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) October 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.)
433 Main Street, Green Bay, Wisconsin		54301
(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 October 17, 2013, Associated Banc-Corp announced its earnings for the quarter ended September 30, 2013. 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 October 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 October 17, 2013, containing financial information for the quarter ended September 30, 2013.

99.2 Slide presentation discussed on the conference call for investors and analysts on October 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: October 17, 2013	By:	/s/ Christopher J. Del Moral-Niles
		Christopher J. Del Moral-Niles
		Chief Financial Officer and 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 October 17, 2013, containing financial information for the quarter ended September 30, 2013.
99.2	Slide presentation discussed on the conference call for investors and analysts on October 17, 2013.

EX-99.1

Exhibit 99.1

NEWS RELEASE   Investor Contact: Brian Klaus, Senior Vice President, Investor Relations 920-491-7059   Media Contact: Jennifer Kaminski, Vice President, Public Relations 920-491-7576

Associated Reports Third Quarter Earnings of $0.27 per share

Earnings Per Share up 11% year over year

GREEN BAY, Wis. — October 17, 2013 — Associated Banc-Corp (NASDAQ: ASBC) today reported earnings per share of $0.27 for the quarter ended September 30, 2013. This compares to $0.26 per common share, for the quarter ended September 30, 2012.

For the first nine months of 2013, Associated reported earnings per share of $0.82 per common share. This compares to $0.74 per common share, for the comparable year ago period.

“Despite one percent average loan growth in commercial and mortgage lending, continued run-off in home equity, in mortgage warehouse, and in installment loans contributed to flat overall loans. Even with the expected downturn in mortgage banking income, we were pleased to deliver value to shareholders through solid execution in other areas and expense discipline, “said President and CEO Philip B. Flynn. “We remain focused on our strategies to enhance efficiency and on opportunities for capital deployment.”

HIGHLIGHTS

• Average loans were flat from the second quarter

– 1% growth in commercial and industrial, commercial real estate and residential mortgages; principally offset by continued declines in home equity and installment loans

• Strong average deposit growth of 3% from the second quarter and 13% from a year ago to $17.6 billion

• Mortgage banking income declined 82% from the second quarter

• Net interest margin decreased 3 basis points from the prior quarter while net interest income was up slightly

• Noninterest expenses of $164 million declined $6 million or 3% from the second quarter

• Net income to common shareholders of $44 million for the third quarter declined 5% from the second quarter and YTD 2013 net income of $137 million was 7% more than the comparable year ago period.

• Credit quality continued to improve with net charge offs, nonaccrual loans, past due loans and potential problem loans all declining quarter over quarter

• During the third quarter, the Company repurchased $30 million, or approximately 1.8 million shares

– On October 4, 2013, the Company executed an additional accelerated share repurchase of 1.8 million shares.

• YTD 2013 return on Tier 1 common equity was 9.8%, compared to 9.4% for the prior year period

• Capital ratios remain very strong with a Tier 1 common equity ratio of 11.64%

– more –

THIRD QUARTER 2013 FINANCIAL RESULTS

Loans

Average loans of $15.7 billion were flat from the second quarter but increased $808 million, or 5%, from the year ago quarter. Commercial real estate lending average balances grew by $47 million, or 1% on a linked-quarter basis. The residential mortgage portfolio average balances grew by $53 million, or 1%, during the quarter. Commercial and business lending average balances increased slightly from the prior quarter. This growth was entirely offset by continued run off in home equity and installment loan balances, which experienced an average balance decline of $119 million, or 5%, during the quarter.

Deposits

Average deposits of $17.6 billion were up $505 million, or 3% compared to the second quarter and have increased by $2.0 billion, or 13%, from the year ago quarter. Average money market balances grew $625 million or 9% during the quarter and were partially offset by declines in time deposits of $134 million. Checking and savings balances were flat quarter over quarter.

Net Interest Income and Net Interest Margin

Third quarter net interest income of $161 million increased slightly compared to the prior quarter and was up $5 million, or 3% compared to the year ago quarter.

Third quarter net interest margin was 3.13%, a decrease of 3 basis points from the 3.16% reported in the second quarter and a decrease of 13 basis points from a year ago. The decrease from the second quarter was the result of a 5 basis point decline in asset yields which was partially offset by liability cost management actions.

Noninterest Income and Expense

Noninterest income for the quarter was $71 million, down $13 million, or 16%, from the second quarter and $10 million or 12% from the year ago quarter. Mortgage banking income declined $16 million, or 82% from the prior quarter driven by lower loan volumes and gain on sales. In addition, second quarter mortgage banking income benefited from an $8 million increase in mortgage servicing rights valuation. Core fee revenue increased $3 million or 5% from the prior quarter, as insurance commissions, service charges, brokerage commissions, and non-deposit fees, all improved during the quarter. A $2 million increase in asset gains and losses was primarily related to a real estate transaction.

– more –

Total noninterest expense for the quarter ended September 30, 2013 was $164 million, down $6 million, or 3%, from the second quarter. Losses other than loans were $3 million lower than the second quarter mainly due to a more favorable than expected resolution of a litigation matter and decreases in unfunded commitment reserves. Legal and professional fees declined $2 million from the prior quarter as BSA consultant expenses are largely complete. Personnel expense decreased $2 million from the second quarter as the Company continues to reduce full time equivalent (FTE) employee counts, which stand at their lowest levels since mid 2010.

Credit

The Company reported another quarter of improving credit quality with nonaccrual loans down 5%, to $208 million compared to the second quarter, and down 25% from a year ago. The ratio of nonaccrual loans to total loans now stands at 1.33% and has improved for the 14^th consecutive quarter.

Net charge offs of $5 million for the third quarter were down $8 million from the second quarter, primarily attributable to an $8 million loan recovery.

With slower loan growth coupled with improved asset quality metrics, the Company’s third quarter provision for loan losses was $0, compared to $4 million in the second quarter. The Company’s allowance for loan losses was $272 million, representing an allowance equal to 1.74% of loans and representing a coverage ratio of 131% of nonaccrual loans at September 30, 2013.

Capital Ratios

The Company’s capital position remains very strong, with a Tier 1 common equity ratio of 11.64% at September 30, 2013. The Company’s capital ratios continue to be well in excess of both current and proposed “well-capitalized” regulatory benchmarks.

– more –

THIRD QUARTER 2013 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 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 888-317-6016. 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 third quarter 2013 earnings call.

