10-Q 1 asb-20220331.htm 10-Q asb-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to 
Commission file number: 001-31343

Associated Banc-Corp
(Exact name of registrant as specified in its charter)
Wisconsin39-1098068
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
433 Main Street
Green Bay,Wisconsin54301
(Address of principal executive offices)(Zip Code)
(920491-7500
(Registrant’s telephone number, including area code)
(not applicable)
(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the act:
Title of each classTrading symbolName of each exchange on which registered
Common stock, par value $0.01 per shareASBNew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs EASB PrENew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs FASB PrFNew York Stock Exchange

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

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

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

The number of shares outstanding of registrant’s common stock, par value $0.01 per share, at April 25, 2022 was 150,043,865.
1


ASSOCIATED BANC-CORP
Table of Contents

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ASSOCIATED BANC-CORP
Commonly Used Acronyms and Abbreviations
The following listing provides a reference of common acronyms and abbreviations used throughout the document:
ACLLAllowance for Credit Losses on Loans
AFSAvailable for Sale
ALCO Asset / Liability Committee
ARRCAlternative Reference Rate Committee
ASCAccounting Standards Codification
Associated / Corporation / our / weAssociated Banc-Corp collectively with all of its subsidiaries and affiliates
ASUAccounting Standards Update
the BankAssociated Bank, National Association
Basel IIIInternational framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bpbasis point(s)
CDsCertificates of Deposit
CDIsCore Deposit Intangibles
CECLCurrent Expected Credit Losses
CET1Common Equity Tier 1
CFPBConsumer Financial Protection Bureau
CRACommunity Reinvestment Act
CRECommercial Real Estate
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection Act
EAREarnings at Risk
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FFELPFederal Family Education Loan Program
FHLBFederal Home Loan Bank
FHLMCFederal Home Loan Mortgage Corporation
FICOFair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions
FNMAFederal National Mortgage Association
FOMCFederal Open Market Committee
FTEsFull-time equivalent employees
FTPFunds Transfer Pricing
GAAPGenerally Accepted Accounting Principles
GNMAGovernment National Mortgage Association
GSEsGovernment-Sponsored Enterprises
HTMHeld to Maturity
LIBORLondon Interbank Offered Rate
LOCOMLower of Cost or Market
LTVLoan-to-Value
MSRsMortgage Servicing Rights
MVEMarket Value of Equity
Net Free FundsNoninterest-bearing sources of funds
NIINet Interest Income
NPAsNonperforming Assets
OREOOther Real Estate Owned
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Parent CompanyAssociated Banc-Corp individually
PPPPaycheck Protection Program
RAPRetirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
Repurchase AgreementsSecurities sold under agreements to repurchase
Restricted Stock AwardsRestricted common stock and restricted common stock units to certain key employees
Retirement Eligible ColleaguesColleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan
ROCET1
Return on Common Equity Tier 1
RockefellerRockefeller Capital Management
S&PStandard & Poor's
SBASmall Business Administration
SECU.S. Securities and Exchange Commission
Series C Preferred StockThe Corporation's 6.125% Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference $1,000 per share
Series D Preferred StockThe Corporation's 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, liquidation preference $1,000 per share
Series E Preferred StockThe Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share
Series F Preferred StockThe Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share
SOFRSecured Overnight Finance Rate
TBATo-Be-Announced
TDRsTroubled Debt Restructurings
UDAAPs
Unfair, Deceptive, or Abusive Acts or Practices
WhitnellWhitnell & Co.
YTDYear-to-Date

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PART I - FINANCIAL INFORMATION
ITEM 1.Financial Statements:

ASSOCIATED BANC-CORP
Consolidated Balance Sheets
 Mar 31, 2022Dec 31, 2021
 (In Thousands, except share and per share data)
(Unaudited)(Audited)
Assets
Cash and due from banks$334,138 $343,831 
Interest-bearing deposits in other financial institutions166,929 681,684 
Investment securities AFS, at fair value2,780,803 4,332,015 
Investment securities HTM, net, at amortized cost3,939,855 2,238,947 
Equity securities18,560 18,352 
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost168,281 168,281 
Residential loans held for sale91,582 136,638 
Loans24,531,926 24,224,949 
Allowance for loan losses(279,058)(280,015)
Loans, net24,252,867 23,944,934 
Tax credit and other investments284,561 293,733 
Premises and equipment, net387,550 385,173 
Bank and corporate owned life insurance679,538 680,021 
Goodwill1,104,992 1,104,992 
Other intangible assets, net55,890 58,093 
Mortgage servicing rights, net(a)
67,015 54,862 
Interest receivable83,120 80,528 
Other assets540,218 582,168 
Total assets$34,955,900 $35,104,253 
Liabilities and Stockholders' Equity
Noninterest-bearing demand deposits$8,315,699 $8,504,077 
Interest-bearing deposits20,089,710 19,962,353 
Total deposits28,405,409 28,466,430 
Federal funds purchased and securities sold under agreements to repurchase368,768 319,532 
Commercial paper30,593 34,730 
FHLB advances1,537,948 1,621,047 
Other long-term funding249,797 249,324 
Allowance for unfunded commitments38,776 39,776 
Accrued expenses and other liabilities376,322 348,560 
Total liabilities$31,007,613 $31,079,399 
Stockholders’ Equity
Preferred equity$193,195 $193,195 
Common equity
Common stock$1,752 $1,752 
Surplus1,708,104 1,713,851 
Retained earnings2,715,118 2,672,601 
Accumulated other comprehensive (loss)(137,024)(10,317)
Treasury stock, at cost(532,858)(546,229)
Total common equity3,755,092 3,831,658 
Total stockholders’ equity3,948,287 4,024,853 
Total liabilities and stockholders’ equity$34,955,900 $35,104,253 
Preferred shares authorized (par value $1.00 per share)
750,000 750,000 
Preferred shares issued and outstanding200,000 200,000 
Common shares authorized (par value $0.01 per share)
250,000,000 250,000,000 
Common shares issued175,216,409 175,216,409 
Common shares outstanding150,037,780 149,342,641 
Numbers may not sum due to rounding.
(a) MSRs at December 31, 2021 were carried at LOCOM. On January 1, 2022, the Corporation made the irrevocable election to account for MSRs at fair value.
See accompanying notes to consolidated financial statements.
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Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Income (Unaudited)
 Three Months Ended Mar 31,
 (In Thousands, except per share data)
20222021
Interest income
Interest and fees on loans$167,697 $174,049 
Interest and dividends on investment securities
Taxable16,472 7,014 
Tax-exempt16,108 14,162 
Other interest1,993 1,694 
Total interest income202,270 196,920 
Interest expense
Interest on deposits3,571 5,909 
Interest on federal funds purchased and securities sold under agreements to repurchase38 26 
Interest on other short-term funding1 6 
Interest on FHLB advances8,182 9,493 
Interest on long-term funding2,730 5,585 
Total interest expense14,522 21,018 
Net interest income187,747 175,902 
Provision for credit losses(3,990)(23,004)
Net interest income after provision for credit losses191,737 198,906 
Noninterest income
Wealth management fees22,404 22,414 
Service charges and deposit account fees16,856 14,855 
Card-based fees9,926 9,743 
Other fee-based revenue3,766 4,596 
Capital markets, net8,646 8,118 
Mortgage banking, net8,391 23,925 
Bank and corporate owned life insurance 2,071 2,702 
Asset gains, net188 4,809 
Investment securities gains (losses), net21 (39)
Gains on sale of branches, net(a)
 1,002 
Other2,198 3,216 
Total noninterest income74,467 95,343 
Noninterest expense
Personnel104,811 104,026 
Technology21,485 20,740 
Occupancy16,080 16,156 
Business development and advertising4,954 4,395 
Equipment4,960 5,518 
Legal and professional5,087 6,530 
Loan and foreclosure costs2,014 2,220 
FDIC assessment5,100 4,750 
Other intangible amortization2,203 2,236 
Other6,597 8,775 
Total noninterest expense173,292 175,347 
Income before income taxes92,912 118,903 
Income tax expense18,650 24,602 
Net income74,262 94,301 
Preferred stock dividends2,875 5,207 
Net income available to common equity$71,387 $89,094 
Earnings per common share
Basic$0.48 $0.58 
Diluted$0.47 $0.58 
Average common shares outstanding
Basic148,781 152,355 
Diluted150,492 153,688 
Numbers may not sum due to rounding.
(a) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell. See Note 2 Acquisitions and Dispositions for additional details on the branch sales.
See accompanying notes to consolidated financial statements.
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Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended Mar 31,
 ($ in Thousands)
20222021
Net income$74,262 $94,301 
Other comprehensive income (loss), net of tax
Investment securities AFS
Net unrealized (losses)(103,284)(23,979)
Unrealized (losses) on AFS securities transferred to HTM securities(67,604) 
Amortization of net unrealized losses on AFS securities transferred to HTM securities1,108 518 
Reclassification adjustment for net losses (gains) realized in net income(21)39 
Income tax benefit43,098 5,851 
Other comprehensive (loss) on AFS securities(126,702)(17,571)
Defined benefit pension and postretirement obligations
Amortization of prior service cost(81)(37)
Amortization of actuarial loss74 1,050 
Income tax (expense) benefit2 (253)
Other comprehensive income (loss) on pension and postretirement obligations(6)760 
Total other comprehensive (loss)(126,708)(16,811)
Comprehensive income (loss)$(52,445)$77,490 
Numbers may not sum due to rounding.
See accompanying notes to consolidated financial statements.

