- Net income to common shareholders of $6.9 million, or $0.04 per common share, for the quarter
- Capital ratios remain very strong, with a Tier 1 capital to risk-weighted assets ratio of 17.68% and total capital to risk-weighted assets ratio of 19.16% at September 30, 2010
GREEN BAY, Wis., Oct. 21 /PRNewswire-FirstCall/ -- Associated Banc-Corp (Nasdaq: ASBC) today reported net income to common shareholders of $6.9 million, or $0.04 per common share, for the quarter ended September 30, 2010. This compares to a net loss to common shareholders of $10.2 million, or $0.06 per common share, for the quarter ended June 30, 2010, and net income to common shareholders of $8.7 million, or $0.07 per common share, for the quarter ended September 30, 2009.
“We are very pleased with the continued significant improvements in our credit quality metrics,” said Philip B. Flynn, President and Chief Executive Officer. “We are also encouraged by the growth we saw in commercial loans and our commercial loan pipeline during the quarter.”
At September 30, 2010, the Company’s Tier 1 capital to risk-weighted assets ratio was 17.68% and total capital to risk-weighted assets ratio was 19.16%. These ratios continue to significantly exceed the criteria for well capitalized banks and the requirements of banking regulators.
CREDIT QUALITY
Potential problem loans continued to decline to $1.13 billion at September 30, 2010, down $140 million, or 11%, from $1.27 billion at June 30, 2010. Loans 30-89 days past due totaled $124 million at September 30, 2010, down 16% from $149 million at June 30, 2010, and down 29% from $175 million at September 30, 2009.
Nonperforming loans declined to $817 million at September 30, 2010 from $1.0 billion at June 30, 2010 and a high of $1.2 billion at March 31, 2010. Through a combination of bulk and individual loan sales, the Company sold nonperforming loans with a net book value totaling $199 million during the quarter, which resulted in $85 million of charge-offs during the quarter. Nonperforming loans sold were primarily real estate construction and commercial real estate loans.
The provision for loan losses was $64 million for the quarter ended September 30, 2010, down 34% from $98 million for the second quarter of 2010, and down 33% from $95 million for the third quarter of 2009. Net charge-offs for the quarter were $110 million, up 4% from net charge-offs of $105 million for the quarter ended June 30, 2010, and up 22% from $90 million for the third quarter of 2009.
The Company’s allowance for loan losses was $522 million, or 4.22% of total loans, at September 30, 2010 compared to $568 million, or 4.51% of total loans, at June 30, 2010. This compares to an allowance for loan losses as a percent of total loans of 4.06% at December 31, 2009 and 2.79% at September 30, 2009.
LOANS AND DEPOSITS
At September 30, 2010, the Company’s loan portfolio was $12.4 billion, down 2% from $12.6 billion at June 30, 2010, and down 16% from $14.8 billion at September 30, 2009. On a year-over-year basis, the greatest decline in the portfolio was in the construction segment of the portfolio, which was down 54%, and represented 6% of the total loan portfolio at September 30, 2010. The majority of the net decline in the loan portfolio for the third quarter was related to loan sales during the quarter. The C&I, residential and home equity segments of the Company’s loan portfolio all grew modestly during the quarter. This was the first quarter of average and period-end growth in these segments of the Company’s loan portfolio since more than a year ago.
Total deposits were $16.8 billion at September 30, 2010, compared to $17.0 billion at June 30, 2010, and $16.4 billion at September 30, 2009. Network transaction deposits, including brokered and institutional money market funds, were down over $700 million for the quarter. Year-over-year, demand deposits and savings balances grew modestly, while brokered CDs of $442 million and other time deposits of $3.2 billion were down 32% and 17%, respectively, from September 30, 2009.
NET INTEREST INCOME AND NET INTEREST MARGIN
Net interest income was $154 million for the quarter ended September 30, 2010. This compares to $160 million for the quarter ended June 30, 2010, and $179 million for the quarter ended September 30, 2009. Interest income from earning assets declined $8.7 million quarter-over-quarter, reflecting lower overall levels of loans, lower yields on floating rate investments and lower realized yields on the reinvestment of proceeds from investment sales and maturities. The Company’s net interest margin was 3.08% for the third quarter. Interest expense of $42 million for the quarter ended September 30, 2010, was down $3 million from $45 million for the second quarter, primarily due to lower interest expense on CD deposits.
NONINTEREST INCOME AND EXPENSE
Noninterest income for the quarter ended September 30, 2010 was $82 million, up 1% from $81 million for the second quarter of 2010, and up 9% from $75 million from the third quarter of 2009. Noninterest income remained flat as a $4 million increase in net mortgage banking income for the quarter was partially offset by a $3 million decline in service charges on deposit accounts.
Core fee-based revenue was $61 million for the quarter ended September 30, 2010 compared to $64 million for the second quarter of 2010, and $67 million for the third quarter of 2009. Lower core fee revenue is primarily the result of lower service charges on deposits, which declined $3 million from $26 million in the second quarter and $7 million from $31 million for the third quarter of 2009.
Mortgage loans originated for sale were $728 million for the third quarter compared to $502 million for the second quarter of 2010. Net mortgage banking income for the quarter totaled $9 million, up $4 million, or 64%, from $5 million for the second quarter of 2010 and up $10 million from a net loss of $1 million for the third quarter of 2009. Third quarter mortgage banking results included a $9 million valuation charge related to mortgage servicing rights compared to a $2 million valuation recovery for the prior quarter and a $5 million valuation charge for the same quarter last year.
Total noninterest expense levels remained flat for the quarter ended September 30, 2010, totaling $157 million, up $2 million from $155 million for the second quarter of 2010, and up $15 million, or 11%, from $141 million in the third quarter of 2009.
“We have, over the past three quarters, recognized our credit problems, ensured sufficient capital and liquidity, and provided strong reserves. This is enabling us to work through our problem loans,” said Flynn. “We believe we have turned the corner on profitability and are positioned well for the future.”
CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 21, 2010. Interested parties can listen to the call live on the Internet through the investor relations section of the company’s website, www.associatedbank.com/investor, or by dialing 877-348-9354. The slide presentation for the call will be available on the company’s website just prior to the call. The number for international callers is 253-237-1160. Participants should ask the operator for the Associated Banc-Corp third quarter 2010 earnings call, or conference ID number 15998683.
An audio archive of the webcast will be available on the company’s website for one month following the call. A replay of the call will be available starting at 7:00 p.m. CT on October 21, 2010 through 11:00 p.m. CT on November 21, 2010 by dialing 800-642-1687 and entering the conference ID number 15998683. The replay number for international callers is 706-645-9291.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified bank holding company with total assets of $23 billion. Associated has 288 banking offices serving approximately 160 communities in Wisconsin, Illinois, and Minnesota. The Company offers a full range of traditional banking services and a variety of other financial products and services. More information about Associated Banc-Corp is available at www.associatedbank.com.
Statements made in this document that are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. These statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” or similar expressions. Outcomes related to such statements are subject to numerous risk factors and uncertainties including those listed in the Company’s most recent Annual Report filed on Form 10-K and any subsequent Form 10-Q.
