GREEN BAY, Wis., July 19, 2012 /PRNewswire/ -- Associated Banc-Corp (NASDAQ: ASBC) today reported net income to common shareholders of $42 million, or $0.24 per common share, for the quarter ended June 30, 2012. This compares to net income to common shareholders of $26 million, or $0.15 per common share, for the comparable quarter ended June 30, 2011.
For the first six months of 2012, Associated reported net income to common shareholders of $83 million, or $0.48 per common share. This compares to net income to common shareholders of $41 million, or $0.24 per common share, for the comparable year ago period.
"We are pleased to report another quarter of improving results and business prospects," said President and CEO Philip B. Flynn. "We remain focused on strengthening our franchise and deploying our capital in a disciplined manner, consistent with our commitment to building long-term shareholder value at Associated."
HIGHLIGHTS
- Net income to common shareholders of $42 million
- Quarterly net income to common increased $16 million, or 64%, year-over-year
- Quarterly net income to common is at the highest level since early 2008
- Loan balances increased by a net $445 million, or 3%, during the second quarter to $14.7 billion, and have increased by $1.6 billion, or 12%, from a year ago
- Commercial and business lending balances are 23% higher than a year ago
- All of the net loan growth during the quarter came from commercial portfolios as $121 million of retail and residential mortgage loans were sold from the portfolio during the quarter
- Credit metrics continued to improve with levels of nonaccrual loans, potential problem loans, and delinquent loans all declining during the quarter
- Completed the previously announced consolidation of 20 branches and closed on the sale of three additional branches in rural Western Illinois during the quarter
- Repurchased $30 million of common stock and redeemed $25 million of outstanding 7.625% Trust Preferred securities during the quarter
- Return on Tier 1 common equity for the quarter of 9.26%, compared to 6.07% a year ago
- Capital ratios remain very strong with a Tier 1 common equity ratio of 12.04%
SECOND QUARTER 2012 FINANCIAL RESULTS
Loans
At June 30, 2012, the Company's loan portfolio was $14.7 billion, up $445 million, or 3%, from $14.3 billion at March 31, 2012, and up $1.6 billion, or 12%, from $13.1 billion a year ago. Commercial and business lending balances increased by $401 million, or 8%, from the prior quarter and accounted for the majority of the quarter's net loan growth. Commercial real estate lending balances grew by a net $193 million or 6% on a linked-quarter basis. The residential mortgage portfolio experienced net shrinkage of $50 million during the quarter as the Company sold $109 million of residential mortgage loans from portfolio. The retail portfolio declined by a net $99 million during the quarter as consumers continued to refinance equity loans into new first mortgages.
Deposits
Average deposits of $15.1 billion were up slightly from the first quarter, and have increased by $1 billion, or 7%, from a year ago. Total deposits of $15.1 billion at the end of the second quarter were down from first quarter levels, but essentially flat compared to prior year-end and up year-over-year. Period end core checking and savings account balances are up more than 18% from a year ago. Deposit trends were negatively impacted during the quarter by the continued reduction of collateralized public funds deposits, reduced retail and brokered CD balances, and the sale of 3 retail branches with $114 million of related deposits.
Net Interest Income and Net Interest Margin
Second quarter net interest income of $154 million was flat compared to both the prior quarter and the year-ago quarter. This stability in net interest income is reflective of the relatively consistent level of interest-earning assets over the past year. The net interest margin for the quarter was 3.30%. While yields on earning assets decreased by 5 basis points from the prior quarter, the cost of deposits and interest-bearing liabilities also declined, contributing to a net decrease in overall net interest margin of just 1 basis point compared to the prior quarter.
Noninterest Income and Expense
Noninterest income for the quarter was $76 million, down $2 million, or 3%, from the first quarter. The Company recorded a $6 million write-down on software placed into production during the quarter. Income from fee-based businesses was flat, as insurance, card-based fees, trust service fees and brokerage revenue, posted modest increases in income, offset by lower service charges on deposit accounts and capital markets income compared to the prior quarter. The Company also completed the sale of 3 retail branches in rural Western Illinois that resulted in a net $6 million gain during the quarter. Other notable factors impacting noninterest income compared to the prior quarter include a $3 million impairment charge on certain limited partnership investments, a $1 million decrease in bank owned life insurance income and reduced net mortgage banking income of $1 million.
Total noninterest expense for the quarter ended June 30, 2012 was $166 million, down $4 million, or 2%, from the first quarter. Personnel and occupancy expenses decreased by $2 million from the prior quarter while data processing expense increased by $2 million from the first quarter due to increased software and systems costs during the quarter. Other expenses were lower as the Company settled with and received $4 million from its insurance carrier during the quarter as reimbursement for costs previously incurred related to the proposed settlement of an ongoing legal matter.
Credit Metrics
The Company reported another quarter of improving credit metrics with nonaccrual loans down 3%, to $318 million compared to the first quarter, and down 32%, from $468 million a year ago. Potential problem loans declined 15% from the prior quarter to $410 million, and declined 41%, from $699 million a year ago.
Net charge offs were $24 million for the second quarter, an increase of $2 million from the first quarter, but were 47% lower than a year ago. The Company's allowance for loan losses was $333 million, representing an allowance equal to 2.26% of loans, and which represented a coverage ratio of over 104% of nonaccrual loans at June 30, 2012.
Capital Ratios
The Company's capital position remains very strong, with a Tier 1 common equity ratio of 12.04% at June 30, 2012. The Company's capital ratios continue to be well in excess of "well-capitalized" regulatory benchmarks.
SECOND QUARTER 2012 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, July 19, 2012. Interested parties can listen to the call live on the Internet through the investor relations section of the company's website, http://investor.associatedbank.com/ or by dialing 877-317-6789. 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 412-317-6789. Participants should ask the operator for the Associated Banc-Corp second quarter 2012 earnings call.
An audio archive of the webcast will be available on the company's website. A telephone replay will be available two hours after the completion of the call through 8:00 a.m. CT on August 20, 2012, by dialing 877-344-7529 and entering the conference ID number 10015418. The replay number for international callers is 412-317-0088.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NASDAQ: ASBC) has total assets of $22 billion and is one of the top 50, publicly traded, U.S. bank holding companies. Headquartered in Green Bay, Wis., Associated is a leading Midwest banking franchise, offering a full range of financial products and services through more than 250 banking locations serving more than 150 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD LOOKING STATEMENTS
Statements made in this document which 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. Such forward-looking statements may be identified by the use of words such as "believe", "expect", "anticipate", "plan", "estimate", "should", "will", "intend", "outlook", or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the company's most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.
