EX-99.1 2 asb03312025ex991.htm EX-99.1 Document
Exhibit 99.1

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NEWS RELEASE
Investor Contact:
Ben McCarville, Senior Vice President, Director of Investor Relations     
920-491-7059
Media Contact:
Andrea Kozek, Vice President, Public Relations Senior Manager
920-491-7518

Associated Banc-Corp Reports First Quarter 2025 Net Income Available to Common Equity of $99 Million, or $0.59 per Common Share

GREEN BAY, Wis. -- April 24, 2025 -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $99 million, or $0.59 per common share, for the quarter ended March 31, 2025. These amounts compare to a loss of $164 million, or $1.03 per common share, for the quarter ended December 31, 2024 and earnings of $78 million, or $0.52 per common share, for the quarter ended March 31, 2024.
"2025 is off to a strong start at Associated Bank," said President and CEO Andy Harmening. "During the first quarter, we achieved several key milestones of our strategic plan, completing our commercial expansion, achieving a record-high net promoter score, and finalizing the balance sheet repositioning we announced in December. Importantly, the emerging momentum from our initiatives helped us deliver another strong financial quarter, with over $500 million in loan and deposit growth, 16 basis points of margin expansion, ten basis points of CET1 capital accretion and solid credit quality trends."
"The current macroeconomic environment has added an element of uncertainty for the industry, but here at Associated, we’re entering this period of uncertainty with the major investments in our strategic plan completed, a strengthened profitability profile, a solid capital position, and a foundational discipline on credit and risk management. We continue to feel well-positioned to deliver enhanced value for our stakeholders in 2025."
First Quarter 2025 Highlights (all comparisons to Fourth Quarter 2024)
•Diluted earnings per common share of $0.59
•Total period end loan growth of $526 million
•Total period end deposit growth of $548 million
•Total period end core customer deposit1 growth of $503 million
•Net interest income of $286 million
•Net interest margin of 2.97%
•Noninterest income of $59 million
•Noninterest expense of $211 million
•Provision for credit losses of $13 million
•Allowance for credit losses on loans / total loans of 1.34%
•Net charge offs / average loans (annualized) of 0.12%

1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans
First quarter 2025 average total loans of $30.1 billion decreased $91 million from the prior quarter and increased 3%, or $742 million, from the same period last year. With respect to first quarter 2025 average balances by loan category:
•Commercial and business lending increased $250 million from the prior quarter and increased $908 million from the same period last year to $11.7 billion.
•Commercial real estate lending increased $107 million from the prior quarter and decreased $76 million from the same period last year to $7.3 billion.
•Consumer lending decreased $448 million from the prior quarter and decreased $90 million from the same period last year to $11.1 billion.
First quarter 2025 period end total loans of $30.3 billion increased 2%, or $526 million, from the prior quarter and increased 3%, or $800 million, from the same period last year. With respect to first quarter 2025 period end balances by loan category:
•Commercial and business lending increased $327 million from the prior quarter and increased $1.1 billion from the same period last year to $12.0 billion.
•Commercial real estate lending increased $196 million from the prior quarter and increased $85 million the same period last year to $7.4 billion.
•Consumer lending increased $3 million from the prior quarter and decreased $374 million from the same period last year to $10.8 billion.
We continue to expect 2025 period end loan growth of 5% to 6% as compared to the year ended December 31, 2024.
Deposits
First quarter 2025 average deposits of $34.8 billion increased 1%, or $496 million, from the prior quarter and increased 5%, or $1.6 billion, from the same period last year. With respect to first quarter 2025 average balances by deposit category:
•Noninterest-bearing demand deposits decreased $98 million from the prior quarter and decreased $242 million from the same period last year to $5.6 billion.
•Savings increased $30 million from the prior quarter and increased $234 million from the same period last year to $5.2 billion.
•Interest-bearing demand deposits increased $408 million from the prior quarter and increased $542 million from the same period last year to $8.0 billion.
•Money market deposits increased $155 million from the prior quarter and decreased $37 million from the same period last year to $6.1 billion.
•Total time deposits decreased $157 million from the prior quarter and increased $873 million from the same period last year to $8.1 billion.
•Network transaction deposits increased $157 million from the prior quarter and increased $196 million from the same period last year to $1.8 billion.


First quarter 2025 period end deposits of $35.2 billion increased 2%, or $548 million, from the prior quarter and increased 4%, or $1.5 billion, from the same period last year. With respect to first quarter 2025 period end balances by deposit category:
•Noninterest-bearing demand deposits increased $360 million from the prior quarter and decreased $118 million from the same period last year to $6.1 billion.
•Savings increased $114 million from the prior quarter and increased $123 million from the same period last year to $5.2 billion.
•Interest-bearing demand deposits decreased $50 million from the prior quarter and increased $328 million from the same period last year to $9.1 billion.
•Money market deposits increased $182 million from the prior quarter and increased $98 million from the same period last year to $6.8 billion.
•Total time deposits decreased $59 million from the prior quarter and increased $1.1 billion from the same period last year to $7.9 billion.
•Network transaction deposits (included in money market and interest-bearing demand deposits) increased $125 million from the prior quarter and increased $90 million from the same period last year to $1.9 billion.
We continue to expect 2025 period end total deposit growth of 1% to 2% and period end core customer deposit growth of 4% to 5% as compared to the year ended December 31, 2024.
Net Interest Income and Net Interest Margin
First quarter 2025 net interest income of $286 million increased $16 million from the prior quarter and increased $28 million from the same period last year. The net interest margin increased to 2.97%, reflecting a 16 basis point increase from the prior quarter and an 18 basis point increase from the same period last year.
•The average yield on total loans for the first quarter of 2025 decreased 15 basis points from the prior quarter and decreased 39 basis points from the same period last year to 5.83%.
•The average cost of total interest-bearing liabilities for the first quarter of 2025 decreased 23 basis points from the prior quarter and decreased 49 basis points from the same period last year to 3.06%.
•The net free funds benefit for the first quarter of 2025 decreased 6 basis points from the prior quarter and decreased 12 basis points from the same period last year to 0.58%.
We continue to expect total net interest income growth of 12% to 13% in 2025.
Noninterest Income
First quarter 2025 total noninterest income of $59 million increased $266 million from the prior quarter and decreased $6 million, or 10%, from the same period last year. The increase relative to the prior quarter was primarily driven by nonrecurring items recognized in the fourth quarter of 2024 as a result of the balance sheet repositioning announced in December of 2024. The decrease relative to the same period last year was primarily driven by a $7 million loss related to the settlement of the mortgage sale announced in December of 2024. With respect to first quarter 2025 noninterest income line items:


