Here are a couple of brief analogies for Associated Banc-Corp (ASB):

• Like a U.S. Bancorp or PNC, but with a primary focus on Wisconsin, Illinois, and Minnesota.
• A regional version of a national bank like Wells Fargo or Bank of America, serving the Upper Midwest.

• Deposits: Offers various checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• Lending: Provides commercial, commercial real estate, residential mortgage, and consumer loans to individuals and businesses.
• Wealth Management: Delivers investment management, trust services, financial planning, and private banking for individuals and institutions.
• Treasury Management: Offers cash management, payment processing, fraud prevention, and liquidity solutions for business clients.

Associated Banc-Corp (symbol: ASB) is a bank holding company that provides a wide range of financial services. As a bank, its customers are not typically a few major companies, but rather a diverse base of individuals, businesses, and institutions.

The company primarily sells its services to the following three categories of customers:

1. Individuals and Small Businesses: This category encompasses consumers seeking personal banking products and services such as checking accounts, savings accounts, mortgages, personal loans, and credit cards. It also includes small businesses requiring business checking, savings, small business loans, and other basic financial services to support their operations.
2. Commercial and Corporate Customers: This category serves mid-market and larger commercial businesses, corporate clients, and commercial real estate investors and developers. Services include commercial loans, lines of credit, treasury management, equipment financing, and other sophisticated financial solutions tailored to larger enterprises.
3. Wealth Management Clients: This category targets high-net-worth individuals, families, and institutions seeking comprehensive wealth management services. These services include investment advisory, trust and estate planning, private banking, and brokerage services.

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Andrew J. Harmening

President and Chief Executive Officer

Andrew Harmening joined Associated Bank in 2021 as President and Chief Executive Officer and also serves on the Company's Board of Directors. He has over 25 years of experience in consumer, small business, and commercial banking. Before Associated Bank, he was Senior Executive Vice President, Consumer and Business Banking Director for Huntington Bank, where he led digital and omni-channel strategy. Harmening also served as Vice Chairman of the consumer banking division of Bank of the West and spent nine years at U.S. Bank in various small business and commercial banking roles. He began his career as a branch manager at Fifth Third Bank. Information regarding him founding or selling companies, or managing private equity-backed companies, is not available.

Derek S. Meyer

Executive Vice President, Chief Financial Officer

Derek S. Meyer joined Associated Bank in August 2022 as Executive Vice President and Chief Financial Officer, responsible for the company's financial management. He has over 30 years of banking experience, with 21 years in finance and 12 years in retail and commercial roles. Previously, Meyer served as Corporate Treasurer of Huntington Bank, where he held various senior leadership roles over 22 years, managing critical finance functions including treasury, financial planning and analysis, and M&A due diligence. Information regarding him founding or selling companies, or managing private equity-backed companies, is not available.

Phillip Trier

Executive Vice President, Head of Corporate and Commercial Banking

Phillip Trier joined Associated Bank in December 2023 and is the Executive Vice President, Head of Corporate and Commercial Banking. He oversees corporate and commercial banking, equipment finance and leasing, sponsor finance, loan syndications, and treasury management sales and service. Prior to Associated Bank, Trier spent 23 years at U.S. Bank, most recently as the Midwest region executive for commercial banking.

Bryan J. Carson

Executive Vice President, Chief Product and Marketing Officer

Bryan Carson joined Associated Bank in July 2022 as Executive Vice President, Chief Product and Marketing Officer. He is responsible for product development, marketing, and customer experience and insights teams. Carson brings 30 years of experience in marketing, product development, pricing, analytics, and distribution within the financial services industry. He previously served as Executive Vice President of Deposit Products, Customer Segmentation, and Branch & ATM Distribution at Huntington Bank, and held senior roles at JPMorgan Chase and MBNA Corporation.

Matthew R. Braeger

Executive Vice President, Chief Audit Executive

Matthew R. Braeger joined Associated Bank in 2013 and is currently the Executive Vice President and Chief Audit Executive. He is responsible for the leadership and execution of the independent internal audit function. Braeger has over 24 years of auditing experience, primarily in banking technology and financial services, and previously held audit management positions with Fiserv, Inc. and public accounting audit roles with Ernst & Young, LLP.

1. Worsening Funding Mix and Net Interest Margin (NIM) Compression

Associated Banc-Corp's funding mix has deteriorated, with an increased reliance on brokered deposits and other higher-cost borrowings. This shift is driving up the cost of funds and has led to a decline in the net interest margin (NIM), which could continue to constrain the bank's earnings capacity, especially in an environment where interest rates are expected to remain elevated for longer periods.

2. Exposure to Commercial Real Estate (CRE)

The company's commercial real estate portfolio, particularly its office loans, is under close scrutiny by investors and analysts. While Associated Banc-Corp's office portfolio is not concentrated in urban centers and represents a manageable portion of its total loans, the broader market concerns around commercial real estate could still impact asset quality and financial performance.

