Company: ASB
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0000007789-25-000116
Chunk: 43

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-07-29
Form: 10-Q
Item: Part I, Item 2
Chunk 43
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,165 371,198 348,968 215,390 333,353 325,432 Less: Announced initiatives(e)(6,976)— — (6,976)(130,406)— — Total revenue for adjusted efficiency ratio$727,142 $648,165 $371,198 $355,943 $345,795 $333,353 $325,432 Efficiency ratios (expense / revenue)Fully tax-equivalent efficiency ratio57.70 %60.03 %55.81 %59.72 %103.11 %59.51 %59.51 %Adjusted efficiency ratio57.15 %58.85 %55.81 %58.55 %60.10 %59.51 %59.51 %

(a) These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.

(b) The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and strength.

(c) Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.

(d) The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital. This adjustment reflects that election.

(e) Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024.  The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio.

72

Sequential Quarter Results

The Corporation reported net income of $111.2 million for the second quarter of 2025, compared to a net income of $101.7 million for the first quarter of 2025. Net income available to common equity was $108.4 million for the second