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)			April 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 April 25, 2024, Associated Banc-Corp announced its earnings for the quarter ended March 31, 2024. 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 April 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 April 25, 2024, containing financial information for the quarter ended March 31, 2024.

99.2 Slide presentation discussed on the conference call for investors and analysts on April 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: April 25, 2024						By: /s/ Derek S. Meyer
						Derek S. Meyer
						Chief Financial Officer

EX-99.1 2 asb03312024ex991.htm EX-99.1 Document

Exhibit 99.1


			NEWS RELEASE Investor Contact: Ben McCarville, Vice President, Director of Investor Relations 920-491-7059 Media Contact: Marilka Vélez, Senior Vice President, Senior Director of Marketing 920-491-7518

Associated Banc-Corp Reports First Quarter 2024 Net Income Available to Common Equity of $78 Million, or $0.52 per Common Share

Results driven by balance sheet growth, margin expansion and continued execution of strategic initiatives

GREEN BAY, Wis. -- April 25, 2024 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $78 million, or $0.52 per common share, for the quarter ended March 31, 2024. These amounts compare to a loss of $94 million, or $(0.62) per common share, for the quarter ended December 31, 2023 and earnings of $100 million, or $0.66 per common share, for the quarter ended March 31, 2023.

"During the first quarter, we continued to make strong progress against our strategic plan," said President and CEO Andy Harmening. "We added talent in key areas, enhanced operational efficiency, and improved the customer experience through product and service enhancements. Here in April, our collective efforts were recognized when we were named #1 for Retail Banking Customer Satisfaction in the Upper Midwest Region by J.D. Power.1 Importantly, these efforts also contributed to the bottom line through balanced loan and deposit growth, net household growth, and expanding margins."

"As we look forward, macroeconomic question marks remain, but we feel well-positioned thanks to the stability of our markets, the resilience of our customer base, and the quarterly momentum from our initiatives. We're excited to share our progress over the remainder of the year."

First Quarter 2024 Highlights (all comparisons to Fourth Quarter 2023)

•Total period end commercial & business lending loans increased $161 million to $11.0 billion

•Total period end commercial real estate loans decreased $73 million to $7.3 billion

•Total period end consumer loans increased $190 million to $11.2 billion

•Total period end deposits increased $267 million to $33.7 billion

•Total period end core customer deposits2 increased $557 million to $28.0 billion

•Net interest income increased $4 million to $258 million

•Quarterly net interest margin increased 10 basis points to 2.79%

•Noninterest income increased $196 million to $65 million (increase primarily driven by one time items impacting 4Q 2023 results)

•Noninterest expense decreased $42 million to $198 million (decrease primarily driven by one time items impacting 4Q 2023 results)

•Provision for credit losses on loans increased $3 million to $24 million

•Net income available to common equity increased $172 million to $78 million (increase primarily driven by one time items impacting 4Q 2023 results)

1 For J.D. Power 2024 award information, visit jdpower.com/awards.

2 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans

First quarter 2024 average total loans of $29.4 billion decreased 2%, or $583 million, from the prior quarter and increased 2%, or $523 million, from the same period last year. With respect to first quarter 2024 average balances by loan category:

•Commercial and business lending decreased $4 million from the prior quarter and increased $200 million from the same period last year to $10.8 billion.

•Commercial real estate lending decreased $8 million from the prior quarter and increased $139 million from the same period last year to $7.4 billion.

•Consumer lending decreased $572 million from the prior quarter and increased $184 million from the same period last year to $11.2 billion.

First quarter 2024 period end total loans of $29.5 billion increased 1%, or $278 million, from the prior quarter and increased 1%, or $287 million, from the same period last year. With respect to first quarter 2024 period end balances by loan category:

•Commercial and business lending increased $161 million from the prior quarter and increased $34 million from the same period last year to $11.0 billion.

•Commercial real estate lending decreased $73 million from the prior quarter and increased $81 million from the same period last year to $7.3 billion.

•Consumer lending increased $190 million from the prior quarter and increased $172 million from the same period last year to $11.2 billion.

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

Deposits

First quarter 2024 average deposits of $33.3 billion increased 3%, or $1.1 billion, from the prior quarter and increased 11%, or $3.4 billion, from the same period last year. With respect to first quarter 2024 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $289 million from the prior quarter and decreased $1.5 billion from the same period last year to $5.9 billion.

•Savings increased $66 million from the prior quarter and increased $263 million from the same period last year to $4.9 billion.

•Interest-bearing demand deposits increased $334 million from the prior quarter and increased $676 million from the same period last year to $7.5 billion.

•Money market deposits decreased $5 million from the prior quarter and decreased $1.4 billion from the same period last year to $6.1 billion.

•Total time deposits increased $934 million from the prior quarter and increased $4.8 billion from the same period last year to $7.2 billion.

•Network transaction deposits increased $35 million from the prior quarter and increased $505 million from the same period last year to $1.7 billion.

First quarter 2024 period end deposits of $33.7 billion increased 1%, or $267 million, from the prior quarter and increased 11%, or $3.4 billion, from the same period last year. With respect to first quarter 2024 period end balances by deposit category:

•Noninterest-bearing demand deposits increased $134 million from the prior quarter and decreased $1.1 billion from the same period last year to $6.3 billion.

•Savings increased $289 million from the prior quarter and increased $394 million from the same period last year to $5.1 billion.

•Interest-bearing demand deposits decreased $97 million from the prior quarter and increased $1.8 billion from the same period last year to $8.7 billion.

•Money market deposits increased $391 million from the prior quarter and decreased $1.6 billion from the same period last year to $6.7 billion.

•Total time deposits decreased $450 million from the prior quarter and increased $3.9 billion from the same period last year to $6.9 billion.

•Network transaction deposits (included in money market and interest-bearing demand deposits) increased $227 million from the prior quarter and increased $519 million from the same period last year to $1.8 billion.

In 2024, we continue to 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

First quarter 2024 net interest income of $258 million increased $4 million, or 2%, from the prior quarter and decreased $16 million, or 6%, from the same period last year. The net interest margin increased to 2.79%, reflecting a 10 basis point increase from the prior quarter and a 28 basis point decrease from the same period last year.

•The average yield on total loans for the first quarter of 2024 increased 14 basis points from the prior quarter and increased 73 basis points from the same period last year to 6.22%.

•The average cost of total interest-bearing liabilities for the first quarter of 2024 remained flat compared to the prior quarter and increased 107 basis points from the same period last year to 3.55%.

•The net free funds benefit for the first quarter of 2024 decreased 3 basis points from the prior quarter and increased 9 basis points from the same period last year to 0.70%.

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

Noninterest Income

First quarter 2024 total noninterest income of $65 million increased $196 million from the prior quarter (with the increase driven primarily by one time items impacting prior quarter results) and increased $3 million, or 5%, from the same period last year. With respect to first quarter 2024 noninterest income line items:

•Wealth management fees increased $1 million from the prior quarter and increased $2 million from the same period last year.

•Service charges and deposit account fees increased $2 million from the prior quarter and decreased $1 million from the same period last year.

•Capital markets, net decreased $5 million from the prior quarter and decreased $1 million from the same period last year.

•Investment securities gains (losses), net increased $63 million from the prior quarter and increased $4 million from the same period last year, driven primarily by a $65 million net loss on a sale of investments associated with a balance sheet repositioning recognized in the fourth quarter of 2023 and a $4 million gain on sale of Visa B shares recognized in the first quarter of 2024. As of March 31, 2024, we had no Visa B shares remaining.

After adjusting to exclude the impact of the mortgage and investment securities sales announced during the fourth quarter of 2023, we continue to expect total noninterest income to decrease by 0% to 2% in 2024.

Noninterest Expense

First quarter 2024 total noninterest expense of $198 million decreased $42 million, or 17%, from the prior quarter (with the decrease driven primarily by one time items impacting prior quarter results) and increased $10 million, or 5%, from the same period last year as we continued to invest in our strategic initiatives. With respect to first quarter 2024 noninterest expense line items:

•Personnel expense decreased $1 million from the prior quarter and increased $3 million from the same period last year.

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

•FDIC assessment expense decreased $28 million from the prior quarter and increased $7 million from the same period last year. These results were driven primarily by a $31 million special assessment recognized in the fourth quarter of 2023 and an $8 million special assessment recognized in the first quarter of 2024.

After adjusting to exclude the impact of the $31 million FDIC special assessment finalized during the fourth quarter of 2023 and the $8 million FDIC special assessment finalized during the first quarter of 2024, we expect total noninterest expense to grow by 2% to 3% in 2024.

