StockNews.AI
ASB
StockNews.AI
26 days

Record Quarterly Net Interest Income Drives Associated Banc-Corp's Second Quarter 2025 Earnings per Common Share of $0.65

1. ASB reported Q2 2025 earnings of $108 million, $0.65 per share. 2. Net interest income achieved a record $300 million, up 5% sequentially. 3. Total loans increased to $30.6 billion, up 1% quarter-over-quarter. 4. Deposits dropped 3% to $34.1 billion, suggesting liquidity concerns. 5. CET1 capital ratio is strong at 10.20%, above regulatory benchmarks.

100m saved
Insight
Article

FAQ

Why Bullish?

The positive earnings and strong net interest income indicate financial stability and growth potential. Historically, strong earnings announcements lead to stock price increases, as seen in similar cases.

How important is it?

ASB's impressive earnings figures and record net interest income significantly impact investor perceptions, boosting the likelihood of a positive stock market response.

Why Short Term?

The immediate market reaction to Q2 earnings will likely influence ASB's stock price in the coming weeks. Short-term performance often reflects recent financial results, especially favorable ones.

Related Companies

WBAKEYPNCCFG
, /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $108 million, or $0.65 per common share, for the quarter ended June 30, 2025. These amounts compare to earnings of $99 million, or $0.59 per common share, for the quarter ended March 31, 2025 and earnings of $113 million, or $0.74 per common share, for the quarter ended June 30, 2024. "Midway through 2025, Associated Bank is seeing strong momentum from the strategic actions we've taken over the past several quarters," said President & CEO Andy Harmening. "In the second quarter, we delivered over $350 million in additional C&I loan growth, another 7 basis points of margin expansion, and the best checking household growth we've seen since we began tracking a decade ago--all of which contributed to the strongest quarterly net interest income we've seen in company history. Importantly, we also delivered another 9 basis points of CET1 capital accretion and solid credit performance." "While uncertainty has been an ongoing theme at the macro level, we feel well-positioned to build on our momentum over the back half of the year thanks to our strengthened profitability profile, solid capital position, and disciplined approach to growth. We look forward to providing additional updates on our progress along the way." Second Quarter 2025 Highlights Diluted earnings per common share of $0.65 Record net interest income of $300 million (+5% vs. 1Q 2025; +17% vs. 2Q 2024) Total period end loans of $30.6 billion (+1% vs. 1Q 2025; +3% vs. 2Q 2024) Total period end deposits of $34.1 billion (-3% vs. 1Q 2025; +4% vs. 2Q 2024) Total period end core customer deposits1 of $28.3 billion (-3% vs. 1Q 2025; +4% vs. 2Q 2024) Net interest margin of 3.04% Noninterest income of $67 million Noninterest expense of $209 million Provision for credit losses of $18 million Allowance for credit losses on loans / total loans of 1.35% Net charge offs / average loans (annualized) of 0.17% Book value / share of $27.67 Tangible book value / share1 of $20.84 1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures. Loans Second quarter 2025 average total loans of $30.5 billion increased 1%, or $381 million, from the prior quarter and increased 3%, or $912 million, from the same period last year. With respect to second quarter 2025 average balances by loan category: Commercial and business lending increased $371 million from the prior quarter and increased $1.1 billion from the same period last year to $12.1 billion. Commercial real estate lending increased $138 million from the prior quarter and increased $202 million from the same period last year to $7.5 billion. Consumer lending decreased $128 million from the prior quarter and decreased $374 million from the same period last year to $10.9 billion. Second quarter 2025 period end total loans of $30.6 billion increased 1%, or $313 million, from the prior quarter and increased 3%, or $989 million, from the same period last year. With respect to second quarter 2025 period end balances by loan category: Commercial and business lending increased $339 million from the prior quarter and increased $1.3 billion from the same period last year to $12.4 billion. Commercial real estate lending decreased $86 million from the prior quarter and increased $64 million the same period last year to $7.3 billion. Consumer lending increased $60 million from the prior quarter and decreased $385 million from the same period last year to $10.9 billion. We continue to expect 2025 period end loan growth of 5% to 6% as compared to the year ended December 31, 2024. Deposits Second quarter 2025 average deposits of $34.2 billion decreased 2%, or $630 million, from the prior quarter and increased 5%, or $1.6 billion, from the same period last year. With respect to second quarter 2025 average balances by deposit category: Noninterest-bearing demand deposits increased $9 million from the prior quarter and decreased $63 million from the same period last year to $5.6 billion. Savings increased $60 million from the prior quarter and increased $89 million from the same period last year to $5.2 billion. Interest-bearing demand deposits decreased $348 million from the prior quarter and increased $418 million from the same period last year to $7.7 billion. Money market deposits decreased $91 million from the prior quarter and decreased $6 million from the same period last year to $6.0 billion. Brokered CDs decreased $225 million from the prior quarter and increased $162 million from the same period last year to $4.1 billion. Other time deposits decreased $31 million from the prior quarter and increased $725 million from the same period last year to $3.7 billion. Network transaction deposits decreased $4 million from the prior quarter and increased $249 million from the same period last year to $1.8 billion. Second quarter 2025 period end deposits of $34.1 billion decreased 3%, or $1.0 billion, from the prior quarter and increased 4%, or $1.5 billion, from the same period last year. With respect to second quarter 2025 period end balances by deposit category: Noninterest-bearing demand deposits decreased $353 million from the prior quarter and decreased $33 million from the same period last year to $5.8 billion. Savings increased $44 million from the prior quarter and increased $135 million from the same period last year to $5.3 billion. Interest-bearing demand deposits decreased $380 million from the prior quarter and increased $297 million from the same period last year to $7.5 billion. Money market deposits decreased $225 million from the prior quarter and increased $33 million from the same period last year to $5.9 billion. Brokered CDs decreased $125 million from the prior quarter and increased $10 million from the same period last year to $4.1 billion. Other time deposits increased $82 million from the prior quarter and increased $724 million from the same period last year to $3.8 billion. Network transaction deposits decreased $91 million from the prior quarter and increased $289 million from the same period last year to $1.8 billion. Core customer deposits1 decreased $833 million from the prior quarter and increased $1.2 billion from the same period last year to $28.3 billion. We now expect 2025 period end total deposit growth of 1% to 3% and continue to expect period end core customer deposit growth of 4% to 5% as compared to the year ended December 31, 2024. 