GREEN BAY, Wis., Oct. 18, 2012 /PRNewswire/ -- Associated Banc-Corp (NASDAQ: ASBC) today reported net income to common shareholders of $45 million, or $0.26 per common share, for the quarter ended September 30, 2012. This compares to net income to common shareholders of $34 million, or $0.20 per common share, for the comparable quarter ended September 30, 2011.
For the first nine months of 2012, Associated reported net income to common shareholders of $128 million, or $0.74 per common share. This compares to net income to common shareholders of $75 million, or $0.43 per common share, for the comparable year ago period.
"We continue to be focused on taking advantage of the opportunities to grow Associated across the footprint," said President and CEO Philip B. Flynn. "We are encouraged by the solid performance this quarter and we remain focused on delivering increased value for shareholders of Associated."
HIGHLIGHTS
- Net income to common shareholders of $45 million for the third quarter
- Quarterly earnings per share increased 8% from the prior quarter and 30% year-over-year
- Return on Tier 1 common equity for the quarter of 9.7%, compared to 7.8% a year ago
- Total loan balances increased by $267 million, or 2%, during the third quarter to $15.0 billion, and have increased by $1.5 billion, or 11%, from a year ago
- Commercial loans grew by $243 million, or 3% from the second quarter
- Residential mortgage loans increased by $125 million, or 4%, from the second quarter
- Retail loans, including home equity and installment loans, declined by $101 million from the second quarter
- Average deposits increased by a net $565 million, or 4%, to $15.6 billion during the third quarter
- Credit metrics continued to improve with levels of net charge offs, nonaccrual loans, potential problem loans, and delinquent loans all declining during the quarter
- Capital ratios remain very strong with a Tier 1 common equity ratio of 12.01%
- After the end of the quarter, we redeemed $150 million of 7.625% Trust Preferred Securities on October 1st and expect to redeem the remaining $30 million of Trust Preferred Securities during the fourth quarter
THIRD QUARTER 2012 FINANCIAL RESULTS
Loans
At September 30, 2012, the Company's loan portfolio was $15.0 billion, up $267 million, or 2%, from $14.7 billion at June 30, 2012, and up $1.5 billion, or 11%, from $13.5 billion a year ago. Commercial loans, which include general commercial loans, specialized lending, and commercial real estate, grew by $243 million, or 3% from the second quarter and have increased by $1.4 billion, or 19% from a year ago. The residential mortgage portfolio grew by $125 million, or 4%, during the quarter while the retail portfolio, which includes home equity and installment loan balances, experienced net run-off of $101 million as consumers continued to refinance home equity loans into new first mortgages.
Deposits
Average deposits of $15.6 billion were up $565 million, or 4%, from the second quarter, and have increased by $1.2 billion, or 8%, from a year ago. Total deposits of $16.5 billion at the end of the third quarter were up $1.3 billion, or 9%, compared to second quarter levels. Period-end noninterest-bearing account balances grew by $446 million, or 12%, from the second quarter, and have increased by $609 million, or 16%, from a year ago. Money market balances increased by $860 million, or 15%, from the second quarter, and have increased by $1.5 billion, or 28%, from a year ago.
Net Interest Income and Net Interest Margin
Third quarter net interest income of $156 million increased by 1% compared to the prior quarter and was up 2% compared to the year-ago quarter. The net interest margin for the quarter was 3.26%. While yields on earning assets compressed by 7 basis points from the prior quarter, the cost of deposits and interest-bearing liabilities declined by 3 basis points, contributing to a net decrease in overall net interest margin of 4 basis points compared to the prior quarter.
Noninterest Income and Expense
Noninterest income for the quarter was $81 million, up $5 million, or 7%, from the second quarter. This revenue growth included a $3 million gain on the sale of securities. Revenue from trust service fees, service charges on deposit accounts, card-based fees, and capital markets fees all increased from the prior quarter. However, lower mortgage banking revenue and insurance commissions during the third quarter partially off-set the revenue increases.
Total noninterest expense for the quarter ended September 30, 2012 was $170 million, up $4 million, or 2%, from the second quarter. Personnel and occupancy expenses increased by $2 million from the prior quarter while legal and professional fees also increased by $2 million from the second quarter primarily related to ongoing BSA enhancements. Other expense categories, in aggregate, were flat compared to the second quarter.
Credit
The Company recorded a provision of zero, reflecting another quarter of improving credit metrics. Nonaccrual loans were down 13%, to $278 million compared to the second quarter, and down 31%, from $403 million a year ago. Nonperforming assets declined 12% from the prior quarter to $314 million, and declined 30%, from $445 million a year ago.
Net charge offs of $18 million for the third quarter were down $6 million, or 26%, from the second quarter, and were 42% lower than a year ago. The Company's allowance for loan losses was $315 million, representing an allowance equal to 2.11% of loans, and which represented a coverage ratio of over 113% of nonaccrual loans at September 30, 2012.
Capital Ratios
The Company's capital position remains very strong, with a Tier 1 common equity ratio of 12.01% at September 30, 2012. The Company's capital ratios continue to be well in excess of both current and proposed "well-capitalized" regulatory benchmarks.
THIRD 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, October 18, 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 third 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 November 19, 2012, by dialing 877-344-7529 and entering the conference ID number 10018690. The replay number for international callers is 412-317-0088.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NASDAQ: ASBC) has total assets of $23 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, VP of Finance, Investor Relations
920-491-7059
Media Contact:
Autumn Latimore, Senior Vice President, Public Relations Director
414-278-1860
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Consolidated Balance Sheets (Unaudited) |
Associated Banc-Corp |
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| September 30, |
| June 30, |
| Seql Qtr |
| March 31, |
| December 31, |
| September 30, |
| Comp Qtr |
