Document

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

Associated Banc-Corp Reports Third Quarter 2026 Earnings of $0.76 Per Common Share, or $0.81 Per Common Share1 Excluding Nonrecurring Items Recognized During the Quarter

Results fueled by deposit growth, margin expansion, enhanced profitability, and improving return profile.

GREEN BAY, Wis. -- October 22, 2026 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $144 million, or $0.76 per common share, for the quarter ended September 30, 2026. These amounts compare to earnings of $121 million, or $0.63 per common share, for the quarter ended June 30, 2026 and earnings of $122 million, or $0.73 per common share, for the quarter ended September 30, 2025.

The Company's results for the quarter ended September 30, 2026 were impacted by several nonrecurring expenses associated with the acquisition of American National Corporation that closed on April 1, 2026. Excluding the impact of these nonrecurring items, the Company reported adjusted earnings of $154 million, or $0.81 per common share1.

“Across the Company, we remain focused on attracting and deepening relationships to drive sustainable organic growth, enhance our profitability and improve our return profile,” said President & CEO Andy Harmening. “In the third quarter, we maintained our momentum with strong core customer deposit1 growth, net interest margin expansion, fee income growth, and a strong bottom line--all of which gave us the confidence to execute $100 million in share repurchases during the quarter. We also recently completed the conversion of American National Corporation, giving us another lever to drive organic growth in attractive markets like Omaha and the Twin Cities.”

“Our Company is on an upward trajectory, and our leadership team is currently finalizing plans for the next wave of strategic initiatives to sustain our momentum into 2027 and beyond. We look forward to sharing additional information in the coming months.”

Third Quarter 2026 Highlights

•Period end total loans of $36.5 billion (+0.1% vs. 2Q 2026; +18% vs. 3Q 2025)

•Period end commercial & industrial loans of $13.8 billion (+0.4% vs. 2Q 2026; +19% vs. 3Q 2025)

•Period end total deposits of $40.4 billion (+1% vs. 2Q 2026; +16% vs. 3Q 2025)

•Period end core customer deposits1 of $34.8 billion (+2% vs. 2Q 2026; +21% vs. 3Q 2025)

•Net interest income of $377 million (+2% vs. 2Q 2026; +24% vs. 3Q 2025)

•Net interest margin of 3.20%

•Noninterest income of $87 million

•Noninterest expense of $260 million

•Provision for credit losses of $14 million

•Allowance for credit losses on loans / total loans of 1.34%

•Net charge offs / average loans (annualized) of 0.19%

•Repurchased $100 million (3.2 million shares) of ASB common stock at a weighted avg. share price of $30.88

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

Loans

Third quarter 2026 average total loans of $36.2 billion increased 1%, or $327 million, from the prior quarter and increased 18%, or $5.4 billion, from the same period last year. With respect to third quarter 2026 average balances by loan category:

•Commercial and business lending increased $227 million from the prior quarter and increased $2.5 billion from the same period last year to $15.0 billion.

•Commercial real estate lending increased $161 million from the prior quarter and increased $1.8 billion from the same period last year to $9.1 billion.

•Consumer lending decreased $61 million from the prior quarter and increased $1.1 billion from the same period last year to $12.1 billion.

Third quarter 2026 period end total loans of $36.5 billion increased $53 million from the prior quarter and increased 18%, or $5.6 billion, from the same period last year. With respect to third quarter 2026 period end balances by loan category:

•Commercial and business lending increased $80 million from the prior quarter and increased $2.7 billion from the same period last year to $15.4 billion.

•Commercial real estate lending increased $57 million from the prior quarter and increased $1.8 billion from the same period last year to $9.1 billion.

•Consumer lending decreased $85 million from the prior quarter and increased $1.1 billion from the same period last year to $12.0 billion.

We continue to expect 2026 period end loan growth of 18% to 20% as compared to Associated's standalone results for the year ended December 31, 2025.

Deposits

Third quarter 2026 average deposits of $41.0 billion increased 1%, or $584 million, from the prior quarter and increased 18%, or $6.3 billion, from the same period last year. With respect to third quarter 2026 average balances by deposit category:

•Noninterest-bearing demand deposits increased $309 million from the prior quarter and increased $1.6 billion from the same period last year to $7.4 billion.

•Savings increased $141 million from the prior quarter and increased $850 million from the same period last year to $6.2 billion.

•Interest-bearing demand deposits increased $315 million from the prior quarter and increased $1.1 billion from the same period last year to $9.0 billion.

•Money market deposits decreased $23 million from the prior quarter and increased $1.8 billion from the same period last year to $7.6 billion.

•Brokered CDs decreased $165 million from the prior quarter and increased $4 million from the same period last year to $3.9 billion.

•Other time deposits increased $17 million from the prior quarter and increased $1.0 billion from the same period last year to $5.0 billion.

•Network transaction deposits decreased $11 million from the prior quarter and decreased $65 million from the same period last year to $1.9 billion.

•Core customer deposits1 increased $760 million from the prior quarter and increased $6.3 billion from the same period last year to $35.2 billion.

Third quarter 2026 period end deposits of $40.4 billion increased 1%, or $450 million, from the prior quarter and increased 16%, or $5.5 billion, from the same period last year. With respect to third quarter 2026 period end balances by deposit category:

•Noninterest-bearing demand deposits increased $6 million from the prior quarter and increased $1.0 billion from the same period last year to $6.9 billion.

•Savings increased $44 million from the prior quarter and increased $835 million from the same period last year to $6.2 billion.

•Interest-bearing demand deposits increased $398 million from the prior quarter and increased $1.3 billion from the same period last year to $9.1 billion.

•Money market deposits increased $41 million from the prior quarter and increased $1.9 billion from the same period last year to $7.7 billion.

•Brokered CDs decreased $144 million from the prior quarter and decreased $166 million from the same period last year to $3.8 billion.

•Other time deposits increased $181 million from the prior quarter and increased $917 million from the same period last year to $5.0 billion.

•Network transaction deposits decreased $78 million from the prior quarter and decreased $269 million from the same period last year to $1.7 billion.

•Core customer deposits1 increased $671 million from the prior quarter and increased $5.9 billion from the same period last year to $34.8 billion.

We continue to expect 2026 period end total deposit growth of 17% to 19% and period end core customer deposit growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.

Net Interest Income and Net Interest Margin

Third quarter 2026 net interest income of $377 million increased $7 million from the prior quarter and increased $72 million from the same period last year. The net interest margin of 3.20% was a 3 basis point increase from the prior quarter and a 16 basis point increase from the same period last year.

•The average yield on total loans for the third quarter of 2026 remained flat from the prior quarter and decreased 22 basis points from the same period last year to 5.67%.

•The average cost of total interest-bearing liabilities for the third quarter of 2026 increased 1 basis point from the prior quarter and decreased 36 basis points from the same period last year to 2.67%.

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

•The net free funds benefit for the third quarter of 2026 increased 1 basis point from the prior quarter and decreased 4 basis points from the same period last year to 0.53%.

We continue to expect 2026 net interest income growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.

Noninterest Income

Third quarter 2026 total noninterest income of $87 million increased $7 million from the prior quarter and increased $6 million from the same period last year. With respect to third quarter 2026 noninterest income line items:


•Wealth management fees decreased slightly from the prior quarter and increased $1 million from the same period last year.
•Service charges and deposit account fees increased $1 million from the prior quarter and increased $3 million from the same period last year.
•Card-based fees increased slightly from the prior quarter and increased $2 million from the same period last year.

