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

Date of Report (Date of earliest event reported) July 25, 2024
                                                                            Associated Banc-Corp                                                                      
(Exact name of registrant as specified in its chapter)
Wisconsin001-3134339-1098068
(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

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

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



Item 2.02 Results of Operations and Financial Condition.
 
On July 25, 2024, Associated Banc-Corp announced its earnings for the quarter ended June 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 July 25, 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:





SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 Associated Banc-Corp
 (Registrant)
  
  
Date: July 25, 2024By: /s/ Derek S. Meyer
 Derek S. Meyer
 Chief Financial Officer
  
 
 

Exhibit 99.1

asblogoa11.jpg
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 Second Quarter 2024 Earnings of $0.74 per Common Share, or $0.52 per Common Share1 Excluding a One Time Item Recognized During the Quarter

GREEN BAY, Wis. -- July 25, 2024 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $113 million, or $0.74 per common share, for the quarter ended June 30, 2024. Excluding a one time tax benefit recognized during the quarter ended June 30, 2024, Associated reported earnings of $80 million, or $0.52 per common share. These amounts compare to earnings of $78 million, or $0.52 per common share, for the quarter ended March 31, 2024 and earnings of $84 million, or $0.56 per common share, for the quarter ended June 30, 2023.
“After demonstrating an ability to execute with Phase 1 of our strategic plan, we continued to build momentum across the company by adding talent in key areas and deploying product and digital enhancements during the second quarter,” said President and CEO Andy Harmening. “This momentum has translated to encouraging trends in several foundational performance measures, including industry-leading customer satisfaction scores and the strongest consumer checking household growth we've seen in over a decade."

“Importantly, we also delivered strong financial results during the quarter through steady revenues, credit stability and capital accretion. While macro uncertainty remains top of mind in the near-term, we feel well-positioned as we move to the back half of the year thanks to our foundational discipline, the stability of our markets, and the execution of our strategic plan.”

Second Quarter 2024 Highlights
•GAAP diluted earnings per share of $0.74; Adjusted diluted earnings per share1 of $0.52
•Total quarterly average loan growth of $211 million vs. first quarter 2024
•Total quarterly average core customer deposit1 decrease of $240 million vs. first quarter 2024; total quarterly average deposit decrease of $638 million vs. first quarter 2024
•Net interest income of $257 million
•Net interest margin of 2.75%
•Noninterest income of $65 million
•Noninterest expense of $196 million
•Provision for credit losses of $23 million
•Allowance for credit losses on loans / total loans of 1.32%
•Net charge offs / average loans (annualized) of 0.29%
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans
Second quarter 2024 average total loans of $29.6 billion increased 1%, or $211 million, from the prior quarter and increased $141 million from the same period last year. With respect to second quarter 2024 average balances by loan category:
•Commercial and business lending increased $195 million from the prior quarter and increased $112 million from the same period last year to $11.0 billion.
•Commercial real estate lending decreased $140 million from the prior quarter and decreased $46 million from the same period last year to $7.2 billion.
•Consumer lending increased $156 million from the prior quarter and increased $75 million from the same period last year to $11.3 billion.
Second quarter 2024 period end total loans of $29.6 billion increased $124 million from the prior quarter and decreased 1%, or $231 million, from the same period last year. With respect to second quarter 2024 period end balances by loan category:
•Commercial and business lending increased $118 million from the prior quarter and decreased $41 million from the same period last year to $11.1 billion.
•Commercial real estate lending decreased $65 million from both the prior quarter and the same period last year to $7.3 billion.
•Consumer lending increased $71 million from the prior quarter and decreased $125 million from the same period last year to $11.3 billion.
Based on current market conditions, we now expect 2024 total loan growth to finish at the lower end of our previous 4% to 6% range on an end of period basis as compared to the year ended December 31, 2023.
Deposits
Second quarter 2024 average deposits of $32.6 billion decreased 2%, or $638 million, from the prior quarter and increased 4%, or $1.3 billion, from the same period last year. With respect to second quarter 2024 average balances by deposit category:
•Noninterest-bearing demand deposits decreased $170 million from the prior quarter and decreased $958 million from the same period last year to $5.7 billion.
•Savings increased $206 million from the prior quarter and increased $384 million from the same period last year to $5.1 billion.
•Interest-bearing demand deposits decreased $224 million from the prior quarter and increased $602 million from the same period last year to $7.3 billion.
•Money market deposits decreased $122 million from the prior quarter and decreased $749 million from the same period last year to $6.0 billion.
•Total time deposits decreased $271 million from the prior quarter and increased $1.9 billion from the same period last year to $6.9 billion.
•Network transaction deposits decreased $57 million from the prior quarter and increased $127 million from the same period last year to $1.6 billion.


Second quarter 2024 period end deposits of $32.7 billion decreased 3%, or $1.0 billion, from the prior quarter and increased 2%, or $677 million, from the same period last year. With respect to second quarter 2024 period end balances by deposit category:
•Noninterest-bearing demand deposits decreased $439 million from the prior quarter and decreased $751 million from the same period last year to $5.8 billion.
•Savings increased $32 million from the prior quarter and increased $380 million from the same period last year to $5.2 billion.
•Interest-bearing demand deposits decreased $463 million from the prior quarter and increased $1.2 billion from the same period last year to $8.3 billion.
•Money market deposits decreased $427 million from the prior quarter and decreased $1.2 billion from the same period last year to $6.3 billion.
•Total time deposits increased $274 million from the prior quarter and increased $1.0 billion from the same period last year to $7.1 billion.
•Network transaction deposits (included in money market and interest-bearing demand deposits) decreased $290 million from the prior quarter and decreased $98 million from the same period last year to $1.5 billion.
Based on current market conditions, we now expect 2024 core customer deposit growth to finish at the lower end of our previous 3% to 5% range on an end of period basis as compared to the year ended December 31, 2023.
Net Interest Income and Net Interest Margin
Second quarter 2024 net interest income of $257 million decreased $1 million from both the prior quarter and the same period last year. The net interest margin decreased to 2.75%, reflecting a 4 basis point decrease from the prior quarter and a 5 basis point decrease from the same period last year.
•The average yield on total loans for the second quarter of 2024 decreased 1 basis point from the prior quarter and increased 44 basis points from the same period last year to 6.21%.
•The average cost of total interest-bearing liabilities for the second quarter of 2024 increased 5 basis points from the prior quarter and increased 54 basis points from the same period last year to 3.60%.
•The net free funds benefit for the second quarter of 2024 remained flat compared to the prior quarter and increased 2 basis points from the same period last year to 0.70%.
Based on current market conditions, we now expect total net interest income growth of 1% to 3% in 2024.
Noninterest Income
Second quarter 2024 total noninterest income of $65 million increased slightly compared to the prior quarter and decreased slightly from the same period last year. With respect to second quarter 2024 noninterest income line items:
•Bank and corporate owned life insurance increased $2 million from both the prior quarter and the same period last year.
•Wealth management fees increased $1 million from the prior quarter and increased $2 million from the same period last year.


•Card-based fees increased $1 million from both the prior quarter and the same period last year.
•Investment securities gains (losses), net decreased $4 million from the prior quarter and increased slightly from the same period last year, with the quarterly decrease driven primarily by a $4 million gain on sale of Visa B shares recognized in the first quarter of 2024.
Excluding the impact of the mortgage and investment securities sales announced during the fourth quarter of 2023, we now expect total noninterest income to finish within a range of negative 1% to 1% growth in 2024.
Noninterest Expense
Second quarter 2024 total noninterest expense of $196 million decreased $2 million, or 1%, from the prior quarter and increased $5 million, or 3%, from the same period last year as we continued to invest in our strategic initiatives. With respect to second quarter 2024 noninterest expense line items:
•Personnel expense increased $2 million from the prior quarter and increased $7 million from the same period last year.
•Technology expense increased $1 million from the prior quarter and increased $3 million from the same period last year.
•FDIC assessment expense decreased $7 million from the prior quarter and decreased $2 million from the same period last year. The quarterly decrease was driven primarily by an $8 million increase in special assessment recognized in the first quarter of 2024, partially offset by a $2 million adjustment based on an updated special assessment estimate received from the FDIC in the second quarter of 2024.
After adjusting to exclude the impact of the $31 million FDIC special assessment booked during the fourth quarter of 2023, the $8 million FDIC special assessment booked during the first quarter of 2024, and the $2 million FDIC special assessment adjustment booked during the second quarter of 2024, we continue to expect total noninterest expense to grow by 2% to 3% in 2024.
Taxes
Second quarter 2024 results included a tax benefit of $13 million compared to $20 million of tax expense in the prior quarter and $24 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.
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 second quarter 2024 provision for credit losses on loans was $23 million, compared to a provision of $24 million in the prior quarter and a provision of $22 million in the same period last year. With respect to second quarter 2024 credit quality:
•Nonaccrual loans of $154 million decreased $24 million from the prior quarter and increased $23 million from the same period last year. The nonaccrual loans to total loans ratio was 0.52% in the second quarter, down from 0.60% in the prior quarter and up from 0.44% in the same period last year.
•Second quarter 2024 net charge offs of $21 million decreased compared to net charge offs of $22 million in the prior quarter and increased compared to net charge offs of $11 million in the same period last year.
•The allowance for credit losses on loans (ACLL) of $390 million increased $2 million compared to the prior quarter and increased $13 million compared to the same period last year. The ACLL to total loans ratio was 1.32% in the second quarter, up from 1.31% 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 9.68% at June 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.



