EX-99.1 2 asb12312024ex991.htm EX-99.1

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

Associated Banc-Corp Reports Full Year 2024 Earnings of $0.72 Per Common Share, or $2.38 Per Common Share Excluding Nonrecurring Items Recognized During the Fourth Quarter 1
GREEN BAY, Wis. -- January 23, 2025 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $112 million, or $0.72 per common share for the year ended December 31, 2024. These amounts compare to earnings of $171 million, or $1.13 per common share, for the year ended December 31, 2023. For the quarter ended December 31, 2024, the Company reported a loss of $164 million, or $1.03 per common share. 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 $85 million, or $0.56 per common share for the quarter ended September 30, 2024.
The Company's results for the year and quarter ended December 31, 2024 were impacted by several nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter. Excluding the impact of these nonrecurring items, the Company reported adjusted earnings of $367 million, or $2.38 per common share 1 for the year, and $91 million, or $0.57 per common share 1 for the fourth quarter. The fourth quarter nonrecurring items consisted of a $130 million loss on a mortgage portfolio sale, a $148 million net loss on a sale of investments, a $14 million loss on prepayments of FHLB advances, a $1 million increase in provision, and a $39 million tax benefit.
“2024 was a year of significant progress for Associated," said President and CEO Andy Harmening. "We bolstered our executive team with several high-quality leaders, enhanced our consumer value proposition, expanded our commercial team, and complemented these actions with an equity raise and balance sheet repositioning. In the fourth quarter, the emerging momentum from these actions drove strong core financial results, with robust commercial loan growth, core customer deposit 1 growth, and stable credit trends."
"We're entering 2025 with several tailwinds including record-high customer satisfaction scores, net customer household growth, balance sheet growth, and a strengthened profitability profile. We feel well-positioned to deliver enhanced value for all of our stakeholders in 2025, and we look forward to providing updates throughout the year."
2024 SUMMARY (all comparisons on a period end basis compared to 2023)
•Diluted GAAP earnings per common share of $0.72; Adjusted diluted earnings per common share of $2.38 1
•Total deposit growth of $1.2 billion; Total core customer deposit growth of $1.2 billion 1
•Total loan growth of $552 million; Adjusted total loan growth of $1.3 billion 1
•Net interest income of $1.0 billion
•Total noninterest (loss) income of $(9) million; Adjusted noninterest income of $269 million 1
•Total noninterest expense of $818 million; Adjusted noninterest expense of $804 million 1
•Provision for credit losses of $85 million
•Net charge offs / average loans of 0.23%
1 This is a non-GAAP financial measure. See pages 10 and 11 of the attached tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans
Fourth quarter 2024 period end total loans of $29.8 billion decreased 1%, or $222 million, from the prior quarter, driven primarily by a sale of $723 million in residential mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024. Compared to the same period last year, period end total loans were up 2%, or $552 million. With respect to fourth quarter 2024 period end balances by loan category:
•Commercial and business lending increased $338 million from the prior quarter and increased $924 million from the same period last year to $11.7 billion.
•Commercial real estate lending increased $26 million from the prior quarter and decreased $185 million from the same period last year to $7.2 billion.
•Total consumer lending decreased $586 million from the prior quarter and decreased $187 million from the same period last year to $10.8 billion.
Fourth quarter 2024 average total loans of $30.2 billion were up 2%, or $568 million, from the prior quarter and were up 1%, or $249 million, from the same period last year. With respect to fourth quarter 2024 average balances by loan category:
•Commercial and business lending increased $503 million from the prior quarter and increased $654 million from the same period last year to $11.5 billion.
•Commercial real estate lending decreased $29 million from the prior quarter and decreased $191 million from the same period last year to $7.2 billion.
•Total consumer lending increased $93 million from the prior quarter and decreased $214 million from the same period last year to $11.5 billion.
Full year 2024 average loans of $29.7 billion were up 1%, or $163 million, from 2023. With respect to full year 2024 average balances by loan category:
•Commercial and business lending increased $238 million to $11.1 billion.
•Commercial real estate lending decreased $44 million to $7.3 billion.
•Total consumer lending decreased $30 million to $11.4 billion.
In 2025, we expect total period end loan growth of 5% to 6% as compared to the year ended December 31, 2024.
Deposits
Fourth quarter 2024 period end deposits of $34.6 billion were up 3%, or $1.1 billion, from the prior quarter and were up 4%, or $1.2 billion from the same period last year. With respect to fourth quarter 2024 period end balances by deposit category:
•Noninterest-bearing demand deposits decreased $82 million from the prior quarter and decreased $344 million from the same period last year to $5.8 billion.

•Savings increased $61 million from the prior quarter and increased $298 million from the same period last year to $5.1 billion.
•Interest-bearing demand deposits increased $519 million from the prior quarter and increased $281 million from the same period last year to $9.1 billion.
•Money market deposits increased $543 million from the prior quarter and increased $307 million from the same period last year to $6.6 billion.
•Total time deposits increased $53 million from the prior quarter and increased $661 million from the same period last year to $8.0 billion.
•Network transaction deposits (included in money market and interest-bearing demand deposits) increased $191 million from the prior quarter and increased $192 million from the same period last year to $1.8 billion.
Fourth quarter 2024 average deposits of $34.3 billion were up 3%, or $1.0 billion, from the prior quarter and were up 7%, or $2.1 billion from the same period last year. With respect to fourth quarter 2024 average balances by deposit category:
•Noninterest-bearing demand deposits increased $86 million from the prior quarter and decreased $433 million from the same period last year to $5.7 billion.
•Savings increased $7 million from the prior quarter and increased $270 million from the same period last year to $5.1 billion.
•Interest-bearing demand deposits increased $229 million from the prior quarter and increased $467 million from the same period last year to $7.6 billion.
•Money market deposits decreased $18 million from the prior quarter and decreased $197 million from the same period last year to $5.9 billion.
•Total time deposits increased $666 million from the prior quarter and increased $2.0 billion from the same period last year to $8.2 billion.
•Network transaction deposits increased $46 million from the prior quarter and increased $74 million from the same period last year to $1.7 billion.
Full year 2024 average deposits of $33.4 billion were up 7%, or $2.0 billion from 2023. With respect to full year 2024 average balances by deposit category:
•Noninterest-bearing demand deposits decreased $875 million to $5.7 billion.
•Savings increased $307 million to $5.1 billion.
•Interest-bearing demand deposits increased $539 million to $7.4 billion.
•Money market deposits decreased $675 million to $6.0 billion.
•Network transaction deposits increased $176 million to $1.6 billion.
•Total time deposits increased $2.6 billion to $7.5 billion.

In 2025, we expect period end total deposit growth of 1% to 2% and period end core customer deposit growth of 4% to 5% as compared to the year ended December 31, 2024.
Net Interest Income and Net Interest Margin
Full year 2024 net interest income of $1.0 billion was up 1%, or $8 million, from 2023. Net interest margin of 2.78% decreased 3 basis points from the prior year.
•The average yield on total earning assets increased 36 basis points from the prior year to 5.61%.
•The average cost of interest-bearing liabilities increased 38 basis points from the prior year to 3.51%.
•The net free funds benefit decreased 1 basis point from the prior year to 0.68%.
Fourth quarter 2024 net interest income of $270 million increased 3%, or $8 million, from the prior quarter. Net interest margin of 2.81% increased 3 basis points from the prior quarter. Compared to the same period last year, net interest income increased 7%, or $17 million, and the net interest margin increased 12 basis points.
•The average yield on total earning assets for the fourth quarter of 2024 decreased 22 basis points from the prior quarter and decreased 5 basis points from the same period last year to 5.46%.
•The average cost of total interest-bearing liabilities for the fourth quarter of 2024 decreased 30 basis points from the prior quarter and decreased 26 basis points from the same period last year to 3.29%.
•The net free funds benefit for the fourth quarter of 2024 decreased 5 basis points from the prior quarter and decreased 9 basis points from the same period last year to 0.64%.
We expect total net interest income growth of 12% to 13% in 2025.
Noninterest Income
Full year 2024 noninterest income of negative $9 million decreased $73 million from the prior year. The decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to 2024 noninterest income line items:
•Investment securities losses, net increased $85 million from the prior year, driven primarily by a $148 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2024.
•Loss on mortgage portfolio sale decreased $6 million from the prior year, driven by a $130 million loss on sale of mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024.
•Wealth management fees increased $10 million from the prior year.
•Mortgage banking, net decreased $9 million from the prior year.
•Service charges and deposit account fees increased $3 million from the prior year.
•Capital markets, net decreased $3 million from the prior year.

Fourth quarter 2024 total noninterest income of negative $207 million decreased $274 million from the prior quarter and decreased $76 million from the same period last year. The decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to fourth quarter 2024 noninterest income line items:
•Investment securities gains (losses) decreased $148 million from the prior quarter and decreased $89 million from the same period last year, driven primarily by a $148 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2024.
•Loss on mortgage portfolio sale increased $130 million from the prior quarter and decreased $6 million from the same period last year, driven by a $130 million loss on sale of mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024.
•Wealth management fees were down slightly compared to the prior quarter and increased $3 million from the same period last year.
•Capital markets, net increased $5 million from the prior quarter and was down slightly compared to the same period last year.
•Mortgage banking, net increased $1 million from the prior quarter and increased $2 million from the same period last year.
After adjusting to exclude the impact of the mortgage and investment securities sales announced during the fourth quarter of 2024, we expect total noninterest income growth of between 0% and 1% in 2025.
Noninterest Expense
Full year 2024 noninterest expense of $818 million increased 1%, or $5 million, from the prior year, including a $14 million expense for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024. With respect to full year 2024 noninterest expense line items:
•FDIC assessment expense decreased $29 million from the prior year, driven primarily by a $31 million expense for the special assessment during the fourth quarter of 2023.
•Personnel expense increased $20 million from the prior year, largely driven by increased investment in our colleagues.
•Technology expense increased $6 million from the prior year, driven by investments tied to our strategic initiatives.
Fourth quarter 2024 noninterest expense of $224 million increased $24 million from the prior quarter, driven primarily by a $14 million expense for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024, and decreased $15 million from the same period last year, driven primarily by a $31 million expense for the FDIC special assessment during the fourth quarter of 2023. With respect to fourth quarter 2024 noninterest expense line items:
•Personnel expense increased $5 million from the prior quarter and increased $5 million from the same period last year.

