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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: September 30, 2025


☐			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(s)	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 5.875% Non-Cum. Perp Pref Stock, Srs E	ASB PrE	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F	ASB PrF	New York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033	ASBA	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 October 24, 2025 was 165,922,444.


ASSOCIATED BANC-CORP
Table of Contents


		Page
PART I. Financial Information

	Item 1. Financial Statements (Unaudited):	5

	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	10

	Notes to Consolidated Financial Statements	12

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	53

	Item 3. Quantitative and Qualitative Disclosures About Market Risk	77

	Item 4. Controls and Procedures	78

PART II. Other Information

	Item 1. Legal Proceedings	79

	Item 1A. Risk Factors	79

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	79

	Item 5. Other Information	79

	Item 6. Exhibits	80

	Signatures	81


ASSOCIATED BANC-CORP
Commonly Used Terms
The following listing provides a reference of common acronyms, abbreviations, and other defined terms used throughout the document:






ACLL			Allowance for Credit Losses on Loans

AFS			Available for Sale
ALCO			Asset / Liability Committee



ASU			Accounting Standards Update


the Bank			Associated Bank, National Association
Basel III			International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bp			basis point(s)
BTFP			Bank Term Funding Program


CDs			Certificates of Deposit
CDIs			Core Deposit Intangibles
CECL			Current Expected Credit Losses
CET1			Common Equity Tier 1



Corporation / our			Associated Banc-Corp collectively with all of its subsidiaries and affiliates
CRA			Community Reinvestment Act
CRE			Commercial Real Estate


EAR			Earnings at Risk



Exchange Act			Securities Exchange Act of 1934, as amended


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
FNMA			Federal National Mortgage Association

FTEs			Full-time equivalent employees
FTP			Funds Transfer Pricing
GAAP			Generally Accepted Accounting Principles
GNMA			Government National Mortgage Association
GSE			Government-Sponsored Enterprise

HTM			Held to Maturity






LTV			Loan-to-Value


Moody's			Moody’s Investors Service
MSRs			Mortgage Servicing Rights
MVE			Market Value of Equity
NAV			Net Asset Value measured at fair value per share (or its equivalent) as a practical expedient
Net Free Funds			Noninterest-bearing sources of funds

NPAs			Nonperforming Assets

OCI			Other Comprehensive Income
OREO			Other Real Estate Owned
Parent Company			Associated Banc-Corp individually
RAP			Retirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
Repurchase Agreements			Securities sold under agreements to repurchase
Restricted Stock Awards			Restricted common stock and restricted common stock units to certain key employees


Retirement Eligible Colleagues			Colleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan


Rev Loan(s)			Revolving loans
SBA			Small Business Administration
SEC			U.S. Securities and Exchange Commission
Series E Preferred Stock			The Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share
Series F Preferred Stock			The Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share
SOFR			Secured Overnight Finance Rate




YTD			Year-to-Date

Table of Contents


PART I - FINANCIAL INFORMATION

ITEM 1.			Financial Statements:

ASSOCIATED BANC-CORP

Consolidated Balance Sheets


	Sep 30, 2025		Dec 31, 2024
(in thousands, except share and per share data)	(Unaudited)		(Audited)
Assets
Cash and due from banks	$	490,431	$	544,059
Interest-bearing deposits in other financial institutions	802,251		453,590
Federal funds sold and securities purchased under agreements to resell	90		21,955
AFS investment securities, at fair value	5,217,278		4,581,434
HTM investment securities, net, at amortized cost	3,636,080		3,738,687
Equity securities	26,000		23,242
FHLB and Federal Reserve Bank stocks, at cost	251,642		179,665
Residential loans held for sale	74,563		646,687
Commercial loans held for sale	—		32,634
Loans	30,951,964		29,768,586
Allowance for loan losses	(378,341)		(363,545)
Loans, net	30,573,623		29,405,041
Tax credit and other investments	245,239		258,886

Premises and equipment, net	384,139		379,093
Bank and corporate owned life insurance	693,511		689,000
Goodwill	1,104,992		1,104,992
Other intangible assets, net	25,052		31,660
Mortgage servicing rights, net	85,063		87,683

Interest receivable	168,451		167,772
Other assets	677,458		676,987
Total assets	$	44,455,863	$	43,023,068
Liabilities and stockholders' equity
Noninterest-bearing demand deposits	$	5,906,251	$	5,775,657
Interest-bearing deposits	28,975,602		28,872,777
Total deposits	34,881,853		34,648,434




Short-term funding	399,665		470,369
FHLB advances	3,220,679		1,853,807
Other long-term funding	594,074		837,635

Allowance for unfunded commitments	36,276		38,776
Accrued expenses and other liabilities	455,019		568,485
Total liabilities	$	39,587,565	$	38,417,506
Stockholders’ equity
Preferred equity	$	194,112	$	194,112
Common equity
Common stock	$	1,890	$	1,890
Surplus	2,047,634		2,047,349
Retained earnings	3,132,709		2,919,252
Accumulated other comprehensive loss	(15,977)		(74,416)
Treasury stock, at cost	(492,070)		(482,626)
Total common equity	4,674,186		4,411,450
Total stockholders’ equity	4,868,298		4,605,562
Total liabilities and stockholders’ equity	$	44,455,863	$	43,023,068
Preferred shares authorized (par value $1.00 per share)	750,000		750,000
Preferred shares issued and outstanding	200,000		200,000
Common shares authorized (par value $0.01 per share)	250,000,000		250,000,000
Common shares issued	189,016,409		189,016,409
Common shares outstanding	165,904,108		166,177,658

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Income (Unaudited)


