News Release	CONTACTS:
	Investors:
	Joe Selner, Chief Financial Officer
	920-491-7120
	Media:
	Cindy Moon-Mogush, Corporate Communications
	920-431-8034

Associated earns 60 cents per diluted share in 1^st quarter of 2006

• First quarter loan growth 9% (annualized)

• Wholesale funding reduction initiative accelerated late in first quarter

• Stock buy-back totals 4 million shares in 1Q and tangible capital is 6.41% of tangible assets

• Quarterly dividend increased to 29 cents

     GREEN BAY, Wis. – April 20, 2006 – Associated Banc-Corp (Nasdaq: ASBC) earned $.60 per diluted share in the first quarter of 2006, compared to $.59 per diluted share in the first quarter of 2005. Net income for the first quarter was $81.7 million, up 5.5 percent compared to first quarter 2005 net income of $77.5 million. Book value per share rose to $16.98 as of March 31, 2006, up 8.7 percent compared to a year earlier.

     For the first quarter of 2006, return on average assets (ROA) was 1.52 percent and return on average equity (ROE) was 14.16 percent, compared to ROA of 1.54 percent and ROE of 15.52 percent for the first quarter of 2005. Return on average tangible equity (which is a non-GAAP measure that excludes average goodwill and other intangible assets from average equity) was 23.48 percent in the first quarter of 2006, versus 24.13 percent in the first quarter of 2005.

     Comparatively, for the fourth quarter of 2005, net income was $87.6 million, and diluted earnings per share were $.64, while book value per share was $17.15 at year-end 2005. ROA was 1.58 percent, ROE was 14.99 percent, and return on average tangible equity was 22.70 percent for the fourth quarter of 2005.

     Loans as of March 31, 2006 were $15.5 billion, up $1.6 billion or 12 percent over first quarter of 2005. Since year-end 2005, loans increased $333 million (or 9 percent annualized), driven by growth in home equity and commercial loans.

     At March 31, 2006, the allowance for loan losses represented 1.31 percent of total loans and covered 185 percent of nonperforming loans. Nonperforming loans rose to $110 million, representing 0.71 percent of total loans, compared to $99 million or 0.65 percent of loans at year-end 2005. The provision for loan losses was $4.5 million, $2.3 million, and $3.7 million, respectively, for the first quarter of 2006, the first quarter of 2005, and the fourth quarter of 2005, approximating net charge-off levels for each period. First quarter 2006 net charge-offs were 0.12 percent of average loans, compared to 0.09 percent for the full year 2005.

     “I am very pleased with the growth in our home equity and commercial loans this quarter. This progress is evidence of traction in our sales efforts and the investments made in our distribution system in 2005,” Associated Banc-Corp President and CEO Paul S. Beideman said.

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     “Also, our overall asset quality remains at historically strong levels,” Beideman said. While consumer loan losses were higher in the first quarter of 2006, as our customers deal with rising short-term rates, we anticipate that this trend will moderate over the next few quarters.”

     Period-end deposits at March 31, 2006 were $13.6 billion, up $1.4 billion or 12 percent over the first quarter of last year. Since year-end 2005, interest-bearing deposits grew while non-interest bearing demand deposits reflected seasonal declines.

     “Core deposit growth remains a top priority, and we are beginning to see progress from our improved deposit product line, sales results, and investments in core markets,” said Beideman. However, competitive pricing pressures, along with the shifting of deposits to higher-priced products or to alternatives outside of the banking industry, continue to challenge deposit growth.

     “The first quarter also reflects actions taken in connection with our previously announced initiative to reduce wholesale funding by up to $2 billion by year-end 2006,” Beideman said.

     The company used cash flows from maturing investments, as well as proceeds from the sale of $0.7 billion of investment securities in late March, to reduce wholesale funding and to buy back 4 million shares of common stock under an accelerated share repurchase. Investment security sales included losses of $15.8 million, offset by gains of $18.3 million on equity securities sales, resulting in a net $2.5 million pre-tax gain for the quarter.

