アソシエーテッドバンコープの適時開示・決算・その他


UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549
FORM			8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)			January 25, 2024


Associated Banc-Corp
(Exact name of registrant as specified in its chapter)


Wisconsin	001-31343	39-1098068
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


433 Main Street	Green Bay	Wisconsin	54301
(Address of principal executive offices)			(Zip code)


Registrant’s telephone number, including area code			920			491-7500



(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the act:


Title of each class	Trading symbol	Name of each exchange on which registered
Common stock, par value $0.01 per share	ASB	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E	ASB PrE	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F	ASB PrF	New York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033	ASBA	New York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐			Emerging growth company
☐			If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02 Results of Operations and Financial Condition.

On January 25, 2024, Associated Banc-Corp announced its earnings for the quarter ended December 31, 2023. A copy of the registrant’s press release containing this information and the slide presentation discussed on the conference call for investors and analysts on January 25, 2024, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are furnished as part of this Report on Form 8-K:
99.1 Press release of the registrant dated January 25, 2024, containing financial information for the quarter ended December 31, 2023.

99.2 Slide presentation discussed on the conference call for investors and analysts on January 25, 2024.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						Associated Banc-Corp
						(Registrant)


Date: January 25, 2024						By: /s/ Derek S. Meyer
						Derek S. Meyer
						Chief Financial Officer

EX-99.1 2 asb12312023ex991.htm EX-99.1 Document


			NEWS RELEASE Investor Contact: Ben McCarville, Vice President, Director of Investor Relations 920-491-7059 Media Contact: Jennifer Kaminski, Vice President, Public Relations Senior Manager 920-491-7576

Associated Banc-Corp Reports Full Year 2023 Earnings of $1.13 Per Common Share, or $2.27 Per Common Share1 Excluding One Time Items Recognized During the Fourth Quarter

GREEN BAY, Wis. -- January 25, 2024 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $171 million, or $1.13 per common share. These amounts compare to earnings of $355 million, or $2.34 per common share, for the year ended December 31, 2022. For the quarter ended December 31, 2023, the Company reported a loss of $94 million, or $(0.62) per common share. These amounts compare to earnings of $106 million, or $0.70 per common share for the quarter ended December 31, 2022 and earnings of $80 million, or $0.53 per common share for the quarter ended September 30, 2023.

"2023 was an extraordinary year for regional banking," said President and CEO Andy Harmening. "Over the course of the year, the industry was tested in several new ways amid an uncertain macro environment. We addressed the immediate risks, while our colleagues remained forward looking, taking great care of our customers while continuing to execute our people-led, digitally enabled strategy. The results of these efforts were clearly visible in the back half of the year, with diversified loan growth, improving household growth metrics, and 3% core customer deposit1 growth."

"To capitalize on this momentum, we announced the next phase of our strategic plan during the fourth quarter," Harmening continued. "This plan advances our strategy by accelerating the impacts of our initiatives, and importantly, we've already made significant progress as we enter 2024. We look forward to sharing additional updates on our progress throughout the year."

2023 SUMMARY (all comparisons to 2022)

•End of period total commercial loans increased $202 million to $18.2 billion

•End of period total consumer loans increased $214 million to $11.0 billion

•End of period total deposits increased $3.8 billion to $33.4 billion

•Net interest income increased $82 million to $1.0 billion

•Noninterest income decreased $219 million to $63 million, including one time items recognized in 4Q 20232

•Noninterest expense increased $67 million to $814 million, including one time items recognized in 4Q 20233

•Provision for credit losses was $83 million, compared to a provision of $33 million in 2022

•Net income available to common equity decreased $183 million to $171 million, including one time items recognized in 4Q 20232,3

•Earnings per common share decreased $1.21 to $1.13, including one time items recognized in 4Q 20232,3

1 This is a non-GAAP financial measure. See pages 10 and 11 of the attached tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

2 Noninterest income one time items include a $136 million loss on a mortgage portfolio sale and $65 million in investment securities losses associated with the balance sheet repositioning announced during 4Q 2023.

3 Noninterest expense one time items reflect a $31 million expense for the FDIC special assessment.

Loans

Fourth quarter 2023 period end total loans of $29.2 billion decreased 3%, or $977 million, from the prior quarter, driven primarily by a sale of $969 million in residential mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2023. Compared to the same period last year, period end total loans were up 1%, or $417 million. With respect to fourth quarter 2023 period end balances by loan category:

•Commercial and business lending decreased $361 million from the prior quarter and increased $42 million from the same period last year to $10.8 billion.

•Commercial real estate lending increased $46 million from the prior quarter and increased $160 million from the same period last year to $7.4 billion.

•Total consumer lending decreased $662 million from the prior quarter and increased $214 million from the same period last year to $11.0 billion.

Fourth quarter 2023 average total loans of $30.0 billion were up $68 million from the prior quarter and were up 6%, or $1.8 billion, from the same period last year. With respect to fourth quarter 2023 average balances by loan category:

•Commercial and business lending decreased $165 million from the prior quarter and increased $290 million from the same period last year to $10.8 billion.

•Commercial real estate lending increased $85 million from the prior quarter and increased $335 million from the same period last year to $7.4 billion.

•Total consumer lending increased $148 million from the prior quarter and increased $1.1 billion from the same period last year to $11.7 billion.

Full year 2023 average loans of $29.5 billion were up 13%, or $3.3 billion, from 2022. With respect to full year 2023 average balances by loan category:

•Commercial and business lending increased $979 million to $10.8 billion.

•Commercial real estate lending increased $719 million to $7.3 billion.

•Total consumer lending increased $1.6 billion to $11.4 billion.

In 2024, we expect total loan growth of 4% to 6% on an end of period basis as compared to the year ended December 31, 2023.

Deposits

Fourth quarter 2023 period end deposits of $33.4 billion were up 4%, or $1.3 billion, from the prior quarter and were up 13%, or $3.8 billion from the same period last year. With respect to fourth quarter 2023 period end balances by deposit category:

•Noninterest-bearing demand deposits decreased $303 million from the prior quarter and decreased $1.6 billion from the same period last year to $6.1 billion.

•Savings decreased $1 million from the prior quarter and increased $231 million from the same period last year to $4.8 billion.

•Interest-bearing demand deposits increased $1.3 billion from the prior quarter and increased $1.7 billion from the same period last year to $8.8 billion.

•Money market deposits decreased $938 million from the prior quarter and decreased $1.9 billion from the same period last year to $6.3 billion.

•Total time deposits increased $1.2 billion from the prior quarter and increased $5.4 billion from the same period last year to $7.3 billion.

•Network transaction deposits (included in money market and interest-bearing deposits) decreased $83 million from the prior quarter and increased $587 million from the same period last year to $1.6 billion.

Fourth quarter 2023 average deposits of $32.2 billion were up 1%, or $190 million, from the prior quarter and were up 10%, or $2.9 billion from the same period last year. With respect to fourth quarter 2023 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $148 million from the prior quarter and decreased $1.9 billion from the same period last year to $6.2 billion.

•Savings increased $47 million from the prior quarter and increased $201 million from the same period last year to $4.9 billion.

•Interest-bearing demand deposits increased $177 million from the prior quarter and increased $325 million from the same period last year to $7.2 billion.

•Money market deposits decreased $173 million from the prior quarter and decreased $1.3 billion from the same period last year to $6.1 billion.

•Total time deposits increased $309 million from the prior quarter and increased $4.8 billion from the same period last year to $6.3 billion.

•Network transaction deposits decreased $23 million from the prior quarter and increased $716 million from the same period last year to $1.6 billion.

Full year 2023 average deposits of $31.3 billion were up 9%, or $2.6 billion from 2022. With respect to full year 2023 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $1.5 billion to $6.6 billion.

•Savings increased $121 million to $4.8 billion.

•Interest-bearing demand deposits increased $266 million to $6.9 billion.

•Money market deposits decreased $496 million to $6.7 billion.

•Network transaction deposits increased $648 million to $1.5 billion.

•Total time deposits increased $3.6 billion to $4.9 billion.

In 2024, we expect core customer deposit growth of 3% to 5% on an end of period basis as compared to the year ended December 31, 2023.

Net Interest Income and Net Interest Margin

Full year 2023 net interest income of $1.0 billion was up 9%, or $82 million, from 2022. Net interest margin of

2.81% decreased 10 basis points from the prior year.

•The average yield on total earning assets increased 178 basis points from the prior year to 5.25%.

•The average cost of interest-bearing liabilities increased 235 basis points from the prior year to 3.13%.

•The net free funds benefit increased 47 basis points from the prior year to 0.69%.

Fourth quarter 2023 net interest income of $253 million decreased $1 million from the prior quarter. Net interest margin of 2.69% decreased 2 basis points from the prior quarter. Compared to the same period last year, net interest income decreased 12%, or $36 million, and the net interest margin decreased 62 basis points.

•The average yield on total earning assets for the fourth quarter of 2023 increased 15 basis points from the prior quarter and increased 105 basis points from the same period last year to 5.51%.

•The average cost of total interest-bearing liabilities for the fourth quarter of 2023 increased 19 basis points from the prior quarter and increased 197 basis points from the same period last year to 3.55%.

•The net free funds benefit for the fourth quarter of 2023 increased 2 basis points from the prior quarter and increased 30 basis points from the same period last year to 0.73%.

We expect total net interest income growth of 2% to 4% in 2024.

Noninterest Income

Full year 2023 noninterest income of $63 million decreased $219 million from the prior year. The decrease was primarily driven by one time items associated with the balance sheet repositioning announced during the fourth quarter of 2023, including a $136 million loss on a mortgage portfolio sale and a $65 million net loss on a sale of investments. With respect to 2023 noninterest income line items:

•Investment securities gains (losses), net decreased $63 million from the prior year, driven primarily by a $65 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2023.

•Service charges and deposit account fees decreased $13 million from the prior year.

•Capital markets, net decreased $5 million from the prior year, driven primarily by lower market activity levels.

•Mortgage banking, net increased $1 million from the prior year.

Fourth quarter 2023 total noninterest income of negative $131 million decreased $198 million from the prior quarter and decreased $193 million from the same period last year. The decrease was primarily driven by one time items associated with the balance sheet repositioning announced during the fourth quarter of 2023, including a $136 million loss on a mortgage portfolio sale and a $65 million net loss on a sale of investments. With respect to fourth quarter 2023 noninterest income line items:

•Investment securities gains (losses) decreased $59 million from the prior quarter and decreased $57 million from the same period last year, driven primarily by a $65 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2023.

•Mortgage banking, net was $2 million for the fourth quarter, down $5 million from the prior quarter and down $1 million from the same period last year.

•Service charges and deposit account fees decreased $2 million from the prior quarter and decreased $3 million from the same period last year.

•Capital markets, net increased $4 million from the prior quarter and increased $4 million from the same period last year.

After adjusting to exclude the impact of one time items associated with the balance sheet repositioning announced during the fourth quarter of 2023, we expect total noninterest income to decrease by 0% to 2% in 2024.

Noninterest Expense

Full year 2023 noninterest expense of $814 million increased 9%, or $67 million, from the prior year, including a $31 million expense for the FDIC special assessment that was finalized during the fourth quarter of 2023. With respect to full year 2023 noninterest expense line items:

•FDIC assessment expense increased $44 million from the prior year, driven primarily by a $31 million expense for the special assessment finalized during the fourth quarter of 2023.

•Personnel expense increased $14 million from the prior year, largely driven by increased merit and benefits expense.

•Technology expense increased $11 million from the prior year, driven by digital investments tied to our strategic initiatives.

•Business development and advertising increased $3 million from the prior year as business activity picked up throughout the year.

Fourth quarter 2023 noninterest expense of $239 million increased $43 million from the prior quarter and increased $43 million from the same period last year, driven primarily by a $31 million expense for the FDIC special assessment finalized during the fourth quarter of 2023. With respect to fourth quarter 2023 noninterest expense line items:

•FDIC assessment expense increased $32 million from the prior quarter and $35 million from the same period last year, primarily driven by the $31 million special assessment finalized during the fourth quarter of 2023.

