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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2024

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from             to

Commission file number: 001-31343

Associated Banc-Corp

(Exact name of registrant as specified in its charter)

Wisconsin									39-1098068
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)

433 Main Street
Green Bay,			Wisconsin						54301
(Address of principal executive offices)									(Zip Code)

(920) 491-7500

(Registrant’s telephone number, including area code)

(not applicable)

(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Common stock, par value $0.01 per share			ASB			New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E			ASB PrE			New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F			ASB PrF			New York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033			ASBA			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☑        No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☑        No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐        No  ☑

APPLICABLE ONLY TO CORPORATE ISSUERS:

The number of shares outstanding of registrant’s common stock, par value $0.01 per share, at October 25, 2024 was 151,255,013.

1

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ASSOCIATED BANC-CORP
Table of Contents

						Page
PART I. Financial Information
			Item 1. Financial Statements (Unaudited):			5
			Consolidated Balance Sheets			5
			Consolidated Statements of Income			6
			Consolidated Statements of Comprehensive Income			7
			Consolidated Statements of Changes in Stockholders’ Equity			8
			Consolidated Statements of Cash Flows			10
			Notes to Consolidated Financial Statements			12
			Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			50
			Item 3. Quantitative and Qualitative Disclosures About Market Risk			73
			Item 4. Controls and Procedures			74
PART II. Other Information
			Item 1. Legal Proceedings			75
			Item 1A. Risk Factors			75
			Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			75
			Item 5. Other Information			75
			Item 6. Exhibits			76
			Signatures			77

2

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ASSOCIATED BANC-CORP
Commonly Used Terms
The following listing provides a reference of common acronyms, abbreviations, and other defined terms used throughout the document:

ACLL			Allowance for Credit Losses on Loans
AFS			Available for Sale
ALCO			Asset / Liability Committee
ASU			Accounting Standards Update
the Bank			Associated Bank, National Association
Basel III			International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bp			basis point(s)
BTFP			Bank Term Funding Program
CDs			Certificates of Deposit
CDIs			Core Deposit Intangibles
CECL			Current Expected Credit Losses
CET1			Common Equity Tier 1
CFPB			Consumer Financial Protection Bureau
Corporation / our			Associated Banc-Corp collectively with all of its subsidiaries and affiliates
CRA			Community Reinvestment Act
CRE			Commercial Real Estate
EAR			Earnings at Risk
Exchange Act			Securities Exchange Act of 1934, as amended
FDIC			Federal Deposit Insurance Corporation
Federal Reserve			Board of Governors of the Federal Reserve System
FFELP			Federal Family Education Loan Program
FHLB			Federal Home Loan Bank
FHLMC			Federal Home Loan Mortgage Corporation
FICO			Fair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions
FNMA			Federal National Mortgage Association
FTEs			Full-time equivalent employees
FTP			Funds Transfer Pricing
GAAP			Generally Accepted Accounting Principles
GNMA			Government National Mortgage Association
GSE			Government-Sponsored Enterprise
HTM			Held to Maturity
LTV			Loan-to-Value
Moody's			Moody’s Investors Service
MSRs			Mortgage Servicing Rights
MVE			Market Value of Equity
NAV			Net Asset Value measured at fair value per share (or its equivalent) as a practical expedient
Net Free Funds			Noninterest-bearing sources of funds
NPAs			Nonperforming Assets
OCI			Other Comprehensive Income
OREO			Other Real Estate Owned
Parent Company			Associated Banc-Corp individually
RAP			Retirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
Repurchase Agreements			Securities sold under agreements to repurchase
Restricted Stock Awards			Restricted common stock and restricted common stock units to certain key employees

3

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Retirement Eligible Colleagues			Colleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan
ROCET1			Return on Common Equity Tier 1
SBA			Small Business Administration
SEC			U.S. Securities and Exchange Commission
Series E Preferred Stock			The Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share
Series F Preferred Stock			The Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share
SOFR			Secured Overnight Finance Rate
YTD			Year-to-Date

4

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Table of Contents

PART I - FINANCIAL INFORMATION
ITEM 1.			Financial Statements:

ASSOCIATED BANC-CORP

Consolidated Balance Sheets

			Sep 30, 2024			Dec 31, 2023
(In thousands, except share and per share data)			(Unaudited)			(Audited)
Assets
Cash and due from banks			$	554,631		$	484,384
Interest-bearing deposits in other financial institutions			408,101			425,089
Federal funds sold and securities purchased under agreements to resell			4,310			14,350
AFS investment securities, at fair value			4,152,527			3,600,892
HTM investment securities, net, at amortized cost			3,769,150			3,860,160
Equity securities			23,158			41,651
FHLB and Federal Reserve Bank stocks, at cost			178,168			229,171
Residential loans held for sale			67,219			33,011
Commercial loans held for sale			11,833			90,303
Loans			29,990,897			29,216,218
Allowance for loan losses			(361,765)			(351,094)
Loans, net			29,629,131			28,865,124
Tax credit and other investments			265,385			258,067
Premises and equipment, net			373,816			372,978
Bank and corporate owned life insurance			686,704			682,649
Goodwill			1,104,992			1,104,992
Other intangible assets, net			33,863			40,471
Mortgage servicing rights, net			81,977			84,390
Interest receivable			167,777			169,569
Other assets			698,073			658,604
Total assets			$	42,210,815		$	41,015,855
Liabilities and stockholders' equity
Noninterest-bearing demand deposits			$	5,857,421		$	6,119,956
Interest-bearing deposits			27,696,877			27,326,093
Total deposits			33,554,298			33,446,049
Short-term funding			917,028			326,780
FHLB advances			1,913,294			1,940,194
Other long-term funding			844,342			541,269
Allowance for unfunded commitments			35,776			34,776
Accrued expenses and other liabilities			532,842			552,814
Total liabilities			$	37,797,579		$	36,841,882
Stockholders’ equity
Preferred equity			$	194,112		$	194,112
Common equity
Common stock			$	1,752		$	1,752
Surplus			1,714,055			1,714,822
Retained earnings			3,122,307			2,946,805
Accumulated other comprehensive (loss)			(111,748)			(171,096)
Treasury stock, at cost			(507,241)			(512,421)
Total common equity			4,219,125			3,979,861
Total stockholders’ equity			4,413,236			4,173,973
Total liabilities and stockholders’ equity			$	42,210,815		$	41,015,855
Preferred shares authorized (par value $1.00 per share)			750,000			750,000
Preferred shares issued and outstanding			200,000			200,000
Common shares authorized (par value $0.01 per share)			250,000,000			250,000,000
Common shares issued			175,216,409			175,216,409
Common shares outstanding			151,212,711			151,036,674

Numbers may not sum due to rounding.

See accompanying notes to consolidated financial statements.

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Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Income (Unaudited)

			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
(In thousands, except per share data)			2024			2023			2024			2023
Interest income
Interest and fees on loans			$	465,728		$	447,912		$	1,376,988		$	1,262,538
Interest and dividends on investment securities
Taxable			51,229			38,210			148,055			104,197
Tax-exempt			14,660			15,941			44,103			47,960
Other interest			8,701			6,575			24,834			17,990
Total interest income			540,318			508,637			1,593,980			1,432,685
Interest expense
Interest on deposits			231,623			193,131			678,916			464,749
Interest on federal funds purchased and securities sold under agreements to repurchase			3,385			3,100			8,551			8,504
Interest on other short-term funding			6,144			—			16,929			1
Interest on FHLB advances			24,799			48,143			80,612			147,365
Interest on long-term funding			11,858			10,019			32,012			25,895
Total interest expense			277,809			254,394			817,021			646,514
Net interest income			262,509			254,244			776,960			786,171
Provision for credit losses			20,991			21,943			68,000			62,014
Net interest income after provision for credit losses			241,518			232,301			708,960			724,157
Noninterest income
Wealth management fees			24,144			20,828			68,466			61,499
Service charges and deposit account fees			13,708			12,864			38,410			38,230
Card-based fees			11,731			11,510			34,973			33,492
Other fee-based revenue			5,057			4,509			14,316			13,249
Capital markets, net			4,317			5,368			13,052			15,544
Mortgage banking, net			2,132			6,501			7,299			17,814
Bank and corporate owned life insurance			4,001			2,047			11,156			6,882
Asset (losses) gains, net			(474)			625			(1,407)			590
Investment securities gains (losses), net			100			(11)			4,047			55
Other			2,504			2,339			7,054			6,841
Total noninterest income			67,221			66,579			197,365			194,195
Noninterest expense
Personnel			121,036			117,159			362,012			347,669
Technology			27,217			26,172			80,579			73,990
Occupancy			13,536			14,125			40,297			42,775
Business development and advertising			6,683			7,100			20,735			20,054
Equipment			4,653			5,016			13,702			14,921
Legal and professional			5,639			4,461			14,740			13,149
Loan and foreclosure costs			2,748			2,049			6,519			4,822
FDIC assessment			8,223			9,150			29,300			25,575
Other intangible amortization			2,203			2,203			6,608			6,608
Other			8,659			8,771			19,622			24,726
Total noninterest expense			200,597			196,205			594,115			574,291
Income before income taxes			108,142			102,674			312,211			344,061
Income tax expense			20,124			19,426			27,451			70,299
Net income			88,018			83,248			284,760			273,762
Preferred stock dividends			2,875			2,875			8,625			8,625
Net income available to common equity			$	85,143		$	80,373		$	276,135		$	265,137
Earnings per common share
Basic			$	0.56		$	0.53		$	1.83		$	1.76
Diluted			$	0.56		$	0.53		$	1.82		$	1.75
Average common shares outstanding
Basic			150,247			150,035			149,993			149,929
Diluted			151,492			151,014			151,244			150,971

Numbers may not sum due to rounding.

See accompanying notes to consolidated financial statements.

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Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Comprehensive Income (Unaudited)

			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)			2024			2023			2024			2023
Net income			$	88,018		$	83,248		$	284,760		$	273,762
Other comprehensive income (loss), net of tax
AFS investment securities
Net unrealized gains (losses)			90,858			(56,924)			49,844			(69,512)
Amortization of net unrealized losses on AFS securities transferred to HTM securities			2,147			2,327			6,329			6,883
Reclassification adjustment for net losses realized in net income			—			—			197			—
Income tax (expense) benefit			(23,198)			13,928			(14,060)			15,879
Other comprehensive income (loss) on AFS securities			69,807			(40,669)			42,309			(46,751)
Cash flow hedge derivatives
Net unrealized gains (losses)			25,609			(13,592)			(639)			(33,976)
Reclassification adjustment for net losses realized in net income			4,705			4,516			14,297			9,097
Income tax benefit			7,405			2,315			5,213			5,488
Other comprehensive income (loss) on cash flow hedge derivatives			37,718			(6,762)			18,871			(19,391)
Defined benefit pension and postretirement obligations
Amortization of prior service cost			(73)			(81)			(217)			(244)
Amortization of actuarial (gain) loss			(7)			(7)			(21)			15
Income tax benefit (expense)			20			23			(1,594)			31
Other comprehensive (loss) on pension and postretirement obligations			(60)			(66)			(1,832)			(198)
Total other comprehensive income (loss)			107,466			(47,497)			59,348			(66,340)
Comprehensive income			$	195,483		$	35,751		$	344,108		$	207,422

Numbers may not sum due to rounding.

See accompanying notes to consolidated financial statements.

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Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(In thousands, except per share data)			Preferred Equity			Common Stock			Surplus			Retained Earnings			Accumulated Other Comprehensive  (Loss)			Treasury Stock			Total
Balance, December 31, 2023			$	194,112		$	1,752		$	1,714,822		$	2,946,805		$	(171,096)		$	(512,421)		$	4,173,973
Comprehensive income:
Net income			—			—			—			81,169			—			—			81,169
Other comprehensive (loss)			—			—			—			—			(38,785)			—			(38,785)
Comprehensive income																					42,384
Common stock issued:
Stock-based compensation plans, net			—			—			(13,839)			—			—			17,749			3,910
Purchase of treasury stock, open market purchases			—			—			—			—			—			(18,289)			(18,289)
Purchase of treasury stock, stock-based compensation plans			—			—			—			—			—			(4,572)			(4,572)
Cash dividends:
Common stock, $0.22 per share			—			—			—			(33,527)			—			—			(33,527)
Preferred stock(a)			—			—			—			(2,875)			—			—			(2,875)
Stock-based compensation expense, net			—			—			7,669			—			—			—			7,669
Balance, March 31, 2024			$	194,112		$	1,752		$	1,708,652		$	2,991,571		$	(209,881)		$	(517,533)		$	4,168,673
Comprehensive income:
Net income			—			—			—			115,573			—			—			115,573
Other comprehensive (loss)			—			—			—			—			(9,333)			—			(9,333)
Comprehensive income																					106,241
Common stock issued:
Stock-based compensation plans, net			—			—			(1,704)			—			—			2,230			526
Purchase of treasury stock, stock-based compensation plans			—			—			—			—			—			(1,088)			(1,088)
Cash dividends:
Common stock, $0.22 per share			—			—			—			(33,507)			—			—			(33,507)
Preferred stock(a)			—			—			—			(2,875)			—			—			(2,875)
Stock-based compensation expense, net			—			—			4,368			—			—			—			4,368
Balance, June 30, 2024			$	194,112		$	1,752		$	1,711,316		$	3,070,762		$	(219,214)		$	(516,391)		$	4,242,337
Comprehensive income:
Net income			—			—			—			88,018			—			—			88,018
Other comprehensive income			—			—			—			—			107,466			—			107,466
Comprehensive income																					195,483
Common stock issued:
Stock-based compensation plans, net			—			—			(652)			—			—			9,498			8,845
Purchase of treasury stock, stock-based compensation plans			—			—			—			—			—			(347)			(347)
Cash dividends:
Common stock, $0.22 per share			—			—			—			(33,599)			—			—			(33,599)
Preferred stock(a)			—			—			—			(2,875)			—			—			(2,875)
Stock-based compensation expense, net			—			—			3,392			—			—			—			3,392
Balance, September 30, 2024			$	194,112		$	1,752		$	1,714,055		$	3,122,307		$	(111,748)		$	(507,241)		$	4,413,236

Numbers may not sum due to rounding.

(a) Series E, $0.3671875 per share and Series F, $0.3515625 per share.

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ASSOCIATED BANC-CORP

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(In thousands, except per share data)			Preferred Equity			Common Stock			Surplus			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balance, December 31, 2022			$	194,112		$	1,752		$	1,712,733		$	2,904,882		$	(272,799)		$	(525,190)		$	4,015,490
Comprehensive income:
Net income			—			—			—			103,360			—			—			103,360
Other comprehensive income			—			—			—			—			39,211			—			39,211
Comprehensive income																					142,571
Common stock issued:
Stock-based compensation plans, net			—			—			(12,612)			—			—			14,379			1,766
Purchase of treasury stock, stock-based compensation plans			—			—			—			—			—			(5,362)			(5,362)
Cash dividends:
Common stock, $0.21 per share			—			—			—			(32,013)			—			—			(32,013)
Preferred stock(a)			—			—			—			(2,875)			—			—			(2,875)
Stock-based compensation expense, net			—			—			6,086			—			—			—			6,086
Balance, March 31, 2023			$	194,112		$	1,752		$	1,706,206		$	2,973,354		$	(233,588)		$	(516,173)		$	4,125,663
Comprehensive income:
Net income			—			—			—			87,154			—			—			87,154
Other comprehensive (loss)			—			—			—			—			(58,054)			—			(58,054)
Comprehensive income																					29,100
Common stock issued:
Stock-based compensation plans, net			—			—			(1,677)			—			—			1,770			93
Purchase of treasury stock, stock-based compensation plans			—			—			—			—			—			(884)			(884)
Cash dividends:
Common stock, $0.21 per share			—			—			—			(31,996)			—			—			(31,996)
Preferred stock(a)			—			—			—			(2,875)			—			—			(2,875)
Stock-based compensation expense, net			—			—			3,773			—			—			—			3,773
Balance, June 30, 2023			$	194,112		$	1,752		$	1,708,303		$	3,025,637		$	(291,642)		$	(515,287)		$	4,122,874
Comprehensive income:
Net income			—			—			—			83,248			—			—			83,248
Other comprehensive (loss)			—			—			—			—			(47,497)			—			(47,497)
Comprehensive income																					35,751
Common stock issued:
Stock-based compensation plans, net			—			—			(497)			—			—			999			503
Purchase of treasury stock, stock-based compensation plans			—			—			—			—			—			(261)			(261)
Cash dividends:
Common stock, $0.21 per share			—			—			—			(31,996)			—			—			(31,996)
Preferred stock(a)			—			—			—			(2,875)			—			—			(2,875)
Stock-based compensation expense, net			—			—			3,648			—			—			—			3,648
Balance, September 30, 2023			$	194,112		$	1,752		$	1,711,454		$	3,074,014		$	(339,140)		$	(514,549)		$	4,127,643

Numbers may not sum due to rounding.

(a) Series E, $0.3671875 per share and Series F, $0.3515625 per share.

See accompanying notes to consolidated financial statements.

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Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows (Unaudited)

			Nine Months Ended Sep 30,
($ in thousands)			2024			2023
Cash flows from operating activities
Net income			$	284,760		$	273,762
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			68,000			62,014
Depreciation and amortization			36,414			34,703
Change in MSRs valuation			959			(14,658)
Amortization of other intangible assets			6,608			6,608
Amortization and accretion on earning assets, funding, and other, net			30,998			27,394
Net amortization of tax credit investments			26,307			25,830
(Gains) on sales of investment securities, net			(3,857)			—
Asset losses (gains), net			1,407			(590)
Loss on mortgage banking activities, net			2,284			2,154
Mortgage loans originated and acquired for sale			(450,532)			(283,469)
Proceeds from sales of mortgage loans held for sale			415,840			254,619
Changes in certain assets and liabilities:
Decrease (increase) in interest receivable			1,792			(26,670)
Increase in interest payable			19,507			69,461
Increase (decrease) in expense payable			332			(22,632)
(Decrease) increase in net derivative position			(61,615)			3,721
Net change in other assets and other liabilities			(6,084)			(34,137)
Net cash provided by operating activities			373,120			378,110
Cash flows from investing activities
Net (increase) in loans			(795,057)			(1,436,901)
Purchases of:
AFS securities			(1,177,627)			(1,109,501)
HTM securities			—			(41,524)
FHLB and Federal Reserve Bank stocks and equity securities			(122,205)			(114,985)
Proceeds from:
Sales of AFS securities			9,472			—
Sale of FHLB and Federal Reserve Bank stocks and equity securities			196,049			131,272
Prepayments, calls, and maturities of AFS securities			660,732			288,313
Prepayments, calls, and maturities of HTM securities			92,402			101,847
Sales, prepayments, calls, and maturities of other assets			12,759			20,224
Premises, equipment, and software			(31,702)			(43,541)
Net change in tax credit and alternative investments			(17,856)			(19,615)
Net cash (used in) investing activities			(1,173,035)			(2,224,411)
Cash flows from financing activities
Net increase in deposits			108,249			2,487,225
Net increase (decrease) in short-term funding			590,248			(154,292)
Net (decrease) in short-term FHLB advances			(35,000)			(580,000)
Repayment of long-term FHLB advances			(727)			(568)
Proceeds from long-term FHLB advances			2,656			1,369
Proceeds from issuance of long-term funding			298,800			292,740
Payment of debt issuance costs			(751)			—
(Repayment) of finance lease principal			(66)			(64)
Proceeds from issuance of common stock for stock-based compensation plans			13,281			2,362
Purchase of treasury stock, open market purchases			(18,289)			—
Purchase of treasury stock, stock-based compensation plans			(6,007)			(6,507)
Cash dividends on common stock			(100,633)			(96,005)
Cash dividends on preferred stock			(8,625)			(8,625)
Net cash provided by financing activities			843,134			1,937,635
Net increase in cash and cash equivalents			43,219			91,334
Cash and cash equivalents at beginning of period			923,823			621,455
Cash and cash equivalents at end of period(a)			$	967,042		$	712,789

Numbers may not sum due to rounding.

(a) No restricted cash due to the Federal Reserve reducing the required reserve ratio to zero.

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ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows (Unaudited)

			Nine Months Ended Sep 30,
($ in thousands)			2024			2023
Supplemental disclosures of cash flow information
Cash paid for interest			$	796,621		$	576,221
Cash paid for income and franchise taxes			6,963			68,382
Loans and bank premises transferred to OREO			12,586			5,917
Capitalized mortgage servicing rights			4,458			2,477
Loans transferred (from) into held for sale (into) from portfolio, net			(74,737)			6,833
Fair value adjustments on hedged long-term FHLB advances and subordinated debt			(10,369)			18,652
Fair value adjustments on foreign currency exchange forwards			1,899			3,308
Fair value adjustments on cash flow hedges			18,871			(19,391)

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Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Notes to Consolidated Financial Statements

These interim consolidated financial statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally presented in accordance with GAAP have been omitted or abbreviated. The information contained on the consolidated financial statements and footnotes in Associated Banc-Corp's 2023 Annual Report on Form 10-K should be referred to in connection with the reading of these unaudited interim consolidated financial statements.

Note 1 Basis of Presentation

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. Management has evaluated subsequent events for potential recognition or disclosure.

Within the tables presented, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes.

Note 2 Summary of Significant Accounting Policies

The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2023 Annual Report on Form 10-K.

New Accounting Pronouncements Adopted

Standard			Description			Date of Adoption			Effect on Financial Statements
ASU 2023-02 Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method			The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. A reporting entity may make an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. The amendments in this update also remove certain guidance for Qualified Affordable Housing Project investments and require the application of the delayed equity contribution guidance to all tax equity investments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and must be applied on either a modified retrospective or a retrospective basis. Early adoption is permitted in any interim period, however if adopted in an interim period the entity shall adopt the amendments in this update as of the beginning of the fiscal year that includes the interim period.			1st quarter 2024			The Corporation has determined the impact on its results of operation, financial position, liquidity, and disclosures is immaterial.

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Future Accounting Pronouncements

The expected impact of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted are discussed in the table below. To the extent that the adoption of new accounting standards materially affects the Corporation's financial condition, results of operations, liquidity or disclosures, the impacts are discussed in the applicable sections of this financial review.

Standard			Description			Date of Anticipated Adoption			Effect on Financial Statements
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures			The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.			Fiscal year 2024 and interim periods beginning in 1st quarter 2025			The Corporation does not expect the update to have a significant impact on the consolidated financial statements, other than enhanced disclosures.
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures			The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and are to be applied on a prospective basis. Early adoption is permitted.			Fiscal year 2025			The Corporation is currently evaluating the impact on its disclosures.

Note 3 Earnings Per Common Share

Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per common share:

			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands, except per share data)			2024			2023			2024			2023
Net income			$	88,018		$	83,248		$	284,760		$	273,762
Preferred stock dividends			(2,875)			(2,875)			(8,625)			(8,625)
Net income available to common equity			85,143			80,373			276,135			265,137
Common shareholder dividends			(33,413)			(31,806)			(100,131)			(95,417)
Unvested share-based payment awards			(185)			(190)			(502)			(588)
Undistributed earnings			$	51,544		$	48,377		$	175,502		$	169,132
Undistributed earnings allocated to common shareholders			$	51,255		$	48,090		$	174,511		$	168,136
Undistributed earnings allocated to unvested share-based payment awards			289			287			991			996
Undistributed earnings			$	51,544		$	48,377		$	175,502		$	169,132
Basic
Distributed earnings to common shareholders			$	33,413		$	31,806		$	100,131		$	95,417
Undistributed earnings allocated to common shareholders			51,255			48,090			174,511			168,136
Total common shareholders earnings, basic			$	84,669		$	79,896		$	274,642		$	263,553
Diluted
Distributed earnings to common shareholders			$	33,413		$	31,806		$	100,131		$	95,417
Undistributed earnings allocated to common shareholders			51,255			48,090			174,511			168,136
Total common shareholders earnings, diluted			$	84,669		$	79,896		$	274,642		$	263,553
Weighted average common shares outstanding			150,247			150,035			149,993			149,929
Effect of dilutive common stock awards			1,244			980			1,251			1,042
Diluted weighted average common shares outstanding			151,492			151,014			151,244			150,971
Basic earnings per common share			$	0.56		$	0.53		$	1.83		$	1.76
Diluted earnings per common share			$	0.56		$	0.53		$	1.82		$	1.75

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Excluded from the earnings per common share calculations were 2 million and 4 million anti-dilutive common stock options for the three months ended September 30, 2024 and 2023, respectively, and 2 million and 3 million anti-dilutive common stock options were excluded from the earnings per common share calculations for the nine months ended September 30, 2024 and 2023, respectively.

Note 4 Stock-Based Compensation

The fair values of stock options and restricted stock awards are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2017 Incentive Compensation Plan and the 2020 Incentive Compensation Plan, expenses related to stock options and restricted stock awards are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income.

A summary of the Corporation’s stock option activity for the nine months ended September 30, 2024 is presented below:

Stock Options			Shares(a)			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term			Aggregate Intrinsic Value(a)
Outstanding at December 31, 2023			3,792			$	21.25		4.26 years			$	5,834
Exercised			679			18.76
Forfeited or expired			49			24.81
Outstanding at September 30, 2024			3,064			$	21.75		3.46 years			$	4,197
Options Exercisable at September 30, 2024			3,064			$	21.75		3.46 years			$	4,197

(a) In thousands

Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the nine months ended September 30, 2024, the intrinsic value of stock options exercised was $3 million, compared to approximately $272,000 for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, the total fair value of stock options vested was approximately $489,000 compared to approximately $955,000 for the nine months ended September 30, 2023.

The Corporation also has issued time-based and performance-based restricted stock awards under the 2017 Incentive Compensation Plan and 2020 Incentive Compensation Plan. Performance awards are based on performance goals determined by the Compensation and Benefits Committee of the Corporation's Board of Directors, with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.

