Exhibit 99.1

NEWS RELEASE Investor Contact: Ben McCarville, Vice President, Director of Investor Relations 920-491-7059 Media Contact: Marilka Vélez, Senior Vice President, Senior Director of Marketing 920-491-7518

Associated Banc-Corp Reports First Quarter 2024 Net Income Available to Common Equity of $78 Million, or $0.52 per Common Share

Results driven by balance sheet growth, margin expansion and continued execution of strategic initiatives

GREEN BAY, Wis. -- April 25, 2024 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $78 million, or $0.52 per common share, for the quarter ended March 31, 2024. These amounts compare to a loss of $94 million, or $(0.62) per common share, for the quarter ended December 31, 2023 and earnings of $100 million, or $0.66 per common share, for the quarter ended March 31, 2023.

"During the first quarter, we continued to make strong progress against our strategic plan," said President and CEO Andy Harmening. "We added talent in key areas, enhanced operational efficiency, and improved the customer experience through product and service enhancements. Here in April, our collective efforts were recognized when we were named #1 for Retail Banking Customer Satisfaction in the Upper Midwest Region by J.D. Power.1 Importantly, these efforts also contributed to the bottom line through balanced loan and deposit growth, net household growth, and expanding margins."

"As we look forward, macroeconomic question marks remain, but we feel well-positioned thanks to the stability of our markets, the resilience of our customer base, and the quarterly momentum from our initiatives. We're excited to share our progress over the remainder of the year."

First Quarter 2024 Highlights (all comparisons to Fourth Quarter 2023)

•Total period end commercial & business lending loans increased $161 million to $11.0 billion

•Total period end commercial real estate loans decreased $73 million to $7.3 billion

•Total period end consumer loans increased $190 million to $11.2 billion

•Total period end deposits increased $267 million to $33.7 billion

•Total period end core customer deposits2 increased $557 million to $28.0 billion

•Net interest income increased $4 million to $258 million

•Quarterly net interest margin increased 10 basis points to 2.79%

•Noninterest income increased $196 million to $65 million (increase primarily driven by one time items impacting 4Q 2023 results)

•Noninterest expense decreased $42 million to $198 million (decrease primarily driven by one time items impacting 4Q 2023 results)

•Provision for credit losses on loans increased $3 million to $24 million

•Net income available to common equity increased $172 million to $78 million (increase primarily driven by one time items impacting 4Q 2023 results)

1 For J.D. Power 2024 award information, visit jdpower.com/awards.

2 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans

First quarter 2024 average total loans of $29.4 billion decreased 2%, or $583 million, from the prior quarter and increased 2%, or $523 million, from the same period last year. With respect to first quarter 2024 average balances by loan category:

•Commercial and business lending decreased $4 million from the prior quarter and increased $200 million from the same period last year to $10.8 billion.

•Commercial real estate lending decreased $8 million from the prior quarter and increased $139 million from the same period last year to $7.4 billion.

•Consumer lending decreased $572 million from the prior quarter and increased $184 million from the same period last year to $11.2 billion.

First quarter 2024 period end total loans of $29.5 billion increased 1%, or $278 million, from the prior quarter and increased 1%, or $287 million, from the same period last year. With respect to first quarter 2024 period end balances by loan category:

•Commercial and business lending increased $161 million from the prior quarter and increased $34 million from the same period last year to $11.0 billion.

•Commercial real estate lending decreased $73 million from the prior quarter and increased $81 million from the same period last year to $7.3 billion.

•Consumer lending increased $190 million from the prior quarter and increased $172 million from the same period last year to $11.2 billion.

In 2024, we continue to expect total loan growth of 4% to 6% on an end of period basis as compared to the year ended December 31, 2023.

Deposits

First quarter 2024 average deposits of $33.3 billion increased 3%, or $1.1 billion, from the prior quarter and increased 11%, or $3.4 billion, from the same period last year. With respect to first quarter 2024 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $289 million from the prior quarter and decreased $1.5 billion from the same period last year to $5.9 billion.

•Savings increased $66 million from the prior quarter and increased $263 million from the same period last year to $4.9 billion.

•Interest-bearing demand deposits increased $334 million from the prior quarter and increased $676 million from the same period last year to $7.5 billion.

•Money market deposits decreased $5 million from the prior quarter and decreased $1.4 billion from the same period last year to $6.1 billion.

•Total time deposits increased $934 million from the prior quarter and increased $4.8 billion from the same period last year to $7.2 billion.

•Network transaction deposits increased $35 million from the prior quarter and increased $505 million from the same period last year to $1.7 billion.

First quarter 2024 period end deposits of $33.7 billion increased 1%, or $267 million, from the prior quarter and increased 11%, or $3.4 billion, from the same period last year. With respect to first quarter 2024 period end balances by deposit category:

•Noninterest-bearing demand deposits increased $134 million from the prior quarter and decreased $1.1 billion from the same period last year to $6.3 billion.

•Savings increased $289 million from the prior quarter and increased $394 million from the same period last year to $5.1 billion.

•Interest-bearing demand deposits decreased $97 million from the prior quarter and increased $1.8 billion from the same period last year to $8.7 billion.

•Money market deposits increased $391 million from the prior quarter and decreased $1.6 billion from the same period last year to $6.7 billion.

•Total time deposits decreased $450 million from the prior quarter and increased $3.9 billion from the same period last year to $6.9 billion.

•Network transaction deposits (included in money market and interest-bearing demand deposits) increased $227 million from the prior quarter and increased $519 million from the same period last year to $1.8 billion.

In 2024, we continue to expect core customer deposit growth of 3% to 5% on an end of period basis as compared to the year ended December 31, 2023.

Net Interest Income and Net Interest Margin

First quarter 2024 net interest income of $258 million increased $4 million, or 2%, from the prior quarter and decreased $16 million, or 6%, from the same period last year. The net interest margin increased to 2.79%, reflecting a 10 basis point increase from the prior quarter and a 28 basis point decrease from the same period last year.