An audio archive of the webcast will be available on the company’s website at http://investor.associatedbank.com. A telephone replay will be available one hour after the completion of the call through 8:00 a.m. CT on November 18, 2013, by dialing 877-344-7529 and entering the conference ID number 10034040. 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 approximately 240 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)	September 30, 2013			June 30, 2013			Seql Qtr $ Change			March 31, 2013			December 31, 2012			September 30, 2012			Comp Qtr $ Change
Assets
Cash and due from banks	$	526,009		$	422,779		$	103,230		$	336,247		$	563,304		$	419,529		$	106,480
Interest-bearing deposits in other financial institutions		277,761			121,390			156,371			82,555			147,434			531,303			(253,542	)
Federal funds sold and securities purchased under agreements to resell		25,400			10,800			14,600			8,600			27,135			2,460			22,940
Securities held to maturity, at amortized cost		125,095			75,946			49,149			54,123			39,877			21,852			103,243
Securities available for sale, at fair value		4,840,035			4,854,319			(14,284	)		4,950,317			4,926,758			4,496,198			343,837
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost		181,129			181,008			121			152,490			166,774			166,100			15,029
Loans held for sale		102,052			203,576			(101,524	)		173,389			261,410			157,093			(55,041	)
Loans		15,585,854			15,746,599			(160,745	)		15,551,562			15,411,022			14,966,214			619,640
Allowance for loan losses		(271,724	)		(277,218	)		5,494			(286,923	)		(297,409	)		(315,150	)		43,426
Loans, net		15,314,130			15,469,381			(155,251	)		15,264,639			15,113,613			14,651,064			663,066
Premises and equipment, net		265,636			258,903			6,733			254,674			253,958			238,756			26,880
Goodwill		929,168			929,168			—			929,168			929,168			929,168			—
Other intangible assets, net		75,730			74,612			1,118			66,294			61,176			61,294			14,436
Trading assets		49,402			49,732			(330	)		65,014			70,711			76,159			(26,757	)
Other assets		977,128			965,330			11,798			940,258			926,417			987,378			(10,250	)
Total assets	$	23,688,675			23,616,944		$	71,731			23,277,768		$	23,487,735		$	22,738,354		$	950,321
Liabilities and Stockholders’ Equity
Noninterest-bearing demand deposits	$	4,453,663			4,259,776		$	193,887			4,453,109		$	4,759,556		$	4,320,437		$	133,226
Interest-bearing deposits		13,884,245			12,872,660			1,011,585			12,968,185			12,180,309			12,130,155			1,754,090
Total deposits		18,337,908			17,132,436			1,205,472			17,421,294			16,939,865			16,450,592			1,887,316
Federal funds purchased and securities sold under agreements to repurchase		580,479			545,740			34,739			730,855			750,455			1,138,027			(557,548	)
Other short-term funding		1,046,401			2,218,760			(1,172,359	)		1,038,697			1,576,484			615,258			431,143
Long-term funding		614,568			614,822			(254	)		915,063			1,015,346			1,305,422			(690,854	)
Trading liabilities		52,430			52,598			(168	)		70,236			76,343			82,861			(30,431	)
Accrued expenses and other liabilities		184,607			175,612			8,995			165,358			192,843			195,742			(11,135	)
Total liabilities		20,816,393			20,739,968			76,425			20,341,503			20,551,336			19,787,902			1,028,491
Stockholders’ Equity
Preferred equity		62,737			63,272			(535	)		63,272			63,272			63,272			(535	)
Common stock		1,750			1,750			—			1,750			1,750			1,750			—
Surplus		1,614,516			1,610,243			4,273			1,605,966			1,602,136			1,599,070			15,446
Retained earnings		1,361,498			1,330,737			30,761			1,297,692			1,281,811			1,250,189			111,309
Accumulated other comprehensive income (loss)		(37,120	)		(25,015	)		(12,105	)		42,991			48,603			67,303			(104,423	)
Treasury stock		(131,099	)		(104,011	)		(27,088	)		(75,406	)		(61,173	)		(31,132	)		(99,967	)
Total stockholders’ equity		2,872,282			2,876,976			(4,694	)		2,936,265			2,936,399			2,950,452			(78,170	)
Total liabilities and stockholders’ equity	$	23,688,675			23,616,944		$	71,731			23,277,768		$	23,487,735		$	22,738,354		$	950,321

Page 5

Consolidated Statements of Income (Unaudited)

Associated Banc-Corp

	For The Three Months Ended September 30,						Quarter						For The Nine Months Ended September 30,					Year-to-Date
(in thousands, except per share amounts)	2013			2012			$ Change			% Change			2013		2012			$ Change			% Change
Interest Income
Interest and fees on loans	$	146,219		$	149,647		$	(3,428	)		(2.3	%)	$	438,642	$	445,858		$	(7,216	)		(1.6	%)
Interest and dividends on investment securities:
Taxable		21,544			20,548			996			4.8	%		64,603		66,577			(1,974	)		(3.0	%)
Tax-exempt		6,711			7,127			(416	)		(5.8	%)		20,461		21,536			(1,075	)		(5.0	%)
Other interest		1,260			1,334			(74	)		(5.5	%)		3,740		3,843			(103	)		(2.7	%)
Total interest income		175,734			178,656			(2,922	)		(1.6	%)		527,446		537,814			(10,368	)		(1.9	%)
Interest Expense
Interest on deposits		7,617			9,751			(2,134	)		(21.9	%)		23,927		32,340			(8,413	)		(26.0	%)
Interest on Federal funds purchased and securities sold under agreements to repurchase		308			750			(442	)		(58.9	%)		1,051		2,129			(1,078	)		(50.6	%)
Interest on other short-term funding		434			815			(381	)		(46.7	%)		1,291		3,068			(1,777	)		(57.9	%)
Interest on long-term funding		6,866			11,738			(4,872	)		(41.5	%)		22,833		35,740			(12,907	)		(36.1	%)
Total interest expense		15,225			23,054			(7,829	)		(34.0	%)		49,102		73,277			(24,175	)		(33.0	%)
Net Interest Income		160,509			155,602			4,907			3.2	%		478,344		464,537			13,807			3.0	%
Provision for loan losses		—			—			—			N/M			8,000		—			8,000			N/M
Net interest income after provision for loan losses		160,509			155,602			4,907			3.2	%		470,344		464,537			5,807			1.3	%
Noninterest Income
Trust service fees		11,380			10,396			984			9.5	%		33,695		30,308			3,387			11.2	%
Service charges on deposit accounts		18,407			17,290			1,117			6.5	%		52,679		52,100			579			1.1	%
Card-based and other nondeposit fees		12,688			12,209			479			3.9	%		37,229		35,172			2,057			5.8	%
Insurance commissions		11,356			11,650			(294	)		(2.5	%)		32,750		36,152			(3,402	)		(9.4	%)
Brokerage and annuity commissions		3,792			3,632			160			4.4	%		10,996		11,965			(969	)		(8.1	%)
Total core fee-based revenue		57,623			55,177			2,446			4.4	%		167,349		165,697			1,652			1.0	%
Mortgage banking, net		3,542			15,581			(12,039	)		(77.3	%)		40,570		49,970			(9,400	)		(18.8	%)
Capital market fees, net		2,652			3,609			(957	)		(26.5	%)		10,309		9,998			311			3.1	%
Bank owned life insurance income		2,817			3,290			(473	)		(14.4	%)		9,068		10,746			(1,678	)		(15.6	%)
Asset gains (losses), net		1,934			(3,309	)		5,243			(158.4	%)		2,726		(11,887	)		14,613			(122.9	%)
Investment securities gains, net		248			3,506			(3,258	)		(92.9	%)		582		4,109			(3,527	)		(85.8	%)
Other		2,100			3,134			(1,034	)		(33.0	%)		6,622		6,752			(130	)		(1.9	%)
Total noninterest income		70,916			80,988			(10,072	)		(12.4	%)		237,226		235,385			1,841			0.8	%
Noninterest Expense
Personnel expense		98,102			95,231			2,871			3.0	%		295,800		283,331			12,469			4.4	%
Occupancy		14,758			14,334			424			3.0	%		44,725		43,521			1,204			2.8	%
Equipment		6,213			5,935			278			4.7	%		18,842		17,122			1,720			10.0	%
Data processing		12,323			11,022			1,301			11.8	%		36,482		31,842			4,640			14.6	%
Business development and advertising		5,947			5,059			888			17.6	%		15,512		15,908			(396	)		(2.5	%)
Other intangible amortization		1,010			1,048			(38	)		(3.6	%)		3,032		3,146			(114	)		(3.6	%)
Loan expense		3,157			3,297			(140	)		(4.2	%)		9,485		9,155			330			3.6	%
Legal and professional fees		3,482			7,686			(4,204	)		(54.7	%)		14,310		23,058			(8,748	)		(37.9	%)
Losses other than loans		(1,400	)		3,577			(4,977	)		(139.1	%)		83		9,187			(9,104	)		(99.1	%)
Foreclosure/OREO expense		2,515			4,071			(1,556	)		(38.2	%)		7,239		11,776			(4,537	)		(38.5	%)
FDIC expense		4,755			5,017			(262	)		(5.2	%)		14,582		14,665			(83	)		(0.6	%)
Other		13,509			13,426			83			0.6	%		41,190		42,784			(1,594	)		(3.7	%)
Total noninterest expense		164,371			169,703			(5,332	)		(3.1	%)		501,282		505,495			(4,213	)		(0.8	%)
Income before income taxes		67,054			66,887			167			0.2	%		206,288		194,427			11,861			6.1	%
Income tax expense		21,396			20,492			904			4.4	%		65,354		62,082			3,272			5.3	%
Net income		45,658			46,395			(737	)		(1.6	%)		140,934		132,345			8,589			6.5	%
Preferred stock dividends		1,285			1,300			(15	)		(1.2	%)		3,885		3,900			(15	)		(0.4	%)
Net income available to common equity	$	44,373		$	45,095		$	(722	)		(1.6	%)	$	137,049	$	128,445		$	8,604			6.7	%
Earnings Per Common Share:
Basic	$	0.27		$	0.26		$	0.01			3.8	%	$	0.82	$	0.74		$	0.08			10.8	%
Diluted	$	0.27		$	0.26		$	0.01			3.8	%	$	0.82	$	0.74		$	0.08			10.8	%
Average Common Shares Outstanding:
Basic		164,954			171,650			(6,696	)		(3.9	%)		166,586		172,774			(6,189	)		(3.6	%)
Diluted		165,443			171,780			(6,337	)		(3.7	%)		166,760		172,848			(6,088	)		(3.5	%)

N/M = Not meaningful.

