Associated Banc : 2026 Fixed Income Investor Presentation

About this update from Associated Banc-corp

Associated Banc-Corp 2026 Fixed Income Investor Presentation May 5, 2026 ASB Presenters Derek Meyer - EVP, Chief Financial Officer 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 in banking including 21 years in finance and 12 years in retail and commercial roles. Previously he served as corporate treasurer of Huntington Bank. During his 22-year tenure at Huntington, Meyer held various senior leadership roles and was responsible for crucial finance functions, including treasury, financial planning and analysis, stress testing, mergers and acquisition due diligence, regulatory matters and process and controls implementation. He was also instrumental in driving the bank's financial strategy, expanding revenue and positively impacting margins. Meyer holds an MBA in finance from Ohio State University Fisher College of Business and a Bachelor of Science degree in economics from Ohio State University. He previously served on the Volunteers of America OH and IN board of directors. Andrew Arnold - EVP, Corporate Treasurer Andrew Arnold joined Associated Bank in 2010 and is the executive vice president and corporate treasurer. He is responsible for management of the bank's interest rate risk exposure, liquidity, funding and investment portfolio and capital activities. With nearly 25 years of finance experience, Arnold joined Associated as an asset and liability senior analyst. In 2020, he was promoted to the role of senior vice president, assistant treasurer and director of liability management and most recently served as interim corporate treasurer. Prior to joining Associated, Arnold held senior capital market analyst and corporate treasury and business analyst roles at other financial institutions. Arnold holds a bachelor's degree in finance from the University of Wisconsin. Patrick Ahern - EVP, Chief Credit Officer & Chicago Market President Patrick E. Ahern joined Associated Bank in 2010 and is currently the executive vice president and chief credit officer and Chicago market president. He also serves on the executive leadership team for Associated. Ahern brings more than 30 years of banking experience to Associated Bank, including multiple leadership roles in commercial real estate and credit functions. Ahern holds a Master of Business Administration degree with a concentration in real estate from DePaul University and a Bachelor of Science in finance from the University of Wisconsin - Whitewater. He currently sits on the management committee and serves as treasurer for Urban Land Institute - Chicago chapter. Associated Banc-Corp (NYSE: ASB) 1 $36B Deposits $5B Equity $32B Loans With origins dating back to 1861, ASB is the largest bank holding company based in Wisconsin 2 Branch Footprint States 3 Loan Production Offices Consumer 35% Commercial Average & Business Lending Loans 42% Commercial Real Estate 23% $46B Assets Customer CDs 12% Brokered CDs 10% Network 5% Noninterest-Bearing 17% Average Deposits Savings 16% MMA 17% Interest-Bearing 22% 13.02% Total Capital Ratio 10.47% CET1 Ratio ~4,000 Employees 184 Branches 1 All figures as of or for the quarter ended March 31, 2026 unless otherwise noted. 2 Based on assets as of December 31, 2025. 3 As of April 1, 2026. Disciplined Approach to Risk Management Quarterly Loan Trends Strong period end C&I loan growth of 5% helped drive total loan growth of 2% in 1Q Average Quarterly Loans ($ in billions) Period End Loan Change 12/31/25 to 3/31/26 ($ in millions) $11.7 $12.1 $12.5 $12.7 $13.0 $7.3 $7.5 $7.3 $7.3 $7.3 $7.3 $7.0 $7.0 $6.9 $6.8 $3.8 $3.9 $4.0 $4.1 $4.1 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 $30.1 $30.5 $30.8 $31.0 $31.3 Commercial & Industrial CRE-Construction Auto Finance CRE-Investor CRE-Owner Occupied $30 $21 $7 $123 $540 $(20) Home Equity & Other Consumer Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer $(66) Residential Mortgage Allowance for Credit Losses on Loans (ACLL) 1 Our ACLL increased to $425 million in support of balance sheet growth, while ACLL / total loans decreased 1 bp to 1.34% ACLL Trends ($ in millions) ACLL / Total Loans $407 $412 $415 $419 $425 1.34% 1.35% 1.34% 1.35% 1.34% 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 ($ in thousands) Loan Category 3/31/2025 ACLL ACLL / Loans 12/31/2025 ACLL ACLL / Loans 3/31/2026 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 Consumer 61,184 1.59% 63,623 1.54% 60,376 1.45% Total $ 406,624 1.34% $ 419,344 1.35% $ 425,032 1.34% 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. Credit