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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 23, 2025
                                                                            Associated Banc-Corp                                                                      
(Exact name of registrant as specified in its chapter)
Wisconsin001-3134339-1098068
(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

433 Main StreetGreen BayWisconsin54301
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code920491-7500
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the act:
Title of each classTrading symbolName of each exchange on which registered
Common stock, par value $0.01 per shareASBNew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs EASB PrENew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs FASB PrFNew York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033ASBANew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐
Emerging growth company 
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02 Results of Operations and Financial Condition.
 
On January 23, 2025, Associated Banc-Corp announced its earnings for the quarter ended December 31, 2024. A copy of the registrant’s press release containing this information and the slide presentation discussed on the conference call for investors and analysts on January 23, 2025, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference.
 
Item 9.01 Financial Statements and Exhibits.
 
(d)  Exhibits.
 
 The following exhibits are furnished as part of this Report on Form 8-K:





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: January 23, 2025By: /s/ Derek S. Meyer
 Derek S. Meyer
 Chief Financial Officer
  
 
 



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NEWS RELEASE
Investor Contact:
Ben McCarville, Senior Vice President, Director of Investor Relations     
920-491-7059
Media Contact:
Andrea Kozek, Vice President, Public Relations Senior Manager
920-491-7518
Associated Banc-Corp Reports Full Year 2024 Earnings of $0.72 Per Common Share, or $2.38 Per Common Share Excluding Nonrecurring Items Recognized During the Fourth Quarter1
GREEN BAY, Wis. -- January 23, 2025 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $112 million, or $0.72 per common share for the year ended December 31, 2024. These amounts compare to earnings of $171 million, or $1.13 per common share, for the year ended December 31, 2023. For the quarter ended December 31, 2024, the Company reported a loss of $164 million, or $1.03 per common share. 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 $85 million, or $0.56 per common share for the quarter ended September 30, 2024.
The Company's results for the year and quarter ended December 31, 2024 were impacted by several nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter. Excluding the impact of these nonrecurring items, the Company reported adjusted earnings of $367 million, or $2.38 per common share1 for the year, and $91 million, or $0.57 per common share1 for the fourth quarter. The fourth quarter nonrecurring items consisted of a $130 million loss on a mortgage portfolio sale, a $148 million net loss on a sale of investments, a $14 million loss on prepayments of FHLB advances, a $1 million increase in provision, and a $39 million tax benefit.
“2024 was a year of significant progress for Associated," said President and CEO Andy Harmening. "We bolstered our executive team with several high-quality leaders, enhanced our consumer value proposition, expanded our commercial team, and complemented these actions with an equity raise and balance sheet repositioning. In the fourth quarter, the emerging momentum from these actions drove strong core financial results, with robust commercial loan growth, core customer deposit1 growth, and stable credit trends."
"We're entering 2025 with several tailwinds including record-high customer satisfaction scores, net customer household growth, balance sheet growth, and a strengthened profitability profile. We feel well-positioned to deliver enhanced value for all of our stakeholders in 2025, and we look forward to providing updates throughout the year."
2024 SUMMARY (all comparisons on a period end basis compared to 2023)
•Diluted GAAP earnings per common share of $0.72; Adjusted diluted earnings per common share of $2.381
•Total deposit growth of $1.2 billion; Total core customer deposit growth of $1.2 billion1
•Total loan growth of $552 million; Adjusted total loan growth of $1.3 billion1
•Net interest income of $1.0 billion
•Total noninterest (loss) income of $(9) million; Adjusted noninterest income of $269 million1
•Total noninterest expense of $818 million; Adjusted noninterest expense of $804 million1
•Provision for credit losses of $85 million
•Net charge offs / average loans of 0.23%
1 This is a non-GAAP financial measure. See pages 10 and 11 of the attached tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans
Fourth quarter 2024 period end total loans of $29.8 billion decreased 1%, or $222 million, from the prior quarter, driven primarily by a sale of $723 million in residential mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024. Compared to the same period last year, period end total loans were up 2%, or $552 million. With respect to fourth quarter 2024 period end balances by loan category:
•Commercial and business lending increased $338 million from the prior quarter and increased $924 million from the same period last year to $11.7 billion.
•Commercial real estate lending increased $26 million from the prior quarter and decreased $185 million from the same period last year to $7.2 billion.
•Total consumer lending decreased $586 million from the prior quarter and decreased $187 million from the same period last year to $10.8 billion.

Fourth quarter 2024 average total loans of $30.2 billion were up 2%, or $568 million, from the prior quarter and were up 1%, or $249 million, from the same period last year. With respect to fourth quarter 2024 average balances by loan category:
•Commercial and business lending increased $503 million from the prior quarter and increased $654 million from the same period last year to $11.5 billion.
•Commercial real estate lending decreased $29 million from the prior quarter and decreased $191 million from the same period last year to $7.2 billion.
•Total consumer lending increased $93 million from the prior quarter and decreased $214 million from the same period last year to $11.5 billion.

Full year 2024 average loans of $29.7 billion were up 1%, or $163 million, from 2023. With respect to full year 2024 average balances by loan category:
•Commercial and business lending increased $238 million to $11.1 billion.
•Commercial real estate lending decreased $44 million to $7.3 billion.
•Total consumer lending decreased $30 million to $11.4 billion.

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

Deposits
Fourth quarter 2024 period end deposits of $34.6 billion were up 3%, or $1.1 billion, from the prior quarter and were up 4%, or $1.2 billion from the same period last year. With respect to fourth quarter 2024 period end balances by deposit category:
•Noninterest-bearing demand deposits decreased $82 million from the prior quarter and decreased $344 million from the same period last year to $5.8 billion.


•Savings increased $61 million from the prior quarter and increased $298 million from the same period last year to $5.1 billion.
•Interest-bearing demand deposits increased $519 million from the prior quarter and increased $281 million from the same period last year to $9.1 billion.
•Money market deposits increased $543 million from the prior quarter and increased $307 million from the same period last year to $6.6 billion.
•Total time deposits increased $53 million from the prior quarter and increased $661 million from the same period last year to $8.0 billion.
•Network transaction deposits (included in money market and interest-bearing demand deposits) increased $191 million from the prior quarter and increased $192 million from the same period last year to $1.8 billion.

Fourth quarter 2024 average deposits of $34.3 billion were up 3%, or $1.0 billion, from the prior quarter and were up 7%, or $2.1 billion from the same period last year. With respect to fourth quarter 2024 average balances by deposit category:
•Noninterest-bearing demand deposits increased $86 million from the prior quarter and decreased $433 million from the same period last year to $5.7 billion.
•Savings increased $7 million from the prior quarter and increased $270 million from the same period last year to $5.1 billion.
•Interest-bearing demand deposits increased $229 million from the prior quarter and increased $467 million from the same period last year to $7.6 billion.
•Money market deposits decreased $18 million from the prior quarter and decreased $197 million from the same period last year to $5.9 billion.
•Total time deposits increased $666 million from the prior quarter and increased $2.0 billion from the same period last year to $8.2 billion.
•Network transaction deposits increased $46 million from the prior quarter and increased $74 million from the same period last year to $1.7 billion.

Full year 2024 average deposits of $33.4 billion were up 7%, or $2.0 billion from 2023. With respect to full year 2024 average balances by deposit category:
•Noninterest-bearing demand deposits decreased $875 million to $5.7 billion.
•Savings increased $307 million to $5.1 billion.
•Interest-bearing demand deposits increased $539 million to $7.4 billion.
•Money market deposits decreased $675 million to $6.0 billion.
•Network transaction deposits increased $176 million to $1.6 billion.
•Total time deposits increased $2.6 billion to $7.5 billion.



In 2025, we expect period end total deposit growth of 1% to 2% and period end core customer deposit growth of 4% to 5% as compared to the year ended December 31, 2024.

Net Interest Income and Net Interest Margin
Full year 2024 net interest income of $1.0 billion was up 1%, or $8 million, from 2023. Net interest margin of 2.78% decreased 3 basis points from the prior year.
•The average yield on total earning assets increased 36 basis points from the prior year to 5.61%.
•The average cost of interest-bearing liabilities increased 38 basis points from the prior year to 3.51%.
•The net free funds benefit decreased 1 basis point from the prior year to 0.68%.

Fourth quarter 2024 net interest income of $270 million increased 3%, or $8 million, from the prior quarter. Net interest margin of 2.81% increased 3 basis points from the prior quarter. Compared to the same period last year, net interest income increased 7%, or $17 million, and the net interest margin increased 12 basis points.
•The average yield on total earning assets for the fourth quarter of 2024 decreased 22 basis points from the prior quarter and decreased 5 basis points from the same period last year to 5.46%.
•The average cost of total interest-bearing liabilities for the fourth quarter of 2024 decreased 30 basis points from the prior quarter and decreased 26 basis points from the same period last year to 3.29%.
•The net free funds benefit for the fourth quarter of 2024 decreased 5 basis points from the prior quarter and decreased 9 basis points from the same period last year to 0.64%.

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

Noninterest Income
Full year 2024 noninterest income of negative $9 million decreased $73 million from the prior year. The decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to 2024 noninterest income line items:
•Investment securities losses, net increased $85 million from the prior year, driven primarily by a $148 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2024.
•Loss on mortgage portfolio sale decreased $6 million from the prior year, driven by a $130 million loss on sale of mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024.
•Wealth management fees increased $10 million from the prior year.
•Mortgage banking, net decreased $9 million from the prior year.
•Service charges and deposit account fees increased $3 million from the prior year.
•Capital markets, net decreased $3 million from the prior year.


Fourth quarter 2024 total noninterest income of negative $207 million decreased $274 million from the prior quarter and decreased $76 million from the same period last year. The decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to fourth quarter 2024 noninterest income line items:
•Investment securities gains (losses) decreased $148 million from the prior quarter and decreased $89 million from the same period last year, driven primarily by a $148 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2024.
•Loss on mortgage portfolio sale increased $130 million from the prior quarter and decreased $6 million from the same period last year, driven by a $130 million loss on sale of mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024.
•Wealth management fees were down slightly compared to the prior quarter and increased $3 million from the same period last year.
•Capital markets, net increased $5 million from the prior quarter and was down slightly compared to the same period last year.
•Mortgage banking, net increased $1 million from the prior quarter and increased $2 million from the same period last year.

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

Noninterest Expense
Full year 2024 noninterest expense of $818 million increased 1%, or $5 million, from the prior year, including a $14 million expense for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024. With respect to full year 2024 noninterest expense line items:
•FDIC assessment expense decreased $29 million from the prior year, driven primarily by a $31 million expense for the special assessment during the fourth quarter of 2023.
•Personnel expense increased $20 million from the prior year, largely driven by increased investment in our colleagues.
•Technology expense increased $6 million from the prior year, driven by investments tied to our strategic initiatives.

Fourth quarter 2024 noninterest expense of $224 million increased $24 million from the prior quarter, driven primarily by a $14 million expense for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024, and decreased $15 million from the same period last year, driven primarily by a $31 million expense for the FDIC special assessment during the fourth quarter of 2023. With respect to fourth quarter 2024 noninterest expense line items:
•Personnel expense increased $5 million from the prior quarter and increased $5 million from the same period last year.


•FDIC assessment expense increased $1 million from the prior quarter and decreased $32 million from the same period last year, primarily driven by the $31 million special assessment during the fourth quarter of 2023.
•Technology expense decreased slightly from the prior quarter and decreased $1 million from the same period last year.

After adjusting to exclude the $14 million impact of the loss on prepayments of FHLB advances recognized in the fourth quarter of 2024, we expect total noninterest expense to grow by 3% to 4% in 2025.

Taxes
The fourth quarter of 2024 had a tax benefit of $16 million compared to $20 million of tax expense in the prior quarter and $47 million of tax benefit in the same period last year. The tax benefit recognized in the fourth quarter of 2024 was driven primarily by a loss on income before income taxes as a result of nonrecurring items associated with the previously announced balance sheet repositioning.

In 2025, we expect the annual effective tax rate to be between 19% and 21%, assuming no change in the corporate tax rate.

Credit
Full year 2024 provision for credit losses was $85 million, compared to a provision of $83 million in the prior year. The increase in provision in 2024 was primarily driven by loan growth related to our strategic initiatives.

