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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to 
Commission file number: 001-31343

Associated Banc-Corp
(Exact name of registrant as specified in its charter)
Wisconsin 39-1098068
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
433 Main Street
Green Bay, Wisconsin 54301
(Address of principal executive offices) (Zip Code)
(920) 491-7500
(Registrant’s telephone number, including area code)
(not applicable)
(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common stock, par value $0.01 per share ASB New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E ASB PrE New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F ASB PrF New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes          No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes          No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer 
Non-accelerated filer   Smaller reporting company  
Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes          No  
APPLICABLE ONLY TO CORPORATE ISSUERS:

The number of shares outstanding of registrant’s common stock, par value $0.01 per share, at July 25, 2022 was 150,305,412.
1


ASSOCIATED BANC-CORP
Table of Contents

2


ASSOCIATED BANC-CORP
Commonly Used Acronyms and Abbreviations
The following listing provides a reference of common acronyms and abbreviations used throughout the document:
ACLL Allowance for Credit Losses on Loans
AFS Available for Sale
ALCO Asset / Liability Committee
ARRC Alternative Reference Rate Committee
ASC Accounting Standards Codification
Associated / the Company / Corporation / our / we Associated Banc-Corp collectively with all of its subsidiaries and affiliates
ASU Accounting Standards Update
the Bank Associated Bank, National Association
Basel III International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bp basis point(s)
CDs Certificates of Deposit
CDIs Core Deposit Intangibles
CECL Current Expected Credit Losses
CET1 Common Equity Tier 1
CRA Community Reinvestment Act
CRE Commercial Real Estate
EAR Earnings at Risk
Exchange Act Securities Exchange Act of 1934, as amended
FASB Financial Accounting Standards Board
FDIC Federal Deposit Insurance Corporation
Federal Reserve Board of Governors of the Federal Reserve System
FFELP Federal Family Education Loan Program
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation
FICO Fair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions
FNMA Federal National Mortgage Association
FOMC Federal Open Market Committee
FTEs Full-time equivalent employees
FTP Funds Transfer Pricing
GAAP Generally Accepted Accounting Principles
GNMA Government National Mortgage Association
GSEs Government-Sponsored Enterprises
HTM Held to Maturity
LIBOR London Interbank Offered Rate
LOCOM Lower of Cost or Market
LTV Loan-to-Value
MSRs Mortgage Servicing Rights
MVE Market Value of Equity
Net Free Funds Noninterest-bearing sources of funds
NII Net Interest Income
NPAs Nonperforming Assets
OREO Other Real Estate Owned
Parent Company Associated Banc-Corp individually
PPP Paycheck Protection Program
3


RAP Retirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
Repurchase Agreements Securities sold under agreements to repurchase
Restricted Stock Awards Restricted common stock and restricted common stock units to certain key employees
Retirement Eligible Colleagues Colleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan
ROCET1
Return on Common Equity Tier 1
Rockefeller Rockefeller Capital Management
S&P Standard & Poor's
SBA Small Business Administration
SEC U.S. Securities and Exchange Commission
Series C Preferred Stock The Corporation's 6.125% Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference $1,000 per share
Series D Preferred Stock The Corporation's 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, liquidation preference $1,000 per share
Series E Preferred Stock The Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share
Series F Preferred Stock The Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share
SOFR Secured Overnight Finance Rate
TBA To-Be-Announced
TDRs Troubled Debt Restructurings
Whitnell Whitnell & Co.
YTD Year-to-Date

4

PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements:
ASSOCIATED BANC-CORP
Consolidated Balance Sheets
  Jun 30, 2022 Dec 31, 2021
 (In Thousands, except share and per share data)
(Unaudited) (Audited)
Assets
Cash and due from banks $ 397,364  $ 343,831 
Interest-bearing deposits in other financial institutions 436,887  681,684 
Federal funds sold and securities purchased under agreements to resell 32,820  — 
AFS investment securities, at fair value 2,677,511  4,332,015 
HTM investment securities, net, at amortized cost 3,945,206  2,238,947 
Equity securities 19,039  18,352 
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost 237,616  168,281 
Residential loans held for sale 42,676  136,638 
Commercial loans held for sale 44,721  — 
Loans 26,494,698  24,224,949 
Allowance for loan losses (280,771) (280,015)
Loans, net 26,213,927  23,944,934 
Tax credit and other investments 275,165  293,733 
Premises and equipment, net 387,633  385,173 
Bank and corporate owned life insurance 675,347  680,021 
Goodwill 1,104,992  1,104,992 
Other intangible assets, net 53,687  58,093 
Mortgage servicing rights, net(a)
76,570  54,862 
Interest receivable 95,426  80,528 
Other assets 519,403  582,168 
Total assets $ 37,235,990  $ 35,104,253 
Liabilities and Stockholders' Equity
Noninterest-bearing demand deposits $ 8,085,702  $ 8,504,077 
Interest-bearing deposits 20,490,874  19,962,353 
Total deposits 28,576,577  28,466,430 
Federal funds purchased and securities sold under agreements to repurchase 682,839  319,532 
Commercial paper 22,781  34,730 
FHLB advances 3,258,039  1,621,047 
Other long-term funding 249,820  249,324 
Allowance for unfunded commitments 36,776  39,776 
Accrued expenses and other liabilities 449,776  348,560 
Total liabilities $ 33,276,608  $ 31,079,399 
Stockholders’ Equity
Preferred equity $ 193,195  $ 193,195 
Common equity
Common stock $ 1,752  $ 1,752 
Surplus 1,710,319  1,713,851 
Retained earnings 2,768,736  2,672,601 
Accumulated other comprehensive (loss) (182,788) (10,317)
Treasury stock, at cost (531,832) (546,229)
Total common equity 3,766,187  3,831,658 
Total stockholders’ equity 3,959,382  4,024,853 
Total liabilities and stockholders’ equity $ 37,235,990  $ 35,104,253 
Preferred shares authorized (par value $1.00 per share)
750,000  750,000 
Preferred shares issued and outstanding 200,000  200,000 
Common shares authorized (par value $0.01 per share)
250,000,000  250,000,000 
Common shares issued 175,216,409  175,216,409 
Common shares outstanding 150,126,419  149,342,641 
Numbers may not sum due to rounding.
(a) MSRs at December 31, 2021 were carried at LOCOM. On January 1, 2022, the Corporation made the irrevocable election to account for MSRs at fair value.
See accompanying notes to consolidated financial statements.
5

