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Associated Banc-Corp Reports Full Year 2023 Earnings of $1.13 Per Common Share, or $2.27 Per Common Share(1) Excluding One Time Items Recognized During the Fourth Quarter

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Associated Banc-Corp (ASB) reported a significant decrease in net income for the year ended December 31, 2023, compared to the previous year. The company's net income available to common equity was $171 million, or $1.13 per common share, a decrease from $355 million, or $2.34 per common share, in 2022. For the quarter ended December 31, 2023, the company reported a loss of $94 million, or $(0.62) per common share, compared to earnings of $106 million, or $0.70 per common share, in the same quarter of 2022. President and CEO Andy Harmening acknowledged the challenges faced by the regional banking industry in 2023 and highlighted the company's response to the uncertain macro environment.
Positive
  • None.
Negative
  • Significant decrease in net income for the year ended December 31, 2023, compared to the previous year
  • Reported loss for the quarter ended December 31, 2023, compared to earnings in the same quarter of 2022

Insights

The reported net income of $171 million by Associated Banc-Corp represents a significant decrease from the previous year's result of $355 million. This drop in annual earnings is a critical metric for stakeholders, as it reflects the company's profitability and potential to provide returns on investment. The quarterly loss of $94 million is particularly concerning, as it contrasts sharply with the $106 million profit from the same quarter in the previous year. This downturn may be indicative of operational challenges or adverse market conditions that have impacted the company's financial performance.

Investors and analysts would closely scrutinize the factors contributing to such a steep decline in profitability. Potential causes could include increased competition, higher loan loss provisions, or reduced interest income. The banking sector's performance is closely tied to the broader economic environment, so macroeconomic factors such as interest rate changes, inflation, or economic slowdowns could also have played a role.

In the long-term, the company's strategic response to these challenges will be of paramount interest. Whether they can adjust their operations, manage risks effectively and capitalize on new opportunities will determine their ability to recover and grow in the future. Stakeholders would need to monitor subsequent financial disclosures and strategic initiatives for signs of recovery or further decline.

The statement by Associated Banc-Corp's CEO highlights that 2023 was an 'extraordinary year for regional banking', which suggests industry-wide challenges. For investors, understanding the broader market trends within the regional banking sector is essential. The performance of individual banks can be heavily influenced by systemic factors such as regulatory changes, shifts in consumer behavior and technological advancements. The loss reported by Associated Banc-Corp may reflect a trend among similar institutions.

It would be beneficial to compare Associated Banc-Corp's financials with its peers to assess whether these results are an outlier or part of a wider industry pattern. If the latter, it could signal a need for sector-wide strategic adjustments. Additionally, the company's ability to address immediate risks while maintaining operational stability will be crucial for sustaining investor confidence. A detailed analysis of the company's risk management strategies and operational efficiency metrics would provide further insights into its potential for resilience and growth.

The mention of an 'uncertain macro environment' by the CEO implies that external economic factors have had a substantial impact on Associated Banc-Corp's performance. Regional banks are typically sensitive to local economic conditions and any economic downturn or instability can result in increased loan defaults and reduced demand for banking services. Investors should consider the economic indicators relevant to the bank's core markets, such as unemployment rates, real estate prices and business activity levels, to gauge the potential for recovery or further challenges.

Additionally, the Federal Reserve's monetary policy, particularly interest rate decisions, has a direct impact on banks' net interest margins. An environment of rising interest rates can be both a boon and a bane for banks, as it can lead to higher interest income but also potentially increase loan defaults. Understanding the interplay between these factors and Associated Banc-Corp's financial performance is essential for a comprehensive analysis of the company's prospects.

GREEN BAY, Wis., Jan. 25, 2024 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $171 million, or $1.13 per common share. These amounts compare to earnings of $355 million, or $2.34 per common share, for the year ended December 31, 2022. For the quarter ended December 31, 2023, the Company reported a loss of $94 million, or $(0.62) per common share. These amounts compare to earnings of $106 million, or $0.70 per common share for the quarter ended December 31, 2022 and earnings of $80 million, or $0.53 per common share for the quarter ended September 30, 2023.

"2023 was an extraordinary year for regional banking," said President and CEO Andy Harmening. "Over the course of the year, the industry was tested in several new ways amid an uncertain macro environment. We addressed the immediate risks, while our colleagues remained forward looking, taking great care of our customers while continuing to execute our people-led, digitally enabled strategy. The results of these efforts were clearly visible in the back half of the year, with diversified loan growth, improving household growth metrics, and 3% core customer deposit1 growth."

"To capitalize on this momentum, we announced the next phase of our strategic plan during the fourth quarter," Harmening continued. "This plan advances our strategy by accelerating the impacts of our initiatives, and importantly, we've already made significant progress as we enter 2024. We look forward to sharing additional updates on our progress throughout the year."

2023 SUMMARY (all comparisons to 2022)

  • End of period total commercial loans increased $202 million to $18.2 billion
  • End of period total consumer loans increased $214 million to $11.0 billion
  • End of period total deposits increased $3.8 billion to $33.4 billion
  • Net interest income increased $82 million to $1.0 billion
  • Noninterest income decreased $219 million to $63 million, including one time items recognized in 4Q 20232
  • Noninterest expense increased $67 million to $814 million, including one time items recognized in 4Q 20233
  • Provision for credit losses was $83 million, compared to a provision of $33 million in 2022
  • Net income available to common equity decreased $183 million to $171 million, including one time items recognized in 4Q 20232,3
  • Earnings per common share decreased $1.21 to $1.13, including one time items recognized in 4Q 20232,3


1

This is a non-GAAP financial measure. See pages 10 and 11 of the attached tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

2

Noninterest income one time items include a $136 million loss on a mortgage portfolio sale and $65 million in investment securities losses associated with the balance sheet repositioning announced during 4Q 2023.

3

Noninterest expense one time items reflect a $31 million expense for the FDIC special assessment. 

Loans

Fourth quarter 2023 period end total loans of $29.2 billion decreased 3%, or $977 million, from the prior quarter, driven primarily by a sale of $969 million in residential mortgages associated with the balance sheet repositioning announced during the fourth quarter of 2023. Compared to the same period last year, period end total loans were up 1%, or $417 million. With respect to fourth quarter 2023 period end balances by loan category:

  • Commercial and business lending decreased $361 million from the prior quarter and increased $42 million from the same period last year to $10.8 billion.
  • Commercial real estate lending increased $46 million from the prior quarter and increased $160 million from the same period last year to $7.4 billion.
  • Total consumer lending decreased $662 million from the prior quarter and increased $214 million from the same period last year to $11.0 billion.

Fourth quarter 2023 average total loans of $30.0 billion were up $68 million from the prior quarter and were up 6%, or $1.8 billion, from the same period last year. With respect to fourth quarter 2023 average balances by loan category:

  • Commercial and business lending decreased $165 million from the prior quarter and increased $290 million from the same period last year to $10.8 billion.
  • Commercial real estate lending increased $85 million from the prior quarter and increased $335 million from the same period last year to $7.4 billion.
  • Total consumer lending increased $148 million from the prior quarter and increased $1.1 billion from the same period last year to $11.7 billion.

Full year 2023 average loans of $29.5 billion were up 13%, or $3.3 billion, from 2022. With respect to full year 2023 average balances by loan category:

  • Commercial and business lending increased $979 million to $10.8 billion.
  • Commercial real estate lending increased $719 million to $7.3 billion.
  • Total consumer lending increased $1.6 billion to $11.4 billion.

In 2024, we expect total loan growth of 4% to 6% on an end of period basis as compared to the year ended December 31, 2023.

Deposits

Fourth quarter 2023 period end deposits of $33.4 billion were up 4%, or $1.3 billion, from the prior quarter and were up 13%, or $3.8 billion from the same period last year. With respect to fourth quarter 2023 period end balances by deposit category:

  • Noninterest-bearing demand deposits decreased $303 million from the prior quarter and decreased $1.6 billion from the same period last year to $6.1 billion.
  • Savings decreased $1 million from the prior quarter and increased $231 million from the same period last year to $4.8 billion.
  • Interest-bearing demand deposits increased $1.3 billion from the prior quarter and increased $1.7 billion from the same period last year to $8.8 billion.
  • Money market deposits decreased $938 million from the prior quarter and decreased $1.9 billion from the same period last year to $6.3 billion.
  • Total time deposits increased $1.2 billion from the prior quarter and increased $5.4 billion from the same period last year to $7.3 billion.
  • Network transaction deposits (included in money market and interest-bearing deposits) decreased $83 million from the prior quarter and increased $587 million from the same period last year to $1.6 billion.