•Capital markets, net increased $3 million from the prior quarter and decreased slightly from the same period last year.
•Mortgage banking, net decreased $1 million from the prior quarter and decreased $2 million from the same period last year.

•Asset gains, net increased $2 million from the prior quarter and decreased $1 million from the same period last year.

We now expect total noninterest income growth of 12% to 14% in 2026 as compared to Associated's standalone results for the year ended December 31, 2025.

Noninterest Expense

Third quarter 2026 total noninterest expense of $260 million decreased $12 million from the prior quarter and increased $44 million from the same period last year. Third quarter 2026 total noninterest expense included $13 million of nonrecurring costs associated with the acquisition of American National Corporation, which closed on April 1, 2026. With respect to third quarter 2026 noninterest expense line items:


•Personnel expense decreased $7 million from the prior quarter and increased $18 million from the same period last year.
•Technology expense increased $10 million from the prior quarter and increased $14 million from the same period last year.



•Legal and professional expense decreased $8 million from the prior quarter and increased $4 million from the same period last year.


•Other intangible amortization remained flat from the prior quarter and increased $5 million from the same period last year.
•Other noninterest expense decreased $10 million from the prior quarter and decreased $4 million from the same period last year.

We now expect 2026 noninterest expense growth of 19% to 20% as compared to Associated's standalone results for the year ended December 31, 2025. This figure includes nonrecurring costs incurred in connection with the acquisition of American National Corporation.

Taxes

Third quarter 2026 income tax expense was $43 million, compared to $36 million of income tax expense in the prior quarter and $30 million of income tax expense in the same period last year. The effective tax rate for the third quarter of 2026 was 22.86%, compared to 22.37% in the prior quarter and 19.16% in the same period last year.

We now expect the annual effective tax rate to be between 20% and 22% in 2026.

Credit

Third quarter 2026 provision for credit losses on loans was $14 million, compared to a provision of $19 million in the prior quarter and a provision of $16 million in the same period last year. With respect to third quarter 2026 credit quality:

•Nonaccrual loans of $183 million increased $33 million from the prior quarter and increased $77 million from the same period last year. The nonaccrual loans to total loans ratio was 0.50% in the third quarter, up from 0.41% in the prior quarter and up from 0.34% in the same period last year.

•Third quarter 2026 net charge offs of $18 million decreased compared to net charge offs of $23 million in the prior quarter and increased compared to net charge offs of $13 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $491 million decreased $4 million compared to the prior quarter and increased $76 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the third quarter, down from 1.36% in the prior quarter and flat vs. 1.34% in the same period last year.

In 2026, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.

Capital

During the third quarter of 2026, the Company repurchased $100 million (3.2 million shares) of common stock at a weighted average share price of $30.88. The Company’s capital position remains strong, with a CET1 capital ratio of 10.38% at September 30, 2026. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

THIRD QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 22, 2026. 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 third quarter 2026 earnings call. The third quarter 2026 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 $51 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 over 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and Nebraska. 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)	September 30, 2026		June 30, 2026		Sequential Quarter Change		March 31, 2026		December 31, 2025		September 30, 2025		Comparable Quarter Change
Assets
Cash and due from banks	$	644,519	$	548,057	$	96,462	$	465,318	$	574,698	$	490,431	$	154,088
Interest-bearing deposits in other financial institutions	982,850		1,268,379		(285,529)		920,684		1,144,123		802,251		180,599
Federal funds sold and securities purchased under agreements to resell	100		14,355		(14,255)		175		1,400		90		10
Available for sale (AFS) investment securities, net, at fair value	6,198,828		6,366,586		(167,758)		5,514,456		5,397,563		5,217,278		981,550
Held to maturity (HTM) investment securities, net, at amortized cost	3,462,166		3,510,726		(48,560)		3,570,843		3,602,519		3,636,080		(173,914)
Equity securities	30,043		29,960		83		26,109		26,060		26,000		4,043
Regulatory stocks, at cost	304,330		329,436		(25,106)		290,189		252,514		251,642		52,688
Residential loans held for sale	66,770		94,490		(27,720)		87,461		72,499		74,563		(7,793)
Commercial loans held for sale	—		15,000		(15,000)		—		—		—		—
Loans	36,519,871		36,467,040		52,831		31,798,164		31,163,614		30,951,964		5,567,907
Allowance for loan losses	(441,124)		(443,729)		2,605		(385,756)		(378,068)		(378,341)		(62,783)
Loans, net	36,078,747		36,023,311		55,436		31,412,408		30,785,546		30,573,623		5,505,124
Tax credit and other investments	242,894		235,536		7,358		230,954		236,657		245,239		(2,345)
Premises and equipment, net	447,112		449,003		(1,891)		376,760		381,624		384,139		62,973
Bank and corporate owned life insurance	717,175		717,116		59		694,765		694,452		693,511		23,664
Goodwill	1,147,081		1,147,081		—		1,104,992		1,104,992		1,104,992		42,089
Other intangible assets, net	110,059		116,953		(6,894)		20,647		22,849		25,052		85,007
Mortgage servicing rights, net	94,919		87,683		7,236		87,599		86,337		85,063		9,856
Interest receivable	183,595		181,916		1,679		161,021		161,118		168,451		15,144
Other assets	688,664		676,918		11,746		629,359		657,645		677,458		11,206
Total assets	$	51,399,852	$	51,812,506	$	(412,654)	$	45,593,740	$	45,202,596	$	44,455,863	$	6,943,989
Liabilities and stockholders' equity
Noninterest-bearing demand deposits	$	6,914,688	$	6,908,338	$	6,350	$	6,125,067	$	6,126,632	$	5,906,251	$	1,008,437
Interest-bearing deposits	33,466,262		33,022,917		443,345		29,606,698		29,425,976		28,975,602		4,490,660
Total deposits	40,380,950		39,931,255		449,695		35,731,765		35,552,608		34,881,853		5,499,097
Federal funds purchased and securities sold under agreements to repurchase	266,329		529,276		(262,947)		395,652		307,864		399,665		(133,336)
FHLB advances	3,961,112		4,574,681		(613,569)		3,421,762		3,268,094		3,220,679		740,433
Senior and subordinated debt	589,168		591,080		(1,912)		592,629		594,276		594,074		(4,906)
Allowance for unfunded commitments	49,744		50,744		(1,000)		39,276		41,276		36,276		13,468
Accrued expenses and other liabilities	676,917		497,347		179,570		414,784		463,131		455,019		221,898
Total liabilities	45,924,220		46,174,383		(250,163)		40,595,868		40,227,249		39,587,565		6,336,655
Stockholders' equity
Preferred equity	194,112		194,112		—		194,112		194,112		194,112		—






Common equity	5,281,520		5,444,011		(162,491)		4,803,760		4,781,235		4,674,186		607,334
Total stockholders' equity	5,475,632		5,638,123		(162,491)		4,997,872		4,975,347		4,868,298		607,334
Total liabilities and stockholders' equity	$	51,399,852	$	51,812,506	$	(412,654)	$	45,593,740	$	45,202,596	$	44,455,863	$	6,943,989

Numbers may not recalculate due to rounding conventions.