1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures. Net Interest Income and Net Interest Margin Second quarter 2025 net interest income of $300 million increased $14 million from the prior quarter and increased $43 million from the same period last year. The net interest margin increased to 3.04%, reflecting a 7 basis point increase from the prior quarter and a 29 basis point increase from the same period last year. The average yield on total loans for the second quarter of 2025 increased 6 basis points from the prior quarter and decreased 32 basis points from the same period last year to 5.89%. The average cost of total interest-bearing liabilities for the second quarter of 2025 decreased 4 basis points from the prior quarter and decreased 58 basis points from the same period last year to 3.02%. The net free funds benefit for the second quarter of 2025 decreased 2 basis points from the prior quarter and decreased 14 basis points from the same period last year to 0.56%. Based on our latest forecasts for balance sheet growth and mix, and current market conditions, we now expect total net interest income growth of 14% to 15% in 2025. Noninterest Income Second quarter 2025 total noninterest income of $67 million increased $8 million from the prior quarter and increased $2 million from the same period last year. The increase relative to the prior quarter was primarily driven by a $7 million loss recognized in the first quarter of 2025 related to the settlement of the mortgage sale originally announced in December of 2024. With respect to second quarter 2025 noninterest income line items: Capital markets, net increased $1 million from the prior quarter and $1 million from the same period a year ago. Card-based fees increased $1 million from the prior quarter and decreased $1 million from the same period last year. Wealth management fees increased $1 million from the prior quarter and increased slightly from the same period last year. After adjusting to exclude the fourth quarter 2024 and first quarter 2025 impacts of the mortgage and investment securities sales we announced in December 2024, we now expect total noninterest income growth of between 1% and 2% in 2025. Noninterest Expense Second quarter 2025 total noninterest expense of $209 million decreased $1 million from the prior quarter and increased $13 million from the same period last year. With respect to second quarter 2025 noninterest expense line items: Personnel expense increased $3 million from the prior quarter and increased $5 million from the same period last year. Business development and advertising expense increased $1 million from the prior quarter and increased slightly from the same period last year. Legal and professional expense increased $1 million from the prior quarter and increased $2 million from the same period last year. Occupancy expense decreased $3 million from the prior quarter and decreased slightly from the same period last year. FDIC assessment expense decreased $1 million from the prior quarter and increased $3 million from the same period last year. After adjusting to exclude the $14 million impact of the loss on prepayments of FHLB advances recognized in the fourth quarter of 2024, we now expect total noninterest expense to grow by 4% to 5% in 2025. Taxes Second quarter 2025 tax expense was $28 million, compared to $19 million of tax expense in the prior quarter and $13 million of tax benefit in the same period last year. The effective tax rate for the second quarter of 2025 was 20.34%, compared to 16.03% in the prior quarter. We continue to expect the annual effective tax rate to be between 19% and 21% in 2025. Credit Second quarter 2025 provision for credit losses on loans was $18 million, compared to a provision of $13 million in the prior quarter and a provision of $23 million in the same period last year. With respect to second quarter 2025 credit quality: Nonaccrual loans of $113 million decreased $22 million from the prior quarter and decreased $41 million from the same period last year. The nonaccrual loans to total loans ratio was 0.37% in the first quarter, down from 0.44% in the prior quarter and down from 0.52% in the same period last year. Second quarter 2025 net charge offs of $13 million increased compared to net charge offs of $9 million in the prior quarter and decreased compared to net charge offs of $21 million in the same period last year. The allowance for credit losses on loans (ACLL) of $412 million increased $5 million compared to the prior quarter and increased $22 million compared to the same period last year. The ACLL to total loans ratio was 1.35% in the first quarter, up from 1.34% in the prior quarter and up from 1.32% in the same period last year. In 2025, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality. Capital The Company's capital position remains strong, with a CET1 capital ratio of 10.20% at June 30, 2025. The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis. SECOND QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, July 24, 2025. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp second quarter 2025 earnings call. The second quarter 2025 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over. ABOUT ASSOCIATED BANC-CORP Associated Banc-Corp (NYSE: ASB) has total assets of $44 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com. FORWARD-LOOKING STATEMENTS Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "intend," "target," "outlook," "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference. NON-GAAP FINANCIAL MEASURES This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. Associated Banc-Corp Consolidated Balance Sheets (Unaudited) (Dollars in thousands) June 30,2025 March 31,2025 SequentialQuarterChange December 31,2024 September 30,2024 June 30,2024 ComparableQuarterChange Assets Cash and due from banks $      521,167 $        521,323 $          (156) $       544,059 $      554,631 $      470,818 $       50,349 Interest-bearing deposits in other financial institutions 738,938 711,033 27,905 453,590 408,101 484,677 254,261 Federal funds sold and securities purchased under agreements to resell — 105 (105) 21,955 4,310 3,600 (3,600) Investment securities available for sale, at fair value 5,036,508 4,796,570 239,938 4,581,434 4,152,527 3,912,730 1,123,778 Investment securities held to maturity, net, at amortized cost 3,672,101 3,705,793 (33,692) 3,738,687 3,769,150 3,799,035 (126,934) Equity