PART I. Financial Information This section covers the unaudited consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Associated Banc-Corp as of September 30, 2023, and for the three and nine-month periods then ended. It includes the Consolidated Balance Sheets, Statements of Income, Statements of Comprehensive Income, Statements of Changes in Stockholders' Equity, Statements of Cash Flows, and the accompanying Notes to Consolidated Financial Statements [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | Sep 30, 2023 (in thousands) | Dec 31, 2022 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | **$41,637,381** | **$39,405,727** | **+5.7%** | | Loans, net | $29,847,392 | $28,486,849 | +4.8% | | **Total Liabilities** | **$37,509,738** | **$35,390,237** | **+6.0%** | | Total Deposits | $32,123,326 | $29,636,154 | +8.4% | | FHLB Advances | $3,733,041 | $4,319,861 | -13.6% | | **Total Stockholders' Equity** | **$4,127,643** | **$4,015,490** | **+2.8%** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Income Statement Highlights (Unaudited) | Metric (in thousands, except EPS) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $786,171 | $668,332 | +17.6% | | Provision for Credit Losses | $62,014 | $13,006 | +376.8% | | Noninterest Income | $194,195 | $220,713 | -12.0% | | Noninterest Expense | $574,291 | $550,503 | +4.3% | | **Net Income** | **$273,762** | **$257,360** | **+6.4%** | | **Diluted EPS** | **$1.75** | **$1.65** | **+6.1%** | [Consolidated Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) - For the nine months ended September 30, 2023, the company reported a total other comprehensive loss of **$66.3 million**, primarily driven by a **$46.8 million** after-tax unrealized loss on Available for Sale (AFS) securities and a **$19.4 million** after-tax unrealized loss on cash flow hedge derivatives[14](index=14&type=chunk) [Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) - Total stockholders' equity increased from **$4.015 billion** at December 31, 2022, to **$4.128 billion** at September 30, 2023. The increase was primarily driven by net income of **$273.8 million**, partially offset by cash dividends of **$104.6 million** and a net other comprehensive loss of **$66.3 million**[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Nine Months Ended Sep 30) | Cash Flow Activity (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $378,110 | $722,330 | | Net cash (used in) investing activities | ($2,224,411) | ($3,980,951) | | Net cash provided by financing activities | $1,937,635 | $2,735,525 | | **Net increase (decrease) in cash** | **$91,334** | **($523,096)** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The company adopted ASU 2022-02 in the first quarter of 2023, which eliminated the accounting guidance for Troubled Debt Restructurings (TDRs) and enhanced disclosure requirements for loan modifications to borrowers experiencing financial difficulty. The adoption did not have a material impact on financial position but resulted in additional disclosures[32](index=32&type=chunk) Investment Securities Portfolio (Sep 30, 2023) | Security Type (in thousands) | Available for Sale (Fair Value) | Held to Maturity (Amortized Cost) | | :--- | :--- | :--- | | U.S. Treasury & Agency | $122,614 | $999 | | Municipal Securities | $210,317 | $1,700,162 | | Mortgage-related Securities | $3,190,527 | $2,199,322 | | Asset Backed & Other | $141,775 | - | | **Total** | **$3,491,679** | **$3,900,483** | Loan Portfolio Composition | Loan Category (in thousands) | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Commercial | $18,503,736 | $17,986,742 | | Total Consumer | $11,689,451 | $10,812,828 | | **Total Loans** | **$30,193,187** | **$28,799,569** | - The Allowance for Credit Losses on Loans (ACLL) increased to **$380.6 million** at September 30, 2023, from **$351.5 million** at year-end 2022. The provision for credit losses for the first nine months of 2023 was **$62.0 million**[94](index=94&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Corporation's financial performance for the nine months ended September 30, 2023. Key topics include an 18% increase in net interest income driven by loan growth and higher interest rates, a significant increase in the provision for credit losses, and a 4% rise in noninterest expense. The analysis also covers balance sheet trends, credit risk management, liquidity, capital adequacy, and a review of segment performance - For 2023, management expects period-end loan growth of **5% to 6%**, net interest income growth of **8% to 10%**, noninterest income compression of **8% to 10%**, and noninterest expense growth of **3% to 4%**[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk) [Income Statement Analysis](index=51&type=section&id=Income%20Statement%20Analysis) - Net interest income for the first nine months of 2023 increased by **$118 million (18%)** year-over-year to $786 million, with the net interest margin expanding by **9 basis points** to **2.86%**. This was driven by higher interest income from loan growth and rising rates, which outpaced the increase in interest expense on deposits and borrowings[206](index=206&type=chunk)[211](index=211&type=chunk)[218](index=218&type=chunk) - The provision for credit losses was **$62 million** for the first nine months of 2023, a significant increase from **$13 million** in the same period of 2022. This was attributed to loan growth, minor credit quality shifts, and macroeconomic trends[206](index=206&type=chunk)[220](index=220&type=chunk) - Noninterest