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 First Quarter 2022 Net Income Available to Common Equity of $71 Million, or $0.47 per Common Share.

Results driven by positive margin, expense and credit trends.

GREEN BAY, Wis. -- April 21, 2022 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $71 million, or $0.47 per common share, for the quarter ended March 31, 2022. These amounts compare to earnings of $89 million, or $0.58 per common share for the quarter ended March 31, 2021 and earnings of $74 million, or $0.49 per common share for the quarter ended December 31, 2021.

"Our first quarter results were marked by strong positive momentum in our strategic lending initiatives," said President and CEO Andy Harmening. "Commercial line utilization continues to climb, employment trends in our markets continue to reflect robust productivity and credit remains remarkably benign. Our core customers continue to borrow and grow, and we remain committed to supporting them with their financial needs. In this spirit, we also announced today that we plan to implement several changes to our overdraft program in the third quarter of this year. These changes are expected to reduce the total burden of overdrafts to our customers by approximately 30%."

"As a bank, we're in a far different place than we were a year ago," Harmening continued. "We're well-positioned to deliver expanding margins, positive operating leverage and enhanced value to all of our stakeholders as we move through 2022."

First Quarter 2022 Highlights (all comparisons to the fourth quarter of 2021)

•Average loans were up $302 million to $24.1 billion

•Excluding PPP, average Commercial & Business Lending loans were up $177 million to $9.0 billion

•Average deposits were up $245 million to $28.6 billion

•Quarterly net interest margin was up two basis points to 2.42%

•Net interest income was up $1 million to $188 million

•Noninterest income was down $7 million to $74 million

•Noninterest expense was down $9 million to $173 million

•Provision for credit losses was negative $4 million compared to negative $6 million

•Net income available to common equity was down $3 million to $71 million

Loans

First quarter 2022 average total loans of $24.1 billion were up 1%, or $302 million from the prior quarter and were down 1%, or $366 million from the same period last year. Excluding PPP, average total loans of $24.1 billion were up 2%, or $374 million from the prior quarter and were up 2%, or $397 million from the same period last year. With respect to first quarter 2022 average balances by loan category:

•Commercial and business lending (excluding PPP) increased $177 million from the prior quarter and increased $481 million compared to the same period last year to $9.0 billion.

•Commercial real estate lending increased $43 million from the prior quarter and increased $6 million from the same period last year to $6.2 billion.

•Consumer lending was $8.9 billion, up $154 million from the prior quarter and down $90 million from the same period last year.

•PPP loans decreased $71 million from the prior quarter and decreased $763 million from the same period last year to $44 million.

First quarter 2022 period-end total loans of $24.5 billion were up 1%, or $307 million from the prior quarter and were up 2%, or $370 million from the same period last year. Excluding PPP, period-end total loans of $24.5 billion were up 1%, or $355 million from the prior quarter and were up 5%, or $1.2 billion from the same period last year. With respect to first quarter 2022 period-end balances by loan category:

•Commercial and business lending (excluding PPP) decreased $51 million from the prior quarter and increased $759 million from the same period last year to $9.3 billion.

•Commercial real estate lending increased $36 million from the prior quarter and increased $86 million from the same period last year to $6.2 billion.

•Consumer lending was $9.0 billion, up $370 million from the prior quarter and up $343 million from the same period last year.

•PPP loans decreased $48 million from the prior quarter and decreased $819 million from the same period last year to $18 million.

In 2022, we expect full-year auto finance loan growth of over $1.2 billion and total commercial loan growth of $750 million to $1 billion.

Deposits

First quarter 2022 average deposits of $28.6 billion were up 1%, or $245 million compared to the prior quarter and were up 7%, or $1.8 billion from the same period last year. With respect to first quarter 2022 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $100 million from the prior quarter and increased $650 million from the same period last year to $8.3 billion.

•Savings increased $163 million from the prior quarter and increased $720 million from the same period last year to $4.5 billion.

•Interest-bearing demand deposits increased $216 million from the prior quarter and increased $1.0 billion from the same period last year to $6.7 billion.

•Money market deposits increased $138 million from the prior quarter and increased $155 million from the same period last year to $7.0 billion.

•Time deposits decreased $68 million from the prior quarter and decreased $345 million from the same period last year to $1.3 billion.

•Network transaction deposits decreased $103 million from the prior quarter and decreased $345 million from the same period last year to $735 million.

First quarter 2022 period-end deposits of $28.4 billion were down $61 million compared to the prior quarter and were up 3%, or $728 million from the same period last year. Low-cost core deposits (interest-bearing demand, noninterest-bearing demand and savings) made up 68% of deposit balances as of March 31, 2022. With respect to first quarter 2022 period-end balances by deposit category:

•Noninterest-bearing demand deposits decreased $188 million from the prior quarter and decreased $180 million from the same period last year to $8.3 billion.

•Savings increased $251 million from the prior quarter and increased $628 million from the same period last year to $4.7 billion.

•Interest-bearing demand deposits decreased $403 million from the prior quarter and increased $868 million from the same period last year to $6.6 billion.

•Money market deposits increased $338 million from the prior quarter and decreased $316 million from the same period last year to $7.5 billion.

•Time deposits decreased $58 million from the prior quarter and decreased $272 million from the same period last year to $1.3 billion.

•Network transaction deposits (included in money market and interest-bearing deposits) decreased $4 million from the prior quarter and decreased $292 million from the same period last year to $763 million.

Net Interest Income and Net Interest Margin

First quarter 2022 net interest income of $188 million was up 1%, or $1 million from the prior quarter and the net interest margin increased 2 basis points from the prior quarter to 2.42%. Compared to the same period last year, net interest income increased 7%, or $12 million, and the net interest margin increased 3 basis points.

•The average yield on total loans for the first quarter of 2022 decreased 5 basis points from the prior quarter and decreased 7 basis points from the same period last year to 2.81%.

•The average cost of total interest-bearing liabilities for the first quarter of 2022 decreased 1 basis point from the prior quarter and decreased 14 basis points from the same period last year to 0.26%.

•The net free funds benefit for the first quarter of 2022 remained flat to the prior quarter and decreased 4 basis points compared to the same period last year to 0.08%.