Page 6

Consolidated Statements of Income (Unaudited)—Quarterly Trend

Associated Banc-Corp

							Sequential Qtr															Comparable Qtr
(in thousands, except per share amounts)	3Q13			2Q13			$ Change			% Change			1Q13			4Q12			3Q12			$ Change			% Change
Interest Income
Interest and fees on loans	$	146,219		$	146,896		$	(677	)		(0.5	%)	$	145,527		$	150,107		$	149,647		$	(3,428	)		(2.3	%)
Interest and dividends on investment securities:
Taxable		21,544			21,446			98			0.5	%		21,613			20,368			20,548			996			4.8	%
Tax-exempt		6,711			6,785			(74	)		(1.1	%)		6,965			7,119			7,127			(416	)		(5.8	%)
Other interest		1,260			1,233			27			2.2	%		1,247			2,876			1,334			(74	)		(5.5	%)
Total interest income		175,734			176,360			(626	)		(0.4	%)		175,352			180,470			178,656			(2,922	)		(1.6	%)
Interest Expense
Interest on deposits		7,617			7,769			(152	)		(2.0	%)		8,541			9,091			9,751			(2,134	)		(21.9	%)
Interest on Federal funds purchased and securities sold under agreements to repurchase		308			333			(25	)		(7.5	%)		410			558			750			(442	)		(58.9	%)
Interest on other short-term funding		434			525			(91	)		(17.3	%)		332			226			815			(381	)		(46.7	%)
Interest on long-term funding		6,866			7,551			(685	)		(9.1	%)		8,416			9,140			11,738			(4,872	)		(41.5	%)
Total interest expense		15,225			16,178			(953	)		(5.9	%)		17,699			19,015			23,054			(7,829	)		(34.0	%)
Net Interest Income		160,509			160,182			327			0.2	%		157,653			161,455			155,602			4,907			3.2	%
Provision for loan losses		—			4,000			(4,000	)		(100.0	%)		4,000			3,000			—			—			N/M
Net interest income after provision for loan losses		160,509			156,182			4,327			2.8	%		153,653			158,455			155,602			4,907			3.2	%
Noninterest Income
Trust service fees		11,380			11,405			(25	)		(0.2	%)		10,910			10,429			10,396			984			9.5	%
Service charges on deposit accounts		18,407			17,443			964			5.5	%		16,829			16,817			17,290			1,117			6.5	%
Card-based and other nondeposit fees		12,688			12,591			97			0.8	%		11,950			12,690			12,209			479			3.9	%
Insurance commissions		11,356			9,631			1,725			17.9	%		11,763			10,862			11,650			(294	)		(2.5	%)
Brokerage and annuity commissions		3,792			3,688			104			2.8	%		3,516			3,678			3,632			160			4.4	%
Total core fee-based revenue		57,623			54,758			2,865			5.2	%		54,968			54,476			55,177			2,446			4.4	%
Mortgage banking, net		3,542			19,263			(15,721	)		(81.6	%)		17,765			13,530			15,581			(12,039	)		(77.3	%)
Capital market fees, net		2,652			5,074			(2,422	)		(47.7	%)		2,583			4,243			3,609			(957	)		(26.5	%)
Bank owned life insurance income		2,817			3,281			(464	)		(14.1	%)		2,970			3,206			3,290			(473	)		(14.4	%)
Asset gains (losses), net		1,934			(44	)		1,978			N/M			836			(209	)		(3,309	)		5,243			(158.4	%)
Investment securities gains, net		248			34			214			N/M			300			152			3,506			(3,258	)		(92.9	%)
Other		2,100			1,944			156			8.0	%		2,578			2,507			3,134			(1,034	)		(33.0	%)
Total noninterest income		70,916			84,310			(13,394	)		(15.9	%)		82,000			77,905			80,988			(10,072	)		(12.4	%)
Noninterest Expense
Personnel expense		98,102			99,791			(1,689	)		(1.7	%)		97,907			98,073			95,231			2,871			3.0	%
Occupancy		14,758			14,305			453			3.2	%		15,662			17,273			14,334			424			3.0	%
Equipment		6,213			6,462			(249	)		(3.9	%)		6,167			6,444			5,935			278			4.7	%
Data processing		12,323			12,651			(328	)		(2.6	%)		11,508			11,706			11,022			1,301			11.8	%
Business development and advertising		5,947			5,028			919			18.3	%		4,537			5,395			5,059			888			17.6	%
Other intangible amortization		1,010			1,011			(1	)		(0.1	%)		1,011			1,049			1,048			(38	)		(3.6	%)
Loan expense		3,157			3,044			113			3.7	%		3,284			3,130			3,297			(140	)		(4.2	%)
Legal and professional fees		3,482			5,483			(2,001	)		(36.5	%)		5,345			8,174			7,686			(4,204	)		(54.7	%)
Losses other than loans		(1,400	)		1,799			(3,199	)		(177.8	%)		(316	)		3,071			3,577			(4,977	)		(139.1	%)
Foreclosure/OREO expense		2,515			2,302			213			9.3	%		2,422			3,293			4,071			(1,556	)		(38.2	%)
FDIC expense		4,755			4,395			360			8.2	%		5,432			4,813			5,017			(262	)		(5.2	%)
Other		13,509			13,725			(216	)		(1.6	%)		13,956			13,907			13,426			83			0.6	%
Total noninterest expense		164,371			169,996			(5,625	)		(3.3	%)		166,915			176,328			169,703			(5,332	)		(3.1	%)
Income before income taxes		67,054			70,496			(3,442	)		(4.9	%)		68,738			60,032			66,887			167			0.2	%
Income tax expense		21,396			22,608			(1,212	)		(5.4	%)		21,350			13,404			20,492			904			4.4	%
Net income		45,658			47,888			(2,230	)		(4.7	%)		47,388			46,628			46,395			(737	)		(1.6	%)
Preferred stock dividends		1,285			1,300			(15	)		(1.2	%)		1,300			1,300			1,300			(15	)		(1.2	%)
Net income available to common equity	$	44,373		$	46,588		$	(2,215	)		(4.8	%)	$	46,088		$	45,328		$	45,095		$	(722	)		(1.6	%)
Earnings Per Common Share:
Basic	$	0.27		$	0.28		$	(0.01	)		(3.6	%)	$	0.27		$	0.26		$	0.26		$	0.01			3.8	%
Diluted	$	0.27		$	0.28		$	(0.01	)		(3.6	%)	$	0.27		$	0.26		$	0.26		$	0.01			3.8	%
Average Common Shares Outstanding:
Basic		164,954			166,605			(1,651	)		(1.0	%)		168,234			170,707			171,650			(6,696	)		(3.9	%)
Diluted		165,443			166,748			(1,305	)		(0.8	%)		168,404			170,896			171,780			(6,337	)		(3.7	%)

N/M = Not meaningful.

