Document

Exhibit 99.1



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

Associated Banc-Corp Reports Second Quarter 2020 Earnings of $0.94 Per Common Share

Including the Gain on Sale of Associated Benefits and Risk Consulting

GREEN BAY, Wis. -- July 23, 2020 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $145 million, or $0.94 per common share, for the quarter ended June 30, 2020. Second quarter earnings, excluding the net gain on the sale of Associated Benefits and Risk Consulting ("ABRC"), were $0.26 per common share¹. These amounts compare to net income available to common equity of $42 million, or $0.27 per common share for the quarter ended March 31, 2020. Year to date earnings were $1.20 per common share, or $0.53 per common share¹ excluding the net gain on sale of ABRC, compared to $0.99 per common share in the same period last year.

"We have successfully supported our customers during this turbulent quarter" said President and CEO Philip B. Flynn. "We have provided over $1 billion of PPP funding, deferred and modified loans, waived fees to provide relief, and helped to distribute nearly half a billion of other stimulus support to our customer base. We have been a pillar of strength to our customers and communities through this period of time."

"During this quarter, we closed the strategic sale of ABRC which bolstered our CET1 and tangible capital levels. Further, we issued $100 million of preferred stock which also enhanced our risk weighted and total capital levels. We have also grown checking and savings balances to record levels in the Company's history. Taking these actions together, we have positioned ourselves with ample capital and liquidity to continue to support our customers."

SECOND QUARTER 2020 SUMMARY (all comparisons to the first quarter of 2020)


•	Average loans of $25.2 billion were up 8%, or $1.9 billion


•	Average deposits of $26.1 billion were up 8%, or $1.9 billion


•	Net interest income of $190 million decreased $13 million, or 6%


•	Net interest margin of 2.49% declined 35 basis points from 2.84%


•	Provision for credit losses was $61 million up $8 million, or 15%


•	Noninterest income of $254 million driven by $157 million of net asset gains


•	Noninterest expense of $183 million decreased $9 million, or 5%


•	Income before taxes of $200 million increased $144 million


•	Pre-tax pre-provision income¹ of $261 million up $152 million


•	Tangible book value per share was $16.21, up 11%

¹This 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. See page 10 of the attached tables for a reconciliation of GAAP financial measures to non-GAAP financial measures.

Loans

Second quarter 2020 average loans of $25.2 billion were up 8%, or $1.9 billion from the first quarter 2020 and were up 8%, or $1.8 billion from the same period last year. The increases were largely driven by PPP loans, commercial line draws, and CRE loans. With respect to second quarter average balances by loan category:


•	Commercial and business lending increased $1.7 billion from the first quarter 2020 and increased $1.4 billion compared to the same period last year to $10.0 billion. The increase was driven by approximately $850 million of PPP loans plus line draws on other commercial loans.


•	Commercial real estate lending increased $391 million from the first quarter 2020 and $589 million from the same period last year to $5.7 billion. The change was largely due to the funding of existing commitments and slowing payoffs.


•	Consumer lending was $9.4 billion, down $170 million from the first quarter 2020 and down $173 million from the same period last year. This was predominantly driven by the sale of a $188 million mortgage portfolio during the second quarter 2020.

Deposits

Second quarter 2020 average deposits of $26.1 billion were up $1.9 billion, or 8%, compared to the first quarter 2020 and were up $1.1 billion from the same period last year. The increases in balances are due to customers holding proceeds from PPP loans and other government stimulus programs in their deposit accounts, along with higher savings rates in general.

With respect to second quarter 2020 average balances by deposit category:


•	Noninterest-bearing demand deposits increased $1.4 billion from the first quarter and $1.8 billion from the same period last year to $6.9 billion.


•	Savings increased $391 million from the first quarter and $940 million from the same period last year to $3.3 billion.


•	Interest-bearing demand deposits increased $138 million from the first quarter and $461 million from the same period last year to $5.4 billion.


•	Network transaction deposits increased $111 million from the first quarter but decreased $480 million from the same period last year to $1.5 billion.


•	Money market deposits decreased $42 million from the first quarter and decreased $622 million from the same period last year to $6.5 billion.


•	Time deposits decreased $166 million from the first quarter and decreased $1.1 billion from the same period last year to $2.5 billion.

Net Interest Income and Net Interest Margin

Second quarter 2020 net interest income of $190 million was down 6%, or $13 million, and the net interest margin decreased 35 basis points from the first quarter of 2020. Second quarter 2020 net interest income decreased 11%, or $24 million, and the net interest margin decreased 39 basis points from the same period last year to 2.49%. The decreases in net interest income and net interest margin from the first quarter are due to reductions in the Fed Funds rate and increased liquidity during the second quarter.


•	The average yield on total earning assets for the second quarter of 2020 decreased 73 basis points from the prior quarter and decreased 116 basis points from the same period last year to 2.94%.


•	The average cost of total interest-bearing liabilities for the second quarter of 2020 decreased 46 basis points from the prior quarter and decreased 94 basis points from the same period last year to 0.60%.


•	The net free funds benefit for the second quarter of 2020 decreased eight basis points from the prior quarter and decreased 17 basis points compared to the same period last year.

Noninterest Income

Second quarter of 2020 total noninterest income of $254 million increased $156 million from the prior quarter and increased $159 million from the same period last year.

With respect to second quarter 2020 noninterest income line items:


•	Net mortgage banking income was $12 million for the second quarter, up $6 million from the previous quarter and up $3 million from the same period last year. Gross mortgage banking income was $20 million, partially offset by $8 million of mortgage servicing rights impairment.


•	Capital markets income was down $1 million from the previous quarter and up $2 million from the same period last year.


•	Asset gains (losses), net were $157 million for the second quarter. This included the $163 million net gain on sale of ABRC offset by other asset write-downs of $6 million.

Noninterest Expense

Second quarter 2020 total noninterest expense of $183 million decreased $9 million from the prior quarter and decreased $14 million compared to the same period last year.

With respect to second quarter 2020 noninterest expense line items:


•	Personnel expense decreased $3 million from the prior quarter and $12 million from the same period last year.


•	Technology expense was flat from the prior quarter but increased $1 million from the same period last year.


•	Occupancy expense decreased $2 million from the prior quarter but was up $1 million from the same period last year.


•	Business development and advertising expense was down $2 million from the prior quarter and was down $3 million from the same period last year.

Taxes

The second quarter 2020 effective tax rate was 26% compared to 18% in both the prior quarter and the same period last year. The higher effective tax rate for the second quarter was driven by the one-time gain on the sale of ABRC.

Credit

The second quarter 2020 provision for credit losses was $61 million, up from $53 million in the prior quarter and up from $8 million in the same period last year, driven by increased charge offs and further reserve builds.

With respect to second quarter 2020 credit quality:


•	Potential problem loans of $307 million were up $73 million, or 31%, from the prior quarter and up $141 million, or 85%, from the same period last year. The increase was driven by general C&I loans and CRE loans in COVID-19 affected industries.


•	Nonaccrual loans of $172 million were up $35 million from the prior quarter and up $5 million from the same period last year. The nonaccrual loans to total loans ratio was 0.69% in the second quarter, up from 0.56% in the prior quarter and down from 0.72% in the same period last year.


•	Net charge offs of $26 million were up $9 million from the prior quarter and up $13 million from the same period last year.


•	The allowance for credit losses on loans (ACLL) of $429 million was up $35 million from the prior quarter and up $173 million compared to the same period last year. The ACLL to total loans ratio was 1.73% in the second quarter, up from 1.62% in the prior quarter and 1.10% in the same period last year.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.3% at June 30, 2020. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

SECOND QUARTER 2020 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, July 23, 2020. 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 second quarter 2020 earnings call. The second quarter 2020 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 $36 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 240 banking locations serving more than 120 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,” 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 Consolidated Balance Sheets (Unaudited)
($ in thousands)	Jun 30, 2020			Mar 31, 2020			Seql Qtr $ Change			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Comp Qtr $ Change
Assets
Cash and due from banks	$	443,500		$	480,337		$	(36,837	)	$	373,380		$	523,435		$	382,985		$	60,515
Interest-bearing deposits in other financial institutions	1,569,006			176,440			1,392,566			207,624			236,010			172,708			1,396,298
Federal funds sold and securities purchased under agreements to resell	185			22,455			(22,270		)	7,740			100			1,385			(1,200		)
Investment securities held to maturity, net, at amortized cost^(a)	2,077,225			2,149,373			(72,148		)	2,205,083			2,200,419			2,806,064			(728,839		)
Investment securities available for sale, at fair value	3,149,773			2,928,787			220,986			3,262,586			3,436,289			3,283,456			(133,683		)
Equity securities	15,091			15,063			28			15,090			15,096			15,066			25
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	206,281			222,922			(16,641		)	227,347			207,443			202,758			3,523
Residential loans held for sale	196,673			366,330			(169,657		)	136,280			137,655			129,303			67,370
Commercial loans held for sale	3,565			—			3,565			15,000			11,597			11,000			(7,435		)
Loans	24,832,671			24,365,633			467,038			22,821,440			22,754,710			23,249,967			1,582,704
Allowance for loan losses^(b)	(363,803		)	(337,793		)	(26,010		)	(201,371		)	(214,425		)	(233,659		)	(130,144		)
Loans, net	24,468,868			24,027,841			441,027			22,620,068			22,540,285			23,016,308			1,452,560
Bank and corporate owned life insurance	676,196			674,026			2,170			671,948			670,739			668,638			7,558
Tax credit and other investments	303,132			315,909			(12,777		)	279,969			256,220			222,812			80,320
Premises and equipment, net	434,042			438,469			(4,427		)	435,284			436,268			432,058			1,984
Goodwill	1,107,902			1,191,388			(83,486		)	1,176,230			1,176,230			1,176,019			(68,117		)
Mortgage servicing rights, net	49,403			58,289			(8,886		)	67,306			68,168			66,175			(16,772		)
Other intangible assets, net	72,759			92,723			(19,964		)	88,301			91,089			93,915			(21,156		)
Interest receivable	87,097			92,377			(5,280		)	91,196			96,315			110,528			(23,431		)
Other assets	640,765			655,328			(14,563		)	506,046			493,105			455,688			185,077
Total assets	$	35,501,464		$	33,908,056		$	1,593,408		$	32,386,478		$	32,596,460		$	33,246,869		$	2,254,595
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	7,573,942		$	6,107,386		$	1,466,556		$	5,450,709		$	5,503,223		$	5,354,987		$	2,218,955
Interest-bearing deposits	18,977,502			19,554,194			(576,692		)	18,328,355			18,919,339			19,919,235			(941,733		)
Total deposits	26,551,444			25,661,580			889,864			23,779,064			24,422,562			25,274,222			1,277,222
Federal funds purchased and securities sold under agreements to repurchase	142,293			133,007			9,286			433,097			78,028			83,195			59,098
Commercial paper	39,535			33,647			5,888			32,016			30,416			28,787			10,748
PPPLF	1,009,760			—			1,009,760			—			—			—			1,009,760
FHLB advances	2,657,016			3,214,194			(557,178		)	3,180,967			2,877,727			2,742,941			(85,925		)
Other long-term funding	548,937			549,644			(707		)	549,343			796,799			796,403			(247,466		)
Allowance for unfunded commitments^(b)	64,776			56,276			8,500			21,907			22,907			21,907			42,869
Accrued expenses and other liabilities^(b)	463,245			469,236			(5,991		)	467,961			447,166			399,619			63,626
Total liabilities	31,477,007			30,117,584			1,359,423			28,464,355			28,675,605			29,347,075			2,129,932
Stockholders’ equity
Preferred equity	353,846			256,716			97,130			256,716			256,716			256,716			97,130
Common equity^(b)	3,670,612			3,533,755			136,857			3,665,407			3,664,139			3,643,077			27,535
Total stockholders’ equity	4,024,457			3,790,471			233,986			3,922,124			3,920,855			3,899,794			124,663
Total liabilities and stockholders’ equity	$	35,501,464		$	33,908,056		$	1,593,408		$	32,386,478		$	32,596,460		$	33,246,869		$	2,254,595

Numbers may not sum due to rounding.