We now expect short-term interest rates to rise following each of this year's Federal Open Market Committee meetings. Assuming rate increases of 25 basis points or more following each meeting, we now expect our 2022 net interest income to exceed $840 million.

Noninterest Income

First quarter 2022 total noninterest income of $74 million decreased $7 million from the prior quarter and decreased $21 million from the same period last year. With respect to first quarter 2022 noninterest income line items:

•Mortgage Banking, net was $8 million for the first quarter, up slightly from the prior quarter. Relative to the prior-year period, Mortgage Banking was down $16 million, driven by slowing refinance activity and higher retention of mortgages on our balance sheet.

•Service charges and deposit account fees decreased slightly from the prior quarter and increased $2 million from the same period last year.

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

•Capital markets fees decreased $1 million from the prior quarter and increased $1 million from the same period last year.

Guided by customer feedback, we announced today that we are making several customer-friendly changes to our overdraft program in the third quarter of 2022. The planned changes are expected to reduce service charges and deposit account fees by approximately $3 million in 2022. Additional details can be found in the press release available at investor.associatedbank.com.

Given our revised outlook for higher rates in 2022, we are also modifying our noninterest income guidance. We are now expecting less mortgage banking income and lower service charge revenues for both commercial and consumer customers over the back half of the year. We now expect total noninterest income for the year of between $290 million and $300 million.

Noninterest Expense

First quarter 2022 total noninterest expense of $173 million decreased $9 million from the prior quarter and decreased $2 million compared to the same period last year. With respect to first quarter 2022 noninterest expense line items:

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

•Other expense decreased $7 million from the prior quarter and decreased $2 million from the same period last year, primarily driven by a reduction in pension, donation and other expenses.

We expect total noninterest expense of approximately $725 million to $740 million for 2022.

Taxes

The first quarter 2022 tax expense was $19 million compared to $15 million of tax expense in the prior quarter and $25 million of tax expense in the same period last year. The effective tax rate for first quarter of 2022 was 20.1% compared to an effective tax rate of 16.5% in the prior quarter.

We expect the annual 2022 tax rate to be between 19% and 21%, assuming no change in the statutory corporate tax rate.

Credit

The first quarter 2022 provision for credit losses was negative $4 million, compared to a negative provision of $6 million in the prior quarter and a negative provision of $23 million in the same period last year. With respect to first quarter 2022 credit quality:

•Total accruing loans 30-89 days past due of $13 million were down $3 million from the prior quarter and down $2 million from the same period last year.

•Nonaccrual loans of $143 million were up $13 million from the prior quarter and down $20 million from the same period last year. The nonaccrual loans to total loans ratio was 0.58% in the first quarter, up from 0.54% in the prior quarter and down from 0.68% in the same period last year.

•First quarter net recoveries of $2 million compared to net charge offs of $6 million in the prior quarter and net charge offs of $5 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $318 million was down $2 million from the prior quarter and down $86 million compared to the same period last year. The ACLL to total loans ratio was 1.30% in the first quarter, down from 1.32% in the prior quarter and down from 1.67% in the same period last year.

Throughout the remainder of 2022, we expect to adjust provision to reflect changes to risk grades, economic conditions, other indications of credit quality, and loan volume.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.2%at March 31, 2022. 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 2022 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 21, 2022. 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 2022 earnings call. The first quarter 2022 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 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 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, 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,” "project," "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, 2022		December 31, 2021		Seql Qtr $ Change		September 30, 2021		June 30, 2021		March 31, 2021		Comp Qtr $ Change
Assets
Cash and due from banks	$	334,138	$	343,831	$	(9,693)	$	378,927	$	406,994	$	356,285	$	(22,147)
Interest-bearing deposits in other financial institutions	166,929		681,684		(514,755)		1,281,916		1,340,385		1,590,494		(1,423,565)
Federal funds sold and securities purchased under agreements to resell	—		—		—		25,000		25,000		—		—
Investment securities available for sale, at fair value	2,780,803		4,332,015		(1,551,212)		3,893,379		3,323,346		3,356,949		(576,146)
Investment securities held to maturity, net, at amortized cost	3,939,855		2,238,947		1,700,908		1,929,735		1,799,834		1,857,087		2,082,768
Equity securities	18,560		18,352		208		17,939		17,144		15,673		2,887
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	168,281		168,281		—		168,281		168,281		168,281		—
Residential loans held for sale	91,582		136,638		(45,056)		158,202		160,547		153,151		(61,569)
Loans	24,531,926		24,224,949		306,977		23,621,673		23,947,536		24,162,328		369,598
Allowance for loan losses	(279,058)		(280,015)		957		(290,997)		(318,811)		(352,938)		73,880
Loans, net	24,252,867		23,944,934		307,933		23,330,676		23,628,725		23,809,389		443,478
Tax credit and other investments	284,561		293,733		(9,172)		301,490		294,220		303,701		(19,140)
Premises and equipment, net	387,550		385,173		2,377		383,131		398,050		398,671		(11,121)
Bank and corporate owned life insurance	679,538		680,021		(483)		683,610		682,709		680,831		(1,293)
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	55,890		58,093		(2,203)		60,296		62,498		64,701		(8,811)
Mortgage servicing rights, net(a)	67,015		54,862		12,153		50,329		48,335		49,500		17,515
Interest receivable	83,120		80,528		2,592		79,011		81,797		86,466		(3,346)
Other assets	540,218		582,168		(41,950)		592,753		609,766		579,084		(38,866)
Total assets	$	34,955,900	$	35,104,253	$	(148,353)	$	34,439,666	$	34,152,625	$	34,575,255	$	380,645
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	8,315,699	$	8,504,077	$	(188,378)	$	8,170,105	$	7,999,143	$	8,496,194	$	(180,495)
Interest-bearing deposits	20,089,710		19,962,353		127,357		19,681,161		19,265,157		19,180,972		908,738
Total deposits	28,405,409		28,466,430		(61,021)		27,851,266		27,264,299		27,677,166		728,243
Federal funds purchased and securities sold under agreements to repurchase	368,768		319,532		49,236		267,943		170,419		138,507		230,261
Commercial paper	30,593		34,730		(4,137)		54,553		55,785		51,171		(20,578)
FHLB advances	1,537,948		1,621,047		(83,099)		1,620,880		1,619,826		1,629,966		(92,018)
Other long-term funding	249,797		249,324		473		249,160		549,024		549,729		(299,932)
Allowance for unfunded commitments	38,776		39,776		(1,000)		41,276		45,276		50,776		(12,000)
Accrued expenses and other liabilities	376,322		348,560		27,762		359,626		337,942		350,160		26,162
Total liabilities	31,007,613		31,079,399		(71,786)		30,444,705		30,042,573		30,447,474		560,139
Stockholders’ equity
Preferred equity	193,195		193,195		—		193,195		290,200		353,512		(160,317)
Common equity	3,755,092		3,831,658		(76,566)		3,801,766		3,819,852		3,774,268		(19,176)
Total stockholders’ equity	3,948,287		4,024,853		(76,566)		3,994,961		4,110,052		4,127,780		(179,493)
Total liabilities and stockholders’ equity	$	34,955,900	$	35,104,253	$	(148,353)	$	34,439,666	$	34,152,625	$	34,575,255	$	380,645