The fourth quarter 2024 provision for credit losses was $17 million, compared to a provision of $21 million in the prior quarter and a provision of $21 million in the same period last year. With respect to fourth quarter 2024 credit quality:
•Nonaccrual loans of $123 million decreased $5 million, or 4%, from the prior quarter and decreased $26 million, or 17%, from the same period last year. The nonaccrual loans to total loans ratio was 0.41% in the fourth quarter, down from 0.43% in the prior quarter and down from 0.51% in the same period last year.
•Net charge offs of $12 million decreased $1 million, or 7%, from the prior quarter and decreased $3 million, or 22%, from the same period last year.
•The allowance for credit losses on loans (ACLL) of $402 million increased $5 million from the prior quarter and increased $16 million from the same period last year. The ACLL to total loans ratio was 1.35% in the fourth quarter, up from 1.33% in the prior quarter and up from 1.32% in the same period last year.

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



Capital
The Company’s capital position remains strong, with a CET1 capital ratio of 10.00% at December 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.


FOURTH 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, January 23, 2025. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp fourth quarter 2024 earnings call. The fourth 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 $43 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois 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," “intend,” "target," “outlook,” "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent 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”). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. 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)December 31, 2024September 30, 2024Seql Qtr $ ChangeJune 30, 2024March 31, 2024December 31, 2023Comp Qtr $ Change
Assets
Cash and due from banks$544,059 $554,631 $(10,571)$470,818 $429,859 $484,384 $59,675 
Interest-bearing deposits in other financial institutions453,590 408,101 45,488 484,677 420,114 425,089 28,501 
Federal funds sold and securities purchased under agreements to resell21,955 4,310 17,645 3,600 1,610 14,350 7,605 
Investment securities available for sale, at fair value4,581,434 4,152,527 428,907 3,912,730 3,724,148 3,600,892 980,542 
Investment securities held to maturity, net, at amortized cost3,738,687 3,769,150 (30,463)3,799,035 3,832,967 3,860,160 (121,473)
Equity securities 23,242 23,158 84 22,944 19,571 41,651 (18,409)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost179,665 178,168 1,497 212,102 173,968 229,171 (49,506)
Residential loans held for sale646,687 67,219 579,467 83,795 52,414 33,011 613,676 
Commercial loans held for sale32,634 11,833 20,801 — — 90,303 (57,669)
Loans29,768,586 29,990,897 (222,311)29,618,271 29,494,263 29,216,218 552,368 
Allowance for loan losses(363,545)(361,765)(1,780)(355,844)(356,006)(351,094)(12,451)
Loans, net29,405,041 29,629,131 (224,091)29,262,428 29,138,257 28,865,124 539,917 
Tax credit and other investments258,886 265,385 (6,498)246,300 255,252 258,067 819 
Premises and equipment, net379,093 373,816 5,276 369,968 367,618 372,978 6,115 
Bank and corporate owned life insurance689,000 686,704 2,296 683,451 685,089 682,649 6,351 
Goodwill1,104,992 1,104,992 — 1,104,992 1,104,992 1,104,992 — 
Other intangible assets, net31,660 33,863 (2,203)36,066 38,268 40,471 (8,811)
Mortgage servicing rights, net87,683 81,977 5,707 85,640 85,226 84,390 3,293 
Interest receivable167,772 167,777 (5)173,106 167,092 169,569 (1,797)
Other assets676,987 698,073 (21,086)672,256 640,638 658,604 18,383 
Total assets$43,023,068 $42,210,815 $812,253 $41,623,908 $41,137,084 $41,015,855 $2,007,213 
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits$5,775,657 $5,857,421 $(81,764)$5,815,045 $6,254,135 $6,119,956 $(344,299)
Interest-bearing deposits28,872,777 27,696,877 1,175,900 26,875,995 27,459,023 27,326,093 1,546,684 
Total deposits34,648,434 33,554,298 1,094,136 32,691,039 33,713,158 33,446,049 1,202,385 
Short-term funding470,369 917,028 (446,659)859,539 765,671 326,780 143,589 
FHLB advances1,853,807 1,913,294 (59,486)2,673,046 1,333,411 1,940,194 (86,387)
Other long-term funding837,635 844,342 (6,707)536,113 536,055 541,269 296,366 
Allowance for unfunded commitments38,776 35,776 3,000 33,776 31,776 34,776 4,000 
Accrued expenses and other liabilities568,485 532,842 35,644 588,057 588,341 552,814 15,671 
Total liabilities38,417,506 37,797,579 619,927 37,381,571 36,968,412 36,841,882 1,575,624 
Stockholders’ equity
Preferred equity194,112 194,112 — 194,112 194,112 194,112 — 
Common equity4,411,450 4,219,125 192,325 4,048,225 3,974,561 3,979,861 431,589 
Total stockholders’ equity4,605,562 4,413,236 192,325 4,242,337 4,168,673 4,173,973 431,589 
Total liabilities and stockholders’ equity$43,023,068 $42,210,815 $812,253 $41,623,908 $41,137,084 $41,015,855 $2,007,213 
Numbers may not sum due to rounding.

1


Associated Banc-Corp
Consolidated Statements of Income (Unaudited)		Comp QtrYTDYTDComp YTD
($ in thousands, except per share data)4Q244Q23$ Change% ChangeDecember 2024December 2023$ Change% Change
Interest income
Interest and fees on loans$453,253 $457,868 $(4,615)(1)%$1,830,241 $1,720,406 $109,835 6 %
Interest and dividends on investment securities
Taxable50,524 41,809 8,715 21 %198,579 146,006 52,573 36 %
Tax-exempt14,469 15,273 (804)(5)%58,572 63,233 (4,661)(7)%
Other interest10,478 10,418 60 1 %35,312 28,408 6,904 24 %
Total interest income528,724 525,367 3,357 1 %2,122,704 1,958,052 164,652 8 %
Interest expense
Interest on deposits222,888 208,875 14,013 7 %901,804 673,624 228,180 34 %
Interest on federal funds purchased and securities sold under agreements to repurchase3,203 3,734 (531)(14)%11,754 12,238 (484)(4)%
Interest on other short-term funding668 — 668 N/M17,597 1 17,596 N/M
Interest on FHLB advances17,908 49,171 (31,263)(64)%98,520 196,535 (98,015)(50)%
Interest on long-term funding13,769 10,185 3,584 35 %45,781 36,080 9,701 27 %
Total interest expense258,436 271,965 (13,529)(5)%1,075,456 918,479 156,977 17 %
Net interest income270,289 253,403 16,886 7 %1,047,248 1,039,573 7,675 1 %
Provision for credit losses16,986 21,007 (4,021)(19)%84,986 83,021 1,965 2 %
Net interest income after provision for credit losses253,303 232,395 20,908 9 %962,263 956,552 5,711 1 %
Noninterest income
Wealth management fees24,103 21,003 3,100 15 %92,569 82,502 10,067 12 %
Service charges and deposit account fees13,232 10,815 2,417 22 %51,642 49,045 2,597 5 %
Card-based fees11,948 11,528 420 4 %46,921 45,020 1,901 4 %
Other fee-based revenue5,182 4,019 1,163 29 %19,499 17,268 2,231 13 %
Capital markets, net
9,032 9,106 (74)(1)%22,084 24,649 (2,565)(10)%
Mortgage banking, net3,387 1,615 1,772 110 %10,686 19,429 (8,743)(45)%
Loss on mortgage portfolio sale(130,406)(136,239)5,833 (4)%(130,406)(136,239)5,833 (4)%
Bank and corporate owned life insurance2,322 3,383 (1,061)(31)%13,477 10,266 3,211 31 %
Asset gains (losses), net364 (136)500 N/M(1,042)454 (1,496)N/M
Investment securities (losses), net (148,194)(58,958)(89,236)151 %(144,147)(58,903)(85,244)145 %
Other
2,257 2,850 (593)(21)%9,310 9,691 (381)(4)%
Total noninterest (loss) income(206,772)(131,013)(75,759)58 %(9,407)63,182 (72,589)N/M
Noninterest expense
Personnel125,944 120,686 5,258 4 %487,956 468,355 19,601 4 %
Technology26,984 28,027 (1,043)(4)%107,563 102,018 5,545 5 %
Occupancy14,325 14,429 (104)(1)%54,622 57,204 (2,582)(5)%
Business development and advertising7,408 8,350 (942)(11)%28,142 28,405 (263)(1)%
Equipment4,729 4,742 (13)— %18,431 19,663 (1,232)(6)%
Legal and professional 6,861 6,762 99 1 %21,601 19,911 1,690 8 %
Loan and foreclosure costs1,951 585 1,366 N/M8,471 5,408 3,063 57 %
FDIC assessment9,139 41,497 (32,358)(78)%38,439 67,072 (28,633)(43)%
Other intangible amortization2,203 2,203 — — %8,811 8,811 — — %
Loss on prepayments of FHLB advances14,243 — 14,243 N/M14,243 — 14,243 N/M
Other10,496 12,110 (1,614)(13)%30,118 36,837 (6,719)(18)%
Total noninterest expense224,282 239,391 (15,109)(6)%818,397 813,682 4,715 1 %
(Loss) income before income taxes(177,752)(138,009)(39,743)29 %134,459 206,052 (71,593)(35)%
Income tax (benefit) expense(16,137)(47,202)31,065 (66)%11,314 23,097 (11,783)(51)%
Net (loss) income(161,615)(90,806)(70,809)78 %123,145 182,956 (59,811)(33)%
Preferred stock dividends2,875 2,875 — — %11,500 11,500 — — %
Net (loss) income available to common equity$(164,490)$(93,681)$(70,809)76 %$111,645 $171,456 $(59,811)(35)%
(Loss) earnings per common share
Basic$(1.04)$(0.63)$(0.41)65 %$0.73 $1.14 $(0.41)(36)%
Diluted$(1.03)$(0.62)$(0.41)66 %$0.72 $1.13 $(0.41)(36)%
Average common shares outstanding
Basic157,710 150,085 7,625 5 %151,933 149,968 1,965 1 %
Diluted159,164 151,007 8,157 5 %153,347 150,860 2,487 2 %
N/M = Not meaningful
Numbers may not sum due to rounding.

