Associated Banc-corp · NYSE:ASB
Associated Banc-corp — Q4 2025 Earnings Presentation
35 slides from Associated Banc-corp's earnings presentation, Jan 22, 2026
Slide 1: Associated Banc-Corp Fourth Quarter 2025 Earnings Presentation
Associated Banc-Corp Fourth Quarter 2025 Earnings Presentation January 22, 2026
Slide 2: Important Disclosures
Important Disclosures 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 f
Slide 3: Financial Results
Financial Results Associated Bank River Center – Milwaukee, Minneapolis, MN WI
Slide 4: Fourth Quarter & FY 2025 Results
Fourth Quarter & FY 2025 Results 4Q 2025 Operating Results1 FY 2025 Highlights1,2 ▪ Diluted EPS of $0.80 $2.77 ▪ Total loans of $31.2B (+0.7% vs. 3Q25; +4.7% vs. 4Q24) Diluted EPS ▪ C&I loans of $11.8B (+2.0% vs. 3Q25; +11.6% vs. 4Q24) 4.7% 11.6% ▪ Total deposits of $35.6B (+1.9% vs. 3Q25; +2.6% vs.
Slide 5: Strengthened Franchise Positioned for Growth
Strengthened Franchise Positioned for Growth Bolstered Expanded Enhanced Consumer Repositioned Maintained Strong Risk Key Leadership Commercial Presence Value Proposition Balance Sheet Management Culture Period End C&I Loans ($ in billions) Net Interest Margin (%) Efficiency Ratio (%) $11.8 3.03 59.
Slide 6: Accelerating Growth in Major Metro Markets
Accelerating Growth in Major Metro Markets Legacy Metro Market Growth 12/31/23 – 12/31/251 Growth Market Opportunities in 2026 Total Bank Opportunities Twin Cities Expanding in 2026 Milwaukee Chicago Omaha New in 2026 Total Deposits2 +12% +13% Commercial Opportunities Commercial & Industrial Loans2
Slide 7: Expected 2026 Metro Market Investments & Outcomes
Expected 2026 Metro Market Investments & Outcomes1 Organic Metro Market Consumer & Business …Driving Improved Organic Total Bank CKG CKG HH Growth Expected to Accelerate… HH Growth2 >100% 2025 2026E 2027E 1.0% 1.4% 2.0% 2.5% Marketing Acquisition Spend Twin Cities +1% +3% +3% Increase in Twin Cities
Slide 8: Quarterly Loan Trends
Quarterly Loan Trends Average Quarterly Loans ($ in billions) Period End Loan Change 9/30/25 to 12/31/25 ($ in millions) $30.2 $30.5 $30.8 $31.0 $30.1 Commercial & Industrial $232 Auto Finance $65 $11.5 $11.7 $12.1 $12.5 $12.7 CRE-Construction $36 $7.2 $7.3 $7.5 $7.3 $7.3 CRE-Owner Occupied $36 Home
Slide 9: Annual Loan Trends
Annual Loan Trends Period End Annual Loans ($ in billions) Period End Loan Change 12/31/24 to 12/31/25 ($ in millions) $31.2 $29.2 $29.8 Commercial & Industrial $1,226 $28.8 $24.2 Auto Finance $296 $11.7 $13.0 $10.8 $10.8 $9.4 Home Equity & Other Consumer $54 $7.2 $7.4 $7.2 $7.2 CRE-Owner Occupied $
Slide 10: Quarterly Deposit & Funding Trends
Quarterly Deposit & Funding Trends Average Quarterly Deposits ($ in billions) Period End Funding Change (9/30/25 to 12/31/25) ($ in millions) $34.8 $34.7 $35.6 $34.3 $34.2 Total Deposits +$671 (+2%) $5.6 $5.8 $6.1 Core Customer Deposits1 +$691 (+2%) $5.7 $5.6 Money Market $354 $7.6 $8.0 $7.7 $7.9 $8
Slide 11: Annual Deposit Trends
Annual Deposit Trends Average Annual Deposits ($ in billions) 4Q24 to 4Q25 Deposit Growth Trends $34.8 $33.4 $31.3 $5.8 5.0% $28.8 $5.7 $27.7 $6.6 $8.2 $7.9 $8.1 $7.4 3.8% $6.9 3.5% $5.1 $5.3 $6.1 $6.6 $4.8 2.6% $6.0 $6.0 $4.1 $4.7 $6.7 $6.9 $7.2 $7.5 $8.0 $4.9 $1.5 $1.3 $0.8 $1.6 $1.9 $0.9 $1.5 202
Slide 12: Average Yield Trends
Average Yield Trends Quarterly Average Yields (%) Asset & Liability Yield / Rate Trends (%) 7.09 6.71 6.75 6.74 6.50 6.74 6.43 6.50 6.45 6.18 5.50 5.50 5.46 5.45 5.34 5.65 5.59 5.63 5.58 5.56 4.22 4.24 4.26 4.14 3.29 3.06 3.02 3.03 2.82 3.64 3.61 3.75 3.68 3.70 3.76 3.10 2.91 2.78 2.78 2.61 4Q 2024
Slide 13: Net Interest Income & Net Interest Margin Trends