(in thousands) |
| 2012 |
| 2012 |
| $ Change |
| 2012 |
| 2011 |
| 2011 |
| $ Change |
Assets |
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Cash and due from banks |
| $ 419,529 |
| $ 414,760 |
| $ 4,769 |
| $ 360,728 |
| $ 454,958 |
| $ 410,644 |
| $ 8,885 |
Interest-bearing deposits in other |
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financial institutions |
| 531,303 |
| 180,050 |
| 351,253 |
| 344,148 |
| 154,562 |
| 250,648 |
| 280,655 |
Federal funds sold and securities purchased |
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under agreements to resell |
| 2,460 |
| 3,800 |
| (1,340) |
| 7,100 |
| 7,075 |
| 4,180 |
| (1,720) |
Securities held to maturity, at amortized cost |
| 21,852 |
| - |
| 21,852 |
| - |
| - |
| - |
| 21,852 |
Securities available for sale, at fair value |
| 4,496,198 |
| 4,521,436 |
| (25,238) |
| 4,669,100 |
| 4,937,483 |
| 5,453,816 |
| (957,618) |
Federal Home Loan Bank and Federal |
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Reserve Bank stocks, at cost |
| 166,100 |
| 176,041 |
| (9,941) |
| 177,808 |
| 191,188 |
| 191,128 |
| (25,028) |
Loans held for sale |
| 157,093 |
| 157,481 |
| (388) |
| 196,570 |
| 249,195 |
| 201,142 |
| (44,049) |
Loans |
| 14,966,214 |
| 14,698,902 |
| 267,312 |
| 14,253,725 |
| 14,031,071 |
| 13,503,507 |
| 1,462,707 |
Allowance for loan losses |
| (315,150) |
| (332,658) |
| 17,508 |
| (356,298) |
| (378,151) |
| (399,723) |
| 84,573 |
Loans, net |
| 14,651,064 |
| 14,366,244 |
| 284,820 |
| 13,897,427 |
| 13,652,920 |
| 13,103,784 |
| 1,547,280 |
Premises and equipment, net |
| 238,756 |
| 225,245 |
| 13,511 |
| 225,164 |
| 223,736 |
| 208,301 |
| 30,455 |
Goodwill |
| 929,168 |
| 929,168 |
| - |
| 929,168 |
| 929,168 |
| 929,168 |
| - |
Other intangible assets, net |
| 61,294 |
| 64,812 |
| (3,518) |
| 68,374 |
| 67,574 |
| 67,970 |
| (6,676) |
Trading assets |
| 76,159 |
| 73,484 |
| 2,675 |
| 69,081 |
| 73,253 |
| 76,694 |
| (535) |
Other assets |
| 987,378 |
| 968,579 |
| 18,799 |
| 969,002 |
| 983,105 |
| 1,005,174 |
| (17,796) |
Total assets |
| $ 22,738,354 |
| $ 22,081,100 |
| $ 657,254 |
| $ 21,913,670 |
| $ 21,924,217 |
| $ 21,902,649 |
| $ 835,705 |
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Liabilities and Stockholders' Equity |
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Noninterest-bearing demand deposits |
| $ 4,320,437 |
| $ 3,874,429 |
| $ 446,008 |
| $ 3,989,156 |
| $ 3,928,792 |
| $ 3,711,570 |
| $ 608,867 |
Interest-bearing deposits |
| 12,130,155 |
| 11,232,442 |
| 897,713 |
| 11,664,220 |
| 11,161,863 |
| 11,070,840 |
| 1,059,315 |
Total deposits |
| 16,450,592 |
| 15,106,871 |
| 1,343,721 |
| 15,653,376 |
| 15,090,655 |
| 14,782,410 |
| 1,668,182 |
Federal funds purchased and securities sold |
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under agreements to repurchase |
| 1,138,027 |
| 1,253,270 |
| (115,243) |
| 1,236,219 |
| 1,514,485 |
| 2,213,364 |
| (1,075,337) |
Other short-term funding |
| 615,258 |
| 1,400,000 |
| (784,742) |
| 700,000 |
| 1,000,000 |
| 318,412 |
| 296,846 |
Long-term funding |
| 1,305,422 |
| 1,150,729 |
| 154,693 |
| 1,176,736 |
| 1,177,071 |
| 1,477,408 |
| (171,986) |
Trading liabilities |
| 82,861 |
| 80,107 |
| 2,754 |
| 75,130 |
| 80,046 |
| 84,376 |
| (1,515) |
Accrued expenses and other liabilities |
| 195,742 |
| 180,502 |
| 15,240 |
| 171,336 |
| 196,166 |
| 176,060 |
| 19,682 |
Total liabilities |
| 19,787,902 |
| 19,171,479 |
| 616,423 |
| 19,012,797 |
| 19,058,423 |
| 19,052,030 |
| 735,872 |
Stockholders' Equity |
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Preferred equity |
| 63,272 |
| 63,272 |
| - |
| 63,272 |
| 63,272 |
| 63,272 |
| - |
Common stock |
| 1,750 |
| 1,750 |
| - |
| 1,750 |
| 1,746 |
| 1,746 |
| 4 |
Surplus |
| 1,599,070 |
| 1,594,995 |
| 4,075 |
| 1,590,336 |
| 1,586,401 |
| 1,585,208 |
| 13,862 |
Retained earnings |
| 1,250,189 |
| 1,213,735 |
| 36,454 |
| 1,181,247 |
| 1,148,773 |
| 1,111,080 |
| 139,109 |
Accumulated other comprehensive income |
| 67,303 |
| 66,579 |
| 724 |
| 65,278 |
| 65,602 |
| 89,313 |
| (22,010) |
Treasury stock |
| (31,132) |
| (30,710) |
| (422) |
| (1,010) |
| - |
| - |
| (31,132) |
Total stockholders' equity |
| 2,950,452 |
| 2,909,621 |
| 40,831 |
| 2,900,873 |
| 2,865,794 |
| 2,850,619 |
| 99,833 |
Total liabilities and stockholders' equity |
| $ 22,738,354 |
| $ 22,081,100 |
| $ 657,254 |
| $ 21,913,670 |
| $ 21,924,217 |
| $ 21,902,649 |
| $ 835,705 |
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Consolidated Statements of Income (Unaudited) |
Associated Banc-Corp |
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| For The Three Months Ended |
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| For The Nine Months Ended, |
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| September 30, |
| Quarter |
| September 30, |
| Year-to-Date |
(in thousands, except per share amounts) |
| 2012 |
| 2011 |
| $ Change | % Change |
| 2012 |
| 2011 |
| $ Change | % Change |
Interest Income |
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Interest and fees on loans |
| $ 149,647 |
| $ 145,778 |
| $ 3,869 | 2.7% |
| $ 445,858 |
| $ 432,907 |
| $ 12,951 | 3.0% |
Interest and dividends on investment securities: |
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Taxable |
| 20,548 |
| 30,513 |
| (9,965) | (32.7%) |
| 66,577 |
| 100,516 |
| (33,939) | (33.8%) |
Tax-exempt |
| 7,127 |
| 7,376 |
| (249) | (3.4%) |
| 21,536 |
| 22,593 |
| (1,057) | (4.7%) |
Other interest |
| 1,334 |
| 1,428 |
| (94) | (6.6%) |
| 3,843 |
| 4,324 |
| (481) | (11.1%) |
Total interest income |
| 178,656 |
| 185,095 |
| (6,439) | (3.5%) |
| 537,814 |
| 560,340 |
| (22,526) | (4.0%) |
Interest Expense |
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Interest on deposits |
| 9,751 |
| 15,644 |
| (5,893) | (37.7%) |
| 32,340 |
| 50,794 |
| (18,454) | (36.3%) |
Interest on Federal funds purchased and securities |
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sold under agreements to repurchase |
| 750 |
| 1,810 |
| (1,060) | (58.6%) |
| 2,129 |
| 4,919 |
| (2,790) | (56.7%) |
Interest on other short-term funding |
| 815 |
| 1,229 |
| (414) | (33.7%) |
| 3,068 |
| 5,336 |
| (2,268) | (42.5%) |
Interest on long-term funding |
| 11,738 |
| 13,252 |
| (1,514) | (11.4%) |
| 35,740 |
| 38,285 |
| (2,545) | (6.6%) |
Total interest expense |
| 23,054 |
| 31,935 |
| (8,881) | (27.8%) |
| 73,277 |
| 99,334 |
| (26,057) | (26.2%) |
Net Interest Income |
| 155,602 |
| 153,160 |
| 2,442 | 1.6% |
| 464,537 |
| 461,006 |
| 3,531 | 0.8% |
Provision for loan losses |
| - |
| 4,000 |
| (4,000) | (100.0%) |
| - |
| 51,000 |
| (51,000) | (100.0%) |
Net interest income after provision for |
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loan losses |