Fourth quarter 2023 average deposits of $32.2 billion were up 1%, or $190 million, from the prior quarter and were up 10%, or $2.9 billion from the same period last year. With respect to fourth quarter 2023 average balances by deposit category:

  • Noninterest-bearing demand deposits decreased $148 million from the prior quarter and decreased $1.9 billion from the same period last year to $6.2 billion.
  • Savings increased $47 million from the prior quarter and increased $201 million from the same period last year to $4.9 billion.
  • Interest-bearing demand deposits increased $177 million from the prior quarter and increased $325 million from the same period last year to $7.2 billion.
  • Money market deposits decreased $173 million from the prior quarter and decreased $1.3 billion from the same period last year to $6.1 billion.
  • Total time deposits increased $309 million from the prior quarter and increased $4.8 billion from the same period last year to $6.3 billion.
  • Network transaction deposits decreased $23 million from the prior quarter and increased $716 million from the same period last year to $1.6 billion.

Full year 2023 average deposits of $31.3 billion were up 9%, or $2.6 billion from 2022. With respect to full year 2023 average balances by deposit category:

  • Noninterest-bearing demand deposits decreased $1.5 billion to $6.6 billion.
  • Savings increased $121 million to $4.8 billion.
  • Interest-bearing demand deposits increased $266 million to $6.9 billion.
  • Money market deposits decreased $496 million to $6.7 billion.
  • Network transaction deposits increased $648 million to $1.5 billion.
  • Total time deposits increased $3.6 billion to $4.9 billion.

In 2024, we expect core customer deposit growth of 3% to 5% on an end of period basis as compared to the year ended December 31, 2023.

Net Interest Income and Net Interest Margin

Full year 2023 net interest income of $1.0 billion was up 9%, or $82 million, from 2022. Net interest margin of

2.81% decreased 10 basis points from the prior year.

  • The average yield on total earning assets increased 178 basis points from the prior year to 5.25%.
  • The average cost of interest-bearing liabilities increased 235 basis points from the prior year to 3.13%.
  • The net free funds benefit increased 47 basis points from the prior year to 0.69%.

Fourth quarter 2023 net interest income of $253 million decreased $1 million from the prior quarter. Net interest margin of 2.69% decreased 2 basis points from the prior quarter. Compared to the same period last year, net interest income decreased 12%, or $36 million, and the net interest margin decreased 62 basis points.

  • The average yield on total earning assets for the fourth quarter of 2023 increased 15 basis points from the prior quarter and increased 105 basis points from the same period last year to 5.51%.
  • The average cost of total interest-bearing liabilities for the fourth quarter of 2023 increased 19 basis points from the prior quarter and increased 197 basis points from the same period last year to 3.55%.
  • The net free funds benefit for the fourth quarter of 2023 increased 2 basis points from the prior quarter and increased 30 basis points from the same period last year to 0.73%.

We expect total net interest income growth of 2% to 4% in 2024.

Noninterest Income

Full year 2023 noninterest income of $63 million decreased $219 million from the prior year. The decrease was primarily driven by one time items associated with the balance sheet repositioning announced during the fourth quarter of 2023, including a $136 million loss on a mortgage portfolio sale and a $65 million net loss on a sale of investments. With respect to 2023 noninterest income line items:

  • Investment securities gains (losses), net decreased $63 million from the prior year, driven primarily by a $65 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2023.
  • Service charges and deposit account fees decreased $13 million from the prior year.
  • Capital markets, net decreased $5 million from the prior year, driven primarily by lower market activity levels.
  • Mortgage banking, net increased $1 million from the prior year.

Fourth quarter 2023 total noninterest income of negative $131 million decreased $198 million from the prior quarter and decreased $193 million from the same period last year. The decrease was primarily driven by one time items associated with the balance sheet repositioning announced during the fourth quarter of 2023, including a $136 million loss on a mortgage portfolio sale and a $65 million net loss on a sale of investments. With respect to fourth quarter 2023 noninterest income line items:

  • Investment securities gains (losses) decreased $59 million from the prior quarter and decreased $57 million from the same period last year, driven primarily by a $65 million net loss on a sale of investments associated with the balance sheet repositioning announced during the fourth quarter of 2023.
  • Mortgage banking, net was $2 million for the fourth quarter, down $5 million from the prior quarter and down $1 million from the same period last year.
  • Service charges and deposit account fees decreased $2 million from the prior quarter and decreased $3 million from the same period last year.
  • Capital markets, net increased $4 million from the prior quarter and increased $4 million from the same period last year.

After adjusting to exclude the impact of one time items associated with the balance sheet repositioning announced during the fourth quarter of 2023, we expect total noninterest income to decrease by 0% to 2% in 2024.

Noninterest Expense

Full year 2023 noninterest expense of $814 million increased 9%, or $67 million, from the prior year, including a $31 million expense for the FDIC special assessment that was finalized during the fourth quarter of 2023. With respect to full year 2023 noninterest expense line items:

  • FDIC assessment expense increased $44 million from the prior year, driven primarily by a $31 million expense for the special assessment finalized during the fourth quarter of 2023.
  • Personnel expense increased $14 million from the prior year, largely driven by increased merit and benefits expense.
  • Technology expense increased $11 million from the prior year, driven by digital investments tied to our strategic initiatives.
  • Business development and advertising increased $3 million from the prior year as business activity picked up throughout the year.

Fourth quarter 2023 noninterest expense of $239 million increased $43 million from the prior quarter and increased $43 million from the same period last year, driven primarily by a $31 million expense for the FDIC special assessment finalized during the fourth quarter of 2023. With respect to fourth quarter 2023 noninterest expense line items:

  • FDIC assessment expense increased $32 million from the prior quarter and $35 million from the same period last year, primarily driven by the $31 million special assessment finalized during the fourth quarter of 2023.
  • Personnel expense increased $4 million from the prior quarter and increased $2 million from the same period last year.
  • Technology expense increased $2 million from the prior quarter and increased $3 million from the same period last year.

After adjusting to exclude the impact of the FDIC special assessment, we expect total noninterest expense to grow by 2% to 3% in 2024.

Taxes

The fourth quarter 2023 had tax benefit of $47 million compared to $19 million of tax expense in the prior quarter and $25 million of tax expense in the same period last year, driven primarily by the previously announced one time items impacting financial results during the fourth quarter of 2023.

In 2024, we expect the annual effective tax rate to be between 19% and 21%, assuming no change in the corporate tax rate.

Credit

Full year 2023 provision for credit losses was $83 million, compared to a provision of $33 million in the prior year. The increase in provision in 2023 was primarily driven by loan growth related to our strategic initiatives.

The fourth quarter 2023 provision for credit losses was $21 million, compared to a provision of $22 million in the prior quarter and a provision of $20 million in the same period last year. With respect to fourth quarter 2023 credit quality:

  • Nonaccrual loans of $149 million decreased $20 million, or 12%, from the prior quarter and increased $38 million, or 34%, from the same period last year. The nonaccrual loans to total loans ratio was 0.51% in the fourth quarter, down from 0.56% in the prior quarter and up from 0.39% in the same period last year.
  • Net charge offs of $16 million decreased $3 million, or 15%, from the prior quarter and increased $15 million from the same period last year as we began to see limited credit migration during 2023.
  • The allowance for credit losses on loans (ACLL) of $386 million increased $5 million from the prior quarter and increased $34 million from the same period last year. The ACLL to total loans ratio was 1.32% in the fourth quarter, up from 1.26% in the prior quarter and up from 1.22% in the same period last year.

In 2024, we expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.

Capital

The Company's capital position remains strong, with a CET1 capital ratio of 9.39% at December 31, 2023. The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis.

FOURTH QUARTER 2023 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 25, 2024. 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 fourth quarter 2023 earnings call. The fourth quarter 2023 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $41 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 and Minnesota. The Company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD-LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "will," "intend," "target," "outlook," "project," "guidance," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.

NON-GAAP FINANCIAL MEASURES

This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

Associated Banc-Corp

Consolidated Balance Sheets (Unaudited)








($ in thousands)

December 31,
2023

September 30,
2023

Seql Qtr $
Change

June 30,
2023

March 31,
2023

December 31,
2022

Comp Qtr $
Change

Assets








Cash and due from banks

$      484,384

$        388,694

$     95,690

$       407,620

$        311,269

$      436,952

$        47,432

Interest-bearing deposits in other financial institutions

425,089

323,130

101,959

190,881

511,116

156,693

268,396

Federal funds sold and securities purchased under agreements to resell

14,350

965

13,385

31,160

455

27,810

(13,460)

Investment securities available for sale, at fair value

3,600,892

3,491,679

109,213

3,504,777

3,381,607

2,742,025

858,867

Investment securities held to maturity, net, at amortized cost

3,860,160

3,900,415

(40,255)

3,938,877

3,967,058

3,960,398

(100,238)

Equity securities

41,651

35,937

5,714

30,883

30,514

25,216

16,435

Federal Home Loan Bank and Federal Reserve Bank stocks, at cost

229,171

268,698

(39,527)

271,637

331,420

295,496

(66,325)

Residential loans held for sale

33,011

54,790

(21,779)

38,083

35,742

20,383

12,628

Commercial loans held for sale

90,303

—

90,303

15,000

33,490

—

90,303

Loans

29,216,218

30,193,187

(976,969)

