Exhibit 99.1

NEWS RELEASE Investor Contact: Ben McCarville, Vice President, Director of Investor Relations 920-491-7059 Media Contact: Andrea Kozek, Senior Manager, Public Relations 920-491-7518

Associated Banc-Corp Reports Second Quarter 2024 Earnings of $0.74 per Common Share, or $0.52 per Common Share1 Excluding a One Time Item Recognized During the Quarter

GREEN BAY, Wis. -- July 25, 2024 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $113 million, or $0.74 per common share, for the quarter ended June 30, 2024. Excluding a one time tax benefit recognized during the quarter ended June 30, 2024, Associated reported earnings of $80 million, or $0.52 per common share. These amounts compare to earnings of $78 million, or $0.52 per common share, for the quarter ended March 31, 2024 and earnings of $84 million, or $0.56 per common share, for the quarter ended June 30, 2023.

“After demonstrating an ability to execute with Phase 1 of our strategic plan, we continued to build momentum across the company by adding talent in key areas and deploying product and digital enhancements during the second quarter,” said President and CEO Andy Harmening. “This momentum has translated to encouraging trends in several foundational performance measures, including industry-leading customer satisfaction scores and the strongest consumer checking household growth we've seen in over a decade."

“Importantly, we also delivered strong financial results during the quarter through steady revenues, credit stability and capital accretion. While macro uncertainty remains top of mind in the near-term, we feel well-positioned as we move to the back half of the year thanks to our foundational discipline, the stability of our markets, and the execution of our strategic plan.”

Second Quarter 2024 Highlights

•GAAP diluted earnings per share of $0.74; Adjusted diluted earnings per share1 of $0.52

•Total quarterly average loan growth of $211 million vs. first quarter 2024

•Total quarterly average core customer deposit1 decrease of $240 million vs. first quarter 2024; total quarterly average deposit decrease of $638 million vs. first quarter 2024

•Net interest income of $257 million

•Net interest margin of 2.75%

•Noninterest income of $65 million

•Noninterest expense of $196 million

•Provision for credit losses of $23 million

•Allowance for credit losses on loans / total loans of 1.32%

•Net charge offs / average loans (annualized) of 0.29%

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

Loans

Second quarter 2024 average total loans of $29.6 billion increased 1%, or $211 million, from the prior quarter and increased $141 million from the same period last year. With respect to second quarter 2024 average balances by loan category:

•Commercial and business lending increased $195 million from the prior quarter and increased $112 million from the same period last year to $11.0 billion.

•Commercial real estate lending decreased $140 million from the prior quarter and decreased $46 million from the same period last year to $7.2 billion.

•Consumer lending increased $156 million from the prior quarter and increased $75 million from the same period last year to $11.3 billion.

Second quarter 2024 period end total loans of $29.6 billion increased $124 million from the prior quarter and decreased 1%, or $231 million, from the same period last year. With respect to second quarter 2024 period end balances by loan category:

•Commercial and business lending increased $118 million from the prior quarter and decreased $41 million from the same period last year to $11.1 billion.

•Commercial real estate lending decreased $65 million from both the prior quarter and the same period last year to $7.3 billion.

•Consumer lending increased $71 million from the prior quarter and decreased $125 million from the same period last year to $11.3 billion.

Based on current market conditions, we now expect 2024 total loan growth to finish at the lower end of our previous 4% to 6% range on an end of period basis as compared to the year ended December 31, 2023.

Deposits

Second quarter 2024 average deposits of $32.6 billion decreased 2%, or $638 million, from the prior quarter and increased 4%, or $1.3 billion, from the same period last year. With respect to second quarter 2024 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $170 million from the prior quarter and decreased $958 million from the same period last year to $5.7 billion.

•Savings increased $206 million from the prior quarter and increased $384 million from the same period last year to $5.1 billion.

•Interest-bearing demand deposits decreased $224 million from the prior quarter and increased $602 million from the same period last year to $7.3 billion.

•Money market deposits decreased $122 million from the prior quarter and decreased $749 million from the same period last year to $6.0 billion.

•Total time deposits decreased $271 million from the prior quarter and increased $1.9 billion from the same period last year to $6.9 billion.

•Network transaction deposits decreased $57 million from the prior quarter and increased $127 million from the same period last year to $1.6 billion.

Second quarter 2024 period end deposits of $32.7 billion decreased 3%, or $1.0 billion, from the prior quarter and increased 2%, or $677 million, from the same period last year. With respect to second quarter 2024 period end balances by deposit category:

•Noninterest-bearing demand deposits decreased $439 million from the prior quarter and decreased $751 million from the same period last year to $5.8 billion.

•Savings increased $32 million from the prior quarter and increased $380 million from the same period last year to $5.2 billion.

•Interest-bearing demand deposits decreased $463 million from the prior quarter and increased $1.2 billion from the same period last year to $8.3 billion.

•Money market deposits decreased $427 million from the prior quarter and decreased $1.2 billion from the same period last year to $6.3 billion.

•Total time deposits increased $274 million from the prior quarter and increased $1.0 billion from the same period last year to $7.1 billion.

•Network transaction deposits (included in money market and interest-bearing demand deposits) decreased $290 million from the prior quarter and decreased $98 million from the same period last year to $1.5 billion.

Based on current market conditions, we now expect 2024 core customer deposit growth to finish at the lower end of our previous 3% to 5% range on an end of period basis as compared to the year ended December 31, 2023.

Net Interest Income and Net Interest Margin

Second quarter 2024 net interest income of $257 million decreased $1 million from both the prior quarter and the same period last year. The net interest margin decreased to 2.75%, reflecting a 4 basis point decrease from the prior quarter and a 5 basis point decrease from the same period last year.

•The average yield on total loans for the second quarter of 2024 decreased 1 basis point from the prior quarter and increased 44 basis points from the same period last year to 6.21%.

•The average cost of total interest-bearing liabilities for the second quarter of 2024 increased 5 basis points from the prior quarter and increased 54 basis points from the same period last year to 3.60%.

•The net free funds benefit for the second quarter of 2024 remained flat compared to the prior quarter and increased 2 basis points from the same period last year to 0.70%.

Based on current market conditions, we now expect total net interest income growth of 1% to 3% in 2024.

Noninterest Income

Second quarter 2024 total noninterest income of $65 million increased slightly compared to the prior quarter and decreased slightly from the same period last year. With respect to second quarter 2024 noninterest income line items:

•Bank and corporate owned life insurance increased $2 million from both the prior quarter and the same period last year.

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

•Card-based fees increased $1 million from both the prior quarter and the same period last year.

•Investment securities gains (losses), net decreased $4 million from the prior quarter and increased slightly from the same period last year, with the quarterly decrease driven primarily by a $4 million gain on sale of Visa B shares recognized in the first quarter of 2024.

Excluding the impact of the mortgage and investment securities sales announced during the fourth quarter of 2023, we now expect total noninterest income to finish within a range of negative 1% to 1% growth in 2024.

Noninterest Expense

Second quarter 2024 total noninterest expense of $196 million decreased $2 million, or 1%, from the prior quarter and increased $5 million, or 3%, from the same period last year as we continued to invest in our strategic initiatives. With respect to second quarter 2024 noninterest expense line items:

•Personnel expense increased $2 million from the prior quarter and increased $7 million from the same period last year.

