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) July 16, 2015

Associated Banc-Corp

(Exact name of registrant as specified in its charter)

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))

Item 2.02. Results of Operations and Financial Condition.

On July 16, 2015, Associated Banc-Corp announced its earnings for the quarter ended June 30, 2015. 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 July 16, 2015, 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.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the registrant under the Securities Act of 1933 or the Exchange Act.

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 July 16, 2015, containing financial information for the quarter ended June 30, 2015.

99.2 Slide presentation discussed on the conference call for investors and analysts on July 16, 2015.

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: July 16, 2015	By:	/s/ Christopher J. Del Moral-Niles
		Christopher J. Del Moral-Niles
		Chief Financial Officer

ASSOCIATED BANC-CORP
Exhibit Index to Current Report on Form 8-K
Exhibit
Number
99.1	Press release of the registrant dated July 16, 2015, containing financial information for the quarter ended June 30, 2015.
99.2	Slide presentation discussed on the conference call for investors and analysts on July 16, 2015.

EX-99.1

Exhibit 99.1

NEWS RELEASE Investor Contact: Teresa Gutierrez, Senior Vice President, Director of Investor Relations 920-491-7059 Media Contact: Cliff Bowers, Senior Vice President, Director of Public Relations 920-491-7542

Associated Reports Second Quarter Earnings of $0.31 per share

Earnings per share up 11% from prior year

GREEN BAY, Wis. -- July 16, 2015 -- Associated Banc-Corp (NYSE: ASB) today reported net income to common shareholders of $48 million, or $0.31 per common share, for the quarter ended June 30, 2015. This compares to net income to common shareholders of $45 million, or $0.28 per common share, for the quarter ended June 30, 2014.

“Steady loan growth, strong fee revenues, and a benign credit environment have all contributed to this quarter’s solid performance,” said President and CEO Philip B. Flynn. “We continue to optimize our delivery strategies, in terms of branches and digital channels, in response to evolving customer preferences. We are investing in more digital and mobile solutions, while being capital and expense disciplined.”

HIGHLIGHTS

• Average loans grew $373 million, or 2% from the first quarter

• Average Total Commercial loans grew $220 million, or 2% from the first quarter

• Average Total Consumer loans grew $153 million, or 2% from the first quarter

• Average deposits grew $571 million, or 3% from the first quarter

• Average money market and savings balances grew a combined $523 million,

or 5% from the first quarter

• Net interest margin of 2.83% declined 6 basis points from the first quarter

• Noninterest income of $87 million increased $6 million, or 8% from the first quarter

• Mortgage banking revenue increased $3 million from the first quarter

• Noninterest expenses of $177 million increased $3 million, or 1% from the first quarter

• Personnel expense increased $3 million which included $2 million in severance

• Pretax income of $71 million increased $2 million, or 3% from the first quarter

• During the second quarter, the Company repurchased 3.2 million shares of common stock

• Return on average Tier 1 common equity was 10.55% for the second quarter

• Capital ratios remain strong with a Tier 1 common equity ratio of 9.30% at June 30, 2015

- more -

SECOND QUARTER 2015 FINANCIAL RESULTS

Loans

Average loans of $18.2 billion increased $373 million, or 2% from the first quarter, and have increased $1.5 billion, or 9% from the year ago quarter. Commercial and business lending average balances grew $174 million, or 2% from the first quarter. Within commercial and business lending, the mortgage warehouse portfolio grew an average of $130 million during the quarter and was the largest contributor to commercial loan growth. Commercial real estate lending average balances grew $46 million, or 1% from the first quarter. Total consumer average loans were up $153 million compared to the prior quarter. Residential lending growth of $219 million was the largest contributor of loan growth for the quarter. Growth in total consumer lending was partially offset by continued run off in home equity and installment loans.

Deposits

Average deposits of $19.6 billion for the second quarter were up $571 million, or 3% compared to the first quarter and have increased $2.5 billion, or 14% from the year ago quarter. Money market average balances increased $448 million, or 5% from the first quarter. Savings average balances increased $75 million, or 6% from the prior quarter. Time deposits grew an average of $36 million during the quarter, continuing the growth trend experienced in the first quarter. Average checking balances were also slightly improved from the first quarter.

Net Interest Income and Net Interest Margin

Second quarter net interest income of $166 million was down $1 million, or 1% from the first quarter and down $2 million from the year ago quarter. During the quarter, the Company restructured its investment portfolio and sold over $1 billion of Fannie Mae and Freddie Mac mortgage backed securities and reinvested into Ginnie Mae securities, contributing to $1 million in lower portfolio income and generating a $1 million net gain on sale. This restructuring lowered our risk weighted assets and related capital requirements, while improving the liquidity of our portfolio and not materially changing its duration or income profile going forward.

Second quarter net interest margin was 2.83%, a decrease of 6 basis points from the 2.89% reported in the first quarter. The second quarter yield on earning assets declined 5 basis points to 3.15% from 3.20% in the prior quarter. The decline is primarily attributable to continued loan yield compression in the commercial real estate portfolio, payoffs in the home equity portfolio, and the previously mentioned investment portfolio restructuring. Second quarter deposit expense was unchanged at 21 basis points while overall funding costs increased 1 basis point to 40 basis points.

Noninterest Income and Expense

Noninterest income for the second quarter was $87 million, up $6 million or 8% from the first quarter, and up $14 million or 20% from the year ago quarter. In the second quarter, core fee-based revenues increased $2 million on higher trust, insurance, brokerage, and syndication fees. Mortgage banking income increased $3 million from the prior quarter on higher realized gains on sale. Second quarter net asset gains of $2 million were up $1 million from the prior quarter.

- more -

Noninterest income growth from the year ago quarter is primarily attributable to the Ahmann & Martin Co. insurance agency acquisition and improving mortgage banking income.

Total noninterest expense was $177 million, up $3 million or 1% from the first quarter, and up $9 million or 5% from the year ago quarter. In the second quarter, personnel expense increased $3 million which included $2 million in severance related to the restructuring of our securities brokerage business and the planned closure of thirteen branches. Occupancy expenses were lower in the current quarter due to a lease termination charge recorded in the first quarter. Business development and advertising expenses increased $2 million driven by the launch of a multifaceted advertising campaign in the second quarter.

The Company announced plans to close thirteen branches in the second half of 2015. The branch closures reflect changing customer branch usage patterns and a continuing shift to digital banking solutions. These branch closures will generate approximately $3 million in expense to be recognized by year end 2015, and should result in net savings in 2016 and beyond.

Taxes

Second quarter income taxes were $22 million, with an effective tax rate of 31%, compared to $22 million and an effective tax rate of 32% in the year ago period.

Credit

Net charge offs of $9 million were up $3 million from the first quarter, and up $6 million from the year ago quarter. Potential problem loans of $200 million were down 9% compared to the first quarter, and down 31% from the year ago quarter. The second quarter provision was essentially flat from the prior quarter at $5 million and reflects a benign credit environment.

Nonaccrual loans of $160 million were down 8% compared to the first quarter, and down 11% from the year ago quarter. The nonaccrual loans to total loans ratio improved to 0.88% in the second quarter, down from 0.97% in the prior quarter and down from 1.05% in the year ago quarter.

The Company’s allowance for loan losses of $262 million was down $4 million from first quarter, and down $10 million from the year ago quarter. The allowance for loan losses to total nonaccrual loans ratio improved to 163% in the second quarter, up from 152% in the prior and year ago quarters.

Capital Ratios

The Company’s capital position remains strong, with a Tier 1 common equity ratio of 9.30% at June 30, 2015.

During the second quarter, the Company issued $65 million of preferred stock with a 6.125% dividend rate for net proceeds of $63 million. Also during the quarter, the Company repurchased $63 million, or 3.2 million shares, of common stock at an average cost of $19.51 per share.

The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

- more -

SECOND QUARTER 2015 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 16, 2015. Interested parties can listen to the call live on the internet through the investor relations section of the company's website, http://investor.associatedbank.com or by dialing 877-407-8037. The slide presentation for the call will be available on the company's website just prior to the call. The number for international callers is 201-689-8037. Participants should ask the operator for the Associated Banc-Corp second quarter 2015 earnings call.

An audio archive of the webcast will be available on the company’s website at http://investor.associatedbank.com approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $27 billion and is one of the top 50, publicly traded, U.S. bank holding companies. Headquartered in Green Bay, Wis., Associated is a leading Midwest banking franchise, offering a full range of financial products and services in over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance.  Such forward-looking statements may be identified by the use of words such as “believe”, “expect”, “anticipate”, “plan”, “estimate”, “should”, “will”, “intend”, “outlook”, or similar expressions.  Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements.  Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent SEC filings.  Such factors are incorporated herein by reference. 

NON-GAAP FINANCIAL MEASURES

This press release contains references to measures which are not defined in generally accepted accounting principles (“GAAP”), including “efficiency ratio,” “Tier 1 common equity”, and “core fee-based revenue.” Information concerning these non-GAAP financial measures can be found in the attached tables.

