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 19, 2023
---	---		Associated Banc-Corp
---
(Exact name of registrant as specified in its chapter)		Wisconsin	001-31343	39-1098068
---	---	---
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)		433 Main Street	Green Bay	Wisconsin	54301
---	---	---	---
(Address of principal executive offices)			(Zip code)		Registrant’s telephone number, including area code	920	491-7500
---	---	---		(Former name or former address, if changed since last report)
---	---
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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
6.625% Fixed-Rate Reset Subordinated Notes due 2033	ASBA	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).
---	---
☐	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.
---
On October 19, 2023, Associated Banc-Corp announced its earnings for the quarter ended September 30, 2023. 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 19, 2023, 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 dated October 19, 2023, containing financial information for the quarter ended September 30, 2023.
99.2    Slide presentation discussed on the conference call for investors and analysts on October 19, 2023.
SIGNATURES
---	---
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
	Associated Banc-Corp
	(Registrant)
Date: October 19, 2023	By: /s/ Derek S. Meyer
	Derek S. Meyer
	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 2023 Net Income Available to Common Equity of $80 Million, or $0.53 per Common Share

Results driven by balance sheet growth and continued progress against the Company's strategic initiatives

GREEN BAY, Wis. -- October 19, 2023 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $80 million, or $0.53 per common share, for the quarter ended September 30, 2023. These amounts compare to earnings of $84 million, or $0.56 per common share, for the quarter ended June 30, 2023 and earnings of $93 million, or $0.62 per common share, for the quarter ended September 30, 2022.

"We continued to see steady improvements in customer acquisition, retention and satisfaction scores during the quarter, enabling us to grow core customer deposits by over $500 million and decrease our reliance on non-customer funding sources," said President and CEO Andy Harmening. "Our strategic initiatives have also enabled us to deliver another quarter of balanced, high-quality loan growth. While we feel well positioned today, we recognize that the banking environment continues to evolve, and we look forward to sharing more details about the second phase of our strategic plan later this quarter.”

Third Quarter 2023 Highlights (all comparisons to the second quarter of 2023)

•Total period end commercial loans increased $68 million to $18.5 billion

•Total period end consumer loans increased $276 million to $11.7 billion

•Total period end deposits increased $109 million to $32.1 billion

•Quarterly net interest margin decreased 9 basis points to 2.71%

•Noninterest income increased $1 million to $67 million

•Noninterest expense increased $6 million to $196 million

•Provision for credit losses on loans remained flat at $22 million

•Net income available to common equity decreased $4 million to $80 million

Loans

Third quarter 2023 average total loans of $29.9 billion were up 2%, or $446 million, from the prior quarter and were up 10%, or $2.8 billion, from the same period last year. With respect to third quarter 2023 average balances by loan category:

•Commercial and business lending increased $86 million from the prior quarter and increased $793 million from the same period last year to $11.0 billion.

•Commercial real estate lending increased $17 million from the prior quarter and increased $545 million from the same period last year to $7.3 billion.

•Consumer lending increased $343 million from the prior quarter and increased $1.5 billion from the same period last year to $11.6 billion.

Third quarter 2023 period end total loans of $30.2 billion were up 1%, or $344 million, from the prior quarter and were up 9%, or $2.4 billion, from the same period last year. With respect to third quarter 2023 period end balances by loan category:

•Commercial and business lending increased $40 million from the prior quarter and increased $582 million from the same period last year to $11.2 billion.

•Commercial real estate lending increased $28 million from the prior quarter and increased $450 million from the same period last year to $7.3 billion.

•Consumer lending increased $276 million from the prior quarter and increased $1.3 billion from the same period last year to $11.7 billion.

In 2023, we now expect full-year total loan growth of 5% to 6%.

Deposits

Third quarter 2023 average deposits of $32.0 billion were up 2%, or $721 million, from the prior quarter and were up 11%, or $3.1 billion, from the same period last year. With respect to third quarter 2023 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $351 million from the prior quarter and decreased $1.8 billion from the same period last year to $6.3 billion.

•Savings increased $65 million from the prior quarter and increased $79 million from the same period last year to $4.8 billion.

•Interest-bearing demand deposits increased $315 million from the prior quarter and increased $392 million from the same period last year to $7.0 billion.

•Money market deposits decreased $450 million from the prior quarter and decreased $1.0 billion from the same period last year to $6.3 billion.

•Total time deposits increased $970 million from the prior quarter and increased $4.7 billion from the same period last year to $6.0 billion.

•Network transaction deposits increased $172 million from the prior quarter and increased $766 million from the same period last year to $1.6 billion.

Third quarter 2023 period end deposits of $32.1 billion were up $109 million from the prior quarter and were up 10%, or $2.9 billion, from the same period last year. With respect to third quarter 2023 period end balances by deposit category:

•Noninterest-bearing demand deposits decreased $143 million from the prior quarter and decreased $1.8 billion from the same period last year to $6.4 billion.

•Savings increased $59 million from the prior quarter and increased $128 million from the same period last year to $4.8 billion.

•Interest-bearing demand deposits increased $490 million from the prior quarter and increased $406 million from the same period last year to $7.5 billion.

•Money market deposits decreased $253 million from the prior quarter and decreased $641 million from the same period last year to $7.3 billion.

•Total time deposits decreased $45 million from the prior quarter and increased $4.8 billion from the same period last year to $6.1 billion.

•Network transaction deposits (included in money market and interest-bearing deposits) increased $49 million from the prior quarter and increased $785 million from the same period last year to $1.6 billion.

We continue to expect total core customer deposits (which excludes network transaction deposits and brokered CDs) to decrease by 3% in 2023 on a period end basis, with 2% growth in the second half of the year.

Net Interest Income and Net Interest Margin

Third quarter 2023 net interest income of $254 million decreased $4 million, or 1%, from the prior quarter and decreased $10 million, or 4%, from the same period last year. The net interest margin decreased to 2.71%, reflecting a 9 basis point decrease from the prior quarter and a 42 basis point decrease from the same period last year.

•The average yield on total loans for the third quarter of 2023 increased 19 basis points from the prior quarter and increased 190 basis points from the same period last year to 5.96%.

•The average cost of total interest-bearing liabilities for the third quarter of 2023 increased 30 basis points from the prior quarter and increased 255 basis points from the same period last year to 3.36%.

•The net free funds benefit for the third quarter of 2023 increased three basis points from the prior quarter and increased 49 basis points compared to the same period last year to 0.71%.

We now expect total net interest income growth of 8% to 10% in 2023.

Noninterest Income

Third quarter 2023 total noninterest income of $67 million increased $1 million, or 2%, from the prior quarter and decreased $4 million, or 6%, from the same period last year. With respect to third quarter 2023 noninterest income line items:

•Mortgage banking, net was $7 million for the third quarter, down $1 million from the prior quarter and up $4 million from the same period last year.

•Service charges and deposit account fees increased slightly from the prior quarter and decreased $2 million from the same period last year.

•Capital markets, net increased slightly from the prior quarter and decreased $2 million from the same period last year.

•Asset gains (losses) increased $1 million from the prior quarter and increased $1 million from the same period last year.

We continue to expect total noninterest income to compress by 8% to 10% in 2023.

Noninterest Expense

Third quarter 2023 total noninterest expense of $196 million increased $6 million, or 3%, from the prior quarter and increased slightly from the same period last year as we continued to invest in our strategic initiatives. With respect to third quarter 2023 noninterest expense line items:

•Personnel expense increased $3 million from the prior quarter and decreased $1 million from the same period last year.

•Technology expense increased $2 million from the prior quarter and increased $3 million from the same period last year.

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

We continue to expect total noninterest expense growth of 3% to 4% in 2023, excluding any nonrecurring items incurred in the fourth quarter.

Taxes

The third quarter 2023 tax expense was $19 million compared to $24 million of tax expense in the prior quarter and $26 million of tax expense in the same period last year. The effective tax rate for the third quarter of 2023 was 18.9% compared to an effective tax rate of 21.3% in the prior quarter and an effective tax rate of 21.4% in the same period last year.

We continue to expect the 2023 effective tax rate to be between 20% and 21%, assuming no change in the statutory corporate tax rate.

Credit

The third quarter 2023 provision for credit losses on loans was $22 million, compared to a provision of $22 million in the prior quarter and a provision of $17 million in the same period last year. With respect to third quarter 2023 credit quality:

•Nonaccrual loans of $169 million were up $37 million from the prior quarter and up $52 million from the same period last year. The nonaccrual loans to total loans ratio was 0.56% in the third quarter, up from 0.44% in the prior quarter and up from 0.42% in the same period last year.

•Third quarter 2023 net charge offs of $18 million were up compared to net charge offs of $11 million in the prior quarter and were up compared to net charge offs of $2 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $381 million was up $4 million compared to the prior quarter and up $48 million compared to the same period last year. The ACLL to total loans ratio was 1.26% in the third quarter, flat with the prior quarter and up from 1.20% in the same period last year.

In 2023, we 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 9.55% at September 30, 2023. 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 2023 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 19, 2023. 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 2023 earnings call. The third quarter 2023 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 $42 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 more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The Company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “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.

