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) April 23, 2020

                                                                            Associated Banc-Corp                                                                      

(Exact name of registrant as specified in its chapter)

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

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

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

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

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

Title of each class	Trading symbol	Name of each exchange on which registered
Common stock, par value $0.01 per share	ASB	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 6.125% Non-Cum. Perp Pref Stock, Srs C	ASB PrC	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.375% Non-Cum. Perp Pref Stock, Srs D	ASB PrD	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E	ASB PrE	New York Stock Exchange

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 23, 2020, Associated Banc-Corp announced its earnings for the quarter ended March 31, 2020. 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 23, 2020, 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 23, 2020, containing financial information for the quarter ended March 31, 2020.

99.2    Slide presentation discussed on the conference call for investors and analysts on April 23, 2020.

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 23, 2020	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: Brian Mathena, 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 2020 Earnings of $0.27 Per Common Share,

or $0.28 Per Common Share Excluding $2 million in Acquisition Related Costs¹ 

GREEN BAY, Wis. -- April 23, 2020 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $42 million, or $0.27 per common share for the quarter ended March 31, 2020. Excluding acquisition related costs, the Company reported earnings of $43 million, or $0.28 per common share. These amounts compare to net income available to common equity of $83 million, or $0.50 per common share for the quarter ended March 31, 2019.

“The past two months have been one of the most extraordinary periods in this country’s history. The coronavirus pandemic has presented many challenges, both personal and economic, and we at Associated Bank are committed to helping our customers and communities through this difficult time," said President and CEO Philip B. Flynn. "We have taken action to help our colleagues and customers stay safe and we have contributed to relief efforts in our communities. Associated Bank has strong capital and liquidity and we will continue to help our customers through our COVID-19 Relief Program, which includes suspension of certain fees and loan payment deferrals, and through participation in federal initiatives like the Paycheck Protection Program. Standing together with our customers and communities, we will make it through this turbulent period, and we will be part of the economic recovery that will surely follow."

FIRST QUARTER 2020 SUMMARY (all comparisons to the first quarter of 2019)

• Average loans of $23.3 billion were up 1%, or $0.2 billion; period end loans were $24.4 billion

• Average deposits of $24.3 billion were down 1%, or $0.3 billion; period end deposits were $25.7 billion

• Net interest income of $203 million decreased $13 million, or 6%

• Net interest margin of 2.84% declined 6 basis points from 2.90%

• Provision for credit losses was $53 million compared to $6 million

• Noninterest income of $98 million increased 8%, or $7 million

• Noninterest expense of $192 million, up $1 million

• Pre-tax pre-provision income of $109 million decreased 5%, or $6 million¹

• Tangible book value per share was $14.64, up 3%

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. See page 8 of the attached tables for a reconciliation of GAAP financial measures to non-GAAP financial measures which exclude acquisition and restructuring related costs.

Loans

First quarter 2020 average loans of $23.3 billion were up 1%, or $205 million from the same period last year, and were up 2%, or $525 million from fourth quarter 2019. The increase from the fourth quarter was driven in part by the First Staunton acquisition which closed in February and by customers drawing on lines of credit in March in response to the pandemic. With respect to first quarter average balances by loan category:

• Commercial real estate lending increased $212 million from the same period last year and $135 million from the fourth quarter 2019 to $5.3 billion. The change was largely due to increased construction loans and funded term debt.

• Commercial and business lending was essentially flat compared to the same period last year and increased $172 million from the fourth quarter 2019 to $8.4 billion. The increase from the fourth quarter was driven by power & utilities and general commercial lending.

• Consumer lending was $9.6 billion, down $10 million from the first quarter 2019 and up $219 million from the fourth quarter 2019.

First quarter 2020 period-end loans of $24.4 billion were up 5%, or $1.2 billion from the same period last year, and were up 7%, or $1.5 billion from fourth quarter 2019. Similar to the changes in average balances, the period-end increases were driven by the First Staunton acquisition and pandemic response. With respect to first quarter period-end balances by loan category:

• Commercial and business lending increased $939 million from the same period last year, and $1.2 billion from the fourth quarter 2019 to $9.5 billion.

• Commercial real estate lending increased $500 million from the same period last year, and $367 million from the fourth quarter 2019 to $5.6 billion. The change was largely due to increased construction loans and funded term debt.

• Consumer lending was $9.3 billion, down $221 million from first quarter 2019 and down $16 million from the fourth quarter 2019.

On April 3, the Company began accepting loan applications under the Small Business Administration's Paycheck Protection Program. This initiative was created through the Coronavirus Aid, Relief, and Economic Security Act and is intended to support small business with loans to cover payroll and other employee expenses for companies impacted by the pandemic. As of April 21, the Company had funded over 3,600 loans for nearly $900 million under this program.

Deposits

First quarter 2020 average deposits of $24.3 billion were down $264 million, or 1% from the same period last year and were up $189 million compared to the fourth quarter. The decrease from the first quarter of 2019 reflects the Company's balance sheet repositioning strategy of selling lower-yielding securities and reducing certain higher-cost, non-core customer funding from time deposits, network transaction deposits and money market accounts in 2019. The increase from the fourth quarter was driven by the First Staunton acquisition and by customers building cash in March in response to the pandemic.

With respect to first quarter 2020 average balances by deposit category:

• Savings increased $770 million from the same period last year and increased $155 million from the fourth quarter to $2.9 billion.

• Interest-bearing demand deposits increased $568 million from the same period last year and increased $169 million from the fourth quarter to $5.3 billion.

• Noninterest-bearing demand deposits increased $524 million from the same period last year and increased $36 million from the fourth quarter to $5.5 billion.

• Time deposits decreased $486 million from the same period last year and decreased $111 million from the fourth quarter to $2.6 billion.

• Network transaction deposits decreased $791 million from the same period last year and decreased $5 million from the fourth quarter to $1.4 billion.

• Money market deposits decreased $850 million from the same period last year and decreased $56 million from the fourth quarter to $6.5 billion.

First quarter 2020 period-end deposits of $25.7 billion were up $129 million, or 1% from the same period last year and were up $1.9 billion compared to the fourth quarter. Core funding made up 58% of deposit balances as of March 31, 2020.

With respect to first quarter 2020 period-end balances by deposit category:

• Savings increased $817 million from the same period last year and increased $298 million from the fourth quarter to $3.0 billion.

• Noninterest-bearing demand deposits increased $773 million from the same period last year and increased $657 million from the fourth quarter to $6.1 billion.

• Interest-bearing demand deposits increased $944 million from the same period last year and increased $840 million from the fourth quarter to $6.2 billion.

• Time deposits decreased $1.1 billion from the same period last year and increased $11 million from the fourth quarter to $2.6 billion.

• Money market deposits decreased $1.3 billion from the same period last year and increased $77 million from the fourth quarter to $7.7 billion.

• Network transaction deposits (included in money market and interest-bearing deposits) decreased $472 million from the same period last year and increased $396 million from the fourth quarter to $1.7 billion.

Net Interest Income and Net Interest Margin

First quarter 2020 net interest income of $203 million was down 6%, or $13 million, and the net interest margin decreased 6 basis points to 2.84% from the same period last year. First quarter 2020 net interest income increased 1%, or $3 million, and the net interest margin increased 1 basis point from the fourth quarter of 2019. The increases in net interest income and net interest margin from the fourth quarter are due to reductions in the Company's deposit pricing and elevated LIBOR - Fed Funds spread in the first quarter.

• The average yield on total earning assets for the first quarter of 2020 decreased 44 basis points from the same period last year to 3.67% and decreased 11 basis points from the prior quarter.

• The average cost of total interest-bearing liabilities for the first quarter of 2020 decreased 45 basis points from the same period last year to 1.06% and decreased 17 basis points from the prior quarter.

• The net free funds benefit decreased seven basis points in the first quarter of 2020 compared to the same period last year and decreased five basis points from the prior quarter.

Noninterest Income

First quarter of 2020 total noninterest income of $98 million increased $7 million from the same period last year and increased $5 million from the prior quarter.

With respect to first quarter 2020 noninterest income line items:

• Net mortgage banking income was $6 million for the first quarter. Gross mortgage banking income was $15 million, partially offset by $9 million of mortgage servicing rights impairment.

• Capital markets income was up $5 million from same period last year driven by interest rate swap fees, and was flat with the previous quarter.

• Gains on sales of investment securities were up $4 million compared to the same period last year and up $6 million from the fourth quarter.

Noninterest Expense

First quarter 2020 total noninterest expense of $192 million increased $1 million compared to the same period last year and decreased $11 million from the prior quarter.

With respect to first quarter 2020 noninterest expense line items:

• Personnel expense decreased $6 million from both the same period last year and from the prior quarter.    

• Technology expense increased $2 million from the same period last year but decreased $2 million from the prior quarter.

• Occupancy expense was essentially flat from the same period last year and increased $1 million from the prior quarter.

• The Company's FDIC assessment increased $2 million from both the same period last year and from the prior quarter.