Taxes

The first quarter 2024 tax expense was $20 million compared to $47 million of tax benefit in the prior quarter and $27 million of tax expense in the same period last year. The effective tax rate for the first quarter of 2024 was 19.8% compared to an effective tax rate of 20.9% in the same period last year.

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

Credit

The first quarter 2024 provision for credit losses on loans was $24 million, compared to a provision of $21 million in the prior quarter and a provision of $18 million in the same period last year. With respect to first quarter 2024 credit quality:

•Nonaccrual loans of $178 million increased $29 million from the prior quarter and increased $61 million from the same period last year. The nonaccrual loans to total loans ratio was 0.60% in the first quarter, up from 0.51% in the prior quarter and up from 0.40% in the same period last year.

•First quarter 2024 net charge offs of $22 million increased compared to net charge offs of $16 million in the prior quarter and increased compared to net charge offs of $3 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $388 million increased $2 million compared to the prior quarter and increased $22 million compared to the same period last year. The ACLL to total loans ratio was 1.31% in the first quarter, down from 1.32% in the prior quarter and up from 1.25% in the same period last year.

In 2024, we continue to 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 9.43% at March 31, 2024. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

FIRST QUARTER 2024 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 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 first quarter 2024 earnings call. The first quarter 2024 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)	March 31, 2024		December 31, 2023		Seql Qtr $ Change		September 30, 2023		June 30, 2023		March 31, 2023		Comp Qtr $ Change
Assets
Cash and due from banks	$	429,859	$	484,384	$	(54,525)	$	388,694	$	407,620	$	311,269	$	118,590
Interest-bearing deposits in other financial institutions	420,114		425,089		(4,975)		323,130		190,881		511,116		(91,002)
Federal funds sold and securities purchased under agreements to resell	1,610		14,350		(12,740)		965		31,160		455		1,155
Investment securities available for sale, at fair value	3,724,148		3,600,892		123,256		3,491,679		3,504,777		3,381,607		342,541
Investment securities held to maturity, net, at amortized cost	3,832,967		3,860,160		(27,193)		3,900,415		3,938,877		3,967,058		(134,091)
Equity securities	19,571		41,651		(22,080)		35,937		30,883		30,514		(10,943)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	173,968		229,171		(55,203)		268,698		271,637		331,420		(157,452)
Residential loans held for sale	52,414		33,011		19,403		54,790		38,083		35,742		16,672
Commercial loans held for sale	—		90,303		(90,303)		—		15,000		33,490		(33,490)
Loans	29,494,263		29,216,218		278,045		30,193,187		29,848,904		29,207,072		287,191
Allowance for loan losses	(356,006)		(351,094)		(4,912)		(345,795)		(338,750)		(326,432)		(29,574)
Loans, net	29,138,257		28,865,124		273,133		29,847,392		29,510,153		28,880,640		257,617
Tax credit and other investments	255,252		258,067		(2,815)		256,905		263,583		269,269		(14,017)
Premises and equipment, net	367,618		372,978		(5,360)		373,017		374,866		375,540		(7,922)
Bank and corporate owned life insurance	685,089		682,649		2,440		679,775		678,578		677,328		7,761
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	38,268		40,471		(2,203)		42,674		44,877		47,079		(8,811)
Mortgage servicing rights, net	85,226		84,390		836		89,131		80,449		74,479		10,747

Interest receivable	167,092		169,569		(2,477)		171,119		159,185		152,404		14,688
Other assets	640,638		658,604		(17,966)		608,068		573,870		518,115		122,523
Total assets	$	41,137,084	$	41,015,855	$	121,229	$	41,637,381	$	41,219,473	$	40,702,519	$	434,565
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	6,254,135	$	6,119,956	$	134,179	$	6,422,994	$	6,565,666	$	7,328,689	$	(1,074,554)
Interest-bearing deposits	27,459,023		27,326,093		132,930		25,700,332		25,448,743		23,003,134		4,455,889
Total deposits	33,713,158		33,446,049		267,109		32,123,326		32,014,409		30,331,824		3,381,334




Short-term funding	765,671		326,780		438,891		451,644		341,253		226,608		539,063
FHLB advances	1,333,411		1,940,194		(606,783)		3,733,041		3,630,747		4,986,138		(3,652,727)
Other long-term funding	536,055		541,269		(5,214)		529,459		534,273		544,103		(8,048)
Allowance for unfunded commitments	31,776		34,776		(3,000)		34,776		38,276		39,776		(8,000)
Accrued expenses and other liabilities	588,341		552,814		35,527		637,491		537,640		448,407		139,934
Total liabilities	36,968,412		36,841,882		126,530		37,509,738		37,096,599		36,576,856		391,556
Stockholders’ equity
Preferred equity	194,112		194,112		—		194,112		194,112		194,112		—






Common equity	3,974,561		3,979,861		(5,300)		3,933,531		3,928,762		3,931,551		43,010
Total stockholders’ equity	4,168,673		4,173,973		(5,300)		4,127,643		4,122,874		4,125,663		43,010
Total liabilities and stockholders’ equity	$	41,137,084	$	41,015,855	$	121,229	$	41,637,381	$	41,219,473	$	40,702,519	$	434,565

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
	1Q24		4Q23		$ Change		% Change		3Q23		2Q23		1Q23		$ Change		% Change
Interest income
Interest and fees on loans	$	454,472	$	457,868	$	(3,396)	(1)	%	$	447,912	$	423,307	$	391,320	$	63,152	16	%
Interest and dividends on investment securities
Taxable	46,548		41,809		4,739		11	%	38,210		35,845		30,142		16,406		54	%
Tax-exempt	14,774		15,273		(499)		(3)	%	15,941		15,994		16,025		(1,251)		(8)	%
Other interest	7,595		10,418		(2,823)		(27)	%	6,575		6,086		5,329		2,266		43	%
Total interest income	523,388		525,367		(1,979)		—	%	508,637		481,231		442,817		80,571		18	%
Interest expense
Interest on deposits	226,231		208,875		17,356		8	%	193,131		162,196		109,422		116,809		107	%
Interest on federal funds purchased and securities sold under agreements to repurchase	2,863		3,734		(871)		(23)	%	3,100		2,261		3,143		(280)		(9)	%
Interest on other short-term funding	4,708		—		4,708		N/M		—		—		—		4,708		N/M
Interest on FHLB advances	21,671		49,171		(27,500)		(56)	%	48,143		49,261		49,960		(28,289)		(57)	%
Interest on long-term funding	10,058		10,185		(127)		(1)	%	10,019		9,596		6,281		3,777		60	%
Total interest expense	265,530		271,965		(6,435)		(2)	%	254,394		223,314		168,807		96,723		57	%
Net interest income	257,858		253,403		4,455		2	%	254,244		257,917		274,010		(16,152)		(6)	%
Provision for credit losses	24,001		21,007		2,994		14	%	21,943		22,100		17,971		6,030		34	%
Net interest income after provision for credit losses	233,857		232,395		1,462		1	%	232,301		235,817		256,039		(22,182)		(9)	%
Noninterest income
Wealth management fees	21,694		21,003		691		3	%	20,828		20,483		20,189		1,505		7	%
Service charges and deposit account fees	12,439		10,815		1,624		15	%	12,864		12,372		12,994		(555)		(4)	%
Card-based fees	11,267		11,528		(261)		(2)	%	11,510		11,396		10,586		681		6	%
Other fee-based revenue	4,402		4,019		383		10	%	4,509		4,465		4,276		126		3	%
Capital markets, net	4,050		9,106		(5,056)		(56)	%	5,368		5,093		5,083		(1,033)		(20)	%
Mortgage banking, net	2,662		1,615		1,047		65	%	6,501		7,768		3,545		(883)		(25)	%
Loss on mortgage portfolio sale	—		(136,239)		136,239		(100)	%	—		—		—		—		N/M
Bank and corporate owned life insurance	2,570		3,383		(813)		(24)	%	2,047		2,172		2,664		(94)		(4)	%

Asset gains (losses), net	(306)		(136)		(170)		125	%	625		(299)		263		(569)		N/M
Investment securities gains (losses), net	3,879		(58,958)		62,837		N/M		(11)		14		51		3,828		N/M

