Press Release Details 5.23

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Associated Banc-Corp Reports Second Quarter 2010 Results

07/22/2010

- Provision for loan losses declined to $98 million, down 41% from the first quarter

- Net charge offs of $105 million, down 36% from the prior quarter

- Nonperforming loans down $190 million, or 16%, from the prior quarter

- Capital ratios remain strong, with a Tier 1 capital to risk-weighted assets ratio of 17.25% and total capital to risk-weighted assets ratio of 19.02%

- Net loss to common shareholders of $10.2 million, or $0.06 per common share, for the quarter ended June 30, 2010

GREEN BAY, Wis.,July 22 /PRNewswire-FirstCall/ -- Associated Banc-Corp (Nasdaq: ASBC) today reported a net loss to common shareholders of $10.2 million, or $0.06 per common share, for the quarter ended June 30, 2010. This compares to a net loss of $33.8 million, or $0.20 per common share, for the quarter ended March 31, 2010, and a net loss of $24.7 million, or $0.19 per common share, for the quarter ended June 30, 2009.  

"We continued to make good progress in addressing the company's credit quality issues during the quarter," said President and CEO, Philip B. Flynn.  "The company's capital and liquidity positions remain strong as we continue to aggressively work through our nonperforming assets and position the company for future profitability and growth."

At June 30, 2010, the company's Tier 1 capital to risk-weighted assets ratio was 17.25% and total capital to risk-weighted assets ratio was 19.02%.  These ratios continue to significantly exceed the criteria for well capitalized banks and the requirements of banking regulators.

CREDIT QUALITY

The provision for loan losses was $98 million for the quarter ended June 30, 2010, down 41% from $165 million for the first quarter of 2010, and down 37% from $155 million for the second quarter of 2009.  Net charge offs for the quarter were $105 million, down 36% from net charge offs of $163 million for the quarter ended March 31, 2010, and up 72% from $61 million for the second quarter of 2009.  

Nonperforming loans declined to $1.02 billion at June 30, 2010, down 16% from $1.21 billion at March 31, 2010. Through a combination of bulk and individual loan sales, the company sold nonperforming loans with a net book value totaling $216 million at the beginning of the quarter, which resulted in $57 million of  charge offs during the quarter.  The nonperforming loans sold came out of the real estate construction and the commercial real estate segments of the company's loan portfolio.

Potential problem loans continued to decline to $1.27 billion at June 30, 2010, down $95 million, or 7%, from $1.37 billion at March 31, 2010.  Loans 30-89 days past due totaled $149 million at June 30, down 10% from $165 million at March 31, 2010, and down 29% from $209 million at June 30, 2009.  

The company's allowance for loan losses was $568 million, or 4.51% of total loans, at June 30, 2010 compared to $576 million, or 4.33% of total loans, at March 31, 2010.  This compares to an allowance for loan losses as a percent of total loans of 4.06% at December 31, 2009 and 2.66% at June 30, 2009.  

LOANS AND DEPOSITS

At June 30, 2010, the company's loan portfolio was $12.6 billion, down 5% from $13.3 billion at March 31, 2010, and down 18% from $15.3 billion at June 30, 2009.  The greatest declines in the portfolio were in the commercial real estate and construction segments of the portfolio.  The declines were primarily due to planned runoff and sales of nonperforming loans, charge offs, and weak new loan demand.

Total deposits grew to $17.0 billion at June 30, 2010 compared to $16.7 billion at December 31, 2009, and $16.3 billion at June 30, 2009.  On a year-over-year basis, deposits were up in all categories with the exception of brokered CDs and other time deposits, which were down 39% and 19%, respectively, from June 30, 2009.

NET INTEREST INCOME AND NET INTEREST MARGIN

Net interest income was $160 million for the three months ended June 30, 2010.  This compares to $169 million for the three months ended March 31, 2010, and $179 million for the quarter ended June 30, 2009.  The decrease in net interest income during the quarter is primarily the result of a $528 million decline in average outstanding loan balances, and a $543 million decline in average outstanding investment securities balances during the quarter.  

The company's net interest margin was 3.22% for the second quarter of 2010, down 13 basis points from 3.35% for the quarter ended March 31, 2010, and down 18 basis points from 3.40% for quarter ended June 30, 2009.  The net interest margin continues to be impacted by the company's strong liquidity position, which accounted for nine basis points of the reduction during the quarter.

NONINTEREST INCOME AND EXPENSE

Core fee-based revenue remained strong at $64 million for the quarter ended June 30, 2010 compared to $62 million for the first quarter of 2010, and $65 million for the second quarter of 2009.  Seasonal increases in debit and credit card transaction volumes were the primary drivers of the increase from the prior quarter.

Noninterest income for the quarter ended June 30, 2010 was $81 million, down $17 million from $98 million for the first quarter of 2010, and down $21 million from the second quarter of 2009.  Noninterest income for the quarter was up $7 million from the first quarter, excluding the $24 million gain on the sale of investments during that quarter, and down $22 million from $103 million for the same quarter a year ago, primarily due to a decline in mortgage banking income from the second quarter of 2009.

Mortgage loans originated for sale during the second quarter of 2010 were $502 million compared to $455 million for the first quarter of 2010. Net mortgage banking income totaled $5.5 million compared to $5.4 million for the first quarter of 2010, and $28 million for the second quarter of 2009, as production returned to more normal levels from the historically high levels of 2009.  

Total noninterest expense for the quarter ended June 30, 2010 was $155 million, up $3 million from $152 million for the first quarter of 2010, and down $15 million from $170 million in the second quarter of 2009. The decrease from the same quarter last year was primarily due to a one-time FDIC special assessment expense of $11 million and significantly higher foreclosure/OREO expenses in the second quarter of 2009.  

CONFERENCE CALL

Senior management will host a conference call for investors and analysts at 4 p.m. Central Daylight Time (CDT) on Thursday, July 22, 2010.  The toll-free dial-in number for the live call is 877-348-9354. The number for international callers is 253-237-1160. Participants should ask the operator for the Associated Banc-Corp second quarter 2010 earnings call, or for conference ID number 85356495. A replay of the call will be available starting at 7 p.m. CDT on July 22, 2010 through 11 p.m. CDT on August 22, 2010 by calling 800-642-1687 domestically or 706-645-9291 internationally. The conference ID number, 85356495, is required to access the replay.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified bank holding company with total assets of $23 billion. Associated has 290 banking offices serving approximately 160 communities in Wisconsin, Illinois, and Minnesota. The Company offers a full range of traditional banking services and a variety of other financial products and services. More information about Associated Banc-Corp is available at www.associatedbank.com.

