asb-20241024


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


Date of Report (Date of earliest event reported)			October 24, 2024


Associated Banc-Corp
(Exact name of registrant as specified in its chapter)


Wisconsin	001-31343	39-1098068
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


433 Main Street	Green Bay	Wisconsin	54301
(Address of principal executive offices)			(Zip code)


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



(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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


Title of each class	Trading symbol	Name of each exchange on which registered
Common stock, par value $0.01 per share	ASB	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E	ASB PrE	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F	ASB PrF	New York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033	ASBA	New York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐			Emerging growth company
☐			If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02 Results of Operations and Financial Condition.

On October 24, 2024, Associated Banc-Corp announced its earnings for the quarter ended September 30, 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 October 24, 2024, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are furnished as part of this Report on Form 8-K:
99.1 Press release of the registrant dated October 24, 2024, containing financial information for the quarter ended September 30, 2024.

99.2 Slide presentation discussed on the conference call for investors and analysts on October 24, 2024.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						Associated Banc-Corp
						(Registrant)


Date: October 24, 2024						By: /s/ Derek S. Meyer
						Derek S. Meyer
						Chief Financial Officer

Document

Exhibit 99.1


			NEWS RELEASE Investor Contact: Ben McCarville, Vice President, Director of Investor Relations 920-491-7059 Media Contact: Andrea Kozek, Senior Manager, Public Relations 920-491-7518

Associated Banc-Corp Reports Third Quarter 2024 Net Income Available to Common Equity of $85 Million, or $0.56 per Common Share

GREEN BAY, Wis. -- October 24, 2024 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $85 million, or $0.56 per common share, for the quarter ended September 30, 2024. These amounts compare to earnings of $113 million, or $0.74 per common share, for the quarter ended June 30, 2024 and earnings of $80 million, or $0.53 per common share, for the quarter ended September 30, 2023.

“In the first nine months of 2024, we've remained squarely focused on executing Phase 2 of our strategic growth plan, and the financial tailwinds have started to emerge here in the third quarter," said President and CEO Andy Harmening. "During the quarter, we drove nearly $400 million in balanced loan growth and over $600 million in core customer deposit1 growth, which enabled us to decrease our reliance on wholesale funding and expand our margin. We also saw strong credit performance again during the quarter, helping us to deliver solid bottom line results for our shareholders."

"We're growing our customer base, delivering industry-leading customer satisfaction, and adding top talent to our commercial banking team. We look forward to building on this momentum and providing additional updates along the way."

Third Quarter 2024 Highlights (all comparisons to Second Quarter 2024)

•Diluted earnings per common share of $0.56

•Total period end core customer deposit1 growth of $618 million

•Total period end deposit growth of $863 million

•Total period end loan growth of $373 million

•Net interest income of $263 million

•Net interest margin of 2.78%

•Noninterest income of $67 million

•Noninterest expense of $201 million

•Provision for credit losses of $21 million

•Allowance for credit losses on loans / total loans of 1.33%

•Net charge offs / average loans (annualized) of 0.18%

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

Loans

Third quarter 2024 average total loans of $29.6 billion increased $55 million from the prior quarter and decreased 1%, or $251 million, from the same period last year. With respect to third quarter 2024 average balances by loan category:

•Commercial and business lending decreased $40 million from the prior quarter and decreased $14 million from the same period last year to $11.0 billion.

•Commercial real estate lending decreased $14 million from the prior quarter and decreased $77 million from the same period last year to $7.2 billion.

•Consumer lending increased $109 million from the prior quarter and decreased $159 million from the same period last year to $11.4 billion.

Third quarter 2024 period end total loans of $30.0 billion increased 1%, or $373 million, from the prior quarter and decreased 1%, or $202 million, from the same period last year. With respect to third quarter 2024 period end balances by loan category:

•Commercial and business lending increased $307 million from the prior quarter and increased $226 million from the same period last year to $11.4 billion.

•Commercial real estate lending decreased $72 million from the prior quarter and decreased $165 million the same period last year to $7.2 billion.

•Consumer lending increased $138 million from the prior quarter and decreased $263 million from the same period last year to $11.4 billion.

We continue to expect 2024 period end loan growth to finish at the lower end of our previous 4% to 6% range as compared to 2023.

Deposits

Third quarter 2024 average deposits of $33.3 billion increased 2%, or $691 million, from the prior quarter and increased 4%, or $1.3 billion, from the same period last year. With respect to third quarter 2024 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $60 million from the prior quarter and decreased $667 million from the same period last year to $5.7 billion.

•Savings decreased $9 million from the prior quarter and increased $311 million from the same period last year to $5.1 billion.

•Interest-bearing demand deposits increased $129 million from the prior quarter and increased $415 million from the same period last year to $7.4 billion.

•Money market deposits decreased $53 million from the prior quarter and decreased $352 million from the same period last year to $5.9 billion.

•Total time deposits increased $635 million from the prior quarter and increased $1.6 billion from the same period last year to $7.6 billion.

•Network transaction deposits increased $49 million from the prior quarter and increased $5 million from the same period last year to $1.6 billion.

Third quarter 2024 period end deposits of $33.6 billion increased 3%, or $863 million, from the prior quarter and increased 4%, or $1.4 billion, from the same period last year. With respect to third quarter 2024 period end balances by deposit category:

•Noninterest-bearing demand deposits increased $42 million from the prior quarter and decreased $566 million from the same period last year to $5.9 billion.

•Savings decreased $85 million from the prior quarter and increased $236 million from the same period last year to $5.1 billion.

•Interest-bearing demand deposits increased $322 million from the prior quarter and increased $1.1 billion from the same period last year to $8.6 billion.

•Money market deposits decreased $200 million from the prior quarter and decreased $1.2 billion from the same period last year to $6.1 billion.

•Total time deposits increased $784 million from the prior quarter and increased $1.9 billion from the same period last year to $7.9 billion.

•Network transaction deposits (included in money market and interest-bearing demand deposits) increased $64 million from the prior quarter and decreased $82 million from the same period last year to $1.6 billion.

We continue to expect 2024 period end core customer deposit growth to finish at the lower end of our previous 3% to 5% range as compared to 2023.

Net Interest Income and Net Interest Margin

Third quarter 2024 net interest income of $263 million increased $6 million from the prior quarter and increased $8 million from the same period last year. The net interest margin increased to 2.78%, reflecting a 3 basis point increase from the prior quarter and a 7 basis point increase from the same period last year.

•The average yield on total loans for the third quarter of 2024 increased 6 basis points from the prior quarter and increased 31 basis points from the same period last year to 6.27%.

•The average cost of total interest-bearing liabilities for the third quarter of 2024 decreased 1 basis point from the prior quarter and increased 23 basis points from the same period last year to 3.59%.

•The net free funds benefit for the third quarter of 2024 decreased 1 basis point from the prior quarter and decreased 2 basis points from the same period last year to 0.69%.

Based on current market conditions, we now expect total net interest income growth of 0% to 1% in 2024.

Noninterest Income

Third quarter 2024 total noninterest income of $67 million increased $2 million, or 3%, from the prior quarter and increased $1 million, or 1%, from the same period last year. With respect to third quarter 2024 noninterest income line items:

•Wealth management fees increased $2 million from the prior quarter and increased $3 million from the same period last year.

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

•Mortgage banking, net decreased slightly from the prior quarter and decreased $4 million from the same period last year.

Excluding the impact of the mortgage and investment securities sales announced during the fourth quarter of 2023, we continue to expect total noninterest income to finish within a range of negative 1% to 1% growth in 2024.

Noninterest Expense

Third quarter 2024 total noninterest expense of $201 million increased $5 million, or 2%, from the prior quarter and increased $4 million, or 2%, from the same period last year as we continued to invest in our strategic initiatives. With respect to third quarter 2024 noninterest expense line items:

•Personnel expense decreased $1 million from the prior quarter and increased $4 million from the same period last year.

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

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

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

After adjusting to exclude the impact of the $31 million FDIC special assessment booked during the fourth quarter of 2023 and $4 million of FDIC special assessment, net recognized over the first three quarters of 2024, we now expect total noninterest expense to grow by 1% to 2% in 2024.

Taxes

Third quarter 2024 tax expense was $20 million compared to a $13 million tax benefit in the prior quarter and $19 million of tax expense in the same period last year. The benefit recognized in the second quarter of 2024 was primarily driven by a strategic reallocation of our investment securities portfolio resulting in a deferred tax benefit of approximately $33 million during the quarter. The effective tax rate for the third quarter of 2024 was 18.6% compared to an effective tax rate of 18.9% in the same period last year.

After excluding the impact of the one time $33 million tax benefit recognized in the second quarter of 2024, we continue to expect the annual effective tax rate to be between 19% and 21% in 2024, assuming no change in the corporate tax rate.

Credit

The third quarter 2024 provision for credit losses on loans was $21 million, compared to a provision of $23 million in the prior quarter and a provision of $22 million in the same period last year. With respect to third quarter 2024 credit quality:

•Nonaccrual loans of $128 million decreased $26 million from the prior quarter and decreased $40 million from the same period last year. The nonaccrual loans to total loans ratio was 0.43% in the third quarter, down from 0.52% in the prior quarter and down from 0.56% in the same period last year.

•Third quarter 2024 net charge offs of $13 million decreased compared to net charge offs of $21 million in the prior quarter and decreased compared to net charge offs of $18 million in the same period last year.

•The allowance for credit losses on loans (ACLL) of $398 million increased $8 million compared to the prior quarter and increased $17 million compared to the same period last year. The ACLL to total loans ratio was 1.33% in the third quarter, up from 1.32% in the prior quarter and up from 1.26% in the same period last year.

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

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 9.72% at September 30, 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.

THIRD 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, October 24, 2024. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp third quarter 2024 earnings call. The third 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 $42 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from 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 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.