(a) Beginning in 2020, the investment securities held to maturity are reported net of the related allowance for credit losses. Prior periods were unadjusted due to the modified retrospective application of ASU 2016-13.

(b) At January 1, 2020, the adoption of ASU 2016-13 resulted in an increase to the allowance for loan losses of $112 million and an increase to the allowance for unfunded commitments of $19 million for a total increase to the allowance for credit losses on loans of $131 million. A corresponding after tax decrease to common equity of $98 million was recorded along with a deferred tax asset of $33 million resulting in a decrease to accrued expenses and other liabilities. Prior periods were unadjusted due to the modified retrospective application of ASU 2016-13.

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Associated Banc-Corp Consolidated Statements of Income (Unaudited)
($ in thousands, except per share data)					Comp Qtr					YTD		YTD		Comp YTD
($ in thousands, except per share data)	2Q20		2Q19		$ Change			% Change		Jun 2020		Jun 2019		$ Change			% Change
Interest income
Interest and fees on loans	$	191,895	$	260,784	$	(68,889	)	(26	)%	$	416,681	$	519,637	$	(102,956	)	(20	)%
Interest and dividends on investment securities
Taxable	16,103		26,710		(10,607		)	(40	)%	36,375		55,764		(19,389		)	(35	)%
Tax-exempt	14,616		14,643		(27		)	—	%	29,498		28,459		1,039			4	%
Other interest	2,231		3,995		(1,764		)	(44	)%	5,535		8,221		(2,686		)	(33	)%
Total interest income	224,845		306,133		(81,288		)	(27	)%	488,090		612,081		(123,991		)	(20	)%
Interest expense
Interest on deposits	13,178		67,050		(53,872		)	(80	)%	49,844		129,823		(79,979		)	(62	)%
Interest on federal funds purchased and securities sold under agreements to repurchase	51		286		(235		)	(82	)%	420		913		(493		)	(54	)%
Interest on other short-term funding	683		37		646			N/M		721		88		633			N/M
Interest on FHLB advances	15,470		17,744		(2,274		)	(13	)%	33,096		37,298		(4,202		)	(11	)%
Interest on long-term funding	5,591		7,396		(1,805		)	(24	)%	11,195		14,792		(3,597		)	(24	)%
Total interest expense	34,973		92,513		(57,540		)	(62	)%	95,276		182,914		(87,638		)	(48	)%
Net interest income	189,872		213,619		(23,747		)	(11	)%	392,814		429,167		(36,353		)	(8	)%
Provision for credit losses	61,000		8,000		53,000			N/M		114,001		14,000		100,001			N/M
Net interest income after provision for credit losses	128,872		205,619		(76,747		)	(37	)%	278,813		415,167		(136,354		)	(33	)%
Noninterest income
Insurance commissions and fees	22,430		22,985		(555		)	(2	)%	45,038		48,449		(3,411		)	(7	)%
Wealth management fees^(a)	20,916		20,691		225			1	%	41,732		40,870		862			2	%
Service charges and deposit account fees	11,484		15,426		(3,942		)	(26	)%	26,706		30,542		(3,836		)	(13	)%
Card-based fees	8,893		10,131		(1,238		)	(12	)%	18,490		19,392		(902		)	(5	)%
Other fee-based revenue	4,774		5,178		(404		)	(8	)%	9,272		9,161		111			1	%
Capital markets, net	6,910		4,726		2,184			46	%	14,845		7,916		6,929			88	%
Mortgage banking, net	12,263		9,466		2,797			30	%	18,407		14,178		4,229			30	%
Bank and corporate owned life insurance	3,625		3,352		273			8	%	6,719		7,144		(425		)	(6	)%
Asset gains (losses), net^(b)	157,361		871		156,490			N/M		157,284		1,438		155,846			N/M
Investment securities gains (losses), net	3,096		463		2,633			N/M		9,214		2,143		7,071			N/M
Other	2,737		2,547		190			7	%	5,090		5,807		(717		)	(12	)%
Total noninterest income	254,490		95,837		158,653			166	%	352,796		187,040		165,756			89	%
Noninterest expense
Personnel	111,350		123,228		(11,878		)	(10	)%	225,551		243,279		(17,728		)	(7	)%
Technology	21,174		20,114		1,060			5	%	41,973		39,126		2,847			7	%
Occupancy	14,464		13,830		634			5	%	30,532		30,302		230			1	%
Business development and advertising	3,556		6,658		(3,102		)	(47	)%	9,382		13,293		(3,911		)	(29	)%
Equipment	5,312		5,577		(265		)	(5	)%	10,751		11,245		(494		)	(4	)%
Legal and professional	5,058		4,668		390			8	%	10,217		8,619		1,598			19	%
Loan and foreclosure costs	3,605		1,814		1,791			99	%	6,725		3,961		2,764			70	%
FDIC assessment	5,250		4,500		750			17	%	10,750		8,250		2,500			30	%
Other intangible amortization	2,872		2,324		548			24	%	5,686		4,551		1,135			25	%
Acquisition related costs^(c)	518		3,734		(3,216		)	(86	)%	2,238		4,366		(2,128		)	(49	)%
Other	10,249		11,331		(1,082		)	(10	)%	21,791		22,459		(668		)	(3	)%
Total noninterest expense	183,407		197,779		(14,372		)	(7	)%	375,598		389,450		(13,852		)	(4	)%
Income before income taxes	199,955		103,678		96,277			93	%	256,012		212,756		43,256			20	%
Income tax expense	51,238		19,017		32,221			169	%	61,457		41,409		20,048			48	%
Net income	148,718		84,661		64,057			76	%	194,555		171,347		23,208			14	%
Preferred stock dividends	4,144		3,801		343			9	%	7,945		7,601		344			5	%
Net income available to common equity	$	144,573	$	80,860	$	63,713		79	%	$	186,611	$	163,746	$	22,865		14	%
Earnings per common share
Basic	$	0.94	$	0.49	$	0.45		92	%	$	1.21	$	1.00	$	0.21		21	%
Diluted	$	0.94	$	0.49	$	0.45		92	%	$	1.20	$	0.99	$	0.21		21	%
Average common shares outstanding
Basic	152,393		162,180		(9,787		)	(6	)%	153,547		163,049		(9,502		)	(6	)%
Diluted	153,150		163,672		(10,522		)	(6	)%	154,360		164,518		(10,158		)	(6	)%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes trust, asset management, brokerage, and annuity fees.

(b) 2Q20 and YTD 2020 include a gain of $163 million from the sale of Associated Benefits & Risk Consulting. 2Q19 and YTD 2019 include less than $1 million of Huntington related asset losses.


(c)	Includes Huntington branch and First Staunton acquisition related costs only.

