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8-K

Associated Banc-Corp (ASB)

8-K 2021-10-21 For: 2021-10-21
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Added on April 06, 2026
UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 21, 2021
--- --- Associated Banc-Corp
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(Exact name of registrant as specified in its chapter) Wisconsin 001-31343 39-1098068
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(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 433 Main Street Green Bay Wisconsin 54301
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(Address of principal executive offices) (Zip code) Registrant’s telephone number, including area code 920 491-7500
--- --- --- (Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the act:

Title of each class Trading symbol Name of each exchange on which registered
Common stock, par value $0.01 per share ASB New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E ASB PrE New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F ASB PrF New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
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On October 21, 2021, Associated Banc-Corp announced its earnings for the quarter ended September 30, 2021. A copy of the registrant’s press release containing this information and the slide presentation discussed on the conference call for investors and analysts on October 21, 2021, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d)  Exhibits.
The following exhibits are furnished as part of this Report on Form 8-K:
99.1    Press release of the registrant datedOctober21, 2021, containing financial information for the quarter endedSeptember30, 2021.
99.2    Slide presentation discussed on the conference call for investors and analysts onOctober21, 2021.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Associated Banc-Corp
(Registrant)
Date: October 21, 2021 By: /s/ Christopher J. Del Moral-Niles
Christopher J. Del Moral-Niles
Chief Financial Officer

Document

Exhibit 99.1

NEWS RELEASE<br><br>Investor Contact:<br><br>Ben McCarville, Vice President, Director of Investor Relations<br><br>920-491-7059<br><br>Media Contact:<br><br>Jennifer Kaminski, Vice President, Public Relations Senior Manager<br><br>920-491-7576

Associated Banc-Corp Reports Third Quarter 2021 Net Income Available to Common Equity of $85 million, or $0.56 Per Common Share.

Results driven by positive revenue growth trends.

GREEN BAY, Wis. -- October 21, 2021 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $85 million, or $0.56 per common share, for the quarter ended September 30, 2021. These amounts compare to earnings of $40 million, or $0.26 per common share for the quarter ended September 30, 2020 and earnings of $86 million, or $0.56 per common share for the quarter ended June 30, 2021.

"Our third quarter results were driven by expanding revenue trends,” remarked President and CEO Andy Harmening. "We saw increasing signs of business confidence during the quarter. Average commercial and business lending (excluding PPP) loans grew by over 3% from the second quarter. Net interest income and noninterest income also increased, and coupled with disciplined expense and capital management, we delivered a return on average tangible common equity of over 12.7%. At the end of the quarter, we successfully launched our new Auto Finance vertical and are encouraged by the early activity we are seeing. We've also rounded out the leadership team with the hiring of a new President of Equipment Finance and Leasing and are now proceeding with leaders in place for all of our strategic expansions. We look forward to updating investors about our initiatives later this quarter."

Third Quarter 2021 Highlights (all comparisons to the second quarter of 2021)

•Average loans were down $215 million, to $23.9 billion

•Excluding PPP, average loans were up $211 million, to $23.6 billion

•Average deposits were up $604 million, to $28.1 billion

•Net interest income was up $4 million, to $184 million

•Noninterest income was up $9 million, to $82 million

•Noninterest expense was up $3 million, to $178 million

•Provision for credit losses was negative $24 million, compared to negative $35 million

•Net income available to common equity was down $1 million, to $85 million

•Earnings per common share remained unchanged at $0.56

•Tangible book value per share was up $0.23, to $17.58

Loans

Third quarter 2021 average total loans of $23.9 billion were down 1%, or $215 million from the prior quarter and were down 4%, or $1.1 billion from the same period last year. Excluding PPP, average total loans of $23.6 billion were up 1%, or $211 million from the prior quarter and were down 1%, or $335 million from the same period last year. With respect to third quarter 2021 average balances by loan category:

•Commercial and business lending (excluding PPP) increased $271 million from the prior quarter and decreased $42 million compared to the same period last year to $8.7 billion.

•Commercial real estate lending increased approximately $1 million from the prior quarter and increased $128 million from the same period last year to $6.2 billion.

•Consumer lending was $8.7 billion, down $60 million from the prior quarter and down $420 million from the same period last year.

•PPP loans decreased $426 million from the prior quarter and decreased $744 million from the same period last year to $275 million.

Third quarter 2021 period-end total loans of $23.6 billion were down 1%, or $326 million from the prior quarter and were down 6%, or $1.4 billion from the same period last year. Excluding PPP, period-end total loans of $23.4 billion were down less than 1%, or $103 million from the prior quarter and were down 2%, or $542 million from the same period last year. With respect to third quarter 2021 period-end balances by loan category:

•Commercial and business lending (excluding PPP) increased $17 million from the prior quarter and decreased $31 million from the same period last year to $8.8 billion.

•Commercial real estate lending decreased $50 million from the prior quarter and decreased $49 million from the same period last year to $6.1 billion.

•Consumer lending was $8.5 billion, down $69 million from the prior quarter and down $461 million from the same period last year.

•PPP loans decreased $223 million from the prior quarter and decreased $840 million from the same period last year to $182 million.

We expect full-year commercial loan growth, excluding PPP, of approximately 2% in 2021.

Deposits

Third quarter 2021 average deposits of $28.1 billion were up 2%, or $604 million compared to the prior quarter and were up 5%, or $1.2 billion from the same period last year. With respect to third quarter 2021 average balances by deposit category:

•Noninterest-bearing demand deposits increased $72 million from the prior quarter and increased $730 million from the same period last year to $8.1 billion.

•Savings increased $127 million from the prior quarter and increased $786 million from the same period last year to $4.2 billion.

•Interest-bearing demand deposits increased $465 million from the prior quarter and increased $509 million from the same period last year to $6.3 billion.

•Money market deposits increased $30 million from the prior quarter and increased $546 million from the same period last year to $7.0 billion.

•Time deposits decreased $75 million from the prior quarter and decreased $701 million from the same period last year to $1.4 billion.

•Network transaction deposits decreased $15 million from the prior quarter and decreased $634 million from the same period last year to $894 million.

Third quarter 2021 period-end deposits of $27.9 billion were up 2%, or $587 million compared to the prior quarter and were up 4%, or $1.1 billion from the same period last year. Low-cost core deposits (interest-bearing demand, noninterest-bearing demand and savings) made up 67% of deposit balances as of September 30, 2021. With respect to third quarter 2021 period-end balances by deposit category:

•Noninterest-bearing demand deposits increased $171 million from the prior quarter and increased $681 million from the same period last year to $8.2 billion.

•Savings increased $96 million from the prior quarter and increased $749 million from the same period last year to $4.3 billion.

•Interest-bearing demand deposits increased $439 million from the prior quarter and increased $428 million from the same period last year to $6.4 billion.

•Money market deposits decreased $57 million from the prior quarter and decreased $104 million from the same period last year to $7.6 billion.

•Time deposits decreased $62 million from the prior quarter and decreased $616 million from the same period last year to $1.4 billion.

•Network transaction deposits (included in money market and interest-bearing deposits) increased $58 million from the prior quarter and decreased $462 million from the same period last year to $929 million.

Net Interest Income and Net Interest Margin

Third quarter 2021 net interest income of $184 million was up 2%, or $4 million from the prior quarter and the net interest margin increased 1 basis point from the prior quarter to 2.38%. Compared to the same period last year, net interest income increased 1%, or $2 million, and the net interest margin increased 7 basis points.

•The average yield on total loans for the third quarter of 2021 increased 2 basis points from the prior quarter and was flat compared to the same period last year at 2.92%.

•The average cost of total interest-bearing liabilities for the third quarter of 2021 decreased 6 basis points from the prior quarter and decreased 22 basis points from the same period last year to 0.30%.

•The net free funds benefit for the third quarter of 2021 decreased 2 basis points from the prior quarter and decreased 4 basis points compared to the same period last year to 0.09%.

We expect our full-year net interest margin to finish 2021 at approximately 2.40%.

Noninterest Income

Third quarter 2021 total noninterest income of $82 million increased $9 million from the prior quarter and increased $7 million from the same period last year. With respect to third quarter 2021 noninterest income line items:

•Mortgage Banking, net was $11 million for the third quarter, up $3 million from the prior quarter. Relative to the prior-year period, Mortgage Banking was down $2 million, principally due to lower gain on sale margins.

•Service charges and deposit account fees increased $1 million from the prior quarter and increased $3 million from the same period last year.

•Capital markets fees increased $1 million from the prior quarter and were flat from the same period last year.

•Asset gains, net increased $5 million from the prior quarter and increased $6 million from the same period last year, largely driven by private equity distributions.

We expect noninterest income to finish at the upper end of a range between $315 million and $325 million in 2021.

Noninterest Expense

Third quarter 2021 total noninterest expense of $178 million increased $3 million from the prior quarter and decreased $50 million compared to the same period last year due to the loss on prepayment of FHLB advances in third quarter 2020. With respect to third quarter 2021 noninterest expense line items:

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

•Other expense increased $3 million from the prior quarter and decreased $4 million from the same period last year.

•Legal and professional expense decreased $2 million from the prior quarter and $1 million from the same period last year.

We continue to expect approximately $705 million to $711 million of noninterest expense for 2021, which includes expenses from our previously announced growth and efficiency initiatives and proposed facilities exit costs.

Taxes

The third quarter 2021 tax expense was $23 million compared to $22 million of tax expense in the prior quarter and $58 million of tax benefit in the same period last year. The effective tax rate for third quarter 2021 was 20.6% compared to an effective tax rate of 19.8% in the prior quarter.

We expect the annual 2021 tax rate to be between 19% and 21%, assuming no change in the statutory corporate tax rate.

Credit

The third quarter 2021 provision for credit losses was negative $24 million, compared to a negative $35 million in the prior quarter and provision of $43 million in the same period last year. With respect to third quarter 2021 credit quality:

•Potential problem loans of $251 million were up $55 million, or 28%, from the prior quarter and down $42 million, or 14%, from the same period last year.

•Nonaccrual loans of $135 million were down $12 million, or 8%, from the prior quarter and down $97 million, or 42% from the same period last year. The nonaccrual loans to total loans ratio was 0.57% in the third quarter, down from 0.61% in the prior quarter and down from 0.93% in the same period last year.

