Companies: 10,796     total market cap: โ‚น13365.494 T
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Associated Banc-Corp
ASB
#3086
Rank
โ‚น490.02 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
โ‚น2,602
Share price
2.51%
Change (1 day)
55.90%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Associated Banc-Corp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2021 Q3

Associated Banc-Corp - 10-Q quarterly report FY2021 Q3


Text size:
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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, 2021
☐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)
Wisconsin39-1098068
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
433 Main Street
Green Bay,Wisconsin54301
(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 classTrading symbolName of each exchange on which registered
Common stock, par value $0.01 per shareASBNew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs EASB PrENew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs FASB PrFNew 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, 2021 was 150,074,324.
1

ASSOCIATED BANC-CORP
Table of Contents

2

ASSOCIATED BANC-CORP
Commonly Used Acronyms and Abbreviations
The following listing provides a reference of common acronyms and abbreviations used throughout the document:
ABRCAssociated Benefits & Risk Consulting, the Corporation's insurance division which was sold on June 30, 2020
ACLLAllowance for Credit Losses on Loans
AFSAvailable for Sale
ALCO Asset / Liability Committee
ARRCAlternative Reference Rate Committee
ASCAccounting Standards Codification
Associated / Corporation / our / weAssociated Banc-Corp collectively with all of its subsidiaries and affiliates
Associated Bank / the BankAssociated Bank, National Association
ASUAccounting Standards Update
Basel IIIInternational framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bpbasis point(s)
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CDsCertificates of Deposit
CDIsCore Deposit Intangibles
CECLCurrent Expected Credit Losses
CET1Common Equity Tier 1
CRACommunity Reinvestment Act
CRECommercial Real Estate
EAREarnings at Risk
Economic Aid ActEconomic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FFELPFederal Family Education Loan Program
FHLBFederal Home Loan Bank
FHLMCFederal Home Loan Mortgage Corporation
FICOFair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions
First StauntonFirst Staunton Bancshares, Incorporated
FNMAFederal National Mortgage Association
FTEsFull-time equivalent employees
FTPFunds Transfer Pricing
GAAPGenerally Accepted Accounting Principles
GNMAGovernment National Mortgage Association
GSEsGovernment-Sponsored Enterprises
HTMHeld to Maturity
ITInformation Technology
LIBORLondon Interbank Offered Rate
LTVLoan-to-Value
MSRsMortgage Servicing Rights
MVEMarket Value of Equity
Net Free FundsNoninterest-bearing sources of funds
3

NIINet Interest Income
NPAsNonperforming Assets
OREOOther Real Estate Owned
Parent CompanyAssociated Banc-Corp individually
PCDPurchased Credit Deteriorated
PPPPaycheck Protection Program
PPPLFPaycheck Protection Program Liquidity Facility
RAPRetirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
Repurchase AgreementsSecurities sold under agreements to repurchase
Restricted Stock AwardsRestricted common stock and restricted common stock units to certain key employees
Retirement Eligible ColleaguesColleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan
RockefellerRockefeller Capital Management
S&PStandard & Poor's
SBASmall Business Administration
SECU.S. Securities and Exchange Commission
Series C Preferred StockThe Corporation's 6.125% Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference $1,000 per share
Series D Preferred StockThe Corporation's 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, liquidation preference $1,000 per share
Series E Preferred StockThe Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share
Series F Preferred StockThe Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share
SOFRSecured Overnight Finance Rate
TDRTroubled Debt Restructuring
USI USI Insurance Services LLC
WhitnellWhitnell & Co.
YTDYear-to-Date

4

PART I - FINANCIAL INFORMATION
ITEM 1.Financial Statements:

ASSOCIATED BANC-CORP
Consolidated Balance Sheets
 Sep 30, 2021Dec 31, 2020
 (In Thousands, except share and per share data)
(Unaudited)(Audited)
Assets
Cash and due from banks$378,927 $416,154 
Interest-bearing deposits in other financial institutions1,281,916 298,759 
Federal funds sold and securities purchased under agreements to resell25,000 1,135 
Investment securities AFS, at fair value3,893,379 3,085,441 
Investment securities HTM, net, at amortized cost1,929,735 1,878,938 
Equity securities17,939 15,106 
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost168,281 168,280 
Residential loans held for sale158,202 129,158 
Loans23,621,673 24,451,724 
Allowance for loan losses(290,997)(383,702)
Loans, net23,330,676 24,068,022 
Tax credit and other investments301,490 297,232 
Premises and equipment, net383,131 418,914 
Bank and corporate owned life insurance683,610 679,647 
Goodwill1,104,992 1,109,300 
Other intangible assets, net60,296 68,254 
Mortgage servicing rights, net50,329 41,961 
Interest receivable79,011 90,263 
Other assets592,753 653,219 
Total assets$34,439,666 $33,419,783 
Liabilities and Stockholders' Equity
Noninterest-bearing demand deposits$8,170,105 $7,661,728 
Interest-bearing deposits19,681,161 18,820,753 
Total deposits27,851,266 26,482,481 
Federal funds purchased and securities sold under agreements to repurchase267,943 192,971 
Commercial paper54,553 59,346 
FHLB advances1,620,880 1,632,723 
Other long-term funding249,160 549,465 
Allowance for unfunded commitments41,276 47,776 
Accrued expenses and other liabilities359,626 364,088 
Total liabilities30,444,705 29,328,850 
Stockholders’ Equity
Preferred equity193,195 353,512 
Common equity
Common stock1,752 1,752 
Surplus1,711,867 1,720,329 
Retained earnings2,628,421 2,458,920 
Accumulated other comprehensive income (loss)(10,813)12,618 
Treasury stock, at cost(529,461)(456,198)
Total common equity3,801,766 3,737,421 
Total stockholders’ equity3,994,961 4,090,933 
Total liabilities and stockholders’ equity$34,439,666 $33,419,783 
Preferred shares authorized (par value $1.00 per share)
750,000 750,000 
Preferred shares issued and outstanding200,000 364,458 
Common shares authorized (par value $0.01 per share)
250,000,000 250,000,000 
Common shares issued175,216,409 175,216,409 
Common shares outstanding149,961,231 153,540,224 
Numbers may not sum due to rounding.
See accompanying notes to consolidated financial statements.
5

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)
2021202020212020
Interest income
Interest and fees on loans$174,643 $182,625 $522,920 $599,306 
Interest and dividends on investment securities
Taxable8,745 13,689 24,600 50,064 
Tax-exempt14,613 14,523 43,141 44,021 
Other interest2,281 2,238 5,802 7,774 
Total interest income200,282 213,075 596,462 701,165 
Interest expense
Interest on deposits4,427 10,033 14,945 59,877 
Interest on federal funds purchased and securities sold under agreements to repurchase48 34 103 454 
Interest on other short-term funding8 5 21 46 
Interest on PPPLF— 899 — 1,574 
Interest on FHLB advances8,962 14,375 27,979 47,471 
Interest on long-term funding3,163 5,580 14,323 16,780 
Total interest expense16,607 30,925 57,371 126,201 
Net interest income183,675 182,150 539,092 574,964 
Provision for credit losses(24,010)43,009 (82,018)157,009 
Net interest income after provision for credit losses207,685 139,141 621,110 417,954 
Noninterest income
Wealth management fees22,110 21,152 67,229 62,884 
Service charges and deposit account fees16,962 14,283 47,366 40,989 
Card-based fees11,113 10,195 31,838 28,685 
Other fee-based revenue3,929 4,968 12,769 14,240 
Capital markets, net7,114 7,222 20,928 22,067 
Mortgage banking, net10,657 12,636 42,710 31,043 
Bank and corporate owned life insurance 2,760 3,074 8,551 9,793 
Insurance commissions and fees88 114 250 45,153 
Asset gains (losses), net(a)
5,228 (339)10,024 156,945 
Investment securities gains (losses), net— 7 (16)9,222 
Gains on sale of branches, net(b)
— — 1,038 — 
Other2,116 2,232 8,176 7,321 
Total noninterest income82,076 75,545 250,862 428,342 
Noninterest expense
Personnel107,880 108,567 318,900 334,117 
Technology19,927 19,666 60,902 61,639 
Occupancy15,814 17,854 46,649 48,386 
Business development and advertising6,156 3,626 15,522 13,007 
Equipment5,200 5,399 16,199 16,150 
Legal and professional4,304 5,591 17,495 15,809 
Loan and foreclosure costs1,616 2,118 6,508 8,842 
FDIC assessment5,000 3,900 13,350 14,650 
Other intangible amortization2,203 2,253 6,642 7,939 
Loss on prepayments of FHLB advances— 44,650 — 44,650 
Other9,793 13,963 25,547 37,993 
Total noninterest expense177,892 227,587 527,713 603,184 
Income (loss) before income taxes111,870 (12,900)344,259 243,112 
Income tax expense (benefit)23,060 (58,114)70,142 3,342 
Net income88,809 45,214 274,117 239,769 
Preferred stock dividends4,155 5,207 14,236 13,152 
Net income available to common equity$84,655 $40,007 $259,880 $226,618 
Earnings per common share
Basic$0.56 $0.26 $1.70 $1.47 
Diluted$0.56 $0.26 $1.69 $1.46 
Average common shares outstanding
Basic150,046 152,440 151,473 153,175 
Diluted151,143 153,194 152,701 153,914 
Numbers may not sum due to rounding.
(a) The nine months ended September 30, 2020 include a gain of $163 million from the sale of ABRC.
(b) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell. See Note 2 Acquisitions and Dispositions for additional details on the branch sales.
See accompanying notes to consolidated financial statements.
6

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)
2021202020212020
Net income$88,809 $45,214 $274,117 $239,769 
Other comprehensive income (loss), net of tax
Investment securities AFS
Net unrealized gains (losses)(19,827)5,840 (35,829)53,900 
Amortization of net unrealized (gains) losses on AFS securities transferred to HTM securities172 1,296 1,335 2,628 
Reclassification adjustment for net losses (gains) realized in net income— (7)16 (9,222)
Income tax (expense) benefit4,975 (1,786)8,548 (11,852)
Other comprehensive income (loss) on investment securities AFS(14,681)5,342 (25,930)35,454 
Defined benefit pension and postretirement obligations
Amortization of prior service cost(37)(36)(111)(111)
Amortization of actuarial loss (gain)1,346 1,313 3,446 2,923 
Income tax (expense) benefit(330)(703)(836)(1,088)
Other comprehensive income (loss) on pension and postretirement obligations979 573 2,498 1,724 
Total other comprehensive income (loss)(13,702)5,916 (23,431)37,178 
Comprehensive income$75,107 $51,130 $250,685 $276,948 
Numbers may not sum due to rounding.
See accompanying notes to consolidated financial statements.

7

Item 1. Financial Statements Continued:    
ASSOCIATED BANC-CORP
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(In Thousands, except per share data)Preferred EquityCommon StockSurplusRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury StockTotal
Balance, December 31, 2020$353,512 $1,752 $1,720,329 $2,458,920 $12,618 $(456,198)$4,090,933 
Comprehensive income
Net income— — — 94,301 — — 94,301 
Other comprehensive income (loss)— — — — (16,811)— (16,811)
Comprehensive income77,490 
Common stock issued
Stock-based compensation plans, net— — (16,986)— — 27,542 10,556 
Purchase of treasury stock, open market purchases— — — — — (17,973)(17,973)
Purchase of treasury stock, stock-based compensation plans— — — — — (3,593)(3,593)
Cash dividends
Common stock, $0.18 per share— — — (27,870)— — (27,870)
Preferred stock(a)
— — — (5,207)— — (5,207)
Stock-based compensation expense, net— — 3,444 — — — 3,444 
Balance, March 31, 2021$353,512 $1,752 $1,706,786 $2,520,144 $(4,193)$(450,222)$4,127,780 
Comprehensive income:
Net income— — — 91,007 — — 91,007 
Other comprehensive income (loss)— — — — 7,082 — 7,082 
Comprehensive income98,088 
Common stock issued:
Stock-based compensation plans, net— — (3,632)— — 11,250 7,618 
Purchase of treasury stock, open market purchases— — — — — (29,972)(29,972)
Purchase of treasury stock, stock-based compensation plans— — — — — (856)(856)
Cash dividends:
Common stock, $0.18 per share— — — (27,822)— — (27,822)
Preferred stock(b)
— — — (4,875)— — (4,875)
Redemption of preferred stock(63,313)— — (1,687)— — (65,000)
Stock-based compensation expense, net— — 5,092 — — — 5,092 
Balance, June 30, 2021$290,200 $1,752 $1,708,246 $2,576,766 $2,889 $(469,801)$4,110,052 
Comprehensive income:
Net income— — — 88,809 — — 88,809 
Other comprehensive income (loss)— — — — (13,702)— (13,702)
Comprehensive income75,107 
Common stock issued:
Stock-based compensation plans, net— — 6 — — 449 455 
Purchase of treasury stock, open market purchases— — — — — (59,998)(59,998)
Purchase of treasury stock, stock-based compensation plans— — — — — (112)(112)
Cash dividends:
Common stock, $0.20 per share— — — (30,546)— — (30,546)
Preferred stock(c)
— — — (4,155)— — (4,155)
Redemption of preferred stock(97,004)— — (2,454)— — (99,458)
Stock-based compensation expense, net— — 3,616 — — — 3,616 
Balance, September 30, 2021$193,195 $1,752 $1,711,867 $2,628,421 $(10,813)$(529,461)$3,994,961 
Numbers may not sum due to rounding.
(a) Series C, $0.3828125 per share; Series D, $0.3359375 per share; Series E, $0.3671875 per share; and Series F, $0.3515625 per share.
(b) Series C, $0.3197115 per share; Series D, $0.3359375 per share; Series E, $0.3671875 per share; and Series F, $0.3515625 per share.
(c) Series D, $0.2842548 per share; Series E, $0.3671875 per share; and Series F, $0.3515625 per share.
8

(In Thousands, except per share data)Preferred EquityCommon StockSurplusRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury StockTotal
Balance, December 31, 2019$256,716 $1,752 $1,716,431 $2,380,867 $(33,183)$(400,460)$3,922,124 
Cumulative effect of ASU 2016-13 adoption (CECL)— — — (98,337)— — (98,337)
Total shareholder's equity at beginning of period, as adjusted256,716 1,752 1,716,431 2,282,530 (33,183)(400,460)3,823,787 
Comprehensive income
Net income— — — 45,838 — — 45,838 
Other comprehensive income (loss)— — — — 16,209 — 16,209 
Comprehensive income62,046 
Common stock issued
Stock-based compensation plans, net— — (20,659)— — 23,555 2,896 
Purchase of treasury stock, open market purchases— — — — — (71,255)(71,255)
Purchase of treasury stock, stock-based compensation plans— — — — — (5,555)(5,555)
Cash dividends
Common stock, $0.18 per share— — — (28,392)— — (28,392)
Preferred stock(a)
— — — (3,801)— — (3,801)
Stock-based compensation expense, net— — 10,744 — — — 10,744 
Balance, March 31, 2020$256,716 $1,752 $1,706,516 $2,296,176 $(16,974)$(453,714)$3,790,471 
Comprehensive income:
Net income— — — 148,718 — — 148,718 
Other comprehensive income (loss)— — — — 15,054 — 15,054 
Comprehensive income163,772 
Common stock issued:
Stock-based compensation plans, net— — 1,523 — — (1,350)173 
Purchase of treasury stock, stock-based compensation plans— — — — — 7 7 
Cash dividends:
Common stock, $0.18 per share— — — (27,889)— — (27,889)
Preferred stock(b)
— — — (4,144)— — (4,144)
Issuance of preferred stock97,129 — — — — — 97,129 
Stock-based compensation expense, net— — 4,939 — — — 4,939 
Balance, June 30, 2020$353,846 $1,752 $1,712,978 $2,412,859 $(1,920)$(455,057)$4,024,457 
Comprehensive income:
Net income— — — 45,214 — — 45,214 
Other comprehensive income (loss)— — — — 5,916 — 5,916 
Comprehensive income51,130 
Common stock issued:
Stock-based compensation plans, net— — 706 — — (610)95 
Purchase of treasury stock, stock-based compensation plans— — — — — (462)(462)
Cash dividends:
Common stock, $0.18 per share— — — (27,875)— — (27,875)
Preferred stock(c)
— — — (5,207)— — (5,207)
Issuance of preferred stock(208)— — — — — (208)
Stock-based compensation expense, net— — 3,502 — — — 3,502 
Balance, September 30, 2020$353,637 $1,752 $1,717,186 $2,424,992 $3,995 $(456,129)$4,045,433 
Numbers may not sum due to rounding.
(a) Series C, $0.3828125 per share; Series D, $0.3359375 per share; and Series E, $0.3671875 per share.
(b) Series C, $0.3828125 per share; Series D, $0.3359375 per share; Series E, $0.3671875 per share; and Series F, $0.0849931 per share.
(c) Series C, $0.3828125 per share; Series D, $0.3359375 per share; Series E, $0.3671875 per share; and Series F, $0.3515625 per share.

See accompanying notes to consolidated financial statements.




9

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended Sep 30,
 ($ in Thousands)
20212020
Cash Flow From Operating Activities
Net income$274,117 $239,769 
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Provision for credit losses(82,018)157,009 
Depreciation and amortization36,109 38,707 
Addition to (recovery of) valuation allowance on mortgage servicing rights, net(12,231)18,481 
Amortization of mortgage servicing rights15,624 16,416 
Amortization of other intangible assets6,642 7,939 
Amortization and accretion on earning assets, funding, and other, net12,184 21,748 
Net amortization of tax credit investments25,196 18,988 
Losses (gains) on sales of investment securities, net16 (9,222)
Asset (gains) losses, net(10,024)(156,945)
(Gains) losses on sale of branch, net(1,038)— 
(Gain) loss on mortgage banking activities, net(32,304)(43,889)
Mortgage loans originated and acquired for sale(1,345,158)(1,319,034)
Proceeds from sales of mortgage loans held for sale1,348,006 1,620,777 
Changes in certain assets and liabilities
(Increase) decrease in interest receivable11,252 (415)
Increase (decrease) in interest payable(13,287)(12,735)
Increase (decrease) in expense payable24,509 (32,892)
(Increase) decrease in net derivative position82,122 (133,165)
(Increase) decrease in net income tax position(19,940)(58,002)
Net change in other assets and other liabilities44,366 49,525 
Net cash provided by (used in) operating activities364,141 423,060 
Cash Flow From Investing Activities
Net decrease (increase) in loans804,497 (2,170,320)
Purchases of
AFS securities(1,985,700)(1,368,124)
HTM securities(250,259)(109,824)
Federal Home Loan Bank and Federal Reserve Bank stocks and equity securities(9)(84,152)
Premises, equipment, and software, net of disposals(34,337)(34,440)
Other intangibles— (200)
Proceeds from
Sales of securities 158,743 626,283 
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks— 144,000 
Prepayments, calls, and maturities of AFS investment securities 927,053 893,157 
Prepayments, calls, and maturities of HTM investment securities 243,063 323,175 
Sales, prepayments, calls, and maturities of other assets18,149 18,457 
Net cash received in business segment sale2,415 256,511 
Net change in tax credit and alternative investments(45,655)(35,630)
Net cash (paid) received in acquisition — (31,518)
Net cash provided by (used in) investing activities(162,040)(1,572,625)
Cash Flow From Financing Activities
Net increase (decrease) in deposits1,400,162 2,495,229 
Net decrease in deposits due to branch sales(31,083)— 
Net increase (decrease) in short-term funding70,179 (284,655)
Net increase (decrease) in short-term FHLB advances— (520,000)
Repayment of long-term FHLB advances(18,276)(966,777)
Proceeds from long-term FHLB advances6,576 4,000 
Proceeds from PPPLF— 1,022,217 
(Repayment) proceeds of finance lease principal(1,056)(1,044)
Repayment of senior notes(300,000)— 
Proceeds from issuance of preferred shares— 96,921 
Proceeds from issuance of common stock for stock-based compensation plans18,629 3,165 
Redemption of preferred shares(164,458)— 
Purchase of treasury stock, open market purchases(107,943)(71,255)
Purchase of treasury stock, stock-based compensation plans(4,562)(6,010)
Cash dividends on common stock(86,238)(84,156)
Cash dividends on preferred stock(14,236)(13,152)
Net cash provided by (used in) financing activities767,695 1,674,484 
Net increase (decrease) in cash and cash equivalents969,796 524,918 
Cash and cash equivalents at beginning of period716,048 588,744 
Cash and cash equivalents at end of period(a)
$1,685,843 $1,113,663 
Numbers may not sum due to rounding.
(a) No restricted cash due to the Federal Reserve reducing the required reserve ratio to zero
10

ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30,
 ($ in Thousands)
20212020
Supplemental disclosures of cash flow information
Cash paid for interest$69,470 $137,423 
Cash paid for (received from) income and franchise taxes56,262 17,682 
Loans and bank premises transferred to OREO33,794 12,599 
Capitalized mortgage servicing rights11,761 11,495 
Loans transferred into held for sale from portfolio, net10,071 260,856 
Unsettled trades to purchase securities9,855 1,000 
Acquisition
Fair value of assets acquired, including cash and cash equivalents— 457,878 
Fair value ascribed to goodwill and intangible assets— 22,150 
Fair value of liabilities assumed— 480,028 

11

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 2020 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 and Parent Company 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. Estimates that are particularly susceptible to significant change include the determination of the ACLL, goodwill impairment assessment, MSRs valuation, and income taxes. 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 Acquisitions and Dispositions
Acquisitions:
The Corporation has not had any acquisitions during the first nine months of 2021.
2020
First Staunton Acquisition
On February 14, 2020, the Corporation completed its acquisition of First Staunton. The purchase price was based on an assumed 4% deposit premium at announcement. The conversion of the branches was completed simultaneously with the close of the transaction, expanding the Bank's presence into nine new Metro-East St. Louis communities. As a result of the acquisition and other consolidations, a net of seven branch locations were added.
The Corporation recorded $15 million in goodwill related to the First Staunton acquisition. Goodwill created by the acquisition is not tax deductible.
12

The following table presents the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date related to the First Staunton acquisition:
 ($ in Thousands)Purchase Accounting AdjustmentsFebruary 14, 2020
Assets
Cash and cash equivalents$— $44,782 
Investment securities AFS(24)98,743 
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost— 781 
Loans(4,808)369,741 
Premises and equipment, net(3,005)4,865 
Bank owned life insurance9 6,770 
Goodwill14,812 
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets)7,379 7,379 
OREO (included in other assets on the face of the consolidated balance sheets)670 762 
Other assets2,795 7,692 
Total assets$556,328 
Liabilities
Deposits$1,285 $438,684 
Other borrowings61 34,613 
Accrued expenses and other liabilities179 6,730 
Total liabilities$480,028 
Total consideration paid$76,300 
For a description of methods used to determine the fair value of significant assets and liabilities presented on the balance sheet above, see Assumptions section of this Note.
The Corporation has purchased loans with the First Staunton acquisition, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination (PCD). The carrying amount of those loans is as follows:
($ in Thousands)February 14, 2020
Purchase price of loans at acquisition$77,221 
Allowance for credit losses at acquisition3,504 
Non-credit discount/(premium) at acquisition(951)
Par value of acquired loans at acquisition$79,774 
The Corporation acquired no PCD securities in connection with the acquisition.
Assumptions
Investment Securities: The fair value of investments on the date of acquisition was determined utilizing an external third party broker opinion of the market value.
Loans: Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, amortization status and current discount rates. For the non-credit (interest and liquidity) premium, loans were grouped together according to similar characteristics when applying various valuation techniques. For the credit discount, loans were also grouped based on whether they had more than insignificant deterioration in credit since origination.
CDIs: This intangible asset represents the value of the relationships with deposit customers. The fair value was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, alternative cost of funds, and the interest costs associated with customer deposits. The CDIs are being amortized on a straight-line basis over 10 years.
Time Deposits: The fair value for time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered to the contractual interest rates on such time deposits.
FHLB Borrowings: The fair value of FHLB advances is estimated based on quoted market prices for the instrument if available, or for similar instruments if not available, or by using discounted cash flow analyses, based on current incremental borrowing rates for similar types of instruments.
13

