EXHIBIT 99

News Release	CONTACTS:
	Investors:
		Joe Selner, Chief Financial Officer
		920-491-7120
	Media:
		Jon Drayna, Corporate Communications
		920-491-7006

Associated Banc-Corp 1^st quarter 2005 earnings 59 cents up 11 percent

      GREEN BAY, Wis. – April 21, 2005 – Associated Banc-Corp (Nasdaq: ASBC) earned 59 cents per diluted share in the first quarter of 2005, up 11 percent from 53 cents earned in the first quarter of 2004. Net income for the first quarter was $77.5 million, up 30 percent compared to first quarter 2004 of $59.6 million.

      In comparison, diluted earnings per share and net income for the fourth quarter of 2004 were 57 cents and $70.9 million, respectively.

      Associated’s acquisition of First Federal Capital Corp., a $4 billion thrift, on Oct. 29, 2004, affects comparisons to past periods. Additionally, the acquisition of Jabas Group, Inc., an employee benefits firm, on April 1, 2004 affects the comparison of retail commission income and noninterest expenses between first quarter periods.

      For the first quarter of 2005, return on average assets was 1.54 percent, compared to 1.49 percent and 1.57 percent for fourth and first quarters of 2004, respectively. Return on average equity for the first quarter of 2005 was 15.52 percent, compared to 15.46 percent for the previous quarter and 17.37 percent for the year-earlier quarter. Comparably, return on average tangible equity (which is a non-GAAP measure that excludes average goodwill and other intangible assets from average equity) was 24.13 percent, 22.47 percent and 21.13 percent for the same respective quarter periods. Book value per share rose to $15.61 as of March 31, 2005, up 23 percent compared to a year earlier.

      “Our first quarter performance reflects the success of the First Federal integration and progress on several of our strategic initiatives,” said Paul S. Beideman, president and CEO of Associated Banc-Corp. “While we were primarily focused on the First Federal conversion, we saw overall loan growth, solid asset quality performance, and growth in several categories of noninterest income,” he said.

      Associated’s net interest income for the first quarter of 2005 was $165.9 million, compared to $158.5 million for fourth quarter 2004 and $129.1 million in the year-earlier quarter. The increase is due predominantly to higher average balance sheet volumes.

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ASBC 1Q ’05, add one

      Net interest margin was 3.68 percent, compared to 3.74 percent and 3.80 percent for fourth and first quarters of 2004, respectively. The flattening of the yield curve and competitive pricing pressures have substantially offset the benefits to the margin from interest rate increases that began in the second half of 2004 and continue into 2005.

      Period end loans at March 31, 2005 were $13.9 billion, up slightly from Dec. 31, 2004 and up 33 percent over a year earlier. Quarterly average loan balances, a key driver to net interest income, were up 35 percent annualized compared to fourth quarter 2004 and up 34 percent between first quarter periods. Adjusting for balances acquired with First Federal, average loan growth was sustained at approximately 6 percent annualized compared to both fourth and first quarters of 2004.

      Period end deposits at March 31, 2005 were $12.2 billion, compared to $12.8 billion at year-end 2004 and $9.7 billion a year ago. On average, deposits were $12.4 billion for first quarter 2005, compared to $11.7 billion (up 24 percent annualized) and $9.6 billion (up 29 percent) for fourth and first quarters of 2004, respectively. Adjusting for balances acquired with First Federal, average deposits for first quarter 2005 were down approximately 6 percent annualized compared to fourth quarter 2004, and up approximately 1 percent over first quarter 2004 averages.

      The decline in deposits from the fourth quarter is the result of usual seasonal trends, driven largely by escrow deposits which accumulate throughout the year, are dispersed at year-end and re-build as the year progresses. On average, escrow deposits declined by $0.2 billion between fourth quarter 2004 and first quarter 2005. In addition, the fourth quarter of 2004 experienced a large increase in municipal and institutional deposits which were withdrawn by the end of the first quarter of 2005, totaling approximately $0.3 billion.

