GREEN BAY, Wis., Oct. 20, 2011 /PRNewswire/ -- Associated Banc-Corp (NASDAQ: ASBC) today reported net income to common shareholders of $34.0 million, or $0.20 per common share, for the quarter ended September 30, 2011. This compares to net income to common shareholders of $25.6 million, or $0.15 per common share, for the quarter ended June 30, 2011, and net income to common shareholders of $6.9 million, or $0.04 per common share, for the comparable quarter ended September 30, 2010.
“We are pleased with our improving results. Our focus remains on meeting the needs of our customers and investing in our core businesses. We continue to see opportunities to invest in our franchise and expect to see these investments pay-off in the future,” said President and CEO Philip B. Flynn.
HIGHLIGHTS
- Quarterly pre-tax income improved by 33%, or $15 million and net income available to common shareholders improved by 33%, or $8 million from the prior quarter
- Total loans of $13.5 billion were up 3%, or $414 million from the prior quarter, with growth in each major segment of the portfolio including commercial and business lending, commercial real estate lending, and residential mortgage
- Commercial and business lending (C&I, leasing, and owner-occupied CRE loans) grew $198 million during the quarter
- Commercial real estate lending (Investor CRE and construction loans) increased $108 million from the prior quarter
- Retail loans and residential mortgage loans grew $108 million during the quarter
- Continued improvements in key credit metrics
- Nonaccrual loans declined $64 million, or 14% from the prior quarter to $403 million, the lowest level in seven quarters
- Provision for loan losses of $4 million was down significantly from the prior quarter
- Net charge-offs of $30 million were down 32% from $45 million for the prior quarter
- Completed the repurchase of remaining TARP funds through senior note and preferred stock offerings
Loans
At September 30, 2011, the Company’s loan portfolio was $13.5 billion, up $414 million, or 3%, from $13.1 billion at June 30, 2011, and up $1.1 billion, or 9%, from $12.4 billion a year ago. Commercial loans grew $306 million on a linked-quarter basis, with strong growth coming from both the commercial and industrial (C&I) and commercial real estate (CRE) portfolios. The retail and residential mortgage segment was also up by a net $108 million, or 2%, from the second quarter.
Deposits and Customer Funding
Total deposits and customer funding of $16.8 billion at the end of the third quarter was up 4% from $16.1 billion at the end of the second quarter. Total deposits were $14.8 billion at September 30, 2011, up significantly from $14.1 billion at June 30, 2011. The net deposit growth during the quarter included a $493 million, or a 15% increase, in demand deposits and a $223 million, or 5% increase, in money market deposits and was primarily driven by customer activity and seasonal flows. The Company continued to focus on growing core customer funding and reducing brokered CDs and network deposits which declined by a net $61 million, down 5% from the prior quarter.
Net Interest Income and Net Interest Margin
Third quarter net interest income was $153 million, declining by $1 million from the second quarter of 2011. Consistent with the Company’s strategy of funding loan growth primarily through securities run-off, net interest income from loans grew quarter over quarter while securities income continued to contract. The third quarter net interest margin was 3.23%, down 6 basis points from the prior period. Yields on earning assets compressed by 12 basis points quarter over quarter, while the cost of interest-bearing deposits (excluding brokered CDs) declined by 6 basis points; contributing to the net 6 basis point reduction in overall net interest margin.
Noninterest Income and Expense
Noninterest income for the quarter was $72 million, up $7 million, or 11%, from the second quarter. The improvement was primarily driven by increases in mortgage banking income which benefited from a $5 million increase in income as a result of higher mortgage production as well as $2 million from lower valuation expense on mortgage servicing rights. However, we expect that regulatory changes, coupled with changes in checking-related product fees and customer behavior will negatively impact fee-based revenues going forward.
Total noninterest expense for the quarter ended September 30, 2011 was $162 million, up $3 million, or 2%, from the second quarter, primarily attributable to increases in personnel and occupancy expenses. Personnel expense increased $1 million for the quarter as the investment in key hires continued and occupancy expense was up $2 million from the second quarter.
Key Credit Metrics
The Company reported another quarter of improving credit metrics with nonaccrual loans down 14% to $403 million from $468 million at June 30, 2011, and down 45% from $728 million at September 30, 2010. Potential problem loans declined to $660 million, down 6% from $699 million for the second quarter, and down 42% from $1.1 billion a year ago.
Net charge-offs were $30 million for the third quarter, down 32% from $45 million for the second quarter of 2011, and down 73% from $110 million for the third quarter of 2010. Third quarter provision for loan losses was $4 million, down significantly from $16 million for the second quarter of 2011, and $64 million for the third quarter of 2010. The Company’s allowance for loan losses was $400 million, representing an allowance equal to 2.96% of loans, and covered 99% of nonaccrual loans at September 30, 2011.
Capital Ratios
The Company’s capital position remains very strong, with a Tier 1 common ratio of 12.44% at September 30, 2011 compared to 12.61% at the end of the second quarter and 12.31% a year ago. The Company’s capital ratios continue to be in excess of “well-capitalized” regulatory benchmarks, the highest regulatory capital level, and also exceed the proposed guidelines recently published by the Basel Committee and endorsed by U.S. regulatory agencies.
On September 14, 2011, the Company used the net proceeds from the September debt and preferred stock offerings to retire the remaining balance of the CPP preferred shares the Company issued under TARP. The Company recorded a noncash charge of $4 million during the quarter for the repurchase of the remaining CPP preferred shares, which represented the difference between the unamortized cost of the repurchased preferred stock and the repurchase price.
“Our capital ratios following our September senior notes and preferred stock offerings and the subsequent TARP repayment continue to exceed the standards for well-capitalized banks,” Flynn continued. “This strong capital position provides us with flexibility as we continue to execute our strategic plans for growth.”
“We are pleased with the solid results of this quarter. We are proud to have delivered on our commitment we made to our shareholders to repay TARP in a shareholder-friendly manner,” Flynn continued. “Despite the soft economy, we continue to see opportunities to create shareholder value and are committed to capitalizing on these opportunities.”
THIRD QUARTER 2011 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October, 20, 2011. Interested parties can listen to the call live on the Internet through the investor relations section of the company’s website, http://investor.associatedbank.com/ or by dialing 877-348-9354. 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 third quarter 2011 earnings call, or conference ID number 10934250.
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 October 20, 2011 through 11:00 p.m. CT on November 20, 2011 by dialing 855-859-2056 and entering the conference ID number 10934250. The replay number for international callers is 404-537-3406.
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 approximately 270 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.
