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Associated Banc-Corp Q3 earnings rise 18% to $144M

ASB raised its 2026 noninterest-income growth outlook to 12%–14% and lowered its expense-growth range to 19%–20%.

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Filing Sentiment

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Form Type
8-K

Rhea-AI Filing Summary

Associated Banc-Corp reported net income available to common equity of $143.7 million, or $0.76 per diluted share, for the quarter ended September 30, 2026, versus $121.9 million and $0.73 a year earlier. Adjusted earnings were $153.9 million, or $0.81 per share, excluding nonrecurring acquisition costs; these adjusted measures are non-GAAP. Net interest income rose 24% year over year to $377.3 million, and net interest margin was 3.20%.

At September 30, 2026, period-end loans were $36.5 billion, up 18% year over year, and deposits were $40.4 billion, up 16%. The company repurchased $100 million of common stock, or 3.2 million shares, at a weighted average price of $30.88. Nonaccrual loans were $183.4 million, up 73% year over year, equal to 0.50% of total loans.

For 2026, ASB expects period-end loan growth of 18%–20%, total deposit growth of 17%–19%, net interest income growth of 19%–21%, and noninterest income growth of 12%–14%. Noninterest expense growth is projected at 19%–20%, including nonrecurring acquisition costs. The projections combine Associated and American National for 2026 and compare with Associated's standalone 2025 results.

2 points · 0 major

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0 major · 2 points

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Positive

  • Moderate pointNet interest income rose 24% year over year to $377.3 million.
  • Moderate pointCommon-equity earnings increased 18% year over year to $143.7 million.

Negative

  • Moderate pointNonaccrual loans rose 73% year over year to $183.4 million.
  • Moderate pointNoninterest expense increased 20% year over year to $260.3 million.

Filing Explained

About ten million dollars of American National acquisition costs remained for recognition by December 31, 2026.

The earnings presentation says American National’s accounts, systems and branches were converted to Associated Bank in early October as planned, marking that operational milestone as complete.

The company estimates that about $10 million of nonrecurring acquisition-related expenses remains to be recognized by December 31, 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net income available to common equity $143.7 million Quarter ended September 30, 2026; up 18% year over year
Diluted earnings per common share $0.76 Quarter ended September 30, 2026; up 4% year over year
Adjusted earnings per common share $0.81 Quarter ended September 30, 2026; non-GAAP measure
Net interest income $377.3 million Quarter ended September 30, 2026; up 24% year over year
Net interest margin 3.20% Quarter ended September 30, 2026; up 16 basis points year over year
Noninterest expense $260.3 million Quarter ended September 30, 2026; up 20% year over year
Nonaccrual loans $183.4 million September 30, 2026; up 73% year over year
Common stock repurchases $100 million; 3.2 million shares at a $30.88 weighted average share price Third quarter of 2026
net interest margin financial
"net interest margin was 3.20%"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
core customer deposits financial
"period end core customer deposits"
nonaccrual loans financial
"Nonaccrual loans of $183 million"
Nonaccrual loans are loans a lender has stopped counting toward interest income because the borrower is overdue or unlikely to pay; the lender only records cash payments received and may set aside extra funds to cover potential losses. For investors, a rising number or amount of nonaccrual loans signals weaker credit quality, lower future interest revenue and larger potential write-downs — similar to pausing expected subscription income when many customers stop paying.
CET1 capital ratio regulatory
"CET1 capital ratio of 10.38%"
The CET1 capital ratio measures a bank’s core equity (common shares and retained earnings) as a share of its assets after those assets are adjusted for how risky they are. It shows how big a financial cushion the bank has to absorb losses without needing outside help, so investors use it like a fuel gauge: higher ratios mean more protection against bad loans or market shocks and lower chances of forced capital raises or regulatory action.
purchase accounting impact financial
"Pre-Tax Purchase Accounting Impact, Net"
Net income available to common equity $143.7 million +18% year over year
Diluted earnings per common share $0.76 +4% year over year
Net interest income $377.3 million +24% year over year
Net interest margin 3.20% +16 basis points year over year
Noninterest expense $260.3 million +20% year over year
Guidance

For 2026, ASB expects period-end loan growth of 18%–20%, total deposit growth of 17%–19%, core customer deposit growth of 19%–21%, net interest income growth of 19%–21%, noninterest income growth of 12%–14%, noninterest expense growth of 19%–20%, and an effective tax rate of 20%–22%. Projections combine Associated and American National results and compare with Associated's standalone 2025 results.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was ASB's diluted earnings per share for the quarter ended September 30, 2026?
ASB reported diluted earnings of $0.76 per common share, compared with $0.73 a year earlier. Adjusted earnings were $0.81 per common share after excluding nonrecurring acquisition-related items; adjusted earnings are a non-GAAP measure.

How much ASB stock did the company repurchase in the third quarter of 2026?
ASB repurchased $100 million of common stock, representing 3.2 million shares at a weighted average share price of $30.88.

What is ASB's 2026 commercial and industrial loan growth outlook?
ASB expects total commercial and industrial loans to grow 20% to 22% in 2026. The projections combine Associated and American National results and compare with Associated's standalone results for 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 22, 2026
                                                                            Associated Banc-Corp                                                                      
(Exact name of registrant as specified in its chapter)
Wisconsin001-3134339-1098068
(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

433 Main StreetGreen BayWisconsin54301
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code920491-7500
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the act:
Title of each classTrading symbolName of each exchange on which registered
Common stock, par value $0.01 per shareASBNew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs EASB PrENew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs FASB PrFNew York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033ASBANew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐
Emerging growth company 
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02 Results of Operations and Financial Condition.
On October 22, 2026, Associated Banc-Corp announced its earnings for the quarter ended September 30, 2026. A copy of the registrant’s press release containing this information and the slide presentation discussed on the conference call for investors and analysts on October 22, 2026, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.
(d)  Exhibits.
 The following exhibits are furnished as part of this Report on Form 8-K:
99.1    Press release of the registrant dated October 22, 2026, containing financial information for the quarter ended September30, 2026.
99.2    Slide presentation discussed on the conference call for investors and analysts on October 22, 2026.





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Associated Banc-Corp
(Registrant)
Date: October 22, 2026
By: /s/ Derek S. Meyer
Derek S. Meyer
Chief Financial Officer
  
 
 

Exhibit 99.1

asblogoa11.jpg
NEWS RELEASE
Investor Contact:
Ben McCarville, Senior Vice President, Director of Investor Relations     
920-491-7059
Media Contact:
Andrea Kozek, Vice President, Public Relations Senior Manager
920-491-7518

Associated Banc-Corp Reports Third Quarter 2026 Earnings of $0.76 Per Common Share, or $0.81 Per Common Share1 Excluding Nonrecurring Items Recognized During the Quarter

Results fueled by deposit growth, margin expansion, enhanced profitability, and improving return profile.
GREEN BAY, Wis. -- October 22, 2026 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $144 million, or $0.76 per common share, for the quarter ended September 30, 2026. These amounts compare to earnings of $121 million, or $0.63 per common share, for the quarter ended June 30, 2026 and earnings of $122 million, or $0.73 per common share, for the quarter ended September 30, 2025.
The Company's results for the quarter ended September 30, 2026 were impacted by several nonrecurring expenses associated with the acquisition of American National Corporation that closed on April 1, 2026. Excluding the impact of these nonrecurring items, the Company reported adjusted earnings of $154 million, or $0.81 per common share1.
“Across the Company, we remain focused on attracting and deepening relationships to drive sustainable organic growth, enhance our profitability and improve our return profile,” said President & CEO Andy Harmening. “In the third quarter, we maintained our momentum with strong core customer deposit1 growth, net interest margin expansion, fee income growth, and a strong bottom line--all of which gave us the confidence to execute $100 million in share repurchases during the quarter. We also recently completed the conversion of American National Corporation, giving us another lever to drive organic growth in attractive markets like Omaha and the Twin Cities.”
“Our Company is on an upward trajectory, and our leadership team is currently finalizing plans for the next wave of strategic initiatives to sustain our momentum into 2027 and beyond. We look forward to sharing additional information in the coming months.”
Third Quarter 2026 Highlights
•Period end total loans of $36.5 billion (+0.1% vs. 2Q 2026; +18% vs. 3Q 2025)
•Period end commercial & industrial loans of $13.8 billion (+0.4% vs. 2Q 2026; +19% vs. 3Q 2025)
•Period end total deposits of $40.4 billion (+1% vs. 2Q 2026; +16% vs. 3Q 2025)
•Period end core customer deposits1 of $34.8 billion (+2% vs. 2Q 2026; +21% vs. 3Q 2025)
•Net interest income of $377 million (+2% vs. 2Q 2026; +24% vs. 3Q 2025)
•Net interest margin of 3.20%
•Noninterest income of $87 million
•Noninterest expense of $260 million
•Provision for credit losses of $14 million
•Allowance for credit losses on loans / total loans of 1.34%
•Net charge offs / average loans (annualized) of 0.19%
•Repurchased $100 million (3.2 million shares) of ASB common stock at a weighted avg. share price of $30.88
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.


Loans
Third quarter 2026 average total loans of $36.2 billion increased 1%, or $327 million, from the prior quarter and increased 18%, or $5.4 billion, from the same period last year. With respect to third quarter 2026 average balances by loan category:
•Commercial and business lending increased $227 million from the prior quarter and increased $2.5 billion from the same period last year to $15.0 billion.
•Commercial real estate lending increased $161 million from the prior quarter and increased $1.8 billion from the same period last year to $9.1 billion.
•Consumer lending decreased $61 million from the prior quarter and increased $1.1 billion from the same period last year to $12.1 billion.
Third quarter 2026 period end total loans of $36.5 billion increased $53 million from the prior quarter and increased 18%, or $5.6 billion, from the same period last year. With respect to third quarter 2026 period end balances by loan category:
•Commercial and business lending increased $80 million from the prior quarter and increased $2.7 billion from the same period last year to $15.4 billion.
•Commercial real estate lending increased $57 million from the prior quarter and increased $1.8 billion from the same period last year to $9.1 billion.
•Consumer lending decreased $85 million from the prior quarter and increased $1.1 billion from the same period last year to $12.0 billion.
We continue to expect 2026 period end loan growth of 18% to 20% as compared to Associated's standalone results for the year ended December 31, 2025.
Deposits
Third quarter 2026 average deposits of $41.0 billion increased 1%, or $584 million, from the prior quarter and increased 18%, or $6.3 billion, from the same period last year. With respect to third quarter 2026 average balances by deposit category:
•Noninterest-bearing demand deposits increased $309 million from the prior quarter and increased $1.6 billion from the same period last year to $7.4 billion.
•Savings increased $141 million from the prior quarter and increased $850 million from the same period last year to $6.2 billion.
•Interest-bearing demand deposits increased $315 million from the prior quarter and increased $1.1 billion from the same period last year to $9.0 billion.
•Money market deposits decreased $23 million from the prior quarter and increased $1.8 billion from the same period last year to $7.6 billion.
•Brokered CDs decreased $165 million from the prior quarter and increased $4 million from the same period last year to $3.9 billion.