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Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)						Seql Qtr											Comp Qtr
($ in thousands, except per share data)	2Q20		1Q20			$ Change			% Change		4Q19		3Q19		2Q19		$ Change			% Change
Interest income
Interest and fees on loans	$	191,895	$	224,786		$	(32,891	)	(15	)%	$	229,883	$	248,579	$	260,784	$	(68,889	)	(26	)%
Interest and dividends on investment securities
Taxable	16,103		20,272			(4,169		)	(21	)%	21,056		23,485		26,710		(10,607		)	(40	)%
Tax-exempt	14,616		14,882			(266		)	(2	)%	14,615		14,491		14,643		(27		)	—	%
Other interest	2,231		3,304			(1,073		)	(32	)%	3,556		4,865		3,995		(1,764		)	(44	)%
Total interest income	224,845		263,244			(38,399		)	(15	)%	269,110		291,420		306,133		(81,288		)	(27	)%
Interest expense
Interest on deposits	13,178		36,666			(23,488		)	(64	)%	45,877		61,585		67,050		(53,872		)	(80	)%
Interest on federal funds purchased and securities sold under agreements to repurchase	51		368			(317		)	(86	)%	521		145		286		(235		)	(82	)%
Interest on other short-term funding	683		39			644			N/M		28		33		37		646			N/M
Interest on FHLB advances	15,470		17,626			(2,156		)	(12	)%	16,623		15,896		17,744		(2,274		)	(13	)%
Interest on long-term funding	5,591		5,604			(13		)	—	%	5,918		7,396		7,396		(1,805		)	(24	)%
Total interest expense	34,973		60,303			(25,330		)	(42	)%	68,967		85,054		92,513		(57,540		)	(62	)%
Net interest income	189,872		202,942			(13,070		)	(6	)%	200,142		206,365		213,619		(23,747		)	(11	)%
Provision for credit losses	61,000		53,001			7,999			15	%	—		2,000		8,000		53,000			N/M
Net interest income after provision for credit losses	128,872		149,941			(21,069		)	(14	)%	200,142		204,365		205,619		(76,747		)	(37	)%
Noninterest income
Insurance commissions and fees	22,430		22,608			(178		)	(1	)%	19,701		20,954		22,985		(555		)	(2	)%
Wealth management fees^(a)	20,916		20,816			100			—	%	21,582		21,015		20,691		225			1	%
Service charges and deposit account fees	11,484		15,222			(3,738		)	(25	)%	16,032		16,561		15,426		(3,942		)	(26	)%
Card-based fees	8,893		9,597			(704		)	(7	)%	9,906		10,456		10,131		(1,238		)	(12	)%
Other fee-based revenue	4,774		4,497			277			6	%	4,696		5,085		5,178		(404		)	(8	)%
Capital markets, net	6,910		7,935			(1,025		)	(13	)%	7,647		4,300		4,726		2,184			46	%
Mortgage banking, net	12,263		6,143			6,120			100	%	6,760		10,940		9,466		2,797			30	%
Bank and corporate owned life insurance	3,625		3,094			531			17	%	3,364		4,337		3,352		273			8	%
Asset gains (losses), net^(b)	157,361		(77		)	157,438			N/M		398		877		871		156,490			N/M
Investment securities gains (losses), net	3,096		6,118			(3,022		)	(49	)%	26		3,788		463		2,633			N/M
Other	2,737		2,352			385			16	%	2,822		2,537		2,547		190			7	%
Total noninterest income	254,490		98,306			156,184			159	%	92,934		100,850		95,837		158,653			166	%
Noninterest expense
Personnel	111,350		114,200			(2,850		)	(2	)%	120,614		123,170		123,228		(11,878		)	(10	)%
Technology	21,174		20,799			375			2	%	22,731		20,572		20,114		1,060			5	%
Occupancy	14,464		16,069			(1,605		)	(10	)%	16,933		15,164		13,830		634			5	%
Business development and advertising	3,556		5,826			(2,270		)	(39	)%	8,316		7,991		6,658		(3,102		)	(47	)%
Equipment	5,312		5,439			(127		)	(2	)%	5,970		6,335		5,577		(265		)	(5	)%
Legal and professional	5,058		5,160			(102		)	(2	)%	5,559		5,724		4,668		390			8	%
Loan and foreclosure costs	3,605		3,120			485			16	%	3,262		1,638		1,814		1,791			99	%
FDIC assessment	5,250		5,500			(250		)	(5	)%	4,000		4,000		4,500		750			17	%
Other intangible amortization	2,872		2,814			58			2	%	2,712		2,686		2,324		548			24	%
Acquisition related costs^(c)	518		1,721			(1,203		)	(70	)%	1,325		1,629		3,734		(3,216		)	(86	)%
Other	10,249		11,543			(1,294		)	(11	)%	12,187		12,021		11,331		(1,082		)	(10	)%
Total noninterest expense	183,407		192,191			(8,784		)	(5	)%	203,609		200,930		197,779		(14,372		)	(7	)%
Income before income taxes	199,955		56,056			143,899			N/M		89,467		104,286		103,678		96,277			93	%
Income tax expense	51,238		10,219			41,019			N/M		17,364		20,947		19,017		32,221			169	%
Net income	148,718		45,838			102,880			N/M		72,103		83,339		84,661		64,057			76	%
Preferred stock dividends	4,144		3,801			343			9	%	3,801		3,801		3,801		343			9	%
Net income available to common equity	$	144,573	$	42,037		$	102,536		N/M		$	68,303	$	79,539	$	80,860	$	63,713		79	%
Earnings per common share
Basic	$	0.94	$	0.27		$	0.67		N/M		$	0.43	$	0.50	$	0.49	$	0.45		92	%
Diluted	$	0.94	$	0.27		$	0.67		N/M		$	0.43	$	0.49	$	0.49	$	0.45		92	%
Average common shares outstanding
Basic	152,393		154,701			(2,308		)	(1	)%	156,994		159,126		162,180		(9,787		)	(6	)%
Diluted	153,150		155,619			(2,469		)	(2	)%	158,472		160,382		163,672		(10,522		)	(6	)%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes trust, asset management, brokerage, and annuity fees.


(b)	2Q20 includes a gain of $163 million from the sale of Associated Benefits & Risk Consulting. 2Q19 includes less than $1 million of Huntington related asset losses.

Page 3



Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data and COVID-19 loan modifications; shares repurchased and outstanding in thousands)	YTD Jun 2020			YTD Jun 2019			2Q20			1Q20			4Q19			3Q19			2Q19
Per common share data
Dividends	$	0.36		$	0.34		$	0.18		$	0.18		$	0.18		$	0.17		$	0.17
Market value:
High	21.94			23.67			17.03			21.94			22.51			21.67			23.15
Low	10.85			19.77			11.48			10.85			18.96			18.64			19.81
Close	13.68			21.14			13.68			12.79			22.04			20.25			21.14
Book value	23.89			22.40			23.89			22.99			23.32			23.00			22.40
Tangible book value / share	16.21			14.59			16.21			14.64			15.28			15.05			14.59
Performance ratios (annualized)
Return on average assets	1.16		%	1.03		%	1.72		%	0.57		%	0.89		%	1.00		%	1.02		%
Noninterest expense / average assets	2.24		%	2.35		%	2.12		%	2.37		%	2.51		%	2.40		%	2.37		%
Effective tax rate	24.01		%	19.46		%	25.62		%	18.23		%	19.41		%	20.09		%	18.34		%
Dividend payout ratio^(a)	29.75		%	34.00		%	19.15		%	66.67		%	41.86		%	34.00		%	34.69		%
Net interest margin	2.66		%	2.89		%	2.49		%	2.84		%	2.83		%	2.81		%	2.88		%
Selected trend information
Average full time equivalent employees^(b)	4,666			4,663			4,701			4,631			4,696			4,782			4,666
Branch count							249			249			248			248			247
Assets under management, at market value^(c)							$	11,755		$	10,454		$	12,104		$	11,604		$	11,475
Mortgage loans originated for sale during period	$	861		$	459		$	550		$	310		$	267		$	365		$	297
Mortgage loan settlements during period^(d)	$	1,022		$	432		$	725		$	297		$	268		$	617		$	272
Mortgage portfolio loans transferred to held for sale during period	$	200		$	—		$	—		$	200		$	—		$	243		$	—
Mortgage portfolio serviced for others							$	8,454		$	8,549		$	8,489		$	8,692		$	8,509
Mortgage servicing rights, net / mortgage portfolio serviced for others							0.58		%	0.68		%	0.79		%	0.78		%	0.78		%
Shares repurchased during period^(e)	4,264			3,063			—			4,264			2,256			2,892			1,754
Shares outstanding, end of period	153,616			162,662			153,616			153,690			157,171			159,291			162,662
Payment Protection Program fees, net
Total fees established	$	27		N/A			$	27		N/A			N/A			N/A			N/A
Fees recognized	(3		)	N/A			(3		)	N/A			N/A			N/A			N/A
Remaining Payment Protection Program fee balance	$	24		N/A			$	24		N/A			N/A			N/A			N/A
Completed loan deferrals and modifications under COVID-19 relief program ($ in thousands)
Commercial and industrial							$	45,415		$	345		N/A			N/A			N/A
Commercial real estate—owner occupied							138,267			—			N/A			N/A			N/A
Commercial and business lending							183,682			345			N/A			N/A			N/A
Commercial real estate—investor							606,058			595			N/A			N/A			N/A
Real estate construction							32,214			—			N/A			N/A			N/A
Commercial real estate lending							638,272			595			N/A			N/A			N/A
Total commercial							821,955			940			N/A			N/A			N/A
Residential mortgage							692,307			428			N/A			N/A			N/A
Home equity							30,554			—			N/A			N/A			N/A
Other consumer							2,060			—			N/A			N/A			N/A
Total consumer							724,921			428			N/A			N/A			N/A
Total COVID-19 loan modifications							$	1,546,876		$	1,368		N/A			N/A			N/A
Selected quarterly ratios
Loans / deposits							93.53		%	94.95		%	95.97		%	93.17		%	91.99		%
Stockholders’ equity / assets							11.34		%	11.18		%	12.11		%	12.03		%	11.73		%
Risk-based capital^(f)(g)
Total risk-weighted assets							$	25,865		$	25,866		$	24,296		$	24,313		$	24,466
Common equity Tier 1							$	2,651		$	2,421		$	2,481		$	2,482		$	2,481
Common equity Tier 1 capital ratio							10.25		%	9.36		%	10.21		%	10.21		%	10.14		%
Tier 1 capital ratio							11.62		%	10.35		%	11.26		%	11.26		%	11.19		%
Total capital ratio							13.83		%	12.56		%	13.21		%	13.26		%	13.25		%
Tier 1 leverage ratio							9.08		%	8.50		%	8.83		%	8.57		%	8.49		%
Mortgage banking, net
Mortgage servicing fees, net^(h)	$	1		$	6		$	(1	)	$	2		$	2		$	2		$	3
Gains (losses) and fair value adjustments on loans held for sale	31			9			21			10			5			4			7
Fair value adjustment on portfolio loans transferred to held for sale	3			—			—			3			—			4			—
Mortgage servicing rights (impairment) recovery	(17		)	—			(8		)	(9		)	—			—			—
Mortgage banking, net	$	18		$	14		$	12		$	6		$	7		$	11		$	9

Numbers may not sum due to rounding.


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


(b)	Average full time equivalent employees without overtime.


(c)	Excludes assets held in brokerage accounts.


(d)	During the third quarter of 2019, the Corporation sold approximately $240 million of portfolio mortgages that were transferred during the period, resulting in increased settlements.


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


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


(g)	June 30, 2020 data is estimated.


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

Page 4



Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Jun 30, 2020			Mar 31, 2020			Seql Qtr % Change		Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	337,793		$	201,371		68	%	$	214,425		$	233,659		$	235,081		44	%
Cumulative effect of ASU 2016-13 adoption (CECL)	N/A			112,457					N/A			N/A			N/A
January 1, 2020	N/A			313,828					N/A			N/A			N/A
Provision for loan losses	52,500			37,500			40	%	1,000			1,000			12,000			N/M
Allowance for PCD loans for bank acquisition	N/A			3,504					N/A			N/A			N/A
Charge offs	(28,351		)	(19,308		)	47	%	(16,752		)	(26,313		)	(15,761		)	80	%
Recoveries	1,861			2,268			(18	)%	2,699			6,079			2,339			(20	)%
Net charge offs	(26,490		)	(17,040		)	55	%	(14,054		)	(20,234		)	(13,421		)	97	%
Balance at end of period	$	363,803		$	337,793		8	%	$	201,371		$	214,425		$	233,659		56	%
Allowance for unfunded commitments
Balance at beginning of period	$	56,276		$	21,907		157	%	$	22,907		$	21,907		$	25,836		118	%
Cumulative effect of ASU 2016-13 adoption (CECL)	N/A			18,690					N/A			N/A			N/A
January 1, 2020	N/A			40,597					N/A			N/A			N/A
Provision for unfunded commitments	8,500			15,500			(45	)%	(1,000		)	1,000			(4,000		)	N/M
Amount recorded at acquisition	—			179			(100	)%	—			—			70			(100	)%
Balance at end of period	$	64,776		$	56,276		15	%	$	21,907		$	22,907		$	21,907		196	%
Allowance for credit losses on loans (ACLL)^(a)	$	428,579		$	394,069		9	%	$	223,278		$	237,331		$	255,566		68	%
Provision for credit losses on loans^(b)	$	61,000		$	53,000		15	%	$	—		$	2,000		$	8,000		N/M
($ in thousands)	Jun 30, 2020			Mar 31, 2020					Dec 31, 2019			Sep 30, 2019			Jun 30, 2019
Net (charge offs) recoveries
PPP Loans	$	—		$	—		N/M		$	—		$	—		$	—		N/M
Commercial and industrial	(24,919		)	(15,049		)	66	%	(11,917		)	(19,918		)	(12,177		)	105	%
Commercial real estate—owner occupied	1			—			N/M		—			1,483			(104		)	(101	)%
Commercial and business lending	(24,919		)	(15,048		)	66	%	(11,917		)	(18,435		)	(12,281		)	103	%
Commercial real estate—investor	28			—			N/M		—			(3		)	3			N/M
Real estate construction	(3		)	11			(127	)%	72			20			151			(102	)%
Commercial real estate lending	25			11			127	%	72			17			153			(84	)%
Total commercial	(24,893		)	(15,037		)	66	%	(11,845		)	(18,418		)	(12,127		)	105	%
Residential mortgage	(215		)	(912		)	(76	)%	(1,415		)	(393		)	(365		)	(41	)%
Home equity	(303		)	71			N/M		480			(275		)	239			N/M
Other consumer	(1,078		)	(1,162		)	(7	)%	(1,274		)	(1,148		)	(1,169		)	(8	)%
Total consumer	(1,596		)	(2,003		)	(20	)%	(2,208		)	(1,816		)	(1,294		)	23	%
Total net (charge offs) recoveries	$	(26,490	)	$	(17,040	)	55	%	$	(14,054	)	$	(20,234	)	$	(13,421	)	97	%

