GREEN BAY, Wis., July 16, 2015 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) today reported net income to common shareholders of $48 million, or $0.31 per common share, for the quarter ended June 30, 2015. This compares to net income to common shareholders of $45 million, or $0.28 per common share, for the quarter ended June 30, 2014.

"Steady loan growth, strong fee revenues, and a benign credit environment have all contributed to this quarter's solid performance," said President and CEO Philip B. Flynn. "We continue to optimize our delivery strategies, in terms of branches and digital channels, in response to evolving customer preferences. We are investing in more digital and mobile solutions, while being capital and expense disciplined."

HIGHLIGHTS

  • Average loans grew $373 million, or 2% from the first quarter
    • Average Total Commercial loans grew $220 million, or 2% from the first quarter
    • Average Total Consumer loans grew $153 million, or 2% from the first quarter
  • Average deposits grew $571 million, or 3% from the first quarter
    • Average money market and savings balances grew a combined $523 million, or 5% from the first quarter
  • Net interest margin of 2.83% declined 6 basis points from the first quarter
  • Noninterest income of $87 million increased $6 million, or 8% from the first quarter
    • Mortgage banking revenue increased $3 million from the first quarter
  • Noninterest expenses of $177 million increased $3 million, or 1% from the first quarter
    • Personnel expense increased $3 million which included $2 million in severance
  • Pretax income of $71 million increased $2 million, or 3% from the first quarter
  • During the second quarter, the Company repurchased 3.2 million shares of common stock
  • Return on average Tier 1 common equity was 10.55% for the second quarter
  • Capital ratios remain strong with a Tier 1 common equity ratio of 9.30% at June 30, 2015

SECOND QUARTER 2015 FINANCIAL RESULTS

Loans

Average loans of $18.2 billion increased $373 million, or 2% from the first quarter, and have increased $1.5 billion, or 9% from the year ago quarter. Commercial and business lending average balances grew $174 million, or 2% from the first quarter. Within commercial and business lending, the mortgage warehouse portfolio grew an average of $130 million during the quarter and was the largest contributor to commercial loan growth. Commercial real estate lending average balances grew $46 million, or 1% from the first quarter. Total consumer average loans were up $153 million compared to the prior quarter. Residential lending growth of $219 million was the largest contributor of loan growth for the quarter. Growth in total consumer lending was partially offset by continued run off in home equity and installment loans.

Deposits

Average deposits of $19.6 billion for the second quarter were up $571 million, or 3% compared to the first quarter and have increased $2.5 billion, or 14% from the year ago quarter. Money market average balances increased $448 million, or 5% from the first quarter. Savings average balances increased $75 million, or 6% from the prior quarter. Time deposits grew an average of $36 million during the quarter, continuing the growth trend experienced in the first quarter. Average checking balances were also slightly improved from the first quarter.

Net Interest Income and Net Interest Margin

Second quarter net interest income of $166 million was down $1 million, or 1% from the first quarter and down $2 million from the year ago quarter. During the quarter, the Company restructured its investment portfolio and sold over $1 billion of Fannie Mae and Freddie Mac mortgage backed securities and reinvested into Ginnie Mae securities, contributing to $1 million in lower portfolio income and generating a $1 million net gain on sale. This restructuring lowered our risk weighted assets and related capital requirements, while improving the liquidity of our portfolio and not materially changing its duration or income profile going forward.

Second quarter net interest margin was 2.83%, a decrease of 6 basis points from the 2.89% reported in the first quarter. The second quarter yield on earning assets declined 5 basis points to 3.15% from 3.20% in the prior quarter. The decline is primarily attributable to continued loan yield compression in the commercial real estate portfolio, payoffs in the home equity portfolio, and the previously mentioned investment portfolio restructuring. Second quarter deposit expense was unchanged at 21 basis points while overall funding costs increased 1 basis point to 40 basis points.

Noninterest Income and Expense

Noninterest income for the second quarter was $87 million, up $6 million or 8% from the first quarter, and up $14 million or 20% from the year ago quarter. In the second quarter, core fee-based revenues increased $2 million on higher trust, insurance, brokerage, and syndication fees. Mortgage banking income increased $3 million from the prior quarter on higher realized gains on sale. Second quarter net asset gains of $2 million were up $1 million from the prior quarter.

Noninterest income growth from the year ago quarter is primarily attributable to the Ahmann & Martin Co. insurance agency acquisition and improving mortgage banking income.

Total noninterest expense was $177 million, up $3 million or 1% from the first quarter, and up $9 million or 5% from the year ago quarter. In the second quarter, personnel expense increased $3 million which included $2 million in severance related to the restructuring of our securities brokerage business and the planned closure of thirteen branches. Occupancy expenses were lower in the current quarter due to a lease termination charge recorded in the first quarter. Business development and advertising expenses increased $2 million driven by the launch of a multifaceted advertising campaign in the second quarter.

The Company announced plans to close thirteen branches in the second half of 2015. The branch closures reflect changing customer branch usage patterns and a continuing shift to digital banking solutions. These branch closures will generate approximately $3 million in expense to be recognized by year end 2015, and should result in net savings in 2016 and beyond.

Taxes

Second quarter income taxes were $22 million, with an effective tax rate of 31%, compared to $22 million and an effective tax rate of 32% in the year ago period.

Credit

Net charge offs of $9 million were up $3 million from the first quarter, and up $6 million from the year ago quarter. Potential problem loans of $200 million were down 9% compared to the first quarter, and down 31% from the year ago quarter. The second quarter provision was essentially flat from the prior quarter at $5 million and reflects a benign credit environment.

Nonaccrual loans of $160 million were down 8% compared to the first quarter, and down 11% from the year ago quarter. The nonaccrual loans to total loans ratio improved to 0.88% in the second quarter, down from 0.97% in the prior quarter and down from 1.05% in the year ago quarter.

The Company's allowance for loan losses of $262 million was down $4 million from first quarter, and down $10 million from the year ago quarter. The allowance for loan losses to total nonaccrual loans ratio improved to 163% in the second quarter, up from 152% in the prior and year ago quarters.

Capital Ratios

The Company's capital position remains strong, with a Tier 1 common equity ratio of 9.30% at June 30, 2015.

During the second quarter, the Company issued $65 million of preferred stock with a 6.125% dividend rate for net proceeds of $63 million. Also during the quarter, the Company repurchased $63 million, or 3.2 million shares, of common stock at an average cost of $19.51 per share.

The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis.