# # #

Associated Banc-Corp Consolidated Balance Sheets (Unaudited)
(in thousands)	June 30,  2015			March 31, 2015			Seql Qtr $ Change			December 31, 2014			September 30, 2014			June 30, 2014			Comp Qtr $ Change
Assets
Cash and due from banks	$	375,369		$	355,541		$	19,828		$	444,113		$	381,287		$	549,883		$	(174,514	)
Interest-bearing deposits in other financial institutions	101,573			488,426			(386,853		)	571,924			74,945			78,233			23,340
Federal funds sold and securities purchased under agreements to resell	39,850			3,380			36,470			16,030			18,320			18,135			21,715
Securities held to maturity, at amortized cost	532,382			438,047			94,335			404,455			301,941			246,050			286,332
Securities available for sale, at fair value	5,407,998			5,358,310			49,688			5,396,812			5,345,422			5,506,379			(98,381		)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	160,765			189,222			(28,457		)	189,107			188,875			186,247			(25,482		)
Loans held for sale	151,146			159,963			(8,817		)	154,935			141,672			78,657			72,489
Loans	18,303,252			17,979,032			324,220			17,593,846			17,159,090			17,045,052			1,258,200
Allowance for loan losses	(261,538		)	(265,268		)	3,730			(266,302		)	(266,262		)	(271,851		)	10,313
Loans, net	18,041,714			17,713,764			327,950			17,327,544			16,892,828			16,773,201			1,268,513
Premises and equipment, net	274,338			274,591			(253		)	274,688			272,283			264,735			9,603
Goodwill	968,844			968,774			70			929,168			929,168			929,168			39,676
Other intangible assets, net	79,055			77,984			1,071			67,582			69,201			70,538			8,517
Trading assets	35,386			42,336			(6,950		)	35,163			34,005			40,630			(5,244		)
Other assets	1,016,725			998,402			18,323			1,010,253			1,003,875			985,930			30,795
Total assets	$	27,185,145		$	27,068,740		$	116,405		$	26,821,774		$	25,653,822		$	25,727,786		$	1,457,359
Liabilities and Stockholders’ Equity
Noninterest-bearing demand deposits	$	4,332,171		$	4,570,872		$	(238,701	)	$	4,505,272		$	4,302,454		$	4,211,057		$	121,114
Interest-bearing deposits	14,937,392			15,280,720			(343,328		)	14,258,232			13,898,804			13,105,202			1,832,190
Total deposits	19,269,563			19,851,592			(582,029		)	18,763,504			18,201,258			17,316,259			1,953,304
Federal funds purchased and securities sold under agreements to repurchase	689,699			587,272			102,427			493,991			765,641			959,051			(269,352		)
Other short-term funding	905,837			75,265			830,572			574,297			664,539			1,378,120			(472,283		)
Long-term funding	3,179,734			3,429,925			(250,191		)	3,930,117			2,931,547			2,931,809			247,925
Trading liabilities	37,169			44,730			(7,561		)	37,329			36,003			43,311			(6,142		)
Accrued expenses and other liabilities	198,752			197,818			934			222,285			185,256			169,290			29,462
Total liabilities	24,280,754			24,186,602			94,152			24,021,523			22,784,244			22,797,840			1,482,914
Stockholders’ Equity
Preferred equity	122,015			59,727			62,288			59,727			61,024			61,024			60,991
Common stock	1,642			1,674			(32		)	1,665			1,719			1,750			(108		)
Surplus	1,450,200			1,505,170			(54,970		)	1,484,933			1,583,032			1,628,356			(178,156		)
Retained earnings	1,538,684			1,509,967			28,717			1,497,818			1,466,525			1,432,518			106,166
Accumulated other comprehensive income (loss)	2,594			24,800			(22,206		)	(4,850		)	(1,725		)	10,494			(7,900		)
Treasury stock	(210,744		)	(219,200		)	8,456			(239,042		)	(240,997		)	(204,196		)	(6,548		)
Total stockholders’ equity	2,904,391			2,882,138			22,253			2,800,251			2,869,578			2,929,946			(25,555		)
Total liabilities and stockholders’ equity	$	27,185,145		$	27,068,740		$	116,405		$	26,821,774		$	25,653,822		$	25,727,786		$	1,457,359

Page 1

Associated Banc-Corp Consolidated Statements of Income (Unaudited)
	For The Three Months Ended, June 30				Quarter					For The Six Months Ended, June 30				Year-to-Date
(in thousands, except per share amounts)	2015		2014		$ Change			% Change		2015		2014		$ Change			% Change
Interest Income
Interest and fees on loans	$152,417		$	146,629	$	5,788		3.9	%	$	304,362	$	290,016	$	14,346		4.9	%
Interest and dividends on investment securities:
Taxable	23,868		26,109		(2,241		)	(8.6	)%	48,960		52,366		(3,406		)	(6.5	)%
Tax-exempt	7,565		7,030		535			7.6	%	15,452		14,001		1,451			10.4	%
Other interest	1,771		1,862		(91		)	(4.9	)%	3,463		3,311		152			4.6	%
Total interest income	185,621		181,630		3,991			2.2	%	372,237		359,694		12,543			3.5	%
Interest Expense
Interest on deposits	8,141		6,195		1,946			31.4	%	15,760		12,354		3,406			27.6	%
Interest on Federal funds purchased and securities sold under agreements to repurchase	235		306		(71		)	(23.2	)%	466		611		(145		)	(23.7	)%
Interest on other short-term funding	115		280		(165		)	(58.9	)%	196		396		(200		)	(50.5	)%
Interest on long-term funding	10,642		6,146		4,496			73.2	%	21,514		12,657		8,857			70.0	%
Total interest expense	19,133		12,927		6,206			48.0	%	37,936		26,018		11,918			45.8	%
Net Interest Income	166,488		168,703		(2,215		)	(1.3	)%	334,301		333,676		625			0.2	%
Provision for credit losses	5,000		5,000		—			—	%	9,500		10,000		(500		)	(5.0	)%
Net interest income after provision for credit losses	161,488		163,703		(2,215		)	(1.4	)%	324,801		323,676		1,125			0.3	%
Noninterest Income
Trust service fees	12,515		12,017		498			4.1	%	24,602		23,728		874			3.7	%
Service charges on deposit accounts	15,703		17,412		(1,709		)	(9.8	)%	31,509		33,812		(2,303		)	(6.8	)%
Card-based and other nondeposit fees	13,597		12,577		1,020			8.1	%	26,013		25,086		927			3.7	%
Insurance commissions	20,077		13,651		6,426			47.1	%	39,805		25,968		13,837			53.3	%
Brokerage and annuity commissions	4,192		4,520		(328		)	(7.3	)%	7,875		8,553		(678		)	(7.9	)%
Total core fee-based revenue	66,084		60,177		5,907			9.8	%	129,804		117,147		12,657			10.8	%
Mortgage banking, net	9,941		5,362		4,579			85.4	%	17,349		11,723		5,626			48.0	%
Capital market fees, net	2,692		2,099		593			28.3	%	5,159		4,421		738			16.7	%
Bank owned life insurance income	2,381		3,011		(630		)	(20.9	)%	5,256		7,331		(2,075		)	(28.3	)%
Asset gains, net	1,893		899		994			110.6	%	2,989		1,627		1,362			83.7	%
Investment securities gains, net	1,242		34		1,208			N/M		1,242		412		830			201.5	%
Other	2,288		665		1,623			244.1	%	4,798		3,107		1,691			54.4	%
Total noninterest income	86,521		72,247		14,274			19.8	%	166,597		145,768		20,829			14.3	%
Noninterest Expense
Personnel expense	102,986		97,793		5,193			5.3	%	203,138		195,491		7,647			3.9	%
Occupancy	14,308		13,785		523			3.8	%	31,991		29,345		2,646			9.0	%
Equipment	5,739		6,227		(488		)	(7.8	)%	11,511		12,503		(992		)	(7.9	)%
Technology	16,354		14,594		1,760			12.1	%	31,912		27,318		4,594			16.8	%
Business development and advertising	6,829		5,077		1,752			34.5	%	12,156		10,139		2,017			19.9	%
Other intangible amortization	888		991		(103		)	(10.4	)%	1,689		1,982		(293		)	(14.8	)%
Loan expense	3,681		3,620		61			1.7	%	6,677		6,407		270			4.2	%
Legal and professional fees	4,344		4,436		(92		)	(2.1	)%	8,882		8,624		258			3.0	%
Foreclosure / OREO expense	1,303		1,575		(272		)	(17.3	)%	2,728		3,471		(743		)	(21.4	)%
FDIC expense	6,000		4,945		1,055			21.3	%	12,500		9,946		2,554			25.7	%
Other	14,384		14,882		(498		)	(3.3	)%	27,887		30,357		(2,470		)	(8.1	)%
Total noninterest expense	176,816		167,925		8,891			5.3	%	351,071		335,583		15,488			4.6	%
Income before income taxes	71,193		68,025		3,168			4.7	%	140,327		133,861		6,466			4.8	%
Income tax expense	21,793		21,660		133			0.6	%	44,255		42,297		1,958			4.6	%
Net income	49,400		46,365		3,035			6.5	%	96,072		91,564		4,508			4.9	%
Preferred stock dividends	1,545		1,278		267			20.9	%	2,773		2,522		251			10.0	%
Net income available to common equity	$	47,855	$	45,087	$	2,768		6.1	%	$	93,299	$	89,042	$	4,257		4.8	%
Earnings Per Common Share:
Basic	$	0.32	$	0.28	$	0.04		14.3	%	$	0.62	$	0.55	$	0.07		12.7	%
Diluted	$	0.31	$	0.28	$	0.03		10.7	%	$	0.61	$	0.55	$	0.06		10.9	%
Average Common Shares Outstanding:
Basic	149,903		159,940		(10,037		)	(6.3	)%	149,986		160,699		(10,713		)	(6.7	)%
Diluted	151,108		160,838		(9,730		)	(6.0	)%	151,129		161,513		(10,384		)	(6.4	)%
N/M=Not meaningful

