GREEN
BAY, Wis., April 24, 2025 /PRNewswire/ --
Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company")
today reported net income available to common equity ("earnings")
of $99 million, or $0.59 per common share, for the quarter ended
March 31, 2025. These amounts compare
to a loss of $164 million, or $1.03 per common share, for the quarter ended
December 31, 2024 and earnings of
$78 million, or $0.52 per common
share, for the quarter ended March 31,
2024.
"2025 is off to a strong start at Associated Bank," said
President and CEO Andy Harmening.
"During the first quarter, we achieved several key milestones of
our strategic plan, completing our commercial expansion, achieving
a record-high net promoter score, and finalizing the balance sheet
repositioning we announced in December. Importantly, the emerging
momentum from our initiatives helped us deliver another strong
financial quarter, with over $500
million in loan and deposit growth, 16 basis points of
margin expansion, ten basis points of CET1 capital accretion and
solid credit quality trends."
"The current macroeconomic environment has added an element of
uncertainty for the industry, but here at Associated, we're
entering this period of uncertainty with the major investments in
our strategic plan completed, a strengthened profitability profile,
a solid capital position, and a foundational discipline on credit
and risk management. We continue to feel well-positioned to deliver
enhanced value for our stakeholders in 2025."
First Quarter 2025 Highlights (all comparisons to Fourth
Quarter 2024)
- Diluted earnings per common share of $0.59
- Total period end loan growth of $526
million
- Total period end deposit growth of $548
million
- Total period end core customer deposit1 growth of
$503 million
- Net interest income of $286
million
- Net interest margin of 2.97%
- Noninterest income of $59
million
- Noninterest expense of $211
million
- Provision for credit losses of $13
million
- Allowance for credit losses on loans / total loans of
1.34%
- Net charge offs / average loans (annualized) of 0.12%
1 This is a non-GAAP financial measure. See financial
tables for a reconciliation of non-GAAP financial measures to GAAP
financial measures.
Loans
First quarter 2025 average total loans of $30.1 billion decreased $91 million from the prior quarter and increased
3%, or $742 million, from the same
period last year. With respect to first quarter 2025 average
balances by loan category:
- Commercial and business lending increased $250 million from the prior quarter and increased
$908 million from the same period
last year to $11.7 billion.
- Commercial real estate lending increased $107 million from the prior quarter and decreased
$76 million from the same period last
year to $7.3 billion.
- Consumer lending decreased $448
million from the prior quarter and decreased $90 million from the same period last year to
$11.1 billion.
First quarter 2025 period end total loans of $30.3 billion increased 2%, or $526 million, from the prior quarter and
increased 3%, or $800 million, from
the same period last year. With respect to first quarter 2025
period end balances by loan category:
- Commercial and business lending increased $327 million from the prior quarter and increased
$1.1 billion from the same period
last year to $12.0 billion.
- Commercial real estate lending increased $196 million from the prior quarter and increased
$85 million the same period last year
to $7.4 billion.
- Consumer lending increased $3
million from the prior quarter and decreased $374 million from the same period last year to
$10.8 billion.
We continue to expect 2025 period end loan growth of 5% to 6% as
compared to the year ended December 31,
2024.
Deposits
First quarter 2025 average deposits of $34.8 billion increased 1%, or $496 million, from the prior quarter and
increased 5%, or $1.6 billion, from
the same period last year. With respect to first quarter 2025
average balances by deposit category:
- Noninterest-bearing demand deposits decreased $98 million from the prior quarter and decreased
$242 million from the same period
last year to $5.6 billion.
- Savings increased $30 million
from the prior quarter and increased $234
million from the same period last year to $5.2 billion.
- Interest-bearing demand deposits increased $408 million from the prior quarter and increased
$542 million from the same period
last year to $8.0 billion.
- Money market deposits increased $155
million from the prior quarter and decreased $37 million from the same period last year to
$6.1 billion.
- Total time deposits decreased $157
million from the prior quarter and increased $873 million from the same period last year to
$8.1 billion.
- Network transaction deposits increased $157 million from the prior quarter and increased
$196 million from the same period
last year to $1.8 billion.
First quarter 2025 period end deposits of $35.2 billion increased 2%, or $548 million, from the prior quarter and
increased 4%, or $1.5 billion, from
the same period last year. With respect to first quarter 2025
period end balances by deposit category:
- Noninterest-bearing demand deposits increased $360 million from the prior quarter and decreased
$118 million from the same period
last year to $6.1 billion.
- Savings increased $114 million
from the prior quarter and increased $123
million from the same period last year to $5.2 billion.
- Interest-bearing demand deposits decreased $50 million from the prior quarter and increased
$328 million from the same period
last year to $9.1 billion.
- Money market deposits increased $182
million from the prior quarter and increased $98 million from the same period last year to
$6.8 billion.
- Total time deposits decreased $59
million from the prior quarter and increased $1.1 billion from the same period last year to
$7.9 billion.
- Network transaction deposits (included in money market and
interest-bearing demand deposits) increased $125 million from the prior quarter and increased
$90 million from the same period last
year to $1.9 billion.
We continue to expect 2025 period end total deposit growth of 1%
to 2% and period end core customer deposit growth of 4% to 5% as
compared to the year ended December 31,
2024.
Net Interest Income and Net Interest Margin
First quarter 2025 net interest income of $286 million increased $16
million from the prior quarter and increased
$28 million from the same period last year. The net interest
margin increased to 2.97%, reflecting a 16 basis point increase
from the prior quarter and an 18 basis point increase from the same
period last year.
- The average yield on total loans for the first quarter of 2025
decreased 15 basis points from the prior quarter and decreased 39
basis points from the same period last year to 5.83%.
- The average cost of total interest-bearing liabilities for the
first quarter of 2025 decreased 23 basis points from the prior
quarter and decreased 49 basis points from the same period last
year to 3.06%.
- The net free funds benefit for the first quarter of 2025
decreased 6 basis points from the prior quarter and decreased 12
basis points from the same period last year to 0.58%.
We continue to expect total net interest income growth of 12% to
13% in 2025.
Noninterest Income
First quarter 2025 total noninterest income of $59 million
increased $266 million from the prior quarter and decreased
$6 million, or 10%, from the same period last year. The
increase relative to the prior quarter was primarily driven by
nonrecurring items recognized in the fourth quarter of 2024 as a
result of the balance sheet repositioning announced in December of
2024. The decrease relative to the same period last year was
primarily driven by a $7 million loss
related to the settlement of the mortgage sale announced in
December of 2024. With respect to first quarter 2025 noninterest
income line items:
- The Company recognized a small investment securities net gain
in the first quarter of 2025 as compared to a $148 million net loss in the prior quarter and a
$4 million net gain in the same
period last year. The loss in the prior quarter was primarily
driven by a net loss on a sale of investments recognized in the
fourth quarter of 2024 as a result of the balance sheet
repositioning announced in December of 2024.
- The Company incurred a loss on mortgage portfolio sale of
$7 million in the first quarter of
2025 as compared to a $130 million
loss in the prior quarter and no loss in the same period last year.
The current and prior quarter losses were driven by the mortgage
portfolio sale as a result of the balance sheet repositioning
announced in December of 2024.
- Capital markets, net decreased $5
million from the prior quarter and increased slightly from
the same period last year.
- Wealth management fees decreased $2
million from the prior quarter and increased $1 million from the same period last year.
- Card-based fees decreased $2
million from the prior quarter and decreased $1 million from the same period last year.
After adjusting to exclude the fourth quarter 2024 and first
quarter 2025 impacts of the mortgage and investment securities
sales we announced in December 2024,
we continue to expect total noninterest income growth of between 0%
and 1% in 2025.
Noninterest Expense
First quarter 2025 total noninterest expense of
$211 million decreased $14
million from the prior quarter, driven primarily by a
$14 million expense for a loss on
prepayments of FHLB advances recognized in the fourth quarter of
2024 as a result of the balance sheet repositioning announced in
December of 2024, and increased $13 million from the same
period last year. With respect to first quarter 2025 noninterest
expense line items:
- Personnel expense decreased $2
million from the prior quarter and increased $5 million from the same period last year.
- Occupancy expense increased $1
million from the prior quarter and increased $2 million from the same period last year.
- FDIC assessment expense increased $1
million from the prior quarter and decreased $4 million from the same period last year.
- Other noninterest expense increased $1
million from the prior quarter and increased $7 million from the same period last year.
After adjusting to exclude the $14
million impact of the loss on prepayments of FHLB advances
recognized in the fourth quarter of 2024, we continue to expect
total noninterest expense to grow by 3% to 4% in 2025.
Taxes
First quarter 2025 tax expense was $19 million compared to
a $16 million tax benefit in the
prior quarter and $20 million of tax
expense in the same period last year. First quarter 2025 tax
expense included a $6 million benefit
from a partial release of a valuation allowance on deferred taxes.
The tax benefit recognized in the prior quarter was primarily
driven by a loss on income before income taxes as a result of
nonrecurring items associated with the balance sheet repositioning
announced in December 2024. The
effective tax rate for the first quarter of 2025 was 16.0% compared
to an effective tax rate of 19.8% in the same period last year.