29,848,904

29,207,072

28,799,569

416,649

Allowance for loan losses

(351,094)

(345,795)

(5,299)

(338,750)

(326,432)

(312,720)

(38,374)

Loans, net

28,865,124

29,847,392

(982,268)

29,510,153

28,880,640

28,486,849

378,275

Tax credit and other investments

258,067

256,905

1,162

263,583

269,269

276,773

(18,706)

Premises and equipment, net

372,978

373,017

(39)

374,866

375,540

376,906

(3,928)

Bank and corporate owned life insurance

682,649

679,775

2,874

678,578

677,328

676,530

6,119

Goodwill

1,104,992

1,104,992

—

1,104,992

1,104,992

1,104,992

—

Other intangible assets, net

40,471

42,674

(2,203)

44,877

47,079

49,282

(8,811)

Mortgage servicing rights, net

84,390

89,131

(4,741)

80,449

74,479

77,351

7,039

Interest receivable

169,569

171,119

(1,550)

159,185

152,404

144,449

25,120

Other assets

658,604

608,068

50,536

573,870

518,115

547,621

110,983

Total assets

$ 41,015,855

$    41,637,381

$ (621,526)

$  41,219,473

$    40,702,519

$ 39,405,727

$   1,610,128

Liabilities and stockholders' equity








Noninterest-bearing demand deposits

$   6,119,956

$      6,422,994

$ (303,038)

$    6,565,666

$      7,328,689

$   7,760,811

$  (1,640,855)

Interest-bearing deposits

27,326,093

25,700,332

1,625,761

25,448,743

23,003,134

21,875,343

5,450,750

Total deposits

33,446,049

32,123,326

1,322,723

32,014,409

30,331,824

29,636,154

3,809,895

Federal funds purchased and securities sold under agreements to repurchase

326,780

451,644

(124,864)

325,927

208,398

585,139

(258,359)

Commercial paper

—

—

—

15,327

18,210

20,798

(20,798)

FHLB advances

1,940,194

3,733,041

(1,792,847)

3,630,747

4,986,138

4,319,861

(2,379,667)

Other long-term funding

541,269

529,459

11,810

534,273

544,103

248,071

293,198

Allowance for unfunded commitments

34,776

34,776

—

38,276

39,776

38,776

(4,000)

Accrued expenses and other liabilities

552,814

637,491

(84,677)

537,640

448,407

541,438

11,376

Total liabilities

36,841,882

37,509,738

(667,856)

37,096,599

36,576,856

35,390,237

1,451,645

Stockholders' equity








Preferred equity

194,112

194,112

—

194,112

194,112

194,112

—

Common equity

3,979,861

3,933,531

46,330

3,928,762

3,931,551

3,821,378

158,483

Total stockholders' equity

4,173,973

4,127,643

46,330

4,122,874

4,125,663

4,015,490

158,483

Total liabilities and stockholders' equity

$ 41,015,855

$    41,637,381

$ (621,526)

$  41,219,473

$    40,702,519

$ 39,405,727

$   1,610,128


Numbers may not sum due to rounding.

 

Associated Banc-Corp

Consolidated Statements of Income (Unaudited)

Comp Qtr

YTD

YTD

Comp YTD

($ in thousands, except per share data)

4Q23

4Q22

$ Change

% Change

Dec 2023

Dec 2022

$ Change

% Change

Interest income









Interest and fees on loans

$     457,868

$     349,403

$ 108,465

31 %

$  1,720,406

$     992,642

$ 727,764

73 %

Interest and dividends on investment securities









Taxable

41,809

21,435

20,374

95 %

146,006

75,444

70,562

94 %

Tax-exempt

15,273

16,666

(1,393)

(8) %

63,233

65,691

(2,458)

(4) %

Other interest

10,418

3,779

6,639

176 %

28,408

11,475

16,933

148 %

Total interest income

525,367

391,283

134,084

34 %

1,958,052

1,145,252

812,800

71 %

Interest expense









Interest on deposits

208,875

60,719

148,156

N/M

673,624

98,309

575,315

N/M

Interest on federal funds purchased and securities sold under agreements to repurchase

3,734

2,280

1,454

64 %

12,238

3,480

8,758

N/M

Interest on other short-term funding

—

—

—

N/M

1

2

(1)

(50) %

Interest on FHLB Advances

49,171

36,824

12,347

34 %

196,535

75,487

121,048

160 %

Interest on long-term funding

10,185

2,470

7,715

N/M

36,080

10,653

25,427

N/M

Total interest expense

271,965

102,294

169,671

166 %

918,479

187,931

730,548

N/M

Net interest income

253,403

288,989

(35,586)

(12) %

1,039,573

957,321

82,252

9 %

Provision for credit losses

21,007

19,992

1,015

5 %

83,021

32,998

50,023

152 %

Net interest income after provision for credit losses

232,395

268,997

(36,602)

(14) %

956,552

924,323

32,229

3 %

Noninterest income









Wealth management fees

21,003

20,403

600

3 %

82,502

84,122

(1,620)

(2) %

Service charges and deposit account fees

10,815

13,918

(3,103)

(22) %

49,045

62,310

(13,265)

(21) %

Card-based fees

11,528

11,167

361

3 %

45,020

44,014

1,006

2 %

Other fee-based revenue

4,019

3,290

729

22 %

17,268

15,903

1,365

9 %

Capital markets, net 

9,106

5,586

3,520

63 %

24,649

29,917

(5,268)

(18) %

Mortgage banking, net

1,615

2,238

(623)

(28) %

19,429

18,873

556

3 %

Loss on mortgage portfolio sale

(136,239)

—

(136,239)

N/M

(136,239)

—

(136,239)

N/M

Bank and corporate owned life insurance

3,383

3,427

(44)

(1) %

10,266

11,431

(1,165)

(10) %

Asset gains (losses), net

(136)

(545)

409

(75) %

454

1,338

(884)

(66) %

Investment securities gains (losses), net

(58,958)

(1,930)

(57,028)

N/M

(58,903)

3,746

(62,649)

N/M

Other 

2,850

4,102

(1,252)

(31) %

9,691

10,715

(1,024)

(10) %

Total noninterest income (loss)

(131,013)

61,657

(192,670)

N/M

63,182

282,370

(219,188)

(78) %

Noninterest expense









Personnel

120,686

118,381

2,305

2 %

468,355

454,101

14,254

3 %

Technology

28,027

25,299

2,728

11 %

102,018

90,700

11,318

12 %

Occupancy

14,429

15,846

(1,417)

(9) %

57,204

59,794

(2,590)

(4) %

Business development and advertising

8,350

8,136

214

3 %

28,405

25,525

2,880

11 %

Equipment

4,742

4,791

(49)

(1) %

19,663

19,632

31

— %

Legal and professional

6,762

4,132

2,630

64 %

19,911

18,250

1,661

9 %

Loan and foreclosure costs

585

804

(219)

(27) %

5,408

5,925

(517)

(9) %

FDIC assessment

41,497

6,350

35,147

N/M

67,072

22,650

44,422

196 %

Other intangible amortization

2,203

2,203

—

— %

8,811

8,811

—

— %

Other

12,110

10,618

1,492

14 %

36,837

41,675

(4,838)

(12) %

Total noninterest expense

239,391

196,560

42,831

22 %

813,682

747,063

66,619

9 %

Income (loss) before income taxes

(138,009)

134,094

(272,103)

N/M

206,052

459,630

(253,578)

(55) %

Income tax expense (benefit)

(47,202)

25,332

(72,534)

N/M

23,097

93,508

(70,411)

(75) %

Net income (loss)

(90,806)

108,762

(199,568)

N/M

182,956

366,122

(183,166)

(50) %

Preferred stock dividends

2,875

2,875

—

— %

11,500

11,500

—

— %

Net income (loss) available to common equity

$     (93,681)

$     105,887

$ (199,568)

N/M

$     171,456

$     354,622

$ (183,166)

(52) %

Earnings (loss) per common share









Basic

$        (0.63)

$          0.70

$     (1.33)

N/M

$          1.14

$          2.36

$     (1.22)

(52) %

Diluted

$        (0.62)

$          0.70

$     (1.32)

N/M

$          1.13

$          2.34

$     (1.21)

(52) %

Average common shares outstanding









Basic

150,085

149,454

631

— %

149,968

149,162

806

1 %

Diluted

151,007

150,886

121

— %

150,860

150,496

364

— %


N/M = Not meaningful

Numbers may not sum due to rounding.