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Item 1. Financial Statements Continued:    
ASSOCIATED BANC-CORP
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(In Thousands, except per share data)Preferred EquityCommon StockSurplusRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury StockTotal
Balance, December 31, 2021$193,195 $1,752 $1,713,851 $2,672,601 $(10,317)$(546,229)$4,024,853 
Change in accounting principle(a)
— — — 1,713 — — 1,713 
Total shareholder's equity at beginning of period, as adjusted193,195 1,752 1,713,851 2,674,314 (10,317)(546,229)4,026,566 
Comprehensive income (loss)
Net income— — — 74,262 — — 74,262 
Other comprehensive (loss)— — — — (126,708)— (126,708)
Comprehensive (loss)(52,445)
Common stock issued
Stock-based compensation plans, net— — (11,911)— — 18,565 6,654 
Purchase of treasury stock, stock-based compensation plans— — — — — (5,193)(5,193)
Cash dividends
Common stock, $0.20 per share— — — (30,583)— — (30,583)
Preferred stock(b)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 6,164 — — — 6,164 
Balance, March 31, 2022$193,195 $1,752 $1,708,104 $2,715,118 $(137,024)$(532,858)$3,948,287 
Numbers may not sum due to rounding.
(a) MSRs at December 31, 2021 were carried at LOCOM. On January 1, 2022, the Corporation made the irrevocable election to account for MSRs at fair value.
(b) Series E, $0.3671875 per share; and Series F, $0.3515625 per share.

(In Thousands, except per share data)Preferred EquityCommon StockSurplusRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury StockTotal
Balance, December 31, 2020$353,512 $1,752 $1,720,329 $2,458,920 $12,618 $(456,198)$4,090,933 
Comprehensive income (loss)
Net income— — — 94,301 — — 94,301 
Other comprehensive (loss)— — — — (16,811)— (16,811)
Comprehensive income77,490 
Common stock issued
Stock-based compensation plans, net— — (16,986) — 27,542 10,556 
Purchase of treasury stock, open market purchases— — — — — (17,973)(17,973)
Purchase of treasury stock, stock-based compensation plans— — — — — (3,593)(3,593)
Cash dividends
Common stock, $0.18 per share— — — (27,870)— — (27,870)
Preferred stock(a)
— — — (5,207)— — (5,207)
Stock-based compensation expense, net— — 3,444 — — —