Associated Banc-Corp Reports Full Year 2024 Earnings of $0.72 Per Common Share, or $2.38 Per Common Share Excluding Nonrecurring Items Recognized During the Fourth Quarter(1)

, /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $112 million, or $0.72 per common share for the year ended December 31, 2024. These amounts compare to earnings of $171 million, or $1.13 per common share, for the year ended December 31, 2023. For the quarter ended December 31, 2024, the Company reported a loss of $164 million, or $1.03 per common share. These amounts compare to a loss of $94 million, or $0.62 per common share for the quarter ended December 31, 2023 and earnings of $85 million, or $0.56 per common share for the quarter ended September 30, 2024. The Company's results for the year and quarter ended December 31, 2024 were impacted by several nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter. Excluding the impact of these nonrecurring items, the Company reported adjusted earnings of $367 million, or $2.38 per common share1 for the year, and $91 million, or $0.57 per common share1 for the fourth quarter. The fourth quarter nonrecurring items consisted of a $130 million loss on a mortgage portfolio sale, a $148 million net loss on a sale of investments, a $14 million loss on prepayments of FHLB advances, a $1 million increase in provision, and a $39 million tax benefit. "2024 was a year of significant progress for Associated," said President and CEO Andy Harmening. "We bolstered our executive team with several high-quality leaders, enhanced our consumer value proposition, expanded our commercial team, and complemented these actions with an equity raise and balance sheet repositioning. In the fourth quarter, the emerging momentum from these actions drove strong core financial results, with robust commercial loan growth, core customer deposit1 growth, and stable credit trends." "We're entering 2025 with several tailwinds including record-high customer satisfaction scores, net customer household growth, balance sheet growth, and a strengthened profitability profile. We feel well-positioned to deliver enhanced value for all of our stakeholders in 2025, and we look forward to providing updates throughout the year." 2024 SUMMARY (all comparisons on a period end basis compared to 2023) Diluted GAAP earnings per common share of $0.72; Adjusted diluted earnings per common share of $2.381 Total deposit growth of $1.2 billion; Total core customer deposit growth of $1.2 billion1 Total loan growth of $552 million; Adjusted total loan growth of $1.3 billion1 Net interest income of $1.0 billion Total noninterest (loss) income of $(9) million; Adjusted noninterest income of $269 million1 Total noninterest expense of $818 million; Adjusted noninterest expense of $804 million1 Provision for credit losses of $85 million Net charge offs / average loans of 0.23% 1 This is a non-GAAP financial measure. See pages 10 and 11 of the attached tables for a reconciliation of non-GAAP financial measures to GAAP financial measures. Loans Fourth quarter 2024 period end total loans of $29.8 billion decreased 1%, or $222 million, from the prior quarter, driven primarily by a sale of $723 million in residential mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024. Compared to the same period last year, period end total loans were up 2%, or $552 million. With respect to fourth quarter 2024 period end balances by loan category: Commercial and business lending increased $338 million from the prior quarter and increased $924 million from the same period last year to $11.7 billion. Commercial real estate lending increased $26 million from the prior quarter and decreased $185 million from the same period last year to $7.2 billion. Total consumer lending decreased $586 million from the prior quarter and decreased $187 million from the same period last year to $10.8 billion. Fourth quarter 2024 average total loans of $30.2 billion were up 2%, or $568 million, from the prior quarter and were up 1%, or $249 million, from the same period last year. With respect to fourth quarter 2024 average balances by loan category: Commercial and business lending increased $503 million from the prior quarter and increased $654 million from the same period last year to $11.5 billion. Commercial real estate lending decreased $29 million from the prior quarter and decreased $191 million from the same period last year to $7.2 billion. Total consumer lending increased $93 million from the prior quarter and decreased $214 million from the same period last year to $11.5 billion. Full year 2024 average loans of $29.7 billion were up 1%, or $163 million, from 2023. With respect to full year 2024 average balances by loan category: Commercial and business lending increased $238 million to $11.1 billion. Commercial real estate lending decreased $44 million to $7.3 billion. Total consumer lending decreased $30 million to $11.4 billion. In 2025, we expect total period end loan growth of 5% to 6% as compared to the year ended December 31, 2024. Deposits Fourth quarter 2024 period end deposits of $34.6 billion were up 3%, or $1.1 billion, from the prior quarter and were up 4%, or $1.2 billion from the same period last year. With respect to fourth quarter 2024 period end balances by deposit category: Noninterest-bearing demand deposits decreased $82 million from the prior quarter and decreased $344 million from the same period last year to $5.8 billion. Savings increased $61 million from the prior quarter and increased $298 million from the same period last year to $5.1 billion. Interest-bearing demand deposits increased $519 million from the prior quarter and increased $281 million from the same period last year to $9.1 billion. Money market deposits increased $543 million from the prior quarter and increased $307 million from the same period last year to $6.6 billion. Total time deposits increased $53 million from the prior quarter and increased $661 million from the same period last year to $8.0 billion. Network transaction deposits (included in money market and interest-bearing demand deposits) increased $191 million from the prior quarter and increased $192 million from the same period last year to $1.8 billion. Fourth quarter 2024 average deposits of $34.3 billion were up 3%, or $1.0 billion, from the prior quarter and were up 7%, or $2.1 billion from the same period last year. With respect to fourth quarter 2024 average balances by deposit category: Noninterest-bearing demand deposits increased $86 million from the prior quarter and decreased $433 million from the same period last year to $5.7 billion. Savings increased $7 million from the prior quarter and increased $270 million from the same period last year to $5.1 billion. Interest-bearing demand deposits increased $229 million from the prior quarter and increased $467 million from the same period last year to $7.6 billion. Money market deposits decreased $18 million from the prior quarter and decreased $197 million from the same period last year to $5.9 billion. Total time deposits increased $666 million from the prior quarter and increased $2.0 billion from the same period last year to $8.2 billion. Network transaction deposits increased $46 million from the prior quarter and increased $74 million from the same period last year to $1.7 billion. Full year 2024 average deposits of $33.4 billion were up 7%, or $2.0 billion from 2023. With respect to full year 2024 average balances by deposit category: Noninterest-bearing demand deposits decreased $875 million to $5.7 billion. Savings increased $307 million to $5.1 billion. Interest-bearing demand deposits increased $539 million to $7.4 billion. Money market deposits decreased $675 million to $6.0 billion. Network transaction deposits increased $176 million to $1.6 billion. Total time deposits increased $2.6 billion to $7.5 billion. In 2025, we expect period end total deposit growth of 1% to 2% and period end core customer deposit growth of 4% to 5% as compared to the year ended December 31, 2024. Net Interest Income and Net Interest Margin Full year 2024 net interest income of $1.0 billion was up 1%, or $8 million, from 2023. Net interest margin of 2.78% decreased 3 basis points from the prior year. The average yield on total earning assets increased 36 basis points from the prior year to 5.61%. The average cost of interest-bearing liabilities increased 38 basis points from the prior year to 3.51%. The net free funds benefit decreased 1 basis point from the prior year to 0.68%. Fourth quarter 2024 net interest income of $270 million increased 3%, or $8 million, from the prior quarter. Net interest margin of 2.81% increased 3 basis points from the prior quarter. Compared to the same period last year, net interest income increased 7%, or $17 million, and the net interest margin increased 12 basis points. The average yield on total earning assets for the fourth quarter of 2024 decreased 22 basis points from the prior quarter and decreased 5 basis points from the same period last year to 5.46%. The average cost of total interest-bearing liabilities for the fourth quarter of 2024 decreased 30 basis points from the prior quarter and decreased 26 basis points from the same period last year to 3.29%. The net free funds benefit for the fourth quarter of 2024 decreased 5 basis points from the prior quarter and decreased 9 basis points from the same period last year to 0.64%. We expect total net interest income growth of 12% to 13% in 2025. Noninterest Income Full year 2024 noninterest income of negative $9 million decreased $73 million from the prior year. The decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to 2024 noninterest income line items: Investment securities losses, net increased $85 million from the prior year, driven primarily by a $148 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2024. Loss on mortgage portfolio sale decreased $6 million from the prior year, driven by a $130 million loss on sale of mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024. Wealth management fees increased $10 million from the prior year. Mortgage banking, net decreased $9 million from the prior year. Service charges and deposit account fees increased $3 million from the prior year. Capital markets, net decreased $3 million from the prior year. Fourth quarter 2024 total noninterest income of negative $207 million decreased $274 million from the prior quarter and decreased $76 million from the same period last year. The decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to fourth quarter 2024 noninterest income line items: Investment securities gains (losses) decreased $148 million from the prior quarter and decreased $89 million from the same period last year, driven primarily by a $148 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2024. Loss on mortgage portfolio sale increased $130 million from the prior quarter and decreased $6 million from the same period last year, driven by a $130 million loss on sale of mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024. Wealth management fees were down slightly compared to the prior quarter and increased $3 million from the same period last year. Capital markets, net increased $5 million from the prior quarter and was down slightly compared to the same period last year. Mortgage banking, net increased $1 million from the prior quarter and increased $2 million from the same period last year. After adjusting to exclude the impact of the mortgage and investment securities sales announced during the fourth quarter of 2024, we expect total noninterest income growth of between 0% and 1% in 2025. Noninterest Expense Full year 2024 noninterest expense of $818 million increased 1%, or $5 million, from the prior year, including a $14 million expense for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024. With respect to full year 2024 noninterest expense line items: FDIC assessment expense decreased $29 million from the prior year, driven primarily by a $31 million expense for the special assessment during the fourth quarter of 2023. Personnel expense increased $20 million from the prior year, largely driven by increased investment in our colleagues. Technology expense increased $6 million from the prior year, driven by investments tied to our strategic initiatives. Fourth quarter 2024 noninterest expense of $224 million increased $24 million from the prior quarter, driven primarily by a $14 million expense for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024, and decreased $15 million from the same period last year, driven primarily by a $31 million expense for the FDIC special assessment during the fourth quarter of 2023. With respect to fourth quarter 2024 noninterest expense line items: Personnel expense increased $5 million from the prior quarter and increased $5 million from the same period last year. FDIC assessment expense increased $1 million from the prior quarter and decreased $32 million from the same period last year, primarily driven by the $31 million special assessment during the fourth quarter of 2023. Technology expense decreased slightly from the prior quarter and decreased $1 million from the same period last year. After adjusting to exclude the $14 million impact of the loss on prepayments of FHLB advances recognized in the fourth quarter of 2024, we expect total noninterest expense to grow by 3% to 4% in 2025. Taxes The fourth quarter of 2024 had a tax benefit of $16 million compared to $20 million of tax expense in the prior quarter and $47 million of tax benefit in the same period last year. The tax benefit recognized in the fourth quarter of 2024 was driven primarily by a loss on income before income taxes as a result of nonrecurring items associated with the previously announced balance sheet repositioning. In 2025, we expect the annual effective tax rate to be between 19% and 21%, assuming no change in the corporate tax rate. Credit Full year 2024 provision for credit losses was $85 million, compared to a provision of $83 million in the prior year. The increase in provision in 2024 was primarily driven by loan growth related to our strategic initiatives. The fourth quarter 2024 provision for credit losses was $17 million, compared to a provision of $21 million in the prior quarter and a provision of $21 million in the same period last year. With respect to fourth quarter 2024 credit quality: Nonaccrual loans of $123 million decreased $5 million, or 4%, from the prior quarter and decreased $26 million, or 17%, from the same period last year. The nonaccrual loans to total loans ratio was 0.41% in the fourth quarter, down from 0.43% in the prior quarter and down from 0.51% in the same period last year. Net charge offs of $12 million decreased $1 million, or 7%, from the prior quarter and decreased $3 million, or 22%, from the same period last year. The allowance for credit losses on loans (ACLL) of $402 million increased $5 million from the prior quarter and increased $16 million from the same period last year. The ACLL to total loans ratio was 1.35% in the fourth quarter, up from 1.33% in the prior quarter and up from 1.32% in the same period last year. In 2025, we expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality. Capital The Company's capital position remains strong, with a CET1 capital ratio of 10.00% at December 31, 2024. The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis. FOURTH QUARTER 2024 EARNINGS RELEASE CONFERENCE CALL The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 23, 2025. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp fourth quarter 2024 earnings call. The fourth quarter 2024 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over. ABOUT ASSOCIATED BANC-CORP Associated Banc-Corp (NYSE: ASB) has total assets of $43 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The Company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com. FORWARD-LOOKING STATEMENTS Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "intend," "target," "outlook," "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference. NON-GAAP FINANCIAL MEASURES This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation's results of operations. Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. Associated Banc-Corp Consolidated Balance Sheets (Unaudited) ($ in thousands) December 31,2024 September 30, 2024 Seql Qtr$ Change June 30, 2024 March 31,2024 December 31, 2023 Comp Qtr $ Change Assets Cash and due from banks $ 544,059 $ 554,631 $ (10,571) $ 470,818 $ 429,859 $ 484,384 $ 59,675 Interest-bearing deposits in other financial institutions 453,590 408,101 45,488 484,677 420,114 425,089 28,501 Federal funds sold and securities purchased under agreements to resell 21,955 4,310 17,645 3,600 1,610 14,350 7,605 Investment securities available for sale, at fair value 4,581,434 4,152,527 428,907 3,912,730 3,724,148 3,600,892 980,542 Investment securities held to maturity, net, at amortized cost 3,738,687 3,769,150 (30,463) 3,799,035 3,832,967 3,860,160 (121,473) Equity securities 23,242 23,158 84 22,944 19,571 41,651 (18,409) Federal Home Loan Bank and Federal Reserve Bank stocks, at cost 179,665 178,168 1,497 212,102 173,968 229,171 (49,506) Residential loans held for sale 646,687 67,219 579,467 83,795 52,414 33,011 613,676 Commercial loans held for sale 32,634 11,833 20,801 — — 90,303 (57,669) Loans 29,768,586 29,990,897 (222,311) 29,618,271 29,494,263 29,216,218 552,368 Allowance for loan losses (363,545) (361,765) (1,780) (355,844) (356,006) (351,094) (12,451) Loans, net 29,405,041 29,629,131 (224,091) 29,262,428 29,138,257 28,865,124 539,917 Tax credit and other investments 258,886 265,385 (6,498) 246,300 255,252 258,067 819 Premises and equipment, net 379,093 373,816 5,276 369,968 367,618 372,978 6,115 Bank and corporate owned life insurance 689,000 686,704 2,296 683,451 685,089 682,649 6,351 Goodwill 1,104,992 1,104,992 — 1,104,992 1,104,992 1,104,992 — Other intangible assets, net 31,660 33,863 (2,203) 36,066 38,268 40,471 (8,811) Mortgage servicing rights, net 87,683 81,977 5,707 85,640 85,226 84,390 3,293 Interest receivable 167,772 167,777 (5) 173,106 167,092 169,569 (1,797) Other assets 676,987 698,073 (21,086) 672,256 640,638 658,604 18,383 Total assets $ 43,023,068 $ 42,210,815 $ 812,253 $ 41,623,908 $ 41,137,084 $ 41,015,855 $ 2,007,213 Liabilities and stockholders' equity Noninterest-bearing demand deposits $ 5,775,657 $ 5,857,421 $ (81,764) $ 5,815,045 $ 6,254,135 $ 6,119,956 $ (344,299) Interest-bearing deposits 28,872,777 27,696,877 1,175,900 26,875,995 27,459,023 27,326,093 1,546,684 Total deposits 34,648,434 33,554,298 1,094,136 32,691,039 33,713,158 33,446,049 1,202,385 Short-term funding 470,369 917,028 (446,659) 859,539 765,671 326,780 143,589 FHLB advances 1,853,807 1,913,294 (59,486) 2,673,046 1,333,411 1,940,194 (86,387) Other long-term funding 837,635 844,342 (6,707) 536,113 536,055 541,269 296,366 Allowance for unfunded commitments 38,776 35,776 3,000 33,776 31,776 34,776 4,000 Accrued expenses and other liabilities 568,485 532,842 35,644 588,057 588,341 552,814 15,671 Total liabilities 38,417,506 37,797,579 619,927 37,381,571 36,968,412 36,841,882 1,575,624 Stockholders' equity Preferred equity 194,112 194,112 — 194,112 194,112 194,112 — Common equity 4,411,450 4,219,125 192,325 4,048,225 3,974,561 3,979,861 431,589 Total stockholders' equity 4,605,562 4,413,236 192,325 4,242,337 4,168,673 4,173,973 431,589 Total liabilities and stockholders' equity $ 43,023,068 $ 42,210,815 $ 812,253 $ 41,623,908 $ 41,137,084 $ 41,015,855 $ 2,007,213 Numbers may not sum due to rounding. Associated Banc-Corp Consolidated Statements of Income (Unaudited) Comp Qtr YTD YTD Comp YTD ($ in thousands, except per share data) 4Q24 4Q23 $ Change % Change December 2024 December 2023 $ Change % Change Interest income Interest and fees on loans $ 453,253 $ 457,868 $ (4,615) (1) % $ 1,830,241 $ 1,720,406 $ 109,835 6 % Interest and dividends on investment securities Taxable 50,524 41,809 8,715 21 % 198,579 146,006 52,573 36 % Tax-exempt 14,469 15,273 (804) (5) % 58,572 63,233 (4,661) (7) % Other interest 10,478 10,418 60 1 % 35,312 28,408 6,904 24 % Total interest income 528,724 525,367 3,357 1 % 2,122,704 1,958,052 164,652 8 % Interest expense Interest on deposits 222,888 208,875 14,013 7 % 901,804 673,624 228,180 34 % Interest on federal funds purchased and securities sold under agreements to repurchase 3,203 3,734 (531) (14) % 11,754 12,238 (484) (4) % Interest on other short-term funding 668 — 668 N/M 17,597 1 17,596 N/M Interest on FHLB advances 17,908 49,171 (31,263) (64) % 98,520 196,535 (98,015) (50) % Interest on long-term funding 13,769 10,185 3,584 35 % 45,781 36,080 9,701 27 % Total interest expense 258,436 271,965 (13,529) (5) % 1,075,456 918,479 156,977 17 % Net interest income 270,289 253,403 16,886 7 % 1,047,248 1,039,573 7,675 1 % Provision for credit losses 16,986 21,007 (4,021) (19) % 84,986 83,021 1,965 2 % Net interest income after provision for credit losses 253,303 232,395 20,908 9 % 962,263 956,552 5,711 1 % Noninterest income Wealth management fees 24,103 21,003 3,100 15 % 92,569 82,502 10,067 12 % Service charges and deposit account fees 13,232 10,815 2,417 22 % 51,642 49,045 2,597 5 % Card-based fees 11,948 11,528 420 4 % 46,921 45,020 1,901 4 % Other fee-based revenue 5,182 4,019 1,163 29 % 19,499 17,268 2,231 13 % Capital markets, net 9,032 9,106 (74) (1) % 22,084 24,649 (2,565) (10) % Mortgage banking, net 3,387 1,615 1,772 110 % 10,686 19,429 (8,743) (45) % Loss on mortgage portfolio sale (130,406) (136,239) 5,833 (4) % (130,406) (136,239) 5,833 (4) % Bank and corporate owned life insurance 2,322 3,383 (1,061) (31) % 13,477 10,266 3,211 31 % Asset gains (losses), net 364 (136) 500 N/M (1,042) 454 (1,496) N/M Investment securities (losses), net (148,194) (58,958) (89,236) 151 % (144,147) (58,903) (85,244) 145 % Other 2,257 2,850 (593) (21) % 9,310 9,691 (381) (4) % Total noninterest (loss) income (206,772) (131,013) (75,759) 58 % (9,407) 63,182 (72,589) N/M Noninterest expense Personnel 125,944 120,686 5,258 4 % 487,956 468,355 19,601 4 % Technology 26,984 28,027 (1,043) (4) % 107,563 102,018 5,545 5 % Occupancy 14,325 14,429 (104) (1) % 54,622 57,204 (2,582) (5) % Business development and advertising 7,408 8,350 (942) (11) % 28,142 28,405 (263) (1) % Equipment 4,729 4,742 (13) — % 18,431 19,663 (1,232) (6) % Legal and professional 6,861 6,762 99 1 % 21,601 19,911 1,690 8 % Loan and foreclosure costs 1,951 585 1,366 N/M 8,471 5,408 3,063 57 % FDIC assessment 9,139 41,497 (32,358) (78) % 38,439 67,072 (28,633) (43) % Other intangible amortization 2,203 2,203 — — % 8,811 8,811 — — % Loss on prepayments of FHLB advances 14,243 — 14,243 N/M 14,243 — 14,243 N/M Other 10,496 12,110 (1,614) (13) % 30,118 36,837 (6,719) (18) % Total noninterest expense 224,282 239,391 (15,109) (6) % 818,397 813,682 4,715 1 % (Loss) income before income taxes (177,752) (138,009) (39,743) 29 % 134,459 206,052 (71,593) (35) % Income tax (benefit) expense (16,137) (47,202) 31,065 (66) % 11,314 23,097 (11,783) (51) % Net (loss) income (161,615) (90,806) (70,809) 78 % 123,145 182,956 (59,811) (33) % Preferred stock dividends 2,875 2,875 — — % 11,500 11,500 — — % Net (loss) income available to common equity $ (164,490) $ (93,681) $ (70,809) 76 % $ 111,645 $ 171,456 $ (59,811) (35) % (Loss) earnings per common share Basic $ (1.04) $ (0.63) $ (0.41) 65 % $ 0.73 $ 1.14 $ (0.41) (36) % Diluted $ (1.03) $ (0.62) $ (0.41) 66 % $ 0.72 $ 1.13 $ (0.41) (36) % Average common shares outstanding Basic 157,710 150,085 7,625 5 % 151,933 149,968 1,965 1 % Diluted 159,164 151,007 8,157 5 % 153,347 150,860 2,487 2 % N/M = Not meaningful Numbers may not sum due to rounding. Associated Banc-CorpConsolidated Statements of Income (Unaudited) - Quarterly Trend ($ in thousands, except per share data) Seql Qtr Comp Qtr 4Q24 3Q24 $ Change % Change 2Q24 1Q24 4Q23 $ Change % Change Interest income Interest and fees on loans $ 453,253 $ 465,728 $ (12,476) (3) % $ 456,788 $ 454,472 $ 457,868 $ (4,615) (1) % Interest and dividends on investment securities Taxable 50,524 51,229 (705) (1) % 50,278 46,548 41,809 8,715 21 % Tax-exempt 14,469 14,660 (191) (1) % 14,669 14,774 15,273 (804) (5) % Other interest 10,478 8,701 1,777 20 % 8,539 7,595 10,418 60 1 % Total interest income 528,724 540,318 (11,594) (2) % 530,274 523,388 525,367 3,357 1 % Interest expense Interest on deposits 222,888 231,623 (8,736) (4) % 221,062 226,231 208,875 14,013 7 % Interest on federal funds purchased and securitiessold under agreements to repurchase 3,203 3,385 (182) (5) % 2,303 2,863 3,734 (531) (14) % Interest on other short-term funding 668 6,144 (5,476) (89) % 6,077 4,708 — 668 N/M Interest on FHLB advances 17,908 24,799 (6,891) (28) % 34,143 21,671 49,171 (31,263) (64) % Interest on long-term funding 13,769 11,858 1,911 16 % 10,096 10,058 10,185 3,584 35 % Total interest expense 258,436 277,809 (19,374) (7) % 273,681 265,530 271,965 (13,529) (5) % Net interest income 270,289 262,509 7,780 3 % 256,593 257,858 253,403 16,886 7 % Provision for credit losses 16,986 20,991 (4,006) (19) % 23,008 24,001 21,007 (4,021) (19) % Net interest income after provision for credit losses 253,303 241,518 11,785 5 % 233,585 233,857 232,395 20,908 9 % Noninterest income Wealth management fees 24,103 24,144 (41) — % 22,628 21,694 21,003 3,100 15 % Service charges and deposit account fees 13,232 13,708 (475) (3) % 12,263 12,439 10,815 2,417 22 % Card-based fees 11,948 11,731 216 2 % 11,975 11,267 11,528 420 4 % Other fee-based revenue 5,182 5,057 125 2 % 4,857 4,402 4,019 1,163 29 % Capital markets, net 9,032 4,317 4,715 109 % 4,685 4,050 9,106 (74) (1) % Mortgage banking, net 3,387 2,132 1,255 59 % 2,505 2,662 1,615 1,772 110 % Loss on mortgage portfolio sale (130,406) — (130,406) N/M — — (136,239) 5,833 (4) % Bank and corporate owned life insurance 2,322 4,001 (1,680) (42) % 4,584 2,570 3,383 (1,061) (31) % Asset gains (losses), net 364 (474) 838 N/M (627) (306) (136) 500 N/M Investment securities (losses) gains, net (148,194) 100 (148,294) N/M 67 3,879 (58,958) (89,236) 151 % Other 2,257 2,504 (248) (10) % 2,222 2,327 2,850 (593) (21) % Total noninterest (loss) income (206,772) 67,221 (273,994) N/M 65,159 64,985 (131,013) (75,759) 58 % Noninterest expense Personnel 125,944 121,036 4,908 4 % 121,581 119,395 120,686 5,258 4 % Technology 26,984 27,217 (233) (1) % 27,161 26,200 28,027 (1,043) (4) % Occupancy 14,325 13,536 789 6 % 13,128 13,633 14,429 (104) (1) % Business development and advertising 7,408 6,683 725 11 % 7,535 6,517 8,350 (942) (11) % Equipment 4,729 4,653 75 2 % 4,450 4,599 4,742 (13) — % Legal and professional 6,861 5,639 1,222 22 % 4,429 4,672 6,762 99 1 % Loan and foreclosure costs 1,951 2,748 (797) (29) % 1,793 1,979 585 1,366 N/M FDIC assessment 9,139 8,223 915 11 % 7,131 13,946 41,497 (32,358) (78) % Other intangible amortization 2,203 2,203 — — % 2,203 2,203 2,203 — — % Loss on prepayments of FHLB advances 14,243 — 14,243 N/M — — — 14,243 N/M Other 10,496 8,659 1,837 21 % 6,450 4,513 12,110 (1,614) (13) % Total noninterest expense 224,282 200,597 23,685 12 % 195,861 197,657 239,391 (15,109) (6) % (Loss) income before income taxes (177,752) 108,142 (285,894) N/M 102,884 101,185 (138,009) (39,743) 29 % Income tax (benefit) expense (16,137) 20,124 (36,261) N/M (12,689) 20,016 (47,202) 31,065 (66) % Net (loss) income (161,615) 88,018 (249,633) N/M 115,573 81,169 (90,806) (70,809) 78 % Preferred stock dividends 2,875 2,875 — — % 2,875 2,875 2,875 — — % Net (loss) income available to common equity $ (164,490) $ 85,143 $ (249,633) N/M $ 112,698 $ 78,294 $ (93,681) $ (70,809) 76 % (Loss) earnings per common share Basic $ (1.04) $ 0.56 $ (1.60) N/M $ 0.75 $ 0.52 $ (0.63) $ (0.41) 65 % Diluted $ (1.03) $ 0.56 $ (1.59) N/M $ 0.74 $ 0.52 $ (0.62) $ (0.41) 66 % Average common shares outstanding Basic 157,710 150,247 7,463 5 % 149,872 149,855 150,085 7,625 5 % Diluted 159,164 151,492 7,672 5 % 151,288 151,292 151,007 8,157 5 % N/M = Not meaningful Numbers may not sum due to rounding. Associated Banc-Corp Selected Quarterly Information ($ in millions except per share data; shares repurchased andoutstanding in thousands) YTD Dec 2024 YTD Dec 2023 4Q24 3Q24 2Q24 1Q24 4Q23 Per common share data Dividends $ 0.89 $ 0.85 $ 0.23 $ 0.22 $ 0.22 $ 0.22 $ 0.22 Market value: High 28.14 24.18 28.14 23.95 22.48 22.00 21.79 Low 19.73 14.48 20.64 20.07 19.90 19.73 15.45 Close 23.90 21.54 21.15 21.51 21.39 Book value / share 26.55 27.90 26.85 26.37 26.35 Tangible book value / share 19.71 20.37 19.28 18.78 18.77 Performance ratios (annualized) Return on average assets 0.30 % 0.45 % (1.53) % 0.85 % 1.13 % 0.80 % (0.87) % Noninterest expense / average assets 1.98 % 2.00 % 2.12 % 1.93 % 1.92 % 1.95 % 2.30 % Effective tax rate 8.41 % 11.21 % N/M 18.61 % (12.33) % 19.78 % N/M Dividend payout ratio(a) 121.92 % 74.56 % N/M 39.29 % 29.33 % 42.31 % N/M Net interest margin 2.78 % 2.81 % 2.81 % 2.78 % 2.75 % 2.79 % 2.69 % Selected trend information Average full time equivalent employees(b) 4,030 4,199 3,982 4,041 4,025 4,070 4,130 