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

•FDIC assessment expense decreased $7 million from the prior quarter and decreased $2 million from the same period last year. The quarterly decrease was driven primarily by an $8 million increase in special assessment recognized in the first quarter of 2024, partially offset by a $2 million adjustment based on an updated special assessment estimate received from the FDIC in the second quarter of 2024.

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

Taxes

Second quarter 2024 results included a tax benefit of $13 million compared to $20 million of tax expense in the prior quarter and $24 million of tax expense in the same period last year. The benefit recognized in the second quarter of 2024 was primarily driven by a strategic reallocation of our investment securities portfolio resulting in a deferred tax benefit of approximately $33 million during the quarter.

After excluding the impact of the one time $33 million tax benefit recognized in the second quarter of 2024, we continue to expect the annual effective tax rate to be between 19% and 21% in 2024, assuming no change in the corporate tax rate.

Credit

The second quarter 2024 provision for credit losses on loans was $23 million, compared to a provision of $24 million in the prior quarter and a provision of $22 million in the same period last year. With respect to second quarter 2024 credit quality:

•Nonaccrual loans of $154 million decreased $24 million from the prior quarter and increased $23 million from the same period last year. The nonaccrual loans to total loans ratio was 0.52% in the second quarter, down from 0.60% in the prior quarter and up from 0.44% in the same period last year.

•Second quarter 2024 net charge offs of $21 million decreased compared to net charge offs of $22 million in the prior quarter and increased compared to net charge offs of $11 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $390 million increased $2 million compared to the prior quarter and increased $13 million compared to the same period last year. The ACLL to total loans ratio was 1.32% in the second quarter, up from 1.31% in the prior quarter and up from 1.26% 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 9.68% at June 30, 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.

SECOND 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, July 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 second quarter 2024 earnings call. The second 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 $42 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 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,” “intend,” "target,” “outlook,” “project,” “guidance,” “forecast,” 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.

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)			June 30, 2024			March 31, 2024			Seql Qtr $ Change			December 31, 2023			September 30, 2023			June 30, 2023			Comp Qtr $ Change
Assets
Cash and due from banks			$	470,818		$	429,859		$	40,959		$	484,384		$	388,694		$	407,620		$	63,198
Interest-bearing deposits in other financial institutions			484,677			420,114			64,563			425,089			323,130			190,881			293,796
Federal funds sold and securities purchased under agreements to resell			3,600			1,610			1,990			14,350			965			31,160			(27,560)
Investment securities available for sale, at fair value			3,912,730			3,724,148			188,582			3,600,892			3,491,679			3,504,777			407,953
Investment securities held to maturity, net, at amortized cost			3,799,035			3,832,967			(33,932)			3,860,160			3,900,415			3,938,877			(139,842)
Equity securities			22,944			19,571			3,373			41,651			35,937			30,883			(7,939)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost			212,102			173,968			38,134			229,171			268,698			271,637			(59,535)
Residential loans held for sale			83,795			52,414			31,381			33,011			54,790			38,083			45,712
Commercial loans held for sale			—			—			—			90,303			—			15,000			(15,000)
Loans			29,618,271			29,494,263			124,008			29,216,218			30,193,187			29,848,904			(230,633)
Allowance for loan losses			(355,844)			(356,006)			162			(351,094)			(345,795)			(338,750)			(17,094)
Loans, net			29,262,428			29,138,257			124,171			28,865,124			29,847,392			29,510,153			(247,725)
Tax credit and other investments			246,300			255,252			(8,952)			258,067			256,905			263,583			(17,283)
Premises and equipment, net			369,968			367,618			2,350			372,978			373,017			374,866			(4,898)
Bank and corporate owned life insurance			683,451			685,089			(1,638)			682,649			679,775			678,578			4,873
Goodwill			1,104,992			1,104,992			—			1,104,992			1,104,992			1,104,992			—
Other intangible assets, net			36,066			38,268			(2,202)			40,471			42,674			44,877			(8,811)
Mortgage servicing rights, net			85,640			85,226			414			84,390			89,131			80,449			5,191
Interest receivable			173,106			167,092			6,014			169,569			171,119			159,185			13,921
Other assets			672,256			640,638			31,618			658,604			608,068			573,870			98,386
Total assets			$	41,623,908		$	41,137,084		$	486,824		$	41,015,855		$	41,637,381		$	41,219,473		$	404,435
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits			$	5,815,045		$	6,254,135		$	(439,090)		$	6,119,956		$	6,422,994		$	6,565,666		$	(750,621)
Interest-bearing deposits			26,875,995			27,459,023			(583,028)			27,326,093			25,700,332			25,448,743			1,427,252
Total deposits			32,691,039			33,713,158			(1,022,119)			33,446,049			32,123,326			32,014,409			676,630
Short-term funding			859,539			765,671			93,868			326,780			451,644			341,253			518,286
FHLB advances			2,673,046			1,333,411			1,339,635			1,940,194			3,733,041			3,630,747			(957,701)
Other long-term funding			536,113			536,055			58			541,269			529,459			534,273			1,840
Allowance for unfunded commitments			33,776			31,776			2,000			34,776			34,776			38,276			(4,500)
Accrued expenses and other liabilities			588,057			588,341			(284)			552,814			637,491			537,640			50,417
Total liabilities			37,381,571			36,968,412			413,159			36,841,882			37,509,738			37,096,599			284,972
Stockholders’ equity
Preferred equity			194,112			194,112			—			194,112			194,112			194,112			—
Common equity			4,048,225			3,974,561			73,664			3,979,861			3,933,531			3,928,762			119,463
Total stockholders’ equity			4,242,337			4,168,673			73,664			4,173,973			4,127,643			4,122,874			119,463
Total liabilities and stockholders’ equity			$	41,623,908		$	41,137,084		$	486,824		$	41,015,855		$	41,637,381		$	41,219,473		$	404,435

Numbers may not sum due to rounding.

