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• • >> Associated Bank NEWS RELEASE Investor Contact : Ben McCarville , Vice President , Director of Investor Relations 920-491-7059 Media Contact : Jennifer Kaminski , Vice President , Public Relations Senior Manager 920-491-7576 Associated Banc - Corp Reports First Quarter 2021 Net Income Available to Common Equity of $ 89 million , or $ 0.58 Per Common Share . -- -- GREEN BAY , Wis . April 22 , 2021 Associated Banc - Corp ( NYSE : ASB ) ( " Associated " or " Company " ) today reported net income available to common equity ( " earnings " ) of $ 89 million , or $ 0.58 per common share , for the quarter ended March 31 , 2021. These amounts compare to earnings of $ 62 million , or $ 0.40 per common share for the quarter ended December 31 , 2020 and earnings of $ 42 million , or $ 0.27 per common share for the quarter ended March 31 , 2020 . " Driven by strong credit dynamics and the benefit of the ongoing mortgage refinance wave , we've delivered one of our strongest quarters ever , ” said President and CEO Philip B. Flynn . " The improving credit outlook , complemented by strong fee income trends and record deposit activity drove this quarter's earnings . The recovery has proven much stronger than we anticipated and we are optimistic about the growth we expect to come later this year . With customer activity at record levels , we are leveraging our digital capabilities and investing in our teams to meet the expanding needs of our customers across our footprint . " First Quarter 2021 Highlights ( all comparisons to the first quarter of 2020 ) • Average loans of $ 24.5 billion were up 5 % , or $ 1.2 billion • Average deposits of $ 26.8 billion were up 10 % , or $ 2.5 billion Noninterest expense of $ 175 million decreased 9 % , or $ 17 million Noninterest income of $ 95 million decreased 3 % , or $ 3 million • Net interest income of $ 176 million decreased 13 % , or $ 27 million • Net negative provision for credit losses of $ 23 million , down $ 76 million Net income available to common equity of $ 89 million increased 112 % , or $ 47 million • Earnings per common share of $ 0.58 increased 115 % , or $ 0.31 per common share • Tangible book value per share was $ 16.95 , up 16 % from $ 14.64 • Facilitated $ 293 million of new PPP loans for over 4,100 customers