ASSOCIATED BANC-CORP

Listed Company

ASB-PFCIK 0000007789NYSELarge AcceleratedState Commercial BanksWisconsinFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$474.78M

Total Assets

$45.20B

Equity

$4.98B

Shares Out

165.94M

Op. Cash Flow

$615.69M

+ 13F Filer

Business

ASSOCIATED BANC-CORP is a bank holding company that owns a nationally chartered commercial bank, a nationally chartered trust company, and related limited-purpose banking and nonbanking subsidiaries that provide financial services. It offers a broad array of banking and nonbanking products and services to individuals and businesses, including deposit-taking, lending, trust and wealth management, and other commercial and treasury services. The company organizes its operations into three reportable segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. It distributes its products primarily through a network of retail branches and other channels serving communities in Wisconsin, Illinois and Minnesota.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and Fee Income, Loans and Leases	1,782	1,830	1,720	993	694
Interest Income, Securities, Operating, Taxable	288	199	146	75	38
Interest Income, Securities, Operating, Tax Exempt	56	59	63	66	59
Other Interest and Dividend Income	47	35	28	11	8
Interest and Dividend Income, Operating, Total	2,173	2,123	1,958	1,145	798
Interest Expense, Deposits	804	902	674	98	19
Interest Expense, Federal Funds Purchased and Securities Sold under Agreements to Repurchase	10	12	12	3	143,000
Interest Expense, Other Short-Term Borrowings	1	18	1,000	2,000	22,000
Interest on FHLB Funding	113	99	197	75	36
Interest Expense, Long-Term Debt	43	46	36	11	17
Interest Expense, Operating and Nonoperating, Total	972	1,075	918	188	72
Interest Income (Expense), Operating, Total	1,201	1,047	1,040	957	726
Provision for Loan, Lease, and Other Losses	54	85	83	33	−88
Interest Income (Expense), after Provision for Loan Loss, Total	1,147	962	957	924	814
Capital Market Fees Net	32	22	25	30	31
Fees and Commissions, Mortgage Banking and Servicing	15	11	19	19	51
Gain (Loss) on Sale of Mortgage Loans	−7	−130	−136	0	0
Bank Owned Life Insurance Income	17	13	10	11	13
Gain (Loss) on Disposition of Assets	2	−1	454,000	1	11
Debt Securities, Available-for-Sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment	49,000	−144	−59	4	−16,000
Noninterest Income, Other Operating Income	10	9	10	11	11
Noninterest Income, Total	286	−9	63	282	332
Labor and Related Expense	522	488	468	454	427
Information Technology and Data Processing	111	108	102	91	82
Occupancy, Net	55	55	57	60	64
Marketing and Advertising Expense	32	28	28	26	21
Equipment Expense	20	18	20	20	21
Professional Fees	24	22	20	18	22
Payments of Loan Costs	8	8	5	—	—
Federal Deposit Insurance Corporation Premium Expense	37	38	67	23	18
Amortization of Intangible Assets	9	9	9	9	9
Loss on prepayments of FHLB advances	0	14	0	—	0
Prepayment Fees on Advances, Net	0	14	0	0	0
Other Noninterest Expense	38	30	37	42	39
Noninterest Expense, Total	856	818	814	747	710
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	578	134	206	460	436
Income Tax Expense (Benefit)	103	11	23	94	85
Net Income (Loss) Attributable to Parent, Total	475	123	183	366	351
Preferred Stock Dividends and Other Adjustments	12	12	12	12	17
Net Income (Loss) Available to Common Stockholders, Basic, Total	463	112	171	355	334
Earnings Per Share, Basic	2.79	0.73	1.14	2.36	2.2
Earnings Per Share, Diluted	2.77	0.72	1.13	2.34	2.18
Weighted Average Number of Shares Outstanding, Basic	165	152	150	149	151
Weighted Average Number of Shares Outstanding, Diluted	167	153	151	150	152