Investor Contact:
Tim Sedabres, Vice President, Finance
920-491-7059
Media Contact:
Autumn Latimore, Public Relations Director
414-278-1860
| Consolidated Balance Sheets (Unaudited) | |
| Associated Banc-Corp |
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| September 30, |
| June 30, |
| Seql Qtr |
| March 31, |
| December 31, |
| September 30, |
| Comp Qtr | |
| (in thousands) |
| 2011 |
| 2011 |
| $ Change |
| 2011 |
| 2010 |
| 2010 |
| $ Change | |
| Assets |
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| |
| Cash and due from banks |
| $ 410,644 |
| $ 314,682 |
| $ 95,962 |
| $ 299,040 |
| $ 319,487 |
| $ 316,914 |
| $ 93,730 | |
| Interest-bearing deposits in other |
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| financial institutions |
| 250,648 |
| 777,675 |
| (527,027) |
| 498,094 |
| 546,125 |
| 1,717,853 |
| (1,467,205) | |
| Federal funds sold and securities purchased |
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| under agreements to resell |
| 4,180 |
| 2,400 |
| 1,780 |
| 2,015 |
| 2,550 |
| 503,950 |
| (499,770) | |
| Securities available for sale, at fair value |
| 5,453,816 |
| 5,742,034 |
| (288,218) |
| 5,883,541 |
| 6,101,341 |
| 5,291,336 |
| 162,480 | |
| Federal Home Loan Bank and Federal |
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| |
| Reserve Bank stocks, at cost |
| 191,128 |
| 191,075 |
| 53 |
| 191,017 |
| 190,968 |
| 190,918 |
| 210 | |
| Loans held for sale |
| 201,142 |
| 84,323 |
| 116,819 |
| 85,493 |
| 144,808 |
| 274,666 |
| (73,524) | |
| Loans |
| 13,503,507 |
| 13,089,589 |
| 413,918 |
| 12,655,322 |
| 12,616,735 |
| 12,372,393 |
| 1,131,114 | |
| Allowance for loan losses |
| (399,723) |
| (425,961) |
| 26,238 |
| (454,461) |
| (476,813) |
| (522,018) |
| 122,295 | |
| Loans, net |
| 13,103,784 |
| 12,663,628 |
| 440,156 |
| 12,200,861 |
| 12,139,922 |
| 11,850,375 |
| 1,253,409 | |
| Premises and equipment, net |
| 208,301 |
| 192,506 |
| 15,795 |
| 186,329 |
| 190,533 |
| 181,236 |
| 27,065 | |
| Goodwill |
| 929,168 |
| 929,168 |
| - |
| 929,168 |
| 929,168 |
| 929,168 |
| - | |
| Other intangible assets, net |
| 67,970 |
| 74,872 |
| (6,902) |
| 85,200 |
| 88,044 |
| 84,824 |
| (16,854) | |
| Other assets |
| 1,081,868 |
| 1,076,112 |
| 5,756 |
| 1,112,807 |
| 1,132,650 |
| 1,184,046 |
| (102,178) | |
| Total assets |
| $ 21,902,649 |
| $ 22,048,475 |
| $ (145,826) |
| $ 21,473,565 |
| $ 21,785,596 |
| $ 22,525,286 |
| (622,637) | |
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| Liabilities and Stockholders' Equity |
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| Noninterest-bearing deposits |
| $ 3,711,570 |
| $ 3,218,722 |
| $ 492,848 |
| $ 3,285,604 |
| $ 3,684,965 |
| $ 3,054,121 |
| 657,449 | |
| Interest-bearing deposits, excl Brokered CDs |
| 10,867,013 |
| 10,530,658 |
| 336,355 |
| 10,413,994 |
| 11,097,788 |
| 13,308,530 |
| (2,441,517) | |
| Brokered CDs |
| 203,827 |
| 316,670 |
| (112,843) |
| 324,045 |
| 442,640 |
| 442,209 |
| (238,382) | |
| Total deposits |
| 14,782,410 |
| 14,066,050 |
| 716,360 |
| 14,023,643 |
| 15,225,393 |
| 16,804,860 |
| (2,022,450) | |
| Short-term funding |
| 2,531,776 |
| 3,255,670 |
| (723,894) |
| 2,547,805 |
| 1,747,382 |
| 539,263 |
| 1,992,513 | |
| Long-term funding |
| 1,477,408 |
| 1,484,174 |
| (6,766) |
| 1,484,177 |
| 1,413,605 |
| 1,713,671 |
| (236,263) | |
| Accrued expenses and other liabilities |
| 260,436 |
| 243,433 |
| 17,003 |
| 223,226 |
| 240,425 |
| 266,643 |
| (6,207) | |
| Total liabilities |
| 19,052,030 |
| 19,049,327 |
| 2,703 |
| 18,278,851 |
| 18,626,805 |
| 19,324,437 |
| (272,407) | |
| Stockholders' Equity |
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| |
| Preferred equity |
| 63,272 |
| 258,051 |
| (194,779) |
| 515,238 |
| 514,388 |
| 513,550 |
| (450,278) | |
| Common stock |
| 1,746 |
| 1,745 |
| 1 |
| 1,744 |
| 1,739 |
| 1,738 |
| 8 | |
| Surplus |
| 1,585,208 |
| 1,581,594 |
| 3,614 |
| 1,576,903 |
| 1,573,372 |
| 1,569,963 |
| 15,245 | |
| Retained earnings |
| 1,111,080 |
| 1,079,076 |
| 32,004 |
| 1,055,344 |
| 1,041,666 |
| 1,036,800 |
| 74,280 | |
| Accumulated other comprehensive income |
| 89,313 |
| 79,345 |
| 9,968 |
| 45,731 |
| 27,626 |
| 78,798 |
| 10,515 | |
| Treasury stock |
| - |
| (663) |
| 663 |
| (246) |
| - |
| - |
| - | |
| Total stockholders' equity |
| 2,850,619 |
| 2,999,148 |
| (148,529) |
| 3,194,714 |
| 3,158,791 |
| 3,200,849 |
| (350,230) | |
| Total liabilities and stockholders' equity |
| $ 21,902,649 |
| $ 22,048,475 |
| $ (145,826) |
| $ 21,473,565 |
| $ 21,785,596 |
| $ 22,525,286 |
| $ (622,637) | |
| | | | | | | | | | | | | | | |
| Consolidated Statements of Income (Unaudited) |
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| Associated Banc-Corp |
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| For The Three Months Ended |
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| For The Nine Months Ended, |
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|
| September 30, |
| Quarter |
| September 30, |
| Year-to-Date | |
| (in thousands, except per share amounts) |
| 2011 |
| 2010 |
| $ Change | % Change |
| 2011 |
| 2010 |
| $ Change | % Change | |
| Interest Income |
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| |
| Interest and fees on loans |
| $ 145,778 |
| $ 148,937 |
| $ (3,159) | (2.1%) |
| $ 432,907 |
| $ 462,043 |
| $ (29,136) | (6.3%) | |
| Interest and dividends on investment securities: |
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| |
| Taxable |
| 30,513 |
| 36,151 |
| (5,638) | (15.6%) |
| 100,516 |
| 122,611 |
| (22,095) | (18.0%) | |
| Tax-exempt |
| 7,376 |
| 8,499 |
| (1,123) | (13.2%) |
| 22,593 |
| 25,765 |
| (3,172) | (12.3%) | |
| Other interest and dividends |
| 1,428 |
| 2,629 |
| (1,201) | (45.7%) |
| 4,324 |
| 6,615 |
| (2,291) | (34.6%) | |
| Total interest income |
| 185,095 |
| 196,216 |
| (11,121) | (5.7%) |
| 560,340 |
| 617,034 |
| (56,694) | (9.2%) | |
| Interest Expense |
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| |
| Interest on deposits |
| 15,644 |
| 25,879 |
| (10,235) | (39.5%) |
| 50,794 |
| 82,984 |
| (32,190) | (38.8%) | |
| Interest on short-term funding |
| 3,039 |
| 1,849 |
| 1,190 | 64.4% |
| 10,255 |
| 5,695 |
| 4,560 | 80.1% | |
| Interest on long-term funding |
| 13,252 |
| 14,584 |
| (1,332) | (9.1%) |
| 38,285 |
| 45,436 |
| (7,151) | (15.7%) | |
| Total interest expense |
| 31,935 |
| 42,312 |
| (10,377) | (24.5%) |
| 99,334 |
| 134,115 |
| (34,781) | (25.9%) | |
| Net Interest Income |
| 153,160 |
| 153,904 |
| (744) | (0.5%) |
| 461,006 |
| 482,919 |
| (21,913) | (4.5%) | |
| Provision for loan losses |
| 4,000 |
| 64,000 |
| (60,000) | (93.8%) |
| 51,000 |
| 327,010 |
