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 Second Quarter 2021 Net Income Available to Common Equity of $86 million, or $0.56 Per Common Share.

Results driven by improving credit dynamics, growing net interest income and continued expense discipline.

GREEN BAY, Wis. -- July 22, 2021 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $86 million, or $0.56 per common share, for the quarter ended June 30, 2021. These amounts compare to earnings of $145 million in the quarter ended June 30, 2020, or $0.94 per common share, including the net gain recognized on the sale of Associated Benefits and Risk Consulting (“ABRC”). Excluding the gain on ABRC, second quarter 2020 earnings per share were $0.26 per common share1. Second quarter 2021 results also compare to earnings of $89 million, or $0.58 per common share for the quarter ended March 31, 2021.

"Our second quarter results were driven by continuing improvement in our loan portfolios,” remarked President and CEO Andy Harmening. “Our credit metrics continued to improve, our C&I and CRE customers began to modestly borrow on their lines, and we saw accelerating PPP pay downs - all of which are indicators of an improving economic backdrop. We also saw signs of increased business and consumer confidence; evidenced by rising spending and payments activity. We remain optimistic about the unfolding recovery in our regional footprint and are proactively pursuing various initiatives to lean into the growth we expect to see in our markets. We look forward to updating investors on these initiatives, later this quarter."

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

•Period-end loans (excluding PPP) were up $216 million, to $23.5 billion

•Period-end deposits were down $413 million, to $27.3 billion

•Net interest income was up $4 million, to $180 million

•Fee-based revenue1 was up $2 million, to $53 million

•Noninterest expense was down $1 million, to $174 million

•Provision for credit losses was negative $35 million, compared to negative $23 million

•Net income available to common equity was down $3 million, to $86 million

•Earnings per common share were down $0.02, to $0.56

•Tangible book value per share was up $0.40, to $17.35

1This is a non-GAAPfinancial measure. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts toevaluate the adequacy ofearnings per common share, provide greater understanding ofongoing operations and enhance comparability ofresults with prior periods.See page 10 ofthe attached tables fora reconciliation ofGAAPfinancial measures tonon-GAAPfinancial measures.

Loans

Second quarter 2021 average total loans of $24.1 billion were down 1%, or $365 million from the prior quarter and were down 4%, or $1.1 billion from the same period last year. Excluding PPP, average total loans of $23.4 billion were down 1%, or $259 million from the prior quarter and were down 4%, or $945 million from the same period last year. With respect to second quarter 2021 average balances by loan category:

•Commercial and business lending (excluding PPP) decreased $100 million from the prior quarter and decreased $755 million compared to the same period last year to $8.4 billion.

•Commercial real estate lending decreased $11 million from the prior quarter and increased $439 million from the same period last year to $6.2 billion.

•Consumer lending was $8.8 billion, down $148 million from the prior quarter and down $629 million from the same period last year.

•PPP loans decreased $105 million from the prior quarter and decreased $147 million from the same period last year to $701 million.

Second quarter 2021 period-end total loans of $23.9 billion were down 1%, or $215 million from the prior quarter and were down 4%, or $885 million from the same period last year. Excluding PPP, period-end total loans of $23.5 billion were up 1%, or $216 million from the prior quarter and were down 1%, or $279 million from the same period last year. With respect to second quarter 2021 period-end balances by loan category:

•Commercial and business lending (excluding PPP) increased $242 million from the prior quarter and decreased $93 million from the same period last year to $8.8 billion.

•Commercial real estate lending increased $39 million from the prior quarter and increased $299 million from the same period last year to $6.2 billion.

•Consumer lending was $8.6 billion, down $64 million from the prior quarter and down $485 million from the same period last year.

•PPP loans decreased by $431 million from the prior quarter and decreased $607 million from the same period last year to $405 million.

We continue to expect full-year commercial loan growth, excluding PPP, 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 commercial and business lending outstandings.

Deposits

Second quarter 2021 average deposits of $27.5 billion were up 2%, or $666 million compared to the prior quarter and were up 5%, or $1.3 billion from the same period last year. With respect to second quarter 2021 average balances by deposit category:

•Noninterest-bearing demand deposits increased $403 million from the prior quarter and increased $1.1 billion from the same period last year to $8.1 billion.

•Savings increased $311 million from the prior quarter and increased $862 million from the same period last year to $4.1 billion.

•Interest-bearing demand deposits increased $166 million from the prior quarter and increased $434 million from the same period last year to $5.9 billion.

•Money market deposits increased $106 million from the prior quarter and increased $485 million from the same period last year to $7.0 billion.

•Network transaction deposits decreased $171 million from the prior quarter and decreased $636 million from the same period last year to $909 million.

•Time deposits decreased $149 million from the prior quarter and decreased $960 million from the same period last year to $1.5 billion.

Second quarter 2021 period-end deposits of $27.3 billion were down 1%, or $413 million compared to the prior quarter and were up 3%, or $713 million from the same period last year. Low-cost core deposits (interest-bearing demand, noninterest-bearing demand and savings) made up 66% of deposit balances as of June 30, 2021. With respect to second quarter 2021 period-end balances by deposit category:

•Noninterest-bearing demand deposits decreased $497 million from the prior quarter and increased $425 million from the same period last year to $8.0 billion.

•Savings increased $150 million from the prior quarter and increased $788 million from the same period last year to $4.2 billion.

•Interest-bearing demand deposits increased $221 million from the prior quarter and increased $122 million from the same period last year to $6.0 billion.

•Money market deposits decreased $198 million from the prior quarter and increased $155 million from the same period last year to $7.6 billion.

•Time deposits (excluding brokered CDs) decreased $89 million from the prior quarter and decreased $772 million from the same period last year to $1.5 billion.

•Network transaction deposits (included in money market and interest-bearing deposits) decreased $183 million from the prior quarter and decreased $625 million from the same period last year to $872 million.

Net Interest Income and Net Interest Margin

Second quarter 2021 net interest income of $180 million was up 2%, or $4 million from the prior quarter and the net interest margin decreased 2 basis points from the prior quarter to 2.37%. Compared to the same period last year, net interest income decreased 5%, or $10 million, and the net interest margin decreased 12 basis points.

•The average yield on total loans for the second quarter of 2021 increased 2 basis points from the prior quarter and decreased 16 basis points from the same period last year to 2.90%.

•The average cost of total interest-bearing liabilities for the second quarter of 2021 decreased 4 basis points from the prior quarter and decreased 24 basis points from the same period last year to 0.36%.

•The net free funds benefit for the second quarter of 2021 decreased one basis point from the prior quarter and compressed 4 basis points compared to the same period last year to 0.11%.

We expect the full year margin for 2021 to be between 2.45% and 2.55%.

Noninterest Income

Second quarter 2021 total noninterest income of $73 million decreased $22 million from the prior quarter and decreased by $181 million from the same period last year, driven by the gain recognized last year on the sale of Associated Benefits and Risk Consulting in the second quarter of 2020 and the decrease in ABRC-related income.

With respect to second quarter 2021 noninterest income line items:

•Service charges and deposit account fees increased $1 million from the prior quarter and increased $4 million from the same period last year.

•Card-based fees increased $1 million from the prior quarter and increased $2 million from the same period last year.

•Mortgage Banking, net was $8 million for the second quarter, down $16 million from the prior quarter, driven by declining gain on sale margins and no additional mortgage servicing rights recoveries. Relative to the prior-year period, Mortgage Banking was down $4 million, principally due to lower gain on sale margins, offset by an $8 million MSR impairment in the prior-year period.

