![]() | NEWS RELEASE 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 |
Associated Banc-Corp Consolidated Balance Sheets (Unaudited) | |||||||||||||||||||||||
($ in thousands) | March 31, 2023 | December 31, 2022 | Seql Qtr $ Change | September 30, 2022 | June 30, 2022 | March 31, 2022 | Comp Qtr $ Change | ||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and due from banks | $ | 311,269 | $ | 436,952 | $ | (125,683) | $ | 386,231 | $ | 397,364 | $ | 334,138 | $ | (22,869) | |||||||||
Interest-bearing deposits in other financial institutions | 511,116 | 156,693 | 354,423 | 112,173 | 436,887 | 166,929 | 344,187 | ||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | 455 | 27,810 | (27,355) | 4,015 | 32,820 | — | 455 | ||||||||||||||||
Investment securities available for sale, at fair value | 3,381,607 | 2,742,025 | 639,582 | 2,487,312 | 2,677,511 | 2,780,803 | 600,804 | ||||||||||||||||
Investment securities held to maturity, net, at amortized cost | 3,967,058 | 3,960,398 | 6,660 | 3,951,491 | 3,945,206 | 3,939,855 | 27,203 | ||||||||||||||||
Equity securities | 30,514 | 25,216 | 5,298 | 24,879 | 19,039 | 18,560 | 11,954 | ||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 331,420 | 295,496 | 35,924 | 279,334 | 237,616 | 168,281 | 163,139 | ||||||||||||||||
Residential loans held for sale | 35,742 | 20,383 | 15,359 | 51,134 | 42,676 | 91,582 | (55,840) | ||||||||||||||||
Commercial loans held for sale | 33,490 | — | 33,490 | — | 44,721 | — | 33,490 | ||||||||||||||||
Loans | 29,207,072 | 28,799,569 | 407,503 | 27,817,280 | 26,494,698 | 24,531,926 | 4,675,146 | ||||||||||||||||
Allowance for loan losses | (326,432) | (312,720) | (13,712) | (292,904) | (280,771) | (279,058) | (47,374) | ||||||||||||||||
Loans, net | 28,880,640 | 28,486,849 | 393,791 | 27,524,376 | 26,213,927 | 24,252,867 | 4,627,773 | ||||||||||||||||
Tax credit and other investments | 269,269 | 276,773 | (7,504) | 275,247 | 275,165 | 284,561 | (15,292) | ||||||||||||||||
Premises and equipment, net | 375,540 | 376,906 | (1,366) | 379,462 | 387,633 | 387,550 | (12,010) | ||||||||||||||||
Bank and corporate owned life insurance | 677,328 | 676,530 | 798 | 677,129 | 675,347 | 679,538 | (2,210) | ||||||||||||||||
Goodwill | 1,104,992 | 1,104,992 | — | 1,104,992 | 1,104,992 | 1,104,992 | — | ||||||||||||||||
Other intangible assets, net | 47,079 | 49,282 | (2,203) | 51,485 | 53,687 | 55,890 | (8,811) | ||||||||||||||||
Mortgage servicing rights, net | 74,479 | 77,351 | (2,872) | 78,352 | 76,570 | 67,015 | 7,464 | ||||||||||||||||
Interest receivable | 152,404 | 144,449 | 7,955 | 115,782 | 95,426 | 83,120 | 69,284 | ||||||||||||||||
Other assets | 518,115 | 547,621 | (29,506) | 546,214 | 519,403 | 540,218 | (22,103) | ||||||||||||||||
Total assets | $ | 40,702,519 | $ | 39,405,727 | $ | 1,296,792 | $ | 38,049,607 | $ | 37,235,990 | $ | 34,955,900 | $ | 5,746,619 | |||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 7,328,689 | $ | 7,760,811 | $ | (432,122) | $ | 8,224,579 | $ | 8,085,702 | $ | 8,315,699 | $ | (987,010) | |||||||||
Interest-bearing deposits | 23,003,134 | 21,875,343 | 1,127,791 | 20,974,003 | 20,490,874 | 20,089,710 | 2,913,424 | ||||||||||||||||
Total deposits | 30,331,824 | 29,636,154 | 695,670 | 29,198,581 | 28,576,577 | 28,405,409 | 1,926,415 | ||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 208,398 | 585,139 | (376,741) | 276,674 | 682,839 | 368,768 | (160,370) | ||||||||||||||||
Commercial paper | 18,210 | 20,798 | (2,588) | 7,687 | 22,781 | 30,593 | (12,383) | ||||||||||||||||
FHLB advances | 4,986,138 | 4,319,861 | 666,277 | 3,777,478 | 3,258,039 | 1,537,948 | 3,448,190 | ||||||||||||||||
Other long-term funding | 544,103 | 248,071 | 296,032 | 249,484 | 249,820 | 249,797 | 294,306 | ||||||||||||||||
Allowance for unfunded commitments | 39,776 | 38,776 | 1,000 | 39,776 | 36,776 | 38,776 | 1,000 | ||||||||||||||||
Accrued expenses and other liabilities | 448,407 | 541,438 | (93,031) | 545,976 | 449,776 | 376,322 | 72,085 | ||||||||||||||||
Total liabilities | 36,576,856 | 35,390,237 | 1,186,619 | 34,095,656 | 33,276,608 | 31,007,613 | 5,569,243 | ||||||||||||||||
Stockholders’ equity | |||||||||||||||||||||||
Preferred equity | 194,112 | 194,112 | — | 194,112 | 193,195 | 193,195 | 917 | ||||||||||||||||
Common equity | 3,931,551 | 3,821,378 | 110,173 | 3,759,840 | 3,766,187 | 3,755,092 | 176,459 | ||||||||||||||||
Total stockholders’ equity | 4,125,663 | 4,015,490 | 110,173 | 3,953,952 | 3,959,382 | 3,948,287 | 177,376 | ||||||||||||||||
Total liabilities and stockholders’ equity | $ | 40,702,519 | $ | 39,405,727 | $ | 1,296,792 | $ | 38,049,607 | $ | 37,235,990 | $ | 34,955,900 | $ | 5,746,619 |
Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend | |||||||||||||||||||||||||||||
($ in thousands, except per share data) | Seql Qtr | Comp Qtr | |||||||||||||||||||||||||||
1Q23 | 4Q22 | $ Change | % Change | 3Q22 | 2Q22 | 1Q22 | $ Change | % Change | |||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||
Interest and fees on loans | $ | 391,320 | $ | 349,403 | $ | 41,917 | 12 | % | $ | 275,666 | $ | 199,876 | $ | 167,697 | $ | 223,623 | 133 | % | |||||||||||