•Personnel expense increased $4 million from the prior quarter and increased $2 million from the same period last year.

•Technology expense increased $2 million from the prior quarter and increased $3 million from the same period last year.

After adjusting to exclude the impact of the FDIC special assessment, we expect total noninterest expense to grow by 2% to 3% in 2024.

Taxes

The fourth quarter 2023 had tax benefit of $47 million compared to $19 million of tax expense in the prior quarter and $25 million of tax expense in the same period last year, driven primarily by the previously announced one time items impacting financial results during the fourth quarter of 2023.

In 2024, we expect the annual effective tax rate to be between 19% and 21%, assuming no change in the corporate tax rate.

Credit

Full year 2023 provision for credit losses was $83 million, compared to a provision of $33 million in the prior year. The increase in provision in 2023 was primarily driven by loan growth related to our strategic initiatives.

The fourth quarter 2023 provision for credit losses was $21 million, compared to a provision of $22 million in the prior quarter and a provision of $20 million in the same period last year. With respect to fourth quarter 2023 credit quality:

•Nonaccrual loans of $149 million decreased $20 million, or 12%, from the prior quarter and increased $38 million, or 34%, from the same period last year. The nonaccrual loans to total loans ratio was 0.51% in the fourth quarter, down from 0.56% in the prior quarter and up from 0.39% in the same period last year.

•Net charge offs of $16 million decreased $3 million, or 15%, from the prior quarter and increased $15 million from the same period last year as we began to see limited credit migration during 2023.

•The allowance for credit losses on loans (ACLL) of $386 million increased $5 million from the prior quarter and increased $34 million from the same period last year. The ACLL to total loans ratio was 1.32% in the fourth quarter, up from 1.26% in the prior quarter and up from 1.22% in the same period last year.

In 2024, we expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 9.39% at December 31, 2023. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

FOURTH QUARTER 2023 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 25, 2024. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp fourth quarter 2023 earnings call. The fourth quarter 2023 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $41 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The Company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” "target," “outlook,” "project," "guidance," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.

NON-GAAP FINANCIAL MEASURES

This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

# # #


Associated Banc-Corp Consolidated Balance Sheets (Unaudited)
($ in thousands)	December 31, 2023		September 30, 2023		Seql Qtr $ Change		June 30, 2023		March 31, 2023		December 31, 2022		Comp Qtr $ Change
Assets
Cash and due from banks	$	484,384	$	388,694	$	95,690	$	407,620	$	311,269	$	436,952	$	47,432
Interest-bearing deposits in other financial institutions	425,089		323,130		101,959		190,881		511,116		156,693		268,396
Federal funds sold and securities purchased under agreements to resell	14,350		965		13,385		31,160		455		27,810		(13,460)
Investment securities available for sale, at fair value	3,600,892		3,491,679		109,213		3,504,777		3,381,607		2,742,025		858,867
Investment securities held to maturity, net, at amortized cost	3,860,160		3,900,415		(40,255)		3,938,877		3,967,058		3,960,398		(100,238)
Equity securities	41,651		35,937		5,714		30,883		30,514		25,216		16,435
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	229,171		268,698		(39,527)		271,637		331,420		295,496		(66,325)
Residential loans held for sale	33,011		54,790		(21,779)		38,083		35,742		20,383		12,628
Commercial loans held for sale	90,303		—		90,303		15,000		33,490		—		90,303
Loans	29,216,218		30,193,187		(976,969)		29,848,904		29,207,072		28,799,569		416,649
Allowance for loan losses	(351,094)		(345,795)		(5,299)		(338,750)		(326,432)		(312,720)		(38,374)
Loans, net	28,865,124		29,847,392		(982,268)		29,510,153		28,880,640		28,486,849		378,275
Tax credit and other investments	258,067		256,905		1,162		263,583		269,269		276,773		(18,706)
Premises and equipment, net	372,978		373,017		(39)		374,866		375,540		376,906		(3,928)
Bank and corporate owned life insurance	682,649		679,775		2,874		678,578		677,328		676,530		6,119
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	40,471		42,674		(2,203)		44,877		47,079		49,282		(8,811)
Mortgage servicing rights, net	84,390		89,131		(4,741)		80,449		74,479		77,351		7,039

Interest receivable	169,569		171,119		(1,550)		159,185		152,404		144,449		25,120
Other assets	658,604		608,068		50,536		573,870		518,115		547,621		110,983
Total assets	$	41,015,855	$	41,637,381	$	(621,526)	$	41,219,473	$	40,702,519	$	39,405,727	$	1,610,128
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	6,119,956	$	6,422,994	$	(303,038)	$	6,565,666	$	7,328,689	$	7,760,811	$	(1,640,855)
Interest-bearing deposits	27,326,093		25,700,332		1,625,761		25,448,743		23,003,134		21,875,343		5,450,750
Total deposits	33,446,049		32,123,326		1,322,723		32,014,409		30,331,824		29,636,154		3,809,895
Federal funds purchased and securities sold under agreements to repurchase	326,780		451,644		(124,864)		325,927		208,398		585,139		(258,359)
Commercial paper	—		—		—		15,327		18,210		20,798		(20,798)

FHLB advances	1,940,194		3,733,041		(1,792,847)		3,630,747		4,986,138		4,319,861		(2,379,667)
Other long-term funding	541,269		529,459		11,810		534,273		544,103		248,071		293,198
Allowance for unfunded commitments	34,776		34,776		—		38,276		39,776		38,776		(4,000)
Accrued expenses and other liabilities	552,814		637,491		(84,677)		537,640		448,407		541,438		11,376
Total liabilities	36,841,882		37,509,738		(667,856)		37,096,599		36,576,856		35,390,237		1,451,645
Stockholders’ equity
Preferred equity	194,112		194,112		—		194,112		194,112		194,112		—






Common equity	3,979,861		3,933,531		46,330		3,928,762		3,931,551		3,821,378		158,483
Total stockholders’ equity	4,173,973		4,127,643		46,330		4,122,874		4,125,663		4,015,490		158,483
Total liabilities and stockholders’ equity	$	41,015,855	$	41,637,381	$	(621,526)	$	41,219,473	$	40,702,519	$	39,405,727	$	1,610,128

Numbers may not sum due to rounding.


Associated Banc-Corp Consolidated Statements of Income (Unaudited)					Comp Qtr				YTD		YTD		Comp YTD
($ in thousands, except per share data)	4Q23		4Q22		$ Change		% Change		Dec 2023		Dec 2022		$ Change		% Change
Interest income
Interest and fees on loans	$	457,868	$	349,403	$	108,465	31	%	$	1,720,406	$	992,642	$	727,764	73	%
Interest and dividends on investment securities
Taxable	41,809		21,435		20,374		95	%	146,006		75,444		70,562		94	%
Tax-exempt	15,273		16,666		(1,393)		(8)	%	63,233		65,691		(2,458)		(4)	%
Other interest	10,418		3,779		6,639		176	%	28,408		11,475		16,933		148	%
Total interest income	525,367		391,283		134,084		34	%	1,958,052		1,145,252		812,800		71	%
Interest expense
Interest on deposits	208,875		60,719		148,156		N/M		673,624		98,309		575,315		N/M
Interest on federal funds purchased and securities sold under agreements to repurchase	3,734		2,280		1,454		64	%	12,238		3,480		8,758		N/M
Interest on other short-term funding	—		—		—		N/M		1		2		(1)		(50)	%
Interest on FHLB Advances	49,171		36,824		12,347		34	%	196,535		75,487		121,048		160	%
Interest on long-term funding	10,185		2,470		7,715		N/M		36,080		10,653		25,427		N/M
Total interest expense	271,965		102,294		169,671		166	%	918,479		187,931		730,548		N/M
Net interest income	253,403		288,989		(35,586)		(12)	%	1,039,573		957,321		82,252		9	%
Provision for credit losses	21,007		19,992		1,015		5	%	83,021		32,998		50,023		152	%
Net interest income after provision for credit losses	232,395		268,997		(36,602)		(14)	%	956,552		924,323		32,229		3	%
Noninterest income
Wealth management fees	21,003		20,403		600		3	%	82,502		84,122		(1,620)		(2)	%
Service charges and deposit account fees	10,815		13,918		(3,103)		(22)	%	49,045		62,310		(13,265)		(21)	%
Card-based fees	11,528		11,167		361		3	%	45,020		44,014		1,006		2	%
Other fee-based revenue	4,019		3,290		729		22	%	17,268		15,903		1,365		9	%
Capital markets, net	9,106		5,586		3,520		63	%	24,649		29,917		(5,268)		(18)	%
Mortgage banking, net	1,615		2,238		(623)		(28)	%	19,429		18,873		556		3	%
Loss on mortgage portfolio sale	(136,239)		—		(136,239)		N/M		(136,239)		—		(136,239)		N/M
Bank and corporate owned life insurance	3,383		3,427		(44)		(1)	%	10,266		11,431		(1,165)		(10)	%
Asset gains (losses), net	(136)		(545)		409		(75)	%	454		1,338		(884)		(66)	%
Investment securities gains (losses), net	(58,958)		(1,930)		(57,028)		N/M		(58,903)		3,746		(62,649)		N/M

Other	2,850		4,102		(1,252)		(31)	%	9,691		10,715		(1,024)		(10)	%
Total noninterest income (loss)	(131,013)		61,657		(192,670)		N/M		63,182		282,370		(219,188)		(78)	%
Noninterest expense
Personnel	120,686		118,381		2,305		2	%	468,355		454,101		14,254		3	%
Technology	28,027		25,299		2,728		11	%	102,018		90,700		11,318		12	%
Occupancy	14,429		15,846		(1,417)		(9)	%	57,204		59,794		(2,590)		(4)	%
Business development and advertising	8,350		8,136		214		3	%	28,405		25,525		2,880		11	%
Equipment	4,742		4,791		(49)		(1)	%	19,663		19,632		31		—	%
Legal and professional	6,762		4,132		2,630		64	%	19,911		18,250		1,661		9	%
Loan and foreclosure costs	585		804		(219)		(27)	%	5,408		5,925		(517)		(9)	%
FDIC assessment	41,497		6,350		35,147		N/M		67,072		22,650		44,422		196	%
Other intangible amortization	2,203		2,203		—		—	%	8,811		8,811		—		—	%

Other	12,110		10,618		1,492		14	%	36,837		41,675		(4,838)		(12)	%
Total noninterest expense	239,391		196,560		42,831		22	%	813,682		747,063		66,619		9	%
Income (loss) before income taxes	(138,009)		134,094		(272,103)		N/M		206,052		459,630		(253,578)		(55)	%
Income tax expense (benefit)	(47,202)		25,332		(72,534)		N/M		23,097		93,508		(70,411)		(75)	%
Net income (loss)	(90,806)		108,762		(199,568)		N/M		182,956		366,122		(183,166)		(50)	%
Preferred stock dividends	2,875		2,875		—		—	%	11,500		11,500		—		—	%
Net income (loss) available to common equity	$	(93,681)	$	105,887	$	(199,568)	N/M		$	171,456	$	354,622	$	(183,166)	(52)	%
Earnings (loss) per common share
Basic	$	(0.63)	$	0.70	$	(1.33)	N/M		$	1.14	$	2.36	$	(1.22)	(52)	%
Diluted	$	(0.62)	$	0.70	$	(1.32)	N/M		$	1.13	$	2.34	$	(1.21)	(52)	%
Average common shares outstanding
Basic	150,085		149,454		631		—	%	149,968		149,162		806		1	%
Diluted	151,007		150,886		121		—	%	150,860		150,496		364		—	%

N/M = Not meaningful

Numbers may not sum due to rounding.


Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)					Seql Qtr										Comp Qtr
	4Q23		3Q23		$ Change		% Change		2Q23		1Q23		4Q22		$ Change		% Change
Interest income
Interest and fees on loans	$	457,868	$	447,912	$	9,956	2	%	$	423,307	$	391,320	$	349,403	$	108,465	31	%
Interest and dividends on investment securities
Taxable	41,809		38,210		3,599		9	%	35,845		30,142		21,435		20,374		95	%
Tax-exempt	15,273		15,941		(668)		(4)	%	15,994		16,025		16,666		(1,393)		(8)	%
Other interest	10,418		6,575		3,843		58	%	6,086		5,329		3,779		6,639		176	%
Total interest income	525,367		508,637		16,730		3	%	481,231		442,817		391,283		134,084		34	%
Interest expense
Interest on deposits	208,875		193,131		15,744		8	%	162,196		109,422		60,719		148,156		N/M
Interest on federal funds purchased and securities sold under agreements to repurchase	3,734		3,100		634		20	%	2,261		3,143		2,280		1,454		64	%

Interest on FHLB advances	49,171		48,143		1,028		2	%	49,261		49,960		36,824		12,347		34	%
Interest on long-term funding	10,185		10,019		166		2	%	9,596		6,281		2,470		7,715		N/M
Total interest expense	271,965		254,394		17,571		7	%	223,314		168,807		102,294		169,671		166	%
Net interest income	253,403		254,244		(841)		—	%	257,917		274,010		288,989		(35,586)		(12)	%
Provision for credit losses	21,007		21,943		(936)		(4)	%	22,100		17,971		19,992		1,015		5	%
Net interest income after provision for credit losses	232,395		232,301		94		—	%	235,817		256,039		268,997		(36,602)		(14)	%
Noninterest income
Wealth management fees	21,003		20,828		175		1	%	20,483		20,189		20,403		600		3	%
Service charges and deposit account fees	10,815		12,864		(2,049)		(16)	%	12,372		12,994		13,918		(3,103)		(22)	%
Card-based fees	11,528		11,510		18		—	%	11,396		10,586		11,167		361		3	%
Other fee-based revenue	4,019		4,509		(490)		(11)	%	4,465		4,276		3,290		729		22	%
Capital markets, net	9,106		5,368		3,738		70	%	5,093		5,083		5,586		3,520		63	%
Mortgage banking, net	1,615		6,501		(4,886)		(75)	%	7,768		3,545		2,238		(623)		(28)	%
Loss on mortgage portfolio sale	(136,239)		—		(136,239)		N/M		—		—		—		(136,239)		N/M
Bank and corporate owned life insurance	3,383		2,047		1,336		65	%	2,172		2,664		3,427		(44)		(1)	%

Asset gains (losses), net	(136)		625		(761)		N/M		(299)		263		(545)		409		(75)	%
Investment securities gains (losses), net	(58,958)		(11)		(58,947)		N/M		14		51		(1,930)		(57,028)		N/M

Other	2,850		2,339		511		22	%	2,080		2,422		4,102		(1,252)		(31)	%
Total noninterest income (loss)	(131,013)		66,579		(197,592)		N/M		65,543		62,073		61,657		(192,670)		N/M
Noninterest expense
Personnel	120,686		117,159		3,527		3	%	114,089		116,420		118,381		2,305		2	%
Technology	28,027		26,172		1,855		7	%	24,220		23,598		25,299		2,728		11	%
Occupancy	14,429		14,125		304		2	%	13,587		15,063		15,846		(1,417)		(9)	%
Business development and advertising	8,350		7,100		1,250		18	%	7,106		5,849		8,136		214		3	%
Equipment	4,742		5,016		(274)		(5)	%	4,975		4,930		4,791		(49)		(1)	%
Legal and professional	6,762		4,461		2,301		52	%	4,831		3,857		4,132		2,630		64	%
Loan and foreclosure costs	585		2,049		(1,464)		(71)	%	1,635		1,138		804		(219)		(27)	%
FDIC assessment	41,497		9,150		32,347		N/M		9,550		6,875		6,350		35,147		N/M
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,203		—		—	%

Other	12,110		8,771		3,339		38	%	8,476		7,479		10,618		1,492		14	%
Total noninterest expense	239,391		196,205		43,186		22	%	190,673		187,412		196,560		42,831		22	%
Income (loss) before income taxes	(138,009)		102,674		(240,683)		N/M		110,687		130,700		134,094		(272,103)		N/M
Income tax expense (benefit)	(47,202)		19,426		(66,628)		N/M		23,533		27,340		25,332		(72,534)		N/M
Net income (loss)	(90,806)		83,248		(174,054)		N/M		87,154		103,360		108,762		(199,568)		N/M
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		2,875		—		—	%
Net income (loss) available to common equity	$	(93,681)	$	80,373	$	(174,054)	N/M		$	84,279	$	100,485	$	105,887	$	(199,568)	N/M
Earnings (loss) per common share
Basic	$	(0.63)	$	0.53	$	(1.16)	N/M		$	0.56	$	0.67	$	0.70	$	(1.33)	N/M
Diluted	$	(0.62)	$	0.53	$	(1.15)	N/M		$	0.56	$	0.66	$	0.70	$	(1.32)	N/M
Average common shares outstanding
Basic	150,085		150,035		50		—	%	149,986		149,763		149,454		631		—	%
Diluted	151,007		151,014		(7)		—	%	150,870		151,128		150,886		121		—	%

N/M = Not meaningful

Numbers may not sum due to rounding.


Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)	YTD Dec 2023			YTD Dec 2022			4Q23			3Q23			2Q23			1Q23			4Q22
Per common share data
Dividends	$	0.85		$	0.81		$	0.22		$	0.21		$	0.21		$	0.21		$	0.21
Market value:
High	24.18			25.71			21.79			19.21			18.45			24.18			25.13
Low	14.48			17.63			15.45			16.22			14.48			17.66			20.54
Close							21.39			17.11			16.23			17.98			23.09
Book value / share							26.35			26.06			26.03			26.06			25.40
Tangible book value / share							18.77			18.46			18.41			18.42			17.73
Performance ratios (annualized)
Return on average assets	0.45		%	1.00		%	(0.87)		%	0.80		%	0.86		%	1.06		%	1.12		%
Noninterest expense / average assets	2.00		%	2.04		%	2.30		%	1.90		%	1.89		%	1.92		%	2.03		%
Effective tax rate	11.21		%	20.34		%	N/M			18.92		%	21.26		%	20.92		%	18.89		%
Dividend payout ratio(a)	74.56		%	34.32		%	N/M			39.62		%	37.50		%	31.34		%	30.00		%
Net interest margin	2.81		%	2.91		%	2.69		%	2.71		%	2.80		%	3.07		%	3.31		%
Selected trend information
Average full time equivalent employees(b)	4,199			4,118			4,130			4,220			4,227			4,219			4,169
Branch count							196			202			202			202			202
Assets under management, at market value(c)							$	13,545		$	12,543		$	12,995		$	12,412		$	11,843
Mortgage loans originated for sale during period	$	396		$	600		$	112		$	115		$	99		$	69		$	64
Mortgage loan settlements during period(d)	$	1,212		$	715		$	957		$	103		$	97		$	55		$	95
Mortgage portfolio loans transferred to held for sale during period(d)	$	969		$	—		$	969		$	—		$	—		$	—		$	—
Mortgage portfolio serviced for others(d)							$	7,364		$	6,452		$	6,525		$	6,612		$	6,712
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)							1.15		%	1.38		%	1.23		%	1.13		%	1.15		%

Shares outstanding, end of period							151,037			150,951			150,919			150,886			150,444





















Selected quarterly ratios
Loans / deposits							87.35		%	93.99		%	93.24		%	96.29		%	97.18		%
Stockholders’ equity / assets							10.18		%	9.91		%	10.00		%	10.14		%	10.19		%
Risk-based capital(e)(f)
Total risk-weighted assets							$	32,732		$	33,497		$	33,144		$	32,646		$	32,470
Common equity Tier 1							$	3,075		$	3,197		$	3,143		$	3,086		$	3,036
Common equity Tier 1 capital ratio							9.39		%	9.55		%	9.48		%	9.45		%	9.35		%
Tier 1 capital ratio							9.99		%	10.12		%	10.07		%	10.05		%	9.95		%
Total capital ratio							12.21		%	12.25		%	12.22		%	12.22		%	11.33		%
Tier 1 leverage ratio							8.06		%	8.42		%	8.40		%	8.46		%	8.59		%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a)Ratio is based upon basic earnings per common share.

(b)Average full time equivalent employees without overtime.

(c)Excludes assets held in brokerage accounts.

(d)During the fourth quarter of 2023, the Corporation transferred $969 million of residential mortgages into held for sale and subsequently sold them for $844 million. After sale, the servicing has been retained for a short period until full servicing can be transferred to the purchaser.

(e)The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.

(f)December 31, 2023 data is estimated.


Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Dec 31, 2023			Sep 30, 2023			Seql Qtr % Change		Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	345,795		$	338,750		2	%	$	326,432		$	312,720		$	292,904		18	%
Provision for loan losses	21,000			25,500			(18)	%	23,500			17,000			21,000			—	%
Charge offs	(17,878)			(20,535)			(13)	%	(14,855)			(5,501)			(2,982)			N/M
Recoveries	2,177			2,079			5	%	3,674			2,212			1,798			21	%
Net (charge offs) recoveries	(15,701)			(18,455)			(15)	%	(11,181)			(3,289)			(1,183)			N/M
Balance at end of period	$	351,094		$	345,795		2	%	$	338,750		$	326,432		$	312,720		12	%
Allowance for unfunded commitments
Balance at beginning of period	$	34,776		$	38,276		(9)	%	$	39,776		$	38,776		$	39,776		(13)	%
Provision for unfunded commitments	—			(3,500)			(100)	%	(1,500)			1,000			(1,000)			(100)	%
Balance at end of period	$	34,776		$	34,776		—	%	$	38,276		$	39,776		$	38,776		(10)	%
Allowance for credit losses on loans (ACLL)	$	385,870		$	380,571		1	%	$	377,027		$	366,208		$	351,496		10	%
Provision for credit losses on loans	$	21,000		$	22,000		(5)	%	$	22,000		$	18,000		$	20,000		5	%
($ in thousands)	Dec 31, 2023			Sep 30, 2023			Seql Qtr % Change		Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Comp Qtr % Change
Net (charge offs) recoveries


Commercial and industrial	$	(13,178)		$	(16,558)		(20)	%	$	(11,177)		$	(1,759)		$	278		N/M
Commercial real estate—owner occupied	(22)			2			N/M		3			3			3			N/M
Commercial and business lending	(13,200)			(16,556)			(20)	%	(11,174)			(1,756)			281			N/M
Commercial real estate—investor	216			272			(21)	%	2,276			—			—			N/M
Real estate construction	38			18			111	%	(18)			18			16			138	%
Commercial real estate lending	253			290			(13)	%	2,257			18			16			N/M
Total commercial	(12,947)			(16,266)			(20)	%	(8,917)			(1,738)			297			N/M
Residential mortgage	(53)			(22)			141	%	(283)			(53)			(125)			(58)	%
Auto finance	(1,436)			(1,269)			13	%	(1,048)			(957)			(768)			87	%
Home equity	185			128			45	%	183			340			123			50	%
Other consumer	(1,450)			(1,027)			41	%	(1,117)			(881)			(711)			104	%
Total consumer	(2,754)			(2,189)			26	%	(2,264)			(1,550)			(1,480)			86	%
Total net (charge offs) recoveries	$	(15,701)		$	(18,455)		(15)	%	$	(11,181)		$	(3,289)		$	(1,183)		N/M

(In basis points)	Dec 31, 2023			Sep 30, 2023					Jun 30, 2023			Mar 31, 2023			Dec 31, 2022
Net (charge offs) recoveries to average loans (annualized)


Commercial and industrial	(54)			(66)					(46)			(7)			1
Commercial real estate—owner occupied	(1)			—					—			—			—
Commercial and business lending	(48)			(60)					(41)			(7)			1
Commercial real estate—investor	2			2					18			—			—
Real estate construction	1			—					—			—			—
Commercial real estate lending	1			2					12			—			—
Total commercial	(28)			(35)					(20)			(4)			1
Residential mortgage	—			—					(1)			—			(1)
Auto finance	(27)			(27)					(25)			(26)			(24)
Home equity	12			8					12			22			8
Other consumer	(208)			(148)					(163)			(125)			(95)
Total consumer	(9)			(7)					(8)			(6)			(6)
Total net (charge offs) recoveries	(21)			(25)					(15)			(5)			(2)

