{"success":true,"data":{"pressRelease":{"id":"7535","rtpr_id":"nPn9ch5mVa","ticker":"ASB","exchange":"NYSE","all_tickers":["ASB"],"title":"Associated Banc-Corp Reports First Quarter 2026 Net Income Available to Common Equity of $117 Million, or $0.70 per Common Share","author":"PR Newswire","published_at":"2026-04-23T20:15:00.370Z","article_body":"Associated Banc-Corp Reports First Quarter 2026 Net Income Available to Common Equity of $117 Million, or $0.70 per Common Share\n\nPR Newswire\n\nGREEN BAY, Wis., April 23, 2026\n\nGREEN BAY, Wis., April 23, 2026 /PRNewswire/ -- Associated Banc-Corp (NYSE:\nASB) (\"Associated\" or \"Company\") today reported net income available to common\nequity (\"earnings\") of $117 million, or $0.70 per common share, for the\nquarter ended March 31, 2026. These amounts compare to earnings of $134\nmillion, or $0.80 per common share, for the quarter ended December 31, 2025\nand earnings of $99 million, or $0.59 per common share, for the quarter ended\nMarch 31, 2025.\n\n(https://mma.prnewswire.com/media/796458/Associated_Bank_Logo.html)\n\n\"After posting the strongest bottom line in company history in 2025, we\nmaintained our growth momentum in the first quarter of 2026, with over $500\nmillion in C&I loan growth, strong customer household growth, and steady\ncredit performance,\" said President & CEO Andy Harmening. \"We've also\ntaken proactive steps to accelerate our growth trajectory in major metro\nmarkets by announcing several key hires, expanding our commercial presence,\nand closing on our acquisition of American National Corporation.\"\n\n\"As we look to the remainder of 2026, we're well-positioned to navigate the\ncurrent environment thanks to the resilience and stability of our Midwestern\nmarkets, our enhanced profitability profile, a solid capital position, and our\nability to attract and deepen relationships. We look forward to providing\nadditional updates on Associated's growth journey along the way.\"\n\nFirst Quarter 2026 Highlights\n\n * Diluted earnings per common share of $0.70\n * Total period end loans of $31.8 billion (+2% vs. 4Q 2025; +5% vs. 1Q 2025)\n * Total period end commercial & industrial loans of $12.3 billion (+5% vs.\n4Q 2025; +13% vs. 1Q 2025)\n * Total period end deposits of $35.7 billion (+1% vs. 4Q 2025; +2% vs. 1Q 2025)\n * Total period end core customer deposits(1) of $30.4 billion (+3% vs. 4Q 2025;\n+4% vs. 1Q 2025)\n * Net interest income of $307 million ((1)% vs. 4Q 2025; +7% vs. 1Q 2025)\n * Net interest margin of 3.03%\n * Noninterest income of $76 million\n * Noninterest expense of $219 million\n * Provision for credit losses of $11 million\n * Allowance for credit losses on loans / total loans of 1.34%\n * Net charge offs / average loans (annualized) of 0.07%\n * Book value / share of $29.04\n * Tangible book value / share(1) of $22.23 (1) This is a non-GAAP financial measure. See financial tables for a\n reconciliation of non-GAAP financial measures to GAAP financial measures.\n\nLoans\n\nFirst quarter 2026 average total loans of $31.3 billion increased 1%, or $286\nmillion, from the prior quarter and increased 4%, or $1.2 billion, from the\nsame period last year. With respect to first quarter 2026 average balances by\nloan category:\n\n * Commercial and business lending increased $222 million from the prior quarter\nand increased $1.2 billion from the same period last year to $13.0 billion.\n * Commercial real estate lending increased $67 million from the prior quarter\nand increased $19 million from the same period last year to $7.3 billion.\n * Consumer lending decreased $2 million from the prior quarter and decreased $91\nmillion from the same period last year to $11.0 billion.\nFirst quarter 2026 period end total loans of $31.8 billion increased 2%, or\n$635 million, from the prior quarter and increased 5%, or $1.5 billion, from\nthe same period last year. With respect to first quarter 2026 period end\nbalances by loan category:\n\n * Commercial and business lending increased $547 million from the prior quarter\nand increased $1.5 billion from the same period last year to $13.5 billion.\n * Commercial real estate lending increased $143 million from the prior quarter\nand decreased $22 million the same period last year to $7.4 billion.\n * Consumer lending decreased $56 million from the prior quarter and increased\n$37 million from the same period last year to $10.9 billion.\nAfter including the impact of the acquisition of American National\nCorporation, we now expect 2026 period end loan growth of 17% to 19% as\ncompared to Associated's standalone results for the year ended December 31,\n2025.\n\nDeposits\n\nFirst quarter 2026 average deposits of $35.2 billion decreased 1%, or $468\nmillion, from the prior quarter and increased 1%, or $327 million, from the\nsame period last year. With respect to first quarter 2026 average balances by\ndeposit category:\n\n * Noninterest-bearing demand deposits decreased $65 million from the prior\nquarter and increased $359 million from the same period last year to $6.0\nbillion.\n * Savings increased $96 million from the prior quarter and increased $370\nmillion from the same period last year to $5.5 billion.\n * Interest-bearing demand deposits decreased $168 million from the prior quarter\nand decreased $145 million from the same period last year to $7.9 billion.\n * Money market deposits increased $171 million from the prior quarter and\ndecreased $18 million from the same period last year to $6.1 billion.\n * Brokered CDs decreased $470 million from the prior quarter and decreased $787\nmillion from the same period last year to $3.5 billion.\n * Other time deposits increased $141 million from the prior quarter and\nincreased $478 million from the same period last year to $4.2 billion.\n * Network transaction deposits decreased $173 million from the prior quarter and\nincreased $70 million from the same period last year to $1.9 billion.\n * Core customer deposits(1) increased $174 million from the prior quarter and\nincreased $1.0 billion from the same period last year to $29.7 billion.\nFirst quarter 2026 period end deposits of $35.7 billion increased 1%, or\n$179 million, from the prior quarter and increased 2%, or $535 million, from\nthe same period last year. With respect to first quarter 2026 period end\nbalances by deposit category:\n\n * Noninterest-bearing demand deposits decreased $2 million from the prior\nquarter and decreased $11 million from the same period last year to $6.1\nbillion.\n * Savings increased $189 million from the prior quarter and increased $413\nmillion from the same period last year to $5.7 billion.\n * Interest-bearing demand deposits increased $141 million from the prior quarter\nand increased $94 million from the same period last year to $8.0 billion.\n * Money market deposits increased $49 million from the prior quarter and\nincreased $47 million from the same period last year to $6.2 billion.\n * Brokered CDs decreased $232 million from the prior quarter and decreased $635\nmillion from the same period last year to $3.6 billion.\n * Other time deposits increased $443 million from the prior quarter and\nincreased $763 million from the same period last year to $4.5 billion.\n * Network transaction deposits decreased $408 million from the prior quarter and\ndecreased $136 million from the same period last year to $1.7 billion.\n * Core customer deposits(1) increased $820 million from the prior quarter and\nincreased $1.3 billion from the same period last year to $30.4 billion.\nAfter including the impact of the acquisition of American National\nCorporation, we now expect 2026 period end total deposit growth of 17% to 19%\nand period end core customer deposit growth of 19% to 21% as compared to\nAssociated's standalone results for the year ended December 31, 2025.\n (1) This is a non-GAAP financial measure. See financial tables for a\n reconciliation of non-GAAP financial measures to GAAP financial measures.\n\nNet Interest Income and Net Interest Margin\n\nFirst quarter 2026 net interest income of $307 million decreased $3 million\nfrom the prior quarter and increased $21 million from the same period last\nyear. The net interest margin of 3.03% was a 3 basis point decrease from the\nprior quarter and a 6 basis point increase from the same period last year.\n\n * The average yield on total loans for the first quarter of 2026 decreased 19\nbasis points from the prior quarter and decreased 30 basis points from the\nsame period last year to 5.53%.\n * The average cost of total interest-bearing liabilities for the first quarter\nof 2026 decreased 15 basis points from the prior quarter and decreased 39\nbasis points from the same period last year to 2.67%.\n * The net free funds benefit for the first quarter of 2026 decreased 5 basis\npoints from the prior quarter and decreased 8 basis points from the same\nperiod last year to 0.50%.\nWe expect to share an updated 2026 net interest income outlook following the\nfinalization of purchase accounting adjustments tied to the acquisition of\nAmerican National Corporation.\n\nNoninterest Income\n\nFirst quarter 2026 total noninterest income of $76 million decreased $4\nmillion from the prior quarter and increased $17 million from the same period\nlast year. With respect to first quarter 2026 noninterest income line items:\n\n * Capital markets, net decreased $5 million from the prior quarter and increased\n$2 million from the same period last year.\n * Wealth management fees decreased $1 million from the prior quarter and\nincreased $3 million from the same period last year.\n * Mortgage banking, net increased $3 million from the prior quarter and\nincreased $2 million from the same period last year.\n * Card-based fees decreased $1 million from the prior quarter and increased $1\nmillion from the same period last year.\nAfter including the impact from the acquisition of American National\nCorporation, we now expect total noninterest income growth of 8% to 10% in\n2026 as compared to Associated's standalone results for the year ended\nDecember 31, 2025.\n\nNoninterest Expense\n\nFirst quarter 2026 total noninterest expense of $219 million decreased\nslightly from the prior quarter and increased $9 million from the same period\nlast year. With respect to first quarter 2026 noninterest expense line items:\n\n * Personnel expense increased slightly from the prior quarter and increased $11\nmillion from the same period last year.\n * Technology expense increased $1 million from the prior quarter and increased\n$3 million from the same period last year.\n * Business development and advertising expense decreased $1 million from the\nprior quarter and increased $1 million from the same period last year.\nWe expect to share an updated 2026 noninterest expense outlook following the\nfinalization of purchase accounting adjustments tied to the acquisition of\nAmerican National Corporation.\n\nTaxes\n\nFirst quarter 2026 tax expense was $33 million, compared to $26 million of tax\nexpense in the prior quarter and $19 million of tax expense in the same period\nlast year. The effective tax rate for the first quarter of 2026 was 21.75%,\ncompared to 15.82% in the prior quarter and 16.03% in the same period last\nyear.\n\nWe continue to expect the annual effective tax rate to be between 19% and 21%\nin 2026.\n\nCredit\n\nFirst quarter 2026 provision for credit losses on loans was $11 million,\ncompared to a provision of $7 million in the prior quarter and a provision of\n$13 million in the same period last year. With respect to first quarter 2026\ncredit quality:\n\n * Nonaccrual loans of $111 million increased $10 million from the prior quarter\nand decreased $24 million from the same period last year. The nonaccrual loans\nto total loans ratio was 0.35% in the first quarter, up from 0.32% in the\nprior quarter and down from 0.44% in the same period last year.\n * First quarter 2026 net charge offs of $5 million increased compared to net\ncharge offs of $2 million in the prior quarter and decreased compared to net\ncharge offs of $9 million in the same period last year.\n * The allowance for credit losses on loans (ACLL) of $425 million increased $6\nmillion compared to the prior quarter and increased $18 million compared to\nthe same period last year. The ACLL to total loans ratio was 1.34% in the\nfirst quarter, down from 1.35% in the prior quarter and flat compared to 1.34%\nin the same period last year.\nIn 2026, we continue to expect to adjust provision to reflect changes to risk\ngrades, economic conditions, loan volumes, and other indications of credit\nquality.\n\nCapital\n\nThe Company's capital position remains strong, with a CET1 capital ratio of\n10.47% at March 31, 2026. The Company's capital ratios continue to be in\nexcess of the Basel III \"well-capitalized\" regulatory benchmarks on a fully\nphased in basis.