EX-99.1 2 asb06302025ex991.htm EX-99.1
Exhibit 99.1

| NEWS RELEASE Investor Contact: Ben McCarville, Senior Vice President, Director of Investor Relations 920-491-7059 Media Contact: Andrea Kozek, Vice President, Public Relations Senior Manager 920-491-7518

Record Quarterly Net Interest Income Drives Associated Banc-Corp's Second Quarter 2025 Earnings per Common Share of $0.65
GREEN BAY, Wis. -- July 24, 2025 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $108 million, or $0.65 per common share, for the quarter ended June 30, 2025. These amounts compare to earnings of $99 million, or $0.59 per common share, for the quarter ended March 31, 2025 and earnings of $113 million, or $0.74 per common share, for the quarter ended June 30, 2024.
“Midway through 2025, Associated Bank is seeing strong momentum from the strategic actions we’ve taken over the past several quarters,” said President & CEO Andy Harmening. “In the second quarter, we delivered over $350 million in additional C&I loan growth, another 7 basis points of margin expansion, and the best checking household growth we’ve seen since we began tracking a decade ago--all of which contributed to the strongest quarterly net interest income we've seen in company history. Importantly, we also delivered another 9 basis points of CET1 capital accretion and solid credit performance.”
“While uncertainty has been an ongoing theme at the macro level, we feel well-positioned to build on our momentum over the back half of the year thanks to our strengthened profitability profile, solid capital position, and disciplined approach to growth. We look forward to providing additional updates on our progress along the way."
Second Quarter 2025 Highlights
•Diluted earnings per common share of $0.65
•Record net interest income of $300 million (+5% vs. 1Q 2025; +17% vs. 2Q 2024)
•Total period end loans of $30.6 billion (+1% vs. 1Q 2025; +3% vs. 2Q 2024)
•Total period end deposits of $34.1 billion (-3% vs. 1Q 2025; +4% vs. 2Q 2024)
•Total period end core customer deposits 1 of $28.3 billion (-3% vs. 1Q 2025; +4% vs. 2Q 2024)
•Net interest margin of 3.04%
•Noninterest income of $67 million
•Noninterest expense of $209 million
•Provision for credit losses of $18 million
•Allowance for credit losses on loans / total loans of 1.35%
•Net charge offs / average loans (annualized) of 0.17%
•Book value / share of $27.67
•Tangible book value / share 1 of $20.84
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans
Second quarter 2025 average total loans of $30.5 billion increased 1%, or $381 million, from the prior quarter and increased 3%, or $912 million, from the same period last year. With respect to second quarter 2025 average balances by loan category:
•Commercial and business lending increased $371 million from the prior quarter and increased $1.1 billion from the same period last year to $12.1 billion.
•Commercial real estate lending increased $138 million from the prior quarter and increased $202 million from the same period last year to $7.5 billion.
•Consumer lending decreased $128 million from the prior quarter and decreased $374 million from the same period last year to $10.9 billion.
Second quarter 2025 period end total loans of $30.6 billion increased 1%, or $313 million, from the prior quarter and increased 3%, or $989 million, from the same period last year. With respect to second quarter 2025 period end balances by loan category:
•Commercial and business lending increased $339 million from the prior quarter and increased $1.3 billion from the same period last year to $12.4 billion.
•Commercial real estate lending decreased $86 million from the prior quarter and increased $64 million the same period last year to $7.3 billion.
•Consumer lending increased $60 million from the prior quarter and decreased $385 million from the same period last year to $10.9 billion.
We continue to expect 2025 period end loan growth of 5% to 6% as compared to the year ended December 31, 2024.
Deposits
Second quarter 2025 average deposits of $34.2 billion decreased 2%, or $630 million, from the prior quarter and increased 5%, or $1.6 billion, from the same period last year. With respect to second quarter 2025 average balances by deposit category:
•Noninterest-bearing demand deposits increased $9 million from the prior quarter and decreased $63 million from the same period last year to $5.6 billion.
•Savings increased $60 million from the prior quarter and increased $89 million from the same period last year to $5.2 billion.
•Interest-bearing demand deposits decreased $348 million from the prior quarter and increased $418 million from the same period last year to $7.7 billion.
•Money market deposits decreased $91 million from the prior quarter and decreased $6 million from the same period last year to $6.0 billion.
•Brokered CDs decreased $225 million from the prior quarter and increased $162 million from the same period last year to $4.1 billion.

•Other time deposits decreased $31 million from the prior quarter and increased $725 million from the same period last year to $3.7 billion.
•Network transaction deposits decreased $4 million from the prior quarter and increased $249 million from the same period last year to $1.8 billion.
Second quarter 2025 period end deposits of $34.1 billion decreased 3%, or $1.0 billion, from the prior quarter and increased 4%, or $1.5 billion, from the same period last year. With respect to second quarter 2025 period end balances by deposit category:
•Noninterest-bearing demand deposits decreased $353 million from the prior quarter and decreased $33 million from the same period last year to $5.8 billion.
•Savings increased $44 million from the prior quarter and increased $135 million from the same period last year to $5.3 billion.
•Interest-bearing demand deposits decreased $380 million from the prior quarter and increased $297 million from the same period last year to $7.5 billion.
•Money market deposits decreased $225 million from the prior quarter and increased $33 million from the same period last year to $5.9 billion.
•Brokered CDs decreased $125 million from the prior quarter and increased $10 million from the same period last year to $4.1 billion.
•Other time deposits increased $82 million from the prior quarter and increased $724 million from the same period last year to $3.8 billion.
•Network transaction deposits decreased $91 million from the prior quarter and increased $289 million from the same period last year to $1.8 billion.
•Core customer deposits 1 decreased $833 million from the prior quarter and increased $1.2 billion from the same period last year to $28.3 billion.
We now expect 2025 period end total deposit growth of 1% to 3% and continue to expect period end core customer deposit growth of 4% to 5% as compared to the year ended December 31, 2024.
Net Interest Income and Net Interest Margin
Second quarter 2025 net interest income of $300 million increased $14 million from the prior quarter and increased $43 million from the same period last year. The net interest margin increased to 3.04%, reflecting a 7 basis point increase from the prior quarter and a 29 basis point increase from the same period last year.
•The average yield on total loans for the second quarter of 2025 increased 6 basis points from the prior quarter and decreased 32 basis points from the same period last year to 5.89%.
•The average cost of total interest-bearing liabilities for the second quarter of 2025 decreased 4 basis points from the prior quarter and decreased 58 basis points from the same period last year to 3.02%.
•The net free funds benefit for the second quarter of 2025 decreased 2 basis points from the prior quarter and decreased 14 basis points from the same period last year to 0.56%.
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Based on our latest forecasts for balance sheet growth and mix, and current market conditions, we now expect total net interest income growth of 14% to 15% in 2025.
Noninterest Income
Second quarter 2025 total noninterest income of $67 million increased $8 million from the prior quarter and increased $2 million from the same period last year. The increase relative to the prior quarter was primarily driven by a $7 million loss recognized in the first quarter of 2025 related to the settlement of the mortgage sale originally announced in December of 2024. With respect to second quarter 2025 noninterest income line items:
•Capital markets, net increased $1 million from the prior quarter and $1 million from the same period a year ago.
•Card-based fees increased $1 million from the prior quarter and decreased $1 million from the same period last year.
•Wealth management fees increased $1 million from the prior quarter and increased slightly from the same period last year.
After adjusting to exclude the fourth quarter 2024 and first quarter 2025 impacts of the mortgage and investment securities sales we announced in December 2024, we now expect total noninterest income growth of between 1% and 2% in 2025.
Noninterest Expense
Second quarter 2025 total noninterest expense of $209 million decreased $1 million from the prior quarter and increased $13 million from the same period last year. With respect to second quarter 2025 noninterest expense line items:
•Personnel expense increased $3 million from the prior quarter and increased $5 million from the same period last year.
•Business development and advertising expense increased $1 million from the prior quarter and increased slightly from the same period last year.
•Legal and professional expense increased $1 million from the prior quarter and increased $2 million from the same period last year.
•Occupancy expense decreased $3 million from the prior quarter and decreased slightly from the same period last year.
•FDIC assessment expense decreased $1 million from the prior quarter and increased $3 million from the same period last year.
After adjusting to exclude the $14 million impact of the loss on prepayments of FHLB advances recognized in the fourth quarter of 2024, we now expect total noninterest expense to grow by 4% to 5% in 2025.

Taxes
Second quarter 2025 tax expense was $28 million, compared to $19 million of tax expense in the prior quarter and $13 million of tax benefit in the same period last year. The effective tax rate for the second quarter of 2025 was 20.34%, compared to 16.03% in the prior quarter.
We continue to expect the annual effective tax rate to be between 19% and 21% in 2025.
Credit
Second quarter 2025 provision for credit losses on loans was $18 million, compared to a provision of $13 million in the prior quarter and a provision of $23 million in the same period last year. With respect to second quarter 2025 credit quality:
•Nonaccrual loans of $113 million decreased $22 million from the prior quarter and decreased $41 million from the same period last year. The nonaccrual loans to total loans ratio was 0.37% in the first quarter, down from 0.44% in the prior quarter and down from 0.52% in the same period last year.
•Second quarter 2025 net charge offs of $13 million increased compared to net charge offs of $9 million in the prior quarter and decreased compared to net charge offs of $21 million in the same period last year.
•The allowance for credit losses on loans (ACLL) of $412 million increased $5 million compared to the prior quarter and increased $22 million compared to the same period last year. The ACLL to total loans ratio was 1.35% in the first quarter, up from 1.34% in the prior quarter and up from 1.32% in the same period last year.
In 2025, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.
Capital
The Company’s capital position remains strong, with a CET1 capital ratio of 10.20% at June 30, 2025. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

SECOND QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, July 24, 2025. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp second quarter 2025 earnings call. The second quarter 2025 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $44 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD-LOOKING STATEMENTS
Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “intend,” "target,” “outlook,” “project,” “guidance,” “forecast,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.
NON-GAAP FINANCIAL MEASURES
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
# # #