Associated Banc-Corp Consolidated Statements of Income (Unaudited)					Comparable Quarter				Year to Date (YTD)				Comparable YTD
(Dollars and shares in thousands, except per share data)	3Q26		3Q25		Dollar Change		Percentage Change		September 2026		September 2025		Dollar Change		Percentage Change
Interest income
Interest and fees on loans	$	516,411	$	455,623	$	60,788	13	%	$	1,449,927	$	1,336,703	$	113,224	8	%
Interest and dividends on investment securities
Taxable	87,551		73,727		13,824		19	%	251,574		214,689		36,885		17	%
Tax-exempt	13,510		13,888		(378)		(3)	%	40,972		41,746		(774)		(2)	%
Other interest	16,109		13,353		2,756		21	%	42,444		35,274		7,170		20	%
Total interest income	633,581		556,591		76,990		14	%	1,784,917		1,628,412		156,505		10	%
Interest expense
Interest on deposits	208,601		202,344		6,257		3	%	587,639		609,139		(21,500)		(4)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	3,008		2,107		901		43	%	10,826		7,733		3,093		40	%
Interest on FHLB advances	34,138		35,965		(1,827)		(5)	%	100,760		86,944		13,816		16	%
Interest on senior and subordinated debt	10,231		10,741		(510)		(5)	%	30,556		32,526		(1,970)		(6)	%
Interest on other interest-bearing liabilities	352		212		140		66	%	657		907		(250)		(28)	%
Total interest expense	256,330		251,369		4,961		2	%	730,438		737,250		(6,812)		(1)	%
Net interest income	377,251		305,222		72,029		24	%	1,054,479		891,163		163,316		18	%
Provision for credit losses	14,005		16,000		(1,995)		(12)	%	44,394		46,999		(2,605)		(6)	%
Net interest income after provision for credit losses	363,246		289,223		74,023		26	%	1,010,085		844,164		165,921		20	%
Noninterest income
Wealth management fees	26,161		25,315		846		3	%	77,596		70,837		6,759		10	%
Service charges and deposit account fees	16,793		13,861		2,932		21	%	46,709		39,822		6,887		17	%
Card-based fees	14,549		12,308		2,241		18	%	40,289		33,950		6,339		19	%
Other fee-based revenue	6,630		5,414		1,216		22	%	17,250		15,659		1,591		10	%
Capital markets, net	10,702		10,764		(62)		(1)	%	24,720		20,873		3,847		18	%
Mortgage banking, net	1,765		3,541		(1,776)		(50)	%	10,653		11,577		(924)		(8)	%
Loss on mortgage portfolio sale	—		—		—		—	%	—		(6,976)		6,976		(100)	%
Bank and corporate owned life insurance	4,691		4,051		640		16	%	13,122		13,391		(269)		(2)	%
Asset gains, net	2,676		3,340		(664)		(20)	%	4,305		727		3,578		492	%
Investment securities (losses) gains, net	(46)		1		(47)		N/M		(40)		13		(53)		(408)	%

Other	3,210		2,670		540		20	%	8,783		7,147		1,636		23	%
Total noninterest income	87,131		81,265		5,866		7	%	243,387		207,019		36,368		18	%
Noninterest expense
Personnel	153,714		135,703		18,011		13	%	450,054		386,593		63,461		16	%
Technology	42,725		28,590		14,135		49	%	105,328		82,237		23,091		28	%
Occupancy	15,552		12,757		2,795		22	%	43,369		40,782		2,587		6	%
Business development and advertising	9,477		8,362		1,115		13	%	25,851		22,496		3,355		15	%
Equipment	5,480		4,368		1,112		25	%	16,514		13,389		3,125		23	%
Legal and professional	9,053		5,232		3,821		73	%	33,228		17,989		15,239		85	%
Loan and foreclosure costs	2,039		1,638		401		24	%	5,298		6,937		(1,639)		(24)	%
FDIC assessment	11,802		9,980		1,822		18	%	31,234		30,124		1,110		4	%
Other intangible amortization	6,894		2,203		4,691		213	%	15,990		6,608		9,382		142	%

Other	3,606		7,369		(3,763)		(51)	%	24,520		29,017		(4,497)		(15)	%
Total noninterest expense	260,342		216,202		44,140		20	%	751,386		636,173		115,213		18	%
Income before income taxes	190,035		154,286		35,749		23	%	502,086		415,010		87,076		21	%
Income tax expense	43,449		29,554		13,895		47	%	112,301		77,362		34,939		45	%
Net income	146,586		124,732		21,854		18	%	389,785		337,648		52,137		15	%
Preferred stock dividends	2,875		2,875		—		—	%	8,625		8,625		—		—	%
Net income available to common equity	$	143,711	$	121,857	$	21,854	18	%	$	381,160	$	329,023	$	52,137	16	%

Pre-tax pre-provision income(a)	204,040		170,286		33,754		20	%	546,480		462,009		84,471		18	%
Earnings per common share
Basic	$	0.77	$	0.73	$	0.04	5	%	$	2.11	$	1.98	$	0.13	7	%
Diluted	$	0.76	$	0.73	$	0.03	4	%	$	2.09	$	1.96	$	0.13	7	%
Average common shares outstanding
Basic	186,685		165,029		21,656		13	%	180,034		165,064		14,970		9	%
Diluted	188,500		166,703		21,797		13	%	181,782		166,645		15,137		9	%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

Prior periods have been adjusted to conform with current period presentation.

(a) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.


Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
(Dollars and shares in thousands, except per share data)					Sequential Quarter
	3Q26		2Q26		Dollar Change		Percentage Change		1Q26		4Q25		3Q25
Interest income
Interest and fees on loans	$	516,411	$	506,528	$	9,883	2	%	$	426,989	$	445,687	$	455,623
Interest and dividends on investment securities
Taxable	87,551		88,347		(796)		(1)	%	75,676		73,511		73,727
Tax-exempt	13,510		13,725		(215)		(2)	%	13,738		13,851		13,888
Other interest	16,109		14,694		1,415		10	%	11,641		11,294		13,353
Total interest income	633,581		623,294		10,287		2	%	528,044		544,343		556,591
Interest expense
Interest on deposits	208,601		203,765		4,836		2	%	175,273		194,778		202,344
Interest on federal funds purchased and securities sold under agreements to repurchase	3,008		4,085		(1,077)		(26)	%	3,732		2,682		2,107
Interest on FHLB advances	34,138		35,052		(914)		(3)	%	31,570		26,309		35,965
Interest on senior and subordinated debt	10,231		10,163		68		1	%	10,163		10,483		10,741
Interest on other interest-bearing liabilities	352		190		162		85	%	116		110		212
Total interest expense	256,330		253,255		3,075		1	%	220,854		234,362		251,369
Net interest income	377,251		370,039		7,212		2	%	307,190		309,981		305,222
Provision for credit losses	14,005		19,388		(5,383)		(28)	%	11,001		6,998		16,000
Net interest income after provision for credit losses	363,246		350,651		12,595		4	%	296,189		302,983		289,223
Noninterest income
Wealth management fees	26,161		26,217		(56)		—	%	25,219		25,742		25,315
Service charges and deposit account fees	16,793		15,863		930		6	%	14,054		13,827		13,861
Card-based fees	14,549		14,161		388		3	%	11,579		12,679		12,308
Other fee-based revenue	6,630		5,758		872		15	%	4,862		5,557		5,414
Capital markets, net	10,702		7,476		3,226		43	%	6,543		11,175		10,764
Mortgage banking, net	1,765		2,777		(1,012)		(36)	%	6,111		2,926		3,541

