0000007789FALSE00000077892023-10-192023-10-190000007789exch:XNYS2023-10-192023-10-190000007789exch:XNYSus-gaap:SeriesEPreferredStockMember2023-10-192023-10-190000007789us-gaap:SeriesFPreferredStockMemberexch:XNYS2023-10-192023-10-190000007789exch:XNYSasb:TwoThousandTwentyThreeSubordinatedDebtMember2023-10-192023-10-19
| | | | | |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 |
FORM | 8-K |
CURRENT REPORT |
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 |
| | | | | |
Date of Report (Date of earliest event reported) | October 19, 2023 |
| | |
Associated Banc-Corp |
(Exact name of registrant as specified in its chapter) |
| | | | | | | | |
Wisconsin | 001-31343 | 39-1098068 |
(State or other jurisdiction of incorporation)
| (Commission File Number)
| (IRS Employer Identification No.)
|
| | | | | | | | | | | |
433 Main Street | Green Bay | Wisconsin | 54301 |
(Address of principal executive offices) | (Zip code) |
| | | | | | | | |
Registrant’s telephone number, including area code | 920 | 491-7500 |
| | | | | |
|
(Former name or former address, if changed since last report) |
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities Registered Pursuant to Section 12(b) of the act:
| | | | | | | | |
Title of each class | Trading symbol | 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 |
6.625% Fixed-Rate Reset Subordinated Notes due 2033 | ASBA | New York Stock Exchange |
| | | | | |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
☐ | 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. |
| | |
Item 2.02 Results of Operations and Financial Condition. |
|
On October 19, 2023, Associated Banc-Corp announced its earnings for the quarter ended September 30, 2023. A copy of the registrant’s press release containing this information and the slide presentation discussed on the conference call for investors and analysts on October 19, 2023, are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report on Form 8-K and are incorporated herein by reference.
|
|
Item 9.01 Financial Statements and Exhibits. |
|
(d) Exhibits. |
|
The following exhibits are furnished as part of this Report on Form 8-K: |
|
|
|
| | | | | | | | |
SIGNATURES |
|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
|
| Associated Banc-Corp |
| (Registrant) |
| |
| |
Date: October 19, 2023 | By: /s/ Derek S. Meyer |
| Derek S. Meyer |
| Chief Financial Officer |
| | | | | |
| NEWS RELEASE Investor Contact: Ben McCarville, Vice President, Director of Investor Relations 920-491-7059 Media Contact: Jennifer Kaminski, Vice President, Public Relations Senior Manager 920-491-7576 |
Associated Banc-Corp Reports Third Quarter 2023 Net Income Available to Common Equity of $80 Million, or $0.53 per Common Share
Results driven by balance sheet growth and continued progress against the Company's strategic initiatives
GREEN BAY, Wis. -- October 19, 2023 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $80 million, or $0.53 per common share, for the quarter ended September 30, 2023. These amounts compare to earnings of $84 million, or $0.56 per common share, for the quarter ended June 30, 2023 and earnings of $93 million, or $0.62 per common share, for the quarter ended September 30, 2022.
"We continued to see steady improvements in customer acquisition, retention and satisfaction scores during the quarter, enabling us to grow core customer deposits by over $500 million and decrease our reliance on non-customer funding sources," said President and CEO Andy Harmening. "Our strategic initiatives have also enabled us to deliver another quarter of balanced, high-quality loan growth. While we feel well positioned today, we recognize that the banking environment continues to evolve, and we look forward to sharing more details about the second phase of our strategic plan later this quarter.”
Third Quarter 2023 Highlights (all comparisons to the second quarter of 2023)
•Total period end commercial loans increased $68 million to $18.5 billion
•Total period end consumer loans increased $276 million to $11.7 billion
•Total period end deposits increased $109 million to $32.1 billion
•Quarterly net interest margin decreased 9 basis points to 2.71%
•Noninterest income increased $1 million to $67 million
•Noninterest expense increased $6 million to $196 million
•Provision for credit losses on loans remained flat at $22 million
•Net income available to common equity decreased $4 million to $80 million
Loans
Third quarter 2023 average total loans of $29.9 billion were up 2%, or $446 million, from the prior quarter and were up 10%, or $2.8 billion, from the same period last year. With respect to third quarter 2023 average balances by loan category:
•Commercial and business lending increased $86 million from the prior quarter and increased $793 million from the same period last year to $11.0 billion.
•Commercial real estate lending increased $17 million from the prior quarter and increased $545 million from the same period last year to $7.3 billion.
•Consumer lending increased $343 million from the prior quarter and increased $1.5 billion from the same period last year to $11.6 billion.
Third quarter 2023 period end total loans of $30.2 billion were up 1%, or $344 million, from the prior quarter and were up 9%, or $2.4 billion, from the same period last year. With respect to third quarter 2023 period end balances by loan category:
•Commercial and business lending increased $40 million from the prior quarter and increased $582 million from the same period last year to $11.2 billion.
•Commercial real estate lending increased $28 million from the prior quarter and increased $450 million from the same period last year to $7.3 billion.
•Consumer lending increased $276 million from the prior quarter and increased $1.3 billion from the same period last year to $11.7 billion.
In 2023, we now expect full-year total loan growth of 5% to 6%.
Deposits
Third quarter 2023 average deposits of $32.0 billion were up 2%, or $721 million, from the prior quarter and were up 11%, or $3.1 billion, from the same period last year. With respect to third quarter 2023 average balances by deposit category:
•Noninterest-bearing demand deposits decreased $351 million from the prior quarter and decreased $1.8 billion from the same period last year to $6.3 billion.
•Savings increased $65 million from the prior quarter and increased $79 million from the same period last year to $4.8 billion.
•Interest-bearing demand deposits increased $315 million from the prior quarter and increased $392 million from the same period last year to $7.0 billion.
•Money market deposits decreased $450 million from the prior quarter and decreased $1.0 billion from the same period last year to $6.3 billion.
•Total time deposits increased $970 million from the prior quarter and increased $4.7 billion from the same period last year to $6.0 billion.
•Network transaction deposits increased $172 million from the prior quarter and increased $766 million from the same period last year to $1.6 billion.
Third quarter 2023 period end deposits of $32.1 billion were up $109 million from the prior quarter and were up 10%, or $2.9 billion, from the same period last year. With respect to third quarter 2023 period end balances by deposit category:
•Noninterest-bearing demand deposits decreased $143 million from the prior quarter and decreased $1.8 billion from the same period last year to $6.4 billion.
•Savings increased $59 million from the prior quarter and increased $128 million from the same period last year to $4.8 billion.
•Interest-bearing demand deposits increased $490 million from the prior quarter and increased $406 million from the same period last year to $7.5 billion.
•Money market deposits decreased $253 million from the prior quarter and decreased $641 million from the same period last year to $7.3 billion.
•Total time deposits decreased $45 million from the prior quarter and increased $4.8 billion from the same period last year to $6.1 billion.
•Network transaction deposits (included in money market and interest-bearing deposits) increased $49 million from the prior quarter and increased $785 million from the same period last year to $1.6 billion.
We continue to expect total core customer deposits (which excludes network transaction deposits and brokered CDs) to decrease by 3% in 2023 on a period end basis, with 2% growth in the second half of the year.
Net Interest Income and Net Interest Margin
Third quarter 2023 net interest income of $254 million decreased $4 million, or 1%, from the prior quarter and decreased $10 million, or 4%, from the same period last year. The net interest margin decreased to 2.71%, reflecting a 9 basis point decrease from the prior quarter and a 42 basis point decrease from the same period last year.
•The average yield on total loans for the third quarter of 2023 increased 19 basis points from the prior quarter and increased 190 basis points from the same period last year to 5.96%.
•The average cost of total interest-bearing liabilities for the third quarter of 2023 increased 30 basis points from the prior quarter and increased 255 basis points from the same period last year to 3.36%.
•The net free funds benefit for the third quarter of 2023 increased three basis points from the prior quarter and increased 49 basis points compared to the same period last year to 0.71%.
We now expect total net interest income growth of 8% to 10% in 2023.
Noninterest Income
Third quarter 2023 total noninterest income of $67 million increased $1 million, or 2%, from the prior quarter and decreased $4 million, or 6%, from the same period last year. With respect to third quarter 2023 noninterest income line items:
•Mortgage banking, net was $7 million for the third quarter, down $1 million from the prior quarter and up $4 million from the same period last year.
•Service charges and deposit account fees increased slightly from the prior quarter and decreased $2 million from the same period last year.
•Capital markets, net increased slightly from the prior quarter and decreased $2 million from the same period last year.
•Asset gains (losses) increased $1 million from the prior quarter and increased $1 million from the same period last year.
We continue to expect total noninterest income to compress by 8% to 10% in 2023.
Noninterest Expense
Third quarter 2023 total noninterest expense of $196 million increased $6 million, or 3%, from the prior quarter and increased slightly from the same period last year as we continued to invest in our strategic initiatives. With respect to third quarter 2023 noninterest expense line items:
•Personnel expense increased $3 million from the prior quarter and decreased $1 million from the same period last year.
•Technology expense increased $2 million from the prior quarter and increased $3 million from the same period last year.
•Occupancy expense increased $1 million from the prior quarter and increased slightly from the same period last year.
We continue to expect total noninterest expense growth of 3% to 4% in 2023, excluding any nonrecurring items incurred in the fourth quarter.
Taxes
The third quarter 2023 tax expense was $19 million compared to $24 million of tax expense in the prior quarter and $26 million of tax expense in the same period last year. The effective tax rate for the third quarter of 2023 was 18.9% compared to an effective tax rate of 21.3% in the prior quarter and an effective tax rate of 21.4% in the same period last year.
We continue to expect the 2023 effective tax rate to be between 20% and 21%, assuming no change in the statutory corporate tax rate.
Credit
The third quarter 2023 provision for credit losses on loans was $22 million, compared to a provision of $22 million in the prior quarter and a provision of $17 million in the same period last year. With respect to third quarter 2023 credit quality:
•Nonaccrual loans of $169 million were up $37 million from the prior quarter and up $52 million from the same period last year. The nonaccrual loans to total loans ratio was 0.56% in the third quarter, up from 0.44% in the prior quarter and up from 0.42% in the same period last year.
•Third quarter 2023 net charge offs of $18 million were up compared to net charge offs of $11 million in the prior quarter and were up compared to net charge offs of $2 million in the same period last year.
•The allowance for credit losses on loans (ACLL) of $381 million was up $4 million compared to the prior quarter and up $48 million compared to the same period last year. The ACLL to total loans ratio was 1.26% in the third quarter, flat with the prior quarter and up from 1.20% in the same period last year.
In 2023, we 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 9.55% at September 30, 2023. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.
THIRD QUARTER 2023 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 19, 2023. 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 third quarter 2023 earnings call. The third quarter 2023 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 $42 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 more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The Company also operates loan production offices in Indiana, Michigan, Missouri, 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 document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” "target," “outlook,” "project," "guidance," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.
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) | September 30, 2023 | June 30, 2023 | Seql Qtr $ Change | March 31, 2023 | December 31, 2022 | September 30, 2022 | Comp Qtr $ Change |
Assets | | | | | | | |
Cash and due from banks | $ | 388,694 | | $ | 407,620 | | $ | (18,926) | | $ | 311,269 | | $ | 436,952 | | $ | 386,231 | | $ | 2,463 | |
Interest-bearing deposits in other financial institutions | 323,130 | | 190,881 | | 132,249 | | 511,116 | | 156,693 | | 112,173 | | 210,957 | |
Federal funds sold and securities purchased under agreements to resell | 965 | | 31,160 | | (30,195) | | 455 | | 27,810 | | 4,015 | | (3,050) | |
Investment securities available for sale, at fair value | 3,491,679 | | 3,504,777 | | (13,098) | | 3,381,607 | | 2,742,025 | | 2,487,312 | | 1,004,367 | |
Investment securities held to maturity, net, at amortized cost | 3,900,415 | | 3,938,877 | | (38,462) | | 3,967,058 | | 3,960,398 | | 3,951,491 | | (51,076) | |
Equity securities | 35,937 | | 30,883 | | 5,054 | | 30,514 | | 25,216 | | 24,879 | | 11,058 | |
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 268,698 | | 271,637 | | (2,939) | | 331,420 | | 295,496 | | 279,334 | | (10,636) | |
Residential loans held for sale | 54,790 | | 38,083 | | 16,707 | | 35,742 | | 20,383 | | 51,134 | | 3,656 | |
Commercial loans held for sale | — | | 15,000 | | (15,000) | | 33,490 | | — | | — | | — | |
Loans | 30,193,187 | | 29,848,904 | | 344,283 | | 29,207,072 | | 28,799,569 | | 27,817,280 | | 2,375,907 | |
Allowance for loan losses | (345,795) | | (338,750) | | (7,045) | | (326,432) | | (312,720) | | (292,904) | | (52,891) | |
Loans, net | 29,847,392 | | 29,510,153 | | 337,239 | | 28,880,640 | | 28,486,849 | | 27,524,376 | | 2,323,016 | |
Tax credit and other investments | 256,905 | | 263,583 | | (6,678) | | 269,269 | | 276,773 | | 275,247 | | (18,342) | |
Premises and equipment, net | 373,017 | | 374,866 | | (1,849) | | 375,540 | | 376,906 | | 379,462 | | (6,445) | |
Bank and corporate owned life insurance | 679,775 | | 678,578 | | 1,197 | | 677,328 | | 676,530 | | 677,129 | | 2,646 | |
Goodwill | 1,104,992 | | 1,104,992 | | — | | 1,104,992 | | 1,104,992 | | 1,104,992 | | — | |
Other intangible assets, net | 42,674 | | 44,877 | | (2,203) | | 47,079 | | 49,282 | | 51,485 | | (8,811) | |
Mortgage servicing rights, net | 89,131 | | 80,449 | | 8,682 | | 74,479 | | 77,351 | | 78,352 | | 10,779 | |
| | | | | | | |
Interest receivable | 171,119 | | 159,185 | | 11,934 | | 152,404 | | 144,449 | | 115,782 | | 55,337 | |
Other assets | 608,068 | | 573,870 | | 34,198 | | 518,115 | | 547,621 | | 546,214 | | 61,854 | |
Total assets | $ | 41,637,381 | | $ | 41,219,473 | | $ | 417,908 | | $ | 40,702,519 | | $ | 39,405,727 | | $ | 38,049,607 | | $ | 3,587,774 | |
Liabilities and stockholders’ equity | | | | | | | |
Noninterest-bearing demand deposits | $ | 6,422,994 | | $ | 6,565,666 | | $ | (142,672) | | $ | 7,328,689 | | $ | 7,760,811 | | $ | 8,224,579 | | $ | (1,801,585) | |
Interest-bearing deposits | 25,700,332 | | 25,448,743 | | 251,589 | | 23,003,134 | | 21,875,343 | | 20,974,003 | | 4,726,329 | |
Total deposits | 32,123,326 | | 32,014,409 | | 108,917 | | 30,331,824 | | 29,636,154 | | 29,198,581 | | 2,924,745 | |
Federal funds purchased and securities sold under agreements to repurchase | 451,644 | | 325,927 | | 125,717 | | 208,398 | | 585,139 | | 276,674 | | 174,970 | |
Commercial paper | — | | 15,327 | | (15,327) | | 18,210 | | 20,798 | | 7,687 | | (7,687) | |
| | | | | | | |
FHLB advances | 3,733,041 | | 3,630,747 | | 102,294 | | 4,986,138 | | 4,319,861 | | 3,777,478 | | (44,437) | |
Other long-term funding | 529,459 | | 534,273 | | (4,814) | | 544,103 | | 248,071 | | 249,484 | | 279,975 | |
Allowance for unfunded commitments | 34,776 | | 38,276 | | (3,500) | | 39,776 | | 38,776 | | 39,776 | | (5,000) | |
Accrued expenses and other liabilities | 637,491 | | 537,640 | | 99,851 | | 448,407 | | 541,438 | | 545,976 | | 91,515 | |
Total liabilities | 37,509,738 | | 37,096,599 | | 413,139 | | 36,576,856 | | 35,390,237 | | 34,095,656 | | 3,414,082 | |
Stockholders’ equity | | | | | | | |
Preferred equity | 194,112 | | 194,112 | | — | | 194,112 | | 194,112 | | 194,112 | | — | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Common equity | 3,933,531 | | 3,928,762 | | 4,769 | | 3,931,551 | | 3,821,378 | | 3,759,840 | | 173,691 | |
Total stockholders’ equity | 4,127,643 | | 4,122,874 | | 4,769 | | 4,125,663 | | 4,015,490 | | 3,953,952 | | 173,691 | |
Total liabilities and stockholders’ equity | $ | 41,637,381 | | $ | 41,219,473 | | $ | 417,908 | | $ | 40,702,519 | | $ | 39,405,727 | | $ | 38,049,607 | | $ | 3,587,774 | |
Numbers may not sum due to rounding.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Associated Banc-Corp Consolidated Statements of Income (Unaudited) | Comp Qtr | YTD | YTD | Comp YTD |
($ in thousands, except per share data) | 3Q23 | 3Q22 | $ Change | % Change | Sep 2023 | Sep 2022 | $ Change | % Change |
Interest income | | | | | | | | |
Interest and fees on loans | $ | 447,912 | | $ | 275,666 | | $ | 172,246 | | 62 | % | $ | 1,262,538 | | $ | 643,239 | | $ | 619,299 | | 96 | % |
Interest and dividends on investment securities | | | | | | | | |
Taxable | 38,210 | | 19,221 | | 18,989 | | 99 | % | 104,197 | | 54,009 | | 50,188 | | 93 | % |
Tax-exempt | 15,941 | | 16,538 | | (597) | | (4) | % | 47,960 | | 49,025 | | (1,065) | | (2) | % |
Other interest | 6,575 | | 3,284 | | 3,291 | | 100 | % | 17,990 | | 7,696 | | 10,294 | | 134 | % |
Total interest income | 508,637 | | 314,708 | | 193,929 | | 62 | % | 1,432,685 | | 753,969 | | 678,716 | | 90 | % |
Interest expense | | | | | | | | |
Interest on deposits | 193,131 | | 26,000 | | 167,131 | | N/M | 464,749 | | 37,590 | | 427,159 | | N/M |
Interest on federal funds purchased and securities sold under agreements to repurchase | 3,100 | | 756 | | 2,344 | | N/M | 8,504 | | 1,200 | | 7,304 | | N/M |
Interest on other short-term funding | — | | 1 | | (1) | | (100) | % | 1 | | 2 | | (1) | | (50) | % |
Interest on FHLB Advances | 48,143 | | 20,792 | | 27,351 | | 132 | % | 147,365 | | 38,663 | | 108,702 | | N/M |
Interest on long-term funding | 10,019 | | 2,722 | | 7,297 | | N/M | 25,895 | | 8,182 | | 17,713 | | N/M |
Total interest expense | 254,394 | | 50,270 | | 204,124 | | N/M | 646,514 | | 85,637 | | 560,877 | | N/M |
Net interest income | 254,244 | | 264,439 | | (10,195) | | (4) | % | 786,171 | | 668,332 | | 117,839 | | 18 | % |
Provision for credit losses | 21,943 | | 16,998 | | 4,945 | | 29 | % | 62,014 | | 13,006 | | 49,008 | | N/M |
Net interest income after provision for credit losses | 232,301 | | 247,440 | | (15,139) | | (6) | % | 724,157 | | 655,326 | | 68,831 | | 11 | % |
Noninterest income | | | | | | | | |
Wealth management fees | 20,828 | | 19,984 | | 844 | | 4 | % | 61,499 | | 63,719 | | (2,220) | | (3) | % |
Service charges and deposit account fees | 12,864 | | 15,029 | | (2,165) | | (14) | % | 38,230 | | 48,392 | | (10,162) | | (21) | % |
Card-based fees | 11,510 | | 11,479 | | 31 | | — | % | 33,492 | | 32,847 | | 645 | | 2 | % |
Other fee-based revenue | 4,509 | | 4,487 | | 22 | | — | % | 13,249 | | 12,613 | | 636 | | 5 | % |
Capital markets, net | 5,368 | | 7,675 | | (2,307) | | (30) | % | 15,544 | | 24,331 | | (8,787) | | (36) | % |
Mortgage banking, net | 6,501 | | 2,098 | | 4,403 | | N/M | 17,814 | | 16,635 | | 1,179 | | 7 | % |
Bank and corporate owned life insurance | 2,047 | | 1,827 | | 220 | | 12 | % | 6,882 | | 8,004 | | (1,122) | | (14) | % |
Asset gains (losses), net | 625 | | 18 | | 607 | | N/M | 590 | | 1,883 | | (1,293) | | (69) | % |
Investment securities gains (losses), net | (11) | | 5,664 | | (5,675) | | N/M | 55 | | 5,676 | | (5,621) | | (99) | % |
| | | | | | | | |
Other | 2,339 | | 2,527 | | (188) | | (7) | % | 6,841 | | 6,613 | | 228 | | 3 | % |
Total noninterest income | 66,579 | | 70,788 | | (4,209) | | (6) | % | 194,195 | | 220,713 | | (26,518) | | (12) | % |
Noninterest expense | | | | | | | | |
Personnel | 117,159 | | 118,243 | | (1,084) | | (1) | % | 347,669 | | 335,720 | | 11,949 | | 4 | % |
Technology | 26,172 | | 22,694 | | 3,478 | | 15 | % | 73,990 | | 65,401 | | 8,589 | | 13 | % |
Occupancy | 14,125 | | 13,717 | | 408 | | 3 | % | 42,775 | | 43,948 | | (1,173) | | (3) | % |
Business development and advertising | 7,100 | | 6,778 | | 322 | | 5 | % | 20,054 | | 17,388 | | 2,666 | | 15 | % |
Equipment | 5,016 | | 4,921 | | 95 | | 2 | % | 14,921 | | 14,841 | | 80 | | 1 | % |
Legal and professional | 4,461 | | 4,159 | | 302 | | 7 | % | 13,149 | | 14,118 | | (969) | | (7) | % |
Loan and foreclosure costs | 2,049 | | 1,631 | | 418 | | 26 | % | 4,822 | | 5,121 | | (299) | | (6) | % |
FDIC assessment | 9,150 | | 5,800 | | 3,350 | | 58 | % | 25,575 | | 16,300 | | 9,275 | | 57 | % |
Other intangible amortization | 2,203 | | 2,203 | | — | | — | % | 6,608 | | 6,608 | | — | | — | % |
| | | | | | | | |
Other | 8,771 | | 15,645 | | (6,874) | | (44) | % | 24,726 | | 31,057 | | (6,331) | | (20) | % |
Total noninterest expense | 196,205 | | 195,791 | | 414 | | — | % | 574,291 | | 550,503 | | 23,788 | | 4 | % |
Income before income taxes | 102,674 | | 122,438 | | (19,764) | | (16) | % | 344,061 | | 325,536 | | 18,525 | | 6 | % |
Income tax expense | 19,426 | | 26,163 | | (6,737) | | (26) | % | 70,299 | | 68,176 | | 2,123 | | 3 | % |
Net income | 83,248 | | 96,275 | | (13,027) | | (14) | % | 273,762 | | 257,360 | | 16,402 | | 6 | % |
Preferred stock dividends | 2,875 | | 2,875 | | — | | — | % | 8,625 | | 8,625 | | — | | — | % |
Net income available to common equity | $ | 80,373 | | $ | 93,400 | | $ | (13,027) | | (14) | % | $ | 265,137 | | $ | 248,735 | | $ | 16,402 | | 7 | % |
Earnings per common share | | | | | | | | |
Basic | $ | 0.53 | | $ | 0.62 | | $ | (0.09) | | (15) | % | $ | 1.76 | | $ | 1.66 | | $ | 0.10 | | 6 | % |
Diluted | $ | 0.53 | | $ | 0.62 | | $ | (0.09) | | (15) | % | $ | 1.75 | | $ | 1.65 | | $ | 0.10 | | 6 | % |
Average common shares outstanding | | | | | | | | |
Basic | 150,035 | | 149,321 | | 714 | | — | % | 149,929 | | 149,063 | | 866 | | 1 | % |
Diluted | 151,014 | | 150,262 | | 752 | | 1 | % | 150,971 | | 150,205 | | 766 | | 1 | % |
| | | | | | | | |
N/M = Not meaningful
Numbers may not sum due to rounding.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend |
($ in thousands, except per share data) | | | Seql Qtr | | | | Comp Qtr |
3Q23 | 2Q23 | $ Change | % Change | 1Q23 | 4Q22 | 3Q22 | $ Change | % Change |
Interest income | | | | | | | | | |
Interest and fees on loans | $ | 447,912 | | $ | 423,307 | | $ | 24,605 | | 6 | % | $ | 391,320 | | $ | 349,403 | | $ | 275,666 | | $ | 172,246 | | 62 | % |
Interest and dividends on investment securities | | | | | | | | | |
Taxable | 38,210 | | 35,845 | | 2,365 | | 7 | % | 30,142 | | 21,435 | | 19,221 | | 18,989 | | 99 | % |
Tax-exempt | 15,941 | | 15,994 | | (53) | | — | % | 16,025 | | 16,666 | | 16,538 | | (597) | | (4) | % |
Other interest | 6,575 | | 6,086 | | 489 | | 8 | % | 5,329 | | 3,779 | | 3,284 | | 3,291 | | 100 | % |
Total interest income | 508,637 | | 481,231 | | 27,406 | | 6 | % | 442,817 | | 391,283 | | 314,708 | | 193,929 | | 62 | % |
Interest expense | | | | | | | | | |
Interest on deposits | 193,131 | | 162,196 | | 30,935 | | 19 | % | 109,422 | | 60,719 | | 26,000 | | 167,131 | | N/M |
Interest on federal funds purchased and securities sold under agreements to repurchase | 3,100 | | 2,261 | | 839 | | 37 | % | 3,143 | | 2,280 | | 756 | | 2,344 | | N/M |
Interest on other short-term funding | — | | — | | — | | N/M | — | | — | | 1 | | (1) | | (100) | % |
Interest on FHLB advances | 48,143 | | 49,261 | | (1,118) | | (2) | % | 49,960 | | 36,824 | | 20,792 | | 27,351 | | 132 | % |
Interest on long-term funding | 10,019 | | 9,596 | | 423 | | 4 | % | 6,281 | | 2,470 | | 2,722 | | 7,297 | | N/M |
Total interest expense | 254,394 | | 223,314 | | 31,080 | | 14 | % | 168,807 | | 102,294 | | 50,270 | | 204,124 | | N/M |
Net interest income | 254,244 | | 257,917 | | (3,673) | | (1) | % | 274,010 | | 288,989 | | 264,439 | | (10,195) | | (4) | % |
Provision for credit losses | 21,943 | | 22,100 | | (157) | | (1) | % | 17,971 | | 19,992 | | 16,998 | | 4,945 | | 29 | % |
Net interest income after provision for credit losses | 232,301 | | 235,817 | | (3,516) | | (1) | % | 256,039 | | 268,997 | | 247,440 | | (15,139) | | (6) | % |
Noninterest income | | | | | | | | | |
Wealth management fees | 20,828 | | 20,483 | | 345 | | 2 | % | 20,189 | | 20,403 | | 19,984 | | 844 | | 4 | % |
Service charges and deposit account fees | 12,864 | | 12,372 | | 492 | | 4 | % | 12,994 | | 13,918 | | 15,029 | | (2,165) | | (14) | % |
Card-based fees | 11,510 | | 11,396 | | 114 | | 1 | % | 10,586 | | 11,167 | | 11,479 | | 31 | | — | % |
Other fee-based revenue | 4,509 | | 4,465 | | 44 | | 1 | % | 4,276 | | 3,290 | | 4,487 | | 22 | | — | % |
Capital markets, net | 5,368 | | 5,093 | | 275 | | 5 | % | 5,083 | | 5,586 | | 7,675 | | (2,307) | | (30) | % |
Mortgage banking, net | 6,501 | | 7,768 | | (1,267) | | (16) | % | 3,545 | | 2,238 | | 2,098 | | 4,403 | | N/M |
Bank and corporate owned life insurance | 2,047 | | 2,172 | | (125) | | (6) | % | 2,664 | | 3,427 | | 1,827 | | 220 | | 12 | % |
| | | | | | | | | |
Asset gains (losses), net | 625 | | (299) | | 924 | | N/M | 263 | | (545) | | 18 | | 607 | | N/M |
Investment securities gains (losses), net | (11) | | 14 | | (25) | | N/M | 51 | | (1,930) | | 5,664 | | (5,675) | | N/M |
| | | | | | | | | |
Other | 2,339 | | 2,080 | | 259 | | 12 | % | 2,422 | | 4,102 | | 2,527 | | (188) | | (7) | % |
Total noninterest income | 66,579 | | 65,543 | | 1,036 | | 2 | % | 62,073 | | 61,657 | | 70,788 | | (4,209) | | (6) | % |
Noninterest expense | | | | | | | | | |
Personnel | 117,159 | | 114,089 | | 3,070 | | 3 | % | 116,420 | | 118,381 | | 118,243 | | (1,084) | | (1) | % |
Technology | 26,172 | | 24,220 | | 1,952 | | 8 | % | 23,598 | | 25,299 | | 22,694 | | 3,478 | | 15 | % |
Occupancy | 14,125 | | 13,587 | | 538 | | 4 | % | 15,063 | | 15,846 | | 13,717 | | 408 | | 3 | % |
Business development and advertising | 7,100 | | 7,106 | | (6) | | — | % | 5,849 | | 8,136 | | 6,778 | | 322 | | 5 | % |
Equipment | 5,016 | | 4,975 | | 41 | | 1 | % | 4,930 | | 4,791 | | 4,921 | | 95 | | 2 | % |
Legal and professional | 4,461 | | 4,831 | | (370) | | (8) | % | 3,857 | | 4,132 | | 4,159 | | 302 | | 7 | % |
Loan and foreclosure costs | 2,049 | | 1,635 | | 414 | | 25 | % | 1,138 | | 804 | | 1,631 | | 418 | | 26 | % |
FDIC assessment | 9,150 | | 9,550 | | (400) | | (4) | % | 6,875 | | 6,350 | | 5,800 | | 3,350 | | 58 | % |
Other intangible amortization | 2,203 | | 2,203 | | — | | — | % | 2,203 | | 2,203 | | 2,203 | | — | | — | % |
| | | | | | | | | |
Other | 8,771 | | 8,476 | | 295 | | 3 | % | 7,479 | | 10,618 | | 15,645 | | (6,874) | | (44) | % |
Total noninterest expense | 196,205 | | 190,673 | | 5,532 | | 3 | % | 187,412 | | 196,560 | | 195,791 | | 414 | | — | % |
Income before income taxes | 102,674 | | 110,687 | | (8,013) | | (7) | % | 130,700 | | 134,094 | | 122,438 | | (19,764) | | (16) | % |
Income tax expense | 19,426 | | 23,533 | | (4,107) | | (17) | % | 27,340 | | 25,332 | | 26,163 | | (6,737) | | (26) | % |
Net income | 83,248 | | 87,154 | | (3,906) | | (4) | % | 103,360 | | 108,762 | | 96,275 | | (13,027) | | (14) | % |
Preferred stock dividends | 2,875 | | 2,875 | | — | | — | % | 2,875 | | 2,875 | | 2,875 | | — | | — | % |
Net income available to common equity | $ | 80,373 | | $ | 84,279 | | $ | (3,906) | | (5) | % | $ | 100,485 | | $ | 105,887 | | $ | 93,400 | | $ | (13,027) | | (14) | % |
Earnings per common share | | | | | | | | | |
Basic | $ | 0.53 | | $ | 0.56 | | $ | (0.03) | | (5) | % | $ | 0.67 | | $ | 0.70 | | $ | 0.62 | | $ | (0.09) | | (15) | % |
Diluted | $ | 0.53 | | $ | 0.56 | | $ | (0.03) | | (5) | % | $ | 0.66 | | $ | 0.70 | | $ | 0.62 | | $ | (0.09) | | (15) | % |
Average common shares outstanding | | | | | | | | | |
Basic | 150,035 | | 149,986 | | 49 | | — | % | 149,763 | | 149,454 | | 149,321 | | 714 | | — | % |
Diluted | 151,014 | | 150,870 | | 144 | | — | % | 151,128 | | 150,886 | | 150,262 | | 752 | | 1 | % |
|
N/M = Not meaningful
Numbers may not sum due to rounding.
| | | | | | | | | | | | | | | | | | | | | | | |
Associated Banc-Corp Selected Quarterly Information | | | | | | | |
($ in millions except per share data; shares repurchased and outstanding in thousands) | YTD Sep 2023 | YTD Sep 2022 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | 3Q22 |
Per common share data | | | | | | | |
Dividends | $ | 0.63 | | $ | 0.60 | | $ | 0.21 | | $ | 0.21 | | $ | 0.21 | | $ | 0.21 | | $ | 0.20 | |
Market value: | | | | | | | |
High | 24.18 | | 25.71 | | 19.21 | | 18.45 | | 24.18 | | 25.13 | | 21.87 | |
Low | 14.48 | | 17.63 | | 16.22 | | 14.48 | | 17.66 | | 20.54 | | 17.63 | |
Close | | | 17.11 | | 16.23 | | 17.98 | | 23.09 | | 20.08 | |
Book value / share | | | 26.06 | | 26.03 | | 26.06 | | 25.40 | | 25.01 | |
Tangible book value / share | | | 18.46 | | 18.41 | | 18.42 | | 17.73 | | 17.32 | |
Performance ratios (annualized) | | | | | | | |
Return on average assets | 0.91 | % | 0.95 | % | 0.80 | % | 0.86 | % | 1.06 | % | 1.12 | % | 1.02 | % |
Noninterest expense / average assets | 1.90 | % | 2.04 | % | 1.90 | % | 1.89 | % | 1.92 | % | 2.03 | % | 2.08 | % |
Effective tax rate | 20.43 | % | 20.94 | % | 18.92 | % | 21.26 | % | 20.92 | % | 18.89 | % | 21.37 | % |
Dividend payout ratio(a) | 35.80 | % | 36.14 | % | 39.62 | % | 37.50 | % | 31.34 | % | 30.00 | % | 32.26 | % |
Net interest margin | 2.86 | % | 2.77 | % | 2.71 | % | 2.80 | % | 3.07 | % | 3.31 | % | 3.13 | % |
Selected trend information | | | | | | | |
Average full time equivalent employees(b) | 4,222 | | 4,101 | | 4,220 | | 4,227 | | 4,219 | | 4,169 | | 4,182 | |
Branch count | | | 202 | | 202 | | 202 | | 202 | | 215 | |
Assets under management, at market value(c) | | | $ | 12,543 | | $ | 12,995 | | $ | 12,412 | | $ | 11,843 | | $ | 11,142 | |
Mortgage loans originated for sale during period | $ | 283 | | $ | 536 | | $ | 115 | | $ | 99 | | $ | 69 | | $ | 64 | | $ | 132 | |
Mortgage loan settlements during period | $ | 255 | | $ | 620 | | $ | 103 | | $ | 97 | | $ | 55 | | $ | 95 | | $ | 120 | |
| | | | | | | |
Mortgage portfolio serviced for others | | | $ | 6,452 | | $ | 6,525 | | $ | 6,612 | | $ | 6,712 | | $ | 6,800 | |
Mortgage servicing rights, net / mortgage portfolio serviced for others | | | 1.38 | % | 1.23 | % | 1.13 | % | 1.15 | % | 1.15 | % |
| | | | | | | |
Shares outstanding, end of period | | | 150,951 | | 150,919 | | 150,886 | | 150,444 | | 150,328 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Selected quarterly ratios | | | | | | | |
Loans / deposits | | | 93.99 | % | 93.24 | % | 96.29 | % | 97.18 | % | 95.27 | % |
Stockholders’ equity / assets | | | 9.91 | % | 10.00 | % | 10.14 | % | 10.19 | % | 10.39 | % |
Risk-based capital(d)(e) | | | | | | | |
Total risk-weighted assets | | | $ | 33,497 | | $ | 33,146 | | $ | 32,648 | | $ | 32,472 | | $ | 31,406 | |
Common equity Tier 1 | | | $ | 3,197 | | $ | 3,143 | | $ | 3,086 | | $ | 3,036 | | $ | 2,956 | |
Common equity Tier 1 capital ratio | | | 9.55 | % | 9.48 | % | 9.45 | % | 9.35 | % | 9.41 | % |
Tier 1 capital ratio | | | 10.12 | % | 10.07 | % | 10.05 | % | 9.95 | % | 10.03 | % |
Total capital ratio | | | 12.25 | % | 12.22 | % | 12.22 | % | 11.33 | % | 11.41 | % |
Tier 1 leverage ratio | | | 8.42 | % | 8.40 | % | 8.46 | % | 8.59 | % | 8.66 | % |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
N/M = Not meaningful
Numbers may not sum due to rounding.
(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)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.
(e)September 30, 2023 data is estimated.
| | | | | | | | | | | | | | | | | | | | | | | |
Associated Banc-Corp Selected Asset Quality Information | | | | | |
($ in thousands) | Sep 30, 2023 | Jun 30, 2023 | Seql Qtr % Change | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Comp Qtr % Change |
Allowance for loan losses | | | | | | | |
Balance at beginning of period | $ | 338,750 | | $ | 326,432 | | 4 | % | $ | 312,720 | | $ | 292,904 | | $ | 280,771 | | 21 | % |
Provision for loan losses | 25,500 | | 23,500 | | 9 | % | 17,000 | | 21,000 | | 14,000 | | 82 | % |
Charge offs | (20,535) | | (14,855) | | 38 | % | (5,501) | | (2,982) | | (3,346) | | N/M |
Recoveries | 2,079 | | 3,674 | | (43) | % | 2,212 | | 1,798 | | 1,478 | | 41 | % |
Net (charge offs) recoveries | (18,455) | | (11,181) | | 65 | % | (3,289) | | (1,183) | | (1,867) | | N/M |
Balance at end of period | $ | 345,795 | | $ | 338,750 | | 2 | % | $ | 326,432 | | $ | 312,720 | | $ | 292,904 | | 18 | % |
Allowance for unfunded commitments | | | | | | | |
Balance at beginning of period | $ | 38,276 | | $ | 39,776 | | (4) | % | $ | 38,776 | | $ | 39,776 | | $ | 36,776 | | 4 | % |
Provision for unfunded commitments | (3,500) | | (1,500) | | 133 | % | 1,000 | | (1,000) | | 3,000 | | N/M |
Balance at end of period | $ | 34,776 | | $ | 38,276 | | (9) | % | $ | 39,776 | | $ | 38,776 | | $ | 39,776 | | (13) | % |
Allowance for credit losses on loans (ACLL) | $ | 380,571 | | $ | 377,027 | | 1 | % | $ | 366,208 | | $ | 351,496 | | $ | 332,680 | | 14 | % |
Provision for credit losses on loans | $ | 22,000 | | $ | 22,000 | | — | % | $ | 18,000 | | $ | 20,000 | | $ | 17,000 | | 29 | % |
($ in thousands) | Sep 30, 2023 | Jun 30, 2023 | Seql Qtr % Change | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Comp Qtr % Change |
Net (charge offs) recoveries | | | | | | | |
| | | | | | | |
| | | | | | | |
Commercial and industrial | $ | (16,558) | | $ | (11,177) | | 48 | % | $ | (1,759) | | $ | 278 | | $ | (897) | | N/M |
Commercial real estate—owner occupied | 2 | | 3 | | (33) | % | 3 | | 3 | | 3 | | (33) | % |
Commercial and business lending | (16,556) | | (11,174) | | 48 | % | (1,756) | | 281 | | (894) | | N/M |
Commercial real estate—investor | 272 | | 2,276 | | (88) | % | — | | — | | — | | N/M |
Real estate construction | 18 | | (18) | | N/M | 18 | | 16 | | 9 | | 100 | % |
Commercial real estate lending | 290 | | 2,257 | | (87) | % | 18 | | 16 | | 9 | | N/M |
Total commercial | (16,266) | | (8,917) | | 82 | % | (1,738) | | 297 | | (885) | | N/M |
Residential mortgage | (22) | | (283) | | (92) | % | (53) | | (125) | | (42) | | (48) | % |
Auto finance | (1,269) | | (1,048) | | 21 | % | (957) | | (768) | | (165) | | N/M |
Home equity | 128 | | 183 | | (30) | % | 340 | | 123 | | (101) | | N/M |
Other consumer | (1,027) | | (1,117) | | (8) | % | (881) | | (711) | | (675) | | 52 | % |
Total consumer | (2,189) | | (2,264) | | (3) | % | (1,550) | | (1,480) | | (983) | | 123 | % |
Total net (charge offs) recoveries | $ | (18,455) | | $ | (11,181) | | 65 | % | $ | (3,289) | | $ | (1,183) | | $ | (1,867) | | N/M |
| | | | | | | |
(In basis points) | Sep 30, 2023 | Jun 30, 2023 | | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | |
Net (charge offs) recoveries to average loans (annualized) | | | | | | | |
| | | | | | | |
| | | | | | | |
Commercial and industrial | (66) | | (46) | | | (7) | | 1 | | (4) | | |
Commercial real estate—owner occupied | — | | — | | | — | | — | | — | | |
Commercial and business lending | (60) | | (41) | | | (7) | | 1 | | (3) | | |
Commercial real estate—investor | 2 | | 18 | | | — | | — | | — | | |
Real estate construction | — | | — | | | — | | — | | — | | |
Commercial real estate lending | 2 | | 12 | | | — | | — | | — | | |
Total commercial | (35) | | (20) | | | (4) | | 1 | | (2) | | |
Residential mortgage | — | | (1) | | | — | | (1) | | — | | |
Auto finance | (27) | | (25) | | | (26) | | (24) | | (7) | | |
Home equity | 8 | | 12 | | | 22 | | 8 | | (7) | | |
Other consumer | (148) | | (163) | | | (125) | | (95) | | (89) | | |
Total consumer | (7) | | (8) | | | (6) | | (6) | | (4) | | |
Total net (charge offs) recoveries | (25) | | (15) | | | (5) | | (2) | | (3) | | |
| | | | | | | |
($ in thousands) | Sep 30, 2023 | Jun 30, 2023 | Seql Qtr % Change | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Comp Qtr % Change |
Credit quality | | | | | | | |
Nonaccrual loans | $ | 168,558 | | $ | 131,278 | | 28 | % | $ | 117,569 | | $ | 111,467 | | $ | 116,406 | | 45 | % |
Other real estate owned (OREO) | 8,452 | | 7,575 | | 12 | % | 15,184 | | 14,784 | | 16,373 | | (48) | % |
| | | | | | | |
Repossessed assets | $ | 658 | | $ | 348 | | 89 | % | $ | 92 | | $ | 215 | | $ | 299 | | 120 | % |
Total nonperforming assets | $ | 177,668 | | $ | 139,201 | | 28 | % | $ | 132,845 | | $ | 126,466 | | $ | 133,078 | | 34 | % |
| | | | | | | |
Loans 90 or more days past due and still accruing | $ | 2,156 | | $ | 1,726 | | 25 | % | $ | 1,703 | | $ | 1,728 | | $ | 1,417 | | 52 | % |
| | | | | | | |
Allowance for credit losses on loans to total loans | 1.26 | % | 1.26 | % | | 1.25 | % | 1.22 | % | 1.20 | % | |
| | | | | | | |
Allowance for credit losses on loans to nonaccrual loans | 225.78 | % | 287.20 | % | | 311.48 | % | 315.34 | % | 285.79 | % | |
Nonaccrual loans to total loans | 0.56 | % | 0.44 | % | | 0.40 | % | 0.39 | % | 0.42 | % | |
Nonperforming assets to total loans plus OREO and repossessed assets | 0.59 | % | 0.47 | % | | 0.45 | % | 0.44 | % | 0.48 | % | |
Nonperforming assets to total assets | 0.43 | % | 0.34 | % | | 0.33 | % | 0.32 | % | 0.35 | % | |
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans | 0.15 | % | 0.10 | % | | 0.05 | % | — | % | — | % | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
N/M = Not meaningful
| | | | | | | | | | | | | | | | | | | | | | | | |
Associated Banc-Corp Selected Asset Quality Information (continued) | |
(In thousands) | Sep 30, 2023 | Jun 30, 2023 | Seql Qtr % Change | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Comp Qtr % Change | |
Nonaccrual loans | | | | | | | | |
Commercial and industrial | $ | 74,812 | | $ | 34,907 | | 114 | % | $ | 22,735 | | $ | 14,329 | | $ | 15,576 | | N/M | |
Commercial real estate—owner occupied | 3,936 | | 1,444 | | 173 | % | 1,478 | | — | | — | | N/M | |
Commercial and business lending | 78,748 | | 36,352 | | 117 | % | 24,213 | | 14,329 | | 15,576 | | N/M | |
Commercial real estate—investor | 10,882 | | 22,068 | | (51) | % | 25,122 | | 29,380 | | 37,479 | | (71) | % | |
Real estate construction | 103 | | 125 | | (18) | % | 178 | | 105 | | 141 | | (27) | % | |
Commercial real estate lending | 10,985 | | 22,193 | | (51) | % | 25,300 | | 29,485 | | 37,620 | | (71) | % | |
Total commercial | 89,732 | | 58,544 | | 53 | % | 49,513 | | 43,814 | | 53,196 | | 69 | % | |
Residential mortgage | 66,153 | | 61,718 | | 7 | % | 58,274 | | 58,480 | | 55,485 | | 19 | % | |
Auto finance | 4,533 | | 3,065 | | 48 | % | 2,436 | | 1,490 | | 302 | | N/M | |
Home equity | 7,917 | | 7,788 | | 2 | % | 7,246 | | 7,487 | | 7,325 | | 8 | % | |
Other consumer | 222 | | 163 | | 36 | % | 100 | | 197 | | 98 | | 127 | % | |
Total consumer | 78,826 | | 72,733 | | 8 | % | 68,056 | | 67,654 | | 63,210 | | 25 | % | |
Total nonaccrual loans | $ | 168,558 | | $ | 131,278 | | 28 | % | $ | 117,569 | | $ | 111,467 | | $ | 116,406 | | 45 | % | |
| | | | | | | | |
| Sep 30, 2023 | Jun 30, 2023 | Seql Qtr % Change | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Comp Qtr % Change | |
Restructured loans (accruing)(a) | | | | | | | | |
Commercial and industrial | $ | 234 | | $ | 168 | | 39 | % | $ | 47 | | $ | 12,453 | | $ | 14,829 | | N/A | |
Commercial real estate—owner occupied | — | | — | | N/M | — | | 316 | | 369 | | N/A | |
Commercial and business lending | 234 | | 168 | | 39 | % | 47 | | 12,769 | | 15,198 | | N/A | |
Commercial real estate—investor | — | | — | | N/M | — | | 128 | | 733 | | N/A | |
Real estate construction | — | | — | | N/M | — | | 195 | | 165 | | N/A | |
Commercial real estate lending | — | | — | | N/M | — | | 324 | | 898 | | N/A | |
Total commercial | 234 | | 168 | | 39 | % | 47 | | 13,093 | | 16,097 | | N/A | |
Residential mortgage | 207 | | 126 | | 64 | % | 126 | | 16,829 | | 16,169 | | N/A | |
Auto finance | 169 | | 80 | | 111 | % | 61 | | — | | — | | N/A | |
Home equity | 236 | | 78 | | N/M | 31 | | 2,148 | | 2,103 | | N/A | |
Other consumer | 1,243 | | 988 | | 26 | % | 498 | | 798 | | 764 | | N/A | |
Total consumer | 1,855 | | 1,271 | | 46 | % | 716 | | 19,775 | | 19,036 | | N/A | |
Total restructured loans (accruing) | $ | 2,089 | | $ | 1,439 | | 45 | % | $ | 763 | | $ | 32,868 | | $ | 35,132 | | N/A | |
Nonaccrual restructured loans (included in nonaccrual loans) | $ | 961 | | $ | 796 | | 21 | % | $ | 341 | | $ | 20,127 | | $ | 21,650 | | N/A | |
| Sep 30, 2023 | Jun 30, 2023 | Seql Qtr % Change | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Comp Qtr % Change | |
Accruing loans 30-89 days past due | | | | | | | | |
Commercial and industrial | $ | 1,507 | | $ | 12,005 | | (87) | % | $ | 4,239 | | $ | 6,283 | | $ | 1,861 | | (19) | % | |
Commercial real estate—owner occupied | 1,877 | | 1,484 | | 26 | % | 2,955 | | 230 | | — | | N/M | |
Commercial and business lending | 3,384 | | 13,489 | | (75) | % | 7,195 | | 6,512 | | 1,861 | | 82 | % | |
Commercial real estate—investor | 10,121 | | — | | N/M | — | | 1,067 | | — | | N/M | |
Real estate construction | 10 | | 76 | | (87) | % | — | | 39 | | 43 | | (77) | % | |
Commercial real estate lending | 10,131 | | 76 | | N/M | — | | 1,105 | | 43 | | N/M | |
Total commercial | 13,515 | | 13,565 | | — | % | 7,195 | | 7,618 | | 1,904 | | N/M | |
Residential mortgage | 11,652 | | 8,961 | | 30 | % | 7,626 | | 9,874 | | 6,517 | | 79 | % | |
Auto finance | 16,688 | | 11,429 | | 46 | % | 8,640 | | 9,408 | | 6,206 | | 169 | % | |
Home equity | 3,687 | | 4,030 | | (9) | % | 4,113 | | 5,607 | | 4,234 | | (13) | % | |
Other consumer | 1,880 | | 2,025 | | (7) | % | 1,723 | | 1,610 | | 1,592 | | 18 | % | |
Total consumer | 33,908 | | 26,444 | | 28 | % | 22,102 | | 26,499 | | 18,549 | | 83 | % | |
Total accruing loans 30-89 days past due | $ | 47,422 | | $ | 40,008 | | 19 | % | $ | 29,297 | | $ | 34,117 | | $ | 20,452 | | 132 | % | |
| | | | | | | | |
| Sep 30, 2023 | Jun 30, 2023 | Seql Qtr % Change | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Comp Qtr % Change | |
Potential problem loans | | | | | | | | |
| | | | | | | | |
Commercial and industrial | $ | 207,237 | | $ | 205,228 | | 1 | % | $ | 135,047 | | $ | 136,549 | | $ | 108,556 | | 91 | % | |
Commercial real estate—owner occupied | 27,792 | | 29,396 | | (5) | % | 32,077 | | 34,422 | | 28,287 | | (2) | % | |
Commercial and business lending | 235,029 | | 234,624 | | — | % | 167,124 | | 170,971 | | 136,843 | | 72 | % | |
Commercial real estate—investor | 148,840 | | 106,662 | | 40 | % | 89,653 | | 92,535 | | 117,982 | | 26 | % | |
Real estate construction | — | | — | | N/M | — | | 970 | | — | | N/M | |
Commercial real estate lending | 148,840 | | 106,662 | | 40 | % | 89,653 | | 93,505 | | 117,982 | | 26 | % | |
Total commercial | 383,869 | | 341,286 | | 12 | % | 256,776 | | 264,476 | | 254,825 | | 51 | % | |
Residential mortgage | 1,247 | | 1,646 | | (24) | % | 1,684 | | 1,978 | | 2,845 | | (56) | % | |
| | | | | | | | |
Home equity | 236 | | 240 | | (2) | % | 244 | | 197 | | 185 | | 28 | % | |
| | | | | | | | |
Total consumer | 1,483 | | 1,886 | | (21) | % | 1,928 | | 2,175 | | 3,030 | | (51) | % | |
Total potential problem loans | $ | 385,352 | | $ | 343,173 | | 12 | % | $ | 258,704 | | $ | 266,651 | | $ | 257,855 | | 49 | % | |
| | | | | | | | |
N/M = Not meaningful
Numbers may not sum due to rounding.
(a) On January 1, 2023, the Corporation adopted ASU 2022-02. Under this update, troubled debt restructurings were eliminated and replaced with a modified loan classification. As a result, amounts reported for 2023 periods will not be comparable to amounts reported for 2022 periods.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter | | | |
| Three Months Ended |
| September 30, 2023 | June 30, 2023 | September 30, 2022 |
($ 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) (c) | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Commercial and business lending | $ | 10,985,584 | | $ | 194,956 | | 7.04 | % | $ | 10,899,337 | | $ | 184,080 | | 6.77 | % | $ | 10,192,463 | | $ | 110,215 | | 4.29 | % |
Commercial real estate lending | 7,312,645 | | 134,370 | | 7.29 | % | 7,295,367 | | 127,967 | | 7.04 | % | 6,768,054 | | 78,887 | | 4.62 | % |
Total commercial | 18,298,229 | | 329,326 | | 7.14 | % | 18,194,703 | | 312,047 | | 6.88 | % | 16,960,517 | | 189,101 | | 4.42 | % |
Residential mortgage | 8,807,157 | | 74,643 | | 3.39 | % | 8,701,496 | | 72,056 | | 3.31 | % | 8,223,531 | | 64,069 | | 3.12 | % |
Auto finance | 1,884,540 | | 24,074 | | 5.07 | % | 1,654,523 | | 19,701 | | 4.78 | % | 969,918 | | 9,170 | | 3.75 | % |
Other retail | 894,685 | | 20,534 | | 9.15 | % | 887,574 | | 20,135 | | 9.08 | % | 901,738 | | 13,868 | | 6.13 | % |
Total loans | 29,884,611 | | 448,577 | | 5.96 | % | 29,438,297 | | 423,939 | | 5.77 | % | 27,055,703 | | 276,209 | | 4.06 | % |
Investment securities | | | | | | | | | |
Taxable | 5,407,299 | | 38,210 | | 2.83 | % | 5,304,381 | | 35,845 | | 2.70 | % | 4,328,586 | | 19,221 | | 1.78 | % |
Tax-exempt(a) | 2,300,488 | | 20,085 | | 3.49 | % | 2,314,825 | | 20,152 | | 3.48 | % | 2,435,957 | | 20,838 | | 3.42 | % |
Other short-term investments | 483,211 | | 6,575 | | 5.40 | % | 511,487 | | 6,086 | | 4.77 | % | 378,528 | | 3,284 | | 3.45 | % |
Investments and other | 8,190,998 | | 64,870 | | 3.16 | % | 8,130,693 | | 62,083 | | 3.05 | % | 7,143,071 | | 43,342 | | 2.42 | % |
Total earning assets | 38,075,608 | | $ | 513,447 | | 5.36 | % | 37,568,991 | | $ | 486,022 | | 5.18 | % | 34,198,774 | | $ | 319,551 | | 3.72 | % |
Other assets, net | 3,000,371 | | | | 2,989,321 | | | | 3,073,005 | | | |
Total assets | $ | 41,075,980 | | | | $ | 40,558,311 | | | | $ | 37,271,779 | | | |
Liabilities and stockholders' equity | | | | | | | | | |
Interest-bearing liabilities | | | | | | | | | |
Interest-bearing deposits | | | | | | | | | |
Savings | $ | 4,814,499 | | $ | 18,592 | | 1.53 | % | $ | 4,749,808 | | $ | 15,160 | | 1.28 | % | $ | 4,735,285 | | $ | 516 | | 0.04 | % |
Interest-bearing demand | 6,979,071 | | 41,980 | | 2.39 | % | 6,663,775 | | 34,961 | | 2.10 | % | 6,587,404 | | 10,306 | | 0.62 | % |
Money market | 6,294,083 | | 45,034 | | 2.84 | % | 6,743,810 | | 43,529 | | 2.59 | % | 7,328,165 | | 9,474 | | 0.51 | % |
Network transaction deposits | 1,639,619 | | 22,008 | | 5.33 | % | 1,468,006 | | 18,426 | | 5.03 | % | 873,168 | | 4,716 | | 2.14 | % |
Time deposits | 5,955,741 | | 65,517 | | 4.36 | % | 4,985,949 | | 50,119 | | 4.03 | % | 1,230,859 | | 989 | | 0.32 | % |
Total interest-bearing deposits | 25,683,013 | | 193,131 | | 2.98 | % | 24,611,348 | | 162,196 | | 2.64 | % | 20,754,882 | | 26,000 | | 0.50 | % |
Federal funds purchased and securities sold under agreements to repurchase | 320,518 | | 3,100 | | 3.84 | % | 285,754 | | 2,261 | | 3.17 | % | 380,674 | | 756 | | 0.79 | % |
Commercial paper | 5,041 | | — | | 0.01 | % | 12,179 | | — | | 0.01 | % | 18,308 | | 1 | | 0.01 | % |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
FHLB advances | 3,460,827 | | 48,143 | | 5.52 | % | 3,796,106 | | 49,261 | | 5.20 | % | 3,283,328 | | 20,792 | | 2.51 | % |
Long-term funding | 533,744 | | 10,019 | | 7.51 | % | 543,003 | | 9,596 | | 7.07 | % | 249,838 | | 2,722 | | 4.36 | % |
Total short and long-term funding | 4,320,130 | | 61,263 | | 5.63 | % | 4,637,042 | | 61,118 | | 5.28 | % | 3,932,149 | | 24,270 | | 2.45 | % |
Total interest-bearing liabilities | 30,003,143 | | $ | 254,394 | | 3.36 | % | 29,248,389 | | $ | 223,314 | | 3.06 | % | 24,687,031 | | $ | 50,270 | | 0.81 | % |
Noninterest-bearing demand deposits | 6,318,781 | | | | 6,669,787 | | | | 8,119,475 | | | |
Other liabilities | 622,004 | | | | 511,074 | | | | 480,672 | | | |
Stockholders’ equity | 4,132,052 | | | | 4,129,061 | | | | 3,984,602 | | | |
Total liabilities and stockholders’ equity | $ | 41,075,980 | | | | $ | 40,558,311 | | | | $ | 37,271,779 | | | |
Interest rate spread | | | 2.00 | % | | | 2.12 | % | | | 2.91 | % |
Net free funds | | | 0.71 | % | | | 0.68 | % | | | 0.22 | % |
Fully tax-equivalent net interest income and net interest margin ("NIM") | | $ | 259,053 | | 2.71 | % | | $ | 262,708 | | 2.80 | % | | $ | 269,281 | | 3.13 | % |
Fully tax-equivalent adjustment | | 4,810 | | | | 4,791 | | | | 4,843 | | |
Net interest income | | $ | 254,244 | | | | $ | 257,917 | | | | $ | 264,439 | | |
Numbers may not sum due to rounding.
(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.
(b)Nonaccrual loans and loans held for sale have been included in the average balances.
(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.
| | | | | | | | | | | | | | | | | | | | |
Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year |
| Nine Months Ended September 30, |
| 2023 | 2022 |
($ in thousands) | Average Balance | Interest Income /Expense | Average Yield / Rate | Average Balance | Interest Income /Expense | Average Yield / Rate |
Assets | | | | | | |
Earning assets | | | | | | |
Loans (a) (b) (c) | | | | | | |
| | | | | | |
| | | | | | |
Commercial and business lending | $ | 10,835,003 | | $ | 546,210 | | 6.74 | % | $ | 9,623,927 | | $ | 236,971 | | 3.29 | % |
Commercial real estate lending | 7,286,627 | | 381,425 | | 7.00 | % | 6,438,335 | | 176,006 | | 3.65 | % |
Total commercial | 18,121,629 | | 927,634 | | 6.84 | % | 16,062,262 | | 412,977 | | 3.44 | % |
Residential mortgage | 8,698,542 | | 217,410 | | 3.33 | % | 7,920,382 | | 177,906 | | 2.99 | % |
Auto finance | 1,677,838 | | 60,233 | | 4.80 | % | 657,150 | | 17,837 | | 3.63 | % |
Other retail | 895,371 | | 59,163 | | 8.82 | % | 888,241 | | 35,900 | | 5.40 | % |
Total loans | 29,393,380 | | 1,264,441 | | 5.75 | % | 25,528,036 | | 644,621 | | 3.37 | % |
Investment securities | | | | | | |
Taxable | 5,209,845 | | 104,197 | | 2.67 | % | 4,371,244 | | 54,009 | | 1.65 | % |
Tax-exempt (a) | 2,314,838 | | 60,429 | | 3.48 | % | 2,416,064 | | 61,771 | | 3.41 | % |
Other short-term investments | 495,883 | | 17,990 | | 4.85 | % | 625,748 | | 7,696 | | 1.64 | % |
Investments and other | 8,020,566 | | 182,616 | | 3.03 | % | 7,413,056 | | 123,477 | | 2.22 | % |
Total earning assets | 37,413,946 | | $ | 1,447,057 | | 5.17 | % | 32,941,092 | | $ | 768,098 | | 3.11 | % |
Other assets, net | 3,005,220 | | | | 3,134,678 | | | |
Total assets | $ | 40,419,166 | | | | $ | 36,075,770 | | | |
Liabilities and stockholders' equity | | | | | | |
Interest-bearing liabilities | | | | | | |
Interest-bearing deposits | | | | | | |
Savings | $ | 4,743,526 | | $ | 43,611 | | 1.23 | % | $ | 4,650,105 | | $ | 1,427 | | 0.04 | % |
Interest-bearing demand | 6,819,714 | | 106,860 | | 2.09 | % | 6,573,680 | | 14,307 | | 0.29 | % |
Money market | 6,853,545 | | 130,201 | | 2.54 | % | 7,090,960 | | 12,642 | | 0.24 | % |
Network transaction deposits | 1,420,042 | | 53,259 | | 5.01 | % | 795,059 | | 6,460 | | 1.09 | % |
Time deposits | 4,447,813 | | 130,818 | | 3.93 | % | 1,266,116 | | 2,754 | | 0.29 | % |
Total interest-bearing deposits | 24,284,640 | | 464,749 | | 2.56 | % | 20,375,920 | | 37,590 | | 0.25 | % |
Federal funds purchased and securities sold under agreements to repurchase | 344,950 | | 8,504 | | 3.30 | % | 376,687 | | 1,200 | | 0.43 | % |
Commercial paper | 11,475 | | 1 | | 0.01 | % | 23,106 | | 2 | | 0.01 | % |
| | | | | | |
| | | | | | |
FHLB advances | 3,834,247 | | 147,365 | | 5.14 | % | 2,445,486 | | 38,663 | | 2.11 | % |
Long-term funding | 495,434 | | 25,895 | | 6.97 | % | 249,759 | | 8,182 | | 4.37 | % |
Total short and long-term funding | 4,686,106 | | 181,765 | | 5.18 | % | 3,095,039 | | 48,047 | | 2.07 | % |
Total interest-bearing liabilities | 28,970,746 | | $ | 646,514 | | 2.98 | % | 23,470,959 | | $ | 85,637 | | 0.49 | % |
Noninterest-bearing demand deposits | 6,772,521 | | | | 8,189,067 | | | |
Other liabilities | 567,938 | | | | 446,249 | | | |
Stockholders’ equity | 4,107,961 | | | | 3,969,495 | | | |
Total liabilities and stockholders’ equity | $ | 40,419,166 | | | | $ | 36,075,770 | | | |
Interest rate spread | | | 2.19 | % | | | 2.62 | % |
Net free funds | | | 0.67 | % | | | 0.15 | % |
Fully tax-equivalent net interest income and net interest margin ("NIM") | | $ | 800,543 | | 2.86 | % | | $ | 682,461 | | 2.77 | % |
Fully tax-equivalent adjustment | | 14,372 | | | | 14,129 | | |
Net interest income | | $ | 786,171 | | | | $ | 668,332 | | |
Numbers may not sum due to rounding.
(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.
(b)Nonaccrual loans and loans held for sale have been included in the average balances.
(c)Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.
| | | | | | | | | | | | | | | | | | | | | | | |
Associated Banc-Corp Loan and Deposit Composition | | | | | | | |
($ in thousands) | | | | | | | |
Period end loan composition | Sep 30, 2023 | Jun 30, 2023 | Seql Qtr % Change | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Comp Qtr % Change |
| | | | | | | |
Commercial and industrial | $ | 10,099,068 | | $ | 10,055,487 | | — | % | $ | 9,869,781 | | $ | 9,759,454 | | $ | 9,571,925 | | 6 | % |
Commercial real estate—owner occupied | 1,054,969 | | 1,058,237 | | — | % | 1,050,236 | | 991,722 | | 999,786 | | 6 | % |
Commercial and business lending | 11,154,037 | | 11,113,724 | | — | % | 10,920,017 | | 10,751,176 | | 10,571,711 | | 6 | % |
Commercial real estate—investor | 5,218,980 | | 5,312,928 | | (2) | % | 5,094,249 | | 5,080,344 | | 5,064,289 | | 3 | % |
Real estate construction | 2,130,719 | | 2,009,060 | | 6 | % | 2,147,070 | | 2,155,222 | | 1,835,159 | | 16 | % |
Commercial real estate lending | 7,349,699 | | 7,321,988 | | — | % | 7,241,318 | | 7,235,565 | | 6,899,449 | | 7 | % |
Total commercial | 18,503,736 | | 18,435,711 | | — | % | 18,161,335 | | 17,986,742 | | 17,471,159 | | 6 | % |
Residential mortgage | 8,782,645 | | 8,746,345 | | — | % | 8,605,164 | | 8,511,550 | | 8,314,902 | | 6 | % |
Auto finance | 2,007,164 | | 1,777,974 | | 13 | % | 1,551,538 | | 1,382,073 | | 1,117,136 | | 80 | % |
| | | | | | | |
| | | | | | | |
Home equity | 623,650 | | 615,506 | | 1 | % | 609,787 | | 624,353 | | 612,608 | | 2 | % |
Other consumer | 275,993 | | 273,367 | | 1 | % | 279,248 | | 294,851 | | 301,475 | | (8) | % |
Total consumer | 11,689,451 | | 11,413,193 | | 2 | % | 11,045,737 | | 10,812,828 | | 10,346,121 | | 13 | % |
Total loans | $ | 30,193,187 | | $ | 29,848,904 | | 1 | % | $ | 29,207,072 | | $ | 28,799,569 | | $ | 27,817,280 | | 9 | % |
| | | | | | | |
| | | | | | | |
Period end deposit and customer funding composition | Sep 30, 2023 | Jun 30, 2023 | Seql Qtr % Change | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Comp Qtr % Change |
Noninterest-bearing demand | $ | 6,422,994 | | $ | 6,565,666 | | (2) | % | $ | 7,328,689 | | $ | 7,760,811 | | $ | 8,224,579 | | (22) | % |
Savings | 4,836,735 | | 4,777,415 | | 1 | % | 4,730,472 | | 4,604,848 | | 4,708,720 | | 3 | % |
Interest-bearing demand | 7,528,154 | | 7,037,959 | | 7 | % | 6,977,121 | | 7,100,727 | | 7,122,218 | | 6 | % |
Money market | 7,268,506 | | 7,521,930 | | (3) | % | 8,357,625 | | 8,239,610 | | 7,909,232 | | (8) | % |
Brokered CDs | 3,351,399 | | 3,818,325 | | (12) | % | 1,185,565 | | 541,916 | | — | | N/M |
Other time deposits | 2,715,538 | | 2,293,114 | | 18 | % | 1,752,351 | | 1,388,242 | | 1,233,833 | | 120 | % |
Total deposits | 32,123,326 | | 32,014,409 | | — | % | 30,331,824 | | 29,636,154 | | 29,198,581 | | 10 | % |
Other customer funding(a) | 151,644 | | 170,873 | | (11) | % | 226,258 | | 261,767 | | 283,856 | | (47) | % |
Total deposits and other customer funding | $ | 32,274,971 | | $ | 32,185,282 | | — | % | $ | 30,558,081 | | $ | 29,897,921 | | $ | 29,482,437 | | 9 | % |
Network transaction deposits(b) | $ | 1,649,389 | | $ | 1,600,619 | | 3 | % | $ | 1,273,420 | | $ | 979,003 | | $ | 864,086 | | 91 | % |
| | | | | | | |
| | | | | | | |
Net deposits and other customer funding(c) | $ | 27,274,183 | | $ | 26,766,338 | | 2 | % | $ | 28,099,096 | | $ | 28,377,001 | | $ | 28,618,351 | | (5) | % |
| | | | | | | |
Quarter average loan composition | Sep 30, 2023 | Jun 30, 2023 | Seql Qtr % Change | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Comp Qtr % Change |
| | | | | | | |
Commercial and industrial | $ | 9,927,271 | | $ | 9,831,956 | | 1 | % | $ | 9,600,838 | | $ | 9,528,180 | | $ | 9,221,970 | | 8 | % |
Commercial real estate—owner occupied | 1,058,313 | | 1,067,381 | | (1) | % | 1,015,187 | | 1,001,805 | | 970,493 | | 9 | % |
Commercial and business lending | 10,985,584 | | 10,899,337 | | 1 | % | 10,616,026 | | 10,529,984 | | 10,192,463 | | 8 | % |
Commercial real estate—investor | 5,205,626 | | 5,206,430 | | — | % | 5,093,122 | | 5,048,419 | | 4,891,530 | | 6 | % |
Real estate construction | 2,107,018 | | 2,088,937 | | 1 | % | 2,158,072 | | 2,013,986 | | 1,876,524 | | 12 | % |
Commercial real estate lending | 7,312,645 | | 7,295,367 | | — | % | 7,251,193 | | 7,062,405 | | 6,768,054 | | 8 | % |
Total commercial | 18,298,229 | | 18,194,703 | | 1 | % | 17,867,219 | | 17,592,389 | | 16,960,517 | | 8 | % |
Residential mortgage | 8,807,157 | | 8,701,496 | | 1 | % | 8,584,528 | | 8,443,661 | | 8,223,531 | | 7 | % |
Auto finance | 1,884,540 | | 1,654,523 | | 14 | % | 1,490,115 | | 1,244,436 | | 969,918 | | 94 | % |
| | | | | | | |
| | | | | | | |
Home equity | 619,423 | | 612,045 | | 1 | % | 618,724 | | 619,044 | | 601,821 | | 3 | % |
Other consumer | 275,262 | | 275,530 | | — | % | 285,232 | | 295,804 | | 299,917 | | (8) | % |
Total consumer | 11,586,382 | | 11,243,594 | | 3 | % | 10,978,599 | | 10,602,945 | | 10,095,186 | | 15 | % |
Total loans(d) | $ | 29,884,611 | | $ | 29,438,297 | | 2 | % | $ | 28,845,818 | | $ | 28,195,334 | | $ | 27,055,703 | | 10 | % |
| | | | | | | |
Quarter average deposit composition | Sep 30, 2023 | Jun 30, 2023 | Seql Qtr % Change | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Comp Qtr % Change |
Noninterest-bearing demand | $ | 6,318,781 | | $ | 6,669,787 | | (5) | % | $ | 7,340,219 | | $ | 8,088,435 | | $ | 8,119,475 | | (22) | % |
Savings | 4,814,499 | | 4,749,808 | | 1 | % | 4,664,624 | | 4,660,696 | | 4,735,285 | | 2 | % |
Interest-bearing demand | 6,979,071 | | 6,663,775 | | 5 | % | 6,814,487 | | 6,831,213 | | 6,587,404 | | 6 | % |
Money market | 6,294,083 | | 6,743,810 | | (7) | % | 7,536,393 | | 7,382,793 | | 7,328,165 | | (14) | % |
Network transaction deposits | 1,639,619 | | 1,468,006 | | 12 | % | 1,147,089 | | 901,168 | | 873,168 | | 88 | % |
Brokered CDs | 3,428,711 | | 3,001,775 | | 14 | % | 810,889 | | 190,406 | | 734 | | N/M |
Other time deposits | 2,527,030 | | 1,984,174 | | 27 | % | 1,551,371 | | 1,272,797 | | 1,230,126 | | 105 | % |
Total deposits | 32,001,794 | | 31,281,134 | | 2 | % | 29,865,072 | | 29,327,509 | | 28,874,357 | | 11 | % |
Other customer funding(a) | 164,289 | | 196,051 | | (16) | % | 245,349 | | 306,122 | | 326,324 | | (50) | % |
Total deposits and other customer funding | $ | 32,166,082 | | $ | 31,477,186 | | 2 | % | $ | 30,110,421 | | $ | 29,633,631 | | $ | 29,200,680 | | 10 | % |
Net deposits and other customer funding(c) | $ | 27,097,752 | | $ | 27,007,405 | | — | % | $ | 28,152,443 | | $ | 28,542,056 | | $ | 28,326,779 | | (4) | % |
N/M = Not meaningful
Numbers may not sum due to rounding.
(a) Includes repurchase agreements and commercial paper.
(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) Nonaccrual loans and loans held for sale have been included in the average balances.
| | | | | | | | | | | | | | | | | | | | | | | |
Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | YTD | YTD | | | | | |
($ in millions, except per share data) | Sep 2023 | Sep 2022 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | 3Q22 |
Selected equity and performance ratios(a)(b)(c) | | | | | | | |
Tangible common equity / tangible assets | | | 6.88 | % | 6.94 | % | 7.03 | % | 6.97 | % | 7.06 | % |
Return on average equity | 8.91 | % | 8.67 | % | 7.99 | % | 8.47 | % | 10.32 | % | 10.81 | % | 9.59 | % |
Return on average tangible common equity | 13.07 | % | 12.96 | % | 11.67 | % | 12.38 | % | 15.26 | % | 16.15 | % | 14.32 | % |
Return on average common equity Tier 1 | 11.41 | % | 11.60 | % | 10.08 | % | 10.88 | % | 13.38 | % | 14.04 | % | 12.69 | % |
Return on average tangible assets | 0.95 | % | 1.00 | % | 0.84 | % | 0.90 | % | 1.11 | % | 1.18 | % | 1.08 | % |
Average stockholders' equity / average assets | 10.16 | % | 11.00 | % | 10.06 | % | 10.18 | % | 10.26 | % | 10.40 | % | 10.69 | % |
Tangible common equity reconciliation(a) | | | | | | | |
Common equity | | | $ | 3,934 | | $ | 3,929 | | $ | 3,932 | | $ | 3,821 | | $ | 3,760 | |
Goodwill and other intangible assets, net | | | (1,148) | | (1,150) | | (1,152) | | (1,154) | | (1,156) | |
Tangible common equity | | | $ | 2,786 | | $ | 2,779 | | $ | 2,779 | | $ | 2,667 | | $ | 2,603 | |
| | | | | | | |
| | | | | | | |
Tangible assets reconciliation(a) | | | | | | | |
Total assets | | | $ | 41,637 | | $ | 41,219 | | $ | 40,703 | | $ | 39,406 | | $ | 38,050 | |
Goodwill and other intangible assets, net | | | (1,148) | | (1,150) | | (1,152) | | (1,154) | | (1,156) | |
Tangible assets | | | $ | 40,490 | | $ | 40,070 | | $ | 39,550 | | $ | 38,251 | | $ | 36,893 | |
Average tangible common equity and average common equity Tier 1 reconciliation(a) | | | | | | | |
Common equity | $ | 3,914 | | $ | 3,776 | | $ | 3,938 | | $ | 3,935 | | $ | 3,868 | | $ | 3,798 | | $ | 3,791 | |
Goodwill and other intangible assets, net | (1,151) | | (1,160) | | (1,149) | | (1,151) | | (1,153) | | (1,155) | | (1,158) | |
Tangible common equity | 2,763 | | 2,616 | | 2,789 | | 2,784 | | 2,715 | | 2,642 | | 2,634 | |
Modified CECL transitional amount | 45 | | 67 | | 45 | | 45 | | 45 | | 67 | | 67 | |
Accumulated other comprehensive loss | 271 | | 147 | | 302 | | 252 | | 259 | | 254 | | 190 | |
Deferred tax assets, net | 28 | | 36 | | 28 | | 28 | | 28 | | 29 | | 30 | |
Average common equity Tier 1 | $ | 3,107 | | $ | 2,867 | | $ | 3,164 | | $ | 3,108 | | $ | 3,047 | | $ | 2,993 | | $ | 2,921 | |
Average tangible assets reconciliation(a) | | | | | | | |
Total assets | $ | 40,419 | | $ | 36,076 | | $ | 41,076 | | $ | 40,558 | | $ | 39,607 | | $ | 38,385 | | $ | 37,272 | |
Goodwill and other intangible assets, net | (1,151) | | (1,160) | | (1,149) | | (1,151) | | (1,153) | | (1,155) | | (1,158) | |
Tangible assets | $ | 39,268 | | $ | 34,916 | | $ | 39,927 | | $ | 39,407 | | $ | 38,454 | | $ | 37,230 | | $ | 36,114 | |
Adjusted net income reconciliation(b) | | | | | | | |
Net income | $ | 274 | | $ | 257 | | $ | 83 | | $ | 87 | | $ | 103 | | $ | 109 | | $ | 96 | |
Other intangible amortization, net of tax | 5 | | 5 | | 2 | | 2 | | 2 | | 2 | | 2 | |
Adjusted net income | $ | 279 | | $ | 262 | | $ | 85 | | $ | 89 | | $ | 105 | | $ | 110 | | $ | 98 | |
Adjusted net income available to common equity reconciliation(b) | | | | | | | |
Net income available to common equity | $ | 265 | | $ | 249 | | $ | 80 | | $ | 84 | | $ | 100 | | $ | 106 | | $ | 93 | |
Other intangible amortization, net of tax | 5 | | 5 | | 2 | | 2 | | 2 | | 2 | | 2 | |
Adjusted net income available to common equity | $ | 270 | | $ | 254 | | $ | 82 | | $ | 86 | | $ | 102 | | $ | 108 | | $ | 95 | |
Selected trend information(d) | | | | | | | |
Wealth management fees | $ | 61 | | $ | 64 | | $ | 21 | | $ | 20 | | $ | 20 | | $ | 20 | | $ | 20 | |
Service charges and deposit account fees | 38 | | 48 | | 13 | | 12 | | 13 | | 14 | | 15 | |
Card-based fees | 33 | | 33 | | 12 | | 11 | | 11 | | 11 | | 11 | |
Other fee-based revenue | 13 | | 13 | | 5 | | 4 | | 4 | | 3 | | 4 | |
Fee-based revenue | 146 | | 158 | | 50 | | 49 | | 48 | | 49 | | 51 | |
Other | 48 | | 63 | | 17 | | 17 | | 14 | | 13 | | 20 | |
Total noninterest income | $ | 194 | | $ | 221 | | $ | 67 | | $ | 66 | | $ | 62 | | $ | 62 | | $ | 71 | |
Pre-tax pre-provision income(e) | | | | | | | |
Income before income taxes | $ | 344 | | $ | 326 | | $ | 103 | | $ | 111 | | $ | 131 | | $ | 134 | | $ | 122 | |
Provision for credit losses | 62 | | 13 | | 22 | | 22 | | 18 | | 20 | | 17 | |
Pre-tax pre-provision income | $ | 406 | | $ | 339 | | $ | 125 | | $ | 133 | | $ | 149 | | $ | 154 | | $ | 139 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Efficiency ratio reconciliation(f) | | | | | | | |
Federal Reserve efficiency ratio | 58.17 | % | 62.32 | % | 60.06 | % | 58.49 | % | 56.07 | % | 55.47 | % | 60.32 | % |
Fully tax-equivalent adjustment | (0.84) | % | (0.98) | % | (0.89) | % | (0.85) | % | (0.79) | % | (0.77) | % | (0.87) | % |
Other intangible amortization | (0.67) | % | (0.75) | % | (0.69) | % | (0.68) | % | (0.66) | % | (0.62) | % | (0.67) | % |
Fully tax-equivalent efficiency ratio | 56.67 | % | 60.60 | % | 58.50 | % | 56.96 | % | 54.64 | % | 54.08 | % | 58.79 | % |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Numbers may not sum due to rounding.