SECOND QUARTER 2015 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, July 16, 2015. 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 877-407-8037. 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 201-689-8037. Participants should ask the operator for the Associated Banc-Corp second quarter 2015 earnings call.

An audio archive of the webcast will be available on the company's website at http://investor.associatedbank.com approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $27 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.

NON-GAAP FINANCIAL MEASURES

This press release contains references to measures which are not defined in generally accepted accounting principles ("GAAP"), including "efficiency ratio," "Tier 1 common equity", and "core fee-based revenue." Information concerning these non-GAAP financial measures can be found in the attached tables.

 

Investor Contact:
Teresa Gutierrez, Senior Vice President, Director of Investor Relations
920-491-7059

 

Media Contact:
Cliff Bowers, Senior Vice President, Director of Public Relations
920-491-7542

 

 

Associated Banc-Corp
Consolidated Balance Sheets (Unaudited)

                   

(in thousands)

 

June 30, 2015

 

March 31,
2015

 

Seql Qtr
$ Change

 

December 31,
2014

 

September 30,
2014

 

June 30,
2014

 

Comp Qtr
$ Change

Assets

                           

Cash and due from banks

 

$

375,369

 

$

355,541

 

$

19,828

 

$

444,113

 

$

381,287

 

$

549,883

 

$

(174,514)

Interest-bearing deposits in other financial institutions

 

101,573

 

488,426

 

(386,853)

 

571,924

 

74,945

 

78,233

 

23,340

Federal funds sold and securities purchased under agreements to resell

 

39,850

 

3,380

 

36,470

 

16,030

 

18,320

 

18,135

 

21,715

Securities held to maturity, at amortized cost

 

532,382

 

438,047

 

94,335

 

404,455

 

301,941

 

246,050

 

286,332

Securities available for sale, at fair value

 

5,407,998

 

5,358,310

 

49,688

 

5,396,812

 

5,345,422

 

5,506,379

 

(98,381)

Federal Home Loan Bank and Federal Reserve Bank stocks, at cost

 

160,765

 

189,222

 

(28,457)

 

189,107

 

188,875

 

186,247

 

(25,482)

Loans held for sale

 

151,146

 

159,963

 

(8,817)

 

154,935

 

141,672

 

78,657

 

72,489

Loans

 

18,303,252

 

17,979,032

 

324,220

 

17,593,846

 

17,159,090

 

17,045,052

 

1,258,200

Allowance for loan losses

 

(261,538)

 

(265,268)

 

3,730

 

(266,302)

 

(266,262)

 

(271,851)

 

10,313

Loans, net

 

18,041,714

 

17,713,764

 

327,950

 

17,327,544

 

16,892,828

 

16,773,201

 

1,268,513

Premises and equipment, net

 

274,338

 

274,591

 

(253)

 

274,688

 

272,283

 

264,735

 

9,603

Goodwill

 

968,844

 

968,774

 

70

 

929,168

 

929,168

 

929,168

 

39,676

Other intangible assets, net

 

79,055

 

77,984

 

1,071

 

67,582

 

69,201

 

70,538

 

8,517

Trading assets

 

35,386

 

42,336

 

(6,950)

 

35,163

 

34,005

 

40,630

 

(5,244)

Other assets

 

1,016,725

 

998,402

 

18,323

 

1,010,253

 

1,003,875

 

985,930

 

30,795

Total assets

 

$

27,185,145

 

$

27,068,740

 

$

116,405

 

$

26,821,774

 

$

25,653,822

 

$

25,727,786

 

$

1,457,359

Liabilities and Stockholders' Equity

                           

Noninterest-bearing demand deposits

 

$

4,332,171

 

$

4,570,872

 

$

(238,701)

 

$

4,505,272

 

$

4,302,454

 

$

4,211,057

 

$

121,114

Interest-bearing deposits

 

14,937,392

 

15,280,720

 

(343,328)

 

14,258,232

 

13,898,804

 

13,105,202

 

1,832,190

Total deposits

 

19,269,563

 

19,851,592

 

(582,029)

 

18,763,504

 

18,201,258

 

17,316,259

 

1,953,304

Federal funds purchased and securities sold under agreements to repurchase

 

689,699

 

587,272

 

102,427

 

493,991

 

765,641

 

959,051

 

(269,352)

Other short-term funding

 

905,837

 

75,265

 

830,572

 

574,297

 

664,539

 

1,378,120

 

(472,283)

Long-term funding

 

3,179,734

 

3,429,925

 

(250,191)

 

3,930,117

 

2,931,547

 

2,931,809

 

247,925

Trading liabilities

 

37,169

 

44,730

 

(7,561)

 

37,329

 

36,003

 

43,311

 

(6,142)

Accrued expenses and other liabilities

 

198,752

 

197,818

 

934

 

222,285

 

185,256

 

169,290

 

29,462

Total liabilities

 

24,280,754

 

24,186,602

 

94,152

 

24,021,523

 

22,784,244

 

22,797,840

 

1,482,914

Stockholders' Equity

                           

Preferred equity

 

122,015

 

59,727

 

62,288

 

59,727

 

61,024

 

61,024

 

60,991

Common stock

 

1,642

 

1,674

 

(32)

 

1,665

 

1,719

 

1,750

 

(108)

Surplus

 

1,450,200

 

1,505,170

 

(54,970)

 

1,484,933

 

1,583,032

 

1,628,356

 

(178,156)

Retained earnings

 

1,538,684

 

1,509,967

 

28,717

 

1,497,818

 

1,466,525

 

1,432,518

 

106,166

Accumulated other comprehensive income (loss)

 

2,594

 

24,800

 

(22,206)

 

(4,850)

 

(1,725)

 

10,494

 

(7,900)

Treasury stock

 

(210,744)

 

(219,200)

 

8,456

 

(239,042)

 

(240,997)

 

(204,196)

 

(6,548)

Total stockholders' equity

 

2,904,391

 

2,882,138

 

22,253

 

2,800,251

 

2,869,578

 

2,929,946

 

(25,555)

Total liabilities and stockholders' equity

 

$

27,185,145

 

$

27,068,740

 

$

116,405

 

$

26,821,774

 

$

25,653,822

 

$

25,727,786

 

$

1,457,359

 

 

Associated Banc-Corp
Consolidated Statements of Income (Unaudited)

                                 
                                         
   

For The Three Months Ended, June 30

 

Quarter

 

For The Six Months Ended, June 30

 

Year-to-Date

(in thousands, except per share amounts)

 

2015

 

2014

 

