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 First Quarter 2021 Net Income Available to Common Equity of $89 million, or $0.58 Per Common Share.

GREEN BAY, Wis. -- April 22, 2021 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $89 million, or $0.58 per common share, for the quarter ended March 31, 2021. These amounts compare to earnings of $62 million, or $0.40 per common share for the quarter ended December 31, 2020 and earnings of $42 million, or $0.27 per common share for the quarter ended March 31, 2020.

“Driven by strong credit dynamics and the benefit of the ongoing mortgage refinance wave, we’ve delivered one of our strongest quarters ever,” said President and CEO Philip B. Flynn. “The improving credit outlook, complemented by strong fee income trends and record deposit activity drove this quarter’s earnings. The recovery has proven much stronger than we anticipated and we are optimistic about the growth we expect to come later this year. With customer activity at record levels, we are leveraging our digital capabilities and investing in our teams to meet the expanding needs of our customers across our footprint.”

First Quarter 2021 Highlights (all comparisons to the first quarter of 2020)

•Average loans of $24.5 billion were up 5%, or $1.2 billion

•Average deposits of $26.8 billion were up 10%, or $2.5 billion

•Noninterest expense of $175 million decreased 9%, or $17 million

•Noninterest income of $95 million decreased 3%, or $3 million

•Net interest income of $176 million decreased 13%, or $27 million

•Net negative provision for credit losses of $23 million, down $76 million

•Net income available to common equity of $89 million increased 112%, or $47 million

•Earnings per common share of $0.58 increased 115%, or $0.31 per common share

•Tangible book value per share was $16.95, up 16% from $14.64

•Facilitated $293 million of new PPP loans for over 4,100 customers

Loans

First quarter 2021 average loans of $24.5 billion were up 5%, or $1.2 billion from the same period last year and were down 1%, or $218 million from the fourth quarter 2020. With respect to first quarter 2021 average balances by loan category:

•Commercial and business lending decreased $100 million from the prior quarter, driven by PPP forgiveness, and increased $964 million compared to the same period last year to $9.3 billion.

•Commercial real estate lending increased $14 million from the prior quarter and $842 million from the same period last year to $6.2 billion.

•Consumer lending was $8.9 billion, down $132 million from the prior quarter and down $651 million from the same period last year.

First quarter 2021 period-end loans of $24.2 billion were down 1%, or $203 million from the same period last year and 1%, or $289 million from the fourth quarter 2020. With respect to first quarter 2021 period-end balances by loan category:

•Commercial and business lending increased $14 million from the prior quarter and decreased $74 million from the same period last year to $9.4 billion.

•Commercial real estate lending decreased $40 million from the prior quarter and increased $560 million from the same period last year to $6.1 billion.

•Consumer lending was $8.6 billion, down $264 million from the prior quarter and $689 million from the same period last year.

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

Deposits

First quarter 2021 average deposits of $26.8 billion were up 10%, or $2.5 billion from the same period last year and $66 million compared to the fourth quarter 2020. With respect to first quarter 2021 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $10 million from the prior quarter and increased $2.2 billion from the same period last year to $7.7 billion.

•Savings increased $182 million from the prior quarter and $941 million from the same period last year to $3.8 billion.

•Interest-bearing demand deposits decreased $27 million from the prior quarter and increased $406 million from the same period last year to $5.7 billion.

•Money market deposits increased $336 million from the prior quarter and $337 million from the same period last year to $6.9 billion.

•Network transaction deposits decreased $186 million from the prior quarter and $354 million from the same period last year to $1.1 billion.

•Time deposits decreased $230 million from the prior quarter and $978 million from the same period last year to $1.7 billion.

First quarter 2021 period-end deposits of $27.7 billion were up 8%, or $2 billion from the same period last year and 5%, or $1.2 billion compared to the fourth quarter 2020. Low-cost core deposits (interest-bearing demand, noninterest-bearing demand and savings) made up 65% of deposit balances as of March 31, 2021. With respect to first quarter 2021 period-end balances by deposit category:

•Noninterest-bearing demand deposits increased $834 million from the prior quarter and $2.4 billion from the same period last year to $8.5 billion.

•Savings increased $383 million from the prior quarter and $1 billion from the same period last year to $4.0 billion.

•Interest-bearing demand deposits decreased $343 million from the prior quarter and $422 million from the same period last year to $5.7 billion.

•Money market deposits increased $516 million from the prior quarter and increased $121 million from the same period last year to $7.8 billion.

•Time deposits decreased $196 million from the prior quarter and $1 billion from the same period last year to $1.6 billion.

•Network transaction deposits (included in money market and interest-bearing deposits) decreased $142 million from the prior quarter and $677 million from the same period last year to $1.1 billion.

Net Interest Income and Net Interest Margin

First quarter 2021 net interest income of $176 million was down 6%, or $12 million from the prior quarter and the net interest margin decreased 10 basis points from the prior quarter to 2.39%. Compared to the same period last year, net interest income decreased 13%, or $27 million, and the net interest margin decreased 45 basis points.

•The average yield on total earning assets for the first quarter of 2021 decreased 13 basis points from the prior quarter and decreased 100 basis points from the same period last year to 2.67%.

•The average cost of total interest-bearing liabilities for the first quarter of 2021 decreased 3 basis points from the prior quarter and decreased 66 basis points from the same period last year to 0.40%.

•The net free funds benefit for the first quarter of 2021 was flat to the prior quarter and compressed 11 basis points compared to the same period last year.

We expect the full year’s margin to be approximately 2.45% to 2.55% in 2021.

Noninterest Income

First quarter 2021 total noninterest income of $95 million increased $10 million from the prior quarter and decreased by only $3 million from the same period last year, despite the loss of $23 million of Associated Benefits & Risk Consulting-related income.

With respect to first quarter 2021 noninterest income line items:

•Gain on previously disclosed sale of Whitnell & Co. was $2 million.

•Gains on previously disclosed sale of branches were $1 million.

•Mortgage Banking, net was $24 million for the first quarter, up $9 million from the previous quarter and up $18 million from the same period last year, driven by continued refinancing volumes and mortgage servicing rights recoveries.

We expect noninterest income of $310 million to $330 million in 2021.

