Associated Banc : 2026 Fixed Income Investor Presentation

Published: 2026-05-05 08:39:17 ET ASB

Published on 05/05/2026 at 08:39 am EDT

Derek Meyer - EVP, Chief Financial Officer

Derek S. Meyer joined Associated Bank in August 2022 and is the executive vice president and chief financial officer. He is responsible for the company's

financial management. He also serves on the executive leadership team for Associated.

Meyer has over 30 years of experience in banking including 21 years in finance and 12 years in retail and commercial roles. Previously he served as corporate treasurer of Huntington Bank. During his 22-year tenure at Huntington, Meyer held various senior leadership roles and was responsible for crucial finance functions, including treasury, financial planning and analysis, stress testing, mergers and acquisition due diligence, regulatory matters and process and controls implementation. He was also instrumental in driving the bank's financial strategy, expanding revenue and positively impacting margins.

Meyer holds an MBA in finance from Ohio State University Fisher College of Business and a Bachelor of Science degree in economics from Ohio State

University. He previously served on the Volunteers of America OH and IN board of directors.

Andrew Arnold - EVP, Corporate Treasurer

Andrew Arnold joined Associated Bank in 2010 and is the executive vice president and corporate treasurer. He is responsible for management of the bank's

interest rate risk exposure, liquidity, funding and investment portfolio and capital activities.

With nearly 25 years of finance experience, Arnold joined Associated as an asset and liability senior analyst. In 2020, he was promoted to the role of senior vice president, assistant treasurer and director of liability management and most recently served as interim corporate treasurer. Prior to joining Associated, Arnold held senior capital market analyst and corporate treasury and business analyst roles at other financial institutions.

Arnold holds a bachelor's degree in finance from the University of Wisconsin.

Patrick Ahern - EVP, Chief Credit Officer & Chicago Market President

Patrick E. Ahern joined Associated Bank in 2010 and is currently the executive vice president and chief credit officer and Chicago market president. He also serves on the executive leadership team for Associated.

Ahern brings more than 30 years of banking experience to Associated Bank, including multiple leadership roles in commercial real estate and credit functions.

Ahern holds a Master of Business Administration degree with a concentration in real estate from DePaul University and a Bachelor of Science in finance from the University of Wisconsin - Whitewater. He currently sits on the management committee and serves as treasurer for Urban Land Institute - Chicago chapter.

$36B

Deposits

$5B

Equity

$32B

Loans

With origins dating back to 1861, ASB is the largest bank holding company based in Wisconsin2

Branch Footprint

States3

Loan Production Offices

Consumer 35%

Commercial

Average & Business

Lending

Loans 42%

Commercial Real Estate 23%

$46B

Assets

Customer CDs 12%

Brokered CDs 10%

Network

Noninterest-Bearing 17%

Average

Deposits

Savings 16%

MMA

17%

Interest-Bearing 22%

13.02%

Total Capital Ratio

10.47%

CET1 Ratio

~4,000

Employees

184

Branches

1 All figures as of or for the quarter ended March 31, 2026 unless otherwise noted.

2 Based on assets as of December 31, 2025.

3 As of April 1, 2026.

Strong period end C&I loan growth of 5% helped drive total loan growth of 2% in 1Q

Average Quarterly Loans ($ in billions) Period End Loan Change 12/31/25 to 3/31/26 ($ in millions)

$11.7

$12.1

$12.5

$12.7

$13.0

$7.3

$7.5

$7.3

$7.0

$6.9

$6.8

$3.8

$3.9

$4.0

$4.1

1Q 2025

2Q 2025

3Q 2025

4Q 2025

1Q 2026

$30.1 $30.5 $30.8 $31.0 $31.3

Commercial & Industrial CRE-Construction Auto Finance CRE-Investor

CRE-Owner Occupied

$30

$21

$123

$540

$(20) Home Equity & Other Consumer

& Other Consumer

$(66)

Residential Mortgage

Our ACLL increased to $425 million in support of balance sheet growth, while ACLL / total loans decreased 1 bp to 1.34%

ACLL Trends ($ in millions) ACLL / Total Loans

$407

$412

$415

$419

$425

1.34% 1.35% 1.34% 1.35% 1.34%

1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

($ in thousands)

Loan Category

3/31/2025

ACLL ACLL / Loans

12/31/2025

ACLL ACLL / Loans

3/31/2026

ACLL ACLL / Loans

C&BL

$ 172,257

1.43%

$ 198,793

1.53%

$ 208,208

1.54%

CRE - Investor

79,149

1.41%

58,742

1.12%

53,899

1.02%

CRE - Construction

59,873

3.31%

64,542

3.24%

69,810

3.30%

Residential Mortgage

34,160

0.49%

33,644

0.50%

32,739

0.49%

Other Consumer

61,184

1.59%

63,623

1.54%

60,376

1.45%

Total

$ 406,624

1.34%

$ 419,344

1.35%

$ 425,032

1.34%

1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities.