•Net charge offs of $8 million were up $3 million from the prior quarter and down $22 million from the same period last year.

•The allowance for credit losses on loans (ACLL) of $332 million was down $32 million from the prior quarter and down $110 million compared to the same period last year. The ACLL to total loans ratio was 1.41% in the third quarter, down from 1.52% in the prior quarter and down from 1.77% in the same period last year.

For the fourth quarter, we expect to adjust provision to reflect changes to risk grade, economic conditions, other indications of credit quality, and loan volume.

Capital

In the third quarter, we redeemed all outstanding Depositary Shares representing interest in our 5.375% Perpetual Preferred Stock, Series D at a redemption price of $25 per Depositary Share. We also repurchased $60 million of common stock during the quarter.

The Company’s capital position remains strong, with a CET1 capital ratio of 10.6% at September 30, 2021. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

THIRD QUARTER 2021 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 21, 2021. 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 third quarter 2021 earnings call. The third quarter 2021 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 $34 billion and is Wisconsin's largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance.  Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” "target," “outlook,” "project," "guidance," 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”). 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<br>Consolidated Balance Sheets (Unaudited)
($ in thousands) September 30, 2021 June 30, 2021 Seql Qtr Change March 31, 2021 December 31, 2020 September 30, 2020 Comp Qtr Change
Assets
Cash and due from banks $ 378,927 $ 406,994 $ 356,285 $ 416,154 $ 401,151
Interest-bearing deposits in other financial institutions 1,281,916 1,340,385 (58,469) 1,590,494 298,759 712,416 569,500
Federal funds sold and securities purchased under agreements to resell 25,000 25,000 — — 1,135 95 24,905
Investment securities available for sale, at fair value 3,893,379 3,323,346 570,033 3,356,949 3,085,441 3,258,360 635,019
Investment securities held to maturity, net, at amortized cost 1,929,735 1,799,834 129,901 1,857,087 1,878,938 1,990,870 (61,135)
Equity securities 17,939 17,144 795 15,673 15,106 15,090 2,849
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost 168,281 168,281 — 168,281 168,280 168,280 1
Residential loans held for sale 158,202 160,547 (2,345) 153,151 129,158 130,139 28,063
Commercial loans held for sale — — — — — 19,360 (19,360)
Loans 23,621,673 23,947,536 (325,863) 24,162,328 24,451,724 25,003,753 (1,382,080)
Allowance for loan losses (290,997) (318,811) 27,814 (352,938) (383,702) (384,711) 93,714
Loans, net 23,330,676 23,628,725 (298,049) 23,809,389 24,068,022 24,619,041 (1,288,365)
Tax credit and other investments 301,490 294,220 7,270 303,701 297,232 314,066 (12,576)
Premises and equipment, net 383,131 398,050 (14,919) 398,671 418,914 422,222 (39,091)
Bank and corporate owned life insurance 683,610 682,709 901 680,831 679,647 679,257 4,353
Goodwill 1,104,992 1,104,992 — 1,104,992 1,109,300 1,107,902 (2,910)
Other intangible assets, net 60,296 62,498 (2,202) 64,701 68,254 70,507 (10,211)
Mortgage servicing rights, net 50,329 48,335 1,994 49,500 41,961 45,261 5,068
Interest receivable 79,011 81,797 (2,786) 86,466 90,263 91,612 (12,601)
Other assets 592,753 609,766 (17,013) 579,084 653,219 653,117 (60,364)
Total assets $ 34,439,666 $ 34,152,625 $ 34,575,255 $ 33,419,783 $ 34,698,746
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits $ 8,170,105 $ 7,999,143 $ 8,496,194 $ 7,661,728 $ 7,489,048
Interest-bearing deposits 19,681,161 19,265,157 416,004 19,180,972 18,820,753 19,223,500 457,661
Total deposits 27,851,266 27,264,299 586,967 27,677,166 26,482,481 26,712,547 1,138,719
Federal funds purchased and securities sold under agreements to repurchase 267,943 170,419 97,524 138,507 192,971 155,329 112,614
Commercial paper 54,553 55,785 (1,232) 51,171 59,346 50,987 3,566
PPPLF — — — — — 1,022,217 (1,022,217)
FHLB advances 1,620,880 1,619,826 1,054 1,629,966 1,632,723 1,706,763 (85,883)
Other long-term funding 249,160 549,024 (299,864) 549,729 549,465 549,201 (300,041)
Allowance for unfunded commitments 41,276 45,276 (4,000) 50,776 47,776 57,276 (16,000)
Accrued expenses and other liabilities 359,626 337,942 21,684 350,160 364,088 398,991 (39,365)
Total liabilities 30,444,705 30,042,573 402,132 30,447,474 29,328,850 30,653,313 (208,608)
Stockholders’ equity
Preferred equity 193,195 290,200 (97,005) 353,512 353,512 353,637 (160,442)
Common equity 3,801,766 3,819,852 (18,086) 3,774,268 3,737,421 3,691,796 109,970
Total stockholders’ equity 3,994,961 4,110,052 (115,091) 4,127,780 4,090,933 4,045,433 (50,472)
Total liabilities and stockholders’ equity $ 34,439,666 $ 34,152,625 $ 34,575,255 $ 33,419,783 $ 34,698,746

All values are in US Dollars.

Numbers may not sum due to rounding.

Associated Banc-Corp<br>Consolidated Statements of Income (Unaudited) Comp Qtr YTD YTD Comp YTD
($ in thousands, except per share data) 3Q21 3Q20 Change % Change Sep 2021 Sep 2020 Change % Change
Interest income
Interest and fees on loans $ 174,643 $ 182,625 (4) % $ 522,920 $ 599,306 (13) %
Interest and dividends on investment securities
Taxable 8,745 13,689 (4,944) (36) % 24,600 50,064 (25,464) (51) %
Tax-exempt 14,613 14,523 90 1 % 43,141 44,021 (880) (2) %
Other interest 2,281 2,238 43 2 % 5,802 7,774 (1,972) (25) %
Total interest income 200,282 213,075 (12,793) (6) % 596,462 701,165 (104,703) (15) %
Interest expense
Interest on deposits 4,427 10,033 (5,606) (56) % 14,945 59,877 (44,932) (75) %
Interest on federal funds purchased and securities sold under agreements to repurchase 48 34 14 41 % 103 454 (351) (77) %
Interest on other short-term funding 8 5 3 60 % 21 46 (25) (54) %
Interest on PPPLF — 899 (899) (100) % — 1,574 (1,574) (100) %
Interest on FHLB Advances 8,962 14,375 (5,413) (38) % 27,979 47,471 (19,492) (41) %
Interest on long-term funding 3,163 5,580 (2,417) (43) % 14,323 16,780 (2,457) (15) %
Total interest expense 16,607 30,925 (14,318) (46) % 57,371 126,201 (68,830) (55) %
Net interest income 183,675 182,150 1,525 1 % 539,092 574,964 (35,872) (6) %
Provision for credit losses (24,010) 43,009 (67,019) N/M (82,018) 157,009 (239,027) N/M
Net interest income after provision for credit losses 207,685 139,141 68,544 49 % 621,110 417,954 203,156 49 %
Noninterest income
Wealth management fees 22,110 21,152 958 5 % 67,229 62,884 4,345 7 %
Service charges and deposit account fees 16,962 14,283 2,679 19 % 47,366 40,989 6,377 16 %
Card-based fees 11,113 10,195 918 9 % 31,838 28,685 3,153 11 %
Other fee-based revenue 3,929 4,968 (1,039) (21) % 12,769 14,240 (1,471) (10) %
Capital markets, net 7,114 7,222 (108) (1) % 20,928 22,067 (1,139) (5) %
Mortgage banking, net 10,657 12,636 (1,979) (16) % 42,710 31,043 11,667 38 %
Bank and corporate owned life insurance 2,760 3,074 (314) (10) % 8,551 9,793 (1,242) (13) %
Insurance commissions and fees 88 114 (26) (23) % 250 45,153 (44,903) (99) %
Asset gains (losses), net(a) 5,228 (339) 5,567 N/M 10,024 156,945 (146,921) (94) %
Investment securities gains (losses), net — 7 (7) (100) % (16) 9,222 (9,238) N/M
Gains (losses) on sale of branches, net(b) — — — N/M 1,038 — 1,038 N/M
Other 2,116 2,232 (116) (5) % 8,176 7,321 855 12 %
Total noninterest income 82,076 75,545 6,531 9 % 250,862 428,342 (177,480) (41) %
Noninterest expense
Personnel 107,880 108,567 (687) (1) % 318,900 334,117 (15,217) (5) %
Technology 19,927 19,666 261 1 % 60,902 61,639 (737) (1) %
Occupancy 15,814 17,854 (2,040) (11) % 46,649 48,386 (1,737) (4) %
Business development and advertising 6,156 3,626 2,530 70 % 15,522 13,007 2,515 19 %
Equipment 5,200 5,399 (199) (4) % 16,199 16,150 49 — %
Legal and professional 4,304 5,591 (1,287) (23) % 17,495 15,809 1,686 11 %
Loan and foreclosure costs 1,616 2,118 (502) (24) % 6,508 8,842 (2,334) (26) %
FDIC assessment 5,000 3,900 1,100 28 % 13,350 14,650 (1,300) (9) %
Other intangible amortization 2,203 2,253 (50) (2) % 6,642 7,939 (1,297) (16) %
Loss on prepayments of FHLB advances — 44,650 (44,650) (100) % — 44,650 (44,650) (100) %
Other 9,793 13,963 (4,170) (30) % 25,547 37,993 (12,446) (33) %
Total noninterest expense 177,892 227,587 (49,695) (22) % 527,713 603,184 (75,471) (13) %
Income (loss) before income taxes 111,870 (12,900) 124,770 N/M 344,259 243,112 101,147 42 %
Income tax expense (benefit) 23,060 (58,114) 81,174 N/M 70,142 3,342 66,800 N/M
Net income 88,809 45,214 43,595 96 % 274,117 239,769 34,348 14 %
Preferred stock dividends 4,155 5,207 (1,052) (20) % 14,236 13,152 1,084 8 %
Net income available to common equity $ 84,655 $ 40,007 112 % $ 259,880 $ 226,618 15 %
Earnings per common share
Basic $ 0.56 $ 0.26 115 % $ 1.70 $ 1.47 16 %
Diluted $ 0.56 $ 0.26 115 % $ 1.69 $ 1.46 16 %
Average common shares outstanding
Basic 150,046 152,440 (2,394) (2) % 151,473 153,175 (1,702) (1) %
Diluted 151,143 153,194 (2,051) (1) % 152,701 153,914 (1,213) (1) %

All values are in US Dollars.