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Income (Unaudited)
  Three Months Ended Jun 30, Six Months Ended Jun 30,
 (In Thousands, except per share data)
2022 2021 2022 2021
Interest income
Interest and fees on loans $ 199,876  $ 174,228  $ 367,573  $ 348,277 
Interest and dividends on investment securities
Taxable 18,317  8,840  34,789  15,855 
Tax-exempt 16,379  14,366  32,487  28,528 
Other interest 2,420  1,826  4,413  3,521 
Total interest income 236,991  199,260  439,261  396,180 
Interest expense
Interest on deposits 8,019  4,609  11,591  10,519 
Interest on federal funds purchased and securities sold under agreements to repurchase 406  30  444  55 
Interest on other short-term funding 13 
Interest on FHLB advances 9,689  9,524  17,871  19,017 
Interest on long-term funding 2,730  5,575  5,460  11,160 
Total interest expense 20,845  19,745  35,367  40,764 
Net interest income 216,146  179,515  403,893  355,416 
Provision for credit losses (2) (35,004) (3,992) (58,009)
Net interest income after provision for credit losses 216,148  214,519  407,886  413,425 
Noninterest income
Wealth management fees 21,332  22,706  43,735  45,120 
Service charges and deposit account fees 16,506  15,549  33,363  30,404 
Card-based fees 11,442  10,982  21,368  20,725 
Other fee-based revenue 4,360  4,244  8,126  8,840 
Capital markets, net 8,010  5,696  16,656  13,814 
Mortgage banking, net 6,145  8,128  14,536  32,054 
Bank and corporate owned life insurance 4,106  3,088  6,177  5,791 
Asset gains (losses), net 1,677  (14) 1,865  4,796 
Investment securities gains (losses), net (8) 24  12  (16)
Gains on sale of branches, net(a)
—  36  —  1,038 
Other 1,888  3,004  4,086  6,221 
Total noninterest income 75,458  73,443  149,925  168,786 
Noninterest expense
Personnel 112,666  106,994  217,477  211,020 
Technology 21,223  20,236  42,707  40,975 
Occupancy 14,151  14,679  30,231  30,835 
Business development and advertising 5,655  4,970  10,610  9,366 
Equipment 4,960  5,481  9,920  10,999 
Legal and professional 4,873  6,661  9,960  13,191 
Loan and foreclosure costs 1,476  2,671  3,490  4,891 
FDIC assessment 5,400  3,600  10,500  8,350 
Other intangible amortization 2,203  2,203  4,405  4,439 
Other 8,815  6,979  15,412  15,755 
Total noninterest expense 181,420  174,475  354,712  349,821 
Income before income taxes 110,187  113,487  203,099  232,389 
Income tax expense 23,363  22,480  42,013  47,082 
Net income 86,824  91,007  161,086  185,307 
Preferred stock dividends 2,875  4,875  5,750  10,082 
Net income available to common equity $ 83,949  $ 86,131  $ 155,336  $ 175,226 
Earnings per common share
Basic $ 0.56  $ 0.56  $ 1.04  $ 1.14 
Diluted $ 0.56  $ 0.56  $ 1.03  $ 1.13 
Average common shares outstanding
Basic 149,083  152,042  148,933  152,198 
Diluted 150,203  153,381  150,265  153,473 
Numbers may not sum due to rounding.
(a) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell. See Note 2 Acquisitions and Dispositions for additional details on the branch sales.
See accompanying notes to consolidated financial statements.
6