#

Associated Banc-Corp<br>Consolidated Balance Sheets (Unaudited)
($ in thousands)	September 30, 2023		June 30, 2023		Seql Qtr Change	March 31, 2023		December 31, 2022		September 30, 2022		Comp Qtr Change
Assets
Cash and due from banks	$	388,694	$	407,620		$	311,269	$	436,952	$	386,231
Interest-bearing deposits in other financial institutions	323,130		190,881		132,249	511,116		156,693		112,173		210,957
Federal funds sold and securities purchased under agreements to resell	965		31,160		(30,195)	455		27,810		4,015		(3,050)
Investment securities available for sale, at fair value	3,491,679		3,504,777		(13,098)	3,381,607		2,742,025		2,487,312		1,004,367
Investment securities held to maturity, net, at amortized cost	3,900,415		3,938,877		(38,462)	3,967,058		3,960,398		3,951,491		(51,076)
Equity securities	35,937		30,883		5,054	30,514		25,216		24,879		11,058
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	268,698		271,637		(2,939)	331,420		295,496		279,334		(10,636)
Residential loans held for sale	54,790		38,083		16,707	35,742		20,383		51,134		3,656
Commercial loans held for sale	—		15,000		(15,000)	33,490		—		—		—
Loans	30,193,187		29,848,904		344,283	29,207,072		28,799,569		27,817,280		2,375,907
Allowance for loan losses	(345,795)		(338,750)		(7,045)	(326,432)		(312,720)		(292,904)		(52,891)
Loans, net	29,847,392		29,510,153		337,239	28,880,640		28,486,849		27,524,376		2,323,016
Tax credit and other investments	256,905		263,583		(6,678)	269,269		276,773		275,247		(18,342)
Premises and equipment, net	373,017		374,866		(1,849)	375,540		376,906		379,462		(6,445)
Bank and corporate owned life insurance	679,775		678,578		1,197	677,328		676,530		677,129		2,646
Goodwill	1,104,992		1,104,992		—	1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	42,674		44,877		(2,203)	47,079		49,282		51,485		(8,811)
Mortgage servicing rights, net	89,131		80,449		8,682	74,479		77,351		78,352		10,779
Interest receivable	171,119		159,185		11,934	152,404		144,449		115,782		55,337
Other assets	608,068		573,870		34,198	518,115		547,621		546,214		61,854
Total assets	$	41,637,381	$	41,219,473		$	40,702,519	$	39,405,727	$	38,049,607
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	6,422,994	$	6,565,666		$	7,328,689	$	7,760,811	$	8,224,579
Interest-bearing deposits	25,700,332		25,448,743		251,589	23,003,134		21,875,343		20,974,003		4,726,329
Total deposits	32,123,326		32,014,409		108,917	30,331,824		29,636,154		29,198,581		2,924,745
Federal funds purchased and securities sold under agreements to repurchase	451,644		325,927		125,717	208,398		585,139		276,674		174,970
Commercial paper	—		15,327		(15,327)	18,210		20,798		7,687		(7,687)
FHLB advances	3,733,041		3,630,747		102,294	4,986,138		4,319,861		3,777,478		(44,437)
Other long-term funding	529,459		534,273		(4,814)	544,103		248,071		249,484		279,975
Allowance for unfunded commitments	34,776		38,276		(3,500)	39,776		38,776		39,776		(5,000)
Accrued expenses and other liabilities	637,491		537,640		99,851	448,407		541,438		545,976		91,515
Total liabilities	37,509,738		37,096,599		413,139	36,576,856		35,390,237		34,095,656		3,414,082
Stockholders’ equity
Preferred equity	194,112		194,112		—	194,112		194,112		194,112		—
Common equity	3,933,531		3,928,762		4,769	3,931,551		3,821,378		3,759,840		173,691
Total stockholders’ equity	4,127,643		4,122,874		4,769	4,125,663		4,015,490		3,953,952		173,691
Total liabilities and stockholders’ equity	$	41,637,381	$	41,219,473		$	40,702,519	$	39,405,727	$	38,049,607

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)	3Q23		3Q22		Change	% Change		Sep 2023		Sep 2022		Change	% Change
Interest income
Interest and fees on loans	$	447,912	$	275,666		62	%	$	1,262,538	$	643,239		96	%
Interest and dividends on investment securities
Taxable	38,210		19,221		18,989	99	%	104,197		54,009		50,188	93	%
Tax-exempt	15,941		16,538		(597)	(4)	%	47,960		49,025		(1,065)	(2)	%
Other interest	6,575		3,284		3,291	100	%	17,990		7,696		10,294	134	%
Total interest income	508,637		314,708		193,929	62	%	1,432,685		753,969		678,716	90	%
Interest expense
Interest on deposits	193,131		26,000		167,131	N/M		464,749		37,590		427,159	N/M
Interest on federal funds purchased and securities sold under agreements to repurchase	3,100		756		2,344	N/M		8,504		1,200		7,304	N/M
Interest on other short-term funding	—		1		(1)	(100)	%	1		2		(1)	(50)	%
Interest on FHLB Advances	48,143		20,792		27,351	132	%	147,365		38,663		108,702	N/M
Interest on long-term funding	10,019		2,722		7,297	N/M		25,895		8,182		17,713	N/M
Total interest expense	254,394		50,270		204,124	N/M		646,514		85,637		560,877	N/M
Net interest income	254,244		264,439		(10,195)	(4)	%	786,171		668,332		117,839	18	%
Provision for credit losses	21,943		16,998		4,945	29	%	62,014		13,006		49,008	N/M
Net interest income after provision for credit losses	232,301		247,440		(15,139)	(6)	%	724,157		655,326		68,831	11	%
Noninterest income
Wealth management fees	20,828		19,984		844	4	%	61,499		63,719		(2,220)	(3)	%
Service charges and deposit account fees	12,864		15,029		(2,165)	(14)	%	38,230		48,392		(10,162)	(21)	%
Card-based fees	11,510		11,479		31	—	%	33,492		32,847		645	2	%
Other fee-based revenue	4,509		4,487		22	—	%	13,249		12,613		636	5	%
Capital markets, net	5,368		7,675		(2,307)	(30)	%	15,544		24,331		(8,787)	(36)	%
Mortgage banking, net	6,501		2,098		4,403	N/M		17,814		16,635		1,179	7	%
Bank and corporate owned life insurance	2,047		1,827		220	12	%	6,882		8,004		(1,122)	(14)	%
Asset gains (losses), net	625		18		607	N/M		590		1,883		(1,293)	(69)	%
Investment securities gains (losses), net	(11)		5,664		(5,675)	N/M		55		5,676		(5,621)	(99)	%
Other	2,339		2,527		(188)	(7)	%	6,841		6,613		228	3	%
Total noninterest income	66,579		70,788		(4,209)	(6)	%	194,195		220,713		(26,518)	(12)	%
Noninterest expense
Personnel	117,159		118,243		(1,084)	(1)	%	347,669		335,720		11,949	4	%
Technology	26,172		22,694		3,478	15	%	73,990		65,401		8,589	13	%
Occupancy	14,125		13,717		408	3	%	42,775		43,948		(1,173)	(3)	%
Business development and advertising	7,100		6,778		322	5	%	20,054		17,388		2,666	15	%
Equipment	5,016		4,921		95	2	%	14,921		14,841		80	1	%
Legal and professional	4,461		4,159		302	7	%	13,149		14,118		(969)	(7)	%
Loan and foreclosure costs	2,049		1,631		418	26	%	4,822		5,121		(299)	(6)	%
FDIC assessment	9,150		5,800		3,350	58	%	25,575		16,300		9,275	57	%
Other intangible amortization	2,203		2,203		—	—	%	6,608		6,608		—	—	%
Other	8,771		15,645		(6,874)	(44)	%	24,726		31,057		(6,331)	(20)	%
Total noninterest expense	196,205		195,791		414	—	%	574,291		550,503		23,788	4	%
Income before income taxes	102,674		122,438		(19,764)	(16)	%	344,061		325,536		18,525	6	%
Income tax expense	19,426		26,163		(6,737)	(26)	%	70,299		68,176		2,123	3	%
Net income	83,248		96,275		(13,027)	(14)	%	273,762		257,360		16,402	6	%
Preferred stock dividends	2,875		2,875		—	—	%	8,625		8,625		—	—	%
Net income available to common equity	$	80,373	$	93,400		(14)	%	$	265,137	$	248,735		7	%
Earnings per common share
Basic	$	0.53	$	0.62		(15)	%	$	1.76	$	1.66		6	%
Diluted	$	0.53	$	0.62		(15)	%	$	1.75	$	1.65		6	%
Average common shares outstanding
Basic	150,035		149,321		714	—	%	149,929		149,063		866	1	%
Diluted	151,014		150,262		752	1	%	150,971		150,205		766	1	%

All values are in US Dollars.

N/M = Not meaningful

Numbers may not sum due to rounding.