Associated Banc-Corp Consolidated Balance Sheets (Unaudited) |  |  |  |  |  |  |
(Dollars in thousands) | June 30, 2025 | March 31, 2025 | Sequential Quarter Change | December 31, 2024 | September 30, 2024 | June 30, 2024 | Comparable Quarter Change
Assets |  |  |  |  |  |  |
Cash and due from banks | $ | 521,167 |  | $ | 521,323 |  | $ | (156) |  | $ | 544,059 |  | $ | 554,631 |  | $ | 470,818 |  | $ | 50,349 |
Interest-bearing deposits in other financial institutions | 738,938 |  | 711,033 |  | 27,905 |  | 453,590 |  | 408,101 |  | 484,677 |  | 254,261 |
Federal funds sold and securities purchased under agreements to resell | — |  | 105 |  | (105) |  | 21,955 |  | 4,310 |  | 3,600 |  | (3,600) |
Investment securities available for sale, at fair value | 5,036,508 |  | 4,796,570 |  | 239,938 |  | 4,581,434 |  | 4,152,527 |  | 3,912,730 |  | 1,123,778 |
Investment securities held to maturity, net, at amortized cost | 3,672,101 |  | 3,705,793 |  | (33,692) |  | 3,738,687 |  | 3,769,150 |  | 3,799,035 |  | (126,934) |
Equity securities | 25,912 |  | 23,331 |  | 2,581 |  | 23,242 |  | 23,158 |  | 22,944 |  | 2,967 |
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 278,356 |  | 194,244 |  | 84,112 |  | 179,665 |  | 178,168 |  | 212,102 |  | 66,254 |
Residential loans held for sale | 96,804 |  | 47,611 |  | 49,193 |  | 646,687 |  | 67,219 |  | 83,795 |  | 13,009 |
Commercial loans held for sale | 8,406 |  | 7,910 |  | 496 |  | 32,634 |  | 11,833 |  | — |  | 8,406 |
Loans | 30,607,605 |  | 30,294,127 |  | 313,478 |  | 29,768,586 |  | 29,990,897 |  | 29,618,271 |  | 989,334 |
Allowance for loan losses | (376,515) |  | (371,348) |  | (5,167) |  | (363,545) |  | (361,765) |  | (355,844) |  | (20,671) |
Loans, net | 30,231,091 |  | 29,922,780 |  | 308,311 |  | 29,405,041 |  | 29,629,131 |  | 29,262,428 |  | 968,663 |
Tax credit and other investments | 247,111 |  | 254,187 |  | (7,076) |  | 258,886 |  | 265,385 |  | 246,300 |  | 811 |
Premises and equipment, net | 377,372 |  | 377,521 |  | (149) |  | 379,093 |  | 373,816 |  | 369,968 |  | 7,403 |
Bank and corporate owned life insurance | 691,470 |  | 690,551 |  | 919 |  | 689,000 |  | 686,704 |  | 683,451 |  | 8,019 |
Goodwill | 1,104,992 |  | 1,104,992 |  | — |  | 1,104,992 |  | 1,104,992 |  | 1,104,992 |  | — |
Other intangible assets, net | 27,255 |  | 29,457 |  | (2,203) |  | 31,660 |  | 33,863 |  | 36,066 |  | (8,811) |
Mortgage servicing rights, net | 85,245 |  | 86,251 |  | (1,005) |  | 87,683 |  | 81,977 |  | 85,640 |  | (395) |
Interest receivable | 168,627 |  | 159,729 |  | 8,898 |  | 167,772 |  | 167,777 |  | 173,106 |  | (4,479) |
Other assets | 682,373 |  | 675,748 |  | 6,625 |  | 676,987 |  | 698,073 |  | 672,256 |  | 10,118 |
Total assets | $ | 43,993,729 |  | $ | 43,309,136 |  | $ | 684,593 |  | $ | 43,023,068 |  | $ | 42,210,815 |  | $ | 41,623,908 |  | $ | 2,369,821 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Noninterest-bearing demand deposits | $ | 5,782,487 |  | $ | 6,135,946 |  | $ | (353,459) |  | $ | 5,775,657 |  | $ | 5,857,421 |  | $ | 5,815,045 |  | $ | (32,558) |
Interest-bearing deposits | 28,365,079 |  | 29,060,767 |  | (695,688) |  | 28,872,777 |  | 27,696,877 |  | 26,875,995 |  | 1,489,084 |
Total deposits | 34,147,565 |  | 35,196,713 |  | (1,049,147) |  | 34,648,434 |  | 33,554,298 |  | 32,691,039 |  | 1,456,526 |
Short-term funding | 75,585 |  | 311,335 |  | (235,750) |  | 470,369 |  | 917,028 |  | 859,539 |  | (783,955) |
FHLB advances | 3,879,489 |  | 2,027,297 |  | 1,852,192 |  | 1,853,807 |  | 1,913,294 |  | 2,673,046 |  | 1,206,443 |
Other long-term funding | 593,530 |  | 591,382 |  | 2,147 |  | 837,635 |  | 844,342 |  | 536,113 |  | 57,417 |
Allowance for unfunded commitments | 35,276 |  | 35,276 |  | — |  | 38,776 |  | 35,776 |  | 33,776 |  | 1,500 |
Accrued expenses and other liabilities | 481,503 |  | 460,574 |  | 20,929 |  | 568,485 |  | 532,842 |  | 588,057 |  | (106,554) |
Total liabilities | 39,212,948 |  | 38,622,578 |  | 590,370 |  | 38,417,506 |  | 37,797,579 |  | 37,381,571 |  | 1,831,377 |
Stockholders’ equity |  |  |  |  |  |  |
Preferred equity | 194,112 |  | 194,112 |  | — |  | 194,112 |  | 194,112 |  | 194,112 |  | — |
Common equity | 4,586,669 |  | 4,492,446 |  | 94,223 |  | 4,411,450 |  | 4,219,125 |  | 4,048,225 |  | 538,444 |
Total stockholders’ equity | 4,780,781 |  | 4,686,558 |  | 94,223 |  | 4,605,562 |  | 4,413,236 |  | 4,242,337 |  | 538,444 |
Total liabilities and stockholders’ equity | $ | 43,993,729 |  | $ | 43,309,136 |  | $ | 684,593 |  | $ | 43,023,068 |  | $ | 42,210,815 |  | $ | 41,623,908 |  | $ | 2,369,821 |

Numbers may not recalculate due to rounding conventions.
1

Associated Banc-Corp Consolidated Statements of Income (Unaudited) | Comparable Quarter | Year to Date (YTD) | Comparable YTD
(Dollars in thousands, except per share data) | 2Q25 | 2Q24 | Dollar Change | Percentage Change | June 2025 | June 2024 | Dollar Change | Percentage Change
Interest income |  |  |  |  |  |  |  |
Interest and fees on loans | $ | 447,781 |  | $ | 456,788 |  | $ | (9,007) |  | (2) | % | $ | 881,080 |  | $ | 911,260 |  | $ | (30,179) |  | (3) | %
Interest and dividends on investment securities |  |  |  |  |  |  |  |
Taxable | 71,174 |  | 50,278 |  | 20,896 |  | 42 | % | 140,962 |  | 96,826 |  | 44,136 |  | 46 | %
Tax-exempt | 13,902 |  | 14,669 |  | (767) |  | (5) | % | 27,858 |  | 29,443 |  | (1,585) |  | (5) | %
Other interest | 12,679 |  | 8,539 |  | 4,140 |  | 48 | % | 21,921 |  | 16,133 |  | 5,788 |  | 36 | %
Total interest income | 545,536 |  | 530,274 |  | 15,262 |  | 3 | % | 1,071,821 |  | 1,053,662 |  | 18,159 |  | 2 | %
Interest expense |  |  |  |  |  |  |  |
Interest on deposits | 197,656 |  | 221,062 |  | (23,406) |  | (11) | % | 406,796 |  | 447,293 |  | (40,497) |  | (9) | %
Interest on federal funds purchased and securities sold under agreements to repurchase | 2,004 |  | 2,303 |  | (299) |  | (13) | % | 5,626 |  | 5,166 |  | 460 |  | 9 | %
Interest on other short-term funding | 287 |  | 6,077 |  | (5,790) |  | (95) | % | 695 |  | 10,785 |  | (10,090) |  | (94) | %
Interest on FHLB advances | 34,889 |  | 34,143 |  | 746 |  | 2 | % | 50,979 |  | 55,814 |  | (4,835) |  | (9) | %
Interest on other long-term funding | 10,700 |  | 10,096 |  | 604 |  | 6 | % | 21,785 |  | 20,154 |  | 1,631 |  | 8 | %
Total interest expense | 245,536 |  | 273,681 |  | (28,145) |  | (10) | % | 485,881 |  | 539,211 |  | (53,330) |  | (10) | %
Net interest income | 300,000 |  | 256,593 |  | 43,407 |  | 17 | % | 585,940 |  | 514,451 |  | 71,490 |  | 14 | %
Provision for credit losses | 17,996 |  | 23,008 |  | (5,012) |  | (22) | % | 30,999 |  | 47,009 |  | (16,010) |  | (34) | %
Net interest income after provision for credit losses | 282,004 |  | 233,585 |  | 48,419 |  | 21 | % | 554,941 |  | 467,442 |  | 87,499 |  | 19 | %
Noninterest income |  |  |  |  |  |  |  |
Wealth management fees | 23,025 |  | 22,628 |  | 396 |  | 2 | % | 45,522 |  | 44,323 |  | 1,200 |  | 3 | %
Service charges and deposit account fees | 13,147 |  | 12,263 |  | 883 |  | 7 | % | 25,961 |  | 24,702 |  | 1,259 |  | 5 | %
Card-based fees | 11,200 |  | 11,975 |  | (775) |  | (6) | % | 21,642 |  | 23,242 |  | (1,600) |  | (7) | %
Other fee-based revenue | 4,995 |  | 4,857 |  | 138 |  | 3 | % | 10,245 |  | 9,259 |  | 986 |  | 11 | %
Capital markets, net | 5,765 |  | 4,685 |  | 1,080 |  | 23 | % | 10,110 |  | 8,735 |  | 1,374 |  | 16 | %
Mortgage banking, net | 4,213 |  | 2,505 |  | 1,709 |  | 68 | % | 8,035 |  | 5,166 |  | 2,869 |  | 56 | %
Loss on mortgage portfolio sale | — |  | — |  | — |  | N/M | (6,976) |  | — |  | (6,976) |  | N/M
Bank and corporate owned life insurance | 4,135 |  | 4,584 |  | (449) |  | (10) | % | 9,339 |  | 7,154 |  | 2,185 |  | 31 | %
Asset losses, net | (1,735) |  | (627) |  | (1,108) |  | 177 | % | (2,613) |  | (933) |  | (1,680) |  | 180 | %
Investment securities gains, net | 7 |  | 67 |  | (60) |  | (90) | % | 11 |  | 3,947 |  | (3,935) |  | (100) | %
Other | 2,226 |  | 2,222 |  | 4 |  | — | % | 4,477 |  | 4,549 |  | (72) |  | (2) | %
Total noninterest income | 66,977 |  | 65,159 |  | 1,818 |  | 3 | % | 125,754 |  | 130,144 |  | (4,390) |  | (3) | %
Noninterest expense |  |  |  |  |  |  |  |
Personnel | 126,994 |  | 121,581 |  | 5,413 |  | 4 | % | 250,890 |  | 240,976 |  | 9,914 |  | 4 | %
Technology | 26,508 |  | 27,161 |  | (654) |  | (2) | % | 53,646 |  | 53,362 |  | 285 |  | 1 | %
Occupancy | 12,644 |  | 13,128 |  | (484) |  | (4) | % | 28,025 |  | 26,761 |  | 1,264 |  | 5 | %
Business development and advertising | 7,748 |  | 7,535 |  | 213 |  | 3 | % | 14,134 |  | 14,052 |  | 82 |  | 1 | %
Equipment | 4,494 |  | 4,450 |  | 44 |  | 1 | % | 9,021 |  | 9,049 |  | (28) |  | — | %
Legal and professional | 6,674 |  | 4,429 |  | 2,245 |  | 51 | % | 12,757 |  | 9,101 |  | 3,656 |  | 40 | %
Loan and foreclosure costs | 2,705 |  | 1,793 |  | 913 |  | 51 | % | 5,299 |  | 3,771 |  | 1,528 |  | 41 | %
FDIC assessment | 9,708 |  | 7,131 |  | 2,577 |  | 36 | % | 20,144 |  | 21,077 |  | (933) |  | (4) | %
Other intangible amortization | 2,203 |  | 2,203 |  | — |  | — | % | 4,405 |  | 4,405 |  | — |  | — | %
Other | 9,674 |  | 6,450 |  | 3,224 |  | 50 | % | 21,648 |  | 10,963 |  | 10,685 |  | 97 | %
Total noninterest expense | 209,352 |  | 195,861 |  | 13,492 |  | 7 | % | 419,971 |  | 393,518 |  | 26,453 |  | 7 | %
Income before income taxes | 139,629 |  | 102,884 |  | 36,745 |  | 36 | % | 260,724 |  | 204,068 |  | 56,656 |  | 28 | %
Income tax expense (benefit) | 28,399 |  | (12,689) |  | 41,089 |  | N/M | 47,808 |  | 7,326 |  | 40,482 |  | N/M
Net income | 111,230 |  | 115,573 |  | (4,344) |  | (4) | % | 212,916 |  | 196,742 |  | 16,174 |  | 8 | %
Preferred stock dividends | 2,875 |  | 2,875 |  | — |  | — | % | 5,750 |  | 5,750 |  | — |  | — | %
Net income available to common equity | $ | 108,355 |  | $ | 112,698 |  | $ | (4,344) |  | (4) | % | $ | 207,166 |  | $ | 190,992 |  | $ | 16,174 |  | 8 | %
Pre-tax pre-provision income (loss)(a) | 157,625 |  | 125,892 |  | 31,733 |  | 25 | % | 291,723 |  | 251,077 |  | 40,646 |  | 16 | %
Earnings per common share |  |  |  |  |  |  |  |
Basic | $ | 0.65 |  | $ | 0.75 |  | $ | (0.10) |  | (13) | % | $ | 1.25 |  | $ | 1.27 |  | $ | (0.02) |  | (2) | %
Diluted | $ | 0.65 |  | $ | 0.74 |  | $ | (0.09) |  | (12) | % | $ | 1.24 |  | $ | 1.26 |  | $ | (0.02) |  | (2) | %
Average common shares outstanding |  |  |  |  |  |  |  |
Basic | 164,936 |  | 149,872 |  | 15,063 |  | 10 | % | 165,081 |  | 149,864 |  | 15,217 |  | 10 | %
Diluted | 166,343 |  | 151,288 |  | 15,055 |  | 10 | % | 166,506 |  | 151,310 |  | 15,196 |  | 10 | %

