GREEN BAY, Wis., April 18, 2013 /PRNewswire/ -- Associated Banc-Corp (NASDAQ: ASBC) today reported net income to common shareholders of $46 million, or $0.27 per common share, for the quarter ended March 31, 2013. This compares to net income to common shareholders of $41 million, or $0.24 per common share, for the quarter ended March 31, 2012.
"We are pleased with our solid results this quarter and remain optimistic about our long term prospects," said President and CEO Philip B. Flynn. "Our mortgage banking business had a very strong quarter and we remain focused on expense management. We continue to execute on our long-term growth strategies with a focus on relationship banking for consumers and businesses, and remain disciplined in our approach to capital deployment through share buybacks and dividend payments."
HIGHLIGHTS
- Net income to common shareholders of $46 million, up 11.5% from the prior year period
- Quarterly earnings were at the highest level since mid-2008
- Return on Tier 1 common equity for the quarter was 10.1%, compared to 9.2% for the prior year period
- Loan balances increased by a net $141 million, or 1% during the first quarter and have increased $1.3 billion, or 9% from a year ago
- Average loan balances increased by $317 million, or 2% from the fourth quarter and have increased $1.1 billion, or 8% from a year ago
- Total commercial loan balances grew by $190 million, or 2% during the quarter and accounted for the majority of the quarter's net loan growth
- Average deposits for the first quarter increased by $2.1 billion, or 14% from a year ago to $17.1 billion
- Average deposits increased by $496 million, or 3%, from the fourth quarter
- Credit quality continued to improve with net charge offs, nonaccrual loans, and potential problem loans all declining quarter over quarter
- During the first quarter, the Company repurchased $30 million, or approximately 2 million shares, of common stock at an average cost of $14.31
- Capital ratios remain very strong with a Tier 1 common equity ratio of 11.64%
Loans
Average loans of $15.4 billion increased by $317 million, or 2% from the fourth quarter and increased $1.1 billion, or 8%, from the year ago quarter.
Period end first quarter loans of $15.6 billion were up $141 million, or 1%, from $15.4 billion at December 31, 2012 and up $1.3 billion, or 9%, from $14.3 billion a year ago. Commercial and business lending balances increased by $123 million, or 2% from the prior quarter. Commercial real estate lending balances grew by $67 million, or 2% on a linked-quarter basis. The residential mortgage portfolio grew by $91 million, or 3%, during the quarter while the retail portfolio, which includes home equity and installment loan balances, experienced net run-off of $140 million, or 5%, during the quarter.
Deposits
Average deposits of $17.1 billion were up $496 million, or 3%, compared to the fourth quarter and increased by $2.1 billion, or 14%, from the year ago quarter.
Period end first quarter deposits of $17.4 billion were up $481 million, or 3%, compared to fourth quarter levels. The net deposit growth during the quarter was driven by increases of $412 million, or 16%, in interest bearing demand deposits and $319 million, or 5%, in money market deposits. This was mainly offset by a decrease of $306 million in noninterest bearing demand deposit balances.
Net Interest Income and Net Interest Margin
First quarter net interest income of $158 million was 2% lower compared to the prior quarter but up 2% compared to the year-ago quarter. The $4 million decline in interest and fees on loans from the prior quarter is primarily attributable to two less days of accrual during the respective period ($2 million) and $1 million in lower interest recoveries. The fourth quarter of 2012 also included $2 million of interest income received on a tax refund.
First quarter net interest margin was 3.17%, a decrease of 15 basis points from the 3.32% reported in the fourth quarter and a 9 basis point decrease from the 3.26% reported in the third quarter of 2012. The decrease from the fourth quarter of 2012 was mainly due to a 15 basis point decline in loan yields. Both commercial and consumer loan yields saw compression during the period. This compression was partially offset by 6 basis points of liability cost management actions. In addition, the fourth quarter 2012 net interest margin included a 3 basis point benefit related to interest received relating to the tax refund.
Noninterest Income and Expense
Noninterest income for the quarter was $82 million, up $4 million, or 5%, from the fourth quarter. The improvement was primarily due to an increase in mortgage banking income, up $4 million, reflecting continued strong margins and reduced mortgage servicing rights expense.
Total noninterest expense for the quarter ended March 31, 2013 was $167 million, down $9 million, or 5%, from the fourth quarter. Personnel expense was flat to the prior quarter as lower salary expenses were offset by the seasonal effect of higher payroll taxes. Full-time equivalent (FTE) employee counts were at their lowest levels since mid-2010. Legal and professional expense decreased $3 million from the previous quarter, mainly reflecting lower professional fees relating to Bank Secrecy Act expenditures. Occupancy expenses were down $2 million from the previous quarter, primarily from branch consolidation benefits. In addition, losses other than loans were $3 million lower than the fourth quarter.
Credit
The Company reported another quarter of improving credit quality with nonaccrual loans down 11%, to $225 million compared to the fourth quarter, and down 31% from a year ago. The ratio of nonaccrual loans to total loans now stands at 1.45% and has improved for the 12th consecutive quarter.
Net charge offs of $14 million for the first quarter were down $6 million from the fourth quarter, and were $7 million lower than a year ago.
First quarter provision for loan losses was $4 million compared to $3 million in the fourth quarter 2012. The Company's allowance for loan losses was $287 million, representing an allowance equal to 1.84% of loans and representing a coverage ratio of over 127% of nonaccrual loans at March 31, 2013.
Capital Ratios
The Company's capital position remains very strong, with a Tier 1 common equity ratio of 11.64% at March 31, 2013. The Company's capital ratios continue to be well in excess of both current and proposed "well-capitalized" regulatory benchmarks.
FIRST QUARTER 2013 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 18, 2013. 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 888-317-6016. 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 412-317-6016. Participants should ask the operator for the Associated Banc-Corp first quarter 2013 earnings call.