(In basis points)	Jun 30, 2020			Mar 31, 2020					Dec 31, 2019			Sep 30, 2019			Jun 30, 2019
Net charge offs to average loans (annualized)
PPP Loans	—			—					—			—			—
Commercial and industrial	(121		)	(81		)			(65		)	(104		)	(64		)
Commercial real estate—owner occupied	—			—					—			63			(4		)
Commercial and business lending	(100		)	(72		)			(58		)	(86		)	(57		)
Commercial real estate—investor	—			—					—			—			—
Real estate construction	—			—					2			1			5
Commercial real estate lending	—			—					1			—			1
Total commercial	(64		)	(44		)			(35		)	(53		)	(35		)
Residential mortgage	(1		)	(4		)			(7		)	(2		)	(2		)
Home equity	(15		)	3					22			(12		)	11
Other consumer	(128		)	(134		)			(145		)	(129		)	(132		)
Total consumer	(7		)	(8		)			(9		)	(8		)	(5		)
Total net charge offs	(42		)	(29		)			(24		)	(35		)	(23		)

($ in thousands)	Jun 30, 2020			Mar 31, 2020					Dec 31, 2019			Sep 30, 2019			Jun 30, 2019
Credit Quality
Nonaccrual loans	$	171,607		$	136,717		26	%	$	118,380		$	128,939		$	166,707		3	%
Other real estate owned (OREO)	20,264			22,530			(10	)%	21,101			19,625			18,355			10	%
Other nonperforming assets	909			6,004			(85	)%	6,004			6,004			—			N/M
Total nonperforming assets	$	192,780		$	165,251		17	%	$	145,485		$	154,568		$	185,062		4	%

Loans 90 or more days past due and still accruing	$	1,466		$	2,255		(35	)%	$	2,259		$	1,986		$	2,088		(30	)%
Allowance for loan losses to loans	N/A			N/A					0.88		%	0.94		%	1.00		%
Allowance for credit losses to loans	1.73		%	1.62		%			0.98		%	1.04		%	1.10		%
Allowance for loan losses to nonaccrual loans	N/A			N/A					170.10		%	166.30		%	140.16		%
Allowance for credit losses to nonaccrual loans	249.74		%	288.24		%			188.61		%	184.07		%	153.30		%
Nonaccrual loans to total loans	0.69		%	0.56		%			0.52		%	0.57		%	0.72		%
Nonperforming assets to total loans plus OREO	0.78		%	0.68		%			0.64		%	0.68		%	0.80		%
Nonperforming assets to total assets	0.54		%	0.49		%			0.45		%	0.47		%	0.56		%
Year-to-date net charge offs to year-to-date average loans (annualized)	0.36		%	0.29		%			0.24		%	0.24		%	0.18		%


(a)	Excludes approximately $61,000 of allowance for held to maturity investment securities


(b)	March 31, 2020 excludes less than $1,000 of provision for held to maturity investment securities

Page 5



Associated Banc-Corp Selected Asset Quality Information (continued)
(In thousands)	Jun 30, 2020		Mar 31, 2020		Seql Qtr % Change		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	80,239	$	58,854	36	%	$	46,312	$	56,536	$	84,151	(5	)%
Commercial real estate—owner occupied	1,932		1,838		5	%	67		68		571		N/M
Commercial and business lending	82,171		60,692		35	%	46,380		56,604		84,722		(3	)%
Commercial real estate—investor	11,172		1,091		N/M		4,409		4,800		1,485		N/M
Real estate construction	503		486		3	%	493		542		427		18	%
Commercial real estate lending	11,675		1,577		N/M		4,902		5,342		1,912		N/M
Total commercial	93,846		62,269		51	%	51,282		61,946		86,634		8	%
Residential mortgage	66,656		64,855		3	%	57,844		57,056		68,166		(2	)%
Home equity	10,829		9,378		15	%	9,104		9,828		11,835		(9	)%
Other consumer	276		215		28	%	152		109		72		N/M
Total consumer	77,761		74,448		4	%	67,099		66,993		80,073		(3	)%
Total nonaccrual loans	$	171,607	$	136,717	26	%	$	118,380	$	128,939	$	166,707	3	%

	Jun 30, 2020		Mar 31, 2020		Seql Qtr % Change		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Comp Qtr % Change
Restructured loans (accruing)^(a)
Commercial and industrial	$	16,321	$	16,056	2	%	$	16,678	$	15,398	$	16,850	(3	)%
Commercial real estate—owner occupied	1,441		2,091		(31	)%	1,676		1,912		1,970		(27	)%
Commercial and business lending	17,762		18,146		(2	)%	18,353		17,311		18,820		(6	)%
Commercial real estate—investor	114		281		(59	)%	293		304		315		(64	)%
Real estate construction	313		339		(8	)%	298		227		232		35	%
Commercial real estate lending	427		620		(31	)%	591		531		547		(22	)%
Total commercial	18,189		18,767		(3	)%	18,944		17,842		19,367		(6	)%
Residential mortgage	4,178		4,654		(10	)%	3,955		3,228		17,645		(76	)%
Home equity	1,717		1,719		—	%	1,896		2,017		7,247		(76	)%
Other consumer	1,219		1,245		(2	)%	1,246		1,243		1,222		—	%
Total consumer	7,114		7,618		(7	)%	7,097		6,487		26,114		(73	)%
Total restructured loans (accruing)	$	25,303	$	26,384	(4	)%	$	26,041	$	24,329	$	45,481	(44	)%
Nonaccrual restructured loans (included in nonaccrual loans)	$	25,362	$	24,204	5	%	$	22,494	$	16,293	$	24,332	4	%
	Jun 30, 2020		Mar 31, 2020		Seql Qtr % Change		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Comp Qtr % Change
Accruing Loans 30-89 Days Past Due
Commercial and industrial	$	716	$	976	(27	)%	$	821	$	426	$	4,909	(85	)%
Commercial real estate—owner occupied	199		51		N/M		1,369		2,646		2,018		(90	)%
Commercial and business lending	916		1,027		(11	)%	2,190		3,073		6,926		(87	)%
Commercial real estate—investor	13,874		14,462		(4	)%	1,812		636		1,382		N/M
Real estate construction	385		179		115	%	97		595		151		155	%
Commercial real estate lending	14,260		14,641		(3	)%	1,909		1,232		1,532		N/M
Total commercial	15,175		15,668		(3	)%	4,099		4,304		8,459		79	%
Residential mortgage	3,023		10,102		(70	)%	9,274		8,063		9,756		(69	)%
Home equity	3,108		7,001		(56	)%	5,647		4,798		5,827		(47	)%
Other consumer	1,482		1,777		(17	)%	2,083		2,203		1,838		(19	)%
Total consumer	7,613		18,879		(60	)%	17,005		15,063		17,422		(56	)%
Total accruing loans 30-89 days past due	$	22,788	$	34,547	(34	)%	$	21,104	$	19,367	$	25,881	(12	)%

	Jun 30, 2020		Mar 31, 2020		Seql Qtr % Change		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Comp Qtr % Change
Potential Problem Loans
Commercial and industrial	$	195,432	$	149,747	31	%	$	110,308	$	59,427	$	58,658	N/M
Commercial real estate—owner occupied	15,919		15,802		1	%	19,889		22,624		24,237		(34	)%
Commercial and business lending	211,350		165,550		28	%	130,197		82,051		82,895		155	%
Commercial real estate—investor	88,237		61,030		45	%	29,449		49,353		77,766		13	%
Real estate construction	2,170		1,753		24	%	—		544		3,166		(31	)%
Commercial real estate lending	90,407		62,783		44	%	29,449		49,897		80,932		12	%
Total commercial	301,758		228,333		32	%	159,646		131,948		163,828		84	%
Residential mortgage	3,157		3,322		(5	)%	1,451		1,242		1,983		59	%
Home equity	1,921		2,238		(14	)%	—		—		32		N/M
Total consumer	5,078		5,559		(9	)%	1,451		1,242		2,014		152	%
Total potential problem loans	$	306,836	$	233,892	31	%	$	161,097	$	133,189	$	165,842	85	%

N/M = Not meaningful

N/A = Not applicable

Numbers may not sum due to rounding.

