Associated Banc : Q1 2024 News Release

Exhibit 99.1

NEWS RELEASE

Investor Contact:

Ben McCarville, Vice President, Director of Investor Relations 920-491-7059

Media Contact:

Marilka Vélez, Senior Vice President, Senior Director of Marketing 920-491-7518

Associated Banc-Corp Reports First Quarter 2024 Net Income Available to Common Equity of $78

Million, or $0.52 per Common Share

Results driven by balance sheet growth, margin expansion and continued execution of strategic

initiatives

GREEN BAY, Wis. -- April 25, 2024 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $78 million, or $0.52 per common share, for the quarter ended March 31, 2024. These amounts compare to a loss of $94 million, or $(0.62) per common share, for the quarter ended December 31, 2023 and earnings of $100 million, or $0.66 per common share, for the quarter ended March 31, 2023.

"During the first quarter, we continued to make strong progress against our strategic plan," said President and CEO Andy Harmening. "We added talent in key areas, enhanced operational efficiency, and improved the customer experience through product and service enhancements. Here in April, our collective efforts were recognized when we were named #1 for Retail Banking Customer Satisfaction in the Upper Midwest Region by J.D. Power.1 Importantly, these efforts also contributed to the bottom line through balanced loan and deposit growth, net household growth, and expanding margins."

"As we look forward, macroeconomic question marks remain, but we feel well-positioned thanks to the stability of our markets, the resilience of our customer base, and the quarterly momentum from our initiatives. We're excited to share our progress over the remainder of the year."

First Quarter 2024 Highlights (all comparisons to Fourth Quarter 2023)

• Total period end commercial & business lending loans increased $161 million to $11.0 billion
• Total period end commercial real estate loans decreased $73 million to $7.3 billion
• Total period end consumer loans increased $190 million to $11.2 billion
• Total period end deposits increased $267 million to $33.7 billion
• Total period end core customer deposits2 increased $557 million to $28.0 billion
• Net interest income increased $4 million to $258 million
• Quarterly net interest margin increased 10 basis points to 2.79%
• Noninterest income increased $196 million to $65 million (increase primarily driven by one time items impacting 4Q 2023 results)
• Noninterest expense decreased $42 million to $198 million (decrease primarily driven by one time items impacting 4Q 2023 results)
• Provision for credit losses on loans increased $3 million to $24 million
• Net income available to common equity increased $172 million to $78 million (increase primarily driven by one time items impacting 4Q 2023 results)

• For J.D. Power 2024 award information, visit jdpower.com/awards.

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

Loans

First quarter 2024 average total loans of $29.4 billion decreased 2%, or $583 million, from the prior quarter and increased 2%, or $523 million, from the same period last year. With respect to first quarter 2024 average balances by loan category:

• Commercial and business lending decreased $4 million from the prior quarter and increased $200 million from the same period last year to $10.8 billion.
• Commercial real estate lending decreased $8 million from the prior quarter and increased $139 million from the same period last year to $7.4 billion.
• Consumer lending decreased $572 million from the prior quarter and increased $184 million from the same period last year to $11.2 billion.

First quarter 2024 period end total loans of $29.5 billion increased 1%, or $278 million, from the prior quarter and increased 1%, or $287 million, from the same period last year. With respect to first quarter 2024 period end balances by loan category:

• Commercial and business lending increased $161 million from the prior quarter and increased $34 million from the same period last year to $11.0 billion.
• Commercial real estate lending decreased $73 million from the prior quarter and increased $81 million from the same period last year to $7.3 billion.
• Consumer lending increased $190 million from the prior quarter and increased $172 million from the same period last year to $11.2 billion.

In 2024, we continue to expect total loan growth of 4% to 6% on an end of period basis as compared to the year ended December 31, 2023.

Deposits

First quarter 2024 average deposits of $33.3 billion increased 3%, or $1.1 billion, from the prior quarter and increased 11%, or $3.4 billion, from the same period last year. With respect to first quarter 2024 average balances by deposit category:

• Noninterest-bearingdemand deposits decreased $289 million from the prior quarter and decreased $1.5 billion from the same period last year to $5.9 billion.
• Savings increased $66 million from the prior quarter and increased $263 million from the same period last year to $4.9 billion.
• Interest-bearingdemand deposits increased $334 million from the prior quarter and increased $676 million from the same period last year to $7.5 billion.
• Money market deposits decreased $5 million from the prior quarter and decreased $1.4 billion from the same period last year to $6.1 billion.
• Total time deposits increased $934 million from the prior quarter and increased $4.8 billion from the same period last year to $7.2 billion.