Numbers may not sum due to rounding.

(a) On January 1, 2022, the Corporation made the irrevocable election to account for mortgage servicing rights, net at fair value. For all prior periods, mortgage servicing rights, net were carried at lower of cost or market.

1

Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)					Seql Qtr										Comp Qtr
	1Q22		4Q21		$ Change		% Change		3Q21		2Q21		1Q21		$ Change		% Change
Interest income
Interest and fees on loans	$	167,697	$	170,809	$	(3,112)	(2)	%	$	174,643	$	174,228	$	174,049	$	(6,352)	(4)	%
Interest and dividends on investment securities
Taxable	16,472		13,317		3,155		24	%	8,745		8,840		7,014		9,458		135	%
Tax-exempt	16,108		15,569		539		3	%	14,613		14,366		14,162		1,946		14	%
Other interest	1,993		2,031		(38)		(2)	%	2,281		1,826		1,694		299		18	%
Total interest income	202,270		201,726		544		—	%	200,282		199,260		196,920		5,350		3	%
Interest expense
Interest on deposits	3,571		3,677		(106)		(3)	%	4,427		4,609		5,909		(2,338)		(40)	%
Interest on federal funds purchased and securities sold under agreements to repurchase	38		40		(2)		(5)	%	48		30		26		12		46	%
Interest on other short-term funding	1		2		(1)		(50)	%	8		7		6		(5)		(83)	%
Interest on FHLB Advances	8,182		8,514		(332)		(4)	%	8,962		9,524		9,493		(1,311)		(14)	%
Interest on long-term funding	2,730		2,730		—		—	%	3,163		5,575		5,585		(2,855)		(51)	%
Total interest expense	14,522		14,963		(441)		(3)	%	16,607		19,745		21,018		(6,496)		(31)	%
Net interest income	187,747		186,763		984		1	%	183,675		179,515		175,902		11,845		7	%
Provision for credit losses	(3,990)		(5,993)		2,003		(33)	%	(24,010)		(35,004)		(23,004)		19,014		(83)	%
Net interest income after provision for credit losses	191,737		192,756		(1,019)		(1)	%	207,685		214,519		198,906		(7,169)		(4)	%
Noninterest income
Wealth management fees	22,404		22,625		(221)		(1)	%	22,110		22,706		22,414		(10)		—	%
Service charges and deposit account fees	16,856		17,039		(183)		(1)	%	16,962		15,549		14,855		2,001		13	%
Card-based fees	9,926		11,176		(1,250)		(11)	%	11,113		10,982		9,743		183		2	%
Other fee-based revenue	3,766		4,316		(550)		(13)	%	3,929		4,244		4,596		(830)		(18)	%
Capital markets, net	8,646		9,674		(1,028)		(11)	%	7,114		5,696		8,118		528		7	%
Mortgage banking, net	8,391		8,041		350		4	%	10,657		8,128		23,925		(15,534)		(65)	%
Bank and corporate owned life insurance	2,071		4,704		(2,633)		(56)	%	2,760		3,088		2,702		(631)		(23)	%
Asset gains (losses), net	188		985		(797)		(81)	%	5,228		(14)		4,809		(4,621)		(96)	%
Investment securities gains (losses), net	21		—		21		N/M		—		24		(39)		60		N/M
Gains on sale of branches, net(a)	—		—		—		N/M		—		36		1,002		(1,002)		(100)	%
Other	2,198		2,941		(743)		(25)	%	2,205		3,004		3,216		(1,018)		(32)	%
Total noninterest income	74,467		81,502		(7,035)		(9)	%	82,076		73,443		95,343		(20,876)		(22)	%
Noninterest expense
Personnel	104,811		107,787		(2,976)		(3)	%	107,880		106,994		104,026		785		1	%
Technology	21,485		20,787		698		3	%	19,927		20,236		20,740		745		4	%
Occupancy	16,080		16,863		(783)		(5)	%	15,814		14,679		16,156		(76)		—	%
Business development and advertising	4,954		5,627		(673)		(12)	%	6,156		4,970		4,395		559		13	%
Equipment	4,960		4,905		55		1	%	5,200		5,481		5,518		(558)		(10)	%
Legal and professional	5,087		4,428		659		15	%	4,304		6,661		6,530		(1,443)		(22)	%
Loan and foreclosure costs	2,014		1,636		378		23	%	1,616		2,671		2,220		(206)		(9)	%
FDIC assessment	5,100		4,800		300		6	%	5,000		3,600		4,750		350		7	%
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,236		(33)		(1)	%
Other	6,597		13,173		(6,576)		(50)	%	9,793		6,979		8,775		(2,178)		(25)	%
Total noninterest expense	173,292		182,210		(8,918)		(5)	%	177,892		174,475		175,347		(2,055)		(1)	%
Income before income taxes	92,912		92,048		864		1	%	111,870		113,487		118,903		(25,991)		(22)	%
Income tax expense	18,650		15,171		3,479		23	%	23,060		22,480		24,602		(5,952)		(24)	%
Net income	74,262		76,877		(2,615)		(3)	%	88,809		91,007		94,301		(20,039)		(21)	%
Preferred stock dividends	2,875		2,875		—		—	%	4,155		4,875		5,207		(2,332)		(45)	%
Net income available to common equity	$	71,387	$	74,002	$	(2,615)	(4)	%	$	84,655	$	86,131	$	89,094	$	(17,707)	(20)	%
Earnings per common share
Basic	$	0.48	$	0.49	$	(0.01)	(2)	%	$	0.56	$	0.56	$	0.58	$	(0.10)	(17)	%
Diluted	$	0.47	$	0.49	$	(0.02)	(4)	%	$	0.56	$	0.56	$	0.58	$	(0.11)	(19)	%
Average common shares outstanding
Basic	148,781		148,697		84		—	%	150,046		152,042		152,355		(3,574)		(2)	%
Diluted	150,492		150,057		435		—	%	151,143		153,381		153,688		(3,196)		(2)	%

