Exhibit 99.1

News Release	CONTACTS:
	Investors:
	Joe Selner, Chief Financial Officer           920-491-7120
	Media:
	Cindy Moon-Mogush, Corporate Communications           920-431-8034

     Associated earns 63 cents per diluted share in 2^nd quarter of 2006, up 11% over last year

•     Net income up 13% over the second quarter of ‘05
•     Wholesale funding reduced by $1.6 billion since September ‘05
•     Net interest margin improvement of 11 bp vs. first quarter of ‘06
•     Credit quality remains solid

     GREEN BAY, Wis. — July 20, 2006 — Associated Banc-Corp (Nasdaq: ASBC) earned $.63 per diluted share in the second quarter of 2006, up 11 percent from $.57 per diluted share for the second quarter of 2005. For the six months that ended June 30, 2006, diluted earnings per share were $1.23, up 6 percent from $1.16 per diluted share for the comparable period in 2005.

     Net income for the second quarter of 2006 was $83.5 million, up 13 percent compared to $74.0 million earned in the second quarter of 2005. For the year to date, net income was $165.3 million for 2006, up 9 percent over $151.5 million for the comparable six months of 2005. Book value per share rose to $17.20 as of June 30, 2006, up 9 percent compared to a year earlier.

     For the second quarter of 2006, return on average assets (ROA) was 1.58 percent, up from 1.44 percent for the second quarter of last year. Return on average equity (ROE) grew to 14.86 percent for the second quarter, versus 14.62 percent for the comparable quarter last year. For the first six months of 2006, ROA was 1.55 percent and ROE was 14.51 percent, compared to 1.49 percent and 15.07 percent, respectively, last year.

     Return on average tangible equity (which is a non-GAAP measure that excludes average goodwill and other intangible assets from average equity) was 24.31 percent for the first half of 2006, versus 23.38 percent in the first half of 2005.

     Average loans grew to $15.5 billion for second quarter 2006, up 5 percent, on an annualized basis, over first quarter 2006 average loans, and up 10 percent over the comparable quarter last year.

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Average home equity loans grew 18 percent and commercial loans grew 8 percent, annualized, between first and second quarters of 2006.

     As of June 30, 2006, the allowance for loan losses represented 1.32 percent of total loans and covered 197 percent of nonperforming loans. Nonperforming loans declined to $103 million, representing 0.67 percent of total loans, compared to $110 million (or 0.71 percent of loans) at March 31, 2006, and $113 million (or 0.80 percent) at June 30, 2005. The provision for loan losses, approximating net charge-offs for each quarterly period, was $3.7 million, $4.5 million, and $3.7 million, respectively, for the second quarter of 2006, the first quarter of 2006, and the comparable second quarter of 2005. On a year-to-date basis, the provision for loan losses was $8.2 million for 2006, versus $6.0 million for the comparable first half of 2005. Net charge-offs represented 0.11 percent of average loans, compared to 0.08 percent for the comparable first half of 2005.

     Average deposits for second quarter were $13.5 billion, up 6 percent annualized over first quarter 2006 average deposits, and up 12 percent over the comparable quarter last year.

     Associated’s net interest margin for the second quarter of 2006 was 3.59 percent, compared to 3.48 percent for first quarter 2006 and 3.63 percent for the second quarter of 2005.

     Since Sept. 30, 2005, and after adjusting for a fourth quarter 2005 acquisition, wholesale funding has been reduced by $1.6 billion, through the use of investment cash flows and improved deposit flows. This initiative has reduced the ratio of wholesale funding to total funding from 34 percent at Sept. 30, 2005 to 27 percent at June 30, 2006, and benefited the second quarter 2006 net interest margin.

     Core fee-based revenues including trust service fees, service charges on deposits, card-based and other non-deposit fees, and retail commissions totaled $59.7 million for the second quarter of 2006, up 8 percent over both the first quarter of 2006 and the second quarter of 2005.