Statements made in this document that are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. These statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "will," "intend," or similar expressions. Outcomes related to such statements are subject to numerous risk factors and uncertainties including those listed in the Company's Annual Report filed on Form 10-K as updated by Form 10-Q for the three months ended March 31, 2010.

For more information:

Investors:  Joseph B. Selner, Chief Financial Officer, 920-491-7120

Media:  Janet L. Ford, SVP Investor Relations Director, 414-278-1890



Consolidated Balance Sheets (Unaudited)

Associated Banc-Corp





























June 30,


March 31,


Seql Qtr


December 31,


September 30,


June 30,


Comp Qtr

(in thousands)

2010


2010


$ Change


2009


2009


2009


$ Change

Assets














Cash and due from banks

$            324,952


$      284,882


$    40,070


$      770,816


$      430,381


$      463,477


$    (138,525)

Interest-bearing deposits in other














financial institutions

2,210,946


1,998,528


212,418


26,091


13,145


12,910


2,198,036

Federal funds sold and securities purchased














under agreements to resell

13,515


19,220


(5,705)


23,785


17,000


34,679


(21,164)

Securities available for sale, at fair value

5,322,177


5,267,372


54,805


5,835,533


5,651,076


5,819,229


(497,052)

Federal Home Loan Bank and Federal














  Reserve Bank stocks, at cost

190,870


184,811


6,059


181,316


181,316


181,262


9,608

Loans held for sale

321,060


274,003


47,057


81,238


78,740


424,833


(103,773)

Loans

12,601,916


13,299,321


(697,405)


14,128,625


14,765,597


15,310,107


(2,708,191)

Allowance for loan losses

(567,912)


(575,573)


7,661


(573,533)


(412,530)


(407,167)


(160,745)

   Loans, net

12,034,004


12,723,748


(689,744)


13,555,092


14,353,067


14,902,940


(2,868,936)

Premises and equipment, net

181,231


183,401


(2,170)


186,564


185,544


185,794


(4,563)

Goodwill

929,168


929,168


-


929,168


929,168


929,168


-

Other intangible assets, net

92,176


91,991


185


92,807


91,506


91,588


588

Other assets

1,139,960


1,150,512


(10,552)


1,191,732


950,584


967,687


172,273

   Total assets

$       22,760,059


$ 23,107,636


$ (347,577)


$ 22,874,142


$ 22,881,527


$ 24,013,567


$ (1,253,508)















Liabilities and Stockholders' Equity














Noninterest-bearing deposits

$         2,932,599


$   3,023,247


$   (90,648)


$   3,274,973


$   2,984,486


$   2,846,570


$       86,029

Interest-bearing deposits, excl Brokered CDs

13,465,974


13,731,421


(265,447)


13,311,672


12,808,533


12,543,239


922,735

Brokered CDs

571,626


742,119


(170,493)


141,968


653,090


930,582


(358,956)

   Total deposits

16,970,199


17,496,787


(526,588)


16,728,613


16,446,109


16,320,391


649,808

Short-term borrowings

513,406


575,564


(62,158)


1,226,853


1,517,594


2,712,962


(2,199,556)

Long-term funding

1,843,691


1,643,979


199,712


1,953,998


1,761,506


1,761,580


82,111

Accrued expenses and other liabilities

246,636


210,797


35,839


226,070


231,659


344,866


(98,230)

   Total liabilities

19,573,932


19,927,127


(353,195)


20,135,534


19,956,868


21,139,799


(1,565,867)

Stockholders' Equity














 Preferred equity

512,724


511,910


814


511,107


510,315


509,535


3,189

 Common stock

1,737


1,737


-


1,284


1,284


1,284


453

 Surplus

1,567,315


1,564,536


2,779


1,082,335


1,080,720


1,078,633


488,682

 Retained earnings

1,032,065


1,044,501


(12,436)


1,081,156


1,268,507


1,266,274


(234,209)

 Accumulated other comprehensive income

73,173


59,744


13,429


63,432


64,919


19,125


54,048

 Treasury stock

(887)


(1,919)


1,032


(706)


(1,086)


(1,083)


196

   Total stockholders' equity

3,186,127


3,180,509


5,618


2,738,608


2,924,659


2,873,768


312,359

   Total liabilities and stockholders' equity

$       22,760,059


$ 23,107,636


$ (347,577)


$ 22,874,142


$ 22,881,527


$ 24,013,567


$ (1,253,508)



Consolidated Statements of Income (Unaudited)

Associated Banc-Corp 




























For The Three Months Ended





For The Six Months Ended,





June 30,


Quarter


June 30,


Year-to-Date

(in thousands, except per share amounts)

2010


2009


$ Change

% Change


2010


2009


$ Change

% Change

Interest Income














Interest and fees on loans

$    153,815


$ 194,352


$ (40,537)

(20.9%)


$    313,106


$ 396,377


$ (83,271)

(21.0%)

Interest and dividends on investment securities














and deposits in other financial institutions:














 Taxable

42,477


46,688


(4,211)

(9.0%)


90,395


97,591


(7,196)

(7.4%)

 Tax-exempt

8,557


8,819


(262)

(3.0%)


17,266


18,313


(1,047)

(5.7%)

Interest on federal funds sold and securities














purchased under agreements to resell

29


51


(22)

(43.1%)


51


114


(63)

(55.3%)

   Total interest income

204,878


249,910


(45,032)

(18.0%)


420,818


512,395


(91,577)

(17.9%)

Interest Expense














Interest on deposits

28,360


44,993


(16,633)

(37.0%)


57,105


91,592


(34,487)

(37.7%)

Interest on short-term borrowings

1,820


5,088


(3,268)

(64.2%)


3,846


10,242


(6,396)

(62.4%)

Interest on long-term funding

14,905


20,691


(5,786)

(28.0%)


30,852


42,145


(11,293)

(26.8%)

   Total interest expense

45,085


70,772


(25,687)

(36.3%)


91,803


143,979


(52,176)

(36.2%)

Net Interest Income

159,793


179,138


(19,345)

(10.8%)


329,015


368,416


(39,401)

(10.7%)

Provision for loan losses

97,665


155,022


(57,357)

(37.0%)


263,010


260,446


2,564

1.0%

Net interest income after provision for














loan losses

62,128


24,116


38,012

157.6%


66,005


107,970


(41,965)