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-11-30	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and Due from Banks	575	544	—	484	437
Interest-Bearing Deposits in Banks and Other Financial Institutions	1,144	454	—	425	157
Debt Securities, Available-for-sale	5,398	4,581	—	3,601	2,742
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss	3,603	3,739	—	3,860	3,960
Equity Securities, FV-NI and without Readily Determinable Fair Value	26	23	—	42	25
Federal Home Loan Bank Stock and Federal Reserve Bank Stock	253	180	—	229	295
Loans and Leases Receivable, Net of Deferred Income	31,164	29,769	—	29,216	28,800
Loans and Leases Receivable, Allowance	−378	−364	—	−351	−313
Loans and Leases Receivable, Net Amount	30,786	29,405	—	28,865	28,487
Other Short-Term Investments	237	259	—	258	277
Property, Plant and Equipment, Net	382	379	—	373	377
Life Insurance, Corporate or Bank Owned, Amount	694	689	—	683	677
Goodwill	1,100	1,100	—	1,100	1,100
Intangible Assets, Net (Excluding Goodwill)	23	32	—	40	49
Servicing Asset at Fair Value, Amount	86	88	—	84	77
Interest Receivable	161	168	—	170	144
Other Assets	658	677	—	659	548
Assets, Total	45,203	43,023	—	41,016	39,406
Noninterest-Bearing Domestic Deposit, Demand	6,127	5,776	—	6,120	7,761
Interest-Bearing Deposit Liabilities, Domestic	29,426	28,873	—	27,326	21,875
Deposits, Total	35,553	34,648	—	33,446	29,636
Short-term Debt	308	470	—	—	—
Federal Funds Purchased and Securities Sold under Agreements to Repurchase	308	470	—	327	585
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances	3,268	1,854	—	1,940	4,320
Other Long-Term Debt	594	838	—	541	248
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount	41	39	—	35	39
Other Liabilities	463	568	—	553	541
Liabilities, Total	40,227	38,418	—	36,842	35,390
Preferred Stock, Including Additional Paid in Capital	194	194	—	194	194
Common Stock, Value, Issued	2	2	—	2	2
Additional Paid in Capital, Common Stock	2,050	2,047	—	1,715	1,713
Retained Earnings (Accumulated Deficit)	3,227	2,919	—	2,947	2,905
Accumulated Other Comprehensive Income (Loss), Net of Tax	−8	−74	—	−171	−273
Treasury Stock, Value	−490	−483	—	−512	−525
Total Common Equity	4,781	4,411	—	3,980	3,821
Equity, Attributable to Parent, Total	4,975	4,606	—	4,174	4,015
Liabilities and Equity, Total	45,203	43,023	—	41,016	39,406
Preferred Stock, Shares Authorized	750,000	750,000	—	750,000	750,000
Preferred Stock, Shares Issued	200,000	200,000	—	200,000	200,000
Common Stock, Shares Authorized	250	250	—	250	250
Common Stock, Shares, Issued	189	189	14	175	175
Common Stock, Shares, Outstanding	166	166	—	151	150
Preferred Stock, Par or Stated Value Per Share	1	1	—	1	1
Common Stock, Par or Stated Value Per Share	0.01	0.01	—	0.01	0.01

