8-K

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

Date of Report (Date of earliest event reported) October 24, 2024

                                                                            Associated Banc-Corp                                                                      

(Exact name of registrant as specified in its chapter)

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

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

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On October 24, 2024, Associated Banc-Corp announced its earnings for the quarter ended September 30, 2024. A copy of the registrant’s press release containing this information and the slide presentation discussed on the conference call for investors and analysts on October 24, 2024, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits.

 The following exhibits are furnished as part of this Report on Form 8-K:

99.1    Press release of the registrant dated October 24, 2024, containing financial information for the quarter ended September 30, 2024.

99.2    Slide presentation discussed on the conference call for investors and analysts on October 24, 2024.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
	Associated Banc-Corp
	(Registrant)
Date: October 24, 2024	By: /s/ Derek S. Meyer
	Derek S. Meyer
	Chief Financial Officer

EX-99.1

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 Third Quarter 2024 Net Income Available to Common Equity of $85 Million, or $0.56 per Common Share

GREEN BAY, Wis. -- October 24, 2024 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $85 million, or $0.56 per common share, for the quarter ended September 30, 2024. These amounts compare to earnings of $113 million, or $0.74 per common share, for the quarter ended June 30, 2024 and earnings of $80 million, or $0.53 per common share, for the quarter ended September 30, 2023.

“In the first nine months of 2024, we've remained squarely focused on executing Phase 2 of our strategic growth plan, and the financial tailwinds have started to emerge here in the third quarter," said President and CEO Andy Harmening. "During the quarter, we drove nearly $400 million in balanced loan growth and over $600 million in core customer deposit1 growth, which enabled us to decrease our reliance on wholesale funding and expand our margin. We also saw strong credit performance again during the quarter, helping us to deliver solid bottom line results for our shareholders."

"We're growing our customer base, delivering industry-leading customer satisfaction, and adding top talent to our commercial banking team. We look forward to building on this momentum and providing additional updates along the way."

Third Quarter 2024 Highlights (all comparisons to Second Quarter 2024)

•Diluted earnings per common share of $0.56

•Total period end core customer deposit1 growth of $618 million

•Total period end deposit growth of $863 million

•Total period end loan growth of $373 million

•Net interest income of $263 million

•Net interest margin of 2.78%

•Noninterest income of $67 million

•Noninterest expense of $201 million

•Provision for credit losses of $21 million

•Allowance for credit losses on loans / total loans of 1.33%

•Net charge offs / average loans (annualized) of 0.18%

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

Loans

Third quarter 2024 average total loans of $29.6 billion increased $55 million from the prior quarter and decreased 1%, or $251 million, from the same period last year. With respect to third quarter 2024 average balances by loan category:

•Commercial and business lending decreased $40 million from the prior quarter and decreased $14 million from the same period last year to $11.0 billion.

•Commercial real estate lending decreased $14 million from the prior quarter and decreased $77 million from the same period last year to $7.2 billion.

•Consumer lending increased $109 million from the prior quarter and decreased $159 million from the same period last year to $11.4 billion.

Third quarter 2024 period end total loans of $30.0 billion increased 1%, or $373 million, from the prior quarter and decreased 1%, or $202 million, from the same period last year. With respect to third quarter 2024 period end balances by loan category:

•Commercial and business lending increased $307 million from the prior quarter and increased $226 million from the same period last year to $11.4 billion.

•Commercial real estate lending decreased $72 million from the prior quarter and decreased $165 million the same period last year to $7.2 billion.

•Consumer lending increased $138 million from the prior quarter and decreased $263 million from the same period last year to $11.4 billion.

We continue to expect 2024 period end loan growth to finish at the lower end of our previous 4% to 6% range as compared to 2023.

Deposits

Third quarter 2024 average deposits of $33.3 billion increased 2%, or $691 million, from the prior quarter and increased 4%, or $1.3 billion, from the same period last year. With respect to third quarter 2024 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $60 million from the prior quarter and decreased $667 million from the same period last year to $5.7 billion.

•Savings decreased $9 million from the prior quarter and increased $311 million from the same period last year to $5.1 billion.

•Interest-bearing demand deposits increased $129 million from the prior quarter and increased $415 million from the same period last year to $7.4 billion.

•Money market deposits decreased $53 million from the prior quarter and decreased $352 million from the same period last year to $5.9 billion.

•Total time deposits increased $635 million from the prior quarter and increased $1.6 billion from the same period last year to $7.6 billion.

•Network transaction deposits increased $49 million from the prior quarter and increased $5 million from the same period last year to $1.6 billion.