securities 25,912 23,331 2,581 23,242 23,158 22,944 2,967 Federal Home Loan Bank and Federal Reserve Bank stocks, at cost 278,356 194,244 84,112 179,665 178,168 212,102 66,254 Residential loans held for sale 96,804 47,611 49,193 646,687 67,219 83,795 13,009 Commercial loans held for sale 8,406 7,910 496 32,634 11,833 — 8,406 Loans 30,607,605 30,294,127 313,478 29,768,586 29,990,897 29,618,271 989,334 Allowance for loan losses (376,515) (371,348) (5,167) (363,545) (361,765) (355,844) (20,671) Loans, net 30,231,091 29,922,780 308,311 29,405,041 29,629,131 29,262,428 968,663 Tax credit and other investments 247,111 254,187 (7,076) 258,886 265,385 246,300 811 Premises and equipment, net 377,372 377,521 (149) 379,093 373,816 369,968 7,403 Bank and corporate owned life insurance 691,470 690,551 919 689,000 686,704 683,451 8,019 Goodwill 1,104,992 1,104,992 — 1,104,992 1,104,992 1,104,992 — Other intangible assets, net 27,255 29,457 (2,203) 31,660 33,863 36,066 (8,811) Mortgage servicing rights, net 85,245 86,251 (1,005) 87,683 81,977 85,640 (395) Interest receivable 168,627 159,729 8,898 167,772 167,777 173,106 (4,479) Other assets 682,373 675,748 6,625 676,987 698,073 672,256 10,118 Total assets $  43,993,729 $    43,309,136 $     684,593 $   43,023,068 $  42,210,815 $  41,623,908 $  2,369,821 Liabilities and stockholders' equity Noninterest-bearing demand deposits $    5,782,487 $      6,135,946 $    (353,459) $     5,775,657 $   5,857,421 $   5,815,045 $     (32,558) Interest-bearing deposits 28,365,079 29,060,767 (695,688) 28,872,777 27,696,877 26,875,995 1,489,084 Total deposits 34,147,565 35,196,713 (1,049,147) 34,648,434 33,554,298 32,691,039 1,456,526 Short-term funding 75,585 311,335 (235,750) 470,369 917,028 859,539 (783,955) FHLB advances 3,879,489 2,027,297 1,852,192 1,853,807 1,913,294 2,673,046 1,206,443 Other long-term funding 593,530 591,382 2,147 837,635 844,342 536,113 57,417 Allowance for unfunded commitments 35,276 35,276 — 38,776 35,776 33,776 1,500 Accrued expenses and other liabilities 481,503 460,574 20,929 568,485 532,842 588,057 (106,554) Total liabilities 39,212,948 38,622,578 590,370 38,417,506 37,797,579 37,381,571 1,831,377 Stockholders' equity Preferred equity 194,112 194,112 — 194,112 194,112 194,112 — Common equity 4,586,669 4,492,446 94,223 4,411,450 4,219,125 4,048,225 538,444 Total stockholders' equity 4,780,781 4,686,558 94,223 4,605,562 4,413,236 4,242,337 538,444 Total liabilities and stockholders' equity $  43,993,729 $    43,309,136 $     684,593 $   43,023,068 $  42,210,815 $  41,623,908 $  2,369,821 ‌‌ Numbers may not recalculate due to rounding conventions. Associated Banc-Corp Consolidated Statements of Income (Unaudited) Comparable Quarter Year to Date (YTD) Comparable YTD (Dollars in thousands, except per share data) 2Q25 2Q24 DollarChange PercentageChange June 2025 June 2024 DollarChange PercentageChange Interest income Interest and fees on loans $     447,781 $     456,788 $   (9,007) (2) % $     881,080 $     911,260 $ (30,179) (3) % Interest and dividends on investment securities Taxable 71,174 50,278 20,896 42 % 140,962 96,826 44,136 46 % Tax-exempt 13,902 14,669 (767) (5) % 27,858 29,443 (1,585) (5) % Other interest 12,679 8,539 4,140 48 % 21,921 16,133 5,788 36 % Total interest income 545,536 530,274 15,262 3 % 1,071,821 1,053,662 18,159 2 % Interest expense Interest on deposits 197,656 221,062 (23,406) (11) % 406,796 447,293 (40,497) (9) % Interest on federal funds purchased and securities sold under agreements to repurchase 2,004 2,303 (299) (13) % 5,626 5,166 460 9 % Interest on other short-term funding 287 6,077 (5,790) (95) % 695 10,785 (10,090) (94) % Interest on FHLB advances 34,889 34,143 746 2 % 50,979 55,814 (4,835) (9) % Interest on other long-term funding 10,700 10,096 604 6 % 21,785 20,154 1,631 8 % Total interest expense 245,536 273,681 (28,145) (10) % 485,881 539,211 (53,330) (10) % Net interest income 300,000 256,593 43,407 17 % 585,940 514,451 71,490 14 % Provision for credit losses 17,996 23,008 (5,012) (22) % 30,999 47,009 (16,010) (34) % Net interest income after provision for credit losses 282,004 233,585 48,419 21 % 554,941 467,442 87,499 19 % Noninterest income Wealth management fees 23,025 22,628 396 2 % 45,522 44,323 1,200 3 % Service charges and deposit account fees 13,147 12,263 883 7 % 25,961 24,702 1,259 5 % Card-based fees 11,200 11,975 (775) (6) % 21,642 23,242 (1,600) (7) % Other fee-based revenue 4,995 4,857 138 3 % 10,245 9,259 986 11 % Capital markets, net  5,765 4,685 1,080 23 % 10,110 8,735 1,374 16 % Mortgage banking, net 4,213 2,505 1,709 68 % 8,035 5,166 2,869 56 % Loss on mortgage portfolio sale — — — N/M (6,976) — (6,976) N/M Bank and corporate owned life insurance 4,135 4,584 (449) (10) % 9,339 7,154 2,185 31 % Asset losses, net (1,735) (627) (1,108) 177 % (2,613) (933) (1,680) 180 % Investment securities gains, net 7 67 (60) (90) % 11 3,947 (3,935) (100) % Other  2,226 2,222 4 — % 4,477 4,549 (72) (2) % Total noninterest income 66,977 65,159 1,818 3 % 125,754 130,144 (4,390) (3) % Noninterest expense Personnel 126,994 121,581 5,413 4 % 250,890 240,976 9,914 4 % Technology 26,508 27,161 (654) (2) % 53,646 53,362 285 1 % Occupancy 12,644 13,128 (484) (4) % 28,025 26,761 1,264 5 % Business development and advertising 7,748 7,535 213 3 % 14,134 14,052 82 1 % Equipment 4,494 4,450 44 1 % 9,021 9,049 (28) — % Legal and professional 6,674 4,429 2,245 51 % 12,757 9,101 3,656 40 % Loan and foreclosure costs 2,705 1,793 913 51 % 5,299 3,771 1,528 41 % FDIC assessment 9,708 7,131 2,577 36 % 20,144 21,077 (933) (4) % Other intangible amortization 2,203 2,203 — — % 4,405 4,405 — — % Other 9,674 6,450 3,224 50 % 21,648 10,963 10,685 97 % Total noninterest expense 209,352 195,861 13,492 7 % 419,971 393,518 26,453 7 % Income before income taxes 139,629 102,884 36,745 36 % 260,724 204,068 56,656 28 % Income tax expense (benefit) 28,399 (12,689) 41,089 N/M 47,808 7,326 40,482 N/M Net income 111,230 115,573 (4,344) (4) % 212,916 196,742 16,174 8 % Preferred stock dividends 2,875 2,875 — — % 5,750 5,750 — — % Net income available to common equity $     108,355 $     112,698 $   (4,344) (4) % $     207,166 $     190,992 $   16,174 8 % ‌ Pre-tax pre-provision income (loss)(a) 157,625 125,892 31,733 25 % 291,723 251,077 40,646 16 % Earnings per common share Basic $          0.65 $          0.75 $     (0.10) (13) % $          1.25 $          1.27 $     (0.02) (2) % Diluted $          0.65 $          0.74 $     (0.09) (12) % $          1.24 $          1.26 $     (0.02) (2) % Average common shares outstanding Basic 164,936 149,872 15,063 10 % 165,081 149,864 15,217 10 % Diluted 166,343 151,288 15,055 10 % 166,506 151,310 15,196 10 % ‌‌ N/M = Not meaningful Numbers may not sum due to rounding. (a) This is a non-GAAP financial measure.  