$ Change

 

% Change

 

2015

 

2014

 

$ Change

 

% Change

Interest Income

                               

Interest and fees on loans

 

$152,417

 

$

146,629

 

$

5,788

 

3.9%

 

$

304,362

 

$

290,016

 

$

14,346

 

4.9%

Interest and dividends on investment securities:

                               

Taxable

 

23,868

 

26,109

 

(2,241)

 

(8.6)%

 

48,960

 

52,366

 

(3,406)

 

(6.5)%

Tax-exempt

 

7,565

 

7,030

 

535

 

7.6%

 

15,452

 

14,001

 

1,451

 

10.4%

Other interest

 

1,771

 

1,862

 

(91)

 

(4.9)%

 

3,463

 

3,311

 

152

 

4.6%

Total interest income

 

185,621

 

181,630

 

3,991

 

2.2%

 

372,237

 

359,694

 

12,543

 

3.5%

Interest Expense

                               

Interest on deposits

 

8,141

 

6,195

 

1,946

 

31.4%

 

15,760

 

12,354

 

3,406

 

27.6%

Interest on Federal funds purchased and securities sold under agreements to repurchase

 

235

 

306

 

(71)

 

(23.2)%

 

466

 

611

 

(145)

 

(23.7)%

Interest on other short-term funding

 

115

 

280

 

(165)

 

(58.9)%

 

196

 

396

 

(200)

 

(50.5)%

Interest on long-term funding

 

10,642

 

6,146

 

4,496

 

73.2%

 

21,514

 

12,657

 

8,857

 

70.0%

Total interest expense

 

19,133

 

12,927

 

6,206

 

48.0%

 

37,936

 

26,018

 

11,918

 

45.8%

Net Interest Income

 

166,488

 

168,703

 

(2,215)

 

(1.3)%

 

334,301

 

333,676

 

625

 

0.2%

Provision for credit losses

 

5,000

 

5,000

 

 

—%

 

9,500

 

10,000

 

(500)

 

(5.0)%

Net interest income after provision for credit losses

 

161,488

 

163,703

 

(2,215)

 

(1.4)%

 

324,801

 

323,676

 

1,125

 

0.3%

Noninterest Income

                               

Trust service fees

 

12,515

 

12,017

 

498

 

4.1%

 

24,602

 

23,728

 

874

 

3.7%

Service charges on deposit accounts

 

15,703

 

17,412

 

(1,709)

 

(9.8)%

 

31,509

 

33,812

 

(2,303)

 

(6.8)%

Card-based and other nondeposit fees

 

13,597

 

12,577

 

1,020

 

8.1%

 

26,013

 

25,086

 

927

 

3.7%

Insurance commissions

 

20,077

 

13,651

 

6,426

 

47.1%

 

39,805

 

25,968

 

13,837

 

53.3%

Brokerage and annuity commissions

 

4,192

 

4,520

 

(328)

 

(7.3)%

 

7,875

 

8,553

 

(678)

 

(7.9)%

Total core fee-based revenue

 

66,084

 

60,177

 

5,907

 

9.8%

 

129,804

 

117,147

 

12,657

 

10.8%

Mortgage banking, net

 

9,941

 

5,362

 

4,579

 

85.4%

 

17,349

 

11,723

 

5,626

 

48.0%

Capital market fees, net

 

2,692

 

2,099

 

593

 

28.3%

 

5,159

 

4,421

 

738

 

16.7%

Bank owned life insurance income

 

2,381

 

3,011

 

(630)

 

(20.9)%

 

5,256

 

7,331

 

(2,075)

 

(28.3)%

Asset gains, net

 

1,893

 

899

 

994

 

110.6%

 

2,989

 

1,627

 

1,362

 

83.7%

Investment securities gains, net

 

1,242

 

34

 

1,208

 

N/M

 

1,242

 

412

 

830

 

201.5%

Other

 

2,288

 

665

 

1,623

 

244.1%

 

4,798

 

3,107

 

1,691

 

54.4%

Total noninterest income

 

86,521

 

72,247

 

14,274

 

19.8%

 

166,597

 

145,768

 

20,829

 

14.3%

Noninterest Expense

                               

Personnel expense

 

102,986

 

97,793

 

5,193

 

5.3%

 

203,138

 

195,491

 

7,647

 

3.9%

Occupancy

 

14,308

 

13,785

 

523

 

3.8%

 

31,991

 

29,345

 

2,646

 

9.0%

Equipment

 

5,739

 

6,227

 

(488)

 

(7.8)%

 

11,511

 

12,503

 

(992)

 

(7.9)%

Technology

 

16,354

 

14,594

 

1,760

 

12.1%

 

31,912

 

27,318

 

4,594

 

16.8%

Business development and advertising

 

6,829

 

5,077

 

1,752

 

34.5%

 

12,156

 

10,139

 

2,017

 

19.9%

Other intangible amortization

 

888

 

991

 

(103)

 

(10.4)%

 

1,689

 

1,982

 

(293)

 

(14.8)%

Loan expense

 

3,681

 

3,620

 

61

 

1.7%

 

6,677

 

6,407

 

270

 

4.2%

Legal and professional fees

 

4,344

 

4,436

 

(92)

 

(2.1)%

 

8,882

 

8,624

 

258

 

3.0%

Foreclosure / OREO expense

 

1,303

 

1,575

 

(272)

 

(17.3)%

 

2,728

 

3,471

 

(743)

 

(21.4)%

FDIC expense

 

6,000

 

4,945

 

1,055

 

21.3%

 

12,500

 

9,946

 

2,554

 

25.7%

Other

 

14,384

 

14,882

 

(498)

 

(3.3)%

 

27,887

 

30,357

 

(2,470)

 

(8.1)%

Total noninterest expense

 

176,816

 

167,925

 

8,891

 

5.3%

 

351,071

 

335,583

 

15,488

 

4.6%

Income before income taxes

 

71,193

 

68,025

 

3,168

 

4.7%

 

140,327

 

133,861

 

6,466

 

4.8%

Income tax expense

 

21,793

 

21,660

 

133

 

0.6%

 

44,255

 

42,297

 

1,958

 

4.6%

Net income

 

49,400

 

46,365

 

3,035

 

6.5%

 

96,072

 

91,564

 

4,508

 

4.9%

Preferred stock dividends

 

1,545

 

1,278

 

267

 

20.9%

 

2,773

 

2,522

 

251

 

10.0%

Net income available to common equity

 

$

47,855

 

$

45,087

 

