Company: ASB
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000007789-25-000013
Chunk: 251

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-02-12
Form: 10-K
Item: Item 7
Chunk 251
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%Fair valueU.S. Treasury securities$999 — %$963 — %$936 — %Obligations of state and political subdivisions (municipal securities)1,486,642 47 %1,554,059 46 %1,551,647 46 %Residential mortgage-related securities:FNMA/FHLMC721,946 23 %804,393 24 %816,771 24 %GNMA39,927 1 %46,170 1 %49,628 1 %Private-label266,353 8 %289,507 9 %303,505 9 %Commercial mortgage-related securities:FNMA/FHLMC623,595 20 %632,914 19 %615,839 18 %GNMA46,032 1 %52,619 2 %62,691 2 %Total fair value$3,185,494 100 %$3,380,624 100 %$3,401,018 100 %Net unrealized holding (losses)$(553,253)$(479,610)$(559,433)Equity securitiesEquity securities carrying value and fair value$23,242 100 %$41,651 100 %$25,216 100 %

At December 31, 2024, the Corporation’s investment securities portfolio did not contain securities of any single non-government or non-GSE issuer that were payable from and secured by the same source of revenue or taxing authority where the aggregate carrying value of such securities exceeded 5% of stockholders’ equity. 

During the fourth quarter of 2024 as part of the balance sheet repositioning, the Corporation sold lower yielding AFS securities with a carrying value of $1.1 billion at a net loss of $148 million and reinvested the proceeds into higher yielding and lower risk-weighted GNMA securities.

During the fourth quarter of 2023 as part of the balance sheet repositioning, the Corporation sold lower yielding AFS securities with a carrying value of $715 million at a net loss of $65 million and reinvested the proceeds into higher yielding and lower risk-weighted GNMA securities.

The Corporation did not recognize any credit-related write-downs to the allowance for credit losses on investments during 2024, 2023, or 2022