Document

EX-99.1 2 asb12312024ex991.htm EX-99.1 Document


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

Associated Banc-Corp Reports Full Year 2024 Earnings of $0.72 Per Common Share, or $2.38 Per Common Share Excluding Nonrecurring Items Recognized During the Fourth Quarter1

GREEN BAY, Wis. -- January 23, 2025 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $112 million, or $0.72 per common share for the year ended December 31, 2024. These amounts compare to earnings of $171 million, or $1.13 per common share, for the year ended December 31, 2023. For the quarter ended December 31, 2024, the Company reported a loss of $164 million, or $1.03 per common share. These amounts compare to a loss of $94 million, or $0.62 per common share for the quarter ended December 31, 2023 and earnings of $85 million, or $0.56 per common share for the quarter ended September 30, 2024.

The Company's results for the year and quarter ended December 31, 2024 were impacted by several nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter. Excluding the impact of these nonrecurring items, the Company reported adjusted earnings of $367 million, or $2.38 per common share1 for the year, and $91 million, or $0.57 per common share1 for the fourth quarter. The fourth quarter nonrecurring items consisted of a $130 million loss on a mortgage portfolio sale, a $148 million net loss on a sale of investments, a $14 million loss on prepayments of FHLB advances, a $1 million increase in provision, and a $39 million tax benefit.

“2024 was a year of significant progress for Associated," said President and CEO Andy Harmening. "We bolstered our executive team with several high-quality leaders, enhanced our consumer value proposition, expanded our commercial team, and complemented these actions with an equity raise and balance sheet repositioning. In the fourth quarter, the emerging momentum from these actions drove strong core financial results, with robust commercial loan growth, core customer deposit1 growth, and stable credit trends."

"We're entering 2025 with several tailwinds including record-high customer satisfaction scores, net customer household growth, balance sheet growth, and a strengthened profitability profile. We feel well-positioned to deliver enhanced value for all of our stakeholders in 2025, and we look forward to providing updates throughout the year."

2024 SUMMARY (all comparisons on a period end basis compared to 2023)

•Diluted GAAP earnings per common share of $0.72; Adjusted diluted earnings per common share of $2.381

•Total deposit growth of $1.2 billion; Total core customer deposit growth of $1.2 billion1

•Total loan growth of $552 million; Adjusted total loan growth of $1.3 billion1

•Net interest income of $1.0 billion

•Total noninterest (loss) income of $(9) million; Adjusted noninterest income of $269 million1

•Total noninterest expense of $818 million; Adjusted noninterest expense of $804 million1

•Provision for credit losses of $85 million

•Net charge offs / average loans of 0.23%

1 This is a non-GAAP financial measure. See pages 10 and 11 of the attached tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans

Fourth quarter 2024 period end total loans of $29.8 billion decreased 1%, or $222 million, from the prior quarter, driven primarily by a sale of $723 million in residential mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024. Compared to the same period last year, period end total loans were up 2%, or $552 million. With respect to fourth quarter 2024 period end balances by loan category:

•Commercial and business lending increased $338 million from the prior quarter and increased $924 million from the same period last year to $11.7 billion.

•Commercial real estate lending increased $26 million from the prior quarter and decreased $185 million from the same period last year to $7.2 billion.

•Total consumer lending decreased $586 million from the prior quarter and decreased $187 million from the same period last year to $10.8 billion.

Fourth quarter 2024 average total loans of $30.2 billion were up 2%, or $568 million, from the prior quarter and were up 1%, or $249 million, from the same period last year. With respect to fourth quarter 2024 average balances by loan category:

•Commercial and business lending increased $503 million from the prior quarter and increased $654 million from the same period last year to $11.5 billion.

•Commercial real estate lending decreased $29 million from the prior quarter and decreased $191 million from the same period last year to $7.2 billion.

•Total consumer lending increased $93 million from the prior quarter and decreased $214 million from the same period last year to $11.5 billion.

Full year 2024 average loans of $29.7 billion were up 1%, or $163 million, from 2023. With respect to full year 2024 average balances by loan category:

•Commercial and business lending increased $238 million to $11.1 billion.