Third quarter 2024 period end deposits of $33.6 billion increased 3%, or $863 million, from the prior quarter and increased 4%, or $1.4 billion, from the same period last year. With respect to third quarter 2024 period end balances by deposit category:

•Noninterest-bearing demand deposits increased $42 million from the prior quarter and decreased $566 million from the same period last year to $5.9 billion.

•Savings decreased $85 million from the prior quarter and increased $236 million from the same period last year to $5.1 billion.

•Interest-bearing demand deposits increased $322 million from the prior quarter and increased $1.1 billion from the same period last year to $8.6 billion.

•Money market deposits decreased $200 million from the prior quarter and decreased $1.2 billion from the same period last year to $6.1 billion.

•Total time deposits increased $784 million from the prior quarter and increased $1.9 billion from the same period last year to $7.9 billion.

•Network transaction deposits (included in money market and interest-bearing demand deposits) increased $64 million from the prior quarter and decreased $82 million from the same period last year to $1.6 billion.

We continue to expect 2024 period end core customer deposit growth to finish at the lower end of our previous 3% to 5% range as compared to 2023.

Net Interest Income and Net Interest Margin

Third quarter 2024 net interest income of $263 million increased $6 million from the prior quarter and increased $8 million from the same period last year. The net interest margin increased to 2.78%, reflecting a 3 basis point increase from the prior quarter and a 7 basis point increase from the same period last year.

•The average yield on total loans for the third quarter of 2024 increased 6 basis points from the prior quarter and increased 31 basis points from the same period last year to 6.27%.

•The average cost of total interest-bearing liabilities for the third quarter of 2024 decreased 1 basis point from the prior quarter and increased 23 basis points from the same period last year to 3.59%.

•The net free funds benefit for the third quarter of 2024 decreased 1 basis point from the prior quarter and decreased 2 basis points from the same period last year to 0.69%.

Based on current market conditions, we now expect total net interest income growth of 0% to 1% in 2024.

Noninterest Income

Third quarter 2024 total noninterest income of $67 million increased $2 million, or 3%, from the prior quarter and increased $1 million, or 1%, from the same period last year. With respect to third quarter 2024 noninterest income line items:

•Wealth management fees increased $2 million from the prior quarter and increased $3 million from the same period last year.

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

•Mortgage banking, net decreased slightly from the prior quarter and decreased $4 million from the same period last year.

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

Noninterest Expense

Third quarter 2024 total noninterest expense of $201 million increased $5 million, or 2%, from the prior quarter and increased $4 million, or 2%, from the same period last year as we continued to invest in our strategic initiatives. With respect to third quarter 2024 noninterest expense line items:

•Personnel expense decreased $1 million from the prior quarter and increased $4 million from the same period last year.

•Legal and professional expense increased $1 million from both the prior quarter and the same period last year.

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

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

After adjusting to exclude the impact of the $31 million FDIC special assessment booked during the fourth quarter of 2023 and $4 million of FDIC special assessment, net recognized over the first three quarters of 2024, we now expect total noninterest expense to grow by 1% to 2% in 2024.

Taxes

Third quarter 2024 tax expense was $20 million compared to a $13 million tax benefit in the prior quarter and $19 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. The effective tax rate for the third quarter of 2024 was 18.6% compared to an effective tax rate of 18.9% in the same period last year.

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 third quarter 2024 provision for credit losses on loans was $21 million, compared to a provision of $23 million in the prior quarter and a provision of $22 million in the same period last year. With respect to third quarter 2024 credit quality:

•Nonaccrual loans of $128 million decreased $26 million from the prior quarter and decreased $40 million from the same period last year. The nonaccrual loans to total loans ratio was 0.43% in the third quarter, down from 0.52% in the prior quarter and down from 0.56% in the same period last year.

•Third quarter 2024 net charge offs of $13 million decreased compared to net charge offs of $21 million in the prior quarter and decreased compared to net charge offs of $18 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $398 million increased $8 million compared to the prior quarter and increased $17 million compared to the same period last year. The ACLL to total loans ratio was 1.33% in the third quarter, up from 1.32% 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 9.72%at September 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.

