8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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)April 25, 2019

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 code920-491-7500

(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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

[ ] Emerging growth company

[ ] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On April 25, 2019, Associated Banc-Corp announced its earnings for the quarter ended March 31, 2019. 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 April 25, 2019, 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 April 25, 2019, containing financial information for the quarter ended March 31, 2019.

99.2    Slide presentation discussed on the conference call for investors and analysts on April 25, 2019.

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: April 25, 2019	By:	/s/ Christopher J. Del Moral-Niles
		Christopher J. Del Moral-Niles
		Chief Financial Officer

EX-99.1

Exhibit 99.1

NEWS RELEASE Investor Contact: Robb Timme, Senior Vice President, Director of Investor Relations 920-491-7059 Media Contact: Jennifer Kaminski, Vice President, Public Relations Senior Manager 920-491-7576

Associated Banc-Corp Reports First Quarter 2019 Earnings of $0.50 Per Common Share,

Earnings per share up 25% from the prior year

GREEN BAY, Wis. -- April 25, 2019 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $83 million, or $0.50 per common share for the quarter ended March 31, 2019. These amounts compare to net income available to common equity of $67 million, or $0.40 per common share for the quarter ended March 31, 2018.

“We were pleased with our commercial and business lending results in the quarter as we had solid growth in our general commercial line and across most of our specialty lending verticals. This growth, coupled with effective cost controls and improving fee income, helped drive a 25% increase in earnings per share compared to the first quarter of 2018," said President and CEO Philip B. Flynn. "We remain optimistic for the remainder of 2019. We expect continued growth in our C&I portfolio and anticipate that our commercial real estate book will begin to ramp up in the second half of the year. Additionally, we believe the Huntington Bank branch acquisition, which is scheduled to close in June, will help us manage our funding costs this year."

FIRST QUARTER 2019 SUMMARY (all comparisons to the first quarter of 2018)

• Average loans of $23.1 billion were up 5%, or $1.0 billion

• Average deposits of $24.6 billion were up 4%, or $0.9 billion

• Net interest income of $216 million increased $6 million, or 3%

• Net interest margin of 2.90% declined 2 basis points from 2.92%

• Provision for credit losses was $6 million, up from zero

• Noninterest income of $91 million increased 1%, or $1 million

• Noninterest expense of $192 million was down 10%, or $21 million

• Income before income taxes was up 25%, or $22 million

• During the quarter, the Company repurchased over 1 million shares, or $30 million, of common stock

• Total dividends paid per common share were $0.17, up 13%

• Return on average common equity Tier 1 increased to 13.6% from 11.4%

Loans

First quarter 2019 average loans of $23.1 billion were up $1.0 billion, or 5%, from the year ago quarter, and were up $299 million from the fourth quarter of 2018 as growth in commercial and business lending outpaced run-off in the commercial real estate portfolio.

With respect to first quarter 2019 average balances by loan category:

• Commercial and business lending increased $1.1 billion from the year ago quarter and increased $357 million from the fourth quarter of 2018 to $8.4 billion. General commercial lending and power & utilities specialized lending drove the increase from the year ago quarter.

• Consumer lending increased $244 million from the year ago quarter and increased $34 million from the fourth quarter of 2018 to $9.6 billion.

• Commercial real estate lending decreased $282 million from the year ago quarter and decreased $92 million from the fourth quarter of 2018 to $5.1 billion as paydown activity continued to be elevated.

• The Company has over $500 million in construction commitments that are expected to fund over the course of the year.

Deposits

First quarter 2019 average deposits of $24.6 billion were up $905 million, or 4% from the year ago quarter and were up $326 million compared to the fourth quarter of 2018. First quarter period end deposits were $25.5 billion, up $636 million from the end of the fourth quarter.

With respect to first quarter 2019 average balances by deposit category:

• Time deposits increased $407 million from the year ago quarter and increased $61 million from the fourth quarter of 2018 to $3.1 billion.

• Savings increased $376 million from the year ago quarter and increased $104 million from the fourth quarter of 2018 to $2.1 billion.

• Interest-bearing demand deposits increased $236 million from the year ago quarter, but decreased $98 million from the fourth quarter of 2018 to $4.7 billion.

• Money market deposits increased $173 million from the year ago quarter and increased $299 million from the fourth quarter of 2018 to $7.4 billion.

• Noninterest-bearing demand deposits decreased $102 million from the year ago quarter and decreased $384 million from the fourth quarter of 2018 to $5.0 billion as the company experienced its typical seasonal outflow of deposits.

• Network transaction deposits decreased $184 million from the year ago quarter, but increased $344 million from the fourth quarter of 2018 to $2.2 billion.

Net Interest Income and Net Interest Margin

First quarter 2019 net interest income of $216 million was up 3%, or $6 million, while the net interest margin decreased 2 basis points to 2.90% from the year ago quarter. First quarter 2019 net interest income decreased 4%, or $8 million, and the net interest margin decreased 12 basis points from the prior quarter, primarily due to reduced prepayments.

• The average yield on total commercial loans for the first quarter of 2019 increased 64 basis points to 4.98% from the year ago quarter, but decreased 9 basis points from the prior quarter.

• The average cost of total interest-bearing deposits for the first quarter of 2019 increased 57 basis points to 1.30% from the year ago quarter and increased 16 basis points from the prior quarter.

• The net free funds benefit, which is the net margin increase from noninterest-bearing deposits, increased 12 basis points in the first quarter of 2019 compared to the year ago quarter and was unchanged from the prior quarter.

Noninterest Income

First quarter 2019 total noninterest income of $91 million increased $1 million from the year ago quarter and increased $7 million from the prior quarter.

With respect to first quarter 2019 noninterest income line items:

• Insurance revenues were up $3 million from the year ago quarter, driven by the acquisitions of Diversified Insurance Solutions and Anderson Insurance, and were up $4 million compared to the previous quarter due to seasonally higher property and casualty revenues.

• Service charges and deposit account fees were down $1 million from both the year ago quarter and the previous quarter.

• Mortgage banking revenues were down $2 million from the year ago quarter, but were up $1 million from the previous quarter.

Noninterest Expense

First quarter 2019 total noninterest expense of $192 million decreased 10%, or $21 million from the year ago quarter and decreased $1 million from the prior quarter. The year ago quarter included $21 million of Bank Mutual acquisition related costs.

With respect to first quarter 2019 noninterest expense line items:

• Personnel expense increased $2 million from the year ago quarter, and increased $4 million from the prior quarter due primarily to seasonal increases in stock-based compensation expense.

• Occupancy expense increased $1 million from the year ago quarter and increased $2 million from the prior quarter due to higher snow removal expense.

• Technology expense increased $1 million from the year ago quarter and the prior quarter as the company continued to make investments to enhance its online and mobile product offerings.

• With the removal of the FDIC surcharge, the Company's FDIC assessment decreased $5 million from the year ago quarter and $2 million from the prior quarter.

Taxes

The first quarter 2019 effective tax rate was 21% compared to 20% in the year ago quarter and 22% in the prior quarter.

Credit

The first quarter 2019 provision for credit losses was $6 million, up from zero in the year ago quarter and up from $1 million in the prior quarter. With respect to first quarter 2019 credit quality:

• Potential problem loans of $241 million were down $41 million from the year ago quarter and were down $9 million from the prior quarter.

• Nonaccrual loans of $156 million were down $53 million from the year ago quarter, primarily due to improvements in commercial credits. While nonaccrual loans were up $28 million from the prior quarter, primarily due to migration in commercial credits, they remained flat with third quarter 2018 levels. The nonaccrual loans to total loans ratio was 0.67% in the first quarter, compared to 0.91% in the year ago quarter and 0.56% in the prior quarter.