| 155,602 |
| 149,160 |
| 6,442 | 4.3% |
| 464,537 |
| 410,006 |
| 54,531 | 13.3% |
Noninterest Income |
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Trust service fees |
| 10,396 |
| 9,791 |
| 605 | 6.2% |
| 30,308 |
| 29,634 |
| 674 | 2.3% |
Service charges on deposit accounts |
| 17,290 |
| 19,949 |
| (2,659) | (13.3%) |
| 52,100 |
| 58,125 |
| (6,025) | (10.4%) |
Card-based and other nondeposit fees |
| 12,209 |
| 15,291 |
| (3,082) | (20.2%) |
| 35,172 |
| 46,636 |
| (11,464) | (24.6%) |
Insurance commissions |
| 11,650 |
| 11,020 |
| 630 | 5.7% |
| 36,152 |
| 34,338 |
| 1,814 | 5.3% |
Brokerage and annuity commissions |
| 3,632 |
| 4,027 |
| (395) | (9.8%) |
| 11,965 |
| 13,565 |
| (1,600) | (11.8%) |
Total core fee-based revenue |
| 55,177 |
| 60,078 |
| (4,901) | (8.2%) |
| 165,697 |
| 182,298 |
| (16,601) | (9.1%) |
Mortgage banking, net |
| 15,581 |
| 4,521 |
| 11,060 | N/M |
| 49,970 |
| 3,046 |
| 46,924 | N/M |
Capital market fees, net |
| 3,609 |
| 3,273 |
| 336 | 10.3% |
| 9,998 |
| 4,761 |
| 5,237 | 110.0% |
Bank owned life insurance income |
| 3,290 |
| 3,990 |
| (700) | (17.5%) |
| 10,746 |
| 11,076 |
| (330) | (3.0%) |
Asset losses, net |
| (3,309) |
| (3,859) |
| 550 | (14.3%) |
| (11,887) |
| (10,400) |
| (1,487) | 14.3% |
Investment securities gains (losses), net |
| 3,506 |
| (744) |
| 4,250 | N/M |
| 4,109 |
| (802) |
| 4,911 | N/M |
Other |
| 3,134 |
| 1,737 |
| 1,397 | 80.4% |
| 6,752 |
| 11,608 |
| (4,856) | (41.8%) |
Total noninterest income |
| 80,988 |
| 68,996 |
| 11,992 | 17.4% |
| 235,385 |
| 201,587 |
| 33,798 | 16.8% |
Noninterest Expense |
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Personnel expense |
| 95,231 |
| 91,084 |
| 4,147 | 4.6% |
| 283,331 |
| 269,838 |
| 13,493 | 5.0% |
Occupancy |
| 14,334 |
| 14,205 |
| 129 | 0.9% |
| 43,521 |
| 42,143 |
| 1,378 | 3.3% |
Equipment |
| 5,935 |
| 4,851 |
| 1,084 | 22.3% |
| 17,122 |
| 14,587 |
| 2,535 | 17.4% |
Data processing |
| 11,022 |
| 7,887 |
| 3,135 | 39.7% |
| 31,842 |
| 23,395 |
| 8,447 | 36.1% |
Business development and advertising |
| 5,059 |
| 5,539 |
| (480) | (8.7%) |
| 15,908 |
| 16,134 |
| (226) | (1.4%) |
Other intangible amortization |
| 1,048 |
| 1,179 |
| (131) | (11.1%) |
| 3,146 |
| 3,535 |
| (389) | (11.0%) |
Loan expense |
| 3,297 |
| 2,600 |
| 697 | 26.8% |
| 9,155 |
| 8,539 |
| 616 | 7.2% |
Legal and professional fees |
| 7,686 |
| 4,289 |
| 3,397 | 79.2% |
| 23,058 |
| 13,554 |
| 9,504 | 70.1% |
Losses other than loans |
| 3,577 |
| 1,659 |
| 1,918 | 115.6% |
| 9,187 |
| 6,031 |
| 3,156 | 52.3% |
Foreclosure/OREO expense |
| 4,071 |
| 4,982 |
| (911) | (18.3%) |
| 11,776 |
| 16,224 |
| (4,448) | (27.4%) |
FDIC expense |
| 5,017 |
| 6,906 |
| (1,889) | (27.4%) |
| 14,665 |
| 22,348 |
| (7,683) | (34.4%) |
Other |
| 13,426 |
| 14,299 |
| (873) | (6.1%) |
| 42,784 |
| 41,868 |
| 916 | 2.2% |
Total noninterest expense |
| 169,703 |
| 159,480 |
| 10,223 | 6.4% |
| 505,495 |
| 478,196 |
| 27,299 | 5.7% |
Income before income taxes |
| 66,887 |
| 58,676 |
| 8,211 | 14.0% |
| 194,427 |
| 133,397 |
| 61,030 | 45.8% |
Income tax expense |
| 20,492 |
| 17,337 |
| 3,155 | 18.2% |
| 62,082 |
| 34,823 |
| 27,259 | 78.3% |
Net income |
| 46,395 |
| 41,339 |
| 5,056 | 12.2% |
| 132,345 |
| 98,574 |
| $ 33,771 | 34.3% |
Preferred stock dividends and discount |
| 1,300 |
| 7,305 |
| (6,005) | (82.2%) |
| 3,900 |
| 23,530 |
| (19,630) | (83.4%) |
Net income available to common equity |
| $ 45,095 |
| $ 34,034 |
| $ 11,061 | 32.5% |
| $ 128,445 |
| $ 75,044 |
| $ 53,401 | 71.2% |
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Earnings Per Common Share: |
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Basic |
| $ 0.26 |
| $ 0.20 |
| $ 0.06 | 30.0% |
| $ 0.74 |
| $ 0.43 |
| $ 0.31 | 72.1% |
Diluted |
| $ 0.26 |
| $ 0.20 |
| $ 0.06 | 30.0% |
| $ 0.74 |
| $ 0.43 |
| $ 0.31 | 72.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| 171,650 |
| 173,418 |
| (1,768) | (1.0%) |
| 172,774 |
| 173,319 |
| (545) | (0.3%) |
Diluted |
| 171,780 |
| 173,418 |
| (1,638) | (0.9%) |
| 172,848 |
| 173,321 |
| (473) | (0.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income (Unaudited) - Quarterly Trend |
Associated Banc-Corp |
|
|
|
|
|
| Sequential Qtr |
|
|
|
|
|
|
| Comparable Qtr |
(in thousands, except per share amounts) |
| 3Q12 |
| 2Q12 |
| $ Change | % Change |
| 1Q12 |
| 4Q11 |
| 3Q11 |
| $ Change | % Change |
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
| $ 149,647 |
| $ 147,188 |
| $ 2,459 | 1.7% |
| $ 149,023 |
| $ 149,832 |
| $ 145,778 |
| $ 3,869 | 2.7% |
Interest and dividends on investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
| 20,548 |
| 23,000 |
| (2,452) | (10.7%) |
| 23,029 |
| 22,855 |
| 30,513 |
| (9,965) | (32.7%) |
Tax-exempt |
| 7,127 |
| 7,135 |
| (8) | (0.1%) |
| 7,274 |
| 7,344 |
| 7,376 |
| (249) | (3.4%) |
Other interest |
| 1,334 |
| 1,262 |
| 72 | 5.7% |
| 1,247 |
| 1,251 |
| 1,428 |
| (94) | (6.6%) |
Total interest income |
| 178,656 |
| 178,585 |
| 71 | 0.0% |
| 180,573 |
| 181,282 |
| 185,095 |
| (6,439) | (3.5%) |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
| 9,751 |
| 10,553 |
| (802) | (7.6%) |
| 12,036 |
| 14,954 |
| 15,644 |
| (5,893) | (37.7%) |
Interest on Federal funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sold under agreements to repurchase |
| 750 |
| 612 |
| 138 | 22.5% |
| 767 |
| 1,278 |
| 1,810 |
| (1,060) | (58.6%) |
Interest on other short-term funding |
| 815 |
| 1,197 |
| (382) | (31.9%) |
| 1,056 |
| 879 |
| 1,229 |
| (414) | (33.7%) |
Interest on long-term funding |
| 11,738 |
| 11,956 |
| (218) | (1.8%) |
| 12,046 |
| 12,346 |
| 13,252 |
| (1,514) | (11.4%) |
Total interest expense |
| 23,054 |
| 24,318 |
| (1,264) | (5.2%) |
| 25,905 |
| 29,457 |
| 31,935 |
| (8,881) | (27.8%) |
Net Interest Income |
| 155,602 |
| 154,267 |
| 1,335 | 0.9% |
| 154,668 |
| 151,825 |
| 153,160 |
| 2,442 | 1.6% |
Provision for loan losses |
| - |
| - |
| - | N/M |
| - |
| 1,000 |
| 4,000 |
| (4,000) | (100.0%) |
Net interest income after provision for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loan losses |
| 155,602 |
| 154,267 |
| 1,335 | 0.9% |
| 154,668 |
| 150,825 |
| 149,160 |
| 6,442 | 4.3% |
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust service fees |
| 10,396 |
| 10,125 |
| 271 | 2.7% |
| 9,787 |
| 9,511 |
| 9,791 |
| 605 | 6.2% |
Service charges on deposit accounts |
| 17,290 |
| 16,768 |
| 522 | 3.1% |
| 18,042 |
| 17,783 |
| 19,949 |
| (2,659) | (13.3%) |
Card-based and other nondeposit fees |
| 12,209 |
| 12,084 |
| 125 | 1.0% |
| 10,879 |
| 11,269 |
| 15,291 |
| (3,082) | (20.2%) |
Insurance commissions |
| 11,650 |
| 12,912 |
| (1,262) | (9.8%) |
| 11,590 |
| 11,216 |
| 11,020 |
| 630 | 5.7% |
Brokerage and annuity commissions |
