Associated Banc-Corp (ASB) 8-K Associated earns 57 cents per diluted share in first quarter of 2007

Exhibit 99.1

News Release CONTACTS:
Investors:
      Joe Selner, Chief Financial Officer
      920-491-7120
Media:
      Cindy Moon-Mogush, Corporate Communications
      920-431-8034

Associated earns 57 cents per diluted share in first quarter of 2007

• Net income of $73.4 million

• Net interest margin remains stable

• Accelerated stock buyback of 2 million shares executed

• Lisa B. Binder hired as president and COO

     GREEN BAY, Wis. — April 19, 2007 — Associated Banc-Corp (NASDAQ: ASBC) earned $73.4 million, or $.57 per diluted share, in the first quarter of 2007. Net income was $81.7 million, or $.60 per diluted share, in the first quarter of 2006. Book value per share rose to $17.54 as of March 31, 2007, up 3 percent over a year earlier.

     For the first quarter of 2007, return on average assets (ROA) was 1.46 percent and return on average equity (ROE) was 13.35 percent, compared to an ROA of 1.52 percent and ROE of 14.16 percent for the first quarter of 2006. Return on average tangible equity (which is a non-GAAP measure that excludes average goodwill and other intangible assets from average equity) was 22.63 percent in the first quarter of 2007, versus 23.48 percent in the same quarter in 2006.

     Comparatively, for the fourth quarter of 2006, net income was $74.5 million and diluted earnings per share were $.57, while book value per share was $17.44 at year-end 2006. ROA was 1.43 percent, ROE was 13.19 percent and return on average tangible equity was 22.31 percent for the fourth quarter of 2006.

     The effective tax rate was 32.37 percent for first quarter 2007 and 31.73 percent for fourth quarter 2006, compared to 25.52 percent for first quarter 2006, which included the reduction of previously recorded tax liabilities and income tax expense of approximately $7.7 million (or $0.06 of diluted earnings per share).

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ASBC 1Q ’07page 2 of 4

     Deposits at March 31, 2007, were $14.0 billion, up $0.4 billion or 3 percent higher than at March 31, 2006. Since year-end 2006, deposits were down $0.3 billion, which is primarily attributable to seasonal declines in commercial noninterest-bearing demand deposits.

     Loans as of March 31, 2007, were $14.9 billion, unchanged from year-end 2006, and down $0.7 billion or 4 percent from a year ago. Commercial and industrial loans grew $0.2 billion (6 percent) and real estate construction grew $0.1 billion (5 percent) between the March 31 periods. These increases were offset by a $0.3 billion reduction in commercial real estate loans, a $0.3 billion transfer of residential mortgages to loans held for sale in December 2006 and subsequent sale in January 2007, and a runoff of consumer mortgages. At March 31, 2007, the ratio of loans to deposits improved to 106 percent, compared to 114 percent at March 31, 2006.

     As of March 31, 2007, the allowance for loan losses represented 1.37 percent of total loans, compared to 1.31 percent a year ago and 1.37 percent at year-end 2006. On an annualized basis, first quarter 2007 net charge offs were 0.14 percent of average loans, compared to 0.18 percent for fourth quarter 2006 and 0.12 percent for the full year 2006. The provision for loan losses was $5.1 million, $4.5 million and $7.1 million, respectively, for the first quarter of 2007, the first quarter of 2006 and the fourth quarter of 2006, approximating net charge off levels for each period. Nonperforming loans rose to $153 million, representing 1.03 percent of total loans, compared to $142 million or 0.96 percent of loans at December 31, 2006.

     Net interest margin and net interest income were impacted by Associated’s reduction of higher-costing wholesale borrowings by nearly $2 billion and the reduction of lower-yielding assets by more than $1 billion during 2006. The restructuring of the balance sheet, coupled with the growth in average deposits (up 2 percent between first quarter periods), improved the net interest margin to 3.62 percent, compared to 3.48 percent for the first quarter of 2006. The net interest margin was down 2 basis points from fourth quarter 2006, due in large part to the seasonal outflow of net free funds (notably noninterest-bearing demand deposits).

     Net interest income for first quarter 2007 was $159.0 million on average earning assets of $18.4 billion, versus net interest income for first quarter 2006 of $166.9 million on average earning assets of $19.9 billion. The cost of funding stock repurchases (on approximately 10 million shares repurchased over the past five quarters) explains approximately $3.6 million of the decrease in net interest income between the first quarter periods.