(38.9%)

Noninterest Income














Trust service fees

9,517


8,569


948

11.1%


18,873


17,046


1,827

10.7%

Service charges on deposit accounts

26,446


29,671


(3,225)

(10.9%)


52,505


56,876


(4,371)

(7.7%)

Card-based and other nondeposit fees

11,942


11,858


84

0.7%


22,762


22,032


730

3.3%

Retail commissions

15,722


14,829


893

6.0%


31,539


30,341


1,198

3.9%

 Total core fee-based revenue

63,627


64,927


(1,300)

(2.0%)


125,679


126,295


(616)

(0.5%)















Mortgage banking, net

5,493


28,297


(22,804)

(80.6%)


10,900


32,564


(21,664)

(66.5%)

Capital market fees, net

(136)


2,393


(2,529)

(105.7%)


(6)


5,019


(5,025)

(100.1%)

Bank owned life insurance income

4,240


3,161


1,079

34.1%


7,496


8,933


(1,437)

(16.1%)

Asset sale gains (losses), net

1,477


(1,287)


2,764

(214.8%)


(164)


(2,394)


2,230

(93.1%)

Investment securities gains (losses), net

(146)


(1,385)


1,239

(89.5%)


23,435


9,211


14,224

154.4%

Other

6,336


5,835


501

8.6%


11,589


11,290


299

2.6%

   Total noninterest income

80,891


101,941


(21,050)

(20.6%)


178,929


190,918


(11,989)

(6.3%)

Noninterest Expense














Personnel expense

79,342


81,171


(1,829)

(2.3%)


158,697


158,269


428

0.3%

Occupancy

11,706


12,341


(635)

(5.1%)


24,881


25,222


(341)

(1.4%)

Equipment

4,450


4,670


(220)

(4.7%)


8,835


9,259


(424)

(4.6%)

Data processing

7,866


8,126


(260)

(3.2%)


15,165


15,723


(558)

(3.5%)

Business development and advertising

4,773


4,943


(170)

(3.4%)


9,218


9,680


(462)

(4.8%)

Other intangible amortization

1,254


1,385


(131)

(9.5%)


2,507


2,771


(264)

(9.5%)

Legal and professional fees

5,517


5,586


(69)

(1.2%)


8,312


9,827


(1,515)

(15.4%)

Foreclosure/OREO expense

8,906


13,576


(4,670)

(34.4%)


16,635


18,589


(1,954)

(10.5%)

FDIC expense

12,027


18,090


(6,063)

(33.5%)


23,856


23,865


(9)

(0.0%)

Other

19,197


20,143


(946)

(4.7%)


38,791


38,090


701

1.8%

   Total noninterest expense

155,038


170,031


(14,993)

(8.8%)


306,897


311,295


(4,398)

(1.4%)

Loss before income taxes

(12,019)


(43,974)


31,955

(72.7%)


(61,963)


(12,407)


(49,556)

399.4%

Income tax benefit

(9,240)


(26,633)


17,393

(65.3%)


(32,795)


(37,791)


4,996

(13.2%)

Net income (loss)

(2,779)


(17,341)


14,562

(84.0%)


$    (29,168)


$   25,384


$ (54,552)

(214.9%)

Preferred stock dividends and discount

7,377


7,331


46

0.6%


14,742


14,652


90

0.6%

Net income (loss) available to common equity

$    (10,156)


$ (24,672)


$  14,516

(58.8%)


$    (43,910)


$   10,732


$ (54,642)

(509.2%)















Earnings (Loss) Per Common Share:














 Basic

$        (0.06)


$     (0.19)


$      0.13

(68.4%)


$        (0.26)


$       0.08


$     (0.34)

(425.0%)

 Diluted

$        (0.06)


$     (0.19)


$      0.13

(68.4%)


$        (0.26)


$       0.08


$     (0.34)

(425.0%)















Average Common Shares Outstanding:














 Basic

172,921


127,861


45,060

35.2%


169,401


127,850


41,551

32.5%

 Diluted

172,921


127,861


45,060

35.2%


169,401


127,856


41,545

32.5%



Consolidated Statements of Income (Unaudited) - Quarterly Trend 

Associated Banc-Corp
























Sequential Qtr


Comparable Qtr

(in thousands, except per share amounts)

2Q10


1Q10


$ Change

% Change


4Q09


3Q09


2Q09


$ Change

% Change

Interest Income
















Interest and fees on loans

$ 153,815


$ 159,291


$ (5,476)

(3.4%)


$  172,624


$ 183,264


$ 194,352


$ (40,537)

(20.9%)

Interest and dividends on investment securities
















and deposits in other financial institutions:
















 Taxable

42,477


47,918


(5,441)

(11.4%)


48,567


46,873


46,688


(4,211)

(9.0%)

 Tax-exempt

8,557


8,709


(152)

(1.7%)


8,987


8,498


8,819


(262)

(3.0%)

Interest on federal funds sold and securities
















purchased under agreements to resell

29


22


7

31.8%


32


16


51


(22)

(43.1%)

   Total interest income

204,878


215,940


(11,062)

(5.1%)


230,210


238,651


249,910


(45,032)

(18.0%)

Interest Expense
















Interest on deposits

28,360


28,745


(385)

(1.3%)


31,471


37,811


44,993


(16,633)

(37.0%)

Interest on short-term borrowings

1,820


2,026


(206)

(10.2%)


3,062


2,895


5,088


(3,268)

(64.2%)

Interest on long-term funding

14,905


15,947


(1,042)

(6.5%)


17,324


18,709


20,691


(5,786)

(28.0%)

   Total interest expense

45,085


46,718


(1,633)

(3.5%)


51,857


59,415


70,772


(25,687)

(36.3%)

Net Interest Income

159,793


169,222


(9,429)

(5.6%)


178,353


179,236


179,138


(19,345)

(10.8%)

Provision for loan losses

97,665


165,345


(67,680)

(40.9%)


394,789


95,410


155,022


(57,357)

(37.0%)

Net interest income (loss) after provision for
















loan losses

62,128


3,877


58,251

N/M


(216,436)


83,826


24,116


38,012

157.6%

Noninterest Income
















Trust service fees

9,517


9,356


161

1.7%


9,906


9,057


8,569


948

11.1%

Service charges on deposit accounts

26,446


26,059


387

1.5%


29,213


30,829


29,671


(3,225)

(10.9%)

