GREEN BAY, Wis., Jan. 20, 2011 /PRNewswire/ -- Associated Banc-Corp (Nasdaq: ASBC) today reported net income to common shareholders of $6.6 million, or $0.04 per common share, for the quarter ended December 31, 2010. This compares to net income to common shareholders of $6.9 million, or $0.04 per common share, for the quarter ended September 30, 2010, and a net loss to common shareholders of $180.6 million, or $1.41 per common share, for the quarter ended December 31, 2009.
For the year ended December 31, 2010, the Company reported a net loss to common shareholders of $30.4 million, or $0.18 per common share. This compares to a net loss to common shareholders of $161.2 million, or $1.26 per common share, for the year ended December 31, 2009.
HIGHLIGHTS
- Second consecutive quarter of profitability with net income to common shareholders of $6.6 million, or $0.04 per share
- Ongoing improvements in credit quality metrics:
- Loans 30-89 days past due were down for the fourth consecutive quarter
- Potential problem loans were down for the fourth consecutive quarter
- Nonaccrual loans were down 21% from the prior quarter and 47% from a year ago
- $163 million in nonaccrual loans were sold or resolved during the quarter
- Fourth quarter reduction of higher risk construction loans was offset by growth in lower risk residential mortgage and home equity loans
- Net interest margin of 3.13%, up 5 basis points from the prior quarter
- Capital ratios remain very strong, with a Tier 1 common ratio of 12.26% at December 31, 2010, compared to 7.85% a year ago
"Fourth quarter results reflect several positive signs and trends," said Philip B. Flynn, President and Chief Executive Officer. "Credit quality continued to improve. We saw growth in the Company's loan portfolio this quarter, and we saw modest growth in C&I and home equity loans for the second consecutive quarter."
"While we accomplished many of our objectives during the past year, our full attention is now on the more challenging job of ensuring profitable growth. We spent a great deal of time looking at our core businesses and developing plans to ensure the profitable growth of the Company. We have recalibrated the Company's business portfolio to more properly align our business activities around our core businesses and created a more balanced approach to growing deposits and loans. We believe the enhancements we have made to our business portfolio, along with our strategic initiatives, position us well for future growth."
FOURTH QUARTER 2010 FINANCIAL RESULTS
Credit Quality
Key credit metrics continued to improve during the quarter. Loans 30-89 days past due totaled $120 million at December 31, 2010, down 4% from $124 million at September 30, 2010, and down 50% from $241 million at December 31, 2009. Potential problem loans continued to decline to $964 million at December 31, 2010, down $168 million, or 15%, from $1.13 billion at September 30, 2010.
Nonaccrual loans declined to $574 million at December 31, 2010, down 21% from $728 million at September 30, 2010, and down 47% from $1.1 billion at December 31, 2009. Through a combination of loan sales and discounted payoffs (resolutions), the Company reduced nonaccrual loans with a net book value totaling $163 million during the quarter, which resulted in $42 million of charge-offs during the quarter. A total of $597 million in nonaccrual loans, primarily consisting of real estate construction and commercial real estate loans, were sold or resolved during 2010, exceeding the Company's previously stated goal of $500 million.
The provision for loan losses and net charge-offs for the fourth quarter of 2010 were consistent with the prior quarter and substantially lower than prior year levels, as fourth quarter 2010, third quarter 2010, and fourth quarter 2009 provisions for loan losses were $63 million, $64 million and $395 million, respectively, and net charge-offs were $108 million, $110 million and $234 million, respectively. Bulk sales and discounted resolutions of nonaccrual loans contributed to elevated levels of charge-offs during the past three quarters.
The Company's allowance for loan losses was $477 million, or 3.78% of total loans, at December 31, 2010. This compares to an allowance for loan losses of $522 million, or 4.22% of total loans, at September 30, 2010, and $574 million, or 4.06% of total loans, at December 31, 2009. The coverage of nonaccrual loans increased to 83.02% at the end of the fourth quarter, compared to 71.72% at the end of the third quarter.
Loans and Deposits
At December 31, 2010, the Company's loan portfolio was $12.6 billion, up 2% from $12.4 billion at September 30, 2010, and down 11% from $14.1 billion at December 31, 2009. The $447 million, or 24%, increase in the residential mortgage segment of the portfolio for the quarter was partially offset by declines in the construction and commercial real estate sections of the portfolio primarily related to loan sales during the quarter. The C&I and home equity segments of the portfolio continued to grow modestly, up 2% and 3%, respectively, from the prior quarter.
On a year-over-year basis, the greatest decline was in the construction segment of the Company's loan portfolio, which at $553 million was down 60% from December 31, 2009. The construction segment represented just 4% of the Company's total loan portfolio at December 31, 2010. This is in line with the Company's strategy of rebalancing the loan portfolio over time.
Total deposits were $15.2 billion at December 31, 2010, compared to $16.8 billion at September 30, 2010 and $16.7 billion at December 31, 2009. During the quarter, the Company rebalanced its liabilities in light of its excess liquidity position and to increase margin. $1.1 billion of interest-bearing deposits largely related to the FDIC's TAG program and $826 million of network transaction deposits were managed down as the Company reduced its liquidity profile. These deposit outflows were partially offset by a seasonal year end increase in demand deposits, a year end influx of public funds monies, and increased customer repurchase agreement activities. The net balance reductions were replaced with lower cost short-term funding. Year-over-year, demand deposits were up 13% and savings balances grew 5%, while interest-bearing demand and money market deposits declined 40% and 6%, respectively, from December 31, 2009.
Net Interest Income
The Company's net interest margin was 3.13% for the quarter ended December 31, 2010, compared to 3.08% for the third quarter of 2010, and 3.59% for the same quarter a year ago. Net interest income was $151 million for the quarter ended December 31, 2010. This compares to $154 million for the quarter ended September 30, 2010 and $178 million for the quarter ended December 31, 2009. Interest income from earning assets of $189 million was down 4% from the prior quarter, primarily related to a net reduction in earning assets as a result of the reduction in the Company liquidity position. The reduction in interest income was partially offset by a net increase in our investment holdings. Interest expense of $38 million for the fourth quarter was down $4 million, or 10%, from $42 million for the quarter ended September 30, 2010, due to the effects of the liability rebalancing undertaken during the quarter and the effects of lower average rates paid on deposits.
Noninterest Income and Expense
Noninterest income for the quarter ended December 31, 2010 was $85 million, compared to $82 million for the third quarter of 2010 and $85 million for the same quarter last year. The increase in noninterest income was primarily due to a $4 million increase in net mortgage banking income for the quarter and a $4 million increase in capital markets income, which were partially offset by a $3 million decline in service charges on deposit accounts and net losses on asset and investment sales.
Core fee-based revenue was $57 million for the quarter ended December 31, 2010, compared to $61 million for the quarter ended September 30, 2010 and $67 million for the fourth quarter of 2009. Lower core fee-based revenue was primarily the result of a continued decline in service charges on consumer deposits, which was down $3 million from $24 million in the third quarter of 2010, and down $9 million from $29 million for the quarter ended December 31, 2009.
Mortgage loans originated for sale were $630 million for the quarter ended December 31, 2010 compared to $728 million for the prior quarter. Net mortgage banking income for the quarter totaled $13 million, up $4 million, or 47%, from $9 million for both the third quarter of 2010 and the fourth quarter of 2009. Fourth quarter mortgage banking results included a $3 million valuation recovery related to mortgage servicing rights compared to a $9 million valuation charge for the third quarter of 2010, and a $1 million valuation recovery for the quarter ended December 31, 2009.
Capital markets fee income for the quarter increased $4 million from the prior quarter due to credit valuation adjustments (CVAs) related to changes in the fair value of credit (nonperformance) risk of the Company's offsetting interest rate swap positions that it maintains for its customers with various financial counterparties. Due to the general characteristics of the consumer swaps, an increase in market rates will generally result in a reduction in credit exposure and a CVA recovery. During the fourth quarter of 2010, the market level of rates increased resulting in a $2 million CVA recovery compared to a $2 million CVA charge in the third quarter of 2010.
Total noninterest expense for the quarter ended December 31, 2010 was $167 million, up 7% from $157 million for the quarter ended September 30, 2010, and up 5% from $159 million for the quarter ended December 31, 2009. The increase in total noninterest expense over the prior quarter was primarily due to higher personnel expense related to investments in human capital, costs related to valuation write-downs of several OREO properties, and accruals for resolving certain ongoing legal matters. These increases were partially offset by decreases in other expense categories, most notably legal and professional fees.
For the fourth quarter of 2010, the Company reported a tax benefit of $8 million, which included a $5 million benefit related to the resolution of certain tax matters which occurred during the quarter.
"Given an improving economic environment, we expect to see loan growth and margin expansion in 2011," Flynn stated. "We also believe that provisions for loan losses will continue to decline. In addition, as we have stated in the past, we expect to repay the U.S. Treasury TARP funds this year. We are pleased with the progress we have made and believe that our ongoing investments in additional talent and our core businesses during 2011 will position our Company for more rapid growth in 2012 and beyond."
FOURTH QUARTER 2010 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 20, 2011. Interested parties can listen to the call live on the internet through the investor relations section of the company's website, www.associatedbank.com/investor, or by dialing 877-348-9354. The slide presentation for the call will be available on the company's website just prior to the call. The number for international callers is 253-237-1160. Participants should ask the operator for the Associated Banc-Corp fourth quarter 2010 earnings call, or conference ID number 32741660.