Interest and dividends on investment securities | |||||||||||||||||||||||||||||
Taxable | 30,142 | 21,435 | 8,707 | 41 | % | 19,221 | 18,317 | 16,472 | 13,670 | 83 | % | ||||||||||||||||||
Tax-exempt | 16,025 | 16,666 | (641) | (4) | % | 16,538 | 16,379 | 16,108 | (83) | (1) | % | ||||||||||||||||||
Other interest | 5,329 | 3,779 | 1,550 | 41 | % | 3,284 | 2,420 | 1,993 | 3,336 | 167 | % | ||||||||||||||||||
Total interest income | 442,817 | 391,283 | 51,534 | 13 | % | 314,708 | 236,991 | 202,270 | 240,547 | 119 | % | ||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Interest on deposits | 109,422 | 60,719 | 48,703 | 80 | % | 26,000 | 8,019 | 3,571 | 105,851 | N/M | |||||||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 3,143 | 2,280 | 863 | 38 | % | 756 | 406 | 38 | 3,105 | N/M | |||||||||||||||||||
Interest on other short-term funding | — | — | — | N/M | 1 | 1 | 1 | (1) | (100) | % | |||||||||||||||||||
Interest on FHLB advances | 49,960 | 36,824 | 13,136 | 36 | % | 20,792 | 9,689 | 8,182 | 41,778 | N/M | |||||||||||||||||||
Interest on long-term funding | 6,281 | 2,470 | 3,811 | 154 | % | 2,722 | 2,730 | 2,730 | 3,551 | 130 | % | ||||||||||||||||||
Total interest expense | 168,807 | 102,294 | 66,513 | 65 | % | 50,270 | 20,845 | 14,522 | 154,285 | N/M | |||||||||||||||||||
Net interest income | 274,010 | 288,989 | (14,979) | (5) | % | 264,439 | 216,146 | 187,747 | 86,263 | 46 | % | ||||||||||||||||||
Provision for credit losses | 17,971 | 19,992 | (2,021) | (10) | % | 16,998 | (2) | (3,990) | 21,961 | N/M | |||||||||||||||||||
Net interest income after provision for credit losses | 256,039 | 268,997 | (12,958) | (5) | % | 247,440 | 216,148 | 191,737 | 64,302 | 34 | % | ||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||
Wealth management fees | 20,189 | 20,403 | (214) | (1) | % | 19,984 | 21,332 | 22,404 | (2,215) | (10) | % | ||||||||||||||||||
Service charges and deposit account fees | 12,994 | 13,918 | (924) | (7) | % | 15,029 | 16,506 | 16,856 | (3,862) | (23) | % | ||||||||||||||||||
Card-based fees | 10,586 | 11,167 | (581) | (5) | % | 11,479 | 11,442 | 9,926 | 660 | 7 | % | ||||||||||||||||||
Other fee-based revenue | 4,276 | 3,290 | 986 | 30 | % | 4,487 | 4,360 | 3,766 | 510 | 14 | % | ||||||||||||||||||
Capital markets, net | 5,083 | 5,586 | (503) | (9) | % | 7,675 | 8,010 | 8,646 | (3,563) | (41) | % | ||||||||||||||||||
Mortgage banking, net | 3,545 | 2,238 | 1,307 | 58 | % | 2,098 | 6,145 | 8,391 | (4,846) | (58) | % | ||||||||||||||||||
Bank and corporate owned life insurance | 2,664 | 3,427 | (763) | (22) | % | 1,827 | 4,106 | 2,071 | 593 | 29 | % | ||||||||||||||||||
Asset gains (losses), net | 263 | (545) | 808 | N/M | 18 | 1,677 | 188 | 75 | 40 | % | |||||||||||||||||||
Investment securities gains (losses), net | 51 | (1,930) | 1,981 | N/M | 5,664 | (8) | 21 | 30 | 143 | % | |||||||||||||||||||
Other | 2,422 | 4,102 | (1,680) | (41) | % | 2,527 | 1,888 | 2,198 | 224 | 10 | % | ||||||||||||||||||
Total noninterest income | 62,073 | 61,657 | 416 | 1 | % | 70,788 | 75,458 | 74,467 | (12,394) | (17) | % | ||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Personnel | 116,420 | 118,381 | (1,961) | (2) | % | 118,243 | 112,666 | 104,811 | 11,609 | 11 | % | ||||||||||||||||||
Technology | 23,598 | 25,299 | (1,701) | (7) | % | 22,694 | 21,223 | 21,485 | 2,113 | 10 | % | ||||||||||||||||||
Occupancy | 15,063 | 15,846 | (783) | (5) | % | 13,717 | 14,151 | 16,080 | (1,017) | (6) | % | ||||||||||||||||||
Business development and advertising | 5,849 | 8,136 | (2,287) | (28) | % | 6,778 | 5,655 | 4,954 | 895 | 18 | % | ||||||||||||||||||
Equipment | 4,930 | 4,791 | 139 | 3 | % | 4,921 | 4,960 | 4,960 | (30) | (1) | % | ||||||||||||||||||
Legal and professional | 3,857 | 4,132 | (275) | (7) | % | 4,159 | 4,873 | 5,087 | (1,230) | (24) | % | ||||||||||||||||||
Loan and foreclosure costs | 1,138 | 804 | 334 | 42 | % | 1,631 | 1,476 | 2,014 | (876) | (43) | % | ||||||||||||||||||
FDIC assessment | 6,875 | 6,350 | 525 | 8 | % | 5,800 | 5,400 | 5,100 | 1,775 | 35 | % | ||||||||||||||||||
Other intangible amortization | 2,203 | 2,203 | — | — | % | 2,203 | 2,203 | 2,203 | — | — | % | ||||||||||||||||||
Other | 7,479 | 10,618 | (3,139) | (30) | % | 15,645 | 8,815 | 6,597 | 882 | 13 | % | ||||||||||||||||||
Total noninterest expense | 187,412 | 196,560 | (9,148) | (5) | % | 195,791 | 181,420 | 173,292 | 14,120 | 8 | % | ||||||||||||||||||
Income before income taxes | 130,700 | 134,094 | (3,394) | (3) | % | 122,438 | 110,187 | 92,912 | 37,788 | 41 | % | ||||||||||||||||||
Income tax expense | 27,340 | 25,332 | 2,008 | 8 | % | 26,163 | 23,363 | 18,650 | 8,690 | 47 | % | ||||||||||||||||||
Net income | 103,360 | 108,762 | (5,402) | (5) | % | 96,275 | 86,824 | 74,262 | 29,098 | 39 | % | ||||||||||||||||||
Preferred stock dividends | 2,875 | 2,875 | — | — | % | 2,875 | 2,875 | 2,875 | — | — | % | ||||||||||||||||||
Net income available to common equity | $ | 100,485 | $ | 105,887 | $ | (5,402) | (5) | % | $ | 93,400 | $ | 83,949 | $ | 71,387 | $ | 29,098 | 41 | % | |||||||||||
Earnings per common share | |||||||||||||||||||||||||||||