	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands, except per share data)	2025		2024		2025		2024
Interest income
Interest and fees on loans	$	455,623	$	465,728	$	1,336,703	$	1,376,988
Interest and dividends on investment securities
Taxable	73,727		51,229		214,689		148,055
Tax-exempt	13,888		14,660		41,746		44,103
Other interest	13,353		8,701		35,274		24,834
Total interest income	556,591		540,318		1,628,412		1,593,980
Interest expense
Interest on deposits	202,344		231,623		609,139		678,916
Interest on federal funds purchased and securities sold under agreements to repurchase	2,107		3,385		7,733		8,551
Interest on other short-term funding	212		6,144		907		16,929
Interest on FHLB advances	35,965		24,799		86,944		80,612
Interest on other long-term funding	10,741		11,858		32,526		32,012
Total interest expense	251,369		277,809		737,250		817,021
Net interest income	305,222		262,509		891,163		776,960
Provision for credit losses	16,000		20,991		46,999		68,000
Net interest income after provision for credit losses	289,223		241,518		844,164		708,960
Noninterest income
Wealth management fees	25,315		24,144		70,837		68,466
Service charges and deposit account fees	13,861		13,708		39,822		38,410
Card-based fees	12,308		11,731		33,950		34,973
Other fee-based revenue	5,414		5,057		15,659		14,316
Capital markets, net	10,764		4,317		20,873		13,052
Mortgage banking, net	3,541		2,132		11,577		7,299
Loss on mortgage portfolio sale	—		—		(6,976)		—
Bank and corporate owned life insurance	4,051		4,001		13,391		11,156
Asset gains (losses), net	3,340		(474)		727		(1,407)
Investment securities gains, net	1		100		13		4,047

Other	2,670		2,504		7,147		7,054
Total noninterest income	81,265		67,221		207,019		197,365
Noninterest expense
Personnel	135,703		121,036		386,593		362,012
Technology	28,590		27,217		82,237		80,579
Occupancy	12,757		13,536		40,782		40,297
Business development and advertising	8,362		6,683		22,496		20,735
Equipment	4,368		4,653		13,389		13,702
Legal and professional	5,232		5,639		17,989		14,740
Loan and foreclosure costs	1,638		2,748		6,937		6,519
FDIC assessment	9,980		8,223		30,124		29,300
Other intangible amortization	2,203		2,203		6,608		6,608

Other	7,369		8,659		29,017		19,622
Total noninterest expense	216,202		200,597		636,173		594,115
Income before income taxes	154,286		108,142		415,010		312,211
Income tax expense	29,554		20,124		77,362		27,451
Net income	124,732		88,018		337,648		284,760
Preferred stock dividends	2,875		2,875		8,625		8,625
Net income available to common equity	$	121,857	$	85,143	$	329,023	$	276,135
Earnings per common share
Basic	$	0.73	$	0.56	$	1.98	$	1.83
Diluted	$	0.73	$	0.56	$	1.96	$	1.82
Average common shares outstanding
Basic	165,029		150,247		165,064		149,993
Diluted	166,703		151,492		166,645		151,244

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands)	2025		2024		2025		2024

Net income	$	124,732	$	88,018	$	337,648	$	284,760
Other comprehensive income (loss), net of tax
AFS investment securities
Net unrealized (losses) gains	(5,178)		90,858		47,970		49,844

Amortization of net unrealized losses on AFS securities transferred to HTM securities	1,992		2,147		5,978		6,329
Reclassification adjustment for net losses realized in net income	—		—		—		197


Income tax benefit (expense)	795		(23,198)		(13,456)		(14,060)
Other comprehensive (loss) income on AFS securities	(2,392)		69,807		40,492		42,309
Cash flow hedge derivatives
Net unrealized (losses) gains	(825)		25,609		7,707		(639)
Reclassification adjustment for net losses realized in net income	1,440		4,705		3,995		14,297
Income tax benefit	148		7,405		2,816		5,213
Other comprehensive income on cash flow hedge derivatives	763		37,718		14,518		18,871
Defined benefit pension and postretirement obligations
Amortization of prior service cost	(63)		(73)		(189)		(217)
Net actuarial gain	—		—		4,770		—
Amortization of actuarial gain	(4)		(7)		(12)		(21)
Income tax expense (benefit)	17		20		(1,140)		(1,594)
Other comprehensive (loss) income on pension and postretirement obligations	(51)		(60)		3,429		(1,832)
Total other comprehensive (loss) income	(1,680)		107,466		58,439		59,348
Comprehensive income	$	123,052	$	195,483	$	396,087	$	344,108

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)


(in thousands, except per share data)	Preferred Equity		Common Stock		Surplus		Retained Earnings		Accumulated Other Comprehensive (Loss)		Treasury Stock		Total
Balance, December 31, 2024	$	194,112	$	1,890	$	2,047,349	$	2,919,252	$	(74,416)	$	(482,626)	$	4,605,562


Comprehensive income:
Net income	—		—		—		101,687		—		—		101,687
Other comprehensive income	—		—		—		—		39,272		—		39,272
Comprehensive income													140,959
Common stock issued:
Public common stock offering	—		—		(52)		—		—		—		(52)
Stock-based compensation plans, net	—		—		(14,297)		—		—		16,489		2,192


Purchase of treasury stock, open market purchases	—		—		—		—		—		(22,292)		(22,292)
Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(5,816)		(5,816)
Cash dividends:
Common stock(a)	—		—		—		(38,538)		—		—		(38,538)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)




Stock-based compensation expense, net	—		—		7,419		—		—		—		7,419




Balance, March 31, 2025	$	194,112	$	1,890	$	2,040,419	$	2,979,526	$	(35,144)	$	(494,246)	$	4,686,558

Comprehensive income:
Net income	—		—		—		111,230		—		—		111,230
Other comprehensive income	—		—		—		—		20,847		—		20,847
Comprehensive income													132,076
Common stock issued:
Stock-based compensation plans, net	—		—		543		—		—		(449)		94


Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(93)		(93)
Cash dividends:
Common stock(a)	—		—		—		(38,498)		—		—		(38,498)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)


Stock-based compensation expense, net	—		—		3,518		—		—		—		3,518
Balance, June 30, 2025	$	194,112	$	1,890	$	2,044,481	$	3,049,383	$	(14,297)	$	(494,788)	$	4,780,781

Comprehensive income:
Net income	—		—		—		124,732		—		—		124,732
Other comprehensive loss	—		—		—		—		(1,680)		—		(1,680)
Comprehensive income													123,052
Common stock issued:
Stock-based compensation plans, net	—		—		(474)		—		—		3,064		2,590

Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(346)		(346)
Cash dividends:
Common stock(a)	—		—		—		(38,531)		—		—		(38,531)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)


Stock-based compensation expense, net	—		—		3,627		—		—		—		3,627

Balance, September 30, 2025	$	194,112	$	1,890	$	2,047,634	$	3,132,709	$	(15,977)	$	(492,070)	$	4,868,298

Numbers may not recalculate due to rounding conventions.
(a) Common stock dividends of $0.23 per share.