($ in thousands)	Dec 31, 2023			Sep 30, 2023			Seql Qtr % Change		Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Comp Qtr % Change
Credit quality
Nonaccrual loans	$	148,997		$	168,558		(12)	%	$	131,278		$	117,569		$	111,467		34	%
Other real estate owned (OREO)	10,506			8,452			24	%	7,575			15,184			14,784			(29)	%

Repossessed assets	$	919		$	658		40	%	$	348		$	92		$	215		N/M
Total nonperforming assets	$	160,421		$	177,668		(10)	%	$	139,201		$	132,845		$	126,466		27	%

Loans 90 or more days past due and still accruing	$	21,689		$	2,156		N/M		$	1,726		$	1,703		$	1,728		N/M

Allowance for credit losses on loans to total loans	1.32		%	1.26		%			1.26		%	1.25		%	1.22		%

Allowance for credit losses on loans to nonaccrual loans	258.98		%	225.78		%			287.20		%	311.48		%	315.34		%
Nonaccrual loans to total loans	0.51		%	0.56		%			0.44		%	0.40		%	0.39		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.55		%	0.59		%			0.47		%	0.45		%	0.44		%
Nonperforming assets to total assets	0.39		%	0.43		%			0.34		%	0.33		%	0.32		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans	0.16		%	0.15		%			0.10		%	0.05		%	—		%

N/M = Not meaningful


Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Dec 31, 2023		Sep 30, 2023		Seql Qtr % Change		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	62,022	$	74,812	(17)	%	$	34,907	$	22,735	$	14,329	N/M
Commercial real estate—owner occupied	1,394		3,936		(65)	%	1,444		1,478		—		N/M
Commercial and business lending	63,416		78,748		(19)	%	36,352		24,213		14,329		N/M
Commercial real estate—investor	—		10,882		(100)	%	22,068		25,122		29,380		(100)	%
Real estate construction	6		103		(94)	%	125		178		105		(94)	%
Commercial real estate lending	6		10,985		(100)	%	22,193		25,300		29,485		(100)	%
Total commercial	63,422		89,732		(29)	%	58,544		49,513		43,814		45	%
Residential mortgage	71,142		66,153		8	%	61,718		58,274		58,480		22	%
Auto finance	5,797		4,533		28	%	3,065		2,436		1,490		N/M
Home equity	8,508		7,917		7	%	7,788		7,246		7,487		14	%
Other consumer	128		222		(42)	%	163		100		197		(35)	%
Total consumer	85,574		78,826		9	%	72,733		68,056		67,654		26	%
Total nonaccrual loans	$	148,997	$	168,558	(12)	%	$	131,278	$	117,569	$	111,467	34	%

	Dec 31, 2023		Sep 30, 2023		Seql Qtr % Change		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Comp Qtr % Change
Restructured loans (accruing)(a)
Commercial and industrial	$	306	$	234	31	%	$	168	$	47	$	12,453	N/A
Commercial real estate—owner occupied	—		—		N/M		—		—		316		N/A
Commercial and business lending	306		234		31	%	168		47		12,769		N/A
Commercial real estate—investor	—		—		N/M		—		—		128		N/A
Real estate construction	—		—		N/M		—		—		195		N/A
Commercial real estate lending	—		—		N/M		—		—		324		N/A
Total commercial	306		234		31	%	168		47		13,093		N/A
Residential mortgage	405		207		96	%	126		126		16,829		N/A
Auto finance	255		169		51	%	80		61		—		N/A
Home equity	305		236		29	%	78		31		2,148		N/A
Other consumer	1,449		1,243		17	%	988		498		798		N/A
Total consumer	2,414		1,855		30	%	1,271		716		19,775		N/A
Total restructured loans (accruing)	$	2,719	$	2,089	30	%	$	1,439	$	763	$	32,868	N/A
Nonaccrual restructured loans (included in nonaccrual loans)	$	805	$	961	(16)	%	$	796	$	341	$	20,127	N/A
	Dec 31, 2023		Sep 30, 2023		Seql Qtr % Change		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial	$	5,565	$	1,507	N/M		$	12,005	$	4,239	$	6,283	(11)	%
Commercial real estate—owner occupied	358		1,877		(81)	%	1,484		2,955		230		56	%
Commercial and business lending	5,923		3,384		75	%	13,489		7,195		6,512		(9)	%
Commercial real estate—investor	18,697		10,121		85	%	—		—		1,067		N/M
Real estate construction	—		10		(100)	%	76		—		39		(100)	%
Commercial real estate lending	18,697		10,131		85	%	76		—		1,105		N/M
Total commercial	24,619		13,515		82	%	13,565		7,195		7,618		N/M
Residential mortgage	13,446		11,652		15	%	8,961		7,626		9,874		36	%
Auto finance	17,386		16,688		4	%	11,429		8,640		9,408		85	%
Home equity	4,208		3,687		14	%	4,030		4,113		5,607		(25)	%
Other consumer	2,166		1,880		15	%	2,025		1,723		1,610		35	%
Total consumer	37,205		33,908		10	%	26,444		22,102		26,499		40	%
Total accruing loans 30-89 days past due	$	61,825	$	47,422	30	%	$	40,008	$	29,297	$	34,117	81	%

	Dec 31, 2023		Sep 30, 2023		Seql Qtr % Change		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Comp Qtr % Change
Potential problem loans

Commercial and industrial	$	197,202	$	207,237	(5)	%	$	205,228	$	135,047	$	136,549	44	%
Commercial real estate—owner occupied	38,699		27,792		39	%	29,396		32,077		34,422		12	%
Commercial and business lending	235,900		235,029		—	%	234,624		167,124		170,971		38	%
Commercial real estate—investor	196,163		148,840		32	%	106,662		89,653		92,535		112	%
Real estate construction	—		—		N/M		—		—		970		(100)	%
Commercial real estate lending	196,163		148,840		32	%	106,662		89,653		93,505		110	%
Total commercial	432,063		383,869		13	%	341,286		256,776		264,476		63	%
Residential mortgage	784		1,247		(37)	%	1,646		1,684		1,978		(60)	%

Home equity	118		236		(50)	%	240		244		197		(40)	%

Total consumer	901		1,483		(39)	%	1,886		1,928		2,175		(59)	%
Total potential problem loans	$	432,965	$	385,352	12	%	$	343,173	$	258,704	$	266,651	62	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) On January 1, 2023, the Corporation adopted ASU 2022-02. Under this update, troubled debt restructurings were eliminated and replaced with a modified loan classification. As a result, amounts reported for 2023 periods will not be comparable to amounts reported for 2022 periods.


Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	December 31, 2023						September 30, 2023						December 31, 2022
($ in thousands)	Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate
Assets
Earning assets
Loans (a) (b) (c)


Commercial and business lending	$	10,820,214	$	193,808	7.11	%	$	10,985,584	$	194,956	7.04	%	$	10,529,984	$	147,184	5.55	%
Commercial real estate lending	7,397,809		138,437		7.42	%	7,312,645		134,370		7.29	%	7,062,405		105,479		5.93	%
Total commercial	18,218,024		332,245		7.24	%	18,298,229		329,326		7.14	%	17,592,389		252,663		5.70	%
Residential mortgage	8,691,258		76,035		3.50	%	8,807,157		74,643		3.39	%	8,443,661		68,069		3.22	%
Auto finance	2,138,536		29,221		5.42	%	1,884,540		24,074		5.07	%	1,244,436		12,911		4.12	%
Other retail	904,618		21,026		9.27	%	894,685		20,534		9.15	%	914,848		16,366		7.13	%
Total loans	29,952,435		458,527		6.08	%	29,884,611		448,577		5.96	%	28,195,334		350,009		4.93	%
Investment securities
Taxable	5,344,578		41,809		3.13	%	5,407,299		38,210		2.83	%	4,336,132		21,435		1.98	%
Tax-exempt(a)	2,209,662		19,244		3.48	%	2,300,488		20,085		3.49	%	2,428,751		21,000		3.46	%
Other short-term investments	767,256		10,418		5.39	%	483,211		6,575		5.40	%	408,091		3,779		3.68	%
Investments and other	8,321,495		71,471		3.43	%	8,190,998		64,870		3.16	%	7,172,975		46,213		2.57	%
Total earning assets	38,273,931		$	529,998	5.51	%	38,075,608		$	513,447	5.36	%	35,368,309		$	396,222	4.46	%
Other assets, net	3,056,772						3,000,371						3,017,127
Total assets	$	41,330,703					$	41,075,980					$	38,385,436
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,861,913	$	20,334	1.66	%	$	4,814,499	$	18,592	1.53	%	$	4,660,696	$	3,607	0.31	%
Interest-bearing demand	7,156,151		47,277		2.62	%	6,979,071		41,980		2.39	%	6,831,213		20,861		1.21	%
Money market	6,121,105		47,110		3.05	%	6,294,083		45,034		2.84	%	7,382,793		23,728		1.28	%
Network transaction deposits	1,616,719		22,034		5.41	%	1,639,619		22,008		5.33	%	901,168		8,261		3.64	%
Time deposits	6,264,621		72,121		4.57	%	5,955,741		65,517		4.36	%	1,463,204		4,262		1.16	%
Total interest-bearing deposits	26,020,510		208,875		3.18	%	25,683,013		193,131		2.98	%	21,239,073		60,719		1.13	%
Federal funds purchased and securities sold under agreements to repurchase	347,204		3,734		4.27	%	320,518		3,100		3.84	%	424,352		2,280		2.13	%
Commercial paper	—		—		—	%	5,041		—		0.01	%	12,927		—		0.01	%



FHLB advances	3,467,433		49,171		5.63	%	3,460,827		48,143		5.52	%	3,790,101		36,824		3.85	%
Long-term funding	531,155		10,185		7.67	%	533,744		10,019		7.51	%	248,645		2,470		3.97	%
Total short and long-term funding	4,345,793		63,090		5.77	%	4,320,130		61,263		5.63	%	4,476,025		41,575		3.69	%
Total interest-bearing liabilities	30,366,302		$	271,965	3.55	%	30,003,143		$	254,394	3.36	%	25,715,098		$	102,294	1.58	%
Noninterest-bearing demand deposits	6,171,240						6,318,781						8,088,435
Other liabilities	672,597						622,004						590,223
Stockholders’ equity	4,120,564						4,132,052						3,991,679
Total liabilities and stockholders’ equity	$	41,330,703					$	41,075,980					$	38,385,436
Interest rate spread					1.96	%					2.00	%					2.88	%
Net free funds					0.73	%					0.71	%					0.43	%
Fully tax-equivalent net interest income and net interest margin			$	258,033	2.69	%			$	259,053	2.71	%			$	293,929	3.31	%
Fully tax-equivalent adjustment			4,630						4,810						4,939
Net interest income			$	253,403					$	254,244					$	288,989

Numbers may not sum due to rounding.

(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b)Nonaccrual loans and loans held for sale have been included in the average balances.

(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.


Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
	Year Ended December 31,
	2023						2022
($ in thousands)	Average Balance		Interest Income /Expense		Average Yield / Rate		Average Balance		Interest Income /Expense		Average Yield / Rate
Assets
Earning assets
Loans (a) (b) (c)


Commercial and business lending	$	10,831,275	$	740,017	6.83	%	$	9,852,303	$	384,155	3.90	%
Commercial real estate lending	7,314,651		520,028		7.11	%	6,595,635		281,485		4.27	%
Total commercial	18,145,926		1,260,045		6.94	%	16,447,938		665,640		4.05	%
Residential mortgage	8,696,706		293,446		3.37	%	8,052,277		245,975		3.05	%
Auto finance	1,793,959		89,454		4.99	%	805,179		30,749		3.82	%
Other retail	897,702		80,189		8.93	%	894,948		52,266		5.84	%
Total loans	29,534,293		1,723,134		5.83	%	26,200,341		994,630		3.80	%
Investment securities
Taxable	5,243,805		146,006		2.78	%	4,362,394		75,444		1.73	%
Tax-exempt (a)	2,288,328		79,673		3.48	%	2,419,262		82,771		3.42	%
Other short-term investments	564,284		28,408		5.03	%	570,887		11,475		2.01	%
Investments and other	8,096,417		254,087		3.14	%	7,352,542		169,690		2.31	%
Total earning assets	37,630,710		$	1,977,221	5.25	%	33,552,884		$	1,164,320	3.47	%
Other assets, net	3,018,214						3,105,049
Total assets	$	40,648,923					$	36,657,932
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,773,366	$	63,945	1.34	%	$	4,652,774	$	5,033	0.11	%
Interest-bearing demand	6,904,514		154,136		2.23	%	6,638,592		35,169		0.53	%
Money market	6,668,930		177,311		2.66	%	7,164,518		36,370		0.51	%
Network transaction deposits	1,469,616		75,294		5.12	%	821,804		14,721		1.79	%
Time deposits	4,905,748		202,939		4.14	%	1,315,793		7,016		0.53	%
Total interest-bearing deposits	24,722,174		673,624		2.72	%	20,593,482		98,309		0.48	%
Federal funds purchased and securities sold under agreements to repurchase	345,519		12,238		3.54	%	388,701		3,480		0.90	%
Commercial paper	8,582		1		0.01	%	20,540		2		0.01	%


FHLB advances	3,741,790		196,535		5.25	%	2,784,403		75,487		2.71	%
Long-term funding	504,438		36,080		7.15	%	249,478		10,653		4.27	%
Total short and long-term funding	4,600,329		244,855		5.32	%	3,443,123		89,621		2.60	%
Total interest-bearing liabilities	29,322,503		$	918,479	3.13	%	24,036,605		$	187,931	0.78	%
Noninterest-bearing demand deposits	6,620,965						8,163,703
Other liabilities	594,318						482,538
Stockholders’ equity	4,111,138						3,975,086
Total liabilities and stockholders’ equity	$	40,648,923					$	36,657,932
Interest rate spread					2.12	%					2.69	%
Net free funds					0.69	%					0.22	%
Fully tax-equivalent net interest income and net interest margin			$	1,058,742	2.81	%			$	976,389	2.91	%
Fully tax-equivalent adjustment			19,168						19,068
Net interest income			$	1,039,573					$	957,321

Numbers may not sum due to rounding.

(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b)Nonaccrual loans and loans held for sale have been included in the average balances.

(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.


Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition	Dec 31, 2023		Sep 30, 2023		Seql Qtr % Change		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Comp Qtr % Change

Commercial and industrial	$	9,731,555	$	10,099,068	(4)	%	$	10,055,487	$	9,869,781	$	9,759,454	—	%
Commercial real estate—owner occupied	1,061,700		1,054,969		1	%	1,058,237		1,050,236		991,722		7	%
Commercial and business lending	10,793,255		11,154,037		(3)	%	11,113,724		10,920,017		10,751,176		—	%
Commercial real estate—investor	5,124,245		5,218,980		(2)	%	5,312,928		5,094,249		5,080,344		1	%
Real estate construction	2,271,398		2,130,719		7	%	2,009,060		2,147,070		2,155,222		5	%
Commercial real estate lending	7,395,644		7,349,699		1	%	7,321,988		7,241,318		7,235,565		2	%
Total commercial	18,188,898		18,503,736		(2)	%	18,435,711		18,161,335		17,986,742		1	%
Residential mortgage	7,864,891		8,782,645		(10)	%	8,746,345		8,605,164		8,511,550		(8)	%
Auto finance	2,256,162		2,007,164		12	%	1,777,974		1,551,538		1,382,073		63	%


Home equity	628,526		623,650		1	%	615,506		609,787		624,353		1	%
Other consumer	277,740		275,993		1	%	273,367		279,248		294,851		(6)	%
Total consumer	11,027,319		11,689,451		(6)	%	11,413,193		11,045,737		10,812,828		2	%
Total loans	$	29,216,218	$	30,193,187	(3)	%	$	29,848,904	$	29,207,072	$	28,799,569	1	%


Period end deposit and customer funding composition	Dec 31, 2023		Sep 30, 2023		Seql Qtr % Change		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Comp Qtr % Change
Noninterest-bearing demand	$	6,119,956	$	6,422,994	(5)	%	$	6,565,666	$	7,328,689	$	7,760,811	(21)	%
Savings	4,835,701		4,836,735		—	%	4,777,415		4,730,472		4,604,848		5	%
Interest-bearing demand	8,843,967		7,528,154		17	%	7,037,959		6,977,121		7,100,727		25	%
Money market	6,330,453		7,268,506		(13)	%	7,521,930		8,357,625		8,239,610		(23)	%
Brokered CDs	4,447,479		3,351,399		33	%	3,818,325		1,185,565		541,916		N/M
Other time deposits	2,868,494		2,715,538		6	%	2,293,114		1,752,351		1,388,242		107	%
Total deposits	33,446,049		32,123,326		4	%	32,014,409		30,331,824		29,636,154		13	%
Other customer funding(a)	106,620		151,644		(30)	%	170,873		226,258		261,767		(59)	%
Total deposits and other customer funding	$	33,552,669	$	32,274,971	4	%	$	32,185,282	$	30,558,081	$	29,897,921	12	%
Network transaction deposits(b)	$	1,566,139	$	1,649,389	(5)	%	$	1,600,619	$	1,273,420	$	979,003	60	%


Net deposits and other customer funding(c)	$	27,539,051	$	27,274,183	1	%	$	26,766,338	$	28,099,096	$	28,377,001	(3)	%

Quarter average loan composition	Dec 31, 2023		Sep 30, 2023		Seql Qtr % Change		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Comp Qtr % Change

Commercial and industrial	$	9,768,803	$	9,927,271	(2)	%	$	9,831,956	$	9,600,838	$	9,528,180	3	%
Commercial real estate—owner occupied	1,051,412		1,058,313		(1)	%	1,067,381		1,015,187		1,001,805		5	%
Commercial and business lending	10,820,214		10,985,584		(2)	%	10,899,337		10,616,026		10,529,984		3	%
Commercial real estate—investor	5,156,528		5,205,626		(1)	%	5,206,430		5,093,122		5,048,419		2	%
Real estate construction	2,241,281		2,107,018		6	%	2,088,937		2,158,072		2,013,986		11	%
Commercial real estate lending	7,397,809		7,312,645		1	%	7,295,367		7,251,193		7,062,405		5	%
Total commercial	18,218,024		18,298,229		—	%	18,194,703		17,867,219		17,592,389		4	%
Residential mortgage	8,691,258		8,807,157		(1)	%	8,701,496		8,584,528		8,443,661		3	%
Auto finance	2,138,536		1,884,540		13	%	1,654,523		1,490,115		1,244,436		72	%


Home equity	627,736		619,423		1	%	612,045		618,724		619,044		1	%
Other consumer	276,881		275,262		1	%	275,530		285,232		295,804		(6)	%
Total consumer	11,734,412		11,586,382		1	%	11,243,594		10,978,599		10,602,945		11	%
Total loans(d)	$	29,952,435	$	29,884,611	—	%	$	29,438,297	$	28,845,818	$	28,195,334	6	%

Quarter average deposit composition	Dec 31, 2023		Sep 30, 2023		Seql Qtr % Change		Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Comp Qtr % Change
Noninterest-bearing demand	$	6,171,240	$	6,318,781	(2)	%	$	6,669,787	$	7,340,219	$	8,088,435	(24)	%
Savings	4,861,913		4,814,499		1	%	4,749,808		4,664,624		4,660,696		4	%
Interest-bearing demand	7,156,151		6,979,071		3	%	6,663,775		6,814,487		6,831,213		5	%
Money market	6,121,105		6,294,083		(3)	%	6,743,810		7,536,393		7,382,793		(17)	%
Network transaction deposits	1,616,719		1,639,619		(1)	%	1,468,006		1,147,089		901,168		79	%
Brokered CDs	3,470,516		3,428,711		1	%	3,001,775		810,889		190,406		N/M
Other time deposits	2,794,105		2,527,030		11	%	1,984,174		1,551,371		1,272,797		120	%
Total deposits	32,191,750		32,001,794		1	%	31,281,134		29,865,072		29,327,509		10	%
Other customer funding(a)	127,252		164,289		(23)	%	196,051		245,349		306,122		(58)	%
Total deposits and other customer funding	$	32,319,002	$	32,166,082	—	%	$	31,477,186	$	30,110,421	$	29,633,631	9	%
Net deposits and other customer funding(c)	$	27,231,767	$	27,097,752	—	%	$	27,007,405	$	28,152,443	$	28,542,056	(5)	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes repurchase agreements and commercial paper.

(b) Included above in interest-bearing demand and money market.

(d) Nonaccrual loans and loans held for sale have been included in the average balances.


Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	YTD			YTD
($ in millions, except per share data)	Dec 2023			Dec 2022			4Q23			3Q23			2Q23			1Q23			4Q22
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets							7.11		%	6.88		%	6.94		%	7.03		%	6.97		%
Return on average equity	4.45		%	9.21		%	(8.74)		%	7.99		%	8.47		%	10.32		%	10.81		%
Return on average tangible common equity	6.44		%	13.77		%	(13.13)		%	11.67		%	12.38		%	15.26		%	16.15		%
Return on average common equity Tier 1	5.51		%	12.23		%	(11.85)		%	10.08		%	10.88		%	13.38		%	14.04		%
Return on average tangible assets	0.48		%	1.05		%	(0.88)		%	0.84		%	0.90		%	1.11		%	1.18		%
Average stockholders' equity / average assets	10.11		%	10.84		%	9.97		%	10.06		%	10.18		%	10.26		%	10.40		%
Tangible common equity reconciliation(a)
Common equity							$	3,980		$	3,934		$	3,929		$	3,932		$	3,821
Goodwill and other intangible assets, net							(1,145)			(1,148)			(1,150)			(1,152)			(1,154)
Tangible common equity							$	2,834		$	2,786		$	2,779		$	2,779		$	2,667


Tangible assets reconciliation(a)
Total assets							$	41,016		$	41,637		$	41,219		$	40,703		$	39,406
Goodwill and other intangible assets, net							(1,145)			(1,148)			(1,150)			(1,152)			(1,154)
Tangible assets							$	39,870		$	40,490		$	40,070		$	39,550		$	38,251
Average tangible common equity and average common equity Tier 1 reconciliation(a)
Common equity	$	3,917		$	3,782		$	3,926		$	3,938		$	3,935		$	3,868		$	3,798
Goodwill and other intangible assets, net	(1,150)			(1,159)			(1,147)			(1,149)			(1,151)			(1,153)			(1,155)
Tangible common equity	2,767			2,623			2,780			2,789			2,784			2,715			2,642
Modified CECL transitional amount	45			67			45			45			45			45			67
Accumulated other comprehensive loss	275			174			286			302			252			259			254
Deferred tax assets, net	28			34			27			28			28			28			29
Average common equity Tier 1	$	3,114		$	2,899		$	3,138		$	3,164		$	3,108		$	3,047		$	2,993
Average tangible assets reconciliation(a)
Total assets	$	40,649		$	36,658		$	41,331		$	41,076		$	40,558		$	39,607		$	38,385
Goodwill and other intangible assets, net	(1,150)			(1,159)			(1,147)			(1,149)			(1,151)			(1,153)			(1,155)
Tangible assets	$	39,499		$	35,499		$	40,184		$	39,927		$	39,407		$	38,454		$	37,230
Adjusted net income reconciliation(b)
Net income	$	183		$	366		$	(91)		$	83		$	87		$	103		$	109
Other intangible amortization, net of tax	7			7			2			2			2			2			2
Adjusted net income	$	190		$	373		$	(89)		$	85		$	89		$	105		$	110
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity	$	171		$	355		$	(94)		$	80		$	84		$	100		$	106
Other intangible amortization, net of tax	7			7			2			2			2			2			2
Adjusted net income available to common equity	$	178		$	361		$	(92)		$	82		$	86		$	102		$	108
Selected trend information(d)
Wealth management fees	$	83		$	84		$	21		$	21		$	20		$	20		$	20
Service charges and deposit account fees	49			62			11			13			12			13			14
Card-based fees	45			44			12			12			11			11			11
Other fee-based revenue	17			16			4			5			4			4			3
Fee-based revenue	194			206			47			50			49			48			49
Other	(131)			76			(178)			17			17			14			13
Total noninterest income	$	63		$	282		$	(131)		$	67		$	66		$	62		$	62
Pre-tax pre-provision income(e)
Income before income taxes	$	206		$	460		$	(138)		$	103		$	111		$	131		$	134
Provision for credit losses	83			33			21			22			22			18			20
Pre-tax pre-provision income	$	289		$	493		$	(117)		$	125		$	133		$	149		$	154
End of period core customer deposits reconciliation
Total deposits							$	33,446		$	32,123		$	32,014		$	30,332		$	29,636
Network transaction deposits							(1,566)			(1,649)			(1,601)			(1,273)			(979)
Brokered CDs							(4,447)			(3,351)			(3,818)			(1,186)			(542)
Core customer deposits							$	27,432		$	27,123		$	26,595		$	27,873		$	28,115

Numbers may not sum due to rounding.

