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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 First Quarter 2025 Net Income Available to Common Equity of $99 Million, or $0.59 per Common Share

GREEN BAY, Wis. -- April 24, 2025 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $99 million, or $0.59 per common share, for the quarter ended March 31, 2025. These amounts compare to a loss of $164 million, or $1.03 per common share, for the quarter ended December 31, 2024 and earnings of $78 million, or $0.52 per common share, for the quarter ended March 31, 2024.

"2025 is off to a strong start at Associated Bank," said President and CEO Andy Harmening. "During the first quarter, we achieved several key milestones of our strategic plan, completing our commercial expansion, achieving a record-high net promoter score, and finalizing the balance sheet repositioning we announced in December. Importantly, the emerging momentum from our initiatives helped us deliver another strong financial quarter, with over $500 million in loan and deposit growth, 16 basis points of margin expansion, ten basis points of CET1 capital accretion and solid credit quality trends."

"The current macroeconomic environment has added an element of uncertainty for the industry, but here at Associated, we’re entering this period of uncertainty with the major investments in our strategic plan completed, a strengthened profitability profile, a solid capital position, and a foundational discipline on credit and risk management. We continue to feel well-positioned to deliver enhanced value for our stakeholders in 2025."

First Quarter 2025 Highlights (all comparisons to Fourth Quarter 2024)

•Diluted earnings per common share of $0.59

•Total period end loan growth of $526 million

•Total period end deposit growth of $548 million

•Total period end core customer deposit1 growth of $503 million

•Net interest income of $286 million

•Net interest margin of 2.97%

•Noninterest income of $59 million

•Noninterest expense of $211 million

•Provision for credit losses of $13 million

•Allowance for credit losses on loans / total loans of 1.34%

•Net charge offs / average loans (annualized) of 0.12%

1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

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Loans

First quarter 2025 average total loans of $30.1 billion decreased $91 million from the prior quarter and increased 3%, or $742 million, from the same period last year. With respect to first quarter 2025 average balances by loan category:

•Commercial and business lending increased $250 million from the prior quarter and increased $908 million from the same period last year to $11.7 billion.

•Commercial real estate lending increased $107 million from the prior quarter and decreased $76 million from the same period last year to $7.3 billion.

•Consumer lending decreased $448 million from the prior quarter and decreased $90 million from the same period last year to $11.1 billion.

First quarter 2025 period end total loans of $30.3 billion increased 2%, or $526 million, from the prior quarter and increased 3%, or $800 million, from the same period last year. With respect to first quarter 2025 period end balances by loan category:

•Commercial and business lending increased $327 million from the prior quarter and increased $1.1 billion from the same period last year to $12.0 billion.

•Commercial real estate lending increased $196 million from the prior quarter and increased $85 million the same period last year to $7.4 billion.

•Consumer lending increased $3 million from the prior quarter and decreased $374 million from the same period last year to $10.8 billion.

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

Deposits

First quarter 2025 average deposits of $34.8 billion increased 1%, or $496 million, from the prior quarter and increased 5%, or $1.6 billion, from the same period last year. With respect to first quarter 2025 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $98 million from the prior quarter and decreased $242 million from the same period last year to $5.6 billion.

•Savings increased $30 million from the prior quarter and increased $234 million from the same period last year to $5.2 billion.

•Interest-bearing demand deposits increased $408 million from the prior quarter and increased $542 million from the same period last year to $8.0 billion.

•Money market deposits increased $155 million from the prior quarter and decreased $37 million from the same period last year to $6.1 billion.

•Total time deposits decreased $157 million from the prior quarter and increased $873 million from the same period last year to $8.1 billion.

•Network transaction deposits increased $157 million from the prior quarter and increased $196 million from the same period last year to $1.8 billion.

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First quarter 2025 period end deposits of $35.2 billion increased 2%, or $548 million, from the prior quarter and increased 4%, or $1.5 billion, from the same period last year. With respect to first quarter 2025 period end balances by deposit category:

•Noninterest-bearing demand deposits increased $360 million from the prior quarter and decreased $118 million from the same period last year to $6.1 billion.

•Savings increased $114 million from the prior quarter and increased $123 million from the same period last year to $5.2 billion.

•Interest-bearing demand deposits decreased $50 million from the prior quarter and increased $328 million from the same period last year to $9.1 billion.

•Money market deposits increased $182 million from the prior quarter and increased $98 million from the same period last year to $6.8 billion.

•Total time deposits decreased $59 million from the prior quarter and increased $1.1 billion from the same period last year to $7.9 billion.

•Network transaction deposits (included in money market and interest-bearing demand deposits) increased $125 million from the prior quarter and increased $90 million from the same period last year to $1.9 billion.

We continue to expect 2025 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

First quarter 2025 net interest income of $286 million increased $16 million from the prior quarter and increased $28 million from the same period last year. The net interest margin increased to 2.97%, reflecting a 16 basis point increase from the prior quarter and an 18 basis point increase from the same period last year.

•The average yield on total loans for the first quarter of 2025 decreased 15 basis points from the prior quarter and decreased 39 basis points from the same period last year to 5.83%.

•The average cost of total interest-bearing liabilities for the first quarter of 2025 decreased 23 basis points from the prior quarter and decreased 49 basis points from the same period last year to 3.06%.

•The net free funds benefit for the first quarter of 2025 decreased 6 basis points from the prior quarter and decreased 12 basis points from the same period last year to 0.58%.

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

Noninterest Income

First quarter 2025 total noninterest income of $59 million increased $266 million from the prior quarter and decreased $6 million, or 10%, from the same period last year. The increase relative to the prior quarter was primarily driven by nonrecurring items recognized in the fourth quarter of 2024 as a result of the balance sheet repositioning announced in December of 2024. The decrease relative to the same period last year was primarily driven by a $7 million loss related to the settlement of the mortgage sale announced in December of 2024. With respect to first quarter 2025 noninterest income line items:

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•The Company recognized a small investment securities net gain in the first quarter of 2025 as compared to a $148 million net loss in the prior quarter and a $4 million net gain in the same period last year. The loss in the prior quarter was primarily driven by a net loss on a sale of investments recognized in the fourth quarter of 2024 as a result of the balance sheet repositioning announced in December of 2024.

