8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 17, 2013

Associated Banc-Corp

(Exact name of registrant as specified in its chapter)

Wisconsin	001-31343	39-1098068
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1200 Hansen Road, Green Bay, Wisconsin		54304
(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code 920-491-7000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On January 17, 2013, Associated Banc-Corp announced its earnings for the quarter and year ended December 31, 2012. A copy of the registrant’s press release containing this information and the slide presentation discussed on the conference call for investors and analysts on January 17, 2013, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933 or the Exchange Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are furnished as part of this Report on Form 8-K:

99.1 Press release of the registrant dated January 17, 2013, containing financial information for the quarter and year ended December 31, 2012.

99.2 Slide presentation discussed on the conference call for investors and analysts on January 17, 2013.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Associated Banc-Corp
	(Registrant)
Date: January 17, 2013	By:	/s/ Christopher J. Del Moral-Niles
		Christopher J. Del Moral-Niles
		Chief Financial Officer
Date: January 17, 2013	By:	/s/ Bryan R. McKeag
		Bryan R. McKeag
		Principal Accounting Officer

ASSOCIATED BANC-CORP

Exhibit Index to Current Report on Form 8-K

Exhibit Number
99.1	Press release of the registrant dated January 17, 2013, containing financial information for the quarter and year ended December 31, 2012.
99.2	Slide presentation discussed on the conference call for investors and analysts on January 17, 2013.

EX-99.1

Exhibit 99.1

             NEWS RELEASE   Investor Contact: Tim Sedabres, VP of Finance, Investor Relations 920-491-7059   Media Contact: Autumn Latimore, Senior Vice President, Public Relations Director 414-278-1860

Associated Reports Fourth Quarter Earnings of $0.26 per share

Full year net income to common shareholders up 51% from a year ago

GREEN BAY, Wis. — January 17, 2013 — Associated Banc-Corp (NASDAQ: ASBC) today reported net income to common shareholders of $45 million, or $0.26 per common share, for the quarter ended December 31, 2012. This compares to net income to common shareholders of $40 million, or $0.23 per common share, for the quarter ended December 31, 2011.

For the year ended December 31, 2012, the Company reported net income to common shareholders of $174 million, or $1.00 per common share. This compares to net income to common shareholders of $115 million, or $0.66 per common share for the year ended December 31, 2011.

“This year’s strong performance was the result of the commitment of our colleagues to serving the needs of customers across the footprint,” said President and CEO Philip B. Flynn. “We are proud to have restored Associated to its position as a strong Upper Midwestern franchise and we are pleased to have been able to deliver value for our shareholders over the course of 2012. We continue to be encouraged by the momentum throughout the company and we look forward to the opportunity to continue to grow Associated.”

HIGHLIGHTS

• Full year 2012 net income to common shareholders of $174 million, up 51% from a year ago

– Fourth quarter net income to common shareholders of $45 million

• Return on Tier 1 common equity for full year 2012 of 9.5%, compared to 6.7% for full year 2011

• Loan balances have grown by $1.4 billion, or 10%, from a year ago to $15.4 billion

– Loans increased by $445 million, or 3%, during the fourth quarter

– Total commercial loan balances grew by $426 million, or 5% from the third quarter and accounted for the majority of the quarter’s net loan growth

• Average deposits for the fourth quarter increased by $1.8 billion, or 12% from a year ago to $16.7 billion

– Average deposits increased by $1.0 billion, or 7%, from the third quarter

• Credit quality continued to improve with net charge offs, nonaccrual loans, and potential problem loans all declining from the prior year

• Quarterly dividend increased to $0.08 per common share in the fourth quarter, up from $0.05 per common share

• During the fourth quarter, the Company repurchased $30 million, or approximately 2 million shares, of common stock at an average cost of $12.70

• Capital ratios remain very strong with a Tier 1 common equity ratio of 11.58%

– More –

FOURTH QUARTER 2012 FINANCIAL RESULTS

Loans

At December 31, 2012, the Company’s loan portfolio was $15.4 billion, up $445 million, or 3%, from $15.0 billion at September 30, 2012. For full year 2012, loans increased by $1.4 billion, or 10%, from $14.0 billion a year ago.

Commercial and business lending balances increased by $262 million, or 5% from the prior quarter. Commercial real estate lending balances grew by $164 million, or 5% on a linked-quarter basis. The residential mortgage portfolio grew by $172 million, or 5%, during the quarter while the retail portfolio, which includes home equity and installment loan balances, experienced net run-off of $153 million during the quarter.

Deposits

Average deposits of $16.7 billion were up $1.0 billion, or 7%, from the third quarter. On a full year basis, average deposits increased by $1.2 billion, or 8%, from a year ago.

Total deposits of $16.9 billion at the end of the fourth quarter were up $489 million, or 3%, compared to third quarter levels. Period-end noninterest-bearing account balances grew by $439 million, or 10%, from the third quarter, and have increased by $831 million, or 21%, from a year ago. The increase in fourth quarter noninterest-bearing deposit balances was partially the result of customers’ seasonal year-end account activity. Interest-bearing demand balances increased by $324 million, or 15%, from the third quarter, and have increased by $257 million, or 11%, from a year ago. During the quarter, the Company continued to reduce its reliance on higher cost funding sources, including term repurchase agreements, which were down $334 million, and brokered and other CD balances, which were down $103 million from the prior quarter.

Net Interest Income and Net Interest Margin

Fourth quarter net interest income of $161 million increased by $6 million, or 4%, compared to the prior quarter and was up 6% compared to the year-ago quarter. Net interest income for the fourth quarter included $2 million of interest related to a tax refund. For the full year, net interest income of $626 million increased by $13 million, or 2% from the prior year.

The net interest margin for the fourth quarter was 3.32%, which included a 3 basis point benefit related to interest received on the tax refund. On a full year basis, the net interest margin was 3.30% compared to 3.26% for full year 2011.

Fourth quarter net interest margin benefited from an 11 basis point decline in the cost of deposits and interest-bearing liabilities, partially offset by a 4 basis point decline in loan yields, contributing to a net increase in overall net interest margin of 6 basis points compared to the prior quarter.

Noninterest Income and Expense

Noninterest income for the quarter was $78 million, down $3 million, or 4%, from the third quarter. Noninterest income for the full year was $313 million, up 15% from full year 2011.

– More –

The decline in fourth quarter fee income was primarily attributable to the establishment of a $3 million repurchase reserve against previously sold mortgage loans that reduced net mortgage banking income during the quarter.

Total noninterest expense for the quarter ended December 31, 2012 was $176 million, up $7 million, or 4%, from the third quarter. For the full year, noninterest expense increased by 5% to $682 million.

Personnel and occupancy expenses increased by $6 million during the fourth quarter which included $4 million of severance cost and lease breakage expense related to the Company’s recently announced efficiency initiatives.

Credit

The Company reported another quarter of improving credit quality with nonaccrual loans down 9%, to $253 million compared to the third quarter, and down 29% from a year ago. Nonaccrual loans to total loans now stand at 1.64% and have improved for the 11^th consecutive quarter. Nonperforming assets declined 8% from the prior quarter to $288 million, and have declined 28% from a year ago.

Net charge offs of $21 million for the fourth quarter were up $3 million from the third quarter, and were $2 million lower than a year ago. For the full year, net charge offs declined by 44% to $84 million.

Fourth quarter provision for loan losses was $3 million. The Company’s allowance for loan losses was $297 million, representing an allowance equal to 1.93% of loans and representing a coverage ratio of over 117% of nonaccrual loans at December 31, 2012.

Taxes

Income tax expense was lower by $7 million compared to the third quarter, due to a net $5 million income tax benefit recorded during the period, primarily related to the reversal of certain prior years’ tax reserves.

Capital Ratios

The Company’s capital position remains very strong, with a Tier 1 common equity ratio of 11.58% at December 31, 2012. The Company’s capital ratios continue to be well in excess of both current and proposed “well-capitalized” regulatory benchmarks.

