Company: ASB
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000007789-25-000049
Chunk: 107

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 1
Chunk 107
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 recourse criteria.The Corporation has a subordinate position to the FHLB in the credit risk on residential mortgage loans it sold to the FHLB Mortgage Partnership Finance Traditional program in exchange for a monthly credit enhancement fee. At March 31, 2025 and December 31, 2024, there were $159 million and $134 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been immaterial historical losses to the Corporation.

Note 12 Fair Value Measurements 

Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept). The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2024 Annual Report on Form 10-K.

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The tables below present the Corporation’s financial instruments measured at fair value on a recurring basis and carrying amounts and estimated fair values of certain financial instruments, aggregated by the level in the fair value hierarchy within which those measurements fall:Mar 31, 2025($ in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3AssetsCash and due from banks$521,323 $521,323 $521,323 $— $— Interest-bearing deposits in other financial institutions711,033 711,033 711,033 — — Federal funds sold and securities purchased under agreements to resell105 105 105 — — AFS investment securities:Obligations of state and political subdivisions (municipal securities)2,995 2,995 — 2,995 — Residential mortgage-related securities:FNMA / FHLMC118,036 118,036 — 118,036 — GNMA4,438,964 4,438,964 — 4,438,964 — Commercial mortgage-related securities:FNMA / FHLMC16,959 16,959 — 16,959 — GNMA111,433 111,433 — 111,433 — Asset backed securities:FFELP104,774 104,774 — 104,774 — SBA410 410 — 410 — Other debt securities2,999 2,999 — 2,999