Noninterest Expense

First quarter 2021 total noninterest expense of $175 million increased $2 million from the prior quarter and decreased $17 million compared to the same period last year.

With respect to first quarter 2021 noninterest expense line items:

•Personnel expense increased $6 million from the prior quarter, primarily driven by increased compensation, incentives and mortgage commissions, and decreased $10 million from the same period last year, primarily driven by reduced staffing as a result of corporate restructurings in third quarter 2020 and the sale of ABRC.    

•Other expense decreased $2 million from the prior quarter and $4 million from the same period last year.

We expect 2021 noninterest expense to be approximately $690 million to $695 million.

Taxes

The first quarter 2021 tax expense was $25 million compared to $17 million of tax expense in the prior quarter and $10 million of tax expense in the same period last year. The effective tax rate for first quarter 2021 was 20.7% compared to an effective tax rate of 20.1% in the prior quarter and an effective tax rate of 18.2% in the same period last year.

We expect the annual 2021 tax rate to be between 19% to 21%, assuming no change in the corporate tax rate.

Credit

The first quarter 2021 provision for credit losses was negative $23 million, down from provision of $17 million in the prior quarter and provision of $53 million in the same period last year.

With respect to first quarter 2021 credit quality:

•Potential problem loans of $264 million were down $17 million, or 6%, from the prior quarter and up $31 million, or 13%, from the same period last year.

•Nonaccrual loans of $163 million were down $48 million, or 23%, from the prior quarter and up $27 million, or 19% from the same period last year. The nonaccrual loans to total loans ratio was 0.68% in the first quarter, down from 0.86% in the prior quarter and up from 0.56% in the same period last year.

•Net charge offs of $5 million were down $23 million, or 83%, from the prior quarter and down $12 million, or 72%, from the same period last year.

•The allowance for credit losses on loans (ACLL) of $404 million was down $28 million from the prior quarter and up $10 million compared to the same period last year. The ACLL to total loans ratio was 1.67% in the first quarter, down from 1.76% in the prior quarter and up from 1.62% in the same period last year.

We expect our full year 2021 provision to be nominal.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.8%at March 31, 2021. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

FIRST QUARTER 2021 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 22, 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 first quarter 2021 earnings call. The first quarter 2021 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 $35 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,” "guidance," 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)	March 31, 2021		December 31, 2020		Seql Qtr $ Change		September 30, 2020		June 30, 2020		March 31, 2020		Comp Qtr $ Change
Assets
Cash and due from banks	$	356,285	$	416,154	$	(59,869)	$	401,151	$	443,500	$	480,337	$	(124,052)
Interest-bearing deposits in other financial institutions	1,590,494		298,759		1,291,735		712,416		1,569,006		176,440		1,414,054
Federal funds sold and securities purchased under agreements to resell	—		1,135		(1,135)		95		185		22,455		(22,455)
Investment securities available for sale, at fair value	3,356,949		3,085,441		271,508		3,258,360		3,149,773		2,928,787		428,162
Investment securities held to maturity, net, at amortized cost	1,857,087		1,878,938		(21,851)		1,990,870		2,077,225		2,149,373		(292,286)
Equity securities	15,673		15,106		567		15,090		15,091		15,063		610
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	168,281		168,280		1		168,280		206,281		222,922		(54,641)
Residential loans held for sale	153,151		129,158		23,993		130,139		196,673		366,330		(213,179)
Commercial loans held for sale	—		—		—		19,360		3,565		—		—
Loans	24,162,328		24,451,724		(289,396)		25,003,753		24,832,671		24,365,633		(203,305)
Allowance for loan losses	(352,938)		(383,702)		30,764		(384,711)		(363,803)		(337,793)		(15,145)
Loans, net	23,809,389		24,068,022		(258,633)		24,619,041		24,468,868		24,027,841		(218,452)
Tax credit and other investments	303,701		297,232		6,469		314,066		303,132		315,909		(12,208)
Premises and equipment, net	398,671		418,914		(20,243)		422,222		434,042		438,469		(39,798)
Bank and corporate owned life insurance	680,831		679,647		1,184		679,257		676,196		674,026		6,805
Goodwill	1,104,992		1,109,300		(4,308)		1,107,902		1,107,902		1,191,388		(86,396)
Other intangible assets, net	64,701		68,254		(3,553)		70,507		72,759		92,723		(28,022)
Mortgage servicing rights, net	49,500		41,961		7,539		45,261		49,403		58,289		(8,789)
Interest receivable	86,466		90,263		(3,797)		91,612		87,097		92,377		(5,911)
Other assets	579,084		653,219		(74,135)		653,117		640,765		655,328		(76,244)
Total assets	$	34,575,255	$	33,419,783	$	1,155,472	$	34,698,746	$	35,501,464	$	33,908,056	$	667,199
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	8,496,194	$	7,661,728	$	834,466	$	7,489,048	$	7,573,942	$	6,107,386	$	2,388,808
Interest-bearing deposits	19,180,972		18,820,753		360,219		19,223,500		18,977,502		19,554,194		(373,222)
Total deposits	27,677,166		26,482,481		1,194,685		26,712,547		26,551,444		25,661,580		2,015,586
Federal funds purchased and securities sold under agreements to repurchase	138,507		192,971		(54,464)		155,329		142,293		133,007		5,500
Commercial paper	51,171		59,346		(8,175)		50,987		39,535		33,647		17,524
PPPLF	—		—		—		1,022,217		1,009,760		—		—
FHLB advances	1,629,966		1,632,723		(2,757)		1,706,763		2,657,016		3,214,194		(1,584,228)
Other long-term funding	549,729		549,465		264		549,201		548,937		549,644		85
Allowance for unfunded commitments	50,776		47,776		3,000		57,276		64,776		56,276		(5,500)
Accrued expenses and other liabilities	350,160		364,088		(13,928)		398,991		463,245		469,236		(119,076)
Total liabilities	30,447,474		29,328,850		1,118,624		30,653,313		31,477,007		30,117,584		329,890
Stockholders’ equity
Preferred equity	353,512		353,512		—		353,637		353,846		256,716		96,796
Common equity	3,774,268		3,737,421		36,847		3,691,796		3,670,612		3,533,755		240,513
Total stockholders’ equity	4,127,780		4,090,933		36,847		4,045,433		4,024,457		3,790,471		337,309
Total liabilities and stockholders’ equity	$	34,575,255	$	33,419,783	$	1,155,472	$	34,698,746	$	35,501,464	$	33,908,056	$	667,199

Numbers may not sum due to rounding.