Basic | $ | 0.67 | $ | 0.70 | $ | (0.03) | (4) | % | $ | 0.62 | $ | 0.56 | $ | 0.48 | $ | 0.19 | 40 | % | |||||||||||
Diluted | $ | 0.66 | $ | 0.70 | $ | (0.04) | (6) | % | $ | 0.62 | $ | 0.56 | $ | 0.47 | $ | 0.19 | 40 | % | |||||||||||
Average common shares outstanding | |||||||||||||||||||||||||||||
Basic | 149,763 | 149,454 | 309 | — | % | 149,321 | 149,083 | 148,781 | 982 | 1 | % | ||||||||||||||||||
Diluted | 151,128 | 150,886 | 242 | — | % | 150,262 | 150,203 | 150,492 | 636 | — | % | ||||||||||||||||||
Associated Banc-Corp Selected Quarterly Information | |||||||||||||||||
($ in millions except per share data; shares repurchased and outstanding in thousands) | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | ||||||||||||
Per common share data | |||||||||||||||||
Dividends | $ | 0.21 | $ | 0.21 | $ | 0.20 | $ | 0.20 | $ | 0.20 | |||||||
Market value: | |||||||||||||||||
High | 24.18 | 25.13 | 21.87 | 22.48 | 25.71 | ||||||||||||
Low | 17.66 | 20.54 | 17.63 | 18.01 | 22.41 | ||||||||||||
Close | 17.98 | 23.09 | 20.08 | 18.26 | 22.76 | ||||||||||||
Book value / share | 26.06 | 25.40 | 25.01 | 25.09 | 25.03 | ||||||||||||
Tangible book value / share | 18.42 | 17.73 | 17.32 | 17.37 | 17.29 | ||||||||||||
Performance ratios (annualized) | |||||||||||||||||
Return on average assets | 1.06 | % | 1.12 | % | 1.02 | % | 0.97 | % | 0.86 | % | |||||||
Noninterest expense / average assets | 1.92 | % | 2.03 | % | 2.08 | % | 2.04 | % | 2.00 | % | |||||||
Effective tax rate | 20.92 | % | 18.89 | % | 21.37 | % | 21.20 | % | 20.07 | % | |||||||
Dividend payout ratio(a) | 31.34 | % | 30.00 | % | 32.26 | % | 35.71 | % | 41.67 | % | |||||||
Net interest margin | 3.07 | % | 3.31 | % | 3.13 | % | 2.71 | % | 2.42 | % | |||||||
Selected trend information | |||||||||||||||||
Average full time equivalent employees(b) | 4,219 | 4,169 | 4,182 | 4,101 | 4,018 | ||||||||||||
Branch count | 202 | 202 | 215 | 215 | 215 | ||||||||||||
Assets under management, at market value(c) | $ | 12,412 | $ | 11,843 | $ | 11,142 | $ | 11,561 | $ | 12,937 | |||||||
Mortgage loans originated for sale during period | $ | 69 | $ | 64 | $ | 132 | $ | 152 | $ | 252 | |||||||
Mortgage loan settlements during period | $ | 55 | $ | 95 | $ | 120 | $ | 204 | $ | 296 | |||||||
Mortgage portfolio serviced for others | $ | 6,612 | $ | 6,712 | $ | 6,800 | $ | 6,910 | $ | 6,972 | |||||||
Mortgage servicing rights, net / mortgage portfolio serviced for others | 1.13 | % | 1.15 | % | 1.15 | % | 1.11 | % | 0.96 | % | |||||||
Shares outstanding, end of period | 150,886 | 150,444 | 150,328 | 150,126 | 150,038 | ||||||||||||
Selected quarterly ratios | |||||||||||||||||
Loans / deposits | 96.29 | % | 97.18 | % | 95.27 | % | 92.71 | % | 86.36 | % | |||||||
Stockholders’ equity / assets | 10.14 | % | 10.19 | % | 10.39 | % | 10.63 | % | 11.30 | % | |||||||
Risk-based capital(d)(e) | |||||||||||||||||
Total risk-weighted assets | $ | 32,648 | $ | 32,472 | $ | 31,406 | $ | 29,864 | $ | 27,781 | |||||||
Common equity Tier 1 | $ | 3,086 | $ | 3,036 | $ | 2,956 | $ | 2,897 | $ | 2,838 | |||||||
Common equity Tier 1 capital ratio | 9.45 | % | 9.35 | % | 9.41 | % | 9.70 | % | 10.22 | % | |||||||
Tier 1 capital ratio | 10.05 | % | 9.95 | % | 10.03 | % | 10.35 | % | 10.91 | % | |||||||
Total capital ratio | 12.22 | % | 11.33 | % | 11.41 | % | 11.74 | % | 12.41 | % | |||||||
Tier 1 leverage ratio | 8.46 | % | 8.59 | % | 8.66 | % | 8.87 | % | 8.86 | % | |||||||
Associated Banc-Corp Selected Asset Quality Information | |||||||||||||||||||||||
($ in thousands) | Mar 31, 2023 | Dec 31, 2022 | Seql Qtr % Change | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Comp Qtr % Change | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||
Balance at beginning of period | $ | 312,720 | $ | 292,904 | 7 | % | $ | 280,771 | $ | 279,058 | $ | 280,015 | 12 | % | |||||||||
Provision for loan losses | 17,000 | 21,000 | (19) | % | 14,000 | 2,000 | (3,000) | N/M | |||||||||||||||
Charge offs | (5,501) | (2,982) | 84 | % | (3,346) | (1,791) | (2,028) | 171 | % | ||||||||||||||
Recoveries | 2,212 | 1,798 | 23 | % | 1,478 | 1,504 | 4,072 | (46) | % | ||||||||||||||
Net (charge offs) recoveries | (3,289) | (1,183) | 178 | % | (1,867) | (287) | 2,044 | N/M | |||||||||||||||
Balance at end of period | $ | 326,432 | $ | 312,720 | 4 | % | $ | 292,904 | $ | 280,771 | $ | 279,058 | 17 | % | |||||||||
Allowance for unfunded commitments | |||||||||||||||||||||||
Balance at beginning of period | $ | 38,776 | $ | 39,776 | (3) | % | $ | 36,776 | $ | 38,776 | $ | 39,776 | (3) | % | |||||||||
Provision for unfunded commitments | 1,000 | (1,000) | N/M | 3,000 | (2,000) | (1,000) | N/M | ||||||||||||||||
Balance at end of period | $ | 39,776 | $ | 38,776 | 3 | % | $ | 39,776 | $ | 36,776 | $ | 38,776 | 3 | % | |||||||||
Allowance for credit losses on loans (ACLL) | $ | 366,208 | $ | 351,496 | 4 | % | $ | 332,680 | $ | 317,547 | $ | 317,835 | 15 | % | |||||||||
Provision for credit losses on loans | $ | 18,000 | $ | 20,000 | (10) | % | $ | 17,000 | $ | — | $ | (4,000) | N/M | ||||||||||
($ in thousands) | Mar 31, 2023 | Dec 31, 2022 | Seql Qtr % Change | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Comp Qtr % Change | ||||||||||||||||
Net (charge offs) recoveries | |||||||||||||||||||||||
Commercial and industrial | (1,759) | 278 | N/M | (897) | (444) | 1,854 | N/M | ||||||||||||||||
Commercial real estate—owner occupied | 3 | 3 | — | % | 3 | 4 | 3 | — | % | ||||||||||||||
Commercial and business lending | (1,756) | 281 | N/M | (894) | (440) | 1,857 | N/M | ||||||||||||||||
Commercial real estate—investor | — | — | N/M | — | — | — | N/M | ||||||||||||||||
Real estate construction | 18 | 16 | 13 | % | 9 | 2 | 32 | (44) | % | ||||||||||||||
Commercial real estate lending | 18 | 16 | 13 | % | 9 | 2 | 32 | (44) | % | ||||||||||||||
Total commercial | (1,738) | 297 | N/M | (885) | (439) | 1,889 | N/M | ||||||||||||||||
Residential mortgage | (53) | (125) | (58) | % | (42) | 220 | 288 | N/M | |||||||||||||||
Auto finance | (957) | (768) | 25 | % | (165) | (14) | 4 | N/M | |||||||||||||||
Home equity | 340 | 123 | 176 | % | (101) | 461 | 315 | 8 | % | ||||||||||||||
Other consumer | (881) | (711) | 24 | % | (675) | (516) | (451) | 95 | % | ||||||||||||||
Total consumer | (1,550) | (1,480) | 5 | % | (983) | 151 | 155 | N/M | |||||||||||||||
Total net (charge offs) recoveries | $ | (3,289) | $ | (1,183) | 178 | % | $ | (1,867) | $ | (287) | $ | 2,044 | N/M | ||||||||||
(In basis points) | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||
Net (charge offs) recoveries to average loans (annualized) | |||||||||||||||||||||||
Commercial and industrial | (8) | 1 | (4) | (2) | 10 | ||||||||||||||||||
Commercial real estate—owner occupied | — | — | — | — | — | ||||||||||||||||||
Commercial and business lending | (7) | 1 | (3) | (2) | 8 | ||||||||||||||||||
Commercial real estate—investor | — | — | — | — | — | ||||||||||||||||||
Real estate construction | — | — | — | — | 1 | ||||||||||||||||||
Commercial real estate lending | — | — | — | — | — | ||||||||||||||||||
Total commercial | (4) | 1 | (2) | (1) | 5 | ||||||||||||||||||
Residential mortgage | — | (1) | — | 1 | 2 | ||||||||||||||||||
Auto finance | (26) | (24) | (7) | (1) | 1 | ||||||||||||||||||
Home equity | 22 | 8 | (7) | 32 | 22 | ||||||||||||||||||
Other consumer | (125) | (95) | (89) | (70) | (62) | ||||||||||||||||||
Total consumer | (6) | (6) | (4) | 1 | 1 | ||||||||||||||||||
Total net (charge offs) recoveries | (5) | (2) | (3) | — | 3 | ||||||||||||||||||
($ in thousands) | Mar 31, 2023 | Dec 31, 2022 | Seql Qtr % Change | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Comp Qtr % Change | ||||||||||||||||
Credit Quality | |||||||||||||||||||||||
Nonaccrual loans | $ | 117,569 | $ | 111,467 | 5 | % | $ | 116,406 | $ | 108,345 | $ | 143,221 | (18) | % | |||||||||
Other real estate owned (OREO) | 15,184 | 14,784 | 3 | % | 16,373 | 17,879 | 18,194 | (17) | % | ||||||||||||||
Repossessed Assets | $ | 92 | $ | 215 | (57) | % | $ | 299 | $ | 102 | $ | — | N/M | ||||||||||
Total nonperforming assets | $ | 132,845 | $ | 126,466 | 5 | % | $ | 133,078 | $ | 126,327 | $ | 161,414 | (18) | % | |||||||||
Loans 90 or more days past due and still accruing | $ | 1,703 | $ | 1,728 | (1) | % | $ | 1,417 | $ | 1,555 | $ | 1,595 | 7 | % | |||||||||
Allowance for credit losses on loans to total loans | 1.25 | % | 1.22 | % | 1.20 | % | 1.20 | % | 1.30 | % | |||||||||||||
Allowance for credit losses on loans to nonaccrual loans | 311.48 | % | 315.34 | % | 285.79 | % | 293.09 | % | 221.92 | % | |||||||||||||
Nonaccrual loans to total loans | 0.40 | % | 0.39 | % | 0.42 | % | 0.41 | % | 0.58 | % | |||||||||||||
Nonperforming assets to total loans plus OREO and repossessed assets | 0.45 | % | 0.44 | % | 0.48 | % | 0.48 | % | 0.66 | % | |||||||||||||
Nonperforming assets to total assets | 0.33 | % | 0.32 | % | 0.35 | % | 0.34 | % | 0.46 | % | |||||||||||||
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans | 0.05 | % | — | % | — | % | (0.01) | % | (0.03) | % | |||||||||||||
Associated Banc-Corp Selected Asset Quality Information (continued) | |||||||||||||||||||||||
(In thousands) | Mar 31, 2023 | Dec 31, 2022 | Seql Qtr % Change | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Comp Qtr % Change | ||||||||||||||||
Nonaccrual loans | |||||||||||||||||||||||
Commercial and industrial | $ | 22,735 | $ | 14,329 | 59 | % | $ | 15,576 | $ | 843 | $ | 266 | N/M | ||||||||||
Commercial real estate—owner occupied | 1,478 | — | N/M | — | — | — | N/M | ||||||||||||||||
Commercial and business lending | 24,213 | 14,329 | 69 | % | 15,576 | 843 | 266 | N/M | |||||||||||||||
Commercial real estate—investor | 25,122 | 29,380 | (14) | % | 37,479 | 46,823 | 80,886 | (69) | % | ||||||||||||||
Real estate construction | 178 | 105 | 70 | % | 141 | 604 | 609 | (71) | % | ||||||||||||||
Commercial real estate lending | 25,300 | 29,485 | (14) | % | 37,620 | 47,427 | 81,495 | (69) | % | ||||||||||||||
Total commercial | 49,513 | 43,814 | 13 | % | 53,196 | 48,270 | 81,761 | (39) | % | ||||||||||||||
Residential mortgage | 58,274 | 58,480 | — | % | 55,485 | 52,840 | 53,827 | 8 | % | ||||||||||||||
Auto finance | 2,436 | 1,490 | 63 | % | 302 | 53 | 49 | N/M | |||||||||||||||
Home equity | 7,246 | 7,487 | (3) | % | 7,325 | 7,100 | 7,490 | (3) | % | ||||||||||||||
Other consumer | 100 | 197 | (49) | % | 98 | 83 | 95 | 5 | % | ||||||||||||||
