GREEN BAY, Wis., Jan. 16, 2014 /PRNewswire/ -- Associated Banc-Corp (NASDAQ: ASBC) today reported earnings per share of $1.10 for the year ended December 31, 2013. This compares to $1.00 per common share, for the year ended December 31, 2012.
For the quarter ended December 31, 2013, the Company reported earnings per share of $0.28 per common share. This compares to $0.26 per common share, for the quarter ended December 31, 2012.
"Overall we are pleased with our 2013 financial results and accomplishments. We were able to continue to grow our balance sheet, increase total revenues, modestly reduce expenses, and grow bottom line earnings," said President and CEO Philip B. Flynn. "We remain focused on delivering increased value to our shareholders."
2013 FULL YEAR HIGHLIGHTS
- Revenue of $959 million, up 2% from a year ago.
- Noninterest expenses were down slightly from 2012.
- Net income to common shareholders of $184 million, up 6% from a year ago.
- Average loan balances have grown by $921 million, or 6%, from a year ago to $15.7 billion.
- Strong average deposit growth of 12% from a year ago to $17.4 billion.
- Net interest margin decreased 13 basis points from 2012 while 2013 net interest income was up 3% or $20 million.
- Credit quality continued to improve with net charge offs, nonaccrual loans, past due loans and potential problem loans all declining year over year.
- The Company repurchased $120 million, or approximately 7.7 million shares, of common stock at an average price of $15.57 per share.
- Total dividends per common share of $0.33 were up 43% from 2012.
- Return on Tier 1 common equity for 2013 of 9.8%, compared to 9.5% for 2012.
- Capital ratios remain very strong with a Tier 1 common equity ratio of 11.46% at year end.
FOURTH QUARTER AND 2013 FINANCIAL RESULTS
Loans
Average loans of $15.7 billion for 2013 were up $921 million, or 6%, from 2012. Total average Commercial Loans for 2013 increased 12% or $1 billion from a year ago to $9.5 billion. The residential mortgage portfolio 2013 average balances grew by $384 million, or 12%, compared to 2012. Run off in home equity and installment loan balances continues, with an average balance decline of $489 million during 2013, or 17%, from 2012, offsetting part of the growth.
Fourth quarter 2013 average loans were flat compared to the prior quarter as the 4% increase in the residential mortgage portfolio was almost entirely offset by decreases in other portfolios.
Deposits
2013 Average deposits of $17.4 billion were up 12% or $1.9 billion from 2012. Total average checking, savings, and money market balances growth of $2.2 billion was partially offset by declines in time deposits of $390 million during the year.
Average deposits of $17.9 billion for the fourth quarter were up $272 million, or 2% compared to the third quarter and have increased by $1.2 billion, or 7%, from the year ago quarter. Late in the fourth quarter, the Company reduced collateralized municipal deposits by $1 billion and replaced them with lower cost, longer term FHLB borrowings.
Net Interest Income and Net Interest Margin
Net interest income of $646 million for 2013 was up $20 million or 3% from 2012. Fourth quarter net interest income of $167 million increased 4% compared to the prior quarter and was up $6 million, or 4% compared to the year ago quarter.
Net interest margin decreased 13 basis points from 2012. Fourth quarter net interest margin was 3.23%, an increase of 10 basis points from the 3.13% reported in the third quarter and a decrease of 9 basis points from a year ago. The increase from the third quarter was mainly the result of an 8 basis point increase in asset yields as the Company experienced $3 million in interest recoveries. Fourth quarter net interest margin also benefited by 3 basis points from liability cost management actions related to replacing higher cost deposits with less expensive FHLB funding.
Noninterest Income and Expense
Noninterest income of $313 million for 2013, was flat compared to 2012. Noninterest income for the fourth quarter was $76 million, up $5 million, or 7% from the third quarter. This increase was primarily attributed to net mortgage banking income being up $5 million from the prior quarter.
2013 total noninterest expense of $681 million was down slightly from 2012. Increases in personnel, technology and equipment, and business development/advertising expenses were more than offset by declines in legal and professional fees, losses other than loans, and foreclosure/OREO expenses.
Total noninterest expense for the quarter ended December 31, 2013 was $179 million, up $15 million or 9% from the third quarter. Personnel expenses increased by $3 million during the fourth quarter which included $2 million of severance costs related to ongoing efficiency initiatives. Business development and advertising expenses increased $2 million from the third quarter as we ramped up our brand campaign. Fourth quarter other expenses increased $3 million from the third quarter related to several one-time items.
Taxes
During the fourth quarter, the Company recognized a $6 million tax benefit related to a settlement of a tax issue and the expiration of various statutes of limitations.
Credit
The Company reported another quarter of improving credit quality with nonaccrual loans down 11%, to $185 million compared to the third quarter, and down 27% from a year ago. The ratio of nonaccrual loans to total loans at year end stands at 1.17% and has improved for the 15th consecutive quarter.
Net charge offs of $5 million for the fourth quarter were flat from the third quarter; both quarters experienced elevated recoveries.
Provision for loan losses was $10 million in 2013 compared to $3 million for 2012. The Company's allowance for loan losses was $268 million, representing an allowance equal to 1.69% of loans and representing a coverage ratio of 145% of nonaccrual loans at December 31, 2013.
Capital Ratios
The Company's capital position remains very strong, with a Tier 1 common equity ratio of 11.46% at December 31, 2013. The Company's capital ratios continue to be well in excess of both current and expected "well-capitalized" regulatory benchmarks.
FOURTH QUARTER 2013 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 16, 2014. Interested parties can listen to the call live on the internet through the investor relations section of the company's website, https://www.associatedbank.com/investor or by dialing 877-445-2557. 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 973-935-2959. Participants should ask the operator for the Associated Banc-Corp fourth quarter 2013 earnings call.
An audio archive of the webcast will be available on the company's website at https://www.associatedbank.com/investor.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NASDAQ: ASBC) has total assets of $24 billion and is one of the top 50, publicly traded, U.S. bank holding companies. Headquartered in Green Bay, Wis., Associated is a leading Midwest banking franchise, offering a full range of financial products and services in over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD LOOKING STATEMENTS
Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe", "expect", "anticipate", "plan", "estimate", "should", "will", "intend", "outlook", or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.
Investor Contact:
Brian Klaus, Senior Vice President, Director of Investor Relations
920-491-7059
Media Contact:
Cliff Bowers, Senior Vice President, Director of Public Relations
920-491-7542
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Associated Banc-Corp |
Consolidated Balance Sheets (Unaudited) |
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| December 31, |
| September 30, |
| Seql Qtr |
| June 30, |
| March 31, |
| December 31, |
| Comp Qtr |
(in thousands) |
| 2013 |
| 2013 |
| $ Change |
| 2013 |
| 2013 |
| 2012 |
| $ Change |
Assets |
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Cash and due from banks |
| $ 455,482 |
| $ 526,009 |
| $ (70,527) |
| $ 422,779 |
| $ 336,247 |
| $ 563,304 |
| $ (107,822) |
Interest-bearing deposits in other |