An audio archive of the webcast will be available on the company's website for one month following the call. A replay of the call will be available starting at 7:00 p.m. CT on January 20, 2011 through 11:00 p.m. CT on February 19, 2011 by dialing 800-642-1687 and entering the conference ID number 32741660. The replay number for international callers is 706-645-9291.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NASDAQ: ASBC) has total assets of $22 billion and is one of the top 50 financial services holding companies operating in the United States. Headquartered in Green Bay, Wis., Associated has 281 banking locations serving more than 150 communities throughout Wisconsin, Illinois and Minnesota. The company offers a full range of banking services and other financial products and services. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD LOOKING STATEMENTS
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 most recent Annual Report filed on Form 10-K as updated by the Company's most recent Form 10-Q.
| Consolidated Balance Sheets (Unaudited) | |
| Associated Banc-Corp |
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| December 31, |
| September 30, |
| Seql Qtr |
| June 30, |
| March 31, |
| December 31, |
| Comp Qtr | |
| (in thousands) |
| 2010 |
| 2010 |
| $ Change |
| 2010 |
| 2010 |
| 2009 |
| $ Change | |
| Assets |
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| |
| Cash and due from banks |
| $ 319,487 |
| $ 316,914 |
| $ 2,573 |
| $ 324,952 |
| $ 284,882 |
| $ 770,816 |
| $ (451,329) | |
| Interest-bearing deposits in other |
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| financial institutions |
| 546,125 |
| 1,717,853 |
| (1,171,728) |
| 2,210,946 |
| 1,998,528 |
| 26,091 |
| 520,034 | |
| Federal funds sold and securities purchased |
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| under agreements to resell |
| 2,550 |
| 503,950 |
| (501,400) |
| 13,515 |
| 19,220 |
| 23,785 |
| (21,235) | |
| Securities available for sale, at fair value |
| 6,101,341 |
| 5,291,336 |
| 810,005 |
| 5,322,177 |
| 5,267,372 |
| 5,835,533 |
| 265,808 | |
| Federal Home Loan Bank and Federal |
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| |
| Reserve Bank stocks, at cost |
| 190,968 |
| 190,918 |
| 50 |
| 190,870 |
| 184,811 |
| 181,316 |
| 9,652 | |
| Loans held for sale |
| 144,808 |
| 274,666 |
| (129,858) |
| 321,060 |
| 274,003 |
| 81,238 |
| 63,570 | |
| Loans |
| 12,616,735 |
| 12,372,393 |
| 244,342 |
| 12,601,916 |
| 13,299,321 |
| 14,128,625 |
| (1,511,890) | |
| Allowance for loan losses |
| (476,813) |
| (522,018) |
| 45,205 |
| (567,912) |
| (575,573) |
| (573,533) |
| 96,720 | |
| Loans, net |
| 12,139,922 |
| 11,850,375 |
| 289,547 |
| 12,034,004 |
| 12,723,748 |
| 13,555,092 |
| (1,415,170) | |
| Premises and equipment, net |
| 190,533 |
| 181,236 |
| 9,297 |
| 181,231 |
| 183,401 |
| 186,564 |
| 3,969 | |
| Goodwill |
| 929,168 |
| 929,168 |
| - |
| 929,168 |
| 929,168 |
| 929,168 |
| - | |
| Other intangible assets, net |
| 88,044 |
| 84,824 |
| 3,220 |
| 92,176 |
| 91,991 |
| 92,807 |
| (4,763) | |
| Other assets |
| 1,132,650 |
| 1,184,046 |
| (51,396) |
| 1,139,960 |
| 1,150,512 |
| 1,191,732 |
| (59,082) | |
| Total assets |
| $ 21,785,596 |
| $ 22,525,286 |
| $ (739,690) |
| $ 22,760,059 |
| $ 23,107,636 |
| $ 22,874,142 |
| $ (1,088,546) | |
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| Liabilities and Stockholders' Equity |
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| Noninterest-bearing deposits |
| $ 3,684,965 |
| $ 3,054,121 |
| $ 630,844 |
| $ 2,932,599 |
| $ 3,023,247 |
| $ 3,274,973 |
| 409,992 | |
| Interest-bearing deposits, excl Brokered CDs |
| 11,097,788 |
| 13,308,530 |
| (2,210,742) |
| 13,465,974 |
| 13,731,421 |
| 13,311,672 |
| (2,213,884) | |
| Brokered CDs |
| 442,640 |
| 442,209 |
| 431 |
| 571,626 |
| 742,119 |
| 141,968 |
| 300,672 | |
| Total deposits |
| 15,225,393 |
| 16,804,860 |
| (1,579,467) |
| 16,970,199 |
| 17,496,787 |
| 16,728,613 |
| (1,503,220) | |
| Short-term borrowings |
| 1,747,382 |
| 539,263 |
| 1,208,119 |
| 513,406 |
| 575,564 |
| 1,226,853 |
| 520,529 | |
| Long-term funding |
| 1,413,605 |
| 1,713,671 |
| (300,066) |
| 1,843,691 |
| 1,643,979 |
| 1,953,998 |
| (540,393) | |
| Accrued expenses and other liabilities |
| 240,425 |
| 266,643 |
| (26,218) |
| 246,636 |
| 210,797 |
| 226,070 |
| 14,355 | |
| Total liabilities |
| 18,626,805 |
| 19,324,437 |
| (697,632) |
| 19,573,932 |
| 19,927,127 |
| 20,135,534 |
| (1,508,729) | |
| Stockholders' Equity |
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| |
| Preferred equity |
| 514,388 |
| 513,550 |
| 838 |
| 512,724 |
| 511,910 |
| 511,107 |
| 3,281 | |
| Common stock |
| 1,739 |
| 1,738 |
| 1 |
| 1,737 |
| 1,737 |
| 1,284 |
| 455 | |
| Surplus |
| 1,573,372 |
| 1,569,963 |
| 3,409 |
| 1,567,315 |
| 1,564,536 |
| 1,082,335 |
| 491,037 | |
| Retained earnings |
| 1,041,666 |
| 1,036,800 |
| 4,866 |
| 1,032,065 |
| 1,044,501 |
| 1,081,156 |
| (39,490) | |
| Accumulated other
comprehensive
income |
| 27,626 |
| 78,798 |
| (51,172) |
| 73,173 |
| 59,744 |
| 63,432 |
| (35,806) | |
| Treasury stock |
| - |
| - |
| - |
| (887) |
| (1,919) |
| (706) |
| 706 | |
| Total stockholders'
equity |
| 3,158,791 |
| 3,200,849 |
| (42,058) |
| 3,186,127 |
| 3,180,509 |
| 2,738,608 |
| 420,183 | |
| Total liabilities
and stockholders'
equity |
| $ 21,785,596 |
| $ 22,525,286 |
| $ (739,690) |
| $ 22,760,059 |
| $ 23,107,636 |
| $ 22,874,142 |
| $ (1,088,546) | |
| | | | | | | | | | | | | | | |
| Consolidated Statements of Income (Unaudited) | |
| Associated Banc-Corp |
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| For The Three Months Ended |
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| For The Year Ended, |
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| December 31, |
| Quarter |
| December 31, |
| Year-to-Date | |
| (in thousands, except per share amounts) |
| 2010 |
| 2009 |
| $ Change | % Change |
| 2010 |
| 2009 |
| $ Change | % Change | |
| Interest Income |
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| Interest and fees on loans |
| $ 146,444 |
| $ 172,624 |
| $ (26,180) | (15.2%) |
| $ 608,487 |
| $ 752,265 |
| $ (143,778) | (19.1%) | |
| Interest and dividends on investment securities: |
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| Taxable |
| 33,468 |
| 48,521 |
| (15,053) | (31.0%) |
| 159,085 |
| 192,766 |
| (33,681) | (17.5%) | |
| Tax-exempt |
| 8,150 |
| 8,987 |
| (837) | (9.3%) |
| 33,915 |
