Exhibit 99.1

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

Associated Banc-Corp Reports Second Quarter 2023 Net Income Available to Common Equity of $84 Million, or $0.56 per Common Share

Results driven by balance sheet expansion, stable credit trends, and progress against the Company's strategic initiatives

GREEN BAY, Wis. -- July 20, 2023 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $84 million, or $0.56 per common share, for the quarter ended June 30, 2023. These amounts compare to earnings of $100 million, or $0.66 per common share, for the quarter ended March 31, 2023 and earnings of $84 million, or $0.56 per common share, for the quarter ended June 30, 2022.

"Our second quarter results were marked by the resilience and stability of our Midwestern markets and continued execution against our strategic plan," said President and CEO Andy Harmening. "Unemployment remains well below the national average in most of our footprint and economic activity has continued at a healthy pace. With these trends as a backdrop, our diversified company loan portfolio, with a prime/super prime concentration of consumer loans, has delivered strong credit performance again this quarter. This stability enabled us to add another $642 million in high-quality loans and build momentum with our customer acquisition strategies during the quarter. As a result of these efforts, we're already seeing customer checking acquisition rates 11% higher than a year ago, our attrition is down, and our digital customer satisfaction scores are at a multi-year high."

"While we're pleased with the initial results of these efforts, we've yet to realize the full impact of our customer acquisition strategies," Harmening continued. "We look forward to building on this momentum and delivering enhanced capabilities for our customers in the coming quarters. Along the way, our disciplined approach to credit, expenses and risk management will be our foundation."

Second Quarter 2023 Highlights (all comparisons to the first quarter of 2023)

•Total period end commercial loans increased $274 million to $18.4 billion

•Total period end consumer loans increased $367 million to $11.4 billion

•Total period end deposits increased $1.7 billion to $32.0 billion

•Quarterly net interest margin decreased 27 basis points to 2.80%

•Noninterest income increased $3 million to $66 million

•Noninterest expense increased $3 million to $191 million

•Provision for credit losses on loans increased $4 million to $22 million

•Net income available to common equity decreased $16 million to $84 million

Loans

Second quarter 2023 average total loans of $29.4 billion were up 2%, or $592 million, from the prior quarter and were up 16%, or $4.0 billion, from the same period last year. With respect to second quarter 2023 average balances by loan category:

•Commercial and business lending increased $283 million from the prior quarter and increased $1.3 billion from the same period last year to $10.9 billion.

•Commercial real estate lending increased $44 million from the prior quarter and increased $932 million from the same period last year to $7.3 billion.

•Consumer lending increased $265 million from the prior quarter and increased $1.8 billion from the same period last year to $11.2 billion.

Second quarter 2023 period end total loans of $29.8 billion were up 2%, or $642 million, from the prior quarter and were up 13%, or $3.4 billion, from the same period last year. With respect to second quarter 2023 period end balances by loan category:

•Commercial and business lending increased $194 million from the prior quarter and increased $929 million from the same period last year to $11.1 billion.

•Commercial real estate lending increased $81 million from the prior quarter and increased $756 million from the same period last year to $7.3 billion.

•Consumer lending increased $367 million from the prior quarter and increased $1.7 billion from the same period last year to $11.4 billion.

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

Deposits

Second quarter 2023 average deposits of $31.3 billion were up 5%, or $1.4 billion, from the prior quarter and were up 11%, or $3.1 billion, from the same period last year. With respect to second quarter 2023 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $670 million from the prior quarter and decreased $1.5 billion from the same period last year to $6.7 billion.

•Savings increased $85 million from the prior quarter and increased $67 million from the same period last year to $4.7 billion.

•Interest-bearing demand deposits decreased $151 million from the prior quarter and increased $251 million from the same period last year to $6.7 billion.

•Money market deposits decreased $793 million from the prior quarter and decreased $167 million from the same period last year to $6.7 billion.

•Total time deposits increased $2.6 billion from the prior quarter and increased $3.7 billion from the same period last year to $5.0 billion.

•Network transaction deposits increased $321 million from the prior quarter and increased $692 million from the same period last year to $1.5 billion.

Second quarter 2023 period end deposits of $32.0 billion were up 6%, or $1.7 billion, from the prior quarter and were up 12%, or $3.4 billion, from the same period last year. With respect to second quarter 2023 period end balances by deposit category:

•Noninterest-bearing demand deposits decreased $763 million from the prior quarter and decreased $1.5 billion from the same period last year to $6.6 billion.

•Savings increased $47 million from the prior quarter and increased $69 million from the same period last year to $4.8 billion.

•Interest-bearing demand deposits increased $61 million from the prior quarter and increased $248 million from the same period last year to $7.0 billion.

•Money market deposits decreased $836 million from the prior quarter and decreased $247 million from the same period last year to $7.5 billion.

•Total time deposits increased $3.2 billion from the prior quarter and increased $4.9 billion from the same period last year to $6.1 billion.

•Network transaction deposits (included in money market and interest-bearing deposits) increased $327 million from the prior quarter and increased $709 million from the same period last year to $1.6 billion.

We now expect total core customer deposits (which excludes network transaction deposits and brokered CDs) to decrease by 3% in 2023 on a period end basis, with 2% growth in the second half of the year.

Net Interest Income and Net Interest Margin

Second quarter 2023 net interest income of $258 million decreased $16 million, or 6%, from the prior quarter and increased $42 million, or 19%, from the same period last year. The net interest margin decreased to 2.80%, reflecting a 27 basis point decrease from the prior quarter and a nine basis point increase from the same period last year.

•The average yield on total loans for the second quarter of 2023 increased 28 basis points from the prior quarter and increased 261 basis points from the same period last year to 5.77%.

•The average cost of total interest-bearing liabilities for the second quarter of 2023 increased 58 basis points from the prior quarter and increased 270 basis points from the same period last year to 3.06%.

•The net free funds benefit for the second quarter of 2023 increased seven basis points from the prior quarter and increased 58 basis points compared to the same period last year to 0.68%.

We now expect total net interest income growth of 10% to 12% in 2023.

Noninterest Income

Second quarter 2023 total noninterest income of $66 million increased $3 million, or 6% from the prior quarter and decreased $10 million, or 13%, from the same period last year. With respect to second quarter 2023 noninterest income line items:

•Mortgage banking, net was $8 million for the second quarter, up $4 million from the prior quarter and up $2 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.

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

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

Noninterest Expense

Second quarter 2023 total noninterest expense of $191 million increased $3 million, or 2%, from the prior quarter and increased $9 million, or 5%, from the same period last year as we continued to invest in our strategic initiatives. With respect to second quarter 2023 noninterest expense line items:

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

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

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

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

We now expect total noninterest expense growth of 3% to 4% in 2023.

