Associated Banc-Corp (ASB) Barclays 23rd Annual Global Financial Services Conference summary

Strategic progress and growth initiatives

• Completed phase one and halfway through phase two of a multi-year strategic plan, focusing on leadership hires, product innovation, and balance sheet repositioning.

• Achieved $700 million in commercial loan growth in the first half of the year, on track for $1.2 billion annual target.

• Household growth improved from -2% to +2% annualized, with customer satisfaction at record highs.

• Net interest margin increased by 29 basis points year-over-year, surpassing 3% and improving ROTC.

• Positive operating leverage and efficiency gains expected to continue into 2026.

Commercial and consumer banking outlook

• Double-digit C&I loan growth anticipated, with new relationship managers contributing more as non-solicitation agreements expire.

• Commercial loan pipeline up 36% year-over-year; deposit pipeline up 100%.

• Organic deposit growth driven by household gains, segmentation strategies, and a growing HSA business.

• New deposit verticals, such as HOA title business, expected to boost commercial deposits in late 2024.

• Flexibility to fund loan growth with low-cost deposits or substitute wholesale funding as needed.

Geographic expansion and market strategy

• Core growth markets include Milwaukee, Chicago, and Minneapolis, with Northeast Wisconsin outpacing market growth.

• Recent team lift-out in Kansas City demonstrates ability to enter new markets effectively.

• Considering future expansion into Omaha, Kansas City, and Denver.

• Focus on taking market share in low-growth regions and leveraging proven playbooks in major metros.