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			NEWS RELEASE Investor Contact: Ben McCarville, Senior Vice President, Director of Investor Relations      920-491-7059 Media Contact: Andrea Kozek, Vice President, Public Relations Senior Manager 920-491-7518

Associated Banc-Corp Reports Full Year 2024 Earnings of $0.72 Per Common Share, or $2.38 Per Common Share Excluding Nonrecurring Items Recognized During the Fourth Quarter1

GREEN BAY, Wis. -- January 23, 2025 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $112 million, or $0.72 per common share for the year ended December 31, 2024. These amounts compare to earnings of $171 million, or $1.13 per common share, for the year ended December 31, 2023. For the quarter ended December 31, 2024, the Company reported a loss of $164 million, or $1.03 per common share. These amounts compare to a loss of $94 million, or $0.62 per common share for the quarter ended December 31, 2023 and earnings of $85 million, or $0.56 per common share for the quarter ended September 30, 2024.

The Company's results for the year and quarter ended December 31, 2024 were impacted by several nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter. Excluding the impact of these nonrecurring items, the Company reported adjusted earnings of $367 million, or $2.38 per common share1 for the year, and $91 million, or $0.57 per common share1 for the fourth quarter. The fourth quarter nonrecurring items consisted of a $130 million loss on a mortgage portfolio sale, a $148 million net loss on a sale of investments, a $14 million loss on prepayments of FHLB advances, a $1 million increase in provision, and a $39 million tax benefit.

“2024 was a year of significant progress for Associated," said President and CEO Andy Harmening. "We bolstered our executive team with several high-quality leaders, enhanced our consumer value proposition, expanded our commercial team, and complemented these actions with an equity raise and balance sheet repositioning. In the fourth quarter, the emerging momentum from these actions drove strong core financial results, with robust commercial loan growth, core customer deposit1 growth, and stable credit trends."

"We're entering 2025 with several tailwinds including record-high customer satisfaction scores, net customer household growth, balance sheet growth, and a strengthened profitability profile. We feel well-positioned to deliver enhanced value for all of our stakeholders in 2025, and we look forward to providing updates throughout the year."

2024 SUMMARY (all comparisons on a period end basis compared to 2023)

•Diluted GAAP earnings per common share of $0.72; Adjusted diluted earnings per common share of $2.381

•Total deposit growth of $1.2 billion; Total core customer deposit growth of $1.2 billion1

•Total loan growth of $552 million; Adjusted total loan growth of $1.3 billion1

•Net interest income of $1.0 billion

•Total noninterest (loss) income of $(9) million; Adjusted noninterest income of $269 million1

•Total noninterest expense of $818 million; Adjusted noninterest expense of $804 million1

•Provision for credit losses of $85 million

•Net charge offs / average loans of 0.23%

1 This is a non-GAAP financial measure. See pages 10 and 11 of the attached tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

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Loans

Fourth quarter 2024 period end total loans of $29.8 billion decreased 1%, or $222 million, from the prior quarter, driven primarily by a sale of $723 million in residential mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024. Compared to the same period last year, period end total loans were up 2%, or $552 million. With respect to fourth quarter 2024 period end balances by loan category:

•Commercial and business lending increased $338 million from the prior quarter and increased $924 million from the same period last year to $11.7 billion.

•Commercial real estate lending increased $26 million from the prior quarter and decreased $185 million from the same period last year to $7.2 billion.

•Total consumer lending decreased $586 million from the prior quarter and decreased $187 million from the same period last year to $10.8 billion.

Fourth quarter 2024 average total loans of $30.2 billion were up 2%, or $568 million, from the prior quarter and were up 1%, or $249 million, from the same period last year. With respect to fourth quarter 2024 average balances by loan category:

•Commercial and business lending increased $503 million from the prior quarter and increased $654 million from the same period last year to $11.5 billion.

•Commercial real estate lending decreased $29 million from the prior quarter and decreased $191 million from the same period last year to $7.2 billion.

•Total consumer lending increased $93 million from the prior quarter and decreased $214 million from the same period last year to $11.5 billion.

Full year 2024 average loans of $29.7 billion were up 1%, or $163 million, from 2023. With respect to full year 2024 average balances by loan category:

•Commercial and business lending increased $238 million to $11.1 billion.

•Commercial real estate lending decreased $44 million to $7.3 billion.

•Total consumer lending decreased $30 million to $11.4 billion.

In 2025, we expect total period end loan growth of 5% to 6% as compared to the year ended December 31, 2024.

Deposits

Fourth quarter 2024 period end deposits of $34.6 billion were up 3%, or $1.1 billion, from the prior quarter and were up 4%, or $1.2 billion from the same period last year. With respect to fourth quarter 2024 period end balances by deposit category:

•Noninterest-bearing demand deposits decreased $82 million from the prior quarter and decreased $344 million from the same period last year to $5.8 billion.

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•Savings increased $61 million from the prior quarter and increased $298 million from the same period last year to $5.1 billion.

•Interest-bearing demand deposits increased $519 million from the prior quarter and increased $281 million from the same period last year to $9.1 billion.

•Money market deposits increased $543 million from the prior quarter and increased $307 million from the same period last year to $6.6 billion.

•Total time deposits increased $53 million from the prior quarter and increased $661 million from the same period last year to $8.0 billion.

•Network transaction deposits (included in money market and interest-bearing demand deposits) increased $191 million from the prior quarter and increased $192 million from the same period last year to $1.8 billion.

Fourth quarter 2024 average deposits of $34.3 billion were up 3%, or $1.0 billion, from the prior quarter and were up 7%, or $2.1 billion from the same period last year. With respect to fourth quarter 2024 average balances by deposit category:

•Noninterest-bearing demand deposits increased $86 million from the prior quarter and decreased $433 million from the same period last year to $5.7 billion.

•Savings increased $7 million from the prior quarter and increased $270 million from the same period last year to $5.1 billion.

•Interest-bearing demand deposits increased $229 million from the prior quarter and increased $467 million from the same period last year to $7.6 billion.

•Money market deposits decreased $18 million from the prior quarter and decreased $197 million from the same period last year to $5.9 billion.

•Total time deposits increased $666 million from the prior quarter and increased $2.0 billion from the same period last year to $8.2 billion.

•Network transaction deposits increased $46 million from the prior quarter and increased $74 million from the same period last year to $1.7 billion.

Full year 2024 average deposits of $33.4 billion were up 7%, or $2.0 billion from 2023. With respect to full year 2024 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $875 million to $5.7 billion.

•Savings increased $307 million to $5.1 billion.

•Interest-bearing demand deposits increased $539 million to $7.4 billion.

•Money market deposits decreased $675 million to $6.0 billion.

•Network transaction deposits increased $176 million to $1.6 billion.

•Total time deposits increased $2.6 billion to $7.5 billion.

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In 2025, we expect period end total deposit growth of 1% to 2% and period end core customer deposit growth of 4% to 5% as compared to the year ended December 31, 2024.

Net Interest Income and Net Interest Margin

Full year 2024 net interest income of $1.0 billion was up 1%, or $8 million, from 2023. Net interest margin of 2.78% decreased 3 basis points from the prior year.

•The average yield on total earning assets increased 36 basis points from the prior year to 5.61%.

•The average cost of interest-bearing liabilities increased 38 basis points from the prior year to 3.51%.

•The net free funds benefit decreased 1 basis point from the prior year to 0.68%.

Fourth quarter 2024 net interest income of $270 million increased 3%, or $8 million, from the prior quarter. Net interest margin of 2.81% increased 3 basis points from the prior quarter. Compared to the same period last year, net interest income increased 7%, or $17 million, and the net interest margin increased 12 basis points.

•The average yield on total earning assets for the fourth quarter of 2024 decreased 22 basis points from the prior quarter and decreased 5 basis points from the same period last year to 5.46%.

•The average cost of total interest-bearing liabilities for the fourth quarter of 2024 decreased 30 basis points from the prior quarter and decreased 26 basis points from the same period last year to 3.29%.

•The net free funds benefit for the fourth quarter of 2024 decreased 5 basis points from the prior quarter and decreased 9 basis points from the same period last year to 0.64%.

We expect total net interest income growth of 12% to 13% in 2025.

