EX-99.2 3 asb3q25earningspresentat.htm EX-99.2
October 23, 2025 Third Quarter 2025 Earnings Presentation Associated Banc-Corp

1 Important Disclosures Forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals 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. Trademarks: All trademarks, service marks, and trade names referenced in this material are official trademarks and the property of their respective owners. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Non-GAAP measures: This presentation includes certain non-GAAP financial measures. These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. These non- GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Unless otherwise noted, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation.

2 Third Quarter 2025 Results1 1 All figures shown on an end of period basis unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ▪ Total loans of $31.0 billion ▪ +1.1% vs. 2Q 2025; +3.2% vs. 3Q 2024 ▪ Total C&I loans of $11.6 billion ▪ +2.5% vs. 2Q 2025; +12.8% vs. 3Q 2024 ▪ Total deposits of $34.9 billion ▪ +2.2% vs. 2Q 2025; +4.0% vs. 3Q 2024 ▪ Total core customer deposits2 of $28.9 billion ▪ +2.2% vs. 2Q 2025; +4.2% vs. 3Q 2024 ▪ Net interest income of $305 million ▪ Net interest margin of 3.04% ▪ Noninterest income of $81 million ▪ Noninterest expense of $216 million ▪ Provision for credit losses of $16 million ▪ ACLL / total loans of 1.34% ▪ NCOs / avg. loans (annualized) of 0.17% ▪ Total common equity / total assets of 10.51% ▪ TCE ratio2 of 8.18% ▪ Book value / share of $28.17 ▪ Tangible book value / share2 of $21.36 $0.73 Diluted Earnings Per Common Share +3.2% Total Loans vs. 3Q 2024 +5.5% Total Adjusted Loans2 vs. 3Q 2024 +4.0% Total Deposits vs. 3Q 2024 +4.2% Core Customer Deposits2 vs. 3Q 2024 +16.3% Net Interest Income vs. 3Q 2024 +26 bps Net Interest Margin vs. 3Q 2024 10.33% CET1 Ratio 12.94% Total Capital Ratio 10.26% Return on Average Equity 14.02% Return on Average Tangible Common Equity2 ASB reported net income available to common equity of $122 million, or $0.73 per common share

3 31.2 29.6 26.9 23.7 23.1 22.7 22.2 2021 2022 2023 2024 1Q25 2Q25 3Q25 $8.5 $9.8 $9.7 $10.6 $10.9 $11.3 $11.6 2021 2022 2023 2024 1Q25 2Q25 3Q25 Our Strategic Plan is Delivering Growth & Profitability1 1 All updates as of or for the period ended September 30, 2025 unless otherwise noted. Bolstered Key Leadership Expanded Commercial Presence Enhanced Consumer Value Proposition Repositioned Balance Sheet Rebalanced Consumer Lending Approach Growing & remixing our balance sheet simultaneously sets up for enhanced profitability in 2025 & 2026 Period End Commercial & Industrial Loans Period End Resi. Mortgage Loans / Total Loans Net Interest Margin ($ in billions) 2.39 2.91 2.81 2.78 2.97 3.04 3.04 2021 2022 2023 2024 1Q25 2Q25 3Q25 (%) (%)

4 Commercial & Business Lending Commercial Real Estate Residential Mortgage $3.5 $3.7 $3.8 $3.9 $4.0 $7.9 $7.8 $7.3 $7.0 $7.0 $7.2 $7.2 $7.3 $7.5 $7.3 $11.0 $11.5 $11.7 $12.1 $12.5 $29.6 $30.2 $30.1 $30.5 $30.8 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(91) $(1) $8 $22 $48 $72 $286 Auto Finance Commercial & Industrial Period End Loan Change (6/30/2025 to 9/30/2025) Residential Mortgage CRE-Owner Occupied Home Equity & Other Consumer CRE-Investor Quarterly Loan Trends Total period end loans increased 1% vs. 2Q 2025, led by C&I growth of $286 million Auto Finance, Home Equity & Other Consumer Total Loans +$344 (+1%) CRE Construction