THIRD 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, October 24, 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 third quarter 2024 earnings call. The third 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)	September 30, 2024		June 30, 2024		Seql Qtr $ Change		March 31, 2024		December 31, 2023		September 30, 2023		Comp Qtr $ Change
Assets
Cash and due from banks	$	554,631	$	470,818	$	83,813	$	429,859	$	484,384	$	388,694	$	165,937
Interest-bearing deposits in other financial institutions	408,101		484,677		(76,576)		420,114		425,089		323,130		84,971
Federal funds sold and securities purchased under agreements to resell	4,310		3,600		710		1,610		14,350		965		3,345
Investment securities available for sale, at fair value	4,152,527		3,912,730		239,797		3,724,148		3,600,892		3,491,679		660,848
Investment securities held to maturity, net, at amortized cost	3,769,150		3,799,035		(29,886)		3,832,967		3,860,160		3,900,415		(131,265)
Equity securities	23,158		22,944		214		19,571		41,651		35,937		(12,779)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	178,168		212,102		(33,934)		173,968		229,171		268,698		(90,530)
Residential loans held for sale	67,219		83,795		(16,576)		52,414		33,011		54,790		12,429
Commercial loans held for sale	11,833		—		11,833		—		90,303		—		11,833
Loans	29,990,897		29,618,271		372,625		29,494,263		29,216,218		30,193,187		(202,290)
Allowance for loan losses	(361,765)		(355,844)		(5,922)		(356,006)		(351,094)		(345,795)		(15,970)
Loans, net	29,629,131		29,262,428		366,704		29,138,257		28,865,124		29,847,392		(218,261)
Tax credit and other investments	265,385		246,300		19,085		255,252		258,067		256,905		8,480
Premises and equipment, net	373,816		369,968		3,848		367,618		372,978		373,017		799
Bank and corporate owned life insurance	686,704		683,451		3,252		685,089		682,649		679,775		6,929
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	33,863		36,066		(2,203)		38,268		40,471		42,674		(8,811)
Mortgage servicing rights, net	81,977		85,640		(3,663)		85,226		84,390		89,131		(7,154)
Interest receivable	167,777		173,106		(5,329)		167,092		169,569		171,119		(3,342)
Other assets	698,073		672,256		25,817		640,638		658,604		608,068		90,005
Total assets	$	42,210,815	$	41,623,908	$	586,908	$	41,137,084	$	41,015,855	$	41,637,381	$	573,434
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	5,857,421	$	5,815,045	$	42,376	$	6,254,135	$	6,119,956	$	6,422,994	$	(565,573)
Interest-bearing deposits	27,696,877		26,875,995		820,882		27,459,023		27,326,093		25,700,332		1,996,545
Total deposits	33,554,298		32,691,039		863,259		33,713,158		33,446,049		32,123,326		1,430,972
Short-term funding	917,028		859,539		57,488		765,671		326,780		451,644		465,384
FHLB advances	1,913,294		2,673,046		(759,753)		1,333,411		1,940,194		3,733,041		(1,819,747)
Other long-term funding	844,342		536,113		308,229		536,055		541,269		529,459		314,883
Allowance for unfunded commitments	35,776		33,776		2,000		31,776		34,776		34,776		1,000
Accrued expenses and other liabilities	532,842		588,057		(55,215)		588,341		552,814		637,491		(104,649)
Total liabilities	37,797,579		37,381,571		416,008		36,968,412		36,841,882		37,509,738		287,841
Stockholders’ equity
Preferred equity	194,112		194,112		—		194,112		194,112		194,112		—
Common equity	4,219,125		4,048,225		170,900		3,974,561		3,979,861		3,933,531		285,594
Total stockholders’ equity	4,413,236		4,242,337		170,900		4,168,673		4,173,973		4,127,643		285,594
Total liabilities and stockholders’ equity	$	42,210,815	$	41,623,908	$	586,908	$	41,137,084	$	41,015,855	$	41,637,381	$	573,434