Other	2,327		2,850		(523)		(18)	%	2,339		2,080		2,422		(95)		(4)	%
Total noninterest income (loss)	64,985		(131,013)		195,998		N/M		66,579		65,543		62,073		2,912		5	%
Noninterest expense
Personnel	119,395		120,686		(1,291)		(1)	%	117,159		114,089		116,420		2,975		3	%
Technology	26,200		28,027		(1,827)		(7)	%	26,172		24,220		23,598		2,602		11	%
Occupancy	13,633		14,429		(796)		(6)	%	14,125		13,587		15,063		(1,430)		(9)	%
Business development and advertising	6,517		8,350		(1,833)		(22)	%	7,100		7,106		5,849		668		11	%
Equipment	4,599		4,742		(143)		(3)	%	5,016		4,975		4,930		(331)		(7)	%
Legal and professional	4,672		6,762		(2,090)		(31)	%	4,461		4,831		3,857		815		21	%
Loan and foreclosure costs	1,979		585		1,394		N/M		2,049		1,635		1,138		841		74	%
FDIC assessment	13,946		41,497		(27,551)		(66)	%	9,150		9,550		6,875		7,071		103	%
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,203		—		—	%

Other	4,513		12,110		(7,597)		(63)	%	8,771		8,476		7,479		(2,966)		(40)	%
Total noninterest expense	197,657		239,391		(41,734)		(17)	%	196,205		190,673		187,412		10,245		5	%
Income (loss) before income taxes	101,185		(138,009)		239,194		N/M		102,674		110,687		130,700		(29,515)		(23)	%
Income tax expense (benefit)	20,016		(47,202)		67,218		N/M		19,426		23,533		27,340		(7,324)		(27)	%
Net income (loss)	81,169		(90,806)		171,975		N/M		83,248		87,154		103,360		(22,191)		(21)	%
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		2,875		—		—	%
Net income (loss) available to common equity	$	78,294	$	(93,681)	$	171,975	N/M		$	80,373	$	84,279	$	100,485	$	(22,191)	(22)	%
Earnings (loss) per common share
Basic	$	0.52	$	(0.63)	$	1.15	N/M		$	0.53	$	0.56	$	0.67	$	(0.15)	(22)	%
Diluted	$	0.52	$	(0.62)	$	1.14	N/M		$	0.53	$	0.56	$	0.66	$	(0.14)	(21)	%
Average common shares outstanding
Basic	149,855		150,085		(230)		—	%	150,035		149,986		149,763		92		—	%
Diluted	151,292		151,007		285		—	%	151,014		150,870		151,128		164		—	%

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)	1Q24			4Q23			3Q23			2Q23			1Q23
Per common share data
Dividends	$	0.22		$	0.22		$	0.21		$	0.21		$	0.21
Market value:
High	22.00			21.79			19.21			18.45			24.18
Low	19.73			15.45			16.22			14.48			17.66
Close	21.51			21.39			17.11			16.23			17.98
Book value / share	26.37			26.35			26.06			26.03			26.06
Tangible book value / share	18.78			18.77			18.46			18.41			18.42
Performance ratios (annualized)
Return on average assets	0.80		%	(0.87)		%	0.80		%	0.86		%	1.06		%
Noninterest expense / average assets	1.95		%	2.30		%	1.90		%	1.89		%	1.92		%
Effective tax rate	19.78		%	N/M			18.92		%	21.26		%	20.92		%
Dividend payout ratio(a)	42.31		%	N/M			39.62		%	37.50		%	31.34		%
Net interest margin	2.79		%	2.69		%	2.71		%	2.80		%	3.07		%
Selected trend information
Average full time equivalent employees(b)	4,070			4,130			4,220			4,227			4,219
Branch count	188			196			202			202			202
Assets under management, at market value(c)	$	14,171		$	13,545		$	12,543		$	12,995		$	12,412
Mortgage loans originated for sale during period	$	105		$	112		$	115		$	99		$	69
Mortgage loan settlements during period(d)	$	91		$	957		$	103		$	97		$	55
Mortgage portfolio loans transferred to held for sale during period(d)	$	—		$	969		$	—		$	—		$	—
Mortgage portfolio serviced for others(d)	$	6,349		$	7,364		$	6,452		$	6,525		$	6,612
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)	1.34		%	1.15		%	1.38		%	1.23		%	1.13		%
Shares repurchased during period(e)	900			—			—			—			—
Shares outstanding, end of period	150,739			151,037			150,951			150,919			150,886





















Selected quarterly ratios
Loans / deposits	87.49		%	87.35		%	93.99		%	93.24		%	96.29		%
Stockholders’ equity / assets	10.13		%	10.18		%	9.91		%	10.00		%	10.14		%
Risk-based capital(f)(g)
Total risk-weighted assets	$	32,753		$	32,733		$	33,497		$	33,144		$	32,646
Common equity Tier 1	$	3,088		$	3,075		$	3,197		$	3,143		$	3,086
Common equity Tier 1 capital ratio	9.43		%	9.39		%	9.55		%	9.48		%	9.45		%
Tier 1 capital ratio	10.02		%	9.99		%	10.12		%	10.07		%	10.05		%
Total capital ratio	12.08		%	12.21		%	12.25		%	12.22		%	12.22		%
Tier 1 leverage ratio	8.21		%	8.06		%	8.42		%	8.40		%	8.46		%

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 was retained for a short period until full servicing was transferred to the purchaser in January 2024.

(e)Does not include repurchases related to tax withholding on equity compensation.

(f)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.

(g)March 31, 2024 data is estimated.


Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Mar 31, 2024			Dec 31, 2023			Seql Qtr % Change		Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	351,094		$	345,795		2	%	$	338,750		$	326,432		$	312,720		12	%
Provision for loan losses	27,000			21,000			29	%	25,500			23,500			17,000			59	%
Charge offs	(24,018)			(17,878)			34	%	(20,535)			(14,855)			(5,501)			N/M
Recoveries	1,930			2,177			(11)	%	2,079			3,674			2,212			(13)	%
Net (charge offs) recoveries	(22,088)			(15,701)			41	%	(18,455)			(11,181)			(3,289)			N/M
Balance at end of period	$	356,006		$	351,094		1	%	$	345,795		$	338,750		$	326,432		9	%
Allowance for unfunded commitments
Balance at beginning of period	$	34,776		$	34,776		—	%	$	38,276		$	39,776		$	38,776		(10)	%
Provision for unfunded commitments	(3,000)			—			N/M		(3,500)			(1,500)			1,000			N/M
Balance at end of period	$	31,776		$	34,776		(9)	%	$	34,776		$	38,276		$	39,776		(20)	%
Allowance for credit losses on loans (ACLL)	$	387,782		$	385,870		—	%	$	380,571		$	377,027		$	366,208		6	%
Provision for credit losses on loans	$	24,000		$	21,000		14	%	$	22,000		$	22,000		$	18,000		33	%
($ in thousands)	Mar 31, 2024			Dec 31, 2023			Seql Qtr % Change		Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Comp Qtr % Change
Net (charge offs) recoveries


Commercial and industrial	$	(18,638)		$	(13,178)		41	%	$	(16,558)		$	(11,177)		$	(1,759)		N/M
Commercial real estate—owner occupied	2			(22)			N/M		2			3			3			(33)	%
Commercial and business lending	(18,636)			(13,200)			41	%	(16,556)			(11,174)			(1,756)			N/M
Commercial real estate—investor	—			216			(100)	%	272			2,276			—			N/M
Real estate construction	30			38			(21)	%	18			(18)			18			67	%
Commercial real estate lending	30			253			(88)	%	290			2,257			18			67	%
Total commercial	(18,606)			(12,947)			44	%	(16,266)			(8,917)			(1,738)			N/M
Residential mortgage	(62)			(53)			17	%	(22)			(283)			(53)			17	%
Auto finance	(2,094)			(1,436)			46	%	(1,269)			(1,048)			(957)			119	%
Home equity	211			185			14	%	128			183			340			(38)	%
Other consumer	(1,537)			(1,450)			6	%	(1,027)			(1,117)			(881)			74	%
Total consumer	(3,482)			(2,754)			26	%	(2,189)			(2,264)			(1,550)			125	%
Total net (charge offs) recoveries	$	(22,088)		$	(15,701)		41	%	$	(18,455)		$	(11,181)		$	(3,289)		N/M

(In basis points)	Mar 31, 2024			Dec 31, 2023					Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
Net (charge offs) recoveries to average loans (annualized)


