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) January 21, 2021

                                                                            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
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F	ASB PrF	New York Stock Exchange

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 January 21, 2021, Associated Banc-Corp announced its earnings for the quarter ended December 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 January 21, 2021, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits.

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

99.1    Press release of the registrant dated January 21, 2021, containing financial information for the quarter ended December 31, 2020.

99.2    Slide presentation discussed on the conference call for investors and analysts on January 21, 2021.

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: January 21, 2021	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: Ben McCarville, 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 Fourth Quarter 2020 Earnings of $0.40 Per Common Share and $1.86 Per Common Share for the Full Year 2020.

GREEN BAY, Wis. -- January 21, 2021 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $62 million, or $0.40 per common share, for the quarter ended December 31, 2020. These amounts compare to earnings of $40 million, or $0.26 per common share for the quarter ended September 30, 2020. For the year ended December 31, 2020, the Company reported earnings of $288 million, or $1.86 per common share; or $1.19 per common share excluding the gain on sale of Associated Benefits and Risk Consulting1. These amounts compare to earnings of $312 million, or $1.91 per common share, for the year ended December 31, 2019.

“In the face of an extraordinarily challenging environment,” said President and CEO Philip B. Flynn, “We reimagined and reengineered the way we service our customers while driving higher engagement and satisfaction; we grew loans, customer deposits, and capital to record levels; and we adopted our service models while also streamlining our branch network and back office functions. Our strategies to grow low-cost deposits and widen commercial loan margins took hold in the fourth quarter. In addition, we exited several lower-margin businesses and geographies. Our agility and approach have positioned us well to participate in the economic recovery we expect to see in 2021.”

The Company also announced today that Mr. Flynn has informed its Board of Directors of his plans to retire at the end of 2021. The Board has commenced a search for a permanent successor which will consider our internal as well as external candidates. Mr. Flynn will continue as president and CEO until a successor is in place, at which time he will step down from both roles and from the board of directors. Mr. Flynn will then be available to the new CEO in an advisory capacity. Additional details can be found in the press release available at http://investor.associatedbank.com.

2020 SUMMARY (all comparisons to 2019)

•Average loans of $24.5 billion were up 6%, or $1.4 billion

•Average deposits of $26.0 billion were up 5%, or $1.3 billion

•Net interest income of $763 million decreased 9%, or $73 million

•Net interest margin of 2.53%, declined 33 basis points from 2.86%

•Provision for credit losses was $174 million, compared to $16 million

•Noninterest income of $514 million increased 35%, or $133 million

•Noninterest expense of $776 million decreased 2%, or $18 million

•Tangible book value per share was $16.67, up 9% from $15.28

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 pages 10 and 11 of the attached tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans

Full year 2020 average loans of $24.5 billion were up 6%, or $1.4 billion from 2019, driven by Paycheck Protection Program (PPP) and commercial real estate lending. With respect to full year 2020 average balances by loan category compared to 2019:

•Commercial and business lending increased $983 million, or 12%, to $9.4 billion, primarily due to growth in PPP.

•Commercial real estate lending increased $661 million, or 13%, to $5.8 billion, driven primarily by the funding of existing loan commitments throughout the year.

•Consumer lending decreased $230 million, or 2%, to $9.3 billion as residential mortgages refinanced and home equity loans paid down.

Fourth quarter 2020 average loans of $24.7 billion were down 1%, or $281 million from the third quarter 2020 and were up 8%, or $1.9 billion from the same period last year. With respect to fourth quarter average balances by loan category:

•Commercial real estate lending increased $125 million from the third quarter 2020 and $963 million from the same period last year to $6.2 billion.

•Consumer lending was $9.1 billion, down $79 million from the third quarter 2020 and down $300 million from the same period last year.

•Commercial and business lending decreased $327 million from third quarter 2020, driven by PPP forgiveness, and increased $1.2 billion compared to the same period last year to $9.4 billion.

We expect full-year commercial loan growth of 2%-4% in 2021, driven by a 4%-6% increase in CRE balances and a 1%-2% increase in C&I outstandings, excluding PPP.

Deposits

Full year 2020 average deposits of $26.0 billion increased 5%, or $1.3 billion from 2019.

With respect to full year 2020 average balances by deposit category as compared to 2019:

•Noninterest-bearing demand deposits increased $1.7 billion, or 32% to $6.9 billion.

•Savings increased $867 million, or 36% to $3.3 billion.

•Interest-bearing demand deposits increased $502 million, or 10% to $5.6 billion.

•Network transaction deposits decreased $418 million, or 22% to $1.4 billion.

•Money market deposits decreased $495 million, or 7% to $6.5 billion.

•Time deposits decreased $848 million, or 27% to $2.3 billion.

Fourth quarter 2020 average deposits of $26.7 billion were down $101 million compared to the third quarter 2020 and were up $2.6 billion, or 11%, from the same period last year.

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

•Noninterest-bearing demand deposits increased $265 million from the prior quarter and $2.2 billion from the same period last year to $7.7 billion.

•Savings increased $166 million from the prior quarter and $914 million from the same period last year to $3.6 billion.

•Interest-bearing demand deposits decreased $96 million from the prior quarter and increased $602 million from the same period last year to $5.7 billion.

•Money market deposits increased $75 million from the prior quarter and decreased $55 million from the same period last year to $6.5 billion.

•Time deposits decreased $248 million from the prior quarter and $859 million from the same period last year to $1.9 billion.

•Network transaction deposits decreased $262 million from the prior quarter and $173 million from the same period last year to $1.3 billion.

Net Interest Income and Net Interest Margin

Full year 2020 net interest income of $763 million was down 9%, or $73 million from 2019. Net interest margin of

2.53% was down 33 basis points from the prior year. The decreases in net interest income and margin were driven

by record low levels of interest rates and significant increases in liquidity during 2020.

•The average yield on total earning assets decreased 98 basis points from the prior year to 3.01%

•The average cost of interest-bearing liabilities decreased 78 basis points from the prior year to 0.65%.

•The net free funds benefit compressed 13 basis points from the prior year.

Fourth quarter 2020 net interest income of $188 million was up 3%, or $6 million from the prior quarter and the net interest margin increased 18 basis points, from the prior quarter to 2.49%. Compared to the same period last year, net interest income decreased 6%, or $12 million, and the net interest margin decreased 34 basis points.

•The average yield on total earning assets for the fourth quarter of 2020 increased 10 basis points from the prior quarter and decreased 98 basis points from the same period last year to 2.80%.

•The average cost of total interest-bearing liabilities for the fourth quarter of 2020 decreased 9 basis points from the prior quarter and decreased 80 basis points from the same period last year to 0.43%.

•The net free funds benefit for the fourth quarter of 2020 compressed one basis point from the prior quarter and compressed 16 basis points compared to the same period last year.

We would expect the full year’s margin to be between 2.55% and 2.65% in 2021.

Noninterest Income

Full year 2020 noninterest income of $514 million increased $133 million from the prior year.

•Net mortgage banking income increased $14 million from the prior year, driven by higher refinance activity.

•Gains on sales of assets increased $153 million from the prior year, due to the sale of Associated Benefits and Risk Consulting (ABRC). The sale of ABRC also drove the reduction in insurance revenue.

•Service charges and deposit account fees were down $7 million primarily driven by higher deposit account balances and reduced customer activity.

Fourth quarter 2020 total noninterest income of $86 million increased $10 million from the prior quarter and decreased $7 million from the same period last year.

With respect to fourth quarter 2020 noninterest income line items:

•Gains on previously disclosed sale of branches were $7 million.

•Mortgage Banking, net was $15 million for the fourth quarter, up $2 million from the previous quarter and up $8 million from the same period last year.

•Service charges and deposit account fees were $15 million for the fourth quarter, up $1 million from the previous quarter and down $1 million from the same period last year.

We expect noninterest income of $280 million to $300 million in 2021.

Noninterest Expense

Full year 2020 noninterest expense of $776 million decreased 2%, or $18 million from the prior year. Included in

noninterest expense figures is the loss on prepayments of FHLB advances of $45 million in 2020.

With respect to full year 2020 noninterest expense line items:

•Personnel costs decreased $55 million from the prior year, largely driven by reduced management incentive plan expense.

•Business development and advertising decreased $11 million from the prior year as there was less travel and entertainment expense.

•Acquisition costs decreased $5 million from the prior year due to less acquisition activity.

Fourth quarter 2020 total noninterest expense of $173 million decreased $55 million from the prior quarter and decreased $31 million compared to the same period last year.

With respect to fourth quarter 2020 noninterest expense line items:

•Loss on prepayments of FHLB advances stepped down $45 million from the prior quarter.

•Personnel expense decreased $11 million from the prior quarter and $23 million from the same period last year, primarily driven by lower severance costs related to the restructuring in 3Q 2020 and the sale of ABRC.    

•Other expense decreased $3 million from the prior quarter and $1 million from the same period last year.

•Occupancy expense decreased $2 million from the prior quarter and $1 million from the same period last year.

We expect 2021 noninterest expense to be approximately $675 million.

Taxes

The fourth quarter 2020 tax expense was $17 million compared to $58 million of tax benefit in the prior quarter and $17 million of tax expense in the same period last year. The tax benefit recognized in the third quarter was driven by capital losses from the reorganization of our securities and real estate lending subsidiaries.

We expect the annual 2021 tax rate to be between 18% to 21%.

Credit

Full year 2020 provision for credit losses was $174 million, up from $16 million in the prior year.

The fourth quarter 2020 provision for credit losses was $17 million, down from $43 million in the prior quarter and up from zero in the same period last year.

With respect to fourth quarter 2020 credit quality:

•Potential problem loans of $282 million were down $11 million, or 4%, from the prior quarter and up $121 million, or 75%, from the same period last year.

•Nonaccrual loans of $211 million were down $21 million from the prior quarter and up $92 million from the same period last year. The nonaccrual loans to total loans ratio was 0.86% in the fourth quarter, down from 0.93% in the prior quarter and up from 0.52% in the same period last year.

•Net charge offs of $28 million were down $2 million from the prior quarter and up $13 million from the same period last year.

•The allowance for credit losses on loans (ACLL) of $431 million was down $11 million from the prior quarter and up $208 million compared to the same period last year. The ACLL to total loans ratio was 1.76% in the fourth quarter, down from 1.77% in the prior quarter and up from 0.98% in the same period last year.

We expect our full year 2021 provision to be no more than $70 million, with some quarterly variability.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.4%at December 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.