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financial institutions |
| 126,018 |
| 277,761 |
| (151,743) |
| 121,390 |
| 82,555 |
| 147,434 |
| (21,416) |
Federal funds sold and securities purchased |
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under agreements to resell |
| 20,745 |
| 25,400 |
| (4,655) |
| 10,800 |
| 8,600 |
| 27,135 |
| (6,390) |
Securities held to maturity, at amortized cost |
| 175,210 |
| 125,095 |
| 50,115 |
| 75,946 |
| 54,123 |
| 39,877 |
| 135,333 |
Securities available for sale, at fair value |
| 5,250,585 |
| 4,840,035 |
| 410,550 |
| 4,854,319 |
| 4,950,317 |
| 4,926,758 |
| 323,827 |
Federal Home Loan Bank and Federal |
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Reserve Bank stocks, at cost |
| 181,249 |
| 181,129 |
| 120 |
| 181,008 |
| 152,490 |
| 166,774 |
| 14,475 |
Loans held for sale |
| 64,738 |
| 102,052 |
| (37,314) |
| 203,576 |
| 173,389 |
| 261,410 |
| (196,672) |
Loans |
| 15,896,261 |
| 15,585,854 |
| 310,407 |
| 15,746,599 |
| 15,551,562 |
| 15,411,022 |
| 485,239 |
Allowance for loan losses |
| (268,315) |
| (271,724) |
| 3,409 |
| (277,218) |
| (286,923) |
| (297,409) |
| 29,094 |
Loans, net |
| 15,627,946 |
| 15,314,130 |
| 313,816 |
| 15,469,381 |
| 15,264,639 |
| 15,113,613 |
| 514,333 |
Premises and equipment, net |
| 270,890 |
| 265,636 |
| 5,254 |
| 258,903 |
| 254,674 |
| 253,958 |
| 16,932 |
Goodwill |
| 929,168 |
| 929,168 |
| - |
| 929,168 |
| 929,168 |
| 929,168 |
| - |
Other intangible assets, net |
| 74,464 |
| 75,730 |
| (1,266) |
| 74,612 |
| 66,294 |
| 61,176 |
| 13,288 |
Trading assets |
| 43,728 |
| 49,402 |
| (5,674) |
| 49,732 |
| 65,014 |
| 70,711 |
| (26,983) |
Other assets |
| 1,006,697 |
| 977,128 |
| 29,569 |
| 965,330 |
| 940,258 |
| 926,417 |
| 80,280 |
Total assets |
| $ 24,226,920 |
| 23,688,675 |
| $ 538,245 |
| 23,616,944 |
| $ 23,277,768 |
| $ 23,487,735 |
| $ 739,185 |
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Liabilities and Stockholders' Equity |
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Noninterest-bearing demand deposits |
| $ 4,626,312 |
| 4,453,663 |
| $ 172,649 |
| 4,259,776 |
| $ 4,453,109 |
| $ 4,759,556 |
| $ (133,244) |
Interest-bearing deposits |
| 12,640,855 |
| 13,884,245 |
| (1,243,390) |
| 12,872,660 |
| 12,968,185 |
| 12,180,309 |
| 460,546 |
Total deposits |
| 17,267,167 |
| 18,337,908 |
| (1,070,741) |
| 17,132,436 |
| 17,421,294 |
| 16,939,865 |
| 327,302 |
Federal funds purchased and securities sold |
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under agreements to repurchase |
| 475,442 |
| 580,479 |
| (105,037) |
| 545,740 |
| 730,855 |
| 750,455 |
| (275,013) |
Other short-term funding |
| 265,484 |
| 1,046,401 |
| (780,917) |
| 2,218,760 |
| 1,038,697 |
| 1,576,484 |
| (1,311,000) |
Long-term funding |
| 3,087,267 |
| 614,568 |
| 2,472,699 |
| 614,822 |
| 915,063 |
| 1,015,346 |
| 2,071,921 |
Trading liabilities |
| 46,470 |
| 52,430 |
| (5,960) |
| 52,598 |
| 70,236 |
| 76,343 |
| (29,873) |
Accrued expenses and other liabilities |
| 193,800 |
| 184,607 |
| 9,193 |
| 175,612 |
| 165,358 |
| 192,843 |
| 957 |
Total liabilities |
| 21,335,630 |
| 20,816,393 |
| 519,237 |
| 20,739,968 |
| 20,341,503 |
| 20,551,336 |
| 784,294 |
Stockholders' Equity |
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Preferred equity |
| 61,862 |
| 62,737 |
| (875) |
| 63,272 |
| 63,272 |
| 63,272 |
| (1,410) |
Common stock |
| 1,750 |
| 1,750 |
| - |
| 1,750 |
| 1,750 |
| 1,750 |
| - |
Surplus |
| 1,617,990 |
| 1,614,516 |
| 3,474 |
| 1,610,243 |
| 1,605,966 |
| 1,602,136 |
| 15,854 |
Retained earnings |
| 1,392,508 |
| 1,361,498 |
| 31,010 |
| 1,330,737 |
| 1,297,692 |
| 1,281,811 |
| 110,697 |
Accumulated other comprehensive income (loss) |
| (24,244) |
| (37,120) |
| 12,876 |
| (25,015) |
| 42,991 |
| 48,603 |
| (72,847) |
Treasury stock |
| (158,576) |
| (131,099) |
| (27,477) |
| (104,011) |
| (75,406) |
| (61,173) |
| (97,403) |
Total stockholders' equity |
| 2,891,290 |
| 2,872,282 |
| 19,008 |
| 2,876,976 |
| 2,936,265 |
| 2,936,399 |
| (45,109) |
Total liabilities and stockholders' equity |
| $ 24,226,920 |
| 23,688,675 |
| $ 538,245 |
| 23,616,944 |
| $ 23,277,768 |
| $ 23,487,735 |
| $ 739,185 |
Associated Banc-Corp |
Consolidated Statements of Income (Unaudited) |
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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) |
| 2013 |
| 2012 |
| $ Change | % Change |
| 2013 |
| 2012 |
| $ Change | % Change |
Interest Income |
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Interest and fees on loans |
| $ 148,884 |
| $ 150,107 |
| $ (1,223) | (0.8%) |
| $ 587,526 |
| $ 595,965 |
| $ (8,439) | (1.4%) |
Interest and dividends on investment securities: |
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Taxable |
| 24,316 |
| 20,368 |
| 3,948 | 19.4% |
| 88,919 |
| 86,945 |
| 1,974 | 2.3% |
Tax-exempt |
| 6,884 |
| 7,119 |
| (235) | (3.3%) |
| 27,345 |
| 28,655 |
| (1,310) | (4.6%) |
Other interest |
| 1,453 |
| 2,876 |
| (1,423) | (49.5%) |
| 5,193 |
| 6,719 |
| (1,526) | (22.7%) |
Total interest income |
| 181,537 |
| 180,470 |
| 1,067 | 0.6% |
| 708,983 |
| 718,284 |
| (9,301) | (1.3%) |
Interest Expense |
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Interest on deposits |
| 7,340 |
| 9,091 |
| (1,751) | (19.3%) |
| 31,267 |
| 41,431 |
| (10,164) | (24.5%) |
Interest on Federal funds purchased and securities |
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sold under agreements to repurchase |
| 271 |
| 558 |
| (287) | (51.4%) |
| 1,322 |
| 2,687 |
| (1,365) | (50.8%) |
Interest on other short-term funding |
| 228 |
| 226 |
| 2 | 0.9% |
| 1,519 |
| 3,294 |
| (1,775) | (53.9%) |
Interest on long-term funding |
| 6,499 |
| 9,140 |
| (2,641) | (28.9%) |
| 29,332 |
| 44,880 |
| (15,548) | (34.6%) |
Total interest expense |
| 14,338 |
| 19,015 |
| (4,677) | (24.6%) |
| 63,440 |
| 92,292 |
| (28,852) | (31.3%) |
Net Interest Income |
| 167,199 |
| 161,455 |
| 5,744 | 3.6% |
| 645,543 |
| 625,992 |
| 19,551 | 3.1% |
Provision for loan losses |
| 2,000 |
| 3,000 |
| (1,000) | (33.3%) |
| 10,000 |
| 3,000 |
| 7,000 | 233.3% |
Net interest income after provision for |
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loan losses |
| 165,199 |
| 158,455 |
| 6,744 | 4.3% |
| 635,543 |
| 622,992 |
| 12,551 | 2.0% |
Noninterest Income |
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Trust service fees |
| 11,938 |
| 10,429 |
| 1,509 | 14.5% |
| 45,633 |
| 40,737 |
| 4,896 | 12.0% |
Service charges on deposit accounts |
| 17,330 |
| 16,817 |
| 513 | 3.1% |
| 70,009 |
| 68,917 |
| 1,092 | 1.6% |
Card-based and other nondeposit fees |
| 12,684 |
| 12,690 |
| (6) | (0.0%) |
| 49,913 |
| 47,862 |
| 2,051 | 4.3% |
Insurance commissions |
| 11,274 |
| 10,862 |
| 412 | 3.8% |
| 44,024 |
| 47,014 |
| (2,990) | (6.4%) |
Brokerage and annuity commissions |
| 3,881 |
| 3,678 |
| 203 | 5.5% |
| 14,877 |
| 15,643 |
| (766) | (4.9%) |
Total core fee-based revenue |
| 57,107 |
| 54,476 |
| 2,631 | 4.8% |
| 224,456 |
| 220,173 |
| 4,283 | 1.9% |
Mortgage banking, net |
| 8,277 |
| 13,530 |
| (5,253) | (38.8%) |
| 48,847 |
| 63,500 |
| (14,653) | (23.1%) |
Capital market fees, net |
| 2,771 |
| 4,243 |
| (1,472) | (34.7%) |
| 13,080 |
| 14,241 |
| (1,161) | (8.2%) |
Bank owned life insurance income |
| 2,787 |
| 3,206 |
| (419) | (13.1%) |
| 11,855 |
| 13,952 |
| (2,097) | (15.0%) |
Asset gains (losses), net |
| 2,687 |
| (209) |
| 2,896 | N/M |
| 5,413 |
| (12,096) |
| 17,509 | (144.8%) |
Investment securities gains (losses), net |
| (18) |
| 152 |
| (170) | (111.8%) |
| 564 |
| 4,261 |
| (3,697) | (86.8%) |
Other |
| 2,262 |
| 2,507 |
| (245) | (9.8%) |
| 8,884 |
| 9,259 |
| (375) | (4.1%) |
Total noninterest income |
| 75,873 |
| 77,905 |
| (2,032) | (2.6%) |
| 313,099 |
| 313,290 |
| (191) | (0.1%) |
Noninterest Expense |
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Personnel expense |
| 101,215 |
| 98,073 |
| 3,142 | 3.2% |
| 397,015 |
| 381,404 |
| 15,611 | 4.1% |
Occupancy |
| 14,684 |
| 17,273 |
| (2,589) | (15.0%) |
| 59,409 |
| 60,794 |
| (1,385) | (2.3%) |