 

Associated Banc-Corp
Consolidated Statements of Income (Unaudited) - Quarterly Trend

($ in thousands, except per share data)



Seql Qtr




Comp Qtr

4Q23

3Q23

$ Change

% Change

2Q23

1Q23

4Q22

$ Change

% Change

Interest income










Interest and fees on loans

$  457,868

$  447,912

$     9,956

2 %

$  423,307

$  391,320

$  349,403

$  108,465

31 %

Interest and dividends on investment securities










Taxable

41,809

38,210

3,599

9 %

35,845

30,142

21,435

20,374

95 %

Tax-exempt

15,273

15,941

(668)

(4) %

15,994

16,025

16,666

(1,393)

(8) %

Other interest

10,418

6,575

3,843

58 %

6,086

5,329

3,779

6,639

176 %

Total interest income

525,367

508,637

16,730

3 %

481,231

442,817

391,283

134,084

34 %

Interest expense










Interest on deposits

208,875

193,131

15,744

8 %

162,196

109,422

60,719

148,156

N/M

Interest on federal funds purchased and securities sold under agreements to repurchase

3,734

3,100

634

20 %

2,261

3,143

2,280

1,454

64 %

Interest on FHLB advances

49,171

48,143

1,028

2 %

49,261

49,960

36,824

12,347

34 %

Interest on long-term funding

10,185

10,019

166

2 %

9,596

6,281

2,470

7,715

N/M

Total interest expense

271,965

254,394

17,571

7 %

223,314

168,807

102,294

169,671

166 %

Net interest income

253,403

254,244

(841)

— %

257,917

274,010

288,989

(35,586)

(12) %

Provision for credit losses

21,007

21,943

(936)

(4) %

22,100

17,971

19,992

1,015

5 %

Net interest income after provision for credit losses

232,395

232,301

94

— %

235,817

256,039

268,997

(36,602)

(14) %

Noninterest income










Wealth management fees

21,003

20,828

175

1 %

20,483

20,189

20,403

600

3 %

Service charges and deposit account fees

10,815

12,864

(2,049)

(16) %

12,372

12,994

13,918

(3,103)

(22) %

Card-based fees

11,528

11,510

18

— %

11,396

10,586

11,167

361

3 %

Other fee-based revenue

4,019

4,509

(490)

(11) %

4,465

4,276

3,290

729

22 %

Capital markets, net

9,106

5,368

3,738

70 %

5,093

5,083

5,586

3,520

63 %

Mortgage banking, net

1,615

6,501

(4,886)

(75) %

7,768

3,545

2,238

(623)

(28) %

Loss on mortgage portfolio sale

(136,239)

—

(136,239)

N/M

—

—

—

(136,239)

N/M

Bank and corporate owned life insurance

3,383

2,047

1,336

65 %

2,172

2,664

3,427

(44)

(1) %

Asset gains (losses), net

(136)

625

(761)

N/M

(299)

263

(545)

409

(75) %

Investment securities gains (losses), net

(58,958)

(11)

(58,947)

N/M

14

51

(1,930)

(57,028)

N/M

Other

2,850

2,339

511

22 %

2,080

2,422

4,102

(1,252)

(31) %

Total noninterest income (loss)

(131,013)

66,579

(197,592)

N/M

65,543

62,073

61,657

(192,670)

N/M

Noninterest expense










Personnel

120,686

117,159

3,527

3 %

114,089

116,420

118,381

2,305

2 %

Technology

28,027

26,172

1,855

7 %

24,220

23,598

25,299

2,728

11 %

Occupancy

14,429

14,125

304

2 %

13,587

15,063

15,846

(1,417)

(9) %

Business development and advertising

8,350

7,100

1,250

18 %

7,106

5,849

8,136

214

3 %

Equipment

4,742

5,016

(274)

(5) %

4,975

4,930

4,791

(49)

(1) %

Legal and professional

6,762

4,461

2,301

52 %

4,831

3,857

4,132

2,630

64 %

Loan and foreclosure costs

585

2,049

(1,464)

(71) %

1,635

1,138

804

(219)

(27) %

FDIC assessment

41,497

9,150

32,347

N/M

9,550

6,875

6,350

35,147

N/M

Other intangible amortization

2,203

2,203

—

— %

2,203

2,203

2,203

—

— %

Other

12,110

8,771

3,339

38 %

8,476

7,479

10,618

1,492

14 %

Total noninterest expense

239,391

196,205

43,186

22 %

190,673

187,412

196,560

42,831

22 %

Income (loss) before income taxes

(138,009)

102,674

(240,683)

N/M

110,687

130,700

134,094

(272,103)

N/M

Income tax expense (benefit)

(47,202)

19,426

(66,628)

N/M

23,533

27,340

25,332

(72,534)

N/M

Net income (loss)

(90,806)

83,248

(174,054)

N/M

87,154

103,360

108,762

(199,568)

N/M

Preferred stock dividends

2,875

2,875

—

— %

2,875

2,875

2,875

—

— %

Net income (loss) available to common equity

$  (93,681)

$    80,373

$ (174,054)

N/M

$    84,279

$  100,485

$  105,887

$ (199,568)

N/M

Earnings (loss) per common share










Basic

$      (0.63)

$       0.53

$      (1.16)

N/M

$       0.56

$       0.67

$       0.70

$      (1.33)

N/M

Diluted

$      (0.62)

$       0.53

$      (1.15)

N/M

$       0.56

$       0.66

$       0.70

$      (1.32)

N/M

Average common shares outstanding










Basic

150,085

150,035

50

— %

149,986

149,763

149,454

631

— %

Diluted

151,007

151,014

(7)

— %

150,870

151,128

150,886

121

— %


N/M = Not meaningful

Numbers may not sum due to rounding.

 

Associated Banc-Corp

Selected Quarterly Information








($ in millions except per share data; shares repurchased and outstanding in thousands)

YTD

Dec 2023

YTD

Dec 2022

4Q23

3Q23

2Q23

1Q23

4Q22

Per common share data








Dividends

$      0.85

$      0.81

$      0.22

$      0.21

$      0.21

$      0.21

$      0.21

Market value:








High

24.18

25.71

21.79

19.21

18.45

24.18

25.13

Low

14.48

17.63

15.45

16.22

14.48

17.66

20.54

Close



21.39

17.11

16.23

17.98

23.09

Book value / share



26.35

26.06

26.03

26.06

25.40

Tangible book value / share



18.77

18.46

18.41

18.42

17.73

Performance ratios (annualized)








Return on average assets

0.45 %

1.00 %

(0.87) %

0.80 %

0.86 %

1.06 %

1.12 %

Noninterest expense / average assets

2.00 %

2.04 %

2.30 %

1.90 %

1.89 %

1.92 %

2.03 %

Effective tax rate

11.21 %

20.34 %

N/M

18.92 %

21.26 %

20.92 %

18.89 %

Dividend payout ratio(a)

74.56 %

34.32 %

N/M

39.62 %

37.50 %

31.34 %

30.00 %

Net interest margin

2.81 %

2.91 %

2.69 %

2.71 %

2.80 %

3.07 %

3.31 %

Selected trend information








Average full time equivalent employees(b)

4,199

4,118

4,130

4,220

4,227

4,219

4,169

Branch count



196

202

202

202

202

Assets under management, at market value(c)



$   13,545

$   12,543

$   12,995

$   12,412

$   11,843

Mortgage loans originated for sale during period

$       396

$       600

$       112

$       115

$         99

$         69

$         64

Mortgage loan settlements during period(d)

$    1,212

$       715

$       957

$       103

$         97

$         55

$         95

Mortgage portfolio loans transferred to held for sale during period(d)

$       969

$         —

$       969

$         —

$         —

$         —

$         —

Mortgage portfolio serviced for others(d)



$    7,364

$    6,452

$    6,525

$    6,612

$    6,712

Mortgage servicing rights, net / mortgage portfolio serviced for others(d)



1.15 %

1.38 %

1.23 %

1.13 %

1.15 %

Shares outstanding, end of period



151,037

150,951

150,919

150,886

150,444

Selected quarterly ratios








Loans / deposits



87.35 %

93.99 %

93.24 %

96.29 %

97.18 %

Stockholders' equity / assets



10.18 %

9.91 %

10.00 %

10.14 %

10.19 %

Risk-based capital(e)(f)








Total risk-weighted assets



$   32,732

$   33,497

$   33,144

$   32,646

$   32,470

Common equity Tier 1



$    3,075

$    3,197

$    3,143

$    3,086

$    3,036

Common equity Tier 1 capital ratio



9.39 %

9.55 %

9.48 %

9.45 %

9.35 %

Tier 1 capital ratio



9.99 %

10.12 %

10.07 %

10.05 %

9.95 %

Total capital ratio



12.21 %

12.25 %

12.22 %

12.22 %

11.33 %

Tier 1 leverage ratio



8.06 %

8.42 %

8.40 %

8.46 %

8.59 %


N/M = Not meaningful

Numbers may not sum due to rounding.

(a)

Ratio is based upon basic earnings per common share.

(b)

Average full time equivalent employees without overtime.

(c)

Excludes assets held in brokerage accounts.

(d)

During the fourth quarter of 2023, the Corporation transferred $969 million of residential mortgages into held for sale and subsequently sold them for $844 million. After sale, the servicing has been retained for a short period until full servicing can be transferred to the purchaser.

(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) 

December 31, 2023 data is estimated.