Quality Trends 1Q credit quality remained solid with decreasing criticized loans and NCOs / avg. loans (annualized) of 0.07% Total Delinquent Loans ($ in millions) Nonaccrual Loans ($ in millions) $135 $47 $52 $52 $61 $88 $14 $113 $32 $16 $13 $7 $7 $20 $89 $90 $86 $85 $8 $83 $8 $7 $106 $100 $111 $3 $14 $49 $3 $3 $3 $38 $44 $58 $85 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Accruing Loans 30-89 Days PD Accruing Loans 90+ Days PD Consumer CRE Commercial & Business Lending Total Criticized Loans ($ in millions) Net Charge Offs & Provision ($ in millions) $1,468 $1,643 $1,478 $1,449 $13 $13 $13 $16 $9 $11 $7 $2 $5 $740 $888 $1,066 $1,067 $1,125 $451 $467 $412 $1,325 $310 $272 $18 $135 $113 $106 $100 $111 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Special Mention Substandard Accruing Nonaccrual Loans Total Net Charge Offs Provision for Credit Losses on Loans High-Quality Commercial Real Estate Portfolio 1 Consumer 34% Total Loans by Segment Com'l & Business Lending 43% CRE 23% Wisconsin 20% Illinois 13% Retail 8% Minnesota 8% Office 10% CRE by State Other 26% Other Midwest 2 20% Multi-Family 44% CRE by Property Type Industrial 24% Texas 13% Other 14% CRE Credit Quality 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 Portfolio LTV 57% 57% 58% 57% 57% Delinquencies 3 /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. Loans 4 0.05% 0.45% 0.49% (0.01)% (0.03)% CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.16% Top 10 Largest CRE Borrowers 1.28% Largest CRE Property Type (Multi-Family) 10.17% CRE Office Loans 2.35% WAvg. Debt Service Coverage Ratio 5 1.22x 2026 Remaining Maturities $296 million Central Business District vs. Suburban ~81% Suburban Property Class Mix 6 ~51% Class A CRE Office Highlights 1 All updates as of or for the period ended March 31, 2026 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. 4 Calculated on an annualized basis. Negative value represents a net recovery. 5 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. 6 Property class mix determined by third-party vendor partner mapping of portfolio. High-Quality Consumer Loan Portfolio 1 Period End Consumer Loans ($ in millions) Prime/Super Prime Consumer Loan Portfolio 7% 6% Portfolio FICOs 87% 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 $10,881 34.2% Super Prime (720+) Prime (660-719) Exceptions & Other Weighted Avg. Portfolio FICO Scores 789 783 794 792 Resi. Mortgage Auto Finance Home Equity Credit Cards 1 All data as of or for the period ended March 31, 2026 unless otherwise noted. Stable, Granular Deposit Portfolio Associated Bank, N.A. Period End Deposits ($ in billions) Liquidity Sources ($ in millions) $35.2 $34.2 $34.9 $35.6 $35.8 74% 75% 75% 74% 74% 26% 25% 25% 26% 26% 12/31/2025 3/31/2026 Federal Reserve Balance $1,139.4 $915.7 FHLB Chicago Capacity $6,221.5 $5,574.2 Fed Discount Window Capacity $6,443.8 $6,506.8 Funding Available Within One Business Day 1 $13,804.7 $12,996.7 Fed Funds Lines $1,846.0 $1,981.0 Brokered Deposits Capacity 2 $823.1 $1,529.8 Unsecured Debt Capacity 3 $1,000.0 $1,000.0 Total Available Liquidity $17,473.7 $17,507.5 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits 191% of uninsured, 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Estimated availability based on the Corporation's current internal funding considerations. uncollateralized deposits Interest Rate Risk Management 1 We've taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment Contractual Funding Obligations ($ in billions) ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $8.0 $0.1 $0.0 $8.1 Short-Term Funding $0.4 - - $0.4 FHLB Advances $3.2 $0.2 $0.0 $3.4 Other Long-Term Funding - - $0.6 $0.6 Total $11.6 $0.3 $0.6 $12.5 Contractual Swaps Balances 2 ($ in billions) $1.93 $1.53 3.56% 3.61% 3.68% 3.68% 3.68% $2.45 $2.45 $2.45 Estimated NII Sensitivity Profile (%) (12-Month Ramp, Dynamic Forecast) 6.8 5.1 3.4 3.2 2.6 3.8 1.7 1.4 2.0 -2.3 -4.4 -1.0 -1.9 -0.6 -1.5 -1.4 -3.1 10.4 1Q 2026 2Q 2026 3Q 2026 4Q 2026 1Q 2027 -14.9 -14.9 1Q 2022 3 1Q 2023 1Q 2024 1Q 2025 1Q 2026 Notional Balances Weighted Avg. Yield 1 All updates as of or for the period ended March 31, 2026 unless otherwise noted. 2 Includes $50 million of forward starting swaps. 