Exhibit 99.1

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

Associated Banc-Corp Reports First Quarter 2023 Net Income Available to Common Equity of $100 Million, or $0.66 per Common Share

Results driven by continued execution against the Company's people-led, digitally enabled plan

GREEN BAY, Wis. -- April 20, 2023 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $100 million, or $0.66 per common share, for the quarter ended March 31, 2023. These amounts compare to earnings of $106 million, or $0.70 per common share, for the quarter ended December 31, 2022 and earnings of $71 million, or $0.47 per common share, for the quarter ended March 31, 2022.

"Our first quarter results were fueled by the strength and stability of our core markets and our ongoing efforts to deepen relationships and deliver solutions for our customers,” said President and CEO Andy Harmening. "Here in the Midwest, unemployment remains low and economic activity remains healthy. These factors have enabled us to maintain momentum with the execution of our strategic plan. During the quarter, we once again grew both loans and deposits and drove positive operating leverage while maintaining our conservative approach to risk management. Taken together, these factors helped us deliver a return on average tangible common equity1 above 15%."

“While several banks in other parts of the country have experienced volatility in recent weeks, our customer deposit flows were stable during the quarter,” Harmening continued. “We attribute this stability to the quality of our franchise and the resilience of the Upper Midwest markets we serve. Over our Company’s 162-year history, we’ve established deep roots in over 100 communities, and we’ve grown a granular deposit base that includes consumers, high net worth individuals, small businesses and large businesses. Our strategic plan is designed to build upon this granularity over time, and we feel well-positioned to help our customers and communities become financially stronger in 2023 and beyond.”

First Quarter 2023 Highlights (all comparisons to the fourth quarter of 2022)

•Total period end commercial loans increased $175 million to $18.2 billion

•Total period end consumer loans increased $233 million to $11.0 billion

•Total period end deposits increased $696 million to $30.3 billion

•Quarterly net interest margin decreased 24 basis points to 3.07%

•Noninterest income increased slightly to $62 million

•Noninterest expense decreased $9 million to $187 million

•Provision for credit losses on loans was $18 million, compared to a provision of $20 million in the prior quarter

•Net income available to common equity decreased $5 million to $100 million

1 This is a non-GAAP financial measure. Please see page 8 of the attached financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans

First quarter 2023 average total loans of $28.8 billion were up 2%, or $650 million, from the prior quarter and were up 20%, or $4.7 billion, from the same period last year. With respect to first quarter 2023 average balances by loan category:

•Commercial and business lending increased $86 million from the prior quarter and increased $1.6 billion compared to the same period last year to $10.6 billion.

•Commercial real estate lending increased $189 million from the prior quarter and increased $1.1 billion from the same period last year to $7.3 billion.

•Consumer lending increased $376 million from the prior quarter and increased $2.1 billion from the same period last year to $11.0 billion.

First quarter 2023 period-end total loans of $29.2 billion were up 1%, or $408 million, from the prior quarter and were up 19%, or $4.7 billion, from the same period last year. With respect to first quarter 2023 period-end balances by loan category:

•Commercial and business lending increased $169 million from the prior quarter and increased $1.6 billion from the same period last year to $10.9 billion.

•Commercial real estate lending increased $6 million from the prior quarter and increased $1.0 billion from the same period last year to $7.2 billion.

•Consumer lending increased $233 million from the prior quarter and increased $2.1 billion from the same period last year to $11.0 billion.

In 2023, we now expect to drive full-year total loan growth of 6% to 8%.

Deposits

First quarter 2023 average deposits of $29.9 billion were up 2%, or $538 million, from the prior quarter and were up 4%, or $1.2 billion, from the same period last year. With respect to first quarter 2023 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $748 million from the prior quarter and decreased $976 million from the same period last year to $7.3 billion.

•Savings increased $4 million from the prior quarter and increased $135 million from the same period last year to $4.7 billion.

•Interest-bearing demand deposits decreased $17 million from the prior quarter and increased $92 million from the same period last year to $6.8 billion.

•Money market deposits increased $154 million from the prior quarter and increased $505 million from the same period last year to $7.5 billion.

•Total time deposits increased $899 million from the prior quarter and increased $1.0 billion from the same period last year to $2.4 billion.

•Network transaction deposits increased $246 million from the prior quarter and increased $412 million from the same period last year to $1.1 billion.

First quarter 2023 period-end deposits of $30.3 billion were up 2%, or $696 million, from the prior quarter and were up 7%, or $1.9 billion, from the same period last year. With respect to first quarter 2023 period-end balances by deposit category:

•Noninterest-bearing demand deposits decreased $432 million from the prior quarter and decreased $987 million from the same period last year to $7.3 billion.

•Savings increased $126 million from the prior quarter and increased $69 million from the same period last year to $4.7 billion.

•Interest-bearing demand deposits decreased $124 million from the prior quarter and increased $360 million from the same period last year to $7.0 billion.

•Money market deposits increased $118 million from the prior quarter and increased $835 million from the same period last year to $8.4 billion.

•Total time deposits increased $1.0 billion from the prior quarter and increased $1.6 billion from the same period last year to $2.9 billion.

•Network transaction deposits (included in money market and interest-bearing deposits) increased $294 million from the prior quarter and increased $511 million from the same period last year to $1.3 billion.

We now expect to drive total average core customer deposit growth of 1% to 3% in 2023.

Net Interest Income and Net Interest Margin

First quarter 2023 net interest income of $274 million decreased $15 million, or 5%, from the prior quarter and increased $86 million, or 46%, from the same period last year. The net interest margin decreased to 3.07%, reflecting a 24 basis point decrease from the prior quarter and a 65 basis point increase from the same period last year.

•The average yield on total loans for the first quarter of 2023 increased 56 basis points from the prior quarter and increased 268 basis points from the same period last year to 5.49%.