      Asset quality indicators remained strong and resolution to problem credits continued. First quarter 2005 net charge-offs were $2.2 million (0.06 percent of average loans), compared to $3.6 million (0.11 percent) for fourth quarter 2004, and $5.1 million (0.20 percent) for first quarter 2004. Nonperforming loans at March 31, 2005 were $102.9 million, representing 0.74 percent of loans, compared to 0.83 percent of loans at year-end 2004 and 0.89 percent of loans at March 31, 2004. The provision for loan losses was $2.3 million, $3.6 million, and $5.2 million, for first quarter 2005, fourth quarter 2004, and first quarter 2004, respectively.

      At March 31, 2005, the allowance for loan losses was $189.9 million. The allowance for loan losses to total loans was 1.36 percent and covered 184 percent of nonperforming loans at March 31,2005, compared to 1.37 percent and 165 percent, respectively, at year-end 2004, and 1.69 percent and 190 percent, respectively, at March 31, 2004.

      As mentioned earlier, quarterly comparisons of noninterest income and noninterest expense are particularly affected by the timing of acquisitions, with fourth quarter 2004 including only two months of First Federal activity and first quarter 2004 carrying no First Federal or Jabas activity.

      Noninterest income was strong at $71.4 million for first quarter 2005, up $12.3 million (21 percent) over fourth quarter 2004 and up $25.2 million (55 percent) over first quarter last year. Excluding a non-recurring gain from the dissolution of stock in a regional ATM network of approximately $4 million, recorded in other income during first quarter 2005, noninterest income was up 14 percent and 46 percent over fourth and first quarters of 2004, respectively.

      Net mortgage banking income (gross mortgage banking income less mortgage servicing rights (MSR) expense) was $9.9 million for first quarter 2005, up $3.8 million over fourth quarter 2004. The increase was the net result of lower MSR expense and higher servicing fees, offset in part by lower gains on sales and other fees.

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ASBC 1Q ’05, add two

      Including First Federal, the average portfolio serviced for others increased, resulting in a $1.0 million (18 percent) increase to servicing fees between fourth quarter 2004 and first quarter 2005. Rising mortgage interest rates slowed secondary mortgage production (down 21 percent to $337 million compared to fourth quarter 2004), lowering resultant gains on sales and other related fees by $1.7 million. However, rising rates also slowed prepayment speeds, a predominant valuation factor, increasing the value of the MSR asset and requiring less valuation reserve. Consequently, MSR expense was $4.5 million lower than fourth quarter 2004, including a $4.0 million valuation reserve reversal in first quarter 2005 compared to a $1.0 million valuation reserve addition in fourth quarter 2004.

      At March 31, 2005, the net MSR asset was $78.2 million, representing 82 basis points of the $9.53 billion portfolio serviced for others, compared to 80 basis points at Dec. 31, 2004.

      Service charges on deposit accounts were $18.7 million, up $1.7 million (10 percent) over fourth quarter 2004, and credit card and other nondeposit fees were $9.1 million, up $0.9 million (11 percent), both due largely to the increased deposit base and card base from First Federal. Retail commissions were $14.7 million, up $2.0 million (16 percent) over fourth quarter 2004, from the seasonal increase in profit sharing/contingency income from insurance carriers and increased sales.

      Noninterest expense was $121.2 million for first quarter 2005, up $11.3 million (10 percent) over fourth quarter 2004 and up $34.4 million (40 percent) over first quarter last year, influenced by the timing of the First Federal and Jabas acquisitions. During the first quarter, $3 million of noninterest expenses recorded in various categories were specifically attributable to the integration activities and conversion of First Federal onto Associated’s operating systems in mid-February. As a result of the conversion, Associated is now positioned to phase-in anticipated cost savings through the remainder of 2005.