1Q credit quality remained solid with decreasing criticized loans and NCOs / avg. loans (annualized) of 0.07%

Total Delinquent Loans ($ in millions) Nonaccrual Loans ($ in millions)

$135

$47 $52 $52

$61

$88

$14

$113

$32

$16

$13

$7 $7 $20

$89

$90

$86

$85

$83

$106 $100 $111

$14

$49

$38

$44

$58

$85

1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

Total Criticized Loans ($ in millions) Net Charge Offs & Provision ($ in millions)

$1,468 $1,643 $1,478 $1,449

$13

$13 $16

$11

$740

$888

$1,066

$1,067

$1,125

$451

$467

$412

$1,325

$310 $272

$18

$135

$113

$106

$100

$111

1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

Consumer

34%

Total

Loans by Segment

Com'l &

Business Lending 43%

CRE

23%

Wisconsin

20%

Illinois

13%

Retail

Minnesota

Office

10%

CRE by

State

Other

26%

Other

Midwest2

20%

Multi-Family

44%

CRE by Property Type

Industrial

24%

Texas

13%

Other

14%

CRE Credit Quality

1Q 25

2Q 25

3Q 25

4Q 25

1Q 26

Portfolio LTV

57%

58%

57%

Delinquencies3/Loans

0.03%

0.17%

0.19%

0.27%

0.45%

NALs/Loans

0.43%

0.22%

0.10%

0.12%

0.11%

ACLL/Loans

1.88%

1.77%

1.74%

1.70%

1.68%

NCOs/Avg. Loans4

0.05%

0.45%

0.49%

(0.01)%

(0.03)%

CRE Loan Portfolio Granularity

% of Total Loans

Largest Single CRE Borrower

0.16%

Top 10 Largest CRE Borrowers

1.28%

Largest CRE Property Type (Multi-Family)

10.17%

CRE Office Loans

2.35%

WAvg. Debt Service Coverage Ratio5

1.22x

2026 Remaining Maturities

$296 million

Central Business District vs. Suburban

~81% Suburban

Property Class Mix6

~51% Class A

CRE Office Highlights

1 All updates as of or for the period ended March 31, 2026 unless otherwise noted.

2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa.

3 Accruing loans 30-89 days past due + accruing loans 90+ days past due.

4 Calculated on an annualized basis. Negative value represents a net recovery.

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.

Period End Consumer Loans ($ in millions) Prime/Super Prime Consumer Loan Portfolio

Portfolio

FICOs

87%

3/31/2026

% of Total Loans

Residential Mortgage

$6,728

21.2%

Auto Finance

$3,136

9.9%

Home Equity

$706

2.2%

Credit Cards

$195

0.6%

Other

$116

0.3%

Total Consumer

$10,881

34.2%

Weighted Avg. Portfolio FICO Scores

789

783

794

792

Resi. Mortgage Auto Finance Home Equity Credit Cards

1 All data as of or for the period ended March 31, 2026 unless otherwise noted.

Associated Bank, N.A. Period End Deposits ($ in billions) Liquidity Sources ($ in millions)

$35.2

$34.2

$34.9

$35.6

$35.8

74%

75%

74%

26%

25%

26%

12/31/2025

3/31/2026

Federal Reserve Balance

$1,139.4

$915.7

FHLB Chicago Capacity

$6,221.5

$5,574.2

Fed Discount Window Capacity

$6,443.8

$6,506.8

Funding Available Within One Business Day1

$13,804.7

$12,996.7

Fed Funds Lines

$1,846.0

$1,981.0

Brokered Deposits Capacity2

$823.1

$1,529.8

Unsecured Debt Capacity3

$1,000.0

Total Available Liquidity

$17,473.7

$17,507.5

1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

191%

of uninsured,

1 Estimated based on normal course of operations with the indicated institution.

2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits.

3 Estimated availability based on the Corporation's current internal funding considerations.

uncollateralized deposits

We've taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment

Contractual Funding Obligations ($ in billions)

≤ 1 Yr.

1-3 Yrs.

3+ Yrs.

Total

Time Deposits

$8.0

$0.1

$0.0

$8.1

Short-Term Funding

$0.4

FHLB Advances

$3.2

$0.2

$0.0

$3.4

Other Long-Term Funding

$0.6

Total

$11.6

$0.3

$0.6

$12.5

Contractual Swaps Balances2 ($ in billions)

$1.93

$1.53

3.56%

3.61%

3.68%

$2.45 $2.45 $2.45

Estimated NII Sensitivity Profile (%)

(12-Month Ramp, Dynamic Forecast)

6.8

5.1

3.4

3.2

2.6

3.8

1.7

1.4

2.0

-2.3

-4.4

-1.0

-1.9

-0.6-1.5

-1.4

-3.1

10.4

1Q 2026 2Q 2026 3Q 2026 4Q 2026 1Q 2027

-14.9 -14.9

1Q 2022 3

1Q 2023 1Q 2024 1Q 2025 1Q 2026

1 All updates as of or for the period ended March 31, 2026 unless otherwise noted.

2 Includes $50 million of forward starting swaps.

3 In both the down 100 and down 200 for 1Q 2022, scenario rates are floored at zero.

Up 200 bps

We've continued to manage our cash & investment securities levels in proportion to broader balance sheet growth