• Net charge offs of $7 million were down $2 million from the year ago quarter and up $7 million from the prior quarter.

• The allowance for loan losses of $235 million was down $22 million from the year ago quarter and was down $3 million from the prior quarter. The allowance for loan losses to total loans ratio was 1.02% in the first quarter of 2019, compared to 1.13% in the year ago quarter, and 1.04% in the prior quarter.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.3%at March 31, 2019. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

During the quarter, the Company repurchased over 1 million shares, or $30 million, of common stock at an average price of $22.93 per share.

FIRST QUARTER 2019 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 25, 2019. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp first quarter 2019 earnings call. The first quarter 2019 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of nearly $34 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 230 banking locations serving more than 110 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,” "target," “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 and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

# # #

Associated Banc-Corp Consolidated Balance Sheets (Unaudited)
(In thousands)	Mar 31, 2019			Dec 31, 2018			Seql Qtr $ Change			Sept 30, 2018			Jun 30, 2018			Mar 31, 2018			Comp Qtr $ Change
Assets
Cash and due from banks	$	334,095		$	507,187		$	(173,092	)	$	374,168		$	396,761		$	328,260		$	5,835
Interest-bearing deposits in other financial institutions	270,843			221,226			49,617			147,848			71,462			94,918			175,925
Federal funds sold and securities purchased under agreements to resell	41,405			148,285			(106,880		)	24,325			3,150			10,000			31,405
Investment securities held to maturity, at amortized cost	2,846,689			2,740,511			106,178			2,661,755			2,602,247			2,443,203			403,486
Investment securities available for sale, at fair value	3,829,388			3,946,941			(117,553		)	4,052,624			4,260,037			4,484,275			(654,887		)
Equity securities with readily determinable fair values	1,609			1,568			41			1,573			1,613			1,599			10
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	216,940			250,534			(33,594		)	220,825			249,040			233,216			(16,276		)
Residential loans held for sale	81,392			64,321			17,071			134,361			143,022			103,953			(22,561		)
Commercial loans held for sale	15,467			14,943			524			30,452			—			6,091			9,376
Loans	23,148,359			22,940,429			207,930			22,867,112			22,976,786			22,810,491			337,868
Allowance for loan losses	(235,081		)	(238,023		)	2,942			(236,250		)	(252,601		)	(257,058		)	21,977
Loans, net	22,913,278			22,702,406			210,872			22,630,861			22,724,184			22,553,433			359,845
Bank and corporate owned life insurance	665,976			663,203			2,773			661,009			659,592			657,841			8,135
Investment in unconsolidated subsidiaries	194,670			161,181			33,489			156,878			161,676			166,124			28,546
Trading assets	77,920			88,943			(11,023		)	140,328			132,919			102,890			(24,970		)
Premises and equipment	361,668			363,225			(1,557		)	358,926			361,385			381,327			(19,659		)
Goodwill	1,168,944			1,169,023			(79		)	1,168,922			1,166,665			1,153,156			15,788
Mortgage servicing rights, net	66,626			68,193			(1,567		)	67,872			66,980			66,407			219
Other intangible assets, net	73,610			75,836			(2,226		)	78,069			80,346			79,714			(6,104		)
Other assets	540,346			460,331			80,015			578,206			571,566			500,099			40,247
Total assets	$	33,700,866		$	33,647,859		$	53,007		$	33,489,002		$	33,652,647		$	33,366,505		$	334,361
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	5,334,154		$	5,698,530		$	(364,376	)	$	5,421,270		$	5,341,361		$	5,458,473		$	(124,319	)
Interest-bearing deposits	20,198,903			19,198,863			1,000,040			19,410,342			18,474,953			18,367,129			1,831,774
Total deposits	25,533,057			24,897,393			635,664			24,831,612			23,816,314			23,825,602			1,707,455
Federal funds purchased and securities sold under agreements to repurchase	127,098			111,651			15,447			166,556			203,733			283,954			(156,856		)
Commercial paper	32,019			45,423			(13,404		)	43,604			52,791			82,420			(50,401		)
FHLB advances	2,944,769			3,574,371			(629,602		)	3,332,655			4,797,857			4,515,887			(1,571,118		)
Other long-term funding	796,007			795,611			396			795,215			497,619			497,451			298,556
Trading liabilities	77,859			87,668			(9,809		)	138,940			131,612			100,247			(22,388		)
Accrued expenses and other liabilities	354,188			354,855			(667		)	383,381			382,476			348,246			5,942
Total liabilities	29,864,996			29,866,971			(1,975		)	29,691,963			29,882,403			29,653,806			211,190
Stockholders’ equity(a)
Preferred equity	256,716			256,716			—			256,716			159,401			159,853			96,863
Common equity
Common stock	1,752			1,752			—			1,752			1,751			1,741			11
Surplus	1,689,792			1,712,615			(22,823		)	1,709,078			1,704,587			1,698,521			(8,729		)
Retained earnings	2,235,824			2,181,414			54,410			2,128,490			2,070,872			2,010,746			225,078
Accumulated other comprehensive income (loss)	(103,375		)	(124,972		)	21,597			(135,520		)	(119,888		)	(107,673		)	4,298
Treasury stock, at cost	(244,840		)	(246,638		)	1,798			(163,478		)	(46,479		)	(50,488		)	(194,352		)
Total common equity	3,579,153			3,524,171			54,982			3,540,322			3,610,843			3,552,847			26,306
Total stockholders’ equity	3,835,870			3,780,888			54,982			3,797,038			3,770,244			3,712,699			123,171
Total liabilities and stockholders’ equity	$	33,700,866		$	33,647,859		$	53,007		$	33,489,002		$	33,652,647		$	33,366,505		$	334,361

Numbers may not sum due to rounding.

(a) An adjustment of $115 million was made within stockholders' equity related to the grant and vesting of options, restricted stock awards, and restricted stock units awarded from 2006-2017 to the March 31, 2018 ending balances.  This adjustment impacted Retained Earnings and Surplus.  The reclassification had no impact on earnings, expenses, or total stockholder’s equity.