| (276,010) | (84.4%) | |
| Net interest income after provision for |
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|
|
|
|
|
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| |
| loan losses |
| 149,160 |
| 89,904 |
| 59,256 | 65.9% |
| 410,006 |
| 155,909 |
| 254,097 | 163.0% | |
| Noninterest Income |
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| |
| Trust service fees |
| 9,791 |
| 9,462 |
| 329 | 3.5% |
| 29,634 |
| 28,335 |
| 1,299 | 4.6% | |
| Service charges on deposit accounts |
| 19,949 |
| 23,845 |
| (3,896) | (16.3%) |
| 58,125 |
| 76,350 |
| (18,225) | (23.9%) | |
| Card-based and other nondeposit fees |
| 15,291 |
| 14,906 |
| 385 | 2.6% |
| 46,636 |
| 43,457 |
| 3,179 | 7.3% | |
| Retail commissions |
| 15,047 |
| 15,276 |
| (229) | (1.5%) |
| 47,903 |
| 46,815 |
| 1,088 | 2.3% | |
| Total core fee-based revenue |
| 60,078 |
| 63,489 |
| (3,411) | (5.4%) |
| 182,298 |
| 194,957 |
| (12,659) | (6.5%) | |
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| - |
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| |
| Mortgage banking, net |
| 4,521 |
| 9,007 |
| (4,486) | (49.8%) |
| 3,046 |
| 19,907 |
| (16,861) | (84.7%) | |
| Capital market fees, net |
| 3,273 |
| 891 |
| 2,382 | 267.3% |
| 4,761 |
| 885 |
| 3,876 | 438.0% | |
| Bank owned life insurance income |
| 3,990 |
| 3,756 |
| 234 | 6.2% |
| 11,076 |
| 11,252 |
| (176) | (1.6%) | |
| Asset sale losses, net |
| (1,179) |
| (2,354) |
| 1,175 | (49.9%) |
| (3,374) |
| (2,518) |
| (856) | 34.0% | |
| Investment securities gains (losses), net |
| (744) |
| 3,365 |
| (4,109) | N/M |
| (802) |
| 26,800 |
| (27,602) | N/M | |
| Other |
| 1,737 |
| 3,743 |
| (2,006) | (53.6%) |
| 11,608 |
| 9,543 |
| 2,065 | 21.6% | |
| Total noninterest income |
| 71,676 |
| 81,897 |
| (10,221) | (12.5%) |
| 208,613 |
| 260,826 |
| (52,213) | (20.0%) | |
| Noninterest Expense |
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| |
| Personnel expense |
| 90,377 |
| 80,640 |
| 9,737 | 12.1% |
| 268,510 |
| 239,337 |
| 29,173 | 12.2% | |
| Occupancy |
| 14,205 |
| 12,157 |
| 2,048 | 16.8% |
| 42,143 |
| 37,038 |
| 5,105 | 13.8% | |
| Equipment |
| 4,851 |
| 4,637 |
| 214 | 4.6% |
| 14,587 |
| 13,472 |
| 1,115 | 8.3% | |
| Data processing |
| 7,887 |
| 7,502 |
| 385 | 5.1% |
| 23,395 |
| 22,667 |
| 728 | 3.2% | |
| Business development and advertising |
| 5,539 |
| 4,297 |
| 1,242 | 28.9% |
| 16,134 |
| 13,515 |
| 2,619 | 19.4% | |
| Other intangible amortization |
| 1,179 |
| 1,206 |
| (27) | (2.2%) |
| 3,535 |
| 3,713 |
| (178) | (4.8%) | |
| Legal and professional fees |
| 4,289 |
| 6,774 |
| (2,485) | (36.7%) |
| 13,554 |
| 15,086 |
| (1,532) | (10.2%) | |
| Losses other than loans |
| 1,659 |
| 2,504 |
| (845) | (33.7%) |
| 6,031 |
| 7,323 |
| (1,292) | (17.6%) | |
| Foreclosure/OREO expense |
| 7,662 |
| 7,349 |
| 313 | 4.3% |
| 23,250 |
| 23,984 |
| (734) | (3.1%) | |
| FDIC expense |
| 6,906 |
| 11,426 |
| (4,520) | (39.6%) |
| 22,348 |
| 35,282 |
| (12,934) | (36.7%) | |
| Other |
| 17,606 |
| 18,088 |
| (482) | (2.7%) |
| 51,735 |
| 52,060 |
| (325) | (0.6%) | |
| Total noninterest expense |
| 162,160 |
| 156,580 |
| 5,580 | 3.6% |
| 485,222 |
| 463,477 |
| 21,745 | 4.7% | |
| Income (loss) before income taxes |
| 58,676 |
| 15,221 |
| 43,455 | 285.5% |
| 133,397 |
| (46,742) |
| 180,139 | N/M | |
| Income tax expense (benefit) |
| 17,337 |
| 917 |
| 16,420 | N/M |
| 34,823 |
| (31,878) |
| 66,701 | N/M | |
| Net income (loss) |
| 41,339 |
| 14,304 |
| 27,035 | 189.0% |
| 98,574 |
| (14,864) |
| $ 113,438 | N/M | |
| Preferred stock dividends and discount |
| 7,305 |
| 7,389 |
| (84) | (1.1%) |
| 23,530 |
| 22,131 |
| 1,399 | 6.3% | |
| Net income (loss) available to common equity |
| $ 34,034 |
| $ 6,915 |
| $ 27,119 | 392.2% |
| $ 75,044 |
| $ (36,995) |
| $ 112,039 | N/M | |
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| Earnings (Loss) Per Common Share: |
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| |
| Basic |
| $ 0.20 |
| $ 0.04 |
| $ 0.16 | 400.0% |
| $ 0.43 |
| $ (0.22) |
| $ 0.65 | N/M | |
| Diluted |
| $ 0.20 |
| $ 0.04 |
| $ 0.16 | 400.0% |
| $ 0.43 |
| $ (0.22) |
| $ 0.65 | N/M | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Basic |
| 173,418 |
| 172,989 |
| 429 | 0.2% |
| 173,319 |
| 170,610 |
| 2,709 | 1.6% | |
| Diluted |
| 173,418 |
| 172,990 |
| 428 | 0.2% |
| 173,321 |
| 170,610 |
| 2,711 | 1.6% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| N/M = Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| | | | | | | | | | | | | | | |
| Consolidated Statements of Income (Unaudited) - Quarterly Trend |
| |
| Associated Banc-Corp |
|
|
| |
|
|
|
|
|
| Sequential Qtr |
| Comparable Qtr | |
| (in thousands, except per share amounts) |
| 3Q11 |
| 2Q11 |
| $ Change | % Change |
| 1Q11 |
| 4Q10 |
| 3Q10 |
| $ Change | % Change | |
| Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Interest and fees on loans |
| $ 145,778 |
| $ 144,358 |
| $ 1,420 | 1.0% |
| $ 142,771 |
| $ 146,444 |
| $ 148,937 |
| $ (3,159) | (2.1%) | |
| Interest and dividends on investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Taxable |
| 30,513 |
| 35,351 |
| (4,838) | (13.7%) |
| 34,652 |
| 32,420 |
| 36,151 |
| (5,638) | (15.6%) | |
| Tax-exempt |
| 7,376 |
| 7,504 |
| (128) | (1.7%) |
| 7,713 |
| 8,150 |
| 8,499 |
| (1,123) | (13.2%) | |
| Other interest and dividends |
| 1,428 |
| 1,438 |
| (10) | (0.7%) |
| 1,458 |
| 2,078 |
| 2,629 |
| (1,201) | (45.7%) | |
| Total interest income |
| 185,095 |
| 188,651 |
| (3,556) | (1.9%) |
| 186,594 |
| 189,092 |
| 196,216 |
| (11,121) | (5.7%) | |
| Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Interest on deposits |
| 15,644 |
| 16,901 |
| (1,257) | (7.4%) |
| 18,249 |
| 23,039 |
| 25,879 |
| (10,235) | (39.5%) | |
| Interest on short-term funding |
| 3,039 |
| 3,637 |
| (598) | (16.4%) |
| 3,579 |
| 2,288 |
| 1,849 |
| 1,190 | 64.4% | |
| Interest on long-term funding |
| 13,252 |
| 13,990 |
| (738) | (5.3%) |
| 11,043 |
| 12,905 |
| 14,584 |
| (1,332) | (9.1%) | |
| Total interest expense |
| 31,935 |
| 34,528 |
| (2,593) | (7.5%) |
| 32,871 |
| 38,232 |
| 42,312 |
| (10,377) | (24.5%) | |
| Net Interest Income |
| 153,160 |
| 154,123 |
| (963) | (0.6%) |
| 153,723 |
| 150,860 |
| 153,904 |
| (744) | (0.5%) | |
| Provision for loan losses |
| 4,000 |
| 16,000 |
| (12,000) | (75.0%) |
| 31,000 |
| 63,000 |
| 64,000 |
| (60,000) | (93.8%) | |
| Net interest income after provision for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| loan losses |
| 149,160 |
| 138,123 |
| 11,037 | 8.0% |
| 122,723 |
| 87,860 |
| 89,904 |
| 59,256 | 65.9% | |
| Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Trust service fees |
| 9,791 |
| 10,012 |