•The average cost of total interest-bearing liabilities for the first quarter of 2023 increased 90 basis points from the prior quarter and increased 222 basis points from the same period last year to 2.48%.

•The net free funds benefit for the first quarter of 2023 increased 18 basis points from the prior quarter and increased 53 basis points compared to the same period last year to 0.61%.

We now expect total net interest income growth of 13% to 15% in 2023.

Noninterest Income

First quarter 2023 total noninterest income of $62 million increased 1% from the prior quarter and decreased $12 million, or 17%, from the same period last year. With respect to first quarter 2023 noninterest income line items:

•Mortgage banking, net was $4 million for the first quarter, up $1 million from the prior quarter and down $5 million from the same period last year.

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

•Other fee-based revenue increased $1 million from the prior quarter and increased $1 million from the same period last year.

•Capital markets, net decreased $1 million from the prior quarter and decreased $4 million from the same period last year.

We now expect total noninterest income to compress by 8% to 10% in 2023.

Noninterest Expense

First quarter 2023 total noninterest expense of $187 million decreased $9 million, or 5%, from the prior quarter and increased $14 million, or 8%, from the same period last year as we continued to invest in people and technology. With respect to first quarter 2023 noninterest expense line items:

•Personnel expense decreased $2 million from the prior quarter and increased $12 million from the same period last year.

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

•Business development and advertising expense decreased $2 million from the prior quarter and increased $1 million from the same period last year.

We now expect total noninterest expense to grow by approximately 4% in 2023.

Taxes

The first quarter 2023 tax expense was $27 million compared to $25 million of tax expense in the prior quarter and $19 million of tax expense in the same period last year. The effective tax rate for first quarter 2023 was 20.9% compared to an effective tax rate of 18.9% in the prior quarter and an effective tax rate of 20.1% in the same period last year.

We continue to expect the 2023 effective tax rate to be between 20% and 21%, assuming no change in the statutory corporate tax rate.

Credit

The first quarter 2023 provision for credit losses on loans was $18 million, compared to a provision of $20 million in the prior quarter and a negative provision of $4 million in the same period last year. Provision build in the first quarter was primarily driven by loan growth related to our strategic initiatives. With respect to first quarter 2023 credit quality:

•Nonaccrual loans of $118 million were up $6 million from the prior quarter and down $26 million from the same period last year. The nonaccrual loans to total loans ratio was 0.40% in the first quarter, up from 0.39% in the prior quarter and down from 0.58% in the same period last year.

•First quarter 2023 net charge offs of $3 million were up compared to net charge offs of $1 million in the prior quarter and were up compared to a net recovery of $2 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $366 million was up $15 million compared to the prior quarter and up $48 million compared to the same period last year. The ACLL to total loans ratio was 1.25% in the first quarter, up from 1.22% in the prior quarter and down from 1.30% in the same period last year.

In 2023, we expect to adjust provision 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 9.45%at March 31, 2023. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

FIRST QUARTER 2023 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 20, 2023. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp first quarter 2023 earnings call. The first quarter 2023 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 $41 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)	March 31, 2023		December 31, 2022		Seql Qtr $ Change		September 30, 2022		June 30, 2022		March 31, 2022		Comp Qtr $ Change
Assets
Cash and due from banks	$	311,269	$	436,952	$	(125,683)	$	386,231	$	397,364	$	334,138	$	(22,869)
Interest-bearing deposits in other financial institutions	511,116		156,693		354,423		112,173		436,887		166,929		344,187
Federal funds sold and securities purchased under agreements to resell	455		27,810		(27,355)		4,015		32,820		—		455
Investment securities available for sale, at fair value	3,381,607		2,742,025		639,582		2,487,312		2,677,511		2,780,803		600,804
Investment securities held to maturity, net, at amortized cost	3,967,058		3,960,398		6,660		3,951,491		3,945,206		3,939,855		27,203
Equity securities	30,514		25,216		5,298		24,879		19,039		18,560		11,954
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	331,420		295,496		35,924		279,334		237,616		168,281		163,139
Residential loans held for sale	35,742		20,383		15,359		51,134		42,676		91,582		(55,840)
Commercial loans held for sale	33,490		—		33,490		—		44,721		—		33,490
Loans	29,207,072		28,799,569		407,503		27,817,280		26,494,698		24,531,926		4,675,146
Allowance for loan losses	(326,432)		(312,720)		(13,712)		(292,904)		(280,771)		(279,058)		(47,374)
Loans, net	28,880,640		28,486,849		393,791		27,524,376		26,213,927		24,252,867		4,627,773
Tax credit and other investments	269,269		276,773		(7,504)		275,247		275,165		284,561		(15,292)
Premises and equipment, net	375,540		376,906		(1,366)		379,462		387,633		387,550		(12,010)
Bank and corporate owned life insurance	677,328		676,530		798		677,129		675,347		679,538		(2,210)
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	47,079		49,282		(2,203)		51,485		53,687		55,890		(8,811)
Mortgage servicing rights, net	74,479		77,351		(2,872)		78,352		76,570		67,015		7,464
Interest receivable	152,404		144,449		7,955		115,782		95,426		83,120		69,284
Other assets	518,115		547,621		(29,506)		546,214		519,403		540,218		(22,103)
Total assets	$	40,702,519	$	39,405,727	$	1,296,792	$	38,049,607	$	37,235,990	$	34,955,900	$	5,746,619
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	7,328,689	$	7,760,811	$	(432,122)	$	8,224,579	$	8,085,702	$	8,315,699	$	(987,010)
Interest-bearing deposits	23,003,134		21,875,343		1,127,791		20,974,003		20,490,874		20,089,710		2,913,424
Total deposits	30,331,824		29,636,154		695,670		29,198,581		28,576,577		28,405,409		1,926,415
Federal funds purchased and securities sold under agreements to repurchase	208,398		585,139		(376,741)		276,674		682,839		368,768		(160,370)
Commercial paper	18,210		20,798		(2,588)		7,687		22,781		30,593		(12,383)
FHLB advances	4,986,138		4,319,861		666,277		3,777,478		3,258,039		1,537,948		3,448,190
Other long-term funding	544,103		248,071		296,032		249,484		249,820		249,797		294,306
Allowance for unfunded commitments	39,776		38,776		1,000		39,776		36,776		38,776		1,000
Accrued expenses and other liabilities	448,407		541,438		(93,031)		545,976		449,776		376,322		72,085
Total liabilities	36,576,856		35,390,237		1,186,619		34,095,656		33,276,608		31,007,613		5,569,243
Stockholders’ equity
Preferred equity	194,112		194,112		—		194,112		193,195		193,195		917
Common equity	3,931,551		3,821,378		110,173		3,759,840		3,766,187		3,755,092		176,459
Total stockholders’ equity	4,125,663		4,015,490		110,173		3,953,952		3,959,382		3,948,287		177,376
Total liabilities and stockholders’ equity	$	40,702,519	$	39,405,727	$	1,296,792	$	38,049,607	$	37,235,990	$	34,955,900	$	5,746,619