•FDIC assessment expense increased $1 million from the prior quarter and decreased $32 million from the same period last year, primarily driven by the $31 million special assessment during the fourth quarter of 2023.
•Technology expense decreased slightly from the prior quarter and decreased $1 million from the same period last year.
After adjusting to exclude the $14 million impact of the loss on prepayments of FHLB advances recognized in the fourth quarter of 2024, we expect total noninterest expense to grow by 3% to 4% in 2025.
Taxes
The fourth quarter of 2024 had a tax benefit of $16 million compared to $20 million of tax expense in the prior quarter and $47 million of tax benefit in the same period last year. The tax benefit recognized in the fourth quarter of 2024 was driven primarily by a loss on income before income taxes as a result of nonrecurring items associated with the previously announced balance sheet repositioning.
In 2025, we expect the annual effective tax rate to be between 19% and 21%, assuming no change in the corporate tax rate.
Credit
Full year 2024 provision for credit losses was $85 million, compared to a provision of $83 million in the prior year. The increase in provision in 2024 was primarily driven by loan growth related to our strategic initiatives.
The fourth quarter 2024 provision for credit losses was $17 million, compared to a provision of $21 million in the prior quarter and a provision of $21 million in the same period last year. With respect to fourth quarter 2024 credit quality:
•Nonaccrual loans of $123 million decreased $5 million, or 4%, from the prior quarter and decreased $26 million, or 17%, from the same period last year. The nonaccrual loans to total loans ratio was 0.41% in the fourth quarter, down from 0.43% in the prior quarter and down from 0.51% in the same period last year.
•Net charge offs of $12 million decreased $1 million, or 7%, from the prior quarter and decreased $3 million, or 22%, from the same period last year.
•The allowance for credit losses on loans (ACLL) of $402 million increased $5 million from the prior quarter and increased $16 million from the same period last year. The ACLL to total loans ratio was 1.35% in the fourth quarter, up from 1.33% in the prior quarter and up from 1.32% in the same period last year.
In 2025, we expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.

Capital
The Company’s capital position remains strong, with a CET1 capital ratio of 10.00% at December 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.

FOURTH 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, January 23, 2025. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp fourth quarter 2024 earnings call. The fourth 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 $43 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," “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 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”). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

# # #

Associated Banc-Corp Consolidated Balance Sheets (Unaudited) |  |  |  |  |  |  |
($ in thousands) | December 31, 2024 | September 30, 2024 | Seql Qtr $ Change | June 30, 2024 | March 31, 2024 | December 31, 2023 | Comp Qtr $ Change
Assets |  |  |  |  |  |  |
Cash and due from banks | $ | 544,059 |  | $ | 554,631 |  | $ | (10,571) |  | $ | 470,818 |  | $ | 429,859 |  | $ | 484,384 |  | $ | 59,675 |
Interest-bearing deposits in other financial institutions | 453,590 |  | 408,101 |  | 45,488 |  | 484,677 |  | 420,114 |  | 425,089 |  | 28,501 |
Federal funds sold and securities purchased under agreements to resell | 21,955 |  | 4,310 |  | 17,645 |  | 3,600 |  | 1,610 |  | 14,350 |  | 7,605 |
Investment securities available for sale, at fair value | 4,581,434 |  | 4,152,527 |  | 428,907 |  | 3,912,730 |  | 3,724,148 |  | 3,600,892 |  | 980,542 |
Investment securities held to maturity, net, at amortized cost | 3,738,687 |  | 3,769,150 |  | (30,463) |  | 3,799,035 |  | 3,832,967 |  | 3,860,160 |  | (121,473) |
Equity securities | 23,242 |  | 23,158 |  | 84 |  | 22,944 |  | 19,571 |  | 41,651 |  | (18,409) |
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 179,665 |  | 178,168 |  | 1,497 |  | 212,102 |  | 173,968 |  | 229,171 |  | (49,506) |
Residential loans held for sale | 646,687 |  | 67,219 |  | 579,467 |  | 83,795 |  | 52,414 |  | 33,011 |  | 613,676 |
Commercial loans held for sale | 32,634 |  | 11,833 |  | 20,801 |  | — |  | — |  | 90,303 |  | (57,669) |
Loans | 29,768,586 |  | 29,990,897 |  | (222,311) |  | 29,618,271 |  | 29,494,263 |  | 29,216,218 |  | 552,368 |
Allowance for loan losses | (363,545) |  | (361,765) |  | (1,780) |  | (355,844) |  | (356,006) |  | (351,094) |  | (12,451) |
Loans, net | 29,405,041 |  | 29,629,131 |  | (224,091) |  | 29,262,428 |  | 29,138,257 |  | 28,865,124 |  | 539,917 |
Tax credit and other investments | 258,886 |  | 265,385 |  | (6,498) |  | 246,300 |  | 255,252 |  | 258,067 |  | 819 |
Premises and equipment, net | 379,093 |  | 373,816 |  | 5,276 |  | 369,968 |  | 367,618 |  | 372,978 |  | 6,115 |
Bank and corporate owned life insurance | 689,000 |  | 686,704 |  | 2,296 |  | 683,451 |  | 685,089 |  | 682,649 |  | 6,351 |
Goodwill | 1,104,992 |  | 1,104,992 |  | — |  | 1,104,992 |  | 1,104,992 |  | 1,104,992 |  | — |
Other intangible assets, net | 31,660 |  | 33,863 |  | (2,203) |  | 36,066 |  | 38,268 |  | 40,471 |  | (8,811) |
Mortgage servicing rights, net | 87,683 |  | 81,977 |  | 5,707 |  | 85,640 |  | 85,226 |  | 84,390 |  | 3,293 |
Interest receivable | 167,772 |  | 167,777 |  | (5) |  | 173,106 |  | 167,092 |  | 169,569 |  | (1,797) |
Other assets | 676,987 |  | 698,073 |  | (21,086) |  | 672,256 |  | 640,638 |  | 658,604 |  | 18,383 |
Total assets | $ | 43,023,068 |  | $ | 42,210,815 |  | $ | 812,253 |  | $ | 41,623,908 |  | $ | 41,137,084 |  | $ | 41,015,855 |  | $ | 2,007,213 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Noninterest-bearing demand deposits | $ | 5,775,657 |  | $ | 5,857,421 |  | $ | (81,764) |  | $ | 5,815,045 |  | $ | 6,254,135 |  | $ | 6,119,956 |  | $ | (344,299) |
Interest-bearing deposits | 28,872,777 |  | 27,696,877 |  | 1,175,900 |  | 26,875,995 |  | 27,459,023 |  | 27,326,093 |  | 1,546,684 |
Total deposits | 34,648,434 |  | 33,554,298 |  | 1,094,136 |  | 32,691,039 |  | 33,713,158 |  | 33,446,049 |  | 1,202,385 |
Short-term funding | 470,369 |  | 917,028 |  | (446,659) |  | 859,539 |  | 765,671 |  | 326,780 |  | 143,589 |
FHLB advances | 1,853,807 |  | 1,913,294 |  | (59,486) |  | 2,673,046 |  | 1,333,411 |  | 1,940,194 |  | (86,387) |
Other long-term funding | 837,635 |  | 844,342 |  | (6,707) |  | 536,113 |  | 536,055 |  | 541,269 |  | 296,366 |
Allowance for unfunded commitments | 38,776 |  | 35,776 |  | 3,000 |  | 33,776 |  | 31,776 |  | 34,776 |  | 4,000 |
Accrued expenses and other liabilities | 568,485 |  | 532,842 |  | 35,644 |  | 588,057 |  | 588,341 |  | 552,814 |  | 15,671 |
Total liabilities | 38,417,506 |  | 37,797,579 |  | 619,927 |  | 37,381,571 |  | 36,968,412 |  | 36,841,882 |  | 1,575,624 |
Stockholders’ equity |  |  |  |  |  |  |
Preferred equity | 194,112 |  | 194,112 |  | — |  | 194,112 |  | 194,112 |  | 194,112 |  | — |
Common equity | 4,411,450 |  | 4,219,125 |  | 192,325 |  | 4,048,225 |  | 3,974,561 |  | 3,979,861 |  | 431,589 |
Total stockholders’ equity | 4,605,562 |  | 4,413,236 |  | 192,325 |  | 4,242,337 |  | 4,168,673 |  | 4,173,973 |  | 431,589 |
Total liabilities and stockholders’ equity | $ | 43,023,068 |  | $ | 42,210,815 |  | $ | 812,253 |  | $ | 41,623,908 |  | $ | 41,137,084 |  | $ | 41,015,855 |  | $ | 2,007,213 |