Associated Banc-CorpConsolidated Statements of Income (Unaudited) - Quarterly Trend
( in thousands, except per share data)
		2Q23		Change	% Change		1Q23			4Q22		3Q22		Change	% Change
Interest income
Interest and fees on loans	$	447,912	$	423,307	24,605	6		%	$	391,320	$	349,403	$	275,666	172,246	62	%
Interest and dividends on investment securities
Taxable	38,210		35,845			7		%	30,142		21,435		19,221			99	%
Tax-exempt	15,941		15,994			—		%	16,025		16,666		16,538			(4)	%
Other interest	6,575		6,086			8		%	5,329		3,779		3,284			100	%
Total interest income	508,637		481,231			6		%	442,817		391,283		314,708			62	%
Interest expense
Interest on deposits	193,131		162,196			19		%	109,422		60,719		26,000			N/M
Interest on federal funds purchased and securities sold under agreements to repurchase	3,100		2,261			37		%	3,143		2,280		756			N/M
Interest on other short-term funding	—		—			N/M			—		—		1			(100)	%
Interest on FHLB advances	48,143		49,261			(2)		%	49,960		36,824		20,792			132	%
Interest on long-term funding	10,019		9,596			4		%	6,281		2,470		2,722			N/M
Total interest expense	254,394		223,314			14		%	168,807		102,294		50,270			N/M
Net interest income	254,244		257,917			(1)		%	274,010		288,989		264,439			(4)	%
Provision for credit losses	21,943		22,100			(1)		%	17,971		19,992		16,998			29	%
Net interest income after provision for credit losses	232,301		235,817			(1)		%	256,039		268,997		247,440			(6)	%
Noninterest income
Wealth management fees	20,828		20,483			2		%	20,189		20,403		19,984			4	%
Service charges and deposit account fees	12,864		12,372			4		%	12,994		13,918		15,029			(14)	%
Card-based fees	11,510		11,396			1		%	10,586		11,167		11,479			—	%
Other fee-based revenue	4,509		4,465			1		%	4,276		3,290		4,487			—	%
Capital markets, net	5,368		5,093			5		%	5,083		5,586		7,675			(30)	%
Mortgage banking, net	6,501		7,768			(16)		%	3,545		2,238		2,098			N/M
Bank and corporate owned life insurance	2,047		2,172			(6)		%	2,664		3,427		1,827			12	%
Asset gains (losses), net	625		(299)			N/M			263		(545)		18			N/M
Investment securities gains (losses), net	(11)		14			N/M			51		(1,930)		5,664			N/M
Other	2,339		2,080			12		%	2,422		4,102		2,527			(7)	%
Total noninterest income	66,579		65,543			2		%	62,073		61,657		70,788			(6)	%
Noninterest expense
Personnel	117,159		114,089			3		%	116,420		118,381		118,243			(1)	%
Technology	26,172		24,220			8		%	23,598		25,299		22,694			15	%
Occupancy	14,125		13,587			4		%	15,063		15,846		13,717			3	%
Business development and advertising	7,100		7,106			—		%	5,849		8,136		6,778			5	%
Equipment	5,016		4,975			1		%	4,930		4,791		4,921			2	%
Legal and professional	4,461		4,831			(8)		%	3,857		4,132		4,159			7	%
Loan and foreclosure costs	2,049		1,635			25		%	1,138		804		1,631			26	%
FDIC assessment	9,150		9,550			(4)		%	6,875		6,350		5,800			58	%
Other intangible amortization	2,203		2,203			—		%	2,203		2,203		2,203			—	%
Other	8,771		8,476			3		%	7,479		10,618		15,645			(44)	%
Total noninterest expense	196,205		190,673			3		%	187,412		196,560		195,791			—	%
Income before income taxes	102,674		110,687			(7)		%	130,700		134,094		122,438			(16)	%
Income tax expense	19,426		23,533			(17)		%	27,340		25,332		26,163			(26)	%
Net income	83,248		87,154			(4)		%	103,360		108,762		96,275			(14)	%
Preferred stock dividends	2,875		2,875			—		%	2,875		2,875		2,875			—	%
Net income available to common equity	$	80,373	$	84,279	(3,906)	(5)		%	$	100,485	$	105,887	$	93,400	(13,027)	(14)	%
Earnings per common share
Basic	$	0.53	$	0.56	(0.03)	(5)		%	$	0.67	$	0.70	$	0.62	(0.09)	(15)	%
Diluted	$	0.53	$	0.56	(0.03)	(5)		%	$	0.66	$	0.70	$	0.62	(0.09)	(15)	%
Average common shares outstanding
Basic	150,035		149,986			—		%	149,763		149,454		149,321			—	%
Diluted	151,014		150,870			—		%	151,128		150,886		150,262			1	%

All values are in US Dollars.

N/M = Not meaningful

Numbers may not sum due to rounding.

Associated Banc-Corp<br>Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)	YTD <br>Sep 2023			YTD <br>Sep 2022			3Q23			2Q23			1Q23			4Q22			3Q22
Per common share data
Dividends	$	0.63		$	0.60		$	0.21		$	0.21		$	0.21		$	0.21		$	0.20
Market value:
High	24.18			25.71			19.21			18.45			24.18			25.13			21.87
Low	14.48			17.63			16.22			14.48			17.66			20.54			17.63
Close							17.11			16.23			17.98			23.09			20.08
Book value / share							26.06			26.03			26.06			25.40			25.01
Tangible book value / share							18.46			18.41			18.42			17.73			17.32
Performance ratios (annualized)
Return on average assets	0.91		%	0.95		%	0.80		%	0.86		%	1.06		%	1.12		%	1.02		%
Noninterest expense / average assets	1.90		%	2.04		%	1.90		%	1.89		%	1.92		%	2.03		%	2.08		%
Effective tax rate	20.43		%	20.94		%	18.92		%	21.26		%	20.92		%	18.89		%	21.37		%
Dividend payout ratio(a)	35.80		%	36.14		%	39.62		%	37.50		%	31.34		%	30.00		%	32.26		%
Net interest margin	2.86		%	2.77		%	2.71		%	2.80		%	3.07		%	3.31		%	3.13		%
Selected trend information
Average full time equivalent employees(b)	4,222			4,101			4,220			4,227			4,219			4,169			4,182
Branch count							202			202			202			202			215
Assets under management, at market value(c)							$	12,543		$	12,995		$	12,412		$	11,843		$	11,142
Mortgage loans originated for sale during period	$	283		$	536		$	115		$	99		$	69		$	64		$	132
Mortgage loan settlements during period	$	255		$	620		$	103		$	97		$	55		$	95		$	120
Mortgage portfolio serviced for others							$	6,452		$	6,525		$	6,612		$	6,712		$	6,800
Mortgage servicing rights, net / mortgage portfolio serviced for others							1.38		%	1.23		%	1.13		%	1.15		%	1.15		%
Shares outstanding, end of period							150,951			150,919			150,886			150,444			150,328
Selected quarterly ratios
Loans / deposits							93.99		%	93.24		%	96.29		%	97.18		%	95.27		%
Stockholders’ equity / assets							9.91		%	10.00		%	10.14		%	10.19		%	10.39		%
Risk-based capital(d)(e)
Total risk-weighted assets							$	33,497		$	33,146		$	32,648		$	32,472		$	31,406
Common equity Tier 1							$	3,197		$	3,143		$	3,086		$	3,036		$	2,956
Common equity Tier 1 capital ratio							9.55		%	9.48		%	9.45		%	9.35		%	9.41		%
Tier 1 capital ratio							10.12		%	10.07		%	10.05		%	9.95		%	10.03		%
Total capital ratio							12.25		%	12.22		%	12.22		%	11.33		%	11.41		%
Tier 1 leverage ratio							8.42		%	8.40		%	8.46		%	8.59		%	8.66		%

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)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.

(e)September 30, 2023 data is estimated.

Associated Banc-Corp<br>Selected Asset Quality Information
($ in thousands)	Sep 30, 2023			Jun 30, 2023			Seql Qtr %<br>Change		Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Comp Qtr %<br>Change
Allowance for loan losses
Balance at beginning of period	$	338,750		$	326,432		4	%	$	312,720		$	292,904		$	280,771		21	%
Provision for loan losses	25,500			23,500			9	%	17,000			21,000			14,000			82	%
Charge offs	(20,535)			(14,855)			38	%	(5,501)			(2,982)			(3,346)			N/M
Recoveries	2,079			3,674			(43)	%	2,212			1,798			1,478			41	%
Net (charge offs) recoveries	(18,455)			(11,181)			65	%	(3,289)			(1,183)			(1,867)			N/M
Balance at end of period	$	345,795		$	338,750		2	%	$	326,432		$	312,720		$	292,904		18	%
Allowance for unfunded commitments
Balance at beginning of period	$	38,276		$	39,776		(4)	%	$	38,776		$	39,776		$	36,776		4	%
Provision for unfunded commitments	(3,500)			(1,500)			133	%	1,000			(1,000)			3,000			N/M
Balance at end of period	$	34,776		$	38,276		(9)	%	$	39,776		$	38,776		$	39,776		(13)	%
Allowance for credit losses on loans (ACLL)	$	380,571		$	377,027		1	%	$	366,208		$	351,496		$	332,680		14	%
Provision for credit losses on loans	$	22,000		$	22,000		—	%	$	18,000		$	20,000		$	17,000		29	%
($ in thousands)	Sep 30, 2023			Jun 30, 2023			Seql Qtr % Change		Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Comp Qtr %<br>Change
Net (charge offs) recoveries
Commercial and industrial	$	(16,558)		$	(11,177)		48	%	$	(1,759)		$	278		$	(897)		N/M
Commercial real estate—owner occupied	2			3			(33)	%	3			3			3			(33)	%
Commercial and business lending	(16,556)			(11,174)			48	%	(1,756)			281			(894)			N/M
Commercial real estate—investor	272			2,276			(88)	%	—			—			—			N/M
Real estate construction	18			(18)			N/M		18			16			9			100	%
Commercial real estate lending	290			2,257			(87)	%	18			16			9			N/M
Total commercial	(16,266)			(8,917)			82	%	(1,738)			297			(885)			N/M
Residential mortgage	(22)			(283)			(92)	%	(53)			(125)			(42)			(48)	%
Auto finance	(1,269)			(1,048)			21	%	(957)			(768)			(165)			N/M
Home equity	128			183			(30)	%	340			123			(101)			N/M
Other consumer	(1,027)			(1,117)			(8)	%	(881)			(711)			(675)			52	%
Total consumer	(2,189)			(2,264)			(3)	%	(1,550)			(1,480)			(983)			123	%
Total net (charge offs) recoveries	$	(18,455)		$	(11,181)		65	%	$	(3,289)		$	(1,183)		$	(1,867)		N/M
(In basis points)	Sep 30, 2023			Jun 30, 2023					Mar 31, 2023			Dec 31, 2022			Sep 30, 2022
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial	(66)			(46)					(7)			1			(4)
Commercial real estate—owner occupied	—			—					—			—			—
Commercial and business lending	(60)			(41)					(7)			1			(3)
Commercial real estate—investor	2			18					—			—			—
Real estate construction	—			—					—			—			—
Commercial real estate lending	2			12					—			—			—
Total commercial	(35)			(20)					(4)			1			(2)
Residential mortgage	—			(1)					—			(1)			—
Auto finance	(27)			(25)					(26)			(24)			(7)
Home equity	8			12					22			8			(7)
Other consumer	(148)			(163)					(125)			(95)			(89)
Total consumer	(7)			(8)					(6)			(6)			(4)
Total net (charge offs) recoveries	(25)			(15)					(5)			(2)			(3)
($ in thousands)	Sep 30, 2023			Jun 30, 2023			Seql Qtr %<br>Change		Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Comp Qtr %<br>Change
Credit quality
Nonaccrual loans	$	168,558		$	131,278		28	%	$	117,569		$	111,467		$	116,406		45	%
Other real estate owned (OREO)	8,452			7,575			12	%	15,184			14,784			16,373			(48)	%
Repossessed assets	$	658		$	348		89	%	$	92		$	215		$	299		120	%
Total nonperforming assets	$	177,668		$	139,201		28	%	$	132,845		$	126,466		$	133,078		34	%
Loans 90 or more days past due and still accruing	$	2,156		$	1,726		25	%	$	1,703		$	1,728		$	1,417		52	%
Allowance for credit losses on loans to total loans	1.26		%	1.26		%			1.25		%	1.22		%	1.20		%
Allowance for credit losses on loans to nonaccrual loans	225.78		%	287.20		%			311.48		%	315.34		%	285.79		%
Nonaccrual loans to total loans	0.56		%	0.44		%			0.40		%	0.39		%	0.42		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.59		%	0.47		%			0.45		%	0.44		%	0.48		%
Nonperforming assets to total assets	0.43		%	0.34		%			0.33		%	0.32		%	0.35		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans	0.15		%	0.10		%			0.05		%	—		%	—		%