•The average yield on total loans for the first quarter of 2024 increased 14 basis points from the prior quarter and increased 73 basis points from the same period last year to 6.22%.

•The average cost of total interest-bearing liabilities for the first quarter of 2024 remained flat compared to the prior quarter and increased 107 basis points from the same period last year to 3.55%.

•The net free funds benefit for the first quarter of 2024 decreased 3 basis points from the prior quarter and increased 9 basis points from the same period last year to 0.70%.

We continue to expect total net interest income growth of 2% to 4% in 2024.

Noninterest Income

First quarter 2024 total noninterest income of $65 million increased $196 million from the prior quarter (with the increase driven primarily by one time items impacting prior quarter results) and increased $3 million, or 5%, from the same period last year. With respect to first quarter 2024 noninterest income line items:

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

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

•Capital markets, net decreased $5 million from the prior quarter and decreased $1 million from the same period last year.

•Investment securities gains (losses), net increased $63 million from the prior quarter and increased $4 million from the same period last year, driven primarily by a $65 million net loss on a sale of investments associated with a balance sheet repositioning recognized in the fourth quarter of 2023 and a $4 million gain on sale of Visa B shares recognized in the first quarter of 2024. As of March 31, 2024, we had no Visa B shares remaining.

After adjusting to exclude the impact of the mortgage and investment securities sales announced during the fourth quarter of 2023, we continue to expect total noninterest income to decrease by 0% to 2% in 2024.

Noninterest Expense

First quarter 2024 total noninterest expense of $198 million decreased $42 million, or 17%, from the prior quarter (with the decrease driven primarily by one time items impacting prior quarter results) and increased $10 million, or 5%, from the same period last year as we continued to invest in our strategic initiatives. With respect to first quarter 2024 noninterest expense line items:

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

•Technology expense decreased $2 million from the prior quarter and increased $3 million from the same period last year.

•FDIC assessment expense decreased $28 million from the prior quarter and increased $7 million from the same period last year. These results were driven primarily by a $31 million special assessment recognized in the fourth quarter of 2023 and an $8 million special assessment recognized in the first quarter of 2024.

After adjusting to exclude the impact of the $31 million FDIC special assessment finalized during the fourth quarter of 2023 and the $8 million FDIC special assessment finalized during the first quarter of 2024, we expect total noninterest expense to grow by 2% to 3% in 2024.

Taxes

The first quarter 2024 tax expense was $20 million compared to $47 million of tax benefit in the prior quarter and $27 million of tax expense in the same period last year. The effective tax rate for the first quarter of 2024 was 19.8% compared to an effective tax rate of 20.9% in the same period last year.

In 2024, we continue to expect the annual effective tax rate to be between 19% and 21%, assuming no change in the corporate tax rate.

Credit

The first quarter 2024 provision for credit losses on loans was $24 million, compared to a provision of $21 million in the prior quarter and a provision of $18 million in the same period last year. With respect to first quarter 2024 credit quality:

•Nonaccrual loans of $178 million increased $29 million from the prior quarter and increased $61 million from the same period last year. The nonaccrual loans to total loans ratio was 0.60% in the first quarter, up from 0.51% in the prior quarter and up from 0.40% in the same period last year.

•First quarter 2024 net charge offs of $22 million increased compared to net charge offs of $16 million in the prior quarter and increased compared to net charge offs of $3 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $388 million increased $2 million compared to the prior quarter and increased $22 million compared to the same period last year. The ACLL to total loans ratio was 1.31% in the first quarter, down from 1.32% in the prior quarter and up from 1.25% in the same period last year.

In 2024, we continue to 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 9.43%at March 31, 2024. 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 2024 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 25, 2024. 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 2024 earnings call. The first quarter 2024 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 nearly 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, 2024		December 31, 2023		Seql Qtr $ Change		September 30, 2023		June 30, 2023		March 31, 2023		Comp Qtr $ Change
Assets
Cash and due from banks	$	429,859	$	484,384	$	(54,525)	$	388,694	$	407,620	$	311,269	$	118,590
Interest-bearing deposits in other financial institutions	420,114		425,089		(4,975)		323,130		190,881		511,116		(91,002)
Federal funds sold and securities purchased under agreements to resell	1,610		14,350		(12,740)		965		31,160		455		1,155
Investment securities available for sale, at fair value	3,724,148		3,600,892		123,256		3,491,679		3,504,777		3,381,607		342,541
Investment securities held to maturity, net, at amortized cost	3,832,967		3,860,160		(27,193)		3,900,415		3,938,877		3,967,058		(134,091)
Equity securities	19,571		41,651		(22,080)		35,937		30,883		30,514		(10,943)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	173,968		229,171		(55,203)		268,698		271,637		331,420		(157,452)
Residential loans held for sale	52,414		33,011		19,403		54,790		38,083		35,742		16,672
Commercial loans held for sale	—		90,303		(90,303)		—		15,000		33,490		(33,490)
Loans	29,494,263		29,216,218		278,045		30,193,187		29,848,904		29,207,072		287,191
Allowance for loan losses	(356,006)		(351,094)		(4,912)		(345,795)		(338,750)		(326,432)		(29,574)
Loans, net	29,138,257		28,865,124		273,133		29,847,392		29,510,153		28,880,640		257,617
Tax credit and other investments	255,252		258,067		(2,815)		256,905		263,583		269,269		(14,017)
Premises and equipment, net	367,618		372,978		(5,360)		373,017		374,866		375,540		(7,922)
Bank and corporate owned life insurance	685,089		682,649		2,440		679,775		678,578		677,328		7,761
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	38,268		40,471		(2,203)		42,674		44,877		47,079		(8,811)
Mortgage servicing rights, net	85,226		84,390		836		89,131		80,449		74,479		10,747
Interest receivable	167,092		169,569		(2,477)		171,119		159,185		152,404		14,688
Other assets	640,638		658,604		(17,966)		608,068		573,870		518,115		122,523
Total assets	$	41,137,084	$	41,015,855	$	121,229	$	41,637,381	$	41,219,473	$	40,702,519	$	434,565
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	6,254,135	$	6,119,956	$	134,179	$	6,422,994	$	6,565,666	$	7,328,689	$	(1,074,554)
Interest-bearing deposits	27,459,023		27,326,093		132,930		25,700,332		25,448,743		23,003,134		4,455,889
Total deposits	33,713,158		33,446,049		267,109		32,123,326		32,014,409		30,331,824		3,381,334
Short-term funding	765,671		326,780		438,891		451,644		341,253		226,608		539,063
FHLB advances	1,333,411		1,940,194		(606,783)		3,733,041		3,630,747		4,986,138		(3,652,727)
Other long-term funding	536,055		541,269		(5,214)		529,459		534,273		544,103		(8,048)
Allowance for unfunded commitments	31,776		34,776		(3,000)		34,776		38,276		39,776		(8,000)
Accrued expenses and other liabilities	588,341		552,814		35,527		637,491		537,640		448,407		139,934
Total liabilities	36,968,412		36,841,882		126,530		37,509,738		37,096,599		36,576,856		391,556
Stockholders’ equity
Preferred equity	194,112		194,112		—		194,112		194,112		194,112		—
Common equity	3,974,561		3,979,861		(5,300)		3,933,531		3,928,762		3,931,551		43,010
Total stockholders’ equity	4,168,673		4,173,973		(5,300)		4,127,643		4,122,874		4,125,663		43,010
Total liabilities and stockholders’ equity	$	41,137,084	$	41,015,855	$	121,229	$	41,637,381	$	41,219,473	$	40,702,519	$	434,565