     “Cumulatively, we have reduced wholesale funding by $1.1 billion since Sept. 30, 2005, after adjusting for our fourth quarter acquisition, reducing our ratio of wholesale funding to total funding from 34 percent to 29 percent at March 31, 2006.”

     Associated’s net interest income for the first quarter of 2006 was $166.9 million, compared to $165.9 million and $175.6 million for the first and fourth quarters of 2005, respectively. The first quarter 2006 net interest margin was 3.48 percent, compared to 3.68 percent for the first quarter of 2005, and 3.59 percent for the fourth quarter of 2005. Net interest income and the net interest margin were pressured by the interest rate environment, resulting in a rising cost of funds that exceeded the increased yield on earning assets. The late-March 2006 investment sale activity had minimal impact on the margin for the first quarter.

     Of the 11 basis point decline in the margin from the fourth quarter, approximately 6 basis points was attributable to the seasonal outflow of net free funds (notably non-interest bearing demand deposits), with the remainder from the combination of rate, volume and mix changes. “We believe the steps we are taking should help improve the margin to a level comparable to that of the fourth quarter of 2005,” said Beideman.

     Core noninterest revenues grew between the first quarter periods with increases in trust service fees (7 percent), service charges on deposits (12 percent), card-based and other nondeposit fees (9 percent), and retail commissions (5 percent). Compared to the fourth quarter of 2005, seasonal trends impacted retail commissions (up $1.9 million) and service charges (down $2.1 million). Trust fees, as well as card-based and other nondeposit fees, were relatively flat between the first quarter of 2006 and fourth quarter of 2005.

     Net mortgage banking income was $4.4 million for the first quarter of 2006, down $5.5 million from the first quarter of 2005, and down $7.8 million from the fourth quarter of 2005. Mortgage banking revenues were affected by lower secondary mortgage production (which was down 27 percent and 31 percent from the first and fourth quarters, respectively), and by a lower residential mortgage portfolio serviced for others (down on average 16 percent and 8 percent compared to first and fourth quarters, respectively) as the company sold $1.5 billion of its servicing portfolio at a $5.3 million gain during the fourth quarter. Valuation reserve recoveries on the mortgage servicing rights asset, included in net mortgage banking income, were $1.4 million, $4.0 million, and $1.3 million, respectively, for the first quarter of 2006, the first quarter of 2005 and the fourth quarter of 2005.

     Expenses remain controlled. Noninterest expense was $123.5 million for the first quarter of 2006, up $2.2 million (2 percent) over the first quarter of 2005 and down $2.1 million (2 percent) compared to the fourth quarter of 2005. Included in personnel expense for the first quarter of 2006

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was $0.2 million of compensation expense related to unvested options required by the company’s January 1, 2006, adoption of Statement of Financial Accounting Standard No. 123 (revised 2004). The efficiency ratio was 51.00 percent, 49.73 percent and 48.38 percent for the first quarter of 2006, the first quarter of 2005 and the fourth quarter of 2005, respectively.

     The effective tax rate for the first quarter of 2006 was 25.52 percent, compared to 31.87 percent and 31.22 percent during the first and fourth quarters of 2005, respectively. The decline was primarily due to the first quarter 2006 resolution of certain multi-jurisdictional tax issues for certain years, which resulted in the reduction of previously recorded tax liabilities and reduced income tax expense in the first quarter of 2006. In addition, the company entered into a confidential settlement agreement with the State of Wisconsin regarding its Nevada investment subsidiaries.

     Associated repurchased 4 million shares of its common stock in the first quarter of 2006 at an average price of $33.89 per share. During the first quarter, the company paid a dividend of 27 cents per share, up 8 percent from the year-earlier dividend.

     Associated’s Board of Directors today approved a dividend of 29 cents per share for the second quarter, representing a 7 percent increase over the previous quarterly dividend. This is Associated’s 36th consecutive annual dividend increase.