We continue to expect the annual effective tax rate to be
between 19% and 21% in 2025.
Credit
First quarter 2025 provision for credit losses on loans was
$13 million, compared to a provision of $17 million in
the prior quarter and a provision of $24 million in the same
period last year. With respect to first quarter 2025 credit
quality:
- Nonaccrual loans of $135 million
increased $12 million from the prior
quarter and decreased $44 million
from the same period last year. The nonaccrual loans to total loans
ratio was 0.44% in the first quarter, up from 0.41% in the prior
quarter and down from 0.60% in the same period last year.
- First quarter 2025 net charge offs of $9
million decreased compared to net charge offs of
$12 million in the prior quarter and
decreased compared to net charge offs of $22
million in the same period last year.
- The allowance for credit losses on loans (ACLL) of $407 million increased $4
million compared to the prior quarter and increased
$19 million compared to the same
period last year. The ACLL to total loans ratio was 1.34% in the
first quarter, down from 1.35% in the prior quarter and up from
1.31% in the same period last year.
In 2025, we continue to expect to adjust provision to reflect
changes to risk grades, economic conditions, loan volumes, and
other indications of credit quality.
Capital
The Company's capital position remains strong, with a CET1
capital ratio of 10.11% at March 31,
2025. The Company's capital ratios continue to be in excess
of the Basel III "well-capitalized" regulatory benchmarks on a
fully phased in basis.
FIRST QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and
analysts at 4:00 p.m. Central Time
(CT) today, April 24, 2025.
Interested parties can access the live webcast of the call through
the Investor Relations section of the Company's website,
http://investor.associatedbank.com. Parties may also dial into the
call at 877-407-8037 (domestic) or 201-689-8037 (international) and
request the Associated Banc-Corp first quarter 2025 earnings call.
The first quarter 2025 financial tables with an accompanying slide
presentation will be available on the Company's website just prior
to the call. An audio archive of the webcast will be available on
the Company's website approximately fifteen minutes after the call
is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of
$43 billion and is the largest bank
holding company based in Wisconsin. Headquartered in
Green Bay, Wisconsin, Associated
is a leading Midwest banking franchise, offering a full range of
financial products and services from nearly 200 banking locations
serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The Company also operates loan
production offices in Indiana,
Kansas, Michigan, New
York, Ohio and Texas. Associated Bank, N.A. is an Equal
Housing Lender, Equal Opportunity Lender and Member FDIC. More
information about Associated Banc-Corp is available at
www.associatedbank.com.
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," "intend," "target," "outlook," "project," "guidance,"
"forecast," 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
Form 10-Qs and other SEC filings, and such factors are incorporated
herein by reference.
NON-GAAP FINANCIAL MEASURES
This press release and related materials may contain references
to measures which are not defined in generally accepted accounting
principles ("GAAP"). Information concerning these non-GAAP
financial measures can be found in the financial tables. Management
believes these measures are meaningful because they reflect
adjustments commonly made by management, investors, regulators, and
analysts to evaluate the adequacy of earnings per common share,
provide a greater understanding of ongoing operations and enhance
comparability of results with prior periods.
Associated
Banc-Corp
Consolidated Balance
Sheets (Unaudited)
|
|
|
|
|
|
|
|
($ in
thousands)
|
March 31,
2025
|
December 31,
2024
|
Seql Qtr $
Change
|
September 30,
2024
|
June 30,
2024
|
March 31,
2024
|
Comp Qtr $
Change
|
Assets
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
521,323
|
$
544,059
|
$ (22,737)
|
$
554,631
|
$
470,818
|
$ 429,859
|
$
91,464
|
Interest-bearing
deposits in other financial institutions
|
711,033
|
453,590
|
257,443
|
408,101
|
484,677
|
420,114
|
290,919
|
Federal funds sold and
securities purchased under agreements to resell
|
105
|
21,955
|
(21,850)
|
4,310
|
3,600
|
1,610
|
(1,505)
|
Investment securities
available for sale, at fair value
|
4,796,570
|
4,581,434
|
215,136
|
4,152,527
|
3,912,730
|
3,724,148
|
1,072,422
|
Investment securities
held to maturity, net, at amortized cost
|
3,705,793
|
3,738,687
|
(32,894)
|
3,769,150
|
3,799,035
|
3,832,967
|
(127,174)
|
Equity
securities
|
23,331
|
23,242
|
89
|
23,158
|
22,944
|
19,571
|
3,760
|
Federal Home Loan Bank
and Federal Reserve Bank stocks, at cost
|
194,244
|
179,665
|
14,578
|
178,168
|
212,102
|
173,968
|
20,276
|
Residential loans held
for sale
|
47,611
|
646,687
|
(599,076)
|
67,219
|
83,795
|
52,414
|
(4,803)
|
Commercial loans held
for sale
|
7,910
|
32,634
|
(24,724)
|
11,833
|
—
|
—
|
7,910
|
Loans
|
30,294,127
|
29,768,586
|
525,541
|
29,990,897
|
29,618,271
|
29,494,263
|
799,864
|
Allowance for loan
losses
|
(371,348)
|
(363,545)
|
(7,802)
|
(361,765)
|
(355,844)
|
(356,006)
|
(15,342)
|
Loans, net
|
29,922,780
|
29,405,041
|
517,739
|
29,629,131
|
29,262,428
|
29,138,257
|
784,523
|
Tax credit and other
investments
|
254,187
|
258,886
|
(4,699)
|
265,385
|
246,300
|
255,252
|
(1,065)
|
Premises and equipment,
net
|
377,521
|
379,093
|
(1,572)
|
373,816
|
369,968
|
367,618
|
9,903
|
Bank and corporate
owned life insurance
|
690,551
|
689,000
|
1,552
|
686,704
|
683,451
|
685,089
|
5,462
|
Goodwill
|
1,104,992
|
1,104,992
|
—
|
1,104,992
|
1,104,992
|
1,104,992
|
—
|
Other intangible
assets, net
|
29,457
|
31,660
|
(2,203)
|
33,863
|
36,066
|
38,268
|
(8,811)
|
Mortgage servicing
rights, net
|
86,251
|
87,683
|
(1,433)
|
81,977
|
85,640
|
85,226
|
1,025
|
Interest
receivable
|
159,729
|
167,772
|
(8,044)
|
167,777
|
173,106
|
167,092
|
(7,363)
|
Other assets
|
675,748
|
676,987
|
(1,239)
|
698,073
|
672,256
|
640,638
|
35,110
|
Total
assets
|
$
43,309,136
|
$
43,023,068
|
$ 286,068
|
$
42,210,815
|
$
41,623,908
|
$ 41,137,084
|
$
2,172,052
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$
6,135,946
|
$ 5,775,657
|
$ 360,289
|
$ 5,857,421
|
$
5,815,045
|
$
6,254,135
|
$
(118,189)
|
Interest-bearing
deposits
|
29,060,767
|
28,872,777
|
187,990
|
27,696,877
|
26,875,995
|
27,459,023
|
1,601,744
|
Total
deposits
|
35,196,713
|
34,648,434
|
548,279
|
33,554,298
|
32,691,039
|
33,713,158
|
1,483,555
|
Short-term
funding
|
311,335
|
470,369
|
(159,033)
|
917,028
|
859,539
|
765,671
|
(454,336)
|
FHLB
advances
|
2,027,297
|
1,853,807
|
173,490
|
1,913,294
|
2,673,046
|
1,333,411
|
693,886
|
Other long-term
funding
|
591,382
|
837,635
|
(246,253)
|
844,342
|
536,113
|
536,055
|
55,327
|
Allowance for unfunded
commitments
|
35,276
|
38,776
|
(3,500)
|
35,776
|
33,776
|
31,776
|
3,500
|
Accrued expenses and
other liabilities
|
460,574
|
568,485
|
(107,911)
|
532,842
|
588,057
|
588,341
|
(127,767)
|
Total
liabilities
|
38,622,578
|
38,417,506
|
205,071
|
37,797,579
|
37,381,571
|
36,968,412
|
1,654,166
|
Stockholders'
equity
|
|
|
|
|
|
|
|
Preferred
equity
|
194,112
|
194,112
|
—
|
194,112
|
194,112
|
194,112
|
—
|
Common
equity
|
4,492,446
|
4,411,450
|
80,996
|
4,219,125
|
4,048,225
|
3,974,561
|
517,885
|
Total stockholders'
equity
|
4,686,558
|
4,605,562
|
80,996
|
4,413,236
|
4,242,337
|
4,168,673
|
517,885
|
Total liabilities and
stockholders' equity
|
$
43,309,136
|
$
43,023,068
|
$ 286,068
|
$
42,210,815
|
$
41,623,908
|
$ 41,137,084
|
$
2,172,052
|
|
Numbers may not
recalculate due to rounding conventions.