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) | 4Q24 | 4Q23 | $ Change | % Change | December 2024 | December 2023 | $ Change | % Change
Interest income |  |  |  |  |  |  |  |
Interest and fees on loans | $ | 453,253 |  | $ | 457,868 |  | $ | (4,615) |  | (1) | % | $ | 1,830,241 |  | $ | 1,720,406 |  | $ | 109,835 |  | 6 | %
Interest and dividends on investment securities |  |  |  |  |  |  |  |
Taxable | 50,524 |  | 41,809 |  | 8,715 |  | 21 | % | 198,579 |  | 146,006 |  | 52,573 |  | 36 | %
Tax-exempt | 14,469 |  | 15,273 |  | (804) |  | (5) | % | 58,572 |  | 63,233 |  | (4,661) |  | (7) | %
Other interest | 10,478 |  | 10,418 |  | 60 |  | 1 | % | 35,312 |  | 28,408 |  | 6,904 |  | 24 | %
Total interest income | 528,724 |  | 525,367 |  | 3,357 |  | 1 | % | 2,122,704 |  | 1,958,052 |  | 164,652 |  | 8 | %
Interest expense |  |  |  |  |  |  |  |
Interest on deposits | 222,888 |  | 208,875 |  | 14,013 |  | 7 | % | 901,804 |  | 673,624 |  | 228,180 |  | 34 | %
Interest on federal funds purchased and securities sold under agreements to repurchase | 3,203 |  | 3,734 |  | (531) |  | (14) | % | 11,754 |  | 12,238 |  | (484) |  | (4) | %
Interest on other short-term funding | 668 |  | — |  | 668 |  | N/M | 17,597 |  | 1 |  | 17,596 |  | N/M
Interest on FHLB advances | 17,908 |  | 49,171 |  | (31,263) |  | (64) | % | 98,520 |  | 196,535 |  | (98,015) |  | (50) | %
Interest on long-term funding | 13,769 |  | 10,185 |  | 3,584 |  | 35 | % | 45,781 |  | 36,080 |  | 9,701 |  | 27 | %
Total interest expense | 258,436 |  | 271,965 |  | (13,529) |  | (5) | % | 1,075,456 |  | 918,479 |  | 156,977 |  | 17 | %
Net interest income | 270,289 |  | 253,403 |  | 16,886 |  | 7 | % | 1,047,248 |  | 1,039,573 |  | 7,675 |  | 1 | %
Provision for credit losses | 16,986 |  | 21,007 |  | (4,021) |  | (19) | % | 84,986 |  | 83,021 |  | 1,965 |  | 2 | %
Net interest income after provision for credit losses | 253,303 |  | 232,395 |  | 20,908 |  | 9 | % | 962,263 |  | 956,552 |  | 5,711 |  | 1 | %
Noninterest income |  |  |  |  |  |  |  |
Wealth management fees | 24,103 |  | 21,003 |  | 3,100 |  | 15 | % | 92,569 |  | 82,502 |  | 10,067 |  | 12 | %
Service charges and deposit account fees | 13,232 |  | 10,815 |  | 2,417 |  | 22 | % | 51,642 |  | 49,045 |  | 2,597 |  | 5 | %
Card-based fees | 11,948 |  | 11,528 |  | 420 |  | 4 | % | 46,921 |  | 45,020 |  | 1,901 |  | 4 | %
Other fee-based revenue | 5,182 |  | 4,019 |  | 1,163 |  | 29 | % | 19,499 |  | 17,268 |  | 2,231 |  | 13 | %
Capital markets, net | 9,032 |  | 9,106 |  | (74) |  | (1) | % | 22,084 |  | 24,649 |  | (2,565) |  | (10) | %
Mortgage banking, net | 3,387 |  | 1,615 |  | 1,772 |  | 110 | % | 10,686 |  | 19,429 |  | (8,743) |  | (45) | %
Loss on mortgage portfolio sale | (130,406) |  | (136,239) |  | 5,833 |  | (4) | % | (130,406) |  | (136,239) |  | 5,833 |  | (4) | %
Bank and corporate owned life insurance | 2,322 |  | 3,383 |  | (1,061) |  | (31) | % | 13,477 |  | 10,266 |  | 3,211 |  | 31 | %
Asset gains (losses), net | 364 |  | (136) |  | 500 |  | N/M | (1,042) |  | 454 |  | (1,496) |  | N/M
Investment securities (losses), net | (148,194) |  | (58,958) |  | (89,236) |  | 151 | % | (144,147) |  | (58,903) |  | (85,244) |  | 145 | %
Other | 2,257 |  | 2,850 |  | (593) |  | (21) | % | 9,310 |  | 9,691 |  | (381) |  | (4) | %
Total noninterest (loss) income | (206,772) |  | (131,013) |  | (75,759) |  | 58 | % | (9,407) |  | 63,182 |  | (72,589) |  | N/M
Noninterest expense |  |  |  |  |  |  |  |
Personnel | 125,944 |  | 120,686 |  | 5,258 |  | 4 | % | 487,956 |  | 468,355 |  | 19,601 |  | 4 | %
Technology | 26,984 |  | 28,027 |  | (1,043) |  | (4) | % | 107,563 |  | 102,018 |  | 5,545 |  | 5 | %
Occupancy | 14,325 |  | 14,429 |  | (104) |  | (1) | % | 54,622 |  | 57,204 |  | (2,582) |  | (5) | %
Business development and advertising | 7,408 |  | 8,350 |  | (942) |  | (11) | % | 28,142 |  | 28,405 |  | (263) |  | (1) | %
Equipment | 4,729 |  | 4,742 |  | (13) |  | — | % | 18,431 |  | 19,663 |  | (1,232) |  | (6) | %
Legal and professional | 6,861 |  | 6,762 |  | 99 |  | 1 | % | 21,601 |  | 19,911 |  | 1,690 |  | 8 | %
Loan and foreclosure costs | 1,951 |  | 585 |  | 1,366 |  | N/M | 8,471 |  | 5,408 |  | 3,063 |  | 57 | %
FDIC assessment | 9,139 |  | 41,497 |  | (32,358) |  | (78) | % | 38,439 |  | 67,072 |  | (28,633) |  | (43) | %
Other intangible amortization | 2,203 |  | 2,203 |  | — |  | — | % | 8,811 |  | 8,811 |  | — |  | — | %
Loss on prepayments of FHLB advances | 14,243 |  | — |  | 14,243 |  | N/M | 14,243 |  | — |  | 14,243 |  | N/M
Other | 10,496 |  | 12,110 |  | (1,614) |  | (13) | % | 30,118 |  | 36,837 |  | (6,719) |  | (18) | %
Total noninterest expense | 224,282 |  | 239,391 |  | (15,109) |  | (6) | % | 818,397 |  | 813,682 |  | 4,715 |  | 1 | %
(Loss) income before income taxes | (177,752) |  | (138,009) |  | (39,743) |  | 29 | % | 134,459 |  | 206,052 |  | (71,593) |  | (35) | %
Income tax (benefit) expense | (16,137) |  | (47,202) |  | 31,065 |  | (66) | % | 11,314 |  | 23,097 |  | (11,783) |  | (51) | %
Net (loss) income | (161,615) |  | (90,806) |  | (70,809) |  | 78 | % | 123,145 |  | 182,956 |  | (59,811) |  | (33) | %
Preferred stock dividends | 2,875 |  | 2,875 |  | — |  | — | % | 11,500 |  | 11,500 |  | — |  | — | %
Net (loss) income available to common equity | $ | (164,490) |  | $ | (93,681) |  | $ | (70,809) |  | 76 | % | $ | 111,645 |  | $ | 171,456 |  | $ | (59,811) |  | (35) | %
(Loss) earnings per common share |  |  |  |  |  |  |  |
Basic | $ | (1.04) |  | $ | (0.63) |  | $ | (0.41) |  | 65 | % | $ | 0.73 |  | $ | 1.14 |  | $ | (0.41) |  | (36) | %
Diluted | $ | (1.03) |  | $ | (0.62) |  | $ | (0.41) |  | 66 | % | $ | 0.72 |  | $ | 1.13 |  | $ | (0.41) |  | (36) | %
Average common shares outstanding |  |  |  |  |  |  |  |
Basic | 157,710 |  | 150,085 |  | 7,625 |  | 5 | % | 151,933 |  | 149,968 |  | 1,965 |  | 1 | %
Diluted | 159,164 |  | 151,007 |  | 8,157 |  | 5 | % | 153,347 |  | 150,860 |  | 2,487 |  | 2 | %

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
4Q24 | 3Q24 | $ Change | % Change | 2Q24 | 1Q24 | 4Q23 | $ Change | % Change
Interest income |  |  |  |  |  |  |  |  |
Interest and fees on loans | $ | 453,253 |  | $ | 465,728 |  | $ | (12,476) |  | (3) | % | $ | 456,788 |  | $ | 454,472 |  | $ | 457,868 |  | $ | (4,615) |  | (1) | %
Interest and dividends on investment securities |  |  |  |  |  |  |  |  |
Taxable | 50,524 |  | 51,229 |  | (705) |  | (1) | % | 50,278 |  | 46,548 |  | 41,809 |  | 8,715 |  | 21 | %
Tax-exempt | 14,469 |  | 14,660 |  | (191) |  | (1) | % | 14,669 |  | 14,774 |  | 15,273 |  | (804) |  | (5) | %
Other interest | 10,478 |  | 8,701 |  | 1,777 |  | 20 | % | 8,539 |  | 7,595 |  | 10,418 |  | 60 |  | 1 | %
Total interest income | 528,724 |  | 540,318 |  | (11,594) |  | (2) | % | 530,274 |  | 523,388 |  | 525,367 |  | 3,357 |  | 1 | %
Interest expense |  |  |  |  |  |  |  |  |
Interest on deposits | 222,888 |  | 231,623 |  | (8,736) |  | (4) | % | 221,062 |  | 226,231 |  | 208,875 |  | 14,013 |  | 7 | %
Interest on federal funds purchased and securities sold under agreements to repurchase | 3,203 |  | 3,385 |  | (182) |  | (5) | % | 2,303 |  | 2,863 |  | 3,734 |  | (531) |  | (14) | %
Interest on other short-term funding | 668 |  | 6,144 |  | (5,476) |  | (89) | % | 6,077 |  | 4,708 |  | — |  | 668 |  | N/M
Interest on FHLB advances | 17,908 |  | 24,799 |  | (6,891) |  | (28) | % | 34,143 |  | 21,671 |  | 49,171 |  | (31,263) |  | (64) | %
Interest on long-term funding | 13,769 |  | 11,858 |  | 1,911 |  | 16 | % | 10,096 |  | 10,058 |  | 10,185 |  | 3,584 |  | 35 | %
Total interest expense | 258,436 |  | 277,809 |  | (19,374) |  | (7) | % | 273,681 |  | 265,530 |  | 271,965 |  | (13,529) |  | (5) | %
Net interest income | 270,289 |  | 262,509 |  | 7,780 |  | 3 | % | 256,593 |  | 257,858 |  | 253,403 |  | 16,886 |  | 7 | %
Provision for credit losses | 16,986 |  | 20,991 |  | (4,006) |  | (19) | % | 23,008 |  | 24,001 |  | 21,007 |  | (4,021) |  | (19) | %
Net interest income after provision for credit losses | 253,303 |  | 241,518 |  | 11,785 |  | 5 | % | 233,585 |  | 233,857 |  | 232,395 |  | 20,908 |  | 9 | %
Noninterest income |  |  |  |  |  |  |  |  |
Wealth management fees | 24,103 |  | 24,144 |  | (41) |  | — | % | 22,628 |  | 21,694 |  | 21,003 |  | 3,100 |  | 15 | %
Service charges and deposit account fees | 13,232 |  | 13,708 |  | (475) |  | (3) | % | 12,263 |  | 12,439 |  | 10,815 |  | 2,417 |  | 22 | %
Card-based fees | 11,948 |  | 11,731 |  | 216 |  | 2 | % | 11,975 |  | 11,267 |  | 11,528 |  | 420 |  | 4 | %
Other fee-based revenue | 5,182 |  | 5,057 |  | 125 |  | 2 | % | 4,857 |  | 4,402 |  | 4,019 |  | 1,163 |  | 29 | %
Capital markets, net | 9,032 |  | 4,317 |  | 4,715 |  | 109 | % | 4,685 |  | 4,050 |  | 9,106 |  | (74) |  | (1) | %
Mortgage banking, net | 3,387 |  | 2,132 |  | 1,255 |  | 59 | % | 2,505 |  | 2,662 |  | 1,615 |  | 1,772 |  | 110 | %
Loss on mortgage portfolio sale | (130,406) |  | — |  | (130,406) |  | N/M | — |  | — |  | (136,239) |  | 5,833 |  | (4) | %
Bank and corporate owned life insurance | 2,322 |  | 4,001 |  | (1,680) |  | (42) | % | 4,584 |  | 2,570 |  | 3,383 |  | (1,061) |  | (31) | %
Asset gains (losses), net | 364 |  | (474) |  | 838 |  | N/M | (627) |  | (306) |  | (136) |  | 500 |  | N/M
Investment securities (losses) gains, net | (148,194) |  | 100 |  | (148,294) |  | N/M | 67 |  | 3,879 |  | (58,958) |  | (89,236) |  | 151 | %
Other | 2,257 |  | 2,504 |  | (248) |  | (10) | % | 2,222 |  | 2,327 |  | 2,850 |  | (593) |  | (21) | %
Total noninterest (loss) income | (206,772) |  | 67,221 |  | (273,994) |  | N/M | 65,159 |  | 64,985 |  | (131,013) |  | (75,759) |  | 58 | %
Noninterest expense |  |  |  |  |  |  |  |  |
Personnel | 125,944 |  | 121,036 |  | 4,908 |  | 4 | % | 121,581 |  | 119,395 |  | 120,686 |  | 5,258 |  | 4 | %
Technology | 26,984 |  | 27,217 |  | (233) |  | (1) | % | 27,161 |  | 26,200 |  | 28,027 |  | (1,043) |  | (4) | %
Occupancy | 14,325 |  | 13,536 |  | 789 |  | 6 | % | 13,128 |  | 13,633 |  | 14,429 |  | (104) |  | (1) | %
Business development and advertising | 7,408 |  | 6,683 |  | 725 |  | 11 | % | 7,535 |  | 6,517 |  | 8,350 |  | (942) |  | (11) | %
Equipment | 4,729 |  | 4,653 |  | 75 |  | 2 | % | 4,450 |  | 4,599 |  | 4,742 |  | (13) |  | — | %
Legal and professional | 6,861 |  | 5,639 |  | 1,222 |  | 22 | % | 4,429 |  | 4,672 |  | 6,762 |  | 99 |  | 1 | %
Loan and foreclosure costs | 1,951 |  | 2,748 |  | (797) |  | (29) | % | 1,793 |  | 1,979 |  | 585 |  | 1,366 |  | N/M
FDIC assessment | 9,139 |  | 8,223 |  | 915 |  | 11 | % | 7,131 |  | 13,946 |  | 41,497 |  | (32,358) |  | (78) | %
Other intangible amortization | 2,203 |  | 2,203 |  | — |  | — | % | 2,203 |  | 2,203 |  | 2,203 |  | — |  | — | %
Loss on prepayments of FHLB advances | 14,243 |  | — |  | 14,243 |  | N/M | — |  | — |  | — |  | 14,243 |  | N/M
Other | 10,496 |  | 8,659 |  | 1,837 |  | 21 | % | 6,450 |  | 4,513 |  | 12,110 |  | (1,614) |  | (13) | %
Total noninterest expense | 224,282 |  | 200,597 |  | 23,685 |  | 12 | % | 195,861 |  | 197,657 |  | 239,391 |  | (15,109) |  | (6) | %
(Loss) income before income taxes | (177,752) |  | 108,142 |  | (285,894) |  | N/M | 102,884 |  | 101,185 |  | (138,009) |  | (39,743) |  | 29 | %
Income tax (benefit) expense | (16,137) |  | 20,124 |  | (36,261) |  | N/M | (12,689) |  | 20,016 |  | (47,202) |  | 31,065 |  | (66) | %
Net (loss) income | (161,615) |  | 88,018 |  | (249,633) |  | N/M | 115,573 |  | 81,169 |  | (90,806) |  | (70,809) |  | 78 | %
Preferred stock dividends | 2,875 |  | 2,875 |  | — |  | — | % | 2,875 |  | 2,875 |  | 2,875 |  | — |  | — | %
Net (loss) income available to common equity | $ | (164,490) |  | $ | 85,143 |  | $ | (249,633) |  | N/M | $ | 112,698 |  | $ | 78,294 |  | $ | (93,681) |  | $ | (70,809) |  | 76 | %
(Loss) earnings per common share |  |  |  |  |  |  |  |  |
Basic | $ | (1.04) |  | $ | 0.56 |  | $ | (1.60) |  | N/M | $ | 0.75 |  | $ | 0.52 |  | $ | (0.63) |  | $ | (0.41) |  | 65 | %
Diluted | $ | (1.03) |  | $ | 0.56 |  | $ | (1.59) |  | N/M | $ | 0.74 |  | $ | 0.52 |  | $ | (0.62) |  | $ | (0.41) |  | 66 | %
Average common shares outstanding |  |  |  |  |  |  |  |  |
Basic | 157,710 |  | 150,247 |  | 7,463 |  | 5 | % | 149,872 |  | 149,855 |  | 150,085 |  | 7,625 |  | 5 | %
Diluted | 159,164 |  | 151,492 |  | 7,672 |  | 5 | % | 151,288 |  | 151,292 |  | 151,007 |  | 8,157 |  | 5 | %