Investor Contact:
Tim Sedabres, Vice President, Finance
920-491-7059
Media Contact:
Autumn Latimore, Senior Vice President, Public Relations Director
414-278-1860
|
|
Consolidated Balance Sheets (Unaudited) |
Associated Banc-Corp |
|
| June 30, |
| March 31, |
| Seql Qtr |
| December 31, |
| September 30, |
| June 30, |
| Comp Qtr |
(in thousands) |
| 2012 |
| 2012 |
| $ Change |
| 2011 |
| 2011 |
| 2011 |
| $ Change |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
| $ 414,760 |
| $ 360,728 |
| $ 54,032 |
| $ 454,958 |
| $ 410,644 |
| $ 314,682 |
| $ 100,078 |
Interest-bearing deposits in other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
financial institutions |
| 180,050 |
| 344,148 |
| (164,098) |
| 154,562 |
| 250,648 |
| 777,675 |
| (597,625) |
Federal funds sold and securities purchased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to resell |
| 3,800 |
| 7,100 |
| (3,300) |
| 7,075 |
| 4,180 |
| 2,400 |
| 1,400 |
Securities available for sale, at fair value |
| 4,521,436 |
| 4,669,100 |
| (147,664) |
| 4,937,483 |
| 5,453,816 |
| 5,742,034 |
| (1,220,598) |
Federal Home Loan Bank and Federal |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve Bank stocks, at cost |
| 176,041 |
| 177,808 |
| (1,767) |
| 191,188 |
| 191,128 |
| 191,075 |
| (15,034) |
Loans held for sale |
| 157,481 |
| 196,570 |
| (39,089) |
| 249,195 |
| 201,142 |
| 84,323 |
| 73,158 |
Loans |
| 14,698,902 |
| 14,253,725 |
| 445,177 |
| 14,031,071 |
| 13,503,507 |
| 13,089,589 |
| 1,609,313 |
Allowance for loan losses |
| (332,658) |
| (356,298) |
| 23,640 |
| (378,151) |
| (399,723) |
| (425,961) |
| 93,303 |
Loans, net |
| 14,366,244 |
| 13,897,427 |
| 468,817 |
| 13,652,920 |
| 13,103,784 |
| 12,663,628 |
| 1,702,616 |
Premises and equipment, net |
| 225,245 |
| 225,164 |
| 81 |
| 223,736 |
| 208,301 |
| 192,506 |
| 32,739 |
Goodwill |
| 929,168 |
| 929,168 |
| - |
| 929,168 |
| 929,168 |
| 929,168 |
| - |
Other intangible assets, net |
| 64,812 |
| 68,374 |
| (3,562) |
| 67,574 |
| 67,970 |
| 74,872 |
| (10,060) |
Trading assets |
| 73,484 |
| 69,081 |
| 4,403 |
| 73,253 |
| 76,694 |
| 56,991 |
| 16,493 |
Other assets |
| 968,579 |
| 969,002 |
| (423) |
| 983,105 |
| 1,005,174 |
| 1,019,121 |
| (50,542) |
Total assets |
| $ 22,081,100 |
| $ 21,913,670 |
| $ 167,430 |
| $ 21,924,217 |
| $ 21,902,649 |
| $ 22,048,475 |
| $ 32,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
| $ 3,874,429 |
| $ 3,989,156 |
| $(114,727) |
| $ 3,928,792 |
| $ 3,711,570 |
| $ 3,218,722 |
| $ 655,707 |
Interest-bearing deposits |
| 11,232,442 |
| 11,664,220 |
| (431,778) |
| 11,161,863 |
| 11,070,840 |
| 10,847,328 |
| 385,114 |
Total deposits |
| 15,106,871 |
| 15,653,376 |
| (546,505) |
| 15,090,655 |
| 14,782,410 |
| 14,066,050 |
| 1,040,821 |
Federal funds purchased and securities sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to repurchase |
| 1,253,270 |
| 1,236,219 |
| 17,051 |
| 1,514,485 |
| 2,213,364 |
| 2,141,583 |
| (888,313) |
Other short-term borrowed funds |
| 1,400,000 |
| 700,000 |
| 700,000 |
| 1,000,000 |
| 318,412 |
| 1,114,087 |
| 285,913 |
Junior subordinated debentures, net |
| 189,849 |
| 215,573 |
| (25,724) |
| 215,628 |
| 215,683 |
| 215,738 |
| (25,889) |
Other long-term borrowed funds |
| 960,880 |
| 961,163 |
| (283) |
| 961,443 |
| 1,261,725 |
| 1,268,436 |
| (307,556) |
Trading liabilities |
| 80,107 |
| 75,130 |
| 4,977 |
| 80,046 |
| 84,376 |
| 64,936 |
| 15,171 |
Accrued expenses and other liabilities |
| 180,502 |
| 171,336 |
| 9,166 |
| 196,166 |
| 176,060 |
| 178,497 |
| 2,005 |
Total liabilities |
| 19,171,479 |
| 19,012,797 |
| 158,682 |
| 19,058,423 |
| 19,052,030 |
| 19,049,327 |
| 122,152 |
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred equity |
| 63,272 |
| 63,272 |
| - |
| 63,272 |
| 63,272 |
| 258,051 |
| (194,779) |
Common stock |
| 1,750 |
| 1,750 |
| - |
| 1,746 |
| 1,746 |
| 1,745 |
| 5 |
Surplus |
| 1,594,995 |
| 1,590,336 |
| 4,659 |
| 1,586,401 |
| 1,585,208 |
| 1,581,594 |
| 13,401 |
Retained earnings |
| 1,213,735 |
| 1,181,247 |
| 32,488 |
| 1,148,773 |
| 1,111,080 |
| 1,079,076 |
| 134,659 |
Accumulated other comprehensive income |
| 66,579 |
| 65,278 |
| 1,301 |
| 65,602 |
| 89,313 |
| 79,345 |
| (12,766) |
Treasury stock |
| (30,710) |
| (1,010) |
| (29,700) |
| - |
| - |
| (663) |
| (30,047) |
Total stockholders' equity |
| 2,909,621 |
| 2,900,873 |
| 8,748 |
| 2,865,794 |
| 2,850,619 |
| 2,999,148 |
| (89,527) |
Total liabilities and stockholders' equity | $ 22,081,100 |
| $ 21,913,670 |
| $ 167,430 |
| $ 21,924,217 |
| $ 21,902,649 |
| $ 22,048,475 |
| $ 32,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income (Unaudited) |
Associated Banc-Corp |
|
| For The Three Months Ended |
|
|
|
| For The Six Months Ended, |
|
|
|
|
| June 30, |
| Quarter |
| June 30, |
| Year-to-Date |
(in thousands, except per share amounts) |
| 2012 |
| 2011 |
| $ Change | % Change |
| 2012 |
| 2011 |
| $ Change | % Change |
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
| $ 147,188 |
| $ 144,358 |
| $ 2,830 | 2.0% |
| $ 296,211 |
| $ 287,129 |
| $ 9,082 | 3.2% |
Interest and dividends on investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
| 23,000 |
| 35,351 |
| (12,351) | (34.9%) |
| 46,029 |
| 70,003 |
| (23,974) | (34.2%) |
Tax-exempt |
| 7,135 |
| 7,504 |
| (369) | (4.9%) |
| 14,409 |
| 15,217 |
| (808) | (5.3%) |
Other interest |
| 1,262 |
| 1,438 |
| (176) | (12.2%) |
| 2,509 |
| 2,896 |
| (387) | (13.4%) |
Total interest income |
| 178,585 |
| 188,651 |
| (10,066) | (5.3%) |
| 359,158 |
| 375,245 |
| (16,087) | (4.3%) |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
| 10,553 |
| 16,901 |
| (6,348) | (37.6%) |
| 22,589 |
| 35,150 |
| (12,561) | (35.7%) |
Interest on Federal funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sold under agreements to repurchase |
| 612 |
| 1,600 |
| (988) | (61.8%) |
| 1,379 |
| 3,109 |
| (1,730) | (55.6%) |
Interest on other short-term borrowed funds |
| 1,197 |
| 2,036 |
| (839) | (41.2%) |
| 2,253 |
| 4,107 |
| (1,854) | (45.1%) |
Interest on junior subordinated debentures |
| 3,627 |
| 3,700 |
| (73) | (2.0%) |
| 7,345 |
| 7,399 |
| (54) | (0.7%) |
Interest on other long-term borrowed funds |
| 8,329 |
| 10,291 |
| (1,962) | (19.1%) |
| 16,657 |
| 17,634 |
| (977) | (5.5%) |
Total interest expense |
| 24,318 |
| 34,528 |
| (10,210) | (29.6%) |
| 50,223 |
| 67,399 |
| (17,176) | (25.5%) |
Net Interest Income |
| 154,267 |
| 154,123 |
| 144 | 0.1% |
| 308,935 |
| 307,846 |
| 1,089 | 0.4% |
Provision for loan losses |
| - |
| 16,000 |
| (16,000) | (100.0%) |
| - |
| 47,000 |
| (47,000) | (100.0%) |
Net interest income after provision for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loan losses |
| 154,267 |
| 138,123 |