Taxes

The second quarter 2023 tax expense was $24 million compared to $27 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 the second quarter of 2023 was 21.3% compared to an effective tax rate of 20.9% in the prior quarter and an effective tax rate of 21.2% 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 second quarter 2023 provision for credit losses on loans was $22 million, compared to a provision of $18 million in the prior quarter and a provision of zero in the same period last year. Provision build in the second quarter was largely a function of loan growth, limited credit movement and macro trends. With respect to second quarter 2023 credit quality:

•Nonaccrual loans of $131 million were up $14 million from the prior quarter and up $23 million from the same period last year. The nonaccrual loans to total loans ratio was 0.44% in the second quarter, up from 0.40% in the prior quarter and up from 0.41% in the same period last year.

•Second quarter 2023 net charge offs of $11 million were up compared to net charge offs of $3 million in the prior quarter and were up compared to net charge offs of less than $1 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $377 million was up $11 million compared to the prior quarter and up $59 million compared to the same period last year. The ACLL to total loans ratio was 1.26% in the second quarter, up from 1.25% in the prior quarter and up from 1.20% 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 9.48%at June 30, 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.

SECOND 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, July 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 second quarter 2023 earnings call. The second 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)	June 30, 2023		March 31, 2023		Seql Qtr $ Change		December 31, 2022		September 30, 2022		June 30, 2022		Comp Qtr $ Change
Assets
Cash and due from banks	$	407,620	$	311,269	$	96,351	$	436,952	$	386,231	$	397,364	$	10,256
Interest-bearing deposits in other financial institutions	190,881		511,116		(320,235)		156,693		112,173		436,887		(246,006)
Federal funds sold and securities purchased under agreements to resell	31,160		455		30,705		27,810		4,015		32,820		(1,660)
Investment securities available for sale, at fair value	3,504,777		3,381,607		123,170		2,742,025		2,487,312		2,677,511		827,266
Investment securities held to maturity, net, at amortized cost	3,938,877		3,967,058		(28,181)		3,960,398		3,951,491		3,945,206		(6,329)
Equity securities	30,883		30,514		369		25,216		24,879		19,039		11,844
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	271,637		331,420		(59,783)		295,496		279,334		237,616		34,021
Residential loans held for sale	38,083		35,742		2,341		20,383		51,134		42,676		(4,593)
Commercial loans held for sale	15,000		33,490		(18,490)		—		—		44,721		(29,721)
Loans	29,848,904		29,207,072		641,832		28,799,569		27,817,280		26,494,698		3,354,206
Allowance for loan losses	(338,750)		(326,432)		(12,318)		(312,720)		(292,904)		(280,771)		(57,979)
Loans, net	29,510,153		28,880,640		629,513		28,486,849		27,524,376		26,213,927		3,296,226
Tax credit and other investments	263,583		269,269		(5,686)		276,773		275,247		275,165		(11,582)
Premises and equipment, net	374,866		375,540		(674)		376,906		379,462		387,633		(12,767)
Bank and corporate owned life insurance	678,578		677,328		1,250		676,530		677,129		675,347		3,231
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	44,877		47,079		(2,202)		49,282		51,485		53,687		(8,810)
Mortgage servicing rights, net	80,449		74,479		5,970		77,351		78,352		76,570		3,879
Interest receivable	159,185		152,404		6,781		144,449		115,782		95,426		63,759
Other assets	573,870		518,115		55,755		547,621		546,214		519,403		54,467
Total assets	$	41,219,473	$	40,702,519	$	516,954	$	39,405,727	$	38,049,607	$	37,235,990	$	3,983,483
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	6,565,666	$	7,328,689	$	(763,023)	$	7,760,811	$	8,224,579	$	8,085,702	$	(1,520,036)
Interest-bearing deposits	25,448,743		23,003,134		2,445,609		21,875,343		20,974,003		20,490,874		4,957,869
Total deposits	32,014,409		30,331,824		1,682,585		29,636,154		29,198,581		28,576,577		3,437,832
Federal funds purchased and securities sold under agreements to repurchase	325,927		208,398		117,529		585,139		276,674		682,839		(356,912)
Commercial paper	15,327		18,210		(2,883)		20,798		7,687		22,781		(7,454)
FHLB advances	3,630,747		4,986,138		(1,355,391)		4,319,861		3,777,478		3,258,039		372,708
Other long-term funding	534,273		544,103		(9,830)		248,071		249,484		249,820		284,453
Allowance for unfunded commitments	38,276		39,776		(1,500)		38,776		39,776		36,776		1,500
Accrued expenses and other liabilities	537,640		448,407		89,233		541,438		545,976		449,776		87,864
Total liabilities	37,096,599		36,576,856		519,743		35,390,237		34,095,656		33,276,608		3,819,991
Stockholders’ equity
Preferred equity	194,112		194,112		—		194,112		194,112		193,195		917
Common equity	3,928,762		3,931,551		(2,789)		3,821,378		3,759,840		3,766,187		162,575
Total stockholders’ equity	4,122,874		4,125,663		(2,789)		4,015,490		3,953,952		3,959,382		163,492
Total liabilities and stockholders’ equity	$	41,219,473	$	40,702,519	$	516,954	$	39,405,727	$	38,049,607	$	37,235,990	$	3,983,483

Numbers may not sum due to rounding.

