8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549
FORM	8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 20, 2022

                                                                            Associated Banc-Corp                                                                      

(Exact name of registrant as specified in its chapter)

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

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

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

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

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

Title of each class	Trading symbol	Name of each exchange on which registered
Common stock, par value $0.01 per share	ASB	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E	ASB PrE	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F	ASB PrF	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐	Emerging growth company
☐	If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On October 20, 2022, Associated Banc-Corp announced its earnings for the quarter ended September 30, 2022. A copy of the registrant’s press release containing this information and the slide presentation discussed on the conference call for investors and analysts on October 20, 2022, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits.

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

99.1    Press release of the registrant dated October 20, 2022, containing financial information for the quarter ended September 30, 2022.

99.2    Slide presentation discussed on the conference call for investors and analysts on October 20, 2022.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
	Associated Banc-Corp
	(Registrant)
Date: October 20, 2022	By: /s/ Derek S. Meyer
	Derek S. Meyer
	Chief Financial Officer

EX-99.1

Exhibit 99.1

NEWS RELEASE Investor Contact: Ben McCarville, Vice President, Director of Investor Relations 920-491-7059 Media Contact: Jennifer Kaminski, Vice President, Public Relations Senior Manager 920-491-7576

Associated Banc-Corp Reports Third Quarter 2022 Net Income Available to Common Equity of $93 Million, or $0.62 per Common Share

Results driven by strong loan and deposit growth, expanding margins and stable credit

GREEN BAY, Wis. -- October 20, 2022 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $93 million, or $0.62 per common share, for the quarter ended September 30, 2022. These amounts compare to earnings of $84 million, or $0.56 per common share, for the quarter ended June 30, 2022 and earnings of $85 million, or $0.56 per common share, for the quarter ended September 30, 2021.

“Our third quarter results were a reflection of both the strength and resilience we continue to see in our markets and our ongoing efforts to deepen relationships and deliver capabilities through our strategic initiatives,” said President and CEO Andy Harmening. “Within our footprint, unemployment remains low, the consumer remains healthy, and our commercial customers continue to seek opportunities amid an uncertain macro environment. With these trends as a backdrop, our initiatives helped bring in more than $1 billion in high-quality loans and $600 million in deposits during the quarter. This growth was supported by substantial margin expansion and stable credit trends. All of which combined to drive enhanced profitability and a return on average tangible common equity1 north of 14%.”

“While we continue to keep a close eye on the current economic environment, we’ve been working to de-risk our balance sheet for over a decade,” Harmening continued. “Our relentless focus on credit quality and the diversifying benefits of our strategic plan put us in a position to deliver enhanced value to our stakeholders over the remainder of 2022 and beyond.”

Third Quarter 2022 Highlights (all comparisons to the second quarter of 2022)

•End of period total commercial loans were up $720 million to $17.5 billion

•End of period total consumer loans were up $602 million to $10.3 billion

•End of period total deposits were up $622 million to $29.2 billion

•Quarterly net interest margin was up 42 basis points to 3.13%

•Noninterest income was down $5 million to $71 million

•Noninterest expense was up $14 million to $196 million, including an incremental $6 million contribution to our charitable foundation vs. the prior quarter

•Provision for credit losses on loans was $17 million, compared to a provision of zero in the prior quarter

•Net income available to common equity was up $9 million to $93 million

1This is a non-GAAP financial measure. See page 10 of the attached tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans

Third quarter 2022 average total loans of $27.1 billion were up 7%, or $1.7 billion, from the prior quarter and were up 13%, or $3.2 billion, from the same period last year. With respect to third quarter 2022 average balances by loan category:

•Commercial and business lending (excluding PPP) increased $597 million from the prior quarter and increased $1.5 billion compared to the same period last year to $10.2 billion.

•Commercial real estate lending increased $405 million from the prior quarter and increased $608 million from the same period last year to $6.8 billion.

•Consumer lending was $10.1 billion, up $665 million from the prior quarter and up $1.4 billion from the same period last year.

•PPP loans decreased $9 million from the prior quarter and decreased $271 million from the same period last year to $5 million.

Third quarter 2022 period-end total loans of $27.8 billion were up 5%, or $1.3 billion, from the prior quarter and were up 18%, or $4.2 billion, from the same period last year. With respect to third quarter 2022 period-end balances by loan category:

•Commercial and business lending (excluding PPP) increased $395 million from the prior quarter and increased $1.8 billion from the same period last year to $10.6 billion.

•Commercial real estate lending increased $334 million from the prior quarter and increased $768 million from the same period last year to $6.9 billion.

•Consumer lending was $10.3 billion, up $602 million from the prior quarter and up $1.8 billion from the same period last year.

•PPP loans decreased $8 million from the prior quarter and decreased $181 million from the same period last year to $1 million.

Deposits

Third quarter 2022 average deposits of $28.9 billion were up 2%, or $704 million, compared to the prior quarter and were up 3%, or $800 million, from the same period last year. With respect to third quarter 2022 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $14 million from the prior quarter and decreased $22 million from the same period last year to $8.1 billion.

•Savings increased $53 million from the prior quarter and increased $487 million from the same period last year to $4.7 billion.

•Interest-bearing demand deposits increased $174 million from the prior quarter and increased $243 million from the same period last year to $6.6 billion.

•Money market deposits increased $418 million from the prior quarter and increased $317 million from the same period last year to $7.3 billion.

•Time deposits decreased $24 million from the prior quarter and decreased $204 million from the same period last year to $1.2 billion.

•Network transaction deposits increased $98 million from the prior quarter and decreased $21 million from the same period last year to $873 million.

Third quarter 2022 period-end deposits of $29.2 billion were up 2%, or $622 million, compared to the prior quarter and were up 5%, or $1.3 billion, from the same period last year. With respect to third quarter 2022 period-end balances by deposit category:

•Noninterest-bearing demand deposits increased $139 million from the prior quarter and increased $54 million from the same period last year to $8.2 billion.

•Savings increased $1 million from the prior quarter and increased $430 million from the same period last year to $4.7 billion.

•Interest-bearing demand deposits increased $332 million from the prior quarter and increased $714 million from the same period last year to $7.1 billion.

•Money market deposits increased $140 million from the prior quarter and increased $325 million from the same period last year to $7.9 billion.

•Time deposits increased $10 million from the prior quarter and decreased $177 million from the same period last year to $1.2 billion.

•Network transaction deposits (included in money market and interest-bearing deposits) decreased $28 million from the prior quarter and decreased $65 million from the same period last year to $864 million.

Net Interest Income and Net Interest Margin

Third quarter 2022 net interest income of $264 million increased $48 million, or 22%, from the prior quarter and increased $81 million, or 44%, from the same period last year. The net interest margin increased to 3.13%, reflecting a 42 basis point improvement from the prior quarter and a 75 basis point increase from the same period last year.

•The average yield on total loans for the third quarter of 2022 increased 90 basis points from the prior quarter and increased 114 basis points from the same period last year to 4.06%.

•The average cost of total interest-bearing liabilities for the third quarter of 2022 increased 45 basis points from the prior quarter and increased 51 basis points from the same period last year to 0.81%.

•The net free funds benefit for the third quarter of 2022 increased 12 basis points from the prior quarter and increased 13 basis points compared to the same period last year to 0.22%.

We now expect short-term interest rates to rise by 75 basis points following the Federal Open Market Committee (FOMC) meeting in November and expect a 50 basis point increase following the FOMC's December meeting. Based on these assumptions, we now expect our 2022 net interest income to exceed $935 million.

Noninterest Income

Third quarter 2022 total noninterest income of $71 million decreased $5 million, or 6%, from the prior quarter and decreased $11 million, or 14%, from the same period last year. With respect to third quarter 2022 noninterest income line items:

•Mortgage Banking, net was $2 million for the third quarter, down $4 million from the prior quarter and down $9 million from the same period last year, driven by slowing refinance activity and higher retention of mortgages on our balance sheet.

•Service charges and deposit account fees decreased $1 million from the prior quarter and decreased $2 million from the same period last year.

•Wealth management fees decreased $1 million from the prior quarter and decreased $2 million from the same period last year.

•Investment securities gains (losses) increased $6 million from the prior quarter and increased $6 million from the same period last year.

Noninterest Expense

Third quarter 2022 total noninterest expense of $196 million increased $14 million, or 8%, from the prior quarter and increased $18 million, or 10%, from the same period last year as we continued to invest in people and technology. Our third quarter noninterest expense also included an incremental $6 million expense for a contribution to our charitable foundation. With respect to other third quarter 2022 noninterest expense line items:

•Personnel expense increased $6 million from the prior quarter and increased $10 million from the same period last year.

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

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

We now expect total noninterest expense of approximately $740 million to $750 million for 2022.

Taxes

The third quarter 2022 tax expense was $26 million compared to $23 million of tax expense in the prior quarter and $23 million of tax expense in the same period last year. The effective tax rate for third quarter 2022 was 21.4% compared to an effective tax rate of 21.2% in the prior quarter and an effective tax rate of 20.6% in the same period last year.

We continue to expect the 2022 effective tax rate to be approximately 21%, assuming no change in the statutory corporate tax rate.

Credit

The third quarter 2022 provision for credit losses on loans was $17 million, compared to a provision of zero in the prior quarter and a negative provision of $24 million in the same period last year. Provision build in the third quarter was largely a function of increased loan volume. With respect to third quarter 2022 credit quality:

•Nonaccrual loans of $116 million were up $8 million from the prior quarter and down $19 million from the same period last year. The nonaccrual loans to total loans ratio was 0.42% in the third quarter, up from 0.41% in the prior quarter and down from 0.57% in the same period last year.

•Third quarter net charge offs of $2 million were up compared to negligible net charge offs in the prior quarter and were down compared to net charge offs of $8 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $333 million was up $15 million compared to the prior quarter and flat compared to the same period last year. The ACLL to total loans ratio was 1.20% in the third quarter, flat compared to the prior quarter and down from 1.41% in the same period last year.