The following table summarizes information about the Corporation’s restricted stock awards activity for the nine months ended September 30, 2024:

Restricted Stock			Shares(a)			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023			2,349			$	21.20
Granted			823			20.78
Vested			774			23.72
Forfeited			60			21.94
Outstanding at September 30, 2024			2,338			$	21.26

(a) In thousands

The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock awards granted during 2023 and 2024 will cliff-vest after the three year performance period has ended. Service-based restricted stock awards granted during 2023 and 2024 will generally vest ratably over a period of four years. Expense for restricted stock awards of $16 million was recorded for the nine months ended September 30, 2024, compared to $14 million for the nine months ended September 30, 2023. Included in compensation expense for the first nine months of 2024 was $4 million of expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues. The Corporation had $21 million of unrecognized compensation costs related to restricted stock awards at September 30, 2024 that are expected to be recognized over the remaining requisite service periods that extend predominately through the first quarter of 2028.

The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares, if any, will be based on market and investment opportunities, capital levels, growth

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prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.

Note 5 Investment Securities

Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets. The amortized cost and fair values of AFS and HTM securities at September 30, 2024 were as follows:

($ in thousands)			Amortized Cost			Gross Unrealized Gains			Gross Unrealized (Losses)			Fair Value
AFS investment securities
U.S. Treasury securities			$	39,987		$	—		$	(3,039)		$	36,948
Obligations of state and political subdivisions (municipal securities)			82,845			11			(1,766)			81,089
Residential mortgage-related securities:
FNMA/FHLMC			1,201,968			990			(117,544)			1,085,414
GNMA			2,634,634			30,367			(1,441)			2,663,560
Commercial mortgage-related securities:
FNMA/FHLMC			18,423			—			(388)			18,035
GNMA			156,873			—			(5,256)			151,617
Asset backed securities:
FFELP			113,139			132			(922)			112,350
SBA			540			—			(24)			516
Other debt securities			3,000			—			(3)			2,997
Total AFS investment securities			$	4,251,409		$	31,500		$	(130,382)		$	4,152,527
HTM investment securities
U.S. Treasury securities			$	1,000		$	—		$	(10)		$	990
Obligations of state and political subdivisions (municipal securities)			1,664,740			4,596			(128,987)			1,540,348
Residential mortgage-related securities:
FNMA/FHLMC			900,743			24,025			(145,885)			778,883
GNMA			45,180			143			(2,344)			42,979
Private-label			329,349			8,519			(55,765)			282,103
Commercial mortgage-related securities:
FNMA/FHLMC			775,209			11,142			(126,498)			659,852
GNMA			53,005			258			(5,643)			47,620
Total HTM investment securities			$	3,769,224		$	48,682		$	(465,131)		$	3,352,775

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The amortized cost and fair values of AFS and HTM securities at December 31, 2023 were as follows:

($ in thousands)			Amortized Cost			Gross Unrealized Gains			Gross Unrealized (Losses)			Fair Value
AFS investment securities
U.S. Treasury securities			$	39,984		$	—		$	(4,083)		$	35,902
Obligations of state and political subdivisions (municipal securities)			94,008			23			(2,214)			91,817
Residential mortgage-related securities:
FNMA/FHLMC			1,274,052			294			(153,552)			1,120,794
GNMA			2,021,242			24,254			(2,822)			2,042,675
Commercial mortgage-related securities:
FNMA/FHLMC			18,691			—			(1,755)			16,937
GNMA			161,928			—			(7,135)			154,793
Asset backed securities:
FFELP			135,832			5			(1,862)			133,975
SBA			1,077			2			(28)			1,051
Other debt securities			3,000			—			(50)			2,950
Total AFS investment securities			$	3,749,814		$	24,579		$	(173,501)		$	3,600,892
HTM investment securities
U.S. Treasury securities			$	999		$	—		$	(36)		$	963
Obligations of state and political subdivisions (municipal securities)			1,682,473			5,638			(134,053)			1,554,059
Residential mortgage-related securities:
FNMA/FHLMC			941,973			27,007			(164,587)			804,393
GNMA			48,979			92			(2,901)			46,170
Private-label			345,083			9,796			(65,372)			289,507
Commercial mortgage-related securities:
FNMA/FHLMC			780,995			12,699			(160,781)			632,914
GNMA			59,733			386			(7,500)			52,619
Total HTM investment securities			$	3,860,235		$	55,619		$	(535,230)		$	3,380,624

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at September 30, 2024, are shown below:

			AFS						HTM
($ in thousands)			Amortized Cost			Fair Value			Amortized Cost			Fair Value
Due in one year or less			$	1,000		$	997		$	11,435		$	11,360
Due after one year through five years			54,051			50,642			58,464			58,594
Due after five years through ten years			44,549			43,392			179,171			175,603
Due after ten years			26,231			26,004			1,416,669			1,295,781
Total debt securities			125,832			121,034			1,665,740			1,541,338
Residential mortgage-related securities:
FNMA/FHLMC			1,201,968			1,085,414			900,743			778,883
GNMA			2,634,634			2,663,560			45,180			42,979
Private-label			—			—			329,349			282,103
Commercial mortgage-related securities:
FNMA/FHLMC			18,423			18,035			775,209			659,852
GNMA			156,873			151,617			53,005			47,620
Asset backed securities:
FFELP			113,139			112,350			—			—
SBA			540			516			—			—
Total investment securities			$	4,251,409		$	4,152,527		$	3,769,224		$	3,352,775
Ratio of fair value to amortized cost						97.7		%				89.0		%

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On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The following table summarizes the credit quality indicators of HTM securities at amortized cost at September 30, 2024:

($ in thousands)			AAA			AA			A												Not Rated			Total
U.S. Treasury securities			$	1,000		$	—		$	—											$	—		$	1,000
Obligations of state and political subdivisions (municipal securities)			772,689			884,498			5,492												2,060			1,664,740
Residential mortgage-related securities:
FNMA/FHLMC			900,743			—			—												—			900,743
GNMA			45,180			—			—												—			45,180
Private-label			329,349			—			—												—			329,349
Commercial mortgage-related securities:
FNMA/FHLMC			775,209			—			—												—			775,209
GNMA			53,005			—			—												—			53,005
Total HTM securities			$	2,877,174		$	884,498		$	5,492											$	2,060		$	3,769,224

The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2023:

($ in thousands)			AAA			AA			A												Not Rated			Total
U.S. Treasury securities			$	999		$	—		$	—											$	—		$	999
Obligations of state and political subdivisions (municipal securities)			760,329			915,303			5,687												1,155			1,682,473
Residential mortgage-related securities:
FNMA/FHLMC			941,973			—			—												—			941,973
GNMA			48,979			—			—												—			48,979
Private-label			345,083			—			—												—			345,083
Commercial mortgage-related securities:
FNMA/FHLMC			780,995			—			—												—			780,995
GNMA			59,733			—			—												—			59,733
Total HTM securities			$	2,938,090		$	915,303		$	5,687											$	1,155		$	3,860,235

The following table summarizes gross realized gains and losses on AFS securities, the gain on sale and net write-up of equity securities, and proceeds from the sale of AFS investment securities for the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)			2024			2023			2024			2023
Gross realized (losses) on AFS securities			$	—		$	—		$	(197)		$	—
Gain on sale and net write-up (down) of equity securities			100			(11)			4,243			55
Investment securities gains, net			$	100		$	(11)		$	4,047		$	55
Proceeds from sales of AFS investment securities			$	—		$	—		$	9,472		$	—

During the first quarter of 2024, the Corporation sold its remaining Visa Class B restricted shares at a gain of $4 million.

Investment securities with a carrying value of $1.4 billion and $1.6 billion at September 30, 2024 and December 31, 2023, respectively, were pledged as required to secure certain deposits or for other purposes.

Accrued interest receivable on HTM securities totaled $16 million and $18 million at September 30, 2024 and December 31, 2023, respectively. Accrued interest receivable on AFS securities totaled $17 million and $15 million at September 30, 2024 and December 31, 2023, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets.

The allowance for credit losses on HTM securities was approximately $75,000 at both September 30, 2024 and December 31, 2023, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury, municipal, and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and private-label residential mortgage-related securities that have credit enhancement which covers the first 15% of losses and, as a result, no allowance for credit losses has been recorded related to these securities.

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The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at September 30, 2024:

			Less than 12 months									12 months or more									Total
($ in thousands)			Number of Securities			Unrealized (Losses)			Fair Value			Number of Securities			Unrealized (Losses)			Fair Value			Unrealized (Losses)			Fair Value
AFS investment securities
U.S. Treasury securities			—			$	—		$	—		1			$	(3,039)		$	36,948		$	(3,039)		$	36,948
Obligations of state and political subdivisions (municipal securities)			18			(35)			8,205			112			(1,731)			66,172			(1,766)			74,377
Residential mortgage-related securities:
FNMA/FHLMC			4			(22)			6,211			82			(117,522)			1,026,799			(117,544)			1,033,011
GNMA			2			(36)			20,744			10			(1,405)			41,066			(1,441)			61,811
Commercial mortgage-related securities:
FNMA/FHLMC			—			—			—			1			(388)			18,035			(388)			18,035
GNMA			—			—			—			31			(5,256)			151,617			(5,256)			151,617
Asset backed securities:
FFELP			—			—			—			12			(922)			65,319			(922)			65,319
SBA			—			—			—			4			(24)			498			(24)			498
Other debt securities			—			—			—			1			(3)			997			(3)			997
Total			24			$	(93)		$	35,160		254			$	(130,289)		$	1,407,452		$	(130,382)		$	1,442,613
HTM investment securities
U.S. Treasury securities			—			$	—		$	—		1			$	(10)		$	990		$	(10)		$	990
Obligations of state and political subdivisions (municipal securities)			83			(517)			111,498			642			(128,470)			887,316			(128,987)			998,814
Residential mortgage-related securities:
FNMA/FHLMC			1			(1)			100			108			(145,884)			769,122			(145,885)			769,223
GNMA			—			—			—			79			(2,344)			33,584			(2,344)			33,584
Private-label			—			—			—			18			(55,765)			282,103			(55,765)			282,103
Commercial mortgage-related securities:
FNMA/FHLMC			—			—			—			43			(126,498)			632,665			(126,498)			632,665
GNMA			—			—			—			13			(5,643)			47,620			(5,643)			47,620
Total			84			$	(518)		$	111,598		904			$	(464,613)		$	2,653,401		$	(465,131)		$	2,765,000

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For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2023:

			Less than 12 months									12 months or more									Total
($ in thousands)			Number of Securities			Unrealized (Losses)			Fair Value			Number of Securities			Unrealized (Losses)			Fair Value			Unrealized (Losses)			Fair Value
AFS investment securities
U.S. Treasury securities			—			$	—		$	—		1			$	(4,083)		$	35,902		$	(4,083)		$	35,902
Obligations of state and political subdivisions (municipal securities)			41			(347)			23,762			92			(1,867)			53,022			(2,214)			76,784
Residential mortgage-related securities:
FNMA/FHLMC			18			(333)			22,870			71			(153,219)			1,080,337			(153,552)			1,103,207
GNMA			13			(924)			156,847			5			(1,898)			26,643			(2,822)			183,490
Commercial mortgage-related securities:
FNMA/FHLMC			—			—			—			1			(1,755)			16,937			(1,755)			16,937
GNMA			9			(3,160)			103,055			22			(3,975)			51,738			(7,135)			154,793
Asset backed securities:
FFELP			—			—			—			14			(1,862)			125,339			(1,862)			125,339
SBA			—			—			—			5			(28)			761			(28)			761
Other debt securities			1			(9)			991			2			(42)			1,958			(50)			2,950
Total			82			$	(4,773)		$	307,527		213			$	(168,728)		$	1,392,635		$	(173,501)		$	1,700,162
HTM investment securities
U.S. Treasury securities			—			$	—		$	—		1			$	(36)		$	963		$	(36)		$	963
Obligations of state and political subdivisions (municipal securities)			182			(1,535)			180,270			537			(132,518)			792,940			(134,053)			973,210
Residential mortgage-related securities:
FNMA/FHLMC			20			(511)			30,323			94			(164,076)			771,042			(164,587)			801,365
GNMA			2			(17)			2,128			78			(2,884)			34,626			(2,901)			36,754
Private-label			—			—			—			18			(65,372)			289,507			(65,372)			289,507
Commercial mortgage-related securities:
FNMA/FHLMC			1			(121)			8,144			44			(160,660)			624,770			(160,781)			632,914
GNMA			—			—			—			13			(7,500)			52,619			(7,500)			52,619
Total			205			$	(2,184)		$	220,865		785			$	(533,046)		$	2,566,468		$	(535,230)		$	2,787,333

The Corporation reviews the AFS investment securities portfolio on a quarterly basis to monitor its credit exposure. A determination as to whether a security’s decline in fair value is the result of credit risk takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Corporation may consider in this impairment analysis include the extent to which the security has been in an unrealized loss position, the change in security rating, financial condition and near-term prospects of the issuer, as well as the security and industry specific economic conditions.

Based on the Corporation’s evaluation, management does not believe any unrealized losses at September 30, 2024 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. As of September 30, 2024, the Corporation does not intend to sell, nor does it believe that it will be required to sell, the securities in an unrealized loss position before recovery of their amortized cost basis.

FHLB and Federal Reserve Bank stocks: The Corporation is required to maintain Federal Reserve Bank stock and FHLB stock as a member bank of both the Federal Reserve System and the FHLB, and in amounts as required by these institutions. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other marketable equity securities and their fair value is equal to amortized cost. The Corporation had FHLB stock of $90 million and $143 million at September 30, 2024 and December 31, 2023, respectively. The Corporation had Federal Reserve Bank stock of $88 million and $87 million at September 30, 2024 and December 31, 2023, respectively. Accrued interest receivable on FHLB stock totaled $2 million and $4 million at September 30, 2024 and December 31, 2023, respectively. Accrued interest receivable on Federal Reserve Bank Stock totaled approximately $855,000 at September 30, 2024 and there was none at December 31, 2023. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.

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Equity Securities

Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of mutual funds. The Corporation had equity securities with readily determinable fair values of $11 million and $7 million at September 30, 2024 and December 31, 2023, respectively.

Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of an investment in a private loan fund. The Corporation had equity securities without readily determinable fair values carried at $13 million and $35 million at September 30, 2024 and December 31, 2023, respectively. During the first quarter of 2024, the Corporation sold all of its remaining Visa Class B restricted shares.

Note 6 Loans

The period end loan composition was as follows:

($ in thousands)			Sep 30, 2024			Dec 31, 2023
Commercial and industrial			$	10,258,899		$	9,731,555
Commercial real estate — owner occupied			1,120,849			1,061,700
Commercial and business lending			11,379,748			10,793,255
Commercial real estate — investor			5,070,635			5,124,245
Real estate construction			2,114,300			2,271,398
Commercial real estate lending			7,184,934			7,395,644
Total commercial			18,564,683			18,188,898
Residential mortgage			7,803,083			7,864,891
Auto finance			2,708,946			2,256,162
Home equity			651,379			628,526
Other consumer			262,806			277,740
Total consumer			11,426,214			11,027,319
Total loans			$	29,990,897		$	29,216,218

Accrued interest receivable on loans totaled $132 million at both September 30, 2024 and December 31, 2023, and is included in interest receivable on the consolidated balance sheets. Interest accrued but not received is reversed against interest income when a loan is placed on nonaccrual. The amount of accrued interest reversed was approximately $180,000 for the three months ended September 30, 2024 and $2 million for the nine months ended September 30, 2024, compared to approximately $347,000 and $1 million for the three and nine months ended September 30, 2023, respectively.

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The following table presents loans by credit quality indicator by origination year at September 30, 2024:

									Term Loans Amortized Cost Basis by Origination Year(a)
($ in thousands)			Rev Loans Converted to Term(a)			Rev Loans Amortized Cost Basis			YTD 2024			2023			2022			2021			2020			Prior			Total
Commercial and industrial:
Risk rating:
Pass			$	574		$	1,899,076		$	1,655,577		$	1,577,257		$	2,578,620		$	1,225,619		$	307,575		$	623,877		$	9,867,600
Special mention			—			47,171			2,605			13,700			7,814			24,638			636			131			96,696
Substandard			926			57,680			66,904			15,304			30,444			106,210			3,529			163			280,234
Nonaccrual			3,608			112			2,569			1,853			8,835			1,000			—			—			14,369
Commercial and industrial			$	5,107		$	2,004,038		$	1,727,655		$	1,608,114		$	2,625,714		$	1,357,467		$	311,740		$	624,172		$	10,258,899
Commercial real estate - owner occupied:
Risk rating:
Pass			$	—		$	15,435		$	154,476		$	190,452		$	176,083		$	227,232		$	114,950		$	199,980		$	1,078,609
Special mention			—			—			—			—			—			1,439			—			—			1,439
Substandard			—			1,051			3,013			13,451			1,625			4,762			4,813			2,801			31,516
Nonaccrual			—			—			7,784			1,501			—			—			—			—			9,285
Commercial real estate - owner occupied			$	—		$	16,486		$	165,272		$	205,405		$	177,708		$	233,433		$	119,763		$	202,781		$	1,120,849
Commercial and business lending:
Risk rating:
Pass			$	574		$	1,914,511		$	1,810,053		$	1,767,709		$	2,754,703		$	1,452,850		$	422,525		$	823,857		$	10,946,209
Special mention			—			47,171			2,605			13,700			7,814			26,078			636			131			98,135
Substandard			926			58,730			69,916			28,756			32,069			110,972			8,342			2,964			311,750
Nonaccrual			3,608			112			10,353			3,354			8,835			1,000			—			—			23,654
Commercial and business lending			$	5,107		$	2,020,524		$	1,892,928		$	1,813,519		$	2,803,422		$	1,590,900		$	431,503		$	826,952		$	11,379,748
Commercial real estate - investor:
Risk rating:
Pass			$	—		$	126,415		$	892,694		$	878,160		$	1,245,948		$	832,555		$	346,208		$	430,094		$	4,752,074
Special mention			—			—			43,089			6,865			1,453			12,347			4,485			8,664			76,903
Substandard			—			—			63,652			40,111			87,955			18,395			—			12,632			222,745
Nonaccrual			—			—			18,913			—			—			—			—			—			18,913
Commercial real estate - investor			$	—		$	126,415		$	1,018,348		$	925,136		$	1,335,356		$	863,297		$	350,693		$	451,390		$	5,070,635
Real estate construction:
Risk rating:
Pass			$	—		$	28,533		$	153,630		$	437,777		$	1,018,975		$	249,924		$	25,245		$	7,831		$	1,921,914
Special mention			—			—			19,002			—			32,080			—			—			16			51,098
Substandard			—			—			11,158			—			58,690			71,424			—			—			141,273
Nonaccrual			—			—			—			—			—			—			—			15			15
Real estate construction			$	—		$	28,533		$	183,790		$	437,777		$	1,109,745		$	321,348		$	25,245		$	7,862		$	2,114,300
Commercial real estate lending:
Risk rating:
Pass			$	—		$	154,948		$	1,046,323		$	1,315,936		$	2,264,923		$	1,082,478		$	371,453		$	437,925		$	6,673,987
Special mention			—			—			62,091			6,865			33,533			12,347			4,485			8,679			128,001
Substandard			—			—			74,810			40,111			146,645			89,820			—			12,632			364,018
Nonaccrual			—			—			18,913			—			—			—			—			15			18,928
Commercial real estate lending			$	—		$	154,948		$	1,202,138		$	1,362,912		$	2,445,101		$	1,184,645		$	375,938		$	459,252		$	7,184,934
Total commercial:
Risk rating:
Pass			$	574		$	2,069,460		$	2,856,377		$	3,083,645		$	5,019,626		$	2,535,329		$	793,978		$	1,261,782		$	17,620,197
Special mention			—			47,171			64,696			20,565			41,348			38,425			5,121			8,810			226,136
Substandard			926			58,730			144,727			68,867			178,714			200,791			8,342			15,597			675,768
Nonaccrual			3,608			112			29,265			3,354			8,835			1,000			—			15			42,582
Total commercial			$	5,107		$	2,175,473		$	3,095,065		$	3,176,431		$	5,248,523		$	2,775,545		$	807,441		$	1,286,204		$	18,564,683

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									Term Loans Amortized Cost Basis by Origination Year(a)
($ in thousands)			Rev Loans Converted to Term(a)			Rev Loans Amortized Cost Basis			YTD 2024			2023			2022			2021			2020			Prior			Total
Residential mortgage:
Risk rating:
Pass			$	—		$	—		$	105,940		$	476,946		$	1,662,813		$	2,022,819		$	1,334,633		$	2,118,612		$	7,721,764
Special mention			—			—			—			—			38			—			—			115			153
Substandard			—			—			598			10,147			91			—			—			193			11,029
Nonaccrual			—			—			1,841			2,166			11,179			9,672			8,332			36,948			70,138
Residential mortgage			$	—		$	—		$	108,379		$	489,260		$	1,674,120		$	2,032,491		$	1,342,965		$	2,155,869		$	7,803,083
Auto finance:
Risk rating:
Pass			$	—		$	—		$	975,499		$	946,876		$	722,152		$	55,145		$	82		$	138		$	2,699,892
Special mention			—			—			183			519			812			85			—			—			1,598
Nonaccrual			—			—			360			1,915			4,677			503			—			—			7,456
Auto finance			$	—		$	—		$	976,042		$	949,310		$	727,641		$	55,733		$	82		$	138		$	2,708,946
Home equity:
Risk rating:
Pass			$	7,142		$	553,676		$	724		$	1,730		$	26,429		$	5,250		$	1,944		$	52,717		$	642,471
Special mention			234			53			—			—			—			21			83			483			639
Substandard			—			—			—			7			—			—			—			32			38
Nonaccrual			1,105			209			19			114			827			271			194			6,598			8,231
Home equity			$	8,481		$	553,938		$	743		$	1,851		$	27,256		$	5,542		$	2,221		$	59,829		$	651,379
Other consumer:
Risk rating:
Pass			$	71		$	192,905		$	8,779		$	3,964		$	2,081		$	999		$	537		$	51,039		$	260,303
Special mention			—			812			—			17			5			5			—			1			840
Substandard			—			1,593			—			—			—			—			—			—			1,593
Nonaccrual			—			44			—			8			12			4			1			2			70
Other consumer			$	71		$	195,353		$	8,779		$	3,989		$	2,097		$	1,007		$	538		$	51,042		$	262,806
Total consumer:
Risk rating:
Pass			$	7,213		$	746,580		$	1,090,942		$	1,429,516		$	2,413,475		$	2,084,213		$	1,337,197		$	2,222,505		$	11,324,429
Special mention			234			865			183			536			854			111			83			599			3,231
Substandard			—			1,593			598			10,154			91			—			—			225			12,660
Nonaccrual			1,105			253			2,220			4,203			16,694			10,450			8,526			43,548			85,894
Total consumer			$	8,552		$	749,291		$	1,093,943		$	1,444,409		$	2,431,114		$	2,094,773		$	1,345,806		$	2,266,877		$	11,426,214
Total loans:
Risk rating:
Pass			$	7,786		$	2,816,040		$	3,947,319		$	4,513,161		$	7,433,101		$	4,619,542		$	2,131,175		$	3,484,288		$	28,944,626
Special mention			234			48,036			64,879			21,101			42,202			38,536			5,204			9,409			229,367
Substandard			926			60,323			145,325			79,020			178,805			200,791			8,342			15,821			688,428
Nonaccrual			4,713			365			31,486			7,557			25,529			11,450			8,526			43,563			128,476
Total loans			$	13,659		$	2,924,763		$	4,189,009		$	4,620,840		$	7,679,638		$	4,870,319		$	2,153,247		$	3,553,082		$	29,990,897

(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.

