Associated Banc-Corp (ASB) 2026 RBC Capital Markets Global Financial Institutions Conference summary

Strategic initiatives and growth outlook

• Expanded footprint and remixed balance sheet over the past five years, leading to record earnings and a more competitive consumer value proposition.

• Significant investments in digital products and marketing, with a 25% increase in acquisition spend planned for 2026 and continued hiring in growth markets like Twin Cities, Kansas City, and Dallas.

• Integration of American National Bank expected early in Q2, supporting further expansion and household growth above 2%.

• Focus remains on organic growth, with acquisitions used to accelerate expansion in key markets.

• Commercial loan growth targeted at $1.1 billion, with new hires and verticals expected to drive outperformance through 2027.

Market environment and competitive landscape

• Midwest markets remain stable, with clients showing resilience and optimism despite global uncertainties.

• Lending competition is most pronounced in CRE, but new relationship hires are driving incremental profitability.

• CRE growth expected to be low single digits, with payoffs tracking as anticipated.

• Deposit pricing has been choppy but is currently stable, with above-market growth aspirations supported by technology and segmentation.

Financial performance and guidance

• Net interest income growth guided at 5.5%-6.5%, driven by strong loan and deposit pipelines and ongoing portfolio remix.

• Margin expected to rise gradually, aided by inorganic actions and the ANB merger, with a slow upward trend anticipated.

• Expense growth targeted at 3%, achieved through collaborative cost management and productivity improvements.

• $100 million buyback authorized, with execution planned post-merger closing, reflecting improved profitability and capital position.