|
Associated
Banc-Corp
Consolidated Statements of Income (Unaudited) -
Quarterly Trend
|
($ in thousands, except
per share data)
|
|
|
Seql Qtr
|
|
|
|
Comp Qtr
|
1Q25
|
4Q24
|
$ Change
|
% Change
|
3Q24
|
2Q24
|
1Q24
|
$ Change
|
% Change
|
Interest
income
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
433,299
|
$
453,253
|
$
(19,954)
|
(4) %
|
$
465,728
|
$
456,788
|
$
454,472
|
$
(21,173)
|
(5) %
|
Interest and dividends
on investment securities
|
|
|
|
|
|
|
|
|
|
Taxable
|
69,702
|
50,524
|
19,178
|
38 %
|
51,229
|
50,278
|
46,548
|
23,154
|
50 %
|
Tax-exempt
|
13,956
|
14,469
|
(513)
|
(4) %
|
14,660
|
14,669
|
14,774
|
(818)
|
(6) %
|
Other
interest
|
8,920
|
10,478
|
(1,558)
|
(15) %
|
8,701
|
8,539
|
7,595
|
1,325
|
17 %
|
Total interest
income
|
525,877
|
528,724
|
(2,847)
|
(1) %
|
540,318
|
530,274
|
523,388
|
2,489
|
— %
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
209,140
|
222,888
|
(13,748)
|
(6) %
|
231,623
|
221,062
|
226,231
|
(17,091)
|
(8) %
|
Interest on federal
funds purchased and securities
sold under agreements
to repurchase
|
3,622
|
3,203
|
419
|
13 %
|
3,385
|
2,303
|
2,863
|
759
|
27 %
|
Interest on other
short-term funding
|
—
|
668
|
(668)
|
(100) %
|
6,144
|
6,077
|
4,708
|
(4,708)
|
(100) %
|
Interest on FHLB
advances
|
16,090
|
17,908
|
(1,818)
|
(10) %
|
24,799
|
34,143
|
21,671
|
(5,581)
|
(26) %
|
Interest on other
long-term funding
|
11,085
|
13,769
|
(2,684)
|
(19) %
|
11,858
|
10,096
|
10,058
|
1,027
|
10 %
|
Total interest
expense
|
239,937
|
258,436
|
(18,499)
|
(7) %
|
277,809
|
273,681
|
265,530
|
(25,593)
|
(10) %
|
Net interest
income
|
285,941
|
270,289
|
15,652
|
6 %
|
262,509
|
256,593
|
257,858
|
28,083
|
11 %
|
Provision for credit
losses
|
13,003
|
16,986
|
(3,982)
|
(23) %
|
20,991
|
23,008
|
24,001
|
(10,998)
|
(46) %
|
Net interest income
after provision for credit losses
|
272,938
|
253,303
|
19,635
|
8 %
|
241,518
|
233,585
|
233,857
|
39,081
|
17 %
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
Wealth management
fees
|
22,498
|
24,103
|
(1,605)
|
(7) %
|
24,144
|
22,628
|
21,694
|
804
|
4 %
|
Service charges and
deposit account fees
|
12,814
|
13,232
|
(418)
|
(3) %
|
13,708
|
12,263
|
12,439
|
375
|
3 %
|
Card-based
fees
|
10,442
|
11,948
|
(1,506)
|
(13) %
|
11,731
|
11,975
|
11,267
|
(825)
|
(7) %
|
Other fee-based
revenue
|
5,251
|
5,182
|
68
|
1 %
|
5,057
|
4,857
|
4,402
|
849
|
19 %
|
Capital markets,
net
|
4,345
|
9,032
|
(4,687)
|
(52) %
|
4,317
|
4,685
|
4,050
|
295
|
7 %
|
Mortgage banking,
net
|
3,822
|
3,387
|
435
|
13 %
|
2,132
|
2,505
|
2,662
|
1,160
|
44 %
|
Loss on mortgage
portfolio sale
|
(6,976)
|
(130,406)
|
123,430
|
(95) %
|
—
|
—
|
—
|
(6,976)
|
N/M
|
Bank and corporate
owned life insurance
|
5,204
|
2,322
|
2,883
|
124 %
|
4,001
|
4,584
|
2,570
|
2,634
|
102 %
|
Asset (losses) gains,
net
|
(878)
|
364
|
(1,242)
|
N/M
|
(474)
|
(627)
|
(306)
|
(572)
|
187 %
|
Investment securities
gains (losses), net
|
4
|
(148,194)
|
148,198
|
N/M
|
100
|
67
|
3,879
|
(3,875)
|
(100) %
|
Other
|
2,251
|
2,257
|
(6)
|
— %
|
2,504
|
2,222
|
2,327
|
(76)
|
(3) %
|
Total noninterest
income (loss)
|
58,776
|
(206,772)
|
265,549
|
N/M
|
67,221
|
65,159
|
64,985
|
(6,209)
|
(10) %
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Personnel
|
123,897
|
125,944
|
(2,047)
|
(2) %
|
121,036
|
121,581
|
119,395
|
4,502
|
4 %
|
Technology
|
27,139
|
26,984
|
154
|
1 %
|
27,217
|
27,161
|
26,200
|
939
|
4 %
|
Occupancy
|
15,381
|
14,325
|
1,056
|
7 %
|
13,536
|
13,128
|
13,633
|
1,748
|
13 %
|
Business development
and advertising
|
6,386
|
7,408
|
(1,022)
|
(14) %
|
6,683
|
7,535
|
6,517
|
(131)
|
(2) %
|
Equipment
|
4,527
|
4,729
|
(202)
|
(4) %
|
4,653
|
4,450
|
4,599
|
(72)
|
(2) %
|
Legal and
professional
|
6,083
|
6,861
|
(778)
|
(11) %
|
5,639
|
4,429
|
4,672
|
1,411
|
30 %
|
Loan and foreclosure
costs
|
2,594
|
1,951
|
642
|
33 %
|
2,748
|
1,793
|
1,979
|
615
|
31 %
|
FDIC
assessment
|
10,436
|
9,139
|
1,298
|
14 %
|
8,223
|
7,131
|
13,946
|
(3,510)
|
(25) %
|
Other intangible
amortization
|
2,203
|
2,203
|
—
|
— %
|
2,203
|
2,203
|
2,203
|
—
|
— %
|
Loss on prepayments of
FHLB advances
|
—
|
14,243
|
(14,243)
|
(100) %
|
—
|
—
|
—
|
—
|
N/M
|
Other
|
11,974
|
10,496
|
1,478
|
14 %
|
8,659
|
6,450
|
4,513
|
7,461
|
165 %
|
Total noninterest
expense
|
210,619
|
224,282
|
(13,664)
|
(6) %
|
200,597
|
195,861
|
197,657
|
12,962
|
7 %
|
Income (loss) before
income taxes
|
121,095
|
(177,752)
|
298,847
|
N/M
|
108,142
|
102,884
|
101,185
|
19,910
|
20 %
|
Income tax expense
(benefit)
|
19,409
|
(16,137)
|
35,546
|
N/M
|
20,124
|
(12,689)
|
20,016
|
(607)
|
(3) %
|
Net income
(loss)
|
101,687
|
(161,615)
|
263,301
|
N/M
|
88,018
|
115,573
|
81,169
|
20,518
|
25 %
|
Preferred stock
dividends
|
2,875
|
2,875
|
—
|
— %
|
2,875
|
2,875
|
2,875
|
—
|
— %
|
Net income (loss)
available to common equity
|
$
98,812
|
$ (164,490)
|
$
263,301
|
N/M
|
$
85,143
|
$
112,698
|
$
78,294
|
$
20,518
|
26 %
|
Earnings (loss) per
common share
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.60
|
$ (1.04)
|
$ 1.64
|
N/M
|
$ 0.56
|
$ 0.75
|
$ 0.52
|
$ 0.08
|
15 %
|
Diluted
|
$
0.59
|
$ (1.03)
|
$ 1.62
|
N/M
|
$ 0.56
|
$ 0.74
|
$ 0.52
|
$ 0.07
|
13 %
|
Average common
shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
165,228
|
157,710
|
7,518
|
5 %
|
150,247
|
149,872
|
149,855
|
15,373
|
10 %
|
Diluted
|
166,604
|
159,164
|
7,441
|
5 %
|
151,492
|
151,288
|
151,292
|
15,312
|
10 %
|
|
N/M = Not
meaningful
|
Numbers may not
recalculate due to rounding conventions.