Card-based and other nondeposit fees

11,942


10,820


1,122

10.4%


12,359


11,586


11,858


84

0.7%

Retail commissions

15,722


15,817


(95)

(0.6%)


15,296


15,041


14,829


893

6.0%

 Total core fee-based revenue

63,627


62,052


1,575

2.5%


66,774


66,513


64,927


(1,300)

(2.0%)

















Mortgage banking, net

5,493


5,407


86

1.6%


9,227


(909)


28,297


(22,804)

(80.6%)

Capital market fees, net

(136)


130


(266)

(204.6%)


291


226


2,393


(2,529)

(105.7%)

Bank owned life insurance income

4,240


3,256


984

30.2%


3,310


3,789


3,161


1,079

34.1%

Asset sale gains (losses), net

1,477


(1,641)


3,118

(190.0%)


(1,551)


(126)


(1,287)


2,764

(214.8%)

Investment securities gains (losses), net

(146)


23,581


(23,727)

N/M


(395)


(42)


(1,385)


1,239

(89.5%)

Other

6,336


5,253


1,083

20.6%


7,078


5,858


5,835


501

8.6%

   Total noninterest income

80,891


98,038


(17,147)

(17.5%)


84,734


75,309


101,941


(21,050)

(20.6%)

Noninterest Expense
















Personnel expense

79,342


79,355


(13)

(0.0%)


72,620


73,501


81,171


(1,829)

(2.3%)

Occupancy

11,706


13,175


(1,469)

(11.1%)


12,170


11,949


12,341


(635)

(5.1%)

Equipment

4,450


4,385


65

1.5%


4,551


4,575


4,670


(220)

(4.7%)

Data processing

7,866


7,299


567

7.8%


7,728


7,442


8,126


(260)

(3.2%)

Business development and advertising

4,773


4,445


328

7.4%


4,443


3,910


4,943


(170)

(3.4%)

Other intangible amortization

1,254


1,253


1

0.1%


1,386


1,386


1,385


(131)

(9.5%)

Legal and professional fees

5,517


2,795


2,722

97.4%


6,386


3,349


5,586


(69)

(1.2%)

Foreclosure/OREO expense

8,906


7,729


1,177

15.2%


10,852


8,688


13,576


(4,670)

(34.4%)

FDIC expense

12,027


11,829


198

1.7%


9,618


8,451


18,090


(6,063)

(33.5%)

Other

19,197


19,594


(397)

(2.0%)


29,260


17,860


20,143


(946)

(4.7%)

   Total noninterest expense

155,038


151,859


3,179

2.1%


159,014


141,111


170,031


(14,993)

(8.8%)

Income (loss) before income taxes

(12,019)


(49,944)


37,925

(75.9%)


(290,716)


18,024


(43,974)


31,955

(72.7%)

Income tax expense (benefit)

(9,240)


(23,555)


14,315

(60.8%)


(117,479)


2,030


(26,633)


17,393

(65.3%)

Net income (loss)

(2,779)


(26,389)


23,610

(89.5%)


(173,237)


15,994


(17,341)


14,562

(84.0%)

Preferred stock dividends and discount

7,377


7,365


12

0.2%


7,354


7,342


7,331


46

0.6%

Net income (loss) available to common equity

$ (10,156)


$ (33,754)


$ 23,598

(69.9%)


$ (180,591)


$     8,652


$ (24,672)


$  14,516

(58.8%)

















Earnings (Loss) Per Common Share:
















 Basic

$     (0.06)


$     (0.20)


0.14

(70.0%)


$       (1.41)


$       0.07


$     (0.19)


0.13

(68.4%)

 Diluted

$     (0.06)


$     (0.20)


0.14

(70.0%)


$       (1.41)


$       0.07


$     (0.19)


0.13

(68.4%)

















Average Common Shares Outstanding:
















 Basic

172,921


165,842


7,079

4.3%


127,869


127,863


127,861


45,060

35.2%

 Diluted

172,921


165,842


7,079

4.3%


127,869


127,863


127,861


45,060

35.2%

















N/M = Not meaningful.



Selected Quarterly Information 

Associated Banc-Corp





















































(in thousands, except per share and full time equivalent employee data)

YTD 2010


YTD 2009


2nd Qtr 2010


1st Qtr 2010


4th Qtr 2009


3rd Qtr 2009


2nd Qtr 2009

Summary of Operations














Net interest income

$      329,015


$      368,416


$      159,793


$      169,222


$      178,353


$      179,236


$      179,138

Provision for loan losses

263,010


260,446


97,665


165,345


394,789


95,410


155,022

Asset sale gains (losses), net

(164)


(2,394)


1,477


(1,641)


(1,551)


(126)


(1,287)

Investment securities gains (losses), net

23,435


9,211


(146)


23,581


(395)


(42)


(1,385)

Noninterest income (excluding securities & asset gains)

155,658


184,101


79,560


76,098


86,680


75,477


104,613

Noninterest expense

306,897


311,295


155,038


151,859


159,014


141,111


170,031

Income (loss) before income taxes

(61,963)


(12,407)


(12,019)


(49,944)


(290,716)


18,024


(43,974)

Income tax expense (benefit)

(32,795)


(37,791)


(9,240)


(23,555)


(117,479)


2,030


(26,633)

Net income (loss)

(29,168)


25,384


(2,779)


(26,389)


(173,237)


15,994


(17,341)

Net income (loss) available to common equity

(43,910)


10,732


(10,156)


(33,754)


(180,591)


8,652


(24,672)

Taxable equivalent adjustment

12,000


12,694


5,966


6,034


6,188


5,938


6,150















Per Common Share Data














Net income (loss):














 Basic

$          (0.26)


$            0.08


$          (0.06)


$          (0.20)


$          (1.41)


$            0.07


$          (0.19)

 Diluted

(0.26)


0.08


(0.06)


(0.20)


(1.41)


0.07


(0.19)

Dividends

0.02


0.37


0.01


0.01


0.05


0.05


0.05

Market Value:














 High

$          16.10


$          21.39


$          16.10


$          14.54


$          13.00


$          12.67


$          19.00

 Low

11.48


10.60


12.26


11.48


10.37


9.21


12.50

 Close

12.26


12.50


12.26


13.76


11.01


11.42


12.50

Book value

15.46


18.49


15.46


15.44


17.42


18.88


18.49

Tangible book value

9.93


10.97


9.93


9.90


9.93


11.38


10.97















Performance Ratios (annualized)














