Associated Banc-Corp (ASB) 8-K Associated Reports Third Quarter Earnings of $0.31 per share

ASSOCIATED BANC-CORP

3Q 2014 EARNINGS PRESENTATION

OCTOBER 16, 2014

Exhibit 99.2

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 statements may be identified by the use of words such as

“believe”, “expect”,

“anticipate”, “plan”, “estimate”, “should”, “will”, “intend”, “outlook”, 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.

1

2014 THIRD QUARTER HIGHLIGHTS

2

Loan Growth and Credit Quality Drive Strong Results

•

Average loans of $17.1 billion were up $495 million; up 3% from the second quarter

–

Total average commercial loans grew $235 million from the second

quarter

–

Average residential mortgage loans grew $231 million from the second quarter

•

Net interest income of $173 million was up $4 million, or 2% from the second quarter

–

Interest on loans was up $5 million, or 4% from the second quarter

•

Net interest margin of 3.06%, down 2 bps from the second quarter

•

Provision for credit loss of $1 million, down $4 million from the second quarter

•

Quarterly dividend of $0.09 / common share, or 29% of third quarter earnings

•

Repurchased 5 million shares of common stock during the third quarter

•

Capital ratios remain strong and above Basel III targets

•

Noninterest income of $75 million was up $3 million compared to the second quarter

•

Noninterest expense of $172 million was up 2% compared to the second quarter

–

$2 million of expense related fall marketing campaign

•

Net income available to common shareholders of $49 million or $0.31 per share

•

Pretax income of $75 million was up $7 million, or 10% from the second quarter

•

Return on Tier 1 Common Equity of 10.4% for the third quarter

Net Interest Income

&

Net Interest Margin

Noninterest Income

&

Expenses

Capital

Balance Sheet

Net Income

&

ROT1CE

LOAN PORTFOLIO COMPOSITION

3

3Q 2014 Average Net Loan Change (+$495 mln)

Loan Mix –

3Q 2014 (Average)

Average Quarterly Loans ($ in billions)

$13.4

$14.9

$15.7

$16.6

$17.1

COMMERCIAL LINE UTILIZATION TRENDS

4

Line utilization increased in Commercial & Business Lending

Change from 2Q 14

Commercial Real

Estate (including

construction)

-

320 bps

Commercial  &

Business Lending

+ 170 bps

GROWING NET INTEREST INCOME WHILE

MARGIN COMPRESSES

5

Yield on Interest-earning Assets

Cost of Interest-bearing Liabilities

Net Interest Income & Net Interest Margin

NONINTEREST INCOME TRENDS

($ IN MILLIONS)

6

1

–

Core

Fee-based

Revenue

=

Trust

service

fees

plus

Service

charges

on

deposit

accounts

plus

Card-based

and

other

nondeposit

fees

plus Insurance commissions plus Brokerage and annuity commissions.  This is a non-GAAP measure.  Please refer to press release tables

for more information.

2

–

Other

Noninterest

Income

=

Total

Noninterest

Income

minus

Core

Fee-based

Revenue.

NONINTEREST EXPENSE TRENDS

($ IN MILLIONS)

7

1

–

Efficiency

ratio

=

Noninterest

expense,

excluding

amortization

of

intangibles,

divided

by

sum

of

taxable

equivalent

net

interest

income

plus

noninterest

income,

excluding investment securities gains, net, and asset gains, net.  This is a non-GAAP financial measure. Please refer to the appendix for a reconciliation of this.

2

–

FTE

= Average Full Time Equivalent Employees

3

–

Technology

Spend

=

Technology

and

Equipment

expenses

4

–

Other

Non-Personnel

Spend

=

Total

Noninterest

Expense

less

Personnel

and

Technology

spend

CREDIT QUALITY INDICATORS

($ IN MILLIONS)

8

APPENDIX

9

*

*

*

*

*

*

*

*

*

RECONCILIATION AND DEFINITIONS OF

NON-GAAP ITEMS

10

3Q 2013

4Q 2013

1Q 2014

2Q 2014

3Q 2014

Efficiency Ratio Reconciliation:

Efficiency ratio (1)

71.45%

73.70%

70.41%

69.70%

69.44%

Taxable equivalent adjustment

(1.50)

(1.49)

(1.35)

(1.32)

(1.36)

Asset gains, net

0.59

0.80         

0.22

0.26

1.36

Other intangible amortization

(0.44)

(0.42)

(0.42)

(0.41)

(0.40)

Efficiency ratio, fully taxable equivalent (1)

70.10%

72.59%

68.86%

68.23%

69.04%

(1)

Efficiency

ratio

is

defined

by

the

Federal

Reserve

guidance

as

noninterest

expense

divided

by

the

sum

of

net

interest

income

plus

noninterest

income, excluding investment securities gains / losses, net.  Efficiency ratio, fully taxable equivalent, is noninterest expense, excluding other

intangible amortization, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities

gains / losses, net and asset gains / losses, net.  This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest

income for the tax-favored status of certain loans and investment securities.  Management believes this measure to be the preferred industry

measurement of net interest income as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and it

excludes certain specific revenue items (such as investment securities gains / losses, net and asset gains / losses, net).