•The Company recognized a small investment securities net gain in the first quarter of 2025 as compared to a $148 million net loss in the prior quarter and a $4 million net gain in the same period last year. The loss in the prior quarter was primarily driven by a net loss on a sale of investments recognized in the fourth quarter of 2024 as a result of the balance sheet repositioning announced in December of 2024.
•The Company incurred a loss on mortgage portfolio sale of $7 million in the first quarter of 2025 as compared to a $130 million loss in the prior quarter and no loss in the same period last year. The current and prior quarter losses were driven by the mortgage portfolio sale as a result of the balance sheet repositioning announced in December of 2024.
•Capital markets, net decreased $5 million from the prior quarter and increased slightly from the same period last year.
•Wealth management fees decreased $2 million from the prior quarter and increased $1 million from the same period last year.
•Card-based fees decreased $2 million from the prior quarter and decreased $1 million from the same period last year.
After adjusting to exclude the fourth quarter 2024 and first quarter 2025 impacts of the mortgage and investment securities sales we announced in December 2024, we continue to expect total noninterest income growth of between 0% and 1% in 2025.
Noninterest Expense
First quarter 2025 total noninterest expense of $211 million decreased $14 million from the prior quarter, driven primarily by a $14 million expense for a loss on prepayments of FHLB advances recognized in the fourth quarter of 2024 as a result of the balance sheet repositioning announced in December of 2024, and increased $13 million from the same period last year. With respect to first quarter 2025 noninterest expense line items:
•Personnel expense decreased $2 million from the prior quarter and increased $5 million from the same period last year.
•Occupancy expense increased $1 million from the prior quarter and increased $2 million from the same period last year.
•FDIC assessment expense increased $1 million from the prior quarter and decreased $4 million from the same period last year.
•Other noninterest expense increased $1 million from the prior quarter and increased $7 million from the same period last year.
After adjusting to exclude the $14 million impact of the loss on prepayments of FHLB advances recognized in the fourth quarter of 2024, we continue to expect total noninterest expense to grow by 3% to 4% in 2025.


Taxes
First quarter 2025 tax expense was $19 million compared to a $16 million tax benefit in the prior quarter and $20 million of tax expense in the same period last year. First quarter 2025 tax expense included a $6 million benefit from a partial release of a valuation allowance on deferred taxes. The tax benefit recognized in the prior quarter was primarily driven by a loss on income before income taxes as a result of nonrecurring items associated with the balance sheet repositioning announced in December 2024. The effective tax rate for the first quarter of 2025 was 16.0% compared to an effective tax rate of 19.8% in the same period last year.
We continue to expect the annual effective tax rate to be between 19% and 21% in 2025.
Credit
First quarter 2025 provision for credit losses on loans was $13 million, compared to a provision of $17 million in the prior quarter and a provision of $24 million in the same period last year. With respect to first quarter 2025 credit quality:
•Nonaccrual loans of $135 million increased $12 million from the prior quarter and decreased $44 million from the same period last year. The nonaccrual loans to total loans ratio was 0.44% in the first quarter, up from 0.41% in the prior quarter and down from 0.60% in the same period last year.
•First quarter 2025 net charge offs of $9 million decreased compared to net charge offs of $12 million in the prior quarter and decreased compared to net charge offs of $22 million in the same period last year.
•The allowance for credit losses on loans (ACLL) of $407 million increased $4 million compared to the prior quarter and increased $19 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the first quarter, down from 1.35% in the prior quarter and up from 1.31% in the same period last year.
In 2025, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.
Capital
The Company’s capital position remains strong, with a CET1 capital ratio of 10.11% at March 31, 2025. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.



FIRST QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 24, 2025. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp first quarter 2025 earnings call. The first quarter 2025 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $43 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD-LOOKING STATEMENTS
Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “intend,” "target,” “outlook,” “project,” “guidance,” “forecast,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.
NON-GAAP FINANCIAL MEASURES
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
# # #