An audio archive of the webcast will be available on the company's website at http://investor.associatedbank.com. A telephone replay will be available one hour after the completion of the call through 8:00 a.m. CT on May 20, 2013, by dialing 877-344-7529 and entering the conference ID number 10027203. 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 approximately 240 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: Brian Klaus, 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) |
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Associated Banc-Corp |
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| March 31, |
| December 31, |
| Seql Qtr |
| September 30, |
| June 30, |
| March 31, |
| Comp Qtr |
(in thousands) |
| 2013 |
| 2012 |
| $ Change |
| 2012 |
| 2012 |
| 2012 |
| $ Change |
Assets |
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Cash and due from banks |
| $ 336,247 |
| $ 563,304 |
| $ (227,057) |
| $ 419,529 |
| $ 414,760 |
| $ 360,728 |
| $ (24,481) |
Interest-bearing deposits in other financial institutions |
| 82,555 |
| 147,434 |
| (64,879) |
| 531,303 |
| 180,050 |
| 344,148 |
| (261,593) |
Federal funds sold and securities purchased under agreements to resell |
| 8,600 |
| 27,135 |
| (18,535) |
| 2,460 |
| 3,800 |
| 7,100 |
| 1,500 |
Securities held to maturity, at amortized cost |
| 54,123 |
| 39,877 |
| 14,246 |
| 21,852 |
| - |
| - |
| 54,123 |
Securities available for sale, at fair value |
| 4,950,317 |
| 4,926,758 |
| 23,559 |
| 4,496,198 |
| 4,521,436 |
| 4,669,100 |
| 281,217 |
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost |
| 152,490 |
| 166,774 |
| (14,284) |
| 166,100 |
| 176,041 |
| 177,808 |
| (25,318) |
Loans held for sale |
| 173,389 |
| 261,410 |
| (88,021) |
| 157,093 |
| 157,481 |
| 196,570 |
| (23,181) |
Loans |
| 15,551,562 |
| 15,411,022 |
| 140,540 |
| 14,966,214 |
| 14,698,902 |
| 14,253,725 |
| 1,297,837 |
Allowance for loan losses |
| (286,923) |
| (297,409) |
| 10,486 |
| (315,150) |
| (332,658) |
| (356,298) |
| 69,375 |
Loans, net |
| 15,264,639 |
| 15,113,613 |
| 151,026 |
| 14,651,064 |
| 14,366,244 |
| 13,897,427 |
| 1,367,212 |
Premises and equipment, net |
| 254,674 |
| 253,958 |
| 716 |
| 238,756 |
| 225,245 |
| 225,164 |
| 29,510 |
Goodwill |
| 929,168 |
| 929,168 |
| - |
| 929,168 |
| 929,168 |
| 929,168 |
| - |
Other intangible assets, net |
| 66,294 |
| 61,176 |
| 5,118 |
| 61,294 |
| 64,812 |
| 68,374 |
| (2,080) |
Trading assets |
| 65,014 |
| 70,711 |
| (5,697) |
| 76,159 |
| 73,484 |
| 69,081 |
| (4,067) |
Other assets |
| 940,258 |
| 926,417 |
| 13,841 |
| 987,378 |
| 968,579 |
| 969,002 |
| (28,744) |
Total assets |
| $ 23,277,768 |
| 23,487,735 |
| $ (209,967) |
| $ 22,738,354 |
| $ 22,081,100 |
| $ 21,913,670 |
| $ 1,364,098 |
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Liabilities and Stockholders' Equity |
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Noninterest-bearing demand deposits |
| $ 4,453,109 |
| 4,759,556 |
| $ (306,447) |
| $ 4,320,437 |
| $ 3,874,429 |
| $ 3,989,156 |
| $ 463,953 |
Interest-bearing deposits |
| 12,968,185 |
| 12,180,309 |
| 787,876 |
| 12,130,155 |
| 11,232,442 |
| 11,664,220 |
| 1,303,965 |
Total deposits |
| 17,421,294 |
| 16,939,865 |
| 481,429 |
| 16,450,592 |
| 15,106,871 |
| 15,653,376 |
| 1,767,918 |
Federal funds purchased and securities sold under agreements to repurchase |
| 730,855 |
| 750,455 |
| (19,600) |
| 1,138,027 |
| 1,253,270 |
| 1,236,219 |
| (505,364) |
Other short-term funding |
| 1,038,697 |
| 1,576,484 |
| (537,787) |
| 615,258 |
| 1,400,000 |
| 700,000 |
| 338,697 |
Long-term funding |
| 915,063 |
| 1,015,346 |
| (100,283) |
| 1,305,422 |
| 1,150,729 |
| 1,176,736 |
| (261,673) |
Trading liabilities |
| 70,236 |
| 76,343 |
| (6,107) |
| 82,861 |
| 80,107 |
| 75,130 |
| (4,894) |
Accrued expenses and other liabilities |
| 165,358 |
| 192,843 |
| (27,485) |
| 195,742 |
| 180,502 |
| 171,336 |
| (5,978) |
Total liabilities |
| 20,341,503 |
| 20,551,336 |
| (209,833) |
| 19,787,902 |
| 19,171,479 |
| 19,012,797 |
| 1,328,706 |
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 |
| 1,750 |
| 1,750 |
| - |
Surplus |
| 1,605,966 |
| 1,602,136 |
| 3,830 |
| 1,599,070 |
| 1,594,995 |
| 1,590,336 |
| 15,630 |
Retained earnings |
| 1,297,692 |
| 1,281,811 |
| 15,881 |
| 1,250,189 |
| 1,213,735 |
| 1,181,247 |
| 116,445 |
Accumulated other comprehensive income |
| 42,991 |
| 48,603 |
| (5,612) |
| 67,303 |
| 66,579 |
| 65,278 |
| (22,287) |
Treasury stock |
| (75,406) |
| (61,173) |
| (14,233) |
| (31,132) |
| (30,710) |
| (1,010) |
| (74,396) |
Total stockholders' equity |
| 2,936,265 |
| 2,936,399 |
| (134) |
| 2,950,452 |
| 2,909,621 |
| 2,900,873 |
| 35,392 |
Total liabilities and stockholders' equity |
| $ 23,277,768 |
| 23,487,735 |
| $ (209,967) |
| $ 22,738,354 |
| $ 22,081,100 |
| $ 21,913,670 |
| $ 1,364,098 |
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Consolidated Statements of Income (Unaudited) |
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Associated Banc-Corp |
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| For The Three Months Ended |
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| March 31, |
| Quarter |
(in thousands, except per share amounts) |
| 2013 |
| 2012 |
| $ Change | % Change |
Interest Income |
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Interest and fees on loans |
| $ 145,527 |
| $ 149,023 |
| $ (3,496) | (2.3%) |
Interest and dividends on investment securities: |
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Taxable |
| 21,613 |
| 23,029 |
| (1,416) | (6.1%) |
Tax-exempt |
| 6,965 |
| 7,274 |
| (309) | (4.2%) |
Other interest |
| 1,247 |
| 1,247 |
| - | 0.0% |
Total interest income |
| 175,352 |
| 180,573 |
| (5,221) | (2.9%) |
Interest Expense |
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Interest on deposits |
| 8,541 |
| 12,036 |
| (3,495) | (29.0%) |
Interest on Federal funds purchased and securities sold under agreements to repurchase |
| 410 |
| 767 |
| (357) | (46.5%) |
Interest on other short-term funding |
| 332 |
| 1,056 |
| (724) | (68.6%) |
Interest on long-term funding |
| 8,416 |
| 12,046 |
| (3,630) | (30.1%) |
Total interest expense |
| 17,699 |
| 25,905 |
| (8,206) | (31.7%) |
Net Interest Income |
| 157,653 |
| 154,668 |
| 2,985 | 1.9% |
Provision for loan losses |
| 4,000 |
| - |
| 4,000 | N/M |
Net interest income after provision for loan losses |
| 153,653 |
| 154,668 |
| (1,015) | (0.7%) |
Noninterest Income |
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Trust service fees |
| 10,910 |
| 9,787 |
| 1,123 | 11.5% |
Service charges on deposit accounts |
| 16,829 |
| 18,042 |
| (1,213) | (6.7%) |
Card-based and other nondeposit fees |
| 11,950 |
| 10,879 |
| 1,071 | 9.8% |
Insurance commissions |
| 11,763 |
| 11,590 |
| 173 | 1.5% |
Brokerage and annuity commissions |
| 3,516 |
| 4,127 |
| (611) | (14.8%) |
Total core fee-based revenue |
| 54,968 |
| 54,425 |
| 543 | 1.0% |
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Mortgage banking, net |