| 16,144 | 11.7% |
| 308,935 |
| 260,846 |
| 48,089 | 18.4% |
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust service fees |
| 10,125 |
| 10,012 |
| 113 | 1.1% |
| 19,912 |
| 19,843 |
| 69 | 0.3% |
Service charges on deposit accounts |
| 16,768 |
| 19,112 |
| (2,344) | (12.3%) |
| 34,810 |
| 38,176 |
| (3,366) | (8.8%) |
Card-based and other nondeposit fees |
| 12,084 |
| 15,747 |
| (3,663) | (23.3%) |
| 22,963 |
| 31,345 |
| (8,382) | (26.7%) |
Insurance commissions |
| 12,912 |
| 11,552 |
| 1,360 | 11.8% |
| 24,502 |
| 23,318 |
| 1,184 | 5.1% |
Brokerage and annuity commissions |
| 4,206 |
| 4,923 |
| (717) | (14.6%) |
| 8,333 |
| 9,538 |
| (1,205) | (12.6%) |
Total core fee-based revenue |
| 56,095 |
| 61,346 |
| (5,251) | (8.6%) |
| 110,520 |
| 122,220 |
| (11,700) | (9.6%) |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
Mortgage banking, net |
| 16,735 |
| (3,320) |
| 20,055 | N/M |
| 34,389 |
| (1,475) |
| 35,864 | N/M |
Capital market fees, net |
| 2,673 |
| (890) |
| 3,563 | N/M |
| 6,389 |
| 1,488 |
| 4,901 | N/M |
Bank owned life insurance income |
| 3,164 |
| 3,500 |
| (336) | (9.6%) |
| 7,456 |
| 7,086 |
| 370 | 5.2% |
Asset gains (losses), net |
| (4,984) |
| (3,378) |
| (1,606) | 47.5% |
| (8,578) |
| (6,541) |
| (2,037) | 31.1% |
Investment securities gains (losses), net |
| 563 |
| (36) |
| 599 | N/M |
| 603 |
| (58) |
| 661 | N/M |
Other |
| 1,705 |
| 4,364 |
| (2,659) | (60.9%) |
| 3,618 |
| 9,871 |
| (6,253) | (63.3%) |
Total noninterest income |
| 75,951 |
| 61,586 |
| 14,365 | 23.3% |
| 154,397 |
| 132,591 |
| 21,806 | 16.4% |
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expense |
| 93,819 |
| 89,526 |
| 4,293 | 4.8% |
| 188,100 |
| 178,754 |
| 9,346 | 5.2% |
Occupancy |
| 14,008 |
| 12,663 |
| 1,345 | 10.6% |
| 29,187 |
| 27,938 |
| 1,249 | 4.5% |
Equipment |
| 5,719 |
| 4,969 |
| 750 | 15.1% |
| 11,187 |
| 9,736 |
| 1,451 | 14.9% |
Data processing |
| 11,304 |
| 7,974 |
| 3,330 | 41.8% |
| 20,820 |
| 15,508 |
| 5,312 | 34.3% |
Business development and advertising |
| 5,468 |
| 5,652 |
| (184) | (3.3%) |
| 10,849 |
| 10,595 |
| 254 | 2.4% |
Other intangible amortization |
| 1,049 |
| 1,178 |
| (129) | (11.0%) |
| 2,098 |
| 2,356 |
| (258) | (11.0%) |
Loan expense |
| 2,948 |
| 2,983 |
| (35) | (1.2%) |
| 5,858 |
| 5,939 |
| (81) | (1.4%) |
Legal and professional fees |
| 5,657 |
| 4,783 |
| 874 | 18.3% |
| 15,372 |
| 9,265 |
| 6,107 | 65.9% |
Losses other than loans |
| 2,060 |
| (1,925) |
| 3,985 | N/M |
| 5,610 |
| 4,372 |
| 1,238 | 28.3% |
Foreclosure/OREO expense |
| 4,343 |
| 6,358 |
| (2,015) | (31.7%) |
| 7,705 |
| 11,242 |
| (3,537) | (31.5%) |
FDIC expense |
| 4,778 |
| 7,198 |
| (2,420) | (33.6%) |
| 9,648 |
| 15,442 |
| (5,794) | (37.5%) |
Other |
| 14,877 |
| 14,358 |
| 519 | 3.6% |
| 29,358 |
| 27,569 |
| 1,789 | 6.5% |
Total noninterest expense |
| 166,030 |
| 155,717 |
| 10,313 | 6.6% |
| 335,792 |
| 318,716 |
| 17,076 | 5.4% |
Income before income taxes |
| 64,188 |
| 43,992 |
| 20,196 | 45.9% |
| 127,540 |
| 74,721 |
| 52,819 | 70.7% |
Income tax expense |
| 20,871 |
| 9,610 |
| 11,261 | 117.2% |
| 41,590 |
| 17,486 |
| 24,104 | 137.8% |
Net income |
| 43,317 |
| 34,382 |
| 8,935 | 26.0% |
| 85,950 |
| 57,235 |
| $ 28,715 | 50.2% |
Preferred stock dividends and discount |
| 1,300 |
| 8,812 |
| (7,512) | (85.2%) |
| 2,600 |
| 16,225 |
| (13,625) | (84.0%) |
Net income available to common equity |
| $ 42,017 |
| $ 25,570 |
| $ 16,447 | 64.3% |
| $ 83,350 |
| $ 41,010 |
| $ 42,340 | 103.2% |
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|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ 0.24 |
| $ 0.15 |
| $ 0.09 | 60.0% |
| $ 0.48 |
| $ 0.24 |
| $ 0.24 | 100.0% |
Diluted |
| $ 0.24 |
| $ 0.15 |
| $ 0.09 | 60.0% |
| $ 0.48 |
| $ 0.24 |
| $ 0.24 | 100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| 172,839 |
| 173,323 |
| (484) | (0.3%) |
| 173,343 |
| 173,268 |
| 75 | 0.0% |
Diluted |
| 172,841 |
| 173,327 |
| (486) | (0.3%) |
| 173,345 |
| 173,272 |
| 73 | 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income (Unaudited) - Quarterly Trend |
Associated Banc-Corp |
|
|
|
|
|
| Sequential Qtr |
|
|
|
|
|
|
| Comparable Qtr |
(in thousands, except per share amounts) |
| 2Q12 |
| 1Q12 |
| $ Change | % Change |
| 4Q11 |
| 3Q11 |
| 2Q11 |
| $ Change | % Change |
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
| $ 147,188 |
| $ 149,023 |
| $ (1,835) | (1.2%) |
| $ 149,832 |
| $ 145,778 |
| $ 144,358 |
| $ 2,830 | 2.0% |
Interest and dividends on investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
| 23,000 |
| 23,029 |
| (29) | (0.1%) |
| 22,855 |
| 30,513 |
| 35,351 |
| (12,351) | (34.9%) |
Tax-exempt |
| 7,135 |
| 7,274 |
| (139) | (1.9%) |
| 7,344 |
| 7,376 |
| 7,504 |
| (369) | (4.9%) |
Other interest |
| 1,262 |
| 1,247 |
| 15 | 1.2% |
| 1,251 |
| 1,428 |
| 1,438 |
| (176) | (12.2%) |
Total interest income |
| 178,585 |
| 180,573 |
| (1,988) | (1.1%) |
| 181,282 |
| 185,095 |
| 188,651 |
| (10,066) | (5.3%) |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
| 10,553 |
| 12,036 |
| (1,483) | (12.3%) |
| 14,954 |
| 15,644 |
| 16,901 |
| (6,348) | (37.6%) |
Interest on Federal funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sold under agreements to repurchase |
| 612 |
| 767 |
| (155) | (20.2%) |
| 1,278 |
| 1,810 |
| 1,600 |
| (988) | (61.8%) |
Interest on other short-term borrowed funds |
| 1,197 |
| 1,056 |
| 141 | 13.4% |
| 879 |
| 1,229 |
| 2,036 |
| (839) | (41.2%) |
Interest on junior subordinated debentures |
| 3,627 |
| 3,718 |
| (91) | (2.4%) |
| 3,629 |
| 3,785 |
| 3,700 |
| (73) | (2.0%) |
Interest on other long-term borrowed funds |
| 8,329 |
| 8,328 |
| 1 | 0.0% |
| 8,717 |
| 9,467 |
| 10,291 |
| (1,962) | (19.1%) |
Total interest expense |
| 24,318 |
| 25,905 |
| (1,587) | (6.1%) |
| 29,457 |
| 31,935 |
| 34,528 |
| (10,210) | (29.6%) |
Net Interest Income |
| 154,267 |
| 154,668 |
| (401) | (0.3%) |
| 151,825 |
| 153,160 |
| 154,123 |
| 144 | 0.1% |
Provision for loan losses |
| - |
| - |
| - | N/M |
| 1,000 |
| 4,000 |
| 16,000 |
| (16,000) | (100.0%) |
Net interest income after provision for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loan losses |
| 154,267 |
| 154,668 |
| (401) | (0.3%) |
| 150,825 |
| 149,160 |
| 138,123 |
| 16,144 | 11.7% |
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust service fees |
| 10,125 |
| 9,787 |
| 338 | 3.5% |
| 9,511 |
| 9,791 |
| 10,012 |
| 113 | 1.1% |
Service charges on deposit accounts |
| 16,768 |
| 18,042 |
| (1,274) | (7.1%) |
| 17,783 |
| 19,949 |
| 19,112 |
| (2,344) | (12.3%) |
Card-based and other nondeposit fees |
| 12,084 |
| 10,879 |
| 1,205 | 11.1% |
| 11,269 |
| 15,291 |
| 15,747 |
| (3,663) | (23.3%) |
Insurance commissions |
| 12,912 |
| 11,590 |