See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures. Associated Banc-CorpConsolidated Statements of Income (Unaudited) - Quarterly Trend (Dollars and shares in thousands, except per share data) Sequential Quarter 2Q25 1Q25 DollarChange PercentageChange 4Q24 3Q24 2Q24 Interest income Interest and fees on loans $  447,781 $  433,299 $    14,482 3 % $  453,253 $  465,728 $  456,788 Interest and dividends on investment securities Taxable 71,174 69,788 1,387 2 % 50,524 51,229 50,278 Tax-exempt 13,902 13,956 (53) — % 14,469 14,660 14,669 Other interest 12,679 9,243 3,436 37 % 10,478 8,701 8,539 Total interest income 545,536 526,285 19,251 4 % 528,724 540,318 530,274 Interest expense Interest on deposits 197,656 209,140 (11,484) (5) % 222,888 231,623 221,062 Interest on federal funds purchased and securities sold under agreements to repurchase 2,004 3,622 (1,618) (45) % 3,203 3,385 2,303 Interest on other short-term funding 287 408 (121) (30) % 668 6,144 6,077 Interest on FHLB advances 34,889 16,090 18,799 117 % 17,908 24,799 34,143 Interest on other long-term funding 10,700 11,085 (385) (3) % 13,769 11,858 10,096 Total interest expense 245,536 240,345 5,192 2 % 258,436 277,809 273,681 Net interest income 300,000 285,941 14,059 5 % 270,289 262,509 256,593 Provision for credit losses 17,996 13,003 4,993 38 % 16,986 20,991 23,008 Net interest income after provision for credit losses 282,004 272,938 9,066 3 % 253,303 241,518 233,585 Noninterest income Wealth management fees 23,025 22,498 527 2 % 24,103 24,144 22,628 Service charges and deposit account fees 13,147 12,814 332 3 % 13,232 13,708 12,263 Card-based fees 11,200 10,442 758 7 % 11,948 11,731 11,975 Other fee-based revenue 4,995 5,251 (256) (5) % 5,182 5,057 4,857 Capital markets, net 5,765 4,345 1,420 33 % 9,032 4,317 4,685 Mortgage banking, net 4,213 3,822 391 10 % 3,387 2,132 2,505 Loss on mortgage portfolio sale — (6,976) 6,976 (100) % (130,406) — — Bank and corporate owned life insurance 4,135 5,204 (1,069) (21) % 2,322 4,001 4,584 Asset (losses) gains, net (1,735) (878) (857) 98 % 364 (474) (627) Investment securities gains (losses), net 7 4 3 66 % (148,194) 100 67 Other 2,226 2,251 (25) (1) % 2,257 2,504 2,222 Total noninterest income (loss) 66,977 58,776 8,201 14 % (206,772) 67,221 65,159 Noninterest expense Personnel 126,994 123,897 3,097 2 % 125,944 121,036 121,581 Technology 26,508 27,139 (631) (2) % 26,984 27,217 27,161 Occupancy 12,644 15,381 (2,736) (18) % 14,325 13,536 13,128 Business development and advertising 7,748 6,386 1,362 21 % 7,408 6,683 7,535 Equipment 4,494 4,527 (33) (1) % 4,729 4,653 4,450 Legal and professional 6,674 6,083 591 10 % 6,861 5,639 4,429 Loan and foreclosure costs 2,705 2,594 112 4 % 1,951 2,748 1,793 FDIC assessment 9,708 10,436 (728) (7) % 9,139 8,223 7,131 Other intangible amortization 2,203 2,203 — — % 2,203 2,203 2,203 Loss on prepayments of FHLB advances — — — N/M 14,243 — — Other 9,674 11,974 (2,300) (19) % 10,496 8,659 6,450 Total noninterest expense 209,352 210,619 (1,267) (1) % 224,282 200,597 195,861 Income (loss) before income taxes 139,629 121,095 18,534 15 % (177,752) 108,142 102,884 Income tax expense (benefit) 28,399 19,409 8,991 46 % (16,137) 20,124 (12,689) Net income (loss) 111,230 101,687 9,543 9 % (161,615) 88,018 115,573 Preferred stock dividends 2,875 2,875 — — % 2,875 2,875 2,875 Net income (loss) available to common equity $  108,355 $    98,812 $     9,543 10 % $ (164,490) $    85,143 $  112,698 Pre-tax pre-provision income (loss)(a) 157,625 134,098 23,527 18 % (160,766) 129,133 125,892 Earnings (loss) per common share Basic $       0.65 $       0.60 $       0.05 8 % $      (1.04) $       0.56 $       0.75 Diluted $       0.65 $       0.59 $       0.06 10 % $      (1.03) $       0.56 $       0.74 Average common shares outstanding Basic 164,936 165,228 (292) — % 157,710 150,247 149,872 Diluted 166,343 166,604 (261) — % 159,164 151,492 151,288 ‌ N/M = Not meaningful Numbers may not recalculate due to rounding conventions. (a) This is a non-GAAP financial measure.  See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures. Associated Banc-Corp Selected Quarterly Information (Dollars and shares in thousands, except per share data and as noted) YTD Jun 2025 YTD Jun 2024 2Q25 1Q25 4Q24 3Q24 2Q24 Per common share data Dividends $      0.46 $      0.44 $             0.23 $            0.23 $            0.23 $             0.22 $             0.22 Market value: High 25.63 22.48 24.56 25.63 28.14 23.95 22.48 Low 18.91 19.73 18.91 21.06 20.64 20.07 19.90 Close 24.39 22.53 23.90 21.54 21.15 Book value / share 27.67 27.09 26.55 27.90 26.85 Tangible book value (TBV) / share(a) 20.84 20.25 19.71 20.37 19.28 Performance ratios (annualized) Return on average assets 1.00 % 0.97 % 1.03 % 0.97 % (1.53) % 0.85 % 1.13 % Noninterest expense / average assets 1.97 % 1.93 % 1.93 % 2.00 % 2.12 % 1.93 % 1.92 % Effective tax rate 18.34 % 3.59 % 20.34 % 16.03 % N/M 18.61 % (12.33) % Dividend payout ratio(b) 36.80 % 34.65 % 35.38 % 38.33 % N/M 39.29 % 29.33 % Net interest margin 3.01 % 2.77 % 3.04 % 2.97 % 2.81 % 2.78 % 2.75 % Selected trend information Assets under management, at market value(c) $         15,537 $         14,685 $         14,773 $         15,033 $         14,304 Shares repurchased during period(d) 900 900 — 900 — — — Shares outstanding, end of period 165,778 165,807 166,178 151,213 150,785 Loans / deposits ratio 89.63 % 86.07 % 85.92 % 89.38 % 90.60 % Stockholders' equity / assets ratio 10.87 % 10.82 % 10.70 % 10.46 % 10.19 % Risk-based capital(e)(f) Total risk-weighted assets $  34,241,408 $  33,800,823 $  33,950,173 $  33,326,479 $  32,767,830 Common equity Tier 1 $    3,493,316 $    3,417,432 $    3,396,836 $    3,238,155 $    3,172,298 Common equity Tier 1 capital ratio 10.20 % 10.11 % 10.01 % 9.72 % 9.68 % Tier 1 capital ratio 10.77 % 10.68 % 10.58 % 10.30 % 10.27 % Total capital ratio 12.83 % 12.75 % 12.61 % 12.36 % 12.34 % Tier 1 leverage ratio 8.72 % 8.69 % 8.73 % 8.49 % 8.37 % ‌ N/M = Not meaningful Numbers may not recalculate due to rounding conventions. (a) This is a non-GAAP financial measure.  See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures. (b) Ratio is based upon basic earnings per common share. (c) In millions. Excludes assets held in brokerage accounts. (d) Does not include repurchases related to tax withholding on equity compensation. (e) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions. (f) June 30, 2025 data is estimated. Associated Banc-Corp Selected Asset Quality Information (Dollars in thousands) Jun 30, 2025 Mar 31, 2025 Seql Qtr %Change Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Comp Qtr %Change Allowance for loan losses Balance at beginning of period $    371,348 $    363,545 2 % $    361,765 $    355,844 $    356,006 4 % Provision for loan losses 18,000 16,500 9 % 14,000 19,000 21,000 (14) % Charge offs (18,348) (13,714) 34 % (13,770) (15,337) (23,290) (21) % Recoveries 5,515 5,017 10 % 1,551 2,258 2,127 159 % Net (charge offs) recoveries (12,833) (8,698) 48 % (12,220) (13,078) (21,163) (39) % Balance at end of period $    376,515 $    371,348 1 % $    363,545 $    361,765 $    355,844 6 % Allowance for unfunded commitments Balance at beginning of period $      35,276 $      38,776 (9) % $      35,776 $      33,776 $      31,776 11 % Provision for unfunded commitments — (3,500) (100) % 3,000 2,000 2,000 (100) % Balance at end of period 35,276 35,276 — % 38,776 35,776 33,776 4 % Allowance for credit losses on loans (ACLL) $    411,791 $    406,624 1 % $    402,322 $    397,541 $    389,620 6 % Provision for credit losses on loans $      18,000 $      13,000 38 % $      17,000 $      21,000 $      23,000 (22) % (Dollars in thousands) Jun 30, 2025 Mar 31, 2025 Seql Qtr %Change Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Comp Qtr % Change Net (charge offs) recoveries Commercial and industrial $      (1,826) $      (4,726) (61) % $      (2,406) $    (10,649) $    (13,676) (87) % Commercial real estate—owner occupied — — N/M — — 1 (100) % Commercial and business lending (1,826) (4,726) (61) % (2,406) (10,649) (13,674) (87) % Commercial real estate—investor (8,493) (892) N/M (6,617) (1) (4,569) 86 % Real estate construction 121 30 N/M 4 2 28 N/M Commercial real estate lending (8,372) (863) N/M (6,612) 2 (4,541) 84 % Total commercial (10,198) (5,589) 82 % (9,018) (10,647) (18,216) (44) % Residential mortgage (302) 197 N/M (239) (160) (289) 4 % Auto finance (689) (1,519) (55) % (1,782) (1,281) (1,480) (53) % Home equity 237 289 (18) % 277 424 238 — % Other consumer (1,881) (2,076) (9) % (1,457) (1,414) (1,417) 33 % Total consumer (2,636) (3,109) (15) % (3,202) (2,431) (2,947) (11) % Total net charge offs $    (12,833) $      (8,698) 48 % $    (12,220) $    (13,078) $    (21,163) (39) % (in basis points) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Net (charge offs) recoveries to average loans (annualized) Commercial and industrial (7) (18) (9) (43) (55) Commercial real estate—owner occupied — — — — — Commercial and business lending (6) (16) (8) (39) (50) Commercial real estate—investor (61) (7) (51) — (37) Real estate construction 3 1 — — — Commercial real estate lending (45) (5) (37) — (25) Total commercial (21) (12) (19) (23) (40) Residential mortgage (2) 1 (1) (1) (1) Auto finance (9) (22) (26) (19) (24) Home equity 14 18 17 26 15 Other consumer (244) (268) (208) (216) (221) Total consumer (10) (11) (11) (8) (10) Total net charge offs (17) (12) (16) (18) (29) (Dollars in thousands) Jun 30, 2025 Mar 31, 2025 Seql Qtr % Change Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Comp Qtr % Change Credit quality Nonaccrual loans $    112,999 $    134,808 (16) % $    123,260 $    128,476 $    154,423 (27) % Other real estate owned (OREO) 34,287 23,475 46 % 20,217 18,830 8,325 N/M Repossessed assets 882 688 28 % 687 793 671 31 % Total nonperforming assets $    148,169 $    158,971 (7) % $    144,164 $    148,098 $    163,418 (9) % Loans 90 or more days past due and still accruing $      14,160 $        3,036 N/M $        3,189 $        7,107 $        2,354 N/M Allowance for credit losses on loans to total loans 1.35 % 1.34 % 1.35 % 1.33 % 1.32 % Allowance for credit losses on loans to nonaccrual loans 364.42 % 301.63 % 326.40 % 309.43 % 252.31 % Nonaccrual loans to total loans 0.37 % 0.44 % 0.41 % 0.43 % 0.52 % Nonperforming assets to total loans plus OREO and repossessed assets 0.48 % 0.52 % 0.48 % 0.49 % 0.55 % Nonperforming assets to total assets 0.34 % 0.37 % 0.34 % 0.35 % 0.39 % Associated Banc-CorpSelected Asset Quality Information (continued) (Dollars in thousands) Jun 30, 2025 Mar 31, 2025 Seql Qtr %Change Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Comp Qtr %Change Nonaccrual loans Commercial and industrial $           6,945 $         12,898 (46) % $         19,084 $         14,369 $         21,190 (67) % Commercial real estate—owner occupied — 1,501 (100) % 1,501 9,285 1,851 (100) % Commercial and business lending 6,945 14,399 (52) % 20,585 23,654 23,041 (70) % Commercial real estate—investor 15,805 31,689 (50) % 16,705 18,913 48,249 (67) % Real estate construction 146 125 17 % 30 15 16 N/M Commercial real estate lending 15,950 31,814 (50) % 16,735 18,928 48,265 (67) % Total commercial 22,895 46,213 (50) % 37,320 42,582 71,306 (68) % Residential mortgage 73,817 72,455 2 % 70,038 70,138 68,058 8 % Auto finance 8,004 7,692 4 % 7,402 7,456 6,986 15 % Home equity 8,201 8,275 (1) % 8,378 8,231 7,996 3 % Other consumer 82 173 (53) % 122 70 77 6 % Total consumer 90,104 88,595 2 % 85,941 85,894 83,117 8 % Total nonaccrual loans $       112,999 $       134,808 (16) % $       123,260 $       128,476 $       154,423 (27) % Jun 30, 2025 Mar 31, 2025 Seql Qtr %Change Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Comp Qtr %Change Accruing loans 30-89 days past due Commercial and industrial $           2,593 $           7,740 (66) % $           1,260 $           1,212 $           2,052 26 % Commercial real estate—owner occupied 5,628 1,156 N/M 1,634 2,209 — N/M Commercial and business lending 8,221 8,896 (8) % 2,893 3,421 2,052 N/M Commercial real estate—investor 1,042 2,463 (58) % 36,391 10,746 1,023 2 % Real estate construction 90 — N/M 21 88 — N/M Commercial real estate lending 1,132 2,463 (54) % 36,412 10,834 1,023 11 % Total commercial 9,353 11,360 (18) % 39,305 14,255 3,075 N/M Residential mortgage 8,744 13,568 (36) % 14,892 13,630 10,374 (16) % Auto finance 13,149 12,522 5 % 14,850 15,458 15,814 (17) % Home equity 4,338 3,606 20 % 4,625 3,146 3,694 17 % Other consumer(a) 2,578 2,381 8 % 3,128 2,163 1,995 29 % Total consumer 28,810 32,076 (10) % 37,496 34,397 31,877 (10) % Total accruing loans 30-89 days past due $         38,163 $         43,435 (12) % $         76,801 $         48,651 $         34,952 9 % ‌ N/M = Not meaningful Numbers may not recalculate due to rounding conventions. (a) Excluding guaranteed student loans. Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter(a) Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (Dollars in thousands) Average Balance Interest Income /Expense AverageYield /Rate Average Balance Interest Income /Expense AverageYield /Rate Average Balance Interest Income /Expense AverageYield /Rate Assets Earning assets Loans (b) (c) Commercial and industrial $  10,981,221 $    179,955 6.57 % $  10,583,318 $    169,785 6.50 % $     9,915,894 $   181,615 7.37 % Commercial real estate—owner occupied 1,114,054 16,014 5.77 % 1,141,167 16,200 5.76 % 1,095,334 16,577 6.09 % Commercial and business lending 12,095,274 195,969 6.50 % 11,724,484 185,985 6.43 % 11,011,228 198,191 7.24 % Commercial real estate—investor 5,582,333 91,569 6.58 % 5,415,412 87,089 6.52 % 4,964,394 88,737 7.19 % Real estate construction 1,869,708 33,883 7.27 % 1,898,582 33,945 7.25 % 2,285,379 45,466 8.00 % Commercial real estate lending 7,452,041 125,452 6.75 % 7,313,994 121,034 6.71 % 7,249,773 134,203 7.45 % Total commercial 19,547,316 321,421 6.59 % 19,038,479 307,020 6.54 % 18,261,000 332,394 7.32 % Residential mortgage 7,034,607 64,995 3.70 % 7,256,320 66,823 3.68 % 7,905,236 69,389 3.51 % Auto finance 2,933,161 41,156 5.63 % 2,844,730 39,176 5.59 % 2,524,107 35,021 5.58 % Home equity 667,339 12,098 7.25 % 657,625 12,052 7.34 % 630,855 12,975 8.23 % Other