NON-GAAP FINANCIAL MEASURES

This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

# # #


Associated Banc-Corp Consolidated Balance Sheets (Unaudited)
($ in thousands)	September 30, 2024		June 30, 2024		Seql Qtr $ Change		March 31, 2024		December 31, 2023		September 30, 2023		Comp Qtr $ Change
Assets
Cash and due from banks	$	554,631	$	470,818	$	83,813	$	429,859	$	484,384	$	388,694	$	165,937
Interest-bearing deposits in other financial institutions	408,101		484,677		(76,576)		420,114		425,089		323,130		84,971
Federal funds sold and securities purchased under agreements to resell	4,310		3,600		710		1,610		14,350		965		3,345
Investment securities available for sale, at fair value	4,152,527		3,912,730		239,797		3,724,148		3,600,892		3,491,679		660,848
Investment securities held to maturity, net, at amortized cost	3,769,150		3,799,035		(29,886)		3,832,967		3,860,160		3,900,415		(131,265)
Equity securities	23,158		22,944		214		19,571		41,651		35,937		(12,779)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	178,168		212,102		(33,934)		173,968		229,171		268,698		(90,530)
Residential loans held for sale	67,219		83,795		(16,576)		52,414		33,011		54,790		12,429
Commercial loans held for sale	11,833		—		11,833		—		90,303		—		11,833
Loans	29,990,897		29,618,271		372,625		29,494,263		29,216,218		30,193,187		(202,290)
Allowance for loan losses	(361,765)		(355,844)		(5,922)		(356,006)		(351,094)		(345,795)		(15,970)
Loans, net	29,629,131		29,262,428		366,704		29,138,257		28,865,124		29,847,392		(218,261)
Tax credit and other investments	265,385		246,300		19,085		255,252		258,067		256,905		8,480
Premises and equipment, net	373,816		369,968		3,848		367,618		372,978		373,017		799
Bank and corporate owned life insurance	686,704		683,451		3,252		685,089		682,649		679,775		6,929
Goodwill	1,104,992		1,104,992		—		1,104,992		1,104,992		1,104,992		—
Other intangible assets, net	33,863		36,066		(2,203)		38,268		40,471		42,674		(8,811)
Mortgage servicing rights, net	81,977		85,640		(3,663)		85,226		84,390		89,131		(7,154)

Interest receivable	167,777		173,106		(5,329)		167,092		169,569		171,119		(3,342)
Other assets	698,073		672,256		25,817		640,638		658,604		608,068		90,005
Total assets	$	42,210,815	$	41,623,908	$	586,908	$	41,137,084	$	41,015,855	$	41,637,381	$	573,434
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits	$	5,857,421	$	5,815,045	$	42,376	$	6,254,135	$	6,119,956	$	6,422,994	$	(565,573)
Interest-bearing deposits	27,696,877		26,875,995		820,882		27,459,023		27,326,093		25,700,332		1,996,545
Total deposits	33,554,298		32,691,039		863,259		33,713,158		33,446,049		32,123,326		1,430,972




Short-term funding	917,028		859,539		57,488		765,671		326,780		451,644		465,384
FHLB advances	1,913,294		2,673,046		(759,753)		1,333,411		1,940,194		3,733,041		(1,819,747)
Other long-term funding	844,342		536,113		308,229		536,055		541,269		529,459		314,883
Allowance for unfunded commitments	35,776		33,776		2,000		31,776		34,776		34,776		1,000
Accrued expenses and other liabilities	532,842		588,057		(55,215)		588,341		552,814		637,491		(104,649)
Total liabilities	37,797,579		37,381,571		416,008		36,968,412		36,841,882		37,509,738		287,841
Stockholders’ equity
Preferred equity	194,112		194,112		—		194,112		194,112		194,112		—






Common equity	4,219,125		4,048,225		170,900		3,974,561		3,979,861		3,933,531		285,594
Total stockholders’ equity	4,413,236		4,242,337		170,900		4,168,673		4,173,973		4,127,643		285,594
Total liabilities and stockholders’ equity	$	42,210,815	$	41,623,908	$	586,908	$	41,137,084	$	41,015,855	$	41,637,381	$	573,434

Numbers may not sum due to rounding.


Associated Banc-Corp Consolidated Statements of Income (Unaudited)					Comp Qtr				YTD		YTD		Comp YTD
($ in thousands, except per share data)	3Q24		3Q23		$ Change		% Change		September 2024		September 2023		$ Change		% Change
Interest income
Interest and fees on loans	$	465,728	$	447,912	$	17,816	4	%	$	1,376,988	$	1,262,538	$	114,450	9	%
Interest and dividends on investment securities
Taxable	51,229		38,210		13,019		34	%	148,055		104,197		43,858		42	%
Tax-exempt	14,660		15,941		(1,281)		(8)	%	44,103		47,960		(3,857)		(8)	%
Other interest	8,701		6,575		2,126		32	%	24,834		17,990		6,844		38	%
Total interest income	540,318		508,637		31,681		6	%	1,593,980		1,432,685		161,295		11	%
Interest expense
Interest on deposits	231,623		193,131		38,492		20	%	678,916		464,749		214,167		46	%
Interest on federal funds purchased and securities sold under agreements to repurchase	3,385		3,100		285		9	%	8,551		8,504		47		1	%
Interest on other short-term funding	6,144		—		6,144		N/M		16,929		1		16,928		N/M
Interest on FHLB Advances	24,799		48,143		(23,344)		(48)	%	80,612		147,365		(66,753)		(45)	%
Interest on long-term funding	11,858		10,019		1,839		18	%	32,012		25,895		6,117		24	%
Total interest expense	277,809		254,394		23,415		9	%	817,021		646,514		170,507		26	%
Net interest income	262,509		254,244		8,265		3	%	776,960		786,171		(9,211)		(1)	%
Provision for credit losses	20,991		21,943		(952)		(4)	%	68,000		62,014		5,986		10	%
Net interest income after provision for credit losses	241,518		232,301		9,217		4	%	708,960		724,157		(15,197)		(2)	%
Noninterest income
Wealth management fees	24,144		20,828		3,316		16	%	68,466		61,499		6,967		11	%
Service charges and deposit account fees	13,708		12,864		844		7	%	38,410		38,230		180		—	%
Card-based fees	11,731		11,510		221		2	%	34,973		33,492		1,481		4	%
Other fee-based revenue	5,057		4,509		548		12	%	14,316		13,249		1,067		8	%
Capital markets, net	4,317		5,368		(1,051)		(20)	%	13,052		15,544		(2,492)		(16)	%
Mortgage banking, net	2,132		6,501		(4,369)		(67)	%	7,299		17,814		(10,515)		(59)	%

Bank and corporate owned life insurance	4,001		2,047		1,954		95	%	11,156		6,882		4,274		62	%
Asset (losses) gains, net	(474)		625		(1,099)		N/M		(1,407)		590		(1,997)		N/M
Investment securities gains (losses), net	100		(11)		111		N/M		4,047		55		3,992		N/M

Other	2,504		2,339		165		7	%	7,054		6,841		213		3	%
Total noninterest income	67,221		66,579		642		1	%	197,365		194,195		3,170		2	%
Noninterest expense
Personnel	121,036		117,159		3,877		3	%	362,012		347,669		14,343		4	%
Technology	27,217		26,172		1,045		4	%	80,579		73,990		6,589		9	%
Occupancy	13,536		14,125		(589)		(4)	%	40,297		42,775		(2,478)		(6)	%
Business development and advertising	6,683		7,100		(417)		(6)	%	20,735		20,054		681		3	%
Equipment	4,653		5,016		(363)		(7)	%	13,702		14,921		(1,219)		(8)	%
Legal and professional	5,639		4,461		1,178		26	%	14,740		13,149		1,591		12	%
Loan and foreclosure costs	2,748		2,049		699		34	%	6,519		4,822		1,697		35	%
FDIC assessment	8,223		9,150		(927)		(10)	%	29,300		25,575		3,725		15	%
Other intangible amortization	2,203		2,203		—		—	%	6,608		6,608		—		—	%

Other	8,659		8,771		(112)		(1)	%	19,622		24,726		(5,104)		(21)	%
Total noninterest expense	200,597		196,205		4,392		2	%	594,115		574,291		19,824		3	%
Income before income taxes	108,142		102,674		5,468		5	%	312,211		344,061		(31,850)		(9)	%
Income tax expense	20,124		19,426		698		4	%	27,451		70,299		(42,848)		(61)	%
Net income	88,018		83,248		4,770		6	%	284,760		273,762		10,998		4	%
Preferred stock dividends	2,875		2,875		—		—	%	8,625		8,625		—		—	%
Net income available to common equity	$	85,143	$	80,373	$	4,770	6	%	$	276,135	$	265,137	$	10,998	4	%
Earnings per common share
Basic	$	0.56	$	0.53	$	0.03	6	%	$	1.83	$	1.76	$	0.07	4	%
Diluted	$	0.56	$	0.53	$	0.03	6	%	$	1.82	$	1.75	$	0.07	4	%
Average common shares outstanding
Basic	150,247		150,035		212		—	%	149,993		149,929		64		—	%
Diluted	151,492		151,014		478		—	%	151,244		150,971		273		—	%

N/M = Not meaningful

Numbers may not sum due to rounding.


Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)					Seql Qtr										Comp Qtr
	3Q24		2Q24		$ Change		% Change		1Q24		4Q23		3Q23		$ Change		% Change
Interest income
Interest and fees on loans	$	465,728	$	456,788	$	8,940	2	%	$	454,472	$	457,868	$	447,912	$	17,816	4	%
Interest and dividends on investment securities
Taxable	51,229		50,278		951		2	%	46,548		41,809		38,210		13,019		34	%
Tax-exempt	14,660		14,669		(9)		—	%	14,774		15,273		15,941		(1,281)		(8)	%
Other interest	8,701		8,539		162		2	%	7,595		10,418		6,575		2,126		32	%
Total interest income	540,318		530,274		10,044		2	%	523,388		525,367		508,637		31,681		6	%
Interest expense
Interest on deposits	231,623		221,062		10,562		5	%	226,231		208,875		193,131		38,492		20	%
Interest on federal funds purchased and securities sold under agreements to repurchase	3,385		2,303		1,083		47	%	2,863		3,734		3,100		285		9	%
Interest on other short-term funding	6,144		6,077		67		1	%	4,708		—		—		6,144		N/M
Interest on FHLB advances	24,799		34,143		(9,344)		(27)	%	21,671		49,171		48,143		(23,344)		(48)	%
Interest on long-term funding	11,858		10,096		1,762		17	%	10,058		10,185		10,019		1,839		18	%
Total interest expense	277,809		273,681		4,128		2	%	265,530		271,965		254,394		23,415		9	%
Net interest income	262,509		256,593		5,916		2	%	257,858		253,403		254,244		8,265		3	%
Provision for credit losses	20,991		23,008		(2,017)		(9)	%	24,001		21,007		21,943		(952)		(4)	%
Net interest income after provision for credit losses	241,518		233,585		7,933		3	%	233,857		232,395		232,301		9,217		4	%
Noninterest income
Wealth management fees	24,144		22,628		1,515		7	%	21,694		21,003		20,828		3,316		16	%
Service charges and deposit account fees	13,708		12,263		1,444		12	%	12,439		10,815		12,864		844		7	%
Card-based fees	11,731		11,975		(244)		(2)	%	11,267		11,528		11,510		221		2	%
Other fee-based revenue	5,057		4,857		201		4	%	4,402		4,019		4,509		548		12	%
Capital markets, net	4,317		4,685		(369)		(8)	%	4,050		9,106		5,368		(1,051)		(20)	%
Mortgage banking, net	2,132		2,505		(372)		(15)	%	2,662		1,615		6,501		(4,369)		(67)	%
Loss on mortgage portfolio sale	—		—		—		N/M		—		(136,239)		—		—		N/M
Bank and corporate owned life insurance	4,001		4,584		(583)		(13)	%	2,570		3,383		2,047		1,954		95	%

Asset (losses) gains, net	(474)		(627)		154		(24)	%	(306)		(136)		625		(1,099)		N/M
Investment securities gains (losses), net	100		67		33		48	%	3,879		(58,958)		(11)		111		N/M