FOURTH 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, January 21, 2021. 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 fourth quarter 2020 earnings call. The fourth 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 $33 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 220 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)	December 31, 2020		September 30, 2020		Seql Qtr $ Change		June 30, 2020		March 31, 2020		December 31, 2019		Comp Qtr $ Change
Assets
Cash and due from banks	$	416,154	$	401,151	$	15,003	$	443,500	$	480,337	$	373,380	$	42,774
Interest-bearing deposits in other financial institutions	298,759		712,416		(413,657)		1,569,006		176,440		207,624		91,135
Federal funds sold and securities purchased under agreements to resell	1,135		95		1,040		185		22,455		7,740		(6,605)
Investment securities available for sale, at fair value	3,085,441		3,258,360		(172,919)		3,149,773		2,928,787		3,262,586		(177,145)
Investment securities held to maturity, net, at amortized cost(a)	1,878,938		1,990,870		(111,932)		2,077,225		2,149,373		2,205,083		(326,145)
Equity securities	15,106		15,090		16		15,091		15,063		15,090		16
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	168,280		168,280		—		206,281		222,922		227,347		(59,067)
Residential loans held for sale	129,158		130,139		(981)		196,673		366,330		136,280		(7,122)
Commercial loans held for sale	—		19,360		(19,360)		3,565		—		15,000		(15,000)
Loans	24,451,724		25,003,753		(552,029)		24,832,671		24,365,633		22,821,440		1,630,284
Allowance for loan losses(b)	(383,702)		(384,711)		1,009		(363,803)		(337,793)		(201,371)		(182,331)
Loans, net	24,068,022		24,619,041		(551,019)		24,468,868		24,027,841		22,620,068		1,447,954
Tax credit and other investments	297,232		314,066		(16,834)		303,132		315,909		279,969		17,263
Premises and equipment, net	418,914		422,222		(3,308)		434,042		438,469		435,284		(16,370)
Bank and corporate owned life insurance	679,647		679,257		390		676,196		674,026		671,948		7,699
Goodwill	1,109,300		1,107,902		1,398		1,107,902		1,191,388		1,176,230		(66,930)
Other intangible assets, net	68,254		70,507		(2,253)		72,759		92,723		88,301		(20,047)
Mortgage servicing rights, net	41,961		45,261		(3,300)		49,403		58,289		67,306		(25,345)
Interest receivable	90,263		91,612		(1,349)		87,097		92,377		91,196		(933)
Other assets	653,219		653,117		102		640,765		655,328		506,046		147,173
Total assets	$	33,419,783	$	34,698,746	$	(1,278,963)	$	35,501,464	$	33,908,056	$	32,386,478	$	1,033,305
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	7,661,728	$	7,489,048	$	172,680	$	7,573,942	$	6,107,386	$	5,450,709	$	2,211,019
Interest-bearing deposits	18,820,753		19,223,500		(402,747)		18,977,502		19,554,194		18,328,355		492,398
Total deposits	26,482,481		26,712,547		(230,066)		26,551,444		25,661,580		23,779,064		2,703,417
Federal funds purchased and securities sold under agreements to repurchase	192,971		155,329		37,642		142,293		133,007		433,097		(240,126)
Commercial paper	59,346		50,987		8,359		39,535		33,647		32,016		27,330
PPPLF	—		1,022,217		(1,022,217)		1,009,760		—		—		—
FHLB advances	1,632,723		1,706,763		(74,040)		2,657,016		3,214,194		3,180,967		(1,548,244)
Other long-term funding	549,465		549,201		264		548,937		549,644		549,343		122
Allowance for unfunded commitments(b)	47,776		57,276		(9,500)		64,776		56,276		21,907		25,869
Accrued expenses and other liabilities(b)	364,088		398,991		(34,903)		463,245		469,236		467,961		(103,873)
Total liabilities	29,328,850		30,653,313		(1,324,463)		31,477,007		30,117,584		28,464,355		864,495
Stockholders’ equity
Preferred equity	353,512		353,637		(125)		353,846		256,716		256,716		96,796
Common equity(b)	3,737,421		3,691,796		45,625		3,670,612		3,533,755		3,665,407		72,014
Total stockholders’ equity	4,090,933		4,045,433		45,500		4,024,457		3,790,471		3,922,124		168,809
Total liabilities and stockholders’ equity	$	33,419,783	$	34,698,746	$	(1,278,963)	$	35,501,464	$	33,908,056	$	32,386,478	$	1,033,305

Numbers may not sum due to rounding.

(a) Beginning in 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 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 decrease to accrued expenses and other liabilities. Prior periods were unadjusted due to the modified retrospective application of ASU 2016-13.

1

Associated Banc-Corp Consolidated Statements of Income (Unaudited)					Comp Qtr				YTD		YTD		Comp YTD
($ in thousands, except per share data)	4Q20		4Q19		$ Change		% Change		Dec 2020		Dec 2019		$ Change		% Change
Interest income
Interest and fees on loans	$	185,934	$	229,883	$	(43,949)	(19)	%	$	785,241	$	998,099	$	(212,858)	(21)	%
Interest and dividends on investment securities
Taxable	9,746		21,056		(11,310)		(54)	%	59,806		100,304		(40,498)		(40)	%
Tax-exempt	14,296		14,615		(319)		(2)	%	58,320		57,565		755		1	%
Other interest	1,699		3,556		(1,857)		(52)	%	9,473		16,643		(7,170)		(43)	%
Total interest income	211,675		269,110		(57,435)		(21)	%	912,840		1,172,610		(259,770)		(22)	%
Interest expense
Interest on deposits	7,762		45,877		(38,115)		(83)	%	67,639		237,286		(169,647)		(71)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	32		521		(489)		(94)	%	485		1,579		(1,094)		(69)	%
Interest on other short-term funding	5		25		(20)		(80)	%	51		138		(87)		(63)	%
Interest on PPPLF	410		—		410		N/M		1,984		—		1,984		N/M
Interest on FHLB Advances	9,888		16,623		(6,735)		(41)	%	57,359		69,816		(12,457)		(18)	%
Interest on long-term funding	5,585		5,921		(336)		(6)	%	22,365		28,116		(5,751)		(20)	%
Total interest expense	23,682		68,967		(45,285)		(66)	%	149,883		336,936		(187,053)		(56)	%
Net interest income	187,993		200,142		(12,149)		(6)	%	762,957		835,674		(72,717)		(9)	%
Provision for credit losses	16,997		—		16,997		N/M		174,006		16,000		158,006		N/M
Net interest income after provision for credit losses	170,996		200,142		(29,146)		(15)	%	588,950		819,674		(230,724)		(28)	%
Noninterest income
Wealth management fees(a)	22,073		21,582		491		2	%	84,957		83,467		1,490		2	%
Service charges and deposit account fees	15,318		16,032		(714)		(4)	%	56,307		63,135		(6,828)		(11)	%
Card-based fees	9,848		9,906		(58)		(1)	%	38,534		39,755		(1,221)		(3)	%
Other fee-based revenue	4,998		4,696		302		6	%	19,238		18,942		296		2	%
Capital markets, net	5,898		7,647		(1,749)		(23)	%	27,966		19,862		8,104		41	%
Mortgage banking, net	14,537		6,760		7,777		115	%	45,580		31,878		13,702		43	%
Bank and corporate owned life insurance	3,978		3,364		614		18	%	13,771		14,845		(1,074)		(7)	%
Insurance commissions and fees	92		19,701		(19,609)		(100)	%	45,245		89,104		(43,859)		(49)	%
Asset gains (losses), net(b)	(1,356)		398		(1,754)		N/M		155,589		2,713		152,876		N/M
Investment securities gains (losses), net	—		26		(26)		(100)	%	9,222		5,957		3,265		55	%
Gains (losses) on sale of branches, net	7,449		—		7,449		N/M		7,449		—		7,449		N/M
Other	2,879		2,822		57		2	%	10,200		11,165		(965)		(9)	%
Total noninterest income	85,714		92,934		(7,220)		(8)	%	514,056		380,824		133,232		35	%
Noninterest expense
Personnel	98,033		120,614		(22,581)		(19)	%	432,151		487,063		(54,912)		(11)	%
Technology	19,574		22,731		(3,157)		(14)	%	81,214		82,429		(1,215)		(1)	%
Occupancy	15,678		16,933		(1,255)		(7)	%	64,064		62,399		1,665		3	%
Business development and advertising	5,421		8,316		(2,895)		(35)	%	18,428		29,600		(11,172)		(38)	%
Equipment	5,555		5,970		(415)		(7)	%	21,705		23,550		(1,845)		(8)	%
Legal and professional	5,737		5,559		178		3	%	21,546		19,901		1,645		8	%
Loan and foreclosure costs	3,758		3,262		496		15	%	12,600		8,861		3,739		42	%
FDIC assessment	5,700		4,000		1,700		43	%	20,350		16,250		4,100		25	%
Other intangible amortization	2,253		2,712		(459)		(17)	%	10,192		9,948		244		2	%
Acquisition related costs(c)	(10)		1,325		(1,335)		N/M		2,447		7,320		(4,873)		(67)	%
Loss on prepayments of FHLB advances	—		—		—		N/M		44,650		—		44,650		N/M
Other	11,151		12,187		(1,036)		(9)	%	46,688		46,666		22		—	%
Total noninterest expense	172,850		203,609		(30,759)		(15)	%	776,034		793,988		(17,954)		(2)	%
Income (loss) before income taxes	83,860		89,467		(5,607)		(6)	%	326,972		406,509		(79,537)		(20)	%
Income tax expense (benefit)	16,858		17,364		(506)		(3)	%	20,200		79,720		(59,520)		(75)	%
Net income	67,002		72,103		(5,101)		(7)	%	306,771		326,790		(20,019)		(6)	%
Preferred stock dividends	5,207		3,801		1,406		37	%	18,358		15,202		3,156		21	%
Net income available to common equity	$	61,795	$	68,303	$	(6,508)	(10)	%	$	288,413	$	311,587	$	(23,174)	(7)	%
Earnings per common share
Basic	$	0.40	$	0.43	$	(0.03)	(7)	%	$	1.87	$	1.93	$	(0.06)	(3)	%
Diluted	$	0.40	$	0.43	$	(0.03)	(7)	%	$	1.86	$	1.91	$	(0.05)	(3)	%
Average common shares outstanding
Basic	152,497		156,994		(4,497)		(3)	%	153,005		160,534		(7,529)		(5)	%
Diluted	153,262		158,472		(5,210)		(3)	%	153,642		161,932		(8,290)		(5)	%

N/M = Not meaningful

Numbers may not sum due to rounding.

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

(b) YTD 2020 include a gain of $163 million from the sale of Associated Benefits & Risk Consulting. YTD 2019 include less than $1 million of Huntington related asset losses.