| (221) | (2.2%) |
| 9,831 |
| 9,518 |
| 9,462 |
| 329 | 3.5% | |
| Service charges on deposit accounts |
| 19,949 |
| 19,112 |
| 837 | 4.4% |
| 19,064 |
| 20,390 |
| 23,845 |
| (3,896) | (16.3%) | |
| Card-based and other nondeposit fees |
| 15,291 |
| 15,747 |
| (456) | (2.9%) |
| 15,598 |
| 15,842 |
| 14,906 |
| 385 | 2.6% | |
| Retail commissions |
| 15,047 |
| 16,475 |
| (1,428) | (8.7%) |
| 16,381 |
| 14,441 |
| 15,276 |
| (229) | (1.5%) | |
| Total core fee-based revenue |
| 60,078 |
| 61,346 |
| (1,268) | (2.1%) |
| 60,874 |
| 60,191 |
| 63,489 |
| (3,411) | (5.4%) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Mortgage banking, net |
| 4,521 |
| (3,320) |
| 7,841 | N/M |
| 1,845 |
| 13,229 |
| 9,007 |
| (4,486) | (49.8%) | |
| Capital market fees, net |
| 3,273 |
| (890) |
| 4,163 | N/M |
| 2,378 |
| 5,187 |
| 891 |
| 2,382 | 267.3% | |
| Bank owned life insurance income |
| 3,990 |
| 3,500 |
| 490 | 14.0% |
| 3,586 |
| 4,509 |
| 3,756 |
| 234 | 6.2% | |
| Asset sale gains (losses), net |
| (1,179) |
| (209) |
| (970) | N/M |
| (1,986) |
| 514 |
| (2,354) |
| 1,175 | (49.9%) | |
| Investment securities gains (losses), net |
| (744) |
| (36) |
| (708) | N/M |
| (22) |
| (1,883) |
| 3,365 |
| (4,109) | (122.1%) | |
| Other |
| 1,737 |
| 4,364 |
| (2,627) | (60.2%) |
| 5,507 |
| 2,950 |
| 3,743 |
| (2,006) | (53.6%) | |
| Total noninterest income |
| 71,676 |
| 64,755 |
| 6,921 | 10.7% |
| 72,182 |
| 84,697 |
| 81,897 |
| (10,221) | (12.5%) | |
| Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Personnel expense |
| 90,377 |
| 89,203 |
| 1,174 | 1.3% |
| 88,930 |
| 83,912 |
| 80,640 |
| 9,737 | 12.1% | |
| Occupancy |
| 14,205 |
| 12,663 |
| 1,542 | 12.2% |
| 15,275 |
| 12,899 |
| 12,157 |
| 2,048 | 16.8% | |
| Equipment |
| 4,851 |
| 4,969 |
| (118) | (2.4%) |
| 4,767 |
| 4,899 |
| 4,637 |
| 214 | 4.6% | |
| Data processing |
| 7,887 |
| 7,974 |
| (87) | (1.1%) |
| 7,534 |
| 7,047 |
| 7,502 |
| 385 | 5.1% | |
| Business development and advertising |
| 5,539 |
| 5,652 |
| (113) | (2.0%) |
| 4,943 |
| 4,870 |
| 4,297 |
| 1,242 | 28.9% | |
| Other intangible amortization |
| 1,179 |
| 1,178 |
| 1 | 0.1% |
| 1,178 |
| 1,206 |
| 1,206 |
| (27) | (2.2%) | |
| Legal and professional fees |
| 4,289 |
| 4,783 |
| (494) | (10.3%) |
| 4,482 |
| 5,353 |
| 6,774 |
| (2,485) | (36.7%) | |
| Losses other than loans |
| 1,659 |
| (1,925) |
| 3,584 | N/M |
| 6,297 |
| 7,470 |
| 2,504 |
| (845) | (33.7%) | |
| Foreclosure/OREO expense |
| 7,662 |
| 9,527 |
| (1,865) | (19.6%) |
| 6,061 |
| 9,860 |
| 7,349 |
| 313 | 4.3% | |
| FDIC expense |
| 6,906 |
| 7,198 |
| (292) | (4.1%) |
| 8,244 |
| 11,095 |
| 11,426 |
| (4,520) | (39.6%) | |
| Other |
| 17,606 |
| 17,664 |
| (58) | (0.3%) |
| 16,465 |
| 18,232 |
| 18,088 |
| (482) | (2.7%) | |
| Total noninterest expense |
| 162,160 |
| 158,886 |
| 3,274 | 2.1% |
| 164,176 |
| 166,843 |
| 156,580 |
| 5,580 | 3.6% | |
| Income before income taxes |
| 58,676 |
| 43,992 |
| 14,684 | 33.4% |
| 30,729 |
| 5,714 |
| 15,221 |
| 43,455 | 285.5% | |
| Income tax expense (benefit) |
| 17,337 |
| 9,610 |
| 7,727 | 80.4% |
| 7,876 |
| (8,294) |
| 917 |
| 16,420 | N/M | |
| Net income |
| 41,339 |
| 34,382 |
| 6,957 | 20.2% |
| 22,853 |
| 14,008 |
| 14,304 |
| 27,035 | 189.0% | |
| Preferred stock dividends and discount |
| 7,305 |
| 8,812 |
| (1,507) | (17.1%) |
| 7,413 |
| 7,400 |
| 7,389 |
| (84) | (1.1%) | |
| Net income available to common equity |
| $ 34,034 |
| $ 25,570 |
| $ 8,464 | 33.1% |
| $ 15,440 |
| $ 6,608 |
| $ 6,915 |
| $ 27,119 | 392.2% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Basic |
| $ 0.20 |
| $ 0.15 |
| $ 0.05 | 33.3% |
| $ 0.09 |
| $ 0.04 |
| $ 0.04 |
| $ 0.16 | 400.0% | |
| Diluted |
| $ 0.20 |
| $ 0.15 |
| $ 0.05 | 33.3% |
| $ 0.09 |
| $ 0.04 |
| $ 0.04 |
| $ 0.16 | 400.0% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Basic |
| 173,418 |
| 173,323 |
| 95 | 0.1% |
| 173,213 |
| 173,068 |
| 172,989 |
| 429 | 0.2% | |
| Diluted |
| 173,418 |
| 173,327 |
| 91 | 0.1% |
| 173,217 |
| 173,072 |
| 172,990 |
| 428 | 0.2% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| N/M = Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| | | | | | | | | | | | | | | | | |
| Selected Quarterly Information | |
| Associated Banc-Corp | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (in thousands, except per share and full time equivalent employee data) | YTD 2011 |
| YTD 2010 |
| 3rd Qtr 2011 |
| 2nd Qtr 2011 |
| 1st Qtr 2011 |
| 4th Qtr 2010 |
| 3rd Qtr 2010 | |
| Summary of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net interest income | $ 461,006 |
| $ 482,919 |
| $ 153,160 |
| $ 154,123 |
| $ 153,723 |
| $ 150,860 |
| $ 153,904 | |
| Provision for loan losses | 51,000 |
| 327,010 |
| 4,000 |
| 16,000 |
| 31,000 |
| 63,000 |
| 64,000 | |
| Asset sale gains (losses), net | (3,374) |
| (2,518) |
| (1,179) |
| (209) |
| (1,986) |
| 514 |
| (2,354) | |
| Investment securities gains (losses), net | (802) |
| 26,800 |
| (744) |
| (36) |
| (22) |
| (1,883) |
| 3,365 | |
| Noninterest income (excluding securities & asset gains) | 212,789 |
| 236,544 |
| 73,599 |
| 65,000 |
| 74,190 |
| 86,066 |
| 80,886 | |
| Noninterest expense | 485,222 |
| 463,477 |
| 162,160 |
| 158,886 |
| 164,176 |
| 166,843 |
| 156,580 | |
| Income (loss) before income taxes | 133,397 |
| (46,742) |
| 58,676 |
| 43,992 |
| 30,729 |
| 5,714 |
| 15,221 | |
| Income tax expense (benefit) | 34,823 |
| (31,878) |
| 17,337 |
| 9,610 |
| 7,876 |
| (8,294) |
| 917 | |
| Net income (loss) | 98,574 |
| (14,864) |
| 41,339 |
| 34,382 |
| 22,853 |
| 14,008 |
| 14,304 | |
| Net income (loss) available to common equity | 75,044 |
| (36,995) |
| 34,034 |
| 25,570 |
| 15,440 |
| 6,608 |
| 6,915 | |
| Taxable equivalent adjustment | 16,067 |
| 17,914 |
| 5,295 |
| 5,332 |
| 5,440 |
| 5,721 |
| 5,914 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Per Common Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Basic | $ 0.43 |
| $ (0.22) |
| $ 0.20 |
| $ 0.15 |
| $ 0.09 |
| $ 0.04 |
| $ 0.04 | |
| Diluted | 0.43 |
| (0.22) |
| 0.20 |
| 0.15 |
| 0.09 |
| 0.04 |
| 0.04 | |
| Dividends | 0.03 |
| 0.03 |
| 0.01 |
| 0.01 |
| 0.01 |
| 0.01 |
| 0.01 | |
| Market Value: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| High | $ 15.36 |
| $ 16.10 |
| $ 14.17 |
| $ 15.02 |
| $ 15.36 |
| $ 15.49 |
| $ 13.90 | |
| Low | 8.95 |
| 11.48 |
| 8.95 |
| 13.06 |
| 13.83 |
| 12.57 |
| 11.96 | |
| Close | 9.30 |
| 13.19 |
| 9.30 |
| 13.90 |
| 14.85 |
| 15.15 |
| 13.19 | |
| Book value | 16.07 |
| 15.53 |
| 16.07 |
| 15.81 |
| 15.46 |
| 15.28 |
| 15.53 | |
| Tangible book value | 10.59 |
| 10.02 |
| 10.59 |
| 10.33 |
| 9.97 |
| 9.77 |