•Other time deposits increased $17 million from the prior quarter and increased $1.0 billion from the same period last year to $5.0 billion.
•Network transaction deposits decreased $11 million from the prior quarter and decreased $65 million from the same period last year to $1.9 billion.
•Core customer deposits1 increased $760 million from the prior quarter and increased $6.3 billion from the same period last year to $35.2 billion.
Third quarter 2026 period end deposits of $40.4 billion increased 1%, or $450 million, from the prior quarter and increased 16%, or $5.5 billion, from the same period last year. With respect to third quarter 2026 period end balances by deposit category:
•Noninterest-bearing demand deposits increased $6 million from the prior quarter and increased $1.0 billion from the same period last year to $6.9 billion.
•Savings increased $44 million from the prior quarter and increased $835 million from the same period last year to $6.2 billion.
•Interest-bearing demand deposits increased $398 million from the prior quarter and increased $1.3 billion from the same period last year to $9.1 billion.
•Money market deposits increased $41 million from the prior quarter and increased $1.9 billion from the same period last year to $7.7 billion.
•Brokered CDs decreased $144 million from the prior quarter and decreased $166 million from the same period last year to $3.8 billion.
•Other time deposits increased $181 million from the prior quarter and increased $917 million from the same period last year to $5.0 billion.
•Network transaction deposits decreased $78 million from the prior quarter and decreased $269 million from the same period last year to $1.7 billion.
•Core customer deposits1 increased $671 million from the prior quarter and increased $5.9 billion from the same period last year to $34.8 billion.
We continue to expect 2026 period end total deposit growth of 17% to 19% and period end core customer deposit growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.
Net Interest Income and Net Interest Margin
Third quarter 2026 net interest income of $377 million increased $7 million from the prior quarter and increased $72 million from the same period last year. The net interest margin of 3.20% was a 3 basis point increase from the prior quarter and a 16 basis point increase from the same period last year.
•The average yield on total loans for the third quarter of 2026 remained flat from the prior quarter and decreased 22 basis points from the same period last year to 5.67%.
•The average cost of total interest-bearing liabilities for the third quarter of 2026 increased 1 basis point from the prior quarter and decreased 36 basis points from the same period last year to 2.67%.
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.


•The net free funds benefit for the third quarter of 2026 increased 1 basis point from the prior quarter and decreased 4 basis points from the same period last year to 0.53%.
We continue to expect 2026 net interest income growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.
Noninterest Income
Third quarter 2026 total noninterest income of $87 million increased $7 million from the prior quarter and increased $6 million from the same period last year. With respect to third quarter 2026 noninterest income line items:
•Wealth management fees decreased slightly from the prior quarter and increased $1 million from the same period last year.
•Service charges and deposit account fees increased $1 million from the prior quarter and increased $3 million from the same period last year.
•Card-based fees increased slightly from the prior quarter and increased $2 million from the same period last year.
•Capital markets, net increased $3 million from the prior quarter and decreased slightly from the same period last year.
•Mortgage banking, net decreased $1 million from the prior quarter and decreased $2 million from the same period last year.
•Asset gains, net increased $2 million from the prior quarter and decreased $1 million from the same period last year.
We now expect total noninterest income growth of 12% to 14% in 2026 as compared to Associated's standalone results for the year ended December 31, 2025.
Noninterest Expense
Third quarter 2026 total noninterest expense of $260 million decreased $12 million from the prior quarter and increased $44 million from the same period last year. Third quarter 2026 total noninterest expense included $13 million of nonrecurring costs associated with the acquisition of American National Corporation, which closed on April 1, 2026. With respect to third quarter 2026 noninterest expense line items:
•Personnel expense decreased $7 million from the prior quarter and increased $18 million from the same period last year.
•Technology expense increased $10 million from the prior quarter and increased $14 million from the same period last year.
•Legal and professional expense decreased $8 million from the prior quarter and increased $4 million from the same period last year.
•Other intangible amortization remained flat from the prior quarter and increased $5 million from the same period last year.
•Other noninterest expense decreased $10 million from the prior quarter and decreased $4 million from the same period last year.


We now expect 2026 noninterest expense growth of 19% to 20% as compared to Associated's standalone results for the year ended December 31, 2025. This figure includes nonrecurring costs incurred in connection with the acquisition of American National Corporation.
Taxes
Third quarter 2026 income tax expense was $43 million, compared to $36 million of income tax expense in the prior quarter and $30 million of income tax expense in the same period last year. The effective tax rate for the third quarter of 2026 was 22.86%, compared to 22.37% in the prior quarter and 19.16% in the same period last year.
We now expect the annual effective tax rate to be between 20% and 22% in 2026.
Credit
Third quarter 2026 provision for credit losses on loans was $14 million, compared to a provision of $19 million in the prior quarter and a provision of $16 million in the same period last year. With respect to third quarter 2026 credit quality:
•Nonaccrual loans of $183 million increased $33 million from the prior quarter and increased $77 million from the same period last year. The nonaccrual loans to total loans ratio was 0.50% in the third quarter, up from 0.41% in the prior quarter and up from 0.34% in the same period last year.
•Third quarter 2026 net charge offs of $18 million decreased compared to net charge offs of $23 million in the prior quarter and increased compared to net charge offs of $13 million in the same period last year.
•The allowance for credit losses on loans (ACLL) of $491 million decreased $4 million compared to the prior quarter and increased $76 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the third quarter, down from 1.36% in the prior quarter and flat vs. 1.34% in the same period last year.
In 2026, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.
Capital
During the third quarter of 2026, the Company repurchased $100 million (3.2 million shares) of common stock at a weighted average share price of $30.88. The Company’s capital position remains strong, with a CET1 capital ratio of 10.38% at September 30, 2026. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.




THIRD QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 22, 2026. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp third quarter 2026 earnings call. The third quarter 2026 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $51 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and Nebraska. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD-LOOKING STATEMENTS
Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “intend,” "target,” “outlook,” “project,” “guidance,” “forecast,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.
NON-GAAP FINANCIAL MEASURES
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
# # #


Associated Banc-Corp
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)September 30, 2026June 30, 2026Sequential Quarter ChangeMarch 31, 2026December 31, 2025September 30, 2025Comparable Quarter Change
Assets
Cash and due from banks$644,519 $548,057 $96,462 $465,318 $574,698 $490,431 $154,088 
Interest-bearing deposits in other financial institutions982,850 1,268,379 (285,529)920,684 1,144,123 802,251 180,599 
Federal funds sold and securities purchased under agreements to resell100 14,355 (14,255)175 1,400 90 10 
Available for sale (AFS) investment securities, net, at fair value6,198,828 6,366,586 (167,758)5,514,456 5,397,563 5,217,278 981,550 
Held to maturity (HTM) investment securities, net, at amortized cost3,462,166 3,510,726 (48,560)3,570,843 3,602,519 3,636,080 (173,914)
Equity securities30,043 29,960 83 26,109 26,060 26,000 4,043 
Regulatory stocks, at cost304,330 329,436 (25,106)290,189 252,514 251,642 52,688 
Residential loans held for sale66,770 94,490 (27,720)87,461 72,499 74,563 (7,793)
Commercial loans held for sale— 15,000 (15,000)— — — — 
Loans36,519,871 36,467,040 52,831 31,798,164 31,163,614 30,951,964 5,567,907 
Allowance for loan losses(441,124)(443,729)2,605 (385,756)(378,068)(378,341)(62,783)
Loans, net36,078,747 36,023,311 55,436 31,412,408 30,785,546 30,573,623 5,505,124 
Tax credit and other investments242,894 235,536 7,358 230,954 236,657 245,239 (2,345)
Premises and equipment, net447,112 449,003 (1,891)376,760 381,624 384,139 62,973 
Bank and corporate owned life insurance717,175 717,116 59 694,765 694,452 693,511 23,664 
Goodwill1,147,081 1,147,081 — 1,104,992 1,104,992 1,104,992 42,089 
Other intangible assets, net110,059 116,953 (6,894)20,647 22,849 25,052 85,007 
Mortgage servicing rights, net94,919 87,683 7,236 87,599 86,337 85,063 9,856 
Interest receivable183,595 181,916 1,679 161,021 161,118 168,451 15,144 
Other assets688,664 676,918 11,746 629,359 657,645 677,458 11,206 
Total assets$51,399,852 $51,812,506 $(412,654)$45,593,740 $45,202,596 $44,455,863 $6,943,989 
Liabilities and stockholders' equity
Noninterest-bearing demand deposits$6,914,688 $6,908,338 $6,350 $6,125,067 $6,126,632 $5,906,251 $1,008,437 
Interest-bearing deposits33,466,262 33,022,917 443,345 29,606,698 29,425,976 28,975,602 4,490,660 
Total deposits40,380,950 39,931,255 449,695 35,731,765 35,552,608 34,881,853 5,499,097 
Federal funds purchased and securities sold under agreements to repurchase266,329 529,276 (262,947)395,652 307,864 399,665 (133,336)
FHLB advances3,961,112 4,574,681 (613,569)3,421,762 3,268,094 3,220,679 740,433 
Senior and subordinated debt589,168 591,080 (1,912)592,629 594,276 594,074 (4,906)
Allowance for unfunded commitments49,744 50,744 (1,000)39,276 41,276 36,276 13,468 
Accrued expenses and other liabilities676,917 497,347 179,570 414,784 463,131 455,019 221,898 
Total liabilities45,924,220 46,174,383 (250,163)40,595,868 40,227,249 39,587,565 6,336,655 
Stockholders' equity
Preferred equity194,112 194,112 — 194,112 194,112 194,112 — 
Common equity5,281,520 5,444,011 (162,491)4,803,760 4,781,235 4,674,186 607,334 
Total stockholders' equity5,475,632 5,638,123 (162,491)4,997,872 4,975,347 4,868,298 607,334 
Total liabilities and stockholders' equity$51,399,852 $51,812,506 $(412,654)$45,593,740 $45,202,596 $44,455,863 $6,943,989 
Numbers may not recalculate due to rounding conventions.