Bank and corporate owned life insurance	4,691		4,615		76		2	%	3,816		3,804		4,051
Asset gains, net	2,676		789		1,887		239	%	840		838		3,340
Investment securities (losses) gains, net	(46)		35		(81)		(231)	%	(28)		37		1

Other	3,210		2,707		503		19	%	2,861		2,799		2,670
Total noninterest income	87,131		80,398		6,733		8	%	75,857		79,384		81,265
Noninterest expense
Personnel	153,714		161,168		(7,454)		(5)	%	135,172		135,130		135,703
Technology	42,725		32,867		9,858		30	%	29,736		28,641		28,590
Occupancy	15,552		14,091		1,461		10	%	13,725		14,229		12,757
Business development and advertising	9,477		8,548		929		11	%	7,827		9,118		8,362
Equipment	5,480		5,423		57		1	%	5,610		6,888		4,368
Legal and professional	9,053		17,454		(8,401)		(48)	%	6,721		5,945		5,232
Loan and foreclosure costs	2,039		1,552		487		31	%	1,707		1,327		1,638
FDIC assessment	11,802		10,595		1,207		11	%	8,837		6,589		9,980
Other intangible amortization	6,894		6,894		—		—	%	2,203		2,203		2,203

Other	3,606		13,290		(9,684)		(73)	%	7,625		9,396		7,369
Total noninterest expense	260,342		271,882		(11,540)		(4)	%	219,163		219,466		216,202
Income before income taxes	190,035		159,167		30,868		19	%	152,883		162,901		154,286
Income tax expense	43,449		35,603		7,846		22	%	33,248		25,772		29,554
Net income	146,586		123,564		23,022		19	%	119,635		137,129		124,732
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		2,875
Net income available to common equity	$	143,711	$	120,689	$	23,022	19	%	$	116,760	$	134,254	$	121,857

Pre-tax pre-provision income(a)	204,040		178,555		25,485		14	%	163,884		169,899		170,286
Earnings per common share
Basic	$	0.77	$	0.64	$	0.13	20	%	$	0.70	$	0.81	$	0.73
Diluted	$	0.76	$	0.63	$	0.13	21	%	$	0.70	$	0.80	$	0.73
Average common shares outstanding
Basic	186,685		188,084		(1,399)		(1)	%	165,097		165,126		165,029
Diluted	188,500		189,899		(1,399)		(1)	%	166,561		166,746		166,703

Numbers may not recalculate due to rounding conventions.

Prior periods have been adjusted to conform with current period presentation.

(a) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.


Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	September 30, 2026						June 30, 2026						September 30, 2025(a)
(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	$	13,419,967	$	203,370	6.01	%	$	13,185,643	$	197,248	6.00	%	$	11,367,533	$	187,046	6.53	%
Commercial real estate—owner occupied	1,570,109		22,270		5.63	%	1,577,489		22,000		5.59	%	1,105,787		15,827		5.68	%
Commercial and business lending	14,990,076		225,640		5.97	%	14,763,132		219,248		5.96	%	12,473,319		202,873		6.45	%
Commercial real estate—investor	6,464,811		98,026		6.02	%	6,502,707		99,131		6.11	%	5,300,765		87,114		6.52	%
Real estate construction	2,609,406		44,332		6.74	%	2,410,500		40,425		6.73	%	1,991,565		36,770		7.32	%
Commercial real estate lending	9,074,217		142,358		6.23	%	8,913,207		139,556		6.28	%	7,292,330		123,884		6.74	%
Total commercial	24,064,293		367,998		6.07	%	23,676,339		358,804		6.08	%	19,765,649		326,757		6.56	%
Residential mortgage	6,849,299		65,911		3.85	%	6,916,754		65,963		3.81	%	6,987,858		65,553		3.75	%
Auto finance	4,082,986		59,941		5.82	%	4,044,290		58,768		5.83	%	3,000,978		42,230		5.58	%
Home equity	836,914		13,391		6.39	%	817,378		13,096		6.41	%	690,330		12,641		7.32	%
Other consumer	363,543		9,665		10.55	%	415,476		10,388		10.03	%	305,644		8,972		11.65	%
Total consumer	12,132,742		148,908		4.89	%	12,193,898		148,215		4.87	%	10,984,811		129,396		4.70	%
Total loans	36,197,035		516,906		5.67	%	35,870,237		507,019		5.67	%	30,750,460		456,153		5.89	%
Investments
Taxable securities	7,963,260		87,551		4.40	%	8,153,435		88,347		4.33	%	6,767,664		73,727		4.36	%
Tax-exempt securities(b)	1,941,019		17,101		3.52	%	1,971,946		17,373		3.52	%	1,997,416		17,580		3.52	%
Other short-term investments	1,401,842		16,109		4.56	%	1,291,636		14,694		4.56	%	1,046,723		13,353		5.06	%
Total investments	11,306,121		120,761		4.27	%	11,417,017		120,414		4.22	%	9,811,804		104,660		4.26	%
Total earning assets and related interest income	47,503,156		$	637,667	5.34	%	47,287,254		$	627,433	5.32	%	40,562,264		$	560,813	5.50	%
Other assets, net	4,096,534						3,948,588						3,452,939
Total assets	$	51,599,690					$	51,235,842					$	44,015,203
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	6,187,886	$	21,207	1.36	%	$	6,046,605	$	19,815	1.31	%	$	5,338,129	$	19,042	1.42	%
Interest-bearing demand	9,035,081		40,602		1.78	%	8,720,180		37,161		1.71	%	7,898,770		44,763		2.25	%
Money market	7,619,006		46,757		2.43	%	7,641,652		45,976		2.41	%	5,860,802		38,061		2.58	%
Network transaction deposits	1,869,045		17,727		3.76	%	1,879,876		17,459		3.73	%	1,933,659		21,276		4.37	%
Brokered CDs	3,920,540		39,334		3.98	%	4,085,995		40,487		3.97	%	3,916,329		42,878		4.34	%
Other time deposits	4,963,185		42,974		3.44	%	4,945,821		42,867		3.48	%	3,961,522		36,323		3.64	%
Total interest-bearing deposits	33,594,743		208,601		2.46	%	33,320,129		203,765		2.45	%	28,909,211		202,344		2.78	%
Federal funds purchased and securities sold under agreements to repurchase	337,397		3,008		3.54	%	460,414		4,085		3.56	%	227,460		2,107		3.68	%
FHLB advances	3,528,243		34,138		3.84	%	3,733,950		35,052		3.77	%	3,181,903		35,965		4.48	%
Senior and subordinated debt	590,928		10,231		6.93	%	592,195		10,163		6.86	%	593,045		10,741		7.24	%

Other interest-bearing liabilities	35,181		352		3.97	%	16,430		190		4.64	%	19,276		212		4.36	%
Total funding	4,491,749		47,729		4.22	%	4,802,989		49,490		4.13	%	4,021,685		49,025		4.85	%
Total interest-bearing liabilities and related interest expense	38,086,492		$	256,330	2.67	%	38,123,118		$	253,255	2.66	%	32,930,896		$	251,369	3.03	%
Noninterest-bearing demand deposits	7,371,331						7,062,098						5,796,676
Other liabilities	484,357						422,642						466,482
Stockholders’ equity	5,657,510						5,627,984						4,821,150
Total liabilities and stockholders’ equity	$	51,599,690					$	51,235,842					$	44,015,203
Interest rate spread					2.67	%					2.65	%					2.47	%
Net free funds					0.53	%					0.52	%					0.57	%
Fully tax-equivalent net interest income and net interest margin			$	381,337	3.20	%			$	374,178	3.17	%			$	309,444	3.04	%
Fully tax-equivalent adjustment			(4,086)						(4,139)						(4,222)
Net interest income			$	377,251					$	370,039					$	305,222

Numbers may not recalculate due to rounding conventions.

