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.

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