N/M = Not meaningful

Associated Banc-Corp<br>Selected Asset Quality Information (continued)
(In thousands)	Sep 30, 2023		Jun 30, 2023		Seql Qtr %<br>Change		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Comp Qtr %<br>Change
Nonaccrual loans
Commercial and industrial	$	74,812	$	34,907	114	%	$	22,735	$	14,329	$	15,576	N/M
Commercial real estate—owner occupied	3,936		1,444		173	%	1,478		—		—		N/M
Commercial and business lending	78,748		36,352		117	%	24,213		14,329		15,576		N/M
Commercial real estate—investor	10,882		22,068		(51)	%	25,122		29,380		37,479		(71)	%
Real estate construction	103		125		(18)	%	178		105		141		(27)	%
Commercial real estate lending	10,985		22,193		(51)	%	25,300		29,485		37,620		(71)	%
Total commercial	89,732		58,544		53	%	49,513		43,814		53,196		69	%
Residential mortgage	66,153		61,718		7	%	58,274		58,480		55,485		19	%
Auto finance	4,533		3,065		48	%	2,436		1,490		302		N/M
Home equity	7,917		7,788		2	%	7,246		7,487		7,325		8	%
Other consumer	222		163		36	%	100		197		98		127	%
Total consumer	78,826		72,733		8	%	68,056		67,654		63,210		25	%
Total nonaccrual loans	$	168,558	$	131,278	28	%	$	117,569	$	111,467	$	116,406	45	%
	Sep 30, 2023		Jun 30, 2023		Seql Qtr %<br>Change		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Comp Qtr %<br>Change
Restructured loans (accruing)(a)
Commercial and industrial	$	234	$	168	39	%	$	47	$	12,453	$	14,829	N/A
Commercial real estate—owner occupied	—		—		N/M		—		316		369		N/A
Commercial and business lending	234		168		39	%	47		12,769		15,198		N/A
Commercial real estate—investor	—		—		N/M		—		128		733		N/A
Real estate construction	—		—		N/M		—		195		165		N/A
Commercial real estate lending	—		—		N/M		—		324		898		N/A
Total commercial	234		168		39	%	47		13,093		16,097		N/A
Residential mortgage	207		126		64	%	126		16,829		16,169		N/A
Auto finance	169		80		111	%	61		—		—		N/A
Home equity	236		78		N/M		31		2,148		2,103		N/A
Other consumer	1,243		988		26	%	498		798		764		N/A
Total consumer	1,855		1,271		46	%	716		19,775		19,036		N/A
Total restructured loans (accruing)	$	2,089	$	1,439	45	%	$	763	$	32,868	$	35,132	N/A
Nonaccrual restructured loans (included in nonaccrual loans)	$	961	$	796	21	%	$	341	$	20,127	$	21,650	N/A
	Sep 30, 2023		Jun 30, 2023		Seql Qtr %<br>Change		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Comp Qtr %<br>Change
Accruing loans 30-89 days past due
Commercial and industrial	$	1,507	$	12,005	(87)	%	$	4,239	$	6,283	$	1,861	(19)	%
Commercial real estate—owner occupied	1,877		1,484		26	%	2,955		230		—		N/M
Commercial and business lending	3,384		13,489		(75)	%	7,195		6,512		1,861		82	%
Commercial real estate—investor	10,121		—		N/M		—		1,067		—		N/M
Real estate construction	10		76		(87)	%	—		39		43		(77)	%
Commercial real estate lending	10,131		76		N/M		—		1,105		43		N/M
Total commercial	13,515		13,565		—	%	7,195		7,618		1,904		N/M
Residential mortgage	11,652		8,961		30	%	7,626		9,874		6,517		79	%
Auto finance	16,688		11,429		46	%	8,640		9,408		6,206		169	%
Home equity	3,687		4,030		(9)	%	4,113		5,607		4,234		(13)	%
Other consumer	1,880		2,025		(7)	%	1,723		1,610		1,592		18	%
Total consumer	33,908		26,444		28	%	22,102		26,499		18,549		83	%
Total accruing loans 30-89 days past due	$	47,422	$	40,008	19	%	$	29,297	$	34,117	$	20,452	132	%
	Sep 30, 2023		Jun 30, 2023		Seql Qtr %<br>Change		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Comp Qtr %<br>Change
Potential problem loans
Commercial and industrial	$	207,237	$	205,228	1	%	$	135,047	$	136,549	$	108,556	91	%
Commercial real estate—owner occupied	27,792		29,396		(5)	%	32,077		34,422		28,287		(2)	%
Commercial and business lending	235,029		234,624		—	%	167,124		170,971		136,843		72	%
Commercial real estate—investor	148,840		106,662		40	%	89,653		92,535		117,982		26	%
Real estate construction	—		—		N/M		—		970		—		N/M
Commercial real estate lending	148,840		106,662		40	%	89,653		93,505		117,982		26	%
Total commercial	383,869		341,286		12	%	256,776		264,476		254,825		51	%
Residential mortgage	1,247		1,646		(24)	%	1,684		1,978		2,845		(56)	%
Home equity	236		240		(2)	%	244		197		185		28	%
Total consumer	1,483		1,886		(21)	%	1,928		2,175		3,030		(51)	%
Total potential problem loans	$	385,352	$	343,173	12	%	$	258,704	$	266,651	$	257,855	49	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) On January 1, 2023, the Corporation adopted ASU 2022-02. Under this update, troubled debt restructurings were eliminated and replaced with a modified loan classification. As a result, amounts reported for 2023 periods will not be comparable to amounts reported for 2022 periods.