| 1,322 | 11.4% |
| 11,216 |
| 11,020 |
| 11,552 |
| 1,360 | 11.8% |
Brokerage and annuity commissions |
| 4,206 |
| 4,127 |
| 79 | 1.9% |
| 3,665 |
| 4,027 |
| 4,923 |
| (717) | (14.6%) |
Total core fee-based revenue |
| 56,095 |
| 54,425 |
| 1,670 | 3.1% |
| 53,444 |
| 60,078 |
| 61,346 |
| (5,251) | (8.6%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking, net |
| 16,735 |
| 17,654 |
| (919) | (5.2%) |
| 9,677 |
| 4,521 |
| (3,320) |
| 20,055 | N/M |
Capital market fees, net |
| 2,673 |
| 3,716 |
| (1,043) | (28.1%) |
| 3,950 |
| 3,273 |
| (890) |
| 3,563 | N/M |
Bank owned life insurance income |
| 3,164 |
| 4,292 |
| (1,128) | (26.3%) |
| 3,820 |
| 3,990 |
| 3,500 |
| (336) | (9.6%) |
Asset gains (losses), net |
| (4,984) |
| (3,594) |
| (1,390) | 38.7% |
| (1,799) |
| (3,859) |
| (3,378) |
| (1,606) | 47.5% |
Investment securities gains (losses), net |
| 563 |
| 40 |
| 523 | N/M |
| (310) |
| (744) |
| (36) |
| 599 | N/M |
Other |
| 1,705 |
| 1,913 |
| (208) | (10.9%) |
| 2,750 |
| 1,737 |
| 4,364 |
| (2,659) | (60.9%) |
Total noninterest income |
| 75,951 |
| 78,446 |
| (2,495) | (3.2%) |
| 71,532 |
| 68,996 |
| 61,586 |
| 14,365 | 23.3% |
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expense |
| 93,819 |
| 94,281 |
| (462) | (0.5%) |
| 90,306 |
| 91,084 |
| 89,526 |
| 4,293 | 4.8% |
Occupancy |
| 14,008 |
| 15,179 |
| (1,171) | (7.7%) |
| 13,796 |
| 14,205 |
| 12,663 |
| 1,345 | 10.6% |
Equipment |
| 5,719 |
| 5,468 |
| 251 | 4.6% |
| 5,286 |
| 4,851 |
| 4,969 |
| 750 | 15.1% |
Data processing |
| 11,304 |
| 9,516 |
| 1,788 | 18.8% |
| 9,080 |
| 7,887 |
| 7,974 |
| 3,330 | 41.8% |
Business development and advertising |
| 5,468 |
| 5,381 |
| 87 | 1.6% |
| 6,904 |
| 5,539 |
| 5,652 |
| (184) | (3.3%) |
Other intangible amortization |
| 1,049 |
| 1,049 |
| - | 0.0% |
| 1,179 |
| 1,179 |
| 1,178 |
| (129) | (11.0%) |
Loan expense |
| 2,948 |
| 2,910 |
| 38 | 1.3% |
| 3,469 |
| 2,600 |
| 2,983 |
| (35) | (1.2%) |
Legal and professional fees |
| 5,657 |
| 9,715 |
| (4,058) | (41.8%) |
| 4,651 |
| 4,289 |
| 4,783 |
| 874 | 18.3% |
Losses other than loans |
| 2,060 |
| 3,550 |
| (1,490) | (42.0%) |
| 11,890 |
| 1,659 |
| (1,925) |
| 3,985 | N/M |
Foreclosure/OREO expense |
| 4,343 |
| 3,362 |
| 981 | 29.2% |
| 5,169 |
| 4,982 |
| 6,358 |
| (2,015) | (31.7%) |
FDIC expense |
| 4,778 |
| 4,870 |
| (92) | (1.9%) |
| 6,136 |
| 6,906 |
| 7,198 |
| (2,420) | (33.6%) |
Other |
| 14,877 |
| 14,481 |
| 396 | 2.7% |
| 14,461 |
| 14,299 |
| 14,358 |
| 519 | 3.6% |
Total noninterest expense |
| 166,030 |
| 169,762 |
| (3,732) | (2.2%) |
| 172,327 |
| 159,480 |
| 155,717 |
| 10,313 | 6.6% |
Income before income taxes |
| 64,188 |
| 63,352 |
| 836 | 1.3% |
| 50,030 |
| 58,676 |
| 43,992 |
| 20,196 | 45.9% |
Income tax expense |
| 20,871 |
| 20,719 |
| 152 | 0.7% |
| 8,905 |
| 17,337 |
| 9,610 |
| 11,261 | 117.2% |
Net income |
| 43,317 |
| 42,633 |
| 684 | 1.6% |
| 41,125 |
| 41,339 |
| 34,382 |
| 8,935 | 26.0% |
Preferred stock dividends and discount |
| 1,300 |
| 1,300 |
| - | 0.0% |
| 1,300 |
| 7,305 |
| 8,812 |
| (7,512) | (85.2%) |
Net income available to common equity |
| $ 42,017 |
| $ 41,333 |
| $ 684 | 1.7% |
| $ 39,825 |
| $ 34,034 |
| $ 25,570 |
| $ 16,447 | 64.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ 0.24 |
| $ 0.24 |
| $ - | 0.0% |
| $ 0.23 |
| $ 0.20 |
| $ 0.15 |
| $ 0.09 | 60.0% |
Diluted |
| $ 0.24 |
| $ 0.24 |
| $ - | 0.0% |
| $ 0.23 |
| $ 0.20 |
| $ 0.15 |
| $ 0.09 | 60.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| 172,839 |
| 173,846 |
| (1,007) | (0.6%) |
| 173,523 |
| 173,418 |
| 173,323 |
| (484) | (0.3%) |
Diluted |
| 172,841 |
| 173,848 |
| (1,007) | (0.6%) |
| 173,523 |
| 173,418 |
| 173,327 |
| (486) | (0.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Quarterly Information |
Associated Banc-Corp |
(in thousands, except per share and full time equivalent employee data) | YTD 2012 |
| YTD 2011 |
| 2nd Qtr 2012 |
| 1st Qtr 2012 |
| 4th Qtr 2011 |
| 3rd Qtr 2011 |
| 2nd Qtr 2011 |
Summary of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income | $ 308,935 |
| $ 307,846 |
| $ 154,267 |
| $ 154,668 |
| $ 151,825 |
| $ 153,160 |
| $ 154,123 |
Provision for loan losses | - |
| 47,000 |
| - |
| - |
| 1,000 |
| 4,000 |
| 16,000 |
Asset gains (losses), net | (8,578) |
| (6,541) |
| (4,984) |
| (3,594) |
| (1,799) |
| (3,859) |
| (3,378) |
Investment securities gains (losses), net | 603 |
| (58) |
| 563 |
| 40 |
| (310) |
| (744) |
| (36) |
Noninterest income (excluding securities & asset gains) | 162,372 |
| 139,190 |
| 80,372 |
| 82,000 |
| 73,641 |
| 73,599 |
| 65,000 |
Noninterest expense | 335,792 |
| 318,716 |
| 166,030 |
| 169,762 |
| 172,327 |
| 159,480 |
| 155,717 |
Income before income taxes | 127,540 |
| 74,721 |
| 64,188 |
| 63,352 |
| 50,030 |
| 58,676 |
| 43,992 |
Income tax expense | 41,590 |
| 17,486 |
| 20,871 |
| 20,719 |
| 8,905 |
| 17,337 |
| 9,610 |
Net income | 85,950 |
| 57,235 |
| 43,317 |
| 42,633 |
| 41,125 |
| 41,339 |
| 34,382 |
Net income available to common equity | 83,350 |
| 41,010 |
| 42,017 |
| 41,333 |
| 39,825 |
| 34,034 |
| 25,570 |
Taxable equivalent adjustment | 10,557 |
| 10,772 |
| 5,254 |
| 5,303 |
| 5,307 |
| 5,295 |
| 5,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic | $ 0.48 |
| $ 0.24 |
| $ 0.24 |
| $ 0.24 |
| $ 0.23 |
| $ 0.20 |
| $ 0.15 |
Diluted | 0.48 |
| 0.24 |
| 0.24 |
| 0.24 |
| 0.23 |
| 0.20 |
| 0.15 |
Dividends | 0.10 |
| 0.02 |
| 0.05 |
| 0.05 |
| 0.01 |
| 0.01 |
| 0.01 |
Market Value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
High | $ 14.63 |
| $ 15.36 |
| $ 13.97 |
| $ 14.63 |
| $ 11.78 |
| $ 14.17 |
| $ 15.02 |
Low | 11.43 |
| 13.06 |
| 11.76 |
| 11.43 |
| 9.15 |
| 8.95 |
| 13.06 |
Close | 13.19 |
| 13.90 |
| 13.19 |
| 13.96 |
| 11.17 |
| 9.30 |
| 13.90 |
Book value | 16.59 |
| 15.81 |
| 16.59 |
| 16.32 |
| 16.15 |
| 16.07 |
| 15.81 |
Tangible book value | 11.07 |
| 10.33 |
| 11.07 |
| 10.87 |
| 10.68 |
| 10.59 |
| 10.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets yield | 3.83% |
| 4.00% |
| 3.80% |
| 3.85% |
| 3.81% |
| 3.88% |
| 4.00% |
Interest-bearing liabilities rate | 0.68 |
| 0.90 |
| 0.65 |
| 0.70 |
| 0.78 |
| 0.83 |
| 0.91 |
Net interest margin | 3.31 |
| 3.30 |
| 3.30 |
| 3.31 |
| 3.21 |
| 3.23 |
| 3.29 |
Return on average assets | 0.80 |
| 0.54 |
| 0.80 |
| 0.79 |
| 0.75 |
| 0.75 |
| 0.64 |
Return on average equity | 5.95 |
| 3.75 |
| 5.98 |
| 5.93 |
| 5.71 |
| 5.49 |
| 4.63 |
Return on average Tier 1 common equity (1) | 9.25 |
| 4.92 |
| 9.26 |
| 9.23 |
| 8.96 |
| 7.83 |
| 6.07 |
Efficiency ratio (2) | 69.69 |
| 69.62 |
| 69.21 |
| 70.16 |
| 74.67 |
| 68.73 |
| 69.38 |
Effective tax rate | 32.61 |
| 23.40 |
| 32.52 |
| 32.70 |
| 17.80 |
| 29.55 |
| 21.84 |
Dividend payout ratio (3) | 20.83 |