Earning assets yield

4.17%


4.82%


4.10%


4.24%


4.59%


4.62%


4.70%

Interest-bearing liabilities rate

1.11


1.59


1.10


1.11


1.24


1.36


1.57

Net interest margin

3.29


3.49


3.22


3.35


3.59


3.50


3.40

Return on average assets

(0.26)


0.21


(0.05)


(0.46)


(3.02)


0.27


(0.29)

Return on average equity

(1.86)


1.76


(0.35)


(3.40)


(23.72)


2.18


(2.39)

Return on average tangible common equity (1)

(5.22)


1.51


(2.37)


(8.17)


(50.16)


2.39


(6.88)

Efficiency ratio (2)

61.79


55.08


63.20


60.42


58.63


54.14


58.65

Effective tax rate (benefit)

(52.93)


(304.59)


(76.88)


(47.16)


(40.41)


11.26


(60.57)

Dividend payout ratio (3)

N/M


462.50


N/M


N/M


N/M


71.43


N/M















Average Balances














Assets

$ 22,873,703


$ 24,159,647


$ 22,598,695


$ 23,151,767


$ 22,773,576


$ 23,362,954


$ 24,064,567

Earning assets

20,835,705


21,902,863


20,598,637


21,075,408


20,499,225


21,063,016


21,847,267

Interest-bearing liabilities

16,688,248


18,290,716


16,408,718


16,970,884


16,663,947


17,412,341


18,125,389

Loans

13,659,385


16,275,353


13,396,710


13,924,978


14,605,107


15,248,895


16,122,063

Deposits

17,099,816


15,576,244


17,056,193


17,143,924


16,407,034


16,264,181


16,100,686

Wholesale funding

2,588,696


5,484,245


2,343,119


2,837,001


3,332,642


4,067,830


4,876,970

Common stockholders' equity

2,654,000


2,396,020


2,674,097


2,633,680


2,387,534


2,394,410


2,400,664

Stockholders' equity

3,165,798


2,904,679


3,186,295


3,145,074


2,898,132


2,904,210


2,909,700

Common stockholders' equity/assets

11.60%


9.92%


11.83%


11.38%


10.48%


10.25%


9.98%

Stockholders' equity / assets

13.84%


12.02%


14.10%


13.58%


12.73%


12.43%


12.09%















At Period End














Assets





$ 22,760,059


$ 23,107,636


$ 22,874,142


$ 22,881,527


$ 24,013,567

Loans





12,601,916


13,299,321


14,128,625


14,765,597


15,310,107

Allowance for loan losses





567,912


575,573


573,533


412,530


407,167

Goodwill





929,168


929,168


929,168


929,168


929,168

Mortgage servicing rights, net





65,629


64,190


63,753


61,066


59,762

Other intangible assets





26,547


27,801


29,054


30,440


31,826

Deposits





16,970,199


17,496,787


16,728,613


16,446,109


16,320,391

Wholesale funding





2,357,097


2,219,543


3,180,851


3,279,100


4,474,542

Stockholders' equity





3,186,127


3,180,509


2,738,608


2,924,659


2,873,768

Stockholders' equity / assets





14.00%


13.76%


11.97%


12.78%


11.97%

Tangible common equity / tangible assets (4)





7.88%


7.73%


5.79%


6.64%


6.09%

Tangible equity/tangible assets (5)





10.23%


10.04%


8.12%


8.96%


8.30%

Tier 1 risk-based capital ratio





17.25%


16.40%


12.52%


13.14%


12.45%

Tier 1 leverage ratio





10.80%


10.57%


8.76%


9.35%


9.06%

Total risk-based capital ratio





19.02%


18.15%


14.24%


14.83%


14.35%

Shares outstanding, end of period





172,955


172,880


127,876


127,864


127,861















Selected trend information














Average full time equivalent employees





4,766


4,777


4,802


5,004


5,116

Trust assets under management, at market value





$   5,100,000


$   5,500,000


$   5,300,000


$   5,200,000


$   5,000,000

Mortgage loans originated for sale during period





501,965


454,746


671,305


638,229


1,335,175

Mortgage portfolio serviced for others





7,822,000


7,751,000


7,667,000


7,473,000


6,904,000

Mortgage servicing rights, net / Portfolio serviced for others





0.84%


0.83%


0.83%


0.82%


0.87%















N/M = Not meaningful.

(1) Return on average tangible common equity = Net income available to common equity divided by average common equity excluding average goodwill and other intangible assets. This is a non-GAAP financial measure.

(2) Efficiency ratio = Noninterest expense divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains, net, and asset sales gains, net.

     This is a non-GAAP financial measure.

(3) Ratio is based upon basic earnings per common share.

(4) Tangible common equity to tangible assets = Common stockholders' equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets.

     This is a non-GAAP financial measure.

(5) Tangible equity to tangible assets = Stockholders' equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets.

     This is a non-GAAP financial measure.



Selected Asset Quality Information 

Associated Banc-Corp















Jun10 vs Mar10





Jun10 vs Jun09

(in thousands)

Jun 30, 2010

Mar 31, 2010

% Change


Dec 31, 2009

Sept 30, 2009

Jun 30, 2009

% Change

Allowance for Loan Losses









Beginning balance

$     575,573

$     573,533

0.4%


$     412,530

$       407,167

$     313,228

83.8%

Provision for loan losses

97,665

165,345

(40.9%)


394,789

95,410

155,022

(37.0%)

Charge offs

(113,170)

(174,627)

(35.2%)


(236,367)

(92,340)

(63,325)

78.7%

Recoveries

7,844

11,322

(30.7%)


2,581

2,293

2,242

249.9%

Net charge offs

(105,326)

(163,305)

(35.5%)


(233,786)

(90,047)

(61,083)

72.4%

Ending balance

$     567,912

$     575,573

(1.3%)


$     573,533

$       412,530

$     407,167

39.5%



















Net Charge Offs



Jun10 vs Mar10





Jun10 vs Jun09


Jun 30, 2010

Mar 31, 2010

% Change


Dec 31, 2009

Sept 30, 2009

Jun 30, 2009

% Change

Commercial, financial & agricultural

$         5,557

$       63,699

(91.3%)


$       42,940

$         57,480

$       19,367

(71.3%)

Commercial real estate

37,004

21,328

73.5%


40,550

4,449

8,382

341.5%

Real estate - construction

46,135

60,186

(23.3%)


124,659

12,837

16,249

183.9%

Lease financing

297

774

(61.6%)


261

319

988

(69.9%)