|
Associated
Banc-Corp
Selected Quarterly
Information
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions except
per share data; shares repurchased and outstanding in
thousands)
|
1Q25
|
4Q24
|
3Q24
|
2Q24
|
1Q24
|
Per common share
data
|
|
|
|
|
|
Dividends
|
$
0.23
|
$ 0.23
|
$ 0.22
|
$ 0.22
|
$ 0.22
|
Market
value:
|
|
|
|
|
|
High
|
25.63
|
28.14
|
23.95
|
22.48
|
22.00
|
Low
|
21.06
|
20.64
|
20.07
|
19.90
|
19.73
|
Close
|
22.53
|
23.90
|
21.54
|
21.15
|
21.51
|
Book value /
share
|
27.09
|
26.55
|
27.90
|
26.85
|
26.37
|
Tangible book value /
share
|
20.25
|
19.71
|
20.37
|
19.28
|
18.78
|
Performance ratios
(annualized)
|
|
|
|
|
|
Return on average
assets
|
0.97 %
|
(1.53) %
|
0.85 %
|
1.13 %
|
0.80 %
|
Noninterest expense /
average assets
|
2.00 %
|
2.12 %
|
1.93 %
|
1.92 %
|
1.95 %
|
Effective tax
rate
|
16.03 %
|
N/M
|
18.61 %
|
(12.33) %
|
19.78 %
|
Dividend payout
ratio(a)
|
38.33 %
|
N/M
|
39.29 %
|
29.33 %
|
42.31 %
|
Net interest
margin
|
2.97 %
|
2.81 %
|
2.78 %
|
2.75 %
|
2.79 %
|
Selected trend
information
|
|
|
|
|
|
Average full time
equivalent employees(b)
|
4,006
|
3,982
|
4,041
|
4,025
|
4,070
|
Branch count
|
183
|
188
|
188
|
188
|
188
|
Assets under
management, at market value(c)
|
$
14,685
|
$
14,773
|
$
15,033
|
$
14,304
|
$
14,171
|
Mortgage portfolio
serviced for others
|
$
6,243
|
$
6,285
|
$
6,302
|
$
6,307
|
$
6,349
|
Mortgage servicing
rights, net / mortgage portfolio serviced for others
|
1.38 %
|
1.40 %
|
1.30 %
|
1.36 %
|
1.34 %
|
Shares repurchased
during period(d)
|
900
|
—
|
—
|
—
|
900
|
Shares outstanding, end
of period
|
165,807
|
166,178
|
151,213
|
150,785
|
150,739
|
Selected quarterly
ratios
|
|
|
|
|
|
Loans /
deposits
|
86.07 %
|
85.92 %
|
89.38 %
|
90.60 %
|
87.49 %
|
Stockholders' equity /
assets
|
10.82 %
|
10.70 %
|
10.46 %
|
10.19 %
|
10.13 %
|
Risk-based
capital(e)(f)
|
|
|
|
|
|
Total risk-weighted
assets
|
$
33,801
|
$
33,950
|
$
33,326
|
$
32,768
|
$
32,753
|
Common equity Tier
1
|
$
3,417
|
$
3,397
|
$
3,238
|
$
3,172
|
$
3,089
|
Common equity Tier 1
capital ratio
|
10.11 %
|
10.01 %
|
9.72 %
|
9.68 %
|
9.43 %
|
Tier 1 capital
ratio
|
10.68 %
|
10.58 %
|
10.30 %
|
10.27 %
|
10.02 %
|
Total capital
ratio
|
12.75 %
|
12.61 %
|
12.36 %
|
12.34 %
|
12.08 %
|
Tier 1 leverage
ratio
|
8.69 %
|
8.73 %
|
8.49 %
|
8.37 %
|
8.24 %
|
|
|
N/M = Not
meaningful
|
Numbers may not
recalculate due to rounding conventions.
|
(a)
|
Ratio is based upon
basic earnings per common share.
|
(b)
|
Average full time
equivalent employees without overtime.
|
(c)
|
Excludes assets held in
brokerage accounts.
|
(d)
|
Does not include
repurchases related to tax withholding on equity
compensation.
|
(e)
|
The Federal Reserve
establishes regulatory capital requirements, including
well-capitalized standards for the Corporation. The regulatory
capital requirements effective for the Corporation follow Basel
III, subject to certain transition provisions.
|
(f)
|
March 31, 2025 data is
estimated.
|
Associated
Banc-Corp
Selected Asset Quality
Information
|
|
|
|
|
|
($ in
thousands)
|
Mar 31,
2025
|
Dec 31, 2024
|
Seql Qtr %
Change
|
Sep 30, 2024
|
Jun 30, 2024
|
Mar 31, 2024
|
Comp Qtr %
Change
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
Balance at beginning of
period
|
$
363,545
|
$
361,765
|
— %
|
$
355,844
|
$
356,006
|
$
351,094
|
4 %
|
Provision for loan
losses
|
16,500
|
14,000
|
18 %
|
19,000
|
21,000
|
27,000
|
(39) %
|
Charge offs
|
(13,714)
|
(13,770)
|
— %
|
(15,337)
|
(23,290)
|
(24,018)
|
(43) %
|
Recoveries
|
5,017
|
1,551
|
N/M
|
2,258
|
2,127
|
1,930
|
160 %
|
Net (charge offs)
recoveries
|
(8,698)
|
(12,220)
|
(29) %
|
(13,078)
|
(21,163)
|
(22,088)
|
(61) %
|
Balance at end of
period
|
$
371,348
|
$
363,545
|
2 %
|
$
361,765
|
$
355,844
|
$
356,006
|
4 %
|
Allowance for
unfunded commitments
|
|
|
|
|
|
|
|
Balance at beginning of
period
|
$
38,776
|
$ 35,776
|
8 %
|
$ 33,776
|
$ 31,776
|
$ 34,776
|
12 %
|
Provision for unfunded
commitments
|
(3,500)
|
3,000
|
N/M
|
2,000
|
2,000
|
(3,000)
|
17 %
|
Balance at end of
period
|
$
35,276
|
$ 38,776
|
(9) %
|
$ 35,776
|
$ 33,776
|
$ 31,776
|
11 %
|
Allowance for credit
losses on loans (ACLL)
|
$
406,624
|
$
402,322
|
1 %
|
$
397,541
|
$
389,620
|
$
387,782
|
5 %
|
Provision for credit
losses on loans
|
$
13,000
|
$ 17,000
|
(24) %
|
$ 21,000
|
$ 23,000
|
$ 24,000
|
(46) %
|
($ in
thousands)
|
Mar 31,
2025
|
Dec 31, 2024
|
Seql Qtr %
Change
|
Sep 30, 2024
|
Jun 30, 2024
|
Mar 31, 2024
|
Comp Qtr %
Change
|
Net (charge offs)
recoveries
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
(4,726)
|
$ (2,406)
|
96 %
|
$
(10,649)
|
$
(13,676)
|
$
(18,638)
|
(75) %
|
Commercial real
estate—owner occupied
|
—
|
—
|
N/M
|
—
|
1
|
2
|
(100) %
|
Commercial and
business lending
|
(4,726)
|
(2,406)
|
96 %
|
(10,649)
|
(13,674)
|
(18,636)
|
(75) %
|
Commercial real
estate—investor
|
(892)
|
(6,617)
|
(87) %
|
(1)
|
(4,569)
|
—
|
N/M
|
Real estate
construction
|
30
|
4
|
N/M
|
2
|
28
|
30
|
— %
|
Commercial real estate
lending
|
(863)
|
(6,612)
|
(87) %
|
2
|
(4,541)
|
30
|
N/M
|
Total
commercial
|
(5,589)
|
(9,018)
|
(38) %
|
(10,647)
|
(18,216)
|
(18,606)
|
(70) %
|
Residential
mortgage
|
197
|
(239)
|
N/M
|
(160)
|
(289)
|
(62)
|
N/M
|
Auto finance
|
(1,519)
|
(1,782)
|
(15) %
|
(1,281)
|
(1,480)
|
(2,094)
|
(27) %
|
Home equity
|
289
|
277
|
4 %
|
424
|
238
|
211
|
37 %
|
Other
consumer
|
(2,076)
|
(1,457)
|
42 %
|
(1,414)
|
(1,417)
|
(1,537)
|
35 %
|
Total
consumer
|
(3,109)
|
(3,202)
|
(3) %
|
(2,431)
|
(2,947)
|
(3,482)
|
(11) %
|
Total net (charge
offs) recoveries
|
$
(8,698)
|
$
(12,220)
|
(29) %
|
$
(13,078)
|
$
(21,163)
|
$
(22,088)
|
(61) %
|
(In basis
points)
|
Mar 31,
2025
|
Dec 31, 2024
|
|
Sep 30, 2024
|
Jun 30, 2024
|
Mar 31, 2024
|
|
Net (charge offs)
recoveries to average loans
(annualized)
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(18)
|
(9)
|
|
(43)
|
(55)
|
(77)
|
|
Commercial real
estate—owner occupied
|
—
|
—
|
|
—
|
—
|
—
|
|
Commercial and