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 Dec 2024 | YTD Dec 2023 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 4Q23
Per common share data |  |  |  |  |  |  |
Dividends | $ | 0.89 |  | $ | 0.85 |  | $ | 0.23 |  | $ | 0.22 |  | $ | 0.22 |  | $ | 0.22 |  | $ | 0.22 |
Market value: |  |  |  |  |  |  |
High | 28.14 |  | 24.18 |  | 28.14 |  | 23.95 |  | 22.48 |  | 22.00 |  | 21.79 |
Low | 19.73 |  | 14.48 |  | 20.64 |  | 20.07 |  | 19.90 |  | 19.73 |  | 15.45 |
Close |  |  | 23.90 |  | 21.54 |  | 21.15 |  | 21.51 |  | 21.39 |
Book value / share |  |  | 26.55 |  | 27.90 |  | 26.85 |  | 26.37 |  | 26.35 |
Tangible book value / share |  |  | 19.71 |  | 20.37 |  | 19.28 |  | 18.78 |  | 18.77 |
Performance ratios (annualized) |  |  |  |  |  |  |
Return on average assets | 0.30 | % | 0.45 | % | (1.53) | % | 0.85 | % | 1.13 | % | 0.80 | % | (0.87) | %
Noninterest expense / average assets | 1.98 | % | 2.00 | % | 2.12 | % | 1.93 | % | 1.92 | % | 1.95 | % | 2.30 | %
Effective tax rate | 8.41 | % | 11.21 | % | N/M | 18.61 | % | (12.33) | % | 19.78 | % | N/M
Dividend payout ratio(a) | 121.92 | % | 74.56 | % | N/M | 39.29 | % | 29.33 | % | 42.31 | % | N/M
Net interest margin | 2.78 | % | 2.81 | % | 2.81 | % | 2.78 | % | 2.75 | % | 2.79 | % | 2.69 | %
Selected trend information |  |  |  |  |  |  |
Average full time equivalent employees(b) | 4,030 |  | 4,199 |  | 3,982 |  | 4,041 |  | 4,025 |  | 4,070 |  | 4,130 |
Branch count |  |  | 188 |  | 188 |  | 188 |  | 188 |  | 196 |
Assets under management, at market value(c) |  |  | $ | 14,773 |  | $ | 15,033 |  | $ | 14,304 |  | $ | 14,171 |  | $ | 13,545 |
Mortgage loans originated for sale during period | $ | 618 |  | $ | 396 |  | $ | 167 |  | $ | 176 |  | $ | 169 |  | $ | 105 |  | $ | 112 |
Mortgage loan settlements during period | $ | 585 |  | $ | 1,212 |  | $ | 169 |  | $ | 187 |  | $ | 138 |  | $ | 91 |  | $ | 957 |
Mortgage portfolio loans transferred to held for sale during period | $ | 723 |  | $ | 969 |  | $ | 723 |  | $ | — |  | $ | — |  | $ | — |  | $ | 969 |
Mortgage portfolio serviced for others(d) |  |  | $ | 6,285 |  | $ | 6,302 |  | $ | 6,307 |  | $ | 6,349 |  | $ | 7,364 |
Mortgage servicing rights, net / mortgage portfolio serviced for others(d) |  |  | 1.40 | % | 1.30 | % | 1.36 | % | 1.34 | % | 1.15 | %
Shares repurchased during period(e) | 900 |  | — |  | — |  | — |  | — |  | 900 |  | — |
Shares outstanding, end of period |  |  | 166,178 |  | 151,213 |  | 150,785 |  | 150,739 |  | 151,037 |
Selected quarterly ratios |  |  |  |  |  |  |
Loans / deposits |  |  | 85.92 | % | 89.38 | % | 90.60 | % | 87.49 | % | 87.35 | %
Stockholders’ equity / assets |  |  | 10.70 | % | 10.46 | % | 10.19 | % | 10.13 | % | 10.18 | %
Risk-based capital(f)(g) |  |  |  |  |  |  |
Total risk-weighted assets |  |  | $ | 33,948 |  | $ | 33,326 |  | $ | 32,768 |  | $ | 32,753 |  | $ | 32,733 |
Common equity Tier 1 |  |  | $ | 3,395 |  | $ | 3,238 |  | $ | 3,172 |  | $ | 3,089 |  | $ | 3,075 |
Common equity Tier 1 capital ratio |  |  | 10.00 | % | 9.72 | % | 9.68 | % | 9.43 | % | 9.39 | %
Tier 1 capital ratio |  |  | 10.57 | % | 10.30 | % | 10.27 | % | 10.02 | % | 9.99 | %
Total capital ratio |  |  | 12.61 | % | 12.36 | % | 12.34 | % | 12.08 | % | 12.21 | %
Tier 1 leverage ratio |  |  | 8.73 | % | 8.49 | % | 8.37 | % | 8.24 | % | 8.06 | %

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)December 31, 2024 data is estimated.
4