Page 2

Associated Banc-Corp Consolidated Statements of Income (Unaudited)—Quarterly Trend
					Sequential Qtr											Comparable Qtr
(in thousands, except per share amounts)	2Q15		1Q15		$ Change			% Change		4Q14		3Q14		2Q14		$ Change			% Change
Interest Income
Interest and fees on loans	$	152,417	$	151,945	$	472		0.3	%	$	156,536	$	152,030	$	146,629	$	5,788		3.9	%
Interest and dividends on investment securities:
Taxable	23,868		25,092		(1,224		)	(4.9	)%	25,061		25,037		26,109		(2,241		)	(8.6	)%
Tax-exempt	7,565		7,887		(322		)	(4.1	)%	7,580		7,483		7,030		535			7.6	%
Other interest	1,771		1,692		79			4.7	%	1,821		1,503		1,862		(91		)	(4.9	)%
Total interest income	185,621		186,616		(995		)	(0.5	)%	190,998		186,053		181,630		3,991			2.2	%
Interest Expense
Interest on deposits	8,141		7,619		522			6.9	%	7,319		6,621		6,195		1,946			31.4	%
Interest on Federal funds purchased and securities sold under agreements to repurchase	235		231		4			1.7	%	218		390		306		(71		)	(23.2	)%
Interest on other short-term funding	115		81		34			42.0	%	156		233		280		(165		)	(58.9	)%
Interest on long-term funding	10,642		10,872		(230		)	(2.1	)%	8,644		6,179		6,146		4,496			73.2	%
Total interest expense	19,133		18,803		330			1.8	%	16,337		13,423		12,927		6,206			48.0	%
Net Interest Income	166,488		167,813		(1,325		)	(0.8	)%	174,661		172,630		168,703		(2,215		)	(1.3	)%
Provision for credit losses	5,000		4,500		500			11.1	%	5,000		1,000		5,000		—			—	%
Net interest income after provision for credit losses	161,488		163,313		(1,825		)	(1.1	)%	169,661		171,630		163,703		(2,215		)	(1.4	)%
Noninterest Income
Trust service fees	12,515		12,087		428			3.5	%	12,457		12,218		12,017		498			4.1	%
Service charges on deposit accounts	15,703		15,806		(103		)	(0.7	)%	17,006		17,961		17,412		(1,709		)	(9.8	)%
Card-based and other nondeposit fees	13,597		12,416		1,181			9.5	%	12,019		12,407		12,577		1,020			8.1	%
Insurance commissions	20,077		19,728		349			1.8	%	10,593		7,860		13,651		6,426			47.1	%
Brokerage and annuity commissions	4,192		3,683		509			13.8	%	3,496		4,040		4,520		(328		)	(7.3	)%
Total core fee-based revenue	66,084		63,720		2,364			3.7	%	55,571		54,486		60,177		5,907			9.8	%
Mortgage banking, net	9,941		7,408		2,533			34.2	%	2,928		6,669		5,362		4,579			85.4	%
Capital market fees, net	2,692		2,467		225			9.1	%	2,613		2,939		2,099		593			28.3	%
Bank owned life insurance income	2,381		2,875		(494		)	(17.2	)%	2,739		3,506		3,011		(630		)	(20.9	)%
Asset gains, net	1,893		1,096		797			72.7	%	3,727		4,934		899		994			110.6	%
Investment securities gains, net	1,242		—		1,242			N/M		25		57		34		1,208			N/M
Other	2,288		2,510		(222		)	(8.8	)%	2,040		2,317		665		1,623			244.1	%
Total noninterest income	86,521		80,076		6,445			8.0	%	69,643		74,908		72,247		14,274			19.8	%
Noninterest Expense
Personnel expense	102,986		100,152		2,834			2.8	%	97,258		97,650		97,793		5,193			5.3	%
Occupancy	14,308		17,683		(3,375		)	(19.1	)%	14,589		13,743		13,785		523			3.8	%
Equipment	5,739		5,772		(33		)	(0.6	)%	6,148		6,133		6,227		(488		)	(7.8	)%
Technology	16,354		15,558		796			5.1	%	14,581		13,573		14,594		1,760			12.1	%
Business development and advertising	6,829		5,327		1,502			28.2	%	8,538		7,467		5,077		1,752			34.5	%
Other intangible amortization	888		801		87			10.9	%	775		990		991		(103		)	(10.4	)%
Loan expense	3,681		2,996		685			22.9	%	3,646		3,813		3,620		61			1.7	%
Legal and professional fees	4,344		4,538		(194		)	(4.3	)%	4,257		4,604		4,436		(92		)	(2.1	)%
Foreclosure / OREO expense	1,303		1,425		(122		)	(8.6	)%	1,168		2,083		1,575		(272		)	(17.3	)%
FDIC expense	6,000		6,500		(500		)	(7.7	)%	6,956		6,859		4,945		1,055			21.3	%
Other	14,384		13,503		881			6.5	%	13,889		14,938		14,882		(498		)	(3.3	)%
Total noninterest expense	176,816		174,255		2,561			1.5	%	171,805		171,853		167,925		8,891			5.3	%
Income before income taxes	71,193		69,134		2,059			3.0	%	67,499		74,685		68,025		3,168			4.7	%
Income tax expense	21,793		22,462		(669		)	(3.0	)%	18,761		24,478		21,660		133			0.6	%
Net income	49,400		46,672		2,728			5.8	%	48,738		50,207		46,365		3,035			6.5	%
Preferred stock dividends	1,545		1,228		317			25.8	%	1,225		1,255		1,278		267			20.9	%
Net income available to common equity	$	47,855	$	45,444	$	2,411		5.3	%	$	47,513	$	48,952	$	45,087	$	2,768		6.1	%
Earnings Per Common Share:
Basic	$	0.32	$	0.30	$	0.02		6.7	%	$	0.31	$	0.31	$	0.28	$	0.04		14.3	%
Diluted	$	0.31	$	0.30	$	0.01		3.3	%	$	0.31	$	0.31	$	0.28	$	0.03		10.7	%
Average Common Shares Outstanding:
Basic	149,903		150,070		(167		)	(0.1	)%	151,931		155,925		159,940		(10,037		)	(6.3	)%
Diluted	151,108		151,164		(56		)	—	%	153,083		156,991		160,838		(9,730		)	(6.0	)%
N/M=Not meaningful

Page 3

Associated Banc-Corp Selected Quarterly Information
($ in millions, except per share and full time equivalent employee data)	YTD 2015			YTD 2014			2Q15			1Q15			4Q14			3Q14			2Q14
Per Common Share Data
Dividends	$	0.20		$	0.18		$	0.10		$	0.10		$	0.10		$	0.09		$	0.09
Market Value:
High	20.84			18.39			20.84			19.07			19.37			18.90			18.39
Low	16.62			15.58			18.50			16.62			16.75			17.42			16.82
Close	20.27			18.08			20.27			18.60			18.63			17.42			18.08
Book value	18.44			17.99			18.44			18.38			18.32			18.15			17.99
Tier 1 common equity / share (1) (6)	12.10			12.04			12.10			11.97			12.09			12.10			12.04
Tangible book value / share	$	11.90		$	12.11		$	11.90		$	11.95		$	12.06		$	12.09		$	12.11
Performance Ratios (annualized)
Return on average assets	0.73		%	0.75		%	0.74		%	0.71		%	0.75		%	0.78		%	0.75		%
Return on average tangible common equity	10.39			9.51			10.62			10.16			10.27			10.35			9.56
Return on average Tier 1 common equity (1) (6)	10.38			9.52			10.55			10.22			10.35			10.38			9.56
Effective tax rate	31.54			31.60			30.61			32.49			27.79			32.77			31.84
Dividend payout ratio (2)	32.26			32.73			31.25			33.33			32.26			29.03			32.14
Average Balances
Common stockholders’ equity	$	2,790		$	2,828		$	2,794		$	2,785		$	2,772		$	2,815		$	2,830
Average Tier 1 common equity (1) (6)	$	1,812		$	1,896		$	1,820		$	1,804		$	1,821		$	1,871		$	1,892
Selected Trend Information
Average full time equivalent employees	4,443			4,474			4,465			4,422			4,320			4,359			4,431
Trust assets under management, at market value	$	8,068		$	7,720		$	8,068		$	8,138		$	7,993		$	7,700		$	7,720
Total revenue (3)	$	511		$	489		$	258		$	253		$	249		$	252		$	246
Core fee-based revenue (4)	$	130		$	117		$	66		$	64		$	56		$	54		$	60
Mortgage loans originated for sale during period	$	619		$	479		$	351		$	268		$	292		$	298		$	276
Mortgage portfolio serviced for others	$	7,898		$	8,052		$	7,898		$	7,920		$	7,999		$	8,012		$	8,052
Mortgage servicing rights, net / Portfolio serviced for others	0.77		%	0.76		%	0.77%			0.75		%	0.75		%	0.76		%	0.76		%
At Period End
Loans / deposits							94.99%			90.57		%	93.77		%	94.27		%	98.43		%
Stockholders’ equity / assets							10.68%			10.65		%	10.44		%	11.19		%	11.39		%
Tangible common equity / tangible assets (5)							6.85%			7.04		%	6.97		%	7.57		%	7.79		%
Tangible equity / tangible assets (5)							7.32%			7.27		%	7.20		%	7.82		%	8.03		%
Shares outstanding, end of period							150,862			153,567			149,560			154,743			159,480
Capital (6)
Risk weighted assets (7) (8)							$	19,629		$	19,565		$	18,568		$	18,031		$	17,911
Tier 1 common equity (1)							$	1,825		$	1,838		$	1,808		$	1,873		$	1,920
Tier 1 common equity / risk-weighted assets (7) (8)							9.30		%	9.39		%	9.74		%	10.39		%	10.72		%
Tier 1 leverage ratio (7) (8)							7.53		%	7.39		%	7.48		%	7.87		%	8.26		%
Tier 1 risk-based capital ratio (7) (8)							9.89		%	9.70		%	10.06		%	10.73		%	11.06		%
Total risk-based capital ratio (7) (8)							12.41		%	12.21		%	12.66		%	11.98		%	12.31		%
Non-GAAP Financial Measures Reconciliation
Common Equity Tier 1 Reconciliation (1):
Stockholders' Equity							$	2,904		$	2,882		$	2,800		$	2,870		$	2,930
Accumulated other comprehensive income (AOCI)							$	(2	)	$	(25	)	$	5		$	1		$	(11	)
Preferred equity							$	(122	)	$	(59	)	$	(60	)	$	(61	)	$	(61	)
Intangible assets							$	(951	)	$	(951	)	$	(937	)	$	(937	)	$	(938	)
Deferred tax assets (DTAs) / Disallowed servicing assets							$	(4	)	$	(9	)	$	—		$	—		$	—
Common Equity Tier 1							$	1,825		$	1,838		$	1,808		$	1,873		$	1,920
Efficiency Ratio Reconciliation:
Efficiency ratio (9)	70.26		%	70.05		%	70.23		%	70.30		%	70.33		%	69.44		%	69.70		%
Taxable equivalent adjustment	(1.38		)%	(1.34		)%	(1.34		)%	(1.42		)%	(1.40		)%	(1.36		)%	(1.32		)%
Asset gains, net	0.41		%	0.24		%	0.51		%	0.30		%	1.05		%	1.36		%	0.26		%
Other intangible amortization	(0.34		)%	(0.41		)%	(0.35		)%	(0.32		)%	(0.32		)%	(0.40		)%	(0.41		)%
Efficiency ratio, fully taxable equivalent (9)	68.95		%	68.54		%	69.05		%	68.86		%	69.66		%	69.04		%	68.23		%