(a) Does not include any restructured loans related to COVID-19 in accordance with regulatory guidance

Page 6



Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	June 30, 2020						March 31, 2020						June 30, 2019
($ in thousands)	Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate
Assets
Earning assets
Loans^{(a) (b) (c)}
Commercial PPP lending	$	848,761	$	4,841	2.29	%	$	—	$	—	—	%	$	—	$	—	—	%
Commercial and business lending	9,192,910		64,097		2.80	%	8,380,113		80,217		3.85	%	8,621,609		103,029		4.79	%
Commercial real estate lending	5,720,262		46,057		3.24	%	5,329,568		57,499		4.34	%	5,130,954		66,522		5.19	%
Total commercial	15,761,933		114,995		2.93	%	13,709,681		137,716		4.04	%	13,752,563		169,551		4.94	%
Residential mortgage	8,271,757		62,860		3.04	%	8,404,351		69,961		3.33	%	8,378,082		72,692		3.47	%
Retail	1,157,116		14,368		4.98	%	1,194,586		17,473		5.86	%	1,223,726		19,095		6.25	%
Total loans	25,190,806		192,223		3.06	%	23,308,618		225,149		3.88	%	23,354,371		261,338		4.48	%
Investment securities
Taxable	3,129,113		16,103		2.06	%	3,460,224		20,272		2.34	%	4,523,260		26,710		2.36	%
Tax-exempt^(a)	1,922,392		18,270		3.80	%	1,974,247		18,603		3.77	%	1,943,485		18,304		3.77	%
Other short-term investments	1,016,976		2,231		0.88	%	473,604		3,304		2.81	%	479,590		3,995		3.34	%
Investments and other	6,068,481		36,604		2.41	%	5,908,075		42,179		2.86	%	6,946,335		49,009		2.82	%
Total earning assets	31,259,287		$	228,826	2.94	%	29,216,693		$	267,329	3.67	%	30,300,707		$	310,347	4.10	%
Other assets, net	3,586,656						3,360,311						3,138,111
Total assets	$	34,845,943					$	32,577,005					$	33,438,818
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	3,260,040	$	429	0.05	%	$	2,868,840	$	1,800	0.25	%	$	2,319,556	$	1,686	0.29	%
Interest-bearing demand	5,445,267		1,442		0.11	%	5,307,230		8,755		0.66	%	4,984,511		15,309		1.23	%
Money market	6,496,841		1,902		0.12	%	6,538,658		10,806		0.66	%	7,118,594		20,883		1.18	%
Network transaction deposits	1,544,737		539		0.14	%	1,434,128		4,601		1.29	%	2,024,604		12,456		2.47	%
Time deposits	2,469,899		8,866		1.44	%	2,636,231		10,703		1.63	%	3,544,317		16,717		1.89	%
Total interest-bearing deposits	19,216,785		13,178		0.28	%	18,785,088		36,666		0.79	%	19,991,581		67,050		1.35	%
Federal funds purchased and securities sold under agreements to repurchase	204,548		51		0.10	%	194,406		368		0.76	%	115,694		286		0.99	%
Commercial Paper	37,526		7		0.08	%	34,282		28		0.33	%	30,612		37		0.49	%
PPPLF	774,500		676		0.35	%	—		—		—	%	—		—		—	%
Other short-term funding	—		—		—	%	16,997		11		0.25	%	—		—		—	%
FHLB advances	2,810,867		15,470		2.21	%	3,231,999		17,626		2.19	%	3,171,353		17,744		2.24	%
Long-term funding	548,757		5,591		4.08	%	549,465		5,604		4.08	%	796,169		7,396		3.72	%
Total short and long-term funding	4,376,199		21,795		2.00	%	4,027,149		23,637		2.36	%	4,113,829		25,463		2.48	%
Total interest-bearing liabilities	23,592,983		$	34,973	0.60	%	22,812,237		$	60,303	1.06	%	24,105,410		$	92,513	1.54	%
Noninterest-bearing demand deposits	6,926,401						5,506,861						5,089,928
Other liabilities	480,041						416,107						390,585
Stockholders’ equity	3,846,517						3,841,800						3,852,894
Total liabilities and stockholders’ equity	$	34,845,943					$	32,577,005					$	33,438,818
Interest rate spread					2.34	%					2.61	%					2.56	%
Net free funds					0.15	%					0.23	%					0.32	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	193,853	2.49	%			$	207,026	2.84	%			$	217,834	2.88	%
Fully tax-equivalent adjustment			3,981						4,084						4,215
Net interest income			$	189,872					$	202,942					$	213,619

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.

Page 7



Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
	Six Months Ended June 30,
	2020						2019
($ in thousands)	Average Balance		Interest Income /Expense		Average Yield / Rate		Average Balance		Interest Income /Expense		Average Yield / Rate
Assets
Earning assets
Loans^{(a) (b) (c)}
Commercial PPP lending	$	424,380	$	4,841	2.29	%	$	—	$	—	—	%
Commercial and business lending	8,786,511		144,314		3.30	%	8,499,564		203,327		4.82	%
Commercial real estate lending	5,524,915		103,556		3.77	%	5,124,476		132,034		5.19	%
Total commercial	14,735,807		252,711		3.45	%	13,624,040		335,361		4.96	%
Residential mortgage	8,338,054		132,821		3.19	%	8,372,299		146,673		3.50	%
Retail	1,175,851		31,841		5.43	%	1,233,297		38,450		6.25	%
Total loans	24,249,712		417,372		3.45	%	23,229,636		520,485		4.51	%
Investment securities
Taxable	3,294,669		36,375		2.21	%	4,749,307		55,764		2.35	%
Tax-exempt^(a)	1,948,320		36,873		3.79	%	1,894,689		35,573		3.76	%
Other short-term investments	745,290		5,535		1.49	%	474,050		8,221		3.49	%
Investments and other	5,988,278		78,783		2.63	%	7,118,047		99,558		2.80	%
Total earning assets	30,237,990		$	496,155	3.29	%	30,347,682		$	620,043	4.11	%
Other assets, net^(d)	3,473,484						3,083,709
Total assets	$	33,711,474					$	33,431,391
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	3,064,440	$	2,228	0.15	%	$	2,209,804	$	2,836	0.26	%
Interest-bearing demand	5,376,249		10,197		0.38	%	4,862,763		29,229		1.21	%
Money market	6,517,749		12,708		0.39	%	7,252,639		41,669		1.16	%
Network transaction deposits	1,489,433		5,141		0.69	%	2,124,262		26,082		2.48	%
Time deposits	2,553,065		19,569		1.54	%	3,334,305		30,007		1.82	%
Total interest-bearing deposits	19,000,936		49,844		0.53	%	19,783,773		129,823		1.32	%
Federal funds purchased and securities sold under agreements to repurchase	199,477		420		0.42	%	146,357		913		1.26	%
Commercial Paper	35,904		35		0.20	%	36,096		88		0.49	%
PPPLF	387,250		676		0.35	%	—		—		—	%
Other short-term funding	8,498		11		0.25	%	—		—		—	%
FHLB advances	3,021,433		33,096		2.20	%	3,404,213		37,298		2.21	%
Long-term funding	549,111		11,195		4.08	%	795,964		14,792		3.72	%
Total short and long-term funding	4,201,674		45,432		2.17	%	4,382,630		53,091		2.44	%
Total interest-bearing liabilities	23,202,610		$	95,276	0.83	%	24,166,403		$	182,914	1.53	%
Noninterest-bearing demand deposits	6,216,631						5,036,537
Other liabilities^(d)	448,074						394,334
Stockholders’ equity	3,844,158						3,834,116
Total liabilities and stockholders’ equity	$	33,711,474					$	33,431,391
Interest rate spread					2.46	%					2.58	%
Net free funds					0.20	%					0.31	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	400,879	2.66	%			$	437,128	2.89	%
Fully tax-equivalent adjustment			8,066						7,962
Net interest income			$	392,814					$	429,167

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.

(d) During the third quarter of 2019, the Corporation made a change in accounting policy to offset derivative assets and liabilities and cash collateral with the same counterparty where it has a legally enforceable master netting agreement in place. Adoption of this change was voluntary and has been adopted retrospectively with all prior periods presented herein restated.

Page 8



Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition	Jun 30, 2020		Mar 31, 2020		Seql Qtr % Change		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Comp Qtr % Change
PPP Loans	$	1,012,033	$	—	N/M		$	—	$	—	$	—	N/M
Commercial and industrial	7,968,709		8,517,974		(6	)%	7,354,594		7,495,623		7,579,384		5	%
Commercial real estate—owner occupied	914,385		940,687		(3	)%	911,265		915,524		942,811		(3	)%
Commercial and business lending	9,895,127		9,458,661		5	%	8,265,858		8,411,147		8,522,194		16	%
Commercial real estate—investor	4,174,125		4,038,036		3	%	3,794,517		3,803,277		3,779,201		10	%
Real estate construction	1,708,189		1,544,858		11	%	1,420,900		1,356,508		1,394,815		22	%
Commercial real estate lending	5,882,314		5,582,894		5	%	5,215,417		5,159,784		5,174,016		14	%
Total commercial	15,777,441		15,041,555		5	%	13,481,275		13,570,932		13,696,210		15	%
Residential mortgage	7,933,518		8,132,417		(2	)%	8,136,980		7,954,801		8,277,479		(4	)%
Home equity	795,671		844,901		(6	)%	852,025		879,642		916,213		(13	)%
Other consumer	326,040		346,761		(6	)%	351,159		349,335		360,065		(9	)%
Total consumer	9,055,230		9,324,079		(3	)%	9,340,164		9,183,778		9,553,757		(5	)%
Total loans	$	24,832,671	$	24,365,633	2	%	$	22,821,440	$	22,754,710	$	23,249,967	7	%

Period end deposit and customer funding composition	Jun 30, 2020		Mar 31, 2020		Seql Qtr % Change		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Comp Qtr % Change
Noninterest-bearing demand	$	7,573,942	$	6,107,386	24	%	$	5,450,709	$	5,503,223	$	5,354,987	41	%
Savings	3,394,930		3,033,039		12	%	2,735,036		2,643,950		2,591,173		31	%
Interest-bearing demand	5,847,349		6,170,071		(5	)%	5,329,717		5,434,955		6,269,035		(7	)%
Money market	7,486,319		7,717,739		(3	)%	7,640,798		7,930,676		7,691,775		(3	)%
Brokered CDs	4,225		65,000		(94	)%	5,964		16,266		77,543		(95	)%
Other time	2,244,680		2,568,345		(13	)%	2,616,839		2,893,493		3,289,709		(32	)%
Total deposits	26,551,444		25,661,580		3	%	23,779,064		24,422,562		25,274,222		5	%
Customer funding^(a)	178,398		142,174		25	%	103,113		108,369		104,973		70	%
Total deposits and customer funding	$	26,729,842	$	25,803,754	4	%	$	23,882,177	$	24,530,932	$	25,379,195	5	%
Network transaction deposits^(b)	$	1,496,958	$	1,731,996	(14	)%	$	1,336,286	$	1,527,910	$	1,805,141	(17	)%
Net deposits and customer funding (Total deposits and customer funding, excluding Brokered CDs and network transaction deposits)	$	25,228,660	$	24,006,758	5	%	$	22,539,927	$	22,986,756	$	23,496,510	7	%
Quarter average loan composition	Jun 30, 2020		Mar 31, 2020		Seql Qtr % Change		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Comp Qtr % Change
PPP Loans	$	848,761	$	—	N/M		$	—	$	—	$	—	N/M
Commercial and industrial	$	8,263,270	$	7,455,528	11	%	$	7,291,592	$	7,574,448	$	7,688,462	7	%
Commercial real estate—owner occupied	929,640		924,585		1	%	916,484		927,820		933,146		—	%
Commercial and business lending	10,041,671		8,380,113		20	%	8,208,076		8,502,268		8,621,609		16	%
Commercial real estate—investor	4,113,895		3,857,277		7	%	3,806,168		3,768,377		3,806,828		8	%
Real estate construction	1,606,367		1,472,292		9	%	1,388,857		1,388,653		1,324,126		21	%
Commercial real estate lending	5,720,262		5,329,568		7	%	5,195,025		5,157,031		5,130,954		11	%
Total commercial	15,761,933		13,709,681		15	%	13,403,101		13,659,299		13,752,563		15	%
Residential mortgage	8,271,757		8,404,351		(2	)%	8,167,795		8,337,230		8,378,082		(1	)%
Home equity	819,680		845,422		(3	)%	864,144		901,291		869,248		(6	)%
Other consumer	337,436		349,164		(3	)%	348,295		354,249		354,478		(5	)%
Total consumer	9,428,873		9,598,937		(2	)%	9,380,233		9,592,770		9,601,809		(2	)%
Total loans^(c)	$	25,190,806	$	23,308,618	8	%	$	22,783,334	$	23,252,068	$	23,354,371	8	%