(b) Preferred stock dividends for Series E of $0.3671875 per share and for Series F of $0.3515625 per share.

Table of Contents


(in thousands, except per share data)	Preferred Equity		Common Stock		Surplus		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total
Balance, December 31, 2023	$	194,112	$	1,752	$	1,714,822	$	2,946,805	$	(171,096)	$	(512,421)	$	4,173,973


Comprehensive income:
Net income	—		—		—		81,169		—		—		81,169
Other comprehensive (loss)	—		—		—		—		(38,785)		—		(38,785)

Comprehensive income													42,384
Common stock issued:
Stock-based compensation plans, net	—		—		(13,839)		—		—		17,749		3,910


Purchase of treasury stock, open market purchases	—		—		—		—		—		(18,289)		(18,289)
Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(4,572)		(4,572)
Cash dividends:
Common stock(a)	—		—		—		(33,527)		—		—		(33,527)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)


Stock-based compensation expense, net	—		—		7,669		—		—		—		7,669



Balance, March 31, 2024	$	194,112	$	1,752	$	1,708,652	$	2,991,571	$	(209,881)	$	(517,533)	$	4,168,673

Comprehensive income:
Net income	—		—		—		115,573		—		—		115,573
Other comprehensive (loss)	—		—		—		—		(9,333)		—		(9,333)
Comprehensive income													106,241
Common stock issued:
Stock-based compensation plans, net	—		—		(1,704)		—		—		2,230		526


Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(1,088)		(1,088)
Cash dividends:
Common stock(a)	—		—		—		(33,507)		—		—		(33,507)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)




Stock-based compensation expense, net	—		—		4,368		—		—		—		4,368

Balance, June 30, 2024	$	194,112	$	1,752	$	1,711,316	$	3,070,762	$	(219,214)	$	(516,391)	$	4,242,337

Comprehensive income:
Net income	—		—		—		88,018		—		—		88,018
Other comprehensive (loss)	—		—		—		—		107,466		—		107,466
Comprehensive income													195,483
Common stock issued:
Stock-based compensation plans, net	—		—		(652)		—		—		9,498		8,845

Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(347)		(347)
Cash dividends:
Common stock(a)	—		—		—		(33,599)		—		—		(33,599)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)


Stock-based compensation expense, net	—		—		3,392		—		—		—		3,392

Balance, September 30, 2024	$	194,112	$	1,752	$	1,714,055	$	3,122,307	$	(111,748)	$	(507,241)	$	4,413,236

Numbers may not recalculate due to rounding conventions.
(a) Common stock dividends of $0.22 per share.

(b) Preferred stock dividends for Series E of $0.3671875 per share and for Series F of $0.3515625 per share.

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows (Unaudited)


	Nine Months Ended Sep 30,
(in thousands)	2025		2024
Cash flows from operating activities
Net income	$	337,648	$	284,760
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	46,999		68,000
Depreciation and amortization	37,959		36,414
Change in MSRs valuation	2,464		959
Amortization of other intangible assets	6,608		6,608
Amortization and accretion on earning assets, funding, and other, net	30,520		30,998
Net amortization of tax credit investments	26,307		26,307
Gains on sales of investment securities, net	—		(3,857)
Asset (gains) losses, net	(727)		1,407

Loss on mortgage banking activities, net	103		2,284
Loss on mortgage portfolio sale	6,976		—
Mortgage loans originated for sale	(470,456)		(450,532)
Proceeds from sales of mortgage loans held for sale	451,869		415,840

Changes in certain assets and liabilities:
(Increase) decrease in interest receivable	(678)		1,792
(Decrease) increase in interest payable	(28,163)		19,507
(Decrease) increase in expense payable	(18,790)		332
Decrease in net derivative position	(63,192)		(61,615)


Net change in other assets and other liabilities	32,162		(6,084)
Net cash provided by operating activities	397,610		373,120
Cash flows from investing activities
Net increase in loans	(1,224,724)		(795,057)
Purchases of:
AFS securities	(1,355,308)		(1,177,627)
HTM securities	(994)		—
FHLB and Federal Reserve Bank stocks and equity securities	(187,426)		(122,205)


Proceeds from:
Sales of AFS securities	—		9,472

Sales of FHLB and Federal Reserve Bank stocks and equity securities	112,964		196,049
Prepayments, calls, and maturities of AFS securities	761,540		660,732
Prepayments, calls, and maturities of HTM securities	106,160		92,402
Sales, prepayments, calls, and maturities of other assets	18,929		12,759
Sale of mortgage portfolio	564,375		—
Premises, equipment, and software	(28,591)		(31,702)

Net change in tax credit and alternative investments	(16,800)		(17,856)

Net cash used in investing activities	(1,249,875)		(1,173,035)
Cash flows from financing activities
Net increase in deposits	233,419		108,249

Net (decrease) increase in short-term funding	(70,704)		590,248
Net increase (decrease) in short-term FHLB advances	1,560,000		(35,000)
Repayment of long-term FHLB advances	(400,198)		(727)
Proceeds from long-term FHLB advances	200,898		2,656

Proceeds from issuance of long-term funding	—		298,800
Payment of debt issuance costs	—		(751)
Repayment of finance lease principal	(67)		(66)
Repayment of long-term funding	(250,000)		—


Proceeds from issuance of common stock for stock-based compensation plans	4,876		13,281




Purchase of treasury stock, open market purchases	(22,292)		(18,289)
Purchase of treasury stock, stock-based compensation plans	(6,256)		(6,007)
Cash dividends on common stock	(115,566)		(100,633)
Cash dividends on preferred stock	(8,625)		(8,625)
Payments for other financing activities	(52)		—
Net cash provided by financing activities	1,125,433		843,134
Net increase in cash and cash equivalents	273,168		43,219
Cash and cash equivalents at beginning of period	1,019,604		923,823
Cash and cash equivalents at end of period(a)	$	1,292,772	$	967,042

Numbers may not recalculate due to rounding conventions.