     Net mortgage banking income was $5.8 million for the second quarter of 2006, up from $4.4 million in the first quarter, and $2.4 million for the second quarter of 2005. Included in net mortgage banking for these same periods were valuation adjustments on the mortgage servicing asset consisting of a $1.9 million recovery, a $1.4 million recovery, and a $2.5 million additional valuation expense, for the respective quarters.

     All other noninterest income sources combined totaled $11.7 million for the second quarter of 2006, an increase of $.5 million (5 percent) over the previous quarter, and up $7.7 million over the comparable second quarter of 2005. Other noninterest income for the second quarter of 2005 reflected a $6.7 million net loss on derivatives no longer accounted for as hedges.

     Noninterest expenses remain controlled, with the efficiency ratio at 49.82 percent, 51.00 percent and 50.03 percent for the second quarter of 2006, the first quarter of 2006 and the second quarter of 2005, respectively. Noninterest expense was $124.7 million for the second quarter of 2006, up $1.2

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million (1 percent) over the first quarter of 2006, and up $8.3 million (7 percent) compared to the second quarter of 2005.

     Income tax expense was $33.7 million for the second quarter of 2006, down from $34.4 million for the second quarter of 2005. The current quarter includes a $4.2 million reduction of income tax expense related to changes in exposure of uncertain tax positions.

     Associated settled the March 2006 repurchase of 4 million shares of its common stock during the second quarter.

     “We are pleased with many aspects of our second quarter results, including our reduced wholesale funding, fee income growth and asset quality. We will continue working to strengthen the quality and sustainability of our earnings growth through implementation of our strategic priorities,” Associated President and CEO Paul S. Beideman said.

     Associated will host a conference call for investors and analysts at 3 p.m. CDT today. The toll-free dial-in number for the live call is 888-694-4769. The number for international callers is 973-582-2757. Participants should ask the operator for the Associated Banc-Corp second quarter 2006 earnings call, or for call ID number 7595441. A replay of the call will be available from 6 p.m. CDT today through July 27 by calling 877-519-4471 (toll-free) domestically or 973-341-3080 internationally. The call ID number, 7595441, is required to access the replay.

     Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified multibank holding company with total assets of $21 billion. Associated has more than 320 banking offices serving more than 180 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 filed on Form 10-K.

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Six pages of tables follow.

Consolidated Balance Sheets (Unaudited)
Associated Banc-Corp

	June 30			December 31						June 30
(in thousands)	2006			2005			% Change			2005			% Change
Assets
Cash and due from banks	$	429,625		$	460,230			(6.6	%)	$	412,212			4.2	%
Interest-bearing deposits in other financial institutions		21,567			14,254			51.3	%		11,236			91.9	%
Federal funds sold and securities purchased under agreements to resell		14,344			17,811			(19.5	%)		44,325			(67.6	%)
Investment securities available for sale, at fair value		3,505,471			4,711,605			(25.6	%)		4,794,983			(26.9	%)
Loans held for sale		54,016			57,710			(6.4	%)		112,077			(51.8	%)
Loans		15,405,630			15,206,464			1.3	%		14,054,506			9.6	%
Allowance for loan losses		(203,411	)		(203,404	)		0.0	%		(190,024	)		7.0	%
Loans, net		15,202,219			15,003,060			1.3	%		13,864,482			9.6	%
Premises and equipment		198,279			206,153			(3.8	%)		179,667			10.4	%
Goodwill		875,727			877,680			(0.2	%)		679,993			28.8	%
Other intangible assets, net		116,175			120,358			(3.5	%)		113,010			2.8	%
Other assets		710,931			631,221			12.6	%		541,729			31.2	%
Total assets	$	21,128,354		$	22,100,082			(4.4	%)	$	20,753,714			1.8	%
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	2,276,463		$	2,504,926			(9.1	%)	$	2,250,482			1.2	%
Interest-bearing deposits, excluding Brokered CDs		10,851,591			10,538,856			3.0	%		9,356,368			16.0	%
Brokered CDs		518,354			529,307			(2.1	%)		491,781			5.4	%
Total deposits		13,646,408			13,573,089			0.5	%		12,098,631			12.8	%
Short-term borrowings		2,561,092			2,666,307			(3.9	%)		2,775,508			(7.7	%)
Long-term funding		2,472,869			3,348,476			(26.1	%)		3,685,078			(32.9	%)
Accrued expenses and other liabilities		173,125			187,232			(7.5	%)		176,062			(1.7	%)
Total liabilities		18,853,494			19,775,104			(4.7	%)		18,735,279			0.6	%
Stockholders’ Equity
Preferred stock		—			—						—
Common stock		1,324			1,357			(2.4	%)		1,280			3.4	%
Surplus		1,183,047			1,301,004			(9.1	%)		1,062,702			11.3	%
Retained earnings		1,119,036			1,029,247			8.7	%		934,287			19.8	%
Accumulated other comprehensive income (loss)		(28,047	)		(3,938	)		612.2	%		29,608			(194.7	%)
Deferred compensation		—			(2,081	)		(100.0	%)		(3,814	)		(100.0	%)
Treasury stock, at cost		(500	)		(611	)		(18.2	%)		(5,628	)		(91.1	%)
Total stockholders’ equity		2,274,860			2,324,978			(2.2	%)		2,018,435			12.7	%
Total liabilities and stockholders’ equity	$	21,128,354		$	22,100,082			(4.4	%)	$	20,753,714			1.8	%