Other	2,504		2,222		282		13	%	2,327		2,850		2,339		165		7	%
Total noninterest income (loss)	67,221		65,159		2,062		3	%	64,985		(131,013)		66,579		642		1	%
Noninterest expense
Personnel	121,036		121,581		(545)		—	%	119,395		120,686		117,159		3,877		3	%
Technology	27,217		27,161		56		—	%	26,200		28,027		26,172		1,045		4	%
Occupancy	13,536		13,128		408		3	%	13,633		14,429		14,125		(589)		(4)	%
Business development and advertising	6,683		7,535		(853)		(11)	%	6,517		8,350		7,100		(417)		(6)	%
Equipment	4,653		4,450		203		5	%	4,599		4,742		5,016		(363)		(7)	%
Legal and professional	5,639		4,429		1,210		27	%	4,672		6,762		4,461		1,178		26	%
Loan and foreclosure costs	2,748		1,793		955		53	%	1,979		585		2,049		699		34	%
FDIC assessment	8,223		7,131		1,092		15	%	13,946		41,497		9,150		(927)		(10)	%
Other intangible amortization	2,203		2,203		—		—	%	2,203		2,203		2,203		—		—	%

Other	8,659		6,450		2,209		34	%	4,513		12,110		8,771		(112)		(1)	%
Total noninterest expense	200,597		195,861		4,736		2	%	197,657		239,391		196,205		4,392		2	%
Income (loss) before income taxes	108,142		102,884		5,258		5	%	101,185		(138,009)		102,674		5,468		5	%
Income tax expense (benefit)	20,124		(12,689)		32,814		N/M		20,016		(47,202)		19,426		698		4	%
Net income (loss)	88,018		115,573		(27,556)		(24)	%	81,169		(90,806)		83,248		4,770		6	%
Preferred stock dividends	2,875		2,875		—		—	%	2,875		2,875		2,875		—		—	%
Net income (loss) available to common equity	$	85,143	$	112,698	$	(27,556)	(24)	%	$	78,294	$	(93,681)	$	80,373	$	4,770	6	%
Earnings (loss) per common share
Basic	$	0.56	$	0.75	$	(0.19)	(25)	%	$	0.52	$	(0.63)	$	0.53	$	0.03	6	%
Diluted	$	0.56	$	0.74	$	(0.18)	(24)	%	$	0.52	$	(0.62)	$	0.53	$	0.03	6	%
Average common shares outstanding
Basic	150,247		149,872		375		—	%	149,855		150,085		150,035		212		—	%
Diluted	151,492		151,288		204		—	%	151,292		151,007		151,014		478		—	%

N/M = Not meaningful

Numbers may not sum due to rounding.


Associated Banc-Corp Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)	YTD Sep 2024			YTD Sep 2023			3Q24			2Q24			1Q24			4Q23			3Q23
Per common share data
Dividends	$	0.66		$	0.63		$	0.22		$	0.22		$	0.22		$	0.22		$	0.21
Market value:
High	23.95			24.18			23.95			22.48			22.00			21.79			19.21
Low	19.73			14.48			20.07			19.90			19.73			15.45			16.22
Close							21.54			21.15			21.51			21.39			17.11
Book value / share							27.90			26.85			26.37			26.35			26.06
Tangible book value / share							20.37			19.28			18.78			18.77			18.46
Performance ratios (annualized)
Return on average assets	0.93		%	0.91		%	0.85		%	1.13		%	0.80		%	(0.87)		%	0.80		%
Noninterest expense / average assets	1.93		%	1.90		%	1.93		%	1.92		%	1.95		%	2.30		%	1.90		%
Effective tax rate	8.79		%	20.43		%	18.61		%	(12.33)		%	19.78		%	N/M			18.92		%
Dividend payout ratio(a)	36.07		%	35.80		%	39.29		%	29.33		%	42.31		%	N/M			39.62		%
Net interest margin	2.77		%	2.86		%	2.78		%	2.75		%	2.79		%	2.69		%	2.71		%
Selected trend information
Average full time equivalent employees(b)	4,045			4,222			4,041			4,025			4,070			4,130			4,220
Branch count							188			188			188			196			202
Assets under management, at market value(c)							$	15,033		$	14,304		$	14,171		$	13,545		$	12,543
Mortgage loans originated for sale during period	$	451		$	283		$	176		$	169		$	105		$	112		$	115
Mortgage loan settlements during period(d)	$	416		$	255		$	187		$	138		$	91		$	957		$	103
Mortgage portfolio loans transferred to held for sale during period(d)	$	—		$	—		$	—		$	—		$	—		$	969		$	—
Mortgage portfolio serviced for others(d)							$	6,302		$	6,307		$	6,349		$	7,364		$	6,452
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)							1.30		%	1.36		%	1.34		%	1.15		%	1.38		%
Shares repurchased during period(e)	900			—			—			—			900			—			—
Shares outstanding, end of period							151,213			150,785			150,739			151,037			150,951
Selected quarterly ratios
Loans / deposits							89.38		%	90.60		%	87.49		%	87.35		%	93.99		%
Stockholders’ equity / assets							10.46		%	10.19		%	10.13		%	10.18		%	9.91		%
Risk-based capital(f)(g)
Total risk-weighted assets							$	33,326		$	32,768		$	32,753		$	32,733		$	33,497
Common equity Tier 1							$	3,238		$	3,172		$	3,089		$	3,075		$	3,197
Common equity Tier 1 capital ratio							9.72		%	9.68		%	9.43		%	9.39		%	9.55		%
Tier 1 capital ratio							10.30		%	10.27		%	10.02		%	9.99		%	10.12		%
Total capital ratio							12.36		%	12.34		%	12.08		%	12.21		%	12.25		%
Tier 1 leverage ratio							8.49		%	8.37		%	8.24		%	8.06		%	8.42		%

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)September 30, 2024 data is estimated.


Associated Banc-Corp Selected Asset Quality Information
($ in thousands)	Sep 30, 2024			Jun 30, 2024			Seql Qtr % Change		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Comp Qtr % Change
Allowance for loan losses
Balance at beginning of period	$	355,844		$	356,006		—	%	$	351,094		$	345,795		$	338,750		5	%
Provision for loan losses	19,000			21,000			(10)	%	27,000			21,000			25,500			(25)	%
Charge offs	(15,337)			(23,290)			(34)	%	(24,018)			(17,878)			(20,535)			(25)	%
Recoveries	2,258			2,127			6	%	1,930			2,177			2,079			9	%
Net (charge offs) recoveries	(13,078)			(21,163)			(38)	%	(22,088)			(15,701)			(18,455)			(29)	%
Balance at end of period	$	361,765		$	355,844		2	%	$	356,006		$	351,094		$	345,795		5	%
Allowance for unfunded commitments
Balance at beginning of period	$	33,776		$	31,776		6	%	$	34,776		$	34,776		$	38,276		(12)	%
Provision for unfunded commitments	2,000			2,000			—	%	(3,000)			—			(3,500)			N/M
Balance at end of period	$	35,776		$	33,776		6	%	$	31,776		$	34,776		$	34,776		3	%
Allowance for credit losses on loans (ACLL)	$	397,541		$	389,620		2	%	$	387,782		$	385,870		$	380,571		4	%
Provision for credit losses on loans	$	21,000		$	23,000		(9)	%	$	24,000		$	21,000		$	22,000		(5)	%
($ in thousands)	Sep 30, 2024			Jun 30, 2024			Seql Qtr % Change		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Comp Qtr % Change
Net (charge offs) recoveries


Commercial and industrial	$	(10,649)		$	(13,676)		(22)	%	$	(18,638)		$	(13,178)		$	(16,558)		(36)	%
Commercial real estate—owner occupied	—			1			(100)	%	2			(22)			2			(100)	%
Commercial and business lending	(10,649)			(13,674)			(22)	%	(18,636)			(13,200)			(16,556)			(36)	%
Commercial real estate—investor	(1)			(4,569)			(100)	%	—			216			272			N/M
Real estate construction	2			28			(93)	%	30			38			18			(89)	%
Commercial real estate lending	2			(4,541)			N/M		30			253			290			(99)	%
Total commercial	(10,647)			(18,216)			(42)	%	(18,606)			(12,947)			(16,266)			(35)	%
Residential mortgage	(160)			(289)			(45)	%	(62)			(53)			(22)			N/M
Auto finance	(1,281)			(1,480)			(13)	%	(2,094)			(1,436)			(1,269)			1	%
Home equity	424			238			78	%	211			185			128			N/M
Other consumer	(1,414)			(1,417)			—	%	(1,537)			(1,450)			(1,027)			38	%
Total consumer	(2,431)			(2,947)			(18)	%	(3,482)			(2,754)			(2,189)			11	%
Total net (charge offs) recoveries	$	(13,078)		$	(21,163)		(38)	%	$	(22,088)		$	(15,701)		$	(18,455)		(29)	%

(In basis points)	Sep 30, 2024			Jun 30, 2024					Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Net (charge offs) recoveries to average loans (annualized)


Commercial and industrial	(43)			(55)					(77)			(54)			(66)
Commercial real estate—owner occupied	—			—					—			(1)			—
Commercial and business lending	(39)			(50)					(69)			(48)			(60)
Commercial real estate—investor	—			(37)					—			2			2
Real estate construction	—			—					1			1			—
Commercial real estate lending	—			(25)					—			1			2
Total commercial	(23)			(40)					(41)			(28)			(35)
Residential mortgage	(1)			(1)					—			—			—
Auto finance	(19)			(24)					(35)			(27)			(27)
Home equity	26			15					14			12			8
Other consumer	(216)			(221)					(232)			(208)			(148)
Total consumer	(8)			(10)					(13)			(9)			(7)
Total net (charge offs) recoveries	(18)			(29)					(30)			(21)			(25)

($ in thousands)	Sep 30, 2024			Jun 30, 2024			Seql Qtr % Change		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Comp Qtr % Change
Credit quality
Nonaccrual loans	$	128,476		$	154,423		(17)	%	$	178,346		$	148,997		$	168,558		(24)	%
Other real estate owned (OREO)	18,830			8,325			126	%	8,437			10,506			8,452			123	%

Repossessed assets	793			671			18	%	1,241			919			658			21	%
Total nonperforming assets	$	148,098		$	163,418		(9)	%	$	188,025		$	160,421		$	177,668		(17)	%

Loans 90 or more days past due and still accruing	$	7,107		$	2,354		N/M		$	2,417		$	21,689		$	2,156		N/M

Allowance for credit losses on loans to total loans	1.33		%	1.32		%			1.31		%	1.32		%	1.26		%

Allowance for credit losses on loans to nonaccrual loans	309.43		%	252.31		%			217.43		%	258.98		%	225.78		%
Nonaccrual loans to total loans	0.43		%	0.52		%			0.60		%	0.51		%	0.56		%
Nonperforming assets to total loans plus OREO and repossessed assets	0.49		%	0.55		%			0.64		%	0.55		%	0.59		%
Nonperforming assets to total assets	0.35		%	0.39		%			0.46		%	0.39		%	0.43		%
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans	0.25		%	0.30		%			0.30		%	0.16		%	0.15		%