• Network transaction deposits increased $35 million from the prior quarter and increased $505 million from the same period last year to $1.7 billion.

First quarter 2024 period end deposits of $33.7 billion increased 1%, or $267 million, from the prior quarter and increased 11%, or $3.4 billion, from the same period last year. With respect to first quarter 2024 period end balances by deposit category:

• Noninterest-bearingdemand deposits increased $134 million from the prior quarter and decreased $1.1 billion from the same period last year to $6.3 billion.
• Savings increased $289 million from the prior quarter and increased $394 million from the same period last year to $5.1 billion.
• Interest-bearingdemand deposits decreased $97 million from the prior quarter and increased $1.8 billion from the same period last year to $8.7 billion.
• Money market deposits increased $391 million from the prior quarter and decreased $1.6 billion from the same period last year to $6.7 billion.
• Total time deposits decreased $450 million from the prior quarter and increased $3.9 billion from the same period last year to $6.9 billion.
• Network transaction deposits (included in money market and interest-bearing demand deposits) increased $227 million from the prior quarter and increased $519 million from the same period last year to $1.8 billion.

In 2024, we continue to expect core customer deposit growth of 3% to 5% on an end of period basis as compared to the year ended December 31, 2023.

Net Interest Income and Net Interest Margin

First quarter 2024 net interest income of $258 million increased $4 million, or 2%, from the prior quarter and decreased $16 million, or 6%, from the same period last year. The net interest margin increased to 2.79%, reflecting a 10 basis point increase from the prior quarter and a 28 basis point decrease from the same period last year.

• The average yield on total loans for the first quarter of 2024 increased 14 basis points from the prior quarter and increased 73 basis points from the same period last year to 6.22%.
• The average cost of total interest-bearing liabilities for the first quarter of 2024 remained flat compared to the prior quarter and increased 107 basis points from the same period last year to 3.55%.
• The net free funds benefit for the first quarter of 2024 decreased 3 basis points from the prior quarter and increased 9 basis points from the same period last year to 0.70%.

We continue to expect total net interest income growth of 2% to 4% in 2024.

Noninterest Income

First quarter 2024 total noninterest income of $65 million increased $196 million from the prior quarter (with the increase driven primarily by one time items impacting prior quarter results) and increased $3 million, or 5%, from the same period last year. With respect to first quarter 2024 noninterest income line items:

• Wealth management fees increased $1 million from the prior quarter and increased $2 million from the same period last year.
• Service charges and deposit account fees increased $2 million from the prior quarter and decreased $1 million from the same period last year.
• Capital markets, net decreased $5 million from the prior quarter and decreased $1 million from the same period last year.
• Investment securities gains (losses), net increased $63 million from the prior quarter and increased $4 million from the same period last year, driven primarily by a $65 million net loss on a sale of investments associated with a balance sheet repositioning recognized in the fourth quarter of 2023 and a $4 million gain on sale of Visa B shares recognized in the first quarter of 2024. As of March 31, 2024, we had no Visa B shares remaining.

After adjusting to exclude the impact of the mortgage and investment securities sales announced during the fourth quarter of 2023, we continue to expect total noninterest income to decrease by 0% to 2% in 2024.

Noninterest Expense

First quarter 2024 total noninterest expense of $198 million decreased $42 million, or 17%, from the prior quarter (with the decrease driven primarily by one time items impacting prior quarter results) and increased $10 million, or 5%, from the same period last year as we continued to invest in our strategic initiatives. With respect to first quarter

2024 noninterest expense line items:

• Personnel expense decreased $1 million from the prior quarter and increased $3 million from the same period last year.
• Technology expense decreased $2 million from the prior quarter and increased $3 million from the same period last year.
• FDIC assessment expense decreased $28 million from the prior quarter and increased $7 million from the same period last year. These results were driven primarily by a $31 million special assessment recognized in the fourth quarter of 2023 and an $8 million special assessment recognized in the first quarter of 2024.