      Personnel expense was $73.0 million in the first quarter, up $7.8 million or 12 percent over fourth quarter 2004, including the extra month of First Federal’s employee base, merit increases between years, increased overtime, and the usual first quarter increases in personnel taxes. Occupancy expense of $9.9 million was up $1.6 million (19 percent) compared to fourth quarter 2004, including seasonal increases in utilities and snow removal costs. All other noninterest expense categories combined were up $1.9 million (5 percent) over fourth quarter 2004, a combination of increased expenses related to the extra month of First Federal and conversion and integration costs, offset in part with controlled discretionary spending.

      The efficiency ratio remained favorable at 49.73 percent, 49.07 percent, and 48.40 percent for first quarter 2005, fourth quarter 2004 and first quarter 2004, respectively.

      “Our successful integration of First Federal positions us well for the future as we capture synergies and sell our expanded product line to First Federal customers,” Beideman said.

      He added, “While the rate environment and competition for loans and deposits are challenging, we’re confident that our strategies will allow us to meet consensus earnings estimates for 2005.”

      Associated repurchased 0.4 million shares of its common stock in the first quarter, at an average price of $32.76 per share. Also, during the first quarter, the company paid a dividend of 25 cents per share, up 10 percent from the year-earlier dividend.

      On March 21, 2005, Associated signed a definitive agreement to acquire State Financial Services Corp (Nasdaq: SFSW) in an all-stock transaction, whereby State Financial shareholders receive 1.20 shares of Associated common stock for each share of State Financial common stock they hold. Based on Associated’s closing share price on March 18, 2005, the transaction is valued at approximately $278 million. At March 31, 2005, State Financial is a $1.5 billion financial services company based in Milwaukee, with 29 banking branches in Southeastern Wisconsin and Northeastern Illinois.

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ASBC 1Q ’05, add three

      Associated will host a conference call for investors and analysts at 3 p.m. CDT today. The toll-free dial-in number is 877-654-5513. Participants should ask the operator for the Associated Banc-Corp earnings call, or for call ID number 5626644. A taped play-back of the call will be available through April 28 by calling 800-642-1687.

      Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified multibank holding company with total assets of $20.5 billion. Associated has more than 300 banking offices serving more than 170 communities in Wisconsin, Illinois, and Minnesota. The company offers a full range of traditional banking services and a variety of other financial products and services. More information about Associated Banc-Corp is available at www.AssociatedBank.com.

      Statements made in this document that 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. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. These statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” or similar expressions. Outcomes related to such statements are subject to numerous risk factors and uncertainties including those listed in the company’s Annual Report to be filed on Form 10-K.

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Six pages of tables follow.