Associated Banc-Corp
Consolidated Balance Sheets (Unaudited)		      
($ in thousands)March 31, 2025December 31, 2024Seql Qtr $ ChangeSeptember 30, 2024June 30, 2024March 31, 2024Comp Qtr $ Change
Assets
Cash and due from banks$521,323 $544,059 $(22,737)$554,631 $470,818 $429,859 $91,464 
Interest-bearing deposits in other financial institutions711,033 453,590 257,443 408,101 484,677 420,114 290,919 
Federal funds sold and securities purchased under agreements to resell105 21,955 (21,850)4,310 3,600 1,610 (1,505)
Investment securities available for sale, at fair value4,796,570 4,581,434 215,136 4,152,527 3,912,730 3,724,148 1,072,422 
Investment securities held to maturity, net, at amortized cost3,705,793 3,738,687 (32,894)3,769,150 3,799,035 3,832,967 (127,174)
Equity securities 23,331 23,242 89 23,158 22,944 19,571 3,760 
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost194,244 179,665 14,578 178,168 212,102 173,968 20,276 
Residential loans held for sale47,611 646,687 (599,076)67,219 83,795 52,414 (4,803)
Commercial loans held for sale7,910 32,634 (24,724)11,833 — — 7,910 
Loans30,294,127 29,768,586 525,541 29,990,897 29,618,271 29,494,263 799,864 
Allowance for loan losses(371,348)(363,545)(7,802)(361,765)(355,844)(356,006)(15,342)
Loans, net29,922,780 29,405,041 517,739 29,629,131 29,262,428 29,138,257 784,523 
Tax credit and other investments254,187 258,886 (4,699)265,385 246,300 255,252 (1,065)
Premises and equipment, net377,521 379,093 (1,572)373,816 369,968 367,618 9,903 
Bank and corporate owned life insurance690,551 689,000 1,552 686,704 683,451 685,089 5,462 
Goodwill1,104,992 1,104,992 — 1,104,992 1,104,992 1,104,992 — 
Other intangible assets, net29,457 31,660 (2,203)33,863 36,066 38,268 (8,811)
Mortgage servicing rights, net86,251 87,683 (1,433)81,977 85,640 85,226 1,025 
Interest receivable159,729 167,772 (8,044)167,777 173,106 167,092 (7,363)
Other assets675,748 676,987 (1,239)698,073 672,256 640,638 35,110 
Total assets$43,309,136 $43,023,068 $286,068 $42,210,815 $41,623,908 $41,137,084 $2,172,052 
Liabilities and stockholders’ equity
Noninterest-bearing demand deposits$6,135,946 $5,775,657 $360,289 $5,857,421 $5,815,045 $6,254,135 $(118,189)
Interest-bearing deposits29,060,767 28,872,777 187,990 27,696,877 26,875,995 27,459,023 1,601,744 
Total deposits35,196,713 34,648,434 548,279 33,554,298 32,691,039 33,713,158 1,483,555 
Short-term funding311,335 470,369 (159,033)917,028 859,539 765,671 (454,336)
FHLB advances2,027,297 1,853,807 173,490 1,913,294 2,673,046 1,333,411 693,886 
Other long-term funding591,382 837,635 (246,253)844,342 536,113 536,055 55,327 
Allowance for unfunded commitments35,276 38,776 (3,500)35,776 33,776 31,776 3,500 
Accrued expenses and other liabilities460,574 568,485 (107,911)532,842 588,057 588,341 (127,767)
Total liabilities38,622,578 38,417,506 205,071 37,797,579 37,381,571 36,968,412 1,654,166 
Stockholders’ equity
Preferred equity194,112 194,112 — 194,112 194,112 194,112 — 
Common equity4,492,446 4,411,450 80,996 4,219,125 4,048,225 3,974,561 517,885 
Total stockholders’ equity4,686,558 4,605,562 80,996 4,413,236 4,242,337 4,168,673 517,885 
Total liabilities and stockholders’ equity$43,309,136 $43,023,068 $286,068 $42,210,815 $41,623,908 $41,137,084 $2,172,052 
Numbers may not recalculate due to rounding conventions.

1



Associated Banc-Corp
Consolidated Statements of Income (Unaudited) - Quarterly Trend
($ in thousands, except per share data)  Seql Qtr   Comp Qtr
1Q254Q24$ Change% Change3Q242Q241Q24$ Change% Change
Interest income
Interest and fees on loans$433,299 $453,253 $(19,954)(4)%$465,728 $456,788 $454,472 $(21,173)(5)%
Interest and dividends on investment securities
Taxable69,702 50,524 19,178 38 %51,229 50,278 46,548 23,154 50 %
Tax-exempt13,956 14,469 (513)(4)%14,660 14,669 14,774 (818)(6)%
Other interest8,920 10,478 (1,558)(15)%8,701 8,539 7,595 1,325 17 %
Total interest income525,877 528,724 (2,847)(1)%540,318 530,274 523,388 2,489 — %
Interest expense
Interest on deposits209,140 222,888 (13,748)(6)%231,623 221,062 226,231 (17,091)(8)%
Interest on federal funds purchased and securities sold under agreements to repurchase3,622 3,203 419 13 %3,385 2,303 2,863 759 27 %
Interest on other short-term funding— 668 (668)(100)%6,144 6,077 4,708 (4,708)(100)%
Interest on FHLB advances16,090 17,908 (1,818)(10)%24,799 34,143 21,671 (5,581)(26)%
Interest on other long-term funding11,085 13,769 (2,684)(19)%11,858 10,096 10,058 1,027 10 %
Total interest expense239,937 258,436 (18,499)(7)%277,809 273,681 265,530 (25,593)(10)%
Net interest income285,941 270,289 15,652 6 %262,509 256,593 257,858 28,083 11 %
Provision for credit losses13,003 16,986 (3,982)(23)%20,991 23,008 24,001 (10,998)(46)%
Net interest income after provision for credit losses272,938 253,303 19,635 8 %241,518 233,585 233,857 39,081 17 %
Noninterest income
Wealth management fees22,498 24,103 (1,605)(7)%24,144 22,628 21,694 804 4 %
Service charges and deposit account fees12,814 13,232 (418)(3)%13,708 12,263 12,439 375 3 %
Card-based fees 10,442 11,948 (1,506)(13)%11,731 11,975 11,267 (825)(7)%
Other fee-based revenue5,251 5,182 68 1 %5,057 4,857 4,402 849 19 %
Capital markets, net 4,345 9,032 (4,687)(52)%4,317 4,685 4,050 295 7 %
Mortgage banking, net3,822 3,387 435 13 %2,132 2,505 2,662 1,160 44 %
Loss on mortgage portfolio sale(6,976)(130,406)123,430 (95)%— — — (6,976)N/M
Bank and corporate owned life insurance5,204 2,322 2,883 124 %4,001 4,584 2,570 2,634 102 %
Asset (losses) gains, net(878)364 (1,242)N/M(474)(627)(306)(572)187 %
Investment securities gains (losses), net4 (148,194)148,198 N/M100 67 3,879 (3,875)(100)%
Other 2,251 2,257 (6)— %2,504 2,222 2,327 (76)(3)%
Total noninterest income (loss)58,776 (206,772)265,549 N/M67,221 65,159 64,985 (6,209)(10)%
Noninterest expense
Personnel123,897 125,944 (2,047)(2)%121,036 121,581 119,395 4,502 4 %
Technology27,139 26,984 154 1 %27,217 27,161 26,200 939 4 %
Occupancy15,381 14,325 1,056 7 %13,536 13,128 13,633 1,748 13 %
Business development and advertising6,386 7,408 (1,022)(14)%6,683 7,535 6,517 (131)(2)%
Equipment4,527 4,729 (202)(4)%4,653 4,450 4,599 (72)(2)%
Legal and professional 6,083 6,861 (778)(11)%5,639 4,429 4,672 1,411 30 %
Loan and foreclosure costs2,594 1,951 642 33 %2,748 1,793 1,979 615 31 %
FDIC assessment10,436 9,139 1,298 14 %8,223 7,131 13,946 (3,510)(25)%
Other intangible amortization2,203 2,203 — — %2,203 2,203 2,203 — — %
Loss on prepayments of FHLB advances— 14,243 (14,243)(100)%— — — — N/M
Other11,974 10,496 1,478 14 %8,659 6,450 4,513 7,461 165 %
Total noninterest expense210,619 224,282 (13,664)(6)%200,597 195,861 197,657 12,962 7 %
Income (loss) before income taxes121,095 (177,752)298,847 N/M108,142 102,884 101,185 19,910 20 %
Income tax expense (benefit) 19,409 (16,137)35,546 N/M20,124 (12,689)20,016 (607)(3)%
Net income (loss) 101,687 (161,615)263,301 N/M88,018 115,573 81,169 20,518 25 %
Preferred stock dividends2,875 2,875 — — %2,875 2,875 2,875 — — %
Net income (loss) available to common equity$98,812 $(164,490)$263,301 N/M$85,143 $112,698 $78,294 $20,518 26 %
Earnings (loss) per common share
Basic$0.60 $(1.04)$1.64 N/M$0.56 $0.75 $0.52 $0.08 15 %
Diluted$0.59 $(1.03)$1.62 N/M$0.56 $0.74 $0.52 $0.07 13 %
Average common shares outstanding
Basic165,228 157,710 7,518 5 %150,247 149,872 149,855 15,373 10 %
Diluted166,604 159,164 7,441 5 %151,492 151,288 151,292 15,312 10 %
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.