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The following table presents loans by credit quality indicator by origination year at December 31, 2023:

									Term Loans Amortized Cost Basis by Origination Year(a)
($ in thousands)			Rev Loans Converted to Term(a)			Rev Loans Amortized Cost Basis			2023			2022			2021			2020			2019			Prior			Total
Commercial and industrial:
Risk rating:
Pass			$	1,380		$	1,693,249		$	1,736,617		$	2,877,173		$	1,824,362		$	398,046		$	383,695		$	449,006		$	9,362,149
Special mention			—			21,779			4,017			46,610			8,525			3,529			—			25,341			109,801
Substandard			804			81,924			10,515			39,748			47,279			17,732			94			291			197,582
Nonaccrual			6,414			—			13,317			14,188			33,891			627			—			—			62,022
Commercial and industrial			$	8,598		$	1,796,951		$	1,764,466		$	2,977,719		$	1,914,057		$	419,934		$	383,789		$	474,638		$	9,731,555
Commercial real estate - owner occupied:
Risk rating:
Pass			$	—		$	15,393		$	204,039		$	188,003		$	239,218		$	136,535		$	135,730		$	92,339		$	1,011,259
Special mention			—			271			—			—			6,150			2,635			—			1,293			10,349
Substandard			—			292			14,735			2,791			6,416			8,537			3,086			2,841			38,699
Nonaccrual			—			—			1,394			—			—			—			—			—			1,394
Commercial real estate - owner occupied			$	—		$	15,957		$	220,168		$	190,794		$	251,783		$	147,708		$	138,816		$	96,473		$	1,061,700
Commercial and business lending:
Risk rating:
Pass			$	1,380		$	1,708,642		$	1,940,657		$	3,065,177		$	2,063,580		$	534,581		$	519,426		$	541,345		$	10,373,408
Special mention			—			22,050			4,017			46,610			14,675			6,164			—			26,634			120,150
Substandard			804			82,216			25,250			42,539			53,695			26,269			3,180			3,132			236,281
Nonaccrual			6,414			—			14,710			14,188			33,891			627			—			—			63,416
Commercial and business lending			$	8,598		$	1,812,909		$	1,984,635		$	3,168,514		$	2,165,840		$	567,642		$	522,606		$	571,111		$	10,793,255
Commercial real estate - investor:
Risk rating:
Pass			$	—		$	155,109		$	1,263,866		$	1,247,434		$	1,080,425		$	471,371		$	358,996		$	239,230		$	4,816,433
Special mention			—			502			4,248			25,474			26,208			—			29,772			6,014			92,218
Substandard			—			—			106,002			69,584			15,000			983			—			24,025			215,595
Commercial real estate - investor			$	—		$	155,611		$	1,374,116		$	1,342,492		$	1,121,633		$	472,355		$	388,768		$	269,269		$	5,124,245
Real estate construction:
Risk rating:
Pass			$	—		$	23,307		$	422,277		$	1,176,608		$	547,825		$	87,680		$	5,740		$	7,954		$	2,271,392
Nonaccrual			—			—			—			—			—			—			—			6			6
Real estate construction			$	—		$	23,307		$	422,277		$	1,176,608		$	547,825		$	87,680		$	5,740		$	7,960		$	2,271,398
Commercial real estate lending:
Risk rating:
Pass			$	—		$	178,416		$	1,686,143		$	2,424,042		$	1,628,250		$	559,052		$	364,737		$	247,184		$	7,087,824
Special mention			—			502			4,248			25,474			26,208			—			29,772			6,014			92,218
Substandard			—			—			106,002			69,584			15,000			983			—			24,025			215,595
Nonaccrual			—			—			—			—			—			—			—			6			6
Commercial real estate lending			$	—		$	178,918		$	1,796,393		$	2,519,100		$	1,669,458		$	560,035		$	394,508		$	277,230		$	7,395,644

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									Term Loans Amortized Cost Basis by Origination Year(a)
($ in thousands)			Rev Loans Converted to Term(a)			Rev Loans Amortized Cost Basis			2023			2022			2021			2020			2019			Prior			Total
Total commercial:
Risk rating:
Pass			$	1,380		$	1,887,058		$	3,626,800		$	5,489,219		$	3,691,830		$	1,093,633		$	884,162		$	788,529		$	17,461,232
Special mention			—			22,552			8,265			72,084			40,882			6,164			29,772			32,648			212,368
Substandard			804			82,216			131,253			112,123			68,695			27,253			3,180			27,157			451,876
Nonaccrual			6,414			—			14,710			14,188			33,891			627			—			6			63,422
Total commercial			$	8,598		$	1,991,827		$	3,781,028		$	5,687,614		$	3,835,298		$	1,127,677		$	917,114		$	848,341		$	18,188,898
Residential mortgage:
Risk rating:
Pass			$	—		$	—		$	352,321		$	1,617,409		$	2,110,577		$	1,414,186		$	647,778		$	1,650,542		$	7,792,813
Special mention			—			—			—			—			—			—			95			57			152
Substandard			—			—			490			93			—			—			174			26			784
Nonaccrual			—			—			1,425			9,567			9,259			10,397			6,628			33,865			71,142
Residential mortgage			$	—		$	—		$	354,236		$	1,627,070		$	2,119,836		$	1,424,583		$	654,675		$	1,684,490		$	7,864,891
Auto finance:
Risk rating:
Pass			$	—		$	—		$	1,218,820		$	952,839		$	75,209		$	163		$	456		$	132		$	2,247,618
Special mention			—			—			619			1,850			205			—			—			—			2,674
Substandard			—			—			—			73			—			—			—			—			73
Nonaccrual			—			—			1,032			4,332			430			—			3			—			5,797
Auto finance			$	—		$	—		$	1,220,471		$	959,094		$	75,844		$	163		$	458		$	132		$	2,256,162
Home equity:
Risk rating:
Pass			$	8,703		$	521,000		$	1,678		$	29,863		$	6,084		$	2,327		$	4,891		$	53,350		$	619,192
Special mention			179			200			—			87			—			29			15			378			708
Substandard			10			75			10			—			—			—			33			—			118
Nonaccrual			1,302			160			29			495			132			144			368			7,180			8,508
Home equity			$	10,195		$	521,434		$	1,717		$	30,445		$	6,217		$	2,500		$	5,308		$	60,907		$	628,526
Other consumer:
Risk rating:
Pass			$	121		$	196,632		$	6,419		$	3,732		$	2,658		$	1,127		$	460		$	64,121		$	275,149
Special mention			26			843			9			—			3			20			—			6			881
Substandard			—			1,582			—			—			—			—			—			—			1,582
Nonaccrual			27			71			10			1			6			2			8			29			128
Other consumer			$	174		$	199,129		$	6,438		$	3,733		$	2,668		$	1,149		$	468		$	64,156		$	277,740
Total consumer:
Risk rating:
Pass			$	8,824		$	717,632		$	1,579,238		$	2,603,843		$	2,194,529		$	1,417,802		$	653,584		$	1,768,145		$	10,934,773
Special mention			205			1,043			628			1,936			208			49			110			441			4,416
Substandard			10			1,656			500			166			—			—			207			26			2,556
Nonaccrual			1,330			231			2,496			14,396			9,827			10,544			7,007			41,073			85,574
Total consumer			$	10,369		$	720,563		$	1,582,862		$	2,620,341		$	2,204,564		$	1,428,395		$	660,909		$	1,809,685		$	11,027,319
Total loans:
Risk rating:
Pass			$	10,204		$	2,604,690		$	5,206,038		$	8,093,062		$	5,886,359		$	2,511,435		$	1,537,747		$	2,556,674		$	28,396,005
Special mention			205			23,595			8,893			74,020			41,091			6,213			29,882			33,089			216,784
Substandard			814			83,872			131,753			112,289			68,695			27,253			3,387			27,183			454,432
Nonaccrual			7,744			231			17,206			28,584			43,718			11,170			7,007			41,080			148,997
Total loans			$	18,966		$	2,712,389		$	5,363,890		$	8,307,956		$	6,039,862		$	2,556,071		$	1,578,023		$	2,658,026		$	29,216,218

(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.

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The following table presents gross charge offs by origination year for the nine months ended September 30, 2024:

									Gross Charge Offs by Origination Year
($ in thousands)						Rev Loans Amortized Cost Basis			2024			2023			2022			2021			2020			Prior			Total
Commercial and industrial						$	3,079		$	128		$	10,595		$	8,162		$	22,929		$	3		$	—		$	44,896
Commercial real estate-owner occupied						—			—			—			—			—			—			3			3
Commercial and business lending						3,079			128			10,595			8,162			22,929			3			3			44,899
Commercial real estate-investor						—			—			1			—			4,569			—			—			4,570
Real estate construction						—			—			—			—			—			—			—			—
Commercial real estate lending						—			—			1			—			4,569			—			—			4,570
Total commercial						3,079			128			10,596			8,162			27,498			3			3			49,469
Residential mortgage						—			—			171			94			42			112			283			703
Auto finance						—			129			2,235			4,393			433			—			—			7,189
Home equity						93			—			—			9			19			10			37			168
Other consumer						4,829			20			50			63			68			41			46			5,116
Total consumer						4,922			149			2,456			4,558			562			163			366			13,176
Total gross charge offs						$	8,001		$	277		$	13,052		$	12,720		$	28,060		$	166		$	369		$	62,645

The following table presents gross charge offs by origination year for the year ended December 31, 2023:

									Gross Charge Offs by Origination Year
($ in thousands)						Rev Loans Amortized Cost Basis			2023			2022			2021			2020			2019			Prior			Total
Commercial and industrial						$	4,130		$	717		$	9,594		$	25,270		$	5,958		$	—		$	18		$	45,687
Commercial real estate-owner occupied						—			—			—			—			—			25			—			25
Commercial and business lending						4,130			717			9,594			25,270			5,958			25			18			45,713
Commercial real estate-investor						—			—			—			—			—			—			252			252
Real estate construction						—			—			—			—			—			—			25			25
Commercial real estate lending						—			—			—			—			—			—			277			277
Total commercial						4,130			717			9,594			25,270			5,958			25			295			45,989
Residential mortgage						—			2			32			42			148			5			723			952
Auto finance						—			795			4,524			626			—			5			—			5,950
Home equity						53			21			3			31			—			22			294			424
Other consumer						4,884			—			72			124			131			72			170			5,453
Total consumer						4,937			818			4,630			823			279			105			1,187			12,779
Total gross charge offs						$	9,068		$	1,535		$	14,224		$	26,093		$	6,237		$	130		$	1,482		$	58,768

Factors that are important to managing overall credit quality are sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early identification of potential problems, and appropriate policies for ACLL, nonaccrual loans, and charge offs.

For commercial loans, management has determined the pass credit quality indicator to include credits exhibiting acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits performing in accordance with the original contractual terms.

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that warrant specific attention from management. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit. Accruing loan modifications could be pass or special mention, depending on the risk rating on the loan. Substandard loans are considered inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged. These loans generally have a well-defined weakness, or weaknesses, which may jeopardize liquidation of the debt, and are characterized by the distinct possibility the Corporation will sustain some loss if the deficiencies are not corrected. Management has determined commercial loan relationships in nonaccrual status, and commercial and consumer loan relationships with their terms restructured in a loan modification, meet the criteria to be individually evaluated. Commercial loans classified as special mention, substandard, and nonaccrual are reviewed at a minimum on a quarterly basis, while pass credits, which are performing rated credits, are generally reviewed on an annual basis or more frequently if the loan renewal is less than one year or if otherwise warranted.

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The recorded investment of consumer loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $24 million at September 30, 2024 and $16 million at December 31, 2023.

The following table presents loans by past due status at September 30, 2024:

			Accruing
($ in thousands)			Current			30-59 Days Past Due			60-89 Days Past Due			90+ Days Past Due			Nonaccrual(a)(b)			Total
Commercial and industrial			$	10,242,844		$	950		$	262		$	474		$	14,369		$	10,258,899
Commercial real estate - owner occupied			1,109,355			2,209			—			—			9,285			1,120,849
Commercial and business lending			11,352,200			3,159			262			474			23,654			11,379,748
Commercial real estate - investor			5,036,091			10,746			—			4,885			18,913			5,070,635
Real estate construction			2,114,197			72			16			—			15			2,114,300
Commercial real estate lending			7,150,288			10,818			16			4,885			18,928			7,184,934
Total commercial			18,502,488			13,977			278			5,359			42,582			18,564,683
Residential mortgage			7,719,316			13,477			153			—			70,138			7,803,083
Auto finance			2,686,032			13,860			1,598			—			7,456			2,708,946
Home equity			640,002			2,507			639			—			8,231			651,379
Other consumer			258,824			1,265			898			1,748			70			262,806
Total consumer			11,304,174			31,109			3,288			1,748			85,894			11,426,214
Total loans			$	29,806,662		$	45,086		$	3,566		$	7,107		$	128,476		$	29,990,897

(a) Of the total nonaccrual loans, $64 million, or 50%, were current with respect to payment at September 30, 2024.

(b) No interest income was recognized on nonaccrual loans for the three and nine months ended September 30, 2024. In addition, there were $16 million of nonaccrual loans for which there was no related ACLL at September 30, 2024.

The following table presents loans by past due status at December 31, 2023:

			Accruing
($ in thousands)			Current			30-59 Days Past Due			60-89 Days Past Due			90+ Days  Past Due			Nonaccrual(a)(b)			Total
Commercial and industrial			$	9,663,587		$	5,374		$	191		$	380		$	62,022		$	9,731,555
Commercial real estate - owner occupied			1,059,948			—			358			—			1,394			1,061,700
Commercial and business lending			10,723,536			5,374			549			380			63,416			10,793,255
Commercial real estate - investor			5,086,117			—			18,697			19,432			—			5,124,245
Real estate construction			2,271,392			—			—			—			6			2,271,398
Commercial real estate lending			7,357,509			—			18,697			19,432			6			7,395,644
Total commercial			18,081,044			5,374			19,246			19,812			63,422			18,188,898
Residential mortgage			7,780,304			13,294			152			—			71,142			7,864,891
Auto finance			2,232,906			14,712			2,674			73			5,797			2,256,162
Home equity			615,810			3,500			708			—			8,508			628,526
Other consumer			273,644			1,233			932			1,803			128			277,740
Total consumer			10,902,664			32,739			4,467			1,876			85,574			11,027,319
Total loans			$	28,983,708		$	38,113		$	23,712		$	21,689		$	148,997		$	29,216,218

(a) Of the total nonaccrual loans, $80 million, or 53%, were current with respect to payment at December 31, 2023.

(b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2023. In addition, there were $23 million of nonaccrual loans for which there was no related ACLL at December 31, 2023.

Loan Modifications

The following tables show the composition of loan modifications made to borrowers experiencing financial difficulty by the loan portfolio and type of concessions granted during the three and nine months ended September 30, 2024 and September 30, 2023. Each of the types of concessions granted comprised less than 1% of their respective classes of loan portfolios at September 30, 2024.

			Interest Rate Concession
			Amortized Cost
			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)			2024			2023			2024			2023
Commercial and industrial			$	179		$	97		$	364		$	234
Auto			29			113			40			169
Home equity			—			—			—			77
Other consumer			622			568			1,425			1,243
Total loans modified			$	830		$	779		$	1,828		$	1,724

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			Term Extension
			Amortized Cost
			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)			2024			2023			2024			2023
Residential mortgage			$	—		$	—		$	—		$	208
Home equity			—			—			—			26
Total loans modified			$	—		$	—		$	—		$	234

			Combination - Interest Rate Concession and Term Extension
			Amortized Cost
			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)			2024			2023			2024			2023
Residential mortgage			$	1,215		$	315		$	1,994		$	830
Home equity			163			97			192			262
Total loans modified			$	1,379		$	412		$	2,186		$	1,092

The following tables summarize, by loan portfolio, the financial effect of the Corporation's loan modifications on the modified loans as of September 30, 2024 and September 30, 2023:

			Interest Rate Concession
			Financial Effect, Weighted Average Contractual Interest Rate (Decrease) Increase(a)
			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
Loan Type			2024			2023			2024			2023
Commercial and industrial			(19)		%	(20)		%	(18)		%	(18)		%
Residential mortgage			2		%	1		%	2		%	1		%
Auto			(8)		%	(5)		%	(8)		%	(4)		%
Home equity			(3)		%	—		%	(3)		%	—		%
Other consumer			(21)		%	(21)		%	(21)		%	(21)		%
Weighted average of total loans modified			(7)		%	(12)		%	(8)		%	(10)		%

(a) Due to market conditions, some interest rate concessions on floating rate loans may involve an increase in rate that was lower in comparison to the rate of increase for floating rate loans not modified.

Term Extension

Financial Effect, Weighted Average Term Increase(a)

Three Months Ended Sep 30,

Nine Months Ended Sep 30,

Loan Type

2024

2023

2024

2023

Residential mortgage

105 months

102 months

116 months

66 months

Home equity

64 months

55 months

64 months

93 months

Weighted average of total loans modified

100 months

92 months

111 months

72 months

(a) During the three months ended September 30, 2024 and September 30, 2023, term extensions changed the weighted average term on modified loans from 273 to 373 months and 123 to 215 months, respectively. During the nine months ended September 30, 2024 and September 30, 2023, term extensions changed the weighted average term on modified loans from 272 to 383 months and 192 to 264 months, respectively.

The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the twelve months ended September 30, 2024:

			Payment Status (Amortized Cost Basis)
($ in thousands)			Current			30-89 Days Past Due
Commercial and industrial			$	424		$	—
Residential mortgage			1,462			568
Auto			22			21
Home equity			235			33
Other consumer			1,642			—
Total loans modified			$	3,783		$	622

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The following table depicts the performance of loans that have been modified in the nine months ended September 30, 2023:

			Payment Status (Amortized Cost Basis)
($ in thousands)			Current			30-89 Days Past Due			90+ Days Past Due
Commercial and industrial			$	234		$	—		$	—
Residential mortgage			704			126			208
Auto			169			—			—
Home equity			280			—			85
Other consumer			1,243			—			—
Total loans modified			$	2,631		$	126		$	293

The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous twelve months and subsequently had a payment default during the nine months ended September 30, 2024:

			Amortized Cost of Loan Modifications that Subsequently Defaulted
($ in thousands)			Interest Rate Concession			Term Extension			Combination Interest Rate Reduction and Term Extension
Auto			$	8		$	—		$	—
Home equity			—			—			132
Total loans modified			$	8		$	—		$	132

The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous nine months and subsequently had a payment default during the nine months ended September 30, 2023:

			Amortized Cost of Loan Modifications that Subsequently Defaulted
($ in thousands)			Interest Rate Concession			Term Extension			Combination Interest Rate Reduction and Term Extension
Residential mortgage			$	—		$	208		$	206
Home equity			—			—			18
Total loans modified			$	—		$	208		$	224

The nature and extent of the impairment of modified loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL.

Allowance for Credit Losses on Loans

The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. The expected lifetime credit losses are the product of multiplying the Corporation's estimates of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. A main factor in the determination of the ACLL is the economic forecast. The forecast the Corporation used for September 30, 2024 was the Moody's baseline scenario from August 2024, which was reviewed against the September 2024 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to the historical losses over the second year of the period. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 11 for additional information on the change in the allowance for unfunded commitments.

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The following table presents a summary of the changes in the ACLL by portfolio segment for the nine months ended September 30, 2024:

($ in thousands)			Dec 31, 2023			Charge offs			Recoveries			Net Charge offs						Provision for credit losses			Sep 30, 2024			ACLL / Loans
Allowance for loan losses
Commercial and industrial			$	128,263		$	(44,896)		$	1,933		$	(42,963)					$	33,104		$	118,404
Commercial real estate — owner occupied			10,610			(3)			6			4						1,099			11,713
Commercial and business lending			138,873			(44,899)			1,939			(42,959)						34,202			130,116
Commercial real estate — investor			67,858			(4,570)			—			(4,570)						14,776			78,064
Real estate construction			53,554			—			60			60						8,287			61,901
Commercial real estate lending			121,412			(4,570)			60			(4,509)						23,063			139,965
Total commercial			260,285			(49,469)			2,000			(47,469)						57,265			270,081
Residential mortgage			37,808			(703)			192			(510)						(2,366)			34,931
Auto finance			24,961			(7,189)			2,335			(4,855)						7,914			28,020
Home equity			15,403			(168)			1,041			873						(197)			16,079
Other consumer			12,638			(5,116)			748			(4,368)						4,384			12,653
Total consumer			90,809			(13,176)			4,316			(8,860)						9,735			91,684
Total loans			$	351,094		$	(62,645)		$	6,316		$	(56,329)					$	67,000		$	361,765
Allowance for unfunded commitments
Commercial and industrial			$	13,319		$	—		$	—		$	—					$	452		$	13,771
Commercial real estate — owner occupied			149			—			—			—						(62)			87
Commercial and business lending			13,468			—			—			—						390			13,858
Commercial real estate — investor			480			—			—			—						199			679
Real estate construction			17,024			—			—			—						211			17,235
Commercial real estate lending			17,504			—			—			—						410			17,914
Total commercial			30,972			—			—			—						800			31,772
Home equity			2,629			—			—			—						(81)			2,548
Other consumer			1,174			—			—			—						282			1,456
Total consumer			3,803			—			—			—						200			4,004
Total loans			$	34,776		$	—		$	—		$	—					$	1,000		$	35,776
Allowance for credit losses on loans
Commercial and industrial			$	141,582		$	(44,896)		$	1,933		$	(42,963)					$	33,556		$	132,175		1.29		%
Commercial real estate — owner occupied			10,759			(3)			6			4						1,036			11,799			1.05		%
Commercial and business lending			152,341			(44,899)			1,939			(42,959)						34,592			143,974			1.27		%
Commercial real estate — investor			68,338			(4,570)			—			(4,570)						14,975			78,743			1.55		%
Real estate construction			70,578			—			60			60						8,497			79,136			3.74		%
Commercial real estate lending			138,916			(4,570)			60			(4,509)						23,472			157,879			2.20		%
Total commercial			291,257			(49,469)			2,000			(47,469)						58,065			301,853			1.63		%
Residential mortgage			37,808			(703)			192			(510)						(2,366)			34,931			0.45		%
Auto finance			24,961			(7,189)			2,335			(4,855)						7,914			28,020			1.03		%
Home equity			18,032			(168)			1,041			873						(278)			18,627			2.86		%
Other consumer			13,812			(5,116)			748			(4,368)						4,665			14,109			5.37		%
Total consumer			94,613			(13,176)			4,316			(8,860)						9,935			95,688			0.84		%
Total loans			$	385,870		$	(62,645)		$	6,316		$	(56,329)					$	68,000		$	397,541		1.33		%

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The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2023:

($ in thousands)			Dec 31, 2022									Charge offs			Recoveries			Net Charge offs									Provision for credit losses			Dec 31, 2023			ACLL / Loans
Allowance for loan losses
Commercial and industrial			$	119,076								$	(45,687)		$	3,015		$	(42,672)								$	51,859		$	128,263
Commercial real estate — owner occupied			9,475									(25)			11			(15)									1,150			10,610
Commercial and business lending			128,551									(45,713)			3,026			(42,687)									53,009			138,873
Commercial real estate — investor			54,398									(252)			3,016			2,763									10,697			67,858
Real estate construction			45,589									(25)			80			55									7,910			53,554
Commercial real estate lending			99,986									(277)			3,095			2,819									18,607			121,412
Total commercial			228,538									(45,989)			6,121			(39,868)									71,616			260,285
Residential mortgage			38,298									(952)			541			(411)									(79)			37,808
Auto finance			19,619									(5,950)			1,241			(4,709)									10,051			24,961
Home equity			14,875									(424)			1,262			837									(310)			15,403
Other consumer			11,390									(5,453)			978			(4,475)									5,723			12,638
Total consumer			84,182									(12,779)			4,021			(8,758)									15,384			90,809
Total loans			$	312,720								$	(58,768)		$	10,142		$	(48,626)								$	87,000		$	351,094
Allowance for unfunded commitments
Commercial and industrial			$	12,997								$	—		$	—		$	—								$	321		$	13,319
Commercial real estate — owner occupied			103									—			—			—									46			149
Commercial and business lending			13,101									—			—			—									367			13,468
Commercial real estate — investor			710									—			—			—									(230)			480
Real estate construction			20,583									—			—			—									(3,558)			17,024
Commercial real estate lending			21,292									—			—			—									(3,788)			17,504
Total commercial			34,393									—			—			—									(3,421)			30,972
Home equity			2,699									—			—			—									(70)			2,629
Other consumer			1,683									—			—			—									(509)			1,174
Total consumer			4,382									—			—			—									(579)			3,803
Total loans			$	38,776								$	—		$	—		$	—								$	(4,000)		$	34,776
Allowance for credit losses on loans
Commercial and industrial			$	132,073								$	(45,687)		$	3,015		$	(42,672)								$	52,181		$	141,582		1.45		%
Commercial real estate — owner occupied			9,579									(25)			11			(15)									1,195			10,759			1.01		%
Commercial and business lending			141,652									(45,713)			3,026			(42,687)									53,376			152,341			1.41		%
Commercial real estate — investor			55,108									(252)			3,016			2,763									10,467			68,338			1.33		%
Real estate construction			66,171									(25)			80			55									4,351			70,578			3.11		%
Commercial real estate lending			121,279									(277)			3,095			2,819									14,819			138,916			1.88		%
Total commercial			262,931									(45,989)			6,121			(39,868)									68,195			291,257			1.60		%
Residential mortgage			38,298									(952)			541			(411)									(79)			37,808			0.48		%
Auto finance			19,619									(5,950)			1,241			(4,709)									10,051			24,961			1.11		%
Home equity			17,574									(424)			1,262			837									(380)			18,032			2.87		%
Other consumer			13,073									(5,453)			978			(4,475)									5,214			13,812			4.97		%
Total consumer			88,565									(12,779)			4,021			(8,758)									14,805			94,613			0.86		%
Total loans			$	351,496								$	(58,768)		$	10,142		$	(48,626)								$	83,000		$	385,870		1.32		%

Note 7 Goodwill and Other Intangible Assets

Goodwill

Goodwill is not amortized but is instead subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

The Corporation conducted its most recent annual impairment testing in May 2024, utilizing a qualitative assessment. Based on this assessment, management concluded that it is more likely than not that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, a step one quantitative analysis was not required. There have been no events since the May 2024 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2023 or the first nine months of 2024.

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The Corporation had goodwill of $1.1 billion at both September 30, 2024 and December 31, 2023.

Core Deposit Intangibles

The Corporation has CDIs which are amortized. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows:

($ in thousands)			Nine Months Ended Sep 30, 2024			Year Ended Dec 31, 2023
Core deposit intangibles
Gross carrying amount at the beginning of period			$	88,109		$	88,109
Accumulated amortization			(54,246)			(47,638)
Net book value			$	33,863		$	40,471
Amortization during the period			$	6,608		$	8,811

Mortgage Servicing Rights

The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. MSRs are not traded in active markets. As a result, a cash flow model is used to determine fair value. Key assumptions and estimates, including projected prepayment speeds, assumed servicing costs, ancillary income, costs to service delinquent loans, costs of foreclosure, and discount rates with option-adjusted spreads, are used in measuring the fair value of the MSRs asset. These assumptions are considered significant unobservable inputs. See Note 11 for a discussion of the recourse provisions on sold residential mortgage loans. See Note 12 which further discusses fair value measurement relative to the MSRs asset.

A summary of changes in the balance of the MSRs asset under the fair value measurement method for the nine months ended September 30, 2024 and the year ended December 31, 2023 is as follows:

($ in thousands)			Nine Months Ended Sep 30, 2024			Year Ended Dec 31, 2023
Mortgage servicing rights
Mortgage servicing rights at beginning of period			$	84,390		$	77,351
Additions			4,458			3,564
Decay			(5,913)			(7,185)
Valuation:
Change in fair value model assumptions			—			8,881
Changes in fair value of asset			(959)			1,778
Mortgage servicing rights at end of period			$	81,977		$	84,390
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)(a)			$	6,302,408		$	7,364,492
Mortgage servicing rights to servicing portfolio(a)			1.30		%	1.15		%

(a) During the fourth quarter of 2023, the Corporation transferred $969 million of residential mortgages into held for sale and subsequently sold them for $844 million. After sale, the servicing was retained for a short period until full servicing was transferred to the purchaser in January 2024.