We expect noninterest income of between $315 million and $325 million in 2021.

Noninterest Expense

Second quarter 2021 total noninterest expense of $174 million decreased $1 million from the prior quarter and decreased $9 million compared to the same period last year.

With respect to second quarter 2021 noninterest expense line items:

•Personnel expense increased $3 million from the prior quarter and decreased $4 million from the same period last year.    

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

We are withdrawing our prior 2021 total expense guidance. Total expense for 2021 will reflect incremental growth and efficiency initiatives which are under development and expected to be announced later in the third quarter. Before the impact of such initiatives, we expect total expense for 2021 would be approximately $695 million to $700 million.

Taxes

The second quarter 2021 tax expense was $22 million compared to $25 million of tax expense in the prior quarter and $51 million of tax expense in the same period last year. The effective tax rate for second quarter 2021 was 19.8% compared to an effective tax rate of 20.7% in the prior quarter and an effective tax rate of 25.6% in the same period last year, which was driven by the sale of ABRC.

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

Credit

The second quarter 2021 provision for credit losses was negative $35 million, compared to a negative $23 million in the prior quarter and provision of $61 million in the same period last year.

With respect to second quarter 2021 credit quality:

•Potential problem loans of $196 million were down $68 million, or 26%, from the prior quarter and down $111 million, or 36%, from the same period last year.

•Nonaccrual loans of $147 million were down $16 million, or 10%, from the prior quarter and down $24 million, or 14% from the same period last year. The nonaccrual loans to total loans ratio was 0.61% in the second quarter, down from 0.68% in the prior quarter and down from 0.69% in the same period last year.

•Net charge offs of $5 million were down 3% from the prior quarter and down $22 million, or 83%, from the same period last year.

•The allowance for credit losses on loans (ACLL) of $364 million was down $40 million from the prior quarter and down $64 million compared to the same period last year. The ACLL to total loans ratio was 1.52% in the second quarter, down from 1.67% in the prior quarter and down from 1.73% in the same period last year.

We continue to experience positive credit trends due to economic conditions and expect our provision to adjust with changes to risk grade, other indications of credit quality, and loan volume.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.7%at June 30, 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.

SECOND 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, July 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 second quarter 2021 earnings call. The second 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 $34 billion and is Wisconsin's largest bank holding company. 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)	June 30, 2021		March 31, 2021		Seql Qtr $ Change		December 31, 2020		September 30, 2020		June 30, 2020		Comp Qtr $ Change
Assets
Cash and due from banks	$	406,994	$	356,285	$	50,709	$	416,154	$	401,151	$	443,500	$	(36,506)
Interest-bearing deposits in other financial institutions	1,340,385		1,590,494		(250,109)		298,759		712,416		1,569,006		(228,621)
Federal funds sold and securities purchased under agreements to resell	25,000		—		25,000		1,135		95		185		24,815
Investment securities available for sale, at fair value	3,323,346		3,356,949		(33,603)		3,085,441		3,258,360		3,149,773		173,573
Investment securities held to maturity, net, at amortized cost	1,799,834		1,857,087		(57,253)		1,878,938		1,990,870		2,077,225		(277,391)
Equity securities	17,144		15,673		1,471		15,106		15,090		15,091		2,053
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	168,281		168,281		—		168,280		168,280		206,281		(38,000)
Residential loans held for sale	160,547		153,151		7,396		129,158		130,139		196,673		(36,126)
Commercial loans held for sale	—		—		—		—		19,360		3,565		(3,565)
Loans	23,947,536		24,162,328		(214,792)		24,451,724		25,003,753		24,832,671		(885,135)
Allowance for loan losses	(318,811)		(352,938)		34,127		(383,702)		(384,711)		(363,803)		44,992
Loans, net	23,628,725		23,809,389		(180,664)		24,068,022		24,619,041		24,468,868		(840,143)
Tax credit and other investments	294,220		303,701		(9,481)		297,232		314,066		303,132		(8,912)
Premises and equipment, net	398,050		398,671		(621)		418,914		422,222		434,042		(35,992)
Bank and corporate owned life insurance	682,709		680,831		1,878		679,647		679,257		676,196		6,513
Goodwill	1,104,992		1,104,992		—		1,109,300		1,107,902		1,107,902		(2,910)
Other intangible assets, net	62,498		64,701		(2,203)		68,254		70,507		72,759		(10,261)
Mortgage servicing rights, net	48,335		49,500		(1,165)		41,961		45,261		49,403		(1,068)
Interest receivable	81,797		86,466		(4,669)		90,263		91,612		87,097		(5,300)
Other assets	609,766		579,084		30,682		653,219		653,117		640,765		(30,999)
Total assets	$	34,152,625	$	34,575,255	$	(422,630)	$	33,419,783	$	34,698,746	$	35,501,464	$	(1,348,839)
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	7,999,143	$	8,496,194	$	(497,051)	$	7,661,728	$	7,489,048	$	7,573,942	$	425,201
Interest-bearing deposits	19,265,157		19,180,972		84,185		18,820,753		19,223,500		18,977,502		287,655
Total deposits	27,264,299		27,677,166		(412,867)		26,482,481		26,712,547		26,551,444		712,855
Federal funds purchased and securities sold under agreements to repurchase	170,419		138,507		31,912		192,971		155,329		142,293		28,126
Commercial paper	55,785		51,171		4,614		59,346		50,987		39,535		16,250
PPPLF	—		—		—		—		1,022,217		1,009,760		(1,009,760)
FHLB advances	1,619,826		1,629,966		(10,140)		1,632,723		1,706,763		2,657,016		(1,037,190)
Other long-term funding	549,024		549,729		(705)		549,465		549,201		548,937		87
Allowance for unfunded commitments	45,276		50,776		(5,500)		47,776		57,276		64,776		(19,500)
Accrued expenses and other liabilities	337,942		350,160		(12,218)		364,088		398,991		463,245		(125,303)
Total liabilities	30,042,573		30,447,474		(404,901)		29,328,850		30,653,313		31,477,007		(1,434,434)
Stockholders’ equity
Preferred equity	290,200		353,512		(63,312)		353,512		353,637		353,846		(63,646)
Common equity	3,819,852		3,774,268		45,584		3,737,421		3,691,796		3,670,612		149,240
Total stockholders’ equity	4,110,052		4,127,780		(17,728)		4,090,933		4,045,433		4,024,457		85,595
Total liabilities and stockholders’ equity	$	34,152,625	$	34,575,255	$	(422,630)	$	33,419,783	$	34,698,746	$	35,501,464	$	(1,348,839)

Numbers may not sum due to rounding.

