Slide 1: Second Quarter 2025 Earnings Presentation
Second Quarter 2025 Earnings Presentation July 24, 2025 Associated Banc-Corp
Slide 2: Important Disclosures
Important Disclosures Forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals f
Slide 3: Second Quarter 2025 Results
Second Quarter 2025 Results1 ASB reported net income available to common equity of $108 million, or $0.65 per common share ▪ Total loans of $30.6 billion ▪ +1.0% vs. 1Q 2025; +3.3% vs. 2Q 2024 $0.65 ▪ Total C&I loans of $11.3 billion Diluted Earnings Per Common Share ▪ +3.3% vs. 1Q 2025; +13.2% vs.
Slide 4: Strategic Investments are Driving Growth
Strategic Investments are Driving Growth1 We are positioned to enhance our profitability by growing & remixing our balance sheet simultaneously Period End Commercial & Industrial Loans Bolstered Key Leadership ($ in billions) $10.9 $11.3 $10.6 $9.8 $9.7 $8.5 Expanded Commercial Presence 2021 2022 20
Slide 5: Quarterly Loan Trends
Quarterly Loan Trends Total period end loans increased 1% vs. 1Q 2025, led by C&I growth of over 3% Average Quarterly Loans Period End Loan Change (3/31/2025 to 6/30/2025) ($ in billions) ($ in millions) Total Loans +$313 (+1%) $30.2 $30.1 $30.5 $29.6 $29.6 Commercial & Industrial $356 $11.0 $11.0 $
Slide 6: Quarterly Deposit & Funding Trends
Quarterly Deposit & Funding Trends Total period end deposits are up 4%+ vs. 2Q 2024, driven by household growth & relationship deepening efforts Average Quarterly Deposits Period End Total Deposit Trends ($ in billions) ($ in billions) $34.3 $34.8 $34.2 $32.6 $33.3 +4.5% $5.7 $5.6 $5.6 $5.7 $5.7 $34
Slide 7: Average Yield Trends
Average Yield Trends 2Q NIM of 3.04% driven by a 5 bp increase in earning asset yields, 4 bp decrease in int.-bearing liability costs Quarterly Average Yields (%) Asset & Liability Yield / Rate Trends (%) 7.45 7.52 7.09 7.27 6.71 6.75 7.24 6.74 6.43 6.50 5.65 5.68 5.50 5.46 5.45 5.72 5.65 5.63 5.58
Slide 8: Net Interest Income & Net Interest Margin Trends
Net Interest Income & Net Interest Margin Trends Net interest income increased by $14 million & net interest margin expanded by 7 bps vs. the prior quarter ($ in millions) $300 $286 $270 $263 $257 3.04% 2.97% 2.81% 2.75% 2.78% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Quarterly Net Interest Income Qua
Slide 9: Interest Rate Risk Management
Interest Rate Risk Management1 We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment Contractual Funding Obligations Estimated NII Sensitivity Profile (%) ($ in billions) (12-Month Ramp, Dynamic Forecast) 1-3 3+ ≤ 1 Yr. Yrs. Yrs. Total Time Deposits
Slide 10: Cash & Investment Securities Portfolio
Cash & Investment Securities Portfolio We continue to target securities + cash / total assets of 22% to 24% in 2025 Period End Investment Securities Average Investment Securities Yields ($ in billions) 4.22% 4.24% $9.0 $8.5 $8.7 3.69% 3.66% 3.64% $0.3 $8.1 $0.2 $7.9 $0.2 $0.2 $0.2 $3.7 $3.7 $3.7 2Q
Slide 11: Noninterest Income Trends
Noninterest Income Trends 2Q GAAP noninterest income increased 3% vs. the same period last year to $67 million Quarterly Noninterest Income Trends ($ in millions) $72 $65 $67 $67 $10 $59 $11 $11 $3 $10 $2 $9 $5 $4 $3 $4 $4 $6 $5 $4 $12 $12 $11 $12 $10 $12 $14 $13 $13 $13 $23 $24 $24 $22 $23 2Q 2024
Slide 12: Noninterest Expense Trends
Noninterest Expense Trends Noninterest expense decreased 1% vs. the prior quarter, while our efficiency ratio came in below 56% Noninterest Expense Trends Efficiency Ratio (%) ($ in millions) 103.1 $224 59.5 59.5 59.5 59.5 60.1 59.7 58.6 55.8 55.8 $14 $211 $209 $196 $201 $34 $34 $33 $27 $31 $9 $10 $
Slide 13: Capital Profile
Capital Profile We continue to target a CET1 range of 10% to 10.5% in 2025 Capital Ratios (%) CET1 Including AOCI1 (%) 12.83 10.11 10.20 10.16 10.01 10.01 12.34 9.68 9.72 9.79 9.38 9.01 10.77 10.20 10.27 9.68 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 CET1 Ratio CET1 Ratio Incl. AOCI 8.06 7.18 Per Comm
Slide 14: Allowance for Credit Losses on Loans (ACLL)
Allowance for Credit Losses on Loans (ACLL) Our ACLL percentage increased by 1 basis point vs. the prior quarter to 1.35% ACLL1 Update ACLL / Total Loans (%) ▪ ACLL increased $5 million from the prior quarter to $412 million, driven primarily by loan growth plus some incremental credit 1.32 1.33 1.3