Consolidated Statements of Income (Unaudited)
Associated Banc-Corp

	For The Three Months Ended,								For The Six Months Ended,
	June 30,								June 30,
(in thousands, except per share amounts)	2006		2005			% Change			2006		2005		% Change
Interest Income
Interest and fees on loans	$	278,573	$	213,420			30.5	%	$	539,588	$	413,729		30.4	%
Interest and dividends on investment securities and deposits with other financial institutions
Taxable		32,649		41,834			(22.0	%)		71,765		82,868		(13.4	%)
Tax-exempt		9,786		9,507			2.9	%		19,949		19,230		3.7	%
Interest on federal funds sold and securities purchased under agreements to resell		289		182			58.8	%		538		264		103.8	%
Total interest income		321,297		264,943			21.3	%		631,840		516,091		22.4	%
Interest Expense
Interest on deposits		88,076		48,087			83.2	%		165,954		92,520		79.4	%
Interest on short-term borrowings		34,126		21,731			57.0	%		67,370		38,900		73.2	%
Interest on long-term funding		30,696		28,451			7.9	%		63,248		52,089		21.4	%
Total interest expense		152,898		98,269			55.6	%		296,572		183,509		61.6	%
Net Interest Income		168,399		166,674			1.0	%		335,268		332,582		0.8	%
Provision for loan losses		3,686		3,671			0.4	%		8,151		5,998		35.9	%
Net interest income after provision for loan losses		164,713		163,003			1.0	%		327,117		326,584		0.2	%
Noninterest Income
Trust service fees		9,307		8,967			3.8	%		18,204		17,295		5.3	%
Service charges on deposit accounts		22,982		22,215			3.5	%		43,941		40,880		7.5	%
Mortgage banking, net		5,829		2,376			145.3	%		10,233		12,260		(16.5	%)
Card-based and other nondeposit fees		11,047		8,790			25.7	%		20,933		17,901		16.9	%
Retail commissions		16,365		15,370			6.5	%		31,843		30,075		5.9	%
Bank owned life insurance income		3,592		2,311			55.4	%		6,663		4,479		48.8	%
Asset sale gains, net		354		539			N/M			124		237		N/M
Investment securities gains, net		1,538		1,491			N/M			3,994		1,491		N/M
Other		6,194		(355	)		N/M			12,046		8,459		42.4	%
Total noninterest income		77,208		61,704			25.1	%		147,981		133,077		11.2	%
Noninterest Expense
Personnel expense		74,492		66,934			11.3	%		143,795		139,919		2.8	%
Occupancy		10,654		9,374			13.7	%		22,412		19,262		16.4	%
Equipment		4,223		4,214			0.2	%		8,811		8,232		7.0	%
Data processing		7,099		6,728			5.5	%		14,347		13,021		10.2	%
Business development and advertising		4,101		4,153			(1.3	%)		8,350		8,092		3.2	%
Stationery and supplies		1,784		1,644			8.5	%		3,558		3,488		2.0	%
Other intangible amortization		2,281		2,292			(0.5	%)		4,624		4,286		7.9	%
Other		20,026		20,995			(4.6	%)		42,234		41,276		2.3	%
Total noninterest expense		124,660		116,334			7.2	%		248,131		237,576		4.4	%
Income before income taxes		117,261		108,373			8.2	%		226,967		222,085		2.2	%
Income tax expense		33,712		34,358			(1.9	%)		61,711		70,600		(12.6	%)
Net Income	$	83,549	$	74,015			12.9	%	$	165,256	$	151,485		9.1	%
Earnings Per Share:
Basic	$	0.63	$	0.57			10.5	%	$	1.24	$	1.17		6.0	%
Diluted	$	0.63	$	0.57			10.5	%	$	1.23	$	1.16		6.0	%
Average Shares Outstanding:
Basic		132,259		128,990			2.5	%		133,678		129,383		3.3	%
Diluted		133,441		130,463			2.3	%		134,903		130,868		3.1	%