| 35,799 |
| (1,884) | (5.3%) | |
| Other interest |
| 1,030 |
| 78 |
| 952 | N/M |
| 4,639 |
| 426 |
| 4,213 | N/M | |
| Total interest income |
| 189,092 |
| 230,210 |
| (41,118) | (17.9%) |
| 806,126 |
| 981,256 |
| (175,130) | (17.8%) | |
| Interest Expense |
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| |
| Interest on deposits |
| 23,039 |
| 31,471 |
| (8,432) | (26.8%) |
| 106,023 |
| 160,874 |
| (54,851) | (34.1%) | |
| Interest on short-term borrowings |
| 2,288 |
| 3,062 |
| (774) | (25.3%) |
| 7,983 |
| 16,199 |
| (8,216) | (50.7%) | |
| Interest on long-term funding |
| 12,905 |
| 17,324 |
| (4,419) | (25.5%) |
| 58,341 |
| 78,178 |
| (19,837) | (25.4%) | |
| Total interest expense |
| 38,232 |
| 51,857 |
| (13,625) | (26.3%) |
| 172,347 |
| 255,251 |
| (82,904) | (32.5%) | |
| Net Interest Income |
| 150,860 |
| 178,353 |
| (27,493) | (15.4%) |
| 633,779 |
| 726,005 |
| (92,226) | (12.7%) | |
| Provision for loan losses |
| 63,000 |
| 394,789 |
| (331,789) | (84.0%) |
| 390,010 |
| 750,645 |
| (360,635) | (48.0%) | |
| Net interest income (loss) after provision for |
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| |
| loan losses |
| 87,860 |
| (216,436) |
| 304,296 | (140.6%) |
| 243,769 |
| (24,640) |
| 268,409 | N/M | |
| Noninterest Income |
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| |
| Trust service fees |
| 9,518 |
| 9,906 |
| (388) | (3.9%) |
| 37,853 |
| 36,009 |
| 1,844 | 5.1% | |
| Service charges on deposit accounts |
| 20,390 |
| 29,213 |
| (8,823) | (30.2%) |
| 96,740 |
| 116,918 |
| (20,178) | (17.3%) | |
| Card-based and other nondeposit fees |
| 12,995 |
| 12,359 |
| 636 | 5.1% |
| 47,850 |
| 45,977 |
| 1,873 | 4.1% | |
| Retail commissions |
| 14,441 |
| 15,296 |
| (855) | (5.6%) |
| 61,256 |
| 60,678 |
| 578 | 1.0% | |
| Total core fee-based revenue |
| 57,344 |
| 66,774 |
| (9,430) | (14.1%) |
| 243,699 |
| 259,582 |
| (15,883) | (6.1%) | |
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| Mortgage banking, net |
| 13,229 |
| 9,227 |
| 4,002 | 43.4% |
| 33,136 |
| 40,882 |
| (7,746) | (18.9%) | |
| Capital market fees, net |
| 5,187 |
| 291 |
| 4,896 | N/M |
| 6,072 |
| 5,536 |
| 536 | 9.7% | |
| Bank owned life insurance income |
| 4,509 |
| 3,310 |
| 1,199 | 36.2% |
| 15,761 |
| 16,032 |
| (271) | (1.7%) | |
| Asset sale gains (losses), net |
| 514 |
| (1,551) |
| 2,065 | (133.1%) |
| (2,004) |
| (4,071) |
| 2,067 | (50.8%) | |
| Investment securities gains (losses), net |
| (1,883) |
| (395) |
| (1,488) | 376.7% |
| 24,917 |
| 8,774 |
| 16,143 | 184.0% | |
| Other |
| 5,797 |
| 7,078 |
| (1,281) | (18.1%) |
| 23,942 |
| 24,226 |
| (284) | (1.2%) | |
| Total noninterest income |
| 84,697 |
| 84,734 |
| (37) | (0.0%) |
| 345,523 |
| 350,961 |
| (5,438) | (1.5%) | |
| Noninterest Expense |
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| Personnel expense |
| 83,912 |
| 72,620 |
| 11,292 | 15.5% |
| 323,249 |
| 304,390 |
| 18,859 | 6.2% | |
| Occupancy |
| 12,899 |
| 12,170 |
| 729 | 6.0% |
| 49,937 |
| 49,341 |
| 596 | 1.2% | |
| Equipment |
| 4,899 |
| 4,551 |
| 348 | 7.6% |
| 18,371 |
| 18,385 |
| (14) | (0.1%) | |
| Data processing |
| 7,047 |
| 7,728 |
| (681) | (8.8%) |
| 29,714 |
| 30,893 |
| (1,179) | (3.8%) | |
| Business development and advertising |
| 4,870 |
| 4,443 |
| 427 | 9.6% |
| 18,385 |
| 18,033 |
| 352 | 2.0% | |
| Other intangible amortization |
| 1,206 |
| 1,386 |
| (180) | (13.0%) |
| 4,919 |
| 5,543 |
| (624) | (11.3%) | |
| Legal and professional fees |
| 5,353 |
| 6,386 |
| (1,033) | (16.2%) |
| 20,439 |
| 19,562 |
| 877 | 4.5% | |
| Foreclosure/OREO expense |
| 9,860 |
| 10,852 |
| (992) | (9.1%) |
| 33,844 |
| 38,129 |
| (4,285) | (11.2%) | |
| FDIC expense |
| 11,095 |
| 9,618 |
| 1,477 | 15.4% |
| 46,377 |
| 41,934 |
| 4,443 | 10.6% | |
| Other |
| 25,702 |
| 29,260 |
| (3,558) | (12.2%) |
| 85,085 |
| 85,210 |
| (125) | (0.1%) | |
| Total noninterest expense |
| 166,843 |
| 159,014 |
| 7,829 | 4.9% |
| 630,320 |
| 611,420 |
| 18,900 | 3.1% | |
| Income (loss) before income taxes |
| 5,714 |
| (290,716) |
| 296,430 | (102.0%) |
| (41,028) |
| (285,099) |
| 244,071 | (85.6%) | |
| Income tax benefit |
| (8,294) |
| (117,479) |
| 109,185 | (92.9%) |
| (40,172) |
| (153,240) |
| 113,068 | (73.8%) | |
| Net income (loss) |
| 14,008 |
| (173,237) |
| 187,245 | (108.1%) |
| $ (856) |
| $ (131,859) |
| $ 131,003 | (99.4%) | |
| Preferred stock dividends and discount |
| 7,400 |
| 7,354 |
| 46 | 0.6% |
| 29,531 |
| 29,348 |
| 183 | 0.6% | |
| Net income (loss) available to common equity |
| $ 6,608 |
| $ (180,591) |
| $ 187,199 | (103.7%) |
| $ (30,387) |
| $ (161,207) |
| $ 130,820 | (81.2%) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Earnings (Loss) Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Basic |
| $ 0.04 |
| $ (1.41) |
| $ 1.45 | (102.8%) |
| $ (0.18) |
| $ (1.26) |
| $ 1.08 | (85.7%) | |
| Diluted |
| $ 0.04 |
| $ (1.41) |
| $ 1.45 | (102.8%) |
| $ (0.18) |
| $ (1.26) |
| $ 1.08 | (85.7%) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Basic |
| 173,068 |
| 127,869 |
| 45,199 | 35.3% |
| 171,230 |
| 127,858 |
| 43,372 | 33.9% | |
| Diluted |
| 173,072 |
| 127,869 |
| 45,203 | 35.4% |
| 171,230 |
| 127,858 |
| 43,372 | 33.9% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| N/M = Not meaningful. | |
| | | | | | | | | | | | | | | |
| Consolidated Statements of Income (Unaudited) - Quarterly Trend | |
| Associated Banc-Corp | |
| (in thousands, except per share amounts) |
|
|
|
| Sequential Qtr |
| Comparable Qtr | |
|
|
| 4Q10 |
| 3Q10 |
| $ Change | % Change |
| 2Q10 |
| 1Q10 |
| 4Q09 |
| $ Change | % Change | |
| Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Interest and fees on loans |
| $ 146,444 |
| $ 148,937 |
| $ (2,493) | (1.7%) |
| $ 153,815 |
| $ 159,291 |
| $ 172,624 |
| $ (26,180) | (15.2%) | |
| Interest and dividends on investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Taxable |
| 33,468 |
| 37,198 |
| (3,730) | (10.0%) |
| 41,317 |
| 47,102 |
| 48,521 |
| (15,053) | (31.0%) | |
| Tax-exempt |
| 8,150 |
| 8,499 |
| (349) | (4.1%) |
| 8,558 |
| 8,708 |
| 8,987 |
| (837) | (9.3%) | |
| Other interest |
| 1,030 |
| 1,582 |
| (552) | (34.9%) |
| 1,188 |
| 839 |
| 78 |
| 952 | N/M | |
| Total interest
income |
| 189,092 |
| 196,216 |
| (7,124) | (3.6%) |
| 204,878 |
| 215,940 |
| 230,210 |
| (41,118) | (17.9%) | |
| Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Interest on deposits |
| 23,039 |
| 25,879 |
| (2,840) | (11.0%) |
| 28,360 |
| 28,745 |
| 31,471 |