For more information: | |
Joseph B. Selner, Chief Financial Officer, 920-491-7120 | |
Janet L. Ford, SVP Investor Relations Director, 414-278-1890 | |
|
Consolidated Balance Sheets (Unaudited) | |
Associated Banc-Corp | |
|
| September 30, |
| June 30, |
| Seql Qtr |
| March 31, |
| December 31, |
| September 30, |
| Comp Qtr | |
(in thousands) |
| 2010 |
| 2010 |
| $ Change |
| 2010 |
| 2009 |
| 2009 |
| $ Change | |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cash and due from banks |
| $ 316,914 |
| $ 324,952 |
| $ (8,038) |
| $ 284,882 |
| $ 770,816 |
| $ 430,381 |
| $ (113,467) | |
Interest-bearing deposits in other |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
financial institutions |
| 1,717,853 |
| 2,210,946 |
| (493,093) |
| 1,998,528 |
| 26,091 |
| 13,145 |
| 1,704,708 | |
Federal funds sold and securities purchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
under agreements to resell |
| 503,950 |
| 13,515 |
| 490,435 |
| 19,220 |
| 23,785 |
| 17,000 |
| 486,950 | |
Securities available for sale, at fair value |
| 5,291,336 |
| 5,322,177 |
| (30,841) |
| 5,267,372 |
| 5,835,533 |
| 5,651,076 |
| (359,740) | |
Federal Home Loan Bank and Federal |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reserve Bank stocks, at cost |
| 190,918 |
| 190,870 |
| 48 |
| 184,811 |
| 181,316 |
| 181,316 |
| 9,602 | |
Loans held for sale |
| 274,666 |
| 321,060 |
| (46,394) |
| 274,003 |
| 81,238 |
| 78,740 |
| 195,926 | |
Loans |
| 12,372,393 |
| 12,601,916 |
| (229,523) |
| 13,299,321 |
| 14,128,625 |
| 14,765,597 |
| (2,393,204) | |
Allowance for loan losses |
| (522,018) |
| (567,912) |
| 45,894 |
| (575,573) |
| (573,533) |
| (412,530) |
| (109,488) | |
Loans, net |
| 11,850,375 |
| 12,034,004 |
| (183,629) |
| 12,723,748 |
| 13,555,092 |
| 14,353,067 |
| (2,502,692) | |
Premises and equipment, net |
| 181,236 |
| 181,231 |
| 5 |
| 183,401 |
| 186,564 |
| 185,544 |
| (4,308) | |
Goodwill |
| 929,168 |
| 929,168 |
| - |
| 929,168 |
| 929,168 |
| 929,168 |
| - | |
Other intangible assets, net |
| 84,824 |
| 92,176 |
| (7,352) |
| 91,991 |
| 92,807 |
| 91,506 |
| (6,682) | |
Other assets |
| 1,184,046 |
| 1,139,960 |
| 44,086 |
| 1,150,512 |
| 1,191,732 |
| 950,584 |
| 233,462 | |
Total assets |
| $ 22,525,286 |
| $ 22,760,059 |
| $ (234,773) |
| $ 23,107,636 |
| $ 22,874,142 |
| $ 22,881,527 |
| $ (356,241) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Noninterest-bearing deposits |
| $ 3,054,121 |
| $ 2,932,599 |
| $ 121,522 |
| $ 3,023,247 |
| $ 3,274,973 |
| $ 2,984,486 |
| $ 69,635 | |
Interest-bearing deposits, excl Brokered CDs |
| 13,308,530 |
| 13,465,974 |
| (157,444) |
| 13,731,421 |
| 13,311,672 |
| 12,808,533 |
| 499,997 | |
Brokered CDs |
| 442,209 |
| 571,626 |
| (129,417) |
| 742,119 |
| 141,968 |
| 653,090 |
| (210,881) | |
Total deposits |
| 16,804,860 |
| 16,970,199 |
| (165,339) |
| 17,496,787 |
| 16,728,613 |
| 16,446,109 |
| 358,751 | |
Short-term borrowings |
| 539,263 |
| 513,406 |
| 25,857 |
| 575,564 |
| 1,226,853 |
| 1,517,594 |
| (978,331) | |
Long-term funding |
| 1,713,671 |
| 1,843,691 |
| (130,020) |
| 1,643,979 |
| 1,953,998 |
| 1,761,506 |
| (47,835) | |
Accrued expenses and other liabilities |
| 266,643 |
| 246,636 |
| 20,007 |
| 210,797 |
| 226,070 |
| 231,659 |
| 34,984 | |
Total liabilities |
| 19,324,437 |
| 19,573,932 |
| (249,495) |
| 19,927,127 |
| 20,135,534 |
| 19,956,868 |
| (632,431) | |
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Preferred equity |
| 513,550 |
| 512,724 |
| 826 |
| 511,910 |
| 511,107 |
| 510,315 |
| 3,235 | |
Common stock |
| 1,738 |
| 1,737 |
| 1 |
| 1,737 |
| 1,284 |
| 1,284 |
| 454 | |
Surplus |
| 1,569,963 |
| 1,567,315 |
| 2,648 |
| 1,564,536 |
| 1,082,335 |
| 1,080,720 |
| 489,243 | |
Retained earnings |
| 1,036,800 |
| 1,032,065 |
| 4,735 |
| 1,044,501 |
| 1,081,156 |
| 1,268,507 |
| (231,707) | |
Accumulated other comprehensive income |
| 78,798 |
| 73,173 |
| 5,625 |
| 59,744 |
| 63,432 |
| 64,919 |
| 13,879 | |
Treasury stock |
| - |
| (887) |
| 887 |
| (1,919) |
| (706) |
| (1,086) |
| 1,086 | |
Total stockholders' equity |
| 3,200,849 |
| 3,186,127 |
| 14,722 |
| 3,180,509 |
| 2,738,608 |
| 2,924,659 |
| 276,190 | |
Total liabilities and stockholders' equity |
| $ 22,525,286 |
| $ 22,760,059 |
| $ (234,773) |
| $ 23,107,636 |
| $ 22,874,142 |
| $ 22,881,527 |
| $ (356,241) | |
| | | | | | | | | | | | | | |
Consolidated Statements of Income (Unaudited) | |
Associated Banc-Corp | |
|
| For The Three Months Ended |
|
|
|
| For The Nine Months Ended, |
|
|
| |
|
| September 30, |
| Quarter |
| September 30, |
| Year-to-Date | |
(in thousands, except per share amounts) |
| 2010 |
| 2009 |
| $
Change | %
Change |
| 2010 |
| 2009 |
| $
Change | %
Change | |
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest and fees on loans |
| $ 148,937 |
| $ 183,264 |
| $ (34,327) | (18.7%) |
| $ 462,043 |
| $ 579,641 |
| $ (117,598) | (20.3%) | |
Interest and dividends on investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
and deposits in other financial institutions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Taxable |
| 38,433 |
| 46,873 |
| (8,440) | (18.0%) |
| 128,828 |
| 144,464 |
| (15,636) | (10.8%) | |
Tax-exempt |
| 8,499 |
| 8,498 |
| 1 | 0.0% |
| 25,765 |
| 26,811 |
| (1,046) | (3.9%) | |
Interest on federal funds sold and securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
purchased under agreements to resell |
| 347 |
| 16 |
| 331 | N/M |
| 398 |
| 130 |
| 268 | 206.2% | |
Total interest income |
| 196,216 |
| 238,651 |
| (42,435) | (17.8%) |
| 617,034 |
| 751,046 |
| (134,012) | (17.8%) | |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest on deposits |
| 25,879 |
| 37,811 |
| (11,932) | (31.6%) |
| 82,984 |
| 129,403 |
| (46,419) | (35.9%) | |
Interest on short-term borrowings |
| 1,849 |
| 2,895 |
| (1,046) | (36.1%) |
| 5,695 |
| 13,137 |
| (7,442) | (56.6%) | |
Interest on long-term funding |
| 14,584 |
| 18,709 |
| (4,125) | (22.0%) |
| 45,436 |
| 60,854 |
| (15,418) | (25.3%) | |
Total interest expense |
| 42,312 |
| 59,415 |
| (17,103) | (28.8%) |
| 134,115 |
| 203,394 |
| (69,279) | (34.1%) | |
Net Interest Income |
| 153,904 |
| 179,236 |
| (25,332) | (14.1%) |
| 482,919 |
| 547,652 |
| (64,733) | (11.8%) | |
Provision for loan losses |
| 64,000 |
| 95,410 |
| (31,410) | (32.9%) |
| 327,010 |
| 355,856 |
| (28,846) | (8.1%) | |
Net interest income after provision for |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
loan losses |