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended Jun 30, Six Months Ended Jun 30,
 ($ in Thousands)
2022 2021 2022 2021
Net income $ 86,824  $ 91,007  $ 161,086  $ 185,307 
Other comprehensive income (loss), net of tax
AFS investment securities
Net unrealized gains (losses) (65,038) 7,978  (168,321) (16,002)
Unrealized (losses) on AFS securities transferred to HTM securities —  —  (67,604) — 
Amortization of net unrealized losses on AFS securities transferred to HTM securities 3,273  645  4,381  1,163 
Reclassification adjustment for net losses (gains) realized in net income (24) (12) 16 
Income tax (expense) benefit 15,998  (2,277) 59,096  3,574 
Other comprehensive income (loss) on AFS securities (45,758) 6,322  (172,460) (11,249)
Defined benefit pension and postretirement obligations
Amortization of prior service cost (81) (37) (163) (74)
Amortization of actuarial loss 74  1,050  147  2,100 
Income tax (expense) benefit (253) (506)
Other comprehensive income (loss) on pension and postretirement obligations (6) 760  (12) 1,519 
Total other comprehensive income (loss) (45,764) 7,082  (172,472) (9,729)
Comprehensive income (loss) $ 41,060  $ 98,088  $ (11,386) $ 175,578 
Numbers may not sum due to rounding.
See accompanying notes to consolidated financial statements.

7

Item 1. Financial Statements Continued:    
ASSOCIATED BANC-CORP
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(In Thousands, except per share data) Preferred Equity Common Stock Surplus Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury Stock Total
Balance, December 31, 2021 $ 193,195  $ 1,752  $ 1,713,851  $ 2,672,601  $ (10,317) $ (546,229) $ 4,024,853 
Change in accounting principle(a)
—  —  —  1,713  —  —  1,713 
Total shareholder's equity at beginning of period, as adjusted 193,195  1,752  1,713,851  2,674,314  (10,317) (546,229) 4,026,566 
Comprehensive income (loss)
Net income —  —  —  74,262  —  —  74,262 
Other comprehensive (loss) —  —  —  —  (126,708) —  (126,708)
Comprehensive (loss) (52,445)
Common stock issued
Stock-based compensation plans, net —  —  (11,911) —  —  18,565  6,654 
Purchase of treasury stock, stock-based compensation plans —  —  —  —  —  (5,193) (5,193)
Cash dividends
Common stock, $0.20 per share —  —  —  (30,583) —  —  (30,583)
Preferred stock(b)
—  —  —  (2,875) —  —  (2,875)
Stock-based compensation expense, net —  —  6,164  —  —  —  6,164 
Balance, March 31, 2022 $ 193,195  $ 1,752  $ 1,708,104  $ 2,715,118  $ (137,024) $ (532,858) $ 3,948,287 
Comprehensive income:
Net income —  —  —  86,824  —  —  86,824 
Other comprehensive (loss) —  —  —  —  (45,764) —  (45,764)
Comprehensive income 41,060 
Common stock issued:
Stock-based compensation plans, net —  —  (1,771) —  —  1,910  139 
Purchase of treasury stock, stock-based compensation plans —  —  —  —  —  (884) (884)
Cash dividends:
Common stock, $0.20 per share —  —  —  (30,331) —  —  (30,331)
Preferred stock(b)
—  —  —  (2,875) —  —  (2,875)
Stock-based compensation expense, net —  —  3,986  —  —  —  3,986 
Balance, June 30, 2022 $ 193,195  $ 1,752  $ 1,710,319  $ 2,768,736  $ (182,788) $ (531,832) $ 3,959,382 
Numbers may not sum due to rounding.
(a) MSRs at December 31, 2021 were carried at LOCOM. On January 1, 2022, the Corporation made the irrevocable election to account for MSRs at fair value.
(b) Series E, $0.3671875 per share; and Series F, $0.3515625 per share.

8

(In Thousands, except per share data) Preferred Equity Common Stock Surplus Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury Stock Total
Balance, December 31, 2020 $ 353,512  $ 1,752  $ 1,720,329  $ 2,458,920  $ 12,618  $ (456,198) $ 4,090,933 
Comprehensive income (loss)
Net income —  —  —  94,301  —  —  94,301 
Other comprehensive (loss) —  —  —  —  (16,811) —  (16,811)
Comprehensive income 77,490 
Common stock issued
Stock-based compensation plans, net —  —  (16,986) —  —  27,542  10,556 
Purchase of treasury stock, open market purchases —  —  —  —  —  (17,973) (17,973)
Purchase of treasury stock, stock-based compensation plans —  —  —  —  —  (3,593) (3,593)
Cash dividends
Common stock, $0.18 per share —  —  —  (27,870) —  —  (27,870)
Preferred stock(a)
—  —  —  (5,207) —  —  (5,207)
Stock-based compensation expense, net —  —  3,444  —  —  —  3,444 
Balance, March 31, 2021 $ 353,512  $ 1,752  $ 1,706,786  $ 2,520,144  $ (4,193) $ (450,222) $ 4,127,780 
Comprehensive income:
Net income —  —  —  91,007  —  —  91,007 
Other comprehensive income —  —  —  —  7,082  —  7,082 
Comprehensive income 98,088 
Common stock issued:
Stock-based compensation plans, net —  —  (3,632) —  —  11,250  7,618 
Purchase of treasury stock, open market purchases —  —  —  —  —  (29,972) (29,972)
Purchase of treasury stock, stock-based compensation plans —  —  —  —  —  (856) (856)
Cash dividends:
Common stock, $0.18 per share —  —  —  (27,822) —  —  (27,822)
Preferred stock(b)
—  —  —  (4,875) —  —  (4,875)
Redemption of preferred stock (63,313) —  —  (1,687) —  —  (65,000)
Stock-based compensation expense, net —  —  5,092  —  —  —  5,092 
Balance, June 30, 2021 $ 290,200  $ 1,752  $ 1,708,246  $ 2,576,766  $ 2,889  $ (469,801) $ 4,110,052 
Numbers may not sum due to rounding.
(a) Series C, $0.3828125 per share; Series D, $0.3359375 per share; Series E, $0.3671875 per share; and Series F, $0.3515625 per share.
(b) Series C, $0.3197115 per share; Series D, $0.3359375 per share; Series E, $0.3671875 per share; and Series F, $0.3515625 per share.

See accompanying notes to consolidated financial statements.




9

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended Jun 30,
 ($ in Thousands)
2022 2021
Cash Flow From Operating Activities
Net income $ 161,086  $ 185,307 
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Provision for credit losses (3,992) (58,009)
Depreciation and amortization 22,741  24,200 
Change in MSRs valuation(a)
(19,400) (10,239)
Amortization of other intangible assets 4,405  4,439 
Amortization and accretion on earning assets, funding, and other, net 10,315  10,796 
Net amortization of tax credit investments 17,072  16,552 
Losses (gains) on sales of investment securities, net (12) 16 
Asset (gains), net (1,865) (4,796)
(Gains) on sale of branch, net —  (1,038)
(Gain) loss on mortgage banking activities, net 3,036  (24,008)
Mortgage loans originated and acquired for sale (403,951) (889,315)
Proceeds from sales of mortgage loans held for sale 500,410  884,581 
Changes in certain assets and liabilities
(Increase) decrease in interest receivable (14,898) 8,466 
(Decrease) increase in interest payable 1,501  (4,907)
(Decrease) increase in expense payable (24,791) 11,274 
Decrease in net derivative position 231,332  56,833 
Net change in other assets and other liabilities 6,051  20,049 
Net cash provided by operating activities 489,039  230,202 
Cash Flow From Investing Activities
Net decrease (increase) in loans (2,271,051) 478,170 
Purchases of
AFS securities (502,912) (1,162,109)
HTM securities (202,271) (81,368)
Federal Home Loan Bank and Federal Reserve Bank stocks and equity securities (69,339) (1)
Premises, equipment, and software, net of disposals (33,373) (19,706)
Proceeds from
Sales of AFS and equity securities 1,069  158,743 
Prepayments, calls, and maturities of AFS securities 296,179  699,584 
Prepayments, calls, and maturities of HTM securities 111,796  195,107 
Sales, prepayments, calls, and maturities of other assets 23,523  12,421 
Net cash received in business segment sale —  2,415 
Net change in tax credit and alternative investments (34,186) (34,200)
Net cash provided by (used in) investing activities (2,680,566) 249,056 
Cash Flow From Financing Activities
Net increase in deposits 110,280  813,098 
Net decrease in deposits due to branch sales —  (31,083)
Net increase (decrease) in short-term funding 351,358  (26,112)
Net increase in short-term FHLB advances 2,045,000  — 
Repayment of long-term FHLB advances (408,870) (18,049)
Proceeds from long-term FHLB advances 916  5,251 
(Repayment) proceeds of finance lease principal 348  (1,035)
Proceeds from issuance of common stock for stock-based compensation plans 6,793  18,174 
Redemption of preferred shares —  (65,000)
Purchase of treasury stock, open market purchases —  (47,945)
Purchase of treasury stock, stock-based compensation plans (6,078) (4,450)
Cash dividends on common stock (60,914) (55,693)
Cash dividends on preferred stock (5,750) (10,082)
Net cash provided by financing activities 2,033,084  577,074 
Net increase (decrease) in cash and cash equivalents (158,444) 1,056,332 
Cash and cash equivalents at beginning of period 1,025,515  716,048 
Cash and cash equivalents at end of period(b)
$ 867,071  $ 1,772,379 
Numbers may not sum due to rounding.
(a) On January 1, 2022, the Corporation made the irrevocable election to account for MSRs at fair value. For all prior periods, MSRs were carried at LOCOM.
(b) No restricted cash due to the Federal Reserve reducing the required reserve ratio to zero.
10

ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended Jun 30,
 ($ in Thousands)
2022 2021
Supplemental disclosures of cash flow information
Cash paid for interest $ 33,533  $ 44,782 
Cash (received from) income and franchise taxes 2,432  54,179 
Loans and bank premises transferred to OREO 1,817  18,535 
Capitalized mortgage servicing rights 5,231  7,488 
Loans transferred from held for sale into portfolio, net 4,149  9,970 
Transfer of AFS securities to HTM securities 1,621,990  — 
Unsettled trades to purchase securities 1,450  — 

11

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Notes to Consolidated Financial Statements
These interim consolidated financial statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally presented in accordance with GAAP have been omitted or abbreviated. The information contained on the consolidated financial statements and footnotes in Associated Banc-Corp's 2021 Annual Report on Form 10-K should be referred to in connection with the reading of these unaudited interim consolidated financial statements.
Note 1 Basis of Presentation
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation and Parent Company for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. Estimates that are particularly susceptible to significant change include the determination of the ACLL and MSRs valuation. Management has evaluated subsequent events for potential recognition or disclosure.
Within the tables presented, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes.
Note 2 Acquisitions and Dispositions
Acquisitions:
The Corporation did not have any acquisitions during the first six months of 2022 or during 2021.
Dispositions:
2021
On March 1, 2021, the Corporation closed on the sale of its wealth management subsidiary, Whitnell, to Rockefeller for a purchase price of $8 million. Associated reported a first quarter 2021 pre-tax gain of $2 million, included in asset gains, net on the consolidated statements of income, in conjunction with the sale.
On February 26, 2021, the Bank completed the sale of one branch located in Monroe, Wisconsin to Summit Credit Union. Under the terms of the transaction, the Bank sold $31 million in total deposits and no loans. The Bank received an approximately 4% purchase premium on deposits transferred.
Note 3 Summary of Significant Accounting Policies
The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2021 Annual Report on Form 10-K. As a result of the irrevocable election to account for MSRs under the fair value measurement methodology, as permitted under ASC 860-50-35-3, there has been a change to the Corporation's significant accounting policies since December 31, 2021, which is described below.
Mortgage Servicing Rights
The Corporation sells residential mortgage loans in the secondary market and typically retains the rights to service the loans sold. Upon sale, a MSRs asset is capitalized, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities. On January 1, 2022, the Corporation made the irrevocable election to account for its MSRs asset under the fair value measurement method. As a result of the change, a cumulative effect adjustment of $2 million, increasing retained earnings on the consolidated balance sheets, was recognized. Under this methodology, changes in the fair value are recognized in earnings as they occur through mortgage banking, net on the consolidated statements of income.
12

MSRs are not traded in active markets. A cash flow model is used to determine fair value. Key assumptions and estimates, including projected prepayment speeds, assumed servicing costs, ancillary income, costs to service delinquent loans, costs of foreclosure, and discount rates with option-adjusted spreads, used by this model are based on current market sources. Assumptions used to value MSRs are considered significant unobservable inputs. A separate third-party model is used to estimate prepayment speeds based on interest rates, housing turnover rates, estimated loan curtailment, anticipated defaults and other relevant factors. Fair value estimates from outside sources are received periodically to corroborate the results of the valuation model.
New Accounting Pronouncements Adopted
There were no applicable material accounting pronouncements adopted by the Corporation since December 31, 2021.
Future Accounting Pronouncements
The expected impact of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted are discussed in the table below. To the extent that the adoption of new accounting standards materially affects the Corporation's financial condition, results of operations, liquidity or disclosures, the impacts are discussed in the applicable sections of this financial review.
Standard Description Date of anticipated adoption Effect on financial statements
ASU 2022-02 Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The FASB issued these amendments to eliminate accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty, and to require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively, except as provided in the next sentence. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Early adoption is permitted if an entity has adopted the amendments in Update 2016-03, including adoption in an interim period. 1st Quarter 2023 Adoption of this amendment is not expected to have a material impact on the Corporation's results of operation, financial position or liquidity, but will result in additional disclosure requirements related to gross charge offs by vintage year and the removal of TDR disclosures, replaced by additional disclosures on the types of modifications of loans to borrowers experiencing financial difficulties.
13

Note 4 Earnings Per Common Share
Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per common share:
  Three Months Ended Jun 30, Six Months Ended Jun 30,
 (In Thousands, except per share data) 2022 2021 2022 2021
Net income $ 86,824  $ 91,007  $ 161,086  $ 185,307 
Preferred stock dividends (2,875) (4,875) (5,750) (10,082)
Net income available to common equity $ 83,949  $ 86,131  $ 155,336  $ 175,226 
Common shareholder dividends (30,126) (27,620) (60,499) (55,280)
Unvested share-based payment awards (205) (203) (415) (412)
Undistributed earnings $ 53,618  $ 58,309  $ 94,422  $ 119,533 
Undistributed earnings allocated to common shareholders $ 53,257  $ 57,887  $ 93,807  $ 118,722 
Undistributed earnings allocated to unvested share-based payment awards 361  422  615  810 
Undistributed earnings $ 53,618  $ 58,309  $ 94,422  $ 119,533 
Basic
Distributed earnings to common shareholders $ 30,126  $ 27,620  $ 60,499  $ 55,280 
Undistributed earnings allocated to common shareholders 53,257  57,887  93,807  118,722 
Total common shareholders earnings, basic $ 83,383  $ 85,506  $ 154,306  $ 174,002 
Diluted
Distributed earnings to common shareholders $ 30,126  $ 27,620  $ 60,499  $ 55,280 
Undistributed earnings allocated to common shareholders 53,257  57,887  93,807  118,722 
Total common shareholders earnings, diluted $ 83,383  $ 85,506  $ 154,306  $ 174,002 
Weighted average common shares outstanding 149,083  152,042  148,933  152,198 
Effect of dilutive common stock awards 1,121  1,339  1,332  1,275 
Diluted weighted average common shares outstanding 150,203  153,381  150,265  153,473 
Basic earnings per common share $ 0.56  $ 0.56  $ 1.04  $ 1.14 
Diluted earnings per common share $ 0.56  $ 0.56  $ 1.03  $ 1.13 
Anti-dilutive common stock options of approximately 3 million for the three and six months ended June 30, 2022 and 2021 were excluded from the earnings per common share calculation.
Note 5 Stock-Based Compensation
The fair values of stock options and restricted stock awards are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2017 Incentive Compensation Plan and the 2020 Incentive Compensation Plan, expenses related to stock options and restricted stock awards are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income.
A summary of the Corporation’s stock option activity for the six months ended June 30, 2022 is presented below:
Stock Options
Shares(a)
Weighted Average
Exercise Price
Weighted Average Remaining Contractual Term
Aggregate Intrinsic Value(a)
Outstanding at December 31, 2021 4,814  $ 20.72  5.96 years $ 12,532 
Exercised 367  17.64 
Outstanding at June 30, 2022 4,447  $ 20.97  5.56 years $ 1,770 
Options Exercisable at June 30, 2022 3,805  $ 21.28  5.24 years $ 1,341 
(a) In thousands
Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the six months ended June 30, 2022, the intrinsic value of stock options exercised was $3 million compared to $6 million for the six months ended June 30, 2021. For the six months ended June 30, 2022, the total fair value of stock options vested was $2 million compared to $3 million for the six months ended June 30, 2021.
14

The Corporation recognized compensation expense for the vesting of stock options of approximately $469,000 for the six months ended June 30, 2022, compared to approximately $755,000 for the six months ended June 30, 2021. Compensation expense for the six months ended June 30, 2022 related to accelerated vesting of stock options for retirement eligible colleagues was immaterial. At June 30, 2022, the Corporation had approximately $855,000 of unrecognized compensation expense related to stock options that is expected to be recognized over the remaining requisite service periods that extend predominately through the first quarter of 2024.
The Corporation also has issued time-based and performance-based restricted stock awards under the 2017 Incentive Compensation Plan and subsequent 2020 Incentive Compensation Plan. Performance awards are based on performance goals determined by the Corporation's Compensation and Benefits Committee, with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.
The following table summarizes information about the Corporation’s restricted stock awards activity for the six months ended June 30, 2022:
Restricted Stock Awards
Shares(a)
Weighted Average
Grant Date Fair Value
Outstanding at December 31, 2021 2,635  $ 19.87 
Granted 673  23.44 
Vested 754  23.16 
Forfeited 22  21.35 
Outstanding at June 30, 2022 2,532  $ 20.64 
(a) In thousands
The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock awards granted during 2021 and 2022 will cliff-vest after the three year performance period has ended. Service-based restricted stock awards granted during 2021 and 2022 will vest ratably over a period of four years. Expense for restricted stock awards of $10 million was recorded for the six months ended June 30, 2022 and $8 million was recorded for the six months ended June 30, 2021. Included in compensation expense for the first six months of 2022 was $3 million of expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues. The Corporation had $27 million of unrecognized compensation costs related to restricted stock awards at June 30, 2022 that are expected to be recognized over the remaining requisite service periods that extend predominately through the first quarter of 2026.
The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock in the market, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares, if any, will be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.

15

Note 6 Investment Securities
Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets at the time of purchase. The amortized cost and fair values of AFS and HTM securities at June 30, 2022 were as follows:
($ in Thousands) Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
AFS investment securities
U. S. Treasury securities $ 124,365  $ —  $ (11,256) $ 113,109 
Agency securities 15,000  —  (1,041) 13,959 
Obligations of state and political subdivisions (municipal securities) 361,712  648  (3,518) 358,842 
Residential mortgage-related securities
FNMA / FHLMC 1,959,641  547  (148,585) 1,811,603 
GNMA 87,779  —  (1,542) 86,238 
Commercial mortgage-related securities
FNMA / FHLMC 19,207  —  (601) 18,606 
GNMA 108,153  —  (2,473) 105,680 
Asset backed securities
FFELP 168,357  —  (7,092) 161,264 
SBA 5,287  40  (45) 5,281 
Other debt securities 3,000  —  (71) 2,929 
Total AFS investment securities $ 2,852,501  $ 1,234  $ (176,224) $ 2,677,511 
HTM investment securities
U. S. Treasury securities $ 998  $ —  $ (44) $ 955 
Obligations of state and political subdivisions (municipal securities) 1,717,627  4,002  (161,116) 1,560,514 
Residential mortgage-related securities
FNMA / FHLMC 967,421  34,108  (125,444) 876,085 
GNMA 42,248  37  (1,637) 40,649 
Private-label 375,638  12,693  (54,490) 333,841 
Commercial mortgage-related securities
FNMA/FHLMC 762,086  16,835  (131,851) 647,070 
GNMA 79,250  799  (4,970) 75,079 
Total HTM investment securities $ 3,945,269  $ 68,474  $ (479,551) $ 3,534,192 
During the first quarter of 2022, the Corporation redesignated approximately $1.6 billion of mortgage-related securities from AFS to HTM. The reclassification of these investment securities was accounted for at fair value. Management elected to transfer these investment securities as the Corporation has the positive intent and ability to hold these investment securities to maturity. See Note 16 for additional information on the unrealized losses on investment securities transferred from AFS to HTM.