•The Company incurred a loss on mortgage portfolio sale of $7 million in the first quarter of 2025 as compared to a $130 million loss in the prior quarter and no loss in the same period last year. The current and prior quarter losses were driven by the mortgage portfolio sale as a result of the balance sheet repositioning announced in December of 2024.

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

•Wealth management fees decreased $2 million from the prior quarter and increased $1 million from the same period last year.

•Card-based fees decreased $2 million from the prior quarter and decreased $1 million from the same period last year.

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

Noninterest Expense

First quarter 2025 total noninterest expense of $211 million decreased $14 million from the prior quarter, driven primarily by a $14 million expense for a loss on prepayments of FHLB advances recognized in the fourth quarter of 2024 as a result of the balance sheet repositioning announced in December of 2024, and increased $13 million from the same period last year. With respect to first quarter 2025 noninterest expense line items:

•Personnel expense decreased $2 million from the prior quarter and increased $5 million from the same period last year.

•Occupancy expense increased $1 million from the prior quarter and increased $2 million from the same period last year.

•FDIC assessment expense increased $1 million from the prior quarter and decreased $4 million from the same period last year.

•Other noninterest expense increased $1 million from the prior quarter and increased $7 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 continue to expect total noninterest expense to grow by 3% to 4% in 2025.

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Taxes

First quarter 2025 tax expense was $19 million compared to a $16 million tax benefit in the prior quarter and $20 million of tax expense in the same period last year. First quarter 2025 tax expense included a $6 million benefit from a partial release of a valuation allowance on deferred taxes. The tax benefit recognized in the prior quarter was primarily driven by a loss on income before income taxes as a result of nonrecurring items associated with the balance sheet repositioning announced in December 2024. The effective tax rate for the first quarter of 2025 was 16.0% compared to an effective tax rate of 19.8% in the same period last year.

We continue to expect the annual effective tax rate to be between 19% and 21% in 2025.

Credit

First quarter 2025 provision for credit losses on loans was $13 million, compared to a provision of $17 million in the prior quarter and a provision of $24 million in the same period last year. With respect to first quarter 2025 credit quality:

•Nonaccrual loans of $135 million increased $12 million from the prior quarter and decreased $44 million from the same period last year. The nonaccrual loans to total loans ratio was 0.44% in the first quarter, up from 0.41% in the prior quarter and down from 0.60% in the same period last year.

•First quarter 2025 net charge offs of $9 million decreased compared to net charge offs of $12 million in the prior quarter and decreased compared to net charge offs of $22 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $407 million increased $4 million compared to the prior quarter and increased $19 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the first quarter, down from 1.35% in the prior quarter and up from 1.31% in the same period last year.

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

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.11% at March 31, 2025. 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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FIRST QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 24, 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 first quarter 2025 earnings call. The first quarter 2025 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, Minnesota and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, 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 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,” “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 Form 10-Qs and other SEC filings, and 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”). 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)			March 31, 2025			December 31, 2024			Seql Qtr $ Change			September 30, 2024			June 30, 2024			March 31, 2024			Comp Qtr $ Change
Assets
Cash and due from banks			$	521,323		$	544,059		$	(22,737)		$	554,631		$	470,818		$	429,859		$	91,464
Interest-bearing deposits in other financial institutions			711,033			453,590			257,443			408,101			484,677			420,114			290,919
Federal funds sold and securities purchased under agreements to resell			105			21,955			(21,850)			4,310			3,600			1,610			(1,505)
Investment securities available for sale, at fair value			4,796,570			4,581,434			215,136			4,152,527			3,912,730			3,724,148			1,072,422
Investment securities held to maturity, net, at amortized cost			3,705,793			3,738,687			(32,894)			3,769,150			3,799,035			3,832,967			(127,174)
Equity securities			23,331			23,242			89			23,158			22,944			19,571			3,760
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost			194,244			179,665			14,578			178,168			212,102			173,968			20,276
Residential loans held for sale			47,611			646,687			(599,076)			67,219			83,795			52,414			(4,803)
Commercial loans held for sale			7,910			32,634			(24,724)			11,833			—			—			7,910
Loans			30,294,127			29,768,586			525,541			29,990,897			29,618,271			29,494,263			799,864
Allowance for loan losses			(371,348)			(363,545)			(7,802)			(361,765)			(355,844)			(356,006)			(15,342)
Loans, net			29,922,780			29,405,041			517,739			29,629,131			29,262,428			29,138,257			784,523
Tax credit and other investments			254,187			258,886			(4,699)			265,385			246,300			255,252			(1,065)
Premises and equipment, net			377,521			379,093			(1,572)			373,816			369,968			367,618			9,903
Bank and corporate owned life insurance			690,551			689,000			1,552			686,704			683,451			685,089			5,462
Goodwill			1,104,992			1,104,992			—			1,104,992			1,104,992			1,104,992			—
Other intangible assets, net			29,457			31,660			(2,203)			33,863			36,066			38,268			(8,811)
Mortgage servicing rights, net			86,251			87,683			(1,433)			81,977			85,640			85,226			1,025
Interest receivable			159,729			167,772			(8,044)			167,777			173,106			167,092			(7,363)
Other assets			675,748			676,987			(1,239)			698,073			672,256			640,638			35,110
Total assets			$	43,309,136		$	43,023,068		$	286,068		$	42,210,815		$	41,623,908		$	41,137,084		$	2,172,052
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits			$	6,135,946		$	5,775,657		$	360,289		$	5,857,421		$	5,815,045		$	6,254,135		$	(118,189)
Interest-bearing deposits			29,060,767			28,872,777			187,990			27,696,877			26,875,995			27,459,023			1,601,744
Total deposits			35,196,713			34,648,434			548,279			33,554,298			32,691,039			33,713,158			1,483,555
Short-term funding			311,335			470,369			(159,033)			917,028			859,539			765,671			(454,336)
FHLB advances			2,027,297			1,853,807			173,490			1,913,294			2,673,046			1,333,411			693,886
Other long-term funding			591,382			837,635			(246,253)			844,342			536,113			536,055			55,327
Allowance for unfunded commitments			35,276			38,776			(3,500)			35,776			33,776			31,776			3,500
Accrued expenses and other liabilities			460,574			568,485			(107,911)			532,842			588,057			588,341			(127,767)
Total liabilities			38,622,578			38,417,506			205,071			37,797,579			37,381,571			36,968,412			1,654,166
Stockholders’ equity
Preferred equity			194,112			194,112			—			194,112			194,112			194,112			—
Common equity			4,492,446			4,411,450			80,996			4,219,125			4,048,225			3,974,561			517,885
Total stockholders’ equity			4,686,558			4,605,562			80,996			4,413,236			4,242,337			4,168,673			517,885
Total liabilities and stockholders’ equity			$	43,309,136		$	43,023,068		$	286,068		$	42,210,815		$	41,623,908		$	41,137,084		$	2,172,052