Taxes

The first quarter 2020 effective tax rate was 18% compared to 21% in the same period last year and 19% in the prior quarter.

Credit

The first quarter 2020 provision for loan losses was $53 million, up from $6 million in the same period last year and up from zero in the prior quarter. As a result of implementing the Current Expected Credit Loss accounting standard, the Company incurred an after-tax charge of $98 million which decreased the opening equity balance as of January 1, 2020.

With respect to first quarter 2020 credit quality:

• Potential problem loans of $234 million were down $7 million, or 3%, from the same period last year but up $73 million, or 45%, from the prior quarter.

• Nonaccrual loans of $137 million were down $19 million from the same period last year and up $18 million from the prior quarter. The nonaccrual loans to total loans ratio was 0.56% in the first quarter, down from 0.67% in the same period last year and up from 0.52% in the prior quarter.

• Net charge offs of $17 million were up $10 million from the same period last year and up $3 million from the prior quarter.

• The allowance for credit losses on loans (ACLL) of $394 million was up $133 million compared to the same period last year and up $171 million from the prior quarter. The adoption of CECL resulted in an increase of $131 million to ACLL. The ACLL to total loans ratio was 1.62% in the first quarter, up from 1.13% in the same period last year, and 0.98% in the prior quarter.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 9.4%at March 31, 2020. 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 first ten weeks of 2020, the Company repurchased over four million shares, or $71 million, of common stock at an average price of $16.71 per share. On March 13th, 2020, the Company suspended its share repurchases in order to have additional capital available to support its customers and for additional security given anticipated continued economic volatility.

FIRST QUARTER 2020 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 23, 2020. 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 2020 earnings call. The first quarter 2020 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 $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 240 banking locations serving more than 120 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, 2020			Dec 31, 2019			Seql Qtr $ Change			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Comp Qtr $ Change
Assets
Cash and due from banks	$	480,337		$	373,380		$	106,957		$	523,435		$	382,985		$	334,095		$	146,242
Interest-bearing deposits in other financial institutions	176,440			207,624			(31,184		)	236,010			172,708			270,843			(94,403		)
Federal funds sold and securities purchased under agreements to resell	22,455			7,740			14,715			100			1,385			41,405			(18,950		)
Investment securities held to maturity, net, at amortized cost(a)	2,149,373			2,205,083			(55,710		)	2,200,419			2,806,064			2,846,689			(697,316		)
Investment securities available for sale, at fair value	2,928,787			3,262,586			(333,799		)	3,436,289			3,283,456			3,829,388			(900,601		)
Equity securities	15,063			15,090			(27		)	15,096			15,066			1,609			13,454
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	222,922			227,347			(4,425		)	207,443			202,758			216,940			5,982
Residential loans held for sale	366,330			136,280			230,050			137,655			129,303			81,392			284,938
Commercial loans held for sale	—			15,000			(15,000		)	11,597			11,000			15,467			(15,467		)
Loans	24,365,633			22,821,440			1,544,193			22,754,710			23,249,967			23,148,359			1,217,274
Allowance for loan losses(b)	(337,793		)	(201,371		)	(136,422		)	(214,425		)	(233,659		)	(235,081		)	(102,712		)
Loans, net	24,027,841			22,620,068			1,407,773			22,540,285			23,016,308			22,913,278			1,114,563
Bank and corporate owned life insurance	674,026			671,948			2,078			670,739			668,638			665,976			8,050
Tax credit and other investments	315,909			279,969			35,940			256,220			222,812			194,670			121,239
Premises and equipment, net	438,469			435,284			3,185			436,268			432,058			411,040			27,429
Goodwill	1,191,388			1,176,230			15,158			1,176,230			1,176,019			1,168,944			22,444
Mortgage servicing rights, net	58,289			67,306			(9,017		)	68,168			66,175			66,626			(8,337		)
Other intangible assets, net	92,723			88,301			4,422			91,089			93,915			73,610			19,113
Interest receivable	92,377			91,196			1,181			96,315			110,528			110,859			(18,482		)
Other assets	655,328			506,046			149,282			493,105			455,688			438,498			216,830
Total assets	$	33,908,056		$	32,386,478		$	1,521,578		$	32,596,460		$	33,246,869		$	33,681,329		$	226,727
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	6,107,386		$	5,450,709		$	656,677		$	5,503,223		$	5,354,987		$	5,334,154		$	773,232
Interest-bearing deposits	19,554,194			18,328,355			1,225,839			18,919,339			19,919,235			20,198,903			(644,709		)
Total deposits	25,661,580			23,779,064			1,882,516			24,422,562			25,274,222			25,533,057			128,523
Federal funds purchased and securities sold under agreements to repurchase	133,007			433,097			(300,090		)	78,028			83,195			127,098			5,909
Commercial paper	33,647			32,016			1,631			30,416			28,787			32,019			1,628
FHLB advances	3,214,194			3,180,967			33,227			2,877,727			2,742,941			2,944,769			269,425
Other long-term funding	549,644			549,343			301			796,799			796,403			796,007			(246,363		)
Accrued expenses and other liabilities(b)	525,512			489,868			35,644			470,073			421,526			412,510			113,002
Total liabilities	30,117,584			28,464,355			1,653,229			28,675,605			29,347,075			29,845,459			272,125
Stockholders’ equity
Preferred equity	256,716			256,716			—			256,716			256,716			256,716			—
Common equity(b)	3,533,755			3,665,407			(131,652		)	3,664,139			3,643,077			3,579,153			(45,398		)
Total stockholders’ equity	3,790,471			3,922,124			(131,652		)	3,920,855			3,899,794			3,835,870			(45,398		)
Total liabilities and stockholders’ equity	$	33,908,056		$	32,386,478		$	1,521,578		$	32,596,460		$	33,246,869		$	33,681,329		$	226,727

Numbers may not sum due to rounding.

(a) At March 31, 2020, the investment securities held to maturity are reported net of the related allowance for credit losses. Prior periods were unadjusted due to the modified retrospective application of ASU 2016-13.

(b) At January 1, 2020, the adoption of ASU 2016-13 resulted in an increase to the allowance for loan losses of $112 million and an increase to the allowance for unfunded commitments, included in accrued expenses and other liabilities, of $19 million for a total increase to the allowance for credit losses on loans of $131 million. A corresponding after tax decrease to common equity of $98 million was recorded along with a deferred tax asset of $33 million resulting in a net decrease to accrued expenses and other liabilities of $14 million. Prior periods were unadjusted due to the modified retrospective application of ASU 2016-13.