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
	1Q24		4Q23		$ Change		% Change		3Q23		2Q23		1Q23		$ Change		% Change
Interest income
Interest and fees on loans	$	454,472	$	457,868	$	(3,396)	(1)	%	$	447,912	$	423,307	$	391,320	$	63,152	16	%
Interest and dividends on investment securities
Taxable	46,548		41,809		4,739		11	%	38,210		35,845		30,142		16,406		54	%
Tax-exempt	14,774		15,273		(499)		(3)	%	15,941		15,994		16,025		(1,251)		(8)	%
Other interest	7,595		10,418		(2,823)		(27)	%	6,575		6,086		5,329		2,266		43	%
Total interest income	523,388		525,367		(1,979)		—	%	508,637		481,231		442,817		80,571		18	%
Interest expense
Interest on deposits	226,231		208,875		17,356		8	%	193,131		162,196		109,422		116,809		107	%
Interest on federal funds purchased and securities sold under agreements to repurchase	2,863		3,734		(871)		(23)	%	3,100		2,261		3,143		(280)		(9)	%
Interest on other short-term funding	4,708		—		4,708		N/M		—		—		—		4,708		N/M
Interest on FHLB advances	21,671		49,171		(27,500)		(56)	%	48,143		49,261		49,960		(28,289)		(57)	%
Interest on long-term funding	10,058		10,185		(127)		(1)	%	10,019		9,596		6,281		3,777		60	%
Total interest expense	265,530		271,965		(6,435)		(2)	%	254,394		223,314		168,807		96,723		57	%
Net interest income	257,858		253,403		4,455		2	%	254,244		257,917		274,010		(16,152)		(6)	%
Provision for credit losses	24,001		21,007		2,994		14	%	21,943		22,100		17,971		6,030		34	%
Net interest income after provision for credit losses	233,857		232,395		1,462		1	%	232,301		235,817		256,039		(22,182)		(9)	%
Noninterest income
Wealth management fees	21,694		21,003		691		3	%	20,828		20,483		20,189		1,505		7	%
Service charges and deposit account fees	12,439		10,815		1,624		15	%	12,864		12,372		12,994		(555)		(4)	%
Card-based fees	11,267		11,528		(261)		(2)	%	11,510		11,396		10,586		681		6	%
Other fee-based revenue	4,402		4,019		383		10	%	4,509		4,465		4,276		126		3	%
Capital markets, net	4,050		9,106		(5,056)		(56)	%	5,368		5,093		5,083		(1,033)		(20)	%
Mortgage banking, net	2,662		1,615		1,047		65	%	6,501		7,768		3,545		(883)		(25)	%
Loss on mortgage portfolio sale	—		(136,239)		136,239		(100)	%	—		—		—		—		N/M
Bank and corporate owned life insurance	2,570		3,383		(813)		(24)	%	2,047		2,172		2,664		(94)		(4)	%
Asset gains (losses), net	(306)		(136)		(170)		125	%	625		(299)		263		(569)		N/M
Investment securities gains (losses), net	3,879		(58,958)		62,837		N/M		(11)		14		51		3,828		N/M
Other	2,327		2,850		(523)		(18)	%	2,339		2,080		2,422		(95)		(4)	%
Total noninterest income (loss)	64,985		(131,013)		195,998		N/M		66,579		65,543		62,073		2,912		5	%
Noninterest expense
Personnel	119,395		120,686		(1,291)		(1)	%	117,159		114,089		116,420		2,975		3	%
Technology	26,200		28,027		(1,827)		(7)	%	26,172		24,220		23,598		2,602		11	%
Occupancy	13,633		14,429		(796)		(6)	%	14,125		13,587		15,063		(1,430)		(9)	%
Business development and advertising	6,517		8,350		(1,833)		(22)	%	7,100		7,106		5,849		668		11	%
Equipment	4,599		4,742		(143)		(3)	%	5,016		4,975		4,930		(331)		(7)	%
Legal and professional	4,672		6,762		(2,090)		(31)	%	4,461		4,831		3,857		815		21	%
Loan and foreclosure costs	1,979		585		1,394		N/M		2,049		1,635		1,138		841		74	%
FDIC assessment	13,946		41,497		(27,551)		(66)	%	9,150		9,550		6,875		7,071		103	%
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,203		—		—	%
Other	4,513		12,110		(7,597)		(63)	%	8,771		8,476		7,479		(2,966)		(40)	%
Total noninterest expense	197,657		239,391		(41,734)		(17)	%	196,205		190,673		187,412		10,245		5	%
Income (loss) before income taxes	101,185		(138,009)		239,194		N/M		102,674		110,687		130,700		(29,515)		(23)	%
Income tax expense (benefit)	20,016		(47,202)		67,218		N/M		19,426		23,533		27,340		(7,324)		(27)	%
Net income (loss)	81,169		(90,806)		171,975		N/M		83,248		87,154		103,360		(22,191)		(21)	%
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		2,875		—		—	%
Net income (loss) available to common equity	$	78,294	$	(93,681)	$	171,975	N/M		$	80,373	$	84,279	$	100,485	$	(22,191)	(22)	%
Earnings (loss) per common share
Basic	$	0.52	$	(0.63)	$	1.15	N/M		$	0.53	$	0.56	$	0.67	$	(0.15)	(22)	%
Diluted	$	0.52	$	(0.62)	$	1.14	N/M		$	0.53	$	0.56	$	0.66	$	(0.14)	(21)	%
Average common shares outstanding
Basic	149,855		150,085		(230)		—	%	150,035		149,986		149,763		92		—	%
Diluted	151,292		151,007		285		—	%	151,014		150,870		151,128		164		—	%