1

Associated Banc-Corp Consolidated Statements of Income (Unaudited)									Comp Qtr						YTD			YTD			Comp YTD
($ in thousands, except per share data)			2Q24			2Q23			$ Change			% Change			June 2024			June 2023			$ Change			% Change
Interest income
Interest and fees on loans			$	456,788		$	423,307		$	33,481		8		%	$	911,260		$	814,626		$	96,634		12		%
Interest and dividends on investment securities
Taxable			50,278			35,845			14,433			40		%	96,826			65,987			30,839			47		%
Tax-exempt			14,669			15,994			(1,325)			(8)		%	29,443			32,019			(2,576)			(8)		%
Other interest			8,539			6,086			2,453			40		%	16,133			11,415			4,718			41		%
Total interest income			530,274			481,231			49,043			10		%	1,053,662			924,048			129,614			14		%
Interest expense
Interest on deposits			221,062			162,196			58,866			36		%	447,293			271,618			175,675			65		%
Interest on federal funds purchased and securities sold under agreements to repurchase			2,303			2,261			42			2		%	5,166			5,404			(238)			(4)		%
Interest on other short-term funding			6,077			—			6,077			N/M			10,785			1			10,784			N/M
Interest on FHLB Advances			34,143			49,261			(15,118)			(31)		%	55,814			99,222			(43,408)			(44)		%
Interest on long-term funding			10,096			9,596			500			5		%	20,154			15,876			4,278			27		%
Total interest expense			273,681			223,314			50,367			23		%	539,211			392,121			147,090			38		%
Net interest income			256,593			257,917			(1,324)			(1)		%	514,451			531,927			(17,476)			(3)		%
Provision for credit losses			23,008			22,100			908			4		%	47,009			40,071			6,938			17		%
Net interest income after provision for credit losses			233,585			235,817			(2,232)			(1)		%	467,442			491,856			(24,414)			(5)		%
Noninterest income
Wealth management fees			22,628			20,483			2,145			10		%	44,323			40,672			3,651			9		%
Service charges and deposit account fees			12,263			12,372			(109)			(1)		%	24,702			25,366			(664)			(3)		%
Card-based fees			11,975			11,396			579			5		%	23,242			21,982			1,260			6		%
Other fee-based revenue			4,857			4,465			392			9		%	9,259			8,740			519			6		%
Capital markets, net			4,685			5,093			(408)			(8)		%	8,735			10,176			(1,441)			(14)		%
Mortgage banking, net			2,505			7,768			(5,263)			(68)		%	5,166			11,313			(6,147)			(54)		%
Bank and corporate owned life insurance			4,584			2,172			2,412			111		%	7,154			4,835			2,319			48		%
Asset (losses), net			(627)			(299)			(328)			110		%	(933)			(35)			(898)			N/M
Investment securities gains, net			67			14			53			N/M			3,947			66			3,881			N/M
Other			2,222			2,080			142			7		%	4,549			4,501			48			1		%
Total noninterest income			65,159			65,543			(384)			(1)		%	130,144			127,616			2,528			2		%
Noninterest expense
Personnel			121,581			114,089			7,492			7		%	240,976			230,510			10,466			5		%
Technology			27,161			24,220			2,941			12		%	53,362			47,818			5,544			12		%
Occupancy			13,128			13,587			(459)			(3)		%	26,761			28,650			(1,889)			(7)		%
Business development and advertising			7,535			7,106			429			6		%	14,052			12,955			1,097			8		%
Equipment			4,450			4,975			(525)			(11)		%	9,049			9,906			(857)			(9)		%
Legal and professional			4,429			4,831			(402)			(8)		%	9,101			8,688			413			5		%
Loan and foreclosure costs			1,793			1,635			158			10		%	3,771			2,773			998			36		%
FDIC assessment			7,131			9,550			(2,419)			(25)		%	21,077			16,425			4,652			28		%
Other intangible amortization			2,203			2,203			—			—		%	4,405			4,405			—			—		%
Other			6,450			8,476			(2,026)			(24)		%	10,963			15,955			(4,992)			(31)		%
Total noninterest expense			195,861			190,673			5,188			3		%	393,518			378,086			15,432			4		%
Income before income taxes			102,884			110,687			(7,803)			(7)		%	204,068			241,386			(37,318)			(15)		%
Income tax (benefit) expense			(12,689)			23,533			(36,222)			N/M			7,326			50,873			(43,547)			(86)		%
Net income			115,573			87,154			28,419			33		%	196,742			190,514			6,228			3		%
Preferred stock dividends			2,875			2,875			—			—		%	5,750			5,750			—			—		%
Net income available to common equity			$	112,698		$	84,279		$	28,419		34		%	$	190,992		$	184,764		$	6,228		3		%
Earnings per common share
Basic			$	0.75		$	0.56		$	0.19		34		%	$	1.27		$	1.23		$	0.04		3		%
Diluted			$	0.74		$	0.56		$	0.18		32		%	$	1.26		$	1.22		$	0.04		3		%
Average common shares outstanding
Basic			149,872			149,986			(114)			—		%	149,864			149,875			(11)			—		%
Diluted			151,288			150,870			418			—		%	151,310			150,903			407			—		%

N/M = Not meaningful

Numbers may not sum due to rounding.

2

Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)									Seql Qtr															Comp Qtr
			2Q24			1Q24			$ Change			% Change			4Q23			3Q23			2Q23			$ Change			% Change
Interest income
Interest and fees on loans			$	456,788		$	454,472		$	2,316		1		%	$	457,868		$	447,912		$	423,307		$	33,481		8		%
Interest and dividends on investment securities
Taxable			50,278			46,548			3,730			8		%	41,809			38,210			35,845			14,433			40		%
Tax-exempt			14,669			14,774			(105)			(1)		%	15,273			15,941			15,994			(1,325)			(8)		%
Other interest			8,539			7,595			944			12		%	10,418			6,575			6,086			2,453			40		%
Total interest income			530,274			523,388			6,886			1		%	525,367			508,637			481,231			49,043			10		%
Interest expense
Interest on deposits			221,062			226,231			(5,169)			(2)		%	208,875			193,131			162,196			58,866			36		%
Interest on federal funds purchased and securities sold under agreements to repurchase			2,303			2,863			(560)			(20)		%	3,734			3,100			2,261			42			2		%
Interest on other short-term funding			6,077			4,708			1,369			29		%	—			—			—			6,077			N/M
Interest on FHLB advances			34,143			21,671			12,472			58		%	49,171			48,143			49,261			(15,118)			(31)		%
Interest on long-term funding			10,096			10,058			38			—		%	10,185			10,019			9,596			500			5		%
Total interest expense			273,681			265,530			8,151			3		%	271,965			254,394			223,314			50,367			23		%
Net interest income			256,593			257,858			(1,265)			—		%	253,403			254,244			257,917			(1,324)			(1)		%
Provision for credit losses			23,008			24,001			(993)			(4)		%	21,007			21,943			22,100			908			4		%
Net interest income after provision for credit losses			233,585			233,857			(272)			—		%	232,395			232,301			235,817			(2,232)			(1)		%
Noninterest income
Wealth management fees			22,628			21,694			934			4		%	21,003			20,828			20,483			2,145			10		%
Service charges and deposit account fees			12,263			12,439			(176)			(1)		%	10,815			12,864			12,372			(109)			(1)		%
Card-based fees			11,975			11,267			708			6		%	11,528			11,510			11,396			579			5		%
Other fee-based revenue			4,857			4,402			455			10		%	4,019			4,509			4,465			392			9		%
Capital markets, net			4,685			4,050			635			16		%	9,106			5,368			5,093			(408)			(8)		%
Mortgage banking, net			2,505			2,662			(157)			(6)		%	1,615			6,501			7,768			(5,263)			(68)		%
Loss on mortgage portfolio sale			—			—			—			N/M			(136,239)			—			—			—			N/M
Bank and corporate owned life insurance			4,584			2,570			2,014			78		%	3,383			2,047			2,172			2,412			111		%
Asset (losses) gains, net			(627)			(306)			(321)			105		%	(136)			625			(299)			(328)			110		%
Investment securities gains (losses), net			67			3,879			(3,812)			(98)		%	(58,958)			(11)			14			53			N/M
Other			2,222			2,327			(105)			(5)		%	2,850			2,339			2,080			142			7		%
Total noninterest income (loss)			65,159			64,985			174			—		%	(131,013)			66,579			65,543			(384)			(1)		%
Noninterest expense
Personnel			121,581			119,395			2,186			2		%	120,686			117,159			114,089			7,492			7		%
Technology			27,161			26,200			961			4		%	28,027			26,172			24,220			2,941			12		%
Occupancy			13,128			13,633			(505)			(4)		%	14,429			14,125			13,587			(459)			(3)		%
Business development and advertising			7,535			6,517			1,018			16		%	8,350			7,100			7,106			429			6		%
Equipment			4,450			4,599			(149)			(3)		%	4,742			5,016			4,975			(525)			(11)		%
Legal and professional			4,429			4,672			(243)			(5)		%	6,762			4,461			4,831			(402)			(8)		%
Loan and foreclosure costs			1,793			1,979			(186)			(9)		%	585			2,049			1,635			158			10		%
FDIC assessment			7,131			13,946			(6,815)			(49)		%	41,497			9,150			9,550			(2,419)			(25)		%
Other intangible amortization			2,203			2,203			—			—		%	2,203			2,203			2,203			—			—		%
Other			6,450			4,513			1,937			43		%	12,110			8,771			8,476			(2,026)			(24)		%
Total noninterest expense			195,861			197,657			(1,796)			(1)		%	239,391			196,205			190,673			5,188			3		%
Income (loss) before income taxes			102,884			101,185			1,699			2		%	(138,009)			102,674			110,687			(7,803)			(7)		%
Income tax (benefit) expense			(12,689)			20,016			(32,705)			N/M			(47,202)			19,426			23,533			(36,222)			N/M
Net income (loss)			115,573			81,169			34,404			42		%	(90,806)			83,248			87,154			28,419			33		%
Preferred stock dividends			2,875			2,875			—			—		%	2,875			2,875			2,875			—			—		%
Net income (loss) available to common equity			$	112,698		$	78,294		$	34,404		44		%	$	(93,681)		$	80,373		$	84,279		$	28,419		34		%
Earnings (loss) per common share
Basic			$	0.75		$	0.52		$	0.23		44		%	$	(0.63)		$	0.53		$	0.56		$	0.19		34		%
Diluted			$	0.74		$	0.52		$	0.22		42		%	$	(0.62)		$	0.53		$	0.56		$	0.18		32		%
Average common shares outstanding
Basic			149,872			149,855			17			—		%	150,085			150,035			149,986			(114)			—		%
Diluted			151,288			151,292			(4)			—		%	151,007			151,014			150,870			418			—		%