SECOND 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, July 25, 2024. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp second quarter 2024 earnings call. The second 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)June 30, 2024March 31, 2024Seql Qtr $ ChangeDecember 31, 2023September 30, 2023June 30, 2023Comp Qtr $ Change
Assets
Cash and due from banks$470,818 $429,859 $40,959 $484,384 $388,694 $407,620 $63,198 
Interest-bearing deposits in other financial institutions484,677 420,114 64,563 425,089 323,130 190,881 293,796 
Federal funds sold and securities purchased under agreements to resell3,600 1,610 1,990 14,350 965 31,160 (27,560)
Investment securities available for sale, at fair value3,912,730 3,724,148 188,582 3,600,892 3,491,679 3,504,777 407,953 
Investment securities held to maturity, net, at amortized cost3,799,035 3,832,967 (33,932)3,860,160 3,900,415 3,938,877 (139,842)
Equity securities 22,944 19,571 3,373 41,651 35,937 30,883 (7,939)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost212,102 173,968 38,134 229,171 268,698 271,637 (59,535)
Residential loans held for sale83,795 52,414 31,381 33,011 54,790 38,083 45,712 
Commercial loans held for sale— — — 90,303 — 15,000 (15,000)
Loans29,618,271 29,494,263 124,008 29,216,218 30,193,187 29,848,904 (230,633)
Allowance for loan losses(355,844)(356,006)162 (351,094)(345,795)(338,750)(17,094)
Loans, net29,262,428 29,138,257 124,171 28,865,124 29,847,392 29,510,153 (247,725)
Tax credit and other investments246,300 255,252 (8,952)258,067 256,905 263,583 (17,283)
Premises and equipment, net369,968 367,618 2,350 372,978 373,017 374,866 (4,898)
Bank and corporate owned life insurance683,451 685,089 (1,638)682,649 679,775 678,578 4,873 
Goodwill1,104,992 1,104,992 — 1,104,992 1,104,992 1,104,992 — 
Other intangible assets, net36,066 38,268 (2,202)40,471 42,674 44,877 (8,811)
Mortgage servicing rights, net85,640 85,226 414 84,390 89,131 80,449 5,191 
Interest receivable173,106 167,092 6,014 169,569 171,119 159,185 13,921 
Other assets672,256 640,638 31,618 658,604 608,068 573,870 98,386 
Total assets$41,623,908 $41,137,084 $486,824 $41,015,855 $41,637,381 $41,219,473 $404,435 
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits$5,815,045 $6,254,135 $(439,090)$6,119,956 $6,422,994 $6,565,666 $(750,621)
Interest-bearing deposits26,875,995 27,459,023 (583,028)27,326,093 25,700,332 25,448,743 1,427,252 
Total deposits32,691,039 33,713,158 (1,022,119)33,446,049 32,123,326 32,014,409 676,630 
Short-term funding859,539 765,671 93,868 326,780 451,644 341,253 518,286 
FHLB advances2,673,046 1,333,411 1,339,635 1,940,194 3,733,041 3,630,747 (957,701)
Other long-term funding536,113 536,055 58 541,269 529,459 534,273 1,840 
Allowance for unfunded commitments33,776 31,776 2,000 34,776 34,776 38,276 (4,500)
Accrued expenses and other liabilities588,057 588,341 (284)552,814 637,491 537,640 50,417 
Total liabilities37,381,571 36,968,412 413,159 36,841,882 37,509,738 37,096,599 284,972 
Stockholders’ equity
Preferred equity194,112 194,112 — 194,112 194,112 194,112 — 
Common equity4,048,225 3,974,561 73,664 3,979,861 3,933,531 3,928,762 119,463 
Total stockholders’ equity4,242,337 4,168,673 73,664 4,173,973 4,127,643 4,122,874 119,463 
Total liabilities and stockholders’ equity$41,623,908 $41,137,084 $486,824 $41,015,855 $41,637,381 $41,219,473 $404,435 
Numbers may not sum due to rounding.

1


Associated Banc-Corp
Consolidated Statements of Income (Unaudited)		Comp QtrYTDYTDComp YTD
($ in thousands, except per share data)2Q242Q23$ Change% ChangeJune 2024June 2023$ Change% Change
Interest income
Interest and fees on loans$456,788 $423,307 $33,481 8 %$911,260 $814,626 $96,634 12 %
Interest and dividends on investment securities
Taxable50,278 35,845 14,433 40 %96,826 65,987 30,839 47 %
Tax-exempt14,669 15,994 (1,325)(8)%29,443 32,019 (2,576)(8)%
Other interest8,539 6,086 2,453 40 %16,133 11,415 4,718 41 %
Total interest income530,274 481,231 49,043 10 %1,053,662 924,048 129,614 14 %
Interest expense
Interest on deposits221,062 162,196 58,866 36 %447,293 271,618 175,675 65 %
Interest on federal funds purchased and securities sold under agreements to repurchase2,303 2,261 42 2 %5,166 5,404 (238)(4)%
Interest on other short-term funding6,077 — 6,077 N/M10,785 1 10,784 N/M
Interest on FHLB Advances34,143 49,261 (15,118)(31)%55,814 99,222 (43,408)(44)%
Interest on long-term funding10,096 9,596 500 5 %20,154 15,876 4,278 27 %
Total interest expense273,681 223,314 50,367 23 %539,211 392,121 147,090 38 %
Net interest income256,593 257,917 (1,324)(1)%514,451 531,927 (17,476)(3)%
Provision for credit losses23,008 22,100 908 4 %47,009 40,071 6,938 17 %
Net interest income after provision for credit losses233,585 235,817 (2,232)(1)%467,442 491,856 (24,414)(5)%
Noninterest income
Wealth management fees22,628 20,483 2,145 10 %44,323 40,672 3,651 9 %
Service charges and deposit account fees12,263 12,372 (109)(1)%24,702 25,366 (664)(3)%
Card-based fees11,975 11,396 579 5 %23,242 21,982 1,260 6 %
Other fee-based revenue4,857 4,465 392 9 %9,259 8,740 519 6 %
Capital markets, net
4,685 5,093 (408)(8)%8,735 10,176 (1,441)(14)%
Mortgage banking, net2,505 7,768 (5,263)(68)%5,166 11,313 (6,147)(54)%
Bank and corporate owned life insurance4,584 2,172 2,412 111 %7,154 4,835 2,319 48 %
Asset (losses), net(627)(299)(328)110 %(933)(35)(898)N/M
Investment securities gains, net 67 14 53 N/M3,947 66 3,881 N/M
Other
2,222 2,080 142 7 %4,549 4,501 48 1 %
Total noninterest income65,159 65,543 (384)(1)%130,144 127,616 2,528 2 %
Noninterest expense
Personnel121,581 114,089 7,492 7 %240,976 230,510 10,466 5 %
Technology27,161 24,220 2,941 12 %53,362 47,818 5,544 12 %
Occupancy13,128 13,587 (459)(3)%26,761 28,650 (1,889)(7)%
Business development and advertising7,535 7,106 429 6 %14,052 12,955 1,097 8 %
Equipment4,450 4,975 (525)(11)%9,049 9,906 (857)(9)%
Legal and professional 4,429 4,831 (402)(8)%9,101 8,688 413 5 %
Loan and foreclosure costs1,793 1,635 158 10 %3,771 2,773 998 36 %
FDIC assessment7,131 9,550 (2,419)(25)%21,077 16,425 4,652 28 %
Other intangible amortization2,203 2,203 — — %4,405 4,405 — — %
Other6,450 8,476 (2,026)(24)%10,963 15,955 (4,992)(31)%
Total noninterest expense195,861 190,673 5,188 3 %393,518 378,086 15,432 4 %
Income before income taxes102,884 110,687 (7,803)(7)%204,068 241,386 (37,318)(15)%
Income tax (benefit) expense(12,689)23,533 (36,222)N/M7,326 50,873 (43,547)(86)%
Net income115,573 87,154 28,419 33 %196,742 190,514 6,228 3 %
Preferred stock dividends2,875 2,875 — — %5,750 5,750 — — %
Net income available to common equity$112,698 $84,279 $28,419 34 %$190,992 $184,764 $6,228 3 %
Earnings per common share
Basic$0.75 $0.56 $0.19 34 %$1.27 $1.23 $0.04 3 %
Diluted$0.74 $0.56 $0.18 32 %$1.26 $1.22 $0.04 3 %
Average common shares outstanding
Basic149,872 149,986 (114)— %149,864 149,875 (11)— %
Diluted151,288 150,870 418 — %151,310 150,903 407 — %
N/M = Not meaningful
Numbers may not sum due to rounding.

2


Associated Banc-Corp
Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)  Seql Qtr   Comp Qtr
2Q241Q24$ Change% Change4Q233Q232Q23$ Change% Change
Interest income
Interest and fees on loans$456,788 $454,472 $2,316 1 %$457,868 $447,912 $423,307 $33,481 8 %
Interest and dividends on investment securities
Taxable50,278 46,548 3,730 8 %41,809 38,210 35,845 14,433 40 %
Tax-exempt14,669 14,774 (105)(1)%15,273 15,941 15,994 (1,325)(8)%
Other interest8,539 7,595 944 12 %10,418 6,575 6,086 2,453 40 %
Total interest income530,274 523,388 6,886 1 %525,367 508,637 481,231 49,043 10 %
Interest expense
Interest on deposits221,062 226,231 (5,169)(2)%208,875 193,131 162,196 58,866 36 %
Interest on federal funds purchased and securities sold under agreements to repurchase2,303 2,863 (560)(20)%3,734 3,100 2,261 42 2 %
Interest on other short-term funding6,077 4,708 1,369 29 %— — — 6,077 N/M
Interest on FHLB advances34,143 21,671 12,472 58 %49,171 48,143 49,261 (15,118)(31)%
Interest on long-term funding10,096 10,058 38 — %10,185 10,019 9,596 500 5 %
Total interest expense273,681 265,530 8,151 3 %271,965 254,394 223,314 50,367 23 %
Net interest income256,593 257,858 (1,265)— %253,403 254,244 257,917 (1,324)(1)%
Provision for credit losses23,008 24,001 (993)(4)%21,007 21,943 22,100 908 4 %
Net interest income after provision for credit losses233,585 233,857 (272)— %232,395 232,301 235,817 (2,232)(1)%
Noninterest income
Wealth management fees22,628 21,694 934 4 %21,003 20,828 20,483 2,145 10 %
Service charges and deposit account fees12,263 12,439 (176)(1)%10,815 12,864 12,372 (109)(1)%
Card-based fees 11,975 11,267 708 6 %11,528 11,510 11,396 579 5 %
Other fee-based revenue4,857 4,402 455 10 %4,019 4,509 4,465 392 9 %
Capital markets, net 4,685 4,050 635 16 %9,106 5,368 5,093 (408)(8)%
Mortgage banking, net2,505 2,662 (157)(6)%1,615 6,501 7,768 (5,263)(68)%
Loss on mortgage portfolio sale— — — N/M(136,239)— — — N/M
Bank and corporate owned life insurance4,584 2,570 2,014 78 %3,383 2,047 2,172 2,412 111 %
Asset (losses) gains, net(627)(306)(321)105 %(136)625 (299)(328)110 %
Investment securities gains (losses), net67 3,879 (3,812)(98)%(58,958)(11)14 53 N/M
Other 2,222 2,327 (105)(5)%2,850 2,339 2,080 142 7 %
Total noninterest income (loss)65,159 64,985 174 — %(131,013)66,579 65,543 (384)(1)%
Noninterest expense
Personnel121,581 119,395 2,186 2 %120,686 117,159 114,089 7,492 7 %
Technology27,161 26,200 961 4 %28,027 26,172 24,220 2,941 12 %
Occupancy13,128 13,633 (505)(4)%14,429 14,125 13,587 (459)(3)%
Business development and advertising7,535 6,517 1,018 16 %8,350 7,100 7,106 429 6 %
Equipment4,450 4,599 (149)(3)%4,742 5,016 4,975 (525)(11)%
Legal and professional 4,429 4,672 (243)(5)%6,762 4,461 4,831 (402)(8)%
Loan and foreclosure costs1,793 1,979 (186)(9)%585 2,049 1,635 158 10 %
FDIC assessment7,131 13,946 (6,815)(49)%41,497 9,150 9,550 (2,419)(25)%
Other intangible amortization2,203 2,203 — — %2,203 2,203 2,203 — — %
Other6,450 4,513 1,937 43 %12,110 8,771 8,476 (2,026)(24)%
Total noninterest expense195,861 197,657 (1,796)(1)%239,391 196,205 190,673 5,188 3 %
Income (loss) before income taxes102,884 101,185 1,699 2 %(138,009)102,674 110,687 (7,803)(7)%
Income tax (benefit) expense(12,689)20,016 (32,705)N/M(47,202)19,426 23,533 (36,222)N/M
Net income (loss)115,573 81,169 34,404 42 %(90,806)83,248 87,154 28,419 33 %
Preferred stock dividends2,875 2,875 — — %2,875 2,875 2,875 — — %
Net income (loss) available to common equity$112,698 $78,294 $34,404 44 %$(93,681)$80,373 $84,279 $28,419 34 %
Earnings (loss) per common share
Basic$0.75 $0.52 $0.23 44 %$(0.63)$0.53 $0.56 $0.19 34 %
Diluted$0.74 $0.52 $0.22 42 %$(0.62)$0.53 $0.56 $0.18 32 %
Average common shares outstanding
Basic149,872 149,855 17 — %150,085 150,035 149,986 (114)— %
Diluted151,288 151,292 (4)— %151,007 151,014 150,870 418 — %
N/M = Not meaningful
Numbers may not sum due to rounding.