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) YTD 2020 includes a gain of $163 million from the sale of Associated Benefits & Risk Consulting.

(b) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell.

Associated Banc-CorpConsolidated Statements of Income (Unaudited) - Quarterly Trend
( in thousands, except per share data)
2Q21 Change % Change 1Q21 4Q20 3Q20 Change % Change
Interest income
Interest and fees on loans $ 174,643 $ 174,228 415 — % $ 174,049 $ 185,934 $ 182,625 (7,982) (4) %
Interest and dividends on investment securities
Taxable 8,745 8,840 (1) % 7,014 9,746 13,689 (36) %
Tax-exempt 14,613 14,366 2 % 14,162 14,296 14,523 1 %
Other interest 2,281 1,826 25 % 1,694 1,699 2,238 2 %
Total interest income 200,282 199,260 1 % 196,920 211,675 213,075 (6) %
Interest expense
Interest on deposits 4,427 4,609 (4) % 5,909 7,762 10,033 (56) %
Interest on federal funds purchased and securities sold under agreements to repurchase 48 30 60 % 26 32 34 41 %
Interest on other short-term funding 8 7 14 % 6 5 5 60 %
Interest on PPPLF — — N/M — 410 899 (100) %
Interest on FHLB Advances 8,962 9,524 (6) % 9,493 9,888 14,375 (38) %
Interest on long-term funding 3,163 5,575 (43) % 5,585 5,585 5,580 (43) %
Total interest expense 16,607 19,745 (16) % 21,018 23,682 30,925 (46) %
Net interest income 183,675 179,515 2 % 175,902 187,993 182,150 1 %
Provision for credit losses (24,010) (35,004) (31) % (23,004) 16,997 43,009 N/M
Net interest income after provision for credit losses 207,685 214,519 (3) % 198,906 170,996 139,141 49 %
Noninterest income
Wealth management fees 22,110 22,706 (3) % 22,414 22,073 21,152 5 %
Service charges and deposit account fees 16,962 15,549 9 % 14,855 15,318 14,283 19 %
Card-based fees 11,113 10,982 1 % 9,743 9,848 10,195 9 %
Other fee-based revenue 3,929 4,244 (7) % 4,596 4,998 4,968 (21) %
Capital markets, net 7,114 5,696 25 % 8,118 5,898 7,222 (1) %
Mortgage banking, net 10,657 8,128 31 % 23,925 14,537 12,636 (16) %
Bank and corporate owned life insurance 2,760 3,088 (11) % 2,702 3,978 3,074 (10) %
Insurance commissions and fees 88 86 2 % 76 92 114 (23) %
Asset gains (losses), net 5,228 (14) N/M 4,809 (1,356) (339) N/M
Investment securities gains (losses), net — 24 (100) % (39) — 7 (100) %
Gains on sale of branches, net(a) — 36 (100) % 1,002 7,449 — N/M
Other 2,116 2,918 (27) % 3,141 2,879 2,232 (5) %
Total noninterest income 82,076 73,443 12 % 95,343 85,714 75,545 9 %
Noninterest expense
Personnel 107,880 106,994 1 % 104,026 98,033 108,567 (1) %
Technology 19,927 20,236 (2) % 20,740 19,574 19,666 1 %
Occupancy 15,814 14,679 8 % 16,156 15,678 17,854 (11) %
Business development and advertising 6,156 4,970 24 % 4,395 5,421 3,626 70 %
Equipment 5,200 5,481 (5) % 5,518 5,555 5,399 (4) %
Legal and professional 4,304 6,661 (35) % 6,530 5,737 5,591 (23) %
Loan and foreclosure costs 1,616 2,671 (39) % 2,220 3,758 2,118 (24) %
FDIC assessment 5,000 3,600 39 % 4,750 5,700 3,900 28 %
Other intangible amortization 2,203 2,203 — % 2,236 2,253 2,253 (2) %
Loss on prepayments of FHLB advances — — N/M — — 44,650 (100) %
Other 9,793 6,979 40 % 8,775 11,141 13,963 (30) %
Total noninterest expense 177,892 174,475 2 % 175,347 172,850 227,587 (22) %
Income (loss) before income taxes 111,870 113,487 (1) % 118,903 83,860 (12,900) N/M
Income tax expense (benefit) 23,060 22,480 3 % 24,602 16,858 (58,114) N/M
Net income 88,809 91,007 (2) % 94,301 67,002 45,214 96 %
Preferred stock dividends 4,155 4,875 (15) % 5,207 5,207 5,207 (20) %
Net income available to common equity $ 84,655 $ 86,131 (1,476) (2) % $ 89,094 $ 61,795 $ 40,007 44,648 112 %
Earnings per common share
Basic $ 0.56 $ 0.56 — — % $ 0.58 $ 0.40 $ 0.26 0.30 115 %
Diluted $ 0.56 $ 0.56 — — % $ 0.58 $ 0.40 $ 0.26 0.30 115 %
Average common shares outstanding
Basic 150,046 152,042 (1) % 152,355 152,497 152,440 (2) %
Diluted 151,143 153,381 (1) % 153,688 153,262 153,194 (1) %

All values are in US Dollars.

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell

Associated Banc-Corp<br>Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands) YTD <br>Sep 2021 YTD<br>Sep 2020 3Q21 2Q21 1Q21 4Q20 3Q20
Per common share data
Dividends $ 0.56 $ 0.54 $ 0.20 $ 0.18 $ 0.18 $ 0.18 $ 0.18
Market value:
High 23.33 21.94 21.85 23.33 23.14 17.17 14.25
Low 17.20 10.85 18.56 20.36 17.20 12.68 11.86
Close 21.42 20.48 21.34 17.05 12.62
Book value 25.35 24.99 24.56 24.34 24.04
Tangible book value / share 17.58 17.35 16.95 16.67 16.37
Performance ratios (annualized)
Return on average assets 1.07 % 0.93 % 1.01 % 1.06 % 1.14 % 0.78 % 0.51 %
Noninterest expense / average assets 2.06 % 2.35 % 2.03 % 2.04 % 2.11 % 2.02 % 2.55 %
Effective tax rate 20.37 % 1.37 % 20.61 % 19.81 % 20.69 % 20.10 % N/M
Dividend payout ratio(a) 32.94 % 36.73 % 35.71 % 32.14 % 31.03 % 45.00 % 69.23 %
Net interest margin 2.38 % 2.54 % 2.38 % 2.37 % 2.39 % 2.49 % 2.31 %
Selected trend information
Average full time equivalent employees(b) 4,006 4,568 4,010 3,990 4,020 4,134 4,374
Branch count 224 224 227 228 249
Assets under management, at market value(c) $ 13,148 $ 13,141 $ 12,553 $ 13,314 $ 12,195
Mortgage loans originated for sale during period $ 1,345 $ 1,319 $ 456 $ 477 $ 413 $ 323 $ 458
Mortgage loan settlements during period $ 1,348 $ 1,621 $ 463 $ 484 $ 400 $ 339 $ 599
Mortgage portfolio loans transferred to held for sale during period $ — $ 269 $ — $ — $ — $ — $ 70
Mortgage portfolio serviced for others $ 7,057 $ 7,150 $ 7,313 $ 7,744 $ 8,219
Mortgage servicing rights, net / mortgage portfolio serviced for others 0.71 % 0.68 % 0.68 % 0.54 % 0.55 %
Shares repurchased during period(d) 5,199 4,264 2,919 1,314 966 — —
Shares outstanding, end of period 149,961 152,865 153,685 153,540 153,552
Paycheck Protection Program fees, net
Deferred fees, beginning of period $ 12 $ — $ 15 $ 18 $ 12 $ 21 $ 24
Fees received 18 28 — 6 12 — 1
Fees recognized (24) (7) (9) (8) (7) (9) (4)
Deferred fees, end of period $ 7 $ 21 $ 7 $ 15 $ 18 $ 12 $ 21
Selected quarterly ratios
Loans / deposits 84.81 % 87.83 % 87.30 % 92.33 % 93.60 %
Stockholders’ equity / assets 11.60 % 12.03 % 11.94 % 12.24 % 11.66 %
Risk-based capital(e)(f)
Total risk-weighted assets $ 26,304 $ 26,073 $ 25,640 $ 25,903 $ 26,142
Common equity Tier 1 $ 2,780 $ 2,790 $ 2,759 $ 2,706 $ 2,672
Common equity Tier 1 capital ratio 10.57 % 10.70 % 10.76 % 10.45 % 10.22 %
Tier 1 capital ratio 11.30 % 11.81 % 12.14 % 11.81 % 11.57 %
Total capital ratio 13.50 % 14.02 % 14.36 % 14.02 % 13.78 %
Tier 1 leverage ratio 8.81 % 9.23 % 9.53 % 9.37 % 9.02 %
Mortgage banking, net
Mortgage servicing fees, net(g) $ (1) $ — $ — $ — $ (1) $ (1) $ (1)
Gains (losses) and fair value adjustments on loans held for sale 32 45 8 9 15 15 15
Fair value adjustment on portfolio loans transferred to held for sale — 4 — — — — 1
Mortgage servicing rights (impairment) recovery 12 (18) 2 — 11 1 (1)
Mortgage banking, net $ 43 $ 31 $ 11 $ 8 $ 24 $ 15 $ 13

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)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)September 30, 2021 data is estimated.

(g)Includes mortgage origination and servicing fees, net of mortgage servicing rights amortization.

