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As Of Filer Filing For·On·As Docs:Size 4/25/24 Associated Banc-Corp 8-K:2,9 4/25/24 13:6.7M |
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Document |
NEWS RELEASE Investor Contact: Ben McCarville, Vice President, Director of Investor Relations 920-491-7059
Media Contact: Marilka Vélez, Senior Vice President, Senior Director of Marketing 920-491-7518 |
Associated
Banc-Corp Consolidated Balance Sheets (Unaudited) | |||||||||||||||||||||||
($ in thousands) | March 31, 2024 | December 31, 2023 | Seql Qtr $ Change | September 30, 2023 | June 30, 2023 | March 31, 2023 | Comp Qtr $ Change | ||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and due from banks | $ | 429,859 | $ | 484,384 | $ | (54,525) | $ | 388,694 | $ | 407,620 | $ | 311,269 | $ | 118,590 | |||||||||
Interest-bearing deposits in other financial institutions | 420,114 | 425,089 | (4,975) | 323,130 | 190,881 | 511,116 | (91,002) | ||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | 1,610 | 14,350 | (12,740) | 965 | 31,160 | 455 | 1,155 | ||||||||||||||||
Investment securities available for sale, at fair value | 3,724,148 | 3,600,892 | 123,256 | 3,491,679 | 3,504,777 | 3,381,607 | 342,541 | ||||||||||||||||
Investment securities held to maturity, net, at amortized cost | 3,832,967 | 3,860,160 | (27,193) | 3,900,415 | 3,938,877 | 3,967,058 | (134,091) | ||||||||||||||||
Equity securities | 19,571 | 41,651 | (22,080) | 35,937 | 30,883 | 30,514 | (10,943) | ||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 173,968 | 229,171 | (55,203) | 268,698 | 271,637 | 331,420 | (157,452) | ||||||||||||||||
Residential loans held for sale | 52,414 | 33,011 | 19,403 | 54,790 | 38,083 | 35,742 | 16,672 | ||||||||||||||||
Commercial loans held for sale | — | 90,303 | (90,303) | — | 15,000 | 33,490 | (33,490) | ||||||||||||||||
Loans | 29,494,263 | 29,216,218 | 278,045 | 30,193,187 | 29,848,904 | 29,207,072 | 287,191 | ||||||||||||||||
Allowance for loan losses | (356,006) | (351,094) | (4,912) | (345,795) | (338,750) | (326,432) | (29,574) | ||||||||||||||||
Loans, net | 29,138,257 | 28,865,124 | 273,133 | 29,847,392 | 29,510,153 | 28,880,640 | 257,617 | ||||||||||||||||
Tax credit and other investments | 255,252 | 258,067 | (2,815) | 256,905 | 263,583 | 269,269 | (14,017) | ||||||||||||||||
Premises and equipment, net | 367,618 | 372,978 | (5,360) | 373,017 | 374,866 | 375,540 | (7,922) | ||||||||||||||||
Bank and corporate owned life insurance | 685,089 | 682,649 | 2,440 | 679,775 | 678,578 | 677,328 | 7,761 | ||||||||||||||||
Goodwill | 1,104,992 | 1,104,992 | — | 1,104,992 | 1,104,992 | 1,104,992 | — | ||||||||||||||||
Other intangible assets, net | 38,268 | 40,471 | (2,203) | 42,674 | 44,877 | 47,079 | (8,811) | ||||||||||||||||
Mortgage servicing rights, net | 85,226 | 84,390 | 836 | 89,131 | 80,449 | 74,479 | 10,747 | ||||||||||||||||
Interest receivable | 167,092 | 169,569 | (2,477) | 171,119 | 159,185 | 152,404 | 14,688 | ||||||||||||||||
Other assets | 640,638 | 658,604 | (17,966) | 608,068 | 573,870 | 518,115 | 122,523 | ||||||||||||||||
Total assets | $ | 41,137,084 | $ | 41,015,855 | $ | 121,229 | $ | 41,637,381 | $ | 41,219,473 | $ | 40,702,519 | $ | 434,565 | |||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 6,254,135 | $ | 6,119,956 | $ | 134,179 | $ | 6,422,994 | $ | 6,565,666 | $ | 7,328,689 | $ | (1,074,554) | |||||||||
Interest-bearing deposits | 27,459,023 | 27,326,093 | 132,930 | 25,700,332 | 25,448,743 | 23,003,134 | 4,455,889 | ||||||||||||||||
Total deposits | 33,713,158 | 33,446,049 | 267,109 | 32,123,326 | 32,014,409 | 30,331,824 | 3,381,334 | ||||||||||||||||
Short-term funding | 765,671 | 326,780 | 438,891 | 451,644 | 341,253 | 226,608 | 539,063 | ||||||||||||||||
FHLB advances | 1,333,411 | 1,940,194 | (606,783) | 3,733,041 | 3,630,747 | 4,986,138 | (3,652,727) | ||||||||||||||||
Other long-term funding | 536,055 | 541,269 | (5,214) | 529,459 | 534,273 | 544,103 | (8,048) | ||||||||||||||||
Allowance for unfunded commitments | 31,776 | 34,776 | (3,000) | 34,776 | 38,276 | 39,776 | (8,000) | ||||||||||||||||
Accrued expenses and other liabilities | 588,341 | 552,814 | 35,527 | 637,491 | 537,640 | 448,407 | 139,934 | ||||||||||||||||
Total liabilities | 36,968,412 | 36,841,882 | 126,530 | 37,509,738 | 37,096,599 | 36,576,856 | 391,556 | ||||||||||||||||
Stockholders’ equity | |||||||||||||||||||||||
Preferred equity | 194,112 | 194,112 | — | 194,112 | 194,112 | 194,112 | — | ||||||||||||||||
Common equity | 3,974,561 | 3,979,861 | (5,300) | 3,933,531 | 3,928,762 | 3,931,551 | 43,010 | ||||||||||||||||
Total stockholders’ equity | 4,168,673 | 4,173,973 | (5,300) | 4,127,643 | 4,122,874 | 4,125,663 | 43,010 | ||||||||||||||||
Total liabilities and stockholders’ equity | $ | 41,137,084 | $ | 41,015,855 | $ | 121,229 | $ | 41,637,381 | $ | 41,219,473 | $ | 40,702,519 | $ | 434,565 |
Associated
Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend | |||||||||||||||||||||||||||||
($ in thousands, except per share data) | Seql Qtr | Comp Qtr | |||||||||||||||||||||||||||
1Q24 | 4Q23 | $ Change | % Change | 3Q23 | 2Q23 | 1Q23 | $ Change | % Change | |||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||
Interest and fees on loans | $ | 454,472 | $ | 457,868 | $ | (3,396) | (1) | % | $ | 447,912 | $ | 423,307 | $ | 391,320 | $ | 63,152 | 16 | % | |||||||||||
Interest and dividends on investment securities | |||||||||||||||||||||||||||||
Taxable | 46,548 | 41,809 | 4,739 | 11 | % | 38,210 | 35,845 | 30,142 | 16,406 | 54 | % | ||||||||||||||||||
Tax-exempt | 14,774 | 15,273 | (499) | (3) | % | 15,941 | 15,994 | 16,025 | (1,251) | (8) | % | ||||||||||||||||||
Other interest | 7,595 | 10,418 | (2,823) | (27) | % | 6,575 | 6,086 | 5,329 | 2,266 | 43 | % | ||||||||||||||||||
Total interest income | 523,388 | 525,367 | (1,979) | — | % | 508,637 | 481,231 | 442,817 | 80,571 | 18 | % | ||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Interest on deposits | 226,231 | 208,875 | 17,356 | 8 | % | 193,131 | 162,196 | 109,422 | 116,809 | 107 | % | ||||||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 2,863 | 3,734 | (871) | (23) | % | 3,100 | 2,261 | 3,143 | (280) | (9) | % | ||||||||||||||||||
Interest on other short-term funding | 4,708 | — | 4,708 | N/M | — | — | — | 4,708 | N/M | ||||||||||||||||||||
Interest on FHLB advances | 21,671 | 49,171 | (27,500) | (56) | % | 48,143 | 49,261 | 49,960 | (28,289) | (57) | % | ||||||||||||||||||
Interest on long-term funding | 10,058 | 10,185 | (127) | (1) | % | 10,019 | 9,596 | 6,281 | 3,777 | 60 | % | ||||||||||||||||||
Total interest expense | 265,530 | 271,965 | (6,435) | (2) | % | 254,394 | 223,314 | 168,807 | 96,723 | 57 | % | ||||||||||||||||||
Net interest income | 257,858 | 253,403 | 4,455 | 2 | % | 254,244 | 257,917 | 274,010 | (16,152) | (6) | % | ||||||||||||||||||
Provision for credit losses | 24,001 | 21,007 | 2,994 | 14 | % | 21,943 | 22,100 | 17,971 | 6,030 | 34 | % | ||||||||||||||||||
Net interest income after provision for credit losses | 233,857 | 232,395 | 1,462 | 1 | % | 232,301 | 235,817 | 256,039 | (22,182) | (9) | % | ||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||
Wealth management fees | 21,694 | 21,003 | 691 | 3 | % | 20,828 | 20,483 | 20,189 | 1,505 | 7 | % | ||||||||||||||||||
Service charges and deposit account fees | 12,439 | 10,815 | 1,624 | 15 | % | 12,864 | 12,372 | 12,994 | (555) | (4) | % | ||||||||||||||||||
Card-based fees | 11,267 | 11,528 | (261) | (2) | % | 11,510 | 11,396 | 10,586 | 681 | 6 | % | ||||||||||||||||||
Other fee-based revenue | 4,402 | 4,019 | 383 | 10 | % | 4,509 | 4,465 | 4,276 | 126 | 3 | % | ||||||||||||||||||
Capital markets, net | 4,050 | 9,106 | (5,056) | (56) | % | 5,368 | 5,093 | 5,083 | (1,033) | (20) | % | ||||||||||||||||||
Mortgage banking, net | 2,662 | 1,615 | 1,047 | 65 | % | 6,501 | 7,768 | 3,545 | (883) | (25) | % | ||||||||||||||||||
Loss on mortgage portfolio sale | — | (136,239) | 136,239 | (100) | % | — | — | — | — | N/M | |||||||||||||||||||
Bank and corporate owned life insurance | 2,570 | 3,383 | (813) | (24) | % | 2,047 | 2,172 | 2,664 | (94) | (4) | % | ||||||||||||||||||
Asset gains (losses), net | (306) | (136) | (170) | 125 | % | 625 | (299) | 263 | (569) | N/M | |||||||||||||||||||
Investment securities gains (losses), net | 3,879 | (58,958) | 62,837 | N/M | (11) | 14 | 51 | 3,828 | N/M | ||||||||||||||||||||
Other | 2,327 | 2,850 | (523) | (18) | % | 2,339 | 2,080 | 2,422 | (95) | (4) | % | ||||||||||||||||||
Total noninterest income (loss) | 64,985 | (131,013) | 195,998 | N/M | 66,579 | 65,543 | 62,073 | 2,912 | 5 | % | |||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Personnel | 119,395 | 120,686 | (1,291) | (1) | % | 117,159 | 114,089 | 116,420 | 2,975 | 3 | % | ||||||||||||||||||
Technology | 26,200 | 28,027 | (1,827) | (7) | % | 26,172 | 24,220 | 23,598 | 2,602 | 11 | % | ||||||||||||||||||
Occupancy | 13,633 | 14,429 | (796) | (6) | % | 14,125 | 13,587 | 15,063 | (1,430) | (9) | % | ||||||||||||||||||
Business development and advertising | 6,517 | 8,350 | (1,833) | (22) | % | 7,100 | 7,106 | 5,849 | 668 | 11 | % | ||||||||||||||||||
Equipment | 4,599 | 4,742 | (143) | (3) | % | 5,016 | 4,975 | 4,930 | (331) | (7) | % | ||||||||||||||||||
Legal and professional | 4,672 | 6,762 | (2,090) | (31) | % | 4,461 | 4,831 | 3,857 | 815 | 21 | % | ||||||||||||||||||
Loan and foreclosure costs | 1,979 | 585 | 1,394 | N/M | 2,049 | 1,635 | 1,138 | 841 | 74 | % | |||||||||||||||||||
FDIC assessment | 13,946 | 41,497 | (27,551) | (66) | % | 9,150 | 9,550 | 6,875 | 7,071 | 103 | % | ||||||||||||||||||
Other intangible amortization | 2,203 | 2,203 | — | — | % | 2,203 | 2,203 | 2,203 | — | — | % | ||||||||||||||||||
Other | 4,513 | 12,110 | (7,597) | (63) | % | 8,771 | 8,476 | 7,479 | (2,966) | (40) | % | ||||||||||||||||||
Total noninterest expense | 197,657 | 239,391 | (41,734) | (17) | % | 196,205 | 190,673 | 187,412 | 10,245 | 5 | % | ||||||||||||||||||
Income (loss) before income taxes | 101,185 | (138,009) | 239,194 | N/M | 102,674 | 110,687 | 130,700 | (29,515) | (23) | % | |||||||||||||||||||
Income tax expense (benefit) | 20,016 | (47,202) | 67,218 | N/M | 19,426 | 23,533 | 27,340 | (7,324) | (27) | % | |||||||||||||||||||
Net income (loss) | 81,169 | (90,806) | 171,975 | N/M | 83,248 | 87,154 | 103,360 | (22,191) | (21) | % | |||||||||||||||||||
Preferred stock dividends | 2,875 | 2,875 | — | — | % | 2,875 | 2,875 | 2,875 | — | — | % | ||||||||||||||||||
Net income (loss) available to common equity | $ | 78,294 | $ | (93,681) | $ | 171,975 | N/M | $ | 80,373 | $ | 84,279 | $ | 100,485 | $ | (22,191) | (22) | % | ||||||||||||
Earnings (loss) per common share | |||||||||||||||||||||||||||||
Basic | $ | 0.52 | $ | (0.63) | $ | 1.15 | N/M | $ | 0.53 | $ | 0.56 | $ | 0.67 | $ | (0.15) | (22) | % | ||||||||||||
Diluted | $ | 0.52 | $ | (0.62) | $ | 1.14 | N/M | $ | 0.53 | $ | 0.56 | $ | 0.66 | $ | (0.14) | (21) | % | ||||||||||||
Average common shares outstanding | |||||||||||||||||||||||||||||
Basic | 149,855 | 150,085 | (230) | — | % | 150,035 | 149,986 | 149,763 | 92 | — | % | ||||||||||||||||||
Diluted | 151,292 | 151,007 | 285 | — | % | 151,014 | 150,870 | 151,128 | 164 | — | % | ||||||||||||||||||
Associated
Banc-Corp Selected Quarterly Information | |||||||||||||||||||||||
($ in millions except per share data; shares repurchased and outstanding in thousands) | 1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | ||||||||||||||||||
Per common share data | |||||||||||||||||||||||
Dividends | $ | 0.22 | $ | 0.22 | $ | 0.21 | $ | 0.21 | $ | 0.21 | |||||||||||||
Market value: | |||||||||||||||||||||||
High | 22.00 | 21.79 | 19.21 | 18.45 | 24.18 | ||||||||||||||||||
Low | 19.73 | 15.45 | 16.22 | 14.48 | 17.66 | ||||||||||||||||||
Close | 21.51 | 21.39 | 17.11 | 16.23 | 17.98 | ||||||||||||||||||
Book value / share | 26.37 | 26.35 | 26.06 | 26.03 | 26.06 | ||||||||||||||||||
Tangible book value / share | 18.78 | 18.77 | 18.46 | 18.41 | 18.42 | ||||||||||||||||||
Performance ratios (annualized) | |||||||||||||||||||||||
Return on average assets | 0.80 | % | (0.87) | % | 0.80 | % | 0.86 | % | 1.06 | % | |||||||||||||
Noninterest expense / average assets | 1.95 | % | 2.30 | % | 1.90 | % | 1.89 | % | 1.92 | % | |||||||||||||
Effective tax rate | 19.78 | % | N/M | 18.92 | % | 21.26 | % | 20.92 | % | ||||||||||||||
Dividend
payout ratio(a) | 42.31 | % | N/M | 39.62 | % | 37.50 | % | 31.34 | % | ||||||||||||||
Net interest margin | 2.79 | % | 2.69 | % | 2.71 | % | 2.80 | % | 3.07 | % | |||||||||||||
Selected trend information | |||||||||||||||||||||||
Average full time equivalent employees(b) | 4,070 | 4,130 | 4,220 | 4,227 | 4,219 | ||||||||||||||||||
Branch count | 188 | 196 | 202 | 202 | 202 | ||||||||||||||||||
Assets
under management, at market value(c) | $ | 14,171 | $ | 13,545 | $ | 12,543 | $ | 12,995 | $ | 12,412 | |||||||||||||
Mortgage loans originated for sale during period | $ | 105 | $ | 112 | $ | 115 | $ | 99 | $ | 69 | |||||||||||||
Mortgage
loan settlements during period(d) | $ | 91 | $ | 957 | $ | 103 | $ | 97 | $ | 55 | |||||||||||||
Mortgage portfolio loans transferred to held for sale during period(d) | $ | — | $ | 969 | $ | — | $ | — | $ | — | |||||||||||||
Mortgage
portfolio serviced for others(d) | $ | 6,349 | $ | 7,364 | $ | 6,452 | $ | 6,525 | $ | 6,612 | |||||||||||||
Mortgage servicing rights, net / mortgage portfolio serviced for others(d) | 1.34 | % | 1.15 | % | 1.38 | % | 1.23 | % | 1.13 | % | |||||||||||||
Shares
repurchased during period(e) | 900 | — | — | — | — | ||||||||||||||||||
Shares outstanding, end of period | 150,739 | 151,037 | 150,951 | 150,919 | 150,886 | ||||||||||||||||||
Selected quarterly ratios | |||||||||||||||||||||||
Loans / deposits | 87.49 | % | 87.35 | % | 93.99 | % | 93.24 | % | 96.29 | % | |||||||||||||
Stockholders’ equity / assets | 10.13 | % | 10.18 | % | 9.91 | % | 10.00 | % | 10.14 | % | |||||||||||||
Risk-based capital(f)(g) | |||||||||||||||||||||||
Total risk-weighted assets | $ | 32,753 | $ | 32,733 | $ | 33,497 | $ | 33,144 | $ | 32,646 | |||||||||||||
Common equity Tier 1 | $ | 3,088 | $ | 3,075 | $ | 3,197 | $ | 3,143 | $ | 3,086 | |||||||||||||
Common equity Tier 1 capital ratio | 9.43 | % | 9.39 | % | 9.55 | % | 9.48 | % | 9.45 | % | |||||||||||||
Tier 1 capital ratio | 10.02 | % | 9.99 | % | 10.12 | % | 10.07 | % | 10.05 | % | |||||||||||||
Total capital ratio | 12.08 | % | 12.21 | % | 12.25 | % | 12.22 | % | 12.22 | % | |||||||||||||
Tier 1 leverage ratio | 8.21 | % | 8.06 | % | 8.42 | % | 8.40 | % | 8.46 | % | |||||||||||||
Associated
Banc-Corp Selected Asset Quality Information | |||||||||||||||||||||||
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | Seql Qtr % Change | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Comp Qtr % Change | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||
Balance at beginning of period | $ | 351,094 | $ | 345,795 | 2 | % | $ | 338,750 | $ | 326,432 | $ | 312,720 | 12 | % | |||||||||
Provision for loan losses | 27,000 | 21,000 | 29 | % | 25,500 | 23,500 | 17,000 | 59 | % | ||||||||||||||
Charge offs | (24,018) | (17,878) | 34 | % | (20,535) | (14,855) | (5,501) | N/M | |||||||||||||||
Recoveries | 1,930 | 2,177 | (11) | % | 2,079 | 3,674 | 2,212 | (13) | % | ||||||||||||||
Net (charge offs) recoveries | (22,088) | (15,701) | 41 | % | (18,455) | (11,181) | (3,289) | N/M | |||||||||||||||
Balance at end of period | $ | 356,006 | $ | 351,094 | 1 | % | $ | 345,795 | $ | 338,750 | $ | 326,432 | 9 | % | |||||||||
Allowance for unfunded commitments | |||||||||||||||||||||||
Balance at beginning of period | $ | 34,776 | $ | 34,776 | — | % | $ | 38,276 | $ | 39,776 | $ | 38,776 | (10) | % | |||||||||
Provision for unfunded commitments | (3,000) | — | N/M | (3,500) | (1,500) | 1,000 | N/M | ||||||||||||||||
Balance at end of period | $ | 31,776 | $ | 34,776 | (9) | % | $ | 34,776 | $ | 38,276 | $ | 39,776 | (20) | % | |||||||||
Allowance for credit losses on loans (ACLL) | $ | 387,782 | $ | 385,870 | — | % | $ | 380,571 | $ | 377,027 | $ | 366,208 | 6 | % | |||||||||
Provision for credit losses on loans | $ | 24,000 | $ | 21,000 | 14 | % | $ | 22,000 | $ | 22,000 | $ | 18,000 | 33 | % | |||||||||
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | Seql Qtr % Change | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Comp Qtr % Change | ||||||||||||||||
Net (charge offs) recoveries | |||||||||||||||||||||||
Commercial and industrial | $ | (18,638) | $ | (13,178) | 41 | % | $ | (16,558) | $ | (11,177) | $ | (1,759) | N/M | ||||||||||
Commercial real estate—owner occupied | 2 | (22) | N/M | 2 | 3 | 3 | (33) | % | |||||||||||||||
Commercial and business lending | (18,636) | (13,200) | 41 | % | (16,556) | (11,174) | (1,756) | N/M | |||||||||||||||
Commercial real estate—investor | — | 216 | (100) | % | 272 | 2,276 | — | N/M | |||||||||||||||
Real estate construction | 30 | 38 | (21) | % | 18 | (18) | 18 | 67 | % | ||||||||||||||
Commercial real estate lending | 30 | 253 | (88) | % | 290 | 2,257 | 18 | 67 | % | ||||||||||||||
Total commercial | (18,606) | (12,947) | 44 | % | (16,266) | (8,917) | (1,738) | N/M | |||||||||||||||
Residential mortgage | (62) | (53) | 17 | % | (22) | (283) | (53) | 17 | % | ||||||||||||||
Auto finance | (2,094) | (1,436) | 46 | % | (1,269) | (1,048) | (957) | 119 | % | ||||||||||||||
Home equity | 211 | 185 | 14 | % | 128 | 183 | 340 | (38) | % | ||||||||||||||
Other consumer | (1,537) | (1,450) | 6 | % | (1,027) | (1,117) | (881) | 74 | % | ||||||||||||||
Total consumer | (3,482) | (2,754) | 26 | % | (2,189) | (2,264) | (1,550) | 125 | % | ||||||||||||||
Total net (charge offs) recoveries | $ | (22,088) | $ | (15,701) | 41 | % | $ | (18,455) | $ | (11,181) | $ | (3,289) | N/M | ||||||||||
(In basis points) | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||||||||
Net (charge offs) recoveries to average loans (annualized) | |||||||||||||||||||||||
Commercial and industrial | (77) | (54) | (66) | (46) | (7) | ||||||||||||||||||
Commercial real estate—owner occupied | — | (1) | — | — | — | ||||||||||||||||||
Commercial and business lending | (69) | (48) | (60) | (41) | (7) | ||||||||||||||||||
Commercial real estate—investor | — | 2 | 2 | 18 | — | ||||||||||||||||||
Real estate construction | 1 | 1 | — | — | — | ||||||||||||||||||
Commercial real estate lending | — | 1 | 2 | 12 | — | ||||||||||||||||||
Total commercial | (41) | (28) | (35) | (20) | (4) | ||||||||||||||||||
Residential mortgage | — | — | — | (1) | — | ||||||||||||||||||
Auto finance | (35) | (27) | (27) | (25) | (26) | ||||||||||||||||||
Home equity | 14 | 12 | 8 | 12 | 22 | ||||||||||||||||||
Other consumer | (232) | (208) | (148) | (163) | (125) | ||||||||||||||||||
Total consumer | (13) | (9) | (7) | (8) | (6) | ||||||||||||||||||
Total net (charge offs) recoveries | (30) | (21) | (25) | (15) | (5) | ||||||||||||||||||
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | Seql
Qtr % Change | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Comp Qtr % Change | ||||||||||||||||
Credit quality | |||||||||||||||||||||||
Nonaccrual loans | $ | 178,346 | $ | 148,997 | 20 | % | $ | 168,558 | $ | 131,278 | $ | 117,569 | 52 | % | |||||||||
Other real estate owned (OREO) | 8,437 | 10,506 | (20) | % | 8,452 | 7,575 | 15,184 | (44) | % | ||||||||||||||
Repossessed assets | 1,241 | 919 | 35 | % | 658 | 348 | 92 | N/M | |||||||||||||||
Total nonperforming assets | $ | 188,025 | $ | 160,421 | 17 | % | $ | 177,668 | $ | 139,201 | $ | 132,845 | 42 | % | |||||||||
Loans 90 or more days past due and still accruing | $ | 2,417 | $ | 21,689 | (89) | % | $ | 2,156 | $ | 1,726 | $ | 1,703 | 42 | % | |||||||||
Allowance for credit losses on loans to total loans | 1.31 | % | 1.32 | % | 1.26 | % | 1.26 | % | 1.25 | % | |||||||||||||
Allowance for credit losses on loans to nonaccrual loans | 217.43 | % | 258.98 | % | 225.78 | % | 287.20 | % | 311.48 | % | |||||||||||||
Nonaccrual loans to total loans | 0.60 | % | 0.51 | % | 0.56 | % | 0.44 | % | 0.40 | % | |||||||||||||
Nonperforming assets to total loans plus OREO and repossessed assets | 0.64 | % | 0.55 | % | 0.59 | % | 0.47 | % | 0.45 | % | |||||||||||||
Nonperforming assets to total assets | 0.46 | % | 0.39 | % | 0.43 | % | 0.34 | % | 0.33 | % | |||||||||||||
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans | 0.30 | % | 0.16 | % | 0.15 | % | 0.10 | % | 0.05 | % | |||||||||||||
Associated
Banc-Corp Selected Asset Quality Information (continued) | ||||||||||||||||||||||||||
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | Seql Qtr % Change | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Comp Qtr % Change | |||||||||||||||||||
Nonaccrual loans | ||||||||||||||||||||||||||
Commercial and industrial | $ | 72,243 | $ | 62,022 | 16 | % | $ | 74,812 | $ | 34,907 | $ | 22,735 | N/M | |||||||||||||
Commercial real estate—owner occupied | 2,090 | 1,394 | 50 | % | 3,936 | 1,444 | 1,478 | 41 | % | |||||||||||||||||
Commercial and business lending | 74,333 | 63,416 | 17 | % | 78,748 | 36,352 | 24,213 | N/M | ||||||||||||||||||
Commercial real estate—investor | 18,697 | — | N/M | 10,882 | 22,068 | 25,122 | (26) | % | ||||||||||||||||||
Real estate construction | 18 | 6 | 200 | % | 103 | 125 | 178 | (90) | % | |||||||||||||||||
Commercial real estate lending | 18,715 | 6 | N/M | 10,985 | 22,193 | 25,300 | (26) | % | ||||||||||||||||||
Total commercial | 93,047 | 63,422 | 47 | % | 89,732 | 58,544 | 49,513 | 88 | % | |||||||||||||||||
Residential mortgage | 69,954 | 71,142 | (2) | % | 66,153 | 61,718 | 58,274 | 20 | % | |||||||||||||||||
Auto finance | 7,158 | 5,797 | 23 | % | 4,533 | 3,065 | 2,436 | 194 | % | |||||||||||||||||
Home equity | 8,100 | 8,508 | (5) | % | 7,917 | 7,788 | 7,246 | 12 | % | |||||||||||||||||
Other consumer | 87 | 128 | (32) | % | 222 | 163 | 100 | (13) | % | |||||||||||||||||
Total consumer | 85,299 | 85,574 | — | % | 78,826 | 72,733 | 68,056 | 25 | % | |||||||||||||||||
Total nonaccrual loans | $ | 178,346 | $ | 148,997 | 20 | % | $ | 168,558 | $ | 131,278 | $ | 117,569 | 52 | % | ||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Seql Qtr % Change | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Comp Qtr % Change | ||||||||||||||||||||
Restructured loans (accruing)(a) | ||||||||||||||||||||||||||
Commercial and industrial | $ | 377 | $ | 306 | 23 | % | $ | 234 | $ | 168 | $ | 47 | N/M | |||||||||||||
Commercial and business lending | 377 | 306 | 23 | % | 234 | 168 | 47 | N/M | ||||||||||||||||||
Commercial real estate—investor | — | — | N/M | — | — | — | N/M | |||||||||||||||||||
Real estate construction | — | — | N/M | — | — | — | N/M | |||||||||||||||||||
Commercial real estate lending | — | — | N/M | — | — | — | N/M | |||||||||||||||||||
Total commercial | 377 | 306 | 23 | % | 234 | 168 | 47 | N/M | ||||||||||||||||||
Residential mortgage | 345 | 405 | (15) | % | 207 | 126 | 126 | 174 | % | |||||||||||||||||
Auto finance | 66 | 255 | (74) | % | 169 | 80 | 61 | 8 | % | |||||||||||||||||
Home equity | 182 | 305 | (40) | % | 236 | 78 | 31 | N/M | ||||||||||||||||||
Other consumer | 1,487 | 1,449 | 3 | % | 1,243 | 988 | 498 | 199 | % | |||||||||||||||||
Total consumer | 2,080 | 2,414 | (14) | % | 1,855 | 1,271 | 716 | 191 | % | |||||||||||||||||
Total restructured loans (accruing) | $ | 2,457 | $ | 2,719 | (10) | % | $ | 2,089 | $ | 1,439 | $ | 763 | N/M | |||||||||||||
Nonaccrual restructured loans (included in nonaccrual loans) | $ | 1,141 | $ | 805 | 42 | % | $ | 961 | $ | 796 | $ | 341 | N/M | |||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Seql Qtr % Change | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Comp Qtr % Change | ||||||||||||||||||||
Accruing loans 30-89 days past due | ||||||||||||||||||||||||||
Commercial and industrial | $ | 521 | $ | 5,565 | (91) | % | $ | 1,507 | $ | 12,005 | $ | 4,239 | (88) | % | ||||||||||||
Commercial real estate—owner occupied | — | 358 | (100) | % | 1,877 | 1,484 | 2,955 | (100) | % | |||||||||||||||||
Commercial and business lending | 521 | 5,923 | (91) | % | 3,384 | 13,489 | 7,195 | (93) | % | |||||||||||||||||
Commercial real estate—investor | 19,164 | 18,697 | 2 | % | 10,121 | — | — | N/M | ||||||||||||||||||
Real estate construction | 1,260 | — | N/M | 10 | 76 | — | N/M | |||||||||||||||||||
Commercial real estate lending | 20,424 | 18,697 | 9 | % | 10,131 | 76 | — | N/M | ||||||||||||||||||
Total commercial | 20,945 | 24,619 | (15) | % | 13,515 | 13,565 | 7,195 | 191 | % | |||||||||||||||||
Residential mortgage | 9,903 | 13,446 | (26) | % | 11,652 | 8,961 | 7,626 | 30 | % | |||||||||||||||||
Auto finance | 12,521 | 17,386 | (28) | % | 16,688 | 11,429 | 8,640 | 45 | % | |||||||||||||||||
Home equity | 2,819 | 4,208 | (33) | % | 3,687 | 4,030 | 4,113 | (31) | % | |||||||||||||||||
Other consumer | 2,260 | 2,166 | 4 | % | 1,880 | 2,025 | 1,723 | 31 | % | |||||||||||||||||
Total consumer | 27,503 | 37,205 | (26) | % | 33,908 | 26,444 | 22,102 | 24 | % | |||||||||||||||||
Total accruing loans 30-89 days past due | $ | 48,448 | $ | 61,825 | (22) | % | $ | 47,422 | $ | 40,008 | $ | 29,297 | 65 | % | ||||||||||||
Associated
Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter | |||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||
($ 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 | $ | 10,816,255 | $ | 194,090 | 7.22 | % | $ | 10,820,214 | $ | 193,808 | 7.11 | % | $ | 10,616,026 | $ | 167,174 | 6.39 | % | |||||||||||
Commercial real estate lending | 7,389,962 | 138,850 | 7.56 | % | 7,397,809 | 138,437 | 7.42 | % | 7,251,193 | 119,087 | 6.66 | % | |||||||||||||||||
Total commercial | 18,206,217 | 332,940 | 7.35 | % | 18,218,024 | 332,245 | 7.24 | % | 17,867,219 | 286,262 | 6.50 | % | |||||||||||||||||
Residential mortgage | 7,896,956 | 68,787 | 3.48 | % | 8,691,258 | 76,035 | 3.50 | % | 8,584,528 | 70,711 | 3.30 | % | |||||||||||||||||
Auto finance | 2,373,720 | 32,603 | 5.52 | % | 2,138,536 | 29,221 | 5.42 | % | 1,490,115 | 16,458 | 4.48 | % | |||||||||||||||||
Other retail | 892,128 | 20,661 | 9.28 | % | 904,618 | 21,026 | 9.27 | % | 903,956 | 18,494 | 8.23 | % | |||||||||||||||||
Total loans | 29,369,022 | 454,991 | 6.22 | % | 29,952,435 | 458,527 | 6.08 | % | 28,845,818 | 391,925 | 5.49 | % | |||||||||||||||||
Investment securities | |||||||||||||||||||||||||||||
Taxable | 5,517,023 | 46,727 | 3.39 | % | 5,344,578 | 41,809 | 3.13 | % | 4,912,416 | 30,142 | 2.45 | % | |||||||||||||||||
Tax-exempt(a) | 2,133,352 | 18,024 | 3.38 | % | 2,209,662 | 19,244 | 3.48 | % | 2,329,519 | 20,192 | 3.47 | % | |||||||||||||||||
Other short-term investments | 576,782 | 8,311 | 5.80 | % | 767,256 | 10,418 | 5.39 | % | 493,061 | 5,329 | 4.37 | % | |||||||||||||||||
Investments and other | 8,227,158 | 73,062 | 3.55 | % | 8,321,495 | 71,471 | 3.43 | % | 7,734,996 | 55,664 | 2.88 | % | |||||||||||||||||
Total earning assets | 37,596,179 | $ | 528,053 | 5.64 | % | 38,273,931 | $ | 529,998 | 5.51 | % | 36,580,814 | $ | 447,589 | 4.94 | % | ||||||||||||||
Other assets, net | 3,173,027 | 3,056,772 | 3,026,251 | ||||||||||||||||||||||||||
Total assets | $ | 40,769,206 | $ | 41,330,703 | $ | 39,607,065 | |||||||||||||||||||||||
Liabilities and stockholders' equity | |||||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||||||||||
Savings | $ | 4,928,031 | $ | 21,747 | 1.77 | % | $ | 4,861,913 | $ | 20,334 | 1.66 | % | $ | 4,664,624 | $ | 9,859 | 0.86 | % | |||||||||||
Interest-bearing demand | 7,490,119 | 49,990 | 2.68 | % | 7,156,151 | 47,277 | 2.62 | % | 6,814,487 | 29,918 | 1.78 | % | |||||||||||||||||
Money market | 6,116,604 | 47,306 | 3.11 | % | 6,121,105 | 47,110 | 3.05 | % | 7,536,393 | 41,637 | 2.24 | % | |||||||||||||||||
Network transaction deposits | 1,651,937 | 22,205 | 5.41 | % | 1,616,719 | 22,034 | 5.41 | % | 1,147,089 | 12,825 | 4.53 | % | |||||||||||||||||
Time deposits | 7,198,315 | 84,983 | 4.75 | % | 6,264,621 | 72,121 | 4.57 | % | 2,362,260 | 15,182 | 2.61 | % | |||||||||||||||||
Total interest-bearing deposits | 27,385,005 | 226,231 | 3.32 | % | 26,020,510 | 208,875 | 3.18 | % | 22,524,853 | 109,422 | 1.97 | % | |||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 263,979 | 2,863 | 4.36 | % | 347,204 | 3,734 | 4.27 | % | 429,780 | 3,143 | 2.97 | % | |||||||||||||||||
Other short-term funding | 449,999 | 5,603 | 5.01 | % | — | — | — | % | 17,339 | — | 0.01 | % | |||||||||||||||||
FHLB advances | 1,540,247 | 21,671 | 5.66 | % | 3,467,433 | 49,171 | 5.63 | % | 4,254,532 | 49,960 | 4.76 | % | |||||||||||||||||
Long-term funding | 539,106 | 10,058 | 7.46 | % | 531,155 | 10,185 | 7.67 | % | 408,175 | 6,281 | 6.16 | % | |||||||||||||||||
Total short and long-term funding | 2,793,331 | 40,194 | 5.78 | % | 4,345,793 | 63,090 | 5.77 | % | 5,109,826 | 59,384 | 4.71 | % | |||||||||||||||||
Total interest-bearing liabilities | 30,178,337 | $ | 266,425 | 3.55 | % | 30,366,302 | $ | 271,965 | 3.55 | % | 27,634,679 | $ | 168,807 | 2.48 | % | ||||||||||||||
Noninterest-bearing demand deposits | 5,882,052 | 6,171,240 | 7,340,219 | ||||||||||||||||||||||||||
Other liabilities | 527,437 | 672,597 | 570,166 | ||||||||||||||||||||||||||
Stockholders’ equity | 4,181,381 | 4,120,564 | 4,062,001 | ||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 40,769,206 | $ | 41,330,703 | $ | 39,607,065 | |||||||||||||||||||||||
Interest rate spread | 2.09 | % | 1.96 | % | 2.46 | % | |||||||||||||||||||||||
Net free funds | 0.70 | % | 0.73 | % | 0.61 | % | |||||||||||||||||||||||
Fully tax-equivalent net interest income and net interest margin | $ | 261,628 | 2.79 | % | $ | 258,033 | 2.69 | % | $ | 278,782 | 3.07 | % | |||||||||||||||||
Fully tax-equivalent adjustment | 3,770 | 4,630 | 4,772 | ||||||||||||||||||||||||||
Net interest income | $ | 257,858 | $ | 253,403 | $ | 274,010 |
Associated
Banc-Corp Loan and Deposit Composition | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Period end loan composition | Mar 31, 2024 | Dec 31, 2023 | Seql Qtr % Change | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Comp Qtr % Change | ||||||||||||||||
Commercial and industrial | $ | 9,858,329 | $ | 9,731,555 | 1 | % | $ | 10,099,068 | $ | 10,055,487 | $ | 9,869,781 | — | % | |||||||||
Commercial real estate—owner occupied | 1,095,894 | 1,061,700 | 3 | % | 1,054,969 | 1,058,237 | 1,050,236 | 4 | % | ||||||||||||||
Commercial and business lending | 10,954,223 | 10,793,255 | 1 | % | 11,154,037 | 11,113,724 | 10,920,017 | — | % | ||||||||||||||
Commercial real estate—investor | 5,035,195 | 5,124,245 | (2) | % | 5,218,980 | 5,312,928 | 5,094,249 | (1) | % | ||||||||||||||
Real estate construction | 2,287,041 | 2,271,398 | 1 | % | 2,130,719 | 2,009,060 | 2,147,070 | 7 | % | ||||||||||||||
Commercial real estate lending | 7,322,237 | 7,395,644 | (1) | % | 7,349,699 | 7,321,988 | 7,241,318 | 1 | % | ||||||||||||||
Total commercial | 18,276,460 | 18,188,898 | — | % | 18,503,736 | 18,435,711 | 18,161,335 | 1 | % | ||||||||||||||
Residential mortgage | 7,868,180 | 7,864,891 | — | % | 8,782,645 | 8,746,345 | 8,605,164 | (9) | % | ||||||||||||||
Auto finance | 2,471,257 | 2,256,162 | 10 | % | 2,007,164 | 1,777,974 | 1,551,538 | 59 | % | ||||||||||||||
Home equity | 619,764 | 628,526 | (1) | % | 623,650 | 615,506 | 609,787 | 2 | % | ||||||||||||||
Other consumer | 258,603 | 277,740 | (7) | % | 275,993 | 273,367 | 279,248 | (7) | % | ||||||||||||||
Total consumer | 11,217,802 | 11,027,319 | 2 | % | 11,689,451 | 11,413,193 | 11,045,737 | 2 | % | ||||||||||||||
Total loans | $ | 29,494,263 | $ | 29,216,218 | 1 | % | $ | 30,193,187 | $ | 29,848,904 | $ | 29,207,072 | 1 | % | |||||||||
Period end deposit and customer funding composition | Mar 31, 2024 | Dec 31, 2023 | Seql Qtr % Change | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Comp Qtr % Change | ||||||||||||||||
Noninterest-bearing demand | $ | 6,254,135 | $ | 6,119,956 | 2 | % | $ | 6,422,994 | $ | 6,565,666 | $ | 7,328,689 | (15) | % | |||||||||
Savings | 5,124,639 | 4,835,701 | 6 | % | 4,836,735 | 4,777,415 | 4,730,472 | 8 | % | ||||||||||||||
Interest-bearing demand | 8,747,127 | 8,843,967 | (1) | % | 7,528,154 | 7,037,959 | 6,977,121 | 25 | % | ||||||||||||||
Money market | 6,721,674 | 6,330,453 | 6 | % | 7,268,506 | 7,521,930 | 8,357,625 | (20) | % | ||||||||||||||
Brokered CDs | 3,931,230 | 4,447,479 | (12) | % | 3,351,399 | 3,818,325 | 1,185,565 | N/M | |||||||||||||||
Other time deposits | 2,934,352 | 2,868,494 | 2 | % | 2,715,538 | 2,293,114 | 1,752,351 | 67 | % | ||||||||||||||
Total deposits | 33,713,158 | 33,446,049 | 1 | % | 32,123,326 | 32,014,409 | 30,331,824 | 11 | % | ||||||||||||||
Other customer funding(a) | 90,536 | 106,620 | (15) | % | 151,644 | 170,873 | 226,258 | (60) | % | ||||||||||||||
Total deposits and other customer funding | $ | 33,803,694 | $ | 33,552,669 | 1 | % | $ | 32,274,971 | $ | 32,185,282 | $ | 30,558,081 | 11 | % | |||||||||
Network transaction deposits(b) | $ | 1,792,820 | $ | 1,566,139 | 14 | % | $ | 1,649,389 | $ | 1,600,619 | $ | 1,273,420 | 41 | % | |||||||||
Net
deposits and other customer funding(c) | $ | 28,079,644 | $ | 27,539,051 | 2 | % | $ | 27,274,183 | $ | 26,766,338 | $ | 28,099,096 | — | % | |||||||||
Quarter average loan composition | Mar 31, 2024 | Dec 31, 2023 | Seql Qtr % Change | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Comp Qtr % Change | ||||||||||||||||
Commercial and industrial | $ | 9,729,718 | $ | 9,768,803 | — | % | $ | 9,927,271 | $ | 9,831,956 | $ | 9,600,838 | 1 | % | |||||||||
Commercial real estate—owner occupied | 1,086,537 | 1,051,412 | 3 | % | 1,058,313 | 1,067,381 | 1,015,187 | 7 | % | ||||||||||||||
Commercial and business lending | 10,816,255 | 10,820,214 | — | % | 10,985,584 | 10,899,337 | 10,616,026 | 2 | % | ||||||||||||||
Commercial real estate—investor | 5,041,518 | 5,156,528 | (2) | % | 5,205,626 | 5,206,430 | 5,093,122 | (1) | % | ||||||||||||||
Real estate construction | 2,348,444 | 2,241,281 | 5 | % | 2,107,018 | 2,088,937 | 2,158,072 | 9 | % | ||||||||||||||
Commercial real estate lending | 7,389,962 | 7,397,809 | — | % | 7,312,645 | 7,295,367 | 7,251,193 | 2 | % | ||||||||||||||
Total commercial | 18,206,217 | 18,218,024 | — | % | 18,298,229 | 18,194,703 | 17,867,219 | 2 | % | ||||||||||||||
Residential mortgage | 7,896,956 | 8,691,258 | (9) | % | 8,807,157 | 8,701,496 | 8,584,528 | (8) | % | ||||||||||||||
Auto finance | 2,373,720 | 2,138,536 | 11 | % | 1,884,540 | 1,654,523 | 1,490,115 | 59 | % | ||||||||||||||
Home equity | 625,686 | 627,736 | — | % | 619,423 | 612,045 | 618,724 | 1 | % | ||||||||||||||
Other consumer | 266,443 | 276,881 | (4) | % | 275,262 | 275,530 | 285,232 | (7) | % | ||||||||||||||
Total consumer | 11,162,805 | 11,734,412 | (5) | % | 11,586,382 | 11,243,594 | 10,978,599 | 2 | % | ||||||||||||||
Total loans(d) | $ | 29,369,022 | $ | 29,952,435 | (2) | % | $ | 29,884,611 | $ | 29,438,297 | $ | 28,845,818 | 2 | % | |||||||||
Quarter average deposit composition | Mar 31, 2024 | Dec 31, 2023 | Seql Qtr % Change | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Comp Qtr % Change | ||||||||||||||||
Noninterest-bearing demand | $ | 5,882,052 | $ | 6,171,240 | (5) | % | $ | 6,318,781 | $ | 6,669,787 | $ | 7,340,219 | (20) | % | |||||||||
Savings | 4,928,031 | 4,861,913 | 1 | % | 4,814,499 | 4,749,808 | 4,664,624 | 6 | % | ||||||||||||||
Interest-bearing demand | 7,490,119 | 7,156,151 | 5 | % | 6,979,071 | 6,663,775 | 6,814,487 | 10 | % | ||||||||||||||
Money market | 6,116,604 | 6,121,105 | — | % | 6,294,083 | 6,743,810 | 7,536,393 | (19) | % | ||||||||||||||
Network transaction deposits | 1,651,937 | 1,616,719 | 2 | % | 1,639,619 | 1,468,006 | 1,147,089 | 44 | % | ||||||||||||||
Brokered CDs | 4,268,881 | 3,470,516 | 23 | % | 3,428,711 | 3,001,775 | 810,889 | N/M | |||||||||||||||
Other time deposits | 2,929,434 | 2,794,105 | 5 | % | 2,527,030 | 1,984,174 | 1,551,371 | 89 | % | ||||||||||||||
Total deposits | 33,267,057 | 32,191,750 | 3 | % | 32,001,794 | 31,281,134 | 29,865,072 | 11 | % | ||||||||||||||
Other
customer funding(a) | 101,483 | 127,252 | (20) | % | 164,289 | 196,051 | 245,349 | (59) | % | ||||||||||||||
Total deposits and other customer funding | $ | 33,368,540 | $ | 32,319,002 | 3 | % | $ | 32,166,082 | $ | 31,477,186 | $ | 30,110,421 | 11 | % | |||||||||
Net
deposits and other customer funding(c) | $ | 27,447,723 | $ | 27,231,767 | 1 | % | $ | 27,097,752 | $ | 27,007,405 | $ | 28,152,443 | (3) | % |
Associated
Banc-Corp Non-GAAP Financial Measures Reconciliation | |||||||||||||||||||||||
($ in millions, except per share data) | 1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | ||||||||||||||||||
Selected equity and performance ratios(a)(b)(c) | |||||||||||||||||||||||
Tangible common equity / tangible assets | 7.08 | % | 7.11 | % | 6.88 | % | 6.94 | % | 7.03 | % | |||||||||||||
Return on average equity | 7.81 | % | (8.74) | % | 7.99 | % | 8.47 | % | 10.32 | % | |||||||||||||
Return on average tangible common equity | 11.31 | % | (13.13) | % | 11.67 | % | 12.38 | % | 15.26 | % | |||||||||||||
Return on average common equity Tier 1 | 10.27 | % | (11.85) | % | 10.08 | % | 10.88 | % | 13.38 | % | |||||||||||||
Return on average tangible assets | 0.84 | % | (0.88) | % | 0.84 | % | 0.90 | % | 1.11 | % | |||||||||||||
Average stockholders' equity / average assets | 10.26 | % | 9.97 | % | 10.06 | % | 10.18 | % | 10.26 | % | |||||||||||||
Tangible
common equity reconciliation(a) | |||||||||||||||||||||||
Common equity | $ | 3,975 | $ | 3,980 | $ | 3,934 | $ | 3,929 | $ | 3,932 | |||||||||||||
Goodwill and other intangible assets, net | (1,143) | (1,145) | (1,148) | (1,150) | (1,152) | ||||||||||||||||||
Tangible common equity | $ | 2,831 | $ | 2,834 | $ | 2,786 | $ | 2,779 | $ | 2,779 | |||||||||||||
Tangible
assets reconciliation(a) | |||||||||||||||||||||||
Total assets | $ | 41,137 | $ | 41,016 | $ | 41,637 | $ | 41,219 | $ | 40,703 | |||||||||||||
Goodwill and other intangible assets, net | (1,143) | (1,145) | (1,148) | (1,150) | (1,152) | ||||||||||||||||||
Tangible assets | $ | 39,994 | $ | 39,870 | $ | 40,490 | $ | 40,070 | $ | 39,550 | |||||||||||||
Average
tangible common equity and average common equity Tier 1 reconciliation(a) | |||||||||||||||||||||||
Common equity | $ | 3,987 | $ | 3,926 | $ | 3,938 | $ | 3,935 | $ | 3,868 | |||||||||||||
Goodwill and other intangible assets, net | (1,145) | (1,147) | (1,149) | (1,151) | (1,153) | ||||||||||||||||||
Tangible common equity | 2,843 | 2,780 | 2,789 | 2,784 | 2,715 | ||||||||||||||||||
Modified CECL transitional amount | 22 | 45 | 45 | 45 | 45 | ||||||||||||||||||
Accumulated other comprehensive loss | 188 | 286 | 302 | 252 | 259 | ||||||||||||||||||
Deferred tax assets, net | 12 | 27 | 28 | 28 | 28 | ||||||||||||||||||
Average common equity Tier 1 | $ | 3,065 | $ | 3,138 | $ | 3,164 | $ | 3,108 | $ | 3,047 | |||||||||||||
Average
tangible assets reconciliation(a) | |||||||||||||||||||||||
Total assets | $ | 40,769 | $ | 41,331 | $ | 41,076 | $ | 40,558 | $ | 39,607 | |||||||||||||
Goodwill and other intangible assets, net | (1,145) | (1,147) | (1,149) | (1,151) | (1,153) | ||||||||||||||||||
Tangible assets | $ | 39,625 | $ | 40,184 | $ | 39,927 | $ | 39,407 | $ | 38,454 | |||||||||||||
Adjusted
net income reconciliation(b) | |||||||||||||||||||||||
Net income | $ | 81 | $ | (91) | $ | 83 | $ | 87 | $ | 103 | |||||||||||||
Other intangible amortization, net of tax | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||
Adjusted net income | $ | 83 | $ | (89) | $ | 85 | $ | 89 | $ | 105 | |||||||||||||
Adjusted
net income available to common equity reconciliation(b) | |||||||||||||||||||||||
Net income available to common equity | $ | 78 | $ | (94) | $ | 80 | $ | 84 | $ | 100 | |||||||||||||
Other intangible amortization, net of tax | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||
Adjusted net income available to common equity | $ | 80 | $ | (92) | $ | 82 | $ | 86 | $ | 102 | |||||||||||||
Selected
trend information(d) | |||||||||||||||||||||||
Wealth management fees | $ | 22 | $ | 21 | $ | 21 | $ | 20 | $ | 20 | |||||||||||||
Service charges and deposit account fees | 12 | 11 | 13 | 12 | 13 | ||||||||||||||||||
Card-based fees | 11 | 12 | 12 | 11 | 11 | ||||||||||||||||||
Other fee-based revenue | 4 | 4 | 5 | 4 | 4 | ||||||||||||||||||
Fee-based revenue | 50 | 47 | 50 | 49 | 48 | ||||||||||||||||||
Other | 15 | (178) | 17 | 17 | 14 | ||||||||||||||||||
Total noninterest income | $ | 65 | $ | (131) | $ | 67 | $ | 66 | $ | 62 | |||||||||||||
Pre-tax pre-provision income(e) | |||||||||||||||||||||||
Income before income taxes | $ | 101 | $ | (138) | $ | 103 | $ | 111 | $ | 131 | |||||||||||||
Provision for credit losses | 24 | 21 | 22 | 22 | 18 | ||||||||||||||||||
Pre-tax pre-provision income | $ | 125 | $ | (117) | $ | 125 | $ | 133 | $ | 149 | |||||||||||||
End of period core customer deposits reconciliation | |||||||||||||||||||||||
Total deposits | $ | 33,713 | $ | 33,446 | $ | 32,123 | $ | 32,014 | $ | 30,332 | |||||||||||||
Network transaction deposits | (1,793) | (1,566) | (1,649) | (1,601) | (1,273) | ||||||||||||||||||
Brokered CDs | (3,931) | (4,447) | (3,351) | (3,818) | (1,186) | ||||||||||||||||||
Core customer deposits | $ | 27,989 | $ | 27,432 | $ | 27,123 | $ | 26,595 | $ | 27,873 | |||||||||||||
Associated
Banc-Corp Non-GAAP Financial Measures Reconciliation | 1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | ||||||||||||||||||
Efficiency
ratio reconciliation(a) | |||||||||||||||||||||||
Federal Reserve efficiency ratio | 61.03 | % | 132.01 | % | 60.06 | % | 58.49 | % | 56.07 | % | |||||||||||||
Fully tax-equivalent adjustment | (0.71) | % | (3.29) | % | (0.89) | % | (0.85) | % | (0.79) | % | |||||||||||||
Other intangible amortization | (0.69) | % | (1.21) | % | (0.69) | % | (0.68) | % | (0.66) | % | |||||||||||||
Fully tax-equivalent efficiency ratio | 59.63 | % | 127.54 | % | 58.50 | % | 56.96 | % | 54.64 | % | |||||||||||||
FDIC special assessment | (2.38) | % | (9.50) | % | — | % | — | % | — | % | |||||||||||||
Announced initiatives | — | % | (53.92) | % | — | % | — | % | — | % | |||||||||||||
Adjusted efficiency ratio | 57.25 | % | 64.12 | % | 58.50 | % | 56.96 | % | 54.64 | % |
One Time Item Noninterest Income Reconciliation | YTD | ||||||||||
($ in thousands) | 4Q23 | Dec 2023 | |||||||||
GAAP noninterest income | $ | (131,013) | $ | 63,182 | |||||||
Loss on mortgage portfolio sale(b) | 136,239 | 136,239 | |||||||||
Net
loss on sale of investments(b) | 64,940 | 64,940 | |||||||||
Noninterest income, excluding one time items | $ | 70,166 | $ | 264,361 | |||||||
One Time Item Noninterest Expense Reconciliation | YTD | ||||||||||
($ in thousands) | 1Q24 | 4Q23 | Dec 2023 | ||||||||
GAAP noninterest expense | $ | 197,657 | $ | 239,391 | $ | 813,682 | |||||
FDIC special assessment | (7,696) | (30,597) | (30,597) | ||||||||
Noninterest expense, excluding one time items | $ | 189,961 | $ | 208,795 | $ | 783,085 |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period end: | 4/25/24 | |||
3/31/24 | ||||
12/31/23 | 10-K, 13F-HR, ARS | |||
9/30/23 | 10-Q, 13F-HR | |||
6/30/23 | 10-Q, 13F-HR, S-8 | |||
3/31/23 | 10-Q, 13F-HR | |||
List all Filings |