Page 7

Selected Quarterly Information

Associated Banc-Corp

(in thousands, except per share, full time equivalent employee data and otherwise noted)	YTD 2013			YTD 2012			3rd Qtr 2013			2nd Qtr 2013			1st Qtr 2013			4th Qtr 2012			3rd Qtr 2012
Per Common Share Data
Dividends	$	0.24		$	0.15		$	0.08		$	0.08		$	0.08		$	0.08		$	0.05
Market Value:
High	$	17.60		$	14.63		$	17.60		$	15.69		$	15.30		$	13.54		$	13.79
Low		13.46			11.43			15.29			13.81			13.46			12.19			12.04
Close		15.49			13.16			15.49			15.55			15.19			13.12			13.16
Book value		17.10			16.82			17.10			16.97			17.13			16.97			16.82
Tier 1 common equity / share		11.59			10.89			11.59			11.42			11.22			11.08			10.89
Tangible book value / share		11.37			11.31			11.37			11.28			11.51			11.39			11.31
Performance Ratios (annualized)
Return on average assets		0.81	%		0.81	%		0.78	%		0.82	%		0.83	%		0.83	%		0.84	%
Return on average tangible common equity		9.68			9.02			9.48			9.76			9.81			9.15			9.32
Return on average Tier 1 common equity (1)		9.77			9.39			9.31			9.94			10.07			9.61			9.69
Effective tax rate		31.68			31.93			31.91			32.07			31.06			22.33			30.64
Dividend payout ratio (3)		29.27			20.27			29.63			28.57			29.63			30.77			19.23
Average Balances
Common stockholders’ equity	$	2,835,760		$	2,849,876		$	2,799,885		$	2,857,722		$	2,850,227		$	2,915,346		$	2,870,438
Average Tier 1 common equity (1)		1,876,009			1,826,270			1,890,398			1,880,826			1,856,431			1,876,686			1,850,610
Selected trend information
Average full time equivalent employees		4,776			4,987			4,699			4,790			4,841			4,915			4,965
Trust assets under management, at market value ($ in millions)	$	7,078		$	6,163		$	7,078		$	6,894		$	6,913		$	6,454		$	6,163
Mortgage loans originated for sale during period		1,977,357			2,016,963			513,549			782,398			681,410			780,469			715,184
Mortgage portfolio serviced for others ($ in millions)		8,014			7,547			8,014			7,794			7,585			7,453			7,547
Mortgage servicing rights, net / Portfolio serviced for others		0.79	%		0.60	%		0.79	%		0.79	%		0.69	%		0.62	%		0.60	%
At Period End
Loans / deposits								84.99	%		91.91	%		89.27	%		90.97	%		90.98	%
Risk weighted assets ($ in millions) (4) (6)								16,359			16,479			16,163			16,149			15,575
Tier 1 common equity (1)								1,904,060			1,893,875			1,881,410			1,875,534			1,869,931
Stockholders’ equity / assets								12.13	%		12.18	%		12.61	%		12.50	%		12.98	%
Tangible common equity / tangible assets (5)								8.21	%		8.25	%		8.64	%		8.56	%		8.91	%
Tangible equity / tangible assets (5)								8.49	%		8.53	%		8.92	%		8.84	%		9.20	%
Tier 1 common equity / risk-weighted assets (4) (6)								11.64	%		11.49	%		11.64	%		11.61	%		12.01	%
Tier 1 leverage ratio (4) (6)								8.76	%		8.73	%		8.78	%		8.98	%		9.99	%
Tier 1 risk-based capital ratio (4) (6)								12.02	%		11.88	%		12.03	%		12.01	%		13.57	%
Total risk-based capital ratio (4) (6)								13.44	%		13.29	%		13.45	%		13.42	%		15.00	%
Shares outstanding, end of period								164,303			165,837			167,673			169,304			171,657
Non-GAAP financial measures & reconcilation
Efficiency ratio (2)		70.11	%		72.65	%		71.10	%		69.54	%		69.74	%		73.71	%		72.81	%
Taxable equivalent adjustment		(1.44	)		(1.62	)		(1.49	)		(1.39	)		(1.46	)		(1.57	)		(1.61	)
Asset gains (losses), net		0.26			(1.16	)		0.58			(0.01	)		0.24			(0.06	)		(0.98	)
Other intangible amortization		(0.42	)		(0.44	)		(0.44	)		(0.41	)		(0.42	)		(0.43	)		(0.43	)
Efficiency ratio, fully taxable equivalent (2)		68.51	%		69.43	%		69.75	%		67.73	%		68.10	%		71.65	%		69.79	%

(1) Tier 1 common equity, a non-GAAP financial measure, is used by banking regulators, investors and analysts to assess and compare the quality and composition of our capital with the capital of other financial services companies. Management uses Tier 1 common equity, along with other capital measures, to assess and monitor our capital position. Tier 1 common equity (period end and average) is Tier 1 capital excluding qualifying perpetual stock and qualifying trust preferred securities.

(2) Efficiency ratio is defined by the Federal Reserve guidance as noninterest expense divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. Efficiency ratio, fully taxable equivalent, is noninterest expense, excluding other intangible amortization, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net and asset gains / losses, net. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest income for the tax-favored status of certain loans and investment securities. Management believes this measure to be the preferred industry measurement of net interest income as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and it excludes certain specific revenue items (such as investment securities gains / losses, net and asset gains / losses, net).

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

(4) September 30, 2013 data is estimated.

(5) Tangible equity, tangible common equity and tangible assets exclude goodwill and other intangible assets, which is a non-GAAP financial measure. These financial measures have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength.

(6) The Federal Reserve establishes capital adequacy requirements, including well-capitalized standards for the Corporation. The OCC establishes simliar capital adequacy requirements and standards for the Bank. Regulatory capital primarily consists of Tier 1 risk-based capital and Tier 2 risk-based capital. The sum of Tier 1 risk-based capital and Tier 2 risk-based capital equals our total risk-based capital. Risk-based capital guidelines require a minimum level of capital as a percentage of risk-weighted assets. Risk-weighted assets consist of total assets plus certain off-balance sheet and market items, subject to adjustment for predefined credit risk factors.