\n\nFIRST QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL\n\nThe Company will host a conference call for investors and analysts at 4:00\np.m. Central Time (CT) today, April 23, 2026. Interested parties can access\nthe live webcast of the call through the Investor Relations section of the\nCompany's website, http://investor.associatedbank.com\n(http://investor.associatedbank.com) . Parties may also dial into the call at\n877-407-8037 (domestic) or 201-689-8037 (international) and request the\nAssociated Banc-Corp first quarter 2026 earnings call. The first quarter 2026\nfinancial tables with an accompanying slide presentation will be available on\nthe Company's website just prior to the call. An audio archive of the webcast\nwill be available on the Company's website approximately fifteen minutes after\nthe call is over.\n\nABOUT ASSOCIATED BANC-CORP\n\nAssociated Banc-Corp (NYSE: ASB) has total assets of approximately $50 billion\nand is the largest bank holding company based in Wisconsin. Headquartered in\nGreen Bay, Wisconsin, Associated is a leading Midwest banking franchise,\noffering a full range of financial products and services from over 200 banking\nlocations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and\nNebraska. The Company also operates loan production offices in Indiana,\nKansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal\nHousing Lender, Equal Opportunity Lender and Member FDIC. More information\nabout Associated Banc-Corp is available at www.associatedbank.com\n(http://www.associatedbank.com) .\n\nFORWARD-LOOKING STATEMENTS\n\nStatements made in this presentation which are not purely historical are\nforward-looking statements, as defined in the Private Securities Litigation\nReform Act of 1995. This includes any statements regarding management's plans,\nobjectives, or goals for future operations, products or services, and\nforecasts of its revenues, earnings, or other measures of performance. Such\nforward-looking statements may be identified by the use of words such as\n\"believe,\" \"expect,\" \"anticipate,\" \"plan,\" \"estimate,\" \"should,\" \"intend,\"\n\"target,\" \"outlook,\" \"project,\" \"guidance,\" \"forecast,\" or similar\nexpressions. Forward-looking statements are based on current management\nexpectations and, by their nature, are subject to risks and uncertainties.\nActual results may differ materially from those contained in the\nforward-looking statements. Factors which may cause actual results to differ\nmaterially from those contained in such forward-looking statements include\nthose identified in the Company's most recent Form 10-K and subsequent Form\n10-Qs and other SEC filings, and such factors are incorporated herein by\nreference.\n\nNON-GAAP FINANCIAL MEASURES\n\nThis press release and related materials may contain references to measures\nwhich are not defined in generally accepted accounting principles (\"GAAP\").\nInformation concerning these non-GAAP financial measures can be found in the\nfinancial tables. Management believes these measures are meaningful because\nthey reflect adjustments commonly made by management, investors, regulators,\nand analysts to evaluate the adequacy of earnings per common share, provide a\ngreater understanding of ongoing operations and enhance comparability of\nresults with prior periods.\n Associated Banc-Corp\n\nConsolidated Balance Sheets (Unaudited)\n (Dollars in thousands) March 31, December 31, Sequential September 30, June 30, March 31, Comparable\n 2026 2025 Quarter 2025 2025 2025 Quarter\n Change Change\n Assets\n Cash and due from banks $ 465,318 $ 574,698 $ (109,380) $ 490,431 $ 521,167 $ 521,323 $ (56,005)\n Interest-bearing deposits in other financial 920,684 1,144,123 (223,439) 802,251 738,938 711,033 209,651\n institutions\n Federal funds sold and securities purchased under 175 1,400 (1,225) 90 — 105 70\n agreements to resell\n Available for sale (AFS) investment securities, at fair 5,514,456 5,397,563 116,893 5,217,278 5,036,508 4,796,570 717,886\n value\n Held to maturity (HTM) investment securities, net, at 3,570,843 3,602,519 (31,676) 3,636,080 3,672,101 3,705,793 (134,950)\n amortized cost\n Equity securities 26,109 26,060 49 26,000 25,912 23,331 2,778\n Regulatory stocks, at cost 290,189 252,514 37,675 251,642 278,356 194,244 95,945\n Residential loans held for sale 87,461 72,499 14,962 74,563 96,804 47,611 39,850\n Commercial loans held for sale — — — — 8,406 7,910 (7,910)\n Loans 31,798,164 31,163,614 634,550 30,951,964 30,607,605 30,294,127 1,504,037\n Allowance for loan losses (385,756) (378,068) (7,688) (378,341) (376,515) (371,348) (14,408)\n Loans, net 31,412,408 30,785,546 626,862 30,573,623 30,231,091 29,922,780 1,489,628\n Tax credit and other investments 230,954 236,657 (5,703) 245,239 247,111 254,187 (23,233)\n Premises and equipment, net 376,760 381,624 (4,864) 384,139 377,372 377,521 (761)\n Bank and corporate owned life insurance 694,765 694,452 313 693,511 691,470 690,551 4,214\n Goodwill 1,104,992 1,104,992 — 1,104,992 1,104,992 1,104,992 —\n Other intangible assets, net 20,647 22,849 (2,202) 25,052 27,255 29,457 (8,810)\n Mortgage servicing rights, net 87,599 86,337 1,262 85,063 85,245 86,251 1,348\n Interest receivable 161,021 161,118 (97) 168,451 168,627 159,729 1,292\n Other assets 629,359 657,645 (28,286) 677,458 682,373 675,748 (46,389)\n Total assets $ 45,593,740 $ 45,202,596 $ 391,144 $ 44,455,863 $ 43,993,729 $ 43,309,136 $ 2,284,604\n Liabilities and stockholders' equity\n Noninterest-bearing demand deposits $ 6,125,067 $ 6,126,632 $ (1,565) $ 5,906,251 $ 5,782,487 $ 6,135,946 $ (10,879)\n Interest-bearing deposits 29,606,698 29,425,976 180,722 28,975,602 28,365,079 29,060,767 545,931\n Total deposits 35,731,765 35,552,608 179,157 34,881,853 34,147,565 35,196,713 535,052\n Federal funds purchased and securities sold under 395,652 307,864 87,788 399,665 75,585 311,335 84,317\n agreements to repurchase\n FHLB advances 3,421,762 3,268,094 153,668 3,220,679 3,879,489 2,027,297 1,394,465\n Senior and subordinated debt 592,629 594,276 (1,647) 594,074 593,530 591,382 1,247\n Allowance for unfunded commitments 39,276 41,276 (2,000) 36,276 35,276 35,276 4,000\n Accrued expenses and other liabilities 414,784 463,131 (48,347) 455,019 481,503 460,574 (45,790)\n Total liabilities 40,595,868 40,227,249 368,619 39,587,565 39,212,948 38,622,578 1,973,290\n Stockholders' equity\n Preferred equity 194,112 194,112 — 194,112 194,112 194,112 —\n Common equity 4,803,760 4,781,235 22,525 4,674,186 4,586,669 4,492,446 311,314\n Total stockholders' equity 4,997,872 4,975,347 22,525 4,868,298 4,780,781 4,686,558 311,314\n Total liabilities and stockholders' equity $ 45,593,740 $ 45,202,596 $ 391,144 $ 44,455,863 $ 43,993,729 $ 43,309,136 $ 2,284,604\n\n Numbers may not recalculate due to rounding conventions.\n\n Associated Banc-Corp Comparable Quarter\n\nConsolidated Statements of Income (Unaudited)\n (Dollars and shares in thousands, except per share data) 1Q26 1Q25 Dollar Percentage\n Change Change\n Interest income\n Interest and fees on loans $ 426,989 $ 433,299 $ (6,310) (1) %\n Interest and dividends on investment securities\n Taxable 75,676 69,788 5,888 8 %\n Tax-exempt 13,738 13,956 (218) (2) %\n Other interest 11,641 9,243 2,398 26 %\n Total interest income 528,044 526,285 1,759 — %\n Interest expense\n Interest on deposits 175,273 209,140 (33,867) (16) %\n Interest on federal funds purchased and securities sold under agreements to 3,732 3,622 110 3 %\n repurchase\n Interest on FHLB advances 31,570 16,090 15,480 96 %\n Interest on senior and subordinated debt 10,163 11,085 (922) (8) %\n Interest on other interest-bearing liabilities 116 408 (292) (72) %\n Total interest expense 220,854 240,345 (19,491) (8) %\n Net interest income 307,190 285,941 21,249 7 %\n Provision for credit losses 11,001 13,003 (2,002) (15) %\n Net interest income after provision for credit losses 296,189 272,938 23,251 9 %\n Noninterest income\n Wealth management fees 25,219 22,498 2,721 12 %\n Service charges and deposit account fees 14,054 12,814 1,240 10 %\n Card-based fees 11,579 10,442 1,137 11 %\n Other fee-based revenue 4,862 5,251 (389) (7) %\n Capital markets, net 6,543 4,345 2,198 51 %\n Mortgage banking, net 6,111 3,822 2,289 60 %\n Loss on mortgage portfolio sale — (6,976) 6,976 (100) %\n Bank and corporate owned life insurance 3,816 5,204 (1,388) (27) %\n Asset gains (losses), net 840 (878) 1,718 N/M\n Investment securities (losses) gains, net (28) 4 (32) N/M\n Other 2,861 2,251 610 27 %\n Total noninterest income 75,857 58,776 17,081 29 %\n Noninterest expense\n Personnel 135,172 123,897 11,275 9 %\n Technology 29,736 27,139 2,597 10 %\n Occupancy 13,725 15,381 (1,656) (11) %\n Business development and advertising 7,827 6,386 1,441 23 %\n Equipment 5,610 4,527 1,083 24 %\n Legal and professional 6,721 6,083 638 10 %\n Loan and foreclosure costs 1,707 2,594 (887) (34) %\n FDIC assessment 8,837 10,436 (1,599) (15) %\n Other intangible amortization 2,203 2,203 — — %\n Other 7,625 11,974 (4,349) (36) %\n Total noninterest expense 219,163 210,619 8,544 4 %\n Income before income taxes 152,883 121,095 31,788 26 %\n Income tax expense 33,248 19,409 13,839 71 %\n Net income 119,635 101,687 17,948 18 %\n Preferred stock dividends 2,875 2,875 — — %\n Net income available to common equity $ 116,760 $ 98,812 $ 17,948 18 %\n\n Pre-tax pre-provision income (loss)((a)) 163,884 134,098 29,786 22 %\n Earnings per common share\n Basic $ 0.70 $ 0.60 $ 0.10 17 %\n Diluted $ 0.70 $ 0.59 $ 0.11 19 %\n Average common shares outstanding\n Basic 165,097 165,228 (131) — %\n Diluted 166,561 166,604 (43) — %\n\n N/M = Not meaningful\n Numbers may not recalculate due to rounding conventions.\n Prior periods have been adjusted to conform with current period presentation.\n (a) This is a non-GAAP financial measure. See the non-GAAP financial measures\n reconciliation below for a reconciliation to GAAP financial measures.\n\n Associated Banc-Corp\n Consolidated Statements of Income (Unaudited) - Quarterly Trend\n (Dollars and shares in thousands, except per share data) Sequential Quarter\n 1Q26 4Q25 Dollar Percentage 3Q25 2Q25 1Q25\n Change Change\n Interest income\n Interest and fees on loans $ 426,989 $ 445,687 $ (18,698) (4) % $ 455,623 $ 447,781 $ 433,299\n Interest and dividends on investment securities\n Taxable 75,676 73,511 2,165 3 % 73,727 71,174 69,788\n Tax-exempt 13,738 13,851 (113) (1) % 13,888 13,902 13,956\n Other interest 11,641 11,294 347 3 % 13,353 12,679 9,243\n Total interest income 528,044 544,343 (16,299) (3) % 556,591 545,536 526,285\n Interest expense\n Interest on deposits 175,273 194,778 (19,505) (10) % 202,344 197,656 209,140\n Interest on federal funds purchased and securities sold under agreements 3,732 2,682 1,050 39 % 2,107 2,004 3,622\n to repurchase\n Interest on FHLB advances 31,570 26,309 5,261 20 % 35,965 34,889 16,090\n Interest on senior and subordinated debt 10,163 10,483 (320) (3) % 10,741 10,700 11,085\n Interest on other interest-bearing liabilities 116 110 6 5 % 212 287 408\n Total interest expense 220,854 234,362 (13,508) (6) % 251,369 245,536 240,345\n Net interest income 307,190 309,981 (2,791) (1) % 305,222 300,000 285,941\n Provision for credit losses 11,001 6,998 4,003 57 % 16,000 17,996 13,003\n Net interest income after provision for credit losses 296,189 302,983 (6,794) (2) % 289,223 282,004 272,938\n Noninterest income\n Wealth management fees 25,219 25,742 (523) (2) % 25,315 23,025 22,498\n Service charges and deposit account fees 14,054 13,827 227 2 % 13,861 13,147 12,814\n Card-based fees 11,579 12,679 (1,100) (9) % 12,308 11,200 10,442\n Other fee-based revenue 4,862 5,557 (695) (13) % 5,414 4,995 5,251\n Capital markets, net 6,543 11,175 (4,632) (41) % 10,764 5,765 4,345\n Mortgage banking, net 6,111 2,926 3,185 109 % 3,541 4,213 3,822\n Loss on mortgage portfolio sale — — — — % — — (6,976)\n Bank and corporate owned life insurance 3,816 3,804 12 — % 4,051 4,135 5,204\n Asset gains (losses), net 840 838 2 — % 3,340 (1,735) (878)\n Investment securities (losses) gains, net (28) 37 (65) N/M 1 7 4\n Other 2,861 2,799 62 2 % 2,670 2,226 2,251\n Total noninterest income 75,857 79,384 (3,527) (4) % 81,265 66,977 58,776\n Noninterest expense\n Personnel 135,172 135,130 42 — % 135,703 126,994 123,897\n Technology 29,736 28,641 1,095 4 % 28,590 26,508 27,139\n Occupancy 13,725 14,229 (504) (4) % 12,757 12,644 15,381\n Business development and advertising 7,827 9,118 (1,291) (14) % 8,362 7,748 6,386\n Equipment 5,610 6,888 (1,278) (19) % 4,368 4,494 4,527\n Legal and professional 6,721 5,945 776 13 % 5,232 6,674 6,083\n Loan and foreclosure costs 1,707 1,327 380 29 % 1,638 2,705 2,594\n FDIC assessment 8,837 6,589 2,248 34 % 9,980 9,708 10,436\n Other intangible amortization 2,203 2,203 — — % 2,203 2,203 2,203\n Other 7,625 9,396 (1,771) (19) % 7,369 9,674 11,974\n Total noninterest expense 219,163 219,466 (303) — % 216,202 209,352 210,619\n Income before income taxes 152,883 162,901 (10,018) (6) % 154,286 139,629 121,095\n Income tax expense 33,248 25,772 7,476 29 % 29,554 28,399 19,409\n Net income 119,635 137,129 (17,494) (13) % 124,732 111,230 101,687\n Preferred stock dividends 2,875 2,875 — — % 2,875 2,875 2,875\n Net income available to common equity $ 116,760 $ 134,254 $ (17,494) (13) % $ 121,857 $ 108,355 $ 98,812\n\n Pre-tax pre-provision income((a)) 163,884 169,899 (6,015) (4) % 170,286 157,625 134,098\n Earnings per common share\n Basic $ 0.70 $ 0.81 $ (0.11) (14) % $ 0.73 $ 0.65 $ 0.60\n Diluted $ 0.70 $ 0.80 $ (0.10) (13) % $ 0.73 $ 0.65 $ 0.59\n Average common shares outstanding\n Basic 165,097 165,126 (29) — % 165,029 164,936 165,228\n Diluted 166,561 166,746 (185) — % 166,703 166,343 166,604\n\n N/M = Not meaningful\n Numbers may not recalculate due to rounding conventions.