income decreased by **12%** year-over-year, primarily due to a **$10 million** reduction in service charges and deposit account fees following fee eliminations in 2022, and a **$9 million** decrease in capital markets revenue[207](index=207&type=chunk)[223](index=223&type=chunk) - Noninterest expense rose by **4%** year-over-year, driven by a **$12 million** increase in personnel costs from strategic hiring, a **$9 million** increase in FDIC assessment expense due to a rate change, and a **$9 million** increase in technology expense from digital investments[224](index=224&type=chunk)[225](index=225&type=chunk) [Balance Sheet Analysis](index=55&type=section&id=Balance%20Sheet%20Analysis) - Total assets grew to **$41.6 billion** at September 30, 2023, a **6%** increase from year-end 2022, primarily due to a **$1.4 billion (5%)** increase in loans[229](index=229&type=chunk)[230](index=230&type=chunk) - Total deposits increased by **$2.5 billion (8%)** from year-end 2022, driven by growth in time deposits and network transaction deposits, which offset a decline in noninterest-bearing demand deposits[230](index=230&type=chunk) - Nonperforming assets (NPAs) as a percentage of total assets increased to **0.43%** at September 30, 2023, from **0.32%** at December 31, 2022. The increase was primarily driven by a **$57 million** rise in nonaccrual loans, mainly in the commercial and industrial portfolio[254](index=254&type=chunk)[268](index=268&type=chunk) [Liquidity and Capital Resources](index=64&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity Sources (Sep 30, 2023) | Source | Available Amount (in thousands) | | :--- | :--- | | Funding available within one business day | $7,646,682 | | Available federal funds lines | $2,518,000 | | Available brokered deposits capacity | $1,240,488 | | Unsecured debt capacity | $1,000,000 | | **Total available liquidity** | **$12,405,170** | - The coverage ratio of uninsured and uncollateralized deposits with total available funding was **172%** as of September 30, 2023[278](index=278&type=chunk) Key Capital Ratios | Ratio | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | CET1 capital ratio | 9.55% | 9.35% | | Tier 1 capital ratio | 10.12% | 9.95% | | Total capital ratio | 12.25% | 11.33% | | Tier 1 leverage ratio | 8.42% | 8.59% | [Segment Review](index=71&type=section&id=Segment%20Review) Segment Net Income (Nine Months Ended Sep 30, 2023) | Segment | Net Income (in thousands) | YoY Change (%) | | :--- | :--- | :--- | | Corporate and Commercial Specialty | $215,688 | +27% | | Community, Consumer, and Business | $238,897 | +178% | | Risk Management and Shared Services | ($180,823) | N/M | | **Consolidated Total** | **$273,762** | **+6%** | [Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the Corporation's management of market and interest rate risk. The primary goal is to control exposure within policy limits using simulation models to measure Earnings at Risk (EAR) and Market Value of Equity (MVE) at risk. As of September 30, 2023, the Corporation's EAR profile is asset sensitive Estimated % Change in Rate Sensitive Earnings at Risk (EAR) Over 12 Months | Gradual Rate Change | Dynamic Forecast (Sep 30, 2023) | Static Forecast (Sep 30, 2023) | | :--- | :--- | :--- | | +100 bp | 2.0% | 2.2% | | +200 bp | 4.0% | 4.4% | | -100 bp | (0.6)% | (0.9)% | | -200 bp | (0.8)% | (1.3)% | [Controls and Procedures](index=74&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the Corporation's disclosure controls and procedures and concluded they were effective as of September 30, 2023. There were no material changes to internal control over financial reporting during the last fiscal quarter - The Chief Executive Officer and Chief Financial Officer concluded that the Corporation's disclosure controls and procedures were **effective** as of September 30, 2023[321](index=321&type=chunk) PART II. Other Information This section includes legal proceedings, risk factors, unregistered sales of equity securities, other information, and exhibits [Legal Proceedings](index=75&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 11 of the financial statements for information regarding pending and threatened legal proceedings arising in the normal course of business [Risk Factors](index=75&type=section&id=Item%201A.%20Risk%20Factors) The Corporation states that there have been no material changes to the risk factors described in its 2022 Annual Report on Form 10-K, other than those disclosed in the Form 10-Q for the quarter ended March 31, 2023 [Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the third quarter of 2023, the Corporation repurchased approximately 14,282 shares of its common stock for a total of $261,000. All repurchases were related to tax withholding on equity compensation and did not involve open market purchases. As of September 30, 2023, $80 million remained authorized for repurchase under the Board's 2021 authorization Common Stock Purchases (Q3 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2023 | 6,763 | $18.17 | | August 2023 | 7,163 | $18.47 | | September 2023 | 356 | $17.66 | | **Total** | **14,282** | **$18.31** | [Other Information](index=75&type=section&id=Item%205.%20Other%20Information) The report states that during the third quarter of 2023, no director or officer of the Corporation adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement [Exhibits](index=76&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including Sarbanes-Oxley certifications by the CEO and CFO, and interactive data files (XBRL)