Page 1

Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)						Seql Qtr											Comp Qtr
	1Q20			4Q19		$ Change			% Change		3Q19		2Q19		1Q19		$ Change			% Change
Interest income
Interest and fees on loans	$	224,786		$	229,883	$	(5,097	)	(2	)%	$	248,579	$	260,784	$	258,853	$	(34,067	)	(13	)%
Interest and dividends on investment securities
Taxable	20,272			21,056		(784		)	(4	)%	23,485		26,710		29,053		(8,781		)	(30	)%
Tax-exempt	14,882			14,615		267			2	%	14,491		14,643		13,816		1,066			8	%
Other interest	3,304			3,556		(252		)	(7	)%	4,865		3,995		4,226		(922		)	(22	)%
Total interest income	263,244			269,110		(5,866		)	(2	)%	291,420		306,133		305,948		(42,704		)	(14	)%
Interest expense
Interest on deposits	36,666			45,877		(9,211		)	(20	)%	61,585		67,050		62,773		(26,107		)	(42	)%
Interest on federal funds purchased and securities sold under agreements to repurchase	368			521		(153		)	(29	)%	145		286		627		(259		)	(41	)%
Interest on other short-term funding	39			28		11			39	%	33		37		51		(12		)	(24	)%
Interest on FHLB advances	17,626			16,623		1,003			6	%	15,896		17,744		19,554		(1,928		)	(10	)%
Interest on long-term funding	5,604			5,918		(314		)	(5	)%	7,396		7,396		7,396		(1,792		)	(24	)%
Total interest expense	60,303			68,967		(8,664		)	(13	)%	85,054		92,513		90,401		(30,098		)	(33	)%
Net interest income	202,942			200,142		2,800			1	%	206,365		213,619		215,547		(12,605		)	(6	)%
Provision for credit losses	53,001			—		53,001			N/M		2,000		8,000		6,000		47,001			N/M
Net interest income after provision for credit losses	149,941			200,142		(50,201		)	(25	)%	204,365		205,619		209,547		(59,606		)	(28	)%
Noninterest income
Insurance commissions and fees	22,608			19,701		2,907			15	%	20,954		22,985		25,464		(2,856		)	(11	)%
Wealth management fees(a)	20,816			21,582		(766		)	(4	)%	21,015		20,691		20,180		636			3	%
Service charges and deposit account fees	15,222			16,032		(810		)	(5	)%	16,561		15,426		15,115		107			1	%
Card-based fees	9,597			9,906		(309		)	(3	)%	10,456		10,131		9,261		336			4	%
Other fee-based revenue	4,497			4,696		(199		)	(4	)%	5,085		5,178		3,983		514			13	%
Capital markets, net	7,935			7,647		288			4	%	4,300		4,726		3,189		4,746			149	%
Mortgage banking, net	6,143			6,760		(617		)	(9	)%	10,940		9,466		4,712		1,431			30	%
Bank and corporate owned life insurance	3,094			3,364		(270		)	(8	)%	4,337		3,352		3,792		(698		)	(18	)%
Asset gains (losses), net(b)	(77		)	398		(475		)	N/M		877		871		567		(644		)	N/M
Investment securities gains (losses), net	6,118			26		6,092			N/M		3,788		463		1,680		4,438			N/M
Other	2,352			2,822		(470		)	(17	)%	2,537		2,547		3,260		(908		)	(28	)%
Total noninterest income	98,306			92,934		5,372			6	%	100,850		95,837		91,202		7,104			8	%
Noninterest expense
Personnel	114,200			120,614		(6,414		)	(5	)%	123,170		123,228		120,050		(5,850		)	(5	)%
Technology	20,799			22,731		(1,932		)	(8	)%	20,572		20,114		19,012		1,787			9	%
Occupancy	16,069			16,933		(864		)	(5	)%	15,164		13,830		16,472		(403		)	(2	)%
Business development and advertising	5,826			8,316		(2,490		)	(30	)%	7,991		6,658		6,636		(810		)	(12	)%
Equipment	5,439			5,970		(531		)	(9	)%	6,335		5,577		5,668		(229		)	(4	)%
Legal and professional	5,160			5,559		(399		)	(7	)%	5,724		4,668		3,951		1,209			31	%
Loan and foreclosure costs	3,120			3,262		(142		)	(4	)%	1,638		1,814		2,146		974			45	%
FDIC assessment	5,500			4,000		1,500			38	%	4,000		4,500		3,750		1,750			47	%
Other intangible amortization	2,814			2,712		102			4	%	2,686		2,324		2,226		588			26	%
Acquisition related costs(c)	1,721			1,325		396			30	%	1,629		3,734		632		1,089			172	%
Other	11,543			12,187		(644		)	(5	)%	12,021		11,331		11,128		415			4	%
Total noninterest expense	192,191			203,609		(11,418		)	(6	)%	200,930		197,779		191,671		520			—	%
Income before income taxes	56,056			89,467		(33,411		)	(37	)%	104,286		103,678		109,078		(53,022		)	(49	)%
Income tax expense	10,219			17,364		(7,145		)	(41	)%	20,947		19,017		22,392		(12,173		)	(54	)%
Net income	45,838			72,103		(26,266		)	(36	)%	83,339		84,661		86,686		(40,848		)	(47	)%
Preferred stock dividends	3,801			3,801		—			—	%	3,801		3,801		3,801		—			—	%
Net income available to common equity	$	42,037		$	68,303	$	(26,266	)	(38	)%	$	79,539	$	80,860	$	82,885	$	(40,848	)	(49	)%
Earnings per common share
Basic	$	0.27		$	0.43	$	(0.16	)	(37	)%	$	0.50	$	0.49	$	0.50	$	(0.23	)	(46	)%
Diluted	$	0.27		$	0.43	$	(0.16	)	(37	)%	$	0.49	$	0.49	$	0.50	$	(0.23	)	(46	)%
Average common shares outstanding
Basic	154,701			156,994		(2,293		)	(1	)%	159,126		162,180		163,928		(9,227		)	(6	)%
Diluted	155,619			158,472		(2,853		)	(2	)%	160,382		163,672		165,433		(9,814		)	(6	)%

N/M = Not meaningful

Numbers may not sum due to rounding.

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

(b) 2Q19 includes less than $1 million of Huntington related asset losses.

(c) Includes Huntington branch and First Staunton acquisition related costs only.

Page 2

Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)	1Q20			4Q19			3Q19			2Q19			1Q19
Per common share data
Dividends	$	0.18		$	0.18		$	0.17		$	0.17		$	0.17
Market value:
High	21.94			22.51			21.67			23.15			23.67
Low	10.85			18.96			18.64			19.81			19.77
Close	12.79			22.04			20.25			21.14			21.35
Book value	22.99			23.32			23.00			22.40			21.77
Tangible book value / share	14.64			15.28			15.05			14.59			14.21
Performance ratios (annualized)
Return on average assets	0.57		%	0.89		%	1.00		%	1.02		%	1.05		%
Effective tax rate	18.23		%	19.41		%	20.09		%	18.34		%	20.53		%
Dividend payout ratio(a)	66.67		%	41.86		%	34.00		%	34.69		%	34.00		%
Net interest margin	2.84		%	2.83		%	2.81		%	2.88		%	2.90		%
Selected trend information
Average full time equivalent employees(b)	4,631			4,696			4,782			4,666			4,660
Branch count	249			248			248			247			233
Assets under management, at market value(c)	$	10,454		$	12,104		$	11,604		$	11,475		$	11,192
Mortgage loans originated for sale during period	$	312		$	267		$	365		$	297		$	163
Mortgage loan settlements during period(d)	$	297		$	268		$	617		$	272		$	160
Mortgage portfolio loans transferred to held for sale during period	$	200		$	—		$	243		$	—		$	—
Mortgage portfolio serviced for others	$	8,545		$	8,485		$	8,688		$	8,504		$	8,543
Mortgage servicing rights, net / mortgage portfolio serviced for others	0.68		%	0.79		%	0.78		%	0.78		%	0.78		%
Shares repurchased during period	4,264			2,256			2,892			1,754			1,308
Shares outstanding, end of period	153,690			157,171			159,291			162,662			164,418
Selected quarterly ratios
Loans / deposits	94.95		%	95.97		%	93.17		%	91.99		%	90.66		%
Stockholders’ equity / assets	11.18		%	12.11		%	12.03		%	11.73		%	11.39		%
Risk-based capital(e)(f)
Total risk-weighted assets	$	25,866		$	24,296		$	24,313		$	24,466		$	24,121
Common equity Tier 1	$	2,421		$	2,481		$	2,482		$	2,481		$	2,485
Common equity Tier 1 capital ratio	9.36		%	10.21		%	10.21		%	10.14		%	10.30		%
Tier 1 capital ratio	10.35		%	11.26		%	11.26		%	11.19		%	11.36		%
Total capital ratio	12.56		%	13.21		%	13.26		%	13.25		%	13.48		%
Tier 1 leverage ratio	8.50		%	8.83		%	8.57		%	8.49		%	8.50		%
Mortgage banking, net
Mortgage servicing fees, net(g)	$	2,062		$	2,104		$	2,473		$	2,787		$	2,777
Gains (losses) and fair value adjustments on loans held for sale	$	9,756		$	4,542		$	4,043		$	6,704		$	2,056
Fair value adjustment on portfolio loans transferred to held for sale	$	3,423		$	—		$	4,456		$	—		$	—
Mortgage servicing rights (impairment) recovery	(9,098		)	114			(31		)	(24		)	(121		)
Mortgage banking, net	$	6,143		$	6,760		$	10,940		$	9,466		$	4,712

Numbers may not sum due to rounding.

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

(b) Average full time equivalent employees without overtime.

(c) Excludes assets held in brokerage accounts.

(d) During the third quarter of 2019, the Corporation sold approximately $240 million of portfolio mortgages that were transferred during the period, resulting in increased settlements.

(e) 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.

(f) March 31, 2020 data is estimated.

(g) Includes mortgage origination and servicing fees, net of mortgage servicing rights amortization.