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)	1Q24			4Q23			3Q23			2Q23			1Q23
Per common share data
Dividends	$	0.22		$	0.22		$	0.21		$	0.21		$	0.21
Market value:
High	22.00			21.79			19.21			18.45			24.18
Low	19.73			15.45			16.22			14.48			17.66
Close	21.51			21.39			17.11			16.23			17.98
Book value / share	26.37			26.35			26.06			26.03			26.06
Tangible book value / share	18.78			18.77			18.46			18.41			18.42
Performance ratios (annualized)
Return on average assets	0.80		%	(0.87)		%	0.80		%	0.86		%	1.06		%
Noninterest expense / average assets	1.95		%	2.30		%	1.90		%	1.89		%	1.92		%
Effective tax rate	19.78		%	N/M			18.92		%	21.26		%	20.92		%
Dividend payout ratio(a)	42.31		%	N/M			39.62		%	37.50		%	31.34		%
Net interest margin	2.79		%	2.69		%	2.71		%	2.80		%	3.07		%
Selected trend information
Average full time equivalent employees(b)	4,070			4,130			4,220			4,227			4,219
Branch count	188			196			202			202			202
Assets under management, at market value(c)	$	14,171		$	13,545		$	12,543		$	12,995		$	12,412
Mortgage loans originated for sale during period	$	105		$	112		$	115		$	99		$	69
Mortgage loan settlements during period(d)	$	91		$	957		$	103		$	97		$	55
Mortgage portfolio loans transferred to held for sale during period(d)	$	—		$	969		$	—		$	—		$	—
Mortgage portfolio serviced for others(d)	$	6,349		$	7,364		$	6,452		$	6,525		$	6,612
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)	1.34		%	1.15		%	1.38		%	1.23		%	1.13		%
Shares repurchased during period(e)	900			—			—			—			—
Shares outstanding, end of period	150,739			151,037			150,951			150,919			150,886
Selected quarterly ratios
Loans / deposits	87.49		%	87.35		%	93.99		%	93.24		%	96.29		%
Stockholders’ equity / assets	10.13		%	10.18		%	9.91		%	10.00		%	10.14		%
Risk-based capital(f)(g)
Total risk-weighted assets	$	32,753		$	32,733		$	33,497		$	33,144		$	32,646
Common equity Tier 1	$	3,088		$	3,075		$	3,197		$	3,143		$	3,086
Common equity Tier 1 capital ratio	9.43		%	9.39		%	9.55		%	9.48		%	9.45		%
Tier 1 capital ratio	10.02		%	9.99		%	10.12		%	10.07		%	10.05		%
Total capital ratio	12.08		%	12.21		%	12.25		%	12.22		%	12.22		%
Tier 1 leverage ratio	8.21		%	8.06		%	8.42		%	8.40		%	8.46		%

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)During the fourth quarter of 2023, the Corporation transferred $969 million of residential mortgages into held for sale and subsequently sold them for $844 million. After sale, the servicing was retained for a short period until full servicing was transferred to the purchaser in January 2024.

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

(f)The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.

(g)March 31, 2024 data is estimated.