Going forward, we expect any provision adjustments to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 9.4%at September 30, 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.

Based on current market dynamics, we now expect our TCE ratio to land within a range of 7.00% to 7.25% at year-end.

THIRD 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, October 20, 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 third quarter 2022 earnings call. The third 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 $38 billion and is the largest bank holding company based in Wisconsin. 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)	September 30, 2022		June 30, 2022		Seql Qtr $ Change		March 31, 2022		December 31, 2021		September 30, 2021		Comp Qtr $ Change
Assets
Cash and due from banks	$	386,231	$	397,364	$	(11,133)	$	334,138	$	343,831	$	378,927	$	7,304
Interest-bearing deposits in other financial institutions	112,173		436,887		(324,714)		166,929		681,684		1,281,916		(1,169,743)
Federal funds sold and securities purchased under agreements to resell	4,015		32,820		(28,805)		—		—		25,000		(20,985)
Investment securities available for sale, at fair value	2,487,312		2,677,511		(190,199)		2,780,803		4,332,015		3,893,379		(1,406,067)
Investment securities held to maturity, net, at amortized cost	3,951,491		3,945,206		6,285		3,939,855		2,238,947		1,929,735		2,021,756
Equity securities	24,879		19,039		5,840		18,560		18,352		17,939		6,940
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	279,334		237,616		41,718		168,281		168,281		168,281		111,053
Residential loans held for sale	51,134		42,676		8,458		91,582		136,638		158,202		(107,068)
Commercial loans held for sale	—		44,721		(44,721)		—		—		—		—
Loans	27,817,280		26,494,698		1,322,582		24,531,926		24,224,949		23,621,673		4,195,607
Allowance for loan losses	(292,904)		(280,771)		(12,133)		(279,058)		(280,015)		(290,997)		(1,907)
Loans, net	27,524,376		26,213,927		1,310,449		24,252,867		23,944,934		23,330,676		4,193,700
Tax credit and other investments	275,247		275,165		82		284,561		293,733		301,490		(26,243)
Premises and equipment, net	379,462		387,633		(8,171)		387,550		385,173		383,131		(3,669)
Bank and corporate owned life insurance	677,129		675,347		1,782		679,538		680,021		683,610		(6,481)
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	51,485		53,687		(2,202)		55,890		58,093		60,296		(8,811)
Mortgage servicing rights, net(a)	78,352		76,570		1,782		67,015		54,862		50,329		28,023
Interest receivable	115,782		95,426		20,356		83,120		80,528		79,011		36,771
Other assets	546,214		519,403		26,811		540,218		582,168		592,753		(46,539)
Total assets	$	38,049,607	$	37,235,990	$	813,617	$	34,955,900	$	35,104,253	$	34,439,666	$	3,609,941
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	8,224,579	$	8,085,702	$	138,877	$	8,315,699	$	8,504,077	$	8,170,105	$	54,474
Interest-bearing deposits	20,974,003		20,490,874		483,129		20,089,710		19,962,353		19,681,161		1,292,842
Total deposits	29,198,581		28,576,577		622,004		28,405,409		28,466,430		27,851,266		1,347,315
Federal funds purchased and securities sold under agreements to repurchase	276,674		682,839		(406,165)		368,768		319,532		267,943		8,731
Commercial paper	7,687		22,781		(15,094)		30,593		34,730		54,553		(46,866)
FHLB advances	3,777,478		3,258,039		519,439		1,537,948		1,621,047		1,620,880		2,156,598
Other long-term funding	249,484		249,820		(336)		249,797		249,324		249,160		324
Allowance for unfunded commitments	39,776		36,776		3,000		38,776		39,776		41,276		(1,500)
Accrued expenses and other liabilities	545,976		449,776		96,200		376,322		348,560		359,626		186,350
Total liabilities	34,095,656		33,276,608		819,048		31,007,613		31,079,399		30,444,705		3,650,951
Stockholders’ equity
Preferred equity	194,112		193,195		917		193,195		193,195		193,195		917
Common equity	3,759,840		3,766,187		(6,347)		3,755,092		3,831,658		3,801,766		(41,926)
Total stockholders’ equity	3,953,952		3,959,382		(5,430)		3,948,287		4,024,853		3,994,961		(41,009)
Total liabilities and stockholders’ equity	$	38,049,607	$	37,235,990	$	813,617	$	34,955,900	$	35,104,253	$	34,439,666	$	3,609,941

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)					Comp Qtr				YTD		YTD		Comp YTD
($ in thousands, except per share data)	3Q22		3Q21		$ Change		% Change		Sep 2022		Sep 2021		$ Change		% Change
Interest income
Interest and fees on loans	$	275,666	$	174,643	$	101,023	58	%	$	643,239	$	522,920	$	120,319	23	%
Interest and dividends on investment securities
Taxable	19,221		8,745		10,476		120	%	54,009		24,600		29,409		120	%
Tax-exempt	16,538		14,613		1,925		13	%	49,025		43,141		5,884		14	%
Other interest	3,284		2,281		1,003		44	%	7,696		5,802		1,894		33	%
Total interest income	314,708		200,282		114,426		57	%	753,969		596,462		157,507		26	%
Interest expense
Interest on deposits	26,000		4,427		21,573		N/M		37,590		14,945		22,645		152	%
Interest on federal funds purchased and securities sold under agreements to repurchase	756		48		708		N/M		1,200		103		1,097		N/M
Interest on other short-term funding	1		8		(7)		(88)	%	2		21		(19)		(90)	%
Interest on FHLB Advances	20,792		8,962		11,830		132	%	38,663		27,979		10,684		38	%
Interest on long-term funding	2,722		3,163		(441)		(14)	%	8,182		14,323		(6,141)		(43)	%
Total interest expense	50,270		16,607		33,663		N/M		85,637		57,371		28,266		49	%
Net interest income	264,439		183,675		80,764		44	%	668,332		539,092		129,240		24	%
Provision for credit losses	16,998		(24,010)		41,008		N/M		13,006		(82,018)		95,024		N/M
Net interest income after provision for credit losses	247,440		207,685		39,755		19	%	655,326		621,110		34,216		6	%
Noninterest income
Wealth management fees	19,984		22,110		(2,126)		(10)	%	63,719		67,229		(3,510)		(5)	%
Service charges and deposit account fees	15,029		16,962		(1,933)		(11)	%	48,392		47,366		1,026		2	%
Card-based fees	11,479		11,113		366		3	%	32,847		31,838		1,009		3	%
Other fee-based revenue	4,487		3,929		558		14	%	12,613		12,769		(156)		(1)	%
Capital markets, net	7,675		7,114		561		8	%	24,331		20,928		3,403		16	%
Mortgage banking, net	2,098		10,657		(8,559)		(80)	%	16,635		42,710		(26,075)		(61)	%
Bank and corporate owned life insurance	1,827		2,760		(933)		(34)	%	8,004		8,551		(547)		(6)	%
Asset gains, net	18		5,228		(5,210)		(100)	%	1,883		10,024		(8,141)		(81)	%
Investment securities gains (losses), net	5,664		—		5,664		N/M		5,676		(16)		5,692		N/M
Gains on sale of branches, net(a)	—		—		—		N/M		—		1,038		(1,038)		(100)	%
Other	2,527		2,205		322		15	%	6,613		8,425		(1,812)		(22)	%
Total noninterest income	70,788		82,076		(11,288)		(14)	%	220,713		250,862		(30,149)		(12)	%
Noninterest expense
Personnel	118,243		107,880		10,363		10	%	335,720		318,900		16,820		5	%
Technology	22,694		19,927		2,767		14	%	65,401		60,902		4,499		7	%
Occupancy	13,717		15,814		(2,097)		(13)	%	43,948		46,649		(2,701)		(6)	%
Business development and advertising	6,778		6,156		622		10	%	17,388		15,522		1,866		12	%
Equipment	4,921		5,200		(279)		(5)	%	14,841		16,199		(1,358)		(8)	%
Legal and professional	4,159		4,304		(145)		(3)	%	14,118		17,495		(3,377)		(19)	%
Loan and foreclosure costs	1,631		1,616		15		1	%	5,121		6,508		(1,387)		(21)	%
FDIC assessment	5,800		5,000		800		16	%	16,300		13,350		2,950		22	%
Other intangible amortization	2,203		2,203		—		—	%	6,608		6,642		(34)		(1)	%
Other	15,645		9,793		5,852		60	%	31,057		25,547		5,510		22	%
Total noninterest expense	195,791		177,892		17,899		10	%	550,503		527,713		22,790		4	%
Income before income taxes	122,438		111,870		10,568		9	%	325,536		344,259		(18,723)		(5)	%
Income tax expense	26,163		23,060		3,103		13	%	68,176		70,142		(1,966)		(3)	%
Net income	96,275		88,809		7,466		8	%	257,360		274,117		(16,757)		(6)	%
Preferred stock dividends	2,875		4,155		(1,280)		(31)	%	8,625		14,236		(5,611)		(39)	%
Net income available to common equity	$	93,400	$	84,655	$	8,745	10	%	$	248,735	$	259,880	$	(11,145)	(4)	%
Earnings per common share
Basic	$	0.62	$	0.56	$	0.06	11	%	$	1.66	$	1.70	$	(0.04)	(2)	%
Diluted	$	0.62	$	0.56	$	0.06	11	%	$	1.65	$	1.69	$	(0.04)	(2)	%
Average common shares outstanding
Basic	149,321		150,046		(725)		—	%	149,063		151,473		(2,410)		(2)	%
Diluted	150,262		151,143		(881)		(1)	%	150,205		152,701		(2,496)		(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 Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)					Seql Qtr										Comp Qtr
	3Q22		2Q22		$ Change		% Change		1Q22		4Q21		3Q21		$ Change		% Change
Interest income
Interest and fees on loans	$	275,666	$	199,876	$	75,790	38	%	$	167,697	$	170,809	$	174,643	$	101,023	58	%
Interest and dividends on investment securities
Taxable	19,221		18,317		904		5	%	16,472		13,317		8,745		10,476		120	%
Tax-exempt	16,538		16,379		159		1	%	16,108		15,569		14,613		1,925		13	%
Other interest	3,284		2,420		864		36	%	1,993		2,031		2,281		1,003		44	%
Total interest income	314,708		236,991		77,717		33	%	202,270		201,726		200,282		114,426		57	%
Interest expense
Interest on deposits	26,000		8,019		17,981		N/M		3,571		3,677		4,427		21,573		N/M
Interest on federal funds purchased and securities sold under agreements to repurchase	756		406		350		86	%	38		40		48		708		N/M
Interest on other short-term funding	1		1		—		—	%	1		2		8		(7)		(88)	%
Interest on FHLB Advances	20,792		9,689		11,103		115	%	8,182		8,514		8,962		11,830		132	%
Interest on long-term funding	2,722		2,730		(8)		—	%	2,730		2,730		3,163		(441)		(14)	%
Total interest expense	50,270		20,845		29,425		141	%	14,522		14,963		16,607		33,663		N/M
Net interest income	264,439		216,146		48,293		22	%	187,747		186,763		183,675		80,764		44	%
Provision for credit losses	16,998		(2)		17,000		N/M		(3,990)		(5,993)		(24,010)		41,008		N/M
Net interest income after provision for credit losses	247,440		216,148		31,292		14	%	191,737		192,756		207,685		39,755		19	%
Noninterest income
Wealth management fees	19,984		21,332		(1,348)		(6)	%	22,404		22,625		22,110		(2,126)		(10)	%
Service charges and deposit account fees	15,029		16,506		(1,477)		(9)	%	16,856		17,039		16,962		(1,933)		(11)	%
Card-based fees	11,479		11,442		37		—	%	9,926		11,176		11,113		366		3	%
Other fee-based revenue	4,487		4,360		127		3	%	3,766		4,316		3,929		558		14	%
Capital markets, net	7,675		8,010		(335)		(4)	%	8,646		9,674		7,114		561		8	%
Mortgage banking, net	2,098		6,145		(4,047)		(66)	%	8,391		8,041		10,657		(8,559)		(80)	%
Bank and corporate owned life insurance	1,827		4,106		(2,279)		(56)	%	2,071		4,704		2,760		(933)		(34)	%
Asset gains, net	18		1,677		(1,659)		(99)	%	188		985		5,228		(5,210)		(100)	%
Investment securities gains (losses), net	5,664		(8)		5,672		N/M		21		—		—		5,664		N/M
Other	2,527		1,888		639		34	%	2,198		2,941		2,205		322		15	%
Total noninterest income	70,788		75,458		(4,670)		(6)	%	74,467		81,502		82,076		(11,288)		(14)	%
Noninterest expense
Personnel	118,243		112,666		5,577		5	%	104,811		107,787		107,880		10,363		10	%
Technology	22,694		21,223		1,471		7	%	21,485		20,787		19,927		2,767		14	%
Occupancy	13,717		14,151		(434)		(3)	%	16,080		16,863		15,814		(2,097)		(13)	%
Business development and advertising	6,778		5,655		1,123		20	%	4,954		5,627		6,156		622		10	%
Equipment	4,921		4,960		(39)		(1)	%	4,960		4,905		5,200		(279)		(5)	%
Legal and professional	4,159		4,873		(714)		(15)	%	5,087		4,428		4,304		(145)		(3)	%
Loan and foreclosure costs	1,631		1,476		155		11	%	2,014		1,636		1,616		15		1	%
FDIC assessment	5,800		5,400		400		7	%	5,100		4,800		5,000		800		16	%
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,203		—		—	%
Other	15,645		8,815		6,830		77	%	6,597		13,173		9,793		5,852		60	%
Total noninterest expense	195,791		181,420		14,371		8	%	173,292		182,210		177,892		17,899		10	%
Income before income taxes	122,438		110,187		12,251		11	%	92,912		92,048		111,870		10,568		9	%
Income tax expense	26,163		23,363		2,800		12	%	18,650		15,171		23,060		3,103		13	%
Net income	96,275		86,824		9,451		11	%	74,262		76,877		88,809		7,466		8	%
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		4,155		(1,280)		(31)	%
Net income available to common equity	$	93,400	$	83,949	$	9,451	11	%	$	71,387	$	74,002	$	84,655	$	8,745	10	%
Earnings per common share
Basic	$	0.62	$	0.56	$	0.06	11	%	$	0.48	$	0.49	$	0.56	$	0.06	11	%
Diluted	$	0.62	$	0.56	$	0.06	11	%	$	0.47	$	0.49	$	0.56	$	0.06	11	%
Average common shares outstanding
Basic	149,321		149,083		238		—	%	148,781		148,697		150,046		(725)		—	%
Diluted	150,262		150,203		59		—	%	150,492		150,057		151,143		(881)		(1)	%