   Total commercial

88,993

145,987

(39.0%)


208,410

75,085

44,986

97.8%

Home equity

11,213

11,769

(4.7%)


16,503

11,202

10,343

8.4%

Installment

1,887

2,222

(15.1%)


2,099

2,433

2,321

(18.7%)

   Total retail

13,100

13,991

(6.4%)


18,602

13,635

12,664

3.4%

   Residential mortgage

3,233

3,327

(2.8%)


6,774

1,327

3,433

(5.8%)

       Total net charge offs

$     105,326

$     163,305

(35.5%)


$     233,786

$         90,047

$       61,083

72.4%










Net Charge Offs to Average Loans (in basis points)

Jun 30, 2010

Mar 31, 2010



Dec 31, 2009

Sept 30, 2009

Jun 30, 2009


Commercial, financial & agricultural

73

795



490

611

191


Commercial real estate

398

230



412

45

92


Real estate - construction

1,582

1,780



3,185

285

307


Lease financing

141

341



105

119

349


   Total commercial

444

698



915

313

182


Home equity

183

190



254

170

152


Installment

83

98



94

113

110


   Total retail

156

166



213

156

142


   Residential mortgage

65

67



127

23

53


       Total net charge offs

315

476



635

234

152




















Credit Quality



Jun10 vs Mar10





Jun10 vs Jun09


Jun 30, 2010

Mar 31, 2010

% Change


Dec 31, 2009

Sept 30, 2009

Jun 30, 2009

% Change

Nonaccrual loans

$     975,641

$  1,180,185

(17.3%)


$  1,077,799

$       845,320

$     700,514

39.3%

Loans 90 or more days past due and still accruing

3,207

6,353

(49.5%)


24,981

23,174

19,785

(83.8%)

Restructured loans

40,865

23,420

74.5%


19,037

17,256

13,089

212.2%

   Total nonperforming loans

1,019,713

1,209,958

(15.7%)


1,121,817

885,750

733,388

39.0%

Other real estate owned (OREO)

51,223

62,220

(17.7%)


68,441

60,010

51,633

(0.8%)

   Total nonperforming assets

$  1,070,936

$  1,272,178

(15.8%)


$  1,190,258

$       945,760

$     785,021

36.4%










Allowance for loan losses / loans

4.51%

4.33%



4.06%

2.79%

2.66%


Allowance for loan losses / nonperforming loans

55.69

47.57



51.13

46.57

55.52


Allowance for loan losses / nonaccrual loans

58.21

48.77



53.21

48.80

58.12


Nonperforming loans / total loans

8.09

9.10



7.94

6.00

4.79


Nonaccrual loans / total loans

7.74

8.87



7.63

5.72

4.58


Nonperforming assets / total loans plus OREO

8.46

9.52



8.38

6.38

5.11


Nonperforming assets / total assets

4.71

5.51



5.20

4.13

3.27


Net charge offs / average loans (annualized)

3.15

4.76



6.35

2.34

1.52


Year-to-date net charge offs / average loans

3.97

4.76



2.84

1.75

1.47











Nonperforming loans by type:









Commercial, financial & agricultural

$     184,808

$     180,182

2.6%


$     234,418

$       209,843

$     187,943

(1.7%)

Commercial real estate

360,974

356,853

1.2%


307,478

213,736

165,929

117.5%

Real estate - construction

284,646

487,552

(41.6%)


413,360

301,844

264,402

7.7%

Lease financing

27,953

29,466

(5.1%)


19,506

18,814

1,929

N/M

   Total commercial

858,381

1,054,053

(18.6%)


974,762

744,237

620,203

38.4%

Home equity

46,534

47,231

(1.5%)


44,257

45,905

38,474

20.9%

Installment

7,243

7,059

2.6%


7,577

7,387

7,545

(4.0%)

   Total retail

53,777

54,290

(0.9%)


51,834

53,292

46,019

16.9%

   Residential mortgage

107,555

101,615

5.8%


95,221

88,221

67,166

60.1%

       Total nonperforming loans

$  1,019,713

$  1,209,958

(15.7%)


$  1,121,817

$       885,750

$     733,388

39.0%



















N/M - Not meaningful.



Selected Asset Quality Information (continued) 

Associated Banc-Corp












Jun10 vs Mar10





Jun10 vs Jun09

(in thousands)

Jun 30, 2010

Mar 31, 2010

% Change


Dec 31, 2009

Sept 30, 2009

Jun 30, 2009

% Change

Restructured loans









Commercial, financial & agricultural

$            635

$               -

N/M


$               -

$                -

$              15

N/M

Commercial real estate

7,820

-

N/M


-

-

-

N/M

Real estate - construction

4,835

763

N/M


480

265

415

N/M

Lease financing

-

-

N/M


-

-

-

N/M

   Total commercial

13,290

763

N/M


480

265

430

N/M

Home equity

3,601

6,482

(44.4%)


5,068

4,437

2,749

31.0%

Installment

560

300

86.7%


79

14

21

N/M

   Total retail

4,161

6,782

(38.6%)


5,147

4,451

2,770

50.2%

   Residential mortgage

23,414

15,875

47.5%


13,410

12,540

9,889

136.8%

       Total restructured loans

$       40,865

$       23,420

74.5%


$       19,037

$         17,256

$       13,089

212.2%










Restructured loans in nonaccrual loans (not included above)

$       48,215

$         9,862



$         9,393

$           5,353

$         1,357




















Loans Past Due 30-89 Days



Jun10 vs Mar10





Jun10 vs Jun09


Jun 30, 2010

Mar 31, 2010

% Change


Dec 31, 2009

Sept 30, 2009

Jun 30, 2009

% Change

Commercial, financial & agricultural

$       40,415

$       51,042

(20.8%)


$       64,369

$         43,159

$       47,515

(14.9%)

Commercial real estate

50,721

69,836

(27.4%)


81,975

50,029

66,288

(23.5%)

Real estate - construction

23,368

13,805

69.3%


56,559

39,184

35,166

(33.5%)

Lease financing

628

98

540.8%


823

873

18,833

(96.7%)

   Total commercial

115,132

134,781

(14.6%)


203,726

133,245

167,802

(31.4%)

Home equity

15,869

12,919

22.8%


14,304

16,852

19,755

(19.7%)

Installment

6,567

4,794

37.0%


8,499

7,401

7,577

(13.3%)

   Total retail

22,436

17,713

26.7%


22,803

24,253

27,332

(17.9%)

