Associated Banc-corp · NYSE:ASB
Associated Banc-corp — Debt Investor Presentation (May 2026)
36 slides from Associated Banc-corp's debt investor presentation, May 5, 2026
Slide 1: Associated Banc-Corp 2026 Fixed Income Investor Presentation
Associated Banc-Corp 2026 Fixed Income Investor Presentation May 5, 2026
Slide 2: Important Disclosures
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
Slide 3: ASB Presenters
ASB Presenters 3 ▪ Derek S. Meyer joined Associated Bank in August 2022 and is the executive vice president and chief financial officer. He is responsible for the company’s financial management. He also serves on the executive leadership team for Associated. ▪ Meyer has over 30 years of experience i
Slide 4: Associated Banc-Corp
Associated Banc-Corp (NYSE: ASB)1 4 With origins dating back to 1861, ASB is the largest bank holding company based in Wisconsin2 $46B Assets $32B Loans $5B Equity $36B Deposits 184 Branches ~4,000 Employees 10.47% CET1 Ratio 13.02% Total Capital Ratio Commercial & Business Lending 42% Commercial Re
Slide 5: Disciplined Approach to Risk Management
Disciplined Approach to Risk Management
Slide 6: Quarterly Loan Trends
$3.8 $3.9 $4.0 $4.1 $4.1 $7.3 $7.0 $7.0 $6.9 $6.8 $7.3 $7.5 $7.3 $7.3 $7.3 $11.7 $12.1 $12.5 $12.7 $13.0 $30.1 $30.5 $30.8 $31.0 $31.3 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Quarterly Loan Trends 6 Average Quarterly Loans ($ in billions) Period End Loan Change 12/31/25 to 3/31/26 ($ in millions) $(
Slide 7: ACLL Trends
Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 172,257$ 1.43% 198,793$ 1.53% 208,208$ 1.54% CRE - Investor 79,149 1.41% 58,742 1.12% 53,899 1.02% CRE - Construction 59,873 3.31% 64,542 3.24% 69,810 3.30% Residential Mortgage 34,160 0.49% 33,644 0.50% 32,739 0.49% Other Cons
Slide 8: Credit Quality Trends
Credit Quality Trends 8 Total Delinquent Loans ($ in millions) Nonaccrual Loans ($ in millions) Total Criticized Loans ($ in millions) Net Charge Offs & Provision ($ in millions) $3 $14 $3 $3 $3 $44 $38 $49 $58 $85 $47 $52 $52 $61 $88 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Accruing Loans 30-89 Days
Slide 9: High-Quality Commercial Real Estate Portfolio
High-Quality Commercial Real Estate Portfolio1 9 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 Portfolio LTV 57% 57% 58% 57% 57% Delinquencies3/Loans 0.03% 0.17% 0.19% 0.27% 0.45% NALs/Loans 0.43% 0.22% 0.10% 0.12% 0.11% ACLL/Loans 1.88% 1.77% 1.74% 1.70% 1.68% NCOs/Avg. Loans4 0.05% 0.45% 0.49% (0.01)% (0.03)% CRE
Slide 10: High-Quality Consumer Loan Portfolio
High-Quality Consumer Loan Portfolio1 10 1 All data as of or for the period ended March 31, 2026 unless otherwise noted. 3/31/2026 % of Total Loans Residential Mortgage $6,728 21.2% Auto Finance $3,136 9.9% Home Equity $706 2.2% Credit Cards $195 0.6% Other $116 0.3% Total Consumer $10,881 34.2% Pri
Slide 11: Stable, Granular Deposit Portfolio
Stable, Granular Deposit Portfolio 11 Associated Bank, N.A. Period End Deposits ($ in billions) Liquidity Sources ($ in millions) 26% 25% 25% 26% 26% 74% 75% 75% 74% 74% $35.2 $34.2 $34.9 $35.6 $35.8 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Total of Insured & Collateralized Deposits Total of Uninsure
Slide 12: Interest Rate Risk Management
