Company: ASB
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000007789-25-000013
Chunk: 270

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-02-12
Form: 10-K
Item: Item 7
Chunk 270
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ServicesTotal revenue$(588,418)$(442,142)$12,999 33 %N/MProvision for credit losses(6,163)(1,038)(37,300)N/M(97)%Noninterest expense 109,022 128,770 95,787 (15)%34 %Income tax (benefit)(150,492)(127,816)(3,279)18 %N/MNet (loss)(540,785)(442,057)(42,209)22 %N/MAverage earning assets8,989,970 8,608,852 7,864,756 4 %9 %Average loans529,347 524,283 519,312 1 %1 %Average deposits5,995,793 4,124,985 971,738 45 %N/M

N/M = Not Meaningful

Segment Review 2024 Compared to 2023

Corporate and Commercial Specialty

•Revenue increased $47 million from the year ended December 31, 2023, primarily driven by increased net interest income due to increased interest rates and increased loan balances year over year.

•Provision for credit losses increased $12 million from the year ended December 31, 2023, driven by increased loan balances attributed to the segment.

•Noninterest expense increased $12 million from the year ended December 31, 2023, driven by an $8 million increase in personnel expenses and a $5 million increase in allocated indirect expenses given the increased loan balances.

•Average earning assets and average loans increased $376 million and $380 million, respectively, from the year ended December 31, 2023, primarily as a result of growth within commercial and business lending.

•Average deposit balances decreased $353 million from the year ended December 31, 2023, driven by reductions in money market and noninterest-bearing demand deposits, partially offset by an increase in interest-bearing demand deposits.

78

Community, Consumer, and Business

•Revenue increased $35 million from the year ended December 31, 2023, driven by a $30 million increase in net interest income due to increased interest rates, which led to a higher allocation of FTP credits to this segment, and a $10 million increase in wealth management fees, partially offset by an $8 million decrease in mortgage banking fee income.

•Noninterest expense increased $13 million from the year ended December 31, 2023, primarily driven