3

Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Mar 31, 2024			Dec 31, 2023			Seql Qtr % Change		Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	351,094		$	345,795		2	%	$	338,750		$	326,432		$	312,720		12	%
Provision for loan losses	27,000			21,000			29	%	25,500			23,500			17,000			59	%
Charge offs	(24,018)			(17,878)			34	%	(20,535)			(14,855)			(5,501)			N/M
Recoveries	1,930			2,177			(11)	%	2,079			3,674			2,212			(13)	%
Net (charge offs) recoveries	(22,088)			(15,701)			41	%	(18,455)			(11,181)			(3,289)			N/M
Balance at end of period	$	356,006		$	351,094		1	%	$	345,795		$	338,750		$	326,432		9	%
Allowance for unfunded commitments
Balance at beginning of period	$	34,776		$	34,776		—	%	$	38,276		$	39,776		$	38,776		(10)	%
Provision for unfunded commitments	(3,000)			—			N/M		(3,500)			(1,500)			1,000			N/M
Balance at end of period	$	31,776		$	34,776		(9)	%	$	34,776		$	38,276		$	39,776		(20)	%
Allowance for credit losses on loans (ACLL)	$	387,782		$	385,870		—	%	$	380,571		$	377,027		$	366,208		6	%
Provision for credit losses on loans	$	24,000		$	21,000		14	%	$	22,000		$	22,000		$	18,000		33	%
($ in thousands)	Mar 31, 2024			Dec 31, 2023			Seql Qtr % Change		Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Comp Qtr % Change
Net (charge offs) recoveries
Commercial and industrial	$	(18,638)		$	(13,178)		41	%	$	(16,558)		$	(11,177)		$	(1,759)		N/M
Commercial real estate—owner occupied	2			(22)			N/M		2			3			3			(33)	%
Commercial and business lending	(18,636)			(13,200)			41	%	(16,556)			(11,174)			(1,756)			N/M
Commercial real estate—investor	—			216			(100)	%	272			2,276			—			N/M
Real estate construction	30			38			(21)	%	18			(18)			18			67	%
Commercial real estate lending	30			253			(88)	%	290			2,257			18			67	%
Total commercial	(18,606)			(12,947)			44	%	(16,266)			(8,917)			(1,738)			N/M
Residential mortgage	(62)			(53)			17	%	(22)			(283)			(53)			17	%
Auto finance	(2,094)			(1,436)			46	%	(1,269)			(1,048)			(957)			119	%
Home equity	211			185			14	%	128			183			340			(38)	%
Other consumer	(1,537)			(1,450)			6	%	(1,027)			(1,117)			(881)			74	%
Total consumer	(3,482)			(2,754)			26	%	(2,189)			(2,264)			(1,550)			125	%
Total net (charge offs) recoveries	$	(22,088)		$	(15,701)		41	%	$	(18,455)		$	(11,181)		$	(3,289)		N/M
(In basis points)	Mar 31, 2024			Dec 31, 2023					Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial	(77)			(54)					(66)			(46)			(7)
Commercial real estate—owner occupied	—			(1)					—			—			—
Commercial and business lending	(69)			(48)					(60)			(41)			(7)
Commercial real estate—investor	—			2					2			18			—
Real estate construction	1			1					—			—			—
Commercial real estate lending	—			1					2			12			—
Total commercial	(41)			(28)					(35)			(20)			(4)
Residential mortgage	—			—					—			(1)			—
Auto finance	(35)			(27)					(27)			(25)			(26)
Home equity	14			12					8			12			22
Other consumer	(232)			(208)					(148)			(163)			(125)
Total consumer	(13)			(9)					(7)			(8)			(6)
Total net (charge offs) recoveries	(30)			(21)					(25)			(15)			(5)
($ in thousands)	Mar 31, 2024			Dec 31, 2023			Seql Qtr % Change		Sep 30, 2023			Jun 30, 2023			Mar 31, 2023			Comp Qtr % Change
Credit quality
Nonaccrual loans	$	178,346		$	148,997		20	%	$	168,558		$	131,278		$	117,569		52	%
Other real estate owned (OREO)	8,437			10,506			(20)	%	8,452			7,575			15,184			(44)	%
Repossessed assets	1,241			919			35	%	658			348			92			N/M
Total nonperforming assets	$	188,025		$	160,421		17	%	$	177,668		$	139,201		$	132,845		42	%
Loans 90 or more days past due and still accruing	$	2,417		$	21,689		(89)	%	$	2,156		$	1,726		$	1,703		42	%
Allowance for credit losses on loans to total loans	1.31		%	1.32		%			1.26		%	1.26		%	1.25		%
Allowance for credit losses on loans to nonaccrual loans	217.43		%	258.98		%			225.78		%	287.20		%	311.48		%
Nonaccrual loans to total loans	0.60		%	0.51		%			0.56		%	0.44		%	0.40		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.64		%	0.55		%			0.59		%	0.47		%	0.45		%
Nonperforming assets to total assets	0.46		%	0.39		%			0.43		%	0.34		%	0.33		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans	0.30		%	0.16		%			0.15		%	0.10		%	0.05		%

4

Associated Banc-Corp Selected Asset Quality Information (continued)
($ in thousands)	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	72,243	$	62,022	16	%	$	74,812	$	34,907	$	22,735	N/M
Commercial real estate—owner occupied	2,090		1,394		50	%	3,936		1,444		1,478		41	%
Commercial and business lending	74,333		63,416		17	%	78,748		36,352		24,213		N/M
Commercial real estate—investor	18,697		—		N/M		10,882		22,068		25,122		(26)	%
Real estate construction	18		6		200	%	103		125		178		(90)	%
Commercial real estate lending	18,715		6		N/M		10,985		22,193		25,300		(26)	%
Total commercial	93,047		63,422		47	%	89,732		58,544		49,513		88	%
Residential mortgage	69,954		71,142		(2)	%	66,153		61,718		58,274		20	%
Auto finance	7,158		5,797		23	%	4,533		3,065		2,436		194	%
Home equity	8,100		8,508		(5)	%	7,917		7,788		7,246		12	%
Other consumer	87		128		(32)	%	222		163		100		(13)	%
Total consumer	85,299		85,574		—	%	78,826		72,733		68,056		25	%
Total nonaccrual loans	$	178,346	$	148,997	20	%	$	168,558	$	131,278	$	117,569	52	%
	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change
Restructured loans (accruing)(a)
Commercial and industrial	$	377	$	306	23	%	$	234	$	168	$	47	N/M
Commercial and business lending	377		306		23	%	234		168		47		N/M
Commercial real estate—investor	—		—		N/M		—		—		—		N/M
Real estate construction	—		—		N/M		—		—		—		N/M
Commercial real estate lending	—		—		N/M		—		—		—		N/M
Total commercial	377		306		23	%	234		168		47		N/M
Residential mortgage	345		405		(15)	%	207		126		126		174	%
Auto finance	66		255		(74)	%	169		80		61		8	%
Home equity	182		305		(40)	%	236		78		31		N/M
Other consumer	1,487		1,449		3	%	1,243		988		498		199	%
Total consumer	2,080		2,414		(14)	%	1,855		1,271		716		191	%
Total restructured loans (accruing)	$	2,457	$	2,719	(10)	%	$	2,089	$	1,439	$	763	N/M
Nonaccrual restructured loans (included in nonaccrual loans)	$	1,141	$	805	42	%	$	961	$	796	$	341	N/M
	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial	$	521	$	5,565	(91)	%	$	1,507	$	12,005	$	4,239	(88)	%
Commercial real estate—owner occupied	—		358		(100)	%	1,877		1,484		2,955		(100)	%
Commercial and business lending	521		5,923		(91)	%	3,384		13,489		7,195		(93)	%
Commercial real estate—investor	19,164		18,697		2	%	10,121		—		—		N/M
Real estate construction	1,260		—		N/M		10		76		—		N/M
Commercial real estate lending	20,424		18,697		9	%	10,131		76		—		N/M
Total commercial	20,945		24,619		(15)	%	13,515		13,565		7,195		191	%
Residential mortgage	9,903		13,446		(26)	%	11,652		8,961		7,626		30	%
Auto finance	12,521		17,386		(28)	%	16,688		11,429		8,640		45	%
Home equity	2,819		4,208		(33)	%	3,687		4,030		4,113		(31)	%
Other consumer	2,260		2,166		4	%	1,880		2,025		1,723		31	%
Total consumer	27,503		37,205		(26)	%	33,908		26,444		22,102		24	%
Total accruing loans 30-89 days past due	$	48,448	$	61,825	(22)	%	$	47,422	$	40,008	$	29,297	65	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Based on ASU 2022-02 which was adopted prospectively in 1Q23.