2


Associated Banc-Corp
Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)  Seql Qtr   Comp Qtr
4Q243Q24$ Change% Change2Q241Q244Q23$ Change% Change
Interest income
Interest and fees on loans$453,253 $465,728 $(12,476)(3)%$456,788 $454,472 $457,868 $(4,615)(1)%
Interest and dividends on investment securities
Taxable50,524 51,229 (705)(1)%50,278 46,548 41,809 8,715 21 %
Tax-exempt14,469 14,660 (191)(1)%14,669 14,774 15,273 (804)(5)%
Other interest10,478 8,701 1,777 20 %8,539 7,595 10,418 60 1 %
Total interest income528,724 540,318 (11,594)(2)%530,274 523,388 525,367 3,357 1 %
Interest expense
Interest on deposits222,888 231,623 (8,736)(4)%221,062 226,231 208,875 14,013 7 %
Interest on federal funds purchased and securities sold under agreements to repurchase3,203 3,385 (182)(5)%2,303 2,863 3,734 (531)(14)%
Interest on other short-term funding668 6,144 (5,476)(89)%6,077 4,708 — 668 N/M
Interest on FHLB advances17,908 24,799 (6,891)(28)%34,143 21,671 49,171 (31,263)(64)%
Interest on long-term funding13,769 11,858 1,911 16 %10,096 10,058 10,185 3,584 35 %
Total interest expense258,436 277,809 (19,374)(7)%273,681 265,530 271,965 (13,529)(5)%
Net interest income270,289 262,509 7,780 3 %256,593 257,858 253,403 16,886 7 %
Provision for credit losses16,986 20,991 (4,006)(19)%23,008 24,001 21,007 (4,021)(19)%
Net interest income after provision for credit losses253,303 241,518 11,785 5 %233,585 233,857 232,395 20,908 9 %
Noninterest income
Wealth management fees24,103 24,144 (41)— %22,628 21,694 21,003 3,100 15 %
Service charges and deposit account fees13,232 13,708 (475)(3)%12,263 12,439 10,815 2,417 22 %
Card-based fees 11,948 11,731 216 2 %11,975 11,267 11,528 420 4 %
Other fee-based revenue5,182 5,057 125 2 %4,857 4,402 4,019 1,163 29 %
Capital markets, net 9,032 4,317 4,715 109 %4,685 4,050 9,106 (74)(1)%
Mortgage banking, net3,387 2,132 1,255 59 %2,505 2,662 1,615 1,772 110 %
Loss on mortgage portfolio sale(130,406)— (130,406)N/M— — (136,239)5,833 (4)%
Bank and corporate owned life insurance2,322 4,001 (1,680)(42)%4,584 2,570 3,383 (1,061)(31)%
Asset gains (losses), net364 (474)838 N/M(627)(306)(136)500 N/M
Investment securities (losses) gains, net(148,194)100 (148,294)N/M67 3,879 (58,958)(89,236)151 %
Other 2,257 2,504 (248)(10)%2,222 2,327 2,850 (593)(21)%
Total noninterest (loss) income(206,772)67,221 (273,994)N/M65,159 64,985 (131,013)(75,759)58 %
Noninterest expense
Personnel125,944 121,036 4,908 4 %121,581 119,395 120,686 5,258 4 %
Technology26,984 27,217 (233)(1)%27,161 26,200 28,027 (1,043)(4)%
Occupancy14,325 13,536 789 6 %13,128 13,633 14,429 (104)(1)%
Business development and advertising7,408 6,683 725 11 %7,535 6,517 8,350 (942)(11)%
Equipment4,729 4,653 75 2 %4,450 4,599 4,742 (13)— %
Legal and professional 6,861 5,639 1,222 22 %4,429 4,672 6,762 99 1 %
Loan and foreclosure costs1,951 2,748 (797)(29)%1,793 1,979 585 1,366 N/M
FDIC assessment9,139 8,223 915 11 %7,131 13,946 41,497 (32,358)(78)%
Other intangible amortization2,203 2,203 — — %2,203 2,203 2,203 — — %
Loss on prepayments of FHLB advances14,243 — 14,243 N/M— — — 14,243 N/M
Other10,496 8,659 1,837 21 %6,450 4,513 12,110 (1,614)(13)%
Total noninterest expense224,282 200,597 23,685 12 %195,861 197,657 239,391 (15,109)(6)%
(Loss) income before income taxes(177,752)108,142 (285,894)N/M102,884 101,185 (138,009)(39,743)29 %
Income tax (benefit) expense(16,137)20,124 (36,261)N/M(12,689)20,016 (47,202)31,065 (66)%
Net (loss) income(161,615)88,018 (249,633)N/M115,573 81,169 (90,806)(70,809)78 %
Preferred stock dividends2,875 2,875 — — %2,875 2,875 2,875 — — %
Net (loss) income available to common equity$(164,490)$85,143 $(249,633)N/M$112,698 $78,294 $(93,681)$(70,809)76 %
(Loss) earnings per common share
Basic$(1.04)$0.56 $(1.60)N/M$0.75 $0.52 $(0.63)$(0.41)65 %
Diluted$(1.03)$0.56 $(1.59)N/M$0.74 $0.52 $(0.62)$(0.41)66 %
Average common shares outstanding
Basic157,710 150,247 7,463 5 %149,872 149,855 150,085 7,625 5 %
Diluted159,164 151,492 7,672 5 %151,288 151,292 151,007 8,157 5 %
N/M = Not meaningful
Numbers may not sum due to rounding.


3


Associated Banc-Corp
Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)YTD
Dec 2024		YTD
Dec 2023		4Q243Q242Q241Q244Q23
Per common share data
Dividends$0.89 $0.85 $0.23 $0.22 $0.22 $0.22 $0.22 
Market value:
High28.14 24.18 28.14 23.95 22.48 22.00 21.79 
Low19.73 14.48 20.64 20.07 19.90 19.73 15.45 
Close23.90 21.54 21.15 21.51 21.39 
Book value / share26.55 27.90 26.85 26.37 26.35 
Tangible book value / share19.71 20.37 19.28 18.78 18.77 
Performance ratios (annualized)
Return on average assets0.30 %0.45 %(1.53)%0.85 %1.13 %0.80 %(0.87)%
Noninterest expense / average assets1.98 %2.00 %2.12 %1.93 %1.92 %1.95 %2.30 %
Effective tax rate8.41 %11.21 %N/M18.61 %(12.33)%19.78 %N/M
Dividend payout ratio(a)
121.92 %74.56 %N/M39.29 %29.33 %42.31 %N/M
Net interest margin2.78 %2.81 %2.81 %2.78 %2.75 %2.79 %2.69 %
Selected trend information
Average full time equivalent employees(b)
4,030 4,199 3,982 4,041 4,025 4,070 4,130 
Branch count188 188 188 188 196 
Assets under management, at market value(c)
$14,773 $15,033 $14,304 $14,171 $13,545 
Mortgage loans originated for sale during period$618 $396 $167 $176 $169 $105 $112 
Mortgage loan settlements during period$585 $1,212 $169 $187 $138 $91 $957 
Mortgage portfolio loans transferred to held for sale during period$723 $969 $723 $— $— $— $969 
Mortgage portfolio serviced for others(d)
$6,285 $6,302 $6,307 $6,349 $7,364 
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)
1.40 %1.30 %1.36 %1.34 %1.15 %
Shares repurchased during period(e)
900 — — — — 900 — 
Shares outstanding, end of period166,178 151,213 150,785 150,739 151,037 
Selected quarterly ratios
Loans / deposits85.92 %89.38 %90.60 %87.49 %87.35 %
Stockholders’ equity / assets10.70 %10.46 %10.19 %10.13 %10.18 %
Risk-based capital(f)(g)
Total risk-weighted assets$33,948 $33,326 $32,768 $32,753 $32,733 
Common equity Tier 1$3,395 $3,238 $3,172 $3,089 $3,075 
Common equity Tier 1 capital ratio10.00 %9.72 %9.68 %9.43 %9.39 %
Tier 1 capital ratio10.57 %10.30 %10.27 %10.02 %9.99 %
Total capital ratio12.61 %12.36 %12.34 %12.08 %12.21 %
Tier 1 leverage ratio8.73 %8.49 %8.37 %8.24 %8.06 %
N/M = Not meaningful
Numbers may not sum due to rounding.
(a)Ratio is based upon basic earnings per common share.
(b)Average full time equivalent employees without overtime.
(c)Excludes assets held in brokerage accounts.
(d)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.
(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)December 31, 2024 data is estimated.



4


Associated Banc-Corp
Selected Asset Quality Information		     
($ in thousands)Dec 31, 2024Sep 30, 2024Seql Qtr %
Change		Jun 30, 2024Mar 31, 2024Dec 31, 2023Comp Qtr %
Change
Allowance for loan losses
Balance at beginning of period$361,765 $355,844 2 %$356,006 $351,094 $345,795 5 %
Provision for loan losses14,000 19,000 (26)%21,000 27,000 21,000 (33)%
Charge offs(13,770)(15,337)(10)%(23,290)(24,018)(17,878)(23)%
Recoveries1,551 2,258 (31)%2,127 1,930 2,177 (29)%
Net (charge offs) recoveries(12,220)(13,078)(7)%(21,163)(22,088)(15,701)(22)%
Balance at end of period$363,545 $361,765 — %$355,844 $356,006 $351,094 4 %
Allowance for unfunded commitments
Balance at beginning of period$35,776 $33,776 6 %$31,776 $34,776 $34,776 3 %
Provision for unfunded commitments3,000 2,000 50 %2,000 (3,000)— N/M
Balance at end of period$38,776 $35,776 8 %$33,776 $31,776 $34,776 12 %
Allowance for credit losses on loans (ACLL)$402,322 $397,541 1 %$389,620 $387,782 $385,870 4 %
Provision for credit losses on loans$17,000 $21,000 (19)%$23,000 $24,000 $21,000 (19)%
($ in thousands)Dec 31, 2024Sep 30, 2024Seql Qtr % ChangeJun 30, 2024Mar 31, 2024Dec 31, 2023Comp Qtr %
Change
Net (charge offs) recoveries
Commercial and industrial$(2,406)$(10,649)(77)%$(13,676)$(18,638)$(13,178)(82)%
Commercial real estate—owner occupied— — N/M1 2 (22)(100)%
Commercial and business lending(2,406)(10,649)(77)%(13,674)(18,636)(13,200)(82)%
Commercial real estate—investor(6,617)(1)N/M(4,569)— 216 N/M
Real estate construction4 2 100 %28 30 38 (89)%
Commercial real estate lending(6,612)2 N/M(4,541)30 253 N/M
Total commercial(9,018)(10,647)(15)%(18,216)(18,606)(12,947)(30)%
Residential mortgage (239)(160)49 %(289)(62)(53)N/M
Auto finance(1,782)(1,281)39 %(1,480)(2,094)(1,436)24 %
Home equity 277 424 (35)%238 211 185 50 %
Other consumer(1,457)(1,414)3 %(1,417)(1,537)(1,450)— %
Total consumer(3,202)(2,431)32 %(2,947)(3,482)(2,754)16 %
Total net (charge offs) recoveries$(12,220)$(13,078)(7)%$(21,163)$(22,088)$(15,701)(22)%
(In basis points)Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial(9)(43)(55)(77)(54)
Commercial real estate—owner occupied— — — — (1)
Commercial and business lending(8)(39)(50)(69)(48)
Commercial real estate—investor(51)— (37)— 2 
Real estate construction— — — 1 1 
Commercial real estate lending(37)— (25)— 1 
Total commercial(19)(23)(40)(41)(28)
Residential mortgage (1)(1)(1)— — 
Auto finance(26)(19)(24)(35)(27)
Home equity17 26 15 14 12 
Other consumer(208)(216)(221)(232)(208)
Total consumer(11)(8)(10)(13)(9)
Total net (charge offs) recoveries(16)(18)(29)(30)(21)
($ in thousands)Dec 31, 2024Sep 30, 2024Seql Qtr %
Change		Jun 30, 2024Mar 31, 2024Dec 31, 2023Comp Qtr %
Change
Credit quality
Nonaccrual loans$123,260 $128,476 (4)%$154,423 $178,346 $148,997 (17)%
Other real estate owned (OREO)20,217 18,830 7 %8,325 8,437 10,506 92 %
Repossessed assets687 793 (13)%671 1,241 919 (25)%
Total nonperforming assets$144,164 $148,098 (3)%$163,418 $188,025 $160,421 (10)%
Loans 90 or more days past due and still accruing$3,189 $7,107 (55)%$2,354 $2,417 $21,689 (85)%
Allowance for credit losses on loans to total loans1.35 %1.33 %1.32 %1.31 %1.32 %
Allowance for credit losses on loans to nonaccrual loans326.40 %309.43 %252.31 %217.43 %258.98 %
Nonaccrual loans to total loans0.41 %0.43 %0.52 %0.60 %0.51 %
Nonperforming assets to total loans plus OREO and repossessed assets0.48 %0.49 %0.55 %0.64 %0.55 %
Nonperforming assets to total assets0.34 %0.35 %0.39 %0.46 %0.39 %
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans0.23 %0.25 %0.30 %0.30 %0.16 %