N/M — Not meaningful.

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

(in thousands, except per share amounts)	2Q06		1Q06			4Q05		3Q05		2Q05
Interest Income
Interest and fees on loans	$	278,573	$	261,015		$	252,443	$	223,202	$	213,420
Interest and dividends on investment securities and deposits with other financial institutions
Taxable		32,649		39,116			41,486		40,050		41,834
Tax-exempt		9,786		10,163			10,325		9,755		9,507
Interest on federal funds sold and securities purchased under agreements to resell		289		249			289		384		182
Total interest income		321,297		310,543			304,543		273,391		264,943
Interest Expense
Interest on deposits		88,076		77,878			66,934		53,598		48,087
Interest on short-term borrowings		34,126		33,244			26,828		23,628		21,731
Interest on long-term funding		30,696		32,552			35,186		32,087		28,451
Total interest expense		152,898		143,674			128,948		109,313		98,269
Net Interest Income		168,399		166,869			175,595		164,078		166,674
Provision for loan losses		3,686		4,465			3,676		3,345		3,671
Net interest income after provision for loan losses		164,713		162,404			171,919		160,733		163,003
Noninterest Income
Trust service fees		9,307		8,897			9,055		8,667		8,967
Service charges on deposit accounts		22,982		20,959			23,073		22,830		22,215
Mortgage banking, net		5,829		4,404			12,166		11,969		2,376
Card-based and other nondeposit fees		11,047		9,886			10,033		9,505		8,790
Retail commissions		16,365		15,478			13,624		12,905		15,370
Bank owned life insurance income		3,592		3,071			3,022		2,441		2,311
Asset sale gains (losses), net		354		(230	)		2,766		942		539
Investment securities gains, net		1,538		2,456			1,179		1,446		1,491
Other		6,194		5,852			6,126		6,260		(355	)
Total noninterest income		77,208		70,773			81,044		76,965		61,704
Noninterest Expense
Personnel expense		74,492		69,303			68,619		66,403		66,934
Occupancy		10,654		11,758			10,287		9,412		9,374
Equipment		4,223		4,588			4,361		4,199		4,214
Data processing		7,099		7,248			7,240		7,129		6,728
Business development and advertising		4,101		4,249			4,999		4,570		4,153
Stationery and supplies		1,784		1,774			1,869		1,599		1,644
Other intangible amortization		2,281		2,343			2,418		1,903		2,292
Other		20,026		22,208			25,746		22,133		20,995
Total noninterest expense		124,660		123,471			125,539		117,348		116,334
Income before income taxes		117,261		109,706			127,424		120,350		108,373
Income tax expense		33,712		27,999			39,783		39,315		34,358
Net Income	$	83,549	$	81,707		$	87,641	$	81,035	$	74,015
Earnings Per Share:
Basic	$	0.63	$	0.60		$	0.65	$	0.63	$	0.57
Diluted	$	0.63	$	0.60		$	0.64	$	0.63	$	0.57
Average Shares Outstanding:
Basic		132,259		135,114			135,684		127,875		128,990
Diluted		133,441		136,404			137,005		129,346		130,463