Associated Banc-Corp Selected Asset Quality Information |  |  |  |  |
($ in thousands) | Dec 31, 2024 | Sep 30, 2024 | Seql Qtr % Change | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Comp Qtr % Change
Allowance for loan losses |  |  |  |  |  |  |
Balance at beginning of period | $ | 361,765 |  | $ | 355,844 |  | 2 | % | $ | 356,006 |  | $ | 351,094 |  | $ | 345,795 |  | 5 | %
Provision for loan losses | 14,000 |  | 19,000 |  | (26) | % | 21,000 |  | 27,000 |  | 21,000 |  | (33) | %
Charge offs | (13,770) |  | (15,337) |  | (10) | % | (23,290) |  | (24,018) |  | (17,878) |  | (23) | %
Recoveries | 1,551 |  | 2,258 |  | (31) | % | 2,127 |  | 1,930 |  | 2,177 |  | (29) | %
Net (charge offs) recoveries | (12,220) |  | (13,078) |  | (7) | % | (21,163) |  | (22,088) |  | (15,701) |  | (22) | %
Balance at end of period | $ | 363,545 |  | $ | 361,765 |  | — | % | $ | 355,844 |  | $ | 356,006 |  | $ | 351,094 |  | 4 | %
Allowance for unfunded commitments |  |  |  |  |  |  |
Balance at beginning of period | $ | 35,776 |  | $ | 33,776 |  | 6 | % | $ | 31,776 |  | $ | 34,776 |  | $ | 34,776 |  | 3 | %
Provision for unfunded commitments | 3,000 |  | 2,000 |  | 50 | % | 2,000 |  | (3,000) |  | — |  | N/M
Balance at end of period | $ | 38,776 |  | $ | 35,776 |  | 8 | % | $ | 33,776 |  | $ | 31,776 |  | $ | 34,776 |  | 12 | %
Allowance for credit losses on loans (ACLL) | $ | 402,322 |  | $ | 397,541 |  | 1 | % | $ | 389,620 |  | $ | 387,782 |  | $ | 385,870 |  | 4 | %
Provision for credit losses on loans | $ | 17,000 |  | $ | 21,000 |  | (19) | % | $ | 23,000 |  | $ | 24,000 |  | $ | 21,000 |  | (19) | %
($ in thousands) | Dec 31, 2024 | Sep 30, 2024 | Seql Qtr % Change | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Comp Qtr % Change
Net (charge offs) recoveries |  |  |  |  |  |  |
Commercial and industrial | $ | (2,406) |  | $ | (10,649) |  | (77) | % | $ | (13,676) |  | $ | (18,638) |  | $ | (13,178) |  | (82) | %
Commercial real estate—owner occupied | — |  | — |  | N/M | 1 |  | 2 |  | (22) |  | (100) | %
Commercial and business lending | (2,406) |  | (10,649) |  | (77) | % | (13,674) |  | (18,636) |  | (13,200) |  | (82) | %
Commercial real estate—investor | (6,617) |  | (1) |  | N/M | (4,569) |  | — |  | 216 |  | N/M
Real estate construction | 4 |  | 2 |  | 100 | % | 28 |  | 30 |  | 38 |  | (89) | %
Commercial real estate lending | (6,612) |  | 2 |  | N/M | (4,541) |  | 30 |  | 253 |  | N/M
Total commercial | (9,018) |  | (10,647) |  | (15) | % | (18,216) |  | (18,606) |  | (12,947) |  | (30) | %
Residential mortgage | (239) |  | (160) |  | 49 | % | (289) |  | (62) |  | (53) |  | N/M
Auto finance | (1,782) |  | (1,281) |  | 39 | % | (1,480) |  | (2,094) |  | (1,436) |  | 24 | %
Home equity | 277 |  | 424 |  | (35) | % | 238 |  | 211 |  | 185 |  | 50 | %
Other consumer | (1,457) |  | (1,414) |  | 3 | % | (1,417) |  | (1,537) |  | (1,450) |  | — | %
Total consumer | (3,202) |  | (2,431) |  | 32 | % | (2,947) |  | (3,482) |  | (2,754) |  | 16 | %
Total net (charge offs) recoveries | $ | (12,220) |  | $ | (13,078) |  | (7) | % | $ | (21,163) |  | $ | (22,088) |  | $ | (15,701) |  | (22) | %
(In basis points) | Dec 31, 2024 | Sep 30, 2024 |  | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
Net (charge offs) recoveries to average loans (annualized) |  |  |  |  |  |  |
Commercial and industrial | (9) |  | (43) |  |  | (55) |  | (77) |  | (54) |  |
Commercial real estate—owner occupied | — |  | — |  |  | — |  | — |  | (1) |  |
Commercial and business lending | (8) |  | (39) |  |  | (50) |  | (69) |  | (48) |  |
Commercial real estate—investor | (51) |  | — |  |  | (37) |  | — |  | 2 |  |
Real estate construction | — |  | — |  |  | — |  | 1 |  | 1 |  |
Commercial real estate lending | (37) |  | — |  |  | (25) |  | — |  | 1 |  |
Total commercial | (19) |  | (23) |  |  | (40) |  | (41) |  | (28) |  |
Residential mortgage | (1) |  | (1) |  |  | (1) |  | — |  | — |  |
Auto finance | (26) |  | (19) |  |  | (24) |  | (35) |  | (27) |  |
Home equity | 17 |  | 26 |  |  | 15 |  | 14 |  | 12 |  |
Other consumer | (208) |  | (216) |  |  | (221) |  | (232) |  | (208) |  |
Total consumer | (11) |  | (8) |  |  | (10) |  | (13) |  | (9) |  |
Total net (charge offs) recoveries | (16) |  | (18) |  |  | (29) |  | (30) |  | (21) |  |
($ in thousands) | Dec 31, 2024 | Sep 30, 2024 | Seql Qtr % Change | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Comp Qtr % Change
Credit quality |  |  |  |  |  |  |
Nonaccrual loans | $ | 123,260 |  | $ | 128,476 |  | (4) | % | $ | 154,423 |  | $ | 178,346 |  | $ | 148,997 |  | (17) | %
Other real estate owned (OREO) | 20,217 |  | 18,830 |  | 7 | % | 8,325 |  | 8,437 |  | 10,506 |  | 92 | %
Repossessed assets | 687 |  | 793 |  | (13) | % | 671 |  | 1,241 |  | 919 |  | (25) | %
Total nonperforming assets | $ | 144,164 |  | $ | 148,098 |  | (3) | % | $ | 163,418 |  | $ | 188,025 |  | $ | 160,421 |  | (10) | %
Loans 90 or more days past due and still accruing | $ | 3,189 |  | $ | 7,107 |  | (55) | % | $ | 2,354 |  | $ | 2,417 |  | $ | 21,689 |  | (85) | %
Allowance for credit losses on loans to total loans | 1.35 | % | 1.33 | % |  | 1.32 | % | 1.31 | % | 1.32 | % |
Allowance for credit losses on loans to nonaccrual loans | 326.40 | % | 309.43 | % |  | 252.31 | % | 217.43 | % | 258.98 | % |
Nonaccrual loans to total loans | 0.41 | % | 0.43 | % |  | 0.52 | % | 0.60 | % | 0.51 | % |
Nonperforming assets to total loans plus OREO and repossessed assets | 0.48 | % | 0.49 | % |  | 0.55 | % | 0.64 | % | 0.55 | % |
Nonperforming assets to total assets | 0.34 | % | 0.35 | % |  | 0.39 | % | 0.46 | % | 0.39 | % |
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans | 0.23 | % | 0.25 | % |  | 0.30 | % | 0.30 | % | 0.16 | % |

5

Associated Banc-Corp Selected Asset Quality Information (continued) |
($ in thousands) | Dec 31, 2024 | Sep 30, 2024 | Seql Qtr % Change | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Comp Qtr % Change |
Nonaccrual loans |  |  |  |  |  |  |  |
Commercial and industrial | $ | 19,084 |  | $ | 14,369 |  | 33 | % | $ | 21,190 |  | $ | 72,243 |  | $ | 62,022 |  | (69) | % |
Commercial real estate—owner occupied | 1,501 |  | 9,285 |  | (84) | % | 1,851 |  | 2,090 |  | 1,394 |  | 8 | % |
Commercial and business lending | 20,585 |  | 23,654 |  | (13) | % | 23,041 |  | 74,333 |  | 63,416 |  | (68) | % |
Commercial real estate—investor | 16,705 |  | 18,913 |  | (12) | % | 48,249 |  | 18,697 |  | — |  | N/M |
Real estate construction | 30 |  | 15 |  | 100 | % | 16 |  | 18 |  | 6 |  | N/M |
Commercial real estate lending | 16,735 |  | 18,928 |  | (12) | % | 48,265 |  | 18,715 |  | 6 |  | N/M |
Total commercial | 37,320 |  | 42,582 |  | (12) | % | 71,306 |  | 93,047 |  | 63,422 |  | (41) | % |
Residential mortgage | 70,038 |  | 70,138 |  | — | % | 68,058 |  | 69,954 |  | 71,142 |  | (2) | % |
Auto finance | 7,402 |  | 7,456 |  | (1) | % | 6,986 |  | 7,158 |  | 5,797 |  | 28 | % |
Home equity | 8,378 |  | 8,231 |  | 2 | % | 7,996 |  | 8,100 |  | 8,508 |  | (2) | % |
Other consumer | 122 |  | 70 |  | 74 | % | 77 |  | 87 |  | 128 |  | (5) | % |
Total consumer | 85,941 |  | 85,894 |  | — | % | 83,117 |  | 85,299 |  | 85,574 |  | — | % |
Total nonaccrual loans | $ | 123,260 |  | $ | 128,476 |  | (4) | % | $ | 154,423 |  | $ | 178,346 |  | $ | 148,997 |  | (17) | % |
| Dec 31, 2024 | Sep 30, 2024 | Seql Qtr % Change | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Comp Qtr % Change |
Restructured loans (accruing) |  |  |  |  |  |  |  |
Commercial and industrial | $ | 475 |  | $ | 424 |  | 12 | % | $ | 410 |  | $ | 377 |  | $ | 306 |  | 55 | % |
Commercial real estate—owner occupied | — |  | — |  | N/M | — |  | — |  | — |  | N/M |
Commercial and business lending | 475 |  | 424 |  | 12 | % | 410 |  | 377 |  | 306 |  | 55 | % |
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 | 475 |  | 424 |  | 12 | % | 410 |  | 377 |  | 306 |  | 55 | % |
Residential mortgage | 782 |  | 361 |  | 117 | % | 306 |  | 345 |  | 405 |  | 93 | % |
Auto finance | 8 |  | 35 |  | (77) | % | 142 |  | 66 |  | 255 |  | (97) | % |
Home equity | 27 |  | 104 |  | (74) | % | 103 |  | 182 |  | 305 |  | (91) | % |
Other consumer | 2,239 |  | 1,642 |  | 36 | % | 1,615 |  | 1,487 |  | 1,449 |  | 55 | % |
Total consumer | 3,057 |  | 2,141 |  | 43 | % | 2,166 |  | 2,080 |  | 2,414 |  | 27 | % |
Total restructured loans (accruing) | $ | 3,531 |  | $ | 2,565 |  | 38 | % | $ | 2,576 |  | $ | 2,457 |  | $ | 2,719 |  | 30 | % |
Nonaccrual restructured loans (included in nonaccrual loans) | $ | 2,581 |  | $ | 1,840 |  | 40 | % | $ | 717 |  | $ | 1,141 |  | $ | 805 |  | N/M |
| Dec 31, 2024 | Sep 30, 2024 | Seql Qtr % Change | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Comp Qtr % Change |
Accruing loans 30-89 days past due |  |  |  |  |  |  |  |
Commercial and industrial | $ | 1,260 |  | $ | 1,212 |  | 4 | % | $ | 2,052 |  | $ | 521 |  | $ | 5,565 |  | (77) | % |
Commercial real estate—owner occupied | 1,634 |  | 2,209 |  | (26) | % | — |  | — |  | 358 |  | N/M |
Commercial and business lending | 2,893 |  | 3,421 |  | (15) | % | 2,052 |  | 521 |  | 5,923 |  | (51) | % |
Commercial real estate—investor | 36,391 |  | 10,746 |  | N/M | 1,023 |  | 19,164 |  | 18,697 |  | 95 | % |
Real estate construction | 21 |  | 88 |  | (76) | % | — |  | 1,260 |  | — |  | N/M |
Commercial real estate lending | 36,412 |  | 10,834 |  | N/M | 1,023 |  | 20,424 |  | 18,697 |  | 95 | % |
Total commercial | 39,305 |  | 14,255 |  | 176 | % | 3,075 |  | 20,945 |  | 24,619 |  | 60 | % |
Residential mortgage | 14,892 |  | 13,630 |  | 9 | % | 10,374 |  | 9,903 |  | 13,446 |  | 11 | % |
Auto finance | 14,850 |  | 15,458 |  | (4) | % | 15,814 |  | 12,521 |  | 17,386 |  | (15) | % |
Home equity | 4,625 |  | 3,146 |  | 47 | % | 3,694 |  | 2,819 |  | 4,208 |  | 10 | % |
Other consumer | 3,128 |  | 2,163 |  | 45 | % | 1,995 |  | 2,260 |  | 2,166 |  | 44 | % |
Total consumer | 37,496 |  | 34,397 |  | 9 | % | 31,877 |  | 27,503 |  | 37,205 |  | 1 | % |
Total accruing loans 30-89 days past due | $ | 76,801 |  | $ | 48,651 |  | 58 | % | $ | 34,952 |  | $ | 48,448 |  | $ | 61,825 |  | 24 | % |

