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