The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of September 30, 2024. The actual expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future amortization expense for CDIs and decay for MSRs:

($ in thousands)			Core Deposit Intangibles						Mortgage Servicing Rights
Three months ended December 31, 2024			$	2,203					$	2,458
2025			8,811						11,983
2026			8,811						11,479
2027			8,811						10,478
2028			3,485						9,379
2029			1,681						8,224
Beyond 2029			61						27,975
Total estimated amortization expense and MSRs decay			$	33,863					$	81,977

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Note 8 Short and Long-Term Funding

The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year):

($ in thousands)			Sep 30, 2024			Dec 31, 2023
Short-term funding
Federal funds purchased			$	306,040		$	220,160
Securities sold under agreements to repurchase			110,988			106,620
Federal funds purchased and securities sold under agreements to repurchase			417,028			326,780
BTFP funding			500,000			—
Total short-term funding			$	917,028		$	326,780
Long-term funding
Corporation senior notes, at par			$	300,000		$	—
Corporation subordinated notes, at par			550,000			550,000
Discount and capitalized costs			(8,807)			(7,748)
Subordinated debt fair value hedge(a)			2,832			(1,366)
Finance leases			317			383
Total long-term funding			$	844,342		$	541,269
Total short and long-term funding, excluding FHLB advances			$	1,761,370		$	868,049
FHLB advances
Short-term FHLB advances			$	705,000		$	740,000
Long-term FHLB advances			1,211,835			1,209,907
FHLB advances fair value hedge(a)			(3,541)			(9,713)
Total FHLB advances			$	1,913,294		$	1,940,194
Total short and long-term funding			$	3,674,663		$	2,808,243

(a) For additional information on the fair value hedges, see Note 9.

Securities Sold Under Agreements to Repurchase

The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities).

The Corporation utilizes repurchase agreements to facilitate the needs of its customers. The fair value of securities pledged to secure repurchase agreements may decline. At September 30, 2024, the Corporation had pledged securities valued at 174% of the gross outstanding balance of repurchase agreements to manage this risk.

The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of September 30, 2024 and December 31, 2023 are presented in the following table:

			Overnight and Continuous
($ in thousands)			Sep 30, 2024			Dec 31, 2023
Repurchase agreements
Agency mortgage-related securities			$	110,988		$	106,620

Long-Term Funding

Senior Notes

In August 2024, the Corporation issued $300 million in aggregate principal amount of 6.455% Fixed Rate / Floating Rate Senior Notes Due August 29, 2030. During the period from, and including, August 29, 2024, to, but excluding, August 29, 2029, the senior notes will have a fixed coupon interest rate of 6.455% per annum, payable semi-annually in arrears. During the period from, and including, August 29, 2029, to, but excluding, the maturity date, the senior notes will have a floating rate per annum equal to Compounded SOFR (as defined in the Global Note issued in connection with the senior notes) plus 3.030%, payable quarterly in arrears. Prior to August 29, 2029, the Corporation may, at its option, redeem the senior notes, in whole or in part, at any time and from time to time, by paying the aggregate principal amount of the notes to be redeemed plus a "make whole" premium plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. On August 29, 2029,

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the Corporation may redeem the senior notes, in whole, but not in part, by paying the aggregate principal amount of the notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. At any time and from time to time on or after July 30, 2030 (30 days prior to the maturity date), the Corporation may redeem the senior notes in whole or in part by paying the aggregate principal amount of the senior notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. There is no sinking fund for the senior notes. The senior notes were issued at a discount.

Subordinated Notes 

In February 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 Leases

Finance leases are used in conjunction with branch operations. See Note 16 for additional disclosure regarding the Corporation’s leases.

Note 9 Derivative and Hedging Activities

The Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest and currency rates as well as other economic conditions.

At inception, the Corporation designates the derivative contract as either a fair value hedge (i.e., a hedge of the fair value of a recognized asset or liability), a cash flow hedge (i.e., a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability), or a non-designated hedge. The hedge accounting methodologies applied for fair value, cash flow, and non-designated hedges are described in the Derivative and Hedging Activities note in the Corporation's 2023 Annual Report on Form 10-K.

The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. The Corporation is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. To mitigate the counterparty risk, contracts generally contain language outlining collateral pledging requirements for each counterparty. For non-centrally cleared derivatives, collateral must be posted when the market value exceeds certain mutually agreed upon threshold limits. Securities and cash are often pledged as collateral. The Corporation pledged $87 million and $93 million of investment securities as collateral at September 30, 2024, and December 31, 2023, respectively. Cash is often pledged as collateral for derivatives that are not centrally cleared. The Corporation's required cash collateral was $13 million at September 30, 2024, compared to $5 million at December 31, 2023. For fair value information and disclosures and for the Corporation's accounting policy for derivative and hedging activities, see the Fair Value Measurements and Summary of Significant Accounting Policies notes in the Corporation's 2023 Annual Report on Form 10-K.

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The following table presents the total notional amounts and gross fair values of the Corporation's derivatives, as well as the balance sheet netting adjustments as of September 30, 2024 and December 31, 2023:

						Sep 30, 2024												Dec 31, 2023
						Asset						Liability						Asset						Liability
($ in thousands)						Notional Amount			Fair Value			Notional Amount			Fair Value			Notional Amount			Fair Value			Notional Amount			Fair Value
Designated as hedging instruments:
Interest rate-related instruments(a)						$	3,100,000		$	20,010		$	200,000		$	91		$	2,300,000		$	8,075		$	550,000		$	930
Foreign currency exchange forwards						277,977			275			104,064			689			231,566			632			189,212			2,946
Total designated as hedging instruments						20,285						780						8,707						3,876
Not designated as hedging instruments:
Interest rate-related and other instruments						3,862,763			95,396			6,526,977			142,560			3,603,513			111,623			6,528,471			195,662
Foreign currency exchange forwards						108,995			4,865			112,825			4,579			87,526			2,954			135,654			2,746
Mortgage banking(b)						59,674			822			121,000			485			29,490			439			51,500			673
Total not designated as hedging instruments						101,082						147,624						115,016						199,082
Gross derivatives before netting									121,367						148,404						123,723						202,958
Less: Legally enforceable master netting agreements						19,037						19,037						18,234						18,234
Less: Cash collateral pledged/received						8,572						8,631						35,855						—
Total derivative instruments, after netting						$	93,758					$	120,736					$	69,634					$	184,724

(a) The notional amounts of the interest rate-related instruments designated as hedging instruments include forward starting interest rate swaps with an effective date ranging from December 1, 2024 to March 1, 2025, where the asset notional amount and fair value on such swaps were $450 million and $7 million, respectively.
(b) The notional amount of the mortgage derivative asset includes interest rate lock commitments, while the notional amount of the mortgage derivative liability includes forward commitments.

The following table presents amounts that were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges:

			Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included
			Carrying Amount of the Hedged Assets/(Liabilities)(a)			Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)			Carrying Amount of the Hedged Assets/(Liabilities)(a)			Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
($ in thousands)			Sep 30, 2024						Dec 31, 2023
Other long-term funding			$	(552,832)		$	(2,832)		$	(548,634)		$	1,366
FHLB advances			(596,459)			3,541			(590,287)			9,713
Total			$	(1,149,290)		$	710		$	(1,138,921)		$	11,079

(a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At September 30, 2024 and December 31, 2023, the carrying amount excluded for foreign currency denominated loans was $382 million and $421 million, respectively.

The Corporation terminated its $500 million fair value hedge during the fourth quarter of 2019. At September 30, 2024, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $245 million and is included in loans on the consolidated balance sheets. This amount includes $1 million of hedging adjustments on the discontinued hedging relationships, which are not presented in the table above.

The tables below identify the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income for the three and nine months ended September 30, 2024 and 2023:

			Location and Amount Recognized on the Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships
			Three Months Ended Sep 30,												Nine Months Ended Sep 30,
			2024						2023						2024						2023
($ in thousands)			Interest Income			Interest Expense			Interest Income			Interest Expense			Interest Income			Interest Expense			Interest Income			Interest Expense
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value or cash flow hedges are recorded(a)			$	(4,736)		$	5,318		$	(4,589)		$	5,195		$	(14,404)		$	16,007		$	(9,286)		$	12,039
The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20
Interest contracts:
Hedged items			(31)			20,148			(74)			(9,001)			(107)			10,369			(189)			(18,652)
Derivatives designated as hedging instruments(a)			(4,705)			(14,830)			(4,516)			14,196			(14,297)			5,638			(9,097)			30,691

(a) Includes net settlements on the derivatives.

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			Location and Amount Recognized on the Consolidated Statements of Income in Fair Value Hedging Relationships
			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
			2024			2023			2024			2023
($ in thousands)			Capital Markets, Net			Capital Markets, Net			Capital Markets, Net			Capital Markets, Net
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value hedges are recorded			$	—		$	—		$	—		$	—
The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20
Foreign currency contracts:
Hedged items			5,370			(11,575)			(7,969)			(2,186)
Derivatives designated as hedging instruments			(5,370)			11,575			7,969			2,186

The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)			2024			2023			2024			2023
Interest rate-related instruments designated as cash flow hedging instruments
Amount of income (loss) recognized in OCI on cash flow hedge derivative(a)			$	25,609		$	(13,592)		$	(639)		$	(33,976)
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income(a)			4,705			4,516			14,297			9,097

(a) The entirety of gains (losses) recognized in OCI as well as the losses reclassified from accumulated other comprehensive income (loss) into interest income were included components in the assessment of hedge effectiveness.

Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedge derivatives are reclassified to interest income as interest payments are made on the hedged variable interest rate assets. The Corporation estimates that $6 million will be reclassified as an increase to interest income over the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, or the addition of other hedges subsequent to September 30, 2024. The maximum length of time over which the Corporation is hedging its exposure to the variability in future cash flows is 32 months as of September 30, 2024.

The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income for the three and nine months ended September 30, 2024 and 2023:

			Consolidated Statements of Income Category of Gain / (Loss)  Recognized in Income			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)						2024			2023			2024			2023
Derivative instruments
Interest rate-related and other instruments — customer and mirror, net			Capital markets, net			$	(215)		$	222		$	(273)		$	359
Interest rate-related instruments — MSRs hedge			Mortgage banking, net			3,363			(5,877)			(948)			(5,551)
Foreign currency exchange forwards			Capital markets, net			1,130			365			1,736			1,751
Interest rate lock commitments (mortgage)			Mortgage banking, net			55			(24)			383			321
Forward commitments (mortgage)			Mortgage banking, net			(390)			470			188			853

Note 10 Balance Sheet Offsetting

Interest Rate-Related Instruments and Foreign Exchange Forwards (“Interest and Foreign Exchange Agreements”)

The Corporation is permitted to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the consolidated balance sheets when a legally enforceable master netting agreement exists. The Corporation has elected to net such balances where it has determined that the specified conditions are met.

The Corporation uses master netting agreements to mitigate counterparty credit risk in these transactions, including derivative contracts. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).

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Typical master netting agreements for these types of transactions also contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the “demanding party”). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to set-off any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty.

For additional information on the Corporation’s derivative and hedging activities, see the Derivative and Hedging Activities note in the Corporation's 2023 Annual Report on Form 10-K.

The following table presents the interest rate and foreign exchange assets and liabilities subject to an enforceable master netting arrangement as of September 30, 2024 and December 31, 2023. The interest rate and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from this table:

			Gross Amounts Recognized			Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets						Net Amounts Presented on the Consolidated Balance Sheets			Gross Amounts Not Offset on the Consolidated Balance Sheets
($ in thousands)						Derivative Liabilities Offset			Cash Collateral Received						Security Collateral Received			Net  Amount
Derivative assets
September 30, 2024			$	63,863		$	(19,037)		$	(8,572)		$	36,254		$	(36,254)		$	—
December 31, 2023			87,075			(18,234)			(35,855)			32,985			(32,985)			—

			Gross Amounts Recognized			Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets						Net Amounts Presented on the Consolidated Balance Sheets			Gross Amounts Not Offset on the Consolidated Balance Sheets
($ in thousands)						Derivative Assets Offset			Cash Collateral Pledged						Security Collateral Pledged			Net  Amount
Derivative liabilities
September 30, 2024			$	32,396		$	(19,037)		$	(8,631)		$	4,727		$	—		$	4,727
December 31, 2023			18,767			(18,234)			—			533			—			533

Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters

The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 9). The following is a summary of lending-related commitments:

($ in thousands)			Sep 30, 2024			Dec 31, 2023
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b)			$	10,462,066		$	11,170,147
Commercial letters of credit(a)			1,069			3,697
Standby letters of credit(c)			234,850			212,029

(a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at September 30, 2024 or December 31, 2023.

(b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 9.

(c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $2 million at both September 30, 2024 and December 31, 2023, as an estimate of the fair value of these financial instruments.

Lending-related Commitments

As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient

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to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit).

The following table presents a summary of the changes in the allowance for unfunded commitments:

($ in thousands)			Nine Months Ended Sep 30, 2024			Year Ended Dec 31, 2023
Allowance for unfunded commitments
Balance at beginning of period			$	34,776		$	38,776
Provision for unfunded commitments			1,000			(4,000)
Balance at end of period			$	35,776		$	34,776

Lending-related commitments include commitments to extend credit, commitments to originate residential mortgage loans held for sale, commercial letters of credit, and standby letters of credit. Commitments to extend credit are legally binding agreements to lend to customers at predetermined interest rates, as long as there is no violation of any condition established in the contracts. Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s derivative and hedging activity is further described in Note 9. Commercial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party.

Other Commitments

The Corporation invests in qualified affordable housing projects, historic projects, new market projects, and opportunity zone funds for the purpose of community reinvestment and obtaining tax credits and other tax benefits. Return on the Corporation's investment in these projects and funds comes in the form of the tax credits and tax losses that pass through to the Corporation, and deferral or elimination of capital gain recognition for tax purposes. The aggregate carrying value of these investments at September 30, 2024 was $213 million, compared to $219 million at December 31, 2023, included in tax credit and other investments on the consolidated balance sheets.

Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized additional income tax expense attributable to the amortization of investments in qualified affordable housing projects of $26 million for both the nine months ended September 30, 2024 and September 30, 2023, and $9 million for both the three months ended September 30, 2024 and September 30, 2023. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $211 million at September 30, 2024 and $215 million at December 31, 2023.

The Corporation’s unfunded equity contributions relating to investments in qualified affordable housing and historic projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded equity contributions totaled $44 million at September 30, 2024 and $27 million at December 31, 2023. Additionally, at September 30, 2024, the Corporation also invests in a private SBA loan fund, recorded in equity securities on the consolidated balance sheets, which has a remaining unfunded equity contribution of $3 million.

For the nine months ended September 30, 2024 and the year ended December 31, 2023, the Corporation did not record any impairment related to qualified affordable housing investments.

The Corporation has principal investment commitments to provide capital-based financing to private companies through either direct investment in specific companies or through investment funds and partnerships. The timing of future cash requirements to fund such principal investment commitments is generally dependent on the investment cycle, whereby privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial offering, which can vary based on overall market conditions, as well as the nature and type of industry in which the companies operate. The Corporation also invests in loan pools that support CRA loans. The timing of future cash requirements to fund these pools is dependent upon loan demand, which can vary over time. The aggregate carrying value of these investments was $52 million at September 30, 2024 and $40 million at December 31, 2023, included in tax credit and other investments on the consolidated balance sheets.

Legal Proceedings

The Corporation is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which involve claims for substantial amounts. Although there can be no assurance as to the ultimate

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outcomes, the Corporation believes it has meritorious defenses to the claims asserted against it in its currently outstanding matters and intends to continue to defend itself vigorously with respect to such legal proceedings. The Corporation will consider settlement of cases when, in management’s judgment, it is in the best interests of the Corporation and its shareholders.

On at least a quarterly basis, the Corporation assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a matter by matter basis, an accrual for loss is established for those matters which the Corporation believes it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments. Accordingly, management’s estimate will change from time to time, and actual losses may be more or less than the current estimate. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established.

Resolution of legal claims is inherently unpredictable, and in many legal proceedings various factors exacerbate this inherent unpredictability, including where the damages sought are unsubstantiated or indeterminate, it is unclear whether a case brought as a class action will be allowed to proceed on that basis, discovery is not complete, the proceeding is not yet in its final stages, the matters present legal uncertainties, there are significant facts in dispute, there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants), or there is a wide range of potential results.

Management believes that the legal proceedings currently pending against it should not have a material adverse effect on the Corporation’s consolidated financial condition. However, in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves the Corporation has currently accrued or that a matter will not have material reputational or other qualitative consequences. As a result, the outcome of a particular matter may be material to the Corporation’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of the Corporation’s income for that period.

Regulatory Matters

A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against the Corporation in regard to these consumer products. The Bank could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products, fees and charges. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters.

In recent consent orders with financial institutions, the CFPB has asserted that certain overdraft charges constitute “unfair and abusive acts and practices.” In certain instances, these financial institutions have agreed to make restitution to customers and to pay civil money penalties. Included in the practices that the CFPB has asserted are “unfair and abusive” are 1) overdraft fees on transactions that had a sufficient balance at the time authorized but then later settled with an insufficient balance (“APSN Fees”), and 2) repeat insufficient funds fees on transactions resubmitted for payment after they were initially declined (“Representment Fees”). In light of these orders, the Corporation has undertaken a review of its current and past practices regarding APSN Fees and Representment Fees. Such review could result in changes to our overdraft fee policies, which would reduce our fee income in future periods and which could also result in a decision to make remediation payments to current and past customers who incurred such fees. The Corporation’s financial results may be materially impacted in any period in which the Corporation determines to make any such remediation payments.

Mortgage Repurchase Reserve

The Corporation sells residential mortgage loans to investors in the normal course of business. Residential mortgage loans sold to others are predominantly conventional residential first lien mortgages originated under the Corporation's usual underwriting procedures, and are most often sold on a nonrecourse basis, primarily to the GSEs. The Corporation’s agreements to sell residential mortgage loans in the normal course of business usually require certain representations and warranties on the underlying loans sold, related to credit information, loan documentation, collateral, and insurability. Subsequent to being sold, if a material underwriting deficiency or documentation defect is discovered, the Corporation may be obligated to repurchase the loan or reimburse the GSEs for losses incurred (collectively, “make whole requests”). The make whole requests and any related risk of loss under the representations and warranties are largely driven by borrower performance. The Corporation also sells qualifying residential mortgage loans guaranteed by U.S. government agencies into GNMA pools.

As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $3 million and $5 million for the nine months ended September 30, 2024 and the year ended December 31, 2023, respectively. There were no loss reimbursement and settlement claims paid in the nine months ended September 30, 2024 or for the year ended December 31, 2023. Make whole requests since January 1, 2023 generally arose from loans originated since January 1, 2021

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with such balances totaling $4.2 billion at the time of sale, consisting primarily of loans sold to GSEs. As of September 30, 2024, $3.5 billion of those loans originated since January 1, 2021 remain outstanding.

The balance in the mortgage repurchase reserve at the balance sheet date reflects the estimated amount of potential loss the Corporation could incur from repurchasing a loan, as well as loss reimbursements, indemnifications, and other settlement resolutions. The mortgage repurchase reserve, included in accrued expenses and other liabilities on the consolidated balance sheets, was approximately $775,000 at September 30, 2024 and approximately $835,000 at December 31, 2023.

The Corporation may also sell residential mortgage loans with limited recourse (limited in that the recourse period ends prior to the loan’s maturity, usually after certain time and/or loan paydown criteria have been met), whereby repurchase could be required if the loan had defined delinquency issues during the limited recourse periods. At September 30, 2024 and December 31, 2023, there were $14 million and $15 million, respectively, of residential mortgage loans sold with such recourse risk. There have been limited instances and immaterial historical losses on repurchases for recourse under the limited 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 September 30, 2024 and December 31, 2023, there were $99 million and $16 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 2023 Annual Report on Form 10-K.

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 as of September 30, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall:

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			Sep 30, 2024
($ in thousands)			Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Assets
Cash and due from banks			$	554,631		$	554,631		$	554,631		$	—		$	—
Interest-bearing deposits in other financial institutions			408,101			408,101			408,101			—			—
Federal funds sold and securities purchased under agreements to resell			4,310			4,310			4,310			—			—
AFS investment securities:
U.S. Treasury securities			36,948			36,948			36,948			—			—
Obligations of state and political subdivisions (municipal securities)			81,089			81,089			—			81,089			—
Residential mortgage-related securities:
FNMA / FHLMC			1,085,414			1,085,414			—			1,085,414			—
GNMA			2,663,560			2,663,560			—			2,663,560			—
Commercial mortgage-related securities:
FNMA / FHLMC			18,035			18,035			—			18,035			—
GNMA			151,617			151,617			—			151,617			—
Asset backed securities:
FFELP			112,350			112,350			—			112,350			—
SBA			516			516			—			516			—
Other debt securities			2,997			2,997			—			2,997			—
Total AFS investment securities			4,152,527			4,152,527			36,948			4,115,578			—
HTM investment securities:
U.S. Treasury securities			1,000			990			990			—			—
Obligations of state and political subdivisions (municipal securities), net			1,664,665			1,540,273			—			1,540,273			—
Residential mortgage-related securities:
FNMA / FHLMC			900,743			778,883			—			778,883			—
GNMA			45,180			42,979			—			42,979			—
Private-label			329,349			282,103			—			282,103			—
Commercial mortgage-related securities:
FNMA / FHLMC			775,209			659,852			—			659,852			—
GNMA			53,005			47,620			—			47,620			—
Total HTM investment securities, net			3,769,150			3,352,700			990			3,351,710			—
Equity securities:
Equity securities			10,658			10,658			10,587			—			71
Equity securities at NAV			12,500			12,500
Total equity securities			23,158			23,158
FHLB and Federal Reserve Bank stocks			178,168			178,168			—			178,168			—
Residential loans held for sale			67,219			67,219			—			67,219			—
Commercial loans held for sale			11,833			11,833			—			11,833			—
Loans, net			29,594,691			28,606,404			—			—			28,606,404
Bank and corporate owned life insurance			686,704			686,704			—			686,704			—
Mortgage servicing rights, net			81,977			81,977			—			—			81,977
Interest rate-related instruments designated as hedging instruments(a)			20,010			20,010			—			20,010			—
Foreign currency exchange forwards designated as hedging instruments(a)			275			275			—			275			—
Interest rate-related and other instruments not designated as hedging instruments(a)			95,396			95,396			—			95,396			—
Foreign currency exchange forwards not designated as hedging instruments(a)			4,865			4,865			—			4,865			—
Interest rate lock commitments to originate residential mortgage loans held for sale			822			822			—			—			822
Total selected assets at fair value			$	39,653,836		$	38,249,099		$	1,015,567		$	8,531,759		$	28,689,273

(a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

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			Sep 30, 2024
($ in thousands)			Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Liabilities
Deposits:
Noninterest-bearing demand			$	5,857,421		$	5,857,421		$	—		$	—		$	5,857,421
Savings			5,072,508			5,072,508			—			—			5,072,508
Interest-bearing demand			8,605,578			8,605,578			—			—			8,605,578
Money market			6,095,206			6,095,206			—			—			6,095,206
Brokered CDs(a)			4,242,670			4,242,670			—			4,242,670			—
Other time deposits(a)			3,680,914			3,680,914			—			3,680,914			—
Total deposits			33,554,298			33,554,298			—			7,923,584			25,630,714
Short-term funding:
Federal funds purchased and securities sold under agreements to repurchase			417,028			417,001			—			417,001			—
BTFP funding			500,000			499,960			—			499,960			—
Total short-term funding			917,028			916,961			—			916,961			—
FHLB advances			1,913,294			1,916,520			—			1,916,520			—
Other long-term funding			844,342			843,366			—			843,366			—
Standby letters of credit(b)			2,386			2,386			—			2,386			—
Interest rate-related instruments designated as hedging instruments(c)			91			91			—			91			—
Foreign currency exchange forwards designated as hedging instruments(c)			689			689			—			689			—
Interest rate-related and other instruments not designated as hedging instruments(c)			142,560			142,560			—			142,560			—
Foreign currency exchange forwards not designated as hedging instruments(c)			4,579			4,579			—			4,579			—
Forward commitments to sell residential mortgage loans			485			485			—			—			485
Total selected liabilities at fair value			$	37,379,751		$	37,381,935		$	—		$	11,750,736		$	25,631,199

(a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.
(b) The commitment on standby letters of credit was $235 million at September 30, 2024. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
(c) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

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			Dec 31, 2023
($ in thousands)			Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Assets
Cash and due from banks			$	484,384		$	484,384		$	484,384		$	—		$	—
Interest-bearing deposits in other financial institutions			425,089			425,089			425,089			—			—
Federal funds sold and securities purchased under agreements to resell			14,350			14,350			14,350			—			—
AFS investment securities:
U.S. Treasury securities			35,902			35,902			35,902			—			—
Obligations of state and political subdivisions (municipal securities)			91,817			91,817			—			91,817			—
Residential mortgage-related securities:
FNMA / FHLMC			1,120,794			1,120,794			—			1,120,794			—
GNMA			2,042,675			2,042,675			—			2,042,675			—
Commercial mortgage-related securities:
FNMA / FHLMC			16,937			16,937			—			16,937			—
GNMA			154,793			154,793			—			154,793			—
Asset backed securities:
FFELP			133,975			133,975			—			133,975			—
SBA			1,051			1,051			—			1,051			—
Other debt securities			2,950			2,950			—			2,950			—
Total AFS investment securities			3,600,892			3,600,892			35,902			3,564,990			—
HTM investment securities:
U.S. Treasury securities			999			963			963			—			—
Obligations of state and political subdivisions (municipal securities), net			1,682,398			1,553,984			—			1,553,984			—
Residential mortgage-related securities:
FNMA / FHLMC			941,973			804,393			—			804,393			—
GNMA			48,979			46,170			—			46,170			—
Private-label			345,083			289,507			—			289,507			—
Commercial mortgage-related securities:
FNMA / FHLMC			780,995			632,914			—			632,914			—
GNMA			59,733			52,619			—			52,619			—
Total HTM investment securities, net			3,860,160			3,380,550			963			3,379,586			—
Equity securities:
Equity securities			31,651			31,651			6,883			—			24,769
Equity securities at NAV			10,000			10,000
Total equity securities			41,651			41,651
FHLB and Federal Reserve Bank stocks			229,171			229,171			—			229,171			—
Residential loans held for sale			33,011			33,011			—			33,011			—
Commercial loans held for sale			90,303			90,303			—			90,303			—
Loans, net			28,865,124			27,371,086			—			—			27,371,086
Bank and corporate owned life insurance			682,649			682,649			—			682,649			—
Mortgage servicing rights, net			84,390			84,390			—			—			84,390
Interest rate-related instruments designated as hedging instruments(a)			8,075			8,075			—			8,075			—
Foreign currency exchange forwards designated as hedging instruments(a)			632			632			—			632			—
Interest rate-related and other instruments not designated as hedging instruments(a)			111,623			111,623			—			111,623			—
Foreign currency exchange forwards not designated as hedging instruments(a)			2,954			2,954			—			2,954			—
Interest rate lock commitments to originate residential mortgage loans held for sale			439			439			—			—			439
Total selected assets at fair value			$	38,534,897		$	36,561,249		$	967,570		$	8,102,995		$	27,480,684

(a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

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			Dec 31, 2023
($ in thousands)			Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Liabilities
Deposits:
Noninterest-bearing demand			$	6,119,956		$	6,119,956		$	—		$	—		$	6,119,956
Savings			4,835,701			4,835,701			—			—			4,835,701
Interest-bearing demand			8,843,967			8,843,967			—			—			8,843,967
Money market			6,330,453			6,330,453			—			—			6,330,453
Brokered CDs(a)			4,447,479			4,447,479			—			4,447,479			—
Other time deposits(a)			2,868,494			2,868,494			—			2,868,494			—
Total deposits			33,446,049			33,446,049			—			7,315,973			26,130,076
Federal funds purchased and securities sold under agreements to repurchase			326,780			326,757			—			326,757			—
FHLB advances			1,940,194			1,944,600			—			1,944,600			—
Other long-term funding			541,269			534,983			—			534,983			—
Standby letters of credit(b)			2,157			2,157			—			2,157			—
Interest rate-related instruments designated as hedging instruments(c)			930			930			—			930			—
Foreign currency exchange forwards designated as hedging instruments(c)			2,946			2,946			—			2,946			—
Interest rate-related and other instruments not designated as hedging instruments(c)			195,662			195,662			—			195,662			—
Foreign currency exchange forwards not designated as hedging instruments(c)			2,746			2,746			—			2,746			—
Forward commitments to sell residential mortgage loans			673			673			—			—			673
Total selected liabilities at fair value			$	36,459,407		$	36,457,504		$	—		$	10,326,755		$	26,130,749

(a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.