Dispositions:
2021
On March 1, 2021, the Corporation closed on the sale of its wealth management subsidiary, Whitnell, to Rockefeller for a purchase price of $8 million. Associated reported a first quarter 2021 pre-tax gain of $2 million, included in asset gains (losses), net on the consolidated statements of income, in conjunction with the sale.
On February 26, 2021, the Bank completed the sale of one branch located in Monroe, Wisconsin to Summit Credit Union. Under the terms of the transaction, Associated Bank sold $31 million in total deposits and no loans. Associated Bank received an approximately 4% purchase premium on deposits transferred.
2020
On June 30, 2020, the Corporation completed the sale of ABRC to USI for $266 million in cash. Associated recorded a second quarter 2020 pre-tax book gain of $163 million in conjunction with the sale.
On December 11, 2020, the Bank completed the sale of five branches in Peoria, Illinois to Morton Community Bank. Under the terms of the transaction, the Bank sold $180 million in total deposits and no loans. Associated Bank received a 4% purchase premium on deposits transferred. With the sale of these branches, the Bank exited the Peoria market.
On December 11, 2020, the Bank completed the sale of two branches in southwest Wisconsin to Royal Bank. Under the terms of the transaction, Associated Bank sold $53 million in total deposits and no loans. Associated Bank received a 4% purchase premium on deposits transferred in the Prairie du Chien and Richland Center branches.
Note 3 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 2020 Annual Report on Form 10-K. There have been no changes to the Corporation's significant accounting policies since December 31, 2020.
New Accounting Pronouncements Adopted
StandardDescriptionDate of adoptionEffect on financial statements
ASU 2019-12
Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes		The FASB issued this amendment to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendment was permitted.1st Quarter 2021Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity.
ASU 2020-08 Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other CostsThe FASB issued this amendment to clarify that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments was not permitted.1st Quarter 2021Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity.
Future Accounting Pronouncements
There are no applicable material accounting pronouncements recently issued that have not yet been adopted by the Corporation.
14

Note 4 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)2021202020212020
Net income$88,809 $45,214 $274,117 $239,769 
Preferred stock dividends(4,155)(5,207)(14,236)(13,152)
Net income available to common equity$84,655 $40,007 $259,880 $226,618 
Common shareholder dividends(30,323)(27,676)(85,604)(83,607)
Unvested share-based payment awards(222)(199)(634)(549)
Undistributed earnings$54,109 $12,133 $173,642 $142,462 
Undistributed earnings allocated to common shareholders$53,716 $12,045 $172,436 $141,426 
Undistributed earnings allocated to unvested share-based payment awards393 87 1,206 1,036 
Undistributed earnings$54,109 $12,133 $173,642 $142,462 
Basic
Distributed earnings to common shareholders$30,323 $27,676 $85,604 $83,607 
Undistributed earnings allocated to common shareholders53,716 12,045 172,436 141,426 
Total common shareholders earnings, basic$84,039 $39,721 $258,040 $225,032 
Diluted
Distributed earnings to common shareholders$30,323 $27,676 $85,604 $83,607 
Undistributed earnings allocated to common shareholders53,716 12,045 172,436 141,426 
Total common shareholders earnings, diluted$84,039 $39,721 $258,040 $225,032 
Weighted average common shares outstanding150,046 152,440 151,473 153,175 
Effect of dilutive common stock awards1,096 754 1,228 739 
Diluted weighted average common shares outstanding151,143 153,194 152,701 153,914 
Basic earnings per common share$0.56 $0.26 $1.70 $1.47 
Diluted earnings per common share$0.56 $0.26 $1.69 $1.46 
Non-dilutive common stock options of approximately 3 million and 8 million for the three months ended September 30, 2021 and 2020, respectively, and 3 million and 7 million for the nine months ended September 30, 2021 and 2020, respectively, were excluded from the earnings per common share calculation.
Note 5 Stock-Based Compensation
The fair values of stock options and restricted stock awards (including restricted stock units) 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.
Assumptions are used in estimating the fair value of stock options granted. The weighted average expected life of the stock option represents the period of time stock options are expected to be outstanding and is estimated using historical data of stock option exercises and forfeitures. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on the implied volatility of the Corporation’s stock.
15

The Corporation did not grant stock options in the first nine months of 2021. The following assumptions were used in estimating the fair value for options granted for the full year 2020:
2020
Dividend yield3.50 %
Risk-free interest rate1.60 %
Weighted average expected volatility21.00 %
Weighted average expected life5.75 years
Weighted average per share fair value of options$2.39
A summary of the Corporation’s stock option activity for the nine months ended September 30, 2021 is presented below:
Stock Options
Shares(a)
Weighted Average
Exercise Price		Weighted Average Remaining Contractual Term
Aggregate Intrinsic Value(a)
Outstanding at December 31, 20206,473 $19.77 6.23 years$2,005 
Exercised1,116 16.36 
Forfeited or expired97 22.61 
Outstanding at September 30, 20215,260 $20.44 6.01 years$11,044 
Options Exercisable at September 30, 20213,694 $20.58 5.19 years$8,062 
(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, 2021, the intrinsic value of stock options exercised was $6 million compared to less than $1 million for the nine months ended September 30, 2020. For the nine months ended September 30, 2021, the total fair value of stock options vested was $3 million compared to $4 million for the nine months ended September 30, 2020.
The Corporation recognized compensation expense for the vesting of stock options of $1 million for the nine months ended September 30, 2021, compared to $3 million for the nine months ended September 30, 2020. Included in compensation expense for 2021 was approximately $65,000 for the accelerated vesting of stock options granted to retirement eligible colleagues. At September 30, 2021, the Corporation had $2 million of unrecognized compensation expense related to stock options that is expected to be recognized over the remaining requisite service periods that extend predominately through the first quarter of 2024.
The Corporation also has issued time-based and performance-based restricted stock awards under the 2017 Incentive Compensation Plan and subsequent 2020 Incentive Compensation Plan. Performance awards are based on performance goals of earnings per share and total shareholder return 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, 2021:
Restricted Stock Awards
Shares(a)
Weighted Average
Grant Date Fair Value
Outstanding at December 31, 20202,293 $20.70 
Granted1,212 20.00 
Vested797 21.23 
Forfeited52 22.39 
Outstanding at September 30, 20212,656 $19.86 
(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 2020 and 2021 will cliff-vest after the three year performance period has ended. Service-based restricted stock awards granted during 2020 and 2021 will vest ratably over a period of four years. Expense for restricted stock awards issued of $11 million was recorded for the nine months ended September 30, 2021 and $15 million was recorded for the nine months ended September 30, 2020. Included in compensation expense for the first nine months of 2021 was $2 million of expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues. The Corporation had $24 million of unrecognized compensation costs related to restricted stock awards at September 30, 2021 that are expected to be recognized over the remaining requisite service periods that extend predominately through the first quarter of 2025.
16

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 in the market, 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 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 6 Investment Securities
Investment securities are classified as AFS, HTM, or equity on the consolidated balance sheets at the time of purchase. The amortized cost and fair values of securities AFS and HTM at September 30, 2021 were as follows:
($ in Thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
Investment securities AFS
U. S. Treasury securities$124,253 $46 $(319)$123,981 
Agency securities15,000 — (2)14,998 
Obligations of state and political subdivisions (municipal securities)394,310 19,709 — 414,020 
Residential mortgage-related securities
FNMA / FHLMC2,377,335 9,216 (9,144)2,377,408 
GNMA77,199 2,497 — 79,696 
Private-label76,033 — — 76,033 
Commercial mortgage-related securities
FNMA / FHLMC357,837 2,230 (6,892)353,175 
GNMA227,622 3,474 — 231,096 
Asset backed securities
FFELP212,378 890 (471)212,797 
SBA7,182 44 (48)7,179 
Other debt securities3,000 — (1)2,999 
Total investment securities AFS$3,872,150 $38,106 $(16,877)$3,893,379 
Investment securities HTM
U. S. Treasury securities$1,000 $7 $— $1,007 
Obligations of state and political subdivisions (municipal securities)1,541,443 106,181 (3,996)1,643,628 
Residential mortgage-related securities
FNMA / FHLMC37,318 2,129 — 39,447 
GNMA54,900 2,328 — 57,228 
Commercial mortgage-related securities
FNMA/FHLMC170,739 248 (4,002)166,985 
GNMA124,383 3,202 (22)127,562 
Total investment securities HTM$1,929,783 $114,095 $(8,019)$2,035,858 

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The amortized cost and fair values of securities AFS and HTM at December 31, 2020 were as follows:
($ in Thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
Investment securities AFS
U. S. Treasury securities$26,436 $95 $— $26,531 
Agency securities24,985 53 — 25,038 
Obligations of state and political subdivisions (municipal securities)425,057 25,605 — 450,662 
Residential mortgage-related securities
FNMA / FHLMC1,448,806 12,935 (500)1,461,241 
GNMA231,364 4,176 (3)235,537 
Commercial mortgage-related securities
FNMA / FHLMC19,654 3,250 — 22,904 
GNMA511,429 13,327 — 524,756 
Asset backed securities
FFELP329,030 1,172 (3,013)327,189 
SBA8,637 — (53)8,584 
Other debt securities3,000 — — 3,000 
Total investment securities AFS$3,028,399 $60,612 $(3,570)$3,085,441 
Investment securities HTM
U. S. Treasury securities$999 $25 $— $1,024 
Obligations of state and political subdivisions (municipal securities)1,441,900 133,544 — 1,575,445 
Residential mortgage-related securities
FNMA / FHLMC54,599 2,891 — 57,490 
GNMA114,553 4,260 — 118,813 
Commercial mortgage-related securities
FNMA / FHLMC11,211 — — 11,211 
GNMA255,742 9,218 — 264,960 
 Total investment securities HTM$1,879,005 $149,938 $— $2,028,943 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of investment securities AFS and HTM at September 30, 2021, are shown below:
 AFSHTM
($ in Thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$7,987 $7,996 $27,797 $27,982 
Due after one year through five years75,545 75,970 39,029 40,265 
Due after five years through ten years415,467 430,634 181,911 189,290 
Due after ten years37,565 41,396 1,293,705 1,387,099 
Total debt securities536,564 555,997 1,542,442 1,644,635 
Residential mortgage-related securities
FNMA / FHLMC2,377,335 2,377,408 37,318 39,447 
GNMA77,199 79,696 54,900 57,228 
Private-label76,033 76,033 — — 
Commercial mortgage-related securities
FNMA / FHLMC357,837 353,175 170,739 166,985 
GNMA227,622 231,096 124,383 127,562 
Asset backed securities
FFELP 212,378 212,797 — — 
SBA7,182 7,179 — — 
Total investment securities$3,872,150 $3,893,379 $1,929,783 $2,035,858 
Ratio of fair value to amortized cost100.5 %105.5 %
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On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The following table summarizes the credit quality indicators of HTM securities at amortized cost at September 30, 2021:
($ in Thousands)AAAAAANot RatedTotal
U. S. Treasury securities$1,000 $— $— $— $1,000 
Obligations of state and political subdivisions (municipal securities)683,098 847,641 10,511 194 1,541,443 
Residential mortgage-related securities
FNMA / FHLMC37,318 — — — 37,318 
GNMA54,900 — — — 54,900 
Commercial mortgage-related securities
FNMA / FHLMC170,739 — — — 170,739 
GNMA 124,383 — — — 124,383 
Total HTM securities$1,071,438 $847,641 $10,511 $194 $1,929,783 
The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2020:
($ in Thousands)AAAAAATotal
U. S. Treasury securities$999 $— $— $999 
Obligations of state and political subdivisions (municipal securities)567,252 860,607 14,041 1,441,900 
Residential mortgage-related securities
FNMA / FHLMC54,599 — — 54,599 
GNMA114,553 — — 114,553 
Commercial mortgage-related securities
FNMA / FHLMC11,211 — — 11,211 
GNMA 255,742 — — 255,742 
Total HTM securities$1,004,357 $860,607 $14,041 $1,879,005 
Investment securities gains (losses), net includes proceeds from the sale of investment securities as well as any applicable write-ups or write-downs of investment securities. The proceeds from the sale of investment securities for the three and nine months ended September 30, 2021 and 2020, are shown below:
Three Months Ended Sep 30,Nine Months Ended Sep 30,
($ in Thousands)2021202020212020
Gross gains on AFS securities$— $7 $421 $9,312 
Gross (losses) on AFS securities— — (437)(90)
Investment securities gains (losses), net$— $7 $(16)$9,222 
Proceeds from sales of investment securities$— $8 $158,708 $626,283 
During the second quarter of 2021, the Corporation sold $107 million of lower yielding FFELP student loan asset backed securities at a slight gain and reinvested the proceeds into higher yielding mortgage backed securities. During the first quarter of 2021, the Corporation sold $51 million of lower yielding U.S. Treasury and Agency securities at a slight loss to take advantage of the steeper yield curve by reinvesting the proceeds into similar but higher yielding, longer duration securities.
During the second quarter of 2020, the Corporation sold $261 million of less liquid securities at a gain of $3 million, reinvesting the proceeds into more liquid securities in order to further improve portfolio liquidity. During the first quarter of 2020, the Corporation sold $281 million of primarily prepayment sensitive mortgage-related securities at a gain of $6 million. Additionally, in February 2020, the Corporation sold $84 million of certain securities acquired in the First Staunton acquisition that did not fit the parameters of the Corporation's current investment strategy.
Investment securities with a carrying value of $2.2 billion and $1.6 billion at September 30, 2021 and December 31, 2020, respectively, were pledged to secure certain deposits or for other purposes as required or permitted by law.
Accrued interest receivable on HTM securities totaled $12 million and $14 million at September 30, 2021 and December 31, 2020, respectively. Accrued interest receivable on AFS securities totaled $9 million and $8 million at September 30, 2021 and December 31, 2020, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets. There was no interest income reversed for investments going into nonaccrual at both September 30, 2021 and 2020.
A security is considered past due once it is 30 days past due under the terms of the agreement. At both September 30, 2021 and December 31, 2020, the Corporation had no past due HTM securities.

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The allowance for credit losses on HTM securities was approximately $49,000 at September 30, 2021 and approximately $67,000 at December 31, 2020, attributable entirely to the Corporation's municipal securities, included in investment securities HTM, 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, as a result, no allowance for credit losses has been recorded related to these securities.

The following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at September 30, 2021:
 Less than 12 months12 months or moreTotal
($ in Thousands)Number
of
Securities		Unrealized
(Losses)		Fair
Value		Number
of
Securities		Unrealized
(Losses)		Fair
Value		Unrealized
(Losses)		Fair
Value
Investment securities AFS
U.S. Treasury securities4 $(319)$84,071 — — $— $(319)$84,071 
Agency securities1 (2)14,998 — — — (2)14,998 
Residential mortgage-related securities
FNMA / FHLMC33 (9,144)1,170,981 — — — (9,144)1,170,981 
GNMA1 — 69 — — — — 69 
FNMA / FHLMC commercial mortgage-related securities19 (6,892)331,504 — — — (6,892)331,504 
Asset backed securities
FFELP1 (124)34,876 8 (347)65,002 (471)99,878 
SBA— — — 9 (48)4,229 (48)4,229 
Other debt securities1 (1)999 — — — (1)999 
Total60 $(16,482)$1,637,498 17 $(395)$69,231 $(16,877)$1,706,729 
Investment securities HTM
Obligations of state and political subdivisions (municipal securities)62 $(3,996)$151,216 — $— $— $(3,996)$151,216 
 Commercial mortgage-related securities
FNMA / FHLMC11 (4,002)146,248 — — — (4,002)146,248 
GNMA1 (22)15,631 — — — (22)15,631 
Total74 $(8,019)$313,096 — $— $— $(8,019)$313,096 
For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020:
 Less than 12 months12 months or moreTotal
($ in Thousands)Number
of
Securities		Unrealized
(Losses)		Fair
Value		Number
of
Securities		Unrealized
(Losses)		Fair
Value		Unrealized
(Losses)		Fair
Value
Investment securities AFS
Residential mortgage-related securities
FNMA / FHLMC7 $(500)$163,002 — $— $— $(500)$163,002 
GNMA2 (3)9,784 — — — (3)9,784 
GNMA commercial mortgage-related securities1 — 287 — — — — 287 
Asset backed securities
FFELP1 (129)9,267 16 (2,885)178,681 (3,013)187,948 
SBA14 (53)8,379 — — — (53)8,379 
Other debt securities2 — 2,000 — — — — 2,000 
Total27 $(685)$192,720 16 $(2,885)$178,681 $(3,570)$371,400 
Investment securities HTM
GNMA residential mortgage-related securities1 $— $325 — $— $— $— $325 
Total1 $— $325 — $— $— $— $325 
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
20

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, 2021 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. The U.S. Treasury 3 year and 5 year rates increased by 36 bp and 62 bp, respectively, from December 31, 2020. 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 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 $82 million at both September 30, 2021 and December 31, 2020. The Corporation had Federal Reserve Bank stock of $87 million at both September 30, 2021 and December 31, 2020. Accrued interest receivable on FHLB stock totaled approximately $974,000 and $972,000 at September 30, 2021 and December 31, 2020, respectively. There was $327,000 accrued interest receivable on Federal Reserve Bank stock at September 30, 2021 and none at December 31, 2020. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.
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 CRA Qualified Investment mutual funds and a money market mutual fund. At September 30, 2021 and December 31, 2020, the Corporation had equity securities with readily determinable fair values of $4 million and $2 million, respectively.
Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of 77,996 Visa Class B restricted shares, 77,000 of which the Corporation received in 2008 as part of Visa's initial public offering and carried at fair value after the Corporation donated 42,039 Visa Class B restricted shares to the Corporation's Charitable Remainder Trust during the second quarter of 2019, with the subsequent sale of those shares resulting in an observable market price after the shares were previously carried at a zero cost basis. During the first quarter of 2020, the Corporation acquired 996 Visa Class B restricted shares from the acquisition of First Staunton, and those shares are carried at a zero cost basis due to the lack of an observable market price since the time of acquisition. The Corporation had equity securities without readily determinable fair values of $14 million at September 30, 2021 and $13 million at December 31, 2020.
21

Note 7 Loans
The period end loan composition was as follows:
($ in Thousands)Sep 30, 2021Dec 31, 2020
PPP$182,121 $767,757 
Commercial and industrial7,927,459 7,701,422 
Commercial real estate — owner occupied879,554 900,912 
Commercial and business lending8,989,133 9,370,091 
Commercial real estate — investor4,296,489 4,342,584 
Real estate construction1,834,871 1,840,417 
Commercial real estate lending6,131,360 6,183,001 
Total commercial15,120,493 15,553,091 
Residential mortgage7,590,895 7,878,324 
Home equity608,566 707,255 
Other consumer294,979 301,876 
Auto6,739 11,177 
Total consumer8,501,180 8,898,632 
Total loans$23,621,673 $24,451,724 

Accrued interest receivable on loans totaled $57 million at September 30, 2021, and $66 million at December 31, 2020, and is included in interest receivable on the consolidated balance sheets. Interest accrued but not received for loans placed on nonaccrual is reversed against interest income. The amount of accrued interest reversed totaled approximately $91,000 and $329,000 for the three and nine months ended September 30, 2021, respectively, and $1 million and $2 million for the three and nine months ended September 30, 2020, respectively.

22

The following table presents commercial and consumer loans by credit quality indicator by vintage year at September 30, 2021:
Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost BasisYTD 20212020201920182017PriorTotal
PPP:(b)
Risk rating:
Pass$— $— $147,568 $29,900 $— $— $— $— $177,467 
Special Mention— — 212 281 — — — — 493 
Potential Problem— — 4,160 — — — — — 4,160 
PPP$— $— $151,940 $30,180 $— $— $— $— $182,121 
Commercial and industrial:
Risk rating:
Pass$2,085 $2,278,181 $1,664,130 $1,046,760 $1,092,662 $802,214 $249,129 $621,500 $7,754,575 
Special Mention— 1,396 5,900 193 28,918 — — 2,990 39,397 
Potential Problem2,825 27,948 1,933 5,555 46,997 21,286 20,111 1,160 124,990 
Nonaccrual— — 17 166 108 7,248 — 959 8,497 
Commercial and industrial$4,910 $2,307,525 $1,671,979 $1,052,674 $1,168,685 $830,748 $269,240 $626,609 $7,927,459 
Commercial real estate - owner occupied:
Risk rating:
Pass$11,667 $22,430 $143,911 $173,396 $193,463 $114,618 $61,713 $133,641 $843,173 
Special Mention— 211 — 3,303 11,368 — — 250 15,132 
Potential Problem— 487 6,182 5,969 686 748 2,640 4,529 21,241 
Nonaccrual— — — — — — — 7 7 
Commercial real estate - owner occupied$11,667 $23,127 $150,094 $182,668 $205,518 $115,366 $64,353 $138,427 $879,554 
Commercial and business lending:
Risk rating:
Pass$13,752 $2,300,611 $1,955,609 $1,250,056 $1,286,125 $916,832 $310,842 $755,141 $8,775,216 
Special Mention— 1,606 6,112 3,777 40,287 — — 3,240 55,022 
Potential Problem2,825 28,435 12,275 11,524 47,683 22,034 22,751 5,688 150,391 
Nonaccrual— — 17 166 108 7,248 — 966 8,504 
Commercial and business lending$16,577 $2,330,652 $1,974,013 $1,265,523 $1,374,203 $946,114 $333,593 $765,036 $8,989,133 
Commercial real estate - investor:
Risk rating:
Pass$38,041 $85,353 $878,373 $957,478 $1,034,119 $474,770 $178,270 $335,168 $3,943,532 
Special Mention— — 57,100 67,285 74,040 5,973 1,259 6,836 212,491 
Potential Problem— — 5,474 25,720 4,074 24,259 4,730 14,705 78,962 
Nonaccrual— — 23,973 8,412 9,690 19,222 — 207 61,504 
Commercial real estate - investor$38,041 $85,353 $964,920 $1,058,894 $1,121,923 $524,225 $184,259 $356,916 $4,296,489 
Real estate construction:
Risk rating:
Pass$— $26,560 $581,257 $731,505 $328,020 $93,893 $21,154 $13,227 $1,795,616 
Special Mention— — — — 3,894 15,885 41 — 19,820 
Potential Problem— — 8 124 18,968 — — 87 19,187 
Nonaccrual— — — 5 — — — 242 247 
Real estate construction$— $26,560 $581,265 $731,634 $350,881 $109,778 $21,195 $13,556 $1,834,871 
Commercial real estate lending:
Risk rating:
Pass$38,041 $111,913 $1,459,630 $1,688,983 $1,362,139 $568,663 $199,424 $348,395 $5,739,148 
Special Mention— — 57,100 67,285 77,934 21,858 1,300 6,836 232,312 
Potential Problem— — 5,483 25,844 23,041 24,259 4,730 14,792 98,150 
Nonaccrual— — 23,973 8,417 9,690 19,222 — 448 61,751 
Commercial real estate lending$38,041 $111,913 $1,546,185 $1,790,529 $1,472,804 $634,002 $205,454 $370,472 $6,131,360 
23

Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost BasisYTD 20212020201920182017PriorTotal
Total commercial:
Risk rating:
Pass$51,793 $2,412,524 $3,415,239 $2,939,040 $2,648,264 $1,485,495 $510,266 $1,103,537 $14,514,363 
Special Mention— 1,606 63,212 71,061 118,220 21,858 1,300 10,076 287,333 
Potential Problem2,825 28,435 17,758 37,367 70,725 46,294 27,481 20,481 248,541 
Nonaccrual— — 23,989 8,584 9,798 26,470 — 1,415 70,256 
Total commercial$54,618 $2,442,565 $3,520,198 $3,056,052 $2,847,007 $1,580,116 $539,047 $1,135,508 $15,120,493 
Residential mortgage:
Risk rating:
Pass$— $— $1,404,558 $2,040,914 $1,048,656 $460,120 $722,589 $1,854,629 $7,531,466 
Special Mention— — — — — — — 377 377 
Potential Problem— — 538 340 409 326 82 679 2,374 
Nonaccrual— — 1,721 2,032 4,483 4,979 7,304 36,160 56,678 
Residential mortgage$— $— $1,406,816 $2,043,286 $1,053,548 $465,425 $729,974 $1,891,844 $7,590,895 
Home equity:
Risk rating:
Pass$4,992 $504,747 $773 $1,617 $8,850 $9,952 $8,538 $65,577 $600,053 
Special Mention74 17 — — 1 110 — 375 503 
Potential Problem10 — 10 — — 15 — 146 171 
Nonaccrual582 4 56 25 227 288 303 6,936 7,838 
Home equity$5,658 $504,767 $839 $1,643 $9,078 $10,364 $8,841 $73,034 $608,566 
Other consumer:
Risk rating:
Pass$402 $168,534 $7,455 $6,730 $6,232 $1,940 $815 $109,253 $300,959 
Special Mention64 387 — — 13 66 — 4 470 
Nonaccrual4 164 — 12 56 20 20 18 290 
Other consumer$471 $169,084 $7,455 $6,743 $6,300 $2,026 $835 $109,275 $301,718 
Total consumer:
Risk rating:
Pass$5,394 $673,281 $1,412,786 $2,049,262 $1,063,738 $472,012 $731,942 $2,029,458 $8,432,478 
Special Mention138 403 — — 14 176 — 756 1,350 
Potential Problem10 — 548 340 409 341 82 825 2,546 
Nonaccrual586 167 1,776 2,070 4,765 5,287 7,627 43,114 64,806 
Total consumer$6,128 $673,852 $1,415,110 $2,051,672 $1,068,927 $477,816 $739,650 $2,074,153 $8,501,180 
Total loans:
Risk rating:
Pass(c)
$57,187 $3,085,805 $4,828,025 $4,988,301 $3,712,002 $1,957,507 $1,242,208 $3,132,995 $22,946,842 
Special Mention138 2,010 63,212 71,061 118,234 22,034 1,300 10,832 288,683 
Potential Problem2,836 28,435 18,306 37,707 71,134 46,635 27,563 21,305 251,087 
Nonaccrual586 167 25,766 10,653 14,563 31,756 7,627 44,529 135,062 
Total loans$60,747 $3,116,417 $4,935,308 $5,107,723 $3,915,934 $2,057,932 $1,278,698 $3,209,661 $23,621,673 
(a) Revolving loans converted to term loans are also reported in their year of origination.
(b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.
(c) Accruing TDRs are included in pass unless otherwise rated as special mention.