Period End Investment Securities ($ in billions) Period End Securities + Cash / Total Assets

$3.6

$5.0

$4.8

$8.7

$0.2

$0.3

$5.2

$5.4

$3.7

$3.6

$0.3

$3.7

$5.5

We continue to target securities + cash / total assets of 22% to 24% in 2026

$9.0 $9.1 $9.3 $9.4

20.5%

20.6%

20.1%

20.5%

3.8%

23.0% 23.4% 23.4% 24.3% 23.7%

2.9% 2.9% 2.9%

3.1%

1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

We continue to target a CET1 range of 10% to 10.75% in 2026

Regulatory Capital Ratios (%) Additional Capital Ratios (%)

12.75

13.02

10.37 10.43 10.51 10.58 10.54

7.96

8.06

8.18

8.29

8.27

10.68

11.01

10.11

10.47

1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

Per Common Share Data ($)

Tangible Common Equity / Tangible Assets (TCE Ratio)1

20.25

20.84

21.36

22.01

22.23

27.09 27.67 28.17 28.81 29.04

CET1 Tier 1 Capital Total Capital 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Growing Customer Households With a Best-in-Class Value Proposition

Investing in Top Talent to Drive Sustained Commercial Growth

Accelerating Growth in Major Metropolitan Markets in 2026

Improved product set

Successful Mass Affluent program

Enhanced marketing acquisition capabilities

Continuous cadence of digital enhancements

Increased relationship managers (RMs) by 44% from 4Q 2021 to 4Q 2025

Sharpened relationship focus

Launched several new loan & deposit verticals

Opened Kansas City office in 2025

American National acquisition provides entry into Omaha; deepens presence in Twin Cities

Expect to increase marketing acquisition spend

by >100% in Omaha & Twin Cities

Expanding commercial team in Kansas City

Expanding commercial presence in Dallas

Advancing market share in Milwaukee &

Chicago

ASB posted record annual net income available to common equity of $463 million in 2025

FY 2025 Highlights1,2

Total Loan Growth

Total C&I Loan Growth

Total Deposit Growth

Core Customer Deposit Growth3

Net Interest Income Growth

Net Interest Margin Expansion

Noninterest Income Growth

Adj. Noninterest Income Growth3

CET1 Ratio

4Q 2024 to 4Q 2025

NCOs / Average Loans

Return on Average Equity

Return on Average Tangible Common Equity3

1 All figures shown as of and for the period ended December 31, 2025 unless otherwise noted.

2 Growth represents FY 2025 results as compared to FY 2024 results unless otherwise noted.

3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Bolstered

Key Leadership

Expanded

Commercial Presence

Enhanced Consumer

Value Proposition

Repositioned

Balance Sheet

Maintained Strong Risk

Management Culture

Period End C&I Loans ($ in billions)

Net Interest Margin (%)

Efficiency Ratio (%)

$11.8

$7.7

3.03

2.53

63.20

59.66

56.29

56.01

2020 2025

FY 2020 FY 2025

Period End Res. Mortgage Loans / Total Loans (%)

Net Charge Offs / Average Loans (%)

Return on Average Equity (%)

Adjusted1

2020 2025

0.10 0.00

32.2

21.8

0.16

0.12

0.23

0.41

2020 2021 2022 2023 2024 2025

7.78

9.95

12.31

13.63

FY 2020 FY 2025

1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

ROAE

ROATCE1

We're attracting & deepening relationships with a best-in-class value proposition that continues to improve

Modern digital banking experience with improved UX, enhanced security & financial wellness tools

Launched successful Mass Affluent strategy

Added product benefits including Early Pay

Improved marketing acquisition capabilities

Nov. 2025: Launched upgraded Emerald Choice & Emerald Private Choice checking products

Customer Checking Household Growth Trend1

1.0%

0.0%

(1-3)%

1.4%

Jan. 2026: Launched Automated Savings & Privacy Defender features in digital banking

2016-2022

2023 2024 2025

1 Total bank checking household growth includes consumer, business & private wealth households.

A multi-year expansion of our commercial team has positioned us to grow & take market share in key metros

Added top talent in key leadership roles

Phillip Trier, EVP, Head of Corporate & Commercial Banking

Neil Riegelman, SVP, Commercial Banking Segment Leader

Michael Lebens, SVP, Commercial Banking Segment Leader

Matthew Flynn, SVP, Commercial Banking Segment Leader

Eric Lien, SVP, Director of TM Sales & Client Experience

Expanded capabilities

Asset-Based Lending & Equipment Finance

Specialty Deposit and Payment Solutions

Sharpened relationship focus

Incentive plans adjusted to emphasize whole relationships

Services include financing, employee benefits, treasury management, wealth management & capital markets

Opened Kansas City office in 2025

Period End Commercial Growth Trends

($ in billions)

115 115

$11.8

$9.8

$9.7

$10.6

$8.5

2021 2022 2023 2024 2025

Increased RMs by 44% from 4Q 2021 to 4Q 2025

Disclaimer

Associated Banc-Corp published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 12:38 UTC.