(b) The commitment on standby letters of credit was $212 million at December 31, 2023. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.

(c) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

The table below presents a rollforward of the consolidated balance sheets amounts for the nine months ended September 30, 2024 and the year ended December 31, 2023, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy:

($ in thousands)			Interest rate lock commitments to originate residential mortgage loans held for sale			Forward commitments to sell residential mortgage loans			Total
Balance December 31, 2022			$	86		$	46		$	40
New production			6,557			(1,816)			8,373
Closed loans / settlements			(4,171)			2,494			(6,665)
Other			(2,033)			(51)			(1,982)
Change in mortgage derivative			352			627			(274)
Balance December 31, 2023			$	439		$	673		$	(234)
New production			$	9,522		$	(2,824)		$	12,346
Closed loans / settlements			(7,494)			292			(7,785)
Other			(1,646)			2,344			(3,990)
Change in mortgage derivative			383			(188)			571
Balance September 30, 2024			$	822		$	485		$	337

The following table presents a rollforward of the fair value of Level 3 equity securities, for the nine months ended September 30, 2024 and the year ended December 31, 2023, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes:

($ in thousands)
Fair value as of December 31, 2022			$	19,225
Gains recognized in investment securities gains, net			5,861
Purchases			11
Sales			(329)
Fair value as of December 31, 2023			$	24,769
Gains recognized in investment securities gains, net			$	4,054
Purchases			21
Sales			(28,772)
Fair value as of September 30, 2024			$	71

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The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall:

($ in thousands)

Fair Value Hierarchy

Fair Value

Consolidated Statements of Income Category of Adjustment Recognized in Income

Adjustment Recognized on the Consolidated Statements of Income(a)

Sep 30, 2024

Assets

Individually evaluated loans

Level 3

$

34,440

Provision for credit losses

$

11,686

OREO(b)

Level 2

188

Other noninterest expense / provision for credit losses(c)

267

Dec 31, 2023

Assets

Individually evaluated loans

Level 3

$

47,221

Provision for credit losses

$

45,709

OREO(b)

Level 2

3,139

Other noninterest expense / provision for credit losses(c)

2,532

Equity securities without readily determinable fair values

Level 3

24,671

Investment securities gains (losses), net

5,785

(a) Includes the YTD impact on the consolidated statements of income.

(b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value and is therefore not included in the table.

(c) When a property's value is written down at the time it is transferred to OREO, the charge off is booked to the provision for credit losses. When a property is already in OREO and subsequently written down, the charge off is booked to other noninterest expense.

The table below presents the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements:

Sep 30, 2024			Valuation Technique			Significant Unobservable Input			Range of Inputs									Weighted Average Input Applied
Mortgage servicing rights			Discounted cash flow			Option adjusted spread			5%			-			8%			5%
Mortgage servicing rights			Discounted cash flow			Constant prepayment rate			1%			-			100%			6%
Individually evaluated loans			Appraisals / discounted cash flow			Collateral / discount factor			6%			-			73%			57%
Interest rate lock commitments to originate residential mortgage loans held for sale			Discounted cash flow			Closing ratio			46%			-			100%			90%

Note 13 Retirement Plans

The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet the eligibility requirements. The benefits are based primarily on years of service and the employee’s eligible compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Retirement plans of acquired entities are typically merged into the RAP depending on the terms of the merger agreement, and, as applicable, credit is usually applied to employees for years of service at the acquired institution for vesting and eligibility purposes.

The Corporation also provides healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans.

The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan for the three and nine months ended September 30, 2024 and 2023 were as follows:

			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)			2024			2023			2024			2023
RAP
Service cost			$	508		$	800		$	2,263		$	2,392
Interest cost			2,943			2,794			8,380			8,165
Expected return on plan assets			(8,649)			(8,243)			(25,949)			(24,647)
Amortization of prior service cost			(54)			(63)			(161)			(188)
Amortization of actuarial loss			—			—			—			37
Total net periodic pension cost			$	(5,252)		$	(4,713)		$	(15,467)		$	(14,241)
Postretirement Plan
Interest cost			$	18		$	20		$	54		$	59
Amortization of prior service cost			(19)			(19)			(56)			(56)
Amortization of actuarial (gain)			(7)			(7)			(21)			(22)
Total net periodic benefit cost			$	(8)		$	(6)		$	(23)		$	(19)

The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the line item other of noninterest expense on the consolidated statements of income. The service cost components are included in personnel on the consolidated statements of income.

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The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during 2023 or the nine months ended September 30, 2024.

Note 14 Segment Reporting

The Corporation utilizes a risk-based internal profitability measurement system to provide strategic business unit reporting. The profitability measurement system is based on internal management methodologies designed to produce consistent results and reflect the underlying economics of the units. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three 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 has been compiled utilizing the accounting policies described in the Corporation’s 2023 Annual Report on Form 10-K, with certain exceptions. The more significant of these exceptions are described herein.

The reportable segment results are presented based on the Corporation's internal management accounting process. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to U.S. GAAP. As a result, reported segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in previously reported segment financial data. Additionally, the information presented is not indicative of how the segments would perform if they operated as independent entities.

To determine financial performance of each segment, the Corporation allocates FTP assignments, the provision for credit losses, certain noninterest expenses, income taxes, and equity to each segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed.

The Corporation allocates net interest income using an internal FTP methodology that charges users of funds (assets, primarily loans) and credits providers of funds (liabilities, primarily deposits) based on the maturity, prepayment and/or re-pricing characteristics of the assets and liabilities. The net effect of this allocation is offset in the Risk Management and Shared Services segment to ensure consolidated totals reflect the Corporation's net interest income. The net FTP allocation is reflected as net intersegment interest income (expense) in the accompanying tables.

The provision for credit losses is allocated to segments based on the expected long-term annual net charge off rates attributable to the credit risk of loans managed by the segment during the period. In contrast, the level of the consolidated provision for credit losses is determined based on an ACLL model using the methodologies described in the Corporation’s 2023 Annual Report on Form 10-K. The net effect of the credit provision is recorded in Risk Management and Shared Services. Indirect expenses incurred by certain centralized support areas are allocated to segments based on actual usage (for example, volume measurements) and other criteria. Certain types of administrative expense and bank-wide expense accruals (including, when applicable, amortization of CDIs and other intangible assets associated with acquisitions, acquisition-related costs, and asset gains on disposed business units) are generally not allocated to segments. Income taxes are allocated to segments based on the Corporation’s estimated effective tax rate, with certain segments adjusted for any tax-exempt income or non-deductible expenses. Equity is allocated to the segments based on regulatory capital requirements and in proportion to an assessment of the inherent risks associated with the business of the segment (including interest, credit and operating risk).

A brief description of each business segment is presented below. A more in-depth discussion of these segments can be found in the Segment Reporting note in the Corporation’s 2023 Annual Report on Form 10-K.

The Corporate and Commercial Specialty segment serves a wide range of customers including larger businesses, developers, not-for-profits, municipalities, and financial institutions by providing lending and deposit solutions as well as the support to deliver, fund, and manage such banking solutions. In addition, this segment provides a variety of investment, fiduciary, and retirement planning products and services to individuals and small to mid-sized businesses. The Community, Consumer, and Business segment serves individuals, as well as small and mid-sized businesses, by providing lending and deposit solutions. The Risk Management and Shared Services segment includes key shared operational functions and also includes residual revenue and expenses, representing the difference between actual amounts incurred and the amounts allocated to operating segments, including interest rate risk residuals (FTP mismatches) and credit risk and provision residuals (long-term credit charge mismatches).

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Information about the Corporation’s segments is presented below:

			Corporate and Commercial Specialty
			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)			2024			2023			2024			2023
Net interest income			$	254,935		$	250,365		$	749,062		$	710,031
Net intersegment interest (expense)			(98,898)			(106,675)			(291,872)			(288,366)
Segment net interest income			156,037			143,690			457,190			421,665
Noninterest income			37,017			34,086			106,570			99,254
Total revenue			193,054			177,776			563,761			520,919
Provision for credit losses			17,009			14,066			48,930			41,523
Noninterest expense			65,415			63,265			197,159			186,521
Income before income taxes			110,630			100,445			317,672			292,876
Income tax expense			20,999			19,293			59,845			54,104
Net income			$	89,630		$	81,152		$	257,827		$	238,772
Allocated goodwill									$	525,836		$	525,836

			Community, Consumer, and Business
			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)			2024			2023			2024			2023
Net interest income			$	56,574		$	67,139		$	172,575		$	219,883
Net intersegment interest income			135,862			123,900			401,353			317,820
Segment net interest income			192,436			191,039			573,928			537,703
Noninterest income			26,009			29,670			75,921			85,870
Total revenue			218,445			220,709			649,848			623,573
Provision for credit losses			5,195			7,381			17,611			21,467
Noninterest expense			115,656			108,127			333,711			328,790
Income before income taxes			97,594			105,202			298,526			273,316
Income tax expense			20,495			22,092			62,691			57,396
Net income			$	77,099		$	83,109		$	235,835		$	215,920
Allocated goodwill									$	579,156		$	579,156

			Risk Management and Shared Services
			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)			2024			2023			2024			2023
Net interest (loss)			$	(49,001)		$	(63,260)		$	(144,677)		$	(143,743)
Net intersegment interest (expense)			(36,964)			(17,225)			(109,481)			(29,454)
Segment net interest (loss)			(85,964)			(80,485)			(254,158)			(173,197)
Noninterest income			4,196			2,823			14,874			9,071
Total revenue			(81,768)			(77,663)			(239,284)			(164,126)
Provision for credit losses			(1,213)			496			1,459			(975)
Noninterest expense			19,526			24,814			63,245			58,980
(Loss) before income taxes			(100,081)			(102,972)			(303,988)			(222,131)
Income tax (benefit)			(21,370)			(21,959)			(95,085)			(41,202)
Net (loss)			$	(78,711)		$	(81,013)		$	(208,902)		$	(180,929)
Allocated goodwill									$	—		$	—

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			Consolidated Total
			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)			2024			2023			2024			2023
Net interest income			$	262,509		$	254,244		$	776,960		$	786,171
Net intersegment interest income			—			—			—			—
Segment net interest income			262,509			254,244			776,960			786,171
Noninterest income			67,221			66,579			197,365			194,195
Total revenue			329,730			320,823			974,325			980,366
Provision for credit losses			20,991			21,943			68,000			62,014
Noninterest expense			200,597			196,205			594,115			574,291
Income before income taxes			108,142			102,674			312,211			344,061
Income tax expense			20,124			19,426			27,451			70,299
Net income			$	88,018		$	83,248		$	284,760		$	273,762
Allocated goodwill									$	1,104,992		$	1,104,992

Note 15 Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of accumulated other comprehensive income (loss) at September 30, 2024 and 2023, including changes during the preceding three and nine month periods as well as any reclassifications out of accumulated other comprehensive income (loss):

($ in thousands)			AFS Investment Securities			Cash Flow Hedge Derivatives			Defined Benefit Pension and Postretirement Obligations			Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2023			$	(148,641)		$	3,080		$	(25,535)		$	(171,096)
Other comprehensive income before reclassifications			49,844			—			—			49,844
Amounts reclassified from accumulated other comprehensive income (loss):
Investment securities losses, net			197			—			—			197
HTM investment securities, net, at amortized cost(a)			6,329			—			—			6,329
Other assets / accrued expenses and other liabilities			—			(639)			—			(639)
Interest income			—			14,297			—			14,297
Personnel expense			—			—			(217)			(217)
Other expense			—			—			(21)			(21)
Income tax (expense) benefit			(14,060)			5,213			(1,594)			(10,440)
Net other comprehensive income (loss) during period			42,309			18,871			(1,832)			59,348
Balance September 30, 2024			$	(106,332)		$	21,951		$	(27,367)		$	(111,748)
Balance December 31, 2022			$	(233,192)		$	3,360		$	(42,968)		$	(272,799)
Other comprehensive (loss) before reclassifications			(69,512)			—			—			(69,512)
Amounts reclassified from accumulated other comprehensive income (loss):
HTM investment securities, net, at amortized cost(a)			6,883			—			—			6,883
Other assets / accrued expenses and other liabilities			—			(33,976)			—			(33,976)
Interest income			—			9,097			—			9,097
Personnel expense			—			—			(244)			(244)
Other expense			—			—			15			15
Income tax benefit			15,879			5,488			31			21,398
Net other comprehensive (loss) during period			(46,751)			(19,391)			(198)			(66,340)
Balance September 30, 2023			$	(279,943)		$	(16,032)		$	(43,166)		$	(339,140)

(a) Amortization of net unrealized losses on AFS securities transferred to HTM securities.

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($ in thousands)			AFS Investment Securities			Cash Flow Hedge Derivatives			Defined Benefit Pension and Postretirement Obligations			Accumulated Other Comprehensive Income (Loss)
Balance June 30, 2024			$	(176,139)		$	(15,768)		$	(27,307)		$	(219,214)
Other comprehensive income before reclassifications			90,858			—			—			90,858
Amounts reclassified from accumulated other comprehensive income (loss):
HTM investment securities, net, at amortized cost(a)			2,147			—			—			2,147
Other assets / accrued expenses and other liabilities			—			25,609			—			25,609
Interest income			—			4,705			—			4,705
Personnel expense			—			—			(73)			(73)
Other expense			—			—			(7)			(7)
Income tax (expense) benefit			(23,198)			7,405			20			(15,773)
Net other comprehensive income (loss) during period			69,807			37,718			(60)			107,466
Balance September 30, 2024			$	(106,332)		$	21,951		$	(27,367)		$	(111,748)
Balance June 30, 2023			$	(239,273)		$	(9,270)		$	(43,099)		$	(291,642)
Other comprehensive (loss) before reclassifications			(56,924)			—			—			(56,924)
Amounts reclassified from accumulated other comprehensive income (loss):
HTM investment securities, net, at amortized cost(a)			2,327			—			—			2,327
Other assets / accrued expenses and other liabilities			—			(13,592)			—			(13,592)
Interest income			—			4,516			—			4,516
Personnel expense			—			—			(81)			(81)
Other expense			—			—			(7)			(7)
Income tax benefit			13,928			2,315			23			16,266
Net other comprehensive (loss) during period			(40,669)			(6,762)			(66)			(47,497)
Balance September 30, 2023			$	(279,943)		$	(16,032)		$	(43,166)		$	(339,140)

(a) Amortization of net unrealized losses on AFS securities transferred to HTM securities.

Note 16 Leases

The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has a finance lease for retail and corporate offices.

These leases have original terms of 1 year or longer with remaining maturities up to 38 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization.

The discount rate used to capitalize the operating leases is the FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered.

Operating and finance lease costs and cash flows resulting from these leases are presented below:

			Three Months Ended Sep 30,						Nine Months Ended Sep 30,
($ in thousands)			2024			2023			2024			2023
Operating lease costs			$	1,631		$	1,594		$	4,727		$	4,536
Finance lease costs			23			23			68			69
Operating lease cash flows			1,795			1,917			5,027			5,442
Finance lease cash flows			23			23			69			69

The right-of-use asset and lease liability by lease classifications on the consolidated balance sheets were as follows:

($ in thousands)			Consolidated Balance Sheets Category			Sep 30, 2024			Dec 31, 2023
Operating lease right-of-use asset			Premises and equipment			$	28,425		$	24,712
Finance lease right-of-use asset			Other assets			303			368
Operating lease liability			Accrued expenses and other liabilities			30,723			27,311
Finance lease liability			Other long-term funding			317			383

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The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows:

			Sep 30, 2024									Dec 31, 2023
($ in thousands)			Lease Payments			Weighted-average Lease Term (in years)			Weighted-average Discount Rate			Lease Payments			Weighted-average Lease Term (in years)			Weighted-average Discount Rate
Operating leases
Retail and corporate offices			$	31,317		6.51			3.65		%	$	25,729		5.76			3.12		%
Land			3,435			6.69			3.51		%	4,050			6.98			3.48		%
Equipment			204			1.75			4.62		%	408			2.50			4.62		%
Total operating leases			$	34,955		6.50			3.64		%	$	30,187		5.88			3.19		%
Finance leases
Retail and corporate offices			$	324		3.50			1.32		%	$	394		4.25			1.32		%
Total finance leases			$	324		3.50			1.32		%	$	394		4.25			1.32		%

Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:

($ in thousands)			Operating Leases			Finance Leases			Total Leases
Three months ended December 31, 2024			$	1,590		$	23		$	1,613
2025			6,550			93			6,643
2026			6,062			93			6,155
2027			5,401			93			5,493
2028			4,727			23			4,750
Beyond 2028			10,625			—			10,625
Total lease payments			$	34,955		$	324		$	35,279
Less: interest			4,232			7			4,239
Present value of lease payments			$	30,723		$	317		$	31,040

As of September 30, 2024 and December 31, 2023, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $6 million and $3 million, respectively. The leases that had not yet commenced as of September 30, 2024 will commence between October 2024 and April 2025 with lease terms of 1 year to 7 years. Rental income generated by the Corporation's leases is included within occupancy expense on the consolidated statements of income.

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ITEM 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations

Special Note Regarding Forward-Looking Statements

This report contains statements that may constitute forward-looking statements within the meaning of the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, such as statements other than historical facts contained or incorporated by reference into this report. These forward-looking statements include statements with respect to the Corporation’s financial condition, results of operations, plans, objectives, future performance and business, including statements preceded by, followed by or that include the words “believes,” “expects,” or “anticipates,” references to estimates or similar expressions. Future filings by the Corporation with the SEC, and future statements other than historical facts contained in written material, press releases and oral statements issued by, or on behalf of the Corporation may also constitute forward-looking statements.

All forward-looking statements contained in this report or which may be contained in future statements made for or on behalf of the Corporation are based upon information available at the time the statement is made and the Corporation assumes no obligation to update any forward-looking statements, except as required by federal securities law. Forward-looking statements are subject to significant risks and uncertainties, and the Corporation’s actual results may differ materially from the expected results discussed in such forward-looking statements. Factors that might cause actual results to differ from the results discussed in forward-looking statements include, but are not limited to, the risk factors in Item 1A, Risk Factors, in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023, and as may be described from time to time in the Corporation’s subsequent SEC filings.

Overview

The following discussion and analysis is presented to assist in the understanding and evaluation of the Corporation’s financial condition and results of operations. It is intended to complement the unaudited consolidated financial statements, footnotes, and supplemental financial data appearing elsewhere in this Quarterly Report on Form 10-Q and should be read in conjunction therewith. Management continually evaluates strategic acquisition opportunities and various other strategic alternatives that could involve the sale or acquisition of branches or other assets, or the consolidation or creation of subsidiaries. Within the tables presented, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes.

Performance Summary

•Average loans of $29.5 billion increased $135 million from the first nine months of 2023, driven primarily by increases in auto finance and commercial lending, partially offset by a decrease in residential mortgage lending resulting from the Corporation's balance sheet repositioning.

•Average deposits of $33.1 billion increased $2.0 billion, or 6%, from the first nine months of 2023, driven primarily by increases in time deposits, interest-bearing demand deposits, savings deposits, and network transaction deposits, partially offset by decreases in noninterest-bearing demand deposits and money market deposits.

•Net interest income of $777 million decreased $9 million, or 1%, from the first nine months of 2023, and net interest margin was 2.77%, compared to 2.86% for the first nine months of 2023. The decreases in net interest income and net interest margin were driven by the growth of interest bearing liabilities outpacing the growth of earning assets, paired with a smaller rate spread.

•Provision for credit losses was $68 million, compared to a provision of $62 million for the first nine months of 2023, driven by nominal credit movement coupled with general macroeconomic trends.

•Noninterest income of $197 million increased $3 million, or 2%, from the first nine months of 2023, driven by higher wealth management fees, an increase in bank and corporate owned life insurance, and an increase in investment securities gains (losses), net, the latter resulting from the sale of the Corporation's remaining Visa B shares in the first quarter of 2024. These increases were partially offset by a decrease in mortgage banking, net, as a result of net valuation adjustments of the MSRs asset.

•Noninterest expense of $594 million increased $20 million, or 3%, from the first nine months of 2023, primarily driven by increases in personnel, technology, and FDIC assessment expense, the latter due to the special assessment, partially offset by decreases in other expense and occupancy expense.

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Table 1 Summary Results of Operations: Trends

			Nine months ended						Three months ended
($ in thousands, except per share data)			Sep 30, 2024			Sep 30, 2023			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Net income (loss)			$	284,760		$	273,762		$	88,018		$	115,573		$	81,169		$	(90,806)		$	83,248
Net income (loss) available to common equity			276,135			265,137			85,143			112,698			78,294			(93,681)			80,373
Earnings (loss) per common share - basic			1.83			1.76			0.56			0.75			0.52			(0.63)			0.53
Earnings (loss) per common share - diluted			1.82			1.75			0.56			0.74			0.52			(0.62)			0.53
Effective tax rate			8.79		%	20.43		%	18.61		%	(12.33)		%	19.78		%	N/M			18.92		%

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Income Statement Analysis

Net Interest Income

Table 2 Net Interest Income Analysis

			Nine Months Ended Sep 30,
			2024									2023
($ in thousands)			Average Balance			Interest Income / Expense			Average Yield / Rate			Average Balance			Interest Income / Expense			Average Yield / Rate
Assets
Earning assets
Loans(a)(b)(c)
Commercial and business lending			$	10,933,098		$	592,609		7.24%			$	10,835,003		$	546,210		6.74%
Commercial real estate lending			7,291,541			409,752			7.51%			7,286,627			381,425			7.00%
Total commercial			18,224,639			1,002,361			7.35%			18,121,629			927,634			6.84%
Residential mortgage			7,939,493			208,291			3.50%			8,698,542			217,410			3.33%
Auto finance			2,511,694			105,528			5.61%			1,677,838			60,233			4.80%
Other retail			852,121			62,345			9.76%			895,371			59,163			8.82%
Total loans			29,527,946			1,378,524			6.23%			29,393,380			1,264,441			5.75%
Investment securities
Taxable			5,671,823			148,672			3.50%			5,209,845			104,197			2.67%
Tax-exempt(a)			2,120,107			53,806			3.38%			2,314,838			60,429			3.48%
Other short-term investments			609,143			26,574			5.83%			495,883			17,990			4.85%
Investments and other			8,401,073			229,051			3.64%			8,020,566			182,616			3.03%
Total earning assets			37,929,019			$	1,607,575		5.66%			37,413,946			$	1,447,057		5.17%
Other assets, net			3,157,137									3,005,220
Total assets			$	41,086,156								$	40,419,166
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings			$	5,062,518		$	65,330		1.72%			$	4,743,526		$	43,611		1.23%
Interest-bearing demand			7,383,471			147,838			2.67%			6,819,714			106,860			2.09%
Money market			6,017,642			139,987			3.11%			6,853,545			130,201			2.54%
Network transaction deposits			1,630,568			65,697			5.38%			1,420,042			53,259			5.01%
Time deposits			7,230,691			260,063			4.80%			4,447,813			130,818			3.93%
Total interest-bearing deposits			27,324,889			678,916			3.32%			24,284,640			464,749			2.56%
Federal funds purchased and securities sold under agreements to repurchase			259,209			8,551			4.41%			344,950			8,504			3.30%
Other short-term funding			508,913			19,285			5.06%			11,475			1			0.01%
FHLB advances			1,907,104			80,612			5.65%			3,834,247			147,365			5.14%
Long-term funding			573,676			32,012			7.44%			495,434			25,895			6.97%
Total short and long-term funding			3,248,902			140,461			5.77%			4,686,106			181,765			5.18%
Total interest-bearing liabilities			30,573,791			$	819,377		3.58%			28,970,746			$	646,514		2.98%
Noninterest-bearing demand deposits			5,748,446									6,772,521
Other liabilities			537,432									567,938
Stockholders’ equity			4,226,487									4,107,961
Total liabilities and stockholders’ equity			$	41,086,156								$	40,419,166
Interest rate spread									2.08%									2.19%
Net free funds									0.69%									0.67%
Fully tax-equivalent net interest income and net interest margin						$	788,199		2.77%						$	800,543		2.86%
Fully tax-equivalent adjustment						11,239									14,372
Net interest income						$	776,960								$	786,171

(a) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b) Nonaccrual loans and loans held for sale have been included in the average balances.
(c) Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.