Consolidated Balance Sheets (Unaudited)
Associated Banc-Corp

		March 31,			December 31,					March 31,
(in thousands)		2005			2004		% Change			2004		% Change
Assets
Cash and due from banks	$	327,487		$	389,311		(15.9	%)	$	323,686		1.2	%
Interest-bearing deposits in other financial institutions		14,202			13,321		6.6	%		17,057		(16.7	%)
Federal funds sold and securities purchased under agreements to resell		15,655			55,440		(71.8	%)		7,000		123.6	%
Securities available for sale, at fair value		4,835,134			4,815,344		0.4	%		3,883,470		24.5	%
Loans held for sale		79,975			64,964		23.1	%		120,699		(33.7	%)
Loans		13,923,196			13,881,887		0.3	%		10,486,610		32.8	%
Allowance for loan losses		(189,917	)		(189,762	)	0.1	%		(177,717	)	6.9	%
Loans, net		13,733,279			13,692,125		0.3	%		10,308,893		33.2	%
Premises and equipment		180,315			184,944		(2.5	%)		130,028		38.7	%
Goodwill		679,993			679,993		0.0	%		224,388		203.0	%
Intangible assets		119,381			119,440		(0.0	%)		59,899		99.3	%
Other assets		517,021			505,254		2.3	%		435,748		18.7	%
Total assets	$	20,502,442		$	20,520,136		(0.1	%)	$	15,510,868		32.2	%
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	2,156,592		$	2,347,611		(8.1	%)	$	1,755,485		22.8	%
Interest-bearing deposits, excluding Brokered CDs		9,819,201			10,077,069		(2.6	%)		7,716,290		27.3	%
Brokered CDs		218,111			361,559		(39.7	%)		230,983		(5.6	%)
Total deposits		12,193,904			12,786,239		(4.6	%)		9,702,758		25.7	%
Short-term borrowings		2,778,161			2,926,716		(5.1	%)		2,516,270		10.4	%
Long-term funding		3,332,804			2,604,540		28.0	%		1,749,418		90.5	%
Accrued expenses and other liabilities		172,502			185,222		(6.9	%)		147,129		17.2	%
Total liabilities		18,477,371			18,502,717		(0.1	%)		14,115,575		30.9	%
Stockholders’ Equity
Preferred Stock		—			—					—
Common Stock		1,300			1,300		0.0	%		1,105		17.6	%
Surplus		1,128,148			1,127,205		0.1	%		582,559		93.7	%
Retained earnings		898,578			858,847		4.6	%		755,627		18.9	%
Accumulated other comprehensive income		10,505			41,205		(74.5	%)		66,526		(84.2	%)
Deferred compensation		(3,814	)		(2,122	)	79.7	%		(1,981	)	92.5	%
Treasury stock, at cost		(9,646	)		(9,016	)	7.0	%		(8,543	)	12.9	%
Total stockholders’ equity		2,025,071			2,017,419		0.4	%		1,395,293		45.1	%
Total liabilities and stockholders’ equity	$	20,502,442		$	20,520,136		(0.1	%)	$	15,510,868		32.2	%

Consolidated Statements of Income (Unaudited)
Associated Banc-Corp

	For The Three Months Ended, March 31,
(in thousands, except per share amounts)		2005			2004	%Change
Interest Income
Interest and fees on loans	$	200,309		$	135,252	48.1	%
Interest and dividends on investment securities and deposits with other financial institutions
Taxable		41,034			31,032	32.2	%
Tax-exempt		9,723			10,235	(5.0	%)
Interest on federal funds sold and securities purchased under agreements to resell		82			27	203.7	%
Total interest income		251,148			176,546	42.3	%
Interest Expense
Interest on deposits		44,433			27,554	61.3	%
Interest on short-term borrowings		17,169			6,539	162.6	%
Interest on long-term funding		23,638			13,378	76.7	%
Total interest expense		85,240			47,471	79.6	%
Net Interest Income		165,908			129,075	28.5	%
Provision for loan losses		2,327			5,176	(55.0	%)
Net interest income after provision for loan losses		163,581			123,899	32.0	%
Noninterest Income
Trust service fees		8,328			7,868	5.8	%
Service charges on deposit accounts		18,665			12,397	50.6	%
Mortgage banking, net		9,884			2,254	338.5	%
Credit card and other nondeposit fees		9,111			5,671	60.7	%
Retail commissions		14,705			9,357	57.2	%
Bank owned life insurance income		2,168			3,355	(35.4	%)
Asset sale gains (losses), net		(302	)		222	N/M
Investment securities gains, net		—			1,931	N/M
Other		8,814			3,132	181.4	%
Total noninterest income		71,373			46,187	54.5	%
Noninterest Expense
Personnel expense		72,985			52,276	39.6	%
Occupancy		9,888			7,472	32.3	%
Equipment		4,018			2,999	34.0	%
Data processing		6,293			5,673	10.9	%
Business development and advertising		3,939			2,657	48.2	%
Stationery and supplies		1,844			1,226	50.4	%
Other intangible amortization		1,994			782	155.0	%
Other		20,281			13,799	47.0	%
Total noninterest expense		121,242			86,884	39.5	%
Income before income taxes		113,712			83,202	36.7	%
Income tax expense		36,242			23,642	53.3	%
Net Income	$	77,470		$	59,560	30.1	%
Earnings Per Share:
Basic	$	0.60		$	0.54	11.1	%
Diluted	$	0.59		$	0.53	11.3	%
Average Shares Outstanding:
Basic		129,781			110,294	17.7	%
Diluted		131,358			111,830	17.5	%

N/M — Not meaningful.