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

2

Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)					Seql Qtr										Comp Qtr
	4Q20		3Q20		$ Change		% Change		2Q20		1Q20		4Q19		$ Change		% Change
Interest income
Interest and fees on loans	$	185,934	$	182,625	$	3,309	2	%	$	191,895	$	224,786	$	229,883	$	(43,949)	(19)	%
Interest and dividends on investment securities
Taxable	9,746		13,689		(3,943)		(29)	%	16,103		20,272		21,056		(11,310)		(54)	%
Tax-exempt	14,296		14,523		(227)		(2)	%	14,616		14,882		14,615		(319)		(2)	%
Other interest	1,699		2,238		(539)		(24)	%	2,231		3,304		3,556		(1,857)		(52)	%
Total interest income	211,675		213,075		(1,400)		(1)	%	224,845		263,244		269,110		(57,435)		(21)	%
Interest expense
Interest on deposits	7,762		10,033		(2,271)		(23)	%	13,178		36,666		45,877		(38,115)		(83)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	32		34		(2)		(6)	%	51		368		521		(489)		(94)	%
Interest on other short-term funding	5		5		—		—	%	5		36		25		(20)		(80)	%
Interest on PPPLF	410		899		(489)		(54)	%	676		—		—		410		N/M
Interest on FHLB Advances	9,888		14,375		(4,487)		(31)	%	15,470		17,626		16,623		(6,735)		(41)	%
Interest on long-term funding	5,585		5,580		5		—	%	5,593		5,607		5,921		(336)		(6)	%
Total interest expense	23,682		30,925		(7,243)		(23)	%	34,973		60,303		68,967		(45,285)		(66)	%
Net interest income	187,993		182,150		5,843		3	%	189,872		202,942		200,142		(12,149)		(6)	%
Provision for credit losses	16,997		43,009		(26,012)		(60)	%	61,000		53,001		—		16,997		N/M
Net interest income after provision for credit losses	170,996		139,141		31,855		23	%	128,872		149,941		200,142		(29,146)		(15)	%
Noninterest income
Wealth management fees(a)	22,073		21,152		921		4	%	20,916		20,816		21,582		491		2	%
Service charges and deposit account fees	15,318		14,283		1,035		7	%	11,484		15,222		16,032		(714)		(4)	%
Card-based fees	9,848		10,195		(347)		(3)	%	8,893		9,597		9,906		(58)		(1)	%
Other fee-based revenue	4,998		4,968		30		1	%	4,774		4,497		4,696		302		6	%
Capital markets, net	5,898		7,222		(1,324)		(18)	%	6,910		7,935		7,647		(1,749)		(23)	%
Mortgage banking, net	14,537		12,636		1,901		15	%	12,263		6,143		6,760		7,777		115	%
Bank and corporate owned life insurance	3,978		3,074		904		29	%	3,625		3,094		3,364		614		18	%
Insurance commissions and fees	92		114		(22)		(19)	%	22,430		22,608		19,701		(19,609)		(100)	%
Asset gains (losses), net(b)	(1,356)		(339)		(1,017)		N/M		157,361		(77)		398		(1,754)		N/M
Investment securities gains (losses), net	—		7		(7)		(100)	%	3,096		6,118		26		(26)		(100)	%
Gains (losses) on sale of branches, net	7,449		—		7,449		N/M		—		—		—		7,449		N/M
Other	2,879		2,232		647		29	%	2,737		2,352		2,822		57		2	%
Total noninterest income	85,714		75,545		10,169		13	%	254,490		98,306		92,934		(7,220)		(8)	%
Noninterest expense
Personnel	98,033		108,567		(10,534)		(10)	%	111,350		114,200		120,614		(22,581)		(19)	%
Technology	19,574		19,666		(92)		—	%	21,174		20,799		22,731		(3,157)		(14)	%
Occupancy	15,678		17,854		(2,176)		(12)	%	14,464		16,069		16,933		(1,255)		(7)	%
Business development and advertising	5,421		3,626		1,795		50	%	3,556		5,826		8,316		(2,895)		(35)	%
Equipment	5,555		5,399		156		3	%	5,312		5,439		5,970		(415)		(7)	%
Legal and professional	5,737		5,591		146		3	%	5,058		5,160		5,559		178		3	%
Loan and foreclosure costs	3,758		2,118		1,640		77	%	3,605		3,120		3,262		496		15	%
FDIC assessment	5,700		3,900		1,800		46	%	5,250		5,500		4,000		1,700		43	%
Other intangible amortization	2,253		2,253		—		—	%	2,872		2,814		2,712		(459)		(17)	%
Acquisition related costs(c)	(10)		218		(228)		N/M		518		1,721		1,325		(1,335)		N/M
Loss on prepayments of FHLB advances	—		44,650		(44,650)		(100)	%	—		—		—		—		N/M
Other	11,151		13,745		(2,594)		(19)	%	10,249		11,543		12,187		(1,036)		(9)	%
Total noninterest expense	172,850		227,587		(54,737)		(24)	%	183,407		192,191		203,609		(30,759)		(15)	%
Income (loss) before income taxes	83,860		(12,900)		96,760		N/M		199,955		56,056		89,467		(5,607)		(6)	%
Income tax expense (benefit)	16,858		(58,114)		74,972		(129)	%	51,238		10,219		17,364		(506)		(3)	%
Net income	67,002		45,214		21,788		48	%	148,718		45,838		72,103		(5,101)		(7)	%
Preferred stock dividends	5,207		5,207		—		—	%	4,144		3,801		3,801		1,406		37	%
Net income available to common equity	$	61,795	$	40,007	$	21,788	54	%	$	144,573	$	42,037	$	68,303	$	(6,508)	(10)	%
Earnings per common share
Basic	$	0.40	$	0.26	$	0.14	54	%	$	0.94	$	0.27	$	0.43	$	(0.03)	(7)	%
Diluted	$	0.40	$	0.26	$	0.14	54	%	$	0.94	$	0.27	$	0.43	$	(0.03)	(7)	%
Average common shares outstanding
Basic	152,497		152,440		57		—	%	152,393		154,701		156,994		(4,497)		(3)	%
Diluted	153,262		153,194		68		—	%	153,150		155,619		158,472		(5,210)		(3)	%

N/M = Not meaningful

Numbers may not sum due to rounding.

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

(b)    2Q20 includes a gain of $163 million from the sale of Associated Benefits & Risk Consulting.

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

3

Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data and COVID-19 loan modifications; shares repurchased and outstanding in thousands)	YTD Dec 2020			YTD Dec 2019			4Q20			3Q20			2Q20			1Q20			4Q19
Per common share data
Dividends	$	0.72		$	0.69		$	0.18		$	0.18		$	0.18		$	0.18		$	0.18
Market value:
High	21.94			23.67			17.17			14.25			17.03			21.94			22.51
Low	10.85			18.64			12.68			11.86			11.48			10.85			18.96
Close	17.05			22.04			17.05			12.62			13.68			12.79			22.04
Book value	24.34			23.32			24.34			24.04			23.89			22.99			23.32
Tangible book value / share	16.67			15.28			16.67			16.37			16.21			14.64			15.28
Performance ratios (annualized)
Return on average assets	0.90		%	0.99		%	0.78		%	0.51		%	1.72		%	0.57		%	0.89		%
Noninterest expense / average assets	2.26		%	2.40		%	2.02		%	2.55		%	2.12		%	2.37		%	2.51		%
Effective tax rate	6.18		%	19.61		%	20.10		%	N/M			25.62		%	18.23		%	19.41		%
Dividend payout ratio(a)	38.50		%	35.75		%	45.00		%	69.23		%	19.15		%	66.67		%	41.86		%
Net interest margin	2.53		%	2.86		%	2.49		%	2.31		%	2.49		%	2.84		%	2.83		%
Selected trend information
Average full time equivalent employees(b)	4,459			4,702			4,134			4,374			4,701			4,631			4,696
Branch count							228			249			249			249			248
Assets under management, at market value(c)							$	13,314		$	12,195		$	11,755		$	10,454		$	12,104
Mortgage loans originated for sale during period	$	1,642		$	1,091		$	323		$	458		$	550		$	310		$	267
Mortgage loan settlements during period	$	1,960		$	1,317		$	339		$	599		$	725		$	297		$	268
Mortgage portfolio loans transferred to held for sale during period	$	269		$	242		$	—		$	70		$	—		$	200		$	—
Mortgage portfolio serviced for others							$	7,744		$	8,219		$	8,454		$	8,549		$	8,489
Mortgage servicing rights, net / mortgage portfolio serviced for others							0.54		%	0.55		%	0.58		%	0.68		%	0.79		%
Shares repurchased during period(d)	4,264			8,211			—			—			—			4,264			2,256
Shares outstanding, end of period	153,540			157,171			153,540			153,552			153,616			153,690			157,171
Paycheck Protection Program fees, net
Fees, beginning of period	$	27		N/A			$	21		$	24		$	27		N/A			N/A
Fees recognized	(15)			N/A			(9)			(4)			(3)			N/A			N/A
Fees, end of period	$	12		N/A			$	12		$	21		$	24		N/A			N/A
COVID-19 Impacted Loans in Forbearances ($ in thousands)
Commercial and industrial							$	5,640		$	19,414		$	45,415		$	345		N/A
Commercial real estate—owner occupied							6,737			42,121			142,293			—			N/A
Commercial and business lending							12,377			61,535			187,708			345			N/A
Commercial real estate—investor							18,345			246,833			643,168			595			N/A
Real estate construction							22			2,009			32,214			—			N/A
Commercial real estate lending							18,368			248,842			675,382			595			N/A
Total commercial							30,744			310,377			863,090			940			N/A
Residential mortgage							45,851			364,593			692,307			428			N/A
Home equity							1,762			10,068			30,554			—			N/A
Other consumer							222			1,132			2,060			—			N/A
Total consumer							47,835			375,794			724,921			428			N/A
Total COVID-19 impacted loans in forbearance							$	78,579		$	686,171		$	1,588,011		$	1,368		N/A
Selected quarterly ratios
Loans / deposits							92.33		%	93.60		%	93.53		%	94.95		%	95.97		%
Stockholders’ equity / assets							12.24		%	11.66		%	11.34		%	11.18		%	12.11		%
Risk-based capital(e)(f)
Total risk-weighted assets							$	25,903		$	26,142		$	25,864		$	25,866		$	24,296
Common equity Tier 1							$	2,706		$	2,672		$	2,651		$	2,421		$	2,481
Common equity Tier 1 capital ratio							10.45		%	10.22		%	10.25		%	9.36		%	10.21		%
Tier 1 capital ratio							11.81		%	11.57		%	11.62		%	10.35		%	11.26		%
Total capital ratio							14.02		%	13.78		%	13.83		%	12.56		%	13.21		%
Tier 1 leverage ratio							9.37		%	9.02		%	9.08		%	8.50		%	8.83		%
Mortgage banking, net
Mortgage servicing fees, net(g)	$	(1)		$	10		$	(1)		$	(1)		$	(1)		$	2		$	2
Gains (losses) and fair value adjustments on loans held for sale	60			17			15			14			21			10			5
Fair value adjustment on portfolio loans transferred to held for sale	4			4			—			1			—			3			—
Mortgage servicing rights (impairment) recovery	(18)			—			1			(1)			(8)			(9)			—
Mortgage banking, net	$	46		$	32		$	15		$	13		$	12		$	6		$	7

N/M = Not meaningful

Numbers may not sum due to rounding.

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

(b)Average full time equivalent employees without overtime.

(c)Excludes assets held in brokerage accounts.

(d)Does not include repurchases related to tax withholding on equity compensation.

(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)December 31, 2020 data is estimated.