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Table 2 Net Interest Income Analysis

			Three Months Ended,
			Sep 30, 2024									Jun 30, 2024									Sep 30, 2023
($ in thousands)			Average Balance			Interest Income / Expense			Average Yield / Rate			Average Balance			Interest Income / Expense			Average Yield / Rate			Average Balance			Interest Income / Expense			Average Yield / Rate
Assets
Earning assets
Loans(a)(b)(c)
Commercial and business lending			$	10,971,390		$	200,327		7.27%			$	11,011,228		$	198,191		7.24%			$	10,985,584		$	194,956		7.04%
Commercial real estate lending			7,235,505			136,699			7.52%			7,249,773			134,203			7.45%			7,312,645			134,370			7.29%
Total commercial			18,206,896			337,027			7.36%			18,261,000			332,394			7.32%			18,298,229			329,326			7.14%
Residential mortgage			7,888,290			70,171			3.56%			7,905,236			69,389			3.51%			8,807,157			74,643			3.39%
Auto finance			2,635,890			37,904			5.72%			2,524,107			35,021			5.58%			1,884,540			24,074			5.07%
Other retail			903,011			21,124			9.34%			889,220			20,504			9.24%			894,685			20,534			9.15%
Total loans			29,634,087			466,226			6.27%			29,579,564			457,307			6.21%			29,884,611			448,577			5.96%
Investment securities
Taxable			5,816,102			51,466			3.54%			5,680,757			50,479			3.55%			5,407,299			38,210			2.83%
Tax-exempt(a)			2,110,896			17,885			3.39%			2,116,174			17,896			3.38%			2,300,488			20,085			3.49%
Other short-term investments			629,431			8,959			5.66%			620,943			9,304			6.03%			483,211			6,575			5.40%
Investments and other			8,556,429			78,310			3.66%			8,417,874			77,680			3.69%			8,190,998			64,870			3.16%
Total earning assets			38,190,516			$	544,535		5.68%			37,997,438			$	534,987		5.65%			38,075,608			$	513,447		5.36%
Other assets, net			3,199,195									3,103,168									3,000,371
Total assets			$	41,389,711								$	41,100,606								$	41,075,980
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings			$	5,125,147		$	21,611		1.68%			$	5,133,688		$	21,972		1.72%			$	4,814,499		$	18,592		1.53%
Interest-bearing demand			7,394,550			49,740			2.68%			7,265,621			48,109			2.66%			6,979,071			41,980			2.39%
Money market			5,942,147			46,290			3.10%			5,995,005			46,391			3.11%			6,294,083			45,034			2.84%
Network transaction deposits			1,644,305			22,077			5.34%			1,595,312			21,416			5.40%			1,639,619			22,008			5.33%
Time deposits			7,562,448			91,907			4.83%			6,927,663			83,173			4.83%			5,955,741			65,517			4.36%
Total interest-bearing deposits			27,668,597			231,623			3.33%			26,917,289			221,062			3.30%			25,683,013			193,131			2.98%
Federal funds purchased and securities sold under agreements to repurchase			299,286			3,385			4.50%			213,921			2,303			4.33%			320,518			3,100			3.84%
Other short-term funding			519,421			6,638			5.08%			561,596			7,044			5.04%			5,041			—			0.01%
FHLB advances			1,750,590			24,799			5.64%			2,432,195			34,143			5.65%			3,460,827			48,143			5.52%
Long-term funding			647,440			11,858			7.33%			533,670			10,096			7.57%			533,744			10,019			7.51%
Total short and long-term funding			3,216,737			46,680			5.78%			3,741,381			53,586			5.75%			4,320,130			61,263			5.63%
Total interest-bearing liabilities			30,885,334			$	278,304		3.59%			30,658,670			$	274,648		3.60%			30,003,143			$	254,394		3.36%
Noninterest-bearing demand deposits			5,652,228									5,712,115									6,318,781
Other liabilities			521,423									563,616									622,004
Stockholders’ equity			4,330,727									4,166,204									4,132,052
Total liabilities and stockholders’ equity			$	41,389,711								$	41,100,606								$	41,075,980
Interest rate spread									2.10%									2.05%									2.00%
Net free funds									0.69%									0.70%									0.71%
Fully tax-equivalent net interest income and net interest margin						$	266,232		2.78%						$	260,340		2.75%						$	259,053		2.71%
Fully tax-equivalent adjustment						3,723									3,747									4,810
Net interest income						$	262,509								$	256,593								$	254,244

(a) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b) Nonaccrual loans and loans held for sale have been included in the average balances.
(c) Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.

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Notable Contributions to the Change in Net Interest Income

•Fully tax-equivalent net interest income and net interest income were $12 million, or 2%, and $9 million, or 1%, lower than the first nine months of 2023, respectively. The elevated interest rate environment has resulted in the yield on earning assets increasing by 49 bp and the cost of interest-bearing liabilities increasing 60 bp from the first nine months of 2023. See sections Interest Rate Risk and Quantitative and Qualitative Disclosures about Market Risk for a discussion of interest rate risk and market risk.

•Average loans increased $135 million from the first nine months of 2023, and average investments and other short-term investments increased $381 million, or 5%, from the first nine months of 2023.

•    Average interest-bearing liabilities increased $1.6 billion, or 6%, compared to the first nine months of 2023. Average interest-bearing deposits increased $3.0 billion, or 13%, from the first nine months of 2023, primarily driven by increases in time deposits, interest-bearing demand deposits, savings deposits, and network transaction deposits, partially offset by a decrease in money market deposits. Average total short and long-term funding decreased $1.4 billion, or 31%, from the first nine months of 2023, primarily driven by a decrease in FHLB advances of $1.9 billion, or 50%, partially offset by an increase in other short-term funding related to the utilization of the BTFP. Average noninterest-bearing demand deposits decreased $1.0 billion, or 15%, versus the first nine months of 2023.

Provision for Credit Losses

The provision for credit losses is predominantly a function of the Corporation’s reserving methodology and judgments as to other qualitative and quantitative factors used to determine the appropriate level of the ACLL, which focuses on changes in the size and character of the loan portfolio, changes in levels of individually evaluated and other nonaccrual loans, historical losses and delinquencies in each portfolio category, the risk inherent in specific loans, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other factors which could affect potential credit losses. The forecast the Corporation used for September 30, 2024 was the Moody's baseline scenario from August 2024, which was reviewed against the September 2024 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. See additional discussion under the sections titled Loans, Credit Risk, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Noninterest Income

Table 3 Noninterest Income

			Nine months ended									Three months ended															Changes vs
($ in thousands, except as noted)			Sep 30, 2024			Sep 30, 2023			YTD % Change			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2024			Sep 30, 2023
Wealth management fees			$	68,466		$	61,499		11		%	$	24,144		$	22,628		$	21,694		$	21,003		$	20,828		7		%	16		%
Service charges and deposit account fees			38,410			38,230			—		%	13,708			12,263			12,439			10,815			12,864			12		%	7		%
Card-based fees			34,973			33,492			4		%	11,731			11,975			11,267			11,528			11,510			(2)		%	2		%
Other fee-based revenue			14,316			13,249			8		%	5,057			4,857			4,402			4,019			4,509			4		%	12		%
Total fee-based revenue			156,165			146,470			7		%	54,640			51,723			49,802			47,365			49,710			6		%	10		%
Capital markets, net			13,052			15,544			(16)		%	4,317			4,685			4,050			9,106			5,368			(8)		%	(20)		%
Mortgage banking, net			7,299			17,814			(59)		%	2,132			2,505			2,662			1,615			6,501			(15)		%	(67)		%
Loss on mortgage portfolio sale			—			—			N/M			—			—			—			(136,239)			—			N/M			N/M
Bank and corporate owned life insurance			11,156			6,882			62		%	4,001			4,584			2,570			3,383			2,047			(13)		%	95		%
Other			7,054			6,841			3		%	2,504			2,222			2,327			2,850			2,339			13		%	7		%
Subtotal			194,726			193,551			1		%	67,595			65,719			61,411			(71,919)			65,965			3		%	2		%
Asset (losses) gains, net			(1,407)			590			N/M			(474)			(627)			(306)			(136)			625			(24)		%	N/M
Investment securities gains (losses), net			4,047			55			N/M			100			67			3,879			(58,958)			(11)			48		%	N/M
Total noninterest income (loss)			$	197,365		$	194,195		2		%	$	67,221		$	65,159		$	64,985		$	(131,013)		$	66,579		3		%	1		%
Mortgage loans originated for sale during period			$	450,532		$	283,469		59		%	$	176,174		$	168,964		$	105,394		$	112,365		$	115,075		4		%	53		%
Mortgage loan settlements during period			415,840			254,619			63		%	187,108			137,706			91,026			957,450			103,452			36		%	81		%
Assets under management, at market value(a)												15,033			14,304			14,171			13,545			12,543			5		%	20		%

N/M = Not Meaningful
(a) $ in millions. Excludes assets held in brokerage accounts.

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Notable Contributions to the Change in Noninterest Income

•Wealth management fees increased $7 million from the first nine months of 2023, mainly driven by increased assets under management.

•Mortgage banking, net, decreased $11 million from the first nine months of 2023, mainly driven by net valuation adjustments of the MSRs asset.

•Bank and corporate owned life insurance increased $4 million from the first nine months of 2023, driven by net favorable valuation changes on policies and an increased number of claims.

•Investment securities gains (losses), net, increased $4 million from the first nine months of 2023, as a result of the sale of the Corporation's remaining Visa B shares.

Noninterest Expense

Table 4 Noninterest Expense

			Nine months ended									Three months ended															Change vs
($ in thousands)			Sep 30, 2024			Sep 30, 2023			YTD % Change			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2024			Sep 30, 2023
Personnel			$	362,012		$	347,669		4		%	$	121,036		$	121,581		$	119,395		$	120,686		$	117,159		—		%	3		%
Technology			80,579			73,990			9		%	27,217			27,161			26,200			28,027			26,172			—		%	4		%
Occupancy			40,297			42,775			(6)		%	13,536			13,128			13,633			14,429			14,125			3		%	(4)		%
Business development and advertising			20,735			20,054			3		%	6,683			7,535			6,517			8,350			7,100			(11)		%	(6)		%
Equipment			13,702			14,921			(8)		%	4,653			4,450			4,599			4,742			5,016			5		%	(7)		%
Legal and professional			14,740			13,149			12		%	5,639			4,429			4,672			6,762			4,461			27		%	26		%
Loan and foreclosure costs			6,519			4,822			35		%	2,748			1,793			1,979			585			2,049			53		%	34		%
FDIC assessment			29,300			25,575			15		%	8,223			7,131			13,946			41,497			9,150			15		%	(10)		%
Other intangible amortization			6,608			6,608			—		%	2,203			2,203			2,203			2,203			2,203			—		%	—		%
Other			19,622			24,726			(21)		%	8,659			6,450			4,513			12,110			8,771			34		%	(1)		%
Total noninterest expense			$	594,115		$	574,291		3		%	$	200,597		$	195,861		$	197,657		$	239,391		$	196,205		2		%	2		%
Average FTEs(a)			4,045			4,222			(4)		%	4,041			4,025			4,070			4,130			4,220			—		%	(4)		%

(a) Average FTEs without overtime

Notable Contributions to the Change in Noninterest Expense

•Personnel expense increased $14 million from the first nine months of 2023, primarily driven by merit increases year-over-year.

•FDIC expense increased $4 million from the first nine months of 2023, primarily driven by adjustments to the FDIC's special assessment applied to the Bank.

Income Taxes

The Corporation records income tax expense during interim periods based on the best estimate of the full year's effective tax rate as adjusted for discrete items, if any, taken into account in the relevant interim period. Each quarter, the Corporation updates its estimate of the annual effective tax rate and the effect of any change in the estimated rate is recorded on a cumulative basis. The Corporation recognized income tax expense of $27 million for the nine months ended September 30, 2024, compared to income tax expense of $70 million for the nine months ended September 30, 2023. The Corporation's effective tax rate from continuing operations was 8.79% and 20.43% for the nine months ended September 30, 2024, and 2023, respectively. The decreases in income tax expense and lower effective tax rate during the first nine months of 2024 were primarily due to a strategic reallocation of the investment portfolio and adoption of a legal entity rationalization plan that resulted in the recognition of deferred tax benefits of approximately $33 million.

Income tax expense recorded on the consolidated statements of income involves the interpretation and application of certain accounting pronouncements and federal and state tax laws and regulations. The Corporation is subject to examination by various taxing authorities. Examination by taxing authorities may impact the amount of tax expense and/or the reserve for uncertainty in income taxes if their interpretations differ from those of management, based on their judgments about information available to them at the time of their examinations.

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Balance Sheet Analysis

•At September 30, 2024, total assets were $42.2 billion, up $1.2 billion, or 3%, from December 31, 2023, and up $573 million, or 1%, from September 30, 2023.

•Interest bearing deposits in other financial institutions were $408 million at September 30, 2024, down $17 million, or 4%, from December 31, 2023, and up $85 million, or 26%, from September 30, 2023.

•AFS investment securities, at fair value were $4.2 billion at September 30, 2024, up $552 million, or 15%, from December 31, 2023, and up $661 million, or 19%, from September 30, 2023. HTM investment securities, net, at amortized cost were $3.8 billion at September 30, 2024, down $91 million, or 2%, from December 31, 2023, and down $131 million, or 3%, from September 30, 2023. See Note 5 Investment Securities of the notes to consolidated financial statements for additional details.

•Loans of $30.0 billion at September 30, 2024 were up $775 million, or 3%, from December 31, 2023, and down $202 million, or 1%, from September 30, 2023. See Note 6 Loans of the notes to consolidated financial statements for additional details.

•At September 30, 2024, total deposits of $33.6 billion were up $108 million from December 31, 2023, and were up $1.4 billion, or 4%, from September 30, 2023. See section Deposits and Customer Funding for additional information on deposits.

•FHLB advances were $1.9 billion at September 30, 2024, down $27 million, or 1%, from December 31, 2023, and down $1.8 billion, or 49%, from September 30, 2023. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.

•Other long-term funding was $844 million at September 30, 2024, up $303 million, or 56%, from December 31, 2023, and up $315 million, or 59%, from September 30, 2023, primarily driven by the Corporation's issuance of senior notes in August 2024. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.

Loans

Table 5 Period End Loan Composition

			Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2023						Sep 30, 2023
($ in thousands)			Amount			% of Total			Amount			% of Total			Amount			% of Total			Amount			% of Total			Amount			% of Total
Commercial and industrial			$	10,258,899		34		%	$	9,970,412		34		%	$	9,858,329		33		%	$	9,731,555		33		%	$	10,099,068		33		%
Commercial real estate — owner occupied			1,120,849			4		%	1,102,146			4		%	1,095,894			4		%	1,061,700			4		%	1,054,969			3		%
Commercial and business lending			11,379,748			38		%	11,072,558			37		%	10,954,223			37		%	10,793,255			37		%	11,154,037			37		%
Commercial real estate — investor			5,070,635			17		%	5,001,392			17		%	5,035,195			17		%	5,124,245			18		%	5,218,980			17		%
Real estate construction			2,114,300			7		%	2,255,637			8		%	2,287,041			8		%	2,271,398			8		%	2,130,719			7		%
Commercial real estate lending			7,184,934			24		%	7,257,029			25		%	7,322,237			25		%	7,395,644			25		%	7,349,699			24		%
Total commercial			18,564,683			62		%	18,329,587			62		%	18,276,460			62		%	18,188,898			62		%	18,503,736			61		%
Residential mortgage			7,803,083			26		%	7,840,073			26		%	7,868,180			27		%	7,864,891			27		%	8,782,645			29		%
Auto finance			2,708,946			9		%	2,556,009			9		%	2,471,257			8		%	2,256,162			8		%	2,007,164			7		%
Home equity			651,379			2		%	634,142			2		%	619,764			2		%	628,526			2		%	623,650			2		%
Other consumer			262,806			1		%	258,460			1		%	258,603			1		%	277,740			1		%	275,993			1		%
Total consumer			11,426,214			38		%	11,288,684			38		%	11,217,802			38		%	11,027,319			38		%	11,689,451			39		%
Total loans			$	29,990,897		100		%	$	29,618,271		100		%	$	29,494,263		100		%	$	29,216,218		100		%	$	30,193,187		100		%

The Corporation has long-term guidelines relative to the proportion of Commercial and Business, CRE, and Consumer loan commitments within the overall loan portfolio, with each targeted to represent 30% to 40% of the overall loan portfolio. The targeted long-term guidelines were unchanged during 2023 and the first nine months of 2024. Furthermore, certain sub-asset classes within the respective portfolios are further defined and dollar limitations are placed on these sub-portfolios. These guidelines and limits are reviewed quarterly and approved annually by the Enterprise Risk Committee of the Corporation’s Board of Directors. These guidelines and limits are designed to create balance and diversification within the loan portfolios.

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The Corporation’s loan distribution and interest rate sensitivity as of September 30, 2024 are summarized in the following table:

Table 6 Loan Distribution and Interest Rate Sensitivity

($ in thousands)			Within 1 Year(a)			1-5 Years			5-15 Years			Over 15 Years			Total			% of Total
Commercial and industrial			$	9,019,092		$	874,137		$	365,168		$	502		$	10,258,899		34		%
Commercial real estate — owner occupied			713,569			297,960			109,320			—			1,120,849			4		%
Commercial real estate — investor			4,727,573			295,830			47,231			—			5,070,635			17		%
Real estate construction			2,081,511			29,766			2,328			694			2,114,300			7		%
Commercial - adjustable			11,595,151			40,203			3,477			—			11,638,832			39		%
Commercial - fixed			4,946,595			1,457,490			520,570			1,196			6,925,851			23		%
Residential mortgage - adjustable			198,787			723,703			1,459,794			290			2,382,574			8		%
Residential mortgage - fixed			3,972			63,604			461,943			4,890,991			5,420,510			18		%
Auto finance			1,228			1,355,273			1,352,445			—			2,708,946			9		%
Home equity			604,548			8,484			29,658			8,688			651,379			2		%
Other consumer			205,370			30,204			17,600			9,631			262,806			1		%
Total loans			$	17,555,652		$	3,678,961		$	3,845,489		$	4,910,795		$	29,990,897		100		%
Fixed-rate			$	4,960,289		$	2,914,348		$	2,382,218		$	4,910,505		$	15,167,359		51		%
Floating or adjustable rate			12,595,363			764,613			1,463,271			290			14,823,537			49		%
Total			$	17,555,652		$	3,678,961		$	3,845,489		$	4,910,795		$	29,990,897		100		%

(a) Demand loans, past due loans, overdrafts, and credit cards are reported in the “Within 1 Year” category.

At September 30, 2024, $19.8 billion, or 66%, of the loans outstanding and $16.6 billion, or 89%, of the commercial loans outstanding were floating rate, adjustable rate, re-pricing within one year, or maturing within one year.

Credit Risk

An active credit risk management process is used for commercial loans to ensure that sound and consistent credit decisions are made. Credit risk is controlled by detailed underwriting procedures, comprehensive loan administration, and periodic review of borrowers’ outstanding loans and commitments. Borrower relationships are formally reviewed and graded on an ongoing basis for early identification of potential problems. Further analysis by customer, industry, and geographic location are performed to monitor trends, financial performance, and concentrations. See Note 6 Loans of the notes to consolidated financial statements for additional information on managing overall credit quality.

The loan portfolio is widely diversified by types of borrowers, industry groups, and market areas primarily within the Corporation's lending footprint. Significant loan concentrations are considered to exist when there are amounts loaned to numerous borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At September 30, 2024, no significant concentrations existed in the Corporation’s portfolio in excess of 10% of total loan exposure.

Commercial and business lending: The commercial and business lending classification primarily includes commercial loans to large corporations, middle market companies, small businesses, and asset-based and equipment financing.

Table 7 Largest Commercial and Industrial Industry Group Exposures, by NAICS Subsector

Sep 30, 2024			NAICS Subsector			Outstanding Balance			Total Exposure			% of Total Loan Exposure
($ in thousands)
Real Estate(a)			531			$	1,840,961		$	3,340,589		8		%
Utilities(b)			221			2,492,889			3,124,225			8		%
Credit Intermediation and Related Activities(c)			522			934,413			1,692,607			4		%
Merchant Wholesalers, Durable Goods			423			541,991			951,881			2		%

(a) Includes REIT lines.

(b) 55% of the total utilities exposure comes from renewable energy sources (wind, solar, hydroelectric, and geothermal).

(c) Includes mortgage warehouse lines.

The remaining commercial and industrial portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.

The CRE-owner occupied portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.

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The credit risk related to commercial and business lending is largely influenced by general economic conditions and the resulting impact on a borrower’s operations or on the value of underlying collateral, if any.

Commercial real estate - investor: CRE-investor is comprised of loans secured by various non-owner occupied or investor income producing property types.

Table 8 Largest Commercial Real Estate Investor Property Type Exposures

Sep 30, 2024			% of Total Loan Exposure			% of Total Commercial Real Estate - Investor Loan Exposure
Multi-Family			5		%	35		%
Industrial			3		%	26		%
Office			3		%	19		%

The remaining CRE-investor portfolio is spread over various other property types, none of which exceed 2% of total loan exposure.

Credit risk is managed in a similar manner to commercial and business lending by employing sound underwriting guidelines, lending primarily to borrowers in local markets and businesses, periodically evaluating the underlying collateral, and formally reviewing the borrower’s financial soundness and relationship on an ongoing basis.

Real estate construction: Real estate construction loans are primarily short-term or interim loans that provide financing for the acquisition or development of commercial income properties, multi-family projects, or residential development, both single family and condominium. Real estate construction loans are made to developers and project managers who are generally well known to the Corporation and have prior successful project experience. The credit risk associated with real estate construction loans is generally confined to specific geographic areas but is also influenced by general economic conditions. The Corporation controls the credit risk on these types of loans by making loans in familiar markets to developers, reviewing the merits of individual projects, controlling loan structure, and monitoring project progress and construction advances.

Table 9 Largest Real Estate Construction Property Type Exposures

Sep 30, 2024			% of Total Loan Exposure			% of Total Real Estate Construction Loan Exposure
Multi-Family			5		%	54		%

The remaining real estate construction portfolio is spread over various other property types, none of which exceed 2% of total loan exposure.

The Corporation’s current lending standards for CRE and real estate construction lending are determined by property type and specifically address many criteria, including: maximum loan amounts, maximum LTV, requirements for pre-leasing and/or presales, minimum borrower equity, and maximum loan-to-cost. Currently, the maximum standard for LTV is 80%, with lower limits established for certain higher risk types, such as raw land that has a 50% LTV maximum. The Corporation’s LTV guidelines are in compliance with regulatory supervisory limits. In most cases, for real estate construction loans, the loan amounts include interest reserves, which are built into the loans and sized to fund loan payments through construction and lease up and/or sell out.

Residential mortgages: Residential mortgage loans are primarily first lien home mortgages with a maximum loan-to-collateral value without credit enhancement (e.g. private mortgage insurance) of 80%. The residential mortgage portfolio is focused primarily in the Corporation's three-state branch footprint, with approximately 88% of the outstanding loan balances in the Corporation's branch footprint at September 30, 2024. The rates on adjustable rate mortgages adjust based upon the movement in the underlying index which is then added to a margin and rounded to the nearest 0.125%. That result is then subjected to any periodic caps to produce the borrower's interest rate for the coming term. Most of the adjustable rate mortgages have an initial fixed rate term of 3, 5, 7 or 10 years.

The Corporation generally retains certain fixed-rate residential real estate mortgages in its loan portfolio, including retail and private banking jumbo mortgages and CRA-related mortgages. As part of management’s historical practice of originating and servicing residential mortgage loans, generally the Corporation’s 30 year, agency conforming, fixed-rate residential real estate mortgage loans have been sold in the secondary market with servicing rights retained. Subject to management’s analysis of the current interest rate environment, among other market factors, the Corporation may choose to retain mortgage loan production on its balance sheet.

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The Corporation’s underwriting and risk-based pricing guidelines for residential mortgage loans include minimum borrower FICO score and maximum LTV of the property securing the loan. Residential mortgage products generally are underwritten using FHLMC and FNMA secondary marketing guidelines.