(1) Tier 1 common equity, a non-GAAP financial measure, is used by banking regulators, investors and analysts to assess and compare the quality and composition of our capital with the capital of other financial services companies. Management uses Tier 1 common equity, along with other capital measures, to assess and monitor our capital position. Tier 1 common equity (period end and average) is Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities.

(2) Ratio is based upon basic earnings per common share.

(3) Total revenue, a non-GAAP financial measure, is the sum of taxable equivalent net interest income, core fee-based revenues, and other noninterest income categories, as presented on Pages 2 and 3 in the Consolidated Statements of Income and Pages 7 and 8 in the Net Interest Income Analysis.

(4) Core fee-based revenue, a non-GAAP financial measure, is the sum of trust service fees, service charges on deposit accounts, card-based and other nondeposit fees, insurance commissions, and brokerage and annuity commissions, as presented on Pages 2 and 3 in the Consolidated Statements of Income.

(5) Tangible equity, tangible common equity and tangible assets exclude goodwill and other intangible assets, which is a non-GAAP financial measure. These financial measures have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength.

(6) Prior to 2015, the regulatory capital requirements effective for the Corporation followed the Capital Accord of the Basel Committee on Banking Supervision ("Basel I"). Beginning January 1, 2015, the regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions from Basel I over the next three years to full implementation by January 1, 2018.

(7) June 30, 2015 data is estimated.

(8) The Federal Reserve establishes capital adequacy requirements, including well-capitalized standards for the Corporation. The OCC establishes similar capital adequacy requirements and standards for the Bank. Regulatory capital primarily consists of Tier 1 risk-based capital and Tier 2 risk-based capital. The sum of Tier 1 risk-based capital and Tier 2 risk-based capital equals our total risk-based capital. Risk-based capital guidelines require a minimum level of capital as a percentage of risk-weighted assets. Risk-weighted assets consist of total assets plus certain off-balance sheet and market items, subject to adjustment for predefined credit risk factors.

(9) Efficiency ratio is defined by the Federal Reserve guidance as noninterest expense divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. Efficiency ratio, fully taxable equivalent, is noninterest expense, excluding other intangible amortization, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net and asset gains / losses, net. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest income for the tax-favored status of certain loans and investment securities. Management believes this measure to be the preferred industry measurement of net interest income as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and it excludes certain specific revenue items (such as investment securities gains / losses, net and asset gains / losses, net).

Page 4

Associated Banc-Corp Selected Asset Quality Information
(in thousands)	Jun 30, 2015			Mar 31, 2015			Jun15 vs Mar15 % Change		Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Jun15 vs Jun14 % Change
Allowance for Loan Losses
Beginning balance	$	265,268		$	266,302		(0.4	)%	$	266,262		$	271,851		$	267,916		(1.0	)%
Provision for loan losses	5,000			4,500			11.1	%	4,500			(3,000		)	6,500			(23.1	)%
Charge offs	(14,537		)	(13,270		)	9.5	%	(8,778		)	(14,850		)	(9,107		)	59.6	%
Recoveries	5,807			7,736			(24.9	)%	4,318			12,261			6,542			(11.2	)%
Net charge offs	(8,730		)	(5,534		)	57.8	%	(4,460		)	(2,589		)	(2,565		)	240.4	%
Ending balance	$	261,538		$	265,268		(1.4	)%	$	266,302		$	266,262		$	271,851		(3.8	)%
Allowance for Unfunded Commitments
Beginning balance	$	24,900		$	24,900		—	%	$	24,400		$	20,400		$	21,900		13.7	%
Provision for unfunded commitments	—			—			N/M		500			4,000			(1,500		)	(100.0	)%
Ending balance	$	24,900		$	24,900		—	%	$	24,900		$	24,400		$	20,400		22.1	%
Allowance for credit losses	$	286,438		$	290,168		(1.3	)%	$	291,202		$	290,662		$	292,251		(2.0	)%
Net Charge Offs	Jun 30, 2015			Mar 31, 2015			Jun15 vs Mar15 % Change		Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Jun15 vs Jun14 % Change
Commercial and industrial	$	3,921		$	4,650		(15.7	)%	$	1,323		$	572		$	(1,377	)	(384.7	)%
Commercial real estate—owner occupied	1,198			739			62.1	%	134			2,210			(550		)	(317.8	)%
Lease financing	—			—			N/M		9			(6		)	29			(100.0	)%
Commercial and business lending	5,119			5,389			(5.0	)%	1,466			2,776			(1,898		)	(369.7	)%
Commercial real estate—investor	1,856			(2,529		)	(173.4	)%	(132		)	(4,065		)	(239		)	(876.6	)%
Real estate construction	(673		)	(743		)	(9.4	)%	(116		)	350			795			(184.7	)%
Commercial real estate lending	1,183			(3,272		)	(136.2	)%	(248		)	(3,715		)	556			112.8	%
Total commercial	6,302			2,117			197.7	%	1,218			(939		)	(1,342		)	(569.6	)%
Home equity revolving lines of credit	246			1,220			(79.8	)%	1,094			1,098			1,380			(82.2	)%
Home equity loans 1st liens	169			362			(53.3	)%	206			118			448			(62.3	)%
Home equity loans junior liens	118			423			(72.1	)%	457			728			948			(87.6	)%
Home equity	533			2,005			(73.4	)%	1,757			1,944			2,776			(80.8	)%
Installment and credit cards	786			769			2.2	%	990			910			247			218.2	%
Residential mortgage	1,109			643			72.5	%	495			674			884			25.5	%
Total consumer	2,428			3,417			(28.9	)%	3,242			3,528			3,907			(37.9	)%
Total net charge offs	$	8,730		$	5,534		57.8	%	$	4,460		$	2,589		$	2,565		240.4	%
Net Charge Offs to Average Loans (in basis points) *	Jun 30, 2015			Mar 31, 2015					Dec 31, 2014			Sep 30, 2014			Jun 30, 2014
Commercial and industrial	26			32					9			4			(10		)
Commercial real estate—owner occupied	48			30					5			84			(20		)
Lease financing	—			—					7			(5		)	22
Commercial and business lending	29			31					9			17			(12		)
Commercial real estate—investor	24			(33		)			(2		)	(54		)	(3		)
Real estate construction	(26		)	(30		)			(5		)	14			33
Commercial real estate lending	11			(32		)			(2		)	(37		)	6
Total commercial	22			8					4			(3		)	(5		)
Home equity revolving lines of credit	11			56					49			50			64
Home equity loans 1st liens	13			26					14			7			26
Home equity loans junior liens	32			108					107			159			196
Home equity	14			51					42			45			64
Installment and credit cards	73			70					86			78			25
Residential mortgage	9			6					4			6			9
Total consumer	14			21					19			22			25
Total net charge offs	19			13					10			6			6
Credit Quality	Jun 30, 2015			Mar 31, 2015			Jun15 vs Mar15 % Change		Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Jun15 vs Jun14 % Change
Nonaccrual loans	$	160,361		$	174,346		(8.0	)%	$	177,413		$	184,138		$	179,226		(10.5	)%
Other real estate owned (OREO)	13,557			14,926			(9.2	)%	16,732			16,840			17,729			(23.5	)%
Total nonperforming assets	$	173,918		$	189,272		(8.1	)%	$	194,145		$	200,978		$	196,955		(11.7	)%
Loans 90 or more days past due and still accruing	$	1,662		$	1,715		(3.1	)%	$	1,623		$	1,690		$	1,776		(6.4	)%
Allowance for loan losses / loans	1.43		%	1.48		%			1.51		%	1.55		%	1.59		%
Allowance for loan losses / nonaccrual loans	163.09			152.15					150.10			144.60			151.68
Nonaccrual loans / total loans	0.88			0.97					1.01			1.07			1.05
Nonperforming assets / total loans plus OREO	0.95			1.05					1.10			1.17			1.15
Nonperforming assets / total assets	0.64			0.70					0.72			0.78			0.77
Net charge offs / average loans (annualized)	0.19			0.13					0.10			0.06			0.06
Year-to-date net charge offs / average loans	0.16			0.13					0.09			0.08			0.10
Nonaccrual loans by type:
Commercial and industrial	$	64,738		$	61,620		5.1	%	$	49,663		$	51,143		$	40,846		58.5	%
Commercial real estate—owner occupied	18,821			21,861			(13.9	)%	25,825			24,340			31,725			(40.7	)%
Lease financing	1,656			1,720			(3.7	)%	1,801			1,947			1,541			7.5	%
Commercial and business lending	85,215			85,201			—	%	77,289			77,430			74,112			15.0	%
Commercial real estate—investor	6,090			13,742			(55.7	)%	22,685			25,106			28,135			(78.4	)%
Real estate construction	2,906			5,423			(46.4	)%	5,399			8,187			6,988			(58.4	)%
Commercial real estate lending	8,996			19,165			(53.1	)%	28,084			33,293			35,123			(74.4	)%
Total commercial	94,211			104,366			(9.7	)%	105,373			110,723			109,235			(13.8	)%
Home equity revolving lines of credit	8,420			9,171			(8.2	)%	9,853			10,154			10,056			(16.3	)%
Home equity loans 1st liens	4,630			5,111			(9.4	)%	5,290			4,664			4,634			(0.1	)%
Home equity loans junior liens	5,356			6,145			(12.8	)%	6,598			6,443			6,183			(13.4	)%
Home equity	18,406			20,427			(9.9	)%	21,741			21,261			20,873			(11.8	)%
Installment and credit cards	454			515			(11.8	)%	613			653			771			(41.1	)%
Residential mortgage	47,290			49,038			(3.6	)%	49,686			51,501			48,347			(2.2	)%
Total consumer	66,150			69,980			(5.5	)%	72,040			73,415			69,991			(5.5	)%
Total nonaccrual loans	$	160,361		$	174,346		(8.0	)%	$	177,413		$	184,138		$	179,226		(10.5	)%
* Annualized
N/M = Not meaningful