N/M = Not meaningful
Numbers may not sum due to rounding.
(a) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
2

Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
(Dollars and shares in thousands, except per share data) |  |  | Sequential Quarter |  |  |  |
2Q25 | 1Q25 | Dollar Change | Percentage Change | 4Q24 | 3Q24 | 2Q24 |  |
Interest income |  |  |  |  |  |  |  |  |
Interest and fees on loans | $ | 447,781 |  | $ | 433,299 |  | $ | 14,482 |  | 3 | % | $ | 453,253 |  | $ | 465,728 |  | $ | 456,788 |  |  |
Interest and dividends on investment securities |  |  |  |  |  |  |  |  |
Taxable | 71,174 |  | 69,788 |  | 1,387 |  | 2 | % | 50,524 |  | 51,229 |  | 50,278 |  |  |
Tax-exempt | 13,902 |  | 13,956 |  | (53) |  | — | % | 14,469 |  | 14,660 |  | 14,669 |  |  |
Other interest | 12,679 |  | 9,243 |  | 3,436 |  | 37 | % | 10,478 |  | 8,701 |  | 8,539 |  |  |
Total interest income | 545,536 |  | 526,285 |  | 19,251 |  | 4 | % | 528,724 |  | 540,318 |  | 530,274 |  |  |
Interest expense |  |  |  |  |  |  |  |  |
Interest on deposits | 197,656 |  | 209,140 |  | (11,484) |  | (5) | % | 222,888 |  | 231,623 |  | 221,062 |  |  |
Interest on federal funds purchased and securities sold under agreements to repurchase | 2,004 |  | 3,622 |  | (1,618) |  | (45) | % | 3,203 |  | 3,385 |  | 2,303 |  |  |
Interest on other short-term funding | 287 |  | 408 |  | (121) |  | (30) | % | 668 |  | 6,144 |  | 6,077 |  |  |
Interest on FHLB advances | 34,889 |  | 16,090 |  | 18,799 |  | 117 | % | 17,908 |  | 24,799 |  | 34,143 |  |  |
Interest on other long-term funding | 10,700 |  | 11,085 |  | (385) |  | (3) | % | 13,769 |  | 11,858 |  | 10,096 |  |  |
Total interest expense | 245,536 |  | 240,345 |  | 5,192 |  | 2 | % | 258,436 |  | 277,809 |  | 273,681 |  |  |
Net interest income | 300,000 |  | 285,941 |  | 14,059 |  | 5 | % | 270,289 |  | 262,509 |  | 256,593 |  |  |
Provision for credit losses | 17,996 |  | 13,003 |  | 4,993 |  | 38 | % | 16,986 |  | 20,991 |  | 23,008 |  |  |
Net interest income after provision for credit losses | 282,004 |  | 272,938 |  | 9,066 |  | 3 | % | 253,303 |  | 241,518 |  | 233,585 |  |  |
Noninterest income |  |  |  |  |  |  |  |  |
Wealth management fees | 23,025 |  | 22,498 |  | 527 |  | 2 | % | 24,103 |  | 24,144 |  | 22,628 |  |  |
Service charges and deposit account fees | 13,147 |  | 12,814 |  | 332 |  | 3 | % | 13,232 |  | 13,708 |  | 12,263 |  |  |
Card-based fees | 11,200 |  | 10,442 |  | 758 |  | 7 | % | 11,948 |  | 11,731 |  | 11,975 |  |  |
Other fee-based revenue | 4,995 |  | 5,251 |  | (256) |  | (5) | % | 5,182 |  | 5,057 |  | 4,857 |  |  |
Capital markets, net | 5,765 |  | 4,345 |  | 1,420 |  | 33 | % | 9,032 |  | 4,317 |  | 4,685 |  |  |
Mortgage banking, net | 4,213 |  | 3,822 |  | 391 |  | 10 | % | 3,387 |  | 2,132 |  | 2,505 |  |  |
Loss on mortgage portfolio sale | — |  | (6,976) |  | 6,976 |  | (100) | % | (130,406) |  | — |  | — |  |  |
Bank and corporate owned life insurance | 4,135 |  | 5,204 |  | (1,069) |  | (21) | % | 2,322 |  | 4,001 |  | 4,584 |  |  |
Asset (losses) gains, net | (1,735) |  | (878) |  | (857) |  | 98 | % | 364 |  | (474) |  | (627) |  |  |
Investment securities gains (losses), net | 7 |  | 4 |  | 3 |  | 66 | % | (148,194) |  | 100 |  | 67 |  |  |
Other | 2,226 |  | 2,251 |  | (25) |  | (1) | % | 2,257 |  | 2,504 |  | 2,222 |  |  |
Total noninterest income (loss) | 66,977 |  | 58,776 |  | 8,201 |  | 14 | % | (206,772) |  | 67,221 |  | 65,159 |  |  |
Noninterest expense |  |  |  |  |  |  |  |  |
Personnel | 126,994 |  | 123,897 |  | 3,097 |  | 2 | % | 125,944 |  | 121,036 |  | 121,581 |  |  |
Technology | 26,508 |  | 27,139 |  | (631) |  | (2) | % | 26,984 |  | 27,217 |  | 27,161 |  |  |
Occupancy | 12,644 |  | 15,381 |  | (2,736) |  | (18) | % | 14,325 |  | 13,536 |  | 13,128 |  |  |
Business development and advertising | 7,748 |  | 6,386 |  | 1,362 |  | 21 | % | 7,408 |  | 6,683 |  | 7,535 |  |  |
Equipment | 4,494 |  | 4,527 |  | (33) |  | (1) | % | 4,729 |  | 4,653 |  | 4,450 |  |  |
Legal and professional | 6,674 |  | 6,083 |  | 591 |  | 10 | % | 6,861 |  | 5,639 |  | 4,429 |  |  |
Loan and foreclosure costs | 2,705 |  | 2,594 |  | 112 |  | 4 | % | 1,951 |  | 2,748 |  | 1,793 |  |  |
FDIC assessment | 9,708 |  | 10,436 |  | (728) |  | (7) | % | 9,139 |  | 8,223 |  | 7,131 |  |  |
Other intangible amortization | 2,203 |  | 2,203 |  | — |  | — | % | 2,203 |  | 2,203 |  | 2,203 |  |  |
Loss on prepayments of FHLB advances | — |  | — |  | — |  | N/M | 14,243 |  | — |  | — |  |  |
Other | 9,674 |  | 11,974 |  | (2,300) |  | (19) | % | 10,496 |  | 8,659 |  | 6,450 |  |  |
Total noninterest expense | 209,352 |  | 210,619 |  | (1,267) |  | (1) | % | 224,282 |  | 200,597 |  | 195,861 |  |  |
Income (loss) before income taxes | 139,629 |  | 121,095 |  | 18,534 |  | 15 | % | (177,752) |  | 108,142 |  | 102,884 |  |  |
Income tax expense (benefit) | 28,399 |  | 19,409 |  | 8,991 |  | 46 | % | (16,137) |  | 20,124 |  | (12,689) |  |  |
Net income (loss) | 111,230 |  | 101,687 |  | 9,543 |  | 9 | % | (161,615) |  | 88,018 |  | 115,573 |  |  |
Preferred stock dividends | 2,875 |  | 2,875 |  | — |  | — | % | 2,875 |  | 2,875 |  | 2,875 |  |  |
Net income (loss) available to common equity | $ | 108,355 |  | $ | 98,812 |  | $ | 9,543 |  | 10 | % | $ | (164,490) |  | $ | 85,143 |  | $ | 112,698 |  |  |
Pre-tax pre-provision income (loss)(a) | 157,625 |  | 134,098 |  | 23,527 |  | 18 | % | (160,766) |  | 129,133 |  | 125,892 |  |  |
Earnings (loss) per common share |  |  |  |  |  |  |  |  |
Basic | $ | 0.65 |  | $ | 0.60 |  | $ | 0.05 |  | 8 | % | $ | (1.04) |  | $ | 0.56 |  | $ | 0.75 |  |  |
Diluted | $ | 0.65 |  | $ | 0.59 |  | $ | 0.06 |  | 10 | % | $ | (1.03) |  | $ | 0.56 |  | $ | 0.74 |  |  |
Average common shares outstanding |  |  |  |  |  |  |  |  |
Basic | 164,936 |  | 165,228 |  | (292) |  | — | % | 157,710 |  | 150,247 |  | 149,872 |  |  |
Diluted | 166,343 |  | 166,604 |  | (261) |  | — | % | 159,164 |  | 151,492 |  | 151,288 |  |  |