N/M = Not meaningful

Numbers may not sum due to rounding.

3

Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)			YTD Jun 2024			YTD Jun 2023			2Q24			1Q24			4Q23			3Q23			2Q23
Per common share data
Dividends			$	0.44		$	0.42		$	0.22		$	0.22		$	0.22		$	0.21		$	0.21
Market value:
High			22.48			24.18			22.48			22.00			21.79			19.21			18.45
Low			19.73			14.48			19.90			19.73			15.45			16.22			14.48
Close									21.15			21.51			21.39			17.11			16.23
Book value / share									26.85			26.37			26.35			26.06			26.03
Tangible book value / share									19.28			18.78			18.77			18.46			18.41
Performance ratios (annualized)
Return on average assets			0.97		%	0.96		%	1.13		%	0.80		%	(0.87)		%	0.80		%	0.86		%
Noninterest expense / average assets			1.93		%	1.90		%	1.92		%	1.95		%	2.30		%	1.90		%	1.89		%
Effective tax rate			3.59		%	21.08		%	(12.33)		%	19.78		%	N/M			18.92		%	21.26		%
Dividend payout ratio(a)			34.65		%	34.15		%	29.33		%	42.31		%	N/M			39.62		%	37.50		%
Net interest margin			2.77		%	2.93		%	2.75		%	2.79		%	2.69		%	2.71		%	2.80		%
Selected trend information
Average full time equivalent employees(b)			4,048			4,223			4,025			4,070			4,130			4,220			4,227
Branch count									188			188			196			202			202
Assets under management, at market value(c)									$	14,304		$	14,171		$	13,545		$	12,543		$	12,995
Mortgage loans originated for sale during period			$	274		$	168		$	169		$	105		$	112		$	115		$	99
Mortgage loan settlements during period(d)			$	229		$	151		$	138		$	91		$	957		$	103		$	97
Mortgage portfolio loans transferred to held for sale during period(d)			$	—		$	—		$	—		$	—		$	969		$	—		$	—
Mortgage portfolio serviced for others(d)									$	6,307		$	6,349		$	7,364		$	6,452		$	6,525
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)									1.36		%	1.34		%	1.15		%	1.38		%	1.23		%
Shares repurchased during period(e)			900			—			—			900			—			—			—
Shares outstanding, end of period									150,785			150,739			151,037			150,951			150,919
Selected quarterly ratios
Loans / deposits									90.60		%	87.49		%	87.35		%	93.99		%	93.24		%
Stockholders’ equity / assets									10.19		%	10.13		%	10.18		%	9.91		%	10.00		%
Risk-based capital(f)(g)
Total risk-weighted assets									$	32,768		$	32,753		$	32,733		$	33,497		$	33,144
Common equity Tier 1									$	3,172		$	3,089		$	3,075		$	3,197		$	3,143
Common equity Tier 1 capital ratio									9.68		%	9.43		%	9.39		%	9.55		%	9.48		%
Tier 1 capital ratio									10.27		%	10.02		%	9.99		%	10.12		%	10.07		%
Total capital ratio									12.34		%	12.08		%	12.21		%	12.25		%	12.22		%
Tier 1 leverage ratio									8.37		%	8.24		%	8.06		%	8.42		%	8.40		%

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)June 30, 2024 data is estimated.