Selected Quarterly Information
Associated Banc-Corp

(in thousands, except per share & full time
equivalent employee data)	YTD 2006			YTD 2005			2nd Qtr 2006			1st Qtr 2006			4th Qtr 2005			3rd Qtr 2005			2nd Qtr 2005
Summary of Operations
Net interest income		335,268			332,582			168,399			166,869			175,595			164,078			166,674
Provision for loan losses		8,151			5,998			3,686			4,465			3,676			3,345			3,671
Asset sale gains (losses), net		124			237			354			(230	)		2,766			942			539
Investment securities gains, net		3,994			1,491			1,538			2,456			1,179			1,446			1,491
Noninterest income (excluding securities & asset gains)		143,863			131,349			75,316			68,547			77,099			74,577			59,674
Noninterest expense		248,131			237,576			124,660			123,471			125,539			117,348			116,334
Income before income taxes		226,967			222,085			117,261			109,706			127,424			120,350			108,373
Income taxes		61,711			70,600			33,712			27,999			39,783			39,315			34,358
Net income		165,256			151,485			83,549			81,707			87,641			81,035			74,015
Taxable equivalent adjustment		13,170			12,396			6,503			6,667			6,766			6,347			6,174
Per Common Share Data (1)
Net income:
Basic	$	1.24		$	1.17		$	0.63		$	0.60		$	0.65		$	0.63		$	0.57
Diluted		1.23			1.16			0.63			0.60			0.64			0.63			0.57
Dividends		0.56			0.52			0.29			0.27			0.27			0.27			0.27
Market Value:
High	$	34.83		$	33.89		$	34.45		$	34.83		$	33.23		$	34.74		$	33.89
Low		30.69			30.11			30.69			32.75			29.09			30.29			30.11
Close		31.53			33.58			31.53			33.98			32.55			30.48			33.58
Book value		17.20			15.80			17.20			16.98			17.15			16.12			15.80
Performance Ratios (annualized)
Earning assets yield		6.56	%		5.60	%		6.74	%		6.38	%		6.12	%		5.83	%		5.71	%
Interest-bearing liabilities rate		3.51			2.27			3.65			3.37			2.98			2.66			2.42
Net interest margin		3.53			3.65			3.59			3.48			3.59			3.56			3.63
Return on average assets		1.55			1.49			1.58			1.52			1.58			1.56			1.44
Return on average equity		14.51			15.07			14.86			14.16			14.99			15.85			14.62
Return on tangible average equity (2)		24.31			23.38			25.18			23.48			22.70			24.55			22.65
Efficiency ratio (3)		50.40			49.88			49.82			51.00			48.38			47.90			50.03
Effective tax rate		27.19			31.79			28.75			25.52			31.22			32.67			31.70
Dividend payout ratio (4)		45.16			44.44			46.03			45.00			41.54			42.86			47.37
Average Balances
Assets	$	21,567,709		$	20,521,530		$	21,266,792		$	21,871,969		$	22,022,165		$	20,607,901		$	20,574,770
Earning assets		19,624,955			18,837,181			19,342,628			19,910,420			20,080,758			18,960,035			18,916,921