$

2,768

 

6.1%

 

$

93,299

 

$

89,042

 

$

4,257

 

4.8%

Earnings Per Common Share:

                               

Basic

 

$

0.32

 

$

0.28

 

$

0.04

 

14.3%

 

$

0.62

 

$

0.55

 

$

0.07

 

12.7%

Diluted

 

$

0.31

 

$

0.28

 

$

0.03

 

10.7%

 

$

0.61

 

$

0.55

 

$

0.06

 

10.9%

Average Common Shares Outstanding:

                               

Basic

 

149,903

 

159,940

 

(10,037)

 

(6.3)%

 

149,986

 

160,699

 

(10,713)

 

(6.7)%

Diluted

 

151,108

 

160,838

 

(9,730)

 

(6.0)%

 

151,129

 

161,513

 

(10,384)

 

(6.4)%

                                 

N/M=Not meaningful

                               

 

 

Associated Banc-Corp
Consolidated Statements of Income (Unaudited)—Quarterly Trend

                               
         

Sequential Qtr

             

Comparable Qtr

(in thousands, except per share amounts)

2Q15

 

1Q15

 

$ Change

 

% Change

 

4Q14

 

3Q14

 

2Q14

 

$ Change

 

% Change

Interest Income

                                 

Interest and fees on loans

$

152,417

 

$

151,945

 

$

472

 

0.3%

 

$

156,536

 

$

152,030

 

$

146,629

 

$

5,788

 

3.9%

Interest and dividends on investment securities:

                                 

Taxable

23,868

 

25,092

 

(1,224)

 

(4.9)%

 

25,061

 

25,037

 

26,109

 

(2,241)

 

(8.6)%

Tax-exempt

7,565

 

7,887

 

(322)

 

(4.1)%

 

7,580

 

7,483

 

7,030

 

535

 

7.6%

Other interest

1,771

 

1,692

 

79

 

4.7%

 

1,821

 

1,503

 

1,862

 

(91)

 

(4.9)%

Total interest income

185,621

 

186,616

 

(995)

 

(0.5)%

 

190,998

 

186,053

 

181,630

 

3,991

 

2.2%

Interest Expense

                                 

Interest on deposits

8,141

 

7,619

 

522

 

6.9%

 

7,319

 

6,621

 

6,195

 

1,946

 

31.4%

Interest on Federal funds purchased and securities sold under agreements to repurchase

235

 

231

 

4

 

1.7%

 

218

 

390

 

306

 

(71)

 

(23.2)%

Interest on other short-term funding

115

 

81

 

34

 

42.0%

 

156

 

233

 

280

 

(165)

 

(58.9)%

Interest on long-term funding

10,642

 

10,872

 

(230)

 

(2.1)%

 

8,644

 

6,179

 

6,146

 

4,496

 

73.2%

Total interest expense

19,133

 

18,803

 

330

 

1.8%

 

16,337

 

13,423

 

12,927

 

6,206

 

48.0%

Net Interest Income

166,488

 

167,813

 

(1,325)

 

(0.8)%

 

174,661

 

172,630

 

168,703

 

(2,215)

 

(1.3)%

Provision for credit losses

5,000

 

4,500

 

500

 

11.1%

 

5,000

 

1,000

 

5,000

 

 

—%

Net interest income after provision for credit losses

161,488

 

163,313

 

(1,825)

 

(1.1)%

 

169,661

 

171,630

 

163,703

 

(2,215)

 

(1.4)%

Noninterest Income

                                 

Trust service fees

12,515

 

12,087

 

428

 

3.5%

 

12,457

 

12,218

 

12,017

 

498

 

4.1%

Service charges on deposit accounts

15,703

 

15,806

 

(103)

 

(0.7)%

 

17,006

 

17,961

 

17,412

 

(1,709)

 

(9.8)%

Card-based and other nondeposit fees

13,597

 

12,416

 

1,181

 

9.5%

 

12,019

 

12,407

 

12,577

 

1,020

 

8.1%

Insurance commissions

20,077

 

19,728

 

349

 

1.8%

 

10,593

 

7,860

 

13,651

 

6,426

 

47.1%

Brokerage and annuity commissions

4,192

 

3,683

 

509

 

13.8%

 

3,496

 

4,040

 

4,520

 

(328)

 

(7.3)%

Total core fee-based revenue

66,084

 

63,720

 

2,364

 

3.7%

 

55,571

 

54,486

 

60,177

 

5,907

 

9.8%

Mortgage banking, net

9,941

 

7,408

 

2,533

 

34.2%

 

2,928

 

6,669

 

5,362

 

4,579

 

85.4%

Capital market fees, net

2,692

 

2,467

 

225

 

9.1%

 

2,613

 

2,939

 

2,099

 

593

 

28.3%

Bank owned life insurance income

2,381

 

2,875

 

(494)

 

(17.2)%

 

2,739

 

3,506

 

3,011

 

(630)

 

(20.9)%

Asset gains, net

1,893

 

1,096

 

797

 

72.7%

 

3,727

 

4,934

 

899

 

994

 

110.6%

Investment securities gains, net

1,242

 

 

1,242

 

N/M

 

25

 

57

 

34

 

1,208

 

N/M

Other

2,288

 

2,510

 

(222)

 

(8.8)%

 

2,040

 

2,317

 

665

 

1,623

 

244.1%

Total noninterest income

86,521

 

80,076

 

6,445

 

8.0%

 

69,643

 

74,908

 

72,247

 

14,274

 

19.8%

Noninterest Expense

                                 

Personnel expense

102,986

 

100,152

 

2,834

 

2.8%

 

97,258

 

97,650

 

97,793

 

5,193

 

5.3%

Occupancy

14,308

 

17,683

 

(3,375)

 

(19.1)%

 

14,589

 

13,743

 

13,785

 

523

 

3.8%

Equipment

5,739

 

5,772

 

(33)

 

(0.6)%

 

6,148

 

6,133

 

6,227

 

(488)

 

(7.8)%

Technology

16,354

 

15,558

 

796

 

5.1%

 

14,581

 

13,573

 

14,594

 

1,760

 

12.1%

Business development and advertising

6,829

 

5,327

 

1,502

 

28.2%

 

8,538

 

7,467

 

5,077

 

1,752

 

34.5%

Other intangible amortization

888

 

801

 

87

 

10.9%

 

775

 

990

 

991

 

(103)

 

(10.4)%

Loan expense

3,681

 

2,996

 

685

 

22.9%

 

3,646

 

3,813

 