Page 8

Selected Asset Quality Information

Associated Banc-Corp

(in thousands)	Sep 30, 2013			Jun 30, 2013			Sep13 vs Jun13 % Change			Mar 31, 2013			Dec 31, 2012			Sep 30, 2012			Sep13 vs Sep12 % Change
Allowance for Loan Losses
Beginning balance	$	277,218		$	286,923			(3.4	%)	$	279,409		$	315,150		$	332,658			(16.7	%)
Provision for loan losses		—			4,000			N/M			4,000			3,000			—			N/M
Charge offs		(20,288	)		(21,904	)		(7.4	%)		(27,128	)		(30,417	)		(25,030	)		(18.9	%)
Recoveries		14,794			8,199			80.4	%		12,642			9,676			7,522			96.7	%
Net charge offs		(5,494	)		(13,705	)		(59.9	%)		(14,486	)		(20,741	)		(17,508	)		(68.6	%)
Ending balance	$	271,724		$	277,218			(2.0	%)	$	286,923		$	297,409		$	315,150			(13.8	%)
Reserve for losses on unfunded commitments	$	21,600		$	22,400			(3.6	%)	$	21,100		$	21,800		$	19,800			9.1	%
Net Charge Offs	Sep 30, 2013			Jun 30, 2013			Sep13 vs Jun13 % Change			Mar 31, 2013			Dec 31, 2012			Sep 30, 2012			Sep13 vs Sep12 % Change
Commercial and industrial	$	(447	)	$	1,477			(130.3	%)	$	696		$	2,630		$	3,831			(111.7	%)
Commercial real estate—owner occupied		2,076			1,574			31.9	%		1,518			2,056			(8	)		N/M
Lease financing		—			16			(100.0	%)		(12	)		754			(20	)		N/M
Commercial and business lending		1,629			3,067			(46.9	%)		2,202			5,440			3,803			(57.2	%)
Commercial real estate—investor		(414	)		2,999			(113.8	%)		163			(232	)		1,905			(121.7	%)
Real estate construction		(303	)		(95	)		218.9	%		1,392			858			(187	)		62.0	%
Commercial real estate lending		(717	)		2,904			(124.7	%)		1,555			626			1,718			(141.7	%)
Total commercial		912			5,971			(84.7	%)		3,757			6,066			5,521			(83.5	%)
Home equity revolving lines of credit		767			2,512			(69.5	%)		3,615			3,590			4,180			(81.7	%)
Home equity loans 1st liens		564			954			(40.9	%)		765			1,060			1,056			(46.6	%)
Home equity loans junior liens		800			2,034			(60.7	%)		1,957			3,421			2,686			(70.2	%)
Home equity		2,131			5,500			(61.3	%)		6,337			8,071			7,922			(73.1	%)
Installment		124			66			87.9	%		177			1,027			324			(61.7	%)
Residential mortgage		2,327			2,168			7.3	%		4,215			5,577			3,741			(37.8	%)
Total consumer		4,582			7,734			(40.8	%)		10,729			14,675			11,987			(61.8	%)
Total net charge offs	$	5,494		$	13,705			(59.9	%)	$	14,486		$	20,741		$	17,508			(68.6	%)
Net Charge Offs to Average Loans (in basis points) *	Sep 30, 2013			Jun 30, 2013						Mar 31, 2013			Dec 31, 2012			Sep 30, 2012
Commercial and industrial		(4	)		13						6			25			37
Commercial real estate—owner occupied		72			54						51			69			(0	)
Lease financing		—			12						(8	)		480			(13	)
Commercial and business lending		11			21						16			40			29
Commercial real estate—investor		(6	)		41						2			(3	)		27
Real estate construction		(15	)		(5	)					82			54			(12	)
Commercial real estate lending		(8	)		31						18			7			20
Total commercial		4			25						17			27			25
Home equity revolving lines of credit		34			112						159			148			167
Home equity loans 1st liens		27			42						32			40			38
Home equity loans junior liens		140			336						303			486			361
Home equity		44			108						119			140			132
Installment		11			6						16			86			26
Residential mortgage		25			24						47			64			45
Total consumer		30			50						70			93			77
Total net charge offs		14			35						38			55			47
Credit Quality	Sep 30, 2013			Jun 30, 2013			Sep13 vs Jun13 % Change			Mar 31, 2013			Dec 31, 2012			Sep 30, 2012			Sep13 vs Sep12 % Change
Nonaccrual loans	$	207,594		$	217,493			(4.6	%)	$	225,436		$	252,868		$	278,172			(25.4	%)
Other real estate owned (OREO)		25,077			27,407			(8.5	%)		35,156			34,900			36,053			(30.4	%)
Total nonperforming assets	$	232,671		$	244,900			(5.0	%)	$	260,592		$	287,768		$	314,225			(26.0	%)
Loans 90 or more days past due and still accruing		2,063			1,548			33.3	%		5,690			2,289			2,334			(11.6	%)
Restructured loans (accruing)		117,043			119,066			(1.7	%)		120,093			121,087			135,791			(13.8	%)
Allowance for loan losses / loans		1.74	%		1.76	%					1.84	%		1.93	%		2.11	%
Allowance for loan losses / nonaccrual loans		130.89			127.46						127.27			117.61			113.29
Nonaccrual loans / total loans		1.33			1.38						1.45			1.64			1.86
Nonperforming assets / total loans plus OREO		1.49			1.55						1.67			1.86			2.09
Nonperforming assets / total assets		0.98			1.04						1.12			1.23			1.38
Net charge offs / average loans (annualized)		0.14			0.35						0.38			0.55			0.47
Year-to-date net charge offs / average loans		0.29			0.36						0.38			0.57			0.58
Nonaccrual loans by type:
Commercial and industrial	$	36,105		$	30,302			19.2	%	$	33,242		$	39,182		$	41,694			(13.4	%)
Commercial real estate—owner occupied		28,301			24,003			17.9	%		23,199			24,254			27,161			4.2	%
Lease financing		99			72			37.5	%		2,165			3,031			5,927			(98.3	%)
Commercial and business lending		64,505			54,377			18.6	%		58,606			66,467			74,782			(13.7	%)
Commercial real estate—investor		49,841			60,780			(18.0	%)		56,776			58,687			71,522			(30.3	%)
Real estate construction		18,670			21,419			(12.8	%)		22,166			27,302			31,684			(41.1	%)
Commercial real estate lending		68,511			82,199			(16.7	%)		78,942			85,989			103,206			(33.6	%)
Total commercial		133,016			136,576			(2.6	%)		137,548			152,456			177,988			(25.3	%)
Home equity revolving lines of credit		11,991			12,940			(7.3	%)		15,914			20,446			19,242			(37.7	%)
Home equity loans 1st liens		6,131			7,898			(22.4	%)		8,626			8,717			9,425			(34.9	%)
Home equity loans junior liens		7,321			7,296			0.3	%		9,405			10,052			9,800			(25.3	%)
Home equity		25,443			28,134			(9.6	%)		33,945			39,215			38,467			(33.9	%)
Installment		1,269			1,533			(17.2	%)		1,762			1,838			2,893			(56.1	%)
Residential mortgage		47,866			51,250			(6.6	%)		52,181			59,359			58,824			(18.6	%)
Total consumer		74,578			80,917			(7.8	%)		87,888			100,412			100,184			(25.6	%)
Total nonaccrual loans	$	207,594		$	217,493			(4.6	%)	$	225,436		$	252,868		$	278,172			(25.4	%)

* Annualized.

N/M = Not meaningful.

Page 9

Selected Asset Quality Information (continued)

Associated Banc-Corp

(in thousands)	Sep 30, 2013		Jun 30, 2013		Sep 13 vs Jun 13 % Change			Mar 31, 2013		Dec 31, 2012		Sep 30, 2012		Sep 13 vs Sep 12 % Change
Restructured loans (accruing)
Commercial and industrial	$	32,145	$	30,970		3.8	%	$	29,251	$	28,140	$	35,015		(8.2	%)
Commercial real estate—owner occupied		14,425		14,336		0.6	%		12,888		13,852		15,706		(8.2	%)
Lease financing		—		—		N/M			—		—		—		N/M
Commercial and business lending		46,570		45,306		2.8	%		42,139		41,992		50,721		(8.2	%)
Commercial real estate—investor		35,073		37,299		(6.0	%)		41,253		41,660		49,249		(28.8	%)
Real estate construction		4,825		5,365		(10.1	%)		5,540		4,530		3,561		35.5	%
Commercial real estate lending		39,898		42,664		(6.5	%)		46,793		46,190		52,810		(24.4	%)
Total commercial		86,468		87,970		(1.7	%)		88,932		88,182		103,531		(16.5	%)
Home equity revolving lines of credit		1,118		1,130		(1.1	%)		880		867		803		39.2	%
Home equity loans 1st liens		1,628		1,684		(3.3	%)		1,783		1,930		1,904		(14.5	%)
Home equity loans junior liens		7,113		7,119		(0.1	%)		6,893		7,171		6,760		5.2	%
Home equity		9,859		9,933		(0.7	%)		9,556		9,968		9,467		4.1	%
Installment		416		570		(27.0	%)		664		653		672		(38.1	%)
Residential mortgage		20,300		20,593		(1.4	%)		20,941		22,284		22,121		(8.2	%)
Total consumer		30,575		31,096		(1.7	%)		31,161		32,905		32,260		(5.2	%)
Total restructured loans (accruing)	$	117,043	$	119,066		(1.7	%)	$	120,093	$	121,087	$	135,791		(13.8	%)
Restructured loans in nonaccrual loans (not included above)	$	69,311	$	70,354		(1.5	%)	$	67,811	$	80,590	$	74,251		(6.7	%)
Loans Past Due 30-89 Days	Sep 30, 2013		Jun 30, 2013		Sep 13 vs Jun 13 % Change			Mar 31, 2013		Dec 31, 2012		Sep 30, 2012		Sep 13 vs Sep 12 % Change
Commercial and industrial	$	6,518	$	8,516		(23.5	%)	$	10,263	$	11,339	$	3,795		71.8	%
Commercial real estate—owner occupied		8,505		8,105		4.9	%		6,804		11,053		4,843		75.6	%
Lease financing		1,000		57		N/M			283		12		17		N/M
Commercial and business lending		16,023		16,678		(3.9	%)		17,350		22,404		8,655		85.1	%
Commercial real estate—investor		21,747		18,269		19.0	%		25,201		13,472		8,809		146.9	%
Real estate construction		820		797		2.9	%		2,287		3,155		1,254		(34.6	%)
Commercial real estate lending		22,567		19,066		18.4	%		27,488		16,627		10,063		124.3	%
Total commercial		38,590		35,744		8.0	%		44,838		39,031		18,718		106.2	%
Home equity revolving lines of credit		6,318		7,739		(18.4	%)		1,832		7,829		9,543		(33.8	%)
Home equity loans 1st liens		1,376		1,857		(25.9	%)		1,869		1,457		1,535		(10.4	%)
Home equity loans junior liens		2,206		2,709		(18.6	%)		2,848		4,252		3,745		(41.1	%)
Home equity		9,900		12,305		(19.5	%)		6,549		13,538		14,823		(33.2	%)
Installment		1,170		1,434		(18.4	%)		2,500		2,109		1,693		(30.9	%)
Residential mortgage		6,722		9,920		(32.2	%)		8,793		9,403		6,878		(2.3	%)
Total consumer		17,792		23,659		(24.8	%)		17,842		25,050		23,394		(23.9	%)
Total loans past due 30-89 days	$	56,382	$	59,403		(5.1	%)	$	62,680	$	64,081	$	42,112		33.9	%
Potential Problem Loans	Sep 30, 2013		Jun 30, 2013		Sep 13 vs Jun 13 % Change			Mar 31, 2013		Dec 31, 2012		Sep 30, 2012		Sep 13 vs Sep 12 % Change
Commercial and industrial	$	112,947	$	127,382		(11.3	%)	$	127,367	$	128,434	$	120,888		(6.6	%)
Commercial real estate—owner occupied		61,256		75,074		(18.4	%)		93,098		99,592		120,034		(49.0	%)
Lease financing		207		279		(25.8	%)		251		264		214		(3.3	%)
Commercial and business lending		174,410		202,735		(14.0	%)		220,716		228,290		241,136		(27.7	%)
Commercial real estate—investor		87,526		89,342		(2.0	%)		101,775		107,068		133,046		(34.2	%)
Real estate construction		7,540		9,184		(17.9	%)		10,040		13,092		18,477		(59.2	%)
Commercial real estate lending		95,066		98,526		(3.5	%)		111,815		120,160		151,523		(37.3	%)
Total commercial		269,476		301,261		(10.6	%)		332,531		348,450		392,659		(31.4	%)
Home equity revolving lines of credit		170		308		(44.8	%)		450		520		518		(67.2	%)
Home equity loans 1st liens		—		—		0.0	%		—		—		—		0.0	%
Home equity loans junior liens		2,067		2,307		(10.4	%)		2,871		3,150		2,825		(26.8	%)
Home equity		2,237		2,615		(14.5	%)		3,321		3,670		3,343		(33.1	%)
Installment		67		83		(19.3	%)		99		111		131		(48.9	%)
Residential mortgage		5,342		5,917		(9.7	%)		7,882		8,762		8,197		(34.8	%)
Total consumer		7,646		8,615		(11.2	%)		11,302		12,543		11,671		(34.5	%)
Total potential problem loans	$	277,122	$	309,876		(10.6	%)	$	343,833	$	360,993	$	404,330		(31.5	%)