2


Associated Banc-Corp
Selected Quarterly Information
($ in millions except per share data; shares repurchased and outstanding in thousands)1Q254Q243Q242Q241Q24
Per common share data
Dividends$0.23 $0.23 $0.22 $0.22 $0.22 
Market value:
High25.63 28.14 23.95 22.48 22.00 
Low21.06 20.64 20.07 19.90 19.73 
Close22.53 23.90 21.54 21.15 21.51 
Book value / share27.09 26.55 27.90 26.85 26.37 
Tangible book value / share20.25 19.71 20.37 19.28 18.78 
Performance ratios (annualized)
Return on average assets0.97 %(1.53)%0.85 %1.13 %0.80 %
Noninterest expense / average assets2.00 %2.12 %1.93 %1.92 %1.95 %
Effective tax rate16.03 %N/M18.61 %(12.33)%19.78 %
Dividend payout ratio(a)
38.33 %N/M39.29 %29.33 %42.31 %
Net interest margin2.97 %2.81 %2.78 %2.75 %2.79 %
Selected trend information
Average full time equivalent employees(b)
4,006 3,982 4,041 4,025 4,070 
Branch count183 188 188 188 188 
Assets under management, at market value(c)
$14,685 $14,773 $15,033 $14,304 $14,171 
Mortgage portfolio serviced for others$6,243 $6,285 $6,302 $6,307 $6,349 
Mortgage servicing rights, net / mortgage portfolio serviced for others1.38 %1.40 %1.30 %1.36 %1.34 %
Shares repurchased during period(d)
900 — — — 900 
Shares outstanding, end of period165,807 166,178 151,213 150,785 150,739 
Selected quarterly ratios
Loans / deposits86.07 %85.92 %89.38 %90.60 %87.49 %
Stockholders’ equity / assets10.82 %10.70 %10.46 %10.19 %10.13 %
Risk-based capital(e)(f)
Total risk-weighted assets$33,801 $33,950 $33,326 $32,768 $32,753 
Common equity Tier 1$3,417 $3,397 $3,238 $3,172 $3,089 
Common equity Tier 1 capital ratio10.11 %10.01 %9.72 %9.68 %9.43 %
Tier 1 capital ratio10.68 %10.58 %10.30 %10.27 %10.02 %
Total capital ratio12.75 %12.61 %12.36 %12.34 %12.08 %
Tier 1 leverage ratio8.69 %8.73 %8.49 %8.37 %8.24 %
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a)Ratio is based upon basic earnings per common share.
(b)Average full time equivalent employees without overtime.
(c)Excludes assets held in brokerage accounts.
(d)Does not include repurchases related to tax withholding on equity compensation.
(e)The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.
(f)March 31, 2025 data is estimated.