Noninterest Income

Full year 2024 noninterest income of negative $9 million decreased $73 million from the prior year. The decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to 2024 noninterest income line items:

•Investment securities losses, net increased $85 million from the prior year, driven primarily by a $148 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2024.

•Loss on mortgage portfolio sale decreased $6 million from the prior year, driven by a $130 million loss on sale of mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024.

•Wealth management fees increased $10 million from the prior year.

•Mortgage banking, net decreased $9 million from the prior year.

•Service charges and deposit account fees increased $3 million from the prior year.

•Capital markets, net decreased $3 million from the prior year.

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Fourth quarter 2024 total noninterest income of negative $207 million decreased $274 million from the prior quarter and decreased $76 million from the same period last year. The decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to fourth quarter 2024 noninterest income line items:

•Investment securities gains (losses) decreased $148 million from the prior quarter and decreased $89 million from the same period last year, driven primarily by a $148 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2024.

•Loss on mortgage portfolio sale increased $130 million from the prior quarter and decreased $6 million from the same period last year, driven by a $130 million loss on sale of mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024.

•Wealth management fees were down slightly compared to the prior quarter and increased $3 million from the same period last year.

•Capital markets, net increased $5 million from the prior quarter and was down slightly compared to the same period last year.

•Mortgage banking, net increased $1 million from the prior quarter and increased $2 million from the same period last year.

After adjusting to exclude the impact of the mortgage and investment securities sales announced during the fourth quarter of 2024, we expect total noninterest income growth of between 0% and 1% in 2025.

Noninterest Expense

Full year 2024 noninterest expense of $818 million increased 1%, or $5 million, from the prior year, including a $14 million expense for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024. With respect to full year 2024 noninterest expense line items:

•FDIC assessment expense decreased $29 million from the prior year, driven primarily by a $31 million expense for the special assessment during the fourth quarter of 2023.

•Personnel expense increased $20 million from the prior year, largely driven by increased investment in our colleagues.

•Technology expense increased $6 million from the prior year, driven by investments tied to our strategic initiatives.

Fourth quarter 2024 noninterest expense of $224 million increased $24 million from the prior quarter, driven primarily by a $14 million expense for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024, and decreased $15 million from the same period last year, driven primarily by a $31 million expense for the FDIC special assessment during the fourth quarter of 2023. With respect to fourth quarter 2024 noninterest expense line items:

•Personnel expense increased $5 million from the prior quarter and increased $5 million from the same period last year.

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•FDIC assessment expense increased $1 million from the prior quarter and decreased $32 million from the same period last year, primarily driven by the $31 million special assessment during the fourth quarter of 2023.

•Technology expense decreased slightly from the prior quarter and decreased $1 million from the same period last year.

After adjusting to exclude the $14 million impact of the loss on prepayments of FHLB advances recognized in the fourth quarter of 2024, we expect total noninterest expense to grow by 3% to 4% in 2025.

Taxes

The fourth quarter of 2024 had a tax benefit of $16 million compared to $20 million of tax expense in the prior quarter and $47 million of tax benefit in the same period last year. The tax benefit recognized in the fourth quarter of 2024 was driven primarily by a loss on income before income taxes as a result of nonrecurring items associated with the previously announced balance sheet repositioning.

In 2025, we expect the annual effective tax rate to be between 19% and 21%, assuming no change in the corporate tax rate.

Credit

Full year 2024 provision for credit losses was $85 million, compared to a provision of $83 million in the prior year. The increase in provision in 2024 was primarily driven by loan growth related to our strategic initiatives.

The fourth quarter 2024 provision for credit losses was $17 million, compared to a provision of $21 million in the prior quarter and a provision of $21 million in the same period last year. With respect to fourth quarter 2024 credit quality:

•Nonaccrual loans of $123 million decreased $5 million, or 4%, from the prior quarter and decreased $26 million, or 17%, from the same period last year. The nonaccrual loans to total loans ratio was 0.41% in the fourth quarter, down from 0.43% in the prior quarter and down from 0.51% in the same period last year.

•Net charge offs of $12 million decreased $1 million, or 7%, from the prior quarter and decreased $3 million, or 22%, from the same period last year.

•The allowance for credit losses on loans (ACLL) of $402 million increased $5 million from the prior quarter and increased $16 million from the same period last year. The ACLL to total loans ratio was 1.35% in the fourth quarter, up from 1.33% in the prior quarter and up from 1.32% in the same period last year.

In 2025, we expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.

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Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.00% at December 31, 2024. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

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FOURTH QUARTER 2024 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 23, 2025. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp fourth quarter 2024 earnings call. The fourth quarter 2024 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $43 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The Company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should," “intend,” "target," “outlook,” "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.

NON-GAAP FINANCIAL MEASURES

This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

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Associated Banc-Corp Consolidated Balance Sheets (Unaudited)
($ in thousands)			December 31, 2024			September 30, 2024			Seql Qtr $ Change			June 30, 2024			March 31, 2024			December 31, 2023			Comp Qtr $ Change
Assets
Cash and due from banks			$	544,059		$	554,631		$	(10,571)		$	470,818		$	429,859		$	484,384		$	59,675
Interest-bearing deposits in other financial institutions			453,590			408,101			45,488			484,677			420,114			425,089			28,501
Federal funds sold and securities purchased under agreements to resell			21,955			4,310			17,645			3,600			1,610			14,350			7,605
Investment securities available for sale, at fair value			4,581,434			4,152,527			428,907			3,912,730			3,724,148			3,600,892			980,542
Investment securities held to maturity, net, at amortized cost			3,738,687			3,769,150			(30,463)			3,799,035			3,832,967			3,860,160			(121,473)
Equity securities			23,242			23,158			84			22,944			19,571			41,651			(18,409)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost			179,665			178,168			1,497			212,102			173,968			229,171			(49,506)
Residential loans held for sale			646,687			67,219			579,467			83,795			52,414			33,011			613,676
Commercial loans held for sale			32,634			11,833			20,801			—			—			90,303			(57,669)
Loans			29,768,586			29,990,897			(222,311)			29,618,271			29,494,263			29,216,218			552,368
Allowance for loan losses			(363,545)			(361,765)			(1,780)			(355,844)			(356,006)			(351,094)			(12,451)
Loans, net			29,405,041			29,629,131			(224,091)			29,262,428			29,138,257			28,865,124			539,917
Tax credit and other investments			258,886			265,385			(6,498)			246,300			255,252			258,067			819
Premises and equipment, net			379,093			373,816			5,276			369,968			367,618			372,978			6,115
Bank and corporate owned life insurance			689,000			686,704			2,296			683,451			685,089			682,649			6,351
Goodwill			1,104,992			1,104,992			—			1,104,992			1,104,992			1,104,992			—
Other intangible assets, net			31,660			33,863			(2,203)			36,066			38,268			40,471			(8,811)
Mortgage servicing rights, net			87,683			81,977			5,707			85,640			85,226			84,390			3,293
Interest receivable			167,772			167,777			(5)			173,106			167,092			169,569			(1,797)
Other assets			676,987			698,073			(21,086)			672,256			640,638			658,604			18,383
Total assets			$	43,023,068		$	42,210,815		$	812,253		$	41,623,908		$	41,137,084		$	41,015,855		$	2,007,213
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits			$	5,775,657		$	5,857,421		$	(81,764)		$	5,815,045		$	6,254,135		$	6,119,956		$	(344,299)
Interest-bearing deposits			28,872,777			27,696,877			1,175,900			26,875,995			27,459,023			27,326,093			1,546,684
Total deposits			34,648,434			33,554,298			1,094,136			32,691,039			33,713,158			33,446,049			1,202,385
Short-term funding			470,369			917,028			(446,659)			859,539			765,671			326,780			143,589
FHLB advances			1,853,807			1,913,294			(59,486)			2,673,046			1,333,411			1,940,194			(86,387)
Other long-term funding			837,635			844,342			(6,707)			536,113			536,055			541,269			296,366
Allowance for unfunded commitments			38,776			35,776			3,000			33,776			31,776			34,776			4,000
Accrued expenses and other liabilities			568,485			532,842			35,644			588,057			588,341			552,814			15,671
Total liabilities			38,417,506			37,797,579			619,927			37,381,571			36,968,412			36,841,882			1,575,624
Stockholders’ equity
Preferred equity			194,112			194,112			—			194,112			194,112			194,112			—
Common equity			4,411,450			4,219,125			192,325			4,048,225			3,974,561			3,979,861			431,589
Total stockholders’ equity			4,605,562			4,413,236			192,325			4,242,337			4,168,673			4,173,973			431,589
Total liabilities and stockholders’ equity			$	43,023,068		$	42,210,815		$	812,253		$	41,623,908		$	41,137,084		$	41,015,855		$	2,007,213

Numbers may not sum due to rounding.