Numbers may not recalculate due to rounding conventions.

1

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Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)									Seql Qtr															Comp Qtr
			1Q25			4Q24			$ Change			% Change			3Q24			2Q24			1Q24			$ Change			% Change
Interest income
Interest and fees on loans			$	433,299		$	453,253		$	(19,954)		(4)		%	$	465,728		$	456,788		$	454,472		$	(21,173)		(5)		%
Interest and dividends on investment securities
Taxable			69,702			50,524			19,178			38		%	51,229			50,278			46,548			23,154			50		%
Tax-exempt			13,956			14,469			(513)			(4)		%	14,660			14,669			14,774			(818)			(6)		%
Other interest			8,920			10,478			(1,558)			(15)		%	8,701			8,539			7,595			1,325			17		%
Total interest income			525,877			528,724			(2,847)			(1)		%	540,318			530,274			523,388			2,489			—		%
Interest expense
Interest on deposits			209,140			222,888			(13,748)			(6)		%	231,623			221,062			226,231			(17,091)			(8)		%
Interest on federal funds purchased and securities sold under agreements to repurchase			3,622			3,203			419			13		%	3,385			2,303			2,863			759			27		%
Interest on other short-term funding			—			668			(668)			(100)		%	6,144			6,077			4,708			(4,708)			(100)		%
Interest on FHLB advances			16,090			17,908			(1,818)			(10)		%	24,799			34,143			21,671			(5,581)			(26)		%
Interest on other long-term funding			11,085			13,769			(2,684)			(19)		%	11,858			10,096			10,058			1,027			10		%
Total interest expense			239,937			258,436			(18,499)			(7)		%	277,809			273,681			265,530			(25,593)			(10)		%
Net interest income			285,941			270,289			15,652			6		%	262,509			256,593			257,858			28,083			11		%
Provision for credit losses			13,003			16,986			(3,982)			(23)		%	20,991			23,008			24,001			(10,998)			(46)		%
Net interest income after provision for credit losses			272,938			253,303			19,635			8		%	241,518			233,585			233,857			39,081			17		%
Noninterest income
Wealth management fees			22,498			24,103			(1,605)			(7)		%	24,144			22,628			21,694			804			4		%
Service charges and deposit account fees			12,814			13,232			(418)			(3)		%	13,708			12,263			12,439			375			3		%
Card-based fees			10,442			11,948			(1,506)			(13)		%	11,731			11,975			11,267			(825)			(7)		%
Other fee-based revenue			5,251			5,182			68			1		%	5,057			4,857			4,402			849			19		%
Capital markets, net			4,345			9,032			(4,687)			(52)		%	4,317			4,685			4,050			295			7		%
Mortgage banking, net			3,822			3,387			435			13		%	2,132			2,505			2,662			1,160			44		%
Loss on mortgage portfolio sale			(6,976)			(130,406)			123,430			(95)		%	—			—			—			(6,976)			N/M
Bank and corporate owned life insurance			5,204			2,322			2,883			124		%	4,001			4,584			2,570			2,634			102		%
Asset (losses) gains, net			(878)			364			(1,242)			N/M			(474)			(627)			(306)			(572)			187		%
Investment securities gains (losses), net			4			(148,194)			148,198			N/M			100			67			3,879			(3,875)			(100)		%
Other			2,251			2,257			(6)			—		%	2,504			2,222			2,327			(76)			(3)		%
Total noninterest income (loss)			58,776			(206,772)			265,549			N/M			67,221			65,159			64,985			(6,209)			(10)		%
Noninterest expense
Personnel			123,897			125,944			(2,047)			(2)		%	121,036			121,581			119,395			4,502			4		%
Technology			27,139			26,984			154			1		%	27,217			27,161			26,200			939			4		%
Occupancy			15,381			14,325			1,056			7		%	13,536			13,128			13,633			1,748			13		%
Business development and advertising			6,386			7,408			(1,022)			(14)		%	6,683			7,535			6,517			(131)			(2)		%
Equipment			4,527			4,729			(202)			(4)		%	4,653			4,450			4,599			(72)			(2)		%
Legal and professional			6,083			6,861			(778)			(11)		%	5,639			4,429			4,672			1,411			30		%
Loan and foreclosure costs			2,594			1,951			642			33		%	2,748			1,793			1,979			615			31		%
FDIC assessment			10,436			9,139			1,298			14		%	8,223			7,131			13,946			(3,510)			(25)		%
Other intangible amortization			2,203			2,203			—			—		%	2,203			2,203			2,203			—			—		%
Loss on prepayments of FHLB advances			—			14,243			(14,243)			(100)		%	—			—			—			—			N/M
Other			11,974			10,496			1,478			14		%	8,659			6,450			4,513			7,461			165		%
Total noninterest expense			210,619			224,282			(13,664)			(6)		%	200,597			195,861			197,657			12,962			7		%
Income (loss) before income taxes			121,095			(177,752)			298,847			N/M			108,142			102,884			101,185			19,910			20		%
Income tax expense (benefit)			19,409			(16,137)			35,546			N/M			20,124			(12,689)			20,016			(607)			(3)		%
Net income (loss)			101,687			(161,615)			263,301			N/M			88,018			115,573			81,169			20,518			25		%
Preferred stock dividends			2,875			2,875			—			—		%	2,875			2,875			2,875			—			—		%
Net income (loss) available to common equity			$	98,812		$	(164,490)		$	263,301		N/M			$	85,143		$	112,698		$	78,294		$	20,518		26		%
Earnings (loss) per common share
Basic			$	0.60		$	(1.04)		$	1.64		N/M			$	0.56		$	0.75		$	0.52		$	0.08		15		%
Diluted			$	0.59		$	(1.03)		$	1.62		N/M			$	0.56		$	0.74		$	0.52		$	0.07		13		%
Average common shares outstanding
Basic			165,228			157,710			7,518			5		%	150,247			149,872			149,855			15,373			10		%
Diluted			166,604			159,164			7,441			5		%	151,492			151,288			151,292			15,312			10		%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