Quarter average deposit composition	Jun 30, 2020		Mar 31, 2020		Seql Qtr % Change		Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Comp Qtr % Change
Noninterest-bearing demand	$	6,926,401	$	5,506,861	26	%	$	5,470,496	$	5,324,481	$	5,089,928	36	%
Savings	3,260,040		2,868,840		14	%	2,714,191		2,618,188		2,319,556		41	%
Interest-bearing demand	5,445,267		5,307,230		3	%	5,138,116		5,452,674		4,984,511		9	%
Money market	6,496,841		6,538,658		(1	)%	6,594,681		6,933,230		7,118,594		(9	)%
Network transaction deposits	1,544,737		1,434,128		8	%	1,438,908		1,764,961		2,024,604		(24	)%
Time deposits	2,469,899		2,636,231		(6	)%	2,746,978		3,107,670		3,544,317		(30	)%
Total deposits	$	26,143,186	$	24,291,949	8	%	$	24,103,371	$	25,201,203	$	25,081,509	4	%

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.

Page 9



Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
($ in millions, except per share data)			YTD Jun 2020			YTD Jun 2019			2Q20			1Q20			4Q19			3Q19			2Q19
Tangible common equity reconciliation^(a)
Common equity									$	3,671		$	3,534		$	3,665		$	3,664		$	3,643
Goodwill and other intangible assets, net									(1,181		)	(1,284		)	(1,265		)	(1,267		)	(1,270		)
Tangible common equity									$	2,490		$	2,250		$	2,401		$	2,397		$	2,373
Tangible assets reconciliation^(a)
Total assets									$	35,501		$	33,908		$	32,386		$	32,596		$	33,247
Goodwill and other intangible assets, net									(1,181		)	(1,284		)	(1,265		)	(1,267		)	(1,270		)
Tangible assets									$	34,321		$	32,624		$	31,122		$	31,329		$	31,977
Average tangible common equity and average common equity tier 1 reconciliation^(a)
Common equity			$	3,576		$	3,577		$	3,566		$	3,585		$	3,658		$	3,647		$	3,596
Goodwill and other intangible assets, net			(1,277		)	(1,246		)	(1,281		)	(1,272		)	(1,266		)	(1,269		)	(1,247		)
Tangible common equity			2,299			2,332			2,285			2,313			2,392			2,378			2,349
Modified CECL transitional amount			109			N/A			115			101			N/A			N/A			N/A
Accumulated other comprehensive loss (income)			9			99			8			10			37			42			82
Deferred tax assets (liabilities), net			46			46			45			47			48			49			46
Average common equity Tier 1			$	2,462		$	2,476		$	2,453		$	2,471		$	2,476		$	2,469		$	2,477
Average tangible assets reconciliation^(a)
Total assets			$	33,711		$	33,427		$	34,846		$	32,577		$	32,182		$	33,154		$	33,439
Goodwill and other intangible assets, net			(1,277		)	(1,246		)	(1,281		)	(1,272		)	(1,266		)	(1,269		)	(1,247		)
Tangible assets			$	32,435		$	32,182		$	33,565		$	31,305		$	30,916		$	31,885		$	32,192
Selected trend information^(b)
Insurance commissions and fees			$	45		$	48		$	22		$	23		$	20		$	21		$	23
Wealth management fees^(c)			42			41			21			21			22			21			21
Service charges and deposit account fees			27			31			11			15			16			17			15
Card-based fees			18			19			9			10			10			10			10
Other fee-based revenue			9			9			5			4			5			5			5
Fee-based revenue			141			148			68			73			72			74			74
Other			212			39			186			26			21			27			21
Total noninterest income			$	353		$	187		$	254		$	98		$	93		$	101		$	96
Pre-tax pre-provision income^(d)
Income before income taxes			$	256		$	213		$	200		$	56		$	89		$	104		$	104
Provision for credit losses			114			14			61			53			—			2			8
Pre-tax pre-provision income			$	370		$	227		$	261		$	109		$	89		$	106		$	112
Selected equity and performance ratios^(a)(e)
Tangible common equity / tangible assets									7.25		%	6.90		%	7.71		%	7.65		%	7.42		%
Return on average equity			10.18		%	9.01		%	15.55		%	4.80		%	7.31		%	8.47		%	8.81		%
Return on average tangible common equity			16.32		%	14.16		%	25.45		%	7.31		%	11.33		%	13.27		%	13.81		%
Return on average common equity Tier 1			15.24		%	13.33		%	23.71		%	6.84		%	10.94		%	12.78		%	13.09		%
Return on average tangible assets			1.21		%	1.07		%	1.78		%	0.59		%	0.93		%	1.04		%	1.05		%
Efficiency ratio reconciliation^(f)
Federal Reserve efficiency ratio			54.26		%	63.01		%	43.49		%	70.37		%	69.14		%	66.55		%	62.71		%
Fully tax-equivalent adjustment			(0.59		)%	(0.81		)%	(0.39		)%	(0.96		)%	(0.91		)%	(0.90		)%	(0.84		)%
Other intangible amortization			(0.77		)%	(0.74		)%	(0.65		)%	(0.95		)%	(0.93		)%	(0.89		)%	(0.75		)%
Fully tax-equivalent efficiency ratio			52.91		%	61.48		%	42.46		%	68.47		%	67.32		%	64.78		%	61.13		%
Acquisition related costs adjustment			(0.30		)%	(0.71		)%	(0.12		)%	(0.58		)%	(0.45		)%	(0.53		)%	(1.21		)%
Provision for unfunded commitments adjustment			(3.22		)%	0.40		%	(1.91		)%	(5.18		)%	0.34		%	(0.33		)%	1.28		%
Asset gains (losses), net adjustment			13.23		%	0.14		%	22.10		%	(0.02		)%	0.09		%	0.18		%	0.17		%
Adjusted efficiency ratio			62.62		%	61.31		%	62.53		%	62.70		%	67.30		%	64.11		%	61.36		%
Acquisition Related Costs & Gain on Sale of ABRC	YTD 2020		YTD 2020 per share data^(g)						2Q 2020			2Q 2020 per share data^(g)						1Q 2020			1Q 2020 per share data^(g)
GAAP earnings	$	187	$	1.20					$	145		$	0.94					$	42		$	0.27
Acquisition related costs, net of tax	2		0.01						—			—						1			0.01
Earnings, excluding acquisition related costs^(d)	$	188	$	1.21					$	145		$	0.94					$	43		$	0.28

GAAP earnings	$	187	$	1.20					$	145		$	0.94					$	42		$	0.27
Gain on sale of ABRC, net of tax	104		0.67						104			0.68						—			—
Earnings, excluding gain on sale of ABRC^(d)	$	82	$	0.53					$	40		$	0.26					$	42		$	0.27

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)	Includes trust, asset management, brokerage, and annuity fees.


(d)	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 and provide greater understanding of ongoing operations and enhanced comparability of results with prior periods.


(e)	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.

(f)

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


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

Page 10

Exhibit 99.2 SECOND QUARTER 2020 EARNINGS PRESENTATION July 23, 2020

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” 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, 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. 1

SECOND QUARTER 2020 UPDATE Associated remains well prepared to face the challenges ahead Associated Banc-Corp Reports Second Quarter 2020 Earnings of $0.94 Per Common Share Including the Gain on Sale of Associated Benefits and Risk Consulting ▪ We continue to support our ▪ 2Q20 net charge offs of $26 customers with our balance sheet million; year to date NCOs were 36 bps of avg total loans ▪ Total loans increased $467 million ▪ 6% EOP reserve on COVID-19 Supported Sound Credit affected loan portfolio Customers1 ▪ Total deposits increased $890 Position million ▪ 19% EOP reserve on oil and gas ▪ Granted fee waivers and loan ▪ Well reserved with ACLL to loan deferrals ratio of 1.73% (1.80% excl. PPP) EOP 2Q 2020 ▪ Loan-to-deposit ratio of 94% ▪ Share repurchases suspended (90% excluding PPP) EOP 2Q for the year 2020 ▪ Capital measures improved from ▪ Low-cost deposits accounted for the first quarter driven by the sale of Associated Benefits and Risk Substantial 61% of total deposits EOP 2Q Well 2020 Consulting (ABRC) Liquidity Capitalized ▪ Dividend payout ratio of 33.18% Ample liquidity available from ▪ for last 12 months funding sources ▪ Tangible book value per share ▪ Cost of interest bearing deposits increased 11%1 to $16.21 decreased to 25 bps in June 2020 12Q 2020 end of period (EOP) balances compared to 1Q 2020 EOP balances. 2

LOAN TRENDS PPP loans, funding of CRE commitments and unusually high line draws on commercial lines drove increases Average Quarterly Loans Average Loan Growth (1Q20 to 2Q20) ($ in billions) ($ in millions) $25.2 $23.4 $23.3 $22.8 $23.3 PPP $849 Mortgage warehouse $364 $10.0 $8.6 $8.5 $8.2 $8.4 General commercial $287 CRE investor $257 CRE construction $134 $5.1 $5.2 $5.2 $5.3 $5.7 REIT $121 Power & utilities $70 $(30) Oil & gas $8.4 $8.3 $8.2 $8.4 $8.3 $(37) Home equity & other consumer $(133) $1.2 $1.3 $1.2 $1.2 $1.2 Residential mortgage 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Commercial & business Commercial real estate Residential mortgage Home equity & other consumer lending 3