N/M = Not meaningful

Numbers may not sum due to rounding.

3

Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)	YTD Sep 2022			YTD Sep 2021			3Q22			2Q22			1Q22			4Q21			3Q21
Per common share data
Dividends	$	0.60		$	0.56		$	0.20		$	0.20		$	0.20		$	0.20		$	0.20
Market value:
High	25.71			23.33			21.87			22.48			25.71			23.92			21.85
Low	17.63			17.20			17.63			18.01			22.41			21.49			18.56
Close							20.08			18.26			22.76			22.59			21.42
Book value / share							25.01			25.09			25.03			25.66			25.35
Tangible book value / share							17.32			17.37			17.29			17.87			17.58
Performance ratios (annualized)
Return on average assets	0.95		%	1.07		%	1.02		%	0.97		%	0.86		%	0.87		%	1.01		%
Noninterest expense / average assets	2.04		%	2.06		%	2.08		%	2.04		%	2.00		%	2.06		%	2.03		%
Effective tax rate	20.94		%	20.37		%	21.37		%	21.20		%	20.07		%	16.48		%	20.61		%
Dividend payout ratio(a)	36.14		%	32.94		%	32.26		%	35.71		%	41.67		%	40.82		%	35.71		%
Net interest margin	2.76		%	2.38		%	3.13		%	2.71		%	2.42		%	2.40		%	2.38		%
Selected trend information
Average full time equivalent employees(b)	4,101			4,006			4,182			4,101			4,018			3,992			4,010
Branch count							215			215			215			215			224
Assets under management, at market value(c)							$	11,142		$	11,561		$	12,937		$	13,679		$	13,148
Mortgage loans originated for sale during period	$	536		$	1,345		$	132		$	152		$	252		$	404		$	456
Mortgage loan settlements during period	$	620		$	1,348		$	120		$	204		$	296		$	427		$	463
Mortgage portfolio serviced for others							$	6,800		$	6,910		$	6,972		$	6,995		$	7,057
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)							1.15		%	1.11		%	0.96		%	0.78		%	0.71		%
Shares repurchased during period(e)	—			5,199			—			—			—			1,096			2,919
Shares outstanding, end of period							150,328			150,126			150,038			149,343			149,961
Selected quarterly ratios
Loans / deposits							95.27		%	92.71		%	86.36		%	85.10		%	84.81		%
Stockholders’ equity / assets							10.39		%	10.63		%	11.30		%	11.47		%	11.60		%
Risk-based capital(f)(g)
Total risk-weighted assets							$	31,406		$	29,864		$	27,781		$	27,243		$	26,304
Common equity Tier 1							$	2,956		$	2,897		$	2,838		$	2,808		$	2,780
Common equity Tier 1 capital ratio							9.41		%	9.70		%	10.22		%	10.31		%	10.57		%
Tier 1 capital ratio							10.03		%	10.35		%	10.91		%	11.02		%	11.30		%
Total capital ratio							11.41		%	11.74		%	12.41		%	13.10		%	13.50		%
Tier 1 leverage ratio							8.66		%	8.87		%	8.86		%	8.83		%	8.81		%
Mortgage banking, net
Mortgage servicing fees, net(h)	$	6		$	(1)		$	2		$	2		$	2		$	1		$	—
Gains (losses) and fair value adjustments on loans held for sale	1			32			1			—			1			3			8
Changes in mortgage servicing rights valuation, net of economic hedge(d)	10			12			(1)			5			6			4			2
Mortgage banking, net	$	17		$	43		$	2		$	6		$	8		$	8		$	11

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)September 30, 2022 data is estimated.