| 3,632 |
| 4,206 |
| (574) | (13.6%) |
| 4,127 |
| 3,665 |
| 4,027 |
| (395) | (9.8%) |
Total core fee-based revenue |
| 55,177 |
| 56,095 |
| (918) | (1.6%) |
| 54,425 |
| 53,444 |
| 60,078 |
| (4,901) | (8.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking, net |
| 15,581 |
| 16,735 |
| (1,154) | (6.9%) |
| 17,654 |
| 9,677 |
| 4,521 |
| 11,060 | N/M |
Capital market fees, net |
| 3,609 |
| 2,673 |
| 936 | 35.0% |
| 3,716 |
| 3,950 |
| 3,273 |
| 336 | 10.3% |
Bank owned life insurance income |
| 3,290 |
| 3,164 |
| 126 | 4.0% |
| 4,292 |
| 3,820 |
| 3,990 |
| (700) | (17.5%) |
Asset losses, net |
| (3,309) |
| (4,984) |
| 1,675 | (33.6%) |
| (3,594) |
| (1,799) |
| (3,859) |
| 550 | (14.3%) |
Investment securities gains (losses), net |
| 3,506 |
| 563 |
| 2,943 | N/M |
| 40 |
| (310) |
| (744) |
| 4,250 | N/M |
Other |
| 3,134 |
| 1,705 |
| 1,429 | 83.8% |
| 1,913 |
| 2,750 |
| 1,737 |
| 1,397 | 80.4% |
Total noninterest income |
| 80,988 |
| 75,951 |
| 5,037 | 6.6% |
| 78,446 |
| 71,532 |
| 68,996 |
| 11,992 | 17.4% |
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expense |
| 95,231 |
| 93,819 |
| 1,412 | 1.5% |
| 94,281 |
| 90,306 |
| 91,084 |
| 4,147 | 4.6% |
Occupancy |
| 14,334 |
| 14,008 |
| 326 | 2.3% |
| 15,179 |
| 13,796 |
| 14,205 |
| 129 | 0.9% |
Equipment |
| 5,935 |
| 5,719 |
| 216 | 3.8% |
| 5,468 |
| 5,286 |
| 4,851 |
| 1,084 | 22.3% |
Data processing |
| 11,022 |
| 11,304 |
| (282) | (2.5%) |
| 9,516 |
| 9,080 |
| 7,887 |
| 3,135 | 39.7% |
Business development and advertising |
| 5,059 |
| 5,468 |
| (409) | (7.5%) |
| 5,381 |
| 6,904 |
| 5,539 |
| (480) | (8.7%) |
Other intangible amortization |
| 1,048 |
| 1,049 |
| (1) | (0.1%) |
| 1,049 |
| 1,179 |
| 1,179 |
| (131) | (11.1%) |
Loan expense |
| 3,297 |
| 2,948 |
| 349 | 11.8% |
| 2,910 |
| 3,469 |
| 2,600 |
| 697 | 26.8% |
Legal and professional fees |
| 7,686 |
| 5,657 |
| 2,029 | 35.9% |
| 9,715 |
| 4,651 |
| 4,289 |
| 3,397 | 79.2% |
Losses other than loans |
| 3,577 |
| 2,060 |
| 1,517 | 73.6% |
| 3,550 |
| 11,890 |
| 1,659 |
| 1,918 | 115.6% |
Foreclosure/OREO expense |
| 4,071 |
| 4,343 |
| (272) | (6.3%) |
| 3,362 |
| 5,169 |
| 4,982 |
| (911) | (18.3%) |
FDIC expense |
| 5,017 |
| 4,778 |
| 239 | 5.0% |
| 4,870 |
| 6,136 |
| 6,906 |
| (1,889) | (27.4%) |
Other |
| 13,426 |
| 14,877 |
| (1,451) | (9.8%) |
| 14,481 |
| 14,461 |
| 14,299 |
| (873) | (6.1%) |
Total noninterest expense |
| 169,703 |
| 166,030 |
| 3,673 | 2.2% |
| 169,762 |
| 172,327 |
| 159,480 |
| 10,223 | 6.4% |
Income before income taxes |
| 66,887 |
| 64,188 |
| 2,699 | 4.2% |
| 63,352 |
| 50,030 |
| 58,676 |
| 8,211 | 14.0% |
Income tax expense |
| 20,492 |
| 20,871 |
| (379) | (1.8%) |
| 20,719 |
| 8,905 |
| 17,337 |
| 3,155 | 18.2% |
Net income |
| 46,395 |
| 43,317 |
| 3,078 | 7.1% |
| 42,633 |
| 41,125 |
| 41,339 |
| 5,056 | 12.2% |
Preferred stock dividends and discount |
| 1,300 |
| 1,300 |
| - | 0.0% |
| 1,300 |
| 1,300 |
| 7,305 |
| (6,005) | (82.2%) |
Net income available to common equity |
| $ 45,095 |
| $ 42,017 |
| $ 3,078 | 7.3% |
| $ 41,333 |
| $ 39,825 |
| $ 34,034 |
| $ 11,061 | 32.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ 0.26 |
| $ 0.24 |
| $ 0.02 | 8.3% |
| $ 0.24 |
| $ 0.23 |
| $ 0.20 |
| $ 0.06 | 30.0% |
Diluted |
| $ 0.26 |
| $ 0.24 |
| $ 0.02 | 8.3% |
| $ 0.24 |
| $ 0.23 |
| $ 0.20 |
| $ 0.06 | 30.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| 171,650 |
| 172,839 |
| (1,189) | (0.7%) |
| 173,846 |
| 173,523 |
| 173,418 |
| (1,768) | (1.0%) |
Diluted |
| 171,780 |
| 172,841 |
| (1,061) | (0.6%) |
| 173,848 |
| 173,523 |
| 173,418 |
| (1,638) | (0.9%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
| 3rd Qtr 2012 |
| 2nd Qtr 2012 |
| 1st Qtr 2012 |
| 4th Qtr 2011 |
| 3rd Qtr 2011 |
Summary of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income | $ 464,537 |
| $ 461,006 |
| $ 155,602 |
| $ 154,267 |
| $ 154,668 |
| $ 151,825 |
| $ 153,160 |
Provision for loan losses | - |
| 51,000 |
| - |
| - |
| - |
| 1,000 |
| 4,000 |
Asset losses, net | (11,887) |
| (10,400) |
| (3,309) |
| (4,984) |
| (3,594) |
| (1,799) |
| (3,859) |
Investment securities gains (losses), net | 4,109 |
| (802) |
| 3,506 |
| 563 |
| 40 |
| (310) |
| (744) |
Noninterest income (excluding securities & asset gains) | 243,163 |
| 212,789 |
| 80,791 |
| 80,372 |
| 82,000 |
| 73,641 |
| 73,599 |
Noninterest expense | 505,495 |
| 478,196 |
| 169,703 |
| 166,030 |
| 169,762 |
| 172,327 |
| 159,480 |
Income before income taxes | 194,427 |
| 133,397 |
| 66,887 |
| 64,188 |
| 63,352 |
| 50,030 |
| 58,676 |
Income tax expense | 62,082 |
| 34,823 |
| 20,492 |
| 20,871 |
| 20,719 |
| 8,905 |
| 17,337 |
Net income | 132,345 |
| 98,574 |
| 46,395 |
| 43,317 |
| 42,633 |
| 41,125 |
| 41,339 |
Net income available to common equity | 128,445 |
| 75,044 |
| 45,095 |
| 42,017 |
| 41,333 |
| 39,825 |
| 34,034 |
Taxable equivalent adjustment | 15,825 |
| 16,067 |
| 5,268 |
| 5,254 |
| 5,303 |
| 5,307 |
| 5,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic | $ 0.74 |
| $ 0.43 |
| $ 0.26 |
| $ 0.24 |
| $ 0.24 |
| $ 0.23 |
| $ 0.20 |
Diluted | 0.74 |
| 0.43 |
| 0.26 |
| 0.24 |
| 0.24 |
| 0.23 |
| 0.20 |
Dividends | 0.15 |
| 0.03 |
| 0.05 |
| 0.05 |
| 0.05 |
| 0.01 |
| 0.01 |
Market Value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
High | $ 14.63 |
| $ 15.36 |
| $ 13.79 |
| $ 13.97 |
| $ 14.63 |
| $ 11.78 |
| $ 14.17 |
Low | 11.43 |
| 8.95 |
| 12.04 |
| 11.76 |
| 11.43 |
| 9.15 |
| 8.95 |
Close | 13.16 |
| 9.30 |
| 13.16 |
| 13.19 |
| 13.96 |
| 11.17 |
| 9.30 |
Book value | 16.82 |
| 16.07 |
| 16.82 |
| 16.59 |
| 16.32 |
| 16.15 |
| 16.07 |
Tangible book value | 11.31 |
| 10.59 |
| 11.31 |
| 11.07 |
| 10.87 |
| 10.68 |
| 10.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets yield | 3.79% |
| 3.96% |
| 3.73% |
| 3.80% |
| 3.85% |
| 3.81% |
| 3.88% |
Interest-bearing liabilities rate | 0.66 |
| 0.88 |
| 0.62 |
| 0.65 |
| 0.70 |
| 0.78 |
| 0.83 |
Net interest margin | 3.29 |
| 3.28 |
| 3.26 |
| 3.30 |
| 3.31 |
| 3.21 |
| 3.23 |
Return on average assets | 0.81 |
| 0.61 |
| 0.84 |
| 0.80 |
| 0.79 |
| 0.75 |
| 0.75 |
Return on average equity | 6.07 |
| 4.33 |
| 6.29 |
| 5.98 |
| 5.93 |
| 5.71 |
| 5.49 |
Return on average Tier 1 common equity (1) | 9.39 |
| 5.92 |
| 9.69 |
| 9.26 |
| 9.23 |
| 8.96 |
| 7.83 |
Efficiency ratio (2) | 69.87 |
| 69.32 |
| 70.22 |
| 69.21 |
| 70.16 |
| 74.67 |
| 68.73 |
Effective tax rate | 31.93 |
| 26.10 |
| 30.64 |
| 32.52 |
| 32.70 |
| 17.80 |
| 29.55 |
Dividend payout ratio (3) | 20.27 |
| 6.98 |
| 19.23 |
| 20.83 |
| 20.83 |
| 4.35 |
| 5.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets | $ 21,787,668 |
| $ 21,532,170 |
| $ 22,016,748 |
| $ 21,684,600 |
| $ 21,659,139 |
| $ 21,755,870 |
| $ 21,729,187 |
Earning assets | 19,473,207 |
| 19,420,572 |
| 19,659,796 |