N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
3

Associated Banc-Corp Selected Quarterly Information |  |  |  |  |  |  |
(Dollars and shares in thousands, except per share data and as noted) | YTD Jun 2025 | YTD Jun 2024 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q24
Per common share data |  |  |  |  |  |  |
Dividends | $ | 0.46 |  | $ | 0.44 |  | $ | 0.23 |  | $ | 0.23 |  | $ | 0.23 |  | $ | 0.22 |  | $ | 0.22 |
Market value: |  |  |  |  |  |  |
High | 25.63 |  | 22.48 |  | 24.56 |  | 25.63 |  | 28.14 |  | 23.95 |  | 22.48 |
Low | 18.91 |  | 19.73 |  | 18.91 |  | 21.06 |  | 20.64 |  | 20.07 |  | 19.90 |
Close |  |  | 24.39 |  | 22.53 |  | 23.90 |  | 21.54 |  | 21.15 |
Book value / share |  |  | 27.67 |  | 27.09 |  | 26.55 |  | 27.90 |  | 26.85 |
Tangible book value (TBV) / share(a) |  |  | 20.84 |  | 20.25 |  | 19.71 |  | 20.37 |  | 19.28 |
Performance ratios (annualized) |  |  |  |  |  |  |
Return on average assets | 1.00 | % | 0.97 | % | 1.03 | % | 0.97 | % | (1.53) | % | 0.85 | % | 1.13 | %
Noninterest expense / average assets | 1.97 | % | 1.93 | % | 1.93 | % | 2.00 | % | 2.12 | % | 1.93 | % | 1.92 | %
Effective tax rate | 18.34 | % | 3.59 | % | 20.34 | % | 16.03 | % | N/M | 18.61 | % | (12.33) | %
Dividend payout ratio(b) | 36.80 | % | 34.65 | % | 35.38 | % | 38.33 | % | N/M | 39.29 | % | 29.33 | %
Net interest margin | 3.01 | % | 2.77 | % | 3.04 | % | 2.97 | % | 2.81 | % | 2.78 | % | 2.75 | %
Selected trend information |  |  |  |  |  |  |
Assets under management, at market value(c) |  |  | $ | 15,537 |  | $ | 14,685 |  | $ | 14,773 |  | $ | 15,033 |  | $ | 14,304 |
Shares repurchased during period(d) | 900 |  | 900 |  | — |  | 900 |  | — |  | — |  | — |
Shares outstanding, end of period |  |  | 165,778 |  | 165,807 |  | 166,178 |  | 151,213 |  | 150,785 |
Loans / deposits ratio |  |  | 89.63 | % | 86.07 | % | 85.92 | % | 89.38 | % | 90.60 | %
Stockholders’ equity / assets ratio |  |  | 10.87 | % | 10.82 | % | 10.70 | % | 10.46 | % | 10.19 | %
Risk-based capital(e)(f) |  |  |  |  |  |  |
Total risk-weighted assets |  |  | $ | 34,241,408 |  | $ | 33,800,823 |  | $ | 33,950,173 |  | $ | 33,326,479 |  | $ | 32,767,830 |
Common equity Tier 1 |  |  | $ | 3,493,316 |  | $ | 3,417,432 |  | $ | 3,396,836 |  | $ | 3,238,155 |  | $ | 3,172,298 |
Common equity Tier 1 capital ratio |  |  | 10.20 | % | 10.11 | % | 10.01 | % | 9.72 | % | 9.68 | %
Tier 1 capital ratio |  |  | 10.77 | % | 10.68 | % | 10.58 | % | 10.30 | % | 10.27 | %
Total capital ratio |  |  | 12.83 | % | 12.75 | % | 12.61 | % | 12.36 | % | 12.34 | %
Tier 1 leverage ratio |  |  | 8.72 | % | 8.69 | % | 8.73 | % | 8.49 | % | 8.37 | %

N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a)This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
(b)Ratio is based upon basic earnings per common share.
(c)In millions. Excludes assets held in brokerage accounts.
(d)Does not include repurchases related to tax withholding on equity compensation.
(e)The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.
(f)June 30, 2025 data is estimated.
4

Associated Banc-Corp Selected Asset Quality Information |  |  |  |  |
(Dollars in thousands) | Jun 30, 2025 | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change
Allowance for loan losses |  |  |  |  |  |  |
Balance at beginning of period | $ | 371,348 |  | $ | 363,545 |  | 2 | % | $ | 361,765 |  | $ | 355,844 |  | $ | 356,006 |  | 4 | %
Provision for loan losses | 18,000 |  | 16,500 |  | 9 | % | 14,000 |  | 19,000 |  | 21,000 |  | (14) | %
Charge offs | (18,348) |  | (13,714) |  | 34 | % | (13,770) |  | (15,337) |  | (23,290) |  | (21) | %
Recoveries | 5,515 |  | 5,017 |  | 10 | % | 1,551 |  | 2,258 |  | 2,127 |  | 159 | %
Net (charge offs) recoveries | (12,833) |  | (8,698) |  | 48 | % | (12,220) |  | (13,078) |  | (21,163) |  | (39) | %
Balance at end of period | $ | 376,515 |  | $ | 371,348 |  | 1 | % | $ | 363,545 |  | $ | 361,765 |  | $ | 355,844 |  | 6 | %
Allowance for unfunded commitments |  |  |  |  |  |  |
Balance at beginning of period | $ | 35,276 |  | $ | 38,776 |  | (9) | % | $ | 35,776 |  | $ | 33,776 |  | $ | 31,776 |  | 11 | %
Provision for unfunded commitments | — |  | (3,500) |  | (100) | % | 3,000 |  | 2,000 |  | 2,000 |  | (100) | %
Balance at end of period | 35,276 |  | 35,276 |  | — | % | 38,776 |  | 35,776 |  | 33,776 |  | 4 | %
Allowance for credit losses on loans (ACLL) | $ | 411,791 |  | $ | 406,624 |  | 1 | % | $ | 402,322 |  | $ | 397,541 |  | $ | 389,620 |  | 6 | %
Provision for credit losses on loans | $ | 18,000 |  | $ | 13,000 |  | 38 | % | $ | 17,000 |  | $ | 21,000 |  | $ | 23,000 |  | (22) | %
(Dollars in thousands) | Jun 30, 2025 | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change
Net (charge offs) recoveries |  |  |  |  |  |  |
Commercial and industrial | $ | (1,826) |  | $ | (4,726) |  | (61) | % | $ | (2,406) |  | $ | (10,649) |  | $ | (13,676) |  | (87) | %
Commercial real estate—owner occupied | — |  | — |  | N/M | — |  | — |  | 1 |  | (100) | %
Commercial and business lending | (1,826) |  | (4,726) |  | (61) | % | (2,406) |  | (10,649) |  | (13,674) |  | (87) | %
Commercial real estate—investor | (8,493) |  | (892) |  | N/M | (6,617) |  | (1) |  | (4,569) |  | 86 | %
Real estate construction | 121 |  | 30 |  | N/M | 4 |  | 2 |  | 28 |  | N/M
Commercial real estate lending | (8,372) |  | (863) |  | N/M | (6,612) |  | 2 |  | (4,541) |  | 84 | %
Total commercial | (10,198) |  | (5,589) |  | 82 | % | (9,018) |  | (10,647) |  | (18,216) |  | (44) | %
Residential mortgage | (302) |  | 197 |  | N/M | (239) |  | (160) |  | (289) |  | 4 | %
Auto finance | (689) |  | (1,519) |  | (55) | % | (1,782) |  | (1,281) |  | (1,480) |  | (53) | %
Home equity | 237 |  | 289 |  | (18) | % | 277 |  | 424 |  | 238 |  | — | %
Other consumer | (1,881) |  | (2,076) |  | (9) | % | (1,457) |  | (1,414) |  | (1,417) |  | 33 | %
Total consumer | (2,636) |  | (3,109) |  | (15) | % | (3,202) |  | (2,431) |  | (2,947) |  | (11) | %
Total net charge offs | $ | (12,833) |  | $ | (8,698) |  | 48 | % | $ | (12,220) |  | $ | (13,078) |  | $ | (21,163) |  | (39) | %
(in basis points) | Jun 30, 2025 | Mar 31, 2025 |  | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 |
Net (charge offs) recoveries to average loans (annualized) |  |  |  |  |  |  |
Commercial and industrial | (7) |  | (18) |  |  | (9) |  | (43) |  | (55) |  |
Commercial real estate—owner occupied | — |  | — |  |  | — |  | — |  | — |  |
Commercial and business lending | (6) |  | (16) |  |  | (8) |  | (39) |  | (50) |  |
Commercial real estate—investor | (61) |  | (7) |  |  | (51) |  | — |  | (37) |  |
Real estate construction | 3 |  | 1 |  |  | — |  | — |  | — |  |
Commercial real estate lending | (45) |  | (5) |  |  | (37) |  | — |  | (25) |  |
Total commercial | (21) |  | (12) |  |  | (19) |  | (23) |  | (40) |  |
Residential mortgage | (2) |  | 1 |  |  | (1) |  | (1) |  | (1) |  |
Auto finance | (9) |  | (22) |  |  | (26) |  | (19) |  | (24) |  |
Home equity | 14 |  | 18 |  |  | 17 |  | 26 |  | 15 |  |
Other consumer | (244) |  | (268) |  |  | (208) |  | (216) |  | (221) |  |
Total consumer | (10) |  | (11) |  |  | (11) |  | (8) |  | (10) |  |
Total net charge offs | (17) |  | (12) |  |  | (16) |  | (18) |  | (29) |  |
(Dollars in thousands) | Jun 30, 2025 | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change
Credit quality |  |  |  |  |  |  |
Nonaccrual loans | $ | 112,999 |  | $ | 134,808 |  | (16) | % | $ | 123,260 |  | $ | 128,476 |  | $ | 154,423 |  | (27) | %
Other real estate owned (OREO) | 34,287 |  | 23,475 |  | 46 | % | 20,217 |  | 18,830 |  | 8,325 |  | N/M
Repossessed assets | 882 |  | 688 |  | 28 | % | 687 |  | 793 |  | 671 |  | 31 | %
Total nonperforming assets | $ | 148,169 |  | $ | 158,971 |  | (7) | % | $ | 144,164 |  | $ | 148,098 |  | $ | 163,418 |  | (9) | %
Loans 90 or more days past due and still accruing | $ | 14,160 |  | $ | 3,036 |  | N/M | $ | 3,189 |  | $ | 7,107 |  | $ | 2,354 |  | N/M
Allowance for credit losses on loans to total loans | 1.35 | % | 1.34 | % |  | 1.35 | % | 1.33 | % | 1.32 | % |
Allowance for credit losses on loans to nonaccrual loans | 364.42 | % | 301.63 | % |  | 326.40 | % | 309.43 | % | 252.31 | % |
Nonaccrual loans to total loans | 0.37 | % | 0.44 | % |  | 0.41 | % | 0.43 | % | 0.52 | % |
Nonperforming assets to total loans plus OREO and repossessed assets | 0.48 | % | 0.52 | % |  | 0.48 | % | 0.49 | % | 0.55 | % |
Nonperforming assets to total assets | 0.34 | % | 0.37 | % |  | 0.34 | % | 0.35 | % | 0.39 | % |