1

Associated Banc-Corp Consolidated Statements of Income (Unaudited)					Comp Qtr				YTD		YTD		Comp YTD
($ in thousands, except per share data)	2Q23		2Q22		$ Change		% Change		Jun 2023		Jun 2022		$ Change		% Change
Interest income
Interest and fees on loans	$	423,307	$	199,876	$	223,431	112	%	$	814,626	$	367,573	$	447,053	122	%
Interest and dividends on investment securities
Taxable	35,845		18,317		17,528		96	%	65,987		34,789		31,198		90	%
Tax-exempt	15,994		16,379		(385)		(2)	%	32,019		32,487		(468)		(1)	%
Other interest	6,086		2,420		3,666		151	%	11,415		4,413		7,002		159	%
Total interest income	481,231		236,991		244,240		103	%	924,048		439,261		484,787		110	%
Interest expense
Interest on deposits	162,196		8,019		154,177		N/M		271,618		11,591		260,027		N/M
Interest on federal funds purchased and securities sold under agreements to repurchase	2,261		406		1,855		N/M		5,404		444		4,960		N/M
Interest on other short-term funding	—		1		(1)		(100)	%	1		2		(1)		(50)	%
Interest on FHLB Advances	49,261		9,689		39,572		N/M		99,222		17,871		81,351		N/M
Interest on long-term funding	9,596		2,730		6,866		N/M		15,876		5,460		10,416		191	%
Total interest expense	223,314		20,845		202,469		N/M		392,121		35,367		356,754		N/M
Net interest income	257,917		216,146		41,771		19	%	531,927		403,893		128,034		32	%
Provision for credit losses	22,100		(2)		22,102		N/M		40,071		(3,992)		44,063		N/M
Net interest income after provision for credit losses	235,817		216,148		19,669		9	%	491,856		407,886		83,970		21	%
Noninterest income
Wealth management fees	20,483		21,332		(849)		(4)	%	40,672		43,735		(3,063)		(7)	%
Service charges and deposit account fees	12,372		16,506		(4,134)		(25)	%	25,366		33,363		(7,997)		(24)	%
Card-based fees	11,396		11,442		(46)		—	%	21,982		21,368		614		3	%
Other fee-based revenue	4,465		4,360		105		2	%	8,740		8,126		614		8	%
Capital markets, net	5,093		8,010		(2,917)		(36)	%	10,176		16,656		(6,480)		(39)	%
Mortgage banking, net	7,768		6,145		1,623		26	%	11,313		14,536		(3,223)		(22)	%
Bank and corporate owned life insurance	2,172		4,106		(1,934)		(47)	%	4,835		6,177		(1,342)		(22)	%
Asset gains (losses), net	(299)		1,677		(1,976)		N/M		(35)		1,865		(1,900)		N/M
Investment securities gains (losses), net	14		(8)		22		N/M		66		12		54		N/M
Other	2,080		1,888		192		10	%	4,501		4,086		415		10	%
Total noninterest income	65,543		75,458		(9,915)		(13)	%	127,616		149,925		(22,309)		(15)	%
Noninterest expense
Personnel	114,089		112,666		1,423		1	%	230,510		217,477		13,033		6	%
Technology	24,220		21,223		2,997		14	%	47,818		42,707		5,111		12	%
Occupancy	13,587		14,151		(564)		(4)	%	28,650		30,231		(1,581)		(5)	%
Business development and advertising	7,106		5,655		1,451		26	%	12,955		10,610		2,345		22	%
Equipment	4,975		4,960		15		—	%	9,906		9,920		(14)		—	%
Legal and professional	4,831		4,873		(42)		(1)	%	8,688		9,960		(1,272)		(13)	%
Loan and foreclosure costs	1,635		1,476		159		11	%	2,773		3,490		(717)		(21)	%
FDIC assessment	9,550		5,400		4,150		77	%	16,425		10,500		5,925		56	%
Other intangible amortization	2,203		2,203		—		—	%	4,405		4,405		—		—	%
Other	8,476		8,815		(339)		(4)	%	15,955		15,412		543		4	%
Total noninterest expense	190,673		181,420		9,253		5	%	378,086		354,712		23,374		7	%
Income before income taxes	110,687		110,187		500		—	%	241,386		203,099		38,287		19	%
Income tax expense	23,533		23,363		170		1	%	50,873		42,013		8,860		21	%
Net income	87,154		86,824		330		—	%	190,514		161,086		29,428		18	%
Preferred stock dividends	2,875		2,875		—		—	%	5,750		5,750		—		—	%
Net income available to common equity	$	84,279	$	83,949	$	330	—	%	$	184,764	$	155,336	$	29,428	19	%
Earnings per common share
Basic	$	0.56	$	0.56	$	—	—	%	$	1.23	$	1.04	$	0.19	18	%
Diluted	$	0.56	$	0.56	$	—	—	%	$	1.22	$	1.03	$	0.19	18	%
Average common shares outstanding
Basic	149,986		149,083		903		1	%	149,875		148,933		942		1	%
Diluted	150,870		150,203		667		—	%	150,903		150,265		638		—	%

N/M = Not meaningful

Numbers may not sum due to rounding.

2

Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)					Seql Qtr										Comp Qtr
	2Q23		1Q23		$ Change		% Change		4Q22		3Q22		2Q22		$ Change		% Change
Interest income
Interest and fees on loans	$	423,307	$	391,320	$	31,987	8	%	$	349,403	$	275,666	$	199,876	$	223,431	112	%
Interest and dividends on investment securities
Taxable	35,845		30,142		5,703		19	%	21,435		19,221		18,317		17,528		96	%
Tax-exempt	15,994		16,025		(31)		—	%	16,666		16,538		16,379		(385)		(2)	%
Other interest	6,086		5,329		757		14	%	3,779		3,284		2,420		3,666		151	%
Total interest income	481,231		442,817		38,414		9	%	391,283		314,708		236,991		244,240		103	%
Interest expense
Interest on deposits	162,196		109,422		52,774		48	%	60,719		26,000		8,019		154,177		N/M
Interest on federal funds purchased and securities sold under agreements to repurchase	2,261		3,143		(882)		(28)	%	2,280		756		406		1,855		N/M
Interest on other short-term funding	—		—		—		N/M		—		1		1		(1)		(100)	%
Interest on FHLB advances	49,261		49,960		(699)		(1)	%	36,824		20,792		9,689		39,572		N/M
Interest on long-term funding	9,596		6,281		3,315		53	%	2,470		2,722		2,730		6,866		N/M
Total interest expense	223,314		168,807		54,507		32	%	102,294		50,270		20,845		202,469		N/M
Net interest income	257,917		274,010		(16,093)		(6)	%	288,989		264,439		216,146		41,771		19	%
Provision for credit losses	22,100		17,971		4,129		23	%	19,992		16,998		(2)		22,102		N/M
Net interest income after provision for credit losses	235,817		256,039		(20,222)		(8)	%	268,997		247,440		216,148		19,669		9	%
Noninterest income
Wealth management fees	20,483		20,189		294		1	%	20,403		19,984		21,332		(849)		(4)	%
Service charges and deposit account fees	12,372		12,994		(622)		(5)	%	13,918		15,029		16,506		(4,134)		(25)	%
Card-based fees	11,396		10,586		810		8	%	11,167		11,479		11,442		(46)		—	%
Other fee-based revenue	4,465		4,276		189		4	%	3,290		4,487		4,360		105		2	%
Capital markets, net	5,093		5,083		10		—	%	5,586		7,675		8,010		(2,917)		(36)	%
Mortgage banking, net	7,768		3,545		4,223		119	%	2,238		2,098		6,145		1,623		26	%
Bank and corporate owned life insurance	2,172		2,664		(492)		(18)	%	3,427		1,827		4,106		(1,934)		(47)	%
Asset gains (losses), net	(299)		263		(562)		N/M		(545)		18		1,677		(1,976)		N/M
Investment securities gains (losses), net	14		51		(37)		(73)	%	(1,930)		5,664		(8)		22		N/M
Other	2,080		2,422		(342)		(14)	%	4,102		2,527		1,888		192		10	%
Total noninterest income	65,543		62,073		3,470		6	%	61,657		70,788		75,458		(9,915)		(13)	%
Noninterest expense
Personnel	114,089		116,420		(2,331)		(2)	%	118,381		118,243		112,666		1,423		1	%
Technology	24,220		23,598		622		3	%	25,299		22,694		21,223		2,997		14	%
Occupancy	13,587		15,063		(1,476)		(10)	%	15,846		13,717		14,151		(564)		(4)	%
Business development and advertising	7,106		5,849		1,257		21	%	8,136		6,778		5,655		1,451		26	%
Equipment	4,975		4,930		45		1	%	4,791		4,921		4,960		15		—	%
Legal and professional	4,831		3,857		974		25	%	4,132		4,159		4,873		(42)		(1)	%
Loan and foreclosure costs	1,635		1,138		497		44	%	804		1,631		1,476		159		11	%
FDIC assessment	9,550		6,875		2,675		39	%	6,350		5,800		5,400		4,150		77	%
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,203		—		—	%
Other	8,476		7,479		997		13	%	10,618		15,645		8,815		(339)		(4)	%
Total noninterest expense	190,673		187,412		3,261		2	%	196,560		195,791		181,420		9,253		5	%
Income before income taxes	110,687		130,700		(20,013)		(15)	%	134,094		122,438		110,187		500		—	%
Income tax expense	23,533		27,340		(3,807)		(14)	%	25,332		26,163		23,363		170		1	%
Net income	87,154		103,360		(16,206)		(16)	%	108,762		96,275		86,824		330		—	%
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		2,875		—		—	%
Net income available to common equity	$	84,279	$	100,485	$	(16,206)	(16)	%	$	105,887	$	93,400	$	83,949	$	330	—	%
Earnings per common share
Basic	$	0.56	$	0.67	$	(0.11)	(16)	%	$	0.70	$	0.62	$	0.56	$	—	—	%
Diluted	$	0.56	$	0.66	$	(0.10)	(15)	%	$	0.70	$	0.62	$	0.56	$	—	—	%
Average common shares outstanding
Basic	149,986		149,763		223		—	%	149,454		149,321		149,083		903		1	%
Diluted	150,870		151,128		(258)		—	%	150,886		150,262		150,203		667		—	%