5


Associated Banc-Corp
Selected Asset Quality Information (continued)
($ in thousands)Dec 31, 2024Sep 30, 2024Seql Qtr %
Change		Jun 30, 2024Mar 31, 2024Dec 31, 2023Comp Qtr %
Change
Nonaccrual loans
Commercial and industrial$19,084 $14,369 33 %$21,190 $72,243 $62,022 (69)%
Commercial real estate—owner occupied1,501 9,285 (84)%1,851 2,090 1,394 8 %
Commercial and business lending20,585 23,654 (13)%23,041 74,333 63,416 (68)%
Commercial real estate—investor16,705 18,913 (12)%48,249 18,697 — N/M
Real estate construction30 15 100 %16 18 6 N/M
Commercial real estate lending16,735 18,928 (12)%48,265 18,715 6 N/M
Total commercial37,320 42,582 (12)%71,306 93,047 63,422 (41)%
Residential mortgage 70,038 70,138 — %68,058 69,954 71,142 (2)%
Auto finance7,402 7,456 (1)%6,986 7,158 5,797 28 %
Home equity8,378 8,231 2 %7,996 8,100 8,508 (2)%
Other consumer122 70 74 %77 87 128 (5)%
Total consumer85,941 85,894 — %83,117 85,299 85,574 — %
Total nonaccrual loans$123,260 $128,476 (4)%$154,423 $178,346 $148,997 (17)%
Dec 31, 2024Sep 30, 2024Seql Qtr %
Change		Jun 30, 2024Mar 31, 2024Dec 31, 2023Comp Qtr %
Change
Restructured loans (accruing)
Commercial and industrial$475 $424 12 %$410 $377 $306 55 %
Commercial real estate—owner occupied— — N/M— — — N/M
Commercial and business lending475 424 12 %410 377 306 55 %
Commercial real estate—investor— — N/M— — — N/M
Real estate construction— — N/M— — — N/M
Commercial real estate lending— — N/M— — — N/M
Total commercial475 424 12 %410 377 306 55 %
Residential mortgage 782 361 117 %306 345 405 93 %
Auto finance8 35 (77)%142 66 255 (97)%
Home equity27 104 (74)%103 182 305 (91)%
Other consumer2,239 1,642 36 %1,615 1,487 1,449 55 %
Total consumer3,057 2,141 43 %2,166 2,080 2,414 27 %
Total restructured loans (accruing)$3,531 $2,565 38 %$2,576 $2,457 $2,719 30 %
Nonaccrual restructured loans (included in nonaccrual loans)$2,581 $1,840 40 %$717 $1,141 $805 N/M
Dec 31, 2024Sep 30, 2024Seql Qtr %
Change		Jun 30, 2024Mar 31, 2024Dec 31, 2023Comp Qtr %
Change
Accruing loans 30-89 days past due
Commercial and industrial$1,260 $1,212 4 %$2,052 $521 $5,565 (77)%
Commercial real estate—owner occupied1,634 2,209 (26)%— — 358 N/M
Commercial and business lending2,893 3,421 (15)%2,052 521 5,923 (51)%
Commercial real estate—investor36,391 10,746 N/M1,023 19,164 18,697 95 %
Real estate construction21 88 (76)%— 1,260 — N/M
Commercial real estate lending36,412 10,834 N/M1,023 20,424 18,697 95 %
Total commercial39,305 14,255 176 %3,075 20,945 24,619 60 %
Residential mortgage14,892 13,630 9 %10,374 9,903 13,446 11 %
Auto finance14,850 15,458 (4)%15,814 12,521 17,386 (15)%
Home equity4,625 3,146 47 %3,694 2,819 4,208 10 %
Other consumer3,128 2,163 45 %1,995 2,260 2,166 44 %
Total consumer37,496 34,397 9 %31,877 27,503 37,205 1 %
Total accruing loans 30-89 days past due$76,801 $48,651 58 %$34,952 $48,448 $61,825 24 %
N/M = Not meaningful
Numbers may not sum due to rounding.
6


Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
Three Months Ended
 December 31, 2024September 30, 2024December 31, 2023
($ 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 and business lending$11,474,489 $194,355 6.74 %$10,971,390 $200,327 7.27 %$10,820,214 $193,808 7.11 %
Commercial real estate lending7,206,796 128,476 7.09 %7,235,505 136,699 7.52 %7,397,809 138,437 7.42 %
Total commercial18,681,285 322,831 6.88 %18,206,896 337,027 7.36 %18,218,024 332,245 7.24 %
Residential mortgage 7,814,056 70,513 3.61 %7,888,290 70,171 3.56 %8,691,258 76,035 3.50 %
Auto finance2,771,414 39,365 5.65 %2,635,890 37,904 5.72 %2,138,536 29,221 5.42 %
Other retail935,162 21,041 8.98 %903,011 21,124 9.34 %904,618 21,026 9.27 %
Total loans30,201,918 453,750 5.98 %29,634,087 466,226 6.27 %29,952,435 458,527 6.08 %
Investment securities
Taxable 5,745,085 50,752 3.53 %5,816,102 51,466 3.54 %5,344,578 41,809 3.13 %
Tax-exempt(a)
2,085,957 17,653 3.39 %2,110,896 17,885 3.39 %2,209,662 19,244 3.48 %
Other short-term investments846,195 10,717 5.04 %629,431 8,959 5.66 %767,256 10,418 5.39 %
Investments and other8,677,238 79,122 3.64 %8,556,429 78,310 3.66 %8,321,495 71,471 3.43 %
Total earning assets38,879,155 $532,871 5.46 %38,190,516 $544,535 5.68 %38,273,931 $529,998 5.51 %
Other assets, net3,192,406 3,199,195 3,056,772 
Total assets$42,071,562 $41,389,711 $41,330,703 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$5,132,247 $20,120 1.56 %$5,125,147 $21,611 1.68 %$4,861,913 $20,334 1.66 %
Interest-bearing demand7,623,230 46,061 2.40 %7,394,550 49,740 2.68 %7,156,151 47,277 2.62 %
Money market5,924,269 41,457 2.78 %5,942,147 46,290 3.10 %6,121,105 47,110 3.05 %
Network transaction deposits1,690,745 20,091 4.73 %1,644,305 22,077 5.34 %1,616,719 22,034 5.41 %
Time deposits8,228,420 95,158 4.60 %7,562,448 91,907 4.83 %6,264,621 72,121 4.57 %
Total interest-bearing deposits28,598,911 222,888 3.10 %27,668,597 231,623 3.33 %26,020,510 208,875 3.18 %
Federal funds purchased and securities sold under agreements to repurchase310,370 3,203 4.11 %299,286 3,385 4.50 %347,204 3,734 4.27 %
Other short-term funding88,415 1,135 5.11 %519,421 6,638 5.08 %— — — %
FHLB advances1,456,087 17,908 4.89 %1,750,590 24,799 5.64 %3,467,433 49,171 5.63 %
Long-term funding840,880 13,769 6.55 %647,440 11,858 7.33 %531,155 10,185 7.67 %
Total short and long-term funding2,695,752 36,015 5.33 %3,216,737 46,680 5.78 %4,345,793 63,090 5.77 %
Total interest-bearing liabilities31,294,664 $258,903 3.29 %30,885,334 $278,304 3.59 %30,366,302 $271,965 3.55 %
Noninterest-bearing demand deposits5,738,557 5,652,228 6,171,240 
Other liabilities510,000 521,423 672,597 
Stockholders’ equity4,528,342 4,330,727 4,120,564 
Total liabilities and stockholders’ equity$42,071,562 $41,389,711 $41,330,703 
Interest rate spread2.17 %2.10 %1.96 %
Net free funds0.64 %0.69 %0.73 %
Fully tax-equivalent net interest income and net interest margin$273,968 2.81 %$266,232 2.78 %$258,033 2.69 %
Fully tax-equivalent adjustment3,680 3,723 4,630 
Net interest income$270,289 $262,509 $253,403 
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.
7


Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
Year Ended December 31,
 20242023
($ 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 and business lending$11,069,185 $786,963 7.11 %$10,831,275 $740,017 6.83 %
Commercial real estate lending7,270,239 538,228 7.40 %7,314,651 520,028 7.11 %
Total commercial18,339,424 1,325,191 7.23 %18,145,926 1,260,045 6.94 %
Residential mortgage
7,907,962 278,804 3.53 %8,696,706 293,446 3.37 %
Auto finance2,576,979 144,892 5.62 %1,793,959 89,454 4.99 %
Other retail872,994 83,386 9.55 %897,702 80,189 8.93 %
Total loans29,697,360 1,832,274 6.17 %29,534,293 1,723,134 5.83 %
Investment securities
Taxable 5,690,238 199,424 3.50 %5,243,805 146,006 2.78 %
Tax-exempt (a)
2,111,523 71,458 3.38 %2,288,328 79,673 3.48 %
Other short-term investments668,730 37,291 5.58 %564,284 28,408 5.03 %
Investments and other8,470,491 308,173 3.64 %8,096,417 254,087 3.14 %
Total earning assets38,167,851 $2,140,446 5.61 %37,630,710 $1,977,221 5.25 %
Other assets, net3,166,002 3,018,214 
Total assets$41,333,853 $40,648,923 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$5,080,045 $85,450 1.68 %$4,773,366 $63,945 1.34 %
Interest-bearing demand7,443,738 193,900 2.60 %6,904,514 154,136 2.23 %
Money market5,994,171 181,444 3.03 %6,668,930 177,311 2.66 %
Network transaction deposits1,645,695 85,788 5.21 %1,469,616 75,294 5.12 %
Time deposits7,481,486 355,221 4.75 %4,905,748 202,939 4.14 %
Total interest-bearing deposits27,645,135 901,804 3.26 %24,722,174 673,624 2.72 %
Federal funds purchased and securities sold under agreements to repurchase272,069 11,754 4.32 %345,519 12,238 3.54 %
Other short-term funding403,214 20,420 5.06 %8,582 1 0.01 %
FHLB advances1,793,734 98,520 5.49 %3,741,790 196,535 5.25 %
Long-term funding640,842 45,781 7.14 %504,438 36,080 7.15 %
Total short and long-term funding3,109,859 176,475 5.67 %4,600,329 244,855 5.32 %
Total interest-bearing liabilities30,754,994 $1,078,279 3.51 %29,322,503 $918,479 3.13 %
Noninterest-bearing demand deposits5,745,960 6,620,965 
Other liabilities530,537 594,318 
Stockholders’ equity4,302,362 4,111,138 
Total liabilities and stockholders’ equity$41,333,853 $40,648,923 
Interest rate spread2.10 %2.12 %
Net free funds0.68 %0.69 %
Fully tax-equivalent net interest income and net interest margin$1,062,167 2.78 %$1,058,742 2.81 %
Fully tax-equivalent adjustment14,919 19,168 
Net interest income$1,047,248 $1,039,573 
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.
8


Associated Banc-Corp
Loan and Deposit Composition		       
($ in thousands)
Period end loan compositionDec 31, 2024Sep 30, 2024Seql Qtr % ChangeJun 30, 2024Mar 31, 2024Dec 31, 2023Comp Qtr % Change
Commercial and industrial$10,573,741 $10,258,899 3 %$9,970,412 $9,858,329 $9,731,555 9 %
Commercial real estate—owner occupied1,143,741 1,120,849 2 %1,102,146 1,095,894 1,061,700 8 %
Commercial and business lending11,717,483 11,379,748 3 %11,072,558 10,954,223 10,793,255 9 %
Commercial real estate—investor5,227,975 5,070,635 3 %5,001,392 5,035,195 5,124,245 2 %
Real estate construction1,982,632 2,114,300 (6)%2,255,637 2,287,041 2,271,398 (13)%
Commercial real estate lending7,210,607 7,184,934 — %7,257,029 7,322,237 7,395,644 (3)%
Total commercial18,928,090 18,564,683 2 %18,329,587 18,276,460 18,188,898 4 %
Residential mortgage 7,047,541 7,803,083 (10)%7,840,073 7,868,180 7,864,891 (10)%
Auto finance2,810,220 2,708,946 4 %2,556,009 2,471,257 2,256,162 25 %
Home equity 664,252 651,379 2 %634,142 619,764 628,526 6 %
Other consumer318,483 262,806 21 %258,460 258,603 277,740 15 %
Total consumer10,840,496 11,426,214 (5)%11,288,684 11,217,802 11,027,319 (2)%
Total loans$29,768,586 $29,990,897 (1)%$29,618,271 $29,494,263 $29,216,218 2 %
Period end deposit and customer funding compositionDec 31, 2024Sep 30, 2024Seql Qtr % ChangeJun 30, 2024Mar 31, 2024Dec 31, 2023Comp Qtr % Change
Noninterest-bearing demand$5,775,657 $5,857,421 (1)%$5,815,045 $6,254,135 $6,119,956 (6)%
Savings5,133,295 5,072,508 1 %5,157,103 5,124,639 4,835,701 6 %
Interest-bearing demand9,124,741 8,605,578 6 %8,284,017 8,747,127 8,843,967 3 %
Money market6,637,915 6,095,206 9 %6,294,895 6,721,674 6,330,453 5 %
Brokered CDs4,276,309 4,242,670 1 %4,061,578 3,931,230 4,447,479 (4)%
Other time deposits3,700,518 3,680,914 1 %3,078,401 2,934,352 2,868,494 29 %
Total deposits34,648,434 33,554,298 3 %32,691,039 33,713,158 33,446,049 4 %
Other customer funding(a)
100,044 110,988 (10)%89,524 90,536 106,620 (6)%
Total deposits and other customer funding$34,748,478 $33,665,286 3 %$32,780,564 $33,803,694 $33,552,669 4 %
Network transaction deposits(b)
$1,758,388 $1,566,908 12 %$1,502,919 $1,792,820 $1,566,139 12 %
Net deposits and other customer funding(c)
$28,713,780 $27,855,707 3 %$27,216,066 $28,079,644 $27,539,051 4 %
Quarter average loan compositionDec 31, 2024Sep 30, 2024Seql Qtr % ChangeJun 30, 2024Mar 31, 2024Dec 31, 2023Comp Qtr % Change
Commercial and industrial$10,338,865 $9,884,246 5 %$9,915,894 $9,729,718 $9,768,803 6 %
Commercial real estate—owner occupied1,135,624 1,087,144 4 %1,095,334 1,086,537 1,051,412 8 %
Commercial and business lending11,474,489 10,971,390 5 %11,011,228 10,816,255 10,820,214 6 %
Commercial real estate—investor5,120,608 5,085,090 1 %4,964,394 5,041,518 5,156,528 (1)%
Real estate construction2,086,188 2,150,416 (3)%2,285,379 2,348,444 2,241,281 (7)%
Commercial real estate lending7,206,796 7,235,505 — %7,249,773 7,389,962 7,397,809 (3)%
Total commercial18,681,285 18,206,896 3 %18,261,000 18,206,217 18,218,024 3 %
Residential mortgage7,814,056 7,888,290 (1)%7,905,236 7,896,956 8,691,258 (10)%
Auto finance2,771,414 2,635,890 5 %2,524,107 2,373,720 2,138,536 30 %
Home equity656,792 642,463 2 %630,855 625,686 627,736 5 %
Other consumer278,370 260,547 7 %258,366 266,443 276,881 1 %
Total consumer11,520,632 11,427,191 1 %11,318,564 11,162,805 11,734,412 (2)%
Total loans(d)
$30,201,918 $29,634,087 2 %$29,579,564 $29,369,022 $29,952,435 1 %
Quarter average deposit compositionDec 31, 2024Sep 30, 2024Seql Qtr % ChangeJun 30, 2024Mar 31, 2024Dec 31, 2023Comp Qtr % Change
Noninterest-bearing demand$5,738,557 $5,652,228 2 %$5,712,115 $5,882,052 $6,171,240 (7)%
Savings5,132,247 5,125,147 — %5,133,688 4,928,031 4,861,913 6 %
Interest-bearing demand7,623,230 7,394,550 3 %7,265,621 7,490,119 7,156,151 7 %
Money market5,924,269 5,942,147 — %5,995,005 6,116,604 6,121,105 (3)%
Network transaction deposits1,690,745 1,644,305 3 %1,595,312 1,651,937 1,616,719 5 %
Brokered CDs4,514,841 4,247,941 6 %3,927,727 4,268,881 3,470,516 30 %
Other time deposits3,713,579 3,314,507 12 %2,999,936 2,929,434 2,794,105 33 %
Total deposits34,337,468 33,320,825 3 %32,629,404 33,267,057 32,191,750 7 %
Other customer funding(a)
94,965 104,115 (9)%87,161 101,483 127,252 (25)%
Total deposits and other customer funding$34,432,433 $33,424,940 3 %$32,716,565 $33,368,540 $32,319,002 7 %
Net deposits and other customer funding(c)
$28,226,848 $27,532,694 3 %$27,193,526 $27,447,723 $27,231,767 4 %
N/M = Not meaningful
Numbers may not sum due to rounding.
(a) Includes repurchase agreements.
(b) Included above in interest-bearing demand and money market.
(c) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.
(d) Nonaccrual loans and loans held for sale have been included in the average balances.