24

The following table presents commercial and consumer loans by credit quality indicator by vintage year at December 31, 2020:
Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost Basis20202019201820172016PriorTotal
PPP:(b)
Risk rating:
Pass$— $— $745,767 $— $— $— $— $— $745,767 
Special Mention— — 3,988 — — — — — 3,988 
Potential Problem— — 18,002 — — — — — 18,002 
PPP$— $— $767,757 $— $— $— $— $— $767,757 
Commercial and industrial:
Risk rating:
Pass$4,628 $2,177,138 $1,389,260 $1,435,519 $1,182,302 $483,957 $305,998 $453,734 $7,427,908 
Special Mention— 10,159 2,719 39,854 37,042 113 215 67 90,169 
Potential Problem2,565 7,237 19,331 28,413 56,580 2,269 6,477 1,179 121,487 
Nonaccrual16,852 — 6,238 5,789 17,014 16,623 8,781 7,414 61,859 
Commercial and industrial$24,045 $2,194,534 $1,417,548 $1,509,575 $1,292,938 $502,962 $321,471 $462,394 $7,701,422 
Commercial real estate - owner occupied:
Risk rating:
Pass$1,150 $18,022 $185,861 $209,069 $128,360 $99,546 $147,366 $79,111 $867,335 
Special Mention— 113 1,882 3,122 300 658 264 — 6,339 
Potential Problem— 3,486 4,104 8,916 — 1,490 4,437 3,747 26,179 
Nonaccrual— — — — — 318 — 740 1,058 
Commercial real estate - owner occupied$1,150 $21,621 $191,847 $221,107 $128,660 $102,012 $152,067 $83,598 $900,912 
Commercial and business lending:
Risk rating:
Pass$5,778 $2,195,160 $2,320,888 $1,644,588 $1,310,662 $583,503 $453,364 $532,845 $9,041,009 
Special Mention— 10,272 8,589 42,976 37,342 771 479 67 100,496 
Potential Problem2,565 10,723 41,437 37,329 56,580 3,759 10,915 4,926 165,668 
Nonaccrual16,852 — 6,238 5,789 17,014 16,941 8,781 8,154 62,917 
Commercial and business lending$25,195 $2,216,154 $2,377,152 $1,730,682 $1,421,598 $604,974 $473,539 $545,992 $9,370,091 
Commercial real estate - investor:
Risk rating:
Pass$10,971 $171,497 $1,249,644 $976,332 $720,237 $271,987 $341,658 $211,360 $3,942,714 
Special Mention— — 90,235 97,333 12,339 — 21,882 8,465 230,254 
Potential Problem— 838 16,343 13,575 30,911 2,279 239 27,209 91,396 
Nonaccrual19,803 — 10,141 53,056 446 14,267 — 309 78,220 
Commercial real estate - investor$30,774 $172,335 $1,366,364 $1,140,297 $763,933 $288,533 $363,779 $247,343 $4,342,584 
Real estate construction:
Risk rating:
Pass$776 $47,880 $645,925 $738,561 $294,910 $25,219 $2,420 $16,768 $1,771,682 
Special Mention— — 487 494 48,283 42 — 30 49,336 
Potential Problem— — 135 — 18,803 — 93 15 19,046 
Nonaccrual— — — — — 16 — 338 353 
Real estate construction$776 $47,880 $646,547 $739,055 $361,996 $25,277 $2,513 $17,150 $1,840,417 
Commercial real estate lending:
Risk rating:
Pass$11,746 $219,377 $1,895,569 $1,714,893 $1,015,146 $297,205 $344,078 $228,127 $5,714,396 
Special Mention— — 90,722 97,827 60,622 42 21,882 8,494 279,590 
Potential Problem— 838 16,479 13,575 49,714 2,279 332 27,224 110,442 
Nonaccrual19,803 — 10,141 53,056 446 14,283 — 647 78,573 
Commercial real estate lending$31,549 $220,215 $2,012,911 $1,879,352 $1,125,929 $313,810 $366,292 $264,493 $6,183,001 
25

Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost Basis20202019201820172016PriorTotal
Total commercial:
Risk rating:
Pass$17,524 $2,414,537 $4,216,457 $3,359,482 $2,325,808 $880,708 $797,441 $760,973 $14,755,405 
Special Mention— 10,272 99,311 140,803 97,964 813 22,361 8,562 380,086 
Potential Problem2,565 11,561 57,916 50,905 106,295 6,038 11,247 32,150 276,111 
Nonaccrual36,655 — 16,379 58,845 17,460 31,224 8,781 8,801 141,490 
Total commercial$56,745 $2,436,370 $4,390,063 $3,610,033 $2,547,526 $918,783 $839,831 $810,485 $15,553,091 
Residential mortgage:
Risk rating:
Pass$— $— $2,185,240 $1,490,589 $615,118 $998,072 $911,797 $1,612,971 $7,813,788 
Special Mention— — — 355 330 102 126 537 1,450 
Potential Problem— — 1,200 689 652 — 179 1,028 3,749 
Nonaccrual— — 1,478 2,271 5,882 7,116 11,003 31,587 59,337 
Residential mortgage$— $— $2,187,918 $1,493,903 $621,983 $1,005,290 $923,105 $1,646,124 $7,878,324 
Home equity:
Risk rating:
Pass$10,224 $569,389 $2,057 $12,968 $15,792 $11,594 $5,803 $76,165 $693,767 
Special Mention596 631 — 39 14 39 4 804 1,532 
Potential Problem— 1,922 — — — — — 146 2,068 
Nonaccrual1,600 100 965 134 410 319 711 7,249 9,888 
Home equity$12,421 $572,041 $3,022 $13,141 $16,216 $11,952 $6,518 $84,364 $707,255 
Other consumer:
Risk rating:
Pass$70 $165,114 $9,525 $10,309 $3,987 $1,872 $1,185 $120,425 $312,416 
Special Mention5 438 13 16 11 4 7 8 498 
Nonaccrual5 33 9 49 21 10 — 18 140 
Other consumer$81 $165,585 $9,547 $10,374 $4,019 $1,886 $1,192 $120,451 $313,054 
Total consumer:
Risk rating:
Pass$10,294 $734,502 $2,196,822 $1,513,865 $634,897 $1,011,539 $918,785 $1,809,561 $8,819,971 
Special Mention602 1,069 13 410 356 145 137 1,349 3,480 
Potential Problem— 1,922 1,200 689 652 — 179 1,174 5,817 
Nonaccrual1,605 133 2,452 2,454 6,313 7,445 11,714 38,854 69,364 
Total consumer$12,501 $737,626 $2,200,487 $1,517,417 $642,218 $1,019,128 $930,816 $1,850,939 $8,898,632 
Total loans:
Risk rating:
Pass (c)
$27,819 $3,149,039 $6,413,278 $4,873,347 $2,960,705 $1,892,247 $1,716,226 $2,570,534 $23,575,376 
Special Mention602 11,341 99,324 141,213 98,320 958 22,498 9,911 383,566 
Potential Problem2,565 13,483 59,116 51,593 106,947 6,038 11,426 33,324 281,928 
Nonaccrual38,260 133 18,831 61,298 23,773 38,669 20,496 47,655 210,854 
Total loans$69,246 $3,173,996 $6,590,550 $5,127,451 $3,189,745 $1,937,912 $1,770,647 $2,661,424 $24,451,724 
(a) Revolving loans converted to term loans are also reported in their year of origination.
(b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.
(c) Accruing TDRs are included in pass unless otherwise rated as special mention.
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 allowance for loan losses, allowance for unfunded commitments, 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.
26

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. Potential problem 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 TDR, meet the criteria to be individually evaluated. Commercial loans classified as special mention, potential problem, 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.
The following table presents loans by past due status at September 30, 2021:
Accruing
($ in Thousands)
Current(a)
30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due
Nonaccrual(b)(c)
Total
PPP$181,552 $485 $83 $— $— $182,121 
Commercial and industrial7,917,635 1,121 108 98 8,497 7,927,459 
Commercial real estate - owner occupied879,516 30 — — 7 879,554 
Commercial and business lending8,978,704 1,636 191 98 8,504 8,989,133 
Commercial real estate - investor4,217,965 17,021 — — 61,504 4,296,489 
Real estate construction1,834,623 — — — 247 1,834,871 
Commercial real estate lending6,052,588 17,021 — — 61,751 6,131,360 
Total commercial15,031,292 18,657 191 98 70,256 15,120,493 
Residential mortgage7,526,996 6,996 99 126 56,678 7,590,895 
Home equity597,776 2,428 503 21 7,838 608,566 
Other consumer292,700 724 549 785 222 294,979 
Auto6,662 10 — — 67 6,739 
Total consumer8,424,134 10,158 1,150 932 64,806 8,501,180 
Total loans$23,455,426 $28,815 $1,341 $1,029 $135,062 $23,621,673 
(a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4013 of the CARES Act.
(b) Of the total nonaccrual loans, $83 million, or 62%, were current with respect to payment at September 30, 2021.
(c) No interest income was recognized on nonaccrual loans for the three and nine months ended September 30, 2021. In addition, there were $11 million of nonaccrual loans for which there was no related ACLL at September 30, 2021.

The following table presents loans by past due status at December 31, 2020:
Accruing
($ in Thousands)
Current(a)
30-59 Days
Past Due		60-89 Days
Past Due		90+ Days 
Past Due
Nonaccrual(b)(c)
Total
PPP$767,757 $— $— $— $— $767,757 
Commercial and industrial7,633,269 2,819 3,300 175 61,859 7,701,422 
Commercial real estate - owner occupied899,480 158 215 — 1,058 900,912 
Commercial and business lending9,300,506 2,977 3,516 175 62,917 9,370,091 
Commercial real estate - investor4,251,571 1,024 11,769 — 78,220 4,342,584 
Real estate construction1,839,073 991 — — 353 1,840,417 
Commercial real estate lending6,090,644 2,015 11,769 — 78,573 6,183,001 
Total commercial15,391,150 4,992 15,284 175 141,490 15,553,091 
Residential mortgage7,808,294 8,975 1,410 308 59,337 7,878,324 
Home equity692,565 3,071 1,731 — 9,888 707,255 
Other consumer299,128 998 545 1,115 91 301,876 
Auto11,072 41 15 — 49 11,177 
Total consumer8,811,060 13,085 3,701 1,423 69,364 8,898,632 
Total loans$24,202,209 $18,077 $18,985 $1,598 $210,854 $24,451,724 
(a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4013 of the CARES Act.
(b) Of the total nonaccrual loans, $128 million, or 61%, were current with respect to payment at December 31, 2020.
(c) No interest income was recognized on nonaccrual loans for the year ended December 31, 2020. In addition, there were $28 million of nonaccrual loans for which there was no related ACLL at December 31, 2020.

27

Troubled Debt Restructurings
Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty.
The following table presents nonaccrual and performing restructured loans by loan portfolio:
 Sep 30, 2021Dec 31, 2020
 ($ in Thousands)Performing
Restructured
Loans
Nonaccrual
Restructured
Loans(a)
Performing
Restructured
Loans
Nonaccrual
Restructured
Loans(a)
Commercial and industrial$11,067 $959 $12,713 $6,967 
Commercial real estate — owner occupied1,031 — 1,711 — 
Commercial real estate — investor13,236 207 26,435 225 
Real estate construction248 107 260 111 
Residential mortgage15,253 13,235 7,825 11,509 
Home equity2,787 718 1,957 1,379 
Other consumer877 — 1,191 — 
   Total restructured loans(b)
$44,499 $15,226 $52,092 $20,190 
(a) Nonaccrual restructured loans have been included within nonaccrual loans.
(b) Does not include any restructured loans related to the COVID-19 pandemic in accordance with Section 4013 of the CARES Act.
The Corporation had a recorded investment of $14 million in loans modified as TDRs during the nine months ended September 30, 2021, of which $7 million were in accrual status, included in pass or special mention based on their risk rating within the credit quality tables, and $7 million were in nonaccrual within the credit quality tables, pending a sustained period of repayment. Short-term loan modifications made in good faith to help ease the adverse effects of the COVID-19 pandemic are not categorized as TDRs in accordance with the CARES Act. The following table provides the number of loans modified in a TDR by loan portfolio, the recorded investment, and unpaid principal balance for the nine months ended September 30, 2021 and 2020:
 Nine months ended Sep 30, 2021Nine months ended Sep 30, 2020
 ($ in Thousands)Number
of
Loans
Recorded
Investment(a)
Unpaid
Principal
Balance(b)
Number
of
Loans
Recorded
Investment(a)
Unpaid
Principal
Balance(b)
Commercial and industrial4 $638 $638 3 $1,250 $1,324 
Commercial real estate — owner occupied— — — 2 453 751 
Commercial real estate — investor4 1,682 1,682 1 530 530 
Real estate construction— — — 1 102 102 
Residential mortgage55 10,434 10,460 32 5,789 5,870 
Home equity7 916 963 18 676 702 
   Total loans modified 70 $13,670 $13,744 57 $8,800 $9,280 
(a) Represents post-modification outstanding recorded investment.
(b) Represents pre-modification outstanding recorded investment.
Restructured loan modifications may include payment schedule modifications, interest rate concessions, maturity date extensions, modification of note structure (A/B Note), non-reaffirmed Chapter 7 bankruptcies, principal reduction, or some combination of these concessions. During the nine months ended September 30, 2021, restructured loan modifications of commercial loans primarily included maturity date extensions and payment schedule modifications. Restructured loan modifications of consumer loans primarily included maturity date extensions, interest rate concessions, non-reaffirmed Chapter 7 bankruptcies, or a combination of these concessions for the nine months ended September 30, 2021.
The following table provides the number of loans modified in a TDR during the previous twelve months which subsequently defaulted during the nine months ended September 30, 2021 and 2020, and the recorded investment in these restructured loans as of September 30, 2021 and 2020:
 Nine months ended Sep 30, 2021Nine months ended Sep 30, 2020
 ($ in Thousands)Number of
Loans		Recorded
Investment		Number of
Loans		Recorded
Investment
Residential mortgage2 $200 5 $1,036 
Home equity— — 4 208 
   Total loans modified2 $200 9 $1,244 
28

All loans modified in a TDR are individually evaluated for impairment. The nature and extent of the impairment of restructured loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL.
The Corporation analyzes loans for classification as a probable TDR. This analysis includes identifying customers that are showing possible liquidity issues in the near term without reasonable access to alternative sources of capital. At September 30, 2021, the Corporation had $17 million in loans meeting this classification compared to $68 million at December 31, 2020. Of the loans classified as probable TDRs at September 30, 2021, the entire $17 million was related to the oil and gas portfolio.
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 Corporation utilized Moody's baseline forecast, updated during September 2021, in the allowance model. The forecast is applied over a 2 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 12 for additional information on the change in the allowance for unfunded commitments.

29

The following table presents a summary of the changes in the ACLL by portfolio segment for the nine months ended September 30, 2021:
($ in Thousands)Dec 31, 2020Charge offsRecoveriesNet Charge offsProvision for credit lossesSep 30, 2021ACLL / Loans
Allowance for loan losses
PPP$531 $— $— $— $(406)$125 
Commercial and industrial142,793 (13,773)7,415 (6,358)(47,324)89,111 
Commercial real estate — owner occupied11,274 — 115 115 634 12,022 
Commercial and business lending154,598 (13,773)7,530 (6,242)(47,096)101,259 
Commercial real estate — investor93,435 (14,340)3,046 (11,293)(680)81,461 
Real estate construction59,193 (5)74 69 (18,298)40,965 
Commercial real estate lending152,629 (14,344)3,120 (11,224)(18,978)122,426 
Total commercial307,226 (28,117)10,650 (17,467)(66,074)223,685 
Residential mortgage42,996 (732)700 (32)(1,344)41,620 
Home equity18,849 (600)2,240 1,640 (6,172)14,317 
Other consumer14,456 (2,331)965 (1,366)(1,836)11,253 
Auto174 (4)24 20 (74)120 
Total consumer76,475 (3,667)3,928 262 (9,426)67,311 
Total loans$383,702 $(31,784)$14,579 $(17,205)$(75,500)$290,997 
Allowance for unfunded commitments
Commercial and industrial$22,311 $— $— $— $(2,910)$19,402 
Commercial real estate — owner occupied266 — — — 43 309 
Commercial and business lending22,577 — — — (2,867)19,711 
Commercial real estate — investor636 — — — 85 721 
Real estate construction18,887 — — — (3,411)15,476 
Commercial real estate lending19,523 — — — (3,326)16,197 
Total commercial42,101 — — — (6,193)35,908 
Home equity3,118 — — — (87)3,031 
Other consumer2,557 — — — (220)2,337 
Total consumer5,675 — — — (307)5,368 
Total loans$47,776 $— $— $— $(6,500)$41,276 
Allowance for credit losses on loans
PPP$531 $— $— $— $(406)$125 0.07 %
Commercial and industrial165,105 (13,773)7,415 (6,358)(50,233)108,513 1.37 %
Commercial real estate — owner occupied11,539 — 115 115 677 12,331 1.40 %
Commercial and business lending177,175 (13,773)7,530 (6,242)(49,963)120,970 1.35 %
Commercial real estate — investor94,071 (14,340)3,046 (11,293)(595)82,182 1.91 %
Real estate construction78,080 (5)74 69 (21,709)56,441 3.08 %
Commercial real estate lending172,152 (14,344)3,120 (11,224)(22,304)138,623 2.26 %
Total commercial349,327 (28,117)10,650 (17,467)(72,267)259,593 1.72 %
Residential mortgage42,996 (732)700 (32)(1,344)41,620 0.55 %
Home equity21,967 (600)2,240 1,640 (6,259)17,348 2.85 %
Other consumer17,013 (2,331)965 (1,366)(2,056)13,591 4.61 %
Auto174 (4)24 20 (74)120 1.79 %
Total consumer82,150 (3,667)3,928 262 (9,733)72,679 0.85 %
Total loans$431,478 $(31,784)$14,579 $(17,205)$(82,000)$332,273 1.41 %