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)	3Q24		3Q23		$ Change		% Change		September 2024		September 2023		$ Change		% Change
Interest income
Interest and fees on loans	$	465,728	$	447,912	$	17,816	4	%	$	1,376,988	$	1,262,538	$	114,450	9	%
Interest and dividends on investment securities
Taxable	51,229		38,210		13,019		34	%	148,055		104,197		43,858		42	%
Tax-exempt	14,660		15,941		(1,281)		(8)	%	44,103		47,960		(3,857)		(8)	%
Other interest	8,701		6,575		2,126		32	%	24,834		17,990		6,844		38	%
Total interest income	540,318		508,637		31,681		6	%	1,593,980		1,432,685		161,295		11	%
Interest expense
Interest on deposits	231,623		193,131		38,492		20	%	678,916		464,749		214,167		46	%
Interest on federal funds purchased and securities sold under agreements to repurchase	3,385		3,100		285		9	%	8,551		8,504		47		1	%
Interest on other short-term funding	6,144		—		6,144		N/M		16,929		1		16,928		N/M
Interest on FHLB Advances	24,799		48,143		(23,344)		(48)	%	80,612		147,365		(66,753)		(45)	%
Interest on long-term funding	11,858		10,019		1,839		18	%	32,012		25,895		6,117		24	%
Total interest expense	277,809		254,394		23,415		9	%	817,021		646,514		170,507		26	%
Net interest income	262,509		254,244		8,265		3	%	776,960		786,171		(9,211)		(1)	%
Provision for credit losses	20,991		21,943		(952)		(4)	%	68,000		62,014		5,986		10	%
Net interest income after provision for credit losses	241,518		232,301		9,217		4	%	708,960		724,157		(15,197)		(2)	%
Noninterest income
Wealth management fees	24,144		20,828		3,316		16	%	68,466		61,499		6,967		11	%
Service charges and deposit account fees	13,708		12,864		844		7	%	38,410		38,230		180		—	%
Card-based fees	11,731		11,510		221		2	%	34,973		33,492		1,481		4	%
Other fee-based revenue	5,057		4,509		548		12	%	14,316		13,249		1,067		8	%
Capital markets, net	4,317		5,368		(1,051)		(20)	%	13,052		15,544		(2,492)		(16)	%
Mortgage banking, net	2,132		6,501		(4,369)		(67)	%	7,299		17,814		(10,515)		(59)	%
Bank and corporate owned life insurance	4,001		2,047		1,954		95	%	11,156		6,882		4,274		62	%
Asset (losses) gains, net	(474)		625		(1,099)		N/M		(1,407)		590		(1,997)		N/M
Investment securities gains (losses), net	100		(11)		111		N/M		4,047		55		3,992		N/M
Other	2,504		2,339		165		7	%	7,054		6,841		213		3	%
Total noninterest income	67,221		66,579		642		1	%	197,365		194,195		3,170		2	%
Noninterest expense
Personnel	121,036		117,159		3,877		3	%	362,012		347,669		14,343		4	%
Technology	27,217		26,172		1,045		4	%	80,579		73,990		6,589		9	%
Occupancy	13,536		14,125		(589)		(4)	%	40,297		42,775		(2,478)		(6)	%
Business development and advertising	6,683		7,100		(417)		(6)	%	20,735		20,054		681		3	%
Equipment	4,653		5,016		(363)		(7)	%	13,702		14,921		(1,219)		(8)	%
Legal and professional	5,639		4,461		1,178		26	%	14,740		13,149		1,591		12	%
Loan and foreclosure costs	2,748		2,049		699		34	%	6,519		4,822		1,697		35	%
FDIC assessment	8,223		9,150		(927)		(10)	%	29,300		25,575		3,725		15	%
Other intangible amortization	2,203		2,203		—		—	%	6,608		6,608		—		—	%
Other	8,659		8,771		(112)		(1)	%	19,622		24,726		(5,104)		(21)	%
Total noninterest expense	200,597		196,205		4,392		2	%	594,115		574,291		19,824		3	%
Income before income taxes	108,142		102,674		5,468		5	%	312,211		344,061		(31,850)		(9)	%
Income tax expense	20,124		19,426		698		4	%	27,451		70,299		(42,848)		(61)	%
Net income	88,018		83,248		4,770		6	%	284,760		273,762		10,998		4	%
Preferred stock dividends	2,875		2,875		—		—	%	8,625		8,625		—		—	%
Net income available to common equity	$	85,143	$	80,373	$	4,770	6	%	$	276,135	$	265,137	$	10,998	4	%
Earnings per common share
Basic	$	0.56	$	0.53	$	0.03	6	%	$	1.83	$	1.76	$	0.07	4	%
Diluted	$	0.56	$	0.53	$	0.03	6	%	$	1.82	$	1.75	$	0.07	4	%
Average common shares outstanding
Basic	150,247		150,035		212		—	%	149,993		149,929		64		—	%
Diluted	151,492		151,014		478		—	%	151,244		150,971		273		—	%