(a) No restricted cash due to the Federal Reserve reducing the required reserve ratio to zero.

Table of Contents

ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows (Unaudited)


	Nine Months Ended Sep 30,
(in thousands)	2025		2024
Supplemental disclosures of cash flow information
Cash paid for interest	$	763,622	$	796,621
Cash (received) paid for income and franchise taxes	(14,159)		6,963
Loans and bank premises transferred to OREO	24,424		12,586
Capitalized mortgage servicing rights	6,162		4,458
Loans transferred from held for sale into portfolio, net	(54,339)		(74,737)



Fair value adjustments on hedged long-term FHLB advances and subordinated debt	(11,793)		(10,369)
Fair value adjustments on foreign currency exchange forwards	(1,811)		1,899
Fair value adjustments on cash flow hedges	14,518		18,871

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Notes to Consolidated Financial Statements

These interim consolidated financial statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally presented in accordance with GAAP have been omitted or abbreviated. The information contained on the consolidated financial statements and footnotes in Associated Banc-Corp's 2024 Annual Report on Form 10-K should be referred to in connection with the reading of these unaudited interim consolidated financial statements.

Note 1 Basis of Presentation

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. Management has evaluated subsequent events for potential recognition or disclosure.

Within the tables presented, certain columns and rows may not recalculate due to the use of rounded numbers for disclosure purposes.

Note 2 Summary of Significant Accounting Policies

The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2024 Annual Report on Form 10-K.

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Future Accounting Pronouncements

The expected impact of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted are discussed in the table below. To the extent that the adoption of new accounting standards materially affects the Corporation's financial condition, results of operations, liquidity or disclosures, the impacts are discussed in the applicable sections of this financial review.


Standard	Description	Date of Anticipated Adoption	Effect on Financial Statements
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures	The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and are to be applied on a prospective basis. Early adoption is permitted.	Annual period ending December 31, 2025	The Corporation will adopt the enhanced income tax related disclosures within the consolidated financial statements for the year ended December 31, 2025.
ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)	The amendments in this update require a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted.	Annual period ending December 31, 2027 and subsequent interim periods	The Corporation is currently evaluating the impact on its disclosures.
ASU 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)	The amendments in this update simplify the capitalization guidance by removing all references to prescriptive and sequential software development stages to align with the shift to incremental and iterative software development methods.	Interim period ending March 31, 2028 and subsequent periods	The Corporation is currently evaluating the impact on its disclosures.

Note 3 Earnings Per Common Share

Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per

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common share:


	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income	$	124,732	$	88,018	$	337,648	$	284,760
Preferred stock dividends	(2,875)		(2,875)		(8,625)		(8,625)
Net income available to common equity	121,857		85,143		329,023		276,135
Common shareholder dividends	(38,340)		(33,413)		(114,977)		(100,131)
Unvested share-based payment awards	(190)		(185)		(590)		(502)
Undistributed earnings	$	83,326	$	51,544	$	213,457	$	175,502
Undistributed earnings allocated to common shareholders	$	82,913	$	51,255	$	212,415	$	174,511
Undistributed earnings allocated to unvested share-based payment awards	413		289		1,042		991
Undistributed earnings	$	83,326	$	51,544	$	213,457	$	175,502
Basic
Distributed earnings to common shareholders	$	38,340	$	33,413	$	114,977	$	100,131
Undistributed earnings allocated to common shareholders	82,913		51,255		212,415		174,511
Total common shareholders earnings, basic	$	121,253	$	84,669	$	327,392	$	274,642
Diluted
Distributed earnings to common shareholders	$	38,340	$	33,413	$	114,977	$	100,131
Undistributed earnings allocated to common shareholders	82,913		51,255		212,415		174,511
Total common shareholders earnings, diluted	$	121,253	$	84,669	$	327,392	$	274,642
Weighted average common shares outstanding	165,029		150,247		165,064		149,993
Effect of dilutive common stock awards	1,674		1,244		1,581		1,251

Diluted weighted average common shares outstanding	166,703		151,492		166,645		151,244
Basic earnings per common share	$	0.73	$	0.56	$	1.98	$	1.83
Diluted earnings per common share	$	0.73	$	0.56	$	1.96	$	1.82

Excluded from the earnings per common share calculations were 0.2 million and 1.9 million anti-dilutive common stock options for the three months ended September 30, 2025 and 2024, respectively, and 0.8 million and 1.9 million anti-dilutive common stock options were excluded from the earnings per common share calculations for the nine months ended September 30, 2025 and 2024, respectively.

Note 4 Stock-Based Compensation

The fair values of stock options and restricted stock awards are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2020 and 2025 Incentive Compensation Plans, expenses related to stock options and restricted stock awards are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income.

A summary of the Corporation’s stock option activity for the nine months ended September 30, 2025 is presented below:


Stock Options	Shares(a)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(a)
Outstanding at December 31, 2024	1,778	$	22.36	3.41 years	$	3,693

Exercised	170	20.06
Forfeited or expired	—	—
Outstanding at September 30, 2025	1,607	$	22.61	2.74 years	$	5,033
Options Exercisable at September 30, 2025	1,607	$	22.61	2.74 years	$	5,033

(a) In thousands

Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the nine months ended September 30, 2025, the intrinsic value of stock options exercised was $1.0 million, compared to $2.8 million for the nine months ended September 30, 2024. All stock options were vested as of December 31, 2024. The total fair value of stock options vested was $0.5 million for the nine months ended September 30, 2024.