Branch count 188 188 188 188 196 Assets under management, at market value(c) $ 14,773 $ 15,033 $ 14,304 $ 14,171 $ 13,545 Mortgage loans originated for sale during period $ 618 $ 396 $ 167 $ 176 $ 169 $ 105 $ 112 Mortgage loan settlements during period $ 585 $ 1,212 $ 169 $ 187 $ 138 $ 91 $ 957 Mortgage portfolio loans transferred to held for sale during period $ 723 $ 969 $ 723 $ — $ — $ — $ 969 Mortgage portfolio serviced for others(d) $ 6,285 $ 6,302 $ 6,307 $ 6,349 $ 7,364 Mortgage servicing rights, net / mortgage portfolio serviced for others(d) 1.40 % 1.30 % 1.36 % 1.34 % 1.15 % Shares repurchased during period(e) 900 — — — — 900 — Shares outstanding, end of period 166,178 151,213 150,785 150,739 151,037 Selected quarterly ratios Loans / deposits 85.92 % 89.38 % 90.60 % 87.49 % 87.35 % Stockholders' equity / assets 10.70 % 10.46 % 10.19 % 10.13 % 10.18 % Risk-based capital(f)(g) Total risk-weighted assets $ 33,948 $ 33,326 $ 32,768 $ 32,753 $ 32,733 Common equity Tier 1 $ 3,395 $ 3,238 $ 3,172 $ 3,089 $ 3,075 Common equity Tier 1 capital ratio 10.00 % 9.72 % 9.68 % 9.43 % 9.39 % Tier 1 capital ratio 10.57 % 10.30 % 10.27 % 10.02 % 9.99 % Total capital ratio 12.61 % 12.36 % 12.34 % 12.08 % 12.21 % Tier 1 leverage ratio 8.73 % 8.49 % 8.37 % 8.24 % 8.06 % N/M = Not meaningful Numbers may not sum due to rounding. (a) Ratio is based upon basic earnings per common share. (b) Average full time equivalent employees without overtime. (c) Excludes assets held in brokerage accounts. (d) During the fourth quarter of 2023, the Corporation transferred $969 million of residential mortgages into held for sale and subsequently sold them for $844 million. After sale, the servicing was retained for a short period until full servicing was transferred to the purchaser in January 2024. (e) Does not include repurchases related to tax withholding on equity compensation. (f) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions. (g) December 31, 2024 data is estimated. Associated Banc-Corp Selected Asset Quality Information ($ in thousands) Dec 31, 2024 Sep 30, 2024 Seql Qtr %Change Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Comp Qtr %Change Allowance for loan losses Balance at beginning of period $ 361,765 $ 355,844 2 % $ 356,006 $ 351,094 $ 345,795 5 % Provision for loan losses 14,000 19,000 (26) % 21,000 27,000 21,000 (33) % Charge offs (13,770) (15,337) (10) % (23,290) (24,018) (17,878) (23) % Recoveries 1,551 2,258 (31) % 2,127 1,930 2,177 (29) % Net (charge offs) recoveries (12,220) (13,078) (7) % (21,163) (22,088) (15,701) (22) % Balance at end of period $ 363,545 $ 361,765 — % $ 355,844 $ 356,006 $ 351,094 4 % Allowance for unfunded commitments Balance at beginning of period $ 35,776 $ 33,776 6 % $ 31,776 $ 34,776 $ 34,776 3 % Provision for unfunded commitments 3,000 2,000 50 % 2,000 (3,000) — N/M Balance at end of period $ 38,776 $ 35,776 8 % $ 33,776 $ 31,776 $ 34,776 12 % Allowance for credit losses on loans (ACLL) $ 402,322 $ 397,541 1 % $ 389,620 $ 387,782 $ 385,870 4 % Provision for credit losses on loans $ 17,000 $ 21,000 (19) % $ 23,000 $ 24,000 $ 21,000 (19) % ($ in thousands) Dec 31, 2024 Sep 30, 2024 Seql Qtr % Change Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Comp Qtr % Change Net (charge offs) recoveries Commercial and industrial $ (2,406) $ (10,649) (77) % $ (13,676) $ (18,638) $ (13,178) (82) % Commercial real estate—owner occupied — — N/M 1 2 (22) (100) % Commercial and business lending (2,406) (10,649) (77) % (13,674) (18,636) (13,200) (82) % Commercial real estate—investor (6,617) (1) N/M (4,569) — 216 N/M Real estate construction 4 2 100 % 28 30 38 (89) % Commercial real estate lending (6,612) 2 N/M (4,541) 30 253 N/M Total commercial (9,018) (10,647) (15) % (18,216) (18,606) (12,947) (30) % Residential mortgage (239) (160) 49 % (289) (62) (53) N/M Auto finance (1,782) (1,281) 39 % (1,480) (2,094) (1,436) 24 % Home equity 277 424 (35) % 238 211 185 50 % Other consumer (1,457) (1,414) 3 % (1,417) (1,537) (1,450) — % Total consumer (3,202) (2,431) 32 % (2,947) (3,482) (2,754) 16 % Total net (charge offs) recoveries $ (12,220) $ (13,078) (7) % $ (21,163) $ (22,088) $ (15,701) (22) % (In basis points) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Net (charge offs) recoveries to average loans (annualized) Commercial and industrial (9) (43) (55) (77) (54) Commercial real estate—owner occupied — — — — (1) Commercial and business lending (8) (39) (50) (69) (48) Commercial real estate—investor (51) — (37) — 2 Real estate construction — — — 1 1 Commercial real estate lending (37) — (25) — 1 Total commercial (19) (23) (40) (41) (28) Residential mortgage (1) (1) (1) — — Auto finance (26) (19) (24) (35) (27) Home equity 17 26 15 14 12 Other consumer (208) (216) (221) (232) (208) Total consumer (11) (8) (10) (13) (9) Total net (charge offs) recoveries (16) (18) (29) (30) (21) ($ in thousands) Dec 31, 2024 Sep 30, 2024 Seql Qtr % Change Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Comp Qtr % Change Credit quality Nonaccrual loans $ 123,260 $ 128,476 (4) % $ 154,423 $ 178,346 $ 148,997 (17) % Other real estate owned (OREO) 20,217 18,830 7 % 8,325 8,437 10,506 92 % Repossessed assets 687 793 (13) % 671 1,241 919 (25) % Total nonperforming assets $ 144,164 $ 148,098 (3) % $ 163,418 $ 188,025 $ 160,421 (10) % Loans 90 or more days past due and still accruing $ 3,189 $ 7,107 (55) % $ 2,354 $ 2,417 $ 21,689 (85) % Allowance for credit losses on loans to total loans 1.35 % 1.33 % 1.32 % 1.31 % 1.32 % Allowance for credit losses on loans to nonaccrual loans 326.40 % 309.43 % 252.31 % 217.43 % 258.98 % Nonaccrual loans to total loans 0.41 % 0.43 % 0.52 % 0.60 % 0.51 % Nonperforming assets to total loans plus OREO andrepossessed assets 0.48 % 0.49 % 0.55 % 0.64 % 0.55 % Nonperforming assets to total assets 0.34 % 0.35 % 0.39 % 0.46 % 0.39 % Annualized year-to-date net charge offs (recoveries) toyear-to-date average loans 0.23 % 0.25 % 0.30 % 0.30 % 0.16 % Associated Banc-CorpSelected Asset Quality Information (continued) ($ in thousands) Dec 31, 2024 Sep 30, 2024 Seql Qtr %Change Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Comp Qtr %Change Nonaccrual loans Commercial and industrial $ 19,084 $ 14,369 33 % $ 21,190 $ 72,243 $ 62,022 (69) % Commercial real estate—owner occupied 1,501 9,285 (84) % 1,851 2,090 1,394 8 % Commercial and business lending 20,585 23,654 (13) % 23,041 74,333 63,416 (68) % Commercial real estate—investor 16,705 18,913 (12) % 48,249 18,697 — N/M Real estate construction 30 15 100 % 16 18 6 N/M Commercial real estate lending 16,735 18,928 (12) % 48,265 18,715 6 N/M Total commercial 37,320 42,582 (12) % 71,306 93,047 63,422 (41) % Residential mortgage 70,038 70,138 — % 68,058 69,954 71,142 (2) % Auto finance 7,402 7,456 (1) % 6,986 7,158 5,797 28 % Home equity 8,378 8,231 2 % 7,996 8,100 8,508 (2) % Other consumer 122 70 74 % 77 87 128 (5) % Total consumer 85,941 85,894 — % 83,117 85,299 85,574 — % Total nonaccrual loans $ 123,260 $ 128,476 (4) % $ 154,423 $ 178,346 $ 148,997 (17) % Dec 31, 2024 Sep 30, 2024 Seql Qtr %Change Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Comp Qtr %Change Restructured loans (accruing) Commercial and industrial $ 475 $ 424 12 % $ 410 $ 377 $ 306 55 % Commercial real estate—owner occupied — — N/M — — — N/M Commercial and business lending 475 424 12 % 410 377 306 55 % Commercial real estate—investor — — N/M — — — N/M Real estate construction — — N/M — — — N/M Commercial real estate lending — — N/M — — — N/M Total commercial 475 424 12 % 410 377 306 55 % Residential mortgage 782 361 117 % 306 345 405 93 % Auto finance 8 35 (77) % 142 66 255 (97) % Home equity 27 104 (74) % 103 182 305 (91) % Other consumer 2,239 1,642 36 % 1,615 1,487 1,449 55 % Total consumer 3,057 2,141 43 % 2,166 2,080 2,414 27 % Total restructured loans (accruing) $ 3,531 $ 2,565 38 % $ 2,576 $ 2,457 $ 2,719 30 % Nonaccrual restructured loans (included in nonaccrual loans) $ 2,581 $ 1,840 40 % $ 717 $ 1,141 $ 805 N/M Dec 31, 2024 Sep 30, 2024 Seql Qtr %Change Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Comp Qtr %Change Accruing loans 30-89 days past due Commercial and industrial $ 1,260 $ 1,212 4 % $ 2,052 $ 521 $ 5,565 (77) % Commercial real estate—owner occupied 1,634 2,209 (26) % — — 358 N/M Commercial and business lending 2,893 3,421 (15) % 2,052 521 5,923 (51) % Commercial real estate—investor 36,391 10,746 N/M 1,023 19,164 18,697 95 % Real estate construction 21 88 (76) % — 1,260 — N/M Commercial real estate lending 36,412 10,834 N/M 1,023 20,424 18,697 95 % Total commercial 39,305 14,255 176 % 3,075 20,945 24,619 60 % Residential mortgage 14,892 13,630 9 % 10,374 9,903 13,446 11 % Auto finance 14,850 15,458 (4) % 15,814 12,521 17,386 (15) % Home equity 4,625 3,146 47 % 3,694 2,819 4,208 10 % Other consumer 3,128 2,163 45 % 1,995 2,260 2,166 44 % Total consumer 37,496 34,397 9 % 31,877 27,503 37,205 1 % Total accruing loans 30-89 days past due $ 76,801 $ 48,651 58 % $ 34,952 $ 48,448 $ 61,825 24 % N/M = Not meaningful Numbers may not sum due to rounding. Associated Banc-CorpNet Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter Three Months Ended December 31, 2024 September 30, 2024 December 31, 2023 ($ in thousands) Average Balance Interest Income /Expense AverageYield /Rate Average Balance Interest Income /Expense AverageYield /Rate Average Balance Interest Income /Expense AverageYield /Rate Assets Earning assets Loans (a) (b) (c) Commercial and business lending $ 11,474,489 $ 194,355 6.74 % $ 10,971,390 $ 200,327 7.27 % $ 10,820,214 $ 193,808 7.11 % Commercial real estate lending 7,206,796 128,476 7.09 % 7,235,505 136,699 7.52 % 7,397,809 138,437 7.42 % Total commercial 18,681,285 322,831 6.88 % 18,206,896 337,027 7.36 % 18,218,024 332,245 7.24 % Residential mortgage 7,814,056 70,513 3.61 % 7,888,290 70,171 3.56 % 8,691,258 76,035 3.50 % Auto finance 2,771,414 39,365 5.65 % 2,635,890 37,904 5.72 % 2,138,536 29,221 5.42 % Other retail 935,162 21,041 8.98 % 903,011 21,124 9.34 % 904,618 21,026 9.27 % Total loans 30,201,918 453,750 5.98 % 29,634,087 466,226 6.27 % 29,952,435 458,527 6.08 % Investment securities Taxable 5,745,085 50,752 3.53 % 5,816,102 51,466 3.54 % 5,344,578 41,809 3.13 % Tax-exempt(a) 2,085,957 17,653 3.39 % 2,110,896 17,885 3.39 % 2,209,662 19,244 3.48 % Other short-term investments 846,195 10,717 5.04 % 629,431 8,959 5.66 % 767,256 10,418 5.39 % Investments and other 8,677,238 79,122 3.64 % 8,556,429 78,310 3.66 % 8,321,495 71,471 3.43 % Total earning assets 38,879,155 $ 532,871 5.46 % 38,190,516 $ 544,535 5.68 % 38,273,931 $ 529,998 5.51 % Other assets, net 3,192,406 3,199,195 3,056,772 Total assets $ 42,071,562 $ 41,389,711 $ 41,330,703 Liabilities and stockholders' equity Interest-bearing liabilities Interest-bearing deposits Savings $ 5,132,247 $ 20,120 1.56 % $ 5,125,147 $ 21,611 1.68 % $ 4,861,913 $ 20,334 1.66 % Interest-bearing demand 7,623,230 46,061 2.40 % 7,394,550 49,740 2.68 % 7,156,151 47,277 2.62 % Money market 5,924,269 41,457 2.78 % 5,942,147 46,290 3.10 % 6,121,105 47,110 3.05 % Network transaction deposits 1,690,745 20,091 4.73 % 1,644,305 22,077 5.34 % 1,616,719 22,034 5.41 % Time deposits 8,228,420 95,158 4.60 % 7,562,448 91,907 4.83 % 6,264,621 72,121 4.57 % Total interest-bearing deposits 28,598,911 222,888 3.10 % 27,668,597 231,623 3.33 % 26,020,510 208,875 3.18 % Federal funds purchased and securitiessold under agreements to repurchase 310,370 3,203 4.11 % 299,286 3,385 4.50 % 347,204 3,734 4.27 % Other short-term funding 88,415 1,135 5.11 % 519,421 6,638 5.08 % — — — % FHLB advances 1,456,087 17,908 4.89 % 1,750,590 24,799 5.64 % 3,467,433 49,171 5.63 % Long-term funding 840,880 13,769 6.55 % 647,440 11,858 7.33 % 531,155 10,185 7.67 % Total short and long-term funding 2,695,752 36,015 5.33 % 3,216,737 46,680 5.78 % 4,345,793 63,090 5.77 % Total interest-bearing liabilities 31,294,664 $ 258,903 3.29 % 30,885,334 $ 278,304 3.59 % 30,366,302 $ 271,965 3.55 % Noninterest-bearing demand deposits 5,738,557 5,652,228 6,171,240 Other liabilities 510,000 521,423 672,597 Stockholders' equity 4,528,342 4,330,727 4,120,564 Total liabilities and stockholders' equity $ 42,071,562 $ 41,389,711 $ 41,330,703 Interest rate spread 2.17 % 2.10 % 1.96 % Net free funds 0.64 % 0.69 % 0.73 % Fully tax-equivalent net interest income and net interest margin $ 273,968 2.81 % $ 266,232 2.78 % $ 258,033 2.69 % Fully tax-equivalent adjustment 3,680 3,723 4,630 Net interest income $ 270,289 $ 262,509 $ 253,403 Numbers may not sum due to rounding. (a) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions. (b) Nonaccrual loans and loans held for sale have been included in the average balances. (c) Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount. Associated Banc-CorpNet Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year Year Ended December 31, 2024 2023 ($ in thousands) Average Balance Interest Income /Expense AverageYield / Rate Average Balance Interest Income /Expense AverageYield / Rate Assets Earning assets Loans (a) (b) (c) Commercial and business lending $ 11,069,185 $ 786,963 7.11 % $ 10,831,275 $ 740,017 6.83 % Commercial real estate lending 7,270,239 538,228 7.40 % 7,314,651 520,028 7.11 % Total commercial 18,339,424 1,325,191 7.23 % 18,145,926 1,260,045 6.94 % Residential mortgage 7,907,962 278,804 3.53 % 8,696,706 293,446 3.37 % Auto finance 2,576,979 144,892 5.62 % 1,793,959 89,454 4.99 % Other retail 872,994 83,386 9.55 % 897,702 80,189 8.93 % Total loans 29,697,360 1,832,274 6.17 % 29,534,293 1,723,134 5.83 % Investment securities Taxable 5,690,238 199,424 3.50 % 5,243,805 146,006 2.78 % Tax-exempt (a) 2,111,523 71,458 3.38 % 2,288,328 79,673 3.48 % Other short-term investments 668,730 37,291 5.58 % 564,284 28,408 5.03 % Investments and other 8,470,491 308,173 3.64 % 8,096,417 254,087 3.14 % Total earning assets 38,167,851 $ 2,140,446 5.61 % 37,630,710 $ 1,977,221 5.25 % Other assets, net 3,166,002 3,018,214 Total assets $ 41,333,853 $ 40,648,923 Liabilities and stockholders' equity Interest-bearing liabilities Interest-bearing deposits Savings $ 5,080,045 $ 85,450 1.68 % $ 4,773,366 $ 63,945 1.34 % Interest-bearing demand 7,443,738 193,900 2.60 % 6,904,514 154,136 2.23 % Money market 5,994,171 181,444 3.03 % 6,668,930 177,311 2.66 % Network transaction deposits 1,645,695 85,788 5.21 % 1,469,616 75,294 5.12 % Time deposits 7,481,486 355,221 4.75 % 4,905,748 202,939 4.14 % Total interest-bearing deposits 27,645,135 901,804 3.26 % 24,722,174 673,624 2.72 % Federal funds purchased and securities sold underagreements to repurchase 272,069 