Slide 1: Associated Banc-Corp Second Quarter 2026 Earnings Presentation
Associated Banc-Corp Second Quarter 2026 Earnings Presentation July 23, 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, WI
Slide 4: Second Quarter 2026 Results
Second Quarter 2026 Results ▪ Total period end loans of $36.5 billion ▪ +15% vs. 1Q26; +19% vs. 2Q25 $0.63 $0.73 ▪ Ex. ANC1,2: +3% vs. 1Q26; +7% vs. 2Q25 Diluted GAAP EPS Diluted Adj. EPS1 ▪ Period end C&I loans of $13.8 billion ▪ +11% vs. 1Q26; +22% vs. 2Q25 ▪ Ex. ANC1,2: +5% vs. 1Q26; +15% vs. 2Q2
Slide 5: American National Corporation (ANC) Integration Update
American National Corporation (ANC) Integration Update Transaction closed April 1, 2026, with conversion of systems, branches & accounts expected in October 2026 Estimated at Announcement1 Updated as of 7/23/20261 $55M $60M Nonrecurring Merger Expenses ($8M taken by ANC; $47M taken by ASB) ($7.4M ta
Slide 6: Quarterly Loan Trends
Quarterly Loan Trends 2Q 2026 period end total loans grew by 15% vs. the prior quarter, or 3% excluding the impact of balances acquired from ANC1 Average Quarterly Loans ($ in billions) Period End Balance Change 3/31/26 to 6/30/26 ($ in millions) $35.9 Total $ Total % Ex. ANC1 $ Ex. ANC1 % $30.5 $30
Slide 7: Sustainable Relationship Commercial Growth
Sustainable Relationship Commercial Growth 1H 2026 results reflect continued growth momentum, with several YTD investments expected to sustain growth through 2026-27 Period End C&I Loan Growth Trends ($ in billions) Added top talent in key leadership roles Increased RMs by nearly 50% from 4Q21 to 2Q
Slide 8: Quarterly Deposit Trends
Quarterly Deposit Trends 2Q 2026 deposit balances were impacted by the addition of $4.4 billion in ANC-related balances Average Quarterly Deposits ($ in billions) Period End Balance Change 3/31/26 to 6/30/26 ($ in millions) Total $ Total % Ex. ANC1,2 $ Ex. ANC1,2 % $40.4 Money Market $1,426 23% $(16
Slide 9: Sustainable Relationship Deposit Growth
Sustainable Relationship Deposit Growth Our YoY deposit growth rate has improved for three straight years, with relationship-focused initiatives driving sustainable growth Period End YoY Deposit Growth Trends ($ in billions) Customer CKG HH growth of 2%+ (annualized) Total Deposits Modernized digita
Slide 10: Average Yield Trends
Average Yield Trends The yield on total earning assets increased by 12 bps in 2Q, while interest-bearing liability costs decreased by 1 bp Quarterly Average Yields (%) Asset & Liability Yield / Rate Trends (%) 6.75 6.74 6.50 6.21 6.28 6.50 6.45 6.18 5.96 5.89 5.50 5.50 5.83 5.34 5.20 5.32 5.63 5.58
Slide 11: Net Interest Income & Net Interest Margin Trends
Net Interest Income & Net Interest Margin Trends Net interest income increased $63 million vs. the prior quarter, while net interest margin improved by 14 bps to 3.17% Net Interest Income & Net Interest Margin ($ in millions) 1Q 2026 to 2Q 2026 Walk-forward ($ in millions) $370 NII NIM $305 $310 $30
Slide 12: Interest Rate Risk Management
Interest Rate Risk Management1 We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a volatile rate environment Contractual Funding Obligations ($ in billions) Estimated NII Sensitivity Profile (%) (12-Month Ramp, Dynamic Forecast) ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total 10.8 Time Dep
Slide 13: Cash & Investment Securities Portfolio
Cash & Investment Securities Portfolio We’ve continued to manage our cash & investment securities positions in proportion to broader balance sheet growth Period End Investment Securities ($ in billions) Period End Securities + Cash / Total Assets $10.2 We continue to target $9.4 $0.4 securities + ca
Slide 14: Quarterly Noninterest Income Trends
Quarterly Noninterest Income Trends 2Q 2026 noninterest income of $80 million was up 6% vs. the prior quarter and 20% vs. the same period a year ago Total Quarterly Noninterest Income ($ in millions) Wealth Management Fees ($ in millions) $81 $80 $51 $79 $76 $44 $44 $46 $41 $67 $15 $12 $14 $12 $4 $3
Slide 15: Quarterly Noninterest Expense Trends
Quarterly Noninterest Expense Trends 2Q 2026 noninterest expense includes $24.5 million of nonrecurring costs tied to the acquisition of American National Corporation Total Quarterly Noninterest Expense ($ in millions) Nonrecurring Acquisition-Related Expenses ($ in millions) 2Q 2026 YTD Jun 2026 $2
Slide 16: Capital Profile
Capital Profile We continue to target a CET1 range of 10% to 10.75% in 2026 Regulatory Capital Ratios (%) Additional Capital Ratios (%) 10.43 10.51 10.58 10.54 10.51 12.83 12.79 8.06 8.18 8.29 8.27 8.27 10.77 10.94 10.20 10.47 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Total Common Equity / Tangible Co
Slide 17: Allowance for Credit Losses on Loans (ACLL)
