Associated Banc-corp · NYSE:ASB
Associated Banc-corp — Q1 2026 Earnings Presentation
18 slides from Associated Banc-corp's earnings presentation, Feb 9, 2026
Slide 1: Associated Banc-Corp First Quarter 2026 Investor Presentation
Associated Banc-Corp First Quarter 2026 Investor Presentation February 9, 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: Continued & Sustainable Organic Growth Strategy
Continued & Sustainable Organic Growth Strategy Growing Customer Investing in Top Talent Accelerating Growth in Households With a Best-in- to Drive Sustained Major Metropolitan Markets Class Value Proposition Commercial Growth in 2026 ▪ Improved product set ▪ Increased relationship managers (RMs) by
Slide 4: Strengthened Franchise with Growth Momentum
Strengthened Franchise with Growth Momentum 2021-2025 Associated Bank River Center – Milwaukee, WI
Slide 5: Record Earnings in 2025
Record Earnings in 2025 ASB posted record annual net income available to common equity of $463 million in 2025 FY 2025 Highlights1,2 4.7% 11.6% 2.6% 3.5% Total Loan Growth Total C&I Loan Growth Total Deposit Growth Core Customer Deposit Growth3 14.7% +25 bps $296M (N/M) $24M (+9.0%) Net Interest Inc
Slide 6: Strengthened Franchise with Growth Momentum
Strengthened Franchise with Growth Momentum Bolstered Expanded Enhanced Consumer Repositioned Maintained Strong Risk Key Leadership Commercial Presence Value Proposition Balance Sheet Management Culture Period End C&I Loans ($ in billions) Net Interest Margin (%) Efficiency Ratio (%) $11.8 3.03 59.6
Slide 7: Sustainable Customer Growth
Sustainable Customer Growth We’re attracting & deepening relationships with a best-in-class value proposition that continues to improve Customer Checking Household Growth Trend1 Modern digital banking experience with improved UX, enhanced security & financial wellness tools Launched successful Mass
Slide 8: Sustainable Commercial Growth
Sustainable Commercial Growth A multi-year expansion of our commercial team has positioned us to grow & take market share in key metros Added top talent in key leadership roles Period End Commercial Growth Trends ▪ Phillip Trier, EVP, Head of Corporate & Commercial Banking ($ in billions) ▪ Neil Rie
Slide 9: Accelerating Growth in Major Metro Markets
Accelerating Growth in Major Metro Markets 2026 IDS Center Office - Minneapolis, MN
Slide 10: 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 Milwaukee Chicago Twin Cities Omaha Expanding in 2026 New in 2026 Total Deposits2 +12% +13% Commercial & Industrial Loans2 +13% +33% Kansas City Dallas Consumer + Business C
Slide 11: 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 1.4% 2.0% 2.5% Marketing Acquisition Spend Twin Cities +1% +3% +3% 1.0% Increase in Twin Cities
Slide 12: American National Corporation (ANC) Acquisition
American National Corporation (ANC) Acquisition Our planned partnership with ANC is expected to complement & accelerate our organic growth strategy Expanded Presence in Financially Attractive Strong Cultural Alignment Strategic Growth Markets1 Partnership ▪ Entry into the Omaha MSA with #2 deposit ▪
Slide 13: 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 14: Continued & Sustainable Organic Growth Strategy
Continued & Sustainable Organic Growth Strategy Growing Customer Investing in Top Talent Accelerating Growth in Households with a Best-in- to Drive Sustained Major Metropolitan Markets Class Value Proposition Commercial Growth in 2026 14
Slide 15: Appendix
Appendix Monroe Office – Chicago, IL
Slide 16: Estimated Pro Forma EPS & TBVPS Reconciliation
Estimated Pro Forma EPS & TBVPS Reconciliation1 American National Corporation (ANC) Acquisition Estimated EPS Accretion ($ in millions, except per share values) 2027E Basic Estimated TBVPS4 at Close $ in millions shares (M) $ per share ASB net income $518 ANC net income2 68 ASB standalone TBV at clo
Slide 17: Reconciliation & Definitions of Non-GAAP Items
Reconciliation & Definitions of Non-GAAP Items Period End Core Customer Deposits Reconciliation ($ in thousands) 4Q 2025 4Q 2024 Total deposits $35,552,608 $34,648,434 Less: Network transaction deposits 2,154,995 1,758,388 Less: Brokered CDs 3,795,133 4,276,309 Core customer deposits $29,602,480 $28
Slide 18: Reconciliation & Definitions of Non-GAAP Items
Reconciliation & Definitions of Non-GAAP Items Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) YTD Dec 2025 YTD Dec 20201 Total expense for efficiency ratios reconciliation Noninterest expense $855,639 $776,034 Less: Other intangible amortization 8,811 10,192 Total expense for fully tax-e