4

Associated Banc-Corp Selected Asset Quality Information
($ in thousands)			Jun 30, 2024			Mar 31, 2024			Seql Qtr % Change			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period			$	356,006		$	351,094		1		%	$	345,795		$	338,750		$	326,432		9		%
Provision for loan losses			21,000			27,000			(22)		%	21,000			25,500			23,500			(11)		%
Charge offs			(23,290)			(24,018)			(3)		%	(17,878)			(20,535)			(14,855)			57		%
Recoveries			2,127			1,930			10		%	2,177			2,079			3,674			(42)		%
Net (charge offs) recoveries			(21,163)			(22,088)			(4)		%	(15,701)			(18,455)			(11,181)			89		%
Balance at end of period			$	355,844		$	356,006		—		%	$	351,094		$	345,795		$	338,750		5		%
Allowance for unfunded commitments
Balance at beginning of period			$	31,776		$	34,776		(9)		%	$	34,776		$	38,276		$	39,776		(20)		%
Provision for unfunded commitments			2,000			(3,000)			N/M			—			(3,500)			(1,500)			N/M
Balance at end of period			$	33,776		$	31,776		6		%	$	34,776		$	34,776		$	38,276		(12)		%
Allowance for credit losses on loans (ACLL)			$	389,620		$	387,782		—		%	$	385,870		$	380,571		$	377,027		3		%
Provision for credit losses on loans			$	23,000		$	24,000		(4)		%	$	21,000		$	22,000		$	22,000		5		%
($ in thousands)			Jun 30, 2024			Mar 31, 2024			Seql Qtr % Change			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Comp Qtr % Change
Net (charge offs) recoveries
Commercial and industrial			$	(13,676)		$	(18,638)		(27)		%	$	(13,178)		$	(16,558)		$	(11,177)		22		%
Commercial real estate—owner occupied			1			2			(50)		%	(22)			2			3			(67)		%
Commercial and business lending			(13,674)			(18,636)			(27)		%	(13,200)			(16,556)			(11,174)			22		%
Commercial real estate—investor			(4,569)			—			N/M			216			272			2,276			N/M
Real estate construction			28			30			(7)		%	38			18			(18)			N/M
Commercial real estate lending			(4,541)			30			N/M			253			290			2,257			N/M
Total commercial			(18,216)			(18,606)			(2)		%	(12,947)			(16,266)			(8,917)			104		%
Residential mortgage			(289)			(62)			N/M			(53)			(22)			(283)			2		%
Auto finance			(1,480)			(2,094)			(29)		%	(1,436)			(1,269)			(1,048)			41		%
Home equity			238			211			13		%	185			128			183			30		%
Other consumer			(1,417)			(1,537)			(8)		%	(1,450)			(1,027)			(1,117)			27		%
Total consumer			(2,947)			(3,482)			(15)		%	(2,754)			(2,189)			(2,264)			30		%
Total net (charge offs) recoveries			$	(21,163)		$	(22,088)		(4)		%	$	(15,701)		$	(18,455)		$	(11,181)		89		%
(In basis points)			Jun 30, 2024			Mar 31, 2024						Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial			(55)			(77)						(54)			(66)			(46)
Commercial real estate—owner occupied			—			—						(1)			—			—
Commercial and business lending			(50)			(69)						(48)			(60)			(41)
Commercial real estate—investor			(37)			—						2			2			18
Real estate construction			—			1						1			—			—
Commercial real estate lending			(25)			—						1			2			12
Total commercial			(40)			(41)						(28)			(35)			(20)
Residential mortgage			(1)			—						—			—			(1)
Auto finance			(24)			(35)						(27)			(27)			(25)
Home equity			15			14						12			8			12
Other consumer			(221)			(232)						(208)			(148)			(163)
Total consumer			(10)			(13)						(9)			(7)			(8)
Total net (charge offs) recoveries			(29)			(30)						(21)			(25)			(15)
($ in thousands)			Jun 30, 2024			Mar 31, 2024			Seql Qtr % Change			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Comp Qtr % Change
Credit quality
Nonaccrual loans			$	154,423		$	178,346		(13)		%	$	148,997		$	168,558		$	131,278		18		%
Other real estate owned (OREO)			8,325			8,437			(1)		%	10,506			8,452			7,575			10		%
Repossessed assets			671			1,241			(46)		%	919			658			348			93		%
Total nonperforming assets			$	163,418		$	188,025		(13)		%	$	160,421		$	177,668		$	139,201		17		%
Loans 90 or more days past due and still accruing			$	2,354		$	2,417		(3)		%	$	21,689		$	2,156		$	1,726		36		%
Allowance for credit losses on loans to total loans			1.32		%	1.31		%				1.32		%	1.26		%	1.26		%
Allowance for credit losses on loans to nonaccrual loans			252.31		%	217.43		%				258.98		%	225.78		%	287.20		%
Nonaccrual loans to total loans			0.52		%	0.60		%				0.51		%	0.56		%	0.44		%
Nonperforming assets to total loans plus OREO and repossessed assets			0.55		%	0.64		%				0.55		%	0.59		%	0.47		%
Nonperforming assets to total assets			0.39		%	0.46		%				0.39		%	0.43		%	0.34		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans			0.30		%	0.30		%				0.16		%	0.15		%	0.10		%

5

Associated Banc-Corp Selected Asset Quality Information (continued)
($ in thousands)			Jun 30, 2024			Mar 31, 2024			Seql Qtr % Change			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Comp Qtr % Change
Nonaccrual loans
Commercial and industrial			$	21,190		$	72,243		(71)		%	$	62,022		$	74,812		$	34,907		(39)		%
Commercial real estate—owner occupied			1,851			2,090			(11)		%	1,394			3,936			1,444			28		%
Commercial and business lending			23,041			74,333			(69)		%	63,416			78,748			36,352			(37)		%
Commercial real estate—investor			48,249			18,697			158		%	—			10,882			22,068			119		%
Real estate construction			16			18			(11)		%	6			103			125			(87)		%
Commercial real estate lending			48,265			18,715			158		%	6			10,985			22,193			117		%
Total commercial			71,306			93,047			(23)		%	63,422			89,732			58,544			22		%
Residential mortgage			68,058			69,954			(3)		%	71,142			66,153			61,718			10		%
Auto finance			6,986			7,158			(2)		%	5,797			4,533			3,065			128		%
Home equity			7,996			8,100			(1)		%	8,508			7,917			7,788			3		%
Other consumer			77			87			(11)		%	128			222			163			(53)		%
Total consumer			83,117			85,299			(3)		%	85,574			78,826			72,733			14		%
Total nonaccrual loans			$	154,423		$	178,346		(13)		%	$	148,997		$	168,558		$	131,278		18		%
			Jun 30, 2024			Mar 31, 2024			Seql Qtr % Change			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Comp Qtr % Change
Restructured loans (accruing)
Commercial and industrial			$	410		$	377		9		%	$	306		$	234		$	168		144		%
Commercial real estate—owner occupied			—			—			N/M			—			—			—			N/M
Commercial and business lending			410			377			9		%	306			234			168			144		%
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			410			377			9		%	306			234			168			144		%
Residential mortgage			306			345			(11)		%	405			207			126			143		%
Auto finance			142			66			115		%	255			169			80			78		%
Home equity			103			182			(43)		%	305			236			78			32		%
Other consumer			1,615			1,487			9		%	1,449			1,243			988			63		%
Total consumer			2,166			2,080			4		%	2,414			1,855			1,271			70		%
Total restructured loans (accruing)			$	2,576		$	2,457		5		%	$	2,719		$	2,089		$	1,439		79		%
Nonaccrual restructured loans (included in nonaccrual loans)			$	717		$	1,141		(37)		%	$	805		$	961		$	796		(10)		%
			Jun 30, 2024			Mar 31, 2024			Seql Qtr % Change			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial			$	2,052		$	521		N/M			$	5,565		$	1,507		$	12,005		(83)		%
Commercial real estate—owner occupied			—			—			N/M			358			1,877			1,484			(100)		%
Commercial and business lending			2,052			521			N/M			5,923			3,384			13,489			(85)		%
Commercial real estate—investor			1,023			19,164			(95)		%	18,697			10,121			—			N/M
Real estate construction			—			1,260			(100)		%	—			10			76			(100)		%
Commercial real estate lending			1,023			20,424			(95)		%	18,697			10,131			76			N/M
Total commercial			3,075			20,945			(85)		%	24,619			13,515			13,565			(77)		%
Residential mortgage			10,374			9,903			5		%	13,446			11,652			8,961			16		%
Auto finance			15,814			12,521			26		%	17,386			16,688			11,429			38		%
Home equity			3,694			2,819			31		%	4,208			3,687			4,030			(8)		%
Other consumer			1,995			2,260			(12)		%	2,166			1,880			2,025			(1)		%
Total consumer			31,877			27,503			16		%	37,205			33,908			26,444			21		%
Total accruing loans 30-89 days past due			$	34,952		$	48,448		(28)		%	$	61,825		$	47,422		$	40,008		(13)		%

N/M = Not meaningful

Numbers may not sum due to rounding.