consumer 309,578 8,644 11.20 % 313,828 8,773 11.34 % 258,366 7,528 11.72 % Total consumer 10,944,685 126,893 4.64 % 11,072,503 126,824 4.61 % 11,318,564 124,913 4.42 % Total loans 30,492,001 448,313 5.89 % 30,110,982 433,844 5.83 % 29,579,564 457,307 6.21 % Investments Taxable securities 6,578,690 71,174 4.33 % 6,398,584 69,788 4.36 % 5,680,757 50,479 3.55 % Tax-exempt securities(b) 2,004,725 17,598 3.51 % 2,016,144 17,666 3.50 % 2,116,174 17,896 3.38 % Other short-term investments 999,294 12,679 5.09 % 757,227 9,243 4.95 % 620,943 9,304 6.03 % Total investments 9,582,709 101,451 4.24 % 9,171,955 96,696 4.22 % 8,417,874 77,680 3.69 % Total earning assets and related interest income 40,074,710 $    549,764 5.50 % 39,282,937 $    530,540 5.45 % 37,997,438 $   534,987 5.65 % Other assets, net 3,345,353 3,347,690 3,103,168 Total assets $  43,420,063 $  42,630,627 $   41,100,606 Liabilities and stockholders' equity Interest-bearing liabilities Interest-bearing deposits Savings $   5,222,869 $      17,139 1.32 % $   5,162,468 $      17,929 1.41 % $     5,133,688 $     21,972 1.72 % Interest-bearing demand 7,683,402 42,485 2.22 % 8,031,707 45,430 2.29 % 7,265,621 48,109 2.66 % Money market 5,988,947 38,695 2.59 % 6,079,551 39,560 2.64 % 5,995,005 46,391 3.11 % Network transaction deposits 1,843,998 20,211 4.40 % 1,847,972 20,067 4.40 % 1,595,312 21,416 5.40 % Brokered CDs 4,089,844 45,418 4.45 % 4,315,311 49,292 4.63 % 3,927,727 52,306 5.36 % Other time deposits 3,725,205 33,707 3.63 % 3,756,332 36,862 3.98 % 2,999,936 30,867 4.14 % Total interest-bearing deposits 28,554,266 197,656 2.78 % 29,193,341 209,140 2.91 % 26,917,289 221,062 3.30 % Federal funds purchased and securities sold under agreements to repurchase 220,872 2,004 3.64 % 375,910 3,622 3.91 % 213,921 2,303 4.33 % Other short-term funding 17,580 287 6.55 % 31,312 408 5.28 % 561,596 7,044 5.04 % FHLB advances 3,221,749 34,889 4.34 % 1,595,972 16,090 4.09 % 2,432,195 34,143 5.65 % Other long-term funding 592,664 10,700 7.22 % 627,658 11,085 7.06 % 533,670 10,096 7.57 % Total short and long-term funding 4,052,863 47,880 4.74 % 2,630,852 31,205 4.79 % 3,741,381 53,586 5.75 % Total interest-bearing liabilities and related interest expense 32,607,129 $    245,536 3.02 % 31,824,193 $    240,345 3.06 % 30,658,670 $   274,648 3.60 % Noninterest-bearing demand deposits 5,648,935 5,640,123 5,712,115 Other liabilities 431,338 535,732 563,616 Stockholders' equity 4,732,661 4,630,578 4,166,204 Total liabilities and stockholders' equity $  43,420,063 $  42,630,627 $   41,100,606 Interest rate spread 2.48 % 2.39 % 2.05 % Net free funds 0.56 % 0.58 % 0.70 % Fully tax-equivalent net interest income and net interest margin $    304,228 3.04 % $    290,195 2.97 % $   260,340 2.75 % Fully tax-equivalent adjustment 4,228 4,254 3,747 Net interest income $    300,000 $    285,941 $   256,593 ‌ Numbers may not recalculate due to rounding conventions. (a) Prior periods have been adjusted to conform with current period presentation. (b) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%. (c) Nonaccrual loans and loans held for sale have been included in the average balances. Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year(a) Six Months Ended June 30, 2025 2024 (Dollars in thousands) Average Balance Interest Income /Expense AverageYield / Rate Average Balance Interest Income /Expense AverageYield / Rate Assets Earning assets Loans (b) (c) Commercial and industrial $   10,783,368 $          349,740 6.54 % $    9,822,806 $          359,302 7.35 % Commercial real estate—owner occupied 1,127,535 32,214 5.76 % 1,090,935 32,979 6.08 % Commercial and business lending 11,910,904 381,954 6.46 % 10,913,741 392,281 7.23 % Commercial real estate—investor 5,499,334 178,658 6.55 % 5,002,956 181,099 7.28 % Real estate construction 1,884,065 67,829 7.26 % 2,316,911 91,954 7.98 % Commercial real estate lending 7,383,399 246,486 6.73 % 7,319,867 273,053 7.50 % Total commercial 19,294,303 628,440 6.57 % 18,233,608 665,334 7.34 % Residential mortgage  7,144,851 131,818 3.69 % 7,965,375 138,120 3.47 % Auto finance 2,889,190 80,332 5.61 % 2,448,914 67,624 5.55 % Home equity 662,509 24,150 7.29 % 563,992 26,036 9.23 % Other consumer 311,691 17,417 11.27 % 262,404 15,185 11.64 % Total consumer 11,008,241 253,717 4.62 % 11,240,684 246,965 4.40 % Total loans 30,302,544 882,157 5.86 % 29,474,293 912,299 6.22 % Investments Taxable securities 6,489,135 140,962 4.34 % 5,598,890 97,206 3.47 % Tax-exempt securities(b) 2,010,403 35,264 3.51 % 2,124,763 35,920 3.38 % Other short-term investments 878,929 21,921 5.03 % 598,888 17,615 5.91 % Total investments 9,378,467 198,147 4.23 % 8,322,541 150,741 3.62 % Total earning assets and related interest income 39,681,011 $       1,080,304 5.48 % 37,796,834 $       1,063,040 5.65 % Other assets, net 3,346,515 3,135,876 Total assets $   43,027,526 $   40,932,710 Liabilities and stockholders' equity Interest-bearing liabilities Interest-bearing deposits Savings $    5,192,835 $            35,068 1.36 % $    5,030,859 $            43,719 1.75 % Interest-bearing demand 7,856,593 87,915 2.26 % 7,377,870 98,099 2.67 % Money market 6,033,999 78,255 2.62 % 6,055,804 93,698 3.11 % Network transaction deposits 1,845,974 40,278 4.40 % 1,623,625 43,621 5.40 % Brokered CDs 4,201,955 94,711 4.55 % 4,098,304 109,116 5.35 % Other time deposits 3,740,683 70,569 3.80 % 2,964,685 59,040 4.00 % Total interest-bearing deposits 28,872,038 406,796 2.84 % 27,151,147 447,293 3.31 % Federal funds purchased and securities sold under agreements to repurchase 297,963 5,626 3.81 % 238,950 5,166 4.35 % Other short-term funding 24,408 695 5.74 % 503,602 12,646 5.05 % FHLB advances 2,413,352 50,979 4.26 % 1,986,221 55,814 5.65 % Other long-term funding 610,064 21,785 7.14 % 536,388 20,154 7.51 % Total short and long-term funding 3,345,786 79,085 4.76 % 3,265,160 93,780 5.77 % Total interest-bearing liabilities and related interest expense 32,217,824 $          485,881 3.04 % 30,416,308 $          541,073 3.58 % Noninterest-bearing demand deposits 5,644,554 5,797,084 Other liabilities 483,247 545,526 Stockholders' equity 4,681,901 4,173,793 Total liabilities and stockholders' equity $   43,027,526 $   40,932,710 Interest rate spread 2.44 % 2.07 % Net free funds 0.57 % 0.70 % Fully tax-equivalent net interest income and net interest margin $          594,423 3.01 % $          521,967 2.77 % Fully tax-equivalent adjustment 8,483 7,516 Net interest income $          585,940 $          514,451 ‌ Numbers may not recalculate due to rounding conventions. (a) Prior periods have been adjusted to conform with current period presentation. (b) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%. (c) Nonaccrual loans and loans held for sale have been included in the average balances. Associated Banc-Corp         Loan and Deposit Composition (Dollars in thousands) Period end loan composition Jun 30, 2025 Mar 31, 2025 Seql Qtr %Change Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Comp Qtr %Change Commercial