5

Associated Banc-Corp Selected Asset Quality Information (continued) |
(Dollars in thousands) | Jun 30, 2025 | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change |
Nonaccrual loans |  |  |  |  |  |  |  |
Commercial and industrial | $ | 6,945 |  | $ | 12,898 |  | (46) | % | $ | 19,084 |  | $ | 14,369 |  | $ | 21,190 |  | (67) | % |
Commercial real estate—owner occupied | — |  | 1,501 |  | (100) | % | 1,501 |  | 9,285 |  | 1,851 |  | (100) | % |
Commercial and business lending | 6,945 |  | 14,399 |  | (52) | % | 20,585 |  | 23,654 |  | 23,041 |  | (70) | % |
Commercial real estate—investor | 15,805 |  | 31,689 |  | (50) | % | 16,705 |  | 18,913 |  | 48,249 |  | (67) | % |
Real estate construction | 146 |  | 125 |  | 17 | % | 30 |  | 15 |  | 16 |  | N/M |
Commercial real estate lending | 15,950 |  | 31,814 |  | (50) | % | 16,735 |  | 18,928 |  | 48,265 |  | (67) | % |
Total commercial | 22,895 |  | 46,213 |  | (50) | % | 37,320 |  | 42,582 |  | 71,306 |  | (68) | % |
Residential mortgage | 73,817 |  | 72,455 |  | 2 | % | 70,038 |  | 70,138 |  | 68,058 |  | 8 | % |
Auto finance | 8,004 |  | 7,692 |  | 4 | % | 7,402 |  | 7,456 |  | 6,986 |  | 15 | % |
Home equity | 8,201 |  | 8,275 |  | (1) | % | 8,378 |  | 8,231 |  | 7,996 |  | 3 | % |
Other consumer | 82 |  | 173 |  | (53) | % | 122 |  | 70 |  | 77 |  | 6 | % |
Total consumer | 90,104 |  | 88,595 |  | 2 | % | 85,941 |  | 85,894 |  | 83,117 |  | 8 | % |
Total nonaccrual loans | $ | 112,999 |  | $ | 134,808 |  | (16) | % | $ | 123,260 |  | $ | 128,476 |  | $ | 154,423 |  | (27) | % |
| Jun 30, 2025 | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change |
Accruing loans 30-89 days past due |  |  |  |  |  |  |  |
Commercial and industrial | $ | 2,593 |  | $ | 7,740 |  | (66) | % | $ | 1,260 |  | $ | 1,212 |  | $ | 2,052 |  | 26 | % |
Commercial real estate—owner occupied | 5,628 |  | 1,156 |  | N/M | 1,634 |  | 2,209 |  | — |  | N/M |
Commercial and business lending | 8,221 |  | 8,896 |  | (8) | % | 2,893 |  | 3,421 |  | 2,052 |  | N/M |
Commercial real estate—investor | 1,042 |  | 2,463 |  | (58) | % | 36,391 |  | 10,746 |  | 1,023 |  | 2 | % |
Real estate construction | 90 |  | — |  | N/M | 21 |  | 88 |  | — |  | N/M |
Commercial real estate lending | 1,132 |  | 2,463 |  | (54) | % | 36,412 |  | 10,834 |  | 1,023 |  | 11 | % |
Total commercial | 9,353 |  | 11,360 |  | (18) | % | 39,305 |  | 14,255 |  | 3,075 |  | N/M |
Residential mortgage | 8,744 |  | 13,568 |  | (36) | % | 14,892 |  | 13,630 |  | 10,374 |  | (16) | % |
Auto finance | 13,149 |  | 12,522 |  | 5 | % | 14,850 |  | 15,458 |  | 15,814 |  | (17) | % |
Home equity | 4,338 |  | 3,606 |  | 20 | % | 4,625 |  | 3,146 |  | 3,694 |  | 17 | % |
Other consumer(a) | 2,578 |  | 2,381 |  | 8 | % | 3,128 |  | 2,163 |  | 1,995 |  | 29 | % |
Total consumer | 28,810 |  | 32,076 |  | (10) | % | 37,496 |  | 34,397 |  | 31,877 |  | (10) | % |
Total accruing loans 30-89 days past due | $ | 38,163 |  | $ | 43,435 |  | (12) | % | $ | 76,801 |  | $ | 48,651 |  | $ | 34,952 |  | 9 | % |

N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) Excluding guaranteed student loans.
6

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter(a) |  |  |
| Three Months Ended
| June 30, 2025 | March 31, 2025 | June 30, 2024
(Dollars in thousands) | Average Balance | Interest Income /Expense | Average Yield /Rate | Average Balance | Interest Income /Expense | Average Yield /Rate | Average Balance | Interest Income /Expense | Average Yield /Rate
Assets |  |  |  |  |  |  |  |  |
Earning assets |  |  |  |  |  |  |  |  |
Loans (b) (c) |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 10,981,221 |  | $ | 179,955 |  | 6.57 | % | $ | 10,583,318 |  | $ | 169,785 |  | 6.50 | % | $ | 9,915,894 |  | $ | 181,615 |  | 7.37 | %
Commercial real estate—owner occupied | 1,114,054 |  | 16,014 |  | 5.77 | % | 1,141,167 |  | 16,200 |  | 5.76 | % | 1,095,334 |  | 16,577 |  | 6.09 | %
Commercial and business lending | 12,095,274 |  | 195,969 |  | 6.50 | % | 11,724,484 |  | 185,985 |  | 6.43 | % | 11,011,228 |  | 198,191 |  | 7.24 | %
Commercial real estate—investor | 5,582,333 |  | 91,569 |  | 6.58 | % | 5,415,412 |  | 87,089 |  | 6.52 | % | 4,964,394 |  | 88,737 |  | 7.19 | %
Real estate construction | 1,869,708 |  | 33,883 |  | 7.27 | % | 1,898,582 |  | 33,945 |  | 7.25 | % | 2,285,379 |  | 45,466 |  | 8.00 | %
Commercial real estate lending | 7,452,041 |  | 125,452 |  | 6.75 | % | 7,313,994 |  | 121,034 |  | 6.71 | % | 7,249,773 |  | 134,203 |  | 7.45 | %
Total commercial | 19,547,316 |  | 321,421 |  | 6.59 | % | 19,038,479 |  | 307,020 |  | 6.54 | % | 18,261,000 |  | 332,394 |  | 7.32 | %
Residential mortgage | 7,034,607 |  | 64,995 |  | 3.70 | % | 7,256,320 |  | 66,823 |  | 3.68 | % | 7,905,236 |  | 69,389 |  | 3.51 | %
Auto finance | 2,933,161 |  | 41,156 |  | 5.63 | % | 2,844,730 |  | 39,176 |  | 5.59 | % | 2,524,107 |  | 35,021 |  | 5.58 | %
Home equity | 667,339 |  | 12,098 |  | 7.25 | % | 657,625 |  | 12,052 |  | 7.34 | % | 630,855 |  | 12,975 |  | 8.23 | %
Other consumer | 309,578 |  | 8,644 |  | 11.20 | % | 313,828 |  | 8,773 |  | 11.34 | % | 258,366 |  | 7,528 |  | 11.72 | %
Total consumer | 10,944,685 |  | 126,893 |  | 4.64 | % | 11,072,503 |  | 126,824 |  | 4.61 | % | 11,318,564 |  | 124,913 |  | 4.42 | %
Total loans | 30,492,001 |  | 448,313 |  | 5.89 | % | 30,110,982 |  | 433,844 |  | 5.83 | % | 29,579,564 |  | 457,307 |  | 6.21 | %
Investments |  |  |  |  |  |  |  |  |
Taxable securities | 6,578,690 |  | 71,174 |  | 4.33 | % | 6,398,584 |  | 69,788 |  | 4.36 | % | 5,680,757 |  | 50,479 |  | 3.55 | %
Tax-exempt securities(b) | 2,004,725 |  | 17,598 |  | 3.51 | % | 2,016,144 |  | 17,666 |  | 3.50 | % | 2,116,174 |  | 17,896 |  | 3.38 | %
Other short-term investments | 999,294 |  | 12,679 |  | 5.09 | % | 757,227 |  | 9,243 |  | 4.95 | % | 620,943 |  | 9,304 |  | 6.03 | %
Total investments | 9,582,709 |  | 101,451 |  | 4.24 | % | 9,171,955 |  | 96,696 |  | 4.22 | % | 8,417,874 |  | 77,680 |  | 3.69 | %
Total earning assets and related interest income | 40,074,710 |  | $ | 549,764 |  | 5.50 | % | 39,282,937 |  | $ | 530,540 |  | 5.45 | % | 37,997,438 |  | $ | 534,987 |  | 5.65 | %
Other assets, net | 3,345,353 |  |  |  | 3,347,690 |  |  |  | 3,103,168 |  |  |
Total assets | $ | 43,420,063 |  |  |  | $ | 42,630,627 |  |  |  | $ | 41,100,606 |  |  |
Liabilities and stockholders' equity |  |  |  |  |  |  |  |  |
Interest-bearing liabilities |  |  |  |  |  |  |  |  |
Interest-bearing deposits |  |  |  |  |  |  |  |  |
Savings | $ | 5,222,869 |  | $ | 17,139 |  | 1.32 | % | $ | 5,162,468 |  | $ | 17,929 |  | 1.41 | % | $ | 5,133,688 |  | $ | 21,972 |  | 1.72 | %
Interest-bearing demand | 7,683,402 |  | 42,485 |  | 2.22 | % | 8,031,707 |  | 45,430 |  | 2.29 | % | 7,265,621 |  | 48,109 |  | 2.66 | %
Money market | 5,988,947 |  | 38,695 |  | 2.59 | % | 6,079,551 |  | 39,560 |  | 2.64 | % | 5,995,005 |  | 46,391 |  | 3.11 | %
Network transaction deposits | 1,843,998 |  | 20,211 |  | 4.40 | % | 1,847,972 |  | 20,067 |  | 4.40 | % | 1,595,312 |  | 21,416 |  | 5.40 | %
Brokered CDs | 4,089,844 |  | 45,418 |  | 4.45 | % | 4,315,311 |  | 49,292 |  | 4.63 | % | 3,927,727 |  | 52,306 |  | 5.36 | %
Other time deposits | 3,725,205 |  | 33,707 |  | 3.63 | % | 3,756,332 |  | 36,862 |  | 3.98 | % | 2,999,936 |  | 30,867 |  | 4.14 | %
Total interest-bearing deposits | 28,554,266 |  | 197,656 |  | 2.78 | % | 29,193,341 |  | 209,140 |  | 2.91 | % | 26,917,289 |  | 221,062 |  | 3.30 | %
Federal funds purchased and securities sold under agreements to repurchase | 220,872 |  | 2,004 |  | 3.64 | % | 375,910 |  | 3,622 |  | 3.91 | % | 213,921 |  | 2,303 |  | 4.33 | %
Other short-term funding | 17,580 |  | 287 |  | 6.55 | % | 31,312 |  | 408 |  | 5.28 | % | 561,596 |  | 7,044 |  | 5.04 | %
FHLB advances | 3,221,749 |  | 34,889 |  | 4.34 | % | 1,595,972 |  | 16,090 |  | 4.09 | % | 2,432,195 |  | 34,143 |  | 5.65 | %
Other long-term funding | 592,664 |  | 10,700 |  | 7.22 | % | 627,658 |  | 11,085 |  | 7.06 | % | 533,670 |  | 10,096 |  | 7.57 | %
Total short and long-term funding | 4,052,863 |  | 47,880 |  | 4.74 | % | 2,630,852 |  | 31,205 |  | 4.79 | % | 3,741,381 |  | 53,586 |  | 5.75 | %
Total interest-bearing liabilities and related interest expense | 32,607,129 |  | $ | 245,536 |  | 3.02 | % | 31,824,193 |  | $ | 240,345 |  | 3.06 | % | 30,658,670 |  | $ | 274,648 |  | 3.60 | %
Noninterest-bearing demand deposits | 5,648,935 |  |  |  | 5,640,123 |  |  |  | 5,712,115 |  |  |
Other liabilities | 431,338 |  |  |  | 535,732 |  |  |  | 563,616 |  |  |
Stockholders’ equity | 4,732,661 |  |  |  | 4,630,578 |  |  |  | 4,166,204 |  |  |
Total liabilities and stockholders’ equity | $ | 43,420,063 |  |  |  | $ | 42,630,627 |  |  |  | $ | 41,100,606 |  |  |
Interest rate spread |  |  | 2.48 | % |  |  | 2.39 | % |  |  | 2.05 | %
Net free funds |  |  | 0.56 | % |  |  | 0.58 | % |  |  | 0.70 | %
Fully tax-equivalent net interest income and net interest margin |  | $ | 304,228 |  | 3.04 | % |  | $ | 290,195 |  | 2.97 | % |  | $ | 260,340 |  | 2.75 | %
Fully tax-equivalent adjustment |  | 4,228 |  |  |  | 4,254 |  |  |  | 3,747 |  |
Net interest income |  | $ | 300,000 |  |  |  | $ | 285,941 |  |  |  | $ | 256,593 |  |