| 19,386,046 |
| 19,371,729 |
| 19,506,627 |
| 19,530,007 |
Interest-bearing liabilities | 14,927,753 |
| 15,129,294 |
| 14,940,697 |
| 14,922,006 |
| 14,920,413 |
| 15,095,689 |
| 15,215,517 |
Loans (4) | 14,611,065 |
| 13,021,134 |
| 14,916,793 |
| 14,602,602 |
| 14,310,441 |
| 14,043,585 |
| 13,376,928 |
Deposits | 15,223,805 |
| 14,235,123 |
| 15,615,856 |
| 15,050,684 |
| 15,000,567 |
| 14,893,469 |
| 14,405,311 |
Short and long-term funding | 3,484,938 |
| 4,182,908 |
| 3,286,943 |
| 3,566,346 |
| 3,603,700 |
| 3,857,252 |
| 4,227,319 |
Common stockholders' equity | 2,849,876 |
| 2,709,688 |
| 2,870,438 |
| 2,852,050 |
| 2,826,913 |
| 2,792,823 |
| 2,765,023 |
Stockholders' equity | 2,913,148 |
| 3,044,872 |
| 2,933,710 |
| 2,915,322 |
| 2,890,185 |
| 2,856,095 |
| 2,987,178 |
Common stockholders' equity / assets | 13.08% |
| 12.58% |
| 13.04% |
| 13.15% |
| 13.05% |
| 12.84% |
| 12.72% |
Stockholders' equity / assets | 13.37% |
| 14.14% |
| 13.32% |
| 13.44% |
| 13.34% |
| 13.13% |
| 13.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At Period End |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
| $ 22,738,354 |
| $ 22,081,100 |
| $ 21,913,670 |
| $ 21,924,217 |
| $ 21,902,649 |
Loans |
|
|
|
| 14,966,214 |
| 14,698,902 |
| 14,253,725 |
| 14,031,071 |
| 13,503,507 |
Allowance for loan losses |
|
|
|
| 315,150 |
| 332,658 |
| 356,298 |
| 378,151 |
| 399,723 |
Goodwill |
|
|
|
| 929,168 |
| 929,168 |
| 929,168 |
| 929,168 |
| 929,168 |
Mortgage servicing rights, net |
|
|
|
| 45,018 |
| 47,488 |
| 50,001 |
| 48,152 |
| 47,370 |
Other intangible assets, net |
|
|
|
| 16,276 |
| 17,324 |
| 18,373 |
| 19,422 |
| 20,600 |
Deposits |
|
|
|
| 16,450,592 |
| 15,106,871 |
| 15,653,376 |
| 15,090,655 |
| 14,782,410 |
Short and long-term funding |
|
|
|
| 3,058,707 |
| 3,803,999 |
| 3,112,955 |
| 3,691,556 |
| 4,009,184 |
Stockholders' equity |
|
|
|
| 2,950,452 |
| 2,909,621 |
| 2,900,873 |
| 2,865,794 |
| 2,850,619 |
Stockholders' equity / assets |
|
|
|
| 12.98% |
| 13.18% |
| 13.24% |
| 13.07% |
| 13.01% |
Tangible common equity / tangible assets (5) |
|
|
|
| 8.91% |
| 8.99% |
| 9.01% |
| 8.84% |
| 8.77% |
Tangible equity / tangible assets (6) |
|
|
|
| 9.20% |
| 9.29% |
| 9.32% |
| 9.14% |
| 9.07% |
Tier 1 common equity / risk-weighted assets (7) |
|
|
|
| 12.01% |
| 12.04% |
| 12.49% |
| 12.24% |
| 12.44% |
Tier 1 leverage ratio |
|
|
|
| 9.99% |
| 9.95% |
| 10.03% |
| 9.81% |
| 9.62% |
Tier 1 risk-based capital ratio |
|
|
|
| 13.57% |
| 13.64% |
| 14.33% |
| 14.08% |
| 14.35% |
Total risk-based capital ratio |
|
|
|
| 15.00% |
| 15.08% |
| 15.78% |
| 15.53% |
| 15.81% |
Shares outstanding, end of period |
|
|
|
| 171,657 |
| 171,611 |
| 173,923 |
| 173,575 |
| 173,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected trend information |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average full time equivalent employees |
|
|
|
| 4,965 |
| 4,951 |
| 5,045 |
| 5,056 |
| 4,980 |
Trust assets under management, at market value |
|
|
|
| $ 6,200,000 |
| $ 5,900,000 |
| $ 6,000,000 |
| $ 5,600,000 |
| $ 5,300,000 |
Mortgage loans originated for sale during period |
|
|
|
| 715,184 |
| 738,091 |
| 563,688 |
| 843,614 |
| 470,530 |
Mortgage portfolio serviced for others |
|
|
|
| 7,547,000 |
| 7,511,000 |
| 7,284,000 |
| 7,321,000 |
| 7,281,000 |
Mortgage servicing rights, net / Portfolio serviced for others |
|
|
|
| 0.60% |
| 0.63% |
| 0.69% |
| 0.66% |
| 0.65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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. |
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|
Selected Asset Quality Information |
Associated Banc-Corp |
|
|
|
| Sep12 vs Jun12 |
|
|
|
| Sep12 vs Sep11 |
(in thousands) |
| Sep 30, 2012 | Jun 30, 2012 | % Change |
| Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | % Change |
Allowance for Loan Losses |
|
|
|
|
|
|
|
|
|
Beginning balance |
| $ 332,658 | $ 356,298 | (6.6%) |
| $ 378,151 | $ 399,723 | $ 425,961 | (21.9%) |
Provision for loan losses |
| - | - | 0.0% |
| - | 1,000 | 4,000 | (100.0%) |
Charge offs |
| (25,030) | (30,340) | (17.5%) |
| (31,259) | (34,056) | (38,155) | (34.4%) |
Recoveries |
| 7,522 | 6,700 | 12.3% |
| 9,406 | 11,484 | 7,917 | (5.0%) |
Net charge offs |
| (17,508) | (23,640) | (25.9%) |
| (21,853) | (22,572) | (30,238) | (42.1%) |
Ending balance |
| $ 315,150 | $ 332,658 | (5.3%) |
| $ 356,298 | $ 378,151 | $ 399,723 | (21.2%) |
|
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|
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|
|
|
|
Reserve for losses on unfunded commitments |
| $ 19,800 | $ 18,900 | 4.8% |
| $ 15,600 | $ 14,700 | $ 14,900 | 32.9% |
|
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|
|
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|
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|
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|
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|
|
Net Charge Offs |
|
|
| Sep12 vs Jun12 |
|
|
|
| Sep12 vs Sep11 |
|
| Sep 30, 2012 | Jun 30, 2012 | % Change |
| Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | % Change |
Commercial and industrial |
| $ 3,831 | $ 14,544 | (73.7%) |
| $ 3,872 | $ 231 | $ 3,741 | 2.4% |
Commercial real estate - owner occupied |
| (8) | 1,164 | (100.7%) |
| 415 | 539 | 134 | (106.0%) |
Lease financing |
| (20) | - | 0.0% |
| (1,836) | 19 | (1,889) | (98.9%) |
Commercial and business lending |
| 3,803 | 15,708 | (75.8%) |
| 2,451 | 789 | 1,986 | 91.5% |
Commercial real estate - investor |
| 1,905 | 177 | N/M |
| 7,354 | 2,394 | 10,472 | (81.8%) |
Real estate construction |
| (187) | 558 | (133.5%) |
| 230 | 7,088 | 5,646 | (103.3%) |
Commercial real estate lending |
| 1,718 | 735 | 133.7% |
| 7,584 | 9,482 | 16,118 | (89.3%) |
Total commercial |
| 5,521 | 16,443 | (66.4%) |
| 10,035 | 10,271 | 18,104 | (69.5%) |
Home equity |
| 7,922 | 5,284 | 49.9% |
| 8,950 | 8,113 | 8,736 | (9.3%) |
Installment |
| 324 | 371 | (12.7%) |
| 101 | 452 | 764 | (57.6%) |
Total retail |
| 8,246 | 5,655 | 45.8% |
| 9,051 | 8,565 | 9,500 | (13.2%) |
Residential mortgage |
| 3,741 | 1,542 | 142.6% |
| 2,767 | 3,736 | 2,634 | 42.0% |
Total net charge offs |
| $ 17,508 | $ 23,640 | (25.9%) |
| $ 21,853 | $ 22,572 | $ 30,238 | (42.1%) |
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|
Net Charge Offs to Average Loans (in basis points) * |
| Sep 30, 2012 | Jun 30, 2012 |
|
| Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 |
|
Commercial and industrial |
| 37 | 151 |
|
| 42 | 3 | 46 |
|
Commercial real estate - owner occupied |
| (0) | 43 |
|
| 16 | 20 | 5 |
|
Lease financing |
| (13) | - |
|
| N/M | 14 | N/M |
|
Commercial and business lending |
| 29 | 126 |
|
| 20 | 7 | 18 |
|
Commercial real estate - investor |
| 27 | 3 |
|
| 113 | 38 | 169 |