5 $(659) $(116) $222 $325 $1.6 $1.7 $1.8 $1.8 $1.9 $4.2 $4.5 $4.3 $4.1 $3.9 $3.3 $3.7 $3.8 $3.7 $4.0 $5.9 $5.9 $6.1 $6.0 $5.9 $5.1 $5.1 $5.2 $5.2 $5.3 $7.4 $7.6 $8.0 $7.7 $7.9 $5.7 $5.7 $5.6 $5.6 $5.8 $33.3 $34.3 $34.8 $34.2 $34.7 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Average Quarterly Deposits ($ in billions) Period End Funding Change (6/30/2025 to 9/30/2025) ($ in millions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Quarterly Deposit & Funding Trends Total deposits & core customer deposits1 both grew 2% vs. the prior quarter $(130) $89 $124 $244 $301 Money Market Customer CDs Network Transaction Deposits Other Wholesale Funding FHLB Advances Core Customer Deposits1 +$628 (+2%) Wholesale Funding Sources $(228) (-2%) Total Deposits +$734 (+2%) Interest-Bearing Demand Noninterest-Bearing Demand Savings Brokered CDs

6 Quarterly Average Yields Average Yield Trends 7.52 7.09 6.71 6.75 6.747.27 6.74 6.43 6.50 6.45 5.72 5.65 5.59 5.63 5.58 3.56 3.61 3.68 3.70 3.75 3.66 3.64 4.22 4.24 4.26 3.33 3.10 2.91 2.78 2.78 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Residential Mortgage Loans Commercial & Business Lending Loans Commercial Real Estate Loans Total Interest-Bearing Deposits Auto Finance Loans Asset & Liability Yield / Rate Trends Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 5.68 5.46 5.45 5.50 5.50 3.59 3.29 3.06 3.02 3.03 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Investments 3Q earning asset yields & interest-bearing deposit costs were both flat vs. the prior quarter (%)(%)

7 Net Interest Income & Net Interest Margin Trends $263 $270 $286 $300 $305 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 2.97% 2.81% 2.78% 3.04% 3.04% ($ in millions) Quarterly Net Interest Income Quarterly Net Interest Margin Net interest income increased by $5 million vs. the prior quarter to $305 million

8 Interest Rate Risk Management1 Contractual Funding Obligations Contractual Swaps Balances ($ in billions) 1 All updates as of or for the period ended September 30, 2025 unless otherwise noted. We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment Estimated NII Sensitivity Profile (%) 9.2 4.0 2.9 2.1 4.6 2.0 1.6 1.1 -4.3 -0.6 -1.0 -0.5 -8.5 -0.8 -2.0 -1.4 3Q 2022 3Q 2023 3Q 2024 3Q 2025 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) $2.45 $2.45 $2.20 $2.20 $2.20 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $7.9 $0.1 $0.0 $8.0 Short-Term Funding $0.4 - - $0.4 FHLB Advances $3.0 $0.2 $0.0 $3.2 Other Long-Term Funding $0.0 $0.0 $0.6 $0.6 Total $11.3 $0.3 $0.6 $12.2 ($ in billions) 3.72%3.72%3.76%3.89% 3.72% Notional Balances Weighted Avg. Yield

9 Cash & Investment Securities Portfolio 19.2% 19.8% 20.1% 20.5% 20.5% 2.3% 2.4% 2.9% 2.9% 2.9% 21.5% 22.2% 23.0% 23.4% 23.4% 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Securities Period End Securities + Cash / Total Assets Cash $4.2 $4.6 $4.8 $5.0 $5.2 $3.8 $3.7 $3.7 $3.7 $3.6 $0.2 $0.2 $0.2 $0.3 $0.3 $8.1 $8.5 $8.7 $9.0 $9.1 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Held to MaturityAvailable for Sale ($ in billions) Period End Investment Securities Other Securities Average Investment Securities Yields We continue to target securities + cash / total assets of 22% to 24% in 2025 3.66% 3.64% 4.22% 4.24% 4.26% 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025

10 $24 $24 $22 $23 $25 $14 $13 $13 $13 $14 $12 $12 $10 $11 $12 $4 $9 $4 $6 $11 $2 $3 $4 $4 $4 $11 $10 $5 $10 $15 $67 $72 $59 $67 $81 3Q 2024 4Q 2024 Adj. 1Q 2025 2Q 2025 3Q 2025 Noninterest Income Trends ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Other is comprised of other fee-based revenue, bank and corporate owned life insurance, asset gains (losses), net, investment securities gains (losses), net, and other noninterest income. Quarterly Noninterest Income Trends Wealth Mgmt. Fees Capital Markets, net Other2 4Q 2024 GAAP noninterest income impacted by a balance sheet repositioning with a $130M loss on a mortgage portfolio sale and a $148M net loss on a sale of investments (both pre-tax) 1 3Q GAAP noninterest income increased 21% vs. the prior quarter, led by capital markets, wealth & asset gains 4Q 2024 GAAP $(207) 1Q 2025 GAAP noninterest income includes an additional $7M pre-tax loss on a mortgage portfolio sale, primarily driven by the FAS91 impact of the mortgage portfolio sale announced in 4Q 2024 and settled in 1Q 2025 Mortgage Banking, net Service Charges & Deposit Account Fees Card-Based Fees