Page 5

Associated Banc-Corp Selected Asset Quality Information (continued)
(in thousands)	Jun 30, 2015		Mar 31, 2015		Jun15 vs Mar15 % Change		Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Jun15 vs Jun14 % Change
Restructured loans (accruing)
Commercial and industrial	$	32,063	$	26,466	21.1	%	$	33,892	$	36,955	$	28,849	11.1	%
Commercial real estate—owner occupied	5,433		9,780		(44.4	)%	10,454		11,574		12,168		(55.4	)%
Commercial and business lending	37,496		36,246		3.4	%	44,346		48,529		41,017		(8.6	)%
Commercial real estate—investor	22,009		22,775		(3.4	)%	23,127		24,440		41,758		(47.3	)%
Real estate construction	714		717		(0.4	)%	727		805		1,224		(41.7	)%
Commercial real estate lending	22,723		23,492		(3.3	)%	23,854		25,245		42,982		(47.1	)%
Total commercial	60,219		59,738		0.8	%	68,200		73,774		83,999		(28.3	)%
Home equity revolving lines of credit	1,222		1,251		(2.3	)%	1,508		1,531		1,527		(20.0	)%
Home equity loans 1st liens	1,769		1,846		(4.2	)%	1,857		1,867		1,674		5.7	%
Home equity loans junior liens	6,610		6,642		(0.5	)%	6,701		7,184		7,243		(8.7	)%
Home equity	9,601		9,739		(1.4	)%	10,066		10,582		10,444		(8.1	)%
Installment and credit cards	796		891		(10.7	)%	974		1,106		1,185		(32.8	)%
Residential mortgage	19,604		18,449		6.3	%	18,976		19,141		18,753		4.5	%
Total consumer	30,001		29,079		3.2	%	30,016		30,829		30,382		(1.3	)%
Total restructured loans (accruing)	$	90,220	$	88,817	1.6	%	$	98,216	$	104,603	$	114,381	(21.1	)%
Restructured loans in nonaccrual loans (not included above)	$	43,699	$	53,553	(18.4	)%	$	57,656	$	63,314	$	72,388	(39.6	)%
Loans Past Due 30-89 Days	Jun 30, 2015		Mar 31, 2015		Jun15 vs Mar15 % Change		Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Jun15 vs Jun14 % Change
Commercial and industrial	$	6,357	$	1,717	270.2	%	$	14,747	$	3,947	$	2,519	152.4	%
Commercial real estate—owner occupied	1,090		1,849		(41.0	)%	10,628		2,675		6,323		(82.8	)%
Lease financing	—		—		N/M		—		—		556		(100.0	)%
Commercial and business lending	7,447		3,566		108.8	%	25,375		6,622		9,398		(20.8	)%
Commercial real estate—investor	19,843		2,215		795.8	%	1,208		15,869		2,994		562.8	%
Real estate construction	312		317		(1.6	)%	984		399		258		20.9	%
Commercial real estate lending	20,155		2,532		696.0	%	2,192		16,268		3,252		519.8	%
Total commercial	27,602		6,098		352.6	%	27,567		22,890		12,650		118.2	%
Home equity revolving lines of credit	5,157		7,150		(27.9	)%	6,725		6,739		6,986		(26.2	)%
Home equity loans 1st liens	1,688		953		77.1	%	1,800		1,503		1,685		0.2	%
Home equity loans junior liens	1,894		1,905		(0.6	)%	2,058		2,496		2,138		(11.4	)%
Home equity	8,739		10,008		(12.7	)%	10,583		10,738		10,809		(19.2	)%
Installment and credit cards	1,655		1,818		(9.0	)%	1,932		1,818		1,734		(4.6	)%
Residential mortgage	4,914		3,403		44.4	%	3,046		3,231		7,070		(30.5	)%
Total consumer	15,308		15,229		0.5	%	15,561		15,787		19,613		(21.9	)%
Total loans past due 30-89 days	$	42,910	$	21,327	101.2	%	$	43,128	$	38,677	$	32,263	33.0	%
Potential Problem Loans	Jun 30, 2015		Mar 31, 2015		Jun15 vs Mar15 % Change		Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Jun15 vs Jun14 % Change
Commercial and industrial	$	125,643	$	138,403	(9.2	)%	$	108,522	$	133,416	$	187,251	(32.9	)%
Commercial real estate—owner occupied	41,997		43,114		(2.6	)%	48,695		49,008		57,757		(27.3	)%
Lease financing	1,385		2,009		(31.1	)%	2,709		3,787		2,280		(39.3	)%
Commercial and business lending	169,025		183,526		(7.9	)%	159,926		186,211		247,288		(31.6	)%
Commercial real estate—investor	23,543		26,026		(9.5	)%	24,043		28,474		31,903		(26.2	)%
Real estate construction	1,327		1,487		(10.8	)%	1,776		2,227		4,473		(70.3	)%
Commercial real estate lending	24,870		27,513		(9.6	)%	25,819		30,701		36,376		(31.6	)%
Total commercial	193,895		211,039		(8.1	)%	185,745		216,912		283,664		(31.6	)%
Home equity revolving lines of credit	202		247		(18.2	)%	204		224		277		(27.1	)%
Home equity loans junior liens	230		711		(67.7	)%	676		687		822		(72.0	)%
Home equity	432		958		(54.9	)%	880		911		1,099		(60.7	)%
Installment and credit cards	—		—		N/M		2		4		844		(100.0	)%
Residential mortgage	5,341		6,621		(19.3	)%	3,781		2,166		2,445		118.4	%
Total consumer	5,773		7,579		(23.8	)%	4,663		3,081		4,388		31.6	%
Total potential problem loans	$	199,668	$	218,618	(8.7	)%	$	190,408	$	219,993	$	288,052	(30.7	)%
N/M = Not meaningful