1

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Associated Banc-Corp Consolidated Statements of Income (Unaudited)									Comp Qtr						YTD			YTD			Comp YTD
($ in thousands, except per share data)			4Q24			4Q23			$ Change			% Change			December 2024			December 2023			$ Change			% Change
Interest income
Interest and fees on loans			$	453,253		$	457,868		$	(4,615)		(1)		%	$	1,830,241		$	1,720,406		$	109,835		6		%
Interest and dividends on investment securities
Taxable			50,524			41,809			8,715			21		%	198,579			146,006			52,573			36		%
Tax-exempt			14,469			15,273			(804)			(5)		%	58,572			63,233			(4,661)			(7)		%
Other interest			10,478			10,418			60			1		%	35,312			28,408			6,904			24		%
Total interest income			528,724			525,367			3,357			1		%	2,122,704			1,958,052			164,652			8		%
Interest expense
Interest on deposits			222,888			208,875			14,013			7		%	901,804			673,624			228,180			34		%
Interest on federal funds purchased and securities sold under agreements to repurchase			3,203			3,734			(531)			(14)		%	11,754			12,238			(484)			(4)		%
Interest on other short-term funding			668			—			668			N/M			17,597			1			17,596			N/M
Interest on FHLB advances			17,908			49,171			(31,263)			(64)		%	98,520			196,535			(98,015)			(50)		%
Interest on long-term funding			13,769			10,185			3,584			35		%	45,781			36,080			9,701			27		%
Total interest expense			258,436			271,965			(13,529)			(5)		%	1,075,456			918,479			156,977			17		%
Net interest income			270,289			253,403			16,886			7		%	1,047,248			1,039,573			7,675			1		%
Provision for credit losses			16,986			21,007			(4,021)			(19)		%	84,986			83,021			1,965			2		%
Net interest income after provision for credit losses			253,303			232,395			20,908			9		%	962,263			956,552			5,711			1		%
Noninterest income
Wealth management fees			24,103			21,003			3,100			15		%	92,569			82,502			10,067			12		%
Service charges and deposit account fees			13,232			10,815			2,417			22		%	51,642			49,045			2,597			5		%
Card-based fees			11,948			11,528			420			4		%	46,921			45,020			1,901			4		%
Other fee-based revenue			5,182			4,019			1,163			29		%	19,499			17,268			2,231			13		%
Capital markets, net			9,032			9,106			(74)			(1)		%	22,084			24,649			(2,565)			(10)		%
Mortgage banking, net			3,387			1,615			1,772			110		%	10,686			19,429			(8,743)			(45)		%
Loss on mortgage portfolio sale			(130,406)			(136,239)			5,833			(4)		%	(130,406)			(136,239)			5,833			(4)		%
Bank and corporate owned life insurance			2,322			3,383			(1,061)			(31)		%	13,477			10,266			3,211			31		%
Asset gains (losses), net			364			(136)			500			N/M			(1,042)			454			(1,496)			N/M
Investment securities (losses), net			(148,194)			(58,958)			(89,236)			151		%	(144,147)			(58,903)			(85,244)			145		%
Other			2,257			2,850			(593)			(21)		%	9,310			9,691			(381)			(4)		%
Total noninterest (loss) income			(206,772)			(131,013)			(75,759)			58		%	(9,407)			63,182			(72,589)			N/M
Noninterest expense
Personnel			125,944			120,686			5,258			4		%	487,956			468,355			19,601			4		%
Technology			26,984			28,027			(1,043)			(4)		%	107,563			102,018			5,545			5		%
Occupancy			14,325			14,429			(104)			(1)		%	54,622			57,204			(2,582)			(5)		%
Business development and advertising			7,408			8,350			(942)			(11)		%	28,142			28,405			(263)			(1)		%
Equipment			4,729			4,742			(13)			—		%	18,431			19,663			(1,232)			(6)		%
Legal and professional			6,861			6,762			99			1		%	21,601			19,911			1,690			8		%
Loan and foreclosure costs			1,951			585			1,366			N/M			8,471			5,408			3,063			57		%
FDIC assessment			9,139			41,497			(32,358)			(78)		%	38,439			67,072			(28,633)			(43)		%
Other intangible amortization			2,203			2,203			—			—		%	8,811			8,811			—			—		%
Loss on prepayments of FHLB advances			14,243			—			14,243			N/M			14,243			—			14,243			N/M
Other			10,496			12,110			(1,614)			(13)		%	30,118			36,837			(6,719)			(18)		%
Total noninterest expense			224,282			239,391			(15,109)			(6)		%	818,397			813,682			4,715			1		%
(Loss) income before income taxes			(177,752)			(138,009)			(39,743)			29		%	134,459			206,052			(71,593)			(35)		%
Income tax (benefit) expense			(16,137)			(47,202)			31,065			(66)		%	11,314			23,097			(11,783)			(51)		%
Net (loss) income			(161,615)			(90,806)			(70,809)			78		%	123,145			182,956			(59,811)			(33)		%
Preferred stock dividends			2,875			2,875			—			—		%	11,500			11,500			—			—		%
Net (loss) income available to common equity			$	(164,490)		$	(93,681)		$	(70,809)		76		%	$	111,645		$	171,456		$	(59,811)		(35)		%
(Loss) earnings per common share
Basic			$	(1.04)		$	(0.63)		$	(0.41)		65		%	$	0.73		$	1.14		$	(0.41)		(36)		%
Diluted			$	(1.03)		$	(0.62)		$	(0.41)		66		%	$	0.72		$	1.13		$	(0.41)		(36)		%
Average common shares outstanding
Basic			157,710			150,085			7,625			5		%	151,933			149,968			1,965			1		%
Diluted			159,164			151,007			8,157			5		%	153,347			150,860			2,487			2		%

N/M = Not meaningful

Numbers may not sum due to rounding.