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

4

Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Sep 30, 2022			Jun 30, 2022			Seql Qtr % Change		Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	280,771		$	279,058		1	%	$	280,015		$	290,997		$	318,811		(12)	%
Provision for loan losses	14,000			2,000			N/M		(3,000)			(4,500)			(20,000)			N/M
Charge offs	(3,346)			(1,791)			87	%	(2,028)			(8,869)			(10,929)			(69)	%
Recoveries	1,478			1,504			(2)	%	4,072			2,387			3,115			(53)	%
Net (charge offs) recoveries	(1,867)			(287)			N/M		2,044			(6,482)			(7,814)			(76)	%
Balance at end of period	$	292,904		$	280,771		4	%	$	279,058		$	280,015		$	290,997		1	%
Allowance for unfunded commitments
Balance at beginning of period	$	36,776		$	38,776		(5)	%	$	39,776		$	41,276		$	45,276		(19)	%
Provision for unfunded commitments	3,000			(2,000)			N/M		(1,000)			(1,500)			(4,000)			N/M
Balance at end of period	$	39,776		$	36,776		8	%	$	38,776		$	39,776		$	41,276		(4)	%
Allowance for credit losses on loans (ACLL)	$	332,680		$	317,547		5	%	$	317,835		$	319,791		$	332,273		—	%
Provision for credit losses on loans	$	17,000		$	—		N/M		$	(4,000)		$	(6,000)		$	(24,000)		N/M
($ in thousands)	Sep 30, 2022			Jun 30, 2022			Seql Qtr % Change		Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Comp Qtr % Change
Net (charge offs) recoveries
Asset-based lending & equipment finance(a)	$	—		$	—		N/M		$	—		$	27		$	91		(100)	%
Commercial and industrial	(897)			(444)			102	%	1,854			(6,669)			(9,149)			(90)	%
Commercial real estate—owner occupied	3			4			(25)	%	3			4			106			(97)	%
Commercial and business lending	(894)			(440)			103	%	1,857			(6,638)			(8,951)			(90)	%
Commercial real estate—investor	—			—			N/M		—			109			181			(100)	%
Real estate construction	9			2			N/M		32			52			18			(50)	%
Commercial real estate lending	9			2			N/M		32			162			199			(95)	%
Total commercial	(885)			(439)			102	%	1,889			(6,476)			(8,752)			(90)	%
Residential mortgage	(42)			220			N/M		288			(6)			300			N/M
Auto finance	(165)			(14)			N/M		4			(11)			8			N/M
Home equity	(101)			461			N/M		315			546			959			N/M
Other consumer	(675)			(516)			31	%	(451)			(534)			(329)			105	%
Total consumer	(983)			151			N/M		155			(6)			938			N/M
Total net (charge offs) recoveries	$	(1,867)		$	(287)		N/M		$	2,044		$	(6,482)		$	(7,814)		(76)	%
(In basis points)	Sep 30, 2022			Jun 30, 2022					Mar 31, 2022			Dec 31, 2021			Sep 30, 2021
Net (charge offs) recoveries to average loans (annualized)
Asset-based lending & equipment finance(a)	—			—					—			9			36
Commercial and industrial	(4)			(2)					10			(34)			(47)
Commercial real estate—owner occupied	—			—					—			—			5
Commercial and business lending	(3)			(2)					8			(29)			(40)
Commercial real estate—investor	—			—					—			1			2
Real estate construction	—			—					1			1			—
Commercial real estate lending	—			—					—			1			1
Total commercial	(2)			(1)					5			(17)			(23)
Residential mortgage	—			1					2			—			2
Auto finance	(7)			(1)					1			(9)			43
Home equity	(7)			32					22			36			61
Other consumer	(89)			(70)					(62)			(71)			(44)
Total consumer	(4)			1					1			—			4
Total net (charge offs) recoveries	(3)			—					3			(11)			(13)
($ in thousands)	Sep 30, 2022			Jun 30, 2022			Seql Qtr % Change		Mar 31, 2022			Dec 31, 2021			Sep 30, 2021			Comp Qtr % Change
Credit Quality
Nonaccrual loans	$	116,406		$	108,345		7	%	$	143,221		$	130,443		$	135,062		(14)	%
Other real estate owned (OREO)	16,373			17,879			(8)	%	18,194			29,619			33,855			(52)	%
Repossessed Assets	$	299		$	102		193	%	$	—		$	—		$	—		N/M
Total nonperforming assets	$	133,078		$	126,327		5	%	$	161,414		$	160,062		$	168,917		(21)	%
Loans 90 or more days past due and still accruing	$	1,417		$	1,555		(9)	%	$	1,595		$	1,263		$	1,029		38	%
Allowance for credit losses on loans to total loans	1.20		%	1.20		%			1.30		%	1.32		%	1.41		%
Allowance for credit losses on loans to nonaccrual loans	285.79		%	293.09		%			221.92		%	245.16		%	246.02		%
Nonaccrual loans to total loans	0.42		%	0.41		%			0.58		%	0.54		%	0.57		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.48		%	0.48		%			0.66		%	0.66		%	0.71		%
Nonperforming assets to total assets	0.35		%	0.34		%			0.46		%	0.46		%	0.49		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans	—		%	(0.01)		%			(0.03)		%	0.10		%	0.10		%

N/M = Not meaningful

5

Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Sep 30, 2022		Jun 30, 2022		Seql Qtr % Change		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Comp Qtr % Change
Nonaccrual loans
PPP Loans	$	—	$	—	N/M		$	41	$	46	$	—	N/M
Commercial and industrial	15,576		843		N/M		225		6,233		8,497		83	%
Commercial real estate—owner occupied	—		—		N/M		—		—		7		(100)	%
Commercial and business lending	15,576		843		N/M		266		6,279		8,504		83	%
Commercial real estate—investor	37,479		46,823		(20)	%	80,886		60,677		61,504		(39)	%
Real estate construction	141		604		(77)	%	609		177		247		(43)	%
Commercial real estate lending	37,620		47,427		(21)	%	81,495		60,855		61,751		(39)	%
Total commercial	53,196		48,270		10	%	81,761		67,134		70,256		(24)	%
Residential mortgage	55,485		52,840		5	%	53,827		55,362		56,678		(2)	%
Auto finance	302		53		N/M		49		52		67		N/M
Home equity	7,325		7,100		3	%	7,490		7,726		7,838		(7)	%
Other consumer	98		83		18	%	95		170		222		(56)	%
Total consumer	63,210		60,075		5	%	61,460		63,309		64,806		(2)	%
Total nonaccrual loans	$	116,406	$	108,345	7	%	$	143,221	$	130,443	$	135,062	(14)	%
	Sep 30, 2022		Jun 30, 2022		Seql Qtr % Change		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Comp Qtr % Change
Restructured loans (accruing)
Commercial and industrial	$	14,829	$	13,882	7	%	$	7,426	$	8,687	$	11,067	34	%
Commercial real estate—owner occupied	369		421		(12)	%	473		967		1,031		(64)	%
Commercial and business lending	15,198		14,303		6	%	7,899		9,655		12,098		26	%
Commercial real estate—investor	733		943		(22)	%	2,045		12,866		13,236		(94)	%
Real estate construction	165		179		(8)	%	183		242		248		(33)	%
Commercial real estate lending	898		1,122		(20)	%	2,228		13,108		13,484		(93)	%
Total commercial	16,097		15,425		4	%	10,127		22,763		25,582		(37)	%
Residential mortgage	16,169		15,829		2	%	16,644		16,316		15,253		6	%
Home equity	2,103		2,246		(6)	%	2,486		2,648		2,787		(25)	%
Other consumer	764		753		1	%	747		803		877		(13)	%
Total consumer	19,036		18,828		1	%	19,876		19,768		18,917		1	%
Total restructured loans (accruing)	$	35,132	$	34,253	3	%	$	30,003	$	42,530	$	44,499	(21)	%
Nonaccrual restructured loans (included in nonaccrual loans)	$	21,650	$	22,172	(2)	%	$	19,352	$	17,426	$	15,226	42	%
	Sep 30, 2022		Jun 30, 2022		Seql Qtr % Change		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Comp Qtr % Change
Accruing Loans 30-89 Days Past Due
PPP Loans	$	252	$	1,475	(83)	%	$	1	$	83	$	568	(56)	%
Commercial and industrial	1,609		167		N/M		1,085		632		1,229		31	%
Commercial real estate—owner occupied	—		—		N/M		198		163		30		(100)	%
Commercial and business lending	1,861		1,642		13	%	1,284		878		1,827		2	%
Commercial real estate—investor	—		5,484		(100)	%	—		616		17,021		(100)	%
Real estate construction	43		—		N/M		—		1,620		—		N/M
Commercial real estate lending	43		5,484		(99)	%	—		2,236		17,021		(100)	%
Total commercial	1,904		7,126		(73)	%	1,284		3,114		18,848		(90)	%
Residential mortgage	6,517		5,315		23	%	4,957		6,169		7,095		(8)	%
Auto finance	6,206		2,906		114	%	949		11		10		N/M
Home equity	4,234		2,961		43	%	4,207		3,711		2,931		44	%
Other consumer	1,592		1,365		17	%	1,232		2,307		1,272		25	%
Total consumer	18,549		12,547		48	%	11,345		12,198		11,308		64	%
Total accruing loans 30-89 days past due	$	20,452	$	19,673	4	%	$	12,629	$	15,312	$	30,156	(32)	%
	Sep 30, 2022		Jun 30, 2022		Seql Qtr % Change		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Comp Qtr % Change
Potential Problem Loans
PPP Loans(b)	$	40	$	47	(15)	%	$	54	$	2,000	$	4,160	(99)	%
Asset-based lending & equipment finance(a)	19,266		19,813		(3)	%	19,057		17,697		—		N/M
Commercial and industrial	89,250		84,785		5	%	93,396		120,561		124,990		(29)	%
Commercial real estate—owner occupied	28,287		38,628		(27)	%	24,005		26,723		21,241		33	%
Commercial and business lending	136,843		143,273		(4)	%	136,513		166,981		150,391		(9)	%
Commercial real estate—investor	117,982		132,635		(11)	%	130,792		106,138		78,962		49	%
Real estate construction	—		82		(100)	%	200		21,408		19,187		(100)	%
Commercial real estate lending	117,982		132,717		(11)	%	130,992		127,546		98,150		20	%
Total commercial	254,825		275,990		(8)	%	267,505		294,527		248,541		3	%
Residential mortgage	2,845		3,297		(14)	%	3,032		2,214		2,374		20	%
Home equity	185		188		(2)	%	156		165		171		8	%
Total consumer	3,030		3,486		(13)	%	3,188		2,379		2,546		19	%
Total potential problem loans	$	257,855	$	279,475	(8)	%	$	270,693	$	296,905	$	251,087	3	%

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.