| (8,432) | (26.8%) | |
| Interest on short-term borrowings |
| 2,288 |
| 1,849 |
| 439 | 23.7% |
| 1,820 |
| 2,026 |
| 3,062 |
| (774) | (25.3%) | |
| Interest on long-term funding |
| 12,905 |
| 14,584 |
| (1,679) | (11.5%) |
| 14,905 |
| 15,947 |
| 17,324 |
| (4,419) | (25.5%) | |
| Total interest
expense |
| 38,232 |
| 42,312 |
| (4,080) | (9.6%) |
| 45,085 |
| 46,718 |
| 51,857 |
| (13,625) | (26.3%) | |
| Net Interest Income |
| 150,860 |
| 153,904 |
| (3,044) | (2.0%) |
| 159,793 |
| 169,222 |
| 178,353 |
| (27,493) | (15.4%) | |
| Provision for loan losses |
| 63,000 |
| 64,000 |
| (1,000) | (1.6%) |
| 97,665 |
| 165,345 |
| 394,789 |
| (331,789) | (84.0%) | |
| Net interest income (loss) after provision for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| loan losses |
| 87,860 |
| 89,904 |
| (2,044) | (2.3%) |
| 62,128 |
| 3,877 |
| (216,436) |
| 304,296 | (140.6%) | |
| Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Trust service fees |
| 9,518 |
| 9,462 |
| 56 | 0.6% |
| 9,517 |
| 9,356 |
| 9,906 |
| (388) | (3.9%) | |
| Service charges on deposit accounts |
| 20,390 |
| 23,845 |
| (3,455) | (14.5%) |
| 26,446 |
| 26,059 |
| 29,213 |
| (8,823) | (30.2%) | |
| Card-based and other nondeposit fees |
| 12,995 |
| 12,093 |
| 902 | 7.5% |
| 11,942 |
| 10,820 |
| 12,359 |
| 636 | 5.1% | |
| Retail commissions |
| 14,441 |
| 15,276 |
| (835) | (5.5%) |
| 15,722 |
| 15,817 |
| 15,296 |
| (855) | (5.6%) | |
| Total core fee-based revenue |
| 57,344 |
| 60,676 |
| (3,332) | (5.5%) |
| 63,627 |
| 62,052 |
| 66,774 |
| (9,430) | (14.1%) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Mortgage banking, net |
| 13,229 |
| 9,007 |
| 4,222 | 46.9% |
| 5,493 |
| 5,407 |
| 9,227 |
| 4,002 | 43.4% | |
| Capital market fees, net |
| 5,187 |
| 891 |
| 4,296 | N/M |
| (136) |
| 130 |
| 291 |
| 4,896 | N/M | |
| Bank owned life insurance income |
| 4,509 |
| 3,756 |
| 753 | 20.0% |
| 4,240 |
| 3,256 |
| 3,310 |
| 1,199 | 36.2% | |
| Asset sale gains (losses), net |
| 514 |
| (2,354) |
| 2,868 | (121.8%) |
| 1,477 |
| (1,641) |
| (1,551) |
| 2,065 | (133.1%) | |
| Investment securities gains (losses), net |
| (1,883) |
| 3,365 |
| (5,248) | (156.0%) |
| (146) |
| 23,581 |
| (395) |
| (1,488) | 376.7% | |
| Other |
| 5,797 |
| 6,556 |
| (759) | (11.6%) |
| 6,336 |
| 5,253 |
| 7,078 |
| (1,281) | (18.1%) | |
| Total noninterest
income |
| 84,697 |
| 81,897 |
| 2,800 | 3.4% |
| 80,891 |
| 98,038 |
| 84,734 |
| (37) | (0.0%) | |
| Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Personnel expense |
| 83,912 |
| 80,640 |
| 3,272 | 4.1% |
| 79,342 |
| 79,355 |
| 72,620 |
| 11,292 | 15.5% | |
| Occupancy |
| 12,899 |
| 12,157 |
| 742 | 6.1% |
| 11,706 |
| 13,175 |
| 12,170 |
| 729 | 6.0% | |
| Equipment |
| 4,899 |
| 4,637 |
| 262 | 5.7% |
| 4,450 |
| 4,385 |
| 4,551 |
| 348 | 7.6% | |
| Data processing |
| 7,047 |
| 7,502 |
| (455) | (6.1%) |
| 7,866 |
| 7,299 |
| 7,728 |
| (681) | (8.8%) | |
| Business development and advertising |
| 4,870 |
| 4,297 |
| 573 | 13.3% |
| 4,773 |
| 4,445 |
| 4,443 |
| 427 | 9.6% | |
| Other intangible amortization |
| 1,206 |
| 1,206 |
| - | 0.0% |
| 1,254 |
| 1,253 |
| 1,386 |
| (180) | (13.0%) | |
| Legal and professional fees |
| 5,353 |
| 6,774 |
| (1,421) | (21.0%) |
| 5,517 |
| 2,795 |
| 6,386 |
| (1,033) | (16.2%) | |
| Foreclosure/OREO expense |
| 9,860 |
| 7,349 |
| 2,511 | 34.2% |
| 8,906 |
| 7,729 |
| 10,852 |
| (992) | (9.1%) | |
| FDIC expense |
| 11,095 |
| 11,426 |
| (331) | (2.9%) |
| 12,027 |
| 11,829 |
| 9,618 |
| 1,477 | 15.4% | |
| Other |
| 25,702 |
| 20,592 |
| 5,110 | 24.8% |
| 19,197 |
| 19,594 |
| 29,260 |
| (3,558) | (12.2%) | |
| Total noninterest
expense |
| 166,843 |
| 156,580 |
| 10,263 | 6.6% |
| 155,038 |
| 151,859 |
| 159,014 |
| 7,829 | 4.9% | |
| Income (loss) before income taxes |
| 5,714 |
| 15,221 |
| (9,507) | (62.5%) |
| (12,019) |
| (49,944) |
| (290,716) |
| 296,430 | (102.0%) | |
| Income tax expense (benefit) |
| (8,294) |
| 917 |
| (9,211) | N/M |
| (9,240) |
| (23,555) |
| (117,479) |
| 109,185 | (92.9%) | |
| Net income (loss) |
| 14,008 |
| 14,304 |
| (296) | (2.1%) |
| (2,779) |
| (26,389) |
| (173,237) |
| 187,245 | (108.1%) | |
| Preferred stock dividends and discount |
| 7,400 |
| 7,389 |
| 11 | 0.1% |
| 7,377 |
| 7,365 |
| 7,354 |
| 46 | 0.6% | |
| Net income (loss) available to common equity |
| $ 6,608 |
| $ 6,915 |
| $ (307) | (4.4%) |
| $ (10,156) |
| $ (33,754) |
| $ (180,591) |
| $ 187,199 | (103.7%) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Earnings (Loss) Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Basic |
| $ 0.04 |
| $ 0.04 |
| $ - | 0.0% |
| $ (0.06) |
| $ (0.20) |
| $ (1.41) |
| $ 1.45 | (102.8%) | |
| Diluted |
| $ 0.04 |
| $ 0.04 |
| $ - | 0.0% |
| $ (0.06) |
| $ (0.20) |
| $ (1.41) |
| $ 1.45 | (102.8%) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Basic |
| 173,068 |
| 172,989 |
| 79 | 0.0% |
| 172,921 |
| 165,842 |
| 127,869 |
| 45,199 | 35.3% | |
| Diluted |
| 173,072 |
| 172,990 |
| 82 | 0.0% |
| 172,921 |
| 165,842 |
| 127,869 |
| 45,203 | 35.4% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 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 |
| 4th Qtr 2010 |
| 3rd Qtr 2010 |
| 2nd Qtr 2010 |
| 1st Qtr 2010 |
| 4th Qtr 2009 | |
| Summary of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net interest income | $ 633,779 |
| $ 726,005 |
| $ 150,860 |
| $ 153,904 |
| $ 159,793 |
| $ 169,222 |
| $ 178,353 | |
| Provision for loan losses | 390,010 |
| 750,645 |
| 63,000 |
| 64,000 |
| 97,665 |
| 165,345 |
| 394,789 | |
| Asset sale gains (losses), net | (2,004) |
| (4,071) |
| 514 |
| (2,354) |
| 1,477 |
| (1,641) |
| (1,551) | |
| Investment securities gains (losses), net | 24,917 |
| 8,774 |
| (1,883) |
| 3,365 |
| (146) |
| 23,581 |
| (395) | |
| Noninterest income (excluding securities & asset gains) | 322,610 |
| 346,258 |
| 86,066 |
| 80,886 |
| 79,560 |
| 76,098 |
| 86,680 | |
| Noninterest expense | 630,320 |
| 611,420 |
| 166,843 |
| 156,580 |
| 155,038 |
| 151,859 |
| 159,014 | |
| Income (loss) before income taxes | (41,028) |
| (285,099) |
| 5,714 |
| 15,221 |
| (12,019) |
| (49,944) |
| (290,716) | |
| Income tax expense (benefit) | (40,172) |
| (153,240) |
| (8,294) |
| 917 |
| (9,240) |
| (23,555) |
| (117,479) | |
| Net income (loss) | (856) |
| (131,859) |
| 14,008 |
| 14,304 |
| (2,779) |
| (26,389) |
| (173,237) | |
| Net income (loss) available to common equity | (30,387) |
| (161,207) |
| 6,608 |
| 6,915 |
| (10,156) |
| (33,754) |
| (180,591) | |
| Taxable equivalent adjustment | 23,635 |