Allowance for Credit Losses on Loans (ACLL)1 Our ACLL increased to $494 million following the acquisition of ANC, while ACLL / total loans increased 2 bps to 1.36% ACLL Trends ($ in millions) ACLL / Total Loans $494 1.35% 1.34% 1.35% 1.34% 1.36% $415 $419 $425 $412 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q
Slide 18: Credit Quality Trends
Credit Quality Trends 2Q credit quality remained solid with decreasing delinquent loans and NCOs of $23 million, incl. $7 million of ANC-related NCOs Total Delinquent Loans ($ in millions) Nonaccrual Loans ($ in millions) $150 $113 $106 $100 $111 $48 $88 $61 $16 $7 $13 $7 $7 $20 $14 $52 $52 $60 $8 $
Slide 19: FY 2026 Outlook
FY 2026 Outlook1 Previous FY 2026 Outlook Updated FY 2026 April 23, 2026 Outlook Total Loans Up 17% to 19% Up 18% to 20% 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 Updating with 2Q Earnings Up 19%
Slide 20: Appendix
Appendix Minneapolis, MN oN Associated Bank
Slide 21: American National Corporation Acquisition Purchase Accounting Accretion (PAA) Summary
American National Corporation Acquisition Purchase Accounting Accretion (PAA) Summary ($ in millions) Actual Scheduled1 2Q 2026 3Q 2026 4Q 2026 1Q 2027 2Q 2027 Loans (Interest Income) $4.2 $2.8 $1.7 $1.2 $0.9 Deposits (Interest Expense) (0.3) (0.2) (0.1) (0.1) (0.1) Core Deposit Intangible (Noninter
Slide 22: 165-Year Foundation in Wisconsin…Accelerating Growth in Major Metro Markets
165-Year Foundation in Wisconsin…Accelerating Household, Deposit and C&I Growth in Major Metro Markets Driving Growth in Legacy Metros ASB Branch Footprint States1 Strategic Major Metro Twin Cities Growth Markets Milwaukee Chicago Omaha Milwaukee Chicago St. Louis Twin Cities First MO branch in Expa
Slide 23: Total Loans Outstanding Balances as of June 30, 2026
Total Loans Outstanding Balances as of June 30, 2026 ($ in millions) % of Total % of Total 6/30/20261 Loans 6/30/20261 Loans 2 C&BL (by NAICS ) CRE (by property type) Utilities $ 3,254 8.9% Multi-Family $ 3,907 10.7% Manufacturing & Wholesale Trade 2,982 8.2% Industrial 1,945 5.3% Real Estate (inclu
Slide 24: Loan Stratification Outstanding Balances as of June 30, 2026
Loan Stratification Outstanding Balances as of June 30, 2026 Illinois Illinois Illinois Wisconsin Wisconsin Wisconsin 11% 14% 15% 18% 19% 23% Minnesota Minnesota 8% Minnesota 11% C&BL Nebraska 10% Total Loans CRE by State by State 4% Nebraska by State1 Nebraska $9.0 billion 9% $15.3 billion Other Mi
Slide 25: High-Quality Commercial Real Estate Portfolio
High-Quality Commercial Real Estate Portfolio1 CRE Credit Quality 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Portfolio LTV 57% 58% 57% 57% 53% Consumer 33% Total Delinquencies3/Loans 0.17% 0.19% 0.27% 0.45% 0.05% Com'l & Business NALs/Loans 0.22% 0.10% 0.12% 0.11% 0.16% Loans by Lending ACLL/Loans 1.77% 1.74% 1.
Slide 26: High-Quality Consumer Loan Portfolio
High-Quality Consumer Loan Portfolio1 Period End Consumer Loans ($ in millions) Prime/Super Prime Consumer Loan Portfolio % of Total 8% 6/30/2026 6% Loans Super Prime (720+) Portfolio Prime (660-719) Residential Mortgage $6,808 18.7% FICOs Exceptions & Other Auto Finance 4,044 11.1% 86% Home Equity
Slide 27: Stable, Granular Deposit Portfolio
Stable, Granular Deposit Portfolio Associated Bank, N.A. Period End Deposits ($ in billions) Liquidity Sources ($ in millions) $40.1 3/31/2026 6/30/2026 $34.9 $35.6 $35.8 $34.2 Federal Reserve Balance $915.7 $1,265.7 FHLB Chicago Capacity $5,574.2 $5,330.8 74% Fed Discount Window Capacity $6,506.8 $
Slide 28: TBVPS Accretion / (Dilution) & Earnback Reconciliation
TBVPS Accretion / (Dilution) & Earnback Reconciliation1,2 American National Corporation (ANC) Acquisition Estimated at Announcement (12/1/2025) Updated Post-Close Basic Basic Estimated TBVPS2 at Close $ in millions shares (M) $ per share TBVPS2 at Close $ in millions shares (M) $ per share ASB stand
Slide 29: Reconciliation & Definitions of Non-GAAP Items
Reconciliation & Definitions of Non-GAAP Items Period End Adjusted Loans Reconciliation A B ($ in thousands) Jun 30, 2026 ANC Bal as of Jun 30, 2026 A – B = Adjusted Loans ex. ANC Commercial and industrial $13,750,175 $766,171 $12,984,004 Commercial real estate—owner occupied 1,575,445 376,197 1,199
Slide 30: Reconciliation & Definitions of Non-GAAP Items
Reconciliation & Definitions of Non-GAAP Items Adjusted Net Income Available to Common Equity Reconciliation ($ in thousands) 2Q 2026 Net income available to common equity $120,689 Acquisition costs, net of tax1 18,996 Adjusted net income available to common equity for adjusted earnings per share $1
Slide 31: Reconciliation & Definitions of Non-GAAP Items
Reconciliation & Definitions of Non-GAAP Items Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) 2Q 2026 Net income available to common equity $120,689 Other intangible amortization, net of tax 5,170 Adjusted net income available to common equity for ROATCE $125,859 A
Slide 32: Thank You
Thank You De Pere, WI