Numbers may not recalculate due to rounding conventions.
(a)Prior periods have been adjusted to conform with current period presentation.
(b)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(c)Nonaccrual loans and loans held for sale have been included in the average balances.
7

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year(a)
| Six Months Ended June 30,
| 2025 | 2024
(Dollars in thousands) | Average Balance | Interest Income /Expense | Average Yield / Rate | Average Balance | Interest Income /Expense | Average Yield / Rate
Assets |  |  |  |  |  |
Earning assets |  |  |  |  |  |
Loans (b) (c) |  |  |  |  |  |
Commercial and industrial | $ | 10,783,368 |  | $ | 349,740 |  | 6.54 | % | $ | 9,822,806 |  | $ | 359,302 |  | 7.35 | %
Commercial real estate—owner occupied | 1,127,535 |  | 32,214 |  | 5.76 | % | 1,090,935 |  | 32,979 |  | 6.08 | %
Commercial and business lending | 11,910,904 |  | 381,954 |  | 6.46 | % | 10,913,741 |  | 392,281 |  | 7.23 | %
Commercial real estate—investor | 5,499,334 |  | 178,658 |  | 6.55 | % | 5,002,956 |  | 181,099 |  | 7.28 | %
Real estate construction | 1,884,065 |  | 67,829 |  | 7.26 | % | 2,316,911 |  | 91,954 |  | 7.98 | %
Commercial real estate lending | 7,383,399 |  | 246,486 |  | 6.73 | % | 7,319,867 |  | 273,053 |  | 7.50 | %
Total commercial | 19,294,303 |  | 628,440 |  | 6.57 | % | 18,233,608 |  | 665,334 |  | 7.34 | %
Residential mortgage | 7,144,851 |  | 131,818 |  | 3.69 | % | 7,965,375 |  | 138,120 |  | 3.47 | %
Auto finance | 2,889,190 |  | 80,332 |  | 5.61 | % | 2,448,914 |  | 67,624 |  | 5.55 | %
Home equity | 662,509 |  | 24,150 |  | 7.29 | % | 563,992 |  | 26,036 |  | 9.23 | %
Other consumer | 311,691 |  | 17,417 |  | 11.27 | % | 262,404 |  | 15,185 |  | 11.64 | %
Total consumer | 11,008,241 |  | 253,717 |  | 4.62 | % | 11,240,684 |  | 246,965 |  | 4.40 | %
Total loans | 30,302,544 |  | 882,157 |  | 5.86 | % | 29,474,293 |  | 912,299 |  | 6.22 | %
Investments |  |  |  |  |  |
Taxable securities | 6,489,135 |  | 140,962 |  | 4.34 | % | 5,598,890 |  | 97,206 |  | 3.47 | %
Tax-exempt securities(b) | 2,010,403 |  | 35,264 |  | 3.51 | % | 2,124,763 |  | 35,920 |  | 3.38 | %
Other short-term investments | 878,929 |  | 21,921 |  | 5.03 | % | 598,888 |  | 17,615 |  | 5.91 | %
Total investments | 9,378,467 |  | 198,147 |  | 4.23 | % | 8,322,541 |  | 150,741 |  | 3.62 | %
Total earning assets and related interest income | 39,681,011 |  | $ | 1,080,304 |  | 5.48 | % | 37,796,834 |  | $ | 1,063,040 |  | 5.65 | %
Other assets, net | 3,346,515 |  |  |  | 3,135,876 |  |  |
Total assets | $ | 43,027,526 |  |  |  | $ | 40,932,710 |  |  |
Liabilities and stockholders' equity |  |  |  |  |  |
Interest-bearing liabilities |  |  |  |  |  |
Interest-bearing deposits |  |  |  |  |  |
Savings | $ | 5,192,835 |  | $ | 35,068 |  | 1.36 | % | $ | 5,030,859 |  | $ | 43,719 |  | 1.75 | %
Interest-bearing demand | 7,856,593 |  | 87,915 |  | 2.26 | % | 7,377,870 |  | 98,099 |  | 2.67 | %
Money market | 6,033,999 |  | 78,255 |  | 2.62 | % | 6,055,804 |  | 93,698 |  | 3.11 | %
Network transaction deposits | 1,845,974 |  | 40,278 |  | 4.40 | % | 1,623,625 |  | 43,621 |  | 5.40 | %
Brokered CDs | 4,201,955 |  | 94,711 |  | 4.55 | % | 4,098,304 |  | 109,116 |  | 5.35 | %
Other time deposits | 3,740,683 |  | 70,569 |  | 3.80 | % | 2,964,685 |  | 59,040 |  | 4.00 | %
Total interest-bearing deposits | 28,872,038 |  | 406,796 |  | 2.84 | % | 27,151,147 |  | 447,293 |  | 3.31 | %
Federal funds purchased and securities sold under agreements to repurchase | 297,963 |  | 5,626 |  | 3.81 | % | 238,950 |  | 5,166 |  | 4.35 | %
Other short-term funding | 24,408 |  | 695 |  | 5.74 | % | 503,602 |  | 12,646 |  | 5.05 | %
FHLB advances | 2,413,352 |  | 50,979 |  | 4.26 | % | 1,986,221 |  | 55,814 |  | 5.65 | %
Other long-term funding | 610,064 |  | 21,785 |  | 7.14 | % | 536,388 |  | 20,154 |  | 7.51 | %
Total short and long-term funding | 3,345,786 |  | 79,085 |  | 4.76 | % | 3,265,160 |  | 93,780 |  | 5.77 | %
Total interest-bearing liabilities and related interest expense | 32,217,824 |  | $ | 485,881 |  | 3.04 | % | 30,416,308 |  | $ | 541,073 |  | 3.58 | %
Noninterest-bearing demand deposits | 5,644,554 |  |  |  | 5,797,084 |  |  |
Other liabilities | 483,247 |  |  |  | 545,526 |  |  |
Stockholders’ equity | 4,681,901 |  |  |  | 4,173,793 |  |  |
Total liabilities and stockholders’ equity | $ | 43,027,526 |  |  |  | $ | 40,932,710 |  |  |
Interest rate spread |  |  | 2.44 | % |  |  | 2.07 | %
Net free funds |  |  | 0.57 | % |  |  | 0.70 | %
Fully tax-equivalent net interest income and net interest margin |  | $ | 594,423 |  | 3.01 | % |  | $ | 521,967 |  | 2.77 | %
Fully tax-equivalent adjustment |  | 8,483 |  |  |  | 7,516 |  |
Net interest income |  | $ | 585,940 |  |  |  | $ | 514,451 |  |

Numbers may not recalculate due to rounding conventions.
(a)Prior periods have been adjusted to conform with current period presentation.
(b)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(c)Nonaccrual loans and loans held for sale have been included in the average balances.
8