Associated Banc-Corp Selected Asset Quality Information (continued)
($ in thousands)	Sep 30, 2024		Jun 30, 2024		Seql Qtr % Change		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	14,369	$	21,190	(32)	%	$	72,243	$	62,022	$	74,812	(81)	%
Commercial real estate—owner occupied	9,285		1,851		N/M		2,090		1,394		3,936		136	%
Commercial and business lending	23,654		23,041		3	%	74,333		63,416		78,748		(70)	%
Commercial real estate—investor	18,913		48,249		(61)	%	18,697		—		10,882		74	%
Real estate construction	15		16		(6)	%	18		6		103		(85)	%
Commercial real estate lending	18,928		48,265		(61)	%	18,715		6		10,985		72	%
Total commercial	42,582		71,306		(40)	%	93,047		63,422		89,732		(53)	%
Residential mortgage	70,138		68,058		3	%	69,954		71,142		66,153		6	%
Auto finance	7,456		6,986		7	%	7,158		5,797		4,533		64	%
Home equity	8,231		7,996		3	%	8,100		8,508		7,917		4	%
Other consumer	70		77		(9)	%	87		128		222		(68)	%
Total consumer	85,894		83,117		3	%	85,299		85,574		78,826		9	%
Total nonaccrual loans	$	128,476	$	154,423	(17)	%	$	178,346	$	148,997	$	168,558	(24)	%

	Sep 30, 2024		Jun 30, 2024		Seql Qtr % Change		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Comp Qtr % Change
Restructured loans (accruing)
Commercial and industrial	$	424	$	410	3	%	$	377	$	306	$	234	81	%
Commercial real estate—owner occupied	—		—		N/M		—		—		—		N/M
Commercial and business lending	424		410		3	%	377		306		234		81	%
Commercial real estate—investor	—		—		N/M		—		—		—		N/M
Real estate construction	—		—		N/M		—		—		—		N/M
Commercial real estate lending	—		—		N/M		—		—		—		N/M
Total commercial	424		410		3	%	377		306		234		81	%
Residential mortgage	361		306		18	%	345		405		207		74	%
Auto finance	35		142		(75)	%	66		255		169		(79)	%
Home equity	104		103		1	%	182		305		236		(56)	%
Other consumer	1,642		1,615		2	%	1,487		1,449		1,243		32	%
Total consumer	2,141		2,166		(1)	%	2,080		2,414		1,855		15	%
Total restructured loans (accruing)	$	2,565	$	2,576	—	%	$	2,457	$	2,719	$	2,089	23	%
Nonaccrual restructured loans (included in nonaccrual loans)	$	1,840	$	717	157	%	$	1,141	$	805	$	961	91	%
	Sep 30, 2024		Jun 30, 2024		Seql Qtr % Change		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Comp Qtr % Change
Accruing loans 30-89 days past due
Commercial and industrial	$	1,212	$	2,052	(41)	%	$	521	$	5,565	$	1,507	(20)	%
Commercial real estate—owner occupied	2,209		—		N/M		—		358		1,877		18	%
Commercial and business lending	3,421		2,052		67	%	521		5,923		3,384		1	%
Commercial real estate—investor	10,746		1,023		N/M		19,164		18,697		10,121		6	%
Real estate construction	88		—		N/M		1,260		—		10		N/M
Commercial real estate lending	10,834		1,023		N/M		20,424		18,697		10,131		7	%
Total commercial	14,255		3,075		N/M		20,945		24,619		13,515		5	%
Residential mortgage	13,630		10,374		31	%	9,903		13,446		11,652		17	%
Auto finance	15,458		15,814		(2)	%	12,521		17,386		16,688		(7)	%
Home equity	3,146		3,694		(15)	%	2,819		4,208		3,687		(15)	%
Other consumer	2,163		1,995		8	%	2,260		2,166		1,880		15	%
Total consumer	34,397		31,877		8	%	27,503		37,205		33,908		1	%
Total accruing loans 30-89 days past due	$	48,651	$	34,952	39	%	$	48,448	$	61,825	$	47,422	3	%

N/M = Not meaningful

Numbers may not sum due to rounding.


Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
	Three Months Ended
	September 30, 2024						June 30, 2024						September 30, 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	$	10,971,390	$	200,327	7.27	%	$	11,011,228	$	198,191	7.24	%	$	10,985,584	$	194,956	7.04	%
Commercial real estate lending	7,235,505		136,699		7.52	%	7,249,773		134,203		7.45	%	7,312,645		134,370		7.29	%
Total commercial	18,206,896		337,027		7.36	%	18,261,000		332,394		7.32	%	18,298,229		329,326		7.14	%
Residential mortgage	7,888,290		70,171		3.56	%	7,905,236		69,389		3.51	%	8,807,157		74,643		3.39	%
Auto finance	2,635,890		37,904		5.72	%	2,524,107		35,021		5.58	%	1,884,540		24,074		5.07	%
Other retail	903,011		21,124		9.34	%	889,220		20,504		9.24	%	894,685		20,534		9.15	%
Total loans	29,634,087		466,226		6.27	%	29,579,564		457,307		6.21	%	29,884,611		448,577		5.96	%
Investment securities
Taxable	5,816,102		51,466		3.54	%	5,680,757		50,479		3.55	%	5,407,299		38,210		2.83	%
Tax-exempt(a)	2,110,896		17,885		3.39	%	2,116,174		17,896		3.38	%	2,300,488		20,085		3.49	%
Other short-term investments	629,431		8,959		5.66	%	620,943		9,304		6.03	%	483,211		6,575		5.40	%
Investments and other	8,556,429		78,310		3.66	%	8,417,874		77,680		3.69	%	8,190,998		64,870		3.16	%
Total earning assets	38,190,516		$	544,535	5.68	%	37,997,438		$	534,987	5.65	%	38,075,608		$	513,447	5.36	%
Other assets, net	3,199,195						3,103,168						3,000,371
Total assets	$	41,389,711					$	41,100,606					$	41,075,980
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,125,147	$	21,611	1.68	%	$	5,133,688	$	21,972	1.72	%	$	4,814,499	$	18,592	1.53	%
Interest-bearing demand	7,394,550		49,740		2.68	%	7,265,621		48,109		2.66	%	6,979,071		41,980		2.39	%
Money market	5,942,147		46,290		3.10	%	5,995,005		46,391		3.11	%	6,294,083		45,034		2.84	%
Network transaction deposits	1,644,305		22,077		5.34	%	1,595,312		21,416		5.40	%	1,639,619		22,008		5.33	%
Time deposits	7,562,448		91,907		4.83	%	6,927,663		83,173		4.83	%	5,955,741		65,517		4.36	%
Total interest-bearing deposits	27,668,597		231,623		3.33	%	26,917,289		221,062		3.30	%	25,683,013		193,131		2.98	%
Federal funds purchased and securities sold under agreements to repurchase	299,286		3,385		4.50	%	213,921		2,303		4.33	%	320,518		3,100		3.84	%
Other short-term funding	519,421		6,638		5.08	%	561,596		7,044		5.04	%	5,041		—		0.01	%
FHLB advances	1,750,590		24,799		5.64	%	2,432,195		34,143		5.65	%	3,460,827		48,143		5.52	%
Long-term funding	647,440		11,858		7.33	%	533,670		10,096		7.57	%	533,744		10,019		7.51	%
Total short and long-term funding	3,216,737		46,680		5.78	%	3,741,381		53,586		5.75	%	4,320,130		61,263		5.63	%
Total interest-bearing liabilities	30,885,334		$	278,304	3.59	%	30,658,670		$	274,648	3.60	%	30,003,143		$	254,394	3.36	%
Noninterest-bearing demand deposits	5,652,228						5,712,115						6,318,781
Other liabilities	521,423						563,616						622,004
Stockholders’ equity	4,330,727						4,166,204						4,132,052
Total liabilities and stockholders’ equity	$	41,389,711					$	41,100,606					$	41,075,980
Interest rate spread					2.10	%					2.05	%					2.00	%
Net free funds					0.69	%					0.70	%					0.71	%
Fully tax-equivalent net interest income and net interest margin			$	266,232	2.78	%			$	260,340	2.75	%			$	259,053	2.71	%
Fully tax-equivalent adjustment			3,723						3,747						4,810
Net interest income			$	262,509					$	256,593					$	254,244

Numbers may not sum due to rounding.

(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

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

(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.


Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
	Nine Months Ended September 30,
	2024						2023
($ 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	$	10,933,098	$	592,609	7.24	%	$	10,835,003	$	546,210	6.74	%
Commercial real estate lending	7,291,541		409,752		7.51	%	7,286,627		381,425		7.00	%
Total commercial	18,224,639		1,002,361		7.35	%	18,121,629		927,634		6.84	%
Residential mortgage	7,939,493		208,291		3.50	%	8,698,542		217,410		3.33	%
Auto finance	2,511,694		105,528		5.61	%	1,677,838		60,233		4.80	%
Other retail	852,121		62,345		9.76	%	895,371		59,163		8.82	%
Total loans	29,527,946		1,378,524		6.23	%	29,393,380		1,264,441		5.75	%
Investment securities
Taxable	5,671,823		148,672		3.50	%	5,209,845		104,197		2.67	%
Tax-exempt (a)	2,120,107		53,806		3.38	%	2,314,838		60,429		3.48	%
Other short-term investments	609,143		26,574		5.83	%	495,883		17,990		4.85	%
Investments and other	8,401,073		229,051		3.64	%	8,020,566		182,616		3.03	%
Total earning assets	37,929,019		$	1,607,575	5.66	%	37,413,946		$	1,447,057	5.17	%
Other assets, net	3,157,137						3,005,220
Total assets	$	41,086,156					$	40,419,166
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,062,518	$	65,330	1.72	%	$	4,743,526	$	43,611	1.23	%
Interest-bearing demand	7,383,471		147,838		2.67	%	6,819,714		106,860		2.09	%
Money market	6,017,642		139,987		3.11	%	6,853,545		130,201		2.54	%
Network transaction deposits	1,630,568		65,697		5.38	%	1,420,042		53,259		5.01	%
Time deposits	7,230,691		260,063		4.80	%	4,447,813		130,818		3.93	%
Total interest-bearing deposits	27,324,889		678,916		3.32	%	24,284,640		464,749		2.56	%
Federal funds purchased and securities sold under agreements to repurchase	259,209		8,551		4.41	%	344,950		8,504		3.30	%
Other short-term funding	508,913		19,285		5.06	%	11,475		1		0.01	%
FHLB advances	1,907,104		80,612		5.65	%	3,834,247		147,365		5.14	%
Long-term funding	573,676		32,012		7.44	%	495,434		25,895		6.97	%
Total short and long-term funding	3,248,902		140,461		5.77	%	4,686,106		181,765		5.18	%
Total interest-bearing liabilities	30,573,791		$	819,377	3.58	%	28,970,746		$	646,514	2.98	%
Noninterest-bearing demand deposits	5,748,446						6,772,521
Other liabilities	537,432						567,938
Stockholders’ equity	4,226,487						4,107,961
Total liabilities and stockholders’ equity	$	41,086,156					$	40,419,166
Interest rate spread					2.08	%					2.19	%
Net free funds					0.69	%					0.67	%
Fully tax-equivalent net interest income and net interest margin			$	788,199	2.77	%			$	800,543	2.86	%
Fully tax-equivalent adjustment			11,239						14,372
Net interest income			$	776,960					$	786,171

Numbers may not sum due to rounding.