 

Associated Banc-Corp

Selected Asset Quality Information






($ in thousands)

Dec 31, 2023

Sep 30, 2023

Seql Qtr %
Change

Jun 30, 2023

Mar 31, 2023

Dec 31, 2022

Comp Qtr %
Change

Allowance for loan losses








Balance at beginning of period

$    345,795

$    338,750

2 %

$    326,432

$    312,720

$    292,904

18 %

Provision for loan losses

21,000

25,500

(18) %

23,500

17,000

21,000

— %

Charge offs

(17,878)

(20,535)

(13) %

(14,855)

(5,501)

(2,982)

N/M

Recoveries

2,177

2,079

5 %

3,674

2,212

1,798

21 %

Net (charge offs) recoveries

(15,701)

(18,455)

(15) %

(11,181)

(3,289)

(1,183)

N/M

Balance at end of period

$    351,094

$    345,795

2 %

$    338,750

$    326,432

$    312,720

12 %

Allowance for unfunded commitments








Balance at beginning of period

$      34,776

$      38,276

(9) %

$      39,776

$      38,776

$      39,776

(13) %

Provision for unfunded commitments

—

(3,500)

(100) %

(1,500)

1,000

(1,000)

(100) %

Balance at end of period

$      34,776

$      34,776

— %

$      38,276

$      39,776

$      38,776

(10) %

Allowance for credit losses on loans (ACLL)

$    385,870

$    380,571

1 %

$    377,027

$    366,208

$    351,496

10 %

Provision for credit losses on loans

$      21,000

$      22,000

(5) %

$      22,000

$      18,000

$      20,000

5 %

($ in thousands)

Dec 31, 2023

Sep 30, 2023

Seql Qtr %
Change

Jun 30, 2023

Mar 31, 2023

Dec 31, 2022

Comp Qtr %

Change

Net (charge offs) recoveries








Commercial and industrial

$    (13,178)

$    (16,558)

(20) %

$    (11,177)

$      (1,759)

$          278

N/M

Commercial real estate—owner occupied

(22)

2

N/M

3

3

3

N/M

Commercial and business lending

(13,200)

(16,556)

(20) %

(11,174)

(1,756)

281

N/M

Commercial real estate—investor

216

272

(21) %

2,276

—

—

N/M

Real estate construction

38

18

111 %

(18)

18

16

138 %

Commercial real estate lending

253

290

(13) %

2,257

18

16

N/M

Total commercial

(12,947)

(16,266)

(20) %

(8,917)

(1,738)

297

N/M

Residential mortgage

(53)

(22)

141 %

(283)

(53)

(125)

(58) %

Auto finance

(1,436)

(1,269)

13 %

(1,048)

(957)

(768)

87 %

Home equity

185

128

45 %

183

340

123

50 %

Other consumer

(1,450)

(1,027)

41 %

(1,117)

(881)

(711)

104 %

Total consumer

(2,754)

(2,189)

26 %

(2,264)

(1,550)

(1,480)

86 %

Total net (charge offs) recoveries

$    (15,701)

$    (18,455)

(15) %

$    (11,181)

$      (3,289)

$      (1,183)

N/M

(In basis points)

Dec 31, 2023

Sep 30, 2023


Jun 30, 2023

Mar 31, 2023

Dec 31, 2022


Net (charge offs) recoveries to average loans (annualized)








Commercial and industrial

(54)

(66)


(46)

(7)

1


Commercial real estate—owner occupied

(1)

—


—

—

—


Commercial and business lending

(48)

(60)


(41)

(7)

1


Commercial real estate—investor

2

2


18

—

—


Real estate construction

1

—


—

—

—


Commercial real estate lending

1

2


12

—

—


Total commercial

(28)

(35)


(20)

(4)

1


Residential mortgage

—

—


(1)

—

(1)


Auto finance

(27)

(27)


(25)

(26)

(24)


Home equity

12

8


12

22

8


Other consumer

(208)

(148)


(163)

(125)

(95)


Total consumer

(9)

(7)


(8)

(6)

(6)


Total net (charge offs) recoveries

(21)

(25)


(15)

(5)

(2)


($ in thousands)

Dec 31, 2023

Sep 30, 2023

Seql Qtr %

Change

Jun 30, 2023

Mar 31, 2023

Dec 31, 2022

Comp Qtr %

Change

Credit quality








Nonaccrual loans

$    148,997

$    168,558

(12) %

$    131,278

$    117,569

$    111,467

34 %

Other real estate owned (OREO)

10,506

8,452

24 %

7,575

15,184

14,784

(29) %

Repossessed assets

$          919

$          658

40 %

$          348

$            92

$          215

N/M

Total nonperforming assets

$    160,421

$    177,668

(10) %

$    139,201

$    132,845

$    126,466

27 %

Loans 90 or more days past due and still accruing

$      21,689

$        2,156

N/M

$        1,726

$        1,703

$        1,728

N/M

Allowance for credit losses on loans to total loans

1.32 %

1.26 %


1.26 %

1.25 %

1.22 %


Allowance for credit losses on loans to nonaccrual loans

258.98 %

225.78 %


287.20 %

311.48 %

315.34 %


Nonaccrual loans to total loans

0.51 %

0.56 %


0.44 %

0.40 %

0.39 %


Nonperforming assets to total loans plus OREO and repossessed assets

0.55 %

0.59 %


0.47 %

0.45 %

0.44 %


Nonperforming assets to total assets

0.39 %

0.43 %


0.34 %

0.33 %

0.32 %


Annualized year-to-date net charge offs (recoveries) to year-to-date average loans

0.16 %

0.15 %


0.10 %

0.05 %

— %



N/M = Not meaningful

 

Associated Banc-Corp
Selected Asset Quality Information (continued)

(In thousands)

Dec 31, 2023

Sep 30, 2023

Seql Qtr %
Change

Jun 30, 2023

Mar 31, 2023

Dec 31, 2022

Comp Qtr %
Change

Nonaccrual loans








Commercial and industrial

$         62,022

$         74,812

(17) %

$         34,907

$         22,735

$         14,329

N/M

Commercial real estate—owner occupied

1,394

3,936

(65) %

1,444

1,478

—

N/M

Commercial and business lending

63,416

78,748

(19) %

36,352

24,213

14,329

N/M

Commercial real estate—investor

—

10,882

(100) %

22,068

25,122

29,380

(100) %

Real estate construction

6

103

(94) %

125

178

105

(94) %

Commercial real estate lending

6

10,985

(100) %

22,193

25,300

29,485

(100) %

Total commercial

63,422

89,732

(29) %

58,544

49,513

43,814

45 %

Residential mortgage

71,142

66,153

8 %

61,718

58,274

58,480

22 %

Auto finance

5,797

4,533

28 %

3,065

2,436

1,490

N/M

Home equity

8,508

7,917

7 %

7,788

7,246

7,487

14 %

Other consumer

128

222

(42) %

163

100

197

(35) %

Total consumer

85,574

78,826

9 %

72,733

68,056

67,654

26 %

Total nonaccrual loans

$       148,997

$       168,558

(12) %

$       131,278

$       117,569

$       111,467

34 %


Dec 31, 2023

Sep 30, 2023

Seql Qtr %
Change

Jun 30, 2023

Mar 31, 2023

Dec 31, 2022

Comp Qtr %
Change

Restructured loans (accruing)(a)








Commercial and industrial

$             306

$             234

31 %

$             168

$               47

$         12,453

N/A

Commercial real estate—owner occupied

—

—

N/M

—

—

316

N/A

Commercial and business lending

306

234

31 %

168

47

12,769

N/A

Commercial real estate—investor

—

—

N/M

—

—

128

N/A

Real estate construction

—

—

N/M

—

—

195

N/A

Commercial real estate lending

—

—

N/M

—

—

324

N/A

Total commercial

306

234

31 %

168

47

13,093

N/A

Residential mortgage

405

207

96 %

126

126

16,829

N/A

Auto finance

255

169

51 %

80

61

—

N/A

Home equity

305

236

29 %

78

31

2,148

N/A

Other consumer

1,449

1,243

17 %

988

498

798

N/A

Total consumer

2,414

1,855

30 %

1,271

716

19,775

N/A

Total restructured loans (accruing)

$           2,719

$           2,089

30 %

$           1,439

$             763

$         32,868

N/A

Nonaccrual restructured loans (included in nonaccrual loans)