\n Prior periods have been adjusted to conform with current period presentation.\n (a) This is a non-GAAP financial measure. See the non-GAAP financial measures\n reconciliation below for a reconciliation to GAAP financial measures.\n\n Associated Banc-Corp\n\nNet Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and\n Comparable Quarter\n Three Months Ended\n March 31, 2026 December 31, 2025((a)) March 31, 2025((a))\n (Dollars in thousands) Average Interest Average Average Interest Average Average Interest Average\n\nBalance\nIncome / Yield /\nBalance\nIncome / Yield /\nBalance\nIncome / Yield /\n Expense Rate Expense Rate Expense Rate\n Assets\n Earning assets\n Loans( (b)(c))\n Commercial and industrial $ 11,776,702 $ 172,507 5.94 % $ 11,588,059 $ 182,101 6.24 % $ 10,583,318 $ 169,785 6.50 %\n Commercial real estate—owner occupied 1,190,708 15,968 5.44 % 1,157,531 16,358 5.61 % 1,141,167 16,200 5.76 %\n Commercial and business lending 12,967,410 188,475 5.89 % 12,745,590 198,459 6.18 % 11,724,484 185,985 6.43 %\n Commercial real estate—investor 5,277,283 78,154 6.01 % 5,291,562 84,153 6.31 % 5,415,412 87,089 6.52 %\n Real estate construction 2,055,338 34,043 6.72 % 1,974,318 34,870 7.01 % 1,898,582 33,945 7.25 %\n Commercial real estate lending 7,332,621 112,197 6.21 % 7,265,880 119,023 6.50 % 7,313,994 121,034 6.71 %\n Total commercial 20,300,031 300,672 6.01 % 20,011,470 317,482 6.30 % 19,038,479 307,020 6.54 %\n Residential mortgage 6,831,984 64,640 3.78 % 6,899,778 64,779 3.76 % 7,256,320 66,823 3.68 %\n Auto finance 3,125,504 41,969 5.45 % 3,064,457 42,915 5.56 % 2,844,730 39,176 5.59 %\n Home equity 709,865 11,692 6.60 % 706,923 12,570 7.11 % 657,625 12,052 7.34 %\n Other consumer 314,118 8,504 10.98 % 312,730 8,454 10.72 % 313,828 8,773 11.34 %\n Total consumer 10,981,471 126,805 4.65 % 10,983,888 128,718 4.67 % 11,072,503 126,824 4.61 %\n Total loans 31,281,502 427,477 5.53 % 30,995,358 446,200 5.72 % 30,110,982 433,844 5.83 %\n Investments\n Taxable securities 7,071,751 75,676 4.28 % 6,912,251 73,511 4.25 % 6,398,584 69,788 4.36 %\n Tax-exempt securities((b)) 1,978,501 17,389 3.52 % 1,990,389 17,534 3.52 % 2,016,144 17,666 3.50 %\n Other short-term investments 1,016,795 11,641 4.64 % 972,884 11,294 4.61 % 757,227 9,243 4.95 %\n Total investments 10,067,047 104,706 4.17 % 9,875,524 102,339 4.14 % 9,171,955 96,696 4.22 %\n Total earning assets and related 41,348,549 $ 532,183 5.20 % 40,870,882 $ 548,539 5.34 % 39,282,937 $ 530,540 5.45 %\n interest income\n Other assets, net 3,670,399 3,531,889 3,347,690\n Total assets $ 45,018,948 $ 44,402,771 $ 42,630,627\n Liabilities and stockholders' equity\n Interest-bearing liabilities\n Interest-bearing deposits\n Savings $ 5,532,848 $ 17,690 1.30 % $ 5,436,968 $ 18,823 1.37 % $ 5,162,468 $ 17,929 1.41 %\n Interest-bearing demand 7,886,442 34,236 1.76 % 8,054,088 40,309 1.99 % 8,031,707 45,430 2.29 %\n Money market 6,061,442 34,239 2.29 % 5,890,836 35,353 2.38 % 6,079,551 39,560 2.64 %\n Network transaction deposits 1,917,854 17,502 3.70 % 2,090,587 20,882 3.96 % 1,847,972 20,067 4.40 %\n Brokered CDs 3,528,294 34,811 4.00 % 3,998,012 42,056 4.17 % 4,315,311 49,292 4.63 %\n Other time deposits 4,234,785 36,795 3.52 % 4,093,939 37,355 3.62 % 3,756,332 36,862 3.98 %\n Total interest-bearing deposits 29,161,665 175,273 2.44 % 29,564,430 194,778 2.61 % 29,193,341 209,140 2.91 %\n Federal funds purchased and securities 425,142 3,732 3.56 % 289,679 2,682 3.67 % 375,910 3,622 3.91 %\n sold under agreements to repurchase\n FHLB advances 3,380,379 31,570 3.79 % 2,504,464 26,309 4.17 % 1,595,972 16,090 4.09 %\n Senior and subordinated debt 594,401 10,163 6.84 % 594,104 10,483 7.06 % 627,371 11,085 7.07 %\n Other interest-bearing liabilities 11,212 116 4.18 % 13,212 110 3.29 % 31,599 408 5.24 %\n Total funding 4,411,134 45,581 4.18 % 3,401,459 39,584 4.63 % 2,630,852 31,205 4.79 %\n Total interest-bearing liabilities and 33,572,799 $ 220,854 2.67 % 32,965,889 $ 234,362 2.82 % 31,824,193 $ 240,345 3.06 %\n related interest expense\n Noninterest-bearing demand deposits 5,999,278 6,064,487 5,640,123\n Other liabilities 440,344 464,838 535,732\n Stockholders' equity 5,006,527 4,907,557 4,630,578\n Total liabilities and stockholders' $ 45,018,948 $ 44,402,771 $ 42,630,627\n equity\n Interest rate spread 2.53 % 2.52 % 2.39 %\n Net free funds 0.50 % 0.55 % 0.58 %\n Fully tax-equivalent net interest income $ 311,329 3.03 % $ 314,177 3.06 % $ 290,195 2.97 %\n and net interest margin\n Fully tax-equivalent adjustment (4,139) (4,196) (4,254)\n Net interest income $ 307,190 $ 309,981 $ 285,941\n\n Numbers may not recalculate due to rounding conventions.\n (a) Prior period has been adjusted to conform with current period presentation.\n (b) The yield on tax-exempt loans and securities is computed on a fully\n tax-equivalent basis using a tax rate of 21%.\n (c) Loans held for sale have been included in the average balances.\n\n Associated Banc-Corp\n\nLoan and Deposit Composition\n (Dollars in thousands)\n Period end loan composition Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n Change Change\n Commercial and industrial $ 12,339,597 $ 11,799,757 5 % $ 11,567,651 $ 11,281,964 $ 10,925,769 13 %\n Commercial real estate—owner occupied 1,193,778 1,186,324 1 % 1,149,939 1,101,501 1,118,363 7 %\n Commercial and business lending 13,533,375 12,986,081 4 % 12,717,590 12,383,465 12,044,132 12 %\n Commercial real estate—investor 5,266,584 5,246,030 — % 5,369,441 5,370,422 5,597,442 (6) %\n Real estate construction 2,117,479 1,994,642 6 % 1,958,766 1,950,267 1,809,054 17 %\n Commercial real estate lending 7,384,063 7,240,672 2 % 7,328,207 7,320,689 7,406,496 — %\n Total commercial 20,917,438 20,226,753 3 % 20,045,797 19,704,154 19,450,628 8 %\n Residential mortgage 6,727,734 6,793,957 (1) % 6,858,285 6,949,387 6,999,654 (4) %\n Auto finance 3,136,334 3,106,498 1 % 3,041,644 2,969,495 2,878,765 9 %\n Home equity 706,075 713,271 (1) % 698,112 676,208 654,140 8 %\n Other consumer 310,583 323,135 (4) % 308,126 308,361 310,940 — %\n Total consumer 10,880,726 10,936,861 (1) % 10,906,167 10,903,451 10,843,499 — %\n Total loans $ 31,798,164 $ 31,163,614 2 % $ 30,951,964 $ 30,607,605 $ 30,294,127 5 %\n\n Quarter average loan composition((a)) Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n Change Change\n Commercial and industrial $ 11,776,702 $ 11,588,059 2 % $ 11,367,533 $ 10,981,221 $ 10,583,318 11 %\n Commercial real estate—owner occupied 1,190,708 1,157,531 3 % 1,105,787 1,114,054 1,141,167 4 %\n Commercial and business lending 12,967,410 12,745,590 2 % 12,473,319 12,095,274 11,724,484 11 %\n Commercial real estate—investor 5,277,283 5,291,562 — % 5,300,765 5,582,333 5,415,412 (3) %\n Real estate construction 2,055,338 1,974,318 4 % 1,991,565 1,869,708 1,898,582 8 %\n Commercial real estate lending 7,332,621 7,265,880 1 % 7,292,330 7,452,041 7,313,994 — %\n Total commercial 20,300,031 20,011,470 1 % 19,765,649 19,547,316 19,038,479 7 %\n Residential mortgage 6,831,984 6,899,778 (1) % 6,987,858 7,034,607 7,256,320 (6) %\n Auto finance 3,125,504 3,064,457 2 % 3,000,978 2,933,161 2,844,730 10 %\n Home equity 709,865 706,923 — % 690,330 667,339 657,625 8 %\n Other consumer 314,118 312,730 — % 305,644 309,578 313,828 — %\n Total consumer 10,981,471 10,983,888 — % 10,984,811 10,944,685 11,072,503 (1) %\n Total loans $ 31,281,502 $ 30,995,358 1 % $ 30,750,460 $ 30,492,001 $ 30,110,982 4 %\n\n Period end deposit and customer funding Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n composition((b)) Change Change\n Noninterest-bearing demand $ 6,125,067 $ 6,126,632 — % $ 5,906,251 $ 5,782,487 $ 6,135,946 — %\n Savings 5,660,641 5,471,870 3 % 5,380,574 5,291,674 5,247,291 8 %\n Interest-bearing demand 7,964,665 7,823,362 2 % 7,791,861 7,490,772 7,870,965 1 %\n Money market 6,188,045 6,139,438 1 % 5,785,871 5,915,867 6,141,275 1 %\n Network transaction deposits 1,746,518 2,154,995 (19) % 2,013,964 1,792,362 1,882,930 (7) %\n Brokered CDs 3,562,752 3,795,133 (6) % 3,956,517 4,072,048 4,197,512 (15) %\n Other time deposits 4,484,077 4,041,178 11 % 4,046,815 3,802,356 3,720,793 21 %\n Total deposits 35,731,765 35,552,608 1 % 34,881,853 34,147,565 35,196,713 2 %\n Other customer funding((c)) 42,372 47,794 (11) % 64,570 75,440 85,950 (51) %\n Total deposits and other customer funding $ 35,774,137 $ 35,600,402 — % $ 34,946,423 $ 34,223,005 $ 35,282,663 1 %\n Core customer deposits((d)) and other customer funding $ 30,464,867 $ 29,650,274 3 % $ 28,975,941 $ 28,358,595 $ 29,202,221 4 %\n\n Quarter average deposit composition Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n Change Change\n Noninterest-bearing demand $ 5,999,278 $ 6,064,487 (1) % $ 5,796,676 $ 5,648,935 $ 5,640,123 6 %\n Savings 5,532,848 5,436,968 2 % 5,338,129 5,222,869 5,162,468 7 %\n Interest-bearing demand 7,886,442 8,054,088 (2) % 7,898,770 7,683,402 8,031,707 (2) %\n Money market 6,061,442 5,890,836 3 % 5,860,802 5,988,947 6,079,551 — %\n Network transaction deposits 1,917,854 2,090,587 (8) % 1,933,659 1,843,998 1,847,972 4 %\n Brokered CDs 3,528,294 3,998,012 (12) % 3,916,329 4,089,844 4,315,311 (18) %\n Other time deposits 4,234,785 4,093,939 3 % 3,961,522 3,725,205 3,756,332 13 %\n Total deposits 35,160,943 35,628,917 (1) % 34,705,887 34,203,201 34,833,464 1 %\n Other customer funding((c)) 43,973 45,973 (4) % 74,305 80,010 87,693 (50) %\n Total deposits and other customer funding $ 35,204,916 $ 35,674,890 (1) % $ 34,780,192 $ 34,283,211 $ 34,921,157 1 %\n Core customer deposits((d)) and other customer funding $ 29,758,768 $ 29,586,291 1 % $ 28,930,204 $ 28,349,369 $ 28,757,874 3 %\n\n Numbers may not recalculate due to rounding conventions.\n (a) Loans held for sale have been included in the average balances.\n (b) March 31, 2025 has been adjusted to conform with current period presentation.\n (c) Includes repurchase agreements.\n (d) This is a non-GAAP financial measure. See the non-GAAP financial measures\n reconciliation below for a reconciliation to GAAP financial measures.\n\n Associated Banc-Corp\n\nSelected Asset Quality Information\n (Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n Change Change\n Allowance for loan losses\n Balance at beginning of period $ 378,068 $ 378,341 — % $ 376,515 $ 371,348 $ 363,545 4 %\n Provision for loan losses 13,000 2,000 N/M 15,000 18,000 16,500 (21) %\n Charge offs (8,210) (7,636) 8 % (15,254) (18,348) (13,714) (40) %\n Recoveries 2,898 5,363 (46) % 2,081 5,515 5,017 (42) %\n Net charge offs (5,312) (2,273) 134 % (13,173) (12,833) (8,698) (39) %\n Balance at end of period $ 385,756 $ 378,068 2 % $ 378,341 $ 376,515 $ 371,348 4 %\n Allowance for unfunded commitments\n Balance at beginning of period $ 41,276 $ 36,276 14 % $ 35,276 $ 35,276 $ 38,776 6 %\n Provision for unfunded commitments (2,000) 5,000 N/M 1,000 — (3,500) (43) %\n Balance at end of period 39,276 41,276 (5) % 36,276 35,276 35,276 11 %\n Allowance for credit losses on loans (ACLL) $ 425,032 $ 419,344 1 % $ 414,618 $ 411,791 $ 406,624 5 %\n Provision for credit losses on loans $ 11,000 $ 7,000 57 % $ 16,000 $ 18,000 $ 13,000 (15) %\n (Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n\nChange\nChange\n Net (charge offs) recoveries\n Commercial and industrial $ (2,736) $ 1,524 N/M $ (1,230) $ (1,826) $ (4,726) (42) %\n Commercial real estate—owner occupied — (113) (100) % — — — N/M\n Commercial and business lending (2,736) 1,411 N/M (1,230) (1,826) (4,726) (42) %\n Commercial real estate—investor 500 94 N/M (8,930) (8,493) (892) N/M\n Real estate construction 2 2 — % 2 121 30 (93) %\n Commercial real estate lending 502 96 N/M (8,928) (8,372) (863) N/M\n Total commercial (2,234) 1,507 N/M (10,158) (10,198) (5,589) (60) %\n Residential mortgage 148 (197) N/M (231) (302) 197 (25) %\n Auto finance (1,843) (2,010) (8) % (1,505) (689) (1,519) 21 %\n Home equity 439 2 N/M 56 237 289 52 %\n Other consumer (1,822) (1,575) 16 % (1,336) (1,881) (2,076) (12) %\n Total consumer (3,078) (3,780) (19) % (3,015) (2,636) (3,109) (1) %\n Total net charge