Associated Banc-corp · NYSE:ASB
Associated Banc-corp — Investor Presentation (December 2025)
21 slides from Associated Banc-corp's investor presentation, Dec 5, 2025
Slide 1: Associated Banc-Corp 2025 Shareholder Engagement
Associated Banc-Corp 2025 Shareholder Engagement December 2025
Slide 2: Important Disclosures
1 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
Slide 3: Introduction
2 Introduction ▪ Andy Harmening – President & Chief Executive Officer ▪ Derek Meyer – EVP, Chief Financial Officer ▪ Julio Manso – EVP, Chief Human Resources Officer ▪ Randy Erickson – EVP, General Counsel & Corporate Secretary ▪ Anita Magnuson – SVP, Director of Total Rewards ▪ Derek Merten – SVP,
Slide 4: Executive Leadership Team Updates
3 Executive Leadership Team Updates Gregory Warsek was promoted to Executive Vice President, Head of Commercial Real Estate and Facilities in March 2025. He oversees and directs all aspects of commercial real estate lending spanning 11 offices in eight states. Warsek has more than 37 years of commer
Slide 5: Building on a Strong Foundation
4 Building on a Strong Foundation Phase 1 Foundational for Growth 2021-2023 Phase 2 Advancing our Growth Strategy 2023-Current Upgraded Product & Service Offerings Launched Mass Affluent Strategy Modernized Digital Banking Experience Introduced “Champion of You” Brand Strategy Enhanced Lending Capab
Slide 6: Key Themes in 2025
5 Key Themes in 2025 1 Strong Positive Operating Leverage 2 Growth Story with Disciplined Credit & Expense Management 3 Improving Returns Driven by Balance Sheet Mix Shift With Phase 2 investments complete, we’ve been squarely focused on delivering results in 2025
Slide 7: Our Plan is Delivering Growth & Profitability
6 31.2 29.6 26.9 23.7 23.1 22.7 22.2 2021 2022 2023 2024 1Q25 2Q25 3Q25 $8.5 $9.8 $9.7 $10.6 $10.9 $11.3 $11.6 2021 2022 2023 2024 1Q25 2Q25 3Q25 Our Plan is Delivering Growth & Profitability1 1 All updates as of or for the period ended September 30, 2025 unless otherwise noted. Bolstered Key Leader
Slide 8: Improving our Return Profile Over Time
7 Improving our Return Profile Over Time1 Strategy Progress Since 2021 Growing relationship C&I loans to decrease reliance on legacy low-yielding, non-relationship residential mortgage ▪ Increased Commercial & Business RMs by ~50% vs. 4Q21 ▪ Increased Commercial & Industrial loans by $3.1B vs. 4Q21
Slide 9: Acquisition of American National Corporation
8 Acquisition of American National Corporation Partnership announced on 12/1/2025 complements ASB’s organic growth plans, aligns with strategic priorities Expanded Presence in Strategic Growth Markets1 Financially Attractive Partnership ▪ Entry into the Omaha MSA with #2 deposit market share rank ▪
Slide 10: Open Discussion on Areas of Investor Interest
Open Discussion on Areas of Investor Interest
Slide 11: Executive Compensation Overview
10 ▪ Our executive compensation program is significantly focused on performance, with equity-based incentives representing most of the variable components to align with company outcomes and shareholder objectives ▪ Equity awards are heavily weighted in the form of performance-based restricted stock
Slide 12: Peer Group and 2025 Incentive Plans
11 Peer Group 2025 Management Incentive Plan (Annual) 2025 Long-Term Incentive Plan (Executive Leadership Team) ▪ Maintained same peer group (refined to reflect merger and acquisition activity) ▪ Retained 2024 plan design to promote growth, support our strategic plan and incent collaboration among e
Slide 13: Shareholder Friendly Pay Practices
12 ✓ Solid incentive plan governance ✓ Double trigger change in control is applied for equity vesting ✓ Robust and compliant clawback policy ✓ Stock ownership requirements include a salary multiple and a post-vesting holding period ✓ Dividend equivalents on unvested stock are not paid until the end
Slide 14: Talent and Leadership Development Initiatives
13 ✓ Leader Learning ✓ Mentor Program ✓ Talent Talks ✓ TA restructure ✓ New Leader Orientation ✓ Self-ratings ✓ Documented goals – Word doc ✓ Cascaded common leadership goals to KLT ✓ Simplified Competency Model ✓ Career Counselor ✓ 1-on-1 career coaching for all colleagues ✓ Workday for HR ✓ ELT Su
Slide 15: Development Programs
14 Development Programs Associated provides a multitude of development programs to provide colleagues with opportunities to develop skills and advance their careers Emerging Talent Programs Mentoring Programs Leadership Development Programs Development Tools & Resources As colleagues pursue developm
Slide 16: Sustainability Program Highlights
15 Sustainability Program Highlights ▪ #1 for Retail Banking Customer Satisfaction in the Upper Midwest Region by J.D. Power in 2024 ▪ Established our 2024-2026 Community Commitment plan to invest $2 billion in underserved communities and small businesses in our footprint ▪ Received an “Outstanding”
Slide 17: Highly Qualified & Experienced Board
16 Highly Qualified & Experienced Board ✓ Our Board members are highly skilled individuals from diverse backgrounds who possess unique qualities, attributes and professional experience ✓ The Board of Directors are responsible for overseeing the corporate sustainability strategies and risks of Associ
Slide 18: Board Refreshment & Governance Practices
17 Board Refreshment & Governance Practices Board Refreshment Strong Corporate Governance ▪ Important factor in overall Board effectiveness ▪ Regularly evaluate Board composition ▪ Three new Directors added to Associated’s Board of Directors in 2024: Rodney Jones-Tyson (April); Kristen Ludgate (Dece
Slide 19: Appendix
Appendix
Slide 20: Third Quarter 2025 Results
19 Third Quarter 2025 Results1 1 All figures shown on an end of period basis unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ▪ Total loans of $31.0 billion ▪ +1.1% vs. 2Q 2025; +3.2% vs. 3Q 2
Slide 21: Reconciliation & Definitions of Non-GAAP Items
20 Period End Core Customer Deposits Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Total deposits $34,881,853 $34,147,565 $35,196,713 $34,648,434 $33,554,298 Less: Network transaction deposits 2,013,964 1,792,362 1,882,930 1,758,388 1,566,908 Less: Brokered CDs 3,956,517 4,
Associated Banc-Corp — Investor Presentation (December 2025) on 6ix