| 8.33 |
| 20.83 |
| 20.83 |
| 4.35 |
| 5.00 |
| 6.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets | $ 21,671,870 |
| $ 21,432,029 |
| $ 21,684,600 |
| $ 21,659,139 |
| $ 21,755,870 |
| $ 21,729,187 |
| $ 21,526,155 |
Earning assets | 19,378,888 |
| 19,364,948 |
| 19,386,046 |
| 19,371,729 |
| 19,506,627 |
| 19,530,007 |
| 19,431,292 |
Interest-bearing liabilities | 14,921,209 |
| 15,085,468 |
| 14,922,006 |
| 14,920,413 |
| 15,095,689 |
| 15,215,517 |
| 15,261,514 |
Loans (4) | 14,456,522 |
| 12,840,289 |
| 14,602,602 |
| 14,310,441 |
| 14,043,585 |
| 13,376,928 |
| 13,004,904 |
Deposits | 15,025,625 |
| 14,148,618 |
| 15,050,684 |
| 15,000,567 |
| 14,893,469 |
| 14,405,311 |
| 14,052,689 |
Borrowed funds | 3,585,023 |
| 4,160,335 |
| 3,566,346 |
| 3,603,700 |
| 3,857,252 |
| 4,227,319 |
| 4,434,500 |
Common stockholders' equity | 2,839,482 |
| 2,681,562 |
| 2,852,050 |
| 2,826,913 |
| 2,792,823 |
| 2,765,023 |
| 2,704,909 |
Stockholders' equity | 2,902,754 |
| 3,074,197 |
| 2,915,322 |
| 2,890,185 |
| 2,856,095 |
| 2,987,178 |
| 2,976,840 |
Common stockholders' equity / assets | 13.10% |
| 12.51% |
| 13.15% |
| 13.05% |
| 12.84% |
| 12.72% |
| 12.57% |
Stockholders' equity / assets | 13.39% |
| 14.34% |
| 13.44% |
| 13.34% |
| 13.13% |
| 13.75% |
| 13.83% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At Period End |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
| $ 22,081,100 |
| $ 21,913,670 |
| $ 21,924,217 |
| $ 21,902,649 |
| $ 22,048,475 |
Loans |
|
|
|
| 14,698,902 |
| 14,253,725 |
| 14,031,071 |
| 13,503,507 |
| 13,089,589 |
Allowance for loan losses |
|
|
|
| 332,658 |
| 356,298 |
| 378,151 |
| 399,723 |
| 425,961 |
Goodwill |
|
|
|
| 929,168 |
| 929,168 |
| 929,168 |
| 929,168 |
| 929,168 |
Mortgage servicing rights, net |
|
|
|
| 47,488 |
| 50,001 |
| 48,152 |
| 47,370 |
| 53,093 |
Other intangible assets |
|
|
|
| 17,324 |
| 18,373 |
| 19,422 |
| 20,600 |
| 21,779 |
Deposits |
|
|
|
| 15,106,871 |
| 15,653,376 |
| 15,090,655 |
| 14,782,410 |
| 14,066,050 |
Borrowed funds |
|
|
|
| 3,803,999 |
| 3,112,955 |
| 3,691,556 |
| 4,009,184 |
| 4,739,844 |
Stockholders' equity |
|
|
|
| 2,909,621 |
| 2,900,873 |
| 2,865,794 |
| 2,850,619 |
| 2,999,148 |
Stockholders' equity / assets |
|
|
|
| 13.18% |
| 13.24% |
| 13.07% |
| 13.01% |
| 13.60% |
Tangible common equity / tangible assets (5) |
|
|
|
| 8.99% |
| 9.01% |
| 8.84% |
| 8.77% |
| 8.49% |
Tangible equity / tangible assets (6) |
|
|
|
| 9.29% |
| 9.32% |
| 9.14% |
| 9.07% |
| 9.71% |
Tier 1 common equity / risk-weighted assets (7) |
|
|
|
| 12.04% |
| 12.49% |
| 12.24% |
| 12.44% |
| 12.61% |
Tier 1 leverage ratio |
|
|
|
| 9.95% |
| 10.03% |
| 9.81% |
| 9.62% |
| 10.46% |
Tier 1 risk-based capital ratio |
|
|
|
| 13.64% |
| 14.33% |
| 14.08% |
| 14.35% |
| 16.03% |
Total risk-based capital ratio |
|
|
|
| 15.08% |
| 15.78% |
| 15.53% |
| 15.81% |
| 17.50% |
Shares outstanding, end of period |
|
|
|
| 171,611 |
| 173,923 |
| 173,575 |
| 173,474 |
| 173,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected trend information |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average full time equivalent employees |
|
|
|
| 4,951 |
| 5,045 |
| 5,056 |
| 4,980 |
| 4,977 |
Trust assets under management, at market value |
|
|
|
| $ 5,900,000 |
| $ 6,000,000 |
| $ 5,600,000 |
| $ 5,300,000 |
| $ 5,700,000 |
Mortgage loans originated for sale during period |
|
|
|
| 738,091 |
| 563,688 |
| 843,614 |
| 470,530 |
| 250,880 |
Mortgage portfolio serviced for others |
|
|
|
| 7,511,000 |
| 7,284,000 |
| 7,321,000 |
| 7,281,000 |
| 7,367,000 |
Mortgage servicing rights, net / Portfolio serviced for others |
|
|
|
| 0.63% |
| 0.69% |
| 0.66% |
| 0.65% |
| 0.72% |
(1) | Return on average Tier 1 common equity = Net income available to common equity divided by average Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities. |
| 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) | Loans held for sale have been included in the average balances. |
(5) | 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. |
(6) | 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. |
(7) | Tier 1 common equity to risk-weighted assets = Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities divided by risk-weighted assets. This is a non-GAAP financial measure. |
|
|
|
|
|
|
|
|
|
|
Selected Asset Quality Information |
Associated Banc-Corp |
|
|
|
| Jun12 vs Mar12 |
|
|
|
| Jun12 vs Jun11 |
(in thousands) |
| Jun 30, 2012 | Mar 31, 2012 | % Change |
| Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | % Change |
Allowance for Loan Losses |
|
|
|
|
|
|
|
|
|
Beginning balance |
| $ 356,298 | $ 378,151 | (5.8%) |
| $ 399,723 | $ 425,961 | $ 454,461 | (21.6%) |
Provision for loan losses |
| - | - | 0.0% |
| 1,000 | 4,000 | 16,000 | (100.0%) |
Charge offs |
| (30,340) | (31,259) | (2.9%) |
| (34,056) | (38,155) | (52,365) | (42.1%) |
Recoveries |
| 6,700 | 9,406 | (28.8%) |
| 11,484 | 7,917 | 7,865 | (14.8%) |
Net charge offs |
| (23,640) | (21,853) | 8.2% |
| (22,572) | (30,238) | (44,500) | (46.9%) |
Ending balance |
| $ 332,658 | $ 356,298 | (6.6%) |
| $ 378,151 | $ 399,723 | $ 425,961 | (21.9%) |
|
|
|
|
|
|
|
|
|
|
Reserve for losses on unfunded commitments |
| $ 18,900 | $ 15,600 | 21.2% |
| $ 14,700 | $ 14,900 | $ 14,900 | 26.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge Offs |
|
|
| Jun12 vs Mar12 |
|
|
|
| Jun12 vs Jun11 |
|
| Jun 30, 2012 | Mar 31, 2012 | % Change |
| Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | % Change |
Commercial and industrial |
| $ 14,544 | $ 3,872 | N/M |
| $ 231 | $ 3,741 | $ 14,026 | 3.7% |
Commercial real estate - owner occupied |
| 1,164 | 415 | 180.5% |
| 539 | 134 | 4,436 | (73.8%) |
Lease financing |
| - | (1,836) | (100.0%) |
| 19 | (1,889) | 60 | (100.0%) |
Commercial and business lending |
| 15,708 | 2,451 | N/M |
| 789 | 1,986 | 18,522 | (15.2%) |
Commercial real estate - investor |
| 177 | 7,354 | (97.6%) |
| 2,394 | 10,472 | 4,941 | (96.4%) |
Real estate construction |
| 558 | 230 | 142.6% |
| 7,088 | 5,646 | 6,031 | (90.7%) |
Commercial real estate lending |
| 735 | 7,584 | (90.3%) |
| 9,482 | 16,118 | 10,972 | (93.3%) |
Total commercial |
| 16,443 | 10,035 | 63.9% |
| 10,271 | 18,104 | 29,494 | (44.2%) |
Home equity |
| 5,284 | 8,950 | (41.0%) |
| 8,113 | 8,736 | 8,251 | (36.0%) |
Installment |
| 371 | 101 | N/M |
| 452 | 764 | 664 | (44.1%) |
Total retail |
| 5,655 | 9,051 | (37.5%) |
| 8,565 | 9,500 | 8,915 | (36.6%) |
Residential mortgage |
| 1,542 | 2,767 | (44.3%) |
| 3,736 | 2,634 | 6,091 | (74.7%) |
Total net charge offs |
| $ 23,640 | $ 21,853 | 8.2% |
| $ 22,572 | $ 30,238 | $ 44,500 | (46.9%) |
|
|
|
|
|
|
|
|
|
|
Net Charge Offs to Average Loans (in basis points) * |
| Jun 30, 2012 | Mar 31, 2012 |