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The Corporation has issued time-based and performance-based restricted stock awards under the 2020 and 2025 Incentive Compensation Plans. Performance awards are based on performance goals determined by the Compensation and Benefits Committee of the Corporation's Board of Directors, with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.

The following table summarizes information about the Corporation’s restricted stock awards activity for the nine months ended September 30, 2025:


Restricted Stock	Shares(a)	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	2,310	$	21.25
Granted	877	24.30
Vested	721	22.18
Forfeited	36	22.98
Outstanding at September 30, 2025	2,429	$	22.05

(a) In thousands

The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock awards granted during 2024 and 2025 will cliff-vest after the three year performance period has ended. Service-based restricted stock awards granted during 2024 and 2025 will generally vest ratably over a period of four years. Expense for restricted stock awards of $15.0 million and $15.8 million was recorded for the nine months ended September 30, 2025 and September 30, 2024, respectively. Included in compensation expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues was $4.5 million and $3.6 million of expense the first nine months of 2025 and 2024, respectively. The Corporation had $21.8 million of unrecognized compensation costs related to restricted stock awards at September 30, 2025 that are expected to be recognized over the remaining requisite service periods that extend through the first quarter of 2029.

The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares, if any, will be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.

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Note 5 Investment Securities

Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets. The amortized cost and fair values of AFS and HTM securities at September 30, 2025 were as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value


AFS investment securities


Obligations of state and political subdivisions (municipal securities)	$	3,063	$	1	$	(45)	$	3,019
Residential mortgage-related securities:
FNMA/FHLMC	128,541		907		(5,888)		123,560
GNMA	4,827,672		34,848		(295)		4,862,225

Commercial mortgage-related securities:
FNMA/FHLMC	18,054		—		(1,055)		16,999
GNMA	114,247		—		(4,317)		109,930
Asset backed securities:
FFELP	98,889		39		(731)		98,198
SBA	363		—		(15)		348

Other debt securities	3,000		—		—		3,000
Total AFS investment securities	$	5,193,828	$	35,796	$	(12,346)	$	5,217,278
HTM investment securities
U.S. Treasury securities	$	995	$	19	$	—	$	1,014
Obligations of state and political subdivisions (municipal securities)	1,637,318		1,640		(153,562)		1,485,396
Residential mortgage-related securities:
FNMA/FHLMC	836,619		19,924		(150,818)		705,725
GNMA	40,301		60		(2,490)		37,871
Private-label	307,569		7,019		(53,549)		261,038
Commercial mortgage-related securities:
FNMA/FHLMC	766,482		8,503		(125,634)		649,352
GNMA	46,855		166		(5,023)		41,998
Total HTM investment securities	$	3,636,139	$	37,331	$	(491,077)	$	3,182,394

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The amortized cost and fair values of AFS and HTM securities at December 31, 2024 were as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value


AFS investment securities


Obligations of state and political subdivisions (municipal securities)	$	3,063	$	—	$	(58)	$	3,005
Residential mortgage-related securities:
FNMA/FHLMC	120,272		190		(9,534)		110,928
GNMA	4,236,199		5,379		(13,851)		4,227,727

Commercial mortgage-related securities:
FNMA/FHLMC	18,332		—		(1,332)		17,000
GNMA	116,275		—		(4,800)		111,475
Asset backed securities:
FFELP	108,319		123		(604)		107,839
SBA	495		—		(24)		471

Other debt securities	3,000		—		(11)		2,989
Total AFS investment securities	$	4,605,954	$	5,693	$	(30,213)	$	4,581,434
HTM investment securities
U.S. Treasury securities	$	1,000	$	—	$	(1)	$	999
Obligations of state and political subdivisions (municipal securities)	1,659,722		1,122		(174,202)		1,486,642
Residential mortgage-related securities:
FNMA/FHLMC	885,476		22,934		(186,464)		721,946
GNMA	43,693		9		(3,774)		39,927
Private-label	324,182		8,135		(65,963)		266,353
Commercial mortgage-related securities:
FNMA/FHLMC	772,456		10,217		(159,078)		623,595
GNMA	52,219		236		(6,424)		46,032
Total HTM investment securities	$	3,738,747	$	42,653	$	(595,906)	$	3,185,494

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at September 30, 2025, are shown below:


	AFS					HTM
(in thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
Due in one year or less	$	1,000	$	1,000		$	4,384	$	4,385
Due after one year through five years	3,040		3,034			93,085		93,182
Due after five years through ten years	1,390		1,391			220,964		217,504
Due after ten years	633		594			1,319,880		1,171,339
Total debt securities	6,063		6,019			1,638,313		1,486,410
Residential mortgage-related securities:
FNMA/FHLMC	128,541		123,560			836,619		705,725
GNMA	4,827,672		4,862,225			40,301		37,871
Private-label	—		—			307,569		261,038
Commercial mortgage-related securities:
FNMA/FHLMC	18,054		16,999			766,482		649,352
GNMA	114,247		109,930			46,855		41,998
Asset backed securities:
FFELP	98,889		98,198			—		—
SBA	363		348			—		—

Total investment securities	$	5,193,828	$	5,217,278		$	3,636,139	$	3,182,394
Ratio of fair value to amortized cost			100.5		%			87.5		%

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The following table summarizes gross realized gains and losses on AFS securities, the gain or loss on sale and fair value adjustment of equity securities, and proceeds from the sale of AFS investment securities:


	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands)	2025		2024		2025		2024



Gross realized (losses) on AFS securities	$	—	$	—	$	—	$	(197)

Gain on sale of equity securities	—		—		—		4,054
Fair value adjustment of equity securities	1		100		13		190
Investment securities gains, net	$	1	$	100	$	13	$	4,047
Proceeds from sales of AFS investment securities	$	—	$	—	$	—	$	9,472

Investment securities with a carrying value of $1.2 billion and $1.5 billion at September 30, 2025 and December 31, 2024, respectively, were pledged as required to secure certain deposits or for other purposes.

Accrued interest receivable on HTM securities totaled $15.5 million and $18.1 million at September 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on AFS securities totaled $23.3 million and $21.4 million at September 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets.