30

The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2020:
($ in Thousands)Dec 31, 2019Cumulative effect of ASU 2016-13 adoption (CECL)Jan 1, 2020Charge offsRecoveriesNet Charge offsGross up of allowance for PCD loans at acquisitionProvision recorded at acquisitionProvision for credit lossesDec 31, 2020ACLL / Loans
Allowance for loan losses
PPP$— $— $— $— $— $— $— $— $531 $531 
Commercial and industrial91,133 52,919 144,052 (80,320)7,004 (73,316)293 408 71,355 142,793 
Commercial real estate — owner occupied10,284 (1,851)8,433 (419)147 (272)890 255 1,967 11,274 
Commercial and business lending101,417 51,068 152,485 (80,739)7,151 (73,588)1,183 663 73,853 154,598 
Commercial real estate — investor40,514 2,041 42,555 (22,920)643 (22,277)753 472 71,933 93,435 
Real estate construction24,915 7,467 32,382 (19)49 31 435 492 25,854 59,193 
Commercial real estate lending65,428 9,508 74,937 (22,938)692 (22,246)1,188 964 97,787 152,629 
Total commercial166,846 60,576 227,422 (103,677)7,844 (95,834)2,371 1,627 171,641 307,226 
Residential mortgage16,960 33,215 50,175 (1,867)500 (1,367)651 403 (6,864)42,996 
Home equity10,926 11,649 22,575 (1,719)1,978 259 422 374 (4,781)18,849 
Other consumer(a)
6,639 7,016 13,655 (4,790)1,101 (3,689)61 140 4,462 14,630 
Total consumer34,525 51,880 86,405 (8,376)3,579 (4,797)1,134 917 (7,183)76,475 
Total loans$201,371 $112,457 $313,828 $(112,053)$11,422 $(100,631)$3,504 $2,543 $164,457 $383,702 
Allowance for unfunded commitments
Commercial and industrial$12,276 $(3,998)$8,278 $— $— $— $— $61 $13,972 $22,311 
Commercial real estate — owner occupied127 — 127 — — — — 4 135 266 
Commercial and business lending12,403 (3,998)8,405 — — — — 65 14,108 22,577 
Commercial real estate — investor530 246 776 — — — — 2 (141)636 
Real estate construction7,532 18,347 25,879 — — — — 45 (7,038)18,887 
Commercial real estate lending8,062 18,593 26,655 — — — — 47 (7,179)19,523 
Total commercial20,465 14,595 35,060 — — — — 112 6,929 42,101 
Home equity1,038 2,591 3,629 — — — — 66 (577)3,118 
Other consumer405 1,504 1,909 — — — — — 649 2,557 
Total consumer1,443 4,095 5,538 — — — — 66 72 5,675 
Total loans$21,907 $18,690 $40,597 $— $— $— $— $179 $7,000 $47,776 
Allowance for credit losses on loans
PPP$— $— $— $— $— $— $— $— $531 $531 0.07 %
Commercial and industrial103,409 48,921 152,330 (80,320)7,004 (73,316)293 469 85,327 165,105 2.14 %
Commercial real estate — owner occupied10,411 (1,851)8,560 (419)147 (272)890 259 2,102 11,539 1.28 %
Commercial and business lending113,820 47,070 160,890 (80,739)7,151 (73,588)1,183 728 87,961 177,175 1.89 %
Commercial real estate — investor41,044 2,287 43,331 (22,920)643 (22,277)753 474 71,792 94,071 2.17 %
Real estate construction32,447 25,814 58,261 (19)49 31 435 537 18,816 78,080 4.24 %
Commercial real estate lending73,490 28,101 101,591 (22,938)692 (22,246)1,188 1,011 90,608 172,152 2.78 %
Total commercial187,311 75,171 262,482 (103,677)7,844 (95,834)2,371 1,739 178,569 349,327 2.25 %
Residential mortgage16,960 33,215 50,175 (1,867)500 (1,367)651 403 (6,864)42,996 0.55 %
Home equity11,964 14,240 26,204 (1,719)1,978 259 422 440 (5,358)21,967 3.11 %
Other consumer(a)
7,044 8,520 15,564 (4,790)1,101 (3,689)61 140 5,111 17,187 5.49 %
Total consumer35,968 55,975 91,943 (8,376)3,579 (4,797)1,134 983 (7,112)82,150 0.92 %
Total loans$223,278 $131,147 $354,425 $(112,053)$11,422 $(100,631)$3,504 $2,722 $171,457 $431,478 1.76 %
(a) Includes auto
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Loans Acquired in Acquisitions
Loans acquired in a business combination after January 1, 2020 are recorded in accordance with ASC Topic 326. See Note 2 for more information on loans acquired in a business combination. After January 1, 2020, acquired loans were segregated into two types:
•Non-PCD loans are accounted for in accordance with ASC Topic 310-20 "Nonrefundable Fees and Other Costs" as these loans do not show evidence of credit deterioration since origination. The allowance for loan losses on these loans is recorded through provision for credit losses on the consolidated statements of income at acquisition.
•PCD loans are loans demonstrating more than insignificant credit deterioration and are accounted for in accordance with ASC Topic 326-30. Under this guidance, the credit mark on acquired assets grosses up the ACLL and the amortized cost of the loan.
Note 8 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 2021, utilizing a qualitative assessment. Factors that management considered in this assessment included macroeconomic conditions, industry and market considerations, overall financial performance of the Corporation and each reporting unit (both current and projected), changes in management strategy, and changes in the composition or carrying amount of net assets. In addition, management considered the changes in both the Corporation's common stock price and in the overall bank common stock index (based on the S&P 400 Regional Bank Sub-Industry Index), as well as the Corporation's earnings per common share trend over the past year. Based on these assessments, 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 2021 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2020 or the first nine months of 2021.
At both September 30, 2021 and December 31, 2020, the Corporation had goodwill of $1.1 billion. During the first quarter of 2021, there was a reduction of $4 million of goodwill related to the sale of Whitnell.
Other Intangible Assets
The Corporation has other intangible assets that are amortized, consisting of CDIs and MSRs. For CDIs and other intangibles, changes in the gross carrying amount, accumulated amortization, and net book value were as follows:
($ in Thousands)Nine months ended Sep 30, 2021Year Ended Dec 31, 2020
Core deposit intangibles
Gross carrying amount at the beginning of period$88,109 $80,730 
Additions during the period— 7,379 
Accumulated amortization(27,814)(21,205)
Net book value$60,296 $66,904 
Amortization during the period$6,608 $8,749 
Other intangibles
Gross carrying amount at the beginning of period$2,000 $38,970 
Additions during the period— 200 
Reductions due to sale(1,317)(17,435)
Accumulated amortization(683)(20,385)
Net book value $— $1,350 
Amortization during the period$33 $1,443 
Mortgage Servicing Rights
The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. MSRs are amortized in proportion to and over the period of estimated net servicing income and assessed for impairment at each reporting date.
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The Corporation evaluates its MSRs asset for impairment at minimum on a quarterly basis. Impairment is assessed based on fair value at each reporting date using estimated prepayment speeds of the underlying mortgage loans serviced and stratifications based on the risk characteristics of the underlying loans (predominantly loan type and note interest rate). As mortgage interest rates fall, prepayment speeds are usually faster and the value of the MSRs asset generally decreases, requiring additional valuation reserve. Conversely, as mortgage interest rates rise, prepayment speeds are usually slower and the value of the MSRs asset generally increases, requiring less valuation reserve. A valuation allowance is established, through a charge to earnings, to the extent the amortized cost of the MSRs exceeds the estimated fair value by stratification. An other-than-temporary impairment (i.e., recoverability is considered remote when considering interest rates and loan pay off activity) is recognized as a write-down of the MSRs asset and the related valuation allowance (to the extent a valuation allowance is available) and then against earnings. A direct write-down permanently reduces the carrying value of the MSRs asset and valuation allowance, precluding subsequent recoveries. See Note 12 for a discussion of the recourse provisions on sold residential mortgage loans. See Note 13 which further discusses fair value measurement relative to the MSRs asset.
A summary of changes in the balance of the MSRs asset and the MSRs valuation allowance is as follows:
($ in Thousands)Nine months ended Sep 30, 2021Year Ended Dec 31, 2020
Mortgage servicing rights
Mortgage servicing rights at beginning of period$59,967 $67,607 
Additions from acquisition— 1,357 
Additions11,761 13,667 
Amortization(15,624)(22,664)
Mortgage servicing rights at end of period$56,104 $59,967 
Valuation allowance at beginning of period$(18,006)$(302)
(Additions) recoveries, net12,231 (17,704)
Valuation allowance at end of period$(5,775)$(18,006)
Mortgage servicing rights, net$50,329 $41,961 
Fair value of mortgage servicing rights$50,373 $41,990 
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)$7,057,130 $7,743,956 
Mortgage servicing rights, net to servicing portfolio0.71 %0.54 %
Mortgage servicing rights expense(a)
$3,393 $40,369 
(a) Includes the amortization of mortgage servicing rights and additions / recoveries to the valuation allowance of mortgage servicing rights, and is a component of mortgage banking, net on the consolidated statements of income.
The projections of amortization expense are based on existing asset balances, the current interest rate environment, and prepayment speeds as of September 30, 2021. The actual amortization expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future amortization expense for amortizing intangible assets:
($ in Thousands)Core Deposit IntangiblesMortgage Servicing Rights
Three Months Ending December 31, 2021$2,203 $2,945 
20228,811 10,898 
20238,811 8,500 
20248,811 6,795 
20258,811 5,499 
20268,811 4,489 
Beyond 202614,038 16,978 
Total Estimated Amortization Expense$60,296 $56,104 
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Note 9 Short and Long-Term Funding
The following table presents the components of short-term funding (funding with original contractual maturities of one year or less) and long-term funding (funding with original contractual maturities greater than one year):
($ in Thousands)Sep 30, 2021Dec 31, 2020
Short-Term Funding
Federal funds purchased$415 $7,070 
Securities sold under agreements to repurchase267,528 185,901 
Federal funds purchased and securities sold under agreements to repurchase267,943 192,971 
Commercial paper54,553 59,346 
Total short-term funding$322,496 $252,317 
Long-Term Funding
Bank senior notes, at par, due 2021$— $300,000 
Corporation subordinated notes, at par, due 2025250,000 250,000 
Finance leases72 1,128 
Capitalized costs(912)(1,663)
FHLB advances1,620,880 1,632,723 
Total long-term funding1,870,040 2,182,188 
Total short and long-term funding$2,192,536 $2,434,505 
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 securities sold under agreements to repurchase to facilitate the needs of its customers. As of September 30, 2021, the Corporation pledged agency mortgage-related securities with a fair value of $364 million as collateral for the repurchase agreements. Securities pledged as collateral under repurchase agreements are maintained with the Corporation's safekeeping agents and are monitored on a daily basis due to the market risk of fair value changes in the underlying securities. The Corporation generally pledges excess securities to ensure there is sufficient collateral to satisfy short-term fluctuations in both the repurchase agreement balances and the fair value of the underlying securities.
The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 are presented in the following table:
Remaining Contractual Maturity of the Agreements
($ in Thousands)Overnight and ContinuousUp to 30 days30-90 daysGreater than 90 daysTotal
September 30, 2021
Repurchase agreements
Agency mortgage-related securities$267,528 $— $— $— $267,528 
Total $267,528 $— $— $— $267,528 
December 31, 2020
Repurchase agreements
Agency mortgage-related securities$185,901 $— $— $— $185,901 
Total $185,901 $— $— $— $185,901 
Long-Term Funding
Senior Notes 
In August 2018, the Bank issued $300 million of senior notes, due August 2021, and callable July 2021. The senior notes had a fixed coupon interest rate of 3.50% and were issued at a discount. The Bank redeemed all of the senior notes on July 13, 2021, the initial redemption date under the terms of the notes.
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Subordinated Notes 
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
In connection with the construction of a new branch in Oshkosh, Wisconsin, the Corporation entered into a land lease with the option to purchase the underlying land for a fixed price, which the Corporation now expects to exercise. The finance lease has a fixed interest rate of 1.07%. See Note 18 for additional disclosure regarding the Corporation’s leases.
Note 10 Derivative and Hedging Activities
The Corporation is exposed to certain risk arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Corporation's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation's known or expected cash receipts and its known or expected cash payments principally related to the Corporation's assets.
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 $78 million and $72 million of investment securities as collateral at September 30, 2021, and December 31, 2020, respectively. At September 30, 2021, the Corporation posted $18 million of cash collateral compared to $31 million at December 31, 2020.
Federal regulations require the Corporation to clear all LIBOR interest rate swaps through a clearing house, if possible. For derivatives cleared through central clearing houses, the variation margin payments are legally characterized as daily settlements of the derivative rather than collateral. The Corporation's clearing agent for interest rate derivative contracts that are centrally cleared through the Chicago Mercantile Exchange (CME) and the London Clearing House (LCH) settles the variation margin daily. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. Depending on the net position, the fair value is reported in other assets or accrued expenses and other liabilities on the consolidated balance sheets. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument.
Derivatives to Accommodate Customer Needs
The Corporation facilitates customer borrowing activity by entering into various derivative contracts which are designated as free standing derivative contracts. Free standing derivative products are entered into primarily for the benefit of commercial customers seeking to manage their exposures to interest rate risk, foreign currency, and commodity prices. These derivative contracts are not designated against specific assets and liabilities on the consolidated balance sheets or forecasted transactions and, therefore, do not qualify for hedge accounting treatment. Such derivative contracts are carried at fair value in other assets and accrued expenses and other liabilities on the consolidated balance sheets with changes in the fair value recorded as a component of capital markets, net, and typically include interest rate-related instruments (swaps and caps), foreign currency exchange forwards, and commodity contracts. See Note 11 for additional information and disclosures on balance sheet offsetting.
Interest rate-related instruments: The Corporation provides interest rate risk management services to commercial customers, primarily forward interest rate swaps and caps. The Corporation’s market risk from unfavorable movements in interest rates related to these derivative contracts is generally economically hedged by concurrently entering into offsetting derivative contracts. The offsetting derivative contracts have identical notional values, terms, and indices.
Foreign currency exchange forwards: The Corporation provides foreign currency exchange services to customers, primarily forward contracts. The Corporation's customers enter into a foreign currency exchange forward with the Corporation as a means
35

for them to mitigate exchange rate risk. The Corporation mitigates its risk by then entering into an offsetting foreign currency exchange derivative contract.
Commodity contracts: Commodity contracts are entered into primarily for the benefit of commercial customers seeking to manage their exposure to fluctuating commodity prices. The Corporation mitigates its risk by then entering into an offsetting commodity derivative contract.
Mortgage Derivatives
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 with the changes in fair value recorded as a component of mortgage banking, net on the consolidated statements of income.
The following table presents the total notional amounts and gross fair values of the Company’s derivatives, as well as the balance sheet netting adjustments as of September 30, 2021 and December 31, 2020. The derivative assets and liabilities are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into consideration the effects of legally enforceable master netting agreements and cash collateral received or paid as of September 30, 2021 and December 31, 2020. The resulting net derivative asset and liability fair values are included in other assets and accrued expenses and other liabilities, respectively, on the consolidated balance sheets.
 Sep 30, 2021Dec 31, 2020
AssetLiabilityAssetLiability
($ in Thousands)Notional AmountFair ValueNotional AmountFair ValueNotional AmountFair ValueNotional AmountFair Value
Not designated as hedging instruments
Interest rate-related instruments$3,889,911 $110,898 $3,889,911 $24,322 $3,639,679 $192,518 $3,639,679 $25,680 
Foreign currency exchange forwards496,215 4,637 483,949 4,454 411,292 4,909 398,890 4,836 
Commodity contracts16,231 6,546 16,307 6,471 87,547 12,486 83,214 11,155 
Mortgage banking(a)(b)
253,663 6,159 390,000 — 226,818 9,624 335,500 2,046 
Gross derivatives before netting$128,240 $35,247 $219,537 $43,716 
Less: Legally enforceable master netting agreements3,302 3,302 1,936 1,936 
Less: Cash collateral pledged/received3,143 18,595 10,879 25,625 
Total derivative instruments, after netting$121,795 $13,351 $206,722 $16,155 
(a) Mortgage derivative assets include interest rate lock commitments and mortgage derivative liabilities include forward commitments.
(b) Includes approximately $972,000 forward commitment fair value.
The Corporation terminated its $500 million fair value hedge during the fourth quarter of 2019. At September 30, 2021, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $446 million and is included in loans on the consolidated balance sheets. This amount includes $2 million of hedging adjustments on the discontinued hedging relationships.
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The table below identifies the effect of fair value hedge accounting on the Corporation's consolidated statements of income for the three and nine months ended September 30, 2021 and 2020:
Location and Amount of Gain or (Loss) Recognized in Income on
Fair Value and Cash Flow Hedging Relationships
Three months ended Sep 30,Nine months ended Sep 30,
2021202020212020
($ in Thousands)Interest IncomeOther Income (Expense)Interest IncomeOther Income (Expense)Interest IncomeOther Income (Expense)Interest IncomeOther Income (Expense)
Total amounts of income and expense line items presented on the consolidated statements of income in which the effects of the fair value hedge is recorded$(292)$— $(481)$— $(1,128)$— $(1,345)$(262)
The effects of fair value hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20
Interest contracts
Hedged items (292)— (481)— (1,128)— (1,345)(262)
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, 2021 and 2020:
Consolidated Statements of Income Category of
Gain / (Loss) 
Recognized in Income		Three Months Ended Sep 30,Nine Months Ended Sep 30,
($ in Thousands)2021202020212020
Derivative Instruments
Interest rate-related instruments — customer and mirror, netCapital markets, net$557 $507 $2,546 $(2,648)
Foreign currency exchange forwardsCapital markets, net(8)49 109 (31)
Commodity contractsCapital markets, net(124)(86)(1,256)555 
Interest rate lock commitments (mortgage)Mortgage banking, net(1,356)(4,948)(4,438)5,361 
Forward commitments (mortgage)Mortgage banking, net(1,402)1,293 (3,017)710 
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Note 11 Balance Sheet Offsetting
Interest Rate-Related Instruments, Commodity Contracts, and Foreign Exchange Forwards (“Interest, Commodity, and Foreign Exchange Agreements”)
The Corporation enters into interest rate-related instruments to facilitate the interest rate risk management strategies of commercial customers, commodity contracts to manage commercial customers' exposure to fluctuating commodity prices, and foreign exchange forwards to manage customers' exposure to fluctuating foreign exchange rates. The Corporation mitigates these risks by entering into equal and offsetting agreements with highly rated third-party financial institutions. The Corporation is party to master netting arrangements with its financial institution counterparties that create single net settlements of all legal claims or obligations to pay or receive the net amount of settlement of the individual interest, commodity, and foreign exchange agreements. Collateral, usually in the form of investment securities and cash, is posted by the counterparty with net liability positions in accordance with contract thresholds. Derivatives subject to a legally enforceable master netting agreement are reported on a net basis, net of cash collateral, in other assets and accrued expenses and other liabilities, on the face of the consolidated balance sheets. See Note 10 for additional information on the Corporation’s derivative and hedging activities. The following table presents the interest rate, commodity, and foreign exchange assets and liabilities subject to an enforceable master netting arrangement. The interest, commodity 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 RecognizedGross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance SheetsNet Amounts Presented on the Consolidated Balance Sheets
 ($ in Thousands)Derivative
Liabilities Offset		Cash Collateral Received
Derivative assets
September 30, 2021$6,719 $(3,302)$(3,143)$273 
December 31, 202013,441 (1,936)(10,879)626 
 Gross Amounts RecognizedGross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance SheetsNet Amounts Presented on the Consolidated Balance Sheets
 ($ in Thousands)Derivative
Assets Offset		Cash Collateral Pledged
Derivative liabilities
September 30, 2021$23,489 $(3,302)$(18,595)$1,592 
December 31, 202027,951 (1,936)(25,625)390 
Note 12 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters
The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 10). The following is a summary of lending-related commitments:
($ in Thousands)Sep 30, 2021Dec 31, 2020
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b)
$10,618,161 $10,010,492 
Commercial letters of credit(a)
6,309 3,642 
Standby letters of credit(c)
264,123 278,798 
(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, 2021 or December 31, 2020.
(b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 10.
(c) The Corporation has established a liability of $3 million for both September 30, 2021 and December 31, 2020, as an estimate of the fair value of these financial instruments.
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Lending-related Commitments
As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit). The following table presents a summary of the changes in the allowance for unfunded commitments:
($ in Thousands)Nine months ended Sep 30, 2021Year Ended Dec 31, 2020
Allowance for Unfunded Commitments
Balance at beginning of period$47,776 $21,907 
Cumulative effect of ASU 2016-13 adoption (CECL)N/A18,690 
Balance at beginning of period, adjusted47,776 40,597 
Provision for unfunded commitments(6,500)7,000 
Amount recorded at acquisitionN/A179 
Balance at end of period$41,276 $47,776 
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 10. 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, federal and state 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, 2021 was $277 million, compared to $272 million at December 31, 2020, included in tax credit and other investments on the consolidated balance sheets. The Corporation utilizes the proportional amortization method to account for investments in qualified affordable housing projects.
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 $24 million and $18 million for the nine months ended September 30, 2021 and 2020, respectively, and $8 million and $6 million for the three months ended September 30, 2021 and 2020, respectively. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $270 million at September 30, 2021 and $268 million at December 31, 2020.
The Corporation’s unfunded equity contributions relating to investments in federal and state qualified affordable housing and federal and state historic projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded equity contributions totaled $101 million and $118 million at September 30, 2021 and December 31, 2020, respectively.
For the nine months ended September 30, 2021 and the year ended December 31, 2020, the Corporation did not record any impairment related to qualified affordable housing investments.
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The Corporation has principal investment commitments to provide capital-based financing to private and public 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 $24 million and $25 million at September 30, 2021 and December 31, 2020, respectively, 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 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.
A lawsuit, Evans et al v. Associated Banc-Corp et al, was filed in the United States District Court for the Eastern District of Wisconsin - Green Bay Division on January 13, 2021 by one current and one former participant in the Associated Banc-Corp 401(k) and Employee Stock Ownership Plan (the “Plan”) as representatives of a putative class. The plaintiffs alleged that Associated Banc-Corp, the Associated Banc-Corp Plan Administrative Committee, and current and past members of such committee during the relevant time period (the “Defendants”) breached their fiduciary duties with respect to the Plan in violation of Employee Retirement Income Security Act of 1974, as amended, by applying an imprudent and inappropriate preference for products associated with Associated Banc-Corp within the Plan, and that the Defendants failed to monitor or control the recordkeeping expenses paid to Associated Trust Company, N.A. On March 18, 2021, the Defendants filed a motion to dismiss. On April 8, 2021, the plaintiffs filed an amended complaint which dropped the record keeping claim, added Associated Trust Company N.A. and Kellogg Asset Management, LLC as defendants, and alleged various breaches of fiduciary duty related to the selection and monitoring of, and the fees charged by, proprietary collective investment trusts. The plaintiffs, in part, seek an accounting and disgorgement of certain profits, as well as certain equitable restitution and equitable monetary relief. The Corporation intends to vigorously defend against this lawsuit. It is not possible for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss at this time with respect to this lawsuit.
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 and the Bank 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. 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.
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
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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. Additionally, beginning in the third quarter of 2021, qualifying residential mortgage loans guaranteed by U.S. government agencies have been sold into GNMA pools.
As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $6 million and $10 million for the nine months ended September 30, 2021 and the year ended December 31, 2020, respectively. There were approximately $114,000 of loss reimbursement and settlement claims paid for the nine months ended September 30, 2021 and there were no such claims for the year ended December 31, 2020. Make whole requests during 2020 and the first nine months of 2021 generally arose from loans sold during the period of January 1, 2012 to December 31, 2020. Since January 1, 2012, loans sold totaled $15.7 billion at the time of sale, and consisted primarily of loans sold to GSEs. As of September 30, 2021, $6.5 billion of these sold loans 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 $1 million as of September 30, 2021 and $2 million as of December 31, 2020.
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, 2021 and December 31, 2020, there were $27 million and $36 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 in exchange for a monthly credit enhancement fee. The Corporation has not sold loans to the FHLB with such credit risk retention since February 2005. At September 30, 2021 and December 31, 2020, there were $26 million and $33 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been negligible historical losses to the Corporation.
Note 13 Fair Value Measurements
Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept).
The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2020 Annual Report on Form 10-K.
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The table below presents the Corporation’s financial instruments measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall:
 ($ in Thousands)Fair Value HierarchySep 30, 2021Dec 31, 2020
Assets
Investment securities AFS
U.S. Treasury securities Level 1$123,981 $26,531 
Agency securitiesLevel 214,998 25,038 
Obligations of state and political subdivisions (municipal securities)Level 2414,020 450,662 
Residential mortgage-related securities
FNMA / FHLMC Level 22,377,408 1,461,241 
GNMA Level 279,696 235,537 
Private-label Level 276,033 — 
Commercial mortgage-related securities
FNMA / FHLMCLevel 2353,175 22,904 
GNMA Level 2231,096 524,756 
Asset backed securities
FFELP Level 2212,797 327,189 
SBALevel 27,179 8,584 
Other debt securities Level 22,999 3,000 
Total investment securities AFS Level 1$123,981 $26,531 
Total investment securities AFS Level 23,769,399 3,058,910 
Equity securities with readily determinable fair values Level 14,109 1,661 
Residential loans held for sale Level 2158,202 129,158 
Interest rate-related instruments(a)
 Level 2110,898 192,518 
Foreign currency exchange forwards(a)
 Level 24,637 4,909 
Commodity contracts(a)
 Level 26,546 12,486 
Interest rate lock commitments to originate residential mortgage loans held for sale Level 35,187 9,624 
Forward commitments to sell residential mortgage loansLevel 3972 — 
Liabilities
Interest rate-related instruments(a)
 Level 2$24,322 $25,680 
Foreign currency exchange forwards(a)
 Level 24,454 4,836 
Commodity contracts(a)
 Level 26,471 11,155 
Forward commitments to sell residential mortgage loans Level 3— 2,046 
(a) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the
    same counterparty where there is a legally enforceable master netting agreement in place.
The table below presents a rollforward of the consolidated balance sheets amounts for the nine months ended September 30, 2021 and the year ended December 31, 2020, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy:
($ in Thousands)Interest rate lock commitments to originate residential mortgage loans held for saleForward commitments to sell residential mortgage loans Total
Balance December 31, 2019$2,527 $710 $1,817 
New production72,659 (3,505)76,164 
Closed loans / settlements(76,001)(12,587)(63,414)
Other10,439 17,427 (6,988)
Mortgage derivative gain (loss)7,097 1,335 5,762 
Balance December 31, 2020$9,624 $2,046 $7,579 
New production$45,586 $(2,496)$48,082 
Closed loans / settlements(44,543)217 (44,760)
Other(5,481)(739)(4,742)
Mortgage derivative gain (loss)(4,437)(3,017)(1,420)
Balance September 30, 2021$5,187 $(972)$6,159 
The closing ratio on interest rate lock commitments to originate residential mortgage loans held for sale is a Level 3 measurement, and was 82% at September 30, 2021.
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The following table presents the carrying value of equity securities without readily determinable fair values still held as of September 30, 2021 that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable. Also shown are the cumulative upward and downward adjustments for the Corporation's equity securities without readily determinable fair values as of September 30, 2021:
 ($ in Thousands)
Equity securities without readily determinable fair values
Carrying value as of December 31, 2020
$13,444 
Additions 552 
Sales(33)
Donations(134)
Carrying value as of September 30, 2021
$13,830 
Cumulative upward carrying value changes between January 1, 2018 and September 30, 2021
$13,444 
Cumulative downward carrying value changes/impairment between January 1, 2018 and September 30, 2021
$— 
The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall:
Consolidated Statements of Income
Category of Adjustment 
Recognized in Income
($ in Thousands)Fair Value HierarchyFair Value
Adjustment Recognized on the Consolidated Statements of Income(c)
September 30, 2021
Assets
Individually evaluated loans(a)
Level 3$78,139 Provision for credit losses$(4,227)
OREO(b)
Level 221,847 
Other noninterest expense / provision for credit losses(d)
6,449 
Mortgage servicing rightsLevel 350,373 Mortgage banking, net12,231 
December 31, 2020
Assets
Individually evaluated loans(a)
Level 3$138,752 Provision for credit losses$97,519 
OREO(b)
Level 26,125 Other noninterest expense3,747 
Mortgage servicing rightsLevel 341,990 Mortgage banking, net(17,704)
(a) Includes probable TDRs which are individually analyzed, net of the related allowance for credit losses.
(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) Includes the full year impact on the consolidated statements of income
(d) 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.
Certain nonfinancial assets and nonfinancial liabilities measured at fair value on a nonrecurring basis include the fair value analysis in the goodwill impairment test as well as intangible assets and other nonfinancial long-lived assets measured at fair value for the purpose of impairment assessment.
The Corporation's significant Level 3 measurements which employ unobservable inputs that are readily quantifiable pertain to MSRs and individually evaluated loans.
The table below presents information about these inputs and further discussion is found above:
September 30, 2021Valuation TechniqueSignificant Unobservable InputRange of InputsWeighted Average Input Applied
Mortgage servicing rightsDiscounted cash flowDiscount rate9%-15%9%
Mortgage servicing rightsDiscounted cash flowConstant prepayment rate8%-40%15%
Individually evaluated loansAppraisals / Discounted cash flowCollateral / Discount factor33%-51%36%
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Fair Value of Financial Instruments
The Corporation is required to disclose estimated fair values for its financial instruments.
Fair value estimates are set forth below for the Corporation’s financial instruments:
 Sep 30, 2021Dec 31, 2020
($ in Thousands)Fair Value Hierarchy LevelCarrying AmountFair ValueCarrying AmountFair Value
Financial assets
Cash and due from banks Level 1$378,927 $378,927 $416,154 $416,154 
Interest-bearing deposits in other financial institutions Level 11,281,916 1,281,916 298,759 298,759 
Federal funds sold and securities purchased under agreements to resell Level 125,000 25,000 1,135 1,135 
Investment securities AFS Level 1123,981 123,981 26,531 26,531 
Investment securities AFSLevel 23,769,399 3,769,399 3,058,910 3,058,910 
Investment securities HTM, netLevel 11,000 1,007 999 1,024 
Investment securities HTM, netLevel 21,928,735 2,034,803 1,877,939 2,027,852 
Equity securities with readily determinable fair valuesLevel 14,109 4,109 1,661 1,661 
Equity securities without readily determinable fair valuesLevel 313,830 13,830 13,444 13,444 
FHLB and Federal Reserve Bank stocksLevel 2168,281 168,281 168,280 168,280 
Residential loans held for saleLevel 2158,202 158,202 129,158 129,158 
Loans, netLevel 323,330,676 23,447,728 24,068,022 24,012,738 
Bank and corporate owned life insuranceLevel 2683,610 683,610 679,647 679,647 
Derivatives (other assets)(a)
Level 2122,082 122,082 209,913 209,913 
Interest rate lock commitments to originate residential mortgage loans held for sale (other assets)Level 35,187 5,187 9,624 9,624 
Forward commitments to sell residential mortgage loans (other assets)Level 3972 972 — — 
Financial liabilities
Noninterest-bearing demand, savings, interest-bearing demand, and money market accountsLevel 3$26,440,380 $26,440,380 $24,725,451 $24,725,451 
Brokered CDs and other time deposits(b)
Level 21,410,886 1,412,950 1,757,030 1,766,200 
Short-term fundingLevel 2322,496 322,486 252,317 252,303 
FHLB advancesLevel 21,620,880 1,701,512 1,632,723 1,760,727 
Other long-term fundingLevel 2249,160 270,526 549,465 578,233 
Standby letters of credit(c)
Level 22,549 2,549 2,731 2,731 
Derivatives (accrued expenses and other liabilities)(a)
Level 235,247 35,247 41,671 41,671 
Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) Level 3— — 2,046 2,046 
(a) Figures are presented gross before netting. See Note 10 and Note 11 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.
(b) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.
(c) The commitment on standby letters of credit was $264 million at September 30, 2021 and $279 million at December 31, 2020. See Note 12 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
Note 14 Retirement Plans
The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet participation requirements. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes.
The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans.
The First Staunton acquisition closed on February 14, 2020, and the employees who met the required criteria became eligible to participate in the RAP on February 15, 2020, with their vesting service credit based on their prior hours of service with First Staunton. See Note 2 for additional information on the First Staunton acquisition.
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The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan for the three and nine months ended September 30, 2021 and 2020 were as follows:
Three Months Ended Sep 30,Nine Months Ended Sep 30,
($ in Thousands)2021202020212020
Components of Net Periodic Benefit Cost
RAP
Service cost$1,684 $1,853 $5,835 $6,183 
Interest cost1,682 2,124 4,927 6,139 
Expected return on plan assets(6,395)(6,386)(19,256)(19,196)
Amortization of prior service cost(19)(18)(55)(55)
Amortization of actuarial loss (gain)1,346 1,313 3,446 2,923 
Total net periodic pension cost$(1,701)$(1,114)$(5,103)$(4,006)
Postretirement Plan
Interest cost$13 $20 $39 $59 
Amortization of prior service cost(19)(19)(56)(56)
Total net periodic benefit cost$(6)$1 $(17)$2 
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.
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 the nine months ended September 30, 2021 and 2020.
Note 15 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 2020 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) 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.
A 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 2020 Annual Report on
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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 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 2020 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. During the first quarter of 2021, the Corporation sold its wealth management subsidiary Whitnell. The Community, Consumer, and Business segment serves individuals, as well as small and mid-sized businesses, by providing lending and deposit solutions. In addition, until June 30, 2020, the Corporation offered insurance and risk consulting services. 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).
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)2021202020212020
Net interest income$93,768 $92,033 $280,295 $298,611 
Net intersegment interest income (expense)5,884 6,937 18,962 3,123 
Segment net interest income99,652 98,970 299,257 301,734 
Noninterest income(a)
43,228 37,405 124,847 111,254 
Total revenue142,881 136,376 424,104 412,987 
Provision for credit losses14,864 15,572 48,803 41,456 
Noninterest expense58,652 52,635 172,781 160,899 
Income (loss) before income taxes69,364 68,169 202,521 210,633 
Income tax expense (benefit)12,617 12,497 37,213 39,161 
Net income$56,747 $55,672 $165,307 $171,472 
Allocated goodwill$525,836 $530,144 
Community, Consumer, and Business
Three Months Ended Sep 30,Nine Months Ended Sep 30,
($ in Thousands)2021202020212020
Net interest income$70,860 $73,644 $209,285 $221,691 
Net intersegment interest income (expense)12,907 9,231 39,705 42,213 
Segment net interest income83,767 82,875 248,990 263,904 
Noninterest income35,771 32,958 113,558 140,442 
Total revenue119,538 115,833 362,548 404,345 
Provision for credit losses4,233 5,758 13,897 16,296 
Noninterest expense94,762 102,139 290,443 335,675 
Income (loss) before income taxes20,543 7,936 58,209 52,374 
Income tax expense (benefit)4,314 1,667 12,224 10,999 
Net income$16,230 $6,269 $45,985 $41,376 
Allocated goodwill$579,156 $577,758 
46

