Company: ASB
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000007789-25-000013
Chunk: 59

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-02-12
Form: 10-K
Item: Item 8
Chunk 59
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 regularly scheduled principal payments and partial loan paydowns. 

Note 5 Premises and Equipment 

See Note 1 for the Corporation’s accounting policy for premises and equipment. A summary of the Corporation's premises and equipment is as follows: December 31, 2024December 31, 2023 ($ in thousands)EstimatedUseful LivesCostAccumulatedDepreciationNet BookValueNet BookValueLand— $63,642 $— $63,642 $63,984 Land improvements3 – 20 years22,911 11,533 11,379 11,250 Buildings and improvements5 – 40 years415,690 198,699 216,991 212,004 Computers and related equipment4 – 8 years60,198 50,055 10,143 10,845 Furniture, fixtures, and other equipment3 – 20 years116,482 91,823 24,658 35,627 Operating leases— 56,818 23,616 33,202 24,712 Leasehold improvements2 – 20 years46,192 27,113 19,078 14,556 Total premises and equipment $781,932 $402,840 $379,093 $372,978 Depreciation and amortization of premises and equipment totaled $29 million for 2024, $30 million for 2023, and $31 million for 2022.

Note 6 Leases

The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has a finance lease for retail and corporate offices. These leases have original terms of 1 year or longer with remaining maturities up to 38 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization. The discount rate used to capitalize the operating leases is the FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered. Operating and finance lease costs and cash flows resulting from these leases are presented below:Twelve Months Ended December 31,($ in thousands)202420232022Operating lease costs$6,414 $6,281