3,620

 

61

 

1.7%

Legal and professional fees

4,344

 

4,538

 

(194)

 

(4.3)%

 

4,257

 

4,604

 

4,436

 

(92)

 

(2.1)%

Foreclosure / OREO expense

1,303

 

1,425

 

(122)

 

(8.6)%

 

1,168

 

2,083

 

1,575

 

(272)

 

(17.3)%

FDIC expense

6,000

 

6,500

 

(500)

 

(7.7)%

 

6,956

 

6,859

 

4,945

 

1,055

 

21.3%

Other

14,384

 

13,503

 

881

 

6.5%

 

13,889

 

14,938

 

14,882

 

(498)

 

(3.3)%

Total noninterest expense

176,816

 

174,255

 

2,561

 

1.5%

 

171,805

 

171,853

 

167,925

 

8,891

 

5.3%

Income before income taxes

71,193

 

69,134

 

2,059

 

3.0%

 

67,499

 

74,685

 

68,025

 

3,168

 

4.7%

Income tax expense

21,793

 

22,462

 

(669)

 

(3.0)%

 

18,761

 

24,478

 

21,660

 

133

 

0.6%

Net income

49,400

 

46,672

 

2,728

 

5.8%

 

48,738

 

50,207

 

46,365

 

3,035

 

6.5%

Preferred stock dividends

1,545

 

1,228

 

317

 

25.8%

 

1,225

 

1,255

 

1,278

 

267

 

20.9%

Net income available to common equity

$

47,855

 

$

45,444

 

$

2,411

 

5.3%

 

$

47,513

 

$

48,952

 

$

45,087

 

$

2,768

 

6.1%

Earnings Per Common Share:

                                 

Basic

$

0.32

 

$

0.30

 

$

0.02

 

6.7%

 

$

0.31

 

$

0.31

 

$

0.28

 

$

0.04

 

14.3%

Diluted

$

0.31

 

$

0.30

 

$

0.01

 

3.3%

 

$

0.31

 

$

0.31

 

$

0.28

 

$

0.03

 

10.7%

Average Common Shares Outstanding:

                                 

Basic

149,903

 

150,070

 

(167)

 

(0.1)%

 

151,931

 

155,925

 

159,940

 

(10,037)

 

(6.3)%

Diluted

151,108

 

151,164

 

(56)

 

—%

 

153,083

 

156,991

 

160,838

 

(9,730)

 

(6.0)%

                                   

N/M=Not meaningful

                                 

 

 

Associated Banc-Corp

Selected Quarterly Information

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

YTD 2015

YTD 2014

2Q15

1Q15

4Q14

3Q14

2Q14

Per Common Share Data

             

Dividends

$

0.20

 

$

0.18

 

$

0.10

 

$

0.10

 

$

0.10

 

$

0.09

 

$

0.09

 

Market Value:

             

High

20.84

 

18.39

 

20.84

 

19.07

 

19.37

 

18.90

 

18.39

 

Low

16.62

 

15.58

 

18.50

 

16.62

 

16.75

 

17.42

 

16.82

 

Close

20.27

 

18.08

 

20.27

 

18.60

 

18.63

 

17.42

 

18.08

 

Book value

18.44

 

17.99

 

18.44

 

18.38

 

18.32

 

18.15

 

17.99

 

Tier 1 common equity / share (1) (6)

12.10

 

12.04

 

12.10

 

11.97

 

12.09

 

12.10

 

12.04

 

Tangible book value / share

$

11.90

 

$

12.11

 

$

11.90

 

$

11.95

 

$

12.06

 

$

12.09

 

$

12.11

 

Performance Ratios (annualized)

             

Return on average assets

0.73%

 

0.75%

 

0.74%

 

0.71%

 

0.75%

 

0.78%

 

0.75%

 

Return on average tangible common equity

10.39

 

9.51

 

10.62

 

10.16

 

10.27

 

10.35

 

9.56

 

Return on average Tier 1 common equity (1) (6)

10.38

 

9.52

 

10.55

 

10.22

 

10.35

 

10.38

 

9.56

 

Effective tax rate

31.54

 

31.60

 

30.61

 

32.49

 

27.79

 

32.77

 

31.84

 

Dividend payout ratio (2)

32.26

 

32.73

 

31.25

 

33.33

 

32.26

 

29.03

 

32.14

 

Average Balances

             

Common stockholders' equity

$

2,790

 

$

2,828

 

$

2,794

 

$

2,785

 

$

2,772

 

$

2,815

 

$

2,830

 

Average Tier 1 common equity (1) (6)

$

1,812

 

$

1,896

 

$

1,820

 

$

1,804

 

$

1,821

 

$

1,871

 

$

1,892

 

Selected Trend Information

             

Average full time equivalent employees

4,443

 

4,474

 

4,465

 

4,422

 

4,320

 

4,359

 

4,431

 

Trust assets under management, at market value

$

8,068

 

$

7,720

 

$

8,068

 

$

8,138

 

$

7,993

 

$

7,700

 

$

7,720

 

Total revenue (3)

$

511

 

$

489

 

$

258

 

$

253

 

$

249

 

$

252

 

$

246

 

Core fee-based revenue (4)

$

130

 

$

117

 

$

66

 

$

64

 

$

56

 

$

54

 

$

60

 

Mortgage loans originated for sale during period

$

619

 

$

479

 

$

351

 

$

268

 

$

292

 

$

298

 

$

276

 

Mortgage portfolio serviced for others

$

7,898

 

$

8,052

 

$

7,898

 

$

7,920

 

$

7,999

 

$

8,012

 

$

8,052

 

Mortgage servicing rights, net / Portfolio serviced for others

0.77%

 

0.76%

 

0.77%

 

0.75%

 

0.75%

 

0.76%

 

0.76%

 

At Period End

             

Loans / deposits

   

94.99%

 

90.57%

 

93.77%

 

94.27%

 

98.43%

 

Stockholders' equity / assets

   

10.68%

 

10.65%

 

10.44%

 

11.19%

 

11.39%

 

Tangible common equity / tangible assets (5)

   

6.85%

 

7.04%

 

6.97%

 

7.57%

 

7.79%

 

Tangible equity / tangible assets (5)

   

7.32%

 

7.27%

 

7.20%

 

7.82%

 

8.03%

 

Shares outstanding, end of period

   

150,862

 

153,567

 

149,560

 

154,743

 

159,480

 

Capital (6)

             

Risk weighted assets (7) (8)

   

$

19,629

 