3 In both the down 100 and down 200 for 1Q 2022, scenario rates are floored at zero. Up 200 bps Up 100 bps Down 100 bps Down 200 bps Cash & Investment Securities Portfolio We've continued to manage our cash & investment securities levels in proportion to broader balance sheet growth Period End Investment Securities ($ in billions) Period End Securities + Cash / Total Assets $3.6 $5.0 $4.8 $8.7 $0.2 $0.3 $5.2 $5.4 $3.7 $3.6 $3.6 $0.3 $0.3 $0.3 $3.7 $5.5 We continue to target securities + cash / total assets of 22% to 24% in 2026 $9.0 $9.1 $9.3 $9.4 20.5% 20.5% 20.6% 20.1% 20.5% 3.8% 23.0% 23.4% 23.4% 24.3% 23.7% 2.9% 2.9% 2.9% 3.1% 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Available for Sale Held to Maturity Other Securities Investment Securities / Total Assets Cash / Total Assets Capital Profile We continue to target a CET1 range of 10% to 10.75% in 2026 Regulatory Capital Ratios (%) Additional Capital Ratios (%) 12.75 13.02 10.37 10.43 10.51 10.58 10.54 7.96 8.06 8.18 8.29 8.27 10.68 11.01 10.11 10.47 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Total Common Equity / Total Assets Per Common Share Data ($) Tangible Common Equity / Tangible Assets (TCE Ratio) 1 20.25 20.84 21.36 22.01 22.23 27.09 27.67 28.17 28.81 29.04 CET1 Tier 1 Capital Total Capital 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 1Q 2025 1Q 2026 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Book Value / Share Tangible Book Value / Share 1 Advancing our Growth Strategy Continued & Sustainable Organic Growth Strategy 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 Enhanced marketing acquisition capabilities Continuous cadence of digital enhancements Increased relationship managers (RMs) by 44% from 4Q 2021 to 4Q 2025 Sharpened relationship focus Launched several new loan & deposit verticals Opened Kansas City office in 2025 American National acquisition provides entry into Omaha ; deepens presence in Twin Cities Expect to increase marketing acquisition spend by >100% in Omaha & Twin Cities Expanding commercial team in Kansas City Expanding commercial presence in Dallas Advancing market share in Milwaukee & Chicago Record Earnings in 2025 ASB posted record annual net income available to common equity of $463 million in 2025 FY 2025 Highlights 1,2 4.7% Total Loan Growth 11.6% Total C&I Loan Growth 2.6% Total Deposit Growth 3.5% Core Customer Deposit Growth 3 14.7% Net Interest Income Growth +25 bps Net Interest Margin Expansion $296M (N/M) Noninterest Income Growth $24M (+9.0%) Adj. Noninterest Income Growth 3 +48 bps CET1 Ratio 4Q 2024 to 4Q 2025 0.12% NCOs / Average Loans 9.95% Return on Average Equity 13.63% Return on Average Tangible Common Equity 3 1 All figures shown as of and for the period ended December 31, 2025 unless otherwise noted. 2 Growth represents FY 2025 results as compared to FY 2024 results unless otherwise noted. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 17 Bolstered Key Leadership Expanded Commercial Presence Enhanced Consumer Value Proposition Repositioned Balance Sheet Maintained Strong Risk Management Culture Strengthened Franchise with Growth Momentum Period End C&I Loans ($ in billions) Net Interest Margin (%) Efficiency Ratio (%) $11.8 $7.7 3.03 2.53 63.20 59.66 56.29 56.01 2020 2025 2020 2025 FY 2020 FY 2025 Period End Res. Mortgage Loans / Total Loans (%) Net Charge Offs / Average Loans (%) Fully Tax-Equivalent Return on Average Equity (%) Adjusted 1 2020 2025 0.10 0.00 32.2 21.8 0.16 0.12 0.23 0.41 2020 2021 2022 2023 2024 2025 7.78 9.95 12.31 13.63 FY 2020 FY 2025 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ROAE ROATCE 1 Sustainable Customer Growth We're attracting & deepening relationships with a best-in-class value proposition that continues to improve 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 Choice & Emerald Private Choice checking products Customer Checking Household Growth Trend 1 1.0% 0.0% (1-3)% 1.4% Jan. 2026: Launched Automated Savings & Privacy Defender features in digital banking 2016-2022 2023 2024 2025 1 Total bank checking household growth includes consumer, business & private wealth households. 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 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 Expanded capabilities Asset-Based Lending & Equipment Finance Specialty Deposit and Payment Solutions Sharpened relationship focus Incentive plans adjusted to emphasize whole relationships Services include financing, employee benefits, treasury management, wealth management & capital markets Opened Kansas City office in 2025 Period End Commercial Growth Trends ($ in billions) 115 115 99 96 80 $11.8 $9.8 $9.7 $10.6 $8.5 2021 2022 2023 2024 2025 Increased RMs by 44% from 4Q 2021 to 4Q 2025 Commercial & Industrial Loans Commercial & Business RMs Attention : This is an excerpt of the original content. 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