offs $ (5,312) $ (2,273) 134 % $ (13,173) $ (12,833) $ (8,698) (39) %\n (In basis points) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025\n Net (charge offs) recoveries to average loans\n (annualized)\n Commercial and industrial (9) 5 (4) (7) (18)\n Commercial real estate—owner occupied — (4) — — —\n Commercial and business lending (9) 4 (4) (6) (16)\n Commercial real estate—investor 4 1 (67) (61) (7)\n Real estate construction — — — 3 1\n Commercial real estate lending 3 1 (49) (45) (5)\n Total commercial (4) 3 (20) (21) (12)\n Residential mortgage 1 (1) (1) (2) 1\n Auto finance (24) (26) (20) (9) (22)\n Home equity 25 — 3 14 18\n Other consumer (235) (200) (173) (244) (268)\n Total consumer (11) (14) (11) (10) (11)\n Total net charge offs (7) (3) (17) (17) (12)\n (Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n\nChange\nChange\n Credit quality\n Nonaccrual loans $ 110,581 $ 100,428 10 % $ 106,179 $ 112,999 $ 134,808 (18) %\n Other real estate owned (OREO) 32,534 28,016 16 % 29,268 34,287 23,475 39 %\n Repossessed assets 806 757 6 % 789 882 688 17 %\n Total nonperforming assets $ 143,921 $ 129,201 11 % $ 136,236 $ 148,169 $ 158,971 (9) %\n Accruing loans past due 90 days or more((a)) $ 2,490 $ 2,814 (12) % $ 2,692 $ 14,160 $ 3,036 (18) %\n Allowance for credit losses on loans to total loans 1.34 % 1.35 % 1.34 % 1.35 % 1.34 %\n Allowance for credit losses on loans to nonaccrual 384.36 % 417.56 % 390.49 % 364.42 % 301.63 %\n loans\n Nonaccrual loans to total loans 0.35 % 0.32 % 0.34 % 0.37 % 0.44 %\n Nonperforming assets to total loans plus OREO and 0.45 % 0.41 % 0.44 % 0.48 % 0.52 %\n repossessed assets\n Nonperforming assets to total assets 0.32 % 0.29 % 0.31 % 0.34 % 0.37 %\n\n Associated Banc-Corp\n Selected Asset Quality Information (continued)\n (Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n Change Change\n Nonaccrual loans\n Commercial and industrial $ 19,606 $ 7,178 173 % $ 12,802 $ 6,945 $ 12,898 52 %\n Commercial real estate—owner occupied 34 203 (83) % 203 — 1,501 (98) %\n Commercial and business lending 19,640 7,381 166 % 13,006 6,945 14,399 36 %\n Commercial real estate—investor 8,078 8,311 (3) % 7,333 15,805 31,689 (75) %\n Real estate construction 25 144 (83) % 145 146 125 (80) %\n Commercial real estate lending 8,103 8,455 (4) % 7,478 15,950 31,814 (75) %\n Total commercial 27,743 15,836 75 % 20,484 22,895 46,213 (40) %\n Residential mortgage 66,890 68,492 (2) % 69,093 73,817 72,455 (8) %\n Auto finance 8,888 8,271 7 % 8,218 8,004 7,692 16 %\n Home equity 6,950 7,774 (11) % 8,299 8,201 8,275 (16) %\n Other consumer 110 55 100 % 85 82 173 (36) %\n Total consumer 82,838 84,592 (2) % 85,696 90,104 88,595 (6) %\n Total nonaccrual loans $ 110,581 $ 100,428 10 % $ 106,179 $ 112,999 $ 134,808 (18) %\n (Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n Change Change\n Accruing loans 30-89 days past due\n Commercial and industrial $ 24,253 $ 2,683 N/M $ 1,071 $ 2,593 $ 7,740 N/M\n Commercial real estate—owner occupied 345 34 N/M — 5,628 1,156 (70) %\n Commercial and business lending 24,598 2,717 N/M 1,071 8,221 8,896 177 %\n Commercial real estate—investor 33,487 19,405 73 % 14,190 1,042 2,463 N/M\n Real estate construction — 117 (100) % 21 90 — N/M\n Commercial real estate lending 33,487 19,522 72 % 14,211 1,132 2,463 N/M\n Total commercial 58,085 22,239 161 % 15,282 9,353 11,360 N/M\n Residential mortgage 7,755 13,135 (41) % 12,684 8,744 13,568 (43) %\n Auto finance 14,549 16,445 (12) % 14,013 13,149 12,522 16 %\n Home equity 2,742 3,779 (27) % 4,265 4,338 3,606 (24) %\n Other consumer((a)) 2,173 2,704 (20) % 2,728 2,578 2,381 (9) %\n Total consumer 27,219 36,063 (25) % 33,689 28,810 32,076 (15) %\n Total accruing loans 30-89 days past due $ 85,304 $ 58,302 46 % $ 48,971 $ 38,163 $ 43,435 96 %\n\n N/M = Not meaningful\n Numbers may not recalculate due to rounding conventions.\n (a) Excluding guaranteed student loans.\n\n Associated Banc-Corp\n\nSelected Quarterly Information\n (Dollars and shares in thousands, except per share data and as 1Q26 4Q25 3Q25 2Q25 1Q25\n noted)\n Per common share data\n Dividends $ 0.24 $ 0.24 $ 0.23 $ 0.23 $ 0.23\n Market value:\n High 29.37 27.14 27.01 24.56 25.63\n Low 24.34 24.11 23.78 18.91 21.06\n Close 25.86 25.76 25.71 24.39 22.53\n Book value / share((a)) 29.04 28.81 28.17 27.67 27.09\n Tangible book value (TBV) / share((a)(b)) 22.23 22.01 21.36 20.84 20.25\n Selected trend information\n Net interest margin((c)) 3.03 % 3.06 % 3.04 % 3.04 % 2.97 %\n Effective tax rate 21.75 % 15.82 % 19.16 % 20.34 % 16.03 %\n Noninterest expense / average assets((c)) 1.97 % 1.96 % 1.95 % 1.93 % 2.00 %\n Dividend payout ratio((d)) 34.29 % 29.63 % 31.51 % 35.38 % 38.33 %\n Loans / deposits ratio 88.99 % 87.65 % 88.73 % 89.63 % 86.07 %\n Assets under management, at market value((e)) $ 15,708 $ 16,132 $ 16,178 $ 15,537 $ 14,685\n Common shares repurchased during period((f)) 894 — — — 900\n Common shares outstanding, end of period 165,438 165,980 165,904 165,778 165,807\n Risk-based capital((g)(h))\n Total risk-weighted assets $ 35,773,810 $ 35,125,680 $ 34,688,358 $ 34,241,408 $ 33,800,823\n Common equity Tier 1((i)) $ 3,744,610 $ 3,683,711 $ 3,584,712 $ 3,493,316 $ 3,417,432\n Common equity Tier 1 capital ratio((i)) 10.47 % 10.49 % 10.33 % 10.20 % 10.11 %\n Tier 1 capital ratio 11.01 % 11.04 % 10.89 % 10.77 % 10.68 %\n Total capital ratio 13.02 % 13.08 % 12.94 % 12.83 % 12.75 %\n Tier 1 leverage ratio 8.98 % 8.96 % 8.81 % 8.72 % 8.69 %\n Selected equity and performance ratios\n Total stockholders' equity / total assets 10.96 % 11.01 % 10.95 % 10.87 % 10.82 %\n Tangible common equity / tangible assets (TCE Ratio)((b)) 8.27 % 8.29 % 8.18 % 8.06 % 7.96 %\n Average stockholders' equity / average assets 11.12 % 11.05 % 10.95 % 10.90 % 10.86 %\n Return on average equity((c)) 9.69 % 11.09 % 10.26 % 9.43 % 8.91 %\n Return on average tangible common equity (ROATCE)((b)(c)) 13.03 % 15.04 % 14.02 % 12.96 % 12.34 %\n Return on average assets((c)) 1.08 % 1.23 % 1.12 % 1.03 % 0.97 %\n Return on average tangible assets((b)(c)) 1.12 % 1.27 % 1.17 % 1.07 % 1.01 %\n Efficiency ratios (expense / revenue)\n Fully tax-equivalent efficiency ratio 56.03 % 55.21 % 54.77 % 55.81 % 59.72 %\n Adjusted efficiency ratio((b)) 55.77 % 55.15 % 54.77 % 55.81 % 58.55 %\n\n Numbers may not recalculate due to rounding conventions.\n (a) Based on period end common shares outstanding.\n (b) This is a non-GAAP financial measure. See the non-GAAP financial measures\n reconciliation below for a reconciliation to GAAP financial measures.\n (c) This ratio is annualized.\n (d) Ratio is based upon basic earnings per common share.\n (e) In millions. Excludes assets held in brokerage accounts.\n (f) Does not include repurchases related to tax withholding on equity\n compensation.\n (g) The Federal Reserve establishes regulatory capital requirements, including\n well-capitalized standards for the Corporation. The regulatory capital\n requirements effective for the Corporation follow Basel III, subject to\n certain transition provisions.\n (h) March 31, 2026 data is estimated.\n (i) The Corporation is not classified as an advanced approaches holding company as\n defined by the Federal Reserve. As such, the Corporation has elected to be\n subject to the AOCI-related adjustments when calculating common equity tier 1\n capital which allows the Corporation to opt-out of the requirement to include\n most components of AOCI in common equity tier 1 capital.\n\n Associated Banc-Corp\n\nNon-GAAP Financial Measures Reconciliation\n (Dollars in thousands) 1Q26 4Q25 3Q25 2Q25 1Q25\n Tangible common equity reconciliation\n Common equity $ 4,803,760 $ 4,781,235 $ 4,674,186 $ 4,586,669 $ 4,492,446\n Less: Goodwill and other intangible assets, net 1,125,639 1,127,842 1,130,044 1,132,247 1,134,450\n Tangible common equity for TBV / share and TCE Ratio $ 3,678,121 $ 3,653,393 $ 3,544,142 $ 3,454,422 $ 3,357,996\n Tangible assets reconciliation\n Total assets $ 45,593,740 $ 45,202,596 $ 44,455,863 $ 43,993,729 $ 43,309,136\n Less: Goodwill and other intangible assets, net 1,125,639 1,127,842 1,130,044 1,132,247 1,134,450\n Tangible assets for TCE Ratio $ 44,468,101 $ 44,074,754 $ 43,325,819 $ 42,861,482 $ 42,174,686\n Average tangible common equity reconciliation\n Average common equity $ 4,812,415 $ 4,713,445 $ 4,627,038 $ 4,538,549 $ 4,436,467\n Less: Average goodwill and other intangible assets, net 1,126,748 1,129,055 1,131,385 1,133,627 1,135,584\n Average tangible common equity for ROATCE $ 3,685,667 $ 3,584,390 $ 3,495,653 $ 3,404,922 $ 3,300,883\n Average tangible assets reconciliation\n Average total assets $ 45,018,948 $ 44,402,771 $ 44,015,203 $ 43,420,063 $ 42,630,627\n Less: Average goodwill and other intangible assets, net 1,126,748 1,129,055 1,131,385 1,133,627 1,135,584\n Average tangible assets for return on average tangible assets $ 43,892,200 $ 43,273,716 $ 42,883,818 $ 42,286,436 $ 41,495,043\n Adjusted net income reconciliation\n Net income $ 119,635 $ 137,129 $ 124,732 $ 111,230 $ 101,687\n Other intangible amortization, net of tax 1,652 1,652 1,652 1,652 1,652\n Adjusted net income for return on average tangible assets $ 121,287 $ 138,781 $ 126,384 $ 112,882 $ 103,339\n Adjusted net income available to common equity\n reconciliation\n Net income available to common equity $ 116,760 $ 134,254 $ 121,857 $ 108,355 $ 98,812\n Other intangible amortization, net of tax 1,652 1,652 1,652 1,652 1,652\n Adjusted net income available to common equity for ROATCE $ 118,412 $ 135,906 $ 123,509 $ 110,007 $ 100,464\n Pre-tax pre-provision income\n Income before income taxes $ 152,883 $ 162,901 $ 154,286 $ 139,629 $ 121,095\n Provision for credit losses 11,001 6,998 16,000 17,996 13,003\n Pre-tax pre-provision income $ 163,884 $ 169,899 $ 170,286 $ 157,625 $ 134,098\n Period end core customer deposits reconciliation\n Total deposits $ 35,731,765 $ 35,552,608 $ 34,881,853 $ 34,147,565 $ 35,196,713\n Less: Network transaction deposits 1,746,518 2,154,995 2,013,964 1,792,362 1,882,930\n Less: Brokered CDs 3,562,752 3,795,133 3,956,517 4,072,048 4,197,512\n Core customer deposits $ 30,422,495 $ 29,602,480 $ 28,911,371 $ 28,283,155 $ 29,116,271\n Average core customer deposits reconciliation\n Average total deposits $ 35,160,943 $ 35,628,917 $ 34,705,887 $ 34,203,201 $ 34,833,464\n Less: Average network transaction deposits 1,917,854 2,090,587 1,933,659 1,843,998 1,847,972\n Less: Average brokered CDs 3,528,294 3,998,012 3,916,329 4,089,844 4,315,311\n Average core customer deposits $ 29,714,795 $ 29,540,318 $ 28,855,899 $ 28,269,359 $ 28,670,181\n Total expense for efficiency ratios reconciliation\n Noninterest expense $ 219,163 $ 219,466 $ 216,202 $ 209,352 $ 210,619\n Less: Other intangible amortization 2,203 2,203 2,203 2,203 2,203\n Total expense for fully tax-equivalent efficiency ratio 216,960 217,263 213,999 207,149 208,416\n Less: Acquisition costs((a)) 1,007 252 — — —\n Total expense for adjusted efficiency ratio $ 215,953 $ 217,011 $ 213,999 $ 207,149 $ 208,416\n Total revenue for efficiency ratios reconciliation\n Net interest income $ 307,190 $ 309,981 $ 305,222 $ 300,000 $ 285,941\n Noninterest income 75,857 79,384 81,265 66,977 58,776\n Less: Investment securities (losses) gains, net (28) 37 1 7 4\n Fully tax-equivalent adjustment 4,139 4,196 4,222 4,228 4,254\n Total revenue for fully tax-equivalent efficiency ratio 387,214 393,524 390,708 371,198 348,968\n Less: Announced initiatives((b)) — — — — (6,976)\n Total revenue for adjusted efficiency ratio $ 387,214 $ 393,524 $ 390,708 $ 371,198 $ 355,943\n\n Numbers may not recalculate due to rounding conventions.\n (a) During the fourth quarter of 2025, the Corporation entered into a definitive\n agreement to acquire American National. The acquisition was completed on April\n 1, 2026. These costs, incurred in connection with the acquisition, represent\n nonrecurring costs.\n (b) Announced initiatives include the loss on mortgage portfolio sale as a result\n of balance sheet repositioning that the Corporation announced in the fourth\n quarter of 2024.\n\n \n\nInvestor Contact:\nBen McCarville, Senior Vice President, Director of Investor Relations\n920-491-7059\n\nMedia Contact:\nAndrea Kozek, Vice President, Public Relations Senior Manager\n920-491-7518\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/associated-banc-corp-reports-first-quarter-2026-net-income-available-to-common-equity-of-117-million-or-0-70-per-common-share-302752246.html\n(https://www.prnewswire.com/news-releases/associated-banc-corp-reports-first-quarter-2026-net-income-available-to-common-equity-of-117-million-or-0-70-per-common-share-302752246.html)\n\nSOURCE Associated Banc-Corp\n\n\n\nPhoto: \nhttps://mma.prnewswire.com/media/796458/Associated_Bank_Logo.