Net Interest Income & Net Interest Margin Trends ($ in millions) $310 $305 $300 $286 $270 3.04% 3.04% 3.06% 2.97% 2.81% 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Quarterly Net Interest Income Quarterly Net Interest Margin 13
Slide 14: Interest Rate Risk Management
Interest Rate Risk Management1 Contractual Funding Obligations ($ in billions) Estimated NII Sensitivity Profile (%) (12-Month Ramp, Dynamic Forecast) ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $7.8 $0.1 $0.0 $7.8 Short-Term Funding $0.3 - - $0.3 7.8 FHLB Advances $3.1 $0.2 $0.0 $3.3 Other Long-Te
Slide 15: Cash & Investment Securities Portfolio
Cash & Investment Securities Portfolio Period End Investment Securities ($ in billions) Period End Securities + Cash / Total Assets $9.1 $9.3 $9.0 $8.5 $8.7 $0.3 $0.3 $0.3 $0.2 $0.2 We continue to target securities + cash / total assets of 22% to 24% in 2026 $3.6 $3.6 $3.7 $3.7 $3.7 23.4% 23.4% 24.3
Slide 16: Quarterly Noninterest Income Trends
Quarterly Noninterest Income Trends ($ in millions) $81 $79 $72 $67 $15 $12 $10 $59 $4 $3 $3 $10 4Q 2024 GAAP noninterest $5 $4 $11 $11 income impacted by a balance $9 $4 $4 $6 sheet repositioning with a $12 $12 $13 $130M loss on a mortgage $10 $11 portfolio sale and a $148M net $13 $13 $14 $14 loss
Slide 17: Quarterly Noninterest Expense Trends
Quarterly Noninterest Expense Trends Noninterest Expense Trends ($ in millions) Efficiency Ratio (%) $224 103.1 $216 $219 $14 $211 $209 $29 $34 $34 $34 $33 $10 $7 $9 $10 $10 $13 $14 $14 $15 $13 $29 $29 $27 $27 $27 60.1 59.7 58.6 55.8 55.8 54.8 54.8 55.2 55.2 $126 $124 $127 $136 $135 4Q 2024 1Q 2025
Slide 18: Capital Profile
Capital Profile Regulatory Capital Ratios (%) Additional Capital Ratios (%) 13.08 10.25 10.37 10.43 10.51 10.58 12.61 7.82 7.96 8.06 8.18 8.29 11.04 10.49 10.58 10.01 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Total Common Equity / Tangible Common Equity / Total Assets Tangible Assets (TCE Ratio)1 Per
Slide 19: Allowance for Credit Losses on Loans (ACLL)
Allowance for Credit Losses on Loans (ACLL)1 ACLL Trends ($ in millions) ACLL / Total Loans $412 $415 $419 $402 $407 1.35% 1.34% 1.35% 1.34% 1.35% 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 ($ in thousands) 12/31/2024 9/30/2025 12/31/2025 Loan Category ACLL ACLL
Slide 20: Credit Quality Trends
Credit Quality Trends Total Delinquent Loans ($ in millions) Nonaccrual Loans ($ in millions) $135 $123 $113 $80 $14 $106 $100 $21 $32 $7 $61 $17 $16 $13 $7 $7 $47 $52 $52 $8 $77 $38 $86 $89 $90 $86 $85 $44 $49 $58 $3 $3 $14 $3 $3 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 4Q 2024 1Q 2025 2Q 2025 3Q 20
Slide 21: FY 2026 Outlook
FY 2026 Outlook1 Total Loans Up 5% to 6% Total Commercial & Industrial Loans Up 9% to 10% Total Deposits Up 5% to 6% Core Customer Deposits2 Up 5% to 6% Net Interest Income Up 5.5% to 6.5% Noninterest Income Up 4% to 5% Noninterest Expense Up 3% Effective Tax Rate 19% to 21% CET1 Capital Ratio 10% t
Slide 22: Appendix
Appendix IDS Center Office - Minneapolis, MN
Slide 23: American National Corporation (ANC) Integration Timeline
American National Corporation (ANC) Integration Timeline December 1, 2025 2Q 2026 Announced acquisition Expected legal close of of ANC transaction 2 4 1 3 December 30, 2025 3Q 2026 Filed applications with Expected conversion the OCC and Federal of systems & branches Reserve 23
Slide 24: Additional Quarterly Loan Trends
Additional Quarterly Loan Trends Period End Quarterly Loans ($ in billions) Average Loan Change 3Q 2025 to 4Q 2025 ($ in millions) $30.6 $31.0 $31.2 $29.8 $30.3 Commercial & Industrial $221 Auto Finance $63 $11.7 $12.0 $12.4 $12.7 $13.0 CRE-Owner Occupied $52 $7.2 $7.4 $7.3 $7.3 $7.2 Home Equity & O