1

Associated Banc-Corp Consolidated Statements of Income (Unaudited)					Comp Qtr				YTD		YTD		Comp YTD
($ in thousands, except per share data)	2Q21		2Q20		$ Change		% Change		Jun 2021		Jun 2020		$ Change		% Change
Interest income
Interest and fees on loans	$	174,228	$	191,895	$	(17,667)	(9)	%	$	348,277	$	416,681	$	(68,404)	(16)	%
Interest and dividends on investment securities
Taxable	8,840		16,103		(7,263)		(45)	%	15,855		36,375		(20,520)		(56)	%
Tax-exempt	14,366		14,616		(250)		(2)	%	28,528		29,498		(970)		(3)	%
Other interest	1,826		2,231		(405)		(18)	%	3,521		5,535		(2,014)		(36)	%
Total interest income	199,260		224,845		(25,585)		(11)	%	396,180		488,090		(91,910)		(19)	%
Interest expense
Interest on deposits	4,609		13,178		(8,569)		(65)	%	10,519		49,844		(39,325)		(79)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	30		51		(21)		(41)	%	55		420		(365)		(87)	%
Interest on other short-term funding	7		5		2		40	%	13		40		(27)		(68)	%
Interest on PPPLF	—		676		(676)		(100)	%	—		676		(676)		(100)	%
Interest on FHLB Advances	9,524		15,470		(5,946)		(38)	%	19,017		33,096		(14,079)		(43)	%
Interest on long-term funding	5,575		5,593		(18)		—	%	11,160		11,200		(40)		—	%
Total interest expense	19,745		34,973		(15,228)		(44)	%	40,764		95,276		(54,512)		(57)	%
Net interest income	179,515		189,872		(10,357)		(5)	%	355,416		392,814		(37,398)		(10)	%
Provision for credit losses	(35,004)		61,000		(96,004)		N/M		(58,009)		114,001		(172,010)		N/M
Net interest income after provision for credit losses	214,519		128,872		85,647		66	%	413,425		278,813		134,612		48	%
Noninterest income
Wealth management fees	22,706		20,916		1,790		9	%	45,120		41,732		3,388		8	%
Service charges and deposit account fees	15,549		11,484		4,065		35	%	30,404		26,706		3,698		14	%
Card-based fees	10,982		8,893		2,089		23	%	20,725		18,490		2,235		12	%
Other fee-based revenue	4,244		4,774		(530)		(11)	%	8,840		9,272		(432)		(5)	%
Capital markets, net	5,696		6,910		(1,214)		(18)	%	13,814		14,845		(1,031)		(7)	%
Mortgage banking, net	8,128		12,263		(4,135)		(34)	%	32,054		18,407		13,647		74	%
Bank and corporate owned life insurance	3,088		3,625		(537)		(15)	%	5,791		6,719		(928)		(14)	%
Insurance commissions and fees	86		22,430		(22,344)		(100)	%	161		45,038		(44,877)		(100)	%
Asset gains (losses), net(a)	(14)		157,361		(157,375)		N/M		4,796		157,284		(152,488)		(97)	%
Investment securities gains (losses), net	24		3,096		(3,072)		(99)	%	(16)		9,214		(9,230)		N/M
Gains (losses) on sale of branches, net(b)	36		—		36		N/M		1,038		—		1,038		N/M
Other	2,918		2,737		181		7	%	6,059		5,090		969		19	%
Total noninterest income	73,443		254,490		(181,047)		(71)	%	168,786		352,796		(184,010)		(52)	%
Noninterest expense
Personnel	106,994		111,350		(4,356)		(4)	%	211,020		225,551		(14,531)		(6)	%
Technology	20,236		21,174		(938)		(4)	%	40,975		41,973		(998)		(2)	%
Occupancy	14,679		14,464		215		1	%	30,835		30,532		303		1	%
Business development and advertising	4,970		3,556		1,414		40	%	9,366		9,382		(16)		—	%
Equipment	5,481		5,312		169		3	%	10,999		10,751		248		2	%
Legal and professional	6,661		5,058		1,603		32	%	13,191		10,217		2,974		29	%
Loan and foreclosure costs	2,671		3,605		(934)		(26)	%	4,891		6,725		(1,834)		(27)	%
FDIC assessment	3,600		5,250		(1,650)		(31)	%	8,350		10,750		(2,400)		(22)	%
Other intangible amortization	2,203		2,872		(669)		(23)	%	4,439		5,686		(1,247)		(22)	%
Other	6,979		10,766		(3,787)		(35)	%	15,755		24,030		(8,275)		(34)	%
Total noninterest expense	174,475		183,407		(8,932)		(5)	%	349,821		375,598		(25,777)		(7)	%
Income (loss) before income taxes	113,487		199,955		(86,468)		(43)	%	232,389		256,012		(23,623)		(9)	%
Income tax expense (benefit)	22,480		51,238		(28,758)		(56)	%	47,082		61,457		(14,375)		(23)	%
Net income	91,007		148,718		(57,711)		(39)	%	185,307		194,555		(9,248)		(5)	%
Preferred stock dividends	4,875		4,144		731		18	%	10,082		7,945		2,137		27	%
Net income available to common equity	$	86,131	$	144,573	$	(58,442)	(40)	%	$	175,226	$	186,611	$	(11,385)	(6)	%
Earnings per common share
Basic	$	0.56	$	0.94	$	(0.38)	(40)	%	$	1.14	$	1.21	$	(0.07)	(6)	%
Diluted	$	0.56	$	0.94	$	(0.38)	(40)	%	$	1.13	$	1.20	$	(0.07)	(6)	%
Average common shares outstanding
Basic	152,042		152,393		(351)		—	%	152,198		153,547		(1,349)		(1)	%
Diluted	153,381		153,150		231		—	%	153,473		154,360		(887)		(1)	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) 2Q20 and YTD 2020 include a gain of $163 million from the sale of Associated Benefits & Risk Consulting.

