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.

10

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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