     Noninterest income of $82.7 million for first quarter 2007 was up $11.9 million or 17 percent over the same period in 2006, and up $8.2 million or 11 percent over fourth quarter 2006.

     Core fee-based revenue, aided by increased volumes and improved pricing throughout 2006, grew between the first quarter periods, with trust service fees up 16 percent to $10.3 million, service charges on deposits up 10 percent to $23.0 million, card-based and other nondeposit fees up 15 percent to $11.3 million and retail commissions unchanged at $15.5 million. Compared to the fourth quarter of 2006, core fee-based revenue was down less than 1 percent, as the increases in trust fees,

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ASBC 1Q ‘07page 3 of 4

card-based and other nondeposit fees, and retail commissions were offset by seasonally lower service charges on deposits.

     Net mortgage banking income was $9.6 million for the first quarter of 2007, including a net $6.6 million gain that resulted from a $7.8 million gain on the March 2007 bulk sales of $2.3 billion (or 28 percent) of its mortgage portfolio serviced for others, net of a $1.2 million valuation reserve expense. Associated periodically considers sales of portions of its mortgage servicing portfolio to effectively manage earnings volatility risk. For the first quarter of 2006, net mortgage banking income of $4.4 million included $1.4 million of valuation reserve recovery. Removing the bulk servicing sales gain and the changes in the valuation reserve, net mortgage banking income between the first quarter periods was unchanged. Net mortgage banking income for the fourth quarter of 2006 was $1.7 million, including both a $2.1 million loss on market valuation associated with the $0.3 billion transfer of residential mortgages to loans held for sale previously mentioned, and a $0.5 million valuation reserve expense.

     Noninterest expenses remained controlled. The efficiency ratio was 52.22 percent, 51.00 percent and 50.26 percent for the first quarter of 2007, the first quarter of 2006 and the fourth quarter of 2006, respectively. Noninterest expense was $128.1 million for the first quarter of 2007, up $4.7 million (4 percent) over the first quarter of 2006, primarily attributable to a $4.7 million increase in personnel costs. Compared to fourth quarter 2006, noninterest expense was up $3.7 million (3 percent), with personnel costs up $5.7 million, offset in part by nonpersonnel expenses which were down $2.0 million in aggregate. In particular, personnel expense increased over fourth quarter 2006 as the first quarter reflected annual re-sets in health benefits, Social Security and unemployment costs, and the fourth quarter included reductions to variable compensation linked to performance results of 2006.

     During the first quarter of 2007, Associated repurchased 2 million shares of its common stock at a total purchase cost of $68.2 million. Also during the first quarter, the company paid a dividend of 29 cents per share, up 7 percent from the first-quarter dividend in 2006.

     “We are seeing momentum in our commercial banking business as loan originations and pipelines improved late in the quarter. Our core fee income categories showed growth, which we expect to continue. Also, asset quality and expense metrics remained strong,” Associated Chairman and CEO Paul Beideman said. “Our executive management team was enhanced with the addition of Lisa Binder to the organization as president and COO. She provides added depth and expertise to help us effectively execute our strategic priorities.”

     Associated will host a conference call for investors and analysts at 3 p.m. CDT today. The toll-free dial-in number for the live call is 800-936-9754. The number for international callers is 973-935-2048. Participants should ask the operator for the Associated Banc-Corp first quarter 2007 earnings call, or for call ID number 8606949. A replay of the call will be available starting at 6 p.m. CDT on April 19 through May 10, 2007, by calling 877-519-4471 (toll-free) domestically or 973-341-3080 internationally. The call ID number, 8606949, is required to access the replay.

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ASBC 1Q ‘07page 4 of 4

     Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified bank holding company with total assets of $21 billion. Associated has more than 300 banking offices serving more than 180 communities in Wisconsin, Illinois, and Minnesota. The company offers a full range of traditional banking services and a variety of other financial products and services. More information about Associated Banc-Corp is available atwww.associatedbank.com.

     Statements made in this document that 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. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. These statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” or similar expressions. Outcomes related to such statements are subject to numerous risk factors and uncertainties including those listed in the company’s Annual Report filed on Form 10-K.

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Six pages of tables follow.