(a)Prior period has 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)Loans held for sale have been included in the average balances.


Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
	Nine Months Ended September 30,
	2026						2025(a)
(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	$	12,800,123	$	573,125	5.99	%	$	10,980,230	$	536,786	6.54	%
Commercial real estate—owner occupied	1,447,492		60,238		5.56	%	1,120,206		48,042		5.73	%
Commercial and business lending	14,247,615		633,363		5.94	%	12,100,436		584,828		6.46	%
Commercial real estate—investor	6,085,950		275,310		6.05	%	5,432,417		265,772		6.54	%
Real estate construction	2,360,444		118,800		6.73	%	1,920,292		104,598		7.28	%
Commercial real estate lending	8,446,394		394,110		6.24	%	7,352,709		370,370		6.73	%
Total commercial	22,694,009		1,027,473		6.05	%	19,453,145		955,197		6.56	%
Residential mortgage	6,866,076		196,514		3.82	%	7,091,945		197,371		3.71	%
Auto finance	3,754,434		160,677		5.72	%	2,926,862		122,562		5.60	%
Home equity	788,518		38,179		6.46	%	671,884		36,791		7.30	%
Other consumer	364,560		28,557		10.47	%	309,654		26,389		11.39	%
Total consumer	11,773,588		423,927		4.81	%	11,000,345		383,113		4.65	%
Total loans	34,467,597		1,451,400		5.63	%	30,453,490		1,338,311		5.87	%
Investments
Taxable securities	7,732,748		251,574		4.34	%	6,582,998		214,689		4.35	%
Tax-exempt securities(b)	1,963,684		51,864		3.52	%	2,006,027		52,844		3.51	%
Other short-term investments	1,238,168		42,444		4.58	%	935,475		35,274		5.04	%
Total investments	10,934,600		345,882		4.22	%	9,524,500		302,806		4.24	%
Total earning assets and related interest income	45,402,197		$	1,797,282	5.29	%	39,977,990		$	1,641,117	5.48	%
Other assets, net	3,906,735						3,382,379
Total assets	$	49,308,932					$	43,360,369
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,924,846	$	58,712	1.32	%	$	5,241,799	$	54,110	1.38	%
Interest-bearing demand	8,551,442		111,999		1.75	%	7,870,806		132,678		2.25	%
Money market	7,113,072		126,973		2.39	%	5,975,632		116,316		2.60	%
Network transaction deposits	1,888,746		52,687		3.73	%	1,875,523		61,554		4.39	%
Brokered CDs	3,834,723		114,325		3.99	%	4,105,700		137,589		4.48	%
Other time deposits	4,728,922		122,943		3.48	%	3,815,105		106,892		3.75	%
Total interest-bearing deposits	32,041,751		587,639		2.45	%	28,884,565		609,139		2.82	%
Federal funds purchased and securities sold under agreements to repurchase	407,330		10,826		3.55	%	274,204		7,733		3.77	%
FHLB advances	3,548,066		100,760		3.80	%	2,672,351		86,944		4.35	%
Senior and subordinated debt	592,495		30,556		6.88	%	604,146		32,526		7.18	%

Other interest-bearing liabilities	21,029		657		4.18	%	22,861		907		5.30	%
Total funding	4,568,920		142,799		4.18	%	3,573,561		128,110		4.79	%
Total interest-bearing liabilities and related interest expense	36,610,671		$	730,438	2.67	%	32,458,126		$	737,250	3.04	%
Noninterest-bearing demand deposits	6,815,928						5,695,818
Other liabilities	449,275						477,597
Stockholders’ equity	5,433,058						4,728,828
Total liabilities and stockholders’ equity	$	49,308,932					$	43,360,369
Interest rate spread					2.62	%					2.45	%
Net free funds					0.52	%					0.57	%
Fully tax-equivalent net interest income and net interest margin			$	1,066,844	3.14	%			$	903,867	3.02	%
Fully tax-equivalent adjustment			(12,365)						(12,705)
Net interest income			$	1,054,479					$	891,163

Numbers may not recalculate due to rounding conventions.

(a)Prior period has 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)Loans held for sale have been included in the average balances.


Associated Banc-Corp Loan and Deposit Composition
(Dollars in thousands)
Period end loan composition	Sep 30, 2026		Jun 30, 2026		Seql Qtr % Change		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Comp Qtr % Change
Commercial and industrial	$	13,804,140	$	13,750,175	—	%	$	12,339,597	$	11,799,757	$	11,567,651	19	%
Commercial real estate—owner occupied	1,601,925		1,575,445		2	%	1,193,778		1,186,324		1,149,939		39	%
Commercial and business lending	15,406,065		15,325,620		1	%	13,533,375		12,986,081		12,717,590		21	%
Commercial real estate—investor	6,494,991		6,492,950		—	%	5,266,584		5,246,030		5,369,441		21	%
Real estate construction	2,601,571		2,546,186		2	%	2,117,479		1,994,642		1,958,766		33	%
Commercial real estate lending	9,096,562		9,039,136		1	%	7,384,063		7,240,672		7,328,207		24	%
Total commercial	24,502,627		24,364,756		1	%	20,917,438		20,226,753		20,045,797		22	%
Residential mortgage	6,740,214		6,808,398		(1)	%	6,727,734		6,793,957		6,858,285		(2)	%
Auto finance	4,093,215		4,044,416		1	%	3,136,334		3,106,498		3,041,644		35	%
Home equity	848,507		826,343		3	%	706,075		713,271		698,112		22	%
Other consumer	335,308		423,127		(21)	%	310,583		323,135		308,126		9	%
Total consumer	12,017,244		12,102,284		(1)	%	10,880,726		10,936,861		10,906,167		10	%
Total loans	$	36,519,871	$	36,467,040	—	%	$	31,798,164	$	31,163,614	$	30,951,964	18	%

Quarter average loan composition(a)	Sep 30, 2026		Jun 30, 2026		Seql Qtr % Change		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Comp Qtr % Change
Commercial and industrial	$	13,419,967	$	13,185,643	2	%	$	11,776,702	$	11,588,059	$	11,367,533	18	%
Commercial real estate—owner occupied	1,570,109		1,577,489		—	%	1,190,708		1,157,531		1,105,787		42	%
Commercial and business lending	14,990,076		14,763,132		2	%	12,967,410		12,745,590		12,473,319		20	%
Commercial real estate—investor	6,464,811		6,502,707		(1)	%	5,277,283		5,291,562		5,300,765		22	%
Real estate construction	2,609,406		2,410,500		8	%	2,055,338		1,974,318		1,991,565		31	%
Commercial real estate lending	9,074,217		8,913,207		2	%	7,332,621		7,265,880		7,292,330		24	%
Total commercial	24,064,293		23,676,339		2	%	20,300,031		20,011,470		19,765,649		22	%
Residential mortgage	6,849,299		6,916,754		(1)	%	6,831,984		6,899,778		6,987,858		(2)	%
Auto finance	4,082,986		4,044,290		1	%	3,125,504		3,064,457		3,000,978		36	%
Home equity	836,914		817,378		2	%	709,865		706,923		690,330		21	%
Other consumer	363,543		415,476		(12)	%	314,118		312,730		305,644		19	%
Total consumer	12,132,742		12,193,898		(1)	%	10,981,471		10,983,888		10,984,811		10	%
Total loans	$	36,197,035	$	35,870,237	1	%	$	31,281,502	$	30,995,358	$	30,750,460	18	%