business lending
|
(16)
|
(8)
|
|
(39)
|
(50)
|
(69)
|
|
Commercial real
estate—investor
|
(7)
|
(51)
|
|
—
|
(37)
|
—
|
|
Real estate
construction
|
1
|
—
|
|
—
|
—
|
1
|
|
Commercial real estate
lending
|
(5)
|
(37)
|
|
—
|
(25)
|
—
|
|
Total
commercial
|
(12)
|
(19)
|
|
(23)
|
(40)
|
(41)
|
|
Residential
mortgage
|
1
|
(1)
|
|
(1)
|
(1)
|
—
|
|
Auto finance
|
(22)
|
(26)
|
|
(19)
|
(24)
|
(35)
|
|
Home equity
|
18
|
17
|
|
26
|
15
|
14
|
|
Other
consumer
|
(268)
|
(208)
|
|
(216)
|
(221)
|
(232)
|
|
Total
consumer
|
(11)
|
(11)
|
|
(8)
|
(10)
|
(13)
|
|
Total net (charge
offs) recoveries
|
(12)
|
(16)
|
|
(18)
|
(29)
|
(30)
|
|
($ in
thousands)
|
Mar 31,
2025
|
Dec 31, 2024
|
Seql Qtr %
Change
|
Sep 30, 2024
|
Jun 30, 2024
|
Mar 31, 2024
|
Comp Qtr %
Change
|
Credit
quality
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
134,808
|
$
123,260
|
9 %
|
$
128,476
|
$
154,423
|
$
178,346
|
(24) %
|
Other real estate owned
(OREO)
|
23,475
|
20,217
|
16 %
|
18,830
|
8,325
|
8,437
|
178 %
|
Repossessed
assets
|
688
|
687
|
— %
|
793
|
671
|
1,241
|
(45) %
|
Total nonperforming
assets
|
$
158,971
|
$
144,164
|
10 %
|
$
148,098
|
$
163,418
|
$
188,025
|
(15) %
|
Loans 90 or more days
past due and still accruing
|
$
3,036
|
$
3,189
|
(5) %
|
$
7,107
|
$
2,354
|
$
2,417
|
26 %
|
Allowance for credit
losses on loans to total loans
|
1.34 %
|
1.35 %
|
|
1.33 %
|
1.32 %
|
1.31 %
|
|
Allowance for credit
losses on loans to nonaccrual loans
|
301.63 %
|
326.40 %
|
|
309.43 %
|
252.31 %
|
217.43 %
|
|
Nonaccrual loans to
total loans
|
0.44 %
|
0.41 %
|
|
0.43 %
|
0.52 %
|
0.60 %
|
|
Nonperforming assets to
total loans plus OREO and
repossessed
assets
|
0.52 %
|
0.48 %
|
|
0.49 %
|
0.55 %
|
0.64 %
|
|
Nonperforming assets to
total assets
|
0.37 %
|
0.34 %
|
|
0.35 %
|
0.39 %
|
0.46 %
|
|
Annualized year-to-date
net charge offs (recoveries) to
year-to-date average
loans
|
0.12 %
|
0.23 %
|
|
0.25 %
|
0.30 %
|
0.30 %
|
|
Associated
Banc-Corp
Selected Asset Quality Information (continued)
|
($ in
thousands)
|
Mar 31,
2025
|
Dec 31, 2024
|
Seql Qtr %
Change
|
Sep 30, 2024
|
Jun 30, 2024
|
Mar 31, 2024
|
Comp Qtr %
Change
|
Nonaccrual
loans
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
12,898
|
$
19,084
|
(32) %
|
$
14,369
|
$
21,190
|
$
72,243
|
(82) %
|
Commercial real
estate—owner occupied
|
1,501
|
1,501
|
— %
|
9,285
|
1,851
|
2,090
|
(28) %
|
Commercial and
business lending
|
14,399
|
20,585
|
(30) %
|
23,654
|
23,041
|
74,333
|
(81) %
|
Commercial real
estate—investor
|
31,689
|
16,705
|
90 %
|
18,913
|
48,249
|
18,697
|
69 %
|
Real estate
construction
|
125
|
30
|
N/M
|
15
|
16
|
18
|
N/M
|
Commercial real estate
lending
|
31,814
|
16,735
|
90 %
|
18,928
|
48,265
|
18,715
|
70 %
|
Total
commercial
|
46,213
|
37,320
|
24 %
|
42,582
|
71,306
|
93,047
|
(50) %
|
Residential
mortgage
|
72,455
|
70,038
|
3 %
|
70,138
|
68,058
|
69,954
|
4 %
|
Auto finance
|
7,692
|
7,402
|
4 %
|
7,456
|
6,986
|
7,158
|
7 %
|
Home equity
|
8,275
|
8,378
|
(1) %
|
8,231
|
7,996
|
8,100
|
2 %
|
Other
consumer
|
173
|
122
|
42 %
|
70
|
77
|
87
|
99 %
|
Total
consumer
|
88,595
|
85,941
|
3 %
|
85,894
|
83,117
|
85,299
|
4 %
|
Total nonaccrual
loans
|
$
134,808
|
$
123,260
|
9 %
|
$
128,476
|
$
154,423
|
$
178,346
|
(24) %
|
|
Mar 31,
2025
|
Dec 31, 2024
|
Seql Qtr %
Change
|
Sep 30, 2024
|
Jun 30, 2024
|
Mar 31, 2024
|
Comp Qtr %
Change
|
Restructured loans
(accruing)(a)
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
459
|
$
475
|
(3) %
|
$
424
|
$
410
|
$
377
|
22 %
|
Commercial real
estate—owner occupied
|
—
|
—
|
N/M
|
—
|
—
|
—
|
N/M
|
Commercial and
business lending
|
459
|
475
|
(3) %
|
424
|
410
|
377
|
22 %
|
Commercial real
estate—investor
|
—
|
—
|
N/M
|
—
|
—
|
—
|
N/M
|
Real estate
construction
|
—
|
—
|
N/M
|
—
|
—
|
—
|
N/M
|
Commercial real estate
lending
|
—
|
—
|
N/M
|
—
|
—
|
—
|
N/M
|
Total
commercial
|
459
|
475
|
(3) %
|
424
|
410
|
377
|
22 %
|
Residential
mortgage
|
599
|
782
|
(23) %
|
361
|
306
|
345
|
74 %
|
Auto finance
|
1
|
8
|
(88) %
|
35
|
142
|
66
|
(98) %
|
Home equity
|
171
|
27
|
N/M
|
104
|
103
|
182
|
(6) %
|
Other
consumer
|
2,421
|
2,239
|
8 %
|
1,642
|
1,615
|
1,487
|
63 %
|
Total
consumer
|
3,192
|
3,057
|
4 %
|
2,141
|
2,166
|
2,080
|
53 %
|
Total restructured
loans (accruing)
|
$
3,651
|
$
3,531
|
3 %
|
$
2,565
|
$
2,576
|
$
2,457
|
49 %
|
Nonaccrual restructured
loans (included in
nonaccrual
loans)
|
$
3,451
|
$
2,581
|
34 %
|
$
1,840
|
$
717
|
$
1,141
|
N/M
|
|
Mar 31,
2025
|
Dec 31, 2024
|
Seql Qtr %
Change
|
Sep 30, 2024
|
Jun 30, 2024
|
Mar 31, 2024
|
Comp Qtr %
Change
|
Accruing loans 30-89
days past due
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
7,740
|
$
1,260
|
N/M
|
$
1,212
|
$
2,052
|
$
521
|
N/M
|
Commercial real
estate—owner occupied
|
1,156
|
1,634
|
(29) %
|
2,209
|
—
|
—
|
N/M
|
Commercial and
business lending
|
8,896
|
2,893
|
N/M
|
3,421
|
2,052
|
521
|
N/M
|
Commercial real
estate—investor
|
2,463
|
36,391
|
(93) %
|
10,746
|
1,023
|
19,164
|
(87) %
|
Real estate
construction
|
—
|
21
|
(100) %
|
88
|
—
|
1,260
|
(100) %
|
Commercial real estate
lending
|
2,463
|
36,412
|
(93) %
|
10,834
|
1,023
|
20,424
|
(88) %
|
Total
commercial
|
11,360
|
39,305
|
(71) %
|
14,255
|
3,075
|
20,945
|
(46) %
|
Residential
mortgage
|
13,568
|
14,892
|
(9) %
|
13,630
|
10,374
|
9,903
|
37 %
|
Auto finance
|
12,522
|
14,850
|
(16) %
|
15,458
|
15,814
|
12,521
|
— %
|
Home equity
|
3,606
|
4,625
|
(22) %
|
3,146
|
3,694
|
2,819
|
28 %
|
Other
consumer(b)
|
2,381
|
3,128
|
(24) %
|
2,163
|
1,995
|
2,260
|
5 %
|
Total
consumer
|
32,076
|
37,496
|
(14) %
|
34,397
|
31,877
|
27,503
|
17 %
|
Total accruing loans
30-89 days past due
|
$
43,435
|
$
76,801
|
(43) %
|
$
48,651
|
$
34,952
|
$
48,448
|
(10) %
|
|
|
N/M = Not
meaningful
|
Numbers may not
recalculate due to rounding conventions.
|
(a)
|
Balances depict loans
that have been modified in the preceding 12 months for each
respective period end.
|
(b)
|
Excluding guaranteed
student loans.