6

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	September 30, 2022						June 30, 2022						September 30, 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	$	4,531	$	261	22.83	%	$	14,026	$	346	9.91	%	$	275,414	$	9,633	13.88	%
Asset-based lending (ABL) & equipment finance (d)	317,857		4,027		5.03	%	244,369		2,181		3.58	%	99,463		766		3.06	%
Commercial and business lending (excl PPP, ABL and equipment finance)	9,870,075		105,927		4.26	%	9,346,218		68,748		2.95	%	8,609,196		53,333		2.46	%
Commercial real estate lending	6,768,054		78,887		4.62	%	6,363,395		53,233		3.36	%	6,160,241		44,859		2.89	%
Total commercial	16,960,517		189,101		4.42	%	15,968,007		124,509		3.13	%	15,144,314		108,591		2.85	%
Residential mortgage	8,223,531		64,069		3.12	%	7,860,220		58,434		2.97	%	7,817,737		55,305		2.83	%
Auto finance	969,918		9,170		3.75	%	689,027		6,017		3.50	%	7,157		79		4.39	%
Other retail	901,738		13,868		6.13	%	880,910		11,370		5.17	%	914,749		11,041		4.81	%
Total loans	27,055,703		276,209		4.06	%	25,398,163		200,331		3.16	%	23,883,957		175,016		2.92	%
Investment securities
Taxable	4,344,409		19,221		1.77	%	4,448,811		18,317		1.65	%	3,258,587		8,745		1.07	%
Tax-exempt(a)	2,435,957		20,838		3.42	%	2,427,068		20,637		3.40	%	2,029,126		18,412		3.63	%
Other short-term investments	378,528		3,284		3.45	%	352,310		2,420		2.75	%	2,215,805		2,281		0.41	%
Investments and other	7,158,894		43,342		2.42	%	7,228,189		41,374		2.29	%	7,503,518		29,439		1.57	%
Total earning assets	34,214,597		$	319,551	3.72	%	32,626,351		$	241,705	2.97	%	31,387,475		$	204,455	2.59	%
Other assets, net	3,057,182						3,106,232						3,372,013
Total assets	$	37,271,779					$	35,732,583					$	34,759,489
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,735,285	$	516	0.04	%	$	4,682,783	$	530	0.05	%	$	4,248,493	$	377	0.04	%
Interest-bearing demand	6,587,404		10,306		0.62	%	6,413,077		2,977		0.19	%	6,344,504		1,361		0.09	%
Money market	7,328,165		9,474		0.51	%	6,910,505		2,203		0.13	%	7,011,075		1,019		0.06	%
Network transaction deposits	873,168		4,716		2.14	%	775,593		1,480		0.77	%	893,991		290		0.13	%
Time deposits	1,230,859		989		0.32	%	1,255,292		829		0.26	%	1,434,588		1,379		0.38	%
Total interest-bearing deposits	20,754,882		26,000		0.50	%	20,037,250		8,019		0.16	%	19,932,650		4,427		0.09	%
Federal funds purchased and securities sold under agreements to repurchase	380,674		756		0.79	%	454,519		406		0.36	%	238,735		48		0.08	%
Commercial Paper	18,308		1		0.01	%	23,154		1		0.01	%	55,864		8		0.05	%
FHLB advances	3,283,328		20,792		2.51	%	2,423,771		9,689		1.60	%	1,620,790		8,962		2.19	%
Long-term funding	249,838		2,722		4.36	%	249,805		2,730		4.37	%	288,236		3,163		4.39	%
Total short and long-term funding	3,932,149		24,270		2.45	%	3,151,249		12,826		1.63	%	2,203,625		12,180		2.20	%
Total interest-bearing liabilities	24,687,031		$	50,270	0.81	%	23,188,499		$	20,845	0.36	%	22,136,276		$	16,607	0.30	%
Noninterest-bearing demand deposits	8,119,475						8,133,492						8,141,723
Other liabilities	480,672						473,478						401,077
Stockholders’ equity	3,984,602						3,937,114						4,080,413
Total liabilities and stockholders’ equity	$	37,271,779					$	35,732,583					$	34,759,489
Interest rate spread					2.91	%					2.61	%					2.29	%
Net free funds					0.22	%					0.10	%					0.09	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	269,281	3.13	%			$	220,860	2.71	%			$	187,848	2.38	%
Fully tax-equivalent adjustment			4,843						4,713						4,172
Net interest income			$	264,439					$	216,146					$	183,675

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.

7

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
	Nine Months Ended Sep 30,
	2022						2021
($ 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	$	20,633	$	1,885	12.21	%	$	592,571	$	28,582	6.45	%
Asset-based lending (ABL) & equipment finance (d)	255,442		7,658		4.01	%	119,352		2,732		3.06	%
Commercial and business lending (excl PPP, ABL, and equipment finance)	9,347,852		227,429		3.25	%	8,442,471		159,343		2.52	%
Commercial real estate lending	6,438,335		176,006		3.65	%	6,163,684		133,314		2.89	%
Total commercial	16,062,262		412,977		3.44	%	15,318,077		323,971		2.83	%
Residential mortgage	7,920,382		177,906		2.99	%	7,879,992		166,146		2.81	%
Auto finance	657,150		17,837		3.63	%	8,591		284		4.41	%
Other retail	888,241		35,900		5.40	%	939,858		33,664		4.78	%
Total loans	25,528,036		644,621		3.37	%	24,146,518		524,065		2.90	%
Investment securities
Taxable	4,385,580		54,009		1.64	%	3,152,994		24,600		1.04	%
Tax-exempt (a)	2,416,064		61,771		3.41	%	1,961,528		54,357		3.69	%
Other short-term investments	625,748		7,696		1.64	%	1,662,571		5,802		0.47	%
Investments and other	7,427,392		123,477		2.22	%	6,777,093		84,759		1.67	%
Total earning assets	32,955,428		$	768,098	3.11	%	30,923,610		$	608,824	2.63	%
Other assets, net	3,120,342						3,354,657
Total assets	$	36,075,770					$	34,278,268
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,650,105	$	1,427	0.04	%	$	4,061,728	$	1,066	0.04	%
Interest-bearing demand	6,573,680		14,307		0.29	%	5,981,295		3,596		0.08	%
Money market	7,090,960		12,642		0.24	%	6,956,591		3,101		0.06	%
Network transaction deposits	795,059		6,460		1.09	%	960,308		880		0.12	%
Time deposits	1,266,116		2,754		0.29	%	1,533,466		6,302		0.55	%
Total interest-bearing deposits	20,375,920		37,590		0.25	%	19,493,387		14,945		0.10	%
Federal funds purchased and securities sold under agreements to repurchase	376,687		1,200		0.43	%	177,875		103		0.08	%
Commercial Paper	23,106		2		0.01	%	51,330		21		0.05	%
FHLB advances	2,445,486		38,663		2.11	%	1,624,320		27,979		2.30	%
Long-term funding	249,759		8,182		4.37	%	461,390		14,323		4.14	%
Total short and long-term funding	3,095,039		48,047		2.07	%	2,314,915		42,425		2.45	%
Total interest-bearing liabilities	23,470,959		$	85,637	0.49	%	21,808,303		$	57,371	0.35	%
Noninterest-bearing demand deposits	8,189,067						7,961,119
Other liabilities	446,249						403,925
Stockholders’ equity	3,969,495						4,104,921
Total liabilities and stockholders’ equity	$	36,075,770					$	34,278,268
Interest rate spread					2.62	%					2.28	%
Net free funds					0.14	%					0.10	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	682,461	2.76	%			$	551,453	2.38	%
Fully tax-equivalent adjustment			14,129						12,362
Net interest income			$	668,332					$	539,092

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.

8

Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition	Sep 30, 2022		Jun 30, 2022		Seql Qtr % Change		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Comp Qtr % Change
PPP Loans	$	1,050	$	9,514	(89)	%	$	17,995	$	66,070	$	182,121	(99)	%
Asset-based lending & equipment finance(a)	380,830		263,044		45	%	231,040		178,027		111,027		N/M
Commercial and industrial	9,190,045		8,984,127		2	%	8,102,380		8,208,289		7,816,432		18	%
Commercial real estate—owner occupied	999,786		928,152		8	%	973,572		971,326		879,554		14	%
Commercial and business lending	10,571,711		10,184,836		4	%	9,324,986		9,423,711		8,989,133		18	%
Commercial real estate—investor	5,064,289		4,790,241		6	%	4,469,241		4,384,569		4,296,489		18	%
Real estate construction	1,835,159		1,775,648		3	%	1,760,076		1,808,976		1,834,871		—	%
Commercial real estate lending	6,899,449		6,565,889		5	%	6,229,317		6,193,545		6,131,360		13	%
Total commercial	17,471,159		16,750,726		4	%	15,554,303		15,617,256		15,120,493		16	%
Residential mortgage	8,314,902		8,002,943		4	%	7,609,343		7,567,310		7,590,895		10	%
Auto finance	1,117,136		847,969		32	%	497,523		143,045		6,739		N/M
Home equity	612,608		592,843		3	%	580,867		595,615		608,566		1	%
Other consumer	301,475		300,217		—	%	289,889		301,723		294,979		2	%
Total consumer	10,346,121		9,743,972		6	%	8,977,622		8,607,693		8,501,180		22	%
Total loans	$	27,817,280	$	26,494,698	5	%	$	24,531,926	$	24,224,949	$	23,621,673	18	%
Period end deposit and customer funding composition	Sep 30, 2022		Jun 30, 2022		Seql Qtr % Change		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Comp Qtr % Change
Noninterest-bearing demand	$	8,224,579	$	8,085,702	2	%	$	8,315,699	$	8,504,077	$	8,170,105	1	%
Savings	4,708,720		4,708,156		—	%	4,661,232		4,410,198		4,278,453		10	%
Interest-bearing demand	7,122,218		6,789,722		5	%	6,616,767		7,019,782		6,407,844		11	%
Money market	7,909,232		7,769,415		2	%	7,522,797		7,185,111		7,583,978		4	%
Time deposits	1,233,833		1,223,581		1	%	1,288,913		1,347,262		1,410,886		(13)	%
Total deposits	29,198,581		28,576,577		2	%	28,405,409		28,466,430		27,851,266		5	%
Customer funding(b)	283,856		296,440		(4)	%	299,301		354,142		322,081		(12)	%
Total deposits and customer funding	$	29,482,437	$	28,873,017	2	%	$	28,704,710	$	28,820,572	$	28,173,348	5	%
Network transaction deposits(c)	$	864,086	$	891,902	(3)	%	$	762,680	$	766,965	$	929,174	(7)	%
Net deposits and customer funding (Total deposits and customer funding, excluding network transaction deposits)	$	28,618,351	$	27,981,114	2	%	$	27,942,029	$	28,053,607	$	27,244,174	5	%
Quarter average loan composition	Sep 30, 2022		Jun 30, 2022		Seql Qtr % Change		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Comp Qtr % Change
PPP Loans	$	4,531	$	14,026	(68)	%	$	43,774	$	115,074	$	275,414	(98)	%
Asset-based lending & equipment finance(a)	317,857		244,369		30	%	202,836		125,507		99,463		N/M
Commercial and industrial	8,899,582		8,393,415		6	%	7,842,179		7,816,260		7,733,148		15	%
Commercial real estate—owner occupied	970,493		952,802		2	%	973,496		899,536		876,047		11	%
Commercial and business lending	10,192,463		9,604,612		6	%	9,062,286		8,956,378		8,984,072		13	%
Commercial real estate—investor	4,891,530		4,570,300		7	%	4,439,051		4,304,579		4,297,783		14	%
Real estate construction	1,876,524		1,793,095		5	%	1,738,011		1,829,470		1,862,458		1	%
Commercial real estate lending	6,768,054		6,363,395		6	%	6,177,062		6,134,049		6,160,241		10	%
Total commercial	16,960,517		15,968,007		6	%	15,239,348		15,090,427		15,144,314		12	%
Residential mortgage	8,223,531		7,860,220		5	%	7,671,329		7,751,337		7,817,737		5	%
Auto finance	969,918		689,027		41	%	305,202		53,120		7,157		N/M
Home equity	601,821		586,072		3	%	588,281		600,963		620,601		(3)	%
Other consumer	299,917		294,837		2	%	293,578		299,406		294,147		2	%
Total consumer	10,095,186		9,430,156		7	%	8,858,390		8,704,826		8,739,643		16	%
Total loans(d)	$	27,055,703	$	25,398,163	7	%	$	24,097,738	$	23,795,253	$	23,883,957	13	%
Quarter average deposit composition	Sep 30, 2022		Jun 30, 2022		Seql Qtr % Change		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Comp Qtr % Change
Noninterest-bearing demand	$	8,119,475	$	8,133,492	—	%	$	8,316,399	$	8,416,525	$	8,141,723	—	%
Savings	4,735,285		4,682,783		1	%	4,529,991		4,367,233		4,248,493		11	%
Interest-bearing demand	6,587,404		6,413,077		3	%	6,722,038		6,506,438		6,344,504		4	%
Money market	7,328,165		6,910,505		6	%	7,030,945		6,892,803		7,011,075		5	%
Network transaction deposits	873,168		775,593		13	%	734,895		838,255		893,991		(2)	%
Time deposits	1,230,859		1,255,292		(2)	%	1,313,101		1,381,092		1,434,588		(14)	%
Total deposits	$	28,874,357	$	28,170,742	2	%	$	28,647,369	$	28,402,345	$	28,074,374	3	%