and industrial $   11,281,964 $   10,925,769 3 % $   10,573,741 $   10,258,899 $    9,970,412 13 % Commercial real estate—owner occupied 1,101,501 1,118,363 (2) % 1,143,741 1,120,849 1,102,146 — % Commercial and business lending 12,383,465 12,044,132 3 % 11,717,483 11,379,748 11,072,558 12 % Commercial real estate—investor 5,370,422 5,597,442 (4) % 5,227,975 5,070,635 5,001,392 7 % Real estate construction 1,950,267 1,809,054 8 % 1,982,632 2,114,300 2,255,637 (14) % Commercial real estate lending 7,320,689 7,406,496 (1) % 7,210,607 7,184,934 7,257,029 1 % Total commercial 19,704,154 19,450,628 1 % 18,928,090 18,564,683 18,329,587 7 % Residential mortgage 6,949,387 6,999,654 (1) % 7,047,541 7,803,083 7,840,073 (11) % Auto finance 2,969,495 2,878,765 3 % 2,810,220 2,708,946 2,556,009 16 % Home equity 676,208 654,140 3 % 664,252 651,379 634,142 7 % Other consumer 308,361 310,940 (1) % 318,483 262,806 258,460 19 % Total consumer 10,903,451 10,843,499 1 % 10,840,496 11,426,214 11,288,684 (3) % Total loans $   30,607,605 $   30,294,127 1 % $   29,768,586 $   29,990,897 $   29,618,271 3 % Quarter average loan composition Jun 30, 2025 Mar 31, 2025 Seql Qtr %Change Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Comp Qtr %Change Commercial and industrial(a) $   10,981,221 $   10,583,318 4 % $   10,338,865 $    9,884,246 $    9,915,894 11 % Commercial real estate—owner occupied 1,114,054 1,141,167 (2) % 1,135,624 1,087,144 1,095,334 2 % Commercial and business lending 12,095,274 11,724,484 3 % 11,474,489 10,971,390 11,011,228 10 % Commercial real estate—investor 5,582,333 5,415,412 3 % 5,120,608 5,085,090 4,964,394 12 % Real estate construction 1,869,708 1,898,582 (2) % 2,086,188 2,150,416 2,285,379 (18) % Commercial real estate lending 7,452,041 7,313,994 2 % 7,206,796 7,235,505 7,249,773 3 % Total commercial 19,547,316 19,038,479 3 % 18,681,285 18,206,896 18,261,000 7 % Residential mortgage(a) 7,034,607 7,256,320 (3) % 7,814,056 7,888,290 7,905,236 (11) % Auto finance 2,933,161 2,844,730 3 % 2,771,414 2,635,890 2,524,107 16 % Home equity 667,339 657,625 1 % 656,792 642,463 630,855 6 % Other consumer 309,578 313,828 (1) % 278,370 260,547 258,366 20 % Total consumer 10,944,685 11,072,503 (1) % 11,520,632 11,427,191 11,318,564 (3) % Total loans(a) $   30,492,001 $   30,110,982 1 % $   30,201,918 $   29,634,087 $   29,579,564 3 % Period end deposit and customer funding composition(b) Jun 30, 2025 Mar 31, 2025 Seql Qtr %Change Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Comp Qtr %Change Noninterest-bearing demand $    5,782,487 $     6,135,946 (6) % $     5,775,657 $    5,857,421 $    5,815,045 (1) % Savings 5,291,674 5,247,291 1 % 5,133,295 5,072,508 5,157,103 3 % Interest-bearing demand 7,490,772 7,870,965 (5) % 7,994,475 7,302,239 7,193,485 4 % Money market 5,915,867 6,141,275 (4) % 6,009,793 5,831,637 5,882,508 1 % Network transaction deposits 1,792,362 1,882,930 (5) % 1,758,388 1,566,908 1,502,919 19 % Brokered CDs 4,072,048 4,197,512 (3) % 4,276,309 4,242,670 4,061,578 — % Other time deposits 3,802,356 3,720,793 2 % 3,700,518 3,680,914 3,078,401 24 % Total deposits 34,147,565 35,196,713 (3) % 34,648,434 33,554,298 32,691,039 4 % Other customer funding(c) 75,440 85,950 (12) % 100,044 110,988 89,524 (16) % Total deposits and other customer funding $   34,223,005 $   35,282,663 (3) % $   34,748,478 $   33,665,286 $   32,780,564 4 % Net deposits and other customer funding(d) $   28,358,595 $   29,202,221 (3) % $   28,713,780 $   27,855,707 $   27,216,066 4 % Quarter average deposit composition Jun 30, 2025 Mar 31, 2025 Seql Qtr %Change Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Comp Qtr %Change Noninterest-bearing demand $    5,648,935 $     5,640,123 — % $     5,738,557 $    5,652,228 $    5,712,115 (1) % Savings 5,222,869 5,162,468 1 % 5,132,247 5,125,147 5,133,688 2 % Interest-bearing demand 7,683,402 8,031,707 (4) % 7,623,230 7,394,550 7,265,621 6 % Money market 5,988,947 6,079,551 (1) % 5,924,269 5,942,147 5,995,005 — % Network transaction deposits 1,843,998 1,847,972 — % 1,690,745 1,644,305 1,595,312 16 % Brokered CDs 4,089,844 4,315,311 (5) % 4,514,841 4,247,941 3,927,727 4 % Other time deposits 3,725,205 3,756,332 (1) % 3,713,579 3,314,507 2,999,936 24 % Total deposits 34,203,201 34,833,464 (2) % 34,337,468 33,320,825 32,629,404 5 % Other customer funding(c) 80,010 87,693 (9) % 94,965 104,115 87,161 (8) % Total deposits and other customer funding $   34,283,211 $   34,921,157 (2) % $   34,432,433 $   33,424,940 $   32,716,565 5 % Net deposits and other customer funding(d) $   28,349,369 $   28,757,874 (1) % $   28,226,848 $   27,532,694 $   27,193,526 4 % ‌ N/M = Not meaningful Numbers may not recalculate due to rounding conventions. (a) Loans held for sale have been included in the average balances. (b) Prior periods have been adjusted to conform with current period presentation. (c) Includes repurchase agreements. (d) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits. Associated Banc-Corp Non-GAAP Financial Measures Reconciliation YTD YTD (Dollars in thousands) Jun 2025 Jun 2024 2Q25 1Q25 4Q24 3Q24 2Q24 Selected equity and performance ratios(a) Average stockholders' equity / average assets 10.88 % 10.20 % 10.90 % 10.86 % 10.76 % 10.46 % 10.14 % Tangible common equity / tangible assets (TCE Ratio) (b) 8.06 % 7.96 % 7.82 % 7.50 % 7.18 % Return on average equity 9.17 % 9.48 % 9.43 % 8.91 % (14.20) % 8.09 % 11.16 % Return on average tangible common equity (ROATCE) (c) 12.66 % 13.78 % 12.96 % 12.34 % (20.27) % 11.52 % 16.25 % Return on average common equity Tier 1 (ROACET1) (c) 12.20 % 12.42 % 12.57 % 11.82 % (19.28) % 10.53 % 14.54 % Return on average tangible assets(c) 1.04 % 1.01 % 1.07 % 1.01 % (1.55) % 0.89 % 1.18 % Tangible common equity reconciliation(b) Common equity $      4,586,669 $     4,492,446 $    4,411,450 $     4,219,125 $      4,048,225 Less: Goodwill and other intangible assets, net 1,132,247 1,134,450 1,136,653 1,138,855 1,141,058 Tangible common equity for TCE Ratio and TBV / share $      3,454,422 $     3,357,996 $    3,274,797 $     3,080,269 $      2,907,167 Tangible assets reconciliation(b) Total assets $    43,993,729 $   43,309,136 $  43,023,068 $   42,210,815 $   41,623,908 Less: Goodwill and other intangible assets, net 1,132,247 1,134,450 1,136,653 1,138,855 1,141,058 Tangible assets for TCE Ratio $    42,861,482 $   42,174,686 $  41,886,415 $   41,071,960 $   40,482,850 Average tangible common equity and average common equity Tier 1 reconciliation(b) Average common equity $    4,487,789 $    3,979,681 $      4,538,549 $     4,436,467 $    4,334,230 $     4,136,615 $     3,972,092 Less: Average goodwill and other intangible assets, net 1,134,600 1,143,478 1,133,627 1,135,584 1,137,826 1,140,060 1,142,368 Average tangible common equity for ROATCE 3,353,189 2,836,203 3,404,922 3,300,883 3,196,404 2,996,555 2,829,725    Modified CECL transitional amount — 22,425 — — 22,425 22,425 22,425 Average accumulated other comprehensive loss(d) 46,443 214,850 28,405 64,680 151,862 