– More –

FOURTH QUARTER 2012 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 17, 2013. Interested parties can listen to the call live on the Internet through the investor relations section of the Company’s website,
http://investor.associatedbank.com/ or by dialing 877-317-6016. The slide presentation for the call will be available on the Company’s website just prior to the call. The number for international callers is 412-317-6016. Participants should ask the operator for the Associated Banc-Corp fourth quarter 2012 earnings call.

An audio archive of the webcast will be available on the Company’s website. A telephone replay will be available two hours after the completion of the call through 8:00 a.m. CT on February 18, 2013, by dialing 877-344-7529 and entering the conference ID number 10022452. The replay number for international callers is 412-317-0088.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NASDAQ: ASBC) has total assets of $24 billion and is one of the top 50, publicly traded, U.S. bank holding companies. Headquartered in Green Bay, Wis., Associated is a leading Midwest banking franchise, offering a full range of financial products and services through more than 250 banking locations serving more than 150 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, 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”, “outlook”, 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.

# # #

Consolidated Balance Sheets (Unaudited)

Associated Banc-Corp

(in thousands)	December 31, 2012			September 30, 2012			Seql Qtr $ Change			June 30, 2012			March 31, 2012			December 31, 2011			Comp Qtr $ Change
Assets
Cash and due from banks	$	563,304		$	419,529		$	143,775		$	414,760		$	360,728		$	454,958		$	108,346
Interest-bearing deposits in other financial institutions		147,434			531,303			(383,869	)		180,050			344,148			154,562			(7,128	)
Federal funds sold and securities purchased under agreements to resell		27,135			2,460			24,675			3,800			7,100			7,075			20,060
Securities held to maturity, at amortized cost		39,877			21,852			18,025			—			—			—			39,877
Securities available for sale, at fair value		4,926,758			4,496,198			430,560			4,521,436			4,669,100			4,937,483			(10,725	)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost		166,774			166,100			674			176,041			177,808			191,188			(24,414	)
Loans held for sale		261,410			157,093			104,317			157,481			196,570			249,195			12,215
Loans		15,411,022			14,966,214			444,808			14,698,902			14,253,725			14,031,071			1,379,951
Allowance for loan losses		(297,409	)		(315,150	)		17,741			(332,658	)		(356,298	)		(378,151	)		80,742
Loans, net		15,113,613			14,651,064			462,549			14,366,244			13,897,427			13,652,920			1,460,693
Premises and equipment, net		253,958			238,756			15,202			225,245			225,164			223,736			30,222
Goodwill		929,168			929,168			—			929,168			929,168			929,168			—
Other intangible assets, net		61,176			61,294			(118	)		64,812			68,374			67,574			(6,398	)
Trading assets		70,711			76,159			(5,448	)		73,484			69,081			73,253			(2,542	)
Other assets		970,472			987,378			(16,906	)		968,579			969,002			983,105			(12,633	)
Total assets	$	23,531,790			22,738,354		$	793,436		$	22,081,100		$	21,913,670		$	21,924,217		$	1,607,573
Liabilities and Stockholders’ Equity
Noninterest-bearing demand deposits	$	4,759,556			4,320,437		$	439,119		$	3,874,429		$	3,989,156		$	3,928,792		$	830,764
Interest-bearing deposits		12,180,309			12,130,155			50,154			11,232,442			11,664,220			11,161,863			1,018,446
Total deposits		16,939,865			16,450,592			489,273			15,106,871			15,653,376			15,090,655			1,849,210
Federal funds purchased and securities sold under agreements to repurchase		750,455			1,138,027			(387,572	)		1,253,270			1,236,219			1,514,485			(764,030	)
Other short-term funding		1,576,484			615,258			961,226			1,400,000			700,000			1,000,000			576,484
Long-term funding		1,015,346			1,305,422			(290,076	)		1,150,729			1,176,736			1,177,071			(161,725	)
Trading liabilities		76,343			82,861			(6,518	)		80,107			75,130			80,046			(3,703	)
Accrued expenses and other liabilities		236,898			195,742			41,156			180,502			171,336			196,166			40,732
Total liabilities		20,595,391			19,787,902			807,489			19,171,479			19,012,797			19,058,423			1,536,968
Stockholders’ Equity
Preferred equity		63,272			63,272			—			63,272			63,272			63,272			—
Common stock		1,750			1,750			—			1,750			1,750			1,746			4
Surplus		1,602,136			1,599,070			3,066			1,594,995			1,590,336			1,586,401			15,735
Retained earnings		1,281,811			1,250,189			31,622			1,213,735			1,181,247			1,148,773			133,038
Accumulated other comprehensive income		48,603			67,303			(18,700	)		66,579			65,278			65,602			(16,999	)
Treasury stock		(61,173	)		(31,132	)		(30,041	)		(30,710	)		(1,010	)		—			(61,173	)
Total stockholders’ equity		2,936,399			2,950,452			(14,053	)		2,909,621			2,900,873			2,865,794			70,605
Total liabilities and stockholders’ equity	$	23,531,790			22,738,354		$	793,436		$	22,081,100		$	21,913,670		$	21,924,217		$	1,607,573

Page 1

Consolidated Statements of Income (Unaudited)

Associated Banc-Corp

	For The Three Months Ended December 31,						Quarter						For The Year Ended, December 31,						Year-to-Date
(in thousands, except per share amounts)	2012			2011			$ Change			% Change			2012			2011			$ Change			% Change
Interest Income
Interest and fees on loans	$	150,107		$	149,832		$	275			0.2	%	$	595,965		$	582,739		$	13,226			2.3	%
Interest and dividends on investment securities:
Taxable		20,368			22,855			(2,487	)		(10.9	)%		86,945			123,371			(36,426	)		(29.5	)%
Tax-exempt		7,119			7,344			(225	)		(3.1	)%		28,655			29,937			(1,282	)		(4.3	)%
Other interest		2,876			1,251			1,625			129.9	%		6,719			5,575			1,144			20.5	%
Total interest income		180,470			181,282			(812	)		(0.4	)%		718,284			741,622			(23,338	)		(3.1	)%
Interest Expense
Interest on deposits		9,091			14,954			(5,863	)		(39.2	)%		41,431			65,748			(24,317	)		(37.0	)%
Interest on Federal funds purchased and securities sold under agreements to repurchase		558			1,278			(720	)		(56.3	)%		2,687			6,196			(3,509	)		(56.6	)%
Interest on other short-term funding		226			879			(653	)		(74.3	)%		3,294			6,215			(2,921	)		(47.0	)%
Interest on long-term funding		9,140			12,346			(3,206	)		(26.0	)%		44,880			50,632			(5,752	)		(11.4	)%
Total interest expense		19,015			29,457			(10,442	)		(35.4	)%		92,292			128,791			(36,499	)		(28.3	)%
Net Interest Income		161,455			151,825			9,630			6.3	%		625,992			612,831			13,161			2.1	%
Provision for loan losses		3,000			1,000			2,000			200.0	%		3,000			52,000			(49,000	)		(94.2	)%
Net interest income after provision for loan losses		158,455			150,825			7,630			5.1	%		622,992			560,831			62,161			11.1	%
Noninterest Income
Trust service fees		10,429			9,511			918			9.7	%		40,737			39,145			1,592			4.1	%
Service charges on deposit accounts		16,817			17,783			(966	)		(5.4	)%		68,917			75,908			(6,991	)		(9.2	)%
Card-based and other nondeposit fees		12,690			11,269			1,421			12.6	%		47,862			57,905			(10,043	)		(17.3	)%
Insurance commissions		10,862			11,216			(354	)		(3.2	)%		47,014			45,554			1,460			3.2	%
Brokerage and annuity commissions		3,678			3,665			13			0.4	%		15,643			17,230			(1,587	)		(9.2	)%
Total core fee-based revenue		54,476			53,444			1,032			1.9	%		220,173			235,742			(15,569	)		(6.6	)%
Mortgage banking, net		13,530			9,677			3,853			39.8	%		63,500			12,723			50,777			399.1	%
Capital market fees, net		4,243			3,950			293			7.4	%		14,241			8,711			5,530			63.5	%
Bank owned life insurance income		3,206			3,820			(614	)		(16.1	)%		13,952			14,896			(944	)		(6.3	)%
Asset losses, net		(209	)		(1,799	)		1,590			(88.4	)%		(12,096	)		(12,199	)		103			(0.8	)%
Investment securities gains (losses), net		152			(310	)		462			(149.0	)%		4,261			(1,112	)		5,373			483.2	%
Other		2,507			2,750			(243	)		(8.8	)%		9,259			14,358			(5,099	)		(35.5	)%
Total noninterest income		77,905			71,532			6,373			8.9	%		313,290			273,119			40,171			14.7	%
Noninterest Expense
Personnel expense		98,073			90,306			7,767			8.6	%		381,404			360,144			21,260			5.9	%
Occupancy		17,273			13,796			3,477			25.2	%		60,794			55,939			4,855			8.7	%
Equipment		6,444			5,286			1,158			21.9	%		23,566			19,873			3,693			18.6	%
Data processing		11,706			9,080			2,626			28.9	%		43,548			32,475			11,073			34.1	%
Business development and advertising		5,395			6,904			(1,509	)		(21.9	)%		21,303			23,038			(1,735	)		(7.5	)%
Other intangible amortization		1,049			1,179			(130	)		(11.0	)%		4,195			4,714			(519	)		(11.0	)%
Loan expense		3,130			3,469			(339	)		(9.8	)%		12,285			12,008			277			2.3	%
Legal and professional fees		8,174			4,651			3,523			75.7	%		31,232			18,205			13,027			71.6	%
Losses other than loans		3,071			11,890			(8,819	)		(74.2	)%		12,258			17,921			(5,663	)		(31.6	)%
Foreclosure/OREO expense		3,293			5,169			(1,876	)		(36.3	)%		15,069			21,393			(6,324	)		(29.6	)%
FDIC expense		4,813			6,136			(1,323	)		(21.6	)%		19,478			28,484			(9,006	)		(31.6	)%
Other		13,907			14,461			(554	)		(3.8	)%		56,691			56,329			362			0.6	%
Total noninterest expense		176,328			172,327			4,001			2.3	%		681,823			650,523			31,300			4.8	%
Income before income taxes		60,032			50,030			10,002			20.0	%		254,459			183,427			71,032			38.7	%
Income tax expense		13,404			8,905			4,499			50.5	%		75,486			43,728			31,758			72.6	%
Net income		46,628			41,125			5,503			13.4	%		178,973			139,699		$	39,274			28.1	%
Preferred stock dividends and discount		1,300			1,300			—			0.0	%		5,200			24,830			(19,630	)		(79.1	)%
Net income available to common equity	$	45,328		$	39,825		$	5,503			13.8	%	$	173,773		$	114,869		$	58,904			51.3	%
Earnings Per Common Share:
Basic	$	0.26		$	0.23		$	0.03			13.0	%	$	1.00		$	0.66		$	0.34			51.5	%
Diluted	$	0.26		$	0.23		$	0.03			13.0	%	$	1.00		$	0.66		$	0.34			51.5	%
Average Common Shares Outstanding:
Basic		170,707			173,523			(2,816	)		(1.6	)%		172,255			173,370			(1,115	)		(0.6	)%
Diluted		170,896			173,523			(2,627	)		(1.5	)%		172,357			173,372			(1,015	)		(0.6	)%