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn9ch5mVa","title":"Associated Banc-Corp Reports First Quarter 2026 Net Income Available to Common Equity of $117 Million, or $0.70 per Common Share","author":"PR Newswire","ticker":"ASB","created":"2026-04-23T20:15:00.370Z","tickers":["ASB"],"exchange":"NYSE","article_body":"Associated Banc-Corp Reports First Quarter 2026 Net Income Available to Common Equity of $117 Million, or $0.70 per Common Share\n\nPR Newswire\n\nGREEN BAY, Wis., April 23, 2026\n\nGREEN BAY, Wis., April 23, 2026 /PRNewswire/ -- Associated Banc-Corp (NYSE:\nASB) (\"Associated\" or \"Company\") today reported net income available to common\nequity (\"earnings\") of $117 million, or $0.70 per common share, for the\nquarter ended March 31, 2026. These amounts compare to earnings of $134\nmillion, or $0.80 per common share, for the quarter ended December 31, 2025\nand earnings of $99 million, or $0.59 per common share, for the quarter ended\nMarch 31, 2025.\n\n(https://mma.prnewswire.com/media/796458/Associated_Bank_Logo.html)\n\n\"After posting the strongest bottom line in company history in 2025, we\nmaintained our growth momentum in the first quarter of 2026, with over $500\nmillion in C&I loan growth, strong customer household growth, and steady\ncredit performance,\" said President & CEO Andy Harmening. \"We've also\ntaken proactive steps to accelerate our growth trajectory in major metro\nmarkets by announcing several key hires, expanding our commercial presence,\nand closing on our acquisition of American National Corporation.\"\n\n\"As we look to the remainder of 2026, we're well-positioned to navigate the\ncurrent environment thanks to the resilience and stability of our Midwestern\nmarkets, our enhanced profitability profile, a solid capital position, and our\nability to attract and deepen relationships. We look forward to providing\nadditional updates on Associated's growth journey along the way.\"\n\nFirst Quarter 2026 Highlights\n\n * Diluted earnings per common share of $0.70\n * Total period end loans of $31.8 billion (+2% vs. 4Q 2025; +5% vs. 1Q 2025)\n * Total period end commercial & industrial loans of $12.3 billion (+5% vs.\n4Q 2025; +13% vs. 1Q 2025)\n * Total period end deposits of $35.7 billion (+1% vs. 4Q 2025; +2% vs. 1Q 2025)\n * Total period end core customer deposits(1) of $30.4 billion (+3% vs. 4Q 2025;\n+4% vs. 1Q 2025)\n * Net interest income of $307 million ((1)% vs. 4Q 2025; +7% vs. 1Q 2025)\n * Net interest margin of 3.03%\n * Noninterest income of $76 million\n * Noninterest expense of $219 million\n * Provision for credit losses of $11 million\n * Allowance for credit losses on loans / total loans of 1.34%\n * Net charge offs / average loans (annualized) of 0.07%\n * Book value / share of $29.04\n * Tangible book value / share(1) of $22.23 (1) This is a non-GAAP financial measure. See financial tables for a\n reconciliation of non-GAAP financial measures to GAAP financial measures.\n\nLoans\n\nFirst quarter 2026 average total loans of $31.3 billion increased 1%, or $286\nmillion, from the prior quarter and increased 4%, or $1.2 billion, from the\nsame period last year. With respect to first quarter 2026 average balances by\nloan category:\n\n * Commercial and business lending increased $222 million from the prior quarter\nand increased $1.2 billion from the same period last year to $13.0 billion.\n * Commercial real estate lending increased $67 million from the prior quarter\nand increased $19 million from the same period last year to $7.3 billion.\n * Consumer lending decreased $2 million from the prior quarter and decreased $91\nmillion from the same period last year to $11.0 billion.\nFirst quarter 2026 period end total loans of $31.8 billion increased 2%, or\n$635 million, from the prior quarter and increased 5%, or $1.5 billion, from\nthe same period last year. With respect to first quarter 2026 period end\nbalances by loan category:\n\n * Commercial and business lending increased $547 million from the prior quarter\nand increased $1.5 billion from the same period last year to $13.5 billion.\n * Commercial real estate lending increased $143 million from the prior quarter\nand decreased $22 million the same period last year to $7.4 billion.\n * Consumer lending decreased $56 million from the prior quarter and increased\n$37 million from the same period last year to $10.9 billion.\nAfter including the impact of the acquisition of American National\nCorporation, we now expect 2026 period end loan growth of 17% to 19% as\ncompared to Associated's standalone results for the year ended December 31,\n2025.\n\nDeposits\n\nFirst quarter 2026 average deposits of $35.2 billion decreased 1%, or $468\nmillion, from the prior quarter and increased 1%, or $327 million, from the\nsame period last year. With respect to first quarter 2026 average balances by\ndeposit category:\n\n * Noninterest-bearing demand deposits decreased $65 million from the prior\nquarter and increased $359 million from the same period last year to $6.0\nbillion.\n * Savings increased $96 million from the prior quarter and increased $370\nmillion from the same period last year to $5.5 billion.\n * Interest-bearing demand deposits decreased $168 million from the prior quarter\nand decreased $145 million from the same period last year to $7.9 billion.\n * Money market deposits increased $171 million from the prior quarter and\ndecreased $18 million from the same period last year to $6.1 billion.\n * Brokered CDs decreased $470 million from the prior quarter and decreased $787\nmillion from the same period last year to $3.5 billion.\n * Other time deposits increased $141 million from the prior quarter and\nincreased $478 million from the same period last year to $4.2 billion.\n * Network transaction deposits decreased $173 million from the prior quarter and\nincreased $70 million from the same period last year to $1.9 billion.\n * Core customer deposits(1) increased $174 million from the prior quarter and\nincreased $1.0 billion from the same period last year to $29.7 billion.\nFirst quarter 2026 period end deposits of $35.7 billion increased 1%, or\n$179 million, from the prior quarter and increased 2%, or $535 million, from\nthe same period last year. With respect to first quarter 2026 period end\nbalances by deposit category:\n\n * Noninterest-bearing demand deposits decreased $2 million from the prior\nquarter and decreased $11 million from the same period last year to $6.1\nbillion.\n * Savings increased $189 million from the prior quarter and increased $413\nmillion from the same period last year to $5.7 billion.\n * Interest-bearing demand deposits increased $141 million from the prior quarter\nand increased $94 million from the same period last year to $8.0 billion.\n * Money market deposits increased $49 million from the prior quarter and\nincreased $47 million from the same period last year to $6.2 billion.\n * Brokered CDs decreased $232 million from the prior quarter and decreased $635\nmillion from the same period last year to $3.6 billion.\n * Other time deposits increased $443 million from the prior quarter and\nincreased $763 million from the same period last year to $4.5 billion.\n * Network transaction deposits decreased $408 million from the prior quarter and\ndecreased $136 million from the same period last year to $1.7 billion.\n * Core customer deposits(1) increased $820 million from the prior quarter and\nincreased $1.3 billion from the same period last year to $30.4 billion.\nAfter including the impact of the acquisition of American National\nCorporation, we now expect 2026 period end total deposit growth of 17% to 19%\nand period end core customer deposit growth of 19% to 21% as compared to\nAssociated's standalone results for the year ended December 31, 2025.\n (1) This is a non-GAAP financial measure. See financial tables for a\n reconciliation of non-GAAP financial measures to GAAP financial measures.\n\nNet Interest Income and Net Interest Margin\n\nFirst quarter 2026 net interest income of $307 million decreased $3 million\nfrom the prior quarter and increased $21 million from the same period last\nyear. The net interest margin of 3.03% was a 3 basis point decrease from the\nprior quarter and a 6 basis point increase from the same period last year.\n\n * The average yield on total loans for the first quarter of 2026 decreased 19\nbasis points from the prior quarter and decreased 30 basis points from the\nsame period last year to 5.53%.\n * The average cost of total interest-bearing liabilities for the first quarter\nof 2026 decreased 15 basis points from the prior quarter and decreased 39\nbasis points from the same period last year to 2.67%.\n * The net free funds benefit for the first quarter of 2026 decreased 5 basis\npoints from the prior quarter and decreased 8 basis points from the same\nperiod last year to 0.50%.\nWe expect to share an updated 2026 net interest income outlook following the\nfinalization of purchase accounting adjustments tied to the acquisition of\nAmerican National Corporation.\n\nNoninterest Income\n\nFirst quarter 2026 total noninterest income of $76 million decreased $4\nmillion from the prior quarter and increased $17 million from the same period\nlast year. With respect to first quarter 2026 noninterest income line items:\n\n * Capital markets, net decreased $5 million from the prior quarter and increased\n$2 million from the same period last year.\n * Wealth management fees decreased $1 million from the prior quarter and\nincreased $3 million from the same period last year.\n * Mortgage banking, net increased $3 million from the prior quarter and\nincreased $2 million from the same period last year.\n * Card-based fees decreased $1 million from the prior quarter and increased $1\nmillion from the same period last year.\nAfter including the impact from the acquisition of American National\nCorporation, we now expect total noninterest income growth of 8% to 10% in\n2026 as compared to Associated's standalone results for the year ended\nDecember 31, 2025.\n\nNoninterest Expense\n\nFirst quarter 2026 total noninterest expense of $219 million decreased\nslightly from the prior quarter and increased $9 million from the same period\nlast year. With respect to first quarter 2026 noninterest expense line items:\n\n * Personnel expense increased slightly from the prior quarter and increased $11\nmillion from the same period last year.\n * Technology expense increased $1 million from the prior quarter and increased\n$3 million from the same period last year.\n * Business development and advertising expense decreased $1 million from the\nprior quarter and increased $1 million from the same period last year.\nWe expect to share an updated 2026 noninterest expense outlook following the\nfinalization of purchase accounting adjustments tied to the acquisition of\nAmerican National Corporation.\n\nTaxes\n\nFirst quarter 2026 tax expense was $33 million, compared to $26 million of tax\nexpense in the prior quarter and $19 million of tax expense in the same period\nlast year. The effective tax rate for the first quarter of 2026 was 21.75%,\ncompared to 15.82% in the prior quarter and 16.03% in the same period last\nyear.\n\nWe continue to expect the annual effective tax rate to be between 19% and 21%\nin 2026.\n\nCredit\n\nFirst quarter 2026 provision for credit losses on loans was $11 million,\ncompared to a provision of $7 million in the prior quarter and a provision of\n$13 million in the same period last year. With respect to first quarter 2026\ncredit quality:\n\n * Nonaccrual loans of $111 million increased $10 million from the prior quarter\nand decreased $24 million from the same period last year. The nonaccrual loans\nto total loans ratio was 0.35% in the first quarter, up from 0.32% in the\nprior quarter and down from 0.44% in the same period last year.\n * First quarter 2026 net charge offs of $5 million increased compared to net\ncharge offs of $2 million in the prior quarter and decreased compared to net\ncharge offs of $9 million in the same period last year.\n * The allowance for credit losses on loans (ACLL) of $425 million increased $6\nmillion compared to the prior quarter and increased $18 million compared to\nthe same period last year. The ACLL to total loans ratio was 1.34% in the\nfirst quarter, down from 1.35% in the prior quarter and flat compared to 1.34%\nin the same period last year.\nIn 2026, we continue to expect to adjust provision to reflect changes to risk\ngrades, economic conditions, loan volumes, and other indications of credit\nquality.\n\nCapital\n\nThe Company's capital position remains strong, with a CET1 capital ratio of\n10.47% at March 31, 2026. The Company's capital ratios continue to be in\nexcess of the Basel III \"well-capitalized\" regulatory benchmarks on a fully\nphased in basis.