 Risk Management and Shared Services
Three Months Ended Sep 30,Nine Months Ended Sep 30,
($ in Thousands)2021202020212020
Net interest income$19,047 $16,472 $49,511 $54,662 
Net intersegment interest income (expense)(18,791)(16,167)(58,666)(45,336)
Segment net interest income256 305 (9,155)9,326 
Noninterest income(b)
3,077 5,182 12,457 176,646 
Total revenue3,333 5,487 3,301 185,973 
Provision for credit losses(43,107)21,679 (144,717)99,257 
Noninterest expense24,478 72,813 64,490 106,610 
Income (loss) before income taxes21,962 (89,005)83,529 (19,895)
Income tax expense (benefit)6,129 (72,278)20,705 (46,817)
Net income$15,833 $(16,727)$62,824 $26,922 
Allocated goodwill$— $— 
Consolidated Total
Three Months Ended Sep 30,Nine Months Ended Sep 30,
($ in Thousands)2021202020212020
Net interest income$183,675 $182,150 $539,092 $574,964 
Net intersegment interest income (expense)— — — — 
Segment net interest income183,675 182,150 539,092 574,964 
Noninterest income(a)(b)
82,076 75,545 250,862 428,342 
Total revenue265,752 257,695 789,954 1,003,305 
Provision for credit losses(24,010)43,009 (82,018)157,009 
Noninterest expense177,892 227,587 527,713 603,184 
Income (loss) before income taxes111,870 (12,900)344,259 243,112 
Income tax expense (benefit)23,060 (58,114)70,142 3,342 
Net income$88,809 $45,214 $274,117 $239,769 
Allocated goodwill$1,104,992 $1,107,902 
(a) For the nine months ended September 30, 2021, the Corporation recognized a $2 million pre-tax gain on sale of Whitnell.
(b) For the nine months ended September 30, 2020, the Corporation recognized a $163 million pre-tax gain related to the sale of ABRC.
47

Note 16 Accumulated Other Comprehensive Income (Loss)
The following tables summarize the components of accumulated other comprehensive income (loss) at September 30, 2021 and 2020, including changes during the preceding three and nine month periods as well as any reclassifications out of accumulated other comprehensive income (loss):
($ in Thousands)Investment
Securities
AFS		Defined Benefit
Pension and
Postretirement
Obligations		Accumulated
Other
Comprehensive
Income (Loss)
Balance December 31, 2020
$41,325 $(28,707)$12,618 
Other comprehensive income (loss) before reclassifications(35,829)— (35,829)
Amounts reclassified from accumulated other comprehensive income (loss)
Investment securities losses (gains), net16 — 16 
Personnel expense— (111)(111)
Other expense— 3,446 3,446 
Interest income1,335 — 1,335 
Income tax (expense) benefit8,548 (836)7,712 
Net other comprehensive income (loss) during period(25,930)2,498 (23,431)
Balance September 30, 2021$15,395 $(26,209)$(10,813)
Balance December 31, 2019
$3,989 $(37,172)$(33,183)
Other comprehensive income (loss) before reclassifications53,900 — 53,900 
Amounts reclassified from accumulated other comprehensive income (loss)
Investment securities losses (gains), net(9,222)— (9,222)
Personnel expense— (111)(111)
Other expense— 2,923 2,923 
Interest income2,628 — 2,628 
Income tax (expense) benefit(11,852)(1,088)(12,939)
Net other comprehensive income (loss) during period35,454 1,724 37,178 
Balance September 30, 2020$39,443 $(35,448)$3,995 
($ in Thousands)Investments
Securities
AFS		Defined Benefit
Pension and
Post Retirement
Obligations		Accumulated
Other
Comprehensive
Income (Loss)
Balance June 30, 2021$30,076 $(27,187)$2,889 
Other comprehensive income (loss) before reclassifications(19,827)— (19,827)
Amounts reclassified from accumulated other comprehensive income (loss)
Investment securities losses (gains), net— — — 
Personnel expense— (37)(37)
Other expense— 1,346 1,346 
Interest income172 — 172 
Income tax (expense) benefit4,975 (330)4,644 
Net other comprehensive income (loss) during period(14,681)979 (13,702)
Balance September 30, 2021$15,395 $(26,209)$(10,813)
Balance June 30, 2020$34,101 $(36,021)$(1,920)
Other comprehensive income (loss) before reclassifications5,840 — 5,840 
Amounts reclassified from accumulated other comprehensive income (loss)
Investment securities losses (gains), net(7)— (7)
Personnel expense— (36)(36)
Other expense— 1,313 1,313 
Interest income1,296 — 1,296 
Income tax (expense) benefit(1,786)(703)(2,489)
Net other comprehensive income (loss) during period5,342 573 5,916 
Balance September 30, 2020$39,443 $(35,448)$3,995 

48

Note 17 Revenue from Contracts with Customers
Revenue from contracts with customers is recognized when obligations under the terms of a contract with the Corporation's customer are satisfied. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. We do not have any material significant payment terms as payment is received at or shortly after the satisfaction of the performance obligation.
The Corporation's disaggregated revenue by major source is presented below:
Corporate and Commercial Specialty
Three Months Ended Sep 30,Nine Months Ended Sep 30,
($ in Thousands)2021202020212020
Wealth management fees$22,110 $21,152 $67,229 $61,496 
Service charges and deposit account fees4,539 4,458 13,898 12,316 
Card-based fees(a)
541 474 1,367 1,216 
Insurance commissions and fees 36 57 98 179 
Other revenue772 1,400 2,619 2,481 
   Noninterest income (in-scope of Topic 606) $27,998 $27,540 $85,212 $77,690 
   Noninterest income (out-of-scope of Topic 606)(b)
15,230 9,866 39,635 33,564 
  Total noninterest income $43,228 $37,405 $124,847 $111,254 
Community, Consumer, and Business
Three Months Ended Sep 30,Nine Months Ended Sep 30,
($ in Thousands)2021202020212020
Wealth management fees$— $— $— $1,387 
Service charges and deposit account fees12,417 9,816 33,441 28,653 
Card-based fees(a)
10,600 9,699 30,538 27,392 
Insurance commissions and fees 50 55 146 44,965 
Other revenue1,945 2,168 7,459 7,315 
   Noninterest income (in-scope of Topic 606) $25,012 $21,739 $71,583 $109,713 
Noninterest income (out-of-scope of Topic 606)10,758 11,219 41,976 30,728 
  Total noninterest income $35,771 $32,958 $113,558 $140,442 
Risk Management and Shared Services
Three Months Ended Sep 30,Nine Months Ended Sep 30,
($ in Thousands)2021202020212020
Service charges and deposit account fees$5 $10 $27 $19 
Card-based fees(a)
6 34 15 127 
Insurance commissions and fees 2 2 6 8 
Other revenue76 (82)1,540 (33)
Noninterest income (in-scope of Topic 606) $89 $(36)$1,588 $121 
Noninterest income (out-of-scope of Topic 606)(c)
2,989 5,218 10,868 176,525 
  Total noninterest income $3,077 $5,182 $12,457 $176,646 
Consolidated Total
Three Months Ended Sep 30,Nine Months Ended Sep 30,
($ in Thousands)2021202020212020
Wealth management fees$22,110 $21,152 $67,229 $62,884 
Service charges and deposit account fees16,962 14,283 47,366 40,989 
Card-based fees(a)
11,147 10,207 31,920 28,736 
 Insurance commissions and fees 88 114 250 45,153 
Other revenue2,792 3,487 11,618 9,764 
Noninterest income (in-scope of Topic 606) $53,099 $49,243 $158,383 $187,524 
Noninterest income (out-of-scope of Topic 606)(b)(c)
28,977 26,303 92,479 240,818 
  Total noninterest income $82,076 $75,545 $250,862 $428,342 
(a) Certain card-based fees are out-of-scope of Topic 606.
(b) For the nine months ended September 30, 2021, the Corporation recognized a $2 million pre-tax gain on the sale of Whitnell.
(c) For the nine months ended September 30, 2020, the Corporation recognized a $163 million pre-tax gain on the sale of ABRC.

49

Below is a listing of performance obligations for the Corporation's main revenue streams:
Revenue StreamNoninterest income in-scope of Topic 606
Service charges and deposit account feesService charges and deposit account fees consist of monthly service fees (i.e. business analyzed fees and consumer service charges) and other deposit account related fees. The Corporation's performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges and deposit account fees is primarily received immediately or in the following month through a direct charge to customers’ accounts.
Card-based fees(a)
Card-based fees are primarily comprised of debit and credit card income, ATM fees, and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Corporation's debit and credit cards are processed through card payment networks. ATM and merchant fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment is typically received immediately or in the following month.
Trust and asset management fees(b)
Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Corporation's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to the customers’ accounts. The Corporation's performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered.
Brokerage and advisory fees(b)
Brokerage and advisory fees primarily consist of investment advisory, brokerage, retirement services, and annuities. The Corporation's performance obligation for investment advisory services and retirement services is generally satisfied, and the related revenue recognized, over the period in which the services are provided. The performance obligation for annuities is satisfied upon sale of the annuity, and therefore, the related revenue is primarily recognized at the time of sale. Payment for these services are typically received immediately or in advance of the service.
(a) Certain card-based fees are out-of-scope of Topic 606.
(b) Trust and asset management fees and brokerage and advisory fees are included in wealth management fees.
Note 18 Leases
The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has a finance lease for land.
These leases have original terms of 1 year or longer with remaining maturities up to 41 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 Corporation's 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)2021202020212020
Operating lease costs$2,367 $3,970 $6,850 $9,224 
Finance lease costs17 39 76 115 
Operating lease cash flows2,858 2,871 8,598 8,303 
Finance lease cash flows21 40 101 82 
The lease classifications on the consolidated balance sheets were as follows:
($ in Thousands)Consolidated Balance Sheets CategorySep 30, 2021Dec 31, 2020
Operating lease right-of-use assetPremises and equipment$29,527 $31,994 
Finance lease right-of-use assetOther assets59 962 
Operating lease liabilityAccrued expenses and other liabilities33,066 36,425 
Finance lease liabilityOther long-term funding72 1,128 
50

The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows:
Sep 30, 2021Dec 31, 2020
($ in Thousands)Lease paymentsWeighted-average lease term (in years)Weighted-average discount rateLease paymentsWeighted-average lease term (in years)Weighted-average discount rate
Operating leases
Equipment$192 1.740.46 %$386 2.490.46 %
Retail and corporate offices30,756 5.553.24 %34,036 6.043.33 %
Land5,747 8.483.11 %6,385 8.993.09 %
Total operating leases$36,696 5.973.21 %$40,806 6.453.27 %
Finance leases
Land$73 0.921.07 %$1,145 1.651.05 %
Total finance leases$73 0.921.07 %$1,145 1.651.05 %
Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:
($ in Thousands)Operating LeasesFinance LeasesTotal Leases
Three Months Ending December 31, 2021$2,326 $21 $2,348 
20228,061 51 8,112 
20236,108 — 6,108 
20245,317 — 5,317 
20254,076 — 4,076 
Beyond 202510,807 — 10,807 
Total lease payments$36,696 $73 $36,768 
Less: interest3,630 — 3,630 
Present value of lease payments$33,066 $72 $33,138 
As of September 30, 2021 and December 31, 2020, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $16 million and $17 million, respectively. The leases that had not yet commenced as of September 30, 2021, will commence between October 2021 and October 2023 with lease terms of 1 year to 6 years.
51

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, 2020, in the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, in Item 1A of Part 2 herein, 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.
On September 9, 2021, the Corporation presented a new growth focused and digital forward strategic vision which included taking the following actions or committing to future actions:
Expanding our Lending Capabilities:
•Diversifying our consumer portfolio by growing auto finance
•Broadening current asset-based lending capabilities
•Launching equipment finance vertical in our commercial business
Growing our Core Businesses:
•Accelerating core commercial middle market lending growth
•Enhancing small business, consumer direct and home equity line of credit lending
•Retooling our mass affluent strategy
Investing in our Digital Transformation:
•Redirecting $50 million of investment over the next five years to digital with incremental costs expected to be funded by the annual run-rate savings from the planned branch consolidations, back-office facilities consolidations, and the transformation of legacy IT infrastructure
•Preparing to deploy new mobile and online systems in the next six months
•Transforming our legacy IT infrastructure to deliver greater differentiation
52

Optimizing Capital Proactively:
•Optimizing tangible common equity to accelerate return on average tangible common equity expansion
•Paying a dividend commensurate with performance
•Reducing our preferred capital layers
Performance Summary
•Average loans of $24.1 billion decreased $343 million, or 1%, compared to the first nine months of 2020. The Corporation expects 2021 commercial loan growth, excluding PPP, of approximately 2%.
•Average deposits of $27.5 billion increased $1.7 billion, or 7%, from the first nine months of 2020, driven primarily by government stimulus related inflows and changing savings habits by customers in response to the pandemic.
•Net interest income of $539 million decreased $36 million, or 6%, from the first nine months of 2020, and net interest margin was 2.38% compared to 2.54% for the first nine months of 2020. Both decreases were primarily due to a lower interest rate environment. The Corporation expects a full year margin of approximately 2.40%.
•Provision for credit losses had a release of $82 million, compared to provision expense of $157 million for the first nine months of 2020. The Corporation expects fourth quarter provision to adjust with changes to risk grade, economic conditions, other indications of credit quality, and loan volume.
•Noninterest income of $251 million decreased $177 million, or 41%, from the first nine months of 2020, primarily driven by the $163 million gain on the sale of ABRC in 2020 and the resulting reduction in related insurance revenues. The Corporation expects 2021 noninterest income to be at the upper end of the $315 million to $325 million range.
•Noninterest expense of $528 million decreased $75 million, or 13%, from the first nine months of 2020, primarily due to a $45 million loss on prepayment of FHLB advances incurred during 2020 and a decrease in personnel expense of $15 million, or 5%, from 2020 which was primarily due to having fewer employees partially offset by an increase in funding for the management incentive plan. The Corporation expects 2021 noninterest expense of approximately $705 million to $711 million, including initiatives and proposed facilities exit costs.
Table 1 Summary Results of Operations: Trends
Nine months endedThree months ended
($ in Thousands, except per share data)Sep 30, 2021Sep 30, 2020Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020Sep 30, 2020
Net income$274,117 $239,769 $88,809 $91,007 $94,301 $67,002 $45,214 
Net income available to common equity259,880 226,618 84,655 86,131 89,094 61,795 40,007 
Earnings per common share - basic 1.70 1.47 0.56 0.56 0.58 0.40 0.26 
Earnings per common share - diluted1.69 1.46 0.56 0.56 0.58 0.40 0.26 
Effective tax rate20.37 %1.37 %20.61 %19.81 %20.69 %20.10 %N/M
N/M = Not Meaningful
53
Income Statement Analysis
Net Interest Income
Table 2 Net Interest Income Analysis
 Nine months ended Sep 30,
 20212020
 ($ 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 PPP lending$592,571 $28,582 6.45 %$624,305 $11,012 2.36 %
Commercial and business lending (excl PPP loans)8,561,822 162,075 2.53 %8,774,616 201,265 3.06 %
Commercial real estate lending6,163,684 133,314 2.89 %5,695,281 147,909 3.47 %
Total commercial15,318,077 323,971 2.83 %15,094,201 360,187 3.19 %
Residential mortgage7,879,992 166,146 2.81 %8,244,116 194,521 3.15 %
Retail948,449 33,947 4.78 %1,150,916 45,621 5.29 %
Total loans24,146,518 524,065 2.90 %24,489,234 600,329 3.27 %
Investment securities
Taxable3,152,994 24,600 1.04 %3,343,083 50,064 2.00 %
Tax-exempt(a)
1,961,528 54,357 3.69 %1,939,968 55,026 3.78 %
Other short-term investments1,662,571 5,802 0.47 %1,095,555 7,774 0.95 %
Investments and other6,777,093 84,759 1.67 %6,378,606 112,864 2.36 %
Total earning assets30,923,610 $608,824 2.63 %30,867,840 $713,193 3.08 %
Other assets, net3,354,657 3,460,967 
Total assets$34,278,268 $34,328,806 
Liabilities and Stockholders' Equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$4,061,728 $1,066 0.04 %$3,198,244 $2,610 0.11 %
Interest-bearing demand5,981,295 3,596 0.08 %5,530,482 11,281 0.27 %
Money market6,956,591 3,101 0.06 %6,499,965 14,152 0.29 %
Network transaction deposits960,308 880 0.12 %1,502,449 5,750 0.51 %
Time deposits1,533,466 6,302 0.55 %2,412,985 26,083 1.44 %
Total interest-bearing deposits19,493,387 14,945 0.10 %19,144,126 59,877 0.42 %
Federal funds purchased and securities sold under agreements to repurchase177,875 103 0.08 %179,615 454 0.34 %
Commercial paper51,330 21 0.05 %38,064 35 0.12 %
PPPLF— — — %599,368 1,574 0.35 %
Other short-term funding— — — %5,645 11 0.25 %
FHLB advances1,624,320 27,979 2.30 %2,829,680 47,471 2.24 %
Long-term funding461,390 14,323 4.14 %549,088 16,780 4.07 %
Total short and long-term funding2,314,915 42,425 2.45 %4,201,461 66,325 2.11 %
Total interest-bearing liabilities21,808,303 $57,371 0.35 %23,345,586 $126,201 0.72 %
Noninterest-bearing demand deposits7,961,119 6,618,058 
Other liabilities403,925 457,195 
Stockholders’ equity4,104,921 3,907,966 
Total liabilities and stockholders’ equity$34,278,268 $34,328,806 
Interest rate spread2.28 %2.36 %
Net free funds0.10 %0.18 %
Fully tax-equivalent net interest income and net interest margin ("NIM")$551,453 2.38 %$586,992 2.54 %
Fully tax-equivalent adjustment12,362 12,028 
Net interest income$539,092 $574,964 

(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.