     “While we are facing a challenging business environment, we believe that the actions we are taking will better position the company to achieve current consensus earnings estimates,” Beideman said.

     Associated will host a conference call for investors and analysts at 3 p.m. CDT today. The toll-free dial-in number for the live call is 888-694-4769. The number for international callers is 973-582-2757. Participants should ask the operator for the Associated Banc-Corp first quarter 2006 earnings call, or for call ID number 7234181. A replay of the call will be available starting at 6 p.m. CT on April 20 through April 27 by calling 877-519-4471 (toll-free) domestically or 973-341-3080 internationally. The call ID number, 7234181, is required to access the replay.

     Additionally, remarks by Beideman at the company’s April 26 Annual Meeting of Shareholders will be webcast. The webcast, featuring audio and slides of Beideman’s remarks, will be available through the company’s Web site live starting at approximately 11:10 a.m. CDT Wednesday, April 26. Interested parties should go the Web site a few minutes before the start time to register at www.associatedbank.com. Click on the Investor Relations link on the right side of the page, and then see the “News and Highlights” section.

     Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified multibank holding company with total assets of $22 billion. Associated has more than 320 banking offices serving more than 180 communities in Wisconsin, Illinois, and Minnesota. The company offers a full range of traditional banking services and a variety of other financial products and services. More information about Associated Banc-Corp is available at www.associatedbank.com.

     Statements made in this document that 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. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. These statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” or similar expressions. Outcomes related to such statements are subject to numerous risk factors and uncertainties including those listed in the company’s Annual Report filed on Form 10-K.

Six pages of tables follow.

Consolidated Balance Sheets (Unaudited)
Associated Banc-Corp

	March 31,			December 31,						March 31,
(in thousands)	2006			2005			% Change			2005			% Change
Assets
Cash and due from banks	$	405,001		$	460,230			(12.0	%)	$	327,487			23.7	%
Interest-bearing deposits in other financial institutions		20,096			14,254			41.0	%		14,202			41.5	%
Federal funds sold and securities purchased under agreements to resell		8,380			17,811			(53.0	%)		15,655			(46.5	%)
Securities available for sale, at fair value		3,840,697			4,711,605			(18.5	%)		4,835,134			(20.6	%)
Loans held for sale		47,818			57,710			(17.1	%)		79,975			(40.2	%)
Loans		15,539,187			15,206,464			2.2	%		13,923,196			11.6	%
Allowance for loan losses		(203,408	)		(203,404	)		0.0	%		(189,917	)		7.1	%
Loans, net		15,335,779			15,003,060			2.2	%		13,733,279			11.7	%
Premises and equipment		200,014			206,153			(3.0	%)		180,315			10.9	%
Goodwill		875,727			877,680			(0.2	%)		679,993			28.8	%
Other intangible assets, net		117,290			120,358			(2.5	%)		119,381			(1.8	%)
Other assets		668,058			631,221			5.8	%		517,021			29.2	%
Total assets	$	21,518,860		$	22,100,082			(2.6	%)	$	20,502,442			5.0	%
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	2,319,075		$	2,504,926			(7.4	%)	$	2,156,592			7.5	%
Interest-bearing deposits, excluding Brokered CDs		10,730,135			10,538,856			1.8	%		9,819,201			9.3	%
Brokered CDs		567,660			529,307			7.2	%		218,111			160.3	%
Total deposits		13,616,870			13,573,089			0.3	%		12,193,904			11.7	%
Short-term borrowings		2,597,950			2,666,307			(2.6	%)		2,778,161			(6.5	%)
Long-term funding		2,898,089			3,348,476			(13.5	%)		3,332,804			(13.0	%)
Accrued expenses and other liabilities		161,256			187,232			(13.9	%)		172,502			(6.5	%)
Total liabilities		19,274,165			19,775,104			(2.5	%)		18,477,371			4.3	%
Stockholders’ Equity
Preferred stock		—			—						—
Common stock		1,323			1,357			(2.5	%)		1,300			1.8	%
Surplus		1,178,908			1,301,004			(9.4	%)		1,128,148			4.5	%
Retained earnings		1,073,968			1,029,247			4.3	%		898,578			19.5	%
Accumulated other comprehensive income (loss)		(9,504	)		(3,938	)		141.3	%		10,505			(190.5	%)
Deferred compensation		—			(2,081	)		(100.0	%)		(3,814	)		(100.0	%)
Treasury stock, at cost		—			(611	)		(100.0	%)		(9,646	)		(100.0	%)
Total stockholders’ equity		2,244,695			2,324,978			(3.5	%)		2,025,071			10.8	%
Total liabilities and stockholders’ equity	$	21,518,860		$	22,100,082			(2.6	%)	$	20,502,442			5.0	%