\n\nFIRST QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL\n\nThe Company will host a conference call for investors and analysts at 4:00\np.m. Central Time (CT) today, April 23, 2026. Interested parties can access\nthe live webcast of the call through the Investor Relations section of the\nCompany's website, http://investor.associatedbank.com\n(http://investor.associatedbank.com) . Parties may also dial into the call at\n877-407-8037 (domestic) or 201-689-8037 (international) and request the\nAssociated Banc-Corp first quarter 2026 earnings call. The first quarter 2026\nfinancial tables with an accompanying slide presentation will be available on\nthe Company's website just prior to the call. An audio archive of the webcast\nwill be available on the Company's website approximately fifteen minutes after\nthe call is over.\n\nABOUT ASSOCIATED BANC-CORP\n\nAssociated Banc-Corp (NYSE: ASB) has total assets of approximately $50 billion\nand is the largest bank holding company based in Wisconsin. Headquartered in\nGreen Bay, Wisconsin, Associated is a leading Midwest banking franchise,\noffering a full range of financial products and services from over 200 banking\nlocations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and\nNebraska. The Company also operates loan production offices in Indiana,\nKansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal\nHousing Lender, Equal Opportunity Lender and Member FDIC. More information\nabout Associated Banc-Corp is available at www.associatedbank.com\n(http://www.associatedbank.com) .\n\nFORWARD-LOOKING STATEMENTS\n\nStatements made in this presentation which are not purely historical are\nforward-looking statements, as defined in the Private Securities Litigation\nReform Act of 1995. This includes any statements regarding management's plans,\nobjectives, or goals for future operations, products or services, and\nforecasts of its revenues, earnings, or other measures of performance. Such\nforward-looking statements may be identified by the use of words such as\n\"believe,\" \"expect,\" \"anticipate,\" \"plan,\" \"estimate,\" \"should,\" \"intend,\"\n\"target,\" \"outlook,\" \"project,\" \"guidance,\" \"forecast,\" or similar\nexpressions. Forward-looking statements are based on current management\nexpectations and, by their nature, are subject to risks and uncertainties.\nActual results may differ materially from those contained in the\nforward-looking statements. Factors which may cause actual results to differ\nmaterially from those contained in such forward-looking statements include\nthose identified in the Company's most recent Form 10-K and subsequent Form\n10-Qs and other SEC filings, and such factors are incorporated herein by\nreference.\n\nNON-GAAP FINANCIAL MEASURES\n\nThis press release and related materials may contain references to measures\nwhich are not defined in generally accepted accounting principles (\"GAAP\").\nInformation concerning these non-GAAP financial measures can be found in the\nfinancial tables. Management believes these measures are meaningful because\nthey reflect adjustments commonly made by management, investors, regulators,\nand analysts to evaluate the adequacy of earnings per common share, provide a\ngreater understanding of ongoing operations and enhance comparability of\nresults with prior periods.\n Associated Banc-Corp\n\nConsolidated Balance Sheets (Unaudited)\n (Dollars in thousands) March 31, December 31, Sequential September 30, June 30, March 31, Comparable\n 2026 2025 Quarter 2025 2025 2025 Quarter\n Change Change\n Assets\n Cash and due from banks $ 465,318 $ 574,698 $ (109,380) $ 490,431 $ 521,167 $ 521,323 $ (56,005)\n Interest-bearing deposits in other financial 920,684 1,144,123 (223,439) 802,251 738,938 711,033 209,651\n institutions\n Federal funds sold and securities purchased under 175 1,400 (1,225) 90 — 105 70\n agreements to resell\n Available for sale (AFS) investment securities, at fair 5,514,456 5,397,563 116,893 5,217,278 5,036,508 4,796,570 717,886\n value\n Held to maturity (HTM) investment securities, net, at 3,570,843 3,602,519 (31,676) 3,636,080 3,672,101 3,705,793 (134,950)\n amortized cost\n Equity securities 26,109 26,060 49 26,000 25,912 23,331 2,778\n Regulatory stocks, at cost 290,189 252,514 37,675 251,642 278,356 194,244 95,945\n Residential loans held for sale 87,461 72,499 14,962 74,563 96,804 47,611 39,850\n Commercial loans held for sale — — — — 8,406 7,910 (7,910)\n Loans 31,798,164 31,163,614 634,550 30,951,964 30,607,605 30,294,127 1,504,037\n Allowance for loan losses (385,756) (378,068) (7,688) (378,341) (376,515) (371,348) (14,408)\n Loans, net 31,412,408 30,785,546 626,862 30,573,623 30,231,091 29,922,780 1,489,628\n Tax credit and other investments 230,954 236,657 (5,703) 245,239 247,111 254,187 (23,233)\n Premises and equipment, net 376,760 381,624 (4,864) 384,139 377,372 377,521 (761)\n Bank and corporate owned life insurance 694,765 694,452 313 693,511 691,470 690,551 4,214\n Goodwill 1,104,992 1,104,992 — 1,104,992 1,104,992 1,104,992 —\n Other intangible assets, net 20,647 22,849 (2,202) 25,052 27,255 29,457 (8,810)\n Mortgage servicing rights, net 87,599 86,337 1,262 85,063 85,245 86,251 1,348\n Interest receivable 161,021 161,118 (97) 168,451 168,627 159,729 1,292\n Other assets 629,359 657,645 (28,286) 677,458 682,373 675,748 (46,389)\n Total assets $ 45,593,740 $ 45,202,596 $ 391,144 $ 44,455,863 $ 43,993,729 $ 43,309,136 $ 2,284,604\n Liabilities and stockholders' equity\n Noninterest-bearing demand deposits $ 6,125,067 $ 6,126,632 $ (1,565) $ 5,906,251 $ 5,782,487 $ 6,135,946 $ (10,879)\n Interest-bearing deposits 29,606,698 29,425,976 180,722 28,975,602 28,365,079 29,060,767 545,931\n Total deposits 35,731,765 35,552,608 179,157 34,881,853 34,147,565 35,196,713 535,052\n Federal funds purchased and securities sold under 395,652 307,864 87,788 399,665 75,585 311,335 84,317\n agreements to repurchase\n FHLB advances 3,421,762 3,268,094 153,668 3,220,679 3,879,489 2,027,297 1,394,465\n Senior and subordinated debt 592,629 594,276 (1,647) 594,074 593,530 591,382 1,247\n Allowance for unfunded commitments 39,276 41,276 (2,000) 36,276 35,276 35,276 4,000\n Accrued expenses and other liabilities 414,784 463,131 (48,347) 455,019 481,503 460,574 (45,790)\n Total liabilities 40,595,868 40,227,249 368,619 39,587,565 39,212,948 38,622,578 1,973,290\n Stockholders' equity\n Preferred equity 194,112 194,112 — 194,112 194,112 194,112 —\n Common equity 4,803,760 4,781,235 22,525 4,674,186 4,586,669 4,492,446 311,314\n Total stockholders' equity 4,997,872 4,975,347 22,525 4,868,298 4,780,781 4,686,558 311,314\n Total liabilities and stockholders' equity $ 45,593,740 $ 45,202,596 $ 391,144 $ 44,455,863 $ 43,993,729 $ 43,309,136 $ 2,284,604\n\n Numbers may not recalculate due to rounding conventions.\n\n Associated Banc-Corp Comparable Quarter\n\nConsolidated Statements of Income (Unaudited)\n (Dollars and shares in thousands, except per share data) 1Q26 1Q25 Dollar Percentage\n Change Change\n Interest income\n Interest and fees on loans $ 426,989 $ 433,299 $ (6,310) (1) %\n Interest and dividends on investment securities\n Taxable 75,676 69,788 5,888 8 %\n Tax-exempt 13,738 13,956 (218) (2) %\n Other interest 11,641 9,243 2,398 26 %\n Total interest income 528,044 526,285 1,759 — %\n Interest expense\n Interest on deposits 175,273 209,140 (33,867) (16) %\n Interest on federal funds purchased and securities sold under agreements to 3,732 3,622 110 3 %\n repurchase\n Interest on FHLB advances 31,570 16,090 15,480 96 %\n Interest on senior and subordinated debt 10,163 11,085 (922) (8) %\n Interest on other interest-bearing liabilities 116 408 (292) (72) %\n Total interest expense 220,854 240,345 (19,491) (8) %\n Net interest income 307,190 285,941 21,249 7 %\n Provision for credit losses 11,001 13,003 (2,002) (15) %\n Net interest income after provision for credit losses 296,189 272,938 23,251 9 %\n Noninterest income\n Wealth management fees 25,219 22,498 2,721 12 %\n Service charges and deposit account fees 14,054 12,814 1,240 10 %\n Card-based fees 11,579 10,442 1,137 11 %\n Other fee-based revenue 4,862 5,251 (389) (7) %\n Capital markets, net 6,543 4,345 2,198 51 %\n Mortgage banking, net 6,111 3,822 2,289 60 %\n Loss on mortgage portfolio sale — (6,976) 6,976 (100) %\n Bank and corporate owned life insurance 3,816 5,204 (1,388) (27) %\n Asset gains (losses), net 840 (878) 1,718 N/M\n Investment securities (losses) gains, net (28) 4 (32) N/M\n Other 2,861 2,251 610 27 %\n Total noninterest income 75,857 58,776 17,081 29 %\n Noninterest expense\n Personnel 135,172 123,897 11,275 9 %\n Technology 29,736 27,139 2,597 10 %\n Occupancy 13,725 15,381 (1,656) (11) %\n Business development and advertising 7,827 6,386 1,441 23 %\n Equipment 5,610 4,527 1,083 24 %\n Legal and professional 6,721 6,083 638 10 %\n Loan and foreclosure costs 1,707 2,594 (887) (34) %\n FDIC assessment 8,837 10,436 (1,599) (15) %\n Other intangible amortization 2,203 2,203 — — %\n Other 7,625 11,974 (4,349) (36) %\n Total noninterest expense 219,163 210,619 8,544 4 %\n Income before income taxes 152,883 121,095 31,788 26 %\n Income tax expense 33,248 19,409 13,839 71 %\n Net income 119,635 101,687 17,948 18 %\n Preferred stock dividends 2,875 2,875 — — %\n Net income available to common equity $ 116,760 $ 98,812 $ 17,948 18 %\n\n Pre-tax pre-provision income (loss)((a)) 163,884 134,098 29,786 22 %\n Earnings per common share\n Basic $ 0.70 $ 0.60 $ 0.10 17 %\n Diluted $ 0.70 $ 0.59 $ 0.11 19 %\n Average common shares outstanding\n Basic 165,097 165,228 (131) — %\n Diluted 166,561 166,604 (43) — %\n\n N/M = Not meaningful\n Numbers may not recalculate due to rounding conventions.\n Prior periods have been adjusted to conform with current period presentation.\n (a) This is a non-GAAP financial measure. See the non-GAAP financial measures\n reconciliation below for a reconciliation to GAAP financial measures.\n\n Associated Banc-Corp\n Consolidated Statements of Income (Unaudited) - Quarterly Trend\n (Dollars and shares in thousands, except per share data) Sequential Quarter\n 1Q26 4Q25 Dollar Percentage 3Q25 2Q25 1Q25\n Change Change\n Interest income\n Interest and fees on loans $ 426,989 $ 445,687 $ (18,698) (4) % $ 455,623 $ 447,781 $ 433,299\n Interest and dividends on investment securities\n Taxable 75,676 73,511 2,165 3 % 73,727 71,174 69,788\n Tax-exempt 13,738 13,851 (113) (1) % 13,888 13,902 13,956\n Other interest 11,641 11,294 347 3 % 13,353 12,679 9,243\n Total interest income 528,044 544,343 (16,299) (3) % 556,591 545,536 526,285\n Interest expense\n Interest on deposits 175,273 194,778 (19,505) (10) % 202,344 197,656 209,140\n Interest on federal funds purchased and securities sold under agreements 3,732 2,682 1,050 39 % 2,107 2,004 3,622\n to repurchase\n Interest on FHLB advances 31,570 26,309 5,261 20 % 35,965 34,889 16,090\n Interest on senior and subordinated debt 10,163 10,483 (320) (3) % 10,741 10,700 11,085\n Interest on other interest-bearing liabilities 116 110 6 5 % 212 287 408\n Total interest expense 220,854 234,362 (13,508) (6) % 251,369 245,536 240,345\n Net interest income 307,190 309,981 (2,791) (1) % 305,222 300,000 285,941\n Provision for credit losses 11,001 6,998 4,003 57 % 16,000 17,996 13,003\n Net interest income after provision for credit losses 296,189 302,983 (6,794) (2) % 289,223 282,004 272,938\n Noninterest income\n Wealth management fees 25,219 25,742 (523) (2) % 25,315 23,025 22,498\n Service charges and deposit account fees 14,054 13,827 227 2 % 13,861 13,147 12,814\n Card-based fees 11,579 12,679 (1,100) (9) % 12,308 11,200 10,442\n Other fee-based revenue 4,862 5,557 (695) (13) % 5,414 4,995 5,251\n Capital markets, net 6,543 11,175 (4,632) (41) % 10,764 5,765 4,345\n Mortgage banking, net 6,111 2,926 3,185 109 % 3,541 4,213 3,822\n Loss on mortgage portfolio sale — — — — % — — (6,976)\n Bank and corporate owned life insurance 3,816 3,804 12 — % 4,051 4,135 5,204\n Asset gains (losses), net 840 838 2 — % 3,340 (1,735) (878)\n Investment securities (losses) gains, net (28) 37 (65) N/M 1 7 4\n Other 2,861 2,799 62 2 % 2,670 2,226 2,251\n Total noninterest income 75,857 79,384 (3,527) (4) % 81,265 66,977 58,776\n Noninterest expense\n Personnel 135,172 135,130 42 — % 135,703 126,994 123,897\n Technology 29,736 28,641 1,095 4 % 28,590 26,508 27,139\n Occupancy 13,725 14,229 (504) (4) % 12,757 12,644 15,381\n Business development and advertising 7,827 9,118 (1,291) (14) % 8,362 7,748 6,386\n Equipment 5,610 6,888 (1,278) (19) % 4,368 4,494 4,527\n Legal and professional 6,721 5,945 776 13 % 5,232 6,674 6,083\n Loan and foreclosure costs 1,707 1,327 380 29 % 1,638 2,705 2,594\n FDIC assessment 8,837 6,589 2,248 34 % 9,980 9,708 10,436\n Other intangible amortization 2,203 2,203 — — % 2,203 2,203 2,203\n Other 7,625 9,396 (1,771) (19) % 7,369 9,674 11,974\n Total noninterest expense 219,163 219,466 (303) — % 216,202 209,352 210,619\n Income before income taxes 152,883 162,901 (10,018) (6) % 154,286 139,629 121,095\n Income tax expense 33,248 25,772 7,476 29 % 29,554 28,399 19,409\n Net income 119,635 137,129 (17,494) (13) % 124,732 111,230 101,687\n Preferred stock dividends 2,875 2,875 — — % 2,875 2,875 2,875\n Net income available to common equity $ 116,760 $ 134,254 $ (17,494) (13) % $ 121,857 $ 108,355 $ 98,812\n\n Pre-tax pre-provision income((a)) 163,884 169,899 (6,015) (4) % 170,286 157,625 134,098\n Earnings per common share\n Basic $ 0.70 $ 0.81 $ (0.11) (14) % $ 0.73 $ 0.65 $ 0.60\n Diluted $ 0.70 $ 0.80 $ (0.10) (13) % $ 0.73 $ 0.65 $ 0.59\n Average common shares outstanding\n Basic 165,097 165,126 (29) — % 165,029 164,936 165,228\n Diluted 166,561 166,746 (185) — % 166,703 166,343 166,604\n\n N/M = Not meaningful\n Numbers may not recalculate due to rounding conventions.