Consolidated Balance Sheets (Unaudited)
Associated Banc-Corp

	March 31,			December 31,			Mar07 vs Dec06			March 31,			Mar07 vs Mar06
(in thousands)	2007			2006			% Change			2006			% Change
Assets
Cash and due from banks	$	315,157		$	458,344			(31.2	%)	$	405,001			(22.2	%)
Interest-bearing deposits in other financial institutions		33,280			10,505			216.8	%		20,096			65.6	%
Federal funds sold and securities purchased under agreements to resell		4,698			13,187			(64.4	%)		8,380			(43.9	%)
Investment securities available for sale, at fair value		3,467,732			3,436,621			0.9	%		3,840,697			(9.7	%)
Loans held for sale		92,303			370,758			(75.1	%)		47,818			93.0	%
Loans		14,856,003			14,881,526			(0.2	%)		15,539,187			(4.4	%)
Allowance for loan losses		(203,495	)		(203,481	)		0.0	%		(203,408	)		0.0	%
Loans, net		14,652,508			14,678,045			(0.2	%)		15,335,779			(4.5	%)
Premises and equipment, net		190,309			196,007			(2.9	%)		200,014			(4.9	%)
Goodwill		871,629			871,629			0.0	%		875,727			(0.5	%)
Other intangible assets, net		89,295			109,234			(18.3	%)		117,290			(23.9	%)
Other assets		790,502			717,054			10.3	%		668,058			18.3	%
Total assets	$	20,507,413		$	20,861,384			(1.7	%)	$	21,518,860			(4.7	%)
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	2,425,248		$	2,756,222			(12.0	%)	$	2,319,075			4.6	%
Interest-bearing deposits, excluding Brokered CDs		10,905,635			10,922,274			(0.2	%)		10,730,135			1.6	%
Brokered CDs		650,084			637,575			2.0	%		567,660			14.5	%
Total deposits		13,980,967			14,316,071			(2.3	%)		13,616,870			2.7	%
Short-term borrowings		2,332,816			2,042,685			14.2	%		2,597,950			(10.2	%)
Long-term funding		1,743,103			2,071,142			(15.8	%)		2,898,089			(39.9	%)
Accrued expenses and other liabilities		214,393			185,993			15.3	%		161,256			33.0	%
Total liabilities		18,271,279			18,615,891			(1.9	%)		19,274,165			(5.2	%)
Stockholders’ Equity
Preferred stock		—			—						—
Common stock		1,284			1,304			(1.5	%)		1,323			(2.9	%)
Surplus		1,055,914			1,120,934			(5.8	%)		1,178,908			(10.4	%)
Retained earnings		1,215,551			1,189,658			2.2	%		1,073,968			13.2	%
Accumulated other comprehensive loss		(11,564	)		(16,453	)		(29.7	%)		(9,504	)		21.7	%
Treasury stock, at cost		(25,051	)		(49,950	)		(49.8	%)		—		NM
Total stockholders’ equity		2,236,134			2,245,493			(0.4	%)		2,244,695			(0.4	%)
Total liabilities and stockholders’ equity	$	20,507,413		$	20,861,384			(1.7	%)	$	21,518,860			(4.7	%)

N/M = Not Meaningful.

Consolidated Statements of Income (Unaudited)
Associated Banc-Corp

	For The Three Months Ended
	March 31,					1Q07 vs 1Q06
(in thousands, except per share amounts)	2007		2006			% Change
Interest Income
Interest and fees on loans	$	273,961	$	261,015			5.0	%
Interest and dividends on investment securities and deposits in other financial institutions
Taxable		30,526		39,116			(22.0	%)
Tax-exempt		9,794		10,163			(3.6	%)
Interest on federal funds sold and securities purchased under agreements to resell		183		249			(26.5	%)
Total interest income		314,464		310,543			1.3	%
Interest Expense
Interest on deposits		98,299		77,878			26.2	%
Interest on short-term borrowings		35,183		33,244			5.8	%
Interest on long-term funding		21,936		32,552			(32.6	%)
Total interest expense		155,418		143,674			8.2	%
Net Interest Income		159,046		166,869			(4.7	%)
Provision for loan losses		5,082		4,465			13.8	%
Net interest income after provision for loan losses		153,964		162,404			(5.2	%)
Noninterest Income
Trust service fees		10,309		8,897			15.9	%
Service charges on deposit accounts		23,022		20,959			9.8	%
Mortgage banking, net		9,550		4,404			116.8	%
Card-based and other nondeposit fees		11,323		9,886			14.5	%
Retail commissions		15,479		15,478			0.0	%
Bank owned life insurance income		4,164		3,071			35.6	%
Asset sale gains (losses), net		1,883		(230	)		N/M
Investment securities gains, net		1,035		2,456			N/M
Other		5,935		5,852			1.4	%
Total noninterest income		82,700		70,773			16.9	%
Noninterest Expense
Personnel expense		74,047		69,303			6.8	%
Occupancy		11,587		11,758			(1.5	%)
Equipment		4,394		4,588			(4.2	%)
Data processing		7,678		8,039			(4.5	%)
Business development and advertising		4,405		4,249			3.7	%
Other intangible amortization		1,661		2,343			(29.1	%)
Other		24,364		23,191			5.1	%
Total noninterest expense		128,136		123,471			3.8	%
Income before income taxes		108,528		109,706			(1.1	%)
Income tax expense		35,133		27,999			25.5	%
Net Income	$	73,395	$	81,707			(10.2	%)
Earnings Per Share:
Basic	$	0.57	$	0.60			(5.0	%)
Diluted	$	0.57	$	0.60			(5.0	%)
Average Shares Outstanding:
Basic		127,988		135,114			(5.3	%)
Diluted		129,299		136,404			(5.2	%)