Numbers may not sum due to rounding.

1

Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)					Seql Qtr										Comp Qtr
	1Q23		4Q22		$ Change		% Change		3Q22		2Q22		1Q22		$ Change		% Change
Interest income
Interest and fees on loans	$	391,320	$	349,403	$	41,917	12	%	$	275,666	$	199,876	$	167,697	$	223,623	133	%
Interest and dividends on investment securities
Taxable	30,142		21,435		8,707		41	%	19,221		18,317		16,472		13,670		83	%
Tax-exempt	16,025		16,666		(641)		(4)	%	16,538		16,379		16,108		(83)		(1)	%
Other interest	5,329		3,779		1,550		41	%	3,284		2,420		1,993		3,336		167	%
Total interest income	442,817		391,283		51,534		13	%	314,708		236,991		202,270		240,547		119	%
Interest expense
Interest on deposits	109,422		60,719		48,703		80	%	26,000		8,019		3,571		105,851		N/M
Interest on federal funds purchased and securities sold under agreements to repurchase	3,143		2,280		863		38	%	756		406		38		3,105		N/M
Interest on other short-term funding	—		—		—		N/M		1		1		1		(1)		(100)	%
Interest on FHLB advances	49,960		36,824		13,136		36	%	20,792		9,689		8,182		41,778		N/M
Interest on long-term funding	6,281		2,470		3,811		154	%	2,722		2,730		2,730		3,551		130	%
Total interest expense	168,807		102,294		66,513		65	%	50,270		20,845		14,522		154,285		N/M
Net interest income	274,010		288,989		(14,979)		(5)	%	264,439		216,146		187,747		86,263		46	%
Provision for credit losses	17,971		19,992		(2,021)		(10)	%	16,998		(2)		(3,990)		21,961		N/M
Net interest income after provision for credit losses	256,039		268,997		(12,958)		(5)	%	247,440		216,148		191,737		64,302		34	%
Noninterest income
Wealth management fees	20,189		20,403		(214)		(1)	%	19,984		21,332		22,404		(2,215)		(10)	%
Service charges and deposit account fees	12,994		13,918		(924)		(7)	%	15,029		16,506		16,856		(3,862)		(23)	%
Card-based fees	10,586		11,167		(581)		(5)	%	11,479		11,442		9,926		660		7	%
Other fee-based revenue	4,276		3,290		986		30	%	4,487		4,360		3,766		510		14	%
Capital markets, net	5,083		5,586		(503)		(9)	%	7,675		8,010		8,646		(3,563)		(41)	%
Mortgage banking, net	3,545		2,238		1,307		58	%	2,098		6,145		8,391		(4,846)		(58)	%
Bank and corporate owned life insurance	2,664		3,427		(763)		(22)	%	1,827		4,106		2,071		593		29	%
Asset gains (losses), net	263		(545)		808		N/M		18		1,677		188		75		40	%
Investment securities gains (losses), net	51		(1,930)		1,981		N/M		5,664		(8)		21		30		143	%
Other	2,422		4,102		(1,680)		(41)	%	2,527		1,888		2,198		224		10	%
Total noninterest income	62,073		61,657		416		1	%	70,788		75,458		74,467		(12,394)		(17)	%
Noninterest expense
Personnel	116,420		118,381		(1,961)		(2)	%	118,243		112,666		104,811		11,609		11	%
Technology	23,598		25,299		(1,701)		(7)	%	22,694		21,223		21,485		2,113		10	%
Occupancy	15,063		15,846		(783)		(5)	%	13,717		14,151		16,080		(1,017)		(6)	%
Business development and advertising	5,849		8,136		(2,287)		(28)	%	6,778		5,655		4,954		895		18	%
Equipment	4,930		4,791		139		3	%	4,921		4,960		4,960		(30)		(1)	%
Legal and professional	3,857		4,132		(275)		(7)	%	4,159		4,873		5,087		(1,230)		(24)	%
Loan and foreclosure costs	1,138		804		334		42	%	1,631		1,476		2,014		(876)		(43)	%
FDIC assessment	6,875		6,350		525		8	%	5,800		5,400		5,100		1,775		35	%
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,203		—		—	%
Other	7,479		10,618		(3,139)		(30)	%	15,645		8,815		6,597		882		13	%
Total noninterest expense	187,412		196,560		(9,148)		(5)	%	195,791		181,420		173,292		14,120		8	%
Income before income taxes	130,700		134,094		(3,394)		(3)	%	122,438		110,187		92,912		37,788		41	%
Income tax expense	27,340		25,332		2,008		8	%	26,163		23,363		18,650		8,690		47	%
Net income	103,360		108,762		(5,402)		(5)	%	96,275		86,824		74,262		29,098		39	%
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		2,875		—		—	%
Net income available to common equity	$	100,485	$	105,887	$	(5,402)	(5)	%	$	93,400	$	83,949	$	71,387	$	29,098	41	%
Earnings per common share
Basic	$	0.67	$	0.70	$	(0.03)	(4)	%	$	0.62	$	0.56	$	0.48	$	0.19	40	%
Diluted	$	0.66	$	0.70	$	(0.04)	(6)	%	$	0.62	$	0.56	$	0.47	$	0.19	40	%
Average common shares outstanding
Basic	149,763		149,454		309		—	%	149,321		149,083		148,781		982		1	%
Diluted	151,128		150,886		242		—	%	150,262		150,203		150,492		636		—	%