(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

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

(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.


Associated Banc-Corp Loan and Deposit Composition
($ in thousands)
Period end loan composition	Sep 30, 2024		Jun 30, 2024		Seql Qtr % Change		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Comp Qtr % Change

Commercial and industrial	$	10,258,899	$	9,970,412	3	%	$	9,858,329	$	9,731,555	$	10,099,068	2	%
Commercial real estate—owner occupied	1,120,849		1,102,146		2	%	1,095,894		1,061,700		1,054,969		6	%
Commercial and business lending	11,379,748		11,072,558		3	%	10,954,223		10,793,255		11,154,037		2	%
Commercial real estate—investor	5,070,635		5,001,392		1	%	5,035,195		5,124,245		5,218,980		(3)	%
Real estate construction	2,114,300		2,255,637		(6)	%	2,287,041		2,271,398		2,130,719		(1)	%
Commercial real estate lending	7,184,934		7,257,029		(1)	%	7,322,237		7,395,644		7,349,699		(2)	%
Total commercial	18,564,683		18,329,587		1	%	18,276,460		18,188,898		18,503,736		—	%
Residential mortgage	7,803,083		7,840,073		—	%	7,868,180		7,864,891		8,782,645		(11)	%
Auto finance	2,708,946		2,556,009		6	%	2,471,257		2,256,162		2,007,164		35	%


Home equity	651,379		634,142		3	%	619,764		628,526		623,650		4	%
Other consumer	262,806		258,460		2	%	258,603		277,740		275,993		(5)	%
Total consumer	11,426,214		11,288,684		1	%	11,217,802		11,027,319		11,689,451		(2)	%
Total loans	$	29,990,897	$	29,618,271	1	%	$	29,494,263	$	29,216,218	$	30,193,187	(1)	%


Period end deposit and customer funding composition	Sep 30, 2024		Jun 30, 2024		Seql Qtr % Change		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Comp Qtr % Change
Noninterest-bearing demand	$	5,857,421	$	5,815,045	1	%	$	6,254,135	$	6,119,956	$	6,422,994	(9)	%
Savings	5,072,508		5,157,103		(2)	%	5,124,639		4,835,701		4,836,735		5	%
Interest-bearing demand	8,605,578		8,284,017		4	%	8,747,127		8,843,967		7,528,154		14	%
Money market	6,095,206		6,294,895		(3)	%	6,721,674		6,330,453		7,268,506		(16)	%
Brokered CDs	4,242,670		4,061,578		4	%	3,931,230		4,447,479		3,351,399		27	%
Other time deposits	3,680,914		3,078,401		20	%	2,934,352		2,868,494		2,715,538		36	%
Total deposits	33,554,298		32,691,039		3	%	33,713,158		33,446,049		32,123,326		4	%
Other customer funding(a)	110,988		89,524		24	%	90,536		106,620		151,644		(27)	%
Total deposits and other customer funding	$	33,665,286	$	32,780,564	3	%	$	33,803,694	$	33,552,669	$	32,274,971	4	%
Network transaction deposits(b)	$	1,566,908	$	1,502,919	4	%	$	1,792,820	$	1,566,139	$	1,649,389	(5)	%


Net deposits and other customer funding(c)	$	27,855,707	$	27,216,066	2	%	$	28,079,644	$	27,539,051	$	27,274,183	2	%

Quarter average loan composition	Sep 30, 2024		Jun 30, 2024		Seql Qtr % Change		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Comp Qtr % Change

Commercial and industrial	$	9,884,246	$	9,915,894	—	%	$	9,729,718	$	9,768,803	$	9,927,271	—	%
Commercial real estate—owner occupied	1,087,144		1,095,334		(1)	%	1,086,537		1,051,412		1,058,313		3	%
Commercial and business lending	10,971,390		11,011,228		—	%	10,816,255		10,820,214		10,985,584		—	%
Commercial real estate—investor	5,085,090		4,964,394		2	%	5,041,518		5,156,528		5,205,626		(2)	%
Real estate construction	2,150,416		2,285,379		(6)	%	2,348,444		2,241,281		2,107,018		2	%
Commercial real estate lending	7,235,505		7,249,773		—	%	7,389,962		7,397,809		7,312,645		(1)	%
Total commercial	18,206,896		18,261,000		—	%	18,206,217		18,218,024		18,298,229		—	%
Residential mortgage	7,888,290		7,905,236		—	%	7,896,956		8,691,258		8,807,157		(10)	%
Auto finance	2,635,890		2,524,107		4	%	2,373,720		2,138,536		1,884,540		40	%


Home equity	642,463		630,855		2	%	625,686		627,736		619,423		4	%
Other consumer	260,547		258,366		1	%	266,443		276,881		275,262		(5)	%
Total consumer	11,427,191		11,318,564		1	%	11,162,805		11,734,412		11,586,382		(1)	%
Total loans(d)	$	29,634,087	$	29,579,564	—	%	$	29,369,022	$	29,952,435	$	29,884,611	(1)	%

Quarter average deposit composition	Sep 30, 2024		Jun 30, 2024		Seql Qtr % Change		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Comp Qtr % Change
Noninterest-bearing demand	$	5,652,228	$	5,712,115	(1)	%	$	5,882,052	$	6,171,240	$	6,318,781	(11)	%
Savings	5,125,147		5,133,688		—	%	4,928,031		4,861,913		4,814,499		6	%
Interest-bearing demand	7,394,550		7,265,621		2	%	7,490,119		7,156,151		6,979,071		6	%
Money market	5,942,147		5,995,005		(1)	%	6,116,604		6,121,105		6,294,083		(6)	%
Network transaction deposits	1,644,305		1,595,312		3	%	1,651,937		1,616,719		1,639,619		—	%
Brokered CDs	4,247,941		3,927,727		8	%	4,268,881		3,470,516		3,428,711		24	%
Other time deposits	3,314,507		2,999,936		10	%	2,929,434		2,794,105		2,527,030		31	%
Total deposits	33,320,825		32,629,404		2	%	33,267,057		32,191,750		32,001,794		4	%
Other customer funding(a)	104,115		87,161		19	%	101,483		127,252		164,289		(37)	%
Total deposits and other customer funding	$	33,424,940	$	32,716,565	2	%	$	33,368,540	$	32,319,002	$	32,166,082	4	%
Net deposits and other customer funding(c)	$	27,532,694	$	27,193,526	1	%	$	27,447,723	$	27,231,767	$	27,097,752	2	%

N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes repurchase agreements and commercial paper.

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

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


Associated Banc-Corp Non-GAAP Financial Measures Reconciliation	YTD			YTD
($ in millions)	Sep 2024			Sep 2023			3Q24			2Q24			1Q24			4Q23			3Q23
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets							7.50		%	7.18		%	7.08		%	7.11		%	6.88		%
Return on average equity	9.00		%	8.91		%	8.09		%	11.16		%	7.81		%	(8.74)		%	7.99		%
Return on average tangible common equity	12.99		%	13.07		%	11.52		%	16.25		%	11.31		%	(13.13)		%	11.67		%
Return on average common equity Tier 1	11.77		%	11.41		%	10.53		%	14.54		%	10.27		%	(11.85)		%	10.08		%
Return on average tangible assets	0.97		%	0.95		%	0.89		%	1.18		%	0.84		%	(0.88)		%	0.84		%
Average stockholders' equity / average assets	10.29		%	10.16		%	10.46		%	10.14		%	10.26		%	9.97		%	10.06		%
Tangible common equity reconciliation(a)
Common equity							$	4,219		$	4,048		$	3,975		$	3,980		$	3,934
Goodwill and other intangible assets, net							(1,139)			(1,141)			(1,143)			(1,145)			(1,148)
Tangible common equity							$	3,080		$	2,907		$	2,831		$	2,834		$	2,786


Tangible assets reconciliation(a)
Total assets							$	42,211		$	41,624		$	41,137		$	41,016		$	41,637
Goodwill and other intangible assets, net							(1,139)			(1,141)			(1,143)			(1,145)			(1,148)
Tangible assets							$	41,072		$	40,483		$	39,994		$	39,870		$	40,490
Average tangible common equity and average common equity Tier 1 reconciliation(a)
Common equity	$	4,032		$	3,914		$	4,137		$	3,972		$	3,987		$	3,926		$	3,938
Goodwill and other intangible assets, net	(1,142)			(1,151)			(1,140)			(1,142)			(1,145)			(1,147)			(1,149)
Tangible common equity	2,890			2,763			2,997			2,830			2,843			2,780			2,789
Modified CECL transitional amount	22			45			22			22			22			45			45
Accumulated other comprehensive loss	201			271			173			242			188			286			302
Deferred tax assets, net	20			28			24			25			12			27			28
Average common equity Tier 1	$	3,133		$	3,107		$	3,215		$	3,118		$	3,065		$	3,138		$	3,164
Average tangible assets reconciliation(a)
Total assets	$	41,086		$	40,419		$	41,390		$	41,101		$	40,769		$	41,331		$	41,076
Goodwill and other intangible assets, net	(1,142)			(1,151)			(1,140)			(1,142)			(1,145)			(1,147)			(1,149)
Tangible assets	$	39,944		$	39,268		$	40,250		$	39,958		$	39,625		$	40,184		$	39,927
Adjusted net income reconciliation(b)
Net income	$	285		$	274		$	88		$	116		$	81		$	(91)		$	83
Other intangible amortization, net of tax	5			5			2			2			2			2			2
Adjusted net income	$	290		$	279		$	90		$	117		$	83		$	(89)		$	85
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity	$	276		$	265		$	85		$	113		$	78		$	(94)		$	80
Other intangible amortization, net of tax	5			5			2			2			2			2			2
Adjusted net income available to common equity	$	281		$	270		$	87		$	114		$	80		$	(92)		$	82
Selected trend information(d)
Wealth management fees	$	68		$	61		$	24		$	23		$	22		$	21		$	21
Service charges and deposit account fees	38			38			14			12			12			11			13
Card-based fees	35			33			12			12			11			12			12
Other fee-based revenue	14			13			5			5			4			4			5
Fee-based revenue	156			146			55			52			50			47			50
Other	41			48			13			13			15			(178)			17
Total noninterest income	$	197		$	194		$	67		$	65		$	65		$	(131)		$	67
Pre-tax pre-provision income(e)
Income before income taxes	$	312		$	344		$	108		$	103		$	101		$	(138)		$	103
Provision for credit losses	68			62			21			23			24			21			22
Pre-tax pre-provision income	$	380		$	406		$	129		$	126		$	125		$	(117)		$	125

Numbers may not sum due to rounding.