N/M — Not meaningful.

Consolidated Statements of Income (Unaudited) — Quarterly Trend
Associated Banc-Corp

(in thousands, except per share amounts)	1Q07		4Q06			3Q06		2Q06		1Q06
Interest Income
Interest and fees on loans	$	273,961	$	282,918		$	284,397	$	278,573	$	261,015
Interest and dividends on investment securities and deposits in other financial institutions
Taxable		30,526		29,962			30,225		32,649		39,116
Tax-exempt		9,794		9,794			9,691		9,786		10,163
Interest on federal funds sold and securities purchased under agreements to resell		183		292			260		289		249
Total interest income		314,464		322,966			324,573		321,297		310,543
Interest Expense
Interest on deposits		98,299		98,757			99,242		88,076		77,878
Interest on short-term borrowings		35,183		31,971			30,450		34,126		33,244
Interest on long-term funding		21,936		26,174			26,664		30,696		32,552
Total interest expense		155,418		156,902			156,356		152,898		143,674
Net Interest Income		159,046		166,064			168,217		168,399		166,869
Provision for loan losses		5,082		7,068			3,837		3,686		4,465
Net interest income after provision for loan losses		153,964		158,996			164,380		164,713		162,404
Noninterest Income
Trust service fees		10,309		9,941			9,339		9,307		8,897
Service charges on deposit accounts		23,022		24,214			23,438		22,982		20,959
Mortgage banking, net		9,550		1,735			2,833		5,829		4,404
Card-based and other nondeposit fees		11,323		11,267			10,461		11,047		9,886
Retail commissions		15,479		15,053			14,360		16,365		15,478
Bank owned life insurance income		4,164		5,102			4,390		3,592		3,071
Asset sale gains (losses), net		1,883		91			89		354		(230	)
Investment securities gains (losses), net		1,035		(436	)		1,164		1,538		2,456
Other		5,935		7,568			6,911		6,194		5,852
Total noninterest income		82,700		74,535			72,985		77,208		70,773
Noninterest Expense
Personnel expense		74,047		68,315			71,321		74,492		69,303
Occupancy		11,587		10,971			10,442		10,654		11,758
Equipment		4,394		4,300			4,355		4,223		4,588
Data processing		7,678		8,033			7,668		7,711		8,039
Business development and advertising		4,405		4,365			4,142		4,101		4,249
Other intangible amortization		1,661		1,999			2,280		2,281		2,343
Other		24,364		26,415			23,478		21,198		23,191
Total noninterest expense		128,136		124,398			123,686		124,660		123,471
Income before income taxes		108,528		109,133			113,679		117,261		109,706
Income tax expense		35,133		34,632			36,791		33,712		27,999
Net Income	$	73,395	$	74,501		$	76,888	$	83,549	$	81,707
Earnings Per Share:
Basic	$	0.57	$	0.58		$	0.58	$	0.63	$	0.60
Diluted	$	0.57	$	0.57		$	0.58	$	0.63	$	0.60
Average Shares Outstanding:
Basic		127,988		129,202			131,520		132,259		135,114
Diluted		129,299		130,366			132,591		133,441		136,404