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	50	49	47	45	47
Mortgage Servicing Rights (MSR) Impairment (Recovery)	1	−5	−11	−22	−16
Accretion (Amortization) of Discounts and Premiums, Investments	43	45	39	15	15
Other Depreciation and Amortization	36	35	34	35	34
Marketable Securities, Gain (Loss)	0	144	65	2	16,000
(Gain) loss on mortgage banking activities, net	355,000	4	3	4	39
Increase (Decrease) in Obligation, Pension Benefits	−25	−21	−19	—	—
Payments for Origination and Purchases of Loans Held-for-sale	−648	−618	−396	−600	−1,750
Proceeds from Sale, Loan, Mortgage, Held-for-Sale	628	585	368	715	1,775
Increase (Decrease) in Accrued Interest Receivable, Net	7	2	−25	−64	10
Increase (Decrease) in Income Taxes	68	−37	−78	41	−6
Increase (Decrease) in Interest Payable, Net	−19	−960,000	79	13	−11
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities	−1	13	16	−5	25
Increase (Decrease) in Derivative Assets and Liabilities	−60	−1	−94	270	120
Increase (Decrease) in Other Noncurrent Assets	−17	−13	−9	—	—
Increase (Decrease) in Other Operating Assets and Liabilities, Net	10	51	14	−7	66
Net Cash Provided by (Used in) Operating Activities, Total	616	580	443	847	530
Payments for (Proceeds from) Loans and Leases	−1,449	−1,335	−1,546	−4,579	199
Payments to Acquire Debt Securities, Available-for-Sale	−1,960	−3,315	−1,937	−960	−2,744
Payments to Acquire Held-to-Maturity Securities	−994,000	0	−39	−301	−622
Payments to Acquire Federal Home Loan Bank Stock	−235	−154	−146	−129	−3
Proceeds from Sale of Debt Securities, Available-for-sale	0	1,141	715	110	159
Proceeds from Sale of Federal Home Loan Bank Stock	160	227	202	—	0
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale	1,190	1,160	398	494	1,217
Proceeds from Maturities, Prepayments and Calls of Held-to-Maturity Securities	140	124	143	197	300
Proceeds from Sale and Maturity of Other Investments	24	14	21	—	—
Proceeds from Sale of Mortgage Portfolio	564	0	844	0	0
Payments for (Proceeds from) Productive Assets	−36	−45	−62	−63	−52
Net Change in Tax Credit Investments	−21	−35	−30	−58	−68
Net Cash Provided by (Used in) Investing Activities, Total	−1,625	−2,219	−1,436	−5,255	−1,584
Increase (Decrease) in Deposits	904	1,202	3,810	1,170	2,015
Proceeds from (Repayments of) Short-Term Debt	−163	144	−279	252	102
Increase (Decrease) in Loans from Federal Home Loan Banks	1,605	510	−2,385	3,125	0
Payments of FHLBank Borrowings, Financing Activities	−611	−601	−599,000	−414	−18
Proceeds from FHLBank Borrowings, Financing Activities	414	3	1	2	7
Proceeds from Issuance of Long-term Debt	0	299	293	0	0
Proceeds from Issuance of Senior Long-Term Debt	−250	0	0	—	—
Payments of Debt Issuance Costs	0	−936,000	0	0	—
Finance Lease, Principal Payments	−295,000	−88,000	−86,000	306,000	−965,000
Proceeds from Issuance of Common Stock	0	331	0	0	—
Proceeds, Issuance of Shares, Share-Based Payment Arrangement, Including Option Exercised	7	38	4	11	26
Payments of Ordinary Dividends, Common Stock	−156	−139	−130	−123	−116
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	−12	−12	−12	−12	−17
Proceeds from (Payment for) Other Financing Activity	−52,000	0	0	—	—
Net Cash Provided by (Used in) Financing Activities, Total	1,710	1,735	1,296	4,004	1,364
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation	701	96	302	—	—
Interest Paid, Excluding Capitalized Interest, Operating Activity	988	1,075	839	175	82
Income Taxes Paid, Net	2	18	69	18	58
Real Estate Owned, Transfer to Real Estate Owned	26	16	10	6	36
Servicing Asset at Fair Value, Additions	9	7	4	7	16
Loan and Lease, Transfer from Held-in-Portfolio to Held-for-Sale	−56	663	1,058	18,000	6
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount	0	0	6	6	0

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 494 positions

Reported AUM

$2.60B

Holdings

494

Top sector

$2.60B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$2.60B	100.0%

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