$             805

$             961

(16) %

$             796

$             341

$         20,127

N/A


Dec 31, 2023

Sep 30, 2023

Seql Qtr %
Change

Jun 30, 2023

Mar 31, 2023

Dec 31, 2022

Comp Qtr %
Change

Accruing loans 30-89 days past due








Commercial and industrial

$           5,565

$           1,507

N/M

$         12,005

$           4,239

$           6,283

(11) %

Commercial real estate—owner occupied

358

1,877

(81) %

1,484

2,955

230

56 %

Commercial and business lending

5,923

3,384

75 %

13,489

7,195

6,512

(9) %

Commercial real estate—investor

18,697

10,121

85 %

—

—

1,067

N/M

Real estate construction

—

10

(100) %

76

—

39

(100) %

Commercial real estate lending

18,697

10,131

85 %

76

—

1,105

N/M

Total commercial

24,619

13,515

82 %

13,565

7,195

7,618

N/M

Residential mortgage

13,446

11,652

15 %

8,961

7,626

9,874

36 %

Auto finance

17,386

16,688

4 %

11,429

8,640

9,408

85 %

Home equity

4,208

3,687

14 %

4,030

4,113

5,607

(25) %

Other consumer

2,166

1,880

15 %

2,025

1,723

1,610

35 %

Total consumer

37,205

33,908

10 %

26,444

22,102

26,499

40 %

Total accruing loans 30-89 days past due

$         61,825

$         47,422

30 %

$         40,008

$         29,297

$         34,117

81 %


Dec 31, 2023

Sep 30, 2023

Seql Qtr %
Change

Jun 30, 2023

Mar 31, 2023

Dec 31, 2022

Comp Qtr %
Change

Potential problem loans








Commercial and industrial

$       197,202

$       207,237

(5) %

$       205,228

$       135,047

$       136,549

44 %

Commercial real estate—owner occupied

38,699

27,792

39 %

29,396

32,077

34,422

12 %

Commercial and business lending

235,900

235,029

— %

234,624

167,124

170,971

38 %

Commercial real estate—investor

196,163

148,840

32 %

106,662

89,653

92,535

112 %

Real estate construction

—

—

N/M

—

—

970

(100) %

Commercial real estate lending

196,163

148,840

32 %

106,662

89,653

93,505

110 %

Total commercial

432,063

383,869

13 %

341,286

256,776

264,476

63 %

Residential mortgage

784

1,247

(37) %

1,646

1,684

1,978

(60) %

Home equity

118

236

(50) %

240

244

197

(40) %

Total consumer

901

1,483

(39) %

1,886

1,928

2,175

(59) %

Total potential problem loans

$       432,965

$       385,352

12 %

$       343,173

$       258,704

$       266,651

62 %


N/M = Not meaningful

Numbers may not sum due to rounding.

(a) On January 1, 2023, the Corporation adopted ASU 2022-02. Under this update, troubled debt restructurings were eliminated and replaced with a modified loan classification. As a result, amounts reported for 2023 periods will not be comparable to amounts reported for 2022 periods.

 

Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter





Three Months Ended


December 31, 2023

September 30, 2023

December 31, 2022

($ in thousands)

Average

Balance

Interest

Income /
Expense

Average
Yield /Rate

Average

Balance

Interest

Income /
Expense

Average
Yield /Rate

Average

Balance

Interest

Income /
Expense

Average
Yield /Rate

Assets










Earning assets










Loans (a) (b) (c)










Commercial and business lending

$  10,820,214

$    193,808

7.11 %

$  10,985,584

$    194,956

7.04 %

$   10,529,984

$   147,184

5.55 %

Commercial real estate lending

7,397,809

138,437

7.42 %

7,312,645

134,370

7.29 %

7,062,405

105,479

5.93 %

Total commercial

18,218,024

332,245

7.24 %

18,298,229

329,326

7.14 %

17,592,389

252,663

5.70 %

Residential mortgage

8,691,258

76,035

3.50 %

8,807,157

74,643

3.39 %

8,443,661

68,069

3.22 %

Auto finance

2,138,536

29,221

5.42 %

1,884,540

24,074

5.07 %

1,244,436

12,911

4.12 %

Other retail

904,618

21,026

9.27 %

894,685

20,534

9.15 %

914,848

16,366

7.13 %

Total loans

29,952,435

458,527

6.08 %

29,884,611

448,577

5.96 %

28,195,334

350,009

4.93 %

Investment securities










Taxable

5,344,578

41,809

3.13 %

5,407,299

38,210

2.83 %

4,336,132

21,435

1.98 %

Tax-exempt(a)

2,209,662

19,244

3.48 %

2,300,488

20,085

3.49 %

2,428,751

21,000

3.46 %

Other short-term investments

767,256

10,418

5.39 %

483,211

6,575

5.40 %

408,091

3,779

3.68 %

Investments and other

8,321,495

71,471

3.43 %

8,190,998

64,870

3.16 %

7,172,975

46,213

2.57 %

Total earning assets

38,273,931

$    529,998

5.51 %

38,075,608

$    513,447

5.36 %

35,368,309

$   396,222

4.46 %

Other assets, net

3,056,772



3,000,371



3,017,127



Total assets

$  41,330,703



$  41,075,980



$   38,385,436



Liabilities and stockholders' equity










Interest-bearing liabilities










Interest-bearing deposits










Savings

$   4,861,913

$      20,334

1.66 %

$   4,814,499

$      18,592

1.53 %

$     4,660,696

$      3,607

0.31 %

Interest-bearing demand

7,156,151

47,277

2.62 %

6,979,071

41,980

2.39 %

6,831,213

20,861

1.21 %

Money market

6,121,105

47,110

3.05 %

6,294,083

45,034

2.84 %

7,382,793

23,728

1.28 %

Network transaction deposits

1,616,719

22,034

5.41 %

1,639,619

22,008

5.33 %

901,168

8,261

3.64 %

Time deposits

6,264,621

72,121

4.57 %

5,955,741

65,517

4.36 %

1,463,204

4,262

1.16 %

Total interest-bearing deposits

26,020,510

208,875

3.18 %

25,683,013

193,131

2.98 %

21,239,073

60,719

1.13 %

Federal funds purchased and securities sold under agreements to repurchase

347,204

3,734

4.27 %

320,518

3,100

3.84 %

424,352

2,280

2.13 %

Commercial paper

—

—

— %

5,041

—

0.01 %

12,927

—

0.01 %

FHLB advances

3,467,433

49,171

5.63 %

3,460,827

48,143

5.52 %

3,790,101

36,824

3.85 %

Long-term funding

531,155

10,185

7.67 %

533,744

10,019

7.51 %

248,645

2,470

3.97 %

Total short and long-term funding

4,345,793

63,090

5.77 %

4,320,130

61,263

5.63 %

4,476,025

41,575

3.69 %

Total interest-bearing liabilities

30,366,302

$    271,965

3.55 %

30,003,143

$    254,394

3.36 %

25,715,098

$   102,294

1.58 %

Noninterest-bearing demand deposits

6,171,240



6,318,781



8,088,435



Other liabilities

672,597



622,004



590,223



Stockholders' equity

4,120,564



4,132,052



3,991,679



Total liabilities and stockholders' equity

$  41,330,703



$  41,075,980



$   38,385,436



Interest rate spread



1.96 %



2.00 %



2.88 %

Net free funds



0.73 %



0.71 %



0.43 %

Fully tax-equivalent net interest income and net interest margin


$    258,033

2.69 %


$    259,053

2.71 %


$   293,929

3.31 %

Fully tax-equivalent adjustment


4,630



4,810



4,939


Net interest income


$    253,403



$    254,244



$   288,989



Numbers may not sum due to rounding.

(a) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b) Nonaccrual loans and loans held for sale have been included in the average balances.

(c) Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.

 

Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year


Year Ended December 31,


2023

2022

($ in thousands)

Average

Balance

Interest

Income /Expense

Average
Yield / Rate

Average

Balance

Interest

Income /Expense

Average
Yield / Rate

Assets







Earning assets







Loans (a) (b) (c)







Commercial and business lending

$   10,831,275

$          740,017

6.83 %

$    9,852,303

$          384,155

3.90 %

Commercial real estate lending

7,314,651

520,028

7.11 %

6,595,635

281,485

4.27 %

Total commercial

18,145,926

1,260,045

6.94 %

16,447,938

665,640

4.05 %

Residential mortgage 

8,696,706

293,446

3.37 %

8,052,277

245,975

3.05 %

Auto finance

1,793,959

89,454

4.99 %

805,179

30,749

3.82 %

Other retail

897,702

80,189

8.93 %

894,948

52,266

5.84 %

Total loans

29,534,293

1,723,134

5.83 %

26,200,341

994,630

3.80 %

Investment securities







Taxable

5,243,805

146,006

2.78 %

4,362,394

75,444

1.73 %

Tax-exempt (a)