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 Jun 2023			YTD Jun 2022			2Q23			1Q23			4Q22			3Q22			2Q22
Per common share data
Dividends	$	0.42		$	0.40		$	0.21		$	0.21		$	0.21		$	0.20		$	0.20
Market value:
High	24.18			25.71			18.45			24.18			25.13			21.87			22.48
Low	14.48			18.01			14.48			17.66			20.54			17.63			18.01
Close							16.23			17.98			23.09			20.08			18.26
Book value / share							26.03			26.06			25.40			25.01			25.09
Tangible book value / share							18.41			18.42			17.73			17.32			17.37
Performance ratios (annualized)
Return on average assets	0.96		%	0.92		%	0.86		%	1.06		%	1.12		%	1.02		%	0.97		%
Noninterest expense / average assets	1.90		%	2.02		%	1.89		%	1.92		%	2.03		%	2.08		%	2.04		%
Effective tax rate	21.08		%	20.69		%	21.26		%	20.92		%	18.89		%	21.37		%	21.20		%
Dividend payout ratio(a)	34.15		%	38.46		%	37.50		%	31.34		%	30.00		%	32.26		%	35.71		%
Net interest margin	2.93		%	2.57		%	2.80		%	3.07		%	3.31		%	3.13		%	2.71		%
Selected trend information
Average full time equivalent employees(b)	4,223			4,060			4,227			4,219			4,169			4,182			4,101
Branch count							202			202			202			215			215
Assets under management, at market value(c)							$	12,995		$	12,412		$	11,843		$	11,142		$	11,561
Mortgage loans originated for sale during period	$	168		$	404		$	99		$	69		$	64		$	132		$	152
Mortgage loan settlements during period	$	151		$	500		$	97		$	55		$	95		$	120		$	204
Mortgage portfolio serviced for others							$	6,525		$	6,612		$	6,712		$	6,800		$	6,910
Mortgage servicing rights, net / mortgage portfolio serviced for others							1.23		%	1.13		%	1.15		%	1.15		%	1.11		%
Shares outstanding, end of period							150,919			150,886			150,444			150,328			150,126
Selected quarterly ratios
Loans / deposits							93.24		%	96.29		%	97.18		%	95.27		%	92.71		%
Stockholders’ equity / assets							10.00		%	10.14		%	10.19		%	10.39		%	10.63		%
Risk-based capital(d)(e)
Total risk-weighted assets							$	33,146		$	32,648		$	32,472		$	31,406		$	29,864
Common equity Tier 1							$	3,143		$	3,086		$	3,036		$	2,956		$	2,897
Common equity Tier 1 capital ratio							9.48		%	9.45		%	9.35		%	9.41		%	9.70		%
Tier 1 capital ratio							10.07		%	10.05		%	9.95		%	10.03		%	10.35		%
Total capital ratio							12.22		%	12.22		%	11.33		%	11.41		%	11.74		%
Tier 1 leverage ratio							8.40		%	8.46		%	8.59		%	8.66		%	8.87		%

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)June 30, 2023 data is estimated.