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.

9

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	YTD			YTD
($ in millions, except per share data)	Sep 2022			Sep 2021			3Q22			2Q22			1Q22			4Q21			3Q21
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets							7.06		%	7.23		%	7.68		%	7.86		%	7.92		%
Return on average equity	8.67		%	8.93		%	9.59		%	8.85		%	7.55		%	7.62		%	8.63		%
Return on average tangible common equity	12.96		%	13.56		%	14.32		%	13.29		%	11.26		%	11.34		%	12.97		%
Return on average common equity Tier 1	11.60		%	12.62		%	12.69		%	11.77		%	10.27		%	10.50		%	12.11		%
Return on average tangible assets	1.00		%	1.13		%	1.08		%	1.03		%	0.90		%	0.92		%	1.07		%
Average stockholders' equity / average assets	11.00		%	11.98		%	10.69		%	11.02		%	11.33		%	11.43		%	11.74		%
Tangible common equity reconciliation(a)
Common equity							$	3,760		$	3,766		$	3,755		$	3,832		$	3,802
Goodwill and other intangible assets, net							(1,156)			(1,159)			(1,161)			(1,163)			(1,165)
Tangible common equity							$	2,603		$	2,608		$	2,594		$	2,669		$	2,636
Tangible assets reconciliation(a)
Total assets							$	38,050		$	37,236		$	34,956		$	35,104		$	34,440
Goodwill and other intangible assets, net							(1,156)			(1,159)			(1,161)			(1,163)			(1,165)
Tangible assets							$	36,893		$	36,077		$	33,795		$	33,941		$	33,274
Average tangible common equity and average common equity tier 1 reconciliation(a)
Common equity	$	3,776		$	3,782		$	3,791		$	3,744		$	3,794		$	3,811		$	3,807
Goodwill and other intangible assets, net	(1,160)			(1,170)			(1,158)			(1,160)			(1,162)			(1,164)			(1,167)
Tangible common equity	2,616			2,612			2,634			2,584			2,631			2,646			2,640
Modified CECL transitional amount	67			106			67			67			67			91			97
Accumulated other comprehensive loss (income)	147			(5)			190			170			80			19			(5)
Deferred tax assets, net	36			40			30			39			39			40			40
Average common equity tier 1	$	2,867		$	2,754		$	2,921		$	2,860		$	2,818		$	2,795		$	2,772
Average tangible assets reconciliation(a)
Total assets	$	36,076		$	34,278		$	37,272		$	35,733		$	35,200		$	35,016		$	34,759
Goodwill and other intangible assets, net	(1,160)			(1,170)			(1,158)			(1,160)			(1,162)			(1,164)			(1,167)
Tangible assets	$	34,916		$	33,108		$	36,114		$	34,573		$	34,038		$	33,852		$	33,593
Adjusted net income reconciliation(b)
Net income	$	257		$	274		$	96		$	87		$	74		$	77		$	89
Other intangible amortization, net of tax	5			5			2			2			2			2			2
Adjusted net income	$	262		$	279		$	98		$	88		$	76		$	79		$	90
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity	$	249		$	260		$	93		$	84		$	71		$	74		$	85
Other intangible amortization, net of tax	5			5			2			2			2			2			2
Adjusted net income available to common equity	$	254		$	265		$	95		$	86		$	73		$	76		$	86
Selected trend information(d)
Wealth management fees	$	64		$	67		$	20		$	21		$	22		$	23		$	22
Service charges and deposit account fees	48			47			15			17			17			17			17
Card-based fees	33			32			11			11			10			11			11
Other fee-based revenue	13			13			4			4			4			4			4
Fee-based revenue	158			159			51			54			53			55			54
Other	63			92			20			22			22			26			28
Total noninterest income	$	221		$	251		$	71		$	75		$	74		$	82		$	82
Pre-tax pre-provision income(e)
Income before income taxes	$	326		$	344		$	122		$	110		$	93		$	92		$	112
Provision for credit losses	13			(82)			17			—			(4)			(6)			(24)
Pre-tax pre-provision income	$	339		$	262		$	139		$	110		$	89		$	86		$	88
Efficiency ratio reconciliation(f)
Federal Reserve efficiency ratio	62.32		%	65.98		%	60.32		%	61.53		%	65.71		%	67.36		%	65.43		%
Fully tax-equivalent adjustment	(0.98)		%	(1.02)		%	(0.87)		%	(0.98)		%	(1.13)		%	(1.10)		%	(1.01)		%
Other intangible amortization	(0.75)		%	(0.84)		%	(0.67)		%	(0.76)		%	(0.84)		%	(0.82)		%	(0.83)		%
Fully tax-equivalent efficiency ratio	60.60		%	64.13		%	58.79		%	59.80		%	63.76		%	65.46		%	63.61		%
Provision for unfunded commitments adjustment	—		%	0.81		%	(0.90)		%	0.67		%	0.37		%	0.55		%	1.48		%
Asset gains, net adjustment	0.13		%	0.82		%	—		%	0.34		%	0.05		%	0.24		%	1.29		%
Acquisitions, branch sales, and initiatives	(0.20)		%	(0.22)		%	(0.53)		%	—		%	—		%	(1.43)		%	(0.91)		%
Adjusted efficiency ratio	60.53		%	65.54		%	57.36		%	60.82		%	64.18		%	64.82		%	65.46		%

Numbers may not sum due to rounding.

(a)Tangible common equity and tangible assets exclude goodwill and other intangible assets, net.

(b)Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.

(c)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.

(d)These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations.

(e)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.

(f)The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net. The adjusted efficiency ratio is noninterest expense, which excludes the provision for unfunded commitments, other intangible amortization, 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, 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, net, branch sales, and announced initiatives.

10

EX-99.2

Third Quarter 2022 Earnings Presentation OCTOBER 20, 2022

1 Forward-Looking Statements Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” "target,“ “outlook,” “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 Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference. Trademarks: All trademarks, service marks, and trade names referenced in this material are official trademarks and the property of their respective owners. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Non-GAAP Measures: This presentation includes certain non-GAAP financial measures. These non-GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation.