2

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Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)									1Q25			4Q24			3Q24			2Q24			1Q24
Per common share data
Dividends									$	0.23		$	0.23		$	0.22		$	0.22		$	0.22
Market value:
High									25.63			28.14			23.95			22.48			22.00
Low									21.06			20.64			20.07			19.90			19.73
Close									22.53			23.90			21.54			21.15			21.51
Book value / share									27.09			26.55			27.90			26.85			26.37
Tangible book value / share									20.25			19.71			20.37			19.28			18.78
Performance ratios (annualized)
Return on average assets									0.97		%	(1.53)		%	0.85		%	1.13		%	0.80		%
Noninterest expense / average assets									2.00		%	2.12		%	1.93		%	1.92		%	1.95		%
Effective tax rate									16.03		%	N/M			18.61		%	(12.33)		%	19.78		%
Dividend payout ratio(a)									38.33		%	N/M			39.29		%	29.33		%	42.31		%
Net interest margin									2.97		%	2.81		%	2.78		%	2.75		%	2.79		%
Selected trend information
Average full time equivalent employees(b)									4,006			3,982			4,041			4,025			4,070
Branch count									183			188			188			188			188
Assets under management, at market value(c)									$	14,685		$	14,773		$	15,033		$	14,304		$	14,171
Mortgage portfolio serviced for others									$	6,243		$	6,285		$	6,302		$	6,307		$	6,349
Mortgage servicing rights, net / mortgage portfolio serviced for others									1.38		%	1.40		%	1.30		%	1.36		%	1.34		%
Shares repurchased during period(d)									900			—			—			—			900
Shares outstanding, end of period									165,807			166,178			151,213			150,785			150,739
Selected quarterly ratios
Loans / deposits									86.07		%	85.92		%	89.38		%	90.60		%	87.49		%
Stockholders’ equity / assets									10.82		%	10.70		%	10.46		%	10.19		%	10.13		%
Risk-based capital(e)(f)
Total risk-weighted assets									$	33,801		$	33,950		$	33,326		$	32,768		$	32,753
Common equity Tier 1									$	3,417		$	3,397		$	3,238		$	3,172		$	3,089
Common equity Tier 1 capital ratio									10.11		%	10.01		%	9.72		%	9.68		%	9.43		%
Tier 1 capital ratio									10.68		%	10.58		%	10.30		%	10.27		%	10.02		%
Total capital ratio									12.75		%	12.61		%	12.36		%	12.34		%	12.08		%
Tier 1 leverage ratio									8.69		%	8.73		%	8.49		%	8.37		%	8.24		%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

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

(e)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.

(f)March 31, 2025 data is estimated.