Consolidated Statements of Income (Unaudited) — Quarterly Trend
Associated Banc-Corp

(in thousands, except per share amounts)	1Q05			4Q04			3Q04			2Q04			1Q04
Interest Income
Interest and fees on loans	$	200,309		$	179,612		$	142,389		$	137,449		$	135,252
Interest and dividends on investment securities and deposits in other financial institutions:
Taxable		41,034			37,631			31,590			30,767			31,032
Tax-exempt		9,723			10,047			10,255			10,267			10,235
Interest on federal funds sold and securities purchased under agreements to resell		82			260			241			68			27
Total interest income		251,148			227,550			184,475			178,551			176,546
Interest Expense
Interest on deposits		44,433			36,835			27,191			26,656			27,554
Interest on short-term borrowings		17,169			14,898			10,262			7,241			6,539
Interest on long-term funding		23,638			17,360			13,806			12,775			13,378
Total interest expense		85,240			69,093			51,259			46,672			47,471
Net Interest Income		165,908			158,457			133,216			131,879			129,075
Provision for loan losses		2,327			3,603			—			5,889			5,176
Net interest income after provision for loan losses		163,581			154,854			133,216			125,990			123,899
Noninterest Income
Trust service fees		8,328			8,107			7,773			8,043			7,868
Service charges on deposit accounts		18,665			16,943			13,672			13,141			12,397
Mortgage banking, net		9,884			6,046			618			11,413			2,254
Credit card and other nondeposit fees		9,111			8,183			6,253			6,074			5,671
Retail commissions		14,705			12,727			11,925			13,162			9,357
Bank owned life insurance income		2,168			2,525			3,580			3,641			3,355
Asset sale gains (losses), net		(302	)		432			309			218			222
Investment securities gains (losses), net		—			(719	)		(6	)		(569	)		1,931
Other		8,814			4,793			3,034			2,742			3,132
Total noninterest income		71,373			59,037			47,158			57,865			46,187
Noninterest Expense
Personnel expense		72,985			65,193			53,467			53,612			52,276
Occupancy		9,888			8,297			6,939			6,864			7,472
Equipment		4,018			3,855			3,022			2,878			2,999
Data processing		6,293			5,966			5,865			6,128			5,673
Business development and advertising		3,939			4,271			3,990			4,057			2,657
Stationery and supplies		1,844			1,567			1,214			1,429			1,226
Other intangible amortization		1,994			1,699			935			934			782
Other		20,281			19,119			13,599			16,085			13,799
Total noninterest expense		121,242			109,967			89,031			91,987			86,884
Income before income taxes		113,712			103,924			91,343			91,868			83,202
Income tax expense		36,242			33,069			27,977			27,363			23,642
Net Income	$	77,470		$	70,855		$	63,366		$	64,505		$	59,560
Earnings Per Share:
Basic	$	0.60		$	0.57		$	0.58		$	0.59		$	0.54
Diluted	$	0.59		$	0.57		$	0.57		$	0.58		$	0.53
Average Shares Outstanding:
Basic		129,781			123,509			110,137			110,116			110,294
Diluted		131,358			125,296			111,699			111,520			111,830