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

2

Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)					Seql Qtr										Comp Qtr
	2Q21		1Q21		$ Change		% Change		4Q20		3Q20		2Q20		$ Change		% Change
Interest income
Interest and fees on loans	$	174,228	$	174,049	$	179	—	%	$	185,934	$	182,625	$	191,895	$	(17,667)	(9)	%
Interest and dividends on investment securities
Taxable	8,840		7,014		1,826		26	%	9,746		13,689		16,103		(7,263)		(45)	%
Tax-exempt	14,366		14,162		204		1	%	14,296		14,523		14,616		(250)		(2)	%
Other interest	1,826		1,694		132		8	%	1,699		2,238		2,231		(405)		(18)	%
Total interest income	199,260		196,920		2,340		1	%	211,675		213,075		224,845		(25,585)		(11)	%
Interest expense
Interest on deposits	4,609		5,909		(1,300)		(22)	%	7,762		10,033		13,178		(8,569)		(65)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	30		26		4		15	%	32		34		51		(21)		(41)	%
Interest on other short-term funding	7		6		1		17	%	5		5		5		2		40	%
Interest on PPPLF	—		—		—		N/M		410		899		676		(676)		(100)
Interest on FHLB Advances	9,524		9,493		31		—	%	9,888		14,375		15,470		(5,946)		(38)	%
Interest on long-term funding	5,575		5,585		(10)		—	%	5,585		5,580		5,593		(18)		—	%
Total interest expense	19,745		21,018		(1,273)		(6)	%	23,682		30,925		34,973		(15,228)		(44)	%
Net interest income	179,515		175,902		3,613		2	%	187,993		182,150		189,872		(10,357)		(5)	%
Provision for credit losses	(35,004)		(23,004)		(12,000)		52	%	16,997		43,009		61,000		(96,004)		N/M
Net interest income after provision for credit losses	214,519		198,906		15,613		8	%	170,996		139,141		128,872		85,647		66	%
Noninterest income
Wealth management fees	22,706		22,414		292		1	%	22,073		21,152		20,916		1,790		9	%
Service charges and deposit account fees	15,549		14,855		694		5	%	15,318		14,283		11,484		4,065		35	%
Card-based fees	10,982		9,743		1,239		13	%	9,848		10,195		8,893		2,089		23	%
Other fee-based revenue	4,244		4,596		(352)		(8)	%	4,998		4,968		4,774		(530)		(11)	%
Capital markets, net	5,696		8,118		(2,422)		(30)	%	5,898		7,222		6,910		(1,214)		(18)	%
Mortgage banking, net	8,128		23,925		(15,797)		(66)	%	14,537		12,636		12,263		(4,135)		(34)	%
Bank and corporate owned life insurance	3,088		2,702		386		14	%	3,978		3,074		3,625		(537)		(15)	%
Insurance commissions and fees	86		76		10		13	%	92		114		22,430		(22,344)		(100)	%
Asset gains (losses), net(a)	(14)		4,809		(4,823)		N/M		(1,356)		(339)		157,361		(157,375)		N/M
Investment securities gains (losses), net	24		(39)		63		N/M		—		7		3,096		(3,072)		(99)	%
Gains on sale of branches, net(b)	36		1,002		(966)		(96)	%	7,449		—		—		36		N/M
Other	2,918		3,141		(223)		(7)	%	2,879		2,232		2,737		181		7	%
Total noninterest income	73,443		95,343		(21,900)		(23)	%	85,714		75,545		254,490		(181,047)		(71)	%
Noninterest expense
Personnel	106,994		104,026		2,968		3	%	98,033		108,567		111,350		(4,356)		(4)	%
Technology	20,236		20,740		(504)		(2)	%	19,574		19,666		21,174		(938)		(4)	%
Occupancy	14,679		16,156		(1,477)		(9)	%	15,678		17,854		14,464		215		1	%
Business development and advertising	4,970		4,395		575		13	%	5,421		3,626		3,556		1,414		40	%
Equipment	5,481		5,518		(37)		(1)	%	5,555		5,399		5,312		169		3	%
Legal and professional	6,661		6,530		131		2	%	5,737		5,591		5,058		1,603		32	%
Loan and foreclosure costs	2,671		2,220		451		20	%	3,758		2,118		3,605		(934)		(26)	%
FDIC assessment	3,600		4,750		(1,150)		(24)	%	5,700		3,900		5,250		(1,650)		(31)	%
Other intangible amortization	2,203		2,236		(33)		(1)	%	2,253		2,253		2,872		(669)		(23)	%
Loss on prepayments of FHLB advances	—		—		—		N/M		—		44,650		—		—		N/M
Other	6,979		8,775		(1,796)		(20)	%	11,141		13,963		10,766		(3,787)		(35)	%
Total noninterest expense	174,475		175,347		(872)		—	%	172,850		227,587		183,407		(8,932)		(5)	%
Income (loss) before income taxes	113,487		118,903		(5,416)		(5)	%	83,860		(12,900)		199,955		(86,468)		(43)	%
Income tax expense (benefit)	22,480		24,602		(2,122)		(9)	%	16,858		(58,114)		51,238		(28,758)		(56)	%
Net income	91,007		94,301		(3,294)		(3)	%	67,002		45,214		148,718		(57,711)		(39)	%
Preferred stock dividends	4,875		5,207		(332)		(6)	%	5,207		5,207		4,144		731		18	%
Net income available to common equity	$	86,131	$	89,094	$	(2,963)	(3)	%	$	61,795	$	40,007	$	144,573	$	(58,442)	(40)	%
Earnings per common share
Basic	$	0.56	$	0.58	$	(0.02)	(3)	%	$	0.40	$	0.26	$	0.94	$	(0.38)	(40)	%
Diluted	$	0.56	$	0.58	$	(0.02)	(3)	%	$	0.40	$	0.26	$	0.94	$	(0.38)	(40)	%
Average common shares outstanding
Basic	152,042		152,355		(313)		—	%	152,497		152,440		152,393		(351)		—	%
Diluted	153,381		153,688		(307)		—	%	153,262		153,194		153,150		231		—	%

N/M = Not meaningful

Numbers may not sum due to rounding.

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

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

3

Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data and COVID-19 loan forbearances; shares repurchased and outstanding in thousands)	YTD Jun 2021			YTD Jun 2020			2Q21			1Q21			4Q20			3Q20			2Q20
Per common share data
Dividends	$	0.36		$	0.36		$	0.18		$	0.18		$	0.18		$	0.18		$	0.18
Market value:
High	23.33			21.94			23.33			23.14			17.17			14.25			17.03
Low	17.20			10.85			20.36			17.20			12.68			11.86			11.48
Close							20.48			21.34			17.05			12.62			13.68
Book value							24.99			24.56			24.34			24.04			23.89
Tangible book value / share							17.35			16.95			16.67			16.37			16.21
Performance ratios (annualized)
Return on average assets	1.10		%	1.16		%	1.06		%	1.14		%	0.78		%	0.51		%	1.72		%
Noninterest expense / average assets	2.07		%	2.24		%	2.04		%	2.11		%	2.02		%	2.55		%	2.12		%
Effective tax rate	20.26		%	24.01		%	19.81		%	20.69		%	20.10		%	N/M			25.62		%
Dividend payout ratio(a)	31.58		%	29.75		%	32.14		%	31.03		%	45.00		%	69.23		%	19.15		%
Net interest margin	2.38		%	2.66		%	2.37		%	2.39		%	2.49		%	2.31		%	2.49		%
Selected trend information
Average full time equivalent employees(b)	4,005			4,666			3,990			4,020			4,134			4,374			4,701
Branch count							224			227			228			249			249
Assets under management, at market value(c)							$	13,141		$	12,553		$	13,314		$	12,195		$	11,755
Mortgage loans originated for sale during period	$	889		$	861		$	477		$	413		$	323		$	458		$	550
Mortgage loan settlements during period	$	885		$	1,022		$	484		$	400		$	339		$	599		$	725
Mortgage portfolio loans transferred to held for sale during period	$	—		$	200		$	—		$	—		$	—		$	70		$	—
Mortgage portfolio serviced for others							$	7,150		$	7,313		$	7,744		$	8,219		$	8,454
Mortgage servicing rights, net / mortgage portfolio serviced for others							0.68		%	0.68		%	0.54		%	0.55		%	0.58		%
Shares repurchased during period(d)	2,280			4,264			1,314			966			—			—			—
Shares outstanding, end of period							152,865			153,685			153,540			153,552			153,616
Paycheck Protection Program fees, net
Deferred fees, beginning of period	$	12		$	—		$	18		$	12		$	21		$	24		$	—
Fees received	18			27			6			12			—			1			27
Fees recognized	(15)			(3)			(8)			(7)			(9)			(4)			(3)
Deferred fees, end of period	$	15		$	24		$	15		$	18		$	12		$	21		$	24
COVID-19 impacted loans in forbearances ($ in thousands)
Total commercial							15,185			17,636			30,744			310,377			863,090
Total consumer							4,376			19,724			47,835			375,794			724,921
Total COVID-19 impacted loans in forbearance							$	19,561		$	37,360		$	78,579		$	686,171		$	1,588,011
Selected quarterly ratios
Loans / deposits							87.83		%	87.30		%	92.33		%	93.60		%	93.53		%
Stockholders’ equity / assets							12.03		%	11.94		%	12.24		%	11.66		%	11.34		%
Risk-based capital(e)(f)
Total risk-weighted assets							$	26,073		$	25,640		$	25,903		$	26,142		$	25,864
Common equity Tier 1							$	2,790		$	2,759		$	2,706		$	2,672		$	2,651
Common equity Tier 1 capital ratio							10.70		%	10.76		%	10.45		%	10.22		%	10.25		%
Tier 1 capital ratio							11.81		%	12.14		%	11.81		%	11.57		%	11.62		%
Total capital ratio							14.02		%	14.36		%	14.02		%	13.78		%	13.83		%
Tier 1 leverage ratio							9.23		%	9.53		%	9.37		%	9.02		%	9.08		%
Mortgage banking, net
Mortgage servicing fees, net(g)	$	(2)		$	1		$	—		$	(1)		$	(1)		$	(1)		$	(1)
Gains (losses) and fair value adjustments on loans held for sale	23			31			9			15			15			15			21
Fair value adjustment on portfolio loans transferred to held for sale	—			3			—			—			—			1			—
Mortgage servicing rights (impairment) recovery	10			(17)			—			11			1			(1)			(8)
Mortgage banking, net	$	32		$	18		$	8		$	24		$	15		$	13		$	12