2

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Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)									Seql Qtr															Comp Qtr
			4Q24			3Q24			$ Change			% Change			2Q24			1Q24			4Q23			$ Change			% Change
Interest income
Interest and fees on loans			$	453,253		$	465,728		$	(12,476)		(3)		%	$	456,788		$	454,472		$	457,868		$	(4,615)		(1)		%
Interest and dividends on investment securities
Taxable			50,524			51,229			(705)			(1)		%	50,278			46,548			41,809			8,715			21		%
Tax-exempt			14,469			14,660			(191)			(1)		%	14,669			14,774			15,273			(804)			(5)		%
Other interest			10,478			8,701			1,777			20		%	8,539			7,595			10,418			60			1		%
Total interest income			528,724			540,318			(11,594)			(2)		%	530,274			523,388			525,367			3,357			1		%
Interest expense
Interest on deposits			222,888			231,623			(8,736)			(4)		%	221,062			226,231			208,875			14,013			7		%
Interest on federal funds purchased and securities sold under agreements to repurchase			3,203			3,385			(182)			(5)		%	2,303			2,863			3,734			(531)			(14)		%
Interest on other short-term funding			668			6,144			(5,476)			(89)		%	6,077			4,708			—			668			N/M
Interest on FHLB advances			17,908			24,799			(6,891)			(28)		%	34,143			21,671			49,171			(31,263)			(64)		%
Interest on long-term funding			13,769			11,858			1,911			16		%	10,096			10,058			10,185			3,584			35		%
Total interest expense			258,436			277,809			(19,374)			(7)		%	273,681			265,530			271,965			(13,529)			(5)		%
Net interest income			270,289			262,509			7,780			3		%	256,593			257,858			253,403			16,886			7		%
Provision for credit losses			16,986			20,991			(4,006)			(19)		%	23,008			24,001			21,007			(4,021)			(19)		%
Net interest income after provision for credit losses			253,303			241,518			11,785			5		%	233,585			233,857			232,395			20,908			9		%
Noninterest income
Wealth management fees			24,103			24,144			(41)			—		%	22,628			21,694			21,003			3,100			15		%
Service charges and deposit account fees			13,232			13,708			(475)			(3)		%	12,263			12,439			10,815			2,417			22		%
Card-based fees			11,948			11,731			216			2		%	11,975			11,267			11,528			420			4		%
Other fee-based revenue			5,182			5,057			125			2		%	4,857			4,402			4,019			1,163			29		%
Capital markets, net			9,032			4,317			4,715			109		%	4,685			4,050			9,106			(74)			(1)		%
Mortgage banking, net			3,387			2,132			1,255			59		%	2,505			2,662			1,615			1,772			110		%
Loss on mortgage portfolio sale			(130,406)			—			(130,406)			N/M			—			—			(136,239)			5,833			(4)		%
Bank and corporate owned life insurance			2,322			4,001			(1,680)			(42)		%	4,584			2,570			3,383			(1,061)			(31)		%
Asset gains (losses), net			364			(474)			838			N/M			(627)			(306)			(136)			500			N/M
Investment securities (losses) gains, net			(148,194)			100			(148,294)			N/M			67			3,879			(58,958)			(89,236)			151		%
Other			2,257			2,504			(248)			(10)		%	2,222			2,327			2,850			(593)			(21)		%
Total noninterest (loss) income			(206,772)			67,221			(273,994)			N/M			65,159			64,985			(131,013)			(75,759)			58		%
Noninterest expense
Personnel			125,944			121,036			4,908			4		%	121,581			119,395			120,686			5,258			4		%
Technology			26,984			27,217			(233)			(1)		%	27,161			26,200			28,027			(1,043)			(4)		%
Occupancy			14,325			13,536			789			6		%	13,128			13,633			14,429			(104)			(1)		%
Business development and advertising			7,408			6,683			725			11		%	7,535			6,517			8,350			(942)			(11)		%
Equipment			4,729			4,653			75			2		%	4,450			4,599			4,742			(13)			—		%
Legal and professional			6,861			5,639			1,222			22		%	4,429			4,672			6,762			99			1		%
Loan and foreclosure costs			1,951			2,748			(797)			(29)		%	1,793			1,979			585			1,366			N/M
FDIC assessment			9,139			8,223			915			11		%	7,131			13,946			41,497			(32,358)			(78)		%
Other intangible amortization			2,203			2,203			—			—		%	2,203			2,203			2,203			—			—		%
Loss on prepayments of FHLB advances			14,243			—			14,243			N/M			—			—			—			14,243			N/M
Other			10,496			8,659			1,837			21		%	6,450			4,513			12,110			(1,614)			(13)		%
Total noninterest expense			224,282			200,597			23,685			12		%	195,861			197,657			239,391			(15,109)			(6)		%
(Loss) income before income taxes			(177,752)			108,142			(285,894)			N/M			102,884			101,185			(138,009)			(39,743)			29		%
Income tax (benefit) expense			(16,137)			20,124			(36,261)			N/M			(12,689)			20,016			(47,202)			31,065			(66)		%
Net (loss) income			(161,615)			88,018			(249,633)			N/M			115,573			81,169			(90,806)			(70,809)			78		%
Preferred stock dividends			2,875			2,875			—			—		%	2,875			2,875			2,875			—			—		%
Net (loss) income available to common equity			$	(164,490)		$	85,143		$	(249,633)		N/M			$	112,698		$	78,294		$	(93,681)		$	(70,809)		76		%
(Loss) earnings per common share
Basic			$	(1.04)		$	0.56		$	(1.60)		N/M			$	0.75		$	0.52		$	(0.63)		$	(0.41)		65		%
Diluted			$	(1.03)		$	0.56		$	(1.59)		N/M			$	0.74		$	0.52		$	(0.62)		$	(0.41)		66		%
Average common shares outstanding
Basic			157,710			150,247			7,463			5		%	149,872			149,855			150,085			7,625			5		%
Diluted			159,164			151,492			7,672			5		%	151,288			151,292			151,007			8,157			5		%

N/M = Not meaningful

Numbers may not sum due to rounding.

3

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Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)			YTD Dec 2024			YTD Dec 2023			4Q24			3Q24			2Q24			1Q24			4Q23
Per common share data
Dividends			$	0.89		$	0.85		$	0.23		$	0.22		$	0.22		$	0.22		$	0.22
Market value:
High			28.14			24.18			28.14			23.95			22.48			22.00			21.79
Low			19.73			14.48			20.64			20.07			19.90			19.73			15.45
Close									23.90			21.54			21.15			21.51			21.39
Book value / share									26.55			27.90			26.85			26.37			26.35
Tangible book value / share									19.71			20.37			19.28			18.78			18.77
Performance ratios (annualized)
Return on average assets			0.30		%	0.45		%	(1.53)		%	0.85		%	1.13		%	0.80		%	(0.87)		%
Noninterest expense / average assets			1.98		%	2.00		%	2.12		%	1.93		%	1.92		%	1.95		%	2.30		%
Effective tax rate			8.41		%	11.21		%	N/M			18.61		%	(12.33)		%	19.78		%	N/M
Dividend payout ratio(a)			121.92		%	74.56		%	N/M			39.29		%	29.33		%	42.31		%	N/M
Net interest margin			2.78		%	2.81		%	2.81		%	2.78		%	2.75		%	2.79		%	2.69		%
Selected trend information
Average full time equivalent employees(b)			4,030			4,199			3,982			4,041			4,025			4,070			4,130
Branch count									188			188			188			188			196
Assets under management, at market value(c)									$	14,773		$	15,033		$	14,304		$	14,171		$	13,545
Mortgage loans originated for sale during period			$	618		$	396		$	167		$	176		$	169		$	105		$	112
Mortgage loan settlements during period			$	585		$	1,212		$	169		$	187		$	138		$	91		$	957
Mortgage portfolio loans transferred to held for sale during period			$	723		$	969		$	723		$	—		$	—		$	—		$	969
Mortgage portfolio serviced for others(d)									$	6,285		$	6,302		$	6,307		$	6,349		$	7,364
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)									1.40		%	1.30		%	1.36		%	1.34		%	1.15		%
Shares repurchased during period(e)			900			—			—			—			—			900			—
Shares outstanding, end of period									166,178			151,213			150,785			150,739			151,037
Selected quarterly ratios
Loans / deposits									85.92		%	89.38		%	90.60		%	87.49		%	87.35		%
Stockholders’ equity / assets									10.70		%	10.46		%	10.19		%	10.13		%	10.18		%
Risk-based capital(f)(g)
Total risk-weighted assets									$	33,948		$	33,326		$	32,768		$	32,753		$	32,733
Common equity Tier 1									$	3,395		$	3,238		$	3,172		$	3,089		$	3,075
Common equity Tier 1 capital ratio									10.00		%	9.72		%	9.68		%	9.43		%	9.39		%
Tier 1 capital ratio									10.57		%	10.30		%	10.27		%	10.02		%	9.99		%
Total capital ratio									12.61		%	12.36		%	12.34		%	12.08		%	12.21		%
Tier 1 leverage ratio									8.73		%	8.49		%	8.37		%	8.24		%	8.06		%

N/M = Not meaningful

Numbers may not sum due to rounding.

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

(b)Average full time equivalent employees without overtime.

(c)Excludes assets held in brokerage accounts.

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

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

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

(g)December 31, 2024 data is estimated.

