (5)% | **27858** | 29443 | (1585) | (5)% |
| Other interest | **12679** | 8539 | 4140 | 48% | **21921** | 16133 | 5788 | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | **545536** | 530274 | 15262 | 3% | **1071821** | 1053662 | 18159 | 2% |
| **Interest expense** |  |  |  |  |  |  |  |  |
| Interest on deposits | **197656** | 221062 | (23406) | (11)% | **406796** | 447293 | (40497) | (9)% |
| Interest on federal funds purchased and securities sold under agreements to repurchase | **2004** | 2303 | (299) | (13)% | **5626** | 5166 | 460 | 9% |
| Interest on other short-term funding | **287** | 6077 | (5790) | (95)% | **695** | 10785 | (10090) | (94)% |
| Interest on FHLB advances | **34889** | 34143 | 746 | 2% | **50979** | 55814 | (4835) | (9)% |
| Interest on other long-term funding | **10700** | 10096 | 604 | 6% | **21785** | 20154 | 1631 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | **245536** | 273681 | (28145) | (10)% | **485881** | 539211 | (53330) | (10)% |
| **Net interest income** | **300000** | 256593 | 43407 | 17% | **585940** | 514451 | 71490 | 14% |
| Provision for credit losses | **17996** | 23008 | (5012) | (22)% | **30999** | 47009 | (16010) | (34)% |
| Net interest income after provision for credit losses | **282004** | 233585 | 48419 | 21% | **554941** | 467442 | 87499 | 19% |
| **Noninterest income** |  |  |  |  |  |  |  |  |
| Wealth management fees | **23025** | 22628 | 396 | 2% | **45522** | 44323 | 1200 | 3% |
| Service charges and deposit account fees | **13147** | 12263 | 883 | 7% | **25961** | 24702 | 1259 | 5% |
| Card-based fees | **11200** | 11975 | (775) | (6)% | **21642** | 23242 | (1600) | (7)% |
| Other fee-based revenue | **4995** | 4857 | 138 | 3% | **10245** | 9259 | 986 | 11% |
| Capital markets, net  | **5765** | 4685 | 1080 | 23% | **10110** | 8735 | 1374 | 16% |
| Mortgage banking, net | **4213** | 2505 | 1709 | 68% | **8035** | 5166 | 2869 | 56% |
| Loss on mortgage portfolio sale | **—** |  |  | N/M | **(6976)** |  | (6976) | N/M |
| Bank and corporate owned life insurance | **4135** | 4584 | (449) | (10)% | **9339** | 7154 | 2185 | 31% |
| Asset losses, net | **(1735)** | (627) | (1108) | 177% | **(2613)** | (933) | (1680) | 180% |
| Investment securities gains, net | **7** | 67 | (60) | (90)% | **11** | 3947 | (3935) | (100)% |
| Other  | **2226** | 2222 | 4 | —% | **4477** | 4549 | (72) | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | **66977** | 65159 | 1818 | 3% | **125754** | 130144 | (4390) | (3)% |
| **Noninterest expense** |  |  |  |  |  |  |  |  |
| Personnel | **126994** | 121581 | 5413 | 4% | **250890** | 240976 | 9914 | 4% |
| Technology | **26508** | 27161 | (654) | (2)% | **53646** | 53362 | 285 | 1% |
| Occupancy | **12644** | 13128 | (484) | (4)% | **28025** | 26761 | 1264 | 5% |
| Business development and advertising | **7748** | 7535 | 213 | 3% | **14134** | 14052 | 82 | 1% |
| Equipment | **4494** | 4450 | 44 | 1% | **9021** | 9049 | (28) | —% |
| Legal and professional | **6674** | 4429 | 2245 | 51% | **12757** | 9101 | 3656 | 40% |
| Loan and foreclosure costs | **2705** | 1793 | 913 | 51% | **5299** | 3771 | 1528 | 41% |
| FDIC assessment | **9708** | 7131 | 2577 | 36% | **20144** | 21077 | (933) | (4)% |
| Other intangible amortization | **2203** | 2203 |  | —% | **4405** | 4405 |  | —% |
| Other | **9674** | 6450 | 3224 | 50% | **21648** | 10963 | 10685 | 97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | **209352** | 195861 | 13492 | 7% | **419971** | 393518 | 26453 | 7% |
| **Income before income taxes** | **139629** | 102884 | 36745 | 36% | **260724** | 204068 | 56656 | 28% |
| Income tax expense (benefit) | **28399** | (12689) | 41089 | N/M | **47808** | 7326 | 40482 | N/M |
| **Net income** | **111230** | 115573 | (4344) | (4)% | **212916** | 196742 | 16174 | 8% |
| Preferred stock dividends | **2875** | 2875 |  | —% | **5750** | 5750 |  | —% |
| **Net income available to common equity** | $**108355** | $112698 | $(4344) | (4)% | $**207166** | $190992 | $16174 | 8% |
| Pre-tax pre-provision income (loss)<sup>(a)</sup> | **157625** | 125892 | 31733 | 25% | **291723** | 251077 | 40646 | 16% |
| **Earnings per common share** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**0.65** | $0.75 | $(0.10) | (13)% | $**1.25** | $1.27 | $(0.02) | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**0.65** | $0.74 | $(0.09) | (12)% | $**1.24** | $1.26 | $(0.02) | (2)% |
| **Average common shares outstanding** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | **164936** | 149872 | 15063 | 10% | **165081** | 149864 | 15217 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | **166343** | 151288 | 15055 | 10% | **166506** | 151310 | 15196 | 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) | **2Q25** | 1Q25 | Dollar Change | Percentage Change | 4Q24 | 3Q24 | 2Q24 |
| **Interest income** |  |  |  |  |  |  |  |
| Interest and fees on loans | $**447781** | $433299 | $14482 | 3% | $453253 | $465728 | $456788 |
| Interest and dividends on investment securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | **71174** | 69788 | 1387 | 2% | 50524 | 51229 | 50278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | **13902** | 13956 | (53) | —% | 14469 | 14660 | 14669 |
| Other interest | **12679** | 9243 | 3436 | 37% | 10478 | 8701 | 8539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | **545536** | 526285 | 19251 | 4% | 528724 | 540318 | 530274 |
| **Interest expense** |  |  |  |  |  |  |  |
| Interest on deposits | **197656** | 209140 | (11484) | (5)% | 222888 | 231623 | 221062 |
| Interest on federal funds purchased and securities sold under agreements to repurchase | **2004** | 3622 | (1618) | (45)% | 3203 | 3385 | 2303 |
| Interest on other short-term funding | **287** | 408 | (121) | (30)% | 668 | 6144 | 6077 |
| Interest on FHLB advances | **34889** | 16090 | 18799 | 117% | 17908 | 24799 | 34143 |
| Interest on other long-term funding | **10700** | 11085 | (385) | (3)% | 13769 | 11858 | 10096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | **245536** | 240345 | 5192 | 2% | 258436 | 277809 | 273681 |
| **Net interest income** | **300000** | 285941 | 14059 | 5% | 270289 | 262509 | 256593 |
| Provision for credit losses | **17996** | 13003 | 4993 | 38% | 16986 | 20991 | 23008 |
| Net interest income after provision for credit losses | **282004** | 272938 | 9066 | 3% | 253303 | 241518 | 233585 |
| **Noninterest income** |  |  |  |  |  |  |  |
| Wealth management fees | **23025** | 22498 | 527 | 2% | 24103 | 24144 | 22628 |
| Service charges and deposit account fees | **13147** | 12814 | 332 | 3% | 13232 | 13708 | 12263 |
| Card-based fees | **11200** | 10442 | 758 | 7% | 11948 | 11731 | 11975 |
| Other fee-based revenue | **4995** | 5251 | (256) | (5)% | 5182 | 5057 | 4857 |
| Capital markets, net | **5765** | 4345 | 1420 | 33% | 9032 | 4317 | 4685 |
| Mortgage banking, net | **4213** | 3822 | 391 | 10% | 3387 | 2132 | 2505 |
| Loss on mortgage portfolio sale | **—** | (6976) | 6976 | (100)% | (130406) |  |  |
| Bank and corporate owned life insurance | **4135** | 5204 | (1069) | (21)% | 2322 | 4001 | 4584 |
| Asset (losses) gains, net | **(1735)** | (878) | (857) | 98% | 364 | (474) | (627) |
| Investment securities gains (losses), net | **7** | 4 | 3 | 66% | (148194) | 100 | 67 |
| Other | **2226** | 2251 | (25) | (1)% | 2257 | 2504 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income (loss) | **66977** | 58776 | 8201 | 14% | (206772) | 67221 | 65159 |
| **Noninterest expense** |  |  |  |  |  |  |  |
| Personnel | **126994** | 123897 | 3097 | 2% | 125944 | 121036 | 121581 |
| Technology | **26508** | 27139 | (631) | (2)% | 26984 | 27217 | 27161 |
| Occupancy | **12644** | 15381 | (2736) | (18)% | 14325 | 13536 | 13128 |
| Business development and advertising | **7748** | 6386 | 1362 | 21% | 7408 | 6683 | 7535 |
| Equipment | **4494** | 4527 | (33) | (1)% | 4729 | 4653 | 4450 |
| Legal and professional | **6674** | 6083 | 591 | 10% | 6861 | 5639 | 4429 |
| Loan and foreclosure costs | **2705** | 2594 | 112 | 4% | 1951 | 2748 | 1793 |
| FDIC assessment | **9708** | 10436 | (728) | (7)% | 9139 | 8223 | 7131 |
| Other intangible amortization | **2203** | 2203 |  | —% | 2203 | 2203 | 2203 |
| Loss on prepayments of FHLB advances | **—** |  |  | N/M | 14243 |  |  |
| Other | **9674** | 11974 | (2300) | (19)% | 10496 | 8659 | 6450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | **209352** | 210619 | (1267) | (1)% | 224282 | 200597 | 195861 |
| **Income (loss) before income taxes** | **139629** | 121095 | 18534 | 15% | (177752) | 108142 | 102884 |
| Income tax expense (benefit) | **28399** | 19409 | 8991 | 46% | (16137) | 20124 | (12689) |
| **Net income (loss)** | **111230** | 101687 | 9543 | 9% | (161615) | 88018 | 115573 |
| Preferred stock dividends | **2875** | 2875 |  | —% | 2875 | 2875 | 2875 |
| **Net income (loss) available to common equity** | $**108355** | $98812 | $9543 | 10% | $(164490) | $85143 | $112698 |
| Pre-tax pre-provision income (loss)<sup>(a)</sup> | **157625** | 134098 | 23527 | 18% | (160766) | 129133 | 125892 |
| **Earnings (loss) per common share** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $**0.65** | $0.60 | $0.05 | 8% | $(1.04) | $0.56 | $0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**0.65** | $0.59 | $0.06 | 10% | $(1.03) | $0.56 | $0.74 |
| **Average common shares outstanding** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | **164936** | 165228 | (292) | —% | 157710 | 150247 | 149872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | **166343** | 166604 | (261) | —% | 159164 | 151492 | 151288 |