Page 1

Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
(In thousands, except per share data)						Seql Qtr														Comp Qtr
	1Q19		4Q18			$ Change			% Change		3Q18			2Q18			1Q18			$ Change			% Change
Interest income
Interest and fees on loans	$	258,853	$	260,661		$	(1,808	)	(1	)%	$	249,649		$	246,646		$	220,034		$	38,819		18	%
Interest and dividends on investment securities
Taxable	29,053		29,119			(66		)	—	%	29,895			30,623			30,104			(1,051		)	(3	)%
Tax-exempt	13,816		12,899			917			7	%	11,883			10,783			9,217			4,599			50	%
Other interest	4,226		3,257			969			30	%	4,036			3,153			2,177			2,049			94	%
Total interest income	305,948		305,936			12			—	%	295,464			291,205			261,532			44,416			17	%
Interest expense
Interest on deposits	62,773		54,159			8,614			16	%	50,116			38,431			33,412			29,361			88	%
Interest on Federal funds purchased and securities sold under agreements to repurchase	627		442			185			42	%	504			538			522			105			20	%
Interest on other short-term funding	51		36			15			42	%	38			51			60			(9		)	(15	)%
Interest on FHLB advances	19,554		19,948			(394		)	(2	)%	19,318			21,279			13,123			6,431			49	%
Interest on long-term funding	7,396		7,396			—			—	%	6,095			4,544			4,544			2,852			63	%
Total interest expense	90,401		81,980			8,421			10	%	76,072			64,843			51,661			38,740			75	%
Net interest income	215,547		223,955			(8,408		)	(4	)%	219,392			226,362			209,871			5,676			3	%
Provision for credit losses	6,000		1,000			5,000			N/M		(5,000		)	4,000			—			6,000			N/M
Net interest income after provision for credit losses	209,547		222,955			(13,408		)	(6	)%	224,392			222,362			209,871			(324		)	—	%
Noninterest income
Insurance commissions and fees	25,464		21,232			4,232			20	%	21,636			23,996			22,648			2,816			12	%
Wealth management fees (a)	20,180		20,364			(184		)	(1	)%	21,224			20,333			20,642			(462		)	(2	)%
Service charges and deposit account fees	15,115		16,361			(1,246		)	(8	)%	16,904			16,390			16,420			(1,305		)	(8	)%
Card-based fees	9,261		10,316			(1,055		)	(10	)%	9,783			10,115			9,442			(181		)	(2	)%
Other fee-based revenue	3,983		5,260			(1,277		)	(24	)%	4,307			4,272			3,980			3			—	%
Capital markets, net	3,189		4,931			(1,742		)	(35	)%	5,099			4,783			5,306			(2,117		)	(40	)%
Mortgage banking, net	4,712		3,271			1,441			44	%	4,012			6,258			6,370			(1,658		)	(26	)%
Bank and corporate owned life insurance	3,792		3,247			545			17	%	3,540			3,978			3,187			605			19	%
Asset gains (losses), net (b)	567		(2,456		)	3,023			N/M		(1,037		)	2,497			(107		)	674			N/M
Investment securities gains (losses), net	1,680		—			1,680			N/M		30			(2,015		)	—			1,680			N/M
Other	3,260		1,522			1,738			114	%	2,802			2,235			2,492			768			31	%
Total noninterest income	91,202		84,046			7,156			9	%	88,300			92,842			90,380			822			1	%
Noninterest expense
Personnel	120,050		116,535			3,515			3	%	124,476			123,980			117,685			2,365			2	%
Technology	19,012		17,944			1,068			6	%	17,563			19,452			17,715			1,297			7	%
Occupancy	16,472		14,174			2,298			16	%	14,519			15,071			15,357			1,115			7	%
Business development and advertising	6,636		8,950			(2,314		)	(26	)%	8,213			7,067			6,693			(57		)	(1	)%
Equipment	5,668		5,897			(229		)	(4	)%	5,838			5,953			5,556			112			2	%
Legal and professional	3,951		5,888			(1,937		)	(33	)%	5,476			6,284			5,413			(1,462		)	(27	)%
Card issuance costs	977		1,442			(465		)	(32	)%	2,247			2,412			2,332			(1,355		)	(58	)%
Loan costs	1,364		790			574			73	%	1,430			761			972			392			40	%
Foreclosure / OREO expense, net	567		909			(342		)	(38	)%	950			1,021			723			(156		)	(22	)%
FDIC assessment	3,750		5,750			(2,000		)	(35	)%	7,750			8,250			8,250			(4,500		)	(55	)%
Other intangible amortization	2,226		2,233			(7		)	—	%	2,233			2,168			1,525			701			46	%
Acquisition related costs (c)	632		(981		)	1,613			N/M		2,271			7,107			20,605			(19,973		)	(97	)%
Other	10,366		13,632			(3,266		)	(24	)%	11,445			11,732			10,140			226			2	%
Total noninterest expense	191,671		193,163			(1,492		)	(1	)%	204,413			211,258			212,965			(21,294		)	(10	)%
Income before income taxes	109,078		113,839			(4,761		)	(4	)%	108,279			103,947			87,285			21,793			25	%
Income tax expense	22,392		24,854			(2,462		)	(10	)%	22,349			14,754			17,829			4,563			26	%
Net income	86,686		88,985			(2,299		)	(3	)%	85,929			89,192			69,456			17,230			25	%
Preferred stock dividends	3,801		3,707			94			3	%	2,409			2,329			2,339			1,462			63	%
Net income available to common equity	$	82,885	$	85,278		$	(2,393	)	(3	)%	$	83,521		$	86,863		$	67,117		$	15,768		23	%
Earnings per common share
Basic	$	0.50	$	0.52		$	(0.02	)	(4	)%	$	0.49		$	0.51		$	0.41		$	0.09		22	%
Diluted	$	0.50	$	0.51		$	(0.01	)	(2	)%	$	0.48		$	0.50		$	0.40		$	0.10		25	%
Average common shares outstanding
Basic	163,928		164,662			(734		)	—	%	170,516			170,633			163,520			408			—	%
Diluted	165,433		166,394			(961		)	(1	)%	172,802			173,409			166,432			(999		)	(1	)%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes trust, asset management, brokerage, and annuity fees.

(b) 3Q18 and 2Q18 include approximately $1 million of Bank Mutual acquisition related asset losses net of asset gains.

(c) Includes Bank Mutual and Huntington acquisition related costs only.

Page 2

Associated Banc-Corp Selected Quarterly Information
(In millions, except per share, full time equivalent employee and branch count data; shares in thousands)	1Q19			4Q18			3Q18			2Q18			1Q18
Per common share data
Dividends	$	0.17		$	0.17		$	0.15		$	0.15		$	0.15
Market value:
High	23.67			26.55			28.35			28.85			26.90
Low	19.77			18.72			26.00			24.20			23.60
Close	21.35			19.79			26.00			27.30			24.85
Book value	21.77			21.43			21.06			20.95			20.78
Tangible book value / share	14.21			13.86			13.64			13.71			13.57
Performance ratios (annualized)
Return on average assets	1.05		%	1.07		%	1.02		%	1.07		%	0.88		%
Effective tax rate	20.53		%	21.83		%	20.64		%	14.19		%	20.43		%
Dividend payout ratio (a)	34.00		%	32.69		%	30.61		%	29.41		%	36.59		%
Net interest margin	2.90		%	3.02		%	2.92		%	3.02		%	2.92		%
Selected trend information
Average full time equivalent employees (b)	4,660			4,659			4,707			4,792			4,637
Branch count	233			236			236			237			271
Assets under management, at market value (c)	$	11,192		$	10,291		$	11,206		$	10,776		$	10,540
Mortgage loans originated for sale during period	$	163		$	245		$	331		$	319		$	198
Mortgage loan settlements during period	$	160		$	305		$	345		$	294		$	188
Mortgage portfolio serviced for others	$	8,543		$	8,601		$	8,547		$	8,501		$	8,507
Mortgage servicing rights, net / mortgage portfolio serviced for others	0.78		%	0.79		%	0.79		%	0.79		%	0.78		%
Shares repurchased during period	1,308			3,764			4,349			249			1,108
Shares outstanding, end of period	164,418			164,440			168,138			172,358			170,995
Selected quarterly ratios
Loans / deposits	90.66		%	92.14		%	92.09		%	96.47		%	95.74		%
Stockholders’ equity / assets	11.38		%	11.24		%	11.34		%	11.20		%	11.13		%
Risk-based capital (d) (e)
Total risk-weighted assets	$	24,141		$	23,875		$	23,907		$	24,059		$	23,535
Common equity Tier 1	$	2,485		$	2,450		$	2,475		$	2,528		$	2,474
Common equity Tier 1 capital ratio	10.29		%	10.26		%	10.35		%	10.51		%	10.51		%
Tier 1 capital ratio	11.35		%	11.33		%	11.42		%	11.17		%	11.19		%
Total capital ratio	13.46		%	13.47		%	13.56		%	13.36		%	13.45		%
Tier 1 leverage ratio	8.49		%	8.48		%	8.43		%	8.32		%	8.48		%
Loans
Recorded investment on loans	$	23,078		$	22,872		$	22,800		$	22,916		$	22,756
Net unaccreted Bank Mutual purchase discount on performing loans	(16		)	(18		)	(21		)	(26		)	(34		)
Net other deferred costs	86			87			87			87			88
Loans	$	23,148		$	22,940		$	22,867		$	22,977		$	22,810

Numbers may not sum due to rounding.