| 24,820 |
| 5,721 |
| 5,914 |
| 5,966 |
| 6,034 |
| 6,188 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Per Common Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Basic | $ (0.18) |
| $ (1.26) |
| $ 0.04 |
| $ 0.04 |
| $ (0.06) |
| $ (0.20) |
| $ (1.41) | |
| Diluted | (0.18) |
| (1.26) |
| 0.04 |
| 0.04 |
| (0.06) |
| (0.20) |
| (1.41) | |
| Dividends | 0.04 |
| 0.47 |
| 0.01 |
| 0.01 |
| 0.01 |
| 0.01 |
| 0.05 | |
| Market Value: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| High | $ 16.10 |
| $ 21.39 |
| $ 15.49 |
| $ 13.90 |
| $ 16.10 |
| $ 14.54 |
| $ 13.00 | |
| Low | 11.48 |
| 9.21 |
| 12.57 |
| 11.96 |
| 12.26 |
| 11.48 |
| 10.37 | |
| Close | 15.15 |
| 11.01 |
| 15.15 |
| 13.19 |
| 12.26 |
| 13.76 |
| 11.01 | |
| Book value | 15.28 |
| 17.42 |
| 15.28 |
| 15.53 |
| 15.46 |
| 15.44 |
| 17.42 | |
| Tangible book value | 9.77 |
| 9.93 |
| 9.77 |
| 10.02 |
| 9.93 |
| 9.90 |
| 9.93 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Performance Ratios (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Earning assets yield | 4.03 |
| 4.72% |
| 3.89 |
| 3.90% |
| 4.10% |
| 4.24% |
| 4.59% | |
| Interest-bearing liabilities rate | 1.06 |
| 1.45 |
| 0.98 |
| 1.03 |
| 1.10 |
| 1.11 |
| 1.24 | |
| Net interest margin | 3.20 |
| 3.52 |
| 3.13 |
| 3.08 |
| 3.22 |
| 3.35 |
| 3.59 | |
| Return on average assets | (0.00) |
| (0.56) |
| 0.25 |
| 0.25 |
| (0.05) |
| (0.46) |
| (3.02) | |
| Return on average equity | (0.03) |
| (4.54) |
| 1.74 |
| 1.77 |
| (0.35) |
| (3.40) |
| (23.72) | |
| Return on average tangible common equity (1) | (1.77) |
| (11.25) |
| 1.52 |
| 1.58 |
| (2.37) |
| (8.17) |
| (50.16) | |
| Efficiency ratio (2) | 64.32 |
| 55.73 |
| 68.76 |
| 65.05 |
| 63.20 |
| 60.42 |
| 58.63 | |
| Effective tax rate (benefit) | 97.91 |
| (53.75) |
| (145.13) |
| 6.03 |
| (76.88) |
| (47.16) |
| (40.41) | |
| Dividend payout ratio (3) | 22.22 |
| N/M |
| 25.00 |
| 25.02 |
| N/M |
| N/M |
| N/M | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Assets | $ 22,625,065 |
| $ 23,609,471 |
| $ 22,034,041 |
| $ 22,727,208 |
| $ 22,598,695 |
| $ 23,151,767 |
| $ 22,773,576 | |
| Earning assets | 20,568,495 |
| 21,337,382 |
| 19,950,784 |
| 20,660,498 |
| 20,598,637 |
| 21,075,408 |
| 20,499,225 | |
| Interest-bearing liabilities | 16,304,220 |
| 17,659,282 |
| 15,476,002 |
| 16,376,904 |
| 16,408,718 |
| 16,970,884 |
| 16,663,947 | |
| Loans | 13,186,712 |
| 15,595,636 |
| 12,587,702 |
| 12,855,791 |
| 13,396,710 |
| 13,924,978 |
| 14,605,107 | |
| Deposits | 16,946,301 |
| 15,959,046 |
| 16,452,473 |
| 17,138,105 |
| 17,056,193 |
| 17,143,924 |
| 16,407,034 | |
| Wholesale funding | 2,452,610 |
| 4,584,909 |
| 2,311,016 |
| 2,326,469 |
| 2,343,119 |
| 2,837,001 |
| 3,332,642 | |
| Common stockholders' equity | 2,670,953 |
| 2,393,475 |
| 2,681,813 |
| 2,693,735 |
| 2,674,097 |
| 2,633,680 |
| 2,387,534 | |
| Stockholders' equity | 3,183,572 |
| 2,902,911 |
| 3,195,657 |
| 3,206,742 |
| 3,186,295 |
| 3,145,074 |
| 2,898,132 | |
| Common stockholders' equity/assets | 11.81% |
| 10.14% |
| 12.17% |
| 11.85% |
| 11.83% |
| 11.38% |
| 10.48% | |
| Stockholders' equity / assets | 14.07% |
| 12.30% |
| 14.50% |
| 14.11% |
| 14.10% |
| 13.58% |
| 12.73% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| At Period End |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Assets |
|
|
|
| $ 21,785,596 |
| $ 22,525,286 |
| $ 22,760,059 |
| $ 23,107,636 |
| $ 22,874,142 | |
| Loans |
|
|
|
| 12,616,735 |
| 12,372,393 |
| 12,601,916 |
| 13,299,321 |
| 14,128,625 | |
| Allowance for loan losses |
|
|
|
| 476,813 |
| 522,018 |
| 567,912 |
| 575,573 |
| 573,533 | |
| Goodwill |
|
|
|
| 929,168 |
| 929,168 |
| 929,168 |
| 929,168 |
| 929,168 | |
| Mortgage servicing rights, net |
|
|
|
| 63,909 |
| 59,483 |
| 65,629 |
| 64,190 |
| 63,753 | |
| Other intangible assets |
|
|
|
| 24,135 |
| 25,341 |
| 26,547 |
| 27,801 |
| 29,054 | |
| Deposits |
|
|
|
| 15,225,393 |
| 16,804,860 |
| 16,970,199 |
| 17,496,787 |
| 16,728,613 | |
| Wholesale funding |
|
|
|
| 3,160,987 |
| 2,252,934 |
| 2,357,097 |
| 2,219,543 |
| 3,180,851 | |
| Stockholders' equity |
|
|
|
| 3,158,791 |
| 3,200,849 |
| 3,186,127 |
| 3,180,509 |
| 2,738,608 | |
| Stockholders' equity / assets |
|
|
|
| 14.50% |
| 14.21% |
| 14.00% |
| 13.76% |
| 11.97% | |
| Tangible common equity / tangible assets (4) |
|
|
|
| 8.12% |
| 8.03% |
| 7.88% |
| 7.73% |
| 5.79% | |
| Tangible equity / tangible assets (5) |
|
|
|
| 10.59% |
| 10.41% |
| 10.23% |
| 10.04% |
| 8.12% | |
| Tier 1 common equity / risk-weighted assets (6) (7) |
|
|
|
| 12.26% |
| 12.31% |
| 12.00% |
| 11.43% |
| 7.85% | |
| Tier 1 leverage ratio (7) |
|
|
|
| 11.19% |
| 10.78% |
| 10.80% |
| 10.57% |
| 8.76% | |
| Tier 1 risk-based capital ratio (7) |
|
|
|
| 17.58% |
| 17.68% |
| 17.25% |
| 16.40% |
| 12.52% | |
| Total risk-based capital ratio (7) |
|
|
|
| 19.05% |
| 19.16% |
| 19.02% |
| 18.15% |
| 14.24% | |
| Shares outstanding, end of period |
|
|
|
| 173,112 |
| 173,019 |
| 172,955 |
| 172,880 |
| 127,876 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Selected trend information |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Average full time equivalent employees |
|
|
|
| 4,865 |
| 4,827 |
| 4,766 |
| 4,777 |
| 4,802 | |
| Trust assets under management, at market value |
|
|
|
| $ 5,700,000 |
| $ 5,400,000 |
| $ 5,100,000 |
| $ 5,500,000 |
| $ 5,300,000 | |
| Mortgage loans originated for sale during period |
|
|
|
| 629,978 |
| 727,868 |
| 501,965 |
| 454,746 |
| 671,305 | |
| Mortgage portfolio serviced for others |
|
|
|
| 7,453,000 |
| 7,860,000 |
| 7,822,000 |
| 7,751,000 |
| 7,667,000 | |
| Mortgage servicing rights, net / Portfolio serviced for others |
|
|
|
| 0.86% |
| 0.76% |
| 0.84% |
| 0.83% |
| 0.83% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 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. | |
| (6) Tier 1 common equity to risk-weighted assets = Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities divided by risk-weighted assets. This is a non-GAAP financial measure. | |
| (7) Current period regulatory capital ratios are estimated. | |
| | | | | | | | | | | | | | |
| Selected Asset Quality Information | |
| Associated Banc-Corp | |
|
|
|
|
| Dec10 vs Sep10 |
|
|
|
| Dec10 vs Dec09 | |
| (in thousands) |
| Dec 31, 2010 | Sep 30, 2010 | % Change |
| Jun 30, 2010 | Mar 31, 2010 | Dec 31, 2009 | % Change | |
| Allowance for Loan Losses |
|
|
|
|
|
|
|
|
| |
| Beginning balance |
| $ 522,018 | $ 567,912 | (8.1%) |