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; shares repurchased and outstanding in thousands)	1Q22			4Q21			3Q21			2Q21			1Q21
Per common share data
Dividends	$	0.20		$	0.20		$	0.20		$	0.18		$	0.18
Market value:
High	25.71			23.92			21.85			23.33			23.14
Low	22.41			21.49			18.56			20.36			17.20
Close	22.76			22.59			21.42			20.48			21.34
Book value / share	25.03			25.66			25.35			24.99			24.56
Tangible book value / share	17.29			17.87			17.58			17.35			16.95
Performance ratios (annualized)
Return on average assets	0.86		%	0.87		%	1.01		%	1.06		%	1.14		%
Noninterest expense / average assets	2.00		%	2.06		%	2.03		%	2.04		%	2.11		%
Effective tax rate	20.07		%	16.48		%	20.61		%	19.81		%	20.69		%
Dividend payout ratio(a)	41.67		%	40.82		%	35.71		%	32.14		%	31.03		%
Net interest margin	2.42		%	2.40		%	2.38		%	2.37		%	2.39		%
Selected trend information
Average full time equivalent employees(b)	4,018			3,992			4,010			3,990			4,020
Branch count	215			215			224			224			227
Assets under management, at market value(c)	$	12,937		$	13,679		$	13,148		$	13,141		$	12,553
Mortgage loans originated for sale during period	$	252		$	404		$	456		$	477		$	413
Mortgage loan settlements during period	$	296		$	427		$	463		$	484		$	400
Mortgage portfolio serviced for others	$	6,972		$	6,995		$	7,057		$	7,150		$	7,313
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)	0.96		%	0.78		%	0.71		%	0.68		%	0.68		%
Shares repurchased during period(e)	—			1,096			2,919			1,314			966
Shares outstanding, end of period	150,038			149,343			149,961			152,865			153,685
Selected quarterly ratios
Loans / deposits	86.36		%	85.10		%	84.81		%	87.83		%	87.30		%
Stockholders’ equity / assets	11.30		%	11.47		%	11.60		%	12.03		%	11.94		%
Risk-based capital(f)(g)
Total risk-weighted assets	$	27,781		$	27,243		$	26,304		$	26,073		$	25,640
Common equity Tier 1	$	2,838		$	2,808		$	2,780		$	2,790		$	2,759
Common equity Tier 1 capital ratio	10.22		%	10.31		%	10.57		%	10.70		%	10.76		%
Tier 1 capital ratio	10.91		%	11.02		%	11.30		%	11.81		%	12.14		%
Total capital ratio	12.41		%	13.10		%	13.50		%	14.02		%	14.36		%
Tier 1 leverage ratio	8.86		%	8.83		%	8.81		%	9.23		%	9.53		%
Mortgage banking, net
Mortgage servicing fees, net(h)	$	2		$	1		$	—		$	—		$	(1)
Gains (losses) and fair value adjustments on loans held for sale	1			3			8			9			15
Changes in mortgage servicing rights valuation, net of economic hedge(d)	6			4			2			—			11
Mortgage banking, net	$	8		$	8		$	11		$	8		$	24

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)On January 1, 2022, the Corporation made the irrevocable election to account for mortgage servicing rights at fair value. For all prior periods, mortgage servicing rights were carried at lower of cost or market.

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

(f)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.

(g)March 31, 2022 data is estimated.

(h)Includes mortgage origination and servicing fees, net of mortgage servicing rights amortization/decay.

