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Associated BancCorp

Financials

Price	20.64	EPS	2
Shares	163	P/E	13
MCap	3,366	P/FCF	7
Net Debt	37	EBIT	585
TEV	3,403	TEV/EBIT	6
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-03-31	Filed 2020-05-11
10-K	2019-12-31	Filed 2020-02-11
10-Q	2019-09-30	Filed 2019-10-31
10-Q	2019-06-30	Filed 2019-07-30
10-Q	2019-03-31	Filed 2019-04-30
10-K	2018-12-31	Filed 2019-02-19
10-Q	2018-09-30	Filed 2018-10-26
10-Q	2018-06-30	Filed 2018-07-26
10-Q	2018-03-31	Filed 2018-04-30
10-K	2017-12-31	Filed 2018-02-06
10-Q	2017-09-30	Filed 2017-10-26
10-Q	2017-06-30	Filed 2017-07-28
10-Q	2017-03-31	Filed 2017-04-27
10-K	2016-12-31	Filed 2017-02-06
10-Q	2016-09-30	Filed 2016-10-27
10-Q	2016-06-30	Filed 2016-07-28
10-Q	2016-03-31	Filed 2016-04-28
10-K	2015-12-31	Filed 2016-02-05
10-Q	2015-09-30	Filed 2015-10-30
10-Q	2015-06-30	Filed 2015-07-30
10-Q	2015-03-31	Filed 2015-05-01
10-K	2014-12-31	Filed 2015-02-05
10-Q	2014-09-30	Filed 2014-10-31
10-Q	2014-06-30	Filed 2014-08-04
10-Q	2014-03-31	Filed 2014-05-02
10-K	2013-12-31	Filed 2014-02-05
10-Q	2013-09-30	Filed 2013-11-01
10-Q	2013-06-30	Filed 2013-08-02
10-Q	2013-03-31	Filed 2013-05-03
10-K	2012-12-31	Filed 2013-02-15
10-Q	2012-09-30	Filed 2012-11-05
10-Q	2012-06-30	Filed 2012-08-03
10-Q	2012-03-31	Filed 2012-05-07
10-K	2011-12-31	Filed 2012-02-28
10-Q	2011-09-30	Filed 2011-11-04
10-Q	2011-06-30	Filed 2011-08-08
10-Q	2011-03-31	Filed 2011-05-06
10-K	2010-12-31	Filed 2011-02-15
10-Q	2010-09-30	Filed 2010-11-04
10-Q	2010-06-30	Filed 2010-08-06
10-Q	2010-03-31	Filed 2010-05-07
10-K	2009-12-31	Filed 2010-02-16

Reports

8-K	2020-07-23
8-K	2020-06-11
8-K	2020-06-09
8-K	2020-06-05
8-K	2020-05-20
8-K	2020-05-04
8-K	2020-04-28
8-K	2020-04-23
8-K	2020-02-11
8-K	2020-01-23
8-K	2019-11-12
8-K	2019-11-06
8-K	2019-11-04
8-K	2019-10-24
8-K	2019-09-06
8-K	2019-07-30
8-K	2019-07-25
8-K	2019-04-30
8-K	2019-04-30
8-K	2019-04-25
8-K	2019-02-13
8-K	2019-02-04
8-K	2019-01-24
8-K	2018-12-10
8-K	2018-11-02
8-K	2018-10-23
8-K	2018-10-18
8-K	2018-09-21
8-K	2018-09-18
8-K	2018-09-12
8-K	2018-07-31
8-K	2018-07-19
8-K	2018-05-07
8-K	2018-05-02
8-K	2018-04-24
8-K	2018-04-19
8-K	2018-02-07
8-K	2018-02-01
8-K	2018-01-25

Associated BancCorp Earnings 2020-03-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

asb-20200331

Table of Contents

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, 2020

☐

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)

Wisconsin

39-1098068

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

433 Main Street

Green Bay,

Wisconsin

54301

(Address of principal executive offices)

(Zip Code)

(920) 491-7500

(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 class	Trading symbol	Name of each exchange on which registered
Common stock, par value $0.01 per share	ASB	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 6.125% Non-Cum. Perp Pref Stock, Srs C	ASB PrC	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.375% Non-Cum. Perp Pref Stock, Srs D	ASB PrD	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E	ASB PrE	New York Stock Exchange

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 filer

☑

Accelerated 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 May 7, 2020 was 153,673,563.


ASSOCIATED BANC-CORP
Table of Contents


ASSOCIATED BANC-CORP
Commonly Used Acronyms and Abbreviations
The following listing provides a reference of common acronyms and abbreviations used throughout the document:


ABS			Asset Backed Securities
ACL			Allowance for Credit Losses on Loans and Investments
ACLL			Allowance for Credit Losses on Loans

ALCO			Asset / Liability Committee

ASC			Accounting Standards Codification
Associated / Corporation / our / us / we			Associated Banc-Corp collectively with all of its subsidiaries and affiliates
Associated Bank / the Bank			Associated Bank, National Association
ASU			Accounting Standards Update

Basel III			International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bp			basis point(s)
CARES Act			Coronavirus Aid, Relief, and Economic Security Act
CDs			Certificates of Deposit
CDIs			Core Deposit Intangibles
CECL			Current Expected Credit Losses
CET1			Common Equity Tier 1

CMOs			Collateralized Mortgage Obligations
CRA			Community Reinvestment Act


EAR			Earnings at Risk

Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
FDIC			Federal Deposit Insurance Corporation