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
	3Q24		2Q24		$ Change		% Change		1Q24		4Q23		3Q23		$ Change		% Change
Interest income
Interest and fees on loans	$	465,728	$	456,788	$	8,940	2	%	$	454,472	$	457,868	$	447,912	$	17,816	4	%
Interest and dividends on investment securities
Taxable	51,229		50,278		951		2	%	46,548		41,809		38,210		13,019		34	%
Tax-exempt	14,660		14,669		(9)		—	%	14,774		15,273		15,941		(1,281)		(8)	%
Other interest	8,701		8,539		162		2	%	7,595		10,418		6,575		2,126		32	%
Total interest income	540,318		530,274		10,044		2	%	523,388		525,367		508,637		31,681		6	%
Interest expense
Interest on deposits	231,623		221,062		10,562		5	%	226,231		208,875		193,131		38,492		20	%
Interest on federal funds purchased and securities sold under agreements to repurchase	3,385		2,303		1,083		47	%	2,863		3,734		3,100		285		9	%
Interest on other short-term funding	6,144		6,077		67		1	%	4,708		—		—		6,144		N/M
Interest on FHLB advances	24,799		34,143		(9,344)		(27)	%	21,671		49,171		48,143		(23,344)		(48)	%
Interest on long-term funding	11,858		10,096		1,762		17	%	10,058		10,185		10,019		1,839		18	%
Total interest expense	277,809		273,681		4,128		2	%	265,530		271,965		254,394		23,415		9	%
Net interest income	262,509		256,593		5,916		2	%	257,858		253,403		254,244		8,265		3	%
Provision for credit losses	20,991		23,008		(2,017)		(9)	%	24,001		21,007		21,943		(952)		(4)	%
Net interest income after provision for credit losses	241,518		233,585		7,933		3	%	233,857		232,395		232,301		9,217		4	%
Noninterest income
Wealth management fees	24,144		22,628		1,515		7	%	21,694		21,003		20,828		3,316		16	%
Service charges and deposit account fees	13,708		12,263		1,444		12	%	12,439		10,815		12,864		844		7	%
Card-based fees	11,731		11,975		(244)		(2)	%	11,267		11,528		11,510		221		2	%
Other fee-based revenue	5,057		4,857		201		4	%	4,402		4,019		4,509		548		12	%
Capital markets, net	4,317		4,685		(369)		(8)	%	4,050		9,106		5,368		(1,051)		(20)	%
Mortgage banking, net	2,132		2,505		(372)		(15)	%	2,662		1,615		6,501		(4,369)		(67)	%
Loss on mortgage portfolio sale	—		—		—		N/M		—		(136,239)		—		—		N/M
Bank and corporate owned life insurance	4,001		4,584		(583)		(13)	%	2,570		3,383		2,047		1,954		95	%
Asset (losses) gains, net	(474)		(627)		154		(24)	%	(306)		(136)		625		(1,099)		N/M
Investment securities gains (losses), net	100		67		33		48	%	3,879		(58,958)		(11)		111		N/M
Other	2,504		2,222		282		13	%	2,327		2,850		2,339		165		7	%
Total noninterest income (loss)	67,221		65,159		2,062		3	%	64,985		(131,013)		66,579		642		1	%
Noninterest expense
Personnel	121,036		121,581		(545)		—	%	119,395		120,686		117,159		3,877		3	%
Technology	27,217		27,161		56		—	%	26,200		28,027		26,172		1,045		4	%
Occupancy	13,536		13,128		408		3	%	13,633		14,429		14,125		(589)		(4)	%
Business development and advertising	6,683		7,535		(853)		(11)	%	6,517		8,350		7,100		(417)		(6)	%
Equipment	4,653		4,450		203		5	%	4,599		4,742		5,016		(363)		(7)	%
Legal and professional	5,639		4,429		1,210		27	%	4,672		6,762		4,461		1,178		26	%
Loan and foreclosure costs	2,748		1,793		955		53	%	1,979		585		2,049		699		34	%
FDIC assessment	8,223		7,131		1,092		15	%	13,946		41,497		9,150		(927)		(10)	%
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,203		—		—	%
Other	8,659		6,450		2,209		34	%	4,513		12,110		8,771		(112)		(1)	%
Total noninterest expense	200,597		195,861		4,736		2	%	197,657		239,391		196,205		4,392		2	%
Income (loss) before income taxes	108,142		102,884		5,258		5	%	101,185		(138,009)		102,674		5,468		5	%
Income tax expense (benefit)	20,124		(12,689)		32,814		N/M		20,016		(47,202)		19,426		698		4	%
Net income (loss)	88,018		115,573		(27,556)		(24)	%	81,169		(90,806)		83,248		4,770		6	%
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		2,875		—		—	%
Net income (loss) available to common equity	$	85,143	$	112,698	$	(27,556)	(24)	%	$	78,294	$	(93,681)	$	80,373	$	4,770	6	%
Earnings (loss) per common share
Basic	$	0.56	$	0.75	$	(0.19)	(25)	%	$	0.52	$	(0.63)	$	0.53	$	0.03	6	%
Diluted	$	0.56	$	0.74	$	(0.18)	(24)	%	$	0.52	$	(0.62)	$	0.53	$	0.03	6	%
Average common shares outstanding
Basic	150,247		149,872		375		—	%	149,855		150,085		150,035		212		—	%
Diluted	151,492		151,288		204		—	%	151,292		151,007		151,014		478		—	%