1


Associated Banc-Corp
Consolidated Statements of Income (Unaudited)		Comparable QuarterYear to Date (YTD)Comparable YTD
(Dollars and shares in thousands, except per share data)3Q263Q25Dollar ChangePercentage ChangeSeptember 2026September 2025Dollar ChangePercentage Change
Interest income
Interest and fees on loans$516,411 $455,623 $60,788 13 %$1,449,927 $1,336,703 $113,224 8 %
Interest and dividends on investment securities
Taxable87,551 73,727 13,824 19 %251,574 214,689 36,885 17 %
Tax-exempt13,510 13,888 (378)(3)%40,972 41,746 (774)(2)%
Other interest16,109 13,353 2,756 21 %42,444 35,274 7,170 20 %
Total interest income633,581 556,591 76,990 14 %1,784,917 1,628,412 156,505 10 %
Interest expense
Interest on deposits208,601 202,344 6,257 3 %587,639 609,139 (21,500)(4)%
Interest on federal funds purchased and securities sold under agreements to repurchase3,008 2,107 901 43 %10,826 7,733 3,093 40 %
Interest on FHLB advances34,138 35,965 (1,827)(5)%100,760 86,944 13,816 16 %
Interest on senior and subordinated debt10,231 10,741 (510)(5)%30,556 32,526 (1,970)(6)%
Interest on other interest-bearing liabilities352 212 140 66 %657 907 (250)(28)%
Total interest expense256,330 251,369 4,961 2 %730,438 737,250 (6,812)(1)%
Net interest income377,251 305,222 72,029 24 %1,054,479 891,163 163,316 18 %
Provision for credit losses14,005 16,000 (1,995)(12)%44,394 46,999 (2,605)(6)%
Net interest income after provision for credit losses363,246 289,223 74,023 26 %1,010,085 844,164 165,921 20 %
Noninterest income
Wealth management fees26,161 25,315 846 3 %77,596 70,837 6,759 10 %
Service charges and deposit account fees16,793 13,861 2,932 21 %46,709 39,822 6,887 17 %
Card-based fees14,549 12,308 2,241 18 %40,289 33,950 6,339 19 %
Other fee-based revenue6,630 5,414 1,216 22 %17,250 15,659 1,591 10 %
Capital markets, net10,702 10,764 (62)(1)%24,720 20,873 3,847 18 %
Mortgage banking, net1,765 3,541 (1,776)(50)%10,653 11,577 (924)(8)%
Loss on mortgage portfolio sale— — — — %— (6,976)6,976 (100)%
Bank and corporate owned life insurance4,691 4,051 640 16 %13,122 13,391 (269)(2)%
Asset gains, net2,676 3,340 (664)(20)%4,305 727 3,578 492 %
Investment securities (losses) gains, net(46)1 (47)N/M(40)13 (53)(408)%
Other3,210 2,670 540 20 %8,783 7,147 1,636 23 %
Total noninterest income87,131 81,265 5,866 7 %243,387 207,019 36,368 18 %
Noninterest expense
Personnel153,714 135,703 18,011 13 %450,054 386,593 63,461 16 %
Technology42,725 28,590 14,135 49 %105,328 82,237 23,091 28 %
Occupancy15,552 12,757 2,795 22 %43,369 40,782 2,587 6 %
Business development and advertising9,477 8,362 1,115 13 %25,851 22,496 3,355 15 %
Equipment5,480 4,368 1,112 25 %16,514 13,389 3,125 23 %
Legal and professional9,053 5,232 3,821 73 %33,228 17,989 15,239 85 %
Loan and foreclosure costs2,039 1,638 401 24 %5,298 6,937 (1,639)(24)%
FDIC assessment11,802 9,980 1,822 18 %31,234 30,124 1,110 4 %
Other intangible amortization6,894 2,203 4,691 213 %15,990 6,608 9,382 142 %
Other3,606 7,369 (3,763)(51)%24,520 29,017 (4,497)(15)%
Total noninterest expense260,342 216,202 44,140 20 %751,386 636,173 115,213 18 %
Income before income taxes190,035 154,286 35,749 23 %502,086 415,010 87,076 21 %
Income tax expense43,449 29,554 13,895 47 %112,301 77,362 34,939 45 %
Net income146,586 124,732 21,854 18 %389,785 337,648 52,137 15 %
Preferred stock dividends2,875 2,875 — — %8,625 8,625 — — %
Net income available to common equity$143,711 $121,857 $21,854 18 %$381,160 $329,023 $52,137 16 %
Pre-tax pre-provision income(a)
204,040 170,286 33,754 20 %546,480 462,009 84,471 18 %
Earnings per common share
Basic$0.77 $0.73 $0.04 5 %$2.11 $1.98 $0.13 7 %
Diluted$0.76 $0.73 $0.03 4 %$2.09 $1.96 $0.13 7 %
Average common shares outstanding
Basic186,685 165,029 21,656 13 %180,034 165,064 14,970 9 %
Diluted188,500 166,703 21,797 13 %181,782 166,645 15,137 9 %
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
Prior periods have been adjusted to conform with current period presentation.
(a) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.

2


Associated Banc-Corp
Consolidated Statements of Income (Unaudited) - Quarterly Trend
(Dollars and shares in thousands, except per share data)Sequential Quarter
3Q262Q26Dollar ChangePercentage Change1Q264Q253Q25
Interest income
Interest and fees on loans$516,411 $506,528 $9,883 2 %$426,989 $445,687 $455,623 
Interest and dividends on investment securities
Taxable87,551 88,347 (796)(1)%75,676 73,511 73,727 
Tax-exempt13,510 13,725 (215)(2)%13,738 13,851 13,888 
Other interest16,109 14,694 1,415 10 %11,641 11,294 13,353 
Total interest income633,581 623,294 10,287 2 %528,044 544,343 556,591 
Interest expense
Interest on deposits208,601 203,765 4,836 2 %175,273 194,778 202,344 
Interest on federal funds purchased and securities sold under agreements to repurchase3,008 4,085 (1,077)(26)%3,732 2,682 2,107 
Interest on FHLB advances34,138 35,052 (914)(3)%31,570 26,309 35,965 
Interest on senior and subordinated debt10,231 10,163 68 1 %10,163 10,483 10,741 
Interest on other interest-bearing liabilities352 190 162 85 %116 110 212 
Total interest expense256,330 253,255 3,075 1 %220,854 234,362 251,369 
Net interest income377,251 370,039 7,212 2 %307,190 309,981 305,222 
Provision for credit losses14,005 19,388 (5,383)(28)%11,001 6,998 16,000 
Net interest income after provision for credit losses363,246 350,651 12,595 4 %296,189 302,983 289,223 
Noninterest income
Wealth management fees26,161 26,217 (56)— %25,219 25,742 25,315 
Service charges and deposit account fees16,793 15,863 930 6 %14,054 13,827 13,861 
Card-based fees14,549 14,161 388 3 %11,579 12,679 12,308 
Other fee-based revenue6,630 5,758 872 15 %4,862 5,557 5,414 
Capital markets, net10,702 7,476 3,226 43 %6,543 11,175 10,764 
Mortgage banking, net1,765 2,777 (1,012)(36)%6,111 2,926 3,541 
Bank and corporate owned life insurance4,691 4,615 76 2 %3,816 3,804 4,051 
Asset gains, net2,676 789 1,887 239 %840 838 3,340 
Investment securities (losses) gains, net(46)35 (81)(231)%(28)37 1 
Other3,210 2,707 503 19 %2,861 2,799 2,670 
Total noninterest income87,131 80,398 6,733 8 %75,857 79,384 81,265 
Noninterest expense
Personnel153,714 161,168 (7,454)(5)%135,172 135,130 135,703 
Technology42,725 32,867 9,858 30 %29,736 28,641 28,590 
Occupancy15,552 14,091 1,461 10 %13,725 14,229 12,757 
Business development and advertising9,477 8,548 929 11 %7,827 9,118 8,362 
Equipment5,480 5,423 57 1 %5,610 6,888 4,368 
Legal and professional9,053 17,454 (8,401)(48)%6,721 5,945 5,232 
Loan and foreclosure costs2,039 1,552 487 31 %1,707 1,327 1,638 
FDIC assessment11,802 10,595 1,207 11 %8,837 6,589 9,980 
Other intangible amortization6,894 6,894 — — %2,203 2,203 2,203 
Other3,606 13,290 (9,684)(73)%7,625 9,396 7,369 
Total noninterest expense260,342 271,882 (11,540)(4)%219,163 219,466 216,202 
Income before income taxes190,035 159,167 30,868 19 %152,883 162,901 154,286 
Income tax expense43,449 35,603 7,846 22 %33,248 25,772 29,554 
Net income146,586 123,564 23,022 19 %119,635 137,129 124,732 
Preferred stock dividends2,875 2,875 — — %2,875 2,875 2,875 
Net income available to common equity$143,711 $120,689 $23,022 19 %$116,760 $134,254 $121,857 
Pre-tax pre-provision income(a)
204,040 178,555 25,485 14 %163,884 169,899 170,286 
Earnings per common share
Basic$0.77 $0.64 $0.13 20 %$0.70 $0.81 $0.73 
Diluted$0.76 $0.63 $0.13 21 %$0.70 $0.80 $0.73 
Average common shares outstanding
Basic186,685 188,084 (1,399)(1)%165,097 165,126 165,029 
Diluted188,500 189,899 (1,399)(1)%166,561 166,746 166,703 
Numbers may not recalculate due to rounding conventions.
Prior periods have been adjusted to conform with current period presentation.
(a) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
3


Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
Three Months Ended
September 30, 2026June 30, 2026
September 30, 2025(a)
(Dollars in thousands)Average
Balance		Interest
Income / Expense		Average
Yield /Rate		Average
Balance		Interest
Income / Expense		Average
Yield /Rate		Average
Balance		Interest
Income /Expense		Average
Yield /Rate
Assets
Earning assets
Loans (b)(c)
Commercial and industrial$13,419,967 $203,370 6.01 %$13,185,643 $197,248 6.00 %$11,367,533 $187,046 6.53 %
Commercial real estate—owner occupied1,570,109 22,270 5.63 %1,577,489 22,000 5.59 %1,105,787 15,827 5.68 %
Commercial and business lending14,990,076 225,640 5.97 %14,763,132 219,248 5.96 %12,473,319 202,873 6.45 %
Commercial real estate—investor6,464,811 98,026 6.02 %6,502,707 99,131 6.11 %5,300,765 87,114 6.52 %
Real estate construction2,609,406 44,332 6.74 %2,410,500 40,425 6.73 %1,991,565 36,770 7.32 %
Commercial real estate lending9,074,217 142,358 6.23 %8,913,207 139,556 6.28 %7,292,330 123,884 6.74 %
Total commercial24,064,293 367,998 6.07 %23,676,339 358,804 6.08 %19,765,649 326,757 6.56 %
Residential mortgage 6,849,299 65,911 3.85 %6,916,754 65,963 3.81 %6,987,858 65,553 3.75 %
Auto finance4,082,986 59,941 5.82 %4,044,290 58,768 5.83 %3,000,978 42,230 5.58 %
Home equity836,914 13,391 6.39 %817,378 13,096 6.41 %690,330 12,641 7.32 %
Other consumer363,543 9,665 10.55 %415,476 10,388 10.03 %305,644 8,972 11.65 %
Total consumer12,132,742 148,908 4.89 %12,193,898 148,215 4.87 %10,984,811 129,396 4.70 %
Total loans36,197,035 516,906 5.67 %35,870,237 507,019 5.67 %30,750,460 456,153 5.89 %
Investments
Taxable securities7,963,260 87,551 4.40 %8,153,435 88,347 4.33 %6,767,664 73,727 4.36 %
Tax-exempt securities(b)
1,941,019 17,101 3.52 %1,971,946 17,373 3.52 %1,997,416 17,580 3.52 %
Other short-term investments1,401,842 16,109 4.56 %1,291,636 14,694 4.56 %1,046,723 13,353 5.06 %
Total investments11,306,121 120,761 4.27 %11,417,017 120,414 4.22 %9,811,804 104,660 4.26 %
Total earning assets and related interest income47,503,156 $637,667 5.34 %47,287,254 $627,433 5.32 %40,562,264 $560,813 5.50 %
Other assets, net4,096,534 3,948,588 3,452,939 
Total assets$51,599,690 $51,235,842 $44,015,203 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$6,187,886 $21,207 1.36 %$6,046,605 $19,815 1.31 %$5,338,129 $19,042 1.42 %
Interest-bearing demand9,035,081 40,602 1.78 %8,720,180 37,161 1.71 %7,898,770 44,763 2.25 %
Money market7,619,006 46,757 2.43 %7,641,652 45,976 2.41 %5,860,802 38,061 2.58 %
Network transaction deposits1,869,045 17,727 3.76 %1,879,876 17,459 3.73 %1,933,659 21,276 4.37 %
Brokered CDs3,920,540 39,334 3.98 %4,085,995 40,487 3.97 %3,916,329 42,878 4.34 %
Other time deposits4,963,185 42,974 3.44 %4,945,821 42,867 3.48 %3,961,522 36,323 3.64 %
Total interest-bearing deposits33,594,743 208,601 2.46 %33,320,129 203,765 2.45 %28,909,211 202,344 2.78 %
Federal funds purchased and securities sold under agreements to repurchase337,397 3,008 3.54 %460,414 4,085 3.56 %227,460 2,107 3.68 %
FHLB advances3,528,243 34,138 3.84 %3,733,950 35,052 3.77 %3,181,903 35,965 4.48 %
Senior and subordinated debt590,928 10,231 6.93 %592,195 10,163 6.86 %593,045 10,741 7.24 %
Other interest-bearing liabilities35,181 352 3.97 %16,430 190 4.64 %19,276 212 4.36 %
Total funding4,491,749 47,729 4.22 %4,802,989 49,490 4.13 %4,021,685 49,025 4.85 %
Total interest-bearing liabilities and related interest expense38,086,492 $256,330 2.67 %38,123,118 $253,255 2.66 %32,930,896 $251,369 3.03 %
Noninterest-bearing demand deposits7,371,331 7,062,098 5,796,676 
Other liabilities484,357 422,642 466,482 
Stockholders’ equity5,657,510 5,627,984 4,821,150 
Total liabilities and stockholders’ equity$51,599,690 $51,235,842 $44,015,203 
Interest rate spread2.67 %2.65 %2.47 %
Net free funds0.53 %0.52 %0.57 %
Fully tax-equivalent net interest income and net interest margin$381,337 3.20 %$374,178 3.17 %$309,444 3.04 %
Fully tax-equivalent adjustment(4,086)(4,139)(4,222)
Net interest income$377,251 $370,039 $305,222 
Numbers may not recalculate due to rounding conventions.
(a)Prior period has been adjusted to conform with current period presentation.
(b)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(c)Loans held for sale have been included in the average balances.
4


Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
Nine Months Ended September 30,
2026
2025(a)
(Dollars in thousands)Average
Balance		Interest
Income / Expense		Average
Yield / Rate		Average
Balance		Interest
Income / Expense		Average
Yield / Rate
Assets
Earning assets
Loans (b) (c)
Commercial and industrial$12,800,123 $573,125 5.99 %$10,980,230 $536,786 6.54 %
Commercial real estate—owner occupied1,447,492 60,238 5.56 %1,120,206 48,042 5.73 %
Commercial and business lending14,247,615 633,363 5.94 %12,100,436 584,828 6.46 %
Commercial real estate—investor6,085,950 275,310 6.05 %5,432,417 265,772 6.54 %
Real estate construction2,360,444 118,800 6.73 %1,920,292 104,598 7.28 %
Commercial real estate lending8,446,394 394,110 6.24 %7,352,709 370,370 6.73 %
Total commercial22,694,009 1,027,473 6.05 %19,453,145 955,197 6.56 %
Residential mortgage
6,866,076 196,514 3.82 %7,091,945 197,371 3.71 %
Auto finance3,754,434 160,677 5.72 %2,926,862 122,562 5.60 %
Home equity788,518 38,179 6.46 %671,884 36,791 7.30 %
Other consumer364,560 28,557 10.47 %309,654 26,389 11.39 %
Total consumer11,773,588 423,927 4.81 %11,000,345 383,113 4.65 %
Total loans34,467,597 1,451,400 5.63 %30,453,490 1,338,311 5.87 %
Investments
Taxable securities7,732,748 251,574 4.34 %6,582,998 214,689 4.35 %
Tax-exempt securities(b)
1,963,684 51,864 3.52 %2,006,027 52,844 3.51 %
Other short-term investments1,238,168 42,444 4.58 %935,475 35,274 5.04 %
Total investments10,934,600 345,882 4.22 %9,524,500 302,806 4.24 %
Total earning assets and related interest income45,402,197 $1,797,282 5.29 %39,977,990 $1,641,117 5.48 %
Other assets, net3,906,735 3,382,379 
Total assets$49,308,932 $43,360,369 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$5,924,846 $58,712 1.32 %$5,241,799 $54,110 1.38 %
Interest-bearing demand8,551,442 111,999 1.75 %7,870,806 132,678 2.25 %
Money market7,113,072 126,973 2.39 %5,975,632 116,316 2.60 %
Network transaction deposits1,888,746 52,687 3.73 %1,875,523 61,554 4.39 %
Brokered CDs3,834,723 114,325 3.99 %4,105,700 137,589 4.48 %
Other time deposits4,728,922 122,943 3.48 %3,815,105 106,892 3.75 %
Total interest-bearing deposits32,041,751 587,639 2.45 %28,884,565 609,139 2.82 %
Federal funds purchased and securities sold under agreements to repurchase407,330 10,826 3.55 %274,204 7,733 3.77 %
FHLB advances3,548,066 100,760 3.80 %2,672,351 86,944 4.35 %
Senior and subordinated debt592,495 30,556 6.88 %604,146 32,526 7.18 %
Other interest-bearing liabilities21,029 657 4.18 %22,861 907 5.30 %
Total funding4,568,920 142,799 4.18 %3,573,561 128,110 4.79 %
Total interest-bearing liabilities and related interest expense36,610,671 $730,438 2.67 %32,458,126 $737,250 3.04 %
Noninterest-bearing demand deposits6,815,928 5,695,818 
Other liabilities449,275 477,597 
Stockholders’ equity5,433,058 4,728,828 
Total liabilities and stockholders’ equity$49,308,932 $43,360,369 
Interest rate spread2.62 %2.45 %
Net free funds0.52 %0.57 %
Fully tax-equivalent net interest income and net interest margin$1,066,844 3.14 %$903,867 3.02 %
Fully tax-equivalent adjustment(12,365)(12,705)
Net interest income$1,054,479 $891,163 
Numbers may not recalculate due to rounding conventions.
(a)Prior period has been adjusted to conform with current period presentation.
(b)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(c)Loans held for sale have been included in the average balances.
5


Associated Banc-Corp
Loan and Deposit Composition
(Dollars in thousands)
Period end loan compositionSep 30, 2026Jun 30, 2026Seql Qtr % ChangeMar 31, 2026Dec 31, 2025Sep 30, 2025Comp Qtr % Change
Commercial and industrial$13,804,140 $13,750,175 — %$12,339,597 $11,799,757 $11,567,651 19 %
Commercial real estate—owner occupied1,601,925 1,575,445 2 %1,193,778 1,186,324 1,149,939 39 %
Commercial and business lending15,406,065 15,325,620 1 %13,533,375 12,986,081 12,717,590 21 %
Commercial real estate—investor6,494,991 6,492,950 — %5,266,584 5,246,030 5,369,441 21 %
Real estate construction2,601,571 2,546,186 2 %2,117,479 1,994,642 1,958,766 33 %
Commercial real estate lending9,096,562 9,039,136 1 %7,384,063 7,240,672 7,328,207 24 %
Total commercial24,502,627 24,364,756 1 %20,917,438 20,226,753 20,045,797 22 %
Residential mortgage 6,740,214 6,808,398 (1)%6,727,734 6,793,957 6,858,285 (2)%
Auto finance4,093,215 4,044,416 1 %3,136,334 3,106,498 3,041,644 35 %
Home equity 848,507 826,343 3 %706,075 713,271 698,112 22 %
Other consumer335,308 423,127 (21)%310,583 323,135 308,126 9 %
Total consumer12,017,244 12,102,284 (1)%10,880,726 10,936,861 10,906,167 10 %
Total loans$36,519,871 $36,467,040 — %$31,798,164 $31,163,614 $30,951,964 18 %
Quarter average loan composition(a)
Sep 30, 2026Jun 30, 2026Seql Qtr % ChangeMar 31, 2026Dec 31, 2025Sep 30, 2025Comp Qtr % Change
Commercial and industrial$13,419,967 $13,185,643 2 %$11,776,702 $11,588,059 $11,367,533 18 %
Commercial real estate—owner occupied1,570,109 1,577,489 — %1,190,708 1,157,531 1,105,787 42 %
Commercial and business lending14,990,076 14,763,132 2 %12,967,410 12,745,590 12,473,319 20 %
Commercial real estate—investor6,464,811 6,502,707 (1)%5,277,283 5,291,562 5,300,765 22 %
Real estate construction2,609,406 2,410,500 8 %2,055,338 1,974,318 1,991,565 31 %
Commercial real estate lending9,074,217 8,913,207 2 %7,332,621 7,265,880 7,292,330 24 %
Total commercial24,064,293 23,676,339 2 %20,300,031 20,011,470 19,765,649 22 %
Residential mortgage6,849,299 6,916,754 (1)%6,831,984 6,899,778 6,987,858 (2)%
Auto finance4,082,986 4,044,290 1 %3,125,504 3,064,457 3,000,978 36 %
Home equity836,914 817,378 2 %709,865 706,923 690,330 21 %
Other consumer363,543 415,476 (12)%314,118 312,730 305,644 19 %
Total consumer12,132,742 12,193,898 (1)%10,981,471 10,983,888 10,984,811 10 %
Total loans$36,197,035 $35,870,237 1 %$31,281,502 $30,995,358 $30,750,460 18 %
Period end deposit and customer funding compositionSep 30, 2026Jun 30, 2026Seql Qtr % ChangeMar 31, 2026Dec 31, 2025Sep 30, 2025Comp Qtr % Change
Noninterest-bearing demand$6,914,688 $6,908,338 — %$6,125,067 $6,126,632 $5,906,251 17 %
Savings6,216,008 6,171,614 1 %5,660,641 5,471,870 5,380,574 16 %
Interest-bearing demand9,096,012 8,697,879 5 %7,964,665 7,823,362 7,791,861 17 %
Money market7,655,206 7,614,164 1 %6,188,045 6,139,438 5,785,871 32 %
Network transaction deposits1,745,224 1,823,130 (4)%1,746,518 2,154,995 2,013,964 (13)%
Brokered CDs3,790,075 3,933,787 (4)%3,562,752 3,795,133 3,956,517 (4)%
Other time deposits4,963,737 4,782,343 4 %4,484,077 4,041,178 4,046,815 23 %
Total deposits40,380,950 39,931,255 1 %35,731,765 35,552,608 34,881,853 16 %
Other customer funding(b)
66,124 55,371 19 %42,372 47,794 64,570 2 %
Total deposits and other customer funding$40,447,074 $39,986,626 1 %$35,774,137 $35,600,402 $34,946,423 16 %
Core customer deposits(c) and other customer funding
$34,911,775 $34,229,709 2 %$30,464,867 $29,650,274 $28,975,941 20 %
Quarter average deposit compositionSep 30, 2026Jun 30, 2026Seql Qtr % ChangeMar 31, 2026Dec 31, 2025Sep 30, 2025Comp Qtr % Change
Noninterest-bearing demand$7,371,331 $7,062,098 4 %$5,999,278 $6,064,487 $5,796,676 27 %
Savings6,187,886 6,046,605 2 %5,532,848 5,436,968 5,338,129 16 %
Interest-bearing demand9,035,081 8,720,180 4 %7,886,442 8,054,088 7,898,770 14 %
Money market7,619,006 7,641,652 — %6,061,442 5,890,836 5,860,802 30 %
Network transaction deposits1,869,045 1,879,876 (1)%1,917,854 2,090,587 1,933,659 (3)%
Brokered CDs3,920,540 4,085,995 (4)%3,528,294 3,998,012 3,916,329 — %
Other time deposits4,963,185 4,945,821 — %4,234,785 4,093,939 3,961,522 25 %
Total deposits40,966,074 40,382,227 1 %35,160,943 35,628,917 34,705,887 18 %
Other customer funding(b)
55,322 57,029 (3)%43,973 45,973 74,305 (26)%
Total deposits and other customer funding$41,021,396 $40,439,256 1 %$35,204,916 $35,674,890 $34,780,192 18 %
Core customer deposits(c) and other customer funding
$35,231,811 $34,473,385 2 %$29,758,768 $29,586,291 $28,930,204 22 %
Numbers may not recalculate due to rounding conventions.
(a) Loans held for sale have been included in the average balances.
(b) Includes repurchase agreements.
(c) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.