4

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Associated Banc-Corp Selected Asset Quality Information
($ in thousands)			Dec 31, 2024			Sep 30, 2024			Seql Qtr % Change			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period			$	361,765		$	355,844		2		%	$	356,006		$	351,094		$	345,795		5		%
Provision for loan losses			14,000			19,000			(26)		%	21,000			27,000			21,000			(33)		%
Charge offs			(13,770)			(15,337)			(10)		%	(23,290)			(24,018)			(17,878)			(23)		%
Recoveries			1,551			2,258			(31)		%	2,127			1,930			2,177			(29)		%
Net (charge offs) recoveries			(12,220)			(13,078)			(7)		%	(21,163)			(22,088)			(15,701)			(22)		%
Balance at end of period			$	363,545		$	361,765		—		%	$	355,844		$	356,006		$	351,094		4		%
Allowance for unfunded commitments
Balance at beginning of period			$	35,776		$	33,776		6		%	$	31,776		$	34,776		$	34,776		3		%
Provision for unfunded commitments			3,000			2,000			50		%	2,000			(3,000)			—			N/M
Balance at end of period			$	38,776		$	35,776		8		%	$	33,776		$	31,776		$	34,776		12		%
Allowance for credit losses on loans (ACLL)			$	402,322		$	397,541		1		%	$	389,620		$	387,782		$	385,870		4		%
Provision for credit losses on loans			$	17,000		$	21,000		(19)		%	$	23,000		$	24,000		$	21,000		(19)		%
($ in thousands)			Dec 31, 2024			Sep 30, 2024			Seql Qtr % Change			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Comp Qtr % Change
Net (charge offs) recoveries
Commercial and industrial			$	(2,406)		$	(10,649)		(77)		%	$	(13,676)		$	(18,638)		$	(13,178)		(82)		%
Commercial real estate—owner occupied			—			—			N/M			1			2			(22)			(100)		%
Commercial and business lending			(2,406)			(10,649)			(77)		%	(13,674)			(18,636)			(13,200)			(82)		%
Commercial real estate—investor			(6,617)			(1)			N/M			(4,569)			—			216			N/M
Real estate construction			4			2			100		%	28			30			38			(89)		%
Commercial real estate lending			(6,612)			2			N/M			(4,541)			30			253			N/M
Total commercial			(9,018)			(10,647)			(15)		%	(18,216)			(18,606)			(12,947)			(30)		%
Residential mortgage			(239)			(160)			49		%	(289)			(62)			(53)			N/M
Auto finance			(1,782)			(1,281)			39		%	(1,480)			(2,094)			(1,436)			24		%
Home equity			277			424			(35)		%	238			211			185			50		%
Other consumer			(1,457)			(1,414)			3		%	(1,417)			(1,537)			(1,450)			—		%
Total consumer			(3,202)			(2,431)			32		%	(2,947)			(3,482)			(2,754)			16		%
Total net (charge offs) recoveries			$	(12,220)		$	(13,078)		(7)		%	$	(21,163)		$	(22,088)		$	(15,701)		(22)		%
(In basis points)			Dec 31, 2024			Sep 30, 2024						Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial			(9)			(43)						(55)			(77)			(54)
Commercial real estate—owner occupied			—			—						—			—			(1)
Commercial and business lending			(8)			(39)						(50)			(69)			(48)
Commercial real estate—investor			(51)			—						(37)			—			2
Real estate construction			—			—						—			1			1
Commercial real estate lending			(37)			—						(25)			—			1
Total commercial			(19)			(23)						(40)			(41)			(28)
Residential mortgage			(1)			(1)						(1)			—			—
Auto finance			(26)			(19)						(24)			(35)			(27)
Home equity			17			26						15			14			12
Other consumer			(208)			(216)						(221)			(232)			(208)
Total consumer			(11)			(8)						(10)			(13)			(9)
Total net (charge offs) recoveries			(16)			(18)						(29)			(30)			(21)
($ in thousands)			Dec 31, 2024			Sep 30, 2024			Seql Qtr % Change			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Comp Qtr % Change
Credit quality
Nonaccrual loans			$	123,260		$	128,476		(4)		%	$	154,423		$	178,346		$	148,997		(17)		%
Other real estate owned (OREO)			20,217			18,830			7		%	8,325			8,437			10,506			92		%
Repossessed assets			687			793			(13)		%	671			1,241			919			(25)		%
Total nonperforming assets			$	144,164		$	148,098		(3)		%	$	163,418		$	188,025		$	160,421		(10)		%
Loans 90 or more days past due and still accruing			$	3,189		$	7,107		(55)		%	$	2,354		$	2,417		$	21,689		(85)		%
Allowance for credit losses on loans to total loans			1.35		%	1.33		%				1.32		%	1.31		%	1.32		%
Allowance for credit losses on loans to nonaccrual loans			326.40		%	309.43		%				252.31		%	217.43		%	258.98		%
Nonaccrual loans to total loans			0.41		%	0.43		%				0.52		%	0.60		%	0.51		%
Nonperforming assets to total loans plus OREO and repossessed assets			0.48		%	0.49		%				0.55		%	0.64		%	0.55		%
Nonperforming assets to total assets			0.34		%	0.35		%				0.39		%	0.46		%	0.39		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans			0.23		%	0.25		%				0.30		%	0.30		%	0.16		%

5

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Associated Banc-Corp Selected Asset Quality Information (continued)
($ in thousands)			Dec 31, 2024			Sep 30, 2024			Seql Qtr % Change			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Comp Qtr % Change
Nonaccrual loans
Commercial and industrial			$	19,084		$	14,369		33		%	$	21,190		$	72,243		$	62,022		(69)		%
Commercial real estate—owner occupied			1,501			9,285			(84)		%	1,851			2,090			1,394			8		%
Commercial and business lending			20,585			23,654			(13)		%	23,041			74,333			63,416			(68)		%
Commercial real estate—investor			16,705			18,913			(12)		%	48,249			18,697			—			N/M
Real estate construction			30			15			100		%	16			18			6			N/M
Commercial real estate lending			16,735			18,928			(12)		%	48,265			18,715			6			N/M
Total commercial			37,320			42,582			(12)		%	71,306			93,047			63,422			(41)		%
Residential mortgage			70,038			70,138			—		%	68,058			69,954			71,142			(2)		%
Auto finance			7,402			7,456			(1)		%	6,986			7,158			5,797			28		%
Home equity			8,378			8,231			2		%	7,996			8,100			8,508			(2)		%
Other consumer			122			70			74		%	77			87			128			(5)		%
Total consumer			85,941			85,894			—		%	83,117			85,299			85,574			—		%
Total nonaccrual loans			$	123,260		$	128,476		(4)		%	$	154,423		$	178,346		$	148,997		(17)		%
			Dec 31, 2024			Sep 30, 2024			Seql Qtr % Change			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Comp Qtr % Change
Restructured loans (accruing)
Commercial and industrial			$	475		$	424		12		%	$	410		$	377		$	306		55		%
Commercial real estate—owner occupied			—			—			N/M			—			—			—			N/M
Commercial and business lending			475			424			12		%	410			377			306			55		%
Commercial real estate—investor			—			—			N/M			—			—			—			N/M
Real estate construction			—			—			N/M			—			—			—			N/M
Commercial real estate lending			—			—			N/M			—			—			—			N/M
Total commercial			475			424			12		%	410			377			306			55		%
Residential mortgage			782			361			117		%	306			345			405			93		%
Auto finance			8			35			(77)		%	142			66			255			(97)		%
Home equity			27			104			(74)		%	103			182			305			(91)		%
Other consumer			2,239			1,642			36		%	1,615			1,487			1,449			55		%
Total consumer			3,057			2,141			43		%	2,166			2,080			2,414			27		%
Total restructured loans (accruing)			$	3,531		$	2,565		38		%	$	2,576		$	2,457		$	2,719		30		%
Nonaccrual restructured loans (included in nonaccrual loans)			$	2,581		$	1,840		40		%	$	717		$	1,141		$	805		N/M
			Dec 31, 2024			Sep 30, 2024			Seql Qtr % Change			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial			$	1,260		$	1,212		4		%	$	2,052		$	521		$	5,565		(77)		%
Commercial real estate—owner occupied			1,634			2,209			(26)		%	—			—			358			N/M
Commercial and business lending			2,893			3,421			(15)		%	2,052			521			5,923			(51)		%
Commercial real estate—investor			36,391			10,746			N/M			1,023			19,164			18,697			95		%
Real estate construction			21			88			(76)		%	—			1,260			—			N/M
Commercial real estate lending			36,412			10,834			N/M			1,023			20,424			18,697			95		%
Total commercial			39,305			14,255			176		%	3,075			20,945			24,619			60		%
Residential mortgage			14,892			13,630			9		%	10,374			9,903			13,446			11		%
Auto finance			14,850			15,458			(4)		%	15,814			12,521			17,386			(15)		%
Home equity			4,625			3,146			47		%	3,694			2,819			4,208			10		%
Other consumer			3,128			2,163			45		%	1,995			2,260			2,166			44		%
Total consumer			37,496			34,397			9		%	31,877			27,503			37,205			1		%
Total accruing loans 30-89 days past due			$	76,801		$	48,651		58		%	$	34,952		$	48,448		$	61,825		24		%

N/M = Not meaningful

Numbers may not sum due to rounding.