Associated Banc-Corp Loan and Deposit Composition |  |  |  |  |  |  |
(Dollars in thousands) |  |  |  |  |  |  |
Period end loan composition | Jun 30, 2025 | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change
Commercial and industrial | $ | 11,281,964 |  | $ | 10,925,769 |  | 3 | % | $ | 10,573,741 |  | $ | 10,258,899 |  | $ | 9,970,412 |  | 13 | %
Commercial real estate—owner occupied | 1,101,501 |  | 1,118,363 |  | (2) | % | 1,143,741 |  | 1,120,849 |  | 1,102,146 |  | — | %
Commercial and business lending | 12,383,465 |  | 12,044,132 |  | 3 | % | 11,717,483 |  | 11,379,748 |  | 11,072,558 |  | 12 | %
Commercial real estate—investor | 5,370,422 |  | 5,597,442 |  | (4) | % | 5,227,975 |  | 5,070,635 |  | 5,001,392 |  | 7 | %
Real estate construction | 1,950,267 |  | 1,809,054 |  | 8 | % | 1,982,632 |  | 2,114,300 |  | 2,255,637 |  | (14) | %
Commercial real estate lending | 7,320,689 |  | 7,406,496 |  | (1) | % | 7,210,607 |  | 7,184,934 |  | 7,257,029 |  | 1 | %
Total commercial | 19,704,154 |  | 19,450,628 |  | 1 | % | 18,928,090 |  | 18,564,683 |  | 18,329,587 |  | 7 | %
Residential mortgage | 6,949,387 |  | 6,999,654 |  | (1) | % | 7,047,541 |  | 7,803,083 |  | 7,840,073 |  | (11) | %
Auto finance | 2,969,495 |  | 2,878,765 |  | 3 | % | 2,810,220 |  | 2,708,946 |  | 2,556,009 |  | 16 | %
Home equity | 676,208 |  | 654,140 |  | 3 | % | 664,252 |  | 651,379 |  | 634,142 |  | 7 | %
Other consumer | 308,361 |  | 310,940 |  | (1) | % | 318,483 |  | 262,806 |  | 258,460 |  | 19 | %
Total consumer | 10,903,451 |  | 10,843,499 |  | 1 | % | 10,840,496 |  | 11,426,214 |  | 11,288,684 |  | (3) | %
Total loans | $ | 30,607,605 |  | $ | 30,294,127 |  | 1 | % | $ | 29,768,586 |  | $ | 29,990,897 |  | $ | 29,618,271 |  | 3 | %
Quarter average loan composition | Jun 30, 2025 | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change
Commercial and industrial(a) | $ | 10,981,221 |  | $ | 10,583,318 |  | 4 | % | $ | 10,338,865 |  | $ | 9,884,246 |  | $ | 9,915,894 |  | 11 | %
Commercial real estate—owner occupied | 1,114,054 |  | 1,141,167 |  | (2) | % | 1,135,624 |  | 1,087,144 |  | 1,095,334 |  | 2 | %
Commercial and business lending | 12,095,274 |  | 11,724,484 |  | 3 | % | 11,474,489 |  | 10,971,390 |  | 11,011,228 |  | 10 | %
Commercial real estate—investor | 5,582,333 |  | 5,415,412 |  | 3 | % | 5,120,608 |  | 5,085,090 |  | 4,964,394 |  | 12 | %
Real estate construction | 1,869,708 |  | 1,898,582 |  | (2) | % | 2,086,188 |  | 2,150,416 |  | 2,285,379 |  | (18) | %
Commercial real estate lending | 7,452,041 |  | 7,313,994 |  | 2 | % | 7,206,796 |  | 7,235,505 |  | 7,249,773 |  | 3 | %
Total commercial | 19,547,316 |  | 19,038,479 |  | 3 | % | 18,681,285 |  | 18,206,896 |  | 18,261,000 |  | 7 | %
Residential mortgage(a) | 7,034,607 |  | 7,256,320 |  | (3) | % | 7,814,056 |  | 7,888,290 |  | 7,905,236 |  | (11) | %
Auto finance | 2,933,161 |  | 2,844,730 |  | 3 | % | 2,771,414 |  | 2,635,890 |  | 2,524,107 |  | 16 | %
Home equity | 667,339 |  | 657,625 |  | 1 | % | 656,792 |  | 642,463 |  | 630,855 |  | 6 | %
Other consumer | 309,578 |  | 313,828 |  | (1) | % | 278,370 |  | 260,547 |  | 258,366 |  | 20 | %
Total consumer | 10,944,685 |  | 11,072,503 |  | (1) | % | 11,520,632 |  | 11,427,191 |  | 11,318,564 |  | (3) | %
Total loans(a) | $ | 30,492,001 |  | $ | 30,110,982 |  | 1 | % | $ | 30,201,918 |  | $ | 29,634,087 |  | $ | 29,579,564 |  | 3 | %
Period end deposit and customer funding composition(b) | Jun 30, 2025 | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change
Noninterest-bearing demand | $ | 5,782,487 |  | $ | 6,135,946 |  | (6) | % | $ | 5,775,657 |  | $ | 5,857,421 |  | $ | 5,815,045 |  | (1) | %
Savings | 5,291,674 |  | 5,247,291 |  | 1 | % | 5,133,295 |  | 5,072,508 |  | 5,157,103 |  | 3 | %
Interest-bearing demand | 7,490,772 |  | 7,870,965 |  | (5) | % | 7,994,475 |  | 7,302,239 |  | 7,193,485 |  | 4 | %
Money market | 5,915,867 |  | 6,141,275 |  | (4) | % | 6,009,793 |  | 5,831,637 |  | 5,882,508 |  | 1 | %
Network transaction deposits | 1,792,362 |  | 1,882,930 |  | (5) | % | 1,758,388 |  | 1,566,908 |  | 1,502,919 |  | 19 | %
Brokered CDs | 4,072,048 |  | 4,197,512 |  | (3) | % | 4,276,309 |  | 4,242,670 |  | 4,061,578 |  | — | %
Other time deposits | 3,802,356 |  | 3,720,793 |  | 2 | % | 3,700,518 |  | 3,680,914 |  | 3,078,401 |  | 24 | %
Total deposits | 34,147,565 |  | 35,196,713 |  | (3) | % | 34,648,434 |  | 33,554,298 |  | 32,691,039 |  | 4 | %
Other customer funding(c) | 75,440 |  | 85,950 |  | (12) | % | 100,044 |  | 110,988 |  | 89,524 |  | (16) | %
Total deposits and other customer funding | $ | 34,223,005 |  | $ | 35,282,663 |  | (3) | % | $ | 34,748,478 |  | $ | 33,665,286 |  | $ | 32,780,564 |  | 4 | %
Net deposits and other customer funding(d) | $ | 28,358,595 |  | $ | 29,202,221 |  | (3) | % | $ | 28,713,780 |  | $ | 27,855,707 |  | $ | 27,216,066 |  | 4 | %
Quarter average deposit composition | Jun 30, 2025 | Mar 31, 2025 | Seql Qtr % Change | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Comp Qtr % Change
Noninterest-bearing demand | $ | 5,648,935 |  | $ | 5,640,123 |  | — | % | $ | 5,738,557 |  | $ | 5,652,228 |  | $ | 5,712,115 |  | (1) | %
Savings | 5,222,869 |  | 5,162,468 |  | 1 | % | 5,132,247 |  | 5,125,147 |  | 5,133,688 |  | 2 | %
Interest-bearing demand | 7,683,402 |  | 8,031,707 |  | (4) | % | 7,623,230 |  | 7,394,550 |  | 7,265,621 |  | 6 | %
Money market | 5,988,947 |  | 6,079,551 |  | (1) | % | 5,924,269 |  | 5,942,147 |  | 5,995,005 |  | — | %
Network transaction deposits | 1,843,998 |  | 1,847,972 |  | — | % | 1,690,745 |  | 1,644,305 |  | 1,595,312 |  | 16 | %
Brokered CDs | 4,089,844 |  | 4,315,311 |  | (5) | % | 4,514,841 |  | 4,247,941 |  | 3,927,727 |  | 4 | %
Other time deposits | 3,725,205 |  | 3,756,332 |  | (1) | % | 3,713,579 |  | 3,314,507 |  | 2,999,936 |  | 24 | %
Total deposits | 34,203,201 |  | 34,833,464 |  | (2) | % | 34,337,468 |  | 33,320,825 |  | 32,629,404 |  | 5 | %
Other customer funding(c) | 80,010 |  | 87,693 |  | (9) | % | 94,965 |  | 104,115 |  | 87,161 |  | (8) | %
Total deposits and other customer funding | $ | 34,283,211 |  | $ | 34,921,157 |  | (2) | % | $ | 34,432,433 |  | $ | 33,424,940 |  | $ | 32,716,565 |  | 5 | %
Net deposits and other customer funding(d) | $ | 28,349,369 |  | $ | 28,757,874 |  | (1) | % | $ | 28,226,848 |  | $ | 27,532,694 |  | $ | 27,193,526 |  | 4 | %