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)June 30, 2021 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)	Jun 30, 2021			Mar 31, 2021			Seql Qtr % Change		Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	352,938		$	383,702		(8)	%	$	384,711		$	363,803		$337,793			4	%
Provision for loan losses	(29,500)			(26,000)			13	%	26,500			50,500			52,500			N/M
Charge offs	(7,681)			(13,174)			(42)	%	(30,315)			(34,079)			(28,351)			(73)	%
Recoveries	3,054			8,410			(64)	%	2,805			4,488			1,861			64	%
Net charge offs	(4,628)			(4,764)			(3)	%	(27,510)			(29,592)			(26,490)			(83)	%
Balance at end of period	$	318,811		$	352,938		(10)	%	$	383,702		$	384,711		$	363,803		(12)	%
Allowance for unfunded commitments
Balance at beginning of period	$	50,776		$	47,776		6	%	$	57,276		$	64,776		$	56,276		(10)	%
Provision for unfunded commitments	(5,500)			3,000			N/M		(9,500)			(7,500)			8,500			N/M
Balance at end of period	$	45,276		$	50,776		(11)	%	$	47,776		$	57,276		$	64,776		(30)	%
Allowance for credit losses on loans (ACLL)	$	364,087		$	403,714		(10)	%	$	431,478		$	441,988		$	428,579		(15)	%
Provision for credit losses on loans	$	(35,000)		$	(23,000)		52	%	$	17,000		$	43,000		$	61,000		N/M
($ in thousands)	Jun 30, 2021			Mar 31, 2021			Seql Qtr % Change		Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Comp Qtr % Change
Net (charge offs) recoveries
PPP Loans	$	—		$	—		N/M		$	—		$	—		$	—		N/M
Commercial and industrial	1,333			1,367			(2)	%	(8,514)			(24,834)			(24,919)			N/M
Commercial real estate—owner occupied	5			4			25	%	143			(416)			1			N/M
Commercial and business lending	1,338			1,370			(2)	%	(8,371)			(25,249)			(24,919)			N/M
Commercial real estate—investor	(5,589)			(5,886)			(5)	%	(18,696)			(3,609)			28			N/M
Real estate construction	23			29			(21)	%	43			(21)			(3)			N/M
Commercial real estate lending	(5,566)			(5,857)			(5)	%	(18,653)			(3,630)			25			N/M
Total commercial	(4,228)			(4,487)			(6)	%	(27,024)			(28,879)			(24,893)			(83)	%
Residential mortgage	(223)			(109)			105	%	(162)			(79)			(215)			4	%
Home equity	337			344			(2)	%	335			156			(303)			N/M
Other consumer	(514)			(511)			1	%	(659)			(790)			(1,078)			(52)	%
Total consumer	(400)			(277)			44	%	(486)			(712)			(1,596)			(75)	%
Total net (charge offs) recoveries	$	(4,628)		$	(4,764)		(3)	%	$	(27,510)		$	(29,592)		$	(26,490)		(83)	%
(In basis points)	Jun 30, 2021			Mar 31, 2021					Dec 31, 2020			Sep 30, 2020			Jun 30, 2020
Net charge offs to average loans (annualized)
PPP Loans	—			—					—			—			—
Commercial and industrial	7			7					(45)			(126)			(121)
Commercial real estate—owner occupied	—			—					6			(18)			—
Commercial and business lending	6			6					(35)			(103)			(100)
Commercial real estate—investor	(52)			(55)					(173)			(34)			—
Real estate construction	1			1					1			—			—
Commercial real estate lending	(36)			(38)					(121)			(24)			—
Total commercial	(11)			(12)					(69)			(73)			(64)
Residential mortgage	(1)			(1)					(1)			—			(1)
Home equity	21			21					18			8			(15)
Other consumer	(69)			(68)					(83)			(98)			(128)
Total consumer	(2)			(1)					(2)			(3)			(7)
Total net charge offs	(8)			(8)					(44)			(47)			(42)
($ in thousands)	Jun 30, 2021			Mar 31, 2021			Seql Qtr % Change		Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Comp Qtr % Change
Credit Quality
Nonaccrual loans	$	147,135		$	163,292		(10)	%	$	210,854		$	231,590		$	171,607		(14)	%
Other real estate owned (OREO)	24,000			24,588			(2)	%	14,269			18,983			20,264			18	%
Other nonperforming assets	—			—			N/M		—			909			909			(100)	%
Total nonperforming assets	$	171,135		$	187,880		(9)	%	$	225,123		$	251,481		$	192,780		(11)	%
Loans 90 or more days past due and still accruing	$	1,302		$	1,675		(22)	%	$	1,598		$	1,854		$	1,466		(11)	%
Allowance for credit losses on loans to total loans	1.52		%	1.67		%			1.76		%	1.77		%	1.73		%
Allowance for credit losses on loans to nonaccrual loans	247.45		%	247.23		%			204.63		%	190.85		%	249.74		%
Nonaccrual loans to total loans	0.61		%	0.68		%			0.86		%	0.93		%	0.69		%
Nonperforming assets to total loans plus OREO	0.71		%	0.78		%			0.92		%	1.01		%	0.78		%
Nonperforming assets to total assets	0.50		%	0.54		%			0.67		%	0.72		%	0.54		%
Year-to-date net charge offs to year-to-date average loans (annualized)	0.08		%	0.08		%			0.41		%	0.40		%	0.36		%