After adjusting to exclude the impact of the $31 million FDIC special assessment finalized during the fourth quarter of 2023 and the $8 million FDIC special assessment finalized during the first quarter of 2024, we expect total noninterest expense to grow by 2% to 3% in 2024.

Taxes

The first quarter 2024 tax expense was $20 million compared to $47 million of tax benefit in the prior quarter and $27 million of tax expense in the same period last year. The effective tax rate for the first quarter of 2024 was 19.8% compared to an effective tax rate of 20.9% in the same period last year.

In 2024, we continue to expect the annual effective tax rate to be between 19% and 21%, assuming no change in the corporate tax rate.

Credit

The first quarter 2024 provision for credit losses on loans was $24 million, compared to a provision of $21 million in the prior quarter and a provision of $18 million in the same period last year. With respect to first quarter 2024 credit quality:

• Nonaccrual loans of $178 million increased $29 million from the prior quarter and increased $61 million from the same period last year. The nonaccrual loans to total loans ratio was 0.60% in the first quarter, up from 0.51% in the prior quarter and up from 0.40% in the same period last year.
• First quarter 2024 net charge offs of $22 million increased compared to net charge offs of $16 million in the prior quarter and increased compared to net charge offs of $3 million in the same period last year.
• The allowance for credit losses on loans (ACLL) of $388 million increased $2 million compared to the prior quarter and increased $22 million compared to the same period last year. The ACLL to total loans ratio was 1.31% in the first quarter, down from 1.32% in the prior quarter and up from 1.25% in the same period last year.

In 2024, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.

Capital

The Company's capital position remains strong, with a CET1 capital ratio of 9.43% at March 31, 2024. The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis.

FIRST QUARTER 2024 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 25, 2024. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp first quarter 2024 earnings call. The first quarter 2024 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $41 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The Company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

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

Consolidated Balance Sheets (Unaudited)

($ in thousands)		March 31,	December 31,		Seql Qtr $	September 30,		June 30,		March 31,	Comp Qtr $
	2024		2023		Change		2023		2023		2023		Change
Assets
Cash and due from banks	$	429,859	$	484,384	$	(54,525)	$	388,694	$	407,620	$	311,269	$	118,590
Interest-bearing deposits in other financial institutions		420,114		425,089		(4,975)		323,130		190,881		511,116		(91,002)
Federal funds sold and securities purchased under		1,610		14,350		(12,740)		965		31,160		455		1,155
agreements to resell