Equipment |
| 6,509 |
| 6,444 |
| 65 | 1.0% |
| 25,351 |
| 23,566 |
| 1,785 | 7.6% |
Technology |
| 12,963 |
| 11,706 |
| 1,257 | 10.7% |
| 49,445 |
| 43,548 |
| 5,897 | 13.5% |
Business development and advertising |
| 7,834 |
| 5,395 |
| 2,439 | 45.2% |
| 23,346 |
| 21,303 |
| 2,043 | 9.6% |
Other intangible amortization |
| 1,011 |
| 1,049 |
| (38) | (3.6%) |
| 4,043 |
| 4,195 |
| (152) | (3.6%) |
Loan expense |
| 3,677 |
| 3,130 |
| 547 | 17.5% |
| 13,162 |
| 12,285 |
| 877 | 7.1% |
Legal and professional fees |
| 5,916 |
| 8,174 |
| (2,258) | (27.6%) |
| 20,226 |
| 31,232 |
| (11,006) | (35.2%) |
Losses other than loans |
| 1,859 |
| 3,071 |
| (1,212) | (39.5%) |
| 1,942 |
| 12,258 |
| (10,316) | (84.2%) |
Foreclosure/OREO expense |
| 2,829 |
| 3,293 |
| (464) | (14.1%) |
| 10,068 |
| 15,069 |
| (5,001) | (33.2%) |
FDIC expense |
| 4,879 |
| 4,813 |
| 66 | 1.4% |
| 19,461 |
| 19,478 |
| (17) | (0.1%) |
Other |
| 16,091 |
| 13,907 |
| 2,184 | 15.7% |
| 57,281 |
| 56,691 |
| 590 | 1.0% |
Total noninterest expense |
| 179,467 |
| 176,328 |
| 3,139 | 1.8% |
| 680,749 |
| 681,823 |
| (1,074) | (0.2%) |
Income before income taxes |
| 61,605 |
| 60,032 |
| 1,573 | 2.6% |
| 267,893 |
| 254,459 |
| 13,434 | 5.3% |
Income tax expense |
| 13,847 |
| 13,404 |
| 443 | 3.3% |
| 79,201 |
| 75,486 |
| 3,715 | 4.9% |
Net income |
| 47,758 |
| 46,628 |
| 1,130 | 2.4% |
| 188,692 |
| 178,973 |
| 9,719 | 5.4% |
Preferred stock dividends |
| 1,273 |
| 1,300 |
| (27) | (2.1%) |
| 5,158 |
| 5,200 |
| (42) | (0.8%) |
Net income available to common equity |
| $ 46,485 |
| $ 45,328 |
| $ 1,157 | 2.6% |
| $ 183,534 |
| $ 173,773 |
| $ 9,761 | 5.6% |
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Earnings Per Common Share: |
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Basic |
| $ 0.28 |
| $ 0.26 |
| $ 0.02 | 7.7% |
| $ 1.10 |
| $ 1.00 |
| $ 0.10 | 10.0% |
Diluted |
| $ 0.28 |
| $ 0.26 |
| $ 0.02 | 7.7% |
| $ 1.10 |
| $ 1.00 |
| $ 0.10 | 10.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| 162,611 |
| 170,707 |
| (8,096) | (4.7%) |
| 165,584 |
| 172,255 |
| (6,671) | (3.9%) |
Diluted |
| 163,235 |
| 170,896 |
| (7,661) | (4.5%) |
| 165,802 |
| 172,357 |
| (6,555) | (3.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associated Banc-Corp |
|
Consolidated Statements of Income (Unaudited) - Quarterly Trend |
|
|
|
|
|
|
| Sequential Qtr |
|
|
|
|
|
|
|
|
| Comparable Qtr |
|
(in thousands, except per share amounts) |
| 4Q13 |
| 3Q13 |
| $ Change | % Change |
|
| 2Q13 |
| 1Q13 |
| 4Q12 |
|
| $ Change | % Change |
|
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
| $ 148,884 |
| $ 146,219 |
| $ 2,665 | 1.8% |
|
| $ 146,896 |
| $ 145,527 |
| $ 150,107 |
|
| $ (1,223) | (0.8%) |
|
Interest and dividends on investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
| 24,316 |
| 21,544 |
| 2,772 | 12.9% |
|
| 21,446 |
| 21,613 |
| 20,368 |
|
| 3,948 | 19.4% |
|
Tax-exempt |
| 6,884 |
| 6,711 |
| 173 | 2.6% |
|
| 6,785 |
| 6,965 |
| 7,119 |
|
| (235) | (3.3%) |
|
Other interest |
| 1,453 |
| 1,260 |
| 193 | 15.3% |
|
| 1,233 |
| 1,247 |
| 2,876 |
|
| (1,423) | (49.5%) |
|
Total interest income |
| 181,537 |
| 175,734 |
| 5,803 | 3.3% |
|
| 176,360 |
| 175,352 |
| 180,470 |
|
| 1,067 | 0.6% |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
| 7,340 |
| 7,617 |
| (277) | (3.6%) |
|
| 7,769 |
| 8,541 |
| 9,091 |
|
| (1,751) | (19.3%) |
|
Interest on Federal funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sold under agreements to repurchase |
| 271 |
| 308 |
| (37) | (12.0%) |
|
| 333 |
| 410 |
| 558 |
|
| (287) | (51.4%) |
|
Interest on other short-term funding |
| 228 |
| 434 |
| (206) | (47.5%) |
|
| 525 |
| 332 |
| 226 |
|
| 2 | 0.9% |
|
Interest on long-term funding |
| 6,499 |
| 6,866 |
| (367) | (5.3%) |
|
| 7,551 |
| 8,416 |
| 9,140 |
|
| (2,641) | (28.9%) |
|
Total interest expense |
| 14,338 |
| 15,225 |
| (887) | (5.8%) |
|
| 16,178 |
| 17,699 |
| 19,015 |
|
| (4,677) | (24.6%) |
|
Net Interest Income |
| 167,199 |
| 160,509 |
| 6,690 | 4.2% |
|
| 160,182 |
| 157,653 |
| 161,455 |
|
| 5,744 | 3.6% |
|
Provision for loan losses |
| 2,000 |
| - |
| 2,000 | N/M |
|
| 4,000 |
| 4,000 |
| 3,000 |
|
| (1,000) | (33.3%) |
|
Net interest income after provision for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loan losses |
| 165,199 |
| 160,509 |
| 4,690 | 2.9% |
|
| 156,182 |
| 153,653 |
| 158,455 |
|
| 6,744 | 4.3% |
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust service fees |
| 11,938 |
| 11,380 |
| 558 | 4.9% |
|
| 11,405 |
| 10,910 |
| 10,429 |
|
| 1,509 | 14.5% |
|
Service charges on deposit accounts |
| 17,330 |
| 18,407 |
| (1,077) | (5.9%) |
|
| 17,443 |
| 16,829 |
| 16,817 |
|
| 513 | 3.1% |
|
Card-based and other nondeposit fees |
| 12,684 |
| 12,688 |
| (4) | (0.0%) |
|
| 12,591 |
| 11,950 |
| 12,690 |
|
| (6) | (0.0%) |
|
Insurance commissions |
| 11,274 |
| 11,356 |
| (82) | (0.7%) |
|
| 9,631 |
| 11,763 |
| 10,862 |
|
| 412 | 3.8% |
|
Brokerage and annuity commissions |
| 3,881 |
| 3,792 |
| 89 | 2.3% |
|
| 3,688 |
| 3,516 |
| 3,678 |
|
| 203 | 5.5% |
|
Total core fee-based revenue |
| 57,107 |
| 57,623 |
| (516) | (0.9%) |
|
| 54,758 |
| 54,968 |
| 54,476 |
|
| 2,631 | 4.8% |
|
Mortgage banking, net |
| 8,277 |
| 3,542 |
| 4,735 | 133.7% |
|
| 19,263 |
| 17,765 |
| 13,530 |
|
| (5,253) | (38.8%) |
|
Capital market fees, net |
| 2,771 |
| 2,652 |
| 119 | 4.5% |
|
| 5,074 |
| 2,583 |
| 4,243 |
|
| (1,472) | (34.7%) |
|
Bank owned life insurance income |
| 2,787 |
| 2,817 |
| (30) | (1.1%) |
|
| 3,281 |
| 2,970 |
| 3,206 |
|
| (419) | (13.1%) |
|
Asset gains (losses), net |
| 2,687 |
| 1,934 |
| 753 | 38.9% |
|
| (44) |
| 836 |
| (209) |
|
| 2,896 | N/M |
|
Investment securities gains (losses), net |
| (18) |
| 248 |
| (266) | (107.3%) |
|
| 34 |
| 300 |
| 152 |
|
| (170) | (111.8%) |
|
Other |
| 2,262 |
| 2,100 |
| 162 | 7.7% |
|
| 1,944 |
| 2,578 |
| 2,507 |
|
| (245) | (9.8%) |
|
Total noninterest income |
| 75,873 |
| 70,916 |
| 4,957 | 7.0% |
|
| 84,310 |
| 82,000 |
| 77,905 |
|
| (2,032) | (2.6%) |
|
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expense |
| 101,215 |
| 98,102 |
| 3,113 | 3.2% |
|
| 99,791 |
| 97,907 |
| 98,073 |
|
| 3,142 | 3.2% |
|
Occupancy |
| 14,684 |
| 14,758 |
| (74) | (0.5%) |
|
| 14,305 |
| 15,662 |
| 17,273 |
|
| (2,589) | (15.0%) |
|
Equipment |
| 6,509 |
| 6,213 |
| 296 | 4.8% |
|
| 6,462 |
| 6,167 |
| 6,444 |
|
| 65 | 1.0% |
|
Technology |
| 12,963 |
| 12,323 |
| 640 | 5.2% |
|
| 12,651 |
| 11,508 |
| 11,706 |
|
| 1,257 | 10.7% |
|
Business development and advertising |
| 7,834 |
| 5,947 |
| 1,887 | 31.7% |
|
| 5,028 |
| 4,537 |
| 5,395 |
|
| 2,439 | 45.2% |
|
Other intangible amortization |
| 1,011 |
| 1,010 |
| 1 | 0.1% |
|
| 1,011 |
| 1,011 |
| 1,049 |
|
| (38) | (3.6%) |
|
Loan expense |
| 3,677 |
| 3,157 |
| 520 | 16.5% |
|
| 3,044 |
| 3,284 |
| 3,130 |
|
| 547 | 17.5% |
|
Legal and professional fees |
| 5,916 |
| 3,482 |
| 2,434 | 69.9% |
|
| 5,483 |
| 5,345 |
| 8,174 |
|
| (2,258) | (27.6%) |
|
Losses other than loans |
| 1,859 |
| (1,400) |
| 3,259 | (232.8%) |
|
| 1,799 |
| (316) |
| 3,071 |
|
| (1,212) | (39.5%) |
|
Foreclosure/OREO expense |
| 2,829 |
| 2,515 |
| 314 | 12.5% |
|
| 2,302 |
| 2,422 |
| 3,293 |
|
| (464) | (14.1%) |
|
FDIC expense |
| 4,879 |
| 4,755 |
| 124 | 2.6% |
|
| 4,395 |
| 5,432 |
| 4,813 |
|
| 66 | 1.4% |
|
Other |
| 16,091 |
| 13,509 |
| 2,582 | 19.1% |
|
| 13,725 |
| 13,956 |
| 13,907 |
|
| 2,184 | 15.7% |
|
Total noninterest expense |
| 179,467 |
| 164,371 |
| 15,096 | 9.2% |
|
| 169,996 |
| 166,915 |
| 176,328 |
|
| 3,139 | 1.8% |
|
Income before income taxes |
| 61,605 |
| 67,054 |
| (5,449) | (8.1%) |
|
| 70,496 |
| 68,738 |
| 60,032 |
|
| 1,573 | 2.6% |
|
Income tax expense |
| 13,847 |
| 21,396 |
| (7,549) | (35.3%) |
|
| 22,608 |
| 21,350 |
| 13,404 |
|
| 443 | 3.3% |
|
Net income |
| 47,758 |
| 45,658 |
| 2,100 | 4.6% |
|
| 47,888 |
| 47,388 |
| 46,628 |
|
| 1,130 | 2.4% |
|
Preferred stock dividends |
| 1,273 |
| 1,285 |
| (12) | (0.9%) |
|
| 1,300 |
| 1,300 |
| 1,300 |
|
| (27) | (2.1%) |
|
Net income available to common equity |
| $ 46,485 |
| $ 44,373 |
| $ 2,112 | 4.8% |