On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The Company monitors the credit quality of HTM securities through credit ratings provided by S&P and Moody’s. Investment grade securities are rated BBB- or higher by S&P, or Baa3 or higher by Moody’s, and are generally considered by the rating agencies and market participants to be of low credit risk. As of September 30, 2025 and December 31, 2024, the Corporation's HTM portfolio contained all investment grade securities except for securities that were not rated which were individually reviewed noting no credit quality issues.

The Corporation holds U.S. Treasury, municipal, and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and private-label residential mortgage-related securities that have credit enhancement which covers the first 15% of losses and, as a result, no allowance for credit losses has been recorded related to these securities.

The allowance for credit losses on HTM securities was $0.1 million at both September 30, 2025 and December 31, 2024, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets.

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The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at September 30, 2025:


	Less than 12 months					12 months or more					Total
(in thousands)	Number of Securities	Unrealized (Losses)		Fair Value		Number of Securities	Unrealized (Losses)		Fair Value		Unrealized (Losses)		Fair Value
AFS investment securities


Obligations of state and political subdivisions (municipal securities)	—	$	—	$	—	2	$	(45)	$	838	$	(45)	838
Residential mortgage-related securities:
FNMA/FHLMC	5	(44)		5,235		15	(5,845)		61,665		(5,888)		66,900
GNMA	12	(263)		52,515		3	(33)		2,675		(295)		55,189

Commercial mortgage-related securities:
FNMA/FHLMC	—	—		—		1	(1,055)		16,999		(1,055)		16,999
GNMA	—	—		—		15	(4,317)		109,930		(4,317)		109,930
Asset backed securities:
FFELP	1	(23)		6,372		12	(708)		57,378		(731)		63,750
SBA	—	—		—		2	(15)		261		(15)		261
Other debt securities	—	—		—		—	—		—		—		—

Total	18	$	(329)	$	64,122	50	$	(12,017)	$	249,745	$	(12,346)	$	313,868
HTM investment securities

Obligations of state and political subdivisions (municipal securities)	151	$	(3,421)	$	241,505	614	$	(150,141)	$	934,607	$	(153,562)	$	1,176,112
Residential mortgage-related securities:
FNMA/FHLMC	2	(1)		181		109	(150,817)		697,875		(150,818)		698,056
GNMA	—	—		—		80	(2,490)		31,066		(2,490)		31,066
Private-label	—	—		—		18	(53,549)		261,038		(53,549)		261,038
Commercial mortgage-related securities:
FNMA/FHLMC	1	(205)		18,314		44	(125,429)		631,038		(125,634)		649,352
GNMA	—	—		—		13	(5,023)		41,998		(5,023)		41,998
Total	154	$	(3,627)	$	259,999	878	$	(487,450)	$	2,597,622	$	(491,077)	$	2,857,621

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For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2024:


	Less than 12 months					12 months or more					Total
(in thousands)	Number of Securities	Unrealized (Losses)		Fair Value		Number of Securities	Unrealized (Losses)		Fair Value		Unrealized (Losses)		Fair Value
AFS investment securities


Obligations of state and political subdivisions (municipal securities)	1	$	(3)	$	542	2	$	(55)	$	828	$	(58)	$	1,370
Residential mortgage-related securities:
FNMA/FHLMC	23	(607)		31,983		14	(8,927)		61,596		(9,534)		93,579
GNMA	116	(13,706)		1,660,642		4	(145)		3,945		(13,851)		1,664,587

Commercial mortgage-related securities:
FNMA/FHLMC	—	—		—		1	(1,332)		17,000		(1,332)		17,000
GNMA	—	—		—		16	(4,800)		111,475		(4,800)		111,475
Asset backed securities:
FFELP	—	—		—		12	(604)		62,830		(604)		62,830
SBA	—	—		—		4	(24)		464		(24)		464
Other debt securities	1	(7)		993		1	(3)		997		(11)		1,989

Total	141	$	(14,323)	$	1,694,159	54	$	(15,890)	$	259,134	$	(30,213)	$	1,953,294
HTM investment securities
U.S. Treasury securities	—	$	—	$	—	1	$	(1)	$	999	$	(1)	$	999
Obligations of state and political subdivisions (municipal securities)	370	(11,860)		483,073		641	(162,343)		866,949		(174,202)		1,350,022
Residential mortgage-related securities:
FNMA/FHLMC	12	(280)		11,617		106	(186,184)		710,114		(186,464)		721,732
GNMA	7	(183)		8,856		79	(3,591)		31,071		(3,774)		39,927
Private-label	—	—		—		18	(65,963)		266,353		(65,963)		266,353
Commercial mortgage-related securities:
FNMA/FHLMC	2	(1,343)		25,518		43	(157,735)		598,077		(159,078)		623,595
GNMA	—	—		—		13	(6,424)		46,032		(6,424)		46,032
Total	391	$	(13,665)	$	529,064	901	$	(582,241)	$	2,519,595	$	(595,906)	$	3,048,660

The Corporation reviews the AFS investment securities portfolio on a quarterly basis to monitor its credit exposure. A determination as to whether a security’s decline in fair value is the result of credit risk takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Corporation may consider in this impairment analysis include the extent to which the security has been in an unrealized loss position, the change in security rating, financial condition and near-term prospects of the issuer, as well as the security and industry specific economic conditions.

Based on the Corporation’s evaluation, management does not believe any unrealized losses at September 30, 2025 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. As of September 30, 2025, the Corporation does not intend to sell, nor does it believe that it will be required to sell, the securities in an unrealized loss position before recovery of their amortized cost basis.

FHLB and Federal Reserve Bank stocks: The Corporation is required to maintain Federal Reserve Bank stock and FHLB stock as a member bank of both the Federal Reserve System and the FHLB, and in amounts as required by these institutions. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other marketable equity securities and their fair value is equal to amortized cost. The Corporation had FHLB stock of $153.6 million and $91.5 million at September 30, 2025 and December 31, 2024, respectively. The Corporation had Federal Reserve Bank stock of $98.1 million and $88.1 million at September 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on FHLB stock totaled $3.6 million at September 30, 2025 and $1.8 million at December 31, 2024. There was $1.0 million accrued interest receivable on Federal Reserve Bank Stock at September 30, 2025 and none at December 31, 2024. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.