3

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Associated Banc-Corp Selected Asset Quality Information
($ in thousands)			Mar 31, 2025			Dec 31, 2024			Seql Qtr % Change			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period			$	363,545		$	361,765		—		%	$	355,844		$	356,006		$	351,094		4		%
Provision for loan losses			16,500			14,000			18		%	19,000			21,000			27,000			(39)		%
Charge offs			(13,714)			(13,770)			—		%	(15,337)			(23,290)			(24,018)			(43)		%
Recoveries			5,017			1,551			N/M			2,258			2,127			1,930			160		%
Net (charge offs) recoveries			(8,698)			(12,220)			(29)		%	(13,078)			(21,163)			(22,088)			(61)		%
Balance at end of period			$	371,348		$	363,545		2		%	$	361,765		$	355,844		$	356,006		4		%
Allowance for unfunded commitments
Balance at beginning of period			$	38,776		$	35,776		8		%	$	33,776		$	31,776		$	34,776		12		%
Provision for unfunded commitments			(3,500)			3,000			N/M			2,000			2,000			(3,000)			17		%
Balance at end of period			$	35,276		$	38,776		(9)		%	$	35,776		$	33,776		$	31,776		11		%
Allowance for credit losses on loans (ACLL)			$	406,624		$	402,322		1		%	$	397,541		$	389,620		$	387,782		5		%
Provision for credit losses on loans			$	13,000		$	17,000		(24)		%	$	21,000		$	23,000		$	24,000		(46)		%
($ in thousands)			Mar 31, 2025			Dec 31, 2024			Seql Qtr % Change			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Comp Qtr % Change
Net (charge offs) recoveries
Commercial and industrial			$	(4,726)		$	(2,406)		96		%	$	(10,649)		$	(13,676)		$	(18,638)		(75)		%
Commercial real estate—owner occupied			—			—			N/M			—			1			2			(100)		%
Commercial and business lending			(4,726)			(2,406)			96		%	(10,649)			(13,674)			(18,636)			(75)		%
Commercial real estate—investor			(892)			(6,617)			(87)		%	(1)			(4,569)			—			N/M
Real estate construction			30			4			N/M			2			28			30			—		%
Commercial real estate lending			(863)			(6,612)			(87)		%	2			(4,541)			30			N/M
Total commercial			(5,589)			(9,018)			(38)		%	(10,647)			(18,216)			(18,606)			(70)		%
Residential mortgage			197			(239)			N/M			(160)			(289)			(62)			N/M
Auto finance			(1,519)			(1,782)			(15)		%	(1,281)			(1,480)			(2,094)			(27)		%
Home equity			289			277			4		%	424			238			211			37		%
Other consumer			(2,076)			(1,457)			42		%	(1,414)			(1,417)			(1,537)			35		%
Total consumer			(3,109)			(3,202)			(3)		%	(2,431)			(2,947)			(3,482)			(11)		%
Total net (charge offs) recoveries			$	(8,698)		$	(12,220)		(29)		%	$	(13,078)		$	(21,163)		$	(22,088)		(61)		%
(In basis points)			Mar 31, 2025			Dec 31, 2024						Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial			(18)			(9)						(43)			(55)			(77)
Commercial real estate—owner occupied			—			—						—			—			—
Commercial and business lending			(16)			(8)						(39)			(50)			(69)
Commercial real estate—investor			(7)			(51)						—			(37)			—
Real estate construction			1			—						—			—			1
Commercial real estate lending			(5)			(37)						—			(25)			—
Total commercial			(12)			(19)						(23)			(40)			(41)
Residential mortgage			1			(1)						(1)			(1)			—
Auto finance			(22)			(26)						(19)			(24)			(35)
Home equity			18			17						26			15			14
Other consumer			(268)			(208)						(216)			(221)			(232)
Total consumer			(11)			(11)						(8)			(10)			(13)
Total net (charge offs) recoveries			(12)			(16)						(18)			(29)			(30)
($ in thousands)			Mar 31, 2025			Dec 31, 2024			Seql Qtr % Change			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Comp Qtr % Change
Credit quality
Nonaccrual loans			$	134,808		$	123,260		9		%	$	128,476		$	154,423		$	178,346		(24)		%
Other real estate owned (OREO)			23,475			20,217			16		%	18,830			8,325			8,437			178		%
Repossessed assets			688			687			—		%	793			671			1,241			(45)		%
Total nonperforming assets			$	158,971		$	144,164		10		%	$	148,098		$	163,418		$	188,025		(15)		%
Loans 90 or more days past due and still accruing			$	3,036		$	3,189		(5)		%	$	7,107		$	2,354		$	2,417		26		%
Allowance for credit losses on loans to total loans			1.34		%	1.35		%				1.33		%	1.32		%	1.31		%
Allowance for credit losses on loans to nonaccrual loans			301.63		%	326.40		%				309.43		%	252.31		%	217.43		%
Nonaccrual loans to total loans			0.44		%	0.41		%				0.43		%	0.52		%	0.60		%
Nonperforming assets to total loans plus OREO and repossessed assets			0.52		%	0.48		%				0.49		%	0.55		%	0.64		%
Nonperforming assets to total assets			0.37		%	0.34		%				0.35		%	0.39		%	0.46		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans			0.12		%	0.23		%				0.25		%	0.30		%	0.30		%

4

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Associated Banc-Corp Selected Asset Quality Information (continued)
($ in thousands)			Mar 31, 2025			Dec 31, 2024			Seql Qtr % Change			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Comp Qtr % Change
Nonaccrual loans
Commercial and industrial			$	12,898		$	19,084		(32)		%	$	14,369		$	21,190		$	72,243		(82)		%
Commercial real estate—owner occupied			1,501			1,501			—		%	9,285			1,851			2,090			(28)		%
Commercial and business lending			14,399			20,585			(30)		%	23,654			23,041			74,333			(81)		%
Commercial real estate—investor			31,689			16,705			90		%	18,913			48,249			18,697			69		%
Real estate construction			125			30			N/M			15			16			18			N/M
Commercial real estate lending			31,814			16,735			90		%	18,928			48,265			18,715			70		%
Total commercial			46,213			37,320			24		%	42,582			71,306			93,047			(50)		%
Residential mortgage			72,455			70,038			3		%	70,138			68,058			69,954			4		%
Auto finance			7,692			7,402			4		%	7,456			6,986			7,158			7		%
Home equity			8,275			8,378			(1)		%	8,231			7,996			8,100			2		%
Other consumer			173			122			42		%	70			77			87			99		%
Total consumer			88,595			85,941			3		%	85,894			83,117			85,299			4		%
Total nonaccrual loans			$	134,808		$	123,260		9		%	$	128,476		$	154,423		$	178,346		(24)		%
			Mar 31, 2025			Dec 31, 2024			Seql Qtr % Change			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Comp Qtr % Change
Restructured loans (accruing)(a)
Commercial and industrial			$	459		$	475		(3)		%	$	424		$	410		$	377		22		%
Commercial real estate—owner occupied			—			—			N/M			—			—			—			N/M
Commercial and business lending			459			475			(3)		%	424			410			377			22		%
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			459			475			(3)		%	424			410			377			22		%
Residential mortgage			599			782			(23)		%	361			306			345			74		%
Auto finance			1			8			(88)		%	35			142			66			(98)		%
Home equity			171			27			N/M			104			103			182			(6)		%
Other consumer			2,421			2,239			8		%	1,642			1,615			1,487			63		%
Total consumer			3,192			3,057			4		%	2,141			2,166			2,080			53		%
Total restructured loans (accruing)			$	3,651		$	3,531		3		%	$	2,565		$	2,576		$	2,457		49		%
Nonaccrual restructured loans (included in nonaccrual loans)			$	3,451		$	2,581		34		%	$	1,840		$	717		$	1,141		N/M
			Mar 31, 2025			Dec 31, 2024			Seql Qtr % Change			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial			$	7,740		$	1,260		N/M			$	1,212		$	2,052		$	521		N/M
Commercial real estate—owner occupied			1,156			1,634			(29)		%	2,209			—			—			N/M
Commercial and business lending			8,896			2,893			N/M			3,421			2,052			521			N/M
Commercial real estate—investor			2,463			36,391			(93)		%	10,746			1,023			19,164			(87)		%
Real estate construction			—			21			(100)		%	88			—			1,260			(100)		%
Commercial real estate lending			2,463			36,412			(93)		%	10,834			1,023			20,424			(88)		%
Total commercial			11,360			39,305			(71)		%	14,255			3,075			20,945			(46)		%
Residential mortgage			13,568			14,892			(9)		%	13,630			10,374			9,903			37		%
Auto finance			12,522			14,850			(16)		%	15,458			15,814			12,521			—		%
Home equity			3,606			4,625			(22)		%	3,146			3,694			2,819			28		%
Other consumer(b)			2,381			3,128			(24)		%	2,163			1,995			2,260			5		%
Total consumer			32,076			37,496			(14)		%	34,397			31,877			27,503			17		%
Total accruing loans 30-89 days past due			$	43,435		$	76,801		(43)		%	$	48,651		$	34,952		$	48,448		(10)		%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) Balances depict loans that have been modified in the preceding 12 months for each respective period end.