2 Growing Balance Sheet & Expanding Margins ▪ $720 million (+4%) of total commercial loan growth1 ▪ $602 million (+6%) of total consumer loan growth1 ▪ $622 million (+2%) of total deposit growth1 ▪ Net interest margin expanded by 42 bps1 Enhanced Profitability & Strong Capital Position ▪ Total net interest income up 22%1 ▪ Pre-tax income of $122 million (+11%)1 and PTPP income2 of $139 million (+27%)1 ▪ ROATCE3 of 14.3% ▪ CET1 ratio of 9.4% Stable Credit Trends ▪ NCOs / Average Loans (annualized) of 0.03% in 3Q ▪ Delinquencies / Loans flat at 0.07%1 ▪ $17 million build in provision for credit losses on loans (growth- driven) ▪ ACLL / Loans flat at 1.20%1 ▪ YTD total noninterest expense up 4% vs. prior year ▪ Personnel and technology expenses increased while occupancy expense decreased, as we continue to invest in people and reduce brick & mortar expense 3Q 2022 results reflect strong loan and deposit growth, expanding margins and stable credit Associated Banc-Corp Reports Third Quarter 2022 Net Income Available to Common Equity of $93 Million, or $0.62 per Common Share Third Quarter 2022 Update Disciplined Expense Management 1 All figures shown on an end of period basis with comparisons to the second quarter of 2022 unless otherwise noted. 2 This is a non-GAAP financial measure. Please refer to slide 6 and the appendix for a reconciliation of pre-tax pre-provision income to income before income taxes. Given the adoption of CECL and the volatility of provision during the pandemic, we believe pre-tax pre-provision income provides meaningful disclosure to investors regarding the Company’s operations. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

3 EoP Loan Change (6/30/2022 to 9/30/2022) Total average loans grew by 7% vs. the prior quarter, while total period end loans grew by 5% 3Q 2022 Loan Trends $(63) $(8) $5 $6 $7 $16 $60 $118 $119 $209 $269 $274 $312 Mortgage Warehouse Home Equity and Other Cons. CRE Investor Power & Utilities General Commercial REIT ($ in millions) PPP Credit Cards CRE Construction Auto Finance Commercial & Business Lending Commercial Real Estate Consumer Lending PPP ABL + Equipment All Other Specialized Residential Mortgage $0.9 $1.0 $1.2 $1.6 $1.9 $7.8 $7.8 $7.7 $7.9 $8.2 $6.2 $6.1 $6.2 $6.4 $6.8 $8.7 $8.8 $9.0 $9.6 $10.2 $0.3 $0.1 $0.0 $0.0 $0.0 $23.9 $23.8 $24.1 $25.4 $27.1 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer PPP Average Quarterly Loans

4 Core Commercial1 New Asset-Based Lending + Equipment Finance2 Auto Finance $15,550 $17,201 $17,000 $18,000 12/31/21 9/30/22 12/31/22 Target 12/31/23 Target $143 $1,117 $1,400 $2,450 12/31/21 9/30/22 12/31/22 Target 12/31/23 Target $67 $270 $300 $650 12/31/21 9/30/22 12/31/22 Target 12/31/23 Target Balance Trends ($ in millions) 1 Includes $111 million of legacy baseline asset-based lending + equipment finance balances and excludes the balances captured in footnote 2. 2 Reflected as balance growth above the 3Q 2021 legacy baseline of $111 million; the baseline balances are reflected in Core Commercial above. Our strategic lending initiatives remain on track, providing additional pathways to drive balanced growth + + + ▪ We’ve strategically increased our total commercial and business relationship manager ranks by 33% from March 2021 to September 2022, which is driving core loan growth ▪ We’ve built out both our asset- based and equipment finance lending teams over the past year and have steadily grown our portfolio through 2022 ▪ Our experienced auto finance team is executing a prime / super-prime growth strategy from a near-zero baseline; adding fixed-rate and less prepayment-sensitive assets to the balance sheet Progress Update Growing and Expanding our Lending Capabilities

5 EoP Quarterly Deposits $0.9 $0.8 $0.8 $0.9 $0.9 $1.4 $1.3 $1.3 $1.2 $1.2 $6.9 $6.9 $7.0 $7.2 $7.3 $4.3 $4.4 $4.7 $4.7 $4.7 $6.1 $6.5 $6.4 $6.4 $6.8 $8.2 $8.5 $8.3 $8.1 $8.2 $27.9 $28.5 $28.4 $28.6 $29.2 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 3Q 2022 Deposit Trends Deposits grew at a 9% annualized rate vs. the prior quarter, a result of our strategic actions over time ($ in billions) Time DepositsSavings Network Transaction Deposits Interest-Bearing Demand Noninterest-Bearing Demand Money Market 9% annualized growth 1 ASB Deposit Thesis We’ve cultivated low-cost, granular core deposits over time, leading to a high degree of stability in our deposit base and limited post-COVID “surge” outflows to date Our commercial strategic initiatives (+33% RMs) have emphasized attracting and deepening of holistic relationships (not just loans), allowing us to grow commercial deposit balances in 2022 Several consumer-focused strategies are designed to bolster deposit gathering efforts into 2023, including our new digital and mass affluent strategies 2 3

6 Pre-Tax Pre-Provision Income1 Trends Strong revenue growth and disciplined expense management are driving positive operating leverage ($ in millions) 1 This is a non-GAAP financial measure. Please refer to the appendix for a reconciliation of pre-tax pre-provision income to income before income taxes. Given the adoption of CECL and the volatility of provision during the pandemic, we believe pre-tax pre-provision income provides meaningful disclosure to investors regarding the Company’s operations. 3Q21 Pre- Tax Income 3Q21 Provision 3Q21 PTPP Income 4Q21 Pre- Tax Income 4Q21 Provision 4Q21 PTPP Income 1Q22 Pre- Tax Income 1Q22 Provision 1Q22 PTPP Income 2Q22 Pre- Tax Income 2Q22 Provision 2Q22 PTPP Income 3Q22 Pre- Tax Income 3Q22 Provision 3Q22 PTPP Income $(0)

7 Average Yields (%) Poised for Further Margin Expansion 2.91 2.88 3.36 4.62 2.44 2.44 2.97 4.28 2.84 2.89 2.97 3.12 1.76 1.96 2.29 2.42 0.27 0.26 0.36 0.81 0.07 0.07 0.16 0.50 4Q 2021 1Q 2022 2Q 2022 3Q 2022 ASB’s structurally asset sensitive balance sheet continues to benefit from the rising rate environment Total Residential Mortgage Loans Commercial and Business Lending Loans (ex. PPP) Commercial Real Estate Loans Total Interest-Bearing Liabilities Total Interest-Bearing Deposits Investments and Other Average Yield Trends (%) 0.27 0.81 4Q 2021 3Q 2022 2.59 3.72 4Q 2021 3Q 2022 Total Earning Assets Total Interest- Bearing Liabilities +113 bps +54 bps

8 $184 $187 $188 $216 $264 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Net Interest Income & Net Interest Margin Trends ($ in millions) NII and NIM continued to grow in 3Q, driven by rising loan yields and controlled deposit costs Quarterly Net Interest Income Quarterly Net Interest Margin 3.13% 2.71% 2.42%2.40%2.38%

9 Well-Positioned for Rising Rates Managing Downside Risk Interest Rate Risk Management While ASB remains well-positioned to benefit from higher rates, we are proactively managing the downside risk Estimated NII Sensitivity Profile Δ in interest rates 2Q 2022 3Q 2022 +200 bps ramp over 12 months 10.8% 9.2% +100 bps ramp over 12 months 5.4% 4.6% -100 bps ramp over 12 months (5.0%) (4.3%) 1 Based on latest available data as of 2Q 2022. 2 Beta calculated as change in quarterly average yield from 4Q 2021 to 3Q 2022 vs. change in average Fed Effective Rate. Fed data derived from St. Louis FRED database. Already executed $850 million of received fixed swaps in 3Q 2022 1 92% of commercial loans outstanding were floating rate, adjustable rate, re-pricing within one year or maturing within one year as of 6/30/20221 We’ve decreased our reliance on higher-beta network and wholesale funding since the last rate cycle (15% of total funding in 3Q 2022 vs. 30% in 3Q 2016) This higher-beta funding has been replaced by lower-cost, core customer deposits, helping us drive total interest-bearing deposit betas of ~20% YTD2 2 3

10 Noninterest Income Trends ($ in millions) ($ in millions) Noninterest income remains pressured by mortgage banking and service charge headwinds 1 This is a non-GAAP financial measure. Please refer to the appendix for a reconciliation of fee-based revenue to noninterest income. 2 Other noninterest income primarily comprised of bank and corporate owned life insurance and asset gains, net. Service Charges & Deposit Account FeesNoninterest Income Trends Card-Based Fees & Other Fee-Based Revenue ($ in millions) $11 $11 $10 $11 $11 $4 $4 $4 $4 $4 $15 $15 $14 $16 $16 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Other Fee-Based RevenueCard-Based Fees $17 $17 $17 $17 $15 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 $54 $55 $53 $54 $51 $11 $8 $8 $6 $2 $7 $10 $9 $8 $8 $10 $9 $4 $8 $4 $6 $82 $82 $74 $75 $71 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Fee-Based Revenue1 Capital Markets, net Mortgage Banking, net Other2 Investment Securities Gains (Losses), net

11 $108 $108 $105 $113 $118 $20 $21 $21 $21 $23 $50 $51 $47 $48 $49 $1 $3 $6 $178 $182 $173 $181 $196 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Annualized Noninterest Exp. / Avg. Assets (%) Fully Tax-Equivalent Efficiency Ratio2 (%)Noninterest Expense Trends Noninterest Expense Trends 1 Other expenses are primarily comprised of occupancy, business development & advertising, equipment, legal & professional, and FDIC assessment costs. 2 This is a non-GAAP financial measure. Please refer to the appendix for a reconciliation of the fully tax-equivalent efficiency ratio to the Federal Reserve efficiency ratio. ($ in millions) We continue to invest in people and technology while keeping expense growth below total revenue growth 2.06 2.04 3Q 2021 YTD 3Q 2022 YTD Fully Tax-Equivalent Efficiency Ratio Federal Reserve Efficiency Ratio 65.4 67.4 65.7 61.5 60.3 63.6 65.5 63.8 59.8 58.8 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Personnel Expense Other1 Technology Expense Charitable Contributions

12 Year-End 2022 Capital Targets (%) $17.58 $17.87 $17.29 $17.37 $17.32 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Tangible Book Value / Share 7.06 3Q 2022 TCE Ratio YE2022 Target Range 3Q 2022 Regulatory Capital Ratios (%) 9.4 10.0 11.4 Common Equity Tier 1 Capital Tier 1 Capital Total Capital 1 Tangible common equity / tangible assets. This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. We are managing capital levels toward our target ranges, while holding TBVPS steady Capital Profile 9.41 3Q 2022 CET1 Ratio YE2022 Target Range 7.25 9.75 7.00 9.25 1