(a)Tangible common equity and tangible assets exclude goodwill and other intangible assets, net.

(b)Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.

(c)These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.

(d)These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations.

(e)Management believes this measure is meaningful because it reflects adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods.


Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	YTD		YTD
($ in millions, except per share data)	Dec 2023		Dec 2022		4Q23		3Q23		2Q23		1Q23		4Q22






Efficiency ratio reconciliation(a)
Federal Reserve efficiency ratio	69.70	%	60.36	%	132.01	%	60.06	%	58.49	%	56.07	%	55.47	%
Fully tax-equivalent adjustment	(1.13)	%	(0.92)	%	(3.29)	%	(0.89)	%	(0.85)	%	(0.79)	%	(0.77)	%
Other intangible amortization	(0.76)	%	(0.71)	%	(1.21)	%	(0.69)	%	(0.68)	%	(0.66)	%	(0.62)	%
Fully tax-equivalent efficiency ratio	67.82	%	58.74	%	127.54	%	58.50	%	56.96	%	54.64	%	54.08	%

FDIC special assessment	(2.32)	%	—	%	(9.50)	%	—	%	—	%	—	%	—	%
Announced initiatives(b)	(7.02)	%	(0.10)	%	(53.92)	%	—	%	—	%	—	%	—	%
Adjusted efficiency ratio	58.48	%	58.65	%	64.12	%	58.50	%	56.96	%	54.64	%	54.08	%


One Time Item Reconciliation	YTD		YTD
($ in millions, except per share data)	Dec 2023		Dec 2023 per share data (diluted)		4Q23		4Q23 per share data (diluted)
GAAP net income (loss)	$	183	$	1.13	$	(91)	$	(0.62)
Loss on mortgage portfolio sale, net(b)(c)	133		0.87		133		0.87
Net loss on sale of investments(b)	65		0.43		65		0.43
FDIC special assessment	31		0.20		31		0.20
Tax effect	(55)		(0.36)		(55)		(0.36)
Net income, excluding one time items, net of tax	357		$	2.27	83		$	0.53
Less preferred stock dividends	(12)				(3)
Net income available to common equity, excluding one time items, net of tax	$	345			$	80


One Time Item Noninterest Income Reconciliation	YTD
($ in millions, except per share data)	Dec 2023		4Q23
GAAP noninterest income	$	63	$	(131)
Loss on mortgage portfolio sale(b)	136		136
Net loss on sale of investments(b)	65		65
Noninterest income, excluding one time items	$	264	$	70

One Time Item Noninterest Expense Reconciliation	YTD
($ in millions, except per share data)	Dec 2023		4Q23
GAAP noninterest expense	$	814	$	239
FDIC special assessment	(31)		(31)
Noninterest expense, excluding one time items	$	783	$	209

(a)The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net. The adjusted efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, FDIC special assessment costs, and announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net and announced initiatives. Management believes the adjusted efficiency ratio is a meaningful measure as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and provides a better measure as to how the Corporation is managing its expenses by adjusting for one time costs like the FDIC special assessment and announced initiatives.

(b)The mortgage portfolio sale and investments sold that are classified as one time items are the result of a balance sheet repositioning that the Corporation announced in fourth quarter of 2023.

(c)Loss on mortgage portfolio sale, net takes into account the provision for loan losses that was reversed as a result of the sale of the mortgages.

EX-99.2 3 asb4q23earningspresentat.htm EX-99.2 asb4q23earningspresentat

Fourth Quarter 2023 Earnings Presentation JANUARY 25, 2024 Exhibit 99.2

1 Forward-Looking Statements Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” "target,“ “outlook,” “project,” “guidance,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference. Trademarks: All trademarks, service marks, and trade names referenced in this material are official trademarks and the property of their respective owners. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Non-GAAP Measures: This presentation includes certain non-GAAP financial measures. These non-GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation.

2 Fourth Quarter & Full Year 2023 Results1 1 All figures shown on an end of period basis. 4Q 2023 results compared to 3Q 2023 unless otherwise noted. FY 2023 results compared to FY 2022 unless otherwise noted. 2 This adjusted figure excludes one time items incurred as a result of the balance sheet repositioning and FDIC special assessment that impacted 4Q 2023 financial results. This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ▪ GAAP diluted EPS of $(0.62) ▪ Adjusted diluted EPS of $0.532 ▪ Total deposit growth of $1.3 billion (+4%) ▪ Core customer deposit growth of $310 million3 (+1%) (+3% growth in 2H 2023) ▪ Total loan reduction of $977 million (-3%) ▪ Adjusted total loan reduction of $8 million2 (0%) ▪ Net interest income of $253 million ▪ Net interest margin of 2.69% (-2 bps) ▪ TCE ratio of 7.11%3 (+23 bps) ▪ CET1 ratio of 9.39% (-16 bps) ▪ NCOs/avg. loans (annualized) of 0.21% (-4 bps) ▪ Tangible book value/share of $18.77 4Q 2023 Results 4.5% Total Deposit Growth in 2H23 3.1% Core Customer Deposit Growth in 2H233 1.4% Total Loan Growth 4.8% Adjusted Loan Growth (11.0%) Total Revenue Growth 5.2% Adjusted Revenue Growth2 8.9% Total Noninterest Expense Growth 4.8% Adjusted Noninterest Expense Growth2 FY 2023 Highlights 2

3 4Q 2023 EPS Adjustments 1 Loss on mortgage portfolio sale, net takes into account the provision for loan losses that was reversed as a result of the sale of the mortgages. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 4Q GAAP EPS was impacted by one time items from our balance sheet repositioning & FDIC’s special assessment 4Q 2023 GAAP EPS Balance Sheet Repositioning: Net Pre-Tax Loss on Sale of Investments Balance Sheet Repositioning: Loss on Mortgage Portfolio Sale, Net (Pre-Tax)1 FDIC Special Assessment 4Q 2023 Adjusted EPS2 Combined Tax Benefit from One Time Items An FDIC special assessment added $31M to our noninterest expense Our balance sheet repositioning generated a $133M net pre-tax loss1 on a mortgage loan portfolio sale and a $65M net pre-tax loss on a sale of investments $0.53

4 Advancing our Growth Strategy Announced in 4Q, the next phase of our strategic plan builds on our foundation & positions us for future success Diligent Expense Control Balance Sheet Repositioning Reinvesting for Organic Growth 1 3 Repositioned our balance sheet in 4Q 2023 to accelerate the financial impact of our organic strategy ▪ Sold $780 million in securities and $969 million in mortgage loans ▪ Paid down FHLB advances, reinvested in securities at higher rates Identified and executed $25 million to $30 million in expense reductions for 2024 ▪ 3% reduction in workforce ▪ 14 total branch closures Reinvesting expense savings in people, products, process & technology to build on our organic growth momentum ▪ Acquiring customers ▪ Deepening relationships ▪ Decreasing reliance on low- yield, low-relationship assets ▪ Maintaining foundational expense and credit discipline 2

5 Key Leadership Hires in 2023-2024 Our strategic plan has resonated in our Midwestern footprint, helping us attract top talent in key areas Neil Riegelman SVP, Commercial Banking Segment Leader Most recently Managing Director & Team Lead for commercial banking in Wisconsin for BMO Harris Bank Over 20 years of experience, largely in Milwaukee Phillip Trier EVP, Commercial Banking Group Leader Most recently led commercial banking across 11 states in the Midwest region for U.S. Bank, including the Twin Cities, Milwaukee & Chicago markets Steven Zandpour EVP, Director of Retail Banking Most recently led BMO U.S. footprint as the Head of Specialty Sales out of the Chicago office 14 years in leadership at Fifth Third Bank in Illinois Terry Williams EVP, Chief Information Officer Most recently served as CIO and CTO for Belcan, LLC in Cincinnati Over 30 years of strategic IT & global operations experience Steven Moss SVP, Chief Data Officer Most recently VP of Enterprise Applications for a Cincinnati firm Over 25 years of experience in enterprise applications, data warehouse & business intelligence Jayne Hladio EVP, President of Private Wealth Most recently served as President of Midland Wealth Mgmt. and Midland Trust Co. Led as National Wealth Management Executive across 26 states for U.S. Bank January 2023 August 2023 October 2023 October 2023 December 2023 January 2024

6 Progress on Organic Initiatives Our Phase 2 initiatives remain on track, positioning us to grow our customer base & enhance our profitability People Products Process & Technology ▪ Plan to add 26+ commercial & business RMs across all markets by 2025, with 10 already hired ▪ Plan to train 15-20 designated mass affluent bankers by early 2Q 2024 ▪ Plan to launch 12 new marketing initiatives to drive improved customer acquisition & relationship deepening in 2024, with 3 already launched ▪ Plan to launch 15 new consumer & business product and digital initiatives to drive deposit acquisition & retention in 2024, with 4 already launched ▪ Launched Early Pay in January 2024 ▪ Launched Activation Zone in 4Q, providing easier switching for new checking accounts ▪ Upgraded commercial digital platform in 4Q, providing better client experience and reduced operating costs ▪ Completed deployment of new deposit account opening platform across all branches Updates through 1/24/2024 Expected Outcomes by Year-End 2025 $2.5B Cumulative Incremental Deposit Balances1 $750M Cumulative Incremental Commercial Loan Growth1 3% Annual Household Growth Run Rate 1 Incremental balance growth expected above our standard run rate, which is impacted by market conditions.