---

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>Selected Quarterly Information |  |  |  |  |  |  |  |
| (Dollars and shares in thousands, except per share data and as noted) | **YTD <br>Jun 2025** | YTD <br>Jun 2024 | **2Q25** | 1Q25 | 4Q24 | 3Q24 | 2Q24 |
| **Per common share data** |  |  |  |  |  |  |  |
| Dividends | $**0.46** | $0.44 | $**0.23** | $0.23 | $0.23 | $0.22 | $0.22 |
| Market value: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High | **25.63** | 22.48 | **24.56** | 25.63 | 28.14 | 23.95 | 22.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low | **18.91** | 19.73 | **18.91** | 21.06 | 20.64 | 20.07 | 19.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Close |  |  | **24.39** | 22.53 | 23.90 | 21.54 | 21.15 |
| Book value / share |  |  | **27.67** | 27.09 | 26.55 | 27.90 | 26.85 |
| Tangible book value (TBV) / share<sup>(a)</sup> |  |  | **20.84** | 20.25 | 19.71 | 20.37 | 19.28 |
| **Performance ratios (annualized)** |  |  |  |  |  |  |  |
| Return on average assets | **1.00%** | 0.97% | **1.03%** | 0.97% | (1.53)% | 0.85% | 1.13% |
| Noninterest expense / average assets | **1.97%** | 1.93% | **1.93%** | 2.00% | 2.12% | 1.93% | 1.92% |
| Effective tax rate | **18.34%** | 3.59% | **20.34%** | 16.03% | N/M | 18.61% | (12.33)% |
| Dividend payout ratio<sup>(b)</sup> | **36.80%** | 34.65% | **35.38%** | 38.33% | N/M | 39.29% | 29.33% |
| Net interest margin | **3.01%** | 2.77% | **3.04%** | 2.97% | 2.81% | 2.78% | 2.75% |
| **Selected trend information** |  |  |  |  |  |  |  |
| Assets under management, at market value<sup>(c)</sup> |  |  | $**15537** | $14685 | $14773 | $15033 | $14304 |
| Shares repurchased during period<sup>(d)</sup> | **900** | 900 | **—** | 900 |  |  |  |
| Shares outstanding, end of period |  |  | **165778** | 165807 | 166178 | 151213 | 150785 |
| Loans / deposits ratio |  |  | **89.63%** | 86.07% | 85.92% | 89.38% | 90.60% |
| Stockholders' equity / assets ratio |  |  | **10.87%** | 10.82% | 10.70% | 10.46% | 10.19% |
| **Risk-based capital**<sup>(e)(f)</sup> |  |  |  |  |  |  |  |
| Total risk-weighted assets |  |  | $**34241408** | $33800823 | $33950173 | $33326479 | $32767830 |
| Common equity Tier 1 |  |  | $**3493316** | $3417432 | $3396836 | $3238155 | $3172298 |
| Common equity Tier 1 capital ratio |  |  | **10.20%** | 10.11% | 10.01% | 9.72% | 9.68% |
| Tier 1 capital ratio |  |  | **10.77%** | 10.68% | 10.58% | 10.30% | 10.27% |
| Total capital ratio |  |  | **12.83%** | 12.75% | 12.61% | 12.36% | 12.34% |
| Tier 1 leverage ratio |  |  | **8.72%** | 8.69% | 8.73% | 8.49% | 8.37% |

---

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.

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

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

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

(e)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.