\n Prior periods have been adjusted to conform with current period presentation.\n (a) This is a non-GAAP financial measure. See the non-GAAP financial measures\n reconciliation below for a reconciliation to GAAP financial measures.\n\n Associated Banc-Corp\n\nNet Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and\n Comparable Quarter\n Three Months Ended\n March 31, 2026 December 31, 2025((a)) March 31, 2025((a))\n (Dollars in thousands) Average Interest Average Average Interest Average Average Interest Average\n\nBalance\nIncome / Yield /\nBalance\nIncome / Yield /\nBalance\nIncome / Yield /\n Expense Rate Expense Rate Expense Rate\n Assets\n Earning assets\n Loans( (b)(c))\n Commercial and industrial $ 11,776,702 $ 172,507 5.94 % $ 11,588,059 $ 182,101 6.24 % $ 10,583,318 $ 169,785 6.50 %\n Commercial real estate—owner occupied 1,190,708 15,968 5.44 % 1,157,531 16,358 5.61 % 1,141,167 16,200 5.76 %\n Commercial and business lending 12,967,410 188,475 5.89 % 12,745,590 198,459 6.18 % 11,724,484 185,985 6.43 %\n Commercial real estate—investor 5,277,283 78,154 6.01 % 5,291,562 84,153 6.31 % 5,415,412 87,089 6.52 %\n Real estate construction 2,055,338 34,043 6.72 % 1,974,318 34,870 7.01 % 1,898,582 33,945 7.25 %\n Commercial real estate lending 7,332,621 112,197 6.21 % 7,265,880 119,023 6.50 % 7,313,994 121,034 6.71 %\n Total commercial 20,300,031 300,672 6.01 % 20,011,470 317,482 6.30 % 19,038,479 307,020 6.54 %\n Residential mortgage 6,831,984 64,640 3.78 % 6,899,778 64,779 3.76 % 7,256,320 66,823 3.68 %\n Auto finance 3,125,504 41,969 5.45 % 3,064,457 42,915 5.56 % 2,844,730 39,176 5.59 %\n Home equity 709,865 11,692 6.60 % 706,923 12,570 7.11 % 657,625 12,052 7.34 %\n Other consumer 314,118 8,504 10.98 % 312,730 8,454 10.72 % 313,828 8,773 11.34 %\n Total consumer 10,981,471 126,805 4.65 % 10,983,888 128,718 4.67 % 11,072,503 126,824 4.61 %\n Total loans 31,281,502 427,477 5.53 % 30,995,358 446,200 5.72 % 30,110,982 433,844 5.83 %\n Investments\n Taxable securities 7,071,751 75,676 4.28 % 6,912,251 73,511 4.25 % 6,398,584 69,788 4.36 %\n Tax-exempt securities((b)) 1,978,501 17,389 3.52 % 1,990,389 17,534 3.52 % 2,016,144 17,666 3.50 %\n Other short-term investments 1,016,795 11,641 4.64 % 972,884 11,294 4.61 % 757,227 9,243 4.95 %\n Total investments 10,067,047 104,706 4.17 % 9,875,524 102,339 4.14 % 9,171,955 96,696 4.22 %\n Total earning assets and related 41,348,549 $ 532,183 5.20 % 40,870,882 $ 548,539 5.34 % 39,282,937 $ 530,540 5.45 %\n interest income\n Other assets, net 3,670,399 3,531,889 3,347,690\n Total assets $ 45,018,948 $ 44,402,771 $ 42,630,627\n Liabilities and stockholders' equity\n Interest-bearing liabilities\n Interest-bearing deposits\n Savings $ 5,532,848 $ 17,690 1.30 % $ 5,436,968 $ 18,823 1.37 % $ 5,162,468 $ 17,929 1.41 %\n Interest-bearing demand 7,886,442 34,236 1.76 % 8,054,088 40,309 1.99 % 8,031,707 45,430 2.29 %\n Money market 6,061,442 34,239 2.29 % 5,890,836 35,353 2.38 % 6,079,551 39,560 2.64 %\n Network transaction deposits 1,917,854 17,502 3.70 % 2,090,587 20,882 3.96 % 1,847,972 20,067 4.40 %\n Brokered CDs 3,528,294 34,811 4.00 % 3,998,012 42,056 4.17 % 4,315,311 49,292 4.63 %\n Other time deposits 4,234,785 36,795 3.52 % 4,093,939 37,355 3.62 % 3,756,332 36,862 3.98 %\n Total interest-bearing deposits 29,161,665 175,273 2.44 % 29,564,430 194,778 2.61 % 29,193,341 209,140 2.91 %\n Federal funds purchased and securities 425,142 3,732 3.56 % 289,679 2,682 3.67 % 375,910 3,622 3.91 %\n sold under agreements to repurchase\n FHLB advances 3,380,379 31,570 3.79 % 2,504,464 26,309 4.17 % 1,595,972 16,090 4.09 %\n Senior and subordinated debt 594,401 10,163 6.84 % 594,104 10,483 7.06 % 627,371 11,085 7.07 %\n Other interest-bearing liabilities 11,212 116 4.18 % 13,212 110 3.29 % 31,599 408 5.24 %\n Total funding 4,411,134 45,581 4.18 % 3,401,459 39,584 4.63 % 2,630,852 31,205 4.79 %\n Total interest-bearing liabilities and 33,572,799 $ 220,854 2.67 % 32,965,889 $ 234,362 2.82 % 31,824,193 $ 240,345 3.06 %\n related interest expense\n Noninterest-bearing demand deposits 5,999,278 6,064,487 5,640,123\n Other liabilities 440,344 464,838 535,732\n Stockholders' equity 5,006,527 4,907,557 4,630,578\n Total liabilities and stockholders' $ 45,018,948 $ 44,402,771 $ 42,630,627\n equity\n Interest rate spread 2.53 % 2.52 % 2.39 %\n Net free funds 0.50 % 0.55 % 0.58 %\n Fully tax-equivalent net interest income $ 311,329 3.03 % $ 314,177 3.06 % $ 290,195 2.97 %\n and net interest margin\n Fully tax-equivalent adjustment (4,139) (4,196) (4,254)\n Net interest income $ 307,190 $ 309,981 $ 285,941\n\n Numbers may not recalculate due to rounding conventions.\n (a) Prior period has been adjusted to conform with current period presentation.\n (b) The yield on tax-exempt loans and securities is computed on a fully\n tax-equivalent basis using a tax rate of 21%.\n (c) Loans held for sale have been included in the average balances.\n\n Associated Banc-Corp\n\nLoan and Deposit Composition\n (Dollars in thousands)\n Period end loan composition Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n Change Change\n Commercial and industrial $ 12,339,597 $ 11,799,757 5 % $ 11,567,651 $ 11,281,964 $ 10,925,769 13 %\n Commercial real estate—owner occupied 1,193,778 1,186,324 1 % 1,149,939 1,101,501 1,118,363 7 %\n Commercial and business lending 13,533,375 12,986,081 4 % 12,717,590 12,383,465 12,044,132 12 %\n Commercial real estate—investor 5,266,584 5,246,030 — % 5,369,441 5,370,422 5,597,442 (6) %\n Real estate construction 2,117,479 1,994,642 6 % 1,958,766 1,950,267 1,809,054 17 %\n Commercial real estate lending 7,384,063 7,240,672 2 % 7,328,207 7,320,689 7,406,496 — %\n Total commercial 20,917,438 20,226,753 3 % 20,045,797 19,704,154 19,450,628 8 %\n Residential mortgage 6,727,734 6,793,957 (1) % 6,858,285 6,949,387 6,999,654 (4) %\n Auto finance 3,136,334 3,106,498 1 % 3,041,644 2,969,495 2,878,765 9 %\n Home equity 706,075 713,271 (1) % 698,112 676,208 654,140 8 %\n Other consumer 310,583 323,135 (4) % 308,126 308,361 310,940 — %\n Total consumer 10,880,726 10,936,861 (1) % 10,906,167 10,903,451 10,843,499 — %\n Total loans $ 31,798,164 $ 31,163,614 2 % $ 30,951,964 $ 30,607,605 $ 30,294,127 5 %\n\n Quarter average loan composition((a)) Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n Change Change\n Commercial and industrial $ 11,776,702 $ 11,588,059 2 % $ 11,367,533 $ 10,981,221 $ 10,583,318 11 %\n Commercial real estate—owner occupied 1,190,708 1,157,531 3 % 1,105,787 1,114,054 1,141,167 4 %\n Commercial and business lending 12,967,410 12,745,590 2 % 12,473,319 12,095,274 11,724,484 11 %\n Commercial real estate—investor 5,277,283 5,291,562 — % 5,300,765 5,582,333 5,415,412 (3) %\n Real estate construction 2,055,338 1,974,318 4 % 1,991,565 1,869,708 1,898,582 8 %\n Commercial real estate lending 7,332,621 7,265,880 1 % 7,292,330 7,452,041 7,313,994 — %\n Total commercial 20,300,031 20,011,470 1 % 19,765,649 19,547,316 19,038,479 7 %\n Residential mortgage 6,831,984 6,899,778 (1) % 6,987,858 7,034,607 7,256,320 (6) %\n Auto finance 3,125,504 3,064,457 2 % 3,000,978 2,933,161 2,844,730 10 %\n Home equity 709,865 706,923 — % 690,330 667,339 657,625 8 %\n Other consumer 314,118 312,730 — % 305,644 309,578 313,828 — %\n Total consumer 10,981,471 10,983,888 — % 10,984,811 10,944,685 11,072,503 (1) %\n Total loans $ 31,281,502 $ 30,995,358 1 % $ 30,750,460 $ 30,492,001 $ 30,110,982 4 %\n\n Period end deposit and customer funding Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n composition((b)) Change Change\n Noninterest-bearing demand $ 6,125,067 $ 6,126,632 — % $ 5,906,251 $ 5,782,487 $ 6,135,946 — %\n Savings 5,660,641 5,471,870 3 % 5,380,574 5,291,674 5,247,291 8 %\n Interest-bearing demand 7,964,665 7,823,362 2 % 7,791,861 7,490,772 7,870,965 1 %\n Money market 6,188,045 6,139,438 1 % 5,785,871 5,915,867 6,141,275 1 %\n Network transaction deposits 1,746,518 2,154,995 (19) % 2,013,964 1,792,362 1,882,930 (7) %\n Brokered CDs 3,562,752 3,795,133 (6) % 3,956,517 4,072,048 4,197,512 (15) %\n Other time deposits 4,484,077 4,041,178 11 % 4,046,815 3,802,356 3,720,793 21 %\n Total deposits 35,731,765 35,552,608 1 % 34,881,853 34,147,565 35,196,713 2 %\n Other customer funding((c)) 42,372 47,794 (11) % 64,570 75,440 85,950 (51) %\n Total deposits and other customer funding $ 35,774,137 $ 35,600,402 — % $ 34,946,423 $ 34,223,005 $ 35,282,663 1 %\n Core customer deposits((d)) and other customer funding $ 30,464,867 $ 29,650,274 3 % $ 28,975,941 $ 28,358,595 $ 29,202,221 4 %\n\n Quarter average deposit composition Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n Change Change\n Noninterest-bearing demand $ 5,999,278 $ 6,064,487 (1) % $ 5,796,676 $ 5,648,935 $ 5,640,123 6 %\n Savings 5,532,848 5,436,968 2 % 5,338,129 5,222,869 5,162,468 7 %\n Interest-bearing demand 7,886,442 8,054,088 (2) % 7,898,770 7,683,402 8,031,707 (2) %\n Money market 6,061,442 5,890,836 3 % 5,860,802 5,988,947 6,079,551 — %\n Network transaction deposits 1,917,854 2,090,587 (8) % 1,933,659 1,843,998 1,847,972 4 %\n Brokered CDs 3,528,294 3,998,012 (12) % 3,916,329 4,089,844 4,315,311 (18) %\n Other time deposits 4,234,785 4,093,939 3 % 3,961,522 3,725,205 3,756,332 13 %\n Total deposits 35,160,943 35,628,917 (1) % 34,705,887 34,203,201 34,833,464 1 %\n Other customer funding((c)) 43,973 45,973 (4) % 74,305 80,010 87,693 (50) %\n Total deposits and other customer funding $ 35,204,916 $ 35,674,890 (1) % $ 34,780,192 $ 34,283,211 $ 34,921,157 1 %\n Core customer deposits((d)) and other customer funding $ 29,758,768 $ 29,586,291 1 % $ 28,930,204 $ 28,349,369 $ 28,757,874 3 %\n\n Numbers may not recalculate due to rounding conventions.\n (a) Loans held for sale have been included in the average balances.\n (b) March 31, 2025 has been adjusted to conform with current period presentation.\n (c) Includes repurchase agreements.\n (d) This is a non-GAAP financial measure. See the non-GAAP financial measures\n reconciliation below for a reconciliation to GAAP financial measures.\n\n Associated Banc-Corp\n\nSelected Asset Quality Information\n (Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n Change Change\n Allowance for loan losses\n Balance at beginning of period $ 378,068 $ 378,341 — % $ 376,515 $ 371,348 $ 363,545 4 %\n Provision for loan losses 13,000 2,000 N/M 15,000 18,000 16,500 (21) %\n Charge offs (8,210) (7,636) 8 % (15,254) (18,348) (13,714) (40) %\n Recoveries 2,898 5,363 (46) % 2,081 5,515 5,017 (42) %\n Net charge offs (5,312) (2,273) 134 % (13,173) (12,833) (8,698) (39) %\n Balance at end of period $ 385,756 $ 378,068 2 % $ 378,341 $ 376,515 $ 371,348 4 %\n Allowance for unfunded commitments\n Balance at beginning of period $ 41,276 $ 36,276 14 % $ 35,276 $ 35,276 $ 38,776 6 %\n Provision for unfunded commitments (2,000) 5,000 N/M 1,000 — (3,500) (43) %\n Balance at end of period 39,276 41,276 (5) % 36,276 35,276 35,276 11 %\n Allowance for credit losses on loans (ACLL) $ 425,032 $ 419,344 1 % $ 414,618 $ 411,791 $ 406,624 5 %\n Provision for credit losses on loans $ 11,000 $ 7,000 57 % $ 16,000 $ 18,000 $ 13,000 (15) %\n (Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n\nChange\nChange\n Net (charge offs) recoveries\n Commercial and industrial $ (2,736) $ 1,524 N/M $ (1,230) $ (1,826) $ (4,726) (42) %\n Commercial real estate—owner occupied — (113) (100) % — — — N/M\n Commercial and business lending (2,736) 1,411 N/M (1,230) (1,826) (4,726) (42) %\n Commercial real estate—investor 500 94 N/M (8,930) (8,493) (892) N/M\n Real estate construction 2 2 — % 2 121 30 (93) %\n Commercial real estate lending 502 96 N/M (8,928) (8,372) (863) N/M\n Total commercial (2,234) 1,507 N/M (10,158) (10,198) (5,589) (60) %\n Residential mortgage 148 (197) N/M (231) (302) 197 (25) %\n Auto finance (1,843) (2,010) (8) % (1,505) (689) (1,519) 21 %\n Home equity 439 2 N/M 56 237 289 52 %\n Other consumer (1,822) (1,575) 16 % (1,336) (1,881) (2,076) (12) %\n Total consumer (3,078) (3,780) (19) % (3,015) (2,636) (3,109) (1) %\n Total net charge offs $ (5,312) $ (2,273) 134 % $ (13,173) $ (12,833) $ (8,698) (39) %\n (In basis points) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025\n Net (charge