|
Real estate construction |
| (12) | 40 |
|
| 16 | N/M | N/M |
|
Commercial real estate lending |
| 20 | 9 |
|
| 96 | 122 | 213 |
|
Total commercial |
| 25 | 79 |
|
| 50 | 53 | 98 |
|
Home equity |
| 132 | 86 |
|
| 144 | 127 | 134 |
|
Installment |
| 26 | 28 |
|
| 7 | 32 | 52 |
|
Total retail |
| 114 | 76 |
|
| 119 | 110 | 119 |
|
Residential mortgage |
| 45 | 19 |
|
| 34 | 46 | 36 |
|
Total net charge offs |
| 47 | 65 |
|
| 61 | 64 | 90 |
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|
Credit Quality |
|
|
| Sep12 vs Jun12 |
|
|
|
| Sep12 vs Sep11 |
|
| Sep 30, 2012 | Jun 30, 2012 | % Change |
| Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | % Change |
Nonaccrual loans |
| $ 278,172 | $ 317,872 | (12.5%) |
| $ 327,085 | $ 356,772 | $ 403,392 | (31.0%) |
Other real estate owned (OREO) |
| 36,053 | 40,029 | (9.9%) |
| 34,425 | 41,571 | 42,076 | (14.3%) |
Total nonperforming assets |
| $ 314,225 | $ 357,901 | (12.2%) |
| $ 361,510 | $ 398,343 | $ 445,468 | (29.5%) |
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|
Loans 90 or more days past due and still accruing |
| 2,334 | 5,224 | (55.3%) |
| 2,497 | 4,925 | 1,220 | 91.3% |
Restructured loans (accruing) |
| 135,791 | 122,229 | 11.1% |
| 120,719 | 113,164 | 113,083 | 20.1% |
|
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|
|
|
|
|
|
|
Allowance for loan losses / loans |
| 2.11% | 2.26% |
|
| 2.50% | 2.70% | 2.96% |
|
Allowance for loan losses / nonaccrual loans |
| 113.29 | 104.65 |
|
| 108.93 | 105.99 | 99.09 |
|
Nonaccrual loans / total loans |
| 1.86 | 2.16 |
|
| 2.29 | 2.54 | 2.99 |
|
Nonperforming assets / total loans plus OREO |
| 2.09 | 2.43 |
|
| 2.53 | 2.83 | 3.29 |
|
Nonperforming assets / total assets |
| 1.38 | 1.62 |
|
| 1.65 | 1.82 | 2.03 |
|
Net charge offs / average loans (annualized) |
| 0.47 | 0.65 |
|
| 0.61 | 0.64 | 0.90 |
|
Year-to-date net charge offs / average loans |
| 0.58 | 0.63 |
|
| 0.61 | 1.13 | 1.32 |
|
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|
|
Nonaccrual loans by type: |
|
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|
Commercial and industrial |
| $ 41,694 | $ 46,111 | (9.6%) |
| $ 50,641 | $ 56,075 | $ 61,256 | (31.9%) |
Commercial real estate - owner occupied |
| 27,161 | 33,417 | (18.7%) |
| 31,888 | 35,718 | 47,202 | (42.5%) |
Lease financing |
| 5,927 | 8,260 | (28.2%) |
| 9,040 | 10,644 | 11,667 | (49.2%) |
Commercial and business lending |
| 74,782 | 87,788 | (14.8%) |
| 91,569 | 102,437 | 120,125 | (37.7%) |
Commercial real estate - investor |
| 71,522 | 88,806 | (19.5%) |
| 89,030 | 99,352 | 97,691 | (26.8%) |
Real estate construction |
| 31,684 | 36,403 | (13.0%) |
| 36,471 | 41,806 | 72,300 | (56.2%) |
Commercial real estate lending |
| 103,206 | 125,209 | (17.6%) |
| 125,501 | 141,158 | 169,991 | (39.3%) |
Total commercial |
| 177,988 | 212,997 | (16.4%) |
| 217,070 | 243,595 | 290,116 | (38.6%) |
Home equity |
| 38,467 | 41,536 | (7.4%) |
| 44,628 | 46,907 | 46,119 | (16.6%) |
Installment |
| 2,893 | 3,047 | (5.1%) |
| 2,627 | 2,715 | 3,195 | (9.5%) |
Total retail |
| 41,360 | 44,583 | (7.2%) |
| 47,255 | 49,622 | 49,314 | (16.1%) |
Residential mortgage |
| 58,824 | 60,292 | (2.4%) |
| 62,760 | 63,555 | 63,962 | (8.0%) |
Total nonaccrual loans |
| $ 278,172 | $ 317,872 | (12.5%) |
| $ 327,085 | $ 356,772 | $ 403,392 | (31.0%) |
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* Annualized. |
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N/M = Not meaningful. |
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Selected Asset Quality Information (continued) |
Associated Banc-Corp |
|
|
|
| Sep12 vs Jun12 |
|
|
|
| Sep12 vs Sep11 |
(in thousands) |
| Sep 30, 2012 | Jun 30, 2012 | % Change |
| Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | % Change |
Restructured loans (accruing) |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
| $ 35,015 | $ 28,399 | 23.3% |
| $ 25,622 | $ 22,552 | $ 23,020 | 52.1% |
Commercial real estate - owner occupied |
| 15,706 | 7,115 | 120.7% |
| 6,926 | 8,138 | 5,439 | 188.8% |
Lease financing |
| - | - | 0.0% |
| - | - | - | 0.0% |
Commercial and business lending |
| 50,721 | 35,514 | 42.8% |
| 32,548 | 30,690 | 28,459 | 78.2% |
Commercial real estate - investor |
| 49,249 | 49,325 | (0.2%) |
| 45,845 | 43,417 | 43,453 | 13.3% |
Real estate construction |
| 3,561 | 5,838 | (39.0%) |
| 11,770 | 10,977 | 10,707 | (66.7%) |
Commercial real estate lending |
| 52,810 | 55,163 | (4.3%) |
| 57,615 | 54,394 | 54,160 | (2.5%) |
Total commercial |
| 103,531 | 90,677 | 14.2% |
| 90,163 | 85,084 | 82,619 | 25.3% |
Home equity |
| 9,467 | 9,471 | (0.0%) |
| 9,092 | 8,950 | 10,556 | (10.3%) |
Installment |
| 672 | 779 | (13.7%) |
| 999 | 1,015 | 965 | (30.4%) |
Total retail |
| 10,139 | 10,250 | (1.1%) |
| 10,091 | 9,965 | 11,521 | (12.0%) |
Residential mortgage |
| 22,121 | 21,302 | 3.8% |
| 20,465 | 18,115 | 18,943 | 16.8% |
Total restructured loans (accruing) |
| $ 135,791 | $ 122,229 | 11.1% |
| $ 120,719 | $ 113,164 | $ 113,083 | 20.1% |
|
|
|
|
|
|
|
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|
|
Restructured loans in nonaccrual loans (not included above) |
| $ 74,251 | $ 86,395 | (14.1%) |
| $ 79,946 | $ 87,493 | $ 80,063 | (7.3%) |
|
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|
Loans Past Due 30-89 Days |
|
|
| Sep12 vs Jun12 |
|
|
|
| Sep12 vs Sep11 |
|
| Sep 30, 2012 | Jun 30, 2012 | % Change |
| Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | % Change |
Commercial and industrial |
| $ 3,795 | $ 4,465 | (15.0%) |
| $ 12,643 | $ 8,743 | $ 6,255 | (39.3%) |
Commercial real estate - owner occupied |
| 4,843 | 2,125 | 127.9% |
| 7,532 | 7,092 | 29,409 | (83.5%) |
Lease financing |
| 17 | 39 | (56.4%) |
| 40 | 104 | 507 | (96.6%) |
Commercial and business lending |
| 8,655 | 6,629 | 30.6% |
| 20,215 | 15,939 | 36,171 | (76.1%) |
Commercial real estate - investor |
| 8,809 | 12,854 | (31.5%) |
| 8,313 | 4,970 | 70,136 | (87.4%) |
Real estate construction |
| 1,254 | 1,618 | (22.5%) |
| 1,736 | 996 | 5,493 | (77.2%) |
Commercial real estate lending |
| 10,063 | 14,472 | (30.5%) |
| 10,049 | 5,966 | 75,629 | (86.7%) |
Total commercial |
| 18,718 | 21,101 | (11.3%) |
| 30,264 | 21,905 | 111,800 | (83.3%) |
Home equity |
| 14,823 | 15,302 | (3.1%) |
| 18,007 | 12,189 | 18,165 | (18.4%) |
Installment |
| 1,693 | 1,558 | 8.7% |
| 2,813 | 2,592 | 1,956 | (13.4%) |
Total retail |
| 16,516 | 16,860 | (2.0%) |
| 20,820 | 14,781 | 20,121 | (17.9%) |
Residential mortgage |
| 6,878 | 9,836 | (30.1%) |
| 10,114 | 7,224 | 12,114 | (43.2%) |
Total loans past due 30-89 days |
| $ 42,112 | $ 47,797 | (11.9%) |
| $ 61,198 | $ 43,910 | $ 144,035 | (70.8%) |
|
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|
|
Potential Problem Loans |
|
|
| Sep12 vs Jun12 |
|
|
|