|
Associated
Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis -
Sequential and Comparable Quarter
|
|
|
|
|
Three Months
Ended
|
|
March 31,
2025
|
December 31,
2024
|
March 31,
2024
|
($ in
thousands)
|
Average
Balance
|
Interest
Income /
Expense
|
Average
Yield
/Rate
|
Average
Balance
|
Interest
Income /
Expense
|
Average
Yield /
Rate
|
Average
Balance
|
Interest
Income /
Expense
|
Average
Yield /
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
|
|
|
|
|
|
|
|
|
Loans
(a) (b)
|
|
|
|
|
|
|
|
|
|
Commercial and business
lending
|
$
11,724,484
|
$
185,985
|
6.43 %
|
$
11,474,489
|
$
194,355
|
6.74 %
|
$
10,816,255
|
$
194,090
|
7.22 %
|
Commercial real estate
lending
|
7,313,994
|
121,034
|
6.71 %
|
7,206,796
|
128,476
|
7.09 %
|
7,389,962
|
138,850
|
7.56 %
|
Total
commercial
|
19,038,479
|
307,020
|
6.54 %
|
18,681,285
|
322,831
|
6.88 %
|
18,206,217
|
332,940
|
7.35 %
|
Residential
mortgage
|
7,256,320
|
66,823
|
3.68 %
|
7,814,056
|
70,513
|
3.61 %
|
7,896,956
|
68,787
|
3.48 %
|
Auto finance
|
2,844,730
|
39,176
|
5.59 %
|
2,771,414
|
39,365
|
5.65 %
|
2,373,720
|
32,603
|
5.52 %
|
Other retail
|
971,453
|
20,826
|
8.63 %
|
935,162
|
21,041
|
8.98 %
|
892,128
|
20,661
|
9.28 %
|
Total loans
|
30,110,982
|
433,844
|
5.83 %
|
30,201,918
|
453,750
|
5.98 %
|
29,369,022
|
454,991
|
6.22 %
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
Taxable
|
6,398,584
|
69,919
|
4.37 %
|
5,745,085
|
50,752
|
3.53 %
|
5,517,023
|
46,727
|
3.39 %
|
Tax-exempt(a)
|
2,016,144
|
17,666
|
3.50 %
|
2,085,957
|
17,653
|
3.39 %
|
2,133,352
|
18,024
|
3.38 %
|
Other short-term
investments
|
757,227
|
9,111
|
4.88 %
|
846,195
|
10,717
|
5.04 %
|
576,782
|
8,311
|
5.80 %
|
Total investments and
other
|
9,171,955
|
96,696
|
4.22 %
|
8,677,238
|
79,122
|
3.64 %
|
8,227,158
|
73,062
|
3.55 %
|
Total earning
assets
|
39,282,937
|
$
530,540
|
5.45 %
|
38,879,155
|
$
532,871
|
5.46 %
|
37,596,179
|
$
528,053
|
5.64 %
|
Other assets,
net
|
3,347,690
|
|
|
3,192,406
|
|
|
3,173,027
|
|
|
Total
assets
|
$
42,630,627
|
|
|
$
42,071,562
|
|
|
$
40,769,206
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
|
|
Savings
|
$
5,162,468
|
$
17,929
|
1.41 %
|
$
5,132,247
|
$ 20,120
|
1.56 %
|
$ 4,928,031
|
$ 21,747
|
1.77 %
|
Interest-bearing
demand
|
8,031,707
|
45,430
|
2.29 %
|
7,623,230
|
46,061
|
2.40 %
|
7,490,119
|
49,990
|
2.68 %
|
Money market
|
6,079,551
|
39,560
|
2.64 %
|
5,924,269
|
41,457
|
2.78 %
|
6,116,604
|
47,306
|
3.11 %
|
Network transaction
deposits
|
1,847,972
|
20,067
|
4.40 %
|
1,690,745
|
20,091
|
4.73 %
|
1,651,937
|
22,205
|
5.41 %
|
Time
deposits
|
8,071,642
|
86,154
|
4.33 %
|
8,228,420
|
95,158
|
4.60 %
|
7,198,315
|
84,983
|
4.75 %
|
Total interest-bearing
deposits
|
29,193,341
|
209,140
|
2.91 %
|
28,598,911
|
222,888
|
3.10 %
|
27,385,005
|
226,231
|
3.32 %
|
Federal funds purchased
and securities
sold under agreements
to repurchase
|
375,910
|
3,622
|
3.91 %
|
310,370
|
3,203
|
4.11 %
|
263,979
|
2,863
|
4.36 %
|
Other short-term
funding
|
31,312
|
408
|
5.28 %
|
88,415
|
1,135
|
5.11 %
|
449,999
|
5,603
|
5.01 %
|
FHLB
advances
|
1,595,972
|
16,090
|
4.09 %
|
1,456,087
|
17,908
|
4.89 %
|
1,540,247
|
21,671
|
5.66 %
|
Other long-term
funding
|
627,658
|
11,085
|
7.06 %
|
840,880
|
13,769
|
6.55 %
|
539,106
|
10,058
|
7.46 %
|
Total short and
long-term funding
|
2,630,852
|
31,205
|
4.79 %
|
2,695,752
|
36,015
|
5.33 %
|
2,793,331
|
40,194
|
5.78 %
|
Total interest-bearing
liabilities
|
31,824,193
|
$
240,345
|
3.06 %
|
31,294,664
|
$
258,903
|
3.29 %
|
30,178,337
|
$
266,425
|
3.55 %
|
Noninterest-bearing
demand deposits
|
5,640,123
|
|
|
5,738,557
|
|
|
5,882,052
|
|
|
Other
liabilities
|
535,732
|
|
|
510,000
|
|
|
527,437
|
|
|
Stockholders'
equity
|
4,630,578
|
|
|
4,528,342
|
|
|
4,181,381
|
|
|
Total liabilities and
stockholders' equity
|
$
42,630,627
|
|
|
$
42,071,562
|
|
|
$
40,769,206
|
|
|
Interest rate
spread
|
|
|
2.39 %
|
|
|
2.17 %
|
|
|
2.09 %
|
Net free
funds
|
|
|
0.58 %
|
|
|
0.64 %
|
|
|
0.70 %
|
Fully tax-equivalent
net interest income and
net interest
margin
|
|
$
290,195
|
2.97 %
|
|
$
273,968
|
2.81 %
|
|
$
261,628
|
2.79 %
|
Fully tax-equivalent
adjustment
|
|
4,254
|
|
|
3,680
|
|
|
3,770
|
|
Net interest
income
|
|
$
285,941
|
|
|
$
270,289
|
|
|
$
257,858
|
|
|
|
Numbers may not
recalculate due to rounding conventions.
|
(a)
|
The yield on tax-exempt
loans and securities is computed on a fully tax-equivalent basis
using a tax rate of 21%.
|
(b)
|
Nonaccrual loans and
loans held for sale have been included in the average
balances.
|
Associated
Banc-Corp
Loan and Deposit
Composition
|
|
|
|
|
|
|
|
($ in
thousands)
|
|
|
|
|
|
|
|
Period end loan composition
|
Mar 31,
2025
|
Dec 31, 2024
|
Seql Qtr %
Change
|
Sep 30, 2024
|
Jun 30, 2024
|
Mar 31, 2024
|
Comp Qtr %
Change
|
Commercial and
industrial
|
$
10,925,769
|
$
10,573,741
|
3 %
|
$
10,258,899
|
$
9,970,412
|
$
9,858,329
|
11 %
|
Commercial real
estate—owner occupied
|
1,118,363
|
1,143,741
|
(2) %
|
1,120,849
|
1,102,146
|
1,095,894
|
2 %
|
Commercial and
business lending
|
12,044,132
|
11,717,483
|
3 %
|
11,379,748
|
11,072,558
|
10,954,223
|
10 %
|
Commercial real
estate—investor
|
5,597,442
|
5,227,975
|
7 %
|
5,070,635
|
5,001,392
|
5,035,195
|
11 %
|
Real estate
construction
|
1,809,054
|
1,982,632
|
(9) %
|
2,114,300
|
2,255,637
|
2,287,041
|
(21) %
|
Commercial real estate
lending
|
7,406,496
|
7,210,607
|
3 %
|
7,184,934
|
7,257,029
|
7,322,237
|
1 %
|
Total
commercial
|
19,450,628
|
18,928,090
|
3 %
|
18,564,683
|
18,329,587
|
18,276,460
|
6 %
|
Residential
mortgage
|
6,999,654
|
7,047,541
|
(1) %
|
7,803,083
|
7,840,073
|
7,868,180
|
(11) %
|
Auto finance
|
2,878,765
|
2,810,220
|
2 %
|
2,708,946
|
2,556,009
|
2,471,257
|
16 %
|
Home equity
|
654,140
|
664,252
|
(2) %
|
651,379
|
634,142
|
619,764
|
6 %
|
Other
consumer
|
310,940
|
318,483
|
(2) %
|
262,806
|
258,460
|
258,603
|
20 %
|
Total
consumer
|
10,843,499
|
10,840,496
|
— %
|
11,426,214
|
11,288,684
|
11,217,802
|
(3) %
|
Total loans
|
$
30,294,127
|
$
29,768,586
|
2 %
|
$
29,990,897
|
$
29,618,271
|
$
29,494,263
|
3 %
|
Period end deposit and
customer funding composition
|
Mar 31,
2025
|
Dec 31, 2024
|
Seql Qtr %
Change
|
Sep 30, 2024
|
Jun 30, 2024
|
Mar 31, 2024
|
Comp Qtr %
Change
|
Noninterest-bearing
demand
|
$
6,135,946
|
$ 5,775,657
|
6 %
|
$ 5,857,421
|
$
5,815,045
|
$
6,254,135
|
(2) %
|
Savings
|
5,247,291
|
5,133,295
|
2 %
|
5,072,508
|
5,157,103
|
5,124,639
|
2 %
|
Interest-bearing
demand
|
9,075,133
|
9,124,741
|
(1) %
|
8,605,578