N/M = Not meaningful.

Page 2

Consolidated Statements of Income (Unaudited) - Quarterly Trend

Associated Banc-Corp

							Sequential Qtr															Comparable Qtr
(in thousands, except per share amounts)	4Q12			3Q12			$ Change			% Change			2Q12			1Q12			4Q11			$ Change			% Change
Interest Income
Interest and fees on loans	$	150,107		$	149,647		$	460			0.3	%	$	147,188		$	149,023		$	149,832		$	275			0.2	%
Interest and dividends on investment securities:
Taxable		20,368			20,548			(180	)		(0.9	)%		23,000			23,029			22,855			(2,487	)		(10.9	)%
Tax-exempt		7,119			7,127			(8	)		(0.1	)%		7,135			7,274			7,344			(225	)		(3.1	)%
Other interest		2,876			1,334			1,542			115.6	%		1,262			1,247			1,251			1,625			129.9	%
Total interest income		180,470			178,656			1,814			1.0	%		178,585			180,573			181,282			(812	)		(0.4	)%
Interest Expense
Interest on deposits		9,091			9,751			(660	)		(6.8	)%		10,553			12,036			14,954			(5,863	)		(39.2	)%
Interest on Federal funds purchased and securities sold under agreements to repurchase		558			750			(192	)		(25.6	)%		612			767			1,278			(720	)		(56.3	)%
Interest on other short-term funding		226			815			(589	)		(72.3	)%		1,197			1,056			879			(653	)		(74.3	)%
Interest on long-term funding		9,140			11,738			(2,598	)		(22.1	)%		11,956			12,046			12,346			(3,206	)		(26.0	)%
Total interest expense		19,015			23,054			(4,039	)		(17.5	)%		24,318			25,905			29,457			(10,442	)		(35.4	)%
Net Interest Income		161,455			155,602			5,853			3.8	%		154,267			154,668			151,825			9,630			6.3	%
Provision for loan losses		3,000			—			3,000						—			—			1,000			2,000			200.0	%
Net interest income after provision for loan losses		158,455			155,602			2,853			1.8	%		154,267			154,668			150,825			7,630			5.1	%
Noninterest Income
Trust service fees		10,429			10,396			33			0.3	%		10,125			9,787			9,511			918			9.7	%
Service charges on deposit accounts		16,817			17,290			(473	)		(2.7	)%		16,768			18,042			17,783			(966	)		(5.4	)%
Card-based and other nondeposit fees		12,690			12,209			481			3.9	%		12,084			10,879			11,269			1,421			12.6	%
Insurance commissions		10,862			11,650			(788	)		(6.8	)%		12,912			11,590			11,216			(354	)		(3.2	)%
Brokerage and annuity commissions		3,678			3,632			46			1.3	%		4,206			4,127			3,665			13			0.4	%
Total core fee-based revenue		54,476			55,177			(701	)		(1.3	)%		56,095			54,425			53,444			1,032			1.9	%
Mortgage banking, net		13,530			15,581			(2,051	)		(13.2	)%		16,735			17,654			9,677			3,853			39.8	%
Capital market fees, net		4,243			3,609			634			17.6	%		2,673			3,716			3,950			293			7.4	%
Bank owned life insurance income		3,206			3,290			(84	)		(2.6	)%		3,164			4,292			3,820			(614	)		(16.1	)%
Asset losses, net		(209	)		(3,309	)		3,100			(93.7	)%		(4,984	)		(3,594	)		(1,799	)		1,590			(88.4	)%
Investment securities gains (losses), net		152			3,506			(3,354	)		(95.7	)%		563			40			(310	)		462			(149.0	)%
Other		2,507			3,134			(627	)		(20.0	)%		1,705			1,913			2,750			(243	)		(8.8	)%
Total noninterest income		77,905			80,988			(3,083	)		(3.8	)%		75,951			78,446			71,532			6,373			8.9	%
Noninterest Expense
Personnel expense		98,073			95,231			2,842			3.0	%		93,819			94,281			90,306			7,767			8.6	%
Occupancy		17,273			14,334			2,939			20.5	%		14,008			15,179			13,796			3,477			25.2	%
Equipment		6,444			5,935			509			8.6	%		5,719			5,468			5,286			1,158			21.9	%
Data processing		11,706			11,022			684			6.2	%		11,304			9,516			9,080			2,626			28.9	%
Business development and advertising		5,395			5,059			336			6.6	%		5,468			5,381			6,904			(1,509	)		(21.9	)%
Other intangible amortization		1,049			1,048			1			0.1	%		1,049			1,049			1,179			(130	)		(11.0	)%
Loan expense		3,130			3,297			(167	)		(5.1	)%		2,948			2,910			3,469			(339	)		(9.8	)%
Legal and professional fees		8,174			7,686			488			6.3	%		5,657			9,715			4,651			3,523			75.7	%
Losses other than loans		3,071			3,577			(506	)		(14.1	)%		2,060			3,550			11,890			(8,819	)		(74.2	)%
Foreclosure/OREO expense		3,293			4,071			(778	)		(19.1	)%		4,343			3,362			5,169			(1,876	)		(36.3	)%
FDIC expense		4,813			5,017			(204	)		(4.1	)%		4,778			4,870			6,136			(1,323	)		(21.6	)%
Other		13,907			13,426			481			3.6	%		14,877			14,481			14,461			(554	)		(3.8	)%
Total noninterest expense		176,328			169,703			6,625			3.9	%		166,030			169,762			172,327			4,001			2.3	%
Income before income taxes		60,032			66,887			(6,855	)		(10.2	)%		64,188			63,352			50,030			10,002			20.0	%
Income tax expense		13,404			20,492			(7,088	)		(34.6	)%		20,871			20,719			8,905			4,499			50.5	%
Net income		46,628			46,395			233			0.5	%		43,317			42,633			41,125			5,503			13.4	%
Preferred stock dividends and discount		1,300			1,300			—			0.0	%		1,300			1,300			1,300			—			0.0	%
Net income available to common equity	$	45,328		$	45,095		$	233			0.5	%	$	42,017		$	41,333		$	39,825		$	5,503			13.8	%
Earnings Per Common Share:
Basic	$	0.26		$	0.26		$	—			0.0	%	$	0.24		$	0.24		$	0.23		$	0.03			13.0	%
Diluted	$	0.26		$	0.26		$	—			0.0	%	$	0.24		$	0.24		$	0.23		$	0.03			13.0	%
Average Common Shares Outstanding:
Basic		170,707			171,650			(943	)		(0.5	)%		172,839			173,846			173,523			(2,816	)		(1.6	)%
Diluted		170,896			171,780			(884	)		(0.5	)%		172,841			173,848			173,523			(2,627	)		(1.5	)%