| 89,904 |
| 83,826 |
| 6,078 | 7.3% |
| 155,909 |
| 191,796 |
| (35,887) | (18.7%) | |
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Trust service fees |
| 9,462 |
| 9,057 |
| 405 | 4.5% |
| 28,335 |
| 26,103 |
| 2,232 | 8.6% | |
Service charges on deposit accounts |
| 23,845 |
| 30,829 |
| (6,984) | (22.7%) |
| 76,350 |
| 87,705 |
| (11,355) | (12.9%) | |
Card-based and other nondeposit fees |
| 12,093 |
| 11,586 |
| 507 | 4.4% |
| 34,855 |
| 33,618 |
| 1,237 | 3.7% | |
Retail commissions |
| 15,276 |
| 15,041 |
| 235 | 1.6% |
| 46,815 |
| 45,382 |
| 1,433 | 3.2% | |
Total core fee-based revenue |
| 60,676 |
| 66,513 |
| (5,837) | (8.8%) |
| 186,355 |
| 192,808 |
| (6,453) | (3.3%) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mortgage banking, net |
| 9,007 |
| (909) |
| 9,916 | N/M |
| 19,907 |
| 31,655 |
| (11,748) | (37.1%) | |
Capital market fees, net |
| 891 |
| 226 |
| 665 | 294.2% |
| 885 |
| 5,245 |
| (4,360) | (83.1%) | |
Bank owned life insurance income |
| 3,756 |
| 3,789 |
| (33) | (0.9%) |
| 11,252 |
| 12,722 |
| (1,470) | (11.6%) | |
Asset sale losses, net |
| (2,354) |
| (126) |
| (2,228) | N/M |
| (2,518) |
| (2,520) |
| 2 | (0.1%) | |
Investment securities gains (losses), net |
| 3,365 |
| (42) |
| 3,407 | N/M |
| 26,800 |
| 9,169 |
| 17,631 | 192.3% | |
Other |
| 6,556 |
| 5,858 |
| 698 | 11.9% |
| 18,145 |
| 17,148 |
| 997 | 5.8% | |
Total noninterest income |
| 81,897 |
| 75,309 |
| 6,588 | 8.7% |
| 260,826 |
| 266,227 |
| (5,401) | (2.0%) | |
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Personnel expense |
| 80,640 |
| 73,501 |
| 7,139 | 9.7% |
| 239,337 |
| 231,770 |
| 7,567 | 3.3% | |
Occupancy |
| 12,157 |
| 11,949 |
| 208 | 1.7% |
| 37,038 |
| 37,171 |
| (133) | (0.4%) | |
Equipment |
| 4,637 |
| 4,575 |
| 62 | 1.4% |
| 13,472 |
| 13,834 |
| (362) | (2.6%) | |
Data processing |
| 7,502 |
| 7,442 |
| 60 | 0.8% |
| 22,667 |
| 23,165 |
| (498) | (2.1%) | |
Business development and advertising |
| 4,297 |
| 3,910 |
| 387 | 9.9% |
| 13,515 |
| 13,590 |
| (75) | (0.6%) | |
Other intangible amortization |
| 1,206 |
| 1,386 |
| (180) | (13.0%) |
| 3,713 |
| 4,157 |
| (444) | (10.7%) | |
Legal and professional fees |
| 6,774 |
| 3,349 |
| 3,425 | 102.3% |
| 15,086 |
| 13,176 |
| 1,910 | 14.5% | |
Foreclosure/OREO expense |
| 7,349 |
| 8,688 |
| (1,339) | (15.4%) |
| 23,984 |
| 27,277 |
| (3,293) | (12.1%) | |
FDIC expense |
| 11,426 |
| 8,451 |
| 2,975 | 35.2% |
| 35,282 |
| 32,316 |
| 2,966 | 9.2% | |
Other |
| 20,592 |
| 17,860 |
| 2,732 | 15.3% |
| 59,383 |
| 55,950 |
| 3,433 | 6.1% | |
Total noninterest expense |
| 156,580 |
| 141,111 |
| 15,469 | 11.0% |
| 463,477 |
| 452,406 |
| 11,071 | 2.4% | |
Income (loss) before income taxes |
| 15,221 |
| 18,024 |
| (2,803) | (15.6%) |
| (46,742) |
| 5,617 |
| (52,359) | N/M | |
Income tax expense (benefit) |
| 917 |
| 2,030 |
| (1,113) | (54.8%) |
| (31,878) |
| (35,761) |
| 3,883 | (10.9%) | |
Net income (loss) |
| 14,304 |
| 15,994 |
| (1,690) | (10.6%) |
| $ (14,864) |
| $ 41,378 |
| $ (56,242) | (135.9%) | |
Preferred stock dividends and discount |
| 7,389 |
| 7,342 |
| 47 | 0.6% |
| 22,131 |
| 21,994 |
| 137 | 0.6% | |
Net income (loss) available to common equity |
| $ 6,915 |
| $ 8,652 |
| $ (1,737) | (20.1%) |
| $ (36,995) |
| $ 19,384 |
| $ (56,379) | (290.9%) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings (Loss) Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic |
| $ 0.04 |
| $ 0.07 |
| $ (0.03) | (42.9%) |
| $ (0.22) |
| $ 0.15 |
| $ (0.37) | (246.7%) | |
Diluted |
| $ 0.04 |
| $ 0.07 |
| $ (0.03) | (42.9%) |
| $ (0.22) |
| $ 0.15 |
| $ (0.37) | (246.7%) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic |
| 172,989 |
| 127,863 |
| 45,126 | 35.3% |
| 170,610 |
| 127,855 |
| 42,755 | 33.4% | |
Diluted |
| 172,990 |
| 127,863 |
| 45,127 | 35.3% |
| 170,610 |
| 127,859 |
| 42,751 | 33.4% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
N/M = Not meaningful. | |
| | | | | | | | | | | | | | |
Consolidated Statements of Income (Unaudited) - Quarterly Trend | |
Associated Banc-Corp | |
|
|
|
|
| Sequential Qtr |
| Comparable Qtr | |
(in thousands, except per share amounts) |
| 3Q10 |
| 2Q10 |
| $
Change | %
Change |
| 1Q10 |
| 4Q09 |
| 3Q09 |
| $
Change | %
Change | |
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest and fees on loans |
| $ 148,937 |
| $ 153,815 |
| $ (4,878) | (3.2%) |
| $ 159,291 |
| $ 172,624 |
| $ 183,264 |
| $ (34,327) | (18.7%) | |
Interest and dividends on investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
and deposits in other financial institutions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Taxable |
| 38,433 |
| 42,477 |
| (4,044) | (9.5%) |
| 47,918 |
| 48,567 |
| 46,873 |
| (8,440) | (18.0%) | |
Tax-exempt |
| 8,499 |
| 8,557 |
| (58) | (0.7%) |
| 8,709 |
| 8,987 |
| 8,498 |
| 1 | 0.0% | |
Interest on federal funds sold and securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
purchased under agreements to resell |
| 347 |
| 29 |
| 318 | N/M |
| 22 |
| 32 |
| 16 |
| 331 | N/M | |
Total interest income |
| 196,216 |
| 204,878 |
| (8,662) | (4.2%) |
| 215,940 |
| 230,210 |
| 238,651 |
| (42,435) | (17.8%) | |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest on deposits |
| 25,879 |
| 28,360 |
| (2,481) | (8.7%) |
| 28,745 |
| 31,471 |
| 37,811 |
| (11,932) | (31.6%) | |
Interest on short-term borrowings |
| 1,849 |
| 1,820 |
| 29 | 1.6% |
| 2,026 |
| 3,062 |
| 2,895 |
| (1,046) | (36.1%) | |
Interest on long-term funding |
| 14,584 |
| 14,905 |
| (321) | (2.2%) |
| 15,947 |
| 17,324 |
| 18,709 |
| (4,125) | (22.0%) | |
Total interest expense |
| 42,312 |
| 45,085 |
| (2,773) | (6.2%) |
| 46,718 |
| 51,857 |
| 59,415 |
| (17,103) | (28.8%) | |
Net Interest Income |
| 153,904 |
| 159,793 |
| (5,889) | (3.7%) |
| 169,222 |
| 178,353 |
| 179,236 |
| (25,332) | (14.1%) | |
Provision for loan losses |
| 64,000 |
| 97,665 |
| (33,665) | (34.5%) |
| 165,345 |
| 394,789 |
| 95,410 |
| (31,410) | (32.9%) | |
Net interest income (loss) after provision for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
loan losses |
| 89,904 |
| 62,128 |
| 27,776 | 44.7% |
| 3,877 |
| (216,436) |
| 83,826 |
| 6,078 | 7.3% | |
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Trust service fees |
| 9,462 |
| 9,517 |
| (55) | (0.6%) |
| 9,356 |
| 9,906 |
| 9,057 |
| 405 | 4.5% | |
Service charges on deposit accounts |
| 23,845 |
| 26,446 |
| (2,601) | (9.8%) |
| 26,059 |
| 29,213 |
| 30,829 |
| (6,984) | (22.7%) | |