(a)Tangible common equity and tangible assets exclude goodwill and other intangible assets, net.
(b)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.
(c)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.
(d)These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations.
(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.
(f)The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net.
Third Quarter 2023 Earnings Presentation OCTOBER 19, 2023 Exhibit 99.2
1 Forward-Looking Statements Important note regarding forward-looking statements: Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” "target,“ “outlook,” “project,” “guidance,” 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. Trademarks: All trademarks, service marks, and trade names referenced in this material are official trademarks and the property of their respective owners. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Non-GAAP Measures: This presentation includes certain non-GAAP financial measures. These non-GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation.
2 $32.1 billion Total Period End Deposits (up slightly vs. 2Q 2023) $30.2 billion Total Period End Loans (+1% vs. 2Q 2023) -4% Operating Leverage (3Q 2023 vs. 2Q 2023) $80 million Net Income Available to Common Equity (-5% vs. 2Q 2023) Third Quarter 2023 Results 1 All figures shown on an end of period basis with comparisons to the second quarter of 2023 unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. ▪ Total core customer deposit2 growth of $527 million (+2%); total deposit growth of $109 million ▪ Total loan growth of $344 million (+1%) ▪ Net interest income of $254 million (-1%) ▪ Net interest margin of 2.71% (-9 bps) ▪ Pre-tax pre-provision income2 of $125 million; pre-tax income of $103 million; ▪ Return on average tangible common equity2 of 11.67%; return on average equity of 7.99% ▪ CET1 ratio of 9.55% ▪ NCOs / average loans (annualized) of 0.25% ▪ Provision for credit losses on loans of $22 million ▪ ACLL / loans remained flat at 1.26% ▪ Tangible book value / share of $18.46 3Q 2023 Highlights1 ASB reports 3Q 2023 net income available to common equity of $80 million, or $0.53 per common share | 2 $103 million Income Before Income Taxes (-7% vs. 2Q 2023) $125 million Pre-Tax Pre-Provision Income2 (-6% vs. 2Q 2023)
3 Average Quarterly Deposits $0.9 $0.9 $1.1 $1.5 $1.6 $0.2 $0.8 $3.0 $3.4 $1.2 $1.3 $1.6 $2.0 $2.5 $7.3 $7.4 $7.5 $6.7 $6.3 $4.7 $4.7 $4.7 $4.7 $4.8 $6.6 $6.8 $6.8 $6.7 $7.0 $8.1 $8.1 $7.3 $6.7 $6.3 $28.9 $29.3 $29.9 $31.3 $32.0 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Quarterly Deposit Trends Strong core customer deposit1 growth (+2%; +$527mm) enabled us to decrease reliance on non-customer deposits ($ in billions) EoP Deposit Change (2Q 2023 to 3Q 2023) ($ in millions) Customer CDs Savings Money Market Network Transaction Deposits Noninterest-Bearing Demand Interest-Bearing Demand $(211) $(143) $59 $399 $422 Customer CDs Money Market Interest-Bearing Demand $(467) $49 Network Trans. Deposits Noninterest-Bearing Demand Brokered CDs Savings Brokered CDs Core Customer Deposits1 +$527mm (+2%) Network & Brokered Deposits $(418mm) (-8%) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of end of period core customer deposits to total deposits.
4 Our strong customer deposit growth in 3Q was driven by our efforts to attract & deepen customer relationships Relationship-Focused Deposit Growth1 Modernized Digital Banking Experience Upgraded Product & Service Offerings Launched Mass Affluent Strategy Introduced “Champion of You” Brand Strategy Expanded Commercial Capabilities +$527mm Core Customer Deposit2 Growth Growth in Consumer Growth in Commercial/Business +$109mm Total Deposit Growth 1 All growth figures shown on an end of period basis with comparisons to the second quarter of 2023. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of end of period core customer deposits to total deposits.
5 Period end total loans grew by 1% during 3Q, led by steady growth in Auto Finance Quarterly Loan Trends Commercial & Business Lending Commercial Real Estate Consumer Lending $1.9 $2.2 $2.4 $2.5 $2.8 $8.2 $8.4 $8.6 $8.7 $8.8 $6.8 $7.1 $7.3 $7.3 $7.3 $10.2 $10.5 $10.6 $10.9 $11.0 $27.1 $28.2 $28.8 $29.4 $29.9 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average Quarterly Loans ($ in millions) $(94) $(78) $(48) $(28) $2 $9 $36 $65 $122 $130 $229 CRE Investor CRE Construction Home Equity & Other Cons. All Other Specialized Auto Finance Mortgage Warehouse EoP Loan Change (2Q 2023 to 3Q 2023) General Commercial REIT Power & Utilities Residential Mortgage Credit Cards
6 Pre-Tax Pre-Provision Income1 Trends Despite recent margin pressures, YTD PTPP income is up 20% vs. the same period in 2022 ($ in millions) 1 This is a non-GAAP financial measure. Please refer to the appendix for a reconciliation of pre-tax pre-provision income to income before income taxes. 2Q23 Pre- Tax Income 2Q23 Provision 2Q23 PTPP Income 3Q23 Pre- Tax Income 3Q23 Provision 3Q23 PTPP Income 3Q22 Pre- Tax Income 3Q22 Provision 3Q22 PTPP Income 4Q22 Pre- Tax Income 4Q22 Provision 4Q22 PTPP Income 1Q23 Pre- Tax Income 1Q23 Provision 1Q23 PTPP Income
7 Average Yields (%) Average Yield Trends 5.93 6.66 7.04 7.29 5.55 6.39 6.77 7.04 4.12 4.48 4.78 5.07 3.22 3.30 3.31 3.39 2.57 2.88 3.05 3.16 1.58 2.48 3.06 3.36 1.13 1.97 2.64 2.98 4Q 2022 1Q 2023 2Q 2023 3Q 2023 We continue to benefit from rising asset yields, while the mix shift impacting funding costs has begun to stabilize Residential Mortgage Loans Com’l & Business Lending Loans Commercial Real Estate Loans Total Interest-Bearing Liabilities Total Interest-Bearing DepositsAuto Finance Loans Asset & Liability Yield / Rate Trends (%) Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 3.72 4.46 4.94 5.18 5.36 0.81 1.58 2.48 3.06 3.36 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Investments and Other
8 Net Interest Income & Net Interest Margin Trends Our NII & NIM stabilized in 3Q as funding cost volatility impacting the industry began to abate Estimated NII Sensitivity Profile (%) (12-Month Ramp) Net Interest Income & Net Interest Margin $264 $289 $274 $258 $254 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 2.80% 3.07% 3.31% 3.13% 2.71% Quarterly Net Interest Income Quarterly Net Interest Margin ($ in millions) 9.2 7.8 6.8 4.0 4.04.6 3.9 3.4 1.9 2.0 -4.3 -3.4 -2.3 -1.2 -0.6 -8.5 -6.7 -4.4 -1.8 -0.8 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Up 200bps Up 100bps Down 100bps Down 200bps
9 Cash & Investment Securities Portfolio We continue to target investments to total assets of 18% to 20% in 2023 18% 18% 19% 19% 18% 1% 2% 2% 2% 2% 19% 19% 21% 20% 20% 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Securities EoP Securities + Cash / Total Assets Cash $2.5 $2.7 $3.4 $3.5 $3.5 $4.0 $4.0 $4.0 $3.9 $3.9 $0.3 $0.3 $0.4 $0.3 $0.3 $6.7 $7.0 $7.7 $7.7 $7.7 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Held to MaturityAvailable for Sale ($ in billions) EoP Securities Book Composition Other Securities CET1 Including AOCI1 (%) CET1 Ratio Incl. AOCICET1 Ratio 9.35 9.45 9.48 9.55 8.51 8.74 8.60 8.53 4Q 2022 1Q 2023 2Q 2023 3Q 2023 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.
10 Noninterest Income Trends ($ in millions) ($ in millions) Noninterest income increased slightly from 2Q 2023, with modest growth in several subcategories 1 This is a non-GAAP financial measure. See appendix for a reconciliation of fee-based revenue to noninterest income. 2 Other noninterest income is primarily comprised of bank and corporate owned life insurance, asset gains (losses), net and investment securities gains (losses), net. Service Charges & Deposit Account FeesNoninterest Income Trends Card-Based Fees & Other Fee-Based Revenue ($ in millions) $11 $11 $11 $11 $12 $4 $3 $4 $4 $5 $16 $14 $15 $16 $16 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Other Fee-Based RevenueCard-Based Fees $15 $14 $13 $12 $13 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 $51 $49 $48 $49 $50 $2 $2 $4 $8 $7 $8 $6 $5 $5 $5 $10 $5 $5 $4 $5 $71 $62 $62 $66 $67 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Fee-Based Revenue1 Capital Markets, net Mortgage Banking, net Other2
11 $118 $118 $116 $114 $117 $23 $25 $24 $24 $26 $49 $53 $46 $52 $53 $6 $1 $196 $197 $187 $191 $196 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Noninterest Expense / Average Assets (%) Fully Tax-Equivalent Efficiency Ratio2 (%)Noninterest Expense Trends Noninterest Expense Trends 1 Other expenses are primarily comprised of occupancy, business development & advertising, equipment, legal & professional, and FDIC assessment costs. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of the fully tax-equivalent efficiency ratio to the Federal Reserve efficiency ratio. ($ in millions) Our noninterest expense to average assets ratio decreased by 18 basis points vs. 3Q 2022 2.08 2.03 1.92 1.89 1.90 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Fully Tax-Equivalent Efficiency Ratio Federal Reserve Efficiency Ratio 60.3 55.5 56.1 58.5 60.1 58.8 54.1 54.6 57.0 58.5 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Personnel Expense Other1 Technology Expense Charitable Contributions
12 3Q 2023 Capital Ratios (%) 6.88 9.55 10.12 12.25 TCE Ratio Common Equity Tier 1 Capital Tier 1 Capital Total Capital 1 Tangible common equity / tangible assets. This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. We’ve increased the upper end of our CET1 target range to 9.75% Capital Profile 1 Year-End 2023 Capital Targets (%) $17.32 $17.73 $18.42 $18.41 $18.46 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Tangible Book Value / Share 6.88 3Q 2023 TCE Ratio YE2023 Target Range 9.55 3Q 2023 CET1 Ratio YE2023 Target Range 7.25 9.75 6.75 9.00 1
13 ACLL / Total Loans (%)3Q 2023 ACLL1 Update ▪ ACLL increased $4 million from the prior quarter to $381 million, driven by a mix of portfolio loan growth and nominal credit movement coupled with general macroeconomic trends ▪ CECL forward-looking assumptions based on Moody’s August 2023 Baseline forecast 1 Includes funded and unfunded reserve for loans, excludes reserve for HTM securities. ($ in thousands) Our ACLL percentage remained flat vs. the prior quarter at 1.26% Allowance for Credit Losses on Loans (ACLL) Update 1.20 1.22 1.25 1.26 1.26 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 135,200$ 1.28% 146,335$ 1.32% 146,502$ 1.31% CRE - Investor 61,404 1.21% 67,434 1.27% 68,214 1.31% CRE - Construction 52,557 2.86% 69,970 3.48% 71,317 3.35% Residential Mortgage 38,907 0.47% 41,189 0.47% 40,437 0.46% Other Consumer 44,610 2.20% 52,098 1.95% 54,101 1.86% Total 332,680$ 1.20% 377,027$ 1.26% 380,571$ 1.26% 6/30/2023 9/30/20239/30/2022
14 Net Charge Offs and ProvisionDelinquent Loans / EoP Total Loans Nonaccrual LoansTotal Nonperforming Assets Credit Quality Trends $63 $68 $68 $73 $79 $38 $29 $25 $22 $11 $16 $14 $24 $36 $79 $116 $111 $118 $131 $169 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 0.07% 0.12% 0.10% 0.13% 0.16% 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Key credit metrics remain largely stable with limited migration in the portfolio ($ in millions) ($ in millions) Accruing Loans 30-89 Days Past Due CREConsumer $116 $111 $118 $131 $169 $17 $15 $15 $8 $9 $133 $127 $133 $140 $178 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 ($ in millions) $2 $1 $3 $11 $18 $17 $20 $18 $22 $22 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Total Net Charge Offs Provision for Credit Losses on Loans Commercial & Business LendingNonaccrual Loans OREO + Repossessed Assets
15 Wisconsin 21% Illinois 15% Minnesota 9% Other Midwest2 23% Texas 8% Other 25% Multi-Family 36% Retail 9% Office 14% Industrial 24% 1-4 Family Construction 5% Warehouse 3% Hotel / Motel 3% Other 6% Consumer 39% Commercial & Business Lending 37% CRE 24% 1 All updates as of or for the period ended September 30, 2023 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Calculated on an annualized basis. Negative values indicate a net recovery. 4 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. High-Quality Commercial Real Estate Portfolio1 ASB has built a diversified CRE portfolio by partnering with well-known developers in stable Midwest markets 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 Portfolio LTV 60% 60% 60% 60% 59% Delinquencies/Loans 0.00% 0.02% 0.00% 0.00% 0.14% NALs/Loans 0.55% 0.41% 0.35% 0.30% 0.15% ACLL/Loans 1.65% 1.68% 1.75% 1.88% 1.90% NCOs/Avg. Loans3 0.00% 0.00% 0.00% (0.12%) (0.02%) CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.16% Top 10 Largest CRE Borrowers 1.33% Largest CRE Property Type (Multi-Fam) 8.76% CRE Office Loans 3.45% CRE by Geography CRE by Property Type Total Loans by Segment CRE Office Highlights WAvg. Debt Service Coverage Ratio4 1.19x 2023 Remaining Maturities $79 million Urban vs. Suburban ~79% Suburban Property Class Mix ~54% Class A
16 Balance Sheet Management Net Interest Income & Noninterest Income ▪ Total net interest income & noninterest income growth of 6% to 8% ▪ Net interest income (GAAP) growth of 10% to 12% ▪ Noninterest income compression of 8% to 10% Expense Management ▪ Noninterest expense growth of 3% to 4% ▪ Effective tax rate of 20% to 21% Capital Targets ▪ Target TCE ratio range of 6.75% to 7.25% ▪ Target CET1 ratio range of 9.00% to 9.50% 1 Projections are on an end of period basis as of and for the year ended 12/31/2023 as compared to 12/31/2022 unless otherwise noted. 2 This is a non-GAAP financial measure. See appendix for a reconciliation of end of period core customer deposits to total deposits. ▪ Total loan growth of 6% to 8% ▪ End of period core customer deposit2 compression of 3% (growth of 2% in 2H 2023) ▪ Target investments/total assets ratio of 18% to 20% 2023 Full-Year Outlook Updates1 Updated GuidancePrevious Guidance (9/11/2023) ▪ Total net interest income & noninterest income growth of 5% to 7% ▪ Net interest income (GAAP) growth of 8% to 10% ▪ No change to noninterest income guidance ▪ Noninterest expense growth of 3% to 4%, excluding any nonrecurring items incurred in 4Q ▪ No change to effective tax rate guidance ▪ No change to target TCE ratio range ▪ Target CET1 ratio range of 9.00% to 9.75% ▪ Total loan growth of 5% to 6% ▪ No change to core customer deposit2 guidance ▪ No change to target investments/total assets ratio range
Appendix
18 Stable, Granular Deposit Portfolio Uninsured, uncollateralized deposits were only 22% of total deposits as of 9/30/2023 1 Liquidity coverage based on current levels of readily available (within one business day) funding. See slide 19 for additional details. 27% 26% 24% 21% 22% 73% 74% 76% 79% 78% $29.3 $29.7 $30.4 $32.1 $32.1 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 EoP Total Deposit Trends (Associated Bank, N.A.) ($ in billions) Total of Insured and Collateralized Deposits Total of Uninsured and Uncollateralized Deposits 22% Percentage of total deposits that were uninsured and uncollateralized as of 9/30/2023 106% Readily available liquidity coverage1 for uninsured and uncollateralized deposits as of 9/30/2023 172% Total liquidity coverage for uninsured and uncollateralized deposits as of 9/30/2023
19 Liquidity Sources As of 9/30/2023, ASB’s total liquidity sources covered 172% of uninsured, uncollateralized deposits Liquidity Sources 6/30/2023 9/30/2023 Federal Reserve Balance $179.0 $314.3 Available FHLB Chicago Capacity $5,148.4 $5,377.6 Available Fed Discount Window Capacity $1,635.1 $1,335.9 Available Bank Term Funding Program Capacity $633.8 $618.8 Funding Available Within One Business Day1 $7,596.3 $7,646.7 Available Fed Funds Lines $2,623.0 $2,518.0 Available Brokered Deposit Capacity2 $761.3 $1,240.5 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Liquidity $11,980.6 $12,405.2 ($ in millions) 106% of uninsured, uncollateralized deposits 172% of uninsured, uncollateralized deposits 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Availability based on internal policy limitations.
20 $2.0 $2.3 $2.4 $2.7 $2.9 $8.3 $8.5 $8.6 $8.7 $8.8 $6.9 $7.2 $7.2 $7.3 $7.3 $10.6 $10.8 $10.9 $11.1 $11.2 $27.8 $28.8 $29.2 $29.8 $30.2 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Additional Loan Trends ($ in billions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer ($ in millions) Commercial & Business Lending Commercial Real Estate Consumer Lending Average Loan Change (2Q 2023 to 3Q 2023)EoP Quarterly Loan Trends $(22) $(16) $(7) $(1) $3 $4 $18 $48 $84 $106 $230 REIT Mortgage Warehouse Home Equity & Other Cons. Power & Utilities Auto Finance Credit Cards Residential Mortgage General Commercial All Other Specialized CRE Construction CRE Investor
21 Total Loans Outstanding Balances as of September 30, 2023 ($ in millions) 1 All values as of period end. 2 North American Industry Classification System. 9/30/2023 1 % of Total Loans 9/30/2023 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 2,295$ 7.6% Multi-Family 2,645$ 8.8% Manufacturing & Wholesale Trade 2,270 7.5% Industrial 1,756 5.8% Real Estate (includes REITs) 1,872 6.2% Office 1,041 3.4% Mortgage Warehouse 853 2.8% Retail 667 2.2% Finance & Insurance 606 2.0% Single Family Construction 374 1.2% Construction 454 1.5% Warehouse 250 0.8% Retail Trade 424 1.4% Hotel/Motel 187 0.6% Health Care and Social Assistance 384 1.3% Medical 155 0.5% Rental and Leasing Services 348 1.2% Land 112 0.4% Transportation and Warehousing 334 1.1% Self Storage 28 0.1% Professional, Scientific, and Tech. Serv. 310 1.0% Other 134 0.4% Waste Management 217 0.7% Total CRE 7,350$ 24.3% Arts, Entertainment, and Recreation 113 0.4% Financial Investments & Related Activities 99 0.3% Consumer Information 88 0.3% Residential Mortgage 8,783$ 29.1% Accommodation and Food Services 81 0.3% Auto Finance 2,007 6.6% Management of Companies & Enterprises 78 0.3% Home Equity 624 2.1% Mining 25 0.1% Credit Cards 134 0.4% Public Administration 17 0.1% Student Loans 67 0.2% Educational Services 15 0.0% Other Consumer 75 0.2% Agriculture, Forestry, Fishing and Hunting 0 0.0% Total Consumer 11,689$ 38.7% Other 272 0.9% Total C&BL 11,154$ 36.9% Total Loans 30,193$ 100.0%
22 Wisconsin 27% Illinois 23% Minnesota 9% Other Midwest 14% Texas 5%Other 23% Manufacturing & Wholesale Trade 20% Real Estate 17% Power & Utilities 21% Mortgage Warehouse 8% 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Wind 34% Natural Gas 33% Solar 20% Transmission, Control and Distribution 3% Geothermal 2% Other 7% Wisconsin 23% Illinois 15% Minnesota 7% Texas 6% Other Midwest 11% Other 39% Wisconsin 21% Illinois 15% Minnesota 9% Other Midwest2 23% Texas 8% Other 25% 2 2 Loan Stratification Outstanding Balances as of September 30, 2023 C&BL by Geography $11.2 billion Power & Utilities Lending $2.3 billion C&BL by Industry $11.2 billion Total Loans1 CRE by Geography $7.3 billion CRE by Property Type $7.3 billion Multi-Family 36% Retail 9% Office 14% Industrial 24% 1-4 Family Construction 5% Warehouse 3% Hotel / Motel 3% Other 6%
23 Reconciliation and Definitions of Non-GAAP Items 1 Management believes this measure is meaningful because it reflects adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provides greater understanding of ongoing operations, and enhances comparability of results with prior periods. 2 This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. Average Tangible Common Equity Reconciliation2 ($ in millions) 3Q 2023 Common equity $3,938 Goodwill and other intangible assets, net (1,149) Tangible common equity $2,789 Common Equity Tier 1 Capital Ratio Reconciliation 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Common equity Tier 1 capital ratio 9.35% 9.45% 9.48% 9.55% Accumulated other comprehensive loss adjustment (0.84)% (0.72)% (0.88)% (1.01%) Common equity Tier 1 capital ratio including accumulated other comprehensive loss 8.51% 8.74% 8.60% 8.53% Pre-Tax Pre-Provision Income Reconciliation1 ($ in millions) 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Income before income taxes $122 $134 $131 $111 $103 Provision for credit losses $17 20 18 22 22 Pre-tax pre-provision income $139 $154 $149 $133 $125 End of Period Core Customer Deposits Reconciliation ($ in millions) 6/30/2023 9/30/2023 Total deposits $32,014 $32,123 Brokered CDs (3,818) (3,351) Network transaction deposits (1,601) (1,649) Core customer deposits $26,595 $27,123
24 Reconciliation and Definitions of Non-GAAP Items 1 These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. 2 Management believes this measure is meaningful because it reflects adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provides greater understanding of ongoing operations, and enhances comparability of results with prior periods. 3 The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. Tangible Common Equity and Tangible Assets Reconciliation3 ($ in millions) 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Common equity $3,760 $3,821 $3,932 $3,929 $3,934 Goodwill and other intangible assets, net (1,156) (1,154) (1,152) (1,150) (1,148) Tangible common equity $2,603 $2,667 $2,779 $2,779 $2,786 Total assets $38,050 $39,406 $40,703 $41,219 $41,637 Goodwill and other intangible assets, net (1,156) (1,154) (1,152) (1,150) (1,148) Tangible assets $36,893 $38,251 $39,550 $40,070 $40,490 Efficiency Ratio Reconciliation 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Federal Reserve efficiency ratio 60.32% 55.47% 56.07% 58.49% 60.06% Fully tax-equivalent adjustment (0.87)% (0.77)% (0.79)% (0.85)% (0.89)% Other intangible amortization (0.67)% (0.62)% (0.66)% (0.68)% (0.69)% Fully tax-equivalent efficiency ratio2 58.79% 54.08% 54.64% 56.96% 58.50% The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net. Selected Trend Information1 ($ in millions) 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Wealth management fees $20 $20 $20 $20 $21 Service charges and deposit account fees 15 14 13 12 13 Card-based fees 11 11 11 11 12 Other fee-based revenue 4 3 4 4 5 Fee-based revenue 51 49 48 49 50 Other 20 13 14 17 17 Total noninterest income $71 $62 $62 $66 $67
v3.23.3
Cover Page Cover Page
|
Oct. 19, 2023 |
Entity Information [Line Items] |
|
Document Type |
8-K
|
Document Period End Date |
Oct. 19, 2023
|
Entity Registrant Name |
Associated Banc-Corp
|
Entity Incorporation, State or Country Code |
WI
|
Entity File Number |
001-31343
|
Entity Tax Identification Number |
39-1098068
|
Entity Address, Address Line One |
433 Main Street
|
Entity Address, City or Town |
Green Bay
|
Entity Address, State or Province |
WI
|
Entity Address, Postal Zip Code |
54301
|
City Area Code |
920
|
Local Phone Number |
491-7500
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
false
|
Entity Central Index Key |
0000007789
|
Amendment Flag |
false
|
NEW YORK STOCK EXCHANGE, INC. |
|
Entity Information [Line Items] |
|
Title of 12(b) Security |
Common stock, par value $0.01 per share
|
Trading Symbol |
ASB
|
Security Exchange Name |
NYSE
|
NEW YORK STOCK EXCHANGE, INC. | Two Thousand Twenty Three Subordinated Debt |
|
Entity Information [Line Items] |
|
Title of 12(b) Security |
6.625% Fixed-Rate Reset Subordinated Notes due 2033
|
Trading Symbol |
ASBA
|
Security Exchange Name |
NYSE
|
Series E Preferred Stock | NEW YORK STOCK EXCHANGE, INC. |
|
Entity Information [Line Items] |
|
Title of 12(b) Security |
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E
|
Trading Symbol |
ASB PrE
|
Security Exchange Name |
NYSE
|
Series F Preferred Stock [Member] | NEW YORK STOCK EXCHANGE, INC. |
|
Entity Information [Line Items] |
|
Title of 12(b) Security |
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F
|
Trading Symbol |
ASB PrF
|
Security Exchange Name |
NYSE
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
dei_EntityListingsExchangeAxis=exch_XNYS |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_SubordinatedBorrowingAxis=asb_TwoThousandTwentyThreeSubordinatedDebtMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesEPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Associated Banc (NYSE:ASB)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Associated Banc (NYSE:ASB)
Historical Stock Chart
Von Jul 2023 bis Jul 2024