172,711 241,634 Average deferred tax assets, net 24,638 18,404 24,392 24,886 23,462 23,564 24,506    Average common equity Tier 1 for ROACET1 $    3,424,270 $    3,091,883 $     3,457,719 $     3,390,449 $    3,394,154 $     3,215,255 $      3,118,290 Average tangible assets reconciliation(b) Average total assets $  43,027,526 $  40,932,710 $   43,420,063 $   42,630,627 $  42,071,562 $  41,389,711 $   41,100,606 Less: Average goodwill and other intangible assets, net 1,134,600 1,143,478 1,133,627 1,135,584 1,137,826 1,140,060 1,142,368 Average tangible assets for return on average tangible assets $  41,892,926 $  39,789,232 $   42,286,436 $   41,495,043 $  40,933,736 $  40,249,651 $   39,958,238 Adjusted net income (loss) reconciliation(c) Net income (loss) $       212,916 $       196,742 $        111,230 $        101,687 $      (161,615) $         88,018 $        115,573 Other intangible amortization, net of tax 3,304 3,304 1,652 1,652 1,652 1,652 1,652 Adjusted net income (loss) for return on average tangible assets $       216,220 $       200,046 $        112,882 $        103,339 $      (159,963) $         89,670 $        117,225 Adjusted net income (loss) available to common equity reconciliation(c) Net income (loss) available to common equity $       207,166 $       190,992 $        108,355 $         98,812 $      (164,490) $         85,143 $        112,698 Other intangible amortization, net of tax 3,304 3,304 1,652 1,652 1,652 1,652 1,652 Adjusted net income (loss) available to common equity for ROATCE and ROACET1 $       210,470 $       194,296 $        110,007 $        100,464 $      (162,838) $         86,795 $        114,350 Pre-tax pre-provision income (loss) Income (loss) before income taxes $       260,724 $       204,068 $        139,629 $        121,095 $      (177,752) $        108,142 $        102,884 Provision for credit losses 30,999 47,009 17,996 13,003 16,986 20,991 23,008 Pre-tax pre-provision income (loss) $       291,723 $       251,077 $        157,625 $        134,098 $      (160,766) $        129,133 $        125,892 Period end core customer deposits reconciliation Total deposits $   34,147,565 $  35,196,713 $  34,648,434 $  33,554,298 $  32,691,039 Less: Network transaction deposits 1,792,362 1,882,930 1,758,388 1,566,908 1,502,919 Less: Brokered CDs 4,072,048 4,197,512 4,276,309 4,242,670 4,061,578 Core customer deposits $   28,283,155 $  29,116,271 $  28,613,737 $  27,744,719 $  27,126,542 Average core customer deposits reconciliation Average total deposits $  34,516,592 $  32,948,231 $   34,203,201 $  34,833,464 $  34,337,468 $  33,320,825 $  32,629,404 Less: Average network transaction deposits 1,845,974 1,623,625 1,843,998 1,847,972 1,690,745 1,644,305 1,595,312 Less: Average brokered CDs 4,201,955 4,098,304 4,089,844 4,315,311 4,514,841 4,247,941 3,927,727 Average core customer deposits $  28,468,663 $  27,226,302 $   28,269,359 $  28,670,181 $  28,131,882 $  27,428,578 $  27,106,365 ‌ Numbers may not recalculate due to rounding conventions. (a) These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies. (b) The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and strength. (c) Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax. (d) The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve.  As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital.  This adjustment reflects that election. Associated Banc-Corp Non-GAAP Efficiency Ratios Reconciliation(a) YTD YTD (Dollars in thousands) Jun 2025 Jun 2024 2Q25 1Q25 4Q24 3Q24 2Q24 Total expense for efficiency ratios reconciliation Noninterest expense $ 419,971 $ 393,518 $ 209,352 $ 210,619 $ 224,282 $ 200,597 $ 195,861 Less: Other intangible amortization 4,405 4,405 2,203 2,203 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 415,566 389,112 207,149 208,416 222,080 198,394 193,658 Less: FDIC special assessment — 7,696 — — — — — Less: Announced initiatives(b) — — — — 14,243 — — Total expense for adjusted efficiency ratio $ 415,566 $ 381,416 $ 207,149 $ 208,416 $ 207,836 $ 198,394 $ 193,658 Total revenue for efficiency ratios reconciliation Net interest income $ 585,940 $ 514,451 $ 300,000 $ 285,941 $ 270,289 $ 262,509 $ 256,593 Noninterest income (loss) 125,754 130,144 66,977 58,776 (206,772) 67,221 65,159 Less: Investment securities gains (losses), net 11 3,947 7 4 (148,194) 100 67 Fully tax-equivalent adjustment 8,483 7,516 4,228 4,254 3,680 3,723 3,747 Total revenue for fully tax-equivalent efficiency ratio 720,166 648,165 371,198 348,968 215,390 333,353 325,432 Less: Announced initiatives(b) (6,976) — — (6,976) (130,406) — — Total revenue for adjusted efficiency ratio $ 727,142 $ 648,165 $ 371,198 $ 355,943 $ 345,795 $ 333,353 $ 325,432 Efficiency ratios (expense / revenue) Fully tax-equivalent efficiency ratio 57.70 % 60.03 % 55.81 % 59.72 % 103.11 % 59.51 % 59.51 % Adjusted efficiency ratio 57.15 % 58.85 % 55.81 % 58.55 % 60.10 % 59.51 % 59.51 % Nonrecurring Item Reconciliation (Dollars in thousands, except per share data) 4Q24 4Q24 per share data(diluted) GAAP net (loss) $         (161,615) $                           (1.03) Loss on mortgage portfolio sale(c) 130,406 0.82 Provision on initiatives 1,460 0.01 Net loss on sale of investments(c) 148,183 0.93 Loss on prepayments of FHLB advances 14,243 0.09 Tax effect (38,655) (0.24) Net income, excluding nonrecurring items, net of tax 94,022 $                            0.57         Less preferred stock dividends (2,875)             Net income available to common equity, excluding nonrecurring items, net of tax $             91,147 Nonrecurring Item Noninterest Income Reconciliation YTD YTD (Dollars in thousands) Jun 2025 1Q25 Dec 2024 4Q24 GAAP noninterest income (loss) $               125,754 $                 58,776 $                 (9,407) $             (206,772) Less: Loss on mortgage portfolio sale(c) (6,976) (6,976) (130,406) (130,406) Less: Net loss on sale of investments(c) — — (148,183) (148,183) Noninterest income, excluding nonrecurring items $               132,729 $                 65,752 $               269,182 $                 71,816 ‌ Nonrecurring Item Noninterest Expense Reconciliation YTD (Dollars in thousands) Dec 2024 4Q24 GAAP noninterest expense $               818,397 $               224,282 Loss on prepayments of FHLB advances(c) (14,243) (14,243) Noninterest expense, excluding nonrecurring items $               804,154 $               210,039 ‌ Numbers may not recalculate due to rounding conventions. (a) Prior periods have been adjusted to conform with current period presentation. (b) Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024.  The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio. (c) These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024. Investor Contact:Ben McCarville, Senior Vice President, Director of Investor Relations920-491-7059 Media Contact:Andrea Kozek, Vice President, Public Relations Senior Manager920-491-7518 SOURCE Associated Banc-Corp WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Related News