| Sep12 vs Sep11 |
|
| Sep 30, 2012 | Jun 30, 2012 | % Change |
| Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | % Change |
Commercial and industrial |
| $ 120,888 | $ 121,764 | (0.7%) |
| $ 157,778 | $ 153,306 | $ 207,351 | (41.7%) |
Commercial real estate - owner occupied |
| 120,034 | 108,508 | 10.6% |
| 112,673 | 136,366 | 140,406 | (14.5%) |
Lease financing |
| 214 | 324 | (34.0%) |
| 487 | 158 | 507 | (57.8%) |
Commercial and business lending |
| 241,136 | 230,596 | 4.6% |
| 270,938 | 289,830 | 348,264 | (30.8%) |
Commercial real estate - investor |
| 133,046 | 142,453 | (6.6%) |
| 167,339 | 230,206 | 252,331 | (47.3%) |
Real estate construction |
| 18,477 | 23,905 | (22.7%) |
| 27,654 | 27,649 | 37,155 | (50.3%) |
Commercial real estate lending |
| 151,523 | 166,358 | (8.9%) |
| 194,993 | 257,855 | 289,486 | (47.7%) |
Total commercial |
| 392,659 | 396,954 | (1.1%) |
| 465,931 | 547,685 | 637,750 | (38.4%) |
Home equity |
| 3,343 | 4,173 | (19.9%) |
| 4,441 | 5,451 | 4,975 | (32.8%) |
Installment |
| 131 | 127 | 3.1% |
| 142 | 233 | 272 | (51.8%) |
Total retail |
| 3,474 | 4,300 | (19.2%) |
| 4,583 | 5,684 | 5,247 | (33.8%) |
Residential mortgage |
| 8,197 | 8,658 | (5.3%) |
| 9,580 | 13,037 | 16,550 | (50.5%) |
Total potential problem loans |
| $ 404,330 | $ 409,912 | (1.4%) |
| $ 480,094 | $ 566,406 | $ 659,547 | (38.7%) |
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|
Net Interest Income Analysis - Taxable Equivalent Basis |
Associated Banc-Corp |
| Nine months ended September 30, 2012 |
| Nine months ended September 30, 2011 |
|
| Average | Interest | Average |
| Average | Interest | Average |
(in thousands) |
| Balance | Income / Expense | Yield / Rate |
| Balance | Income / Expense | Yield / Rate |
|
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|
Earning assets: |
|
|
|
|
|
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|
|
Loans: (1) (2) (3) |
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|
|
|
|
Commercial and business lending |
| $ 5,041,098 | $ 149,001 | 3.95% |
| $ 4,187,882 | $ 134,119 | 4.28% |
Commercial real estate lending |
| 3,316,306 | 105,259 | 4.24 |
| 2,933,824 | 98,608 | 4.49 |
Total commercial |
| 8,357,404 | 254,260 | 4.06 |
| $ 7,121,706 | $ 232,727 | 4.37 |
Residential mortgage |
| 3,277,879 | 91,273 | 3.71 |
| 2,685,994 | 84,564 | 4.20 |
Retail |
| 2,975,782 | 103,230 | 4.63 |
| 3,213,434 | 118,127 | 4.91 |
Total loans |
| 14,611,065 | 448,763 | 4.10 |
| 13,021,134 | 435,418 | 4.47 |
Investment securities |
| 4,444,144 | 101,033 | 3.03 |
| 5,658,000 | 136,665 | 3.22 |
Other short-term investments |
| 417,998 | 3,843 | 1.23 |
| 741,438 | 4,324 | 0.78 |
Investments and other |
| 4,862,142 | 104,876 | 2.88 |
| 6,399,438 | 140,989 | 2.94 |
Total earning assets |
| 19,473,207 | 553,639 | 3.79 |
| 19,420,572 | 576,407 | 3.96 |
Other assets, net |
| 2,314,461 |
|
|
| 2,111,598 |
|
|
Total assets |
| $ 21,787,668 |
|
|
| $ 21,532,170 |
|
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|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
Savings deposits |
| $ 1,085,514 | $ 626 | 0.08% |
| $ 977,064 | $ 861 | 0.12% |
Interest-bearing demand deposits |
| 2,118,789 | 2,788 | 0.18 |
| 1,878,417 | 2,314 | 0.16 |
Money market deposits |
| 5,930,870 | 11,233 | 0.25 |
| 5,093,270 | 12,736 | 0.33 |
Time deposits |
| 2,307,642 | 17,693 | 1.02 |
| 2,997,635 | 34,883 | 1.56 |
Total interest-bearing deposits |
| 11,442,815 | 32,340 | 0.38 |
| 10,946,386 | 50,794 | 0.62 |
Federal funds purchased and securities sold under |
|
|
|
|
|
|
|
|
agreements to repurchase |
| 1,241,652 | 2,129 | 0.23 |
| 1,960,670 | 4,919 | 0.34 |
Other short-term funding |
| 1,066,063 | 3,068 | 0.38 |
| 792,595 | 5,336 | 0.90 |
Total long-term funding |
| 1,177,223 | 35,740 | 4.05 |
| 1,429,643 | 38,285 | 3.57 |
Total short and long-term funding |
| 3,484,938 | 40,937 | 1.57 |
| 4,182,908 | 48,540 | 1.55 |
Total interest-bearing liabilities |
| 14,927,753 | 73,277 | 0.66 |
| 15,129,294 | 99,334 | 0.88 |
Noninterest-bearing demand deposits |
| 3,780,990 |
|
|
| 3,288,737 |
|
|
Other liabilities |
| 165,777 |
|
|
| 69,267 |
|
|
Stockholders' equity |
| 2,913,148 |
|
|
| 3,044,872 |
|
|
Total liabilities and stockholders' equity |
| $ 21,787,668 |
|
|
| $ 21,532,170 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income and rate spread (1) |
|
| $ 480,362 | 3.13% |
|
| $ 477,073 | 3.08% |
Net interest margin (1) |
|
|
| 3.29% |
|
|
| 3.28% |
Taxable equivalent adjustment |
|
| $ 15,825 |
|
|
| $ 16,067 |
|
|
|
|
|
|
|
|
|
|
Net Interest Income Analysis - Taxable Equivalent Basis |
|
|
|
|
|
|
|
|
Associated Banc-Corp |
| Three months ended September 30, 2012 |
| Three months ended September 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 |
| $ 5,275,069 | $ 51,432 | 3.88% |
| $ 4,329,916 | $ 45,302 | 4.15% |
Commercial real estate lending |
| 3,440,220 | 35,913 | 4.16 |
| 3,007,611 | 33,859 | 4.47 |
Total commercial |
| 8,715,289 | 87,345 | 3.99 |
| $ 7,337,527 | $ 79,161 | 4.28 |
Residential mortgage |
| 3,320,212 | 30,044 | 3.62 |
| 2,869,445 | 29,385 | 4.09 |
Retail |
| 2,881,292 | 33,251 | 4.60 |
| 3,169,956 | 38,102 | 4.78 |
Total loans |
| 14,916,793 | 150,640 | 4.02 |
| 13,376,928 | 146,648 | 4.36 |
Investment securities |
| 4,319,404 | 31,950 | 2.96 |
| 5,430,677 | 42,314 | 3.12 |
Other short-term investments |
| 423,599 | 1,334 | 1.26 |
| 722,402 | 1,428 | 0.79 |
Investments and other |
| 4,743,003 | 33,284 | 2.81 |
| 6,153,079 | 43,742 | 2.84 |
Total earning assets |
| 19,659,796 | 183,924 | 3.73 |
| 19,530,007 | 190,390 | 3.88 |
Other assets, net |
| 2,356,952 |
|
|
| 2,199,180 |
|
|
Total assets |
| $ 22,016,748 |
|
|
| $ 21,729,187 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
Savings deposits |
| $ 1,117,194 | $ 229 | 0.08% |
| $ 1,013,333 | $ 289 | 0.11% |
Interest-bearing demand deposits |
| 2,136,280 | 926 | 0.17 |
| 2,056,082 | 945 | 0.18 |
Money market deposits |
| 6,240,596 | 3,932 | 0.25 |
| 5,092,120 | 3,841 | 0.30 |
Time deposits |
| 2,159,684 | 4,664 | 0.86 |
| 2,826,663 | 10,569 | 1.48 |
Total interest-bearing deposits |
| 11,653,754 | 9,751 | 0.33 |
| 10,988,198 | 15,644 | 0.56 |
Federal funds purchased and securities sold under |
|
|
|
|
|
|
|
|
agreements to repurchase |
| 1,266,995 | 750 | 0.24 |
| 2,245,946 | 1,810 | 0.32 |
Other short-term funding |
| 837,316 | 815 | 0.39 |
| 543,271 | 1,229 | 0.90 |
Total long-term funding |
| 1,182,632 | 11,738 | 3.97 |
| 1,438,102 | 13,252 | 3.68 |
Total short and long-term funding |
| 3,286,943 | 13,303 | 1.62 |
| 4,227,319 | 16,291 | 1.54 |
Total interest-bearing liabilities |
| 14,940,697 | 23,054 | 0.62 |
| 15,215,517 | 31,935 | 0.83 |
Noninterest-bearing demand deposits |
| 3,962,102 |
|
|
| 3,417,113 |
|
|
Other liabilities |
| 180,239 |
|
|