|
| $ 46,588 |
| $ 46,088 |
| $ 45,328 |
|
| $ 1,157 | 2.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ 0.28 |
| $ 0.27 |
| $ 0.01 | 3.7% |
|
| $ 0.28 |
| $ 0.27 |
| $ 0.26 |
|
| $ 0.02 | 7.7% |
|
Diluted |
| $ 0.28 |
| $ 0.27 |
| $ 0.01 | 3.7% |
|
| $ 0.28 |
| $ 0.27 |
| $ 0.26 |
|
| $ 0.02 | 7.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| 162,611 |
| 164,954 |
| (2,343) | (1.4%) |
|
| 166,605 |
| 168,234 |
| 170,707 |
|
| (8,096) | (4.7%) |
|
Diluted |
| 163,235 |
| 165,443 |
| (2,208) | (1.3%) |
|
| 166,748 |
| 168,404 |
| 170,896 |
|
| (7,661) | (4.5%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = Not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associated Banc-Corp |
Selected Quarterly Information |
(in thousands, except per share, full time equivalent employee data and otherwise noted) | YTD 2013 |
| YTD 2012 |
| 4th Qtr 2013 |
| 3rd Qtr 2013 |
| 2nd Qtr 2013 |
| 1st Qtr 2013 |
| 4th Qtr 2012 |
|
Per Common Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends | $ 0.33 |
| $ 0.23 |
| $ 0.09 |
| $ 0.08 |
| $ 0.08 |
| $ 0.08 |
| $ 0.08 |
|
Market Value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High | $ 17.60 |
| $ 14.63 |
| $ 17.56 |
| $ 17.60 |
| $ 15.69 |
| $ 15.30 |
| $ 13.54 |
|
Low | 13.46 |
| 11.43 |
| 15.34 |
| 15.29 |
| 13.81 |
| 13.46 |
| 12.19 |
|
Close | 17.40 |
| 13.12 |
| 17.40 |
| 15.49 |
| 15.55 |
| 15.19 |
| 13.12 |
|
Book value | 17.40 |
| 16.97 |
| 17.40 |
| 17.10 |
| 16.97 |
| 17.13 |
| 16.97 |
|
Tier 1 common equity / share | 11.77 |
| 11.08 |
| 11.77 |
| 11.59 |
| 11.42 |
| 11.22 |
| 11.08 |
|
Tangible book value / share | 11.62 |
| 11.39 |
| 11.62 |
| 11.37 |
| 11.28 |
| 11.51 |
| 11.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets | 0.81 | % | 0.81 | % | 0.80 | % | 0.78 | % | 0.82 | % | 0.83 | % | 0.83 | % |
Return on average tangible common equity | 9.73 |
| 8.96 |
| 9.87 |
| 9.48 |
| 9.76 |
| 9.81 |
| 9.15 |
|
Return on average Tier 1 common equity (1) | 9.77 |
| 9.45 |
| 9.78 |
| 9.31 |
| 9.94 |
| 10.07 |
| 9.61 |
|
Effective tax rate | 29.56 |
| 29.67 |
| 22.48 |
| 31.91 |
| 32.07 |
| 31.06 |
| 22.33 |
|
Dividend payout ratio (3) | 30.00 |
| 23.00 |
| 32.14 |
| 29.63 |
| 28.57 |
| 29.63 |
| 30.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stockholders' equity | $ 2,829,300 |
| $ 2,885,716 |
| $ 2,810,130 |
| $ 2,799,885 |
| $ 2,857,722 |
| $ 2,850,227 |
| $ 2,915,346 |
|
Average Tier 1 common equity (1) | 1,878,371 |
| 1,838,424 |
| 1,885,377 |
| 1,890,398 |
| 1,880,826 |
| 1,856,431 |
| 1,876,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected trend information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average full time equivalent employees | 4,728 |
| 4,968 |
| 4,584 |
| 4,699 |
| 4,790 |
| 4,841 |
| 4,915 |
|
Trust assets under management, at market value ($ in millions) | $ 7,424 |
| $ 6,454 |
| $ 7,424 |
| $ 7,078 |
| $ 6,894 |
| $ 6,913 |
| $ 6,454 |
|
Mortgage loans originated for sale during period | 2,304,006 |
| 2,797,431 |
| 326,648 |
| 513,549 |
| 782,398 |
| 681,410 |
| 780,469 |
|
Mortgage portfolio serviced for others ($ in millions) | 8,084 |
| 7,453 |
| 8,084 |
| 8,014 |
| 7,794 |
| 7,585 |
| 7,453 |
|
Mortgage servicing rights, net / Portfolio serviced for others | 0.78% |
| 0.62% |
| 0.78% |
| 0.79% |
| 0.79% |
| 0.69% |
| 0.62% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At Period End |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans / deposits |
|
|
|
| 92.06% |
| 84.99% |
| 91.91% |
| 89.27% |
| 90.97% |
|
Risk weighted assets ($ in millions) (4) (6) |
|
|
|
| 16,694 |
| 16,359 |
| 16,479 |
| 16,163 |
| 16,149 |
|
Tier 1 common equity (1) |
|
|
|
| 1,913,320 |
| 1,904,060 |
| 1,893,875 |
| 1,881,410 |
| 1,875,534 |
|
Stockholders' equity / assets |
|
|
|
| 11.93% |
| 12.13% |
| 12.18% |
| 12.61% |
| 12.50% |
|
Tangible common equity / tangible assets (5) |
|
|
|
| 8.11% |
| 8.21% |
| 8.25% |
| 8.64% |
| 8.56% |
|
Tangible equity / tangible assets (5) |
|
|
|
| 8.38% |
| 8.49% |
| 8.53% |
| 8.92% |
| 8.84% |
|
Tier 1 common equity / risk-weighted assets (4) (6) |
|
|
|
| 11.46% |
| 11.64% |
| 11.49% |
| 11.64% |
| 11.61% |
|
Tier 1 leverage ratio (4) (6) |
|
|
|
| 8.70% |
| 8.76% |
| 8.73% |
| 8.78% |
| 8.98% |
|
Tier 1 risk-based capital ratio (4) (6) |
|
|
|
| 11.83% |
| 12.02% |
| 11.88% |
| 12.03% |
| 12.01% |
|
Total risk-based capital ratio (4) (6) |
|
|
|
| 13.09% |
| 13.44% |
| 13.29% |
| 13.45% |
| 13.42% |
|
Shares outstanding, end of period |
|
|
|
| 162,623 |
| 164,303 |
| 165,837 |
| 167,673 |
| 169,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial measures reconcilation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (2) | 71.05 | % | 72.92 | % | 73.83 | % | 71.10 | % | 69.54 | % | 69.74 | % | 73.71 | % |
Taxable equivalent adjustment | (1.46) |
| (1.60) |
| (1.50) |
| (1.49) |
| (1.39) |
| (1.46) |
| (1.57) |
|
Asset gains (losses), net | 0.40 |
| (0.90) |
| 0.80 |
| 0.58 |
| (0.01) |
| 0.24 |
| (0.06) |
|
Other intangible amortization | (0.42) |
| (0.43) |
| (0.42) |
| (0.44) |
| (0.41) |
| (0.42) |
| (0.43) |
|
Efficiency ratio, fully taxable equivalent (2) | 69.57 | % | 69.99 | % | 72.71 | % | 69.75 | % | 67.73 | % | 68.10 | % | 71.65 | % |
(1) Tier 1 common equity, a non-GAAP financial measure, is used by banking regulators, investors and analysts to assess and compare the quality and composition of our capital with the capital of other financial services companies. Management uses Tier 1 common equity, along with other capital measures, to assess and monitor our capital position. Tier 1 common equity (period end and average) is Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities. |
(2) Efficiency ratio is defined by the Federal Reserve guidance as noninterest expense divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. Efficiency ratio, fully taxable equivalent, is noninterest expense, excluding other intangible amortization, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net and asset gains / losses, net. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest income for the tax-favored status of certain loans and investment securities. Management believes this measure to be the preferred industry measurement of net interest income as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and it excludes certain specific revenue items (such as investment securities gains / losses, net and asset gains / losses, net). |
(3) Ratio is based upon basic earnings per common share. |
(4) December 31, 2013 data is estimated. |
(5) Tangible equity, tangible common equity and tangible assets exclude goodwill and other intangible assets, which is a non-GAAP financial measure. These financial measures have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength. |
(6) The Federal Reserve establishes capital adequacy requirements, including well-capitalized standards for the Corporation. The OCC establishes similar capital adequacy requirements and standards for the Bank. Regulatory capital primarily consists of Tier 1 risk-based capital and Tier 2 risk-based capital. The sum of Tier 1 risk-based capital and Tier 2 risk-based capital equals our total risk-based capital. Risk-based capital guidelines require a minimum level of capital as a percentage of risk-weighted assets. Risk-weighted assets consist of total assets plus certain off-balance sheet and market items, subject to adjustment for predefined credit risk factors. |
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Associated Banc-Corp |
Selected Asset Quality Information |
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| Dec13 vs Sep13 |
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| Dec13 vs Dec12 |
(in thousands) |
| Dec 31, 2013 | Sep 30, 2013 | % Change |
| Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | % Change |
Allowance for Loan Losses |
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Beginning balance |
| $ 271,724 | $ 277,218 | (2.0%) |
| $ 286,923 | $ 297,409 | $ 315,150 | (13.8%) |
Provision for loan losses |
| 2,000 | - | N/M |
| 4,000 | 4,000 | 3,000 | (33.3%) |
Charge offs |
| (18,742) | (20,288) | (7.6%) |