$

19,565

 

$

18,568

 

$

18,031

 

$

17,911

 

Tier 1 common equity (1)

   

$

1,825

 

$

1,838

 

$

1,808

 

$

1,873

 

$

1,920

 

Tier 1 common equity / risk-weighted assets (7) (8)

   

9.30%

 

9.39%

 

9.74%

 

10.39%

 

10.72%

 

Tier 1 leverage ratio (7) (8)

   

7.53%

 

7.39%

 

7.48%

 

7.87%

 

8.26%

 

Tier 1 risk-based capital ratio (7) (8)

   

9.89%

 

9.70%

 

10.06%

 

10.73%

 

11.06%

 

Total risk-based capital ratio (7) (8)

   

12.41%

 

12.21%

 

12.66%

 

11.98%

 

12.31%

 

Non-GAAP Financial Measures Reconciliation

             

Common Equity Tier 1 Reconciliation (1):

             

Stockholders' Equity

   

$

2,904

 

$

2,882

 

$

2,800

 

$

2,870

 

$

2,930

 

Accumulated other comprehensive income (AOCI)

   

$

(2)

 

$

(25)

 

$

5

 

$

1

 

$

(11)

 

Preferred equity

   

$

(122)

 

$

(59)

 

$

(60)

 

$

(61)

 

$

(61)

 

Intangible assets

   

$

(951)

 

$

(951)

 

$

(937)

 

$

(937)

 

$

(938)

 

Deferred tax assets (DTAs) / Disallowed servicing assets

   

$

(4)

 

$

(9)

 

$

 

$

 

$

 

Common Equity Tier 1

   

$

1,825

 

$

1,838

 

$

1,808

 

$

1,873

 

$

1,920

 

Efficiency Ratio Reconciliation:

             

Efficiency ratio (9)

70.26%

 

70.05%

 

70.23%

 

70.30%

 

70.33%

 

69.44%

 

69.70%

 

Taxable equivalent adjustment

(1.38)%

 

(1.34)%

 

(1.34)%

 

(1.42)%

 

(1.40)%

 

(1.36)%

 

(1.32)%

 

Asset gains, net

0.41%

 

0.24%

 

0.51%

 

0.30%

 

1.05%

 

1.36%

 

0.26%

 

Other intangible amortization

(0.34)%

 

(0.41)%

 

(0.35)%

 

(0.32)%

 

(0.32)%

 

(0.40)%

 

(0.41)%

 

Efficiency ratio, fully taxable equivalent (9)

68.95%

 

68.54%

 

69.05%

 

68.86%

 

69.66%

 

69.04%

 

68.23%

 
   

(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)

Ratio is based upon basic earnings per common share.

(3)

Total revenue, a non-GAAP financial measure, is the sum of taxable equivalent net interest income, core fee-based revenues, and other noninterest income categories, as presented on Page 2 in the Consolidated Statements of Income and Page 7 in the Net Interest Income Analysis.

(4)

Core fee-based revenue, a non-GAAP financial measure, is the sum of trust service fees, service charges on deposit accounts, card-based and other nondeposit fees, insurance commissions, and brokerage and annuity commissions, as presented on Page 2 in the Consolidated Statements of Income.

(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)

Prior to 2015, the regulatory capital requirements effective for the Corporation followed the Capital Accord of the Basel Committee on Banking Supervision ("Basel I"). Beginning January 1, 2015, the regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions from Basel I over the next three years to full implementation by January 1, 2018.

(7)

June 30, 2015 data is estimated.

(8)

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.

(9)

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).

 

 

Associated Banc-Corp
Selected Asset Quality Information

                     

(in thousands)

Jun 30, 2015

 

Mar 31, 2015

 

Jun15 vs Mar15 % Change

 

Dec 31, 2014

 

Sep 30, 2014

 

Jun 30, 2014

 

Jun15 vs Jun14 % Change

Allowance for Loan Losses

                         

Beginning balance

$

265,268

 

$

266,302

 

(0.4)%

 

$

266,262

 

$

271,851

 

$

267,916

 

(1.0)%

Provision for loan losses

5,000

 

4,500

 

11.1%

 

4,500

 

(3,000)

 

6,500

 

(23.1)%

Charge offs

(14,537)

 

(13,270)

 

9.5%

 

(8,778)

 

(14,850)

 

(9,107)

 

59.6%

Recoveries

5,807

 

7,736

 

(24.9)%

 

4,318

 

12,261

 

6,542

 

(11.2)%

Net charge offs

(8,730)

 

(5,534)

 

57.8%

 

(4,460)

 

(2,589)

 

(2,565)

 

240.4%

Ending balance

$

261,538

 

$

265,268

 

(1.4)%

 

$

266,302

 

$

266,262

 

$

271,851

 

(3.8)%

Allowance for Unfunded Commitments

                         

Beginning balance

$

24,900

 

$

24,900

 

—%

 

$

24,400

 

$

20,400

 

$

21,900

 

13.7%

Provision for unfunded commitments

 

 

N/M

 

500

 

4,000

 

(1,500)

 

(100.0)%

Ending balance

$

24,900

 

$

24,900

 

—%

 

$

24,900

 

$

24,400

 

$

20,400

 

22.1%

Allowance for credit losses

$

286,438

 

$

290,168

 

(1.3)%

 

$

291,202

 

$

290,662

 

$

292,251

 

(2.0)%

Net Charge Offs

Jun 30, 2015

 

Mar 31, 2015

 

Jun15 vs Mar15 % Change

 

Dec 31, 2014

 

Sep 30, 2014

 

Jun 30, 2014

 

Jun15 vs Jun14 % Change

Commercial and industrial

$

3,921

 

$

4,650

 

(15.7)%

 

$

1,323

 

$

572

 

$

(1,377)

 

(384.7)%

Commercial real estate—owner occupied

1,198

 

739

 

62.1%

 

134

 

2,210

 

(550)

 

(317.8)%

Lease financing

 

 

N/M

 

9

 

(6)

 

29

 

(100.0)%

Commercial and business lending

5,119

 

5,389

 

(5.0)%

 

1,466

 

2,776

 

(1,898)

 

(369.7)%

Commercial real estate—investor

1,856

 

(2,529)

 

(173.4)%

 

(132)

 

(4,065)

 

(239)

 

(876.6)%

Real estate construction

(673)

 

(743)

 

(9.4)%

 

(116)

 

350

 

795

 

(184.7)%

Commercial real estate lending

1,183

 

(3,272)

 