2,288,328

79,673

3.48 %

2,419,262

82,771

3.42 %

Other short-term investments

564,284

28,408

5.03 %

570,887

11,475

2.01 %

Investments and other

8,096,417

254,087

3.14 %

7,352,542

169,690

2.31 %

Total earning assets

37,630,710

$       1,977,221

5.25 %

33,552,884

$       1,164,320

3.47 %

Other assets, net

3,018,214



3,105,049



Total assets

$   40,648,923



$   36,657,932



Liabilities and stockholders' equity







Interest-bearing liabilities







Interest-bearing deposits







Savings

$    4,773,366

$            63,945

1.34 %

$    4,652,774

$             5,033

0.11 %

Interest-bearing demand

6,904,514

154,136

2.23 %

6,638,592

35,169

0.53 %

Money market

6,668,930

177,311

2.66 %

7,164,518

36,370

0.51 %

Network transaction deposits

1,469,616

75,294

5.12 %

821,804

14,721

1.79 %

Time deposits

4,905,748

202,939

4.14 %

1,315,793

7,016

0.53 %

Total interest-bearing deposits

24,722,174

673,624

2.72 %

20,593,482

98,309

0.48 %

Federal funds purchased and securities sold under agreements to repurchase

345,519

12,238

3.54 %

388,701

3,480

0.90 %

Commercial paper

8,582

1

0.01 %

20,540

2

0.01 %

FHLB advances

3,741,790

196,535

5.25 %

2,784,403

75,487

2.71 %

Long-term funding

504,438

36,080

7.15 %

249,478

10,653

4.27 %

Total short and long-term funding

4,600,329

244,855

5.32 %

3,443,123

89,621

2.60 %

Total interest-bearing liabilities

29,322,503

$          918,479

3.13 %

24,036,605

$          187,931

0.78 %

Noninterest-bearing demand deposits

6,620,965



8,163,703



Other liabilities

594,318



482,538



Stockholders' equity

4,111,138



3,975,086



Total liabilities and stockholders' equity

$   40,648,923



$   36,657,932



Interest rate spread



2.12 %



2.69 %

Net free funds



0.69 %



0.22 %

Fully tax-equivalent net interest income and net interest margin


$       1,058,742

2.81 %


$          976,389

2.91 %

Fully tax-equivalent adjustment


19,168



19,068


Net interest income


$       1,039,573



$          957,321









Numbers may not sum due to rounding.

(a) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b) Nonaccrual loans and loans held for sale have been included in the average balances.

(c) Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.

 

Associated Banc-Corp        

Loan and Deposit Composition








($ in thousands)








Period end loan composition

Dec 31, 2023

Sep 30, 2023

Seql Qtr %
Change

Jun 30, 2023

Mar 31, 2023

Dec 31, 2022

Comp Qtr %
Change

Commercial and industrial

$    9,731,555

$   10,099,068

(4) %

$   10,055,487

$    9,869,781

$    9,759,454

— %

Commercial real estate—owner occupied

1,061,700

1,054,969

1 %

1,058,237

1,050,236

991,722

7 %

Commercial and business lending

10,793,255

11,154,037

(3) %

11,113,724

10,920,017

10,751,176

— %

Commercial real estate—investor

5,124,245

5,218,980

(2) %

5,312,928

5,094,249

5,080,344

1 %

Real estate construction

2,271,398

2,130,719

7 %

2,009,060

2,147,070

2,155,222

5 %

Commercial real estate lending

7,395,644

7,349,699

1 %

7,321,988

7,241,318

7,235,565

2 %

Total commercial

18,188,898

18,503,736

(2) %

18,435,711

18,161,335

17,986,742

1 %

Residential mortgage

7,864,891

8,782,645

(10) %

8,746,345

8,605,164

8,511,550

(8) %

Auto finance

2,256,162

2,007,164

12 %

1,777,974

1,551,538

1,382,073

63 %

Home equity

628,526

623,650

1 %

615,506

609,787

624,353

1 %

Other consumer

277,740

275,993

1 %

273,367

279,248

294,851

(6) %

Total consumer

11,027,319

11,689,451

(6) %

11,413,193

11,045,737

10,812,828

2 %

Total loans

$   29,216,218

$   30,193,187

(3) %

$   29,848,904

$   29,207,072

$   28,799,569

1 %

Period end deposit and customer funding composition

Dec 31, 2023

Sep 30, 2023

Seql Qtr %
Change

Jun 30, 2023

Mar 31, 2023

Dec 31, 2022

Comp Qtr %
Change

Noninterest-bearing demand

$    6,119,956

$     6,422,994

(5) %

$     6,565,666

$    7,328,689

$    7,760,811

(21) %

Savings

4,835,701

4,836,735

— %

4,777,415

4,730,472

4,604,848

5 %

Interest-bearing demand

8,843,967

7,528,154

17 %

7,037,959

6,977,121

7,100,727

25 %

Money market

6,330,453

7,268,506

(13) %

7,521,930

8,357,625

8,239,610

(23) %

Brokered CDs

4,447,479

3,351,399

33 %

3,818,325

1,185,565

541,916

N/M

Other time deposits

2,868,494

2,715,538

6 %

2,293,114

1,752,351

1,388,242

107 %

Total deposits

33,446,049

32,123,326

4 %

32,014,409

30,331,824

29,636,154

13 %

Other customer funding(a)

106,620

151,644

(30) %

170,873

226,258

261,767

(59) %

Total deposits and other customer funding

$   33,552,669

$   32,274,971

4 %

$   32,185,282

$   30,558,081

$   29,897,921

12 %

Network transaction deposits(b)

$    1,566,139

$     1,649,389

(5) %

$     1,600,619

$    1,273,420

$       979,003

60 %

Net deposits and other customer funding(c)

$   27,539,051

$   27,274,183

1 %

$   26,766,338

$   28,099,096

$   28,377,001

(3) %

Quarter average loan composition

Dec 31, 2023

Sep 30, 2023

Seql Qtr %
Change

Jun 30, 2023

Mar 31, 2023

Dec 31, 2022

Comp Qtr %
Change

Commercial and industrial

$    9,768,803

$     9,927,271

(2) %

$     9,831,956

$    9,600,838

$    9,528,180

3 %

Commercial real estate—owner occupied

1,051,412

1,058,313

(1) %

1,067,381

1,015,187

1,001,805

5 %

Commercial and business lending

10,820,214

10,985,584

(2) %

10,899,337

10,616,026

10,529,984

3 %

Commercial real estate—investor

5,156,528

5,205,626

(1) %

5,206,430

5,093,122

5,048,419

2 %

Real estate construction

2,241,281

2,107,018

6 %

2,088,937

2,158,072

2,013,986

11 %

Commercial real estate lending

7,397,809

7,312,645

1 %

7,295,367

7,251,193

7,062,405

5 %

Total commercial

18,218,024

18,298,229

— %

18,194,703

17,867,219

17,592,389

4 %

Residential mortgage

8,691,258

8,807,157

(1) %

8,701,496

8,584,528

8,443,661

3 %

Auto finance

2,138,536

1,884,540

13 %

1,654,523

1,490,115

1,244,436

72 %

Home equity

627,736

619,423

1 %

612,045

618,724

619,044

1 %

Other consumer

276,881

275,262

1 %

275,530

285,232

295,804

(6) %

Total consumer

11,734,412

11,586,382

1 %

11,243,594

10,978,599

10,602,945

11 %

Total loans(d)

$   29,952,435

$   29,884,611

— %

$   29,438,297

$   28,845,818

$   28,195,334

6 %

Quarter average deposit composition

Dec 31, 2023

Sep 30, 2023

Seql Qtr %
Change

Jun 30, 2023

Mar 31, 2023

Dec 31, 2022

Comp Qtr %
Change

Noninterest-bearing demand

$    6,171,240

$     6,318,781

(2) %

$     6,669,787

$    7,340,219

$    8,088,435

(24) %

Savings

4,861,913

4,814,499

1 %

4,749,808

4,664,624

4,660,696

4 %

Interest-bearing demand

7,156,151

6,979,071

3 %

6,663,775

6,814,487

6,831,213

5 %

Money market

6,121,105

6,294,083

(3) %

6,743,810

7,536,393

7,382,793

(17) %

Network transaction deposits

1,616,719

1,639,619

(1) %

1,468,006

1,147,089

901,168

79 %

Brokered CDs

3,470,516

3,428,711

1 %

3,001,775

810,889

190,406

N/M

Other time deposits

2,794,105

2,527,030

11 %

1,984,174

1,551,371

1,272,797

120 %

Total deposits

32,191,750

32,001,794

1 %

31,281,134

29,865,072

29,327,509

10 %

Other customer funding(a)

127,252

164,289

(23) %

196,051

245,349

306,122

(58) %

Total deposits and other customer funding

$   32,319,002

$   32,166,082

— %

$   31,477,186

$   30,110,421

$   29,633,631

9 %

Net deposits and other customer funding(c)

$   27,231,767

$   27,097,752

— %

$   27,007,405

$   28,152,443

$   28,542,056

(5) %


N/M = Not meaningful

Numbers may not sum due to rounding.

(a) Includes repurchase agreements and commercial paper.

(b) Included above in interest-bearing demand and money market.

(c) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.

(d) Nonaccrual loans and loans held for sale have been included in the average balances.