Card-based and other nondeposit fees |
| 12,093 |
| 11,942 |
| 151 | 1.3% |
| 10,820 |
| 12,359 |
| 11,586 |
| 507 | 4.4% | |
Retail commissions |
| 15,276 |
| 15,722 |
| (446) | (2.8%) |
| 15,817 |
| 15,296 |
| 15,041 |
| 235 | 1.6% | |
Total core fee-based revenue |
| 60,676 |
| 63,627 |
| (2,951) | (4.6%) |
| 62,052 |
| 66,774 |
| 66,513 |
| (5,837) | (8.8%) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Mortgage banking, net |
| 9,007 |
| 5,493 |
| 3,514 | 64.0% |
| 5,407 |
| 9,227 |
| (909) |
| 9,916 | N/M | |
Capital market fees, net |
| 891 |
| (136) |
| 1,027 | N/M |
| 130 |
| 291 |
| 226 |
| 665 | 294.2% | |
Bank owned life insurance income |
| 3,756 |
| 4,240 |
| (484) | (11.4%) |
| 3,256 |
| 3,310 |
| 3,789 |
| (33) | (0.9%) | |
Asset sale gains (losses), net |
| (2,354) |
| 1,477 |
| (3,831) | N/M |
| (1,641) |
| (1,551) |
| (126) |
| (2,228) | N/M | |
Investment securities gains (losses), net |
| 3,365 |
| (146) |
| 3,511 | N/M |
| 23,581 |
| (395) |
| (42) |
| 3,407 | N/M | |
Other |
| 6,556 |
| 6,336 |
| 220 | 3.5% |
| 5,253 |
| 7,078 |
| 5,858 |
| 698 | 11.9% | |
Total noninterest income |
| 81,897 |
| 80,891 |
| 1,006 | 1.2% |
| 98,038 |
| 84,734 |
| 75,309 |
| 6,588 | 8.7% | |
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Personnel expense |
| 80,640 |
| 79,342 |
| 1,298 | 1.6% |
| 79,355 |
| 72,620 |
| 73,501 |
| 7,139 | 9.7% | |
Occupancy |
| 12,157 |
| 11,706 |
| 451 | 3.9% |
| 13,175 |
| 12,170 |
| 11,949 |
| 208 | 1.7% | |
Equipment |
| 4,637 |
| 4,450 |
| 187 | 4.2% |
| 4,385 |
| 4,551 |
| 4,575 |
| 62 | 1.4% | |
Data processing |
| 7,502 |
| 7,866 |
| (364) | (4.6%) |
| 7,299 |
| 7,728 |
| 7,442 |
| 60 | 0.8% | |
Business development and advertising |
| 4,297 |
| 4,773 |
| (476) | (10.0%) |
| 4,445 |
| 4,443 |
| 3,910 |
| 387 | 9.9% | |
Other intangible amortization |
| 1,206 |
| 1,254 |
| (48) | (3.8%) |
| 1,253 |
| 1,386 |
| 1,386 |
| (180) | (13.0%) | |
Legal and professional fees |
| 6,774 |
| 5,517 |
| 1,257 | 22.8% |
| 2,795 |
| 6,386 |
| 3,349 |
| 3,425 | 102.3% | |
Foreclosure/OREO expense |
| 7,349 |
| 8,906 |
| (1,557) | (17.5%) |
| 7,729 |
| 10,852 |
| 8,688 |
| (1,339) | (15.4%) | |
FDIC expense |
| 11,426 |
| 12,027 |
| (601) | (5.0%) |
| 11,829 |
| 9,618 |
| 8,451 |
| 2,975 | 35.2% | |
Other |
| 20,592 |
| 19,197 |
| 1,395 | 7.3% |
| 19,594 |
| 29,260 |
| 17,860 |
| 2,732 | 15.3% | |
Total noninterest expense |
| 156,580 |
| 155,038 |
| 1,542 | 1.0% |
| 151,859 |
| 159,014 |
| 141,111 |
| 15,469 | 11.0% | |
Income (loss) before income taxes |
| 15,221 |
| (12,019) |
| 27,240 | (226.6%) |
| (49,944) |
| (290,716) |
| 18,024 |
| (2,803) | (15.6%) | |
Income tax expense (benefit) |
| 917 |
| (9,240) |
| 10,157 | (109.9%) |
| (23,555) |
| (117,479) |
| 2,030 |
| (1,113) | (54.8%) | |
Net income (loss) |
| 14,304 |
| (2,779) |
| 17,083 | (614.7%) |
| (26,389) |
| (173,237) |
| 15,994 |
| (1,690) | (10.6%) | |
Preferred stock dividends and discount |
| 7,389 |
| 7,377 |
| 12 | 0.2% |
| 7,365 |
| 7,354 |
| 7,342 |
| 47 | 0.6% | |
Net income (loss) available to common equity |
| $ 6,915 |
| $ (10,156) |
| $ 17,071 | (168.1%) |
| $ (33,754) |
| $ (180,591) |
| $ 8,652 |
| $ (1,737) | (20.1%) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings (Loss) Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic |
| $ 0.04 |
| $ (0.06) |
| $ 0.10 | (166.7%) |
| $ (0.20) |
| $ (1.41) |
| $ 0.07 |
| $ (0.03) | (42.9%) | |
Diluted |
| $ 0.04 |
| $ (0.06) |
| $ 0.10 | (166.7%) |
| $ (0.20) |
| $ (1.41) |
| $ 0.07 |
| $ (0.03) | (42.9%) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic |
| 172,989 |
| 172,921 |
| 68 | 0.0% |
| 165,842 |
| 127,869 |
| 127,863 |
| 45,126 | 35.3% | |
Diluted |
| 172,990 |
| 172,921 |
| 69 | 0.0% |
| 165,842 |
| 127,869 |
| 127,863 |
| 45,127 | 35.3% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
N/M = Not meaningful. | |
| | | | | | | | | | | | | | | | |
Selected Quarterly Information | |
Associated Banc-Corp | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(in thousands, except per share and full time equivalent employee data) | YTD 2010 |
| YTD 2009 |
| 3rd Qtr 2010 |
| 2nd Qtr 2010 |
| 1st Qtr 2010 |
| 4th Qtr 2009 |
| 3rd Qtr 2009 | |
Summary of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest income | $ 482,919 |
| $ 547,652 |
| $ 153,904 |
| $ 159,793 |
| $ 169,222 |
| $ 178,353 |
| $ 179,236 | |
Provision for loan losses | 327,010 |
| 355,856 |
| 64,000 |
| 97,665 |
| 165,345 |
| 394,789 |
| 95,410 | |
Asset sale gains (losses), net | (2,518) |
| (2,520) |
| (2,354) |
| 1,477 |
| (1,641) |
| (1,551) |
| (126) | |
Investment securities gains (losses), net | 26,800 |
| 9,169 |
| 3,365 |
| (146) |
| 23,581 |
| (395) |
| (42) | |
Noninterest income (excluding securities & asset sales) | 236,544 |
| 259,578 |
| 80,886 |
| 79,560 |
| 76,098 |
| 86,680 |
| 75,477 | |
Noninterest expense | 463,477 |
| 452,406 |
| 156,580 |
| 155,038 |
| 151,859 |
| 159,014 |
| 141,111 | |
Income (loss) before income taxes | (46,742) |
| 5,617 |
| 15,221 |
| (12,019) |
| (49,944) |
| (290,716) |
| 18,024 | |
Income tax expense (benefit) | (31,878) |
| (35,761) |
| 917 |
| (9,240) |
| (23,555) |
| (117,479) |
| 2,030 | |
Net income (loss) | (14,864) |
| 41,378 |
| 14,304 |
| (2,779) |
| (26,389) |
| (173,237) |
| 15,994 | |
Net income (loss) available to common equity | (36,995) |
| 19,384 |
| 6,915 |
| (10,156) |
| (33,754) |
| (180,591) |
| 8,652 | |
Taxable equivalent adjustment | 17,914 |
| 18,632 |
| 5,914 |
| 5,966 |
| 6,034 |
| 6,188 |
| 5,938 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Per Common Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic | $ (0.22) |
| $ 0.15 |
| $ 0.04 |
| $ (0.06) |
| $ (0.20) |
| $ (1.41) |
| $ 0.07 | |
Diluted | (0.22) |
| 0.15 |
| 0.04 |
| (0.06) |
| (0.20) |
| (1.41) |
| 0.07 | |
Dividends | 0.03 |
| 0.42 |
| 0.01 |
| 0.01 |
| 0.01 |
| 0.05 |
| 0.05 | |
Market Value: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
High | $ 16.10 |
| $ 21.39 |
| $ 13.90 |
| $ 16.10 |
| $ 14.54 |
| $ 13.00 |
| $ 12.67 | |
Low | 11.48 |
| 9.21 |
| 11.96 |
| 12.26 |
| 11.48 |
| 10.37 |
| 9.21 | |
Close | 13.19 |
| 11.42 |
| 13.19 |
| 12.26 |
| 13.76 |
| 11.01 |
| 11.42 | |
Book value | 15.53 |
| 18.88 |
| 15.53 |
| 15.46 |
| 15.44 |
| 17.42 |
| 18.88 | |
Tangible book value | 10.02 |
| 11.38 |
| 10.02 |
| 9.93 |
| 9.90 |
| 9.93 |
| 11.38 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Performance Ratios (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earning assets yield | 4.08% |