N/M = Not meaningful.

Page 10

Net Interest Income Analysis—Taxable Equivalent Basis

Associated Banc-Corp

	Three months ended September 30, 2013							Three months ended June 30, 2013
(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	$	5,876,745	$	52,215		3.53	%	$	5,860,416	$	53,613		3.67	%
Commercial real estate lending		3,768,895		37,630		3.96			3,722,108		35,804		3.86
Total commercial		9,645,640		89,845		3.70			9,582,524		89,417		3.74
Residential mortgage		3,714,459		30,479		3.28			3,661,742		30,113		3.29
Retail		2,364,266		26,816		4.51			2,483,541		28,291		4.56
Total loans		15,724,365		147,140		3.72			15,727,807		147,821		3.77
Investment securities		4,980,228		32,282		2.59			4,917,671		32,303		2.63
Other short-term investments		334,874		1,260		1.51			305,766		1,232		1.61
Investments and other		5,315,102		33,542		2.52			5,223,437		33,535		2.57
Total earning assets		21,039,467		180,682		3.42			20,951,244		181,356		3.47
Other assets, net		2,274,110							2,354,976
Total assets	$	23,313,577						$	23,306,220
Interest-bearing liabilities:
Savings deposits	$	1,204,743	$	249		0.08	%	$	1,207,959	$	236		0.08	%
Interest-bearing demand deposits		2,810,962		1,101		0.16			2,867,524		1,190		0.17
Money market deposits		7,556,050		3,449		0.18			6,930,554		3,239		0.19
Time deposits		1,773,760		2,818		0.63			1,907,337		3,104		0.65
Total interest-bearing deposits		13,345,515		7,617		0.23			12,913,374		7,769		0.24
Federal funds purchased and securities sold under agreements to repurchase		633,594		308		0.19			677,489		333		0.20
Other short-term funding		1,417,113		434		0.12			1,631,644		525		0.13
Long-term funding		614,708		6,866		4.47			765,514		7,551		3.95
Total short and long-term funding		2,665,415		7,608		1.14			3,074,647		8,409		1.09
Total interest-bearing liabilities		16,010,930		15,225		0.38			15,988,021		16,178		0.41
Noninterest-bearing demand deposits		4,264,304							4,191,704
Other liabilities		175,453							205,501
Stockholders’ equity		2,862,890							2,920,994
Total liabilities and stockholders’ equity	$	23,313,577						$	23,306,220
Net interest income and rate spread (1)			$	165,457		3.04	%			$	165,178		3.06	%
Net interest margin (1)						3.13	%						3.16	%
Taxable equivalent adjustment			$	4,948						$	4,996
Net Interest Income Analysis—Taxable Equivalent Basis Associated Banc-Corp
	Three months ended September 30, 2013							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	$	5,876,745	$	52,215		3.53	%	$	5,275,069	$	51,432		3.88	%
Commercial real estate lending		3,768,895		37,630		3.96			3,440,220		35,913		4.16
Total commercial		9,645,640		89,845		3.70			8,715,289		87,345		3.99
Residential mortgage		3,714,459		30,479		3.28			3,320,212		30,044		3.62
Retail		2,364,266		26,816		4.51			2,881,292		33,251		4.60
Total loans		15,724,365		147,140		3.72			14,916,793		150,640		4.02
Investment securities		4,980,228		32,282		2.59			4,319,404		31,950		2.96
Other short-term investments		334,874		1,260		1.51			423,599		1,334		1.26
Investments and other		5,315,102		33,542		2.52			4,743,003		33,284		2.81
Total earning assets		21,039,467		180,682		3.42			19,659,796		183,924		3.73
Other assets, net		2,274,110							2,356,952
Total assets	$	23,313,577						$	22,016,748
Interest-bearing liabilities:
Savings deposits	$	1,204,743	$	249		0.08	%	$	1,117,194	$	229		0.08	%
Interest-bearing demand deposits		2,810,962		1,101		0.16			2,136,280		926		0.17
Money market deposits		7,556,050		3,449		0.18			6,240,596		3,932		0.25
Time deposits		1,773,760		2,818		0.63			2,159,684		4,664		0.86
Total interest-bearing deposits		13,345,515		7,617		0.23			11,653,754		9,751		0.33
Federal funds purchased and securities sold under agreements to repurchase		633,594		308		0.19			1,266,995		750		0.24
Other short-term funding		1,417,113		434		0.12			837,316		815		0.39
Long-term funding		614,708		6,866		4.47			1,182,632		11,738		3.97
Total short and long-term funding		2,665,415		7,608		1.14			3,286,943		13,303		1.62
Total interest-bearing liabilities		16,010,930		15,225		0.38			14,940,697		23,054		0.62
Noninterest-bearing demand deposits		4,264,304							3,962,102
Other liabilities		175,453							180,239
Stockholders’ equity		2,862,890							2,933,710
Total liabilities and stockholders’ equity	$	23,313,577						$	22,016,748
Net interest income and rate spread (1)			$	165,457		3.04	%			$	160,870		3.11	%
Net interest margin (1)						3.13	%						3.26	%
Taxable equivalent adjustment			$	4,948						$	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.