 

Associated Banc-Corp

Non-GAAP Financial Measures Reconciliation

YTD

YTD






($ in millions, except per share data)

Dec 2023

Dec 2022

4Q23

3Q23

2Q23

1Q23

4Q22

Selected equity and performance ratios(a)(b)(c)








Tangible common equity / tangible assets



7.11 %

6.88 %

6.94 %

7.03 %

6.97 %

Return on average equity

4.45 %

9.21 %

(8.74) %

7.99 %

8.47 %

10.32 %

10.81 %

Return on average tangible common equity

6.44 %

13.77 %

(13.13) %

11.67 %

12.38 %

15.26 %

16.15 %

Return on average common equity Tier 1

5.51 %

12.23 %

(11.85) %

10.08 %

10.88 %

13.38 %

14.04 %

Return on average tangible assets

0.48 %

1.05 %

(0.88) %

0.84 %

0.90 %

1.11 %

1.18 %

Average stockholders' equity / average assets

10.11 %

10.84 %

9.97 %

10.06 %

10.18 %

10.26 %

10.40 %

Tangible common equity reconciliation(a)








Common equity



$    3,980

$    3,934

$    3,929

$      3,932

$    3,821

Goodwill and other intangible assets, net



(1,145)

(1,148)

(1,150)

(1,152)

(1,154)

Tangible common equity



$    2,834

$    2,786

$    2,779

$      2,779

$    2,667

Tangible assets reconciliation(a)








Total assets



$   41,016

$   41,637

$   41,219

$     40,703

$   39,406

Goodwill and other intangible assets, net



(1,145)

(1,148)

(1,150)

(1,152)

(1,154)

Tangible assets



$   39,870

$   40,490

$   40,070

$     39,550

$   38,251

Average tangible common equity and average common equity Tier 1 reconciliation(a)








Common equity

$    3,917

$    3,782

$    3,926

$    3,938

$    3,935

$      3,868

$    3,798

Goodwill and other intangible assets, net

(1,150)

(1,159)

(1,147)

(1,149)

(1,151)

(1,153)

(1,155)

Tangible common equity

2,767

2,623

2,780

2,789

2,784

2,715

2,642

   Modified CECL transitional amount

45

67

45

45

45

45

67

Accumulated other comprehensive loss

275

174

286

302

252

259

254

Deferred tax assets, net

28

34

27

28

28

28

29

Average common equity Tier 1

$    3,114

$    2,899

$    3,138

$    3,164

$    3,108

$      3,047

$    2,993

Average tangible assets reconciliation(a)








Total assets

$   40,649

$   36,658

$   41,331

$   41,076

$   40,558

$     39,607

$   38,385

Goodwill and other intangible assets, net

(1,150)

(1,159)

(1,147)

(1,149)

(1,151)

(1,153)

(1,155)

Tangible assets

$   39,499

$   35,499

$   40,184

$   39,927

$   39,407

$     38,454

$   37,230

Adjusted net income reconciliation(b)








Net income

$       183

$       366

$       (91)

$         83

$         87

$         103

$       109

Other intangible amortization, net of tax

7

7

2

2

2

2

2

Adjusted net income

$       190

$       373

$       (89)

$         85

$         89

$         105

$       110

Adjusted net income available to common equity reconciliation(b)








Net income available to common equity

$       171

$       355

$       (94)

$         80

$         84

$         100

$       106

Other intangible amortization, net of tax

7

7

2

2

2

2

2

Adjusted net income available to common equity

$       178

$       361

$       (92)

$         82

$         86

$         102

$       108

Selected trend information(d)








Wealth management fees

$         83

$         84

$         21

$         21

$         20

$           20

$         20

Service charges and deposit account fees

49

62

11

13

12

13

14

Card-based fees

45

44

12

12

11

11

11

Other fee-based revenue

17

16

4

5

4

4

3

Fee-based revenue

194

206

47

50

49

48

49

Other

(131)

76

(178)

17

17

14

13

Total noninterest income

$         63

$       282

$     (131)

$         67

$         66

$           62

$         62

Pre-tax pre-provision income(e)








Income before income taxes

$       206

$       460

$     (138)

$       103

$       111

$         131

$       134

Provision for credit losses

83

33

21

22

22

18

20

Pre-tax pre-provision income

$       289

$       493

$     (117)

$       125

$       133

$         149

$       154

End of period core customer deposits reconciliation








Total deposits



$   33,446

$   32,123

$   32,014

$     30,332

$   29,636

Network transaction deposits



(1,566)

(1,649)

(1,601)

(1,273)

(979)

Brokered CDs



(4,447)

(3,351)

(3,818)

(1,186)

(542)

Core customer deposits



$   27,432

$   27,123

$   26,595

$     27,873

$   28,115


Numbers may not sum due to rounding.

(a)

Tangible common equity and tangible assets exclude goodwill and other intangible assets, net.

(b)

Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.

(c)

These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.

(d)

These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation's results of operations.

(e)

Management believes this measure is meaningful because it reflects adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide greater understanding of ongoing operations, and enhance comparability of results with prior periods.

 

Associated Banc-Corp

Non-GAAP Financial Measures Reconciliation

YTD

YTD






($ in millions, except per share data)

Dec 2023

Dec 2022

4Q23

3Q23

2Q23

1Q23

4Q22

Efficiency ratio reconciliation(a)








Federal Reserve efficiency ratio

69.70 %

60.36 %

132.01 %

60.06 %

58.49 %

56.07 %

55.47 %

Fully tax-equivalent adjustment

(1.13) %

(0.92) %

(3.29) %

(0.89) %

(0.85) %

(0.79) %

(0.77) %

Other intangible amortization

(0.76) %

(0.71) %

(1.21) %

(0.69) %

(0.68) %

(0.66) %

(0.62) %

Fully tax-equivalent efficiency ratio

67.82 %

58.74 %

127.54 %

58.50 %

56.96 %

54.64 %

54.08 %

FDIC special assessment

(2.32) %

— %

(9.50) %

— %

— %

— %

— %

Announced initiatives(b)

(7.02) %

(0.10) %

(53.92) %

— %

— %

— %

— %

Adjusted efficiency ratio

58.48 %

58.65 %

64.12 %

58.50 %

56.96 %

54.64 %

54.08 %

 

One Time Item Reconciliation

YTD

YTD




($ in millions, except per share data)

Dec 2023

Dec 2023 per share data
(diluted)


4Q23

4Q23 per share data
(diluted)

GAAP net income (loss)

$                          183

$                                           1.13


$                           (91)

$                                         (0.62)

Loss on mortgage portfolio sale, net(b)(c)

133

0.87


133

0.87

Net loss on sale of investments(b)

65

0.43


65

0.43

FDIC special assessment

31

0.20


31

0.20

Tax effect

(55)

(0.36)


(55)

(0.36)

Net income, excluding one time items, net of tax

357

$                                           2.27


83

$                                           0.53

        Less preferred stock dividends

(12)



(3)


            Net income available to common equity, excluding one
            time items, net of tax

$                          345



$                             80


 

One Time Item Noninterest Income Reconciliation

YTD



($ in millions, except per share data)

Dec 2023


4Q23

GAAP noninterest income

$                                                         63


$                                                     (131)

Loss on mortgage portfolio sale(b)

136


136

Net loss on sale of investments(b)

65


65

Noninterest income, excluding one time items

$                                                       264


$                                                         70





One Time Item Noninterest Expense Reconciliation

YTD



($ in millions, except per share data)

Dec 2023


4Q23

GAAP noninterest expense

$                                                       814


$                                                       239

FDIC special assessment

(31)


(31)

Noninterest expense, excluding one time items

$                                                       783


$                                                       209



(a)

The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net. The adjusted efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, FDIC special assessment costs, and announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net and announced initiatives. Management believes the adjusted efficiency ratio is a meaningful measure as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and provides a better measure as to how the Corporation is managing its expenses by adjusting for one time costs like the FDIC special assessment and announced initiatives.

(b)

The mortgage portfolio sale and investments sold that are classified as one time items are the result of a balance sheet repositioning that the Corporation announced in fourth quarter of 2023.

(c)

Loss on mortgage portfolio sale, net takes into account the provision for loan losses that was reversed as a result of the sale of the mortgages.

 

Investor Contact:
Ben McCarville, Vice President, Director of Investor Relations      
920-491-7059

Media Contact:
Jennifer Kaminski, Vice President, Public Relations Senior Manager
920-491-7576

 

Cision View original content:https://www.prnewswire.com/news-releases/associated-banc-corp-reports-full-year-2023-earnings-of-1-13-per-common-share-or-2-27-per-common-share1-excluding-one-time-items-recognized-during-the-fourth-quarter-302045144.html

SOURCE Associated Banc-Corp

FAQ

What was Associated Banc-Corp's net income for the year ended December 31, 2023?

Associated Banc-Corp reported a net income available to common equity of $171 million, or $1.13 per common share for the year ended December 31, 2023.

What was the net income for the year ended December 31, 2022?

Associated Banc-Corp's net income for the year ended December 31, 2022, was $355 million, or $2.34 per common share.

What was the company's earnings for the quarter ended December 31, 2023?

The company reported a loss of $94 million, or $(0.62) per common share for the quarter ended December 31, 2023.

Who is the President and CEO of Associated Banc-Corp?

The President and CEO of Associated Banc-Corp is Andy Harmening.

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Associated Banc-Corp

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