|
8,284,017
|
8,747,127
|
4 %
|
Money market
|
6,820,038
|
6,637,915
|
3 %
|
6,095,206
|
6,294,895
|
6,721,674
|
1 %
|
Brokered CDs
|
4,197,512
|
4,276,309
|
(2) %
|
4,242,670
|
4,061,578
|
3,931,230
|
7 %
|
Other time
deposits
|
3,720,793
|
3,700,518
|
1 %
|
3,680,914
|
3,078,401
|
2,934,352
|
27 %
|
Total
deposits
|
35,196,713
|
34,648,434
|
2 %
|
33,554,298
|
32,691,039
|
33,713,158
|
4 %
|
Other customer
funding(a)
|
85,950
|
100,044
|
(14) %
|
110,988
|
89,524
|
90,536
|
(5) %
|
Total deposits and
other customer funding
|
$
35,282,663
|
$
34,748,478
|
2 %
|
$
33,665,286
|
$
32,780,564
|
$
33,803,694
|
4 %
|
Network transaction
deposits(b)
|
$
1,882,930
|
$ 1,758,388
|
7 %
|
$ 1,566,908
|
$
1,502,919
|
$
1,792,820
|
5 %
|
Net deposits and other
customer funding(c)
|
$
29,202,221
|
$
28,713,780
|
2 %
|
$
27,855,707
|
$
27,216,066
|
$
28,079,644
|
4 %
|
Quarter average loan
composition
|
Mar 31,
2025
|
Dec 31, 2024
|
Seql Qtr %
Change
|
Sep 30, 2024
|
Jun 30, 2024
|
Mar 31, 2024
|
Comp Qtr %
Change
|
Commercial and
industrial
|
$
10,583,318
|
$
10,338,865
|
2 %
|
$ 9,884,246
|
$
9,915,894
|
$
9,729,718
|
9 %
|
Commercial real
estate—owner occupied
|
1,141,167
|
1,135,624
|
— %
|
1,087,144
|
1,095,334
|
1,086,537
|
5 %
|
Commercial and
business lending
|
11,724,484
|
11,474,489
|
2 %
|
10,971,390
|
11,011,228
|
10,816,255
|
8 %
|
Commercial real
estate—investor
|
5,415,412
|
5,120,608
|
6 %
|
5,085,090
|
4,964,394
|
5,041,518
|
7 %
|
Real estate
construction
|
1,898,582
|
2,086,188
|
(9) %
|
2,150,416
|
2,285,379
|
2,348,444
|
(19) %
|
Commercial real estate
lending
|
7,313,994
|
7,206,796
|
1 %
|
7,235,505
|
7,249,773
|
7,389,962
|
(1) %
|
Total
commercial
|
19,038,479
|
18,681,285
|
2 %
|
18,206,896
|
18,261,000
|
18,206,217
|
5 %
|
Residential
mortgage
|
7,256,320
|
7,814,056
|
(7) %
|
7,888,290
|
7,905,236
|
7,896,956
|
(8) %
|
Auto finance
|
2,844,730
|
2,771,414
|
3 %
|
2,635,890
|
2,524,107
|
2,373,720
|
20 %
|
Home equity
|
657,625
|
656,792
|
— %
|
642,463
|
630,855
|
625,686
|
5 %
|
Other
consumer
|
313,828
|
278,370
|
13 %
|
260,547
|
258,366
|
266,443
|
18 %
|
Total
consumer
|
11,072,503
|
11,520,632
|
(4) %
|
11,427,191
|
11,318,564
|
11,162,805
|
(1) %
|
Total
loans(d)
|
$
30,110,982
|
$
30,201,918
|
— %
|
$
29,634,087
|
$
29,579,564
|
$
29,369,022
|
3 %
|
Quarter average deposit
composition
|
Mar 31,
2025
|
Dec 31, 2024
|
Seql Qtr %
Change
|
Sep 30, 2024
|
Jun 30, 2024
|
Mar 31, 2024
|
Comp Qtr %
Change
|
Noninterest-bearing
demand
|
$
5,640,123
|
$ 5,738,557
|
(2) %
|
$ 5,652,228
|
$
5,712,115
|
$
5,882,052
|
(4) %
|
Savings
|
5,162,468
|
5,132,247
|
1 %
|
5,125,147
|
5,133,688
|
4,928,031
|
5 %
|
Interest-bearing
demand
|
8,031,707
|
7,623,230
|
5 %
|
7,394,550
|
7,265,621
|
7,490,119
|
7 %
|
Money market
|
6,079,551
|
5,924,269
|
3 %
|
5,942,147
|
5,995,005
|
6,116,604
|
(1) %
|
Network transaction
deposits
|
1,847,972
|
1,690,745
|
9 %
|
1,644,305
|
1,595,312
|
1,651,937
|
12 %
|
Brokered CDs
|
4,315,311
|
4,514,841
|
(4) %
|
4,247,941
|
3,927,727
|
4,268,881
|
1 %
|
Other time
deposits
|
3,756,332
|
3,713,579
|
1 %
|
3,314,507
|
2,999,936
|
2,929,434
|
28 %
|
Total
deposits
|
34,833,464
|
34,337,468
|
1 %
|
33,320,825
|
32,629,404
|
33,267,057
|
5 %
|
Other customer
funding(a)
|
87,693
|
94,965
|
(8) %
|
104,115
|
87,161
|
101,483
|
(14) %
|
Total deposits and
other customer funding
|
$
34,921,157
|
$
34,432,433
|
1 %
|
$
33,424,940
|
$
32,716,565
|
$
33,368,540
|
5 %
|
Net deposits and other
customer funding(c)
|
$
28,757,874
|
$
28,226,848
|
2 %
|
$
27,532,694
|
$
27,193,526
|
$
27,447,723
|
5 %
|
|
|
N/M = Not
meaningful
|
Numbers may not
recalculate due to rounding conventions.
|
(a)
|
Includes repurchase
agreements.
|
(b)
|
Included above in
interest-bearing demand and money market.
|
(c)
|
Total deposits and
other customer funding, excluding brokered CDs and network
transaction deposits.
|
(d)
|
Loans held for sale
have been included in the average balances.
|
Associated
Banc-Corp
Non-GAAP Financial
Measures Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
($ in
millions)
|
1Q25
|
4Q24
|
3Q24
|
2Q24
|
1Q24
|
Selected equity and
performance ratios(a)
|
|
|
|
|
|
Tangible common equity
/ tangible assets(b)
|
7.96 %
|
7.82 %
|
7.50 %
|
7.18 %
|
7.08 %
|
Return on average
equity
|
8.91 %
|
(14.20) %
|
8.09 %
|
11.16 %
|
7.81 %
|
Return on average
tangible common equity(c)
|
12.34 %
|
(20.27) %
|
11.52 %
|
16.25 %
|
11.31 %
|
Return on average
common equity Tier 1(c)
|
11.82 %
|
(19.28) %
|
10.53 %
|
14.54 %
|
10.27 %
|
Return on average
tangible assets(c)
|
1.01 %
|
(1.55) %
|
0.89 %
|
1.18 %
|
0.84 %
|
Average stockholders'
equity / average assets
|
10.86 %
|
10.76 %
|
10.46 %
|
10.14 %
|
10.26 %
|
Tangible common
equity reconciliation(b)
|
|
|
|
|
|
Common
equity
|
$
4,492
|
$
4,411
|
$
4,219
|
$
4,048
|
$
3,975
|
Goodwill and other
intangible assets, net
|
(1,134)
|
(1,137)
|
(1,139)
|
(1,141)
|
(1,143)
|
Tangible common
equity
|
$
3,358
|
$
3,275
|
$
3,080
|
$
2,907
|
$
2,831
|
Tangible assets
reconciliation(b)
|
|
|
|
|
|
Total assets
|
$
43,309
|
$
43,023
|
$
42,211
|
$
41,624
|
$
41,137
|
Goodwill and other
intangible assets, net
|
(1,134)
|
(1,137)
|
(1,139)
|
(1,141)
|
(1,143)
|
Tangible
assets
|
$
42,175
|
$
41,886
|
$
41,072
|
$
40,483
|
$
39,994
|
Average tangible
common equity and average common
equity Tier 1
reconciliation(b)
|
|
|
|
|
|
Average common
equity
|
$
4,436
|
$
4,334
|
$
4,137
|
$
3,972
|
$
3,987
|
Average goodwill and
other intangible assets, net
|
(1,136)
|
(1,138)
|
(1,140)
|
(1,142)
|
(1,145)
|
Average tangible
common equity
|
3,301
|
3,196
|
2,997
|
2,830
|
2,843
|
Modified
CECL transitional amount
|
—
|
22
|
22
|
22
|
22
|
Average accumulated
other comprehensive loss(d)
|
65
|
152
|
173
|
242
|
188
|
Average deferred tax
assets, net
|
25
|
23
|
24
|
25
|
12
|
Average common equity
Tier 1
|
$
3,390
|
$
3,394
|
$
3,215
|
$
3,118
|
$
3,065
|
Average tangible
assets reconciliation(b)
|
|
|
|
|
|
Average total
assets
|
$
42,631
|
$
42,072
|
$
41,390
|
$
41,101
|
$
40,769
|
Average goodwill and
other intangible assets, net
|
(1,136)
|
(1,138)
|
(1,140)
|
(1,142)
|
(1,145)
|
Average tangible
assets
|
$
41,495
|
$
40,934
|
$
40,250
|
$
39,958
|
$
39,625
|
Adjusted net income
(loss) reconciliation(c)
|
|
|
|
|
|
Net income
(loss)
|
$
102
|
$ (162)
|
$
88
|
$ 116
|
$
81
|
Other intangible
amortization, net of tax
|
2
|
2
|
2
|
2
|
2
|
Adjusted net income
(loss)
|
$
103
|
$ (160)
|
$
90
|
$ 117
|
$
83
|
Adjusted net income
(loss) available to common equity