Associated Banc-Corp<br>Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	September 30, 2023						June 30, 2023						September 30, 2022
($ 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 and business lending	$	10,985,584	$	194,956	7.04	%	$	10,899,337	$	184,080	6.77	%	$	10,192,463	$	110,215	4.29	%
Commercial real estate lending	7,312,645		134,370		7.29	%	7,295,367		127,967		7.04	%	6,768,054		78,887		4.62	%
Total commercial	18,298,229		329,326		7.14	%	18,194,703		312,047		6.88	%	16,960,517		189,101		4.42	%
Residential mortgage	8,807,157		74,643		3.39	%	8,701,496		72,056		3.31	%	8,223,531		64,069		3.12	%
Auto finance	1,884,540		24,074		5.07	%	1,654,523		19,701		4.78	%	969,918		9,170		3.75	%
Other retail	894,685		20,534		9.15	%	887,574		20,135		9.08	%	901,738		13,868		6.13	%
Total loans	29,884,611		448,577		5.96	%	29,438,297		423,939		5.77	%	27,055,703		276,209		4.06	%
Investment securities
Taxable	5,407,299		38,210		2.83	%	5,304,381		35,845		2.70	%	4,328,586		19,221		1.78	%
Tax-exempt(a)	2,300,488		20,085		3.49	%	2,314,825		20,152		3.48	%	2,435,957		20,838		3.42	%
Other short-term investments	483,211		6,575		5.40	%	511,487		6,086		4.77	%	378,528		3,284		3.45	%
Investments and other	8,190,998		64,870		3.16	%	8,130,693		62,083		3.05	%	7,143,071		43,342		2.42	%
Total earning assets	38,075,608		$	513,447	5.36	%	37,568,991		$	486,022	5.18	%	34,198,774		$	319,551	3.72	%
Other assets, net	3,000,371						2,989,321						3,073,005
Total assets	$	41,075,980					$	40,558,311					$	37,271,779
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,814,499	$	18,592	1.53	%	$	4,749,808	$	15,160	1.28	%	$	4,735,285	$	516	0.04	%
Interest-bearing demand	6,979,071		41,980		2.39	%	6,663,775		34,961		2.10	%	6,587,404		10,306		0.62	%
Money market	6,294,083		45,034		2.84	%	6,743,810		43,529		2.59	%	7,328,165		9,474		0.51	%
Network transaction deposits	1,639,619		22,008		5.33	%	1,468,006		18,426		5.03	%	873,168		4,716		2.14	%
Time deposits	5,955,741		65,517		4.36	%	4,985,949		50,119		4.03	%	1,230,859		989		0.32	%
Total interest-bearing deposits	25,683,013		193,131		2.98	%	24,611,348		162,196		2.64	%	20,754,882		26,000		0.50	%
Federal funds purchased and securities sold under agreements to repurchase	320,518		3,100		3.84	%	285,754		2,261		3.17	%	380,674		756		0.79	%
Commercial paper	5,041		—		0.01	%	12,179		—		0.01	%	18,308		1		0.01	%
FHLB advances	3,460,827		48,143		5.52	%	3,796,106		49,261		5.20	%	3,283,328		20,792		2.51	%
Long-term funding	533,744		10,019		7.51	%	543,003		9,596		7.07	%	249,838		2,722		4.36	%
Total short and long-term funding	4,320,130		61,263		5.63	%	4,637,042		61,118		5.28	%	3,932,149		24,270		2.45	%
Total interest-bearing liabilities	30,003,143		$	254,394	3.36	%	29,248,389		$	223,314	3.06	%	24,687,031		$	50,270	0.81	%
Noninterest-bearing demand deposits	6,318,781						6,669,787						8,119,475
Other liabilities	622,004						511,074						480,672
Stockholders’ equity	4,132,052						4,129,061						3,984,602
Total liabilities and stockholders’ equity	$	41,075,980					$	40,558,311					$	37,271,779
Interest rate spread					2.00	%					2.12	%					2.91	%
Net free funds					0.71	%					0.68	%					0.22	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	259,053	2.71	%			$	262,708	2.80	%			$	269,281	3.13	%
Fully tax-equivalent adjustment			4,810						4,791						4,843
Net interest income			$	254,244					$	257,917					$	264,439

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,
	2023						2022
($ 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 and business lending	$	10,835,003	$	546,210	6.74	%	$	9,623,927	$	236,971	3.29	%
Commercial real estate lending	7,286,627		381,425		7.00	%	6,438,335		176,006		3.65	%
Total commercial	18,121,629		927,634		6.84	%	16,062,262		412,977		3.44	%
Residential mortgage	8,698,542		217,410		3.33	%	7,920,382		177,906		2.99	%
Auto finance	1,677,838		60,233		4.80	%	657,150		17,837		3.63	%
Other retail	895,371		59,163		8.82	%	888,241		35,900		5.40	%
Total loans	29,393,380		1,264,441		5.75	%	25,528,036		644,621		3.37	%
Investment securities
Taxable	5,209,845		104,197		2.67	%	4,371,244		54,009		1.65	%
Tax-exempt (a)	2,314,838		60,429		3.48	%	2,416,064		61,771		3.41	%
Other short-term investments	495,883		17,990		4.85	%	625,748		7,696		1.64	%
Investments and other	8,020,566		182,616		3.03	%	7,413,056		123,477		2.22	%
Total earning assets	37,413,946		$	1,447,057	5.17	%	32,941,092		$	768,098	3.11	%
Other assets, net	3,005,220						3,134,678
Total assets	$	40,419,166					$	36,075,770
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	4,743,526	$	43,611	1.23	%	$	4,650,105	$	1,427	0.04	%
Interest-bearing demand	6,819,714		106,860		2.09	%	6,573,680		14,307		0.29	%
Money market	6,853,545		130,201		2.54	%	7,090,960		12,642		0.24	%
Network transaction deposits	1,420,042		53,259		5.01	%	795,059		6,460		1.09	%
Time deposits	4,447,813		130,818		3.93	%	1,266,116		2,754		0.29	%
Total interest-bearing deposits	24,284,640		464,749		2.56	%	20,375,920		37,590		0.25	%
Federal funds purchased and securities sold under agreements to repurchase	344,950		8,504		3.30	%	376,687		1,200		0.43	%
Commercial paper	11,475		1		0.01	%	23,106		2		0.01	%
FHLB advances	3,834,247		147,365		5.14	%	2,445,486		38,663		2.11	%
Long-term funding	495,434		25,895		6.97	%	249,759		8,182		4.37	%
Total short and long-term funding	4,686,106		181,765		5.18	%	3,095,039		48,047		2.07	%
Total interest-bearing liabilities	28,970,746		$	646,514	2.98	%	23,470,959		$	85,637	0.49	%
Noninterest-bearing demand deposits	6,772,521						8,189,067
Other liabilities	567,938						446,249
Stockholders’ equity	4,107,961						3,969,495
Total liabilities and stockholders’ equity	$	40,419,166					$	36,075,770
Interest rate spread					2.19	%					2.62	%
Net free funds					0.67	%					0.15	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	800,543	2.86	%			$	682,461	2.77	%
Fully tax-equivalent adjustment			14,372						14,129
Net interest income			$	786,171					$	668,332

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, 2023		Seql Qtr % Change		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Comp Qtr % Change
Commercial and industrial	10,099,068	$	10,055,487	—	%	$	9,869,781	$	9,759,454	$	9,571,925	6	%
Commercial real estate—owner occupied		1,058,237		—	%	1,050,236		991,722		999,786		6	%
Commercial and business lending		11,113,724		—	%	10,920,017		10,751,176		10,571,711		6	%
Commercial real estate—investor		5,312,928		(2)	%	5,094,249		5,080,344		5,064,289		3	%
Real estate construction		2,009,060		6	%	2,147,070		2,155,222		1,835,159		16	%
Commercial real estate lending		7,321,988		—	%	7,241,318		7,235,565		6,899,449		7	%
Total commercial		18,435,711		—	%	18,161,335		17,986,742		17,471,159		6	%
Residential mortgage		8,746,345		—	%	8,605,164		8,511,550		8,314,902		6	%
Auto finance		1,777,974		13	%	1,551,538		1,382,073		1,117,136		80	%
Home equity		615,506		1	%	609,787		624,353		612,608		2	%
Other consumer		273,367		1	%	279,248		294,851		301,475		(8)	%
Total consumer		11,413,193		2	%	11,045,737		10,812,828		10,346,121		13	%
Total loans	30,193,187	$	29,848,904	1	%	$	29,207,072	$	28,799,569	$	27,817,280	9	%
Period end deposit and customer funding composition		Jun 30, 2023		Seql Qtr % Change		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Comp Qtr % Change
Noninterest-bearing demand	6,422,994	$	6,565,666	(2)	%	$	7,328,689	$	7,760,811	$	8,224,579	(22)	%
Savings		4,777,415		1	%	4,730,472		4,604,848		4,708,720		3	%
Interest-bearing demand		7,037,959		7	%	6,977,121		7,100,727		7,122,218		6	%
Money market		7,521,930		(3)	%	8,357,625		8,239,610		7,909,232		(8)	%
Brokered CDs		3,818,325		(12)	%	1,185,565		541,916		—		N/M
Other time deposits		2,293,114		18	%	1,752,351		1,388,242		1,233,833		120	%
Total deposits		32,014,409		—	%	30,331,824		29,636,154		29,198,581		10	%
Other customer funding(a)		170,873		(11)	%	226,258		261,767		283,856		(47)	%
Total deposits and other customer funding	32,274,971	$	32,185,282	—	%	$	30,558,081	$	29,897,921	$	29,482,437	9	%
Network transaction deposits(b)	1,649,389	$	1,600,619	3	%	$	1,273,420	$	979,003	$	864,086	91	%
Net deposits and other customer funding(c)	27,274,183	$	26,766,338	2	%	$	28,099,096	$	28,377,001	$	28,618,351	(5)	%
Quarter average loan composition		Jun 30, 2023		Seql Qtr % Change		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Comp Qtr % Change
Commercial and industrial	9,927,271	$	9,831,956	1	%	$	9,600,838	$	9,528,180	$	9,221,970	8	%
Commercial real estate—owner occupied		1,067,381		(1)	%	1,015,187		1,001,805		970,493		9	%
Commercial and business lending		10,899,337		1	%	10,616,026		10,529,984		10,192,463		8	%
Commercial real estate—investor		5,206,430		—	%	5,093,122		5,048,419		4,891,530		6	%
Real estate construction		2,088,937		1	%	2,158,072		2,013,986		1,876,524		12	%
Commercial real estate lending		7,295,367		—	%	7,251,193		7,062,405		6,768,054		8	%
Total commercial		18,194,703		1	%	17,867,219		17,592,389		16,960,517		8	%
Residential mortgage		8,701,496		1	%	8,584,528		8,443,661		8,223,531		7	%
Auto finance		1,654,523		14	%	1,490,115		1,244,436		969,918		94	%
Home equity		612,045		1	%	618,724		619,044		601,821		3	%
Other consumer		275,530		—	%	285,232		295,804		299,917		(8)	%
Total consumer		11,243,594		3	%	10,978,599		10,602,945		10,095,186		15	%
Total loans(d)	29,884,611	$	29,438,297	2	%	$	28,845,818	$	28,195,334	$	27,055,703	10	%
Quarter average deposit composition		Jun 30, 2023		Seql Qtr % Change		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Comp Qtr % Change
Noninterest-bearing demand	6,318,781	$	6,669,787	(5)	%	$	7,340,219	$	8,088,435	$	8,119,475	(22)	%
Savings		4,749,808		1	%	4,664,624		4,660,696		4,735,285		2	%
Interest-bearing demand		6,663,775		5	%	6,814,487		6,831,213		6,587,404		6	%
Money market		6,743,810		(7)	%	7,536,393		7,382,793		7,328,165		(14)	%
Network transaction deposits		1,468,006		12	%	1,147,089		901,168		873,168		88	%
Brokered CDs		3,001,775		14	%	810,889		190,406		734		N/M
Other time deposits		1,984,174		27	%	1,551,371		1,272,797		1,230,126		105	%
Total deposits		31,281,134		2	%	29,865,072		29,327,509		28,874,357		11	%
Other customer funding(a)		196,051		(16)	%	245,349		306,122		326,324		(50)	%
Total deposits and other customer funding	32,166,082	$	31,477,186	2	%	$	30,110,421	$	29,633,631	$	29,200,680	10	%
Net deposits and other customer funding(c)	27,097,752	$	27,007,405	—	%	$	28,152,443	$	28,542,056	$	28,326,779	(4)	%