Selected Quarterly Information
Associated Banc-Corp

(in thousands, except per share & full time equivalent employee data)	1st Qtr 2007			4th Qtr 2006			3rd Qtr 2006			2nd Qtr 2006			1st Qtr 2006
Summary of Operations
Net interest income		159,046			166,064			168,217			168,399			166,869
Provision for loan losses		5,082			7,068			3,837			3,686			4,465
Asset sale gains (losses), net		1,883			91			89			354			(230	)
Investment securities gains (losses), net		1,035			(436	)		1,164			1,538			2,456
Noninterest income (excluding securities & asset gains)		79,782			74,880			71,732			75,316			68,547
Noninterest expense		128,136			124,398			123,686			124,660			123,471
Income before income taxes		108,528			109,133			113,679			117,261			109,706
Income taxes		35,133			34,632			36,791			33,712			27,999
Net income		73,395			74,501			76,888			83,549			81,707
Taxable equivalent adjustment		6,560			6,568			6,495			6,503			6,667
Per Common Share Data (1)
Net income:
Basic	$	0.57		$	0.58		$	0.58		$	0.63		$	0.60
Diluted		0.57			0.57			0.58			0.63			0.60
Dividends		0.29			0.29			0.29			0.29			0.27
Market Value:
High	$	35.43		$	35.13		$	32.58		$	34.45		$	34.83
Low		33.16			32.13			30.27			30.69			32.75
Close		33.60			34.88			32.50			31.53			33.98
Book value		17.54			17.44			17.44			17.20			16.98
Performance Ratios (annualized)
Earning assets yield		7.03	%		6.95	%		6.89	%		6.74	%		6.38	%
Interest-bearing liabilities rate		4.02			3.93			3.84			3.65			3.37
Net interest margin		3.62			3.64			3.63			3.59			3.48
Return on average assets		1.46			1.43			1.46			1.58			1.52
Return on average equity		13.35			13.19			13.36			14.86			14.16
Return on tangible average equity (2)		22.63			22.31			22.32			25.18			23.48
Efficiency ratio (3)		52.22			50.26			50.19			49.82			51.00
Effective tax rate		32.37			31.73			32.36			28.75			25.52
Dividend payout ratio (4)		50.88			50.00			50.00			46.03			45.00
Average Balances
Assets	$	20,373,075		$	20,635,203		$	20,891,001		$	21,266,792		$	21,871,969
Earning assets		18,433,986			18,713,784			18,968,584			19,342,628			19,910,420
Interest-bearing liabilities		15,674,645			15,765,774			16,070,975			16,717,761			17,204,860
Loans		14,958,148			15,233,207			15,404,223			15,515,789			15,327,803
Deposits		13,557,958			13,748,444			13,884,404			13,534,725			13,319,664
Wholesale funding		4,462,713			4,547,042			4,636,853			5,391,108			6,092,275
Stockholders’ equity		2,228,909			2,240,143			2,283,933			2,254,933			2,339,539
Stockholders’ equity / assets		10.94	%		10.86	%		10.93	%		10.60	%		10.70	%
At Period End
Assets	$	20,507,413		$	20,861,384		$	20,926,523		$	21,128,354		$	21,518,860
Loans		14,856,003			14,881,526			15,284,608			15,405,630			15,539,187
Allowance for loan losses		203,495			203,481			203,442			203,411			203,408
Goodwill		871,629			871,629			871,629			875,727			875,727
Mortgage servicing rights, net		48,342			66,620			67,931			69,282			68,116
Other intangible assets, net		40,953			42,614			44,613			46,893			49,174
Deposits		13,980,967			14,316,071			14,208,545			13,646,408			13,616,870
Wholesale funding		4,075,919			4,113,827			4,277,636			5,033,961			5,496,039
Stockholders’ equity		2,236,134			2,245,493			2,270,380			2,274,860			2,244,695
Stockholders’ equity / assets		10.90	%		10.76	%		10.85	%		10.77	%		10.43	%
Tangible equity / tangible assets (5)		6.75	%		6.67	%		6.77	%		6.69	%		6.41	%
Shares outstanding, end of period		127,497			128,747			130,216			132,283			132,167
Shares repurchased during period, including settlements		1,909			1,957			2,000			31			4,030
Average per share cost of shares repurchased during period	$	35.74		$	33.11		$	31.43		$	—		$	33.63
Year-to-date shares repurchased during period, including settlements		1,909			8,018			6,061			4,061			4,030
YTD average per share cost of shares repurchased during period	$	35.74		$	32.83		$	32.74		$	33.38		$	33.63
Selected trend information
Average full time equivalent employees		5,089			5,084			5,117			5,112			5,147
Trust assets under management, at market value	$	5,900,000		$	5,800,000		$	5,500,000		$	5,200,000		$	5,200,000
Mortgage loans originated for sale		338,802			374,427			388,914			359,361			246,724
Portfolio serviced for others		6,087,000			8,330,000			8,226,000			8,134,000			8,050,000
Mortgage servicing rights, net / Portfolio serviced for others		0.79	%		0.80	%		0.83	%		0.85	%		0.85	%