6


Associated Banc-Corp
Selected Asset Quality Information
(Dollars in thousands)Sep 30, 2026Jun 30, 2026Seql Qtr %
Change		Mar 31, 2026Dec 31, 2025Sep 30, 2025Comp Qtr %
Change
Allowance for loan losses
Balance at beginning of period$443,729 $385,756 15 %$378,068 $378,341 $376,515 18 %
Provision for loan losses recorded at acquisition— 397 (100)%— — — — %
Initial allowance for PCD loans— 39,512 (100)%— — — — %
Initial allowance for PSL— 28,263 (100)%— — — — %
Provision for loan losses15,000 13,000 15 %13,000 2,000 15,000 — %
Charge offs(26,735)(26,282)2 %(8,210)(7,636)(15,254)75 %
Recoveries9,130 3,083 196 %2,898 5,363 2,081 339 %
Net charge offs(17,605)(23,199)(24)%(5,312)(2,273)(13,173)34 %
Balance at end of period$441,124 $443,729 (1)%$385,756 $378,068 $378,341 17 %
Allowance for unfunded commitments
Balance at beginning of period$50,744 $39,276 29 %$41,276 $36,276 $35,276 44 %
Initial allowance for PCD unfunded commitments— 3,597 (100)%— — — — %
Initial allowance for purchased seasoned unfunded commitments— 1,871 (100)%— — — — %
Provision for unfunded commitments(1,000)6,000 (117)%(2,000)5,000 1,000 (200)%
Balance at end of period49,744 50,744 (2)%39,276 41,276 36,276 37 %
Allowance for credit losses on loans (ACLL)$490,868 $494,473 (1)%$425,032 $419,344 $414,618 18 %
Provision for credit losses on loans$14,000 $19,397 (28)%$11,000 $7,000 $16,000 (13)%
(Dollars in thousands)Sep 30, 2026Jun 30, 2026Seql Qtr %
Change		Mar 31, 2026Dec 31, 2025Sep 30, 2025Comp Qtr %
Change
Net (charge offs) recoveries
Commercial and industrial$(12,614)$(17,604)(28)%$(2,736)$1,524 $(1,230)926 %
Commercial real estate—owner occupied— — — %— (113)— — %
Commercial and business lending(12,614)(17,604)(28)%(2,736)1,411 (1,230)926 %
Commercial real estate—investor— (2,710)(100)%500 94 (8,930)(100)%
Real estate construction3 2 50 %2 2 2 50 %
Commercial real estate lending3 (2,708)(100)%502 96 (8,928)(100)%
Total commercial(12,611)(20,312)(38)%(2,234)1,507 (10,158)24 %
Residential mortgage (91)(197)(54)%148 (197)(231)(61)%
Auto finance(3,628)(1,508)141 %(1,843)(2,010)(1,505)141 %
Home equity (92)251 (137)%439 2 56 (264)%
Other consumer(1,183)(1,433)(17)%(1,822)(1,575)(1,336)(11)%
Total consumer(4,994)(2,887)73 %(3,078)(3,780)(3,015)66 %
Total net charge offs$(17,605)$(23,199)(24)%$(5,312)$(2,273)$(13,173)34 %
(In basis points)Sep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial(37)(54)(9)5 (4)
Commercial real estate—owner occupied— — — (4)— 
Commercial and business lending(33)(48)(9)4 (4)
Commercial real estate—investor— (17)4 1 (67)
Real estate construction— — — — — 
Commercial real estate lending— (12)3 1 (49)
Total commercial(21)(34)(4)3 (20)
Residential mortgage (1)(1)1 (1)(1)
Auto finance(35)(15)(24)(26)(20)
Home equity(4)12 25 — 3 
Other consumer(129)(138)(235)(200)(173)
Total consumer(16)(9)(11)(14)(11)
Total net charge offs(19)(26)(7)(3)(17)
(Dollars in thousands)Sep 30, 2026Jun 30, 2026Seql Qtr %
Change		Mar 31, 2026Dec 31, 2025Sep 30, 2025Comp Qtr %
Change
Credit quality
Nonaccrual loans$183,436 $149,953 22 %$110,581 $100,428 $106,179 73 %
Other real estate owned (OREO)17,901 34,052 (47)%32,534 28,016 29,268 (39)%
Repossessed assets1,365 1,293 6 %806 757 789 73 %
Total nonperforming assets$202,702 $185,298 9 %$143,921 $129,201 $136,236 49 %
Accruing loans past due 90 days or more(a)
$9,429 $2,288 312 %$2,490 $2,814 $2,692 250 %
Allowance for credit losses on loans to total loans1.34 %1.36 %1.34 %1.35 %1.34 %
Allowance for credit losses on loans to nonaccrual loans267.60 %329.75 %384.36 %417.56 %390.49 %
Nonaccrual loans to total loans0.50 %0.41 %0.35 %0.32 %0.34 %
Nonperforming assets to total loans plus OREO and repossessed assets0.55 %0.51 %0.45 %0.41 %0.44 %
Nonperforming assets to total assets0.39 %0.36 %0.32 %0.29 %0.31 %


7


Associated Banc-Corp
Selected Asset Quality Information (continued)
(Dollars in thousands)Sep 30, 2026Jun 30, 2026Seql Qtr %
Change		Mar 31, 2026Dec 31, 2025Sep 30, 2025Comp Qtr %
Change
Nonaccrual loans
Commercial and industrial$64,960 $44,388 46 %$19,606 $7,178 $12,802 407 %
Commercial real estate—owner occupied1,658 3,255 (49)%34 203 203 717 %
Commercial and business lending66,618 47,643 40 %19,640 7,381 13,006 412 %
Commercial real estate—investor14,115 11,184 26 %8,078 8,311 7,333 92 %
Real estate construction4,533 2,974 52 %25 144 145 N/M
Commercial real estate lending18,648 14,158 32 %8,103 8,455 7,478 149 %
Total commercial85,266 61,801 38 %27,743 15,836 20,484 316 %
Residential mortgage 77,924 70,335 11 %66,890 68,492 69,093 13 %
Auto finance12,871 10,973 17 %8,888 8,271 8,218 57 %
Home equity7,320 6,582 11 %6,950 7,774 8,299 (12)%
Other consumer55 262 (79)%110 55 85 (35)%
Total consumer98,170 88,152 11 %82,838 84,592 85,696 15 %
Total nonaccrual loans$183,436 $149,953 22 %$110,581 $100,428 $106,179 73 %
(Dollars in thousands)Sep 30, 2026Jun 30, 2026Seql Qtr %
Change		Mar 31, 2026Dec 31, 2025Sep 30, 2025Comp Qtr %
Change
Accruing loans 30-89 days past due
Commercial and industrial$3,517 $10,668 (67)%$24,253 $2,683 $1,071 228 %
Commercial real estate—owner occupied139 893 (84)%345 34 — N/M
Commercial and business lending3,656 11,561 (68)%24,598 2,717 1,071 241 %
Commercial real estate—investor1,470 3,089 (52)%33,487 19,405 14,190 (90)%
Real estate construction1,033 1,437 (28)%— 117 21 N/M
Commercial real estate lending2,503 4,526 (45)%33,487 19,522 14,211 (82)%
Total commercial6,159 16,087 (62)%58,085 22,239 15,282 (60)%
Residential mortgage20,045 14,034 43 %7,755 13,135 12,684 58 %
Auto finance46,182 20,367 127 %14,549 16,445 14,013 230 %
Home equity5,008 4,536 10 %2,742 3,779 4,265 17 %
Other consumer(a)
2,382 2,988 (20)%2,173 2,704 2,728 (13)%
Total consumer73,617 41,925 76 %27,219 36,063 33,689 119 %
Total accruing loans 30-89 days past due$79,776 $58,012 38 %$85,304 $58,302 $48,971 63 %
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) Excluding guaranteed student loans.
8