Commercial and industrial	(77)			(54)					(66)			(46)			(7)
Commercial real estate—owner occupied	—			(1)					—			—			—
Commercial and business lending	(69)			(48)					(60)			(41)			(7)
Commercial real estate—investor	—			2					2			18			—
Real estate construction	1			1					—			—			—
Commercial real estate lending	—			1					2			12			—
Total commercial	(41)			(28)					(35)			(20)			(4)
Residential mortgage	—			—					—			(1)			—
Auto finance	(35)			(27)					(27)			(25)			(26)
Home equity	14			12					8			12			22
Other consumer	(232)			(208)					(148)			(163)			(125)
Total consumer	(13)			(9)					(7)			(8)			(6)
Total net (charge offs) recoveries	(30)			(21)					(25)			(15)			(5)

($ in thousands)	Mar 31, 2024			Dec 31, 2023			Seql Qtr % Change		Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Comp Qtr % Change
Credit quality
Nonaccrual loans	$	178,346		$	148,997		20	%	$	168,558		$	131,278		$	117,569		52	%
Other real estate owned (OREO)	8,437			10,506			(20)	%	8,452			7,575			15,184			(44)	%

Repossessed assets	1,241			919			35	%	658			348			92			N/M
Total nonperforming assets	$	188,025		$	160,421		17	%	$	177,668		$	139,201		$	132,845		42	%

Loans 90 or more days past due and still accruing	$	2,417		$	21,689		(89)	%	$	2,156		$	1,726		$	1,703		42	%

Allowance for credit losses on loans to total loans	1.31		%	1.32		%			1.26		%	1.26		%	1.25		%

Allowance for credit losses on loans to nonaccrual loans	217.43		%	258.98		%			225.78		%	287.20		%	311.48		%
Nonaccrual loans to total loans	0.60		%	0.51		%			0.56		%	0.44		%	0.40		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.64		%	0.55		%			0.59		%	0.47		%	0.45		%
Nonperforming assets to total assets	0.46		%	0.39		%			0.43		%	0.34		%	0.33		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans	0.30		%	0.16		%			0.15		%	0.10		%	0.05		%


Associated Banc-Corp Selected Asset Quality Information (continued)
($ in thousands)	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	72,243	$	62,022	16	%	$	74,812	$	34,907	$	22,735	N/M
Commercial real estate—owner occupied	2,090		1,394		50	%	3,936		1,444		1,478		41	%
Commercial and business lending	74,333		63,416		17	%	78,748		36,352		24,213		N/M
Commercial real estate—investor	18,697		—		N/M		10,882		22,068		25,122		(26)	%
Real estate construction	18		6		200	%	103		125		178		(90)	%
Commercial real estate lending	18,715		6		N/M		10,985		22,193		25,300		(26)	%
Total commercial	93,047		63,422		47	%	89,732		58,544		49,513		88	%
Residential mortgage	69,954		71,142		(2)	%	66,153		61,718		58,274		20	%
Auto finance	7,158		5,797		23	%	4,533		3,065		2,436		194	%
Home equity	8,100		8,508		(5)	%	7,917		7,788		7,246		12	%
Other consumer	87		128		(32)	%	222		163		100		(13)	%
Total consumer	85,299		85,574		—	%	78,826		72,733		68,056		25	%
Total nonaccrual loans	$	178,346	$	148,997	20	%	$	168,558	$	131,278	$	117,569	52	%

	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change
Restructured loans (accruing)(a)
Commercial and industrial	$	377	$	306	23	%	$	234	$	168	$	47	N/M

Commercial and business lending	377		306		23	%	234		168		47		N/M
Commercial real estate—investor	—		—		N/M		—		—		—		N/M
Real estate construction	—		—		N/M		—		—		—		N/M
Commercial real estate lending	—		—		N/M		—		—		—		N/M
Total commercial	377		306		23	%	234		168		47		N/M
Residential mortgage	345		405		(15)	%	207		126		126		174	%
Auto finance	66		255		(74)	%	169		80		61		8	%
Home equity	182		305		(40)	%	236		78		31		N/M
Other consumer	1,487		1,449		3	%	1,243		988		498		199	%
Total consumer	2,080		2,414		(14)	%	1,855		1,271		716		191	%
Total restructured loans (accruing)	$	2,457	$	2,719	(10)	%	$	2,089	$	1,439	$	763	N/M
Nonaccrual restructured loans (included in nonaccrual loans)	$	1,141	$	805	42	%	$	961	$	796	$	341	N/M
	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial	$	521	$	5,565	(91)	%	$	1,507	$	12,005	$	4,239	(88)	%
Commercial real estate—owner occupied	—		358		(100)	%	1,877		1,484		2,955		(100)	%
Commercial and business lending	521		5,923		(91)	%	3,384		13,489		7,195		(93)	%
Commercial real estate—investor	19,164		18,697		2	%	10,121		—		—		N/M
Real estate construction	1,260		—		N/M		10		76		—		N/M
Commercial real estate lending	20,424		18,697		9	%	10,131		76		—		N/M
Total commercial	20,945		24,619		(15)	%	13,515		13,565		7,195		191	%
Residential mortgage	9,903		13,446		(26)	%	11,652		8,961		7,626		30	%
Auto finance	12,521		17,386		(28)	%	16,688		11,429		8,640		45	%
Home equity	2,819		4,208		(33)	%	3,687		4,030		4,113		(31)	%
Other consumer	2,260		2,166		4	%	1,880		2,025		1,723		31	%
Total consumer	27,503		37,205		(26)	%	33,908		26,444		22,102		24	%
Total accruing loans 30-89 days past due	$	48,448	$	61,825	(22)	%	$	47,422	$	40,008	$	29,297	65	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Based on ASU 2022-02 which was adopted prospectively in 1Q23.


Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	March 31, 2024						December 31, 2023						March 31, 2023
($ 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	$	10,816,255	$	194,090	7.22	%	$	10,820,214	$	193,808	7.11	%	$	10,616,026	$	167,174	6.39	%
Commercial real estate lending	7,389,962		138,850		7.56	%	7,397,809		138,437		7.42	%	7,251,193		119,087		6.66	%
Total commercial	18,206,217		332,940		7.35	%	18,218,024		332,245		7.24	%	17,867,219		286,262		6.50	%
Residential mortgage	7,896,956		68,787		3.48	%	8,691,258		76,035		3.50	%	8,584,528		70,711		3.30	%
Auto finance	2,373,720		32,603		5.52	%	2,138,536		29,221		5.42	%	1,490,115		16,458		4.48	%
Other retail	892,128		20,661		9.28	%	904,618		21,026		9.27	%	903,956		18,494		8.23	%
Total loans	29,369,022		454,991		6.22	%	29,952,435		458,527		6.08	%	28,845,818		391,925		5.49	%
Investment securities
Taxable	5,517,023		46,727		3.39	%	5,344,578		41,809		3.13	%	4,912,416		30,142		2.45	%
Tax-exempt(a)	2,133,352		18,024		3.38	%	2,209,662		19,244		3.48	%	2,329,519		20,192		3.47	%
Other short-term investments	576,782		8,311		5.80	%	767,256		10,418		5.39	%	493,061		5,329		4.37	%
Investments and other	8,227,158		73,062		3.55	%	8,321,495		71,471		3.43	%	7,734,996		55,664		2.88	%
Total earning assets	37,596,179		$	528,053	5.64	%	38,273,931		$	529,998	5.51	%	36,580,814		$	447,589	4.94	%
Other assets, net	3,173,027						3,056,772						3,026,251
Total assets	$	40,769,206					$	41,330,703					$	39,607,065
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,928,031	$	21,747	1.77	%	$	4,861,913	$	20,334	1.66	%	$	4,664,624	$	9,859	0.86	%
Interest-bearing demand	7,490,119		49,990		2.68	%	7,156,151		47,277		2.62	%	6,814,487		29,918		1.78	%
Money market	6,116,604		47,306		3.11	%	6,121,105		47,110		3.05	%	7,536,393		41,637		2.24	%
Network transaction deposits	1,651,937		22,205		5.41	%	1,616,719		22,034		5.41	%	1,147,089		12,825		4.53	%
Time deposits	7,198,315		84,983		4.75	%	6,264,621		72,121		4.57	%	2,362,260		15,182		2.61	%
Total interest-bearing deposits	27,385,005		226,231		3.32	%	26,020,510		208,875		3.18	%	22,524,853		109,422		1.97	%
Federal funds purchased and securities sold under agreements to repurchase	263,979		2,863		4.36	%	347,204		3,734		4.27	%	429,780		3,143		2.97	%