| 4.75% |
| 3.90% |
| 4.10% |
| 4.24% |
| 4.59% |
| 4.62% | |
Interest-bearing liabilities rate | 1.08 |
| 1.51 |
| 1.03 |
| 1.10 |
| 1.11 |
| 1.24 |
| 1.36 | |
Net interest margin | 3.22 |
| 3.50 |
| 3.08 |
| 3.22 |
| 3.35 |
| 3.59 |
| 3.50 | |
Return on average assets | (0.09) |
| 0.23 |
| 0.25 |
| (0.05) |
| (0.46) |
| (3.02) |
| 0.27 | |
Return on average equity | (0.63) |
| 1.90 |
| 1.77 |
| (0.35) |
| (3.40) |
| (23.72) |
| 2.18 | |
Return on average tangible common equity (1) | (2.89) |
| 1.81 |
| 1.58 |
| (2.37) |
| (8.17) |
| (50.16) |
| 2.39 | |
Efficiency ratio (2) | 62.85 |
| 54.78 |
| 65.05 |
| 63.20 |
| 60.42 |
| 58.63 |
| 54.14 | |
Effective tax rate (benefit) | (68.20) |
| (636.66) |
| 6.03 |
| (76.88) |
| (47.16) |
| (40.41) |
| 11.26 | |
Dividend payout ratio (3) | N/M |
| 280.00 |
| 25.02 |
| N/M |
| N/M |
| N/M |
| 71.43 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Assets | $ 22,824,238 |
| $ 23,891,164 |
| $ 22,727,208 |
| $ 22,598,695 |
| $ 23,151,767 |
| $ 22,773,576 |
| $ 23,362,954 | |
Earning assets | 20,776,661 |
| 21,619,838 |
| 20,660,498 |
| 20,598,637 |
| 21,075,408 |
| 20,499,225 |
| 21,063,016 | |
Interest-bearing liabilities | 16,583,326 |
| 17,994,706 |
| 16,376,904 |
| 16,408,718 |
| 16,970,884 |
| 16,663,947 |
| 17,412,341 | |
Loans | 13,388,577 |
| 15,929,440 |
| 12,855,791 |
| 13,396,710 |
| 13,924,978 |
| 14,605,107 |
| 15,248,895 | |
Deposits | 17,112,719 |
| 15,808,077 |
| 17,138,105 |
| 17,056,193 |
| 17,143,924 |
| 16,407,034 |
| 16,264,181 | |
Wholesale funding | 2,500,326 |
| 5,006,918 |
| 2,326,469 |
| 2,343,119 |
| 2,837,001 |
| 3,332,642 |
| 4,067,830 | |
Common stockholders' equity | 2,667,294 |
| 2,395,478 |
| 2,693,735 |
| 2,674,097 |
| 2,633,680 |
| 2,387,534 |
| 2,394,410 | |
Stockholders' equity | 3,179,500 |
| 2,904,521 |
| 3,206,742 |
| 3,186,295 |
| 3,145,074 |
| 2,898,132 |
| 2,904,210 | |
Common stockholders' equity/assets | 11.69% |
| 10.03% |
| 11.85% |
| 11.83% |
| 11.38% |
| 10.48% |
| 10.25% | |
Stockholders' equity / assets | 13.93% |
| 12.16% |
| 14.11% |
| 14.10% |
| 13.58% |
| 12.73% |
| 12.43% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
At Period End |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Assets |
|
|
|
| $ 22,525,286 |
| $ 22,760,059 |
| $ 23,107,636 |
| $ 22,874,142 |
| $ 22,881,527 | |
Loans |
|
|
|
| 12,372,393 |
| 12,601,916 |
| 13,299,321 |
| 14,128,625 |
| 14,765,597 | |
Allowance for loan losses |
|
|
|
| 522,018 |
| 567,912 |
| 575,573 |
| 573,533 |
| 412,530 | |
Goodwill |
|
|
|
| 929,168 |
| 929,168 |
| 929,168 |
| 929,168 |
| 929,168 | |
Mortgage servicing rights, net |
|
|
|
| 59,483 |
| 65,629 |
| 64,190 |
| 63,753 |
| 61,066 | |
Other intangible assets |
|
|
|
| 25,341 |
| 26,547 |
| 27,801 |
| 29,054 |
| 30,440 | |
Deposits |
|
|
|
| 16,804,860 |
| 16,970,199 |
| 17,496,787 |
| 16,728,613 |
| 16,446,109 | |
Wholesale funding |
|
|
|
| 2,252,934 |
| 2,357,097 |
| 2,219,543 |
| 3,180,851 |
| 3,279,100 | |
Stockholders' equity |
|
|
|
| 3,200,849 |
| 3,186,127 |
| 3,180,509 |
| 2,738,608 |
| 2,924,659 | |
Stockholders' equity / assets |
|
|
|
| 14.21% |
| 14.00% |
| 13.76% |
| 11.97% |
| 12.78% | |
Tangible common equity / tangible assets (4) |
|
|
|
| 8.03% |
| 7.88% |
| 7.73% |
| 5.79% |
| 6.64% | |
Tangible equity/tangible assets (5) |
|
|
|
| 10.41% |
| 10.23% |
| 10.04% |
| 8.12% |
| 8.96% | |
Tier 1 risk-based capital ratio |
|
|
|
| 17.68% |
| 17.25% |
| 16.40% |
| 12.52% |
| 13.14% | |
Tier 1 leverage ratio |
|
|
|
| 10.78% |
| 10.80% |
| 10.57% |
| 8.76% |
| 9.35% | |
Total risk-based capital ratio |
|
|
|
| 19.16% |
| 19.02% |
| 18.15% |
| 14.24% |
| 14.83% | |
Shares outstanding, end of period |
|
|
|
| 173,019 |
| 172,955 |
| 172,880 |
| 127,876 |
| 127,864 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Selected trend information |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average full time equivalent employees |
|
|
|
| 4,827 |
| 4,766 |
| 4,777 |
| 4,802 |
| 5,004 | |
Trust assets under management, at market value |
|
|
|
| $ 5,400,000 |
| $ 5,100,000 |
| $ 5,500,000 |
| $ 5,300,000 |
| $ 5,200,000 | |
Mortgage loans originated for sale during period |
|
|
|
| 727,868 |
| 501,965 |
| 454,746 |
| 671,305 |
| 638,229 | |
Mortgage portfolio serviced for others |
|
|
|
| 7,860,000 |
| 7,822,000 |
| 7,751,000 |
| 7,667,000 |
| 7,473,000 | |
Mortgage servicing rights, net / Portfolio serviced for others |
|
|
|
| 0.76% |
| 0.84% |
| 0.83% |
| 0.83% |
| 0.82% | |
N/M = Not meaningful. | |
(1) | Return on average tangible common equity = Net income available to common equity divided by average common equity excluding average goodwill and other intangible assets. This is a non-GAAP financial measure. | |
(2) | Efficiency ratio = Noninterest expense divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains, net, and asset sales gains, net. This is a non-GAAP financial measure. | |
(3) | Ratio is based upon basic earnings per common share. | |
(4) | Tangible common equity to tangible assets = Common stockholders' equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. This is a non-GAAP financial measure. | |
(5) | Tangible equity to tangible assets = Stockholders' equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. This is a non-GAAP financial measure. | |
| | | | | | | | | | | | | | |
Selected Asset Quality Information | |
Associated Banc-Corp | |
|
|
|
| Sep10 vs Jun10 |
|
|
|
| Sep10 vs Sep09 | |
(in thousands) |
| Sept 30, 2010 | Jun 30, 2010 | % Change |
| Mar 31, 2010 | Dec 31, 2009 | Sept 30, 2009 | % Change | |
Allowance for Loan Losses |
|
|
|
|
|
|
|
|
| |
Beginning balance |
| $ 567,912 | $ 575,573 | (1.3%) |
| $ 573,533 | $ 412,530 | $ 407,167 | 39.5% | |
Provision for loan losses |
| 64,000 | 97,665 | (34.5%) |
| 165,345 | 394,789 | 95,410 | (32.9%) | |
Charge offs |
| (122,327) | (113,170) | 8.1% |
| (174,627) | (236,367) | (92,340) | 32.5% | |
Recoveries |
| 12,433 | 7,844 | 58.5% |
| 11,322 | 2,581 | 2,293 | 442.2% | |
Net charge offs |
| (109,894) | (105,326) | 4.3% |
| (163,305) | (233,786) | (90,047) | 22.0% | |
Ending balance |
| $ 522,018 | $ 567,912 | (8.1%) |
| $ 575,573 | $ 573,533 | $ 412,530 | 26.5% | |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Net Charge Offs |
|
|
| Sep10 vs Jun10 |
|
|
|
| Sep10 vs Sep09 | |
|
| Sept 30, 2010 | Jun 30, 2010 | % Change |
| Mar 31, 2010 | Dec 31, 2009 | Sept 30, 2009 | % Change | |
Commercial and industrial |
| $ 4,274 | $ 5,557 | (23.1%) |
| $ 63,699 | $ 42,940 | $ 57,480 | (92.6%) | |