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

4

Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Dec 31, 2020			Sep 30, 2020			Seql Qtr % Change		Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	384,711		$	363,803		6	%	$	337,793		$	201,371		$214,425			79	%
Cumulative effect of ASU 2016-13 adoption (CECL)	N/A			N/A					N/A			112,457			N/A
January 1, 2020	N/A			N/A					N/A			313,828			N/A
Provision for loan losses	26,500			50,500			(48)	%	52,500			37,500			1,000			N/M
Allowance for PCD loans for bank acquisition	N/A			N/A					N/A			3,504			N/A
Charge offs	(30,315)			(34,079)			(11)	%	(28,351)			(19,308)			(16,752)			81	%
Recoveries	2,805			4,488			(38)	%	1,861			2,268			2,699			4	%
Net charge offs	(27,510)			(29,592)			(7)	%	(26,490)			(17,040)			(14,054)			96	%
Balance at end of period	$	383,702		$	384,711		—	%	$	363,803		$	337,793		$	201,371		91	%
Allowance for unfunded commitments
Balance at beginning of period	$	57,276		$	64,776		(12)	%	$	56,276		$	21,907		$	22,907		150	%
Cumulative effect of ASU 2016-13 adoption (CECL)	N/A			N/A					N/A			18,690			N/A
January 1, 2020	N/A			N/A					N/A			40,597			N/A
Provision for unfunded commitments	(9,500)			(7,500)			27	%	8,500			15,500			(1,000)			N/M
Amount recorded at acquisition	—			—			N/M		—			179			—			N/M
Balance at end of period	$	47,776		$	57,276		(17)	%	$	64,776		$	56,276		$	21,907		118	%
Allowance for credit losses on loans (ACLL)(a)	$	431,478		$	441,988		(2)	%	$	428,579		$	394,069		$	223,278		93	%
Provision for credit losses on loans(b)	$	17,000		$	43,000		(60)	%	$	61,000		$	53,000		$	—		N/M
($ in thousands)	Dec 31, 2020			Sep 30, 2020					Jun 30, 2020			Mar 31, 2020			Dec 31, 2019
Net (charge offs) recoveries
PPP Loans	$	—		$	—		N/M		$	—		$	—		$	—		N/M
Commercial and industrial	(8,514)			(24,834)			(66)	%	(24,919)			(15,049)			(11,917)			(29)	%
Commercial real estate—owner occupied	143			(416)			(134)	%	1			—			—			N/M
Commercial and business lending	(8,371)			(25,249)			(67)	%	(24,919)			(15,048)			(11,917)			(30)	%
Commercial real estate—investor	(18,696)			(3,609)			N/M		28			—			—			N/M
Real estate construction	43			(21)			N/M		(3)			11			72			(40)	%
Commercial real estate lending	(18,653)			(3,630)			N/M		25			11			72			N/M
Total commercial	(27,024)			(28,879)			(6)	%	(24,893)			(15,037)			(11,845)			128	%
Residential mortgage	(162)			(79)			105	%	(215)			(912)			(1,415)			(89)	%
Home equity	335			156			115	%	(303)			71			480			(30)	%
Other consumer	(659)			(790)			(17)	%	(1,078)			(1,162)			(1,274)			(48)	%
Total consumer	(486)			(712)			(32)	%	(1,596)			(2,003)			(2,208)			(78)	%
Total net (charge offs) recoveries	$	(27,510)		$	(29,592)		(7)	%	$	(26,490)		$	(17,040)		$	(14,054)		96	%
(In basis points)	Dec 31, 2020			Sep 30, 2020					Jun 30, 2020			Mar 31, 2020			Dec 31, 2019
Net charge offs to average loans (annualized)
PPP Loans	—			—					—			—			—
Commercial and industrial	(45)			(126)					(121)			(81)			(65)
Commercial real estate—owner occupied	6			(18)					—			—			—
Commercial and business lending	(35)			(103)					(100)			(72)			(58)
Commercial real estate—investor	(173)			(34)					—			—			—
Real estate construction	1			—					—			—			2
Commercial real estate lending	(121)			(24)					—			—			1
Total commercial	(69)			(73)					(64)			(44)			(35)
Residential mortgage	(1)			—					(1)			(4)			(7)
Home equity	18			8					(15)			3			22
Other consumer	(83)			(98)					(128)			(134)			(145)
Total consumer	(2)			(3)					(7)			(8)			(9)
Total net charge offs	(44)			(47)					(42)			(29)			(24)
($ in thousands)	Dec 31, 2020			Sep 30, 2020					Jun 30, 2020			Mar 31, 2020			Dec 31, 2019
Credit Quality
Nonaccrual loans	$	210,854		$	231,590		(9)	%	$	171,607		$	136,717		$	118,380		78	%
Other real estate owned (OREO)	14,269			18,983			(25)	%	20,264			22,530			21,101			(32)	%
Other nonperforming assets	—			909			(100)	%	909			6,004			6,004			(100)	%
Total nonperforming assets	$	225,123		$	251,481		(10)	%	$	192,780		$	165,251		$	145,485		55	%
Loans 90 or more days past due and still accruing	$	1,598		$	1,854		(14)	%	$	1,466		$	2,255		$	2,259		(29)	%
Allowance for credit losses to loans	1.76		%	1.77		%			1.73		%	1.62		%	0.98		%
Allowance for credit losses to nonaccrual loans	204.63		%	190.85		%			249.74		%	288.24		%	188.61		%
Nonaccrual loans to total loans	0.86		%	0.93		%			0.69		%	0.56		%	0.52		%
Nonperforming assets to total loans plus OREO	0.92		%	1.01		%			0.78		%	0.68		%	0.64		%
Nonperforming assets to total assets	0.67		%	0.72		%			0.54		%	0.49		%	0.45		%
Year-to-date net charge offs to year-to-date average loans (annualized)	0.41		%	0.40		%			0.36		%	0.29		%	0.24		%

(a)    Excludes approximately $67,000 of allowance for held to maturity investment securities

(b)    Excludes provision for held to maturity investment securities.

5

Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Dec 31, 2020		Sep 30, 2020		Seql Qtr % Change		Jun 30, 2020		Mar 31, 2020		Dec 31, 2019		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	61,859	$	105,899	(42)	%	$	80,239	$	58,854	$	46,312	34	%
Commercial real estate—owner occupied	1,058		2,043		(48)	%	1,932		1,838		67		N/M
Commercial and business lending	62,917		107,941		(42)	%	82,171		60,692		46,380		36	%
Commercial real estate—investor	78,220		50,458		55	%	11,172		1,091		4,409		N/M
Real estate construction	353		392		(10)	%	503		486		493		(28)	%
Commercial real estate lending	78,573		50,850		55	%	11,675		1,577		4,902		N/M
Total commercial	141,490		158,792		(11)	%	93,846		62,269		51,282		176	%
Residential mortgage	59,337		62,331		(5)	%	66,656		64,855		57,844		3	%
Home equity	9,888		10,277		(4)	%	10,829		9,378		9,104		9	%
Other consumer	140		190		(26)	%	276		215		152		(8)	%
Total consumer	69,364		72,798		(5)	%	77,761		74,448		67,099		3	%
Total nonaccrual loans	$	210,854	$	231,590	(9)	%	$	171,607	$	136,717	$	118,380	78	%
	Dec 31, 2020		Sep 30, 2020		Seql Qtr % Change		Jun 30, 2020		Mar 31, 2020		Dec 31, 2019		Comp Qtr % Change
Restructured loans (accruing)(a)
Commercial and industrial	$	12,713	$	16,002	(21)	%	$	16,321	$	16,056	$	16,678	(24)	%
Commercial real estate—owner occupied	1,711		1,389		23	%	1,441		2,091		1,676		2	%
Commercial and business lending	14,424		17,391		(17)	%	17,762		18,146		18,353		(21)	%
Commercial real estate—investor	26,435		635		N/M		114		281		293		N/M
Real estate construction	260		382		(32)	%	313		339		298		(13)	%
Commercial real estate lending	26,695		1,016		N/M		427		620		591		N/M
Total commercial	41,119		18,407		123	%	18,189		18,767		18,944		117	%
Residential mortgage	7,825		5,378		46	%	4,178		4,654		3,955		98	%
Home equity	1,957		1,889		4	%	1,717		1,719		1,896		3	%
Other consumer	1,191		1,218		(2)	%	1,219		1,245		1,246		(4)	%
Total consumer	10,973		8,485		29	%	7,114		7,618		7,097		55	%
Total restructured loans (accruing)	$	52,092	$	26,891	94	%	$	25,303	$	26,384	$	26,041	100	%
Nonaccrual restructured loans (included in nonaccrual loans)	$	20,190	$	23,844	(15)	%	$	25,362	$	24,204	$	22,494	(10)	%
	Dec 31, 2020		Sep 30, 2020		Seql Qtr % Change		Jun 30, 2020		Mar 31, 2020		Dec 31, 2019		Comp Qtr % Change
Accruing Loans 30-89 Days Past Due
Commercial and industrial	$	6,119	$	298	N/M		$	716	$	976	$	821	N/M
Commercial real estate—owner occupied	373		870		(57)	%	199		51		1,369		(73)	%
Commercial and business lending	6,492		1,167		N/M		916		1,027		2,190		196	%
Commercial real estate—investor	12,793		409		N/M		13,874		14,462		1,812		N/M
Real estate construction	991		111		N/M		385		179		97		N/M
Commercial real estate lending	13,784		520		N/M		14,260		14,641		1,909		N/M
Total commercial	20,276		1,687		N/M		15,175		15,668		4,099		N/M
Residential mortgage	10,385		6,185		68	%	3,023		10,102		9,274		12	%
Home equity	4,802		5,609		(14)	%	3,108		7,001		5,647		(15)	%
Other consumer	1,599		1,351		18	%	1,482		1,777		2,083		(23)	%
Total consumer	16,786		13,144		28	%	7,613		18,879		17,005		(1)	%
Total accruing loans 30-89 days past due	$	37,062	$	14,831	150	%	$	22,788	$	34,547	$	21,104	76	%
	Dec 31, 2020		Sep 30, 2020		Seql Qtr % Change		Jun 30, 2020		Mar 31, 2020		Dec 31, 2019		Comp Qtr % Change
Potential Problem Loans
PPP Loans	$	18,002	$	19,161	(6)	%	$	19,161	$	—	$	—	N/M
Commercial and industrial	121,487		144,159		(16)	%	176,270		149,747		110,308		10	%
Commercial real estate—owner occupied	26,179		22,808		15	%	15,919		15,802		19,889		32	%
Commercial and business lending	165,668		186,129		(11)	%	211,350		165,550		130,197		27	%
Commercial real estate—investor	91,396		100,459		(9)	%	88,237		61,030		29,449		N/M
Real estate construction	19,046		2,178		N/M		2,170		1,753		—		N/M
Commercial real estate lending	110,442		102,637		8	%	90,407		62,783		29,449		N/M
Total commercial	276,111		288,766		(4)	%	301,758		228,333		159,646		73	%
Residential mortgage	3,749		2,396		56	%	3,157		3,322		1,451		158	%
Home equity	2,068		1,632		27	%	1,921		2,238		—		N/M
Total consumer	5,817		4,028		44	%	5,078		5,559		1,451		N/M
Total potential problem loans	$	281,928	$	292,794	(4)	%	$	306,836	$	233,892	$	161,097	75	%