4

Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Jun 30, 2023			Mar 31, 2023			Seql Qtr % Change		Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	326,432		$	312,720		4	%	$	292,904		$	280,771		$	279,058		17	%
Provision for loan losses	23,500			17,000			38	%	21,000			14,000			2,000			N/M
Charge offs	(14,855)			(5,501)			170	%	(2,982)			(3,346)			(1,791)			N/M
Recoveries	3,674			2,212			66	%	1,798			1,478			1,504			144	%
Net (charge offs) recoveries	(11,181)			(3,289)			N/M		(1,183)			(1,867)			(287)			N/M
Balance at end of period	$	338,750		$	326,432		4	%	$	312,720		$	292,904		$	280,771		21	%
Allowance for unfunded commitments
Balance at beginning of period	$	39,776		$	38,776		3	%	$	39,776		$	36,776		$	38,776		3	%
Provision for unfunded commitments	(1,500)			1,000			N/M		(1,000)			3,000			(2,000)			(25)	%
Balance at end of period	$	38,276		$	39,776		(4)	%	$	38,776		$	39,776		$	36,776		4	%
Allowance for credit losses on loans (ACLL)	$	377,027		$	366,208		3	%	$	351,496		$	332,680		$	317,547		19	%
Provision for credit losses on loans	$	22,000		$	18,000		22	%	$	20,000		$	17,000		$	—		N/M
($ in thousands)	Jun 30, 2023			Mar 31, 2023			Seql Qtr % Change		Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Comp Qtr % Change
Net (charge offs) recoveries
Commercial and industrial	$	(11,177)		$	(1,759)		N/M		$	278		$	(897)		$	(444)		N/M
Commercial real estate—owner occupied	3			3			—	%	3			3			4			(25)	%
Commercial and business lending	(11,174)			(1,756)			N/M		281			(894)			(440)			N/M
Commercial real estate—investor	2,276			—			N/M		—			—			—			N/M
Real estate construction	(18)			18			N/M		16			9			2			N/M
Commercial real estate lending	2,257			18			N/M		16			9			2			N/M
Total commercial	(8,917)			(1,738)			N/M		297			(885)			(439)			N/M
Residential mortgage	(283)			(53)			N/M		(125)			(42)			220			N/M
Auto finance	(1,048)			(957)			10	%	(768)			(165)			(14)			N/M
Home equity	183			340			(46)	%	123			(101)			461			(60)	%
Other consumer	(1,117)			(881)			27	%	(711)			(675)			(516)			116	%
Total consumer	(2,264)			(1,550)			46	%	(1,480)			(983)			151			N/M
Total net (charge offs) recoveries	$	(11,181)		$	(3,289)		N/M		$	(1,183)		$	(1,867)		$	(287)		N/M
(In basis points)	Jun 30, 2023			Mar 31, 2023					Dec 31, 2022			Sep 30, 2022			Jun 30, 2022
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial	(46)			(7)					1			(4)			(2)
Commercial real estate—owner occupied	—			—					—			—			—
Commercial and business lending	(41)			(7)					1			(3)			(2)
Commercial real estate—investor	18			—					—			—			—
Real estate construction	—			—					—			—			—
Commercial real estate lending	12			—					—			—			—
Total commercial	(20)			(4)					1			(2)			(1)
Residential mortgage	(1)			—					(1)			—			1
Auto finance	(25)			(26)					(24)			(7)			(1)
Home equity	12			22					8			(7)			32
Other consumer	(163)			(125)					(95)			(89)			(70)
Total consumer	(8)			(6)					(6)			(4)			1
Total net (charge offs) recoveries	(15)			(5)					(2)			(3)			—
($ in thousands)	Jun 30, 2023			Mar 31, 2023			Seql Qtr % Change		Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Comp Qtr % Change
Credit quality
Nonaccrual loans	$	131,278		$	117,569		12	%	$	111,467		$	116,406		$	108,345		21	%
Other real estate owned (OREO)	7,575			15,184			(50)	%	14,784			16,373			17,879			(58)	%
Repossessed assets	$	348		$	92		N/M		$	215		$	299		$	102		N/M
Total nonperforming assets	$	139,201		$	132,845		5	%	$	126,466		$	133,078		$	126,327		10	%
Loans 90 or more days past due and still accruing	$	1,726		$	1,703		1	%	$	1,728		$	1,417		$	1,555		11	%
Allowance for credit losses on loans to total loans	1.26		%	1.25		%			1.22		%	1.20		%	1.20		%
Allowance for credit losses on loans to nonaccrual loans	287.20		%	311.48		%			315.34		%	285.79		%	293.09		%
Nonaccrual loans to total loans	0.44		%	0.40		%			0.39		%	0.42		%	0.41		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.47		%	0.45		%			0.44		%	0.48		%	0.48		%
Nonperforming assets to total assets	0.34		%	0.33		%			0.32		%	0.35		%	0.34		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans	0.10		%	0.05		%			—		%	—		%	(0.01)		%

N/M = Not meaningful

5

Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Jun 30, 2023		Mar 31, 2023		Seql Qtr % Change		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	34,907	$	22,735	54	%	$	14,329	$	15,576	$	843	N/M
Commercial real estate—owner occupied	1,444		1,478		(2)	%	—		—		—		N/M
Commercial and business lending	36,352		24,213		50	%	14,329		15,576		843		N/M
Commercial real estate—investor	22,068		25,122		(12)	%	29,380		37,479		46,823		(53)	%
Real estate construction	125		178		(30)	%	105		141		604		(79)	%
Commercial real estate lending	22,193		25,300		(12)	%	29,485		37,620		47,427		(53)	%
Total commercial	58,544		49,513		18	%	43,814		53,196		48,270		21	%
Residential mortgage	61,718		58,274		6	%	58,480		55,485		52,840		17	%
Auto finance	3,065		2,436		26	%	1,490		302		53		N/M
Home equity	7,788		7,246		7	%	7,487		7,325		7,100		10	%
Other consumer	163		100		63	%	197		98		83		96	%
Total consumer	72,733		68,056		7	%	67,654		63,210		60,075		21	%
Total nonaccrual loans	$	131,278	$	117,569	12	%	$	111,467	$	116,406	$	108,345	21	%
	Jun 30, 2023		Mar 31, 2023		Seql Qtr % Change		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Comp Qtr % Change
Restructured loans (accruing)(a)
Commercial and industrial	$	168	$	47	N/M		$	12,453	$	14,829	$	13,882	N/A
Commercial real estate—owner occupied	—		—		N/M		316		369		421		N/A
Commercial and business lending	168		47		N/M		12,769		15,198		14,303		N/A
Commercial real estate—investor	—		—		N/M		128		733		943		N/A
Real estate construction	—		—		N/M		195		165		179		N/A
Commercial real estate lending	—		—		N/M		324		898		1,122		N/A
Total commercial	168		47		N/M		13,093		16,097		15,425		N/A
Residential mortgage	126		126		—	%	16,829		16,169		15,829		N/A
Auto finance	80		61		31	%	—		—		—		N/A
Home equity	78		31		152	%	2,148		2,103		2,246		N/A
Other consumer	988		498		98	%	798		764		753		N/A
Total consumer	1,271		716		78	%	19,775		19,036		18,828		N/A
Total restructured loans (accruing)	$	1,439	$	763	89	%	$	32,868	$	35,132	$	34,253	N/A
Nonaccrual restructured loans (included in nonaccrual loans)	$	796	$	341	133	%	$	20,127	$	21,650	$	22,172	N/A
	Jun 30, 2023		Mar 31, 2023		Seql Qtr % Change		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial	$	12,005	$	4,239	183	%	$	6,283	$	1,861	$	1,642	N/M
Commercial real estate—owner occupied	1,484		2,955		(50)	%	230		—		—		N/M
Commercial and business lending	13,489		7,195		87	%	6,512		1,861		1,642		N/M
Commercial real estate—investor	—		—		N/M		1,067		—		5,484		(100)	%
Real estate construction	76		—		N/M		39		43		—		N/M
Commercial real estate lending	76		—		N/M		1,105		43		5,484		(99)	%
Total commercial	13,565		7,195		89	%	7,618		1,904		7,126		90	%
Residential mortgage	8,961		7,626		18	%	9,874		6,517		5,315		69	%
Auto finance	11,429		8,640		32	%	9,408		6,206		2,906		N/M
Home equity	4,030		4,113		(2)	%	5,607		4,234		2,961		36	%
Other consumer	2,025		1,723		18	%	1,610		1,592		1,365		48	%
Total consumer	26,444		22,102		20	%	26,499		18,549		12,547		111	%
Total accruing loans 30-89 days past due	$	40,008	$	29,297	37	%	$	34,117	$	20,452	$	19,673	103	%
	Jun 30, 2023		Mar 31, 2023		Seql Qtr % Change		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Comp Qtr % Change
Potential problem loans
Commercial and industrial	$	205,228	$	135,047	52	%	$	136,549	$	108,556	$	104,645	96	%
Commercial real estate—owner occupied	29,396		32,077		(8)	%	34,422		28,287		38,628		(24)	%
Commercial and business lending	234,624		167,124		40	%	170,971		136,843		143,273		64	%
Commercial real estate—investor	106,662		89,653		19	%	92,535		117,982		132,635		(20)	%
Real estate construction	—		—		N/M		970		—		82		(100)	%
Commercial real estate lending	106,662		89,653		19	%	93,505		117,982		132,717		(20)	%
Total commercial	341,286		256,776		33	%	264,476		254,825		275,990		24	%
Residential mortgage	1,646		1,684		(2)	%	1,978		2,845		3,297		(50)	%
Home equity	240		244		(2)	%	197		185		188		28	%
Total consumer	1,886		1,928		(2)	%	2,175		3,030		3,486		(46)	%
Total potential problem loans	$	343,173	$	258,704	33	%	$	266,651	$	257,855	$	279,475	23	%