Slide 25: Additional Annual Loan Trends
Additional Annual Loan Trends Annual Average Loans ($ in billions) Quarterly Avg. Loan Change 4Q24 to 4Q25 ($ in millions) $30.6 $29.5 $29.7 Commercial & Industrial $1,249 $26.2 $24.1 Auto Finance $293 $10.8 $11.1 $12.3 $9.9 $9.1 CRE-Investor $171 $7.3 $7.3 $7.3 $6.6 Home Equity & Other Consumer $84
Slide 26: Total Loans Outstanding Balances as of December 31, 2025
Total Loans Outstanding Balances as of December 31, 2025 ($ in millions) % of Total % of Total 1 1 12/31/2025 Loans 12/31/2025 Loans 2 C&BL (by NAICS ) CRE (by property type) Utilities $ 3,009 9.7% Multi-Family $ 3,138 10.1% Manufacturing & Wholesale Trade 2,927 9.4% Industrial 1,768 5.7% Real Estat
Slide 27: Loan Stratification Outstanding Balances as of December 31, 2025
Loan Stratification Outstanding Balances as of December 31, 2025 Illinois Illinois Illinois Wisconsin 13% Wisconsin 14% Wisconsin 17% 21% 21% 26% Minnesota Minnesota 7% 8% Minnesota C&BL by 8% Texas Total Loans CRE by State State 6% by State1 $7.2 billion $13.0 billion Other Other 2 Other Other Midw
Slide 28: High-Quality Commercial Real Estate Portfolio
High-Quality Commercial Real Estate Portfolio1 CRE Credit Quality 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Portfolio LTV 57% 57% 57% 58% 57% Consumer 35% Total Delinquencies3/Loans 0.50% 0.03% 0.17% 0.19% 0.27% Com'l & Business NALs/Loans 0.23% 0.43% 0.22% 0.10% 0.12% Loans by Lending ACLL/Loans 1.99% 1.88% 1.
Slide 29: High-Quality Consumer Loan Portfolio
High-Quality Consumer Loan Portfolio1 Period End Consumer Loans ($ in millions) Prime/Super Prime Consumer Loan Portfolio % of Total 8% 12/31/2025 5% Loans Super Prime (720+) Portfolio Prime (660-719) Residential Mortgage $6,794 21.8% FICOs Exceptions & Other 87% Auto Finance $3,106 10.0% Home Equit
Slide 30: Stable, Granular Deposit Portfolio
Stable, Granular Deposit Portfolio Associated Bank, N.A. Period End Deposits ($ in billions) Liquidity Sources ($ in millions) $34.9 $35.2 $34.9 $35.6 9/30/2025 12/31/2025 $34.2 Federal Reserve Balance $800.0 $1,139.4 FHLB Chicago Capacity $5,943.7 $6,221.5 Fed Discount Window Capacity $5,725.9 $6,4
Slide 31: Additional Quarterly Deposit & Funding Trends
Additional Quarterly Deposit & Funding Trends Period End Quarterly Deposits ($ in billions) Quarterly Average Funding Change (3Q25 to 4Q25) ($ in millions) $34.6 $35.2 $34.9 $35.6 Total Deposits +$923 (+3%) $34.1 $6.1 $6.1 Core Customer Deposits1 +$684 (+2%) $5.8 $5.8 $5.9 Noninterest-Bearing Demand
Slide 32: Additional Annual Deposit & Funding Trends
Additional Annual Deposit & Funding Trends Period End Annual Deposits ($ in billions) Annual Average Funding Change (2024 to 2025) ($ in millions) $34.6 $35.6 Total Deposits +$1,454 (+4%) $33.4 $6.1 Core Customer Deposits1 +$1,332 (+5%) $29.6 $5.8 $28.5 $6.1 Customer CDs $645 $7.8 $8.0 $7.8 $8.5 Int
Slide 33: Reconciliation & Definitions of Non-GAAP Items
Reconciliation & Definitions of Non-GAAP Items Period End Core Customer Deposits Reconciliation ($ in thousands) 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Total deposits $35,552,608 $34,881,853 $34,147,565 $35,196,713 $34,648,434 Less: Network transaction deposits 2,154,995 2,013,964 1,792,362 1,882,9
Slide 34: Reconciliation & Definitions of Non-GAAP Items
Reconciliation & Definitions of Non-GAAP Items Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) YTD Dec 2025 YTD Dec 20201 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Total expense for efficiency ratios reconciliation Noninterest expense $855,639 $776,034 $219,466 $216,202 $209,352 $210,619 $2
Slide 35: Thank You
Thank You Monroe Office – Chicago, IL