|
| Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 |
|
Commercial and industrial |
| 151 | 42 |
|
| 3 | 46 | 180 |
|
Commercial real estate - owner occupied |
| 43 | 16 |
|
| 20 | 5 | 174 |
|
Lease financing |
| - | N/M |
|
| 14 | N/M | 44 |
|
Commercial and business lending |
| 126 | 20 |
|
| 7 | 18 | 177 |
|
Commercial real estate - investor |
| 3 | 113 |
|
| 38 | 169 | 83 |
|
Real estate construction |
| 40 | 16 |
|
| N/M | N/M | N/M |
|
Commercial real estate lending |
| 9 | 96 |
|
| 122 | 213 | 151 |
|
Total commercial |
| 79 | 50 |
|
| 53 | 98 | 166 |
|
Home equity |
| 86 | 144 |
|
| 127 | 134 | 127 |
|
Installment |
| 28 | 7 |
|
| 32 | 52 | 42 |
|
Total retail |
| 76 | 119 |
|
| 110 | 119 | 111 |
|
Residential mortgage |
| 19 | 34 |
|
| 46 | 36 | 92 |
|
Total net charge offs |
| 65 | 61 |
|
| 64 | 90 | 137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality |
|
|
| Jun12 vs Mar12 |
|
|
|
| Jun12 vs Jun11 |
|
| Jun 30, 2012 | Mar 31, 2012 | % Change |
| Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | % Change |
Nonaccrual loans |
| $ 317,872 | $ 327,085 | (2.8%) |
| $ 356,772 | $ 403,392 | $ 467,611 | (32.0%) |
Other real estate owned (OREO) |
| 40,029 | 34,425 | 16.3% |
| 41,571 | 42,076 | 45,712 | (12.4%) |
Total nonperforming assets |
| $ 357,901 | $ 361,510 | (1.0%) |
| $ 398,343 | $ 445,468 | $ 513,323 | (30.3%) |
|
|
|
|
|
|
|
|
|
|
Loans 90 or more days past due and still accruing |
| 5,224 | 2,497 | 109.2% |
| 4,925 | 1,220 | 12,123 | (56.9%) |
Restructured loans (accruing) |
| 122,229 | 120,719 | 1.3% |
| 113,164 | 113,083 | 100,343 | 21.8% |
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses / loans |
| 2.26% | 2.50% |
|
| 2.70% | 2.96% | 3.25% |
|
Allowance for loan losses / nonaccrual loans |
| 104.65 | 108.93 |
|
| 105.99 | 99.09 | 91.09 |
|
Nonaccrual loans / total loans |
| 2.16 | 2.29 |
|
| 2.54 | 2.99 | 3.57 |
|
Nonperforming assets / total loans plus OREO |
| 2.43 | 2.53 |
|
| 2.83 | 3.29 | 3.91 |
|
Nonperforming assets / total assets |
| 1.62 | 1.65 |
|
| 1.82 | 2.03 | 2.33 |
|
Net charge offs / average loans (annualized) |
| 0.65 | 0.61 |
|
| 0.64 | 0.90 | 1.37 |
|
Year-to-date net charge offs / average loans |
| 0.63 | 0.61 |
|
| 1.13 | 1.32 | 1.54 |
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans by type: |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
| $ 46,111 | $ 50,641 | (8.9%) |
| $ 56,075 | $ 61,256 | $ 71,183 | (35.2%) |
Commercial real estate - owner occupied |
| 33,417 | 31,888 | 4.8% |
| 35,718 | 47,202 | 59,725 | (44.0%) |
Lease financing |
| 8,260 | 9,040 | (8.6%) |
| 10,644 | 11,667 | 12,898 | (36.0%) |
Commercial and business lending |
| 87,788 | 91,569 | (4.1%) |
| 102,437 | 120,125 | 143,806 | (39.0%) |
Commercial real estate - investor |
| 88,806 | 89,030 | (0.3%) |
| 99,352 | 97,691 | 133,770 | (33.6%) |
Real estate construction |
| 36,403 | 36,471 | (0.2%) |
| 41,806 | 72,300 | 72,782 | (50.0%) |
Commercial real estate lending |
| 125,209 | 125,501 | (0.2%) |
| 141,158 | 169,991 | 206,552 | (39.4%) |
Total commercial |
| 212,997 | 217,070 | (1.9%) |
| 243,595 | 290,116 | 350,358 | (39.2%) |
Home equity |
| 41,536 | 44,628 | (6.9%) |
| 46,907 | 46,119 | 46,777 | (11.2%) |
Installment |
| 3,047 | 2,627 | 16.0% |
| 2,715 | 3,195 | 3,724 | (18.2%) |
Total retail |
| 44,583 | 47,255 | (5.7%) |
| 49,622 | 49,314 | 50,501 | (11.7%) |
Residential mortgage |
| 60,292 | 62,760 | (3.9%) |
| 63,555 | 63,962 | 66,752 | (9.7%) |
Total nonaccrual loans |
| $ 317,872 | $ 327,085 | (2.8%) |
| $ 356,772 | $ 403,392 | $ 467,611 | (32.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Annualized. |
|
|
|
|
|
|
N/M = Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Asset Quality Information (continued) |
Associated Banc-Corp |
|
|
|
| Jun12 vs Mar12 |
|
|
|
| Jun12 vs Jun11 |
(in thousands) |
| Jun 30, 2012 | Mar 31, 2012 | % Change |
| Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | % Change |
Restructured loans (accruing) |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
| $ 28,399 | $ 25,622 | 10.8% |
| $ 22,552 | $ 23,020 | $ 22,760 | 24.8% |
Commercial real estate - owner occupied |
| 7,115 | 6,926 | 2.7% |
| 8,138 | 5,439 | 1,579 | N/M |
Lease financing |
| - | - | 0.0% |
| - | - | - | 0.0% |
Commercial and business lending |
| 35,514 | 32,548 | 9.1% |
| 30,690 | 28,459 | 24,339 | 45.9% |
Commercial real estate - investor |
| 49,325 | 45,845 | 7.6% |
| 43,417 | 43,453 | 34,612 | 42.5% |
Real estate construction |
| 5,838 | 11,770 | (50.4%) |
| 10,977 | 10,707 | 10,706 | (45.5%) |
Commercial real estate lending |
| 55,163 | 57,615 | (4.3%) |
| 54,394 | 54,160 | 45,318 | 21.7% |
Total commercial |
| 90,677 | 90,163 | 0.6% |
| 85,084 | 82,619 | 69,657 | 30.2% |
Home equity |
| 9,471 | 9,092 | 4.2% |
| 8,950 | 10,556 | 11,453 | (17.3%) |
Installment |
| 779 | 999 | (22.0%) |
| 1,015 | 965 | 1,017 | (23.4%) |
Total retail |
| 10,250 | 10,091 | 1.6% |
| 9,965 | 11,521 | 12,470 | (17.8%) |
Residential mortgage |
| 21,302 | 20,465 | 4.1% |
| 18,115 | 18,943 | 18,216 | 16.9% |
Total restructured loans (accruing) |
| $ 122,229 | $ 120,719 | 1.3% |
| $ 113,164 | $ 113,083 | $ 100,343 | 21.8% |
|
|
|
|
|
|
|
|
|
|
Restructured loans in nonaccrual loans (not included above) |
| $ 86,395 | $ 79,946 | 8.1% |
| $ 87,493 | $ 80,063 | $ 71,084 | 21.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Past Due 30-89 Days |
|
|
| Jun12 vs Mar12 |
|
|
|
| Jun12 vs Jun11 |
|
| Jun 30, 2012 | Mar 31, 2012 | % Change |
| Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | % Change |
Commercial and industrial |
| $ 4,465 | $ 12,643 | (64.7%) |
| $ 8,743 | $ 6,255 | $ 7,581 | (41.1%) |
Commercial real estate - owner occupied |
| 2,125 | 7,532 | (71.8%) |
| 7,092 | 29,409 | 33,753 | (93.7%) |
Lease financing |
| 39 | 40 | (2.5%) |
| 104 | 507 | 79 | (50.6%) |
Commercial and business lending |
| 6,629 | 20,215 | (67.2%) |
| 15,939 | 36,171 | 41,413 | (84.0%) |
Commercial real estate - investor |
| 12,854 | 8,313 | 54.6% |
| 4,970 | 70,136 | 27,487 | (53.2%) |
Real estate construction |
| 1,618 | 1,736 | (6.8%) |
| 996 | 5,493 | 13,217 | (87.8%) |
Commercial real estate lending |
| 14,472 | 10,049 | 44.0% |
| 5,966 | 75,629 | 40,704 | (64.4%) |
Total commercial |
| 21,101 | 30,264 | (30.3%) |
| 21,905 | 111,800 | 82,117 | (74.3%) |
Home equity |
| 15,302 | 18,007 | (15.0%) |
| 12,189 | 18,165 | 14,818 | 3.3% |
Installment |
| 1,558 | 2,813 | (44.6%) |
| 2,592 | 1,956 | 3,851 | (59.5%) |
Total retail |
| 16,860 | 20,820 | (19.0%) |
| 14,781 | 20,121 | 18,669 | (9.7%) |
Residential mortgage |
| 9,836 | 10,114 | (2.7%) |
| 7,224 | 12,114 | 12,573 | (21.8%) |
Total loans past due 30-89 days |
| $ 47,797 | $ 61,198 | (21.9%) |