Investment securities available for sale, at fair value		3,724,148		3,600,892		123,256		3,491,679		3,504,777		3,381,607		342,541
Investment securities held to maturity, net, at		3,832,967		3,860,160		(27,193)		3,900,415		3,938,877		3,967,058		(134,091)
amortized cost
Equity securities		19,571		41,651		(22,080)		35,937		30,883		30,514		(10,943)
Federal Home Loan Bank and Federal Reserve Bank		173,968		229,171		(55,203)		268,698		271,637		331,420		(157,452)
stocks, at cost
Residential loans held for sale		52,414		33,011		19,403		54,790		38,083		35,742		16,672
Commercial loans held for sale		-		90,303		(90,303)		-		15,000		33,490		(33,490)
Loans		29,494,263		29,216,218		278,045		30,193,187		29,848,904		29,207,072		287,191
Allowance for loan losses		(356,006)		(351,094)		(4,912)		(345,795)		(338,750)		(326,432)		(29,574)
Loans, net		29,138,257		28,865,124		273,133		29,847,392		29,510,153		28,880,640		257,617
Tax credit and other investments		255,252		258,067		(2,815)		256,905		263,583		269,269		(14,017)
Premises and equipment, net		367,618		372,978		(5,360)		373,017		374,866		375,540		(7,922)
Bank and corporate owned life insurance		685,089		682,649		2,440		679,775		678,578		677,328		7,761
Goodwill		1,104,992		1,104,992		-		1,104,992		1,104,992		1,104,992		-
Other intangible assets, net		38,268		40,471		(2,203)		42,674		44,877		47,079		(8,811)
Mortgage servicing rights, net		85,226		84,390		836		89,131		80,449		74,479		10,747
Interest receivable		167,092		169,569		(2,477)		171,119		159,185		152,404		14,688
Other assets		640,638		658,604		(17,966)		608,068		573,870		518,115		122,523
Total assets	$	41,137,084	$	41,015,855	$	121,229	$	41,637,381	$	41,219,473	$	40,702,519	$	434,565
Liabilities and stockholders' equity
Noninterest-bearing demand deposits	$	6,254,135	$	6,119,956	$	134,179	$	6,422,994	$	6,565,666	$	7,328,689	$	(1,074,554)
Interest-bearing deposits		27,459,023		27,326,093		132,930		25,700,332		25,448,743		23,003,134		4,455,889
Total deposits		33,713,158		33,446,049		267,109		32,123,326		32,014,409		30,331,824		3,381,334
Short-term funding		765,671		326,780		438,891		451,644		341,253		226,608		539,063
FHLB advances		1,333,411		1,940,194		(606,783)		3,733,041		3,630,747		4,986,138		(3,652,727)
Other long-term funding		536,055		541,269		(5,214)		529,459		534,273		544,103		(8,048)
Allowance for unfunded commitments		31,776		34,776		(3,000)		34,776		38,276		39,776		(8,000)
Accrued expenses and other liabilities		588,341		552,814		35,527		637,491		537,640		448,407		139,934
Total liabilities		36,968,412		36,841,882		126,530		37,509,738		37,096,599		36,576,856		391,556
Stockholders' equity
Preferred equity		194,112		194,112		-		194,112		194,112		194,112		-
Common equity		3,974,561		3,979,861		(5,300)		3,933,531		3,928,762		3,931,551		43,010
Total stockholders' equity		4,168,673		4,173,973		(5,300)		4,127,643		4,122,874		4,125,663		43,010
Total liabilities and stockholders' equity	$	41,137,084	$	41,015,855	$	121,229	$	41,637,381	$	41,219,473	$	40,702,519	$	434,565

