Financial Data and Key Metrics Changes - The first-quarter earnings per share were $0.58, up 45% from the fourth quarter [8] - First-quarter net interest income was $176 million, down $12 million from the fourth quarter [16] - Nonaccrual loans decreased by 23% quarter-over-quarter, while net charge-offs fell to $5 million, down about 83% from the fourth quarter [9] - The tangible book value per share increased to $16.95 as of the end of the month [9] Business Line Data and Key Metrics Changes - Average first-quarter loans increased by $1.2 billion or 5% compared to the first quarter of 2020 [10] - Mortgage banking income increased by $9 million quarter-over-quarter, reflecting strong mortgage originations [19] - Noninterest income for the first quarter was $95 million, up over 11% from the fourth quarter [19] Market Data and Key Metrics Changes - Average deposits were up $2.5 billion or 10% over the first quarter of 2020 [14] - Low-cost deposits accounted for approximately 65% of total deposits at the end of the quarter [15] - Record levels of checking account deposit inflows were driven by additional government stimulus [8] Company Strategy and Development Direction - The company is expanding its consumer lending platform to include indirect auto lending, expecting to originate $200 million or more in 2021 [12][13] - The company aims to grow its indirect auto outstandings into a multibillion-dollar loan portfolio over time [13] - The management expressed optimism about loan growth in the latter part of the year, particularly in commercial real estate lending [11] Management Comments on Operating Environment and Future Outlook - Management noted a strengthening economy and improving credit dynamics across all portfolios [7] - The company expects full-year commercial loan growth of approximately 2% to 4%, excluding PPP loans [11] - Management anticipates that net interest margin will gradually expand over the course of the second through fourth quarters [16] Other Important Information - The company is revising its noninterest income guidance up by $30 million, now expecting between $310 million and $330 million for the year [21] - The allowance for loan losses was $404 million, down from $431 million in the prior quarter [24] - The company is targeting Common Equity Tier 1 ratio at or above 9.5% [25] Q&A Session Summary Question: What is the outlook for fee improvement for the remainder of the year? - Management expects mortgage banking to remain strong and anticipates significant loan demand in the back half of the year, contributing to fee income [30] Question: What is the credit box for the new auto lending product? - The company will operate in the higher credit quality area, focusing on prime and near-prime customers [34] Question: What is holding back from larger buybacks? - There is no specific barrier; future buybacks will be reviewed by the new CEO, and capital deployment will be done thoughtfully [36] Question: What is the outlook for net interest income? - Management believes quarterly net interest income has bottomed and expects improvement as mortgage refinance dynamics abate [39] Question: What are the drivers behind the general commercial decline? - The decline is attributed to low line utilization, currently at about 32%, which is expected to increase as business activity picks up [49] Question: What is the expected impact of the infrastructure bill? - Customers in the heavy civil contracting space are eager to get started, indicating readiness for increased activity [68]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ 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 (Exact name of registrant as specified in its charter) Wisconsin 39-1098068 (State or other jurisdiction of ...

Financial Data and Key Metrics Changes - The company reported a significant loan growth of $600 million in Q4, equating to a 10% annualized growth rate, despite intentional reductions in PPP and oil and gas portfolios [8][12][19] - Full year EPS reached $2.18, with net interest income increasing by $3 million from the prior quarter, driven by higher net-interest income across most segments [8][19] - Total non-interest expense for the full year was $710 million, down $66 million from the prior year, with Q4 expenses increasing by only 2% [9][24] Business Line Data and Key Metrics Changes - The commercial loan book grew by nearly $500 million in Q4, representing over a 13% annualized growth rate, with general commercial loans being the primary driver [10][12] - The new auto finance initiative added nearly $140 million in high-quality auto loans, with over 4,500 loans booked [11][12] - Credit card balances increased by 6% quarter-over-quarter, indicating growing consumer confidence [11] Market Data and Key Metrics Changes - Average deposits increased by nearly $1.7 billion in Q4, or 6% year-over-year, with growth concentrated in low-cost deposit categories [22] - The company expects full year auto finance loan growth of over $1.2 billion and total commercial loan growth of $750 million to $1 billion in 2022 [14][30] Company Strategy and Development Direction - The company is focused on expanding its commercial and small business segments, with a new commercial real estate office established in Houston [17] - A digital bank platform is set to pilot in Q2 2022, aimed at improving user experience through FinTech partnerships [18] - The company is committed to maintaining expense discipline while rolling out strategic initiatives, expecting non-interest expenses to be between $725 million and $740 million in 2022 [24][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic recovery, noting a strengthening economy and improving credit dynamics [6][7] - The company anticipates strong loan growth in 2022, supported by a positive economic backdrop and increased line utilization [14][30] - Management indicated that they expect to adjust provisions in line with loan growth and changing economic conditions [28][81] Other Important Information - The CFO, Chris Niles, announced his retirement after nearly 12 years, with a search for a successor underway [31][32] - The company has seen a steady decline in non-accrual loans, which decreased by 3% in Q4 and 38% year-over-year [19][28] Q&A Session Summary Question: Margin projection and rate hikes - Management indicated that the margin is expected to improve, with a target of reaching 2.50% and potentially moving towards 2.75% in the future, depending on rate hikes [36][39] Question: Outlook on revenue growth - Management confirmed that the revenue growth outlook remains consistent, with strong pipelines and initiatives on track [42][60] Question: Mortgage portfolio stability - Management expects stability in the mortgage portfolio as rates rise, with a proactive approach to home equity lending [51] Question: Provision adjustments - Management indicated that provisions may need to be adjusted upwards in line with loan growth, moving from a release to a build standpoint [81]

Associated Banc-Corp (NYSE:ASB) Q3 2021 Earnings Conference Call October 21, 2021 5:00 PM ET Company Participants Andy Harmening - President & CEO Chris Niles - CFO Pat Ahern - Chief Credit Officer Ben McCarville - VP, Director of IR Conference Call Participants Scott Siefers - Piper Sandler Michael Young - Truist Operator Good afternoon, everyone, and welcome to Associated Banc-Corp's Third Quarter 2021 Earnings Conference Call. My name is Shemali, and I will be your operator today. At this time, all parti ...