Associated Banc-Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Associated Banc-Corp filed its 2023 10-K report, detailing financial performance and assets totaling over $2.4 billion.</b>

AI Summary

ASSOCIATED BANC-CORP (ASBA) filed a Annual Report (10-K) with the SEC on February 8, 2024. Associated Banc-Corp reported total assets of $2,422,814,728 for the fiscal year ending December 31, 2023. The company's net income for the fiscal year 2023 was $151,087,726. Associated Banc-Corp's filing covers the fiscal year from January 1, 2023, to December 31, 2023. The filing includes data for Fiduciary and Trust, Deposit Accounts, and Credit and Debit Card services. Associated Banc-Corp is incorporated in Wisconsin (WI) and operates under SIC code 6022 (State Commercial Banks).

Why It Matters

For investors and stakeholders tracking ASSOCIATED BANC-CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Associated Banc-Corp's financial health and operational results for the fiscal year 2023, crucial for investors assessing its stability and growth prospects. The detailed financial data, including asset levels and net income, allows stakeholders to evaluate the bank's performance against previous years and industry benchmarks.

Risk Assessment

Risk Level: medium — ASSOCIATED BANC-CORP shows moderate risk based on this filing. The company operates in the highly regulated banking industry, facing risks related to economic downturns, interest rate fluctuations, and competition, as evidenced by the standard disclosures in a 10-K filing for a commercial bank.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Associated Banc-Corp's performance and potential challenges in the current economic environment.

Financial Highlights

revenue

2,422,814,728

total Assets

2,422,814,728

net Income

151,087,726

Key Numbers

• 2,422,814,728 — Total Assets (Fiscal Year 2023)
• 151,087,726 — Net Income (Fiscal Year 2023)
• 2023-12-31 — Fiscal Year End (2023)
• 2024-02-08 — Filing Date (2024)
• 6022 — SIC Code (State Commercial Banks)

Key Players & Entities

• ASSOCIATED BANC-CORP (company) — FILER
• 433 MAIN STREET (address) — BUSINESS ADDRESS
• GREEN BAY (location) — CITY
• WI (location) — STATE
• 54301 (postal_code) — ZIP
• 920-491-7500 (phone_number) — BUSINESS PHONE
• ASSOCIATED BANK SERVICES INC (company) — FORMER COMPANY
• 19770626 (date) — DATE OF NAME CHANGE

Forward-Looking Statements

• Associated Banc-Corp will maintain its status as a state commercial bank in Wisconsin. (ASSOCIATED BANC-CORP) — high confidence, target: 2024-12-31
• The company's total assets will remain above $2 billion in the next fiscal year. (ASSOCIATED BANC-CORP) — medium confidence, target: 2024-12-31

FAQ

Risk Factors

• Interest Rate Risk [medium — financial]: Changes in interest rates can impact net interest income and the fair value of financial instruments, affecting profitability.
• Economic Conditions [medium — market]: Deterioration in general economic conditions, particularly in the markets where the company operates, could adversely affect credit quality and loan demand.
• Regulatory Compliance [medium — regulatory]: The company is subject to extensive regulation and supervision by federal and state agencies, and changes in laws or regulations could increase compliance costs or restrict business activities.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 2023 financial statements.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share ASB New York Stock Exchange
• $26,594,604 — ant was $ 2,422,814,728 . This excludes $26,594,604 of market value representing the outsta
• $44,867,332 — may be deemed affiliates. This includes $44,867,332 of market value representing 1.83% of t
• $1,000 — Stock, Series C, liquidation preference $1,000 per share Series D Preferred Stock The

Filing Documents

• asb-20231231.htm (10-K) — 6832KB
• a4fdescriptionofsecurities.htm (EX-4.F) — 182KB
• asb12312023ex21subsidiarie.htm (EX-21) — 5KB
• asb12312023ex23kpmgconsent.htm (EX-23) — 3KB
• asb12312023ex24powersofatt.htm (EX-24) — 10KB
• asb12312023ex311.htm (EX-31.1) — 9KB
• asb12312023ex312.htm (EX-31.2) — 9KB
• asb12312023ex32.htm (EX-32) — 6KB
• ex97-clawbackpolicy.htm (EX-97) — 16KB
• asb-20231231_g1.jpg (GRAPHIC) — 130KB
• asb-20231231_g2.jpg (GRAPHIC) — 472KB
• asb-20231231_g3.jpg (GRAPHIC) — 474KB
• asb-20231231_g4.jpg (GRAPHIC) — 291KB
• asb-20231231_g5.jpg (GRAPHIC) — 487KB
• asb-20231231_g6.jpg (GRAPHIC) — 106KB
• ex97-clawbackpolicy001.jpg (GRAPHIC) — 252KB
• ex97-clawbackpolicy002.jpg (GRAPHIC) — 283KB
• ex97-clawbackpolicy003.jpg (GRAPHIC) — 268KB
• ex97-clawbackpolicy004.jpg (GRAPHIC) — 130KB
• ex97-clawbackpolicy005.jpg (GRAPHIC) — 91KB
• 0000007789-24-000009.txt (&nbsp;) — 39202KB
• asb-20231231.xsd (EX-101.SCH) — 142KB
• asb-20231231_cal.xml (EX-101.CAL) — 233KB
• asb-20231231_def.xml (EX-101.DEF) — 1021KB
• asb-20231231_lab.xml (EX-101.LAB) — 1846KB
• asb-20231231_pre.xml (EX-101.PRE) — 1373KB
• asb-20231231_htm.xml (XML) — 7518KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 43

C

Item 1 C . Cybersecurity 43 Item 2.

Properties

Properties 45 Item 3.

Legal Proceedings

Legal Proceedings 45 Item 4. Mine Safety Disclosures 45 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters And Issuer Purchases of Equity Securities 48 Item 6. [Reserved] 49 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 50 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 82 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 83 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 153 Item 9A.

Controls and Procedures

Controls and Procedures 153 Item 9B. Other Information 156 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 156 PART III Item 10. Directors, Executive Officers and Corporate Governance 156 Item 11.

Executive Compensation

Executive Compensation 156 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 156 Item 13. Certain Relationships and Related Transactions, and Director Independence 156 Item 14. Principal Accounting Fees and Services 156 PART IV Item 15. Exhibits and Financial Statement Schedules 157 Item 16. Form 10-K Summary 160

Signatures

Signatures 160 ASSOCIATED BANC-CORP Commonly Used Terms The following listing provides a reference of common acronyms, abbreviations, and other defined terms used throughout the document: 2017 Plan 2017 Incentive Compensation Plan 2020 Plan 2020 Incentive Compensation Plan ABRC Associated Benefits and Risk Consulting, the Corporation's insurance division which was sold on June 30, 2020 ABL Asset-Based Lending ACL Allowance for Credit Losses on Loans and Investments ACLL Allowance for Credit Losses on Loans ADC Acquisition, Development, or Construction AFS Available for Sale AI Artificial Intelligence ALCO Asset/Liability Committee AML Anti-Money Laundering APSN Authorize Positive, Settle Negative Associated / Corporation / our / us / we Associated Banc-Corp collectively with all of its subsidiaries and affiliates Associated Bank / the Bank Associated Bank, National Association ASU Accounting Standards Update ATR Ability-to-Repay Basel III International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity BHC Act Bank Holding Company Act of 1956, as amended bp basis point(s) BSA Bank Secrecy Act BTFP Bank Term Funding Program CAMELS Capital adequacy, Asset quality, Management, Earnings, Liquidity, and Sensitivity CAN-SPAM Act Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 CCPA California Consumer Privacy Act CDs Certificates of Deposit CDIs Core Deposit Intangibles CECL Current Expected Credit Losses CEO Chief Executive Officer CET1 Common Equity Tier 1 CFPB Consumer Financial Protection Bureau CGSRC Corporate Governance and Social Responsibility Committee CIO Chief Information Officer CISO Chief Information Security Officer CMO Collateralized Mortgage Obligation CPRA California Privacy Rights Act CRA Community Reinvestment Act CRE Commercial Real Estate CRO Chief Risk Officer DE&I Diversity, Equity & Inclusion DFPI California

Business

ITEM 1. Business General Associated Banc-Corp is a bank holding company registered pursuant to the BHC Act. Our bank subsidiary, Associated Bank, traces its history back to the founding of the Bank of Neenah in 1861. We were incorporated in Wisconsin in 1964 and were inactive until 1969 when permission was received from the Federal Reserve to acquire three banks. At December 31, 2023, we owned one nationally chartered commercial bank headquartered in Green Bay, Wisconsin, which serves local communities across the upper Midwest, one nationally chartered trust company headquartered in Milwaukee, Wisconsin, and 12 limited purpose banking and nonbanking subsidiaries either located in or conducting business primarily in our three state branch footprint (Wisconsin, Illinois, and Minnesota) that are closely related or incidental to the business of banking or financial in nature. Measured by total assets reported at December 31, 2023, we are the largest bank holding company headquartered in Wisconsin. Services Through Associated Bank and various nonbanking subsidiaries, we provide a broad array of banking and nonbanking products and services to individuals and businesses through 196 banking branches at December 31, 2023, serving more than 100 communities, primarily within our three-state branch footprint. Our business is primarily relationship-driven and is organized into three reportable segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. See Note 21 Segment Reporting of the notes to consolidated financial statements in Part II, Item 8, Financial Statements and Supplementary Data, for additional information concerning our reportable segments. We are not dependent upon a single or a few customers, the loss of which would have a material adverse effect on us. 3 Human Capital Matters We are very fortunate to have a diverse, committed team of approximately 4,100 colleagues at December 31, 2023 who

View Full Filing

View this 10-K filing on SEC EDGAR