Consolidated Statements of Income (Unaudited)
Associated Banc-Corp

	For The Three Months Ended,
	March 31,
(in thousands, except per share amounts)	2006			2005			% Change
Interest Income
Interest and fees on loans	$	261,015		$	200,309			30.3	%
Interest and dividends on investment securities and deposits with other financial institutions
Taxable		39,116			41,034			(4.7	%)
Tax-exempt		10,163			9,723			4.5	%
Interest on federal funds sold and securities purchased under agreements to resell		249			82			203.7	%
Total interest income		310,543			251,148			23.6	%
Interest Expense
Interest on deposits		77,878			44,433			75.3	%
Interest on short-term borrowings		33,244			17,169			93.6	%
Interest on long-term funding		32,552			23,638			37.7	%
Total interest expense		143,674			85,240			68.6	%
Net Interest Income		166,869			165,908			0.6	%
Provision for loan losses		4,465			2,327			91.9	%
Net interest income after provision for loan losses		162,404			163,581			(0.7	%)
Noninterest Income
Trust service fees		8,897			8,328			6.8	%
Service charges on deposit accounts		20,959			18,665			12.3	%
Mortgage banking, net		4,404			9,884			(55.4	%)
Card-based and other nondeposit fees		9,886			9,111			8.5	%
Retail commissions		15,478			14,705			5.3	%
Bank owned life insurance income		3,071			2,168			41.7	%
Asset sale losses, net		(230	)		(302	)		N/M
Investment securities gains, net		2,456			—			N/M
Other		5,852			8,814			(33.6	%)
Total noninterest income		70,773			71,373			(0.8	%)
Noninterest Expense
Personnel expense		69,303			72,985			(5.0	%)
Occupancy		11,758			9,888			18.9	%
Equipment		4,588			4,018			14.2	%
Data processing		7,248			6,293			15.2	%
Business development and advertising		4,249			3,939			7.9	%
Stationery and supplies		1,774			1,844			(3.8	%)
Other intangible amortization		2,343			1,994			17.5	%
Other		22,208			20,281			9.5	%
Total noninterest expense		123,471			121,242			1.8	%
Income before income taxes		109,706			113,712			(3.5	%)
Income tax expense		27,999			36,242			(22.7	%)
Net Income	$	81,707		$	77,470			5.5	%
Earnings Per Share:
Basic	$	0.60		$	0.60			0.0	%
Diluted	$	0.60		$	0.59			1.7	%
Average Shares Outstanding:
Basic		135,114			129,781			4.1	%
Diluted		136,404			131,358			3.8	%

N/M — Not meaningful.