Interest Rate Risk Management1 12 Contractual Funding Obligations ($ in billions) Contractual Swaps Balances2 ($ in billions) Estimated NII Sensitivity Profile (%) 10.4 6.8 3.2 2.6 3.8 5.1 3.4 1.7 1.4 2.0 -14.9 -2.3 -1.0 -0.6 -1.4 -14.9 -4.4 -1.9 -1.5 -3.1 1Q 2022 1Q 2023 1Q 2024 1Q 2025 1Q 2026 Up
Slide 13: Cash & Investment Securities Portfolio
Cash & Investment Securities Portfolio 13 Period End Investment Securities ($ in billions) Period End Securities + Cash / Total Assets $4.8 $5.0 $5.2 $5.4 $5.5 $3.7 $3.7 $3.6 $3.6 $3.6 $0.2 $0.3 $0.3 $0.3 $0.3$8.7 $9.0 $9.1 $9.3 $9.4 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Held to MaturityAvailable
Slide 14: Capital Profile
Capital Profile 14 Regulatory Capital Ratios (%) Additional Capital Ratios (%) Per Common Share Data ($) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 10.11 10.68 12.75 10.47 11.01 13.02 CET1 Tier 1 Capital Total
Slide 15: Advancing our Growth Strategy
Advancing our Growth Strategy
Slide 16: Continued & Sustainable Organic Growth Strategy
Continued & Sustainable Organic Growth Strategy 16 Growing Customer Households With a Best-in- Class Value Proposition Investing in Top Talent to Drive Sustained Commercial Growth Accelerating Growth in Major Metropolitan Markets in 2026 ▪ Improved product set ▪ Successful Mass Affluent program ▪ En
Slide 17: Record Earnings in 2025
Record Earnings in 2025 17 1 All figures shown as of and for the period ended December 31, 2025 unless otherwise noted. 2 Growth represents FY 2025 results as compared to FY 2024 results unless otherwise noted. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP fin
Slide 18: Strengthened Franchise with Growth Momentum
Strengthened Franchise with Growth Momentum 18 Bolstered Key Leadership Expanded Commercial Presence Enhanced Consumer Value Proposition Repositioned Balance Sheet Maintained Strong Risk Management Culture $7.7 $11.8 2020 2025 Period End C&I Loans ($ in billions) 32.2 21.8 2020 2025 Period End Res.
Slide 19: Sustainable Customer Growth
Sustainable Customer Growth 19 Modern digital banking experience with improved UX, enhanced security & financial wellness tools Launched successful Mass Affluent strategy Added product benefits including Early Pay Improved marketing acquisition capabilities Nov. 2025: Launched upgraded Emerald Choic
Slide 20: Sustainable Commercial Growth
▪ Phillip Trier, EVP, Head of Corporate & Commercial Banking ▪ Neil Riegelman, SVP, Commercial Banking Segment Leader ▪ Michael Lebens, SVP, Commercial Banking Segment Leader ▪ Matthew Flynn, SVP, Commercial Banking Segment Leader ▪ Eric Lien, SVP, Director of TM Sales & Client Experience 20 Period
Slide 21: Accelerating Growth in Major Metro Markets
Milwaukee Chicago Total Deposits2 +12% +13% Commercial & Industrial Loans2 +13% +33% Consumer + Business CKG HHs3 +4% +11% Accelerating Growth in Major Metro Markets 21 1 Milwaukee & Chicago growth shown on an end of period basis as of and for the year ended December 31, 2025 as compared to results
Slide 22: Expected 2026 Metro Market Investments & Outcomes
Expected 2026 Metro Market Investments & Outcomes1 22 (1-3)% 0.0% 1.0% 1.4% 2.0% 2.5% 2023 2024 2025 2026E 2027E >100% Marketing Acquisition Spend Increase in Twin Cities & Omaha in 2026 (>25% increase across all markets) +10% Commercial & Business Relationship Managers in 20263 (+11 FTE) +$0.8 +$1.