(f)June 30, 2025 data is estimated.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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) | **Jun 30, 2025** | Mar 31, 2025 | Seql Qtr %<br>Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr %<br>Change |
| **Allowance for loan losses** |  |  |  |  |  |  |  |
| Balance at beginning of period | $**371348** | $363545 | 2% | $361765 | $355844 | $356006 | 4% |
| Provision for loan losses | **18000** | 16500 | 9% | 14000 | 19000 | 21000 | (14)% |
| Charge offs | **(18348)** | (13714) | 34% | (13770) | (15337) | (23290) | (21)% |
| Recoveries | **5515** | 5017 | 10% | 1551 | 2258 | 2127 | 159% |
| Net (charge offs) recoveries | **(12833)** | (8698) | 48% | (12220) | (13078) | (21163) | (39)% |
| Balance at end of period | $**376515** | $371348 | 1% | $363545 | $361765 | $355844 | 6% |
| **Allowance for unfunded commitments** |  |  |  |  |  |  |  |
| Balance at beginning of period | $**35276** | $38776 | (9)% | $35776 | $33776 | $31776 | 11% |
| Provision for unfunded commitments | **—** | (3500) | (100)% | 3000 | 2000 | 2000 | (100)% |
| Balance at end of period | **35276** | 35276 | —% | 38776 | 35776 | 33776 | 4% |
| Allowance for credit losses on loans (ACLL) | $**411791** | $406624 | 1% | $402322 | $397541 | $389620 | 6% |
| Provision for credit losses on loans | $**18000** | $13000 | 38% | $17000 | $21000 | $23000 | (22)% |
| (Dollars in thousands) | **Jun 30, 2025** | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr %<br>Change |
| **Net (charge offs) recoveries** |  |  |  |  |  |  |  |
| Commercial and industrial | $**(1826)** | $(4726) | (61)% | $(2406) | $(10649) | $(13676) | (87)% |
| Commercial real estate—owner occupied | **—** |  | N/M |  |  | 1 | (100)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **(1826)** | (4726) | (61)% | (2406) | (10649) | (13674) | (87)% |
| Commercial real estate—investor | **(8493)** | (892) | N/M | (6617) | (1) | (4569) | 86% |
| Real estate construction | **121** | 30 | N/M | 4 | 2 | 28 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **(8372)** | (863) | N/M | (6612) | 2 | (4541) | 84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **(10198)** | (5589) | 82% | (9018) | (10647) | (18216) | (44)% |
| Residential mortgage | **(302)** | 197 | N/M | (239) | (160) | (289) | 4% |
| Auto finance | **(689)** | (1519) | (55)% | (1782) | (1281) | (1480) | (53)% |
| Home equity | **237** | 289 | (18)% | 277 | 424 | 238 | —% |
| Other consumer | **(1881)** | (2076) | (9)% | (1457) | (1414) | (1417) | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **(2636)** | (3109) | (15)% | (3202) | (2431) | (2947) | (11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net charge offs | $**(12833)** | $(8698) | 48% | $(12220) | $(13078) | $(21163) | (39)% |
| (in basis points) | **Jun 30, 2025** | Mar 31, 2025 |  | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 |  |
| **Net (charge offs) recoveries to average loans (annualized)** |  |  |  |  |  |  |  |
| Commercial and industrial | **(7)** | (18) |  | (9) | (43) | (55) |  |
| Commercial real estate—owner occupied | **—** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **(6)** | (16) |  | (8) | (39) | (50) |  |
| Commercial real estate—investor | **(61)** | (7) |  | (51) |  | (37) |  |
| Real estate construction | **3** | 1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **(45)** | (5) |  | (37) |  | (25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **(21)** | (12) |  | (19) | (23) | (40) |  |
| Residential mortgage | **(2)** | 1 |  | (1) | (1) | (1) |  |
| Auto finance | **(9)** | (22) |  | (26) | (19) | (24) |  |
| Home equity | **14** | 18 |  | 17 | 26 | 15 |  |
| Other consumer | **(244)** | (268) |  | (208) | (216) | (221) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **(10)** | (11) |  | (11) | (8) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net charge offs | **(17)** | (12) |  | (16) | (18) | (29) |  |
| (Dollars in thousands) | **Jun 30, 2025** | Mar 31, 2025 | Seql Qtr %<br>Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr %<br>Change |
| **Credit quality** |  |  |  |  |  |  |  |
| Nonaccrual loans | $**112999** | $134808 | (16)% | $123260 | $128476 | $154423 | (27)% |
| Other real estate owned (OREO) | **34287** | 23475 | 46% | 20217 | 18830 | 8325 | N/M |
| Repossessed assets | **882** | 688 | 28% | 687 | 793 | 671 | 31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $**148169** | $158971 | (7)% | $144164 | $148098 | $163418 | (9)% |
| Loans 90 or more days past due and still accruing | $**14160** | $3036 | N/M | $3189 | $7107 | $2354 | N/M |
| Allowance for credit losses on loans to total loans | **1.35%** | 1.34% |  | 1.35% | 1.33% | 1.32% |  |
| Allowance for credit losses on loans to nonaccrual loans | **364.42%** | 301.63% |  | 326.40% | 309.43% | 252.31% |  |
| Nonaccrual loans to total loans | **0.37%** | 0.44% |  | 0.41% | 0.43% | 0.52% |  |
| Nonperforming assets to total loans plus OREO and repossessed assets | **0.48%** | 0.52% |  | 0.48% | 0.49% | 0.55% |  |
| Nonperforming assets to total assets | **0.34%** | 0.37% |  | 0.34% | 0.35% | 0.39% |  |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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) | **Jun 30, 2025** | Mar 31, 2025 | Seql Qtr %<br>Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr %<br>Change |
| **Nonaccrual loans** |  |  |  |  |  |  |  |
| Commercial and industrial | $**6945** | $12898 | (46)% | $19084 | $14369 | $21190 | (67)% |
| Commercial real estate—owner occupied | **—** | 1501 | (100)% | 1501 | 9285 | 1851 | (100)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **6945** | 14399 | (52)% | 20585 | 23654 | 23041 | (70)% |
| Commercial real estate—investor | **15805** | 31689 | (50)% | 16705 | 18913 | 48249 | (67)% |
| Real estate construction | **146** | 125 | 17% | 30 | 15 | 16 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **15950** | 31814 | (50)% | 16735 | 18928 | 48265 | (67)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **22895** | 46213 | (50)% | 37320 | 42582 | 71306 | (68)% |
| Residential mortgage | **73817** | 72455 | 2% | 70038 | 70138 | 68058 | 8% |
| Auto finance | **8004** | 7692 | 4% | 7402 | 7456 | 6986 | 15% |
| Home equity | **8201** | 8275 | (1)% | 8378 | 8231 | 7996 | 3% |
| Other consumer | **82** | 173 | (53)% | 122 | 70 | 77 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **90104** | 88595 | 2% | 85941 | 85894 | 83117 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonaccrual loans | $**112999** | $134808 | (16)% | $123260 | $128476 | $154423 | (27)% |
|  | **Jun 30, 2025** | Mar 31, 2025 | Seql Qtr %<br>Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr %<br>Change |
| **Accruing loans 30-89 days past due** |  |  |  |  |  |  |  |
| Commercial and industrial | $**2593** | $7740 | (66)% | $1260 | $1212 | $2052 | 26% |
| Commercial real estate—owner occupied | **5628** | 1156 | N/M | 1634 | 2209 |  | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **8221** | 8896 | (8)% | 2893 | 3421 | 2052 | N/M |
| Commercial real estate—investor | **1042** | 2463 | (58)% | 36391 | 10746 | 1023 | 2% |
| Real estate construction | **90** |  | N/M | 21 | 88 |  | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **1132** | 2463 | (54)% | 36412 | 10834 | 1023 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **9353** | 11360 | (18)% | 39305 | 14255 | 3075 | N/M |
| Residential mortgage | **8744** | 13568 | (36)% | 14892 | 13630 | 10374 | (16)% |
| Auto finance | **13149** | 12522 | 5% | 14850 | 15458 | 15814 | (17)% |
| Home equity | **4338** | 3606 | 20% | 4625 | 3146 | 3694 | 17% |
| Other consumer<sup>(a)</sup> | **2578** | 2381 | 8% | 3128 | 2163 | 1995 | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **28810** | 32076 | (10)% | 37496 | 34397 | 31877 | (10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accruing loans 30-89 days past due | $**38163** | $43435 | (12)% | $76801 | $48651 | $34952 | 9% |

---

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) Excluding guaranteed student loans.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | March 31, 2025 | March 31, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2024 | June 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 | $**10981221** | $**179955** | **6.57%** | $10583318 | $169785 | 6.50% | $9915894 | $181615 | 7.37% |
| Commercial real estate—owner occupied | **1114054** | **16014** | **5.77%** | 1141167 | 16200 | 5.76% | 1095334 | 16577 | 6.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **12095274** | **195969** | **6.50%** | 11724484 | 185985 | 6.43% | 11011228 | 198191 | 7.24% |
| Commercial real estate—investor | **5582333** | **91569** | **6.58%** | 5415412 | 87089 | 6.52% | 4964394 | 88737 | 7.19% |
| Real estate construction | **1869708** | **33883** | **7.27%** | 1898582 | 33945 | 7.25% | 2285379 | 45466 | 8.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **7452041** | **125452** | **6.75%** | 7313994 | 121034 | 6.71% | 7249773 | 134203 | 7.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **19547316** | **321421** | **6.59%** | 19038479 | 307020 | 6.54% | 18261000 | 332394 | 7.32% |
| Residential mortgage | **7034607** | **64995** | **3.70%** | 7256320 | 66823 | 3.68% | 7905236 | 69389 | 3.51% |
| Auto finance | **2933161** | **41156** | **5.63%** | 2844730 | 39176 | 5.59% | 2524107 | 35021 | 5.58% |
| Home equity | **667339** | **12098** | **7.25%** | 657625 | 12052 | 7.34% | 630855 | 12975 | 8.23% |
| Other consumer | **309578** | **8644** | **11.20%** | 313828 | 8773 | 11.34% | 258366 | 7528 | 11.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **10944685** | **126893** | **4.64%** | 11072503 | 126824 | 4.61% | 11318564 | 124913 | 4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | **30492001** | **448313** | **5.89%** | 30110982 | 433844 | 5.83% | 29579564 | 457307 | 6.21% |
| Investments |  |  |  |  |  |  |  |  |  |
| Taxable securities | **6578690** | **71174** | **4.33%** | 6398584 | 69788 | 4.36% | 5680757 | 50479 | 3.55% |
| Tax-exempt securities<sup>(b)</sup> | **2004725** | **17598** | **3.51%** | 2016144 | 17666 | 3.50% | 2116174 | 17896 | 3.38% |
| Other short-term investments | **999294** | **12679** | **5.09%** | 757227 | 9243 | 4.95% | 620943 | 9304 | 6.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | **9582709** | **101451** | **4.24%** | 9171955 | 96696 | 4.22% | 8417874 | 77680 | 3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total earning assets and related interest income | **40074710** | $**549764** | **5.50%** | 39282937 | $530540 | 5.45% | 37997438 | $534987 | 5.65% |
| Other assets, net | **3345353** |  |  | 3347690 |  |  | 3103168 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**43420063** |  |  | $42630627 |  |  | $41100606 |  |  |
| **Liabilities and stockholders' equity** |  |  |  |  |  |  |  |  |  |
| Interest-bearing liabilities |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |  |  |  |
| Savings | $**5222869** | $**17139** | **1.32%** | $5162468 | $17929 | 1.41% | $5133688 | $21972 | 1.72% |
| Interest-bearing demand | **7683402** | **42485** | **2.22%** | 8031707 | 45430 | 2.29% | 7265621 | 48109 | 2.66% |
| Money market | **5988947** | **38695** | **2.59%** | 6079551 | 39560 | 2.64% | 5995005 | 46391 | 3.11% |
| Network transaction deposits | **1843998** | **20211** | **4.40%** | 1847972 | 20067 | 4.40% | 1595312 | 21416 | 5.40% |
| Brokered CDs | **4089844** | **45418** | **4.45%** | 4315311 | 49292 | 4.63% | 3927727 | 52306 | 5.36% |
| Other time deposits | **3725205** | **33707** | **3.63%** | 3756332 | 36862 | 3.98% | 2999936 | 30867 | 4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | **28554266** | **197656** | **2.78%** | 29193341 | 209140 | 2.91% | 26917289 | 221062 | 3.30% |
| Federal funds purchased and securities sold under agreements to repurchase | **220872** | **2004** | **3.64%** | 375910 | 3622 | 3.91% | 213921 | 2303 | 4.33% |
| Other short-term funding | **17580** | **287** | **6.55%** | 31312 | 408 | 5.28% | 561596 | 7044 | 5.04% |
| FHLB advances | **3221749** | **34889** | **4.34%** | 1595972 | 16090 | 4.09% | 2432195 | 34143 | 5.65% |
| Other long-term funding | **592664** | **10700** | **7.22%** | 627658 | 11085 | 7.06% | 533670 | 10096 | 7.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short and long-term funding | **4052863** | **47880** | **4.74%** | 2630852 | 31205 | 4.79% | 3741381 | 53586 | 5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities and related interest expense | **32607129** | $**245536** | **3.02%** | 31824193 | $240345 | 3.06% | 30658670 | $274648 | 3.60% |
| Noninterest-bearing demand deposits | **5648935** |  |  | 5640123 |  |  | 5712115 |  |  |
| Other liabilities | **431338** |  |  | 535732 |  |  | 563616 |  |  |
| Stockholders' equity | **4732661** |  |  | 4630578 |  |  | 4166204 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $**43420063** |  |  | $42630627 |  |  | $41100606 |  |  |
| Interest rate spread |  |  | **2.48%** |  |  | 2.39% |  |  | 2.05% |
| Net free funds |  |  | **0.56%** |  |  | 0.58% |  |  | 0.70% |
| Fully tax-equivalent net interest income and net interest margin |  | $**304228** | **3.04%** |  | $290195 | 2.97% |  | $260340 | 2.75% |
| Fully tax-equivalent adjustment |  | **4228** |  |  | 4254 |  |  | 3747 |  |
| Net interest income |  | $**300000** |  |  | $285941 |  |  | $256593 |  |