•Commercial real estate lending decreased $44 million to $7.3 billion.

•Total consumer lending decreased $30 million to $11.4 billion.

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

Deposits

Fourth quarter 2024 period end deposits of $34.6 billion were up 3%, or $1.1 billion, from the prior quarter and were up 4%, or $1.2 billion from the same period last year. With respect to fourth quarter 2024 period end balances by deposit category:

•Noninterest-bearing demand deposits decreased $82 million from the prior quarter and decreased $344 million from the same period last year to $5.8 billion.

•Savings increased $61 million from the prior quarter and increased $298 million from the same period last year to $5.1 billion.

•Interest-bearing demand deposits increased $519 million from the prior quarter and increased $281 million from the same period last year to $9.1 billion.

•Money market deposits increased $543 million from the prior quarter and increased $307 million from the same period last year to $6.6 billion.

•Total time deposits increased $53 million from the prior quarter and increased $661 million from the same period last year to $8.0 billion.

•Network transaction deposits (included in money market and interest-bearing demand deposits) increased $191 million from the prior quarter and increased $192 million from the same period last year to $1.8 billion.

Fourth quarter 2024 average deposits of $34.3 billion were up 3%, or $1.0 billion, from the prior quarter and were up 7%, or $2.1 billion from the same period last year. With respect to fourth quarter 2024 average balances by deposit category:

•Noninterest-bearing demand deposits increased $86 million from the prior quarter and decreased $433 million from the same period last year to $5.7 billion.

•Savings increased $7 million from the prior quarter and increased $270 million from the same period last year to $5.1 billion.

•Interest-bearing demand deposits increased $229 million from the prior quarter and increased $467 million from the same period last year to $7.6 billion.

•Money market deposits decreased $18 million from the prior quarter and decreased $197 million from the same period last year to $5.9 billion.

•Total time deposits increased $666 million from the prior quarter and increased $2.0 billion from the same period last year to $8.2 billion.

•Network transaction deposits increased $46 million from the prior quarter and increased $74 million from the same period last year to $1.7 billion.

Full year 2024 average deposits of $33.4 billion were up 7%, or $2.0 billion from 2023. With respect to full year 2024 average balances by deposit category:

•Noninterest-bearing demand deposits decreased $875 million to $5.7 billion.

•Savings increased $307 million to $5.1 billion.

•Interest-bearing demand deposits increased $539 million to $7.4 billion.

•Money market deposits decreased $675 million to $6.0 billion.

•Network transaction deposits increased $176 million to $1.6 billion.

•Total time deposits increased $2.6 billion to $7.5 billion.

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

Net Interest Income and Net Interest Margin

Full year 2024 net interest income of $1.0 billion was up 1%, or $8 million, from 2023. Net interest margin of 2.78% decreased 3 basis points from the prior year.

•The average yield on total earning assets increased 36 basis points from the prior year to 5.61%.

•The average cost of interest-bearing liabilities increased 38 basis points from the prior year to 3.51%.

•The net free funds benefit decreased 1 basis point from the prior year to 0.68%.

Fourth quarter 2024 net interest income of $270 million increased 3%, or $8 million, from the prior quarter. Net interest margin of 2.81% increased 3 basis points from the prior quarter. Compared to the same period last year, net interest income increased 7%, or $17 million, and the net interest margin increased 12 basis points.

•The average yield on total earning assets for the fourth quarter of 2024 decreased 22 basis points from the prior quarter and decreased 5 basis points from the same period last year to 5.46%.

•The average cost of total interest-bearing liabilities for the fourth quarter of 2024 decreased 30 basis points from the prior quarter and decreased 26 basis points from the same period last year to 3.29%.

•The net free funds benefit for the fourth quarter of 2024 decreased 5 basis points from the prior quarter and decreased 9 basis points from the same period last year to 0.64%.

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

Noninterest Income

Full year 2024 noninterest income of negative $9 million decreased $73 million from the prior year. The decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to 2024 noninterest income line items:

•Investment securities losses, net increased $85 million from the prior year, driven primarily by a $148 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2024.

•Loss on mortgage portfolio sale decreased $6 million from the prior year, driven by a $130 million loss on sale of mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024.