| 109,379 |
|
|
Stockholders' equity |
| 2,933,710 |
|
|
| 2,987,178 |
|
|
Total liabilities and stockholders' equity |
| $ 22,016,748 |
|
|
| $ 21,729,187 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income and rate spread (1) |
|
| $ 160,870 | 3.11% |
|
| $ 158,455 | 3.05% |
Net interest margin (1) |
|
|
| 3.26% |
|
|
| 3.23% |
Taxable equivalent adjustment |
|
| $ 5,268 |
|
|
| $ 5,295 |
|
|
|
|
|
|
|
|
|
|
(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, 2012 |
| Three months ended June 30, 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 |
| $ 5,275,069 | $ 51,432 | 3.88% |
| $ 5,016,701 | $ 48,584 | 3.89% |
|
Commercial real estate lending |
| 3,440,220 | 35,913 | 4.16 |
| 3,320,186 | 34,843 | 4.22 |
|
Total commercial |
| 8,715,289 | 87,345 | 3.99 |
| $ 8,336,887 | $ 83,427 | 4.02 |
|
Residential mortgage |
| 3,320,212 | 30,044 | 3.62 |
| 3,273,873 | 30,266 | 3.70 |
|
Retail |
| 2,881,292 | 33,251 | 4.60 |
| 2,991,842 | 34,468 | 4.63 |
|
Total loans |
| 14,916,793 | 150,640 | 4.02 |
| 14,602,602 | 148,161 | 4.07 |
|
Investment securities |
| 4,319,404 | 31,950 | 2.96 |
| 4,402,800 | 34,416 | 3.13 |
|
Other short-term investments |
| 423,599 | 1,334 | 1.26 |
| 380,644 | 1,262 | 1.33 |
|
Investments and other |
| 4,743,003 | 33,284 | 2.81 |
| 4,783,444 | 35,678 | 2.98 |
|
Total earning assets |
| 19,659,796 | 183,924 | 3.73 |
| 19,386,046 | 183,839 | 3.80 |
|
Other assets, net |
| 2,356,952 |
|
|
| 2,298,554 |
|
|
|
Total assets |
| $ 22,016,748 |
|
|
| $ 21,684,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
Savings deposits |
| $ 1,117,194 | $ 229 | 0.08% |
| $ 1,109,609 | $ 211 | 0.08% |
|
Interest-bearing demand deposits |
| 2,136,280 | 926 | 0.17 |
| 2,105,440 | 917 | 0.18 |
|
Money market deposits |
| 6,240,596 | 3,932 | 0.25 |
| 5,860,043 | 3,744 | 0.26 |
|
Time deposits |
| 2,159,684 | 4,664 | 0.86 |
| 2,280,568 | 5,681 | 1.00 |
|
Total interest-bearing deposits |
| 11,653,754 | 9,751 | 0.33 |
| 11,355,660 | 10,553 | 0.37 |
|
Federal funds purchased and securities sold under |
|
|
|
|
|
|
|
|
|
agreements to repurchase |
| 1,266,995 | 750 | 0.24 |
| 1,114,964 | 612 | 0.22 |
|
Other short-term funding |
| 837,316 | 815 | 0.39 |
| 1,279,319 | 1,197 | 0.38 |
|
Total long-term funding |
| 1,182,632 | 11,738 | 3.97 |
| 1,172,063 | 11,956 | 4.08 |
|
Total short and long-term funding |
| 3,286,943 | 13,303 | 1.62 |
| 3,566,346 | 13,765 | 1.55 |
|
Total interest-bearing liabilities |
| 14,940,697 | 23,054 | 0.62 |
| 14,922,006 | 24,318 | 0.65 |
|
Noninterest-bearing demand deposits |
| 3,962,102 |
|
|
| 3,695,024 |
|
|
|
Other liabilities |
| 180,239 |
|
|
| 152,248 |
|
|
|
Stockholders' equity |
| 2,933,710 |
|
|
| 2,915,322 |
|
|
|
Total liabilities and stockholders' equity |
| $ 22,016,748 |
|
|
| $ 21,684,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and rate spread (1) |
|
| $ 160,870 | 3.11% |
|
| $ 159,521 | 3.15% |
|
Net interest margin (1) |
|
|
| 3.26% |
|
|
| 3.30% |
|
Taxable equivalent adjustment |
|
| $ 5,268 |
|
|
| $ 5,254 |
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
| Sep12 vs Jun12 |
|
|
|
| Sep12 vs Sep11 |
|
| Sep 30, 2012 | Jun 30, 2012 | % Change |
| Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | % Change |
Commercial and industrial |
| $ 4,265,356 | $ 4,076,370 | 4.6% |
| $ 3,719,016 | $ 3,724,736 | $ 3,360,502 | 26.9% |
Commercial real estate - owner occupied |
| 1,197,517 | 1,116,815 | 7.2% |
| 1,074,755 | 1,086,829 | 1,068,616 | 12.1% |
Lease financing |
| 60,818 | 62,750 | (3.1%) |
| 61,208 | 58,194 | 54,849 | 10.9% |
Commercial and business lending |
| 5,523,691 | 5,255,935 | 5.1% |
| 4,854,979 | 4,869,759 | 4,483,967 | 23.2% |
Commercial real estate - investor |
| 2,787,158 | 2,810,521 | (0.8%) |
| 2,664,251 | 2,563,767 | 2,481,411 | 12.3% |
Real estate construction |
| 611,186 | 612,556 | (0.2%) |
| 565,953 | 584,046 | 554,024 | 10.3% |
Commercial real estate lending |
| 3,398,344 | 3,423,077 | (0.7%) |
| 3,230,204 | 3,147,813 | 3,035,435 | 12.0% |
Total commercial |
| 8,922,035 | 8,679,012 | 2.8% |
| 8,085,183 | 8,017,572 | 7,519,402 | 18.7% |
Home equity |
| 2,356,900 | 2,429,594 | (3.0%) |
| 2,501,770 | 2,504,704 | 2,571,404 | (8.3%) |
Installment |
| 482,451 | 510,831 | (5.6%) |
| 537,628 | 557,782 | 572,243 | (15.7%) |
Total retail |
| 2,839,351 | 2,940,425 | (3.4%) |
| 3,039,398 | 3,062,486 | 3,143,647 | (9.7%) |
Residential mortgage |
| 3,204,828 | 3,079,465 | 4.1% |
| 3,129,144 | 2,951,013 | 2,840,458 | 12.8% |
Total consumer |
| 6,044,179 | 6,019,890 | 0.4% |
| 6,168,542 | 6,013,499 | 5,984,105 | 1.0% |
Total loans |
| $ 14,966,214 | $ 14,698,902 | 1.8% |
| $ 14,253,725 | $ 14,031,071 | $ 13,503,507 | 10.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Deposit and Customer Funding Composition |
|
|
| Sep12 vs Jun12 |
|
|
|
| Sep12 vs Sep11 |
|
| Sep 30, 2012 | Jun 30, 2012 | % Change |
| Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | % Change |
Noninterest-bearing demand |
| $ 4,320,437 | $ 3,874,429 | 11.5% |
| $ 3,989,156 | $ 3,928,792 | $ 3,711,570 | 16.4% |
Savings |
| 1,115,783 | 1,117,593 | (0.2%) |
| 1,098,975 | 986,766 | 1,013,195 | 10.1% |
Interest-bearing demand |
| 2,230,740 | 2,078,037 | 7.3% |
| 2,040,900 | 2,297,454 | 2,071,627 | 7.7% |
Money market |
| 6,682,640 | 5,822,449 | 14.8% |
| 6,176,981 | 5,150,275 | 5,205,401 | 28.4% |
Brokered CDs |
| 33,612 | 41,104 | (18.2%) |
| 46,493 | 202,948 | 203,827 | (83.5%) |
Other time |
| 2,067,380 | 2,173,259 | (4.9%) |
| 2,300,871 | 2,524,420 | 2,576,790 | (19.8%) |
Total deposits |
| 16,450,592 | 15,106,871 | 8.9% |
| 15,653,376 | 15,090,655 | 14,782,410 | 11.3% |
Customer repo sweeps |
| 600,225 | 592,203 | 1.4% |
| 635,697 | 664,624 | 871,619 | (31.1%) |
Customer repo term |
| 448,782 | 619,897 | (27.6%) |
| 509,332 | 695,131 | 1,141,450 | (60.7%) |
Total customer funding |
| 1,049,007 | 1,212,100 | (13.5%) |
| 1,145,029 | 1,359,755 | 2,013,069 | (47.9%) |
Total deposits and customer funding |
| $ 17,499,599 | $ 16,318,971 | 7.2% |
| $ 16,798,405 | $ 16,450,410 | $ 16,795,479 | 4.2% |
|
|
|
|
|
|
|
|
|
|
Network transaction deposits included above in |
|
|
|
|
|
|
|
|
|
interest-bearing demand and money market |
| 1,740,434 | 1,234,010 | 41.0% |
| 1,171,679 | 875,052 | 875,630 | 98.8% |
Brokered CDs |
| 33,612 | 41,104 | (18.2%) |
| 46,493 | 202,948 | 203,827 | (83.5%) |
Total network and brokered funding |
| 1,774,046 | 1,275,114 | 39.1% |
| 1,218,172 | 1,078,000 | 1,079,457 | 64.3% |
|
|
|
|
|
|
|
|
|
|
Net customer deposits and funding (4) |
| 15,725,553 | 15,043,857 | 4.5% |
| 15,580,233 | 15,372,410 | 15,716,022 | 0.1% |
|
|
|
|
|
|
|
|
|
|
(4) Total deposits and customer funding excluding total network and brokered funding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
SOURCE Associated Banc-Corp