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

Strategic transformation and growth initiatives

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

• Significant investments in digital products and marketing have driven customer acquisition, deepening, and retention, with plans to increase marketing spend by 25% in 2026.

• Commercial loan growth accelerated, with $1.2 billion added in the last 12 months and a clear path to outperform the market in 2026 and 2027 through targeted hiring and new verticals.

• Integration of American National Bank expected early in Q2, supporting further expansion in key growth markets like Twin Cities, Kansas City, Dallas, and Omaha.

• Focus remains on organic growth, with acquisitions serving as accelerators rather than primary drivers.

Market outlook and competitive environment

• Midwest markets remain stable, with commercial clients showing optimism despite global uncertainties and ongoing CapEx investments.

• Lending environment is competitive, especially in CRE, but growth is driven by new relationships and experienced hires rather than chasing marginal business.

• CRE growth expected to be low single digits, with payoffs tracking as anticipated and no major surprises in credit quality.

• Deposit growth is a key focus, leveraging technology upgrades, segmentation, and acquisition marketing to achieve top-decile performance.

Financial performance and outlook

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

• Margin expected to rise gradually, aided by inorganic actions and continued improvement in funding and lending mix.

• Expense growth targeted at 3%, achieved through collaborative cost management and prioritization of productive investments.

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