Home equity: Home equity consists of both home equity lines of credit and closed-end home equity loans. The Corporation’s credit risk monitoring guidelines for home equity are based on an ongoing review of loan delinquency status, as well as a quarterly review of FICO score deterioration and property devaluation. The Corporation does not routinely obtain appraisals on performing loans to update LTV ratios after origination; however, the Corporation monitors the local housing markets by reviewing the various home price indices and incorporates the impact of the changing market conditions in its ongoing credit monitoring process. For junior lien home equity loans, the Corporation is unable to track the performance of the first lien loan if it does not own or service the first lien loan. However, the Corporation obtains a refreshed FICO score on a quarterly basis and monitors this as part of its assessment of the home equity portfolio.

The Corporation’s underwriting and risk-based pricing guidelines for home equity lines of credit and loans consist of a combination of both borrower FICO score and the original cumulative LTV against the property securing the loan. Currently, the Corporation's policy sets the maximum acceptable LTV at 90%. The Corporation's current home equity line of credit offering is priced based on floating rate indices and generally allows 10 years of interest-only payments followed by a 20-year amortization of the outstanding balance. The loans in the Corporation's portfolio generally have an original term of 20 years with principal and interest payments required.

Indirect Auto: The Corporation currently purchases retail auto sales contracts via a network of approved auto dealerships across 16 states throughout the Northeast, Mid-Atlantic, and Midwestern United States. The auto dealerships finance the sale of automobiles as the initial lender and then assign the contracts to the Corporation pursuant to dealer agreements. The Corporation’s underwriting and pricing guidelines are based on a dual risk grade derived from a combination of FICO auto score and proprietary internal custom score. Minimum grade and FICO score standards ensure the credit risk is appropriately managed to the Corporation’s risk appetite. Further, the grade influences loan-specific parameters such as vehicle age, term, LTV, loan amount, mileage, payment and debt service thresholds, and pricing. Maximum loan terms offered are 84 months on select grades with vehicle age, mileage, and other limitations in place to qualify. The program is designed to capture primarily prime and super prime contracts, with approximately 60% of originations typically secured by used vehicles.

Other consumer: Other consumer consists of student loans, short-term personal installment loans, and credit cards. Credit risk for student loans, short-term personal installment loans, and credit cards is influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Risks of loss are generally on smaller average balances per loan spread over many borrowers. Once charged off, there is usually less opportunity for recovery of these smaller consumer loans. Credit risk is primarily controlled by reviewing the creditworthiness of the borrowers, monitoring payment histories, and taking appropriate collateral and guarantee positions.

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Nonperforming Assets

Management is committed to a proactive nonaccrual and problem loan identification philosophy. This philosophy is implemented through the ongoing monitoring and review of all pools of risk in the loan portfolio to ensure that problem loans are identified quickly and the risk of loss is minimized. Table 10 provides detailed information regarding NPAs, which include nonaccrual loans, OREO, and repossessed assets, and also includes information on accruing loans past due and restructured loans:

Table 10 Nonperforming Assets

($ in thousands)			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Nonperforming assets
Commercial and industrial			$	14,369		$	21,190		$	72,243		$	62,022		$	74,812
Commercial real estate — owner occupied			9,285			1,851			2,090			1,394			3,936
Commercial and business lending			23,654			23,041			74,333			63,416			78,748
Commercial real estate — investor			18,913			48,249			18,697			—			10,882
Real estate construction			15			16			18			6			103
Commercial real estate lending			18,928			48,265			18,715			6			10,985
Total commercial			42,582			71,306			93,047			63,422			89,732
Residential mortgage			70,138			68,058			69,954			71,142			66,153
Auto finance			7,456			6,986			7,158			5,797			4,533
Home equity			8,231			7,996			8,100			8,508			7,917
Other consumer			70			77			87			128			222
Total consumer			85,894			83,117			85,299			85,574			78,826
Total nonaccrual loans			128,476			154,423			178,346			148,997			168,558
Commercial real estate owned			11,914			914			914			914			1,062
Residential real estate owned			1,012			1,467			920			1,290			989
Bank properties real estate owned(a)			5,903			5,944			6,603			8,301			6,400
OREO			18,830			8,325			8,437			10,506			8,452
Repossessed assets			793			671			1,241			919			658
Total nonperforming assets			$	148,098		$	163,418		$	188,025		$	160,421		$	177,668
Accruing loans past due 90 days or more
Commercial			$	5,359		$	384		$	426		$	19,812		$	441
Consumer			1,748			1,970			1,992			1,876			1,715
Total accruing loans past due 90 days or more			$	7,107		$	2,354		$	2,417		$	21,689		$	2,156
Restructured loans (accruing)
Commercial			$	424		$	410		$	377		$	306		$	234
Consumer			2,141			2,166			2,080			2,414			1,855
Total restructured loans (accruing)			$	2,565		$	2,576		$	2,457		$	2,719		$	2,089
Nonaccrual restructured loans (included in nonaccrual loans)			$	1,840		$	717		$	1,141		$	805		$	961
Ratios
Nonaccrual loans to total loans			0.43		%	0.52		%	0.60		%	0.51		%	0.56		%
NPAs to total loans plus OREO and repossessed assets			0.49		%	0.55		%	0.64		%	0.55		%	0.59		%
NPAs to total assets			0.35		%	0.39		%	0.46		%	0.39		%	0.43		%
Allowance for credit losses on loans to nonaccrual loans			309.43		%	252.31		%	217.43		%	258.98		%	225.78		%

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Table 10 Nonperforming Assets (continued)

($ in thousands)			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Accruing loans 30-89 days past due
Commercial and industrial			$	1,212		$	2,052		$	521		$	5,565		$	1,507
Commercial real estate — owner occupied			2,209			—			—			358			1,877
Commercial and business lending			3,421			2,052			521			5,923			3,384
Commercial real estate — investor			10,746			1,023			19,164			18,697			10,121
Real estate construction			88			—			1,260			—			10
Commercial real estate lending			10,834			1,023			20,424			18,697			10,131
Total commercial			14,255			3,075			20,945			24,619			13,515
Residential mortgage			13,630			10,374			9,903			13,446			11,652
Auto finance			15,458			15,814			12,521			17,386			16,688
Home equity			3,146			3,694			2,819			4,208			3,687
Other consumer			2,163			1,995			2,260			2,166			1,880
Total consumer			34,397			31,877			27,503			37,205			33,908
Total accruing loans 30-89 days past due			$	48,651		$	34,952		$	48,448		$	61,825		$	47,422

(a) Primarily closed branches and other bank operated real estate facilities, pending disposition.

Nonaccrual loans: Nonaccrual loans are considered to be one indicator of potential future loan losses. See Note 6 Loans of the notes to consolidated financial statements for additional nonaccrual loan disclosures. See also sections Credit Risk and Allowance for Credit Losses on Loans.

Accruing loans past due 90 days or more: Loans past due 90 days or more but still accruing interest are classified as such where the underlying loans are both well secured (the collateral value is sufficient to cover principal and accrued interest) and are in the process of collection.

Restructured loans: Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. See also Note 6 Loans of the notes to consolidated financial statements for additional restructured loans disclosures.

OREO: Management actively seeks to ensure OREO properties held are monitored to minimize the Corporation’s risk of loss.

Allowance for Credit Losses on Loans

Credit risks within the loan portfolio are inherently different for each loan type. Credit risk is controlled and monitored through the use of lending standards, a thorough review of potential borrowers, and ongoing review of loan payment performance. Active asset quality administration, including early problem loan identification and timely resolution of problems, aids in the management of credit risk and the minimization of loan losses. Credit risk management for each loan type is discussed in the section entitled Credit Risk. See Note 6 Loans of the notes to consolidated financial statements for additional disclosures on the ACLL.

To assess the appropriateness of the ACLL, the Corporation focuses on the evaluation of many factors, including but not limited to: evaluation of facts and issues related to specific loans, management’s ongoing review and grading of the loan portfolio, credit report refreshes, consideration of historical loan loss and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the risk characteristics of the various classifications of loan segments, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, funding assumptions on lines, and other qualitative and quantitative factors which could affect potential credit losses. The forecast the Corporation used for September 30, 2024 was the Moody's baseline scenario from August 2024, which was reviewed against the September 2024 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. Assessing these factors involves significant judgment. Because each of the criteria used is subject to change, the ACLL is not necessarily indicative of the trend of future credit losses on loans in any particular segment. Therefore, management considers the ACLL a critical accounting estimate, see section Critical Accounting Estimates for additional information on the ACLL. See section Nonperforming Assets for a detailed discussion on asset quality. See also Note 6 Loans of the notes to consolidated financial statements for additional ACLL disclosures. Table 5 provides information on loan growth and period end loan composition, Table 10 provides additional information regarding NPAs, and Table 11 and Table 12 provide additional information regarding activity in the ACLL.

The loan segmentation used in calculating the ACLL at September 30, 2024 and December 31, 2023 was generally comparable. The methodology to calculate the ACLL consists of the following components: a valuation allowance estimate is established for

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commercial and consumer loans determined by the Corporation to be individually evaluated, using discounted cash flows, estimated fair value of underlying collateral, and/or other data available. Loans are segmented for criticized loan pools by loan type as well as for non-criticized loan pools by loan type, primarily based on risk rating rates after considering loan type, historical loss and delinquency experience, credit quality, and industry classifications. Loans that have been criticized are considered to have a higher risk of default than non-criticized loans, as circumstances were present to support the lower loan grade, warranting higher loss factors. Additionally, management allocates ACLL to absorb losses that may not be provided for by the other components due to qualitative factors evaluated by management, such as limitations within the credit risk grading process, known current economic or business conditions that may not yet show in trends, industry or other concentrations with current issues that impose higher inherent risks than are reflected in the loss factors, and other relevant considerations. The total allowance is available to absorb losses from any segment of the loan portfolio.

Table 11 Allowance for Credit Losses on Loans

			YTD						Quarter Ended
($ in thousands)			Sep 30, 2024			Sep 30, 2023			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Allowance for loan losses
Balance at beginning of period			$	351,094		$	312,720		$	355,844		$	356,006		$	351,094		$	345,795		$	338,750
Provision for loan losses			67,000			66,000			19,000			21,000			27,000			21,000			25,500
Charge offs			(62,645)			(40,891)			(15,337)			(23,290)			(24,018)			(17,878)			(20,535)
Recoveries			6,316			7,965			2,258			2,127			1,930			2,177			2,079
Net (charge offs) recoveries			(56,329)			(32,925)			(13,078)			(21,163)			(22,088)			(15,701)			(18,455)
Balance at end of period			$	361,765		$	345,795		$	361,765		$	355,844		$	356,006		$	351,094		$	345,795
Allowance for unfunded commitments
Balance at beginning of period			$	34,776		$	38,776		$	33,776		$	31,776		$	34,776		$	34,776		$	38,276
Provision for unfunded commitments			1,000			(4,000)			2,000			2,000			(3,000)			—			(3,500)
Balance at end of period			$	35,776		$	34,776		$	35,776		$	33,776		$	31,776		$	34,776		$	34,776
Allowance for credit losses on loans			$	397,541		$	380,571		$	397,541		$	389,620		$	387,782		$	385,870		$	380,571
Provision for credit losses on loans			68,000			62,000			21,000			23,000			24,000			21,000			22,000
Net loan (charge offs) recoveries
Commercial and industrial			$	(42,963)		$	(29,494)		$	(10,649)		$	(13,676)		$	(18,638)		$	(13,178)		$	(16,558)
Commercial real estate — owner occupied			4			8			—			1			2			(22)			2
Commercial and business lending			(42,959)			(29,487)			(10,649)			(13,674)			(18,636)			(13,200)			(16,556)
Commercial real estate — investor			(4,570)			2,547			(1)			(4,569)			—			216			272
Real estate construction			60			18			2			28			30			38			18
Commercial real estate lending			(4,509)			2,565			2			(4,541)			30			253			290
Total commercial			(47,469)			(26,921)			(10,647)			(18,216)			(18,606)			(12,947)			(16,266)
Residential mortgage			(510)			(358)			(160)			(289)			(62)			(53)			(22)
Auto finance			(4,855)			(3,273)			(1,281)			(1,480)			(2,094)			(1,436)			(1,269)
Home equity			873			652			424			238			211			185			128
Other consumer			(4,368)			(3,025)			(1,414)			(1,417)			(1,537)			(1,450)			(1,027)
Total consumer			(8,860)			(6,004)			(2,431)			(2,947)			(3,482)			(2,754)			(2,189)
Total net (charge offs) recoveries			$	(56,329)		$	(32,925)		$	(13,078)		$	(21,163)		$	(22,088)		$	(15,701)		$	(18,455)
Ratios
Allowance for credit losses on loans to total loans									1.33		%	1.32		%	1.31		%	1.32		%	1.26		%
Allowance for credit losses on loans to net charge offs (annualized)			5.3x			8.6x			7.6x			4.6x			4.4x			6.2x			5.2x
Loan evaluation method for ACLL
Individually evaluated for impairment									$	7,498		$	16,882		$	25,335		$	15,492		$	11,033
Collectively evaluated for impairment									390,043			372,738			362,447			370,378			369,538
Total ACLL									$	397,541		$	389,620		$	387,782		$	385,870		$	380,571
Loan balance
Individually evaluated for impairment									$	41,938		$	70,763		$	92,960		$	62,712		$	86,195
Collectively evaluated for impairment									29,948,958			29,547,508			29,401,303			29,153,505			30,106,993
Total loan balance									$	29,990,897		$	29,618,271		$	29,494,263		$	29,216,218		$	30,193,187

N/M = Not Meaningful

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Table 12 Annualized Net (Charge Offs) Recoveries(a)

			YTD						Quarter Ended
(In basis points)			Sep 30, 2024			Sep 30, 2023			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Net loan (charge offs) recoveries
Commercial and industrial			(58)			(40)			(43)			(55)			(77)			(54)			(66)
Commercial real estate — owner occupied			—			—			—			—			—			(1)			—
Commercial and business lending			(52)			(36)			(39)			(50)			(69)			(48)			(60)
Commercial real estate — investor			(12)			7			—			(37)			—			2			2
Real estate construction			—			—			—			—			1			1			—
Commercial real estate lending			(8)			5			—			(25)			—			1			2
Total commercial			(35)			(20)			(23)			(40)			(41)			(28)			(35)
Residential mortgage			(1)			(1)			(1)			(1)			—			—			—
Auto finance			(26)			(26)			(19)			(24)			(35)			(27)			(27)
Home equity			20			14			26			15			14			12			8
Other consumer			(223)			(145)			(216)			(221)			(232)			(208)			(148)
Total consumer			(10)			(7)			(8)			(10)			(13)			(9)			(7)
Total net (charge offs) recoveries			(25)			(15)			(18)			(29)			(30)			(21)			(25)

(a) Annualized ratio of net charge offs to average loans by loan type.

Notable Contributions to the Change in the Allowance for Credit Losses on Loans

•Total loans increased $775 million, or 3%, from December 31, 2023, and decreased $202 million, or 1%, from September 30, 2023. The increase from December 31, 2023 was primarily due to growth in commercial and industrial lending and auto finance, partially offset by a decrease in real estate construction lending. The decrease from September 30, 2023 was driven by decreases in residential mortgage lending resulting from the Corporation's balance sheet repositioning and CRE - investor lending, partially offset by growth in auto finance and commercial and industrial lending. See also Note 6 Loans of the notes to consolidated financial statements for additional information on loans.

•Total nonaccrual loans decreased $21 million, or 14%, from December 31, 2023, and decreased $40 million, or 24%, from September 30, 2023. The decreases from both December 31, 2023 and September 30, 2023 were driven by decreases in nonaccrual loans within commercial and industrial lending, partially offset by increases within CRE - investor lending and CRE - owner occupied lending. See Note 6 Loans of the notes to consolidated financial statements and Table 10 for additional disclosures on the changes in asset quality.

•YTD net charge offs increased $23 million from September 30, 2023, primarily driven by increases within commercial and industrial lending and CRE - investor lending. See Table 11 and Table 12 for additional information on the activity in the ACLL.

Management believes the level of ACLL to be appropriate at September 30, 2024.

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Deposits and Customer Funding

The following table summarizes the composition of our deposits and customer funding:

Table 13 Period End Deposit and Customer Funding Composition

			Sep 30, 2024						Jun 30, 2024						Mar 31, 2024						Dec 31, 2023						Sep 30, 2023
($ in thousands)			Amount			% of Total			Amount			% of Total			Amount			% of Total			Amount			% of Total			Amount			% of Total
Noninterest-bearing demand			$	5,857,421		17		%	$	5,815,045		18		%	$	6,254,135		19		%	$	6,119,956		18		%	$	6,422,994		20		%
Savings			5,072,508			15		%	5,157,103			16		%	5,124,639			15		%	4,835,701			14		%	4,836,735			15		%
Interest-bearing demand			8,605,578			26		%	8,284,017			25		%	8,747,127			26		%	8,843,967			26		%	7,528,154			23		%
Money market			6,095,206			18		%	6,294,895			19		%	6,721,674			20		%	6,330,453			19		%	7,268,506			23		%
Brokered CDs			4,242,670			13		%	4,061,578			12		%	3,931,230			12		%	4,447,479			13		%	3,351,399			10		%
Other time deposits			3,680,914			11		%	3,078,401			9		%	2,934,352			9		%	2,868,494			9		%	2,715,538			8		%
Total deposits			$	33,554,298		100		%	$	32,691,039		100		%	$	33,713,158		100		%	$	33,446,049		100		%	$	32,123,326		100		%
Other customer funding(a)			110,988						89,524						90,536						106,620						151,644
Total deposits and other customer funding			$	33,665,286					$	32,780,564					$	33,803,694					$	33,552,669					$	32,274,971
Network transaction deposits(b)			$	1,566,908					$	1,502,919					$	1,792,820					$	1,566,139					$	1,649,389
Net deposits and other customer funding(c)			27,855,707						27,216,066						28,079,644						27,539,051						27,274,183
Time deposits of more than $250,000			742,734						546,586						543,469						522,626						533,853

(a) Includes repurchase agreements.
(b) Included above in interest-bearing demand and money market.
(c) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.

•Total deposits, which are the Corporation's largest source of funds, increased $108 million from December 31, 2023, and increased $1.4 billion, or 4%, from September 30, 2023. The increase from September 30, 2023 was largely driven by increases in interest-bearing demand, other time deposits and brokered CDs, partially offset by decreases in money market and noninterest-bearing demand deposits.

•Estimated uninsured and uncollateralized deposits, excluding intercompany deposits, were 22.3% of total deposits at September 30, 2024, compared to 22.7% at December 31, 2023 and 22.6% at September 30, 2023.

Liquidity

The objective of liquidity risk management is to ensure that the Corporation has the ability to generate sufficient cash or cash equivalents in a timely and cost effective manner to satisfy the cash flow requirements of depositors and borrowers and to meet its other commitments as they become due. The Corporation’s liquidity risk management process is designed to identify, measure, and manage the Corporation’s funding and liquidity risk to meet its daily funding needs in the ordinary course of business, as well as to address expected and unexpected changes in its funding requirements. The Corporation engages in various activities to manage its liquidity risk, including diversifying its funding sources, stress testing, and holding readily-marketable assets which can be used as a source of liquidity, if needed.

The Corporation performs dynamic scenario analysis in accordance with industry best practices. Measures have been established to ensure the Corporation has sufficient high quality short-term liquidity to meet cash flow requirements under stressed scenarios. In addition, the Corporation also reviews static measures such as deposit funding as a percentage of total assets and liquid asset levels. Strong capital ratios, credit quality, and core earnings are also essential to maintaining cost effective access to wholesale funding markets. At September 30, 2024, the Corporation was in compliance with its internal liquidity objectives and had sufficient asset-based liquidity to meet its obligations even under a stressed scenario.

The Corporation maintains diverse and readily available liquidity sources, including:

•Lines of credit with the Federal Reserve Bank and FHLB, which require eligible loan and investment collateral to be pledged. Based on the amount of collateral pledged, the FHLB established a collateral value from which the Bank may draw advances, and issue letters of credit in favor of public fund depositors, against the collateral. As of September 30, 2024, the Bank had $6.2 billion available for future funding. The Federal Reserve Bank also establishes a collateral value of assets to support borrowings from the discount window. As of September 30, 2024, the Bank had $3.0 billion available for discount window borrowings.

•A $200 million Parent Company commercial paper program, of which there was none outstanding as of September 30, 2024.

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•Dividends and service fees from subsidiaries, as well as the proceeds from issuance of capital, which are also funding sources for the Parent Company.

•Acquisition related equity issuances by the Parent Company; the Corporation has filed a shelf registration statement with the SEC under which the Parent Company may, from time to time, offer shares of the Corporation’s common stock in connection with acquisitions of businesses, assets, or securities of other companies.

•Other issuances by the Parent Company; the Corporation maintains on file with the SEC a universal shelf registration statement, under which the Parent Company may offer the following securities, either separately or in units: debt securities, preferred stock, depositary shares, common stock, and warrants.

•Bank issuances; the Bank may also issue institutional CDs, network transaction deposits, and brokered CDs.

•Global Bank Note Program issuances; the Bank has implemented a program pursuant to which it may from time to time offer up to $2.0 billion aggregate principal amount of its unsecured senior and subordinated notes.

The following table presents secured and total available liquidity sources, estimated uninsured and uncollateralized deposits (excluding intercompany deposits), and coverage of estimated uninsured and uncollateralized deposits:

Table 14 Liquidity Sources and Uninsured Deposit Coverage Ratio

($ in thousands)			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024						Dec 31, 2023			Sep 30, 2023
Federal Reserve Bank balance			$	405,776		$	482,362		$	419,554					$	421,848		$	314,287
Available FHLB Chicago capacity			6,164,539			5,184,341			7,035,768						5,985,385			5,377,628
Available Federal Reserve Bank discount window capacity			2,981,211			2,336,073			1,438,992						1,433,655			1,335,938
Available BTFP capacity			—			—			—						522,465			618,829
Funding available within one business day(a)			9,551,527			8,002,776			8,894,314						8,363,353			7,646,682
Available federal funds lines			1,401,000			1,406,000			1,495,000						1,550,000			2,518,000
Available brokered deposits capacity(b)			520,809			679,089			446,513						138,512			1,240,488
Unsecured debt capacity(c)			1,000,000			1,000,000			1,000,000						1,000,000			1,000,000
Total available liquidity			$	12,473,336		$	11,087,865		$	11,835,827					$	11,051,865		$	12,405,170
Uninsured and uncollateralized deposits			$	7,492,684		$	7,174,369		$	7,710,911					$	7,586,047		$	7,269,248
Coverage ratio of uninsured and uncollateralized deposits with secured funding available within one business day			127		%	112		%	115		%				110		%	105		%
Coverage ratio of uninsured and uncollateralized deposits with total funding			166		%	155		%	153		%				146		%	171		%

(a) Estimated based on normal course of operations with indicated institution.

(b) Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits.

(c) Availability based on internal policy limitations.

Based on contractual obligations and ongoing operations, the Corporation's sources of liquidity are sufficient to meet present and future liquidity needs. See Table 17 for information about the Corporation's contractual obligations and other commitments. See section Deposits and Customer Funding for information about uninsured deposits and concentrations.

Credit ratings impact the Corporation's ability to issue debt securities and the cost to borrow money. Adverse changes in credit ratings impact not only the ability to raise funds in the capital markets but also the cost of these funds. For additional information regarding risks related to adverse changes in our credit ratings, see Part II, Item 1A, Risk Factors.

For the nine months ended September 30, 2024, net cash provided by operating and financing activities was $373 million and $843 million, respectively, while net cash used in investing activities was $1.2 billion, for a net increase in cash and cash equivalents of $43 million since year-end 2023. At September 30, 2024, assets of $42.2 billion increased $1.2 billion, or 3%, from year-end 2023, primarily due to loan growth and increases in AFS securities. On the funding side, deposits of $33.6 billion increased $108 million from year-end 2023, short-term funding increased $590 million, or 181%, and other long-term funding increased $303 million, or 56%, the latter primarily driven by the Corporation's issuance of senior notes in August 2024.

For the nine months ended September 30, 2023, net cash provided by operating and financing activities was $378 million and $1.9 billion, respectively, while net cash used in investing activities was $2.2 billion, for a net increase in cash and cash equivalents of $91 million since year-end 2022. At September 30, 2023, assets of $41.6 billion increased $2.2 billion, or 6%, from year-end 2022, primarily due to loan growth and increases in AFS securities. On the funding side, deposits of $32.1 billion increased $2.5 billion, or 8%, from year-end 2022, FHLB advances decreased $587 million, or 14%, while other long-term funding increased $281 million, or 113%, the latter due to the issuance of subordinated debt.

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Quantitative and Qualitative Disclosures about Market Risk

Market risk and interest rate risk are managed centrally. Market risk is the potential for loss arising from adverse changes in the fair value of fixed-income securities, equity securities, other earning assets, and derivative financial instruments as a result of changes in interest rates or other factors. Interest rate risk is the potential for reduced net interest income resulting from adverse changes in the level of interest rates. As a financial institution that engages in transactions involving an array of financial products, the Corporation is exposed to both market risk and interest rate risk. In addition to market risk, interest rate risk is measured and managed through a number of methods. The Corporation uses financial modeling simulation techniques that measure the sensitivity of future earnings due to changing rate environments to measure interest rate risk.

Policies established by the Corporation’s ALCO and approved by the Board of Directors are intended to limit these risks. The Board has delegated day-to-day responsibility for managing market and interest rate risk to ALCO. The primary objectives of market risk management are to minimize any adverse effect that changes in market risk factors may have on net interest income and to offset the risk of price changes for certain assets recorded at fair value.

Interest Rate Risk

The primary goal of interest rate risk management is to control exposure to interest rate risk within policy limits approved by the Board of Directors. These limits and guidelines reflect the Corporation's risk appetite for interest rate risk over both short-term and long-term horizons.