Consolidated Statements of Income (Unaudited) — Quarterly Trend
Associated Banc-Corp

(in thousands, except per share amounts)	1Q06			4Q05		3Q05		2Q05			1Q05
Interest Income
Interest and fees on loans	$	261,015		$	252,443	$	223,202	$	213,420		$	200,309
Interest and dividends on investment securities and deposits in other financial institutions
Taxable		39,116			41,486		40,050		41,834			41,034
Tax-exempt		10,163			10,325		9,755		9,507			9,723
Interest on federal funds sold and securities purchased under agreements to resell		249			289		384		182			82
Total interest income		310,543			304,543		273,391		264,943			251,148
Interest Expense
Interest on deposits		77,878			66,934		53,598		48,087			44,433
Interest on short-term borrowings		33,244			26,828		23,628		21,731			17,169
Interest on long-term funding		32,552			35,186		32,087		28,451			23,638
Total interest expense		143,674			128,948		109,313		98,269			85,240
Net Interest Income		166,869			175,595		164,078		166,674			165,908
Provision for loan losses		4,465			3,676		3,345		3,671			2,327
Net interest income after provision for loan losses		162,404			171,919		160,733		163,003			163,581
Noninterest Income
Trust service fees		8,897			9,055		8,667		8,967			8,328
Service charges on deposit accounts		20,959			23,073		22,830		22,215			18,665
Mortgage banking, net		4,404			12,166		11,969		2,376			9,884
Card-based and other nondeposit fees		9,886			10,033		9,505		8,790			9,111
Retail commissions		15,478			13,624		12,905		15,370			14,705
Bank owned life insurance income		3,071			3,022		2,441		2,311			2,168
Asset sale gains (losses), net		(230	)		2,766		942		539			(302	)
Investment securities gains, net		2,456			1,179		1,446		1,491			—
Other		5,852			6,126		6,260		(355	)		8,814
Total noninterest income		70,773			81,044		76,965		61,704			71,373
Noninterest Expense
Personnel expense		69,303			68,619		66,403		66,934			72,985
Occupancy		11,758			10,287		9,412		9,374			9,888
Equipment		4,588			4,361		4,199		4,214			4,018
Data processing		7,248			7,240		7,129		6,728			6,293
Business development and advertising		4,249			4,999		4,570		4,153			3,939
Stationery and supplies		1,774			1,869		1,599		1,644			1,844
Other intangible amortization		2,343			2,418		1,903		2,292			1,994
Other		22,208			25,746		22,133		20,995			20,281
Total noninterest expense		123,471			125,539		117,348		116,334			121,242
Income before income taxes		109,706			127,424		120,350		108,373			113,712
Income tax expense		27,999			39,783		39,315		34,358			36,242
Net Income	$	81,707		$	87,641	$	81,035	$	74,015		$	77,470
Earnings Per Share:
Basic	$	0.60		$	0.65	$	0.63	$	0.57		$	0.60
Diluted	$	0.60		$	0.64	$	0.63	$	0.57		$	0.59
Average Shares Outstanding:
Basic		135,114			135,684		127,875		128,990			129,781
Diluted		136,404			137,005		129,346		130,463			131,358