Other short-term funding	449,999		5,603		5.01	%	—		—		—	%	17,339		—		0.01	%
FHLB advances	1,540,247		21,671		5.66	%	3,467,433		49,171		5.63	%	4,254,532		49,960		4.76	%
Long-term funding	539,106		10,058		7.46	%	531,155		10,185		7.67	%	408,175		6,281		6.16	%
Total short and long-term funding	2,793,331		40,194		5.78	%	4,345,793		63,090		5.77	%	5,109,826		59,384		4.71	%
Total interest-bearing liabilities	30,178,337		$	266,425	3.55	%	30,366,302		$	271,965	3.55	%	27,634,679		$	168,807	2.48	%
Noninterest-bearing demand deposits	5,882,052						6,171,240						7,340,219
Other liabilities	527,437						672,597						570,166
Stockholders’ equity	4,181,381						4,120,564						4,062,001
Total liabilities and stockholders’ equity	$	40,769,206					$	41,330,703					$	39,607,065
Interest rate spread					2.09	%					1.96	%					2.46	%
Net free funds					0.70	%					0.73	%					0.61	%
Fully tax-equivalent net interest income and net interest margin			$	261,628	2.79	%			$	258,033	2.69	%			$	278,782	3.07	%
Fully tax-equivalent adjustment			3,770						4,630						4,772
Net interest income			$	257,858					$	253,403					$	274,010

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	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change

Commercial and industrial	$	9,858,329	$	9,731,555	1	%	$	10,099,068	$	10,055,487	$	9,869,781	—	%
Commercial real estate—owner occupied	1,095,894		1,061,700		3	%	1,054,969		1,058,237		1,050,236		4	%
Commercial and business lending	10,954,223		10,793,255		1	%	11,154,037		11,113,724		10,920,017		—	%
Commercial real estate—investor	5,035,195		5,124,245		(2)	%	5,218,980		5,312,928		5,094,249		(1)	%
Real estate construction	2,287,041		2,271,398		1	%	2,130,719		2,009,060		2,147,070		7	%
Commercial real estate lending	7,322,237		7,395,644		(1)	%	7,349,699		7,321,988		7,241,318		1	%
Total commercial	18,276,460		18,188,898		—	%	18,503,736		18,435,711		18,161,335		1	%
Residential mortgage	7,868,180		7,864,891		—	%	8,782,645		8,746,345		8,605,164		(9)	%
Auto finance	2,471,257		2,256,162		10	%	2,007,164		1,777,974		1,551,538		59	%


Home equity	619,764		628,526		(1)	%	623,650		615,506		609,787		2	%
Other consumer	258,603		277,740		(7)	%	275,993		273,367		279,248		(7)	%
Total consumer	11,217,802		11,027,319		2	%	11,689,451		11,413,193		11,045,737		2	%
Total loans	$	29,494,263	$	29,216,218	1	%	$	30,193,187	$	29,848,904	$	29,207,072	1	%


Period end deposit and customer funding composition	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change
Noninterest-bearing demand	$	6,254,135	$	6,119,956	2	%	$	6,422,994	$	6,565,666	$	7,328,689	(15)	%
Savings	5,124,639		4,835,701		6	%	4,836,735		4,777,415		4,730,472		8	%
Interest-bearing demand	8,747,127		8,843,967		(1)	%	7,528,154		7,037,959		6,977,121		25	%
Money market	6,721,674		6,330,453		6	%	7,268,506		7,521,930		8,357,625		(20)	%
Brokered CDs	3,931,230		4,447,479		(12)	%	3,351,399		3,818,325		1,185,565		N/M
Other time deposits	2,934,352		2,868,494		2	%	2,715,538		2,293,114		1,752,351		67	%
Total deposits	33,713,158		33,446,049		1	%	32,123,326		32,014,409		30,331,824		11	%
Other customer funding(a)	90,536		106,620		(15)	%	151,644		170,873		226,258		(60)	%
Total deposits and other customer funding	$	33,803,694	$	33,552,669	1	%	$	32,274,971	$	32,185,282	$	30,558,081	11	%
Network transaction deposits(b)	$	1,792,820	$	1,566,139	14	%	$	1,649,389	$	1,600,619	$	1,273,420	41	%


Net deposits and other customer funding(c)	$	28,079,644	$	27,539,051	2	%	$	27,274,183	$	26,766,338	$	28,099,096	—	%

Quarter average loan composition	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change

Commercial and industrial	$	9,729,718	$	9,768,803	—	%	$	9,927,271	$	9,831,956	$	9,600,838	1	%
Commercial real estate—owner occupied	1,086,537		1,051,412		3	%	1,058,313		1,067,381		1,015,187		7	%
Commercial and business lending	10,816,255		10,820,214		—	%	10,985,584		10,899,337		10,616,026		2	%
Commercial real estate—investor	5,041,518		5,156,528		(2)	%	5,205,626		5,206,430		5,093,122		(1)	%
Real estate construction	2,348,444		2,241,281		5	%	2,107,018		2,088,937		2,158,072		9	%
Commercial real estate lending	7,389,962		7,397,809		—	%	7,312,645		7,295,367		7,251,193		2	%
Total commercial	18,206,217		18,218,024		—	%	18,298,229		18,194,703		17,867,219		2	%
Residential mortgage	7,896,956		8,691,258		(9)	%	8,807,157		8,701,496		8,584,528		(8)	%
Auto finance	2,373,720		2,138,536		11	%	1,884,540		1,654,523		1,490,115		59	%


Home equity	625,686		627,736		—	%	619,423		612,045		618,724		1	%
Other consumer	266,443		276,881		(4)	%	275,262		275,530		285,232		(7)	%
Total consumer	11,162,805		11,734,412		(5)	%	11,586,382		11,243,594		10,978,599		2	%
Total loans(d)	$	29,369,022	$	29,952,435	(2)	%	$	29,884,611	$	29,438,297	$	28,845,818	2	%

Quarter average deposit composition	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change
Noninterest-bearing demand	$	5,882,052	$	6,171,240	(5)	%	$	6,318,781	$	6,669,787	$	7,340,219	(20)	%
Savings	4,928,031		4,861,913		1	%	4,814,499		4,749,808		4,664,624		6	%
Interest-bearing demand	7,490,119		7,156,151		5	%	6,979,071		6,663,775		6,814,487		10	%
Money market	6,116,604		6,121,105		—	%	6,294,083		6,743,810		7,536,393		(19)	%
Network transaction deposits	1,651,937		1,616,719		2	%	1,639,619		1,468,006		1,147,089		44	%
Brokered CDs	4,268,881		3,470,516		23	%	3,428,711		3,001,775		810,889		N/M
Other time deposits	2,929,434		2,794,105		5	%	2,527,030		1,984,174		1,551,371		89	%
Total deposits	33,267,057		32,191,750		3	%	32,001,794		31,281,134		29,865,072		11	%
Other customer funding(a)	101,483		127,252		(20)	%	164,289		196,051		245,349		(59)	%
Total deposits and other customer funding	$	33,368,540	$	32,319,002	3	%	$	32,166,082	$	31,477,186	$	30,110,421	11	%
Net deposits and other customer funding(c)	$	27,447,723	$	27,231,767	1	%	$	27,097,752	$	27,007,405	$	28,152,443	(3)	%

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
($ in millions, except per share data)	1Q24			4Q23			3Q23			2Q23			1Q23
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets	7.08		%	7.11		%	6.88		%	6.94		%	7.03		%
Return on average equity	7.81		%	(8.74)		%	7.99		%	8.47		%	10.32		%
Return on average tangible common equity	11.31		%	(13.13)		%	11.67		%	12.38		%	15.26		%
Return on average common equity Tier 1	10.27		%	(11.85)		%	10.08		%	10.88		%	13.38		%
Return on average tangible assets	0.84		%	(0.88)		%	0.84		%	0.90		%	1.11		%
Average stockholders' equity / average assets	10.26		%	9.97		%	10.06		%	10.18		%	10.26		%
Tangible common equity reconciliation(a)
Common equity	$	3,975		$	3,980		$	3,934		$	3,929		$	3,932
Goodwill and other intangible assets, net	(1,143)			(1,145)			(1,148)			(1,150)			(1,152)
Tangible common equity	$	2,831		$	2,834		$	2,786		$	2,779		$	2,779