Numbers may not sum due to rounding.

1

Associated Banc-Corp

Consolidated Statements of Income (Unaudited) - Quarterly Trend

($ in thousands, except per share data)						Seql Qtr							Comp Qtr
	1Q24		4Q23	$	Change	% Change	3Q23		2Q23		1Q23	$	Change	% Change
Interest income
Interest and fees on loans	$	454,472	$	457,868	$	(3,396)	(1)% $	447,912	$	423,307	$	391,320	$	63,152	16 %
Interest and dividends on investment securities		46,548		41,809		4,739	11 %		38,210		35,845		30,142		16,406	54 %
Taxable
Tax-exempt		14,774		15,273		(499)	(3)%		15,941		15,994		16,025		(1,251)	(8)%
Other interest		7,595		10,418		(2,823)	(27)%		6,575		6,086		5,329		2,266	43 %
Total interest income		523,388		525,367		(1,979)	- %		508,637		481,231		442,817		80,571	18 %
Interest expense
Interest on deposits		226,231		208,875		17,356	8 %		193,131		162,196		109,422		116,809	107 %
Interest on federal funds purchased and securities		2,863		3,734		(871)	(23)%		3,100		2,261		3,143		(280)	(9)%
sold under agreements to repurchase
Interest on other short-term funding		4,708		-		4,708	N/M	-		-		-		4,708	N/M
Interest on FHLB advances		21,671		49,171		(27,500)	(56)%		48,143		49,261		49,960		(28,289)	(57)%
Interest on long-term funding		10,058		10,185		(127)	(1)%		10,019		9,596		6,281		3,777	60 %
Total interest expense		265,530		271,965		(6,435)	(2)%		254,394		223,314		168,807		96,723	57 %
Net interest income		257,858		253,403		4,455	2 %		254,244		257,917		274,010		(16,152)	(6)%
Provision for credit losses		24,001		21,007		2,994	14 %		21,943		22,100		17,971		6,030	34 %
Net interest income after provision for credit		233,857		232,395		1,462	1 %		232,301		235,817		256,039		(22,182)	(9)%
losses
Noninterest income
Wealth management fees		21,694		21,003		691	3 %		20,828		20,483		20,189		1,505	7 %
Service charges and deposit account fees		12,439		10,815		1,624	15 %		12,864		12,372		12,994		(555)	(4)%
Card-based fees		11,267		11,528		(261)	(2)%		11,510		11,396		10,586		681	6 %
Other fee-based revenue		4,402		4,019		383	10 %		4,509		4,465		4,276		126	3 %
Capital markets, net		4,050		9,106		(5,056)	(56)%		5,368		5,093		5,083		(1,033)	(20)%
Mortgage banking, net		2,662		1,615		1,047	65 %		6,501		7,768		3,545		(883)	(25)%
Loss on mortgage portfolio sale		-		(136,239)		136,239	(100)%		-		-		-		-	N/M
Bank and corporate owned life insurance		2,570		3,383		(813)	(24)%		2,047		2,172		2,664		(94)	(4)%
Asset gains (losses), net		(306)		(136)		(170)	125 %		625		(299)		263		(569)	N/M
Investment securities gains (losses), net		3,879		(58,958)		62,837	N/M	(11)		14		51		3,828	N/M
Other		2,327		2,850		(523)	(18)%		2,339		2,080		2,422		(95)	(4)%
Total noninterest income (loss)		64,985		(131,013)		195,998	N/M		66,579		65,543		62,073		2,912	5 %
Noninterest expense
Personnel		119,395		120,686		(1,291)	(1)%		117,159		114,089		116,420		2,975	3 %
Technology		26,200		28,027		(1,827)	(7)%		26,172		24,220		23,598		2,602	11 %
Occupancy		13,633		14,429		(796)	(6)%		14,125		13,587		15,063		(1,430)	(9)%
Business development and advertising		6,517		8,350		(1,833)	(22)%		7,100		7,106		5,849		668	11 %
Equipment		4,599		4,742		(143)	(3)%		5,016		4,975		4,930		(331)	(7)%
Legal and professional		4,672		6,762		(2,090)	(31)%		4,461		4,831		3,857		815	21 %
Loan and foreclosure costs		1,979		585		1,394	N/M	2,049		1,635		1,138		841	74 %
FDIC assessment		13,946		41,497		(27,551)	(66)%		9,150		9,550		6,875		7,071	103 %
Other intangible amortization		2,203		2,203		-	- %	2,203		2,203		2,203		-	- %
Other		4,513		12,110		(7,597)	(63)%		8,771		8,476		7,479		(2,966)	(40)%
Total noninterest expense		197,657		239,391		(41,734)	(17)%		196,205		190,673		187,412		10,245	5 %
Income (loss) before income taxes		101,185		(138,009)		239,194	N/M	102,674		110,687		130,700		(29,515)	(23)%
Income tax expense (benefit)		20,016		(47,202)		67,218	N/M		19,426		23,533		27,340		(7,324)	(27)%
Net income (loss)		81,169		(90,806)		171,975	N/M	83,248		87,154		103,360		(22,191)	(21)%
Preferred stock dividends		2,875		2,875		-	- %		2,875		2,875		2,875		-	- %
Net income (loss) available to common equity	$	78,294	$	(93,681)	$	171,975	N/M $	80,373	$	84,279	$	100,485	$	(22,191)	(22)%
Earnings (loss) per common share
Basic	$	0.52	$	(0.63)	$	1.15	N/M $	0.53	$	0.56	$	0.67	$	(0.15)	(22)%
Diluted	$	0.52	$	(0.62)	$	1.14	N/M $	0.53	$	0.56	$	0.66	$	(0.14)	(21)%
Average common shares outstanding

Basic

Diluted

N/M = Not meaningful

Numbers may not sum due to rounding.

149,855	150,085	(230)	- %	150,035	149,986	149,763	92	- %
151,292	151,007	285	- %	151,014	150,870	151,128	164	- %