Commercial real estate |
| 28,517 | 37,004 | (22.9%) |
| 21,328 | 40,550 | 4,449 | 541.0% | |
Real estate - construction |
| 60,488 | 46,135 | 31.1% |
| 60,186 | 124,659 | 12,837 | 371.2% | |
Lease financing |
| 826 | 297 | 178.1% |
| 774 | 261 | 319 | 158.9% | |
Total commercial |
| 94,105 | 88,993 | 5.7% |
| 145,987 | 208,410 | 75,085 | 25.3% | |
Home equity |
| 10,875 | 11,213 | (3.0%) |
| 11,769 | 16,503 | 11,202 | (2.9%) | |
Installment |
| 1,640 | 1,887 | (13.1%) |
| 2,222 | 2,099 | 2,433 | (32.6%) | |
Total retail |
| 12,515 | 13,100 | (4.5%) |
| 13,991 | 18,602 | 13,635 | (8.2%) | |
Residential mortgage |
| 3,274 | 3,233 | 1.3% |
| 3,327 | 6,774 | 1,327 | 146.7% | |
Total net charge offs |
| $ 109,894 | $ 105,326 | 4.3% |
| $ 163,305 | $ 233,786 | $ 90,047 | 22.0% | |
|
|
|
|
|
|
|
|
|
| |
Net Charge Offs to Average Loans (in basis points) |
| Sept 30, 2010 | Jun 30, 2010 |
|
| Mar 31, 2010 | Dec 31, 2009 | Sept 30, 2009 |
| |
Commercial and industrial |
| 57 | 73 |
|
| 795 | 490 | 611 |
| |
Commercial real estate |
| 319 | 398 |
|
| 230 | 412 | 45 |
| |
Real estate - construction |
| 2,598 | 1,582 |
|
| 1,780 | 3,185 | 285 |
| |
Lease financing |
| 416 | 141 |
|
| 341 | 105 | 119 |
| |
Total commercial |
| 498 | 444 |
|
| 698 | 915 | 313 |
| |
Home equity |
| 175 | 183 |
|
| 190 | 254 | 170 |
| |
Installment |
| 74 | 83 |
|
| 98 | 94 | 113 |
| |
Total retail |
| 148 | 156 |
|
| 166 | 213 | 156 |
| |
Residential mortgage |
| 65 | 65 |
|
| 67 | 127 | 23 |
| |
Total net charge offs |
| 339 | 315 |
|
| 476 | 635 | 234 |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Credit Quality |
|
|
| Sep10 vs Jun10 |
|
|
|
| Sep10 vs Sep09 | |
|
| Sept 30, 2010 | Jun 30, 2010 | % Change |
| Mar 31, 2010 | Dec 31, 2009 | Sept 30, 2009 | % Change | |
Nonaccrual loans |
| $ 727,877 | $ 975,641 | (25.4%) |
| $ 1,180,185 | $ 1,077,799 | $ 845,320 | (13.9%) | |
Loans 90 or more days past due and still accruing |
| 26,593 | 3,207 | 729.2% |
| 6,353 | 24,981 | 23,174 | 14.8% | |
Restructured loans |
| 62,778 | 40,865 | 53.6% |
| 23,420 | 19,037 | 17,256 | 263.8% | |
Total nonperforming loans |
| 817,248 | 1,019,713 | (19.9%) |
| 1,209,958 | 1,121,817 | 885,750 | (7.7%) | |
Other real estate owned (OREO) |
| 53,101 | 51,223 | 3.7% |
| 62,220 | 68,441 | 60,010 | (11.5%) | |
Total nonperforming assets |
| $ 870,349 | $ 1,070,936 | (18.7%) |
| $ 1,272,178 | $ 1,190,258 | $ 945,760 | (8.0%) | |
|
|
|
|
|
|
|
|
|
| |
Allowance for loan losses / loans |
| 4.22% | 4.51% |
|
| 4.33% | 4.06% | 2.79% |
| |
Allowance for loan losses / nonperforming loans |
| 63.88 | 55.69 |
|
| 47.57 | 51.13 | 46.57 |
| |
Allowance for loan losses / nonaccrual loans |
| 71.72 | 58.21 |
|
| 48.77 | 53.21 | 48.80 |
| |
Nonperforming loans / total loans |
| 6.61 | 8.09 |
|
| 9.10 | 7.94 | 6.00 |
| |
Nonaccrual loans / total loans |
| 5.88 | 7.74 |
|
| 8.87 | 7.63 | 5.72 |
| |
Nonperforming assets / total loans plus OREO |
| 7.00 | 8.46 |
|
| 9.52 | 8.38 | 6.38 |
| |
Nonperforming assets / total assets |
| 3.86 | 4.71 |
|
| 5.51 | 5.20 | 4.13 |
| |
Net charge offs / average loans (annualized) |
| 3.39 | 3.15 |
|
| 4.76 | 6.35 | 2.34 |
| |
Year-to-date net charge offs / average loans |
| 3.78 | 3.97 |
|
| 4.76 | 2.84 | 1.75 |
| |
|
|
|
|
|
|
|
|
|
| |
Nonperforming loans by type: |
|
|
|
|
|
|
|
|
| |
Commercial and industrial |
| $ 157,358 | $ 184,808 | (14.9%) |
| $ 180,182 | $ 234,418 | $ 209,843 | (25.0%) | |
Commercial real estate |
| 300,208 | 360,974 | (16.8%) |
| 356,853 | 307,478 | 213,736 | 40.5% | |
Real estate - construction |
| 163,621 | 284,646 | (42.5%) |
| 487,552 | 413,360 | 301,844 | (45.8%) | |
Lease financing |
| 26,922 | 27,953 | (3.7%) |
| 29,466 | 19,506 | 18,814 | 43.1% | |
Total commercial |
| 648,109 | 858,381 | (24.5%) |
| 1,054,053 | 974,762 | 744,237 | (12.9%) | |
Home equity |
| 61,815 | 46,534 | 32.8% |
| 47,231 | 44,257 | 45,905 | 34.7% | |
Installment |
| 10,102 | 7,243 | 39.5% |
| 7,059 | 7,577 | 7,387 | 36.8% | |
Total retail |
| 71,917 | 53,777 | 33.7% |
| 54,290 | 51,834 | 53,292 | 34.9% | |
Residential mortgage |
| 97,222 | 107,555 | (9.6%) |
| 101,615 | 95,221 | 88,221 | 10.2% | |
Total nonperforming loans |
| $ 817,248 | $ 1,019,713 | (19.9%) |
| $ 1,209,958 | $ 1,121,817 | $ 885,750 | (7.7%) | |
|
|
|
|
|
|
|
|
|
| |
| | | | | | | | | |
Selected Asset Quality Information (continued) | |
Associated Banc-Corp | |
|
|
|
| Sep10 vs Jun10 |
|
|
|
| Sep10 vs Sep09 | |
(in thousands) |
| Sept 30, 2010 | Jun 30, 2010 | % Change |
| Mar 31, 2010 | Dec 31, 2009 | Sept 30, 2009 | % Change | |
Restructured loans |
|
|
|
|
|
|
|
|
| |
Commercial and industrial |
| $ 620 | $ 635 | (2.4%) |
| $ - | $ - | $ - | N/M | |
Commercial real estate |
| 23,387 | 7,820 | 199.1% |
| - | - | - | N/M | |
Real estate - construction |
| 7,076 | 4,835 | 46.3% |
| 763 | 480 | 265 | N/M | |
Lease financing |
| - | - | 0.0% |
| - | - | - | N/M | |
Total commercial |
| 31,083 | 13,290 | 133.9% |
| 763 | 480 | 265 | N/M | |
Home equity |
| 10,269 | 3,601 | 185.2% |
| 6,482 | 5,068 | 4,437 | 131.4% | |
Installment |
| 793 | 560 | 41.6% |
| 300 | 79 | 14 | N/M | |
Total retail |
| 11,062 | 4,161 | 165.8% |
| 6,782 | 5,147 | 4,451 | 148.5% | |
Residential mortgage |
| 20,633 | 23,414 | (11.9%) |
| 15,875 | 13,410 | 12,540 | 64.5% | |
Total restructured loans |
| $ 62,778 | $ 40,865 | 53.6% |
| $ 23,420 | $ 19,037 | $ 17,256 | 263.8% | |
|
|
|
|
|
|
|
|
|
| |
Restructured loans in nonaccrual loans (not included above) |
| $ 32,657 | $ 48,215 |
|
| $ 9,862 | $ 9,393 | $ 5,353 |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Loans Past Due 30-89 Days |
|
|
| Sep10 vs Jun10 |
|
|
|
| Sep10 vs Sep09 | |
|
| Sept 30, 2010 | Jun 30, 2010 | % Change |
| Mar 31, 2010 | Dec 31, 2009 | Sept 30, 2009 | % Change | |
Commercial and industrial |
| $ 14,505 | $ 40,415 | (64.1%) |
| $ 51,042 | $ 64,369 | $ 43,159 | (66.4%) | |
Commercial real estate |
| 56,710 | 50,721 | 11.8% |
| 69,836 | 81,975 | 50,029 | 13.4% | |
Real estate - construction |
| 12,225 | 23,368 | (47.7%) |
| 13,805 | 56,559 | 39,184 | (68.8%) | |
Lease financing |
| 168 | 628 | (73.2%) |
| 98 | 823 | 873 | (80.8%) | |
Total commercial |
| 83,608 | 115,132 | (27.4%) |
| 134,781 | 203,726 | 133,245 | (37.3%) | |
Home equity |
| 20,044 | 15,869 | 26.3% |
| 12,919 | 14,304 | 16,852 | 18.9% | |
Installment |
| 10,536 | 6,567 | 60.4% |
| 4,794 | 8,499 | 7,401 | 42.4% | |
Total retail |
| 30,580 | 22,436 | 36.3% |
| 17,713 | 22,803 | 24,253 | 26.1% | |