Selected Quarterly Information

Associated Banc-Corp

(in thousands, except per share & full time equivalent employee data)	1st Qtr 2005			4th Qtr 2004			3rd Qtr 2004			2nd Qtr 2004			1st Qtr 2004
Summary of Operations
Net interest income		165,908			158,457			133,216			131,879			129,075
Provision for loan losses		2,327			3,603			—			5,889			5,176
Asset sale gains (losses), net		(302	)		432			309			218			222
Investment securities gains (losses), net		—			(719	)		(6	)		(569	)		1,931
Noninterest income (excluding securities & asset gains)		71,675			59,324			46,855			58,216			44,034
Noninterest expense		121,242			109,967			89,031			91,987			86,884
Income before income taxes		113,712			103,924			91,343			91,868			83,202
Income taxes		36,242			33,069			27,977			27,363			23,642
Net income		77,470			70,855			63,366			64,505			59,560
Taxable equivalent adjustment		6,222			6,342			6,395			6,387			6,404
Per Common Share Data (1)
Net income:
Basic	$	0.60		$	0.57		$	0.58		$	0.59		$	0.54
Diluted		0.59			0.57			0.57			0.58			0.53
Dividends		0.2500			0.2500			0.2500			0.2500			0.2267
Market Value:
High	$	33.50		$	34.85		$	32.19		$	30.13		$	30.37
Low		30.60			32.08			28.81			27.09			28.08
Close		31.23			33.23			32.07			29.63			29.86
Book value		15.61			15.55			13.18			12.53			12.67
Performance Ratios (annualized)
Net interest margin		3.68	%		3.74	%		3.76	%		3.80	%		3.80	%
Return on average assets		1.54			1.49			1.60			1.67			1.57
Return on average equity		15.52			15.46			17.76			18.87			17.37
Return on tangible average equity (2)		24.13			22.47			21.69			23.15			21.13
Efficiency ratio (3)		49.73			49.07			47.75			46.82			48.40
Effective tax rate		31.87			31.82			30.63			29.78			28.42
Dividend payout ratio (4)		41.67			43.86			43.10			42.37			41.98
Average Balances
Assets	$	20,467,698		$	18,956,445		$	15,730,451		$	15,498,005		$	15,261,277
Earning assets		18,756,555			17,437,618			14,688,914			14,480,701			14,185,569
Interest-bearing liabilities		16,139,002			14,761,878			12,381,407			12,231,733			12,083,003
Loans		13,977,621			12,858,394			10,708,701			10,685,542			10,433,411
Deposits		12,359,040			11,658,646			9,621,557			9,701,945			9,585,074
Stockholders’ equity		2,024,265			1,822,715			1,419,600			1,374,632			1,378,804
Stockholders’ equity / assets		9.89	%		9.62	%		9.02	%		8.87	%		9.03	%
At Period End
Assets	$	20,502,442		$	20,520,136		$	16,135,761		$	15,502,556		$	15,510,868
Loans		13,923,196			13,881,887			10,830,627			10,556,603			10,486,610
Allowance for loan losses		189,917			189,762			175,007			177,980			177,717
Goodwill		679,993			679,993			232,564			232,528			224,388
Mortgage servicing rights, net		78,182			76,247			45,555			48,735			39,649
Other intangible assets		41,199			43,193			24,308			25,242			20,250
Deposits		12,193,904			12,786,239			9,677,273			9,583,592			9,702,758
Stockholders’ equity		2,025,071			2,017,419			1,453,465			1,378,894			1,395,293
Stockholders’ equity / assets		9.88	%		9.83	%		9.01	%		8.89	%		9.00	%
Shares outstanding, end of period		129,697			129,770			110,281			110,048			110,168
Shares repurchased during period		411			376			—			205			492
Average per share cost of shares repurchased during period	$	32.76		$	33.25		$	—		$	27.93		$	29.32
Year-to-date shares repurchased during period		411			1,073			697			697			492
YTD average per share cost of shares repurchased during period	$	32.76		$	30.43		$	28.91		$	28.91		$	29.32
Selected trend information
Average full time equivalent employees		5,132			4,746			3,979			4,010			4,024
Trust assets under management, at market value	$	4,700,000		$	4,600,000		$	4,400,000		$	4,300,000		$	4,300,000
Mortgage loans originated for sale		337,406			427,951			253,917			579,020			359,791
Portfolio serviced for others		9,528,000			9,543,000			6,011,000			6,010,000			5,904,000
Mortgage servicing rights, net / Portfolio serviced for others		0.82	%		0.80	%		0.76	%		0.81	%		0.67	%

(1)	Per share data adjusted retroactively for stock splits and stock dividends.
(2)	Return on tangible average equity = Net income divided by average equity excluding average goodwill and other intangible assets. This is a non-GAAP financial measure.
(3)	Efficiency ratio = Noninterest expense divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains, net, and asset sales gains, net.
(4)	Ratio is based upon basic earnings per share.