6

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
			Three Months Ended
			June 30, 2024									March 31, 2024									June 30, 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			$	11,011,228		$	198,191		7.24		%	$	10,816,255		$	194,090		7.22		%	$	10,899,337		$	184,080		6.77		%
Commercial real estate lending			7,249,773			134,203			7.45		%	7,389,962			138,850			7.56		%	7,295,367			127,967			7.04		%
Total commercial			18,261,000			332,394			7.32		%	18,206,217			332,940			7.35		%	18,194,703			312,047			6.88		%
Residential mortgage			7,905,236			69,389			3.51		%	7,896,956			68,787			3.48		%	8,701,496			72,056			3.31		%
Auto finance			2,524,107			35,021			5.58		%	2,373,720			32,603			5.52		%	1,654,523			19,701			4.78		%
Other retail			889,220			20,504			9.24		%	892,128			20,661			9.28		%	887,574			20,135			9.08		%
Total loans			29,579,564			457,307			6.21		%	29,369,022			454,991			6.22		%	29,438,297			423,939			5.77		%
Investment securities
Taxable			5,680,757			50,479			3.55		%	5,517,023			46,727			3.39		%	5,304,381			35,845			2.70		%
Tax-exempt(a)			2,116,174			17,896			3.38		%	2,133,352			18,024			3.38		%	2,314,825			20,152			3.48		%
Other short-term investments			620,943			9,304			6.03		%	576,782			8,311			5.80		%	511,487			6,086			4.77		%
Investments and other			8,417,874			77,680			3.69		%	8,227,158			73,062			3.55		%	8,130,693			62,083			3.05		%
Total earning assets			37,997,438			$	534,987		5.65		%	37,596,179			$	528,053		5.64		%	37,568,991			$	486,022		5.18		%
Other assets, net			3,103,168									3,173,027									2,989,321
Total assets			$	41,100,606								$	40,769,206								$	40,558,311
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings			$	5,133,688		$	21,972		1.72		%	$	4,928,031		$	21,747		1.77		%	$	4,749,808		$	15,160		1.28		%
Interest-bearing demand			7,265,621			48,109			2.66		%	7,490,119			49,990			2.68		%	6,663,775			34,961			2.10		%
Money market			5,995,005			46,391			3.11		%	6,116,604			47,306			3.11		%	6,743,810			43,529			2.59		%
Network transaction deposits			1,595,312			21,416			5.40		%	1,651,937			22,205			5.41		%	1,468,006			18,426			5.03		%
Time deposits			6,927,663			83,173			4.83		%	7,198,315			84,983			4.75		%	4,985,949			50,119			4.03		%
Total interest-bearing deposits			26,917,289			221,062			3.30		%	27,385,005			226,231			3.32		%	24,611,348			162,196			2.64		%
Federal funds purchased and securities sold under agreements to repurchase			213,921			2,303			4.33		%	263,979			2,863			4.36		%	285,754			2,261			3.17		%
Other short-term funding			561,596			7,044			5.04		%	449,999			5,603			5.01		%	12,179			—			0.01		%
FHLB advances			2,432,195			34,143			5.65		%	1,540,247			21,671			5.66		%	3,796,106			49,261			5.20		%
Long-term funding			533,670			10,096			7.57		%	539,106			10,058			7.46		%	543,003			9,596			7.07		%
Total short and long-term funding			3,741,381			53,586			5.75		%	2,793,331			40,194			5.78		%	4,637,042			61,118			5.28		%
Total interest-bearing liabilities			30,658,670			$	274,648		3.60		%	30,178,337			$	266,425		3.55		%	29,248,389			$	223,314		3.06		%
Noninterest-bearing demand deposits			5,712,115									5,882,052									6,669,787
Other liabilities			563,616									527,437									511,074
Stockholders’ equity			4,166,204									4,181,381									4,129,061
Total liabilities and stockholders’ equity			$	41,100,606								$	40,769,206								$	40,558,311
Interest rate spread									2.05		%							2.09		%							2.12		%
Net free funds									0.70		%							0.70		%							0.68		%
Fully tax-equivalent net interest income and net interest margin						$	260,340		2.75		%				$	261,628		2.79		%				$	262,708		2.80		%
Fully tax-equivalent adjustment						3,747									3,770									4,791
Net interest income						$	256,593								$	257,858								$	257,917

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.

7

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
			Six Months Ended June 30,
			2024									2023
($ 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			$	10,913,741		$	392,281		7.23		%	$	10,758,464		$	351,254		6.58		%
Commercial real estate lending			7,319,867			273,053			7.50		%	7,273,402			247,054			6.85		%
Total commercial			18,233,608			665,334			7.34		%	18,031,866			598,308			6.69		%
Residential mortgage			7,965,375			138,120			3.47		%	8,643,335			142,767			3.30		%
Auto finance			2,448,914			67,624			5.55		%	1,572,773			36,159			4.64		%
Other retail			826,396			41,221			10.00		%	895,720			38,629			8.65		%
Total loans			29,474,293			912,299			6.22		%	29,143,694			815,864			5.64		%
Investment securities
Taxable			5,598,890			97,206			3.47		%	5,109,481			65,987			2.58		%
Tax-exempt (a)			2,124,763			35,920			3.38		%	2,322,132			40,344			3.47		%
Other short-term investments			598,888			17,615			5.91		%	502,325			11,415			4.58		%
Investments and other			8,322,541			150,741			3.62		%	7,933,938			117,746			2.97		%
Total earning assets			37,796,834			$	1,063,040		5.65		%	37,077,632			$	933,610		5.06		%
Other assets, net			3,135,876									3,007,684
Total assets			$	40,932,710								$	40,085,316
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings			$	5,030,859		$	43,719		1.75		%	$	4,707,451		$	25,019		1.07		%
Interest-bearing demand			7,377,870			98,099			2.67		%	6,738,715			64,880			1.94		%
Money market			6,055,804			93,698			3.11		%	7,137,912			85,167			2.41		%
Network transaction deposits			1,623,625			43,621			5.40		%	1,308,434			31,252			4.82		%
Time deposits			7,062,989			168,156			4.79		%	3,681,352			65,301			3.58		%
Total interest-bearing deposits			27,151,147			447,293			3.31		%	23,573,864			271,618			2.32		%
Federal funds purchased and securities sold under agreements to repurchase			238,950			5,166			4.35		%	357,369			5,404			3.05		%
Other short-term funding			503,602			12,646			5.05		%	14,745			1			0.01		%
FHLB advances			1,986,221			55,814			5.65		%	4,024,052			99,222			4.97		%
Long-term funding			536,388			20,154			7.51		%	475,961			15,876			6.67		%
Total short and long-term funding			3,265,160			93,780			5.77		%	4,872,128			120,503			4.98		%
Total interest-bearing liabilities			30,416,308			$	541,073		3.58		%	28,445,992			$	392,121		2.78		%
Noninterest-bearing demand deposits			5,797,084									7,003,151
Other liabilities			545,526									540,457
Stockholders’ equity			4,173,793									4,095,717
Total liabilities and stockholders’ equity			$	40,932,710								$	40,085,316
Interest rate spread									2.07		%							2.28		%
Net free funds									0.70		%							0.65		%
Fully tax-equivalent net interest income and net interest margin						$	521,967		2.77		%				$	541,490		2.93		%
Fully tax-equivalent adjustment						7,516									9,563
Net interest income						$	514,451								$	531,927

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.