(b) Excluding guaranteed student loans.

5

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Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
			Three Months Ended
			March 31, 2025									December 31, 2024									March 31, 2024
($ 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)
Commercial and business lending			$	11,724,484		$	185,985		6.43		%	$	11,474,489		$	194,355		6.74		%	$	10,816,255		$	194,090		7.22		%
Commercial real estate lending			7,313,994			121,034			6.71		%	7,206,796			128,476			7.09		%	7,389,962			138,850			7.56		%
Total commercial			19,038,479			307,020			6.54		%	18,681,285			322,831			6.88		%	18,206,217			332,940			7.35		%
Residential mortgage			7,256,320			66,823			3.68		%	7,814,056			70,513			3.61		%	7,896,956			68,787			3.48		%
Auto finance			2,844,730			39,176			5.59		%	2,771,414			39,365			5.65		%	2,373,720			32,603			5.52		%
Other retail			971,453			20,826			8.63		%	935,162			21,041			8.98		%	892,128			20,661			9.28		%
Total loans			30,110,982			433,844			5.83		%	30,201,918			453,750			5.98		%	29,369,022			454,991			6.22		%
Investment securities
Taxable			6,398,584			69,919			4.37		%	5,745,085			50,752			3.53		%	5,517,023			46,727			3.39		%
Tax-exempt(a)			2,016,144			17,666			3.50		%	2,085,957			17,653			3.39		%	2,133,352			18,024			3.38		%
Other short-term investments			757,227			9,111			4.88		%	846,195			10,717			5.04		%	576,782			8,311			5.80		%
Total investments and other			9,171,955			96,696			4.22		%	8,677,238			79,122			3.64		%	8,227,158			73,062			3.55		%
Total earning assets			39,282,937			$	530,540		5.45		%	38,879,155			$	532,871		5.46		%	37,596,179			$	528,053		5.64		%
Other assets, net			3,347,690									3,192,406									3,173,027
Total assets			$	42,630,627								$	42,071,562								$	40,769,206
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings			$	5,162,468		$	17,929		1.41		%	$	5,132,247		$	20,120		1.56		%	$	4,928,031		$	21,747		1.77		%
Interest-bearing demand			8,031,707			45,430			2.29		%	7,623,230			46,061			2.40		%	7,490,119			49,990			2.68		%
Money market			6,079,551			39,560			2.64		%	5,924,269			41,457			2.78		%	6,116,604			47,306			3.11		%
Network transaction deposits			1,847,972			20,067			4.40		%	1,690,745			20,091			4.73		%	1,651,937			22,205			5.41		%
Time deposits			8,071,642			86,154			4.33		%	8,228,420			95,158			4.60		%	7,198,315			84,983			4.75		%
Total interest-bearing deposits			29,193,341			209,140			2.91		%	28,598,911			222,888			3.10		%	27,385,005			226,231			3.32		%
Federal funds purchased and securities sold under agreements to repurchase			375,910			3,622			3.91		%	310,370			3,203			4.11		%	263,979			2,863			4.36		%
Other short-term funding			31,312			408			5.28		%	88,415			1,135			5.11		%	449,999			5,603			5.01		%
FHLB advances			1,595,972			16,090			4.09		%	1,456,087			17,908			4.89		%	1,540,247			21,671			5.66		%
Other long-term funding			627,658			11,085			7.06		%	840,880			13,769			6.55		%	539,106			10,058			7.46		%
Total short and long-term funding			2,630,852			31,205			4.79		%	2,695,752			36,015			5.33		%	2,793,331			40,194			5.78		%
Total interest-bearing liabilities			31,824,193			$	240,345		3.06		%	31,294,664			$	258,903		3.29		%	30,178,337			$	266,425		3.55		%
Noninterest-bearing demand deposits			5,640,123									5,738,557									5,882,052
Other liabilities			535,732									510,000									527,437
Stockholders’ equity			4,630,578									4,528,342									4,181,381
Total liabilities and stockholders’ equity			$	42,630,627								$	42,071,562								$	40,769,206
Interest rate spread									2.39		%							2.17		%							2.09		%
Net free funds									0.58		%							0.64		%							0.70		%
Fully tax-equivalent net interest income and net interest margin						$	290,195		2.97		%				$	273,968		2.81		%				$	261,628		2.79		%
Fully tax-equivalent adjustment						4,254									3,680									3,770
Net interest income						$	285,941								$	270,289								$	257,858

Numbers may not recalculate due to rounding conventions.

(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.