| $ 575,573 | $ 573,533 | $ 412,530 | 26.5% | |
| Provision for loan losses |
| 63,000 | 64,000 | (1.6%) |
| 97,665 | 165,345 | 394,789 | (84.0%) | |
| Charge offs |
| (118,368) | (122,327) | (3.2%) |
| (113,170) | (174,627) | (236,367) | (49.9%) | |
| Recoveries |
| 10,163 | 12,433 | (18.3%) |
| 7,844 | 11,322 | 2,581 | 293.8% | |
| Net charge offs |
| (108,205) | (109,894) | (1.5%) |
| (105,326) | (163,305) | (233,786) | (53.7%) | |
| Ending balance |
| $ 476,813 | $ 522,018 | (8.7%) |
| $ 567,912 | $ 575,573 | $ 573,533 | (16.9%) | |
|
|
|
|
|
|
|
|
|
|
| |
| Reserve for losses on unfunded commitments |
| $ 17,374 | $ 16,274 | 6.8% |
| $ 14,616 | $ 14,616 | $ 14,194 | 22.4% | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Net Charge Offs |
|
|
| Dec10 vs Sep10 |
|
|
|
| Dec10 vs Dec09 | |
|
|
| Dec 31, 2010 | Sep 30, 2010 | % Change |
| Jun 30, 2010 | Mar 31, 2010 | Dec 31, 2009 | % Change | |
| Commercial and industrial |
| $ 27,041 | $ 4,274 | 532.7% |
| $ 5,557 | $ 63,699 | $ 42,940 | (37.0%) | |
| Commercial real estate |
| 20,103 | 28,517 | (29.5%) |
| 37,004 | 21,328 | 40,550 | (50.4%) | |
| Real estate - construction |
| 31,879 | 60,488 | (47.3%) |
| 46,135 | 60,186 | 124,659 | (74.4%) | |
| Lease financing |
| 9,159 | 826 | N/M |
| 297 | 774 | 261 | N/M | |
| Total commercial |
| 88,182 | 94,105 | (6.3%) |
| 88,993 | 145,987 | 208,410 | (57.7%) | |
| Home equity |
| 14,541 | 10,875 | 33.7% |
| 11,213 | 11,769 | 16,503 | (11.9%) | |
| Installment |
| 2,369 | 1,640 | 44.5% |
| 1,887 | 2,222 | 2,099 | 12.9% | |
| Total retail |
| 16,910 | 12,515 | 35.1% |
| 13,100 | 13,991 | 18,602 | (9.1%) | |
| Residential mortgage |
| 3,113 | 3,274 | (4.9%) |
| 3,233 | 3,327 | 6,774 | (54.0%) | |
| Total net charge offs |
| $ 108,205 | $ 109,894 | (1.5%) |
| $ 105,326 | $ 163,305 | $ 233,786 | (53.7%) | |
|
|
|
|
|
|
|
|
|
|
| |
| Net Charge Offs to Average Loans (in basis points) * |
| Dec 31, 2010 | Sep 30, 2010 |
|
| Jun 30, 2010 | Mar 31, 2010 | Dec 31, 2009 |
| |
| Commercial and industrial |
| 364 | 57 |
|
| 73 | 795 | 490 |
| |
| Commercial real estate |
| 231 | 319 |
|
| 398 | 230 | 412 |
| |
| Real estate - construction |
| 1,820 | 2,598 |
|
| 1,582 | 1,780 | 3,185 |
| |
| Lease financing |
| 5,051 | 416 |
|
| 141 | 341 | 105 |
| |
| Total commercial |
| 488 | 498 |
|
| 444 | 698 | 915 |
| |
| Home equity |
| 231 | 175 |
|
| 183 | 190 | 254 |
| |
| Installment |
| 131 | 74 |
|
| 83 | 98 | 94 |
| |
| Total retail |
| 209 | 148 |
|
| 156 | 166 | 213 |
| |
| Residential mortgage |
| 56 | 65 |
|
| 65 | 67 | 127 |
| |
| Total net charge offs |
| 341 | 339 |
|
| 315 | 476 | 635 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Credit Quality |
|
|
| Dec10 vs Sep10 |
|
|
|
| Dec10 vs Dec09 | |
|
|
| Dec 31, 2010 | Sept 30, 2010 | % Change |
| Jun 30, 2010 | Mar 31, 2010 | Dec 31, 2009 | % Change | |
| Nonaccrual loans |
| $ 574,356 | $ 727,877 | (21.1%) |
| $ 975,641 | $ 1,180,185 | $ 1,077,799 | (46.7%) | |
| Other real estate owned (OREO) |
| 44,330 | 53,101 | (16.5%) |
| 51,223 | 62,220 | 68,441 | (35.2%) | |
| Total nonperforming assets |
| $ 618,686 | $ 780,978 | (20.8%) |
| $ 1,026,864 | $ 1,242,405 | $ 1,146,240 | (46.0%) | |
|
|
|
|
|
|
|
|
|
|
| |
| Loans 90 or more days past due and still accruing |
| 3,418 | 26,593 | (87.1%) |
| 3,207 | 6,353 | 24,981 | (86.3%) | |
| Restructured loans (accruing) |
| 79,935 | 62,778 | 27.3% |
| 40,865 | 23,420 | 19,037 | 319.9% | |
|
|
|
|
|
|
|
|
|
|
| |
| Allowance for loan losses / loans |
| 3.78% | 4.22% |
|
| 4.51% | 4.33% | 4.06% |
| |
| Allowance for loan losses / nonaccrual loans |
| 83.02 | 71.72 |
|
| 58.21 | 48.77 | 53.21 |
| |
| Nonaccrual loans / total loans |
| 4.55 | 5.88 |
|
| 7.74 | 8.87 | 7.63 |
| |
| Nonperforming assets / total loans plus OREO |
| 4.89 | 6.29 |
|
| 8.12 | 9.30 | 8.07 |
| |
| Nonperforming assets / total assets |
| 2.84 | 3.47 |
|
| 4.51 | 5.38 | 5.01 |
| |
| Net charge offs / average loans (annualized) |
| 3.41 | 3.39 |
|
| 3.15 | 4.76 | 6.35 |
| |
| Year-to-date net charge offs / average loans |
| 3.69 | 3.78 |
|
| 3.97 | 4.76 | 2.84 |
| |
|
|
|
|
|
|
|
|
|
|
| |
| Nonaccrual loans by type: |
|
|
|
|
|
|
|
|
| |
| Commercial and industrial |
| $ 99,845 | $ 156,697 | (36.3%) |
| $ 184,173 | $ 176,540 | $ 230,000 | (56.6%) | |
| Commercial real estate |
| 223,927 | 275,586 | (18.7%) |
| 351,883 | 355,130 | 306,093 | (26.8%) | |
| Real estate - construction |
| 94,929 | 132,425 | (28.3%) |
| 279,710 | 486,704 | 409,289 | (76.8%) | |
| Lease financing |
| 17,080 | 26,922 | (36.6%) |
| 27,953 | 29,466 | 19,506 | (12.4%) | |
| Total commercial |
| 435,781 | 591,630 | (26.3%) |
| 843,719 | 1,047,840 | 964,888 | (54.8%) | |
| Home equity |
| 51,712 | 50,901 | 1.6% |
| 41,749 | 40,550 | 24,452 | 111.5% | |
| Installment |
| 10,544 | 8,757 | 20.4% |
| 6,032 | 6,055 | 6,648 | 58.6% | |
| Total retail |
| 62,256 | 59,658 | 4.4% |
| 47,781 | 46,605 | 31,100 | 100.2% | |
| Residential mortgage |
| 76,319 | 76,589 | (0.4%) |
| 84,141 | 85,740 | 81,811 | (6.7%) | |
| Total nonaccrual loans |
| $ 574,356 | $ 727,877 | (21.1%) |
| $ 975,641 | $ 1,180,185 | $ 1,077,799 | (46.7%) | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| N/M - Not meaningful. | |
| * Annualized. | |
| | | | | | | | | | |
| Selected Asset Quality Information (continued) | |
| Associated Banc-Corp | |
|
|
|
|
| Dec10 vs Sep10 |
|
|
|
| Dec10 vs Dec09 | |
| (in thousands) |
| Dec 31, 2010 | Sep 30, 2010 | % Change |
| Jun 30, 2010 | Mar 31, 2010 | Dec 31, 2009 | % Change | |
| Restructured loans (accruing) |
|
|
|
|
|
|
|
|
| |
| Commercial and industrial |
| $ 9,980 | $ 620 | N/M |
| $ 635 | $ - | $ - | N/M | |
| Commercial real estate |
| 15,612 | 23,387 | (33.2%) |
| 7,820 | - | - | N/M | |
| Real estate - construction |
| 22,532 | 7,076 | 218.4% |
| 4,835 | 763 | 480 | N/M | |
| Lease financing |
| - | - | 0.0% |
| - | - | - | N/M | |
| Total commercial |
| 48,124 | 31,083 | 54.8% |
| 13,290 | 763 | 480 | N/M | |
| Home equity |
| 11,741 | 10,269 | 14.3% |
| 3,601 | 6,482 | 5,068 | 131.7% | |
| Installment |
| 692 | 793 | (12.7%) |
| 560 | 300 | 79 | N/M | |
| Total retail |
| 12,433 | 11,062 | 12.4% |
| 4,161 | 6,782 | 5,147 | 141.6% | |
| Residential mortgage |
| 19,378 | 20,633 | (6.1%) |
| 23,414 | 15,875 | 13,410 | 44.5% | |
| Total restructured loans
(accruing) |
| $ 79,935 | $ 62,778 | 27.3% |
| $ 40,865 | $ 23,420 | $ 19,037 | 319.9% | |
|
|
|
|
|
|
|
|
|
|
| |
| Restructured loans in nonaccrual loans (not included above) |
| $ 35,939 | $ 32,657 | 10.0% |