3

Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Mar 31, 2022			Dec 31, 2021			Seql Qtr % Change		Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	280,015		$	290,997		(4)	%	$	318,811		$	352,938		$	383,702		(27)	%
Provision for loan losses	(3,000)			(4,500)			(33)	%	(20,000)			(29,500)			(26,000)			(88)	%
Charge offs	(2,028)			(8,869)			(77)	%	(10,929)			(7,681)			(13,174)			(85)	%
Recoveries	4,072			2,387			71	%	3,115			3,054			8,410			(52)	%
Net (charge offs) recoveries	2,044			(6,482)			N/M		(7,814)			(4,628)			(4,764)			N/M
Balance at end of period	$	279,058		$	280,015		—	%	$	290,997		$	318,811		$	352,938		(21)	%
Allowance for unfunded commitments
Balance at beginning of period	$	39,776		$	41,276		(4)	%	$	45,276		$	50,776		$	47,776		(17)	%
Provision for unfunded commitments	(1,000)			(1,500)			(33)	%	(4,000)			(5,500)			3,000			N/M
Balance at end of period	$	38,776		$	39,776		(3)	%	$	41,276		$	45,276		$	50,776		(24)	%
Allowance for credit losses on loans (ACLL)	$	317,835		$	319,791		(1)	%	$	332,273		$	364,087		$	403,714		(21)	%
Provision for credit losses on loans	$	(4,000)		$	(6,000)		(33)	%	$	(24,000)		$	(35,000)		$	(23,000)		(83)	%
($ in thousands)	Mar 31, 2022			Dec 31, 2021			Seql Qtr % Change		Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Comp Qtr % Change
Net (charge offs) recoveries
Asset-based lending & equipment finance(a)	$	—		$	27		(100)	%	$	91		$	261		$	33		(100)	%
Commercial and industrial	1,854			(6,669)			N/M		(9,149)			1,072			1,334			39	%
Commercial real estate—owner occupied	3			4			(25)	%	106			5			4			(25)	%
Commercial and business lending	1,857			(6,638)			N/M		(8,951)			1,338			1,370			36	%
Commercial real estate—investor	—			109			(100)	%	181			(5,589)			(5,886)			(100)	%
Real estate construction	32			52			(38)	%	18			23			29			10	%
Commercial real estate lending	32			162			(80)	%	199			(5,566)			(5,857)			N/M
Total commercial	1,889			(6,476)			N/M		(8,752)			(4,228)			(4,487)			N/M
Residential mortgage	288			(6)			N/M		300			(223)			(109)			N/M
Auto finance	4			(11)			N/M		8			3			9			(56)	%
Home equity	315			546			(42)	%	959			337			344			(8)	%
Other consumer	(451)			(534)			(16)	%	(329)			(517)			(521)			(13)	%
Total consumer	155			(6)			N/M		938			(400)			(277)			N/M
Total net (charge offs) recoveries	$	2,044		$	(6,482)		N/M		$	(7,814)		$	(4,628)		$	(4,764)		N/M
(In basis points)	Mar 31, 2022			Dec 31, 2021					Sep 30, 2021			Jun 30, 2021			Mar 31, 2021
Net (charge offs) recoveries to average loans (annualized)
Asset-based lending & equipment finance(a)	—			9					36			87			10
Commercial and industrial	10			(34)					(47)			6			7
Commercial real estate—owner occupied	—			—					5			—			—
Commercial and business lending	8			(29)					(40)			6			6
Commercial real estate—investor	—			1					2			(52)			(55)
Real estate construction	1			1					—			1			1
Commercial real estate lending	—			1					1			(36)			(38)
Total commercial	5			(17)					(23)			(11)			(12)
Residential mortgage	2			—					2			(1)			(1)
Auto finance	1			(9)					43			15			37
Home equity	22			36					61			21			21
Other consumer	(62)			(71)					(44)			(72)			(72)
Total consumer	1			—					4			(2)			(1)
Total net (charge offs) recoveries	3			(11)					(13)			(8)			(8)
($ in thousands)	Mar 31, 2022			Dec 31, 2021			Seql Qtr % Change		Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Comp Qtr % Change
Credit Quality
Nonaccrual loans	$	143,221		$	130,443		10	%	$	135,062		$	147,135		$	163,292		(12)	%
Other real estate owned (OREO)	18,194			29,619			(39)	%	33,855			24,000			24,588			(26)	%
Total nonperforming assets	$	161,414		$	160,062		1	%	$	168,917		$	171,135		$	187,880		(14)	%
Loans 90 or more days past due and still accruing	$	1,595		$	1,263		26	%	$	1,029		$	1,302		$	1,675		(5)	%
Allowance for credit losses on loans to total loans	1.30		%	1.32		%			1.41		%	1.52		%	1.67		%
Allowance for credit losses on loans to nonaccrual loans	221.92		%	245.16		%			246.02		%	247.45		%	247.23		%
Nonaccrual loans to total loans	0.58		%	0.54		%			0.57		%	0.61		%	0.68		%
Nonperforming assets to total loans plus OREO	0.66		%	0.66		%			0.71		%	0.71		%	0.78		%
Nonperforming assets to total assets	0.46		%	0.46		%			0.49		%	0.50		%	0.54		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans	(0.03)		%	0.10		%			0.10		%	0.08		%	0.08		%