Selected Quarterly Information
Associated Banc-Corp

(in thousands, except per share & full time equivalent employee data)	1st Qtr 2006			4th Qtr 2005			3rd Qtr 2005			2nd Qtr 2005			1st Qtr 2005
Summary of Operations
Net interest income		166,869			175,595			164,078			166,674			165,908
Provision for loan losses		4,465			3,676			3,345			3,671			2,327
Asset sale gains (losses), net		(230	)		2,766			942			539			(302	)
Investment securities gains, net		2,456			1,179			1,446			1,491			—
Noninterest income (excluding securities & asset gains)		68,547			77,099			74,577			59,674			71,675
Noninterest expense		123,471			125,539			117,348			116,334			121,242
Income before income taxes		109,706			127,424			120,350			108,373			113,712
Income taxes		27,999			39,783			39,315			34,358			36,242
Net income		81,707			87,641			81,035			74,015			77,470
Taxable equivalent adjustment		6,667			6,766			6,347			6,174			6,222
Per Common Share Data (1)
Net income:
Basic	$	0.60		$	0.65		$	0.63		$	0.57		$	0.60
Diluted		0.60			0.64			0.63			0.57			0.59
Dividends		0.27			0.27			0.27			0.27			0.25
Market Value:
High	$	34.83		$	33.23		$	34.74		$	33.89		$	33.50
Low		32.75			29.09			30.29			30.11			30.60
Close		33.98			32.55			30.48			33.58			31.23
Book value		16.98			17.15			16.12			15.80			15.62
Performance Ratios (annualized)
Earning assets yield		6.38	%		6.12	%		5.83	%		5.71	%		5.51	%
Interest-bearing liabilities rate		3.37			2.98			2.66			2.42			2.13
Net interest margin		3.48			3.59			3.56			3.63			3.68
Return on average assets		1.52			1.58			1.56			1.44			1.54
Return on average equity		14.16			14.99			15.85			14.62			15.52
Return on tangible average equity (2)		23.48			22.70			24.55			22.65			24.13
Efficiency ratio (3)		51.00			48.38			47.90			50.03			49.73
Effective tax rate		25.52			31.22			32.67			31.70			31.87
Dividend payout ratio (4)		45.00			41.54			42.86			47.37			41.67
Average Balances
Assets	$	21,871,969		$	22,022,165		$	20,607,901		$	20,574,770		$	20,467,698
Earning assets		19,910,420			20,080,758			18,960,035			18,916,921			18,756,555
Interest-bearing liabilities		17,204,860			17,090,134			16,198,492			16,207,719			16,139,002
Loans		15,327,803			15,154,225			14,163,827			14,084,246			13,977,621
Deposits		13,319,664			13,282,910			12,133,719			12,069,719			12,359,040
Wholesale funding		6,092,275			6,280,793			6,307,705			6,326,418			5,911,177
Stockholders’ equity		2,339,539			2,320,134			2,027,785			2,030,929			2,024,265
Stockholders’ equity / assets		10.70	%		10.54	%		9.84	%		9.87	%		9.89	%
At Period End
Assets	$	21,518,860		$	22,100,082		$	20,741,731		$	20,753,714		$	20,502,442
Loans		15,539,187			15,206,464			14,107,137			14,054,506			13,923,196
Allowance for loan losses		203,408			203,404			190,080			190,024			189,917
Goodwill		875,727			877,680			679,993			679,993			679,993
Mortgage servicing rights, net		68,116			68,841			78,688			74,103			78,182
Other intangible assets		49,174			51,517			37,004			38,907			41,199
Deposits		13,616,870			13,573,089			12,181,025			12,098,631			12,193,904
Wholesale funding		5,496,039			6,014,783			6,324,451			6,460,586			6,110,965
Stockholders’ equity		2,244,695			2,324,978			2,062,565			2,018,435			2,025,071
Stockholders’ equity / assets		10.43	%		10.52	%		9.94	%		9.73	%		9.88	%
Tangible equity / tangible assets (5)		6.41	%		6.59	%		6.72	%		6.49	%		6.59	%
Shares outstanding, end of period		132,167			135,602			127,985			127,743			129,622
Shares repurchased during period		4,030			974			—			2,111			411
Average per share cost of shares repurchased during period	$	33.63		$	30.82		$	—		$	33.10		$	32.76
Year-to-date shares repurchased during period		4,030			3,496			2,522			2,522			411
YTD average per share cost of shares repurchased during period	$	33.63		$	32.43		$	33.05		$	33.05		$	32.76
Selected trend information
Average full time equivalent employees		5,147			5,113			4,815			4,889			5,132
Trust assets under management, at market value	$	5,200,000		$	5,000,000		$	4,900,000		$	4,800,000		$	4,700,000
Mortgage loans originated for sale		246,724			356,280			498,343			385,677			337,406
Portfolio serviced for others		8,050,000			8,028,000			9,492,000			9,479,000			9,528,000
Mortgage servicing rights, net / Portfolio serviced for others		0.85	%		0.86	%		0.83	%		0.78	%		0.82	%

(1)	Per share data adjusted retroactively for stock splits & stock dividends.
(2)	Return on tangible average equity = Net income divided by average equity excluding average goodwill & other intangible assets. This is a non-GAAP financial measure.
(3)	Efficiency ratio = Noninterest expense divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains, net, & asset sales gains, net.
(4)	Ratio is based upon basic earnings per share.
(5)	Tangible equity to tangible assets = Stockholders’ equity excluding goodwill & other intangible assets divided by assets excluding goodwill & other intangible assets. This is a non-GAAP financial measure.