9


Associated Banc-Corp
Non-GAAP Financial Measures Reconciliation		YTDYTD
($ in millions)Dec 2024Dec 20234Q243Q242Q241Q244Q23
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets7.82 %7.50 %7.18 %7.08 %7.11 %
Return on average equity2.86 %4.45 %(14.20)%8.09 %11.16 %7.81 %(8.74)%
Return on average tangible common equity3.99 %6.44 %(20.27)%11.52 %16.25 %11.31 %(13.13)%
Return on average common equity Tier 13.49 %5.51 %(19.28)%10.53 %14.54 %10.27 %(11.85)%
Return on average tangible assets0.32 %0.48 %(1.55)%0.89 %1.18 %0.84 %(0.88)%
Average stockholders' equity / average assets10.41 %10.11 %10.76 %10.46 %10.14 %10.26 %9.97 %
Tangible common equity reconciliation(a)
Common equity$4,411 $4,219 $4,048 $3,975 $3,980 
Goodwill and other intangible assets, net(1,137)(1,139)(1,141)(1,143)(1,145)
Tangible common equity$3,275 $3,080 $2,907 $2,831 $2,834 
Tangible assets reconciliation(a)
Total assets$43,023 $42,211 $41,624 $41,137 $41,016 
Goodwill and other intangible assets, net(1,137)(1,139)(1,141)(1,143)(1,145)
Tangible assets$41,886 $41,072 $40,483 $39,994 $39,870 
Average tangible common equity and average common equity Tier 1 reconciliation(a)
Common equity$4,108 $3,917 $4,334 $4,137 $3,972 $3,987 $3,926 
Goodwill and other intangible assets, net(1,141)(1,150)(1,138)(1,140)(1,142)(1,145)(1,147)
Tangible common equity2,967 2,767 3,196 2,997 2,830 2,843 2,780 
   Modified CECL transitional amount22 45 22 22 22 22 45 
Accumulated other comprehensive loss188 275 152 173 242 188 286 
Deferred tax assets, net21 28 23 24 25 12 27 
Average common equity Tier 1$3,199 $3,114 $3,394 $3,215 $3,118 $3,065 $3,138 
Average tangible assets reconciliation(a)
Total assets$41,334 $40,649 $42,072 $41,390 $41,101 $40,769 $41,331 
Goodwill and other intangible assets, net(1,141)(1,150)(1,138)(1,140)(1,142)(1,145)(1,147)
Tangible assets$40,193 $39,499 $40,934 $40,250 $39,958 $39,625 $40,184 
Adjusted net income (loss) reconciliation(b)
Net income (loss)$123 $183 $(162)$88 $116 $81 $(91)
Other intangible amortization, net of tax7 7 2 2 2 2 2 
Adjusted net income (loss)$130 $190 $(160)$90 $117 $83 $(89)
Adjusted net income (loss) available to common equity reconciliation(b)
Net income (loss) available to common equity$112 $171 $(164)$85 $113 $78 $(94)
Other intangible amortization, net of tax7 7 2 2 2 2 2 
Adjusted net income (loss) available to common equity$118 $178 $(163)$87 $114 $80 $(92)
Selected trend information(d)
Wealth management fees$93 $83 $24 $24 $23 $22 $21 
Service charges and deposit account fees52 49 13 14 12 12 11 
Card-based fees47 45 12 12 12 11 12 
Other fee-based revenue19 17 5 5 5 4 4 
Fee-based revenue211 194 54 55 52 50 47 
Other(220)(131)(261)13 13 15 (178)
Total noninterest income$(9)$63 $(207)$67 $65 $65 $(131)
Pre-tax pre-provision income (loss)(e)
Income (loss) before income taxes$134 $206 $(178)$108 $103 $101 $(138)
Provision for credit losses85 83 17 21 23 24 21 
Pre-tax pre-provision income (loss)$219 $289 $(161)$129 $126 $125 $(117)
Efficiency ratio reconciliation(f)
Federal Reserve efficiency ratio69.58 %69.70 %107.36 %61.46 %61.51 %61.03 %132.01 %
Fully tax-equivalent adjustment(0.87)%(1.13)%(1.83)%(0.69)%(0.71)%(0.71)%(3.29)%
Other intangible amortization(0.75)%(0.76)%(1.04)%(0.67)%(0.68)%(0.69)%(1.21)%
Fully tax-equivalent efficiency ratio67.97 %67.82 %104.50 %60.11 %60.12 %59.63 %127.54 %
FDIC special assessment(0.29)%(2.32)%0.14 %0.30 %0.73 %(2.38)%(9.50)%
Announced initiatives(7.75)%(7.02)%(43.53)%— %— %— %(53.92)%
Adjusted efficiency ratio59.93 %58.48 %61.11 %60.42 %60.85 %57.25 %64.12 %
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 strength.
(b)Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.
(c)These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.
(d)These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations.
(e)Management believes this measure is meaningful because it reflects adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods.
(f)The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net. The adjusted efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, FDIC special assessment costs, and announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net and announced initiatives. 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 nonrecurring costs like the FDIC special assessment and announced initiatives.
10


Associated Banc-Corp
Non-GAAP Financial Measures Reconciliation
($ in millions)4Q243Q242Q241Q244Q23
Period end core customer deposits reconciliation
Total deposits$34,648 $33,554 $32,691 $33,713 $33,446 
Network transaction deposits(1,758)(1,567)(1,503)(1,793)(1,566)
Brokered CDs(4,276)(4,243)(4,062)(3,931)(4,447)
Core customer deposits$28,614 $27,745 $27,127 $27,989 $27,432 
Quarterly average core customer deposits reconciliation
Total deposits$34,337 $33,321 $32,629 $33,267 $32,192 
Network transaction deposits(1,691)(1,644)(1,595)(1,652)(1,617)
Brokered CDs(4,515)(4,248)(3,928)(4,269)(3,471)
Core customer deposits$28,132 $27,429 $27,106 $27,346 $27,105 
Nonrecurring Item ReconciliationYTDYTDYTDYTD
($ in millions, except per share data)Dec 2024Dec 2024 per share data (diluted)Dec 2023Dec 2023 per share data (diluted)
GAAP net income$123 $0.72 $183 $1.13 
Loss on mortgage portfolio sale(a)
130 0.85 136 0.90
Provision on initiatives1 0.01 (3)(0.02)
Net loss on sale of investments(a)
148 0.96 65 0.43
Loss on prepayments of FHLB advances14 0.09 — — 
FDIC special assessment— — 31 0.20
Tax effect(39)(0.25)(55)(0.36)
Net income, excluding nonrecurring items, net of tax379 $2.38 357 $2.27 
        Less preferred stock dividends(12)(12)
            Net income available to common equity, excluding nonrecurring items, net of tax$367 $345 
Nonrecurring Item Reconciliation
($ in millions, except per share data)4Q244Q24 per share data (diluted)4Q234Q23 per share data (diluted)
GAAP net (loss)$(162)$(1.03)$(91)$(0.62)
Loss on mortgage portfolio sale(a)
130 0.82 136 0.90
Provision on initiatives1 0.01 (3)(0.02)
Net loss on sale of investments(a)
148 0.93 65 0.43
Loss on prepayments of FHLB advances14 0.09 — — 
FDIC special assessment— — 31 0.20
Tax effect(39)(0.24)(55)(0.36)
Net income, excluding nonrecurring items, net of tax94 $0.57 83 $0.53 
        Less preferred stock dividends(3)(3)
            Net income available to common equity, excluding nonrecurring items, net of tax$91 $80 
Nonrecurring Item Noninterest Income ReconciliationYTDYTD
($ in thousands)Dec 2024Dec 20234Q244Q23
GAAP noninterest (loss) income$(9,407)$63,182 $(206,772)$(131,013)
Loss on mortgage portfolio sale(a)
130,406 136,239 130,406 136,239 
Net loss on sale of investments(a)
148,183 64,940 148,183 64,940 
Noninterest income, excluding nonrecurring items$269,182 $264,361 $71,816 $70,166 
Nonrecurring Item Noninterest Expense ReconciliationYTDYTD
($ in thousands)Dec 2024Dec 20234Q244Q23
GAAP noninterest expense$818,397 $813,682 $224,282 $239,391 
Loss on prepayments of FHLB advances(14,243)— (14,243)— 
FDIC special assessment— (30,597)— (30,597)
Noninterest expense, excluding nonrecurring items$804,154 $783,085 $210,039 $208,795 
Period End Loans Reconciliation
($ in thousands)4Q24
Loans$29,768,586 
Mortgage portfolio loans transferred to held for sale722,943 
Adjusted loans$30,491,529 
(a)These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarters of 2024 and 2023.
11

January 23, 2025 Fourth Quarter 2024 Earnings Presentation Associated Banc-Corp Exhibit 99.2

 
1 Important Disclosures 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,” “intend,” "target,” “outlook,” “project,” “guidance,” “forecast,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference. 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 financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. 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. Unless otherwise noted, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation.