N/M = Not meaningful.

Page 3

Selected Quarterly Information

Associated Banc-Corp

(in thousands, except per share, full time equivalent employee data and otherwise noted)	YTD 2012			YTD 2011			4th Qtr 2012			3rd Qtr 2012			2nd Qtr 2012			1st Qtr 2012			4th Qtr 2011
Summary of Operations
Net interest income	$	625,992		$	612,831		$	161,455		$	155,602		$	154,267		$	154,668		$	151,825
Provision for loan losses		3,000			52,000			3,000			—			—			—			1,000
Asset losses, net		(12,096	)		(12,199	)		(209	)		(3,309	)		(4,984	)		(3,594	)		(1,799	)
Investment securities gains (losses), net		4,261			(1,112	)		152			3,506			563			40			(310	)
Noninterest income (excluding securities & asset gains)		321,125			286,430			77,962			80,791			80,372			82,000			73,641
Noninterest expense		681,823			650,523			176,328			169,703			166,030			169,762			172,327
Income before income taxes		254,459			183,427			60,032			66,887			64,188			63,352			50,030
Income tax expense		75,486			43,728			13,404			20,492			20,871			20,719			8,905
Net income		178,973			139,699			46,628			46,395			43,317			42,633			41,125
Net income available to common equity		173,773			114,869			45,328			45,095			42,017			41,333			39,825
Taxable equivalent adjustment		21,046			21,374			5,221			5,268			5,254			5,303			5,307
Per Common Share Data
Net income:
Basic	$	1.00		$	0.66		$	0.26		$	0.26		$	0.24		$	0.24		$	0.23
Diluted		1.00			0.66			0.26			0.26			0.24			0.24			0.23
Dividends		0.23			0.04			0.08			0.05			0.05			0.05			0.01
Market Value:
High	$	14.63		$	15.36		$	13.54		$	13.79		$	13.97		$	14.63		$	11.78
Low		11.43			8.95			12.19			12.04			11.76			11.43			9.15
Close		13.12			11.17			13.12			13.16			13.19			13.96			11.17
Book value		16.97			16.15			16.97			16.82			16.59			16.32			16.15
Tier 1 common equity / share		11.08			10.28			11.08			10.89			10.66			10.46			10.28
Tangible book value		11.39			10.68			11.39			11.31			11.07			10.87			10.68
Performance Ratios (annualized)
Earning assets yield		3.77	%		3.92	%		3.70	%		3.73	%		3.80	%		3.85	%		3.81	%
Interest-bearing liabilities rate		0.62			0.85			0.51			0.62			0.65			0.70			0.78
Net interest margin		3.30			3.26			3.32			3.26			3.30			3.31			3.21
Return on average assets		0.81			0.65			0.83			0.84			0.80			0.79			0.75
Return on average tangible common equity		8.96			6.45			9.15			9.32			8.87			8.85			8.57
Return on average Tier 1 common equity (1)		9.45			6.71			9.61			9.69			9.26			9.23			8.96
Efficiency ratio (2)		70.42			70.66			72.08			70.22			69.21			70.16			74.67
Effective tax rate		29.67			23.84			22.33			30.64			32.52			32.70			17.80
Dividend payout ratio (3)		23.00			6.06			30.77			19.23			20.83			20.83			4.35
Average Balances
Assets	$	21,976,357		$	21,588,620		$	22,461,886		$	22,016,748		$	21,684,600		$	21,659,139		$	21,755,870
Earning assets		19,613,777			19,442,263			20,032,432			19,659,796			19,386,046			19,371,729			19,506,627
Interest-bearing liabilities		14,905,735			15,120,824			14,840,162			14,940,697			14,922,006			14,920,413			15,095,689
Loans (4)		14,741,785			13,278,848			15,131,102			14,916,793			14,602,602			14,310,441			14,043,585
Deposits		15,582,369			14,401,127			16,650,268			15,615,856			15,050,684			15,000,567			14,893,469
Short and long-term funding		3,272,212			4,100,825			2,638,661			3,286,943			3,566,346			3,603,700			3,857,252
Common stockholders’ equity		2,885,716			2,730,643			2,915,346			2,870,438			2,852,050			2,826,913			2,792,823
Stockholders’ equity		2,948,988			2,997,290			2,978,618			2,933,710			2,915,322			2,890,185			2,856,095
Average Tier 1 common equity (5)		1,838,424			1,713,155			1,876,686			1,850,610			1,825,441			1,801,649			1,763,522
At Period End
Assets							$	23,531,790		$	22,738,354		$	22,081,100		$	21,913,670		$	21,924,217
Loans								15,411,022			14,966,214			14,698,902			14,253,725			14,031,071
Allowance for loan losses								297,409			315,150			332,658			356,298			378,151
Goodwill								929,168			929,168			929,168			929,168			929,168
Mortgage servicing rights, net								45,949			45,018			47,488			50,001			48,152
Other intangible assets, net								15,227			16,276			17,324			18,373			19,422
Deposits								16,939,865			16,450,592			15,106,871			15,653,376			15,090,655
Loans / deposits								90.97	%		90.98	%		97.30	%		91.06	%		92.98	%
Risk weighted assets ($ in millions) (6)								16,194			15,575			15,188			14,570			14,568
Tier 1 common equity (5)								1,875,534			1,869,931			1,828,529			1,819,782			1,783,515
Stockholders’ equity / assets								12.48	%		12.98	%		13.18	%		13.24	%		13.07	%
Tangible common equity / tangible assets (7)								8.54	%		8.91	%		8.99	%		9.01	%		8.84	%
Tangible equity / tangible assets (8)								8.82	%		9.20	%		9.29	%		9.32	%		9.14	%
Tier 1 common equity / risk-weighted assets (6)								11.58	%		12.01	%		12.04	%		12.49	%		12.24	%
Tier 1 leverage ratio (6)								8.98	%		9.99	%		9.95	%		10.03	%		9.81	%
Tier 1 risk-based capital ratio (6)								11.97	%		13.57	%		13.64	%		14.33	%		14.08	%
Total risk-based capital ratio (6)								13.39	%		15.00	%		15.08	%		15.78	%		15.53	%
Shares outstanding, end of period								169,304			171,657			171,611			173,923			173,575
Selected trend information
Average full time equivalent employees								4,915			4,965			4,951			5,045			5,056
Trust assets under management, at market value ($ in millions)							$	6,454		$	6,163		$	5,934		$	5,983		$	5,616
Mortgage loans originated for sale during period								780,469			715,184			738,091			563,688			843,614
Mortgage portfolio serviced for others ($ in millions)								7,453			7,547			7,511			7,284			7,321
Mortgage servicing rights, net / Portfolio serviced for others								0.62	%		0.60	%		0.63	%		0.69	%		0.66	%

(1) Return on average Tier 1 common equity = Net income available to common equity divided by average Tier 1 common equity. This is a non-GAAP financial measure.

(2) Efficiency ratio = Noninterest expense divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains, net, and asset gains, net. This is a non-GAAP financial measure.

(3) Ratio is based upon basic earnings per common share.

(4) Loans held for sale have been included in the average balances.

(5) Tier 1 common equity (period end and average) is Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities.

(6) December 31, 2012 data is estimated.

(7) Tangible common equity to tangible assets = Common stockholders’ equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. This is a non-GAAP financial measure.

(8) Tangible equity to tangible assets = Stockholders’ equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. This is a non-GAAP financial measure.

Page 4

Selected Asset Quality Information

Associated Banc-Corp

(in thousands)	Dec 31, 2012			Sep 30, 2012			Dec 12 vs Sep 12 % Change			Jun 30, 2012			Mar 31, 2012			Dec 31, 2011			Dec 12 vs Dec 11 % Change
Allowance for Loan Losses
Beginning balance	$	315,150		$	332,658			(5.3	)%	$	356,298		$	378,151		$	399,723			(21.2	)%
Provision for loan losses		3,000			—			0.0	%		—			—			1,000			200.0	%
Charge offs		(30,417	)		(25,030	)		21.5	%		(30,340	)		(31,259	)		(34,056	)		(10.7	)%
Recoveries		9,676			7,522			28.6	%		6,700			9,406			11,484			(15.7	)%
Net charge offs		(20,741	)		(17,508	)		18.5	%		(23,640	)		(21,853	)		(22,572	)		(8.1	)%
Ending balance	$	297,409		$	315,150			(5.6	)%	$	332,658		$	356,298		$	378,151			(21.4	)%
Reserve for losses on unfunded commitments	$	21,800		$	19,800			10.1	%	$	18,900		$	15,600		$	14,700			48.3	%
	Dec 31, 2012			Sep 30, 2012			Dec 12 vs Sep 12 % Change			Jun 30, 2012			Mar 31, 2012			Dec 31, 2011			Dec 12 vs Dec 11 % Change
Net Charge Offs
Commercial and industrial	$	2,630		$	3,831			(31.3	)%	$	14,544		$	3,872		$	231			N/M
Commercial real estate - owner occupied		2,056			(8	)		N/M			1,164			415			539			N/M
Lease financing		754			(20	)		N/M			—			(1,836	)		19			N/M
Commercial and business lending		5,440			3,803			43.0	%		15,708			2,451			789			N/M
Commercial real estate - investor		(232	)		1,905			(112.2	)%		177			7,354			2,394			(109.7	)%
Real estate construction		858			(187	)		N/M			558			230			7,088			(87.9	)%
Commercial real estate lending		626			1,718			(63.6	)%		735			7,584			9,482			(93.4	)%
Total commercial		6,066			5,521			9.9	%		16,443			10,035			10,271			(40.9	)%
Home equity		8,071			7,922			1.9	%		5,284			8,950			8,113			(0.5	)%
Installment		1,027			324			N/M			371			101			452			127.2	%
Total retail		9,098			8,246			10.3	%		5,655			9,051			8,565			6.2	%
Residential mortgage		5,577			3,741			49.1	%		1,542			2,767			3,736			49.3	%
Total net charge offs	$	20,741		$	17,508			18.5	%	$	23,640		$	21,853		$	22,572			(8.1	)%
	Dec 31, 2012			Sep 30, 2012						Jun 30, 2012			Mar 31, 2012			Dec 31, 2011
Net Charge Offs to Average Loans (in basis points) *
Commercial and industrial		25			37						151			42			3
Commercial real estate - owner occupied		69			(0	)					43			16			20
Lease financing		480			(13	)					—			N/M			14
Commercial and business lending		40			29						126			20			7
Commercial real estate - investor		(3	)		27						3			113			38
Real estate construction		54			(12	)					40			16			N/M
Commercial real estate lending		7			20						9			96			122
Total commercial		27			25						79			50			53
Home equity		140			132						86			144			127
Installment		86			26						28			7			32
Total retail		131			114						76			119			110
Residential mortgage		64			45						19			34			46
Total net charge offs		55			47						65			61			64
	Dec 31, 2012			Sep 30, 2012			Dec 12 vs Sep 12 % Change			Jun 30, 2012			Mar 31, 2012			Dec 31, 2011			Dec 12 vs Dec 11 % Change
Credit Quality
Nonaccrual loans	$	252,868		$	278,172			(9.1	)%	$	317,872		$	327,085		$	356,772			(29.1	)%
Other real estate owned (OREO)		34,900			36,053			(3.2	)%		40,029			34,425			41,571			(16.0	)%
Total nonperforming assets	$	287,768		$	314,225			(8.4	)%	$	357,901		$	361,510		$	398,343			(27.8	)%
Loans 90 or more days past due and still accruing		2,289			2,334			(1.9	)%		5,224			2,497			4,925			(53.5	)%
Restructured loans (accruing)		121,087			135,791			(10.8	)%		122,229			120,719			113,164			7.0	%
Allowance for loan losses / loans		1.93	%		2.11	%					2.26	%		2.50	%		2.70	%
Allowance for loan losses / nonaccrual loans		117.61			113.29						104.65			108.93			105.99
Nonaccrual loans / total loans		1.64			1.86						2.16			2.29			2.54
Nonperforming assets / total loans plus OREO		1.86			2.09						2.43			2.53			2.83
Nonperforming assets / total assets		1.22			1.38						1.62			1.65			1.82
Net charge offs / average loans (annualized)		0.55			0.47						0.65			0.61			0.64
Year-to-date net charge offs / average loans		0.57			0.58						0.63			0.61			1.13
Nonaccrual loans by type:
Commercial and industrial	$	39,182		$	41,694			(6.0	)%	$	46,111		$	50,641		$	56,075			(30.1	)%
Commercial real estate - owner occupied		24,254			27,161			(10.7	)%		33,417			31,888			35,718			(32.1	)%
Lease financing		3,031			5,927			(48.9	)%		8,260			9,040			10,644			(71.5	)%
Commercial and business lending		66,467			74,782			(11.1	)%		87,788			91,569			102,437			(35.1	)%
Commercial real estate - investor		58,687			71,522			(17.9	)%		88,806			89,030			99,352			(40.9	)%
Real estate construction		27,302			31,684			(13.8	)%		36,403			36,471			41,806			(34.7	)%
Commercial real estate lending		85,989			103,206			(16.7	)%		125,209			125,501			141,158			(39.1	)%
Total commercial		152,456			177,988			(14.3	)%		212,997			217,070			243,595			(37.4	)%
Home equity		39,215			38,467			1.9	%		41,536			44,628			46,907			(16.4	)%
Installment		1,838			2,893			(36.5	)%		3,047			2,627			2,715			(32.3	)%
Total retail		41,053			41,360			(0.7	)%		44,583			47,255			49,622			(17.3	)%
Residential mortgage		59,359			58,824			0.9	%		60,292			62,760			63,555			(6.6	)%
Total consumer		100,412			100,184			0.2	%		104,875			110,015			113,177			(11.3	)%
Total nonaccrual loans	$	252,868		$	278,172			(9.1	)%	$	317,872		$	327,085		$	356,772			(29.1	)%

* Annualized.

N/M = Not meaningful.