Page 3

Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Mar 31, 2020			Dec 31, 2019			Seql Qtr % Change		Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	201,371		$	214,425		(6	)%	$	233,659		$	235,081		$	238,023		(15	)%
Cumulative effect of ASU 2016-13 adoption (CECL)	112,457			N/A					N/A			N/A			N/A
January 1, 2020	313,828			N/A					N/A			N/A			N/A
Provision for loan losses	37,500			1,000			N/M		1,000			12,000			4,500			N/M
Allowance for PCD loans for bank acquisition	3,504			N/A					N/A			N/A			N/A
Charge offs	(19,308		)	(16,752		)	15	%	(26,313		)	(15,761		)	(15,486		)	25	%
Recoveries	2,268			2,699			(16	)%	6,079			2,339			8,044			(72	)%
Net charge offs	(17,040		)	(14,054		)	21	%	(20,234		)	(13,421		)	(7,442		)	129	%
Balance at end of period	$	337,793		$	201,371		68	%	$	214,425		$	233,659		$	235,081		44	%
Allowance for unfunded commitments
Balance at beginning of period	$	21,907		$	22,907		(4	)%	$	21,907		$	25,836		$	24,336		(10	)%
Cumulative effect of ASU 2016-13 adoption (CECL)	18,690			N/A					N/A			N/A			N/A
January 1, 2020	40,597			N/A					N/A			N/A			N/A
Provision for unfunded commitments	15,500			(1,000		)	N/M		1,000			(4,000		)	1,500			N/M
Amount recorded at acquisition	179			—			N/M		—			70			—			N/M
Balance at end of period	$	56,276		$	21,907		157	%	$	22,907		$	21,907		$	25,836		118	%
Allowance for credit losses on loans (ACLL)(a)	$	394,069		$	223,278		76	%	$	237,331		$	255,566		$	260,917		51	%
Provision for credit losses on loans(b)	$	53,000		$	—		N/M		$	2,000		$	8,000		$	6,000		N/M
($ in thousands)	Mar 31, 2020			Dec 31, 2019					Sep 30, 2019			Jun 30, 2019			Mar 31, 2019
Net (charge offs) recoveries
Commercial and industrial	$	(15,049	)	$	(11,917	)	26	%	$	(19,918	)	$	(12,177	)	$	(7,428	)	103	%
Commercial real estate—owner occupied	—			—			N/M		1,483			(104		)	1,193			(100	)%
Commercial and business lending	(15,048		)	(11,917		)	26	%	(18,435		)	(12,281		)	(6,235		)	141	%
Commercial real estate—investor	—			—			N/M		(3		)	3			31			(100	)%
Real estate construction	11			72			(85	)%	20			151			—			N/M
Commercial real estate lending	11			72			(85	)%	17			153			31			(65	)%
Total commercial	(15,037		)	(11,845		)	27	%	(18,418		)	(12,127		)	(6,203		)	142	%
Residential mortgage	(912		)	(1,415		)	(36	)%	(393		)	(365		)	(457		)	100	%
Home equity	71			480			(85	)%	(275		)	239			309			(77	)%
Other consumer	(1,162		)	(1,274		)	(9	)%	(1,148		)	(1,169		)	(1,090		)	7	%
Total consumer	(2,003		)	(2,208		)	(9	)%	(1,816		)	(1,294		)	(1,239		)	62	%
Total net (charge offs) recoveries	$	(17,040	)	$	(14,054	)	21	%	$	(20,234	)	$	(13,421	)	$	(7,442	)	129	%
(In basis points)	Mar 31, 2020			Dec 31, 2019					Sep 30, 2019			Jun 30, 2019			Mar 31, 2019
Net charge offs to average loans (annualized)
Commercial and industrial	(81		)	(65		)			(104		)	(64		)	(40		)
Commercial real estate—owner occupied	—			—					63			(4		)	53
Commercial and business lending	(72		)	(58		)			(86		)	(57		)	(30		)
Real estate construction	—			2					1			5			—
Commercial real estate lending	—			1					—			1			—
Total commercial	(44		)	(35		)			(53		)	(35		)	(19		)
Residential mortgage	(4		)	(7		)			(2		)	(2		)	(2		)
Home equity	3			22					(12		)	11			14
Other consumer	(134		)	(145		)			(129		)	(132		)	(123		)
Total consumer	(8		)	(9		)			(8		)	(5		)	(5		)
Total net charge offs	(29		)	(24		)			(35		)	(23		)	(13		)
($ in thousands)	Mar 31, 2020			Dec 31, 2019					Sep 30, 2019			Jun 30, 2019			Mar 31, 2019
Credit Quality
Nonaccrual loans	$	136,717		$	118,380		15	%	$	128,939		$	166,707		$	155,556		(12	)%
Other real estate owned (OREO)	22,530			21,101			7	%	19,625			18,355			12,286			83	%
Other nonperforming assets	6,004			6,004			—	%	6,004			—			—			N/M
Total nonperforming assets	$	165,251		$	145,485		14	%	$	154,568		$	185,062		$	167,843		(2	)%
Loans 90 or more days past due and still accruing	$	2,255		$	2,259		—	%	$	1,986		$	2,088		$	2,218		2	%
Allowance for loan losses to loans	N/A			0.88		%			0.94		%	1.00		%	1.02		%
Allowance for credit losses to loans	1.62		%	0.98		%			1.04		%	1.10		%	1.13		%
Allowance for loan losses to nonaccrual loans	N/A			170.10		%			166.30		%	140.16		%	151.12		%
Allowance for credit losses to nonaccrual loans	288.24		%	188.61		%			184.07		%	153.30		%	167.73		%
Nonaccrual loans to total loans	0.56		%	0.52		%			0.57		%	0.72		%	0.67		%
Nonperforming assets to total loans plus OREO	0.68		%	0.64		%			0.68		%	0.80		%	0.72		%
Nonperforming assets to total assets	0.49		%	0.45		%			0.47		%	0.56		%	0.50		%
Year-to-date net charge offs to average loans (annualized)	0.29		%	0.24		%			0.24		%	0.18		%	0.13		%

(a) Excludes approximately $61,000 of allowance for held to maturity investment securities

(b) Excludes less than $1,000 of provision for held to maturity investment securities

Page 4

Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Mar 31, 2020		Dec 31, 2019		Seql Qtr % Change		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	58,854	$	46,312	27	%	$	56,536	$	84,151	$	73,379	(20	)%
Commercial real estate—owner occupied	1,838		67		N/M		68		571		890		107	%
Commercial and business lending	60,692		46,380		31	%	56,604		84,722		74,269		(18	)%
Commercial real estate—investor	1,091		4,409		(75	)%	4,800		1,485		776		41	%
Real estate construction	486		493		(1	)%	542		427		739		(34	)%
Commercial real estate lending	1,577		4,902		(68	)%	5,342		1,912		1,516		4	%
Total commercial	62,269		51,282		21	%	61,946		86,634		75,784		(18	)%
Residential mortgage	64,855		57,844		12	%	57,056		68,166		67,323		(4	)%
Home equity	9,378		9,104		3	%	9,828		11,835		12,300		(24	)%
Other consumer	215		152		41	%	109		72		149		44	%
Total consumer	74,448		67,099		11	%	66,993		80,073		79,772		(7	)%
Total nonaccrual loans	$	136,717	$	118,380	15	%	$	128,939	$	166,707	$	155,556	(12	)%
	Mar 31, 2020		Dec 31, 2019		Seql Qtr % Change		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Comp Qtr % Change
Restructured loans (accruing)(a)
Commercial and industrial	$	16,056	$	16,678	(4	)%	$	15,398	$	16,850	$	15,443	4	%
Commercial real estate—owner occupied	2,091		1,676		25	%	1,912		1,970		2,026		3	%
Commercial and business lending	18,146		18,353		(1	)%	17,311		18,820		17,469		4	%
Commercial real estate—investor	281		293		(4	)%	304		315		1,700		(83	)%
Real estate construction	339		298		14	%	227		232		311		9	%
Commercial real estate lending	620		591		5	%	531		547		2,011		(69	)%
Total commercial	18,767		18,944		(1	)%	17,842		19,367		19,480		(4	)%
Residential mortgage	4,654		3,955		18	%	3,228		17,645		18,226		(74	)%
Home equity	1,719		1,896		(9	)%	2,017		7,247		7,688		(78	)%
Other consumer	1,245		1,246		—	%	1,243		1,222		1,154		8	%
Total consumer	7,618		7,097		7	%	6,487		26,114		27,068		(72	)%
Total restructured loans (accruing)	$	26,384	$	26,041	1	%	$	24,329	$	45,481	$	46,548	(43	)%
Nonaccrual restructured loans (included in nonaccrual loans)	$	24,204	$	22,494	8	%	$	16,293	$	24,332	$	24,172	—	%
	Mar 31, 2020		Dec 31, 2019		Seql Qtr % Change		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Comp Qtr % Change
Accruing Loans 30-89 Days Past Due
Commercial and industrial	$	976	$	821	19	%	$	426	$	4,909	$	3,295	(70	)%
Commercial real estate—owner occupied	51		1,369		(96	)%	2,646		2,018		6,066		(99	)%
Commercial and business lending	1,027		2,190		(53	)%	3,073		6,926		9,361		(89	)%
Commercial real estate—investor	14,462		1,812		N/M		636		1,382		1,090		N/M
Real estate construction	179		97		85	%	595		151		6,773		(97	)%
Commercial real estate lending	14,641		1,909		N/M		1,232		1,532		7,863		86	%
Total commercial	15,668		4,099		N/M		4,304		8,459		17,224		(9	)%
Residential mortgage	10,102		9,274		9	%	8,063		9,756		13,274		(24	)%
Home equity	7,001		5,647		24	%	4,798		5,827		6,363		10	%
Other consumer	1,777		2,083		(15	)%	2,203		1,838		2,364		(25	)%
Total consumer	18,879		17,005		11	%	15,063		17,422		22,001		(14	)%
Total accruing loans 30-89 days past due	$	34,547	$	21,104	64	%	$	19,367	$	25,881	$	39,225	(12	)%
	Mar 31, 2020		Dec 31, 2019		Seql Qtr % Change		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Comp Qtr % Change
Potential Problem Loans
Commercial and industrial	$	149,747	$	110,308	36	%	$	59,427	$	58,658	$	111,772	34	%
Commercial real estate—owner occupied	15,802		19,889		(21	)%	22,624		24,237		48,929		(68	)%
Commercial and business lending	165,550		130,197		27	%	82,051		82,895		160,701		3	%
Commercial real estate—investor	61,030		29,449		107	%	49,353		77,766		70,613		(14	)%
Real estate construction	1,753		—		N/M		544		3,166		4,600		(62	)%
Commercial real estate lending	62,783		29,449		113	%	49,897		80,932		75,213		(17	)%
Total commercial	228,333		159,646		43	%	131,948		163,828		235,914		(3	)%
Residential mortgage	3,322		1,451		129	%	1,242		1,983		5,351		(38	)%
Home equity	2,238		—		N/M		—		32		91		N/M
Total consumer	5,559		1,451		N/M		1,242		2,014		5,443		2	%
Total potential problem loans	$	233,892	$	161,097	45	%	$	133,189	$	165,842	$	241,357	(3	)%

N/M = Not meaningful

N/A = Not applicable

Numbers may not sum due to rounding.