offs) recoveries to average loans\n (annualized)\n Commercial and industrial (9) 5 (4) (7) (18)\n Commercial real estate—owner occupied — (4) — — —\n Commercial and business lending (9) 4 (4) (6) (16)\n Commercial real estate—investor 4 1 (67) (61) (7)\n Real estate construction — — — 3 1\n Commercial real estate lending 3 1 (49) (45) (5)\n Total commercial (4) 3 (20) (21) (12)\n Residential mortgage 1 (1) (1) (2) 1\n Auto finance (24) (26) (20) (9) (22)\n Home equity 25 — 3 14 18\n Other consumer (235) (200) (173) (244) (268)\n Total consumer (11) (14) (11) (10) (11)\n Total net charge offs (7) (3) (17) (17) (12)\n (Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n\nChange\nChange\n Credit quality\n Nonaccrual loans $ 110,581 $ 100,428 10 % $ 106,179 $ 112,999 $ 134,808 (18) %\n Other real estate owned (OREO) 32,534 28,016 16 % 29,268 34,287 23,475 39 %\n Repossessed assets 806 757 6 % 789 882 688 17 %\n Total nonperforming assets $ 143,921 $ 129,201 11 % $ 136,236 $ 148,169 $ 158,971 (9) %\n Accruing loans past due 90 days or more((a)) $ 2,490 $ 2,814 (12) % $ 2,692 $ 14,160 $ 3,036 (18) %\n Allowance for credit losses on loans to total loans 1.34 % 1.35 % 1.34 % 1.35 % 1.34 %\n Allowance for credit losses on loans to nonaccrual 384.36 % 417.56 % 390.49 % 364.42 % 301.63 %\n loans\n Nonaccrual loans to total loans 0.35 % 0.32 % 0.34 % 0.37 % 0.44 %\n Nonperforming assets to total loans plus OREO and 0.45 % 0.41 % 0.44 % 0.48 % 0.52 %\n repossessed assets\n Nonperforming assets to total assets 0.32 % 0.29 % 0.31 % 0.34 % 0.37 %\n\n Associated Banc-Corp\n Selected Asset Quality Information (continued)\n (Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n Change Change\n Nonaccrual loans\n Commercial and industrial $ 19,606 $ 7,178 173 % $ 12,802 $ 6,945 $ 12,898 52 %\n Commercial real estate—owner occupied 34 203 (83) % 203 — 1,501 (98) %\n Commercial and business lending 19,640 7,381 166 % 13,006 6,945 14,399 36 %\n Commercial real estate—investor 8,078 8,311 (3) % 7,333 15,805 31,689 (75) %\n Real estate construction 25 144 (83) % 145 146 125 (80) %\n Commercial real estate lending 8,103 8,455 (4) % 7,478 15,950 31,814 (75) %\n Total commercial 27,743 15,836 75 % 20,484 22,895 46,213 (40) %\n Residential mortgage 66,890 68,492 (2) % 69,093 73,817 72,455 (8) %\n Auto finance 8,888 8,271 7 % 8,218 8,004 7,692 16 %\n Home equity 6,950 7,774 (11) % 8,299 8,201 8,275 (16) %\n Other consumer 110 55 100 % 85 82 173 (36) %\n Total consumer 82,838 84,592 (2) % 85,696 90,104 88,595 (6) %\n Total nonaccrual loans $ 110,581 $ 100,428 10 % $ 106,179 $ 112,999 $ 134,808 (18) %\n (Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Seql Qtr % Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Comp Qtr %\n Change Change\n Accruing loans 30-89 days past due\n Commercial and industrial $ 24,253 $ 2,683 N/M $ 1,071 $ 2,593 $ 7,740 N/M\n Commercial real estate—owner occupied 345 34 N/M — 5,628 1,156 (70) %\n Commercial and business lending 24,598 2,717 N/M 1,071 8,221 8,896 177 %\n Commercial real estate—investor 33,487 19,405 73 % 14,190 1,042 2,463 N/M\n Real estate construction — 117 (100) % 21 90 — N/M\n Commercial real estate lending 33,487 19,522 72 % 14,211 1,132 2,463 N/M\n Total commercial 58,085 22,239 161 % 15,282 9,353 11,360 N/M\n Residential mortgage 7,755 13,135 (41) % 12,684 8,744 13,568 (43) %\n Auto finance 14,549 16,445 (12) % 14,013 13,149 12,522 16 %\n Home equity 2,742 3,779 (27) % 4,265 4,338 3,606 (24) %\n Other consumer((a)) 2,173 2,704 (20) % 2,728 2,578 2,381 (9) %\n Total consumer 27,219 36,063 (25) % 33,689 28,810 32,076 (15) %\n Total accruing loans 30-89 days past due $ 85,304 $ 58,302 46 % $ 48,971 $ 38,163 $ 43,435 96 %\n\n N/M = Not meaningful\n Numbers may not recalculate due to rounding conventions.\n (a) Excluding guaranteed student loans.\n\n Associated Banc-Corp\n\nSelected Quarterly Information\n (Dollars and shares in thousands, except per share data and as 1Q26 4Q25 3Q25 2Q25 1Q25\n noted)\n Per common share data\n Dividends $ 0.24 $ 0.24 $ 0.23 $ 0.23 $ 0.23\n Market value:\n High 29.37 27.14 27.01 24.56 25.63\n Low 24.34 24.11 23.78 18.91 21.06\n Close 25.86 25.76 25.71 24.39 22.53\n Book value / share((a)) 29.04 28.81 28.17 27.67 27.09\n Tangible book value (TBV) / share((a)(b)) 22.23 22.01 21.36 20.84 20.25\n Selected trend information\n Net interest margin((c)) 3.03 % 3.06 % 3.04 % 3.04 % 2.97 %\n Effective tax rate 21.75 % 15.82 % 19.16 % 20.34 % 16.03 %\n Noninterest expense / average assets((c)) 1.97 % 1.96 % 1.95 % 1.93 % 2.00 %\n Dividend payout ratio((d)) 34.29 % 29.63 % 31.51 % 35.38 % 38.33 %\n Loans / deposits ratio 88.99 % 87.65 % 88.73 % 89.63 % 86.07 %\n Assets under management, at market value((e)) $ 15,708 $ 16,132 $ 16,178 $ 15,537 $ 14,685\n Common shares repurchased during period((f)) 894 — — — 900\n Common shares outstanding, end of period 165,438 165,980 165,904 165,778 165,807\n Risk-based capital((g)(h))\n Total risk-weighted assets $ 35,773,810 $ 35,125,680 $ 34,688,358 $ 34,241,408 $ 33,800,823\n Common equity Tier 1((i)) $ 3,744,610 $ 3,683,711 $ 3,584,712 $ 3,493,316 $ 3,417,432\n Common equity Tier 1 capital ratio((i)) 10.47 % 10.49 % 10.33 % 10.20 % 10.11 %\n Tier 1 capital ratio 11.01 % 11.04 % 10.89 % 10.77 % 10.68 %\n Total capital ratio 13.02 % 13.08 % 12.94 % 12.83 % 12.75 %\n Tier 1 leverage ratio 8.98 % 8.96 % 8.81 % 8.72 % 8.69 %\n Selected equity and performance ratios\n Total stockholders' equity / total assets 10.96 % 11.01 % 10.95 % 10.87 % 10.82 %\n Tangible common equity / tangible assets (TCE Ratio)((b)) 8.27 % 8.29 % 8.18 % 8.06 % 7.96 %\n Average stockholders' equity / average assets 11.12 % 11.05 % 10.95 % 10.90 % 10.86 %\n Return on average equity((c)) 9.69 % 11.09 % 10.26 % 9.43 % 8.91 %\n Return on average tangible common equity (ROATCE)((b)(c)) 13.03 % 15.04 % 14.02 % 12.96 % 12.34 %\n Return on average assets((c)) 1.08 % 1.23 % 1.12 % 1.03 % 0.97 %\n Return on average tangible assets((b)(c)) 1.12 % 1.27 % 1.17 % 1.07 % 1.01 %\n Efficiency ratios (expense / revenue)\n Fully tax-equivalent efficiency ratio 56.03 % 55.21 % 54.77 % 55.81 % 59.72 %\n Adjusted efficiency ratio((b)) 55.77 % 55.15 % 54.77 % 55.81 % 58.55 %\n\n Numbers may not recalculate due to rounding conventions.\n (a) Based on period end common shares outstanding.\n (b) This is a non-GAAP financial measure. See the non-GAAP financial measures\n reconciliation below for a reconciliation to GAAP financial measures.\n (c) This ratio is annualized.\n (d) Ratio is based upon basic earnings per common share.\n (e) In millions. Excludes assets held in brokerage accounts.\n (f) Does not include repurchases related to tax withholding on equity\n compensation.\n (g) The Federal Reserve establishes regulatory capital requirements, including\n well-capitalized standards for the Corporation. The regulatory capital\n requirements effective for the Corporation follow Basel III, subject to\n certain transition provisions.\n (h) March 31, 2026 data is estimated.\n (i) The Corporation is not classified as an advanced approaches holding company as\n defined by the Federal Reserve. As such, the Corporation has elected to be\n subject to the AOCI-related adjustments when calculating common equity tier 1\n capital which allows the Corporation to opt-out of the requirement to include\n most components of AOCI in common equity tier 1 capital.\n\n Associated Banc-Corp\n\nNon-GAAP Financial Measures Reconciliation\n (Dollars in thousands) 1Q26 4Q25 3Q25 2Q25 1Q25\n Tangible common equity reconciliation\n Common equity $ 4,803,760 $ 4,781,235 $ 4,674,186 $ 4,586,669 $ 4,492,446\n Less: Goodwill and other intangible assets, net 1,125,639 1,127,842 1,130,044 1,132,247 1,134,450\n Tangible common equity for TBV / share and TCE Ratio $ 3,678,121 $ 3,653,393 $ 3,544,142 $ 3,454,422 $ 3,357,996\n Tangible assets reconciliation\n Total assets $ 45,593,740 $ 45,202,596 $ 44,455,863 $ 43,993,729 $ 43,309,136\n Less: Goodwill and other intangible assets, net 1,125,639 1,127,842 1,130,044 1,132,247 1,134,450\n Tangible assets for TCE Ratio $ 44,468,101 $ 44,074,754 $ 43,325,819 $ 42,861,482 $ 42,174,686\n Average tangible common equity reconciliation\n Average common equity $ 4,812,415 $ 4,713,445 $ 4,627,038 $ 4,538,549 $ 4,436,467\n Less: Average goodwill and other intangible assets, net 1,126,748 1,129,055 1,131,385 1,133,627 1,135,584\n Average tangible common equity for ROATCE $ 3,685,667 $ 3,584,390 $ 3,495,653 $ 3,404,922 $ 3,300,883\n Average tangible assets reconciliation\n Average total assets $ 45,018,948 $ 44,402,771 $ 44,015,203 $ 43,420,063 $ 42,630,627\n Less: Average goodwill and other intangible assets, net 1,126,748 1,129,055 1,131,385 1,133,627 1,135,584\n Average tangible assets for return on average tangible assets $ 43,892,200 $ 43,273,716 $ 42,883,818 $ 42,286,436 $ 41,495,043\n Adjusted net income reconciliation\n Net income $ 119,635 $ 137,129 $ 124,732 $ 111,230 $ 101,687\n Other intangible amortization, net of tax 1,652 1,652 1,652 1,652 1,652\n Adjusted net income for return on average tangible assets $ 121,287 $ 138,781 $ 126,384 $ 112,882 $ 103,339\n Adjusted net income available to common equity\n reconciliation\n Net income available to common equity $ 116,760 $ 134,254 $ 121,857 $ 108,355 $ 98,812\n Other intangible amortization, net of tax 1,652 1,652 1,652 1,652 1,652\n Adjusted net income available to common equity for ROATCE $ 118,412 $ 135,906 $ 123,509 $ 110,007 $ 100,464\n Pre-tax pre-provision income\n Income before income taxes $ 152,883 $ 162,901 $ 154,286 $ 139,629 $ 121,095\n Provision for credit losses 11,001 6,998 16,000 17,996 13,003\n Pre-tax pre-provision income $ 163,884 $ 169,899 $ 170,286 $ 157,625 $ 134,098\n Period end core customer deposits reconciliation\n Total deposits $ 35,731,765 $ 35,552,608 $ 34,881,853 $ 34,147,565 $ 35,196,713\n Less: Network transaction deposits 1,746,518 2,154,995 2,013,964 1,792,362 1,882,930\n Less: Brokered CDs 3,562,752 3,795,133 3,956,517 4,072,048 4,197,512\n Core customer deposits $ 30,422,495 $ 29,602,480 $ 28,911,371 $ 28,283,155 $ 29,116,271\n Average core customer deposits reconciliation\n Average total deposits $ 35,160,943 $ 35,628,917 $ 34,705,887 $ 34,203,201 $ 34,833,464\n Less: Average network transaction deposits 1,917,854 2,090,587 1,933,659 1,843,998 1,847,972\n Less: Average brokered CDs 3,528,294 3,998,012 3,916,329 4,089,844 4,315,311\n Average core customer deposits $ 29,714,795 $ 29,540,318 $ 28,855,899 $ 28,269,359 $ 28,670,181\n Total expense for efficiency ratios reconciliation\n Noninterest expense $ 219,163 $ 219,466 $ 216,202 $ 209,352 $ 210,619\n Less: Other intangible amortization 2,203 2,203 2,203 2,203 2,203\n Total expense for fully tax-equivalent efficiency ratio 216,960 217,263 213,999 207,149 208,416\n Less: Acquisition costs((a)) 1,007 252 — — —\n Total expense for adjusted efficiency ratio $ 215,953 $ 217,011 $ 213,999 $ 207,149 $ 208,416\n Total revenue for efficiency ratios reconciliation\n Net interest income $ 307,190 $ 309,981 $ 305,222 $ 300,000 $ 285,941\n Noninterest income 75,857 79,384 81,265 66,977 58,776\n Less: Investment securities (losses) gains, net (28) 37 1 7 4\n Fully tax-equivalent adjustment 4,139 4,196 4,222 4,228 4,254\n Total revenue for fully tax-equivalent efficiency ratio 387,214 393,524 390,708 371,198 348,968\n Less: Announced initiatives((b)) — — — — (6,976)\n Total revenue for adjusted efficiency ratio $ 387,214 $ 393,524 $ 390,708 $ 371,198 $ 355,943\n\n Numbers may not recalculate due to rounding conventions.\n (a) During the fourth quarter of 2025, the Corporation entered into a definitive\n agreement to acquire American National. The acquisition was completed on April\n 1, 2026. These costs, incurred in connection with the acquisition, represent\n nonrecurring costs.\n (b) Announced initiatives include the loss on mortgage portfolio sale as a result\n of balance sheet repositioning that the Corporation announced in the fourth\n quarter of 2024.\n\n \n\nInvestor Contact:\nBen McCarville, Senior Vice President, Director of Investor Relations\n920-491-7059\n\nMedia Contact:\nAndrea Kozek, Vice President, Public Relations Senior Manager\n920-491-7518\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/associated-banc-corp-reports-first-quarter-2026-net-income-available-to-common-equity-of-117-million-or-0-70-per-common-share-302752246.html\n(https://www.prnewswire.com/news-releases/associated-banc-corp-reports-first-quarter-2026-net-income-available-to-common-equity-of-117-million-or-0-70-per-common-share-302752246.html)\n\nSOURCE Associated Banc-Corp\n\n\n\nPhoto: \nhttps://mma.prnewswire.com/media/796458/Associated_Bank_Logo.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-04-23T20:15:00.481307906Z","server_sent_at_ms":1776975300481},"received_at":"2026-04-23T20:15:00.594Z","source_url":null},"analysis":null,"durationMs":null,"modelName":null}}