| 17,765 |
| 17,654 |
| 111 | 0.6% |
Capital market fees, net |
| 2,583 |
| 3,716 |
| (1,133) | (30.5%) |
Bank owned life insurance income |
| 2,970 |
| 4,292 |
| (1,322) | (30.8%) |
Asset gains (losses), net |
| 836 |
| (3,594) |
| 4,430 | (123.3%) |
Investment securities gains, net |
| 300 |
| 40 |
| 260 | N/M |
Other |
| 2,578 |
| 1,913 |
| 665 | 34.8% |
Total noninterest income |
| 82,000 |
| 78,446 |
| 3,554 | 4.5% |
Noninterest Expense |
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Personnel expense |
| 97,907 |
| 94,281 |
| 3,626 | 3.8% |
Occupancy |
| 15,662 |
| 15,179 |
| 483 | 3.2% |
Equipment |
| 6,167 |
| 5,468 |
| 699 | 12.8% |
Data processing |
| 11,508 |
| 9,516 |
| 1,992 | 20.9% |
Business development and advertising |
| 4,537 |
| 5,381 |
| (844) | (15.7%) |
Other intangible amortization |
| 1,011 |
| 1,049 |
| (38) | (3.6%) |
Loan expense |
| 3,284 |
| 2,910 |
| 374 | 12.9% |
Legal and professional fees |
| 5,345 |
| 9,715 |
| (4,370) | (45.0%) |
Losses other than loans |
| (316) |
| 3,550 |
| (3,866) | (108.9%) |
Foreclosure/OREO expense |
| 2,422 |
| 3,362 |
| (940) | (28.0%) |
FDIC expense |
| 5,432 |
| 4,870 |
| 562 | 11.5% |
Other |
| 13,956 |
| 14,481 |
| (525) | (3.6%) |
Total noninterest expense |
| 166,915 |
| 169,762 |
| (2,847) | (1.7%) |
Income before income taxes |
| 68,738 |
| 63,352 |
| 5,386 | 8.5% |
Income tax expense |
| 21,350 |
| 20,719 |
| 631 | 3.0% |
Net income |
| 47,388 |
| 42,633 |
| 4,755 | 11.2% |
Preferred stock dividends and discount |
| 1,300 |
| 1,300 |
| - | 0.0% |
Net income available to common equity |
| $ 46,088 |
| $ 41,333 |
| $ 4,755 | 11.5% |
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Earnings Per Common Share: |
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Basic |
| $ 0.27 |
| $ 0.24 |
| $ 0.03 | 12.5% |
Diluted |
| $ 0.27 |
| $ 0.24 |
| $ 0.03 | 12.5% |
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Average Common Shares Outstanding: |
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Basic |
| 168,234 |
| 173,846 |
| (5,612) | (3.2%) |
Diluted |
| 168,404 |
| 173,848 |
| (5,444) | (3.1%) |
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N/M = Not meaningful. |
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Consolidated Statements of Income (Unaudited) - Quarterly Trend |
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Associated Banc-Corp |
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| Sequential Qtr |
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| Comparable Qtr |
(in thousands, except per share amounts) |
| 1Q13 |
| 4Q12 |
| $ Change | % Change |
| 3Q12 |
| 2Q12 |
| 1Q12 |
| $ Change | % Change |
Interest Income |
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Interest and fees on loans |
| $ 145,527 |
| $ 150,107 |
| $ (4,580) | (3.1%) |
| $ 149,647 |
| $ 147,188 |
| $ 149,023 |
| $ (3,496) | (2.3%) |
Interest and dividends on investment securities: |
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Taxable |
| 21,613 |
| 20,368 |
| 1,245 | 6.1% |
| 20,548 |
| 23,000 |
| 23,029 |
| (1,416) | (6.1%) |
Tax-exempt |
| 6,965 |
| 7,119 |
| (154) | (2.2%) |
| 7,127 |
| 7,135 |
| 7,274 |
| (309) | (4.2%) |
Other interest |
| 1,247 |
| 2,876 |
| (1,629) | (56.6%) |
| 1,334 |
| 1,262 |
| 1,247 |
| - | 0.0% |
Total interest income |
| 175,352 |
| 180,470 |
| (5,118) | (2.8%) |
| 178,656 |
| 178,585 |
| 180,573 |
| (5,221) | (2.9%) |
Interest Expense |
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Interest on deposits |
| 8,541 |
| 9,091 |
| (550) | (6.0%) |
| 9,751 |
| 10,553 |
| 12,036 |
| (3,495) | (29.0%) |
Interest on Federal funds purchased and securities sold under agreements to repurchase |
| 410 |
| 558 |
| (148) | (26.5%) |
| 750 |
| 612 |
| 767 |
| (357) | (46.5%) |
Interest on other short-term funding |
| 332 |
| 226 |
| 106 | 46.9% |
| 815 |
| 1,197 |
| 1,056 |
| (724) | (68.6%) |
Interest on long-term funding |
| 8,416 |
| 9,140 |
| (724) | (7.9%) |
| 11,738 |
| 11,956 |
| 12,046 |
| (3,630) | (30.1%) |
Total interest expense |
| 17,699 |
| 19,015 |
| (1,316) | (6.9%) |
| 23,054 |
| 24,318 |
| 25,905 |
| (8,206) | (31.7%) |
Net Interest Income |
| 157,653 |
| 161,455 |
| (3,802) | (2.4%) |
| 155,602 |
| 154,267 |
| 154,668 |
| 2,985 | 1.9% |
Provision for loan losses |
| 4,000 |
| 3,000 |
| 1,000 | 33.3% |
| - |
| - |
| - |
| 4,000 | N/M |
Net interest income after provision for loan losses |
| 153,653 |
| 158,455 |
| (4,802) | (3.0%) |
| 155,602 |
| 154,267 |
| 154,668 |
| (1,015) | (0.7%) |
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust service fees |
| 10,910 |
| 10,429 |
| 481 | 4.6% |
| 10,396 |
| 10,125 |
| 9,787 |
| 1,123 | 11.5% |
Service charges on deposit accounts |
| 16,829 |
| 16,817 |
| 12 | 0.1% |
| 17,290 |
| 16,768 |
| 18,042 |
| (1,213) | (6.7%) |
Card-based and other nondeposit fees |
| 11,950 |
| 12,690 |
| (740) | (5.8%) |
| 12,209 |
| 12,084 |
| 10,879 |
| 1,071 | 9.8% |
Insurance commissions |
| 11,763 |
| 10,862 |
| 901 | 8.3% |
| 11,650 |
| 12,912 |
| 11,590 |
| 173 | 1.5% |
Brokerage and annuity commissions |
| 3,516 |
| 3,678 |
| (162) | (4.4%) |
| 3,632 |
| 4,206 |
| 4,127 |
| (611) | (14.8%) |
Total core fee-based revenue |
| 54,968 |
| 54,476 |
| 492 | 0.9% |
| 55,177 |
| 56,095 |
| 54,425 |
| 543 | 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking, net |
| 17,765 |
| 13,530 |
| 4,235 | 31.3% |
| 15,581 |
| 16,735 |
| 17,654 |
| 111 | 0.6% |
Capital market fees, net |
| 2,583 |
| 4,243 |
| (1,660) | (39.1%) |
| 3,609 |
| 2,673 |
| 3,716 |
| (1,133) | (30.5%) |
Bank owned life insurance income |
| 2,970 |
| 3,206 |
| (236) | (7.4%) |
| 3,290 |
| 3,164 |
| 4,292 |
| (1,322) | (30.8%) |
Asset gains (losses), net |
| 836 |
| (209) |
| 1,045 | N/M |
| (3,309) |
| (4,984) |
| (3,594) |
| 4,430 | (123.3%) |
Investment securities gains, net |
| 300 |
| 152 |
| 148 | 97.4% |
| 3,506 |
| 563 |
| 40 |
| 260 | N/M |
Other |
| 2,578 |
| 2,507 |
| 71 | 2.8% |
| 3,134 |
| 1,705 |
| 1,913 |
| 665 | 34.8% |
Total noninterest income |
| 82,000 |
| 77,905 |
| 4,095 | 5.3% |
| 80,988 |
| 75,951 |
| 78,446 |
| 3,554 | 4.5% |
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expense |
| 97,907 |
| 98,073 |
| (166) | (0.2%) |
| 95,231 |
| 93,819 |
| 94,281 |
| 3,626 | 3.8% |
Occupancy |
| 15,662 |
| 17,273 |
| (1,611) | (9.3%) |
| 14,334 |
| 14,008 |
| 15,179 |
| 483 | 3.2% |
Equipment |
| 6,167 |
| 6,444 |
| (277) | (4.3%) |
| 5,935 |
| 5,719 |
| 5,468 |
| 699 | 12.8% |
Data processing |
| 11,508 |
| 11,706 |
| (198) | (1.7%) |
| 11,022 |
| 11,304 |
| 9,516 |
| 1,992 | 20.9% |
Business development and advertising |
| 4,537 |
| 5,395 |
| (858) | (15.9%) |
| 5,059 |
| 5,468 |
| 5,381 |
| (844) | (15.7%) |
Other intangible amortization |
| 1,011 |
| 1,049 |
| (38) | (3.6%) |
| 1,048 |
| 1,049 |
| 1,049 |
| (38) | (3.6%) |
Loan expense |
| 3,284 |
| 3,130 |
| 154 | 4.9% |
| 3,297 |
| 2,948 |
| 2,910 |
| 374 | 12.9% |
Legal and professional fees |