3


Associated Banc-Corp
Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)YTD
Jun 2024		YTD
Jun 2023		2Q241Q244Q233Q232Q23
Per common share data
Dividends$0.44 $0.42 $0.22 $0.22 $0.22 $0.21 $0.21 
Market value:
High22.48 24.18 22.48 22.00 21.79 19.21 18.45 
Low19.73 14.48 19.90 19.73 15.45 16.22 14.48 
Close21.15 21.51 21.39 17.11 16.23 
Book value / share26.85 26.37 26.35 26.06 26.03 
Tangible book value / share19.28 18.78 18.77 18.46 18.41 
Performance ratios (annualized)
Return on average assets0.97 %0.96 %1.13 %0.80 %(0.87)%0.80 %0.86 %
Noninterest expense / average assets1.93 %1.90 %1.92 %1.95 %2.30 %1.90 %1.89 %
Effective tax rate3.59 %21.08 %(12.33)%19.78 %N/M18.92 %21.26 %
Dividend payout ratio(a)
34.65 %34.15 %29.33 %42.31 %N/M39.62 %37.50 %
Net interest margin2.77 %2.93 %2.75 %2.79 %2.69 %2.71 %2.80 %
Selected trend information
Average full time equivalent employees(b)
4,048 4,223 4,025 4,070 4,130 4,220 4,227 
Branch count188 188 196 202 202 
Assets under management, at market value(c)
$14,304 $14,171 $13,545 $12,543 $12,995 
Mortgage loans originated for sale during period$274 $168 $169 $105 $112 $115 $99 
Mortgage loan settlements during period(d)
$229 $151 $138 $91 $957 $103 $97 
Mortgage portfolio loans transferred to held for sale during period(d)
$— $— $— $— $969 $— $— 
Mortgage portfolio serviced for others(d)
$6,307 $6,349 $7,364 $6,452 $6,525 
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)
1.36 %1.34 %1.15 %1.38 %1.23 %
Shares repurchased during period(e)
900 — — 900 — — — 
Shares outstanding, end of period150,785 150,739 151,037 150,951 150,919 
Selected quarterly ratios
Loans / deposits90.60 %87.49 %87.35 %93.99 %93.24 %
Stockholders’ equity / assets10.19 %10.13 %10.18 %9.91 %10.00 %
Risk-based capital(f)(g)
Total risk-weighted assets$32,768 $32,753 $32,733 $33,497 $33,144 
Common equity Tier 1$3,172 $3,089 $3,075 $3,197 $3,143 
Common equity Tier 1 capital ratio9.68 %9.43 %9.39 %9.55 %9.48 %
Tier 1 capital ratio10.27 %10.02 %9.99 %10.12 %10.07 %
Total capital ratio12.34 %12.08 %12.21 %12.25 %12.22 %
Tier 1 leverage ratio8.37 %8.24 %8.06 %8.42 %8.40 %
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)June 30, 2024 data is estimated.



4


Associated Banc-Corp
Selected Asset Quality Information		     
($ in thousands)Jun 30, 2024Mar 31, 2024Seql Qtr %
Change		Dec 31, 2023Sep 30, 2023Jun 30, 2023Comp Qtr %
Change
Allowance for loan losses
Balance at beginning of period$356,006 $351,094 1 %$345,795 $338,750 $326,432 9 %
Provision for loan losses21,000 27,000 (22)%21,000 25,500 23,500 (11)%
Charge offs(23,290)(24,018)(3)%(17,878)(20,535)(14,855)57 %
Recoveries2,127 1,930 10 %2,177 2,079 3,674 (42)%
Net (charge offs) recoveries(21,163)(22,088)(4)%(15,701)(18,455)(11,181)89 %
Balance at end of period$355,844 $356,006 — %$351,094 $345,795 $338,750 5 %
Allowance for unfunded commitments
Balance at beginning of period$31,776 $34,776 (9)%$34,776 $38,276 $39,776 (20)%
Provision for unfunded commitments2,000 (3,000)N/M— (3,500)(1,500)N/M
Balance at end of period$33,776 $31,776 6 %$34,776 $34,776 $38,276 (12)%
Allowance for credit losses on loans (ACLL)$389,620 $387,782 — %$385,870 $380,571 $377,027 3 %
Provision for credit losses on loans$23,000 $24,000 (4)%$21,000 $22,000 $22,000 5 %
($ in thousands)Jun 30, 2024Mar 31, 2024Seql Qtr % ChangeDec 31, 2023Sep 30, 2023Jun 30, 2023Comp Qtr %
Change
Net (charge offs) recoveries
Commercial and industrial$(13,676)$(18,638)(27)%$(13,178)$(16,558)$(11,177)22 %
Commercial real estate—owner occupied1 2 (50)%(22)2 3 (67)%
Commercial and business lending(13,674)(18,636)(27)%(13,200)(16,556)(11,174)22 %
Commercial real estate—investor(4,569)— N/M216 272 2,276 N/M
Real estate construction28 30 (7)%38 18 (18)N/M
Commercial real estate lending(4,541)30 N/M253 290 2,257 N/M
Total commercial(18,216)(18,606)(2)%(12,947)(16,266)(8,917)104 %
Residential mortgage (289)(62)N/M(53)(22)(283)2 %
Auto finance(1,480)(2,094)(29)%(1,436)(1,269)(1,048)41 %
Home equity 238 211 13 %185 128 183 30 %
Other consumer(1,417)(1,537)(8)%(1,450)(1,027)(1,117)27 %
Total consumer(2,947)(3,482)(15)%(2,754)(2,189)(2,264)30 %
Total net (charge offs) recoveries$(21,163)$(22,088)(4)%$(15,701)$(18,455)$(11,181)89 %
(In basis points)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial(55)(77)(54)(66)(46)
Commercial real estate—owner occupied— — (1)— — 
Commercial and business lending(50)(69)(48)(60)(41)
Commercial real estate—investor(37)— 2 2 18 
Real estate construction— 1 1 — — 
Commercial real estate lending(25)— 1 2 12 
Total commercial(40)(41)(28)(35)(20)
Residential mortgage (1)— — — (1)
Auto finance(24)(35)(27)(27)(25)
Home equity15 14 12 8 12 
Other consumer(221)(232)(208)(148)(163)
Total consumer(10)(13)(9)(7)(8)
Total net (charge offs) recoveries(29)(30)(21)(25)(15)
($ in thousands)Jun 30, 2024Mar 31, 2024Seql Qtr %
Change		Dec 31, 2023Sep 30, 2023Jun 30, 2023Comp Qtr %
Change
Credit quality
Nonaccrual loans$154,423 $178,346 (13)%$148,997 $168,558 $131,278 18 %
Other real estate owned (OREO)8,325 8,437 (1)%10,506 8,452 7,575 10 %
Repossessed assets671 1,241 (46)%919 658 348 93 %
Total nonperforming assets$163,418 $188,025 (13)%$160,421 $177,668 $139,201 17 %
Loans 90 or more days past due and still accruing$2,354 $2,417 (3)%$21,689 $2,156 $1,726 36 %
Allowance for credit losses on loans to total loans1.32 %1.31 %1.32 %1.26 %1.26 %
Allowance for credit losses on loans to nonaccrual loans252.31 %217.43 %258.98 %225.78 %287.20 %
Nonaccrual loans to total loans0.52 %0.60 %0.51 %0.56 %0.44 %
Nonperforming assets to total loans plus OREO and repossessed assets0.55 %0.64 %0.55 %0.59 %0.47 %
Nonperforming assets to total assets0.39 %0.46 %0.39 %0.43 %0.34 %
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans0.30 %0.30 %0.16 %0.15 %0.10 %