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 Sep 2024			YTD Sep 2023			3Q24			2Q24			1Q24			4Q23			3Q23
Per common share data
Dividends	$	0.66		$	0.63		$	0.22		$	0.22		$	0.22		$	0.22		$	0.21
Market value:
High	23.95			24.18			23.95			22.48			22.00			21.79			19.21
Low	19.73			14.48			20.07			19.90			19.73			15.45			16.22
Close							21.54			21.15			21.51			21.39			17.11
Book value / share							27.90			26.85			26.37			26.35			26.06
Tangible book value / share							20.37			19.28			18.78			18.77			18.46
Performance ratios (annualized)
Return on average assets	0.93		%	0.91		%	0.85		%	1.13		%	0.80		%	(0.87)		%	0.80		%
Noninterest expense / average assets	1.93		%	1.90		%	1.93		%	1.92		%	1.95		%	2.30		%	1.90		%
Effective tax rate	8.79		%	20.43		%	18.61		%	(12.33)		%	19.78		%	N/M			18.92		%
Dividend payout ratio(a)	36.07		%	35.80		%	39.29		%	29.33		%	42.31		%	N/M			39.62		%
Net interest margin	2.77		%	2.86		%	2.78		%	2.75		%	2.79		%	2.69		%	2.71		%
Selected trend information
Average full time equivalent employees(b)	4,045			4,222			4,041			4,025			4,070			4,130			4,220
Branch count							188			188			188			196			202
Assets under management, at market value(c)							$	15,033		$	14,304		$	14,171		$	13,545		$	12,543
Mortgage loans originated for sale during period	$	451		$	283		$	176		$	169		$	105		$	112		$	115
Mortgage loan settlements during period(d)	$	416		$	255		$	187		$	138		$	91		$	957		$	103
Mortgage portfolio loans transferred to held for sale during period(d)	$	—		$	—		$	—		$	—		$	—		$	969		$	—
Mortgage portfolio serviced for others(d)							$	6,302		$	6,307		$	6,349		$	7,364		$	6,452
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)							1.30		%	1.36		%	1.34		%	1.15		%	1.38		%
Shares repurchased during period(e)	900			—			—			—			900			—			—
Shares outstanding, end of period							151,213			150,785			150,739			151,037			150,951
Selected quarterly ratios
Loans / deposits							89.38		%	90.60		%	87.49		%	87.35		%	93.99		%
Stockholders’ equity / assets							10.46		%	10.19		%	10.13		%	10.18		%	9.91		%
Risk-based capital(f)(g)
Total risk-weighted assets							$	33,326		$	32,768		$	32,753		$	32,733		$	33,497
Common equity Tier 1							$	3,238		$	3,172		$	3,089		$	3,075		$	3,197
Common equity Tier 1 capital ratio							9.72		%	9.68		%	9.43		%	9.39		%	9.55		%
Tier 1 capital ratio							10.30		%	10.27		%	10.02		%	9.99		%	10.12		%
Total capital ratio							12.36		%	12.34		%	12.08		%	12.21		%	12.25		%
Tier 1 leverage ratio							8.49		%	8.37		%	8.24		%	8.06		%	8.42		%

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)September 30, 2024 data is estimated.