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
| December 31, 2024 | September 30, 2024 | December 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 | $ | 11,474,489 |  | $ | 194,355 |  | 6.74 | % | $ | 10,971,390 |  | $ | 200,327 |  | 7.27 | % | $ | 10,820,214 |  | $ | 193,808 |  | 7.11 | %
Commercial real estate lending | 7,206,796 |  | 128,476 |  | 7.09 | % | 7,235,505 |  | 136,699 |  | 7.52 | % | 7,397,809 |  | 138,437 |  | 7.42 | %
Total commercial | 18,681,285 |  | 322,831 |  | 6.88 | % | 18,206,896 |  | 337,027 |  | 7.36 | % | 18,218,024 |  | 332,245 |  | 7.24 | %
Residential mortgage | 7,814,056 |  | 70,513 |  | 3.61 | % | 7,888,290 |  | 70,171 |  | 3.56 | % | 8,691,258 |  | 76,035 |  | 3.50 | %
Auto finance | 2,771,414 |  | 39,365 |  | 5.65 | % | 2,635,890 |  | 37,904 |  | 5.72 | % | 2,138,536 |  | 29,221 |  | 5.42 | %
Other retail | 935,162 |  | 21,041 |  | 8.98 | % | 903,011 |  | 21,124 |  | 9.34 | % | 904,618 |  | 21,026 |  | 9.27 | %
Total loans | 30,201,918 |  | 453,750 |  | 5.98 | % | 29,634,087 |  | 466,226 |  | 6.27 | % | 29,952,435 |  | 458,527 |  | 6.08 | %
Investment securities |  |  |  |  |  |  |  |  |
Taxable | 5,745,085 |  | 50,752 |  | 3.53 | % | 5,816,102 |  | 51,466 |  | 3.54 | % | 5,344,578 |  | 41,809 |  | 3.13 | %
Tax-exempt(a) | 2,085,957 |  | 17,653 |  | 3.39 | % | 2,110,896 |  | 17,885 |  | 3.39 | % | 2,209,662 |  | 19,244 |  | 3.48 | %
Other short-term investments | 846,195 |  | 10,717 |  | 5.04 | % | 629,431 |  | 8,959 |  | 5.66 | % | 767,256 |  | 10,418 |  | 5.39 | %
Investments and other | 8,677,238 |  | 79,122 |  | 3.64 | % | 8,556,429 |  | 78,310 |  | 3.66 | % | 8,321,495 |  | 71,471 |  | 3.43 | %
Total earning assets | 38,879,155 |  | $ | 532,871 |  | 5.46 | % | 38,190,516 |  | $ | 544,535 |  | 5.68 | % | 38,273,931 |  | $ | 529,998 |  | 5.51 | %
Other assets, net | 3,192,406 |  |  |  | 3,199,195 |  |  |  | 3,056,772 |  |  |
Total assets | $ | 42,071,562 |  |  |  | $ | 41,389,711 |  |  |  | $ | 41,330,703 |  |  |
Liabilities and stockholders' equity |  |  |  |  |  |  |  |  |
Interest-bearing liabilities |  |  |  |  |  |  |  |  |
Interest-bearing deposits |  |  |  |  |  |  |  |  |
Savings | $ | 5,132,247 |  | $ | 20,120 |  | 1.56 | % | $ | 5,125,147 |  | $ | 21,611 |  | 1.68 | % | $ | 4,861,913 |  | $ | 20,334 |  | 1.66 | %
Interest-bearing demand | 7,623,230 |  | 46,061 |  | 2.40 | % | 7,394,550 |  | 49,740 |  | 2.68 | % | 7,156,151 |  | 47,277 |  | 2.62 | %
Money market | 5,924,269 |  | 41,457 |  | 2.78 | % | 5,942,147 |  | 46,290 |  | 3.10 | % | 6,121,105 |  | 47,110 |  | 3.05 | %
Network transaction deposits | 1,690,745 |  | 20,091 |  | 4.73 | % | 1,644,305 |  | 22,077 |  | 5.34 | % | 1,616,719 |  | 22,034 |  | 5.41 | %
Time deposits | 8,228,420 |  | 95,158 |  | 4.60 | % | 7,562,448 |  | 91,907 |  | 4.83 | % | 6,264,621 |  | 72,121 |  | 4.57 | %
Total interest-bearing deposits | 28,598,911 |  | 222,888 |  | 3.10 | % | 27,668,597 |  | 231,623 |  | 3.33 | % | 26,020,510 |  | 208,875 |  | 3.18 | %
Federal funds purchased and securities sold under agreements to repurchase | 310,370 |  | 3,203 |  | 4.11 | % | 299,286 |  | 3,385 |  | 4.50 | % | 347,204 |  | 3,734 |  | 4.27 | %
Other short-term funding | 88,415 |  | 1,135 |  | 5.11 | % | 519,421 |  | 6,638 |  | 5.08 | % | — |  | — |  | — | %
FHLB advances | 1,456,087 |  | 17,908 |  | 4.89 | % | 1,750,590 |  | 24,799 |  | 5.64 | % | 3,467,433 |  | 49,171 |  | 5.63 | %
Long-term funding | 840,880 |  | 13,769 |  | 6.55 | % | 647,440 |  | 11,858 |  | 7.33 | % | 531,155 |  | 10,185 |  | 7.67 | %
Total short and long-term funding | 2,695,752 |  | 36,015 |  | 5.33 | % | 3,216,737 |  | 46,680 |  | 5.78 | % | 4,345,793 |  | 63,090 |  | 5.77 | %
Total interest-bearing liabilities | 31,294,664 |  | $ | 258,903 |  | 3.29 | % | 30,885,334 |  | $ | 278,304 |  | 3.59 | % | 30,366,302 |  | $ | 271,965 |  | 3.55 | %
Noninterest-bearing demand deposits | 5,738,557 |  |  |  | 5,652,228 |  |  |  | 6,171,240 |  |  |
Other liabilities | 510,000 |  |  |  | 521,423 |  |  |  | 672,597 |  |  |
Stockholders’ equity | 4,528,342 |  |  |  | 4,330,727 |  |  |  | 4,120,564 |  |  |
Total liabilities and stockholders’ equity | $ | 42,071,562 |  |  |  | $ | 41,389,711 |  |  |  | $ | 41,330,703 |  |  |
Interest rate spread |  |  | 2.17 | % |  |  | 2.10 | % |  |  | 1.96 | %
Net free funds |  |  | 0.64 | % |  |  | 0.69 | % |  |  | 0.73 | %
Fully tax-equivalent net interest income and net interest margin |  | $ | 273,968 |  | 2.81 | % |  | $ | 266,232 |  | 2.78 | % |  | $ | 258,033 |  | 2.69 | %
Fully tax-equivalent adjustment |  | 3,680 |  |  |  | 3,723 |  |  |  | 4,630 |  |
Net interest income |  | $ | 270,289 |  |  |  | $ | 262,509 |  |  |  | $ | 253,403 |  |

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
| Year Ended December 31,
| 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 | $ | 11,069,185 |  | $ | 786,963 |  | 7.11 | % | $ | 10,831,275 |  | $ | 740,017 |  | 6.83 | %
Commercial real estate lending | 7,270,239 |  | 538,228 |  | 7.40 | % | 7,314,651 |  | 520,028 |  | 7.11 | %
Total commercial | 18,339,424 |  | 1,325,191 |  | 7.23 | % | 18,145,926 |  | 1,260,045 |  | 6.94 | %
Residential mortgage | 7,907,962 |  | 278,804 |  | 3.53 | % | 8,696,706 |  | 293,446 |  | 3.37 | %
Auto finance | 2,576,979 |  | 144,892 |  | 5.62 | % | 1,793,959 |  | 89,454 |  | 4.99 | %
Other retail | 872,994 |  | 83,386 |  | 9.55 | % | 897,702 |  | 80,189 |  | 8.93 | %
Total loans | 29,697,360 |  | 1,832,274 |  | 6.17 | % | 29,534,293 |  | 1,723,134 |  | 5.83 | %
Investment securities |  |  |  |  |  |
Taxable | 5,690,238 |  | 199,424 |  | 3.50 | % | 5,243,805 |  | 146,006 |  | 2.78 | %
Tax-exempt (a) | 2,111,523 |  | 71,458 |  | 3.38 | % | 2,288,328 |  | 79,673 |  | 3.48 | %
Other short-term investments | 668,730 |  | 37,291 |  | 5.58 | % | 564,284 |  | 28,408 |  | 5.03 | %
Investments and other | 8,470,491 |  | 308,173 |  | 3.64 | % | 8,096,417 |  | 254,087 |  | 3.14 | %
Total earning assets | 38,167,851 |  | $ | 2,140,446 |  | 5.61 | % | 37,630,710 |  | $ | 1,977,221 |  | 5.25 | %
Other assets, net | 3,166,002 |  |  |  | 3,018,214 |  |  |
Total assets | $ | 41,333,853 |  |  |  | $ | 40,648,923 |  |  |
Liabilities and stockholders' equity |  |  |  |  |  |
Interest-bearing liabilities |  |  |  |  |  |
Interest-bearing deposits |  |  |  |  |  |
Savings | $ | 5,080,045 |  | $ | 85,450 |  | 1.68 | % | $ | 4,773,366 |  | $ | 63,945 |  | 1.34 | %
Interest-bearing demand | 7,443,738 |  | 193,900 |  | 2.60 | % | 6,904,514 |  | 154,136 |  | 2.23 | %
Money market | 5,994,171 |  | 181,444 |  | 3.03 | % | 6,668,930 |  | 177,311 |  | 2.66 | %
Network transaction deposits | 1,645,695 |  | 85,788 |  | 5.21 | % | 1,469,616 |  | 75,294 |  | 5.12 | %
Time deposits | 7,481,486 |  | 355,221 |  | 4.75 | % | 4,905,748 |  | 202,939 |  | 4.14 | %
Total interest-bearing deposits | 27,645,135 |  | 901,804 |  | 3.26 | % | 24,722,174 |  | 673,624 |  | 2.72 | %
Federal funds purchased and securities sold under agreements to repurchase | 272,069 |  | 11,754 |  | 4.32 | % | 345,519 |  | 12,238 |  | 3.54 | %
Other short-term funding | 403,214 |  | 20,420 |  | 5.06 | % | 8,582 |  | 1 |  | 0.01 | %
FHLB advances | 1,793,734 |  | 98,520 |  | 5.49 | % | 3,741,790 |  | 196,535 |  | 5.25 | %
Long-term funding | 640,842 |  | 45,781 |  | 7.14 | % | 504,438 |  | 36,080 |  | 7.15 | %
Total short and long-term funding | 3,109,859 |  | 176,475 |  | 5.67 | % | 4,600,329 |  | 244,855 |  | 5.32 | %
Total interest-bearing liabilities | 30,754,994 |  | $ | 1,078,279 |  | 3.51 | % | 29,322,503 |  | $ | 918,479 |  | 3.13 | %
Noninterest-bearing demand deposits | 5,745,960 |  |  |  | 6,620,965 |  |  |
Other liabilities | 530,537 |  |  |  | 594,318 |  |  |
Stockholders’ equity | 4,302,362 |  |  |  | 4,111,138 |  |  |
Total liabilities and stockholders’ equity | $ | 41,333,853 |  |  |  | $ | 40,648,923 |  |  |
Interest rate spread |  |  | 2.10 | % |  |  | 2.12 | %
Net free funds |  |  | 0.68 | % |  |  | 0.69 | %
Fully tax-equivalent net interest income and net interest margin |  | $ | 1,062,167 |  | 2.78 | % |  | $ | 1,058,742 |  | 2.81 | %
Fully tax-equivalent adjustment |  | 14,919 |  |  |  | 19,168 |  |
Net interest income |  | $ | 1,047,248 |  |  |  | $ | 1,039,573 |  |