   Residential mortgage

11,110

12,786

(13.1%)


14,226

17,994

14,189

(21.7%)

       Total loans past due 30-89 days

$     148,678

$     165,280

(10.0%)


$     240,755

$       175,492

$     209,323

(29.0%)



















Potential Problem Loans



Jun10 vs Mar10





Jun10 vs Jun09


Jun 30, 2010

Mar 31, 2010

% Change


Dec 31, 2009

Sept 30, 2009

Jun 30, 2009

% Change

Commercial, financial & agricultural

$     482,686

$     505,903

(4.6%)


$     563,836

$       481,034

$     428,550

12.6%

Commercial real estate

553,316

565,969

(2.2%)


598,137

588,013

462,103

19.7%

Real estate - construction

203,560

262,572

(22.5%)


391,105

462,029

481,467

(57.7%)

Lease financing

6,784

5,158

31.5%


8,367

9,572

24,934

(72.8%)

   Total commercial

1,246,346

1,339,602

(7.0%)


1,561,445

1,540,648

1,397,054

(10.8%)

Home equity

7,778

7,446

4.5%


13,400

15,933

13,626

(42.9%)

Installment

725

1,103

(34.3%)


1,524

1,908

1,043

(30.5%)

   Total retail

8,503

8,549

(0.5%)


14,924

17,841

14,669

(42.0%)

   Residential mortgage

17,304

19,591

(11.7%)


19,150

15,414

14,448

19.8%

       Total potential problem loans

$  1,272,153

$  1,367,742

(7.0%)


$  1,595,519

$    1,573,903

$  1,426,171

(10.8%)










N/M - Not meaningful.











Net Interest Income Analysis - Taxable Equivalent Basis

Associated Banc-Corp



Six months ended June 30, 2010


Six months ended June 30, 2009


Average

Interest

Average


Average

Interest

Average

(in thousands)

Balance

Income / Expense

Yield / Rate


Balance

Income / Expense

Yield / Rate









Earning assets:








  Loans: (1) (2) (3)








     Commercial

$   8,256,254

$ 175,869

4.29%


$ 10,083,205

$ 228,424

4.57%

     Residential mortgage

2,008,087

50,251

5.02


2,553,037

68,231

5.36

     Retail

3,395,044

88,626

5.25


3,639,111

101,428

5.61

        Total loans

13,659,385

314,746

4.64


16,275,353

398,083

4.92

     Investment securities

5,635,929

116,045

4.12


5,573,621

126,736

4.55

     Other short-term investments

1,540,391

2,027

0.27


53,889

270

1.01

        Investments and other

7,176,320

118,072

3.29


5,627,510

127,006

4.51

Total earning assets

20,835,705

432,818

4.17


21,902,863

525,089

4.82

  Other assets, net

2,037,998




2,256,784



Total assets

$ 22,873,703




$ 24,159,647











Interest-bearing liabilities:








  Savings deposits

$      886,045

$        541

0.12%


$      882,533

$        681

0.16%

  Interest-bearing demand deposits

2,876,779

3,676

0.26


1,836,187

1,867

0.21

  Money market deposits

6,321,344

16,999

0.54


5,178,848

23,977

0.93

  Time deposits, excluding Brokered CDs

3,378,329

33,489

2.00


4,004,253

58,277

2.93

     Total interest-bearing deposits, excluding Brokered CDs

13,462,497

54,705

0.82


11,901,821

84,802

1.44

  Brokered CDs

637,055

2,400

0.76


904,650

6,790

1.51

     Total interest-bearing deposits

14,099,552

57,105

0.82


12,806,471

91,592

1.44

  Wholesale funding

2,588,696

34,698

2.69


5,484,245

52,387

1.92

Total interest-bearing liabilities

16,688,248

91,803

1.11


18,290,716

143,979

1.59

  Noninterest-bearing demand deposits

3,000,264




2,769,773



  Other liabilities

19,393




194,479



  Stockholders' equity

3,165,798




2,904,679



Total liabilities and stockholders' equity

$ 22,873,703




$ 24,159,647











Net interest income and rate spread (1)


$ 341,015

3.06%



$ 381,110

3.23%

Net interest margin (1)



3.29%




3.49%

Taxable equivalent adjustment


$   12,000




$   12,694











(1) The yield on tax exempt loans and securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions.

(2) Nonaccrual loans and loans held for sale have been included in the average balances.

(3) Interest income includes net loan fees.



Net Interest Income Analysis - Taxable Equivalent Basis  

Associated Banc-Corp



Three months ended June 30, 2010


Three months ended June 30, 2009


Average

Interest

Average


Average

Interest

Average

(in thousands)

Balance

Income / Expense

Yield / Rate


Balance

Income / Expense

Yield / Rate









Earning assets:








  Loans: (1) (2) (3)








     Commercial

$   8,036,688

$   85,974

4.29%


$   9,940,732

$ 111,760

4.51%

     Residential mortgage

1,996,448

24,781

4.97


2,605,638

34,363

5.28

     Retail

3,363,574

43,892

5.23


3,575,693

49,088

5.50

        Total loans

13,396,710

154,647

4.63


16,122,063

195,211

4.85

     Investment securities

5,365,745

55,009

4.10


5,675,359

60,715

4.28

     Other short-term investments

1,836,182

1,188

0.26


49,845

134

1.08

        Investments and other

7,201,927

56,197

3.12


5,725,204

60,849

4.25

Total earning assets

20,598,637

210,844

4.10


21,847,267

256,060

4.70

  Other assets, net

2,000,058




2,217,300



Total assets

$ 22,598,695




$ 24,064,567











Interest-bearing liabilities:








  Savings deposits

$      913,347

$        291

0.13%


$      907,677

$        359

0.16%

  Interest-bearing demand deposits

2,833,530

1,898

0.27


1,970,889

1,038

0.21

  Money market deposits

6,398,892

8,778

0.55


5,409,953

12,412

0.92

  Time deposits, excluding Brokered CDs

3,305,825

16,035

1.95


4,015,230

28,220

2.82

     Total interest-bearing deposits, excluding Brokered CDs

13,451,594

27,002

0.81


12,303,749

42,029

1.37

  Brokered CDs

614,005

1,358

0.89


944,670

2,964

1.26

     Total interest-bearing deposits

14,065,599

28,360

0.81


13,248,419

44,993

1.36

  Wholesale funding

2,343,119

16,725

2.86


4,876,970

25,779

2.12

Total interest-bearing liabilities

16,408,718

45,085

1.10


18,125,389

70,772

1.57

  Noninterest-bearing demand deposits

2,990,594




2,852,267



  Other liabilities

13,088




177,211



  Stockholders' equity

3,186,295




2,909,700



Total liabilities and stockholders' equity

$ 22,598,695




$ 24,064,567











Net interest income and rate spread (1)


$ 165,759

3.00%



$ 185,288

3.13%

Net interest margin (1)



3.22%




3.40%

Taxable equivalent adjustment


$     5,966




$     6,150










(1) The yield on tax exempt loans and securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions.