3



Associated Banc-Corp
Selected Asset Quality Information		     
($ in thousands)Mar 31, 2025Dec 31, 2024Seql Qtr %
Change		Sep 30, 2024Jun 30, 2024Mar 31, 2024Comp Qtr %
Change
Allowance for loan losses
Balance at beginning of period$363,545 $361,765 — %$355,844 $356,006 $351,094 4 %
Provision for loan losses16,500 14,000 18 %19,000 21,000 27,000 (39)%
Charge offs(13,714)(13,770)— %(15,337)(23,290)(24,018)(43)%
Recoveries5,017 1,551 N/M2,258 2,127 1,930 160 %
Net (charge offs) recoveries(8,698)(12,220)(29)%(13,078)(21,163)(22,088)(61)%
Balance at end of period$371,348 $363,545 2 %$361,765 $355,844 $356,006 4 %
Allowance for unfunded commitments
Balance at beginning of period$38,776 $35,776 8 %$33,776 $31,776 $34,776 12 %
Provision for unfunded commitments(3,500)3,000 N/M2,000 2,000 (3,000)17 %
Balance at end of period$35,276 $38,776 (9)%$35,776 $33,776 $31,776 11 %
Allowance for credit losses on loans (ACLL)$406,624 $402,322 1 %$397,541 $389,620 $387,782 5 %
Provision for credit losses on loans$13,000 $17,000 (24)%$21,000 $23,000 $24,000 (46)%
($ in thousands)Mar 31, 2025Dec 31, 2024Seql Qtr % ChangeSep 30, 2024Jun 30, 2024Mar 31, 2024Comp Qtr %
Change
Net (charge offs) recoveries
Commercial and industrial$(4,726)$(2,406)96 %$(10,649)$(13,676)$(18,638)(75)%
Commercial real estate—owner occupied— — N/M— 1 2 (100)%
Commercial and business lending(4,726)(2,406)96 %(10,649)(13,674)(18,636)(75)%
Commercial real estate—investor(892)(6,617)(87)%(1)(4,569)— N/M
Real estate construction30 4 N/M2 28 30 — %
Commercial real estate lending(863)(6,612)(87)%2 (4,541)30 N/M
Total commercial(5,589)(9,018)(38)%(10,647)(18,216)(18,606)(70)%
Residential mortgage 197 (239)N/M(160)(289)(62)N/M
Auto finance(1,519)(1,782)(15)%(1,281)(1,480)(2,094)(27)%
Home equity 289 277 4 %424 238 211 37 %
Other consumer(2,076)(1,457)42 %(1,414)(1,417)(1,537)35 %
Total consumer(3,109)(3,202)(3)%(2,431)(2,947)(3,482)(11)%
Total net (charge offs) recoveries$(8,698)$(12,220)(29)%$(13,078)$(21,163)$(22,088)(61)%
(In basis points)Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
Net (charge offs) recoveries to average loans (annualized)
Commercial and industrial(18)(9)(43)(55)(77)
Commercial real estate—owner occupied— — — — — 
Commercial and business lending(16)(8)(39)(50)(69)
Commercial real estate—investor(7)(51)— (37)— 
Real estate construction1 — — — 1 
Commercial real estate lending(5)(37)— (25)— 
Total commercial(12)(19)(23)(40)(41)
Residential mortgage 1 (1)(1)(1)— 
Auto finance(22)(26)(19)(24)(35)
Home equity18 17 26 15 14 
Other consumer(268)(208)(216)(221)(232)
Total consumer(11)(11)(8)(10)(13)
Total net (charge offs) recoveries(12)(16)(18)(29)(30)
($ in thousands)Mar 31, 2025Dec 31, 2024Seql Qtr %
Change		Sep 30, 2024Jun 30, 2024Mar 31, 2024Comp Qtr %
Change
Credit quality
Nonaccrual loans$134,808 $123,260 9 %$128,476 $154,423 $178,346 (24)%
Other real estate owned (OREO)23,475 20,217 16 %18,830 8,325 8,437 178 %
Repossessed assets688 687 — %793 671 1,241 (45)%
Total nonperforming assets$158,971 $144,164 10 %$148,098 $163,418 $188,025 (15)%
Loans 90 or more days past due and still accruing$3,036 $3,189 (5)%$7,107 $2,354 $2,417 26 %
Allowance for credit losses on loans to total loans1.34 %1.35 %1.33 %1.32 %1.31 %
Allowance for credit losses on loans to nonaccrual loans301.63 %326.40 %309.43 %252.31 %217.43 %
Nonaccrual loans to total loans0.44 %0.41 %0.43 %0.52 %0.60 %
Nonperforming assets to total loans plus OREO and repossessed assets0.52 %0.48 %0.49 %0.55 %0.64 %
Nonperforming assets to total assets0.37 %0.34 %0.35 %0.39 %0.46 %
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans0.12 %0.23 %0.25 %0.30 %0.30 %


4


Associated Banc-Corp
Selected Asset Quality Information (continued)
($ in thousands)Mar 31, 2025Dec 31, 2024Seql Qtr %
Change		Sep 30, 2024Jun 30, 2024Mar 31, 2024Comp Qtr %
Change
Nonaccrual loans
Commercial and industrial$12,898 $19,084 (32)%$14,369 $21,190 $72,243 (82)%
Commercial real estate—owner occupied1,501 1,501 — %9,285 1,851 2,090 (28)%
Commercial and business lending14,399 20,585 (30)%23,654 23,041 74,333 (81)%
Commercial real estate—investor31,689 16,705 90 %18,913 48,249 18,697 69 %
Real estate construction125 30 N/M15 16 18 N/M
Commercial real estate lending31,814 16,735 90 %18,928 48,265 18,715 70 %
Total commercial46,213 37,320 24 %42,582 71,306 93,047 (50)%
Residential mortgage 72,455 70,038 3 %70,138 68,058 69,954 4 %
Auto finance7,692 7,402 4 %7,456 6,986 7,158 7 %
Home equity8,275 8,378 (1)%8,231 7,996 8,100 2 %
Other consumer173 122 42 %70 77 87 99 %
Total consumer88,595 85,941 3 %85,894 83,117 85,299 4 %
Total nonaccrual loans$134,808 $123,260 9 %$128,476 $154,423 $178,346 (24)%
Mar 31, 2025Dec 31, 2024Seql Qtr %
Change		Sep 30, 2024Jun 30, 2024Mar 31, 2024Comp Qtr %
Change
Restructured loans (accruing)(a)
Commercial and industrial$459 $475 (3)%$424 $410 $377 22 %
Commercial real estate—owner occupied— — N/M— — — N/M
Commercial and business lending459 475 (3)%424 410 377 22 %
Commercial real estate—investor— — N/M— — — N/M
Real estate construction— — N/M— — — N/M
Commercial real estate lending— — N/M— — — N/M
Total commercial459 475 (3)%424 410 377 22 %
Residential mortgage 599 782 (23)%361 306 345 74 %
Auto finance1 8 (88)%35 142 66 (98)%
Home equity171 27 N/M104 103 182 (6)%
Other consumer2,421 2,239 8 %1,642 1,615 1,487 63 %
Total consumer3,192 3,057 4 %2,141 2,166 2,080 53 %
Total restructured loans (accruing)$3,651 $3,531 3 %$2,565 $2,576 $2,457 49 %
Nonaccrual restructured loans (included in nonaccrual loans)$3,451 $2,581 34 %$1,840 $717 $1,141 N/M
Mar 31, 2025Dec 31, 2024Seql Qtr %
Change		Sep 30, 2024Jun 30, 2024Mar 31, 2024Comp Qtr %
Change
Accruing loans 30-89 days past due
Commercial and industrial$7,740 $1,260 N/M$1,212 $2,052 $521 N/M
Commercial real estate—owner occupied1,156 1,634 (29)%2,209 — — N/M
Commercial and business lending8,896 2,893 N/M3,421 2,052 521 N/M
Commercial real estate—investor2,463 36,391 (93)%10,746 1,023 19,164 (87)%
Real estate construction— 21 (100)%88 — 1,260 (100)%
Commercial real estate lending2,463 36,412 (93)%10,834 1,023 20,424 (88)%
Total commercial11,360 39,305 (71)%14,255 3,075 20,945 (46)%
Residential mortgage13,568 14,892 (9)%13,630 10,374 9,903 37 %
Auto finance12,522 14,850 (16)%15,458 15,814 12,521 — %
Home equity3,606 4,625 (22)%3,146 3,694 2,819 28 %
Other consumer(b)
2,381 3,128 (24)%2,163 1,995 2,260 5 %
Total consumer32,076 37,496 (14)%34,397 31,877 27,503 17 %
Total accruing loans 30-89 days past due$43,435 $76,801 (43)%$48,651 $34,952 $48,448 (10)%
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) Balances depict loans that have been modified in the preceding 12 months for each respective period end.
(b) Excluding guaranteed student loans.
5



Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
Three Months Ended
 March 31, 2025December 31, 2024March 31, 2024
($ in thousands)Average
Balance		Interest
Income /Expense		Average
Yield /Rate		Average
Balance		Interest
Income /Expense		Average
Yield /Rate		Average
Balance		Interest
Income /Expense		Average
Yield /Rate
Assets
Earning assets
Loans (a) (b)
Commercial and business lending$11,724,484 $185,985 6.43 %$11,474,489 $194,355 6.74 %$10,816,255 $194,090 7.22 %
Commercial real estate lending7,313,994 121,034 6.71 %7,206,796 128,476 7.09 %7,389,962 138,850 7.56 %
Total commercial19,038,479 307,020 6.54 %18,681,285 322,831 6.88 %18,206,217 332,940 7.35 %
Residential mortgage 7,256,320 66,823 3.68 %7,814,056 70,513 3.61 %7,896,956 68,787 3.48 %
Auto finance2,844,730 39,176 5.59 %2,771,414 39,365 5.65 %2,373,720 32,603 5.52 %
Other retail971,453 20,826 8.63 %935,162 21,041 8.98 %892,128 20,661 9.28 %
Total loans30,110,982 433,844 5.83 %30,201,918 453,750 5.98 %29,369,022 454,991 6.22 %
Investment securities
Taxable 6,398,584 69,919 4.37 %5,745,085 50,752 3.53 %5,517,023 46,727 3.39 %
Tax-exempt(a)
2,016,144 17,666 3.50 %2,085,957 17,653 3.39 %2,133,352 18,024 3.38 %
Other short-term investments757,227 9,111 4.88 %846,195 10,717 5.04 %576,782 8,311 5.80 %
Total investments and other9,171,955 96,696 4.22 %8,677,238 79,122 3.64 %8,227,158 73,062 3.55 %
Total earning assets39,282,937 $530,540 5.45 %38,879,155 $532,871 5.46 %37,596,179 $528,053 5.64 %
Other assets, net3,347,690 3,192,406 3,173,027 
Total assets$42,630,627 $42,071,562 $40,769,206 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$5,162,468 $17,929 1.41 %$5,132,247 $20,120 1.56 %$4,928,031 $21,747 1.77 %
Interest-bearing demand8,031,707 45,430 2.29 %7,623,230 46,061 2.40 %7,490,119 49,990 2.68 %
Money market6,079,551 39,560 2.64 %5,924,269 41,457 2.78 %6,116,604 47,306 3.11 %
Network transaction deposits1,847,972 20,067 4.40 %1,690,745 20,091 4.73 %1,651,937 22,205 5.41 %
Time deposits8,071,642 86,154 4.33 %8,228,420 95,158 4.60 %7,198,315 84,983 4.75 %
Total interest-bearing deposits29,193,341 209,140 2.91 %28,598,911 222,888 3.10 %27,385,005 226,231 3.32 %
Federal funds purchased and securities sold under agreements to repurchase375,910 3,622 3.91 %310,370 3,203 4.11 %263,979 2,863 4.36 %
Other short-term funding31,312 408 5.28 %88,415 1,135 5.11 %449,999 5,603 5.01 %
FHLB advances1,595,972 16,090 4.09 %1,456,087 17,908 4.89 %1,540,247 21,671 5.66 %
Other long-term funding627,658 11,085 7.06 %840,880 13,769 6.55 %539,106 10,058 7.46 %
Total short and long-term funding2,630,852 31,205 4.79 %2,695,752 36,015 5.33 %2,793,331 40,194 5.78 %
Total interest-bearing liabilities31,824,193 $240,345 3.06 %31,294,664 $258,903 3.29 %30,178,337 $266,425 3.55 %
Noninterest-bearing demand deposits5,640,123 5,738,557 5,882,052 
Other liabilities535,732 510,000 527,437 
Stockholders’ equity4,630,578 4,528,342 4,181,381 
Total liabilities and stockholders’ equity$42,630,627 $42,071,562 $40,769,206 
Interest rate spread2.39 %2.17 %2.09 %
Net free funds0.58 %0.64 %0.70 %
Fully tax-equivalent net interest income and net interest margin$290,195 2.97 %$273,968 2.81 %$261,628 2.79 %
Fully tax-equivalent adjustment4,254 3,680 3,770 
Net interest income$285,941 $270,289 $257,858 
Numbers may not recalculate due to rounding conventions.
(a)The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(b)Nonaccrual loans and loans held for sale have been included in the average balances.
6