N/M = Not meaningful

4

Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Mar 31, 2022		Dec 31, 2021		Seql Qtr % Change		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Comp Qtr % Change
Nonaccrual loans
PPP Loans	$	41	$	46	(11)	%	$	—	$	—	$	—	N/M
Commercial and industrial	225		6,233		(96)	%	8,497		18,380		33,192		(99)	%
Commercial real estate—owner occupied	—		—		N/M		7		7		7		(100)	%
Commercial and business lending	266		6,279		(96)	%	8,504		18,387		33,200		(99)	%
Commercial real estate—investor	80,886		60,677		33	%	61,504		63,003		58,485		38	%
Real estate construction	609		177		N/M		247		247		327		86	%
Commercial real estate lending	81,495		60,855		34	%	61,751		63,250		58,813		39	%
Total commercial	81,761		67,134		22	%	70,256		81,637		92,012		(11)	%
Residential mortgage	53,827		55,362		(3)	%	56,678		56,795		61,256		(12)	%
Auto finance	49		52		(6)	%	67		56		36		36	%
Home equity	7,490		7,726		(3)	%	7,838		8,517		9,792		(24)	%
Other consumer	95		170		(44)	%	222		131		195		(51)	%
Total consumer	61,460		63,309		(3)	%	64,806		65,498		71,280		(14)	%
Total nonaccrual loans	$	143,221	$	130,443	10	%	$	135,062	$	147,135	$	163,292	(12)	%
	Mar 31, 2022		Dec 31, 2021		Seql Qtr % Change		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Comp Qtr % Change
Restructured loans (accruing)
Commercial and industrial	$	7,426	$	8,687	(15)	%	$	11,067	$	11,569	$	11,985	(38)	%
Commercial real estate—owner occupied	473		967		(51)	%	1,031		1,225		1,488		(68)	%
Commercial and business lending	7,899		9,655		(18)	%	12,098		12,794		13,473		(41)	%
Commercial real estate—investor	2,045		12,866		(84)	%	13,236		13,306		13,627		(85)	%
Real estate construction	183		242		(24)	%	248		253		256		(29)	%
Commercial real estate lending	2,228		13,108		(83)	%	13,484		13,559		13,884		(84)	%
Total commercial	10,127		22,763		(56)	%	25,582		26,353		27,356		(63)	%
Residential mortgage	16,644		16,316		2	%	15,253		12,227		10,462		59	%
Home equity	2,486		2,648		(6)	%	2,787		2,451		1,929		29	%
Other consumer	747		803		(7)	%	877		904		1,073		(30)	%
Total consumer	19,876		19,768		1	%	18,917		15,582		13,464		48	%
Total restructured loans (accruing)	$	30,003	$	42,530	(29)	%	$	44,499	$	41,935	$	40,820	(26)	%
Nonaccrual restructured loans (included in nonaccrual loans)	$	19,352	$	17,426	11	%	$	15,226	$	17,237	$	17,624	10	%
	Mar 31, 2022		Dec 31, 2021		Seql Qtr % Change		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Comp Qtr % Change
Accruing Loans 30-89 Days Past Due
PPP Loans	$	1	$	83	(99)	%	$	568	$	—	$	—	N/M
Commercial and industrial	1,085		632		72	%	1,229		258		526		106	%
Commercial real estate—owner occupied	198		163		21	%	30		47		—		N/M
Commercial and business lending	1,284		878		46	%	1,827		306		526		144	%
Commercial real estate—investor	—		616		(100)	%	17,021		391		5,999		(100)	%
Real estate construction	—		1,620		(100)	%	—		117		977		(100)	%
Commercial real estate lending	—		2,236		(100)	%	17,021		509		6,976		(100)	%
Total commercial	1,284		3,114		(59)	%	18,848		814		7,502		(83)	%
Residential mortgage	4,957		6,169		(20)	%	7,095		5,015		3,973		25	%
Auto finance	949		11		N/M		10		38		24		N/M
Home equity	4,207		3,711		13	%	2,931		2,472		2,352		79	%
Other consumer	1,232		2,307		(47)	%	1,272		1,036		1,246		(1)	%
Total consumer	11,345		12,198		(7)	%	11,308		8,562		7,594		49	%
Total accruing loans 30-89 days past due	$	12,629	$	15,312	(18)	%	$	30,156	$	9,376	$	15,097	(16)	%
	Mar 31, 2022		Dec 31, 2021		Seql Qtr % Change		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Comp Qtr % Change
Potential Problem Loans
PPP Loans(b)	$	54	$	2,000	(97)	%	$	4,160	$	8,695	$	22,398	(100)	%
Asset-based lending & equipment finance(a)	19,057		17,697		8	%	—		—		—		N/M
Commercial and industrial	93,396		120,561		(23)	%	124,990		77,064		122,143		(24)	%
Commercial real estate—owner occupied	24,005		26,723		(10)	%	21,241		17,828		15,965		50	%
Commercial and business lending	136,513		166,981		(18)	%	150,391		103,587		160,506		(15)	%
Commercial real estate—investor	130,792		106,138		23	%	78,962		71,613		85,752		53	%
Real estate construction	200		21,408		(99)	%	19,187		16,465		13,977		(99)	%
Commercial real estate lending	130,992		127,546		3	%	98,150		88,078		99,728		31	%
Total commercial	267,505		294,527		(9)	%	248,541		191,665		260,234		3	%
Residential mortgage	3,032		2,214		37	%	2,374		3,024		2,524		20	%
Home equity	156		165		(5)	%	171		1,558		1,729		(91)	%
Total consumer	3,188		2,379		34	%	2,546		4,583		4,254		(25)	%
Total potential problem loans	$	270,693	$	296,905	(9)	%	$	251,087	$	196,248	$	264,488	2	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Periods prior to Mar 31, 2022 do not include equipment finance.

(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, 2022						December 31, 2021						March 31, 2021
($ 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	$	43,774	$	1,277	11.83	%	$	115,074	$	5,055	17.43	%	$	806,699	$	8,900	4.47	%
Asset-based lending (ABL) & equipment finance (d)	202,836		1,449		2.90	%	125,507		971		3.07	%	137,862		1,072		3.15	%
Commercial and business lending (excl PPP, ABL and equipment finance)	8,815,676		52,754		2.43	%	8,715,796		53,401		2.43	%	8,399,439		53,019		2.56	%
Commercial real estate lending	6,177,062		43,886		2.88	%	6,134,049		45,040		2.91	%	6,171,202		44,315		2.91	%
Total commercial	15,239,348		99,366		2.64	%	15,090,427		104,468		2.75	%	15,515,202		107,307		2.80	%
Residential mortgage	7,671,329		55,403		2.89	%	7,751,337		54,952		2.84	%	7,962,691		55,504		2.79	%
Auto finance	305,202		2,649		3.52	%	53,120		587		4.39	%	10,190		111		4.43	%
Other retail	881,859		10,662		4.87	%	900,369		11,188		4.95	%	975,266		11,519		4.75	%
Total loans	24,097,738		168,081		2.81	%	23,795,253		171,195		2.86	%	24,463,349		174,442		2.88	%
Investment securities
Taxable	4,363,733		16,472		1.51	%	4,067,612		13,317		1.31	%	2,976,469		7,014		0.94	%
Tax-exempt(a)	2,384,601		20,296		3.40	%	2,257,106		19,617		3.48	%	1,900,346		17,844		3.76	%
Other short-term investments	1,154,939		1,993		0.70	%	1,592,840		2,031		0.51	%	991,844		1,694		0.69	%
Investments and other	7,903,273		38,761		1.96	%	7,917,558		34,965		1.76	%	5,868,659		26,553		1.81	%
Total earning assets	32,001,010		$	206,842	2.60	%	31,712,810		$	206,160	2.59	%	30,332,008		$	200,994	2.67	%
Other assets, net	3,199,172						3,303,349						3,352,135
Total assets	$	35,200,182					$	35,016,159					$	33,684,143
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,529,991	$	380	0.03	%	$	4,367,233	$	369	0.03	%	$	3,810,321	$	332	0.04	%
Interest-bearing demand	6,722,038		1,025		0.06	%	6,506,438		1,015		0.06	%	5,713,270		1,178		0.08	%
Money market	7,030,945		965		0.06	%	6,892,803		927		0.05	%	6,875,730		1,059		0.06	%
Network transaction deposits	734,895		265		0.15	%	838,255		239		0.11	%	1,080,109		327		0.12	%
Time deposits	1,313,101		937		0.29	%	1,381,092		1,127		0.32	%	1,658,568		3,014		0.74	%
Total interest-bearing deposits	20,330,970		3,571		0.07	%	19,985,821		3,677		0.07	%	19,137,998		5,909		0.13	%
Federal funds purchased and securities sold under agreements to repurchase	293,915		38		0.05	%	293,948		40		0.05	%	136,144		26		0.08	%
Commercial Paper	27,963		1		0.01	%	44,250		2		0.01	%	42,774		6		0.05	%
FHLB advances	1,610,983		8,182		2.06	%	1,621,097		8,514		2.08	%	1,631,895		9,493		2.36	%
Long-term funding	249,632		2,730		4.38	%	249,223		2,730		4.38	%	549,585		5,585		4.07	%
Total short and long-term funding	2,182,492		10,951		2.03	%	2,208,518		11,286		2.03	%	2,360,397		15,109		2.58	%
Total interest-bearing liabilities	22,513,462		$	14,522	0.26	%	22,194,339		$	14,963	0.27	%	21,498,395		$	21,018	0.40	%
Noninterest-bearing demand deposits	8,316,399						8,416,525						7,666,561
Other liabilities	383,528						401,433						415,195
Stockholders’ equity	3,986,792						4,003,863						4,103,991
Total liabilities and stockholders’ equity	$	35,200,182					$	35,016,159					$	33,684,143
Interest rate spread					2.34	%					2.32	%					2.27	%
Net free funds					0.08	%					0.08	%					0.12	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	192,320	2.42	%			$	191,197	2.40	%			$	179,976	2.39	%
Fully tax-equivalent adjustment			4,573						4,434						4,074
Net interest income			$	187,747					$	186,763					$	175,902