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

(b) Average full time equivalent employees without overtime.

(c) Excludes assets held in brokerage accounts.

(d) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.

(e) March 31, 2019 data is estimated.

Page 3

Associated Banc-Corp Selected Asset Quality Information
(In thousands)	Mar 31, 2019			Dec 31, 2018			Seql Qtr % Change		Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	238,023		$	236,250		1	%	$	252,601		$	257,058		$	265,880		(10	)%
Provision for loan losses	4,500			2,000			125	%	(4,000		)	4,000			500			N/M
Charge offs	(15,486		)	(6,151		)	152	%	(17,304		)	(14,926		)	(12,155		)	27	%
Recoveries	8,044			5,923			36	%	4,953			6,470			2,832			184	%
Net charge offs	(7,442		)	(228		)	N/M		(12,351		)	(8,456		)	(9,323		)	(20	)%
Balance at end of period	$	235,081		$	238,023		(1	)%	$	236,250		$	252,601		$	257,058		(9	)%
Allowance for unfunded commitments
Balance at beginning of period	$	24,336		$	25,336		(4	)%	$	26,336		$	26,336		$	24,400		—	%
Provision for unfunded commitments	1,500			(1,000		)	N/M		(1,000		)	—			(500		)	N/M
Amount recorded at acquisition	—			—			N/M		—			—			2,436			(100	)%
Balance at end of period	$	25,836		$	24,336		6	%	$	25,336		$	26,336		$	26,336		(2	)%
Allowance for credit losses	$	260,917		$	262,359		(1	)%	$	261,586		$	278,937		$	283,394		(8	)%
Provision for credit losses	$	6,000		$	1,000		N/M		$	(5,000	)	$	4,000		$	—		N/M
	Mar 31, 2019			Dec 31, 2018			Seql Qtr % Change		Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Comp Qtr % Change
Net charge offs
Commercial and industrial	$	(7,428	)	$	2,974		N/M		$	(6,893	)	$	(6,606	)	$	(6,599	)	13	%
Commercial real estate—owner occupied	1,193			282			N/M		(252		)	270			(1,025		)	N/M
Commercial and business lending	(6,235		)	3,256			N/M		(7,145		)	(6,336		)	(7,624		)	(18	)%
Commercial real estate—investor	31			(2,107		)	N/M		(3,958		)	(1,189		)	8			N/M
Real estate construction	—			106			(100	)%	(195		)	48			189			(100	)%
Commercial real estate lending	31			(2,001		)	N/M		(4,153		)	(1,141		)	197			(84	)%
Total commercial	(6,203		)	1,255			N/M		(11,298		)	(7,477		)	(7,427		)	(16	)%
Residential mortgage	(457		)	(94		)	N/M		5			(135		)	(131		)	N/M
Home equity	309			(270		)	N/M		200			140			(677		)	N/M
Other consumer	(1,090		)	(1,118		)	(3	)%	(1,258		)	(984		)	(1,088		)	—	%
Total consumer	(1,239		)	(1,482		)	(16	)%	(1,053		)	(979		)	(1,896		)	(35	)%
Total net charge offs	$	(7,442	)	$	(228	)	N/M		$	(12,351	)	$	(8,456	)	$	(9,323	)	(20	)%
(In basis points)	Mar 31, 2019			Dec 31, 2018					Sep 30, 2018			Jun 30, 2018			Mar 31, 2018
Net charge offs to average loans (annualized)
Commercial and industrial	(40		)	16					(39		)	(39		)	(41		)
Commercial real estate—owner occupied	53			13					(11		)	12			(48		)
Commercial and business lending	(30		)	16					(36		)	(33		)	(42		)
Commercial real estate—investor	—			(22		)			(40		)	(12		)	—
Real estate construction	—			3					(5		)	1			5
Commercial real estate lending	—			(15		)			(30		)	(8		)	1
Total commercial	(19		)	4					(34		)	(22		)	(24		)
Residential mortgage	(2		)	—					—			(1		)	(1		)
Home equity	14			(12		)			9			6			(30		)
Other consumer	(123		)	(121		)			(133		)	(105		)	(115		)
Total consumer	(5		)	(6		)			(4		)	(4		)	(8		)
Total net charge offs	(13		)	—					(21		)	(15		)	(17		)
(In thousands)	Mar 31, 2019			Dec 31, 2018			Seql Qtr % Change		Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Comp Qtr % Change
Credit Quality
Nonaccrual loans	$	155,556		$	127,901		22	%	$	154,092		$	204,460		$	208,553		(25	)%
Other real estate owned (OREO)	12,286			11,984			3	%	25,653			27,207			16,919			(27	)%
Other nonperforming assets	—			—			N/M		6,379			7,059			7,117			(100	)%
Total nonperforming assets	$	167,843		$	139,885		20	%	$	186,124		$	238,726		$	232,589		(28	)%
Loans 90 or more days past due and still accruing	$	2,218		$	2,165		2	%	$	2,175		$	1,839		$	3,393		(35	)%
Allowance for loan losses to loans	1.02		%	1.04		%			1.03		%	1.10		%	1.13		%
Net unaccreted purchase discount to net purchased loans	1.41		%	1.44		%			1.48		%	1.58		%	1.80		%
Allowance for loan losses to nonaccrual loans	151.12		%	186.10		%			153.32		%	123.55		%	123.26		%
Nonaccrual loans to total loans	0.67		%	0.56		%			0.67		%	0.89		%	0.91		%
Nonperforming assets to total loans plus OREO	0.72		%	0.61		%			0.81		%	1.04		%	1.02		%
Nonperforming assets to total assets	0.50		%	0.42		%			0.56		%	0.71		%	0.70		%
Year-to-date net charge offs to average loans (annualized)	0.13		%	0.13		%			0.18		%	0.16		%	0.17		%