11,754 4.32 % 345,519 12,238 3.54 % Other short-term funding 403,214 20,420 5.06 % 8,582 1 0.01 % FHLB advances 1,793,734 98,520 5.49 % 3,741,790 196,535 5.25 % Long-term funding 640,842 45,781 7.14 % 504,438 36,080 7.15 % Total short and long-term funding 3,109,859 176,475 5.67 % 4,600,329 244,855 5.32 % Total interest-bearing liabilities 30,754,994 $ 1,078,279 3.51 % 29,322,503 $ 918,479 3.13 % Noninterest-bearing demand deposits 5,745,960 6,620,965 Other liabilities 530,537 594,318 Stockholders' equity 4,302,362 4,111,138 Total liabilities and stockholders' equity $ 41,333,853 $ 40,648,923 Interest rate spread 2.10 % 2.12 % Net free funds 0.68 % 0.69 % Fully tax-equivalent net interest income and net interest margin $ 1,062,167 2.78 % $ 1,058,742 2.81 % Fully tax-equivalent adjustment 14,919 19,168 Net interest income $ 1,047,248 $ 1,039,573 Numbers may not sum due to rounding. (a) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions. (b) Nonaccrual loans and loans held for sale have been included in the average balances. (c) Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount. Associated Banc-Corp Loan and Deposit Composition ($ in thousands) Period end loan composition Dec 31, 2024 Sep 30, 2024 Seql Qtr % Change Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Comp Qtr % Change Commercial and industrial $ 10,573,741 $ 10,258,899 3 % $ 9,970,412 $ 9,858,329 $ 9,731,555 9 % Commercial real estate—owner occupied 1,143,741 1,120,849 2 % 1,102,146 1,095,894 1,061,700 8 % Commercial and business lending 11,717,483 11,379,748 3 % 11,072,558 10,954,223 10,793,255 9 % Commercial real estate—investor 5,227,975 5,070,635 3 % 5,001,392 5,035,195 5,124,245 2 % Real estate construction 1,982,632 2,114,300 (6) % 2,255,637 2,287,041 2,271,398 (13) % Commercial real estate lending 7,210,607 7,184,934 — % 7,257,029 7,322,237 7,395,644 (3) % Total commercial 18,928,090 18,564,683 2 % 18,329,587 18,276,460 18,188,898 4 % Residential mortgage 7,047,541 7,803,083 (10) % 7,840,073 7,868,180 7,864,891 (10) % Auto finance 2,810,220 2,708,946 4 % 2,556,009 2,471,257 2,256,162 25 % Home equity 664,252 651,379 2 % 634,142 619,764 628,526 6 % Other consumer 318,483 262,806 21 % 258,460 258,603 277,740 15 % Total consumer 10,840,496 11,426,214 (5) % 11,288,684 11,217,802 11,027,319 (2) % Total loans $ 29,768,586 $ 29,990,897 (1) % $ 29,618,271 $ 29,494,263 $ 29,216,218 2 % Period end deposit and customer funding composition Dec 31, 2024 Sep 30, 2024 Seql Qtr % Change Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Comp Qtr % Change Noninterest-bearing demand $ 5,775,657 $ 5,857,421 (1) % $ 5,815,045 $ 6,254,135 $ 6,119,956 (6) % Savings 5,133,295 5,072,508 1 % 5,157,103 5,124,639 4,835,701 6 % Interest-bearing demand 9,124,741 8,605,578 6 % 8,284,017 8,747,127 8,843,967 3 % Money market 6,637,915 6,095,206 9 % 6,294,895 6,721,674 6,330,453 5 % Brokered CDs 4,276,309 4,242,670 1 % 4,061,578 3,931,230 4,447,479 (4) % Other time deposits 3,700,518 3,680,914 1 % 3,078,401 2,934,352 2,868,494 29 % Total deposits 34,648,434 33,554,298 3 % 32,691,039 33,713,158 33,446,049 4 % Other customer funding(a) 100,044 110,988 (10) % 89,524 90,536 106,620 (6) % Total deposits and other customer funding $ 34,748,478 $ 33,665,286 3 % $ 32,780,564 $ 33,803,694 $ 33,552,669 4 % Network transaction deposits(b) $ 1,758,388 $ 1,566,908 12 % $ 1,502,919 $ 1,792,820 $ 1,566,139 12 % Net deposits and other customer funding(c) $ 28,713,780 $ 27,855,707 3 % $ 27,216,066 $ 28,079,644 $ 27,539,051 4 % Quarter average loan composition Dec 31, 2024 Sep 30, 2024 Seql Qtr % Change Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Comp Qtr % Change Commercial and industrial $ 10,338,865 $ 9,884,246 5 % $ 9,915,894 $ 9,729,718 $ 9,768,803 6 % Commercial real estate—owner occupied 1,135,624 1,087,144 4 % 1,095,334 1,086,537 1,051,412 8 % Commercial and business lending 11,474,489 10,971,390 5 % 11,011,228 10,816,255 10,820,214 6 % Commercial real estate—investor 5,120,608 5,085,090 1 % 4,964,394 5,041,518 5,156,528 (1) % Real estate construction 2,086,188 2,150,416 (3) % 2,285,379 2,348,444 2,241,281 (7) % Commercial real estate lending 7,206,796 7,235,505 — % 7,249,773 7,389,962 7,397,809 (3) % Total commercial 18,681,285 18,206,896 3 % 18,261,000 18,206,217 18,218,024 3 % Residential mortgage 7,814,056 7,888,290 (1) % 7,905,236 7,896,956 8,691,258 (10) % Auto finance 2,771,414 2,635,890 5 % 2,524,107 2,373,720 2,138,536 30 % Home equity 656,792 642,463 2 % 630,855 625,686 627,736 5 % Other consumer 278,370 260,547 7 % 258,366 266,443 276,881 1 % Total consumer 11,520,632 11,427,191 1 % 11,318,564 11,162,805 11,734,412 (2) % Total loans(d) $ 30,201,918 $ 29,634,087 2 % $ 29,579,564 $ 29,369,022 $ 29,952,435 1 % Quarter average deposit composition Dec 31, 2024 Sep 30, 2024 Seql Qtr % Change Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Comp Qtr %Change Noninterest-bearing demand $ 5,738,557 $ 5,652,228 2 % $ 5,712,115 $ 5,882,052 $ 6,171,240 (7) % Savings 5,132,247 5,125,147 — % 5,133,688 4,928,031 4,861,913 6 % Interest-bearing demand 7,623,230 7,394,550 3 % 7,265,621 7,490,119 7,156,151 7 % Money market 5,924,269 5,942,147 — % 5,995,005 6,116,604 6,121,105 (3) % Network transaction deposits 1,690,745 1,644,305 3 % 1,595,312 1,651,937 1,616,719 5 % Brokered CDs 4,514,841 4,247,941 6 % 3,927,727 4,268,881 3,470,516 30 % Other time deposits 3,713,579 3,314,507 12 % 2,999,936 2,929,434 2,794,105 33 % Total deposits 34,337,468 33,320,825 3 % 32,629,404 33,267,057 32,191,750 7 % Other customer funding(a) 94,965 104,115 (9) % 87,161 101,483 127,252 (25) % Total deposits and other customer funding $ 34,432,433 $ 33,424,940 3 % $ 32,716,565 $ 33,368,540 $ 32,319,002 7 % Net deposits and other customer funding(c) $ 28,226,848 $ 27,532,694 3 % $ 27,193,526 $ 27,447,723 $ 27,231,767 4 % N/M = Not meaningful Numbers may not sum due to rounding. (a) Includes repurchase agreements. (b) Included above in interest-bearing demand and money market. (c) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits. (d) Nonaccrual loans and loans held for sale have been included in the average balances. Associated Banc-Corp Non-GAAP Financial Measures Reconciliation YTD YTD ($ in millions) Dec 2024 Dec 2023 4Q24 3Q24 2Q24 1Q24 4Q23 Selected equity and performance ratios(a)(b)(c) Tangible common equity / tangible assets 7.82 % 7.50 % 7.18 % 7.08 % 7.11 % Return on average equity 2.86 % 4.45 % (14.20) % 8.09 % 11.16 % 7.81 % (8.74) % Return on average tangible common equity 3.99 % 6.44 % (20.27) % 11.52 % 16.25 % 11.31 % (13.13) % Return on average common equity Tier 1 3.49 % 5.51 % (19.28) % 10.53 % 14.54 % 10.27 % (11.85) % Return on average tangible assets 0.32 % 0.48 % (1.55) % 0.89 % 1.18 % 0.84 % (0.88) % Average stockholders' equity / average assets 10.41 % 10.11 % 10.76 % 10.46 % 10.14 % 10.26 % 9.97 % Tangible common equity reconciliation(a) Common equity $ 4,411 $ 4,219 $ 4,048 $ 3,975 $ 3,980 Goodwill and other intangible assets, net (1,137) (1,139) (1,141) (1,143) (1,145) Tangible common equity $ 3,275 $ 3,080 $ 2,907 $ 2,831 $ 2,834 Tangible assets reconciliation(a) Total assets $ 43,023 $ 42,211 $ 41,624 $ 41,137 $ 41,016 Goodwill and other intangible assets, net (1,137) (1,139) (1,141) (1,143) (1,145) Tangible assets $ 41,886 $ 41,072 $ 40,483 $ 39,994 $ 39,870 Average tangible common equity and averagecommon equity Tier 1 reconciliation(a) Common equity $ 4,108 $ 3,917 $ 4,334 $ 4,137 $ 3,972 $ 3,987 $ 3,926 Goodwill and other intangible assets, net (1,141) (1,150) (1,138) (1,140) (1,142) (1,145) (1,147) Tangible common equity 2,967 2,767 3,196 2,997 2,830 2,843 2,780 Modified CECL transitional amount 22 45 22 22 22 22 45 Accumulated other comprehensive loss 188 275 152 173 242 188 286 Deferred tax assets, net 21 28 23 24 25 12 27 Average common equity Tier 1 $ 3,199 $ 3,114 $ 3,394 $ 3,215 $ 3,118 $ 3,065 $ 3,138 Average tangible assets reconciliation(a) Total assets $ 41,334 $ 40,649 $ 42,072 $ 41,390 $ 41,101 $ 40,769 $ 41,331 Goodwill and other intangible assets, net (1,141) (1,150) (1,138) (1,140) (1,142) (1,145) (1,147) Tangible assets $ 40,193 $ 39,499 $ 40,934 $ 40,250 $ 39,958 $ 39,625 $ 40,184 Adjusted net income (loss) reconciliation(b) Net income (loss) $ 123 $ 183 $ (162) $ 88 $ 116 $ 81 $ (91) Other intangible amortization, net of tax 7 7 2 2 2 2 2 Adjusted net income (loss) $ 130 $ 190 $ (160) $ 90 $ 117 $ 83 $ (89) Adjusted net income (loss) available to commonequity reconciliation(b) Net income (loss) available to common equity $ 112 $ 171 $ (164) $ 85 $ 113 $ 78 $ (94) Other intangible amortization, net of tax 7 7 2 2 2 2 2 Adjusted net income (loss) available to common equity $ 118 $ 178 $ (163) $ 87 $ 114 $ 80 $ (92) Selected trend information(d) Wealth management fees $ 93 $ 83 $ 24 $ 24 $ 23 $ 22 $ 21 Service charges and deposit account fees 52 49 13 14 12 12 11 Card-based fees 47 45 12 12 12 11 12 Other fee-based revenue 19 17 5 5 5 4 4 Fee-based revenue 211 194 54 55 52 50 47 Other (220) (131) (261) 13 13 15 (178) Total noninterest income $ (9) $ 63 $ (207) $ 67 $ 65 $ 65 $ (131) Pre-tax pre-provision income (loss)(e) Income (loss) before income taxes $ 134 $ 206 $ (178) $ 108 $ 103 $ 101 $ (138) Provision for credit losses 85 83 17 21 23 24 21 Pre-tax pre-provision income (loss) $ 219 $ 289 $ (161) $ 129 $ 126 $ 125 $ (117) Efficiency ratio reconciliation(f) Federal Reserve efficiency ratio 69.58 % 69.70 % 107.36 % 61.46 % 61.51 % 61.03 % 132.01 % Fully tax-equivalent adjustment (0.87) % (1.13) % (1.83) % (0.69) % (0.71) % (0.71) % (3.29) % Other intangible amortization (0.75) % (0.76) % (1.04) % (0.67) % (0.68) % (0.69) % (1.21) % Fully tax-equivalent efficiency ratio 67.97 % 67.82 % 104.50 % 60.11 % 60.12 % 59.63 % 127.54 % FDIC special assessment (0.29) % (2.32) % 0.14 % 0.30 % 0.73 % (2.38) % (9.50) % Announced initiatives (7.75) % (7.02) % (43.53) % — % — % — % (53.92) % Adjusted efficiency ratio 59.93 % 58.48 % 61.11 % 60.42 % 60.85 % 57.25 % 64.12 % Numbers may not sum due to rounding. (a) The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and strength. (b) Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax. (c) These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies. (d) These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation's results of operations. (e) Management believes this measure is meaningful because it reflects adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods. (f) The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net. The adjusted efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, FDIC special assessment costs, and announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net and announced initiatives. Management believes the adjusted efficiency ratio is a meaningful measure as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and provides a better measure as to how the Corporation is managing its expenses by adjusting for nonrecurring costs like the FDIC special assessment and announced initiatives. Associated Banc-Corp Non-GAAP Financial Measures Reconciliation ($ in millions) 4Q24 3Q24 2Q24 1Q24 4Q23 Period end core customer deposits reconciliation Total deposits $ 34,648 $ 33,554 $ 32,691 $ 33,713 $ 33,446 Network transaction deposits (1,758) (1,567) (1,503) (1,793) (1,566) Brokered CDs (4,276) (4,243) (4,062) (3,931) (4,447) Core customer deposits $ 28,614 $ 27,745 $ 27,127 $ 27,989 $ 27,432 Quarterly average core customer deposits reconciliation Total deposits $ 34,337 $ 33,321 $ 32,629 $ 33,267 $ 32,192 Network transaction deposits (1,691) (1,644) (1,595) (1,652) (1,617) Brokered CDs (4,515) (4,248) (3,928) (4,269) (3,471) Core customer deposits $ 28,132 $ 27,429 $ 27,106 $ 27,346 $ 27,105 Nonrecurring Item Reconciliation YTD YTD YTD YTD ($ in millions, except per share data) Dec 2024 Dec 2024 per share data(diluted) Dec 2023 Dec 2023 per share data (diluted) GAAP net income $ 123 $ 0.72 $ 183 $ 1.13 Loss on mortgage portfolio sale(a) 130 0.85 136 0.90 Provision on initiatives 1 0.01 (3) (0.02) Net loss on sale of investments(a) 148 0.96 65 0.43 Loss on prepayments of FHLB advances 14 0.09 — — FDIC special assessment — — 31 0.20 Tax effect (39) (0.25) (55) (0.36) Net income, excluding nonrecurring items, net of tax 379 $ 2.38 357 $ 2.27 Less preferred stock dividends (12) (12) Net income available to common equity, excluding nonrecurring items, net of tax $ 367 $ 345 Nonrecurring Item Reconciliation ($ in millions, except per share data) 4Q24 4Q24 per share data (diluted) 4Q23 4Q23 per share data(diluted) GAAP net (loss) $ (162) $ (1.03) $ (91) $ (0.62) Loss on mortgage portfolio sale(a) 130 0.82 136 0.90 Provision on initiatives 1 0.01 (3) (0.02) Net loss on sale of investments(a) 148 0.93 65 0.43 Loss on prepayments of FHLB advances 14 0.09 — — FDIC special assessment — — 31 0.20 Tax effect (39) (0.24) (55) (0.36) Net income, excluding nonrecurring items, net of tax 94 $ 0.57 83 $ 0.53 Less preferred stock dividends (3) (3) Net income available to common equity, excludingnonrecurring items, net of tax $ 91 $ 80 Nonrecurring Item Noninterest Income Reconciliation YTD YTD ($ in thousands) Dec 2024 Dec 2023 4Q24 4Q23 GAAP noninterest (loss) income $ (9,407) $ 63,182 $ (206,772) $ (131,013) Loss on mortgage portfolio sale(a) 130,406 136,239 130,406 136,239 Net loss on sale of investments(a) 148,183 64,940 148,183 64,940 Noninterest income, excluding nonrecurring items $ 269,182 $ 264,361 $ 71,816 $ 70,166 Nonrecurring Item Noninterest Expense Reconciliation YTD YTD ($ in thousands) Dec 2024 Dec 2023 4Q24 4Q23 GAAP noninterest expense $ 818,397 $ 813,682 $ 224,282 $ 239,391 Loss on prepayments of FHLB advances (14,243) — (14,243) — FDIC special assessment — (30,597) — (30,597) Noninterest expense, excluding nonrecurring items $ 804,154 $ 783,085 $ 210,039 $ 208,795 Period End Loans Reconciliation ($ in thousands) 4Q24 Loans $ 29,768,586 Mortgage portfolio loans transferred to held for sale 722,943 Adjusted loans $ 30,491,529 (a) These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarters of 2024 and 2023. Investor Contact:Ben McCarville, Senior Vice President, Director of Investor Relations 920-491-7059 Media Contact:Andrea Kozek, Vice President, Public Relations Senior Manager920-491-7518 SOURCE Associated Banc-Corp WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Associated Banc-Corp Reports Full Year 2024 Earnings of $0.72 Per Common Share, or $2.38 Per Common Share Excluding Nonrecurring Items Recognized During the Fourth Quarter(1)

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