54
Table 2 Net Interest Income Analysis
 Three Months Ended
 Sep 30, 2021Jun 30, 2021Sep 30, 2020
 ($ 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 PPP lending$275,414 $9,633 13.88 %$701,440 $10,048 5.75 %$1,019,808 $6,172 2.41 %
Commercial and business lending (excl PPP loans)8,708,659 54,099 2.47 %8,437,624 53,886 2.56 %8,751,083 56,951 2.59 %
Commercial real estate lending6,160,241 44,859 2.89 %6,159,728 44,139 2.87 %6,032,308 44,354 2.93 %
Total commercial15,144,314 108,591 2.85 %15,298,792 108,073 2.83 %15,803,199 107,476 2.71 %
Residential mortgage7,817,737 55,305 2.83 %7,861,139 55,337 2.82 %8,058,283 61,701 3.06 %
Retail921,906 11,120 4.81 %938,682 11,197 4.78 %1,101,589 13,780 4.99 %
Total loans23,883,957 175,016 2.92 %24,098,614 174,607 2.90 %24,963,071 182,957 2.92 %
Investment securities
Taxable3,258,587 8,745 1.07 %3,220,825 8,840 1.10 %3,438,858 13,689 1.59 %
Tax-exempt(a)
2,029,126 18,412 3.63 %1,953,696 18,101 3.71 %1,923,445 18,154 3.78 %
Other short-term investments2,215,805 2,281 0.41 %1,766,615 1,826 0.41 %1,788,471 2,238 0.50 %
Investments and other7,503,518 29,439 1.57 %6,941,135 28,767 1.66 %7,150,775 34,081 1.90 %
Total earning assets31,387,475 $204,455 2.59 %31,039,749 $203,375 2.62 %32,113,847 $217,038 2.70 %
Other assets, net3,372,013 3,339,898 3,436,512 
Total assets$34,759,489 $34,379,647 $35,550,359 
Liabilities and Stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$4,248,493 $377 0.04 %$4,121,553 $357 0.03 %$3,462,942 $382 0.04 %
Interest-bearing demand6,344,504 1,361 0.09 %5,879,173 1,057 0.07 %5,835,597 1,085 0.07 %
Money market7,011,075 1,019 0.06 %6,981,482 1,023 0.06 %6,464,784 1,444 0.09 %
Network transaction deposits893,991 290 0.13 %908,869 264 0.12 %1,528,199 609 0.16 %
Time deposits1,434,588 1,379 0.38 %1,509,705 1,909 0.51 %2,135,870 6,513 1.21 %
Total interest-bearing deposits19,932,650 4,427 0.09 %19,400,781 4,609 0.10 %19,427,392 10,033 0.21 %
Federal funds purchased and securities sold under agreements to repurchase238,735 48 0.08 %157,619 30 0.08 %140,321 34 0.10 %
Commercial paper55,864 8 0.05 %55,209 7 0.05 %42,338 5 0.05 %
PPPLF— — — %— — — %1,018,994 899 0.35 %
FHLB advances1,620,790 8,962 2.19 %1,620,397 9,524 2.36 %2,450,344 14,375 2.33 %
Long-term funding288,236 3,163 4.39 %549,222 5,575 4.06 %549,042 5,580 4.06 %
Total short and long-term funding2,203,625 12,180 2.20 %2,382,446 15,136 2.55 %4,201,039 20,892 1.98 %
Total interest-bearing liabilities22,136,276 $16,607 0.30 %21,783,227 $19,745 0.36 %23,628,431 $30,925 0.52 %
Noninterest-bearing demand deposits8,141,723 8,069,851 7,412,186 
Other liabilities401,077 395,950 475,310 
Stockholders’ Equity4,080,413 4,130,618 4,034,432 
Total liabilities and stockholders’ equity$34,759,489 $34,379,647 $35,550,359 
Interest rate spread2.29 %2.26 %2.18 %
Net free funds0.09 %0.11 %0.13 %
Fully tax-equivalent net interest income and net interest margin ("NIM")$187,848 2.38 %$183,629 2.37 %$186,112 2.31 %
Fully tax-equivalent adjustment4,172 4,115 3,963 
Net interest income$183,675 $179,515 $182,150 

(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
•Net interest income on the consolidated statements of income (which excludes the fully tax-equivalent adjustment) was $539 million for the first nine months of 2021 compared to $575 million for the first nine months of 2020. Fully tax-equivalent net interest income of $551 million for the first nine months of 2021 was $36 million, or 6%, lower than the first nine months of 2020. The net interest margin for the first nine months of 2021 was 2.38% compared to 2.54% for the first nine months of 2020. The decreases were attributable to a lower interest rate environment and increased liquidity being held in lower yielding interest-bearing deposits in other financial institutions. See sections Interest Rate Risk and Quantitative and Qualitative Disclosures about Market Risk for a discussion of interest rate risk and market risk.
•    Average interest-bearing liabilities of $21.8 billion for the first nine months of 2021 were down $1.5 billion, or 7%, compared to the first nine months of 2020. On average, FHLB advances decreased $1.2 billion, or 43%, primarily driven by the Corporation's prepayment of $950 million in FHLB advances during the third quarter of 2020. Interest-bearing deposits increased $349 million, or 2%, primarily driven by an increase in low cost deposits partially offset by decreases in higher cost deposits. Average noninterest-bearing demand deposits of $8.0 billion for the first nine months of 2021 were up $1.3 billion, or 20%, versus the first nine months of 2020.
•    The cost of interest-bearing liabilities was 0.35% for the first nine months of 2021, which was a 37 bp drop from the first nine months of 2020, primarily attributable to the federal funds rate decreases which occurred in March 2020.
•The Federal Reserve lowered the federal funds target interest to a range of 0.00% to 0.25% in March 2020, which has remained constant through the end of the third quarter of 2021.
Provision for Credit Losses
The provision for credit losses is predominantly a function of the Corporation’s reserving methodology and judgments as to other qualitative and quantitative factors used to determine the appropriate level of the ACLL, which focuses on changes in the size and character of the loan portfolio, changes in levels of individually evaluated and other nonaccrual loans, historical losses and delinquencies in each portfolio category, the risk inherent in specific loans, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other factors which could affect potential credit losses. The forecast the Corporation used for September 30, 2021 was the Moody's baseline scenario from September 2021 over a 2 year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. See additional discussion under the sections titled, Loans, Credit Risk, Nonperforming Assets, and Allowance for Credit Losses on Loans.
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Noninterest Income
Table 3 Noninterest Income
Nine months endedThree months endedChanges vs
($ in Thousands, except as noted)Sep 30, 2021Sep 30, 2020YTD % ChangeSep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020Sep 30, 2020Jun 30, 2021Sep 30, 2020
Wealth management fees$67,229 $62,884 7 %$22,110 $22,706 $22,414 $22,073 $21,152 (3)%5 %
Service charges and deposit account fees47,366 40,989 16 %16,962 15,549 14,855 15,318 14,283 9 %19 %
Card-based fees31,838 28,685 11 %11,113 10,982 9,743 9,848 10,195 1 %9 %
Other fee-based revenue12,769 14,240 (10)%3,929 4,244 4,596 4,998 4,968 (7)%(21)%
Total fee-based revenue159,203 146,798 8 %54,113 53,480 51,608 52,237 50,598 1 %7 %
Capital markets, net20,928 22,067 (5)%7,114 5,696 8,118 5,898 7,222 25 %(1)%
Mortgage servicing fees, net(a)
(1,230)324 N/M323 (155)(1,397)(973)(957)N/MN/M
Gains and fair value adjustments on loans held for sale31,709 45,267 (30)%8,341 8,623 14,744 14,733 14,536 (3)%(43)%
Fair value adjustment on portfolio loans transferred to held for sale— 3,932 (100)%— — — — 509 N/M(100)%
Mortgage servicing rights (impairment) recovery12,231 (18,481)N/M1,993 (340)10,578 776 (1,451)N/MN/M
Mortgage banking, net42,710 31,043 38 %10,657 8,128 23,925 14,537 12,636 31 %(16)%
Bank and corporate owned life insurance8,551 9,793 (13)%2,760 3,088 2,702 3,978 3,074 (11)%(10)%
Insurance commissions and fees250 45,153 (99)%88 86 76 92 114 2 %(23)%
Other8,176 7,321 12 %2,116 2,918 3,141 2,879 2,232 (27)%(5)%
Subtotal239,817 262,175 (9)%76,848 73,397 89,570 79,621 75,877 5 %1 %
Asset gains (losses), net10,024 156,945 (94)%5,228 (14)4,809 (1,356)(339)N/MN/M
Investment securities gains(losses), net(16)9,222 N/M— 24 (39)— 7 (100)%(100)%
Gain on the sale of branches, net1,038 — N/M— 36 1,002 7,449 — (100)%N/M
Total noninterest income$250,862 $428,342 (41)%$82,076 $73,443 $95,343 $85,714 $75,545 12 %9 %
Mortgage loans originated for sale during period$1,345,158 $1,319,034 2 %$455,842 $476,670 $412,645 $323,101 $458,361 (4)%(1)%
Mortgage loan settlements during period1,348,006 1,620,777 (17)%463,425 484,446 400,135 338,794 598,509 (4)%(23)%
Mortgage portfolio loans transferred to held for sale during period— 269,119 (100)%— — — — 69,532 N/M(100)%
Assets under management, at market value(b)
13,148 13,141 12,553 13,314 12,195 — %8 %
N/M = Not Meaningful
(a) Includes mortgage origination and servicing fees, net of mortgage servicing rights amortization.
(b) $ in millions. Excludes assets held in brokerage accounts.
Notable Contributions to the Change in Noninterest Income
•Mortgage banking, net increased $12 million from the first nine months of 2020 due to a $12 million recovery of MSRs impairment during 2021 as a result of market rates recovering, compared to impairment of $18 million during the first nine months of 2020 offset by decreased gains on sold loans due to lower mortgage settlements as well as contracting margins on the loans sold.
•Asset gains (losses), net decreased $147 million from the first nine months of 2020, driven by a gain of $163 million from the sale of ABRC during the second quarter of 2020, offset by a gain of $2 million from the sale of Whitnell and higher gains from private equity investments during the first nine months of 2021.
•Insurance commissions and fees decreased $45 million from the first nine months of 2020, driven by the sale of ABRC during the second quarter of 2020 which largely eliminated the source of noninterest income.
•Service charges and deposit account fees increased $6 million from the first nine months of 2020 as a result of service charges that were waived during 2020 in response to the COVID-19 pandemic.

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Noninterest Expense
Table 4 Noninterest Expense
Nine months endedThree months endedChange vs
($ in Thousands)Sep 30, 2021Sep 30, 2020YTD % ChangeSep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020Sep 30, 2020Jun 30, 2021Sep 30, 2020
Personnel$318,900 $334,117 (5)%$107,880 $106,994 $104,026 $98,033 $108,567 1 %(1)%
Technology60,902 61,639 (1)%19,927 20,236 20,740 19,574 19,666 (2)%1 %
Occupancy46,649 48,386 (4)%15,814 14,679 16,156 15,678 17,854 8 %(11)%
Business development and advertising15,522 13,007 19 %6,156 4,970 4,395 5,421 3,626 24 %70 %
Equipment16,199 16,150 — %5,200 5,481 5,518 5,555 5,399 (5)%(4)%
Legal and professional17,495 15,809 11 %4,304 6,661 6,530 5,737 5,591 (35)%(23)%
Loan and foreclosure costs6,508 8,842 (26)%1,616 2,671 2,220 3,758 2,118 (39)%(24)%
FDIC assessment13,350 14,650 (9)%5,000 3,600 4,750 5,700 3,900 39 %28 %
Other intangible amortization6,642 7,939 (16)%2,203 2,203 2,236 2,253 2,253 — %(2)%
Loss on prepayments of FHLB advances— 44,650 (100)%— — — — 44,650 N/M(100)%
Other25,547 37,993 (33)%9,793 6,979 8,775 11,141 13,963 40 %(30)%
Total noninterest expense$527,713 $603,184 (13)%$177,892 $174,475 $175,347 $172,850 $227,587 2 %(22)%
Average FTEs(a)
4,006 4,568 (12)%4,010 3,990 4,020 4,134 4,374 1 %(8)%
N/M = Not Meaningful
(a) Average FTEs without overtime
Notable Contributions to the Change in Noninterest Expense
•Personnel expense decreased $15 million from the first nine months of 2020, primarily due to having fewer employees as a result of the sales of ABRC and Whitnell, corporate restructurings, and branch sales, partially offset by an increase in funding for the management incentive plan.
•Business development and advertising expenses increased $3 million in the first nine months of 2021 as travel and advertising activity has resumed and begun to normalize from the pandemic lows.
•During the third quarter of 2020, the Corporation prepaid $950 million of long-term FHLB advances and incurred a loss of $45 million on the prepayment.
Income Taxes
The Corporation recognized income tax expense of $70 million for the nine months ended September 30, 2021, compared to income tax expense of $3 million for the nine months ended September 30, 2020. The Corporation's effective tax rate was 20.37% for the first nine months of 2021, compared to an effective tax rate of 1.37% for the first nine months of 2020. The increases in the effective tax rate and income tax expense during the first nine months of 2021 were primarily driven by tax planning strategies which occurred during the third quarter of 2020. The Corporation expects a full year effective tax rate of 19% to 21%, assuming no change in the statutory corporate tax rate.
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, and is, therefore, considered a critical accounting policy. The Corporation is subject to examination by various taxing authorities. Examination by taxing authorities may impact the amount of tax expense and / or 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. See section Critical Accounting Policies, in the Corporation’s 2020 Annual Report on Form 10-K for additional information on income taxes.
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Balance Sheet Analysis
•At September 30, 2021, total assets were $34.4 billion, up $1.0 billion, or 3%, from December 31, 2020 and down $259 million, or 1%, from September 30, 2020.
•Interest bearing deposits in other financial institutions were $1.3 billion at September 30, 2021, up $983 million from December 31, 2020 and up $570 million, or 80%, from September 30, 2020, due to excess reserves being held at the Federal Reserve Bank.
•Investment securities AFS, at fair value were $3.9 billion at September 30, 2021, up $808 million, or 26%, from December 31, 2020, and up $635 million, or 19%, from September 30, 2020, driven by the deployment of cash into higher yielding assets. See Note 6 Investment Securities for additional details.
•Loans of $23.6 billion at September 30, 2021 were down $830 million, or 3%, from December 31, 2020 and down $1.4 billion, or 6%, from September 30, 2020. See Note 7 Loans for additional details.
•At September 30, 2021, total deposits of $27.9 billion were up $1.4 billion, or 5%, from December 31, 2020 and were up $1.1 billion, or 4%, from September 30, 2020. Government stimulus programs and changed savings habits have led to customers holding higher deposit balances. See section Deposits and Customer Funding for additional information on deposits.
•Other long-term funding was $249 million at September 30, 2021, down $300 million, or 55%, from both December 31, 2020 and September 30, 2020, primarily driven by the redemption of the Bank's senior notes on July 13, 2021. See Note 9 Short and Long-Term Funding for additional details.
•Preferred equity was $193 million at September 30, 2021, down $160 million, or 45%, from both December 31, 2020 and September 30, 2020, as a result of the redemption of the Corporation's Series C Preferred Stock during the second quarter of 2021 and the redemption of the Corporation's Series D Preferred Stock during the third quarter of 2021.
Loans
Table 5 Period End Loan Composition
 Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020Sep 30, 2020
 ($ in Thousands)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
PPP$182,121 1 %$405,482 2 %$836,566 3 %$767,757 3 %$1,022,217 4 %
Commercial and industrial7,927,459 34 %7,909,119 33 %7,664,501 32 %7,701,422 31 %7,933,404 32 %
Commercial real estate — owner occupied879,554 4 %880,755 4 %883,237 4 %900,912 4 %904,997 4 %
Commercial and business lending8,989,133 38 %9,195,355 38 %9,384,303 39 %9,370,091 38 %9,860,618 39 %
Commercial real estate — investor4,296,489 18 %4,300,651 18 %4,260,706 18 %4,342,584 18 %4,320,926 17 %
Real estate construction1,834,871 8 %1,880,897 8 %1,882,299 8 %1,840,417 8 %1,859,609 7 %
Commercial real estate lending6,131,360 26 %6,181,549 26 %6,143,004 25 %6,183,001 25 %6,180,536 25 %
Total commercial15,120,493 64 %15,376,904 64 %15,527,307 64 %15,553,091 64 %16,041,154 64 %
Residential mortgage7,590,895 32 %7,638,372 32 %7,685,218 32 %7,878,324 32 %7,885,523 32 %
Home equity608,566 3 %631,783 3 %651,647 3 %707,255 3 %761,593 3 %
Other consumer294,979 1 %292,660 1 %288,990 1 %301,876 1 %302,603 1 %
Auto6,739 — %7,817 — %9,165 — %11,177 — %12,879 — %
Total consumer8,501,180 36 %8,570,632 36 %8,635,020 36 %8,898,632 36 %8,962,599 36 %
Total loans$23,621,673 100 %$23,947,536 100 %$24,162,328 100 %$24,451,724 100 %$25,003,753 100 %
The Corporation has long-term guidelines relative to the proportion of Commercial and Business, CRE, and Consumer loan commitments within the overall loan portfolio, with each targeted to represent 30 to 40% of the overall loan portfolio. The targeted long-term guidelines were unchanged during 2020 and the first nine months of 2021. Furthermore, certain sub-asset classes within the respective portfolios are further defined and dollar limitations are placed on these sub-portfolios. These guidelines and limits are reviewed quarterly and approved annually by the Enterprise Risk Committee of the Corporation’s Board of Directors. These guidelines and limits are designed to create balance and diversification within the loan portfolios.
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The Corporation’s loan distribution and interest rate sensitivity as of September 30, 2021 are summarized in the following table:
Table 6 Loan Distribution and Interest Rate Sensitivity
($ in Thousands)
Within 1 Year(a)
1-5 YearsAfter 5 YearsTotal% of Total
PPP$29,587 $152,534 $— $182,121 1 %
Commercial and industrial7,329,486 484,329 113,643 7,927,459 34 %
Commercial real estate — owner occupied496,010 233,530 150,013 879,554 4 %
Commercial real estate — investor3,935,037 274,474 86,978 4,296,489 18 %
Real estate construction1,790,893 32,050 11,928 1,834,871 8 %
Residential mortgage - Adjustable(b)
459,613 719,223 1,551,978 2,730,814 12 %
Residential mortgage - Fixed31,378 83,511 4,745,193 4,860,082 21 %
Home equity27,490 74,463 506,613 608,566 3 %
Other consumer47,919 51,028 196,031 294,979 1 %
Auto340 6,291 108 6,739 — %
Total loans$14,147,754 $2,111,433 $7,362,486 $23,621,673 100 %
Fixed rate$5,666,603 $1,192,969 $5,273,871 $12,133,444 51 %
Floating or adjustable rate8,481,151 918,464 2,088,614 11,488,229 49 %
Total$14,147,754 $2,111,433 $7,362,486 $23,621,673 100 %
(a) Demand loans, past due loans, overdrafts, and credit cards are reported in the “Within 1 Year” category.
(b) Based on contractual loan terms for adjustable rate mortgages; does not factor in early prepayments or amortization.
At September 30, 2021, $17.2 billion, or 73%, of the 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 7 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 within the Corporation's branch 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, 2021, no significant concentrations existed in the Corporation’s portfolio in excess of 10% of total loans.
Commercial and business lending: The commercial and business lending classification primarily includes commercial loans to large corporations, middle market companies, small businesses, and lease financing.
Table 7 Largest Commercial and Business Lending Industry Group Exposures
September 30, 2021% of Total Loans% of Total Commercial and Business Lending
Utilities7 %19 %
Finance and Insurance7 %18 %
Manufacturing and Wholesale Trade7 %18 %
Real Estate6 %15 %
The remaining commercial and business lending portfolio is spread over a diverse range of industries, none of which exceed 2% of total loans.
The credit risk related to commercial loans 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.
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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
September 30, 2021% of Total Loans% of Total Commercial Real Estate - Investor
Multi-Family6 %32 %
Office4 %23 %
Industrial3 %18 %
Retail3 %17 %
The remaining CRE-investor portfolio is spread over various other property types, none of which exceed 2% of total loans.
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
September 30, 2021% of Total Loans% of Total Real Estate Construction
Multi-Family3 %32 %
The remaining real estate construction portfolio is spread over various other property types, none of which exceed 2% of total loans.
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 87% of the outstanding loan balances in the Corporation's branch footprint at September 30, 2021. The majority of the on balance sheet residential mortgage portfolio consists of LIBOR or constant maturity treasury based, hybrid, adjustable rate mortgage loans with initial fixed rate terms of 3, 5, 7, or 10 years. The rates on these 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.
In 2014, the Financial Stability Oversight Council and Financial Stability Board raised concerns about the reliability and robustness of LIBOR and called for the development of alternative interest rate benchmarks. The ARRC, through authority from the Federal Reserve, have selected the SOFR as the alternative rate and developed a paced transition plan which addresses the risk that LIBOR may not exist beyond the end of 2021. There are still many components of this plan which have not been fully decided or implemented in the industry. As a result, the Corporation is reaching out to certain borrowers offering an opportunity to refinance or modify their loans to avoid any uncertainty around the LIBOR transition. Performing borrowers can modify or refinance to a fixed interest rate or an adjustable rate mortgage tied to the one-year treasury adjusted to a constant maturity of one-year with an appropriate margin. This provides the Bank and borrower with greater certainty around the loan structure. The Bank has not booked a LIBOR adjustable rate mortgage since the first quarter of 2020.
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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 30 year mortgage loan production on its balance sheet. See section Loans for additional information on loans.
The Corporation’s underwriting and risk-based pricing guidelines for residential mortgage loans include minimum borrower FICO 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 is 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 and the original cumulative LTV against the property securing the loan. Currently, the Corporation's policy sets the maximum acceptable LTV at 90% and the minimum acceptable FICO at 670. 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. See section Loans for additional information on loans.
Other consumer: Other consumer consists of student loans, short-term personal installment loans, and credit cards. The Corporation had $107 million and $118 million of student loans at September 30, 2021 and December 31, 2020, respectively, the majority of which are government guaranteed. As a result of the COVID-19 pandemic and the passage of the CARES Act, and subsequent executive orders, the federal student loan relief was extended through January 31, 2022. Credit risk for non-government guaranteed student loans, short-term personal installment loans, and credit cards is influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Risks of loss are generally on smaller average balances per loan spread over many borrowers. Once charged off, there is usually less opportunity for recovery of these smaller consumer loans. Credit risk is primarily controlled by reviewing the creditworthiness of the borrowers, monitoring payment histories, and taking appropriate collateral and guarantee positions. The student loan portfolio is in run-off and no new student loans are being originated.
SBA Loans under the PPP:
The Corporation began submitting PPP forgiveness applications on behalf of our customers on September 14, 2020. On December 27, 2020, the Economic Aid Act was signed into law, which included another round of PPP funding. The Corporation began originating the new round of PPP loans in January 2021 until the statutory end of the program in May 2021.
The following table summarizes the balance segmentation of the PPP loans and associated deferred fees as of September 30, 2021:
Table 10 Paycheck Protection Program Loan Segmentation
Round 1 & 2Round 3Total
Originated LoansOriginated BalanceOutstanding BalanceOriginated LoansOriginated BalanceOutstanding BalanceOutstanding Balance
($ in Thousands)
>=$2,000,00099 $335,534 $23,667 11 $22,000 $20,000 $43,667 
< $2,000,000 And > $350,000485 386,245 2,454 158 118,491 62,153 64,607 
<=$350,0007,495 344,032 4,059 5,332 188,514 69,787 73,846 
Total8,079 $1,065,811 $30,180 5,501 $329,004 $151,940 $182,121 
Deferred fees$196 $6,360 $6,556 

