ASSOCIATED BANC-CORP

Our financial results for the years ended December 31, 2023 and December 31, 2024 were impacted by several nonrecurring

items associated with the balance sheet repositionings announced in November of 2023 and December of 2024, respectively.

For the year ended December 31, 2023, we reported net income available to common equity (“earnings”) of $171 million. Our

results included a net after-tax loss of $150 million driven by several nonrecurring items associated with the balance sheet

repositioning announced in November of 2023. Our results also included an additional pre-tax $38 million of FDIC special

assessment expense recognized during the fourth quarter. Excluding the impact of these nonrecurring items, we reported

adjusted earnings of $351 million 2.

For the year ended December 31, 2024, we reported net income available to common equity (“earnings”) of $112 million. Our

results included a net after-tax loss of $253 million driven by several nonrecurring items associated with the balance sheet

repositioning announced in December of 2024. Excluding the impact of these nonrecurring items, we reported adjusted earnings

of $365 million 2.

The balance sheet repositioning transactions that occurred in 2023 and 2024 were nonrecurring transactions where we

capitalized on opportunities to accelerate our strategic plan and increase long-term shareholder value. Despite management’s

(1) All figures shown on an end of period basis. FY 2024 results compared to FY 2023 unless otherwise noted.

(2)This is a non-GAAP financial measure. See Appendix B for a reconciliation of non-GAAP financial measures to GAAP financial measures.

(3)Adjusted loan growth excludes $723 million in residential mortgage balances that were moved to loans held for sale as a result of the balance sheet repositioning announced during the fourth quarter of 2024.

This is a non-GAAP financial measure. See Appendix B for a reconciliation of non-GAAP financial measures to GAAP financial measures

(4)This adjusted figure excludes the impact of the balance sheet repositionings that impacted 4Q 2023 and 4Q 2024 financial results. Adjusted noninterest expense growth also excludes $14 million of FHLB

prepayment penalty expense incurred in the fourth quarter of 2024 and $31 million of FDIC special assessment expense incurred in the fourth quarter of 2023. This is a non-GAAP financial measure. See Appendix

B for a reconciliation of non-GAAP financial measures to GAAP financial measures

(5)Based on JD Power 2024 U.S. Retail Banking Satisfaction study conducted January 2023 through January 2024. For award information, visit jdpower.com/awards.

awareness that these transactions would result in short term unbudgeted financial impacts, they proceeded because these actions

are in the long-term interests of our shareholders.

To reward management for significant operational performance and balance sheet improvements, and to aid in the retention of

critical talent, we approved adjustments to the 2024 Management Incentive Plan (MIP) and the 2022-2024 Long-Term

Incentive Performance Plan (LTIPP). More details are provided in the Short-Term and Long-Term Incentive sections of the

Compensation Discussion & Analysis and the “Reconciliation of Non-GAAP Financial Measures” provided in Appendix B.

Below are high level summaries: