Company: ASB
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000007789-25-000013
Chunk: 64

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-02-12
Form: 10-K
Item: Item 8
Chunk 64
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2023, the Corporation issued $300 million of 10-year subordinated notes, due March 1, 2033 and redeemable (i) on the reset date of March 1, 2028 and any interest payment date thereafter, (ii) at any time on or after the three month period prior to the maturity date, and (iii) upon the occurrence of a Regulatory Capital Treatment Event (as defined in the Global Note). The subordinated notes have a fixed coupon interest rate of 6.625% until the reset date, after which the rate will be equal to the Five-Year U.S. Treasury Rate as of the reset date plus 2.812% per annum. The notes were issued at a discount. In November 2014, the Corporation issued $250 million of 10-year subordinated notes, due January 2025, and callable October 2024. The subordinated notes have a fixed coupon interest rate of 4.25% and were issued at a discount.Finance LeasesFinance leases are used in conjunction with branch operations. See Note 6 for additional disclosure regarding the Corporation’s leases. FHLB AdvancesUnder agreements with the FHLB of Chicago, FHLB advances are secured by pledging qualifying collateral of the subsidiary bank (such as residential mortgage loans, residential mortgage loans held for sale, home equity loans, CRE loans, and investment securities). At December 31, 2024, the Corporation had $10.9 billion of total collateral capacity, primarily supported by pledged consumer and CRE loans and investment securities. At December 31, 2024, the FHLB advances had maturity or call dates ranging from 2025 through 2031, and had a weighted average interest rate of 3.77%, compared to 4.93% at December 31, 2023. The Corporation prepaid $600 million in long-term FHLB advances during the fourth quarter of 2024, incurring a prepayment fee of $14 million .

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The table below summarizes the expected maturities of the Corporation’s long-term funding at December 31, 2024:($ in thousands)Long Term Funding Year2025$648,841 20264,504 2027510 2028196,487 20293,235 Beyond 2029587,865 Total long-term funding$1,441,442 

Note 9 Stockholders' Equity 

Preferred Equity: In September