(136.2)%

 

(248)

 

(3,715)

 

556

 

112.8%

Total commercial

6,302

 

2,117

 

197.7%

 

1,218

 

(939)

 

(1,342)

 

(569.6)%

Home equity revolving lines of credit

246

 

1,220

 

(79.8)%

 

1,094

 

1,098

 

1,380

 

(82.2)%

Home equity loans 1st liens

169

 

362

 

(53.3)%

 

206

 

118

 

448

 

(62.3)%

Home equity loans junior liens

118

 

423

 

(72.1)%

 

457

 

728

 

948

 

(87.6)%

Home equity

533

 

2,005

 

(73.4)%

 

1,757

 

1,944

 

2,776

 

(80.8)%

Installment and credit cards

786

 

769

 

2.2%

 

990

 

910

 

247

 

218.2%

Residential mortgage

1,109

 

643

 

72.5%

 

495

 

674

 

884

 

25.5%

Total consumer

2,428

 

3,417

 

(28.9)%

 

3,242

 

3,528

 

3,907

 

(37.9)%

Total net charge offs

$

8,730

 

$

5,534

 

57.8%

 

$

4,460

 

$

2,589

 

$

2,565

 

240.4%

Net Charge Offs to Average Loans (in basis points) *

Jun 30, 2015

 

Mar 31, 2015

     

Dec 31, 2014

 

Sep 30, 2014

 

Jun 30, 2014

   

Commercial and industrial

26

 

32

     

9

 

4

 

(10)

   

Commercial real estate—owner occupied

48

 

30

     

5

 

84

 

(20)

   

Lease financing

 

     

7

 

(5)

 

22

   

Commercial and business lending

29

 

31

     

9

 

17

 

(12)

   

Commercial real estate—investor

24

 

(33)

     

(2)

 

(54)

 

(3)

   

Real estate construction

(26)

 

(30)

     

(5)

 

14

 

33

   

Commercial real estate lending

11

 

(32)

     

(2)

 

(37)

 

6

   

Total commercial

22

 

8

     

4

 

(3)

 

(5)

   

Home equity revolving lines of credit

11

 

56

     

49

 

50

 

64

   

Home equity loans 1st liens

13

 

26

     

14

 

7

 

26

   

Home equity loans junior liens

32

 

108

     

107

 

159

 

196

   

Home equity

14

 

51

     

42

 

45

 

64

   

Installment and credit cards

73

 

70

     

86

 

78

 

25

   

Residential mortgage

9

 

6

     

4

 

6

 

9

   

Total consumer

14

 

21

     

19

 

22

 

25

   

Total net charge offs

19

 

13

     

10

 

6

 

6

   

Credit Quality

Jun 30, 2015

 

Mar 31, 2015

 

Jun15 vs Mar15 % Change

 

Dec 31, 2014

 

Sep 30, 2014

 

Jun 30, 2014

 

Jun15 vs Jun14 % Change

Nonaccrual loans

$

160,361

 

$

174,346

 

(8.0)%

 

$

177,413

 

$

184,138

 

$

179,226

 

(10.5)%

Other real estate owned (OREO)

13,557

 

14,926

 

(9.2)%

 

16,732

 

16,840

 

17,729

 

(23.5)%

Total nonperforming assets

$

173,918

 

$

189,272

 

(8.1)%

 

$

194,145

 

$

200,978

 

$

196,955

 

(11.7)%

Loans 90 or more days past due and still accruing

$

1,662

 

$

1,715

 

(3.1)%

 

$

1,623

 

$

1,690

 

$

1,776

 

(6.4)%

Allowance for loan losses / loans

1.43%

 

1.48%

     

1.51%

 

1.55%

 

1.59%

   

Allowance for loan losses / nonaccrual loans

163.09

 

152.15

     

150.10

 

144.60

 

151.68

   

Nonaccrual loans / total loans

0.88

 

0.97

     

1.01

 

1.07

 

1.05

   

Nonperforming assets / total loans plus OREO

0.95

 

1.05

     

1.10

 

1.17

 

1.15

   

Nonperforming assets / total assets

0.64

 

0.70

     

0.72

 

0.78

 

0.77

   

Net charge offs / average loans (annualized)

0.19

 

0.13

     

0.10

 

0.06

 

0.06

   

Year-to-date net charge offs / average loans

0.16

 

0.13

     

0.09

 

0.08

 

0.10

   

Nonaccrual loans by type:

                         

Commercial and industrial

$

64,738

 

$

61,620

 

5.1%

 

$

49,663

 

$

51,143

 

$

40,846

 

58.5%

Commercial real estate—owner occupied

18,821

 

21,861

 

(13.9)%

 

25,825

 

24,340

 

31,725

 

(40.7)%

Lease financing

1,656

 

1,720

 

(3.7)%

 

1,801

 

1,947

 

1,541

 

7.5%

Commercial and business lending

85,215

 

85,201

 

—%

 

77,289

 

77,430

 

74,112

 

15.0%

Commercial real estate—investor

6,090

 

13,742

 

(55.7)%

 

22,685

 

25,106

 

28,135

 

(78.4)%

Real estate construction

2,906

 

5,423

 

(46.4)%

 

5,399

 

8,187

 

6,988

 

(58.4)%

Commercial real estate lending

8,996

 

19,165

 

(53.1)%

 

28,084

 

33,293

 

35,123

 

(74.4)%

Total commercial

94,211

 

104,366

 

(9.7)%

 

105,373

 

110,723

 

109,235

 

(13.8)%

Home equity revolving lines of credit

8,420

 

9,171

 

(8.2)%

 

9,853

 

10,154

 

10,056

 

(16.3)%

Home equity loans 1st liens

4,630

 

5,111

 

(9.4)%

 

5,290

 

4,664

 

4,634

 

(0.1)%

Home equity loans junior liens

5,356

 

6,145

 

(12.8)%

 

6,598

 

6,443

 

6,183

 

(13.4)%

Home equity

18,406

 

20,427

 

(9.9)%

 

21,741

 

21,261

 

20,873

 

(11.8)%

Installment and credit cards

454

 

515

 

(11.8)%

 

613

 

653

 

771

 

(41.1)%

Residential mortgage

47,290

 

49,038

 

(3.6)%

 

49,686

 

51,501

 

48,347

 

(2.2)%

Total consumer

66,150

 

69,980

 

(5.5)%

 

72,040

 

73,415

 

69,991

 

(5.5)%

Total nonaccrual loans

$

160,361

 

$

174,346

 