5


Associated Banc-Corp
Selected Asset Quality Information (continued)
($ in thousands)Jun 30, 2024Mar 31, 2024Seql Qtr %
Change		Dec 31, 2023Sep 30, 2023Jun 30, 2023Comp Qtr %
Change
Nonaccrual loans
Commercial and industrial$21,190 $72,243 (71)%$62,022 $74,812 $34,907 (39)%
Commercial real estate—owner occupied1,851 2,090 (11)%1,394 3,936 1,444 28 %
Commercial and business lending23,041 74,333 (69)%63,416 78,748 36,352 (37)%
Commercial real estate—investor48,249 18,697 158 %— 10,882 22,068 119 %
Real estate construction16 18 (11)%6 103 125 (87)%
Commercial real estate lending48,265 18,715 158 %6 10,985 22,193 117 %
Total commercial71,306 93,047 (23)%63,422 89,732 58,544 22 %
Residential mortgage 68,058 69,954 (3)%71,142 66,153 61,718 10 %
Auto finance6,986 7,158 (2)%5,797 4,533 3,065 128 %
Home equity7,996 8,100 (1)%8,508 7,917 7,788 3 %
Other consumer77 87 (11)%128 222 163 (53)%
Total consumer83,117 85,299 (3)%85,574 78,826 72,733 14 %
Total nonaccrual loans$154,423 $178,346 (13)%$148,997 $168,558 $131,278 18 %
Jun 30, 2024Mar 31, 2024Seql Qtr %
Change		Dec 31, 2023Sep 30, 2023Jun 30, 2023Comp Qtr %
Change
Restructured loans (accruing)
Commercial and industrial$410 $377 9 %$306 $234 $168 144 %
Commercial real estate—owner occupied— — N/M— — — N/M
Commercial and business lending410 377 9 %306 234 168 144 %
Commercial real estate—investor— — N/M— — — N/M
Real estate construction— — N/M— — — N/M
Commercial real estate lending— — N/M— — — N/M
Total commercial410 377 9 %306 234 168 144 %
Residential mortgage 306 345 (11)%405 207 126 143 %
Auto finance142 66 115 %255 169 80 78 %
Home equity103 182 (43)%305 236 78 32 %
Other consumer1,615 1,487 9 %1,449 1,243 988 63 %
Total consumer2,166 2,080 4 %2,414 1,855 1,271 70 %
Total restructured loans (accruing)$2,576 $2,457 5 %$2,719 $2,089 $1,439 79 %
Nonaccrual restructured loans (included in nonaccrual loans)$717 $1,141 (37)%$805 $961 $796 (10)%
Jun 30, 2024Mar 31, 2024Seql Qtr %
Change		Dec 31, 2023Sep 30, 2023Jun 30, 2023Comp Qtr %
Change
Accruing loans 30-89 days past due
Commercial and industrial$2,052 $521 N/M$5,565 $1,507 $12,005 (83)%
Commercial real estate—owner occupied— — N/M358 1,877 1,484 (100)%
Commercial and business lending2,052 521 N/M5,923 3,384 13,489 (85)%
Commercial real estate—investor1,023 19,164 (95)%18,697 10,121 — N/M
Real estate construction— 1,260 (100)%— 10 76 (100)%
Commercial real estate lending1,023 20,424 (95)%18,697 10,131 76 N/M
Total commercial3,075 20,945 (85)%24,619 13,515 13,565 (77)%
Residential mortgage10,374 9,903 5 %13,446 11,652 8,961 16 %
Auto finance15,814 12,521 26 %17,386 16,688 11,429 38 %
Home equity3,694 2,819 31 %4,208 3,687 4,030 (8)%
Other consumer1,995 2,260 (12)%2,166 1,880 2,025 (1)%
Total consumer31,877 27,503 16 %37,205 33,908 26,444 21 %
Total accruing loans 30-89 days past due$34,952 $48,448 (28)%$61,825 $47,422 $40,008 (13)%
N/M = Not meaningful
Numbers may not sum due to rounding.
6


Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
Three Months Ended
 June 30, 2024March 31, 2024June 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$11,011,228 $198,191 7.24 %$10,816,255 $194,090 7.22 %$10,899,337 $184,080 6.77 %
Commercial real estate lending7,249,773 134,203 7.45 %7,389,962 138,850 7.56 %7,295,367 127,967 7.04 %
Total commercial18,261,000 332,394 7.32 %18,206,217 332,940 7.35 %18,194,703 312,047 6.88 %
Residential mortgage 7,905,236 69,389 3.51 %7,896,956 68,787 3.48 %8,701,496 72,056 3.31 %
Auto finance2,524,107 35,021 5.58 %2,373,720 32,603 5.52 %1,654,523 19,701 4.78 %
Other retail889,220 20,504 9.24 %892,128 20,661 9.28 %887,574 20,135 9.08 %
Total loans29,579,564 457,307 6.21 %29,369,022 454,991 6.22 %29,438,297 423,939 5.77 %
Investment securities
Taxable 5,680,757 50,479 3.55 %5,517,023 46,727 3.39 %5,304,381 35,845 2.70 %
Tax-exempt(a)
2,116,174 17,896 3.38 %2,133,352 18,024 3.38 %2,314,825 20,152 3.48 %
Other short-term investments620,943 9,304 6.03 %576,782 8,311 5.80 %511,487 6,086 4.77 %
Investments and other8,417,874 77,680 3.69 %8,227,158 73,062 3.55 %8,130,693 62,083 3.05 %
Total earning assets37,997,438 $534,987 5.65 %37,596,179 $528,053 5.64 %37,568,991 $486,022 5.18 %
Other assets, net3,103,168 3,173,027 2,989,321 
Total assets$41,100,606 $40,769,206 $40,558,311 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$5,133,688 $21,972 1.72 %$4,928,031 $21,747 1.77 %$4,749,808 $15,160 1.28 %
Interest-bearing demand7,265,621 48,109 2.66 %7,490,119 49,990 2.68 %6,663,775 34,961 2.10 %
Money market5,995,005 46,391 3.11 %6,116,604 47,306 3.11 %6,743,810 43,529 2.59 %
Network transaction deposits1,595,312 21,416 5.40 %1,651,937 22,205 5.41 %1,468,006 18,426 5.03 %
Time deposits6,927,663 83,173 4.83 %7,198,315 84,983 4.75 %4,985,949 50,119 4.03 %
Total interest-bearing deposits26,917,289 221,062 3.30 %27,385,005 226,231 3.32 %24,611,348 162,196 2.64 %
Federal funds purchased and securities sold under agreements to repurchase213,921 2,303 4.33 %263,979 2,863 4.36 %285,754 2,261 3.17 %
Other short-term funding561,596 7,044 5.04 %449,999 5,603 5.01 %12,179 — 0.01 %
FHLB advances2,432,195 34,143 5.65 %1,540,247 21,671 5.66 %3,796,106 49,261 5.20 %
Long-term funding533,670 10,096 7.57 %539,106 10,058 7.46 %543,003 9,596 7.07 %
Total short and long-term funding3,741,381 53,586 5.75 %2,793,331 40,194 5.78 %4,637,042 61,118 5.28 %
Total interest-bearing liabilities30,658,670 $274,648 3.60 %30,178,337 $266,425 3.55 %29,248,389 $223,314 3.06 %
Noninterest-bearing demand deposits5,712,115 5,882,052 6,669,787 
Other liabilities563,616 527,437 511,074 
Stockholders’ equity4,166,204 4,181,381 4,129,061 
Total liabilities and stockholders’ equity$41,100,606 $40,769,206 $40,558,311 
Interest rate spread2.05 %2.09 %2.12 %
Net free funds0.70 %0.70 %0.68 %
Fully tax-equivalent net interest income and net interest margin$260,340 2.75 %$261,628 2.79 %$262,708 2.80 %
Fully tax-equivalent adjustment3,747 3,770 4,791 
Net interest income$256,593 $257,858 $257,917 
Numbers may not sum due to rounding.
(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.
(b)Nonaccrual loans and loans held for sale have been included in the average balances.
(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.
7


Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
Six Months Ended June 30,
 20242023
($ in thousands)Average
Balance		Interest
Income /Expense		Average
Yield / Rate		Average
Balance		Interest
Income /Expense		Average
Yield / Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial and business lending$10,913,741 $392,281 7.23 %$10,758,464 $351,254 6.58 %
Commercial real estate lending7,319,867 273,053 7.50 %7,273,402 247,054 6.85 %
Total commercial18,233,608 665,334 7.34 %18,031,866 598,308 6.69 %
Residential mortgage
7,965,375 138,120 3.47 %8,643,335 142,767 3.30 %
Auto finance2,448,914 67,624 5.55 %1,572,773 36,159 4.64 %
Other retail826,396 41,221 10.00 %895,720 38,629 8.65 %
Total loans29,474,293 912,299 6.22 %29,143,694 815,864 5.64 %
Investment securities
Taxable 5,598,890 97,206 3.47 %5,109,481 65,987 2.58 %
Tax-exempt (a)
2,124,763 35,920 3.38 %2,322,132 40,344 3.47 %
Other short-term investments598,888 17,615 5.91 %502,325 11,415 4.58 %
Investments and other8,322,541 150,741 3.62 %7,933,938 117,746 2.97 %
Total earning assets37,796,834 $1,063,040 5.65 %37,077,632 $933,610 5.06 %
Other assets, net3,135,876 3,007,684 
Total assets$40,932,710 $40,085,316 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$5,030,859 $43,719 1.75 %$4,707,451 $25,019 1.07 %
Interest-bearing demand7,377,870 98,099 2.67 %6,738,715 64,880 1.94 %
Money market6,055,804 93,698 3.11 %7,137,912 85,167 2.41 %
Network transaction deposits1,623,625 43,621 5.40 %1,308,434 31,252 4.82 %
Time deposits7,062,989 168,156 4.79 %3,681,352 65,301 3.58 %
Total interest-bearing deposits27,151,147 447,293 3.31 %23,573,864 271,618 2.32 %
Federal funds purchased and securities sold under agreements to repurchase238,950 5,166 4.35 %357,369 5,404 3.05 %
Other short-term funding503,602 12,646 5.05 %14,745 1 0.01 %
FHLB advances1,986,221 55,814 5.65 %4,024,052 99,222 4.97 %
Long-term funding536,388 20,154 7.51 %475,961 15,876 6.67 %
Total short and long-term funding3,265,160 93,780 5.77 %4,872,128 120,503 4.98 %
Total interest-bearing liabilities30,416,308 $541,073 3.58 %28,445,992 $392,121 2.78 %
Noninterest-bearing demand deposits5,797,084 7,003,151 
Other liabilities545,526 540,457 
Stockholders’ equity4,173,793 4,095,717 
Total liabilities and stockholders’ equity$40,932,710 $40,085,316 
Interest rate spread2.07 %2.28 %
Net free funds0.70 %0.65 %
Fully tax-equivalent net interest income and net interest margin$521,967 2.77 %$541,490 2.93 %
Fully tax-equivalent adjustment7,516 9,563 
Net interest income$514,451 $531,927 
Numbers may not sum due to rounding.
(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.
(b)Nonaccrual loans and loans held for sale have been included in the average balances.
(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.
8


Associated Banc-Corp
Loan and Deposit Composition		       
($ in thousands)
Period end loan compositionJun 30, 2024Mar 31, 2024Seql Qtr % ChangeDec 31, 2023Sep 30, 2023Jun 30, 2023Comp Qtr % Change
Commercial and industrial$9,970,412 $9,858,329 1 %$9,731,555 $10,099,068 $10,055,487 (1)%
Commercial real estate—owner occupied1,102,146 1,095,894 1 %1,061,700 1,054,969 1,058,237 4 %
Commercial and business lending11,072,558 10,954,223 1 %10,793,255 11,154,037 11,113,724 — %
Commercial real estate—investor5,001,392 5,035,195 (1)%5,124,245 5,218,980 5,312,928 (6)%
Real estate construction2,255,637 2,287,041 (1)%2,271,398 2,130,719 2,009,060 12 %
Commercial real estate lending7,257,029 7,322,237 (1)%7,395,644 7,349,699 7,321,988 (1)%
Total commercial18,329,587 18,276,460 — %18,188,898 18,503,736 18,435,711 (1)%
Residential mortgage 7,840,073 7,868,180 — %7,864,891 8,782,645 8,746,345 (10)%
Auto finance2,556,009 2,471,257 3 %2,256,162 2,007,164 1,777,974 44 %
Home equity 634,142 619,764 2 %628,526 623,650 615,506 3 %
Other consumer258,460 258,603 — %277,740 275,993 273,367 (5)%
Total consumer11,288,684 11,217,802 1 %11,027,319 11,689,451 11,413,193 (1)%
Total loans$29,618,271 $29,494,263 — %$29,216,218 $30,193,187 $29,848,904 (1)%
Period end deposit and customer funding compositionJun 30, 2024Mar 31, 2024Seql Qtr % ChangeDec 31, 2023Sep 30, 2023Jun 30, 2023Comp Qtr % Change
Noninterest-bearing demand$5,815,045 $6,254,135 (7)%$6,119,956 $6,422,994 $6,565,666 (11)%
Savings5,157,103 5,124,639 1 %4,835,701 4,836,735 4,777,415 8 %
Interest-bearing demand8,284,017 8,747,127 (5)%8,843,967 7,528,154 7,037,959 18 %
Money market6,294,895 6,721,674 (6)%6,330,453 7,268,506 7,521,930 (16)%
Brokered CDs4,061,578 3,931,230 3 %4,447,479 3,351,399 3,818,325 6 %
Other time deposits3,078,401 2,934,352 5 %2,868,494 2,715,538 2,293,114 34 %
Total deposits32,691,039 33,713,158 (3)%33,446,049 32,123,326 32,014,409 2 %
Other customer funding(a)
89,524 90,536 (1)%106,620 151,644 170,873 (48)%
Total deposits and other customer funding$32,780,564 $33,803,694 (3)%$33,552,669 $32,274,971 $32,185,282 2 %
Network transaction deposits(b)
$1,502,919 $1,792,820 (16)%$1,566,139 $1,649,389 $1,600,619 (6)%
Net deposits and other customer funding(c)
$27,216,066 $28,079,644 (3)%$27,539,051 $27,274,183 $26,766,338 2 %
Quarter average loan compositionJun 30, 2024Mar 31, 2024Seql Qtr % ChangeDec 31, 2023Sep 30, 2023Jun 30, 2023Comp Qtr % Change
Commercial and industrial$9,915,894 $9,729,718 2 %$9,768,803 $9,927,271 $9,831,956 1 %
Commercial real estate—owner occupied1,095,334 1,086,537 1 %1,051,412 1,058,313 1,067,381 3 %
Commercial and business lending11,011,228 10,816,255 2 %10,820,214 10,985,584 10,899,337 1 %
Commercial real estate—investor4,964,394 5,041,518 (2)%5,156,528 5,205,626 5,206,430 (5)%
Real estate construction2,285,379 2,348,444 (3)%2,241,281 2,107,018 2,088,937 9 %
Commercial real estate lending7,249,773 7,389,962 (2)%7,397,809 7,312,645 7,295,367 (1)%
Total commercial18,261,000 18,206,217 — %18,218,024 18,298,229 18,194,703 — %
Residential mortgage7,905,236 7,896,956 — %8,691,258 8,807,157 8,701,496 (9)%
Auto finance2,524,107 2,373,720 6 %2,138,536 1,884,540 1,654,523 53 %
Home equity630,855 625,686 1 %627,736 619,423 612,045 3 %
Other consumer258,366 266,443 (3)%276,881 275,262 275,530 (6)%
Total consumer11,318,564 11,162,805 1 %11,734,412 11,586,382 11,243,594 1 %
Total loans(d)
$29,579,564 $29,369,022 1 %$29,952,435 $29,884,611 $29,438,297 — %
Quarter average deposit compositionJun 30, 2024Mar 31, 2024Seql Qtr % ChangeDec 31, 2023Sep 30, 2023Jun 30, 2023Comp Qtr % Change
Noninterest-bearing demand$5,712,115 $5,882,052 (3)%$6,171,240 $6,318,781 $6,669,787 (14)%
Savings5,133,688 4,928,031 4 %4,861,913 4,814,499 4,749,808 8 %
Interest-bearing demand7,265,621 7,490,119 (3)%7,156,151 6,979,071 6,663,775 9 %
Money market5,995,005 6,116,604 (2)%6,121,105 6,294,083 6,743,810 (11)%
Network transaction deposits1,595,312 1,651,937 (3)%1,616,719 1,639,619 1,468,006 9 %
Brokered CDs3,927,727 4,268,881 (8)%3,470,516 3,428,711 3,001,775 31 %
Other time deposits2,999,936 2,929,434 2 %2,794,105 2,527,030 1,984,174 51 %
Total deposits32,629,404 33,267,057 (2)%32,191,750 32,001,794 31,281,134 4 %
Other customer funding(a)
87,161 101,483 (14)%127,252 164,289 196,051 (56)%
Total deposits and other customer funding$32,716,565 $33,368,540 (2)%$32,319,002 $32,166,082 $31,477,186 4 %
Net deposits and other customer funding(c)
$27,193,526 $27,447,723 (1)%$27,231,767 $27,097,752 $27,007,405 1 %
N/M = Not meaningful
Numbers may not sum due to rounding.
(a) Includes repurchase agreements and commercial paper.
(b) Included above in interest-bearing demand and money market.
(c) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.
(d) Nonaccrual loans and loans held for sale have been included in the average balances.

9


Associated Banc-Corp
Non-GAAP Financial Measures Reconciliation		YTDYTD
($ in millions, except per share data)Jun 2024Jun 20232Q241Q244Q233Q232Q23
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets7.18 %7.08 %7.11 %6.88 %6.94 %
Return on average equity9.48 %9.38 %11.16 %7.81 %(8.74)%7.99 %8.47 %
Return on average tangible common equity13.78 %13.79 %16.25 %11.31 %(13.13)%11.67 %12.38 %
Return on average common equity Tier 112.42 %12.11 %14.54 %10.27 %(11.85)%10.08 %10.88 %
Return on average tangible assets1.01 %1.00 %1.18 %0.84 %(0.88)%0.84 %0.90 %
Average stockholders' equity / average assets10.20 %10.22 %10.14 %10.26 %9.97 %10.06 %10.18 %
Tangible common equity reconciliation(a)
Common equity$4,048 $3,975 $3,980 $3,934 $3,929 
Goodwill and other intangible assets, net(1,141)(1,143)(1,145)(1,148)(1,150)
Tangible common equity$2,907 $2,831 $2,834 $2,786 $2,779 
Tangible assets reconciliation(a)
Total assets$41,624 $41,137 $41,016 $41,637 $41,219 
Goodwill and other intangible assets, net(1,141)(1,143)(1,145)(1,148)(1,150)
Tangible assets$40,483 $39,994 $39,870 $40,490 $40,070 
Average tangible common equity and average common equity Tier 1 reconciliation(a)
Common equity$3,980 $3,902 $3,972 $3,987 $3,926 $3,938 $3,935 
Goodwill and other intangible assets, net(1,143)(1,152)(1,142)(1,145)(1,147)(1,149)(1,151)
Tangible common equity2,836 2,750 2,830 2,843 2,780 2,789 2,784 
   Modified CECL transitional amount22 45 22 22 45 45 45 
Accumulated other comprehensive loss215 255 242 188 286 302 252 
Deferred tax assets, net18 28 25 12 27 28 28 
Average common equity Tier 1$3,092 $3,077 $3,118 $3,065 $3,138 $3,164 $3,108 
Average tangible assets reconciliation(a)
Total assets$40,933 $40,085 $41,101 $40,769 $41,331 $41,076 $40,558 
Goodwill and other intangible assets, net(1,143)(1,152)(1,142)(1,145)(1,147)(1,149)(1,151)
Tangible assets$39,789 $38,933 $39,958 $39,625 $40,184 $39,927 $39,407 
Adjusted net income reconciliation(b)
Net income$197 $191 $116 $81 $(91)$83 $87 
Other intangible amortization, net of tax3 3 2 2 2 2 2 
Adjusted net income$200 $194 $117 $83 $(89)$85 $89 
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity$191 $185 $113 $78 $(94)$80 $84 
Other intangible amortization, net of tax3 3 2 2 2 2 2 
Adjusted net income available to common equity$194 $188 $114 $80 $(92)$82 $86 
Selected trend information(d)
Wealth management fees$44 $41 $23 $22 $21 $21 $20 
Service charges and deposit account fees25 25 12 12 11 13 12 
Card-based fees23 22 12 11 12 12 11 
Other fee-based revenue9 9 5 4 4 5 4 
Fee-based revenue102 97 52 50 47 50 49 
Other29 31 13 15 (178)17 17 
Total noninterest income$130 $128 $65 $65 $(131)$67 $66 
Pre-tax pre-provision income(e)
Income before income taxes$204 $241 $103 $101 $(138)$103 $111 
Provision for credit losses47 40 23 24 21 22 22 
Pre-tax pre-provision income$251 $281 $126 $125 $(117)$125 $133 
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.
10