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

6

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	December 31, 2020						September 30, 2020						December 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 PPP lending	$	929,859	$	10,854	4.64	%	$	1,019,808	$	6,172	2.41	%	$	—	$	—	—	%
Commercial and business lending (excl PPP loans)	8,513,750		57,473		2.69	%	8,751,083		56,951		2.59	%	8,208,076		85,418		4.13	%
Commercial real estate lending	6,157,622		44,636		2.88	%	6,032,308		44,354		2.93	%	5,195,025		59,490		4.55	%
Total commercial	15,601,230		112,963		2.88	%	15,803,199		107,476		2.71	%	13,403,101		144,908		4.29	%
Residential mortgage	8,029,585		60,292		3.00	%	8,058,283		61,701		3.06	%	8,167,795		66,805		3.27	%
Retail	1,051,022		13,035		4.95	%	1,101,589		13,780		4.99	%	1,212,438		18,422		6.06	%
Total loans	24,681,837		186,290		3.01	%	24,963,071		182,957		2.92	%	22,783,334		230,135		4.02	%
Investment securities
Taxable	3,155,508		9,746		1.24	%	3,438,858		13,689		1.59	%	3,624,465		21,056		2.32	%
Tax-exempt(a)	1,909,512		17,870		3.74	%	1,923,445		18,154		3.78	%	1,929,374		18,269		3.79	%
Other short-term investments	985,091		1,699		0.69	%	1,788,471		2,238		0.50	%	445,869		3,556		3.17	%
Investments and other	6,050,111		29,315		1.94	%	7,150,775		34,081		1.90	%	5,999,708		42,881		2.86	%
Total earning assets	30,731,948		$	215,605	2.80	%	32,113,847		$	217,038	2.70	%	28,783,042		$	273,015	3.78	%
Other assets, net	3,343,844						3,436,512						3,399,141
Total assets	$	34,075,792					$	35,550,359					$	32,182,183
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	3,628,458	$	356	0.04	%	$	3,462,942	$	382	0.04	%	$	2,714,191	$	2,086	0.30	%
Interest-bearing demand	5,739,983		1,215		0.08	%	5,835,597		1,085		0.07	%	5,138,116		11,458		0.88	%
Money market	6,539,583		1,121		0.07	%	6,464,784		1,444		0.09	%	6,594,681		13,959		0.84	%
Network transaction deposits	1,265,748		468		0.15	%	1,528,199		609		0.16	%	1,438,908		6,295		1.74	%
Time deposits	1,888,074		4,602		0.97	%	2,135,870		6,513		1.21	%	2,746,978		12,080		1.74	%
Total interest-bearing deposits	19,061,847		7,762		0.16	%	19,427,392		10,033		0.21	%	18,632,874		45,877		0.98	%
Federal funds purchased and securities sold under agreements to repurchase	164,091		32		0.08	%	140,321		34		0.10	%	176,999		521		1.17	%
Commercial Paper	40,128		5		0.05	%	42,338		5		0.05	%	27,708		25		0.36	%
PPPLF	464,119		410		0.35	%	1,018,994		899		0.35	%	—		—		—	%
FHLB advances	1,660,274		9,888		2.37	%	2,450,344		14,375		2.33	%	2,909,462		16,623		2.27	%
Long-term funding	549,307		5,585		4.07	%	549,042		5,580		4.06	%	585,024		5,921		4.05	%
Total short and long-term funding	2,877,919		15,920		2.20	%	4,201,039		20,892		1.98	%	3,699,192		23,090		2.48	%
Total interest-bearing liabilities	21,939,766		$	23,682	0.43	%	23,628,431		$	30,925	0.52	%	22,332,066		$	68,967	1.23	%
Noninterest-bearing demand deposits	7,677,003						7,412,186						5,470,496
Other liabilities	405,430						475,310						465,081
Stockholders’ equity	4,053,593						4,034,432						3,914,539
Total liabilities and stockholders’ equity	$	34,075,792					$	35,550,359					$	32,182,183
Interest rate spread					2.37	%					2.18	%					2.55	%
Net free funds					0.12	%					0.13	%					0.28	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	191,923	2.49	%			$	186,112	2.31	%			$	204,048	2.83	%
Fully tax-equivalent adjustment			3,930						3,963						3,906
Net interest income			$	187,993					$	182,150					$	200,142

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.

7

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
	Year Ended December 31,
	2020						2019
($ in thousands)	Average Balance		Interest Income /Expense		Average Yield / Rate		Average Balance		Interest Income /Expense		Average Yield / Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial PPP lending	$	701,111	$	21,867	3.12	%	$	—	$	—	—	%
Commercial and business lending (excl PPP loans)	8,709,043		258,738		2.97	%	8,426,774		385,072		4.57	%
Commercial real estate lending	5,811,498		192,545		3.31	%	5,150,464		255,582		4.96	%
Total commercial	15,221,651		473,150		3.11	%	13,577,238		640,655		4.72	%
Residential mortgage	8,190,190		254,814		3.11	%	8,311,914		282,134		3.39	%
Retail	1,125,806		58,655		5.21	%	1,233,646		76,939		6.24	%
Total loans	24,537,648		786,619		3.21	%	23,122,797		999,727		4.32	%
Investment securities
Taxable	3,295,718		59,806		1.81	%	4,284,991		100,304		2.34	%
Tax-exempt (a)	1,930,853		72,901		3.78	%	1,909,474		71,956		3.77	%
Other short-term investments	1,067,788		9,473		0.89	%	503,566		16,643		3.30	%
Investments and other	6,294,359		142,179		2.26	%	6,698,032		188,903		2.82	%
Total earning assets	30,832,007		$	928,799	3.01	%	29,820,829		$	1,188,630	3.99	%
Other assets, net	3,433,200						3,225,775
Total assets	$	34,265,207					$	33,046,604
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	3,306,385	$	2,966	0.09	%	$	2,439,872	$	7,086	0.29	%
Interest-bearing demand	5,583,144		12,496		0.22	%	5,080,857		56,742		1.12	%
Money market	6,509,924		15,273		0.23	%	7,005,265		74,467		1.06	%
Network transaction deposits	1,442,951		6,219		0.43	%	1,860,951		42,523		2.29	%
Time deposits	2,281,040		30,685		1.35	%	3,129,142		56,468		1.80	%
Total interest-bearing deposits	19,123,444		67,639		0.35	%	19,516,088		237,286		1.22	%
Federal funds purchased and securities sold under agreements to repurchase	175,713		485		0.28	%	137,679		1,579		1.15	%
Commercial Paper	38,583		41		0.11	%	32,123		138		0.43	%
PPPLF	565,371		1,984		0.35	%	—		—		—	%
Other short-term funding	4,226		11		0.25	%	—		—		—	%
FHLB advances	2,535,731		57,359		2.26	%	3,106,279		69,816		2.25	%
Long-term funding	549,143		22,365		4.07	%	742,946		28,116		3.78	%
Total short and long-term funding	3,868,767		82,245		2.13	%	4,019,027		99,651		2.48	%
Total interest-bearing liabilities	22,992,211		$	149,883	0.65	%	23,535,115		$	336,936	1.43	%
Noninterest-bearing demand deposits	6,884,241						5,219,520
Other liabilities	444,183						420,100
Stockholders’ equity	3,944,572						3,871,869
Total liabilities and stockholders’ equity	$	34,265,207					$	33,046,604
Interest rate spread					2.36	%					2.56	%
Net free funds					0.17	%					0.30	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	778,915	2.53	%			$	851,693	2.86	%
Fully tax-equivalent adjustment			15,959						16,020
Net interest income			$	762,957					$	835,674

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.

8

Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition	Dec 31, 2020		Sep 30, 2020		Seql Qtr % Change		Jun 30, 2020		Mar 31, 2020		Dec 31, 2019		Comp Qtr % Change
PPP Loans	$	767,757	$	1,022,217	(25)	%	$	1,012,033	$	—	$	—	N/M
Commercial and industrial	7,701,422		7,933,404		(3)	%	7,968,709		8,517,974		7,354,594		5	%
Commercial real estate—owner occupied	900,912		904,997		—	%	914,385		940,687		911,265		(1)	%
Commercial and business lending	9,370,091		9,860,618		(5)	%	9,895,127		9,458,661		8,265,858		13	%
Commercial real estate—investor	4,342,584		4,320,926		1	%	4,174,125		4,038,036		3,794,517		14	%
Real estate construction	1,840,417		1,859,609		(1)	%	1,708,189		1,544,858		1,420,900		30	%
Commercial real estate lending	6,183,001		6,180,536		—	%	5,882,314		5,582,894		5,215,417		19	%
Total commercial	15,553,091		16,041,154		(3)	%	15,777,441		15,041,555		13,481,275		15	%
Residential mortgage	7,878,324		7,885,523		—	%	7,933,518		8,132,417		8,136,980		(3)	%
Home equity	707,255		761,593		(7)	%	795,671		844,901		852,025		(17)	%
Other consumer	313,054		315,483		(1)	%	326,040		346,761		351,159		(11)	%
Total consumer	8,898,632		8,962,599		(1)	%	9,055,230		9,324,079		9,340,164		(5)	%
Total loans	$	24,451,724	$	25,003,753	(2)	%	$	24,832,671	$	24,365,633	$	22,821,440	7	%
Period end deposit and customer funding composition	Dec 31, 2020		Sep 30, 2020		Seql Qtr % Change		Jun 30, 2020		Mar 31, 2020		Dec 31, 2019		Comp Qtr % Change
Noninterest-bearing demand	$	7,661,728	$	7,489,048	2	%	$	7,573,942	$	6,107,386	$	5,450,709	41	%
Savings	3,650,085		3,529,423		3	%	3,394,930		3,033,039		2,735,036		33	%
Interest-bearing demand	6,090,869		5,979,449		2	%	5,847,349		6,170,071		5,329,717		14	%
Money market	7,322,769		7,687,775		(5)	%	7,486,319		7,717,739		7,640,798		(4)	%
Brokered CDs	—		—		N/M		4,225		65,000		5,964		(100)	%
Other time	1,757,030		2,026,852		(13)	%	2,244,680		2,568,345		2,616,839		(33)	%
Total deposits	26,482,481		26,712,547		(1)	%	26,551,444		25,661,580		23,779,064		11	%
Customer funding(a)	245,247		198,741		23	%	178,398		142,174		103,113		138	%
Total deposits and customer funding	$	26,727,727	$	26,911,289	(1)	%	$	26,729,842	$	25,803,754	$	23,882,177	12	%
Network transaction deposits(b)	$	1,197,093	$	1,390,778	(14)	%	$	1,496,958	$	1,731,996	$	1,336,286	(10)	%
Net deposits and customer funding (Total deposits and customer funding, excluding Brokered CDs and network transaction deposits)	$	25,530,634	$	25,520,511	—	%	$	25,228,660	$	24,006,758	$	22,539,927	13	%
Quarter average loan composition	Dec 31, 2020		Sep 30, 2020		Seql Qtr % Change		Jun 30, 2020		Mar 31, 2020		Dec 31, 2019		Comp Qtr % Change
PPP Loans	$	929,859	$	1,019,808	(9)	%	$	848,761	$	—	$	—	N/M
Commercial and industrial	7,609,185		7,844,209		(3)	%	8,263,270		7,455,528		7,291,592		4	%
Commercial real estate—owner occupied	904,565		906,874		—	%	929,640		924,585		916,484		(1)	%
Commercial and business lending	9,443,609		9,770,891		(3)	%	10,041,671		8,380,113		8,208,076		15	%
Commercial real estate—investor	4,289,703		4,255,473		1	%	4,113,895		3,857,277		3,806,168		13	%
Real estate construction	1,867,919		1,776,835		5	%	1,606,367		1,472,292		1,388,857		34	%
Commercial real estate lending	6,157,622		6,032,308		2	%	5,720,262		5,329,568		5,195,025		19	%
Total commercial	15,601,230		15,803,199		(1)	%	15,761,933		13,709,681		13,403,101		16	%
Residential mortgage	8,029,585		8,058,283		—	%	8,271,757		8,404,351		8,167,795		(2)	%
Home equity	736,059		780,202		(6)	%	819,680		845,422		864,144		(15)	%
Other consumer	314,963		321,387		(2)	%	337,436		349,164		348,295		(10)	%
Total consumer	9,080,607		9,159,872		(1)	%	9,428,873		9,598,937		9,380,233		(3)	%
Total loans(c)	$	24,681,837	$	24,963,071	(1)	%	$	25,190,806	$	23,308,618	$	22,783,334	8	%
Quarter average deposit composition	Dec 31, 2020		Sep 30, 2020		Seql Qtr % Change		Jun 30, 2020		Mar 31, 2020		Dec 31, 2019		Comp Qtr % Change
Noninterest-bearing demand	$	7,677,003	$	7,412,186	4	%	$	6,926,401	$	5,506,861	$	5,470,496	40	%
Savings	3,628,458		3,462,942		5	%	3,260,040		2,868,840		2,714,191		34	%
Interest-bearing demand	5,739,983		5,835,597		(2)	%	5,445,267		5,307,230		5,138,116		12	%
Money market	6,539,583		6,464,784		1	%	6,496,841		6,538,658		6,594,681		(1)	%
Network transaction deposits	1,265,748		1,528,199		(17)	%	1,544,737		1,434,128		1,438,908		(12)	%
Time deposits	1,888,074		2,135,870		(12)	%	2,469,899		2,636,231		2,746,978		(31)	%
Total deposits	$	26,738,850	$	26,839,578	—	%	$	26,143,186	$	24,291,949	$	24,103,371	11	%

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.