END OF PERIOD LOAN TRENDS $1 billion of PPP loans offset by repayment of commercial lines EOP Loan Change1 1Q20 to 2Q20 ($ in millions) Total loans +$467 million (+2%) . Commercial and Business Lending +$436 million (+5%) PPP $1,012 – PPP loans were the main driver for growth CRE construction $163 – General commercial balances declined as customers paid down lines drawn during March CRE investor $136 ▪ Commercial Real Estate Lending +$299 million (+5%) Mortgage warehouse $112 – Pipeline of commitments continues to fund as balances have grown each quarter since 3Q Power & utilities $15 2019 Oil & gas ▪ Total Consumer -$269 million (-3%) $(35) – The decline in residential mortgages is largely $(70) Home equity & other driven by loan refinances consumer – Home equity and consumer continued a $(108) REIT downward trend $(199) Residential mortgage $(559) General commercial 1 Excludes loans held for sale. 4

LOAN PORTFOLIO OVERVIEW We continue to monitor our COVID affected loan portfolios ($ in millions as of 6/30/2020) Key COVID June 30, Coml. Loan % of Total Deferred % of Total Nonaccrual % of Total 2020 Exposures Loans Loans Loans Loans Loans PPP Loans$ 1,012 $ - - $ - - $ - - Commercial and industrial 7,969 926 3.7% 45 0.2% 80 0.3% CRE - owner occupied 914 129 0.5% 138 0.6% 2 0.0% Commercial and business lending 9,895 1,055 4.2% 184 0.7% 82 0.3% CRE - investor 4,174 995 4.0% 606 2.4% 11 0.0% CRE - construction 1,708 144 0.6% 32 0.1% 1 0.0% Commercial real estate lending 5,882 1,138 4.6% 638 2.6% 12 0.0% Total commercial 15,777 2,193 8.8% 822 3.3% 94 0.4% Residential mortgage 7,934 - 0.0% 692 2.8% 67 0.3% Home equity 796 - 0.0% 31 0.1% 11 0.0% Other consumer 326 - 0.0% 2 0.0% 0 0.0% Total consumer 9,055 - 0.0% 725 2.9% 78 0.3% Total Loans$ 24,833 $ 2,193 8.8%$ 1,547 6.2%$ 172 0.7% . 35% of borrowers included in Key COVID Commercial Loan Exposures1 received a loan modification . 19% of borrowers included in Key COVID Commercial Loan Exposures1 received a PPP loan . 4% of borrowers included in Key COVID Commercial Loan Exposures1 received both . Less than 70 bps of loans are in non-accrual 1 Excluding Oil & Gas customers which have not received loan deferrals. 5

KEY COVID COMMERCIAL LOAN EXPOSURES1 Key COVID commercial loan exposures are spread across multiple industries without large concentrations ($ in millions) % of total C&BL Utilization CRE Utilization Total loans Retailers/Shopping Centers2 Retailers$ 97.9 45%$ 664.1 89%$ 762.0 3.07% Retail REITs 251.9 56% 146.7 100% 398.6 1.86% Subtotal 349.8 52% 810.8 90% 1,160.6 4.64% Oil & Gas Oil & Gas 431.7 71% - 0% 431.7 1.74% Subtotal 431.7 71% - 0% 431.7 1.74% Hotels, Amusement & Related Hotels 0.2 23% 224.4 77% 224.6 0.90% Parking Lots and Garages 22.6 61% 69.5 87% 92.1 0.37% Casinos 29.3 100% - 0% 29.3 0.12% Recreation & Entertainment 26.3 41% 6.9 99% 33.3 0.13% Movie Theaters 23.6 70% - 0% 23.6 0.10% Subtotal 102.0 62% 300.9 79% 402.9 1.62% Restaurants Full-Service 72.4 82% 12.9 100% 85.2 0.34% Limited-Service & Other 21.0 92% 13.8 97% 34.8 0.14% Subtotal 93.4 84% 26.7 98% 120.0 0.48% Transportation & Other Transportation Services 52.2 80% - 0% 52.2 0.21% Fracking Sand Mining 25.8 75% - 0% 25.8 0.10% Subtotal 78.1 78% - 0% 78.1 0.31% Total$ 1,054.9 64%$ 1,138.3 87%$ 2,193.3 8.83% 1 As of 6/30/2020. 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. 6

COMMERCIAL COVID-19 RELIEF Commercial deferral requests have slowed during the quarter Loan Deferrals & Modifications1 Deferred and Modified Loans Trend ($ in billions) Loan Deferrals . Commercial Real Estate $0.8 – $561 million (66 loans) Corporate CRE – $78 million (140 loans) Regional/Business $0.7 $0.2 Banking $0.2 ▪ Commercial & Business Lending – $128 million (74 loans) Corporate Banking – $56 million (286 loans) Business Banking $0.3 $0.6 $0.5 $0.1 $0.2 April 20 May 20 June 20 CRE C&BL 1 Includes completed modifications as of June 30, 2020. 7

CONSUMER COVID-19 RELIEF Consumer deferral requests have dropped off during the quarter Loan Deferrals & Modifications1 Deferred and Modified Loans Trend Loan Deferrals ($ in billions) ▪ $725 million (2,840 loans) of residential mortgage and consumer loans2 Fee Waivers $0.7 $0.7 ▪ Our COVID-19 Relief Program has refunded or waived $0.4 approximately $1.7 million in fees for consumers and small businesses through June 30th April 20 May 20 June 20 800 700 Loan deferrals five day3 rolling 600 average 500 400 300 200 Loan DeferralsLoan 100 0 04/10/20 04/15/20 04/20/20 04/24/20 04/30/20 05/05/20 05/11/20 05/15/20 05/20/20 05/26/20 05/29/20 06/05/20 06/10/20 06/15/20 06/22/20 06/25/20 06/30/20 07/06/20 07/10/20 07/15/20 1 Includes completed modifications as of June 30, 2020. 2 We have also completed deferrals on $427 million of loans in our mortgage portfolio serviced for others, representing approximately 5% of that portfolio. 8 3 Business days.

DEFERRAL TRENDS We continue to monitor and work with customers on their deferred loans Many customers that participated in payment relief are moving back toward normally scheduled payment structures . Consumer – 27% of Customers have made at least one payment post modification . Small Business had 12 deferrals that ended in June totaling $2.5M – 10 of those are expected to resume payments ($2.2M) – 2 have requested an extension ($0.3M) . Corporate Banking had 22 deferrals that ended in June totaling $43.6M – 21 of those are expected to resume payments ($32.4M) . CRE had 11 deferrals that ended in June totaling $115.8M – 5 of those are expected to resume payments ($55.9M) – 6 have requested extensions ($59.9M) and all are either hotel or retail properties . Discussions with customers on upcoming deferral expirations indicate most will resume making payments 9

ALLOWANCE UPDATE Second quarter ACLL2 covered 1.73% of total loans, an increase of 11 bps from the first quarter Second Quarter ACLL Loan Allowance Walkforward ($ in millions) ▪ Allowance for credit losses on loans (ACLL) increased $35 million, or 9%, at the end of 2Q 2020 from 1Q 2020 ▪ Assumptions based on Moody's Baseline scenarios As of 6/30/2020 ACLL2 ACLL2 / Loans Key COVID Coml. Exp.$ 136 6.21% Non-COVID Portfolio$ 293 1.35% ($ in millions) Day 1 Net 1Q Net 2Q 6/30/20 ACLL1 CECL Reserve ACLL2 Reserve ACLL2 ACLL2 / Loan Category 12/31/19 Adoption2 Build2 3/31/20 Build2 06/30/2020 Loans C&BL - excl. Oil & Gas$ 100,594 $ (8,390) $ 29,571 $ 121,775 $ 326 $ 122,101 1.44% C&BL Oil & Gas 13,226 55,460 8,880 77,567 6,025 83,592 19.36% PPP Loans - - - - 808 808 0.08% CRE - Investor 41,044 2,287 (785) 42,546 16,524 59,070 1.42% CRE - Construction 32,447 25,814 7,428 65,688 10,585 76,273 4.47% Residential Mortgage 16,960 33,215 (6,227) 43,947 (121) 43,826 0.55% Other Consumer 19,008 22,760 777 42,546 363 42,909 3.83% Total$ 223,278 $ 131,147 $ 39,643 $ 394,069 $ 34,510 $ 428,579 1.73% Total (excluding PPP Loans)$ 223,278 $ 131,147 $ 39,643 $ 394,069 $ 33,702 $ 427,770 1.80% ($ in thousands) 1 Includes ALLL and the allowance for unfunded commitments. 10 2 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities.

CREDIT QUALITY – QUARTERLY TRENDS Reserve builds on key commercial exposures and oil and gas while credit metrics remain fairly stable Potential Problem Loans1 Nonaccrual Loans1 ($ in millions) ($ in millions) $307 $167 $172 $234 $63 $137 $129 $118 $50 $166 $161 $67 $63 $29 $4 $133 $36 $23 $32 $43 $244 $161 $167 $104 $93 $95 $109 $121 $101 $118 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Oil and gas All other loans Oil and gas All other loans Net Charge Offs1 ACLL2 to Total Loans / Oil and Gas Loans1 ($ in millions) 19.36% 16.63% $26 $20 $17 $13 $14 $9 $25 3.87% 3.83% $10 $21 $10 2.69% 1.62% 1.73% $8 1.10% 1.04% 0.98% $4 $4 $2 2Q 2019 3Q 20193 4Q 2019 1Q 2020 2Q 2020 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Oil and gas All other loans Oil and gas ACLL / Oil and gas Loans ACLL / loans 1 At period end. 11 2 ACLL figure does not include ~$61,000 for HTM securities in 2Q20. 3 3Q 2019 included a net recovery of $1 million for all other loans.