2

Associated Banc-Corp

Selected Quarterly Information

($ in millions except per share data; shares repurchased and outstanding in thousands)		1Q24		4Q23		3Q23		2Q23		1Q23
Per common share data
Dividends	$	0.22	$	0.22	$	0.21	$	0.21	$	0.21
Market value:
High		22.00		21.79		19.21		18.45		24.18
Low		19.73		15.45		16.22		14.48		17.66
Close		21.51		21.39		17.11		16.23		17.98
Book value / share		26.37		26.35		26.06		26.03		26.06
Tangible book value / share		18.78		18.77		18.46		18.41		18.42
Performance ratios (annualized)
Return on average assets		0.80 %		(0.87)%		0.80 %		0.86 %		1.06 %
Noninterest expense / average assets		1.95 %		2.30 %		1.90 %		1.89 %		1.92 %
Effective tax rate		19.78 %		N/M		18.92 %		21.26 %		20.92 %
Dividend payout ratio(a)		42.31 %		N/M		39.62 %		37.50 %		31.34 %
Net interest margin		2.79 %		2.69 %		2.71 %		2.80 %		3.07 %
Selected trend information
Average full time equivalent employees(b)		4,070		4,130		4,220		4,227		4,219
Branch count		188		196		202		202		202
Assets under management, at market value(c)	$	14,171	$	13,545	$	12,543	$	12,995	$	12,412
Mortgage loans originated for sale during period	$	105	$	112	$	115	$	99	$	69
Mortgage loan settlements during period(d)	$	91	$	957	$	103	$	97	$	55
Mortgage portfolio loans transferred to held for sale during period(d)	$	-	$	969	$	-	$	-	$	-
Mortgage portfolio serviced for others(d)	$	6,349	$	7,364	$	6,452	$	6,525	$	6,612
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)		1.34 %		1.15 %		1.38 %		1.23 %		1.13 %
Shares repurchased during period(e)		900		-		-		-		-
Shares outstanding, end of period		150,739		151,037		150,951		150,919		150,886
Selected quarterly ratios
Loans / deposits		87.49 %		87.35 %		93.99 %		93.24 %		96.29 %
Stockholders' equity / assets		10.13 %		10.18 %		9.91 %		10.00 %		10.14 %
Risk-based capital(f)(g)
Total risk-weighted assets	$	32,753	$	32,733	$	33,497	$	33,144	$	32,646
Common equity Tier 1	$	3,088	$	3,075	$	3,197	$	3,143	$	3,086
Common equity Tier 1 capital ratio		9.43 %		9.39 %		9.55 %		9.48 %		9.45 %
Tier 1 capital ratio		10.02 %		9.99 %		10.12 %		10.07 %		10.05 %
Total capital ratio		12.08 %		12.21 %		12.25 %		12.22 %		12.22 %
Tier 1 leverage ratio		8.21 %		8.06 %		8.42 %		8.40 %		8.46 %

N/M = Not meaningful

Numbers may not sum due to rounding.

1. Ratio is based upon basic earnings per common share.
2. Average full time equivalent employees without overtime.
3. Excludes assets held in brokerage accounts.
4. During the fourth quarter of 2023, the Corporation transferred $969 million of residential mortgages into held for sale and subsequently sold them for $844 million. After sale, the servicing was retained for a short period until full servicing was transferred to the purchaser in January 2024.
5. Does not include repurchases related to tax withholding on equity compensation.
6. 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.
7. March 31, 2024 data is estimated.