•Wealth management fees increased $10 million from the prior year.

•Mortgage banking, net decreased $9 million from the prior year.

•Service charges and deposit account fees increased $3 million from the prior year.

•Capital markets, net decreased $3 million from the prior year.

Fourth quarter 2024 total noninterest income of negative $207 million decreased $274 million from the prior quarter and decreased $76 million from the same period last year. The decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to fourth quarter 2024 noninterest income line items:

•Investment securities gains (losses) decreased $148 million from the prior quarter and decreased $89 million from the same period last year, driven primarily by a $148 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2024.

•Loss on mortgage portfolio sale increased $130 million from the prior quarter and decreased $6 million from the same period last year, driven by a $130 million loss on sale of mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2024.

•Wealth management fees were down slightly compared to the prior quarter and increased $3 million from the same period last year.

•Capital markets, net increased $5 million from the prior quarter and was down slightly compared to the same period last year.

•Mortgage banking, net increased $1 million from the prior quarter and increased $2 million from the same period last year.

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

Noninterest Expense

Full year 2024 noninterest expense of $818 million increased 1%, or $5 million, from the prior year, including a $14 million expense for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024. With respect to full year 2024 noninterest expense line items:

•FDIC assessment expense decreased $29 million from the prior year, driven primarily by a $31 million expense for the special assessment during the fourth quarter of 2023.

•Personnel expense increased $20 million from the prior year, largely driven by increased investment in our colleagues.

•Technology expense increased $6 million from the prior year, driven by investments tied to our strategic initiatives.

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

•Personnel expense increased $5 million from the prior quarter and increased $5 million from the same period last year.

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

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

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

Taxes

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

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

Credit

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

The fourth quarter 2024 provision for credit losses was $17 million, compared to a provision of $21 million in the prior quarter and a provision of $21 million in the same period last year. With respect to fourth quarter 2024 credit quality:

•Nonaccrual loans of $123 million decreased $5 million, or 4%, from the prior quarter and decreased $26 million, or 17%, from the same period last year. The nonaccrual loans to total loans ratio was 0.41% in the fourth quarter, down from 0.43% in the prior quarter and down from 0.51% in the same period last year.

•Net charge offs of $12 million decreased $1 million, or 7%, from the prior quarter and decreased $3 million, or 22%, from the same period last year.

•The allowance for credit losses on loans (ACLL) of $402 million increased $5 million from the prior quarter and increased $16 million from the same period last year. The ACLL to total loans ratio was 1.35% in the fourth quarter, up from 1.33% in the prior quarter and up from 1.32% in the same period last year.

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

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.00% at December 31, 2024. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

FOURTH QUARTER 2024 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 23, 2025. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp fourth quarter 2024 earnings call. The fourth quarter 2024 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $43 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The Company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should," “intend,” "target," “outlook,” "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.

NON-GAAP FINANCIAL MEASURES

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

# # #


Associated Banc-Corp Consolidated Balance Sheets (Unaudited)
($ in thousands)	December 31, 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-Corp Consolidated 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 securities sold 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 and outstanding 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 and repossessed 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) to year-to-date average loans	0.23		%	0.25		%			0.30		%	0.30		%	0.16		%


Associated Banc-Corp Selected 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-Corp Net 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		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial and business lending	$	11,474,489	$	194,355	6.74	%	$	10,971,390	$	200,327	7.27	%	$	10,820,214	$	193,808	7.11	%
Commercial real estate 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 securities sold 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-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
	Year Ended December 31,
	2024						2023
($ in thousands)	Average Balance		Interest Income /Expense		Average Yield / Rate		Average Balance		Interest Income /Expense		Average Yield / Rate
Assets
Earning assets
Loans (a) (b) (c)
Commercial and business lending	$	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 under agreements 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.

(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 average common equity Tier 1 reconciliation(a)
Common equity	$	4,108		$	3,917		$	4,334		$	4,137		$	3,972		$	3,987		$	3,926
Goodwill and other intangible assets, net	(1,141)			(1,150)			(1,138)			(1,140)			(1,142)			(1,145)			(1,147)
Tangible common 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 common equity 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, excluding nonrecurring 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.