Page 4

Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Mar 31, 2019		Dec 31, 2018		Seql Qtr % Change		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	73,379	$	41,021	79	%	$	50,146	$	81,776	$	102,667	(29	)%
Commercial real estate—owner occupied	890		3,957		(78	)%	4,779		18,649		20,636		(96	)%
Commercial and business lending	74,269		44,978		65	%	54,925		100,425		123,303		(40	)%
Commercial real estate—investor	776		1,952		(60	)%	19,725		26,503		15,574		(95	)%
Real estate construction	739		979		(25	)%	1,154		1,544		1,219		(39	)%
Commercial real estate lending	1,516		2,931		(48	)%	20,879		28,047		16,793		(91	)%
Total commercial	75,784		47,909		58	%	75,804		128,472		140,096		(46	)%
Residential mortgage	67,323		67,574		—	%	65,896		62,896		55,100		22	%
Home equity	12,300		12,339		—	%	12,324		12,958		13,218		(7	)%
Other consumer	149		79		89	%	68		134		139		7	%
Total consumer	79,772		79,992		—	%	78,288		75,988		68,456		17	%
Total nonaccrual loans	$	155,556	$	127,901	22	%	$	154,092	$	204,460	$	208,553	(25	)%
	Mar 31, 2019		Dec 31, 2018		Seql Qtr % Change		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Comp Qtr % Change
Restructured loans (accruing)
Commercial and industrial	$	15,443	$	25,478	(39	)%	$	38,885	$	32,438	$	29,580	(48	)%
Commercial real estate—owner occupied	2,026		2,080		(3	)%	3,746		3,820		3,892		(48	)%
Commercial and business lending	17,469		27,558		(37	)%	42,631		36,258		33,472		(48	)%
Commercial real estate—investor	1,700		799		113	%	350		372		13,683		(88	)%
Real estate construction	311		311		—	%	218		222		305		2	%
Commercial real estate lending	2,011		1,110		81	%	568		594		13,988		(86	)%
Total commercial	19,480		28,668		(32	)%	43,199		36,852		47,460		(59	)%
Residential mortgage	18,226		16,036		14	%	16,986		17,934		19,902		(8	)%
Home equity	7,688		7,385		4	%	7,792		7,900		8,098		(5	)%
Other consumer	1,154		1,174		(2	)%	1,177		1,037		1,041		11	%
Total consumer	27,068		24,595		10	%	25,955		26,871		29,041		(7	)%
Total restructured loans (accruing)	$	46,548	$	53,263	(13	)%	$	69,154	$	63,723	$	76,501	(39	)%
Nonaccrual restructured loans (included in nonaccrual loans)	$	24,172	$	26,292	(8	)%	$	33,757	$	38,005	$	23,827	1	%
	Mar 31, 2019		Dec 31, 2018		Seql Qtr % Change		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Comp Qtr % Change
Accruing Loans 30-89 Days Past Due
Commercial and industrial	$	3,295	$	525	N/M		$	5,732	$	588	$	880	N/M
Commercial real estate—owner occupied	6,066		2,699		125	%	6,126		193		511		N/M
Commercial and business lending	9,361		3,224		190	%	11,858		781		1,391		N/M
Commercial real estate—investor	1,090		3,767		(71	)%	373		828		240		N/M
Real estate construction	6,773		330		N/M		517		19,765		490		N/M
Commercial real estate lending	7,863		4,097		92	%	890		20,593		730		N/M
Total commercial	17,224		7,321		135	%	12,748		21,374		2,121		N/M
Residential mortgage	13,274		9,706		37	%	8,899		9,341		15,133		(12	)%
Home equity	6,363		6,049		5	%	8,080		7,270		5,868		8	%
Other consumer	2,364		2,269		4	%	1,979		1,735		1,811		31	%
Total consumer	22,001		18,024		22	%	18,958		18,346		22,812		(4	)%
Total accruing loans 30-89 days past due	$	39,225	$	25,345	55	%	$	31,706	$	39,720	$	24,934	57	%
	Mar 31, 2019		Dec 31, 2018		Seql Qtr % Change		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Comp Qtr % Change
Potential Problem Loans
Commercial and industrial	$	111,772	$	116,578	(4	)%	$	144,468	$	172,177	$	196,766	(43	)%
Commercial real estate—owner occupied	48,929		55,964		(13	)%	32,526		38,879		34,410		42	%
Commercial and business lending	160,701		172,542		(7	)%	176,994		211,056		231,176		(30	)%
Commercial real estate—investor	70,613		67,481		5	%	49,842		24,790		46,970		50	%
Real estate construction	4,600		3,834		20	%	3,392		3,168		1,695		171	%
Commercial real estate lending	75,213		71,315		5	%	53,234		27,958		48,665		55	%
Total commercial	235,914		243,856		(3	)%	230,228		239,014		279,841		(16	)%
Residential mortgage	5,351		5,975		(10	)%	6,073		2,355		2,155		148	%
Home equity	91		103		(12	)%	148		142		188		(52	)%
Other consumer	—		—		N/M		—		6		—		N/M
Total consumer	5,443		6,078		(10	)%	6,221		2,503		2,343		132	%
Total potential problem loans	$	241,357	$	249,935	(3	)%	$	236,449	$	241,517	$	282,184	(14	)%

N/M = Not meaningful

Numbers may not sum due to rounding.

Page 5

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	March 31, 2019						December 31, 2018						March 31, 2018
(In thousands)	Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial and business lending	$	8,376,163	$	100,298	4.86	%	$	8,019,254	$	96,539	4.78	%	$	7,313,621	$	74,706	4.14	%
Commercial real estate lending	5,117,926		65,512		5.19	%	5,209,743		72,364		5.51	%	5,399,429		61,504		4.62	%
Total commercial	13,494,089		165,810		4.98	%	13,228,997		168,903		5.07	%	12,713,050		136,210		4.34	%
Residential mortgage (d)	8,366,452		73,981		3.54	%	8,314,421		73,158		3.52	%	8,066,297		66,955		3.32	%
Retail (d)	1,242,973		19,355		6.26	%	1,261,307		18,982		6.00	%	1,299,181		17,299		5.35	%
Total loans	23,103,514		259,147		4.53	%	22,804,725		261,043		4.55	%	22,078,529		220,464		4.03	%
Investment securities
Taxable	4,977,866		29,053		2.34	%	5,087,746		29,119		2.29	%	5,576,826		30,104		2.16	%
Tax-exempt (a)	1,845,352		17,270		3.74	%	1,740,964		16,253		3.73	%	1,312,913		11,613		3.54	%
Other short-term investments	468,449		4,226		3.65	%	383,286		3,257		3.38	%	313,864		2,177		2.80	%
Investments and other	7,291,666		50,549		2.78	%	7,211,997		48,629		2.70	%	7,203,603		43,894		2.44	%
Total earning assets	30,395,180		$	309,695	4.11	%	30,016,722		$	309,672	4.11	%	29,282,132		$	264,358	3.64	%
Other assets, net	3,049,123						3,045,836						2,884,248
Total assets	$	33,444,303					$	33,062,558					$	32,166,380
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	2,098,834	$	1,150	0.22	%	$	1,995,160	$	696	0.14	%	$	1,722,665	$	202	0.05	%
Interest-bearing demand	4,739,662		13,920		1.19	%	4,837,223		14,006		1.15	%	4,503,974		7,818		0.70	%
Money market	7,388,174		20,786		1.14	%	7,089,449		16,532		0.93	%	7,215,329		9,785		0.55	%
Network transaction deposits	2,225,027		13,626		2.48	%	1,880,595		10,943		2.31	%	2,408,681		8,778		1.48	%
Time deposits	3,121,960		13,291		1.73	%	3,060,896		11,982		1.55	%	2,715,292		6,830		1.02	%
Total interest-bearing deposits	19,573,656		62,773		1.30	%	18,863,323		54,159		1.14	%	18,565,941		33,412		0.73	%
Federal funds purchased and securities sold under agreements to repurchase	177,361		627		1.43	%	134,748		442		1.30	%	275,578		522		0.77	%
Commercial paper	41,640		51		0.50	%	41,528		36		0.35	%	73,722		60		0.33	%
FHLB advances	3,639,660		19,554		2.18	%	3,654,905		19,948		2.17	%	3,736,510		13,123		1.42	%
Long-term funding	795,757		7,396		3.72	%	795,379		7,396		3.72	%	497,348		4,544		3.66	%
Total short and long-term funding	4,654,418		27,628		2.40	%	4,626,560		27,822		2.39	%	4,583,158		18,249		1.61	%
Total interest-bearing liabilities	24,228,074		$	90,401	1.51	%	23,489,883		$	81,980	1.39	%	23,149,099		$	51,661	0.90	%
Noninterest-bearing demand deposits	4,982,553						5,366,711						5,084,957
Other liabilities	418,546						459,204						395,008
Stockholders’ equity	3,815,130						3,746,760						3,537,316
Total liabilities and stockholders’ equity	$	33,444,303					$	33,062,558					$	32,166,380
Interest rate spread					2.60	%					2.72	%					2.74	%
Net free funds					0.30	%					0.30	%					0.18	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	219,294	2.90	%			$	227,692	3.02	%			$	212,697	2.92	%
Fully tax-equivalent adjustment			3,747						3,736						2,826
Net interest income			$	215,547					$	223,955					$	209,871

Numbers may not sum due to rounding.