Associated Banc-Corp
Selected Quarterly Information
(Dollars and shares in thousands, except per share data and as noted)YTD
Sep 2026		YTD
Sep 2025		3Q262Q261Q264Q253Q25
Per common share data
Dividends$0.72 $0.69 $0.24 $0.24 $0.24 $0.24 $0.23 
Market value:
High32.33 27.01 32.33 31.34 29.37 27.14 27.01 
Low24.34 18.91 28.65 25.98 24.34 24.11 23.78 
Close28.65 30.77 25.86 25.76 25.71 
Book value / share(a)
28.44 28.85 29.04 28.81 28.17 
Tangible book value (TBV) / share(a)(b)
21.67 22.15 22.23 22.01 21.36 
Selected trend information
Net interest margin(c)
3.14 %3.02 %3.20 %3.17 %3.03 %3.06 %3.04 %
Effective tax rate22.37 %18.64 %22.86 %22.37 %21.75 %15.82 %19.16 %
Noninterest expense / average assets(c)
2.04 %1.96 %2.00 %2.13 %1.97 %1.96 %1.95 %
Dividend payout ratio(d)
34.12 %34.85 %31.17 %37.50 %34.29 %29.63 %31.51 %
Loans / deposits ratio90.44 %91.32 %88.99 %87.65 %88.73 %
Assets under management, at market value(e)
$16,818 $17,009 $15,708 $16,132 $16,178 
Common shares repurchased during period(f)
4,132 900 3,238 — 894 — — 
Common shares outstanding, end of period185,694 188,718 165,438 165,980 165,904 
Risk-based capital(g)(h)
Total risk-weighted assets$41,587,042 $41,108,330 $35,773,810 $35,125,680 $34,688,358 
Common equity Tier 1(i)
$4,315,910 $4,304,915 $3,744,610 $3,683,711 $3,584,712 
Common equity Tier 1 capital ratio(i)
10.38 %10.47 %10.47 %10.49 %10.33 %
Tier 1 capital ratio10.84 %10.94 %11.01 %11.04 %10.89 %
Total capital ratio12.68 %12.79 %13.02 %13.08 %12.94 %
Tier 1 leverage ratio8.94 %8.99 %8.98 %8.96 %8.81 %
Selected equity and performance ratios
Total stockholders’ equity / total assets10.65 %10.88 %10.96 %11.01 %10.95 %
Tangible common equity / tangible assets (TCE Ratio)(b)
8.03 %8.27 %8.27 %8.29 %8.18 %
Average stockholders' equity / average assets11.02 %10.91 %10.96 %10.98 %11.12 %11.05 %10.95 %
Return on average equity(c)
9.59 %9.55 %10.28 %8.81 %9.69 %11.09 %10.26 %
Return on average tangible common equity (ROATCE)(b)(c)
13.08 %13.13 %14.05 %12.12 %13.03 %15.04 %14.02 %
Return on average assets(c)
1.06 %1.04 %1.13 %0.97 %1.08 %1.23 %1.12 %
Return on average tangible assets(b)(c)
1.12 %1.08 %1.20 %1.03 %1.12 %1.27 %1.17 %
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio56.13 %56.67 %54.10 %58.30 %56.03 %55.21 %54.77 %
Adjusted efficiency ratio(b)
53.17 %56.32 %51.27 %52.91 %55.77 %55.15 %54.77 %
Numbers may not recalculate due to rounding conventions.
(a)Based on period end common shares outstanding.
(b)This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
(c)This ratio is annualized.
(d)Ratio is based upon basic earnings per common share.
(e)In millions. Excludes assets held in brokerage accounts.
(f)Does not include repurchases related to tax withholding on equity compensation.
(g)The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.
(h)September 30, 2026 data is estimated.
(i)The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital.




9


Associated Banc-Corp
Non-GAAP Financial Measures Reconciliation		YTDYTD
(Dollars in thousands)Sep 2026Sep 20253Q262Q261Q264Q253Q25
Tangible common equity reconciliation
Common equity$5,281,520$5,444,011$4,803,760$4,781,235$4,674,186
Less: Goodwill and other intangible assets, net1,257,1401,264,0341,125,6391,127,8421,130,044
Tangible common equity for TBV / share and TCE Ratio$4,024,380$4,179,977$3,678,121$3,653,393$3,544,142
Tangible assets reconciliation
Total assets$51,399,852$51,812,506$45,593,740$45,202,596$44,455,863
Less: Goodwill and other intangible assets, net1,257,1401,264,0341,125,6391,127,8421,130,044
Tangible assets for TCE Ratio$50,142,712$50,548,472$44,468,101$44,074,754$43,325,819
Average tangible common equity reconciliation
Average common equity$5,238,946$4,534,716$5,463,396$5,433,872$4,812,415$4,713,445$4,627,038
Less: Average goodwill and other intangible assets, net1,218,8961,133,5171,260,5921,267,8761,126,7481,129,0551,131,385
Average tangible common equity for ROATCE4,020,0503,401,200$4,202,804$4,165,996$3,685,667$3,584,390$3,495,653
Average tangible assets reconciliation
Average total assets$49,308,932$43,360,369$51,599,690$51,235,842$45,018,948$44,402,771$44,015,203
Less: Average goodwill and other intangible assets, net1,218,8961,133,5171,260,5921,267,8761,126,7481,129,0551,131,385
Average tangible assets for return on average tangible assets$48,090,036$42,226,853$50,339,098$49,967,966$43,892,200$43,273,716$42,883,818
Adjusted net income reconciliation
Net income$389,785$337,648$146,586$123,564$119,635$137,129$124,732
Other intangible amortization, net of tax11,9934,9565,1705,1701,6521,6521,652
Adjusted net income for return on average tangible assets$401,778$342,604$151,756$128,734$121,287$138,781$126,384
Adjusted net income available to common equity reconciliation
Net income available to common equity$381,160$329,023$143,711$120,689$116,760$134,254$121,857
Other intangible amortization, net of tax11,9934,9565,1705,1701,6521,6521,652
Adjusted net income available to common equity for ROATCE$393,153$333,979$148,881$125,859$118,412$135,906$123,509
Pre-tax pre-provision income
Income before income taxes$502,086$415,010$190,035$159,167$152,883$162,901$154,286
Provision for credit losses44,39446,99914,00519,38811,0016,99816,000
Pre-tax pre-provision income$546,480$462,009$204,040$178,555$163,884$169,899$170,286
Period end core customer deposits reconciliation
Total deposits$40,380,950$39,931,255$35,731,765$35,552,608$34,881,853
Less: Network transaction deposits1,745,2241,823,1301,746,5182,154,9952,013,964
Less: Brokered CDs3,790,0753,933,7873,562,7523,795,1333,956,517
Core customer deposits$34,845,651$34,174,338$30,422,495$29,602,480$28,911,371
Average core customer deposits reconciliation
Average total deposits$38,857,679$34,580,383$40,966,074$40,382,227$35,160,943$35,628,917$34,705,887
Less: Average network transaction deposits1,888,7461,875,5231,869,0451,879,8761,917,8542,090,5871,933,659
Less: Average brokered CDs3,834,7234,105,7003,920,5404,085,9953,528,2943,998,0123,916,329
Average core customer deposits$33,134,210$28,599,160$35,176,489$34,416,356$29,714,795$29,540,318$28,855,899
Total expense for efficiency ratios reconciliation
Noninterest expense$751,386 $636,173 $260,342 $271,882 $219,163 $219,466 $216,202 
Less: Other intangible amortization15,990 6,608 6,894 6,894 2,203 2,203 2,203 
Total expense for fully tax-equivalent efficiency ratio735,396 629,565 253,448 264,988 216,960 217,263 213,999 
Less: Acquisition costs(a)
38,734 — 13,258 24,469 1,007 252 — 
Total expense for adjusted efficiency ratio$696,662 $629,565 $240,190 $240,519 $215,953 $217,011 $213,999 
Total revenue for efficiency ratios reconciliation
Net interest income$1,054,479 $891,163 $377,251 $370,039 $307,190 $309,981 $305,222 
Noninterest income243,387 207,019 87,131 80,398 75,857 79,384 81,265 
Less: Investment securities (losses) gains, net(40)13 (46)35 (28)37 1 
Fully tax-equivalent adjustment12,365 12,705 4,086 4,139 4,139 4,196 4,222 
Total revenue for fully tax-equivalent efficiency ratio1,310,271 1,110,874 468,514 454,541 387,214 393,524 390,708 
Less: Announced initiatives(b)
— (6,976)— — — — — 
Total revenue for adjusted efficiency ratio$1,310,271 $1,117,850 $468,514 $454,541 $387,214 $393,524 $390,708 
Numbers may not recalculate due to rounding conventions.
(a)During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs.
(b)Announced initiatives include the loss on mortgage portfolio sale as a result of balance sheet repositioning that the Corporation announced in the fourth quarter of 2024.


(continued)
10



Associated Banc-Corp
Non-GAAP Financial Measures Reconciliation
(Dollars in thousands)3Q262Q26
Adjusted net income available to common equity reconciliation
Net income available to common equity$143,711$120,689
Acquisition costs, net of tax10,22718,996
Adjusted net income available to common equity for adjusted earnings per share$153,938$139,685
11

Associated Banc-Corp Third Quarter 2026 Earnings Presentation October 22, 2026

 

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

 

Financial Results Associated Bank River Center – Milwaukee, WI

 

$0.76 Diluted GAAP EPS $0.81 Diluted Adj. EPS1 10.38% CET1 Ratio 12.68% Total Capital Ratio 10.65% Total Stockholders’ Equity / Total Assets 8.03% TCE Ratio1 10.28% Return on Avg. Equity 14.05% ROATCE1 15.02% Adj. ROATCE1 $28.44 Book Value / Share $21.67 TBV / Share1 Third Quarter 2026 Results 4 ▪ Period end total loans of $36.5 billion ▪ +0.1% vs. 2Q26; +18.0% vs. 3Q25 ▪ Period end C&I loans of $13.8 billion ▪ +0.4% vs. 2Q26; +19.3% vs. 3Q25 ▪ Period end total deposits of $40.4 billion ▪ +1.1% vs. 2Q26; +15.8% vs. 3Q25 ▪ Period end core customer deposits1 of $34.8 billion ▪ +2.0% vs. 2Q26; +20.5% vs. 3Q25 ▪ Net interest income of $377 million ▪ Net interest margin of 3.20% ▪ Noninterest income of $87 million ▪ Noninterest expense of $260 million ▪ Provision for credit losses of $14 million ▪ ACLL / total loans of 1.34% ▪ NCOs / average loans (annualized) of 0.19% ▪ Repurchased $100 million (3.2 million shares) of ASB common stock at a weighted average share price of $30.88 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

 

Areas of Focus Continuing our Organic Growth Story 5 2026 results through 3Q reflect continued growth momentum; add’l initiatives being planned to sustain momentum through 2029 Legacy ASB Franchise Driving Sustainable Organic Growth American National Acquisition Completed Developing Strategic Growth Plans for 2027-2029 Seven consecutive quarters of customer household growth Cultivating full commercial relationships Funding growth primarily with core customer deposits1 Winning in major metro markets Financials coming in as expected Strong cultural alignment Supports organic growth strategy Enhancing customer household & deposit growth Investing in commercial relationship growth Competing in major metro markets & expanding organically Improving our return profile via margin expansion & fee growth Maintaining discipline on credit, risk & expense management Accounts, systems & branches converted to Associated Bank in early October as planned 1 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. This is a non- GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