| 10.02 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Performance Ratios (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Earning assets yield | 3.96% |
| 4.08% |
| 3.88% |
| 4.00% |
| 4.01% |
| 3.89% |
| 3.90% | |
| Interest-bearing liabilities rate | 0.88 |
| 1.08 |
| 0.83 |
| 0.91 |
| 0.89 |
| 0.98 |
| 1.03 | |
| Net interest margin | 3.28 |
| 3.22 |
| 3.23 |
| 3.29 |
| 3.32 |
| 3.13 |
| 3.08 | |
| Return on average assets | 0.61 |
| (0.09) |
| 0.75 |
| 0.64 |
| 0.43 |
| 0.25 |
| 0.25 | |
| Return on average equity | 4.33 |
| (0.63) |
| 5.49 |
| 4.63 |
| 2.92 |
| 1.74 |
| 1.77 | |
| Return on average tangible common equity (1) | 5.71 |
| (2.89) |
| 7.44 |
| 5.85 |
| 3.67 |
| 1.52 |
| 1.58 | |
| Efficiency ratio (2) | 70.34 |
| 62.85 |
| 69.88 |
| 70.79 |
| 70.36 |
| 68.76 |
| 65.05 | |
| Effective tax rate (benefit) | 26.10 |
| (68.20) |
| 29.55 |
| 21.84 |
| 25.63 |
| (145.13) |
| 6.03 | |
| Dividend payout ratio (3) | 6.98 |
| N/M |
| 5.00 |
| 6.67 |
| 11.11 |
| 25.00 |
| 25.02 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Assets | $ 21,532,170 |
| $ 22,824,238 |
| $ 21,729,187 |
| $ 21,526,155 |
| $ 21,336,858 |
| $ 22,034,041 |
| $ 22,727,208 | |
| Earning assets | 19,420,572 |
| 20,776,661 |
| 19,530,007 |
| 19,431,292 |
| 19,297,866 |
| 19,950,784 |
| 20,660,498 | |
| Interest-bearing liabilities | 15,129,294 |
| 16,583,326 |
| 15,215,517 |
| 15,261,514 |
| 14,907,465 |
| 15,476,002 |
| 16,376,904 | |
| Loans (4) | 13,021,134 |
| 13,388,577 |
| 13,376,928 |
| 13,004,904 |
| 12,673,844 |
| 12,587,702 |
| 12,855,791 | |
| Deposits | 14,235,123 |
| 17,112,719 |
| 14,405,311 |
| 14,052,689 |
| 14,245,614 |
| 16,452,473 |
| 17,138,105 | |
| Short and long-term funding | 4,182,908 |
| 2,500,326 |
| 4,227,319 |
| 4,434,500 |
| 3,883,122 |
| 2,311,016 |
| 2,326,469 | |
| Common stockholders' equity | 2,709,688 |
| 2,667,294 |
| 2,765,023 |
| 2,704,909 |
| 2,657,956 |
| 2,681,813 |
| 2,693,735 | |
| Stockholders' equity | 3,044,872 |
| 3,179,500 |
| 2,987,178 |
| 2,976,840 |
| 3,172,636 |
| 3,195,657 |
| 3,206,742 | |
| Common stockholders' equity / assets | 12.58% |
| 11.69% |
| 12.72% |
| 12.57% |
| 12.46% |
| 12.17% |
| 11.85% | |
| Stockholders' equity / assets | 14.14% |
| 13.93% |
| 13.75% |
| 13.83% |
| 14.87% |
| 14.50% |
| 14.11% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| At Period End |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Assets |
|
|
|
| $ 21,902,649 |
| $ 22,048,475 |
| $ 21,473,565 |
| $ 21,785,596 |
| $ 22,525,286 | |
| Loans |
|
|
|
| 13,503,507 |
| 13,089,589 |
| 12,655,322 |
| 12,616,735 |
| 12,372,393 | |
| Allowance for loan losses |
|
|
|
| 399,723 |
| 425,961 |
| 454,461 |
| 476,813 |
| 522,018 | |
| Goodwill |
|
|
|
| 929,168 |
| 929,168 |
| 929,168 |
| 929,168 |
| 929,168 | |
| Mortgage servicing rights, net |
|
|
|
| 47,370 |
| 53,093 |
| 62,243 |
| 63,909 |
| 59,483 | |
| Other intangible assets |
|
|
|
| 20,600 |
| 21,779 |
| 22,957 |
| 24,135 |
| 25,341 | |
| Deposits |
|
|
|
| 14,782,410 |
| 14,066,050 |
| 14,023,643 |
| 15,225,393 |
| 16,804,860 | |
| Short and long-term funding |
|
|
|
| 4,009,184 |
| 4,739,844 |
| 4,031,982 |
| 3,160,987 |
| 2,252,934 | |
| Stockholders' equity |
|
|
|
| 2,850,619 |
| 2,999,148 |
| 3,194,714 |
| 3,158,791 |
| 3,200,849 | |
| Stockholders' equity / assets |
|
|
|
| 13.01% |
| 13.60% |
| 14.88% |
| 14.50% |
| 14.21% | |
| Tangible common equity / tangible assets (5) |
|
|
|
| 8.77% |
| 8.49% |
| 8.42% |
| 8.12% |
| 8.03% | |
| Tangible equity/tangible assets (6) |
|
|
|
| 9.07% |
| 9.71% |
| 10.93% |
| 10.59% |
| 10.41% | |
| Tier 1 common equity / risk-weighted assets (7) |
|
|
|
| 12.44% |
| 12.61% |
| 12.65% |
| 12.26% |
| 12.31% | |
| Tier 1 leverage ratio |
|
|
|
| 9.62% |
| 10.46% |
| 11.65% |
| 11.19% |
| 10.78% | |
| Tier 1 risk-based capital ratio |
|
|
|
| 14.35% |
| 16.03% |
| 18.08% |
| 17.58% |
| 17.68% | |
| Total risk-based capital ratio |
|
|
|
| 15.81% |
| 17.50% |
| 19.56% |
| 19.05% |
| 19.16% | |
| Shares outstanding, end of period |
|
|
|
| 173,474 |
| 173,374 |
| 173,274 |
| 173,112 |
| 173,019 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Selected trend information |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Average full time equivalent employees |
|
|
|
| 4,980 |
| 4,977 |
| 4,929 |
| 4,865 |
| 4,827 | |
| Trust assets under management, at market value |
|
|
|
| $ 5,300,000 |
| $ 5,700,000 |
| $ 5,900,000 |
| $ 5,700,000 |
| $ 5,400,000 | |
| Mortgage loans originated for sale during period |
|
|
|
| 470,530 |
| 250,880 |
| 290,013 |
| 629,978 |
| 727,868 | |
| Mortgage portfolio serviced for others |
|
|
|
| 7,281,000 |
| 7,367,000 |
| 7,476,000 |
| 7,453,000 |
| 7,860,000 | |
| Mortgage servicing rights, net / portfolio serviced for others |
|
|
|
| 0.65% |
| 0.72% |
| 0.83% |
| 0.86% |
| 0.76% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 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) Loans held for sale have been included in the average balances. | |
| (5) Tangible common equity to tangible assets = Common stockholders' equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. |
| |
| This is a non-GAAP financial measure. |
|
| |
| (6) Tangible equity to tangible assets = Stockholders' equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. | |
| This is a non-GAAP financial measure. | |
| (7) Tier 1 common equity to risk-weighted assets = Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities divided by risk-weighted assets. This is a non-GAAP financial measure. | |
| | | | | | | | | | | | | | |
| Selected Asset Quality Information | |
| Associated Banc-Corp | |
|
|
|
|
| Sep11 vs Jun11 |
|
|
|
| Sep11 vs Sep10 | |
| (in thousands) |
| Sep 30, 2011 | Jun 30, 2011 | % Change |
| Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | % Change | |
| Allowance for Loan Losses |
|
|
|
|
|
|
|
|
| |
| Beginning balance |
| $ 425,961 | $ 454,461 | (6.3%) |
| $ 476,813 | $ 522,018 | $ 567,912 | (25.0%) | |
| Provision for loan losses |
| 4,000 | 16,000 | (75.0%) |
| 31,000 | 63,000 | 64,000 | (93.8%) | |
| Charge offs |
| (38,155) | (52,365) | (27.1%) |
| (65,156) | (118,368) | (122,327) | (68.8%) | |
| Recoveries |
| 7,917 | 7,865 | 0.7% |
| 11,804 | 10,163 | 12,433 | (36.3%) | |
| Net charge offs |
| (30,238) | (44,500) | (32.0%) |
| (53,352) | (108,205) | (109,894) | (72.5%) | |
| Ending balance |
| $ 399,723 | $ 425,961 | (6.2%) |
| $ 454,461 | $ 476,813 | $ 522,018 | (23.4%) | |
|
|
|
|
|
|
|
|
|
|
| |
| Reserve for losses on unfunded commitments |
| $ 14,900 | $ 14,900 | 0.0% |
| $ 17,800 | $ 17,374 | $ 16,274 | (8.4%) | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Net Charge Offs |
|
|
| Sep11 vs Jun11 |
|
|
|
| Sep11 vs Sep10 | |
|
|
| Sep 30, 2011 | Jun 30, 2011 | % Change |
| Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | % Change | |
| Commercial and industrial |
| $ 3,741 | $ 14,026 | (73.3%) |
| $ 4,314 | $ 27,041 | $ 4,274 | (12.5%) | |
| Commercial real estate |
| 10,606 | 9,377 | 13.1% |
| 7,873 | 20,103 | 28,517 | (62.8%) | |
| Real estate - construction |
| 5,646 | 6,031 | (6.4%) |
| 11,936 | 31,879 | 60,488 | (90.7%) | |
| Lease financing |
| (1,889) | 60 | N/M |
| 28 | 9,159 | 826 | (328.7%) | |
| Total commercial |
| 18,104 | 29,494 | (38.6%) |
| 24,151 | 88,182 | 94,105 | (80.8%) | |
| Home equity |
| 8,736 | 8,251 | 5.9% |
| 14,322 | 14,541 | 10,875 | (19.7%) | |
| Installment(1) |
| 764 | 664 | 15.1% |
| 12,670 | 2,369 | 1,640 | (53.4%) | |
| Total retail |
| 9,500 | 8,915 | 6.6% |
| 26,992 | 16,910 | 12,515 | (24.1%) | |
| Residential mortgage |
| 2,634 | 6,091 | (56.8%) |
| 2,209 | 3,113 | 3,274 | (19.5%) | |
| Total net charge offs |
| $ 30,238 | $ 44,500 | (32.0%) |
| $ 53,352 | $ 108,205 | $ 109,894 | (72.5%) | |
|
|
|
|
|
|
|
|
|
|
| |
| Net Charge Offs to Average Loans (in basis points) * |
| Sep 30, 2011 | Jun 30, 2011 |
|
| Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 |
| |
| Commercial and industrial |
| 46 | 180 |
|
| 60 | 364 | 57 |
| |
| Commercial real estate |
| 120 | 111 |
|
| 94 | 231 | 319 |
| |
| Real estate - construction |
| 407 | 454 |
|
| 888 | 1,820 | 2,598 |
| |
| Lease financing |
| (1,396) | 44 |
|
| 20 | 5,051 | 416 |
| |
| Total commercial |
| 98 | 166 |
|
| 142 | 488 | 498 |
| |
| Home equity |
| 134 | 127 |
|
| 227 | 231 | 175 |
| |
| Installment |
| 52 | 42 |
|
| 759 | 131 | 74 |
| |
| Total retail |
| 119 | 111 |
|
| 338 | 209 | 148 |
| |
| Residential mortgage |
| 36 | 92 |
|
| 35 | 56 | 65 |
| |
| Total net charge offs |
| 90 | 137 |
|
| 171 | 341 | 339 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Credit Quality |
|
|
| Sep11 vs Jun11 |
|
|
|
| Sep11 vs Sep10 | |
|
|
| Sep 30, 2011 | Jun 30, 2011 | % Change |
| Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | % Change | |
| Nonaccrual loans |
| $ 403,392 | $ 467,611 | (13.7%) |
| $ 488,321 | $ 574,356 | $ 727,877 | (44.6%) | |
| Other real estate owned (OREO) |
| 42,076 | 45,712 | (8.0%) |
| 49,019 | 44,330 | 53,101 | (20.8%) | |
| Total nonperforming assets |
| $ 445,468 | $ 513,323 | (13.2%) |
| $ 537,340 | $ 618,686 | $ 780,978 | (43.0%) | |
|
|
|
|
|
|
|
|
|
|
| |
| Loans 90 or more days past due and still accruing |
| 1,220 | 12,123 | (89.9%) |
| 9,380 | 3,418 | 26,593 | (95.4%) | |
| Restructured loans (accruing) |
| 113,083 | 100,343 | 12.7% |
| 88,193 | 79,935 | 62,778 | 80.1% | |
|
|
|
|
|
|
|
|
|
|
| |
| Allowance for loan losses / loans |
| 2.96% | 3.25% |
|
| 3.59% | 3.78% | 4.22% |
| |
| Allowance for loan losses / nonaccrual loans |
| 99.09 | 91.09 |
|
| 93.07 | 83.02 | 71.72 |
| |
| Nonaccrual loans / total loans |
| 2.99 | 3.57 |
|
| 3.86 | 4.55 | 5.88 |
| |
| Nonperforming assets / total loans plus OREO |
| 3.29 | 3.91 |
|
| 4.23 | 4.89 | 6.29 |
| |
| Nonperforming assets / total assets |
| 2.03 | 2.33 |
|
| 2.50 | 2.84 | 3.47 |
| |
| Net charge offs / average loans (annualized) |
| 0.90 | 1.37 |
|
| 1.71 | 3.41 | 3.39 |
| |
| Year-to-date net charge offs / average loans |
| 1.32 | 1.54 |
|
| 1.71 | 3.69 | 3.78 |
| |
|
|
|
|
|
|
|
|
|
|
| |
| Nonaccrual loans by type: |
|
|
|
|
|
|
|
|
| |
| Commercial and industrial |
| $ 61,256 | $ 71,183 | (13.9%) |
| $ 76,780 | $ 99,845 | $ 156,697 | (60.9%) | |
| Commercial real estate |
| 144,893 | 193,495 | (25.1%) |
| 186,547 | 223,927 | 275,586 | (47.4%) | |
| Real estate - construction |
| 72,300 | 72,782 | (0.7%) |
| 84,903 | 94,929 | 132,425 | (45.4%) | |
| Lease financing |
| 11,667 | 12,898 | (9.5%) |
| 15,270 | 17,080 | 26,922 | (56.7%) | |
| Total commercial |
| 290,116 | 350,358 | (17.2%) |
| 363,500 | 435,781 | 591,630 | (51.0%) | |
| Home equity |
| 46,119 | 46,777 | (1.4%) |
| 49,618 | 51,712 | 50,901 | (9.4%) | |
| Installment |
| 3,195 | 3,724 | (14.2%) |
| 4,949 | 10,544 | 8,757 | (63.5%) | |
| Total retail |
| 49,314 | 50,501 | (2.4%) |
| 54,567 | 62,256 | 59,658 | (17.3%) | |
| Residential mortgage |
| 63,962 | 66,752 | (4.2%) |
| 70,254 | 76,319 | 76,589 | (16.5%) | |
| Total nonaccrual loans |
| $ 403,392 | $ 467,611 | (13.7%) |
| $ 488,321 | $ 574,356 | $ 727,877 | (44.6%) | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| * Annualized. |
|
|
|
|
|
|
|
|
| |
| N/M = Not meaningful. |
|
|
|
|
|
|
|
|
| |
| (1) Charge offs for the three months ended March 31, 2011, include $10 million of write-downs related to installment loans transferred to held for sale. | |
| | | | | | | | | | |
| Selected Asset Quality Information (continued) | |
| Associated Banc-Corp | |
|
|
|
|
| Sep11 vs Jun11 |
|
|
|
| Sep11 vs Sep10 | |
| (in thousands) |
| Sep 30, 2011 | Jun 30, 2011 | % Change |
| Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | % Change | |
| Restructured loans (accruing) |
|
|
|
|
|
|
|
|
| |
| Commercial and industrial |
| $ 23,020 | $ 22,760 | 1.1% |
| $ 16,047 | $ 9,980 | $ 620 | N/M | |
| Commercial real estate |
| 48,892 | 36,191 | 35.1% |
| 34,166 | 15,612 | 23,387 | 109.1% | |
| Real estate - construction |
| 10,707 | 10,706 | 0.0% |
| 7,859 | 22,532 | 7,076 | 51.3% | |
| Lease financing |
| - | - | 0.0% |
| - | - | - | 0.0% | |
| Total commercial |
| 82,619 | 69,657 | 18.6% |
| 58,072 | 48,124 | 31,083 | 165.8% | |
| Home equity |
| 10,556 | 11,453 | (7.8%) |
| 11,630 | 11,741 | 10,269 | 2.8% | |
| Installment |
| 965 | 1,017 | (5.1%) |
| 1,149 | 692 | 793 | 21.7% | |
| Total retail |
| 11,521 | 12,470 | (7.6%) |
| 12,779 | 12,433 | 11,062 | 4.1% | |
| Residential mortgage |
| 18,943 | 18,216 | 4.0% |
| 17,342 | 19,378 | 20,633 | (8.2%) | |
| Total restructured loans (accruing) |
| $ 113,083 | $ 100,343 | 12.7% |
| $ 88,193 | $ 79,935 | $ 62,778 | 80.1% | |
|
|
|
|
|
|
|
|
|
|
| |
| Restructured loans in nonaccrual loans (not included above) |
| $ 80,063 | $ 71,084 | 12.6% |
| $ 49,352 | $ 35,939 | $ 32,657 | 145.2% | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Loans Past Due 30-89 Days |
|
|
| Sep11 vs Jun11 |
|
|
|
| Sep11 vs Sep10 | |
|
|
| Sep 30, 2011 | Jun 30, 2011 | % Change |
| Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | % Change | |
| Commercial and industrial |
| $ 6,255 | $ 7,581 | (17.5%) |
| $ 36,205 | $ 33,013 | $ 14,505 | (56.9%) | |
| Commercial real estate |
| 99,545 | 61,240 | 62.5% |
| 40,537 | 46,486 | 56,710 | 75.5% | |
| Real estate - construction |
| 5,493 | 13,217 | (58.4%) |
| 3,410 | 8,016 | 12,225 | (55.1%) | |
| Lease financing |
| 507 | 79 | 541.8% |
| 135 | 132 | 168 | 201.8% | |
| Total commercial |
| 111,800 | 82,117 | 36.1% |
| 80,287 | 87,647 | 83,608 | 33.7% | |
| Home equity |
| 18,165 | 14,818 | 22.6% |