Financial Summary and Comparison
Associated Banc-Corp

	Three months ended
	March 31,
(in thousands)	2005			2004			%Change
Allowance for Loan Losses
Beginning balance	$	189,762		$	177,622			6.8	%
Provision for loan losses		2,327			5,176			(55.0	%)
Charge offs		(5,683	)		(6,062	)		(6.3	%)
Recoveries		3,511			981			257.9	%
Net charge offs		(2,172	)		(5,081	)		(57.3	%)
Ending Balance	$	189,917		$	177,717			6.9	%

      

Credit Quality							1Q05 vs 4Q04												1Q05 vs 1Q04
	Mar 31, 2005			Dec 31, 2004			%Change			Sept 30, 2004			June 30, 2004			Mar 31, 2004			%Change
Nonaccrual loans	$	99,835		$	112,761			(11.5	%)	$	81,124		$	80,622		$	88,313			13.0	%
Loans 90 or more days past due and still accruing		3,068			2,153			42.5	%		10,309			5,207			5,258			(41.7	%)
Restructured loans		36			37			(2.7	%)		39			40			42			(14.3	%)
Total nonperforming loans		102,939			114,951			(10.4	%)		91,472			85,869			93,613			10.0	%
Other real estate owned		4,019			3,915			2.7	%		4,526			6,613			7,199			(44.2	%)
Total nonperforming assets		106,958			118,866			(10.0	%)		95,998			92,482			100,812			6.1	%
Provision for loan losses		2,327			3,603			(35.4	%)		—			5,889			5,176			(55.0	%)
Net charge offs		2,172			3,598			(39.6	%)		2,973			5,626			5,081			(57.3	%)
Allowance for loan losses / loans		1.36	%		1.37	%					1.62	%		1.69	%		1.69	%
Allowance for loan losses / nonperforming loans		184.49			165.08						191.32			207.27			189.84
Nonperforming loans / total loans		0.74			0.83						0.84			0.81			0.89
Nonperforming assets / total assets		0.52			0.58						0.59			0.60			0.65
Net charge offs / average loans (annualized)		0.06			0.11						0.11			0.21			0.20
Year-to-date net charge offs / average loans		0.06			0.15						0.17			0.20			0.20

      

Period End Loan Composition						1Q05 vs 4Q04									1Q05 vs 1Q04
	Mar 31, 2005			Dec 31, 2004		%Change			Sept 30, 2004		June 30, 2004		Mar 31, 2004		%Change
Commercial, financial & agricultural	$	2,852,462		$	2,803,333		1.8	%	$	2,479,764	$	2,247,779	$	2,123,846		34.3	%
Real estate — construction		1,569,013			1,459,629		7.5	%		1,152,990		1,118,284		1,094,597		43.3	%
Commercial real estate		3,813,465			3,933,131		(3.0	%)		3,242,009		3,292,783		3,368,660		13.2	%
Lease financing		50,181			50,718		(1.1	%)		49,423		48,979		45,998		9.1	%
Commercial		8,285,121			8,246,811		0.5	%		6,924,186		6,707,825		6,633,101		24.9	%
Home equity (a)		1,744,676	(b)		1,866,485		(6.5	%)		1,290,436		1,231,077		1,204,541		44.8	%
Installment		1,048,510			1,054,011		(0.5	%)		672,806		666,305		679,903		54.2	%
Retail		2,793,186			2,920,496		(4.4	%)		1,963,242		1,897,382		1,884,444		48.2	%
Residential mortgage		2,844,889	(b)		2,714,580		4.8	%		1,943,199		1,951,396		1,969,065		44.5	%
Total loans	$	13,923,196		$	13,881,887		0.3	%	$	10,830,627	$	10,556,603	$	10,486,610		32.8	%

(a)	Home equity includes home equity lines and residential mortgage junior liens.
(b)	At conversion, approximately $150 million of loan balances were reclassified from home equity to residential mortgage.