Residential mortgage |
| 10,065 | 11,110 | (9.4%) |
| 12,786 | 14,226 | 17,994 | (44.1%) | |
Total loans past due 30-89 days |
| $ 124,253 | $ 148,678 | (16.4%) |
| $ 165,280 | $ 240,755 | $ 175,492 | (29.2%) | |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Potential Problem Loans |
|
|
| Sep10 vs Jun10 |
|
|
|
| Sep10 vs Sep09 | |
|
| Sept 30, 2010 | Jun 30, 2010 | % Change |
| Mar 31, 2010 | Dec 31, 2009 | Sept 30, 2009 | % Change | |
Commercial and industrial |
| $ 373,955 | $ 482,686 | (22.5%) |
| $ 505,903 | $ 563,836 | $ 481,034 | (22.3%) | |
Commercial real estate |
| 553,126 | 553,316 | (0.0%) |
| 565,969 | 598,137 | 588,013 | (5.9%) | |
Real estate - construction |
| 175,817 | 203,560 | (13.6%) |
| 262,572 | 391,105 | 462,029 | (61.9%) | |
Lease financing |
| 2,302 | 6,784 | (66.1%) |
| 5,158 | 8,367 | 9,572 | (76.0%) | |
Total commercial |
| 1,105,200 | 1,246,346 | (11.3%) |
| 1,339,602 | 1,561,445 | 1,540,648 | (28.3%) | |
Home equity |
| 6,495 | 7,778 | (16.5%) |
| 7,446 | 13,400 | 15,933 | (59.2%) | |
Installment |
| 692 | 725 | (4.6%) |
| 1,103 | 1,524 | 1,908 | (63.7%) | |
Total retail |
| 7,187 | 8,503 | (15.5%) |
| 8,549 | 14,924 | 17,841 | (59.7%) | |
Residential mortgage |
| 19,416 | 17,304 | 12.2% |
| 19,591 | 19,150 | 15,414 | 26.0% | |
Total potential problem loans |
| $ 1,131,803 | $ 1,272,153 | (11.0%) |
| $ 1,367,742 | $ 1,595,519 | $ 1,573,903 | (28.1%) | |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
N/M - Not meaningful. | |
| | | | | | | | | |
Net Interest Income Analysis - Taxable Equivalent Basis | |
Associated Banc-Corp | |
|
| Nine months ended September 30, 2010 |
| Nine months ended September 30, 2009 | |
|
| Average | Interest | Average |
| Average | Interest | Average | |
(in thousands) |
| Balance | Income / Expense | Yield / Rate |
| Balance | Income / Expense | Yield / Rate | |
|
|
|
|
|
|
|
|
| |
Earning assets: |
|
|
|
|
|
|
|
| |
Loans: (1) (2) (3) |
|
|
|
|
|
|
|
| |
Commercial |
| $ 8,002,403 | $ 258,475 | 4.32% |
| $ 9,887,868 | $ 334,930 | 4.53% | |
Residential mortgage |
| 2,006,806 | 74,277 | 4.94 |
| 2,457,663 | 98,159 | 5.33 | |
Retail |
| 3,379,368 | 131,747 | 5.21 |
| 3,583,909 | 149,098 | 5.56 | |
Total loans |
| 13,388,577 | 464,499 | 4.64 |
| 15,929,440 | 582,187 | 4.88 | |
Investment securities |
| 5,574,111 | 166,840 | 3.99 |
| 5,640,595 | 187,142 | 4.42 | |
Other short-term investments |
| 1,813,973 | 3,609 | 0.27 |
| 49,803 | 349 | 0.94 | |
Investments and other |
| 7,388,084 | 170,449 | 3.08 |
| 5,690,398 | 187,491 | 4.39 | |
Total earning assets |
| 20,776,661 | 634,948 | 4.08 |
| 21,619,838 | 769,678 | 4.75 | |
Other assets, net |
| 2,047,577 |
|
|
| 2,271,326 |
|
| |
Total assets |
| $ 22,824,238 |
|
|
| $ 23,891,164 |
|
| |
|
|
|
|
|
|
|
|
| |
Interest-bearing liabilities: |
|
|
|
|
|
|
|
| |
Savings deposits |
| $ 894,445 | $ 857 | 0.13% |
| $ 884,098 | $ 1,034 | 0.16% | |
Interest-bearing demand deposits |
| 2,796,295 | 4,968 | 0.24 |
| 2,002,929 | 3,164 | 0.21 | |
Money market deposits |
| 6,490,856 | 26,215 | 0.54 |
| 5,300,646 | 34,516 | 0.87 | |
Time deposits, excluding Brokered CDs |
| 3,317,251 | 47,294 | 1.91 |
| 3,951,577 | 82,275 | 2.78 | |
Total interest-bearing deposits, excluding Brokered CDs |
| 13,498,847 | 79,334 | 0.79 |
| 12,139,250 | 120,989 | 1.33 | |
Brokered CDs |
| 584,153 | 3,650 | 0.84 |
| 848,538 | 8,414 | 1.33 | |
Total interest-bearing deposits |
| 14,083,000 | 82,984 | 0.79 |
| 12,987,788 | 129,403 | 1.33 | |
Wholesale funding |
| 2,500,326 | 51,131 | 2.73 |
| 5,006,918 | 73,991 | 1.97 | |
Total interest-bearing liabilities |
| 16,583,326 | 134,115 | 1.08 |
| 17,994,706 | 203,394 | 1.51 | |
Noninterest-bearing demand deposits |
| 3,029,719 |
|
|
| 2,820,289 |
|
| |
Other liabilities |
| 31,693 |
|
|
| 171,648 |
|
| |
Stockholders' equity |
| 3,179,500 |
|
|
| 2,904,521 |
|
| |
Total liabilities and stockholders' equity |
| $ 22,824,238 |
|
|
| $ 23,891,164 |
|
| |
|
|
|
|
|
|
|
|
| |
Net interest income and rate spread (1) |
|
| $ 500,833 | 3.00% |
|
| $ 566,284 | 3.24% | |
Net interest margin (1) |
|
|
| 3.22% |
|
|
| 3.50% | |
Taxable equivalent adjustment |
|
| $ 17,914 |
|
|
| $ 18,632 |
| |
|
|
|
|
|
|
|
|
| |
Net Interest Income Analysis - Taxable Equivalent Basis |
|
|
|
|
|
|
|
| |
Associated Banc-Corp |
|
|
|
| |
|
| Three months ended September 30, 2010 |
| Three months ended September 30, 2009 | |
|
| Average | Interest | Average |
| Average | Interest | Average | |
(in thousands) |
| Balance | Income / Expense | Yield / Rate |
| Balance | Income / Expense | Yield / Rate | |
|
|
|
|
|
|
|
|
| |
Earning assets: |
|
|
|
|
|
|
|
| |
Loans: (1) (2) (3) |
|
|
|
|
|
|
|
| |
Commercial |
| $ 7,502,980 | $ 82,606 | 4.37% |
| $ 9,503,565 | $ 106,506 | 4.45% | |
Residential mortgage |
| 2,004,284 | 24,025 | 4.78 |
| 2,270,025 | 29,928 | 5.26 | |
Retail |
| 3,348,527 | 43,121 | 5.12 |
| 3,475,305 | 47,670 | 5.46 | |
Total loans |
| 12,855,791 | 149,752 | 4.63 |
| 15,248,895 | 184,104 | 4.80 | |
Investment securities |
| 5,452,490 | 50,795 | 3.73 |
| 5,772,358 | 60,406 | 4.19 | |
Other short-term investments |
| 2,352,217 | 1,583 | 0.27 |
| 41,763 | 79 | 0.76 | |
Investments and other |
| 7,804,707 | 52,378 | 2.69 |
| 5,814,121 | 60,485 | 4.16 | |
Total earning assets |
| 20,660,498 | 202,130 | 3.90 |
| 21,063,016 | 244,589 | 4.62 | |
Other assets, net |
| 2,066,710 |
|
|
| 2,299,938 |
|
| |
Total assets |
| $ 22,727,208 |
|
|
| $ 23,362,954 |
|
| |
|
|
|
|
|
|
|
|
| |
Interest-bearing liabilities: |
|
|
|
|
|
|
|
| |
Savings deposits |
| $ 910,970 | $ 316 | 0.14% |
| $ 887,176 | $ 353 | 0.16% | |
Interest-bearing demand deposits |
| 2,637,952 | 1,292 | 0.19 |
| 2,330,976 | 1,298 | 0.22 | |
Money market deposits |
| 6,824,352 | 9,216 | 0.54 |
| 5,540,272 | 10,538 | 0.75 | |
Time deposits, excluding Brokered CDs |
| 3,197,087 | 13,805 | 1.71 |
| 3,847,942 | 23,998 | 2.47 | |
Total interest-bearing deposits, excluding Brokered CDs |
| 13,570,361 | 24,629 | 0.72 |
| 12,606,366 | 36,187 | 1.14 | |
Brokered CDs |
| 480,074 | 1,250 | 1.03 |
| 738,145 | 1,624 | 0.87 | |
Total interest-bearing deposits |
| 14,050,435 | 25,879 | 0.73 |
| 13,344,511 | 37,811 | 1.12 | |
Wholesale funding |
| 2,326,469 | 16,433 | 2.81 |
| 4,067,830 | 21,604 | 2.11 | |
Total interest-bearing liabilities |
| 16,376,904 | 42,312 | 1.03 |
| 17,412,341 | 59,415 | 1.36 | |
Noninterest-bearing demand deposits |
| 3,087,670 |
|
|
| 2,919,670 |
|
| |
Other liabilities |
| 55,892 |
|
|
| 126,733 |
|
| |
Stockholders' equity |