9

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	YTD			YTD
($ in millions, except per share data)	Dec 2020			Dec 2019			4Q20			3Q20			2Q20			1Q20			4Q19
Tangible common equity reconciliation(a)
Common equity							$	3,737		$	3,692		$	3,671		$	3,534		$	3,665
Goodwill and other intangible assets, net							(1,178)			(1,178)			(1,181)			(1,284)			(1,265)
Tangible common equity							$	2,560		$	2,513		$	2,490		$	2,250		$	2,401
Tangible assets reconciliation(a)
Total assets							$	33,420		$	34,699		$	35,501		$	33,908		$	32,386
Goodwill and other intangible assets, net							(1,178)			(1,178)			(1,181)			(1,284)			(1,265)
Tangible assets							$	32,242		$	33,520		$	34,321		$	32,624		$	31,122
Average tangible common equity and average common equity tier 1 reconciliation(a)
Common equity	$	3,633		$	3,615		$	3,700		$	3,681		$	3,566		$	3,585		$	3,658
Goodwill and other intangible assets, net	(1,228)			(1,257)			(1,178)			(1,180)			(1,281)			(1,272)			(1,266)
Tangible common equity	2,406			2,358			2,522			2,501			2,285			2,313			2,392
Modified CECL transitional amount	115			N/A			123			120			115			101			N/A
Accumulated other comprehensive loss (income)	3			69			(4)			(4)			8			10			37
Deferred tax assets (liabilities), net	44			47			42			42			45			47			48
Average common equity Tier 1	$	2,567		$	2,474		$	2,683		$	2,660		$	2,453		$	2,471		$	2,476
Average tangible assets reconciliation(a)
Total assets	$	34,265		$	33,047		$	34,076		$	35,550		$	34,846		$	32,577		$	32,182
Goodwill and other intangible assets, net	(1,228)			(1,257)			(1,178)			(1,180)			(1,281)			(1,272)			(1,266)
Tangible assets	$	33,038		$	31,790		$	32,898		$	34,371		$	33,565		$	31,305		$	30,916
Selected trend information(b)
Wealth management fees(c)	85			83			22			21			21			21			22
Service charges and deposit account fees	56			63			15			14			11			15			16
Card-based fees	39			40			10			10			9			10			10
Other fee-based revenue	19			19			5			5			5			4			5
Fee-based revenue	199			205			52			51			46			50			52
Other	315			176			33			25			208			48			41
Total noninterest income	$	514		$	381		$	86		$	76		$	254		$	98		$	93
Selected equity and performance ratios(a)(d)
Tangible common equity / tangible assets							7.94		%	7.50		%	7.25		%	6.90		%	7.71		%
Return on average equity	7.78		%	8.44		%	6.58		%	4.46		%	15.55		%	4.80		%	7.31		%
Return on average tangible common equity	11.99		%	13.21		%	9.75		%	6.36		%	25.45		%	7.31		%	11.33		%
Return on average common equity Tier 1	11.23		%	12.59		%	9.16		%	5.98		%	23.71		%	6.84		%	10.94		%
Return on average tangible assets	0.93		%	1.03		%	0.81		%	0.52		%	1.78		%	0.59		%	0.93		%
Efficiency ratio reconciliation(e)
Federal Reserve efficiency ratio	61.76		%	65.38		%	59.68		%	85.41		%	43.49		%	70.37		%	69.14		%
Fully tax-equivalent adjustment	(0.77)		%	(0.85)		%	(0.84)		%	(1.29)		%	(0.39)		%	(0.96)		%	(0.91)		%
Other intangible amortization	(0.80)		%	(0.82)		%	(0.82)		%	(0.87)		%	(0.65)		%	(0.95)		%	(0.93)		%
Fully tax-equivalent efficiency ratio	60.20		%	63.72		%	58.02		%	83.25		%	42.46		%	68.47		%	67.32		%
Acquisition related costs adjustment	(0.19)		%	(0.60)		%	—		%	(0.08)		%	(0.12)		%	(0.58)		%	(0.45)		%
Provision for unfunded commitments adjustment	(0.55)		%	0.20		%	3.42		%	2.87		%	(1.91)		%	(5.18)		%	0.34		%
Asset gains (losses), net adjustment	8.20		%	0.14		%	(0.30)		%	(0.11)		%	22.10		%	(0.02)		%	0.09		%
Branch Sales	0.41		%	—		%	1.68		%	—		%	—		%	—		%	—		%
3Q 2020 Initiatives	(5.32)		%	—		%	—		%	(22.90)		%	—		%	—		%	—		%
Adjusted efficiency ratio	62.76		%	63.47		%	62.83		%	63.02		%	62.53		%	62.70		%	67.30		%

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 excludes the provision for unfunded commitments, other intangible amortization, acquisition related costs, and 3Q20 initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net, acquisition related costs, asset gains (losses), net and gain on sale of branches. 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 the Corporation is managing its expenses by adjusting for acquisition related costs, provision for unfunded commitments, asset gains (losses), net, branch sales, and 3Q 2020 initiatives.

10

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
($ in millions, except per share data)
Gain on Sale of ABRC (net of tax) (a)	YTD 2020		YTD per share data (b)
GAAP earnings:	$	288	$	1.86
Gain on sale of ABRC (asset gains, net)	(104)		(0.68)
Earnings, excluding above items:	$	184	$	1.19
YTD 2020 Pre-tax Pre-Provision income, excluding 2020 Initiatives(a)	YTD 2020		4Q 2020
Pre-tax pre-provision income
Income before income taxes	$	327	$	84
Provision for credit losses	174		17
Pre-tax pre-provision income	$	501	$	101
2020 Acquisitions, dispositions, and announced initiatives
Sale of ABRC	$	(163)	$	—
Gain on sale of branches	(7)		(7)
Acquisitions related costs (noninterest expense)	2		—
Loss on prepayments of FHLB Advances	45		—
Severance	10		—
Branch sales & consolidations	6		—
3Q 2020 Initiatives	60		—
2020 Acquisitions, dispositions, and announced initiatives	$	(108)	$	(7)
Pre-tax pre-provision income, excluding 2020 initiatives	$	393	$	94

Numbers may not sum due to rounding.

(a) 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.

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

11

EX-99.2

FOURTH QUARTER 2020 EARNINGS PRESENTATION JANUARY 21, 2021 Exhibit 99.2

1 Forward-looking Statements Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” "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. These forward-looking statements include: management plans relating to the pending sale of Whitnell & Co. and formation of a strategic partnership with Rockefeller (the “transaction”); the expected timing of the completion of the transaction; the ability to complete the transaction; the ability to obtain any required regulatory approvals; any statements of the plans and objectives of management for future operations, products or services; any statements of expectation or belief; projections related to certain financial results or other benefits of the transaction; and any statements of assumptions underlying any of the foregoing. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference. Additional factors which may cause actual results of the transaction to differ materially from those contained in forward-looking statements are the possibility that expected benefits of the transaction may not materialize in the timeframe expected or at all, or may be more costly to achieve; the transaction may not be timely completed, if at all; that required regulatory approvals are not obtained or other customary closing conditions are not satisfied in a timely manner or at all; reputational risks and the reaction of shareholders, customers, employees or other constituents to the transaction; and diversion of management time on acquisition-related matters. Trademarks: All trademarks, service marks, and trade names referenced in this material are official trademarks and the property of their respective owners. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. 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 Improving Credit Position (Quarterly provision expense) Increasing Earnings (Quarterly EPS) Active NIM Management (Quarterly NIM) ...and completed cost saving initiatives... ▪ Further rationalized our branch network by 9%1 ▪ Reduced staffing levels by 12%1 ▪ Back office streamlining drove additional savings ...while continuing to produce improving credit quality metrics... ▪ Provision peaked in 2Q and has been declining ▪ Net reserve release for the fourth quarter of 2020 ▪ Improving economic and portfolio outlook ...which has driven increasing EPS ▪ Full year 2020 GAAP EPS was $1.86 as compared to $1.91 in 2019 ▪ The cost saving initiatives executed during the year, along with reduced provision, were key drivers in the 54% increase to EPS from 3Q to 4Q Proactive Cost Saving Initiatives (Quarterly personnel expense) We managed our margin through the low rate environment... ▪ Reduced the cost of funding across the bank ▪ Increased C&I loan spreads ▪ Minimized our investments and wholesale funding FY 2020 personnel expense down 11% YoY FY 2020 GAAP EPS of $1.86 and adjusted EPS2 of $1.19 Quarterly provision for credit losses declining 2.84% 2.49% 2.31% 2.49% 1Q 20 2Q 20 3Q 20 4Q 20 $114 $111 $109 $98 1Q 20 2Q 20 3Q 20 4Q 20 $53 $61 $43 $17 1Q 20 2Q 20 3Q 20 4Q 20 $0.26$0.27 $0.94 $0.26 $0.40 1Q 20 2Q 20 3Q 20 4Q 20 FY 2020 NIM 2.53% $0.68 from sale of ABRC ($ in millions except per share data) 2020: Managing a Tumultuous Year 1 Down from 12/31/2019. 2 A non-GAAP measure. Please refer to the appendix for a reconciliation of adjusted earnings per common share to earnings per common share. 2

3 Expanding Margin Trends ▪ 4Q 2020 NIM of 2.49%, up 18 bps from 3Q 2020 ▪ 4Q average loans grew $1.9 billion YoY, up 8% ▪ Mortgage warehouse and CRE lending continued to be strong during 4Q 2020 ▪ PPP forgiveness began during 4Q which accelerated the recognition of SBA fees Strong Capital Position ▪ Tangible book value per share increased to $16.67 at 12/31/20 ▪ Dividend payout ratio of 39% for the year ▪ All regulatory capital ratios finished 2020 higher than 2019 Improving Credit Dynamics ▪ Provision of $17 million driving an $11 million net reserve release for 4Q ▪ Total deferrals less than $80 million, or 0.32% of EOP loans ▪ NPA and nonaccruals are both down from 3Q 2020 ▪ Well reserved with ACLL to loan ratio of 1.76% (1.82% excl. PPP) at the end of 2020 Growing Low Cost Deposits ▪ Low-cost deposits accounted for ~64% of total deposits at the end of 2020 ▪ Cost of interest bearing deposits excluding time decreased to 7 bps in 4Q 2020 ▪ Loan-to-deposit ratio of 92% at the end of 2020 Fourth quarter 2020 results reflected positive trends across our core business and operations Associated Banc-Corp Reports Fourth Quarter 2020 Earnings of $0.40 Per Common Share and $1.86 Per Common Share for the Full Year 2020 2020 Fourth Quarter Update