| $ 43,910 | $ 144,035 | $ 113,359 | (57.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Potential Problem Loans |
|
|
| Jun12 vs Mar12 |
|
|
|
| Jun12 vs Jun11 |
|
| Jun 30, 2012 | Mar 31, 2012 | % Change |
| Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | % Change |
Commercial and industrial |
| $ 121,764 | $ 157,778 | (22.8%) |
| $ 153,306 | $ 207,351 | $ 229,407 | (46.9%) |
Commercial real estate - owner occupied |
| 108,508 | 112,673 | (3.7%) |
| 136,366 | 140,406 | 145,622 | (25.5%) |
Lease financing |
| 324 | 487 | (33.5%) |
| 158 | 507 | 1,399 | (76.8%) |
Commercial and business lending |
| 230,596 | 270,938 | (14.9%) |
| 289,830 | 348,264 | 376,428 | (38.7%) |
Commercial real estate - investor |
| 142,453 | 167,339 | (14.9%) |
| 230,206 | 252,331 | 236,434 | (39.7%) |
Real estate construction |
| 23,905 | 27,654 | (13.6%) |
| 27,649 | 37,155 | 63,186 | (62.2%) |
Commercial real estate lending |
| 166,358 | 194,993 | (14.7%) |
| 257,855 | 289,486 | 299,620 | (44.5%) |
Total commercial |
| 396,954 | 465,931 | (14.8%) |
| 547,685 | 637,750 | 676,048 | (41.3%) |
Home equity |
| 4,173 | 4,441 | (6.0%) |
| 5,451 | 4,975 | 4,515 | (7.6%) |
Installment |
| 127 | 142 | (10.6%) |
| 233 | 272 | 216 | (41.2%) |
Total retail |
| 4,300 | 4,583 | (6.2%) |
| 5,684 | 5,247 | 4,731 | (9.1%) |
Residential mortgage |
| 8,658 | 9,580 | (9.6%) |
| 13,037 | 16,550 | 18,575 | (53.4%) |
Total potential problem loans |
| $ 409,912 | $ 480,094 | (14.6%) |
| $ 566,406 | $ 659,547 | $ 699,354 | (41.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M - Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income Analysis - Taxable Equivalent Basis |
Associated Banc-Corp |
| Six months ended June 30, 2012 |
| Six months ended June 30, 2011 |
|
| 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 and business lending |
| $ 4,922,827 | $ 97,569 | 3.98% |
| $ 4,115,687 | $ 88,817 | 4.35% |
Commercial real estate lending |
| 3,253,668 | 69,345 | 4.28 |
| 2,896,320 | 64,749 | 4.50 |
Total commercial |
| 8,176,495 | 166,914 | 4.10 |
| $ 7,012,007 | $ 153,566 | 4.41 |
Residential mortgage |
| 3,256,480 | 61,230 | 3.76 |
| 2,592,749 | 55,179 | 4.26 |
Retail |
| 3,023,547 | 69,979 | 4.65 |
| 3,235,533 | 80,025 | 4.97 |
Total loans |
| 14,456,522 | 298,123 | 4.14 |
| 12,840,289 | 288,770 | 4.52 |
Investment securities |
| 4,507,200 | 69,083 | 3.07 |
| 5,773,545 | 94,351 | 3.27 |
Other short-term investments |
| 415,166 | 2,509 | 1.21 |
| 751,114 | 2,896 | 0.77 |
Investments and other |
| 4,922,366 | 71,592 | 2.91 |
| 6,524,659 | 97,247 | 2.98 |
Total earning assets |
| 19,378,888 | 369,715 | 3.83 |
| 19,364,948 | 386,017 | 4.00 |
Other assets, net |
| 2,292,982 |
|
|
| 2,067,081 |
|
|
Total assets |
| $ 21,671,870 |
|
|
| $ 21,432,029 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
Savings deposits |
| $ 1,069,499 | $ 396 | 0.07% |
| $ 958,629 | $ 571 | 0.12% |
Interest-bearing demand deposits |
| 2,109,947 | 1,861 | 0.18 |
| 1,788,112 | 1,369 | 0.15 |
Money market deposits |
| 5,774,305 | 7,302 | 0.25 |
| 5,093,854 | 8,894 | 0.35 |
Time deposits |
| 2,382,435 | 13,030 | 1.10 |
| 3,084,538 | 24,316 | 1.59 |
Total interest-bearing deposits |
| 11,336,186 | 22,589 | 0.40 |
| 10,925,133 | 35,150 | 0.65 |
Federal funds purchased and securities sold under |
|
|
|
|
|
|
|
|
agreements to repurchase |
| 1,228,842 | 1,379 | 0.23 |
| 1,815,669 | 3,109 | 0.35 |
Other short-term borrowed funds |
| 1,181,692 | 2,253 | 0.38 |
| 919,324 | 4,107 | 0.90 |
Junior subordinated debentures |
| 213,323 | 7,345 | 6.89 |
| 215,380 | 7,399 | 6.87 |
Other long-term borrowed funds |
| 961,166 | 16,657 | 3.47 |
| 1,209,962 | 17,634 | 2.92 |
Total borrowed funds |
| 3,585,023 | 27,634 | 1.54 |
| 4,160,335 | 32,249 | 1.56 |
Total interest-bearing liabilities |
| 14,921,209 | 50,223 | 0.68 |
| 15,085,468 | 67,399 | 0.90 |
Noninterest-bearing demand deposits |
| 3,689,439 |
|
|
| 3,223,485 |
|
|
Other liabilities |
| 158,468 |
|
|
| 48,879 |
|
|
Stockholders' equity |
| 2,902,754 |
|
|
| 3,074,197 |
|
|
Total liabilities and stockholders' equity |
| $ 21,671,870 |
|
|
| $ 21,432,029 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income and rate spread (1) |
|
| $ 319,492 | 3.15% |
|
| $ 318,618 | 3.10% |
Net interest margin (1) |
|
|
| 3.31% |
|
|
| 3.30% |
Taxable equivalent adjustment |
|
| $ 10,557 |
|
|
| $ 10,772 |
|
|
|
|
|
|
|
|
|
|
Net Interest Income Analysis - Taxable Equivalent Basis |
|
|
|
|
|
|
Associated Banc-Corp |
| Three months ended June 30, 2012 |
| Three months ended June 30, 2011 |
|
| 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 and business lending |
| $ 5,016,701 | $ 48,584 | 3.89% |
| $ 4,207,786 | $ 44,396 | 4.23% |
Commercial real estate lending |
| 3,320,186 | 34,843 | 4.22 |
| 2,907,144 | 32,726 | 4.51 |
Total commercial |
| 8,336,887 | 83,427 | 4.02 |
| $ 7,114,930 | $ 77,122 | 4.35 |
Residential mortgage |
| 3,273,873 | 30,266 | 3.70 |
| 2,657,740 | 28,032 | 4.22 |
Retail |
| 2,991,842 | 34,468 | 4.63 |
| 3,232,234 | 40,033 | 4.96 |
Total loans |
| 14,602,602 | 148,161 | 4.07 |
| 13,004,904 | 145,187 | 4.47 |
Investment securities |
| 4,402,800 | 34,416 | 3.13 |
| 5,689,728 | 47,359 | 3.33 |
Other short-term investments |
| 380,644 | 1,262 | 1.33 |
| 736,660 | 1,437 | 0.78 |
Investments and other |
| 4,783,444 | 35,678 | 2.98 |
| 6,426,388 | 48,796 | 3.04 |
Total earning assets |
| 19,386,046 | 183,839 | 3.80 |
| 19,431,292 | 193,983 | 4.00 |
Other assets, net |
| 2,298,554 |
|
|
| 2,094,863 |
|
|
Total assets |
| $ 21,684,600 |
|
|
| $ 21,526,155 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
Savings deposits |
| $ 1,109,609 | $ 211 | 0.08% |
| $ 999,748 | $ 308 | 0.12% |
Interest-bearing demand deposits |
| 2,105,440 | 917 | 0.18 |
| 1,811,525 | 738 | 0.16 |
Money market deposits |
| 5,860,043 | 3,744 | 0.26 |
| 5,039,056 | 4,206 | 0.33 |
Time deposits |
| 2,280,568 | 5,681 | 1.00 |
| 2,976,685 | 11,649 | 1.57 |
Total interest-bearing deposits |
| 11,355,660 | 10,553 | 0.37 |
| 10,827,014 | 16,901 | 0.63 |
Federal funds purchased and securities sold under |
|
|
|
|
|
|
|
|
agreements to repurchase |
| 1,114,964 | 612 | 0.22 |
| 1,920,877 | 1,600 | 0.33 |
Other short-term borrowed funds |
| 1,279,319 | 1,197 | 0.38 |
| 1,029,483 | 2,036 | 0.79 |
Junior subordinated debentures |
| 211,038 | 3,627 | 6.87 |
| 215,771 | 3,700 | 6.86 |
Other long-term borrowed funds |
| 961,025 | 8,329 | 3.47 |
| 1,268,369 | 10,291 | 3.25 |
Total borrowed funds |
| 3,566,346 | 13,765 | 1.55 |
| 4,434,500 | 17,627 | 1.59 |
Total interest-bearing liabilities |
| 14,922,006 | 24,318 | 0.65 |
| 15,261,514 | 34,528 | 0.91 |
Noninterest-bearing demand deposits |
| 3,695,024 |
|
|
| 3,225,675 |
|
|
Other liabilities |
| 152,248 |
|
|
| 62,126 |
|
|
Stockholders' equity |
| 2,915,322 |