(2) Nonaccrual loans and loans held for sale have been included in the average balances.

(3) Interest income includes net loan fees.



Net Interest Income Analysis - Taxable Equivalent Basis 

Associated Banc-Corp


Three months ended June 30, 2010


Three months ended March 31, 2010


Average

Interest

Average


Average

Interest

Average

(in thousands)

Balance

Income / Expense

Yield / Rate


Balance

Income / Expense

Yield / Rate









Earning assets:








  Loans: (1) (2) (3)








     Commercial

$     8,036,688

$          85,974

4.29%


$      8,478,259

$             89,895

4.29%

     Residential mortgage

1,996,448

24,781

4.97


2,019,855

25,471

5.06

     Retail

3,363,574

43,892

5.23


3,426,864

44,733

5.27

        Total loans

13,396,710

154,647

4.63


13,924,978

160,099

4.65

     Investment securities

5,365,745

55,009

4.10


5,909,116

61,036

4.13

     Other short-term investments

1,836,182

1,188

0.26


1,241,314

839

0.27

        Investments and other

7,201,927

56,197

3.12


7,150,430

61,875

3.46

Total earning assets

20,598,637

210,844

4.10


21,075,408

221,974

4.24

  Other assets, net

2,000,058




2,076,359



Total assets

$   22,598,695




$    23,151,767











Interest-bearing liabilities:








  Savings deposits

$        913,347

$               291

0.13%


$         858,440

$                  250

0.12%

  Interest-bearing demand deposits

2,833,530

1,898

0.27


2,920,510

1,779

0.25

  Money market deposits

6,398,892

8,778

0.55


6,242,934

8,221

0.53

  Time deposits, excluding Brokered CDs

3,305,825

16,035

1.95


3,451,638

17,453

2.05

     Total interest-bearing deposits, excluding Brokered CDs

13,451,594

27,002

0.81


13,473,522

27,703

0.83

  Brokered CDs

614,005

1,358

0.89


660,361

1,042

0.64

     Total interest-bearing deposits

14,065,599

28,360

0.81


14,133,883

28,745

0.82

  Wholesale funding

2,343,119

16,725

2.86


2,837,001

17,973

2.55

Total interest-bearing liabilities

16,408,718

45,085

1.10


16,970,884

46,718

1.11

  Noninterest-bearing demand deposits

2,990,594




3,010,041



  Other liabilities

13,088




25,768



  Stockholders' equity

3,186,295




3,145,074



Total liabilities and stockholders' equity

$   22,598,695




$    23,151,767











Net interest income and rate spread (1)


$        165,759

3.00%



$           175,256

3.13%

Net interest margin (1)



3.22%




3.35%

Taxable equivalent adjustment


$            5,966




$               6,034










(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



Jun10 vs Mar10





Jun10 vs Jun09


Jun 30, 2010

Mar 31, 2010

% Change


Dec 31, 2009

Sept 30, 2009

Jun 30, 2009

% Change

Commercial, financial & agricultural

$     2,969,662

$     3,099,265

(4.2%)


$      3,450,632

$        3,613,457

$      3,904,925

(24.0%)

Commercial real estate

3,576,716

3,699,139

(3.3%)


3,817,066

3,902,340

3,737,749

(4.3%)

Real estate - construction

925,697

1,281,868

(27.8%)


1,397,493

1,611,857

1,963,919

(52.9%)

Lease financing

82,375

87,568

(5.9%)


95,851

102,130

110,262

(25.3%)

   Total commercial

7,554,450

8,167,840

(7.5%)


8,761,042

9,229,784

9,716,855

(22.3%)

Home equity

2,455,181

2,468,587

(0.5%)


2,546,167

2,591,262

2,656,747

(7.6%)

Installment

749,588

759,025

(1.2%)


873,568

885,970

844,065

(11.2%)

   Total retail

3,204,769

3,227,612

(0.7%)


3,419,735

3,477,232

3,500,812

(8.5%)

   Residential mortgage

1,842,697

1,903,869

(3.2%)


1,947,848

2,058,581

2,092,440

(11.9%)

       Total loans

$   12,601,916

$   13,299,321

(5.2%)


$    14,128,625

$      14,765,597

$    15,310,107

(17.7%)



















Period End Deposit Composition



Jun10 vs Mar10





Jun10 vs Jun09


Jun 30, 2010

Mar 31, 2010

% Change


Dec 31, 2009

Sept 30, 2009

Jun 30, 2009

% Change

Demand

$     2,932,599

$     3,023,247

(3.0%)


$      3,274,973

$        2,984,486

$      2,846,570

3.0%

Savings

913,146

897,740

1.7%


845,509

871,539

898,527

1.6%

Interest-bearing demand

2,745,541

2,939,390

(6.6%)


3,099,358

2,395,429

2,242,800

22.4%

Money market

6,554,559

6,522,901

0.5%


5,806,661

5,724,418

5,410,498

21.1%

Brokered CDs

571,626

742,119

(23.0%)


141,968

653,090

930,582

(38.6%)

Other time deposits

3,252,728

3,371,390

(3.5%)


3,560,144

3,817,147

3,991,414

(18.5%)

 Total deposits

$   16,970,199

$   17,496,787

(3.0%)


$    16,728,613

$      16,446,109

$    16,320,391

4.0%










Network transaction deposits included above in









 interest-bearing demand and money market

$     2,698,204

$     2,641,648

2.1%


$      1,926,539

$        1,767,271

$      1,605,722

68.0%

Customer repo sweeps (a)

$        184,043

$        188,314

(2.3%)


$         195,858

$           242,575

$         269,809

(31.8%)










(a) Included within short-term borrowings.



SOURCE Associated Banc-Corp

Contact: Investors, Joseph B. Selner, Chief Financial Officer, +1-920-491-7120, or Media, Janet L. Ford, SVP Investor Relations Director, +1-414-278-1890, both of Associated Banc-Corp
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