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 2023 periods will not be comparable to amounts reported for 2022 periods.

6

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	June 30, 2023						March 31, 2023						June 30, 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)
Commercial and business lending	$	10,899,337	$	184,080	6.77	%	$	10,616,026	$	167,174	6.39	%	$	9,604,612	$	71,276	2.98	%
Commercial real estate lending	7,295,367		127,967		7.04	%	7,251,193		119,087		6.66	%	6,363,395		53,233		3.36	%
Total commercial	18,194,703		312,047		6.88	%	17,867,219		286,262		6.50	%	15,968,007		124,509		3.13	%
Residential mortgage	8,701,496		72,056		3.31	%	8,584,528		70,711		3.30	%	7,860,220		58,434		2.97	%
Auto finance	1,654,523		19,701		4.78	%	1,490,115		16,458		4.48	%	689,027		6,017		3.50	%
Other retail	887,574		20,135		9.08	%	903,956		18,494		8.23	%	880,910		11,370		5.17	%
Total loans	29,438,297		423,939		5.77	%	28,845,818		391,925		5.49	%	25,398,163		200,331		3.16	%
Investment securities
Taxable	5,304,381		35,845		2.70	%	4,912,416		30,142		2.45	%	4,435,273		18,317		1.65	%
Tax-exempt(a)	2,314,825		20,152		3.48	%	2,329,519		20,192		3.47	%	2,427,068		20,637		3.40	%
Other short-term investments	511,487		6,086		4.77	%	493,061		5,329		4.37	%	352,310		2,420		2.75	%
Investments and other	8,130,693		62,083		3.05	%	7,734,996		55,664		2.88	%	7,214,651		41,374		2.29	%
Total earning assets	37,568,991		$	486,022	5.18	%	36,580,814		$	447,589	4.94	%	32,612,813		$	241,705	2.97	%
Other assets, net	2,989,321						3,026,251						3,119,770
Total assets	$	40,558,311					$	39,607,065					$	35,732,583
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,749,808	$	15,160	1.28	%	$	4,664,624	$	9,859	0.86	%	$	4,682,783	$	530	0.05	%
Interest-bearing demand	6,663,775		34,961		2.10	%	6,814,487		29,918		1.78	%	6,413,077		2,977		0.19	%
Money market	6,743,810		43,529		2.59	%	7,536,393		41,637		2.24	%	6,910,505		2,203		0.13	%
Network transaction deposits	1,468,006		18,426		5.03	%	1,147,089		12,825		4.53	%	775,593		1,480		0.77	%
Time deposits	4,985,949		50,119		4.03	%	2,362,260		15,182		2.61	%	1,255,292		829		0.26	%
Total interest-bearing deposits	24,611,348		162,196		2.64	%	22,524,853		109,422		1.97	%	20,037,250		8,019		0.16	%
Federal funds purchased and securities sold under agreements to repurchase	285,754		2,261		3.17	%	429,780		3,143		2.97	%	454,519		406		0.36	%
Commercial paper	12,179		—		0.01	%	17,339		—		0.01	%	23,154		1		0.01	%
FHLB advances	3,796,106		49,261		5.20	%	4,254,532		49,960		4.76	%	2,423,771		9,689		1.60	%
Long-term funding	543,003		9,596		7.07	%	408,175		6,281		6.16	%	249,805		2,730		4.37	%
Total short and long-term funding	4,637,042		61,118		5.28	%	5,109,826		59,384		4.71	%	3,151,249		12,826		1.63	%
Total interest-bearing liabilities	29,248,389		$	223,314	3.06	%	27,634,679		$	168,807	2.48	%	23,188,499		$	20,845	0.36	%
Noninterest-bearing demand deposits	6,669,787						7,340,219						8,133,492
Other liabilities	511,074						570,166						473,478
Stockholders’ equity	4,129,061						4,062,001						3,937,114
Total liabilities and stockholders’ equity	$	40,558,311					$	39,607,065					$	35,732,583
Interest rate spread					2.12	%					2.46	%					2.61	%
Net free funds					0.68	%					0.61	%					0.10	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	262,708	2.80	%			$	278,782	3.07	%			$	220,860	2.71	%
Fully tax-equivalent adjustment			4,791						4,772						4,713
Net interest income			$	257,917					$	274,010					$	216,146

Numbers may not sum due to rounding.