Financial Summary and Comparison
Associated Banc-Corp

	Three months ended
	March 31,
(in thousands)	2006			2005			% Change
Allowance for Loan Losses
Beginning balance	$	203,404		$	189,762			7.2	%
Provision for loan losses		4,465			2,327			91.9	%
Charge offs		(6,062	)		(5,683	)		6.7	%
Recoveries		1,601			3,511			(54.4	%)
Net charge offs		(4,461	)		(2,172	)		105.4	%
Ending Balance	$	203,408		$	189,917			7.1	%

Credit Quality							1Q06 vs 4Q05												1Q06 vs 1Q05
	Mar 31, 2006			Dec 31, 2005			% Change			Sept 30, 2005			June 30, 2005			Mar 31, 2005			% Change
Nonaccrual loans	$	102,824		$	95,313			7.9	%	$	107,298		$	109,698		$	99,835			3.0	%
Loans 90 or more days past due and still accruing		7,068			3,270			116.1	%		3,354			2,806			3,068			130.4	%
Restructured loans		31			32			(3.1	%)		33			35			36			(13.9	%)
Total nonperforming loans		109,923			98,615			11.5	%		110,685			112,539			102,939			6.8	%
Other real estate owned		11,676			11,336			3.0	%		10,017			3,685			4,019			190.5	%
Total nonperforming assets		121,599			109,951			10.6	%		120,702			116,224			106,958			13.7	%
Provision for loan losses		4,465			3,676			21.5	%		3,345			3,671			2,327			91.9	%
Net charge offs		4,461			3,635			22.7	%		3,289			3,564			2,172			105.4	%
Allowance for loan losses / loans		1.31	%		1.34	%					1.35	%		1.35	%		1.36	%
Allowance for loan losses / nonperforming loans		185.05			206.26						171.73			168.85			184.49
Nonperforming loans / total loans		0.71			0.65						0.78			0.80			0.74
Nonperforming assets / total assets		0.57			0.50						0.58			0.56			0.52
Net charge offs / average loans (annualized)		0.12			0.10						0.09			0.10			0.06
Year-to-date net charge offs / average loans		0.12			0.09						0.09			0.08			0.06

Period End Loan Composition					1Q06 vs 4Q05									1Q06 vs 1Q05
	Mar 31, 2006		Dec 31, 2005		% Change			Sept 30, 2005		June 30, 2005		Mar 31, 2005		% Change
Commercial, financial & agricultural	$	3,571,835	$	3,417,343		4.5	%	$	3,213,656	$	3,086,663	$	2,852,462		25.2	%
Real estate — construction		1,981,473		1,783,267		11.1	%		1,519,681		1,640,941		1,569,013		26.3	%
Commercial real estate		4,024,260		4,064,327		(1.0	%)		3,648,169		3,650,726		3,813,465		5.5	%
Lease financing		62,600		61,315		2.1	%		57,270		53,270		50,181		24.7	%
Commercial		9,640,168		9,326,252		3.4	%		8,438,776		8,431,600		8,285,121		16.4	%
Home equity (a)		2,121,601		2,025,055		4.8	%		1,878,436		1,806,236		1,744,676		21.6	%
Installment		957,877		1,003,938		(4.6	%)		1,024,356		1,025,621		1,048,510		(8.6	%)
Retail		3,079,478		3,028,993		1.7	%		2,902,792		2,831,857		2,793,186		10.2	%
Residential mortgage		2,819,541		2,851,219		(1.1	%)		2,765,569		2,791,049		2,844,889		(0.9	%)
Total loans	$	15,539,187	$	15,206,464		2.2	%	$	14,107,137	$	14,054,506	$	13,923,196		11.6	%

(a) Home equity includes home equity lines and residential mortgage junior liens.