Page 11

Net Interest Income Analysis—Taxable Equivalent Basis

Associated Banc-Corp

	Nine months ended September 30, 2013							Nine 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	$	5,785,024	$	156,541		3.62	%	$	5,041,098	$	149,001		3.95	%
Commercial real estate lending		3,695,150		109,298		3.95			3,316,306		105,259		4.24
Total commercial		9,480,174		265,839		3.75			8,357,404		254,260		4.06
Residential mortgage		3,666,556		91,074		3.31			3,277,879		91,273		3.71
Retail		2,487,723		84,487		4.54			2,975,782		103,230		4.63
Total loans		15,634,453		441,400		3.77			14,611,065		448,763		4.10
Investment securities		4,930,195		97,340		2.63			4,444,144		101,033		3.03
Other short-term investments		327,209		3,740		1.53			417,998		3,843		1.23
Investments and other		5,257,404		101,080		2.56			4,862,142		104,876		2.88
Total earning assets		20,891,857		542,480		3.47			19,473,207		553,639		3.79
Other assets, net		2,328,652							2,314,461
Total assets	$	23,220,509						$	21,787,668
Interest-bearing liabilities:
Savings deposits	$	1,185,059	$	693		0.08	%	$	1,085,514	$	626		0.08	%
Interest-bearing demand deposits		2,819,585		3,470		0.16			2,118,789		2,788		0.18
Money market deposits		7,178,857		10,304		0.19			5,930,870		11,233		0.25
Time deposits		1,891,026		9,460		0.67			2,307,642		17,693		1.02
Total interest-bearing deposits		13,074,527		23,927		0.24			11,442,815		32,340		0.38
Federal funds purchased and securities sold under agreements to repurchase		696,343		1,051		0.20			1,241,652		2,129		0.23
Other short-term funding		1,357,230		1,291		0.13			1,066,063		3,068		0.38
Long-term funding		779,079		22,833		3.91			1,177,223		35,740		4.05
Total short and long-term funding		2,832,652		25,175		1.19			3,484,938		40,937		1.57
Total interest-bearing liabilities		15,907,179		49,102		0.41			14,927,753		73,277		0.66
Noninterest-bearing demand deposits		4,214,265							3,780,990
Other liabilities		200,123							165,777
Stockholders’ equity		2,898,942							2,913,148
Total liabilities and stockholders’ equity	$	23,220,509						$	21,787,668
Net interest income and rate spread (1)			$	493,378		3.06	%			$	480,362		3.13	%
Net interest margin (1)						3.15	%						3.29	%
Taxable equivalent adjustment			$	15,034						$	15,825

(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 12

Financial Summary and Comparison

Associated Banc-Corp

Period End Loan Composition	Sep 30, 2013		Jun 30, 2013		Sep 13 vs Jun 13 % Change			Mar 31, 2013		Dec 31, 2012		Sep 30, 2012		Sep 13 vs Sep 12 % Change
Commercial and industrial	$	4,703,056	$	4,752,838		(1.0	%)	$	4,651,143	$	4,502,021	$	4,265,356		10.3	%
Commercial real estate—owner occupied		1,147,352		1,174,866		(2.3	%)		1,199,513		1,219,747		1,197,517		(4.2	%)
Lease financing		51,727		55,084		(6.1	%)		57,908		64,196		60,818		(14.9	%)
Commercial and business lending		5,902,135		5,982,788		(1.3	%)		5,908,564		5,785,964		5,523,691		6.9	%
Commercial real estate—investor		2,847,152		3,010,992		(5.4	%)		2,900,167		2,906,759		2,787,158		2.2	%
Real estate construction		834,744		800,569		4.3	%		729,145		655,381		611,186		36.6	%
Commercial real estate lending		3,681,896		3,811,561		(3.4	%)		3,629,312		3,562,140		3,398,344		8.3	%
Total commercial		9,584,031		9,794,349		(2.1	%)		9,537,876		9,348,104		8,922,035		7.4	%
Home equity revolving lines of credit		875,703		888,162		(1.4	%)		904,187		936,065		988,800		(11.4	%)
Home equity loans 1st liens		794,912		863,779		(8.0	%)		940,017		1,013,757		1,079,075		(26.3	%)
Home equity loans junior liens		220,763		234,292		(5.8	%)		254,203		269,672		289,025		(23.6	%)
Home equity		1,891,378		1,986,233		(4.8	%)		2,098,407		2,219,494		2,356,900		(19.8	%)
Installment		420,268		434,029		(3.2	%)		447,445		466,727		482,451		(12.9	%)
Residential mortgage		3,690,177		3,531,988		4.5	%		3,467,834		3,376,697		3,204,828		15.1	%
Total consumer		6,001,823		5,952,250		0.8	%		6,013,686		6,062,918		6,044,179		(0.7	%)
Total loans	$	15,585,854	$	15,746,599		(1.0	%)	$	15,551,562	$	15,411,022	$	14,966,214		4.1	%
Period End Deposit and Customer Funding Composition	Sep 30, 2013		Jun 30, 2013		Sep 13 vs Jun 13 % Change			Mar 31, 2013		Dec 31, 2012		Sep 30, 2012		Sep 13 vs Sep 12 % Change
Noninterest-bearing demand	$	4,453,663	$	4,259,776		4.6	%	$	4,453,109	$	4,759,556	$	4,320,437		3.1	%
Savings		1,195,944		1,211,567		(1.3	%)		1,197,134		1,109,861		1,115,783		7.2	%
Interest-bearing demand		2,735,529		2,802,277		(2.4	%)		2,966,934		2,554,479		2,230,740		22.6	%
Money market		8,199,281		7,040,317		16.5	%		6,836,678		6,518,075		6,682,640		22.7	%
Brokered CDs		56,024		59,206		(5.4	%)		49,919		26,270		33,612		66.7	%
Other time		1,697,467		1,759,293		(3.5	%)		1,917,520		1,971,624		2,067,380		(17.9	%)
Total deposits		18,337,908		17,132,436		7.0	%		17,421,294		16,939,865		16,450,592		11.5	%
Customer repo sweeps		515,555		489,700		5.3	%		617,038		564,038		600,225		(14.1	%)
Customer repo term		—		—		N/M			4,882		115,032		448,782		(100.0	%)
Total customer funding		515,555		489,700		5.3	%		621,920		679,070		1,049,007		(50.9	%)
Total deposits and customer funding	$	18,853,463	$	17,622,136		7.0	%	$	18,043,214	$	17,618,935	$	17,499,599		7.7	%
Network transaction deposits included above in interest-bearing demand and money market		2,222,810		2,135,306		4.1	%		2,054,714		1,684,745		1,740,434		27.7	%
Brokered CDs		56,024		59,206		(5.4	%)		49,919		26,270		33,612		66.7	%
Total network and brokered funding		2,278,834		2,194,512		3.8	%		2,104,633		1,711,015		1,774,046		28.5	%
Net customer deposits and funding (1)		16,574,629		15,427,624		7.4	%		15,938,581		15,907,920		15,725,553		5.4	%

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

Quarter Average Loan Composition	Sep 30, 2013		Jun 30, 2013		Sep 13 vs Jun 13 % Change			Mar 31, 2013		Dec 31, 2012		Sep 30, 2012		Sep 13 vs Sep 12 % Change
Commercial and industrial	$	4,680,582	$	4,635,892		1.0	%	$	4,358,486	$	4,182,852	$	4,110,122		13.9	%
Commercial real estate—owner occupied		1,142,919		1,169,124		(2.2	%)		1,196,912		1,185,846		1,103,988		3.5	%
Lease financing		53,244		55,400		(3.9	%)		59,638		62,497		60,959		(12.7	%)
Commercial and business lending		5,876,745		5,860,416		0.3	%		5,615,036		5,431,195		5,275,069		11.4	%
Commercial real estate—investor		2,940,115		2,951,524		(0.4	%)		2,899,930		2,821,023		2,832,447		3.8	%
Real estate construction		828,780		770,584		7.6	%		692,579		630,081		607,773		36.4	%
Commercial real estate lending		3,768,895		3,722,108		1.3	%		3,592,509		3,451,104		3,440,220		9.6	%
Total commercial		9,645,640		9,582,524		0.7	%		9,207,545		8,882,299		8,715,289		10.7	%
Home equity revolving lines of credit		882,478		896,931		(1.6	%)		922,084		962,263		995,156		(11.3	%)
Home equity loans 1st liens		826,653		902,554		(8.4	%)		976,466		1,047,207		1,097,394		(24.7	%)
Home equity loans junior liens		227,021		242,796		(6.5	%)		262,193		280,051		296,021		(23.3	%)
Home equity		1,936,152		2,042,281		(5.2	%)		2,160,743		2,289,521		2,388,571		(18.9	%)
Installment		428,114		441,260		(3.0	%)		457,409		473,563		492,721		(13.1	%)
Residential mortgage		3,714,459		3,661,742		1.4	%		3,622,455		3,485,719		3,320,212		11.9	%
Total consumer		6,078,725		6,145,283		(1.1	%)		6,240,607		6,248,803		6,201,504		(2.0	%)
Total loans	$	15,724,365	$	15,727,807		(0.0	%)	$	15,448,152	$	15,131,102	$	14,916,793		5.4	%
Quarter Average Deposit Composition	Sep 30, 2013		Jun 30, 2013		Sep 13 vs Jun 13 % Change			Mar 31, 2013		Dec 31, 2012		Sep 30, 2012		Sep 13 vs Sep 12 % Change
Noninterest-bearing demand	$	4,264,304	$	4,191,704		1.7	%	$	4,185,924	$	4,448,767	$	3,962,102		7.6	%
Savings		1,204,743		1,207,959		(0.3	%)		1,141,781		1,129,983		1,117,194		7.8	%
Interest-bearing demand		2,810,962		2,867,524		(2.0	%)		2,779,929		2,236,826		2,136,280		31.6	%
Money market		7,556,050		6,930,554		9.0	%		7,044,344		6,797,306		6,240,596		21.1	%
Time deposits		1,773,760		1,907,337		(7.0	%)		1,994,406		2,037,386		2,159,684		(17.9	%)
Total deposits	$	17,609,819	$	17,105,078		3.0	%	$	17,146,384	$	16,650,268	$	15,615,856		12.8	%