11 $121 $126 $124 $127 $136 $27 $27 $27 $27 $29 $14 $14 $15 $13 $13 $8 $9 $10 $10 $10 $31 $34 $34 $33 $29 $14 $201 $224 $211 $209 $216 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Efficiency RatioNoninterest Expense Trends Noninterest Expense Trends 1 Other is comprised of business development & advertising, equipment, legal & professional, loan & foreclosure costs, other intangible amortization & other noninterest expenses. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) Adjusted Efficiency Ratio2Fully Tax-Equivalent Efficiency Ratio 59.5 103.1 59.7 55.8 54.859.5 60.1 58.6 55.8 54.8 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Noninterest Expense / Average Assets 1.93 2.12 2.00 1.93 1.95 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Noninterest expense was up $7 million vs. 2Q, with the increase largely attributable to performance Personnel Other1 Technology FDIC Assessment Loss on Prepayment of FHLB Occupancy (%, annualized) (%)

12 Regulatory Capital Ratios 9.72 10.30 12.36 10.33 10.89 12.94 CET1 Tier 1 Capital Total Capital 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Capital Profile 3Q 2024 3Q 2025 We continue to target a CET1 range of 10% to 10.5% in 2025 27.90 26.55 27.09 27.67 28.17 20.37 19.71 20.25 20.84 21.36 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Per Common Share Data Additional Capital Ratios Tangible Common Equity / Tangible Assets (TCE Ratio)1 Total Common Equity / Total Assets 10.00 10.25 10.37 10.43 10.51 7.50 7.82 7.96 8.06 8.18 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Tangible Book Value / Share1Book Value / Share ($) (%)(%)

13 ACLL / Total LoansACLL1 Update ▪ ACLL increased $3 million from the prior quarter to $415 million, driven primarily by loan growth plus some incremental credit movement and general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody’s August 2025 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Allowance for Credit Losses on Loans (ACLL) 1.33 1.35 1.34 1.35 1.34 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Our ACLL percentage decreased by 1 basis point vs. the prior quarter to 1.34% (%) Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 143,974$ 1.27% 186,135$ 1.50% 189,277$ 1.49% CRE - Investor 78,743 1.55% 63,342 1.18% 62,454 1.16% CRE - Construction 79,136 3.74% 65,885 3.38% 65,324 3.33% Residential Mortgage 34,931 0.45% 34,096 0.49% 34,815 0.51% Other Consumer 60,756 1.68% 62,332 1.58% 62,748 1.55% Total 397,541$ 1.33% 411,791$ 1.35% 414,618$ 1.34% 9/30/2024 6/30/2025 9/30/2025

14 Net Charge Offs & Provision Total Delinquent Loans Credit Quality Trends $7 $3 $3 $14 $3 $49 $77 $44 $38 $49 $56 $80 $47 $52 $52 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in millions) Accruing Loans 30-89 Days PD $13 $12 $9 $13 $13 $21 $17 $13 $18 $16 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD Total Criticized Loans $128 $123 $135 $113 $106 $688 $751 $740 $888 $1,125 $229 $396 $451 $467 $412 $1,046 $1,271 $1,325 $1,468 $1,643 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in millions) ($ in millions) Nonaccrual Loans $86 $86 $89 $90 $86 $19 $17 $32 $16 $7 $24 $21 $14 $7 $13 $128 $123 $135 $113 $106 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in millions) CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans 3Q 2025 credit quality remained solid with decreases in delinquencies & nonaccruals, stable NCOs