| 14,808 | 13,886 | 20,044 | (9.4%) | |
| Installment |
| 1,956 | 3,851 | (49.2%) |
| 2,714 | 9,624 | 10,536 | (81.4%) | |
| Total retail |
| 20,121 | 18,669 | 7.8% |
| 17,522 | 23,510 | 30,580 | (34.2%) | |
| Residential mortgage |
| 12,114 | 12,573 | (3.7%) |
| 7,940 | 8,722 | 10,065 | 20.4% | |
| Total loans past due 30-89 days |
| $ 144,035 | $ 113,359 | 27.1% |
| $ 105,749 | $ 119,879 | $ 124,253 | 15.9% | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Potential Problem Loans |
|
|
| Sep11 vs Jun11 |
|
|
|
| Sep11 vs Sep10 | |
|
|
| Sep 30, 2011 | Jun 30, 2011 | % Change |
| Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | % Change | |
| Commercial and industrial |
| $ 207,351 | $ 229,407 | (9.6%) |
| $ 348,949 | $ 354,284 | $ 373,955 | (44.6%) | |
| Commercial real estate |
| 392,737 | 382,056 | 2.8% |
| 465,376 | 492,778 | 553,126 | (29.0%) | |
| Real estate - construction |
| 37,155 | 63,186 | (41.2%) |
| 70,824 | 91,618 | 175,817 | (78.9%) | |
| Lease financing |
| 507 | 1,399 | (63.8%) |
| 1,705 | 2,617 | 2,302 | (78.0%) | |
| Total commercial |
| 637,750 | 676,048 | (5.7%) |
| 886,854 | 941,297 | 1,105,200 | (42.3%) | |
| Home equity |
| 4,975 | 4,515 | 10.2% |
| 4,737 | 3,057 | 6,495 | (23.4%) | |
| Installment |
| 272 | 216 | 25.9% |
| 230 | 703 | 692 | (60.7%) | |
| Total retail |
| 5,247 | 4,731 | 10.9% |
| 4,967 | 3,760 | 7,187 | (27.0%) | |
| Residential mortgage |
| 16,550 | 18,575 | (10.9%) |
| 19,710 | 18,672 | 19,416 | (14.8%) | |
| Total potential problem loans |
| $ 659,547 | $ 699,354 | (5.7%) |
| $ 911,531 | $ 963,729 | $ 1,131,803 | (41.7%) | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| N/M = Not meaningful. |
|
|
|
|
|
|
|
|
| |
| | | | | | | | | | |
| Net Interest Income Analysis - Taxable Equivalent Basis | |
| Associated Banc-Corp |
| Nine months ended September 30, 2011 |
| Nine 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 |
| $ 7,121,706 | $ 232,727 | 4.37% |
| $ 8,002,403 | $ 258,475 | 4.32% | |
| Residential mortgage |
| 2,685,994 | 84,564 | 4.20 |
| 2,006,806 | 74,277 | 4.94 | |
| Retail |
| 3,213,434 | 118,127 | 4.91 |
| 3,379,368 | 131,747 | 5.21 | |
| Total loans |
| 13,021,134 | 435,418 | 4.47 |
| 13,388,577 | 464,499 | 4.64 | |
| Investment securities |
| 5,658,000 | 136,665 | 3.22 |
| 5,386,201 | 163,834 | 4.06 | |
| Other short-term investments |
| 741,438 | 4,324 | 0.78 |
| 2,001,883 | 6,615 | 0.44 | |
| Investments and other |
| 6,399,438 | 140,989 | 2.94 |
| 7,388,084 | 170,449 | 3.08 | |
| Total earning assets |
| 19,420,572 | 576,407 | 3.96 |
| 20,776,661 | 634,948 | 4.08 | |
| Other assets, net |
| 2,111,598 |
|
|
| 2,047,577 |
|
| |
| Total assets |
| $ 21,532,170 |
|
|
| $ 22,824,238 |
|
| |
|
|
|
|
|
|
|
|
|
| |
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
| |
| Savings deposits |
| $ 977,064 | $ 861 | 0.12% |
| $ 894,445 | $ 857 | 0.13% | |
| Interest-bearing demand deposits |
| 1,878,417 | 2,314 | 0.16 |
| 2,796,295 | 4,968 | 0.24 | |
| Money market deposits |
| 5,093,270 | 12,736 | 0.33 |
| 6,490,856 | 26,215 | 0.54 | |
| Time deposits, excluding Brokered CDs |
| 2,678,134 | 32,001 | 1.60 |
| 3,317,251 | 47,294 | 1.91 | |
| Total interest-bearing deposits, excluding Brokered CDs |
| 10,626,885 | 47,912 | 0.60 |
| 13,498,847 | 79,334 | 0.79 | |
| Brokered CDs |
| 319,501 | 2,882 | 1.21 |
| 584,153 | 3,650 | 0.84 | |
| Total interest-bearing deposits |
| 10,946,386 | 50,794 | 0.62 |
| 14,083,000 | 82,984 | 0.79 | |
| Short and long-term funding |
| 4,182,908 | 48,540 | 1.55 |
| 2,500,326 | 51,131 | 2.73 | |
| Total interest-bearing liabilities |
| 15,129,294 | 99,334 | 0.88 |
| 16,583,326 | 134,115 | 1.08 | |
| Noninterest-bearing demand deposits |
| 3,288,737 |
|
|
| 3,029,719 |
|
| |
| Other liabilities |
| 69,267 |
|
|
| 31,693 |
|
| |
| Stockholders' equity |
| 3,044,872 |
|
|
| 3,179,500 |
|
| |
| Total liabilities and stockholders' equity |
| $ 21,532,170 |
|
|
| $ 22,824,238 |
|
| |
|
|
|
|
|
|
|
|
|
| |
| Net interest income and rate spread (1) |
|
| $ 477,073 | 3.08% |
|
| $ 500,833 | 3.00% | |
| Net interest margin (1) |
|
|
| 3.28% |
|
|
| 3.22% | |
| Taxable equivalent adjustment |
|
| $ 16,067 |
|
|
| $ 17,914 |
| |
|
|
|
|
|
|
|
|
|
| |
| Net Interest Income Analysis - Taxable Equivalent Basis |
|
|
|
|
|
|
|
| |
| Associated Banc-Corp |
| Three months ended September 30, 2011 |
| 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 |
| $ 7,337,527 | $ 79,161 | 4.28% |
| $ 7,502,980 | $ 82,606 | 4.37% | |
| Residential mortgage |
| 2,869,445 | 29,385 | 4.09 |
| 2,004,284 | 24,025 | 4.78 | |
| Retail |
| 3,169,956 | 38,102 | 4.78 |
| 3,348,527 | 43,121 | 5.12 | |
| Total loans |
| 13,376,928 | 146,648 | 4.36 |
| 12,855,791 | 149,752 | 4.63 | |
| Investment securities |
| 5,430,677 | 42,314 | 3.12 |
| 5,261,585 | 49,749 | 3.78 | |
| Other short-term investments |
| 722,402 | 1,428 | 0.79 |
| 2,543,122 | 2,629 | 0.42 | |
| Investments and other |
| 6,153,079 | 43,742 | 2.84 |
| 7,804,707 | 52,378 | 2.69 | |
| Total earning assets |
| 19,530,007 | 190,390 | 3.88 |
| 20,660,498 | 202,130 | 3.90 | |
| Other assets, net |
| 2,199,180 |
|
|
| 2,066,710 |
|
| |
| Total assets |
| $ 21,729,187 |
|
|
| $ 22,727,208 |
|
| |
|
|
|
|
|
|
|
|
|
| |
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
| |
| Savings deposits |
| $ 1,013,333 | $ 289 | 0.11% |
| $ 910,970 | $ 316 | 0.14% | |
| Interest-bearing demand deposits |
| 2,056,082 | 945 | 0.18 |
| 2,637,952 | 1,292 | 0.19 | |
| Money market deposits |
| 5,092,120 | 3,841 | 0.30 |
| 6,824,352 | 9,216 | 0.54 | |
| Time deposits, excluding Brokered CDs |
| 2,565,898 | 9,718 | 1.50 |
| 3,197,087 | 13,805 | 1.71 | |
| Total interest-bearing deposits, excluding Brokered CDs |
| 10,727,433 | 14,793 | 0.55 |
| 13,570,361 | 24,629 | 0.72 | |
| Brokered CDs |
| 260,765 | 851 | 1.29 |
| 480,074 | 1,250 | 1.03 | |
| Total interest-bearing deposits |
| 10,988,198 | 15,644 | 0.56 |
| 14,050,435 | 25,879 | 0.73 | |
| Short and long-term funding |
| 4,227,319 | 16,291 | 1.54 |
| 2,326,469 | 16,433 | 2.81 | |
| Total interest-bearing liabilities |
| 15,215,517 | 31,935 | 0.83 |
| 16,376,904 | 42,312 | 1.03 | |
| Noninterest-bearing demand deposits |
| 3,417,113 |
|
|
| 3,087,670 |
|
| |
| Other liabilities |
| 109,379 |
|
|
| 55,892 |
|
| |
| Stockholders' equity |
| 2,987,178 |
|
|
| 3,206,742 |
|
| |
| Total liabilities and stockholders' equity |
| $ 21,729,187 |
|
|
| $ 22,727,208 |
|
| |
|
|
|
|
|
|
|
|
|
| |
| Net interest income and rate spread (1) |
|
| $ 158,455 | 3.05% |
|
| $ 159,818 | 2.87% | |
| Net interest margin (1) |
|
|
| 3.23% |
|
|
| 3.08% | |
| Taxable equivalent adjustment |
|
| $ 5,295 |
|
|
| $ 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. | |