Associated Banc-Corp<br>Selected Asset Quality Information
($ in thousands) Sep 30, 2021 Jun 30, 2021 Seql Qtr %<br>Change Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Comp Qtr %<br>Change
Allowance for loan losses
Balance at beginning of period $ 318,811 $ 352,938 (10) % $ 383,702 $ 384,711 $ 363,803 (12) %
Provision for loan losses (20,000) (29,500) (32) % (26,000) 26,500 50,500 N/M
Charge offs (10,929) (7,681) 42 % (13,174) (30,315) (34,079) (68) %
Recoveries 3,115 3,054 2 % 8,410 2,805 4,488 (31) %
Net charge offs (7,814) (4,628) 69 % (4,764) (27,510) (29,592) (74) %
Balance at end of period $ 290,997 $ 318,811 (9) % $ 352,938 $ 383,702 $ 384,711 (24) %
Allowance for unfunded commitments
Balance at beginning of period $ 45,276 $ 50,776 (11) % $ 47,776 $ 57,276 $ 64,776 (30) %
Provision for unfunded commitments (4,000) (5,500) (27) % 3,000 (9,500) (7,500) (47) %
Balance at end of period $ 41,276 $ 45,276 (9) % $ 50,776 $ 47,776 $ 57,276 (28) %
Allowance for credit losses on loans (ACLL) $ 332,273 $ 364,087 (9) % $ 403,714 $ 431,478 $ 441,988 (25) %
Provision for credit losses on loans $ (24,000) $ (35,000) (31) % $ (23,000) $ 17,000 $ 43,000 N/M
($ in thousands) Sep 30, 2021 Jun 30, 2021 Seql Qtr % Change Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Comp Qtr %<br>Change
Net (charge offs) recoveries
Commercial and industrial (9,057) 1,333 N/M 1,367 (8,514) (24,834) (64) %
Commercial real estate—owner occupied 106 5 N/M 4 143 (416) N/M
Commercial and business lending (8,951) 1,338 N/M 1,370 (8,371) (25,249) (65) %
Commercial real estate—investor 181 (5,589) N/M (5,886) (18,696) (3,609) N/M
Real estate construction 18 23 (22) % 29 43 (21) N/M
Commercial real estate lending 199 (5,566) N/M (5,857) (18,653) (3,630) N/M
Total commercial (8,752) (4,228) 107 % (4,487) (27,024) (28,879) (70) %
Residential mortgage 300 (223) N/M (109) (162) (79) N/M
Home equity 959 337 185 % 344 335 156 N/M
Other consumer (329) (517) (36) % (521) (668) (797) (59) %
Auto 8 3 167 % 9 9 8 — %
Total consumer 938 (400) N/M (277) (486) (712) N/M
Total net (charge offs) recoveries $ (7,814) $ (4,628) 69 % $ (4,764) $ (27,510) $ (29,592) (74) %
(In basis points) Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020
Net charge offs to average loans (annualized)
Commercial and industrial (46) 7 7 (45) (126)
Commercial real estate—owner occupied 5 — — 6 (18)
Commercial and business lending (40) 6 6 (35) (103)
Commercial real estate—investor 2 (52) (55) (173) (34)
Real estate construction — 1 1 1 —
Commercial real estate lending 1 (36) (38) (121) (24)
Total commercial (23) (11) (12) (69) (73)
Residential mortgage 2 (1) (1) (1) —
Home equity 61 21 21 18 8
Other consumer (44) (72) (72) (88) (103)
Auto 43 15 37 29 22
Total consumer 4 (2) (1) (2) (3)
Total net charge offs (13) (8) (8) (44) (47)
($ in thousands) Sep 30, 2021 Jun 30, 2021 Seql Qtr %<br>Change Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Comp Qtr %<br>Change
Credit Quality
Nonaccrual loans $ 135,062 $ 147,135 (8) % $ 163,292 $ 210,854 $ 231,590 (42) %
Other real estate owned (OREO) 33,855 24,000 41 % 24,588 14,269 18,983 78 %
Other nonperforming assets — — N/M — — 909 (100) %
Total nonperforming assets $ 168,917 $ 171,135 (1) % $ 187,880 $ 225,123 $ 251,481 (33) %
Loans 90 or more days past due and still accruing $ 1,029 $ 1,302 (21) % $ 1,675 $ 1,598 $ 1,854 (44) %
Allowance for credit losses on loans to total loans 1.41 % 1.52 % 1.67 % 1.76 % 1.77 %
Allowance for credit losses on loans to nonaccrual loans 246.02 % 247.45 % 247.23 % 204.63 % 190.85 %
Nonaccrual loans to total loans 0.57 % 0.61 % 0.68 % 0.86 % 0.93 %
Nonperforming assets to total loans plus OREO 0.71 % 0.71 % 0.78 % 0.92 % 1.01 %
Nonperforming assets to total assets 0.49 % 0.50 % 0.54 % 0.67 % 0.72 %
Year-to-date net charge offs to year-to-date average loans (annualized) 0.10 % 0.08 % 0.08 % 0.41 % 0.40 %

N/M = Not meaningful

Associated Banc-Corp<br>Selected Asset Quality Information (continued)
(In thousands) Sep 30, 2021 Jun 30, 2021 Seql Qtr %<br>Change Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Comp Qtr %<br>Change
Nonaccrual loans
Commercial and industrial $ 8,497 $ 18,380 (54) % $ 33,192 $ 61,859 $ 105,899 (92) %
Commercial real estate—owner occupied 7 7 — % 7 1,058 2,043 (100) %
Commercial and business lending 8,504 18,387 (54) % 33,200 62,917 107,941 (92) %
Commercial real estate—investor 61,504 63,003 (2) % 58,485 78,220 50,458 22 %
Real estate construction 247 247 — % 327 353 392 (37) %
Commercial real estate lending 61,751 63,250 (2) % 58,813 78,573 50,850 21 %
Total commercial 70,256 81,637 (14) % 92,012 141,490 158,792 (56) %
Residential mortgage 56,678 56,795 — % 61,256 59,337 62,331 (9) %
Home equity 7,838 8,517 (8) % 9,792 9,888 10,277 (24) %
Other consumer 222 131 69 % 195 91 158 41 %
Auto 67 56 20 % 36 49 33 103 %
Total consumer 64,806 65,498 (1) % 71,280 69,364 72,798 (11) %
Total nonaccrual loans $ 135,062 $ 147,135 (8) % $ 163,292 $ 210,854 $ 231,590 (42) %
Sep 30, 2021 Jun 30, 2021 Seql Qtr %<br>Change Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Comp Qtr %<br>Change
Restructured loans (accruing)(a)
Commercial and industrial $ 11,067 $ 11,569 (4) % $ 11,985 $ 12,713 $ 16,002 (31) %
Commercial real estate—owner occupied 1,031 1,225 (16) % 1,488 1,711 1,389 (26) %
Commercial and business lending 12,098 12,794 (5) % 13,473 14,424 17,391 (30) %
Commercial real estate—investor 13,236 13,306 (1) % 13,627 26,435 635 N/M
Real estate construction 248 253 (2) % 256 260 382 (35) %
Commercial real estate lending 13,484 13,559 (1) % 13,884 26,695 1,016 N/M
Total commercial 25,582 26,353 (3) % 27,356 41,119 18,407 39 %
Residential mortgage 15,253 12,227 25 % 10,462 7,825 5,378 184 %
Home equity 2,787 2,451 14 % 1,929 1,957 1,889 48 %
Other consumer 877 904 (3) % 1,073 1,191 1,218 (28) %
Total consumer 18,917 15,582 21 % 13,464 10,973 8,485 123 %
Total restructured loans (accruing) $ 44,499 $ 41,935 6 % $ 40,820 $ 52,092 $ 26,891 65 %
Nonaccrual restructured loans (included in nonaccrual loans) $ 15,226 $ 17,237 (12) % $ 17,624 $ 20,190 $ 23,844 (36) %
Sep 30, 2021 Jun 30, 2021 Seql Qtr %<br>Change Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Comp Qtr %<br>Change
Accruing Loans 30-89 Days Past Due
PPP Loans $ 568 $ — N/M $ — $ — $ — N/M
Commercial and industrial 1,229 258 N/M 526 6,119 298 N/M
Commercial real estate—owner occupied 30 47 (36) % — 373 870 (97) %
Commercial and business lending 1,827 306 N/M 526 6,492 1,167 57 %
Commercial real estate—investor 17,021 391 N/M 5,999 12,793 409 N/M
Real estate construction — 117 (100) % 977 991 111 (100) %
Commercial real estate lending 17,021 509 N/M 6,976 13,784 520 N/M
Total commercial 18,848 814 N/M 7,502 20,276 1,687 N/M
Residential mortgage 7,095 5,015 41 % 3,973 10,385 6,185 15 %
Home equity 2,931 2,472 19 % 2,352 4,802 5,609 (48) %
Other consumer 1,272 1,036 23 % 1,246 1,543 1,322 (4) %
Auto 10 38 (74) % 24 57 29 (66) %
Total consumer 11,308 8,562 32 % 7,594 16,786 13,144 (14) %
Total accruing loans 30-89 days past due $ 30,156 $ 9,376 N/M $ 15,097 $ 37,062 $ 14,831 103 %
Sep 30, 2021 Jun 30, 2021 Seql Qtr %<br>Change Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Comp Qtr %<br>Change
Potential Problem Loans
PPP Loans(b) $ 4,160 $ 8,695 (52) % $ 22,398 $ 18,002 $ 19,161 (78) %
Commercial and industrial 124,990 77,064 62 % 122,143 121,487 144,159 (13) %
Commercial real estate—owner occupied 21,241 17,828 19 % 15,965 26,179 22,808 (7) %
Commercial and business lending 150,391 103,587 45 % 160,506 165,668 186,129 (19) %
Commercial real estate—investor 78,962 71,613 10 % 85,752 91,396 100,459 (21) %
Real estate construction 19,187 16,465 17 % 13,977 19,046 2,178 N/M
Commercial real estate lending 98,150 88,078 11 % 99,728 110,442 102,637 (4) %
Total commercial 248,541 191,665 30 % 260,234 276,111 288,766 (14) %
Residential mortgage 2,374 3,024 (21) % 2,524 3,749 2,396 (1) %
Home equity 171 1,558 (89) % 1,729 2,068 1,632 (90) %
Total consumer 2,546 4,583 (44) % 4,254 5,817 4,028 (37) %
Total potential problem loans $ 251,087 $ 196,248 28 % $ 264,488 $ 281,928 $ 292,794 (14) %

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Does not include any restructured loans related to the COVID-19 pandemic in accordance with Section 4013 of the CARES Act.

(b) The Corporation's policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.

Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
Three Months Ended
September 30, 2021 June 30, 2021 September 30, 2020
($ in thousands) Average<br>Balance Interest<br>Income /Expense Average<br>Yield /Rate Average<br>Balance Interest<br>Income /Expense Average<br>Yield /Rate Average<br>Balance Interest<br>Income /Expense Average<br>Yield /Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial PPP lending $ 275,414 $ 9,633 13.88 % $ 701,440 $ 10,048 5.75 % $ 1,019,808 $ 6,172 2.41 %
Commercial and business lending (excl PPP loans) 8,708,659 54,099 2.47 % 8,437,624 53,886 2.56 % 8,751,083 56,951 2.59 %
Commercial real estate lending 6,160,241 44,859 2.89 % 6,159,728 44,139 2.87 % 6,032,308 44,354 2.93 %
Total commercial 15,144,314 108,591 2.85 % 15,298,792 108,073 2.83 % 15,803,199 107,476 2.71 %
Residential mortgage 7,817,737 55,305 2.83 % 7,861,139 55,337 2.82 % 8,058,283 61,701 3.06 %
Retail 921,906 11,120 4.81 % 938,682 11,197 4.78 % 1,101,589 13,780 4.99 %
Total loans 23,883,957 175,016 2.92 % 24,098,614 174,607 2.90 % 24,963,071 182,957 2.92 %
Investment securities
Taxable 3,258,587 8,745 1.07 % 3,220,825 8,840 1.10 % 3,438,858 13,689 1.59 %
Tax-exempt(a) 2,029,126 18,412 3.63 % 1,953,696 18,101 3.71 % 1,923,445 18,154 3.78 %
Other short-term investments 2,215,805 2,281 0.41 % 1,766,615 1,826 0.41 % 1,788,471 2,238 0.50 %
Investments and other 7,503,518 29,439 1.57 % 6,941,135 28,767 1.66 % 7,150,775 34,081 1.90 %
Total earning assets 31,387,475 $ 204,455 2.59 % 31,039,749 $ 203,375 2.62 % 32,113,847 $ 217,038 2.70 %
Other assets, net 3,372,013 3,339,898 3,436,512
Total assets $ 34,759,489 $ 34,379,647 $ 35,550,359
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings $ 4,248,493 $ 377 0.04 % $ 4,121,553 $ 357 0.03 % $ 3,462,942 $ 382 0.04 %
Interest-bearing demand 6,344,504 1,361 0.09 % 5,879,173 1,057 0.07 % 5,835,597 1,085 0.07 %
Money market 7,011,075 1,019 0.06 % 6,981,482 1,023 0.06 % 6,464,784 1,444 0.09 %
Network transaction deposits 893,991 290 0.13 % 908,869 264 0.12 % 1,528,199 609 0.16 %
Time deposits 1,434,588 1,379 0.38 % 1,509,705 1,909 0.51 % 2,135,870 6,513 1.21 %
Total interest-bearing deposits 19,932,650 4,427 0.09 % 19,400,781 4,609 0.10 % 19,427,392 10,033 0.21 %
Federal funds purchased and securities sold under agreements to repurchase 238,735 48 0.08 % 157,619 30 0.08 % 140,321 34 0.10 %
Commercial Paper 55,864 8 0.05 % 55,209 7 0.05 % 42,338 5 0.05 %
PPPLF — — — % — — — % 1,018,994 899 0.35 %
FHLB advances 1,620,790 8,962 2.19 % 1,620,397 9,524 2.36 % 2,450,344 14,375 2.33 %
Long-term funding 288,236 3,163 4.39 % 549,222 5,575 4.06 % 549,042 5,580 4.06 %
Total short and long-term funding 2,203,625 12,180 2.20 % 2,382,446 15,136 2.55 % 4,201,039 20,892 1.98 %
Total interest-bearing liabilities 22,136,276 $ 16,607 0.30 % 21,783,227 $ 19,745 0.36 % 23,628,431 $ 30,925 0.52 %
Noninterest-bearing demand deposits 8,141,723 8,069,851 7,412,186
Other liabilities 401,077 395,950 475,310
Stockholders’ equity 4,080,413 4,130,618 4,034,432
Total liabilities and stockholders’ equity $ 34,759,489 $ 34,379,647 $ 35,550,359
Interest rate spread 2.29 % 2.26 % 2.18 %
Net free funds 0.09 % 0.11 % 0.13 %
Fully tax-equivalent net interest income and net interest margin ("NIM") $ 187,848 2.38 % $ 183,629 2.37 % $ 186,112 2.31 %
Fully tax-equivalent adjustment 4,172 4,115 3,963
Net interest income $ 183,675 $ 179,515 $ 182,150

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.

Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
Nine Months Ended September 30,
2021 2020
($ in thousands) Average<br>Balance Interest<br>Income /Expense Average<br>Yield / Rate Average<br>Balance Interest<br>Income /Expense Average<br>Yield / Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial PPP lending $ 592,571 $ 28,582 6.45 % $ 624,305 $ 11,012 2.36 %
Commercial and business lending (excl PPP loans) 8,561,822 162,075 2.53 % 8,774,616 201,265 3.06 %
Commercial real estate lending 6,163,684 133,314 2.89 % 5,695,281 147,909 3.47 %
Total commercial 15,318,077 323,971 2.83 % 15,094,201 360,187 3.19 %
Residential mortgage 7,879,992 166,146 2.81 % 8,244,116 194,521 3.15 %
Retail 948,449 33,947 4.78 % 1,150,916 45,621 5.29 %
Total loans 24,146,518 524,065 2.90 % 24,489,234 600,329 3.27 %
Investment securities
Taxable 3,152,994 24,600 1.04 % 3,343,083 50,064 2.00 %
Tax-exempt (a) 1,961,528 54,357 3.69 % 1,939,968 55,026 3.78 %
Other short-term investments 1,662,571 5,802 0.47 % 1,095,555 7,774 0.95 %
Investments and other 6,777,093 84,759 1.67 % 6,378,606 112,864 2.36 %
Total earning assets 30,923,610 $ 608,824 2.63 % 30,867,840 $ 713,193 3.08 %
Other assets, net 3,354,657 3,460,967
Total assets $ 34,278,268 $ 34,328,806
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings $ 4,061,728 $ 1,066 0.04 % $ 3,198,244 $ 2,610 0.11 %
Interest-bearing demand 5,981,295 3,596 0.08 % 5,530,482 11,281 0.27 %
Money market 6,956,591 3,101 0.06 % 6,499,965 14,152 0.29 %
Network transaction deposits 960,308 880 0.12 % 1,502,449 5,750 0.51 %
Time deposits 1,533,466 6,302 0.55 % 2,412,985 26,083 1.44 %
Total interest-bearing deposits 19,493,387 14,945 0.10 % 19,144,126 59,877 0.42 %
Federal funds purchased and securities sold under agreements to repurchase 177,875 103 0.08 % 179,615 454 0.34 %
Commercial Paper 51,330 21 0.05 % 38,064 35 0.12 %
PPPLF — — — % 599,368 1,574 0.35 %
Other short-term funding — — — % 5,645 11 0.25 %
FHLB advances 1,624,320 27,979 2.30 % 2,829,680 47,471 2.24 %
Long-term funding 461,390 14,323 4.14 % 549,088 16,780 4.07 %
Total short and long-term funding 2,314,915 42,425 2.45 % 4,201,461 66,325 2.11 %
Total interest-bearing liabilities 21,808,303 $ 57,371 0.35 % 23,345,586 $ 126,201 0.72 %
Noninterest-bearing demand deposits 7,961,119 6,618,058
Other liabilities 403,925 457,195
Stockholders’ equity 4,104,921 3,907,966
Total liabilities and stockholders’ equity $ 34,278,268 $ 34,328,806
Interest rate spread 2.28 % 2.36 %
Net free funds 0.10 % 0.18 %
Fully tax-equivalent net interest income and net interest margin ("NIM") $ 551,453 2.38 % $ 586,992 2.54 %
Fully tax-equivalent adjustment 12,362 12,028
Net interest income $ 539,092 $ 574,964

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.