15 1 Projections are on an end of period basis as of and for the year ended 12/31/2025 as compared to 2024 results as of 12/31/2024 unless otherwise noted. 2 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. We have not provided a reconciliation of the projection for core customer deposits to the projection for total deposits due to the low visibility and unpredictability of the components of total deposits necessary for such reconciliation. 3 Adjusted 2024 figures have been provided for noninterest income and noninterest expense to exclude the impact of nonrecurring items incurred as a result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. These figures are non-GAAP financial measures. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 4 Projections are on an end of period basis as of and for the year ended 12/31/2025 as compared to adjusted 2024 results as of 12/31/2024 unless otherwise noted. 5 2025 noninterest income guidance excludes the $7 million loss on mortgage sale incurred in the first quarter of 2025 as a result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. GAAP FY 2024 Result Adjusted FY 2024 Result3 Previous FY 2025 Guidance4 Updated FY 2025 Guidance4 Noninterest Income $(9)M $269M Up 1% to 2%5 Up 5% to 6%5 Noninterest Expense $818M $804M Up 4% to 5% Up 5% to 6% FY 2025 Outlook Previous FY 2025 Guidance1 Updated FY 2025 Guidance1 Total Loans Up 5% to 6% No change Total Deposits Up 1% to 3% No change Core Customer Deposits2 Up 4% to 5% No change Net Interest Income Up 14% to 15% No change Effective Tax Rate 19% to 21% 18% to 19% CET1 Capital Ratio 10% to 10.5% No change

Appendix

17 Stable, Granular Deposit Portfolio 22% 23% 26% 25% 25% 78% 77% 74% 75% 75% $33.8 $34.9 $35.2 $34.2 $34.9 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Period End Deposit Trends (Associated Bank, N.A.) ($ in billions) Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits As of 9/30/2025, ASB’s total liquidity sources covered 179% of uninsured, uncollateralized deposits Liquidity Sources 6/30/2025 9/30/2025 Federal Reserve Balance $735.9 $800.0 FHLB Chicago Capacity $5,026.2 $5,943.7 Fed Discount Window Capacity $5,441.2 $5,725.9 Funding Available Within One Business Day1 $11,203.2 $12,469.6 Fed Funds Lines $1,729.0 $1,419.0 Brokered Deposits Capacity2 $734.6 $697.9 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Available Liquidity $14,666.9 $15,586.5 179% of uninsured, uncollateralized deposits 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Estimated availability based on the Corporation’s current internal funding considerations. ($ in millions)

18 $3.6 $3.8 $3.8 $4.0 $4.0 $7.8 $7.0 $7.0 $6.9 $6.9 $7.2 $7.2 $7.4 $7.3 $7.3 $11.4 $11.7 $12.0 $12.4 $12.7 $30.0 $29.8 $30.3 $30.6 $31.0 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) Average Loan Change (2Q 2025 to 3Q 2025)Period End Quarterly Loan Trends $(282) $(47) $(8) $19 $68 $122 $386 Commercial & Industrial Residential Mortgage Auto Finance CRE-Construction CRE-Investor Additional Quarterly Loan Trends Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer CRE-Owner Occupied Home Equity & Other Consumer Total Loans +$258 (+1%)

19 $1.6 $1.8 $1.9 $1.8 $2.0 $4.2 $4.3 $4.2 $4.1 $4.0 $3.7 $3.7 $3.7 $3.8 $4.0 $5.8 $6.0 $6.1 $5.9 $5.8 $5.1 $5.1 $5.2 $5.3 $5.4 $7.3 $8.0 $7.9 $7.5 $7.8 $5.9 $5.8 $6.1 $5.8 $5.9 $33.6 $34.6 $35.2 $34.1 $34.9 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Period End Quarterly Deposits ($ in billions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs Additional Quarterly Deposit & Funding Trends 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) $(174) $(40) $9 $90 Quarterly Average Funding Change (2Q25 to 3Q25) $(128) $115 $148 $215 $236 Money Market Interest-Bearing Demand Other Wholesale Funding Network Transaction Deposits Brokered CDs Core Customer Deposits1 +$587 (+2%) Wholesale Funding Sources $(115) (-1%) Total Deposits +$503 (+1%) Customer CDs Noninterest-Bearing Demand Savings FHLB Advances