| $ 48,215 | $ 9,862 | $ 9,393 | 282.6% | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Loans Past Due 30-89 Days |
|
|
| Dec10 vs Sep10 |
|
|
|
| Dec10 vs Dec09 | |
|
|
| Dec 31, 2010 | Sep 30, 2010 | % Change |
| Jun 30, 2010 | Mar 31, 2010 | Dec 31, 2009 | % Change | |
| Commercial and industrial |
| $ 33,013 | $ 14,505 | 127.6% |
| $ 40,415 | $ 51,042 | $ 64,369 | (48.7%) | |
| Commercial real estate |
| 46,486 | 56,710 | (18.0%) |
| 50,721 | 69,836 | 81,975 | (43.3%) | |
| Real estate - construction |
| 8,016 | 12,225 | (34.4%) |
| 23,368 | 13,805 | 56,559 | (85.8%) | |
| Lease financing |
| 132 | 168 | (21.4%) |
| 628 | 98 | 823 | (84.0%) | |
| Total commercial |
| 87,647 | 83,608 | 4.8% |
| 115,132 | 134,781 | 203,726 | (57.0%) | |
| Home equity |
| 13,886 | 20,044 | (30.7%) |
| 15,869 | 12,919 | 14,304 | (2.9%) | |
| Installment |
| 9,624 | 10,536 | (8.7%) |
| 6,567 | 4,794 | 8,499 | 13.2% | |
| Total retail |
| 23,510 | 30,580 | (23.1%) |
| 22,436 | 17,713 | 22,803 | 3.1% | |
| Residential mortgage |
| 8,722 | 10,065 | (13.3%) |
| 11,110 | 12,786 | 14,226 | (38.7%) | |
| Total loans past due 30-89 days |
| $ 119,879 | $ 124,253 | (3.5%) |
| $ 148,678 | $ 165,280 | $ 240,755 | (50.2%) | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Potential Problem Loans |
|
|
| Dec10 vs Sep10 |
|
|
|
| Dec10 vs Dec09 | |
|
|
| Dec 31, 2010 | Sep 30, 2010 | % Change |
| Jun 30, 2010 | Mar 31, 2010 | Dec 31, 2009 | % Change | |
| Commercial and industrial |
| $ 354,284 | $ 373,955 | (5.3%) |
| $ 482,686 | $ 505,903 | $ 563,836 | (37.2%) | |
| Commercial real estate |
| 492,778 | 553,126 | (10.9%) |
| 553,316 | 565,969 | 598,137 | (17.6%) | |
| Real estate - construction |
| 91,618 | 175,817 | (47.9%) |
| 203,560 | 262,572 | 391,105 | (76.6%) | |
| Lease financing |
| 2,617 | 2,302 | 13.7% |
| 6,784 | 5,158 | 8,367 | (68.7%) | |
| Total commercial |
| 941,297 | 1,105,200 | (14.8%) |
| 1,246,346 | 1,339,602 | 1,561,445 | (39.7%) | |
| Home equity |
| 3,057 | 6,495 | (52.9%) |
| 7,778 | 7,446 | 13,400 | (77.2%) | |
| Installment |
| 703 | 692 | 1.6% |
| 725 | 1,103 | 1,524 | (53.9%) | |
| Total retail |
| 3,760 | 7,187 | (47.7%) |
| 8,503 | 8,549 | 14,924 | (74.8%) | |
| Residential mortgage |
| 18,672 | 19,416 | (3.8%) |
| 17,304 | 19,591 | 19,150 | (2.5%) | |
| Total potential problem loans |
| $ 963,729 | $ 1,131,803 | (14.9%) |
| $ 1,272,153 | $ 1,367,742 | $ 1,595,519 | (39.6%) | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| N/M - Not meaningful. | |
| | | | | | | | | | |
| Net Interest Income Analysis - Taxable Equivalent Basis | |
| Associated Banc-Corp |
| Year ended December 31, 2010 |
| Year ended December 31, 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 |
| $ 7,790,554 | $ 339,595 | 4.36% |
| $ 9,673,513 | $ 435,054 | 4.50% | |
| Residential mortgage |
| 2,059,156 | 99,163 | 4.82 |
| 2,369,719 | 125,475 | 5.29 | |
| Retail |
| 3,337,002 | 173,015 | 5.18 |
| 3,552,404 | 195,078 | 5.49 | |
| Total loans |
| 13,186,712 | 611,773 | 4.64 |
| 15,595,636 | 755,607 | 4.84 | |
| Investment securities |
| 5,628,405 | 213,349 | 3.79 |
| 5,690,968 | 250,043 | 4.39 | |
| Other short-term investments |
| 1,753,378 | 4,639 | 0.26 |
| 50,778 | 426 | 0.84 | |
| Investments and other |
| 7,381,783 | 217,988 | 2.95 |
| 5,741,746 | 250,469 | 4.36 | |
| Total earning assets |
| 20,568,495 | 829,761 | 4.03 |
| 21,337,382 | 1,006,076 | 4.72 | |
| Other assets, net |
| 2,056,570 |
|
|
| 2,272,089 |
|
| |
| Total assets |
| $ 22,625,065 |
|
|
| $ 23,609,471 |
|
| |
|
|
|
|
|
|
|
|
|
| |
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
| |
| Savings deposits |
| $ 898,019 | $ 1,176 | 0.13% |
| $ 880,544 | $ 1,379 | 0.16% | |
| Interest-bearing demand deposits |
| 2,780,525 | 6,314 | 0.23 |
| 2,154,745 | 4,794 | 0.22 | |
| Money market deposits |
| 6,374,071 | 33,417 | 0.52 |
| 5,390,782 | 42,978 | 0.80 | |
| Time deposits, excluding Brokered
CDs |
| 3,251,667 | 60,280 | 1.85 |
| 3,880,878 | 102,490 | 2.64 | |
| Total interest-bearing deposits,
excluding Brokered CDs |
| 13,304,282 | 101,187 | 0.76 |
| 12,306,949 | 151,641 | 1.23 | |
| Brokered CDs |
| 547,328 | 4,836 | 0.88 |
| 767,424 | 9,233 | 1.20 | |
| Total interest-bearing
deposits |
| 13,851,610 | 106,023 | 0.77 |
| 13,074,373 | 160,874 | 1.23 | |
| Wholesale funding |
| 2,452,610 | 66,324 | 2.70 |
| 4,584,909 | 94,377 | 2.06 | |
| Total interest-bearing liabilities |
| 16,304,220 | 172,347 | 1.06 |
| 17,659,282 | 255,251 | 1.45 | |
| Noninterest-bearing demand
deposits |
| 3,094,691 |
|
|
| 2,884,673 |
|
| |
| Other liabilities |
| 42,582 |
|
|
| 162,605 |
|
| |
| Stockholders' equity |
| 3,183,572 |
|
|
| 2,902,911 |
|
| |
| Total liabilities and stockholders' equity |
| $ 22,625,065 |
|
|
| $ 23,609,471 |
|
| |
|
|
|
|
|
|
|
|
|
| |
| Net interest income and rate spread (1) |
|
| $ 657,414 | 2.97% |
|
| $ 750,825 | 3.27% | |
| Net interest margin (1) |
|
|
| 3.20% |
|
|
| 3.52% | |
| Taxable equivalent adjustment |
|
| $ 23,635 |
|
|
| $ 24,820 |
| |
|
|
|
|
|
|
|
|
|
| |
| Net Interest Income Analysis - Taxable Equivalent Basis |
|
|
|
|
|
|
|
| |
| Associated Banc-Corp |
| Three months ended December 31, 2010 |
| Three months ended December 31, 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 |
| $ 7,161,913 | $ 81,120 | 4.50% |
| $ 9,037,436 | $ 100,124 | 4.40% | |
| Residential mortgage |
| 2,214,502 | 24,887 | 4.49 |
| 2,108,755 | 27,316 | 5.17 | |
| Retail |
| 3,211,287 | 41,267 | 5.11 |
| 3,458,916 | 45,980 | 5.29 | |
| Total loans |
| 12,587,702 | 147,274 | 4.65 |
| 14,605,107 | 173,420 | 4.72 | |
| Investment securities |
| 5,789,516 | 46,509 | 3.21 |
| 5,840,445 | 62,900 | 4.31 | |
| Other short-term investments |
| 1,573,566 | 1,030 | 0.27 |
| 53,673 | 78 | 0.57 | |
| Investments and other |
| 7,363,082 | 47,539 | 2.58 |
| 5,894,118 | 62,978 | 4.27 | |
| Total earning assets |
| 19,950,784 | 194,813 | 3.89 |
| 20,499,225 | 236,398 | 4.59 | |
| Other assets, net |
| 2,083,257 |
|
|
| 2,274,351 |
|
| |
| Total assets |
| $ 22,034,041 |
|
|
| $ 22,773,576 |
|
| |
|
|
|
|
|
|
|
|
|
| |
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
| |
| Savings deposits |
| $ 908,625 | $ 319 | 0.14% |
| $ 869,996 | $ 344 | 0.16% | |
| Interest-bearing demand deposits |
| 2,733,728 | 1,345 | 0.20 |
| 2,605,242 | 1,630 | 0.25 | |
| Money market deposits |
| 6,027,526 | 7,202 | 0.47 |
| 5,658,251 | 8,463 | 0.59 | |
| Time deposits, excluding Brokered
CDs |
| 3,057,052 | 12,986 | 1.69 |
| 3,671,087 | 20,215 | 2.18 | |
| Total interest-bearing deposits,