Period end deposit and customer funding composition	Sep 30, 2026		Jun 30, 2026		Seql Qtr % Change		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Comp Qtr % Change
Noninterest-bearing demand	$	6,914,688	$	6,908,338	—	%	$	6,125,067	$	6,126,632	$	5,906,251	17	%
Savings	6,216,008		6,171,614		1	%	5,660,641		5,471,870		5,380,574		16	%
Interest-bearing demand	9,096,012		8,697,879		5	%	7,964,665		7,823,362		7,791,861		17	%
Money market	7,655,206		7,614,164		1	%	6,188,045		6,139,438		5,785,871		32	%
Network transaction deposits	1,745,224		1,823,130		(4)	%	1,746,518		2,154,995		2,013,964		(13)	%
Brokered CDs	3,790,075		3,933,787		(4)	%	3,562,752		3,795,133		3,956,517		(4)	%
Other time deposits	4,963,737		4,782,343		4	%	4,484,077		4,041,178		4,046,815		23	%
Total deposits	40,380,950		39,931,255		1	%	35,731,765		35,552,608		34,881,853		16	%
Other customer funding(b)	66,124		55,371		19	%	42,372		47,794		64,570		2	%
Total deposits and other customer funding	$	40,447,074	$	39,986,626	1	%	$	35,774,137	$	35,600,402	$	34,946,423	16	%
Core customer deposits(c) and other customer funding	$	34,911,775	$	34,229,709	2	%	$	30,464,867	$	29,650,274	$	28,975,941	20	%

Quarter average deposit composition	Sep 30, 2026		Jun 30, 2026		Seql Qtr % Change		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Comp Qtr % Change
Noninterest-bearing demand	$	7,371,331	$	7,062,098	4	%	$	5,999,278	$	6,064,487	$	5,796,676	27	%
Savings	6,187,886		6,046,605		2	%	5,532,848		5,436,968		5,338,129		16	%
Interest-bearing demand	9,035,081		8,720,180		4	%	7,886,442		8,054,088		7,898,770		14	%
Money market	7,619,006		7,641,652		—	%	6,061,442		5,890,836		5,860,802		30	%
Network transaction deposits	1,869,045		1,879,876		(1)	%	1,917,854		2,090,587		1,933,659		(3)	%
Brokered CDs	3,920,540		4,085,995		(4)	%	3,528,294		3,998,012		3,916,329		—	%
Other time deposits	4,963,185		4,945,821		—	%	4,234,785		4,093,939		3,961,522		25	%
Total deposits	40,966,074		40,382,227		1	%	35,160,943		35,628,917		34,705,887		18	%
Other customer funding(b)	55,322		57,029		(3)	%	43,973		45,973		74,305		(26)	%
Total deposits and other customer funding	$	41,021,396	$	40,439,256	1	%	$	35,204,916	$	35,674,890	$	34,780,192	18	%
Core customer deposits(c) and other customer funding	$	35,231,811	$	34,473,385	2	%	$	29,758,768	$	29,586,291	$	28,930,204	22	%

Numbers may not recalculate due to rounding conventions.

(a) Loans held for sale have been included in the average balances.

(b) Includes repurchase agreements.

(c) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.


Associated Banc-Corp Selected Asset Quality Information
(Dollars in thousands)	Sep 30, 2026			Jun 30, 2026			Seql Qtr % Change		Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	443,729		$	385,756		15	%	$	378,068		$	378,341		$	376,515		18	%
Provision for loan losses recorded at acquisition	—			397			(100)	%	—			—			—			—	%
Initial allowance for PCD loans	—			39,512			(100)	%	—			—			—			—	%
Initial allowance for PSL	—			28,263			(100)	%	—			—			—			—	%

Provision for loan losses	15,000			13,000			15	%	13,000			2,000			15,000			—	%
Charge offs	(26,735)			(26,282)			2	%	(8,210)			(7,636)			(15,254)			75	%
Recoveries	9,130			3,083			196	%	2,898			5,363			2,081			339	%
Net charge offs	(17,605)			(23,199)			(24)	%	(5,312)			(2,273)			(13,173)			34	%
Balance at end of period	$	441,124		$	443,729		(1)	%	$	385,756		$	378,068		$	378,341		17	%
Allowance for unfunded commitments
Balance at beginning of period	$	50,744		$	39,276		29	%	$	41,276		$	36,276		$	35,276		44	%
Initial allowance for PCD unfunded commitments	—			3,597			(100)	%	—			—			—			—	%
Initial allowance for purchased seasoned unfunded commitments	—			1,871			(100)	%	—			—			—			—	%

Provision for unfunded commitments	(1,000)			6,000			(117)	%	(2,000)			5,000			1,000			(200)	%
Balance at end of period	49,744			50,744			(2)	%	39,276			41,276			36,276			37	%
Allowance for credit losses on loans (ACLL)	$	490,868		$	494,473		(1)	%	$	425,032		$	419,344		$	414,618		18	%
Provision for credit losses on loans	$	14,000		$	19,397		(28)	%	$	11,000		$	7,000		$	16,000		(13)	%
(Dollars in thousands)	Sep 30, 2026			Jun 30, 2026			Seql Qtr % Change		Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Comp Qtr % Change
Net (charge offs) recoveries
Commercial and industrial	$	(12,614)		$	(17,604)		(28)	%	$	(2,736)		$	1,524		$	(1,230)		926	%
Commercial real estate—owner occupied	—			—			—	%	—			(113)			—			—	%
Commercial and business lending	(12,614)			(17,604)			(28)	%	(2,736)			1,411			(1,230)			926	%
Commercial real estate—investor	—			(2,710)			(100)	%	500			94			(8,930)			(100)	%
Real estate construction	3			2			50	%	2			2			2			50	%
Commercial real estate lending	3			(2,708)			(100)	%	502			96			(8,928)			(100)	%
Total commercial	(12,611)			(20,312)			(38)	%	(2,234)			1,507			(10,158)			24	%
Residential mortgage	(91)			(197)			(54)	%	148			(197)			(231)			(61)	%
Auto finance	(3,628)			(1,508)			141	%	(1,843)			(2,010)			(1,505)			141	%
Home equity	(92)			251			(137)	%	439			2			56			(264)	%
Other consumer	(1,183)			(1,433)			(17)	%	(1,822)			(1,575)			(1,336)			(11)	%
Total consumer	(4,994)			(2,887)			73	%	(3,078)			(3,780)			(3,015)			66	%
Total net charge offs	$	(17,605)		$	(23,199)		(24)	%	$	(5,312)		$	(2,273)		$	(13,173)		34	%
(In basis points)	Sep 30, 2026			Jun 30, 2026					Mar 31, 2026			Dec 31, 2025			Sep 30, 2025
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial	(37)			(54)					(9)			5			(4)
Commercial real estate—owner occupied	—			—					—			(4)			—
Commercial and business lending	(33)			(48)					(9)			4			(4)
Commercial real estate—investor	—			(17)					4			1			(67)
Real estate construction	—			—					—			—			—
Commercial real estate lending	—			(12)					3			1			(49)
Total commercial	(21)			(34)					(4)			3			(20)
Residential mortgage	(1)			(1)					1			(1)			(1)
Auto finance	(35)			(15)					(24)			(26)			(20)
Home equity	(4)			12					25			—			3
Other consumer	(129)			(138)					(235)			(200)			(173)
Total consumer	(16)			(9)					(11)			(14)			(11)
Total net charge offs	(19)			(26)					(7)			(3)			(17)
(Dollars in thousands)	Sep 30, 2026			Jun 30, 2026			Seql Qtr % Change		Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Comp Qtr % Change
Credit quality
Nonaccrual loans	$	183,436		$	149,953		22	%	$	110,581		$	100,428		$	106,179		73	%
Other real estate owned (OREO)	17,901			34,052			(47)	%	32,534			28,016			29,268			(39)	%