1

Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)					Seql Qtr										Comp Qtr
	1Q21		4Q20		$ Change		% Change		3Q20		2Q20		1Q20		$ Change		% Change
Interest income
Interest and fees on loans	$	174,049	$	185,934	$	(11,885)	(6)	%	$	182,625	$	191,895	$	224,786	$	(50,737)	(23)	%
Interest and dividends on investment securities
Taxable	7,014		9,746		(2,732)		(28)	%	13,689		16,103		20,272		(13,258)		(65)	%
Tax-exempt	14,162		14,296		(134)		(1)	%	14,523		14,616		14,882		(720)		(5)	%
Other interest	1,694		1,699		(5)		—	%	2,238		2,231		3,304		(1,610)		(49)	%
Total interest income	196,920		211,675		(14,755)		(7)	%	213,075		224,845		263,244		(66,324)		(25)	%
Interest expense
Interest on deposits	5,909		7,762		(1,853)		(24)	%	10,033		13,178		36,666		(30,757)		(84)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	26		32		(6)		(19)	%	34		51		368		(342)		(93)	%
Interest on other short-term funding	6		5		1		20	%	5		5		36		(30)		(83)	%
Interest on PPPLF	—		410		(410)		(100)	%	899		676		—		—		N/M
Interest on FHLB Advances	9,493		9,888		(395)		(4)	%	14,375		15,470		17,626		(8,133)		(46)	%
Interest on long-term funding	5,585		5,585		—		—	%	5,580		5,593		5,607		(22)		—	%
Total interest expense	21,018		23,682		(2,664)		(11)	%	30,925		34,973		60,303		(39,285)		(65)	%
Net interest income	175,902		187,993		(12,091)		(6)	%	182,150		189,872		202,942		(27,040)		(13)	%
Provision for credit losses	(23,004)		16,997		(40,001)		N/M		43,009		61,000		53,001		(76,005)		N/M
Net interest income after provision for credit losses	198,906		170,996		27,910		16	%	139,141		128,872		149,941		48,965		33	%
Noninterest income
Wealth management fees	22,414		22,073		341		2	%	21,152		20,916		20,816		1,598		8	%
Service charges and deposit account fees	14,855		15,318		(463)		(3)	%	14,283		11,484		15,222		(367)		(2)	%
Card-based fees	9,743		9,848		(105)		(1)	%	10,195		8,893		9,597		146		2	%
Other fee-based revenue	4,596		4,998		(402)		(8)	%	4,968		4,774		4,497		99		2	%
Capital markets, net	8,118		5,898		2,220		38	%	7,222		6,910		7,935		183		2	%
Mortgage banking, net	23,925		14,537		9,388		65	%	12,636		12,263		6,143		17,782		N/M
Bank and corporate owned life insurance	2,702		3,978		(1,276)		(32)	%	3,074		3,625		3,094		(392)		(13)	%
Insurance commissions and fees	76		92		(16)		(17)	%	114		22,430		22,608		(22,532)		(100)	%
Asset gains (losses), net	4,809		(1,356)		6,165		N/M		(339)		157,361		(77)		4,886		N/M
Investment securities gains (losses), net	(39)		—		(39)		N/M		7		3,096		6,118		(6,157)		N/M
Gains on sale of branches, net(a)	1,002		7,449		(6,447)		(87)	%	—		—		—		1,002		N/M
Other	3,141		2,879		262		9	%	2,232		2,737		2,352		789		34	%
Total noninterest income	95,343		85,714		9,629		11	%	75,545		254,490		98,306		(2,963)		(3)	%
Noninterest expense
Personnel	104,026		98,033		5,993		6	%	108,567		111,350		114,200		(10,174)		(9)	%
Technology	20,740		19,574		1,166		6	%	19,666		21,174		20,799		(59)		—	%
Occupancy	16,156		15,678		478		3	%	17,854		14,464		16,069		87		1	%
Business development and advertising	4,395		5,421		(1,026)		(19)	%	3,626		3,556		5,826		(1,431)		(25)	%
Equipment	5,518		5,555		(37)		(1)	%	5,399		5,312		5,439		79		1	%
Legal and professional	6,530		5,737		793		14	%	5,591		5,058		5,160		1,370		27	%
Loan and foreclosure costs	2,220		3,758		(1,538)		(41)	%	2,118		3,605		3,120		(900)		(29)	%
FDIC assessment	4,750		5,700		(950)		(17)	%	3,900		5,250		5,500		(750)		(14)	%
Other intangible amortization	2,236		2,253		(17)		(1)	%	2,253		2,872		2,814		(578)		(21)	%
Loss on prepayments of FHLB advances	—		—		—		N/M		44,650		—		—		—		N/M
Other	8,775		11,141		(2,366)		(21)	%	13,963		10,766		13,263		(4,488)		(34)	%
Total noninterest expense	175,347		172,850		2,497		1	%	227,587		183,407		192,191		(16,844)		(9)	%
Income (loss) before income taxes	118,903		83,860		35,043		42	%	(12,900)		199,955		56,056		62,847		112	%
Income tax expense (benefit)	24,602		16,858		7,744		46	%	(58,114)		51,238		10,219		14,383		141	%
Net income	94,301		67,002		27,299		41	%	45,214		148,718		45,838		48,463		106	%
Preferred stock dividends	5,207		5,207		—		—	%	5,207		4,144		3,801		1,406		37	%
Net income available to common equity	$	89,094	$	61,795	$	27,299	44	%	$	40,007	$	144,573	$	42,037	$	47,057	112	%
Earnings per common share
Basic	$	0.58	$	0.40	$	0.18	45	%	$	0.26	$	0.94	$	0.27	$	0.31	115	%
Diluted	$	0.58	$	0.40	$	0.18	45	%	$	0.26	$	0.94	$	0.27	$	0.31	115	%
Average common shares outstanding
Basic	152,355		152,497		(142)		—	%	152,440		152,393		154,701		(2,346)		(2)	%
Diluted	153,688		153,262		426		—	%	153,194		153,150		155,619		(1,931)		(1)	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a)Includes the deposit premium on the sale of branches net of miscellaneous costs to sell