| | | | | | | | | |
| Net Interest Income Analysis - Taxable Equivalent Basis |
|
|
|
|
|
|
|
|
| |
| Associated Banc-Corp |
| Three months ended September 30, 2011 |
| Three months ended June 30, 2011 |
| |
|
|
| Average | Interest | Average |
| Average | Interest | Average |
| |
| (in thousands) |
| Balance | Income / Expense | Yield / Rate |
| Balance | Income / Expense | Yield / Rate |
| |
|
|
|
|
|
|
|
|
|
|
| |
| Earning assets: |
|
|
|
|
|
|
|
|
| |
| Loans: (1) (2) (3) |
|
|
|
|
|
|
|
|
| |
| Commercial |
| $ 7,337,527 | $ 79,161 | 4.28% |
| $ 7,114,930 | $ 77,122 | 4.35% |
| |
| Residential mortgage |
| 2,869,445 | 29,385 | 4.09 |
| 2,657,740 | 28,032 | 4.22 |
| |
| Retail |
| 3,169,956 | 38,102 | 4.78 |
| 3,232,234 | 40,033 | 4.96 |
| |
| Total loans |
| 13,376,928 | 146,648 | 4.36 |
| 13,004,904 | 145,187 | 4.47 |
| |
| Investment securities |
| 5,430,677 | 42,314 | 3.12 |
| 5,689,728 | 47,358 | 3.33 |
| |
| Other short-term investments |
| 722,402 | 1,428 | 0.79 |
| 736,660 | 1,438 | 0.78 |
| |
| Investments and other |
| 6,153,079 | 43,742 | 2.84 |
| 6,426,388 | 48,796 | 3.04 |
| |
| Total earning assets |
| 19,530,007 | 190,390 | 3.88 |
| 19,431,292 | 193,983 | 4.00 |
| |
| Other assets, net |
| 2,199,180 |
|
|
| 2,094,863 |
|
|
| |
| Total assets |
| $ 21,729,187 |
|
|
| $ 21,526,155 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
| |
| Savings deposits |
| $ 1,013,333 | $ 289 | 0.11% |
| $ 999,748 | $ 308 | 0.12% |
| |
| Interest-bearing demand deposits |
| 2,056,082 | 945 | 0.18 |
| 1,811,525 | 738 | 0.16 |
| |
| Money market deposits |
| 5,092,120 | 3,841 | 0.30 |
| 5,039,056 | 4,206 | 0.33 |
| |
| Time deposits, excluding Brokered CDs |
| 2,565,898 | 9,718 | 1.50 |
| 2,655,944 | 10,667 | 1.61 |
| |
| Total interest-bearing deposits, excluding Brokered CDs |
| 10,727,433 | 14,793 | 0.55 |
| 10,506,273 | 15,919 | 0.61 |
| |
| Brokered CDs |
| 260,765 | 851 | 1.29 |
| 320,741 | 982 | 1.23 |
| |
| Total interest-bearing deposits |
| 10,988,198 | 15,644 | 0.56 |
| 10,827,014 | 16,901 | 0.63 |
| |
| Short and long-term funding |
| 4,227,319 | 16,291 | 1.54 |
| 4,434,500 | 17,627 | 1.59 |
| |
| Total interest-bearing liabilities |
| 15,215,517 | 31,935 | 0.83 |
| 15,261,514 | 34,528 | 0.91 |
| |
| Noninterest-bearing demand deposits |
| 3,417,113 |
|
|
| 3,225,675 |
|
|
| |
| Other liabilities |
| 109,379 |
|
|
| 62,126 |
|
|
| |
| Stockholders' equity |
| 2,987,178 |
|
|
| 2,976,840 |
|
|
| |
| Total liabilities and stockholders' equity |
| $ 21,729,187 |
|
|
| $ 21,526,155 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Net interest income and rate spread (1) |
|
| $ 158,455 | 3.05% |
|
| $ 159,455 | 3.09% |
| |
| Net interest margin (1) |
|
|
| 3.23% |
|
|
| 3.29% |
| |
| Taxable equivalent adjustment |
|
| $ 5,295 |
|
|
| $ 5,332 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| (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 |
|
|
| Sep11 vs Jun11 |
|
|
|
| Sep11 vs Sep10 | |
|
|
| Sep 30, 2011 | Jun 30, 2011 | % Change |
| Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | % Change | |
| Commercial and industrial |
| $ 3,360,502 | $ 3,202,301 | 4.9% |
| $ 2,972,651 | $ 3,049,752 | $ 2,989,238 | 12.4% | |
| Commercial real estate - owner occupied |
| 1,068,616 | 1,030,060 | 3.7% |
| 1,027,826 | 1,049,798 | 1,086,258 | (1.6%) | |
| Lease financing |
| 54,849 | 54,001 | 1.6% |
| 56,458 | 60,254 | 74,690 | (26.6%) | |
| Commercial and business lending |
| 4,483,967 | 4,286,362 | 4.6% |
| 4,056,935 | 4,159,804 | 4,150,186 | 8.0% | |
| Commercial real estate - investor |
| 2,481,411 | 2,393,626 | 3.7% |
| 2,354,655 | 2,339,415 | 2,408,084 | 3.0% | |
| Real estate - construction |
| 554,024 | 533,804 | 3.8% |
| 525,236 | 553,069 | 736,387 | (24.8%) | |
| Commercial real estate lending |
| 3,035,435 | 2,927,430 | 3.7% |
| 2,879,891 | 2,892,484 | 3,144,471 | (3.5%) | |
| Total commercial |
| 7,519,402 | 7,213,792 | 4.2% |
| 6,936,826 | 7,052,288 | 7,294,657 | 3.1% | |
| Home equity |
| 2,571,404 | 2,594,029 | (0.9%) |
| 2,576,736 | 2,523,057 | 2,457,461 | 4.6% | |
| Installment |
| 572,243 | 589,714 | (3.0%) |
| 605,767 | 695,383 | 721,480 | (20.7%) | |
| Total retail |
| 3,143,647 | 3,183,743 | (1.3%) |
| 3,182,503 | 3,218,440 | 3,178,941 | (1.1%) | |
| Residential mortgage |
| 2,840,458 | 2,692,054 | 5.5% |
| 2,535,993 | 2,346,007 | 1,898,795 | 49.6% | |
| Total loans |
| $ 13,503,507 | $ 13,089,589 | 3.2% |
| $ 12,655,322 | $ 12,616,735 | $ 12,372,393 | 9.1% | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| Period End Deposit and Customer Funding Composition |
|
|
| Sep11 vs Jun11 |
|
|
|
| Sep11 vs Sep10 | |
|
|
| Sep 30, 2011 | Jun 30, 2011 | % Change |
| Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | % Change | |
| Demand |
| $ 3,711,570 | $ 3,218,722 | 15.3% |
| $ 3,285,604 | $ 3,684,965 | $ 3,054,121 | 21.5% | |
| Savings |
| 1,013,195 | 1,007,337 | 0.6% |
| 973,122 | 887,236 | 902,077 | 12.3% | |
| Interest-bearing demand |
| 2,071,627 | 1,931,519 | 7.3% |
| 1,755,367 | 1,870,664 | 2,921,700 | (29.1%) | |
| Money market |
| 5,205,401 | 4,982,492 | 4.5% |
| 4,968,510 | 5,434,867 | 6,312,912 | (17.5%) | |
| Brokered CDs |
| 203,827 | 316,670 | (35.6%) |
| 324,045 | 442,640 | 442,209 | (53.9%) | |
| Other time deposits |
| 2,576,790 | 2,609,310 | (1.2%) |
| 2,716,995 | 2,905,021 | 3,171,841 | (18.8%) | |
| Total deposits |
| 14,782,410 | 14,066,050 | 5.1% |
| 14,023,643 | 15,225,393 | 16,804,860 | (12.0%) | |
| Customer repo sweeps |
| 871,619 | 930,101 | (6.3%) |
| 1,048,516 | 563,884 | 209,866 | N/M | |
| Customer repo term |
| 1,141,450 | 1,147,938 | (0.6%) |
| 887,434 | - | - | N/M | |
| Total customer funding |
| 2,013,069 | 2,078,039 | (3.1%) |
| 1,935,950 | 563,884 | 209,866 | N/M | |
| Total deposits and customer funding |
| $ 16,795,479 | $ 16,144,089 | 4.0% |
| $ 15,959,593 | $ 15,789,277 | $ 17,014,726 | (1.3%) | |
|
|
|
|
|
|
|
|
|
|
| |
| Network transaction deposits included above in |
|
|
|
|
|
|
|
|
| |
| interest-bearing demand and money market |
| 875,630 | 824,003 | 6.3% |
| 936,688 | 1,144,134 | 1,970,050 | (55.6%) | |
| Brokered CDs |
| 203,827 | 316,670 | (35.6%) |
| 324,045 | 442,640 | 442,209 | (53.9%) | |
| Total network and brokered funding |
| 1,079,457 | 1,140,673 | (5.4%) |
| 1,260,733 | 1,586,774 | 2,412,259 | (55.3%) | |
|
|
|
|
|
|
|
|
|
|
| |
| Net customer deposits and funding (4) |
| 15,716,022 | 15,003,416 | 4.7% |
| 14,698,860 | 14,202,503 | 14,602,467 | 7.6% | |
|
|
|
|
|
|
|
|
|
|
| |
| (4) Total deposits and customer funding excluding total network and brokered funding. |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| N/M = Not meaningful. |
|
|
|
|
|
|
|
|
| |
| | | | | | | | | | |
SOURCE Associated Banc-Corp