Repossessed assets	1,365			1,293			6	%	806			757			789			73	%
Total nonperforming assets	$	202,702		$	185,298		9	%	$	143,921		$	129,201		$	136,236		49	%
Accruing loans past due 90 days or more(a)	$	9,429		$	2,288		312	%	$	2,490		$	2,814		$	2,692		250	%
Allowance for credit losses on loans to total loans	1.34		%	1.36		%			1.34		%	1.35		%	1.34		%
Allowance for credit losses on loans to nonaccrual loans	267.60		%	329.75		%			384.36		%	417.56		%	390.49		%
Nonaccrual loans to total loans	0.50		%	0.41		%			0.35		%	0.32		%	0.34		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.55		%	0.51		%			0.45		%	0.41		%	0.44		%
Nonperforming assets to total assets	0.39		%	0.36		%			0.32		%	0.29		%	0.31		%


Associated Banc-Corp Selected Asset Quality Information (continued)
(Dollars in thousands)	Sep 30, 2026		Jun 30, 2026		Seql Qtr % Change		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	64,960	$	44,388	46	%	$	19,606	$	7,178	$	12,802	407	%
Commercial real estate—owner occupied	1,658		3,255		(49)	%	34		203		203		717	%
Commercial and business lending	66,618		47,643		40	%	19,640		7,381		13,006		412	%
Commercial real estate—investor	14,115		11,184		26	%	8,078		8,311		7,333		92	%
Real estate construction	4,533		2,974		52	%	25		144		145		N/M
Commercial real estate lending	18,648		14,158		32	%	8,103		8,455		7,478		149	%
Total commercial	85,266		61,801		38	%	27,743		15,836		20,484		316	%
Residential mortgage	77,924		70,335		11	%	66,890		68,492		69,093		13	%
Auto finance	12,871		10,973		17	%	8,888		8,271		8,218		57	%
Home equity	7,320		6,582		11	%	6,950		7,774		8,299		(12)	%
Other consumer	55		262		(79)	%	110		55		85		(35)	%
Total consumer	98,170		88,152		11	%	82,838		84,592		85,696		15	%
Total nonaccrual loans	$	183,436	$	149,953	22	%	$	110,581	$	100,428	$	106,179	73	%
(Dollars in thousands)	Sep 30, 2026		Jun 30, 2026		Seql Qtr % Change		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial	$	3,517	$	10,668	(67)	%	$	24,253	$	2,683	$	1,071	228	%
Commercial real estate—owner occupied	139		893		(84)	%	345		34		—		N/M
Commercial and business lending	3,656		11,561		(68)	%	24,598		2,717		1,071		241	%
Commercial real estate—investor	1,470		3,089		(52)	%	33,487		19,405		14,190		(90)	%
Real estate construction	1,033		1,437		(28)	%	—		117		21		N/M
Commercial real estate lending	2,503		4,526		(45)	%	33,487		19,522		14,211		(82)	%
Total commercial	6,159		16,087		(62)	%	58,085		22,239		15,282		(60)	%
Residential mortgage	20,045		14,034		43	%	7,755		13,135		12,684		58	%
Auto finance	46,182		20,367		127	%	14,549		16,445		14,013		230	%
Home equity	5,008		4,536		10	%	2,742		3,779		4,265		17	%
Other consumer(a)	2,382		2,988		(20)	%	2,173		2,704		2,728		(13)	%
Total consumer	73,617		41,925		76	%	27,219		36,063		33,689		119	%
Total accruing loans 30-89 days past due	$	79,776	$	58,012	38	%	$	85,304	$	58,302	$	48,971	63	%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) Excluding guaranteed student loans.


Associated Banc-Corp Selected Quarterly Information
(Dollars and shares in thousands, except per share data and as noted)	YTD Sep 2026			YTD Sep 2025			3Q26			2Q26			1Q26			4Q25			3Q25
Per common share data
Dividends	$	0.72		$	0.69		$	0.24		$	0.24		$	0.24		$	0.24		$	0.23
Market value:
High	32.33			27.01			32.33			31.34			29.37			27.14			27.01
Low	24.34			18.91			28.65			25.98			24.34			24.11			23.78
Close							28.65			30.77			25.86			25.76			25.71
Book value / share(a)							28.44			28.85			29.04			28.81			28.17
Tangible book value (TBV) / share(a)(b)							21.67			22.15			22.23			22.01			21.36
Selected trend information
Net interest margin(c)	3.14		%	3.02		%	3.20		%	3.17		%	3.03		%	3.06		%	3.04		%
Effective tax rate	22.37		%	18.64		%	22.86		%	22.37		%	21.75		%	15.82		%	19.16		%
Noninterest expense / average assets(c)	2.04		%	1.96		%	2.00		%	2.13		%	1.97		%	1.96		%	1.95		%
Dividend payout ratio(d)	34.12		%	34.85		%	31.17		%	37.50		%	34.29		%	29.63		%	31.51		%
Loans / deposits ratio							90.44		%	91.32		%	88.99		%	87.65		%	88.73		%
Assets under management, at market value(e)							$	16,818		$	17,009		$	15,708		$	16,132		$	16,178
Common shares repurchased during period(f)	4,132			900			3,238			—			894			—			—
Common shares outstanding, end of period							185,694			188,718			165,438			165,980			165,904
Risk-based capital(g)(h)
Total risk-weighted assets							$	41,587,042		$	41,108,330		$	35,773,810		$	35,125,680		$	34,688,358
Common equity Tier 1(i)							$	4,315,910		$	4,304,915		$	3,744,610		$	3,683,711		$	3,584,712
Common equity Tier 1 capital ratio(i)							10.38		%	10.47		%	10.47		%	10.49		%	10.33		%
Tier 1 capital ratio							10.84		%	10.94		%	11.01		%	11.04		%	10.89		%
Total capital ratio							12.68		%	12.79		%	13.02		%	13.08		%	12.94		%
Tier 1 leverage ratio							8.94		%	8.99		%	8.98		%	8.96		%	8.81		%
Selected equity and performance ratios
Total stockholders’ equity / total assets							10.65		%	10.88		%	10.96		%	11.01		%	10.95		%
Tangible common equity / tangible assets (TCE Ratio)(b)							8.03		%	8.27		%	8.27		%	8.29		%	8.18		%
Average stockholders' equity / average assets	11.02		%	10.91		%	10.96		%	10.98		%	11.12		%	11.05		%	10.95		%
Return on average equity(c)	9.59		%	9.55		%	10.28		%	8.81		%	9.69		%	11.09		%	10.26		%
Return on average tangible common equity (ROATCE)(b)(c)	13.08		%	13.13		%	14.05		%	12.12		%	13.03		%	15.04		%	14.02		%

Return on average assets(c)	1.06		%	1.04		%	1.13		%	0.97		%	1.08		%	1.23		%	1.12		%
Return on average tangible assets(b)(c)	1.12		%	1.08		%	1.20		%	1.03		%	1.12		%	1.27		%	1.17		%
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio	56.13		%	56.67		%	54.10		%	58.30		%	56.03		%	55.21		%	54.77		%
Adjusted efficiency ratio(b)	53.17		%	56.32		%	51.27		%	52.91		%	55.77		%	55.15		%	54.77		%

Numbers may not recalculate due to rounding conventions.