---

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> |
|  | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 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 | $**10783368** | $**349740** | **6.54%** | $9822806 | $359302 | 7.35% |
| Commercial real estate—owner occupied | **1127535** | **32214** | **5.76%** | 1090935 | 32979 | 6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **11910904** | **381954** | **6.46%** | 10913741 | 392281 | 7.23% |
| Commercial real estate—investor | **5499334** | **178658** | **6.55%** | 5002956 | 181099 | 7.28% |
| Real estate construction | **1884065** | **67829** | **7.26%** | 2316911 | 91954 | 7.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **7383399** | **246486** | **6.73%** | 7319867 | 273053 | 7.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **19294303** | **628440** | **6.57%** | 18233608 | 665334 | 7.34% |
| Residential mortgage  | **7144851** | **131818** | **3.69%** | 7965375 | 138120 | 3.47% |
| Auto finance | **2889190** | **80332** | **5.61%** | 2448914 | 67624 | 5.55% |
| Home equity | **662509** | **24150** | **7.29%** | 563992 | 26036 | 9.23% |
| Other consumer | **311691** | **17417** | **11.27%** | 262404 | 15185 | 11.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **11008241** | **253717** | **4.62%** | 11240684 | 246965 | 4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | **30302544** | **882157** | **5.86%** | 29474293 | 912299 | 6.22% |
| Investments |  |  |  |  |  |  |
| Taxable securities | **6489135** | **140962** | **4.34%** | 5598890 | 97206 | 3.47% |
| Tax-exempt securities<sup>(b)</sup> | **2010403** | **35264** | **3.51%** | 2124763 | 35920 | 3.38% |
| Other short-term investments | **878929** | **21921** | **5.03%** | 598888 | 17615 | 5.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | **9378467** | **198147** | **4.23%** | 8322541 | 150741 | 3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total earning assets and related interest income | **39681011** | $**1080304** | **5.48%** | 37796834 | $1063040 | 5.65% |
| Other assets, net | **3346515** |  |  | 3135876 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**43027526** |  |  | $40932710 |  |  |
| **Liabilities and stockholders' equity** |  |  |  |  |  |  |
| Interest-bearing liabilities |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| Savings | $**5192835** | $**35068** | **1.36%** | $5030859 | $43719 | 1.75% |
| Interest-bearing demand | **7856593** | **87915** | **2.26%** | 7377870 | 98099 | 2.67% |
| Money market | **6033999** | **78255** | **2.62%** | 6055804 | 93698 | 3.11% |
| Network transaction deposits | **1845974** | **40278** | **4.40%** | 1623625 | 43621 | 5.40% |
| Brokered CDs | **4201955** | **94711** | **4.55%** | 4098304 | 109116 | 5.35% |
| Other time deposits | **3740683** | **70569** | **3.80%** | 2964685 | 59040 | 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | **28872038** | **406796** | **2.84%** | 27151147 | 447293 | 3.31% |
| Federal funds purchased and securities sold under agreements to repurchase | **297963** | **5626** | **3.81%** | 238950 | 5166 | 4.35% |
| Other short-term funding | **24408** | **695** | **5.74%** | 503602 | 12646 | 5.05% |
| FHLB advances | **2413352** | **50979** | **4.26%** | 1986221 | 55814 | 5.65% |
| Other long-term funding | **610064** | **21785** | **7.14%** | 536388 | 20154 | 7.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short and long-term funding | **3345786** | **79085** | **4.76%** | 3265160 | 93780 | 5.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities and related interest expense | **32217824** | $**485881** | **3.04%** | 30416308 | $541073 | 3.58% |
| Noninterest-bearing demand deposits | **5644554** |  |  | 5797084 |  |  |
| Other liabilities | **483247** |  |  | 545526 |  |  |
| Stockholders' equity | **4681901** |  |  | 4173793 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $**43027526** |  |  | $40932710 |  |  |
| Interest rate spread |  |  | **2.44%** |  |  | 2.07% |
| Net free funds |  |  | **0.57%** |  |  | 0.70% |
| Fully tax-equivalent net interest income and net interest margin |  | $**594423** | **3.01%** |  | $521967 | 2.77% |
| Fully tax-equivalent adjustment |  | **8483** |  |  | 7516 |  |
| Net interest income |  | $**585940** |  |  | $514451 |  |

---

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 | **Jun 30, 2025** | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change |
| Commercial and industrial | $**11281964** | $10925769 | 3% | $10573741 | $10258899 | $9970412 | 13% |
| Commercial real estate—owner occupied | **1101501** | 1118363 | (2)% | 1143741 | 1120849 | 1102146 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **12383465** | 12044132 | 3% | 11717483 | 11379748 | 11072558 | 12% |
| Commercial real estate—investor | **5370422** | 5597442 | (4)% | 5227975 | 5070635 | 5001392 | 7% |
| Real estate construction | **1950267** | 1809054 | 8% | 1982632 | 2114300 | 2255637 | (14)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **7320689** | 7406496 | (1)% | 7210607 | 7184934 | 7257029 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **19704154** | 19450628 | 1% | 18928090 | 18564683 | 18329587 | 7% |
| Residential mortgage | **6949387** | 6999654 | (1)% | 7047541 | 7803083 | 7840073 | (11)% |
| Auto finance | **2969495** | 2878765 | 3% | 2810220 | 2708946 | 2556009 | 16% |
| Home equity | **676208** | 654140 | 3% | 664252 | 651379 | 634142 | 7% |
| Other consumer | **308361** | 310940 | (1)% | 318483 | 262806 | 258460 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **10903451** | 10843499 | 1% | 10840496 | 11426214 | 11288684 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | $**30607605** | $30294127 | 1% | $29768586 | $29990897 | $29618271 | 3% |
| Quarter average loan composition | **Jun 30, 2025** | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change |
| Commercial and industrial<sup>(a)</sup> | $**10981221** | $10583318 | 4% | $10338865 | $9884246 | $9915894 | 11% |
| Commercial real estate—owner occupied | **1114054** | 1141167 | (2)% | 1135624 | 1087144 | 1095334 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and business lending | **12095274** | 11724484 | 3% | 11474489 | 10971390 | 11011228 | 10% |
| Commercial real estate—investor | **5582333** | 5415412 | 3% | 5120608 | 5085090 | 4964394 | 12% |
| Real estate construction | **1869708** | 1898582 | (2)% | 2086188 | 2150416 | 2285379 | (18)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate lending | **7452041** | 7313994 | 2% | 7206796 | 7235505 | 7249773 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial | **19547316** | 19038479 | 3% | 18681285 | 18206896 | 18261000 | 7% |
| Residential mortgage<sup>(a)</sup> | **7034607** | 7256320 | (3)% | 7814056 | 7888290 | 7905236 | (11)% |
| Auto finance | **2933161** | 2844730 | 3% | 2771414 | 2635890 | 2524107 | 16% |
| Home equity | **667339** | 657625 | 1% | 656792 | 642463 | 630855 | 6% |
| Other consumer | **309578** | 313828 | (1)% | 278370 | 260547 | 258366 | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consumer | **10944685** | 11072503 | (1)% | 11520632 | 11427191 | 11318564 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans<sup>(a)</sup> | $**30492001** | $30110982 | 1% | $30201918 | $29634087 | $29579564 | 3% |
| Period end deposit and customer funding composition<sup>(b)</sup> | **Jun 30, 2025** | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change |
| Noninterest-bearing demand | $**5782487** | $6135946 | (6)% | $5775657 | $5857421 | $5815045 | (1)% |
| Savings | **5291674** | 5247291 | 1% | 5133295 | 5072508 | 5157103 | 3% |
| Interest-bearing demand | **7490772** | 7870965 | (5)% | 7994475 | 7302239 | 7193485 | 4% |
| Money market | **5915867** | 6141275 | (4)% | 6009793 | 5831637 | 5882508 | 1% |
| Network transaction deposits | **1792362** | 1882930 | (5)% | 1758388 | 1566908 | 1502919 | 19% |
| Brokered CDs | **4072048** | 4197512 | (3)% | 4276309 | 4242670 | 4061578 | —% |
| Other time deposits | **3802356** | 3720793 | 2% | 3700518 | 3680914 | 3078401 | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **34147565** | 35196713 | (3)% | 34648434 | 33554298 | 32691039 | 4% |
| Other customer funding<sup>(c)</sup> | **75440** | 85950 | (12)% | 100044 | 110988 | 89524 | (16)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits and other customer funding | $**34223005** | $35282663 | (3)% | $34748478 | $33665286 | $32780564 | 4% |
| Net deposits and other customer funding<sup>(d)</sup> | $**28358595** | $29202221 | (3)% | $28713780 | $27855707 | $27216066 | 4% |
| Quarter average deposit composition | **Jun 30, 2025** | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change |
| Noninterest-bearing demand | $**5648935** | $5640123 | —% | $5738557 | $5652228 | $5712115 | (1)% |
| Savings | **5222869** | 5162468 | 1% | 5132247 | 5125147 | 5133688 | 2% |
| Interest-bearing demand | **7683402** | 8031707 | (4)% | 7623230 | 7394550 | 7265621 | 6% |
| Money market | **5988947** | 6079551 | (1)% | 5924269 | 5942147 | 5995005 | —% |
| Network transaction deposits | **1843998** | 1847972 | —% | 1690745 | 1644305 | 1595312 | 16% |
| Brokered CDs | **4089844** | 4315311 | (5)% | 4514841 | 4247941 | 3927727 | 4% |
| Other time deposits | **3725205** | 3756332 | (1)% | 3713579 | 3314507 | 2999936 | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **34203201** | 34833464 | (2)% | 34337468 | 33320825 | 32629404 | 5% |
| Other customer funding<sup>(c)</sup> | **80010** | 87693 | (9)% | 94965 | 104115 | 87161 | (8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits and other customer funding | $**34283211** | $34921157 | (2)% | $34432433 | $33424940 | $32716565 | 5% |
| Net deposits and other customer funding<sup>(d)</sup> | $**28349369** | $28757874 | (1)% | $28226848 | $27532694 | $27193526 | 4% |

