Company: ASB
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000007789-25-000013
Chunk: 230

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-02-12
Form: 10-K
Item: Item 7
Chunk 230
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204 59,794 (2,582)(2,590)(5)%(4)%Business development and advertising28,142 28,405 25,525 (263)2,880 (1)%11 %Equipment18,431 19,663 19,632 (1,232)31 (6)%— %Legal and professional 21,601 19,911 18,250 1,690 1,661 8 %9 %Loan and foreclosure costs8,471 5,408 5,925 3,063 (517)57 %(9)%FDIC assessment38,439 67,072 22,650 (28,633)44,422 (43)%196 %Other intangible amortization8,811 8,811 8,811 — — — %— %Loss on prepayments of FHLB advances14,243 — — 14,243 — N/MN/MOther30,118 36,837 41,675 (6,719)(4,838)(18)%(12)%Total noninterest expense$818,397 $813,682 $747,063 $4,715 $66,619 1 %9 %Average FTEs(a) 4,030 4,199 4,118 (169)81 (4)%2 %

(a) Average FTEs without overtime

Notable Contributions to the Change in 2024 Noninterest Expense 

•FDIC assessment expense decreased from 2023, primarily driven by a one-time expense of $31 million in 2023, resulting from the special assessment pursuant to systemic risk incurred by the FDIC on member banks as a result of the bank failures in the first quarter of 2023, partially offset by subsequent adjustments to the special assessment during 2024.

•Personnel costs increased from 2023, as the Corporation continues to execute our growth strategy.

•During the fourth quarter of 2024, the Corporation prepaid $600 million of long-term FHLB advances and incurred a loss of $14 million on the prepayment. 

Income Taxes

The Corporation recognized income tax expense of $11 million for 2024, compared to income tax expense of $23 million for 2023. The Corporation's effective tax rate was 8.41% for 2024,