(a) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b) Nonaccrual loans and loans held for sale have been included in the average balances.

(c) Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.

(d) Upon conversion, certain Bank Mutual loans were reclassified from home equity to residential mortgage. March 31, 2018 balances have been adjusted to reflect this change.

Page 6

Associated Banc-Corp Loan and Deposit Composition
(In thousands)
Period end loan composition	Mar 31, 2019		Dec 31, 2018		Seql Qtr % Change		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Comp Qtr % Change
Commercial and industrial	$	7,587,597	$	7,398,044	3	%	$	7,159,941	$	7,109,796	$	6,756,983	12	%
Commercial real estate—owner occupied	932,393		920,443		1	%	867,682		888,330		900,913		3	%
Commercial and business lending	8,519,990		8,318,487		2	%	8,027,622		7,998,126		7,657,896		11	%
Commercial real estate—investor	3,809,253		3,751,554		2	%	3,924,499		3,996,415		4,077,671		(7	)%
Real estate construction	1,273,782		1,335,031		(5	)%	1,416,209		1,487,159		1,579,778		(19	)%
Commercial real estate lending	5,083,035		5,086,585		—	%	5,340,708		5,483,574		5,657,449		(10	)%
Total commercial	13,603,025		13,405,072		1	%	13,368,330		13,481,700		13,315,345		2	%
Residential mortgage	8,323,846		8,277,712		1	%	8,227,649		8,207,253		8,197,223		2	%
Home equity	868,886		894,473		(3	)%	901,275		911,363		923,470		(6	)%
Other consumer	352,602		363,171		(3	)%	369,858		376,470		374,453		(6	)%
Total consumer	9,545,333		9,535,357		—	%	9,498,782		9,495,086		9,495,146		1	%
Total loans	$	23,148,359	$	22,940,429	1	%	$	22,867,112	$	22,976,786	$	22,810,491	1	%
Purchased credit-impaired loans	$	4,907	$	4,852	1	%	$	13,133	$	15,900	$	14,838	(67	)%
Period end deposit and customer funding composition	Mar 31, 2019		Dec 31, 2018		Seql Qtr % Change		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Comp Qtr % Change
Noninterest-bearing demand	$	5,334,154	$	5,698,530	(6	)%	$	5,421,270	$	5,341,361	$	5,458,473	(2	)%
Savings	2,215,857		2,012,841		10	%	1,937,006		1,887,777		1,883,638		18	%
Interest-bearing demand	5,226,362		5,336,952		(2	)%	5,096,998		4,650,407		4,719,566		11	%
Money market	9,005,018		9,033,669		—	%	9,087,587		9,208,993		9,086,553		(1	)%
Brokered CDs	387,459		192,234		102	%	235,711		228,029		44,503		N/M
Other time	3,364,206		2,623,167		28	%	3,053,041		2,499,747		2,632,869		28	%
Total deposits	25,533,057		24,897,393		3	%	24,831,612		23,816,314		23,825,602		7	%
Customer funding (a)	146,027		137,364		6	%	184,269		235,804		297,289		(51	)%
Total deposits and customer funding	$	25,679,083	$	25,034,757	3	%	$	25,015,882	$	24,052,118	$	24,122,891	6	%
Network transaction deposits (b)	$	2,204,204	$	2,276,296	(3	)%	$	1,852,863	$	2,094,670	$	2,244,739	(2	)%
Net deposits and customer funding (Total deposits and customer funding, excluding Brokered CDs and network transaction deposits)	$	23,087,421	$	22,566,227	2	%	$	22,927,308	$	21,729,419	$	21,833,649	6	%
Quarter average loan composition (c)	Mar 31, 2019		Dec 31, 2018		Seql Qtr % Change		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Comp Qtr % Change
Commercial and industrial	$	7,459,318	$	7,166,092	4	%	$	7,059,946	$	6,804,311	$	6,449,898	16	%
Commercial real estate—owner occupied	916,845		853,162		7	%	878,793		892,746		863,723		6	%
Commercial and business lending	8,376,163		8,019,254		4	%	7,938,739		7,697,057		7,313,621		15	%
Commercial real estate—investor	3,777,520		3,788,398		—	%	3,948,922		4,117,675		3,866,286		(2	)%
Real estate construction	1,340,406		1,421,344		(6	)%	1,471,758		1,588,141		1,533,143		(13	)%
Commercial real estate lending	5,117,926		5,209,743		(2	)%	5,420,680		5,705,817		5,399,429		(5	)%
Total commercial	13,494,089		13,228,997		2	%	13,359,419		13,402,874		12,713,050		6	%
Residential mortgage	8,366,452		8,314,421		1	%	8,333,303		8,310,358		8,066,297		4	%
Home equity	883,735		895,412		(1	)%	906,364		917,688		917,001		(4	)%
Other consumer	359,238		365,895		(2	)%	374,632		374,508		382,180		(6	)%
Total consumer	9,609,426		9,575,728		—	%	9,614,298		9,602,555		9,365,479		3	%
Total loans	$	23,103,514	$	22,804,725	1	%	$	22,973,717	$	23,005,428	$	22,078,529	5	%
Quarter average deposit composition (d)	Mar 31, 2019		Dec 31, 2018		Seql Qtr % Change		Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Comp Qtr % Change
Noninterest-bearing demand	$	4,982,553	$	5,366,711	(7	)%	$	5,310,977	$	5,131,894	$	5,084,957	(2	)%
Savings	2,098,834		1,995,160		5	%	1,901,960		1,892,808		1,722,665		22	%
Interest-bearing demand	4,739,662		4,837,223		(2	)%	4,988,694		4,735,514		4,503,974		5	%
Money market	7,388,174		7,089,449		4	%	7,546,059		7,190,178		7,215,329		2	%
Network transaction deposits	2,225,027		1,880,595		18	%	1,969,915		2,130,854		2,408,681		(8	)%
Time deposits	3,121,960		3,060,896		2	%	2,978,314		2,565,001		2,715,292		15	%
Total deposits	$	24,556,209	$	24,230,034	1	%	$	24,695,918	$	23,646,250	$	23,650,898	4	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes repurchase agreements and commercial paper.

(b) Included above in interest-bearing demand and money market.

(c) On February 1, 2018, the Corporation acquired Bank Mutual and added $1.9 billion in loans. March 31, 2018 average balances only include two months (from 2/1/2018 through 3/31/2018).

(d) On February 1, 2018, the Corporation acquired Bank Mutual and added $1.8 billion of deposits. March 31, 2018 average balances only include two months (from 2/1/2018 through 3/31/2018).