(1)	Per share data adjusted retroactively for stock splits & stock dividends.
(2)	Return on tangible average equity = Net income divided by average equity excluding average goodwill & other intangible assets. This is a non-GAAP financial measure.
(3)	Efficiency ratio = Noninterest expense divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains, net, & asset sales gains, net.
(4)	Ratio is based upon basic earnings per share.
(5)	Tangible equity to tangible assets = Stockholders’ equity excluding goodwill & other intangible assets divided by assets excluding goodwill & other intangible assets. This is a non-GAAP financial measure.

Financial Summary and Comparison
Associated Banc-Corp

	Three months ended
	March 31,
(in thousands)	2007			2006			% Change
Allowance for Loan Losses
Beginning balance	$	203,481		$	203,404			0.0	%
Provision for loan losses		5,082			4,465			13.8	%
Charge offs		(6,869	)		(6,062	)		13.3	%
Recoveries		1,801			1,601			12.5	%
Net charge offs		(5,068	)		(4,461	)		13.6	%
Ending Balance	$	203,495		$	203,408			0.0	%

Credit Quality

							Mar07 vs Dec06												Mar07 vs Mar06
	Mar 31, 2007			Dec 31, 2006			% Change			Sept 30, 2006			June 30, 2006			Mar 31, 2006			% Change
Nonaccrual loans	$	146,864		$	136,734			7.4	%	$	123,743		$	95,426		$	102,824			42.8	%
Loans 90 or more days past due and still accruing		6,131			5,725			7.1	%		4,826			7,591			7,068			(13.3	%)
Restructured loans		25			26			(3.8	%)		28			29			31			(19.4	%)
Total nonperforming loans		153,020			142,485			7.4	%		128,597			103,046			109,923			39.2	%
Other real estate owned		16,439			14,417			14.0	%		13,866			14,947			11,676			40.8	%
Total nonperforming assets		169,459			156,902			8.0	%		142,463			117,993			121,599			39.4	%
Provision for loan losses		5,082			7,068			(28.1	%)		3,837			3,686			4,465			13.8	%
Net charge offs		5,068			7,029			(27.9	%)		3,806			3,683			4,461			13.6	%
Allowance for loan losses / loans		1.37	%		1.37	%					1.33	%		1.32	%		1.31	%
Allowance for loan losses / nonperforming loans		132.99			142.81						158.20			197.40			185.05
Nonperforming loans / total loans		1.03			0.96						0.84			0.67			0.71
Nonperforming assets / total assets		0.83			0.75						0.68			0.56			0.57
Net charge offs / average loans (annualized)		0.14			0.18						0.10			0.10			0.12
Year-to-date net charge offs / average loans		0.14			0.12						0.10			0.11			0.12

Period End Loan Composition

					Mar07 vs Dec06									Mar07 vs Mar06
	Mar 31, 2007		Dec 31, 2006		% Change			Sept 30, 2006		June 30, 2006		Mar 31, 2006		% Change
Commercial, financial & agricultural	$	3,788,800	$	3,677,573		3.0	%	$	3,549,216	$	3,505,819	$	3,571,835		6.1	%
Real estate — construction		2,084,883		2,047,124		1.8	%		2,186,810		2,122,136		1,981,473		5.2	%
Commercial real estate		3,723,289		3,789,480		(1.7	%)		3,755,037		3,872,819		4,024,260		(7.5	%)
Lease financing		89,524		81,814		9.4	%		79,234		74,919		62,600		43.0	%
Commercial		9,686,496		9,595,991		0.9	%		9,570,297		9,575,693		9,640,168		0.5	%
Home equity (a)		2,042,284		2,164,758		(5.7	%)		2,166,312		2,151,858		2,121,601		(3.7	%)
Installment		869,719		915,747		(5.0	%)		940,139		945,123		957,877		(9.2	%)
Retail		2,912,003		3,080,505		(5.5	%)		3,106,451		3,096,981		3,079,478		(5.4	%)
Residential mortgage		2,257,504		2,205,030		2.4	%		2,607,860		2,732,956		2,819,541		(19.9	%)
Total loans	$	14,856,003	$	14,881,526		(0.2	%)	$	15,284,608	$	15,405,630	$	15,539,187		(4.4	%)

(a) Home equity includes home equity lines and residential mortgage junior liens.