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

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

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

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

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


Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
($ in millions)	YTD Sep 2024		YTD Sep 2023		3Q24			2Q24			1Q24			4Q23			3Q23
End of period core customer deposits reconciliation
Total deposits					$	33,554		$	32,691		$	33,713		$	33,446		$	32,123
Network transaction deposits					(1,567)			(1,503)			(1,793)			(1,566)			(1,649)
Brokered CDs					(4,243)			(4,062)			(3,931)			(4,447)			(3,351)
Core customer deposits					$	27,745		$	27,127		$	27,989		$	27,432		$	27,123
Quarterly average core customer deposits reconciliation
Total deposits					$	33,321		$	32,629		$	33,267		$	32,192		$	32,002
Network transaction deposits					(1,644)			(1,595)			(1,652)			(1,617)			(1,640)
Brokered CDs					(4,248)			(3,928)			(4,269)			(3,471)			(3,429)
Core customer deposits					$	27,429		$	27,106		$	27,346		$	27,105		$	26,933
Efficiency ratio reconciliation(a)
Federal Reserve efficiency ratio	61.33	%	58.17	%	61.46		%	61.51		%	61.03		%	132.01		%	60.06		%
Fully tax-equivalent adjustment	(0.70)	%	(0.84)	%	(0.69)		%	(0.71)		%	(0.71)		%	(3.29)		%	(0.89)		%
Other intangible amortization	(0.68)	%	(0.67)	%	(0.67)		%	(0.68)		%	(0.69)		%	(1.21)		%	(0.69)		%
Fully tax-equivalent efficiency ratio	59.96	%	56.67	%	60.11		%	60.12		%	59.63		%	127.54		%	58.50		%

FDIC special assessment	(0.44)	%	—	%	0.30		%	0.73		%	(2.38)		%	(9.50)		%	—		%
Announced initiatives	—	%	—	%	—		%	—		%	—		%	(53.92)		%	—		%
Adjusted efficiency ratio	59.52	%	56.67	%	60.42		%	60.85		%	57.25		%	64.12		%	58.50		%


One Time Item Noninterest Income Reconciliation			YTD
($ in thousands)	4Q23		Dec 2023
GAAP noninterest income	$	(131,013)	$	63,182
Loss on mortgage portfolio sale(b)	136,239		136,239
Net loss on sale of investments(b)	64,940		64,940

Noninterest income, excluding one time items	$	70,166	$	264,361

One Time Item Noninterest Expense Reconciliation			YTD
($ in thousands)			Dec 2023
GAAP noninterest expense			$	813,682
FDIC special assessment			(30,597)
Noninterest expense, excluding one time item			$	783,085

(a)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 one time costs like the FDIC special assessment and announced initiatives.

(b)The mortgage portfolio sale and investments sold that are classified as one time items are the result of a balance sheet repositioning that the Corporation announced in fourth quarter of 2023.

asb3q24earningspresentat

Third Quarter 2024 Earnings Presentation OCTOBER 24, 2024 Exhibit 99.2

1 Forward-Looking Statements Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “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 non-GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation.

2 Third Quarter 2024 Results1 1 All figures shown on an end of period basis unless otherwise noted. Growth reflects 3Q 2024 results compared to 2Q 2024. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. ▪ GAAP diluted EPS of $0.56 ▪ Total core customer deposit2 growth of $618 million ▪ Total deposit growth of $863 million ▪ Total loan growth of $373 million ▪ Loans / deposits of 89.4% ▪ Net interest income of $263 million ▪ Net interest margin of 2.78% ▪ Noninterest income of $67 million ▪ Noninterest expense of $201 million ▪ Noninterest expense / avg. assets of 1.93% ▪ Provision for credit losses of $21 million ▪ ACLL / total loans of 1.33% ▪ NCOs / avg. loans (annualized) of 0.18% 3Q 2024 Operating Results $0.56 Diluted EPS +2.3% Core Customer Deposit Growth2 +2.6% Total Deposit Growth +1.3% Total Loan Growth +3 bps Net Interest Margin Change 0.19% Total Delinquencies3 / Total Loans 9.72% CET1 Ratio 7.50% TCE Ratio2 $20.37 Tangible Book Value / Share

3 Phase 2: Advancing our Growth Strategy Phase 2 is designed to accelerate our momentum through an infusion of talent in key areas & targeted initiatives Progress Updates1 ▪ Consumer & Small Business initiatives largely completed; on track to drive cumulative incremental deposit growth of ~$2 billion by year-end 2025 ▪ Total checking household growth of 1.5% in 3Q (annualized) ▪ Improved quality of households ▪ +13% in YTD deposit balances per new consumer checking household vs. 2023 ▪ Added 16 net commercial & business RMs from 9/30/23 to 10/23/24 ▪ On track with our Phase 2 plan to add 26 Commercial & Business RMs by early 2025 1 All updates as of or for the period ended September 30, 2024 unless otherwise noted. 2 Incremental balance growth expected above our standard run rate, which is impacted by market conditions. Repositioned Balance Sheet Filled Multiple Key Leadership Roles Rebalanced Consumer Lending Approach Quarterly Product & Digital Upgrades Diligent Expense Control On Track to Add 26 Commercial & Business RMs 3% Annual Household Growth Rate $2.5B Cumulative Incremental Deposit Balances (Total Bank)2 $750M Cumulative Incremental Commercial Loan Growth2 Expected Outcomes by YE 2025

4 Tailwinds into 20251 Progress against several key performance indicators has positioned us for growth in 2025 Driving Net Household Growth ▪ Total checking household growth of 1.5% in 3Q (annualized) ▪ Improved quality of households ▪ +13% in YTD deposit balances per new consumer checking household vs. 2023 (1-3)% 0% 1.5% 3% 2016-2022 2023 2024 (est.) 2025 (est.) Customer Checking Household Growth Improving Customer Satisfaction ▪ Highest annual net promoter score since internal tracking began in 20172 ▪ Highest mobile banking satisfaction score since internal tracking began in 20183 ▪ Ranked #1 for Retail Banking Customer Satisfaction in the Upper Midwest by J.D. Power4 Expanding our Commercial Presence ▪ Added 16 net commercial & business RMs from 9/30/23 to 10/23/24 ▪ On track with our Phase 2 plan to add 26 Commercial & Business RMs by early 2025 39 42 42 51 2021 2022 2023 2024 YTD Net Promoter Score 94 110 ~120 9/30/2023 10/23/2024 2025 (est.) Commercial & Business RM FTE 1 All updates as of or for the period ended September 30, 2024 unless otherwise noted. 2 Annual net promoter score as measured by a customer’s likelihood to recommend Associated Bank to family and friends as indicated in our internal Consumer Relationship Survey. 2024 YTD through September 30, 2024. 3 Based on year-over-year customer satisfaction scores from internal transactional surveys. 2024 data through September 30, 2024. 4 Based on JD Power 2024 U.S. Retail Banking Satisfaction study conducted January 2023 through January 2024. For award information, visit jdpower.com/awards.

5 Commercial & Business Lending Commercial Real Estate Residential Mortgage $2.8 $3.0 $3.3 $3.4 $3.5 $8.8 $8.7 $7.9 $7.9 $7.9 $7.3 $7.4 $7.4 $7.2 $7.2 $11.0 $10.8 $10.8 $11.0 $11.0 $29.9 $30.0 $29.4 $29.6 $29.6 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(141) $(37) $19 $22 $69 $153 $288 Auto Finance Commercial & Industrial Period End Loan Change (6/30/2024 to 9/30/2024) CRE Construction CRE-Investor Home Equity & Other Consumer Residential Mortgage CRE-Owner Occupied Quarterly Loan Trends Total period end loan growth of $373 million was led by emerging C&I growth & steady growth in Auto Auto Finance, Home Equity & Other Consumer

6 $1.6 $1.6 $1.7 $1.6 $1.6 $3.4 $3.5 $4.3 $3.9 $4.2 $2.5 $2.8 $2.9 $3.0 $3.3 $6.3 $6.1 $6.1 $6.0 $5.9 $4.8 $4.9 $4.9 $5.1 $5.1 $7.0 $7.2 $7.5 $7.3 $7.4 $6.3 $6.2 $5.9 $5.7 $5.7 $32.0 $32.2 $33.3 $32.6 $33.3 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Average Quarterly Deposits ($ in billions) Period End Funding Change (6/30/2024 to 9/30/2024) ($ 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 period end core customer deposits to total deposits. $(85) $(51) $42 $109 $603 Money Market Savings Interest-Bearing Demand $(760) $64 $181 $366 Brokered CDs Other Wholesale Funding FHLB Advances Core Customer Deposits1 +$618 (+2%) Wholesale Funding Sources $(149) (-2%) Total Deposits +$863 (+3%) Customer CDs Network Transaction Deposits Quarterly Deposit & Funding Trends Noninterest-Bearing Demand Core customer deposits1 grew 2% during 3Q, enabling us to decrease wholesale funding

7 Quarterly Average Yields (%) Average Yield Trends 7.29 7.42 7.56 7.45 7.52 7.04 7.11 7.22 7.24 7.27 5.07 5.42 5.52 5.58 5.72 3.39 3.50 3.48 3.51 3.56 3.16 3.43 3.55 3.69 3.66 2.98 3.18 3.32 3.30 3.33 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Earning asset yields were up 3 bps during 3Q, while the cost of interest-bearing liabilities decreased by 1 bp 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 5.36 5.51 5.64 5.65 5.68 3.36 3.55 3.55 3.60 3.59 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Investments and Other

8 Net Interest Income & Net Interest Margin Trends Net interest income increased by $6 million vs. the prior quarter, while our margin expanded by 3 bps $254 $253 $258 $257 $263 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 2.79% 2.69%2.71% 2.75% 2.78% ($ in millions) Quarterly Net Interest Income Quarterly Net Interest Margin

9 ▪ Added $2.7 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 ~$2.85 billion as of 9/30/2024 ▪ Emphasized shorter-term durations on contractual funding sources to maintain repricing flexibility in a falling rate environment We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a falling rate environment Estimated NII Sensitivity Profile (%) Interest Rate Risk Management1 10.6 7.8 3.8 2.9 5.0 3.9 1.9 1.6 -6.8 -3.4 -1.3 -1.0 -6.8 -6.7 -2.6 -2.0 4Q 2021 4Q 2022 4Q 2023 3Q 2024 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) Balance Sheet Actions Since 2021 Contractual Funding Obligations ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $7.8 $0.1 $0.0 $7.9 Short-Term Funding $0.9 - - $0.9 FHLB Advances $1.1 $0.6 $0.2 $1.9 Other Long-Term Funding $0.3 $0.0 $0.6 $0.8 Total $10.1 $0.7 $0.8 $11.6 ($ in billions) 1 All updates as of or for the period ended September 30, 2024 unless otherwise noted. 2 In both the down 100 and down 200 for 4Q 2021, scenario rates are floored at zero. 2

10 Cash & Investment Securities Portfolio We continue to target investments to total assets of 18% to 20% in 2024 18% 19% 19% 19% 19% 2% 2% 2% 2% 2% 20% 21% 21% 21% 22% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Securities Period End Securities + Cash / Total Assets Cash $3.5 $3.6 $3.7 $3.9 $4.2 $3.9 $3.9 $3.8 $3.8 $3.8 $0.3 $0.3 $0.2 $0.2 $0.2$7.7 $7.7 $7.8 $7.9 $8.1 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Held to MaturityAvailable for Sale ($ in billions) Period End Securities Book Composition Other Securities CET1 Including AOCI1 (%) CET1 Ratio Incl. AOCICET1 Ratio 9.55 9.39 9.43 9.68 9.72 8.53 8.87 8.79 9.01 9.38 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.