---

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>Non-GAAP Financial Measures Reconciliation | **YTD** | YTD |  |  |  |  |  |
| (Dollars in thousands) | **Jun 2025** | Jun 2024 | **2Q25** | 1Q25 | 4Q24 | 3Q24 | 2Q24 |
| **Selected equity and performance ratios**<sup>(a)</sup> |  |  |  |  |  |  |  |
| Average stockholders' equity / average assets | **10.88%** | 10.20% | **10.90%** | 10.86% | 10.76% | 10.46% | 10.14% |
| Tangible common equity / tangible assets (TCE Ratio) <sup>(b)</sup> |  |  | **8.06%** | 7.96% | 7.82% | 7.50% | 7.18% |
| Return on average equity | **9.17%** | 9.48% | **9.43%** | 8.91% | (14.20)% | 8.09% | 11.16% |
| Return on average tangible common equity (ROATCE) <sup>(c)</sup> | **12.66%** | 13.78% | **12.96%** | 12.34% | (20.27)% | 11.52% | 16.25% |
| Return on average common equity Tier 1 (ROACET1) <sup>(c)</sup> | **12.20%** | 12.42% | **12.57%** | 11.82% | (19.28)% | 10.53% | 14.54% |
| Return on average tangible assets<sup>(c)</sup> | **1.04%** | 1.01% | **1.07%** | 1.01% | (1.55)% | 0.89% | 1.18% |
| **Tangible common equity reconciliation**<sup>(b)</sup> |  |  |  |  |  |  |  |
| Common equity |  |  | $**4586669** | $4492446 | $4411450 | $4219125 | $4048225 |
| Less: Goodwill and other intangible assets, net |  |  | **1132247** | 1134450 | 1136653 | 1138855 | 1141058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity for TCE Ratio and TBV / share |  |  | $**3454422** | $3357996 | $3274797 | $3080269 | $2907167 |
| **Tangible assets reconciliation**<sup>(b)</sup> |  |  |  |  |  |  |  |
| Total assets |  |  | $**43993729** | $43309136 | $43023068 | $42210815 | $41623908 |
| Less: Goodwill and other intangible assets, net |  |  | **1132247** | 1134450 | 1136653 | 1138855 | 1141058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible assets for TCE Ratio |  |  | $**42861482** | $42174686 | $41886415 | $41071960 | $40482850 |
| **Average tangible common equity and average common equity Tier 1 reconciliation**<sup>(b)</sup> |  |  |  |  |  |  |  |
| Average common equity | $**4487789** | $3979681 | $**4538549** | $4436467 | $4334230 | $4136615 | $3972092 |
| Less: Average goodwill and other intangible assets, net | **1134600** | 1143478 | **1133627** | 1135584 | 1137826 | 1140060 | 1142368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible common equity for ROATCE | **3353189** | 2836203 | **3404922** | 3300883 | 3196404 | 2996555 | 2829725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Modified CECL transitional amount | **—** | 22425 | **—** |  | 22425 | 22425 | 22425 |
| &nbsp;&nbsp;&nbsp;Average accumulated other comprehensive loss<sup>(d)</sup> | **46443** | 214850 | **28405** | 64680 | 151862 | 172711 | 241634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average deferred tax assets, net | **24638** | 18404 | **24392** | 24886 | 23462 | 23564 | 24506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average common equity Tier 1 for ROACET1 | $**3424270** | $3091883 | $**3457719** | $3390449 | $3394154 | $3215255 | $3118290 |
| **Average tangible assets reconciliation**<sup>(b)</sup> |  |  |  |  |  |  |  |
| Average total assets | $**43027526** | $40932710 | $**43420063** | $42630627 | $42071562 | $41389711 | $41100606 |
| Less: Average goodwill and other intangible assets, net | **1134600** | 1143478 | **1133627** | 1135584 | 1137826 | 1140060 | 1142368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible assets for return on average tangible assets | $**41892926** | $39789232 | $**42286436** | $41495043 | $40933736 | $40249651 | $39958238 |
| **Adjusted net income (loss) reconciliation**<sup>(c)</sup> |  |  |  |  |  |  |  |
| Net income (loss) | $**212916** | $196742 | $**111230** | $101687 | $(161615) | $88018 | $115573 |
| Other intangible amortization, net of tax | **3304** | 3304 | **1652** | 1652 | 1652 | 1652 | 1652 |
| &nbsp;&nbsp;&nbsp;Adjusted net income (loss) for return on average tangible assets | $**216220** | $200046 | $**112882** | $103339 | $(159963) | $89670 | $117225 |
| **Adjusted net income (loss) available to common equity reconciliation**<sup>(c)</sup> |  |  |  |  |  |  |  |
| Net income (loss) available to common equity | $**207166** | $190992 | $**108355** | $98812 | $(164490) | $85143 | $112698 |
| Other intangible amortization, net of tax | **3304** | 3304 | **1652** | 1652 | 1652 | 1652 | 1652 |
| &nbsp;&nbsp;&nbsp;Adjusted net income (loss) available to common equity for ROATCE and ROACET1 | $**210470** | $194296 | $**110007** | $100464 | $(162838) | $86795 | $114350 |
| **Pre-tax pre-provision income (loss)** |  |  |  |  |  |  |  |
| Income (loss) before income taxes | $**260724** | $204068 | $**139629** | $121095 | $(177752) | $108142 | $102884 |
| Provision for credit losses | **30999** | 47009 | **17996** | 13003 | 16986 | 20991 | 23008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax pre-provision income (loss) | $**291723** | $251077 | $**157625** | $134098 | $(160766) | $129133 | $125892 |
| **Period end core customer deposits reconciliation** |  |  |  |  |  |  |  |
| Total deposits |  |  | $**34147565** | $35196713 | $34648434 | $33554298 | $32691039 |
| Less: Network transaction deposits |  |  | **1792362** | 1882930 | 1758388 | 1566908 | 1502919 |
| Less: Brokered CDs |  |  | **4072048** | 4197512 | 4276309 | 4242670 | 4061578 |
| &nbsp;&nbsp;&nbsp;Core customer deposits |  |  | $**28283155** | $29116271 | $28613737 | $27744719 | $27126542 |
| **Average core customer deposits reconciliation** |  |  |  |  |  |  |  |
| Average total deposits | $**34516592** | $32948231 | $**34203201** | $34833464 | $34337468 | $33320825 | $32629404 |
| Less: Average network transaction deposits | **1845974** | 1623625 | **1843998** | 1847972 | 1690745 | 1644305 | 1595312 |
| Less: Average brokered CDs | **4201955** | 4098304 | **4089844** | 4315311 | 4514841 | 4247941 | 3927727 |
| &nbsp;&nbsp;&nbsp;Average core customer deposits | $**28468663** | $27226302 | $**28269359** | $28670181 | $28131882 | $27428578 | $27106365 |

---

Numbers may not recalculate due to rounding conventions.