Associated Banc-Corp
Non-GAAP Financial Measures Reconciliation		YTD
Jun 2024		YTD
Jun 2023		2Q241Q244Q233Q232Q23
End of period core customer deposits reconciliation
Total deposits$32,691 $33,713 $33,446 $32,123 $32,014 
Network transaction deposits(1,503)(1,793)(1,566)(1,649)(1,601)
Brokered CDs(4,062)(3,931)(4,447)(3,351)(3,818)
Core customer deposits$27,127 $27,989 $27,432 $27,123 $26,595 
Quarterly average core customer deposits reconciliation
Total deposits$32,629 $33,267 $32,192 $32,002 $31,281 
Network transaction deposits(1,595)(1,652)(1,617)(1,640)(1,468)
Brokered CDs(3,928)(4,269)(3,471)(3,429)(3,002)
Core customer deposits$27,106 $27,346 $27,105 $26,933 $26,811 
Efficiency ratio reconciliation(a)
Federal Reserve efficiency ratio61.27 %57.26 %61.51 %61.03 %132.01 %60.06 %58.49 %
Fully tax-equivalent adjustment(0.71)%(0.82)%(0.71)%(0.71)%(3.29)%(0.89)%(0.85)%
Other intangible amortization(0.69)%(0.67)%(0.68)%(0.69)%(1.21)%(0.69)%(0.68)%
Fully tax-equivalent efficiency ratio59.88 %55.78 %60.12 %59.63 %127.54 %58.50 %56.96 %
FDIC special assessment(0.82)%— %0.73 %(2.38)%(9.50)%— %— %
Announced initiatives— %— %— %— %(53.92)%— %— %
Adjusted efficiency ratio59.06 %55.78 %60.85 %57.25 %64.12 %58.50 %56.96 %
One Time Item ReconciliationYTDYTD
($ in millions, except per share data)Jun 2024Jun 2024 per share data (diluted)2Q242Q24 per share data (diluted)
GAAP net income$197 $1.26 $116 $0.74 
Tax benefit(b)
(33)(0.22)(33)(0.22)
Net income, excluding one time item164 $1.04 83 $0.52 
        Less preferred stock dividends(6)(3)
            Net income available to common equity, excluding one time item$158 $80 
One Time Item Noninterest Income ReconciliationYTD
($ in thousands)4Q23Dec 2023
GAAP noninterest income$(131,013)$63,182 
Loss on mortgage portfolio sale(c)
136,239 136,239 
Net loss on sale of investments(c)
64,940 64,940 
Noninterest income, excluding one time items$70,166 $264,361 
One Time Item Noninterest Expense ReconciliationYTD
($ in thousands)4Q23Dec 2023
GAAP noninterest expense$239,391 $813,682 
FDIC special assessment(30,597)(30,597)
Noninterest expense, excluding one time item$208,795 $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 tax benefit classified as a one time item is the result of a strategic reallocation of the Corporation's investment securities portfolio which occurred in the second quarter of 2024.
(c)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.

11

Second Quarter 2024 Earnings Presentation JULY 25, 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. Exhibit 99.2

 
2 Second Quarter 2024 Results1 1 All figures shown on an end of period basis unless otherwise noted. Growth / decrease reflects 2Q 2024 results compared to 1Q 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 $0.74 ▪ Adjusted diluted EPS2 of $0.52 ▪ Total quarterly avg. loan growth of $211 million ▪ Total quarterly avg. core customer deposit2 decrease of $240 million ▪ Total quarterly avg. deposit decrease of $638 million ▪ Loans / deposits of 90.6% ▪ Net interest income of $257 million ▪ Net interest margin of 2.75% ▪ Noninterest income of $65 million ▪ Noninterest expense of $196 million ▪ Noninterest expense / avg. assets of 1.92% ▪ Provision for credit losses of $23 million ▪ ACLL / total loans of 1.32% ▪ NCOs / avg. loans (annualized) of 0.29% 2Q 2024 Operating Results $0.74 GAAP Diluted EPS $0.52 Adjusted Diluted EPS2 0.7% Avg. Loan Growth (4) bps Net Interest Margin Decrease (0.9%) Avg. Core Customer Deposit2 Decrease (1.9%) Avg. Deposit Decrease 0.13% Total Delinquencies3 / Total Loans 9.68% CET1 Ratio 7.18% TCE Ratio2 $19.28 Tangible Book Value / Share Exhibit 99.2

 
3 2Q 2024 EPS Adjustment 1 Tax benefit resulted from a strategic reallocation of our investment securities portfolio. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Our 2Q 2024 GAAP EPS was impacted by a one time tax benefit recognized during the quarter 2Q 2024 GAAP EPS Tax Benefit 2Q 2024 Adjusted EPS2 One time deferred tax benefit of approximately $33 million recognized in 2Q 20241 $0.52 Exhibit 99.2

 
4 Launched in 2021, Phase 1 of our strategic plan established ASB’s ability to execute Phase 1 Strategic Plan: Foundational to Growth Upgraded Product & Service Offerings Launched Mass Affluent Strategy Modernized Digital Banking Experience Introduced “Champion of You” Brand Strategy Enhanced Lending Capabilities 1 All updates as of or for the period ended June 30, 2024 unless otherwise noted. 2 Based on year-over-year customer satisfaction scores from internal transactional surveys. 2024 data through June 30, 2024. 3 Net promoter score metric based on likelihood of customers to recommend Associated Bank to family and friends as indicated in our internal Consumer Relationship Survey. Foundational Outcomes1 from Phase 1 ▪ Nearly $800 million in Asset-Based Lending & Equipment Finance loans ▪ Over $2.5 billion in prime/super prime Auto loans ▪ Expanded commercial & business RMs by 29% vs. 12/31/21 ▪ Over $1 billion in net new Mass Affluent deposits since launch in December 2022 ▪ 4.5-year high in digital satisfaction, led by mobile2 ▪ Highest net promoter scores3 since internal tracking began in 2017 ▪ Highest quarterly net consumer checking household growth in over a decade ▪ 26% increase in YTD deposit balances per new consumer checking household vs. 2023 Exhibit 99.2

 
5 Advancing our Growth Strategy in Phase 2 Phase 2 is designed to accelerate our momentum through an infusion of talent in key areas & targeted initiatives Phase 2 Progress1 ▪ Progressing on our plan to hire 26+ additional commercial & business RMs (+28% vs. 9/30/23) ▪ Consumer & Small Business initiatives expected to drive cumulative incremental deposit growth of ~$2 billion by year-end 2025. On track: ▪ 28 additional bankers trained for Mass Affluent since November 2023 (bringing total to 58) ▪ Automated direct deposit switching (4Q23) ▪ Early Pay (1Q24) ▪ Social media campaign & acquisition-focused marketing tactics (1Q24) ▪ NEW: Credit Monitor (launched Jul. 23rd) 1 All updates as of or for the period ended June 30, 2024 unless otherwise noted. 2 Incremental balance growth expected above our standard run rate, which is impacted by market conditions. $750M Cumulative Incremental Commercial Loan Growth2 $2.5B Cumulative Incremental Deposit Balances (Total Bank)2 3% Annual Household Growth Rate Expected Outcomes by Year-End 20252 Recent Key Leadership Hires Bryan Carson EVP, Chief Product & Marketing Officer Derek Meyer EVP, Chief Financial Officer Terry Williams EVP, Chief Information Officer Jayne Hladio EVP, President of Private Wealth Neil Riegelman SVP, Com’l Banking Segment Leader (WI) Phillip Trier EVP, Com’l Banking Group Leader Steven Zandpour EVP, Dir. of Consumer & Business Banking Michael Lebens SVP, Com’l Banking Segment Leader (MN) Jul 2022 Aug 2022 Jan 2023 Oct 2023 Dec 2023 Jan 2024 Oct 2023 May 2024 Exhibit 99.2

 
6 Improving our Return Profile Over Time1 Our efforts to remix the balance sheet & drive toward improved profitability are on track Strategy Progress Since 2021 1H24 Results Growing diversified asset classes to decrease reliance on legacy low-yielding, low-relationship asset classes ▪ Expanded Commercial RM base across footprint ▪ $2.5B in prime/super prime Auto balances ▪ Exited TPO mortgage business in 1Q23 ▪ Sold $969M 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 ▪ $1B in net new Mass Affluent deposits ▪ Repaid $849M of FHLB Advances in 4Q23 (Quarterly avg. growth 2Q24 vs. 4Q23; $ in millions) 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 $147 $386 C&I Auto Mortgage $(604) $2 $438 Total Short & Long-Term Funding3 Total Deposits 1 All updates as of or for the period ended June 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. 3 Excludes brokered CDs and network transaction deposits, which are included in total deposits. Core Customer Deposits2 $(786) Exhibit 99.2

 
7 $2.7 $2.9 $3.2 $3.3 $3.4 $8.7 $8.8 $7.9 $7.9 $7.8 $7.3 $7.3 $7.4 $7.3 $7.3 $11.1 $11.2 $10.8 $11.0 $11.1 $29.8 $30.2 $29.2 $29.5 $29.6 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) Commercial & Business Lending Commercial Real Estate Consumer Lending Average Loan Change (1Q 2024 to 2Q 2024)Period End Quarterly Loan Trends $(77) $(63) $(3) $8 $9 $150 $186 Home Equity & Other Consumer Commercial & Industrial CRE Construction CRE-Owner Occupied Auto Finance CRE Investor Residential Mortgage Quarterly Loan Trends Average loans grew by $211 million vs. the prior quarter, led by growth in C&I & Auto Exhibit 99.2

 
8 Period End Quarterly Deposits ($ in billions) Average Funding Change (1Q 2024 to 2Q 2024) ($ in millions) $1.6 $1.6 $1.6 $1.8 $1.5 $3.8 $3.4 $4.4 $3.9 $4.1 $2.3 $2.7 $2.9 $2.9 $3.1 $6.3 $6.1 $6.0 $6.2 $5.9 $4.8 $4.8 $4.8 $5.1 $5.2 $6.6 $7.0 $7.6 $7.5 $7.2 $6.6 $6.4 $6.1 $6.3 $5.8 $32.0 $32.1 $33.4 $33.7 $32.7 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 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. $(224) $(170) $(122) $71 $206 Noninterest-Bearing Demand Interest-Bearing Demand Customer CDs $(341) $(57) $56 FHLB Advances Brokered CDs Core Customer Deposits1 $(240) (-1%) Wholesale Funding Sources +$550 (+6%) Total Deposits $(638) (-2%) Money Market Savings Network Transaction Deposits $892 Other Wholesale Funding Quarterly Deposit & Funding Trends Our quarterly deposit trends were impacted by the timing of seasonal balance flows in 1Q & 2Q Exhibit 99.2

 
9 $32,192 $33,267 $32,629 $27,105 $27,346 $27,106 4Q 2023 1Q 2024 2Q 2024 We remain well-positioned to deliver core customer deposit1 growth in 2H 2024 YTD Deposit Performance & Outlook 1 This is a non-GAAP financial measure. See appendix for a reconciliation of period end core customer deposits to total deposits. 2 All updates as of or for the period ended June 30, 2024 unless otherwise noted. 3 Net promoter score metric based on likelihood of customers to recommend Associated Bank to family and friends as indicated in our internal Consumer Relationship Survey. Quarterly Average Deposit Trends ($ in millions) +0% Core Customer Deposits1Total Deposits ▪ 1Q deposit growth was stronger than anticipated due to seasonal customer inflows retained on the balance sheet longer than expected ▪ 2Q outflows were largely as expected, driven by delayed disbursement of 1Q inflows and ongoing competition in the marketplace ▪ Taken together, quarterly average core customer deposits1 were essentially flat from 4Q23 to 2Q24 Highest quarterly net consumer checking household growth in over a decade 26% increase in YTD deposit balances per new consumer checking household vs. 2023 Highest net promoter scores3 since internal tracking began in 2017 Well-Positioned for Core Customer Deposit Growth in 2H 20242 Exhibit 99.2