7 Average Quarterly Deposits Quarterly Deposit & Funding Trends We grew deposits in 4Q 2023 & flexed into brokered CDs to further pay down FHLB ($ in billions) EoP Funding Change (9/30/2023 to 12/31/2023) ($ in millions) $0.9 $1.1 $1.5 $1.6 $1.6 $0.2 $0.8 $3.0 $3.4 $3.5 $1.3 $1.6 $2.0 $2.5 $2.8 $7.4 $7.5 $6.7 $6.3 $6.1 $4.7 $4.7 $4.7 $4.8 $4.9 $6.8 $6.8 $6.7 $7.0 $7.2 $8.1 $7.3 $6.7 $6.3 $6.2 $29.3 $29.9 $31.3 $32.0 $32.2 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs 1 This is a non-GAAP financial measure. See appendix for a reconciliation of end of period core customer deposits to total deposits. $(303) $(82) $(1) $153 $543 Interest-Bearing Demand Noninterest-Bearing Demand Customer CDs $(113) $(83) $1,096 Network Transaction Deposits Brokered CDs Money Market Savings Other Wholesale Funding FHLB Advances Core Customer Deposits1 +$310mm (+1%) Wholesale Funding Sources $(893mm) (-9%) Total Deposits +$1,323mm (+4%) $(1,793)

8 $1.9 $1.4 $0.9 $0.8 $1.5 $3.1 $2.3 $1.5 $1.3 $4.9 $7.0 $6.5 $6.9 $7.2 $6.7 $2.4 $3.3 $4.1 $4.7 $4.8 $5.1 $5.6 $6.1 $6.6 $6.9 $5.2 $6.9 $8.1 $8.2 $6.6 $24.7 $26.0 $27.7 $28.8 $31.3 2019 2020 2021 2022 2023 Annual Deposit Trends Total Time Deposits Savings Money Market Network Transaction Deposits Deposits rebounded strongly in 2H 2023, with total deposits up 4% & core customer deposits1 up 3% Noninterest-Bearing Demand Interest-Bearing Demand ($ in billions) Average Annual Deposits 2023 Core Customer Deposit1 Growth Trends ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of end of period core customer deposits to total deposits. Total Deposits Core Customer Deposits1 1Q23 +$696 $(242) 2Q23 +$1,683 $(1,277) 3Q23 +$109 +$527 4Q23 +$1,323 +$310 +3.1%

9 $109 $1,323 $1,432 $527 $310 $837 3Q 2023 4Q 2023 2H 2023 Combined Our efforts to attract & deepen relationships have driven both consumer & commercial deposit growth Relationship-Focused Deposit Growth Modernized Digital Banking Experience Upgraded Product & Service Offerings Launched Mass Affluent Strategy Introduced “Champion of You” Brand Strategy Expanded Commercial Capabilities 1 This is a non-GAAP financial measure. See appendix for a reconciliation of end of period core customer deposits to total deposits. + + 2H 2023 EoP Deposit Growth Trends ($ in millions) + +3.1% Growth in Consumer Growth in Commercial/Business + + + Core Customer Deposits1Total Deposits

10 Quarterly average loans grew by $68 million in 4Q; $969 million mortgage loan sale settled on 12/21/2023 Quarterly Loan Trends Commercial & Business Lending Commercial Real Estate Consumer Lending $2.2 $2.4 $2.5 $2.8 $3.0 $8.4 $8.6 $8.7 $8.8 $8.7 $7.1 $7.3 $7.3 $7.3 $7.4 $10.5 $10.6 $10.9 $11.0 $10.8 $28.2 $28.8 $29.4 $29.9 $30.0 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(918) $(272) $(160) $(95) $(57) $(26) $- $6 $141 $153 $249 Residential Mortgage CRE Construction All Other Specialized Credit Cards Auto Finance Power & Utilities EoP Loan Change (9/30/2023 to 12/31/2023) Mortgage Warehouse General Commercial CRE Investor Home Equity & Other Cons. REIT

11 $(647) $(144) $(72) $(22) $(20) $(12) $9 $44 $116 $290 $874 $1.2 $1.1 $0.9 $1.7 $2.7 $8.3 $8.2 $7.8 $8.1 $8.7 $5.2 $5.8 $6.2 $6.6 $7.3 $8.4 $9.4 $9.1 $9.9 $10.8 $23.1 $24.5 $24.1 $26.2 $29.5 2019 2020 2021 2022 2023 Annual Loan Trends Ongoing execution against our lending initiatives drove $3.3 billion average annual loan growth in 2023 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) EoP Loan Change (12/31/2022 to 12/31/2023)Average Annual Loans Commercial & Business Lending Commercial Real Estate Consumer Lending Residential Mortgage CRE Construction All Other Specialized CRE Investor Auto Finance Power & Utilities REIT General Commercial Home Equity & Other Cons. Credit Cards Mortgage Warehouse

12 Average Yields (%) Average Yield Trends 5.93 6.66 7.04 7.29 7.42 5.55 6.39 6.77 7.04 7.11 4.12 4.48 4.78 5.07 5.42 3.22 3.30 3.31 3.39 3.50 2.57 2.88 3.05 3.16 3.43 1.13 1.97 2.64 2.98 3.18 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 We continue to benefit from rising asset yields, while funding cost pressures have continued to stabilize Residential Mortgage Loans Com’l & Business Lending Loans Commercial Real Estate Loans Total Interest-Bearing DepositsAuto Finance Loans Asset & Liability Yield / Rate Trends (%) Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 4.46 4.94 5.18 5.36 5.51 1.58 2.48 3.06 3.36 3.55 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Investments and Other

13 Net Interest Income & Net Interest Margin Trends We saw further stabilization in both NII & NIM during the fourth quarter Net Interest Income & Net Interest Margin $289 $274 $258 $254 $253 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 2.71% 2.80% 3.07% 3.31% 2.69% Quarterly Net Interest Income Quarterly Net Interest Margin ($ in millions) 2.69% 2.69% 0.11% 2.79% 4Q 2023 Actual 4Q 2023 Pro Forma 4Q 2023 Pro Forma Net Interest Margin1 1 Pro forma net interest margin reflects the impact of the balance sheet repositioning announced in November 2023 as if the transaction was completed on October 1, 2023. + Our balance sheet repositioning would have added ~11 bps to our 4Q NIM if the transaction was completed on 10/1/2023. We expect the full impact of the repositioning to take full effect beginning in 1Q 2024.

14 Cash & Investment Securities Portfolio We continue to target investments to total assets of 18% to 20% in 2024 18% 19% 19% 18% 19% 2% 2% 2% 2% 2% 19% 21% 20% 20% 21% 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Securities EoP Securities + Cash / Total Assets Cash $2.7 $3.4 $3.5 $3.5 $3.6 $4.0 $4.0 $3.9 $3.9 $3.9 $0.3 $0.4 $0.3 $0.3 $0.3$7.0 $7.7 $7.7 $7.7 $7.7 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Held to MaturityAvailable for Sale ($ in billions) EoP Securities Book Composition Other Securities CET1 Including AOCI1 (%) CET1 Ratio Incl. AOCICET1 Ratio 9.35 9.45 9.48 9.55 9.39 8.51 8.74 8.60 8.53 8.87 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. $0.7B securities reinvestment completed during 4Q 2023

15 $49 $48 $49 $50 $47 $2 $4 $8 $7 $2 $6 $5 $5 $5 $9 $5 $5 $4 $5 $12 $62 $62 $66 $67 $(131) $70 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Adjusted Noninterest Income Trends ($ in millions) Our 4Q GAAP noninterest income was impacted by one time items tied to our balance sheet repositioning 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Other noninterest income is primarily comprised of bank and corporate owned life insurance, asset gains (losses), net and investment securities gains (losses), net. Quarterly Noninterest Income Trends Fee-Based Revenue1 Capital Markets, net Mortgage Banking, net Other2 4Q 2023 GAAP noninterest income impacted by balance sheet repositioning with a $136M loss on a mortgage portfolio sale and a $65M net loss on a sale of investments (both pre-tax) 1 4Q 2023 GAAP

16 $118 $116 $114 $117 $121 $25 $24 $24 $26 $28 $53 $47 $52 $53 $60 $31 $197 $187 $191 $196 $239 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Adjusted Efficiency Ratio2 (%) Noninterest Expense Trends Noninterest Expense Trends 1 Other expenses are primarily comprised of occupancy, business development & advertising, equipment, legal & professional, and FDIC assessment costs. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) Our 4Q noninterest expense was impacted by the FDIC special assessment & an acceleration of planned hiring Adjusted Efficiency Ratio Federal Reserve Efficiency Ratio 55.5 56.1 58.5 60.1 54.1 54.6 57.0 58.5 64.1 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Personnel Expense Other1 Technology Expense FDIC Special Assessment 132.0 4Q noninterest expense impacted by $31 million FDIC special assessment announced during the quarter

17 4Q 2023 Capital Ratios (%) 7.11 9.39 9.99 12.21 TCE Ratio Common Equity Tier 1 Capital Tier 1 Capital Total Capital 1 Tangible common equity / tangible assets. This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Our capital ratios remained well within our target ranges following the balance sheet repositioning in 4Q 2023 Capital Profile 1 2024 Capital Target Ranges (%) $17.73 $18.42 $18.41 $18.46 $18.77 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Tangible Book Value / Share 7.11 4Q 2023 TCE Ratio 2024 Target Range 9.39 4Q 2023 CET1 Ratio 2024 Target Range 7.75 10.00 6.75 9.00 1

18 ACLL / Total Loans (%)4Q 2023 ACLL1 Update ▪ ACLL increased $5 million from the prior quarter to $386 million, driven primarily by nominal credit movement coupled with general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody’s November 2023 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Our ACLL percentage grew by 6 basis points vs. the prior quarter to 1.32% Allowance for Credit Losses on Loans (ACLL) Update 1.22 1.25 1.26 1.26 1.32 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 141,652$ 1.32% 146,502$ 1.31% 152,341$ 1.41% CRE - Investor 55,108 1.08% 68,214 1.31% 68,338 1.33% CRE - Construction 66,171 3.07% 71,317 3.35% 70,578 3.11% Residential Mortgage 38,298 0.45% 40,437 0.46% 37,808 0.48% Other Consumer 50,267 2.18% 54,101 1.86% 56,805 1.80% Total 351,496$ 1.22% 380,571$ 1.26% 385,870$ 1.32% 9/30/2023 12/31/202312/31/2022

19 Net Charge Offs and ProvisionDelinquent Loans / EoP Total Loans Nonaccrual LoansTotal Nonperforming Assets Credit Quality Trends $68 $68 $73 $79 $86 $29 $25 $22 $11 $0 $14 $24 $36 $79 $63 $111 $118 $131 $169 $149 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 0.12% 0.10% 0.13% 0.16% 0.21% 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Solid credit performance with continued signs of normalization ($ in millions) ($ in millions) Accruing Loans 30-89 Days Past Due CREConsumer $111 $118 $131 $169 $149 $15 $15 $8 $9 $11 $127 $133 $140 $178 $160 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 ($ in millions) $1 $3 $11 $18 $16 $20 $18 $22 $22 $21 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Total Net Charge Offs Provision for Credit Losses on Loans Commercial & Business LendingNonaccrual Loans OREO + Repossessed Assets

20 Wisconsin 21% Illinois 15% Minnesota 9% Other Midwest2 22% Texas 8% Other 26% Multi-Family 37% Retail 9% Office 14% Industrial 25% 1-4 Family Construction 4% Warehouse 3% Hotel / Motel 3% Other 6% Consumer 38% Commercial & Business Lending 37% CRE 25% 1 All updates as of or for the period ended December 31, 2023 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Calculated on an annualized basis. Negative values indicate a net recovery. 4 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. High-Quality Commercial Real Estate Portfolio1 ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 Portfolio LTV 60% 60% 60% 59% 58% Delinquencies/Loans 0.02% 0.00% 0.00% 0.14% 0.25% NALs/Loans 0.41% 0.35% 0.30% 0.15% 0.00% ACLL/Loans 1.68% 1.75% 1.88% 1.90% 1.88% NCOs/Avg. Loans3 0.00% 0.00% (0.12%) (0.02%) (0.01%) CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.17% Top 10 Largest CRE Borrowers 1.39% Largest CRE Property Type (Multi-Fam) 9.28% CRE Office Loans 3.57% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio4 1.18x 2024 Remaining Maturities $314 million Urban vs. Suburban ~82% Suburban Property Class Mix ~59% Class A

21 1 Adjusted 2023 figures have been provided for noninterest income and noninterest expense to exclude the impact of one time items incurred as a result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2023 and the FDIC special assessment finalized during the fourth quarter of 2023. These figures are non- GAAP financial measures. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Projections are on an end of period basis as of and for the year ended 12/31/2024 as compared to adjusted 2023 results as of 12/31/2023 unless otherwise noted. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. FY 2024 Outlook GAAP FY 2023 Result Adjusted FY 2023 Result1 FY 2024 Guidance2 EoP Total Loans $29.2B (+1.4% vs. 2022) $29.2B (+1.4% vs. 2022) 4% to 6% Growth EoP Total Deposits $33.4B (+12.9% vs. 2022) Core Customer Deposits3 $27.4B (-2.4% vs. 2022) 3% to 5% Growth (Core Customer Deposits) Net Interest Income $1.040B (+8.6% vs. 2022) $1.040B (+8.6% vs. 2022) 2% to 4% Growth Noninterest Income $63M (-77.6% vs. 2022) $264M (-6.4% vs. 2022) 0% to 2% Decrease Noninterest Expense $814M (+8.9% vs. 2022) $783M (+4.8% vs. 2022) 2% to 3% Growth Effective Tax Rate 11.2% N/A 19% to 21%

Appendix

23 Balance Sheet Repositioning Summary Estimated 11/9/2023 Actual Total Assets Sold $1.8B $1.68B Total Loans Sold $1.0B in ARMs $969M in ARMs Wtd. Avg. Yield 3.72% Wtd. Avg. Yield 3.81% Total Securities Sold (Book Value) $0.8B in AFS Securities $780M in AFS Securities Wtd. Avg. Yield 2.60% Wtd. Avg. Yield 2.60% 4Q 2023 One-Time Loss1 $157M $150M Use of Proceeds Repay $0.9B of FHLB Advances Repaid $849M of FHLB Advances Wtd. Avg. Yield ~5.50% Wtd. Avg. Yield 5.44% Reinvest into $0.7B of securities & cash Reinvested into $741M of securities & cash Wtd. Avg. Yield 6.02% Wtd. Avg. Yield 6.04% We are providing finalized transaction figures following the settlement of our 4Q 2023 sale of loans & securities 1 Net of tax and the provision for loan losses that was reversed as a result of the sale of mortgages.