| 5,345 |
| 8,174 |
| (2,829) | (34.6%) |
| 7,686 |
| 5,657 |
| 9,715 |
| (4,370) | (45.0%) |
Losses other than loans |
| (316) |
| 3,071 |
| (3,387) | (110.3%) |
| 3,577 |
| 2,060 |
| 3,550 |
| (3,866) | (108.9%) |
Foreclosure/OREO expense |
| 2,422 |
| 3,293 |
| (871) | (26.5%) |
| 4,071 |
| 4,343 |
| 3,362 |
| (940) | (28.0%) |
FDIC expense |
| 5,432 |
| 4,813 |
| 619 | 12.9% |
| 5,017 |
| 4,778 |
| 4,870 |
| 562 | 11.5% |
Other |
| 13,956 |
| 13,907 |
| 49 | 0.4% |
| 13,426 |
| 14,877 |
| 14,481 |
| (525) | (3.6%) |
Total noninterest expense |
| 166,915 |
| 176,328 |
| (9,413) | (5.3%) |
| 169,703 |
| 166,030 |
| 169,762 |
| (2,847) | (1.7%) |
Income before income taxes |
| 68,738 |
| 60,032 |
| 8,706 | 14.5% |
| 66,887 |
| 64,188 |
| 63,352 |
| 5,386 | 8.5% |
Income tax expense |
| 21,350 |
| 13,404 |
| 7,946 | 59.3% |
| 20,492 |
| 20,871 |
| 20,719 |
| 631 | 3.0% |
Net income |
| 47,388 |
| 46,628 |
| 760 | 1.6% |
| 46,395 |
| 43,317 |
| 42,633 |
| 4,755 | 11.2% |
Preferred stock dividends and discount |
| 1,300 |
| 1,300 |
| - | 0.0% |
| 1,300 |
| 1,300 |
| 1,300 |
| - | 0.0% |
Net income available to common equity |
| $ 46,088 |
| $ 45,328 |
| $ 760 | 1.7% |
| $ 45,095 |
| $ 42,017 |
| $ 41,333 |
| $ 4,755 | 11.5% |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ 0.27 |
| $ 0.26 |
| $ 0.01 | 3.8% |
| $ 0.26 |
| $ 0.24 |
| $ 0.24 |
| $ 0.03 | 12.5% |
Diluted |
| $ 0.27 |
| $ 0.26 |
| $ 0.01 | 3.8% |
| $ 0.26 |
| $ 0.24 |
| $ 0.24 |
| $ 0.03 | 12.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| 168,234 |
| 170,707 |
| (2,473) | (1.4%) |
| 171,650 |
| 172,839 |
| 173,846 |
| (5,612) | (3.2%) |
Diluted |
| 168,404 |
| 170,896 |
| (2,492) | (1.5%) |
| 171,780 |
| 172,841 |
| 173,848 |
| (5,444) | (3.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = Not meaningful. |
|
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|
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|
|
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|
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|
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|
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|
Selected Quarterly Information |
|
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|
Associated Banc-Corp |
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|
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|
|
(in thousands, except per share, full time equivalent employee data and otherwise noted) |
| 1st Qtr 2013 |
| 4th Qtr 2012 |
| 3rd Qtr 2012 |
| 2nd Qtr 2012 |
| 1st Qtr 2012 |
Summary of Operations |
|
|
|
|
|
|
|
|
|
|
Net interest income |
| $ 157,653 |
| $ 161,455 |
| $ 155,602 |
| $ 154,267 |
| $ 154,668 |
Provision for loan losses |
| 4,000 |
| 3,000 |
| - |
| - |
| - |
Asset gains (losses), net |
| 836 |
| (209) |
| (3,309) |
| (4,984) |
| (3,594) |
Investment securities gains, net |
| 300 |
| 152 |
| 3,506 |
| 563 |
| 40 |
Noninterest income (excluding securities & asset gains) |
| 80,864 |
| 77,962 |
| 80,791 |
| 80,372 |
| 82,000 |
Noninterest expense |
| 166,915 |
| 176,328 |
| 169,703 |
| 166,030 |
| 169,762 |
Income before income taxes |
| 68,738 |
| 60,032 |
| 66,887 |
| 64,188 |
| 63,352 |
Income tax expense |
| 21,350 |
| 13,404 |
| 20,492 |
| 20,871 |
| 20,719 |
Net income |
| 47,388 |
| 46,628 |
| 46,395 |
| 43,317 |
| 42,633 |
Net income available to common equity |
| 46,088 |
| 45,328 |
| 45,095 |
| 42,017 |
| 41,333 |
Taxable equivalent adjustment |
| 5,090 |
| 5,221 |
| 5,268 |
| 5,254 |
| 5,303 |
|
|
|
|
|
|
|
|
|
|
|
Per Common Share Data |
|
|
|
|
|
|
|
|
|
|
Net income: |
|
|
|
|
|
|
|
|
|
|
Basic |
| $ 0.27 |
| $ 0.26 |
| $ 0.26 |
| $ 0.24 |
| $ 0.24 |
Diluted |
| 0.27 |
| 0.26 |
| 0.26 |
| 0.24 |
| 0.24 |
Dividends |
| 0.08 |
| 0.08 |
| 0.05 |
| 0.05 |
| 0.05 |
Market Value: |
|
|
|
|
|
|
|
|
|
|
High |
| $ 15.30 |
| $ 13.54 |
| $ 13.79 |
| $ 13.97 |
| $ 14.63 |
Low |
| 13.46 |
| 12.19 |
| 12.04 |
| 11.76 |
| 11.43 |
Close |
| 15.19 |
| 13.12 |
| 13.16 |
| 13.19 |
| 13.96 |
Book value |
| 17.13 |
| 16.97 |
| 16.82 |
| 16.59 |
| 16.32 |
Tier 1 common equity / share |
| 11.22 |
| 11.08 |
| 10.89 |
| 10.66 |
| 10.46 |
Tangible book value |
| 11.51 |
| 11.39 |
| 11.31 |
| 11.07 |
| 10.87 |
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios (annualized) |
|
|
|
|
|
|
|
|
|
|
Earning assets yield |
| 3.52% |
| 3.70% |
| 3.73% |
| 3.80% |
| 3.85% |
Interest-bearing liabilities rate |
| 0.45 |
| 0.51 |
| 0.62 |
| 0.65 |
| 0.70 |
Net interest margin |
| 3.17 |
| 3.32 |
| 3.26 |
| 3.30 |
| 3.31 |
Return on average assets |
| 0.83 |
| 0.83 |
| 0.84 |
| 0.80 |
| 0.79 |
Return on average tangible common equity |
| 9.81 |
| 9.15 |
| 9.32 |
| 8.87 |
| 8.85 |
Return on average Tier 1 common equity (1) |
| 10.07 |
| 9.61 |
| 9.69 |
| 9.26 |
| 9.23 |
Efficiency ratio (2) |
| 68.52 |
| 72.08 |
| 70.22 |
| 69.21 |
| 70.16 |
Effective tax rate |
| 31.06 |
| 22.33 |
| 30.64 |
| 32.52 |
| 32.70 |
Dividend payout ratio (3) |
| 29.63 |
| 30.77 |
| 19.23 |
| 20.83 |
| 20.83 |
|
|
|
|
|
|
|
|
|
|
|
Average Balances |
|
|
|
|
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|
|
|
Assets |
| $ 23,038,708 |
| $ 22,461,886 |
| $ 22,016,748 |
| $ 21,684,600 |
| $ 21,659,139 |
Earning assets |
| 20,680,919 |
| 20,032,432 |
| 19,659,796 |
| 19,386,046 |
| 19,371,729 |
Interest-bearing liabilities |
| 15,719,383 |
| 14,840,162 |
| 14,940,697 |
| 14,922,006 |
| 14,920,413 |
Loans (4) |
| 15,448,152 |
| 15,131,102 |
| 14,916,793 |
| 14,602,602 |
| 14,310,441 |
Deposits |
| 17,146,384 |
| 16,650,268 |
| 15,615,856 |
| 15,050,684 |
| 15,000,567 |
Short and long-term funding |
| 2,758,923 |
| 2,638,661 |
| 3,286,943 |
| 3,566,346 |
| 3,603,700 |
Common stockholders' equity |
| 2,850,227 |
| 2,915,346 |
| 2,870,438 |
| 2,852,050 |
| 2,826,913 |
Stockholders' equity |
| 2,913,499 |
| 2,978,618 |
| 2,933,710 |
| 2,915,322 |
| 2,890,185 |
Average Tier 1 common equity (5) |
| 1,856,431 |
| 1,876,686 |
| 1,850,610 |
| 1,825,441 |
| 1,801,649 |
|
|
|
|
|
|
|
|
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|
|
At Period End |
|
|
|
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|
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|
|
Assets |
| $ 23,277,768 |
| $ 23,487,735 |
| $ 22,738,354 |
| $ 22,081,100 |
| $ 21,913,670 |
Loans |
| 15,551,562 |
| 15,411,022 |
| 14,966,214 |
| 14,698,902 |
| 14,253,725 |
Allowance for loan losses |
| 286,923 |
| 297,409 |
| 315,150 |
| 332,658 |
| 356,298 |
Goodwill |
| 929,168 |
| 929,168 |
| 929,168 |
| 929,168 |
| 929,168 |
Mortgage servicing rights, net |
| 52,078 |
| 45,949 |
| 45,018 |
| 47,488 |
| 50,001 |
Other intangible assets, net |
| 14,216 |
| 15,227 |
| 16,276 |
| 17,324 |
| 18,373 |
Deposits |
| 17,421,294 |
| 16,939,865 |
| 16,450,592 |
| 15,106,871 |
| 15,653,376 |
Loans / deposits |
| 89.27% |
| 90.97% |
| 90.98% |
| 97.30% |
| 91.06% |
Risk weighted assets ($ in millions) (6) |
| 16,163 |
| 16,149 |
| 15,575 |
| 15,188 |
| 14,570 |