5

Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	March 31, 2024						December 31, 2023						March 31, 2023
($ 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	$	10,816,255	$	194,090	7.22	%	$	10,820,214	$	193,808	7.11	%	$	10,616,026	$	167,174	6.39	%
Commercial real estate lending	7,389,962		138,850		7.56	%	7,397,809		138,437		7.42	%	7,251,193		119,087		6.66	%
Total commercial	18,206,217		332,940		7.35	%	18,218,024		332,245		7.24	%	17,867,219		286,262		6.50	%
Residential mortgage	7,896,956		68,787		3.48	%	8,691,258		76,035		3.50	%	8,584,528		70,711		3.30	%
Auto finance	2,373,720		32,603		5.52	%	2,138,536		29,221		5.42	%	1,490,115		16,458		4.48	%
Other retail	892,128		20,661		9.28	%	904,618		21,026		9.27	%	903,956		18,494		8.23	%
Total loans	29,369,022		454,991		6.22	%	29,952,435		458,527		6.08	%	28,845,818		391,925		5.49	%
Investment securities
Taxable	5,517,023		46,727		3.39	%	5,344,578		41,809		3.13	%	4,912,416		30,142		2.45	%
Tax-exempt(a)	2,133,352		18,024		3.38	%	2,209,662		19,244		3.48	%	2,329,519		20,192		3.47	%
Other short-term investments	576,782		8,311		5.80	%	767,256		10,418		5.39	%	493,061		5,329		4.37	%
Investments and other	8,227,158		73,062		3.55	%	8,321,495		71,471		3.43	%	7,734,996		55,664		2.88	%
Total earning assets	37,596,179		$	528,053	5.64	%	38,273,931		$	529,998	5.51	%	36,580,814		$	447,589	4.94	%
Other assets, net	3,173,027						3,056,772						3,026,251
Total assets	$	40,769,206					$	41,330,703					$	39,607,065
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,928,031	$	21,747	1.77	%	$	4,861,913	$	20,334	1.66	%	$	4,664,624	$	9,859	0.86	%
Interest-bearing demand	7,490,119		49,990		2.68	%	7,156,151		47,277		2.62	%	6,814,487		29,918		1.78	%
Money market	6,116,604		47,306		3.11	%	6,121,105		47,110		3.05	%	7,536,393		41,637		2.24	%
Network transaction deposits	1,651,937		22,205		5.41	%	1,616,719		22,034		5.41	%	1,147,089		12,825		4.53	%
Time deposits	7,198,315		84,983		4.75	%	6,264,621		72,121		4.57	%	2,362,260		15,182		2.61	%
Total interest-bearing deposits	27,385,005		226,231		3.32	%	26,020,510		208,875		3.18	%	22,524,853		109,422		1.97	%
Federal funds purchased and securities sold under agreements to repurchase	263,979		2,863		4.36	%	347,204		3,734		4.27	%	429,780		3,143		2.97	%
Other short-term funding	449,999		5,603		5.01	%	—		—		—	%	17,339		—		0.01	%
FHLB advances	1,540,247		21,671		5.66	%	3,467,433		49,171		5.63	%	4,254,532		49,960		4.76	%
Long-term funding	539,106		10,058		7.46	%	531,155		10,185		7.67	%	408,175		6,281		6.16	%
Total short and long-term funding	2,793,331		40,194		5.78	%	4,345,793		63,090		5.77	%	5,109,826		59,384		4.71	%
Total interest-bearing liabilities	30,178,337		$	266,425	3.55	%	30,366,302		$	271,965	3.55	%	27,634,679		$	168,807	2.48	%
Noninterest-bearing demand deposits	5,882,052						6,171,240						7,340,219
Other liabilities	527,437						672,597						570,166
Stockholders’ equity	4,181,381						4,120,564						4,062,001
Total liabilities and stockholders’ equity	$	40,769,206					$	41,330,703					$	39,607,065
Interest rate spread					2.09	%					1.96	%					2.46	%
Net free funds					0.70	%					0.73	%					0.61	%
Fully tax-equivalent net interest income and net interest margin			$	261,628	2.79	%			$	258,033	2.69	%			$	278,782	3.07	%
Fully tax-equivalent adjustment			3,770						4,630						4,772
Net interest income			$	257,858					$	253,403					$	274,010