The major sources of the Corporation's non-trading interest rate risk are timing differences in the maturity and re-pricing characteristics of assets and liabilities, changes in the shape of the yield curve, and the potential exercise of explicit or embedded options. We measure these risks and their impact by identifying and quantifying exposures through the use of sophisticated simulation and valuation models which are employed by management to understand interest rate sensitive EAR and MVE at risk. The Corporation’s interest rate risk profile is such that, generally, a higher yield curve adds to income while a lower yield curve has a negative impact on earnings. The Corporation's EAR profile is asset sensitive at September 30, 2024.

For further discussion of the Corporation's interest rate risk and corresponding key assumptions, see the Interest Rate Risk section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2023 Annual Report on Form 10-K.

The sensitivity analysis included below is measured as a percentage change in EAR due to gradual moves in benchmark interest rates from a baseline scenario over 12 months. We evaluate the sensitivity using: 1) a dynamic forecast incorporating expected growth in the balance sheet, and 2) a static forecast where the current balance sheet is held constant.

While a gradual shift in interest rates was used in this analysis to provide an estimate of exposure under a probable scenario, an instantaneous shift in interest rates would have a more significant impact. No EAR breaches occurred during the first nine months of 2024.

Table 15 Estimated % Change in Rate Sensitive Earnings at Risk Over 12 Months

			Sep 30, 2024						Dec 31, 2023
			Dynamic Forecast			Static Forecast			Dynamic Forecast			Static Forecast
Gradual Rate Change
100 bp increase in interest rates			1.6		%	1.5		%	1.9		%	2.2		%
200 bp increase in interest rates			2.9		%	2.7		%	3.8		%	4.3		%
100 bp decrease in interest rates			(1.0)		%	(0.7)		%	(1.3)		%	(1.5)		%
200 bp decrease in interest rates			(2.0)		%	(1.4)		%	(2.6)		%	(3.1)		%

At September 30, 2024, the MVE profile indicates a decrease in net balance sheet value due to instantaneous upward changes in rates and an increase in net balance sheet value due to instantaneous downward changes in rates.

Table 16 Market Value of Equity Sensitivity

			Sep 30, 2024			Dec 31, 2023
Instantaneous Rate Change
100 bp increase in interest rates			(9.8)		%	(10.1)		%
200 bp increase in interest rates			(20.1)		%	(20.1)		%
100 bp decrease in interest rates			8.7		%	9.7		%
200 bp decrease in interest rates			16.4		%	18.5		%

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Since MVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in MVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon (i.e., the current year). Further, MVE does not take into account factors such as future balance sheet growth, changes in product mix, changes in yield curve relationships, and changes in product spreads that could mitigate the adverse impact of changes in interest rates. The MVE measure in the 200 bp increase in interest rates scenario is outside of the policy limit, which has been reported to the Corporation's Board.

The above EAR and MVE measures do not include all actions that management may undertake to manage this risk in response to anticipated changes in interest rates.

Contractual Obligations, Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities

The following table summarizes significant contractual obligations and other commitments at September 30, 2024, at those amounts contractually due to the recipient, including any unamortized premiums or discounts, hedge basis adjustments, or other similar carrying value adjustments.

Table 17 Contractual Obligations and Other Commitments

($ in thousands)			Note Reference			One Year or Less			One to Three Years			Three to Five Years			Over Five Years			Total
Time deposits						$	7,781,871		$	127,168		$	14,540		$	5		$	7,923,584
Short-term funding			8			917,028			—			—			—			917,028
FHLB advances			8			1,103,149			604,912			204,707			525			1,913,294
Other long-term funding			8			258,187			182			46			585,927			844,342
Operating leases			16			5,650			10,233			7,680			7,160			30,723
Total						$	10,065,886		$	742,495		$	226,972		$	593,617		$	11,628,970

The Corporation also has obligations under its derivatives, lending-related commitments, and retirement plans as described in Note 9 Derivative and Hedging Activities, Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters, and Note 13 Retirement Plans of the notes to consolidated financial statements, respectively. Further discussion of the nature of each obligation is included in the referenced note to the consolidated financial statements.

Capital

Management actively reviews capital strategies for the Corporation and each of its subsidiaries in light of perceived business risks, future growth opportunities, industry standards, and compliance with regulatory requirements. The assessment of overall capital adequacy depends on a variety of factors, including asset quality, liquidity, stability of earnings, changing competitive forces, economic conditions in markets served, and strength of management. At September 30, 2024, the capital ratios of the Corporation and its banking subsidiaries were in excess of regulatory minimum requirements. The Corporation’s capital ratios are summarized in the following table.

Compliance with regulatory minimum capital requirements is a tool used in assessing the Corporation's capital adequacy, but not determinative of how the Corporation would fare under extreme stress. Factors that may affect the adequacy of the Corporation's capital include the inherent limitations of fair value estimates and the assumptions thereof, the inherent limitations of the regulatory risk-weights assigned to various asset types, the inherent limitations of accounting classifications of certain investments and the effect on their measurement, external macroeconomic conditions and their effects on capital and the Corporation's ability to raise capital or refinance capital commitments, and the extent of steps taken by state or federal government authorities in periods of extreme stress.

For additional information regarding the potential for additional regulation and supervision, see Part I, Item 1A, Risk Factors in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023.

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Table 18 Capital Ratios

			YTD						Quarter Ended
($ in thousands)			Sep 30, 2024			Sep 30, 2023			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Risk-based capital(a)
CET1									$	3,238,155		$	3,172,298		$	3,088,613		$	3,074,938		$	3,197,445
Tier 1 capital									3,432,267			3,366,410			3,282,725			3,269,050			3,391,557
Total capital									4,117,632			4,042,812			3,957,879			3,997,205			4,103,998
Total risk-weighted assets									33,326,479			32,767,830			32,753,344			32,732,710			33,497,484
Modified CECL transitional amount									22,425			22,425			22,425			44,851			44,851
CET1 capital ratio									9.72		%	9.68		%	9.43		%	9.39		%	9.55		%
Tier 1 capital ratio									10.30		%	10.27		%	10.02		%	9.99		%	10.12		%
Total capital ratio									12.36		%	12.34		%	12.08		%	12.21		%	12.25		%
Tier 1 leverage ratio									8.49		%	8.37		%	8.24		%	8.06		%	8.42		%
Selected equity and performance ratios
Total stockholders’ equity / total assets									10.46		%	10.19		%	10.13		%	10.18		%	9.91		%
Dividend payout ratio(b)			36.07		%	35.80		%	39.29		%	29.33		%	42.31		%	N/M			39.62		%
Return on average assets			0.93		%	0.91		%	0.85		%	1.13		%	0.80		%	(0.87)		%	0.80		%
Annualized noninterest expense / average assets			1.93		%	1.90		%	1.93		%	1.92		%	1.95		%	2.30		%	1.90		%

N/M = Not Meaningful

(a) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The Corporation follows Basel III, subject to certain transition provisions. These regulatory capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of the Corporation's capital with the capital of other financial services companies.

(b) Ratio is based upon basic earnings per common share.

See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for information on the shares repurchased during the third quarter of 2024.

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Non-GAAP Measures

Table 19 Non-GAAP Measures

			YTD						Quarter Ended
($ in thousands)			Sep 30, 2024			Sep 30, 2023			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets									7.50		%	7.18		%	7.08		%	7.11		%	6.88		%
Return on average equity			9.00		%	8.91		%	8.09		%	11.16		%	7.81		%	(8.74)		%	7.99		%
Return on average tangible common equity			12.99		%	13.07		%	11.52		%	16.25		%	11.31		%	(13.13)		%	11.67		%
Return on average CET1			11.77		%	11.41		%	10.53		%	14.54		%	10.27		%	(11.85)		%	10.08		%
Return on average tangible assets			0.97		%	0.95		%	0.89		%	1.18		%	0.84		%	(0.88)		%	0.84		%
Average stockholders' equity / average assets			10.29		%	10.16		%	10.46		%	10.14		%	10.26		%	9.97		%	10.06		%
Tangible common equity reconciliation(a)
Common equity									$	4,219,125		$	4,048,225		$	3,974,561		$	3,979,861		$	3,933,531
Goodwill and other intangible assets, net									(1,138,855)			(1,141,058)			(1,143,261)			(1,145,464)			(1,147,666)
Tangible common equity									$	3,080,269		$	2,907,167		$	2,831,300		$	2,834,398		$	2,785,865
Tangible assets reconciliation(a)
Total assets									$	42,210,815		$	41,623,908		$	41,137,084		$	41,015,855		$	41,637,381
Goodwill and other intangible assets, net									(1,138,855)			(1,141,058)			(1,143,261)			(1,145,464)			(1,147,666)
Tangible assets									$	41,071,960		$	40,482,850		$	39,993,824		$	39,870,392		$	40,489,715
Average tangible common equity and average CET1 reconciliation(a)
Common equity			$	4,032,375		$	3,913,850		$	4,136,615		$	3,972,092		$	3,987,269		$	3,926,452		$	3,937,940
Goodwill and other intangible assets, net			(1,142,331)			(1,151,039)			(1,140,060)			(1,142,368)			(1,144,588)			(1,146,677)			(1,148,951)
Tangible common equity			2,890,045			2,762,811			2,996,555			2,829,725			2,842,681			2,779,775			2,788,989
Modified CECL transitional amount			22,425			44,851			22,425			22,425			22,425			44,851			44,851
Accumulated other comprehensive loss			200,701			270,989			172,711			241,634			188,067			286,402			302,043
Deferred tax assets, net			20,136			27,853			23,564			24,506			12,303			26,580			27,694
Average CET1			$	3,133,307		$	3,106,504		$	3,215,255		$	3,118,290		$	3,065,475		$	3,137,608		$	3,163,577
Average tangible assets reconciliation(a)
Total assets			$	41,086,156		$	40,419,166		$	41,389,711		$	41,100,606		$	40,769,206		$	41,330,703		$	41,075,980
Goodwill and other intangible assets, net			(1,142,331)			(1,151,039)			(1,140,060)			(1,142,368)			(1,144,588)			(1,146,677)			(1,148,951)
Tangible assets			$	39,943,825		$	39,268,127		$	40,249,651		$	39,958,238		$	39,624,617		$	40,184,026		$	39,927,029
Adjusted net income reconciliation(b)
Net income			$	284,760		$	273,762		$	88,018		$	115,573		$	81,169		$	(90,806)		$	83,248
Other intangible amortization, net of tax			4,956			4,956			1,652			1,652			1,652			1,652			1,652
Adjusted net income			$	289,716		$	278,718		$	89,670		$	117,225		$	82,821		$	(89,154)		$	84,900
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity			$	276,135		$	265,137		$	85,143		$	112,698		$	78,294		$	(93,681)		$	80,373
Other intangible amortization, net of tax			4,956			4,956			1,652			1,652			1,652			1,652			1,652
Adjusted net income available to common equity			$	281,091		$	270,093		$	86,795		$	114,350		$	79,946		$	(92,029)		$	82,025
Efficiency ratio reconciliation(d)
Federal Reserve efficiency ratio			61.33		%	58.17		%	61.46		%	61.51		%	61.03		%	132.01		%	60.06		%
Fully tax-equivalent adjustment			(0.70)		%	(0.84)		%	(0.69)		%	(0.71)		%	(0.71)		%	(3.29)		%	(0.89)		%
Other intangible amortization			(0.68)		%	(0.67)		%	(0.67)		%	(0.68)		%	(0.69)		%	(1.21)		%	(0.69)		%
Fully tax-equivalent efficiency ratio			59.96		%	56.67		%	60.11		%	60.12		%	59.63		%	127.54		%	58.50		%

(a) Tangible common equity and tangible assets exclude goodwill and other intangible assets, net.

(b) Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.

(c) These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.

(d) The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net.

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Sequential Quarter Results

The Corporation reported net income of $88 million for the third quarter of 2024, compared to net income of $116 million for the second quarter of 2024, the decrease primarily due to an income tax benefit recorded during the second quarter of 2024. Net income available to common equity was $85 million for the third quarter of 2024, or $0.56 for both basic and diluted earnings per common share. Comparatively, net income available to common equity for the second quarter of 2024 was $113 million, or $0.75 for basic earnings per common share and $0.74 for diluted earnings per common share (see Table 1).

Fully tax-equivalent net interest income for the third quarter of 2024 was $266 million, $6 million, or 2%, higher than the second quarter of 2024. The net interest margin in the third quarter of 2024 was up 3 bp to 2.78%. Average earning assets increased $193 million, or 1%, to $38.2 billion in the third quarter of 2024. Average loans increased $55 million, primarily driven by growth within the auto finance portfolio, partially offset by a decrease in commercial lending. On the funding side, average total interest-bearing deposits increased $751 million, or 3%, driven primarily by increases in time deposits and interest-bearing demand deposits, partially offset by a decrease in money market deposits. Average FHLB advances decreased $682 million, or 28%, largely due to the increase in average deposits (see Table 2).

The provision for credit losses was $21 million for the third quarter of 2024 and $23 million for the second 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 third quarter of 2024 was $67 million, up $2 million, or 3% from the second quarter of 2024, largely driven by an increase in fee based revenue (see Table 3).

Noninterest expense for the third quarter of 2024 was $201 million, up $5 million, or 2%, from the second quarter of 2024, driven primarily by an increase in other expense (see Table 4).

For the third quarter of 2024, the Corporation recognized income tax expense of $20 million, compared to an income tax benefit of $13 million for the second quarter of 2024. See section Income Taxes for a more detailed discussion.

Comparable Quarter Results

The Corporation reported net income of $88 million for the third quarter of 2024, compared to net income of $83 million for the third quarter of 2023. Net income available to common equity was $85 million for the third quarter of 2024, or $0.56 for both basic and diluted earnings per common share. Comparatively, net income available to common equity for the third quarter of 2023 was $80 million, or $0.53 for both basic and diluted earnings per share (see Table 1).

Fully tax-equivalent net interest income for the third quarter of 2024 was $266 million, $7 million, or 3%, higher than the third quarter of 2023. The net interest margin between the comparable quarters was up 7 bp, to 2.78% in the third quarter of 2024. The increases in net interest income and net interest margin were due to a mix shift in earning assets resulting in earning asset income growing by more than the growth of interest-bearing liability costs. Average earning assets increased $115 million to $38.2 billion in the third quarter of 2024. Average loans decreased $251 million, or 1%, primarily driven by a decrease in residential mortgage lending, partially offset by an increase in auto finance lending. On the funding side, average interest-bearing deposits increased $2.0 billion, or 8%, from the third quarter of 2023, due to increases in nearly all deposit categories, partially offset by a decrease in money market deposits. Average short and long-term funding decreased $1.1 billion, or 26%, primarily driven by lower FHLB advances (see Table 2).

The provision for credit losses was $21 million for the third quarter of 2024, compared to a provision of $22 million for the third quarter of 2023 (see Table 11). See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Noninterest income for the third quarter of 2024 was $67 million, up approximately $642,000, or 1%, compared to the third quarter of 2023 (see Table 3).

Noninterest expense for the third quarter of 2024 was $201 million, up $4 million, or 2%, from the third quarter of 2023, driven primarily by an increase in personnel expense (see Table 4).

The Corporation recognized income tax expense of $20 million for the third quarter of 2024, compared to income tax expense of $19 million for the third quarter of 2023. See section Income Taxes for a more detailed discussion.

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Segment Review

As discussed in Note 14 Segment Reporting of the notes to consolidated financial statements, the Corporation’s reportable segments have been determined based upon its internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The reportable segments are Corporate and Commercial Specialty; Community, Consumer and Business; and Risk Management and Shared Services.

Table 20 Selected Segment Financial Data

			Three Months Ended Sep 30,									Nine Months Ended Sep 30,
($ in thousands)			2024			2023			% Change			2024			2023			% Change
Corporate and Commercial Specialty
Total revenue			$	193,054		$	177,776		9%			$	563,761		$	520,919		8%
Provision for credit losses			17,009			14,066			21%			48,930			41,523			18%
Noninterest expense			65,415			63,265			3%			197,159			186,521			6%
Income tax expense			20,999			19,293			9%			59,845			54,104			11%
Net income			89,630			81,152			10%			257,827			238,772			8%
Average earning assets			17,793,940			17,623,399			1%			17,742,342			17,394,620			2%
Average loans			17,778,104			17,615,560			1%			17,732,396			17,379,628			2%
Average deposits			8,677,231			8,828,634			(2)%			8,867,209			9,101,585			(3)%
Average allocated capital (Average CET1)(a)			1,735,937			1,719,303			1%			1,724,583			1,712,292			1%
Return on average allocated capital(a)			20.54		%	18.73		%	181 bp			19.97		%	18.64		%	133 bp
Community, Consumer, and Business
Total revenue			$	218,445		$	220,709		(1)%			$	649,848		$	623,573		4%
Provision for credit losses			5,195			7,381			(30)%			17,611			21,467			(18)%
Noninterest expense			115,656			108,127			7%			333,711			328,790			1%
Income tax expense			20,495			22,092			(7)%			62,691			57,396			9%
Net income			77,099			83,109			(7)%			235,835			215,920			9%
Average earning assets			11,325,394			11,737,319			(4)%			11,247,468			11,496,144			(2)%
Average loans			11,325,394			11,737,319			(4)%			11,247,468			11,496,144			(2)%
Average deposits			18,593,935			18,224,072			2%			18,336,007			18,137,460			1%
Average allocated capital (Average CET1)(a)			750,251			750,454			—%			743,677			731,484			2%
Return on average allocated capital(a)			40.88		%	43.94		%	N/M			42.36		%	39.47		%	N/M
Risk Management and Shared Services
Total revenue			$	(81,768)		$	(77,663)		5%			$	(239,284)		$	(164,126)		46%
Provision for credit losses			(1,213)			496			N/M			1,459			(975)			N/M
Noninterest expense			19,526			24,814			(21)%			63,245			58,980			7%
Income tax (benefit)			(21,370)			(21,959)			(3)%			(95,085)			(41,202)			131%
Net (loss)			(78,711)			(81,013)			(3)%			(208,902)			(180,929)			15%
Average earning assets			9,071,183			8,714,890			4%			8,939,209			8,523,182			5%
Average loans			530,589			531,731			—%			548,082			517,609			6%
Average deposits			6,049,659			4,949,087			22%			5,870,119			3,818,115			54%
Average allocated capital (Average CET1)(a)			729,067			693,819			5%			665,047			662,728			—%
Return on average allocated capital(a)			(44.52)		%	(47.97)		%	N/M			(43.69)		%	(38.24)		%	N/M
Consolidated Total
Total revenue			$	329,730		$	320,823		3%			$	974,325		$	980,366		(1)%
Return on average allocated capital(a)			10.53		%	10.08		%	45 bp			11.77		%	11.41		%	36 bp

N//M = Not meaningful

(a) The Federal Reserve establishes capital adequacy requirements for the Corporation, including CET1. For segment reporting purposes, the ROCET1 reflects return on average allocated CET1. The ROCET1 for the Risk Management and Shared Services segment and the Consolidated Total is inclusive of the annualized effect of the preferred stock dividends.

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Notable Changes in Segment Financial Data

The Corporate and Commercial Specialty segment consists of lending and deposit solutions to larger businesses, developers, not-for-profits, municipalities, and financial institutions, and the support to deliver, fund, and manage such banking solutions. In addition, this segment provides a variety of investment, fiduciary, and retirement planning products and services to individuals and small to mid-sized businesses.

•Total revenue increased $15 million from the three months ended September 30, 2023, and increased $43 million from the nine months ended September 30, 2023, primarily attributable to higher loan volumes and interest rates driving net interest income higher.

•Noninterest expense increased $11 million from the nine months ended September 30, 2023, primarily due to higher personnel costs.

•Average loans increased $163 million from the three months ended September 30, 2023, and increased $353 million from the nine months ended September 30, 2023, primarily driven by growth in commercial and business lending and residential mortgage lending.

•Average deposits decreased $151 million from the three months ended September 30, 2023, and decreased $234 million from the nine months ended September 30, 2023, driven by decreases in noninterest-bearing demand deposits and money market deposits, partially offset by an increase in interest-bearing demand deposits.

The Community, Consumer, and Business segment consists of lending and deposit solutions to individuals and small to mid-sized businesses.

•Total revenue increased $26 million from the nine months ended September 30, 2023, primarily attributable to receiving net FTP credit for providing funding for the Corporation and higher interest rates.

•Average loans decreased $412 million from the three months ended September 30, 2023, and decreased $249 million from the nine months ended September 30, 2023, driven by a decrease in residential mortgage lending resulting from the Corporation's balance sheet repositioning, partially offset by an increase in auto finance lending.

•Average deposits increased $370 million from the three months ended September 30, 2023, and increased $199 million from the nine months ended September 30, 2023, driven by increases in time deposits and savings deposits, partially offset by decreases in noninterest-bearing demand deposits and money market deposits.

The Risk Management and Shared Services segment includes key shared Corporate functions, Parent Company activity, intersegment eliminations, and residual revenues and expenses.

•Total revenue decreased $75 million from the nine months ended September 30, 2023, primarily driven by increased interest expense.

•Average earning assets increased $356 million from the three months ended September 30, 2023, and increased $416 million from the nine months ended September 30, 2023, primarily driven by higher balances of AFS investment securities in the portfolio.

•Average deposits increased $1.1 billion from the three months ended September 30, 2023, and increased $2.1 billion from the nine months ended September 30, 2023, primarily driven by increases in brokered CDs and network deposits, partially offset by a decrease in money market deposits.

Critical Accounting Estimates

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. A discussion of these estimates can be found in the Critical Accounting Estimates section in Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2023 Annual Report on Form 10-K. There have been no changes in the Corporation's application of critical accounting estimates since December 31, 2023.

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Recent Developments

On October 29, 2024, the Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.23 per common share, payable on December 16, 2024, to shareholders of record at the close of business on December 2, 2024. This is an increase of $0.01 from the previous quarterly dividend of $0.22 per common share.

The Board of Directors also declared a regular quarterly cash dividend of $0.3671875 per depositary share on Associated's 5.875% Series E Perpetual Preferred Stock, payable on December 16, 2024, to shareholders of record at the close of business on December 2, 2024.

The Board of Directors also declared a regular quarterly cash dividend of $0.3515625 per depositary share on Associated's 5.625% Series F Perpetual Preferred Stock, payable on December 16, 2024, to shareholders of record at the close of business on December 2, 2024.

ITEM 3.			Quantitative and Qualitative Disclosures About Market Risk

Information required by this item is set forth in Item 2 under the captions Quantitative and Qualitative Disclosures about Market Risk and Interest Rate Risk.

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ITEM 4.			Controls and Procedures

The Corporation maintains disclosure controls and procedures as required under Rule 13a-15 promulgated under the Securities Exchange Act of 1934, as amended, that are designed to ensure that information required to be disclosed in the Corporation's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Corporation’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of September 30, 2024, the Corporation’s management carried out an evaluation, under the supervision and with the participation of the Corporation’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on the foregoing, its Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective as of September 30, 2024.

No changes were made to the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act of 1934) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1.			Legal Proceedings

The information required by this item is set forth in Part I, Item 1 under Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters of the notes to consolidated financial statements.

ITEM 1A.			Risk Factors

There have been no material changes in the Risk Factors described in the Corporation’s 2023 Annual Report on Form 10-K.

ITEM 2.			Unregistered Sales of Equity Securities and Use of Proceeds

During the third quarter of 2024, the Corporation repurchased approximately $347,000 of common stock, all of which were repurchases related to tax withholding on equity compensation with no open market repurchases during the quarter. The repurchase details are presented in the table below:

Common Stock Purchases

			Total Number  of Shares Purchased(a)			Average Price Paid per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(b)
Period
July 1, 2024 - July 31, 2024			6,764			$	22.91		—
August 1, 2024 - August 31, 2024			8,396			21.94			—
September 1, 2024 - September 30, 2024			377			21.27			—
Total			15,537			$	22.35		—			2,848,494

(a) During the third quarter of 2024, all common shares repurchased were for minimum tax withholding settlements on equity compensation. These purchases do not count against the maximum value of shares remaining available for purchase under the Board of Directors' 2021 authorization.

(b) At September 30, 2024, there remained $61 million authorized to be repurchased under the Board of Directors' 2021 $100 million authorization. The maximum number of shares that may yet be purchased under this authorization is based on the closing share price on September 30, 2024.

Repurchases under Board authorized repurchase programs are subject to any necessary regulatory approvals and other limitations and may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchases, or similar facilities.

ITEM 5.			Other Information

During the three months ended September 30, 2024, no director or "officer" of the Corporation adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6.			Exhibits

(a)    Exhibits:

Exhibit (4), Form of Global Note dated as of August 29, 2024 representing $300,000,000 6.455% Fixed Rate / Floating Rate Senior Notes Due 2030, incorporated by reference to Exhibit 4.1 of the Corporation's Current Report on Form 8-K dated August 26, 2024.
Exhibit (10), Retirement Agreement between Associated Banc-Corp and Tammy C. Stadler, dated July 26, 2024.
Exhibit (31.1), Certification Under Section 302 of Sarbanes-Oxley by Andrew J. Harmening, Chief Executive Officer.
Exhibit (31.2), Certification Under Section 302 of Sarbanes-Oxley by Derek S. Meyer, Chief Financial Officer.
Exhibit (32), Certification by the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of Sarbanes-Oxley.
Exhibit (101), Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Changes in Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
Exhibit (104), The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 has been formatted in Inline XBRL (Inline Extensible Business Reporting Language) and contained in Exhibits in 101.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						ASSOCIATED BANC-CORP
						(Registrant)
Date: October 29, 2024						/s/ Andrew J. Harmening
						Andrew J. Harmening
						President and Chief Executive Officer
Date: October 29, 2024						/s/ Derek S. Meyer
						Derek S. Meyer
						Chief Financial Officer
Date: October 29, 2024						/s/ Ryan J. Beld
						Ryan J. Beld
						Chief Accounting Officer

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