 
2 Fourth Quarter & Full Year 2024 Results1 1 All figures shown on an end of period basis. 4Q 2024 results compared to 3Q 2024 unless otherwise noted. FY 2024 results compared to FY 2023 unless otherwise noted. 2 This adjusted figure excludes the impact of the balance sheet repositionings that impacted 4Q 2023 and 4Q 2024 financial results. Adjusted noninterest expense growth also excludes $31 million of FDIC special assessment costs incurred in 4Q 2023. This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 4 Adjusted loan growth excludes $723 million in residential mortgage balances that were moved to loans held for sale as a result of the balance sheet repositioning announced during 4Q 2024. This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ▪ GAAP diluted EPS of $(1.03) ▪ Adjusted diluted EPS of $0.572 ▪ Total deposit growth of $1.1 billion ▪ Total core customer deposit growth of $869 million3 ▪ Total loan decrease of $222 million ▪ Adjusted total loan growth of $501 million2 ▪ Net interest income of $270 million ▪ Net interest margin of 2.81% ▪ Noninterest (loss) income of $(207) million ▪ Adjusted noninterest income of $72 million2 ▪ Noninterest expense of $224 million ▪ Adjusted noninterest expense of $210 million2 ▪ Provision for credit losses of $17 million ▪ NCOs/avg. loans (annualized) of 0.16% 4Q 2024 Operating Results 3.6% Total Deposit Growth 4.3% Core Customer Deposit Growth3 1.9% Total Loan Growth 4.4% Adjusted Loan Growth (5.9%) Total Revenue (Decrease) 1.0% Adjusted Revenue Growth2 0.6% Total Noninterest Expense Growth 2.7% Adjusted Noninterest Expense Growth2 FY 2024 Highlights 4 +$1.2 billion +$1.2 billion +$552 million +$1.3 billion

 
3 $0.82 $(1.03) $0.93 $0.09 $0.01 $(0.24) 4Q 2024 EPS Adjustments 1 Net provision impact includes a $3 million release for the sale of $723 million in residential mortgage loan balances and a $4 million provision build for the purchase of $55 million in credit card balances during the quarter. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 4Q 2024 GAAP EPS Loss on Sale of Investments, Net (Pre-Tax) Loss on Mortgage Portfolio Sale (Pre-Tax) Loss on Prepayment of FHLB Advances 4Q 2024 Adjusted EPS2 Combined Tax Benefit from Nonrecurring Items A $130M loss on a mortgage loan portfolio sale and a $148M loss on a sale of investments (both pre-tax) reduced noninterest income by $279M A loss on prepayment of FHLB advances added $14M of noninterest expense $0.57 4Q GAAP EPS was impacted by several nonrecurring items Net Provision Impact1

 
4 ▪ +$1.5B in net new Mass Affluent deposits since Dec. 2022 launch ▪ Launched customer-favorite enhancements including Grace Zone, Early Pay & Credit Monitor in 2023-2024 ▪ Steady cadence of digital upgrades planned for 2025 Advancing our Growth Strategy1 (1-3)% 0% 1% 2-3% 2016-2022 2023 2024 2025 (est.) Customer Checking Household Growth 39 42 42 51 2021 2022 2023 2024 Net Promoter Score2 94 115 ~120 9/30/2023 12/31/2024 3/31/2025 (est.) Commercial & Business RM FTE 1 All updates as of or for the years ended December 31st unless otherwise noted. 2 Annual net promoter score as measured by a customer’s likelihood to recommend Associated Bank to family & friends per our internal Consumer Relationship Survey. Growth initiatives & an infusion of talent in key areas have provided tailwinds for our company into 2025 Upgraded Customer Experience Rebalanced Consumer Lending Approach Repositioned Balance Sheet Filled Several Key Leadership Roles Expanding our Commercial Presence ▪ Onboarded four new executive leaders in 2024 ▪ Added three new directors in 2024 ▪ Reduced mortgage loan concentration from 36% (2018) to 24% (2024) ▪ +$2.8B in prime/super prime Auto Finance balances since 3Q21 ▪ Sold $0.8B of securities and $1.0B of mortgage loans in 2023 ▪ Sold $1.3B of securities and $0.7B of mortgage loans in 2024 ▪ Purchased $55M in existing customer credit card balances in Dec. 2024 ▪ Launched new deposit vertical in 4Q 2024 ▪ On track to add 26 commercial & business RMs by 1Q 2025 (vs. 9/30/2023)

 
5 Commercial & Business Lending Commercial Real Estate Residential Mortgage $3.0 $3.3 $3.4 $3.5 $3.7 $8.7 $7.9 $7.9 $7.9 $7.8 $7.4 $7.4 $7.2 $7.2 $7.2 $10.8 $10.8 $11.0 $11.0 $11.5 $30.0 $29.4 $29.6 $29.6 $30.2 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(132) $23 $69 $101 $157 $315 CRE-Investor Commercial & Industrial Period End Loan Change (9/30/2024 to 12/31/2024) Residential Mortgage2 Auto Finance Home Equity & Other Consumer CRE Construction CRE-Owner Occupied Quarterly Loan Trends Total period end loans decreased $222M vs. 3Q24, but increased $501M after excluding the 4Q24 loan sale1,2 Auto Finance, Home Equity & Other Consumer $(756) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Approximately $723 million in residential mortgage balances were moved to loans held for sale as a result of the balance sheet repositioning announced during 4Q 2024. Loan sale expected to close during 1Q 2025. Number may be adjusted upon closing in 1Q 2025.

 
6 Annual Loan Trends (Period end balances) Emerging C&I Loan Growth Total period end loans increased $552 million vs. year-end 2023, with C&I loans up $842 million 1 Approximately $723 million in residential mortgage balances were moved to loans held for sale as a result of the balance sheet repositioning announced during 4Q 2024. Loan sale expected to close during 1Q 2025. Number may be adjusted upon closing in 1Q 2025. 1H 2024 +$239 million 2H 2024 +$603 million FY 2025 Outlook +$1.2 billion $1.0 $1.0 $2.3 $3.2 $3.8 $7.9 $7.6 $8.5 $7.9 $7.0 $6.2 $6.2 $7.2 $7.4 $7.2 $9.4 $9.4 $10.8 $10.8 $11.7 $24.5 $24.2 $28.8 $29.2 $29.8 2020 2021 2022 2023 2024 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage1 Auto Finance, Home Equity & Other Consumer Period End Annual Loans 32% 24% Commercial & Industrial Loans

 
7 $1.6 $1.7 $1.6 $1.6 $1.7 $3.5 $4.3 $3.9 $4.2 $4.5 $2.8 $2.9 $3.0 $3.3 $3.7 $6.1 $6.1 $6.0 $5.9 $5.9 $4.9 $4.9 $5.1 $5.1 $5.1 $7.2 $7.5 $7.3 $7.4 $7.6 $6.2 $5.9 $5.7 $5.7 $5.7 $32.2 $33.3 $32.6 $33.3 $34.3 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Average Quarterly Deposits ($ in billions) Period End Funding Change (9/30/2024 to 12/31/2024) ($ in millions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. $(82) $20 $61 $178 $692 Noninterest-Bearing Demand Money Market $(453) $(59) $34 $191 Brokered CDs Network Transaction Deposits Other Wholesale Funding Core Customer Deposits1 +$869 (+3%) Wholesale Funding Sources $(288) (-3%) Total Deposits +$1,094 (+3%) Interest-Bearing Demand Quarterly Deposit & Funding Trends Savings Total period end deposits increased $1.1B vs. the prior quarter, while core customer deposits1 grew by $869M Customer CDs FHLB Advances

 
8 $1.4 $0.9 $0.8 $1.5 $1.6 $2.3 $1.5 $1.3 $4.9 $7.5 $6.5 $6.9 $7.2 $6.7 $6.0 $3.3 $4.1 $4.7 $4.8 $5.1 $5.6 $6.1 $6.6 $6.9 $7.4 $6.9 $8.1 $8.2 $6.6 $5.7 $26.0 $27.7 $28.8 $31.3 $33.4 2020 2021 2022 2023 2024 Annual Deposit Trends Total Time Deposits Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand ($ in billions) Average Annual Deposits Period End Deposit Growth ($ in billions) $33.4 $34.6 $27.4 $28.6 4Q 2023 4Q 2024 Core Customer Deposits1Total Deposits Total period end deposits & core customer deposits1 both grew by $1.2B in 2024 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. +3.6% +4.3%

 
9 Quarterly Average Yields (%) Average Yield Trends 7.42 7.56 7.45 7.52 7.09 7.11 7.22 7.24 7.27 6.74 5.42 5.52 5.58 5.72 5.65 3.50 3.48 3.51 3.56 3.61 3.43 3.55 3.69 3.66 3.64 3.18 3.32 3.30 3.33 3.10 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Residential Mortgage Loans Commercial & Business Lending Loans Commercial Real Estate Loans Total Interest-Bearing Deposits Auto Finance Loans Asset & Liability Yield / Rate Trends (%) Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 5.51 5.64 5.65 5.68 5.46 3.55 3.55 3.60 3.59 3.29 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Investments and Other Earning asset yields decreased 22 bps during 4Q, while interest-bearing liabilities costs decreased 30 bps

 
10 Net Interest Income & Net Interest Margin Trends Net Interest Income & Net Interest Margin $253 $258 $257 $263 $270 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 2.78%2.75%2.79% 2.69% 2.81% Quarterly Net Interest Income Quarterly Net Interest Margin ($ in millions) 2.81% 2.81% 0.17% 2.98% 4Q 2024 Actual 4Q 2024 Pro Forma 4Q 2024 Pro Forma Net Interest Margin1 1 Pro forma net interest margin reflects the impact of the balance sheet repositioning announced in December 2024 and the credit card balance acquisition completed in December 2024 as if both transactions were completed on October 1, 2024. + Our 4Q 2024 balance sheet repositioning & credit card balance acquisition would have added an incremental ~17 bps to our 4Q NIM if the transactions were completed on 10/1/2024. We expect the repositioning to be completed in 1Q 2025 with the full financial impact realized beginning in 2Q 2025. NII increased by $8 million and NIM expanded by 3 bps during 4Q

 
11 ▪ Added $2.8 billion of fixed-rate prime/super prime Auto Finance balances since 3Q 2021 ▪ Gradually built receive fixed swaps portfolio to protect against downside rate risk, with notional balances of ~$2.70 billion as of 12/31/2024 ▪ Emphasized shorter-term durations on contractual funding sources to maintain repricing flexibility in a falling rate environment Interest Rate Risk Management1 Balance Sheet Actions Since 2021 Contractual Funding Obligations ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $7.9 $0.1 $0.0 $8.0 Short-Term Funding $0.5 - - $0.5 FHLB Advances $1.6 $0.0 $0.2 $1.9 Other Long-Term Funding $0.3 $0.0 $0.6 $0.8 Total $10.3 $0.1 $0.8 $11.1 ($ in billions) 1 All updates as of or for the period ended December 31, 2024 unless otherwise noted. 2 In both the down 100 and down 200 for 4Q 2021, scenario rates are floored at zero. We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment Estimated NII Sensitivity Profile (%) 10.6 7.8 3.8 2.0 5.0 3.9 1.9 1.0 -6.8 -3.4 -1.3 -0.5 -6.8 -6.7 -2.6 -1.3 4Q 2021 4Q 2022 4Q 2023 4Q 2024 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) 2

 
12 Cash & Investment Securities Portfolio 18.9% 18.8% 19.1% 19.2% 19.8% 2.3% 2.1% 2.3% 2.3% 2.4% 21.1% 20.9% 21.4% 21.5% 22.2% 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Securities Period End Securities + Cash / Total Assets Cash $3.6 $3.7 $3.9 $4.2 $4.6 $3.9 $3.8 $3.8 $3.8 $3.7 $0.3 $0.2 $0.2 $0.2 $0.2 $7.7 $7.8 $7.9 $8.1 $8.5 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Held to MaturityAvailable for Sale ($ in billions) Period End Securities Book Composition Other Securities CET1 Including AOCI1 (%) CET1 Ratio Incl. AOCICET1 Ratio 9.39 9.43 9.68 9.72 10.00 8.87 8.79 9.01 9.38 9.78 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. We are targeting securities + cash / total assets of 22% to 24% in 2025