(a)Based on period end common shares outstanding.

(b)This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.

(c)This ratio is annualized.

(d)Ratio is based upon basic earnings per common share.

(e)In millions. Excludes assets held in brokerage accounts.

(f)Does not include repurchases related to tax withholding on equity compensation.

(g)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.

(h)September 30, 2026 data is estimated.

(i)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.


Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	YTD		YTD
(Dollars in thousands)	Sep 2026		Sep 2025		3Q26		2Q26		1Q26		4Q25		3Q25
Tangible common equity reconciliation
Common equity					$	5,281,520	$	5,444,011	$	4,803,760	$	4,781,235	$	4,674,186
Less: Goodwill and other intangible assets, net					1,257,140		1,264,034		1,125,639		1,127,842		1,130,044
Tangible common equity for TBV / share and TCE Ratio					$	4,024,380	$	4,179,977	$	3,678,121	$	3,653,393	$	3,544,142
Tangible assets reconciliation
Total assets					$	51,399,852	$	51,812,506	$	45,593,740	$	45,202,596	$	44,455,863
Less: Goodwill and other intangible assets, net					1,257,140		1,264,034		1,125,639		1,127,842		1,130,044
Tangible assets for TCE Ratio					$	50,142,712	$	50,548,472	$	44,468,101	$	44,074,754	$	43,325,819
Average tangible common equity reconciliation
Average common equity	$	5,238,946	$	4,534,716	$	5,463,396	$	5,433,872	$	4,812,415	$	4,713,445	$	4,627,038
Less: Average goodwill and other intangible assets, net	1,218,896		1,133,517		1,260,592		1,267,876		1,126,748		1,129,055		1,131,385
Average tangible common equity for ROATCE	4,020,050		3,401,200		$	4,202,804	$	4,165,996	$	3,685,667	$	3,584,390	$	3,495,653




Average tangible assets reconciliation
Average total assets	$	49,308,932	$	43,360,369	$	51,599,690	$	51,235,842	$	45,018,948	$	44,402,771	$	44,015,203
Less: Average goodwill and other intangible assets, net	1,218,896		1,133,517		1,260,592		1,267,876		1,126,748		1,129,055		1,131,385
Average tangible assets for return on average tangible assets	$	48,090,036	$	42,226,853	$	50,339,098	$	49,967,966	$	43,892,200	$	43,273,716	$	42,883,818
Adjusted net income reconciliation
Net income	$	389,785	$	337,648	$	146,586	$	123,564	$	119,635	$	137,129	$	124,732
Other intangible amortization, net of tax	11,993		4,956		5,170		5,170		1,652		1,652		1,652
Adjusted net income for return on average tangible assets	$	401,778	$	342,604	$	151,756	$	128,734	$	121,287	$	138,781	$	126,384
Adjusted net income available to common equity reconciliation
Net income available to common equity	$	381,160	$	329,023	$	143,711	$	120,689	$	116,760	$	134,254	$	121,857
Other intangible amortization, net of tax	11,993		4,956		5,170		5,170		1,652		1,652		1,652
Adjusted net income available to common equity for ROATCE	$	393,153	$	333,979	$	148,881	$	125,859	$	118,412	$	135,906	$	123,509
Pre-tax pre-provision income
Income before income taxes	$	502,086	$	415,010	$	190,035	$	159,167	$	152,883	$	162,901	$	154,286
Provision for credit losses	44,394		46,999		14,005		19,388		11,001		6,998		16,000
Pre-tax pre-provision income	$	546,480	$	462,009	$	204,040	$	178,555	$	163,884	$	169,899	$	170,286
Period end core customer deposits reconciliation
Total deposits					$	40,380,950	$	39,931,255	$	35,731,765	$	35,552,608	$	34,881,853
Less: Network transaction deposits					1,745,224		1,823,130		1,746,518		2,154,995		2,013,964
Less: Brokered CDs					3,790,075		3,933,787		3,562,752		3,795,133		3,956,517
Core customer deposits					$	34,845,651	$	34,174,338	$	30,422,495	$	29,602,480	$	28,911,371
Average core customer deposits reconciliation
Average total deposits	$	38,857,679	$	34,580,383	$	40,966,074	$	40,382,227	$	35,160,943	$	35,628,917	$	34,705,887
Less: Average network transaction deposits	1,888,746		1,875,523		1,869,045		1,879,876		1,917,854		2,090,587		1,933,659
Less: Average brokered CDs	3,834,723		4,105,700		3,920,540		4,085,995		3,528,294		3,998,012		3,916,329
Average core customer deposits	$	33,134,210	$	28,599,160	$	35,176,489	$	34,416,356	$	29,714,795	$	29,540,318	$	28,855,899
Total expense for efficiency ratios reconciliation
Noninterest expense	$	751,386	$	636,173	$	260,342	$	271,882	$	219,163	$	219,466	$	216,202
Less: Other intangible amortization	15,990		6,608		6,894		6,894		2,203		2,203		2,203
Total expense for fully tax-equivalent efficiency ratio	735,396		629,565		253,448		264,988		216,960		217,263		213,999


Less: Acquisition costs(a)	38,734		—		13,258		24,469		1,007		252		—
Total expense for adjusted efficiency ratio	$	696,662	$	629,565	$	240,190	$	240,519	$	215,953	$	217,011	$	213,999
Total revenue for efficiency ratios reconciliation
Net interest income	$	1,054,479	$	891,163	$	377,251	$	370,039	$	307,190	$	309,981	$	305,222
Noninterest income	243,387		207,019		87,131		80,398		75,857		79,384		81,265
Less: Investment securities (losses) gains, net	(40)		13		(46)		35		(28)		37		1
Fully tax-equivalent adjustment	12,365		12,705		4,086		4,139		4,139		4,196		4,222
Total revenue for fully tax-equivalent efficiency ratio	1,310,271		1,110,874		468,514		454,541		387,214		393,524		390,708
Less: Announced initiatives(b)	—		(6,976)		—		—		—		—		—
Total revenue for adjusted efficiency ratio	$	1,310,271	$	1,117,850	$	468,514	$	454,541	$	387,214	$	393,524	$	390,708

Numbers may not recalculate due to rounding conventions.

(a)During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs.

(b)Announced initiatives include the loss on mortgage portfolio sale as a result of balance sheet repositioning that the Corporation announced in the fourth quarter of 2024.

(continued)


Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
(Dollars in thousands)	3Q26		2Q26
Adjusted net income available to common equity reconciliation
Net income available to common equity	$	143,711	$	120,689
Acquisition costs, net of tax	10,227		18,996
Adjusted net income available to common equity for adjusted earnings per share	$	153,938	$	139,685