N/M = Not meaningful

5

Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Jun 30, 2021		Mar 31, 2021		Seql Qtr % Change		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	18,380	$	33,192	(45)	%	$	61,859	$	105,899	$	80,239	(77)	%
Commercial real estate—owner occupied	7		7		—	%	1,058		2,043		1,932		(100)	%
Commercial and business lending	18,387		33,200		(45)	%	62,917		107,941		82,171		(78)	%
Commercial real estate—investor	63,003		58,485		8	%	78,220		50,458		11,172		N/M
Real estate construction	247		327		(24)	%	353		392		503		(51)	%
Commercial real estate lending	63,250		58,813		8	%	78,573		50,850		11,675		N/M
Total commercial	81,637		92,012		(11)	%	141,490		158,792		93,846		(13)	%
Residential mortgage	56,795		61,256		(7)	%	59,337		62,331		66,656		(15)	%
Home equity	8,517		9,792		(13)	%	9,888		10,277		10,829		(21)	%
Other consumer	186		231		(19)	%	140		190		276		(33)	%
Total consumer	65,498		71,280		(8)	%	69,364		72,798		77,761		(16)	%
Total nonaccrual loans	$	147,135	$	163,292	(10)	%	$	210,854	$	231,590	$	171,607	(14)	%
	Jun 30, 2021		Mar 31, 2021		Seql Qtr % Change		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Comp Qtr % Change
Restructured loans (accruing)(a)
Commercial and industrial	$	11,569	$	11,985	(3)	%	$	12,713	$	16,002	$	16,321	(29)	%
Commercial real estate—owner occupied	1,225		1,488		(18)	%	1,711		1,389		1,441		(15)	%
Commercial and business lending	12,794		13,473		(5)	%	14,424		17,391		17,762		(28)	%
Commercial real estate—investor	13,306		13,627		(2)	%	26,435		635		114		N/M
Real estate construction	253		256		(1)	%	260		382		313		(19)	%
Commercial real estate lending	13,559		13,884		(2)	%	26,695		1,016		427		N/M
Total commercial	26,353		27,356		(4)	%	41,119		18,407		18,189		45	%
Residential mortgage	12,227		10,462		17	%	7,825		5,378		4,178		193	%
Home equity	2,451		1,929		27	%	1,957		1,889		1,717		43	%
Other consumer	904		1,073		(16)	%	1,191		1,218		1,219		(26)	%
Total consumer	15,582		13,464		16	%	10,973		8,485		7,114		119	%
Total restructured loans (accruing)	$	41,935	$	40,820	3	%	$	52,092	$	26,891	$	25,303	66	%
Nonaccrual restructured loans (included in nonaccrual loans)	$	17,237	$	17,624	(2)	%	$	20,190	$	23,844	$	25,362	(32)	%
	Jun 30, 2021		Mar 31, 2021		Seql Qtr % Change		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Comp Qtr % Change
Accruing Loans 30-89 Days Past Due
Commercial and industrial	$	258	$	526	(51)	%	$	6,119	$	298	$	716	(64)	%
Commercial real estate—owner occupied	47		—		N/M		373		870		199		(76)	%
Commercial and business lending	306		526		(42)	%	6,492		1,167		916		(67)	%
Commercial real estate—investor	391		5,999		(93)	%	12,793		409		13,874		(97)	%
Real estate construction	117		977		(88)	%	991		111		385		(70)	%
Commercial real estate lending	509		6,976		(93)	%	13,784		520		14,260		(96)	%
Total commercial	814		7,502		(89)	%	20,276		1,687		15,175		(95)	%
Residential mortgage	5,015		3,973		26	%	10,385		6,185		3,023		66	%
Home equity	2,472		2,352		5	%	4,802		5,609		3,108		(20)	%
Other consumer	1,075		1,270		(15)	%	1,599		1,351		1,482		(27)	%
Total consumer	8,562		7,594		13	%	16,786		13,144		7,613		12	%
Total accruing loans 30-89 days past due	$	9,376	$	15,097	(38)	%	$	37,062	$	14,831	$	22,788	(59)	%
	Jun 30, 2021		Mar 31, 2021		Seql Qtr % Change		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Comp Qtr % Change
Potential Problem Loans
PPP Loans(b)	$	8,695	$	22,398	(61)	%	$	18,002	$	19,161	$	19,161	(55)	%
Commercial and industrial	77,064		122,143		(37)	%	121,487		144,159		176,270		(56)	%
Commercial real estate—owner occupied	17,828		15,965		12	%	26,179		22,808		15,919		12	%
Commercial and business lending	103,587		160,506		(35)	%	165,668		186,129		211,350		(51)	%
Commercial real estate—investor	71,613		85,752		(16)	%	91,396		100,459		88,237		(19)	%
Real estate construction	16,465		13,977		18	%	19,046		2,178		2,170		N/M
Commercial real estate lending	88,078		99,728		(12)	%	110,442		102,637		90,407		(3)	%
Total commercial	191,665		260,234		(26)	%	276,111		288,766		301,758		(36)	%
Residential mortgage	3,024		2,524		20	%	3,749		2,396		3,157		(4)	%
Home equity	1,558		1,729		(10)	%	2,068		1,632		1,921		(19)	%
Total consumer	4,583		4,254		8	%	5,817		4,028		5,078		(10)	%
Total potential problem loans	$	196,248	$	264,488	(26)	%	$	281,928	$	292,794	$	306,836	(36)	%

N/M = Not meaningful

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.

6

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	June 30, 2021						March 31, 2021						June 30, 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	$	701,440	$	10,048	5.75	%	$	806,699	$	8,900	4.47	%	$	848,761	$	4,841	2.29	%
Commercial and business lending (excl PPP loans)	8,437,624		53,886		2.56	%	8,537,301		54,091		2.57	%	9,192,910		64,097		2.80	%
Commercial real estate lending	6,159,728		44,139		2.87	%	6,171,202		44,315		2.91	%	5,720,262		46,057		3.24	%
Total commercial	15,298,792		108,073		2.83	%	15,515,202		107,307		2.80	%	15,761,933		114,995		2.93	%
Residential mortgage	7,861,139		55,337		2.82	%	7,962,691		55,504		2.79	%	8,271,757		62,860		3.04	%
Retail	938,682		11,197		4.78	%	985,456		11,630		4.75	%	1,157,116		14,368		4.98	%
Total loans	24,098,614		174,607		2.90	%	24,463,349		174,442		2.88	%	25,190,806		192,223		3.06	%
Investment securities
Taxable	3,220,825		8,840		1.10	%	2,976,469		7,014		0.94	%	3,129,113		16,103		2.06	%
Tax-exempt(a)	1,953,696		18,101		3.71	%	1,900,346		17,844		3.76	%	1,922,392		18,270		3.80	%
Other short-term investments	1,766,615		1,826		0.41	%	991,844		1,694		0.69	%	1,016,976		2,231		0.88	%
Investments and other	6,941,135		28,767		1.66	%	5,868,659		26,553		1.81	%	6,068,481		36,604		2.41	%
Total earning assets	31,039,749		$	203,375	2.62	%	30,332,008		$	200,994	2.67	%	31,259,287		$	228,826	2.94	%
Other assets, net	3,339,898						3,352,135						3,586,656
Total assets	$	34,379,647					$	33,684,143					$	34,845,943
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,121,553	$	357	0.03	%	$	3,810,321	$	332	0.04	%	$	3,260,040	$	429	0.05	%
Interest-bearing demand	5,879,173		1,057		0.07	%	5,713,270		1,178		0.08	%	5,445,267		1,442		0.11	%
Money market	6,981,482		1,023		0.06	%	6,875,730		1,059		0.06	%	6,496,841		1,902		0.12	%
Network transaction deposits	908,869		264		0.12	%	1,080,109		327		0.12	%	1,544,737		539		0.14	%
Time deposits	1,509,705		1,909		0.51	%	1,658,568		3,014		0.74	%	2,469,899		8,866		1.44	%
Total interest-bearing deposits	19,400,781		4,609		0.10	%	19,137,998		5,909		0.13	%	19,216,785		13,178		0.28	%
Federal funds purchased and securities sold under agreements to repurchase	157,619		30		0.08	%	136,144		26		0.08	%	204,548		51		0.10	%
Commercial Paper	55,209		7		0.05	%	42,774		6		0.05	%	37,526		5		0.05	%
PPPLF	—		—		—	%	—		—		—	%	774,500		676		0.35	%
FHLB advances	1,620,397		9,524		2.36	%	1,631,895		9,493		2.36	%	2,810,867		15,470		2.21	%
Long-term funding	549,222		5,575		4.06	%	549,585		5,585		4.07	%	548,757		5,593		4.08	%
Total short and long-term funding	2,382,446		15,136		2.55	%	2,360,397		15,109		2.58	%	4,376,199		21,795		2.00	%
Total interest-bearing liabilities	21,783,227		$	19,745	0.36	%	21,498,395		$	21,018	0.40	%	23,592,983		$	34,973	0.60	%
Noninterest-bearing demand deposits	8,069,851						7,666,561						6,926,401
Other liabilities	395,950						415,195						480,041
Stockholders’ equity	4,130,618						4,103,991						3,846,517
Total liabilities and stockholders’ equity	$	34,379,647					$	33,684,143					$	34,845,943
Interest rate spread					2.26	%					2.27	%					2.34	%
Net free funds					0.11	%					0.12	%					0.15	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	183,629	2.37	%			$	179,976	2.39	%			$	193,853	2.49	%
Fully tax-equivalent adjustment			4,115						4,074						3,981
Net interest income			$	179,515					$	175,902					$	189,872