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

6

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Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition			Mar 31, 2025			Dec 31, 2024			Seql Qtr % Change			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Comp Qtr % Change
Commercial and industrial			$	10,925,769		$	10,573,741		3		%	$	10,258,899		$	9,970,412		$	9,858,329		11		%
Commercial real estate—owner occupied			1,118,363			1,143,741			(2)		%	1,120,849			1,102,146			1,095,894			2		%
Commercial and business lending			12,044,132			11,717,483			3		%	11,379,748			11,072,558			10,954,223			10		%
Commercial real estate—investor			5,597,442			5,227,975			7		%	5,070,635			5,001,392			5,035,195			11		%
Real estate construction			1,809,054			1,982,632			(9)		%	2,114,300			2,255,637			2,287,041			(21)		%
Commercial real estate lending			7,406,496			7,210,607			3		%	7,184,934			7,257,029			7,322,237			1		%
Total commercial			19,450,628			18,928,090			3		%	18,564,683			18,329,587			18,276,460			6		%
Residential mortgage			6,999,654			7,047,541			(1)		%	7,803,083			7,840,073			7,868,180			(11)		%
Auto finance			2,878,765			2,810,220			2		%	2,708,946			2,556,009			2,471,257			16		%
Home equity			654,140			664,252			(2)		%	651,379			634,142			619,764			6		%
Other consumer			310,940			318,483			(2)		%	262,806			258,460			258,603			20		%
Total consumer			10,843,499			10,840,496			—		%	11,426,214			11,288,684			11,217,802			(3)		%
Total loans			$	30,294,127		$	29,768,586		2		%	$	29,990,897		$	29,618,271		$	29,494,263		3		%
Period end deposit and customer funding composition			Mar 31, 2025			Dec 31, 2024			Seql Qtr % Change			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Comp Qtr % Change
Noninterest-bearing demand			$	6,135,946		$	5,775,657		6		%	$	5,857,421		$	5,815,045		$	6,254,135		(2)		%
Savings			5,247,291			5,133,295			2		%	5,072,508			5,157,103			5,124,639			2		%
Interest-bearing demand			9,075,133			9,124,741			(1)		%	8,605,578			8,284,017			8,747,127			4		%
Money market			6,820,038			6,637,915			3		%	6,095,206			6,294,895			6,721,674			1		%
Brokered CDs			4,197,512			4,276,309			(2)		%	4,242,670			4,061,578			3,931,230			7		%
Other time deposits			3,720,793			3,700,518			1		%	3,680,914			3,078,401			2,934,352			27		%
Total deposits			35,196,713			34,648,434			2		%	33,554,298			32,691,039			33,713,158			4		%
Other customer funding(a)			85,950			100,044			(14)		%	110,988			89,524			90,536			(5)		%
Total deposits and other customer funding			$	35,282,663		$	34,748,478		2		%	$	33,665,286		$	32,780,564		$	33,803,694		4		%
Network transaction deposits(b)			$	1,882,930		$	1,758,388		7		%	$	1,566,908		$	1,502,919		$	1,792,820		5		%
Net deposits and other customer funding(c)			$	29,202,221		$	28,713,780		2		%	$	27,855,707		$	27,216,066		$	28,079,644		4		%
Quarter average loan composition			Mar 31, 2025			Dec 31, 2024			Seql Qtr % Change			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Comp Qtr % Change
Commercial and industrial			$	10,583,318		$	10,338,865		2		%	$	9,884,246		$	9,915,894		$	9,729,718		9		%
Commercial real estate—owner occupied			1,141,167			1,135,624			—		%	1,087,144			1,095,334			1,086,537			5		%
Commercial and business lending			11,724,484			11,474,489			2		%	10,971,390			11,011,228			10,816,255			8		%
Commercial real estate—investor			5,415,412			5,120,608			6		%	5,085,090			4,964,394			5,041,518			7		%
Real estate construction			1,898,582			2,086,188			(9)		%	2,150,416			2,285,379			2,348,444			(19)		%
Commercial real estate lending			7,313,994			7,206,796			1		%	7,235,505			7,249,773			7,389,962			(1)		%
Total commercial			19,038,479			18,681,285			2		%	18,206,896			18,261,000			18,206,217			5		%
Residential mortgage			7,256,320			7,814,056			(7)		%	7,888,290			7,905,236			7,896,956			(8)		%
Auto finance			2,844,730			2,771,414			3		%	2,635,890			2,524,107			2,373,720			20		%
Home equity			657,625			656,792			—		%	642,463			630,855			625,686			5		%
Other consumer			313,828			278,370			13		%	260,547			258,366			266,443			18		%
Total consumer			11,072,503			11,520,632			(4)		%	11,427,191			11,318,564			11,162,805			(1)		%
Total loans(d)			$	30,110,982		$	30,201,918		—		%	$	29,634,087		$	29,579,564		$	29,369,022		3		%
Quarter average deposit composition			Mar 31, 2025			Dec 31, 2024			Seql Qtr % Change			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Comp Qtr % Change
Noninterest-bearing demand			$	5,640,123		$	5,738,557		(2)		%	$	5,652,228		$	5,712,115		$	5,882,052		(4)		%
Savings			5,162,468			5,132,247			1		%	5,125,147			5,133,688			4,928,031			5		%
Interest-bearing demand			8,031,707			7,623,230			5		%	7,394,550			7,265,621			7,490,119			7		%
Money market			6,079,551			5,924,269			3		%	5,942,147			5,995,005			6,116,604			(1)		%
Network transaction deposits			1,847,972			1,690,745			9		%	1,644,305			1,595,312			1,651,937			12		%
Brokered CDs			4,315,311			4,514,841			(4)		%	4,247,941			3,927,727			4,268,881			1		%
Other time deposits			3,756,332			3,713,579			1		%	3,314,507			2,999,936			2,929,434			28		%
Total deposits			34,833,464			34,337,468			1		%	33,320,825			32,629,404			33,267,057			5		%
Other customer funding(a)			87,693			94,965			(8)		%	104,115			87,161			101,483			(14)		%
Total deposits and other customer funding			$	34,921,157		$	34,432,433		1		%	$	33,424,940		$	32,716,565		$	33,368,540		5		%
Net deposits and other customer funding(c)			$	28,757,874		$	28,226,848		2		%	$	27,532,694		$	27,193,526		$	27,447,723		5		%