Financial Data and Key Metrics Changes - The third quarter results showed a net interest margin (NIM) decrease of 9 basis points to 2.71% [10] - Non-interest income grew by 2% compared to the prior quarter, partially offsetting the pressure on net interest income (NII) [10] - Year-to-date PTPP income increased by $68 million or 20% compared to 2022 [17][26] Business Line Data and Key Metrics Changes - All three major consumer and commercial loan segments reported net balance growth, with the auto finance business leading the growth [10][16] - Core customer deposits grew by $527 million or 2% during the third quarter, allowing a decrease in reliance on higher-cost funding sources [12][15] - The commercial mortgage warehouse business showed growth, but overall lending activity has slowed compared to 2022 [16][17] Market Data and Key Metrics Changes - Employment trends in the Midwest remain strong, with Wisconsin's unemployment rate below 3% [5] - The company expects total loan growth of between 5% and 6% for 2023, reflecting a slowdown in the lending environment [17][33] - The deposit environment has stabilized after a volatile first half of the year, contributing to strong core customer deposit growth [33] Company Strategy and Development Direction - The company is focused on executing initiatives to deepen customer relationships and optimize the balance sheet [6][8] - Phase 2 of the strategic plan is being finalized, with details expected to be shared later in the quarter [8][52] - The strategy emphasizes funding loan growth primarily through core customer deposits, reducing reliance on wholesale funding [12][15] Management's Comments on Operating Environment and Future Outlook - Management noted that while credit metrics have slightly increased, they are consistent with a gradual normalization to pre-COVID levels [11][30] - The company remains confident in its ability to manage growth at a reasonable cost despite ongoing funding pressures [12][28] - The macroeconomic outlook is uncertain, but management expects net interest income growth of between 8% and 10% in 2023 [23][34] Other Important Information - The company added $22 million in provision during the third quarter, maintaining a flat ACLL ratio at 1.26% [10][29] - The consumer household acquisition rate increased by 20% year-over-year, while the attrition rate decreased by 17% [14] - The company is committed to maintaining expense growth below revenue growth over the long term [26] Q&A Session Summary Question: Increase in non-accruals and normalization of credit costs - Management indicated that the increase in non-accruals is part of a normalization process and does not suggest broader issues [36][37] Question: Future loan growth expectations - Management expects balanced growth in the auto finance segment and is cautious about lower-yielding loans [38][39][40] Question: Margin bottoming out - Management expressed confidence that margin pressure is stabilizing and may see an inflection point in 2024 [44][46] Question: Customer CD balances and strategy - The company has successfully attracted customer CD balances and plans to continue this strategy [48][50] Question: Phase 2 of the strategic plan - Management confirmed that the Phase 2 plan will be strategic and quantitative, with details expected later in the fourth quarter [51][52] Question: NII outlook for the fourth quarter - Management discussed various factors that could influence NII, including loan repricing and deposit stabilization [54][55] Question: Credit quality in the real estate book - Management noted stable performance in the real estate book, with non-accruals primarily affecting the C&I side [60][62] Question: Growth in the auto finance book - Management indicated that the auto finance book is maturing, but growth will continue through strategic market expansion [68][70]