| (21,904) | (27,128) | (30,417) | (38.4%) |
Recoveries |
| 13,333 | 14,794 | (9.9%) |
| 8,199 | 12,642 | 9,676 | 37.8% |
Net charge offs |
| (5,409) | (5,494) | (1.5%) |
| (13,705) | (14,486) | (20,741) | (73.9%) |
Ending balance |
| $ 268,315 | $ 271,724 | (1.3%) |
| $ 277,218 | $ 286,923 | $ 297,409 | (9.8%) |
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Reserve for losses on unfunded commitments |
| $ 21,900 | $ 21,600 | 1.4% |
| $ 22,400 | $ 21,100 | $ 21,800 | 0.5% |
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Net Charge Offs |
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| Dec13 vs Sep13 |
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| Dec13 vs Dec12 |
|
| Dec 31, 2013 | Sep 30, 2013 | % Change |
| Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | % Change |
Commercial and industrial |
| $ 4,555 | $ (447) | N/M |
| $ 1,477 | $ 696 | $ 2,630 | 73.2% |
Commercial real estate - owner occupied |
| 967 | 2,076 | (53.4%) |
| 1,574 | 1,518 | 2,056 | (53.0%) |
Lease financing |
| (16) | - | N/M |
| 16 | (12) | 754 | (102.1%) |
Commercial and business lending |
| 5,506 | 1,629 | 238.0% |
| 3,067 | 2,202 | 5,440 | 1.2% |
Commercial real estate - investor |
| 137 | (414) | (133.1%) |
| 2,999 | 163 | (232) | (159.1%) |
Real estate construction |
| (3,130) | (303) | N/M |
| (95) | 1,392 | 858 | N/M |
Commercial real estate lending |
| (2,993) | (717) | 317.4% |
| 2,904 | 1,555 | 626 | N/M |
Total commercial |
| 2,513 | 912 | 175.5% |
| 5,971 | 3,757 | 6,066 | (58.6%) |
Home equity revolving lines of credit |
| 966 | 767 | 25.9% |
| 2,512 | 3,615 | 3,590 | (73.1%) |
Home equity loans 1st liens |
| 372 | 564 | (34.0%) |
| 954 | 765 | 1,060 | (64.9%) |
Home equity loans junior liens |
| 1,111 | 800 | 38.9% |
| 2,034 | 1,957 | 3,421 | (67.5%) |
Home equity |
| 2,449 | 2,131 | 14.9% |
| 5,500 | 6,337 | 8,071 | (69.7%) |
Installment |
| (611) | 124 | N/M |
| 66 | 177 | 1,027 | (159.5%) |
Residential mortgage |
| 1,058 | 2,327 | (54.5%) |
| 2,168 | 4,215 | 5,577 | (81.0%) |
Total consumer |
| 2,896 | 4,582 | (36.8%) |
| 7,734 | 10,729 | 14,675 | (80.3%) |
Total net charge offs |
| $ 5,409 | $ 5,494 | (1.5%) |
| $ 13,705 | $ 14,486 | $ 20,741 | (73.9%) |
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Net Charge Offs to Average Loans (in basis points) * |
| Dec 31, 2013 | Sep 30, 2013 |
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| Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 |
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Commercial and industrial |
| 38 | (4) |
|
| 13 | 6 | 25 |
|
Commercial real estate - owner occupied |
| 34 | 72 |
|
| 54 | 51 | 69 |
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Lease financing |
| (12) | - |
|
| 12 | (8) | 480 |
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Commercial and business lending |
| 37 | 11 |
|
| 21 | 16 | 40 |
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Commercial real estate - investor |
| 2 | (6) |
|
| 41 | 2 | (3) |
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Real estate construction |
| (145) | (15) |
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| (5) | 82 | 54 |
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Commercial real estate lending |
| (32) | (8) |
|
| 31 | 18 | 7 |
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Total commercial |
| 10 | 4 |
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| 25 | 17 | 27 |
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Home equity revolving lines of credit |
| 44 | 34 |
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| 112 | 159 | 148 |
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Home equity loans 1st liens |
| 19 | 27 |
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| 42 | 32 | 40 |
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Home equity loans junior liens |
| 205 | 140 |
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| 336 | 303 | 486 |
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Home equity |
| 52 | 44 |
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| 108 | 119 | 140 |
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Installment |
| (59) | 11 |
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| 6 | 16 | 86 |
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Residential mortgage |
| 11 | 25 |
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| 24 | 47 | 64 |
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Total consumer |
| 19 | 30 |
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| 50 | 70 | 93 |
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Total net charge offs |
| 14 | 14 |
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| 35 | 38 | 55 |
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Credit Quality |
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| Dec13 vs Sep13 |
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| Dec13 vs Dec12 |
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| Dec 31, 2013 | Sep 30, 2013 | % Change |
| Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | % Change |
Nonaccrual loans |
| $ 185,428 | $ 207,594 | (10.7%) |
| $ 217,493 | $ 225,436 | $ 252,868 | (26.7%) |
Other real estate owned (OREO) |
| 18,118 | 25,077 | (27.8%) |
| 27,407 | 35,156 | 34,900 | (48.1%) |
Total nonperforming assets |
| $ 203,546 | $ 232,671 | (12.5%) |
| $ 244,900 | $ 260,592 | $ 287,768 | (29.3%) |
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Loans 90 or more days past due and still accruing |
| 2,350 | 2,063 | 13.9% |
| 1,548 | 5,690 | 2,289 | 2.7% |
Restructured loans (accruing) |
| 123,985 | 117,043 | 5.9% |
| 119,066 | 120,093 | 121,087 | 2.4% |
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Allowance for loan losses / loans |
| 1.69% | 1.74% |
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| 1.76% | 1.84% | 1.93% |
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Allowance for loan losses / nonaccrual loans |
| 144.70 | 130.89 |
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| 127.46 | 127.27 | 117.61 |
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Nonaccrual loans / total loans |
| 1.17 | 1.33 |
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| 1.38 | 1.45 | 1.64 |
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Nonperforming assets / total loans plus OREO |
| 1.28 | 1.49 |
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| 1.55 | 1.67 | 1.86 |
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Nonperforming assets / total assets |
| 0.84 | 0.98 |
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| 1.04 | 1.12 | 1.23 |
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Net charge offs / average loans (annualized) |
| 0.14 | 0.14 |
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| 0.35 | 0.38 | 0.55 |
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Year-to-date net charge offs / average loans |
| 0.25 | 0.29 |
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| 0.36 | 0.38 | 0.57 |
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Nonaccrual loans by type: |
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Commercial and industrial |
| $ 37,719 | $ 36,105 | 4.5% |
| $ 30,302 | $ 33,242 | $ 39,182 | (3.7%) |
Commercial real estate - owner occupied |
| 29,664 | 28,301 | 4.8% |
| 24,003 | 23,199 | 24,254 | 22.3% |
Lease financing |
| 69 | 99 | (30.3%) |
| 72 | 2,165 | 3,031 | (97.7%) |
Commercial and business lending |
| 67,452 | 64,505 | 4.6% |
| 54,377 | 58,606 | 66,467 | 1.5% |
Commercial real estate - investor |
| 37,596 | 49,841 | (24.6%) |
| 60,780 | 56,776 | 58,687 | (35.9%) |
Real estate construction |
| 6,467 | 18,670 | (65.4%) |
| 21,419 | 22,166 | 27,302 | (76.3%) |
Commercial real estate lending |
| 44,063 | 68,511 | (35.7%) |
| 82,199 | 78,942 | 85,989 | (48.8%) |
Total commercial |
| 111,515 | 133,016 | (16.2%) |
| 136,576 | 137,548 | 152,456 | (26.9%) |
Home equity revolving lines of credit |
| 11,883 | 11,991 | (0.9%) |
| 12,940 | 15,914 | 20,446 | (41.9%) |
Home equity loans 1st liens |
| 6,135 | 6,131 | 0.1% |
| 7,898 | 8,626 | 8,717 | (29.6%) |
Home equity loans junior liens |