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

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

7

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Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
($ in millions)									1Q25			4Q24			3Q24			2Q24			1Q24
Selected equity and performance ratios(a)
Tangible common equity / tangible assets(b)									7.96		%	7.82		%	7.50		%	7.18		%	7.08		%
Return on average equity									8.91		%	(14.20)		%	8.09		%	11.16		%	7.81		%
Return on average tangible common equity(c)									12.34		%	(20.27)		%	11.52		%	16.25		%	11.31		%
Return on average common equity Tier 1(c)									11.82		%	(19.28)		%	10.53		%	14.54		%	10.27		%
Return on average tangible assets(c)									1.01		%	(1.55)		%	0.89		%	1.18		%	0.84		%
Average stockholders' equity / average assets									10.86		%	10.76		%	10.46		%	10.14		%	10.26		%
Tangible common equity reconciliation(b)
Common equity									$	4,492		$	4,411		$	4,219		$	4,048		$	3,975
Goodwill and other intangible assets, net									(1,134)			(1,137)			(1,139)			(1,141)			(1,143)
Tangible common equity									$	3,358		$	3,275		$	3,080		$	2,907		$	2,831
Tangible assets reconciliation(b)
Total assets									$	43,309		$	43,023		$	42,211		$	41,624		$	41,137
Goodwill and other intangible assets, net									(1,134)			(1,137)			(1,139)			(1,141)			(1,143)
Tangible assets									$	42,175		$	41,886		$	41,072		$	40,483		$	39,994
Average tangible common equity and average common equity Tier 1 reconciliation(b)
Average common equity									$	4,436		$	4,334		$	4,137		$	3,972		$	3,987
Average goodwill and other intangible assets, net									(1,136)			(1,138)			(1,140)			(1,142)			(1,145)
Average tangible common equity									3,301			3,196			2,997			2,830			2,843
Modified CECL transitional amount									—			22			22			22			22
Average accumulated other comprehensive loss(d)									65			152			173			242			188
Average deferred tax assets, net									25			23			24			25			12
Average common equity Tier 1									$	3,390		$	3,394		$	3,215		$	3,118		$	3,065
Average tangible assets reconciliation(b)
Average total assets									$	42,631		$	42,072		$	41,390		$	41,101		$	40,769
Average goodwill and other intangible assets, net									(1,136)			(1,138)			(1,140)			(1,142)			(1,145)
Average tangible assets									$	41,495		$	40,934		$	40,250		$	39,958		$	39,625
Adjusted net income (loss) reconciliation(c)
Net income (loss)									$	102		$	(162)		$	88		$	116		$	81
Other intangible amortization, net of tax									2			2			2			2			2
Adjusted net income (loss)									$	103		$	(160)		$	90		$	117		$	83
Adjusted net income (loss) available to common equity reconciliation(c)
Net income (loss) available to common equity									$	99		$	(164)		$	85		$	113		$	78
Other intangible amortization, net of tax									2			2			2			2			2
Adjusted net income (loss) available to common equity									$	100		$	(163)		$	87		$	114		$	80
Pre-tax pre-provision income (loss)(e)
Income (loss) before income taxes									$	121		$	(178)		$	108		$	103		$	101
Provision for credit losses									13			17			21			23			24
Pre-tax pre-provision income (loss)									$	134		$	(161)		$	129		$	126		$	125
Period end core customer deposits reconciliation
Total deposits									$	35,197		$	34,648		$	33,554		$	32,691		$	33,713
Network transaction deposits									(1,883)			(1,758)			(1,567)			(1,503)			(1,793)
Brokered CDs									(4,198)			(4,276)			(4,243)			(4,062)			(3,931)
Core customer deposits									$	29,116		$	28,614		$	27,745		$	27,127		$	27,989
Average core customer deposits reconciliation
Average total deposits									$	34,833		$	34,337		$	33,321		$	32,629		$	33,267
Average network transaction deposits									(1,848)			(1,691)			(1,644)			(1,595)			(1,652)
Average brokered CDs									(4,315)			(4,515)			(4,248)			(3,928)			(4,269)
Average core customer deposits									$	28,670		$	28,132		$	27,429		$	27,106		$	27,346

Numbers may not recalculate due to rounding conventions.

(a)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.

(b)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.

(c)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.

(d)The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital. This adjustment reflects that election.

(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.

8

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Associated Banc-Corp Non-GAAP Efficiency Ratios Reconciliation(a)
($ in millions)									1Q25			4Q24			3Q24			2Q24			1Q24
Total expense for efficiency ratios reconciliation
Noninterest expense									$	211		$	224		$	201		$	196		$	198
Less: Other intangible amortization									2			2			2			2			2
Total expense for fully tax-equivalent efficiency ratio									208			222			198			194			195
Less: FDIC special assessment									—			—			—			—			8
Less: Announced initiatives(b)									—			14			—			—			—
Total expense for adjusted efficiency ratio									$	208		$	208		$	198		$	194		$	188
Total revenue for efficiency ratios reconciliation
Net interest income									$	286		$	270		$	263		$	257		$	258
Noninterest income									59			(207)			67			65			65
Less: Investment securities gains (losses), net									—			(148)			—			—			4
Fully tax-equivalent adjustment									4			4			4			4			4
Total revenue for fully tax-equivalent efficiency ratio									349			215			333			325			323
Less: Announced initiatives(b)									(7)			(130)			—			—			—
Total revenue for adjusted efficiency ratio									$	356		$	346		$	333		$	325		$	323
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio									59.72		%	103.11		%	59.51		%	59.51		%	60.56		%
Adjusted efficiency ratio									58.55		%	60.10		%	59.51		%	59.51		%	58.18		%

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

Nonrecurring Item Noninterest Income Reconciliation									YTD
($ in millions)						1Q25			Dec 2024			4Q24
GAAP noninterest income (loss)						$	59		$	(9)		$	(207)
Loss on mortgage portfolio sale(c)						7			130			130
Net loss on sale of investments(c)						—			148			148
Noninterest income, excluding nonrecurring items						$	66		$	269		$	72
Nonrecurring Item Noninterest Expense Reconciliation									YTD
($ in millions)									Dec 2024			4Q24
GAAP noninterest expense									$	818		$	224
Loss on prepayments of FHLB advances(c)									(14)			(14)
Noninterest expense, excluding nonrecurring items									$	804		$	210

Numbers may not recalculate due to rounding conventions.

(a)Prior periods have been adjusted to conform with current period presentation.

(b)Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio.

(c)These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024.

9