Tangible assets reconciliation(a)
Total assets	$	41,137		$	41,016		$	41,637		$	41,219		$	40,703
Goodwill and other intangible assets, net	(1,143)			(1,145)			(1,148)			(1,150)			(1,152)
Tangible assets	$	39,994		$	39,870		$	40,490		$	40,070		$	39,550
Average tangible common equity and average common equity Tier 1 reconciliation(a)
Common equity	$	3,987		$	3,926		$	3,938		$	3,935		$	3,868
Goodwill and other intangible assets, net	(1,145)			(1,147)			(1,149)			(1,151)			(1,153)
Tangible common equity	2,843			2,780			2,789			2,784			2,715
Modified CECL transitional amount	22			45			45			45			45
Accumulated other comprehensive loss	188			286			302			252			259
Deferred tax assets, net	12			27			28			28			28
Average common equity Tier 1	$	3,065		$	3,138		$	3,164		$	3,108		$	3,047
Average tangible assets reconciliation(a)
Total assets	$	40,769		$	41,331		$	41,076		$	40,558		$	39,607
Goodwill and other intangible assets, net	(1,145)			(1,147)			(1,149)			(1,151)			(1,153)
Tangible assets	$	39,625		$	40,184		$	39,927		$	39,407		$	38,454
Adjusted net income reconciliation(b)
Net income	$	81		$	(91)		$	83		$	87		$	103
Other intangible amortization, net of tax	2			2			2			2			2
Adjusted net income	$	83		$	(89)		$	85		$	89		$	105
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity	$	78		$	(94)		$	80		$	84		$	100
Other intangible amortization, net of tax	2			2			2			2			2
Adjusted net income available to common equity	$	80		$	(92)		$	82		$	86		$	102
Selected trend information(d)
Wealth management fees	$	22		$	21		$	21		$	20		$	20
Service charges and deposit account fees	12			11			13			12			13
Card-based fees	11			12			12			11			11
Other fee-based revenue	4			4			5			4			4
Fee-based revenue	50			47			50			49			48
Other	15			(178)			17			17			14
Total noninterest income	$	65		$	(131)		$	67		$	66		$	62
Pre-tax pre-provision income(e)
Income before income taxes	$	101		$	(138)		$	103		$	111		$	131
Provision for credit losses	24			21			22			22			18
Pre-tax pre-provision income	$	125		$	(117)		$	125		$	133		$	149
End of period core customer deposits reconciliation
Total deposits	$	33,713		$	33,446		$	32,123		$	32,014		$	30,332
Network transaction deposits	(1,793)			(1,566)			(1,649)			(1,601)			(1,273)
Brokered CDs	(3,931)			(4,447)			(3,351)			(3,818)			(1,186)
Core customer deposits	$	27,989		$	27,432		$	27,123		$	26,595		$	27,873

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	1Q24		4Q23		3Q23		2Q23		1Q23






Efficiency ratio reconciliation(a)
Federal Reserve efficiency ratio	61.03	%	132.01	%	60.06	%	58.49	%	56.07	%
Fully tax-equivalent adjustment	(0.71)	%	(3.29)	%	(0.89)	%	(0.85)	%	(0.79)	%
Other intangible amortization	(0.69)	%	(1.21)	%	(0.69)	%	(0.68)	%	(0.66)	%
Fully tax-equivalent efficiency ratio	59.63	%	127.54	%	58.50	%	56.96	%	54.64	%

FDIC special assessment	(2.38)	%	(9.50)	%	—	%	—	%	—	%
Announced initiatives	—	%	(53.92)	%	—	%	—	%	—	%
Adjusted efficiency ratio	57.25	%	64.12	%	58.50	%	56.96	%	54.64	%


One Time Item Noninterest Income Reconciliation					YTD
($ in thousands)			4Q23		Dec 2023
GAAP noninterest income			$	(131,013)	$	63,182
Loss on mortgage portfolio sale(b)			136,239		136,239
Net loss on sale of investments(b)			64,940		64,940

Noninterest income, excluding one time items			$	70,166	$	264,361

One Time Item Noninterest Expense Reconciliation					YTD
($ in thousands)	1Q24		4Q23		Dec 2023
GAAP noninterest expense	$	197,657	$	239,391	$	813,682
FDIC special assessment	(7,696)		(30,597)		(30,597)
Noninterest expense, excluding one time items	$	189,961	$	208,795	$	783,085

(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.

EX-99.2 3 asb1q24earningspresentat.htm EX-99.2 asb1q24earningspresentat

First Quarter 2024 Earnings Presentation APRIL 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 First Quarter 2024 Results1 1 All figures shown on an end of period basis. Growth reflects 1Q 2024 results compared to 4Q 2023 unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. ▪ Total deposit growth of $267 million ▪ Core customer deposit growth of $557 million2 ▪ Total loan growth of $278 million ▪ Loans / deposits of 87.5% ▪ Net interest income of $258 million ▪ Net interest margin of 2.79% ▪ Noninterest income of $65 million ▪ Noninterest expense of $198 million ▪ Provision for credit losses of $24 million ▪ NCOs/avg. loans (annualized) of 0.30% ▪ Tangible book value/share of $18.78 1Q 2024 Operating Results $0.52 Diluted EPS 0.8% Total Deposit Growth 2.0% Core Customer Deposit Growth2 1.0% Total Loan Growth +10 bps Net Interest Margin Change 1.31% ACLL/Total Loans 0.17% Total Delinquencies3/ EoP Total Loans 7.08% TCE Ratio2 9.43% CET1 Ratio

3 Momentum is Building Across our Company1 We are combining foundational strengths with targeted investments to drive transformational results Satisfied Colleagues Satisfied Customers ▪ Named #1 for Retail Banking Customer Satisfaction in the Upper Midwest Region by J.D. Power2 Balance Sheet Growth Household Growth ▪ Net consumer checking HH growth in 1Q24 ▪ Net business checking HH growth in 1Q24 ▪ Consumer checking HH acquisition +26% vs. 1Q23 ▪ Consumer checking HH attrition -9% vs. 1Q23 ▪ Total loan growth of $278 million ▪ Total deposit growth of $267 million ▪ Core customer deposit4 growth of $557 million 1 All updates as of or for the period ended March 31, 2024 unless otherwise noted. Growth reflects period end results for the quarter ended March 31, 2024 compared to period end results for the quarter ended December 31, 2023 unless otherwise noted. 2 For J.D. Power 2024 award information, visit jdpower.com/awards. 3 All awards based on July 2023 Workplace Survey results. Energage Culture Excellence Awards received in the categories of Purpose & Values, Innovation, Leadership, Work-Life Balance and Comp & Benefits. 4 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ▪ Winner of the 2024 Top Workplaces USA Award and five Energage Culture Excellence Awards in Spring 20243

4 Advancing our Growth Strategy We are building on our momentum through organic investments designed to further enhance our return profile Phase 2 UpdatesPhase 1 Initiatives ▪ Expanded commercial capabilities & added RMs ▪ Modernized digital banking experience ▪ Upgraded product & service offerings ▪ Launched Mass Affluent strategy ▪ Introduced “Champion of You” brand strategy ▪ Added prime/super prime Auto Finance vertical ▪ Bolstered leadership across key lines of business: ▪ Jayne Hladio (Private Wealth) ▪ Phillip Trier (Commercial) ▪ Steven Zandpour (Retail) ▪ Neil Riegelman (Commercial) ▪ Michael Lebens expected to join as SVP, Commercial Banking Segment Leader in MN on 5/13 ▪ Trained 13 designated Mass Affluent bankers in April, bringing total to 46 ▪ Progressing on our plan to hire 26+ add’l Commercial RMs ▪ Launched automated direct deposit switching in 4Q ▪ Launched Early Pay in 1Q ▪ Launched new branch deposit account opening platform in 1Q ▪ Unveiled new social media campaign in 1Q ▪ Launched new marketing tactics in 1Q to drive consumer & small business acquisition 1 Projections are on an end of period basis as of and for the year ended 12/31/2024 as compared to 2023 results as of 12/31/2023 unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 4% to 6% Loan Growth 3% to 5% Core Customer Deposit2 Growth 2% to 4% Net Interest Income Growth FY 2024 Outlook Highlights1 People Products, Process & Technology