16

The amortized cost and fair values of AFS and HTM securities at December 31, 2021 were as follows:
($ in Thousands) Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
AFS investment securities
U. S. Treasury securities $ 124,291  $ —  $ (1,334) $ 122,957 
Agency securities 15,000  —  (103) 14,897 
Obligations of state and political subdivisions (municipal securities) 381,517  18,940  —  400,457 
Residential mortgage-related securities
FNMA / FHLMC 2,709,399  3,729  (21,249) 2,691,879 
GNMA 66,189  1,591  —  67,780 
Private-label 332,028  31  (2,335) 329,724 
Commercial mortgage-related securities
FNMA / FHLMC 357,240  2,686  (9,302) 350,623 
GNMA 165,439  1,360  —  166,799 
Asset backed securities
FFELP 177,974  475  (1,123) 177,325 
SBA 6,594  39  (54) 6,580 
Other debt securities 3,000  —  (6) 2,994 
Total AFS investment securities $ 4,338,671  $ 28,850  $ (35,506) $ 4,332,015 
HTM investment securities
U. S. Treasury securities $ 1,000  $ $ —  $ 1,001 
Obligations of state and political subdivisions (municipal securities) 1,628,759  113,179  (1,951) 1,739,988 
Residential mortgage-related securities
FNMA / FHLMC 34,347  1,792  —  36,139 
GNMA 48,053  1,578  —  49,631 
Commercial mortgage-related securities
FNMA / FHLMC 425,937  122  (6,659) 419,400 
GNMA 100,907  1,799  (200) 102,506 
 Total HTM investment securities $ 2,239,003  $ 118,471  $ (8,809) $ 2,348,664 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at June 30, 2022, are shown below:
  AFS HTM
($ in Thousands) Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less $ 6,905  $ 6,895  $ 15,582  $ 15,627 
Due after one year through five years 98,473  94,572  34,915  35,027 
Due after five years through ten years 361,344  350,609  169,413  167,713 
Due after ten years 37,355  36,762  1,498,715  1,343,101 
Total debt securities 504,077  488,839  1,718,625  1,561,468 
Residential mortgage-related securities
FNMA / FHLMC 1,959,641  1,811,603  967,421  876,085 
GNMA 87,779  86,238  42,248  40,649 
Private-label —  —  375,638  333,841 
Commercial mortgage-related securities
FNMA / FHLMC 19,207  18,606  762,086  647,070 
GNMA 108,153  105,680  79,250  75,079 
Asset backed securities
FFELP 168,357  161,264  —  — 
SBA 5,287  5,281  —  — 
Total investment securities $ 2,852,501  $ 2,677,511  $ 3,945,269  $ 3,534,192 
Ratio of fair value to amortized cost 93.9  % 89.6  %
17

On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The following table summarizes the credit quality indicators of HTM securities at amortized cost at June 30, 2022:
($ in Thousands) AAA AA A Not Rated Total
U. S. Treasury securities $ 998  $ —  $ —  $ —  $ 998 
Obligations of state and political subdivisions (municipal securities) 799,925  908,098  8,710  894  1,717,627 
Residential mortgage-related securities
FNMA / FHLMC 967,421  —  —  —  967,421 
GNMA 42,248  —  —  —  42,248 
Private-label 375,638  —  —  —  375,638 
Commercial mortgage-related securities
FNMA / FHLMC 762,086  —  —  —  762,086 
GNMA 79,250  —  —  —  79,250 
Total HTM securities $ 3,027,567  $ 908,098  $ 8,710  $ 894  $ 3,945,269 
The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2021:
($ in Thousands) AAA AA A Not Rated Total
U. S. Treasury securities $ 1,000  $ —  $ —  $ —  $ 1,000 
Obligations of state and political subdivisions (municipal securities) 702,399  914,591  10,873  896  1,628,759 
Residential mortgage-related securities
FNMA / FHLMC 34,347  —  —  —  34,347 
GNMA 48,053  —  —  —  48,053 
Commercial mortgage-related securities
FNMA / FHLMC 425,937  —  —  —  425,937 
GNMA 100,907  —  —  —  100,907 
Total HTM securities $ 1,312,642  $ 914,591  $ 10,873  $ 896  $ 2,239,003 
Investment securities gains (losses), net includes proceeds from the sale of AFS investment securities. The proceeds from the sale of AFS investment securities for the three and six months ended June 30, 2022 and 2021, are shown below:
Three Months Ended Jun 30, Six Months Ended Jun 30,
($ in Thousands) 2022 2021 2022 2021
Gross gains on AFS securities $ —  $ 386  $ 21  $ 421 
Gross (losses) on AFS securities (8) (362) (8) (437)
Investment securities gains (losses), net $ (8) $ 24  $ 12  $ (16)
Proceeds from sales of AFS investment securities $ 327  $ 107,412  $ 1,061  $ 158,708 
During the second quarter of 2021, the Corporation sold $107 million of lower yielding FFELP student loan asset backed securities at an immaterial gain and reinvested the proceeds into higher yielding mortgage backed securities. During the first quarter of 2021, the Corporation sold $51 million of lower yielding U.S. Treasury and Agency securities at an immaterial loss to take advantage of the steeper yield curve by reinvesting the proceeds into similar but higher yielding, longer duration securities.
Investment securities with a carrying value of $2.6 billion and $2.3 billion at June 30, 2022 and December 31, 2021, respectively, were pledged to secure certain deposits or for other purposes.
Accrued interest receivable on HTM securities totaled $18 million and $15 million at June 30, 2022 and December 31, 2021, respectively. Accrued interest receivable on AFS securities totaled $7 million and $9 million at June 30, 2022 and December 31, 2021, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets. There was no interest income reversed for investments going into nonaccrual at both June 30, 2022 and 2021.
A security is considered past due once it is 30 days past due under the terms of the agreement. At both June 30, 2022 and December 31, 2021, the Corporation had no past due HTM securities.