4 2020 included multiple cost saving initiatives and asset sales which drove PTPP higher YoY ($ in millions) 1 A non-GAAP measure. Please refer to the appendix for a reconciliation of pre-tax pre-provision income to income before income taxes. 2 A non-GAAP measure. Please refer to the appendix for a reconciliation of adjusted pre-tax pre-provision income to income before income taxes. 1 2 2020 Pre-Tax Pre-Provision PTPP 2020 Initiatives Adjusted PTPP

5 4Q 2020 PTPP income excluding gain on sale of branches of $94 million ($ in millions) 1 A non-GAAP measure. Please refer to the appendix for a reconciliation of pre-tax pre-provision income to income before income taxes. 2 A non-GAAP measure. Please refer to the appendix for a reconciliation of adjusted pre-tax pre-provision income to income before income taxes. 1 2 4Q 2020 PTPP Walkforward PTPP

6 $1.4 $1.3 $1.3 $1.2 $1.1 $6.2 $7.1 $8.3 $8.3 $8.2 $4.7 $5.0 $5.4 $5.2 $5.8 $7.4 $7.3 $7.7 $8.4 $8.7 $0.7 $19.7 $20.6 $22.7 $23.1 $24.5 2016 2017 2018 2019 2020 $(236) $(180) $(122) $(108) $43 $275 $324 $337 $381 Annual Loan Trends CRE investor Residential mortgage Home equity & other consumer General commercial REIT Mortgage warehouse Power & utilities ($ in millions) Oil & gas PPP, CRE, and Mortgage Warehouse lead growth as we continued to reduce our Oil & Gas exposures CRE construction PPP $701 Average Annual Loans ($ in billions) Average Loan Change (2019 to 2020) Commercial & business lending Commercial real estate Residential mortgage Home equity & other consumer PPP

7 $1.2 $1.2 $1.2 $1.1 $1.1 $8.2 $8.4 $8.3 $8.1 $8.0 $5.2 $5.3 $5.7 $6.0 $6.2 $8.2 $8.4 $9.2 $8.8 $8.5 $0.8 $1.0 $0.9 $22.8 $23.3 $25.2 $25.0 $24.7 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 $(374) $(216) $(161) $(138) $(10) $308 $481 $482 Quarterly Loan Trends CRE investor Residential mortgage Home equity & other consumer General commercial REIT Mortgage warehouse Power & utilities ($ in millions) Oil & gas CRE continues to grow partially offset by general commercial loans CRE construction PPP Average Quarterly Loans ($ in billions) Average Loan Change (4Q19 to 4Q20) Commercial & business lending Commercial real estate Residential mortgage Home equity & other consumer PPP $930 $597

8 ▪ We generally granted 90 day deferrals for our commercial customers ▪ Total commercial deferrals have declined approximately 96% since the end of 2Q 2020 ▪ As of 12/31/20 commercial deferrals ($31 million) represent 0.20% of our commercial loan balances Active Commercial Loan Deferrals Active Consumer Loan Deferrals Total deferrals have declined approximately 95% since 2Q 2020 $1 $863 $310 $31 1Q 20 2Q 20 3Q 20 4Q 20 CRE C&BL ($ in millions) $0 $725 $376 $48 1Q 20 2Q 20 3Q 20 4Q 20 Consumer 1st term Consumer 2nd term ▪ We generally granted six month deferrals to consumers who requested assistance ▪ Total consumer deferrals have declined by approximately 93% since the end of 2Q 2020 and $46 million are still on their initial term ▪ As of 12/31/20, active consumer deferrals represent 0.54% of consumer loan balances Loan Deferral Update

9 Fourth Quarter ACLL ▪ Allowance for credit losses on loans (ACLL) decreased $11 million at the end of 4Q 2020 from 3Q 2020 ▪ ACLL to loans was 1.76%, or 1.82% excluding PPP loans ▪ 4Q 2020 provision of $17 million, down $26 million from 3Q 2020 ▪ CECL forward looking assumptions based on Moody’s December 2020 Baseline forecast 1 Includes ALLL and the allowance for unfunded commitments. 2 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. Positive numbers reflect increases to the reserve and negative numbers reflect releases. ($ in thousands) Loan Allowance Walkforward ACLL2 decreased $11 million and covered 1.76% of loan balances at the end of 2020 ($ in millions) Allowance Update Loan Category ACLL 1 12/31/19 Day 1 CECL Adoption 2 Net 1Q Reserve Build 2 Net 2Q Reserve Build 2 Net 3Q Reserve Build 2 Net 4Q Reserve Release 2 ACLL 2 12/31/20 12/31/20 ACLL 2 / Loans C&BL - excl. Oil & Gas 100,594$ (8,390)$ 29,571$ 326$ 27,699$ (26,805)$ 122,994$ 1.48% C&BL Oil & Gas 13,226 55,460 8,880 6,025 (32,654) 2,712 53,650 18.12% PPP Loans - - - 808 160 (437) 531 0.07% CRE - Investor 41,044 2,287 (785) 16,524 31,850 3,151 94,071 2.17% CRE - Construction 32,447 25,814 7,428 10,585 (10,528) 12,334 78,079 4.24% Residential Mortgage 16,960 33,215 (6,227) (121) (183) (646) 42,997 0.55% Other Consumer 19,008 22,760 777 363 (2,937) (818) 39,154 3.84% Total 223,278$ 131,147$ 39,643$ 34,510$ 13,408$ (10,510)$ 431,478$ 1.76% Total (excl. PPP Loans) 223,278$ 131,147$ 39,643$ 33,702$ 13,248$ (10,073)$ 430,946$ 1.82%

10 2.69% 16.63% 19.36% 15.29% 18.12% 0.98% 1.62% 1.73% 1.77% 1.76% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 $4 $8 $2 $6 $9 $10 $9 $25 $21 $3 $19 $14 $17 $26 $30 $28 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Credit Quality – Quarterly Trends $95 $107 $110 $145 $97 $23 $29 $50 $8 $37 $1 $11 $79 $77 $118 $137 $172 $232 $211 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 $118 $150 $186 $162 $141 $43 $67 $63 $60 $41 $17 $58 $72 $100 $161 $234 $307 $293 $282 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Credit metrics improved during 4Q 2020 ($ in millions) ($ in millions) ($ in millions) 1 Oil and gas had a net recovery of ~$710,000 in 4Q20. 2 ACLL figures do not include the allowance for HTM securities. 3 Please see slide 20 for more detail on our Key COVID Commercial Loan Exposures. Oil and gas ACLL / Oil and gas Loans ACLL / loans Potential Problem Loans Nonaccrual Loans ACLL2 to Total Loans / Oil and Gas LoansNet Charge Offs1 Oil and gas All other loansOther COVID3 Oil and gas All other loansOther COVID3 Oil and gas All other loansOther COVID3

11 $3.5 $3.1 $2.1 $1.9 $1.4 $1.6 $2.0 $2.8 $3.1 $2.3 $6.0 $6.3 $7.3 $7.0 $6.5 $1.4 $1.5 $1.9 $2.4 $3.3 $3.4 $4.0 $4.8 $5.1 $5.6 $5.1 $5.0 $5.2 $5.2 $6.9 $21.0 $21.9 $24.1 $24.7 $26.0 2016 2017 2018 2019 2020 Annual Deposit Portfolio Trends ($ in billions) Average Annual Deposits Time depositsSavings Money market EOP Deposit Change (2019 to 2020) Network transaction deposits Low-cost core deposits have trended up while we reduced reliance on high-cost fund sources Noninterest-bearing demand Interest-bearing demand $(139) $149 $433 $915 Interest-bearing demand Savings Noninterest-bearing demand Money market Network transaction deposits Time deposits ($ in millions) $2,211 $(866)

12 $1.4 $1.4 $1.5 $1.5 $1.3 $2.7 $2.6 $2.5 $2.1 $1.9 $6.6 $6.5 $6.5 $6.5 $6.5 $2.7 $2.9 $3.3 $3.5 $3.6 $5.1 $5.3 $5.4 $5.8 $5.7 $5.5 $5.5 $6.9 $7.4 $7.7 $24.1 $24.3 $26.1 $26.8 $26.7 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Quarterly Deposit Portfolio Trends ($ in billions) Average Quarterly Deposits Time depositsSavings Money market EOP Deposit Change 3Q20 to 4Q20 Network transaction deposits We continue to improve the mix of low-cost, core customer funding Noninterest-bearing demand Interest-bearing demand $(270) $(226) $(194) $121 $166 $173 ($ in millions) EOP Low-cost Deposit Mix Trend 12% 12% 13% 13% 14% 21% 23% 20% 22% 21% 23% 24% 29% 28% 29% 56% 58% 61% 63% 64% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Noninterest-bearing demand Savings Money Market Network transaction deposits Time deposits Interest-bearing demand

13 Net Interest Income and Yield Trends Net Interest Income and Net Interest Margin 4.55% 4.34% 3.24% 2.93% 2.88% 4.13% 3.85% 2.80% 2.59% 2.69% 3.27% 3.33% 3.04% 3.06% 3.00% 1.23% 1.06% 0.60% 0.52% 0.43% 0.84% 0.65% 0.10% 0.08% 0.07% 1.74% 1.63% 1.44% 1.21% 0.97% 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 $203 $190 $182 $188 2.85% 2.89% 2.30% 2.35% 2.56% Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Average Yields ($ in millions) 4Q 2020 margin rebounded as C&I spreads widened and liability costs declined Total residential mortgage loans Commercial and business lending loans excluding PPP Commercial real estate loans Total interest- bearing liabilities1 Time DepositsNet interest income Net interest margin Total interest-bearing excluding time deposits 1Q20 2Q20 3Q20 4Q20 1Reflects approximately $1 billion repayment of FHLB advances in 3Q and $1 billion repayment of PPPLF in 4Q.