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Equity Securities

Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of mutual funds. The Corporation had equity securities with readily determinable fair values of $10.9 million at September 30, 2025 and $10.7 million at December 31, 2024.

Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of an investment in a private loan fund. The Corporation had equity securities without readily determinable fair values carried at $15.1 million at September 30, 2025 and $12.6 million at December 31, 2024.

Note 6 Loans

The period end loan composition was as follows:


(in thousands)	Sep 30, 2025		Dec 31, 2024


Commercial and industrial	$	11,567,651	$	10,573,741
Commercial real estate — owner occupied	1,149,939		1,143,741
Commercial and business lending	12,717,590		11,717,483
Commercial real estate — investor	5,369,441		5,227,975
Real estate construction	1,958,766		1,982,632
Commercial real estate lending	7,328,207		7,210,607
Total commercial	20,045,797		18,928,090
Residential mortgage	6,858,285		7,047,541
Auto finance	3,041,644		2,810,220
Home equity	698,112		664,252
Other consumer	308,126		318,483
Total consumer	10,906,167		10,840,496
Total loans	$	30,951,964	$	29,768,586

Accrued interest receivable on loans totaled $125.1 million at September 30, 2025 and $126.1 million at December 31, 2024, and is included in interest receivable on the consolidated balance sheets. The amount of accrued interest reversed was $0.5 million for the three months ended September 30, 2025 and $1.7 million for the nine months ended September 30, 2025, compared to $0.2 million for the three months ended September 30, 2024 and $1.9 million for the nine months ended September 30, 2024.

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The following table presents loans by credit quality indicator by origination year at September 30, 2025:


					Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		YTD 2025		2024		2023		2022		2021		Prior		Total














Commercial and industrial:
Risk rating:
Pass	$	29	$	2,013,497	$	2,865,198	$	2,358,248	$	1,201,594	$	1,373,375	$	721,128	$	546,192	$	11,079,231
Special mention	—		14,967		3,029		14,700		14,779		6,768		5,231		363		59,838
Substandard	1,006		95,795		23,195		64,191		18,737		124,041		87,717		2,105		415,780
Nonaccrual	1,564		—		533		7,718		33		4,518		—		—		12,802
Commercial and industrial	$	2,600	$	2,124,259	$	2,891,956	$	2,444,857	$	1,235,142	$	1,508,702	$	814,076	$	548,660	$	11,567,651
Commercial real estate - owner occupied:
Risk rating:
Pass	$	—	$	2,848	$	80,406	$	226,814	$	147,415	$	178,379	$	176,037	$	237,057	$	1,048,958
Special mention	—		10,165		—		12,803		11,530		—		1,199		1,829		37,525
Substandard	—		633		7,086		10,004		10,163		1,385		19,260		14,722		63,253
Nonaccrual	—		—		203		—		—		—		—		—		203
Commercial real estate - owner occupied	$	—	$	13,646	$	87,696	$	249,621	$	169,108	$	179,764	$	196,496	$	253,608	$	1,149,939
Commercial and business lending:
Risk rating:
Pass	$	29	$	2,016,345	$	2,945,604	$	2,585,062	$	1,349,009	$	1,551,754	$	897,165	$	783,250	$	12,128,189
Special mention	—		25,132		3,029		27,503		26,309		6,768		6,430		2,192		97,363
Substandard	1,006		96,428		30,281		74,195		28,900		125,425		106,977		16,827		479,034
Nonaccrual	1,564		—		736		7,718		33		4,518		—		—		13,006
Commercial and business lending	$	2,600	$	2,137,905	$	2,979,651	$	2,694,478	$	1,404,250	$	1,688,465	$	1,010,572	$	802,268	$	12,717,590
Commercial real estate - investor:
Risk rating:
Pass	$	7,185	$	166,555	$	1,391,645	$	1,012,499	$	536,025	$	806,485	$	528,193	$	584,273	$	5,025,674
Special mention	—		—		7,234		20,746		38,240		58,717		10,698		5,059		140,695
Substandard	—		—		17,817		36,418		13,183		84,499		42,697		1,125		195,739
Nonaccrual	—		—		—		—		—		7,333		—		—		7,333
Commercial real estate - investor	$	7,185	$	166,555	$	1,416,696	$	1,069,663	$	587,448	$	957,034	$	581,589	$	590,457	$	5,369,441
Real estate construction:
Risk rating:
Pass	$	—	$	27,572	$	177,783	$	583,971	$	283,923	$	257,928	$	3,107	$	6,835	$	1,341,119
Special mention	—		—		—		—		12,887		157,523		—		—		170,410
Substandard	—		—		122,869		39,788		47,807		236,628		—		—		447,092
Nonaccrual	—		—		—		—		—		—		—		145		145
Real estate construction	$	—	$	27,572	$	300,652	$	623,758	$	344,617	$	652,079	$	3,107	$	6,979	$	1,958,766
Commercial real estate lending:
Risk rating:
Pass	$	7,185	$	194,127	$	1,569,428	$	1,596,470	$	819,947	$	1,064,413	$	531,300	$	591,107	$	6,366,793
Special mention	—		—		7,234		20,746		51,127		216,240		10,698		5,059		311,105
Substandard	—		—		140,685		76,206		60,991		321,127		42,697		1,125		642,831
Nonaccrual	—		—		—		—		—		7,333		—		145		7,478
Commercial real estate lending	$	7,185	$	194,127	$	1,717,348	$	1,693,422	$	932,065	$	1,609,114	$	584,696	$	597,436	$	7,328,207
Total commercial:
Risk rating:
Pass	$	7,214	$	2,210,472	$	4,515,033	$	4,181,532	$	2,168,956	$	2,616,167	$	1,428,465	$	1,374,357	$	18,494,982
Special mention	—		25,132		10,263		48,249		77,436		223,008		17,128		7,251		408,467
Substandard	1,006		96,428		170,967		150,401		89,890		446,553		149,675		17,951		1,121,865
Nonaccrual	1,564		—		736		7,718		33		11,851		—		145		20,484
Total commercial	$	9,785	$	2,332,032	$	4,696,999	$	4,387,900	$	2,336,315	$	3,297,579	$	1,595,268	$	1,399,704	$	20,045,797