Tier 1 common equity (5) |
| 1,881,410 |
| 1,875,534 |
| 1,869,931 |
| 1,828,529 |
| 1,819,782 |
Stockholders' equity / assets |
| 12.61% |
| 12.50% |
| 12.98% |
| 13.18% |
| 13.24% |
Tangible common equity / tangible assets (7) |
| 8.64% |
| 8.56% |
| 8.91% |
| 8.99% |
| 9.01% |
Tangible equity / tangible assets (8) |
| 8.92% |
| 8.84% |
| 9.20% |
| 9.29% |
| 9.32% |
Tier 1 common equity / risk-weighted assets (6) |
| 11.64% |
| 11.61% |
| 12.01% |
| 12.04% |
| 12.49% |
Tier 1 leverage ratio (6) |
| 8.78% |
| 8.98% |
| 9.99% |
| 9.95% |
| 10.03% |
Tier 1 risk-based capital ratio (6) |
| 12.03% |
| 12.01% |
| 13.57% |
| 13.64% |
| 14.33% |
Total risk-based capital ratio (6) |
| 13.45% |
| 13.42% |
| 15.00% |
| 15.08% |
| 15.78% |
Shares outstanding, end of period |
| 167,673 |
| 169,304 |
| 171,657 |
| 171,611 |
| 173,923 |
|
|
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|
|
|
|
|
|
|
|
Selected trend information |
|
|
|
|
|
|
|
|
|
|
Average full time equivalent employees |
| 4,841 |
| 4,915 |
| 4,965 |
| 4,951 |
| 5,045 |
Trust assets under management, at market value ($ in millions) |
| $ 6,913 |
| $ 6,454 |
| $ 6,163 |
| $ 5,934 |
| $ 5,983 |
Mortgage loans originated for sale during period |
| 681,410 |
| 780,469 |
| 715,184 |
| 738,091 |
| 563,688 |
Mortgage portfolio serviced for others ($ in millions) |
| 7,585 |
| 7,453 |
| 7,547 |
| 7,511 |
| 7,284 |
Mortgage servicing rights, net / Portfolio serviced for others |
| 0.69% |
| 0.62% |
| 0.60% |
| 0.63% |
| 0.69% |
|
|
|
|
|
|
|
|
|
|
|
(1) Return on average Tier 1 common equity = Net income available to common equity divided by average Tier 1 common equity. 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) Tier 1 common equity (period end and average) is Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities. |
(6) March 31, 2013 data is estimated. |
(7) 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. |
(8) 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. |
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Selected Asset Quality Information |
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|
Associated Banc-Corp |
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|
| Mar13 vs Dec12 |
|
|
|
| Mar13 vs Mar12 |
(in thousands) |
| Mar 31, 2013 | Dec 31, 2012 | % Change |
| Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | % Change |
Allowance for Loan Losses |
|
|
|
|
|
|
|
|
|
Beginning balance |
| $ 297,409 | $ 315,150 | (5.6%) |
| $ 332,658 | $ 356,298 | $ 378,151 | (21.4%) |
Provision for loan losses |
| 4,000 | 3,000 | 33.3% |
| - | - | - | N/M |
Charge offs |
| (27,128) | (30,417) | (10.8%) |
| (25,030) | (30,340) | (31,259) | (13.2%) |
Recoveries |
| 12,642 | 9,676 | 30.7% |
| 7,522 | 6,700 | 9,406 | 34.4% |
Net charge offs |
| (14,486) | (20,741) | (30.2%) |
| (17,508) | (23,640) | (21,853) | (33.7%) |
Ending balance |
| $ 286,923 | $ 297,409 | (3.5%) |
| $ 315,150 | $ 332,658 | $ 356,298 | (19.5%) |
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|
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|
|
Reserve for losses on unfunded commitments |
| $ 21,100 | $ 21,800 | (3.2%) |
| $ 19,800 | $ 18,900 | $ 15,600 | 35.3% |
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|
Net Charge Offs |
|
|
| Mar13 vs Dec12 |
|
|
|
| Mar13 vs Mar12 |
|
| Mar 31, 2013 | Dec 31, 2012 | % Change |
| Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | % Change |
Commercial and industrial |
| $ 696 | $ 2,630 | (73.5%) |
| $ 3,831 | $ 14,544 | $ 3,872 | (82.0%) |
Commercial real estate - owner occupied |
| 1,518 | 2,056 | (26.2%) |
| (8) | 1,164 | 415 | N/M |
Lease financing |
| (12) | 754 | N/M |
| (20) | - | (1,836) | (99.3%) |
Commercial and business lending |
| 2,202 | 5,440 | (59.5%) |
| 3,803 | 15,708 | 2,451 | (10.2%) |
Commercial real estate - investor |
| 163 | (232) | N/M |
| 1,905 | 177 | 7,354 | (97.8%) |
Real estate construction |
| 1,392 | 858 | 62.2% |
| (187) | 558 | 230 | N/M |
Commercial real estate lending |
| 1,555 | 626 | 148.4% |
| 1,718 | 735 | 7,584 | (79.5%) |
Total commercial |
| 3,757 | 6,066 | (38.1%) |
| 5,521 | 16,443 | 10,035 | (62.6%) |
Home equity revolving lines of credit |
| 3,615 | 3,590 | 0.7% |
| 4,180 | 2,637 | 5,604 | (35.5%) |
Home equity loans 1st liens |
| 765 | 1,060 | (27.8%) |
| 1,056 | 778 | 806 | (5.1%) |
Home equity loans junior liens |
| 1,957 | 3,421 | (42.8%) |
| 2,686 | 1,869 | 2,540 | (23.0%) |
Home equity |
| 6,337 | 8,071 | (21.5%) |
| 7,922 | 5,284 | 8,950 | (29.2%) |
Installment |
| 177 | 1,027 | (82.8%) |
| 324 | 371 | 101 | 75.2% |
Residential mortgage |
| 4,215 | 5,577 | (24.4%) |
| 3,741 | 1,542 | 2,767 | 52.3% |
Total consumer |
| 10,729 | 14,675 | (26.9%) |
| 11,987 | 7,197 | 11,818 | (9.2%) |
Total net charge offs |
| $ 14,486 | $ 20,741 | (30.2%) |
| $ 17,508 | $ 23,640 | $ 21,853 | (33.7%) |
|
|
|
|
|
|
|
|
|
|
Net Charge Offs to Average Loans (in basis points) * |
| Mar 31, 2013 | Dec 31, 2012 |
|
| Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 |
|
Commercial and industrial |
| 6 | 25 |
|
| 37 | 151 | 42 |
|
Commercial real estate - owner occupied |
| 51 | 69 |
|
| (0) | 43 | 16 |
|
Lease financing |
| (8) | 480 |
|
| (13) | - | N/M |
|
Commercial and business lending |
| 16 | 40 |
|
| 29 | 126 | 20 |
|
Commercial real estate - investor |
| 2 | (3) |
|
| 27 | 3 | 113 |
|
Real estate construction |
| 82 | 54 |
|
| (12) | 40 | 16 |
|
Commercial real estate lending |
| 18 | 7 |
|
| 20 | 9 | 96 |
|
Total commercial |
| 17 | 27 |
|
| 25 | 79 | 50 |
|
Home equity revolving lines of credit |
| 159 | 148 |
|
| 167 | 104 | 215 |
|
Home equity loans 1st liens |
| 32 | 40 |
|
| 38 | 28 | 29 |
|
Home equity loans junior liens |
| 303 | 486 |
|
| 361 | 240 | 307 |
|
Home equity |
| 119 | 140 |
|
| 132 | 86 | 144 |
|
Installment |
| 16 | 86 |
|
| 26 | 28 | 7 |
|
Residential mortgage |
| 47 | 64 |
|
| 45 | 19 | 34 |
|
Total consumer |
| 70 | 93 |
|
| 77 | 46 | 76 |
|
Total net charge offs |
| 38 | 55 |
|
| 47 | 65 | 61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality |
|
|
| Mar13 vs Dec12 |
|
|
|
| Mar13 vs Mar12 |
|
| Mar 31, 2013 | Dec 31, 2012 | % Change |
| Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | % Change |
Nonaccrual loans |
| $ 225,436 | $ 252,868 | (10.8%) |
| $ 278,172 | $ 317,872 | $ 327,085 | (31.1%) |
Other real estate owned (OREO) |
| 35,156 | 34,900 | 0.7% |
| 36,053 | 40,029 | 34,425 | 2.1% |
Total nonperforming assets |
| $ 260,592 | $ 287,768 | (9.4%) |
| $ 314,225 | $ 357,901 | $ 361,510 | (27.9%) |
|
|
|
|
|
|
|
|
|
|
Loans 90 or more days past due and still accruing |
| 5,690 | 2,289 | 148.6% |
| 2,334 | 5,224 | 2,497 | 127.9% |
Restructured loans (accruing) |
| 120,093 | 121,087 | (0.8%) |
| 135,791 | 122,229 | 120,719 | (0.5%) |
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses / loans |
| 1.84% | 1.93% |
|
| 2.11% | 2.26% | 2.50% |
|
Allowance for loan losses / nonaccrual loans |
| 127.27 | 117.61 |
|