excluding Brokered CDs |
| 12,726,931 | 21,852 | 0.68 |
| 12,804,576 | 30,652 | 0.95 | |
| Brokered CDs |
| 438,055 | 1,187 | 1.07 |
| 526,729 | 819 | 0.62 | |
| Total interest-bearing deposits |
| 13,164,986 | 23,039 | 0.69 |
| 13,331,305 | 31,471 | 0.94 | |
| Wholesale funding |
| 2,311,016 | 15,193 | 2.62 |
| 3,332,642 | 20,386 | 2.43 | |
| Total interest-bearing liabilities |
| 15,476,002 | 38,232 | 0.98 |
| 16,663,947 | 51,857 | 1.24 | |
| Noninterest-bearing demand
deposits |
| 3,287,487 |
|
|
| 3,075,729 |
|
| |
| Other liabilities |
| 74,895 |
|
|
| 135,768 |
|
| |
| Stockholders' equity |
| 3,195,657 |
|
|
| 2,898,132 |
|
| |
| Total liabilities and stockholders' equity |
| $ 22,034,041 |
|
|
| $ 22,773,576 |
|
| |
|
|
|
|
|
|
|
|
|
| |
| Net interest income and rate spread (1) |
|
| $ 156,581 | 2.91% |
|
| $ 184,541 | 3.35% | |
| Net interest margin (1) |
|
|
| 3.13% |
|
|
| 3.59% | |
| Taxable equivalent adjustment |
|
| $ 5,721 |
|
|
| $ 6,188 |
| |
|
|
|
|
|
|
|
|
|
| |
| (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 December 31, 2010 |
| Three months ended September 30, 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 |
| $ 7,161,913 | $ 81,120 | 4.50% |
| $ 7,502,980 | $ 82,606 | 4.37% |
| |
| Residential mortgage |
| 2,214,502 | 24,887 | 4.49 |
| 2,004,284 | 24,025 | 4.78 |
| |
| Retail |
| 3,211,287 | 41,267 | 5.11 |
| 3,348,527 | 43,121 | 5.12 |
| |
| Total loans |
| 12,587,702 | 147,274 | 4.65 |
| 12,855,791 | 149,752 | 4.63 |
| |
| Investment securities |
| 5,789,516 | 46,509 | 3.21 |
| 5,452,490 | 50,796 | 3.73 |
| |
| Other short-term investments |
| 1,573,566 | 1,030 | 0.27 |
| 2,352,217 | 1,582 | 0.27 |
| |
| Investments and other |
| 7,363,082 | 47,539 | 2.58 |
| 7,804,707 | 52,378 | 2.69 |
| |
| Total earning assets |
| 19,950,784 | 194,813 | 3.89 |
| 20,660,498 | 202,130 | 3.90 |
| |
| Other assets, net |
| 2,083,257 |
|
|
| 2,066,710 |
|
|
| |
| Total assets |
| $ 22,034,041 |
|
|
| $ 22,727,208 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
| |
| Savings deposits |
| $ 908,625 | $ 319 | 0.14% |
| $ 910,970 | $ 316 | 0.14% |
| |
| Interest-bearing demand deposits |
| 2,733,728 | 1,345 | 0.20 |
| 2,637,952 | 1,292 | 0.19 |
| |
| Money market deposits |
| 6,027,526 | 7,202 | 0.47 |
| 6,824,352 | 9,216 | 0.54 |
| |
| Time deposits, excluding Brokered CDs |
| 3,057,052 | 12,986 | 1.69 |
| 3,197,087 | 13,805 | 1.71 |
| |
| Total interest-bearing deposits,
excluding Brokered CDs |
| 12,726,931 | 21,852 | 0.68 |
| 13,570,361 | 24,629 | 0.72 |
| |
| Brokered CDs |
| 438,055 | 1,187 | 1.07 |
| 480,074 | 1,250 | 1.03 |
| |
| Total interest-bearing deposits |
| 13,164,986 | 23,039 | 0.69 |
| 14,050,435 | 25,879 | 0.73 |
| |
| Wholesale funding |
| 2,311,016 | 15,193 | 2.62 |
| 2,326,469 | 16,433 | 2.81 |
| |
| Total interest-bearing liabilities |
| 15,476,002 | 38,232 | 0.98 |
| 16,376,904 | 42,312 | 1.03 |
| |
| Noninterest-bearing demand deposits |
| 3,287,487 |
|
|
| 3,087,670 |
|
|
| |
| Other liabilities |
| 74,895 |
|
|
| 55,892 |
|
|
| |
| Stockholders' equity |
| 3,195,657 |
|
|
| 3,206,742 |
|
|
| |
| Total liabilities and stockholders' equity |
| $ 22,034,041 |
|
|
| $ 22,727,208 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Net interest income and rate spread (1) |
|
| $ 156,581 | 2.91% |
|
| $ 159,818 | 2.87% |
| |
| Net interest margin (1) |
|
|
| 3.13% |
|
|
| 3.08% |
| |
| Taxable equivalent adjustment |
|
| $ 5,721 |
|
|
| $ 5,914 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| (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 |
|
|
| Dec10 vs Sep10 |
|
|
|
| Dec10 vs Dec09 | |
|
|
| Dec 31, 2010 | Sept 30, 2010 | % Change |
| Jun 30, 2010 | Mar 31, 2010 | Dec 31, 2009 | % Change | |
| Commercial and industrial |
| $ 3,049,752 | $ 2,989,238 | 2.0% |
| $ 2,969,662 | $ 3,099,265 | $ 3,450,632 | (11.6%) | |
| Commercial real estate |
| 3,389,213 | 3,494,342 | (3.0%) |
| 3,576,716 | 3,699,139 | 3,817,066 | (11.2%) | |
| Real estate - construction |
| 553,069 | 736,387 | (24.9%) |
| 925,697 | 1,281,868 | 1,397,493 | (60.4%) | |
| Lease financing |
| 60,254 | 74,690 | (19.3%) |
| 82,375 | 87,568 | 95,851 | (37.1%) | |
| Total commercial |
| 7,052,288 | 7,294,657 | (3.3%) |
| 7,554,450 | 8,167,840 | 8,761,042 | (19.5%) | |
| Home equity |
| 2,523,057 | 2,457,461 | 2.7% |
| 2,455,181 | 2,468,587 | 2,546,167 | (0.9%) | |
| Installment |
| 695,383 | 721,480 | (3.6%) |
| 749,588 | 759,025 | 873,568 | (20.4%) | |
| Total retail |
| 3,218,440 | 3,178,941 | 1.2% |
| 3,204,769 | 3,227,612 | 3,419,735 | (5.9%) | |
| Residential mortgage |
| 2,346,007 | 1,898,795 | 23.6% |
| 1,842,697 | 1,903,869 | 1,947,848 | 20.4% | |
| Total loans |
| $ 12,616,735 | $ 12,372,393 | 2.0% |
| $ 12,601,916 | $ 13,299,321 | $ 14,128,625 | (10.7%) | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Period End Deposit Composition |
|
|
| Dec10 vs Sep10 |
|
|
|
| Dec10 vs Dec09 | |
|
|
| Dec 31, 2010 | Sept 30, 2010 | % Change |
| Jun 30, 2010 | Mar 31, 2010 | Dec 31, 2009 | % Change | |
| Demand |
| $ 3,684,965 | $ 3,054,121 | 20.7% |
| $ 2,932,599 | $ 3,023,247 | $ 3,274,973 | 12.5% | |
| Savings |
| 887,236 | 902,077 | (1.6%) |
| 913,146 | 897,740 | 845,509 | 4.9% | |
| Interest-bearing demand |
| 1,870,664 | 2,921,700 | (36.0%) |
| 2,745,541 | 2,939,390 | 3,099,358 | (39.6%) | |
| Money market |
| 5,434,867 | 6,312,912 | (13.9%) |
| 6,554,559 | 6,522,901 | 5,806,661 | (6.4%) | |
| Brokered CDs |
| 442,640 | 442,209 | 0.1% |
| 571,626 | 742,119 | 141,968 | 211.8% | |
| Other time deposits |
| 2,905,021 | 3,171,841 | (8.4%) |
| 3,252,728 | 3,371,390 | 3,560,144 | (18.4%) | |
| Total deposits |
| $ 15,225,393 | $ 16,804,860 | (9.4%) |
| $ 16,970,199 | $ 17,496,787 | $ 16,728,613 | (9.0%) | |
|
|
|
|
|
|
|
|
|
|
| |
| Network transaction deposits included above in |
|
|
|
|
|
|
|
|
| |
| interest-bearing demand and money market |
| 1,144,134 | 1,970,050 | (41.9%) |
| $ 2,698,204 | $ 2,641,648 | $ 1,926,539 | (40.6%) | |
| Customer repo sweeps (a) |
| 563,884 | 209,866 | 168.7% |
| $ 184,043 | $ 188,314 | $ 195,858 | 187.9% | |
|
|
|
|
|
|
|
|
|
|
| |
| (a) Included within short-term borrowings. | |
| | | | | | | | | | |
Investor Contact: | |
Janet L. Ford, Investor Relations Director | |
414-278-1890 | |
Media Contact: | |
Autumn Latimore, Public Relations Director | |
414-278-1860 | |
|
SOURCE Associated Banc-Corp
Contact: Investors, Janet L. Ford, Investor Relations Director, +1-414-278-1890, or Media, Autumn Latimore, Public Relations Director, +1-414-278-1860, both of Associated Banc-Corp