 
10 Quarterly Average Yields (%) Average Yield Trends 7.04 7.29 7.42 7.56 7.45 6.77 7.04 7.11 7.22 7.24 4.78 5.07 5.42 5.52 5.58 3.31 3.39 3.50 3.48 3.51 3.05 3.16 3.43 3.55 3.69 2.64 2.98 3.18 3.32 3.30 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Earning asset yields were up 1 bp during 2Q, while the rate on total interest-bearing liabilities was up 5 bps 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 5.18 5.36 5.51 5.64 5.65 3.06 3.36 3.55 3.55 3.60 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Investments and Other Exhibit 99.2

 
11 Net Interest Income & Net Interest Margin Trends Net interest income decreased by only $1 million despite funding cost pressure in 2Q $258 $254 $253 $258 $257 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 2.69%2.71% 2.80% 2.79% 2.75% ($ in millions) Quarterly Net Interest Income Quarterly Net Interest Margin Exhibit 99.2

 
12 Cash & Investment Securities Portfolio We continue to target investments to total assets of 18% to 20% in 2024 19% 18% 19% 19% 19% 2% 2% 2% 2% 2% 20% 20% 21% 21% 21% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Securities Period End Securities + Cash / Total Assets Cash $3.5 $3.5 $3.6 $3.7 $3.9 $3.9 $3.9 $3.9 $3.8 $3.8 $0.3 $0.3 $0.3 $0.2 $0.2 $7.7 $7.7 $7.7 $7.8 $7.9 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Held to MaturityAvailable for Sale ($ in billions) Period End Securities Book Composition Other Securities CET1 Including AOCI1 (%) CET1 Ratio Incl. AOCICET1 Ratio 9.48 9.55 9.39 9.43 9.68 8.60 8.53 8.87 8.79 9.01 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Exhibit 99.2

 
13 $49 $50 $47 $50 $52 $8 $7 $2 $3 $3 $5 $5 $9 $4 $5 $4 $5 $12 $8 $6 $66 $67 $70 $65 $65 2Q 2023 3Q 2023 4Q 2023 Adjusted 1Q 2024 2Q 2024 Noninterest Income Trends ($ in millions) Our 2Q 2024 noninterest income increased modestly vs. the prior quarter 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) Exhibit 99.2

 
14 $114 $117 $121 $119 $122 $24 $26 $28 $26 $27 $52 $53 $60 $44 $47 $31 $8 $191 $196 $239 $198 $196 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 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 $2 million adjustment of FDIC special assessment expense based on an updated special assessment estimate received from the FDIC in the second quarter of 2024. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ($ in millions) Total noninterest expense decreased 1%, or $2 million, vs. prior quarter Adjusted Efficiency Ratio3 Federal Reserve Efficiency Ratio 58.5 60.1 61.0 61.5 57.0 58.5 64.1 57.2 60.9 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Personnel Expense Other1 Technology Expense FDIC Special Assessment 132.0 Noninterest Expense / Average Assets (%) 1.89 1.90 2.30 1.95 1.92 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 2 Exhibit 99.2

 
15 Capital Ratios (%) 7.08 9.43 10.02 12.08 7.18 9.68 10.27 12.34 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 second quarter Capital Profile 1 2024 Capital Target Ranges (%) $18.41 $18.46 $18.77 $18.78 $19.28 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Tangible Book Value / Share 7.18 2Q 2024 TCE Ratio 2024 Target Range 9.68 2Q 2024 CET1 Ratio 2024 Target Range 7.75 10.00 6.75 9.00 1 1Q 2024 2Q 2024 Exhibit 99.2

 
16 ACLL / Total Loans (%)ACLL1 Update ▪ ACLL increased $2 million from the prior quarter to $390 million, driven primarily by nominal credit movement coupled with general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody’s May 2024 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Our ACLL percentage increased by 1 basis point vs. the prior quarter to 1.32% Allowance for Credit Losses on Loans (ACLL) Update 1.26 1.26 1.32 1.31 1.32 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 146,335$ 1.32% 157,933$ 1.44% 150,274$ 1.36% CRE - Investor 67,434 1.27% 72,512 1.44% 72,156 1.44% CRE - Construction 69,970 3.48% 64,225 2.81% 71,680 3.18% Residential Mortgage 41,189 0.47% 35,915 0.46% 34,542 0.44% Other Consumer 52,098 1.95% 57,198 1.71% 60,968 1.77% Total 377,027$ 1.26% 387,782$ 1.31% 389,620$ 1.32% 6/30/2023 3/31/2024 6/30/2024 Exhibit 99.2

 
17 Net Charge Offs and Provision Total Delinquent Loans Credit Quality Trends $2 $2 $22 $2 $2$40 $47 $62 $48 $35 $42 $50 $84 $51 $37 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 2Q 2024 credit quality remained solid with delinquencies, criticized loans, & NCOs down vs. prior quarter ($ in millions) Accruing Loans 30-89 Days PD $11 $18 $16 $22 $21 $22 $22 $21 $24 $23 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD Total Criticized Loans $131 $169 $149 $178 $154 $345 $387 $454 $484 $528 $248 $286 $217 $155 $118 $724 $842 $820 $818 $801 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 ($ in millions) ($ in millions) Nonaccrual Loans $73 $79 $86 $85 $83 $22 $11 $0 $19 $48 $36 $79 $63 $74 $23 $131 $169 $149 $178 $154 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 ($ in millions) CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans Exhibit 99.2

 
18 Multi-Family 39% Retail 9% Office 14% Industrial 23% Other 15% Consumer 38% Com'l & Business Lending 37% CRE 25% Wisconsin 20% Illinois 16% Minnesota 9% Other Midwest2 21% Texas 8% Other 26% 1 All updates as of or for the period ended June 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 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 Portfolio LTV 60% 59% 58% 59% 59% Delinquencies/Loans3 0.00% 0.14% 0.52% 0.28% 0.01% NALs/Loans 0.30% 0.15% 0.00% 0.26% 0.67% ACLL/Loans 1.88% 1.90% 1.88% 1.87% 1.98% NCOs/Avg. Loans4 (0.12%) (0.02%) (0.01%) 0.00% 0.25% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.16% Top 10 Largest CRE Borrowers 1.33% Largest CRE Property Type (Multi-Fam) 9.65% CRE Office Loans 3.39% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.18x 2024 Remaining Maturities $233 million Central Business District vs. Suburban ~79% Suburban Property Class Mix ~58% Class A6 Exhibit 99.2

 
19 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, the $8 million FDIC special assessment recognized during the first quarter of 2024, and the $2 million adjustment of FDIC special assessment expense booked during the second quarter 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) 4% to 6% Growth Lower end of range EoP Total Deposits $33.4B (+12.9% vs. 2022) Core Customer Deposits3 $27.4B (-2.4% vs. 2022) 3% to 5% Growth (Core Customer Deposits) Lower end of range Net Interest Income $1.040B (+8.6% vs. 2022) $1.040B (+8.6% vs. 2022) 2% to 4% Growth 1% to 3% Growth Noninterest Income $63M (-77.6% vs. 2022) $264M (-6.4% vs. 2022) 0% to 2% Decrease 1% Decrease to 1% Growth Noninterest Expense $814M (+8.9% vs. 2022) $783M (+4.8% vs. 2022) 2% to 3% Growth4 No change Effective Tax Rate 11.2% N/A 19% to 21%5 No change Exhibit 99.2

 
Appendix Exhibit 99.2

 
21 Commercial & Business Lending 37% Commercial Real Estate 25% Consumer 38% Corporate & Commercial Specialty 26% Community, Consumer & Business 56% Risk Mgmt & Shared Services 17% With origins dating back to 1861, ASB is the largest bank holding company based in Wisconsin2 Associated Banc-Corp (NYSE: ASB)1 $42B Assets $30B Loans $4B Equity $33B Deposits Average Loans Average Deposits 1 All figures as of or for the quarter ended June 30, 2024 unless otherwise noted. 2 Based on assets as of March 31, 2024. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 9.68% CET1 Ratio 188 Branches ~4,000 Employees 7.18% TCE Ratio3 Exhibit 99.2

 
22 Stable, Granular Deposit Portfolio Uninsured, uncollateralized deposits were only 22% of total deposits as of 6/30/2024 1 Liquidity coverage based on current levels of readily available (within one business day) funding. See slide 23 for additional details. 22% 23% 23% 23% 22% 78% 77% 77% 77% 78% $32.1 $32.1 $33.5 $33.7 $32.8 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Period End Total Deposit Trends (Associated Bank, N.A.) ($ in billions) Total of Insured and Collateralized Deposits Total of Uninsured and Uncollateralized Deposits 22% Percentage of total deposits that were uninsured and uncollateralized as of 6/30/2024 112% Readily available liquidity coverage1 for uninsured and uncollateralized deposits as of 6/30/2024 158% Total liquidity coverage for uninsured and uncollateralized deposits as of 6/30/2024 Exhibit 99.2

 
23 Liquidity Sources As of 6/30/2024, ASB’s total liquidity sources covered 158% of uninsured, uncollateralized deposits Liquidity Sources 3/31/2024 6/30/2024 Federal Reserve Balance $419.6 $482.4 Available FHLB Chicago Capacity $7,035.8 $5,184.3 Available Fed Discount Window Capacity $1,439.0 $2,336.1 Available Bank Term Funding Program Capacity $0 $0 Funding Available Within One Business Day1 $8,894.3 $8,002.8 Available Fed Funds Lines $1,670.0 $1,676.0 Available Brokered Deposit Capacity2 $446.5 $679.1 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Liquidity $12,010.8 $11,357.9 ($ in millions) 112% of uninsured, uncollateralized deposits 158% 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. Exhibit 99.2

 
24 Commercial & Business Lending Commercial Real Estate Consumer Lending $2.5 $2.8 $3.0 $3.3 $3.4 $8.7 $8.8 $8.7 $7.9 $7.9 $7.3 $7.3 $7.4 $7.4 $7.2 $10.9 $11.0 $10.8 $10.8 $11.0 $29.4 $29.9 $30.0 $29.4 $29.6 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(34) $(31) $(28) $6 $14 $85 $112 Residential Mortgage Auto Finance Commercial & Industrial Period End Loan Change (3/31/2024 to 6/30/2024) CRE Investor Home Eq. & Other Consumer CRE-Owner Occupied CRE Construction Additional Loan Trends Exhibit 99.2