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

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

Associated Banc-Corp<br>Non-GAAP Financial Measures Reconciliation	YTD			YTD
($ in millions, except per share data)	Sep 2023			Sep 2022			3Q23			2Q23			1Q23			4Q22			3Q22
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets							6.88		%	6.94		%	7.03		%	6.97		%	7.06		%
Return on average equity	8.91		%	8.67		%	7.99		%	8.47		%	10.32		%	10.81		%	9.59		%
Return on average tangible common equity	13.07		%	12.96		%	11.67		%	12.38		%	15.26		%	16.15		%	14.32		%
Return on average common equity Tier 1	11.41		%	11.60		%	10.08		%	10.88		%	13.38		%	14.04		%	12.69		%
Return on average tangible assets	0.95		%	1.00		%	0.84		%	0.90		%	1.11		%	1.18		%	1.08		%
Average stockholders' equity / average assets	10.16		%	11.00		%	10.06		%	10.18		%	10.26		%	10.40		%	10.69		%
Tangible common equity reconciliation(a)
Common equity							$	3,934		$	3,929		$	3,932		$	3,821		$	3,760
Goodwill and other intangible assets, net							(1,148)			(1,150)			(1,152)			(1,154)			(1,156)
Tangible common equity							$	2,786		$	2,779		$	2,779		$	2,667		$	2,603
Tangible assets reconciliation(a)
Total assets							$	41,637		$	41,219		$	40,703		$	39,406		$	38,050
Goodwill and other intangible assets, net							(1,148)			(1,150)			(1,152)			(1,154)			(1,156)
Tangible assets							$	40,490		$	40,070		$	39,550		$	38,251		$	36,893
Average tangible common equity and average common equity Tier 1 reconciliation(a)
Common equity	$	3,914		$	3,776		$	3,938		$	3,935		$	3,868		$	3,798		$	3,791
Goodwill and other intangible assets, net	(1,151)			(1,160)			(1,149)			(1,151)			(1,153)			(1,155)			(1,158)
Tangible common equity	2,763			2,616			2,789			2,784			2,715			2,642			2,634
Modified CECL transitional amount	45			67			45			45			45			67			67
Accumulated other comprehensive loss	271			147			302			252			259			254			190
Deferred tax assets, net	28			36			28			28			28			29			30
Average common equity Tier 1	$	3,107		$	2,867		$	3,164		$	3,108		$	3,047		$	2,993		$	2,921
Average tangible assets reconciliation(a)
Total assets	$	40,419		$	36,076		$	41,076		$	40,558		$	39,607		$	38,385		$	37,272
Goodwill and other intangible assets, net	(1,151)			(1,160)			(1,149)			(1,151)			(1,153)			(1,155)			(1,158)
Tangible assets	$	39,268		$	34,916		$	39,927		$	39,407		$	38,454		$	37,230		$	36,114
Adjusted net income reconciliation(b)
Net income	$	274		$	257		$	83		$	87		$	103		$	109		$	96
Other intangible amortization, net of tax	5			5			2			2			2			2			2
Adjusted net income	$	279		$	262		$	85		$	89		$	105		$	110		$	98
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity	$	265		$	249		$	80		$	84		$	100		$	106		$	93
Other intangible amortization, net of tax	5			5			2			2			2			2			2
Adjusted net income available to common equity	$	270		$	254		$	82		$	86		$	102		$	108		$	95
Selected trend information(d)
Wealth management fees	$	61		$	64		$	21		$	20		$	20		$	20		$	20
Service charges and deposit account fees	38			48			13			12			13			14			15
Card-based fees	33			33			12			11			11			11			11
Other fee-based revenue	13			13			5			4			4			3			4
Fee-based revenue	146			158			50			49			48			49			51
Other	48			63			17			17			14			13			20
Total noninterest income	$	194		$	221		$	67		$	66		$	62		$	62		$	71
Pre-tax pre-provision income(e)
Income before income taxes	$	344		$	326		$	103		$	111		$	131		$	134		$	122
Provision for credit losses	62			13			22			22			18			20			17
Pre-tax pre-provision income	$	406		$	339		$	125		$	133		$	149		$	154		$	139
Efficiency ratio reconciliation(f)
Federal Reserve efficiency ratio	58.17		%	62.32		%	60.06		%	58.49		%	56.07		%	55.47		%	60.32		%
Fully tax-equivalent adjustment	(0.84)		%	(0.98)		%	(0.89)		%	(0.85)		%	(0.79)		%	(0.77)		%	(0.87)		%
Other intangible amortization	(0.67)		%	(0.75)		%	(0.69)		%	(0.68)		%	(0.66)		%	(0.62)		%	(0.67)		%
Fully tax-equivalent efficiency ratio	56.67		%	60.60		%	58.50		%	56.96		%	54.64		%	54.08		%	58.79		%

Numbers may not sum due to rounding.

(a)Tangible common equity and tangible assets exclude goodwill and other intangible assets, net.

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

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

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

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

(f)The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net.

10

asb3q23earningspresentat

Third Quarter 2023 Earnings Presentation OCTOBER 19, 2023 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 $32.1 billion Total Period End Deposits (up slightly vs. 2Q 2023) $30.2 billion Total Period End Loans (+1% vs. 2Q 2023) -4% Operating Leverage (3Q 2023 vs. 2Q 2023) $80 million Net Income Available to Common Equity (-5% vs. 2Q 2023) Third Quarter 2023 Results 1 All figures shown on an end of period basis with comparisons to the second quarter of 2023 unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ▪ Total core customer deposit2 growth of $527 million (+2%); total deposit growth of $109 million ▪ Total loan growth of $344 million (+1%) ▪ Net interest income of $254 million (-1%) ▪ Net interest margin of 2.71% (-9 bps) ▪ Pre-tax pre-provision income2 of $125 million; pre-tax income of $103 million; ▪ Return on average tangible common equity2 of 11.67%; return on average equity of 7.99% ▪ CET1 ratio of 9.55% ▪ NCOs / average loans (annualized) of 0.25% ▪ Provision for credit losses on loans of $22 million ▪ ACLL / loans remained flat at 1.26% ▪ Tangible book value / share of $18.46 3Q 2023 Highlights1 ASB reports 3Q 2023 net income available to common equity of $80 million, or $0.53 per common share | 2 $103 million Income Before Income Taxes (-7% vs. 2Q 2023) $125 million Pre-Tax Pre-Provision Income2 (-6% vs. 2Q 2023)

---

3 Average Quarterly Deposits $0.9 $0.9 $1.1 $1.5 $1.6 $0.2 $0.8 $3.0 $3.4 $1.2 $1.3 $1.6 $2.0 $2.5 $7.3 $7.4 $7.5 $6.7 $6.3 $4.7 $4.7 $4.7 $4.7 $4.8 $6.6 $6.8 $6.8 $6.7 $7.0 $8.1 $8.1 $7.3 $6.7 $6.3 $28.9 $29.3 $29.9 $31.3 $32.0 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Quarterly Deposit Trends Strong core customer deposit1 growth (+2%; +$527mm) enabled us to decrease reliance on non-customer deposits ($ in billions) EoP Deposit Change (2Q 2023 to 3Q 2023) ($ in millions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand $(211) $(143) $59 $399 $422 Customer CDs Money Market Interest-Bearing Demand $(467) $49 Network Trans. Deposits Noninterest-Bearing Demand Brokered CDs Savings Brokered CDs Core Customer Deposits1 +$527mm (+2%) Network & Brokered Deposits $(418mm) (-8%) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of end of period core customer deposits to total deposits.

---

4 Our strong customer deposit growth in 3Q was driven by our efforts to attract & deepen customer relationships Relationship-Focused Deposit Growth1 Modernized Digital Banking Experience Upgraded Product & Service Offerings Launched Mass Affluent Strategy Introduced “Champion of You” Brand Strategy Expanded Commercial Capabilities +$527mm Core Customer Deposit2 Growth Growth in Consumer Growth in Commercial/Business +$109mm Total Deposit Growth 1 All growth figures shown on an end of period basis with comparisons to the second quarter of 2023. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of end of period core customer deposits to total deposits.