DEPOSIT PORTFOLIO TRENDS Low-cost deposits continue to grow while reducing high-cost non-core funding Average Quarterly Deposits EOP Funding Change 1Q20 to 2Q20 ($ in billions) ($ in millions) $1,467 $26.1 Noninterest-bearing demand $25.1 $25.2 $24.1 $24.3 Savings $362 $5.1 $5.3 $6.9 Money Market $114 $5.5 $5.5 $(235) Network transaction deposits $(384) Time deposits $5.0 $5.5 $5.4 $5.1 $5.3 $(433) Interest-bearing demand $2.3 $2.6 $2.7 $2.9 $3.3 EOP Low-cost Deposit Mix Trend $7.1 61% $6.9 55% 56% 58% $6.6 $6.5 $6.5 52% 24% 29% 21% 23% 23% $3.5 $3.1 $2.7 $2.6 $2.5 21% 21% 21% 23% 20% $2.0 $1.8 $1.4 $1.4 $1.5 10% 11% 12% 12% 13% 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Noninterest-bearing demand Savings Time deposits Interest-bearing demand Money market Network transaction deposits 12

NET INTEREST INCOME AND YIELD TRENDS Fed Funds rate cuts and increased liquidity have pressured year to date NIM down to 2.66% Net Interest Income and Net Interest Margin Average Yields ($ in millions) 4.41% 4.42% 2.88% 4.20% 2.81% 2.83% 2.84% 3.65% 4.05% 3.87% 3.65% 3.14% 2.49% 2.99% 3.07% 3.38% 3.37% 3.24% $214 3.04% 3.01% 2.94% $206 $203 $200 2.76% $190 2.52% 1.17% 1.18% 0.86% 0.61% 0.60% 0.57% 0.90% 0.91% 0.57% 0.30% 0.28% 0.25% 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Total interest-bearing Net interest income Net interest margin Commercial real estate loans liabilities Commercial and business Total interest- lending loans bearing deposits Total residential mortgage loans 13

NONINTEREST INCOME TRENDS Mortgage banking grew during the second quarter despite partially offsetting MSR impairment Noninterest Income Trend Gross Mortgage Banking Income ($ in millions) ($ in millions) $20 $15 $(8) $254 $11 $9 $101 $7 $(9) $96 $98 $93 $9 $11 $12 $7 $6 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 $36 $41 $40 $35 $42 Mortgage banking, net MSR Impairment Capital Markets, Net ($ in millions) $15 $17 $16 $15 $11 $8 $8 $7 $21 $21 $22 $21 $21 $5 $4 $23 $21 $20 $23 $22 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Insurance commissions Service charges and deposit Wealth management account fees Asset gains (losses), net Other 14

ASSET GAINS AND LOSSES Asset Gains of $157 million including the sale of ABRC Asset Gains (Losses) Walkforward ABRC Transaction Terms ($ in millions) Buyer  $266 million¹ Purchase — 3x multiple of LTM revenue² Price — 18x multiple of LTM net income² Consideration  100% cash  $163 million (net of transaction Net Gain expenses) Closing  Closed 6/30/2020 1 Paid at closing and subject to customary adjustments. 15 2 Reflects pro forma revenue and net income of transferred entity as of LTM ended 3/31/2020.

CUSTOMER ACTIVITY UPDATE Customer activity is showing positive trends Debit and Credit Card Monthly Branch Activity1 Active Mobile Users3 Purchases2 Branch activity has ticked Customers are beginning to Active mobile users have back up but shifted to drive- use their cards again resulting increased 15% since January through; ~30% of transactions in debit and credit card are occurring in the lobby transactions increasing 23% in during June compared to June from April ~65% pre-COVID $510 $495 $456 $443 $432 $413 274 901 266 855 818 797 253 735 245 247 666 238 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 DR Card CR Card 1 Monthly branch transactions displayed in thousands. 2 Debit and credit card spend displayed in millions. 16 3 Active mobile users represented as a 90 day average, displayed in thousands.

EXPENSE TRENDS Expense discipline remains a focus as the second quarter continues downward trend Noninterest Expense Business Development and Advertising ($ in millions) ($ in millions) $201 $204 $198 $8 $2 $192 $8 $4 $1 $183 $7 $2 $6 $1 $4 $71 $76 $82 $76 $72 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 $1 $4 $2 Noninterest Expense2 / Average Assets 2.51% 2.37% 2.40% 2.37% $122 $123 $117 $114 $109 2.12% 2.31% 2.39% 2.45% 2.35% 2.09% 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Adjusted personnel expense1 Other Adjusted noninterest Noninterest expense / Severance / Frontline Pay Acquisition related costs expense3 / average assets average assets 1 A non-GAAP financial measure, adjusted personnel expense excludes restructuring related costs and frontline pay. Please refer to the appendix for a reconciliation of personnel expense to adjusted personnel expense. 2 Annualized 17 3 A non-GAAP financial measure, adjusted noninterest expense excludes acquisition and restructuring related costs. Please refer to the appendix for a reconciliation of noninterest expense to adjusted noninterest expense.

STRONG CAPITAL POSITION Capital ratios improved during the second quarter bolstered by the sale of ABRC Highlights Capital Ratio Walkdowns ▪ Expect CET1 ratio to grow over balance of 2020 ▪ Regulatory capital ratios not expected to be impacted by PPP ▪ ABRC sale improved the TCE ratio2 by 27 bps Common Equity Tier 1 Ratio1 Regulatory Capital Ratios 13.84% 12.56% 11.62% 10.25% 10.35% 9.36% Tangible Common Equity Ratio2 Common Equity Tier 1 Tier 1 Capital Total Capital Capital 1Q 2020 2Q 2020 1 CET1 CECL adoption impact includes modified transition amount. 2 Tangible common equity / tangible assets. This is a non-GAAP financial measure. See Appendix for a reconciliation of non-GAAP financial measures to 18 GAAP financial measures.

2020 UPDATED OUTLOOK We are refining our guidance for the remainder of 2020 ▪ Expect loan to deposit ratio to be ▪ We expect a quarterly expense approximately 90%, excluding run rate of approximately $175M PPP for the rest of the year due to the $15M quarterly reduction of ▪ Target investments / total assets expenses from the sale of ABRC ratio of 15%, excluding PPP Balance Sheet Expense ▪ Full-year effective tax rate ▪ We expect PPP loans to pay expected to be 18% or less Management down mostly in Q4 and early Management 2021 ▪ Full year margin of 2.55% to 2.60% ▪ Mortgage banking expected to ▪ Expect capital to build over the remain elevated in Q3 balance of the year ▪ Service charges returning to ▪ Share repurchase program will normal levels over the second Capital & remain suspended until economic Fee half of the year Credit conditions improve and stabilize Businesses ▪ No insurance revenue in the Management Based on our current second half of the year due to ▪ assumptions, we expect loan loss sale of ABRC provision to be less in the second half of the year than the first half 19

APPENDIX

TOTAL LOANS OUTSTANDING BALANCES AS OF JUNE 30, 2020 Well diversified $24.8 billion loan portfolio ($ in millions) % of Total % of Total 06/30/20201 Loans 06/30/20201 Loans C&BL (by NAICS2) CRE (by property type code) Wholesale/Manufacturing$ 1,907 7.7% Multi-Family$ 1,841 7.4% Utilities 1,603 6.5% Office/Mixed 1,256 5.1% Finance and Insurance 1,387 5.6% Retail 981 4.0% Real Estate (includes REITs) 1,296 5.2% Industrial 934 3.8% Mining3 499 2.0% Single Family Construction 388 1.6% Construction 437 1.8% Hotel/Motel 224 0.9% Health Care and Social Assistance4 412 1.7% Land 107 0.4% Retail Trade 392 1.6% Farm Land 17 0.1% Professional, Scientific, and Tech. Serv. 342 1.4% Mobile Home Parks 16 0.1% Rental and Leasing Services 255 1.0% Other 118 0.5% Transportation and Warehousing 216 0.9% Total CRE$ 5,882 23.7% Waste Management 198 0.8% Accommodation and Food Services 176 0.7% Consumer Information 145 0.6% Residential Mortgage$ 7,934 31.9% Financial Investments & Related Activities 101 0.4% Home Equity 796 3.2% Management of Companies & Enterprises 86 0.3% Student Loans 124 0.5% Arts, Entertainment, and Recreation 72 0.3% Credit Cards 106 0.4% Educational Services 58 0.2% Other Consumer 96 0.4% Public Administration 28 0.1% Total Consumer$ 9,055 36.5% Agriculture, Forestry, Fishing and Hunting 8 0.0% Other 278 1.1% Total C&BL$ 9,895 39.8% Total Loans$ 24,833 100.0% 1 All values as of period end. 2 North American Industry Classification System. 3 Includes $432 million of oil and gas loans and one $26 million fracking sand mining company loan. 4 Includes $48 million of assisted living and continued care retirement communities. 21

LOAN STRATIFICATION OUTSTANDINGS AS OF JUNE 30, 2020 C&BL by Geography Total Loans1 CRE by Geography $9.9 billion $5.9 billion Minnesota 8% Illinois Illinois Minnesota Illinois 17% 10% 16% 25% 3 Minnesota Wisconsin Texas Other 10% 2 25% 8% Midwest Wisconsin Wisconsin 23% Other 29% Other 2 25% Midwest Midwest 2 10% 13% Other Texas Other Other 33% 8% 18% 16% Texas 5% C&BL by Industry Oil and Gas Lending4 CRE by Property Type $9.9 billion $432 million $5.9 billion Power & Utilities South Texas 16% & Eagle Retail Ford 17% 14% East Texas North Office / Mixed Manufacturing & Real Estate 13% Louisiana Use Wholesale Trade Arkansas Permian 21% 19% 16% Oil & Gas 29% Multi-Family 5% 31% Rockies Finance & 10% Industrial Insurance Marcellus 16% 14% Bakken Utica 2% Appalachia 11% Gulf Shallow Other 1-4 Family 2% 6% Construction Other Mid- 1 Hotel / Motel 5% Excludes $326 million Other consumer portfolio. (Onshore Continent 2 (primarily 4% Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Lower 48) 22 3Principally reflects the oil and gas portfolio. 9% OK & KS) 4Chart based on commitments of $609 million. 7%

RECONCILIATION AND DEFINITIONS OF NON-GAAP ITEMS ($ IN MILLIONS) Adjusted Noninterest Expense Reconcilation1 2Q19 3Q19 4Q19 1Q20 2Q20 Noninterest expense $198 $201 $204 $192 $183 Acquisition related costs 4 2 1 2 1 Severance / Frontline pay 1 0 4 0 2 Adjusted noninterest expense $193 $199 $199 $190 $181 Adjusted Personnel Expense Reconcilation1 2Q19 3Q19 4Q19 1Q20 2Q20 Personnel expense $123 $123 $121 $114 $111 Severance / Frontline pay 1 0 4 0 2 Adjusted personnel expense $122 $123 $117 $114 $109 Tangible Common Equity and Tangible Assets Reconciliation2 1Q20 2Q20 Common equity $3,534 $3,671 Goodwill and other intangible assets, net (1,284) (1,181) Tangible common equity $2,250 $2,490 Total assets $33,908 $35,501 Goodwill and other intangible assets, net (1,284) (1,181) Tangible assets $32,624 $34,321 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 23 considered to be a critical metric with which to analyze and evaluate financial condition and capital strength.



UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549
FORM	8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934



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)




(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))



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 6.125% Non-Cum. Perp Pref Stock, Srs C	ASB PrC	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.375% Non-Cum. Perp Pref Stock, Srs D	ASB PrD	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



Date of Report (Date of earliest event reported)	July 23, 2020



Registrant’s telephone number, including area code	920	491-7500



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.



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: July 23, 2020		By: /s/ Christopher J. Del Moral-Niles
		Christopher J. Del Moral-Niles
		Chief Financial Officer