| 3,206,742 |
|
|
| 2,904,210 |
|
| |
Total liabilities and stockholders' equity |
| $ 22,727,208 |
|
|
| $ 23,362,954 |
|
| |
|
|
|
|
|
|
|
|
| |
Net interest income and rate spread (1) |
|
| $ 159,818 | 2.87% |
|
| $ 185,174 | 3.26% | |
Net interest margin (1) |
|
|
| 3.08% |
|
|
| 3.50% | |
Taxable equivalent adjustment |
|
| $ 5,914 |
|
|
| $ 5,938 |
| |
|
|
|
|
|
|
|
|
| |
(1) The yield on tax exempt loans and securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions. | |
(2) Nonaccrual loans and loans held for sale have been included in the average balances. | |
(3) Interest income includes net loan fees. | |
| | | | | | | | |
Net Interest Income Analysis - Taxable Equivalent Basis | |
Associated Banc-Corp | |
|
| Three months ended September 30, 2010 |
| Three months ended June 30, 2010 | |
|
| Average | Interest | Average |
| Average | Interest | Average | |
(in thousands) |
| Balance | Income / Expense | Yield / Rate |
| Balance | Income / Expense | Yield / Rate | |
|
|
|
|
|
|
|
|
| |
Earning assets: |
|
|
|
|
|
|
|
| |
Loans: (1) (2) (3) |
|
|
|
|
|
|
|
| |
Commercial |
| $ 7,502,980 | $ 82,606 | 4.37% |
| $ 8,036,688 | $ 85,974 | 4.29% | |
Residential mortgage |
| 2,004,284 | 24,025 | 4.78 |
| 1,996,448 | 24,781 | 4.97 | |
Retail |
| 3,348,527 | 43,121 | 5.12 |
| 3,363,574 | 43,892 | 5.23 | |
Total loans |
| 12,855,791 | 149,752 | 4.63 |
| 13,396,710 | 154,647 | 4.63 | |
Investment securities |
| 5,452,490 | 50,795 | 3.73 |
| 5,365,745 | 55,009 | 4.10 | |
Other short-term investments |
| 2,352,217 | 1,583 | 0.27 |
| 1,836,182 | 1,188 | 0.26 | |
Investments and other |
| 7,804,707 | 52,378 | 2.69 |
| 7,201,927 | 56,197 | 3.12 | |
Total earning assets |
| 20,660,498 | 202,130 | 3.90 |
| 20,598,637 | 210,844 | 4.10 | |
Other assets, net |
| 2,066,710 |
|
|
| 2,000,058 |
|
| |
Total assets |
| $ 22,727,208 |
|
|
| $ 22,598,695 |
|
| |
|
|
|
|
|
|
|
|
| |
Interest-bearing liabilities: |
|
|
|
|
|
|
|
| |
Savings deposits |
| $ 910,970 | $ 316 | 0.14% |
| $ 913,347 | $ 291 | 0.13% | |
Interest-bearing demand deposits |
| 2,637,952 | 1,292 | 0.19 |
| 2,833,530 | 1,898 | 0.27 | |
Money market deposits |
| 6,824,352 | 9,216 | 0.54 |
| 6,398,892 | 8,778 | 0.55 | |
Time deposits, excluding Brokered CDs |
| 3,197,087 | 13,805 | 1.71 |
| 3,305,825 | 16,035 | 1.95 | |
Total interest-bearing deposits, excluding Brokered CDs |
| 13,570,361 | 24,629 | 0.72 |
| 13,451,594 | 27,002 | 0.81 | |
Brokered CDs |
| 480,074 | 1,250 | 1.03 |
| 614,005 | 1,358 | 0.89 | |
Total interest-bearing deposits |
| 14,050,435 | 25,879 | 0.73 |
| 14,065,599 | 28,360 | 0.81 | |
Wholesale funding |
| 2,326,469 | 16,433 | 2.81 |
| 2,343,119 | 16,725 | 2.86 | |
Total interest-bearing liabilities |
| 16,376,904 | 42,312 | 1.03 |
| 16,408,718 | 45,085 | 1.10 | |
Noninterest-bearing demand deposits |
| 3,087,670 |
|
|
| 2,990,594 |
|
| |
Other liabilities |
| 55,892 |
|
|
| 13,088 |
|
| |
Stockholders' equity |
| 3,206,742 |
|
|
| 3,186,295 |
|
| |
Total liabilities and stockholders' equity |
| $ 22,727,208 |
|
|
| $ 22,598,695 |
|
| |
|
|
|
|
|
|
|
|
| |
Net interest income and rate spread (1) |
|
| $ 159,818 | 2.87% |
|
| $ 165,759 | 3.00% | |
Net interest margin (1) |
|
|
| 3.08% |
|
|
| 3.22% | |
Taxable equivalent adjustment |
|
| $ 5,914 |
|
|
| $ 5,966 |
| |
|
|
|
|
|
|
|
|
| |
(1) The yield on tax exempt loans and securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions. | |
(2) Nonaccrual loans and loans held for sale have been included in the average balances. | |
(3) Interest income includes net loan fees. | |
| | | | | | | | |
Financial Summary and Comparison |
|
|
|
|
|
|
|
|
| |
Associated Banc-Corp |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Period End Loan Composition |
|
|
| Sep10 vs Jun10 |
|
|
|
| Sep10 vs Sep09 | |
|
| Sept 30, 2010 | Jun 30, 2010 | % Change |
| Mar 31, 2010 | Dec 31, 2009 | Sept 30, 2009 | % Change | |
Commercial and industrial |
| $ 2,989,238 | $ 2,969,662 | 0.7% |
| $ 3,099,265 | $ 3,450,632 | $ 3,613,457 | (17.3%) | |
Commercial real estate |
| 3,494,342 | 3,576,716 | (2.3%) |
| 3,699,139 | 3,817,066 | 3,902,340 | (10.5%) | |
Real estate - construction |
| 736,387 | 925,697 | (20.5%) |
| 1,281,868 | 1,397,493 | 1,611,857 | (54.3%) | |
Lease financing |
| 74,690 | 82,375 | (9.3%) |
| 87,568 | 95,851 | 102,130 | (26.9%) | |
Total commercial |
| 7,294,657 | 7,554,450 | (3.4%) |
| 8,167,840 | 8,761,042 | 9,229,784 | (21.0%) | |
Home equity |
| 2,457,461 | 2,455,181 | 0.1% |
| 2,468,587 | 2,546,167 | 2,591,262 | (5.2%) | |
Installment |
| 721,480 | 749,588 | (3.7%) |
| 759,025 | 873,568 | 885,970 | (18.6%) | |
Total retail |
| 3,178,941 | 3,204,769 | (0.8%) |
| 3,227,612 | 3,419,735 | 3,477,232 | (8.6%) | |
Residential mortgage |
| 1,898,795 | 1,842,697 | 3.0% |
| 1,903,869 | 1,947,848 | 2,058,581 | (7.8%) | |
Total loans |
| $ 12,372,393 | $ 12,601,916 | (1.8%) |
| $ 13,299,321 | $ 14,128,625 | $ 14,765,597 | (16.2%) | |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Period End Deposit Composition |
|
|
| Sep10 vs Jun10 |
|
|
|
| Sep10 vs Sep09 | |
|
| Sept 30, 2010 | Jun 30, 2010 | % Change |
| Mar 31, 2010 | Dec 31, 2009 | Sept 30, 2009 | % Change | |
Demand |
| $ 3,054,121 | $ 2,932,599 | 4.1% |
| $ 3,023,247 | $ 3,274,973 | $ 2,984,486 | 2.3% | |
Savings |
| 902,077 | 913,146 | (1.2%) |
| 897,740 | 845,509 | 871,539 | 3.5% | |
Interest-bearing demand |
| 2,921,700 | 2,745,541 | 6.4% |
| 2,939,390 | 3,099,358 | 2,395,429 | 22.0% | |
Money market |
| 6,312,912 | 6,554,559 | (3.7%) |
| 6,522,901 | 5,806,661 | 5,724,418 | 10.3% | |
Brokered CDs |
| 442,209 | 571,626 | (22.6%) |
| 742,119 | 141,968 | 653,090 | (32.3%) | |
Other time deposits |
| 3,171,841 | 3,252,728 | (2.5%) |
| 3,371,390 | 3,560,144 | 3,817,147 | (16.9%) | |
Total deposits |
| $ 16,804,860 | $ 16,970,199 | (1.0%) |
| $ 17,496,787 | $ 16,728,613 | $ 16,446,109 | 2.2% | |
|
|
|
|
|
|
|
|
|
| |
Network transaction deposits included above in |
|
|
|
|
|
|
|
|
| |
interest-bearing demand and money market |
| 1,970,050 | $ 2,698,204 | (27.0%) |
| $ 2,641,648 | $ 1,926,539 | $ 1,767,271 | 11.5% | |
Customer repo sweeps (a) |
| 209,866 | $ 184,043 | 14.0% |
| $ 188,314 | $ 195,858 | $ 242,575 | (13.5%) | |
|
|
|
|
|
|
|
|
|
| |
(a) Included within short-term borrowings. | |
| | | | | | | | | |
SOURCE Associated Banc-Corp
Contact: Joseph B. Selner, Chief Financial Officer, +1-920-491-7120, or Janet L. Ford, SVP Investor Relations Director, +1-414-278-1890, both of Associated Banc-Corp