Company: ASB
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000007789-25-000049
Chunk: 38

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 2
Chunk 38
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 increased $594 million, or 2%, driven primarily by and increase in interest-bearing demand deposits. In the first quarter of 2025, average FHLB advances increased $140 million, or 10%, given funding needs and average other long-term funding decreased $213 million, or 25%, due to subordinated notes maturing in the first quarter of 2025 (see Table 2).

The provision for credit losses was $13 million for the first quarter of 2025 and $17 million for the fourth quarter of 2024 (see Table 11). See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans. 

Noninterest income for the first quarter of 2025 was $59 million, compared to a loss of $207 million in the fourth quarter of 2024, as a result of the impacts of the balance sheet restructuring announced in the fourth quarter of 2024 (see Table 3).

Noninterest expense for the first quarter of 2025 was $211 million, down $14 million, or 6%, from the fourth quarter of 2024, driven primarily by the recognition of a loss on prepayment of FHLB advances as part of the balance sheet restructuring announced in the fourth quarter of 2024 (see Table 4).

For the first quarter of 2025, the Corporation recognized income tax expense of $19 million, compared to an income tax benefit of $16 million for the fourth quarter of 2024 given the net income recognized in the first quarter as compared to the net loss recognized in the fourth quarter. See section Income Taxes for a more detailed discussion.

Segment Review

The reportable segments are Corporate and Commercial Specialty; Community, Consumer and Business; and Risk Management and Shared Services. The financial information of the Corporation’s segments was compiled utilizing the accounting policies described in the Corporation’s 2024 Annual Report on Form 10-K and Note 14 Segment Reporting of the notes to consolidated financial statements.

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Table 20 Selected Segment Financial DataThree Months Ended Mar 31,($ in thousands)20252024% ChangeCorporate and Commercial SpecialtyTotal revenue$146,847 $144,033 2%Provision for credit losses19,014 14,998 27%Noninterest expense45,152 42,778 6%Income tax expense15,696 17,808 (12)%Net income66,985 68,449 (2)%