Associated Banc-Corp
Loan and Deposit Composition		       
($ in thousands)
Period end loan compositionMar 31, 2025Dec 31, 2024Seql Qtr % ChangeSep 30, 2024Jun 30, 2024Mar 31, 2024Comp Qtr % Change
Commercial and industrial$10,925,769 $10,573,741 3 %$10,258,899 $9,970,412 $9,858,329 11 %
Commercial real estate—owner occupied1,118,363 1,143,741 (2)%1,120,849 1,102,146 1,095,894 2 %
Commercial and business lending12,044,132 11,717,483 3 %11,379,748 11,072,558 10,954,223 10 %
Commercial real estate—investor5,597,442 5,227,975 7 %5,070,635 5,001,392 5,035,195 11 %
Real estate construction1,809,054 1,982,632 (9)%2,114,300 2,255,637 2,287,041 (21)%
Commercial real estate lending7,406,496 7,210,607 3 %7,184,934 7,257,029 7,322,237 1 %
Total commercial19,450,628 18,928,090 3 %18,564,683 18,329,587 18,276,460 6 %
Residential mortgage 6,999,654 7,047,541 (1)%7,803,083 7,840,073 7,868,180 (11)%
Auto finance2,878,765 2,810,220 2 %2,708,946 2,556,009 2,471,257 16 %
Home equity 654,140 664,252 (2)%651,379 634,142 619,764 6 %
Other consumer310,940 318,483 (2)%262,806 258,460 258,603 20 %
Total consumer10,843,499 10,840,496 — %11,426,214 11,288,684 11,217,802 (3)%
Total loans$30,294,127 $29,768,586 2 %$29,990,897 $29,618,271 $29,494,263 3 %
Period end deposit and customer funding compositionMar 31, 2025Dec 31, 2024Seql Qtr % ChangeSep 30, 2024Jun 30, 2024Mar 31, 2024Comp Qtr % Change
Noninterest-bearing demand$6,135,946 $5,775,657 6 %$5,857,421 $5,815,045 $6,254,135 (2)%
Savings5,247,291 5,133,295 2 %5,072,508 5,157,103 5,124,639 2 %
Interest-bearing demand9,075,133 9,124,741 (1)%8,605,578 8,284,017 8,747,127 4 %
Money market6,820,038 6,637,915 3 %6,095,206 6,294,895 6,721,674 1 %
Brokered CDs4,197,512 4,276,309 (2)%4,242,670 4,061,578 3,931,230 7 %
Other time deposits3,720,793 3,700,518 1 %3,680,914 3,078,401 2,934,352 27 %
Total deposits35,196,713 34,648,434 2 %33,554,298 32,691,039 33,713,158 4 %
Other customer funding(a)
85,950 100,044 (14)%110,988 89,524 90,536 (5)%
Total deposits and other customer funding$35,282,663 $34,748,478 2 %$33,665,286 $32,780,564 $33,803,694 4 %
Network transaction deposits(b)
$1,882,930 $1,758,388 7 %$1,566,908 $1,502,919 $1,792,820 5 %
Net deposits and other customer funding(c)
$29,202,221 $28,713,780 2 %$27,855,707 $27,216,066 $28,079,644 4 %
Quarter average loan compositionMar 31, 2025Dec 31, 2024Seql Qtr % ChangeSep 30, 2024Jun 30, 2024Mar 31, 2024Comp Qtr % Change
Commercial and industrial$10,583,318 $10,338,865 2 %$9,884,246 $9,915,894 $9,729,718 9 %
Commercial real estate—owner occupied1,141,167 1,135,624 — %1,087,144 1,095,334 1,086,537 5 %
Commercial and business lending11,724,484 11,474,489 2 %10,971,390 11,011,228 10,816,255 8 %
Commercial real estate—investor5,415,412 5,120,608 6 %5,085,090 4,964,394 5,041,518 7 %
Real estate construction1,898,582 2,086,188 (9)%2,150,416 2,285,379 2,348,444 (19)%
Commercial real estate lending7,313,994 7,206,796 1 %7,235,505 7,249,773 7,389,962 (1)%
Total commercial19,038,479 18,681,285 2 %18,206,896 18,261,000 18,206,217 5 %
Residential mortgage7,256,320 7,814,056 (7)%7,888,290 7,905,236 7,896,956 (8)%
Auto finance2,844,730 2,771,414 3 %2,635,890 2,524,107 2,373,720 20 %
Home equity657,625 656,792 — %642,463 630,855 625,686 5 %
Other consumer313,828 278,370 13 %260,547 258,366 266,443 18 %
Total consumer11,072,503 11,520,632 (4)%11,427,191 11,318,564 11,162,805 (1)%
Total loans(d)
$30,110,982 $30,201,918 — %$29,634,087 $29,579,564 $29,369,022 3 %
Quarter average deposit compositionMar 31, 2025Dec 31, 2024Seql Qtr % ChangeSep 30, 2024Jun 30, 2024Mar 31, 2024Comp Qtr % Change
Noninterest-bearing demand$5,640,123 $5,738,557 (2)%$5,652,228 $5,712,115 $5,882,052 (4)%
Savings5,162,468 5,132,247 1 %5,125,147 5,133,688 4,928,031 5 %
Interest-bearing demand8,031,707 7,623,230 5 %7,394,550 7,265,621 7,490,119 7 %
Money market6,079,551 5,924,269 3 %5,942,147 5,995,005 6,116,604 (1)%
Network transaction deposits1,847,972 1,690,745 9 %1,644,305 1,595,312 1,651,937 12 %
Brokered CDs4,315,311 4,514,841 (4)%4,247,941 3,927,727 4,268,881 1 %
Other time deposits3,756,332 3,713,579 1 %3,314,507 2,999,936 2,929,434 28 %
Total deposits34,833,464 34,337,468 1 %33,320,825 32,629,404 33,267,057 5 %
Other customer funding(a)
87,693 94,965 (8)%104,115 87,161 101,483 (14)%
Total deposits and other customer funding$34,921,157 $34,432,433 1 %$33,424,940 $32,716,565 $33,368,540 5 %
Net deposits and other customer funding(c)
$28,757,874 $28,226,848 2 %$27,532,694 $27,193,526 $27,447,723 5 %
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) Includes repurchase agreements.
(b) Included above in interest-bearing demand and money market.
(c) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.
(d) Loans held for sale have been included in the average balances.