N/M = Not meaningful

Numbers may not sum due to rounding.

2

Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)	1Q23			4Q22			3Q22			2Q22			1Q22
Per common share data
Dividends	$	0.21		$	0.21		$	0.20		$	0.20		$	0.20
Market value:
High	24.18			25.13			21.87			22.48			25.71
Low	17.66			20.54			17.63			18.01			22.41
Close	17.98			23.09			20.08			18.26			22.76
Book value / share	26.06			25.40			25.01			25.09			25.03
Tangible book value / share	18.42			17.73			17.32			17.37			17.29
Performance ratios (annualized)
Return on average assets	1.06		%	1.12		%	1.02		%	0.97		%	0.86		%
Noninterest expense / average assets	1.92		%	2.03		%	2.08		%	2.04		%	2.00		%
Effective tax rate	20.92		%	18.89		%	21.37		%	21.20		%	20.07		%
Dividend payout ratio(a)	31.34		%	30.00		%	32.26		%	35.71		%	41.67		%
Net interest margin	3.07		%	3.31		%	3.13		%	2.71		%	2.42		%
Selected trend information
Average full time equivalent employees(b)	4,219			4,169			4,182			4,101			4,018
Branch count	202			202			215			215			215
Assets under management, at market value(c)	$	12,412		$	11,843		$	11,142		$	11,561		$	12,937
Mortgage loans originated for sale during period	$	69		$	64		$	132		$	152		$	252
Mortgage loan settlements during period	$	55		$	95		$	120		$	204		$	296
Mortgage portfolio serviced for others	$	6,612		$	6,712		$	6,800		$	6,910		$	6,972
Mortgage servicing rights, net / mortgage portfolio serviced for others	1.13		%	1.15		%	1.15		%	1.11		%	0.96		%
Shares outstanding, end of period	150,886			150,444			150,328			150,126			150,038
Selected quarterly ratios
Loans / deposits	96.29		%	97.18		%	95.27		%	92.71		%	86.36		%
Stockholders’ equity / assets	10.14		%	10.19		%	10.39		%	10.63		%	11.30		%
Risk-based capital(d)(e)
Total risk-weighted assets	$	32,648		$	32,472		$	31,406		$	29,864		$	27,781
Common equity Tier 1	$	3,086		$	3,036		$	2,956		$	2,897		$	2,838
Common equity Tier 1 capital ratio	9.45		%	9.35		%	9.41		%	9.70		%	10.22		%
Tier 1 capital ratio	10.05		%	9.95		%	10.03		%	10.35		%	10.91		%
Total capital ratio	12.22		%	11.33		%	11.41		%	11.74		%	12.41		%
Tier 1 leverage ratio	8.46		%	8.59		%	8.66		%	8.87		%	8.86		%

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)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.

(e)March 31, 2023 data is estimated.