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, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change
Commercial and industrial	$	9,858,329	$	9,731,555	1	%	$	10,099,068	$	10,055,487	$	9,869,781	—	%
Commercial real estate—owner occupied	1,095,894		1,061,700		3	%	1,054,969		1,058,237		1,050,236		4	%
Commercial and business lending	10,954,223		10,793,255		1	%	11,154,037		11,113,724		10,920,017		—	%
Commercial real estate—investor	5,035,195		5,124,245		(2)	%	5,218,980		5,312,928		5,094,249		(1)	%
Real estate construction	2,287,041		2,271,398		1	%	2,130,719		2,009,060		2,147,070		7	%
Commercial real estate lending	7,322,237		7,395,644		(1)	%	7,349,699		7,321,988		7,241,318		1	%
Total commercial	18,276,460		18,188,898		—	%	18,503,736		18,435,711		18,161,335		1	%
Residential mortgage	7,868,180		7,864,891		—	%	8,782,645		8,746,345		8,605,164		(9)	%
Auto finance	2,471,257		2,256,162		10	%	2,007,164		1,777,974		1,551,538		59	%
Home equity	619,764		628,526		(1)	%	623,650		615,506		609,787		2	%
Other consumer	258,603		277,740		(7)	%	275,993		273,367		279,248		(7)	%
Total consumer	11,217,802		11,027,319		2	%	11,689,451		11,413,193		11,045,737		2	%
Total loans	$	29,494,263	$	29,216,218	1	%	$	30,193,187	$	29,848,904	$	29,207,072	1	%
Period end deposit and customer funding composition	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change
Noninterest-bearing demand	$	6,254,135	$	6,119,956	2	%	$	6,422,994	$	6,565,666	$	7,328,689	(15)	%
Savings	5,124,639		4,835,701		6	%	4,836,735		4,777,415		4,730,472		8	%
Interest-bearing demand	8,747,127		8,843,967		(1)	%	7,528,154		7,037,959		6,977,121		25	%
Money market	6,721,674		6,330,453		6	%	7,268,506		7,521,930		8,357,625		(20)	%
Brokered CDs	3,931,230		4,447,479		(12)	%	3,351,399		3,818,325		1,185,565		N/M
Other time deposits	2,934,352		2,868,494		2	%	2,715,538		2,293,114		1,752,351		67	%
Total deposits	33,713,158		33,446,049		1	%	32,123,326		32,014,409		30,331,824		11	%
Other customer funding(a)	90,536		106,620		(15)	%	151,644		170,873		226,258		(60)	%
Total deposits and other customer funding	$	33,803,694	$	33,552,669	1	%	$	32,274,971	$	32,185,282	$	30,558,081	11	%
Network transaction deposits(b)	$	1,792,820	$	1,566,139	14	%	$	1,649,389	$	1,600,619	$	1,273,420	41	%
Net deposits and other customer funding(c)	$	28,079,644	$	27,539,051	2	%	$	27,274,183	$	26,766,338	$	28,099,096	—	%
Quarter average loan composition	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change
Commercial and industrial	$	9,729,718	$	9,768,803	—	%	$	9,927,271	$	9,831,956	$	9,600,838	1	%
Commercial real estate—owner occupied	1,086,537		1,051,412		3	%	1,058,313		1,067,381		1,015,187		7	%
Commercial and business lending	10,816,255		10,820,214		—	%	10,985,584		10,899,337		10,616,026		2	%
Commercial real estate—investor	5,041,518		5,156,528		(2)	%	5,205,626		5,206,430		5,093,122		(1)	%
Real estate construction	2,348,444		2,241,281		5	%	2,107,018		2,088,937		2,158,072		9	%
Commercial real estate lending	7,389,962		7,397,809		—	%	7,312,645		7,295,367		7,251,193		2	%
Total commercial	18,206,217		18,218,024		—	%	18,298,229		18,194,703		17,867,219		2	%
Residential mortgage	7,896,956		8,691,258		(9)	%	8,807,157		8,701,496		8,584,528		(8)	%
Auto finance	2,373,720		2,138,536		11	%	1,884,540		1,654,523		1,490,115		59	%
Home equity	625,686		627,736		—	%	619,423		612,045		618,724		1	%
Other consumer	266,443		276,881		(4)	%	275,262		275,530		285,232		(7)	%
Total consumer	11,162,805		11,734,412		(5)	%	11,586,382		11,243,594		10,978,599		2	%
Total loans(d)	$	29,369,022	$	29,952,435	(2)	%	$	29,884,611	$	29,438,297	$	28,845,818	2	%
Quarter average deposit composition	Mar 31, 2024		Dec 31, 2023		Seql Qtr % Change		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023		Comp Qtr % Change
Noninterest-bearing demand	$	5,882,052	$	6,171,240	(5)	%	$	6,318,781	$	6,669,787	$	7,340,219	(20)	%
Savings	4,928,031		4,861,913		1	%	4,814,499		4,749,808		4,664,624		6	%
Interest-bearing demand	7,490,119		7,156,151		5	%	6,979,071		6,663,775		6,814,487		10	%
Money market	6,116,604		6,121,105		—	%	6,294,083		6,743,810		7,536,393		(19)	%
Network transaction deposits	1,651,937		1,616,719		2	%	1,639,619		1,468,006		1,147,089		44	%
Brokered CDs	4,268,881		3,470,516		23	%	3,428,711		3,001,775		810,889		N/M
Other time deposits	2,929,434		2,794,105		5	%	2,527,030		1,984,174		1,551,371		89	%
Total deposits	33,267,057		32,191,750		3	%	32,001,794		31,281,134		29,865,072		11	%
Other customer funding(a)	101,483		127,252		(20)	%	164,289		196,051		245,349		(59)	%
Total deposits and other customer funding	$	33,368,540	$	32,319,002	3	%	$	32,166,082	$	31,477,186	$	30,110,421	11	%
Net deposits and other customer funding(c)	$	27,447,723	$	27,231,767	1	%	$	27,097,752	$	27,007,405	$	28,152,443	(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.