Interest-bearing liabilities		16,959,965			16,173,550			16,717,761			17,204,860			17,090,134			16,198,492			16,207,719
Loans		15,422,315			14,031,228			15,515,789			15,327,803			15,154,225			14,163,827			14,084,246
Deposits		13,427,789			12,213,580			13,534,725			13,319,664			13,282,910			12,133,719			12,069,719
Wholesale funding		5,739,755			6,119,944			5,391,108			6,092,275			6,280,793			6,307,705			6,326,418
Stockholders’ equity		2,297,002			2,027,615			2,254,933			2,339,539			2,320,134			2,027,785			2,030,929
Stockholders’ equity / assets		10.65	%		9.88	%		10.60	%		10.70	%		10.54	%		9.84	%		9.87	%
At Period End
Assets							$	21,128,354		$	21,518,860		$	22,100,082		$	20,741,731		$	20,753,714
Loans								15,405,630			15,539,187			15,206,464			14,107,137			14,054,506
Allowance for loan losses								203,411			203,408			203,404			190,080			190,024
Goodwill								875,727			875,727			877,680			679,993			679,993
Mortgage servicing rights, net								69,282			68,116			68,841			78,688			74,103
Other intangible assets, net								46,893			49,174			51,517			37,004			38,907
Deposits								13,646,408			13,616,870			13,573,089			12,181,025			12,098,631
Wholesale funding								5,033,961			5,496,039			6,014,783			6,324,451			6,460,586
Stockholders’ equity								2,274,860			2,244,695			2,324,978			2,062,565			2,018,435
Stockholders’ equity / assets								10.77	%		10.43	%		10.52	%		9.94	%		9.73	%
Tangible equity / tangible assets (5)								6.69	%		6.41	%		6.59	%		6.72	%		6.49	%
Shares outstanding, end of period								132,283			132,167			135,602			127,985			127,743
Shares repurchased during period								31			4,030			974			—			2,111
Average per share cost of shares repurchased during period							$	—		$	33.63		$	30.82		$	—		$	33.10
Year-to-date shares repurchased during period								4,061			4,030			3,496			2,522			2,522
YTD average per share cost of shares repurchased during period							$	33.38		$	33.63		$	32.43		$	33.05		$	33.05
Selected trend information
Average full time equivalent employees								5,112			5,147			5,113			4,815			4,889
Trust assets under management, at market value							$	5,200,000		$	5,200,000		$	5,000,000		$	4,900,000		$	4,800,000
Mortgage loans originated for sale								359,361			246,724			356,280			498,343			385,677
Portfolio serviced for others								8,134,000			8,050,000			8,028,000			9,492,000			9,479,000
Mortgage servicing rights, net / Portfolio serviced for others								0.85	%		0.85	%		0.86	%		0.83	%		0.78	%