Numbers may not sum due to rounding.

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

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

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

(d) Periods prior to March 31, 2022 do not include equipment finance.

6

Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition	Mar 31, 2022		Dec 31, 2021		Seql Qtr % Change		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Comp Qtr % Change
PPP Loans	$	17,995	$	66,070	(73)	%	$	182,121	$	405,482	$	836,566	(98)	%
Asset-based lending & equipment finance(a)	231,040		178,027		30	%	111,027		105,726		137,537		68	%
Commercial and industrial	8,102,380		8,208,289		(1)	%	7,816,432		7,803,393		7,526,964		8	%
Commercial real estate—owner occupied	973,572		971,326		—	%	879,554		880,755		883,237		10	%
Commercial and business lending	9,324,986		9,423,711		(1)	%	8,989,133		9,195,355		9,384,303		(1)	%
Commercial real estate—investor	4,469,241		4,384,569		2	%	4,296,489		4,300,651		4,260,706		5	%
Real estate construction	1,760,076		1,808,976		(3)	%	1,834,871		1,880,897		1,882,299		(6)	%
Commercial real estate lending	6,229,317		6,193,545		1	%	6,131,360		6,181,549		6,143,004		1	%
Total commercial	15,554,303		15,617,256		—	%	15,120,493		15,376,904		15,527,307		—	%
Residential mortgage	7,609,343		7,567,310		1	%	7,590,895		7,638,372		7,685,218		(1)	%
Auto finance	497,523		143,045		N/M		6,739		7,817		9,165		N/M
Home equity	580,867		595,615		(2)	%	608,566		631,783		651,647		(11)	%
Other consumer	289,889		301,723		(4)	%	294,979		292,660		288,990		—	%
Total consumer	8,977,622		8,607,693		4	%	8,501,180		8,570,632		8,635,020		4	%
Total loans	$	24,531,926	$	24,224,949	1	%	$	23,621,673	$	23,947,536	$	24,162,328	2	%
Period end deposit and customer funding composition	Mar 31, 2022		Dec 31, 2021		Seql Qtr % Change		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Comp Qtr % Change
Noninterest-bearing demand	$	8,315,699	$	8,504,077	(2)	%	$	8,170,105	$	7,999,143	$	8,496,194	(2)	%
Savings	4,661,232		4,410,198		6	%	4,278,453		4,182,651		4,032,830		16	%
Interest-bearing demand	6,616,767		7,019,782		(6)	%	6,407,844		5,969,285		5,748,353		15	%
Money market	7,522,797		7,185,111		5	%	7,583,978		7,640,825		7,838,437		(4)	%
Time deposits	1,288,913		1,347,262		(4)	%	1,410,886		1,472,395		1,561,352		(17)	%
Total deposits	28,405,409		28,466,430		—	%	27,851,266		27,264,299		27,677,166		3	%
Customer funding(b)	299,301		354,142		(15)	%	322,081		226,160		182,228		64	%
Total deposits and customer funding	$	28,704,710	$	28,820,572	—	%	$	28,173,348	$	27,490,459	$	27,859,394	3	%
Network transaction deposits(c)	$	762,680	$	766,965	(1)	%	$	929,174	$	871,603	$	1,054,634	(28)	%
Net deposits and customer funding (Total deposits and customer funding, excluding network transaction deposits)	$	27,942,029	$	28,053,607	—	%	$	27,244,174	$	26,618,856	$	26,804,761	4	%
Quarter average loan composition	Mar 31, 2022		Dec 31, 2021		Seql Qtr % Change		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Comp Qtr % Change
PPP Loans	$	43,774	$	115,074	(62)	%	$	275,414	$	701,440	$	806,699	(95)	%
Asset-based lending & equipment finance(a)	202,836		125,507		62	%	99,463		121,153		137,862		47	%
Commercial and industrial	7,842,179		7,816,260		—	%	7,733,148		7,437,726		7,493,413		5	%
Commercial real estate—owner occupied	973,496		899,536		8	%	876,047		878,746		906,027		7	%
Commercial and business lending	9,062,286		8,956,378		1	%	8,984,072		9,139,064		9,344,000		(3)	%
Commercial real estate—investor	4,439,051		4,304,579		3	%	4,297,783		4,321,109		4,303,365		3	%
Real estate construction	1,738,011		1,829,470		(5)	%	1,862,458		1,838,619		1,867,836		(7)	%
Commercial real estate lending	6,177,062		6,134,049		1	%	6,160,241		6,159,728		6,171,202		—	%
Total commercial	15,239,348		15,090,427		1	%	15,144,314		15,298,792		15,515,202		(2)	%
Residential mortgage	7,671,329		7,751,337		(1)	%	7,817,737		7,861,139		7,962,691		(4)	%
Auto finance	305,202		53,120		N/M		7,144		8,458		10,190		N/M
Home equity	588,281		600,963		(2)	%	620,601		641,438		680,738		(14)	%
Other consumer	293,578		299,406		(2)	%	294,160		288,786		294,528		—	%
Total consumer	8,858,390		8,704,826		2	%	8,739,643		8,799,822		8,948,147		(1)	%
Total loans(d)	$	24,097,738	$	23,795,253	1	%	$	23,883,957	$	24,098,614	$	24,463,349	(1)	%
Quarter average deposit composition	Mar 31, 2022		Dec 31, 2021		Seql Qtr % Change		Sep 30, 2021		Jun 30, 2021		Mar 31, 2021		Comp Qtr % Change
Noninterest-bearing demand	$	8,316,399	$	8,416,525	(1)	%	$	8,141,723	$	8,069,851	$	7,666,561	8	%
Savings	4,529,991		4,367,233		4	%	4,248,493		4,121,553		3,810,321		19	%
Interest-bearing demand	6,722,038		6,506,438		3	%	6,344,504		5,879,173		5,713,270		18	%
Money market	7,030,945		6,892,803		2	%	7,011,075		6,981,482		6,875,730		2	%
Network transaction deposits	734,895		838,255		(12)	%	893,991		908,869		1,080,109		(32)	%
Time deposits	1,313,101		1,381,092		(5)	%	1,434,588		1,509,705		1,658,568		(21)	%
Total deposits	$	28,647,369	$	28,402,345	1	%	$	28,074,374	$	27,470,633	$	26,804,559	7	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Periods prior to Mar 31, 2022 do not include equipment finance.