The allowance for credit losses on HTM securities was approximately $63,000 at June 30, 2022 and approximately $55,000 at December 31, 2021, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury, municipal and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and, as a result, no allowance for credit losses has been recorded related to these securities.

18

The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at June 30, 2022:
  Less than 12 months 12 months or more Total
($ in Thousands) Number
of
Securities
Unrealized
(Losses)
Fair
Value
Number
of
Securities
Unrealized
(Losses)
Fair
Value
Unrealized
(Losses)
Fair
Value
AFS investment securities
U.S. Treasury securities $ (10,141) $ 104,289  $ (1,115) $ 8,820  $ (11,256) $ 113,109 
Agency securities (1,041) 13,959  —  —  —  (1,041) 13,959 
Obligations of state and political subdivisions (municipal securities) 373  (3,518) 224,804  —  —  —  (3,518) 224,804 
Residential mortgage-related securities
FNMA / FHLMC 95  (125,142) 1,554,774  (23,443) 222,626  (148,585) 1,777,400 
GNMA 17  (1,542) 86,238  —  —  —  (1,542) 86,238 
Commercial mortgage-related securities
FNMA / FHLMC (601) 18,606  —  —  —  (601) 18,606 
GNMA 35  (2,473) 105,680  —  —  —  (2,473) 105,680 
Asset backed securities
FFELP (2,905) 72,610  (4,187) 88,655  (7,092) 161,264 
SBA —  —  —  (45) 2,456  (45) 2,456 
Other debt securities (71) 2,929  —  —  —  (71) 2,929 
Total 536  $ (147,433) $ 2,183,889  26  $ (28,791) $ 322,556  $ (176,224) $ 2,506,446 
HTM investment securities
U.S. Treasury securities $ (44) $ 955  —  $ —  $ —  $ (44) $ 955 
Obligations of state and political subdivisions (municipal securities) 717  (156,757) 1,127,009  (4,359) 11,242  (161,116) 1,138,251 
Residential mortgage-related securities
FNMA / FHLMC 81  (125,444) 872,561  —  —  —  (125,444) 872,561 
GNMA 74  (1,637) 40,113  —  —  —  (1,637) 40,113 
Private-label 18  (54,490) 333,841  —  —  —  (54,490) 333,841 
 Commercial mortgage-related securities
FNMA / FHLMC 15  (119,046) 313,359  (12,804) 68,980  (131,851) 382,339 
GNMA 33  (4,970) 339,810  —  —  —  (4,970) 339,810 
Total 939  $ (462,387) $ 3,027,647  16  $ (17,163) $ 80,222  $ (479,551) $ 3,107,869 
19

For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021:
  Less than 12 months 12 months or more Total
($ in Thousands) Number
of
Securities
Unrealized
(Losses)
Fair
Value
Number
of
Securities
Unrealized
(Losses)
Fair
Value
Unrealized
(Losses)
Fair
Value
AFS investment securities
U.S. Treasury securities $ (1,334) $ 122,957  —  $ —  $ —  $ (1,334) $ 122,957 
Agency securities (103) 14,897  —  —  —  (103) 14,897 
Residential mortgage-related securities
FNMA / FHLMC 74  (21,249) 2,172,837  —  —  —  (21,249) 2,172,837 
Private-label 12  (2,335) 248,617  —  —  —  (2,335) 248,617 
FNMA / FHLMC commercial mortgage-related securities 19  (9,302) 328,568  —  —  —  (9,302) 328,568 
Asset backed securities
FFELP (256) 64,282  (867) 62,576  (1,123) 126,858 
SBA —  —  —  (54) 3,902  (54) 3,902 
Other debt securities (6) 2,994  —  —  —  (6) 2,994 
Total 120  $ (34,586) $ 2,955,152  17  $ (920) $ 66,478  $ (35,506) $ 3,021,630 
HTM investment securities
Obligations of state and political subdivisions (municipal securities) 49