Federal Reserve			Board of Governors of the Federal Reserve System
FFELP			Federal Family Education Loan Program
FHLB			Federal Home Loan Bank
FHLMC			Federal Home Loan Mortgage Corporation
FICO			Fair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions
First Staunton			First Staunton Bancshares, Incorporated
FNMA			Federal National Mortgage Association
FTP			Funds Transfer Pricing
GAAP			Generally Accepted Accounting Principles
GNMA			Government National Mortgage Association
GSEs			Government-Sponsored Enterprises
Huntington			The Huntington National Bank, a subsidiary of Huntington Bancshares Incorporated


LIBOR			London Interbank Offered Rate
LTV			Loan-to-Value
MBS			Mortgage-Backed Securities
MSRs			Mortgage Servicing Rights
MVE			Market Value of Equity
Net Free Funds			Noninterest-bearing sources of funds
NII			Net Interest Income
NPAs			Nonperforming Assets


OCC			Office of the Comptroller of the Currency

OREO			Other Real Estate Owned
Parent Company			Associated Banc-Corp individually
PCD			Purchased Credit Deteriorated
PPP			Paycheck Protection Program
RAP			Retirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
Restricted Stock Awards			Restricted common stock and restricted common stock units to certain key employees
S&P			Standard & Poor's
SBA			Small Business Administration
SEC			U.S. Securities and Exchange Commission
Series C Preferred Stock			The Corporation's 6.125% Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference $1,000 per share
Series D Preferred Stock			The Corporation's 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, liquidation preference $1,000 per share
Series E Preferred Stock			The Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share

TDR			Troubled Debt Restructuring

Table of Contents

PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements:

ASSOCIATED BANC-CORP

Consolidated Balance Sheets


	March 31, 2020		December 31, 2019
(In Thousands, except share and per share data)	(Unaudited)		(Audited)
Assets
Cash and due from banks	$	480,337	$	373,380
Interest-bearing deposits in other financial institutions	176,440		207,624
Federal funds sold and securities purchased under agreements to resell	22,455		7,740
Investment securities held to maturity, net, at amortized cost^(a)	2,149,373		2,205,083
Investment securities available for sale, at fair value	2,928,787		3,262,586
Equity securities	15,063		15,090
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	222,922		227,347
Residential loans held for sale	366,330		136,280
Commercial loans held for sale	—		15,000
Loans	24,365,633		22,821,440
Allowance for loan losses^(b)	(337,793)		(201,371)
Loans, net	24,027,841		22,620,068
Bank and corporate owned life insurance	674,026		671,948
Tax credit and other investments	315,909		279,969

Premises and equipment, net	438,469		435,284
Goodwill	1,191,388		1,176,230
Mortgage servicing rights, net	58,289		67,306
Other intangible assets, net	92,723		88,301

Interest receivable	92,377		91,196
Other assets	655,328		506,046
Total assets	$	33,908,056	$	32,386,478
Liabilities and Stockholders' Equity
Noninterest-bearing demand deposits	$	6,107,386	$	5,450,709
Interest-bearing deposits	19,554,194		18,328,355
Total deposits	25,661,580		23,779,064
Federal funds purchased and securities sold under agreements to repurchase	133,007		433,097
Commercial paper	33,647		32,016
FHLB advances	3,214,194		3,180,967
Other long-term funding	549,644		549,343

Allowance for unfunded commitments^(b)	56,276		21,907
Accrued expenses and other liabilities^(b)	469,236		467,961
Total liabilities	30,117,584		28,464,355
Stockholders’ Equity
Preferred equity	256,716		256,716
Common equity
Common stock	1,752		1,752
Surplus	1,706,516		1,716,431
Retained earnings^(b)	2,296,176		2,380,867
Accumulated other comprehensive income (loss)	(16,974)		(33,183)
Treasury stock, at cost	(453,714)		(400,460)
Total common equity	3,533,755		3,665,407
Total stockholders’ equity	3,790,471		3,922,124
Total liabilities and stockholders’ equity	$	33,908,056	$	32,386,478
Preferred shares authorized (par value $1.00 per share)	750,000		750,000
Preferred shares issued and outstanding	264,458		264,458
Common shares authorized (par value $0.01 per share)	250,000,000		250,000,000
Common shares issued	175,216,409		175,216,409
Common shares outstanding	153,690,421

EX-2	abrcagreement.htm
EX-10	separationagreementandge.htm
EX-31.1	asb03312020ex311.htm
EX-31.2	asb03312020ex312.htm
EX-32	asb03312020ex32.htm


		Page
PART I. Financial Information

	Item 1. Financial Statements (Unaudited):	4

	Consolidated Balance Sheets	5

	Consolidated Statements of Income	6

	Consolidated Statements of Comprehensive Income	7

	Consolidated Statements of Changes in Stockholders’ Equity	8

	Consolidated Statements of Cash Flows	9

	Notes to Consolidated Financial Statements	11

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	57

	Item 3. Quantitative and Qualitative Disclosures About Market Risk	82

	Item 4. Controls and Procedures	82

PART II. Other Information

	Item 1. Legal Proceedings	84

	Item 1 A . Risk Fac tors	84

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	86

	Item 6. Exhibits	88

	Signatures	89

ASB 10Q Quarterly Report

Associated BancCorp Earnings 2020-03-31