24 Stable, Granular Deposit Portfolio Uninsured, uncollateralized deposits were only 23% of total deposits as of 12/31/2023 1 Liquidity coverage based on current levels of readily available (within one business day) funding. See slide 25 for additional details. 30% 26% 22% 23% 23% 70% 74% 78% 77% 77% $29.7 $30.4 $32.1 $32.1 $33.5 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 EoP Total Deposit Trends (Associated Bank, N.A.) ($ in billions) Total of Insured and Collateralized Deposits Total of Uninsured and Uncollateralized Deposits 23% Percentage of total deposits that were uninsured and uncollateralized as of 12/31/2023 110% Readily available liquidity coverage1 for uninsured and uncollateralized deposits as of 12/31/2023 146% Total liquidity coverage for uninsured and uncollateralized deposits as of 12/31/2023

25 Liquidity Sources As of 12/31/2023, ASB’s total liquidity sources covered 146% of uninsured, uncollateralized deposits Liquidity Sources 9/30/2023 12/31/2023 Federal Reserve Balance $314.3 $421.8 Available FHLB Chicago Capacity $5,377.6 $5,985.4 Available Fed Discount Window Capacity $1,335.9 $1,433.7 Available Bank Term Funding Program Capacity $618.8 $522.5 Funding Available Within One Business Day1 $7,646.7 $8,363.4 Available Fed Funds Lines $2,518.0 $1,550.0 Available Brokered Deposit Capacity2 $1,240.5 $138.5 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Liquidity $12,405.2 $11,051.9 ($ in millions) 110% of uninsured, uncollateralized deposits 146% of uninsured, uncollateralized deposits 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Availability based on internal policy limitations.

26 $2.3 $2.4 $2.7 $2.9 $3.2 $8.5 $8.6 $8.7 $8.8 $7.9 $7.2 $7.2 $7.3 $7.3 $7.4 $10.8 $10.9 $11.1 $11.2 $10.8 $28.8 $29.2 $29.8 $30.2 $29.2 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Additional Loan Trends ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) Commercial & Business Lending Commercial Real Estate Consumer Lending Average Loan Change (3Q 2023 to 4Q 2023)EoP Quarterly Loan Trends $(161) $(116) $(49) $(44) $(11) $3 $3 $7 $48 $134 $254 General Commercial Home Equity & Other Cons. Power & Utilities Auto Finance All Other Specialized CRE Construction Residential Mortgage CRE Investor Credit Cards Mortgage Warehouse REIT

27 Total Loans Outstanding Balances as of December 31, 2023 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 12/31/2023 1 % of Total Loans 12/31/2023 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 2,450$ 8.4% Multi-Family 2,711$ 9.3% Manufacturing & Wholesale Trade 2,145 7.3% Industrial 1,834 6.3% Real Estate (includes REITs) 1,831 6.3% Office 1,042 3.6% Mortgage Warehouse 581 2.0% Retail 654 2.2% Finance & Insurance 580 2.0% Single Family Construction 291 1.0% Retail Trade 443 1.5% Warehouse 234 0.8% Health Care and Social Assistance 410 1.4% Hotel/Motel 193 0.7% Construction 396 1.4% Medical 166 0.6% Rental and Leasing Services 381 1.3% Land 118 0.4% Transportation and Warehousing 352 1.2% Self Storage 29 0.1% Professional, Scientific, and Tech. Serv. 335 1.1% Other 124 0.4% Waste Management 223 0.8% Total CRE 7,396$ 25.3% Arts, Entertainment, and Recreation 106 0.4% Accommodation and Food Services 96 0.3% Consumer Management of Companies & Enterprises 80 0.3% Residential Mortgage 7,865$ 26.9% Financial Investments & Related Activities 79 0.3% Auto Finance 2,256 7.7% Information 77 0.3% Home Equity 629 2.2% Public Administration 17 0.1% Credit Cards 141 0.5% Educational Services 15 0.1% Student Loans 63 0.2% Mining 7 0.0% Other Consumer 74 0.3% Agriculture, Forestry, Fishing and Hunting 0 0.0% Total Consumer 11,027$ 37.7% Other 190 0.7% Total C&BL 10,793$ 36.9% Total Loans 29,216$ 100.0%

28 Multi-Family 37% Retail 9% Office 14% Industrial 25% 1-4 Family Construction 4% Warehouse 3% Hotel / Motel 3% Other 6% Wisconsin 28% Illinois 21% Minnesota 9% Other Midwest 13% Texas 5% Other 24% Manufacturing & Wholesale Trade 20% Real Estate 17% Power & Utilities 23% Mortgage Warehouse 5% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 31% Natural Gas 32% Solar 21% Transmission, Control and Distribution 3% Geothermal 2% Other 10% Wisconsin 23% Illinois 15% Minnesota 7% Texas 6% Other Midwest 10% Other 40% Wisconsin 21% Illinois 15% Minnesota 9% Other Midwest2 22% Texas 8% Other 26% 2 2 Loan Stratification Outstanding Balances as of December 31, 2023 C&BL by Geography $10.8 billion Power & Utilities Lending $2.4 billion C&BL by Industry $10.8 billion Total Loans1 CRE by Geography $7.4 billion CRE by Property Type $7.4 billion

29 Reconciliation & Definitions of Non-GAAP Items 1 Loss on mortgage portfolio sale, net takes into account the provision for loan losses that was reversed as a result of the sale of the mortgages. 2 The mortgage portfolio sale and investments sold that are classified as one time items are the result of a balance sheet repositioning that the Corporation announced in fourth quarter of 2023. Adjusted Revenue Reconciliation ($ in millions) YTD Dec 2022 YTD Dec 2023 Net interest income $957 $1,040 GAAP noninterest income 282 63 Loss on mortgage portfolio sale2 136 Net loss on sale of investments2 65 Noninterest income, excluding one time items 282 264 Adjusted total revenue, excluding one time items $1,240 $1,304 One Time Item Reconciliation ($ in millions, except per share data) YTD Dec 2023 YTD Dec 2023 per share data (diluted) 4Q 2023 4Q 2023 per share data (diluted) GAAP net income (loss) $183 $1.13 $(91) $(0.62) Loss on mortgage portfolio sale, net1,2 133 0.87 133 0.87 Net loss on sale of investments2 65 0.43 65 0.43 FDIC special assessment 31 0.20 31 0.20 Tax effect (55) (0.36) (55) (0.36) Net income, excluding one time items, net of tax $357 $2.27 $83 $0.53 Less preferred stock dividends (12) (3) Net income available to common equity, excluding one time items, net of tax $345 $80 One Time Item Noninterest Income Reconciliation ($ in millions, except per share data) YTD Dec 2023 4Q 2023 GAAP noninterest income $63 $(131) Loss on mortgage portfolio sale2 136 136 Net loss on sale of investments2 65 65 Noninterest income, excluding one time items $264 $70

30 Reconciliation & Definitions of Non-GAAP Items 1 The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. End of Period Core Customer Deposits Reconciliation ($ in millions) 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Total deposits $29,636 $30,332 $32,014 $32,123 $33,446 Brokered CDs (542) (1,186) (3,818) (3,351) (4,447) Network transaction deposits (979) (1,273) (1,601) (1,649) (1,566) Core customer deposits $28,115 $27,873 $26,595 $27,123 $27,432 End of Period Adjusted Loans Reconciliation ($ in millions) 4Q 2022 3Q 2023 4Q 2023 Total loans $28,800 $30,193 $29,216 Sale of residential mortgage loans 969 Adjusted total loans $28,800 $30,193 $30,185 Tangible Common Equity and Tangible Assets Reconciliation1 ($ in millions) 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Common equity $3,821 $3,932 $3,929 $3,934 $3,980 Goodwill and other intangible assets, net (1,154) (1,152) (1,150) (1,148) (1,145) Tangible common equity $2,667 $2,779 $2,779 $2,786 $2,834 Total assets $39,406 $40,703 $41,219 $41,637 $41,016 Goodwill and other intangible assets, net (1,154) (1,152) (1,150) (1,148) (1,145) Tangible assets $38,251 $39,550 $40,070 $40,490 $39,870 One Time Item Noninterest Expense Reconciliation ($ in millions, except per share data) YTD Dec 2023 4Q 2023 GAAP noninterest expense $814 $239 FDIC special assessment (31) (31) Noninterest expense, excluding one time items $783 $209

31 Reconciliation & Definitions of Non-GAAP Items 1 These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. 2 Other noninterest income is primarily comprised of capital markets, net, mortgage banking, net, bank and corporate owned life insurance, asset gains (losses), net and investment securities gains (losses), net. 4Q 2023 other noninterest income includes the loss on mortgage portfolio sale and net loss on sale of investments that are classified as one time items and are the result of a balance sheet repositioning that the Corporation announced in fourth quarter of 2023. 3 The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net. The adjusted efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, FDIC special assessment costs, and announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net and announced initiatives. Management believes the adjusted efficiency ratio is a meaningful measure as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and provides a better measure as to how the Corporation is managing its expenses by adjusting for one time costs like the FDIC special assessment and announced initiatives. Efficiency Ratio Reconciliation3 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Federal Reserve efficiency ratio 55.47% 56.07% 58.49% 60.06% 132.01% Fully tax-equivalent adjustment (0.77)% (0.79)% (0.85)% (0.89)% (3.29)% Other intangible amortization (0.62)% (0.66)% (0.68)% (0.69)% (1.21)% Fully tax-equivalent efficiency ratio 54.08% 54.64% 56.96% 58.50% 127.54% FDIC special assessment (9.50)% Announced initiatives (53.92)% Adjusted efficiency ratio 54.08% 54.64% 56.96% 58.50% 64.12% Selected Trend Information1 ($ in millions) 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Wealth management fees $20 $20 $20 $21 $21 Service charges and deposit account fees 14 13 12 13 11 Card-based fees 11 11 11 12 12 Other fee-based revenue 3 4 4 5 4 Fee-based revenue 49 48 49 50 47 Other2 13 14 17 17 (178) Total noninterest income $62 $62 $66 $67 $(131) Common Equity Tier 1 Capital Ratio Reconciliation 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Common equity Tier 1 capital ratio 9.35% 9.45% 9.48% 9.55% 9.39% Accumulated other comprehensive loss adjustment (0.84)% (0.72)% (0.88)% (1.01)% (0.52)% Common equity Tier 1 capital ratio including accumulated other comprehensive loss 8.51% 8.74% 8.60% 8.53% 8.87%