Period End Deposit Composition

					Mar07 vs Dec06									Mar07 vs Mar06
	Mar 31, 2007		Dec 31, 2006		% Change			Sept 30, 2006		June 30, 2006		Mar 31, 2006		% Change
Demand	$	2,425,248	$	2,756,222		(12.0	%)	$	2,534,686	$	2,276,463	$	2,319,075		4.6	%
Savings		903,738		890,380		1.5	%		959,650		1,031,993		1,074,938		(15.9	%)
Interest-bearing demand		1,805,658		1,875,879		(3.7	%)		1,712,833		1,975,364		2,347,104		(23.1	%)
Money market		3,880,744		3,822,928		1.5	%		3,959,719		3,434,288		2,863,174		35.5	%
Brokered CDs		650,084		637,575		2.0	%		630,637		518,354		567,660		14.5	%
Other time deposits		4,315,495		4,333,087		(0.4	%)		4,411,020		4,409,946		4,444,919		(2.9	%)
Total deposits	$	13,980,967	$	14,316,071		(2.3	%)	$	14,208,545	$	13,646,408	$	13,616,870		2.7	%
Customer Repo Sweeps (b)	$	945,019	$	875,099		8.0	%	$	895,766	$	885,503	$	917,380		3.0	%

(b) Included within short-term borrowings.

Net Interest Income Analysis — Taxable Equivalent Basis
Associated Banc-Corp

	Three months ended March 31, 2007							Three months ended March 31, 2006
	Average		Interest		Average			Average		Interest		Average
(in thousands)	Balance		Income / Expense		Yield / Rate			Balance		Income / Expense		Yield / Rate
Earning assets:
Loans: (1) (2) (3)
Commercial	$	9,581,543	$	178,441		7.55	%	$	9,425,306	$	164,288		6.97	%
Residential mortgage		2,356,944		35,383		6.04			2,877,613		40,946		5.71
Retail		3,019,661		60,820		8.11			3,024,884		56,350		7.50
Total loans		14,958,148		274,644		7.43			15,327,803		261,584		6.84
Investments and other		3,475,838		46,380		5.34			4,582,617		55,626		4.86
Total earning assets		18,433,986		321,024		7.03			19,910,420		317,210		6.38
Other assets, net		1,939,089							1,961,549
Total assets	$	20,373,075						$	21,871,969
Interest-bearing liabilities:
Savings deposits	$	882,783	$	801		0.37	%	$	1,065,212	$	943		0.36	%
Interest-bearing demand deposits		1,799,385		8,587		1.94			2,384,072		10,392		1.77
Money market deposits		3,819,228		36,093		3.83			2,800,403		21,352		3.09
Time deposits, excluding Brokered CDs		4,310,365		47,594		4.48			4,350,733		39,449		3.68
Total interest-bearing deposits, excluding Brokered CDs		10,811,761		93,075		3.49			10,600,420		72,136		2.76
Brokered CDs		400,171		5,224		5.29			512,165		5,742		4.55
Total interest-bearing deposits		11,211,932		98,299		3.56			11,112,585		77,878		2.84
Wholesale funding		4,462,713		57,119		5.18			6,092,275		65,796		4.32
Total interest-bearing liabilities		15,674,645		155,418		4.02			17,204,860		143,674		3.37
Noninterest-bearing demand		2,346,026							2,207,079
Other liabilities		123,495							120,491
Stockholders’ equity		2,228,909							2,339,539
Total liabilities and stockholders’ equity	$	20,373,075						$	21,871,969
Net interest income and rate spread (1)			$	165,606		3.01	%			$	173,536		3.01	%
Net interest margin (1)						3.62	%						3.48	%
Taxable equivalent adjustment			$	6,560						$	6,667

(1)	The yield on tax exempt loans and securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions.
(2)	Nonaccrual loans and loans held for sale have been included in the average balances.
(3)	Interest income includes net loan fees.