2

Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data and COVID-19 loan forbearances; shares repurchased and outstanding in thousands)	1Q21			4Q20			3Q20			2Q20			1Q20
Per common share data
Dividends	$	0.18		$	0.18		$	0.18		$	0.18		$	0.18
Market value:
High	23.14			17.17			14.25			17.03			21.94
Low	17.20			12.68			11.86			11.48			10.85
Close	21.34			17.05			12.62			13.68			12.79
Book value	24.56			24.34			24.04			23.89			22.99
Tangible book value / share	16.95			16.67			16.37			16.21			14.64
Performance ratios (annualized)
Return on average assets	1.14		%	0.78		%	0.51		%	1.72		%	0.57		%
Noninterest expense / average assets	2.11		%	2.02		%	2.55		%	2.12		%	2.37		%
Effective tax rate	20.69		%	20.10		%	N/M			25.62		%	18.23		%
Dividend payout ratio(a)	31.03		%	45.00		%	69.23		%	19.15		%	66.67		%
Net interest margin	2.39		%	2.49		%	2.31		%	2.49		%	2.84		%
Selected trend information
Average full time equivalent employees(b)	4,020			4,134			4,374			4,701			4,631
Branch count	227			228			249			249			249
Assets under management, at market value(c)	$	12,553		$	13,314		$	12,195		$	11,755		$	10,454
Mortgage loans originated for sale during period	$	413		$	323		$	458		$	550		$	310
Mortgage loan settlements during period	$	400		$	339		$	599		$	725		$	297
Mortgage portfolio loans transferred to held for sale during period	$	—		$	—		$	70		$	—		$	200
Mortgage portfolio serviced for others	$	7,313		$	7,744		$	8,219		$	8,454		$	8,549
Mortgage servicing rights, net / mortgage portfolio serviced for others	0.68		%	0.54		%	0.55		%	0.58		%	0.68		%
Shares repurchased during period(d)	966			—			—			—			4,264
Shares outstanding, end of period	153,685			153,540			153,552			153,616			153,690
Paycheck Protection Program fees, net
Deferred fees, beginning of period	$	12		$	21		$	24		$	—		N/A
Fees received	12			—			1			27			N/A
Fees recognized	(7)			(9)			(4)			(3)			N/A
Deferred fees, end of period	$	18		$	12		$	21		$	24		N/A
COVID-19 impacted loans in forbearances ($ in thousands)
Commercial and industrial	$	1,126		$	5,640		$	19,414		$	45,415		$	345
Commercial real estate—owner occupied	4,395			6,737			42,121			142,293			—
Commercial and business lending	5,521			12,377			61,535			187,708			345
Commercial real estate—investor	12,115			18,345			246,833			643,168			595
Real estate construction	—			22			2,009			32,214			—
Commercial real estate lending	12,115			18,368			248,842			675,382			595
Total commercial	17,636			30,744			310,377			863,090			940
Residential mortgage	18,696			45,851			364,593			692,307			428
Home equity	850			1,762			10,068			30,554			—
Other consumer	179			222			1,132			2,060			—
Total consumer	19,724			47,835			375,794			724,921			428
Total COVID-19 impacted loans in forbearance	$	37,360		$	78,579		$	686,171		$	1,588,011		$	1,368
Selected quarterly ratios
Loans / deposits	87.30		%	92.33		%	93.60		%	93.53		%	94.95		%
Stockholders’ equity / assets	11.94		%	12.24		%	11.66		%	11.34		%	11.18		%
Risk-based capital(e)(f)
Total risk-weighted assets	$	25,640		$	25,903		$	26,142		$	25,864		$	25,866
Common equity Tier 1	$	2,759		$	2,706		$	2,672		$	2,651		$	2,421
Common equity Tier 1 capital ratio	10.76		%	10.45		%	10.22		%	10.25		%	9.36		%
Tier 1 capital ratio	12.14		%	11.81		%	11.57		%	11.62		%	10.35		%
Total capital ratio	14.36		%	14.02		%	13.78		%	13.83		%	12.56		%
Tier 1 leverage ratio	9.53		%	9.37		%	9.02		%	9.08		%	8.50		%
Mortgage banking, net
Mortgage servicing fees, net(g)	$	(1)		$	(1)		$	(1)		$	(1)		$	2
Gains (losses) and fair value adjustments on loans held for sale	15			15			15			21			10
Fair value adjustment on portfolio loans transferred to held for sale	—			—			1			—			3
Mortgage servicing rights (impairment) recovery	11			1			(1)			(8)			(9)
Mortgage banking, net	$	24		$	15		$	13		$	12		$	6

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)March 31, 2021 data is estimated.

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

3

Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Mar 31, 2021			Dec 31, 2020			Seql Qtr % Change		Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	383,702		$	384,711		—	%	$	363,803		$	337,793		$201,371			91	%
Cumulative effect of ASU 2016-13 adoption (CECL)	N/A			N/A					N/A			N/A			112,457
January 1, 2020	N/A			N/A					N/A			N/A			313,828
Provision for loan losses	(26,000)			26,500			N/M		50,500			52,500			37,500			N/M
Allowance for PCD loans for bank acquisition	N/A			N/A					N/A			N/A			3,504
Charge offs	(13,174)			(30,315)			(57)	%	(34,079)			(28,351)			(19,308)			(32)	%
Recoveries	8,410			2,805			N/M		4,488			1,861			2,268			N/M
Net charge offs	(4,764)			(27,510)			(83)	%	(29,592)			(26,490)			(17,040)			(72)	%
Balance at end of period	$	352,938		$	383,702		(8)	%	$	384,711		$	363,803		$	337,793		4	%
Allowance for unfunded commitments
Balance at beginning of period	$	47,776		$	57,276		(17)	%	$	64,776		$	56,276		$	21,907		118	%
Cumulative effect of ASU 2016-13 adoption (CECL)	N/A			N/A					N/A			N/A			18,690
January 1, 2020	N/A			N/A					N/A			N/A			40,597
Provision for unfunded commitments	3,000			(9,500)			N/M		(7,500)			8,500			15,500			(81)	%
Amount recorded at acquisition	—			—			N/M		—			—			179			(100)	%
Balance at end of period	$	50,776		$	47,776		6	%	$	57,276		$	64,776		$	56,276		(10)	%
Allowance for credit losses on loans (ACLL)	$	403,714		$	431,478		(6)	%	$	441,988		$	428,579		$	394,069		2	%
Provision for credit losses on loans	$	(23,000)		$	17,000		N/M		$	43,000		$	61,000		$	53,000		N/M
($ in thousands)	Mar 31, 2021			Dec 31, 2020			Seql Qtr % Change		Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Comp Qtr % Change
Net (charge offs) recoveries
PPP Loans	$	—		$	—		N/M		$	—		$	—		$	—		N/M
Commercial and industrial	1,367			(8,514)			N/M		(24,834)			(24,919)			(15,049)			N/M
Commercial real estate—owner occupied	4			143			(97)	%	(416)			1			—			N/M
Commercial and business lending	1,370			(8,371)			N/M		(25,249)			(24,919)			(15,048)			N/M
Commercial real estate—investor	(5,886)			(18,696)			(69)	%	(3,609)			28			—			N/M
Real estate construction	29			43			(33)	%	(21)			(3)			11			164	%
Commercial real estate lending	(5,857)			(18,653)			(69)	%	(3,630)			25			11			N/M
Total commercial	(4,487)			(27,024)			(83)	%	(28,879)			(24,893)			(15,037)			(70)	%
Residential mortgage	(109)			(162)			(33)	%	(79)			(215)			(912)			(88)	%
Home equity	344			335			3	%	156			(303)			71			N/M
Other consumer	(511)			(659)			(22)	%	(790)			(1,078)			(1,162)			(56)	%
Total consumer	(277)			(486)			(43)	%	(712)			(1,596)			(2,003)			(86)	%
Total net (charge offs) recoveries	$	(4,764)		$	(27,510)		(83)	%	$	(29,592)		$	(26,490)		$	(17,040)		(72)	%
(In basis points)	Mar 31, 2021			Dec 31, 2020					Sep 30, 2020			Jun 30, 2020			Mar 31, 2020
Net charge offs to average loans (annualized)
PPP Loans	—			—					—			—			—
Commercial and industrial	7			(45)					(126)			(121)			(81)
Commercial real estate—owner occupied	—			6					(18)			—			—
Commercial and business lending	6			(35)					(103)			(100)			(72)
Commercial real estate—investor	(55)			(173)					(34)			—			—
Real estate construction	1			1					—			—			—
Commercial real estate lending	(38)			(121)					(24)			—			—
Total commercial	(12)			(69)					(73)			(64)			(44)
Residential mortgage	(1)			(1)					—			(1)			(4)
Home equity	21			18					8			(15)			3
Other consumer	(68)			(83)					(98)			(128)			(134)
Total consumer	(1)			(2)					(3)			(7)			(8)
Total net charge offs	(8)			(44)					(47)			(42)			(29)
($ in thousands)	Mar 31, 2021			Dec 31, 2020			Seql Qtr % Change		Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Comp Qtr % Change
Credit Quality
Nonaccrual loans	$	163,292		$	210,854		(23)	%	$	231,590		$	171,607		$	136,717		19	%
Other real estate owned (OREO)	24,588			14,269			72	%	18,983			20,264			22,530			9	%
Other nonperforming assets	—			—			N/M		909			909			6,004			(100)	%
Total nonperforming assets	$	187,880		$	225,123		(17)	%	$	251,481		$	192,780		$	165,251		14	%
Loans 90 or more days past due and still accruing	$	1,675		$	1,598		5	%	$	1,854		$	1,466		$	2,255		(26)	%
Allowance for credit losses on loans to total loans	1.67		%	1.76		%			1.77		%	1.73		%	1.62		%
Allowance for credit losses on loans to nonaccrual loans	247.23		%	204.63		%			190.85		%	249.74		%	288.24		%
Nonaccrual loans to total loans	0.68		%	0.86		%			0.93		%	0.69		%	0.56		%
Nonperforming assets to total loans plus OREO	0.78		%	0.92		%			1.01		%	0.78		%	0.68		%
Nonperforming assets to total assets	0.54		%	0.67		%			0.72		%	0.54		%	0.49		%
Year-to-date net charge offs to year-to-date average loans (annualized)	0.08		%	0.41		%			0.40		%	0.36		%	0.29		%