|
|
| 2,976,840 |
|
|
Total liabilities and stockholders' equity |
| $ 21,684,600 |
|
|
| $ 21,526,155 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income and rate spread (1) |
|
| $ 159,521 | 3.15% |
|
| $ 159,455 | 3.09% |
Net interest margin (1) |
|
|
| 3.30% |
|
|
| 3.29% |
Taxable equivalent adjustment |
|
| $ 5,254 |
|
|
| $ 5,332 |
|
(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 June 30, 2012 |
| Three months ended March 31, 2012 |
|
|
| 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 and business lending |
| $ 5,016,701 | $ 48,584 | 3.89% |
| $ 4,828,953 | $ 48,985 | 4.08% |
|
Commercial real estate lending |
| 3,320,186 | 34,843 | 4.22 |
| 3,187,150 | 34,502 | 4.35 |
|
Total commercial |
| 8,336,887 | 83,427 | 4.02 |
| $ 8,016,103 | $ 83,487 | 4.19 |
|
Residential mortgage |
| 3,273,873 | 30,266 | 3.70 |
| 3,239,087 | 30,964 | 3.83 |
|
Retail |
| 2,991,842 | 34,468 | 4.63 |
| 3,055,251 | 35,511 | 4.67 |
|
Total loans |
| 14,602,602 | 148,161 | 4.07 |
| 14,310,441 | 149,962 | 4.21 |
|
Investment securities |
| 4,402,800 | 34,416 | 3.13 |
| 4,611,600 | 34,667 | 3.01 |
|
Other short-term investments |
| 380,644 | 1,262 | 1.33 |
| 449,688 | 1,247 | 1.11 |
|
Investments and other |
| 4,783,444 | 35,678 | 2.98 |
| 5,061,288 | 35,914 | 2.84 |
|
Total earning assets |
| 19,386,046 | 183,839 | 3.80 |
| 19,371,729 | 185,876 | 3.85 |
|
Other assets, net |
| 2,298,554 |
|
|
| 2,287,410 |
|
|
|
Total assets |
| $ 21,684,600 |
|
|
| $ 21,659,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
Savings deposits |
| $ 1,109,609 | $ 211 | 0.08% |
| $ 1,029,390 | $ 185 | 0.07% |
|
Interest-bearing demand deposits |
| 2,105,440 | 917 | 0.18 |
| 2,114,454 | 944 | 0.18 |
|
Money market deposits |
| 5,860,043 | 3,744 | 0.26 |
| 5,688,567 | 3,558 | 0.25 |
|
Time deposits |
| 2,280,568 | 5,681 | 1.00 |
| 2,484,302 | 7,349 | 1.19 |
|
Total interest-bearing deposits |
| 11,355,660 | 10,553 | 0.37 |
| 11,316,713 | 12,036 | 0.43 |
|
Federal funds purchased and securities sold under |
|
|
|
|
|
|
|
|
|
agreements to repurchase |
| 1,114,964 | 612 | 0.22 |
| 1,342,720 | 767 | 0.23 |
|
Other short-term borrowed funds |
| 1,279,319 | 1,197 | 0.38 |
| 1,084,066 | 1,056 | 0.39 |
|
Junior subordinated debentures |
| 211,038 | 3,627 | 6.87 |
| 215,607 | 3,718 | 6.90 |
|
Other long-term borrowed funds |
| 961,025 | 8,329 | 3.47 |
| 961,307 | 8,328 | 3.47 |
|
Total borrowed funds |
| 3,566,346 | 13,765 | 1.55 |
| 3,603,700 | 13,869 | 1.54 |
|
Total interest-bearing liabilities |
| 14,922,006 | 24,318 | 0.65 |
| 14,920,413 | 25,905 | 0.70 |
|
Noninterest-bearing demand deposits |
| 3,695,024 |
|
|
| 3,683,854 |
|
|
|
Other liabilities |
| 152,248 |
|
|
| 164,687 |
|
|
|
Stockholders' equity |
| 2,915,322 |
|
|
| 2,890,185 |
|
|
|
Total liabilities and stockholders' equity |
| $ 21,684,600 |
|
|
| $ 21,659,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and rate spread (1) |
|
| $ 159,521 | 3.15% |
|
| $ 159,971 | 3.15% |
|
Net interest margin (1) |
|
|
| 3.30% |
|
|
| 3.31% |
|
Taxable equivalent adjustment |
|
| $ 5,254 |
|
|
| $ 5,303 |
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
| Jun12 vs Mar12 |
|
|
|
| Jun12 vs Jun11 |
|
| Jun 30, 2012 | Mar 31, 2012 | % Change |
| Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | % Change |
Commercial and industrial |
| $ 4,076,370 | $ 3,719,016 | 9.6% |
| $ 3,724,736 | $ 3,360,502 | $ 3,202,301 | 27.3% |
Commercial real estate - owner occupied |
| 1,116,815 | 1,074,755 | 3.9% |
| 1,086,829 | 1,068,616 | 1,030,060 | 8.4% |
Lease financing |
| 62,750 | 61,208 | 2.5% |
| 58,194 | 54,849 | 54,001 | 16.2% |
Commercial and business lending |
| 5,255,935 | 4,854,979 | 8.3% |
| 4,869,759 | 4,483,967 | 4,286,362 | 22.6% |
Commercial real estate - investor |
| 2,810,521 | 2,664,251 | 5.5% |
| 2,563,767 | 2,481,411 | 2,393,626 | 17.4% |
Real estate construction |
| 612,556 | 565,953 | 8.2% |
| 584,046 | 554,024 | 533,804 | 14.8% |
Commercial real estate lending |
| 3,423,077 | 3,230,204 | 6.0% |
| 3,147,813 | 3,035,435 | 2,927,430 | 16.9% |
Total commercial |
| 8,679,012 | 8,085,183 | 7.3% |
| 8,017,572 | 7,519,402 | 7,213,792 | 20.3% |
Home equity |
| 2,429,594 | 2,501,770 | (2.9%) |
| 2,504,704 | 2,571,404 | 2,594,029 | (6.3%) |
Installment |
| 510,831 | 537,628 | (5.0%) |
| 557,782 | 572,243 | 589,714 | (13.4%) |
Total retail |
| 2,940,425 | 3,039,398 | (3.3%) |
| 3,062,486 | 3,143,647 | 3,183,743 | (7.6%) |
Residential mortgage |
| 3,079,465 | 3,129,144 | (1.6%) |
| 2,951,013 | 2,840,458 | 2,692,054 | 14.4% |
Total loans |
| $ 14,698,902 | $ 14,253,725 | 3.1% |
| $ 14,031,071 | $ 13,503,507 | $ 13,089,589 | 12.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Deposit and Customer Funding Composition |
|
|
| Jun12 vs Mar12 |
|
|
|
| Jun12 vs Jun11 |
|
| Jun 30, 2012 | Mar 31, 2012 | % Change |
| Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | % Change |
Noninterest-bearing demand |
| $ 3,874,429 | $ 3,989,156 | (2.9%) |
| $ 3,928,792 | $ 3,711,570 | $ 3,218,722 | 20.4% |
Savings |
| 1,117,593 | 1,098,975 | 1.7% |
| 986,766 | 1,013,195 | 1,007,337 | 10.9% |
Interest-bearing demand |
| 2,078,037 | 2,040,900 | 1.8% |
| 2,297,454 | 2,071,627 | 1,931,519 | 7.6% |
Money market |
| 5,822,449 | 6,176,981 | (5.7%) |
| 5,150,275 | 5,205,401 | 4,982,492 | 16.9% |
Brokered CDs |
| 41,104 | 46,493 | (11.6%) |
| 202,948 | 203,827 | 316,670 | (87.0%) |
Other time |
| 2,173,259 | 2,300,871 | (5.5%) |
| 2,524,420 | 2,576,790 | 2,609,310 | (16.7%) |
Total deposits |
| 15,106,871 | 15,653,376 | (3.5%) |
| 15,090,655 | 14,782,410 | 14,066,050 | 7.4% |
Customer repo sweeps |
| 592,203 | 635,697 | (6.8%) |
| 664,624 | 871,619 | 930,101 | (36.3%) |
Customer repo term |
| 619,897 | 509,332 | 21.7% |
| 695,131 | 1,141,450 | 1,147,938 | (46.0%) |
Total customer funding |
| 1,212,100 | 1,145,029 | 5.9% |
| 1,359,755 | 2,013,069 | 2,078,039 | (41.7%) |
Total deposits and customer funding |
| $ 16,318,971 | $ 16,798,405 | (2.9%) |
| $ 16,450,410 | $ 16,795,479 | $ 16,144,089 | 1.1% |
|
|
|
|
|
|
|
|
|
|
Network transaction deposits included above in |
|
|
|
|
|
|
|
|
|
interest-bearing demand and money market |
| 1,234,010 | 1,171,679 | 5.3% |
| 875,052 | 875,630 | 824,003 | 49.8% |
Brokered CDs |
| 41,104 | 46,493 | (11.6%) |
| 202,948 | 203,827 | 316,670 | (87.0%) |
Total network and brokered funding |
| 1,275,114 | 1,218,172 | 4.7% |
| 1,078,000 | 1,079,457 | 1,140,673 | 11.8% |
|
|
|
|
|
|
|
|
|
|
Net customer deposits and funding (4) |
| 15,043,857 | 15,580,233 | (3.4%) |
| 15,372,410 | 15,716,022 | 15,003,416 | 0.3% |
|
|
|
|
|
|
|
|
|
|
(4) Total deposits and customer funding excluding total network and brokered funding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Associated Banc-Corp