14 $15 $14 $14 $15 $15 $22 $21 $21 $21 $22 $16 $15 $11 $14 $15 $40 $48 $51 $25 $26 $7 $93 $98 $76 $86 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 $254 Noninterest Income Trends Net Mortgage Banking IncomeNoninterest Income Trend $7 $6 $12 $13 $15 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 $16 $15 $11 $14 $15 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 ($ in millions) ($ in millions) ($ in millions) Service Charges & Deposit Account Fees The fourth quarter branch sales generated a gain of $7 million as mortgage banking and service charges grew Card-based and other fee based Service charges and deposit account fees Wealth management Insurance & Other Asset gains (losses), net Gain from branch sales

15 $121 $114 $111 $109 $98 $82 $76 $72 $69 $75 $1 $2 $1 $50 $204 $192 $183 $228 $173 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Expense Trends Adjusted Efficiency Ratio2Noninterest Expense 67% 63% 63% 63% 63% 69% 70% 43% 85% 60% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 2.45% 2.35% 2.09% 1.87% 2.02% 2.51% 2.37% 2.12% 2.55% 2.02% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1 Annualized 2 A non-GAAP financial measure. Please refer to the appendix for a reconciliation of the Federal Reserve efficiency ratio to the adjusted efficiency ratio. 3 A non-GAAP financial measure, adjusted noninterest expense excludes acquisition and restructuring related costs. Please refer to the appendix for a reconciliation of adjusted noninterest expense to noninterest expense. 4 Personnel expense includes $10 million of severance which is included in the $60 million of total restructuring expenses. ($ in millions) Noninterest Expense1 / Average Assets 2020 cost saving initiatives reduced the expense run rate and improved the efficiency ratio Personnel expense Other Acquisition expenses Adjusted noninterest expense3 / average assets Noninterest expense / average assets Restructuring costs (FHLB & Real estate expenses) 4 Adjusted efficiency ratio2 Federal Reserve efficiency ratio

16 6.90% 9.36% 10.35% 12.56% 7.94% 10.45% 11.81% 14.02% TCE Ratio Common Equity Tier 1 Capital Tier 1 Capital Total Capital 1 Tangible common equity / tangible assets. This is a non-GAAP financial measure. See Appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Regulatory Capital Ratios 1Q 2020 Tangible Common Equity Ratio1 Common Equity Tier 1 Ratio Tangible Common Equity ratio increased 44 bps to 7.94% during 4Q 2020 4Q 2020 Capital Ratio Walkdowns 3Q 2020 Gain on branch sales Dividends Other 4Q 2020 Earnings excluding gain on branch sales Strong Capital Position

17 Balance Sheet Management ▪ Commercial loan growth, excluding PPP, of 2-4% ▪ Full year margin of 2.55% to 2.65% ▪ Target investments / total assets ratio of 15% Fee Businesses ▪ Noninterest income of $280 million to $300 million ▪ Mortgage banking revenue expected to moderate ▪ Wealth management fees are expected to be approximately $6 million lower in 2021 due to the strategic sale of Whitnell Expense Management ▪ We expect 2021 expenses of approximately $675 million ▪ Full-year effective tax rate expected to be between 18-21% Capital & Credit Management ▪ Target TCE at or above 7.5% ▪ Target CET1 at or above 9.5% ▪ Provision outlook positive and expected to be $70 million or less in 2021 ▪ Expect to resume share repurchases in 1Q 2021 We are sharing guidance for 2021 2021 Outlook

APPENDIX

19 Total Loans Outstanding Balances as of December 31, 2020 1 All values as of period end. 2 North American Industry Classification System. 3 Includes mortgage warehouse financing. 4 Includes $296 million of oil and gas loans and one $16 million fracking sand mining company loan. Well diversified $24 billion loan portfolio ($ in millions) 12/31/2020 1 % of Total Loans 12/31/2020 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Finance and Insurance 3 1,739$ 7.1% Multi-Family 2,035$ 8.3% Utilities 1,609 6.6% Office/Mixed 1,230 5.0% Wholesale/Manufacturing 1,580 6.5% Industrial 1,038 4.2% Real Estate (includes REITs) 1,102 4.5% Retail 979 4.0% Construction 386 1.6% Single Family Construction 351 1.4% Health Care and Social Assistance 369 1.5% Hotel/Motel 255 1.0% Mining 4 342 1.4% Land 107 0.4% Retail Trade 328 1.3% Parking Lots and Garages 84 0.3% Professional, Scientific, and Tech. Serv. 302 1.2% Mobile Home Parks 16 0.1% Rental and Leasing Services 262 1.1% Other 88 0.4% Waste Management 197 0.8% Total CRE 6,183$ 25.3% Transportation and Warehousing 186 0.8% Accommodation and Food Services 161 0.7% Consumer Arts, Entertainment, and Recreation 142 0.6% Residential Mortgage 7,878$ 32.2% Information 119 0.5% Home Equity 707 2.9% Financial Investments & Related Activities 102 0.4% Student Loans 118 0.5% Management of Companies & Enterprises 88 0.4% Credit Cards 106 0.4% Educational Services 68 0.3% Other Consumer 89 0.4% Public Administration 28 0.1% Total Consumer 8,899$ 36.4% Agriculture, Forestry, Fishing and Hunting 7 0.0% Other 252 1.0% Total C&BL 9,370$ 38.3% Total Loans 24,452$ 100.0%

20 1 As of 12/31/2020. 2 C&BL excludes grocers, convenience stores, vehicle dealers, auto parts and tire dealers, direct and mail order retailers, and building material dealers; CRE excludes properties primarily anchored by grocers, self-storage facilities, and vehicle dealers. Key COVID commercial loan exposures are spread across multiple industries without large concentrations ($ in millions) Key COVID Commercial Loan Exposures1 C&BL Utilization CRE Utilization Total % of total loans Retailers/Shopping Centers 2 Retailers 67.7$ 44% 676.5$ 90% 744.2$ 3.04% Retail REITs 197.1 46% 153.5 98% 350.7 1.43% Subtotal 264.8 46% 830.0 92% 1,094.8 4.48% Oil & Gas Oil & Gas 296.0 64% - 0% 296.0 1.21% Subtotal 296.0 64% - 0% 296.0 1.21% Hotels, Amusement & Related Hotels 0.1 21% 255.2 89% 255.3 1.04% Parking Lots and Garages 21.7 59% 101.8 90% 123.5 0.51% Casinos 26.6 100% - 0% 26.6 0.11% Recreation & Entertainment 25.8 27% 6.4 97% 32.2 0.13% Movie Theaters 10.0 30% - 0% 10.0 0.04% Subtotal 84.2 43% 363.4 90% 447.6 1.83% Restaurants Full-Service 68.7 79% 14.3 100% 83.0 0.34% Limited-Service & Other 18.7 91% 10.9 100% 29.7 0.12% Subtotal 87.4 81% 25.2 100% 112.6 0.46% Transportation & Other Transportation Services 43.7 81% - 0% 43.7 0.18% Fracking Sand Mining 16.3 67% - 0% 16.3 0.07% Subtotal 59.9 77% - 0% 59.9 0.25% Total 792.4$ 56% 1,218.6$ 91% 2,011.0$ 8.22%

21 Manufacturing & Wholesale Trade 17% Power & Utilities 17% Real Estate 12% Oil & Gas 4% Finance & Insurance 18% 1Excludes $313 million Other consumer portfolio. 2Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3Principally reflects the oil and gas portfolio. 4Chart based on commitments of $459 million. C&BL by Geography $9.4 billion CRE by Geography $6.2 billion Multi-Family 33% Retail 16% Office / Mixed Use 20% Industrial 17% 1-4 Family Construction 6%Hotel / Motel 4% Other 5% Permian 29% South Texas & Eagle Ford 11% East Texas North Louisiana Arkansas 16% Rockies 9% Marcellus Utica Appalachia 14% Mid- Continent (primarily OK & KS) 8% Other (Onshore Lower 48) 11% Bakken 2% Wisconsin 26% Illinois 16% Minnesota 8% Texas 6% Other Midwest 10% Other 35% Wisconsin 26% Illinois 16% Minnesota 9% Other Midwest2 21% Texas 10%Other 18% Total Loans1 Wisconsin 30% Illinois 24% Minnesota 10% Other Midwest 13% Texas 5% Other 19% C&BL by Industry $9.4 billion Oil and Gas Lending4 $296 million CRE by Property Type $6.2 billion 3 2 2 Loan Stratification Outstandings as of 12/31/2020

22 Reconciliation and Definitions of Non-GAAP Items ($ in millions) Adjusted Noninterest Expense Reconcilation1 4Q19 1Q20 2Q20 3Q20 4Q20 Noninterest expense $204 $192 $183 $228 $173 Restructuring costs 0 0 0 50 0 Acquisition related costs 1 2 1 0 0 Severance / frontline pay 4 0 2 10 0 Adjusted noninterest expense $199 $190 $181 $167 $173 1 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, provide greater understanding of ongoing operations and enhance comparability of results with prior periods. Efficiency Ratio Reconciliation 4Q19 1Q20 2Q20 3Q20 4Q20 Federal Reserve efficiency ratio 69.14% 70.37% 43.49% 85.41% 59.68% Fully tax-equivalent adjustment (0.91)% (0.96)% (0.39)% (1.29)% (0.84)% Other intangible amortization (0.93)% (0.95)% (0.65)% (0.87)% (0.82)% Fully tax-equivalent efficiency ratio 67.32% 68.47% 42.26% 83.25% 58.02% Acquisition related costs adjustment (0.45)% (0.58)% (0.12)% (0.08)% --% Provision for unfunded commitments adjustment 0.34% (5.18)% (1.91)% 2.87% 3.42% Asset gains (losses), net adjustment 0.09% (0.02)% 22.10% (0.11)% (0.30)% Branch sales --% --% --% --% 1.68% 3Q 2020 initiatives --% --% --% (22.90)% --% Adjusted efficiency ratio 67.30% 62.70% 62.53% 63.02% 62.83% 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, acquisition related costs, and 3Q20 initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net, acquisition related costs, asset gains (losses), net and gain on sale of branches. 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 the Corporation is managing its expenses by adjusting for acquisition related costs, provision for unfunded commitments, asset gains (losses), net, branch sales, and 3Q 2020 initiatives.

23 Reconciliation and Definitions of Non-GAAP Items ($ in millions) 1 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, provide greater understanding of ongoing operations and enhance comparability of results with prior periods. 2 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. YTD 2020 Adjusted Pre-tax Pre-Provision Income Reconciliation1 YTD 2020 4Q 2020 Pre-tax pre-provision income Income before income taxes $327 $84 Provision for credit losses 174 17 Pre-tax pre-provision income 501 101 2020 Acquisitions, dispositions, and announced initiatives Sale of ABRC $(163) 0 Gain on sale of branches (7) (7) Acquisitions related to costs (noninterest expense) 2 0 Loss on prepayment of FHLB advances 45 0 Severance 10 0 Branch sales & consolidations 6 0 3Q 2020 initiatives 60 0 2020 Acquisitions, dispositions, and announced initiatives $(108) $(7) Pre-tax pre-provision income excluding 2020 initiatives $393 $94 Tangible Common Equity and Tangible Assets Reconciliation2 3Q20 4Q20 Common equity $3,692 $3,737 Goodwill and other intangible assets, net (1,178) (1,178) Tangible common equity $2,513 $2,560 Total assets $34,699 $33,420 Goodwill and other intangible assets, net (1,178) (1,178) Tangible assets $33,520 $32,242

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Cover Page Cover Page	Jan. 21, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 21, 2021
Entity Registrant Name	Associated Banc-Corp
Entity Incorporation, State or Country Code	WI
Entity File Number	001-31343
Entity Tax Identification Number	39-1098068
Entity Address, Address Line One	433 Main Street
Entity Address, City or Town	Green Bay
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54301
City Area Code	920
Local Phone Number	491-7500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000007789
Amendment Flag	false
NEW YORK STOCK EXCHANGE, INC.
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	ASB
Security Exchange Name	NYSE
Series C Preferred Stock | NEW YORK STOCK EXCHANGE, INC.
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shrs, each representing 1/40th intrst in a shr of 6.125% Non-Cum. Perp Pref Stock, Srs C
Trading Symbol	ASB PrC
Security Exchange Name	NYSE
Series D Preferred Stock | NEW YORK STOCK EXCHANGE, INC.
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shrs, each representing 1/40th intrst in a shr of 5.375% Non-Cum. Perp Pref Stock, Srs D
Trading Symbol	ASB PrD
Security Exchange Name	NYSE
Series E Preferred Stock | NEW YORK STOCK EXCHANGE, INC.
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E
Trading Symbol	ASB PrE
Security Exchange Name	NYSE
Series F Preferred Stock [Member] | NEW YORK STOCK EXCHANGE, INC.
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F
Trading Symbol	ASB PrF
Security Exchange Name	NYSE