N/M = Not meaningful

N/A = Not applicable

4

Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Mar 31, 2021		Dec 31, 2020		Seql Qtr % Change		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	33,192	$	61,859	(46)	%	$	105,899	$	80,239	$	58,854	(44)	%
Commercial real estate—owner occupied	7		1,058		(99)	%	2,043		1,932		1,838		(100)	%
Commercial and business lending	33,200		62,917		(47)	%	107,941		82,171		60,692		(45)	%
Commercial real estate—investor	58,485		78,220		(25)	%	50,458		11,172		1,091		N/M
Real estate construction	327		353		(7)	%	392		503		486		(33)	%
Commercial real estate lending	58,813		78,573		(25)	%	50,850		11,675		1,577		N/M
Total commercial	92,012		141,490		(35)	%	158,792		93,846		62,269		48	%
Residential mortgage	61,256		59,337		3	%	62,331		66,656		64,855		(6)	%
Home equity	9,792		9,888		(1)	%	10,277		10,829		9,378		4	%
Other consumer	231		140		65	%	190		276		215		7	%
Total consumer	71,280		69,364		3	%	72,798		77,761		74,448		(4)	%
Total nonaccrual loans	$	163,292	$	210,854	(23)	%	$	231,590	$	171,607	$	136,717	19	%
	Mar 31, 2021		Dec 31, 2020		Seql Qtr % Change		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Comp Qtr % Change
Restructured loans (accruing)(a)
Commercial and industrial	$	11,985	$	12,713	(6)	%	$	16,002	$	16,321	$	16,056	(25)	%
Commercial real estate—owner occupied	1,488		1,711		(13)	%	1,389		1,441		2,091		(29)	%
Commercial and business lending	13,473		14,424		(7)	%	17,391		17,762		18,146		(26)	%
Commercial real estate—investor	13,627		26,435		(48)	%	635		114		281		N/M
Real estate construction	256		260		(2)	%	382		313		339		(24)	%
Commercial real estate lending	13,884		26,695		(48)	%	1,016		427		620		N/M
Total commercial	27,356		41,119		(33)	%	18,407		18,189		18,767		46	%
Residential mortgage	10,462		7,825		34	%	5,378		4,178		4,654		125	%
Home equity	1,929		1,957		(1)	%	1,889		1,717		1,719		12	%
Other consumer	1,073		1,191		(10)	%	1,218		1,219		1,245		(14)	%
Total consumer	13,464		10,973		23	%	8,485		7,114		7,618		77	%
Total restructured loans (accruing)	$	40,820	$	52,092	(22)	%	$	26,891	$	25,303	$	26,384	55	%
Nonaccrual restructured loans (included in nonaccrual loans)	$	17,624	$	20,190	(13)	%	$	23,844	$	25,362	$	24,204	(27)	%
	Mar 31, 2021		Dec 31, 2020		Seql Qtr % Change		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Comp Qtr % Change
Accruing Loans 30-89 Days Past Due
Commercial and industrial	$	526	$	6,119	(91)	%	$	298	$	716	$	976	(46)	%
Commercial real estate—owner occupied	—		373		(100)	%	870		199		51		(100)	%
Commercial and business lending	526		6,492		(92)	%	1,167		916		1,027		(49)	%
Commercial real estate—investor	5,999		12,793		(53)	%	409		13,874		14,462		(59)	%
Real estate construction	977		991		(1)	%	111		385		179		N/M
Commercial real estate lending	6,976		13,784		(49)	%	520		14,260		14,641		(52)	%
Total commercial	7,502		20,276		(63)	%	1,687		15,175		15,668		(52)	%
Residential mortgage	3,973		10,385		(62)	%	6,185		3,023		10,102		(61)	%
Home equity	2,352		4,802		(51)	%	5,609		3,108		7,001		(66)	%
Other consumer	1,270		1,599		(21)	%	1,351		1,482		1,777		(29)	%
Total consumer	7,594		16,786		(55)	%	13,144		7,613		18,879		(60)	%
Total accruing loans 30-89 days past due	$	15,097	$	37,062	(59)	%	$	14,831	$	22,788	$	34,547	(56)	%
	Mar 31, 2021		Dec 31, 2020		Seql Qtr % Change		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Comp Qtr % Change
Potential Problem Loans
PPP Loans(b)	$	22,398	$	18,002	24	%	$	19,161	$	19,161	$	—	N/M
Commercial and industrial	122,143		121,487		1	%	144,159		176,270		149,747		(18)	%
Commercial real estate—owner occupied	15,965		26,179		(39)	%	22,808		15,919		15,802		1	%
Commercial and business lending	160,506		165,668		(3)	%	186,129		211,350		165,550		(3)	%
Commercial real estate—investor	85,752		91,396		(6)	%	100,459		88,237		61,030		41	%
Real estate construction	13,977		19,046		(27)	%	2,178		2,170		1,753		N/M
Commercial real estate lending	99,728		110,442		(10)	%	102,637		90,407		62,783		59	%
Total commercial	260,234		276,111		(6)	%	288,766		301,758		228,333		14	%
Residential mortgage	2,524		3,749		(33)	%	2,396		3,157		3,322		(24)	%
Home equity	1,729		2,068		(16)	%	1,632		1,921		2,238		(23)	%
Total consumer	4,254		5,817		(27)	%	4,028		5,078		5,559		(23)	%
Total potential problem loans	$	264,488	$	281,928	(6)	%	$	292,794	$	306,836	$	233,892	13	%

N/M = Not meaningful

N/A = Not applicable

Numbers may not sum due to rounding.

(a) Does not include any restructured loans related to the COVID-19 pandemic in accordance with Section 4013 of the CARES Act

(b) The Corporation's policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.