---

5 Period end total loans grew by 1% during 3Q, led by steady growth in Auto Finance Quarterly Loan Trends Commercial & Business Lending Commercial Real Estate Consumer Lending $1.9 $2.2 $2.4 $2.5 $2.8 $8.2 $8.4 $8.6 $8.7 $8.8 $6.8 $7.1 $7.3 $7.3 $7.3 $10.2 $10.5 $10.6 $10.9 $11.0 $27.1 $28.2 $28.8 $29.4 $29.9 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(94) $(78) $(48) $(28) $2 $9 $36 $65 $122 $130 $229 CRE Investor CRE Construction Home Equity & Other Cons. All Other Specialized Auto Finance Mortgage Warehouse EoP Loan Change (2Q 2023 to 3Q 2023) General Commercial REIT Power & Utilities Residential Mortgage Credit Cards

---

6 Pre-Tax Pre-Provision Income1 Trends Despite recent margin pressures, YTD PTPP income is up 20% vs. the same period in 2022 ($ in millions) 1 This is a non-GAAP financial measure. Please refer to the appendix for a reconciliation of pre-tax pre-provision income to income before income taxes. 2Q23 Pre- Tax Income 2Q23 Provision 2Q23 PTPP Income 3Q23 Pre- Tax Income 3Q23 Provision 3Q23 PTPP Income 3Q22 Pre- Tax Income 3Q22 Provision 3Q22 PTPP Income 4Q22 Pre- Tax Income 4Q22 Provision 4Q22 PTPP Income 1Q23 Pre- Tax Income 1Q23 Provision 1Q23 PTPP Income

---

7 Average Yields (%) Average Yield Trends 5.93 6.66 7.04 7.29 5.55 6.39 6.77 7.04 4.12 4.48 4.78 5.07 3.22 3.30 3.31 3.39 2.57 2.88 3.05 3.16 1.58 2.48 3.06 3.36 1.13 1.97 2.64 2.98 4Q 2022 1Q 2023 2Q 2023 3Q 2023 We continue to benefit from rising asset yields, while the mix shift impacting funding costs has begun to stabilize Residential Mortgage Loans Com’l & Business Lending Loans Commercial Real Estate Loans Total Interest-Bearing Liabilities Total Interest-Bearing DepositsAuto Finance Loans Asset & Liability Yield / Rate Trends (%) Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 3.72 4.46 4.94 5.18 5.36 0.81 1.58 2.48 3.06 3.36 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Investments and Other

---

8 Net Interest Income & Net Interest Margin Trends Our NII & NIM stabilized in 3Q as funding cost volatility impacting the industry began to abate Estimated NII Sensitivity Profile (%) (12-Month Ramp) Net Interest Income & Net Interest Margin $264 $289 $274 $258 $254 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 2.80% 3.07% 3.31% 3.13% 2.71% Quarterly Net Interest Income Quarterly Net Interest Margin ($ in millions) 9.2 7.8 6.8 4.0 4.04.6 3.9 3.4 1.9 2.0 -4.3 -3.4 -2.3 -1.2 -0.6 -8.5 -6.7 -4.4 -1.8 -0.8 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Up 200bps Up 100bps Down 100bps Down 200bps

---

9 Cash & Investment Securities Portfolio We continue to target investments to total assets of 18% to 20% in 2023 18% 18% 19% 19% 18% 1% 2% 2% 2% 2% 19% 19% 21% 20% 20% 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Securities EoP Securities + Cash / Total Assets Cash $2.5 $2.7 $3.4 $3.5 $3.5 $4.0 $4.0 $4.0 $3.9 $3.9 $0.3 $0.3 $0.4 $0.3 $0.3 $6.7 $7.0 $7.7 $7.7 $7.7 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Held to MaturityAvailable for Sale ($ in billions) EoP Securities Book Composition Other Securities CET1 Including AOCI1 (%) CET1 Ratio Incl. AOCICET1 Ratio 9.35 9.45 9.48 9.55 8.51 8.74 8.60 8.53 4Q 2022 1Q 2023 2Q 2023 3Q 2023 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

---

10 Noninterest Income Trends ($ in millions) ($ in millions) Noninterest income increased slightly from 2Q 2023, with modest growth in several subcategories 1 This is a non-GAAP financial measure. See appendix for a reconciliation of fee-based revenue to noninterest income. 2 Other noninterest income is primarily comprised of bank and corporate owned life insurance, asset gains (losses), net and investment securities gains (losses), net. Service Charges & Deposit Account FeesNoninterest Income Trends Card-Based Fees & Other Fee-Based Revenue ($ in millions) $11 $11 $11 $11 $12 $4 $3 $4 $4 $5 $16 $14 $15 $16 $16 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Other Fee-Based RevenueCard-Based Fees $15 $14 $13 $12 $13 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 $51 $49 $48 $49 $50 $2 $2 $4 $8 $7 $8 $6 $5 $5 $5 $10 $5 $5 $4 $5 $71 $62 $62 $66 $67 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Fee-Based Revenue1 Capital Markets, net Mortgage Banking, net Other2

---

11 $118 $118 $116 $114 $117 $23 $25 $24 $24 $26 $49 $53 $46 $52 $53 $6 $1 $196 $197 $187 $191 $196 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Noninterest Expense / Average Assets (%) Fully Tax-Equivalent Efficiency Ratio2 (%)Noninterest Expense Trends Noninterest Expense Trends 1 Other expenses are primarily comprised of occupancy, business development & advertising, equipment, legal & professional, and FDIC assessment costs. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of the fully tax-equivalent efficiency ratio to the Federal Reserve efficiency ratio. ($ in millions) Our noninterest expense to average assets ratio decreased by 18 basis points vs. 3Q 2022 2.08 2.03 1.92 1.89 1.90 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Fully Tax-Equivalent Efficiency Ratio Federal Reserve Efficiency Ratio 60.3 55.5 56.1 58.5 60.1 58.8 54.1 54.6 57.0 58.5 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Personnel Expense Other1 Technology Expense Charitable Contributions

---

12 3Q 2023 Capital Ratios (%) 6.88 9.55 10.12 12.25 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. We’ve increased the upper end of our CET1 target range to 9.75% Capital Profile 1 Year-End 2023 Capital Targets (%) $17.32 $17.73 $18.42 $18.41 $18.46 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Tangible Book Value / Share 6.88 3Q 2023 TCE Ratio YE2023 Target Range 9.55 3Q 2023 CET1 Ratio YE2023 Target Range 7.25 9.75 6.75 9.00 1

---

13 ACLL / Total Loans (%)3Q 2023 ACLL1 Update ▪ ACLL increased $4 million from the prior quarter to $381 million, driven by a mix of portfolio loan growth and nominal credit movement coupled with general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody’s August 2023 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Our ACLL percentage remained flat vs. the prior quarter at 1.26% Allowance for Credit Losses on Loans (ACLL) Update 1.20 1.22 1.25 1.26 1.26 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 135,200$ 1.28% 146,335$ 1.32% 146,502$ 1.31% CRE - Investor 61,404 1.21% 67,434 1.27% 68,214 1.31% CRE - Construction 52,557 2.86% 69,970 3.48% 71,317 3.35% Residential Mortgage 38,907 0.47% 41,189 0.47% 40,437 0.46% Other Consumer 44,610 2.20% 52,098 1.95% 54,101 1.86% Total 332,680$ 1.20% 377,027$ 1.26% 380,571$ 1.26% 6/30/2023 9/30/20239/30/2022

---

14 Net Charge Offs and ProvisionDelinquent Loans / EoP Total Loans Nonaccrual LoansTotal Nonperforming Assets Credit Quality Trends $63 $68 $68 $73 $79 $38 $29 $25 $22 $11 $16 $14 $24 $36 $79 $116 $111 $118 $131 $169 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 0.07% 0.12% 0.10% 0.13% 0.16% 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Key credit metrics remain largely stable with limited migration in the portfolio ($ in millions) ($ in millions) Accruing Loans 30-89 Days Past Due CREConsumer $116 $111 $118 $131 $169 $17 $15 $15 $8 $9 $133 $127 $133 $140 $178 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 ($ in millions) $2 $1 $3 $11 $18 $17 $20 $18 $22 $22 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Total Net Charge Offs Provision for Credit Losses on Loans Commercial & Business LendingNonaccrual Loans OREO + Repossessed Assets

---

15 Wisconsin 21% Illinois 15% Minnesota 9% Other Midwest2 23% Texas 8% Other 25% Multi-Family 36% Retail 9% Office 14% Industrial 24% 1-4 Family Construction 5% Warehouse 3% Hotel / Motel 3% Other 6% Consumer 39% Commercial & Business Lending 37% CRE 24% 1 All updates as of or for the period ended September 30, 2023 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Calculated on an annualized basis. Negative values indicate a net recovery. 4 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. High-Quality Commercial Real Estate Portfolio1 ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 Portfolio LTV 60% 60% 60% 60% 59% Delinquencies/Loans 0.00% 0.02% 0.00% 0.00% 0.14% NALs/Loans 0.55% 0.41% 0.35% 0.30% 0.15% ACLL/Loans 1.65% 1.68% 1.75% 1.88% 1.90% NCOs/Avg. Loans3 0.00% 0.00% 0.00% (0.12%) (0.02%) CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.16% Top 10 Largest CRE Borrowers 1.33% Largest CRE Property Type (Multi-Fam) 8.76% CRE Office Loans 3.45% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio4 1.19x 2023 Remaining Maturities $79 million Urban vs. Suburban ~79% Suburban Property Class Mix ~54% Class A