13 ACLL / Total Loans (%)3Q 2022 ACLL1 Update ▪ ACLL ($) increased $15 million from the prior quarter, largely driven by loan growth and stable credit factors ▪ Negligible net charge offs YTD ▪ CECL forward looking assumptions based on Moody’s August 2022 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Our ACLL held firm at 1.20%, with an allowance build largely driven by loan growth Allowance for Credit Losses on Loans (ACLL) Update 1.41 1.32 1.30 1.20 1.20 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL (excl. PPP Loans) 120,845$ 1.37% 122,589$ 1.20% 135,200$ 1.28% PPP Loans 125 0.07% 6 0.06% 1 0.10% CRE - Investor 82,182 1.91% 65,040 1.36% 61,404 1.21% CRE - Construction 56,441 3.08% 52,627 2.96% 52,557 2.86% Residential Mortgage 41,620 0.55% 38,851 0.49% 38,907 0.47% Other Consumer 31,059 3.41% 38,433 2.21% 44,610 2.20% Total 332,273$ 1.41% 317,547$ 1.20% 332,680$ 1.20% Total (excl. PPP Loans) 332,147$ 1.42% 317,541$ 1.20% 332,679$ 1.20% 9/30/20229/30/2021 6/30/2022

14 Net Charge Offs (Recoveries) and ProvisionDelinquent Loans / EoP Total Loans (%) Nonaccrual LoansTotal Nonperforming Assets Credit Quality Trends $65 $63 $61 $60 $63 $62 $61 $81 $47 $38 $9 $6 $0 $1 $16 $135 $130 $143 $108 $116 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 0.13% 0.06% 0.05% 0.07% 0.07% 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 YTD net charge offs remain negligible in 2022, reflecting stability of portfolio ($ in millions) ($ in millions) Accruing Loans 30-89 Days Past Due CREConsumer $135 $130 $143 $108 $116 $34 $30 $18 $18 $16 $169 $160 $161 $126 $133 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 ($ in millions) $8 $6 $(2) $0 $2 $(24) $(6) $(4) $(0) $17 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Total Net Charge Offs (Recoveries) Provision for Credit Losses Commercial & Business LendingNonaccrual Loans OREO

15 Balance Sheet Management1 ▪ No updates Net Interest Income & Noninterest Income ▪ Net interest income (GAAP) of $935M+ ‒ Assumes a 75bp Fed Funds increase in November and a 50bp increase in December; interest-bearing deposit betas of 30% to 40% for this rate cycle; and benefits of additional loan growth ▪ Total net interest income & noninterest income of $1.225B+ Expense Management ▪ Noninterest expense of $740M to $750M ▪ No change to effective tax rate Capital Targets ▪ Target TCE ratio range of 7.00% to 7.25% ▪ No change to target CET1 ratio range Updated Guidance 1 Growth to end of period as compared to 12/31/2021. 2 Includes asset-based lending & equipment finance. Previous Guidance (9/13/2022) ▪ Total commercial2 loan growth of ~$1.7B ▪ Target investments/total assets ratio of ~18% ▪ We expect to maintain wholesale funding of ~15% of total funding ▪ Net interest income (GAAP) of $910M+ ‒ Assumes a 75bp Fed Funds increase in September and a 25bp increase at each remaining FOMC meeting this year; interest-bearing deposit betas of 30% to 40% for this rate cycle; and benefits of additional loan growth ▪ Total net interest income & noninterest income of $1.200B+ ▪ Noninterest expense of ~$735M to $745M ▪ Effective tax rate of ~21% ▪ Target TCE ratio range of 7.25% to 7.50% ▪ Target CET1 ratio range of 9.25% to 9.75% 2022 Full-Year Outlook Updates

16

Appendix

18 Additional Third Quarter 2022 Loan Trends ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer PPP ($ in millions) Commercial & Business Lending Commercial Real Estate Consumer Lending PPP $(115) $(9) $7 $12 $13 $73 $83 $83 $156 $281 $321 $363 $388 Mortgage Warehouse Home Equity and Other Cons. CRE Investor Power & Utilities General Commercial REIT PPP Credit Cards CRE Construction Auto Finance ABL + Equipment All Other Specialized Residential Mortgage Average Loan Change (2Q 2022 to 3Q 2022)EoP Quarterly Loan Trends $0.9 $1.0 $1.4 $1.7 $2.0 $7.6 $7.6 $7.6 $8.0 $8.3 $6.1 $6.2 $6.2 $6.6 $6.9 $8.8 $9.4 $9.3 $10.2 $10.6 $0.2 $0.1 $0.0 $0.0 $0.0 $23.6 $24.2 $24.5 $26.5 $27.8 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022

19 Total Loans Outstanding Balances as of September 30, 2022 Well-diversified $28 billion loan portfolio ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 9/30/2022 1 % of Total Loans 9/30/2022 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Manufacturing & Wholesale Trade 2,119$ 7.6% Multi-Family 2,296$ 8.3% Utilities 2,108 7.6% Industrial 1,557 5.6% Real Estate (includes REITs) 1,821 6.5% Office/Mixed 1,319 4.7% Mortgage Warehouse 837 3.0% Retail 707 2.5% Finance & Insurance 552 2.0% Single Family Construction 475 1.7% Construction 452 1.6% Hotel/Motel 234 0.8% Retail Trade 444 1.6% Land 72 0.3% Health Care and Social Assistance 422 1.5% Mobile Home Parks 53 0.2% Rental and Leasing Services 310 1.1% Parking Lots and Garages 13 0.0% Transportation and Warehousing 289 1.0% Other 174 0.6% Professional, Scientific, and Tech. Serv. 252 0.9% Total CRE 6,899$ 24.8% Waste Management 157 0.6% Information 95 0.3% Consumer Accommodation and Food Services 90 0.3% Residential Mortgage 8,315$ 29.9% Arts, Entertainment, and Recreation 85 0.3% Auto Finance 1,117 4.0% Financial Investments & Related Activities 82 0.3% Home Equity 613 2.2% Management of Companies & Enterprises 77 0.3% Credit Cards 124 0.4% Mining 37 0.1% Student Loans 85 0.3% Educational Services 30 0.1% Other Consumer 93 0.3% Public Administration 28 0.1% Total Consumer 10,346$ 37.2% Agriculture, Forestry, Fishing and Hunting 1 0.0% Other 283 1.0% Total C&BL 10,572$ 38.0% Total Loans 27,817$ 100.0%

20 Wisconsin 28% Illinois 23% Minnesota 10% Other Midwest 14% Texas 4% Other 22% Manufacturing & Wholesale Trade 20% Real Estate 17% Power & Utilities 20% Mortgage Warehouse 8% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 38% Natural Gas 34% Solar 19% Transmission, Control and Distribution 3% Geothermal 3% Other 3% Wisconsin 24% Illinois 14% Minnesota 7% Texas 5% Other Midwest 11% Other 38% Wisconsin 23% Illinois 14% Minnesota 10% Other Midwest2 23% Texas 7% Other 22% 2 2 Loan Stratification Outstanding Balances as of September 30, 2022 C&BL by Geography $10.6 billion Power & Utilities Lending $2.1 billion C&BL by Industry $10.6 billion Total Loans1 CRE by Geography $6.9 billion Multi-Family 33% Retail 10% Office / Mixed Use 19% Industrial 23% 1-4 Family Construction 7% Hotel / Motel 3% Other 5% CRE by Property Type $6.9 billion

21 Reconciliation and Definitions of Non-GAAP Items ($ in millions) 1 Management believes this measure is meaningful because it reflects adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods. 2 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. 3 These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. Pre-tax Pre-Provision Income Reconciliation1 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Income (loss) before income taxes $112 $92 $93 $110 $122 Provision for credit losses (24) (6) (4) - $17 Pre-tax pre-provision income $88 $86 $89 $110 $139 Average Tangible Common Equity Reconciliation2 3Q 2022 Common equity $3,791 Goodwill and other intangible assets, net (1,158) Tangible common equity $2,634 Selected Trend Information3 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Wealth management fees $22 $23 $22 $21 $20 Service charges and deposit account fees 17 17 17 17 15 Card-based fees 11 11 10 11 11 Other fee-based revenue 4 4 4 4 4 Fee-based revenue 54 55 53 54 51 Other 28 26 22 22 20 Total noninterest income $82 $82 $74 $75 $71

22 Reconciliation and Definitions of Non-GAAP Items ($ in millions) 1 This is a non-GAAP financial measure. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods. 2 The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. Tangible Common Equity and Tangible Assets Reconciliation2 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Common equity $3,802 $3,832 $3,755 $3,766 $3,760 Goodwill and other intangible assets, net (1,165) (1,163) (1,161) (1,159) (1,156) Tangible common equity $2,636 $2,669 $2,594 $2,608 $2,603 Total assets $34,440 $35,104 $34,956 $37,236 $38,050 Goodwill and other intangible assets, net (1,165) (1,163) (1,161) (1,159) (1,156) Tangible assets $33,274 $33,941 $33,795 $36,077 $36,893 Efficiency Ratio Reconciliation 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Federal Reserve efficiency ratio 65.43% 67.36% 65.71% 61.53% 60.32% Fully tax-equivalent adjustment (1.01)% (1.10)% (1.13)% (0.98)% (0.87)% Other intangible amortization (0.83)% (0.82)% (0.84)% (0.76)% (0.67)% Fully tax-equivalent efficiency ratio1 63.61% 65.46% 63.76% 59.80% 58.79% 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.

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Cover Page Cover Page	Oct. 20, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 20, 2022
Entity Registrant Name	Associated Banc-Corp
Entity Incorporation, State or Country Code	WI
Entity File Number	001-31343
Entity Tax Identification Number	39-1098068
Entity Address, Address Line One	433 Main Street
Entity Address, City or Town	Green Bay
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54301
City Area Code	920
Local Phone Number	491-7500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000007789
Amendment Flag	false
NEW YORK STOCK EXCHANGE, INC.
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	ASB
Security Exchange Name	NYSE
Series E Preferred Stock | NEW YORK STOCK EXCHANGE, INC.
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E
Trading Symbol	ASB PrE
Security Exchange Name	NYSE
Series F Preferred Stock [Member] | NEW YORK STOCK EXCHANGE, INC.
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F
Trading Symbol	ASB PrF
Security Exchange Name	NYSE