11 $50 $47 $50 $52 $55 $7 $2 $3 $3 $2 $5 $9 $4 $5 $4 $5 $12 $8 $6 $6 $67 $70 $65 $65 $67 3Q 2023 4Q 2023 Adjusted 1Q 2024 2Q 2024 3Q 2024 Noninterest Income Trends ($ in millions) 3Q noninterest income increased $2 million vs. the prior quarter, led by growth in wealth management fees 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)

12 $117 $121 $119 $122 $121 $26 $28 $26 $27 $27 $53 $60 $44 $47 $52 $31 $8 $196 $239 $198 $196 $201 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Efficiency Ratio (%)Noninterest Expense Trends Noninterest Expense Trends 1 Other expenses are primarily comprised of occupancy, business development & advertising, equipment, legal & professional, and FDIC assessment costs. 2 2Q 2024 noninterest expense includes a $2 million decrease of FDIC special assessment expense based on updated estimates received from the FDIC during the second quarter. An additional $1 million decrease to FDIC special assessment expense was recognized in 3Q 2024 noninterest expense based on updated estimates received during the third quarter. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) We now expect total noninterest expense to increase by 1% to 2% in 2024, excluding FDIC Special Assessment Adjusted Efficiency Ratio3 Federal Reserve Efficiency Ratio 60.1 61.0 61.5 61.5 58.5 64.1 57.2 60.9 60.4 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Personnel Expense Other1 Technology Expense FDIC Special Assessment 132.0 Noninterest Expense / Average Assets (%) 1.90 2.30 1.95 1.92 1.93 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 22

13 Capital Ratios (%) 7.18 9.68 10.27 12.34 7.50 9.72 10.30 12.36 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. Our capital ratios increased across the board in the third quarter Capital Profile 1 2024 Capital Target Ranges (%) $18.46 $18.77 $18.78 $19.28 $20.37 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Tangible Book Value / Share 7.50 3Q 2024 TCE Ratio 2024 Target Range 9.72 3Q 2024 CET1 Ratio 2024 Target Range 7.75 10.00 6.75 9.00 1 2Q 2024 3Q 2024

14 ACLL / Total Loans (%)ACLL1 Update ▪ ACLL increased $8 million from the prior quarter to $398 million, driven primarily by nominal credit movement coupled with general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody’s August 2024 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Our ACLL percentage increased by 1 basis point vs. the prior quarter to 1.33% Allowance for Credit Losses on Loans (ACLL) Update 1.26 1.32 1.31 1.32 1.33 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 146,502$ 1.31% 150,274$ 1.36% 143,974$ 1.27% CRE - Investor 68,214 1.31% 72,156 1.44% 78,743 1.55% CRE - Construction 71,317 3.35% 71,680 3.18% 79,136 3.74% Residential Mortgage 40,437 0.46% 34,542 0.44% 34,931 0.45% Other Consumer 54,101 1.86% 60,968 1.77% 60,756 1.68% Total 380,571$ 1.26% 389,620$ 1.32% 397,541$ 1.33% 9/30/20249/30/2023 6/30/2024

15 Net Charge Offs and Provision Total Delinquent Loans Credit Quality Trends $2 $22 $2 $2 $7$47 $62 $48 $35 $49 $50 $84 $51 $37 $56 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 3Q 2024 credit quality remained solid with NALs & NCOs down meaningfully vs. prior quarter ($ in millions) Accruing Loans 30-89 Days PD $18 $16 $22 $21 $13 $22 $21 $24 $23 $21 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD Total Criticized Loans $169 $149 $178 $154 $128 $387 $454 $484 $528 $688 $286 $217 $155 $118 $229$842 $820 $818 $801 $1,046 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 ($ in millions) ($ in millions) Nonaccrual Loans $79 $86 $85 $83 $86 $11 $0 $19 $48 $19 $79 $63 $74 $23 $24 $169 $149 $178 $154 $128 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 ($ in millions) CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans

16 Multi-Family 41% Retail 9% Office 13% Industrial 23% Other 14% Consumer 38% Com'l & Business Lending 38% CRE 24% Wisconsin 19% Illinois 15% Minnesota 9% Other Midwest2 21% Texas 8% Other 28% 1 All updates as of or for the period ended September 30, 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 ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 Portfolio LTV 59% 58% 59% 59% 58% Delinquencies/Loans3 0.14% 0.52% 0.28% 0.01% 0.22% NALs/Loans 0.15% 0.00% 0.26% 0.67% 0.26% ACLL/Loans 1.90% 1.88% 1.87% 1.98% 2.20% NCOs/Avg. Loans4 (0.02%) (0.01%) 0.00% 0.25% 0.00% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.16% Top 10 Largest CRE Borrowers 1.30% Largest CRE Property Type (Multi-Fam) 9.72% CRE Office Loans 3.10% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.17x 2024 Remaining Maturities $154 million Central Business District vs. Suburban ~78% Suburban Property Class Mix ~56% Class A6

17 1 Adjusted 2023 figures have been provided for noninterest income and noninterest expense to exclude the impact of one time items incurred as a result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2023 and the FDIC special assessment booked during the fourth quarter of 2023. These figures are non- GAAP financial measures. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 Projections are on an end of period basis as of and for the year ended 12/31/2024 as compared to adjusted 2023 results as of 12/31/2023 unless otherwise noted. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 4 2024 noninterest expense guidance excludes the impact of the $31 million FDIC special assessment booked during the fourth quarter of 2023, and $4 million of FDIC special assessment, net recognized over the first three quarters of 2024. 5 Excludes the impact of the $33 million deferred tax benefit booked in the second quarter of 2024. FY 2024 Outlook GAAP FY 2023 Result Adjusted FY 2023 Result1 Previous FY 2024 Guidance2 Updated FY 2024 Guidance2 EoP Total Loans $29.2B (+1.4% vs. 2022) $29.2B (+1.4% vs. 2022) Lower end of original 4% to 6% growth range No Change EoP Total Deposits $33.4B (+12.9% vs. 2022) Core Customer Deposits3 $27.4B (-2.4% vs. 2022) Lower end of original 3% to 5% growth range (Core Customer Deposits) No Change Net Interest Income $1.040B (+8.6% vs. 2022) $1.040B (+8.6% vs. 2022) 1% to 3% Growth 0% to 1% Growth Noninterest Income $63M (-77.6% vs. 2022) $264M (-6.4% vs. 2022) 1% Decrease to 1% Growth No Change Noninterest Expense $814M (+8.9% vs. 2022) $783M (+4.8% vs. 2022) 2% to 3% Growth4 1% to 2% Growth4 Effective Tax Rate 11.2% N/A 19% to 21%5 No Change

Appendix

19 Phases 1 + 2: Consumer & Small Business Banking Our efforts to upgrade the customer experience are largely completed, with expected results on track 2022 2023 2024 ▪ Highest mobile banking satisfaction score since internal tracking began in 20184 ▪ Total checking household growth of 1.5% in 3Q (annualized) ▪ On track to deliver ~$2B in cumulative incremental consumer & small business deposit balances by YE 20255 ▪ Highest annual net promoter score since internal tracking began in 20173 1 All updates as of or for the period ended September 30, 2024 unless otherwise noted. 2 Based on JD Power 2024 U.S. Retail Banking Satisfaction study conducted January 2023 through January 2024. For award information, visit jdpower.com/awards. 3 Annual net promoter score as measured by a customer’s likelihood to recommend Associated Bank to family and friends as indicated in our internal Consumer Relationship Survey. 2024 YTD through September 30, 2024. 4 Based on year-over-year customer satisfaction scores from internal transactional surveys. 2024 data through September 30, 2024. 5 Incremental balance growth expected above our standard run rate, which is impacted by market conditions. Launched New Brand Campaign Platinum Choice Checking and Mass Affluent Banker Program New & Enhanced Digital Banking Platform No-fee Overdraft Protection Transfers Enhanced Deposit Account Opening - Digital Unlimited Savings Transfers Money Monitor with Actionable Insights $50 (& $100) Grace Zone Activation Zone, for faster account set-up New IVA Phone System Debit Card Controls Digital Opening & Servicing for Small Business Loans Early Pay Adie, 24/7 virtual assistant Easy Direct Deposit Switching Enhanced Deposit Account Opening - Branches Business & Personal Account Benefits and Digital Integration Credit Monitor Impact1 ▪ Named #1 for Retail Banking Customer Satisfaction in the Upper Midwest by J.D. Power2

20 Phases 1 + 2: Commercial Banking We’ve bolstered our commercial leadership team & continue to invest by adding talented RMs in key markets 2021-2022 2023 2024 ▪ Launched Asset-Based Lending & Equipment Finance verticals ▪ Shifted to balanced scorecard incentive structure, with an emphasis on whole banking relationships ▪ Announced Phase 1 plan to expand our RM base in Milwaukee & Chicago ▪ Grew total commercial loans by $2.4 billion (+15%) in 2022 vs. 2021 1 All updates as of or for the period ended September 30, 2024 unless otherwise noted. 2 Incremental balance growth expected above our standard run rate, which is impacted by market conditions. ▪ Hired Phillip Trier as EVP, Commercial Banking Group Leader ▪ Hired Neil Riegelman as SVP, Commercial Banking Segment Leader in Wisconsin ▪ Announced Phase 2 plan to add 26 commercial & business RMs across the footprint ▪ Upgraded commercial digital platform ▪ Hired Michael Lebens as SVP, Commercial Banking Segment Leader in Minnesota ▪ Added 16 net commercial & business RMs from 9/30/23 to 10/23/24 ▪ Launched new Specialty Deposit and Payment Solutions vertical ▪ Hired Rick Bruhn on October 21st to lead the vertical ▪ On track to deliver $750M in cumulative incremental commercial loan balances by YE 20252 ▪ On track to deliver ~$500M in cumulative incremental commercial deposit balances by YE 20252 ▪ On track with our Phase 2 plan to add 26 Commercial & Business RMs by early 2025 Impact1 ▪ Expanded commercial & business RMs by 38% from 12/31/21 to 10/23/24

21 Improving our Return Profile Over Time1 Our efforts to remix the balance sheet & drive toward improved profitability are on track Strategy Progress Since 2021 Growing diversified asset classes to decrease reliance on legacy low-yielding, low-relationship asset classes ▪ Expanded Commercial RM base across footprint ▪ Increased total commercial loans by $3.4 billion vs. 3Q21 (+23%) ▪ Added $2.7 billion in fixed-rate prime/super prime Auto Finance balances ▪ Exited TPO mortgage business in 1Q23 ▪ Sold $969 million in mortgage loans & pivoted to “originate to sell” model in 4Q23 ▪ Shifted to balanced RM scorecard to deepen Commercial relationships ▪ Modernized digital banking experience ▪ Quarterly upgrades to products & services ▪ $1.2 billion in net new Mass Affluent deposits ▪ Repaid $849 million of FHLB Advances in 4Q23 LiabilitiesAssets Auto Finance Relationship Commercial Low- Relationship Mortgage Low- Relationship Commercial Wholesale Funding Sources Core Customer Deposits2 Attracting and deepening customer relationships to decrease reliance on wholesale and network funding sources 1 All updates as of or for the period ended September 30, 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.