Page 5

Selected Asset Quality Information (continued)

Associated Banc-Corp

(in thousands)	Dec 31, 2012		Sep 30, 2012		Dec 12 vs Sep 12 % Change			Jun 30, 2012		Mar 31, 2012		Dec 31, 2011		Dec 12 vs Dec 11 % Change
Restructured loans (accruing)
Commercial and industrial	$	28,140	$	35,015		(19.6	)%	$	28,399	$	25,622	$	22,552		24.8	%
Commercial real estate - owner occupied		13,852		15,706		(11.8	)%		7,115		6,926		8,138		70.2	%
Lease financing		—		—		0.0	%		—		—		—		0.0	%
Commercial and business lending		41,992		50,721		(17.2	)%		35,514		32,548		30,690		36.8	%
Commercial real estate - investor		41,660		49,249		(15.4	)%		49,325		45,845		43,417		(4.0	)%
Real estate construction		4,530		3,561		27.2	%		5,838		11,770		10,977		(58.7	)%
Commercial real estate lending		46,190		52,810		(12.5	)%		55,163		57,615		54,394		(15.1	)%
Total commercial		88,182		103,531		(14.8	)%		90,677		90,163		85,084		3.6	%
Home equity		9,968		9,467		5.3	%		9,471		9,092		8,950		11.4	%
Installment		653		672		(2.8	)%		779		999		1,015		(35.7	)%
Total retail		10,621		10,139		4.8	%		10,250		10,091		9,965		6.6	%
Residential mortgage		22,284		22,121		0.7	%		21,302		20,465		18,115		23.0	%
Total consumer		32,905		32,260		2.0	%		31,552		30,556		28,080		17.2	%
Total restructured loans (accruing)	$	121,087	$	135,791		(10.8	)%	$	122,229	$	120,719	$	113,164		7.0	%
Restructured loans in nonaccrual loans (not included above)	$	80,590	$	74,251		8.5	%	$	86,395	$	79,946	$	87,493		(7.9	)%
	Dec 31, 2012		Sep 30, 2012		Dec 12 vs Sep 12 % Change			Jun 30, 2012		Mar 31, 2012		Dec 31, 2011		Dec 12 vs Dec 11 % Change
Loans Past Due 30-89 Days
Commercial and industrial	$	11,339	$	3,795		N/M		$	4,465	$	12,643	$	8,743		29.7	%
Commercial real estate - owner occupied		11,053		4,843		128.2	%		2,125		7,532		7,092		55.9	%
Lease financing		12		17		(29.4	)%		39		40		104		(88.5	)%
Commercial and business lending		22,404		8,655		158.9	%		6,629		20,215		15,939		40.6	%
Commercial real estate - investor		13,472		8,809		52.9	%		12,854		8,313		4,970		171.1	%
Real estate construction		3,155		1,254		151.6	%		1,618		1,736		996		216.8	%
Commercial real estate lending		16,627		10,063		65.2	%		14,472		10,049		5,966		178.7	%
Total commercial		39,031		18,718		108.5	%		21,101		30,264		21,905		78.2	%
Home equity		13,538		14,823		(8.7	)%		15,302		18,007		12,189		11.1	%
Installment		2,109		1,693		24.6	%		1,558		2,813		2,592		(18.6	)%
Total retail		15,647		16,516		(5.3	)%		16,860		20,820		14,781		5.9	%
Residential mortgage		9,403		6,878		36.7	%		9,836		10,114		7,224		30.2	%
Total consumer		25,050		23,394		7.1	%		26,696		30,934		22,005		13.8	%
Total loans past due 30-89 days	$	64,081	$	42,112		52.2	%	$	47,797	$	61,198	$	43,910		45.9	%
	Dec 31, 2012		Sep 30, 2012		Dec 12 vs Sep 12 % Change			Jun 30, 2012		Mar 31, 2012		Dec 31, 2011		Dec 12 vs Dec 11 % Change
Potential Problem Loans
Commercial and industrial	$	128,434	$	120,888		6.2	%	$	121,764	$	157,778	$	153,306		(16.2	)%
Commercial real estate - owner occupied		99,592		120,034		(17.0	)%		108,508		112,673		136,366		(27.0	)%
Lease financing		264		214		23.4	%		324		487		158		67.1	%
Commercial and business lending		228,290		241,136		(5.3	)%		230,596		270,938		289,830		(21.2	)%
Commercial real estate - investor		107,068		133,046		(19.5	)%		142,453		167,339		230,206		(53.5	)%
Real estate construction		13,092		18,477		(29.1	)%		23,905		27,654		27,649		(52.6	)%
Commercial real estate lending		120,160		151,523		(20.7	)%		166,358		194,993		257,855		(53.4	)%
Total commercial		348,450		392,659		(11.3	)%		396,954		465,931		547,685		(36.4	)%
Home equity		3,670		3,343		9.8	%		4,173		4,441		5,451		(32.7	)%
Installment		111		131		(15.3	)%		127		142		233		(52.4	)%
Total retail		3,781		3,474		8.8	%		4,300		4,583		5,684		(33.5	)%
Residential mortgage		8,762		8,197		6.9	%		8,658		9,580		13,037		(32.8	)%
Total consumer		12,543		11,671		7.5	%		12,958		14,163		18,721		(33.0	)%
Total potential problem loans	$	360,993	$	404,330		(10.7	)%	$	409,912	$	480,094	$	566,406		(36.3	)%

Page 6

Net Interest Income Analysis - Taxable Equivalent Basis

Associated Banc-Corp

	Year ended December 31, 2012							Year ended December 31, 2011
(in thousands)	Average Balance		Interest Income / Expense		Average Yield / Rate			Average Balance		Interest Income / Expense		Average Yield / Rate
Earning assets:
Loans: (1) (2) (3)
Commercial and business lending	$	5,139,155	$	202,444		3.94	%	$	4,301,377	$	182,362		4.24	%
Commercial real estate lending		3,350,190		140,881		4.21			2,973,351		132,789		4.47
Total commercial		8,489,345		343,325		4.04		$	7,274,728	$	315,151		4.33
Residential mortgage		3,330,123		121,399		3.65			2,819,702		116,207		4.12
Retail		2,922,317		135,094		4.62			3,184,418		154,793		4.86
Total loans		14,741,785		599,818		4.07			13,278,848		586,151		4.41
Investment securities		4,469,541		132,793		2.97			5,497,297		171,270		3.12
Other short-term investments		402,451		6,719		1.67			666,118		5,575		0.84
Investments and other		4,871,992		139,512		2.86			6,163,415		176,845		2.87
Total earning assets		19,613,777		739,330		3.77			19,442,263		762,996		3.92
Other assets, net		2,362,580							2,146,357
Total assets	$	21,976,357						$	21,588,620
Interest-bearing liabilities:
Savings deposits	$	1,096,692	$	851		0.08	%	$	987,198	$	1,091		0.11	%
Interest-bearing demand deposits		2,148,459		3,741		0.17			1,947,506		3,429		0.18
Money market deposits		6,148,663		15,336		0.25			5,147,437		16,385		0.32
Time deposits		2,239,709		21,503		0.96			2,937,858		44,843		1.53
Total interest-bearing deposits		11,633,523		41,431		0.36			11,019,999		65,748		0.60
Federal funds purchased and securities sold under agreements to repurchase		1,177,105		2,687		0.23			1,926,474		6,196		0.32
Other short-term funding		936,376		3,294		0.35			767,230		6,215		0.81
Total long-term funding		1,158,731		44,880		3.87			1,407,121		50,632		3.60
Total short and long-term funding		3,272,212		50,861		1.55			4,100,825		63,043		1.54
Total interest-bearing liabilities		14,905,735		92,292		0.62			15,120,824		128,791		0.85
Noninterest-bearing demand deposits		3,948,846							3,381,128
Other liabilities		172,788							89,378
Stockholders’ equity		2,948,988							2,997,290
Total liabilities and stockholders’ equity	$	21,976,357						$	21,588,620
Net interest income and rate spread (1)			$	647,038		3.15	%			$	634,205		3.07	%
Net interest margin (1)						3.30	%						3.26	%
Taxable equivalent adjustment			$	21,046						$	21,374
Net Interest Income Analysis - Taxable Equivalent Basis Associated Banc-Corp
	Three months ended December 31, 2012							Three months ended December 31, 2011
(in thousands)	Average Balance		Interest Income / Expense		Average Yield / Rate			Average Balance		Interest Income / Expense		Average Yield / Rate
Earning assets:
Loans: (1) (2) (3)
Commercial and business lending	$	5,431,195	$	53,442		3.92	%	$	4,638,160	$	48,243		4.13	%
Commercial real estate lending		3,451,104		35,623		4.11			3,090,643		34,181		4.39
Total commercial		8,882,299		89,065		3.99		$	7,728,803	$	82,424		4.23
Residential mortgage		3,485,719		30,126		3.46			3,216,466		31,643		3.93
Retail		2,763,084		31,865		4.59			3,098,316		36,666		4.71
Total loans		15,131,102		151,056		3.98			14,043,585		150,733		4.27
Investment securities		4,545,178		31,759		2.79			5,020,429		34,605		2.76
Other short-term investments		356,152		2,876		3.22			442,613		1,251		1.13
Investments and other		4,901,330		34,635		2.83			5,463,042		35,856		2.63
Total earning assets		20,032,432		185,691		3.70			19,506,627		186,589		3.81
Other assets, net		2,429,454							2,249,243
Total assets	$	22,461,886						$	21,755,870
Interest-bearing liabilities:
Savings deposits	$	1,129,983	$	225		0.08	%	$	1,017,271	$	230		0.09	%
Interest-bearing demand deposits		2,236,826		954		0.17			2,152,518		1,115		0.21
Money market deposits		6,797,306		4,103		0.24			5,308,174		3,649		0.27
Time deposits		2,037,386		3,809		0.74			2,760,474		9,960		1.43
Total interest-bearing deposits		12,201,501		9,091		0.30			11,238,437		14,954		0.53
Federal funds purchased and securities sold under agreements to repurchase		984,869		558		0.23			1,824,999		1,278		0.28
Other short-term funding		550,137		226		0.16			691,960		879		0.50
Total long-term funding		1,103,655		9,140		3.31			1,340,293		12,346		3.68
Total short and long-term funding		2,638,661		9,924		1.50			3,857,252		14,503		1.50
Total interest-bearing liabilities		14,840,162		19,015		0.51			15,095,689		29,457		0.78
Noninterest-bearing demand deposits		4,448,767							3,655,032
Other liabilities		194,339							149,054
Stockholders’ equity		2,978,618							2,856,095
Total liabilities and stockholders’ equity	$	22,461,886						$	21,755,870
Net interest income and rate spread (1)			$	166,676		3.19	%			$	157,132		3.03	%
Net interest margin (1)						3.32	%						3.21	%
Taxable equivalent adjustment			$	5,221						$	5,307