Total consumer | 68,056 | 67,654 | 1 | % | 63,210 | 60,075 | 61,460 | 11 | % | ||||||||||||||
Total nonaccrual loans | $ | 117,569 | $ | 111,467 | 5 | % | $ | 116,406 | $ | 108,345 | $ | 143,221 | (18) | % | |||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||||||||||||||
Restructured loans (accruing)(a) | |||||||||||||||||||||||
Commercial and industrial | $ | 47 | $ | 12,453 | $ | 14,829 | $ | 13,882 | $ | 7,426 | |||||||||||||
Commercial real estate—owner occupied | — | 316 | 369 | 421 | 473 | ||||||||||||||||||
Commercial and business lending | 47 | 12,769 | 15,198 | 14,303 | 7,899 | ||||||||||||||||||
Commercial real estate—investor | — | 128 | 733 | 943 | 2,045 | ||||||||||||||||||
Real estate construction | — | 195 | 165 | 179 | 183 | ||||||||||||||||||
Commercial real estate lending | — | 324 | 898 | 1,122 | 2,228 | ||||||||||||||||||
Total commercial | 47 | 13,093 | 16,097 | 15,425 | 10,127 | ||||||||||||||||||
Residential mortgage | 126 | 16,829 | 16,169 | 15,829 | 16,644 | ||||||||||||||||||
Auto | 61 | — | — | — | — | ||||||||||||||||||
Home equity | 31 | 2,148 | 2,103 | 2,246 | 2,486 | ||||||||||||||||||
Other consumer | 498 | 798 | 764 | 753 | 747 | ||||||||||||||||||
Total consumer | 716 | 19,775 | 19,036 | 18,828 | 19,876 | ||||||||||||||||||
Total restructured loans (accruing) | $ | 763 | $ | 32,868 | $ | 35,132 | $ | 34,253 | $ | 30,003 | |||||||||||||
Nonaccrual restructured loans (included in nonaccrual loans) | $ | 341 | $ | 20,127 | $ | 21,650 | $ | 22,172 | $ | 19,352 | |||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Seql Qtr % Change | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Comp Qtr % Change | |||||||||||||||||
Accruing Loans 30-89 Days Past Due | |||||||||||||||||||||||
Commercial and industrial | $ | 4,239 | $ | 6,283 | (33) | % | $ | 1,861 | $ | 1,642 | $ | 1,086 | N/M | ||||||||||
Commercial real estate—owner occupied | 2,955 | 230 | N/M | — | — | 198 | N/M | ||||||||||||||||
Commercial and business lending | 7,195 | 6,512 | 10 | % | 1,861 | 1,642 | 1,284 | N/M | |||||||||||||||
Commercial real estate—investor | — | 1,067 | (100) | % | — | 5,484 | — | N/M | |||||||||||||||
Real estate construction | — | 39 | (100) | % | 43 | — | — | N/M | |||||||||||||||
Commercial real estate lending | — | 1,105 | (100) | % | 43 | 5,484 | — | N/M | |||||||||||||||
Total commercial | 7,195 | 7,618 | (6) | % | 1,904 | 7,126 | 1,284 | N/M | |||||||||||||||
Residential mortgage | 7,626 | 9,874 | (23) | % | 6,517 | 5,315 | 4,957 | 54 | % | ||||||||||||||
Auto finance | 8,640 | 9,408 | (8) | % | 6,206 | 2,906 | 949 | N/M | |||||||||||||||
Home equity | 4,113 | 5,607 | (27) | % | 4,234 | 2,961 | 4,207 | (2) | % | ||||||||||||||
Other consumer | 1,723 | 1,610 | 7 | % | 1,592 | 1,365 | 1,232 | 40 | % | ||||||||||||||
Total consumer | 22,102 | 26,499 | (17) | % | 18,549 | 12,547 | 11,345 | 95 | % | ||||||||||||||
Total accruing loans 30-89 days past due | $ | 29,297 | $ | 34,117 | (14) | % | $ | 20,452 | $ | 19,673 | $ | 12,629 | 132 | % | |||||||||
Mar 31, 2023 | Dec 31, 2022 | Seql Qtr % Change | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Comp Qtr % Change | |||||||||||||||||
Potential Problem Loans | |||||||||||||||||||||||
Asset-based lending & equipment finance | $ | 17,396 | $ | 17,698 | (2) | % | $ | 19,266 | $ | 19,813 | $ | 19,057 | (9) | % | |||||||||
Commercial and industrial | 117,650 | 118,851 | (1) | % | 89,290 | 84,832 | 93,450 | 26 | % | ||||||||||||||
Commercial real estate—owner occupied | 32,077 | 34,422 | (7) | % | 28,287 | 38,628 | 24,005 | 34 | % | ||||||||||||||
Commercial and business lending | 167,124 | 170,971 | (2) | % | 136,843 | 143,273 | 136,513 | 22 | % | ||||||||||||||
Commercial real estate—investor | 89,653 | 92,535 | (3) | % | 117,982 | 132,635 | 130,792 | (31) | % | ||||||||||||||
Real estate construction | — | 970 | (100) | % | — | 82 | 200 | (100) | % | ||||||||||||||
Commercial real estate lending | 89,653 | 93,505 | (4) | % | 117,982 | 132,717 | 130,992 | (32) | % | ||||||||||||||
Total commercial | 256,776 | 264,476 | (3) | % | 254,825 | 275,990 | 267,505 | (4) | % | ||||||||||||||
Residential mortgage | 1,684 | 1,978 | (15) | % | 2,845 | 3,297 | 3,032 | (44) | % | ||||||||||||||
Home equity | 244 | 197 | 24 | % | 185 | 188 | 156 | 56 | % | ||||||||||||||
Total consumer | 1,928 | 2,175 | (11) | % | 3,030 | 3,486 | 3,188 | (40) | % | ||||||||||||||
Total potential problem loans | $ | 258,704 | $ | 266,651 | (3) | % | $ | 257,855 | $ | 279,475 | $ | 270,693 | (4) | % | |||||||||
Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter | |||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 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) | |||||||||||||||||||||||||||||
Asset-based lending (ABL) & equipment finance | $ | 480,472 | $ | 7,448 | 6.28 | % | $ | 421,540 | $ | 5,901 | 5.56 | % | $ | 202,836 | $ | 1,449 | 2.90 | % | |||||||||||
Commercial and business lending (excl ABL and equipment finance) | 10,135,554 | 159,726 | 6.39 | % | 10,108,444 | 141,283 | 5.55 | % | 8,859,450 | 54,031 | 2.47 | % | |||||||||||||||||