| 113.29 | 104.65 | 108.93 |
|
Nonaccrual loans / total loans |
| 1.45 | 1.64 |
|
| 1.86 | 2.16 | 2.29 |
|
Nonperforming assets / total loans plus OREO |
| 1.67 | 1.86 |
|
| 2.09 | 2.43 | 2.53 |
|
Nonperforming assets / total assets |
| 1.12 | 1.23 |
|
| 1.38 | 1.62 | 1.65 |
|
Net charge offs / average loans (annualized) |
| 0.38 | 0.55 |
|
| 0.47 | 0.65 | 0.61 |
|
Year-to-date net charge offs / average loans |
| 0.38 | 0.57 |
|
| 0.58 | 0.63 | 0.61 |
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans by type: |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
| $ 33,242 | $ 39,182 | (15.2%) |
| $ 41,694 | $ 46,111 | $ 50,641 | (34.4%) |
Commercial real estate - owner occupied |
| 23,199 | 24,254 | (4.3%) |
| 27,161 | 33,417 | 31,888 | (27.2%) |
Lease financing |
| 2,165 | 3,031 | (28.6%) |
| 5,927 | 8,260 | 9,040 | (76.1%) |
Commercial and business lending |
| 58,606 | 66,467 | (11.8%) |
| 74,782 | 87,788 | 91,569 | (36.0%) |
Commercial real estate - investor |
| 56,776 | 58,687 | (3.3%) |
| 71,522 | 88,806 | 89,030 | (36.2%) |
Real estate construction |
| 22,166 | 27,302 | (18.8%) |
| 31,684 | 36,403 | 36,471 | (39.2%) |
Commercial real estate lending |
| 78,942 | 85,989 | (8.2%) |
| 103,206 | 125,209 | 125,501 | (37.1%) |
Total commercial |
| 137,548 | 152,456 | (9.8%) |
| 177,988 | 212,997 | 217,070 | (36.6%) |
Home equity revolving lines of credit |
| 15,914 | 20,446 | (22.2%) |
| 19,242 | 22,651 | 25,631 | (37.9%) |
Home equity loans 1st liens |
| 8,626 | 8,717 | (1.0%) |
| 9,425 | 7,870 | 8,286 | 4.1% |
Home equity loans junior liens |
| 9,405 | 10,052 | (6.4%) |
| 9,800 | 11,015 | 10,711 | (12.2%) |
Home equity |
| 33,945 | 39,215 | (13.4%) |
| 38,467 | 41,536 | 44,628 | (23.9%) |
Installment |
| 1,762 | 1,838 | (4.1%) |
| 2,893 | 3,047 | 2,627 | (32.9%) |
Residential mortgage |
| 52,181 | 59,359 | (12.1%) |
| 58,824 | 60,292 | 62,760 | (16.9%) |
Total consumer |
| 87,888 | 100,412 | (12.5%) |
| 100,184 | 104,875 | 110,015 | (20.1%) |
Total nonaccrual loans |
| $ 225,436 | $ 252,868 | (10.8%) |
| $ 278,172 | $ 317,872 | $ 327,085 | (31.1%) |
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
* Annualized. |
|
|
|
|
|
|
|
|
|
N/M = Not meaningful. |
|
|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
Selected Asset Quality Information (continued) |
|
|
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|
|
|
|
|
|
Associated Banc-Corp |
|
|
|
|
|
|
|
|
|
|
|
|
| Mar13 vs Dec12 |
|
|
|
| Mar13 vs Mar12 |
(in thousands) |
| Mar 31, 2013 | Dec 31, 2012 | % Change |
| Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | % Change |
Restructured loans (accruing) |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
| $ 29,251 | $ 28,140 | 3.9% |
| $ 35,015 | $ 28,399 | $ 25,622 | 14.2% |
Commercial real estate - owner occupied |
| 12,888 | 13,852 | (7.0%) |
| 15,706 | 7,115 | 6,926 | 86.1% |
Lease financing |
| - | - | 0.0% |
| - | - | - | 0.0% |
Commercial and business lending |
| 42,139 | 41,992 | 0.4% |
| 50,721 | 35,514 | 32,548 | 29.5% |
Commercial real estate - investor |
| 41,253 | 41,660 | (1.0%) |
| 49,249 | 49,325 | 45,845 | (10.0%) |
Real estate construction |
| 5,540 | 4,530 | 22.3% |
| 3,561 | 5,838 | 11,770 | (52.9%) |
Commercial real estate lending |
| 46,793 | 46,190 | 1.3% |
| 52,810 | 55,163 | 57,615 | (18.8%) |
Total commercial |
| 88,932 | 88,182 | 0.9% |
| 103,531 | 90,677 | 90,163 | (1.4%) |
Home equity revolving lines of credit |
| 880 | 867 | 1.5% |
| 803 | 759 | 782 | 12.5% |
Home equity loans 1st liens |
| 1,783 | 1,930 | (7.6%) |
| 1,904 | 2,182 | 2,187 | (18.5%) |
Home equity loans junior liens |
| 6,893 | 7,171 | (3.9%) |
| 6,760 | 6,530 | 6,123 | 12.6% |
Home equity |
| 9,556 | 9,968 | (4.1%) |
| 9,467 | 9,471 | 9,092 | 5.1% |
Installment |
| 664 | 653 | 1.7% |
| 672 | 779 | 999 | (33.5%) |
Residential mortgage |
| 20,941 | 22,284 | (6.0%) |
| 22,121 | 21,302 | 20,465 | 2.3% |
Total consumer |
| 31,161 | 32,905 | (5.3%) |
| 32,260 | 31,552 | 30,556 | 2.0% |
Total restructured loans (accruing) |
| $ 120,093 | $ 121,087 | (0.8%) |
| $ 135,791 | $ 122,229 | $ 120,719 | (0.5%) |
|
|
|
|
|
|
|
|
|
|
Restructured loans in nonaccrual loans (not included above) |
| $ 67,811 | $ 80,590 | (15.9%) |
| $ 74,251 | $ 86,395 | $ 79,946 | (15.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Past Due 30-89 Days |
|
|
| Mar13 vs Dec12 |
|
|
|
| Mar13 vs Mar12 |
|
| Mar 31, 2013 | Dec 31, 2012 | % Change |
| Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | % Change |
Commercial and industrial |
| $ 10,263 | $ 11,339 | (9.5%) |
| $ 3,795 | $ 4,465 | $ 12,643 | (18.8%) |
Commercial real estate - owner occupied |
| 6,804 | 11,053 | (38.4%) |
| 4,843 | 2,125 | 7,532 | (9.7%) |
Lease financing |
| 283 | 12 | N/M |
| 17 | 39 | 40 | N/M |
Commercial and business lending |
| 17,350 | 22,404 | (22.6%) |
| 8,655 | 6,629 | 20,215 | (14.2%) |
Commercial real estate - investor |
| 25,201 | 13,472 | 87.1% |
| 8,809 | 12,854 | 8,313 | 203.2% |
Real estate construction |
| 2,287 | 3,155 | (27.5%) |
| 1,254 | 1,618 | 1,736 | 31.7% |
Commercial real estate lending |
| 27,488 | 16,627 | 65.3% |
| 10,063 | 14,472 | 10,049 | 173.5% |
Total commercial |
| 44,838 | 39,031 | 14.9% |
| 18,718 | 21,101 | 30,264 | 48.2% |
Home equity revolving lines of credit |
| 1,832 | 7,829 | (76.6%) |
| 9,543 | 7,298 | 10,841 | (83.1%) |
Home equity loans 1st liens |
| 1,869 | 1,457 | 28.3% |
| 1,535 | 3,906 | 2,982 | (37.3%) |
Home equity loans junior liens |
| 2,848 | 4,252 | (33.0%) |
| 3,745 | 4,098 | 4,184 | (31.9%) |
Home equity |
| 6,549 | 13,538 | (51.6%) |
| 14,823 | 15,302 | 18,007 | (63.6%) |
Installment |
| 2,500 | 2,109 | 18.5% |
| 1,693 | 1,558 | 2,813 | (11.1%) |
Residential mortgage |
| 8,793 | 9,403 | (6.5%) |
| 6,878 | 9,836 | 10,114 | (13.1%) |
Total consumer |
| 17,842 | 25,050 | (28.8%) |
| 23,394 | 26,696 | 30,934 | (42.3%) |
Total loans past due 30-89 days |
| $ 62,680 | $ 64,081 | (2.2%) |
| $ 42,112 | $ 47,797 | $ 61,198 | 2.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Potential Problem Loans |
|
|
| Mar13 vs Dec12 |
|
|
|
| Mar13 vs Mar12 |
|
| Mar 31, 2013 | Dec 31, 2012 | % Change |
| Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | % Change |
Commercial and industrial |
| $ 127,367 | $ 128,434 | (0.8%) |
| $ 120,888 | $ 121,764 | $ 157,778 | (19.3%) |
Commercial real estate - owner occupied |
| 93,098 | 99,592 | (6.5%) |
| 120,034 | 108,508 | 112,673 | (17.4%) |
Lease financing |
| 251 | 264 | (4.9%) |
| 214 | 324 | 487 | (48.5%) |
Commercial and business lending |
| 220,716 | 228,290 | (3.3%) |
| 241,136 | 230,596 | 270,938 | (18.5%) |
Commercial real estate - investor |
| 101,775 | 107,068 | (4.9%) |
| 133,046 | 142,453 | 167,339 | (39.2%) |
Real estate construction |
| 10,040 | 13,092 | (23.3%) |
| 18,477 | 23,905 | 27,654 | (63.7%) |
Commercial real estate lending |
| 111,815 | 120,160 | (6.9%) |
| 151,523 | 166,358 | 194,993 | (42.7%) |
Total commercial |