Page 6

Associated Banc-Corp Net Interest Income Analysis—Taxable Equivalent Basis Sequential Quarter
	Three months ended June 30, 2015						Three months ended March 31, 2015
(in thousands)	Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate
Earning assets:
Loans: (1) (2) (3)
Commercial and business lending	$	7,167,315	$	56,329	3.15	%	$	6,993,169	$	55,915	3.24	%
Commercial real estate lending	4,148,955		35,688		3.45		4,102,733		36,403		3.60
Total commercial	11,316,270		92,017		3.26		11,095,902		92,318		3.37
Residential mortgage	4,882,700		38,232		3.13		4,663,849		36,885		3.17
Retail	1,989,335		23,072		4.65		2,055,364		23,668		4.64
Total loans	18,188,305		153,321		3.38		17,815,115		152,871		3.46
Investment securities (1)	5,703,477		35,443		2.49		5,754,747		37,159		2.58
Other short-term investments	374,585		1,771		1.89		578,164		1,692		1.18
Investments and other	6,078,062		37,214		2.45		6,332,911		38,851		2.45
Total earning assets	24,266,367		$	190,535	3.15		24,148,026		$	191,722	3.20
Other assets, net	2,465,707						2,458,899
Total assets	$	26,732,074					$	26,606,925
Interest-bearing liabilities:
Savings deposits	$	1,352,616	$	259	0.08	%	$	1,277,469	$	238	0.08	%
Interest-bearing demand deposits	3,251,196		1,037		0.13		3,203,727		1,050		0.13
Money market deposits	9,101,589		4,088		0.18		8,653,260		3,785		0.18
Time deposits	1,630,242		2,757		0.68		1,594,183		2,546		0.65
Total interest-bearing deposits	15,335,643		8,141		0.21		14,728,639		7,619		0.21
Federal funds purchased and securities sold under agreements to repurchase	662,047		235		0.14		585,498		231		0.16
Other short-term funding	236,459		115		0.20		119,240		81		0.27
Long-term funding	3,080,954		10,642		1.38		3,735,602		10,872		1.17
Total short and long-term funding	3,979,460		10,992		1.11		4,440,340		11,184		1.01
Total interest-bearing liabilities	19,315,103		$	19,133	0.40		19,168,979		$	18,803	0.39
Noninterest-bearing demand deposits	4,290,567						4,326,557
Other liabilities	251,743						266,660
Stockholders’ equity	2,874,661						2,844,729
Total liabilities and stockholders’ equity	$	26,732,074					$	26,606,925
Net interest income and rate spread			$	171,402	2.75	%			$	172,919	2.81	%
Net interest margin					2.83	%					2.89	%
Taxable equivalent adjustment			$	4,914					$	5,106
Net Interest Income Analysis—Taxable Equivalent Basis Comparable Quarter
	Three months ended June 30, 2015						Three months ended June 30, 2014
(in thousands)	Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate
Earning assets:
Loans: (1) (2) (3)
Commercial and business lending	$	7,167,315	$	56,329	3.15	%	$	6,468,844	$	53,519	3.32	%
Commercial real estate lending	4,148,955		35,688		3.45		3,967,848		36,309		3.67
Total commercial	11,316,270		92,017		3.26		10,436,692		89,828		3.45
Residential mortgage	4,882,700		38,232		3.13		4,077,617		33,575		3.29
Retail	1,989,335		23,072		4.65		2,132,080		24,157		4.54
Total loans	18,188,305		153,321		3.38		16,646,389		147,560		3.55
Investment securities (1)	5,703,477		35,443		2.49		5,606,279		36,865		2.63
Other short-term investments	374,585		1,771		1.89		284,847		1,862		2.62
Investments and other	6,078,062		37,214		2.45		5,891,126		38,727		2.63
Total earning assets	24,266,367		$	190,535	3.15		22,537,515		$	186,287	3.31
Other assets, net	2,465,707						2,320,557
Total assets	$	26,732,074					$	24,858,072
Interest-bearing liabilities:
Savings deposits	$	1,352,616	$	259	0.08	%	$	1,267,297	$	242	0.08	%
Interest-bearing demand deposits	3,251,196		1,037		0.13		2,894,446		969		0.13
Money market deposits	9,101,589		4,088		0.18		7,340,244		2,928		0.16
Time deposits	1,630,242		2,757		0.68		1,597,535		2,056		0.52
Total interest-bearing deposits	15,335,643		8,141		0.21		13,099,522		6,195		0.19
Federal funds purchased and securities sold under agreements to repurchase	662,047		235		0.14		847,756		306		0.14
Other short-term funding	236,459		115		0.20		832,299		280		0.13
Long-term funding	3,080,954		10,642		1.38		2,931,957		6,146		0.84
Total short and long-term funding	3,979,460		10,992		1.11		4,612,012		6,732		0.58
Total interest-bearing liabilities	19,315,103		$	19,133	0.40		17,711,534		$	12,927	0.29
Noninterest-bearing demand deposits	4,290,567						4,073,310
Other liabilities	251,743						182,110
Stockholders’ equity	2,874,661						2,891,118
Total liabilities and stockholders’ equity	$	26,732,074					$	24,858,072
Net interest income and rate spread			$	171,402	2.75	%			$	173,360	3.02	%
Net interest margin					2.83	%					3.08	%
Taxable equivalent adjustment			$	4,914					$	4,657

(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.

Page 7

Associated Banc-Corp Net Interest Income Analysis—Taxable Equivalent Basis Year Over Year
	Six months ended June 30, 2015						Six months ended June 30, 2014
(in thousands)	Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate
Earning assets:
Loans: (1) (2) (3)
Commercial and business lending	$	7,080,723	$	112,244	3.19	%	$	6,300,948	$	105,199	3.37	%
Commercial real estate lending	4,125,972		72,091		3.52		3,937,772		71,900		3.68
Total commercial	11,206,695		184,335		3.32		10,238,720		177,099		3.49
Residential mortgage	4,773,879		75,117		3.15		4,002,592		66,239		3.31
Retail	2,022,167		46,740		4.64		2,165,522		48,570		4.51
Total loans	18,002,741		306,192		3.42		16,406,834		291,908		3.58
Investment securities (1)	5,728,970		72,602		2.53		5,528,604		73,788		2.67
Other short-term investments	475,812		3,463		1.46		281,353		3,311		2.36
Investments and other	6,204,782		76,065		2.45		5,809,957		77,099		2.65
Total earning assets	24,207,523		$	382,257	3.17		22,216,791		$	369,007	3.34
Other assets, net	2,462,322						2,320,633
Total assets	$	26,669,845					$	24,537,424
Interest-bearing liabilities:
Savings deposits	$	1,315,250	$	497	0.08	%	$	1,231,516	$	462	0.08	%
Interest-bearing demand deposits	3,227,593		2,087		0.13		2,845,618		1,792		0.13
Money market deposits	8,878,663		7,873		0.18		7,257,137		5,752		0.16
Time deposits	1,612,312		5,303		0.66		1,628,235		4,348		0.54
Total interest-bearing deposits	15,033,818		15,760		0.21		12,962,506		12,354		0.19
Federal funds purchased and securities sold under agreements to repurchase	623,984		466		0.15		826,589		611		0.15
Other short-term funding	178,173		196		0.22		581,799		396		0.14
Long-term funding	3,406,469		21,514		1.26		2,968,038		12,657		0.85
Total short and long-term funding	4,208,626		22,176		1.05		4,376,426		13,664		0.63
Total interest-bearing liabilities	19,242,444		$	37,936	0.40		17,338,932		$	26,018	0.30
Noninterest-bearing demand deposits	4,308,463						4,119,551
Other liabilities	259,160						188,992
Stockholders’ equity	2,859,778						2,889,949
Total liabilities and stockholders’ equity	$	26,669,845					$	24,537,424
Net interest income and rate spread			$	344,321	2.77	%			$	342,989	3.04	%
Net interest margin					2.86	%					3.10	%
Taxable equivalent adjustment			$	10,020					$	9,313

(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.