(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.

Page 7

Net Interest Income Analysis - Taxable Equivalent Basis

Associated Banc-Corp

	Three months ended December 31, 2012							Three months ended September 30, 2012
(in thousands)	Average Balance		Interest Income / Expense		Average Yield / Rate			Average Balance		Interest Income / Expense		Average Yield / Rate
Earning assets:
Loans: (1) (2) (3)
Commercial and business lending	$	5,431,195	$	53,442		3.92	%	$	5,275,069	$	51,432		3.88	%
Commercial real estate lending		3,451,104		35,623		4.11			3,440,220		35,913		4.16
Total commercial		8,882,299		89,065		3.99		$	8,715,289	$	87,345		3.99
Residential mortgage		3,485,719		30,126		3.46			3,320,212		30,044		3.62
Retail		2,763,084		31,865		4.59			2,881,292		33,251		4.60
Total loans		15,131,102		151,056		3.98			14,916,793		150,640		4.02
Investment securities		4,545,178		31,759		2.79			4,319,404		31,950		2.96
Other short-term investments		356,152		2,876		3.22			423,599		1,334		1.26
Investments and other		4,901,330		34,635		2.83			4,743,003		33,284		2.81
Total earning assets		20,032,432		185,691		3.70			19,659,796		183,924		3.73
Other assets, net		2,429,454							2,356,952
Total assets	$	22,461,886						$	22,016,748
Interest-bearing liabilities:
Savings deposits	$	1,129,983	$	225		0.08	%	$	1,117,194	$	229		0.08	%
Interest-bearing demand deposits		2,236,826		954		0.17			2,136,280		926		0.17
Money market deposits		6,797,306		4,103		0.24			6,240,596		3,932		0.25
Time deposits		2,037,386		3,809		0.74			2,159,684		4,664		0.86
Total interest-bearing deposits		12,201,501		9,091		0.30			11,653,754		9,751		0.33
Federal funds purchased and securities sold under agreements to repurchase		984,869		558		0.23			1,266,995		750		0.24
Other short-term funding		550,137		226		0.16			837,316		815		0.39
Total long-term funding		1,103,655		9,140		3.31			1,182,632		11,738		3.97
Total short and long-term funding		2,638,661		9,924		1.50			3,286,943		13,303		1.62
Total interest-bearing liabilities		14,840,162		19,015		0.51			14,940,697		23,054		0.62
Noninterest-bearing demand deposits		4,448,767							3,962,102
Other liabilities		194,339							180,239
Stockholders’ equity		2,978,618							2,933,710
Total liabilities and stockholders’ equity	$	22,461,886						$	22,016,748
Net interest income and rate spread (1)			$	166,676		3.19	%			$	160,870		3.11	%
Net interest margin (1)						3.32	%						3.26	%
Taxable equivalent adjustment			$	5,221						$	5,268

(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.

Financial Summary and Comparison

Associated Banc-Corp

Period End Loan Composition

	Dec 31, 2012		Sep 30, 2012		Dec 12 vs Sep  12 % Change			Jun 30, 2012		Mar 31, 2012		Dec 31, 2011		Dec 12 vs Dec 11 % Change
Commercial and industrial	$	4,502,021	$	4,265,356		5.5	%	$	4,076,370	$	3,719,016	$	3,724,736		20.9	%
Commercial real estate - owner occupied		1,219,747		1,197,517		1.9	%		1,116,815		1,074,755		1,086,829		12.2	%
Lease financing		64,196		60,818		5.6	%		62,750		61,208		58,194		10.3	%
Commercial and business lending		5,785,964		5,523,691		4.7	%		5,255,935		4,854,979		4,869,759		18.8	%
Commercial real estate - investor		2,906,759		2,787,158		4.3	%		2,810,521		2,664,251		2,563,767		13.4	%
Real estate construction		655,381		611,186		7.2	%		612,556		565,953		584,046		12.2	%
Commercial real estate lending		3,562,140		3,398,344		4.8	%		3,423,077		3,230,204		3,147,813		13.2	%
Total commercial		9,348,104		8,922,035		4.8	%		8,679,012		8,085,183		8,017,572		16.6	%
Home equity		2,219,494		2,356,900		(5.8	)%		2,429,594		2,501,770		2,504,704		(11.4	)%
Installment		466,727		482,451		(3.3	)%		510,831		537,628		557,782		(16.3	)%
Total retail		2,686,221		2,839,351		(5.4	)%		2,940,425		3,039,398		3,062,486		(12.3	)%
Residential mortgage		3,376,697		3,204,828		5.4	%		3,079,465		3,129,144		2,951,013		14.4	%
Total consumer		6,062,918		6,044,179		0.3	%		6,019,890		6,168,542		6,013,499		0.8	%
Total loans	$	15,411,022	$	14,966,214		3.0	%	$	14,698,902	$	14,253,725	$	14,031,071		9.8	%