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

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

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

7

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
	Six Months Ended June 30,
	2023						2022
($ 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 and business lending	$	10,758,464	$	351,254	6.58	%	$	9,334,947	$	126,756	2.74	%
Commercial real estate lending	7,273,402		247,054		6.85	%	6,270,743		97,119		3.12	%
Total commercial	18,031,866		598,308		6.69	%	15,605,690		223,876		2.89	%
Residential mortgage	8,643,335		142,767		3.30	%	7,766,296		113,837		2.93	%
Auto finance	1,572,773		36,159		4.64	%	498,175		8,667		3.51	%
Other retail	895,720		38,629		8.65	%	881,382		22,032		5.02	%
Total loans	29,143,694		815,864		5.64	%	24,751,542		368,412		2.99	%
Investment securities
Taxable	5,109,481		65,987		2.58	%	4,392,926		34,789		1.58	%
Tax-exempt (a)	2,322,132		40,344		3.47	%	2,405,952		40,933		3.40	%
Other short-term investments	502,325		11,415		4.58	%	751,407		4,413		1.18	%
Investments and other	7,933,938		117,746		2.97	%	7,550,285		80,135		2.12	%
Total earning assets	37,077,632		$	933,610	5.06	%	32,301,828		$	448,547	2.79	%
Other assets, net	3,007,684						3,166,026
Total assets	$	40,085,316					$	35,467,853
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,707,451	$	25,019	1.07	%	$	4,606,809	$	910	0.04	%
Interest-bearing demand	6,738,715		64,880		1.94	%	6,566,704		4,002		0.12	%
Money market	7,137,912		85,167		2.41	%	6,970,392		3,168		0.09	%
Network transaction deposits	1,308,434		31,252		4.82	%	755,357		1,745		0.47	%
Time deposits	3,681,352		65,301		3.58	%	1,284,037		1,766		0.28	%
Total interest-bearing deposits	23,573,864		271,618		2.32	%	20,183,299		11,591		0.12	%
Federal funds purchased and securities sold under agreements to repurchase	357,369		5,404		3.05	%	374,661		444		0.24	%
Commercial paper	14,745		1		0.01	%	25,545		2		0.01	%
FHLB advances	4,024,052		99,222		4.97	%	2,019,622		17,871		1.78	%
Long-term funding	475,961		15,876		6.67	%	249,719		5,460		4.37	%
Total short and long-term funding	4,872,128		120,503		4.98	%	2,669,547		23,776		1.79	%
Total interest-bearing liabilities	28,445,992		$	392,121	2.78	%	22,852,845		$	35,367	0.31	%
Noninterest-bearing demand deposits	7,003,151						8,224,440
Other liabilities	540,457						428,752
Stockholders’ equity	4,095,717						3,961,816
Total liabilities and stockholders’ equity	$	40,085,316					$	35,467,853
Interest rate spread					2.28	%					2.48	%
Net free funds					0.65	%					0.09	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	541,490	2.93	%			$	413,179	2.57	%
Fully tax-equivalent adjustment			9,563						9,286
Net interest income			$	531,927					$	403,893

Numbers may not sum due to rounding.

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

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

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

8

Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition	Jun 30, 2023		Mar 31, 2023		Seql Qtr % Change		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Comp Qtr % Change
Commercial and industrial	$	10,055,487	$	9,869,781	2	%	$	9,759,454	$	9,571,925	$	9,256,685	9	%
Commercial real estate—owner occupied	1,058,237		1,050,236		1	%	991,722		999,786		928,152		14	%
Commercial and business lending	11,113,724		10,920,017		2	%	10,751,176		10,571,711		10,184,836		9	%
Commercial real estate—investor	5,312,928		5,094,249		4	%	5,080,344		5,064,289		4,790,241		11	%
Real estate construction	2,009,060		2,147,070		(6)	%	2,155,222		1,835,159		1,775,648		13	%
Commercial real estate lending	7,321,988		7,241,318		1	%	7,235,565		6,899,449		6,565,889		12	%
Total commercial	18,435,711		18,161,335		2	%	17,986,742		17,471,159		16,750,726		10	%
Residential mortgage	8,746,345		8,605,164		2	%	8,511,550		8,314,902		8,002,943		9	%
Auto finance	1,777,974		1,551,538		15	%	1,382,073		1,117,136		847,969		110	%
Home equity	615,506		609,787		1	%	624,353		612,608		592,843		4	%
Other consumer	273,367		279,248		(2)	%	294,851		301,475		300,217		(9)	%
Total consumer	11,413,193		11,045,737		3	%	10,812,828		10,346,121		9,743,972		17	%
Total loans	$	29,848,904	$	29,207,072	2	%	$	28,799,569	$	27,817,280	$	26,494,698	13	%
Period end deposit and customer funding composition	Jun 30, 2023		Mar 31, 2023		Seql Qtr % Change		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Comp Qtr % Change
Noninterest-bearing demand	$	6,565,666	$	7,328,689	(10)	%	$	7,760,811	$	8,224,579	$	8,085,702	(19)	%
Savings	4,777,415		4,730,472		1	%	4,604,848		4,708,720		4,708,156		1	%
Interest-bearing demand	7,037,959		6,977,121		1	%	7,100,727		7,122,218		6,789,722		4	%
Money market	7,521,930		8,357,625		(10)	%	8,239,610		7,909,232		7,769,415		(3)	%
Brokered CDs	3,818,325		1,185,565		N/M		541,916		—		2,121		N/M
Other time deposits	2,293,114		1,752,351		31	%	1,388,242		1,233,833		1,221,460		88	%
Total deposits	32,014,409		30,331,824		6	%	29,636,154		29,198,581		28,576,577		12	%
Other customer funding(a)	170,873		226,258		(24)	%	261,767		283,856		296,440		(42)	%
Total deposits and other customer funding	$	32,185,282	$	30,558,081	5	%	$	29,897,921	$	29,482,437	$	28,873,017	11	%
Network transaction deposits(b)	$	1,600,619	$	1,273,420	26	%	$	979,003	$	864,086	$	891,902	79	%
Net deposits and other customer funding(c)	$	26,766,338	$	28,099,096	(5)	%	$	28,377,001	$	28,618,351	$	27,978,993	(4)	%
Quarter average loan composition	Jun 30, 2023		Mar 31, 2023		Seql Qtr % Change		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Comp Qtr % Change
Commercial and industrial	$	9,831,956	$	9,600,838	2	%	$	9,528,180	$	9,221,970	$	8,651,810	14	%
Commercial real estate—owner occupied	1,067,381		1,015,187		5	%	1,001,805		970,493		952,802		12	%
Commercial and business lending	10,899,337		10,616,026		3	%	10,529,984		10,192,463		9,604,612		13	%
Commercial real estate—investor	5,206,430		5,093,122		2	%	5,048,419		4,891,530		4,570,300		14	%
Real estate construction	2,088,937		2,158,072		(3)	%	2,013,986		1,876,524		1,793,095		16	%
Commercial real estate lending	7,295,367		7,251,193		1	%	7,062,405		6,768,054		6,363,395		15	%
Total commercial	18,194,703		17,867,219		2	%	17,592,389		16,960,517		15,968,007		14	%
Residential mortgage	8,701,496		8,584,528		1	%	8,443,661		8,223,531		7,860,220		11	%
Auto finance	1,654,523		1,490,115		11	%	1,244,436		969,918		689,027		140	%
Home equity	612,045		618,724		(1)	%	619,044		601,821		586,072		4	%
Other consumer	275,530		285,232		(3)	%	295,804		299,917		294,837		(7)	%
Total consumer	11,243,594		10,978,599		2	%	10,602,945		10,095,186		9,430,156		19	%
Total loans(d)	$	29,438,297	$	28,845,818	2	%	$	28,195,334	$	27,055,703	$	25,398,163	16	%
Quarter average deposit composition	Jun 30, 2023		Mar 31, 2023		Seql Qtr % Change		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Comp Qtr % Change
Noninterest-bearing demand	$	6,669,787	$	7,340,219	(9)	%	$	8,088,435	$	8,119,475	$	8,133,492	(18)	%
Savings	4,749,808		4,664,624		2	%	4,660,696		4,735,285		4,682,783		1	%
Interest-bearing demand	6,663,775		6,814,487		(2)	%	6,831,213		6,587,404		6,413,077		4	%
Money market	6,743,810		7,536,393		(11)	%	7,382,793		7,328,165		6,910,505		(2)	%
Network transaction deposits	1,468,006		1,147,089		28	%	901,168		873,168		775,593		89	%
Brokered CDs	3,001,775		810,889		N/M		190,406		734		978		N/M
Other time deposits	1,984,174		1,551,371		28	%	1,272,797		1,230,126		1,254,314		58	%
Total deposits	31,281,134		29,865,072		5	%	29,327,509		28,874,357		28,170,742		11	%
Other customer funding(a)	196,051		245,349		(20)	%	306,122		326,324		315,639		(38)	%
Total deposits and other customer funding	$	31,477,186	$	30,110,421	5	%	$	29,633,631	$	29,200,680	$	28,486,381	10	%
Net deposits and other customer funding(c)	$	27,007,405	$	28,152,443	(4)	%	$	28,542,056	$	28,326,779	$	27,709,810	(3)	%