8

Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition			Jun 30, 2024			Mar 31, 2024			Seql Qtr % Change			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Comp Qtr % Change
Commercial and industrial			$	9,970,412		$	9,858,329		1		%	$	9,731,555		$	10,099,068		$	10,055,487		(1)		%
Commercial real estate—owner occupied			1,102,146			1,095,894			1		%	1,061,700			1,054,969			1,058,237			4		%
Commercial and business lending			11,072,558			10,954,223			1		%	10,793,255			11,154,037			11,113,724			—		%
Commercial real estate—investor			5,001,392			5,035,195			(1)		%	5,124,245			5,218,980			5,312,928			(6)		%
Real estate construction			2,255,637			2,287,041			(1)		%	2,271,398			2,130,719			2,009,060			12		%
Commercial real estate lending			7,257,029			7,322,237			(1)		%	7,395,644			7,349,699			7,321,988			(1)		%
Total commercial			18,329,587			18,276,460			—		%	18,188,898			18,503,736			18,435,711			(1)		%
Residential mortgage			7,840,073			7,868,180			—		%	7,864,891			8,782,645			8,746,345			(10)		%
Auto finance			2,556,009			2,471,257			3		%	2,256,162			2,007,164			1,777,974			44		%
Home equity			634,142			619,764			2		%	628,526			623,650			615,506			3		%
Other consumer			258,460			258,603			—		%	277,740			275,993			273,367			(5)		%
Total consumer			11,288,684			11,217,802			1		%	11,027,319			11,689,451			11,413,193			(1)		%
Total loans			$	29,618,271		$	29,494,263		—		%	$	29,216,218		$	30,193,187		$	29,848,904		(1)		%
Period end deposit and customer funding composition			Jun 30, 2024			Mar 31, 2024			Seql Qtr % Change			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Comp Qtr % Change
Noninterest-bearing demand			$	5,815,045		$	6,254,135		(7)		%	$	6,119,956		$	6,422,994		$	6,565,666		(11)		%
Savings			5,157,103			5,124,639			1		%	4,835,701			4,836,735			4,777,415			8		%
Interest-bearing demand			8,284,017			8,747,127			(5)		%	8,843,967			7,528,154			7,037,959			18		%
Money market			6,294,895			6,721,674			(6)		%	6,330,453			7,268,506			7,521,930			(16)		%
Brokered CDs			4,061,578			3,931,230			3		%	4,447,479			3,351,399			3,818,325			6		%
Other time deposits			3,078,401			2,934,352			5		%	2,868,494			2,715,538			2,293,114			34		%
Total deposits			32,691,039			33,713,158			(3)		%	33,446,049			32,123,326			32,014,409			2		%
Other customer funding(a)			89,524			90,536			(1)		%	106,620			151,644			170,873			(48)		%
Total deposits and other customer funding			$	32,780,564		$	33,803,694		(3)		%	$	33,552,669		$	32,274,971		$	32,185,282		2		%
Network transaction deposits(b)			$	1,502,919		$	1,792,820		(16)		%	$	1,566,139		$	1,649,389		$	1,600,619		(6)		%
Net deposits and other customer funding(c)			$	27,216,066		$	28,079,644		(3)		%	$	27,539,051		$	27,274,183		$	26,766,338		2		%
Quarter average loan composition			Jun 30, 2024			Mar 31, 2024			Seql Qtr % Change			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Comp Qtr % Change
Commercial and industrial			$	9,915,894		$	9,729,718		2		%	$	9,768,803		$	9,927,271		$	9,831,956		1		%
Commercial real estate—owner occupied			1,095,334			1,086,537			1		%	1,051,412			1,058,313			1,067,381			3		%
Commercial and business lending			11,011,228			10,816,255			2		%	10,820,214			10,985,584			10,899,337			1		%
Commercial real estate—investor			4,964,394			5,041,518			(2)		%	5,156,528			5,205,626			5,206,430			(5)		%
Real estate construction			2,285,379			2,348,444			(3)		%	2,241,281			2,107,018			2,088,937			9		%
Commercial real estate lending			7,249,773			7,389,962			(2)		%	7,397,809			7,312,645			7,295,367			(1)		%
Total commercial			18,261,000			18,206,217			—		%	18,218,024			18,298,229			18,194,703			—		%
Residential mortgage			7,905,236			7,896,956			—		%	8,691,258			8,807,157			8,701,496			(9)		%
Auto finance			2,524,107			2,373,720			6		%	2,138,536			1,884,540			1,654,523			53		%
Home equity			630,855			625,686			1		%	627,736			619,423			612,045			3		%
Other consumer			258,366			266,443			(3)		%	276,881			275,262			275,530			(6)		%
Total consumer			11,318,564			11,162,805			1		%	11,734,412			11,586,382			11,243,594			1		%
Total loans(d)			$	29,579,564		$	29,369,022		1		%	$	29,952,435		$	29,884,611		$	29,438,297		—		%
Quarter average deposit composition			Jun 30, 2024			Mar 31, 2024			Seql Qtr % Change			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Comp Qtr % Change
Noninterest-bearing demand			$	5,712,115		$	5,882,052		(3)		%	$	6,171,240		$	6,318,781		$	6,669,787		(14)		%
Savings			5,133,688			4,928,031			4		%	4,861,913			4,814,499			4,749,808			8		%
Interest-bearing demand			7,265,621			7,490,119			(3)		%	7,156,151			6,979,071			6,663,775			9		%
Money market			5,995,005			6,116,604			(2)		%	6,121,105			6,294,083			6,743,810			(11)		%
Network transaction deposits			1,595,312			1,651,937			(3)		%	1,616,719			1,639,619			1,468,006			9		%
Brokered CDs			3,927,727			4,268,881			(8)		%	3,470,516			3,428,711			3,001,775			31		%
Other time deposits			2,999,936			2,929,434			2		%	2,794,105			2,527,030			1,984,174			51		%
Total deposits			32,629,404			33,267,057			(2)		%	32,191,750			32,001,794			31,281,134			4		%
Other customer funding(a)			87,161			101,483			(14)		%	127,252			164,289			196,051			(56)		%
Total deposits and other customer funding			$	32,716,565		$	33,368,540		(2)		%	$	32,319,002		$	32,166,082		$	31,477,186		4		%
Net deposits and other customer funding(c)			$	27,193,526		$	27,447,723		(1)		%	$	27,231,767		$	27,097,752		$	27,007,405		1		%

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.

(c) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.