Commercial real estate lending | 7,251,193 | 119,087 | 6.66 | % | 7,062,405 | 105,479 | 5.93 | % | 6,177,062 | 43,886 | 2.88 | % | |||||||||||||||||
Total commercial | 17,867,219 | 286,262 | 6.50 | % | 17,592,389 | 252,663 | 5.70 | % | 15,239,348 | 99,366 | 2.64 | % | |||||||||||||||||
Residential mortgage | 8,584,528 | 70,711 | 3.30 | % | 8,443,661 | 68,069 | 3.22 | % | 7,671,329 | 55,403 | 2.89 | % | |||||||||||||||||
Auto finance | 1,490,115 | 16,458 | 4.48 | % | 1,244,436 | 12,911 | 4.12 | % | 305,202 | 2,649 | 3.52 | % | |||||||||||||||||
Other retail | 903,956 | 18,494 | 8.23 | % | 914,848 | 16,366 | 7.13 | % | 881,859 | 10,662 | 4.87 | % | |||||||||||||||||
Total loans | 28,845,818 | 391,925 | 5.49 | % | 28,195,334 | 350,009 | 4.93 | % | 24,097,738 | 168,081 | 2.81 | % | |||||||||||||||||
Investment securities | |||||||||||||||||||||||||||||
Taxable | 4,912,416 | 30,142 | 2.45 | % | 4,336,132 | 21,435 | 1.98 | % | 4,350,109 | 16,472 | 1.52 | % | |||||||||||||||||
Tax-exempt(a) | 2,329,519 | 20,192 | 3.47 | % | 2,428,751 | 21,000 | 3.46 | % | 2,384,601 | 20,296 | 3.40 | % | |||||||||||||||||
Other short-term investments | 493,061 | 5,329 | 4.37 | % | 408,091 | 3,779 | 3.68 | % | 1,154,939 | 1,993 | 0.70 | % | |||||||||||||||||
Investments and other | 7,734,996 | 55,664 | 2.88 | % | 7,172,975 | 46,213 | 2.57 | % | 7,889,649 | 38,761 | 1.96 | % | |||||||||||||||||
Total earning assets | 36,580,814 | $ | 447,589 | 4.94 | % | 35,368,309 | $ | 396,222 | 4.46 | % | 31,987,386 | $ | 206,842 | 2.60 | % | ||||||||||||||
Other assets, net | 3,026,251 | 3,017,127 | 3,212,796 | ||||||||||||||||||||||||||
Total assets | $ | 39,607,065 | $ | 38,385,436 | $ | 35,200,182 | |||||||||||||||||||||||
Liabilities and stockholders' equity | |||||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||||||||||
Savings | $ | 4,664,624 | $ | 9,859 | 0.86 | % | $ | 4,660,696 | $ | 3,607 | 0.31 | % | $ | 4,529,991 | $ | 380 | 0.03 | % | |||||||||||
Interest-bearing demand | 6,814,487 | 29,918 | 1.78 | % | 6,831,213 | 20,861 | 1.21 | % | 6,722,038 | 1,025 | 0.06 | % | |||||||||||||||||
Money market | 7,536,393 | 41,637 | 2.24 | % | 7,382,793 | 23,728 | 1.28 | % | 7,030,945 | 965 | 0.06 | % | |||||||||||||||||
Network transaction deposits | 1,147,089 | 12,825 | 4.53 | % | 901,168 | 8,261 | 3.64 | % | 734,895 | 265 | 0.15 | % | |||||||||||||||||
Time deposits | 2,362,260 | 15,182 | 2.61 | % | 1,463,204 | 4,262 | 1.16 | % | 1,313,101 | 937 | 0.29 | % | |||||||||||||||||
Total interest-bearing deposits | 22,524,853 | 109,422 | 1.97 | % | 21,239,073 | 60,719 | 1.13 | % | 20,330,970 | 3,571 | 0.07 | % | |||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 429,780 | 3,143 | 2.97 | % | 424,352 | 2,280 | 2.13 | % | 293,915 | 38 | 0.05 | % | |||||||||||||||||
Commercial paper | 17,339 | — | 0.01 | % | 12,927 | — | 0.01 | % | 27,963 | 1 | 0.01 | % | |||||||||||||||||
FHLB advances | 4,254,532 | 49,960 | 4.76 | % | 3,790,101 | 36,824 | 3.85 | % | 1,610,983 | 8,182 | 2.06 | % | |||||||||||||||||
Long-term funding | 408,175 | 6,281 | 6.16 | % | 248,645 | 2,470 | 3.97 | % | 249,632 | 2,730 | 4.38 | % | |||||||||||||||||
Total short and long-term funding | 5,109,826 | 59,384 | 4.71 | % | 4,476,025 | 41,575 | 3.69 | % | 2,182,492 | 10,951 | 2.03 | % | |||||||||||||||||
Total interest-bearing liabilities | 27,634,679 | $ | 168,807 | 2.48 | % | 25,715,098 | $ | 102,294 | 1.58 | % | 22,513,462 | $ | 14,522 | 0.26 | % | ||||||||||||||
Noninterest-bearing demand deposits | 7,340,219 | 8,088,435 | 8,316,399 | ||||||||||||||||||||||||||
Other liabilities | 570,166 | 590,223 | 383,528 | ||||||||||||||||||||||||||
Stockholders’ equity | 4,062,001 | 3,991,679 | 3,986,792 | ||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 39,607,065 | $ | 38,385,436 | $ | 35,200,182 | |||||||||||||||||||||||
Interest rate spread | 2.46 | % | 2.88 | % | 2.34 | % | |||||||||||||||||||||||
Net free funds | 0.61 | % | 0.43 | % | 0.08 | % | |||||||||||||||||||||||
Fully tax-equivalent net interest income and net interest margin ("NIM") | $ | 278,782 | 3.07 | % | $ | 293,929 | 3.31 | % | $ | 192,320 | 2.42 | % | |||||||||||||||||
Fully tax-equivalent adjustment | 4,772 | 4,939 | 4,573 | ||||||||||||||||||||||||||
Net interest income | $ | 274,010 | $ | 288,989 | $ | 187,747 |
Associated Banc-Corp Loan and Deposit Composition | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Period end loan composition | Mar 31, 2023 | Dec 31, 2022 | Seql Qtr % Change | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Comp Qtr % Change | ||||||||||||||||
Asset-based lending & equipment finance | $ | 522,834 | $ | 458,887 | 14 | % | $ | 380,830 | $ | 263,044 | $ | 231,040 | 126 | % | |||||||||
Commercial and industrial | 9,346,947 | 9,300,567 | — | % | 9,191,094 | 8,993,640 | 8,120,375 | 15 | % | ||||||||||||||
Commercial real estate—owner occupied | 1,050,236 | 991,722 | 6 | % | 999,786 | 928,152 | 973,572 | 8 | % | ||||||||||||||
Commercial and business lending | 10,920,017 | 10,751,176 | 2 | % | 10,571,711 | 10,184,836 | 9,324,986 | 17 | % | ||||||||||||||
Commercial real estate—investor | 5,094,249 | 5,080,344 | — | % | 5,064,289 | 4,790,241 | 4,469,241 | 14 | % | ||||||||||||||