7



Associated Banc-Corp
Non-GAAP Financial Measures Reconciliation
($ in millions)1Q254Q243Q242Q241Q24
Selected equity and performance ratios(a)
Tangible common equity / tangible assets(b)
7.96 %7.82 %7.50 %7.18 %7.08 %
Return on average equity8.91 %(14.20)%8.09 %11.16 %7.81 %
Return on average tangible common equity(c)
12.34 %(20.27)%11.52 %16.25 %11.31 %
Return on average common equity Tier 1(c)
11.82 %(19.28)%10.53 %14.54 %10.27 %
Return on average tangible assets(c)
1.01 %(1.55)%0.89 %1.18 %0.84 %
Average stockholders' equity / average assets10.86 %10.76 %10.46 %10.14 %10.26 %
Tangible common equity reconciliation(b)
Common equity$4,492 $4,411 $4,219 $4,048 $3,975 
Goodwill and other intangible assets, net(1,134)(1,137)(1,139)(1,141)(1,143)
Tangible common equity$3,358 $3,275 $3,080 $2,907 $2,831 
Tangible assets reconciliation(b)
Total assets$43,309 $43,023 $42,211 $41,624 $41,137 
Goodwill and other intangible assets, net(1,134)(1,137)(1,139)(1,141)(1,143)
Tangible assets$42,175 $41,886 $41,072 $40,483 $39,994 
Average tangible common equity and average common equity Tier 1 reconciliation(b)
Average common equity$4,436 $4,334 $4,137 $3,972 $3,987 
Average goodwill and other intangible assets, net(1,136)(1,138)(1,140)(1,142)(1,145)
Average tangible common equity3,301 3,196 2,997 2,830 2,843 
   Modified CECL transitional amount— 22 22 22 22 
Average accumulated other comprehensive loss(d)
65 152 173 242 188 
Average deferred tax assets, net25 23 24 25 12 
Average common equity Tier 1$3,390 $3,394 $3,215 $3,118 $3,065 
Average tangible assets reconciliation(b)
Average total assets$42,631 $42,072 $41,390 $41,101 $40,769 
Average goodwill and other intangible assets, net(1,136)(1,138)(1,140)(1,142)(1,145)
Average tangible assets$41,495 $40,934 $40,250 $39,958 $39,625 
Adjusted net income (loss) reconciliation(c)
Net income (loss)$102 $(162)$88 $116 $81 
Other intangible amortization, net of tax2 2 2 2 2 
Adjusted net income (loss)$103 $(160)$90 $117 $83 
Adjusted net income (loss) available to common equity reconciliation(c)
Net income (loss) available to common equity$99 $(164)$85 $113 $78 
Other intangible amortization, net of tax2 2 2 2 2 
Adjusted net income (loss) available to common equity$100 $(163)$87 $114 $80 
Pre-tax pre-provision income (loss)(e)
Income (loss) before income taxes$121 $(178)$108 $103 $101 
Provision for credit losses13 17 21 23 24 
Pre-tax pre-provision income (loss)$134 $(161)$129 $126 $125 
Period end core customer deposits reconciliation
Total deposits$35,197 $34,648 $33,554 $32,691 $33,713 
Network transaction deposits(1,883)(1,758)(1,567)(1,503)(1,793)
Brokered CDs(4,198)(4,276)(4,243)(4,062)(3,931)
Core customer deposits$29,116 $28,614 $27,745 $27,127 $27,989 
Average core customer deposits reconciliation
Average total deposits$34,833 $34,337 $33,321 $32,629 $33,267 
Average network transaction deposits(1,848)(1,691)(1,644)(1,595)(1,652)
Average brokered CDs(4,315)(4,515)(4,248)(3,928)(4,269)
Average core customer deposits$28,670 $28,132 $27,429 $27,106 $27,346 
Numbers may not recalculate due to rounding conventions.
(a)These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.
(b)The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and strength.
(c)Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.
(d)The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital. This adjustment reflects that election.
(e)Management believes this measure is meaningful because it reflects adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods.
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Associated Banc-Corp
Non-GAAP Efficiency Ratios Reconciliation(a)
($ in millions)1Q254Q243Q242Q241Q24
Total expense for efficiency ratios reconciliation
Noninterest expense$211 $224 $201 $196 $198 
Less: Other intangible amortization2 2 2 2 2 
Total expense for fully tax-equivalent efficiency ratio208 222 198 194 195 
Less: FDIC special assessment— — — — 8 
Less: Announced initiatives(b)
— 14 — — — 
Total expense for adjusted efficiency ratio$208 $208 $198 $194 $188 
Total revenue for efficiency ratios reconciliation
Net interest income$286 $270 $263 $257 $258 
Noninterest income59 (207)67 65 65 
Less: Investment securities gains (losses), net— (148)— — 4 
Fully tax-equivalent adjustment4 4 4 4 4 
Total revenue for fully tax-equivalent efficiency ratio349 215 333 325 323 
Less: Announced initiatives(b)
(7)(130)— — — 
Total revenue for adjusted efficiency ratio$356 $346 $333 $325 $323 
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio59.72 %103.11 %59.51 %59.51 %60.56 %
Adjusted efficiency ratio58.55 %60.10 %59.51 %59.51 %58.18 %
Nonrecurring Item Reconciliation
($ in millions, except per share data)4Q244Q24 per share data (diluted)
GAAP net (loss)$(162)$(1.03)
Loss on mortgage portfolio sale(c)
130 0.82 
Provision on initiatives1 0.01 
Net loss on sale of investments(c)
148 0.93 
Loss on prepayments of FHLB advances14 0.09 
FDIC special assessment— — 
Tax effect(39)(0.24)
Net income, excluding nonrecurring items, net of tax94 $0.57 
        Less preferred stock dividends(3)
            Net income available to common equity, excluding nonrecurring items, net of tax$91 
Nonrecurring Item Noninterest Income ReconciliationYTD
($ in millions)1Q25Dec 20244Q24
GAAP noninterest income (loss)$59 $(9)$(207)
Loss on mortgage portfolio sale(c)
7 130 130 
Net loss on sale of investments(c)
— 148 148 
Noninterest income, excluding nonrecurring items$66 $269 $72 
Nonrecurring Item Noninterest Expense ReconciliationYTD
($ in millions)Dec 20244Q24
GAAP noninterest expense$818 $224 
Loss on prepayments of FHLB advances(c)
(14)(14)
Noninterest expense, excluding nonrecurring items$804 $210 
Numbers may not recalculate due to rounding conventions.
(a)Prior periods have been adjusted to conform with current period presentation.
(b)Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio.
(c)These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024.
9