(a) Does not include any restructured loans related to COVID-19 in accordance with regulatory guidance

Page 5

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	March 31, 2020						December 31, 2019						March 31, 2019
($ 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	$	8,380,113	$	80,217	3.85	%	$	8,208,076	$	85,418	4.13	%	$	8,376,163	$	100,298	4.85	%
Commercial real estate lending	5,329,568		57,499		4.34	%	5,195,025		59,490		4.55	%	5,117,926		65,512		5.19	%
Total commercial	13,709,681		137,716		4.04	%	13,403,101		144,908		4.29	%	13,494,089		165,810		4.98	%
Residential mortgage	8,404,351		69,961		3.33	%	8,167,795		66,805		3.27	%	8,366,452		73,981		3.54	%
Retail	1,194,586		17,473		5.86	%	1,212,438		18,422		6.06	%	1,242,973		19,355		6.26	%
Total loans	23,308,618		225,149		3.88	%	22,783,334		230,135		4.02	%	23,103,514		259,147		4.53	%
Investment securities
Taxable	3,460,224		20,272		2.34	%	3,624,465		21,056		2.32	%	4,977,866		29,053		2.34	%
Tax-exempt(a)	1,974,247		18,603		3.77	%	1,929,374		18,269		3.79	%	1,845,352		17,270		3.74	%
Other short-term investments	473,604		3,304		2.81	%	445,869		3,556		3.17	%	468,449		4,226		3.65	%
Investments and other	5,908,075		42,179		2.86	%	5,999,708		42,881		2.86	%	7,291,666		50,549		2.78	%
Total earning assets	29,216,693		$	267,329	3.67	%	28,783,042		$	273,015	3.78	%	30,395,180		$	309,695	4.11	%
Other assets, net(d)	3,360,311						3,399,141						3,028,702
Total assets	$	32,577,005					$	32,182,183					$	33,423,882
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	2,868,840	$	1,800	0.25	%	$	2,714,191	$	2,086	0.30	%	$	2,098,834	$	1,150	0.22	%
Interest-bearing demand	5,307,230		8,755		0.66	%	5,138,116		11,458		0.88	%	4,739,662		13,920		1.19	%
Money market	6,538,658		10,806		0.66	%	6,594,681		13,959		0.84	%	7,388,174		20,786		1.14	%
Network transaction deposits	1,434,128		4,601		1.29	%	1,438,908		6,295		1.74	%	2,225,027		13,626		2.48	%
Time deposits	2,636,231		10,703		1.63	%	2,746,978		12,080		1.74	%	3,121,960		13,291		1.73	%
Total interest-bearing deposits	18,785,088		36,666		0.79	%	18,632,874		45,877		0.98	%	19,573,656		62,773		1.30	%
Federal funds purchased and securities sold under agreements to repurchase	194,406		368		0.76	%	176,999		521		1.17	%	177,361		627		1.43	%
Other short-term funding	51,278		39		0.30	%	27,708		28		0.40	%	41,640		51		0.50	%
FHLB advances	3,231,999		17,626		2.19	%	2,909,462		16,623		2.27	%	3,639,660		19,554		2.18	%
Long-term funding	549,465		5,604		4.08	%	585,024		5,918		4.05	%	795,757		7,396		3.72	%
Total short and long-term funding	4,027,149		23,637		2.36	%	3,699,192		23,090		2.48	%	4,654,418		27,628		2.40	%
Total interest-bearing liabilities	22,812,237		$	60,303	1.06	%	22,332,066		$	68,967	1.23	%	24,228,074		$	90,401	1.51	%
Noninterest-bearing demand deposits	5,506,861						5,470,496						4,982,553
Other liabilities(d)	416,107						465,081						398,125
Stockholders’ equity	3,841,800						3,914,539						3,815,130
Total liabilities and stockholders’ equity	$	32,577,005					$	32,182,183					$	33,423,882
Interest rate spread					2.61	%					2.55	%					2.60	%
Net free funds					0.23	%					0.28	%					0.30	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	207,026	2.84	%			$	204,048	2.83	%			$	219,294	2.90	%
Fully tax-equivalent adjustment			4,084						3,906						3,747
Net interest income			$	202,942					$	200,142					$	215,547

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) During the third quarter of 2019, the Corporation made a change in accounting policy to offset derivative assets and liabilities and cash collateral with the same counterparty where it has a legally enforceable master netting agreement in place. Adoption of this change was voluntary and has been adopted retrospectively with March 31, 2019 restated.

Page 6

Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition	Mar 31, 2020		Dec 31, 2019		Seql Qtr % Change		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Comp Qtr % Change
Commercial and industrial	$	8,517,974	$	7,354,594	16	%	$	7,495,623	$	7,579,384	$	7,587,597	12	%
Commercial real estate—owner occupied	940,687		911,265		3	%	915,524		942,811		932,393		1	%
Commercial and business lending	9,458,661		8,265,858		14	%	8,411,147		8,522,194		8,519,990		11	%
Commercial real estate—investor	4,038,036		3,794,517		6	%	3,803,277		3,779,201		3,809,253		6	%
Real estate construction	1,544,858		1,420,900		9	%	1,356,508		1,394,815		1,273,782		21	%
Commercial real estate lending	5,582,894		5,215,417		7	%	5,159,784		5,174,016		5,083,035		10	%
Total commercial	15,041,555		13,481,275		12	%	13,570,932		13,696,210		13,603,025		11	%
Residential mortgage	8,132,417		8,136,980		—	%	7,954,801		8,277,479		8,323,846		(2	)%
Home equity	844,901		852,025		(1	)%	879,642		916,213		868,886		(3	)%
Other consumer	346,761		351,159		(1	)%	349,335		360,065		352,602		(2	)%
Total consumer	9,324,079		9,340,164		—	%	9,183,778		9,553,757		9,545,333		(2	)%
Total loans	$	24,365,633	$	22,821,440	7	%	$	22,754,710	$	23,249,967	$	23,148,359	5	%
Period end deposit and customer funding composition	Mar 31, 2020		Dec 31, 2019		Seql Qtr % Change		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Comp Qtr % Change
Noninterest-bearing demand	$	6,107,386	$	5,450,709	12	%	$	5,503,223	$	5,354,987	$	5,334,154	14	%
Savings	3,033,039		2,735,036		11	%	2,643,950		2,591,173		2,215,857		37	%
Interest-bearing demand	6,170,071		5,329,717		16	%	5,434,955		6,269,035		5,226,362		18	%
Money market	7,717,739		7,640,798		1	%	7,930,676		7,691,775		9,005,018		(14	)%
Brokered CDs	65,000		5,964		N/M		16,266		77,543		387,459		(83	)%
Other time	2,568,345		2,616,839		(2	)%	2,893,493		3,289,709		3,364,206		(24	)%
Total deposits	25,661,580		23,779,064		8	%	24,422,562		25,274,222		25,533,057		1	%
Customer funding(a)	142,174		103,113		38	%	108,369		104,973		146,027		(3	)%
Total deposits and customer funding	$	25,803,754	$	23,882,177	8	%	$	24,530,932	$	25,379,195	$	25,679,083	—	%
Network transaction deposits(b)	$	1,731,996	$	1,336,286	30	%	$	1,527,910	$	1,805,141	$	2,204,204	(21	)%
Net deposits and customer funding (Total deposits and customer funding, excluding Brokered CDs and network transaction deposits)	$	24,006,758	$	22,539,927	7	%	$	22,986,756	$	23,496,510	$	23,087,421	4	%
Quarter average loan composition	Mar 31, 2020		Dec 31, 2019		Seql Qtr % Change		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Comp Qtr % Change
Commercial and industrial	$	7,455,528	$	7,291,592	2	%	$	7,574,448	$	7,688,462	$	7,459,318	—	%
Commercial real estate—owner occupied	924,585		916,484		1	%	927,820		933,146		916,845		1	%
Commercial and business lending	8,380,113		8,208,076		2	%	8,502,268		8,621,609		8,376,163		—	%
Commercial real estate—investor	3,857,277		3,806,168		1	%	3,768,377		3,806,828		3,777,520		2	%
Real estate construction	1,472,292		1,388,857		6	%	1,388,653		1,324,126		1,340,406		10	%
Commercial real estate lending	5,329,568		5,195,025		3	%	5,157,031		5,130,954		5,117,926		4	%
Total commercial	13,709,681		13,403,101		2	%	13,659,299		13,752,563		13,494,089		2	%
Residential mortgage	8,404,351		8,167,795		3	%	8,337,230		8,378,082		8,366,452		—	%
Home equity	845,422		864,144		(2	)%	901,291		869,248		883,735		(4	)%
Other consumer	349,164		348,295		—	%	354,249		354,478		359,238		(3	)%
Total consumer	9,598,937		9,380,233		2	%	9,592,770		9,601,809		9,609,426		—	%
Total loans(c)	$	23,308,618	$	22,783,334	2	%	$	23,252,068	$	23,354,371	$	23,103,514	1	%
Quarter average deposit composition	Mar 31, 2020		Dec 31, 2019		Seql Qtr % Change		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Comp Qtr % Change
Noninterest-bearing demand	$	5,506,861	$	5,470,496	1	%	$	5,324,481	$	5,089,928	$	4,982,553	11	%
Savings	2,868,840		2,714,191		6	%	2,618,188		2,319,556		2,098,834		37	%
Interest-bearing demand	5,307,230		5,138,116		3	%	5,452,674		4,984,511		4,739,662		12	%
Money market	6,538,658		6,594,681		(1	)%	6,933,230		7,118,594		7,388,174		(11	)%
Network transaction deposits	1,434,128		1,438,908		—	%	1,764,961		2,024,604		2,225,027		(36	)%
Time deposits	2,636,231		2,746,978		(4	)%	3,107,670		3,544,317		3,121,960		(16	)%
Total deposits	$	24,291,949	$	24,103,371	1	%	$	25,201,203	$	25,081,509	$	24,556,209	(1	)%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes repurchase agreements and commercial paper.