6

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Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
			Three Months Ended
			December 31, 2024									September 30, 2024									December 31, 2023
($ in thousands)			Average Balance			Interest Income /Expense			Average Yield /Rate			Average Balance			Interest Income /Expense			Average Yield /Rate			Average Balance			Interest Income /Expense			Average Yield /Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial and business lending			$	11,474,489		$	194,355		6.74		%	$	10,971,390		$	200,327		7.27		%	$	10,820,214		$	193,808		7.11		%
Commercial real estate lending			7,206,796			128,476			7.09		%	7,235,505			136,699			7.52		%	7,397,809			138,437			7.42		%
Total commercial			18,681,285			322,831			6.88		%	18,206,896			337,027			7.36		%	18,218,024			332,245			7.24		%
Residential mortgage			7,814,056			70,513			3.61		%	7,888,290			70,171			3.56		%	8,691,258			76,035			3.50		%
Auto finance			2,771,414			39,365			5.65		%	2,635,890			37,904			5.72		%	2,138,536			29,221			5.42		%
Other retail			935,162			21,041			8.98		%	903,011			21,124			9.34		%	904,618			21,026			9.27		%
Total loans			30,201,918			453,750			5.98		%	29,634,087			466,226			6.27		%	29,952,435			458,527			6.08		%
Investment securities
Taxable			5,745,085			50,752			3.53		%	5,816,102			51,466			3.54		%	5,344,578			41,809			3.13		%
Tax-exempt(a)			2,085,957			17,653			3.39		%	2,110,896			17,885			3.39		%	2,209,662			19,244			3.48		%
Other short-term investments			846,195			10,717			5.04		%	629,431			8,959			5.66		%	767,256			10,418			5.39		%
Investments and other			8,677,238			79,122			3.64		%	8,556,429			78,310			3.66		%	8,321,495			71,471			3.43		%
Total earning assets			38,879,155			$	532,871		5.46		%	38,190,516			$	544,535		5.68		%	38,273,931			$	529,998		5.51		%
Other assets, net			3,192,406									3,199,195									3,056,772
Total assets			$	42,071,562								$	41,389,711								$	41,330,703
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings			$	5,132,247		$	20,120		1.56		%	$	5,125,147		$	21,611		1.68		%	$	4,861,913		$	20,334		1.66		%
Interest-bearing demand			7,623,230			46,061			2.40		%	7,394,550			49,740			2.68		%	7,156,151			47,277			2.62		%
Money market			5,924,269			41,457			2.78		%	5,942,147			46,290			3.10		%	6,121,105			47,110			3.05		%
Network transaction deposits			1,690,745			20,091			4.73		%	1,644,305			22,077			5.34		%	1,616,719			22,034			5.41		%
Time deposits			8,228,420			95,158			4.60		%	7,562,448			91,907			4.83		%	6,264,621			72,121			4.57		%
Total interest-bearing deposits			28,598,911			222,888			3.10		%	27,668,597			231,623			3.33		%	26,020,510			208,875			3.18		%
Federal funds purchased and securities sold under agreements to repurchase			310,370			3,203			4.11		%	299,286			3,385			4.50		%	347,204			3,734			4.27		%
Other short-term funding			88,415			1,135			5.11		%	519,421			6,638			5.08		%	—			—			—		%
FHLB advances			1,456,087			17,908			4.89		%	1,750,590			24,799			5.64		%	3,467,433			49,171			5.63		%
Long-term funding			840,880			13,769			6.55		%	647,440			11,858			7.33		%	531,155			10,185			7.67		%
Total short and long-term funding			2,695,752			36,015			5.33		%	3,216,737			46,680			5.78		%	4,345,793			63,090			5.77		%
Total interest-bearing liabilities			31,294,664			$	258,903		3.29		%	30,885,334			$	278,304		3.59		%	30,366,302			$	271,965		3.55		%
Noninterest-bearing demand deposits			5,738,557									5,652,228									6,171,240
Other liabilities			510,000									521,423									672,597
Stockholders’ equity			4,528,342									4,330,727									4,120,564
Total liabilities and stockholders’ equity			$	42,071,562								$	41,389,711								$	41,330,703
Interest rate spread									2.17		%							2.10		%							1.96		%
Net free funds									0.64		%							0.69		%							0.73		%
Fully tax-equivalent net interest income and net interest margin						$	273,968		2.81		%				$	266,232		2.78		%				$	258,033		2.69		%
Fully tax-equivalent adjustment						3,680									3,723									4,630
Net interest income						$	270,289								$	262,509								$	253,403

Numbers may not sum due to rounding.

(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b)Nonaccrual loans and loans held for sale have been included in the average balances.

(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.

7

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Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
			Year Ended December 31,
			2024									2023
($ in thousands)			Average Balance			Interest Income /Expense			Average Yield / Rate			Average Balance			Interest Income /Expense			Average Yield / Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial and business lending			$	11,069,185		$	786,963		7.11		%	$	10,831,275		$	740,017		6.83		%
Commercial real estate lending			7,270,239			538,228			7.40		%	7,314,651			520,028			7.11		%
Total commercial			18,339,424			1,325,191			7.23		%	18,145,926			1,260,045			6.94		%
Residential mortgage			7,907,962			278,804			3.53		%	8,696,706			293,446			3.37		%
Auto finance			2,576,979			144,892			5.62		%	1,793,959			89,454			4.99		%
Other retail			872,994			83,386			9.55		%	897,702			80,189			8.93		%
Total loans			29,697,360			1,832,274			6.17		%	29,534,293			1,723,134			5.83		%
Investment securities
Taxable			5,690,238			199,424			3.50		%	5,243,805			146,006			2.78		%
Tax-exempt (a)			2,111,523			71,458			3.38		%	2,288,328			79,673			3.48		%
Other short-term investments			668,730			37,291			5.58		%	564,284			28,408			5.03		%
Investments and other			8,470,491			308,173			3.64		%	8,096,417			254,087			3.14		%
Total earning assets			38,167,851			$	2,140,446		5.61		%	37,630,710			$	1,977,221		5.25		%
Other assets, net			3,166,002									3,018,214
Total assets			$	41,333,853								$	40,648,923
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings			$	5,080,045		$	85,450		1.68		%	$	4,773,366		$	63,945		1.34		%
Interest-bearing demand			7,443,738			193,900			2.60		%	6,904,514			154,136			2.23		%
Money market			5,994,171			181,444			3.03		%	6,668,930			177,311			2.66		%
Network transaction deposits			1,645,695			85,788			5.21		%	1,469,616			75,294			5.12		%
Time deposits			7,481,486			355,221			4.75		%	4,905,748			202,939			4.14		%
Total interest-bearing deposits			27,645,135			901,804			3.26		%	24,722,174			673,624			2.72		%
Federal funds purchased and securities sold under agreements to repurchase			272,069			11,754			4.32		%	345,519			12,238			3.54		%
Other short-term funding			403,214			20,420			5.06		%	8,582			1			0.01		%
FHLB advances			1,793,734			98,520			5.49		%	3,741,790			196,535			5.25		%
Long-term funding			640,842			45,781			7.14		%	504,438			36,080			7.15		%
Total short and long-term funding			3,109,859			176,475			5.67		%	4,600,329			244,855			5.32		%
Total interest-bearing liabilities			30,754,994			$	1,078,279		3.51		%	29,322,503			$	918,479		3.13		%
Noninterest-bearing demand deposits			5,745,960									6,620,965
Other liabilities			530,537									594,318
Stockholders’ equity			4,302,362									4,111,138
Total liabilities and stockholders’ equity			$	41,333,853								$	40,648,923
Interest rate spread									2.10		%							2.12		%
Net free funds									0.68		%							0.69		%
Fully tax-equivalent net interest income and net interest margin						$	1,062,167		2.78		%				$	1,058,742		2.81		%
Fully tax-equivalent adjustment						14,919									19,168
Net interest income						$	1,047,248								$	1,039,573

Numbers may not sum due to rounding.

