ASSOCIATED BANC-CORP Q1 FY2026 earnings call

• Entered 2026 with strong momentum, first quarter checking household growth 2.2%, over $500 million NC&I loan growth. • Made progress on growth strategy in major metro markets, hired, increased marketing spend, launched offices. • Announced acquisition of American National Bank, expect to complete conversion late Q3, integration underway. • Strong growth momentum in early 2026, household growth, C&I loan growth, investments in digital, product set, marketing. • Hired for private banking, commercial teams, launched franchise banking vertical. • Integration of American National Bank on track, announced business segment leader and market president.

In Q1, total loans grew by over $600 million or 2% vs prior quarter, driven by commercial with C&I balances up $540 million. Total deposits grew by $179 million, core customer deposits up over $800 million vs Q4. Q1 net interest income was $307 million, dipped slightly from Q4 but up 7% vs Q1 2025. Total non-interest income $76 million, decreased from Q4 but up vs same period last year. Total non-interest expense $219 million, decreased slightly from prior quarter. Credit asset quality trends strong, total criticized loans decreased, provision $11 million, annualized charge-offs 7 basis points.

• Expect 2026 period end loan growth 17% - 19% vs associated standalone 2025. • Expect 2026 period end total deposit growth 17% - 19% and period end customer deposit growth 19% - 21% vs associated standalone 2025. • Expect income growth 8% - 10% in 2026 vs associated standalone 2025. • Update non-interest expense outlook following finalization of purchase account adjustments from American National acquisition.

Q: How to think about 2Q margin relative to A&B acquisition?

A: No major surprises, initially forecasted 5 - 10 basis points potential impact once marks done in 2Q.

Q: How competitive is hiring in new growth markets?

A: Able to get quality folks, word of mouth helps, talent available.

Q: Loan yields trend going forward?

A: Most growth from CNI and CRE, higher yields, auto yields may moderate.

Q: Capital front and share buyback appetite?

A: A&B closed, working through marks, bullish on outlook, expect to use share buyback authorization.

Q: C&I growth seasonality?

A: Mortgage warehouse has seasonality, rest of C&I growth strong, pipeline up.

Q: Checking household growth source?

A: Primarily legacy markets, marketing in new markets to start later.

Q: Expenses and revenue opportunities?

A: Expenses almost flat, NII and non-interest income forecasts creeping up.

Q: Balance sheet impact of American National deal?

A: Loans and deposits came in as expected during due diligence, waiting on mark process for full impact.

Q: Commercial growth pipeline and legacy client utilization?

A: Pipeline broad and deep, new hires bridging productivity gap.

Q: Customer CD increase strategy?

A: Raised rates to fund strong CNI loan growth pipeline, CDs are short term.

Q: Guidance changes with American National?

A: Net interest income guidance would be higher due to asset sensitivity and no two rate cuts