 

$4.0 $4.1 $4.1 $5.3 $5.3 $7.0 $6.9 $6.8 $6.9 $6.8 $7.3 $7.3 $7.3 $8.9 $9.1 $12.5 $12.7 $13.0 $14.8 $15.0 $30.8 $31.0 $31.3 $35.9 $36.2 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Quarterly Loan Trends 6 Average Quarterly Loans ($ in billions) Period End Balance Change 6/30/26 to 9/30/26 ($ in millions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average quarterly loans grew by 1% vs. the prior quarter $(68) $(17) $2 $26 $54 $55 CRE-Construction Auto Finance, Home Equity & Other Consumer Commercial & Industrial Residential Mortgage CRE-Owner Occupied CRE-Investor

 

$1.9 $2.1 $1.9 $1.9 $1.9 $3.9 $4.0 $3.5 $4.1 $3.9 $4.0 $4.1 $4.2 $5.0 $5.0 $5.9 $5.9 $6.1 $7.6 $7.6 $5.3 $5.4 $5.5 $6.0 $6.2 $7.9 $8.1 $7.9 $8.7 $9.0 $5.8 $6.1 $6.0 $7.1 $7.4 $34.7 $35.6 $35.2 $40.4 $41.0 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Quarterly Deposit & Funding Trends 7 Average Quarterly Deposits ($ in billions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Customer CDs Savings Money Market Network Trans. Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs Period End Balance Change 6/30/26 to 9/30/26 ($ in millions) Period end total deposits grew by 1% & core customer deposits1 grew by 2% in 3Q, enabling a reduction in wholesale funding $(265) $(144) $(78) $6 $41 $44 $182 $398 Customer CDs FHLB Advances Core Customer Deposits1 +$671 (+2%) Wholesale Funding Sources $(1,100) (-10%) Total Deposits +$450 (+1%) Interest-Bearing Demand Savings Money Market Other Wholesale Funding Brokered CDs Network Transaction Deposits $(614) Noninterest-Bearing Demand

 

Average Yield Trends 8 Quarterly Average Yields (%) 6.74 6.50 6.21 6.28 6.23 6.45 6.18 5.89 5.96 5.97 5.58 5.56 5.45 5.83 5.82 3.75 3.76 3.78 3.81 3.85 4.26 4.14 4.17 4.22 4.27 2.78 2.61 2.44 2.45 2.46 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Residential Mortgage Commercial & Business Lending Commercial Real Estate Total Interest- Bearing Deposits Auto Finance Asset & Liability Yield / Rate Trends (%) Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 5.50 5.34 5.20 5.32 5.34 3.03 2.82 2.67 2.66 2.67 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Investments Earning asset yields increased by 2 bps in 3Q, while total interest-bearing liability costs increased by 1 bp

 

Net Interest Income & Net Interest Margin Trends 9 $305 $310 $307 $370 $377 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 3.04% Quarterly Net Interest Income Quarterly Net Interest Margin 3.06% 3.03% 3.17% 3.20% Net interest income increased $7 million vs. the prior quarter, while net interest margin improved by 3 bps to 3.20% ($ in millions) +0.03% of Accretion Impact Embedded +0.02% of Accretion Impact Embedded

 

Interest Rate Risk Management1 10 Contractual Funding Obligations ($ in billions) Contractual Swaps Balances ($ in billions) Estimated NII Sensitivity Profile (%) 9.2 4.0 2.9 2.1 3.5 4.6 2.0 1.6 1.1 1.8 -4.3 -0.6 -1.0 -0.5 -1.1 -8.5 -0.8 -2.0 -1.4 -2.3 3Q 2022 3Q 2023 3Q 2024 3Q 2025 3Q 2026 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) $2.45 $2.45 $2.05 $1.58 $1.58 3Q 2026 4Q 2026 1Q 2027 2Q 2027 3Q 2027 ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $8.5 $0.2 $0.1 $8.8 Short-Term Funding $0.3 - - $0.3 FHLB Advances $3.7 $0.2 $0.0 $3.9 Other Long-Term Funding - - $0.6 $0.6 Total $12.5 $0.4 $0.6 $13.6 3.66%3.67%3.69%3.68% 3.66% Notional Balances Weighted Avg. Yield 1 All updates as of or for the period ended September 30, 2026 unless otherwise noted. We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a volatile rate environment

 

Cash & Investment Securities Portfolio 11 Period End Investment Securities ($ in billions) Period End Securities + Cash / Total Assets $5.2 $5.4 $5.5 $6.3 $6.2 $3.6 $3.6 $3.6 $3.5 $3.5 $0.3 $0.3 $0.3 $0.4 $0.3$9.1 $9.3 $9.4 $10.2 $10.0 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Held to MaturityAvailable for Sale Other Securities 20.5% 20.5% 20.6% 19.8% 19.4% 2.9% 3.8% 3.1% 3.5% 3.2% 23.4% 24.3% 23.7% 23.3% 22.6% 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Investment Securities / Total Assets Cash / Total Assets We continue to target securities + cash / total assets of 22% to 24% in 2026 We’ve continued to manage our cash & investment securities positions in proportion to broader balance sheet growth

 

$25 $26 $25 $26 $26 $14 $14 $14 $16 $17 $12 $13 $12 $14 $14 $11 $11 $7 $7 $11 $4 $3 $6 $3 $2 $15 $12 $12 $14 $17 $81 $79 $76 $80 $87 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Quarterly Noninterest Income Trends 12 Wealth Mgmt. Fees Capital Markets, net Other1 Mortgage Banking, net Service Charges & Deposit Account Fees Card-Based Fees 1 Other is comprised of other fee-based revenue, bank and corporate owned life insurance, asset gains (losses), net, investment securities gains (losses), net, and other noninterest income. Capital Markets, Net ($ in millions) $24 $16 $13 $21 $25 YTD Sep 2022 YTD Sep 2023 YTD Sep 2024 YTD Sep 2025 YTD Sep 2026 $64 $61 $68 $71 $78 YTD Sep 2022 YTD Sep 2023 YTD Sep 2024 YTD Sep 2025 YTD Sep 2026 Wealth Management Fees ($ in millions)Total Quarterly Noninterest Income ($ in millions) 3Q 2026 noninterest income of $87 million was up 8% vs. the prior quarter

 

54.8 55.2 56.0 58.3 54.154.8 55.2 55.8 52.9 51.3 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Quarterly Noninterest Expense Trends 13 Total Quarterly Noninterest Expense ($ in millions) Efficiency Ratio (%) $136 $135 $135 $161 $154 $29 $29 $30 $33 $43 $13 $14 $14 $14 $15 $10 $7 $9 $11 $12 $29 $34 $31 $53 $36 $216 $219 $219 $272 $260 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Personnel Other1 Technology FDIC AssessmentOccupancy Adjusted Efficiency Ratio3Fully Tax-Equivalent Efficiency Ratio 1 Other is comprised of business development & advertising, equipment, legal & professional, loan & foreclosure costs, other intangible amortization & other noninterest expenses. 2 Represents a $4 million decrease from the ~$52.5 million estimate provided in the 2Q 2026 Earnings Presentation on July 23, 2026. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 3Q 2026 noninterest expense includes $13 million of nonrecurring costs tied to the acquisition of American National Corporation 3Q 2026 YTD Sep 2026 Personnel $0.7 $14.1 Legal & Professional 2.0 12.3 Technology 9.0 9.8 Business Dev. & Advertising 0.9 1.5 Other 0.7 1.0 Total $13.3 $38.7 Nonrecurring Acquisition-Related Expenses ($ in millions) ~$48.5M Grand total of expected nonrecurring expense from ANC acquisition, with remaining ~$10M to be recognized by 12/31/20262

 

Capital Profile 14 Additional Capital Ratios (%) Per Common Share Data ($) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 3Q 2026 TCE ratio includes an AOCI impact of -33 basis points relative to the prior quarter. 28.17 28.81 29.04 28.85 28.44 21.36 22.01 22.23 22.15 21.67 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Tangible Common Equity / Tangible Assets (TCE Ratio)1 Total Shareholders’ Equity / Total Assets 10.95 11.01 10.96 10.88 10.65 8.18 8.29 8.27 8.27 8.03 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Tangible Book Value / Share1Book Value / Share Regulatory Capital Ratios (%) 10.33 10.89 12.94 10.38 10.84 12.68 CET1 Tier 1 Capital Total Capital 3Q 2025 3Q 2026 We repurchased $100M (3.2M shares) of ASB common stock at a weighted average share price of $30.88 during 3Q 2026 2

 

Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 189,277$ 1.49% 234,735$ 1.53% 236,590$ 1.54% CRE - Investor 62,454 1.16% 65,698 1.01% 59,270 0.91% CRE - Construction 65,324 3.33% 85,681 3.37% 85,074 3.27% Residential Mortgage 34,815 0.51% 35,452 0.52% 34,182 0.51% Other Consumer 62,748 1.55% 72,907 1.38% 75,752 1.44% Total 414,618$ 1.34% 494,473$ 1.36% 490,868$ 1.34% 6/30/2026 9/30/20269/30/2025 $415 $419 $425 $494 $491 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Allowance for Credit Losses on Loans (ACLL)1 15 ACLL Trends ($ in millions) 1 Includes funded and unfunded reserve for loans, excludes reserve for securities. ($ in thousands) 1.34% 1.35% 1.34% 1.36% 1.34% 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 ACLL / Total Loans ACLL decreased to $491 million in 3Q 2026, while ACLL / total loans decreased 2 bps to 1.34%

 

Credit Quality Trends 16 Total Delinquent Loans ($ in millions) Nonaccrual Loans ($ in millions) Total Criticized Loans ($ in millions) Net Charge Offs & Provision ($ in millions) $3 $3 $3 $2 $9 $49 $58 $85 $58 $80 $52 $61 $88 $60 $89 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Accruing Loans 30-89 Days PD $13 $2 $5 $23 $18 $16 $7 $11 $19 $14 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD $106 $100 $111 $150 $183 $1,125 $1,067 $1,066 $1,129 $930 $412 $310 $272 $460 $505 $1,643 $1,478 $1,449 $1,739 $1,618 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 $86 $85 $83 $88 $98 $7 $8 $8 $14 $19 $13 $7 $20 $48 $66 $106 $100 $111 $150 $183 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans Credit quality remained solid in 3Q 2026 with decreases in total criticized loans & net charge offs vs. the prior quarter

 

FY 2026 Outlook1 17 Previous FY 2026 Outlook September 14, 2026 Updated FY 2026 Outlook Total Loans Up 18% to 20% No Change Total C&I Loans Up 20% to 22% No Change Total Deposits Up 17% to 19% No Change Core Customer Deposits2 Up 19% to 21% No Change Net Interest Income Up 19% to 21% No Change Noninterest Income Up 8% to 10% Up 12% to 14% Noninterest Expense3 Up 20% to 21% Up 19% to 20% Effective Tax Rate 19% to 21% 20% to 22% CET1 Capital Ratio 10% to 10.75% No Change 1 Projections are on an end of period basis for Associated Banc-Corp and American National Corporation combined as of and for the year ended December 31, 2026 as compared to Associated Banc-Corp standalone 2025 results as of December 31, 2025 unless otherwise noted. 2 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. We have not provided a reconciliation of the projection for core customer deposits to the projection for total deposits due to the low visibility and unpredictability of the components of total deposits necessary for such reconciliation. 3 Includes nonrecurring costs incurred in connection with the acquisition of American National Corporation.