5

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	March 31, 2021						December 31, 2020						March 31, 2020
($ 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	$	806,699	$	8,900	4.47	%	$	929,859	$	10,854	4.64	%	$	—	$	—	—	%
Commercial and business lending (excl PPP loans)	8,537,301		54,091		2.57	%	8,513,750		57,473		2.69	%	8,380,113		80,217		3.85	%
Commercial real estate lending	6,171,202		44,315		2.91	%	6,157,622		44,636		2.88	%	5,329,568		57,499		4.34	%
Total commercial	15,515,202		107,307		2.80	%	15,601,230		112,963		2.88	%	13,709,681		137,716		4.04	%
Residential mortgage	7,962,691		55,504		2.79	%	8,029,585		60,292		3.00	%	8,404,351		69,961		3.33	%
Retail	985,456		11,630		4.75	%	1,051,022		13,035		4.95	%	1,194,586		17,473		5.86	%
Total loans	24,463,349		174,442		2.88	%	24,681,837		186,290		3.01	%	23,308,618		225,149		3.88	%
Investment securities
Taxable	2,976,469		7,014		0.94	%	3,155,508		9,746		1.24	%	3,460,224		20,272		2.34	%
Tax-exempt(a)	1,900,346		17,844		3.76	%	1,909,512		17,870		3.74	%	1,974,247		18,603		3.77	%
Other short-term investments	991,844		1,694		0.69	%	985,091		1,699		0.69	%	473,604		3,304		2.81	%
Investments and other	5,868,659		26,553		1.81	%	6,050,111		29,315		1.94	%	5,908,075		42,179		2.86	%
Total earning assets	30,332,008		$	200,994	2.67	%	30,731,948		$	215,605	2.80	%	29,216,693		$	267,329	3.67	%
Other assets, net	3,352,135						3,343,844						3,360,311
Total assets	$	33,684,143					$	34,075,792					$	32,577,005
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	3,810,321	$	332	0.04	%	$	3,628,458	$	356	0.04	%	$	2,868,840	$	1,800	0.25	%
Interest-bearing demand	5,713,270		1,178		0.08	%	5,739,983		1,215		0.08	%	5,307,230		8,755		0.66	%
Money market	6,875,730		1,059		0.06	%	6,539,583		1,121		0.07	%	6,538,658		10,806		0.66	%
Network transaction deposits	1,080,109		327		0.12	%	1,265,748		468		0.15	%	1,434,128		4,601		1.29	%
Time deposits	1,658,568		3,014		0.74	%	1,888,074		4,602		0.97	%	2,636,231		10,703		1.63	%
Total interest-bearing deposits	19,137,998		5,909		0.13	%	19,061,847		7,762		0.16	%	18,785,088		36,666		0.79	%
Federal funds purchased and securities sold under agreements to repurchase	136,144		26		0.08	%	164,091		32		0.08	%	194,406		368		0.76	%
Commercial Paper	42,774		6		0.05	%	40,128		5		0.05	%	34,282		25		0.29	%
PPPLF	—		—		—	%	464,119		410		0.35	%	—		—		—	%
Other short-term funding	—		—		—	%	—		—		—	%	16,997		11		0.25	%
FHLB advances	1,631,895		9,493		2.36	%	1,660,274		9,888		2.37	%	3,231,999		17,626		2.19	%
Long-term funding	549,585		5,585		4.07	%	549,307		5,585		4.07	%	549,465		5,607		4.08	%
Total short and long-term funding	2,360,397		15,109		2.58	%	2,877,919		15,920		2.20	%	4,027,149		23,637		2.36	%
Total interest-bearing liabilities	21,498,395		$	21,018	0.40	%	21,939,766		$	23,682	0.43	%	22,812,237		$	60,303	1.06	%
Noninterest-bearing demand deposits	7,666,561						7,677,003						5,506,861
Other liabilities	415,195						405,430						416,107
Stockholders’ equity	4,103,991						4,053,593						3,841,800
Total liabilities and stockholders’ equity	$	33,684,143					$	34,075,792					$	32,577,005
Interest rate spread					2.27	%					2.37	%					2.61	%
Net free funds					0.12	%					0.12	%					0.23	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	179,976	2.39	%			$	191,923	2.49	%			$	207,026	2.84	%
Fully tax-equivalent adjustment			4,074						3,930						4,084
Net interest income			$	175,902					$	187,993					$	202,942

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.

6

Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition	Mar 31, 2021		Dec 31, 2020		Seql Qtr % Change		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Comp Qtr % Change
PPP Loans	$	836,566	$	767,757	9	%	$	1,022,217	$	1,012,033	$	—	N/M
Commercial and industrial	7,664,501		7,701,422		—	%	7,933,404		7,968,709		8,517,974		(10)	%
Commercial real estate—owner occupied	883,237		900,912		(2)	%	904,997		914,385		940,687		(6)	%
Commercial and business lending	9,384,303		9,370,091		—	%	9,860,618		9,895,127		9,458,661		(1)	%
Commercial real estate—investor	4,260,706		4,342,584		(2)	%	4,320,926		4,174,125		4,038,036		6	%
Real estate construction	1,882,299		1,840,417		2	%	1,859,609		1,708,189		1,544,858		22	%
Commercial real estate lending	6,143,004		6,183,001		(1)	%	6,180,536		5,882,314		5,582,894		10	%
Total commercial	15,527,307		15,553,091		—	%	16,041,154		15,777,441		15,041,555		3	%
Residential mortgage	7,685,218		7,878,324		(2)	%	7,885,523		7,933,518		8,132,417		(5)	%
Home equity	651,647		707,255		(8)	%	761,593		795,671		844,901		(23)	%
Other consumer	298,156		313,054		(5)	%	315,483		326,040		346,761		(14)	%
Total consumer	8,635,020		8,898,632		(3)	%	8,962,599		9,055,230		9,324,079		(7)	%
Total loans	$	24,162,328	$	24,451,724	(1)	%	$	25,003,753	$	24,832,671	$	24,365,633	(1)	%
Period end deposit and customer funding composition	Mar 31, 2021		Dec 31, 2020		Seql Qtr % Change		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Comp Qtr % Change
Noninterest-bearing demand	$	8,496,194	$	7,661,728	11	%	$	7,489,048	$	7,573,942	$	6,107,386	39	%
Savings	4,032,830		3,650,085		10	%	3,529,423		3,394,930		3,033,039		33	%
Interest-bearing demand	5,748,353		6,090,869		(6)	%	5,979,449		5,847,349		6,170,071		(7)	%
Money market	7,838,437		7,322,769		7	%	7,687,775		7,486,319		7,717,739		2	%
Brokered CDs	—		—		N/M		—		4,225		65,000		(100)	%
Other time	1,561,352		1,757,030		(11)	%	2,026,852		2,244,680		2,568,345		(39)	%
Total deposits	27,677,166		26,482,481		5	%	26,712,547		26,551,444		25,661,580		8	%
Customer funding(a)	182,228		245,247		(26)	%	198,741		178,398		142,174		28	%
Total deposits and customer funding	$	27,859,394	$	26,727,727	4	%	$	26,911,289	$	26,729,842	$	25,803,754	8	%
Network transaction deposits(b)	$	1,054,634	$	1,197,093	(12)	%	$	1,390,778	$	1,496,958	$	1,731,996	(39)	%
Net deposits and customer funding (Total deposits and customer funding, excluding Brokered CDs and network transaction deposits)	$	26,804,761	$	25,530,634	5	%	$	25,520,511	$	25,228,660	$	24,006,758	12	%
Quarter average loan composition	Mar 31, 2021		Dec 31, 2020		Seql Qtr % Change		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Comp Qtr % Change
PPP Loans	$	806,699	$	929,859	(13)	%	$	1,019,808	$	848,761	$	—	N/M
Commercial and industrial	7,631,274		7,609,185		—	%	7,844,209		8,263,270		7,455,528		2	%
Commercial real estate—owner occupied	906,027		904,565		—	%	906,874		929,640		924,585		(2)	%
Commercial and business lending	9,344,000		9,443,609		(1)	%	9,770,891		10,041,671		8,380,113		12	%
Commercial real estate—investor	4,303,365		4,289,703		—	%	4,255,473		4,113,895		3,857,277		12	%
Real estate construction	1,867,836		1,867,919		—	%	1,776,835		1,606,367		1,472,292		27	%
Commercial real estate lending	6,171,202		6,157,622		—	%	6,032,308		5,720,262		5,329,568		16	%
Total commercial	15,515,202		15,601,230		(1)	%	15,803,199		15,761,933		13,709,681		13	%
Residential mortgage	7,962,691		8,029,585		(1)	%	8,058,283		8,271,757		8,404,351		(5)	%
Home equity	680,738		736,059		(8)	%	780,202		819,680		845,422		(19)	%
Other consumer	304,718		314,963		(3)	%	321,387		337,436		349,164		(13)	%
Total consumer	8,948,147		9,080,607		(1)	%	9,159,872		9,428,873		9,598,937		(7)	%
Total loans(c)	$	24,463,349	$	24,681,837	(1)	%	$	24,963,071	$	25,190,806	$	23,308,618	5	%
Quarter average deposit composition	Mar 31, 2021		Dec 31, 2020		Seql Qtr % Change		Sep 30, 2020		Jun 30, 2020		Mar 31, 2020		Comp Qtr % Change
Noninterest-bearing demand	$	7,666,561	$	7,677,003	—	%	$	7,412,186	$	6,926,401	$	5,506,861	39	%
Savings	3,810,321		3,628,458		5	%	3,462,942		3,260,040		2,868,840		33	%
Interest-bearing demand	5,713,270		5,739,983		—	%	5,835,597		5,445,267		5,307,230		8	%
Money market	6,875,730		6,539,583		5	%	6,464,784		6,496,841		6,538,658		5	%
Network transaction deposits	1,080,109		1,265,748		(15)	%	1,528,199		1,544,737		1,434,128		(25)	%
Time deposits	1,658,568		1,888,074		(12)	%	2,135,870		2,469,899		2,636,231		(37)	%
Total deposits	$	26,804,559	$	26,738,850	—	%	$	26,839,578	$	26,143,186	$	24,291,949	10	%