3

Associated Banc-Corp

Selected Asset Quality Information

($ in thousands)	Mar 31, 2024	Dec 31, 2023	Seql Qtr %	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Comp Qtr %
					Change							Change
Allowance for loan losses
Balance at beginning of period	$	351,094	$	345,795	2 % $	338,750	$	326,432	$	312,720	12 %
Provision for loan losses		27,000		21,000	29 %		25,500		23,500		17,000	59 %
Charge offs		(24,018)		(17,878)	34 %		(20,535)		(14,855)		(5,501)	N/M
Recoveries		1,930		2,177	(11)%		2,079		3,674		2,212	(13)%
Net (charge offs) recoveries		(22,088)		(15,701)	41 %		(18,455)		(11,181)		(3,289)	N/M
Balance at end of period	$	356,006	$	351,094	1 %	$	345,795	$	338,750	$	326,432	9 %
Allowance for unfunded commitments
Balance at beginning of period	$	34,776	$	34,776	- % $	38,276	$	39,776	$	38,776	(10)%
Provision for unfunded commitments		(3,000)		-	N/M		(3,500)		(1,500)		1,000	N/M
Balance at end of period	$	31,776	$	34,776	(9)%	$	34,776	$	38,276	$	39,776	(20)%
Allowance for credit losses on loans (ACLL)	$	387,782	$	385,870	- %	$	380,571	$	377,027	$	366,208	6 %
Provision for credit losses on loans					14 %							33 %
$	24,000	$	21,000	$	22,000	$	22,000	$	18,000
($ in thousands)	Mar 31, 2024	Dec 31, 2023	Seql Qtr %	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Comp Qtr %
Change	Change
Net (charge offs) recoveries
Commercial and industrial	$	(18,638)	$	(13,178)	41 % $	(16,558)	$	(11,177)	$	(1,759)	N/M
Commercial real estate-owner occupied		2		(22)	N/M		2		3		3	(33)%
Commercial and business lending		(18,636)		(13,200)	41 %		(16,556)		(11,174)		(1,756)	N/M
Commercial real estate-investor		-		216	(100)%		272		2,276		-	N/M
Real estate construction		30		38	(21)%		18		(18)		18	67 %
Commercial real estate lending		30		253	(88)%		290		2,257		18	67 %
Total commercial		(18,606)		(12,947)	44 %		(16,266)		(8,917)		(1,738)	N/M
Residential mortgage		(62)		(53)	17 %		(22)		(283)		(53)	17 %
Auto finance		(2,094)		(1,436)	46 %		(1,269)		(1,048)		(957)	119 %
Home equity		211		185	14 %		128		183		340	(38)%
Other consumer		(1,537)		(1,450)	6 %		(1,027)		(1,117)		(881)	74 %
Total consumer		(3,482)		(2,754)	26 %		(2,189)		(2,264)		(1,550)	125 %
Total net (charge offs) recoveries	$	(22,088)	$	(15,701)	41 %	$	(18,455)	$	(11,181)	$	(3,289)	N/M
(In basis points)	Mar 31, 2024	Dec 31, 2023		Sep 30, 2023	Jun 30, 2023	Mar 31, 2023
Net (charge offs) recoveries to average loans
(annualized)
Commercial and industrial		(77)		(54)			(66)		(46)		(7)
Commercial real estate-owner occupied		-		(1)			-		-		-
Commercial and business lending		(69)		(48)			(60)		(41)		(7)
Commercial real estate-investor		-		2			2		18		-
Real estate construction		1		1			-		-		-
Commercial real estate lending		-		1			2		12		-
Total commercial		(41)		(28)			(35)		(20)		(4)
Residential mortgage		-		-			-		(1)		-
Auto finance		(35)		(27)			(27)		(25)		(26)
Home equity		14		12			8		12		22
Other consumer		(232)		(208)			(148)		(163)		(125)
Total consumer		(13)		(9)			(7)		(8)		(6)
Total net (charge offs) recoveries		(30)		(21)	Seql Qtr %		(25)		(15)		(5)	Comp Qtr %
($ in thousands)	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023
Change	Change
Credit quality
Nonaccrual loans	$	178,346	$	148,997	20 % $	168,558	$	131,278	$	117,569	52 %
Other real estate owned (OREO)		8,437		10,506	(20)%		8,452		7,575		15,184	(44)%
Repossessed assets	$	1,241	$	919	35 % $	658	$	348	$	92	N/M
Total nonperforming assets	$	188,025	$	160,421	17 %	$	177,668	$	139,201	$	132,845	42 %
Loans 90 or more days past due and still accruing					(89)%							42 %
$	2,417	$	21,689	$	2,156	$	1,726	$	1,703
Allowance for credit losses on loans to total loans		1.31 %		1.32 %			1.26 %		1.26 %		1.25 %
Allowance for credit losses on loans to nonaccrual		217.43 %		258.98 %			225.78 %		287.20 %		311.48 %
loans
Nonaccrual loans to total loans		0.60 %		0.51 %			0.56 %		0.44 %		0.40 %
Nonperforming assets to total loans plus OREO and		0.64 %		0.55 %			0.59 %		0.47 %		0.45 %
repossessed assets
Nonperforming assets to total assets		0.46 %		0.39 %			0.43 %		0.34 %		0.33 %
Annualized year-to-date net charge offs (recoveries) to		0.30 %		0.16 %			0.15 %		0.10 %		0.05 %
year-to-date average loans

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