3

Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Mar 31, 2023			Dec 31, 2022			Seql Qtr % Change		Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	312,720		$	292,904		7	%	$	280,771		$	279,058		$	280,015		12	%
Provision for loan losses	17,000			21,000			(19)	%	14,000			2,000			(3,000)			N/M
Charge offs	(5,501)			(2,982)			84	%	(3,346)			(1,791)			(2,028)			171	%
Recoveries	2,212			1,798			23	%	1,478			1,504			4,072			(46)	%
Net (charge offs) recoveries	(3,289)			(1,183)			178	%	(1,867)			(287)			2,044			N/M
Balance at end of period	$	326,432		$	312,720		4	%	$	292,904		$	280,771		$	279,058		17	%
Allowance for unfunded commitments
Balance at beginning of period	$	38,776		$	39,776		(3)	%	$	36,776		$	38,776		$	39,776		(3)	%
Provision for unfunded commitments	1,000			(1,000)			N/M		3,000			(2,000)			(1,000)			N/M
Balance at end of period	$	39,776		$	38,776		3	%	$	39,776		$	36,776		$	38,776		3	%
Allowance for credit losses on loans (ACLL)	$	366,208		$	351,496		4	%	$	332,680		$	317,547		$	317,835		15	%
Provision for credit losses on loans	$	18,000		$	20,000		(10)	%	$	17,000		$	—		$	(4,000)		N/M
($ in thousands)	Mar 31, 2023			Dec 31, 2022			Seql Qtr % Change		Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Comp Qtr % Change
Net (charge offs) recoveries
Commercial and industrial	(1,759)			278			N/M		(897)			(444)			1,854			N/M
Commercial real estate—owner occupied	3			3			—	%	3			4			3			—	%
Commercial and business lending	(1,756)			281			N/M		(894)			(440)			1,857			N/M
Commercial real estate—investor	—			—			N/M		—			—			—			N/M
Real estate construction	18			16			13	%	9			2			32			(44)	%
Commercial real estate lending	18			16			13	%	9			2			32			(44)	%
Total commercial	(1,738)			297			N/M		(885)			(439)			1,889			N/M
Residential mortgage	(53)			(125)			(58)	%	(42)			220			288			N/M
Auto finance	(957)			(768)			25	%	(165)			(14)			4			N/M
Home equity	340			123			176	%	(101)			461			315			8	%
Other consumer	(881)			(711)			24	%	(675)			(516)			(451)			95	%
Total consumer	(1,550)			(1,480)			5	%	(983)			151			155			N/M
Total net (charge offs) recoveries	$	(3,289)		$	(1,183)		178	%	$	(1,867)		$	(287)		$	2,044		N/M
(In basis points)	Mar 31, 2023			Dec 31, 2022					Sep 30, 2022			Jun 30, 2022			Mar 31, 2022
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial	(8)			1					(4)			(2)			10
Commercial real estate—owner occupied	—			—					—			—			—
Commercial and business lending	(7)			1					(3)			(2)			8
Commercial real estate—investor	—			—					—			—			—
Real estate construction	—			—					—			—			1
Commercial real estate lending	—			—					—			—			—
Total commercial	(4)			1					(2)			(1)			5
Residential mortgage	—			(1)					—			1			2
Auto finance	(26)			(24)					(7)			(1)			1
Home equity	22			8					(7)			32			22
Other consumer	(125)			(95)					(89)			(70)			(62)
Total consumer	(6)			(6)					(4)			1			1
Total net (charge offs) recoveries	(5)			(2)					(3)			—			3
($ in thousands)	Mar 31, 2023			Dec 31, 2022			Seql Qtr % Change		Sep 30, 2022			Jun 30, 2022			Mar 31, 2022			Comp Qtr % Change
Credit Quality
Nonaccrual loans	$	117,569		$	111,467		5	%	$	116,406		$	108,345		$	143,221		(18)	%
Other real estate owned (OREO)	15,184			14,784			3	%	16,373			17,879			18,194			(17)	%
Repossessed Assets	$	92		$	215		(57)	%	$	299		$	102		$	—		N/M
Total nonperforming assets	$	132,845		$	126,466		5	%	$	133,078		$	126,327		$	161,414		(18)	%
Loans 90 or more days past due and still accruing	$	1,703		$	1,728		(1)	%	$	1,417		$	1,555		$	1,595		7	%
Allowance for credit losses on loans to total loans	1.25		%	1.22		%			1.20		%	1.20		%	1.30		%
Allowance for credit losses on loans to nonaccrual loans	311.48		%	315.34		%			285.79		%	293.09		%	221.92		%
Nonaccrual loans to total loans	0.40		%	0.39		%			0.42		%	0.41		%	0.58		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.45		%	0.44		%			0.48		%	0.48		%	0.66		%
Nonperforming assets to total assets	0.33		%	0.32		%			0.35		%	0.34		%	0.46		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans	0.05		%	—		%			—		%	(0.01)		%	(0.03)		%

N/M = Not meaningful

4

Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Mar 31, 2023		Dec 31, 2022		Seql Qtr % Change		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	22,735	$	14,329	59	%	$	15,576	$	843	$	266	N/M
Commercial real estate—owner occupied	1,478		—		N/M		—		—		—		N/M
Commercial and business lending	24,213		14,329		69	%	15,576		843		266		N/M
Commercial real estate—investor	25,122		29,380		(14)	%	37,479		46,823		80,886		(69)	%
Real estate construction	178		105		70	%	141		604		609		(71)	%
Commercial real estate lending	25,300		29,485		(14)	%	37,620		47,427		81,495		(69)	%
Total commercial	49,513		43,814		13	%	53,196		48,270		81,761		(39)	%
Residential mortgage	58,274		58,480		—	%	55,485		52,840		53,827		8	%
Auto finance	2,436		1,490		63	%	302		53		49		N/M
Home equity	7,246		7,487		(3)	%	7,325		7,100		7,490		(3)	%
Other consumer	100		197		(49)	%	98		83		95		5	%
Total consumer	68,056		67,654		1	%	63,210		60,075		61,460		11	%
Total nonaccrual loans	$	117,569	$	111,467	5	%	$	116,406	$	108,345	$	143,221	(18)	%
	Mar 31, 2023		Dec 31, 2022				Sep 30, 2022		Jun 30, 2022		Mar 31, 2022
Restructured loans (accruing)(a)
Commercial and industrial	$	47	$	12,453			$	14,829	$	13,882	$	7,426
Commercial real estate—owner occupied	—		316				369		421		473
Commercial and business lending	47		12,769				15,198		14,303		7,899
Commercial real estate—investor	—		128				733		943		2,045
Real estate construction	—		195				165		179		183
Commercial real estate lending	—		324				898		1,122		2,228
Total commercial	47		13,093				16,097		15,425		10,127
Residential mortgage	126		16,829				16,169		15,829		16,644
Auto	61		—				—		—		—
Home equity	31		2,148				2,103		2,246		2,486
Other consumer	498		798				764		753		747
Total consumer	716		19,775				19,036		18,828		19,876
Total restructured loans (accruing)	$	763	$	32,868			$	35,132	$	34,253	$	30,003
Nonaccrual restructured loans (included in nonaccrual loans)	$	341	$	20,127			$	21,650	$	22,172	$	19,352
	Mar 31, 2023		Dec 31, 2022		Seql Qtr % Change		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Comp Qtr % Change
Accruing Loans 30-89 Days Past Due
Commercial and industrial	$	4,239	$	6,283	(33)	%	$	1,861	$	1,642	$	1,086	N/M
Commercial real estate—owner occupied	2,955		230		N/M		—		—		198		N/M
Commercial and business lending	7,195		6,512		10	%	1,861		1,642		1,284		N/M
Commercial real estate—investor	—		1,067		(100)	%	—		5,484		—		N/M
Real estate construction	—		39		(100)	%	43		—		—		N/M
Commercial real estate lending	—		1,105		(100)	%	43		5,484		—		N/M
Total commercial	7,195		7,618		(6)	%	1,904		7,126		1,284		N/M
Residential mortgage	7,626		9,874		(23)	%	6,517		5,315		4,957		54	%
Auto finance	8,640		9,408		(8)	%	6,206		2,906		949		N/M
Home equity	4,113		5,607		(27)	%	4,234		2,961		4,207		(2)	%
Other consumer	1,723		1,610		7	%	1,592		1,365		1,232		40	%
Total consumer	22,102		26,499		(17)	%	18,549		12,547		11,345		95	%
Total accruing loans 30-89 days past due	$	29,297	$	34,117	(14)	%	$	20,452	$	19,673	$	12,629	132	%
	Mar 31, 2023		Dec 31, 2022		Seql Qtr % Change		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Comp Qtr % Change
Potential Problem Loans
Asset-based lending & equipment finance	$	17,396	$	17,698	(2)	%	$	19,266	$	19,813	$	19,057	(9)	%
Commercial and industrial	117,650		118,851		(1)	%	89,290		84,832		93,450		26	%
Commercial real estate—owner occupied	32,077		34,422		(7)	%	28,287		38,628		24,005		34	%
Commercial and business lending	167,124		170,971		(2)	%	136,843		143,273		136,513		22	%
Commercial real estate—investor	89,653		92,535		(3)	%	117,982		132,635		130,792		(31)	%
Real estate construction	—		970		(100)	%	—		82		200		(100)	%
Commercial real estate lending	89,653		93,505		(4)	%	117,982		132,717		130,992		(32)	%
Total commercial	256,776		264,476		(3)	%	254,825		275,990		267,505		(4)	%
Residential mortgage	1,684		1,978		(15)	%	2,845		3,297		3,032		(44)	%
Home equity	244		197		24	%	185		188		156		56	%
Total consumer	1,928		2,175		(11)	%	3,030		3,486		3,188		(40)	%
Total potential problem loans	$	258,704	$	266,651	(3)	%	$	257,855	$	279,475	$	270,693	(4)	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) On January 1, 2023, the Corporation adopted ASU 2022-02. Under this update, troubled debt restructurings were eliminated and replaced with a modified loan classification. As a result, amounts reported for March 31, 2023 will not be comparable to prior period reported amounts.