(a)These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.

(b)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 strength.

(c)Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.

(d)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. This adjustment reflects that election.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Associated Banc-Corp<br>Non-GAAP Efficiency Ratios Reconciliation<sup>(a)</sup> | **YTD** | YTD |  |  |  |  |  |
| (Dollars in thousands) | **Jun 2025** | Jun 2024 | **2Q25** | 1Q25 | 4Q24 | 3Q24 | 2Q24 |
| **Total expense for efficiency ratios reconciliation** |  |  |  |  |  |  |  |
| Noninterest expense | $**419971** | $393518 | $**209352** | $210619 | $224282 | $200597 | $195861 |
| Less: Other intangible amortization | **4405** | 4405 | **2203** | 2203 | 2203 | 2203 | 2203 |
| &nbsp;&nbsp;&nbsp;Total expense for fully tax-equivalent efficiency ratio | **415566** | 389112 | **207149** | 208416 | 222080 | 198394 | 193658 |
| Less: FDIC special assessment | **—** | 7696 | **—** |  |  |  |  |
| Less: Announced initiatives<sup>(b)</sup> | **—** |  | **—** |  | 14243 |  |  |
| &nbsp;&nbsp;&nbsp;Total expense for adjusted efficiency ratio | $**415566** | $381416 | $**207149** | $208416 | $207836 | $198394 | $193658 |
| **Total revenue for efficiency ratios reconciliation** |  |  |  |  |  |  |  |
| Net interest income | $**585940** | $514451 | $**300000** | $285941 | $270289 | $262509 | $256593 |
| Noninterest income (loss) | **125754** | 130144 | **66977** | 58776 | (206772) | 67221 | 65159 |
| Less: Investment securities gains (losses), net | **11** | 3947 | **7** | 4 | (148194) | 100 | 67 |
| Fully tax-equivalent adjustment | **8483** | 7516 | **4228** | 4254 | 3680 | 3723 | 3747 |
| &nbsp;&nbsp;&nbsp;Total revenue for fully tax-equivalent efficiency ratio | **720166** | 648165 | **371198** | 348968 | 215390 | 333353 | 325432 |
| Less: Announced initiatives<sup>(b)</sup> | **(6976)** |  | **—** | (6976) | (130406) |  |  |
| &nbsp;&nbsp;&nbsp;Total revenue for adjusted efficiency ratio | $**727142** | $648165 | $**371198** | $355943 | $345795 | $333353 | $325432 |
| **Efficiency ratios (expense / revenue)** |  |  |  |  |  |  |  |
| Fully tax-equivalent efficiency ratio | **57.70%** | 60.03% | **55.81%** | 59.72% | 103.11% | 59.51% | 59.51% |
| Adjusted efficiency ratio | **57.15%** | 58.85% | **55.81%** | 58.55% | 60.10% | 59.51% | 59.51% |

---

---

| | | |
|:---|:---|:---|
| 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>(c)</sup> | 130406 | 0.82 |
| Provision on initiatives | 1460 | 0.01 |
| Net loss on sale of investments<sup>(c)</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) | **Jun 2025** | **1Q25** | Dec 2024 | 4Q24 |
| GAAP noninterest income (loss) | $**125754** | $58776 | $(9407) | $(206772) |
| Less: Loss on mortgage portfolio sale<sup>(c)</sup> | **(6976)** | (6976) | (130406) | (130406) |
| Less: Net loss on sale of investments<sup>(c)</sup> | **—** |  | (148183) | (148183) |
| &nbsp;&nbsp;&nbsp;Noninterest income, excluding nonrecurring items | $**132729** | $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>(c)</sup> |  |  | (14243) | (14243) |
| &nbsp;&nbsp;&nbsp;Noninterest expense, excluding nonrecurring items |  |  | $804154 | $210039 |

---

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.

(c)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

![](asb2q25earningspresentat001.jpg)

July 24, 2025 Second Quarter 2025 Earnings Presentation Associated Banc-Corp

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![](asb2q25earningspresentat002.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.

------

![](asb2q25earningspresentat003.jpg)

2 Second 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 $30.6 billion ▪ +1.0% vs. 1Q 2025; +3.3% vs. 2Q 2024 ▪ Total C&I loans of $11.3 billion ▪ +3.3% vs. 1Q 2025; +13.2% vs. 2Q 2024 ▪ Total deposits of $34.1 billion ▪ -3.0% vs. 1Q 2025; +4.5% vs. 2Q 2024 ▪ Total core customer deposits2 of $28.3 billion ▪ -2.9% vs. 1Q 2025; +4.3% vs. 2Q 2024 ▪ Net interest income of $300 million ▪ Net interest margin of 3.04% ▪ Noninterest income of $67 million ▪ Noninterest expense of $209 million ▪ Provision for credit losses of $18 million ▪ ACLL / total loans of 1.35% ▪ NCOs / avg. loans (annualized) of 0.17% ▪ Total common equity / total assets of 10.43% ▪ TCE ratio2 of 8.06% ▪ Book value / share of $27.67 ▪ Tangible book value / share2 of $20.84 $0.65 Diluted Earnings Per Common Share +3.3% Total Loans vs. 2Q 2024 +5.7% Total Adjusted Loans2 vs. 2Q 2024 +4.5% Total Deposits vs. 2Q 2024 +4.3% Core Customer Deposits2 vs. 2Q 2024 +16.9% Net Interest Income vs. 2Q 2024 +29 bps Net Interest Margin vs. 2Q 2024 10.20% CET1 Ratio 12.83% Total Capital Ratio 9.43% Return on Average Equity 12.96% Return on Average Tangible Common Equity2 ASB reported net income available to common equity of $108 million, or $0.65 per common share

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![](asb2q25earningspresentat004.jpg)

3 $8.5 $9.8 $9.7 $10.6 $10.9 $11.3 2021 2022 2023 2024 1Q 2025 2Q 2025 Strategic Investments are Driving Growth1 1 All updates as of or for the period ended June 30, 2025 unless otherwise noted. Bolstered Key Leadership Expanded Commercial Presence Enhanced Consumer Value Proposition Repositioned Balance Sheet Rebalanced Consumer Lending Approach We are positioned to enhance our profitability by growing & remixing our balance sheet simultaneously Period End Commercial & Industrial Loans Period End Resi. Mortgage Loans / Total Loans Net Interest Margin (%) ($ in billions) 2.39 2.91 2.81 2.78 2.97 3.04 2021 2022 2023 2024 1Q 2025 2Q 2025 31.2% 29.6% 26.9% 23.7% 23.1% 22.7% 2021 2022 2023 2024 1Q 2025 2Q 2025

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![](asb2q25earningspresentat005.jpg)

4 Commercial & Business Lending Commercial Real Estate Residential Mortgage $3.4 $3.5 $3.7 $3.8 $3.9 $7.9 $7.9 $7.8 $7.3 $7.0 $7.2 $7.2 $7.2 $7.3 $7.5 $11.0 $11.0 $11.5 $11.7 $12.1 $29.6 $29.6 $30.2 $30.1 $30.5 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(227) $(50) $(17) $19 $91 $141 $356 CRE Construction Commercial & Industrial Period End Loan Change (3/31/2025 to 6/30/2025) CRE-Investor Auto Finance Home Equity & Other Consumer Residential Mortgage Quarterly Loan Trends Total period end loans increased 1% vs. 1Q 2025, led by C&I growth of over 3% Auto Finance, Home Equity & Other Consumer CRE-Owner Occupied Total Loans +$313 (+1%)

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![](asb2q25earningspresentat006.jpg)

5 $1.6 $1.6 $1.7 $1.8 $1.8 $3.9 $4.2 $4.5 $4.3 $4.1 $3.0 $3.3 $3.7 $3.8 $3.7 $6.0 $5.9 $5.9 $6.1 $6.0 $5.1 $5.1 $5.1 $5.2 $5.2 $7.3 $7.4 $7.6 $8.0 $7.7 $5.7 $5.7 $5.7 $5.6 $5.6 $32.6 $33.3 $34.3 $34.8 $34.2 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Average Quarterly Deposits ($ in billions) Period End Total Deposit Trends ($ in billions) 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 period end deposits are up 4%+ vs. 2Q 2024, driven by household growth & relationship deepening efforts $28.0 $27.1 $27.7 $28.6 $29.1 $28.3 $5.7 $5.6 $5.8 $6.0 $6.1 $5.9 $33.7 $32.7 $33.5 $34.6 $35.2 $34.1 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Brokered CDs & Network Transaction Deposits Core Customer Deposits1 +4.3% +4.5%

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![](asb2q25earningspresentat007.jpg)

6 Quarterly Average Yields (%) Average Yield Trends 7.45 7.52 7.09 6.71 6.75 7.24 7.27 6.74 6.43 6.50 5.58 5.72 5.65 5.59 5.63 3.51 3.56 3.61 3.68 3.70 3.69 3.66 3.64 4.22 4.24 3.30 3.33 3.10 2.91 2.78 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 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 5.65 5.68 5.46 5.45 5.50 3.60 3.59 3.29 3.06 3.02 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Investments and Other 2Q NIM of 3.04% driven by a 5 bp increase in earning asset yields, 4 bp decrease in int.-bearing liability costs