 

Appendix Minneapolis, MN

 

American National Corporation Acquisition Purchase Accounting Accretion (PAA) Summary 19 Actual Scheduled1 3Q 2026 4Q 2026 1Q 2027 2Q 2027 3Q 2027 Loans (Interest Income) $2.3 $1.5 $1.0 $0.8 $0.6 Deposits (Interest Expense) (0.1) (0.1) (0.1) (0.1) (0.1) Core Deposit Intangible (Noninterest Expense) (4.7) (4.7) (4.6) (4.2) (4.2) Pre-Tax Purchase Accounting Impact, Net $(2.5) $(3.3) $(3.7) $(3.5) $(3.7) ($ in millions) 1 These scheduled amounts may vary from future actuals as they do not include potential impacts of prepayments, early withdrawals or impairments that may occur in the future.

 

Twin Cities 165-Year Foundation in Wisconsin…Accelerating Household, Deposit and C&I Growth in Major Metro Markets 20 ASB Branch Footprint States Strategic Major Metro Growth Markets Milwaukee Chicago Omaha St. Louis Kansas City Dallas/Ft. Worth Driving Growth in Legacy Metros Expanding in Strategic Growth Markets Milwaukee Chicago Twin Cities Omaha Kansas City Dallas/Ft. Worth Expanding in 2026 New in 2026 New in 2025 Expanded in 2026 Expanding in 2026 St. Louis First MO branch in 2025

 

9/30/2026 1 % of Total Loans 9/30/2026 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 3,359$ 9.2% Multi-Family 4,009$ 11.0% Manufacturing & Wholesale Trade 3,265 8.9% Industrial 1,928 5.3% Real Estate (includes REITs) 2,429 6.7% Office 760 2.1% Finance & Insurance 1,133 3.1% Retail 701 1.9% Construction 749 2.1% Hotel/Motel 347 1.0% Retail Trade 627 1.7% Medical 285 0.8% Transportation and Warehousing 582 1.6% Single Family Construction 281 0.8% Mortgage Warehouse 572 1.6% Warehouse 232 0.6% Rental and Leasing Services 549 1.5% Data Center 162 0.4% Health Care and Social Assistance 471 1.3% Land 97 0.3% Professional, Scientific, and Tech. Serv. 335 0.9% Other 295 0.6% Information 295 0.8% Total CRE 9,097$ 24.8% Waste Management 247 0.7% Accommodation and Food Services 171 0.5% Consumer Management of Companies & Enterprises 123 0.3% Residential Mortgage 6,740$ 18.5% Educational Services 71 0.2% Auto Finance 4,093 11.2% Arts, Entertainment, and Recreation 57 0.2% Home Equity 849 2.3% Agriculture, Forestry, Fishing and Hunting 53 0.1% Credit Cards 207 0.6% Public Administration 19 0.1% Other 128 0.4% Mining 3 0.0% Total Consumer 12,017$ 33.0% Other 295 0.7% Total C&BL 15,406$ 42.2% Total Loans 36,520$ 100.0% Total Loans Outstanding Balances as of September 30, 2026 21 1 All values as of period end. 2 North American Industry Classification System. ($ in millions)

 

Residential Mortgage 56% Auto Finance 34% Home Equity 7% Credit Cards 2%Other 1% CRE by Property Type $9.1 billion Wisconsin 19% Illinois 12% Minnesota 10% Nebraska 9% Other Midwest2 19% Texas 10% Other 21% Loan Stratification Outstanding Balances as of September 30, 2026 22 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Multi-Family 44% Retail 8% Office 8% Industrial 21% Warehouse 3% Hotel / Motel 4% Other 12% Wisconsin 23% Illinois 15% Minnesota 9% Nebraska 5% Other Midwest 14% Texas 5% Other 29% Manufacturing & Wholesale Trade 21% Power & Utilities 22% Real Estate 16% Mortgage Warehouse 4% Finance & Insurance 7% Wisconsin 19% Illinois 13% Minnesota 8% Nebraska 4% Other Midwest 10% Texas 6% Other 40% 2 2 C&BL by State $15.4 billion Consumer by Category $12.0 billion C&BL by Industry $15.4 billion Total Loans by State1 CRE by State $9.1 billion

 

Multi-Family 44% Retail 8% Office 8% Industrial 21% Other 19% High-Quality Commercial Real Estate Portfolio1 23 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 Portfolio LTV 58% 57% 57% 53% 57% Delinquencies3/Loans 0.19% 0.27% 0.45% 0.05% 0.09% NALs/Loans 0.10% 0.12% 0.11% 0.16% 0.21% ACLL/Loans 1.74% 1.70% 1.68% 1.67% 1.59% NCOs/Avg. Loans4 0.49% (0.01)% (0.03)% 0.12% 0.00% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.20% Top 10 Largest CRE Borrowers 1.26% Largest CRE Property Type (Multi-Family) 10.98% CRE Office Loans 2.08% CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.25x 2026 Remaining Maturities $136 million Central Business District vs. Suburban ~81% Suburban Property Class Mix6 ~53% Class A Consumer 33% Com'l & Business Lending 42% CRE 25% Total Loans by Segment Wisconsin 19% Illinois 12% Minnesota 10% Nebraska 9% Other Midwest2 19% Texas 10% Other 21% CRE by State CRE by Property Type 1 All updates as of or for the period ended September 30, 2026 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. 4 Calculated on an annualized basis. Negative value represents a net recovery. 5 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. Excludes American National Corporation loans. 6 Property class mix determined by third-party vendor partner mapping of portfolio.

 

High-Quality Consumer Loan Portfolio1 24 1 All data as of or for the period ended September 30, 2026 unless otherwise noted. 9/30/2026 % of Total Loans Residential Mortgage $6,740 18.5% Auto Finance 4,093 11.2% Home Equity 849 2.3% Credit Cards 207 0.6% Other 128 0.4% Total Consumer $12,017 33.0% Prime/Super Prime Consumer Loan Portfolio 788 783 793 792 Resi. Mortgage Auto Finance Home Equity Credit Cards Weighted Avg. Portfolio FICO Scores 86% 8% 7% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)

 

Stable, Granular Deposit Portfolio 25 Associated Bank, N.A. Period End Deposits ($ in billions) Liquidity Sources ($ in millions) 25% 26% 26% 26% 27% 75% 74% 74% 74% 73% $34.9 $35.6 $35.8 $40.1 $40.4 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits 6/30/2026 9/30/2026 Federal Reserve Balance $1,265.7 $980.2 FHLB Chicago Capacity $5,330.8 $5,723.1 Fed Discount Window Capacity $6,387.4 $6,458.8 Funding Available Within One Business Day1 $12,983.9 $13,162.1 Fed Funds Lines $1,967.0 $2,236.0 Brokered Deposits Capacity2 $2,015.0 $2,174.6 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Available Liquidity $17,965.9 $18,572.7 168% 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.

 

Tangible Common Equity & Tangible Assets Reconciliation ($ in thousands) 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Common equity $5,281,520 $5,444,011 $4,803,760 $4,781,235 $4,674,186 Less: Goodwill and other intangible assets, net 1,257,140 1,264,034 1,125,639 1,127,842 1,130,044 Tangible common equity for TCE Ratio and TBV / share $4,024,380 $4,179,977 $3,678,121 $3,653,393 $3,544,142 Total assets $51,399,852 $51,812,506 $45,593,740 $45,202,596 $44,455,863 Less: Goodwill and other intangible assets, net 1,257,140 1,264,034 1,125,639 1,127,842 1,130,044 Tangible assets for TCE Ratio $50,142,712 $50,548,472 $44,468,101 $44,074,754 $43,325,819 Reconciliation & Definitions of Non-GAAP Items 26 Period End Core Customer Deposits Reconciliation ($ in thousands) 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Total deposits $40,380,950 $39,931,255 $35,731,765 $35,552,608 $34,881,853 Less: Network transaction deposits 1,745,224 1,823,130 1,746,518 2,154,995 2,013,964 Less: Brokered CDs 3,790,075 3,933,787 3,562,752 3,795,133 3,956,517 Core customer deposits $34,845,651 $34,174,338 $30,422,495 $29,602,480 $28,911,371 Adjusted Net Income Available to Common Equity Reconciliation ($ in thousands) 3Q 2026 Net income available to common equity $143,711 Acquisition costs, net of tax1 10,227 Adjusted net income available to common equity for adjusted earnings per share $153,938 1 During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National Corporation. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs.

 

Reconciliation & Definitions of Non-GAAP Items 27 Update 1 During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National Corporation. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs. Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Total expense for efficiency ratios reconciliation Noninterest expense $260,342 $271,882 $219,163 $219,466 $216,202 Less: Other intangible amortization 6,894 6,894 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 253,448 264,988 216,960 217,263 213,999 Less: Acquisition costs1 13,258 24,469 1,007 252 - Total expense for adjusted efficiency ratio $240,190 $240,519 $215,953 $217,011 $213,999 Total revenue for efficiency ratios reconciliation Net interest income $377,251 $370,039 $307,190 $309,981 $305,222 Noninterest income 87,131 80,398 75,857 79,384 81,265 Less: Investment securities (losses) gains, net (46) 35 (28) 37 1 Fully tax-equivalent adjustment 4,086 4,139 4,139 4,196 4,222 Total revenue for fully tax-equivalent efficiency ratio and adjusted efficiency ratio 468,514 454,541 387,214 393,524 390,708 Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) 3Q 2026 Net income available to common equity $143,711 Other intangible amortization, net of tax 5,170 Adjusted net income available to common equity for ROATCE $148,881 Acquisition costs, net of tax1 10,227 Adjusted net income available to common equity for adjusted ROATCE $159,108 Average common equity $5,463,396 Less: Average goodwill and other intangible assets, net 1,260,592 Average tangible common equity for ROATCE and adjusted ROATCE $4,202,804

 

Thank You De Pere, WI

 

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Hyperscale Data Announces Suspension of Its At-the-Market Offering Open the live feed