5

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	March 31, 2023						December 31, 2022						March 31, 2022
($ 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)
Asset-based lending (ABL) & equipment finance	$	480,472	$	7,448	6.28	%	$	421,540	$	5,901	5.56	%	$	202,836	$	1,449	2.90	%
Commercial and business lending (excl ABL and equipment finance)	10,135,554		159,726		6.39	%	10,108,444		141,283		5.55	%	8,859,450		54,031		2.47	%
Commercial real estate lending	7,251,193		119,087		6.66	%	7,062,405		105,479		5.93	%	6,177,062		43,886		2.88	%
Total commercial	17,867,219		286,262		6.50	%	17,592,389		252,663		5.70	%	15,239,348		99,366		2.64	%
Residential mortgage	8,584,528		70,711		3.30	%	8,443,661		68,069		3.22	%	7,671,329		55,403		2.89	%
Auto finance	1,490,115		16,458		4.48	%	1,244,436		12,911		4.12	%	305,202		2,649		3.52	%
Other retail	903,956		18,494		8.23	%	914,848		16,366		7.13	%	881,859		10,662		4.87	%
Total loans	28,845,818		391,925		5.49	%	28,195,334		350,009		4.93	%	24,097,738		168,081		2.81	%
Investment securities
Taxable	4,912,416		30,142		2.45	%	4,336,132		21,435		1.98	%	4,350,109		16,472		1.52	%
Tax-exempt(a)	2,329,519		20,192		3.47	%	2,428,751		21,000		3.46	%	2,384,601		20,296		3.40	%
Other short-term investments	493,061		5,329		4.37	%	408,091		3,779		3.68	%	1,154,939		1,993		0.70	%
Investments and other	7,734,996		55,664		2.88	%	7,172,975		46,213		2.57	%	7,889,649		38,761		1.96	%
Total earning assets	36,580,814		$	447,589	4.94	%	35,368,309		$	396,222	4.46	%	31,987,386		$	206,842	2.60	%
Other assets, net	3,026,251						3,017,127						3,212,796
Total assets	$	39,607,065					$	38,385,436					$	35,200,182
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,664,624	$	9,859	0.86	%	$	4,660,696	$	3,607	0.31	%	$	4,529,991	$	380	0.03	%
Interest-bearing demand	6,814,487		29,918		1.78	%	6,831,213		20,861		1.21	%	6,722,038		1,025		0.06	%
Money market	7,536,393		41,637		2.24	%	7,382,793		23,728		1.28	%	7,030,945		965		0.06	%
Network transaction deposits	1,147,089		12,825		4.53	%	901,168		8,261		3.64	%	734,895		265		0.15	%
Time deposits	2,362,260		15,182		2.61	%	1,463,204		4,262		1.16	%	1,313,101		937		0.29	%
Total interest-bearing deposits	22,524,853		109,422		1.97	%	21,239,073		60,719		1.13	%	20,330,970		3,571		0.07	%
Federal funds purchased and securities sold under agreements to repurchase	429,780		3,143		2.97	%	424,352		2,280		2.13	%	293,915		38		0.05	%
Commercial paper	17,339		—		0.01	%	12,927		—		0.01	%	27,963		1		0.01	%
FHLB advances	4,254,532		49,960		4.76	%	3,790,101		36,824		3.85	%	1,610,983		8,182		2.06	%
Long-term funding	408,175		6,281		6.16	%	248,645		2,470		3.97	%	249,632		2,730		4.38	%
Total short and long-term funding	5,109,826		59,384		4.71	%	4,476,025		41,575		3.69	%	2,182,492		10,951		2.03	%
Total interest-bearing liabilities	27,634,679		$	168,807	2.48	%	25,715,098		$	102,294	1.58	%	22,513,462		$	14,522	0.26	%
Noninterest-bearing demand deposits	7,340,219						8,088,435						8,316,399
Other liabilities	570,166						590,223						383,528
Stockholders’ equity	4,062,001						3,991,679						3,986,792
Total liabilities and stockholders’ equity	$	39,607,065					$	38,385,436					$	35,200,182
Interest rate spread					2.46	%					2.88	%					2.34	%
Net free funds					0.61	%					0.43	%					0.08	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	278,782	3.07	%			$	293,929	3.31	%			$	192,320	2.42	%
Fully tax-equivalent adjustment			4,772						4,939						4,573
Net interest income			$	274,010					$	288,989					$	187,747