20 Total Loans Outstanding Balances as of September 30, 2025 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 9/30/2025 1 % of Total Loans 9/30/2025 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 2,923$ 9.4% Multi-Family 3,179$ 10.3% Manufacturing & Wholesale Trade 2,781 9.0% Industrial 1,716 5.5% Real Estate (includes REITs) 2,191 7.1% Office 830 2.7% Mortgage Warehouse 647 2.1% Retail 651 2.1% Finance & Insurance 643 2.1% Hotel/Motel 201 0.6% Retail Trade 566 1.8% Single Family Construction 160 0.5% Rental and Leasing Services 558 1.8% Warehouse 152 0.5% Transportation and Warehousing 482 1.6% Medical 142 0.5% Construction 447 1.4% Land 83 0.3% Health Care and Social Assistance 317 1.0% Self Storage 14 0.0% Professional, Scientific, and Tech. Serv. 298 1.0% Other 200 0.6% Information 191 0.6% Total CRE 7,328$ 23.7% Waste Management 176 0.6% Accommodation and Food Services 122 0.4% Consumer Arts, Entertainment, and Recreation 63 0.2% Residential Mortgage 6,858$ 22.2% Educational Services 61 0.2% Auto Finance 3,042 9.8% Management of Companies & Enterprises 53 0.2% Home Equity 698 2.3% Public Administration 15 0.0% Credit Cards 193 0.6% Agriculture, Forestry, Fishing and Hunting 9 0.0% Other 115 0.4% Mining 4 0.0% Total Consumer 10,906$ 35.2% Other 169 0.5% Total C&BL 12,718$ 41.1% Total Loans 30,952$ 100.0%

21 Multi-Family 43% Retail 9% Office 11% Industrial 23% Warehouse 2%Hotel / Motel 3% Other 9% Wisconsin 28% Illinois 19% Minnesota 9% Other Midwest 12% Texas 6% Other 27% Manufacturing & Wholesale Trade 22% Power & Utilities 23% Real Estate 17% Mortgage Warehouse 5% Finance & Insurance 5% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 25% Natural Gas 21% Solar 25% Transmission, Control & Distribution 8% Other 22% Wisconsin 21% Illinois 14% Minnesota 7% Texas 6% Other Midwest 9% Other 42% Wisconsin 20% Illinois 14% Minnesota 9% Other Midwest2 20% Texas 11% Other 25% 2 2 Loan Stratification Outstanding Balances as of September 30, 2025 C&BL by Geography $12.7 billion Power & Utilities Lending $2.9 billion C&BL by Industry $12.7 billion Total Loans1 CRE by Geography $7.3 billion CRE by Property Type $7.3 billion

22 Multi-Family 43% Retail 9% Office 11% Industrial 23% Other 14% Consumer 35% Com'l & Business Lending 41% CRE 24% Wisconsin 20% Illinois 14% Minnesota 9% Other Midwest2 20% Texas 11% Other 25% 1 All updates as of or for the period ended September 30, 2025 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. 4 Calculated on an annualized basis. 5 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. 6 Property class mix determined by third-party vendor partner mapping of portfolio. High-Quality Commercial Real Estate Portfolio1 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 Portfolio LTV 58% 57% 57% 57% 58% Delinquencies3/Loans 0.22% 0.50% 0.03% 0.17% 0.19% NALs/Loans 0.26% 0.23% 0.43% 0.22% 0.10% ACLL/Loans 2.20% 1.99% 1.88% 1.77% 1.74% NCOs/Avg. Loans4 0.00% 0.37% 0.05% 0.45% 0.49% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.15% Top 10 Largest CRE Borrowers 1.29% Largest CRE Property Type (Multi-Fam) 10.27% CRE Office Loans 2.68% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.23x 2025 Remaining Maturities $155 million Central Business District vs. Suburban ~83% Suburban Property Class Mix6 ~53% Class A ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets

23 9/30/2025 % of Total Loans Residential Mortgage $6,858 22.2% Auto Finance $3,042 9.8% Home Equity $698 2.3% Credit Cards $193 0.6% Other $115 0.4% Total Consumer $10,906 35.2% 1 All data as of or for the period ended September 30, 2025 unless otherwise noted. Prime/Super Prime Consumer Loan Portfolio High-Quality Consumer Loan Portfolio1 787 780 792 791 Resi. Mortgage Auto Finance Home Equity Credit Cards 94% of our $10.9 billion consumer loan portfolio is prime / super prime Weighted Avg. Portfolio FICO Scores 87% 8% 6% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)