(1)	Per share data adjusted retroactively for stock splits & stock dividends.
(2)	Return on tangible average equity = Net income divided by average equity excluding average goodwill & 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, & asset sales gains, net.
(4)	Ratio is based upon basic earnings per share.
(5)	Tangible equity to tangible assets = Stockholders’ equity excluding goodwill & other intangible assets divided by assets excluding goodwill & other intangible assets. This is a non-GAAP financial measure.

Financial Summary and Comparison
Associated Banc-Corp

	Three months ended									Six months ended
	June 30,									June 30,
(in thousands)	2006			2005			% Change			2006			2005			% Change
Allowance for Loan Losses
Beginning balance	$	203,408		$	189,917			7.1	%	$	203,404		$	189,762			7.2	%
Provision for loan losses		3,686			3,671			0.4	%		8,151			5,998			35.9	%
Charge offs		(7,423	)		(5,650	)		31.4	%		(13,485	)		(11,333	)		19.0	%
Recoveries		3,740			2,086			79.3	%		5,341			5,597			(4.6	%)
Net charge offs		(3,683	)		(3,564	)		3.3	%		(8,144	)		(5,736	)		42.0	%
Ending Balance	$	203,411		$	190,024			7.0	%	$	203,411		$	190,024			7.0	%

Credit Quality

							2Q06 vs 1Q06												2Q06 vs 2Q05
	June 30, 2006			Mar 31, 2006			% Change			Dec 31, 2005			Sept 30, 2005			June 30, 2005			% Change
Nonaccrual loans	$	95,426		$	102,824			(7.2	%)	$	95,313		$	107,298		$	109,698			(13.0	%)
Loans 90 or more days past due and still accruing		7,591			7,068			7.4	%		3,270			3,354			2,806			170.5	%
Restructured loans		29			31			(6.5	%)		32			33			35			(17.1	%)
Total nonperforming loans		103,046			109,923			(6.3	%)		98,615			110,685			112,539			(8.4	%)
Other real estate owned		14,947			11,676			28.0	%		11,336			10,017			3,685			305.6	%
Total nonperforming assets		117,993			121,599			(3.0	%)		109,951			120,702			116,224			1.5	%
Provision for loan losses		3,686			4,465			(17.4	%)		3,676			3,345			3,671			0.4	%
Net charge offs		3,683			4,461			(17.4	%)		3,635			3,289			3,564			3.3	%
Allowance for loan losses / loans		1.32	%		1.31	%					1.34	%		1.35	%		1.35	%
Allowance for loan losses / nonperforming loans		197.40			185.05						206.26			171.73			168.85
Nonperforming loans / total loans		0.67			0.71						0.65			0.78			0.80
Nonperforming assets / total assets		0.56			0.57						0.50			0.58			0.56
Net charge offs / average loans (annualized)		0.10			0.12						0.10			0.09			0.10
Year-to-date net charge offs / average loans		0.11			0.12						0.09			0.09			0.08

Period End Loan Composition

					2Q06 vs 1Q06									2Q06 vs 2Q05
	June 30, 2006		Mar 31, 2006		% Change			Dec 31, 2005		Sept 30, 2005		June 30, 2005		% Change
Commercial, financial & agricultural	$	3,505,819	$	3,571,835		(1.8	%)	$	3,417,343	$	3,213,656	$	3,086,663		13.6	%
Real estate — construction		2,122,136		1,981,473		7.1	%		1,783,267		1,519,681		1,640,941		29.3	%
Commercial real estate		3,872,819		4,024,260		(3.8	%)		4,064,327		3,648,169		3,650,726		6.1	%
Lease financing		74,919		62,600		19.7	%		61,315		57,270		53,270		40.6	%
Commercial		9,575,693		9,640,168		(0.7	%)		9,326,252		8,438,776		8,431,600		13.6	%
Home equity (a)		2,151,858		2,121,601		1.4	%		2,025,055		1,878,436		1,806,236		19.1	%
Installment		945,123		957,877		(1.3	%)		1,003,938		1,024,356		1,025,621		(7.8	%)
Retail		3,096,981		3,079,478		0.6	%		3,028,993		2,902,792		2,831,857		9.4	%
Residential mortgage		2,732,956		2,819,541		(3.1	%)		2,851,219		2,765,569		2,791,049		(2.1	%)
Total loans	$	15,405,630	$	15,539,187		(0.9	%)	$	15,206,464	$	14,107,137	$	14,054,506		9.6	%

(a) Home equity includes home equity lines and residential mortgage junior liens.

Period End Deposit Composition

					2Q06 vs 1Q06									2Q06 vs 2Q05
	June 30, 2006		Mar 31, 2006		% Change			Dec 31, 2005		Sept 30, 2005		June 30, 2005		% Change
Demand	$	2,276,463	$	2,319,075		(1.8	%)	$	2,504,926	$	2,256,774	$	2,250,482		1.2	%
Savings		1,031,993		1,074,938		(4.0	%)		1,079,851		1,074,234		1,117,922		(7.7	%)
Interest-bearing demand		1,975,364		2,347,104		(15.8	%)		2,549,782		2,252,711		2,227,188		(11.3	%)
Money market		3,434,288		2,863,174		19.9	%		2,629,933		2,240,606		2,094,796		63.9	%
Brokered CDs		518,354		567,660		(8.7	%)		529,307		407,459		491,781		5.4	%
Other time deposits		4,409,946		4,444,919		(0.8	%)		4,279,290		3,949,241		3,916,462		12.6	%
Total deposits	$	13,646,408	$	13,616,870		0.2	%	$	13,573,089	$	12,181,025	$	12,098,631		12.8	%