Slide 15: Credit Quality Trends
Credit Quality Trends 2Q 2025 credit quality remained solid with nonaccruals down $22 million vs. 1Q 2025 & NCOs of $13 million Total Delinquent Loans Nonaccrual Loans ($ in millions) ($ in millions) $154 $128 $123 $135 $80 $23 $113 $24 $14 $21 $56 $47 $52 $48 $19 $17 $32 $16 $7 $37 $77 $49 $38 $83
Slide 16: FY 2025 Outlook
FY 2025 Outlook Previous FY 2025 Updated FY 2025 Guidance1 Guidance1 Total Loans Up 5% to 6% No change Total Deposits Up 1% to 2% Up 1% to 3% Core Customer Deposits2 Up 4% to 5% No change Net Interest Income Up 12% to 13% Up 14% to 15% Effective Tax Rate 19% to 21% No change CET1 Capital Ratio 10% t
Slide 17: Appendix
Appendix
Slide 18: Stable, Granular Deposit Portfolio
Stable, Granular Deposit Portfolio As of 6/30/2025, ASB’s total liquidity sources covered 173% of uninsured, uncollateralized deposits Period End Deposit Trends (Associated Bank, N.A.) Liquidity Sources ($ in billions) $34.9 $35.2 3/31/2025 6/30/2025 $33.8 $34.2 $32.8 Federal Reserve Balance $705.7
Slide 19: Additional Quarterly Loan Trends
Additional Quarterly Loan Trends Period End Quarterly Loan Trends Average Loan Change (1Q 2025 to 2Q 2025) ($ in billions) ($ in millions) $30.6 Total Loans +$381 (+1%) $29.6 $30.0 $29.8 $30.3 Commercial & Industrial $398 $11.1 $11.4 $11.7 $12.0 $12.4 CRE-Investor $167 Auto Finance $88 $7.3 $7.2 $7.
Slide 20: Additional Quarterly Deposit & Funding Trends
Additional Quarterly Deposit & Funding Trends Period End Quarterly Deposits Quarterly Average Total Deposit Trends ($ in billions) ($ in billions) $34.6 $35.2 $33.6 $34.1 $32.7 $5.8 $6.1 +4.8% $5.9 $5.8 $5.8 $34.3 $34.8 $34.2 $8.0 $7.9 $7.5 $33.3 $32.6 $33.3 $7.2 $7.3 $6.2 $5.9 $5.9 $6.2 $5.9 $5.5 $
Slide 21: Total Loans Outstanding Balances as of June 30, 2025
Total Loans Outstanding Balances as of June 30, 2025 ($ in millions) % of Total % of Total 1 1 6/30/2025 Loans 6/30/2025 Loans 2 C&BL (by NAICS ) CRE (by property type) Utilities $ 2,786 9.1% Multi-Family $ 3,211 10.5% Manufacturing & Wholesale Trade 2,729 8.9% Industrial 1,616 5.3% Real Estate (inc
Slide 22: Loan Stratification Outstanding Balances as of June 30, 2025
Loan Stratification Outstanding Balances as of June 30, 2025 Illinois Illinois Minnesota Minnesota 19% 9% 14% 7% Minnesota Other Texas Illinois 9% Midwest2 6% 14% 21% Other C&BL by 2 Other CRE by Wisconsin 22% Geography Midwest 10% Wisconsin Total Midwest 2 12% Geography $12.4 billion 28% Loans1 Wis
Slide 23: High-Quality Commercial Real Estate Portfolio
High-Quality Commercial Real Estate Portfolio1 ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets CRE Credit Quality 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 Portfolio LTV 59% 58% 57% 57% 57% Com'l & Delinquencies3/Loans 0.01% 0.22% 0.50% 0.03% 0.17% Co
Slide 24: High-Quality Consumer Loan Portfolio
High-Quality Consumer Loan Portfolio1 93% of our $10.9 billion consumer loan portfolio is prime / super prime Period End Consumer Loans Prime/Super Prime Consumer Loan Portfolio ($ in millions) % of Total 8% 6/30/2025 Loans 6% Super Prime (720+) Residential Mortgage $6,949 22.7% Portfolio Prime (660
Slide 25: Reconciliation & Definitions of Non-GAAP Items
Reconciliation & Definitions of Non-GAAP Items Period End Loans Reconciliation ($ in thousands) 2Q 2025 Total loans $30,607,605 Mortgage portfolio loans sold in 1Q 2025 694,985 Total adjusted loans $31,302,590 Period End Core Customer Deposits Reconciliation ($ in thousands) 2Q 2025 1Q 2025 4Q 2024
Slide 26: Reconciliation & Definitions of Non-GAAP Items
Reconciliation & Definitions of Non-GAAP Items Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Net income (loss) available to common equity $108,355 $98,812 $(164,490) $85,143 $112,698 Other intangible amortization, net of tax
Slide 27: Reconciliation & Definitions of Non-GAAP Items
Reconciliation & Definitions of Non-GAAP Items Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Total expense for efficiency ratios reconciliation Noninterest expense $209,352 $210,619 $224,282 $200,597 $195,861 Less: Other intangible amortization 2,