ASBA's Q3 Net Income Soars 41.7% on Strong Net Interest Income Growth

TL;DR

**ASBA is crushing it with a 41.7% net income jump, making it a strong buy for dividend-seeking investors.**

AI Summary

ASSOCIATED BANC-CORP (ASBA) reported a significant increase in net income for the three months ended September 30, 2025, reaching $124.7 million, up 41.7% from $88.0 million in the same period last year. Net interest income also saw a robust increase, climbing 16.3% to $305.2 million from $262.5 million year-over-year. Total assets grew to $44.46 billion as of September 30, 2025, a 3.3% increase from $43.02 billion at December 31, 2024. Loans, net, increased by $1.17 billion to $30.57 billion from $29.41 billion, while total deposits rose to $34.88 billion from $34.65 billion. The provision for credit losses decreased to $16.0 million from $21.0 million, indicating improved credit quality or a more optimistic outlook. Noninterest income increased by 20.9% to $81.3 million, driven by higher capital markets and mortgage banking revenue. Personnel expenses, however, increased by $14.7 million to $135.7 million, reflecting higher operational costs.

Why It Matters

This strong performance, particularly the 41.7% surge in net income and 16.3% rise in net interest income, signals robust operational efficiency and effective interest rate management for ASBA. For investors, this indicates a healthy return on equity and potential for continued dividend growth, with common stock dividends at $0.23 per share. Employees may see increased job security and potential for bonuses due to the company's profitability. Customers benefit from a stable financial institution, though competitive pressures in the banking sector mean ASBA must continue innovating to retain and attract deposits and loan customers. The broader market will watch if ASBA can sustain this growth amidst evolving interest rate environments and competitive landscapes.

Risk Assessment

Risk Level: medium — While net income and net interest income show strong growth, the company's FHLB advances significantly increased by $1.37 billion to $3.22 billion from $1.85 billion, indicating a reliance on wholesale funding which can be more volatile and costly than deposits. Additionally, the allowance for loan losses increased to $378.3 million from $363.5 million, suggesting a slight uptick in perceived credit risk despite a lower provision for credit losses in the current quarter.

Analyst Insight

Investors should consider ASBA for its strong profitability and dividend yield, but monitor its reliance on FHLB advances. A deeper dive into the loan portfolio's credit quality and the sustainability of net interest margin in a changing rate environment is warranted before making a significant investment.

Financial Highlights

debt To Equity

8.13

revenue

$386.4M

operating Margin

N/A

total Assets

$44.46B

total Debt

$3.62B

net Income

$124.7M

eps

$0.73

gross Margin

N/A

cash Position

$490.4M

revenue Growth

+10.0%

Revenue Breakdown

Key Numbers

• $124.7M — Net Income (Increased 41.7% for Q3 2025 compared to Q3 2024)
• $305.2M — Net Interest Income (Increased 16.3% for Q3 2025 compared to Q3 2024)
• $44.46B — Total Assets (Increased 3.3% from Dec 31, 2024, to Sep 30, 2025)
• $30.57B — Loans, net (Increased $1.17 billion from Dec 31, 2024, to Sep 30, 2025)
• $34.88B — Total Deposits (Increased from $34.65 billion at Dec 31, 2024, to Sep 30, 2025)
• $16.0M — Provision for Credit Losses (Decreased from $21.0 million in Q3 2024)
• $81.3M — Total Noninterest Income (Increased 20.9% for Q3 2025 compared to Q3 2024)
• $3.22B — FHLB Advances (Increased $1.37 billion from Dec 31, 2024, to Sep 30, 2025)
• $0.73 — Diluted EPS (Increased from $0.56 in Q3 2024)
• $0.23 — Common Stock Dividends per share (Paid in Q3 2025)

Key Players & Entities

• ASSOCIATED BANC-CORP (company) — Registrant
• New York Stock Exchange (regulator) — Exchange where ASB, ASB PrE, ASB PrF, and ASBA are registered
• $124,732 (dollar_amount) — Net income for three months ended Sep 30, 2025
• $88,018 (dollar_amount) — Net income for three months ended Sep 30, 2024
• $305,222 (dollar_amount) — Net interest income for three months ended Sep 30, 2025
• $262,509 (dollar_amount) — Net interest income for three months ended Sep 30, 2024
• $44,455,863 (dollar_amount) — Total assets as of Sep 30, 2025
• $43,023,068 (dollar_amount) — Total assets as of Dec 31, 2024
• $3,220,679 (dollar_amount) — FHLB advances as of Sep 30, 2025
• $1,853,807 (dollar_amount) — FHLB advances as of Dec 31, 2024

FAQ

Risk Factors

• Interest Rate Sensitivity [high — market]: The company's profitability is sensitive to changes in interest rates, which can affect net interest income and the fair value of investment securities. Fluctuations in interest rates can impact borrowing costs and loan demand.
• Credit Risk [high — financial]: Deterioration in credit quality of borrowers could lead to increased loan losses, impacting the provision for credit losses and net income. The allowance for loan losses was $378.3 million as of September 30, 2025.
• Regulatory Compliance [medium — regulatory]: As a financial institution, ASBA is subject to extensive regulation. Changes in regulations or failure to comply can result in fines, penalties, and reputational damage. FDIC assessments increased to $9.98 million for the quarter.
• Cybersecurity and Data Breaches [medium — operational]: The company relies on technology systems to conduct its business. A cybersecurity breach could disrupt operations, compromise sensitive customer data, and lead to significant financial and reputational harm. Technology expenses were $28.6 million for the quarter.
• Economic Downturn [medium — market]: A general economic slowdown or recession could negatively impact loan demand, increase credit risk, and reduce fee income. The company's total assets grew to $44.46 billion, indicating a significant balance sheet exposure.
• Personnel Expenses [low — operational]: Rising personnel costs can impact profitability. Personnel expenses increased by $14.7 million to $135.7 million for the quarter, reflecting higher operational costs.