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

	Six months ended June 30, 2006							Six months ended June 30, 2005
	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	$	9,515,862	$	342,716		7.17	%	$	8,328,884	$	241,201		5.76	%
Residential mortgage		2,844,536		81,658		5.75			2,857,510		79,361		5.56
Retail		3,061,917		116,414		7.63			2,844,834		94,025		6.64
Total loans		15,422,315		540,788		7.00			14,031,228		414,587		5.90
Investments and other		4,202,640		104,222		4.96			4,805,953		113,900		4.74
Total earning assets		19,624,955		645,010		6.56			18,837,181		528,487		5.60
Other assets, net		1,942,754							1,684,349
Total assets	$	21,567,709						$	20,521,530
Interest-bearing liabilities:
Savings deposits	$	1,059,838	$	1,923		0.37	%	$	1,126,486	$	2,053		0.37	%
Interest-bearing demand deposits		2,264,235		19,378		1.73			2,475,344		13,423		1.09
Money market deposits		2,988,491		49,648		3.35			2,111,396		16,682		1.59
Time deposits, excluding Brokered CDs		4,381,112		82,569		3.80			4,038,479		56,151		2.80
Total interest-bearing deposits, excluding Brokered CDs		10,693,676		153,518		2.89			9,751,705		88,309		1.83
Brokered CDs		526,534		12,436		4.76			301,901		4,211		2.81
Total interest-bearing deposits		11,220,210		165,954		2.98			10,053,606		92,520		1.86
Wholesale funding		5,739,755		130,618		4.53			6,119,944		90,989		2.96
Total interest-bearing liabilities		16,959,965		296,572		3.51			16,173,550		183,509		2.27
Noninterest-bearing demand		2,207,579							2,159,974
Other liabilities		103,163							160,391
Stockholders’ equity		2,297,002							2,027,615
Total liabilities and stockholders’ equity	$	21,567,709						$	20,521,530
Net interest income and rate spread (1)			$	348,438		3.05	%			$	344,978		3.33	%
Net interest margin (1)						3.53	%						3.65	%
Taxable equivalent adjustment			$	13,170						$	12,396

	Three months ended June 30, 2006							Three months ended June 30, 2005
	Average		Interest		Average			Average		Interest		Average
	Balance		Income / Expense		Yield / Rate			Balance		Income / Expense		Yield / Rate
Earning assets:
Loans: (1) (2) (3)
Commercial	$	9,605,422	$	178,429		7.35	%	$	8,391,627	$	125,299		5.91	%
Residential mortgage		2,811,824		40,712		5.79			2,877,900		39,942		5.55
Retail		3,098,543		60,064		7.76			2,814,719		48,648		6.92
Total loans		15,515,789		279,205		7.15			14,084,246		213,889		6.04
Investments and other		3,826,839		48,595		5.08			4,832,675		57,228		4.74
Total earning assets		19,342,628		327,800		6.74			18,916,921		271,117		5.71
Other assets, net		1,924,164							1,657,849
Total assets	$	21,266,792						$	20,574,770
Interest-bearing liabilities:
Savings deposits	$	1,054,523	$	980		0.37	%	$	1,133,629	$	1,041		0.37	%
Interest-bearing demand deposits		2,145,715		8,986		1.68			2,349,997		6,677		1.14
Money market deposits		3,174,513		28,296		3.58			2,106,829		9,287		1.77
Time deposits, excluding Brokered CDs		4,411,156		43,121		3.92			4,005,390		28,903		2.89
Total interest-bearing deposits, excluding Brokered CDs		10,785,907		81,383		3.03			9,595,845		45,908		1.92
Brokered CDs		540,746		6,693		4.96			285,456		2,179		3.06
Total interest-bearing deposits		11,326,653		88,076		3.12			9,881,301		48,087		1.95
Wholesale funding		5,391,108		64,822		4.76			6,326,418		50,182		3.14
Total interest-bearing liabilities		16,717,761		152,898		3.65			16,207,719		98,269		2.42
Noninterest-bearing demand		2,208,072							2,188,418
Other liabilities		86,026							147,704
Stockholders’ equity		2,254,933							2,030,929
Total liabilities and stockholders’ equity	$	21,266,792						$	20,574,770
Net interest income and rate spread (1)			$	174,902		3.09	%			$	172,848		3.29	%
Net interest margin (1)						3.59	%						3.63	%
Taxable equivalent adjustment			$	6,503						$	6,174

(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.