Associated Banc-Corp Loan and Deposit Composition
( in thousands)
Period end loan composition Jun 30, 2021 Seql Qtr % Change Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Comp Qtr % Change
PPP Loans 182,121 $ 405,482 (55) % $ 836,566 $ 767,757 $ 1,022,217 (82) %
Commercial and industrial 7,909,119 — % 7,664,501 7,701,422 7,933,404 — %
Commercial real estate—owner occupied 880,755 — % 883,237 900,912 904,997 (3) %
Commercial and business lending 9,195,355 (2) % 9,384,303 9,370,091 9,860,618 (9) %
Commercial real estate—investor 4,300,651 — % 4,260,706 4,342,584 4,320,926 (1) %
Real estate construction 1,880,897 (2) % 1,882,299 1,840,417 1,859,609 (1) %
Commercial real estate lending 6,181,549 (1) % 6,143,004 6,183,001 6,180,536 (1) %
Total commercial 15,376,904 (2) % 15,527,307 15,553,091 16,041,154 (6) %
Residential mortgage 7,638,372 (1) % 7,685,218 7,878,324 7,885,523 (4) %
Home equity 631,783 (4) % 651,647 707,255 761,593 (20) %
Other consumer 292,660 1 % 288,990 301,876 302,603 (3) %
Auto loans 7,817 (14) % 9,165 11,177 12,879 (48) %
Total consumer 8,570,632 (1) % 8,635,020 8,898,632 8,962,599 (5) %
Total loans 23,621,673 $ 23,947,536 (1) % $ 24,162,328 $ 24,451,724 $ 25,003,753 (6) %
Period end deposit and customer funding composition Jun 30, 2021 Seql Qtr % Change Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Comp Qtr % Change
Noninterest-bearing demand 8,170,105 $ 7,999,143 2 % $ 8,496,194 $ 7,661,728 $ 7,489,048 9 %
Savings 4,182,651 2 % 4,032,830 3,650,085 3,529,423 21 %
Interest-bearing demand 5,969,285 7 % 5,748,353 6,090,869 5,979,449 7 %
Money market 7,640,825 (1) % 7,838,437 7,322,769 7,687,775 (1) %
Time deposits 1,472,395 (4) % 1,561,352 1,757,030 2,026,852 (30) %
Total deposits 27,264,299 2 % 27,677,166 26,482,481 26,712,547 4 %
Customer funding(a) 226,160 42 % 182,228 245,247 198,741 62 %
Total deposits and customer funding 28,173,348 $ 27,490,459 2 % $ 27,859,394 $ 26,727,727 $ 26,911,289 5 %
Network transaction deposits(b) 929,174 $ 871,603 7 % $ 1,054,634 $ 1,197,093 $ 1,390,778 (33) %
Net deposits and customer funding (Total deposits and customer funding, excluding network transaction deposits) 27,244,174 $ 26,618,856 2 % $ 26,804,761 $ 25,530,634 $ 25,520,511 7 %
Quarter average loan composition Jun 30, 2021 Seql Qtr % Change Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Comp Qtr % Change
PPP Loans 275,414 $ 701,440 (61) % $ 806,699 $ 929,859 $ 1,019,808 (73) %
Commercial and industrial 7,558,878 4 % 7,631,274 7,609,185 7,844,209 — %
Commercial real estate—owner occupied 878,746 — % 906,027 904,565 906,874 (3) %
Commercial and business lending 9,139,064 (2) % 9,344,000 9,443,609 9,770,891 (8) %
Commercial real estate—investor 4,321,109 (1) % 4,303,365 4,289,703 4,255,473 1 %
Real estate construction 1,838,619 1 % 1,867,836 1,867,919 1,776,835 5 %
Commercial real estate lending 6,159,728 — % 6,171,202 6,157,622 6,032,308 2 %
Total commercial 15,298,792 (1) % 15,515,202 15,601,230 15,803,199 (4) %
Residential mortgage 7,861,139 (1) % 7,962,691 8,029,585 8,058,283 (3) %
Home equity 641,438 (3) % 680,738 736,059 780,202 (20) %
Other consumer 297,245 1 % 304,718 314,963 321,387 (6) %
Total consumer 8,799,822 (1) % 8,948,147 9,080,607 9,159,872 (5) %
Total loans(c) 23,883,957 $ 24,098,614 (1) % $ 24,463,349 $ 24,681,837 $ 24,963,071 (4) %
Quarter average deposit composition Jun 30, 2021 Seql Qtr % Change Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Comp Qtr % Change
Noninterest-bearing demand 8,141,723 $ 8,069,851 1 % $ 7,666,561 $ 7,677,003 $ 7,412,186 10 %
Savings 4,121,553 3 % 3,810,321 3,628,458 3,462,942 23 %
Interest-bearing demand 5,879,173 8 % 5,713,270 5,739,983 5,835,597 9 %
Money market 6,981,482 — % 6,875,730 6,539,583 6,464,784 8 %
Network transaction deposits 908,869 (2) % 1,080,109 1,265,748 1,528,199 (42) %
Time deposits 1,509,705 (5) % 1,658,568 1,888,074 2,135,870 (33) %
Total deposits 28,074,374 $ 27,470,633 2 % $ 26,804,559 $ 26,738,850 $ 26,839,578 5 %

All values are in US Dollars.

N/M = Not meaningful

Numbers may not sum due to rounding.

(a)Includes repurchase agreements and commercial paper.

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

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

Associated Banc-Corp<br>Non-GAAP Financial Measures Reconciliation YTD YTD
($ in millions, except per share data) Sep 2021 Sep 2020 3Q21 2Q21 1Q21 4Q20 3Q20
Tangible common equity reconciliation(a)
Common equity $ 3,802 $ 3,820 $ 3,774 $ 3,737 $ 3,692
Goodwill and other intangible assets, net (1,165) (1,167) (1,170) (1,178) (1,178)
Tangible common equity $ 2,636 $ 2,652 $ 2,605 $ 2,560 $ 2,513
Tangible assets reconciliation(a)
Total assets $ 34,440 $ 34,153 $ 34,575 $ 33,420 $ 34,699
Goodwill and other intangible assets, net (1,165) (1,167) (1,170) (1,178) (1,178)
Tangible assets $ 33,274 $ 32,985 $ 33,406 $ 32,242 $ 33,520
Average tangible common equity and average common equity tier 1 reconciliation(a)
Common equity $ 3,782 $ 3,611 $ 3,807 $ 3,788 $ 3,750 $ 3,700 $ 3,681
Goodwill and other intangible assets, net (1,170) (1,244) (1,167) (1,169) (1,175) (1,178) (1,180)
Tangible common equity 2,612 2,367 2,640 2,619 2,576 2,522 2,501
Modified CECL transitional amount 106 112 97 106 116 123 120
Accumulated other comprehensive loss (income) (5) 5 (5) (3) (5) (4) (4)
Deferred tax assets (liabilities), net 40 45 40 40 41 42 42
Average common equity tier 1 $ 2,754 $ 2,528 $ 2,772 $ 2,762 $ 2,727 $ 2,683 $ 2,660
Average tangible assets reconciliation(a)
Total assets $ 34,278 $ 34,329 $ 34,759 $ 34,380 $ 33,684 $ 34,076 $ 35,550
Goodwill and other intangible assets, net (1,170) (1,244) (1,167) (1,169) (1,175) (1,178) (1,180)
Tangible assets $ 33,108 $ 33,085 $ 33,593 $ 33,211 $ 32,510 $ 32,898 $ 34,371
Selected trend information(b)
Wealth management fees $ 67 $ 63 $ 22 $ 23 $ 22 $ 22 $ 21
Service charges and deposit account fees 47 41 17 16 15 15 14
Card-based fees 32 29 11 11 10 10 10
Other fee-based revenue 13 14 4 4 5 5 5
Fee-based revenue 159 147 54 53 52 52 51
Other 92 282 28 20 44 33 25
Total noninterest income $ 251 $ 428 $ 82 $ 73 $ 95 $ 86 $ 76
Pre-tax pre-provision income(c)
Income before income taxes $ 344 $ 243 $ 112 $ 113 $ 119 $ 84 $ (13)
Provision for credit losses (82) 157 (24) (35) (23) 17 43
Pre-tax pre-provision income $ 262 $ 400 $ 88 $ 78 $ 96 $ 101 $ 30
Selected equity and performance ratios(a)(d)
Tangible common equity / tangible assets 7.92 % 8.04 % 7.80 % 7.94 % 7.50 %
Return on average equity 8.93 % 8.20 % 8.63 % 8.84 % 9.32 % 6.58 % 4.46 %
Return on average tangible common equity 13.30 % 12.79 % 12.72 % 13.19 % 14.03 % 9.75 % 6.36 %
Return on average common equity Tier 1 12.62 % 11.97 % 12.11 % 12.51 % 13.25 % 9.16 % 5.98 %
Return on average tangible assets 1.11 % 0.97 % 1.05 % 1.10 % 1.18 % 0.81 % 0.52 %
Average stockholders' equity / average assets 11.98 % 11.38 % 11.74 % 12.01 % 12.18 % 11.90 % 11.35 %
Efficiency ratio reconciliation(e)
Federal Reserve efficiency ratio 65.98 % 62.34 % 65.43 % 66.81 % 65.74 % 59.68 % 85.41 %
Fully tax-equivalent adjustment (1.02) % (0.75) % (1.01) % (1.07) % (0.97) % (0.84) % (1.29) %
Other intangible amortization (0.84) % (0.80) % (0.83) % (0.87) % (0.82) % (0.82) % (0.87) %
Fully tax-equivalent efficiency ratio 64.13 % 60.80 % 63.61 % 64.88 % 63.96 % 58.02 % 83.25 %
Provision for unfunded commitments adjustment 0.81 % (1.64) % 1.48 % 2.14 % (1.09) % 3.42 % 2.87 %
Asset gains (losses), net adjustment 0.82 % 10.89 % 1.29 % — % 1.12 % (0.30) % (0.11) %
Acquisitions, branch sales, and initiatives (0.22) % (7.31) % (0.91) % 0.01 % 0.22 % 1.68 % (22.99) %
Adjusted efficiency ratio 65.54 % 62.74 % 65.46 % 67.02 % 64.21 % 62.83 % 63.02 %

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 capital strength.

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

(c)Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings and provide greater understanding of ongoing operations and enhanced comparability of results with prior periods.

(d)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.

(e)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 excludes the provision for unfunded commitments, other intangible amortization, acquisition related costs, and announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net, asset gains (losses), net, and gain on sale of branches, net. 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 acquisition related costs, provision for unfunded commitments, asset gains (losses), net, branch sales, and announced initiatives.

(f)Diluted earnings and per share data presented after-tax.

10

asb3q21earningspresentat

Third Quarter 2021 Earnings Presentation OCTOBER 21, 2021 Exhibit 99.2

1 Forward-Looking Statements Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” "target,“ “outlook,” “project,” “guidance,” 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. Trademarks: All trademarks, service marks, and trade names referenced in this material are official trademarks and the property of their respective owners. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Non-GAAP Measures: This presentation includes certain non-GAAP financial measures. These non-GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation.