Industry Context

Associated Banc-Corp operates in the highly competitive U.S. banking industry, facing pressure from large national banks, regional players, and increasingly, fintech companies. Key industry trends include rising interest rates impacting net interest margins, a focus on digital transformation to enhance customer experience and operational efficiency, and ongoing regulatory scrutiny. Banks are also navigating evolving customer preferences for digital channels while managing the costs associated with maintaining physical branches.

Regulatory Implications

As a publicly traded bank holding company, ASBA is subject to oversight from the Federal Reserve, OCC, and FDIC. Changes in capital requirements, liquidity rules, and consumer protection regulations can significantly impact operations and profitability. The recent increase in FDIC assessments highlights the ongoing cost of regulatory compliance and deposit insurance.

What Investors Should Do

1. Monitor Net Interest Margin (NIM) trends
2. Assess loan growth and credit quality
3. Evaluate noninterest income diversification
4. Analyze expense management, particularly personnel costs
5. Review balance sheet funding mix

Key Dates

• 2025-09-30: End of Q3 2025 — Reporting period for the 10-Q, showing strong net income growth and increased assets.
• 2025-09-30: Consolidated Balance Sheet Date — Reflects total assets of $44.46 billion and total deposits of $34.88 billion.
• 2025-09-30: Consolidated Statement of Income Period End — Shows net income of $124.7 million for the quarter, a 41.7% increase year-over-year.
• 2024-09-30: End of Q3 2024 — Prior year comparison period, showing net income of $88.0 million.
• 2024-12-31: End of Fiscal Year 2024 — Balance sheet comparison point, with total assets of $43.02 billion.

Glossary

Net Interest Income

The difference between the interest income generated by a bank and the interest it pays out to its depositors and lenders. (A core measure of a bank's profitability from its lending and borrowing activities. ASBA reported a significant increase to $305.2 million.)

Provision for Credit Losses

An expense set aside by a financial institution to cover potential losses from loans that may default. (A decrease to $16.0 million suggests improved credit quality or a more optimistic outlook on loan portfolios.)

Noninterest Income

Revenue generated by a bank from sources other than interest income, such as fees, commissions, and trading gains. (ASBA saw a 20.9% increase to $81.3 million, driven by capital markets and mortgage banking.)

AFS Investment Securities

Available-for-sale investment securities that are reported at fair value on the balance sheet, with unrealized gains and losses recorded in other comprehensive income. (ASBA's AFS securities increased to $5.22 billion, and experienced a net unrealized loss of $5.18 million in Q3 2025.)

HTM Investment Securities

Held-to-maturity investment securities that are reported at amortized cost, assuming the institution has the intent and ability to hold them until maturity. (ASBA's HTM securities decreased slightly to $3.64 billion.)

FHLB Advances

Borrowings from the Federal Home Loan Bank, a source of funding for member financial institutions. (ASBA significantly increased its FHLB advances by $1.37 billion to $3.22 billion, indicating a reliance on this funding source.)

Diluted EPS

Earnings per share calculated by dividing net income by the weighted average number of diluted common shares outstanding. (ASBA reported a diluted EPS of $0.73 for Q3 2025, up from $0.56 in the prior year.)

Year-Over-Year Comparison

Compared to the prior year's third quarter, Associated Banc-Corp has demonstrated robust performance. Net income surged by 41.7% to $124.7 million, and net interest income grew by 16.3% to $305.2 million, indicating improved core banking profitability. Total assets saw a modest increase of 3.3% year-to-date to $44.46 billion. Noninterest income also showed strong momentum, rising 20.9%, driven by capital markets and mortgage banking. However, personnel expenses increased by 12.1%, a factor to watch for margin pressure.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share ASB New York Stock Exchange
• $1,000 — Stock, Series E, liquidation preference $1,000 per share Series F Preferred Stock The

Filing Documents

• asb-20250930.htm (10-Q) — 5811KB
• asb09302025ex311.htm (EX-31.1) — 9KB
• asb09302025ex312.htm (EX-31.2) — 9KB
• asb09302025ex32.htm (EX-32) — 6KB
• 0000007789-25-000179.txt ( ) — 26885KB
• asb-20250930.xsd (EX-101.SCH) — 79KB
• asb-20250930_cal.xml (EX-101.CAL) — 152KB
• asb-20250930_def.xml (EX-101.DEF) — 742KB
• asb-20250930_lab.xml (EX-101.LAB) — 1257KB
• asb-20250930_pre.xml (EX-101.PRE) — 990KB
• asb-20250930_htm.xml (XML) — 6874KB

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

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

Notes to Consolidated Financial Statements 12

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

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

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 77

Controls and Procedures

Item 4. Controls and Procedures 78

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 79

Risk Factors

Item 1A. Risk Factors 79

Unregistered Sales of Equity Securities and Use of Proceeds

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

Other Information

Item 5. Other Information 79

Exhibits

Item 6. Exhibits 80

Signatures

Signatures 81 2 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 d

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

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' e

Financial Statements Continued

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

Financial Statements Continued

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. 7 Table of Contents

Financial Statements Continued

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 tre

Financial Statements Continued

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

Financial Statements Continued

Item 1. Financial Statements Continued: ASSOCIATED BANC-CORP

Notes to Consolidated Financial Statements

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 an

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