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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 11 provides detailed information regarding NPAs, which include nonaccrual loans, OREO, and other NPAs:
Table 11 Nonperforming Assets
 ($ in Thousands)Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020		Sep 30,
2020
Nonperforming assets
Commercial and industrial$8,497 $18,380 $33,192 $61,859 $105,899 
Commercial real estate — owner occupied7 7 7 1,058 2,043 
Commercial and business lending8,504 18,387 33,200 62,917 107,941 
Commercial real estate — investor61,504 63,003 58,485 78,220 50,458 
Real estate construction247 247 327 353 392 
Commercial real estate lending61,751 63,250 58,813 78,573 50,850 
Total commercial70,256 81,637 92,012 141,490 158,792 
Residential mortgage56,678 56,795 61,256 59,337 62,331 
Home equity7,838 8,517 9,792 9,888 10,277 
Other consumer222 131 195 91 158 
Auto67 56 36 49 33 
Total consumer64,806 65,498 71,280 69,364 72,798 
Total nonaccrual loans135,062 147,135 163,292 210,854 231,590 
Commercial real estate owned1,005 1,318 2,092 2,185 2,113 
Residential real estate owned2,126 2,438 1,501 1,194 1,535 
Bank properties real estate owned30,724 20,244 20,995 10,889 15,335 
OREO33,855 24,000 24,588 14,269 18,983 
Other nonperforming assets— — — — 909 
Total nonperforming assets$168,917 $171,135 $187,880 $225,123 $251,481 
Accruing loans past due 90 days or more
Commercial$98 $203 $190 $175 $763 
Consumer932 1,099 1,485 1,423 1,091 
Total accruing loans past due 90 days or more$1,029 $1,302 $1,675 $1,598 $1,854 
Restructured loans (accruing)(a)
Commercial$25,582 $26,353 $27,356 $41,119 $18,407 
Consumer18,917 15,582 13,464 10,973 8,485 
Total restructured loans (accruing)$44,499 $41,935 $40,820 $52,092 $26,891 
Nonaccrual restructured loans (included in nonaccrual loans)$15,226 $17,237 $17,624 $20,190 $23,844 
Ratios
Nonaccrual loans to total loans0.57 %0.61 %0.68 %0.86 %0.93 %
NPAs to total loans plus OREO0.71 %0.71 %0.78 %0.92 %1.01 %
NPAs to total assets0.49 %0.50 %0.54 %0.67 %0.72 %
Allowance for credit losses on loans to nonaccrual loans246.02 %247.45 %247.23 %204.63 %190.85 %
(a) Does not include any restructured loans related to COVID-19 in accordance with Section 4013 of the CARES Act.
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Table 11 Nonperforming Assets (continued)
 ($ in Thousands)Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020		Sep 30,
2020
Accruing loans 30-89 days past due
PPP$568 $— $— $— $— 
Commercial and industrial1,229 258 526 6,119 298 
Commercial real estate — owner occupied30 47 — 373 870 
Commercial and business lending1,827 306 526 6,492 1,167 
Commercial real estate — investor17,021 391 5,999 12,793 409 
Real estate construction— 117 977 991 111 
Commercial real estate lending17,021 509 6,976 13,784 520 
Total commercial18,848 814 7,502 20,276 1,687 
Residential mortgage 7,095 5,015 3,973 10,385 6,185 
Home equity 2,931 2,472 2,352 4,802 5,609 
Other consumer1,272 1,036 1,246 1,543 1,322 
Auto10 38 24 57 29 
Total consumer11,308 8,562 7,594 16,786 13,144 
Total accruing loans 30-89 days past due$30,156 $9,376 $15,097 $37,062 $14,831 
Potential problem loans
PPP(a)
$4,160 $8,695 $22,398 $18,002 $19,161 
Commercial and industrial124,990 77,064 122,143 121,487 144,159 
Commercial real estate — owner occupied21,241 17,828 15,965 26,179 22,808 
Commercial and business lending150,391 103,587 160,506 165,668 186,129 
Commercial real estate — investor78,962 71,613 85,752 91,396 100,459 
Real estate construction19,187 16,465 13,977 19,046 2,178 
Commercial real estate lending98,150 88,078 99,728 110,442 102,637 
Total commercial248,541 191,665 260,234 276,111 288,766 
Residential mortgage 2,374 3,024 2,524 3,749 2,396 
Home equity 171 1,558 1,729 2,068 1,632 
Total consumer2,546 4,583 4,254 5,817 4,028 
Total potential problem loans$251,087 $196,248 $264,488 $281,928 $292,794 
(a) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a
     risk profile similar to pass rated loans.
Nonaccrual loans: Nonaccrual loans are considered to be one indicator of potential future loan losses. See Note 7 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 7 Loans of the notes to consolidated financial statements for additional restructured loans disclosures.
Potential problem loans: The level of potential problem loans is another predominant factor in determining the relative level of risk in the loan portfolio and in determining the appropriate level of the ACLL. Potential problem loans are generally defined by management to include loans rated as substandard by management that are collectively evaluated (not nonaccrual loans or accruing TDRs); however, there are circumstances present to create doubt as to the ability of the borrower to comply with present repayment terms. The decision of management to include performing loans in potential problem loans does not necessarily mean that the Corporation expects losses to occur, but that management recognizes a higher degree of risk associated with these loans.
OREO: Management actively seeks to ensure OREO properties held are monitored to minimize the Corporation’s risk of loss.
Other nonperforming assets: During 2020, the Corporation wrote off the ownership interest in an oil and gas limited liability company it had received in partial settlement of a debt.
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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 7 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 level of potential problem 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 Corporation utilized the Moody's baseline forecast for September 2021 in the allowance model. The forecast is applied over a 2 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 policy, see section Critical Accounting Policies for additional information on the ACLL. See section Nonperforming Assets for a detailed discussion on asset quality. See also Note 7 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 11 provides additional information regarding NPAs, and Table 12 and Table 13 provide additional information regarding activity in the ACLL.
The loan segmentation used in calculating the ACLL at September 30, 2021 and December 31, 2020 was generally comparable. The methodology to calculate the ACLL consists of the following components: a valuation allowance estimate is established for 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 historical loss 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. The loss factors applied in the methodology are periodically re-evaluated and adjusted to reflect changes in historical loss levels or other risks. 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.

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Table 12 Allowance for Credit Losses on Loans
YTDQuarter Ended
($ in Thousands)Sep 30,
2021		Sep 30,
2020		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 30,
2020		Sep 30,
2020
Allowance for Loan Losses
Balance at beginning of period$383,702 $201,371 $318,811 $352,938 $383,702 $384,711 $363,803 
Cumulative effect of ASU 2016-13 adoption (CECL)N/A112,457 N/AN/AN/AN/AN/A
Balance at beginning of period, adjusted383,702 313,828 318,811 352,938 383,702 384,711 363,803 
Provision for loan losses(75,500)137,957 (20,000)(29,500)(26,000)26,500 50,500 
Provision for loan losses recorded at acquisitionN/A2,543 N/AN/AN/AN/AN/A
Gross up of allowance for PCD loans at acquisitionN/A3,504 N/AN/AN/AN/AN/A
Charge offs(31,784)(81,738)(10,929)(7,681)(13,174)(30,315)(34,079)
Recoveries14,579 8,617 3,115 3,054 8,410 2,805 4,488 
Net (charge offs) recoveries(17,205)(73,121)(7,814)(4,628)(4,764)(27,510)(29,592)
Balance at end of period$290,997 $384,711 $290,997 $318,811 $352,938 $383,702 $384,711 
Allowance for Unfunded Commitments
Balance at beginning of period$47,776 $21,907 $45,276 $50,776 $47,776 $57,276 $64,776 
Cumulative effect of ASU 2016-13 adoption (CECL)N/A18,690 N/AN/AN/AN/AN/A
Balance at beginning of period, adjusted47,776 40,597 45,276 50,776 47,776 57,276 64,776 
Provision for unfunded commitments(6,500)16,500 (4,000)(5,500)3,000 (9,500)(7,500)
Amount recorded at acquisition— 179 — — — — — 
Balance at end of period$41,276 $57,276 $41,276 $45,276 $50,776 $47,776 $57,276 
Allowance for credit losses on loans$332,273 $441,988 $332,273 $364,087 $403,714 $431,478 $441,988 
Provision for credit losses on loans(82,000)157,000 (24,000)(35,000)(23,000)17,000 43,000 
Net loan (charge offs) recoveries
Commercial and industrial$(6,358)$(64,802)$(9,057)$1,333 $1,367 $(8,514)$(24,834)
Commercial real estate — owner occupied115 (415)106 5 4 143 (416)
Commercial and business lending(6,242)(65,216)(8,951)1,338 1,370 (8,371)(25,249)
Commercial real estate — investor(11,293)(3,581)181 (5,589)(5,886)(18,696)(3,609)
Real estate construction69 (12)18 23 29 43 (21)
Commercial real estate lending(11,224)(3,593)199 (5,566)(5,857)(18,653)(3,630)
Total commercial(17,467)(68,810)(8,752)(4,228)(4,487)(27,024)(28,879)
Residential mortgage(32)(1,206)300 (223)(109)(162)(79)
Home equity1,640 (76)959 337 344 335 156 
Other consumer(1,366)(3,039)(329)(517)(521)(668)(797)
Auto20 10 8 3 9 9 8 
Total consumer262 (4,311)938 (400)(277)(486)(712)
Total net (charge offs) recoveries$(17,205)$(73,121)$(7,814)$(4,628)$(4,764)$(27,510)$(29,592)
Ratios
Allowance for credit losses on loans to total loans1.41 %1.52 %1.67 %1.76 %1.77 %
Allowance for credit losses on loans to net charge offs (annualized)14.4x4.5x10.7x19.6x20.9x3.9x3.8x
Loan Evaluation Method for ACLL
Individually evaluated for impairment$19,913 $29,352 $43,262 $79,831 $88,030 
Collectively evaluated for impairment312,359 334,734 360,452 351,646 353,957 
     Total ACLL$332,273 $364,087 $403,714 $431,478 $441,988 
Loan Balance
Individually evaluated for impairment$131,484 $141,817 $180,006 $259,497 $256,536 
Collectively evaluated for impairment23,490,189 23,805,719 23,982,321 24,192,227 24,747,216 
     Total loan balance$23,621,673 $23,947,536 $24,162,328 $24,451,724 $25,003,753 
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Table 13 Annualized Net (Charge Offs) Recoveries(a)
YTDQuarter Ended
(In basis points)Sep 30,
2021		Sep 30,
2020		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 30,
2020		Sep 30,
2020
Net loan (charge offs) recoveries
Commercial and industrial(11)(110)(46)7 7 (45)(126)
Commercial real estate — owner occupied2 (6)5 — — 6 (18)
Commercial and business lending(9)(93)(40)6 6 (35)(103)
Commercial real estate — investor(35)(12)2 (52)(55)(173)(34)
Real estate construction— — — 1 1 1 — 
Commercial real estate lending(24)(8)1 (36)(38)(121)(24)
Total commercial(15)(61)(23)(11)(12)(69)(73)
Residential mortgage— (2)2 (1)(1)(1)— 
Home equity34 (1)61 21 21 18 8 
Other consumer(62)(126)(44)(72)(72)(88)(103)
Auto31 9 43 15 37 29 22 
Total consumer— (6)4 (2)(1)(2)(3)
Total net (charge offs) recoveries(10)(40)(13)(8)(8)(44)(47)
(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
•Potential problem loans decreased $31 million, or 11%, from December 31, 2020, and decreased $42 million, or 14%, from September 30, 2020. The decrease from December 31, 2020 was primarily driven by PPP loans, as they have been forgiven, along with a decrease in CRE-investor lending. The decrease from September 30, 2020 was primarily driven by decreases in CRE-investor, commercial and industrial lending, and PPP loans. These decreases were partially offset by an increase in real estate construction. See Table 11 for additional information regarding potential problem loans.
•Total nonaccrual loans decreased $76 million, or 36%, from December 31, 2020, and decreased $97 million, or 42%, from September 30, 2020. The decrease from December 31, 2020 was primarily due to decreases in commercial and industrial lending along with CRE-investor lending. The decrease from September 30, 2020 was primarily driven by a decrease in commercial and industrial lending. As economic conditions trended downward in 2020, due to the COVID-19 pandemic, nonaccrual loans increased. As economic conditions have been improving throughout 2021, nonaccrual loans have decreased. See Note 7 Loans of the notes to consolidated financial statements and Table 11 for additional disclosures on the changes in asset quality.
•YTD net charge offs decreased $56 million, or 76%, from September 30, 2020, primarily driven by decreased charge off amounts in commercial and industrial loans, partially offset by higher charge off amounts in CRE-investor lending due to COVID-19 related impacts in that industry. See Table 12 and Table 13 for additional information on the activity in the ACLL.
Management believes the level of ACLL to be appropriate at September 30, 2021.
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Deposits and Customer Funding
The following table summarizes the composition of our deposits and customer funding:
Table 14 Period End Deposit and Customer Funding Composition
Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020Sep 30, 2020
 ($ in Thousands)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
Noninterest-bearing demand$8,170,105 29 %$7,999,143 29 %$8,496,194 31 %$7,661,728 29 %$7,489,048 28 %
Savings4,278,453 15 %4,182,651 15 %4,032,830 15 %3,650,085 14 %3,529,423 13 %
Interest-bearing demand6,407,844 23 %5,969,285 22 %5,748,353 21 %6,090,869 23 %5,979,449 22 %
Money market7,583,978 27 %7,640,825 28 %7,838,437 28 %7,322,769 28 %7,687,775 29 %
Time deposits1,410,886 5 %1,472,395 5 %1,561,352 6 %1,757,030 7 %2,026,852 8 %
   Total deposits$27,851,266 100 %$27,264,299 100 %$27,677,166 100 %$26,482,481 100 %$26,712,547 100 %
Customer funding(a)
322,081 226,160 182,228 245,247 198,741 
Total deposits and customer funding$28,173,348 $27,490,459 $27,859,394 $26,727,727 $26,911,289 
Network transaction deposits(b)
$929,174 $871,603 $1,054,634 $1,197,093 $1,390,778 
Net deposits and customer funding (total deposits and customer funding, excluding network transaction deposits)
$27,244,174 $26,618,856 $26,804,761 $25,530,634 $25,520,511 
Time deposits of more than $250,000$223,075 $232,035 $246,037 $341,068 $463,739 
(a) Securities sold under agreement to repurchase and commercial paper.
(b) Included above in interest-bearing demand and money market.
•Total deposits, which are the Corporation's largest source of funds, increased $1.4 billion, or 5%, from December 31, 2020, and increased $1.1 billion, or 4%, from September 30, 2020, as government stimulus related inflows and customer savings habits have changed in response to the pandemic.
•Time deposits decreased $346 million, or 20%, from December 31, 2020, and decreased $616 million, or 30%, from September 30, 2020, due to higher priced time deposits rolling off as they mature.
•Included in the above amounts were $929 million of network deposits, primarily sourced from other financial institutions and intermediaries. These represented 3% of the Corporation's total deposits at September 30, 2021. Network deposits decreased $268 million, or 22%, from December 31, 2020, and decreased $462 million, or 33%, from September 30, 2020.
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, 2021, the Corporation was in compliance with its internal liquidity objectives and had sufficient asset-based liquidity to meet its obligations under a stressed scenario.
The Corporation maintains diverse and readily available liquidity sources, including:
•Investment securities, which are an important tool to the Corporation’s liquidity objective and can be pledged or sold to enhance liquidity, if necessary. See Note 6 Investment Securities of the notes to consolidated financial statements for additional information on the Corporation's investment securities portfolio, including pledged investment securities.
•Pledgeable loan collateral, which is eligible collateral with both the Federal Reserve Bank and the FHLB under established lines of credit. 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, 2021, the Bank had $5.1 billion available for future funding. The Federal Reserve Bank also establishes a
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collateral value of assets to support borrowings from the discount window. As of September 30, 2021, the Bank had $731 million available for discount window borrowings.
•A $200 million Parent Company commercial paper program, of which $55 million was outstanding as of September 30, 2021.
•Dividends and service fees from subsidiaries, as well as the proceeds from issuance of capital 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.
Credit ratings relate to the Corporation’s ability to issue debt securities and the cost to borrow money, and should not be viewed as an indication of future stock performance or a recommendation to buy, sell, or hold securities. Adverse changes in these factors could result in a negative change in credit ratings and impact not only the ability to raise funds in the capital markets but also the cost of these funds. The credit ratings of the Parent Company and the Bank at September 30, 2021 are displayed below:
Table 15 Credit Ratings
 Moody’sS&P
Bank short-term depositsP-1-
Bank long-term deposits/issuerA1BBB+
Corporation commercial paperP-2-
Corporation long-term senior debt/issuerBaa1BBB
OutlookNegativeStable
For the nine months ended September 30, 2021, net cash provided by operating activities and financing activities was $364 million and $768 million, respectively, while net cash used in investing activities was $162 million for a net increase in cash and cash equivalents of $970 million since year-end 2020. At September 30, 2021, assets of $34.4 billion increased $1.0 billion, or 3%, from year-end 2020, primarily driven by a $983 million increase in interest-bearing deposits in other financial institutions and an increase of $808 million, or 26%, in investment securities AFS, at fair value, partially offset by a $830 million, or 3%, decrease in loans. On the funding side, deposits of $27.9 billion increased $1.4 billion, or 5%, from year-end related to deposit inflows from government stimulus programs and changing customer savings habits.
For the nine months ended September 30, 2020, net cash provided by operating and financing activities was $423 million and $1.7 billion, respectively, while net cash used in investing activities was $1.6 billion, for a net increase in cash and cash equivalents of $525 million from year-end 2019. At September 30, 2020, assets of $34.7 billion increased $2.3 billion, or 7%, from year-end 2019, primarily due to a $2.2 billion, or 10%, increase in loans, driven by the Corporation adding $1.0 billion in PPP loans and customers drawing on their lines to enhance their liquidity in response to the uncertainty surrounding the COVID-19 pandemic. Additionally, on February 14, 2020, the Corporation added $370 million in loans from the First Staunton acquisition. On the funding side, deposits of $26.7 billion increased $2.9 billion, or 12%, from year-end 2019 as advances on customer's loans were deposited into their deposit accounts, increasing their liquidity. Additionally, on February 14, 2020, the Corporation assumed $439 million of deposits from the First Staunton acquisition.
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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. No interest rate limit breaches occurred during the first nine months of 2021.
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 NII at risk, interest rate sensitive EAR, and MVE at risk. The Corporation’s interest rate risk profile is such that a higher or steeper yield curve adds to income while a flatter yield curve is relatively neutral, and a lower or inverted yield curve generally has a negative impact on earnings. The Corporation's EAR profile is asset sensitive at September 30, 2021.
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 2020 Annual Report on Form 10-K.
The sensitivity analysis included below is measured as a percentage change in NII and 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 much more significant impact.
Table 16 Estimated % Change in Rate Sensitive Earnings at Risk Over 12 Months
Sep 30, 2021Dec 31, 2020
 Dynamic ForecastStatic ForecastDynamic ForecastStatic Forecast
Gradual Rate Change
100 bp increase in interest rates5.8 %5.5 %6.2 %6.3 %
200 bp increase in interest rates12.1 %11.0 %12.8 %12.7 %
At September 30, 2021, the MVE profile indicates a decrease in net balance sheet value due to instantaneous upward changes in rates.
Table 17 Market Value of Equity Sensitivity
Sep 30, 2021Dec 31, 2020
Instantaneous Rate Change
100 bp increase in interest rates(1.2)%1.9 %
200 bp increase in interest rates(2.6)%2.8 %
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.
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The above NII, 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, 2021, at those amounts contractually due to the recipient, including any unamortized premiums or discounts, hedge basis adjustments, or other similar carrying value adjustments.
Table 18 Contractual Obligations and Other Commitments
($ in Thousands)One Year
or Less		One to
Three Years		Three to
Five Years		Over
Five Years		Total
Time deposits$1,078,578 $282,826 $49,477 $5 $1,410,886 
Short-term funding322,496 — — — 322,496 
FHLB advances11,899 2,920 1,001,806 604,254 1,620,880 
Other long-term funding72 — 249,088 — 249,160 
Operating leases7,611 10,739 7,107 7,609 33,066 
Commitments to extend credit5,574,678 3,620,518 1,600,138 212,827 11,008,161 
Total$6,995,335 $3,917,003 $2,907,616 $824,695 $14,644,649 
The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related commitments and derivative instruments. A discussion of the Corporation’s derivative instruments at September 30, 2021 is included in Note 10 Derivative and Hedging Activities of the notes to consolidated financial statements. A discussion of the Corporation’s lending-related commitments is included in Note 12 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters of the notes to consolidated financial statements. See Note 9 Short and Long-Term Funding of the notes to consolidated financial statements for additional information on the Corporation’s short-term funding, FHLB advances, and long-term funding. See also Note 18 Leases of the notes to consolidated financial statements for additional information on the Corporation's operating leases.
Capital
Management actively reviews capital strategies for the Corporation and each of its subsidiaries in light of perceived business risks, future growth opportunities, industry standards, and compliance with regulatory requirements. The assessment of overall capital adequacy depends on a variety of factors, including asset quality, liquidity, stability of earnings, changing competitive forces, economic condition in markets served, and strength of management. At September 30, 2021, the capital ratios of the Corporation and its banking subsidiaries were in excess of regulatory minimum requirements. The Corporation’s capital ratios are summarized in the following table.
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Table 19 Capital Ratios
YTDQuarter Ended
 ($ in Thousands)
Sep 30,
2021		Sep 30,
2020		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020		Sep 30,
2020
Risk-based Capital(a)
CET1$2,779,943 $2,790,392 $2,759,473 $2,706,010 $2,671,739 
Tier 1 capital2,972,622 3,080,015 3,112,239 3,058,809 3,024,710 
Total capital3,550,556 3,655,411 3,682,720 3,632,807 3,601,705 
Total risk-weighted assets26,303,703 26,072,881 25,640,395 25,903,415 26,141,710 
Modified CECL transitional amount92,822 100,776 110,683 117,624 120,251 
CET1 capital ratio10.57 %10.70 %10.76 %10.45 %10.22 %
Tier 1 capital ratio11.30 %11.81 %12.14 %11.81 %11.57 %
Total capital ratio13.50 %14.02 %14.36 %14.02 %13.78 %
Tier 1 leverage ratio8.81 %9.23 %9.53 %9.37 %9.02 %
Selected Equity and Performance Ratios
Total stockholders’ equity / assets11.60 %12.03 %11.94 %12.24 %11.66 %
Dividend payout ratio(b)
32.94 %36.73 %35.71 %32.14 %31.03 %45.00 %69.23 %
Return on average assets1.07 %0.93 %1.01 %1.06 %1.14 %0.78 %0.51 %
Annualized noninterest expense / average assets2.06 %2.35 %2.03 %2.04 %2.11 %2.02 %2.55 %
(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 2021.
During the second quarter of 2021, the Corporation redeemed all outstanding Series C Preferred Stock, for $65 million.
During the third quarter of 2021, the Corporation redeemed all outstanding Series D Preferred Stock, for $99 million.
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Non-GAAP Measures
Table 20 Non-GAAP Measures
YTDQuarter Ended
($ in Thousands)Sep 30,
2021		Sep 30,
2020		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020		Sep 30,
2020
Selected equity and performance ratios(a)(b)
Tangible common equity / tangible assets7.92 %8.04 %7.80 %7.94 %7.50 %
Return on average equity8.93 %8.20 %8.63 %8.84 %9.32 %6.58 %4.46 %
Return on average tangible common equity13.30 %12.79 %12.72 %13.19 %14.03 %9.75 %6.36 %
Return on average CET112.62 %11.97 %12.11 %12.51 %13.25 %9.16 %5.98 %
Return on average tangible assets1.11 %0.97 %1.05 %1.10 %1.18 %0.81 %0.52 %
Average stockholders' equity / average assets11.98 %11.38 %11.74 %12.01 %12.18 %11.90 %11.35 %
Tangible common equity reconciliation(a)
Common equity$3,801,766 $3,819,852 $3,774,268 $3,737,421 $3,691,796 
Goodwill and other intangible assets, net(1,165,288)(1,167,491)(1,169,694)(1,177,554)(1,178,409)
Tangible common equity$2,636,478 $2,652,361 $2,604,575 $2,559,867 $2,513,387 
Tangible Assets Reconciliation(a)
Total assets$34,439,666 $34,152,625 $34,575,255 $33,419,783 $34,698,746 
Goodwill and other intangible assets, net(1,165,288)(1,167,491)(1,169,694)(1,177,554)(1,178,409)
Tangible assets$33,274,378 $32,985,134 $33,405,561 $32,242,230 $33,520,337 
Average tangible common equity and average CET1 reconciliation(a)(b)
Common equity$3,782,141 $3,610,864 $3,807,083 $3,788,237 $3,750,479 $3,699,957 $3,680,687 
Goodwill and other intangible assets, net(1,169,964)(1,244,147)(1,166,589)(1,168,774)(1,174,617)(1,178,165)(1,179,796)
Tangible common equity2,612,177 2,366,717 2,640,494 2,619,464 2,575,862 2,521,792 2,500,891 
Modified CECL transitional amount106,277 112,441 97,420 105,961 115,649 122,828 120,228 
Accumulated other comprehensive loss (income)(4,589)4,762 (5,320)(3,111)(5,337)(3,668)(3,682)
Deferred tax assets (liabilities), net40,135 44,516 39,893 39,915 40,608 41,578 42,183 
Average CET1$2,754,000 $2,528,436 $2,772,487 $2,762,229 $2,726,782 $2,682,530 $2,659,620 
Average tangible assets reconciliation(a)
Total assets$34,278,268 $34,328,806 $34,759,489 $34,379,647 $33,684,143 $34,075,792 $35,550,359 
Goodwill and other intangible assets, net(1,169,964)(1,244,147)(1,166,589)(1,168,774)(1,174,617)(1,178,165)(1,179,796)
Tangible assets$33,108,304 $33,084,660 $33,592,900 $33,210,873 $32,509,526 $32,897,626 $34,370,563 
Efficiency ratio reconciliation(c)
Federal Reserve efficiency ratio 65.98 %62.34 %65.43 %66.81 %65.74 %59.68 %85.41 %
Fully tax-equivalent adjustment(1.02)%(0.75)%(1.01)%(1.07)%(0.97)%(0.84)%(1.29)%
Other intangible amortization(0.84)%(0.80)%(0.83)%(0.87)%(0.82)%(0.82)%(0.87)%
Fully tax-equivalent efficiency ratio64.13 %60.80 %63.61 %64.88 %63.96 %58.02 %83.25 %
Provision for unfunded commitments adjustment0.81 %(1.64)%1.48 %2.14 %(1.09)%3.42 %2.87 %
Asset gains (losses), net adjustment0.82 %10.89 %1.29 %— %1.12 %(0.30)%(0.11)%
Acquisitions, branch sales, and initiatives(0.22)%(7.31)%(0.91)%0.01 %0.22 %1.68 %(22.99)%
Adjusted efficiency ratio65.54 %62.74 %65.46 %67.02 %64.21 %62.83 %63.02 %
(a) The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical     metric with which to analyze and evaluate financial condition and capital strength.
(b) 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.
(c) 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. The adjusted efficiency ratio is noninterest expense, which excludes the provision for unfunded commitments, other intangible amortization, acquisition related costs, and announced initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net, asset gains (losses), net, and gain on sale of branches, net. Management believes the adjusted efficiency ratio is a meaningful measure as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and provides a better measure as to how the Corporation is managing its income and expenses by adjusting for acquisition related costs, provision for unfunded commitments, asset gains (losses), net, branch sales, and announced initiatives.
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Sequential Quarter Results
The Corporation reported net income of $89 million for the third quarter of 2021, compared to net income of $91 million for the second quarter of 2021. Net income available to common equity was $85 million for the third quarter of 2021, or $0.56 for both basic and diluted earnings per common share. Comparatively, net income available to common equity for the second quarter of 2021 was $86 million, or $0.56 for both basic and diluted earnings per common share (see Table 1).
Fully tax-equivalent net interest income for the third quarter of 2021 was $188 million, $4 million, or 2%, higher than the second quarter of 2021. The net interest margin in the third quarter of 2021 was up 1 bp to 2.38%. Average earning assets increased $348 million, or 1%, to $31.4 billion in the third quarter of 2021, with investments and other increasing $562 million, or 8%. Average loans decreased $215 million, or 1%. On the funding side, total interest-bearing deposits increased $532 million, or 3%, primarily driven by customers holding proceeds from government stimulus programs in their deposit accounts and changing savings habits in response to the pandemic.(see Table 2).
The provision for credit losses had a release of $24 million for the third quarter of 2021, compared to a release of $35 million for the second quarter of 2021 (see Table 12). See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.
Noninterest income for the third quarter of 2021 was $82 million, up $9 million, or 12%, from the second quarter of 2021, primarily due to gains on private equity investments of $5 million along with an increase of $3 million in mortgage banking, net, driven by a $2 million recovery of MSRs impairment during the third quarter of 2021 (see Table 3).
Noninterest expense for the third quarter of 2021 was $178 million, up $3 million, or 2%, from the second quarter of 2021 (see Table 4).
For the third quarter of 2021, the Corporation recognized income tax expense of $23 million, compared to income tax expense of $22 million for the second quarter of 2021. See Income Taxes section for a detailed discussion on income taxes.
Comparable Quarter Results
The Corporation reported net income of $89 million for the third quarter of 2021, compared to $45 million for the third quarter of 2020. Net income available to common equity was $85 million for the third quarter of 2021, or $0.56 for both basic and diluted earnings per common share. Comparatively, net income available to common equity for the third quarter of 2020 was $40 million, or $0.26 for both basic and diluted earnings per share (see Table 1).
Fully tax-equivalent net interest income for the third quarter of 2021 was $188 million, $2 million, or 1%, higher than the third quarter of 2020. The net interest margin between the comparable quarters was up 7 bp, to 2.38% in the third quarter of 2021. The increase in net interest income and net interest margin was due to lower interest bearing liability costs as excess liquidity was deployed to control those costs. Average earning assets decreased $726 million, or 2%, to $31.4 billion in the third quarter of 2021 as average loans decreased $1.1 billion, or 4%, partially offset by an increase of $353 million, or 5%, in investments and other, driven by higher interest-bearing deposits in other financial institutions. On the funding side, average interest-bearing deposits increased $505 million, or 3%, from the third quarter of 2020, due to increases in lower cost deposits, partially offset by a decrease in higher cost deposits. Average noninterest-bearing deposits increased $730 million, or 10%, to $8.1 billion. Average short and long-term funding decreased $2.0 billion, or 48%, driven by decreases in PPPLF, which was paid in full in the fourth quarter of 2020, and the Corporation's prepayment of $950 million in long-term FHLB advances during the third quarter of 2020 (see Table 2).
The provision for credit losses had a release of $24 million for the third quarter of 2021, compared to $43 million of provision expense for the third quarter of 2020, as a result of improving credit quality within the loan portfolio and an improving economic forecast (see Table 12). See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.
Noninterest income for the third quarter of 2021 was $82 million, up $7 million, or 9%, compared to the third quarter of 2020, primarily due to gains on private equity investments of $5 million during the third quarter of 2021 (see Table 3).
Noninterest expense decreased $50 million, or 22%, to $178 million for the third quarter of 2021, primarily due to the prepayment of $950 million of long-term FHLB advances during the third quarter of 2020 that incurred a loss of $45 million on the prepayment. (see Table 4).
The Corporation recognized income tax expense of $23 million for the third quarter of 2021, compared to an income tax benefit of $58 million for the third quarter of 2020. The increase in income tax expense was primarily due to tax planning strategies which occurred during the third quarter of 2020. See section Income Taxes for a detailed discussion on income taxes.
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Segment Review
As discussed in Note 15 Segment Reporting of the notes to consolidated financial statements, the Corporation’s reportable segments have been determined based upon its internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The reportable segments are Corporate and Commercial Specialty; Community, Consumer and Business; and Risk Management and Shared Services.
Table 21 Selected Segment Financial Data
Three Months Ended Sep 30,Nine Months Ended Sep 30,
($ in Thousands)20212020% Change20212020% Change
Corporate and Commercial Specialty
Total revenue(a)
$142,881 $136,376 5 %$424,104 $412,987 3 %
Provision for credit losses14,864 15,572 (5)%48,803 41,456 18 %
Noninterest expense58,652 52,635 11 %172,781 160,899 7 %
Income tax expense (benefit)12,617 12,497 1 %37,213 39,161 (5)%
Net income56,747 55,672 2 %165,307 171,472 (4)%
Average earning assets14,578,127 14,682,074 (1)%14,582,112 14,128,156 3 %
Average loans14,577,082 14,681,690 (1)%14,581,288 14,124,838 3 %
Average deposits10,007,194 9,631,000 4 %9,761,845 9,387,212 4 %
Average allocated capital (Average CET1)(b)
1,467,902 1,468,341 — %1,469,694 1,414,696 4 %
Return on average allocated capital (ROCET1)(b)
15.34 %15.08 %26 bp15.04 %16.19 %-115 bp
Community, Consumer, and Business
Total revenue$119,538 $115,833 3 %$362,548 $404,345 (10)%
Provision for credit losses4,233 5,758 (26)%13,897 16,296 (15)%
Noninterest expense94,762 102,139 (7)%290,443 335,675 (13)%
Income tax expense (benefit)4,314 1,667 159 %12,224 10,999 11 %
Net income16,230 6,269 159 %45,985 41,376 11 %
Average earning assets8,642,457 9,414,194 (8)%8,845,983 9,457,405 (6)%
Average loans8,642,457 9,414,194 (8)%8,845,983 9,457,405 (6)%
Average deposits17,075,676 15,577,322 10 %16,642,694 14,753,893 13 %
Average allocated capital (Average CET1)(b)
465,632 507,233 (8)%480,369 543,377 (12)%
Return on average allocated capital (ROCET1)(b)
13.83 %4.92 %N/M12.80 %10.17 %N/M
Risk Management and Shared Services
Total revenue(c)
$3,333 $5,487 (39)%$3,301 $185,973 (98)%
Provision for credit losses(43,107)21,679 N/M(144,717)99,257 N/M
Noninterest expense24,478 72,813 (66)%64,490 106,610 (40)%
Income tax expense (benefit)6,129 (72,278)N/M20,705 (46,817)N/M
Net income15,833 (16,727)N/M62,824 26,922 133 %
Average earning assets8,166,891 8,017,579 2 %7,495,515 7,282,279 3 %
Average loans664,419 867,187 (23)%719,246 906,992 (21)%
Average deposits991,503 1,631,256 (39)%1,049,968 1,621,079 (35)%
Average allocated capital (Average CET1)(b)
838,953 684,046 23 %803,937 570,364 41 %
Return on average allocated capital (ROCET1)(b)
5.52 %(12.76)%N/M10.45 %3.22 %N/M
Consolidated Total
Total revenue(a)(c)
$265,752 $257,695 3 %$789,954 $1,003,305 (21)%
Return on average allocated capital (ROCET1)(b)
12.11 %5.98 %N/M12.62 %11.97 %65 bp
N//M = Not meaningful
(a) For the nine months ended September 30, 2021, the Corporation recognized a $2 million pre-tax gain on sale of Whitnell.
(b) The Federal Reserve establishes capital adequacy requirements for the Corporation, including CET1. For segment reporting purposes, the return on CET1 ("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.
(c) For the nine months ended September 30, 2020, the Corporation recognized a $163 million pre-tax gain related to the sale of ABRC.
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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. During the first quarter of 2021, the Corporation sold its wealth management subsidiary Whitnell.
•Revenue increased $11 million from the nine months ended September 30, 2020 and increased $7 million from the three months ended September 30, 2020, driven by higher asset gains.
•Provision for credit losses increased $7 million from the nine months ended September 30, 2020 as a result of the long term annual net charge off rates attributable to the current portfolio.
•Noninterest expense increased $12 million from the nine months ended September 30, 2020 driven by an increase in personnel expense due to an increase in funding of the management incentive plan partially offset by lower salary expense as a result of fewer employees.
•Average loans increased $456 million from the nine months ended September 30, 2020, primarily driven by a $412 million increase in CRE loans.
The Community, Consumer, and Business segment consists of lending, deposit solutions, and historically offered ancillary financial services, primarily insurance and risk consulting, to individuals and small to mid-sized businesses.
•Revenue decreased $42 million from the nine months ended September 30, 2020, primarily driven by the sale of ABRC during the second quarter of 2020, which lowered insurance commissions and fees by $45 million. Revenue increased $4 million from the three months ended September 30, 2020, primarily driven by an increase in service charges and deposit account fees. These fees were waived during 2020 in response to the COVID-19 pandemic.
•Noninterest expense decreased $45 million from the nine months ended September 30, 2020, and decreased $7 million from the three months ended September 30, 2020, primarily driven by a decrease in personnel expense, which was largely due to a reduction in FTEs as a result of branch consolidations and the sale of ABRC, along with lower loan and foreclosure costs.
•Average loans decreased $611 million from the nine months ended September 30, 2020, primarily driven by a decrease in residential mortgages as a result of higher refinances, as well as decreases in home equity and other consumer portfolios. Average loans decreased $772 million from the three months ended September 30, 2020 driven by decreases across all loan categories.
•Average deposits increased $1.9 billion from the nine months ended September 30, 2020, and increased $1.5 billion from the three months ended September 30, 2020. The increase was primarily driven by customers holding proceeds from government stimulus programs, and more recently driven by changes in consumer saving habits.
The Risk Management and Shared Services segment includes key shared Corporate functions, Parent Company activity, intersegment eliminations, and residual revenues and expenses.
•Revenues decreased $183 million from the nine months ended September 30, 2020, primarily driven by the $163 million asset gain on sale of ABRC which occurred during the second quarter of 2020.
•Provision for credit losses decreased $244 million from the nine months ended September 30, 2020, and decreased $65 million from the three months ended September 30, 2020, as a result of improving credit quality within the loan portfolio and an improving economic forecast.
•Noninterest expense decreased $42 million from the nine months ended September 30, 2020 and decreased $48 million from the three months ended September 30, 2020, primarily driven by a loss on the prepayment of FHLB advances incurred during the third quarter of 2020.
•Average loans decreased $188 million from the nine months ended September 30, 2020 and decreased $203 million from the three months ended September 30, 2020 primarily driven by a decrease in commercial and business lending.