Numbers may not sum due to rounding.

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

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

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

6

Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition	Mar 31, 2023		Dec 31, 2022		Seql Qtr % Change		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Comp Qtr % Change
Asset-based lending & equipment finance	$	522,834	$	458,887	14	%	$	380,830	$	263,044	$	231,040	126	%
Commercial and industrial	9,346,947		9,300,567		—	%	9,191,094		8,993,640		8,120,375		15	%
Commercial real estate—owner occupied	1,050,236		991,722		6	%	999,786		928,152		973,572		8	%
Commercial and business lending	10,920,017		10,751,176		2	%	10,571,711		10,184,836		9,324,986		17	%
Commercial real estate—investor	5,094,249		5,080,344		—	%	5,064,289		4,790,241		4,469,241		14	%
Real estate construction	2,147,070		2,155,222		—	%	1,835,159		1,775,648		1,760,076		22	%
Commercial real estate lending	7,241,318		7,235,565		—	%	6,899,449		6,565,889		6,229,317		16	%
Total commercial	18,161,335		17,986,742		1	%	17,471,159		16,750,726		15,554,303		17	%
Residential mortgage	8,605,164		8,511,550		1	%	8,314,902		8,002,943		7,609,343		13	%
Auto finance	1,551,538		1,382,073		12	%	1,117,136		847,969		497,523		N/M
Home equity	609,787		624,353		(2)	%	612,608		592,843		580,867		5	%
Other consumer	279,248		294,851		(5)	%	301,475		300,217		289,889		(4)	%
Total consumer	11,045,737		10,812,828		2	%	10,346,121		9,743,972		8,977,622		23	%
Total loans	$	29,207,072	$	28,799,569	1	%	$	27,817,280	$	26,494,698	$	24,531,926	19	%
Period end deposit and customer funding composition	Mar 31, 2023		Dec 31, 2022		Seql Qtr % Change		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Comp Qtr % Change
Noninterest-bearing demand	$	7,328,689	$	7,760,811	(6)	%	$	8,224,579	$	8,085,702	$	8,315,699	(12)	%
Savings	4,730,472		4,604,848		3	%	4,708,720		4,708,156		4,661,232		1	%
Interest-bearing demand	6,977,121		7,100,727		(2)	%	7,122,218		6,789,722		6,616,767		5	%
Money market	8,357,625		8,239,610		1	%	7,909,232		7,769,415		7,522,797		11	%
Brokered CDs	1,185,565		541,916		119	%	—		2,121		—		N/M
Other time deposits	1,752,351		1,388,242		26	%	1,233,833		1,221,460		1,288,913		36	%
Total deposits	30,331,824		29,636,154		2	%	29,198,581		28,576,577		28,405,409		7	%
Other customer funding(a)	226,258		261,767		(14)	%	283,856		296,440		299,301		(24)	%
Total deposits and other customer funding	$	30,558,081	$	29,897,921	2	%	$	29,482,437	$	28,873,017	$	28,704,710	6	%
Network transaction deposits(b)	$	1,273,420	$	979,003	30	%	$	864,086	$	891,902	$	762,680	67	%
Net deposits and other customer funding(c)	$	28,099,096	$	28,377,001	(1)	%	$	28,618,351	$	27,978,993	$	27,942,029	1	%
Quarter average loan composition	Mar 31, 2023		Dec 31, 2022		Seql Qtr % Change		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Comp Qtr % Change
Asset-based lending & equipment finance	$	480,472	$	421,540	14	%	$	317,857	$	244,369	$	202,836	137	%
Commercial and industrial	9,120,367		9,106,639		—	%	8,904,113		8,407,441		7,885,953		16	%
Commercial real estate—owner occupied	1,015,187		1,001,805		1	%	970,493		952,802		973,496		4	%
Commercial and business lending	10,616,026		10,529,984		1	%	10,192,463		9,604,612		9,062,286		17	%
Commercial real estate—investor	5,093,122		5,048,419		1	%	4,891,530		4,570,300		4,439,051		15	%
Real estate construction	2,158,072		2,013,986		7	%	1,876,524		1,793,095		1,738,011		24	%
Commercial real estate lending	7,251,193		7,062,405		3	%	6,768,054		6,363,395		6,177,062		17	%
Total commercial	17,867,219		17,592,389		2	%	16,960,517		15,968,007		15,239,348		17	%
Residential mortgage	8,584,528		8,443,661		2	%	8,223,531		7,860,220		7,671,329		12	%
Auto finance	1,490,115		1,244,436		20	%	969,918		689,027		305,202		N/M
Home equity	618,724		619,044		—	%	601,821		586,072		588,281		5	%
Other consumer	285,232		295,804		(4)	%	299,917		294,837		293,578		(3)	%
Total consumer	10,978,599		10,602,945		4	%	10,095,186		9,430,156		8,858,390		24	%
Total loans(d)	$	28,845,818	$	28,195,334	2	%	$	27,055,703	$	25,398,163	$	24,097,738	20	%
Quarter average deposit composition	Mar 31, 2023		Dec 31, 2022		Seql Qtr % Change		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Comp Qtr % Change
Noninterest-bearing demand	$	7,340,219	$	8,088,435	(9)	%	$	8,119,475	$	8,133,492	$	8,316,399	(12)	%
Savings	4,664,624		4,660,696		—	%	4,735,285		4,682,783		4,529,991		3	%
Interest-bearing demand	6,814,487		6,831,213		—	%	6,587,404		6,413,077		6,722,038		1	%
Money market	7,536,393		7,382,793		2	%	7,328,165		6,910,505		7,030,945		7	%
Network transaction deposits	1,147,089		901,168		27	%	873,168		775,593		734,895		56	%
Brokered CDs	810,889		190,406		N/M		734		978		—		N/M
Other time deposits	1,551,371		1,272,797		22	%	1,230,126		1,254,314		1,313,101		18	%
Total deposits	29,865,072		29,327,509		2	%	28,874,357		28,170,742		28,647,369		4	%
Other customer funding(a)	245,349		306,122		(20)	%	326,324		315,639		319,982		(23)	%
Total deposits and other customer funding	$	30,110,421	$	29,633,631	2	%	$	29,200,680	$	28,486,381	$	28,967,352	4	%
Net deposits and other customer funding(c)	$	28,152,443	$	28,542,056	(1)	%	$	28,326,779	$	27,709,810	$	28,232,457	—	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes repurchase agreements and commercial paper.