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 | Dec 31, 2024 | Sep 30, 2024 | Seql Qtr % Change | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Comp Qtr % Change
Commercial and industrial | $ | 10,573,741 |  | $ | 10,258,899 |  | 3 | % | $ | 9,970,412 |  | $ | 9,858,329 |  | $ | 9,731,555 |  | 9 | %
Commercial real estate—owner occupied | 1,143,741 |  | 1,120,849 |  | 2 | % | 1,102,146 |  | 1,095,894 |  | 1,061,700 |  | 8 | %
Commercial and business lending | 11,717,483 |  | 11,379,748 |  | 3 | % | 11,072,558 |  | 10,954,223 |  | 10,793,255 |  | 9 | %
Commercial real estate—investor | 5,227,975 |  | 5,070,635 |  | 3 | % | 5,001,392 |  | 5,035,195 |  | 5,124,245 |  | 2 | %
Real estate construction | 1,982,632 |  | 2,114,300 |  | (6) | % | 2,255,637 |  | 2,287,041 |  | 2,271,398 |  | (13) | %
Commercial real estate lending | 7,210,607 |  | 7,184,934 |  | — | % | 7,257,029 |  | 7,322,237 |  | 7,395,644 |  | (3) | %
Total commercial | 18,928,090 |  | 18,564,683 |  | 2 | % | 18,329,587 |  | 18,276,460 |  | 18,188,898 |  | 4 | %
Residential mortgage | 7,047,541 |  | 7,803,083 |  | (10) | % | 7,840,073 |  | 7,868,180 |  | 7,864,891 |  | (10) | %
Auto finance | 2,810,220 |  | 2,708,946 |  | 4 | % | 2,556,009 |  | 2,471,257 |  | 2,256,162 |  | 25 | %
Home equity | 664,252 |  | 651,379 |  | 2 | % | 634,142 |  | 619,764 |  | 628,526 |  | 6 | %
Other consumer | 318,483 |  | 262,806 |  | 21 | % | 258,460 |  | 258,603 |  | 277,740 |  | 15 | %
Total consumer | 10,840,496 |  | 11,426,214 |  | (5) | % | 11,288,684 |  | 11,217,802 |  | 11,027,319 |  | (2) | %
Total loans | $ | 29,768,586 |  | $ | 29,990,897 |  | (1) | % | $ | 29,618,271 |  | $ | 29,494,263 |  | $ | 29,216,218 |  | 2 | %
Period end deposit and customer funding composition | Dec 31, 2024 | Sep 30, 2024 | Seql Qtr % Change | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Comp Qtr % Change
Noninterest-bearing demand | $ | 5,775,657 |  | $ | 5,857,421 |  | (1) | % | $ | 5,815,045 |  | $ | 6,254,135 |  | $ | 6,119,956 |  | (6) | %
Savings | 5,133,295 |  | 5,072,508 |  | 1 | % | 5,157,103 |  | 5,124,639 |  | 4,835,701 |  | 6 | %
Interest-bearing demand | 9,124,741 |  | 8,605,578 |  | 6 | % | 8,284,017 |  | 8,747,127 |  | 8,843,967 |  | 3 | %
Money market | 6,637,915 |  | 6,095,206 |  | 9 | % | 6,294,895 |  | 6,721,674 |  | 6,330,453 |  | 5 | %
Brokered CDs | 4,276,309 |  | 4,242,670 |  | 1 | % | 4,061,578 |  | 3,931,230 |  | 4,447,479 |  | (4) | %
Other time deposits | 3,700,518 |  | 3,680,914 |  | 1 | % | 3,078,401 |  | 2,934,352 |  | 2,868,494 |  | 29 | %
Total deposits | 34,648,434 |  | 33,554,298 |  | 3 | % | 32,691,039 |  | 33,713,158 |  | 33,446,049 |  | 4 | %
Other customer funding(a) | 100,044 |  | 110,988 |  | (10) | % | 89,524 |  | 90,536 |  | 106,620 |  | (6) | %
Total deposits and other customer funding | $ | 34,748,478 |  | $ | 33,665,286 |  | 3 | % | $ | 32,780,564 |  | $ | 33,803,694 |  | $ | 33,552,669 |  | 4 | %
Network transaction deposits(b) | $ | 1,758,388 |  | $ | 1,566,908 |  | 12 | % | $ | 1,502,919 |  | $ | 1,792,820 |  | $ | 1,566,139 |  | 12 | %
Net deposits and other customer funding(c) | $ | 28,713,780 |  | $ | 27,855,707 |  | 3 | % | $ | 27,216,066 |  | $ | 28,079,644 |  | $ | 27,539,051 |  | 4 | %
Quarter average loan composition | Dec 31, 2024 | Sep 30, 2024 | Seql Qtr % Change | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Comp Qtr % Change
Commercial and industrial | $ | 10,338,865 |  | $ | 9,884,246 |  | 5 | % | $ | 9,915,894 |  | $ | 9,729,718 |  | $ | 9,768,803 |  | 6 | %
Commercial real estate—owner occupied | 1,135,624 |  | 1,087,144 |  | 4 | % | 1,095,334 |  | 1,086,537 |  | 1,051,412 |  | 8 | %
Commercial and business lending | 11,474,489 |  | 10,971,390 |  | 5 | % | 11,011,228 |  | 10,816,255 |  | 10,820,214 |  | 6 | %
Commercial real estate—investor | 5,120,608 |  | 5,085,090 |  | 1 | % | 4,964,394 |  | 5,041,518 |  | 5,156,528 |  | (1) | %
Real estate construction | 2,086,188 |  | 2,150,416 |  | (3) | % | 2,285,379 |  | 2,348,444 |  | 2,241,281 |  | (7) | %
Commercial real estate lending | 7,206,796 |  | 7,235,505 |  | — | % | 7,249,773 |  | 7,389,962 |  | 7,397,809 |  | (3) | %
Total commercial | 18,681,285 |  | 18,206,896 |  | 3 | % | 18,261,000 |  | 18,206,217 |  | 18,218,024 |  | 3 | %
Residential mortgage | 7,814,056 |  | 7,888,290 |  | (1) | % | 7,905,236 |  | 7,896,956 |  | 8,691,258 |  | (10) | %
Auto finance | 2,771,414 |  | 2,635,890 |  | 5 | % | 2,524,107 |  | 2,373,720 |  | 2,138,536 |  | 30 | %
Home equity | 656,792 |  | 642,463 |  | 2 | % | 630,855 |  | 625,686 |  | 627,736 |  | 5 | %
Other consumer | 278,370 |  | 260,547 |  | 7 | % | 258,366 |  | 266,443 |  | 276,881 |  | 1 | %
Total consumer | 11,520,632 |  | 11,427,191 |  | 1 | % | 11,318,564 |  | 11,162,805 |  | 11,734,412 |  | (2) | %
Total loans(d) | $ | 30,201,918 |  | $ | 29,634,087 |  | 2 | % | $ | 29,579,564 |  | $ | 29,369,022 |  | $ | 29,952,435 |  | 1 | %
Quarter average deposit composition | Dec 31, 2024 | Sep 30, 2024 | Seql Qtr % Change | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Comp Qtr % Change
Noninterest-bearing demand | $ | 5,738,557 |  | $ | 5,652,228 |  | 2 | % | $ | 5,712,115 |  | $ | 5,882,052 |  | $ | 6,171,240 |  | (7) | %
Savings | 5,132,247 |  | 5,125,147 |  | — | % | 5,133,688 |  | 4,928,031 |  | 4,861,913 |  | 6 | %
Interest-bearing demand | 7,623,230 |  | 7,394,550 |  | 3 | % | 7,265,621 |  | 7,490,119 |  | 7,156,151 |  | 7 | %
Money market | 5,924,269 |  | 5,942,147 |  | — | % | 5,995,005 |  | 6,116,604 |  | 6,121,105 |  | (3) | %
Network transaction deposits | 1,690,745 |  | 1,644,305 |  | 3 | % | 1,595,312 |  | 1,651,937 |  | 1,616,719 |  | 5 | %
Brokered CDs | 4,514,841 |  | 4,247,941 |  | 6 | % | 3,927,727 |  | 4,268,881 |  | 3,470,516 |  | 30 | %
Other time deposits | 3,713,579 |  | 3,314,507 |  | 12 | % | 2,999,936 |  | 2,929,434 |  | 2,794,105 |  | 33 | %
Total deposits | 34,337,468 |  | 33,320,825 |  | 3 | % | 32,629,404 |  | 33,267,057 |  | 32,191,750 |  | 7 | %
Other customer funding(a) | 94,965 |  | 104,115 |  | (9) | % | 87,161 |  | 101,483 |  | 127,252 |  | (25) | %
Total deposits and other customer funding | $ | 34,432,433 |  | $ | 33,424,940 |  | 3 | % | $ | 32,716,565 |  | $ | 33,368,540 |  | $ | 32,319,002 |  | 7 | %
Net deposits and other customer funding(c) | $ | 28,226,848 |  | $ | 27,532,694 |  | 3 | % | $ | 27,193,526 |  | $ | 27,447,723 |  | $ | 27,231,767 |  | 4 | %