7

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
($ in millions, except per share data)	1Q24			4Q23			3Q23			2Q23			1Q23
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets	7.08		%	7.11		%	6.88		%	6.94		%	7.03		%
Return on average equity	7.81		%	(8.74)		%	7.99		%	8.47		%	10.32		%
Return on average tangible common equity	11.31		%	(13.13)		%	11.67		%	12.38		%	15.26		%
Return on average common equity Tier 1	10.27		%	(11.85)		%	10.08		%	10.88		%	13.38		%
Return on average tangible assets	0.84		%	(0.88)		%	0.84		%	0.90		%	1.11		%
Average stockholders' equity / average assets	10.26		%	9.97		%	10.06		%	10.18		%	10.26		%
Tangible common equity reconciliation(a)
Common equity	$	3,975		$	3,980		$	3,934		$	3,929		$	3,932
Goodwill and other intangible assets, net	(1,143)			(1,145)			(1,148)			(1,150)			(1,152)
Tangible common equity	$	2,831		$	2,834		$	2,786		$	2,779		$	2,779
Tangible assets reconciliation(a)
Total assets	$	41,137		$	41,016		$	41,637		$	41,219		$	40,703
Goodwill and other intangible assets, net	(1,143)			(1,145)			(1,148)			(1,150)			(1,152)
Tangible assets	$	39,994		$	39,870		$	40,490		$	40,070		$	39,550
Average tangible common equity and average common equity Tier 1 reconciliation(a)
Common equity	$	3,987		$	3,926		$	3,938		$	3,935		$	3,868
Goodwill and other intangible assets, net	(1,145)			(1,147)			(1,149)			(1,151)			(1,153)
Tangible common equity	2,843			2,780			2,789			2,784			2,715
Modified CECL transitional amount	22			45			45			45			45
Accumulated other comprehensive loss	188			286			302			252			259
Deferred tax assets, net	12			27			28			28			28
Average common equity Tier 1	$	3,065		$	3,138		$	3,164		$	3,108		$	3,047
Average tangible assets reconciliation(a)
Total assets	$	40,769		$	41,331		$	41,076		$	40,558		$	39,607
Goodwill and other intangible assets, net	(1,145)			(1,147)			(1,149)			(1,151)			(1,153)
Tangible assets	$	39,625		$	40,184		$	39,927		$	39,407		$	38,454
Adjusted net income reconciliation(b)
Net income	$	81		$	(91)		$	83		$	87		$	103
Other intangible amortization, net of tax	2			2			2			2			2
Adjusted net income	$	83		$	(89)		$	85		$	89		$	105
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity	$	78		$	(94)		$	80		$	84		$	100
Other intangible amortization, net of tax	2			2			2			2			2
Adjusted net income available to common equity	$	80		$	(92)		$	82		$	86		$	102
Selected trend information(d)
Wealth management fees	$	22		$	21		$	21		$	20		$	20
Service charges and deposit account fees	12			11			13			12			13
Card-based fees	11			12			12			11			11
Other fee-based revenue	4			4			5			4			4
Fee-based revenue	50			47			50			49			48
Other	15			(178)			17			17			14
Total noninterest income	$	65		$	(131)		$	67		$	66		$	62
Pre-tax pre-provision income(e)
Income before income taxes	$	101		$	(138)		$	103		$	111		$	131
Provision for credit losses	24			21			22			22			18
Pre-tax pre-provision income	$	125		$	(117)		$	125		$	133		$	149
End of period core customer deposits reconciliation
Total deposits	$	33,713		$	33,446		$	32,123		$	32,014		$	30,332
Network transaction deposits	(1,793)			(1,566)			(1,649)			(1,601)			(1,273)
Brokered CDs	(3,931)			(4,447)			(3,351)			(3,818)			(1,186)
Core customer deposits	$	27,989		$	27,432		$	27,123		$	26,595		$	27,873

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.

8

Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	1Q24		4Q23		3Q23		2Q23		1Q23
Efficiency ratio reconciliation(a)
Federal Reserve efficiency ratio	61.03	%	132.01	%	60.06	%	58.49	%	56.07	%
Fully tax-equivalent adjustment	(0.71)	%	(3.29)	%	(0.89)	%	(0.85)	%	(0.79)	%
Other intangible amortization	(0.69)	%	(1.21)	%	(0.69)	%	(0.68)	%	(0.66)	%
Fully tax-equivalent efficiency ratio	59.63	%	127.54	%	58.50	%	56.96	%	54.64	%
FDIC special assessment	(2.38)	%	(9.50)	%	—	%	—	%	—	%
Announced initiatives	—	%	(53.92)	%	—	%	—	%	—	%
Adjusted efficiency ratio	57.25	%	64.12	%	58.50	%	56.96	%	54.64	%

One Time Item Noninterest Income Reconciliation					YTD
($ in thousands)			4Q23		Dec 2023
GAAP noninterest income			$	(131,013)	$	63,182
Loss on mortgage portfolio sale(b)			136,239		136,239
Net loss on sale of investments(b)			64,940		64,940
Noninterest income, excluding one time items			$	70,166	$	264,361
One Time Item Noninterest Expense Reconciliation					YTD
($ in thousands)	1Q24		4Q23		Dec 2023
GAAP noninterest expense	$	197,657	$	239,391	$	813,682
FDIC special assessment	(7,696)		(30,597)		(30,597)
Noninterest expense, excluding one time items	$	189,961	$	208,795	$	783,085

(a)The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net. The adjusted efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, FDIC special assessment costs, and announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net and announced initiatives. Management believes the adjusted efficiency ratio is a meaningful measure as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and provides a better measure as to how the Corporation is managing its expenses by adjusting for one time costs like the FDIC special assessment and announced initiatives.

(b)The mortgage portfolio sale and investments sold that are classified as one time items are the result of a balance sheet repositioning that the Corporation announced in fourth quarter of 2023.

9