Page 7

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
(In millions, except per share data)	1Q19			4Q18			3Q18			2Q18			1Q18
Tangible common equity reconciliation (a)
Common equity	$	3,579		$	3,524		$	3,540		$	3,611		$	3,553
Goodwill and other intangible assets, net	(1,243		)	(1,245		)	(1,247		)	(1,247		)	(1,233		)
Tangible common equity	$	2,337		$	2,279		$	2,293		$	2,364		$	2,320
Tangible assets reconciliation (a)
Total assets	$	33,701		$	33,648		$	33,489		$	33,653		$	33,367
Goodwill and other intangible assets, net	(1,243		)	(1,245		)	(1,247		)	(1,247		)	(1,233		)
Tangible assets	$	32,458		$	32,403		$	32,242		$	32,406		$	32,134
Average tangible common equity and average common equity tier 1 reconciliation(a)
Common equity	$	3,558		$	3,490		$	3,589		$	3,561		$	3,377
Goodwill and other intangible assets, net	(1,244		)	(1,246		)	(1,246		)	(1,236		)	(1,108		)
Tangible common equity	2,314			2,244			2,343			2,325			2,269
Accumulated other comprehensive loss (income)	116			137			125			117			89
Deferred tax assets (liabilities), net	45			46			45			47			32
Average common equity Tier 1	$	2,475		$	2,427		$	2,513		$	2,489		$	2,390
Selected Trend Information (b)
Insurance commissions and fees	$	25		$	21		$	22		$	24		$	23
Wealth management fees (c)	20			20			21			20			21
Service charges and deposit account fees	15			16			17			16			16
Card-based fees	9			10			10			10			9
Other fee-based revenue	4			5			4			4			4
Fee-based revenue	74			74			74			75			73
Other	17			11			14			18			17
Total noninterest income	$	91		$	84		$	88		$	93		$	90
Selected equity and performance ratios (a) (d)
Tangible common equity / tangible assets	7.20		%	7.03		%	7.11		%	7.29		%	7.22		%
Return on average equity	9.21		%	9.42		%	9.06		%	9.61		%	7.96		%
Return on average tangible common equity	14.52		%	15.08		%	14.14		%	14.98		%	11.99		%
Return on average common equity Tier 1	13.58		%	13.94		%	13.18		%	14.00		%	11.39		%
Efficiency ratio reconciliation (e)
Federal Reserve efficiency ratio	63.32		%	62.39		%	66.12		%	65.77		%	70.76		%
Fully tax-equivalent adjustment	(0.77		)%	(0.75		)%	(0.75		)%	(0.65		)%	(0.66		)%
Other intangible amortization	(0.73		)%	(0.72		)%	(0.73		)%	(0.68		)%	(0.51		)%
Fully tax-equivalent efficiency ratio	61.83		%	60.93		%	64.66		%	64.45		%	69.60		%
Acquisition related costs adjustment	(0.20		)%	0.31		%	(0.94		)%	(2.40		)%	(6.80		)%
Fully tax-equivalent efficiency ratio, excluding acquisition related costs (adjusted efficiency ratio)	61.63		%	61.24		%	63.72		%	62.05		%	62.80		%
Acquisition Related Costs										1Q 2019			1Q 2019 per share data(g)
GAAP earnings										$	83		$	0.50
Total acquisition related costs										$	1
Earnings, excluding acquisition related costs (f)										$	84		$	0.50

Numbers may not sum due to rounding.

(a) The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength.

(b) These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations.

(c) Includes trust, asset management, brokerage, and annuity fees.

(d) These capital measurements are used by management, regulators, investors, and analysts to assess, monitor and compare the quality and composition of our capital with the capital of other financial services companies.

(e) The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net. The adjusted efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization and acquisition related costs, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net and acquisition related costs. Management believes the adjusted efficiency ratio, which adjusts net interest income for the tax-favored status of certain loans and investment securities and acquisition related costs, to be a meaningful measure as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and excludes acquisition related costs.

(f) This is a non-GAAP financial measure. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share and provide greater understanding of ongoing operations and enhanced comparability of results with prior periods.

(g) Earnings and per share data presented after-tax.

Page 8

EX-99.2

Exhibit 99.2 FIRST QUARTER 2019 EARNINGS PRESENTATION April 25, 2019

DISCLAIMER 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,” "target," “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 Measures This presentation includes certain non-GAAP financial measures. These non-GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation. 2

FIRST QUARTER 2019 UPDATE1 Net income available to common equity of $83 million, or $0.50 per common share Growing Commercial Improving Expense Seasonal Deposit Ongoing Capital and Business Lending Trends Flows Optimization ▪ Average commercial and business ▪ Average deposits increased 1% loans up 4% ▪ Average network deposits Commercial ▪ General commercial growth decreased by $184 million from and was >5% Deposit 1Q 2018 Business ▪ Growth across most specialty Management ▪ Loans/deposits ratio was 91% at Lending verticals period end ▪ Noninterest expense decreased 1% ▪ Repurchased $30 million of common stock during 1Q 2019 ▪ FDIC expense decreased $2 million ▪ Common equity Tier 1 capital ratio Expense Capital of 10.29% at period end Trends Optimization 1 Unless otherwise noted, all comparisons are made with reference to fourth quarter 2018 results. 3

LOAN PORTFOLIO - QUARTERLY TRENDS1 Average Quarterly Loans Average Net Loan Change (from 4Q 2018) ($ in billions) ($ in millions) YoY General commercial $264 Growth $23.0 $23.0 $22.8 $23.1 $22.1 Power & utilities $108 $7.7 Residential mortgage $52 $7.3 $7.9 $8.0 $8.4 15% Total Commercial & REIT $28 business loans: +$357 million (+4%) Oil & Gas $17 $8.3 $8.3 $8.1 $8.3 $8.4 4% $(11) CRE - investor $(18) Home equity & other consumer $1.3 $1.3 $1.3 $1.3 $1.2 $(61) Mortgage warehouse $5.4 $5.7 $5.4 $5.2 $5.1 $(81) Real estate construction 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 Home equity & other consumer Residential mortgage Commercial real estate Commercial & business 1 First quarter 2018 includes Bank Mutual loans for two months, from 2/1/2018 through 3/31/2018. 4

DEPOSIT PORTFOLIO TRENDS1 Average Quarterly Deposits Avg. Quarterly Network Transaction Deposits ($ in billions) ($ in billions) $24.7 $24.2 $24.6 16% 17% $23.7 $23.6 15% 10% 9% $5.3 $5.4 $5.0 $5.1 $5.1 $3.6 $2.9 $3.4 $2.4 $2.2 $5.0 $4.7 $4.5 $4.7 $4.8 1Q 2015 1Q 2016 1Q 2017 1Q 2018 1Q 2019 Network transaction deposit percent of total deposits $1.9 $2.1 $1.7 $1.9 $2.0 Quarter-end Loan to Deposit Ratio $7.4 $7.2 $7.2 $7.5 $7.1 98% 96% 94% 94% 95% $2.7 $2.6 $3.0 $3.1 $3.1 91% 90% $2.4 $2.1 $2.0 $1.9 $2.2 89% 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 1Q 2Q 3Q 4Q Network transaction deposits Time deposits Historical Quarter-end Range 2014 - 2019 2019 Money market Savings Historical Quarter-end Range 2014 - 2018 Interest-bearing demand Noninterest-bearing demand 1First quarter 2018 includes Bank Mutual deposits for two months, from 2/1/2018 through 3/31/2018. 5

NET INTEREST INCOME - QUARTERLY TRENDS Net Interest Income Average Yields ($ in millions) 5.51% $226 5.06% 5.19% $5 $224 4.98% 4.62% $5 $219 $5 $2 $1 $2 $216 4.78% 4.86% $1 $4 $3 $1 4.52% 4.56% $210 $1 $2 $1 $2 $2 4.14% $4 $1 3.52% 3.54% 3.32% 3.36% 3.45% 2.78% 2.56% 2.61% 2.70% $214 $211 $213 2.44% $210 1.51% $203 1.26% 1.39% 1.08% 0.90% 1.30% 1.03% 1.14% 0.73% 0.83% 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 Commercial real estate Bank Mutual prepayments and other adjustments Investments and other loans Bank Mutual acquisition related purchase loan accretion, net Commercial and business Total interest-bearing liabilities 1 lending loans Other prepayments and interest recoveries Total residential Day count effect on NII versus a 90-day quarter Total interest-bearing deposits mortgage loans Net interest income net of purchased loan accretion, prepayments, interest recoveries and day count effect 6 1Includes recognition of fees and costs upon repayment or refinancing other than Bank Mutual related.