| 7,149 | 7,321 | (2.3%) |
| 7,296 | 9,405 | 10,052 | (28.9%) |
Home equity |
| 25,167 | 25,443 | (1.1%) |
| 28,134 | 33,945 | 39,215 | (35.8%) |
Installment |
| 1,114 | 1,269 | (12.2%) |
| 1,533 | 1,762 | 1,838 | (39.4%) |
Residential mortgage |
| 47,632 | 47,866 | (0.5%) |
| 51,250 | 52,181 | 59,359 | (19.8%) |
Total consumer |
| 73,913 | 74,578 | (0.9%) |
| 80,917 | 87,888 | 100,412 | (26.4%) |
Total nonaccrual loans |
| $ 185,428 | $ 207,594 | (10.7%) |
| $ 217,493 | $ 225,436 | $ 252,868 | (26.7%) |
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* Annualized. |
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N/M = Not meaningful. |
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Associated Banc-Corp |
Selected Asset Quality Information (continued) |
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| Dec13 vs Sep13 |
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| Dec13 vs Dec12 |
(in thousands) |
| Dec 31, 2013 | Sep 30, 2013 | % Change |
| Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | % Change |
Restructured loans (accruing) |
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Commercial and industrial |
| $ 32,517 | $ 32,145 | 1.2% |
| $ 30,970 | $ 29,251 | $ 28,140 | 15.6% |
Commercial real estate - owner occupied |
| 13,009 | 14,425 | (9.8%) |
| 14,336 | 12,888 | 13,852 | (6.1%) |
Lease financing |
| - | - | N/M |
| - | - | - | N/M |
Commercial and business lending |
| 45,526 | 46,570 | (2.2%) |
| 45,306 | 42,139 | 41,992 | 8.4% |
Commercial real estate - investor |
| 44,946 | 35,073 | 28.1% |
| 37,299 | 41,253 | 41,660 | 7.9% |
Real estate construction |
| 3,793 | 4,825 | (21.4%) |
| 5,365 | 5,540 | 4,530 | (16.3%) |
Commercial real estate lending |
| 48,739 | 39,898 | 22.2% |
| 42,664 | 46,793 | 46,190 | 5.5% |
Total commercial |
| 94,265 | 86,468 | 9.0% |
| 87,970 | 88,932 | 88,182 | 6.9% |
Home equity revolving lines of credit |
| 1,117 | 1,118 | (0.1%) |
| 1,130 | 880 | 867 | 28.8% |
Home equity loans 1st liens |
| 1,436 | 1,628 | (11.8%) |
| 1,684 | 1,783 | 1,930 | (25.6%) |
Home equity loans junior liens |
| 7,080 | 7,113 | (0.5%) |
| 7,119 | 6,893 | 7,171 | (1.3%) |
Home equity |
| 9,633 | 9,859 | (2.3%) |
| 9,933 | 9,556 | 9,968 | (3.4%) |
Installment |
| 246 | 416 | (40.9%) |
| 570 | 664 | 653 | (62.3%) |
Residential mortgage |
| 19,841 | 20,300 | (2.3%) |
| 20,593 | 20,941 | 22,284 | (11.0%) |
Total consumer |
| 29,720 | 30,575 | (2.8%) |
| 31,096 | 31,161 | 32,905 | (9.7%) |
Total restructured loans (accruing) |
| $ 123,985 | $ 117,043 | 5.9% |
| $ 119,066 | $ 120,093 | $ 121,087 | 2.4% |
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Restructured loans in nonaccrual loans (not included above) |
| $ 59,585 | $ 69,311 | (14.0%) |
| $ 70,354 | $ 67,811 | $ 80,590 | (26.1%) |
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Loans Past Due 30-89 Days |
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| Dec13 vs Sep13 |
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| Dec13 vs Dec12 |
|
| Dec 31, 2013 | Sep 30, 2013 | % Change |
| Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | % Change |
Commercial and industrial |
| $ 6,826 | $ 6,518 | 4.7% |
| $ 8,516 | $ 10,263 | $ 11,339 | (39.8%) |
Commercial real estate - owner occupied |
| 3,106 | 8,505 | (63.5%) |
| 8,105 | 6,804 | 11,053 | (71.9%) |
Lease financing |
| - | 1,000 | N/M |
| 57 | 283 | 12 | N/M |
Commercial and business lending |
| 9,932 | 16,023 | (38.0%) |
| 16,678 | 17,350 | 22,404 | (55.7%) |
Commercial real estate - investor |
| 23,215 | 21,747 | 6.8% |
| 18,269 | 25,201 | 13,472 | 72.3% |
Real estate construction |
| 1,954 | 820 | 138.3% |
| 797 | 2,287 | 3,155 | (38.1%) |
Commercial real estate lending |
| 25,169 | 22,567 | 11.5% |
| 19,066 | 27,488 | 16,627 | 51.4% |
Total commercial |
| 35,101 | 38,590 | (9.0%) |
| 35,744 | 44,838 | 39,031 | (10.1%) |
Home equity revolving lines of credit |
| 6,728 | 6,318 | 6.5% |
| 7,739 | 1,832 | 7,829 | (14.1%) |
Home equity loans 1st liens |
| 1,110 | 1,376 | (19.3%) |
| 1,857 | 1,869 | 1,457 | (23.8%) |
Home equity loans junior liens |
| 2,842 | 2,206 | 28.8% |
| 2,709 | 2,848 | 4,252 | (33.2%) |
Home equity |
| 10,680 | 9,900 | 7.9% |
| 12,305 | 6,549 | 13,538 | (21.1%) |
Installment |
| 1,150 | 1,170 | (1.7%) |
| 1,434 | 2,500 | 2,109 | (45.5%) |
Residential mortgage |
| 6,118 | 6,722 | (9.0%) |
| 9,920 | 8,793 | 9,403 | (34.9%) |
Total consumer |
| 17,948 | 17,792 | 0.9% |
| 23,659 | 17,842 | 25,050 | (28.4%) |
Total loans past due 30-89 days |
| $ 53,049 | $ 56,382 | (5.9%) |
| $ 59,403 | $ 62,680 | $ 64,081 | (17.2%) |
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Potential Problem Loans |
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| Dec13 vs Sep13 |
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| Dec13 vs Dec12 |
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| Dec 31, 2013 | Sep 30, 2013 | % Change |
| Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | % Change |
Commercial and industrial |
| $ 113,669 | $ 112,947 | 0.6% |
| $ 127,382 | $ 127,367 | $ 128,434 | (11.5%) |
Commercial real estate - owner occupied |
| 56,789 | 61,256 | (7.3%) |
| 75,074 | 93,098 | 99,592 | (43.0%) |
Lease financing |
| 1,784 | 207 | N/M |
| 279 | 251 | 264 | N/M |
Commercial and business lending |
| 172,242 | 174,410 | (1.2%) |
| 202,735 | 220,716 | 228,290 | (24.6%) |
Commercial real estate - investor |
| 52,429 | 87,526 | (40.1%) |
| 89,342 | 101,775 | 107,068 | (51.0%) |
Real estate construction |
| 5,263 | 7,540 | (30.2%) |
| 9,184 | 10,040 | 13,092 | (59.8%) |
Commercial real estate lending |
| 57,692 | 95,066 | (39.3%) |
| 98,526 | 111,815 | 120,160 | (52.0%) |
Total commercial |
| 229,934 | 269,476 | (14.7%) |
| 301,261 | 332,531 | 348,450 | (34.0%) |
Home equity revolving lines of credit |
| 303 | 170 | 78.2% |
| 308 | 450 | 520 | (41.7%) |
Home equity loans 1st liens |
| - | - | N/M |
| - | - | - | N/M |
Home equity loans junior liens |
| 1,810 | 2,067 | (12.4%) |
| 2,307 | 2,871 | 3,150 | (42.5%) |
Home equity |
| 2,113 | 2,237 | (5.5%) |
| 2,615 | 3,321 | 3,670 | (42.4%) |
Installment |
| 50 | 67 | (25.4%) |
| 83 | 99 | 111 | (55.0%) |
Residential mortgage |
| 3,312 | 5,342 | (38.0%) |
| 5,917 | 7,882 | 8,762 | (62.2%) |
Total consumer |
| 5,475 | 7,646 | (28.4%) |
| 8,615 | 11,302 | 12,543 | (56.4%) |
Total potential problem loans |
| $ 235,409 | $ 277,122 | (15.1%) |
| $ 309,876 | $ 343,833 | $ 360,993 | (34.8%) |
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N/M = Not meaningful. |
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Associated Banc-Corp |
Net Interest Income Analysis - Taxable Equivalent Basis |
Sequential Quarter |
| Three months ended December 31, 2013 |
| Three months ended September 30, 2013 |
|
| Average | Interest | Average |
| Average | Interest | Average |
(in thousands) |
| Balance | Income / Expense | Yield / Rate |
| Balance | Income / Expense | Yield / Rate |
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Earning assets: |
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Loans: (1) (2) (3) |
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Commercial and business lending |
| $ 5,882,438 | $ 51,498 | 3.47% |
| $ 5,876,745 | $ 52,215 | 3.53% |
Commercial real estate lending |
| 3,736,314 | 40,241 | 4.28 |
| 3,768,895 | 37,630 | 3.96 |
Total commercial |
| 9,618,752 | 91,739 | 3.79 |
| 9,645,640 | 89,845 | 3.70 |
Residential mortgage |
| 3,856,944 | 32,201 | 3.34 |
| 3,714,459 | 30,479 | 3.28 |
Retail |
| 2,272,588 | 25,851 | 4.53 |
| 2,364,266 | 26,816 | 4.51 |
Total loans |
| 15,748,284 | 149,791 | 3.78 |
| 15,724,365 | 147,140 | 3.72 |
Investment securities |
| 5,188,616 | 35,331 | 2.72 |
| 4,980,228 | 32,282 | 2.59 |
Other short-term investments |
| 305,165 | 1,453 | 1.90 |
| 334,874 | 1,260 | 1.51 |
Investments and other |
| 5,493,781 | 36,784 | 2.68 |
| 5,315,102 | 33,542 | 2.52 |
Total earning assets |
| 21,242,065 | 186,575 | 3.50 |
| 21,039,467 | 180,682 | 3.42 |
Other assets, net |
| 2,316,660 |
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| 2,274,110 |
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Total assets |