5 Average Quarterly Deposits Quarterly Deposit & Funding Trends We grew core customer deposits1 once again in 1Q 2024 while decreasing our reliance on wholesale funding ($ in billions) EoP Funding Change (12/31/2023 to 3/31/2024) ($ in millions) $1.1 $1.5 $1.6 $1.6 $1.7 $0.8 $3.0 $3.4 $3.5 $4.3 $1.6 $2.0 $2.5 $2.8 $2.9 $7.5 $6.7 $6.3 $6.1 $6.1 $4.7 $4.7 $4.8 $4.9 $4.9 $6.8 $6.7 $7.0 $7.2 $7.5 $7.3 $6.7 $6.3 $6.2 $5.9 $29.9 $31.3 $32.0 $32.2 $33.3 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 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. $(81) $66 $134 $149 $289 Noninterest-Bearing Demand Interest-Bearing Demand Savings $(607) $(516) $227 $434 Network Transaction Deposits Other Wholesale Funding Brokered CDs FHLB Advances Core Customer Deposits1 +$557mm (+2%) Wholesale Funding Sources $(463mm) (-5%) Total Deposits +$267mm (+1%) Money Market Customer CDs

6 Period end loans grew by $278 million vs. the prior quarter, led by growth in Auto and C&I Quarterly Loan Trends Commercial & Business Lending Commercial Real Estate Consumer Lending $2.4 $2.5 $2.8 $3.0 $3.3 $8.6 $8.7 $8.8 $8.7 $7.9 $7.3 $7.3 $7.3 $7.4 $7.4 $10.6 $10.9 $11.0 $10.8 $10.8 $28.8 $29.4 $29.9 $30.0 $29.4 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(89) $(28) $3 $16 $34 $127 $215 Residential Mortgage Commercial & Industrial Auto Finance EoP Loan Change (12/31/2023 to 3/31/2024) CRE Investor CRE-Owner Occupied CRE Construction Home Equity & Other Consumer $969M mortgage loan sale settled 12/21/2023

7 Average Yields (%) Average Yield Trends 6.66 7.04 7.29 7.42 7.56 6.39 6.77 7.04 7.11 7.22 4.48 4.78 5.07 5.42 5.52 3.30 3.31 3.39 3.50 3.48 2.88 3.05 3.16 3.43 3.55 1.97 2.64 2.98 3.18 3.32 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 We continue to benefit from rising asset yields, while total interest-bearing liability costs were flat vs. 4Q 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 4.94 5.18 5.36 5.51 5.64 2.48 3.06 3.36 3.55 3.55 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Investments and Other

8 Net Interest Income & Net Interest Margin Trends Net interest income grew by $4 million while net interest margin grew by 10 bps vs. the prior quarter $274 $258 $254 $253 $258 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2.71% 2.80% 3.07% 2.69% 2.79% ($ in millions) Quarterly Net Interest Income Quarterly Net Interest Margin

9 Improving our Return Profile Over Time1 Our efforts to remix the balance sheet & drive toward our 3.00%+ medium-term NIM target are on track Strategy Progress Since 2021 1Q24 Results Growing diversified asset classes to decrease reliance on legacy low-yielding, low-relationship asset classes ▪ Expanded Commercial RM base across footprint ▪ $2.5B in prime/super prime Auto balances ▪ Exited TPO mortgage business in 1Q23 ▪ Sold $969M in mortgage loans & pivoted to “originate to sell” model in 4Q23 ▪ Shifted to balanced RM scorecard to deepen Commercial relationships ▪ Modernized digital banking experience ▪ Upgraded product & service offerings ▪ Mass Affluent strategy launched 4Q22 ▪ Repaid $849M of FHLB Advances in 4Q23 (end of period growth vs. 4Q23, $ in millions) LiabilitiesAssets Auto Finance Relationship Commercial Low- Relationship Mortgage Low- Relationship Commercial Wholesale Funding Sources Core Customer Deposits2 Attracting and deepening customer relationships to decrease reliance on wholesale and network funding sources $3 $127 $215 C&I Auto Mortgage $(463) $267 $557 Wholesale Funding Core Customer Deposits2 1 All updates as of or for the period ended March 31, 2024 unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Total Deposits

10 Cash & Investment Securities Portfolio We continue to target investments to total assets of 18% to 20% in 2024 19% 19% 18% 19% 19% 2% 2% 2% 2% 2% 21% 20% 20% 21% 21% 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Securities EoP Securities + Cash / Total Assets Cash $3.4 $3.5 $3.5 $3.6 $3.7 $4.0 $3.9 $3.9 $3.9 $3.8 $0.4 $0.3 $0.3 $0.3 $0.2 $7.7 $7.7 $7.7 $7.7 $7.8 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Held to MaturityAvailable for Sale ($ in billions) EoP Securities Book Composition Other Securities CET1 Including AOCI1 (%) CET1 Ratio Incl. AOCICET1 Ratio 9.45 9.48 9.55 9.39 9.43 8.74 8.60 8.53 8.87 8.79 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

11 $48 $49 $50 $47 $50 $4 $8 $7 $2 $3 $5 $5 $5 $9 $4 $5 $4 $5 $(131) $12 $8 $62 $66 $67 $(131) $70 $65 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Adjusted 1Q 2024 Noninterest Income Trends ($ in millions) Our 1Q 2024 noninterest income was up 5% vs. the same period a year ago 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

12 $116 $114 $117 $121 $119 $24 $24 $26 $28 $26 $47 $52 $53 $60 $44 $31 $8 $187 $191 $196 $239 $198 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Efficiency Ratio (%)Noninterest Expense Trends Noninterest Expense Trends 1 Other expenses are primarily comprised of occupancy, business development & advertising, equipment, legal & professional, and FDIC assessment costs. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) Our 1Q 2024 noninterest expense included $8 million in FDIC special assessment expense Adjusted Efficiency Ratio2 Federal Reserve Efficiency Ratio 56.1 58.5 60.1 61.0 54.6 57.0 58.5 64.1 57.2 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Personnel Expense Other1 Technology Expense FDIC Special Assessment 132.0 Noninterest Expense / Average Assets (%) 1.92 1.89 1.90 2.30 1.95 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024

13 1Q 2024 Capital Ratios (%) 7.08 9.43 10.02 12.08 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 during 1Q 2024 Capital Profile 1 2024 Capital Target Ranges (%) $18.42 $18.41 $18.46 $18.77 $18.78 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Tangible Book Value / Share 7.08 1Q 2024 TCE Ratio 2024 Target Range 9.43 1Q 2024 CET1 Ratio 2024 Target Range 7.75 10.00 6.75 9.00 1

14 ACLL / Total Loans (%)ACLL1 Update ▪ ACLL increased $2 million from the prior quarter to $388 million, driven primarily by nominal credit movement coupled with general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody’s February 2024 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Our ACLL percentage decreased by 1 basis point vs. the prior quarter to 1.31% Allowance for Credit Losses on Loans (ACLL) Update 1.25 1.26 1.26 1.32 1.31 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 147,533$ 1.35% 152,341$ 1.41% 157,933$ 1.44% CRE - Investor 55,678 1.09% 68,338 1.33% 72,512 1.44% CRE - Construction 71,098 3.31% 70,578 3.11% 64,225 2.81% Residential Mortgage 39,096 0.45% 37,808 0.48% 35,915 0.46% Other Consumer 52,803 2.16% 56,805 1.80% 57,198 1.71% Total 366,208$ 1.25% 385,870$ 1.32% 387,782$ 1.31% 3/31/2023 12/31/2023 3/31/2024

15 Net Charge Offs and Provision Total Delinquent Loans Credit Quality Trends $2 $2 $2 $22 $2$29 $40 $47 $62 $48 $31 $42 $50 $84 $51 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 1Q 2024 credit quality remained solid with a modest uptick in NCOs balanced by decreasing delinquencies ($ in millions) Accruing Loans 30-89 Days PD $3 $11 $18 $16 $22 $18 $22 $22 $21 $24 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD Total Criticized Loans $118 $131 $169 $149 $178 $260 $345 $387 $454 $484 $370 $248 $286 $217 $155 $748 $724 $842 $820 $818 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 ($ in millions) ($ in millions) Nonaccrual Loans $68 $73 $79 $86 $85 $25 $22 $11 $0 $19 $24 $36 $79 $63 $74 $118 $131 $169 $149 $178 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 ($ in millions) CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans

16 Multi-Family 38% Retail 9% Office 14% Industrial 25% Other 15% Consumer 38% Com'l & Business Lending 37% CRE 25% Wisconsin 20% Illinois 15% Minnesota 9% Other Midwest2 21% Texas 8% Other 26% 1 All updates as of or for the period ended March 31, 2024 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. 5 Class A determined by third-party vendor partner mapping of portfolio. High-Quality Commercial Real Estate Portfolio1 ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 Portfolio LTV 60% 60% 59% 58% 59% Delinquencies/Loans 0.00% 0.00% 0.14% 0.25% 0.28% NALs/Loans 0.35% 0.30% 0.15% 0.00% 0.26% ACLL/Loans 1.75% 1.88% 1.90% 1.88% 1.87% NCOs/Avg. Loans3 0.00% (0.12%) (0.02%) (0.01%) 0.00% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.16% Top 10 Largest CRE Borrowers 1.38% Largest CRE Property Type (Multi-Fam) 9.43% CRE Office Loans 3.45% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio4 1.19x 2024 Remaining Maturities $306 million Central Business District vs. Suburban ~79% Suburban Property Class Mix ~57% Class A5