Real estate construction | 2,147,070 | 2,155,222 | — | % | 1,835,159 | 1,775,648 | 1,760,076 | 22 | % | ||||||||||||||
Commercial real estate lending | 7,241,318 | 7,235,565 | — | % | 6,899,449 | 6,565,889 | 6,229,317 | 16 | % | ||||||||||||||
Total commercial | 18,161,335 | 17,986,742 | 1 | % | 17,471,159 | 16,750,726 | 15,554,303 | 17 | % | ||||||||||||||
Residential mortgage | 8,605,164 | 8,511,550 | 1 | % | 8,314,902 | 8,002,943 | 7,609,343 | 13 | % | ||||||||||||||
Auto finance | 1,551,538 | 1,382,073 | 12 | % | 1,117,136 | 847,969 | 497,523 | N/M | |||||||||||||||
Home equity | 609,787 | 624,353 | (2) | % | 612,608 | 592,843 | 580,867 | 5 | % | ||||||||||||||
Other consumer | 279,248 | 294,851 | (5) | % | 301,475 | 300,217 | 289,889 | (4) | % | ||||||||||||||
Total consumer | 11,045,737 | 10,812,828 | 2 | % | 10,346,121 | 9,743,972 | 8,977,622 | 23 | % | ||||||||||||||
Total loans | $ | 29,207,072 | $ | 28,799,569 | 1 | % | $ | 27,817,280 | $ | 26,494,698 | $ | 24,531,926 | 19 | % | |||||||||
Period end deposit and customer funding composition | Mar 31, 2023 | Dec 31, 2022 | Seql Qtr % Change | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Comp Qtr % Change | ||||||||||||||||
Noninterest-bearing demand | $ | 7,328,689 | $ | 7,760,811 | (6) | % | $ | 8,224,579 | $ | 8,085,702 | $ | 8,315,699 | (12) | % | |||||||||
Savings | 4,730,472 | 4,604,848 | 3 | % | 4,708,720 | 4,708,156 | 4,661,232 | 1 | % | ||||||||||||||
Interest-bearing demand | 6,977,121 | 7,100,727 | (2) | % | 7,122,218 | 6,789,722 | 6,616,767 | 5 | % | ||||||||||||||
Money market | 8,357,625 | 8,239,610 | 1 | % | 7,909,232 | 7,769,415 | 7,522,797 | 11 | % | ||||||||||||||
Brokered CDs | 1,185,565 | 541,916 | 119 | % | — | 2,121 | — | N/M | |||||||||||||||
Other time deposits | 1,752,351 | 1,388,242 | 26 | % | 1,233,833 | 1,221,460 | 1,288,913 | 36 | % | ||||||||||||||
Total deposits | 30,331,824 | 29,636,154 | 2 | % | 29,198,581 | 28,576,577 | 28,405,409 | 7 | % | ||||||||||||||
Other customer funding(a) | 226,258 | 261,767 | (14) | % | 283,856 | 296,440 | 299,301 | (24) | % | ||||||||||||||
Total deposits and other customer funding | $ | 30,558,081 | $ | 29,897,921 | 2 | % | $ | 29,482,437 | $ | 28,873,017 | $ | 28,704,710 | 6 | % | |||||||||
Network transaction deposits(b) | $ | 1,273,420 | $ | 979,003 | 30 | % | $ | 864,086 | $ | 891,902 | $ | 762,680 | 67 | % | |||||||||
Net deposits and other customer funding(c) | $ | 28,099,096 | $ | 28,377,001 | (1) | % | $ | 28,618,351 | $ | 27,978,993 | $ | 27,942,029 | 1 | % | |||||||||
Quarter average loan composition | Mar 31, 2023 | Dec 31, 2022 | Seql Qtr % Change | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Comp Qtr % Change | ||||||||||||||||
Asset-based lending & equipment finance | $ | 480,472 | $ | 421,540 | 14 | % | $ | 317,857 | $ | 244,369 | $ | 202,836 | 137 | % | |||||||||
Commercial and industrial | 9,120,367 | 9,106,639 | — | % | 8,904,113 | 8,407,441 | 7,885,953 | 16 | % | ||||||||||||||
Commercial real estate—owner occupied | 1,015,187 | 1,001,805 | 1 | % | 970,493 | 952,802 | 973,496 | 4 | % | ||||||||||||||
Commercial and business lending | 10,616,026 | 10,529,984 | 1 | % | 10,192,463 | 9,604,612 | 9,062,286 | 17 | % | ||||||||||||||
Commercial real estate—investor | 5,093,122 | 5,048,419 | 1 | % | 4,891,530 | 4,570,300 | 4,439,051 | 15 | % | ||||||||||||||
Real estate construction | 2,158,072 | 2,013,986 | 7 | % | 1,876,524 | 1,793,095 | 1,738,011 | 24 | % | ||||||||||||||
Commercial real estate lending | 7,251,193 | 7,062,405 | 3 | % | 6,768,054 | 6,363,395 | 6,177,062 | 17 | % | ||||||||||||||
Total commercial | 17,867,219 | 17,592,389 | 2 | % | 16,960,517 | 15,968,007 | 15,239,348 | 17 | % | ||||||||||||||
Residential mortgage | 8,584,528 | 8,443,661 | 2 | % | 8,223,531 | 7,860,220 | 7,671,329 | 12 | % | ||||||||||||||
Auto finance | 1,490,115 | 1,244,436 | 20 | % | 969,918 | 689,027 | 305,202 | N/M | |||||||||||||||
Home equity | 618,724 | 619,044 | — | % | 601,821 | 586,072 | 588,281 | 5 | % | ||||||||||||||
Other consumer | 285,232 | 295,804 | (4) | % | 299,917 | 294,837 | 293,578 | (3) | % | ||||||||||||||
Total consumer | 10,978,599 | 10,602,945 | 4 | % | 10,095,186 | 9,430,156 | 8,858,390 | 24 | % | ||||||||||||||
Total loans(d) | $ | 28,845,818 | $ | 28,195,334 | 2 | % | $ | 27,055,703 | $ | 25,398,163 | $ | 24,097,738 | 20 | % | |||||||||
Quarter average deposit composition | Mar 31, 2023 | Dec 31, 2022 | Seql Qtr % Change | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Comp Qtr % Change | ||||||||||||||||
Noninterest-bearing demand | $ | 7,340,219 | $ | 8,088,435 | (9) | % | $ | 8,119,475 | $ | 8,133,492 | $ | 8,316,399 | (12) | % | |||||||||
Savings | 4,664,624 | 4,660,696 | — | % | 4,735,285 | 4,682,783 | 4,529,991 | 3 | % | ||||||||||||||
Interest-bearing demand | 6,814,487 | 6,831,213 | — | % | 6,587,404 | 6,413,077 | 6,722,038 | 1 | % | ||||||||||||||
Money market | 7,536,393 | 7,382,793 | 2 | % | 7,328,165 | 6,910,505 | 7,030,945 | 7 | % | ||||||||||||||
Network transaction deposits | 1,147,089 | 901,168 | 27 | % | 873,168 | 775,593 | 734,895 | 56 | % | ||||||||||||||
Brokered CDs | 810,889 | 190,406 | N/M | 734 | 978 | — | N/M | ||||||||||||||||
