Financial Analysis

Commitments, Off-Balance Sheet Arrangements, and Legal Proceedings The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 13). The following is a summary of lending-related commitments: (in thousands) December 31, 2025 December 31, 2024 Commitments to extend credit (a) , excluding commitments to originate residential mortgage loans held for sale (b) $ 11,872,816 $ 11,173,438 Commercial letters of credit (a) 425 875 Standby letters of credit (c) 222,047 253,709 (a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at December 31, 2025 or 2024. (b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 13. (c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $2.2 million at December 31, 2025 and and $2.5 million at December 31, 2024, as an estimate of the fair value of these financial instrument …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year): (in thousands) December 31, 2025 December 31, 2024 Short-term funding Federal funds purchased $ 260,070 $ 370,325 Securities sold under agreements to repurchase 47,794 100,044 Federal funds purchased and securities sold under agreements to repurchase $ 307,864 $ 470,369 Long-term funding Corporation senior notes, at par $ 300,000 $ 300,000 Corporation subordinated notes, at par 300,000 550,000 Discount and capitalized costs (7,484) (8,664) Subordinated debt fair value hedge (a) 1,760 (3,996) Finance leases 295 Total long-term funding $ 594,276 $ 837,635 Total short and long-term funding, excluding FHLB advances $ 902,140 $ 1,308,004 FHLB advances Short-term FHLB advances $ 2,855,250 $ 1,250,000 Long-term FHLB advances 414,122 611,551 FHLB advances fair value hedge (a) (1,278) (7,744) Total FHLB advances $ 3,268,094 $ 1,853,807 Total short and long-term funding $ 4,170,234 $ 3,161,811 (a) For additional information on the fair value hedges, see Note 13. Securities Sold Under Agreements to Repurchase The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective contro …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The Corporation's disaggregated revenue by major source is presented below: For the Year Ended December 31, 2025 (in thousands) Corporate and Commercial Specialty Community, Consumer and Business Risk Management and Shared Services Consolidated Corporation Wealth management fees $ $ 96,579 $ $ 96,579 Service charges and deposit account fees 12,853 40,761 35 53,649 Card-based fees (a) 648 47,456 (1,368) 46,736 Other revenue 825 8,297 232 9,354 Noninterest income (loss) (in-scope of Topic 606) $ 14,326 $ 193,093 $ (1,101) $ 206,318 Noninterest income (out-of-scope of Topic 606) 47,599 16,358 16,125 80,082 Total noninterest income $ 61,925 $ 209,451 $ 15,024 $ 286,400 For the Year Ended December 31, 2024 (in thousands) Corporate and Commercial Specialty Community, Consumer and Business Risk Management and Shared Services Consolidated Corporation Wealth management fees $ $ 92,569 $ $ 92,569 Service charges and deposit account fees 11,627 39,977 38 51,642 Card-based fees (a) 1,652 45,287 88 47,027 Other revenue (expense) 315 8,103 (138) 8,280 Noninterest income (loss) (in-scope of Topic 606) $ 13,594 $ 185,936 $ (12) $ 199,518 Noninterest income (loss) (out-of-scope of Topic 606) 39,841 12,549 (261,315) (208,925) Total noninterest income (loss) $ 53,435 $ 198,485 $ (261,327) $ (9,407) For the Year Ended December 31, 2023 (in thousands) Corporate and Commercial Specialty Community, Consumer and Business Risk Management and Shared Services Consolidated Corporation Wealth management …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation Plan In February 2025, the Board of Directors, with subsequent approval of the Corporations shareholders, approved the adoption of the 2025 Equity Incentive Plan. Shares available for issuance under the 2020 Incentive Plan were rolled into the 2025 Equity Incentive Plan. As of December 31, 2025, 3.1 million shares remained available for issuance under the 2025 Plan. The Corporation also issued restricted stock awards under the 2025 Plan and previously under the 2020 Plan. The shares of restricted stock are restricted as to transfer, but are not restricted as to dividend or voting rights. Restricted stock units receive dividend equivalents but do not have voting rights. The transfer restrictions lapse over three or four years, depending upon whether the awards are performance-based or service-based. Performance-based awards are based on one or more performance measures as selected by the Compensation & Benefits Committee in its discretion, and service-based awards are contingent upon continued employment or meeting the requirements for retirement. Performance-based restricted stock awards granted during 2024 and 2025 will cliff-vest after the three year performance period has ended. Service-based restricted stock awards granted during 2024 and 2025 will generally vest ratably over a period of four years. The 2020 and 2025 Plans provide that restricted stock awards and stock options will immediately become fully vested upon retirement from the Corpo …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept). See Note 1 for the Corporations accounting policy for fair value measurements. Following is a description of the valuation methodologies with significant inputs used for the Corporations instruments measured on a recurring basis at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Assets and Liabilities Measured at Fair Value on a Recurring Basis AFS Investment Securities: Where quoted prices are available in an active market, investment securities are classified in Level 1 of the fair value hierarchy. If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows, with consideration given to the nature of the quote and the relationship of recently evidenced market activity to the fair value estimate, and are classified in Level 2 of the fair value hierarchy. Lastly, in certain cases where there is limited activity or less transparency around inputs to the estimated fair value, securities are classified within Level 3 of the fair value hierarchy. To validate the fair value estimates, assumptions, and controls, …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets Goodwill The Corporation conducted its most recent annual impairment testing in May 2025, utilizing a qualitative assessment. Based on this assessment, management concluded that it is more likely than not that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, a step one quantitative analysis was not required. There have been no events since the May 2025 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2025, 2024, or 2023. The Corporation had goodwill of $1.1 billion at both December 31, 2025 and 2024. Core Deposit Intangibles The Corporation has CDIs which are amortized. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows: (in thousands) 2025 2024 2023 Core deposit intangibles Gross carrying amount at the beginning of the year $ 88,109 $ 88,109 $ 88,109 Accumulated amortization (65,260) (56,449) (47,638) Net book value $ 22,849 $ 31,660 $ 40,471 Amortization during the year $ 8,811 $ 8,811 $ 8,811 Mortgage Servicing Rights A summary of changes in the balance of the MSRs asset under the fair value measurement method is as follows: (in thousands) 2025 2024 Mortgage servicing rights Mortgage servicing rights at beginning of period $ 87,683 $ 84,390 Additions 8,716 6,707 Decay (8,621) (8,060) Valuation: Changes in fair value of asset (1,441) 4,646 M …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The current and deferred amounts of income tax expense (benefit) were as follows: Years Ended December 31, (in thousands) 2025 2024 2023 Current Federal $ 62,599 $ 38,353 $ 29,319 State 19,289 9,436 5,283 Total current 81,888 47,789 34,602 Deferred Federal 25,320 (30,701) (8,371) State (4,075) (5,775) (3,135) Total deferred 21,245 (36,475) (11,506) Total income tax expense $ 103,133 $ 11,314 $ 23,097 Total federal $ 87,919 $ 7,652 $ 20,948 Total state 15,214 3,661 2,148 Total income tax expense $ 103,133 $ 11,314 $ 23,097 Income taxes paid (refunded) are as follows: Years Ended December 31, (in thousands) 2025 2024 2023 Federal $ (3,266) $ 6,607 $ 42,500 State 4,787 11,142 26,917 Total $ 1,521 $ 17,749 $ 69,417 Income taxes paid (net of refunds) exceeds 5% of total income taxes paid (net of refunds) for the year in the following jurisdictions: Years Ended December 31, (in thousands) 2025 2024 2023 Federal $ (3,266) $ 6,607 $ 42,500 State Illinois 2,589 4,054 7,250 Minnesota 2,195 * 4,000 New York 753 * * New York City 443 * * Iowa 585 * * Connecticut 344 * * New Jersey 280 * * Massachusetts 118 * * Indiana 99 * * Wisconsin (2,718) 1,942 10,450 Ohio * 1,607 * *Did not exceed 5% of total income taxes paid (net of refunds). Temporary differences between the amounts reported on the financial statements and the tax bases of assets and liabilities resulted in deferred taxes. DTAs and liabilities, included in other assets and accrued expenses and other liabilities on th …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

New Accounting Pronouncements Adopted Standard Description Date of adoption Effect on financial statements ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and are to be applied on a prospective basis. Early adoption is permitted. Fiscal year 2025 The Corporation has implemented the enhanced disclosure requirements in 2025 and retrospectively applied them to the prior periods presented. Refer to Note 12 for additional information. Future Accounting Pronouncements The expected impact of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted are discussed in the table below. To the extent that the adoption of new accounting standards materially affects the Corporation's financial condition, results of operations, liquidity or disclosures, the impacts are discussed in the applicable sections of this financial review. Standard Description Date of adoption Effect on financial statements ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disc …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers Revenue from contracts with customers is recognized when obligations under the terms of a contract with the Corporation's customer are satisfied. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. We do not have any material significant payment terms as payment is received at or shortly after the satisfaction of the performance obligation. The Corporation's disaggregated revenue by major source is presented below: For the Year Ended December 31, 2025 (in thousands) Corporate and Commercial Specialty Community, Consumer and Business Risk Management and Shared Services Consolidated Corporation Wealth management fees $ $ 96,579 $ $ 96,579 Service charges and deposit account fees 12,853 40,761 35 53,649 Card-based fees (a) 648 47,456 (1,368) 46,736 Other revenue 825 8,297 232 9,354 Noninterest income (loss) (in-scope of Topic 606) $ 14,326 $ 193,093 $ (1,101) $ 206,318 Noninterest income (out-of-scope of Topic 606) 47,599 16,358 16,125 80,082 Total noninterest income $ 61,925 $ 209,451 $ 15,024 $ 286,400 For the Year Ended December 31, 2024 (in thousands) Corporate and Commercial Specialty Community, Consumer and Business Risk Management and Shared Services Consolidated Corporation Wealth management fees $ $ 92,569 $ $ 92,569 Service charges and deposit account fees 11,627 39,977 38 51,642 Card-based fees (a) 1,652 45,287 88 47,027 Other revenue (expense) 315 8,103 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Reporting The Corporation is managed through operating segments based on our internal structure and management process, which is how we assess performance and allocate resources to the segments. Certain operating segments have been aggregated into our three reportable segments where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. A description of the products and services and the related customers for each reportable segment is as follows: Corporate and Commercial Specialty: The Corporate and Commercial Specialty segment serves a wide range of customers including larger businesses, developers, not-for-profits, municipalities, and financial institutions by providing lending and deposit solutions as well as the support to deliver, fund, and manage such banking solutions. Within this segment we provide the following products and services: (1) lending solutions, such as commercial loans and lines of credit, CRE financing, construction loans, letters of credit, leasing, ABL & equipment finance, and, for our larger clients, loan syndications; (2) deposit and cash management solutions such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, a …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Stockholders' Equity Preferred Equity: In September 2018, the Corporation issued 4.0 million depositary shares, each representing a 1/40th interest in a share of the Corporations 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share. Dividends on the Series E Preferred Stock are payable quarterly in arrears only when, as and if declared by the Board of Directors at a rate per annum equal to 5.875%. Shares of the Series E Preferred Stock have priority over the Corporations common stock with regard to the payment of dividends and distributions upon liquidation, dissolution or winding up. As such, the Corporation may not pay dividends on or repurchase, redeem, or otherwise acquire for consideration shares of its common stock unless dividends for the Series E Preferred Stock have been declared for that period, and sufficient funds have been set aside to make payment. The Series E Preferred Stock may be redeemed by the Corporation at its option (i) either in whole or in part, from time to time, on any dividend payment date on or after the dividend payment date occurring on December 15, 2023, or (ii) in whole but not in part, at any time within 90 days following certain regulatory capital treatment events, in each case at a redemption price of $1,000 per share (equivalent to $25 per depositary share), plus any applicable dividends. Except in certain limited circumstances, the Series E Preferred Stock does not have any voting rights. In J …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Recent Developments On January 27, 2026, the Corporation's Board of Directors declared a regular quarterly cash dividend of $0.24 per common share, payable on March 16, 2026 to shareholders of record at the close of business on March 2, 2026. The Board of Directors also declared a regular quarterly cash dividend of $0.3671875 per depositary share on Associated's 5.875% Series E Perpetual Preferred Stock, payable on March 16, 2026 to shareholders of record at the close of business on March 2, 2026. The Board of Directors also declared a regular quarterly cash dividend of $0.3515625 per depositary share on Associated's 5.625% Series F Perpetual Preferred Stock, payable on March 16, 2026 to shareholders of record at the close of business on March 2, 2026. Finally, the Board of Directors authorized the repurchase of up to $100 million of the Corporation's common stock. This repurchase authorization is in addition to the authority remaining under the previous program.