 
25 Average Quarterly Deposits ($ in billions) Period End Funding Change (3/31/2024 to 6/30/2024) ($ in millions) $1.5 $1.6 $1.6 $1.7 $1.6 $3.0 $3.4 $3.5 $4.3 $3.9 $2.0 $2.5 $2.8 $2.9 $3.0 $6.7 $6.3 $6.1 $6.1 $6.0 $4.7 $4.8 $4.9 $4.9 $5.1 $6.7 $7.0 $7.2 $7.5 $7.3 $6.7 $6.3 $6.2 $5.9 $5.7 $31.3 $32.0 $32.2 $33.3 $32.6 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 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. $(439) $(314) $(286) $32 $144 Money Market Noninterest-Bearing Demand Savings $(290) $94 $130 Brokered CDs FHLB Advances Network Transaction Deposits Core Customer Deposits1 $(863) (-3%) Wholesale Funding Sources +$1,274 (+15%) Total Deposits $(1,022) (-3%) Interest-Bearing Demand Customer CDs Other Wholesale Funding $1,340 Additional Deposit & Funding Trends Exhibit 99.2

 
26 Total Loans Outstanding Balances as of June 30, 2024 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 6/30/2024 1 % of Total Loans 6/30/2024 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 2,472$ 8.3% Multi-Family 2,859$ 9.7% Manufacturing & Wholesale Trade 2,315 7.8% Industrial 1,682 5.7% Real Estate (includes REITs) 1,753 5.9% Office 1,004 3.4% Mortgage Warehouse 770 2.6% Retail 656 2.2% Finance & Insurance 621 2.1% Single Family Construction 209 0.7% Retail Trade 478 1.6% Hotel/Motel 207 0.7% Rental and Leasing Services 428 1.4% Warehouse 199 0.7% Health Care and Social Assistance 384 1.3% Medical 164 0.6% Transportation and Warehousing 372 1.3% Land 111 0.4% Construction 371 1.3% Self Storage 29 0.1% Professional, Scientific, and Tech. Serv. 292 1.0% Other 137 0.5% Waste Management 232 0.8% Total CRE 7,257$ 24.5% Accommodation and Food Services 105 0.4% Information 96 0.3% Consumer Management of Companies & Enterprises 63 0.2% Residential Mortgage 7,840$ 26.5% Arts, Entertainment, and Recreation 62 0.2% Auto Finance 2,556 8.6% Educational Services 31 0.1% Home Equity 634 2.1% Public Administration 16 0.1% Credit Cards 137 0.5% Mining 7 0.0% Student Loans 52 0.2% Agriculture, Forestry, Fishing and Hunting 0 0.0% Other Consumer 69 0.2% Other 204 0.7% Total Consumer 11,289$ 38.1% Total C&BL 11,073$ 37.4% Total Loans 29,618$ 100.0% Exhibit 99.2

 
27 Multi-Family 39% Retail 9% Office 14% Industrial 23% 1-4 Family Construction 3% Warehouse 3% Hotel / Motel 3% Other 6% Wisconsin 28% 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 30% Natural Gas 34% Solar 16% Transmission, Control & Distribution 5%Geothermal 2%Hydroelectric 2% Other 11% Wisconsin 24% Illinois 15% Minnesota 7% Texas 6% Other Midwest 9% Other 39% Wisconsin 20% Illinois 16% Minnesota 9% Other Midwest2 21% Texas 8% Other 26% 2 2 Loan Stratification Outstanding Balances as of June 30, 2024 C&BL by Geography $11.1 billion Power & Utilities Lending $2.5 billion C&BL by Industry $11.1 billion Total Loans1 CRE by Geography $7.3 billion CRE by Property Type $7.3 billion Exhibit 99.2

 
28 4% 0% 2Q 2016 2Q 2024 8% 1% 2Q 2008 2Q 2024 Strengthened Balance Sheet1 We have exited or greatly reduced certain historically volatile portfolios while growing historically stable assets $9.5 $10.7 $2.1 $7.8$4.5 $11.1 $16.1 $29.6 2Q 2008 2Q 2024 Land & For-Sale Housing Loans / Total Loans Oil & Gas Loans / Total Loans Total Loan Portfolio Evolution ($ in billions) Commercial & Business Lending Residential Mortgage All Other Loans 1 All figures shown on an end of period basis unless otherwise noted. 41% 64% 2Q 2014 – 2Q 2024 C&BL (ex. Oil & Gas) 0.15% Blended 0.09%Residential Mortgage 0.02% ~23% of total NCOs during a peak loss period from 1Q 2009 through 1Q 2011 ~68% of total NCOs from 2Q 2016 through 2Q 2022 2Q 2008 – 2Q 2024 C&BL (ex. Oil & Gas) 0.46% Blended 0.29%Residential Mortgage 0.10% WAvg. NCO Rates Exhibit 99.2

 
29 Com'l & Business Lending 37% Other 36% Residential Mortgage 26% 1 All data as of and for the period ended June 30, 2024 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Property class mix determined by third-party vendor partner mapping of portfolio. 4 From inception on September 30, 2021 through the period ended June 30, 2024. WI 28% IL 21% MN 9% Other Midwest 12% Other 29% Loans by State 2 A company-wide focus on discipline & diversification has enhanced our credit profile Prime/Super Prime Consumer PortfolioStable Total Loan Portfolio Diversified Commercial Real Estate Portfolio Diversified Credit Risk Profile1 98% of auto loans booked have had prime/super prime FICO scores4 Total Loans by Class Loans by Category Office loans are just 3.4% of total loans & are weighted toward suburban/Class A properties3 791 783 761 792 786 769 Home Equity Mortgage Auto Finance 2Q 2023 2Q 2024 +3 WAvg. Portfolio FICO Scores 98% +8 9.7% Multi-family loans are just 9.7% of total loans, primarily located in stable Midwest markets (no rent-controlled NYC exposure) +1 Exhibit 99.2

 
30 Reconciliation & Definitions of Non-GAAP Items 1 The tax benefit classified as a one time item is the result of a strategic reallocation of the Corporation's investment securities portfolio which occurred in the second quarter of 2024. 2 The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is 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) 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Total deposits $32,014 $32,123 $33,446 $33,713 $32,691 Brokered CDs (3,818) (3,351) (4,447) (3,931) (4,062) Network transaction deposits (1,601) (1,649) (1,566) (1,793) (1,503) Core customer deposits $26,595 $27,123 $27,432 $27,989 $27,127 Tangible Common Equity and Tangible Assets Reconciliation2 ($ in millions) 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Common equity $3,929 $3,934 $3,980 $3,975 $4,048 Goodwill and other intangible assets, net (1,150) (1,148) (1,145) (1,143) (1,141) Tangible common equity $2,779 $2,786 $2,834 $2,831 $2,907 Total assets $41,219 $41,637 $41,016 $41,137 $41,624 Goodwill and other intangible assets, net (1,150) (1,148) (1,145) (1,143) (1,141) Tangible assets $40,070 $40,490 $39,870 $39,994 $40,483 One Time Item Reconciliation ($ in millions, except per share data) YTD Jun 2024 YTD Jun 2024 per share data (diluted) 2Q 2024 2Q 2024 per share data (diluted) GAAP net income $197 $1.26 $116 $0.74 Tax benefit1 (33) (0.22) (33) (0.22) Net income, excluding one time item 164 $1.04 83 $0.52 Less preferred stock dividends (6) (3) Net income available to common equity, excluding one time item $158 $80 Quarterly Average Core Customer Deposits Reconciliation ($ in millions) 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Total deposits $31,281 $32,002 $32,192 $33,267 $32,629 Brokered CDs (3,002) (3,429) (3,471) (4,269) (3,928) Network transaction deposits (1,468) (1,640) (1,617) (1,652) (1,595) Core customer deposits $26,811 $26,933 $27,105 $27,346 $27,106 Exhibit 99.2

 
31 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 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Federal Reserve efficiency ratio 58.49% 60.06% 132.01% 61.03% 61.51% Fully tax-equivalent adjustment (0.85)% (0.89)% (3.29)% (0.71)% (0.71)% Other intangible amortization (0.68)% (0.69)% (1.21)% (0.69)% (0.68)% Fully tax-equivalent efficiency ratio 56.96% 58.50% 127.54% 59.63% 60.12% FDIC special assessment - - (9.50)% (2.38)% 0.73% Announced initiatives - - (53.92)% - - Adjusted efficiency ratio 56.96% 58.50% 64.12% 57.25% 60.85% Selected Trend Information1 ($ in millions) 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Wealth management fees $20 $21 $21 $22 $23 Service charges and deposit account fees 12 13 11 12 12 Card-based fees 11 12 12 11 12 Other fee-based revenue 4 5 4 4 5 Fee-based revenue 49 50 47 50 52 Other2 17 17 (178) 15 13 Total noninterest income $66 $67 $(131) $65 $65 Common Equity Tier 1 Capital Ratio Reconciliation 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Common equity Tier 1 capital ratio 9.48% 9.55% 9.39% 9.43% 9.68% Accumulated other comprehensive loss adjustment (0.88)% (1.01)% (0.52)% (0.64)% (0.67)% Common equity Tier 1 capital ratio including accumulated other comprehensive loss 8.60% 8.53% 8.87% 8.79% 9.01% Exhibit 99.2

 
32 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 4Q 2023 1Q 2024 2Q 2024 GAAP noninterest expense $814 $239 $198 $196 FDIC special assessment (31) (31) (8) 2 Noninterest expense, excluding one time items $783 $209 $190 $198 One Time Item Noninterest Income Reconciliation ($ 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 Exhibit 99.2

 
v3.24.2
Cover Page Cover Page
Jul. 25, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jul. 25, 2024
Entity Registrant Name Associated Banc-Corp
Entity Incorporation, State or Country Code WI
Entity File Number 001-31343
Entity Tax Identification Number 39-1098068
Entity Address, Address Line One 433 Main Street
Entity Address, City or Town Green Bay
Entity Address, State or Province WI
Entity Address, Postal Zip Code 54301
City Area Code 920
Local Phone Number 491-7500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000007789
Amendment Flag false
NEW YORK STOCK EXCHANGE, INC.  
Entity Information [Line Items]  
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol ASB
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | Two Thousand Twenty Three Subordinated Debt  
Entity Information [Line Items]  
Title of 12(b) Security 6.625% Fixed-Rate Reset Subordinated Notes due 2033
Trading Symbol ASBA
Security Exchange Name NYSE
Series E Preferred Stock | NEW YORK STOCK EXCHANGE, INC.  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E
Trading Symbol ASB PrE
Security Exchange Name NYSE
Series F Preferred Stock [Member] | NEW YORK STOCK EXCHANGE, INC.  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F
Trading Symbol ASB PrF
Security Exchange Name NYSE
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