(b) Includes repurchase agreements and commercial paper.

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

(d) 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)	1Q22			4Q21			3Q21			2Q21			1Q21
Tangible common equity reconciliation(a)
Common equity	$	3,755		$	3,832		$	3,802		$	3,820		$	3,774
Goodwill and other intangible assets, net	(1,161)			(1,163)			(1,165)			(1,167)			(1,170)
Tangible common equity	$	2,594		$	2,669		$	2,636		$	2,652		$	2,605
Tangible assets reconciliation(a)
Total assets	$	34,956		$	35,104		$	34,440		$	34,153		$	34,575
Goodwill and other intangible assets, net	(1,161)			(1,163)			(1,165)			(1,167)			(1,170)
Tangible assets	$	33,795		$	33,941		$	33,274		$	32,985		$	33,406
Average tangible common equity and average common equity tier 1 reconciliation(a)
Common equity	$	3,794		$	3,811		$	3,807		$	3,788		$	3,750
Goodwill and other intangible assets, net	(1,162)			(1,164)			(1,167)			(1,169)			(1,175)
Tangible common equity	2,631			2,646			2,640			2,619			2,576
Modified CECL transitional amount	67			91			97			106			116
Accumulated other comprehensive loss (income)	80			19			(5)			(3)			(5)
Deferred tax assets, net	39			40			40			40			41
Average common equity tier 1	$	2,818		$	2,795		$	2,772		$	2,762		$	2,727
Average tangible assets reconciliation(a)
Total assets	$	35,200		$	35,016		$	34,759		$	34,380		$	33,684
Goodwill and other intangible assets, net	(1,162)			(1,164)			(1,167)			(1,169)			(1,175)
Tangible assets	$	34,038		$	33,852		$	33,593		$	33,211		$	32,510
Selected trend information(b)
Wealth management fees	$	22		$	23		$	22		$	23		$	22
Service charges and deposit account fees	17			17			17			16			15
Card-based fees	10			11			11			11			10
Other fee-based revenue	4			4			4			4			5
Fee-based revenue	53			55			54			53			52
Other	22			26			28			20			44
Total noninterest income	$	74		$	82		$	82		$	73		$	95
Pre-tax pre-provision income(c)
Income before income taxes	$	93		$	92		$	112		$	113		$	119
Provision for credit losses	(4)			(6)			(24)			(35)			(23)
Pre-tax pre-provision income	$	89		$	86		$	88		$	78		$	96
Selected equity and performance ratios(a)(d)
Tangible common equity / tangible assets	7.68		%	7.86		%	7.92		%	8.04		%	7.80		%
Return on average equity	7.55		%	7.62		%	8.63		%	8.84		%	9.32		%
Return on average tangible common equity	11.00		%	11.09		%	12.72		%	13.19		%	14.03		%
Return on average common equity Tier 1	10.27		%	10.50		%	12.11		%	12.51		%	13.25		%
Return on average tangible assets	0.88		%	0.90		%	1.05		%	1.10		%	1.18		%
Average stockholders' equity / average assets	11.33		%	11.43		%	11.74		%	12.01		%	12.18		%
Efficiency ratio reconciliation(e)
Federal Reserve efficiency ratio	65.71		%	67.36		%	65.43		%	66.81		%	65.74		%
Fully tax-equivalent adjustment	(1.13)		%	(1.10)		%	(1.01)		%	(1.07)		%	(0.97)		%
Other intangible amortization	(0.84)		%	(0.82)		%	(0.83)		%	(0.87)		%	(0.82)		%
Fully tax-equivalent efficiency ratio	63.76		%	65.46		%	63.61		%	64.88		%	63.96		%
Provision for unfunded commitments adjustment	0.37		%	0.55		%	1.48		%	2.14		%	(1.09)		%
Asset gains, net adjustment	0.05		%	0.24		%	1.29		%	—		%	1.12		%
Acquisitions, branch sales, and initiatives	—		%	(1.43)		%	(0.91)		%	0.01		%	0.22		%
Adjusted efficiency ratio	64.18		%	64.82		%	65.46		%	67.02		%	64.21		%

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 announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net, 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 announced initiatives.

8