17 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. 4 2024 noninterest expense guidance excludes the impact of the $31 million FDIC special assessment finalized during the fourth quarter of 2023 and the $8 million FDIC special assessment finalized during the first quarter of 2024. 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% Growth4 Effective Tax Rate 11.2% N/A 19% to 21%

Appendix

19 Stable, Granular Deposit Portfolio Uninsured, uncollateralized deposits were only 23% of total deposits as of 3/31/2024 1 Liquidity coverage based on current levels of readily available (within one business day) funding. See slide 20 for additional details. 26% 22% 23% 23% 23% 74% 78% 77% 77% 77% $30.4 $32.1 $32.1 $33.5 $33.7 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 EoP Total Deposit Trends (Associated Bank, N.A.) ($ 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 3/31/2024 115% Readily available liquidity coverage1 for uninsured and uncollateralized deposits as of 3/31/2024 156% Total liquidity coverage for uninsured and uncollateralized deposits as of 3/31/2024

20 Liquidity Sources As of 3/31/2024, ASB’s total liquidity sources covered 156% of uninsured, uncollateralized deposits Liquidity Sources 12/31/2023 3/31/2024 Federal Reserve Balance $421.8 $419.6 Available FHLB Chicago Capacity $5,985.4 $7,035.8 Available Fed Discount Window Capacity $1,433.7 $1,439.0 Available Bank Term Funding Program Capacity $522.5 $0 Funding Available Within One Business Day1 $8,363.4 $8,894.3 Available Fed Funds Lines $1,550.0 $1,670.0 Available Brokered Deposit Capacity2 $138.5 $446.5 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Liquidity $11,051.9 $12,010.8 ($ in millions) 115% of uninsured, uncollateralized deposits 156% 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.

21 $2.4 $2.7 $2.9 $3.2 $3.3 $8.6 $8.7 $8.8 $7.9 $7.9 $7.2 $7.3 $7.3 $7.4 $7.3 $10.9 $11.1 $11.2 $10.8 $11.0 $29.2 $29.8 $30.2 $29.2 $29.5 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Additional Loan Trends ($ 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 (4Q 2023 to 1Q 2024)EoP Quarterly Loan Trends $(794) $(115) $(39) $(12) $35 $107 $235 Commercial & Industrial Auto Finance CRE Investor CRE-Owner Occupied CRE Construction Home Equity & Other Consumer Residential Mortgage

22 Total Loans Outstanding Balances as of March 31, 2024 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 3/31/2024 1 % of Total Loans 3/31/2024 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 2,584$ 8.8% Multi-Family 2,780$ 9.4% Manufacturing & Wholesale Trade 2,270 7.7% Industrial 1,807 6.1% Real Estate (includes REITs) 1,768 6.0% Office 1,018 3.5% Finance & Insurance 639 2.2% Retail 630 2.1% Mortgage Warehouse 635 2.2% Single Family Construction 253 0.9% Retail Trade 458 1.6% Warehouse 203 0.7% Health Care and Social Assistance 400 1.4% Hotel/Motel 194 0.7% Rental and Leasing Services 392 1.3% Medical 164 0.6% Transportation and Warehousing 365 1.2% Land 115 0.4% Construction 353 1.2% Self Storage 29 0.1% Professional, Scientific, and Tech. Serv. 320 1.1% Other 129 0.4% Waste Management 228 0.8% Total CRE 7,322$ 24.8% Accommodation and Food Services 94 0.3% Information 79 0.3% Consumer Arts, Entertainment, and Recreation 66 0.2% Residential Mortgage 7,868$ 26.7% Management of Companies & Enterprises 64 0.2% Auto Finance 2,471 8.4% Public Administration 16 0.1% Home Equity 620 2.1% Educational Services 15 0.1% Credit Cards 134 0.5% Mining 7 0.0% Student Loans 56 0.2% Agriculture, Forestry, Fishing and Hunting 0 0.0% Other Consumer 68 0.2% Other 201 0.7% Total Consumer 11,218$ 38.0% Total C&BL 10,954$ 37.1% Total Loans 29,494$ 100.0%

23 Multi-Family 38% Retail 9% Office 14% Industrial 25% 1-4 Family Construction 3% Warehouse 3% Hotel / Motel 3% Other 6% Wisconsin 28% Illinois 21% Minnesota 10% Other Midwest 13% Texas 5% Other 24% Manufacturing & Wholesale Trade 21% Real Estate 16% Power & Utilities 24% Mortgage Warehouse 6%Finance & Insurance 6% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 29% Natural Gas 32% Solar 21% Transmission, Control & Distribution 5% Geothermal 2% Hydroelectric 2% Other 9% Wisconsin 23% Illinois 15% Minnesota 7% Texas 6% Other Midwest 10% Other 40% Wisconsin 20% Illinois 15% Minnesota 9% Other Midwest2 21% Texas 8% Other 26% 2 2 Loan Stratification Outstanding Balances as of March 31, 2024 C&BL by Geography $11.0 billion Power & Utilities Lending $2.6 billion C&BL by Industry $11.0 billion Total Loans1 CRE by Geography $7.3 billion CRE by Property Type $7.3 billion

24 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. 2 These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. 3 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 the fourth quarter of 2023. End of Period Core Customer Deposits Reconciliation ($ in millions) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Total deposits $30,332 $32,014 $32,123 $33,446 $33,713 Brokered CDs (1,186) (3,818) (3,351) (4,447) (3,931) Network transaction deposits (1,273) (1,601) (1,649) (1,566) (1,793) Core customer deposits $27,873 $26,595 $27,123 $27,432 $27,989 Tangible Common Equity and Tangible Assets Reconciliation1 ($ in millions) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Common equity $3,932 $3,929 $3,934 $3,980 $3,975 Goodwill and other intangible assets, net (1,152) (1,150) (1,148) (1,145) (1,143) Tangible common equity $2,779 $2,779 $2,786 $2,834 $2,831 Total assets $40,703 $41,219 $41,637 $41,016 $41,137 Goodwill and other intangible assets, net (1,152) (1,150) (1,148) (1,145) (1,143) Tangible assets $39,550 $40,070 $40,490 $39,870 $39,994 Common Equity Tier 1 Capital Ratio Reconciliation 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Common equity Tier 1 capital ratio 9.45% 9.48% 9.55% 9.39% 9.43% Accumulated other comprehensive loss adjustment (0.72)% (0.88)% (1.01)% (0.52)% (0.64)% Common equity Tier 1 capital ratio including accumulated other comprehensive loss 8.74% 8.60% 8.53% 8.87% 8.79% Selected Trend Information2 ($ in millions) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Wealth management fees $20 $20 $21 $21 $22 Service charges and deposit account fees 13 12 13 11 12 Card-based fees 11 11 12 12 11 Other fee-based revenue 4 4 5 4 4 Fee-based revenue 48 49 50 47 50 Other3 14 17 17 (178) 15 Total noninterest income $62 $66 $67 $(131) $65

25 Reconciliation & Definitions of Non-GAAP Items 1 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. 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 the fourth quarter of 2023. Efficiency Ratio Reconciliation1 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Federal Reserve efficiency ratio 56.07% 58.49% 60.06% 132.01% 61.03% Fully tax-equivalent adjustment (0.79)% (0.85)% (0.89)% (3.29)% (0.71)% Other intangible amortization (0.66)% (0.68)% (0.69)% (1.21)% (0.69)% Fully tax-equivalent efficiency ratio 54.64% 56.96% 58.50% 127.54% 59.63% FDIC special assessment (9.50)% (2.38)% Announced initiatives (53.92)% Adjusted efficiency ratio 54.64% 56.96% 58.50% 64.12% 57.25% One Time Item Noninterest Expense Reconciliation ($ in millions) YTD Dec 2023 4Q 2023 1Q 2024 GAAP noninterest expense $814 $239 $198 FDIC special assessment (31) (31) (8) Noninterest expense, excluding one time items $783 $209 $190 One Time Item Noninterest Income Reconciliation ($ in millions) 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