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
	Six Months Ended June 30,
	2021						2020
($ 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	$	753,778	$	18,949	5.07	%	$	424,380	$	4,841	2.29	%
Commercial and business lending (excl PPP loans)	8,487,187		107,977		2.56	%	8,786,511		144,314		3.30	%
Commercial real estate lending	6,165,433		88,455		2.89	%	5,524,915		103,556		3.77	%
Total commercial	15,406,399		215,380		2.82	%	14,735,807		252,711		3.45	%
Residential mortgage	7,911,635		110,841		2.80	%	8,338,054		132,821		3.19	%
Retail	961,940		22,827		4.76	%	1,175,851		31,841		5.43	%
Total loans	24,279,974		349,049		2.89	%	24,249,712		417,372		3.45	%
Investment securities
Taxable	3,099,322		15,855		1.02	%	3,294,669		36,375		2.21	%
Tax-exempt (a)	1,927,169		35,945		3.73	%	1,948,320		36,873		3.79	%
Other short-term investments	1,381,370		3,521		0.51	%	745,290		5,535		1.49	%
Investments and other	6,407,860		55,320		1.73	%	5,988,278		78,783		2.63	%
Total earning assets	30,687,834		$	404,369	2.65	%	30,237,990		$	496,155	3.29	%
Other assets, net	3,345,982						3,473,484
Total assets	$	34,033,816					$	33,711,474
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	3,966,797	$	689	0.04	%	$	3,064,440	$	2,228	0.15	%
Interest-bearing demand	5,796,680		2,234		0.08	%	5,376,249		10,197		0.38	%
Money market	6,928,898		2,082		0.06	%	6,517,749		12,708		0.39	%
Network transaction deposits	994,016		591		0.12	%	1,489,433		5,141		0.69	%
Time deposits	1,583,725		4,923		0.63	%	2,553,065		19,569		1.54	%
Total interest-bearing deposits	19,270,116		10,519		0.11	%	19,000,936		49,844		0.53	%
Federal funds purchased and securities sold under agreements to repurchase	146,941		55		0.08	%	199,477		420		0.42	%
Commercial Paper	49,026		13		0.05	%	35,904		30		0.17	%
PPPLF	—		—		—	%	387,250		676		0.35	%
Other short-term funding	—		—		—	%	8,498		11		0.25	%
FHLB advances	1,626,114		19,017		2.36	%	3,021,433		33,096		2.20	%
Long-term funding	549,402		11,160		4.06	%	549,111		11,200		4.08	%
Total short and long-term funding	2,371,483		30,245		2.56	%	4,201,674		45,432		2.17	%
Total interest-bearing liabilities	21,641,598		$	40,764	0.38	%	23,202,610		$	95,276	0.83	%
Noninterest-bearing demand deposits	7,869,320						6,216,631
Other liabilities	405,519						448,074
Stockholders’ equity	4,117,378						3,844,158
Total liabilities and stockholders’ equity	$	34,033,816					$	33,711,474
Interest rate spread					2.27	%					2.46	%
Net free funds					0.11	%					0.20	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	363,605	2.38	%			$	400,879	2.66	%
Fully tax-equivalent adjustment			8,189						8,066
Net interest income			$	355,416					$	392,814

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	Jun 30, 2021		Mar 31, 2021		Seql Qtr % Change		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Comp Qtr % Change
PPP Loans	$	405,482	$	836,566	(52)	%	$	767,757	$	1,022,217	$	1,012,033	(60)	%
Commercial and industrial	7,909,119		7,664,501		3	%	7,701,422		7,933,404		7,968,709		(1)	%
Commercial real estate—owner occupied	880,755		883,237		—	%	900,912		904,997		914,385		(4)	%
Commercial and business lending	9,195,355		9,384,303		(2)	%	9,370,091		9,860,618		9,895,127		(7)	%
Commercial real estate—investor	4,300,651		4,260,706		1	%	4,342,584		4,320,926		4,174,125		3	%
Real estate construction	1,880,897		1,882,299		—	%	1,840,417		1,859,609		1,708,189		10	%
Commercial real estate lending	6,181,549		6,143,004		1	%	6,183,001		6,180,536		5,882,314		5	%
Total commercial	15,376,904		15,527,307		(1)	%	15,553,091		16,041,154		15,777,441		(3)	%
Residential mortgage	7,638,372		7,685,218		(1)	%	7,878,324		7,885,523		7,933,518		(4)	%
Home equity	631,783		651,647		(3)	%	707,255		761,593		795,671		(21)	%
Other consumer	300,477		298,156		1	%	313,054		315,483		326,040		(8)	%
Total consumer	8,570,632		8,635,020		(1)	%	8,898,632		8,962,599		9,055,230		(5)	%
Total loans	$	23,947,536	$	24,162,328	(1)	%	$	24,451,724	$	25,003,753	$	24,832,671	(4)	%
Period end deposit and customer funding composition	Jun 30, 2021		Mar 31, 2021		Seql Qtr % Change		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Comp Qtr % Change
Noninterest-bearing demand	$	7,999,143	$	8,496,194	(6)	%	$	7,661,728	$	7,489,048	$	7,573,942	6	%
Savings	4,182,651		4,032,830		4	%	3,650,085		3,529,423		3,394,930		23	%
Interest-bearing demand	5,969,285		5,748,353		4	%	6,090,869		5,979,449		5,847,349		2	%
Money market	7,640,825		7,838,437		(3)	%	7,322,769		7,687,775		7,486,319		2	%
Time deposits (excluding brokered CDs)	1,472,395		1,561,352		(6)	%	1,757,030		2,026,852		2,244,680		(34)	%
Brokered CDs	—		—		N/M		—		—		4,225		(100)	%
Total deposits	27,264,299		27,677,166		(1)	%	26,482,481		26,712,547		26,551,444		3	%
Customer funding(a)	226,160		182,228		24	%	245,247		198,741		178,398		27	%
Total deposits and customer funding	$	27,490,459	$	27,859,394	(1)	%	$	26,727,727	$	26,911,289	$	26,729,842	3	%
Network transaction deposits(b)	$	871,603	$	1,054,634	(17)	%	$	1,197,093	$	1,390,778	$	1,496,958	(42)	%
Net deposits and customer funding (Total deposits and customer funding, excluding Brokered CDs and network transaction deposits)	$	26,618,856	$	26,804,761	(1)	%	$	25,530,634	$	25,520,511	$	25,228,660	6	%
Quarter average loan composition	Jun 30, 2021		Mar 31, 2021		Seql Qtr % Change		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Comp Qtr % Change
PPP Loans	$	701,440	$	806,699	(13)	%	$	929,859	$	1,019,808	$	848,761	(17)	%
Commercial and industrial	7,558,878		7,631,274		(1)	%	7,609,185		7,844,209		8,263,270		(9)	%
Commercial real estate—owner occupied	878,746		906,027		(3)	%	904,565		906,874		929,640		(5)	%
Commercial and business lending	9,139,064		9,344,000		(2)	%	9,443,609		9,770,891		10,041,671		(9)	%
Commercial real estate—investor	4,321,109		4,303,365		—	%	4,289,703		4,255,473		4,113,895		5	%
Real estate construction	1,838,619		1,867,836		(2)	%	1,867,919		1,776,835		1,606,367		14	%
Commercial real estate lending	6,159,728		6,171,202		—	%	6,157,622		6,032,308		5,720,262		8	%
Total commercial	15,298,792		15,515,202		(1)	%	15,601,230		15,803,199		15,761,933		(3)	%
Residential mortgage	7,861,139		7,962,691		(1)	%	8,029,585		8,058,283		8,271,757		(5)	%
Home equity	641,438		680,738		(6)	%	736,059		780,202		819,680		(22)	%
Other consumer	297,245		304,718		(2)	%	314,963		321,387		337,436		(12)	%
Total consumer	8,799,822		8,948,147		(2)	%	9,080,607		9,159,872		9,428,873		(7)	%
Total loans(c)	$	24,098,614	$	24,463,349	(1)	%	$	24,681,837	$	24,963,071	$	25,190,806	(4)	%
Quarter average deposit composition	Jun 30, 2021		Mar 31, 2021		Seql Qtr % Change		Dec 31, 2020		Sep 30, 2020		Jun 30, 2020		Comp Qtr % Change
Noninterest-bearing demand	$	8,069,851	$	7,666,561	5	%	$	7,677,003	$	7,412,186	$	6,926,401	17	%
Savings	4,121,553		3,810,321		8	%	3,628,458		3,462,942		3,260,040		26	%
Interest-bearing demand	5,879,173		5,713,270		3	%	5,739,983		5,835,597		5,445,267		8	%
Money market	6,981,482		6,875,730		2	%	6,539,583		6,464,784		6,496,841		7	%
Network transaction deposits	908,869		1,080,109		(16)	%	1,265,748		1,528,199		1,544,737		(41)	%
Time deposits	1,509,705		1,658,568		(9)	%	1,888,074		2,135,870		2,469,899		(39)	%
Total deposits	$	27,470,633	$	26,804,559	2	%	$	26,738,850	$	26,839,578	$	26,143,186	5	%