| 332,531 | 348,450 | (4.6%) |
| 392,659 | 396,954 | 465,931 | (28.6%) |
Home equity revolving lines of credit |
| 450 | 520 | (13.5%) |
| 518 | 919 | 608 | (26.0%) |
Home equity loans 1st liens |
| - | - | 0.0% |
| - | - | - | 0.0% |
Home equity loans junior liens |
| 2,871 | 3,150 | (8.9%) |
| 2,825 | 3,254 | 3,833 | (25.1%) |
Home equity |
| 3,321 | 3,670 | (9.5%) |
| 3,343 | 4,173 | 4,441 | (25.2%) |
Installment |
| 99 | 111 | (10.8%) |
| 131 | 127 | 142 | (30.3%) |
Residential mortgage |
| 7,882 | 8,762 | (10.0%) |
| 8,197 | 8,658 | 9,580 | (17.7%) |
Total consumer |
| 11,302 | 12,543 | (9.9%) |
| 11,671 | 12,958 | 14,163 | (20.2%) |
Total potential problem loans |
| $ 343,833 | $ 360,993 | (4.8%) |
| $ 404,330 | $ 409,912 | $ 480,094 | (28.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income Analysis - Taxable Equivalent Basis |
|
|
|
|
|
|
|
|
Associated Banc-Corp |
| Three months ended March 31, 2013 |
| 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 |
| $ 5,615,036 | $ 50,712 | 3.66% |
| $ 4,828,953 | $ 48,985 | 4.08% |
Commercial real estate lending |
| 3,592,509 | 35,864 | 4.04 |
| 3,187,150 | 34,502 | 4.35 |
Total commercial |
| 9,207,545 | 86,576 | 3.81 |
| $ 8,016,103 | $ 83,487 | 4.19 |
Residential mortgage |
| 3,622,455 | 30,481 | 3.37 |
| 3,239,087 | 30,964 | 3.83 |
Retail |
| 2,618,152 | 29,381 | 4.53 |
| 3,055,251 | 35,511 | 4.67 |
Total loans |
| 15,448,152 | 146,438 | 3.83 |
| 14,310,441 | 149,962 | 4.21 |
Investment securities |
| 4,891,714 | 32,757 | 2.68 |
| 4,611,600 | 34,667 | 3.01 |
Other short-term investments |
| 341,053 | 1,247 | 1.47 |
| 449,688 | 1,247 | 1.11 |
Investments and other |
| 5,232,767 | 34,004 | 2.60 |
| 5,061,288 | 35,914 | 2.84 |
Total earning assets |
| 20,680,919 | 180,442 | 3.52 |
| 19,371,729 | 185,876 | 3.85 |
Other assets, net |
| 2,357,789 |
|
|
| 2,287,410 |
|
|
Total assets |
| $ 23,038,708 |
|
|
| $ 21,659,139 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
Savings deposits |
| $ 1,141,781 | $ 208 | 0.07% |
| $ 1,029,390 | $ 185 | 0.07% |
Interest-bearing demand deposits |
| 2,779,929 | 1,179 | 0.17 |
| 2,114,454 | 944 | 0.18 |
Money market deposits |
| 7,044,344 | 3,615 | 0.21 |
| 5,688,567 | 3,558 | 0.25 |
Time deposits |
| 1,994,406 | 3,539 | 0.72 |
| 2,484,302 | 7,349 | 1.19 |
Total interest-bearing deposits |
| 12,960,460 | 8,541 | 0.27 |
| 11,316,713 | 12,036 | 0.43 |
Federal funds purchased and securities sold under agreements to repurchase |
| 779,550 | 410 | 0.21 |
| 1,342,720 | 767 | 0.23 |
Other short-term funding |
| 1,018,553 | 332 | 0.13 |
| 1,084,066 | 1,056 | 0.39 |
Total long-term funding |
| 960,820 | 8,416 | 3.51 |
| 1,176,914 | 12,046 | 4.10 |
Total short and long-term funding |
| 2,758,923 | 9,158 | 1.33 |
| 3,603,700 | 13,869 | 1.54 |
Total interest-bearing liabilities |
| 15,719,383 | 17,699 | 0.45 |
| 14,920,413 | 25,905 | 0.70 |
Noninterest-bearing demand deposits |
| 4,185,924 |
|
|
| 3,683,854 |
|
|
Other liabilities |
| 219,902 |
|
|
| 164,687 |
|
|
Stockholders' equity |
| 2,913,499 |
|
|
| 2,890,185 |
|
|
Total liabilities and stockholders' equity |
| $ 23,038,708 |
|
|
| $ 21,659,139 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income and rate spread (1) |
|
| $ 162,743 | 3.07% |
|
| $ 159,971 | 3.15% |
Net interest margin (1) |
|
|
| 3.17% |
|
|
| 3.31% |
Taxable equivalent adjustment |
|
| $ 5,090 |
|
|
| $ 5,303 |
|
|
|
|
|
|
|
|
|
|
Net Interest Income Analysis - Taxable Equivalent Basis |
|
|
|
|
|
|
|
|
Associated Banc-Corp |
| Three months ended March 31, 2013 |
| Three months ended December 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 |
| $ 5,615,036 | $ 50,712 | 3.66% |
| $ 5,431,195 | $ 53,442 | 3.92% |
Commercial real estate lending |
| 3,592,509 | 35,864 | 4.04 |
| 3,451,104 | 35,623 | 4.11 |
Total commercial |
| 9,207,545 | 86,576 | 3.81 |
| $ 8,882,299 | $ 89,065 | 3.99 |
Residential mortgage |
| 3,622,455 | 30,481 | 3.37 |
| 3,485,719 | 30,126 | 3.46 |
Retail |
| 2,618,152 | 29,381 | 4.53 |
| 2,763,084 | 31,865 | 4.59 |
Total loans |
| 15,448,152 | 146,438 | 3.83 |
| 15,131,102 | 151,056 | 3.98 |
Investment securities |
| 4,891,714 | 32,757 | 2.68 |
| 4,545,178 | 31,759 | 2.79 |
Other short-term investments |
| 341,053 | 1,247 | 1.47 |
| 356,152 | 2,876 | 3.22 |
Investments and other |
| 5,232,767 | 34,004 | 2.60 |
| 4,901,330 | 34,635 | 2.83 |
Total earning assets |
| 20,680,919 | 180,442 | 3.52 |
| 20,032,432 | 185,691 | 3.70 |
Other assets, net |
| 2,357,789 |
|
|
| 2,429,454 |
|
|
Total assets |
| $ 23,038,708 |
|
|
| $ 22,461,886 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
Savings deposits |
| $ 1,141,781 | $ 208 | 0.07% |
| $ 1,129,983 | $ 225 | 0.08% |
Interest-bearing demand deposits |
| 2,779,929 | 1,179 | 0.17 |
| 2,236,826 | 954 | 0.17 |
Money market deposits |
| 7,044,344 | 3,615 | 0.21 |
| 6,797,306 | 4,103 | 0.24 |
Time deposits |
| 1,994,406 | 3,539 | 0.72 |
| 2,037,386 | 3,809 | 0.74 |
Total interest-bearing deposits |
| 12,960,460 | 8,541 | 0.27 |
| 12,201,501 | 9,091 | 0.30 |
Federal funds purchased and securities sold under agreements to repurchase |
| 779,550 | 410 | 0.21 |
| 984,869 | 558 | 0.23 |
Other short-term funding |
| 1,018,553 | 332 | 0.13 |
| 550,137 | 226 | 0.16 |
Total long-term funding |
| 960,820 | 8,416 | 3.51 |
| 1,103,655 | 9,140 | 3.31 |
Total short and long-term funding |
| 2,758,923 | 9,158 | 1.33 |
| 2,638,661 | 9,924 | 1.50 |
Total interest-bearing liabilities |
| 15,719,383 | 17,699 | 0.45 |
| 14,840,162 | 19,015 | 0.51 |
Noninterest-bearing demand deposits |
| 4,185,924 |
|
|
| 4,448,767 |
|
|
Other liabilities |
| 219,902 |
|
|
| 194,339 |
|
|
Stockholders' equity |
| 2,913,499 |
|
|
| 2,978,618 |
|
|
Total liabilities and stockholders' equity |
| $ 23,038,708 |
|
|
| $ 22,461,886 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income and rate spread (1) |
|
| $ 162,743 | 3.07% |
|
| $ 166,676 | 3.19% |
Net interest margin (1) |
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| 3.17% |
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| 3.32% |
Taxable equivalent adjustment |
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| $ 5,090 |
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| $ 5,221 |
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(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 |
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Associated Banc-Corp |
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Period End Loan Composition |
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| Mar13 vs Dec12 |
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| Mar13 vs Mar12 |
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| Mar 31, 2013 | Dec 31, 2012 | % Change |
| Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | % Change |
Commercial and industrial |
| $ 4,651,143 | $ 4,502,021 | 3.3% |
| $ 4,265,356 | $ 4,076,370 | $ 3,719,016 | 25.1% |
Commercial real estate - owner occupied |