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![](asb2q25earningspresentat008.jpg)

7 Net Interest Income & Net Interest Margin Trends $257 $263 $270 $286 $300 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 2.81% 2.78%2.75% 2.97% 3.04% ($ in millions) Quarterly Net Interest Income Quarterly Net Interest Margin Net interest income increased by $14 million & net interest margin expanded by 7 bps vs. the prior quarter

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![](asb2q25earningspresentat009.jpg)

8 Interest Rate Risk Management1 Contractual Funding Obligations Contractual Swaps Balances ($ in billions) 1 All updates as of or for the period ended June 30, 2025 unless otherwise noted. 2 In the down 200 for 2Q 2022, scenario rates are floored at zero. We've taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment Estimated NII Sensitivity Profile (%) 10.8 4.0 3.2 2.9 5.4 1.9 1.6 1.6 -5.0 -1.2 -1.0 -1.0 -21.0 -1.8 -2.1 -1.9 2Q 2022 2Q 2023 2Q 2024 2Q 2025 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) 2 $2.45 $2.45 $2.25 $2.00 $2.00 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $7.8 $0.1 $0.0 $7.9 Short-Term Funding $0.1 - - $0.1 FHLB Advances $3.7 $0.2 $0.0 $3.9 Other Long-Term Funding $0.0 $0.0 $0.6 $0.6 Total $11.5 $0.3 $0.6 $12.4 ($ in billions) 3.75%3.79%3.89%3.89% 3.75% Notional Balances Weighted Avg. Yield

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9 Cash & Investment Securities Portfolio 19.1% 19.2% 19.8% 20.1% 20.5% 2.3% 2.3% 2.4% 2.9% 2.9% 21.4% 21.5% 22.2% 23.0% 23.4% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Securities Period End Securities + Cash / Total Assets Cash $3.9 $4.2 $4.6 $4.8 $5.0 $3.8 $3.8 $3.7 $3.7 $3.7 $0.2 $0.2 $0.2 $0.2 $0.3 $7.9 $8.1 $8.5 $8.7 $9.0 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Held to MaturityAvailable for Sale ($ 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 3.69% 3.66% 3.64% 4.22% 4.24% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025

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10 $23 $24 $24 $22 $23 $12 $14 $13 $13 $13 $12 $12 $12 $10 $11 $5 $4 $9 $4 $6 $3 $2 $3 $4 $4 $11 $11 $10 $5 $10 $65 $67 $72 $59 $67 2Q 2024 3Q 2024 4Q 2024 Adj. 1Q 2025 2Q 2025 Noninterest Income Trends ($ 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 2Q GAAP noninterest income increased 3% vs. the same period last year to $67 million 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 $122 $121 $126 $124 $127 $27 $27 $27 $27 $27 $13 $14 $14 $15 $13 $7 $8 $9 $10 $10 $27 $31 $34 $34 $33 $14 $196 $201 $224 $211 $209 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Efficiency Ratio (%)Noninterest Expense Trends Noninterest Expense Trends 1 Other is comprised of business development & advertising, equipment, legal & professional, loan & foreclosure costs, other intangible amortization & other noninterest expenses. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) Adjusted Efficiency Ratio2Fully Tax-Equivalent Efficiency Ratio 59.5 59.5 103.1 59.7 55.859.5 59.5 60.1 58.6 55.8 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Noninterest Expense / Average Assets (%) 1.92 1.93 2.12 2.00 1.93 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Noninterest expense decreased 1% vs. the prior quarter, while our efficiency ratio came in below 56% Personnel Other1 Technology FDIC Assessment Loss on Prepayment of FHLB Occupancy (Annualized)

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12 Capital Ratios (%) 7.18 9.68 10.27 12.34 8.06 10.20 10.77 12.83 TCE Ratio 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 1 2Q 2024 2Q 2025 We continue to target a CET1 range of 10% to 10.5% in 2025 $26.85 $27.90 $26.55 $27.09 $27.67 $19.28 $20.37 $19.71 $20.25 $20.84 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Per Common Share Data CET1 Including AOCI1 (%) CET1 Ratio Incl. AOCICET1 Ratio 9.68 9.72 10.01 10.11 10.20 9.01 9.38 9.79 10.01 10.16 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Tangible Book Value / Share1Book Value / Share

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13 ACLL / Total Loans (%)ACLL1 Update ▪ ACLL increased $5 million from the prior quarter to $412 million, driven primarily by loan growth plus some incremental credit movement and general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody's May 2025 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Allowance for Credit Losses on Loans (ACLL) 1.32 1.33 1.35 1.34 1.35 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Our ACLL percentage increased by 1 basis point vs. the prior quarter to 1.35% Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 150,274$1.36% 172,257$1.43% 186,135$1.50% CRE - Investor 72,156 1.44% 79,149 1.41% 63,342 1.18% CRE - Construction 71,680 3.18% 59,873 3.31% 65,885 3.38% Residential Mortgage 34,542 0.44% 34,160 0.49% 34,096 0.49% Other Consumer 60,968 1.77% 61,184 1.59% 62,332 1.58% Total 389,620$1.32% 406,624$1.34% 411,791$1.35% 3/31/2025 6/30/20256/30/2024

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14 Net Charge Offs & Provision Total Delinquent Loans Credit Quality Trends $2 $7 $3 $3 $14 $35 $49 $77 $44 $38 $37 $56 $80 $47 $52 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ($ in millions) Accruing Loans 30-89 Days PD $21 $13 $12 $9 $13 $23 $21 $17 $13 $18 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD Total Criticized Loans $154 $128 $123 $135 $113 $528 $688 $751 $740 $888 $118 $229 $396 $451 $467 $801 $1,046 $1,271 $1,325 $1,468 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ($ in millions) ($ in millions) Nonaccrual Loans $83 $86 $86 $89 $90 $48 $19 $17 $32 $16 $23 $24 $21 $14 $7 $154 $128 $123 $135 $113 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ($ in millions) CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans 2Q 2025 credit quality remained solid with nonaccruals down $22 million vs. 1Q 2025 & NCOs of $13 million

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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 0% to 1%5 Up 1% to 2%5 Noninterest Expense $818M $804M Up 3% to 4% Up 4% to 5% FY 2025 Outlook Previous FY 2025 Guidance1 Updated FY 2025 Guidance1 Total Loans Up 5% to 6% No change Total Deposits Up 1% to 2% Up 1% to 3% Core Customer Deposits2 Up 4% to 5% No change Net Interest Income Up 12% to 13% Up 14% to 15% Effective Tax Rate 19% to 21% No change CET1 Capital Ratio 10% to 10.5% No change

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Appendix

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17 Stable, Granular Deposit Portfolio 22% 22% 23% 26% 25% 78% 78% 77% 74% 75% $32.8 $33.8 $34.9 $35.2 $34.2 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Period End Deposit Trends (Associated Bank, N.A.) ($ in billions) Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits As of 6/30/2025, ASB's total liquidity sources covered 173% of uninsured, uncollateralized deposits Liquidity Sources 3/31/2025 6/30/2025 Federal Reserve Balance $705.7 $735.9 FHLB Chicago Capacity $6,362.6 $5,026.2 Fed Discount Window Capacity $3,308.3 $5,441.2 Funding Available Within One Business Day1 $10,376.6 $11,203.2 Fed Funds Lines $1,284.0 $1,729.0 Brokered Deposits Capacity2 $414.2 $734.6 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Liquidity $13,074.8 $14,666.9 173% 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.

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18 $3.4 $3.6 $3.8 $3.8 $4.0 $7.8 $7.8 $7.0 $7.0 $6.9 $7.3 $7.2 $7.2 $7.4 $7.3 $11.1 $11.4 $11.7 $12.0 $12.4 $29.6 $30.0 $29.8 $30.3 $30.6 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) Average Loan Change (1Q 2025 to 2Q 2025)Period End Quarterly Loan Trends $(222) $(29) $(27) $5 $88 $167 $398 Commercial & Industrial CRE Construction Auto Finance CRE-Investor Residential Mortgage 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 +$381 (+1%)

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19 $1.5 $1.6 $1.8 $1.9 $1.8 $4.1 $4.2 $4.3 $4.2 $4.1 $3.1 $3.7 $3.7 $3.7 $3.8 $5.9 $5.8 $6.0 $6.1 $5.9 $5.2 $5.1 $5.1 $5.2 $5.3 $7.2 $7.3 $8.0 $7.9 $7.5 $5.8 $5.9 $5.8 $6.1 $5.8 $32.7 $33.6 $34.6 $35.2 $34.1 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Period End Quarterly Deposits ($ 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. Quarterly Average Total Deposit Trends ($ in billions) $27.3 $27.1 $27.4 $28.1 $28.7 $28.3 $5.9 $5.5 $5.9 $6.2 $6.2 $5.9 $33.3 $32.6 $33.3 $34.3 $34.8 $34.2 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Core Customer Deposits1 +4.3% +4.8% Brokered CDs & Network Transaction Deposits