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)	Jun 2021			Jun 2020			2Q21			1Q21			4Q20			3Q20			2Q20
Tangible common equity reconciliation(a)
Common equity							$	3,820		$	3,774		$	3,737		$	3,692		$	3,671
Goodwill and other intangible assets, net							(1,167)			(1,170)			(1,178)			(1,178)			(1,181)
Tangible common equity							$	2,652		$	2,605		$	2,560		$	2,513		$	2,490
Tangible assets reconciliation(a)
Total assets							$	34,153		$	34,575		$	33,420		$	34,699		$	35,501
Goodwill and other intangible assets, net							(1,167)			(1,170)			(1,178)			(1,178)			(1,181)
Tangible assets							$	32,985		$	33,406		$	32,242		$	33,520		$	34,321
Average tangible common equity and average common equity tier 1 reconciliation(a)
Common equity	$	3,769		$	3,576		$	3,788		$	3,750		$	3,700		$	3,681		$	3,566
Goodwill and other intangible assets, net	(1,172)			(1,277)			(1,169)			(1,175)			(1,178)			(1,180)			(1,281)
Tangible common equity	2,598			2,299			2,619			2,576			2,522			2,501			2,285
Modified CECL transitional amount	111			109			106			116			123			120			115
Accumulated other comprehensive loss (income)	(4)			9			(3)			(5)			(4)			(4)			8
Deferred tax assets (liabilities), net	40			46			40			41			42			42			45
Average common equity tier 1	$	2,745		$	2,462		$	2,762		$	2,727		$	2,683		$	2,660		$	2,453
Average tangible assets reconciliation(a)
Total assets	$	34,034		$	33,711		$	34,380		$	33,684		$	34,076		$	35,550		$	34,846
Goodwill and other intangible assets, net	(1,172)			(1,277)			(1,169)			(1,175)			(1,178)			(1,180)			(1,281)
Tangible assets	$	32,862		$	32,435		$	33,211		$	32,510		$	32,898		$	34,371		$	33,565
Selected trend information(b)
Wealth management fees	$	45		$	42		$	23		$	22		$	22		$	21		$	21
Service charges and deposit account fees	30			27			16			15			15			14			11
Card-based fees	21			18			11			10			10			10			9
Other fee-based revenue	9			9			4			5			5			5			5
Fee-based revenue	105			96			53			52			52			51			46
Other	64			257			20			44			33			25			208
Total noninterest income	$	169		$	353		$	73		$	95		$	86		$	76		$	254
Pre-tax pre-provision income(c)
Income before income taxes	$	232		$	256		$	113		$	119		$	84		$	(13)		$	200
Provision for credit losses	(58)			114			(35)			(23)			17			43			61
Pre-tax pre-provision income	$	174		$	370		$	78		$	96		$	101		$	30		$	261
Selected equity and performance ratios(a)(d)
Tangible common equity / tangible assets							8.04		%	7.80		%	7.94		%	7.50		%	7.25		%
Return on average equity	9.08		%	10.18		%	8.84		%	9.32		%	6.58		%	4.46		%	15.55		%
Return on average tangible common equity	13.60		%	16.32		%	13.19		%	14.03		%	9.75		%	6.36		%	25.45		%
Return on average common equity Tier 1	12.87		%	15.24		%	12.51		%	13.25		%	9.16		%	5.98		%	23.71		%
Return on average tangible assets	1.14		%	1.21		%	1.10		%	1.18		%	0.81		%	0.52		%	1.78		%
Efficiency ratio reconciliation(e)
Federal Reserve efficiency ratio	66.26		%	54.26		%	66.81		%	65.74		%	59.68		%	85.41		%	43.49		%
Fully tax-equivalent adjustment	(1.02)		%	(0.59)		%	(1.07)		%	(0.97)		%	(0.84)		%	(1.29)		%	(0.39)		%
Other intangible amortization	(0.85)		%	(0.77)		%	(0.87)		%	(0.82)		%	(0.82)		%	(0.87)		%	(0.65)		%
Fully tax-equivalent efficiency ratio	64.40		%	52.91		%	64.88		%	63.96		%	58.02		%	83.25		%	42.46		%
Acquisition related costs adjustment	(0.01)		%	(0.30)		%	—		%	(0.01)		%	—		%	(0.08)		%	(0.12)		%
Provision for unfunded commitments adjustment	0.47		%	(3.22)		%	2.14		%	(1.09)		%	3.42		%	2.87		%	(1.91)		%
Asset gains (losses), net adjustment	0.59		%	13.23		%	—		%	1.12		%	(0.30)		%	(0.11)		%	22.10		%
Branch sales	0.13		%	—		%	0.01		%	0.24		%	1.68		%	—		%	—		%
3Q 2020 initiatives	—		%	—		%	—		%	—		%	—		%	(22.90)		%	—		%
Adjusted efficiency ratio	65.58		%	62.62		%	67.02		%	64.21		%	62.83		%	63.02		%	62.53		%
Gain on sale of ABRC (net of tax)(c)																2Q20			2Q20 per share data(f)
GAAP Earnings																$	145		$	0.94
Gain on sale of ABRC, net of tax																104			0.68
Earnings, excluding gain on sale of ABRC																$	40		$	0.26

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, net. 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.

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

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