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

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

Page 7

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
($ in millions, except per share data)	1Q20			4Q19			3Q19			2Q19			1Q19
Tangible common equity reconciliation(a)
Common equity	$	3,534		$	3,665		$	3,664		$	3,643		$	3,579
Goodwill and other intangible assets, net	(1,284		)	(1,265		)	(1,267		)	(1,270		)	(1,243		)
Tangible common equity	$	2,250		$	2,401		$	2,397		$	2,373		$	2,337
Tangible assets reconciliation(a)
Total assets	$	33,908		$	32,386		$	32,596		$	33,247		$	33,681
Goodwill and other intangible assets, net	(1,284		)	(1,265		)	(1,267		)	(1,270		)	(1,243		)
Tangible assets	$	32,624		$	31,122		$	31,329		$	31,977		$	32,439
Average tangible common equity and average common equity tier 1 reconciliation(a)
Common equity	$	3,585		$	3,658		$	3,647		$	3,596		$	3,558
Goodwill and other intangible assets, net	(1,272		)	(1,266		)	(1,269		)	(1,247		)	(1,244		)
Tangible common equity	2,313			2,392			2,378			2,349			2,314
Modified CECL transitional amount	101			N/A			N/A			N/A			N/A
Accumulated other comprehensive loss (income)	10			37			42			82			116
Deferred tax assets (liabilities), net	47			48			49			46			45
Average common equity Tier 1	$	2,471		$	2,476		$	2,469		$	2,477		$	2,475
Average tangible assets reconciliation(a)
Total assets	$	32,577		$	32,182		$	33,154		$	33,439		$	33,424
Goodwill and other intangible assets, net	(1,272		)	(1,266		)	(1,269		)	(1,247		)	(1,244		)
Tangible assets	$	31,305		$	30,916		$	31,885		$	32,192		$	32,180
Selected trend information(b)
Insurance commissions and fees	$	23		$	20		$	21		$	23		$	25
Wealth management fees(c)	21			22			21			21			20
Service charges and deposit account fees	15			16			17			15			15
Card-based fees	10			10			10			10			9
Other fee-based revenue	4			5			5			5			4
Fee-based revenue	73			72			74			74			74
Other	26			21			27			21			17
Total noninterest income	$	98		$	93		$	101		$	96		$	91
Pre-tax pre-provision income(d)
Income before income taxes	$	56		$	89		$	104		$	104		$	109
Provision for credit losses	53			—			2			8			6
Pre-tax pre-provision income	$	109		$	89		$	106		$	112		$	115
Selected equity and performance ratios(a)(e)
Tangible common equity / tangible assets	6.90		%	7.71		%	7.65		%	7.42		%	7.20		%
Return on average equity	4.80		%	7.31		%	8.47		%	8.81		%	9.21		%
Return on average tangible common equity	7.31		%	11.33		%	13.27		%	13.81		%	14.52		%
Return on average common equity Tier 1	6.84		%	10.94		%	12.78		%	13.09		%	13.58		%
Return on average tangible assets	0.59		%	0.93		%	1.04		%	1.05		%	1.09		%
Efficiency ratio reconciliation(f)
Federal Reserve efficiency ratio	70.37		%	69.14		%	66.55		%	62.71		%	63.32		%
Fully tax-equivalent adjustment	(0.96		)%	(0.91		)%	(0.90		)%	(0.84		)%	(0.77		)%
Other intangible amortization	(0.95		)%	(0.93		)%	(0.89		)%	(0.75		)%	(0.73		)%
Fully tax-equivalent efficiency ratio	68.47		%	67.32		%	64.78		%	61.13		%	61.83		%
Acquisition related costs adjustment	(0.58		)%	(0.45		)%	(0.53		)%	(1.21		)%	(0.20		)%
Provision for unfunded commitments adjustment	(5.18		)%	0.34		%	(0.33		)%	1.28		%	(0.49		)%
Fully tax-equivalent efficiency ratio, excluding acquisition related costs and provision for unfunded commitments (adjusted efficiency ratio)	62.72		%	67.21		%	63.92		%	61.19		%	61.14		%
Acquisition Related Costs	1Q 2020			1Q 2020 per share data(g)
GAAP earnings	$	42		$	0.27
Acquisition related costs
Contract terminations and conversion costs	1
All other acquisition related costs	1
Total acquisition related costs	$	2
Less additional tax expense	$	—
Earnings, excluding acquisition related costs(d)	$	43		$	0.28

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) 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.

(e) 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.

(f) 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 excludes the provision for unfunded commitments, 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 is a meaningful measure as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and provides a better measure as to how well the Corporation is managing its expenses by adjusting for acquisition related costs and provision for unfunded commitments.

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

Page 8

EX-99.2

EX 99.2 FIRST QUARTER 2020 EARNINGS PRESENTATION April 23, 2020

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, and 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

COVID-19 RESPONSE Associated supports its Customers, Colleagues and Communities during these challenging times ▪ Funded over 3,600 loans totaling nearly $900 million as part of the Paycheck Protection Program ▪ Consumers: suspended certain transaction and late fees; initiated consumer and mortgage loan payment deferral and credit card payment relief programs; suspended foreclosures and repossessions Customers ▪ Small Businesses: initiated loan payment deferral and credit card payment relief programs; suspended certain loan late fees ▪ Associated was one of the first banks to transition to primarily online, mobile and drive-through service with its lobbies available by appointment only; suspended operations at 29 branches without drive-throughs ▪ About 3,200 colleagues (~68% of workforce) working from home Colleagues ▪ Associated is continuing to pay colleagues whose work is affected by changes to its services and is offering bonus payments to employees whose work requires them to be in company facilities ▪ The company has also expanded its leave policies to accommodate personal or family health circumstances caused by COVID-19 ▪ Donated $150,000 to local United Way chapters in Wisconsin, Illinois and Minnesota to fund community- based programs ▪ A commitment of $50,000 each to the Give to MKE Responds Fund, the Chicago Community COVID-19 Communities Response Fund and the Minnesota Disaster Recovery Fund (MDRF) to assist with housing and small business relief efforts 3