Period End Deposit Composition					1Q06 vs 4Q05									1Q06 vs 1Q05
	Mar 31, 2006		Dec 31, 2005		% Change			Sept 30, 2005		June 30, 2005		Mar 31, 2005		% Change
Demand	$	2,319,075	$	2,504,926		(7.4	%)	$	2,256,774	$	2,250,482	$	2,156,592		7.5	%
Savings		1,074,938		1,079,851		(0.5	%)		1,074,234		1,117,922		1,137,120		(5.5	%)
Interest-bearing demand		2,347,104		2,549,782		(7.9	%)		2,252,711		2,227,188		2,485,548		(5.6	%)
Money market		2,863,174		2,629,933		8.9	%		2,240,606		2,094,796		2,112,490		35.5	%
Brokered CDs		567,660		529,307		7.2	%		407,459		491,781		218,111		160.3	%
Other time deposits		4,444,919		4,279,290		3.9	%		3,949,241		3,916,462		4,084,043		8.8	%
Total deposits	$	13,616,870	$	13,573,089		0.3	%	$	12,181,025	$	12,098,631	$	12,193,904		11.7	%

Net Interest Income Analysis — Taxable Equivalent Basis
Associated Banc-Corp

	Three months ended March 31, 2006							Three months ended March 31, 2005
	Average		Interest		Average			Average		Interest		Average
(in thousands)	Balance		Income / Expense		Yield / Rate			Balance		Income / Expense		Yield / Rate
Earning assets:
Loans: (1) (2) (3)
Commercial	$	9,425,306	$	164,288		6.97	%	$	8,265,444	$	115,902		5.61	%
Residential mortgage		2,877,613		40,946		5.71			2,836,893		39,418		5.58
Retail		3,024,884		56,350		7.50			2,875,284		45,378		6.40
Total loans		15,327,803		261,584		6.84			13,977,621		200,698		5.77
Investments and other		4,582,617		55,626		4.86			4,778,934		56,672		4.75
Total earning assets		19,910,420		317,210		6.38			18,756,555		257,370		5.51
Other assets, net		1,961,549							1,711,143
Total assets	$	21,871,969						$	20,467,698
Interest-bearing liabilities:
Savings deposits	$	1,065,212	$	943		0.36	%	$	1,119,263	$	1,012		0.37	%
Interest-bearing demand deposits		2,384,072		10,392		1.77			2,602,085		6,746		1.05
Money market deposits		2,800,403		21,352		3.09			2,116,014		7,396		1.42
Time deposits, excluding Brokered CDs		4,350,733		39,449		3.68			4,071,934		27,247		2.71
Total interest-bearing deposits, excluding Brokered CDs		10,600,420		72,136		2.76			9,909,296		42,401		1.74
Brokered CDs		512,165		5,742		4.55			318,529		2,032		2.59
Total interest-bearing deposits		11,112,585		77,878		2.84			10,227,825		44,433		1.76
Wholesale funding		6,092,275		65,796		4.32			5,911,177		40,807		2.76
Total interest-bearing liabilities		17,204,860		143,674		3.37			16,139,002		85,240		2.13
Noninterest-bearing demand		2,207,079							2,131,215
Other liabilities		120,491							173,216
Stockholders’ equity		2,339,539							2,024,265
Total liabilities and stockholders’ equity	$	21,871,969						$	20,467,698
Net interest income and rate spread (1)			$	173,536		3.01	%			$	172,130		3.38	%
Net interest margin (1)						3.48	%						3.68	%
Taxable equivalent adjustment			$	6,667						$	6,222

(1)	The yield on tax exempt loans and securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions.
(2)	Nonaccrual loans and loans held for sale have been included in the average balances.
(3)	Interest income includes net loan fees.