24 Period End Core Customer Deposits Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Total deposits $34,881,853 $34,147,565 $35,196,713 $34,648,434 $33,554,298 Less: Network transaction deposits 2,013,964 1,792,362 1,882,930 1,758,388 1,566,908 Less: Brokered CDs 3,956,517 4,072,048 4,197,512 4,276,309 4,242,670 Core customer deposits $28,911,371 $28,283,155 $29,116,271 $28,613,737 $27,744,719 Reconciliation & Definitions of Non-GAAP Items 1 The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. Average Core Customer Deposits Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Average total deposits $34,705,887 $34,203,201 $34,833,464 $34,337,468 $33,320,825 Less: Average network transaction deposits 1,933,659 1,843,998 1,847,972 1,690,745 1,644,305 Less: Average brokered CDs 3,916,329 4,089,844 4,315,311 4,514,841 4,247,941 Average core customer deposits $28,855,899 $28,269,359 $28,670,181 $28,131,882 $27,428,578 Tangible Common Equity & Tangible Assets Reconciliation1 ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Common equity $4,674,186 $4,586,669 $4,492,446 $4,411,450 $4,219,125 Less: Goodwill and other intangible assets, net 1,130,044 1,132,247 1,134,450 1,136,653 1,138,855 Tangible common equity for TCE Ratio and TBV / share $3,544,142 $3,454,422 $3,357,996 $3,274,797 $3,080,269 Total assets $44,455,863 $43,993,729 $43,309,136 $43,023,068 $42,210,815 Less: Goodwill and other intangible assets, net 1,130,044 1,132,247 1,134,450 1,136,653 1,138,855 Tangible assets for TCE Ratio $43,325,819 $42,861,482 $42,174,686 $41,886,415 $41,071,960 Period End Loans Reconciliation ($ in thousands) 3Q 2025 Total loans $30,951,964 Mortgage portfolio loans sold in 1Q 2025 694,985 Total adjusted loans $31,646,949

25 Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Net income (loss) available to common equity $121,857 $108,355 $98,812 $(164,490) $85,143 Other intangible amortization, net of tax 1,652 1,652 1,652 1,652 1,652 Adjusted net income (loss) available to common equity for ROATCE1 $123,509 $110,007 $100,464 $(162,838) $86,795 Average common equity $4,627,038 $4,538,549 $4,436,467 $4,334,230 $4,136,615 Less: Average goodwill and other intangible assets, net 1,131,385 1,133,627 1,135,584 1,137,826 1,140,060 Average tangible common equity for ROATCE $3,495,653 $3,404,922 $3,300,883 $3,196,404 $2,996,555 Reconciliation & Definitions of Non-GAAP Items 1 Adjusted net income available to common equity, which is used in the calculation of return on average tangible common equity, adds back other intangible amortization, net of tax. 2 These items classified as nonrecurring items are the result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. Nonrecurring Item Noninterest Income Reconciliation ($ in thousands) YTD Sep 2025 1Q 2025 YTD Dec 2024 4Q 2024 GAAP noninterest income (loss) $207,019 $58,776 $(9,407) $(206,772) Less: Loss on mortgage portfolio sale2 (6,976) (6,976) (130,406) (130,406) Less: Net loss on sale of investments2 - - (148,183) (148,183) Noninterest income, excluding nonrecurring items $213,995 $65,752 $269,182 $71,816 Nonrecurring Item Noninterest Expense Reconciliation ($ in thousands) YTD Dec 2024 4Q 2024 GAAP noninterest expense $818,397 $224,282 Loss on prepayments of FHLB advances2 (14,243) (14,243) Noninterest expense, excluding nonrecurring items $804,154 $210,039

26 Reconciliation & Definitions of Non-GAAP Items 1 Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of the balance sheet repositioning 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. Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Total expense for efficiency ratios reconciliation Noninterest expense $216,202 $209,352 $210,619 $224,282 $200,597 Less: Other intangible amortization 2,203 2,203 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 213,999 207,149 208,416 222,080 198,394 Less: FDIC special assessment - - - - - Less: Announced initiatives1 - - - 14,243 - Total expense for adjusted efficiency ratio $213,999 $207,149 $208,416 $207,836 $198,394 Total revenue for efficiency ratios reconciliation Net interest income $305,222 $300,000 $285,941 $270,289 $262,509 Noninterest income (loss) 81,265 66,977 58,776 (206,772) 67,221 Less: Investment securities gains (losses), net 1 7 4 (148,194) 100 Fully tax-equivalent adjustment 4,222 4,228 4,254 3,680 3,723 Total revenue for fully tax-equivalent efficiency ratio 390,708 371,198 348,968 215,390 333,353 Less: Announced initiatives1 - - (6,976) (130,406) - Total revenue for adjusted efficiency ratio $390,708 $371,198 $355,943 $345,795 $333,353 Efficiency Ratios (expense / revenue) Fully tax-equivalent efficiency ratio 54.77% 55.81% 59.72% 103.11% 59.51% Adjusted efficiency ratio 54.77% 55.81% 58.55% 60.10% 59.51%