reconciliation(c)
|
|
|
|
|
|
Net income (loss)
available to common equity
|
$
99
|
$ (164)
|
$
85
|
$ 113
|
$
78
|
Other intangible
amortization, net of tax
|
2
|
2
|
2
|
2
|
2
|
Adjusted net income
(loss) available to common equity
|
$
100
|
$ (163)
|
$
87
|
$ 114
|
$
80
|
Pre-tax
pre-provision income (loss)(e)
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
121
|
$ (178)
|
$ 108
|
$ 103
|
$ 101
|
Provision for credit
losses
|
13
|
17
|
21
|
23
|
24
|
Pre-tax pre-provision
income (loss)
|
$
134
|
$ (161)
|
$ 129
|
$ 126
|
$ 125
|
Period end core
customer deposits reconciliation
|
|
|
|
|
|
Total
deposits
|
$
35,197
|
$
34,648
|
$
33,554
|
$
32,691
|
$
33,713
|
Network transaction
deposits
|
(1,883)
|
(1,758)
|
(1,567)
|
(1,503)
|
(1,793)
|
Brokered CDs
|
(4,198)
|
(4,276)
|
(4,243)
|
(4,062)
|
(3,931)
|
Core customer
deposits
|
$
29,116
|
$
28,614
|
$
27,745
|
$
27,127
|
$
27,989
|
Average core
customer deposits reconciliation
|
|
|
|
|
|
Average total
deposits
|
$
34,833
|
$
34,337
|
$
33,321
|
$
32,629
|
$
33,267
|
Average network
transaction deposits
|
(1,848)
|
(1,691)
|
(1,644)
|
(1,595)
|
(1,652)
|
Average brokered
CDs
|
(4,315)
|
(4,515)
|
(4,248)
|
(3,928)
|
(4,269)
|
Average core customer
deposits
|
$
28,670
|
$
28,132
|
$
27,429
|
$
27,106
|
$
27,346
|
|
|
Numbers may not
recalculate due to rounding conventions.
|
(a)
|
These capital
measurements are used by management, regulators, investors, and
analysts to assess, monitor, and compare the quality and
composition of our capital with the capital of other financial
services companies.
|
(b)
|
The ratio tangible
common equity to tangible assets excludes goodwill and other
intangible assets, net. This financial measure has been included as
it is considered to be a critical metric with which to analyze and
evaluate financial condition and strength.
|
(c)
|
Adjusted net income and
adjusted net income available to common equity, which are used in
the calculation of return on average tangible assets and return on
average tangible common equity, respectively, add back other
intangible amortization, net of tax.
|
(d)
|
The Corporation is not
classified as an advanced approaches holding company as defined by
the Federal Reserve. As such, the Corporation has elected to
be subject to the AOCI-related adjustments when calculating common
equity tier 1 capital which allows the Corporation to opt-out of
the requirement to include most components of AOCI in common equity
tier 1 capital. This adjustment reflects that
election.
|
(e)
|
Management believes
this measure is meaningful because it reflects adjustments commonly
made by management, investors, regulators, and analysts to evaluate
the adequacy of earnings per common share, provide greater
understanding of ongoing operations, and enhance comparability of
results with prior periods.
|
Associated
Banc-Corp
Non-GAAP Efficiency
Ratios Reconciliation(a)
|
|
|
|
|
|
|
|
|
|
|
|
($ in
millions)
|
1Q25
|
4Q24
|
3Q24
|
2Q24
|
1Q24
|
Total expense for
efficiency ratios reconciliation
|
|
|
|
|
|
Noninterest
expense
|
$
211
|
$ 224
|
$ 201
|
$ 196
|
$ 198
|
Less: Other intangible
amortization
|
2
|
2
|
2
|
2
|
2
|
Total expense for fully
tax-equivalent efficiency ratio
|
208
|
222
|
198
|
194
|
195
|
Less: FDIC special
assessment
|
—
|
—
|
—
|
—
|
8
|
Less: Announced
initiatives(b)
|
—
|
14
|
—
|
—
|
—
|
Total expense for
adjusted efficiency ratio
|
$
208
|
$ 208
|
$ 198
|
$ 194
|
$ 188
|
Total revenue for
efficiency ratios reconciliation
|
|
|
|
|
|
Net interest
income
|
$
286
|
$ 270
|
$ 263
|
$ 257
|
$ 258
|
Noninterest
income
|
59
|
(207)
|
67
|
65
|
65
|
Less: Investment
securities gains (losses), net
|
—
|
(148)
|
—
|
—
|
4
|
Fully tax-equivalent
adjustment
|
4
|
4
|
4
|
4
|
4
|
Total revenue for fully
tax-equivalent efficiency ratio
|
349
|
215
|
333
|
325
|
323
|
Less: Announced
initiatives(b)
|
(7)
|
(130)
|
—
|
—
|
—
|
Total revenue for
adjusted efficiency ratio
|
$
356
|
$ 346
|
$ 333
|
$ 325
|
$ 323
|
Efficiency ratios
(expense / revenue)
|
|
|
|
|
|
Fully tax-equivalent
efficiency ratio
|
59.72 %
|
103.11 %
|
59.51 %
|
59.51 %
|
60.56 %
|
Adjusted efficiency
ratio
|
58.55 %
|
60.10 %
|
59.51 %
|
59.51 %
|
58.18 %
|
Nonrecurring Item
Reconciliation
|
|
|
($ in millions, except
per share data)
|
4Q24
|
4Q24 per share data
(diluted)
|
GAAP net
(loss)
|
$
(162)
|
$
(1.03)
|
Loss on mortgage
portfolio sale(c)
|
130
|
0.82
|
Provision on
initiatives
|
1
|
0.01
|
Net loss on sale of
investments(c)
|
148
|
0.93
|
Loss on prepayments of
FHLB advances
|
14
|
0.09
|
FDIC special
assessment
|
—
|
—
|
Tax effect
|
(39)
|
(0.24)
|
Net income, excluding
nonrecurring items, net of tax
|
94
|
$
0.57
|
Less
preferred stock dividends
|
(3)
|
|
Net income available to common equity, excluding nonrecurring
items, net of tax
|
$
91
|
|
Nonrecurring Item
Noninterest Income Reconciliation
|
|
|
|
|
|
|
|
YTD
|
|
($ in
millions)
|
|
1Q25
|
Dec 2024
|
4Q24
|
GAAP noninterest income
(loss)
|
|
$
59
|
$
(9)
|
$
(207)
|
Loss on mortgage
portfolio sale(c)
|
|
7
|
130
|
130
|
Net loss on sale of
investments(c)
|
|
—
|
148
|
148
|
Noninterest
income, excluding nonrecurring items
|
|
$
66
|
$
269
|
$
72
|
|
|
|
|
|
Nonrecurring Item
Noninterest Expense Reconciliation
|
|
|
YTD
|
|
($ in
millions)
|
|
|
Dec 2024
|
4Q24
|
GAAP noninterest
expense
|
|
|
$
818
|
$
224
|
Loss on prepayments of
FHLB advances(c)
|
|
|
(14)
|
(14)
|
Noninterest
expense, excluding nonrecurring items
|
|
|
$
804
|
$
210
|
|
|
Numbers may not
recalculate due to rounding conventions.
|
(a)
|
Prior periods have been
adjusted to conform with current period presentation.
|
(b)
|
Announced initiatives
include the loss on mortgage portfolio sale and loss on prepayment
of FHLB advances as a result of balance sheet repositionings that
the Corporation announced in the fourth quarter of 2024. The
net loss on the sale of investments is already excluded from
noninterest income within the efficiency ratio.
|
(c)
|
These items classified
as nonrecurring items are the result of balance sheet
repositionings that the Corporation announced in the fourth quarter
of 2024.
|
Investor Contact:
Ben McCarville, Senior Vice
President, Director of Investor Relations
920-491-7059
Media Contact:
Andrea Kozek, Vice President, Public
Relations Senior Manager
920-491-7518
View original
content:https://www.prnewswire.com/news-releases/associated-banc-corp-reports-first-quarter-2025-net-income-available-to-common-equity-of-99-million-or-0-59-per-common-share-302437722.html
SOURCE Associated Banc-Corp