(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b)Nonaccrual loans and loans held for sale have been included in the average balances.

(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.

8

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Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition			Dec 31, 2024			Sep 30, 2024			Seql Qtr % Change			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Comp Qtr % Change
Commercial and industrial			$	10,573,741		$	10,258,899		3		%	$	9,970,412		$	9,858,329		$	9,731,555		9		%
Commercial real estate—owner occupied			1,143,741			1,120,849			2		%	1,102,146			1,095,894			1,061,700			8		%
Commercial and business lending			11,717,483			11,379,748			3		%	11,072,558			10,954,223			10,793,255			9		%
Commercial real estate—investor			5,227,975			5,070,635			3		%	5,001,392			5,035,195			5,124,245			2		%
Real estate construction			1,982,632			2,114,300			(6)		%	2,255,637			2,287,041			2,271,398			(13)		%
Commercial real estate lending			7,210,607			7,184,934			—		%	7,257,029			7,322,237			7,395,644			(3)		%
Total commercial			18,928,090			18,564,683			2		%	18,329,587			18,276,460			18,188,898			4		%
Residential mortgage			7,047,541			7,803,083			(10)		%	7,840,073			7,868,180			7,864,891			(10)		%
Auto finance			2,810,220			2,708,946			4		%	2,556,009			2,471,257			2,256,162			25		%
Home equity			664,252			651,379			2		%	634,142			619,764			628,526			6		%
Other consumer			318,483			262,806			21		%	258,460			258,603			277,740			15		%
Total consumer			10,840,496			11,426,214			(5)		%	11,288,684			11,217,802			11,027,319			(2)		%
Total loans			$	29,768,586		$	29,990,897		(1)		%	$	29,618,271		$	29,494,263		$	29,216,218		2		%
Period end deposit and customer funding composition			Dec 31, 2024			Sep 30, 2024			Seql Qtr % Change			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Comp Qtr % Change
Noninterest-bearing demand			$	5,775,657		$	5,857,421		(1)		%	$	5,815,045		$	6,254,135		$	6,119,956		(6)		%
Savings			5,133,295			5,072,508			1		%	5,157,103			5,124,639			4,835,701			6		%
Interest-bearing demand			9,124,741			8,605,578			6		%	8,284,017			8,747,127			8,843,967			3		%
Money market			6,637,915			6,095,206			9		%	6,294,895			6,721,674			6,330,453			5		%
Brokered CDs			4,276,309			4,242,670			1		%	4,061,578			3,931,230			4,447,479			(4)		%
Other time deposits			3,700,518			3,680,914			1		%	3,078,401			2,934,352			2,868,494			29		%
Total deposits			34,648,434			33,554,298			3		%	32,691,039			33,713,158			33,446,049			4		%
Other customer funding(a)			100,044			110,988			(10)		%	89,524			90,536			106,620			(6)		%
Total deposits and other customer funding			$	34,748,478		$	33,665,286		3		%	$	32,780,564		$	33,803,694		$	33,552,669		4		%
Network transaction deposits(b)			$	1,758,388		$	1,566,908		12		%	$	1,502,919		$	1,792,820		$	1,566,139		12		%
Net deposits and other customer funding(c)			$	28,713,780		$	27,855,707		3		%	$	27,216,066		$	28,079,644		$	27,539,051		4		%
Quarter average loan composition			Dec 31, 2024			Sep 30, 2024			Seql Qtr % Change			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Comp Qtr % Change
Commercial and industrial			$	10,338,865		$	9,884,246		5		%	$	9,915,894		$	9,729,718		$	9,768,803		6		%
Commercial real estate—owner occupied			1,135,624			1,087,144			4		%	1,095,334			1,086,537			1,051,412			8		%
Commercial and business lending			11,474,489			10,971,390			5		%	11,011,228			10,816,255			10,820,214			6		%
Commercial real estate—investor			5,120,608			5,085,090			1		%	4,964,394			5,041,518			5,156,528			(1)		%
Real estate construction			2,086,188			2,150,416			(3)		%	2,285,379			2,348,444			2,241,281			(7)		%
Commercial real estate lending			7,206,796			7,235,505			—		%	7,249,773			7,389,962			7,397,809			(3)		%
Total commercial			18,681,285			18,206,896			3		%	18,261,000			18,206,217			18,218,024			3		%
Residential mortgage			7,814,056			7,888,290			(1)		%	7,905,236			7,896,956			8,691,258			(10)		%
Auto finance			2,771,414			2,635,890			5		%	2,524,107			2,373,720			2,138,536			30		%
Home equity			656,792			642,463			2		%	630,855			625,686			627,736			5		%
Other consumer			278,370			260,547			7		%	258,366			266,443			276,881			1		%
Total consumer			11,520,632			11,427,191			1		%	11,318,564			11,162,805			11,734,412			(2)		%
Total loans(d)			$	30,201,918		$	29,634,087		2		%	$	29,579,564		$	29,369,022		$	29,952,435		1		%
Quarter average deposit composition			Dec 31, 2024			Sep 30, 2024			Seql Qtr % Change			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Comp Qtr % Change
Noninterest-bearing demand			$	5,738,557		$	5,652,228		2		%	$	5,712,115		$	5,882,052		$	6,171,240		(7)		%
Savings			5,132,247			5,125,147			—		%	5,133,688			4,928,031			4,861,913			6		%
Interest-bearing demand			7,623,230			7,394,550			3		%	7,265,621			7,490,119			7,156,151			7		%
Money market			5,924,269			5,942,147			—		%	5,995,005			6,116,604			6,121,105			(3)		%
Network transaction deposits			1,690,745			1,644,305			3		%	1,595,312			1,651,937			1,616,719			5		%
Brokered CDs			4,514,841			4,247,941			6		%	3,927,727			4,268,881			3,470,516			30		%
Other time deposits			3,713,579			3,314,507			12		%	2,999,936			2,929,434			2,794,105			33		%
Total deposits			34,337,468			33,320,825			3		%	32,629,404			33,267,057			32,191,750			7		%
Other customer funding(a)			94,965			104,115			(9)		%	87,161			101,483			127,252			(25)		%
Total deposits and other customer funding			$	34,432,433		$	33,424,940		3		%	$	32,716,565		$	33,368,540		$	32,319,002		7		%
Net deposits and other customer funding(c)			$	28,226,848		$	27,532,694		3		%	$	27,193,526		$	27,447,723		$	27,231,767		4		%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes repurchase agreements.

(b) Included above in interest-bearing demand and money market.

(c) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.

(d) Nonaccrual loans and loans held for sale have been included in the average balances.