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.

7

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
($ in millions, except per share data)	1Q21			4Q20			3Q20			2Q20			1Q20
Tangible common equity reconciliation(a)
Common equity	$	3,774		$	3,737		$	3,692		$	3,671		$	3,534
Goodwill and other intangible assets, net	(1,170)			(1,178)			(1,178)			(1,181)			(1,284)
Tangible common equity	$	2,605		$	2,560		$	2,513		$	2,490		$	2,250
Tangible assets reconciliation(a)
Total assets	$	34,575		$	33,420		$	34,699		$	35,501		$	33,908
Goodwill and other intangible assets, net	(1,170)			(1,178)			(1,178)			(1,181)			(1,284)
Tangible assets	$	33,406		$	32,242		$	33,520		$	34,321		$	32,624
Average tangible common equity and average common equity tier 1 reconciliation(a)
Common equity	$	3,750		$	3,700		$	3,681		$	3,566		$	3,585
Goodwill and other intangible assets, net	(1,175)			(1,178)			(1,180)			(1,281)			(1,272)
Tangible common equity	2,576			2,522			2,501			2,285			2,313
Modified CECL transitional amount	116			123			120			115			101
Accumulated other comprehensive loss (income)	(5)			(4)			(4)			8			10
Deferred tax assets (liabilities), net	41			42			42			45			47
Average common equity tier 1	$	2,727		$	2,683		$	2,660		$	2,453		$	2,471
Average tangible assets reconciliation(a)
Total assets	$	33,684		$	34,076		$	35,550		$	34,846		$	32,577
Goodwill and other intangible assets, net	(1,175)			(1,178)			(1,180)			(1,281)			(1,272)
Tangible assets	$	32,510		$	32,898		$	34,371		$	33,565		$	31,305
Selected trend information(b)
Wealth management fees	22			22			21			21			21
Service charges and deposit account fees	15			15			14			11			15
Card-based fees	10			10			10			9			10
Other fee-based revenue	5			5			5			5			4
Fee-based revenue	52			52			51			46			50
Other	44			33			25			208			48
Total noninterest income	$	95		$	86		$	76		$	254		$	98
Pre-tax pre-provision income(c)
Income before income taxes	$	119		$	84		$	(13)		$	200		$	56
Provision for credit losses	(23)			17			43			61			53
Pre-tax pre-provision income	$	96		$	101		$	30		$	261		$	109
Selected equity and performance ratios(a)(d)
Tangible common equity / tangible assets	7.80		%	7.94		%	7.50		%	7.25		%	6.90		%
Return on average equity	9.32		%	6.58		%	4.46		%	15.55		%	4.80		%
Return on average tangible common equity	14.03		%	9.75		%	6.36		%	25.45		%	7.31		%
Return on average common equity Tier 1	13.25		%	9.16		%	5.98		%	23.71		%	6.84		%
Return on average tangible assets	1.18		%	0.81		%	0.52		%	1.78		%	0.59		%
Efficiency ratio reconciliation(e)
Federal Reserve efficiency ratio	65.74		%	59.68		%	85.41		%	43.49		%	70.37		%
Fully tax-equivalent adjustment	(0.97)		%	(0.84)		%	(1.29)		%	(0.39)		%	(0.96)		%
Other intangible amortization	(0.82)		%	(0.82)		%	(0.87)		%	(0.65)		%	(0.95)		%
Fully tax-equivalent efficiency ratio	63.96		%	58.02		%	83.25		%	42.46		%	68.47		%
Acquisition related costs adjustment	(0.01)		%	—		%	(0.08)		%	(0.12)		%	(0.58)		%
Provision for unfunded commitments adjustment	(1.09)		%	3.42		%	2.87		%	(1.91)		%	(5.18)		%
Asset gains (losses), net adjustment	1.12		%	(0.30)		%	(0.11)		%	22.10		%	(0.02)		%
Branch Sales	0.24		%	1.68		%	—		%	—		%	—		%
3Q 2020 Initiatives	—		%	—		%	(22.90)		%	—		%	—		%
Adjusted efficiency ratio	64.21		%	62.83		%	63.02		%	62.53		%	62.70		%

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)Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings and provide greater understanding of ongoing operations and enhanced comparability of results with prior periods.

(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 3Q 2020 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.

8