 
13 $47 $50 $52 $55 $54 $2 $3 $3 $2 $3 $9 $4 $5 $4 $9 $12 $8 $6 $6 $5 $70 $65 $65 $67 $72 4Q 2023 Adj. 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Adj. Noninterest Income Trends ($ in millions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Other noninterest income is primarily comprised of bank and corporate owned life insurance, asset gains (losses), net and investment securities gains (losses), net. Quarterly Noninterest Income Trends Fee-Based Revenue1 Capital Markets, net Mortgage Banking, net Other2 4Q 2023 GAAP noninterest income impacted by balance sheet repositioning with a $136M loss on a mortgage portfolio sale and a $65M net loss on a sale of investments (both pre-tax) 1 4Q 2023 GAAP $(131) GAAP noninterest income was impacted by nonrecurring items in 4Q 2024 4Q 2024 GAAP $(207) 4Q 2024 GAAP noninterest income impacted by balance sheet repositioning with a $130M loss on a mortgage portfolio sale and a $148M net loss on a sale of investments (both pre-tax) 1

 
14 $121 $119 $122 $121 $126 $28 $26 $27 $27 $27 $60 $44 $47 $52 $57 $31 $8 $14 $239 $198 $196 $201 $224 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Efficiency Ratio (%)Noninterest Expense Trends Noninterest Expense Trends 1 Based on updated estimates of the FDIC special assessment received from the FDIC over the course of 2024, we recognized a $2 million decrease of FDIC special assessment expense in 2Q 2024, a further $1 million decrease in 3Q 2024, and a further $0.5 million decrease in 4Q 2024. 2 Other expenses are primarily comprised of occupancy, business development & advertising, equipment, legal & professional, and FDIC assessment costs. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) Adjusted Efficiency Ratio3Federal Reserve Efficiency Ratio 61.0 61.5 61.5 107.4 64.1 57.2 60.9 60.4 61.1 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Personnel Expense Other2 Technology Expense FDIC Special Assessment 132.0 Noninterest Expense / Average Assets (%) 2.00 1.98 2023 YTD 2024 YTD 11 4Q noninterest expense included a $14 million loss on prepayment of FHLB advances Loss on Prepayment of FHLB 1

 
15 Capital Ratios (%) 7.50 9.72 10.30 12.36 7.82 10.00 10.57 12.61 TCE Ratio CET1 Tier 1 Capital Total Capital 1 Tangible common equity / tangible assets. This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Pro forma CET1 ratio reflects the impact of the $723 million residential mortgage loan sale announced in December 2024 as if the transaction had closed in 4Q 2024. Transaction expected to close in 1Q 2025. Capital Profile 1 4Q 2024 Pro Forma CET1 Ratio2 3Q 2024 4Q 2024 Our CET1 capital ratio increased by 28 bps in 4Q following the transactions announced during the quarter 10.00% 10.00% 0.07% 10.07% 4Q 2024 Actual 4Q 2024 Pro Forma The residential mortgage loan sale announced during 4Q 2024 would have added an incremental ~7 bps to our 4Q CET1 ratio if the transaction had closed during 4Q. We expect the loan sale to close in 1Q 2025. +

 
16 ACLL / Total Loans (%)ACLL1 Update ▪ ACLL increased $5 million from the prior quarter to $402 million, driven primarily by incremental credit movement coupled with general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody’s November 2024 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Allowance for Credit Losses on Loans (ACLL) 1.32 1.31 1.32 1.33 1.35 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Our ACLL percentage increased by 2 basis points vs. the prior quarter to 1.35% Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 152,341$ 1.41% 143,974$ 1.27% 160,620$ 1.37% CRE - Investor 68,338 1.33% 78,743 1.55% 72,125 1.38% CRE - Construction 70,578 3.11% 79,136 3.74% 71,090 3.59% Residential Mortgage 37,808 0.48% 34,931 0.45% 32,576 0.46% Other Consumer 56,805 1.80% 60,756 1.68% 65,910 1.74% Total 385,870$ 1.32% 397,541$ 1.33% 402,322$ 1.35% 9/30/2024 12/31/202412/31/2023

 
17 Net Charge Offs & Provision Total Delinquent Loans Credit Quality Trends $22 $2 $2 $7 $3 $62 $48 $35 $49 $77 $84 $51 $37 $56 $80 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 ($ in millions) Accruing Loans 30-89 Days PD $16 $22 $21 $13 $12 $21 $24 $23 $21 $17 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD Total Criticized Loans $149 $178 $154 $128 $123 $454 $484 $528 $688 $751 $217 $155 $118 $229 $396 $820 $818 $801 $1,046 $1,271 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 ($ in millions) ($ in millions) Nonaccrual Loans $86 $85 $83 $86 $86 $0 $19 $48 $19 $17 $63 $74 $23 $24 $21 $149 $178 $154 $128 $123 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 ($ in millions) CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans 4Q 2024 credit quality remained solid with NALs down $5 million & NCOs down $1 million vs. prior quarter 1 4Q 2024 provision impact includes a $3 million release for the sale of $723 million in residential mortgage loan balances and a $4 million provision build for the purchase of $55 million in credit card balances during the quarter. 1

 
18 1 Projections are on an end of period basis as of and for the year ended 12/31/2025 as compared to 2024 results as of 12/31/2024 unless otherwise noted. 2 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. We have not provided a reconciliation of the projection for core customer deposits to the projection for total deposits due to the low visibility and unpredictability of the components of total deposits necessary for such reconciliation. 3 Adjusted 2024 figures have been provided for noninterest income and noninterest expense to exclude the impact of nonrecurring items incurred as a result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. These figures are non-GAAP financial measures. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 4 Projections are on an end of period basis as of and for the year ended 12/31/2025 as compared to adjusted 2024 results as of 12/31/2024 unless otherwise noted. GAAP FY 2024 Result Adjusted FY 2024 Result3 FY 2025 Guidance4 Noninterest Income $(9)M $269M Up 0% to 1% Noninterest Expense $818M $804M Up 3% to 4% FY 2025 Guidance1 Total Loan Growth Up 5% to 6% Total Deposit Growth Up 1% to 2% Core Customer Deposit Growth2 Up 4% to 5% Net Interest Income Up 12% to 13% Effective Tax Rate 19% to 21% CET1 Capital Ratio 10% to 10.5% FY 2025 Outlook

 
Appendix

 
20 1 Approximately $723 million in residential mortgage balances were moved to loans held for sale as a result of the balance sheet repositioning announced during 4Q 2024. Loan sale expected to close during 1Q 2025. Number may be adjusted upon closing in 1Q 2025. 2 Net of tax and the net provision impact of the residential mortgage loan sale and credit card balance purchase. Net provision impact includes a $3 million release for the sale of $723 million in residential mortgage loan balances and a $4 million provision build for the purchase of $55 million in credit card balances during the quarter. Balance Sheet Repositioning Summary Estimated 12/4/2024 Actions Taken as of 12/31/2024 Remaining in 1Q 2025 Total Loans Sold1 $0.2B in ARMs & $0.5B in fixed-rate mortgages Wtd. avg. yield ~2.99% $723M in residential mortgage balances moved to loans held for sale Loan sale on track to close in January 2025 Securities Sold $1.3B in AFS securities Wtd. avg. yield 1.87% Sold $1.295B in AFS securities Wtd. avg. yield 1.87% Securities sale completed 4Q 2024 One-Time Loss (After-Tax)2 $253M Reported $256M after-tax loss for loan sale, securities sale, credit card balance purchase & loss on prepayment of FHLB FAS91 impact to be finalized upon closing of loan sale Use of Proceeds Reinvest into $1.5B of GNMA securities Wtd. avg. yield ~5.08% ~4 yr. duration Repay $0.6B of FHLB advances Wtd. avg. cost ~5.90% Reinvested into $1.486B of GNMA securities Wtd. avg. yield ~5.08% 4.15 yr. duration Purchased $55M in existing customer credit card balances Paid down $600M of FHLB advances at 6.17% and temporarily borrowed $600M at a spread reduction of 1.43% $600M of FHLB advances to be repaid upon closing of loan sale We are on track to finalize our balance sheet repositioning in 1Q 2025 Securities reinvestment completed Credit card balance purchase completed

 
21 Improving our Return Profile Over Time1 Strategy Highlights Since 2021 Growing diversified asset classes to decrease reliance on legacy low-yielding, low-relationship asset classes ▪ Expanded Commercial & Business RMs by 44% since 12/31/2021 ▪ Increased total commercial loans by $3.3B vs. 4Q21 (+21%) ▪ Added $2.8B in fixed-rate prime/super prime Auto Finance balances since 3Q21 ▪ Exited TPO mortgage business in 1Q23 ▪ Sold $969M in mortgage loans & pivoted to “originate to sell” model in 4Q23 ▪ Sold $723M in mortgage loans in 4Q24 ▪ Shifted to balanced RM scorecard to deepen Commercial relationships ▪ Modernized digital banking experience ▪ Quarterly upgrades to products & services ▪ $1.5B in net new Mass Affluent deposits ▪ Repaid $849M of FHLB advances in 4Q23 and an additional $600M in 4Q24 ▪ Added new Specialty Deposit & Payment Solutions vertical in 4Q24 ▪ Added $1.2B of core customer deposits2 in 2024 LiabilitiesAssets Auto Finance Relationship Commercial Low- Relationship Mortgage Low- Relationship Commercial Wholesale Funding Sources Core Customer Deposits2 Attracting & deepening customer relationships to decrease reliance on wholesale & network funding sources 1 All updates as of or for the period ended December 31, 2024 unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Our efforts to remix the balance sheet & drive toward improved profitability are on track

 
22 Stable, Granular Deposit Portfolio 23% 23% 22% 22% 23% 77% 77% 78% 78% 77% $33.5 $33.7 $32.8 $33.8 $34.9 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Period End Deposit Trends (Associated Bank, N.A.) ($ in billions) Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits As of 12/31/2024, ASB’s total liquidity sources covered 162% of uninsured, uncollateralized deposits Liquidity Sources 9/30/2024 12/31/2024 Federal Reserve Balance $405.8 $451.3 FHLB Chicago Capacity $6,164.5 $7,097.4 Fed Discount Window Capacity $2,981.2 $2,778.3 Funding Available Within One Business Day1 $9,551.5 $10,327.0 Fed Funds Lines $1,401.0 $1,164.0 Brokered Deposits Capacity2 $520.8 $418.2 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Liquidity $12,473.3 $12,909.2 162% of uninsured, uncollateralized deposits 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Estimated availability based on the Corporation’s current internal funding considerations.

 
23 $3.2 $3.3 $3.4 $3.6 $3.8 $7.9 $7.9 $7.8 $7.8 $7.0 $7.4 $7.3 $7.3 $7.2 $7.2 $10.8 $11.0 $11.1 $11.4 $11.7 $29.2 $29.5 $29.6 $30.0 $29.8 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) Quarterly Average Loan Change (3Q24 to 4Q24)Period End Quarterly Loan Trends $(74) $(64) $32 $36 $48 $136 Commercial & Industrial CRE Construction CRE-Owner Occupied Auto Finance Residential Mortgage Additional Quarterly Loan Trends Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer $455 Home Equity & Other Cons. CRE-Investor

 
24 Additional Annual Loan Trends Commercial & Business Lending Commercial Real Estate Residential Mortgage ($ in millions) $(877) $(155) $(36) $31 $84 $570 $633 Commercial & Industrial Quarterly Average Loan Change (4Q23 to 4Q24) Auto Finance, Home Equity & Other Consumer Auto Finance Residential Mortgage CRE-Owner Occupied Home Equity & Other Cons. CRE Construction CRE-Investor $1.1 $0.9 $1.7 $2.7 $3.4 $8.2 $7.8 $8.1 $8.7 $7.9 $5.8 $6.2 $6.6 $7.3 $7.3 $9.4 $9.1 $9.9 $10.8 $11.1 $24.5 $24.1 $26.2 $29.5 $29.7 2020 2021 2022 2023 2024 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Annual Loans 33% 27%

 
25 $1.6 $1.8 $1.5 $1.6 $1.8 $4.4 $3.9 $4.1 $4.2 $4.3 $2.9 $2.9 $3.1 $3.7 $3.7 $6.0 $6.2 $5.9 $5.8 $6.0 $4.8 $5.1 $5.2 $5.1 $5.1 $7.6 $7.5 $7.2 $7.3 $8.0 $6.1 $6.3 $5.8 $5.9 $5.8 $33.4 $33.7 $32.7 $33.6 $34.6 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Period End Quarterly Deposits ($ in billions) Average Funding Change (3Q 2024 to 4Q 2024) ($ in millions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs $(18) $7 $86 $229 $399 Money Market Interest-Bearing Demand $(295) $(226) $46 $267 Brokered CDs FHLB Advances Core Customer Deposits1 +$703 (+3%) Wholesale Funding Sources $(208) (-2%) Total Deposits +$1,017 (+3%) Customer CDs Network Transaction Deposits Additional Quarterly Deposit & Funding Trends Noninterest-Bearing Demand Savings Other Wholesale Funding 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