3. General Economic Conditions and Interest Rate Fluctuations

Associated Banc-Corp is susceptible to changes in general economic, political, or industry conditions. Deterioration in business and economic conditions, including persistent inflation, supply chain issues, labor shortages, and volatility in financial markets, could negatively impact the company. Additionally, prolonged higher interest rates or significant fluctuations in rates can affect loan demand, credit quality, and overall profitability.

One clear emerging threat to Associated Banc-Corp (ASB) stems from the rapid growth and increased market penetration of neobanks and fintech companies. These digital-first entities, such as Chime, Varo, and various specialized lending and payment platforms, offer highly agile, often lower-cost, and user-friendly banking experiences primarily through mobile applications. They are increasingly attracting younger demographics and customers seeking convenience and lower fees, thereby eroding ASB's traditional deposit base and competing directly for consumer lending and payment services. Their lean operational models and focus on digital innovation allow them to offer competitive rates and services without the overhead of a large physical branch network, akin to how Netflix challenged Blockbuster's physical store model.

Another significant emerging threat is the expansion of large technology companies (Big Tech) into financial services, often referred to as embedded finance. Companies like Apple, Google, and Amazon are leveraging their vast customer data, immense user bases, and integrated ecosystems to offer an increasing array of financial products and services, including credit cards, payment processing, buy-now-pay-later options, and even banking-like features (e.g., Apple Card, Google Pay). This trend threatens to disintermediate traditional banks like ASB by enabling customers to manage more of their financial lives directly within the tech companies' platforms, bypassing traditional banking relationships for payments, credit, and potentially savings, thus challenging ASB's ability to maintain and acquire customer relationships, similar to how the iPhone's ecosystem threatened the standalone dominance of BlackBerry.

Associated Banc-Corp (ASB) is focused on several key initiatives to drive future revenue growth over the next two to three years. These strategies encompass expanding lending, growing customer relationships, entering new markets, and enhancing digital offerings.

1. Commercial and Industrial (C&I) Loan Growth: Associated Banc-Corp aims for double-digit growth in its Commercial and Industrial (C&I) loan portfolio. This growth is expected to be fueled by the addition of new commercial relationship managers and a strategic shift in the bank's balance sheet composition towards more profitable C&I loans. The company reported nearly $1 billion in high-quality C&I loan growth year-to-date as of Q3 2025, with a target to exceed $1.2 billion for the full year. Overall, the company anticipates total bank loan growth of 5-6% for 2025.
2. Geographic Market Expansion: The bank plans to expand its presence within existing focus markets, including Milwaukee, Chicago, and Minneapolis. Additionally, Associated Banc-Corp is exploring potential entry into new markets such as Omaha, Kansas City, and Denver to capture further growth opportunities.
3. Core Customer Deposit Growth: A significant driver of future revenue is the acceleration of core customer deposit growth. Associated Banc-Corp intends to achieve this by enhancing its value propositions and strategically hiring in commercial sectors. Management projects core customer deposits to increase by 4-5% in 2025.
4. Expansion of Lending Capabilities and Portfolio Remixing: Associated Banc-Corp is broadening its lending capabilities by building out its Auto Finance vertical, expanding its Asset-Based Lending team, and launching a new Equipment Finance vertical. The company is also committed to accelerating its Commercial Middle Market lending, strengthening Small Business and Consumer Direct lending, and advancing its Wealth Management strategy. This includes a deliberate remixing of its loan portfolio to shift away from lower-yielding residential mortgages towards higher-yielding commercial loans.
5. Digital Transformation and Product Innovation: The bank continues to invest in its digital roadmap, which includes the development of an AI-enabled chatbot, an omnichannel branch sales platform, a personalized digital marketplace, and features for credit score and identity protection. These digital enhancements are expected to drive customer acquisition, improve retention, and provide an enhanced banking experience, with quarterly feature and functionality upgrades planned.

Capital Allocation Decisions (Last 3-5 Years) for Associated Banc-Corp (ASB)

Share Repurchases

• Associated Banc-Corp completed a share repurchase program, initially announced in October 2021.
• Under this program, a total of 2,692,276 shares were repurchased for $60.93 million.
• This represented 1.76% of the outstanding shares as of June 30, 2025, with no additional shares repurchased during the April to June 2025 period under this program.

Share Issuance

• In November 2024, Associated Banc-Corp priced a public offering of 12 million shares of its common stock at $25.00 per share.
• This offering resulted in aggregate gross proceeds of $300 million.
• The net proceeds from this offering are intended for general corporate purposes, including supporting continued organic growth, capital generation, investments in Associated Bank, N.A., and potential balance sheet optimization strategies.

Capital Expenditures

• Associated Banc-Corp reported capital expenditures of $10.6 million for the quarter ended June 2025.