2 Expanding Revenue Trends ▪ QoQ growth in: ▪ Loan and securities interest income ▪ Fee-based revenues ▪ Mortgage banking and capital markets revenues ▪ QoQ reductions in both deposits and funding interest expense Contributing to Improving Profitability and Capital Trends ▪ ROATCE of 12.72% ▪ ROATA of 1.05% ▪ Repurchased $60 million of common stock ▪ Increasing tangible book value per share; $17.58 as of 9/30/21 Strong Credit Dynamics ▪ Negative provision of $24 million ▪ Net charge offs of $8 million ▪ Net reserve release of $32 million ▪ Nonaccrual loans down 8% from 2Q ▪ Appropriately reserved with ACLL to loan ratio of 1.41% as of 9/30/21 ▪ Approximately $2 million of initiative-related expenses incurred ▪ Excluding initiative-related expenses, total noninterest expense growth of approximately 1% QoQ 3Q 2021 results reflect positive revenue growth trends Associated Banc-Corp Reports Third Quarter 2021 net income available to common equity of $85 million, or $0.56 per common share 2021 Third Quarter Update Disciplined Expense Management

3 Commercial Loan Update ▪ Commercial & Business Lending average loan growth (excl. PPP) of $271 million, or over 3% QoQ ▪ Continued growth in specialized lending categories including Power & Utilities, REIT and Mortgage Warehouse ▪ CRE Construction average loan growth of 1% QoQ ▪ PPP portfolio continued to pay down as expected ▪ Oil & Gas continues to run off 3Q 2021 results reflect positive trends across several core Commercial loan categories Third Quarter Loan Update Runoff Portfolio Trends $(43) $(39) $(23) $(23) $6 $17 $24 $54 $55 $62 $122 Mortgage Warehouse Residential Mortgage CRE Investor Power & Utilities General Commercial REIT ($ in millions) PPP Credit Cards Average Loan Change (2Q 2021 to 3Q 2021) CRE Construction $(426) Other Specialized ▪ Credit card outstandings increased 6% QoQ ▪ Launched Auto Finance vertical on September 30th Consumer Lending Update Home Equity & Other Cons. Oil & Gas Commercial & Business Lending Commercial Real Estate Consumer Lending PPP

4 $1.8 $1.9 3Q 2020 3Q 2021 29.2% 31.4% 31.5% 31.4% 30.4% 31.8% 41.7% 40.7% 40.9% 40.6% 40.0% 40.3% April May June July August Sept. 2021 Historical Avg. $1.1 $1.1 $1.0 $0.9 $0.9 $8.1 $8.0 $8.0 $7.9 $7.8 $6.0 $6.2 $6.2 $6.2 $6.2 $1.0 $0.9 $0.8 $0.7 $0.3 $8.8 $8.5 $8.5 $8.4 $8.7 $25.0 $24.7 $24.5 $24.1 $23.9 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Loan Trend Updates Commercial & Business Lending, along with CRE Construction, drove quarterly loan growth Average Quarterly Loans ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Home Equity & Other Consumer PPP Commercial Banking Line Utilization1 1 Outstanding Balances / Total Exposure of Commercial Banking Revolving Credit Lines. Monthly historical average reflects 2017, 2018 and 2019 data. YoY CRE Construction Lending Metrics ($ in billions) $3.5 $3.8 3Q 2020 3Q 2021 Avg. Construction Loans Outstanding EOP Construction Loan Commitments +5% +7%

5 Noninterest Income (excl. Asset Gains) 3Q 2021 Pre-Tax Pre-Provision Income1 Walk-Forward 3Q PTPP expansion driven by higher net interest income, fees, asset gains and controlled expenses 2Q PTPP Income Net Interest Income Personnel Expense Initiative-related Facilities Exit Costs 3Q Pre-Tax Income ($ in millions) $88 1 A non-GAAP measure. Please refer to the appendix for a reconciliation of pre-tax pre-provision income to income before income taxes. Given the adoption of CECL last year and the volatility of provision during the pandemic, we believe pre-tax pre-provision income provides meaningful disclosure to investors regarding the Company’s operations. Net Asset Gains $(1) $(24) $112 3Q PTPP Income 3Q Provision2Q Pre-Tax Income 2Q Provision

6 Strategic Initiative Updates We announced a new growth focused and digital forward vision for Associated on September 9, 2021 Expanding our Lending Capabilities Growing our Core Businesses Investing in our Digital Transformation ▪ Booked our first Auto Finance loans on September 30, 2021 ▪ New Head of Asset-Based Lending started in September ▪ New President of Equipment Finance started today (10/21/21) Optimizing Capital Proactively ▪ Increased Commercial and Business relationship managers by seven and added three SBA lending positions in 3Q ▪ Named a new Head of Wealth Management in 3Q ▪ On track to launch new digital platform with open architecture, improved user experience and customization in 1Q 2022 ▪ Moved mortgage origination platform and Microsoft Mobility to cloud- based environments, enabling us to drive a better customer experience with faster response times ▪ Redeemed $100 million of Series D preferred stock during 3Q ▪ Repurchased $60 million of common stock during 3Q ▪ Increased the 3Q common stock dividend paid by 11%

7 Net Interest Income and Yield Trends NII and NIM Trends 2.93% 2.88% 2.91% 2.87% 2.89% 2.59% 2.69% 2.57% 2.56% 2.47% 3.06% 3.00% 2.79% 2.82% 2.83% 1.90% 1.94% 1.81% 1.66% 1.57% 0.52% 0.43% 0.40% 0.36% 0.30% 0.08% 0.07% 0.07% 0.06% 0.07% 1.21% 0.97% 0.74% 0.51% 0.38% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Average Yields ($ in millions) 3Q 2021 NII expanded by over 2%, but margins were pressured by increased liquidity Total Residential Mortgage Loans Commercial and Business Lending Loans excluding PPP Commercial Real Estate Loans Total Interest- Bearing Liabilities Time Deposits Quarterly Net Interest Income Total Interest-Bearing Deposits excluding Time 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Investments and Other Quarterly Net Interest Margin $188 $176 $180 $184 2.49% 2.39% 2.37% 2.38% 4Q 2020 1Q 2021 2Q 2021 3Q 2021

8 $1.5 $1.3 $1.1 $0.9 $0.9 $2.1 $1.9 $1.7 $1.5 $1.4 $6.5 $6.5 $6.9 $7.0 $7.0 $3.5 $3.6 $3.8 $4.1 $4.2 $5.8 $5.7 $5.7 $5.9 $6.3 $7.4 $7.7 $7.7 $8.1 $8.1 $26.8 $26.7 $26.8 $27.5 $28.1 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Quarterly Funding Trends ($ in billions) Average Quarterly Deposits Time Deposits Savings Money Market EOP Wholesale Funding Trends Network Transaction Deposits We continue to improve the mix of low-cost, core customer funding and reduce our higher-cost liabilities Noninterest-Bearing Demand Interest-Bearing Demand ($ in billions) EOP Low-Cost Deposit Mix Trend 13% 14% 15% 15% 15% 22% 21% 20% 21% 22% 28% 29% 31% 29% 29% 63% 64% 65% 66% 67% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 PPPLF / FHLB Advances Other Long-Term Funding $2.7 $1.6 $1.6 $1.6 $1.6 $1.4 $1.2 $1.1 $0.9 $0.9 $0.5 $0.5 $0.5 $0.5 $0.2 $4.7 $3.4 $3.2 $3.0 $2.8 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021

9 $3.4 $3.2 $3.0 $3.2 $3.3 $1.9 $1.9 $1.9 $2.0 $2.0 $1.8 $1.0 $1.0 $1.8 $2.2 $7.1 $6.1 $5.9 $6.9 $7.5 1.90% 1.94% 1.81% 1.66% 1.57% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 16% 15% 16% 16% 17% 3% 2% 6% 5% 5% 19% 18% 21% 21% 22% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Securities Cash Cash and Investment Securities Portfolio Average Investments and Yield Trends EOP Securities + Cash / Total Assets We are targeting rebuilding the investment portfolio to 20%+ of assets by year-end 2022 ($ in billions) • We anticipate deploying our current $1+ billion of excess liquidity into investment assets over the next nine months • We expect the overall reinvestment portfolio yields to be approximately 2% or better; as compared to our 3Q blended investment yield of 1.57% Tax-Exempt Securities Taxable Securities Other Short-Term Investments Blended Investments Yield

10 $15 $15 $15 $9 $8 $13 $15 $24 $8 $11 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 $51 $52 $52 $53 $54 $13 $15 $24 $8 $11 $7 $6 $8 $6 $7 $5 $13 $12 $6 $10 $76 $86 $95 $73 $82 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Noninterest Income Trends Net Mortgage Banking IncomeNoninterest Income Trend ($ in millions) ($ in millions) ($ in millions) Deposit and Card Fees 3Q 2021 noninterest income grew by $9 million QoQ with gains in several core categories Fee-Based Revenue1 Capital Markets, net Mortgage Banking, net Other Net Mortgage Banking IncomeGross Gains2 $14 $15 $15 $16 $17 $10 $10 $10 $11 $11 $24 $25 $25 $27 $28 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 1 A non-GAAP financial measure. Please refer to the Appendix for a reconciliation of fee-based revenue to noninterest income. 2 Mortgage banking gains and fair value adjustments on loans held for sale. Card-Based FeesService Charges and Deposit Account Fees

11 $109 $98 $104 $107 $108 $69 $75 $71 $67 $68 $2 $50 $228 $173 $175 $174 $178 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Noninterest Expense Trends Adjusted Efficiency Ratio4Noninterest Expense Trend 1 Personnel expense includes $10 million of severance. 2 Other expenses are primarily comprised of Technology, Occupancy, Equipment, Business Development, Legal and Professional, and FDIC Assessment costs. 3 Reflects $2 million of expenses related to the initiatives announced on September 9, 2021. These are primarily facilities related exit costs. 4 A non-GAAP financial measure. Please refer to the Appendix for a reconciliation of the adjusted efficiency ratio to the Federal Reserve efficiency ratio. 5 Annualized. ($ in millions) Noninterest expense up 2% QoQ including impact of new strategic growth initiatives Personnel Expense Other2 Restructuring Costs (FHLB & Real Estate Expenses) 1 Federal Reserve Efficiency Ratio 63% 63% 64% 67% 65% 85% 60% 66% 67% 65% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Adjusted Efficiency Ratio4 Noninterest Expense / Average Assets5 2.55% 2.02% 2.11% 2.04% 2.03% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Initiative-Related Expenses3

12 7.50% 10.22% 11.57% 13.78% 7.92% 10.57% 11.30% 13.50% TCE Ratio Common Equity Tier 1 Capital Tier 1 Capital Total Capital 1 Tangible common equity / tangible assets. This is a non-GAAP financial measure. See Appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Capital Ratios 3Q 2020 Tangible Book Value has increased 7% from 3Q 2020 through 3Q 2021 3Q 2021 Strong Capital Position Tangible Book Value / Share $16.37 $16.67 $16.95 $17.35 $17.58 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 1