Page 8

Associated Banc-Corp Financial Summary and Comparison (in thousands)
Period End Loan Composition	Jun 30, 2015		Mar 31, 2015		Jun15 vs Mar15 % Change		Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Jun15 vs Jun14 % Change
Commercial and industrial	$	6,208,192	$	6,140,420	1.1	%	$	5,905,902	$	5,603,899	$	5,616,205	10.5	%
Commercial real estate—owner occupied	978,183		1,003,885		(2.6	)%	1,007,937		1,014,335		1,070,463		(8.6	)%
Lease financing	46,900		49,496		(5.2	)%	51,529		52,600		51,873		(9.6	)%
Commercial and business lending	7,233,275		7,193,801		0.5	%	6,965,368		6,670,834		6,738,541		7.3	%
Commercial real estate—investor	3,126,440		3,086,980		1.3	%	3,056,485		3,043,361		2,990,732		4.5	%
Real estate construction	1,092,308		1,019,571		7.1	%	1,008,956		982,426		1,000,421		9.2	%
Commercial real estate lending	4,218,748		4,106,551		2.7	%	4,065,441		4,025,787		3,991,153		5.7	%
Total commercial	11,452,023		11,300,352		1.3	%	11,030,809		10,696,621		10,729,694		6.7	%
Home equity revolving lines of credit	880,628		879,827		0.1	%	887,779		880,435		866,042		1.7	%
Home equity loans 1st liens	508,491		549,667		(7.5	)%	584,131		619,774		659,598		(22.9	)%
Home equity loans junior liens	141,344		154,120		(8.3	)%	164,148		176,316		187,732		(24.7	)%
Home equity	1,530,463		1,583,614		(3.4	)%	1,636,058		1,676,525		1,713,372		(10.7	)%
Installment and credit cards	430,823		436,492		(1.3	)%	454,219		459,682		469,203		(8.2	)%
Residential mortgage	4,889,943		4,658,574		5.0	%	4,472,760		4,326,262		4,132,783		18.3	%
Total consumer	6,851,229		6,678,680		2.6	%	6,563,037		6,462,469		6,315,358		8.5	%
Total loans	$	18,303,252	$	17,979,032	1.8	%	$	17,593,846	$	17,159,090	$	17,045,052	7.4	%
Period End Deposit and Customer Funding Composition	Jun 30, 2015		Mar 31, 2015		Jun15 vs Mar15 % Change		Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Jun15 vs Jun14 % Change
Noninterest-bearing demand	$	4,332,171	$	4,570,872	(5.2	)%	$	4,505,272	$	4,302,454	$	4,211,057	2.9	%
Savings	1,359,478		1,337,643		1.6	%	1,235,277		1,256,567		1,275,493		6.6	%
Interest-bearing demand	3,576,311		3,525,870		1.4	%	3,126,854		3,637,411		2,918,900		22.5	%
Money market	8,374,186		8,781,206		(4.6	)%	8,324,646		7,491,460		7,348,650		14.0	%
Brokered CDs	39,760		40,699		(2.3	)%	42,556		9,242		44,809		(11.3	)%
Other time	1,587,657		1,595,302		(0.5	)%	1,528,899		1,504,124		1,517,350		4.6	%
Total deposits	19,269,563		19,851,592		(2.9	)%	18,763,504		18,201,258		17,316,259		11.3	%
Customer repo sweeps	433,044		528,572		(18.1	)%	384,221		493,451		489,886		(11.6	)%
Total deposits and customer funding	$	19,702,607	$	20,380,164	(3.3	)%	$	19,147,725	$	18,694,709	$	17,806,145	10.7	%
Network transaction deposits included above in interest-bearing demand & money market	$	2,920,939	$	2,900,325	0.7	%	$	2,852,943	$	2,207,055	$	2,238,923	30.5	%
Brokered CDs	39,760		40,699		(2.3	)%	42,556		9,242		44,809		(11.3	)%
Total network and brokered funding	2,960,699		2,941,024		0.7	%	2,895,499		2,216,297		2,283,732		29.6	%
Net customer deposits and funding (1)	$	16,741,908	$	17,439,140	(4.0	)%	$	16,252,226	$	16,478,412	$	15,522,413	7.9	%
(1)    Total deposits and customer funding excluding total network and brokered funding.
Quarter Average Loan Composition	Jun 30, 2015		Mar 31, 2015		Jun15 vs Mar15 % Change		Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Jun15 vs Jun14 % Change
Commercial and industrial	$	6,122,864	$	5,944,152	3.0	%	$	5,665,396	$	5,558,135	$	5,335,488	14.8	%
Commercial real estate—owner occupied	995,981		998,293		(0.2	)%	1,003,179		1,043,001		1,081,552		(7.9	)%
Lease financing	48,470		50,724		(4.4	)%	52,318		51,091		51,804		(6.4	)%
Commercial and business lending	7,167,315		6,993,169		2.5	%	6,720,893		6,652,227		6,468,844		10.8	%
Commercial real estate—investor	3,110,637		3,106,965		0.1	%	3,062,427		3,013,210		3,014,827		3.2	%
Real estate construction	1,038,318		995,768		4.3	%	1,003,716		1,006,076		953,021		9.0	%
Commercial real estate lending	4,148,955		4,102,733		1.1	%	4,066,143		4,019,286		3,967,848		4.6	%
Total commercial	11,316,270		11,095,902		2.0	%	10,787,036		10,671,513		10,436,692		8.4	%
Home equity revolving lines of credit	881,036		882,869		(0.2	)%	883,580		875,388		866,952		1.6	%
Home equity loans 1st liens	528,493		567,849		(6.9	)%	601,719		638,592		681,607		(22.5	)%
Home equity loans junior liens	147,391		159,378		(7.5	)%	169,845		181,880		193,727		(23.9	)%
Home equity	1,556,920		1,610,096		(3.3	)%	1,655,144		1,695,860		1,742,286		(10.6	)%
Installment and credit cards	432,415		445,268		(2.9	)%	455,000		464,467		389,794		10.9	%
Residential mortgage	4,882,700		4,663,849		4.7	%	4,490,075		4,309,121		4,077,617		19.7	%
Total consumer	6,872,035		6,719,213		2.3	%	6,600,219		6,469,448		6,209,697		10.7	%
Total loans	$	18,188,305	$	17,815,115	2.1	%	$	17,387,255	$	17,140,961	$	16,646,389	9.3	%
Quarter Average Deposit Composition	Jun 30, 2015		Mar 31, 2015		Jun15 vs Mar15 % Change		Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Jun15 vs Jun14 % Change
Noninterest-bearing demand	$	4,290,567	$	4,326,557	(0.8	)%	$	4,367,031	$	4,239,654	$	4,073,310	5.3	%
Savings	1,352,616		1,277,469		5.9	%	1,264,195		1,269,994		1,267,297		6.7	%
Interest-bearing demand	3,251,196		3,203,727		1.5	%	3,142,537		3,096,712		2,894,446		12.3	%
Money market	9,101,589		8,653,260		5.2	%	8,209,091		7,721,167		7,340,244		24.0	%
Time deposits	1,630,242		1,594,183		2.3	%	1,549,565		1,545,851		1,597,535		2.0	%
Total deposits	$	19,626,210	$	19,055,196	3.0	%	$	18,532,419	$	17,873,378	$	17,172,832	14.3	%

Page 9

EX-99.2

ASSOCIATED BANC-CORP 2Q 2015 EARNINGS PRESENTATION JULY 16, 2015 Exhibit 99.2

FORWARD-LOOKING STATEMENTS Important note regarding 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”, “will”, “intend”, “outlook”, or similar expressions. Forward- looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference. 1

2015 SECOND QUARTER HIGHLIGHTS 2 Solid Loan and Fee-Revenue Growth Offset Continued Margin Compression • Average loans of $18.2 billion were up $373 million, or 2% from the first quarter ‒ Average commercial loans grew $220 million, 59% of the quarter’s growth ‒ Average consumer loans grew $153 million, 41% of the quarter’s growth • Average deposits of $19.6 billion were up $571 million, or 3% from the first quarter • Net interest income of $166 million was down $1 million from the first quarter – Net interest margin of 2.83% compared to 2.89% in the first quarter • Quarterly dividend of $0.10 / common share • Repurchased 3.2 million shares of common stock during the second quarter • Issued $65 million in preferred stock with a dividend rate of 6.125% • Capital ratios remain strong with a Tier 1 common equity ratio of 9.30% • Noninterest income of $87 million was up $6 million compared to the first quarter ‒ Core fee-based revenue increased $2 million from the first quarter ‒ Mortgage banking revenue was up $3 million from the first quarter • Noninterest expense of $177 million was up $3 million from the first quarter ‒ Personnel expense increased $3 million which included $2 million in severance • Net income available to common shareholders of $48 million, or $0.31 per share • Pretax income of $71 million was up $2 million, or 3% from the first quarter • Return on average Tier 1 common equity of 10.55% Net Interest Income & Net Interest Margin Noninterest Income & Expenses Capital Balance Sheet Net Income & ROT1CE

($66) ($16) $26 $35 $46 $130 $219 LOAN PORTFOLIO – TREND AND MIX 3 2Q 2015 Average Net Loan Change (+$373 million) Loan Mix – 2Q 2015 (Average) CRE Investor 17% Construction 6% Commercial & Business Lending 39% Res Mtg 27% Home Equity 9% Installment 2% ($ in millions) Home Equity & Installment Commercial Real Estate Residential Mortgage Power & Utilities Oil & Gas Mortgage Warehouse General Commercial Loans Average Quarterly Loans ($ in billions) $5.0 $5.9 $6.5 $7.0 $7.2 $3.3 $3.7 $4.0 $4.1 $4.1 $3.3 $3.7 $4.1 $4.7 $4.9 $3.0 $2.5 $2.1 $2.1 $2.0 2Q 2012 2Q 2013 2Q 2014 1Q 2015 2Q 2015 Home Equity & Installment Residential Mortgage Commercial Real Estate Commercial & Business $18.2 +5% % Chg +37% +1% +1% $16.6 +4% $17.8 $15.7 $14.6 (3%) (2%) Total Commercial & Business Lending +2%

COMMERCIAL LINE UTILIZATION TRENDS 4 51% 49% 47% 49% 52% 53% 52% 55% 56% 60% 61% 63% 64% 62% 59% 60% 59% 58% 40% 45% 50% 55% 60% 65% 70% 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Commercial & Business Lending Commercial Real Estate Line utilization increased across the Commercial loan products Change from 1Q 15 Commercial Real Estate (including construction) -70 bps Commercial & Business Lending (including REIT) +110 bps Certain amounts in the line utilization trends of prior periods have been reclassified to conform with the current period’s presentation.