4

Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Sep 30, 2024			Jun 30, 2024			Seql Qtr % Change		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	355,844		$	356,006		—	%	$	351,094		$	345,795		$	338,750		5	%
Provision for loan losses	19,000			21,000			(10)	%	27,000			21,000			25,500			(25)	%
Charge offs	(15,337)			(23,290)			(34)	%	(24,018)			(17,878)			(20,535)			(25)	%
Recoveries	2,258			2,127			6	%	1,930			2,177			2,079			9	%
Net (charge offs) recoveries	(13,078)			(21,163)			(38)	%	(22,088)			(15,701)			(18,455)			(29)	%
Balance at end of period	$	361,765		$	355,844		2	%	$	356,006		$	351,094		$	345,795		5	%
Allowance for unfunded commitments
Balance at beginning of period	$	33,776		$	31,776		6	%	$	34,776		$	34,776		$	38,276		(12)	%
Provision for unfunded commitments	2,000			2,000			—	%	(3,000)			—			(3,500)			N/M
Balance at end of period	$	35,776		$	33,776		6	%	$	31,776		$	34,776		$	34,776		3	%
Allowance for credit losses on loans (ACLL)	$	397,541		$	389,620		2	%	$	387,782		$	385,870		$	380,571		4	%
Provision for credit losses on loans	$	21,000		$	23,000		(9)	%	$	24,000		$	21,000		$	22,000		(5)	%
($ in thousands)	Sep 30, 2024			Jun 30, 2024			Seql Qtr % Change		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Comp Qtr % Change
Net (charge offs) recoveries
Commercial and industrial	$	(10,649)		$	(13,676)		(22)	%	$	(18,638)		$	(13,178)		$	(16,558)		(36)	%
Commercial real estate—owner occupied	—			1			(100)	%	2			(22)			2			(100)	%
Commercial and business lending	(10,649)			(13,674)			(22)	%	(18,636)			(13,200)			(16,556)			(36)	%
Commercial real estate—investor	(1)			(4,569)			(100)	%	—			216			272			N/M
Real estate construction	2			28			(93)	%	30			38			18			(89)	%
Commercial real estate lending	2			(4,541)			N/M		30			253			290			(99)	%
Total commercial	(10,647)			(18,216)			(42)	%	(18,606)			(12,947)			(16,266)			(35)	%
Residential mortgage	(160)			(289)			(45)	%	(62)			(53)			(22)			N/M
Auto finance	(1,281)			(1,480)			(13)	%	(2,094)			(1,436)			(1,269)			1	%
Home equity	424			238			78	%	211			185			128			N/M
Other consumer	(1,414)			(1,417)			—	%	(1,537)			(1,450)			(1,027)			38	%
Total consumer	(2,431)			(2,947)			(18)	%	(3,482)			(2,754)			(2,189)			11	%
Total net (charge offs) recoveries	$	(13,078)		$	(21,163)		(38)	%	$	(22,088)		$	(15,701)		$	(18,455)		(29)	%
(In basis points)	Sep 30, 2024			Jun 30, 2024					Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial	(43)			(55)					(77)			(54)			(66)
Commercial real estate—owner occupied	—			—					—			(1)			—
Commercial and business lending	(39)			(50)					(69)			(48)			(60)
Commercial real estate—investor	—			(37)					—			2			2
Real estate construction	—			—					1			1			—
Commercial real estate lending	—			(25)					—			1			2
Total commercial	(23)			(40)					(41)			(28)			(35)
Residential mortgage	(1)			(1)					—			—			—
Auto finance	(19)			(24)					(35)			(27)			(27)
Home equity	26			15					14			12			8
Other consumer	(216)			(221)					(232)			(208)			(148)
Total consumer	(8)			(10)					(13)			(9)			(7)
Total net (charge offs) recoveries	(18)			(29)					(30)			(21)			(25)
($ in thousands)	Sep 30, 2024			Jun 30, 2024			Seql Qtr % Change		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Comp Qtr % Change
Credit quality
Nonaccrual loans	$	128,476		$	154,423		(17)	%	$	178,346		$	148,997		$	168,558		(24)	%
Other real estate owned (OREO)	18,830			8,325			126	%	8,437			10,506			8,452			123	%
Repossessed assets	793			671			18	%	1,241			919			658			21	%
Total nonperforming assets	$	148,098		$	163,418		(9)	%	$	188,025		$	160,421		$	177,668		(17)	%
Loans 90 or more days past due and still accruing	$	7,107		$	2,354		N/M		$	2,417		$	21,689		$	2,156		N/M
Allowance for credit losses on loans to total loans	1.33		%	1.32		%			1.31		%	1.32		%	1.26		%
Allowance for credit losses on loans to nonaccrual loans	309.43		%	252.31		%			217.43		%	258.98		%	225.78		%
Nonaccrual loans to total loans	0.43		%	0.52		%			0.60		%	0.51		%	0.56		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.49		%	0.55		%			0.64		%	0.55		%	0.59		%
Nonperforming assets to total assets	0.35		%	0.39		%			0.46		%	0.39		%	0.43		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans	0.25		%	0.30		%			0.30		%	0.16		%	0.15		%