FIRST QUARTER 2020 UPDATE Associated funded a record volume of loans to assist its customers while remaining strong, with substantial liquidity and capital to continue this support Net income available to common equity of $42 million, or $0.27 per common share, or $0.28 per common share excluding acquisition related costs1 ▪ Significant volume of loans and ▪ Common equity Tier 1 ratio of 9.36% Supported deposit inflows as we assisted Customers customers build cash reserves Maintained ▪ Repurchased $71 million of common With Our Solid Capital stock in 1Q20; share repurchase ▪ Total loans increased by $1.5 billion program suspended March 13, 2020 Balance Levels 2 ▪ Total deposits increased by $1.9 Sheet billion ▪ Net interest margin increased ▪ CECL implemented on 1/1/20 with modestly from 4Q 2019 Day 1 increase to allowance for credit losses of $131 million Defended ▪ With the First Staunton acquisition, Our Net our funding base improved as EOP Implemented ▪ 1Q20 provision (Day 2 CECL) of $53 Interest core deposits increased to 58% of CECL million driven by elevated loss Margin total deposits expectations related to pandemic ▪ Interest-bearing deposit costs ▪ 1Q20 net charge offs of $17 million; decreased 19 basis points from NCOs were 29 bps of avg total loans 4Q 2019 1This is a non-GAAP financial measure. See Appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 21Q 2020 end of period (EOP) balances compared to 4Q 2019 EOP balances. 4

LOAN PORTFOLIO - QUARTERLY TRENDS Average Quarterly Loans Average Net Loan Change (from 4Q19) ($ in billions) ($ in millions) $23.4 Residential mortgage $237 $23.1 $23.3 $22.8 $23.3 Power & utilities $133 $8.4 $8.6 $8.5 $8.4 $8.2 General commercial $107 REIT $85 Total commercial & business loans: +$172 million CRE construction $83 (+2%) $8.4 $8.4 $8.3 $8.2 $8.4 CRE investor $51 $(18) Home equity & other consumer $1.2 $1.2 $1.3 $1.2 $1.2 $(72) Oil & gas $5.1 $5.1 $5.2 $5.2 $5.3 $(82) Mortgage warehouse 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Commercial real estate Residential mortgage Home equity & other consumer Commercial & business lending 5

LOAN PORTFOLIO TRENDS EOP Loan Change1 4Q19 to 1Q20 Loan Change1 from 3/31/20 to 4/21/20 ($ in millions) ($ in millions) Paycheck General commercial $627 Protection $896 Program Mortgage warehouse $325 REIT $26 CRE investor $244 CRE $15 REIT $198 Total commercial & business loans: Other commercial & CRE construction $124 +$1.2 billion 2 $12 (+14%) business lending Power & utilities $50 $(11) Home equity & other consumer $(5) Residential mortgage $(27) Residential mortgage $(12) Home equity & other consumer $(23) Oil & gas $(66) Mortgage warehouse 1Excludes loans held for sale. 2 Commercial and business lending excluding mortgage warehouse and REIT loans. 6

COVID-19 RELIEF Data as of April 21, 2020 We utilized the PPP and initiated our COVID-19 Relief Program to help our customers overcome challenges related to the pandemic PPP Highlights Loan Deferrals & Modifications1 ▪ Originated over 3,600 loans totaling nearly Loan Deferrals $900 million ▪ $733 million (1,451 loans) including: ▪ PPP borrowers employ nearly 90,000 people ▪ Commercial Real Estate ▪ Fully fund PPP loans by drawing from the Federal Reserve PPP Lending Facility – $265 million (24 loans) Corporate CRE ▪ Anticipate most PPP loans will be forgiven by – $38 million (94 loans) Regional/Business the SBA in 3Q 2020 Banking ▪ Commercial & Business Lending – $133 million (64 loans) Corporate Banking Balance Amount of Segmentation Loans Loans – $46 million (355 loans) Business Banking >= $2MM 96 $325MM ▪ $250 million (914 loans) of residential mortgage and consumer loans2 =< $2MM and > $350K 427 $349MM <= $350K 3,102 $222MM Fee Waivers ▪ Approximately $415,000 in fees waived or refunded Total 3,625 $896MM for consumers and small businesses during first 30 days of our COVID-19 Relief Program 1Includes approved and completed modifications as of April 21, 2020. 7 2We have also approved deferrals on $151 million of loans in our mortgage portfolio serviced for others, representing approximately 1.7% of that portfolio.

KEY COMMERCIAL LOAN EXPOSURES ($ IN MILLIONS) AS OF 3/31/2020 % of total C&BL Utilization CRE Utilization Total loans Retailers/Shopping Centers1 Retailers $ 149.7 81% $ 527.5 91% $ 677.2 2.78% Retail REITs 303.9 67% 148.7 100% 452.6 1.86% Subtotal 453.6 71% 676.1 93% 1,129.8 4.64% Oil & Gas Texas E&P2 231.2 65% — —% 231.2 0.95% Other E&P 235.1 70% — —% 235.1 0.97% Subtotal 466.4 68% — —% 466.4 1.91% Hotels, Amusement & Related Hotels 1.3 98% 215.8 72% 217.1 0.89% Parking Lots and Garages 23.2 76% 69.5 87% 92.7 0.38% Casinos 30.7 100% — —% 30.7 0.13% Recreation & Entertainment 25.0 52% 7.4 99% 32.4 0.13% Movie Theaters 22.6 99% — —% 22.6 0.09% Subtotal 102.8 77% 292.7 76% 395.5 1.62% Restaurants Full-Service Restaurants 82.2 90% 12.8 100% 95.1 0.39% Limited-Service Restaurants 14.6 93% 9.7 100% 24.2 0.10% Subtotal 96.8 90% 22.5 100% 119.3 0.49% Transportation & Other Transportation Services 54.4 86% 0.1 100% 54.5 0.22% Fracking Sand Mining 26.6 61% — —% 26.6 0.11% Subtotal 81.0 76% 0.1 1% 81.1 0.33% Total $ 1,200.6 72% $ 991.4 87% $ 2,192.0 9.00% 1Retailers primarily anchored by grocery excluded 2Includes Permian, South Texas & Eagle Ford, and East Texas/North LA/AR 8

CECL UPDATE CECL Adopted in 1Q 2020 Allowance by Portfolio ▪ Allowance for credit losses on loans (ACLL) • Reserves on oil & increased $171 million, or 76%, at the end of 1Q gas increased $64 Total consumer Comm. & bus. 2020 from 4Q 2019 million 22% lending - excluding oil & gas ▪ Assumptions based on Moody's Baseline • Moody's Baseline at 31% scenarios (as of January 1st and March 27th) March 27th plus additional oil & gas Commercial ▪ Net, after-tax, reduction in equity of $98 million and key commercial real estate lending Commercial loan exposures ▪ Increase over previous CECL guidance due to 27% loans - oil & gas additional probable TDR loans 20% Day 1 Net 1Q ACLL1 CECL Reserve ACLL2 ACLL2 / Loan category 12/31/19 Adoption2 Build2 3/31/2020 Loans Commercial and business lending - excluding oil & gas $100,422 -$8,218 $29,581 $121,785 1.35% Commercial loans - oil & gas 13,226 55,460 8,870 77,557 16.63% Commercial real estate lending 73,662 27,930 6,643 108,235 1.94% Total consumer 35,968 55,975 -5,450 86,493 0.93% Total $223,278 $131,147 $39,644 $394,069 1.62% ($'s in thousands) 1Includes ALLL and the allowance for unfunded commitments. 2Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. 9

CREDIT QUALITY - QUARTERLY TRENDS ($ IN MILLIONS) Potential Problem Loans Nonaccrual Loans $241 $234 $167 $27 $156 $166 $67 $129 $137 $161 $63 $118 $4 $133 $51 $29 $43 $36 $23 $32 $215 $167 $161 $101 $118 $105 $104 $93 $95 $109 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Oil and gas All other loans Oil and gas All other loans Net Charge Offs ACLL2 to Total Loans / Oil and gas loans 16.63% $20 $17 $13 $14 $9 $21 $7 $10 $10 3.87% 3.83% 1.59% 2.69% $4 $8 1.13% 1.10% 1.04% 0.98% 1.62% $4 $4 $4 1Q 2019 2Q 2019 3Q 2019 1 4Q 2019 1Q 2020 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Oil and gas All other loans Oil and gas ACLL / Oil and gas loans ACLL / Loans 13Q 2019 included a net recovery of $1 million for all other loans. 10 2ACLL figure does not include ~$61,000 for HTM securities in 1Q20.