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Associated Banc-Corp Non-GAAP Financial Measures Reconciliation			YTD			YTD
($ in millions)			Dec 2024			Dec 2023			4Q24			3Q24			2Q24			1Q24			4Q23
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets									7.82		%	7.50		%	7.18		%	7.08		%	7.11		%
Return on average equity			2.86		%	4.45		%	(14.20)		%	8.09		%	11.16		%	7.81		%	(8.74)		%
Return on average tangible common equity			3.99		%	6.44		%	(20.27)		%	11.52		%	16.25		%	11.31		%	(13.13)		%
Return on average common equity Tier 1			3.49		%	5.51		%	(19.28)		%	10.53		%	14.54		%	10.27		%	(11.85)		%
Return on average tangible assets			0.32		%	0.48		%	(1.55)		%	0.89		%	1.18		%	0.84		%	(0.88)		%
Average stockholders' equity / average assets			10.41		%	10.11		%	10.76		%	10.46		%	10.14		%	10.26		%	9.97		%
Tangible common equity reconciliation(a)
Common equity									$	4,411		$	4,219		$	4,048		$	3,975		$	3,980
Goodwill and other intangible assets, net									(1,137)			(1,139)			(1,141)			(1,143)			(1,145)
Tangible common equity									$	3,275		$	3,080		$	2,907		$	2,831		$	2,834
Tangible assets reconciliation(a)
Total assets									$	43,023		$	42,211		$	41,624		$	41,137		$	41,016
Goodwill and other intangible assets, net									(1,137)			(1,139)			(1,141)			(1,143)			(1,145)
Tangible assets									$	41,886		$	41,072		$	40,483		$	39,994		$	39,870
Average tangible common equity and average common equity Tier 1 reconciliation(a)
Common equity			$	4,108		$	3,917		$	4,334		$	4,137		$	3,972		$	3,987		$	3,926
Goodwill and other intangible assets, net			(1,141)			(1,150)			(1,138)			(1,140)			(1,142)			(1,145)			(1,147)
Tangible common equity			2,967			2,767			3,196			2,997			2,830			2,843			2,780
Modified CECL transitional amount			22			45			22			22			22			22			45
Accumulated other comprehensive loss			188			275			152			173			242			188			286
Deferred tax assets, net			21			28			23			24			25			12			27
Average common equity Tier 1			$	3,199		$	3,114		$	3,394		$	3,215		$	3,118		$	3,065		$	3,138
Average tangible assets reconciliation(a)
Total assets			$	41,334		$	40,649		$	42,072		$	41,390		$	41,101		$	40,769		$	41,331
Goodwill and other intangible assets, net			(1,141)			(1,150)			(1,138)			(1,140)			(1,142)			(1,145)			(1,147)
Tangible assets			$	40,193		$	39,499		$	40,934		$	40,250		$	39,958		$	39,625		$	40,184
Adjusted net income (loss) reconciliation(b)
Net income (loss)			$	123		$	183		$	(162)		$	88		$	116		$	81		$	(91)
Other intangible amortization, net of tax			7			7			2			2			2			2			2
Adjusted net income (loss)			$	130		$	190		$	(160)		$	90		$	117		$	83		$	(89)
Adjusted net income (loss) available to common equity reconciliation(b)
Net income (loss) available to common equity			$	112		$	171		$	(164)		$	85		$	113		$	78		$	(94)
Other intangible amortization, net of tax			7			7			2			2			2			2			2
Adjusted net income (loss) available to common equity			$	118		$	178		$	(163)		$	87		$	114		$	80		$	(92)
Selected trend information(d)
Wealth management fees			$	93		$	83		$	24		$	24		$	23		$	22		$	21
Service charges and deposit account fees			52			49			13			14			12			12			11
Card-based fees			47			45			12			12			12			11			12
Other fee-based revenue			19			17			5			5			5			4			4
Fee-based revenue			211			194			54			55			52			50			47
Other			(220)			(131)			(261)			13			13			15			(178)
Total noninterest income			$	(9)		$	63		$	(207)		$	67		$	65		$	65		$	(131)
Pre-tax pre-provision income (loss)(e)
Income (loss) before income taxes			$	134		$	206		$	(178)		$	108		$	103		$	101		$	(138)
Provision for credit losses			85			83			17			21			23			24			21
Pre-tax pre-provision income (loss)			$	219		$	289		$	(161)		$	129		$	126		$	125		$	(117)
Efficiency ratio reconciliation(f)
Federal Reserve efficiency ratio			69.58		%	69.70		%	107.36		%	61.46		%	61.51		%	61.03		%	132.01		%
Fully tax-equivalent adjustment			(0.87)		%	(1.13)		%	(1.83)		%	(0.69)		%	(0.71)		%	(0.71)		%	(3.29)		%
Other intangible amortization			(0.75)		%	(0.76)		%	(1.04)		%	(0.67)		%	(0.68)		%	(0.69)		%	(1.21)		%
Fully tax-equivalent efficiency ratio			67.97		%	67.82		%	104.50		%	60.11		%	60.12		%	59.63		%	127.54		%
FDIC special assessment			(0.29)		%	(2.32)		%	0.14		%	0.30		%	0.73		%	(2.38)		%	(9.50)		%
Announced initiatives			(7.75)		%	(7.02)		%	(43.53)		%	—		%	—		%	—		%	(53.92)		%
Adjusted efficiency ratio			59.93		%	58.48		%	61.11		%	60.42		%	60.85		%	57.25		%	64.12		%

Numbers may not sum due to rounding.

(a)The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and strength.

(b)Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.

(c)These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.

(d)These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations.

(e)Management believes this measure is meaningful because it reflects adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods.

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

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Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
($ in millions)									4Q24			3Q24			2Q24			1Q24			4Q23
Period end core customer deposits reconciliation
Total deposits									$	34,648		$	33,554		$	32,691		$	33,713		$	33,446
Network transaction deposits									(1,758)			(1,567)			(1,503)			(1,793)			(1,566)
Brokered CDs									(4,276)			(4,243)			(4,062)			(3,931)			(4,447)
Core customer deposits									$	28,614		$	27,745		$	27,127		$	27,989		$	27,432
Quarterly average core customer deposits reconciliation
Total deposits									$	34,337		$	33,321		$	32,629		$	33,267		$	32,192
Network transaction deposits									(1,691)			(1,644)			(1,595)			(1,652)			(1,617)
Brokered CDs									(4,515)			(4,248)			(3,928)			(4,269)			(3,471)
Core customer deposits									$	28,132		$	27,429		$	27,106		$	27,346		$	27,105

Nonrecurring Item Reconciliation			YTD			YTD						YTD			YTD
($ in millions, except per share data)			Dec 2024			Dec 2024 per share data (diluted)						Dec 2023			Dec 2023 per share data (diluted)
GAAP net income			$	123		$	0.72					$	183		$	1.13
Loss on mortgage portfolio sale(a)			130			0.85						136			0.90
Provision on initiatives			1			0.01						(3)			(0.02)
Net loss on sale of investments(a)			148			0.96						65			0.43
Loss on prepayments of FHLB advances			14			0.09						—			—
FDIC special assessment			—			—						31			0.20
Tax effect			(39)			(0.25)						(55)			(0.36)
Net income, excluding nonrecurring items, net of tax			379			$	2.38					357			$	2.27
Less preferred stock dividends			(12)									(12)
Net income available to common equity, excluding nonrecurring items, net of tax			$	367								$	345

Nonrecurring Item Reconciliation
($ in millions, except per share data)			4Q24			4Q24 per share data (diluted)						4Q23			4Q23 per share data (diluted)
GAAP net (loss)			$	(162)		$	(1.03)					$	(91)		$	(0.62)
Loss on mortgage portfolio sale(a)			130			0.82						136			0.90
Provision on initiatives			1			0.01						(3)			(0.02)
Net loss on sale of investments(a)			148			0.93						65			0.43
Loss on prepayments of FHLB advances			14			0.09						—			—
FDIC special assessment			—			—						31			0.20
Tax effect			(39)			(0.24)						(55)			(0.36)
Net income, excluding nonrecurring items, net of tax			94			$	0.57					83			$	0.53
Less preferred stock dividends			(3)									(3)
Net income available to common equity, excluding nonrecurring items, net of tax			$	91								$	80

Nonrecurring Item Noninterest Income Reconciliation						YTD			YTD
($ in thousands)						Dec 2024			Dec 2023			4Q24			4Q23
GAAP noninterest (loss) income						$	(9,407)		$	63,182		$	(206,772)		$	(131,013)
Loss on mortgage portfolio sale(a)						130,406			136,239			130,406			136,239
Net loss on sale of investments(a)						148,183			64,940			148,183			64,940
Noninterest income, excluding nonrecurring items						$	269,182		$	264,361		$	71,816		$	70,166
Nonrecurring Item Noninterest Expense Reconciliation						YTD			YTD
($ in thousands)						Dec 2024			Dec 2023			4Q24			4Q23
GAAP noninterest expense						$	818,397		$	813,682		$	224,282		$	239,391
Loss on prepayments of FHLB advances						(14,243)			—			(14,243)			—
FDIC special assessment						—			(30,597)			—			(30,597)
Noninterest expense, excluding nonrecurring items						$	804,154		$	783,085		$	210,039		$	208,795

Period End Loans Reconciliation
($ in thousands)															4Q24
Loans															$	29,768,586
Mortgage portfolio loans transferred to held for sale															722,943
Adjusted loans															$	30,491,529

(a)These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarters of 2024 and 2023.

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