| $ 23,558,725 |
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| $ 23,313,577 |
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Interest-bearing liabilities: |
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Savings deposits |
| $ 1,200,338 | $ 248 | 0.08% |
| $ 1,204,743 | $ 249 | 0.08% |
Interest-bearing demand deposits |
| 2,852,090 | 1,047 | 0.15 |
| 2,810,962 | 1,101 | 0.16 |
Money market deposits |
| 7,748,650 | 3,399 | 0.17 |
| 7,556,050 | 3,449 | 0.18 |
Time deposits |
| 1,727,138 | 2,646 | 0.61 |
| 1,773,760 | 2,818 | 0.63 |
Total interest-bearing deposits |
| 13,528,216 | 7,340 | 0.22 |
| 13,345,515 | 7,617 | 0.23 |
Federal funds purchased and securities sold under |
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agreements to repurchase |
| 613,943 | 271 | 0.18 |
| 633,594 | 308 | 0.19 |
Other short-term funding |
| 726,551 | 228 | 0.12 |
| 1,417,113 | 434 | 0.12 |
Long-term funding |
| 1,266,464 | 6,499 | 2.05 |
| 614,708 | 6,866 | 4.47 |
Total short and long-term funding |
| 2,606,958 | 6,998 | 1.07 |
| 2,665,415 | 7,608 | 1.14 |
Total interest-bearing liabilities |
| 16,135,174 | 14,338 | 0.35 |
| 16,010,930 | 15,225 | 0.38 |
Noninterest-bearing demand deposits |
| 4,353,315 |
|
|
| 4,264,304 |
|
|
Other liabilities |
| 197,598 |
|
|
| 175,453 |
|
|
Stockholders' equity |
| 2,872,638 |
|
|
| 2,862,890 |
|
|
Total liabilities and stockholders' equity |
| $ 23,558,725 |
|
|
| $ 23,313,577 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income and rate spread (1) |
|
| $ 172,237 | 3.15% |
|
| $ 165,457 | 3.04% |
Net interest margin (1) |
|
|
| 3.23% |
|
|
| 3.13% |
Taxable equivalent adjustment |
|
| $ 5,038 |
|
|
| $ 4,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income Analysis - Taxable Equivalent Basis |
Comparable Quarter |
| Three months ended December 31, 2013 |
| Three months ended December 31, 2012 |
|
| Average | Interest | Average |
| Average | Interest | Average |
(in thousands) |
| Balance | Income / Expense | Yield / Rate |
| Balance | Income / Expense | Yield / Rate |
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
Loans: (1) (2) (3) |
|
|
|
|
|
|
|
|
Commercial and business lending |
| $ 5,882,438 | $ 51,498 | 3.47% |
| $ 5,431,195 | $ 53,442 | 3.92% |
Commercial real estate lending |
| 3,736,314 | 40,241 | 4.28 |
| 3,451,104 | 35,623 | 4.11 |
Total commercial |
| 9,618,752 | 91,739 | 3.79 |
| 8,882,299 | 89,065 | 3.99 |
Residential mortgage |
| 3,856,944 | 32,201 | 3.34 |
| 3,485,719 | 30,126 | 3.46 |
Retail |
| 2,272,588 | 25,851 | 4.53 |
| 2,763,084 | 31,865 | 4.59 |
Total loans |
| 15,748,284 | 149,791 | 3.78 |
| 15,131,102 | 151,056 | 3.98 |
Investment securities |
| 5,188,616 | 35,331 | 2.72 |
| 4,545,178 | 31,759 | 2.79 |
Other short-term investments |
| 305,165 | 1,453 | 1.90 |
| 356,152 | 2,876 | 3.22 |
Investments and other |
| 5,493,781 | 36,784 | 2.68 |
| 4,901,330 | 34,635 | 2.83 |
Total earning assets |
| 21,242,065 | 186,575 | 3.50 |
| 20,032,432 | 185,691 | 3.70 |
Other assets, net |
| 2,316,660 |
|
|
| 2,429,454 |
|
|
Total assets |
| $ 23,558,725 |
|
|
| $ 22,461,886 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
Savings deposits |
| $ 1,200,338 | $ 248 | 0.08% |
| $ 1,129,983 | $ 225 | 0.08% |
Interest-bearing demand deposits |
| 2,852,090 | 1,047 | 0.15 |
| 2,236,826 | 954 | 0.17 |
Money market deposits |
| 7,748,650 | 3,399 | 0.17 |
| 6,797,306 | 4,103 | 0.24 |
Time deposits |
| 1,727,138 | 2,646 | 0.61 |
| 2,037,386 | 3,809 | 0.74 |
Total interest-bearing deposits |
| 13,528,216 | 7,340 | 0.22 |
| 12,201,501 | 9,091 | 0.30 |
Federal funds purchased and securities sold under |
|
|
|
|
|
|
|
|
agreements to repurchase |
| 613,943 | 271 | 0.18 |
| 984,869 | 558 | 0.23 |
Other short-term funding |
| 726,551 | 228 | 0.12 |
| 550,137 | 226 | 0.16 |
Long-term funding |
| 1,266,464 | 6,499 | 2.05 |
| 1,103,655 | 9,140 | 3.31 |
Total short and long-term funding |
| 2,606,958 | 6,998 | 1.07 |
| 2,638,661 | 9,924 | 1.50 |
Total interest-bearing liabilities |
| 16,135,174 | 14,338 | 0.35 |
| 14,840,162 | 19,015 | 0.51 |
Noninterest-bearing demand deposits |
| 4,353,315 |
|
|
| 4,448,767 |
|
|
Other liabilities |
| 197,598 |
|
|
| 194,339 |
|
|
Stockholders' equity |
| 2,872,638 |
|
|
| 2,978,618 |
|
|
Total liabilities and stockholders' equity |
| $ 23,558,725 |
|
|
| $ 22,461,886 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income and rate spread (1) |
|
| $ 172,237 | 3.15% |
|
| $ 166,676 | 3.19% |
Net interest margin (1) |
|
|
| 3.23% |
|
|
| 3.32% |
Taxable equivalent adjustment |
|
| $ 5,038 |
|
|
| $ 5,221 |
|
(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. |
|
|
|
|
|
|
|
|
|
Associated Banc-Corp |
Net Interest Income Analysis - Taxable Equivalent Basis |
Year Over Year |
| Year ended December 31, 2013 |
| Year ended December 31, 2012 |
|
| Average | Interest | Average |
| Average | Interest | Average |
(in thousands) |
| Balance | Income / Expense | Yield / Rate |
| Balance | Income / Expense | Yield / Rate |
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
Loans: (1) (2) (3) |
|
|
|
|
|
|
|
|
Commercial and business lending |
| $ 5,809,578 | $ 208,039 | 3.58% |
| $ 5,139,155 | $ 202,444 | 3.94% |
Commercial real estate lending |
| 3,705,526 | 149,539 | 4.04 |
| 3,350,190 | 140,881 | 4.21 |
Total commercial |
| 9,515,104 | 357,578 | 3.76 |
| 8,489,345 | 343,325 | 4.04 |
Residential mortgage |
| 3,714,544 | 123,275 | 3.32 |
| 3,330,123 | 121,399 | 3.65 |
Retail |
| 2,433,497 | 110,338 | 4.53 |
| 2,922,317 | 135,094 | 4.62 |
Total loans |
| 15,663,145 | 591,191 | 3.77 |
| 14,741,785 | 599,818 | 4.07 |
Investment securities |
| 4,995,331 | 132,671 | 2.66 |
| 4,469,541 | 132,793 | 2.97 |
Other short-term investments |
| 321,652 | 5,193 | 1.61 |
| 402,451 | 6,719 | 1.67 |
Investments and other |
| 5,316,983 | 137,864 | 2.59 |
| 4,871,992 | 139,512 | 2.86 |
Total earning assets |
| 20,980,128 | 729,055 | 3.47 |
| 19,613,777 | 739,330 | 3.77 |
Other assets, net |
| 2,325,630 |
|
|
| 2,362,580 |
|
|
Total assets |
| $ 23,305,758 |
|
|
| $ 21,976,357 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
Savings deposits |
| $ 1,188,910 | $ 942 | 0.08% |
| $ 1,096,692 | $ 851 | 0.08% |
Interest-bearing demand deposits |
| 2,827,778 | 4,517 | 0.16 |
| 2,148,459 | 3,741 | 0.17 |
Money market deposits |
| 7,322,476 | 13,702 | 0.19 |
| 6,148,663 | 15,336 | 0.25 |
Time deposits |
| 1,849,718 | 12,106 | 0.65 |
| 2,239,709 | 21,503 | 0.96 |
Total interest-bearing deposits |
| 13,188,882 | 31,267 | 0.24 |
| 11,633,523 | 41,431 | 0.36 |
Federal funds purchased and securities sold under |
|
|
|
|
|
|
|
|
agreements to repurchase |
| 675,574 | 1,322 | 0.20 |
| 1,177,105 | 2,687 | 0.23 |
Other short-term funding |
| 1,198,264 | 1,519 | 0.13 |
| 936,376 | 3,294 | 0.35 |
Long-term funding |
| 901,927 | 29,332 | 3.25 |
| 1,158,731 | 44,880 | 3.87 |
Total short and long-term funding |
| 2,775,765 | 32,173 | 1.16 |
| 3,272,212 | 50,861 | 1.55 |
Total interest-bearing liabilities |
| 15,964,647 | 63,440 | 0.40 |
| 14,905,735 | 92,292 | 0.62 |
Noninterest-bearing demand deposits |
| 4,249,313 |
|
|
| 3,948,846 |
|
|
Other liabilities |
| 199,486 |
|
|
| 172,788 |
|
|
Stockholders' equity |
| 2,892,312 |
|
|
| 2,948,988 |
|
|
Total liabilities and stockholders' equity |
| $ 23,305,758 |
|
|
| $ 21,976,357 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income and rate spread (1) |
|
| $ 665,615 | 3.07% |
|
| $ 647,038 | 3.15% |
Net interest margin (1) |
|
|
| 3.17% |
|
|
| 3.30% |
Taxable equivalent adjustment |
|
| $ 20,072 |
|
|
| $ 21,046 |
|
(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 |
Year Over Year Change |
| Years Ended December 31, 2013 vs December 31, 2012 |
|
| Change in | Change in | $ Balances |
(in thousands) |
| Balance | Income / Expense | Growth / Decline |
|
|
|
|
|
Earning assets: |
|
|
|
|
Loans: |
|
|
|
|
Commercial and business lending |
| $ 670,423 | $ 5,595 | 13.0% |
Commercial real estate lending |
| 355,336 | 8,658 | 10.6 |
Total commercial |
| 1,025,759 | 14,253 | 12.1 |
Residential mortgage |
| 384,421 | 1,876 | 11.5 |
Retail |