Period End Deposit and Customer Funding Composition

	Dec 31, 2012		Sep 30, 2012		Dec 12 vs Sep  12 % Change			Jun 30, 2012		Mar 31, 2012		Dec 31, 2011		Dec 12 vs Dec 11 % Change
Noninterest-bearing demand	$	4,759,556	$	4,320,437		10.2	%	$	3,874,429	$	3,989,156	$	3,928,792		21.1	%
Savings		1,109,861		1,115,783		(0.5	)%		1,117,593		1,098,975		986,766		12.5	%
Interest-bearing demand		2,554,479		2,230,740		14.5	%		2,078,037		2,040,900		2,297,454		11.2	%
Money market		6,518,075		6,682,640		(2.5	)%		5,822,449		6,176,981		5,150,275		26.6	%
Brokered CDs		26,270		33,612		(21.8	)%		41,104		46,493		202,948		(87.1	)%
Other time		1,971,624		2,067,380		(4.6	)%		2,173,259		2,300,871		2,524,420		(21.9	)%
Total deposits		16,939,865		16,450,592		3.0	%		15,106,871		15,653,376		15,090,655		12.3	%
Customer repo sweeps		564,038		600,225		(6.0	)%		592,203		635,697		664,624		(15.1	)%
Customer repo term		115,032		448,782		(74.4	)%		619,897		509,332		695,131		(83.5	)%
Total customer funding		679,070		1,049,007		(35.3	)%		1,212,100		1,145,029		1,359,755		(50.1	)%
Total deposits and customer funding	$	17,618,935	$	17,499,599		0.7	%	$	16,318,971	$	16,798,405	$	16,450,410		7.1	%
Network transaction deposits included above in interest-bearing demand and money market		1,684,745		1,740,434		(3.2	)%		1,234,010		1,171,679		875,052		92.5	%
Brokered CDs		26,270		33,612		(21.8	)%		41,104		46,493		202,948		(87.1	)%
Total network and brokered funding		1,711,015		1,774,046		(3.6	)%		1,275,114		1,218,172		1,078,000		58.7	%
Net customer deposits and funding (4)		15,907,920		15,725,553		1.2	%		15,043,857		15,580,233		15,372,410		3.5	%

(4) Total deposits and customer funding excluding total network and brokered funding.

Page 8

EX-99.2

Associated Banc-Corp

4Q 2012 Earnings Presentation

January 17, 2013

EXHIBIT 99.2

Forward-Looking Statements

1

Statements made in this presentation 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”, “outlook”, 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.

Important

note

regarding

forward-looking

statements:

Fourth Quarter 2012 Highlights

•

Net income available to common shareholders of $45 million or $0.26 per share

•

Return on Tier 1 common equity of 9.6%, compared to 9.0% a year ago

2

Solid Results Driven by Fundamental Strength in Core Businesses

Net Income

&

ROT1CE

Loan Growth

Net Interest Income

&

Net Interest Margin

•

Total loans of $15.4 billion were up $445 million, or 3% from the third quarter

–

Total commercial loan balances grew by $426 million, or 5% from the prior quarter

•

Net interest income increased by $6 million from the third quarter to $161 million

–

Net interest margin of 3.32%

Capital

•

Increased quarterly dividend to $0.08/share

•

Repurchased $30 million of stock during the fourth quarter

•

Capital ratios remain very strong with a Tier 1 common equity ratio of 11.58%

Deposit Growth

•

Average deposits increased by $1.0 billion, or 7% QoQ

–

Period-end noninterest-bearing deposits grew by $439 million, or 10% QoQ

•

Defended the margin despite interest rate headwinds

–

Full year NIM of 3.30%

–

Deposit rates & interest-bearing liability costs managed lower throughout the year

2012 Full Year Recap

3

•

Credit quality continued to improve at a steady pace

–

Nonaccruals down 29% YoY

•

Total loans up $1.4 billion, or 10% YoY to $15.4 billion

Execution of Growth Initiatives & Delivering Shareholder Value

•

Redeemed all outstanding Trust Preferred Securities

•

Increased the dividend twice during 2012 ($0.01 to $0.05 to $0.08)

•

Repurchased

$60

million

of

stock

during

2012;

$30

million

(2Q12)

&

$30

million

(4Q12)

•

FY 2012 earnings of $174 million or $1.00/share

–

Compared to $115 million in FY 2011 or $0.66/share

•

FY 2012 ROT1CE of 9.5% compared to 6.7% for FY 2011

Net Income

&

ROT1CE

Loan Growth

Credit

Capital

Net Interest Margin

4

2011 –

A Year of

Transition

•

Repaid TARP

•

OCC MOU terminated

•

Began executing on

our strategic initiatives

for growth

•

FY 2012 earnings up

51%

•

Loan balances up 10%

YoY

•

Defended the margin

•

Credit quality continued

to improve

•

Increased dividend 

twice; $.01 -

$.05 -

$.08

•

$60 million of shares

repurchased

•

7% increase in

TBV/share

2012 –

Execution of

Growth Initiatives

2013 –

Growing the

Franchise &

Creating Long-Term

Shareholder Value

•

Continued focus on

organic growth

opportunities

•

Defending NIM

compression in low-

rate environment

•

Strong focus on

efficiency & expense

management

•

Disciplined focus on

deploying capital to

drive long-term

shareholder value

Executing on Strategic Plan

–

Loans +11% YoY

–

Improving retail

footprint

–

Investing in

Commercial Deposit

& Treasury

Management

Solutions

Loan Portfolio Growth and Composition

5

Total Loans of $15.4 billion at December 31, 2012

4Q 2012 Net Loan Growth of $445 million

Total Loans ($ in billions)

+3% QoQ

Peak Loans (4Q 2008) $16.3 billion

Loan

Mix

–

4Q

2012

($ balances in millions)

Home Equity & Installment

Commercial Real Estate

Residential Mortgage

Power & Utilities

Oil & Gas

Mortgage Warehouse

General Commercial Loans

$14.0

$14.3

$14.7

$15.0

$15.4

$12.0

$13.0

$14.0

$15.0

$16.0

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

CRE Investor

19%

Construction

4%

Commercial

& Business

Lending

38%

Res Mtg

22%

Home Equity

14%

Installment

3%

($153)

($39)

$50

$77

$164

$172

$174

Managing the Cost of Funds & Margin

6

Yield on Interest-earning Assets

Cost of Interest-bearing Liabilities

Average Deposits

FY2012:

3.30%

Net Interest Margin

($ balances in billions)

3.81%

3.85%

3.80%

3.73%

3.70%

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

$14.9

$15.0

$15.1

$15.6

$16.7

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

0.78%

0.70%

0.65%

0.62%

0.51%

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

3.21%

3.31%

3.30%

3.26%

3.32%

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

Continued Improvement in Credit Quality Indicators

7

($ in millions)

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

Potential problem loans

$     566

$     480

$     410

$     404

$     361

Nonaccruals

$     357

$     327

$     318

$     278

$     253

Provision for loan losses

$         1

$         0

$         0

$         0

$         3

Net charge offs

$       23

$       22

$       24

$       18

$       21

ALLL/Total loans

2.70%

2.50%

2.26%

2.11%

1.93%

ALLL/Nonaccruals

105.99%

108.93%

104.65%

113.29%

117.61%

NPA/Assets

1.82%

1.65%

1.62%

1.38%

1.22%

Nonaccruals/Loans

2.54%

2.29%

2.16%

1.86%

1.64%

NCOs / Avg Loans

0.64%

0.61%

0.65%

0.47%

0.55%

Strong Capital Profile & Improving Earnings

8

Tier 1 Common Equity Ratio

Net

Income

Available

to

Common

&

ROT1CE

Net Income

($ in millions)

Return on Tier 1

Common Equity

•

Current capital levels are well in excess of      

“well-capitalized”

regulatory benchmarks

–

Existing capital levels are already above

proposed Basel III capital levels

12.24%

12.49%

12.04%

12.01%

11.58%

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

$40

$41

$42

$45

$45

9.0%

9.2%

9.3%

9.7%

9.6%

0.00%

2.50%

5.00%

7.50%

10.00%

12.50%

$0

$10

$20

$30

$40

$50

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

9

2013 Full Year Outlook

Growing the Franchise & Creating Long-Term Shareholder Value

Loan Growth

Deposit Growth

Fee Income

NIM

•

High single digit FY loan growth,

with seasonally low 1Q 2013

•

Continued disciplined deposit

pricing

•

Sustained focus on treasury

management solutions to drive

growth in commercial deposits

•

Modest compression over the

course of the year

•

$500 million of relatively high

cost FHLB advances maturing

during 1H 2013

•

Modest improvement in core fee-

based revenues with lower net

mortgage banking revenues

Expenses

Footprint

Credit

Capital

•

Flat year-over-year

•

Reduced regulatory costs offset by

continued franchise investments

•

Continuing to invest in our

branches while optimizing our

network

•

Consolidating in downtown    

Green Bay and Chicago loop

•

Continuing improvement in credit

trends

•

Provision expense to increase

based on new loan growth in 2013

•

Disciplined focus on

deploying capital to drive

long-term shareholder value