Page 13

EX-99.2

ASSOCIATED BANC-CORP

3Q 2013 EARNINGS PRESENTATION

OCTOBER 17, 2013

Exhibit 99.2

FORWARD-LOOKING STATEMENTS

Important note regarding forward-looking statements:

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.

1

HIGHLIGHTS

2

Solid Earnings Despite Mortgage Banking Income Headwinds

Net Income

&

ROT1CE

Balance Sheet

Net Interest Income

&

Net Interest Margin

•

Average

loans

of

$15.7

billion

were

flat

to

the

second

quarter

–

Commercial

and

Residential

Mortgage

loans

up

1%

from

the

second

quarter

–

Home

Equity

and

Installment

loans

continued

to

shrink

QoQ

•

Net interest income of $161 million was up slightly from the second quarter

–

Net interest margin of 3.13% compared to 3.16% in the prior quarter

Capital

•

Quarterly dividend of $0.08/share

•

Repurchased 1.8 million shares of stock during the third quarter

–

October

4

th

–

repurchased

additional

1.8

million

shares

in

accelerated

program

•

Capital

ratios

remain

very

strong

with

a

Tier

1

common

equity

ratio

of

11.64%

Noninterest Income

& Expense

•

Noninterest income of $71 million was down $13 million from the second quarter

–

Mortgage banking income of $4 million, down $16 million from second quarter

–

Core fee based income up $3 million from prior quarter

•

Noninterest expense of $164 million was down $6 million from prior quarter

•

Net

income

available

to

common

shareholders

of

$44

million

or

$0.27

per

share

•

YTD

Return

on

Tier

1

Common

Equity

of

9.8%,

compared

to

9.4%

for

YTD

2012

•

Average

deposits

of

$17.6

billion

were

up

3%

from

the

second

quarter

LOAN PORTFOLIO COMPOSITION

3

Average Loans of $15.7 billion for Third Quarter 2013

3Q 2013 Average Net Loan Change

Loan Mix –

3Q 2013 (Average)

Average Quarterly Loans ($ in billions)

Peak Average Loans (1Q 2009) $16.4 billion

GROWING NET INTEREST INCOME WHILE

MARGIN COMPRESSES

4

Yield on Interest-earning Assets

Cost of Interest-bearing Liabilities

Net Interest Income & Net Interest Margin

($ in millions)

NONINTEREST INCOME AND EXPENSE

5

FTE

2

Trend

1

–

Efficiency ratio =

Noninterest

expense,

excluding

amortization

of

intangibles,

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. Please refer to the appendix and our press release tables for a reconciliation of this and other non-GAAP items.

2

–

FTE

= Full Time Equivalent Employees

Noninterest Income -

$71 mm in 3Q, down $13 mm from 2Q

Mortgage

Banking

•

Lower gains and volumes

Insurance

Revenue

•

Normalized revenue

compared to prior quarter

Asset Gain/Loss

•

Sale of real estate

Noninterest Expense -

$164 mm in 3Q, down $6 mm from 2Q

Personnel

Expense

Losses other

than Loans

•

Favorable resolution of

legal matter

Legal & Prof.

Fees

•

BSA consultant expense

ending

•

FTE reductions

Efficiency Ratio

1

Trend

3Q Var

Key Driver(s)

3Q Var

Key Driver(s)

($16 mm)

$2 mm

$2 mm

$2 mm

$2 mm

$3 mm

Expense Trend ($ in mm)

IMPROVEMENT IN CREDIT QUALITY INDICATORS

($ IN MILLIONS)

6

STRONG CAPITAL PROFILE & SUSTAINED

EARNINGS

•

Current capital levels are well in excess

of “well-capitalized”

regulatory

benchmarks

–

Existing capital levels are already

above Basel III capital levels

7

Tier 1 Common Equity Ratio

Net Income Available to Common & ROT1CE

Net Income Available

to Common

($ in millions)

Return on Tier 1

Common Equity

FOCUS ON EFFICIENCY INITIATIVES

8

Support Service

Consolidation

Branch

Optimization

•

Consolidating several support functions from La Crosse into

more central locations

•

Streamlining consumer and mortgage loan processing operations

in reaction to current and anticipated loan demand slowdown

•

Consolidating 8 additional branches in Wisconsin and Illinois

•

Distribution optimization based on branch locations, transaction

trends, strategic fit, and branch profitability and RAROC analysis

•

Customer usage patterns and preferences are evolving

On October 10, we announced actions to refine our presence within our footprint, gain

efficiencies, and position ourselves for the future.

RECONCILIATION AND DEFINITIONS OF

NON-GAAP ITEMS

9

YTD 2013

YTD 2012

3Q 2013

2Q 2013

1Q 2013

4Q 2012

3Q 2012

Efficiency Ratio Reconciliation:

Efficiency ratio (1)

70.11%

72.65%

71.10%

69.54%

69.74%

73.71%

72.81%

Taxable equivalent adjustment

(1.44)

(1.62)

(1.49)

(1.39)

(1.46)

(1.57)

(1.61)

Asset gains (losses), net

0.26

(1.16)

0.58

(0.01)

0.24

(0.06)

(0.98)

Other intangible amortization

(0.42)

(0.44)

(0.44)

(0.41)

(0.42)

(0.43)

(0.43)

Efficiency ratio, fully taxable equivalent (1)

68.51%

69.43%

69.75%

67.73%

68.10%

71.65%

69.79%

(1)

Efficiency

ratio

is

defined

by

the

Federal

Reserve

guidance

as

noninterest

expense

divided

by

the

sum

of

net

interest

income

plus

noninterest

income,

excluding

investment

securities

gains

/

losses,

net.

Efficiency

ratio,

fully

taxable

equivalent,

is

noninterest

expense,

excluding

other

intangible

amortization,

divided

by

the

sum

of

taxable

equivalent

net

interest

income

plus

noninterest

income,

excluding

investment

securities

gains

/

losses,

net

and

asset

gains

/

losses,

net.

This

efficiency

ratio

is

presented

on

a

taxable

equivalent

basis,

which

adjusts

net

interest

income

for

the

tax-favored

status

of

certain

loans

and

investment

securities.

Management

believes

this

measure

to

be

the

preferred

industry

measurement

of

net

interest

income

as

it

enhances

the

comparability

of

net

interest

income

arising

from

taxable

and

tax-exempt

sources

and it

excludes

certain

specific

revenue

items

(such

as

investment

securities

gains

/

losses,

net

and

asset

gains

/

losses,

net).

Definition

of

Tier

1

Common

Equity:

Common

Equity

Tier

1

(CET1),

a

non-GAAP

financial

measure,

is

used

by

banking

regulators,

investors

and

analysts

to

assess

and

compare

the

quality

and

composition

of

our

capital

with

the

capital

of

other

financial

services

companies.

Management

uses

Tier

1

common

equity,

along

with

other

capital

measures,

to

assess

and

monitor

our

capital

position.

Common

Equity

Tier

1

is

Tier

1

capital

excluding

qualifying

perpetual

preferred

stock

and

qualifying

trust

preferred

securities.