N/M = Not meaningful
Numbers may not sum due to rounding.
(a) Includes repurchase agreements.
(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) | Dec 2024 | Dec 2023 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 4Q23
Selected equity and performance ratios(a)(b)(c) |  |  |  |  |  |  |
Tangible common equity / tangible assets |  |  | 7.82 | % | 7.50 | % | 7.18 | % | 7.08 | % | 7.11 | %
Return on average equity | 2.86 | % | 4.45 | % | (14.20) | % | 8.09 | % | 11.16 | % | 7.81 | % | (8.74) | %
Return on average tangible common equity | 3.99 | % | 6.44 | % | (20.27) | % | 11.52 | % | 16.25 | % | 11.31 | % | (13.13) | %
Return on average common equity Tier 1 | 3.49 | % | 5.51 | % | (19.28) | % | 10.53 | % | 14.54 | % | 10.27 | % | (11.85) | %
Return on average tangible assets | 0.32 | % | 0.48 | % | (1.55) | % | 0.89 | % | 1.18 | % | 0.84 | % | (0.88) | %
Average stockholders' equity / average assets | 10.41 | % | 10.11 | % | 10.76 | % | 10.46 | % | 10.14 | % | 10.26 | % | 9.97 | %
Tangible common equity reconciliation(a) |  |  |  |  |  |  |
Common equity |  |  | $ | 4,411 |  | $ | 4,219 |  | $ | 4,048 |  | $ | 3,975 |  | $ | 3,980 |
Goodwill and other intangible assets, net |  |  | (1,137) |  | (1,139) |  | (1,141) |  | (1,143) |  | (1,145) |
Tangible common equity |  |  | $ | 3,275 |  | $ | 3,080 |  | $ | 2,907 |  | $ | 2,831 |  | $ | 2,834 |
Tangible assets reconciliation(a) |  |  |  |  |  |  |
Total assets |  |  | $ | 43,023 |  | $ | 42,211 |  | $ | 41,624 |  | $ | 41,137 |  | $ | 41,016 |
Goodwill and other intangible assets, net |  |  | (1,137) |  | (1,139) |  | (1,141) |  | (1,143) |  | (1,145) |
Tangible assets |  |  | $ | 41,886 |  | $ | 41,072 |  | $ | 40,483 |  | $ | 39,994 |  | $ | 39,870 |
Average tangible common equity and average common equity Tier 1 reconciliation(a) |  |  |  |  |  |  |
Common equity | $ | 4,108 |  | $ | 3,917 |  | $ | 4,334 |  | $ | 4,137 |  | $ | 3,972 |  | $ | 3,987 |  | $ | 3,926 |
Goodwill and other intangible assets, net | (1,141) |  | (1,150) |  | (1,138) |  | (1,140) |  | (1,142) |  | (1,145) |  | (1,147) |
Tangible common equity | 2,967 |  | 2,767 |  | 3,196 |  | 2,997 |  | 2,830 |  | 2,843 |  | 2,780 |
Modified CECL transitional amount | 22 |  | 45 |  | 22 |  | 22 |  | 22 |  | 22 |  | 45 |
Accumulated other comprehensive loss | 188 |  | 275 |  | 152 |  | 173 |  | 242 |  | 188 |  | 286 |
Deferred tax assets, net | 21 |  | 28 |  | 23 |  | 24 |  | 25 |  | 12 |  | 27 |
Average common equity Tier 1 | $ | 3,199 |  | $ | 3,114 |  | $ | 3,394 |  | $ | 3,215 |  | $ | 3,118 |  | $ | 3,065 |  | $ | 3,138 |
Average tangible assets reconciliation(a) |  |  |  |  |  |  |
Total assets | $ | 41,334 |  | $ | 40,649 |  | $ | 42,072 |  | $ | 41,390 |  | $ | 41,101 |  | $ | 40,769 |  | $ | 41,331 |
Goodwill and other intangible assets, net | (1,141) |  | (1,150) |  | (1,138) |  | (1,140) |  | (1,142) |  | (1,145) |  | (1,147) |
Tangible assets | $ | 40,193 |  | $ | 39,499 |  | $ | 40,934 |  | $ | 40,250 |  | $ | 39,958 |  | $ | 39,625 |  | $ | 40,184 |
Adjusted net income (loss) reconciliation(b) |  |  |  |  |  |  |
Net income (loss) | $ | 123 |  | $ | 183 |  | $ | (162) |  | $ | 88 |  | $ | 116 |  | $ | 81 |  | $ | (91) |
Other intangible amortization, net of tax | 7 |  | 7 |  | 2 |  | 2 |  | 2 |  | 2 |  | 2 |
Adjusted net income (loss) | $ | 130 |  | $ | 190 |  | $ | (160) |  | $ | 90 |  | $ | 117 |  | $ | 83 |  | $ | (89) |
Adjusted net income (loss) available to common equity reconciliation(b) |  |  |  |  |  |  |
Net income (loss) available to common equity | $ | 112 |  | $ | 171 |  | $ | (164) |  | $ | 85 |  | $ | 113 |  | $ | 78 |  | $ | (94) |
Other intangible amortization, net of tax | 7 |  | 7 |  | 2 |  | 2 |  | 2 |  | 2 |  | 2 |
Adjusted net income (loss) available to common equity | $ | 118 |  | $ | 178 |  | $ | (163) |  | $ | 87 |  | $ | 114 |  | $ | 80 |  | $ | (92) |
Selected trend information(d) |  |  |  |  |  |  |
Wealth management fees | $ | 93 |  | $ | 83 |  | $ | 24 |  | $ | 24 |  | $ | 23 |  | $ | 22 |  | $ | 21 |
Service charges and deposit account fees | 52 |  | 49 |  | 13 |  | 14 |  | 12 |  | 12 |  | 11 |
Card-based fees | 47 |  | 45 |  | 12 |  | 12 |  | 12 |  | 11 |  | 12 |
Other fee-based revenue | 19 |  | 17 |  | 5 |  | 5 |  | 5 |  | 4 |  | 4 |
Fee-based revenue | 211 |  | 194 |  | 54 |  | 55 |  | 52 |  | 50 |  | 47 |
Other | (220) |  | (131) |  | (261) |  | 13 |  | 13 |  | 15 |  | (178) |
Total noninterest income | $ | (9) |  | $ | 63 |  | $ | (207) |  | $ | 67 |  | $ | 65 |  | $ | 65 |  | $ | (131) |
Pre-tax pre-provision income (loss)(e) |  |  |  |  |  |  |
Income (loss) before income taxes | $ | 134 |  | $ | 206 |  | $ | (178) |  | $ | 108 |  | $ | 103 |  | $ | 101 |  | $ | (138) |
Provision for credit losses | 85 |  | 83 |  | 17 |  | 21 |  | 23 |  | 24 |  | 21 |
Pre-tax pre-provision income (loss) | $ | 219 |  | $ | 289 |  | $ | (161) |  | $ | 129 |  | $ | 126 |  | $ | 125 |  | $ | (117) |
Efficiency ratio reconciliation(f) |  |  |  |  |  |  |
Federal Reserve efficiency ratio | 69.58 | % | 69.70 | % | 107.36 | % | 61.46 | % | 61.51 | % | 61.03 | % | 132.01 | %
Fully tax-equivalent adjustment | (0.87) | % | (1.13) | % | (1.83) | % | (0.69) | % | (0.71) | % | (0.71) | % | (3.29) | %
Other intangible amortization | (0.75) | % | (0.76) | % | (1.04) | % | (0.67) | % | (0.68) | % | (0.69) | % | (1.21) | %
Fully tax-equivalent efficiency ratio | 67.97 | % | 67.82 | % | 104.50 | % | 60.11 | % | 60.12 | % | 59.63 | % | 127.54 | %
FDIC special assessment | (0.29) | % | (2.32) | % | 0.14 | % | 0.30 | % | 0.73 | % | (2.38) | % | (9.50) | %
Announced initiatives | (7.75) | % | (7.02) | % | (43.53) | % | — | % | — | % | — | % | (53.92) | %
Adjusted efficiency ratio | 59.93 | % | 58.48 | % | 61.11 | % | 60.42 | % | 60.85 | % | 57.25 | % | 64.12 | %

Numbers may not sum due to rounding.
(a)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 strength.
(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.
(f)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 nonrecurring costs like the FDIC special assessment and announced initiatives.
10

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation |  |  |  |  |  |  |
($ in millions) |  |  | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 4Q23
Period end core customer deposits reconciliation |  |  |  |  |  |  |
Total deposits |  |  | $ | 34,648 |  | $ | 33,554 |  | $ | 32,691 |  | $ | 33,713 |  | $ | 33,446 |
Network transaction deposits |  |  | (1,758) |  | (1,567) |  | (1,503) |  | (1,793) |  | (1,566) |
Brokered CDs |  |  | (4,276) |  | (4,243) |  | (4,062) |  | (3,931) |  | (4,447) |
Core customer deposits |  |  | $ | 28,614 |  | $ | 27,745 |  | $ | 27,127 |  | $ | 27,989 |  | $ | 27,432 |
Quarterly average core customer deposits reconciliation |  |  |  |  |  |  |
Total deposits |  |  | $ | 34,337 |  | $ | 33,321 |  | $ | 32,629 |  | $ | 33,267 |  | $ | 32,192 |
Network transaction deposits |  |  | (1,691) |  | (1,644) |  | (1,595) |  | (1,652) |  | (1,617) |
Brokered CDs |  |  | (4,515) |  | (4,248) |  | (3,928) |  | (4,269) |  | (3,471) |
Core customer deposits |  |  | $ | 28,132 |  | $ | 27,429 |  | $ | 27,106 |  | $ | 27,346 |  | $ | 27,105 |

Nonrecurring Item Reconciliation | YTD | YTD |  | YTD | YTD
($ in millions, except per share data) | Dec 2024 | Dec 2024 per share data (diluted) |  | Dec 2023 | Dec 2023 per share data (diluted)
GAAP net income | $ | 123 |  | $ | 0.72 |  |  | $ | 183 |  | $ | 1.13 |
Loss on mortgage portfolio sale(a) | 130 |  | 0.85 |  |  | 136 |  | 0.90
Provision on initiatives | 1 |  | 0.01 |  |  | (3) |  | (0.02) |
Net loss on sale of investments(a) | 148 |  | 0.96 |  |  | 65 |  | 0.43
Loss on prepayments of FHLB advances | 14 |  | 0.09 |  |  | — |  | — |
FDIC special assessment | — |  | — |  |  | 31 |  | 0.20
Tax effect | (39) |  | (0.25) |  |  | (55) |  | (0.36) |
Net income, excluding nonrecurring items, net of tax | 379 |  | $ | 2.38 |  |  | 357 |  | $ | 2.27 |
Less preferred stock dividends | (12) |  |  |  | (12) |  |
Net income available to common equity, excluding nonrecurring items, net of tax | $ | 367 |  |  |  | $ | 345 |  |

Nonrecurring Item Reconciliation |  |  |  |  |
($ in millions, except per share data) | 4Q24 | 4Q24 per share data (diluted) |  | 4Q23 | 4Q23 per share data (diluted)
GAAP net (loss) | $ | (162) |  | $ | (1.03) |  |  | $ | (91) |  | $ | (0.62) |
Loss on mortgage portfolio sale(a) | 130 |  | 0.82 |  |  | 136 |  | 0.90
Provision on initiatives | 1 |  | 0.01 |  |  | (3) |  | (0.02) |
Net loss on sale of investments(a) | 148 |  | 0.93 |  |  | 65 |  | 0.43
Loss on prepayments of FHLB advances | 14 |  | 0.09 |  |  | — |  | — |
FDIC special assessment | — |  | — |  |  | 31 |  | 0.20
Tax effect | (39) |  | (0.24) |  |  | (55) |  | (0.36) |
Net income, excluding nonrecurring items, net of tax | 94 |  | $ | 0.57 |  |  | 83 |  | $ | 0.53 |
Less preferred stock dividends | (3) |  |  |  | (3) |  |
Net income available to common equity, excluding nonrecurring items, net of tax | $ | 91 |  |  |  | $ | 80 |  |

Nonrecurring Item Noninterest Income Reconciliation |  | YTD | YTD |  |
($ in thousands) |  | Dec 2024 | Dec 2023 | 4Q24 | 4Q23
GAAP noninterest (loss) income |  | $ | (9,407) |  | $ | 63,182 |  | $ | (206,772) |  | $ | (131,013) |
Loss on mortgage portfolio sale(a) |  | 130,406 |  | 136,239 |  | 130,406 |  | 136,239 |
Net loss on sale of investments(a) |  | 148,183 |  | 64,940 |  | 148,183 |  | 64,940 |
Noninterest income, excluding nonrecurring items |  | $ | 269,182 |  | $ | 264,361 |  | $ | 71,816 |  | $ | 70,166 |
Nonrecurring Item Noninterest Expense Reconciliation |  | YTD | YTD |  |
($ in thousands) |  | Dec 2024 | Dec 2023 | 4Q24 | 4Q23
GAAP noninterest expense |  | $ | 818,397 |  | $ | 813,682 |  | $ | 224,282 |  | $ | 239,391 |
Loss on prepayments of FHLB advances |  | (14,243) |  | — |  | (14,243) |  | — |
FDIC special assessment |  | — |  | (30,597) |  | — |  | (30,597) |
Noninterest expense, excluding nonrecurring items |  | $ | 804,154 |  | $ | 783,085 |  | $ | 210,039 |  | $ | 208,795 |

Period End Loans Reconciliation |  |  |  |  |
($ in thousands) |  |  |  |  | 4Q24
Loans |  |  |  |  | $ | 29,768,586 |
Mortgage portfolio loans transferred to held for sale |  |  |  |  | 722,943 |
Adjusted loans |  |  |  |  | $ | 30,491,529 |

(a)These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarters of 2024 and 2023.
11