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

9

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation			YTD			YTD
($ in millions, except per share data)			Jun 2024			Jun 2023			2Q24			1Q24			4Q23			3Q23			2Q23
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets									7.18		%	7.08		%	7.11		%	6.88		%	6.94		%
Return on average equity			9.48		%	9.38		%	11.16		%	7.81		%	(8.74)		%	7.99		%	8.47		%
Return on average tangible common equity			13.78		%	13.79		%	16.25		%	11.31		%	(13.13)		%	11.67		%	12.38		%
Return on average common equity Tier 1			12.42		%	12.11		%	14.54		%	10.27		%	(11.85)		%	10.08		%	10.88		%
Return on average tangible assets			1.01		%	1.00		%	1.18		%	0.84		%	(0.88)		%	0.84		%	0.90		%
Average stockholders' equity / average assets			10.20		%	10.22		%	10.14		%	10.26		%	9.97		%	10.06		%	10.18		%
Tangible common equity reconciliation(a)
Common equity									$	4,048		$	3,975		$	3,980		$	3,934		$	3,929
Goodwill and other intangible assets, net									(1,141)			(1,143)			(1,145)			(1,148)			(1,150)
Tangible common equity									$	2,907		$	2,831		$	2,834		$	2,786		$	2,779
Tangible assets reconciliation(a)
Total assets									$	41,624		$	41,137		$	41,016		$	41,637		$	41,219
Goodwill and other intangible assets, net									(1,141)			(1,143)			(1,145)			(1,148)			(1,150)
Tangible assets									$	40,483		$	39,994		$	39,870		$	40,490		$	40,070
Average tangible common equity and average common equity Tier 1 reconciliation(a)
Common equity			$	3,980		$	3,902		$	3,972		$	3,987		$	3,926		$	3,938		$	3,935
Goodwill and other intangible assets, net			(1,143)			(1,152)			(1,142)			(1,145)			(1,147)			(1,149)			(1,151)
Tangible common equity			2,836			2,750			2,830			2,843			2,780			2,789			2,784
Modified CECL transitional amount			22			45			22			22			45			45			45
Accumulated other comprehensive loss			215			255			242			188			286			302			252
Deferred tax assets, net			18			28			25			12			27			28			28
Average common equity Tier 1			$	3,092		$	3,077		$	3,118		$	3,065		$	3,138		$	3,164		$	3,108
Average tangible assets reconciliation(a)
Total assets			$	40,933		$	40,085		$	41,101		$	40,769		$	41,331		$	41,076		$	40,558
Goodwill and other intangible assets, net			(1,143)			(1,152)			(1,142)			(1,145)			(1,147)			(1,149)			(1,151)
Tangible assets			$	39,789		$	38,933		$	39,958		$	39,625		$	40,184		$	39,927		$	39,407
Adjusted net income reconciliation(b)
Net income			$	197		$	191		$	116		$	81		$	(91)		$	83		$	87
Other intangible amortization, net of tax			3			3			2			2			2			2			2
Adjusted net income			$	200		$	194		$	117		$	83		$	(89)		$	85		$	89
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity			$	191		$	185		$	113		$	78		$	(94)		$	80		$	84
Other intangible amortization, net of tax			3			3			2			2			2			2			2
Adjusted net income available to common equity			$	194		$	188		$	114		$	80		$	(92)		$	82		$	86
Selected trend information(d)
Wealth management fees			$	44		$	41		$	23		$	22		$	21		$	21		$	20
Service charges and deposit account fees			25			25			12			12			11			13			12
Card-based fees			23			22			12			11			12			12			11
Other fee-based revenue			9			9			5			4			4			5			4
Fee-based revenue			102			97			52			50			47			50			49
Other			29			31			13			15			(178)			17			17
Total noninterest income			$	130		$	128		$	65		$	65		$	(131)		$	67		$	66
Pre-tax pre-provision income(e)
Income before income taxes			$	204		$	241		$	103		$	101		$	(138)		$	103		$	111
Provision for credit losses			47			40			23			24			21			22			22
Pre-tax pre-provision income			$	251		$	281		$	126		$	125		$	(117)		$	125		$	133

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.

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Associated Banc-Corp Non-GAAP Financial Measures Reconciliation			YTD Jun 2024			YTD Jun 2023			2Q24			1Q24			4Q23			3Q23			2Q23
End of period core customer deposits reconciliation
Total deposits									$	32,691		$	33,713		$	33,446		$	32,123		$	32,014
Network transaction deposits									(1,503)			(1,793)			(1,566)			(1,649)			(1,601)
Brokered CDs									(4,062)			(3,931)			(4,447)			(3,351)			(3,818)
Core customer deposits									$	27,127		$	27,989		$	27,432		$	27,123		$	26,595
Quarterly average core customer deposits reconciliation
Total deposits									$	32,629		$	33,267		$	32,192		$	32,002		$	31,281
Network transaction deposits									(1,595)			(1,652)			(1,617)			(1,640)			(1,468)
Brokered CDs									(3,928)			(4,269)			(3,471)			(3,429)			(3,002)
Core customer deposits									$	27,106		$	27,346		$	27,105		$	26,933		$	26,811
Efficiency ratio reconciliation(a)
Federal Reserve efficiency ratio			61.27		%	57.26		%	61.51		%	61.03		%	132.01		%	60.06		%	58.49		%
Fully tax-equivalent adjustment			(0.71)		%	(0.82)		%	(0.71)		%	(0.71)		%	(3.29)		%	(0.89)		%	(0.85)		%
Other intangible amortization			(0.69)		%	(0.67)		%	(0.68)		%	(0.69)		%	(1.21)		%	(0.69)		%	(0.68)		%
Fully tax-equivalent efficiency ratio			59.88		%	55.78		%	60.12		%	59.63		%	127.54		%	58.50		%	56.96		%
FDIC special assessment			(0.82)		%	—		%	0.73		%	(2.38)		%	(9.50)		%	—		%	—		%
Announced initiatives			—		%	—		%	—		%	—		%	(53.92)		%	—		%	—		%
Adjusted efficiency ratio			59.06		%	55.78		%	60.85		%	57.25		%	64.12		%	58.50		%	56.96		%

One Time Item Reconciliation			YTD			YTD
($ in millions, except per share data)			Jun 2024			Jun 2024 per share data (diluted)						2Q24			2Q24 per share data (diluted)
GAAP net income			$	197		$	1.26					$	116		$	0.74
Tax benefit(b)			(33)			(0.22)						(33)			(0.22)
Net income, excluding one time item			164			$	1.04					83			$	0.52
Less preferred stock dividends			(6)									(3)
Net income available to common equity, excluding one time item			$	158								$	80

One Time Item Noninterest Income Reconciliation									YTD
($ in thousands)						4Q23			Dec 2023
GAAP noninterest income						$	(131,013)		$	63,182
Loss on mortgage portfolio sale(c)						136,239			136,239
Net loss on sale of investments(c)						64,940			64,940
Noninterest income, excluding one time items						$	70,166		$	264,361
One Time Item Noninterest Expense Reconciliation									YTD
($ in thousands)						4Q23			Dec 2023
GAAP noninterest expense						$	239,391		$	813,682
FDIC special assessment						(30,597)			(30,597)
Noninterest expense, excluding one time item						$	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 tax benefit classified as a one time item is the result of a strategic reallocation of the Corporation's investment securities portfolio which occurred in the second quarter of 2024.

(c)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.

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