DEPOSIT PORTFOLIO - QUARTERLY TRENDS Average Quarterly Deposits EOP Deposit Change (from 4Q19) ($ in billions) ($ in millions) $25.1 $25.2 Interest-bearing demand $708 $24.6 $24.1 $24.3 Noninterest-bearing demand $657 $5.3 $5.0 $5.1 $5.5 $5.5 Network transaction deposits $396 Savings $298 $4.7 $5.0 $5.5 Time deposits $11 $5.1 $5.3 $(186) Money market $2.1 $2.3 $2.6 $2.7 $2.9 EOP Low-cost Deposit Mix Trend 58% $7.4 $7.1 55% 56% $6.9 49% 52% $6.6 $6.5 24% 23% 23% 21% 21% $3.1 $3.5 $3.1 21% 21% 23% $2.7 $2.6 19% 21% $2.2 $2.0 $1.8 $1.4 $1.4 9% 10% 11% 12% 12% 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Network transaction deposits Money market Interest-bearing demand Time deposits Savings Noninterest-bearing demand 11

LIQUIDITY MEASURES Liquidity Highlights Wholesale Funds2 / Total Assets ▪ Liquidity remains abundant with $11 billion of funding available from FHLB Chicago, Fed funds lines, 18.8% unencumbered securities and the Discount Window ▪ Fully fund Paycheck Protection Program loans through 16.9% the Federal Reserve PPP Lending Facility 16.4% 16.5% 16.1% ▪ Loan to deposit ratio of 95% is within seasonal first quarter range ▪ Wholesale funds / total assets ratio is stable 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 1 Funding Availability ($ in billions) EOP Loan to Deposit Ratio FHLB Chicago $6.0 98% Fed funds lines available $1.9 96% 96% 95% 94% Unencumbered securities available for repurchase or sale $1.8 92% 91% 90% Fed Discount Window $1.3 89% Total $11.0 1Q 2Q 3Q 4Q Historical Quarter-end Range 2014 - 2020 2020 Historical Quarter-end Range 2014 - 2019 1As of March 31, 2020. Does not include funds available to Associated through the Paycheck Protection Program Lending Facility. 2Wholesale funds includes FHLB advances, net Fed funds, institutional money markets, brokered CDs, commercial paper, senior debt, sub-debt and other long-term 12 funding.

NET INTEREST INCOME AND MARGIN TRENDS Net Interest Income & Net Interest Margin Average Monthly Yields ($ in millions) 4.72% 4.49% 4.44% 4.41% 4.43% 2.90% 2.88% 2.81% 2.83% 2.84% 4.19% 4.26% 4.18% 4.05% 3.97% 3.87% 3.65% 3.35% 3.38% 3.37% $216 $214 3.21% 3.25% 3.24% 2.89% $206 2.86% 2.82% 2.87% 2.86% 2.82% $203 $200 1.30% 1.20% 1.17% 1.17% 1.18% 0.86% 1.06% 0.96% 0.91% 0.90% 0.91% 0.57% 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Oct 2019 Nov 2019 Dec 2019 Jan 2020 Feb 2020 Mar 2020 Commercial real estate ▪ March NIM increased to 2.89% driven by higher Investments and other loans commercial loan volumes, LIBOR - Fed funds expansion and interest-bearing deposit cost Commercial & business Total interest-bearing liabilities reductions lending loans Total residential Total interest-bearing mortgage loans deposits 13

NONINTEREST INCOME - QUARTERLY TRENDS ($ IN MILLIONS) Noninterest Income Gross Mortgage Banking Income $15 $11 $101 $9 $96 $98 $(9) $7 $91 $93 $5 $11 $9 $7 $5 $6 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Mortgage banking, net MSR Impairment $15 $15 $17 $16 $15 Capital Markets Fees $20 $21 $21 $8 $8 $21 $22 $5 $4 $3 $25 $23 $21 $20 $23 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Insurance commissions Service charges and deposit account fees Wealth management fees Other 14

NONINTEREST EXPENSE TRENDS ($ IN MILLIONS) Noninterest Expense EOP Branch Count and Average FTE1 $204 $198 $201 $2 $1 $192 $4 $192 $1 $2 4,782 $76 $82 4,696 $71 $71 $76 4,660 4,666 4,631 247 248 248 249 233 29 $120 $123 $123 $121 $114 220 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Personnel Other Acquisition related costs EOP branches Average full-time employee Temporarily closed branches 1Includes Huntington acquired branches in 2Q 2019 and full-quarter effect of additional staffing requirements from the Huntington acquisition in 3Q 2019. 15

CUSTOMER ACTIVITY UPDATE Average Daily Branch Average Monthly Mobile Average Daily Customer Activity1 Banking Sessions Per User2 Care Calls3 Our mid-April branch activity ...as our customers ramped ...and call volume grew 32% declined 17% from January... up mobile sessions by as we increasingly interacted 86%... with customers through non-branch channels 24 5.5 30 4.8 4.7 29 18 4.2 27 15 25 13 Jan 2020 Feb 2020 Mar 2020 Apr 2020 Jan 2020 Feb 2020 Mar 2020 Apr 2020 Jan 2020 Feb 2020 Mar 2020 Apr 2020 1Average daily branch transactions displayed in thousands; April 2020 data is through April 12, 2020. 2Average monthly sessions per mobile consumer user; April 2020 data is through April 12, 2020. 16 3Average daily call center calls displayed in thousands; February volume was elevated due to the Staunton acquisition; April 2020 data is through April 14, 2020.

STRONG CAPITAL POSITION Highlights Capital Ratio Walkdowns1 0.05% ▪ Strong asset growth and the First Staunton acquisition 0.21% moderated capital ratios during 1Q 2020 (0.23)% (0.47)% (0.41)% ▪ Election to utilize modified CECL transition mitigated CECL impact to regulatory capital; CECL negatively impacted TCE ratio 10.21% 2 Common Equity Tier 1 Ratio 9.36% ▪ Expect CET1 ratio to grow over balance of 2020 ▪ Regulatory capital ratios not expected to be impacted by PPP 0.28% Regulatory Capital Ratios as of 3/31/20 (0.32)% (0.19)% (0.26)% (0.32)% Common Equity Tier 1 Capital 4.50% 4.86% 9.36% 7.71% 3 Tangible Common Equity Ratio 6.90% Tier 1 Capital 6.00% 4.35% 10.35% Total Capital CECL 8.00% 4.56% 12.56% 4Q 2019 1Q 2020 Loan Growth Staunton Acquisition Capital Distributions Regulatory minimums Buffer Earnings, AOCI & Other 1Capital distributions include share repurchases and common stock dividends. 2CET1 CECL adoption impact includes modified transition amount. 3Tangible common equity / tangible assets. This is a non-GAAP financial measure. See Appendix for a reconciliation of non-GAAP financial measures to GAAP 17 financial measures.

2020 OUTLOOK We are withdrawing our prior guidance due to extraordinary economic uncertainty. We expect to update our guidance as conditions become more clear. ▪ Maintain loan to deposit ratio ▪ Anticipate noninterest under 100%, excluding PPP expense run rate to be flat from Q1 through the ▪ Target investments / total remainder of 2020 Balance Sheet assets ratio of 15%, excluding Expense PPP ▪ Effective tax rate of 18% to Management Management 20% ▪ Mortgage banking expected to ▪ Share repurchase program will remain solid due to elevated remain suspended until refinancing economic conditions improve and stabilize ▪ Anticipate lower service charges Fee and other fee-based revenue due Capital Businesses to our COVID-19 Relief Program Management ▪ Expect lower wealth management fees resulting from weak market conditions for assets under management 18

APPENDIX

LOAN STRATIFICATION OUTSTANDINGS AS OF MARCH 31, 2020 C&BL by Geography Total Loans1 CRE by Geography $9.5 billion $5.6 billion Illinois Minnesota Illinois Illinois 26% 10% Wisconsin 16% 17% 23% Minnesota Minnesota 6% 10% Other Midwest2 2 Other Midwest Wisconsin Other Wisconsin 22% 11% 28% Midwest2 27% 13% Other 35% Texas 3 9% Other Other 18% Texas 17% Texas 5% 7% 4 C&BL by Industry Oil and Gas Lending CRE by Industry 1-4 Family Construction 5% $9.5 billion $466 million $5.6 billion Hotel / Motel 4% Power & E. TX, Utilities South TX & N. LA, Industrial Eagle Ford 17% AR 15% Other Real Estate 13% 15% 7% Manufacturing & 15% Rockies Wholesale Trade 11% Office / 19% Oil & Gas Mixed Use 6% Marcellus Utica 21% Permian Appalachia Finance & 26% 11% Insurance Multi-Family 32% 15% Retail Mid-Continent 17% (primarily OK & KS) 1 Bakken Other 7% Excludes $347 million Other consumer portfolio. 2 4% (Onshore Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Gulf 3 Lower 48) Principally reflects the oil and gas portfolio. Shallow 20 4 8% Chart based on commitments of $714 million. 5%

RECONCILIATION AND DEFINITIONS OF NON-GAAP ITEMS ($ in millions, except per share data) 1Q 2020 Acquisition Related Costs 1Q 2020 per share data2 GAAP earnings $ 42 $ 0.27 Contract terminations and conversion costs 1 All other acquisition related costs 1 Total acquisition related costs $ 2 Less additional tax expense $ — Earnings, excluding acquisition related costs1 $ 43 $ 0.28 Tangible Common Equity and Tangible Assets Reconciliation3 1Q 2020 4Q 2019 Common equity $ 3,534 $ 3,665 Goodwill and other intangible assets, net (1,284) (1,265) Tangible common equity $ 2,250 $ 2,401 Total assets $ 33,908 $ 32,386 Goodwill and other intangible assets, net (1,284) (1,265) Tangible assets $ 32,624 $ 31,122 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 and provide greater understanding of ongoing operations and enhanced comparability of results with prior periods. 2Diluted earnings and per share data presented after-tax. 3The 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. 21

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