Slide 23: Accelerating our Growth Trend
+2.2% Annualized Customer CKG HH Growth 1Q26 vs. 4Q25 Accelerating our Growth Trend 23 +4.6% Period End C&I Loan Growth 1Q26 vs. 4Q25 1 YTD updates as of April 23, 2026. 2 Marketing acquisition spend defined as business development & advertising expense. Marketing acquisition spend up 23% in 1Q26 vs
Slide 24: American National Corporation Integration on Track
24 October 2026 Expected conversion of systems & branches 12/1/2025 Announced agreement to acquire ANC American National Corporation (ANC) Integration on Track Partnership expected to complement & accelerate our organic growth strategy 3/12/2026 Regulatory approvals received 4/1/2026 Close of transa
Slide 25: American National Acquisition Strengthens Midwest Footprint
25 ▪ Adds 79K+ customer deposit accounts to ASB ▪ Commercial approach focused on middle-market & family-owned businesses ▪ Auto business is complementary to ASB, with 25+ years of experience & super prime Midwestern focus Dynamic Franchise1 American National Acquisition Strengthens Midwest Footprint
Slide 26: Rigorous Due Diligence & Integration Planning Process
26 CRE Lending ✓ Comprehensive due diligence across all 12 functional areas conducted by Associated teammates and outside advisors ✓ Integration planning top of mind since the start of due diligence, ensuring a clear and well-informed roadmap for seamless integration ✓ Cost savings assumptions suppo
Slide 27: 165-Year Foundation in Wisconsin, Accelerating Growth in Major Metro Markets
Twin Cities 165-Year Foundation in Wisconsin…Accelerating Household, Deposit and C&I Growth in Major Metro Markets 27 ASB Branch Footprint States1 Strategic Major Metro Growth Markets 1 As of April 1, 2026. Milwaukee Chicago Omaha St. Louis Kansas City Dallas/Ft. Worth Driving Growth in Legacy Metro
Slide 28: Growing higher-yielding relationship asset classes
28 ▪ Expanded Commercial & Business RMs by 47% since 12/31/2021 ▪ Increased commercial & industrial loans by $3.9 billion vs. 12/31/2021 (+46%) ▪ Exited TPO mortgage business in 1Q23 ▪ Sold $969 million in mortgage loans & pivoted to “originate to sell” model in 4Q23 ▪ Sold $723 million in mortgage
Slide 29: FY 2026 Outlook
FY 2026 Outlook1 29 Total Loans Up 17% to 19% Total C&I Loans Up 20% to 22% Total Deposits Up 17% to 19% Core Customer Deposits2 Up 19% to 21% Net Interest Income Updating with 2Q 2026 Earnings Noninterest Income Up 8% to 10% Noninterest Expense Updating with 2Q 2026 Earnings Effective Tax Rate 19%
Slide 30: Appendix
Appendix Monroe Office – Chicago, IL
Slide 31: Quarterly Deposit & Funding Trends
$1.8 $1.8 $1.9 $2.1 $1.9 $4.3 $4.1 $3.9 $4.0 $3.5 $3.8 $3.7 $4.0 $4.1 $4.2 $6.1 $6.0 $5.9 $5.9 $6.1 $5.2 $5.2 $5.3 $5.4 $5.5 $8.0 $7.7 $7.9 $8.1 $7.9 $5.6 $5.6 $5.8 $6.1 $6.0 $34.8 $34.2 $34.7 $35.6 $35.2 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Quarterly Deposit & Funding Trends 31 Average Quarterly
Slide 32: Net Interest Income & Net Interest Margin Trends
Net Interest Income & Net Interest Margin Trends 32 ($ in millions) $286 $300 $305 $310 $307 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 3.04% 2.97% 3.06% 3.03% Quarterly Net Interest Income Quarterly Net Interest Margin 3.04% 1Q net interest income increased $21 million from the same period a year ago,
Slide 33: Quarterly Noninterest Income Trends
$22 $23 $25 $26 $25 $13 $13 $14 $14 $14 $10 $11 $12 $13 $12 $4 $6 $11 $11 $7 $4 $4 $4 $3 $6 $5 $10 $15 $12 $12 $59 $67 $81 $79 $76 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Quarterly Noninterest Income Trends 33 1 Wealth Mgmt. Fees Capital Markets, net Other2 Mortgage Banking, net Service Charges & De
Slide 34: Quarterly Noninterest Expense Trends
Quarterly Noninterest Expense Trends 34 Total Quarterly Noninterest Expense ($ in millions) Efficiency Ratio (%) $124 $127 $136 $135 $135 $27 $27 $29 $29 $30 $15 $13 $13 $14 $14 $10 $10 $10 $7 $9 $34 $33 $29 $34 $31 $211 $209 $216 $219 $219 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Personnel Other1 Te
Slide 35: Tangible Common Equity & Tangible Assets Reconciliation
Tangible Common Equity & Tangible Assets Reconciliation ($ in thousands) 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Common equity $4,803,760 $4,781,235 $4,674,186 $4,586,669 $4,492,446 Less: Goodwill and other intangible assets, net 1,125,639 1,127,842 1,130,044 1,132,247 1,134,450 Tangible common equi
Slide 36: Reconciliation & Definitions of Non-GAAP Items
Reconciliation & Definitions of Non-GAAP Items 36 Update Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) YTD Dec 2025 YTD Dec 20201 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Total expense for efficiency ratios reconciliation Noninterest expense $855,639 $776,034 $219,163 $219,466 $216,202 $
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