Third Quarter 2023 Earnings Presentation Forward-Looking Statements Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking s ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-31343 Associated Banc-Corp (920) 491-7500 (Registrant's telephone number, including area code) (not applicable) ...

Associated Banc-Corp (NYSE:ASB) Q2 2023 Earnings Conference Call July 20, 2023 5:00 PM ET Company Participants Andrew Harmening - President and CEO Derek Meyer - CFO Patrick Ahern - Chief Credit Officer Conference Call Participants Daniel Tamayo - Raymond James Jared Shaw - Wells Fargo Securities Scott Siefers - Piper Sandler Terence McEvoy - Stephens Jon Arfstrom - RBC Capital Markets Brody Preston - UBS Chris McGratty - KBW Operator Good afternoon, everyone, and welcome to Associated Banc-Corp's Second Qu ...

Second Quarter 2023 Earnings Presentation Forward-Looking Statements Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-31343 Associated Banc-Corp (920) 491-7500 (Registrant's telephone number, including area code) (not applicable) ...

Associated Banc-Corp (NYSE:ASB) Q1 2023 Earnings Conference Call April 20, 2023 5:00 PM ET Company Participants Andrew Harmening - President and Chief Executive Officer Derek Meyer - Executive Vice President and Chief Financial Officer Patrick Ahern - Executive Vice President, Chief Credit Officer and Chicago Market President Conference Call Participants Jared Shaw - Wells Fargo Securities, LLC Daniel Tamayo - Raymond James & Associates, Inc. Terence McEvoy - Stephens Inc. Brody Preston - UBS Jon Arfstrom - ...

First Quarter 2023 Earnings Presentation APRIL 20, 2023 Forward-Looking Statements 1 Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such ...

Capital Requirements and Regulatory Compliance - The Corporation continues to exceed all capital requirements necessary to be deemed "well-capitalized" for regulatory purposes[52] - As of December 31, 2022, the Bank satisfied the capital requirements necessary to be deemed "well capitalized"[60] - The Corporation's CET1 capital ratio is 10.31% as of December 31, 2022, down from 10.45% in 2021[391] - Total capital increased to $3,680,227,000 in 2022 from $3,570,026,000 in 2021, reflecting a growth of approximately 3.1%[391] - Total risk-weighted assets rose to $32,472,008,000 in 2022, compared to $27,242,735,000 in 2021, indicating an increase of about 19.3%[391] Deposit Insurance and Assessment Rates - The FDIC adopted a final rule to increase base deposit insurance assessment rate schedules uniformly by 2 basis points starting in 2023[63] - The Corporation's FDIC assessment rate was approximately 7 basis points for 2022[64] - The Dodd-Frank Act authorized a permanent increase in deposit insurance to $250,000 per depositor, per IDI for each account ownership category[61] Economic and Regulatory Changes - The Economic Growth Act raised the asset threshold for stress testing from $10 billion to $250 billion in total consolidated assets[55] - The Corporation elected to utilize the 2020 Capital Transition Relief, allowing a three-year phase-out period for the CECL model effects starting in 2022[54] - The Dodd-Frank Act may significantly impact the Corporation's operations, particularly through increased compliance costs from potential future consumer and fair lending regulations[95] Cybersecurity and Compliance - The final rule from federal banking agencies requires banks to notify their primary federal regulator within 36 hours of discovering a significant cybersecurity incident[76] - During 2022, the Corporation did not discover any material cybersecurity incidents, indicating effective cybersecurity measures[77] - The Dodd-Frank Act mandates that national banks have a board-approved program to ensure compliance with the Bank Secrecy Act (BSA) and includes independent testing and training requirements[78] Environmental and Climate Risk Management - Federal banking agencies have heightened their focus on climate-related risks, encouraging banks to incorporate climate risk management into governance structures and strategic planning[96] - The SEC proposed new climate-related disclosure rules that, if adopted in 2023, would require disclosures on climate-related metrics and greenhouse gas emissions in SEC filings[100] - The Corporation has established an Environmental Sustainability Risk Policy to manage environmental risks, including climate change and carbon emissions[102] Financial Performance and Income - Fully tax-equivalent net interest income increased by $234 million, or 31%, in 2022 compared to 2021, driven by strategic initiatives and rising interest rates[284] - Noninterest income decreased by $49.994 million, or 15%, in 2022 compared to 2021, primarily due to declines in mortgage banking and wealth management fees[291] - Total revenue for the Corporate and Commercial Specialty segment increased by $64 million from the year ended December 31, 2021, primarily due to higher loan balances and interest rates[400] Loan and Credit Quality - Total loans amounted to $299.37 billion, with significant contributions from commercial and business lending, and residential mortgages[287] - The provision for credit losses is based on the Corporation's reserving methodology and economic forecasts, with no material updates made to the baseline scenario used[288] - Total nonaccrual loans increased to $210,854 thousand, up from $130,443 thousand year-over-year, reflecting a significant rise in credit risk[324] Asset and Liability Management - Total assets reached $39.4 billion, a $4.3 billion increase or 12% from December 31, 2021[299] - Total deposits increased to $29.6 billion, a rise of $1.2 billion or 4% from December 31, 2021, mainly due to a $1.1 billion increase in money market deposits[300] - The Corporation's interest rate risk profile is asset sensitive as of December 31, 2022, indicating that a higher yield curve would increase income[379] Operational Efficiency and Cost Management - The return on average assets improved to 1.02% in 2022 from 0.90% in 2021[391] - Federal Reserve efficiency ratio improved to 60.36% from 66.33% in 2021, showing enhanced operational efficiency[394] - Adjusted efficiency ratio stood at 58.75%, compared to 65.36% in the previous year, indicating better cost management[394]