N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) Loans held for sale have been included in the average balances.
(b) Prior periods have been adjusted to conform with current period presentation.
(c) Includes repurchase agreements.
(d) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.
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Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | YTD | YTD |  |  |  |  |
(Dollars in thousands) | Jun 2025 | Jun 2024 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q24
Selected equity and performance ratios(a) |  |  |  |  |  |  |
Average stockholders' equity / average assets | 10.88 | % | 10.20 | % | 10.90 | % | 10.86 | % | 10.76 | % | 10.46 | % | 10.14 | %
Tangible common equity / tangible assets (TCE Ratio) (b) |  |  | 8.06 | % | 7.96 | % | 7.82 | % | 7.50 | % | 7.18 | %
Return on average equity | 9.17 | % | 9.48 | % | 9.43 | % | 8.91 | % | (14.20) | % | 8.09 | % | 11.16 | %
Return on average tangible common equity (ROATCE) (c) | 12.66 | % | 13.78 | % | 12.96 | % | 12.34 | % | (20.27) | % | 11.52 | % | 16.25 | %
Return on average common equity Tier 1 (ROACET1) (c) | 12.20 | % | 12.42 | % | 12.57 | % | 11.82 | % | (19.28) | % | 10.53 | % | 14.54 | %
Return on average tangible assets(c) | 1.04 | % | 1.01 | % | 1.07 | % | 1.01 | % | (1.55) | % | 0.89 | % | 1.18 | %
Tangible common equity reconciliation(b) |  |  |  |  |  |  |
Common equity |  |  | $ | 4,586,669 | $ | 4,492,446 | $ | 4,411,450 | $ | 4,219,125 | $ | 4,048,225
Less: Goodwill and other intangible assets, net |  |  | 1,132,247 | 1,134,450 | 1,136,653 | 1,138,855 | 1,141,058
Tangible common equity for TCE Ratio and TBV / share |  |  | $ | 3,454,422 | $ | 3,357,996 | $ | 3,274,797 | $ | 3,080,269 | $ | 2,907,167
Tangible assets reconciliation(b) |  |  |  |  |  |  |
Total assets |  |  | $ | 43,993,729 | $ | 43,309,136 | $ | 43,023,068 | $ | 42,210,815 | $ | 41,623,908
Less: Goodwill and other intangible assets, net |  |  | 1,132,247 | 1,134,450 | 1,136,653 | 1,138,855 | 1,141,058
Tangible assets for TCE Ratio |  |  | $ | 42,861,482 |  | $ | 42,174,686 | $ | 41,886,415 | $ | 41,071,960 | $ | 40,482,850
Average tangible common equity and average common equity Tier 1 reconciliation(b) |  |  |  |  |  |  |
Average common equity | $ | 4,487,789 | $ | 3,979,681 | $ | 4,538,549 | $ | 4,436,467 | $ | 4,334,230 | $ | 4,136,615 | $ | 3,972,092
Less: Average goodwill and other intangible assets, net | 1,134,600 | 1,143,478 | 1,133,627 | 1,135,584 | 1,137,826 | 1,140,060 | 1,142,368
Average tangible common equity for ROATCE | 3,353,189 | 2,836,203 | 3,404,922 | 3,300,883 | 3,196,404 | 2,996,555 | 2,829,725
Modified CECL transitional amount | — | 22,425 | — | — | 22,425 | 22,425 | 22,425
Average accumulated other comprehensive loss(d) | 46,443 | 214,850 | 28,405 | 64,680 | 151,862 | 172,711 | 241,634
Average deferred tax assets, net | 24,638 | 18,404 | 24,392 | 24,886 | 23,462 | 23,564 | 24,506
Average common equity Tier 1 for ROACET1 | $ | 3,424,270 | $ | 3,091,883 | $ | 3,457,719 | $ | 3,390,449 | $ | 3,394,154 | $ | 3,215,255 | $ | 3,118,290
Average tangible assets reconciliation(b) |  |  |  |  |  |  |
Average total assets | $ | 43,027,526 | $ | 40,932,710 | $ | 43,420,063 | $ | 42,630,627 | $ | 42,071,562 | $ | 41,389,711 | $ | 41,100,606
Less: Average goodwill and other intangible assets, net | 1,134,600 | 1,143,478 | 1,133,627 | 1,135,584 | 1,137,826 | 1,140,060 | 1,142,368
Average tangible assets for return on average tangible assets | $ | 41,892,926 | $ | 39,789,232 | $ | 42,286,436 | $ | 41,495,043 | $ | 40,933,736 | $ | 40,249,651 | $ | 39,958,238
Adjusted net income (loss) reconciliation(c) |  |  |  |  |  |  |
Net income (loss) | $ | 212,916 | $ | 196,742 | $ | 111,230 | $ | 101,687 | $ | (161,615) | $ | 88,018 | $ | 115,573
Other intangible amortization, net of tax | 3,304 | 3,304 | 1,652 | 1,652 | 1,652 | 1,652 | 1,652
Adjusted net income (loss) for return on average tangible assets | $ | 216,220 | $ | 200,046 | $ | 112,882 | $ | 103,339 | $ | (159,963) | $ | 89,670 | $ | 117,225
Adjusted net income (loss) available to common equity reconciliation(c) |  |  |  |  |  |  |
Net income (loss) available to common equity | $ | 207,166 | $ | 190,992 | $ | 108,355 | $ | 98,812 | $ | (164,490) | $ | 85,143 | $ | 112,698
Other intangible amortization, net of tax | 3,304 | 3,304 | 1,652 | 1,652 | 1,652 | 1,652 | 1,652
Adjusted net income (loss) available to common equity for ROATCE and ROACET1 | $ | 210,470 | $ | 194,296 | $ | 110,007 | $ | 100,464 | $ | (162,838) | $ | 86,795 | $ | 114,350
Pre-tax pre-provision income (loss) |  |  |  |  |  |  |
Income (loss) before income taxes | $ | 260,724 | $ | 204,068 | $ | 139,629 | $ | 121,095 | $ | (177,752) | $ | 108,142 | $ | 102,884
Provision for credit losses | 30,999 | 47,009 | 17,996 | 13,003 | 16,986 | 20,991 | 23,008
Pre-tax pre-provision income (loss) | $ | 291,723 | $ | 251,077 | $ | 157,625 | $ | 134,098 | $ | (160,766) | $ | 129,133 | $ | 125,892
Period end core customer deposits reconciliation |  |  |  |  |  |  |
Total deposits |  |  | $ | 34,147,565 | $ | 35,196,713 | $ | 34,648,434 | $ | 33,554,298 | $ | 32,691,039
Less: Network transaction deposits |  |  | 1,792,362 | 1,882,930 | 1,758,388 | 1,566,908 | 1,502,919
Less: Brokered CDs |  |  | 4,072,048 | 4,197,512 | 4,276,309 | 4,242,670 | 4,061,578
Core customer deposits |  |  | $ | 28,283,155 | $ | 29,116,271 | $ | 28,613,737 | $ | 27,744,719 | $ | 27,126,542
Average core customer deposits reconciliation |  |  |  |  |  |  |
Average total deposits | $ | 34,516,592 | $ | 32,948,231 | $ | 34,203,201 | $ | 34,833,464 | $ | 34,337,468 | $ | 33,320,825 | $ | 32,629,404
Less: Average network transaction deposits | 1,845,974 | 1,623,625 | 1,843,998 | 1,847,972 | 1,690,745 | 1,644,305 | 1,595,312
Less: Average brokered CDs | 4,201,955 | 4,098,304 | 4,089,844 | 4,315,311 | 4,514,841 | 4,247,941 | 3,927,727
Average core customer deposits | $ | 28,468,663 | $ | 27,226,302 | $ | 28,269,359 | $ | 28,670,181 | $ | 28,131,882 | $ | 27,428,578 | $ | 27,106,365

Numbers may not recalculate due to rounding conventions.
(a)These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.
(b)The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and strength.
(c)Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.
(d)The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital. This adjustment reflects that election.
10

Associated Banc-Corp Non-GAAP Efficiency Ratios Reconciliation(a) | YTD | YTD |  |  |  |  |
(Dollars in thousands) | Jun 2025 | Jun 2024 | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q24
Total expense for efficiency ratios reconciliation |  |  |  |  |  |  |
Noninterest expense | $ | 419,971 |  | $ | 393,518 |  | $ | 209,352 |  | $ | 210,619 |  | $ | 224,282 |  | $ | 200,597 |  | $ | 195,861 |
Less: Other intangible amortization | 4,405 |  | 4,405 |  | 2,203 |  | 2,203 |  | 2,203 |  | 2,203 |  | 2,203 |
Total expense for fully tax-equivalent efficiency ratio | 415,566 |  | 389,112 |  | 207,149 |  | 208,416 |  | 222,080 |  | 198,394 |  | 193,658 |
Less: FDIC special assessment | — |  | 7,696 |  | — |  | — |  | — |  | — |  | — |
Less: Announced initiatives(b) | — |  | — |  | — |  | — |  | 14,243 |  | — |  | — |
Total expense for adjusted efficiency ratio | $ | 415,566 |  | $ | 381,416 |  | $ | 207,149 |  | $ | 208,416 |  | $ | 207,836 |  | $ | 198,394 |  | $ | 193,658 |
Total revenue for efficiency ratios reconciliation |  |  |  |  |  |  |
Net interest income | $ | 585,940 |  | $ | 514,451 |  | $ | 300,000 |  | $ | 285,941 |  | $ | 270,289 |  | $ | 262,509 |  | $ | 256,593 |
Noninterest income (loss) | 125,754 |  | 130,144 |  | 66,977 |  | 58,776 |  | (206,772) |  | 67,221 |  | 65,159 |
Less: Investment securities gains (losses), net | 11 |  | 3,947 |  | 7 |  | 4 |  | (148,194) |  | 100 |  | 67 |
Fully tax-equivalent adjustment | 8,483 |  | 7,516 |  | 4,228 |  | 4,254 |  | 3,680 |  | 3,723 |  | 3,747 |
Total revenue for fully tax-equivalent efficiency ratio | 720,166 |  | 648,165 |  | 371,198 |  | 348,968 |  | 215,390 |  | 333,353 |  | 325,432 |
Less: Announced initiatives(b) | (6,976) |  | — |  | — |  | (6,976) |  | (130,406) |  | — |  | — |
Total revenue for adjusted efficiency ratio | $ | 727,142 |  | $ | 648,165 |  | $ | 371,198 |  | $ | 355,943 |  | $ | 345,795 |  | $ | 333,353 |  | $ | 325,432 |
Efficiency ratios (expense / revenue) |  |  |  |  |  |  |
Fully tax-equivalent efficiency ratio | 57.70 | % | 60.03 | % | 55.81 | % | 59.72 | % | 103.11 | % | 59.51 | % | 59.51 | %
Adjusted efficiency ratio | 57.15 | % | 58.85 | % | 55.81 | % | 58.55 | % | 60.10 | % | 59.51 | % | 59.51 | %

Nonrecurring Item Reconciliation |  |
(Dollars in thousands, except per share data) | 4Q24 | 4Q24 per share data (diluted)
GAAP net (loss) | $ | (161,615) |  | $ | (1.03) |
Loss on mortgage portfolio sale(c) | 130,406 |  | 0.82 |
Provision on initiatives | 1,460 |  | 0.01 |
Net loss on sale of investments(c) | 148,183 |  | 0.93 |
Loss on prepayments of FHLB advances | 14,243 |  | 0.09 |
Tax effect | (38,655) |  | (0.24) |
Net income, excluding nonrecurring items, net of tax | 94,022 |  | $ | 0.57 |
Less preferred stock dividends | (2,875) |  |
Net income available to common equity, excluding nonrecurring items, net of tax | $ | 91,147 |  |

Nonrecurring Item Noninterest Income Reconciliation | YTD |  | YTD |
(Dollars in thousands) | Jun 2025 | 1Q25 | Dec 2024 | 4Q24
GAAP noninterest income (loss) | $ | 125,754 |  | $ | 58,776 |  | $ | (9,407) |  | $ | (206,772) |
Less: Loss on mortgage portfolio sale(c) | (6,976) |  | (6,976) |  | (130,406) |  | (130,406) |
Less: Net loss on sale of investments(c) | — |  | — |  | (148,183) |  | (148,183) |
Noninterest income, excluding nonrecurring items | $ | 132,729 |  | $ | 65,752 |  | $ | 269,182 |  | $ | 71,816 |
Nonrecurring Item Noninterest Expense Reconciliation |  |  | YTD |
(Dollars in thousands) |  |  | Dec 2024 | 4Q24
GAAP noninterest expense |  |  | $ | 818,397 |  | $ | 224,282 |
Loss on prepayments of FHLB advances(c) |  |  | (14,243) |  | (14,243) |
Noninterest expense, excluding nonrecurring items |  |  | $ | 804,154 |  | $ | 210,039 |

Numbers may not recalculate due to rounding conventions.
(a)Prior periods have been adjusted to conform with current period presentation.
(b)Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio.
(c)These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024.
11