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20 Total Loans Outstanding Balances as of June 30, 2025 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 6/30/2025 1 % of Total Loans 6/30/2025 1 % of Total Loans C&BL (by NAICS 2) CRE (by property type) Utilities 2,786$9.1% Multi-Family 3,211$10.5% Manufacturing & Wholesale Trade 2,729 8.9% Industrial 1,616 5.3% Real Estate (includes REITs) 2,129 7.0% Office 896 2.9% Mortgage Warehouse 723 2.4% Retail 627 2.0% Finance & Insurance 695 2.3% Hotel/Motel 202 0.7% Retail Trade 565 1.8% Warehouse 155 0.5% Rental and Leasing Services 540 1.8% Medical 154 0.5% Construction 444 1.5% Single Family Construction 151 0.5% Transportation and Warehousing 398 1.3% Land 88 0.3% Professional, Scientific, and Tech. Serv. 329 1.1% Self Storage 14 0.0% Health Care and Social Assistance 321 1.0% Other 205 0.7% Waste Management 176 0.6% Total CRE 7,321$23.9% Information 147 0.5% Accommodation and Food Services 112 0.4% Consumer Arts, Entertainment, and Recreation 62 0.2% Residential Mortgage 6,949$22.7% Management of Companies & Enterprises 58 0.2% Auto Finance 2,969 9.7% Educational Services 28 0.1% Home Equity 676 2.2% Public Administration 15 0.0% Credit Cards 192 0.6% Mining 4 0.0% Other 116 0.4% Agriculture, Forestry, Fishing and Hunting 1 0.0% Total Consumer 10,903$35.6% Other 123 0.4% Total C&BL 12,383$40.5% Total Loans 30,608$100.0%

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21 Multi-Family 44% Retail 9% Office 12% Industrial 22% Warehouse 2% Hotel / Motel 3% Other 9% Wisconsin 28% Illinois 19% Minnesota 9% Other Midwest 12% Texas 5% Other 26% Manufacturing & Wholesale Trade 22% Power & Utilities 22% Real Estate 17% Mortgage Warehouse 6% Finance & Insurance 6% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 27% Natural Gas 23% Solar 24% Transmission, Control & Distribution 8% Other 18% Wisconsin 22% Illinois 14% Minnesota 7% Texas 6% Other Midwest 10% Other 41% Wisconsin 20% Illinois 14% Minnesota 9% Other Midwest2 21% Texas 10% Other 27% 2 2 Loan Stratification Outstanding Balances as of June 30, 2025 C&BL by Geography $12.4 billion Power & Utilities Lending $2.8 billion C&BL by Industry $12.4 billion Total Loans1 CRE by Geography $7.3 billion CRE by Property Type $7.3 billion

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22 Multi-Family 44% Retail 9% Office 12% Industrial 22% Other 13% Consumer 36% Com'l & Business Lending 41% CRE 24% Wisconsin 20% Illinois 14% Minnesota 9% Other Midwest2 21% Texas 10% Other 27% 1 All updates as of or for the period ended June 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. Negative values indicate a net recovery. 5 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. 6 Property class mix determined by third-party vendor partner mapping of portfolio. High-Quality Commercial Real Estate Portfolio1 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 Portfolio LTV 59% 58% 57% 57% 57% Delinquencies3/Loans 0.01% 0.22% 0.50% 0.03% 0.17% NALs/Loans 0.67% 0.26% 0.23% 0.43% 0.22% ACLL/Loans 1.98% 2.20% 1.99% 1.88% 1.77% NCOs/Avg. Loans4 0.25% 0.00% 0.37% 0.05% 0.45% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.19% Top 10 Largest CRE Borrowers 1.36% Largest CRE Property Type (Multi-Fam) 10.49% CRE Office Loans 2.93% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.21x 2025 Remaining Maturities $239 million Central Business District vs. Suburban ~81% Suburban Property Class Mix6 ~54% Class A ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets

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23 6/30/2025 % of Total Loans Residential Mortgage $6,949 22.7% Auto Finance $2,969 9.7% Home Equity $676 2.2% Credit Cards $192 0.6% Other $116 0.4% Total Consumer $10,903 35.6% 1 All data as of or for the period ended June 30, 2025 unless otherwise noted. Prime/Super Prime Consumer Loan Portfolio High-Quality Consumer Loan Portfolio1 788 778 790 791 Resi. Mortgage Auto Finance Home Equity Credit Cards 93% of our $10.9 billion consumer loan portfolio is prime / super prime Weighted Avg. Portfolio FICO Scores 85% 8% 6% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)

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24 Period End Core Customer Deposits Reconciliation ($ in thousands) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Total deposits $34,147,565 $35,196,713 $34,648,434 $33,554,298 $32,691,039 $33,713,158 Less: Network transaction deposits 1,792,362 1,882,930 1,758,388 1,566,908 1,502,919 1,792,820 Less: Brokered CDs 4,072,048 4,197,512 4,276,309 4,242,670 4,061,578 3,931,230 Core customer deposits $28,283,155 $29,116,271 $28,613,737 $27,744,719 $27,126,542 $27,989,108 Reconciliation & Definitions of Non-GAAP Items 1 The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. Average Core Customer Deposits Reconciliation ($ in thousands) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Average total deposits $34,203,201 $34,833,464 $34,337,468 $33,320,825 $32,629,404 $33,267,057 Less: Average network transaction deposits 1,843,998 1,847,972 1,690,745 1,644,305 1,595,312 1,651,937 Less: Average brokered CDs 4,089,844 4,315,311 4,514,841 4,247,941 3,927,727 4,268,881 Average core customer deposits $28,269,359 $28,670,181 $28,131,882 $27,428,578 $27,106,365 $27,346,239 Tangible Common Equity & Tangible Assets Reconciliation1 ($ in thousands) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Common equity $4,586,669 $4,492,446 $4,411,450 $4,219,125 $4,048,225 Less: Goodwill and other intangible assets, net 1,132,247 1,134,450 1,136,653 1,138,855 1,141,058 Tangible common equity for TCE Ratio and TBV / share $3,454,422 $3,357,996 $3,274,797 $3,080,269 $2,907,167 Total assets $43,993,729 $43,309,136 $43,023,068 $42,210,815 $41,623,908 Less: Goodwill and other intangible assets, net 1,132,247 1,134,450 1,136,653 1,138,855 1,141,058 Tangible assets for TCE Ratio $42,861,482 $42,174,686 $41,886,415 $41,071,960 $40,482,850 Period End Loans Reconciliation ($ in thousands) 2Q 2025 Total loans $30,607,605 Mortgage portfolio loans sold in 1Q 2025 694,985 Total adjusted loans $31,302,590

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25 Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Net income (loss) available to common equity $108,355 $98,812 $(164,490) $85,143 $112,698 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 $110,007 $100,464 $(162,838) $86,795 $114,350 Average common equity $4,538,549 $4,436,467 $4,334,230 $4,136,615 $3,972,092 Less: Average goodwill and other intangible assets, net 1,133,627 1,135,584 1,137,826 1,140,060 1,142,368 Average tangible common equity for ROATCE $3,404,922 $3,300,883 $3,196,404 $2,996,555 $2,829,725 Reconciliation & Definitions of Non-GAAP Items 1 Adjusted net income available to common equity, which is used in the calculation of return on average tangible common equity, adds back other intangible amortization, net of tax. 2 These items classified as nonrecurring items are the result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. Nonrecurring Item Noninterest Income Reconciliation ($ in thousands) YTD Jun 2025 1Q 2025 YTD Dec 2024 4Q 2024 GAAP noninterest income (loss) $125,754 $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 $132,729 $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. Common Equity Tier 1 Capital Ratio Reconciliation 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Common equity Tier 1 capital ratio 10.20% 10.11% 10.01% 9.72% 9.68% Accumulated other comprehensive loss adjustment (0.04)% (0.10)% (0.22)% (0.34)% (0.67)% Common equity Tier 1 capital ratio including accumulated other comprehensive loss 10.16% 10.01% 9.79% 9.38% 9.01% Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Total expense for efficiency ratios reconciliation Noninterest expense $209,352 $210,619 $224,282 $200,597 $195,861 Less: Other intangible amortization 2,203 2,203 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 207,149 208,416 222,080 198,394 193,658 Less: FDIC special assessment - - - - - Less: Announced initiatives1 - - 14,243 - - Total expense for adjusted efficiency ratio $207,149 $208,416 $207,836 $198,394 $193,658 Total revenue for efficiency ratios reconciliation Net interest income $300,000 $285,941 $270,289 $262,509 $256,593 Noninterest income (loss) 66,977 58,776 (206,772) 67,221 65,159 Less: Investment securities gains (losses), net 7 4 (148,194) 100 67 Fully tax-equivalent adjustment 4,228 4,254 3,680 3,723 3,747 Total revenue for fully tax-equivalent efficiency ratio 371,198 348,968 215,390 333,353 325,432 Less: Announced initiatives1 - (6,976) (130,406) - - Total revenue for adjusted efficiency ratio $371,198 $355,943 $345,795 $333,353 $325,432 Efficiency Ratios (expense / revenue) Fully tax-equivalent efficiency ratio 55.81% 59.72% 103.11% 59.51% 59.51% Adjusted efficiency ratio 55.81% 58.55% 60.10% 59.51% 59.51%

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