NET INTEREST MARGIN - QUARTERLY TRENDS Quarterly NIM Trends 3Q18 to 4Q18 Walkdown Loan and funding Fed mix, other 3.02%3.03% 3.02% Funds - Day changes Other LIBOR -12 bps BKMU count Prepymts spread 0.13% 0.10% QoQ Accrn & 0.06% 2.92% 2.92% - % 2.90% Prepymts Prepymts 0.03% (0.02%) 0.05% 0.02% and 0.09% 0.03% 0.07% 0.03% 0.03% accretion 0.02% 3.02% 0.03% 2.92% 2.87% 2.86% +5 bps 2.84% YoY 3Q 2018 4Q 2018 2.82% 2.80% 4Q18 to 1Q19 Walkdown BKMU Accrn & Prepymts 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 Other Fed Loan and Prepymts Funds - funding Bank Mutual acquisition related purchased loan (0.08%) LIBOR mix, other accretion, prepayments and other adjustments spread Day changes 3.02% count (0.04%) Other prepayments and interest recoveries1 (0.01%) 0.04% Day count effect on NIM versus a 90-day quarter (0.03%) 2.90% Net interest margin excluding purchased loan accretion, prepayments, interest recoveries and day count effect 4Q 2018 1Q 2019 7 1Includes recognition of fees and costs upon repayment or refinancing other than Bank Mutual related.

NONINTEREST INCOME - QUARTERLY TRENDS ($ IN MILLIONS) Banking and Wealth Management Fees $52 $52 $50 $51 $49 $93 $4 $4 $4 $5 $90 $91 $4 $88 $10 $9 $10 $10 $9 $84 $16 $16 $17 $16 $15 $21 $20 $21 $20 $20 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 Other fee-based rev. Service charges Card-based fees Wealth management fees Insurance Commissions and Fees $73 $75 $74 $74 $74 $25 $24 $23 $22 $21 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 Fee-based revenue1 1Fee-based revenue, a non-GAAP financial measure, is the sum of insurance commissions, wealth management fees, service charges and deposit account fees, card- based fees and other fee-based revenue. Please refer to the appendix for a reconciliation of fee-based revenue to total noninterest income. 8

NONINTEREST EXPENSE - QUARTERLY TRENDS ($ IN MILLIONS) Period End Branch Count and Average FTE 4,792 4,707 4,637 4,659 4,660 $213 $211 $7 $204 $21 $2 $193 $192 $1 271 237 236 236 233 $80 $78 $78 $75 $71 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 Period End Branches Average Full Time Employee Efficiency Ratio1 70.8% $118 $124 $124 $117 $120 65.8% 66.1% 63.3% 62.4% 63.7% 62.8% 62.1% 61.2% 61.6% 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 Personnel Other Acquisition related costs Federal Reserve efficiency ratio Adjusted efficiency ratio 1The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. The adjusted efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization and acquisition related costs, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net and acquisition related costs. Please refer to the appendix for a reconciliation of the Federal Reserve efficiency ratio to the adjusted efficiency ratio. 9

CREDIT QUALITY - QUARTERLY TRENDS ($ IN MILLIONS) Potential Problem Loans Nonaccrual Loans $282 $242 $236 $250 $241 $209 $204 $154 $156 $128 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 Net Charge Offs Allowance for Loan Losses to Loans 1.1% 1.1% $12 1.0% 1.0% 1.0% $9 $8 $7 $0 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 10

2019 OUTLOOK ▪ This outlook reflects a stable to improving economy and no Fed Funds rate changes. We may adjust our outlook if, and when, we have more clarity on these factors. ▪ We received regulatory approval for the acquisition of the Wisconsin branch banking operations of Huntington Bank and continue to expect this transaction will close in June 2019. ▪ 3% - 6% annual average loan growth ▪ Approximately $800M for 2019 noninterest expense ▪ Maintain loan to deposit ratio under ▪ Adjusted efficiency ratio1 Balance Sheet 100% Expense expected to improve by Management Management ~100 bps ▪ Flat to slightly lower full-year 2019 NIM, based on no additional Fed ▪ Effective tax rate: 21% - 23% rate action for full year 2019 ▪ Approximately $360M - $375M ▪ Provision expected to adjust full-year noninterest income with changes to risk grade, other indications of credit ▪ Improving year over year fee- Capital & quality, and loan volume Fee based revenues Credit Businesses Management ▪ Continue to follow stated corporate priorities for capital deployment 1The 2019 Outlook includes the adjusted efficiency ratio which is a non-GAAP financial measure.  This non-GAAP measure excludes acquisition related costs which by their nature are unpredictable and have low visibility.  Estimates of these unpredictable and low visibility costs for 2019 which would be included in the GAAP efficiency measurement of the Federal Reserve Board are, therefore, unavailable. 11

APPENDIX

RECONCILIATION AND DEFINITIONS OF NON-GAAP ITEMS Efficiency Ratio 1Q19 4Q18 3Q18 2Q18 1Q18 Federal Reserve efficiency ratio 63.32 % 62.39 % 66.12 % 65.77 % 70.76 % Fully tax-equivalent adjustment (0.77)% (0.75)% (0.75)% (0.65)% (0.66)% Other intangible amortization (0.73)% (0.72)% (0.73)% (0.68)% (0.51)% Fully tax-equivalent efficiency ratio1 61.83 % 60.93 % 64.66 % 64.45 % 69.60 % Acquisition related costs adjustment (0.20)% 0.31 % (0.94)% (2.40)% (6.80)% Fully tax-equivalent efficiency ratio, excluding acquisition related costs (adjusted efficiency ratio)1 61.63 % 61.24 % 63.72 % 62.05 % 62.80 % The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net. The adjusted efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization and acquisition related costs, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net and acquisition related costs. Fee-based Revenue ($ millions)1 1Q19 4Q18 3Q18 2Q18 1Q18 Insurance commissions and fees $ 25 $ 21 $ 22 $ 24 $ 23 Wealth management fees 20 20 21 20 21 Service charges and deposit account fees 15 16 17 16 16 Card-based fees 9 10 10 10 9 Other fee-based revenue 4 5 4 4 4 Fee-based revenue $ 74 $ 74 $ 74 $ 75 $ 73 Other 17 11 14 18 17 Total noninterest income $ 91 $ 84 $ 88 $ 93 $ 90 1This is a non-GAAP financial measure. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide greater understanding of ongoing operations and enhance comparability of results with prior periods. 13

RECONCILIATION AND DEFINITIONS OF NON-GAAP ITEMS Net interest income 1Q19 4Q18 3Q18 2Q18 1Q18 Net interest income $ 216 $ 224 $ 219 $ 226 $ 210 Bank Mutual prepayments and other adjustments — (5) (1) (5) (2) Bank Mutual acquisition related purchase loan accretion (1) (2) (4) (5) (4) Other prepayments and interest recoveries1 (1) (3) (1) (2) (1) Day count effect on net interest income versus a 90-day quarter — (2) (2) (1) — Core net interest income2 $ 213 $ 211 $ 210 $ 214 $ 203 Net interest margin 1Q19 4Q18 3Q18 2Q18 1Q18 Net interest margin 2.90 % 3.02 % 2.92 % 3.02 % 2.92 % Bank Mutual acquisition related purchase loan accretion, prepayments and other adjustments (0.02)% (0.10)% (0.07)% (0.13)% (0.09)% Other prepayments and interest recoveries1 (0.01)% (0.05)% (0.02)% (0.03)% (0.01)% Day count effect on net interest margin versus a 90-day quarter — % (0.03)% (0.03)% (0.01)% — % Core net interest margin2 2.87 % 2.84 % 2.80 % 2.86 % 2.82 % 1Includes recognition of fees and costs upon repayment or refinancing other than Bank Mutual related. 2This is a non-GAAP financial measure. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide greater understanding of ongoing operations and enhance comparability of results with prior periods. 14