22 Stable, Granular Deposit Portfolio1 Uninsured, uncollateralized deposits were only 22% of total deposits as of 9/30/2024 1 All updates as of or for the period ended September 30, 2024 unless otherwise noted. 2 Liquidity coverage based on current levels of readily available (within one business day) funding. See slide 23 for additional details. 23% 23% 23% 22% 22% 77% 77% 77% 78% 78% $32.1 $33.5 $33.7 $32.8 $33.8 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Period End Total Deposit Trends (Associated Bank, N.A.) ($ in billions) Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits 22% Percentage of total deposits that are uninsured & uncollateralized 127% Readily available liquidity coverage2 for uninsured & uncollateralized deposits 166% Total liquidity coverage for uninsured & uncollateralized deposits

23 Liquidity Sources As of 9/30/2024, ASB’s total liquidity sources covered 166% of uninsured, uncollateralized deposits Liquidity Sources 6/30/2024 9/30/2024 Federal Reserve Balance $482.4 $405.8 Available FHLB Chicago Capacity $5,184.3 $6,164.5 Available Fed Discount Window Capacity $2,336.1 $2,981.2 Available Bank Term Funding Program Capacity $0 $0 Funding Available Within One Business Day1 $8,002.8 $9,551.5 Available Fed Funds Lines $1,406.0 $1,401.0 Available Brokered Deposit Capacity2 $679.1 $520.8 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Liquidity $11,087.9 $12,473.3 ($ in millions) 127% of uninsured, uncollateralized deposits 166% of uninsured, uncollateralized deposits 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Availability based on internal policy limitations.

24 $2.9 $3.2 $3.3 $3.4 $3.6 $8.8 $7.9 $7.9 $7.8 $7.8 $7.3 $7.4 $7.3 $7.3 $7.2 $11.2 $10.8 $11.0 $11.1 $11.4 $30.2 $29.2 $29.5 $29.6 $30.0 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) Average Loan Change (2Q 2024 to 3Q 2024)Period End Quarterly Loan Trends $(135) $(32) $(17) $(8) $14 $112 $121 Residential Mortgage CRE-Investor Commercial & Industrial Home Equity & Other Consumer Auto Finance CRE Construction CRE-Owner Occupied Additional Loan Trends Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer

25 Period End Quarterly Deposits ($ in billions) Average Funding Change (2Q 2024 to 3Q 2024) ($ in millions) $1.6 $1.6 $1.8 $1.5 $1.6 $3.4 $4.4 $3.9 $4.1 $4.2 $2.7 $2.9 $2.9 $3.1 $3.7 $6.1 $6.0 $6.2 $5.9 $5.8 $4.8 $4.8 $5.1 $5.2 $5.1 $7.0 $7.6 $7.5 $7.2 $7.3 $6.4 $6.1 $6.3 $5.8 $5.9 $32.1 $33.4 $33.7 $32.7 $33.6 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 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 period end core customer deposits to total deposits. $(60) $(53) $(9) $129 $315 Money Market Noninterest-Bearing Demand Interest-Bearing Demand $49 $157 $320 Brokered CDs FHLB Advances Core Customer Deposits1 +$322 (+1%) Wholesale Funding Sources $(155) (-2%) Total Deposits +$691 (+2%) Savings Customer CDs $(682) Other Wholesale Funding Additional Deposit & Funding Trends Network Transaction Deposits

26 Total Loans Outstanding Balances as of September 30, 2024 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 9/30/2024 1 % of Total Loans 9/30/2024 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 2,493$ 8.3% Multi-Family 2,914$ 9.7% Manufacturing & Wholesale Trade 2,404 8.0% Industrial 1,685 5.6% Real Estate (includes REITs) 1,841 6.1% Office 929 3.1% Mortgage Warehouse 792 2.6% Retail 647 2.2% Finance & Insurance 636 2.1% Hotel/Motel 195 0.7% Rental and Leasing Services 487 1.6% Single Family Construction 194 0.6% Retail Trade 478 1.6% Warehouse 177 0.6% Health Care and Social Assistance 395 1.3% Medical 157 0.5% Construction 388 1.3% Land 105 0.3% Transportation and Warehousing 378 1.3% Self Storage 29 0.1% Professional, Scientific, and Tech. Serv. 280 0.9% Other 154 0.5% Waste Management 236 0.8% Total CRE 7,185$ 24.0% Accommodation and Food Services 103 0.3% Information 73 0.2% Consumer Arts, Entertainment, and Recreation 70 0.2% Residential Mortgage 7,803$ 26.0% Management of Companies & Enterprises 63 0.2% Auto Finance 2,709 9.0% Educational Services 28 0.1% Home Equity 651 2.2% Public Administration 15 0.1% Credit Cards 139 0.5% Mining 8 0.0% Student Loans 50 0.2% Agriculture, Forestry, Fishing and Hunting 0 0.0% Other 73 0.2% Other 213 0.7% Total Consumer 11,426$ 38.1% Total C&BL 11,380$ 37.9% Total Loans 29,991$ 100.0%

27 Multi-Family 41% Retail 9% Office 13% Industrial 23% 1-4 Family Construction 3% Warehouse 2% Hotel / Motel 3% Other 6% Wisconsin 27% Illinois 21% Minnesota 9% Other Midwest 12% Texas 5% Other 24% Manufacturing & Wholesale Trade 21% Real Estate 16% Power & Utilities 22% Mortgage Warehouse 7% Finance & Insurance 6% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 29% Natural Gas 33% Solar 16% Transmission, Control & Distribution 7%Geothermal 2%Hydroelectric 2% Other 11% Wisconsin 23% Illinois 15% Minnesota 6% Texas 7% Other Midwest 10% Other 39% Wisconsin 19% Illinois 15% Minnesota 9% Other Midwest2 21% Texas 8% Other 28% 2 2 Loan Stratification Outstanding Balances as of September 30, 2024 C&BL by Geography $11.4 billion Power & Utilities Lending $2.5 billion C&BL by Industry $11.4 billion Total Loans1 CRE by Geography $7.2 billion CRE by Property Type $7.2 billion

28 Reconciliation & Definitions of Non-GAAP Items 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. Period End Core Customer Deposits Reconciliation ($ in millions) 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Total deposits $32,123 $33,446 $33,713 $32,691 $33,554 Brokered CDs (3,351) (4,447) (3,931) (4,062) (4,243) Network transaction deposits (1,649) (1,566) (1,793) (1,503) (1,567) Core customer deposits $27,123 $27,432 $27,989 $27,127 $27,745 Tangible Common Equity and Tangible Assets Reconciliation1 ($ in millions) 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Common equity $3,934 $3,980 $3,975 $4,048 $4,219 Goodwill and other intangible assets, net (1,148) (1,145) (1,143) (1,141) (1,139) Tangible common equity $2,786 $2,834 $2,831 $2,907 $3,080 Total assets $41,637 $41,016 $41,137 $41,624 $42,211 Goodwill and other intangible assets, net (1,148) (1,145) (1,143) (1,141) (1,139) Tangible assets $40,490 $39,870 $39,994 $40,483 $41,072 Quarterly Average Core Customer Deposits Reconciliation ($ in millions) 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Total deposits $32,002 $32,192 $33,267 $32,629 $33,321 Brokered CDs (3,429) (3,471) (4,269) (3,928) (4,248) Network transaction deposits (1,640) (1,617) (1,652) (1,595) (1,644) Core customer deposits $26,933 $27,105 $27,346 $27,106 $27,429 Common Equity Tier 1 Capital Ratio Reconciliation 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Common equity Tier 1 capital ratio 9.55% 9.39% 9.43% 9.68% 9.72% Accumulated other comprehensive loss adjustment (1.01)% (0.52)% (0.64)% (0.67)% (0.34)% Common equity Tier 1 capital ratio including accumulated other comprehensive loss 8.53% 8.87% 8.79% 9.01% 9.38%

29 Reconciliation & Definitions of Non-GAAP Items 1 These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. 2 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 2023 other noninterest income includes the loss on mortgage portfolio sale and net loss on sale of investments that are classified as one time 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 one time costs like the FDIC special assessment and announced initiatives. Efficiency Ratio Reconciliation3 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Federal Reserve efficiency ratio 60.06% 132.01% 61.03% 61.51% 61.46% Fully tax-equivalent adjustment (0.89)% (3.29)% (0.71)% (0.71)% (0.69)% Other intangible amortization (0.69)% (1.21)% (0.69)% (0.68)% (0.67)% Fully tax-equivalent efficiency ratio 58.50% 127.54% 59.63% 60.12% 60.11% FDIC special assessment - (9.50)% (2.38)% 0.73% 0.30% Announced initiatives - (53.92)% - - - Adjusted efficiency ratio 58.50% 64.12% 57.25% 60.85% 60.42% Selected Trend Information1 ($ in millions) 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Wealth management fees $21 $21 $22 $23 $24 Service charges and deposit account fees 13 11 12 12 14 Card-based fees 12 12 11 12 12 Other fee-based revenue 5 4 4 5 5 Fee-based revenue 50 47 50 52 55 Other2 17 (178) 15 13 13 Total noninterest income $67 $(131) $65 $65 $67

30 Reconciliation & Definitions of Non-GAAP Items 1 The mortgage portfolio sale and investments sold that are classified as one time items are the result of a balance sheet repositioning that the Corporation announced in the fourth quarter of 2023. One Time Item Noninterest Expense Reconciliation ($ in millions) YTD Dec 2023 GAAP noninterest expense $814 FDIC special assessment (31) Noninterest expense, excluding one time item $783 One Time Item Noninterest Income Reconciliation ($ in millions) YTD Dec 2023 4Q 2023 GAAP noninterest income $63 $(131) Loss on mortgage portfolio sale1 136 136 Net loss on sale of investments1 65 65 Noninterest income, excluding one time items $264 $70