13 Third Quarter 2021 ACLL ▪ Allowance for credit losses on loans (ACLL) decreased $32 million at the end of 3Q 2021 from 2Q 2021 ▪ Net charge offs of only $8 million; or 0.13% of average loans ▪ 3Q 2021 provision of negative $24 million, compared to negative $35 million in 2Q 2021 and provision of $43 million in 3Q 2020 ▪ CECL forward looking assumptions based on Moody’s September 2021 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) ACLL / Total Loans Net Reserve Release of $32 million, reflecting strong dynamics throughout the portfolio Allowance Update 0.98% 1.55% 1.62% 1.73%1.77%1.76% 1.67% 1.52% 1.41% ACLL 1 ACLL 1 / Loans ACLL 1 ACLL 1 / Loans ACLL 1 ACLL 1 / Loans Loan Category C&BL (excl. Oil & Gas and PPP Loans) 92,203$ 1.19% 106,682$ 1.24% 103,370$ 1.20% C&BL Oil & Gas 68,687 14.08% 31,505$ 16.15% 17,475$ 10.06% PPP Loans - - 232$ 0.06% 125$ 0.07% CRE - Investor 43,331 1.14% 84,093$ 1.96% 82,182$ 1.91% CRE - Construction 58,261 4.10% 66,842$ 3.55% 56,441$ 3.08% Residential Mortgage 50,175 0.62% 43,230$ 0.57% 41,620$ 0.55% Other Consumer 41,768 3.47% 31,501$ 3.38% 31,059$ 3.41% Total 354,425$ 1.55% 364,087$ 1.52% 332,273$ 1.41% Total (excl. PPP Loans) 354,425$ 1.55% 363,854$ 1.55% 332,147$ 1.42% CECL Day 1 6/30/2021 9/30/2021

14 Credit Quality Trends $145 $97 $72 $66 $65 $8 $37 $32 $18 $8 $79 $77 $59 $63 $62 $232 $211 $163 $147 $135 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 $162 $141 $114 $84 $64 $60 $41 $46 $24 $23 $72 $100 $104 $88 $164 $293 $282 $264 $196 $251 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Credit metrics largely continued to improve during the third quarter ($ in millions) ($ in millions) ($ in millions) 1 Please see Appendix for more detail on our Key COVID Commercial Loan Exposures. Potential Problem Loans Nonaccrual LoansKey COVID Commercial Loan Outstandings1 Net Charge Offs and Provision Oil and gas All other loansOther COVID1 Oil and gas All other loansOther COVID1 $895 $792 $488 $458 $492 $1,204 $1,219 $1,131 $1,064 $990 $2,099 $2,011 $1,619 $1,522 $1,482 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 ($ in millions) $30 $28 $5 $5 $8 $43 $17 $(23) $(35) $(24) 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Commercial & Business Lending CRE Total Net Charge Offs Provision for Credit Losses

15 Balance Sheet Management ▪ Commercial loan growth, excl. PPP, of 2-4% ▪ Full-year net interest margin of 2.45% to 2.55% ▪ Target investments / total assets ratio of 17% to 19% Total Revenue ▪ Total revenue of $1.045 billion to $1.060 billion ▪ Noninterest income of $315 million to $325 million Expense Management ▪ Approximately $705 million to $711 million of noninterest expense in 2021; including initiatives and proposed facilities exit costs ▪ Effective tax rate of 19% to 21% Capital & Credit Management ▪ Target TCE at or above 7.5%; Target CET1 at or above 9.5% ▪ Expect a further net reserve release in 3Q Updated 2021 Full-Year Outlook ▪ Commercial loan growth, excl. PPP, of approximately 2% ▪ Full-year net interest margin of approximately 2.40% ▪ No change to range ▪ No change to range ▪ Upper end of range ▪ No change to range ▪ No change to range ▪ No change in targets ▪ For the fourth quarter, we expect to adjust provision to reflect changes to risk grade, economic conditions, other indications of credit quality, and loan volume Previous Guidance (9/9/2021) Updated Guidance

Appendix

17 Total Loans Outstanding Balances as of September 30, 2021 Well-diversified $24 billion loan portfolio ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 3 Includes oil & gas loans. 9/30/2021 1 % of Total Loans 9/30/2021 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 1,734$ 7.3% Multi-Family 1,955$ 8.3% Wholesale/Manufacturing 1,587 6.7% Office/Mixed 1,206 5.1% Real Estate (includes REITs) 1,352 5.7% Industrial 1,141 4.8% Mortgage Warehouse 1,232 5.2% Retail 813 3.4% Finance & Insurance 393 1.7% Single Family Construction 444 1.9% Construction 359 1.5% Hotel/Motel 231 1.0% Retail Trade 303 1.3% Parking Lots and Garages 102 0.4% Health Care and Social Assistance 299 1.3% Land 87 0.4% Rental and Leasing Services 248 1.1% Mobile Home Parks 32 0.1% Professional, Scientific, and Tech. Serv. 213 0.9% Other 120 0.5% Mining 3 207 0.9% Total CRE 6,131$ 26.0% Waste Management 161 0.7% Transportation and Warehousing 161 0.7% Consumer Accommodation and Food Services 125 0.5% Residential Mortgage 7,591$ 32.1% Financial Investments & Related Activities 91 0.4% Home Equity 609 2.6% Arts, Entertainment, and Recreation 82 0.3% Student Loans 107 0.5% Management of Companies & Enterprises 65 0.3% Credit Cards 107 0.5% Information 58 0.2% Auto Loans 7 0.0% Educational Services 44 0.2% Other Consumer 80$ 0.4% Public Administration 21 0.1% Total Consumer 8,501$ 36.0% Agriculture, Forestry, Fishing and Hunting 6 0.0% Other 249 1.1% Total C&BL 8,989$ 38.1% Total Loans 23,622$ 100.0%

18 1 As of 9/30/2021. Excludes $174 million Oil & Gas portfolio. 2 C&BL excludes grocers, convenience stores, vehicle dealers, auto parts and tire dealers, direct and mail order retailers, and building material dealers; CRE excludes properties primarily anchored by grocers, self-storage facilities, and vehicle dealers. Key COVID commercial loan exposures are spread across multiple industries without large concentrations ($ in millions) Key COVID Commercial Loan Exposures1 C&BL Utilization CRE Utilization Total % of total loans Retailers/Shopping Centers 2 Retailers 68.3$ 37% 584.8$ 89% 653.2$ 2.77% Retail REITs 180.4 46% 44.2 100% 224.6 0.95% Subtotal 248.8 43% 629.0 90% 877.8 3.72% Hotels, Amusement & Related Hotels 2.6 74% 231.4 97% 233.9 0.99% Parking Lots and Garages 20.9 64% 100.3 91% 121.2 0.51% Casinos 22.6 100% - - 22.6 0.10% Recreation & Entertainment 47.4 46% 5.5 95% 52.9 0.22% Movie Theaters 7.6 27% - - 7.6 0.03% Subtotal 100.9 53% 337.2 95% 438.1 1.85% Restaurants Full-Service 58.4 96% 14.4 71% 72.8 0.31% Limited-Service & Other 18.8 88% 8.9 67% 27.7 0.12% Subtotal 77.1 94% 23.4 70% 100.5 0.43% Transportation & Other Transportation Services 65.0 82% - - 65.0 0.28% Subtotal 65.0 82% - - 65.0 0.28% Total 491.9$ 53% 989.6$ 91% 1,481.5$ 6.27%

19 Manufacturing & Wholesale Trade 18% Real Estate 15% Power & Utilities 19% Mortgage Warehouse 14% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Principally reflects the oil and gas portfolio. C&BL by Geography $9.0 billion CRE by Geography $6.1 billion Multi-Family 32% Retail 13% Office / Mixed Use 20% Industrial 19% 1-4 Family Construction 7%Hotel / Motel 4% Other 6% Wind 47% Natural Gas 30% Solar 18% Transmission, Control and Distribution 3% Other 2% Wisconsin 24% Illinois 14% Minnesota 7% Texas 6% Other Midwest 10% Other 38% Wisconsin 26% Illinois 16% Minnesota 9% Other Midwest2 22% Texas 8%Other 19% Total Loans1 Wisconsin 29% Illinois 23% Minnesota 10% Other Midwest 13% Texas 4% Other 20% C&BL by Industry $9.0 billion Power & Utilities Lending $1.7 billion CRE by Property Type $6.1 billion 3 2 2 Loan Stratification Outstandings as of September 30, 2021

20 Reconciliation and Definitions of Non-GAAP Items ($ in millions) 1 This is a non-GAAP financial measure. 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 greater understanding of ongoing operations, and enhance comparability of results with prior periods. 2 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 capital strength. 3 These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. Pre-tax Pre-Provision Income Reconciliation1 2Q 2021 3Q 2021 Pre-tax pre-provision income Income (loss) before income taxes $113 $112 Provision for credit losses (35) (24) Pre-tax pre-provision income $78 $88 Tangible Common Equity and Tangible Assets Reconciliation2 3Q 2020 3Q 2021 Common equity $3,692 $3,802 Goodwill and other intangible assets, net (1,178) (1,165) Tangible common equity $2,513 $2,636 Total assets $34,699 $34,440 Goodwill and other intangible assets, net (1,178) (1,165) Tangible assets $33,520 $33,274 Selected Trend Information3 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Wealth management fees $21 $22 $22 $23 $22 Service charges and deposit account fees 14 15 15 16 17 Card-based fees 10 10 10 11 11 Other fee-based revenue 5 5 5 4 4 Fee-based revenue 51 52 52 53 54 Other 25 33 44 20 28 Total noninterest income $76 $86 $95 $73 $82

21 Reconciliation and Definitions of Non-GAAP Items 1 This is a non-GAAP financial measure. 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 greater understanding of ongoing operations, and enhance comparability of results with prior periods. Efficiency Ratio Reconciliation 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Federal Reserve efficiency ratio 85.41% 59.68% 65.74% 66.81% 65.43% Fully tax-equivalent adjustment (1.29)% (0.84)% (0.97)% (1.07)% (1.01)% Other intangible amortization (0.87)% (0.82)% (0.82)% (0.87)% (0.83)% Fully tax-equivalent efficiency ratio 83.25% 58.02% 63.96% 64.88% 63.61% Provision for unfunded commitments adjustment 2.87% 3.42% (1.09)% 2.14% 1.48% Asset gains (losses), net adjustment (0.11)% (0.30)% 1.12% --% 1.29% Acquisitions, branch sales, and initiatives (22.99)% 1.68% 0.22% 0.01% (0.91)% Adjusted efficiency ratio1 63.02% 62.83% 64.21% 67.02% 65.46% 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 excludes the provision for unfunded commitments, other intangible amortization, acquisition related costs, and announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net, asset gains (losses), net, and gain on sale of branches, net. 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 acquisition related costs, provision for unfunded commitments, asset gains (losses), net, branch sales, and announced initiatives.

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