| (488,820) | (24,756) | (16.7) |
Total loans |
| 921,360 | (8,627) | 6.2 |
Investment securities |
| 525,790 | (122) | 11.8 |
Other short-term investments |
| (80,799) | (1,526) | (20.1) |
Investments and other |
| 444,991 | (1,648) | 9.1 |
Total earning assets |
| 1,366,351 | (10,275) | 7.0 |
Other assets, net |
| (36,950) |
| (1.6) |
Total assets |
| $ 1,329,401 |
| 6.0 |
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
Savings deposits |
| $ 92,218 | $ 91 | 8.4% |
Interest-bearing demand deposits |
| 679,319 | 776 | 31.6 |
Money market deposits |
| 1,173,813 | (1,634) | 19.1 |
Time deposits |
| (389,991) | (9,397) | (17.4) |
Total interest-bearing deposits |
| 1,555,359 | (10,164) | 13.4 |
Federal funds purchased and securities sold under |
|
|
|
|
agreements to repurchase |
| (501,531) | (1,365) | (42.6) |
Other short-term funding |
| 261,888 | (1,775) | 28.0 |
Long-term funding |
| (256,804) | (15,548) | (22.2) |
Total short and long-term funding |
| (496,447) | (18,688) | (15.2) |
Total interest-bearing liabilities |
| 1,058,912 | (28,852) | 7.1 |
Noninterest-bearing demand deposits |
| 300,467 |
| 7.6 |
Other liabilities |
| 26,698 |
| 15.5 |
Stockholders' equity |
| (56,676) |
| (1.9) |
Total liabilities and stockholders' equity |
| $ 1,329,401 |
| 6.0 |
|
|
|
|
|
Net interest income and rate spread |
|
| $ 18,577 |
|
Net interest margin |
|
|
|
|
Taxable equivalent adjustment |
|
| $ (974) |
|
|
|
|
|
|
|
|
|
|
|
Associated Banc-Corp |
Financial Summary and Comparison |
|
|
|
|
|
|
|
|
|
|
Period End Loan Composition |
|
|
| Dec13 vs Sep13 |
|
|
|
| Dec13 vs Dec12 |
|
| Dec 31, 2013 | Sep 30, 2013 | % Change |
| Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | % Change |
Commercial and industrial |
| $ 4,822,680 | $ 4,703,056 | 2.5% |
| $ 4,752,838 | $ 4,651,143 | $ 4,502,021 | 7.1% |
Commercial real estate - owner occupied |
| 1,114,715 | 1,147,352 | (2.8%) |
| 1,174,866 | 1,199,513 | 1,219,747 | (8.6%) |
Lease financing |
| 55,483 | 51,727 | 7.3% |
| 55,084 | 57,908 | 64,196 | (13.6%) |
Commercial and business lending |
| 5,992,878 | 5,902,135 | 1.5% |
| 5,982,788 | 5,908,564 | 5,785,964 | 3.6% |
Commercial real estate - investor |
| 2,939,456 | 2,847,152 | 3.2% |
| 3,010,992 | 2,900,167 | 2,906,759 | 1.1% |
Real estate construction |
| 896,248 | 834,744 | 7.4% |
| 800,569 | 729,145 | 655,381 | 36.8% |
Commercial real estate lending |
| 3,835,704 | 3,681,896 | 4.2% |
| 3,811,561 | 3,629,312 | 3,562,140 | 7.7% |
Total commercial |
| 9,828,582 | 9,584,031 | 2.6% |
| 9,794,349 | 9,537,876 | 9,348,104 | 5.1% |
Home equity revolving lines of credit |
| 874,840 | 875,703 | (0.1%) |
| 888,162 | 904,187 | 936,065 | (6.5%) |
Home equity loans 1st liens |
| 742,120 | 794,912 | (6.6%) |
| 863,779 | 940,017 | 1,013,757 | (26.8%) |
Home equity loans junior liens |
| 208,054 | 220,763 | (5.8%) |
| 234,292 | 254,203 | 269,672 | (22.8%) |
Home equity |
| 1,825,014 | 1,891,378 | (3.5%) |
| 1,986,233 | 2,098,407 | 2,219,494 | (17.8%) |
Installment |
| 407,074 | 420,268 | (3.1%) |
| 434,029 | 447,445 | 466,727 | (12.8%) |
Residential mortgage |
| 3,835,591 | 3,690,177 | 3.9% |
| 3,531,988 | 3,467,834 | 3,376,697 | 13.6% |
Total consumer |
| 6,067,679 | 6,001,823 | 1.1% |
| 5,952,250 | 6,013,686 | 6,062,918 | 0.1% |
Total loans |
| $ 15,896,261 | $ 15,585,854 | 2.0% |
| $ 15,746,599 | $ 15,551,562 | $ 15,411,022 | 3.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End Deposit and Customer Funding Composition |
|
|
| Dec13 vs Sep13 |
|
|
|
| Dec13 vs Dec12 |
|
| Dec 31, 2013 | Sep 30, 2013 | % Change |
| Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | % Change |
Noninterest-bearing demand |
| $ 4,626,312 | $ 4,453,663 | 3.9% |
| $ 4,259,776 | $ 4,453,109 | $ 4,759,556 | (2.8%) |
Savings |
| 1,159,512 | 1,195,944 | (3.0%) |
| 1,211,567 | 1,197,134 | 1,109,861 | 4.5% |
Interest-bearing demand |
| 2,889,705 | 2,735,529 | 5.6% |
| 2,802,277 | 2,966,934 | 2,554,479 | 13.1% |
Money market |
| 6,906,442 | 8,199,281 | (15.8%) |
| 7,040,317 | 6,836,678 | 6,518,075 | 6.0% |
Brokered CDs |
| 50,450 | 56,024 | (9.9%) |
| 59,206 | 49,919 | 26,270 | 92.0% |
Other time |
| 1,634,746 | 1,697,467 | (3.7%) |
| 1,759,293 | 1,917,520 | 1,971,624 | (17.1%) |
Total deposits |
| 17,267,167 | 18,337,908 | (5.8%) |
| 17,132,436 | 17,421,294 | 16,939,865 | 1.9% |
Customer repo sweeps |
| 419,247 | 515,555 | (18.7%) |
| 489,700 | 617,038 | 564,038 | (25.7%) |
Customer repo term |
| - | - | N/M |
| - | 4,882 | 115,032 | (100.0%) |
Total customer funding |
| 419,247 | 515,555 | (18.7%) |
| 489,700 | 621,920 | 679,070 | (38.3%) |
Total deposits and customer funding |
| $17,686,414 | $ 18,853,463 | (6.2%) |
| $ 17,622,136 | $ 18,043,214 | $ 17,618,935 | 0.4% |
|
|
|
|
|
|
|
|
|
|
Network transaction deposits included above in interest-bearing demand and money market |
| 1,936,403 | 2,222,810 | (12.9%) |
| 2,135,306 | 2,054,714 | 1,684,745 | 14.9% |
Brokered CDs |
| 50,450 | 56,024 | (9.9%) |
| 59,206 | 49,919 | 26,270 | 92.0% |
Total network and brokered funding |
| 1,986,853 | 2,278,834 | (12.8%) |
| 2,194,512 | 2,104,633 | 1,711,015 | 16.1% |
|
|
|
|
|
|
|
|
|
|
Net customer deposits and funding (1) |
| 15,699,561 | 16,574,629 | (5.3%) |
| 15,427,624 | 15,938,581 | 15,907,920 | (1.3%) |
|
|
|
|
|
|
|
|
|
|
(1) Total deposits and customer funding excluding total network and brokered funding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Average Loan Composition |
|
|
| Dec13 vs Sep13 |
|
|
|
| Dec13 vs Dec12 |
|
| Dec 31, 2013 | Sep 30, 2013 | % Change |
| Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | % Change |
Commercial and industrial |
| $ 4,709,435 | $4,680,582 | 0.6% |
| $4,635,892 | $4,358,486 | $4,182,852 | 12.6% |
Commercial real estate - owner occupied |
| 1,119,186 | 1,142,919 | (2.1%) |
| 1,169,124 | 1,196,912 | 1,185,846 | (5.6%) |
Lease financing |
| 53,817 | 53,244 | 1.1% |
| 55,400 | 59,638 | 62,497 | (13.9%) |
Commercial and business lending |
| 5,882,438 | 5,876,745 | 0.1% |
| 5,860,416 | 5,615,036 | 5,431,195 | 8.3% |
Commercial real estate - investor |
| 2,878,176 | 2,940,115 | (2.1%) |
| 2,951,524 | 2,899,930 | 2,821,023 | 2.0% |
Real estate construction |
| 858,138 | 828,780 | 3.5% |
| 770,584 | 692,579 | 630,081 | 36.2% |
Commercial real estate lending |
| 3,736,314 | 3,768,895 | (0.9%) |
| 3,722,108 | 3,592,509 | 3,451,104 | 8.3% |
Total commercial |
| 9,618,752 | 9,645,640 | (0.3%) |
| 9,582,524 | 9,207,545 | 8,882,299 | 8.3% |
Home equity revolving lines of credit |
| 876,938 | 882,478 | (0.6%) |
| 896,931 | 922,084 | 962,263 | (8.9%) |
Home equity loans 1st liens |
| 767,857 | 826,653 | (7.1%) |
| 902,554 | 976,466 | 1,047,207 | (26.7%) |
Home equity loans junior liens |
| 214,557 | 227,021 | (5.5%) |
| 242,796 | 262,193 | 280,051 | (23.4%) |
Home equity |
| 1,859,352 | 1,936,152 | (4.0%) |
| 2,042,281 | 2,160,743 | 2,289,521 | (18.8%) |
Installment |
| 413,236 | 428,114 | (3.5%) |
| 441,260 | 457,409 | 473,563 | (12.7%) |
Residential mortgage |
| 3,856,944 | 3,714,459 | 3.8% |
| 3,661,742 | 3,622,455 | 3,485,719 | 10.6% |
Total consumer |
| 6,129,532 | 6,078,725 | 0.8% |
| 6,145,283 | 6,240,607 | 6,248,803 | (1.9%) |
Total loans |
| $ 15,748,284 | $15,724,365 | 0.2% |
| $15,727,807 | $15,448,152 | $15,131,102 | 4.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Average Deposit Composition |
|
|
| Dec13 vs Sep13 |
|
|
|
| Dec13 vs Dec12 |
|
| Dec 31, 2013 | Sep 30, 2013 | % Change |
| Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | % Change |
Noninterest-bearing demand |
| $ 4,353,315 | $4,264,304 | 2.1% |
| $4,191,704 | $4,185,924 | $4,448,767 | (2.1%) |
Savings |
| 1,200,338 | 1,204,743 | (0.4%) |
| 1,207,959 | 1,141,781 | 1,129,983 | 6.2% |
Interest-bearing demand |
| 2,852,090 | 2,810,962 | 1.5% |
| 2,867,524 | 2,779,929 | 2,236,826 | 27.5% |
Money market |
| 7,748,650 | 7,556,050 | 2.5% |
| 6,930,554 | 7,044,344 | 6,797,306 | 14.0% |
Time deposits |
| 1,727,138 | 1,773,760 | (2.6%) |
| 1,907,337 | 1,994,406 | 2,037,386 | (15.2%) |
Total deposits |
| $ 17,881,531 | $17,609,819 | 1.5% |
| $17,105,078 | $17,146,384 | $16,650,268 | 7.4% |
SOURCE Associated Banc-Corp