| 1,199,513 | 1,219,747 | (1.7%) |
| 1,197,517 | 1,116,815 | 1,074,755 | 11.6% |
Lease financing |
| 57,908 | 64,196 | (9.8%) |
| 60,818 | 62,750 | 61,208 | (5.4%) |
Commercial and business lending |
| 5,908,564 | 5,785,964 | 2.1% |
| 5,523,691 | 5,255,935 | 4,854,979 | 21.7% |
Commercial real estate - investor |
| 2,900,167 | 2,906,759 | (0.2%) |
| 2,787,158 | 2,810,521 | 2,664,251 | 8.9% |
Real estate construction |
| 729,145 | 655,381 | 11.3% |
| 611,186 | 612,556 | 565,953 | 28.8% |
Commercial real estate lending |
| 3,629,312 | 3,562,140 | 1.9% |
| 3,398,344 | 3,423,077 | 3,230,204 | 12.4% |
Total commercial |
| 9,537,876 | 9,348,104 | 2.0% |
| 8,922,035 | 8,679,012 | 8,085,183 | 18.0% |
Home equity revolving lines of credit |
| 904,187 | 936,065 | (3.4%) |
| 988,800 | 1,009,634 | 1,031,974 | (12.4%) |
Home equity loans 1st liens |
| 940,017 | 1,013,757 | (7.3%) |
| 1,079,075 | 1,116,093 | 1,146,651 | (18.0%) |
Home equity loans junior liens |
| 254,203 | 269,672 | (5.7%) |
| 289,025 | 303,867 | 323,145 | (21.3%) |
Total home equity |
| 2,098,407 | 2,219,494 | (5.5%) |
| 2,356,900 | 2,429,594 | 2,501,770 | (16.1%) |
Installment |
| 447,445 | 466,727 | (4.1%) |
| 482,451 | 510,831 | 537,628 | (16.8%) |
Residential mortgage |
| 3,467,834 | 3,376,697 | 2.7% |
| 3,204,828 | 3,079,465 | 3,129,144 | 10.8% |
Total consumer |
| 6,013,686 | 6,062,918 | (0.8%) |
| 6,044,179 | 6,019,890 | 6,168,542 | (2.5%) |
Total loans |
| $ 15,551,562 | $ 15,411,022 | 0.9% |
| $ 14,966,214 | $ 14,698,902 | $ 14,253,725 | 9.1% |
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Period End Deposit and Customer Funding Composition |
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| Mar13 vs Dec12 |
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| Mar13 vs Mar12 |
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| Mar 31, 2013 | Dec 31, 2012 | % Change |
| Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | % Change |
Noninterest-bearing demand |
| $ 4,453,109 | $ 4,759,556 | (6.4%) |
| $ 4,320,437 | $ 3,874,429 | $ 3,989,156 | 11.6% |
Savings |
| 1,197,134 | 1,109,861 | 7.9% |
| 1,115,783 | 1,117,593 | 1,098,975 | 8.9% |
Interest-bearing demand |
| 2,966,934 | 2,554,479 | 16.1% |
| 2,230,740 | 2,078,037 | 2,040,900 | 45.4% |
Money market |
| 6,836,678 | 6,518,075 | 4.9% |
| 6,682,640 | 5,822,449 | 6,176,981 | 10.7% |
Brokered CDs |
| 49,919 | 26,270 | 90.0% |
| 33,612 | 41,104 | 46,493 | 7.4% |
Other time |
| 1,917,520 | 1,971,624 | (2.7%) |
| 2,067,380 | 2,173,259 | 2,300,871 | (16.7%) |
Total deposits |
| 17,421,294 | 16,939,865 | 2.8% |
| 16,450,592 | 15,106,871 | 15,653,376 | 11.3% |
Customer repo sweeps |
| 617,038 | 564,038 | 9.4% |
| 600,225 | 592,203 | 635,697 | (2.9%) |
Customer repo term |
| 4,882 | 115,032 | (95.8%) |
| 448,782 | 619,897 | 509,332 | (99.0%) |
Total customer funding |
| 621,920 | 679,070 | (8.4%) |
| 1,049,007 | 1,212,100 | 1,145,029 | (45.7%) |
Total deposits and customer funding |
| $ 18,043,214 | $ 17,618,935 | 2.4% |
| $ 17,499,599 | $ 16,318,971 | $ 16,798,405 | 7.4% |
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Network transaction deposits included above in interest-bearing demand and money market |
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| 2,054,714 | 1,684,745 | 22.0% |
| 1,740,434 | 1,234,010 | 1,171,679 | 75.4% |
Brokered CDs |
| 49,919 | 26,270 | 90.0% |
| 33,612 | 41,104 | 46,493 | 7.4% |
Total network and brokered funding |
| 2,104,633 | 1,711,015 | 23.0% |
| 1,774,046 | 1,275,114 | 1,218,172 | 72.8% |
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Net customer deposits and funding (1) |
| 15,938,581 | 15,907,920 | 0.2% |
| 15,725,553 | 15,043,857 | 15,580,233 | 2.3% |
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(1) Total deposits and customer funding excluding total network and brokered funding. |
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Average Loan Composition |
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| Mar13 vs Dec12 |
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| Mar13 vs Mar12 |
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| Mar 31, 2013 | Dec 31, 2012 | % Change |
| Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | % Change |
Commercial and industrial |
| $ 4,358,486 | $ 4,182,852 | 4.2% |
| $ 4,110,122 | $ 3,862,439 | $ 3,700,967 | 17.8% |
Commercial real estate - owner occupied |
| 1,196,912 | 1,185,846 | 0.9% |
| 1,103,988 | 1,092,326 | 1,068,694 | 12.0% |
Lease financing |
| 59,638 | 62,497 | (4.6%) |
| 60,959 | 61,936 | 59,292 | 0.6% |
Commercial and business lending |
| 5,615,036 | 5,431,195 | 3.4% |
| 5,275,069 | 5,016,701 | 4,828,953 | 16.3% |
Commercial real estate - investor |
| 2,899,930 | 2,821,023 | 2.8% |
| 2,832,447 | 2,755,943 | 2,621,340 | 10.6% |
Real estate construction |
| 692,579 | 630,081 | 9.9% |
| 607,773 | 564,243 | 565,810 | 22.4% |
Commercial real estate lending |
| 3,592,509 | 3,451,104 | 4.1% |
| 3,440,220 | 3,320,186 | 3,187,150 | 12.7% |
Total commercial |
| 9,207,545 | 8,882,299 | 3.7% |
| 8,715,289 | 8,336,887 | 8,016,103 | 14.9% |
Home equity revolving lines of credit |
| 922,084 | 962,263 | (4.2%) |
| 995,156 | 1,018,512 | 1,049,112 | (12.1%) |
Home equity loans 1st liens |
| 976,466 | 1,047,207 | (6.8%) |
| 1,097,394 | 1,135,391 | 1,125,849 | (13.3%) |
Home equity loans junior liens |
| 262,193 | 280,051 | (6.4%) |
| 296,021 | 313,661 | 332,287 | (21.1%) |
Total home equity |
| 2,160,743 | 2,289,521 | (5.6%) |
| 2,388,571 | 2,467,564 | 2,507,248 | (13.8%) |
Installment |
| 457,409 | 473,563 | (3.4%) |
| 492,721 | 524,278 | 548,003 | (16.5%) |
Residential mortgage |
| 3,622,455 | 3,485,719 | 3.9% |
| 3,320,212 | 3,273,873 | 3,239,087 | 11.8% |
Total consumer |
| 6,240,607 | 6,248,803 | (0.1%) |
| 6,201,504 | 6,265,715 | 6,294,338 | (0.9%) |
Total loans |
| $ 15,448,152 | $ 15,131,102 | 2.1% |
| $ 14,916,793 | $ 14,602,602 | $ 14,310,441 | 8.0% |
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Average Deposit Composition |
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| Mar13 vs Dec12 |
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| Mar13 vs Mar12 |
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| Mar 31, 2013 | Dec 31, 2012 | % Change |
| Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | % Change |
Noninterest-bearing demand |
| $ 4,185,924 | $ 4,448,767 | (5.9%) |
| $ 3,962,102 | $ 3,695,024 | $ 3,683,854 | 13.6% |
Savings |
| 1,141,781 | 1,129,983 | 1.0% |
| 1,117,194 | 1,109,609 | 1,029,390 | 10.9% |
Interest-bearing demand |
| 2,779,929 | 2,236,826 | 24.3% |
| 2,136,280 | 2,105,440 | 2,114,454 | 31.5% |
Money market |
| 7,044,344 | 6,797,306 | 3.6% |
| 6,240,596 | 5,860,043 | 5,688,567 | 23.8% |
Time deposits |
| 1,994,406 | 2,037,386 | (2.1%) |
| 2,159,684 | 2,280,568 | 2,484,302 | (19.7%) |
Total deposits |
| $ 17,146,384 | $ 16,650,268 | 3.0% |
| $ 15,615,856 | $ 15,050,684 | $ 15,000,567 | 14.3% |
SOURCE Associated Banc-Corp