---

16 Balance Sheet Management Net Interest Income & Noninterest Income ▪ Total net interest income & noninterest income growth of 6% to 8% ▪ Net interest income (GAAP) growth of 10% to 12% ▪ Noninterest income compression of 8% to 10% Expense Management ▪ Noninterest expense growth of 3% to 4% ▪ Effective tax rate of 20% to 21% Capital Targets ▪ Target TCE ratio range of 6.75% to 7.25% ▪ Target CET1 ratio range of 9.00% to 9.50% 1 Projections are on an end of period basis as of and for the year ended 12/31/2023 as compared to 12/31/2022 unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of end of period core customer deposits to total deposits. ▪ Total loan growth of 6% to 8% ▪ End of period core customer deposit2 compression of 3% (growth of 2% in 2H 2023) ▪ Target investments/total assets ratio of 18% to 20% 2023 Full-Year Outlook Updates1 Updated GuidancePrevious Guidance (9/11/2023) ▪ Total net interest income & noninterest income growth of 5% to 7% ▪ Net interest income (GAAP) growth of 8% to 10% ▪ No change to noninterest income guidance ▪ Noninterest expense growth of 3% to 4%, excluding any nonrecurring items incurred in 4Q ▪ No change to effective tax rate guidance ▪ No change to target TCE ratio range ▪ Target CET1 ratio range of 9.00% to 9.75% ▪ Total loan growth of 5% to 6% ▪ No change to core customer deposit2 guidance ▪ No change to target investments/total assets ratio range

---

Appendix

---

18 Stable, Granular Deposit Portfolio Uninsured, uncollateralized deposits were only 22% of total deposits as of 9/30/2023 1 Liquidity coverage based on current levels of readily available (within one business day) funding. See slide 19 for additional details. 27% 26% 24% 21% 22% 73% 74% 76% 79% 78% $29.3 $29.7 $30.4 $32.1 $32.1 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 EoP Total Deposit Trends (Associated Bank, N.A.) ($ in billions) Total of Insured and Collateralized Deposits Total of Uninsured and Uncollateralized Deposits 22% Percentage of total deposits that were uninsured and uncollateralized as of 9/30/2023 106% Readily available liquidity coverage1 for uninsured and uncollateralized deposits as of 9/30/2023 172% Total liquidity coverage for uninsured and uncollateralized deposits as of 9/30/2023

---

19 Liquidity Sources As of 9/30/2023, ASB’s total liquidity sources covered 172% of uninsured, uncollateralized deposits Liquidity Sources 6/30/2023 9/30/2023 Federal Reserve Balance $179.0 $314.3 Available FHLB Chicago Capacity $5,148.4 $5,377.6 Available Fed Discount Window Capacity $1,635.1 $1,335.9 Available Bank Term Funding Program Capacity $633.8 $618.8 Funding Available Within One Business Day1 $7,596.3 $7,646.7 Available Fed Funds Lines $2,623.0 $2,518.0 Available Brokered Deposit Capacity2 $761.3 $1,240.5 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Liquidity $11,980.6 $12,405.2 ($ in millions) 106% of uninsured, uncollateralized deposits 172% of uninsured, uncollateralized deposits 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Availability based on internal policy limitations.

---

20 $2.0 $2.3 $2.4 $2.7 $2.9 $8.3 $8.5 $8.6 $8.7 $8.8 $6.9 $7.2 $7.2 $7.3 $7.3 $10.6 $10.8 $10.9 $11.1 $11.2 $27.8 $28.8 $29.2 $29.8 $30.2 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Additional Loan Trends ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) Commercial & Business Lending Commercial Real Estate Consumer Lending Average Loan Change (2Q 2023 to 3Q 2023)EoP Quarterly Loan Trends $(22) $(16) $(7) $(1) $3 $4 $18 $48 $84 $106 $230 REIT Mortgage Warehouse Home Equity & Other Cons. Power & Utilities Auto Finance Credit Cards Residential Mortgage General Commercial All Other Specialized CRE Construction CRE Investor

---

21 Total Loans Outstanding Balances as of September 30, 2023 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 9/30/2023 1 % of Total Loans 9/30/2023 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 2,295$ 7.6% Multi-Family 2,645$ 8.8% Manufacturing & Wholesale Trade 2,270 7.5% Industrial 1,756 5.8% Real Estate (includes REITs) 1,872 6.2% Office 1,041 3.4% Mortgage Warehouse 853 2.8% Retail 667 2.2% Finance & Insurance 606 2.0% Single Family Construction 374 1.2% Construction 454 1.5% Warehouse 250 0.8% Retail Trade 424 1.4% Hotel/Motel 187 0.6% Health Care and Social Assistance 384 1.3% Medical 155 0.5% Rental and Leasing Services 348 1.2% Land 112 0.4% Transportation and Warehousing 334 1.1% Self Storage 28 0.1% Professional, Scientific, and Tech. Serv. 310 1.0% Other 134 0.4% Waste Management 217 0.7% Total CRE 7,350$ 24.3% Arts, Entertainment, and Recreation 113 0.4% Financial Investments & Related Activities 99 0.3% Consumer Information 88 0.3% Residential Mortgage 8,783$ 29.1% Accommodation and Food Services 81 0.3% Auto Finance 2,007 6.6% Management of Companies & Enterprises 78 0.3% Home Equity 624 2.1% Mining 25 0.1% Credit Cards 134 0.4% Public Administration 17 0.1% Student Loans 67 0.2% Educational Services 15 0.0% Other Consumer 75 0.2% Agriculture, Forestry, Fishing and Hunting 0 0.0% Total Consumer 11,689$ 38.7% Other 272 0.9% Total C&BL 11,154$ 36.9% Total Loans 30,193$ 100.0%

---

22 Wisconsin 27% Illinois 23% Minnesota 9% Other Midwest 14% Texas 5%Other 23% Manufacturing & Wholesale Trade 20% Real Estate 17% Power & Utilities 21% Mortgage Warehouse 8% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 34% Natural Gas 33% Solar 20% Transmission, Control and Distribution 3% Geothermal 2% Other 7% Wisconsin 23% Illinois 15% Minnesota 7% Texas 6% Other Midwest 11% Other 39% Wisconsin 21% Illinois 15% Minnesota 9% Other Midwest2 23% Texas 8% Other 25% 2 2 Loan Stratification Outstanding Balances as of September 30, 2023 C&BL by Geography $11.2 billion Power & Utilities Lending $2.3 billion C&BL by Industry $11.2 billion Total Loans1 CRE by Geography $7.3 billion CRE by Property Type $7.3 billion Multi-Family 36% Retail 9% Office 14% Industrial 24% 1-4 Family Construction 5% Warehouse 3% Hotel / Motel 3% Other 6%

---

23 Reconciliation and Definitions of Non-GAAP Items 1 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, provides greater understanding of ongoing operations, and enhances comparability of results with prior periods. 2 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. Average Tangible Common Equity Reconciliation2 ($ in millions) 3Q 2023 Common equity $3,938 Goodwill and other intangible assets, net (1,149) Tangible common equity $2,789 Common Equity Tier 1 Capital Ratio Reconciliation 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Common equity Tier 1 capital ratio 9.35% 9.45% 9.48% 9.55% Accumulated other comprehensive loss adjustment (0.84)% (0.72)% (0.88)% (1.01%) Common equity Tier 1 capital ratio including accumulated other comprehensive loss 8.51% 8.74% 8.60% 8.53% Pre-Tax Pre-Provision Income Reconciliation1 ($ in millions) 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Income before income taxes $122 $134 $131 $111 $103 Provision for credit losses $17 20 18 22 22 Pre-tax pre-provision income $139 $154 $149 $133 $125 End of Period Core Customer Deposits Reconciliation ($ in millions) 6/30/2023 9/30/2023 Total deposits $32,014 $32,123 Brokered CDs (3,818) (3,351) Network transaction deposits (1,601) (1,649) Core customer deposits $26,595 $27,123

---

24 Reconciliation and Definitions of Non-GAAP Items 1 These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. 2 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, provides greater understanding of ongoing operations, and enhances comparability of results with prior periods. 3 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. Tangible Common Equity and Tangible Assets Reconciliation3 ($ in millions) 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Common equity $3,760 $3,821 $3,932 $3,929 $3,934 Goodwill and other intangible assets, net (1,156) (1,154) (1,152) (1,150) (1,148) Tangible common equity $2,603 $2,667 $2,779 $2,779 $2,786 Total assets $38,050 $39,406 $40,703 $41,219 $41,637 Goodwill and other intangible assets, net (1,156) (1,154) (1,152) (1,150) (1,148) Tangible assets $36,893 $38,251 $39,550 $40,070 $40,490 Efficiency Ratio Reconciliation 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Federal Reserve efficiency ratio 60.32% 55.47% 56.07% 58.49% 60.06% Fully tax-equivalent adjustment (0.87)% (0.77)% (0.79)% (0.85)% (0.89)% Other intangible amortization (0.67)% (0.62)% (0.66)% (0.68)% (0.69)% Fully tax-equivalent efficiency ratio2 58.79% 54.08% 54.64% 56.96% 58.50% The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net. Selected Trend Information1 ($ in millions) 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Wealth management fees $20 $20 $20 $20 $21 Service charges and deposit account fees 15 14 13 12 13 Card-based fees 11 11 11 11 12 Other fee-based revenue 4 3 4 4 5 Fee-based revenue 51 49 48 49 50 Other 20 13 14 17 17 Total noninterest income $71 $62 $62 $66 $67

---