Associated Banc-Corp (ASB) investor relations material

Executive summary

• Net income available to common equity was $122 million ($0.73 per share) for Q3 2025, up from $108 million in Q2 2025 and $85 million in Q3 2024, with total loans at $31.0 billion and total deposits at $34.9 billion, both up sequentially and year-over-year.

• Achieved record net interest income of $305 million in Q3, up 16% year-over-year and 2% sequentially, with EPS of $0.73.

• Strong organic growth in checking households and C&I loans, with C&I balances up nearly $300 million in Q3 and almost $1 billion year-to-date.

• Core customer deposits increased by $628 million from Q2 and $1.2 billion year-over-year, reaching $28.9 billion, up 2.2% sequentially and 4.2% year-over-year.

• Strategic investments in talent, product upgrades, and balance sheet repositioning are driving market share gains and improved profitability.

Financial highlights

• Net interest income reached a record $305 million, up $5 million sequentially and $42 million year-over-year, with net interest margin at 3.04%.

• Noninterest income was $81 million, up 21% sequentially, driven by capital markets, wealth fees, and a $4 million one-time asset gain.

• Noninterest expense rose to $216 million, mainly due to performance-based incentives and deferred comp adjustments, with the efficiency ratio at 54.77%.

• Book value per share was $28.17; tangible book value per share was $21.36.

• Return on average tangible common equity exceeded 14%, up 250 basis points year-over-year.

Outlook and guidance

• Expect net interest income growth of 14%-15% for 2025, assuming two additional Fed rate cuts.

• Project total noninterest income and expense growth of 5%-6% for 2025, excluding nonrecurring items.

• Forecast total bank loan growth of 5%-6% for the year, with C&I lending leading.

• Core customer deposit growth expected at the lower end of the 4%-5% range.

• Annual effective tax rate forecasted between 18% and 19% for 2025.