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.

9

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	YTD			YTD
($ in millions, except per share data)	Jun 2023			Jun 2022			2Q23			1Q23			4Q22			3Q22			2Q22
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets							6.94		%	7.03		%	6.97		%	7.06		%	7.23		%
Return on average equity	9.38		%	8.20		%	8.47		%	10.32		%	10.81		%	9.59		%	8.85		%
Return on average tangible common equity	13.79		%	12.27		%	12.38		%	15.26		%	16.15		%	14.32		%	13.29		%
Return on average common equity Tier 1	12.11		%	11.03		%	10.88		%	13.38		%	14.04		%	12.69		%	11.77		%
Return on average tangible assets	1.00		%	0.97		%	0.90		%	1.11		%	1.18		%	1.08		%	1.03		%
Average stockholders' equity / average assets	10.22		%	11.17		%	10.18		%	10.26		%	10.40		%	10.69		%	11.02		%
Tangible common equity reconciliation(a)
Common equity							$	3,929		$	3,932		$	3,821		$	3,760		$	3,766
Goodwill and other intangible assets, net							(1,150)			(1,152)			(1,154)			(1,156)			(1,159)
Tangible common equity							$	2,779		$	2,779		$	2,667		$	2,603		$	2,608
Tangible assets reconciliation(a)
Total assets							$	41,219		$	40,703		$	39,406		$	38,050		$	37,236
Goodwill and other intangible assets, net							(1,150)			(1,152)			(1,154)			(1,156)			(1,159)
Tangible assets							$	40,070		$	39,550		$	38,251		$	36,893		$	36,077
Average tangible common equity and average common equity Tier 1 reconciliation(a)
Common equity	$	3,902		$	3,769		$	3,935		$	3,868		$	3,798		$	3,791		$	3,744
Goodwill and other intangible assets, net	(1,152)			(1,161)			(1,151)			(1,153)			(1,155)			(1,158)			(1,160)
Tangible common equity	2,750			2,608			2,784			2,715			2,642			2,634			2,584
Modified CECL transitional amount	45			67			45			45			67			67			67
Accumulated other comprehensive loss	255			126			252			259			254			190			170
Deferred tax assets, net	28			39			28			28			29			30			39
Average common equity Tier 1	$	3,077		$	2,840		$	3,108		$	3,047		$	2,993		$	2,921		$	2,860
Average tangible assets reconciliation(a)
Total assets	$	40,085		$	35,468		$	40,558		$	39,607		$	38,385		$	37,272		$	35,733
Goodwill and other intangible assets, net	(1,152)			(1,161)			(1,151)			(1,153)			(1,155)			(1,158)			(1,160)
Tangible assets	$	38,933		$	34,307		$	39,407		$	38,454		$	37,230		$	36,114		$	34,573
Adjusted net income reconciliation(b)
Net income	$	191		$	161		$	87		$	103		$	109		$	96		$	87
Other intangible amortization, net of tax	3			3			2			2			2			2			2
Adjusted net income	$	194		$	164		$	89		$	105		$	110		$	98		$	88
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity	$	185		$	155		$	84		$	100		$	106		$	93		$	84
Other intangible amortization, net of tax	3			3			2			2			2			2			2
Adjusted net income available to common equity	$	188		$	159		$	86		$	102		$	108		$	95		$	86
Selected trend information(d)
Wealth management fees	$	41		$	44		$	20		$	20		$	20		$	20		$	21
Service charges and deposit account fees	25			33			12			13			14			15			17
Card-based fees	22			21			11			11			11			11			11
Other fee-based revenue	9			8			4			4			3			4			4
Fee-based revenue	97			107			49			48			49			51			54
Other	31			43			17			14			13			20			22
Total noninterest income	$	128		$	150		$	66		$	62		$	62		$	71		$	75
Pre-tax pre-provision income(e)
Income before income taxes	$	241		$	203		$	111		$	131		$	134		$	122		$	110
Provision for credit losses	40			(4)			22			18			20			17			—
Pre-tax pre-provision income	$	281		$	199		$	133		$	149		$	154		$	139		$	110
Efficiency ratio reconciliation(f)
Federal Reserve efficiency ratio	57.26		%	63.51		%	58.49		%	56.07		%	55.47		%	60.32		%	61.53		%
Fully tax-equivalent adjustment	(0.82)		%	(1.05)		%	(0.85)		%	(0.79)		%	(0.77)		%	(0.87)		%	(0.98)		%
Other intangible amortization	(0.67)		%	(0.80)		%	(0.68)		%	(0.66)		%	(0.62)		%	(0.67)		%	(0.76)		%
Fully tax-equivalent efficiency ratio	55.78		%	61.68		%	56.96		%	54.64		%	54.08		%	58.79		%	59.80		%

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 enhance 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.

10