 
26 $1.2 $0.8 $1.0 $1.6 $1.8 $1.8 $1.3 $1.9 $7.3 $8.0 $6.7 $6.9 $7.5 $6.0 $6.0 $3.7 $4.4 $4.6 $4.8 $5.1 $5.5 $6.5 $6.8 $7.6 $8.0 $7.7 $8.5 $7.8 $6.1 $5.8 $26.5 $28.5 $29.6 $33.4 $34.6 2020 2021 2022 2023 2024 Additional Annual Deposit Trends Total Time Deposits Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand ($ in billions) Period End Annual Deposits Quarterly Average Deposit Growth ($ in billions) $32.2 $34.3 $27.1 $28.1 4Q 2023 4Q 2024 Core Customer Deposits1Total Deposits 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. +6.7% +3.8%

 
27 Multi-Family 43% Retail 8% Office 13% Industrial 23% Other 14% Consumer 36% Com'l & Business Lending 39% CRE 24% Wisconsin 19% Illinois 15% Minnesota 10% Other Midwest2 21% Texas 9% Other 27% 1 All updates as of or for the period ended December 31, 2024 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. 4 Calculated on an annualized basis. Negative values indicate a net recovery. 5 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. 6 Class A determined by third-party vendor partner mapping of portfolio. High-Quality Commercial Real Estate Portfolio1 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 Portfolio LTV 58% 59% 59% 58% 57% Delinquencies/Loans3 0.52% 0.28% 0.01% 0.22% 0.50% NALs/Loans 0.00% 0.26% 0.67% 0.26% 0.23% ACLL/Loans 1.88% 1.87% 1.98% 2.20% 1.99% NCOs/Avg. Loans4 (0.01%) 0.00% 0.25% 0.00% 0.37% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.19% Top 10 Largest CRE Borrowers 1.38% Largest CRE Property Type (Multi-Fam) 10.34% CRE Office Loans 3.08% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.19x 2025 Remaining Maturities $420 million Central Business District vs. Suburban ~77% Suburban Property Class Mix ~56% Class A6 ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets

 
28 Total Loans Outstanding Balances as of December 31, 2024 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 12/31/2024 1 % of Total Loans 12/31/2024 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 2,570$ 8.6% Multi-Family 3,077$ 10.3% Manufacturing & Wholesale Trade 2,452 8.2% Industrial 1,635 5.5% Real Estate (includes REITs) 2,074 7.0% Office 917 3.1% Finance & Insurance 708 2.4% Retail 599 2.0% Mortgage Warehouse 670 2.2% Warehouse 205 0.7% Retail Trade 551 1.9% Hotel/Motel 195 0.7% Rental and Leasing Services 476 1.6% Medical 156 0.5% Transportation and Warehousing 396 1.3% Single Family Construction 156 0.5% Health Care and Social Assistance 380 1.3% Land 96 0.3% Construction 362 1.2% Self Storage 20 0.1% Professional, Scientific, and Tech. Serv. 301 1.0% Other 155 0.5% Waste Management 215 0.7% Total CRE 7,211$ 24.2% Accommodation and Food Services 101 0.3% Management of Companies & Enterprises 60 0.2% Consumer Arts, Entertainment, and Recreation 59 0.2% Residential Mortgage 7,048$ 23.7% Information 58 0.2% Auto Finance 2,810 9.4% Educational Services 29 0.1% Home Equity 664 2.2% Public Administration 16 0.1% Credit Cards 197 0.7% Agriculture, Forestry, Fishing and Hunting 0 0.0% Student Loans 49 0.2% Mining - 0.0% Other 72 0.2% Other 240 0.8% Total Consumer 10,840$ 36.4% Total C&BL 11,717$ 39.4% Total Loans 29,769$ 100.0%

 
29 Multi-Family 43% Retail 8% Office 13% Industrial 23% Warehouse 3%Hotel / Motel 3% Other 8% Wisconsin 28% Illinois 20% Minnesota 9% Other Midwest 12% Texas 6% Other 25% Manufacturing & Wholesale Trade 21% Real Estate 18% Power & Utilities 22% Mortgage Warehouse 6% Finance & Insurance 6% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 32% Natural Gas 28% Solar 18% Transmission, Control & Distribution 6%Geothermal 2%Hydroelectric 2% Other 13% Wisconsin 22% Illinois 15% Minnesota 7% Texas 6% Other Midwest 10% Other 39% Wisconsin 19% Illinois 15% Minnesota 10% Other Midwest2 21% Texas 9% Other 27% 2 2 Loan Stratification Outstanding Balances as of December 31, 2024 C&BL by Geography $11.7 billion Power & Utilities Lending $2.6 billion C&BL by Industry $11.7 billion Total Loans1 CRE by Geography $7.2 billion CRE by Property Type $7.2 billion

 
30 Swaps Update Contractual swap balances as of 12/31/2024 $2.70 $2.85 $2.45 $2.45 $1.85 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 3.89% 3.82% 3.88% 3.89% 3.80% ($ in billions) Notional Balances Weighted Average Yield

 
31 Reconciliation & Definitions of Non-GAAP Items 1 These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarters of 2024 and 2023. Adjusted Revenue Reconciliation ($ in millions) YTD Dec 2024 YTD Dec 2023 Net interest income $1,047 $1,040 GAAP noninterest (loss) income (9) 63 Loss on mortgage portfolio sale1 130 136 Net loss on sale of investments1 148 65 Noninterest income, excluding nonrecurring items 269 264 Adjusted total revenue, excluding nonrecurring items $1,316 $1,304 Nonrecurring Item Reconciliation ($ in millions, except per share data) YTD Dec 2024 YTD Dec 2024 per share data (diluted) 4Q 2024 4Q 2024 per share data (diluted) GAAP net income (loss) $123 $0.72 $(162) $(1.03) Loss on mortgage portfolio sale1 130 0.85 130 0.82 Provision on initiatives 1 0.01 1 0.01 Net loss on sale of investments1 148 0.96 148 0.93 Loss on prepayments of FHLB advances1 14 0.09 14 0.09 Tax effect (39) (0.25) (39) (0.24) Net income, excluding nonrecurring items, net of tax $379 $2.38 $94 $0.57 Less preferred stock dividends (12) (3) Net income available to common equity, excluding nonrecurring items, net of tax $367 $91 Nonrecurring Item Noninterest Income Reconciliation ($ in thousands) YTD Dec 2024 YTD Dec 2023 4Q 2024 4Q 2023 GAAP noninterest (loss) income $(9,407) $63,182 $(206,772) (131,013) Loss on mortgage portfolio sale1 130,406 136,239 130,406 136,239 Net loss on sale of investments1 148,183 64,940 148,183 64,940 Noninterest income, excluding nonrecurring items $269,182 $264,361 $71,816 $70,166

 
32 Period End Core Customer Deposits Reconciliation ($ in millions) 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Total deposits $34,648 $33,554 $32,691 $33,713 $33,446 Network transaction deposits (1,758) (1,567) (1,503) (1,793) (1,566) Brokered CDs (4,276) (4,243) (4,062) (3,931) (4,447) Core customer deposits $28,614 $27,745 $27,127 $27,989 $27,432 Reconciliation & Definitions of Non-GAAP Items Period End Loans Reconciliation ($ in thousands) 4Q 2024 Loans $29,768,586 Mortgage portfolio loans transferred to held for sale 722,943 Adjusted loans $30,491,529 Nonrecurring Item Noninterest Expense Reconciliation ($ in thousands) YTD Dec 2024 YTD Dec 2023 4Q 2024 4Q 2023 GAAP noninterest expense $818,397 $813,682 $224,282 $239,391 Loss on prepayments of FHLB advances1 (14,243) - (14,243) - FDIC special assessment1 - (30,597) - (30,597) Noninterest expense, excluding nonrecurring items $804,154 $783,085 $210,039 $208,795 1 These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarters of 2024 and 2023. Quarterly Average Core Customer Deposits Reconciliation ($ in millions) 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Total deposits $34,337 $33,321 $32,629 $33,267 $32,192 Network transaction deposits (1,691) (1,644) (1,595) (1,652) (1,617) Brokered CDs (4,515) (4,248) (3,928) (4,269) (3,471) Core customer deposits $28,132 $27,429 $27,106 $27,346 $27,105

 
33 1 These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. 2 Other noninterest income is primarily comprised of capital markets, net, mortgage banking, net, bank and corporate owned life insurance, asset gains (losses), net and investment securities gains (losses), net. 4Q 2024 other noninterest income includes the loss on mortgage portfolio sale and net loss on sale of investments that are classified as nonrecurring items and are the result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. 4Q 2023 other noninterest income includes the loss on mortgage portfolio sale and net loss on sale of investments that are classified as nonrecurring items and are the result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2023. 3 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 includes the provision for unfunded commitments), excluding other intangible amortization, FDIC special assessment costs, and announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net and announced initiatives. 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 nonrecurring costs like the FDIC special assessment and announced initiatives. Reconciliation & Definitions of Non-GAAP Items Common Equity Tier 1 Capital Ratio Reconciliation 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Common equity Tier 1 capital ratio 10.00% 9.72% 9.68% 9.43% 9.39% Accumulated other comprehensive loss adjustment (0.22)% (0.34)% (0.67)% (0.64)% (0.52)% Common equity Tier 1 capital ratio including accumulated other comprehensive loss 9.78% 9.38% 9.01% 8.79% 8.87% Selected Trend Information1 ($ in millions) 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Wealth management fees $24 $24 $23 $22 $21 Service charges and deposit account fees 13 14 12 12 11 Card-based fees 12 12 12 11 12 Other fee-based revenue 5 5 5 4 4 Fee-based revenue 54 55 52 50 47 Other2 (261) 13 13 15 (178) Total noninterest income $(207) $67 $65 $65 $(131) Efficiency Ratio Reconciliation3 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Federal Reserve efficiency ratio 107.36% 61.46% 61.51% 61.03% 132.01% Fully tax-equivalent adjustment (1.83)% (0.69)% (0.71)% (0.71)% (3.29)% Other intangible amortization (1.04)% (0.67)% (0.68)% (0.69)% (1.21)% Fully tax-equivalent efficiency ratio 104.50% 60.11% 60.12% 59.63% 127.54% FDIC special assessment 0.14% 0.30% 0.73% (2.38)% (9.50)% Announced initiatives (43.53)% - - - (53.92)% Adjusted efficiency ratio 61.11% 60.42% 60.85% 57.25% 64.12%

 
34 Reconciliation & Definitions of Non-GAAP Items Tangible Common Equity and Tangible Assets Reconciliation1 ($ in millions) 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Common equity $4,411 $4,219 $4,048 $3,975 $3,980 Goodwill and other intangible assets, net (1,137) (1,139) (1,141) (1,143) (1,145) Tangible common equity $3,275 $3,080 $2,907 $2,831 $2,834 Total assets $43,023 $42,211 $41,624 $41,137 $41,016 Goodwill and other intangible assets, net (1,137) (1,139) (1,141) (1,143) (1,145) Tangible assets $41,886 $41,072 $40,483 $39,994 $39,870 1 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.

 
v3.24.4
Cover Page Cover Page
Jan. 23, 2025
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 23, 2025
Entity Registrant Name Associated Banc-Corp
Entity Incorporation, State or Country Code WI
Entity File Number 001-31343
Entity Tax Identification Number 39-1098068
Entity Address, Address Line One 433 Main Street
Entity Address, City or Town Green Bay
Entity Address, State or Province WI
Entity Address, Postal Zip Code 54301
City Area Code 920
Local Phone Number 491-7500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000007789
Amendment Flag false
NEW YORK STOCK EXCHANGE, INC.  
Entity Information [Line Items]  
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol ASB
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | Two Thousand Twenty Three Subordinated Debt  
Entity Information [Line Items]  
Title of 12(b) Security 6.625% Fixed-Rate Reset Subordinated Notes due 2033
Trading Symbol ASBA
Security Exchange Name NYSE
Series E Preferred Stock | NEW YORK STOCK EXCHANGE, INC.  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E
Trading Symbol ASB PrE
Security Exchange Name NYSE
Series F Preferred Stock [Member] | NEW YORK STOCK EXCHANGE, INC.  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F
Trading Symbol ASB PrF
Security Exchange Name NYSE
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