      

Period End Deposit Composition					1Q05 vs 4Q04									1Q05 vs 1Q04
	Mar 31, 2005		Dec 31, 2004		%Change			Sept 30, 2004		June 30, 2004		Mar 31, 2004		%Change
Demand	$	2,156,592	$	2,347,611		(8.1	%)	$	1,867,905	$	1,822,716	$	1,755,485		22.8	%
Savings		1,137,120		1,116,158		1.9	%		936,975		948,755		918,608		23.8	%
Interest-bearing demand		2,485,548		2,854,880		(12.9	%)		2,334,072		2,355,287		2,375,492		4.6	%
Money market		2,112,490		2,083,717		1.4	%		1,516,423		1,477,513		1,542,875		36.9	%
Brokered CDs		218,111		361,559		(39.7	%)		186,326		263,435		230,983		(5.6	%)
Other time deposits		4,084,043		4,022,314		1.5	%		2,835,572		2,715,886		2,879,315		41.8	%
Total deposits	$	12,193,904	$	12,786,239		(4.6	%)	$	9,677,273	$	9,583,592	$	9,702,758		25.7	%

      

Net Interest Income Analysis — Taxable Equivalent Basis
Associated Banc-Corp

	Three months ended March 31, 2005							Three months ended March 31, 2004
	Average		Interest		Average			Average		Interest		Average
(in thousands)	Balance		Income / Expense		Yield / Rate			Balance		Income / Expense		Yield / Rate
Earning assets:
Loans:(1)(2)(3)
Commercial	$	8,265,444	$	115,902		5.61	%	$	6,532,215	$	79,787		4.83	%
Residential mortgage		2,836,893		39,418		5.58			2,041,383		29,109		5.71
Retail		2,875,284		45,378		6.40			1,859,813		26,619		5.75
Total loans		13,977,621		200,698		5.77			10,433,411		135,515		5.17
Investments and other		4,778,934		56,672		4.75			3,752,158		47,435		5.06
Total earning assets		18,756,555		257,370		5.51			14,185,569		182,950		5.14
Other assets, net		1,711,143							1,075,708
Total assets	$	20,467,698						$	15,261,277
Interest-bearing liabilities:
Savings deposits	$	1,119,263	$	1,012		0.37	%	$	898,526	$	841		0.38	%
Interest-bearing demand deposits		2,602,085		6,746		1.05			2,364,013		4,700		0.80
Money market deposits		2,116,014		7,396		1.42			1,577,010		3,163		0.81
Time deposits, excluding Brokered CDs		4,071,934		27,247		2.71			2,937,071		18,412		2.52
Total interest-bearing deposits, excluding Brokered CDs		9,909,296		42,401		1.74			7,776,620		27,116		1.40
Brokered CDs		318,529		2,032		2.59			144,345		438		1.22
Total interest-bearing deposits		10,227,825		44,433		1.76			7,920,965		27,554		1.40
Wholesale funding		5,911,177		40,807		2.76			4,162,038		19,917		1.90
Total interest-bearing liabilities		16,139,002		85,240		2.13			12,083,003		47,471		1.57
Noninterest-bearing demand		2,131,215							1,664,109
Other liabilities		173,216							135,361
Stockholders’ equity		2,024,265							1,378,804
Total liabilities and stockholders’ equity	$	20,467,698						$	15,261,277
Net interest income and rate spread(1)			$	172,130		3.38	%			$	135,479		3.57	%
Net interest margin(1)						3.68	%						3.80	%
Taxable equivalent adjustment			$	6,222						$	6,404

(1)	The yield on tax exempt loans and securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions.
(2)	Nonaccrual loans and loans held for sale have been included in the average balances.
(3)	Interest income includes net loan fees.