5

Associated Banc-Corp Selected Asset Quality Information (continued)
($ in thousands)	Sep 30, 2024		Jun 30, 2024		Seql Qtr % Change		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	14,369	$	21,190	(32)	%	$	72,243	$	62,022	$	74,812	(81)	%
Commercial real estate—owner occupied	9,285		1,851		N/M		2,090		1,394		3,936		136	%
Commercial and business lending	23,654		23,041		3	%	74,333		63,416		78,748		(70)	%
Commercial real estate—investor	18,913		48,249		(61)	%	18,697		—		10,882		74	%
Real estate construction	15		16		(6)	%	18		6		103		(85)	%
Commercial real estate lending	18,928		48,265		(61)	%	18,715		6		10,985		72	%
Total commercial	42,582		71,306		(40)	%	93,047		63,422		89,732		(53)	%
Residential mortgage	70,138		68,058		3	%	69,954		71,142		66,153		6	%
Auto finance	7,456		6,986		7	%	7,158		5,797		4,533		64	%
Home equity	8,231		7,996		3	%	8,100		8,508		7,917		4	%
Other consumer	70		77		(9)	%	87		128		222		(68)	%
Total consumer	85,894		83,117		3	%	85,299		85,574		78,826		9	%
Total nonaccrual loans	$	128,476	$	154,423	(17)	%	$	178,346	$	148,997	$	168,558	(24)	%
	Sep 30, 2024		Jun 30, 2024		Seql Qtr % Change		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Comp Qtr % Change
Restructured loans (accruing)
Commercial and industrial	$	424	$	410	3	%	$	377	$	306	$	234	81	%
Commercial real estate—owner occupied	—		—		N/M		—		—		—		N/M
Commercial and business lending	424		410		3	%	377		306		234		81	%
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	424		410		3	%	377		306		234		81	%
Residential mortgage	361		306		18	%	345		405		207		74	%
Auto finance	35		142		(75)	%	66		255		169		(79)	%
Home equity	104		103		1	%	182		305		236		(56)	%
Other consumer	1,642		1,615		2	%	1,487		1,449		1,243		32	%
Total consumer	2,141		2,166		(1)	%	2,080		2,414		1,855		15	%
Total restructured loans (accruing)	$	2,565	$	2,576	—	%	$	2,457	$	2,719	$	2,089	23	%
Nonaccrual restructured loans (included in nonaccrual loans)	$	1,840	$	717	157	%	$	1,141	$	805	$	961	91	%
	Sep 30, 2024		Jun 30, 2024		Seql Qtr % Change		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial	$	1,212	$	2,052	(41)	%	$	521	$	5,565	$	1,507	(20)	%
Commercial real estate—owner occupied	2,209		—		N/M		—		358		1,877		18	%
Commercial and business lending	3,421		2,052		67	%	521		5,923		3,384		1	%
Commercial real estate—investor	10,746		1,023		N/M		19,164		18,697		10,121		6	%
Real estate construction	88		—		N/M		1,260		—		10		N/M
Commercial real estate lending	10,834		1,023		N/M		20,424		18,697		10,131		7	%
Total commercial	14,255		3,075		N/M		20,945		24,619		13,515		5	%
Residential mortgage	13,630		10,374		31	%	9,903		13,446		11,652		17	%
Auto finance	15,458		15,814		(2)	%	12,521		17,386		16,688		(7)	%
Home equity	3,146		3,694		(15)	%	2,819		4,208		3,687		(15)	%
Other consumer	2,163		1,995		8	%	2,260		2,166		1,880		15	%
Total consumer	34,397		31,877		8	%	27,503		37,205		33,908		1	%
Total accruing loans 30-89 days past due	$	48,651	$	34,952	39	%	$	48,448	$	61,825	$	47,422	3	%

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
	September 30, 2024						June 30, 2024						September 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	$	10,971,390	$	200,327	7.27	%	$	11,011,228	$	198,191	7.24	%	$	10,985,584	$	194,956	7.04	%
Commercial real estate lending	7,235,505		136,699		7.52	%	7,249,773		134,203		7.45	%	7,312,645		134,370		7.29	%
Total commercial	18,206,896		337,027		7.36	%	18,261,000		332,394		7.32	%	18,298,229		329,326		7.14	%
Residential mortgage	7,888,290		70,171		3.56	%	7,905,236		69,389		3.51	%	8,807,157		74,643		3.39	%
Auto finance	2,635,890		37,904		5.72	%	2,524,107		35,021		5.58	%	1,884,540		24,074		5.07	%
Other retail	903,011		21,124		9.34	%	889,220		20,504		9.24	%	894,685		20,534		9.15	%
Total loans	29,634,087		466,226		6.27	%	29,579,564		457,307		6.21	%	29,884,611		448,577		5.96	%
Investment securities
Taxable	5,816,102		51,466		3.54	%	5,680,757		50,479		3.55	%	5,407,299		38,210		2.83	%
Tax-exempt(a)	2,110,896		17,885		3.39	%	2,116,174		17,896		3.38	%	2,300,488		20,085		3.49	%
Other short-term investments	629,431		8,959		5.66	%	620,943		9,304		6.03	%	483,211		6,575		5.40	%
Investments and other	8,556,429		78,310		3.66	%	8,417,874		77,680		3.69	%	8,190,998		64,870		3.16	%
Total earning assets	38,190,516		$	544,535	5.68	%	37,997,438		$	534,987	5.65	%	38,075,608		$	513,447	5.36	%
Other assets, net	3,199,195						3,103,168						3,000,371
Total assets	$	41,389,711					$	41,100,606					$	41,075,980
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,125,147	$	21,611	1.68	%	$	5,133,688	$	21,972	1.72	%	$	4,814,499	$	18,592	1.53	%
Interest-bearing demand