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

(c) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits

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

7

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
($ in millions, except per share data)	1Q23			4Q22			3Q22			2Q22			1Q22
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets	7.03		%	6.97		%	7.06		%	7.23		%	7.68		%
Return on average equity	10.32		%	10.81		%	9.59		%	8.85		%	7.55		%
Return on average tangible common equity	15.26		%	16.15		%	14.32		%	13.29		%	11.26		%
Return on average common equity Tier 1	13.38		%	14.04		%	12.69		%	11.77		%	10.27		%
Return on average tangible assets	1.11		%	1.18		%	1.08		%	1.03		%	0.90		%
Average stockholders' equity / average assets	10.26		%	10.40		%	10.69		%	11.02		%	11.33		%
Tangible common equity reconciliation(a)
Common equity	$	3,932		$	3,821		$	3,760		$	3,766		$	3,755
Goodwill and other intangible assets, net	(1,152)			(1,154)			(1,156)			(1,159)			(1,161)
Tangible common equity	$	2,779		$	2,667		$	2,603		$	2,608		$	2,594
Tangible assets reconciliation(a)
Total assets	$	40,703		$	39,406		$	38,050		$	37,236		$	34,956
Goodwill and other intangible assets, net	(1,152)			(1,154)			(1,156)			(1,159)			(1,161)
Tangible assets	$	39,550		$	38,251		$	36,893		$	36,077		$	33,795
Average tangible common equity and average common equity tier 1 reconciliation(a)
Common equity	$	3,868		$	3,798		$	3,791		$	3,744		$	3,794
Goodwill and other intangible assets, net	(1,153)			(1,155)			(1,158)			(1,160)			(1,162)
Tangible common equity	2,715			2,642			2,634			2,584			2,631
Modified CECL transitional amount	45			67			67			67			67
Accumulated other comprehensive loss	259			254			190			170			80
Deferred tax assets, net	28			29			30			39			39
Average common equity tier 1	$	3,047		$	2,993		$	2,921		$	2,860		$	2,818
Average tangible assets reconciliation(a)
Total assets	$	39,607		$	38,385		$	37,272		$	35,733		$	35,200
Goodwill and other intangible assets, net	(1,153)			(1,155)			(1,158)			(1,160)			(1,162)
Tangible assets	$	38,454		$	37,230		$	36,114		$	34,573		$	34,038
Adjusted net income reconciliation(b)
Net income	$	103		$	109		$	96		$	87		$	74
Other intangible amortization, net of tax	2			2			2			2			2
Adjusted net income	$	105		$	110		$	98		$	88		$	76
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity	$	100		$	106		$	93		$	84		$	71
Other intangible amortization, net of tax	2			2			2			2			2
Adjusted net income available to common equity	$	102		$	108		$	95		$	86		$	73
Selected trend information(d)
Wealth management fees	$	20		$	20		$	20		$	21		$	22
Service charges and deposit account fees	13			14			15			17			17
Card-based fees	11			11			11			11			10
Other fee-based revenue	4			3			4			4			4
Fee-based revenue	48			49			51			54			53
Other	14			13			20			22			22
Total noninterest income	$	62		$	62		$	71		$	75		$	74
Pre-tax pre-provision income(e)
Income before income taxes	$	131		$	134		$	122		$	110		$	93
Provision for credit losses	18			20			17			—			(4)
Pre-tax pre-provision income	$	149		$	154		$	139		$	110		$	89
Efficiency ratio reconciliation(f)
Federal Reserve efficiency ratio	56.07		%	55.47		%	60.32		%	61.53		%	65.71		%
Fully tax-equivalent adjustment	(0.79)		%	(0.77)		%	(0.87)		%	(0.98)		%	(1.13)		%
Other intangible amortization	(0.66)		%	(0.62)		%	(0.67)		%	(0.76)		%	(0.84)		%
Fully tax-equivalent efficiency ratio	54.64		%	54.08		%	58.79		%	59.80		%	63.76		%

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 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 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.

8