Other time deposits | 1,551,371 | 1,272,797 | 22 | % | 1,230,126 | 1,254,314 | 1,313,101 | 18 | % | ||||||||||||||
Total deposits | 29,865,072 | 29,327,509 | 2 | % | 28,874,357 | 28,170,742 | 28,647,369 | 4 | % | ||||||||||||||
Other customer funding(a) | 245,349 | 306,122 | (20) | % | 326,324 | 315,639 | 319,982 | (23) | % | ||||||||||||||
Total deposits and other customer funding | $ | 30,110,421 | $ | 29,633,631 | 2 | % | $ | 29,200,680 | $ | 28,486,381 | $ | 28,967,352 | 4 | % | |||||||||
Net deposits and other customer funding(c) | $ | 28,152,443 | $ | 28,542,056 | (1) | % | $ | 28,326,779 | $ | 27,709,810 | $ | 28,232,457 | — | % |
Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | |||||||||||||||||
($ in millions, except per share data) | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 1Q22 | ||||||||||||
Selected equity and performance ratios(a)(b)(c) | |||||||||||||||||
Tangible common equity / tangible assets | 7.03 | % | 6.97 | % | 7.06 | % | 7.23 | % | 7.68 | % | |||||||
Return on average equity | 10.32 | % | 10.81 | % | 9.59 | % | 8.85 | % | 7.55 | % | |||||||
Return on average tangible common equity | 15.26 | % | 16.15 | % | 14.32 | % | 13.29 | % | 11.26 | % | |||||||
Return on average common equity Tier 1 | 13.38 | % | 14.04 | % | 12.69 | % | 11.77 | % | 10.27 | % | |||||||
Return on average tangible assets | 1.11 | % | 1.18 | % | 1.08 | % | 1.03 | % | 0.90 | % | |||||||
Average stockholders' equity / average assets | 10.26 | % | 10.40 | % | 10.69 | % | 11.02 | % | 11.33 | % | |||||||
Tangible common equity reconciliation(a) | |||||||||||||||||
Common equity | $ | 3,932 | $ | 3,821 | $ | 3,760 | $ | 3,766 | $ | 3,755 | |||||||
Goodwill and other intangible assets, net | (1,152) | (1,154) | (1,156) | (1,159) | (1,161) | ||||||||||||
Tangible common equity | $ | 2,779 | $ | 2,667 | $ | 2,603 | $ | 2,608 | $ | 2,594 | |||||||
Tangible assets reconciliation(a) | |||||||||||||||||
Total assets | $ | 40,703 | $ | 39,406 | $ | 38,050 | $ | 37,236 | $ | 34,956 | |||||||
Goodwill and other intangible assets, net | (1,152) | (1,154) | (1,156) | (1,159) | (1,161) | ||||||||||||
Tangible assets | $ | 39,550 | $ | 38,251 | $ | 36,893 | $ | 36,077 | $ | 33,795 | |||||||
Average tangible common equity and average common equity tier 1 reconciliation(a) | |||||||||||||||||
Common equity | $ | 3,868 | $ | 3,798 | $ | 3,791 | $ | 3,744 | $ | 3,794 | |||||||
Goodwill and other intangible assets, net | (1,153) | (1,155) | (1,158) | (1,160) | (1,162) | ||||||||||||
Tangible common equity | 2,715 | 2,642 | 2,634 | 2,584 | 2,631 | ||||||||||||
Modified CECL transitional amount | 45 | 67 | 67 | 67 | 67 | ||||||||||||
Accumulated other comprehensive loss | 259 | 254 | 190 | 170 | 80 | ||||||||||||
Deferred tax assets, net | 28 | 29 | 30 | 39 | 39 | ||||||||||||
Average common equity tier 1 | $ | 3,047 | $ | 2,993 | $ | 2,921 | $ | 2,860 | $ | 2,818 | |||||||
Average tangible assets reconciliation(a) | |||||||||||||||||
Total assets | $ | 39,607 | $ | 38,385 | $ | 37,272 | $ | 35,733 | $ | 35,200 | |||||||
Goodwill and other intangible assets, net | (1,153) | (1,155) | (1,158) | (1,160) | (1,162) | ||||||||||||
Tangible assets | $ | 38,454 | $ | 37,230 | $ | 36,114 | $ | 34,573 | $ | 34,038 | |||||||
Adjusted net income reconciliation(b) | |||||||||||||||||
Net income | $ | 103 | $ | 109 | $ | 96 | $ | 87 | $ | 74 | |||||||
Other intangible amortization, net of tax | 2 | 2 | 2 | 2 | 2 | ||||||||||||
Adjusted net income | $ | 105 | $ | 110 | $ | 98 | $ | 88 | $ | 76 | |||||||
Adjusted net income available to common equity reconciliation(b) | |||||||||||||||||
Net income available to common equity | $ | 100 | $ | 106 | $ | 93 | $ | 84 | $ | 71 | |||||||
Other intangible amortization, net of tax | 2 | 2 | 2 | 2 | 2 | ||||||||||||
Adjusted net income available to common equity | $ | 102 | $ | 108 | $ | 95 | $ | 86 | $ | 73 | |||||||
Selected trend information(d) | |||||||||||||||||
Wealth management fees | $ | 20 | $ | 20 | $ | 20 | $ | 21 | $ | 22 | |||||||
Service charges and deposit account fees | 13 | 14 | 15 | 17 | 17 | ||||||||||||
Card-based fees | 11 | 11 | 11 | 11 | 10 | ||||||||||||
Other fee-based revenue | 4 | 3 | 4 | 4 | 4 | ||||||||||||
Fee-based revenue | 48 | 49 | 51 | 54 | 53 | ||||||||||||
Other | 14 | 13 | 20 | 22 | 22 | ||||||||||||
Total noninterest income | $ | 62 | $ | 62 | $ | 71 | $ | 75 | $ | 74 | |||||||
Pre-tax pre-provision income(e) | |||||||||||||||||
Income before income taxes | $ | 131 | $ | 134 | $ | 122 | $ | 110 | $ | 93 | |||||||
Provision for credit losses | 18 | 20 | 17 | — | (4) | ||||||||||||
Pre-tax pre-provision income | $ | 149 | $ | 154 | $ | 139 | $ | 110 | $ | 89 | |||||||
Efficiency ratio reconciliation(f) | |||||||||||||||||
Federal Reserve efficiency ratio | 56.07 | % | 55.47 | % | 60.32 | % | 61.53 | % | 65.71 | % | |||||||
Fully tax-equivalent adjustment | (0.79) | % | (0.77) | % | (0.87) | % | (0.98) | % | (1.13) | % | |||||||
Other intangible amortization | (0.66) | % | (0.62) | % | (0.67) | % | (0.76) | % | (0.84) | % | |||||||
Fully tax-equivalent efficiency ratio | 54.64 | % | 54.08 | % | 58.79 | % | 59.80 | % | 63.76 | % | |||||||