SubsequentEventsTextBlock

Commitments, Off-Balance Sheet Arrangements, and Legal Proceedings The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 9). The following is a summary of lending-related commitments: (in thousands) Mar 31, 2026 Dec 31, 2025 Commitments to extend credit (a) , excluding commitments to originate residential mortgage loans held for sale (b) $ 11,847,950 $ 11,872,816 Commercial letters of credit (a) 2,047 425 Standby letters of credit (c) 241,240 222,047 (a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at March 31, 2026 or December 31, 2025. (b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 9. (c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $2.4 million at March 31, 2026 and $2.2 million at December 31, 2025, as an estimate of the fair value of these financial instruments. Lend …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Short and Long-Term Funding The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year): (in thousands) March 31, 2026 December 31, 2025 Short-term funding Federal funds purchased $ 353,280 $ 260,070 Securities sold under agreements to repurchase 42,372 47,794 Federal funds purchased and securities sold under agreements to repurchase $ 395,652 $ 307,864 Long-term funding Corporation senior notes, at par $ 300,000 $ 300,000 Corporation subordinated notes, at par 300,000 300,000 Discount and capitalized costs (7,190) (7,484) Subordinated debt fair value hedge (a) (181) 1,760 Total long-term funding $ 592,629 $ 594,276 Total short and long-term funding, excluding FHLB advances $ 988,281 $ 902,140 FHLB advances Short-term FHLB advances $ 3,010,000 $ 2,855,250 Long-term FHLB advances 414,089 414,122 FHLB advances fair value hedge (a) (2,327) (1,278) Total FHLB advances $ 3,421,762 $ 3,268,094 Total short and long-term funding $ 4,410,043 $ 4,170,234 (a) For additional information on the fair value hedges, see Note 9. Securities Sold Under Agreements to Repurchase The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective contro …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation The fair values of stock options and restricted stock are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2020 and 2025 Incentive Compensation Plans, expenses related to stock options and restricted stock grants are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income. A summary of the Corporations stock option activity for the three months ended March 31, 2026 is presented below: Stock Options Shares (a) Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (a) Outstanding at December 31, 2025 1,460 $ 22.71 2.52 years $ 4,483 Exercised 242 23.84 Outstanding at March 31, 2026 1,218 $ 22.49 2.56 years $ 4,123 Options Exercisable at March 31, 2026 1,218 $ 22.49 2.56 years $ 4,123 (a) In thousands Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the three months ended March 31, 2026, the intrinsic value of stock options exercised was $1.2 million, compared to $0.3 million for the three months ended March 31, 2025. All stock options were vested as of December 31, 2024. The Corporation has issued service-based and performance-based restricted stock g …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept). The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporations 2025 Annual Report on Form 10-K. The tables below present the Corporations financial instruments measured at fair value on a recurring basis and carrying amounts and estimated fair values of certain financial instruments, aggregated by the level in the fair value hierarchy within which those measurements fall: Mar 31, 2026 (in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and due from banks $ 465,318 $ 465,318 $ 465,318 $ $ Interest-bearing deposits in other financial institutions 920,684 920,684 920,684 Federal funds sold and securities purchased under agreements to resell 175 175 175 AFS investment securities: Obligations of state and political subdivisions (municipal securities) 3,020 3,020 3,020 Residential mortgage-related securities: FNMA / FHLMC 131,583 131,583 131,583 GNMA 5,096,659 5,096,659 5,096,659 Commercial mortgage-related securities: FNMA / FHLMC 16,936 16,936 16,936 GNMA 108,131 108,131 108,131 Asset backed securities: FFELP 91,828 91,828 91,828 SBA 63,301 63,301 63,301 Other deb …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets Goodwill The Corporation conducted its most recent annual impairment testing in May 2025, utilizing a qualitative assessment. Based on this assessment, management concluded that it is more likely than not that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, a step one quantitative analysis was not required. There have been no events since the May 2025 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in the first three months of 2025 or the first three months of 2026. The Corporation had goodwill of $1.1 billion at both March 31, 2026 and December 31, 2025. Core Deposit Intangibles The Corporation has CDIs which are amortized. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows: (in thousands) Three Months Ended Mar 31, 2026 Year Ended Dec 31, 2025 Core deposit intangibles Gross carrying amount at the beginning of period $ 88,109 $ 88,109 Accumulated amortization (67,462) (65,260) Net book value $ 20,647 $ 22,849 Amortization during the period $ 2,203 $ 8,811 Mortgage Servicing Rights A summary of changes in the balance of the MSRs asset under the fair value measurement method is as follows: (in thousands) Three Months Ended Mar 31, 2026 Year Ended Dec 31, 2025 Mortgage servicing rights Mortgage servicing rights at beginning of period $ 86,337 $ 8 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Retirement Plans The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet participation requirements. The benefit allocations are based primarily on years of service and the employees compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes. The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans. The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan were as follows: Three Months Ended Mar 31, (in thousands) 2026 2025 RAP Service cost $ 869 $ 810 Interest cost 2,749 2,814 Expected return on plan assets (9,772) (9,809) Amortization of prior service cost (44) (44) Total net periodic pension benefit $ (6,198) $ (6,230) Postretirement Plan Interest cost $ 22 $ 26 Amortization of prior service cost (19) (19) Amortization of actuarial loss (gain) 4 Total net periodic cost $ 3 $ 12 The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the other noninterest e …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Segment Reporting The Corporation is managed through operating segments based on our internal structure and management process, which is how we assess performance and allocate resources to the segments. Certain operating segments have been aggregated into our three reportable segments where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. A description of the products and services and the related customers for each reportable segment can be found in the Segment Reporting note in the Corporations 2025 Annual Report on Form 10-K. Effective beginning the first quarter of 2026, the Corporation made adjustments to both its FTP and expense allocation of shared services to its reportable segments to better align with how management assesses performance and allocates resources. These changes consisted of updates to the FTP methodology, including revisions to the funding curve and deposit assumptions; reassignment of certain branch locations based on the primary business activities supported by those branches; and revisions to the allocation of shared service expenses. The Corporation has recast prior period segment information to conform to the current period presentation. The financial information of the Corporations segments disclosed below has been compiled ut …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events On April 1, 2026, the Corporation completed its previously announced acquisition of American National pursuant to the terms of the Merger Agreement by and between Associated and American National. Pursuant to the Merger Agreement, (i) American National merged with and into Associated Banc-Corp, with Associated Banc-Corp continuing as the surviving corporation, and (ii) following such merger, American National Bank, a national banking association and wholly owned subsidiary of American National, merged with and into the Bank, with the Bank continuing as the surviving bank. At the effective time of the merger, the outstanding shares of voting common stock and non-voting common stock of American National outstanding immediately prior to the effective time of the merger, other than certain shares held by the Corporation or American National, were converted into the right to receive an aggregate 22,975,382 shares of common stock of the Corporation. This represented 36.250 shares of the Corporation's common stock for each share of outstanding common stock of American National; with cash paid in lieu of fractional shares. Total consideration for the acquisition was $594.1 million valued at the acquisition date fair value of $25.86 per share. American National operated 33 branches across Nebraska, Minnesota and Iowa, with a concentration in the Greater Omaha and Minneapolis / St. Paul metro markets. As a result of the acquisition, the Corporation will increase its d …

SubsequentEventsTextBlock · excerpt; the full note is in the filing