Table of Contents


					Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		YTD 2025		2024		2023		2022		2021		Prior		Total
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	169,527	$	225,176	$	504,675	$	1,520,445	$	1,528,394	$	2,840,216	$	6,788,432
Special mention	—		—		16		—		—		—		—		10		26
Substandard	—		—		—		—		300		130		304		—		733
Nonaccrual	—		—		2,681		2,493		4,863		13,081		11,311		34,664		69,093
Residential mortgage	$	—	$	—	$	172,224	$	227,669	$	509,838	$	1,533,655	$	1,540,009	$	2,874,890	$	6,858,285
Auto finance:
Risk rating:
Pass	$	—	$	—	$	1,001,874	$	931,980	$	620,136	$	446,328	$	31,072	$	20	$	3,031,410
Special mention	—		—		158		432		628		712		86		—		2,016

Nonaccrual	—		—		276		1,215		2,842		3,483		403		—		8,218
Auto finance	$	—	$	—	$	1,002,308	$	933,627	$	623,606	$	450,523	$	31,561	$	20	$	3,041,644
Home equity:
Risk rating:
Pass	$	9,035	$	608,517	$	1,147	$	1,710	$	2,522	$	21,978	$	4,957	$	48,776	$	689,607
Special mention	61		—		—		—		64		—		—		141		206

Nonaccrual	1,143		109		—		214		199		1,016		419		6,342		8,299
Home equity	$	10,239	$	608,626	$	1,147	$	1,924	$	2,786	$	22,994	$	5,375	$	55,260	$	698,112
Other consumer:
Risk rating:
Pass	$	614	$	238,860	$	12,020	$	4,712	$	2,372	$	1,333	$	385	$	45,010	$	304,692
Special mention	2		1,125		—		30		4		2		—		2		1,162
Substandard	—		2,186		—		—		—		—		—		—		2,186
Nonaccrual	2		44		10		18		6		4		2		2		85
Other consumer	$	617	$	242,216	$	12,029	$	4,759	$	2,382	$	1,339	$	387	$	45,014	$	308,126
Total consumer:
Risk rating:
Pass	$	9,649	$	847,377	$	1,184,568	$	1,163,578	$	1,129,705	$	1,990,084	$	1,564,808	$	2,934,022	$	10,814,142
Special mention	63		1,125		174		462		696		714		86		153		3,410
Substandard	—		2,186		—		—		300		130		304		—		2,920
Nonaccrual	1,145		154		2,966		3,939		7,910		17,584		12,135		41,008		85,696
Total consumer	$	10,856	$	850,842	$	1,187,708	$	1,167,979	$	1,138,611	$	2,008,511	$	1,577,332	$	2,975,183	$	10,906,167
Total loans:
Risk rating:
Pass	$	16,863	$	3,057,849	$	5,699,600	$	5,345,110	$	3,298,661	$	4,606,252	$	2,993,273	$	4,308,379	$	29,309,124
Special mention	63		26,257		10,437		48,712		78,131		223,722		17,214		7,404		411,877
Substandard	1,006		98,614		170,967		150,401		90,190		446,683		149,978		17,951		1,124,785
Nonaccrual	2,709		154		3,703		11,657		7,944		29,435		12,135		41,153		106,179
Total loans	$	20,641	$	3,182,874	$	5,884,707	$	5,555,879	$	3,474,927	$	5,306,090	$	3,172,601	$	4,374,887	$	30,951,964

(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.

Table of Contents

The following table presents loans by credit quality indicator by origination year at December 31, 2024:


					Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		2024		2023		2022		2021		2020		Prior		Total







Commercial and industrial:
Risk rating:
Pass	$	248	$	1,841,790	$	2,656,953	$	1,514,277	$	2,254,758	$	1,080,180	$	263,286	$	510,301	$	10,121,545
Special mention	—		48,829		4,037		4,810		63,390		6,984		515		48		128,613
Substandard	2,015		40,240		90,240		9,677		34,730		126,134		3,347		131		304,500
Nonaccrual	42		—		772		4,468		12,988		855		—		—		19,084
Commercial and industrial	$	2,306	$	1,930,860	$	2,752,002	$	1,533,233	$	2,365,866	$	1,214,154	$	267,148	$	510,480	$	10,573,741
Commercial real estate - owner occupied:
Risk rating:
Pass	$	—	$	13,760	$	228,913	$	175,059	$	180,132	$	214,237	$	114,064	$	181,982	$	1,108,147
Special mention	—		—		—		497		—		8,619		—		2,803		11,920
Substandard	—		943		2,532		10,009		1,492		701		3,371		3,125		22,173
Nonaccrual	—		—		—		1,501		—		—		—		—		1,501
Commercial real estate - owner occupied	$	—	$	14,703	$	231,446	$	187,066	$	181,625	$	223,557	$	117,435	$	187,911	$	1,143,741
Commercial and business lending:
Risk rating:
Pass	$	248	$	1,855,550	$	2,885,866	$	1,689,336	$	2,434,891	$	1,294,416	$	377,350	$	692,283	$	11,229,693
Special mention	—		48,829		4,037		5,307		63,390		15,604		515		2,852		140,532
Substandard	2,015		41,183		92,772		19,686		36,222		126,835		6,719		3,255		326,673
Nonaccrual	42		—		772		5,969		12,988		855		—		—		20,585
Commercial and business lending	$	2,306	$	1,945,563	$	2,983,447	$	1,720,298	$	2,547,491	$	1,437,710	$	384,583	$	698,390	$	11,717,483
Commercial real estate - investor:

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