OIL AND GAS LENDING UPDATE 5 • Portfolio is performing as expected • Oil & Gas period end loans decreased 3% in the second quarter • Spring borrowing base re-determinations and the SNC exam are complete • Released $1 million in reserves in the second quarter ($ in Millions) 4Q 2014 1Q 2015 2Q 2015 EOP Loan Balance $754 $780 $757 Oil & Gas Related Reserves $17 $27 $26 Reserve/EOP Loans 2.26% 3.46% 3.43% Portfolio Overview Oil & Gas 4% All Other Loans 96% 2015 Second Quarter Loan Composition  49 clients  Over $1 billion in aggregate commitments  Average commitment of $21 million • Exclusively focused on the upstream sector (‘Exploration and Production’ or ‘E&P’ sector). • Focused on the small to mid-size independent segment, both public and private companies. • Asset-based loans collateralized by a lien on oil & gas reserves. • Generally, we are participants in syndicated loans in this sector. Portfolio Performance $251 $354 $659 $757 2Q 2012 2Q 2013 2Q 2014 2Q 2015 Oil & Gas Period End Loan Balances ($ in millions)

3.08% 3.06% 3.04% 2.89% 2.83% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% $- $4 $8 $12 $16 $20 $24 $28 $32 $36 $40 $44 $48 $52 $56 $60 $64 $68 $72 $76 $80 $84 $88 $92 $96 $100 $104 $108 $112 $116 $120 $124 $128 $132 $136 $140 $144 $148 $152 $156 $160 $164 $168 $172 $176 $180 3.31% 3.29% 3.32% 3.20% 3.15% 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 NET INTEREST INCOME AND MARGIN TRENDS 6 Yield on Interest-earning Assets Cost of Interest-bearing Liabilities Net Interest Income & Net Interest Margin ($ in millions) $168 $172 $170 $165 $165 $5 $3 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Interest Recoveries & Prepayment Fees Net Interest Income Net of Interest Recoveries & Prepayment Fees Net Interest Margin $169 0.19% 0.19% 0.20% 0.21% 0.21% 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Interest Bearing Deposit Costs Other Funding Costs 0.29% 0.29% 0.35% 0.40% $175 3.55% 3.55% 3.60% 3.46% 3.38% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% $140 $144 $148 $153 $157 $161 $165 $169 $174 $178 Total Loan Yield Total Interest-earning Yield <$1 $166 0.39% $168 $173 $1 +11 bps $1

NONINTEREST INCOME TRENDS ($ IN MILLIONS) $7 $14 $11 $9 $11 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Mortgage Banking (net) Income $60 $54 $56 $64 $66 $12 $21 $14 $16 $21 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Mortgage Banking (net) and Other Noninterest Income Core Fee-based Revenue Total Noninterest Income $5 $7 $3 $7 $10 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Other Noninterest Income2 7 1 – Core Fee-based Revenue = Trust service fees plus Service charges on deposit accounts plus Card-based and other nondeposit fees plus Insurance commissions plus Brokerage and annuity commissions. This is a non-GAAP measure. Please refer to the press release tables for a reconciliation to noninterest income. 2 – Other Noninterest Income = Total Noninterest Income minus net Mortgage Banking Income minus Core Fee-based Revenue. This is a non-GAAP measure. Please refer to the press release tables for a reconciliation to noninterest income. $72 $75 $70 $80 $87 1

INSURANCE BUSINESS EXPANSION KEY DRIVER OF NONINTEREST REVENUE GROWTH 8 Insurance Commissions Trend Insurance Commissions – YTD 2015 • In February 2015, Associated Financial Group (AFG), a leading risk and benefit consulting practice based in WI, acquired Ahmann & Martin Co., a leading property and casualty brokerage based in the Twin Cities. • The acquisition created one of the largest risk and benefit consulting firms in the country. – AFG is now positioned as a Top 50 U.S. insurance brokerage firm serving approximately 14,000 customers. • The acquisition significantly expanded Associated’s property and casualty insurance capabilities and related insurance commission revenue potential. – Expected to generate additional seasonal insurance revenues in the first half of each year going forward. Property & Casualty 25% Employee Benefits & Other 75% *Excludes a $4 million reserve related to the remediation of debt protection products $11 $12 $14 $12 $11 $20 $20 4Q 2013 1Q 2014 2Q 2014 3Q 2014* 4Q 2014 1Q 2015 2Q 2015 ($ in millions)

NONINTEREST EXPENSE TRENDS ($ IN MILLIONS) $49 $54 $54 $53 $52 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Technology2 Spend Total Noninterest Expense $21 $20 $21 $21 $22 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Other Non-Personnel Spend3 4,431 4,359 4,320 4,422 4,465 3,800 4,000 4,200 4,400 4,600 4,800 5,000 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 1 – Efficiency ratio = Noninterest expense, excluding other intangible amortization, divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains/losses, net, and asset gains/losses, net. This is a non-GAAP financial measure. Please refer to the appendix for a reconciliation of this measure. 2 – Technology Spend = Technology and Equipment expenses 3 – Other Non-Personnel Spend = Total Noninterest Expense less Personnel and Technology spend 4 – FTE = Average Full Time Equivalent Employees Efficiency Ratio1 68% 69% 70% 69% 69% 9 $98 $98 $97 $100 $103 $70 $74 $75 $74 $74 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Personnel Other Noninterest Expense FTE4 Trend $168 $172 $172 $174 $177

EVOLVING DELIVERY MODEL 10 • Changing customer behavior has driven our focus on branch channel optimization • In 2Q 2015: – Announced ten additional branch closures for a total of thirteen closures in 2015 – Launched $5 million website refresh with advanced on-line selling and account opening tools Digital Channels Performance Metrics Branch Channel and Deposits Current Digital Offerings: 315 270 ~214 2Q 2007 2Q 2011 YE 2015 Forecast $14 $14 $19 $8 $12 2Q 2007 2Q 2011 Recent Quarter** Total Deposits Insured Deposits Reducing branch count… While growing Deposits*… ATM ~1/3 Teller ~2/3 Branch Transactions Deposit Customer Usage ($ in billions) > 50% > 20% Online Banking Mobile Banking *Total Deposits per Associated Banc-Corp Consolidated Balance Sheets; Insured Deposits covered by the FDIC, per Call Report ** Total Deposits as of June 30, 2015; Insured Deposits (less than $250,000) as of March 31, 2015

CREDIT QUALITY INDICATORS ($ IN MILLIONS) 11 $179 $184 $177 $174 $160 1.05% 1.07% 1.01% 0.97% 0.88% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% $- $4 8 $12 6 $20 4 $28 32 $ 6 40 $ 4 48 $52 6 $60 4 $68 72 $ 6 80 $ 4 88 $92 6 $100 4 $108 12 $1 6 20 $1 4 28 $132 6 $140 4 $148 52 $1 6 60 $1 4 68 $172 6 $180 4 $188 92 $1 6 200 $ 4 208 $ 12 2 6 $ 20 2 4 $ 28 232 $ 6 240 $ 4 248 $ 52 2 6 $ 60 2 4 $ 68 272 $ 6 280 $ 4 288 $ 92 2 6 $300 4 $308 12 $3 6 20 $3 4 28 $332 6 $340 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Nonaccruals Nonaccruals / Total Loans $3 $3 $4 $6 $9 0.06% 0.06% 0.10% 0.13% 0.19% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% $- $4 $8 $12 $16 $20 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Net Charge Offs NCOs / Avg Loans 152% 145% 150% 152% 163% 1.59% 1.55% 1.51% 1.48% 1.43% 1.00% 1.50% 2.00% 2.50% 3.00% 0% 80% 160% 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 ALLL/ Nonaccruals ALLL/ Total Loans $288 $220 $190 $219 $200 1.69% 1.28% 1.08% 1.22% 1.09% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% $- $4 8 $12 6 $20 4 $28 32 $ 6 40 $ 4 48 $52 6 $60 4 $68 72 $ 6 80 $ 4 88 $92 6 $100 4 $108 12 $1 6 20 $1 4 28 $132 6 $140 4 $148 52 $1 6 60 $1 4 68 $172 6 $180 4 $188 92 $1 6 200 $ 4 208 $ 12 2 6 $ 20 2 4 $ 28 232 $ 6 240 $ 4 248 $ 52 2 6 $ 60 2 4 $ 68 272 $ 6 280 $ 4 288 $ 92 2 6 $300 4 $308 12 $3 6 20 $3 4 28 $332 6 $340 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Potential Problem Loans PPLs / Total Loans Potential Problem Loans to Total Loans Nonaccruals to Total Loans Allowance to Total Loans Net Charge Offs to Average Loans

2015 FULL YEAR OUTLOOK 12 Balance Sheet • High single digit annual average loan growth • Maintain Loan/Deposit ratio under 100% Margin • Modest continuing compression throughout the year Noninterest Income1 • Upper single digit growth from 2014 Noninterest Expense1 • Total noninterest expense not to exceed $700 million Capital • Now in our target range • Continue to follow stated corporate priorities for capital deployment • Pausing on additional share repurchases Provision • Expected to increase with loan growth and changes in risk grade or other indications of credit quality 1 – Outlook incorporates effects of Ahmann & Martin Co. acquisition.

APPENDIX 13

RECONCILIATION AND DEFINITIONS OF NON-GAAP ITEMS 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Efficiency Ratio Reconciliation: Efficiency ratio (1) 69.70% 69.44% 70.33% 70.30% 70.23% Taxable equivalent adjustment (1.32) (1.36) (1.40) (1.42) (1.34) Asset gains, net 0.26 1.36 1.05 0.30 0.51 Other intangible amortization (0.41) (0.40) (0.32) (0.32) (0.35) Efficiency ratio, fully taxable equivalent (1) 68.23% 69.04% 69.66% 68.86% 69.05% (1) Efficiency ratio is defined by the Federal Reserve guidance as noninterest expense divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. Efficiency ratio, fully taxable equivalent, is noninterest expense, excluding other intangible amortization, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net and asset gains / losses, net. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest income for the tax-favored status of certain loans and investment securities. Management believes this measure to be the preferred industry measurement of net interest income as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and it excludes certain specific revenue items (such as investment securities gains / losses, net and asset gains / losses, net). Tier 1 common equity, a non-GAAP financial measure, is used by banking regulators, investors and analysts to assess and compare the quality and composition of our capital with the capital of other financial services companies. Management uses Tier 1 common equity, along with other capital measures, to assess and monitor our capital position. Tier 1 common equity (period end and average) is Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities. The Corporation adopted the Basel III regulatory standards during the first quarter of 2015; all prior periods presented are disclosed under Basel I regulatory standards. 14