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•Average deposits decreased $571 million from the nine months ended September 30, 2020, and decreased $640 million from the three months ended September 30, 2020. These decreases were primarily driven by a decrease in network deposits for both time periods.
Critical Accounting Policies
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. Estimates that are particularly susceptible to significant change include the determination of the ACLL, goodwill impairment assessment, MSRs valuation, and income taxes. A discussion of these policies can be found in the Critical Accounting Policies section in Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2020 Annual Report on Form 10-K. There have been no changes in the Corporation's application of critical accounting policies since December 31, 2020.
Recent Developments
On October 26, 2021, the Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.20 per common share, payable on December 15, 2021 to shareholders of record at the close of business on December 1, 2021. 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 15, 2021 to shareholders of record at the close of business on December 1, 2021. 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 15, 2021 to shareholders of record at the close of business on December 1, 2021.

In addition, the Board of Directors authorized the repurchase of up to $100 million of Associated's common stock. This repurchase authorization is in addition to the authority remaining under the previous program. See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for more information on the Corporation's share repurchase program.

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, 2021, 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, 2021.
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 12 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters of the notes to consolidated financial statements.

ITEM 1A.Risk Factors
The following risk factors supplement the Risk Factors described in the Corporation’s 2020 Annual Report on Form 10-K and should be read in conjunction therewith
Changes in the federal, state, or local tax laws may negatively impact our financial performance. On March 31, 2021, President Biden unveiled his infrastructure plan, which includes a proposal to increase the federal corporate tax rate from 21% to 28% as part of a package of tax reforms to help fund the spending proposals in the plan. If adopted as proposed, the increase of the corporate tax rate would adversely affect our results of operations in future periods. Congress is expected to debate the adoption of an infrastructure initiative in the coming weeks and months; however, the prospects and timing for the enactment of any such legislation, as well as its specific provisions, including funding options, and the extent of its potential impact on our results of operations if enacted, cannot be predicted at this time.
Cyberattacks, including those targeting critical infrastructure sectors, have become more frequent and sophisticated. Critical infrastructure sectors, including financial services, increasingly have been the targets of cyberattacks, including attacks emanating from foreign countries such as the attack on the information technology company SolarWinds, which affected many Fortune 500 companies as well as U.S. government agencies. Attacks involving large financial institutions, including denial of service attacks designed to disrupt external customer-facing services, nation state cyberattacks and ransomware attacks designed to deny organizations access to key internal resources or systems, and targeted social engineering and email attacks designed to allow unauthorized persons to obtain access to an institution’s information systems and data or that of its customers are becoming more common and increasingly sophisticated and can be difficult to prevent. Reports of ransomware incidents specifically have increased by approximately 300% since the start of 2020 and information technology software supply chain attacks, including those involving financial institutions, also have increased during this period, some of which have resulted in temporary, but impactful, disruptions to the functioning of critical infrastructure sectors or the operations of specific institutions. In addition, cybersecurity risks for financial institutions have evolved as a result of the use of new technologies, devices and delivery channels to transmit data and conduct financial transactions, while the ongoing and widespread remote work environment necessitated by the COVID-19 pandemic has subjected institutions to additional cybersecurity vulnerabilities and risks.
Any successful cyberattack or other security breach involving the misappropriation, loss or other unauthorized disclosure of confidential customer information or that compromises our ability to function could severely damage our reputation, erode confidence in the security of our systems, products and services, expose us to the risk of litigation and liability, disrupt our operations and have a material adverse effect on our business. Any successful cyberattack may also subject the Corporation to regulatory investigations, litigation or enforcement, or require the payment of regulatory fines or penalties or undertaking of costly remediation efforts with respect to third parties affected by a cybersecurity incident, all or any of which could adversely affect the Corporation’s business, financial condition or results of operations and damage its reputation.
Recent actions by the Biden Administration regarding competition in the financial services and technology sectors may adversely impact our business. On July 9, 2021, President Biden issued an Executive Order on Promoting Competition in the American Economy (the “Executive Order”). Among other initiatives, the Executive Order (i) encourages the federal banking agencies to review their current merger oversight practices under the Bank Holding Company Act of 1956, as amended, and the Bank Merger Act and, within 180 days of the date of the Executive Order, adopt a plan for revitalization of such practices; and (ii) directs the Bureau of Consumer Financial Protection (the “CFPB”) to commence or continue a rulemaking to facilitate the portability of consumer financial transaction data for the purpose of providing consumers with greater flexibility in switching financial institutions and using innovative financial products.
Although the scope and substance of any action by the federal banking agencies in response to the directives set forth in the Executive Order cannot be predicted at this time, the potential for increased regulatory scrutiny of bank mergers and acquisitions may adversely affect the marketplace for such transactions in the near- to medium-term and could result in our acquisitions in future periods being delayed, impeded or restricted in certain respects due to enhanced regulatory review processes. Similarly, although the CFPB has published principles for consumer-authorized financial data sharing and aggregation, we cannot predict the scope, substance or timing of any future CFPB rulemaking regarding the portability of financial transaction data in response to the Executive Order. The impact of any such rulemaking on the conduct of our customers also cannot be predicted. However, the adoption of any such rule could result in increased volatility of consumer accounts and expose the Corporation to additional operational, strategic, regulatory and compliance risks.
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We are subject to environmental, social and governance risks that could adversely affect our reputation and the market price of our securities. The Corporation is subject to a variety of risks arising from environmental, social and governance matters or “ESG” matters. ESG matters include climate risk, hiring practices, the diversity of our work force, and racial and social justice issues involving our personnel, customers and third parties with whom we otherwise do business. Risks arising from ESG matters may adversely affect, among other things, our reputation and the market price of our securities.
In recognition of the risks posed by climate change, the Corporation has taken a variety of actions to manage its carbon footprint and has sought to engage in sustainable lending and investment activities, specifically including supporting renewable energy projects. However, we cannot guarantee the success of these actions, nor can we make any assurances that our regulators, investors in our securities or other third parties, such as environmental advocacy organizations, will find our efforts to support climate-related initiatives to be sufficient. Further, we may be exposed to negative publicity based on the identity and activities of those to whom we lend and with which we otherwise do business and the public’s view of the approach and performance of our customers and business partners with respect to ESG matters. Any such negative publicity could arise from adverse news coverage in traditional media and could also spread through the use of social media platforms. The Corporation’s relationships and reputation with its existing and prospective customers and third parties with which we do business could be damaged if we were to become the subject of any such negative publicity. This, in turn, could have an adverse effect on our ability to attract and retain customers and employees and could have a negative impact on the market price for securities.
Investors have begun to consider the steps taken and resources allocated by financial institutions and other commercial organizations to address ESG matters when making investment and operational decisions. Certain investors are beginning to incorporate the business risks of climate change and the adequacy of companies’ responses to the risks posed by climate change and other ESG matters into their investment theses. These shifts in investing priorities may result in adverse effects on the market price of our securities to the extent that investors determine that the Corporation has not made sufficient progress on ESG matters.
The leadership of each of the Office of the Comptroller of the Currency (the "OCC"), the Federal Reserve Board and the U.S. Treasury Department have indicated increased expectations of larger financial institutions to measure, monitor and manage climate related risk as part of their enterprise risk management processes. For instance, the OCC currently is engaged in multiple collaborative initiatives with other governmental authorities to assess the physical and transition risk posed by climate change and the appropriate corresponding expectations for bank risk management. The OCC also has appointed its first ever Climate Change Risk Officer to assist with these initiatives and to support the agency's efforts to enhance its supervision of climate change risk management. Further, the Federal Reserve Board has signaled that it is in the process of developing scenario analysis to model the possible financial risks associated with climate change. When developed, the resilience of large banking organizations, as well as the broader financial system, will be evaluated against these climate change-related scenarios as part of the stress testing process. Although these requirements would not apply to a banking organization of our size, as the Corporation continues to grow and expand the scope of our operations, our regulators generally will expect us to enhance our internal control programs and processes, including with respect to stress testing under a variety of adverse scenarios and related capital planning. To the extent that these initiatives lead to the promulgation of new regulations or supervisory guidance applicable to the Corporation, we would expect to experience increased compliance costs and other compliance-related risks.
Fiscal challenges facing the U.S. government could negatively impact financial markets which, in turn, could have an adverse effect on our financial position or results of operations. Recent federal budget deficit concerns and political conflict over legislation to raise the U.S. government's debt limit have increased the possibility of a default by the U.S. government on its debt obligations, related credit-rating downgrades, or an economic recession in the United States. Many of our investment securities are issued by the U.S. government and government agencies and sponsored entities. As a result of uncertain domestic political conditions, including the possibility of the federal government defaulting on its obligations for a period of time due to debt ceiling limitations or other unresolved political issues, investments in financial instruments issued or guaranteed by the federal government pose liquidity risks. In connection with prior political disputes over U.S. fiscal and budgetary issues leading to the U.S. government shutdown in 2011, S&P lowered its long-term sovereign credit rating on the U.S. from AAA to AA+. A further downgrade, or a similar downgrade by other rating agencies, in response to current political dynamics, as well as sovereign debt issues facing the governments of other countries, could have a material adverse impact on financial markets and economic conditions in the U.S. and worldwide.
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ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds
During the third quarter of 2021, the Corporation repurchased $60 million of common stock, including $60 million of open market purchases and approximately $112,000 of repurchases related to tax withholding on equity compensation, or approximately 2.9 million shares, of common stock. 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, 2021 - July 31, 2021468,431 $19.77 468,431 — 
August 1, 2021 - August 31, 20212,455,088 20.70 2,450,585 — 
September 1, 2021 - September 30, 20211,020 20.70 — — 
Total2,924,539 $20.55 2,919,016 217,463 
(a) During the third quarter of 2021, the Corporation repurchased 5,523 common shares for minimum tax withholding settlements on equity compensation. These purchases do not
    count against the maximum number of shares that may yet be purchased under the Board of Directors’ authorization described below.
(b) At September 30, 2021, there remained approximately $5 million authorized to be repurchased in the aggregate. Approximately 217,000 shares of common stock remained
available to be repurchased under this Board authorization based on the closing share price on September 30, 2021.
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.
Preferred Stock Purchases
During the third quarter of 2021, the Corporation redeemed all outstanding depositary shares of the Corporation's Series D Preferred Stock, but did not repurchase any other shares of preferred stock.
The repurchase of depositary shares is based on market and investment opportunities, capital levels, growth 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.


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ITEM 6.Exhibits
(a)    Exhibits:
Exhibit (3.1), Certificate relating to the Series D Preferred Stock, effective October 1, 2021.
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 Christopher J. Del Moral-Niles, 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, 2021 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 28, 2021/s/ Andrew J. Harmening
Andrew J. Harmening
President and Chief Executive Officer
Date: October 28, 2021/s/ Christopher J. Del Moral-Niles
  Christopher J. Del Moral-Niles
Chief Financial Officer
Date: October 28, 2021/s/ Tammy C. Stadler
Tammy C. Stadler
Chief Accounting Officer

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