(8.0)%

 

$

177,413

 

$

184,138

 

$

179,226

 

(10.5)%

* Annualized

                         

N/M = Not meaningful

                         

 

Associated Banc-Corp
Selected Asset Quality Information (continued)

                         

(in thousands)

Jun 30, 2015

 

Mar 31, 2015

 

Jun15 vs Mar15 % Change

 

Dec 31, 2014

 

Sep 30, 2014

 

Jun 30, 2014

 

Jun15 vs Jun14 % Change

Restructured loans (accruing)

                         

Commercial and industrial

$

32,063

 

$

26,466

 

21.1%

 

$

33,892

 

$

36,955

 

$

28,849

 

11.1%

Commercial real estate—owner occupied

5,433

 

9,780

 

(44.4)%

 

10,454

 

11,574

 

12,168

 

(55.4)%

Commercial and business lending

37,496

 

36,246

 

3.4%

 

44,346

 

48,529

 

41,017

 

(8.6)%

Commercial real estate—investor

22,009

 

22,775

 

(3.4)%

 

23,127

 

24,440

 

41,758

 

(47.3)%

Real estate construction

714

 

717

 

(0.4)%

 

727

 

805

 

1,224

 

(41.7)%

Commercial real estate lending

22,723

 

23,492

 

(3.3)%

 

23,854

 

25,245

 

42,982

 

(47.1)%

Total commercial

60,219

 

59,738

 

0.8%

 

68,200

 

73,774

 

83,999

 

(28.3)%

Home equity revolving lines of credit

1,222

 

1,251

 

(2.3)%

 

1,508

 

1,531

 

1,527

 

(20.0)%

Home equity loans 1st liens

1,769

 

1,846

 

(4.2)%

 

1,857

 

1,867

 

1,674

 

5.7%

Home equity loans junior liens

6,610

 

6,642

 

(0.5)%

 

6,701

 

7,184

 

7,243

 

(8.7)%

Home equity

9,601

 

9,739

 

(1.4)%

 

10,066

 

10,582

 

10,444

 

(8.1)%

Installment and credit cards

796

 

891

 

(10.7)%

 

974

 

1,106

 

1,185

 

(32.8)%

Residential mortgage

19,604

 

18,449

 

6.3%

 

18,976

 

19,141

 

18,753

 

4.5%

Total consumer

30,001

 

29,079

 

3.2%

 

30,016

 

30,829

 

30,382

 

(1.3)%

Total restructured loans (accruing)

$

90,220

 

$

88,817

 

1.6%

 

$

98,216

 

$

104,603

 

$

114,381

 

(21.1)%

Restructured loans in nonaccrual loans (not included above)

$

43,699

 

$

53,553

 

(18.4)%

 

$

57,656

 

$

63,314

 

$

72,388

 

(39.6)%

Loans Past Due 30-89 Days

Jun 30, 2015

 

Mar 31, 2015

 

Jun15 vs Mar15 % Change

 

Dec 31, 2014

 

Sep 30, 2014

 

Jun 30, 2014

 

Jun15 vs Jun14 % Change

Commercial and industrial

$

6,357

 

$

1,717

 

270.2%

 

$

14,747

 

$

3,947

 

$

2,519

 

152.4%

Commercial real estate—owner occupied

1,090

 

1,849

 

(41.0)%

 

10,628

 

2,675

 

6,323

 

(82.8)%

Lease financing

 

 

N/M

 

 

 

556

 

(100.0)%

Commercial and business lending

7,447

 

3,566

 

108.8%

 

25,375

 

6,622

 

9,398

 

(20.8)%

Commercial real estate—investor

19,843

 

2,215

 

795.8%

 

1,208

 

15,869

 

2,994

 

562.8%

Real estate construction

312

 

317

 

(1.6)%

 

984

 

399

 

258

 

20.9%

Commercial real estate lending

20,155

 

2,532

 

696.0%

 

2,192

 

16,268

 

3,252

 

519.8%

Total commercial

27,602

 

6,098

 

352.6%

 

27,567

 

22,890

 

12,650

 

118.2%

Home equity revolving lines of credit

5,157

 

7,150

 

(27.9)%

 

6,725

 

6,739

 

6,986

 

(26.2)%

Home equity loans 1st liens

1,688

 

953

 

77.1%

 

1,800

 

1,503

 

1,685

 

0.2%

Home equity loans junior liens

1,894

 

1,905

 

(0.6)%

 

2,058

 

2,496

 

2,138

 

(11.4)%

Home equity

8,739

 

10,008

 

(12.7)%

 

10,583

 

10,738

 

10,809

 

(19.2)%

Installment and credit cards

1,655

 

1,818

 

(9.0)%

 

1,932

 

1,818

 

1,734

 

(4.6)%

Residential mortgage

4,914

 

3,403

 

44.4%

 

3,046

 

3,231

 

7,070

 

(30.5)%

Total consumer

15,308

 

15,229

 

0.5%

 

15,561

 

15,787

 

19,613

 

(21.9)%

Total loans past due 30-89 days

$

42,910

 

$

21,327

 

101.2%

 

$

43,128

 

$

38,677

 

$

32,263

 

33.0%

Potential Problem Loans

Jun 30, 2015

 

Mar 31, 2015

 

Jun15 vs Mar15 % Change

 

Dec 31, 2014

 

Sep 30, 2014

 

Jun 30, 2014

 

Jun15 vs Jun14 % Change

Commercial and industrial

$

125,643

 

$

138,403

 

(9.2)%

 

$

108,522

 

$

133,416

 

$

187,251

 

(32.9)%

Commercial real estate—owner occupied

41,997

 

43,114

 

(2.6)%

 

48,695

 

49,008

 

57,757

 

(27.3)%

Lease financing

1,385

 

2,009

 

(31.1)%

 

2,709

 

3,787

 

2,280

 

(39.3)%

Commercial and business lending

169,025

 

183,526

 

(7.9)%

 

159,926

 

186,211

 

247,288

 

(31.6)%

Commercial real estate—investor

23,543

 

26,026

 

(9.5)%

 

24,043

 

28,474

 

31,903

 

(26.2)%

Real estate construction

1,327

 

1,487

 

(10.8)%

 

1,776

 

2,227

 

4,473

 

(70.3)%

Commercial real estate lending

24,870

 

27,513

 

(9.6)%

 

25,819

 

30,701

 

36,376

 

(31.6)%

Total commercial

193,895

 

211,039

 

(8.1)%

 

185,745

 

216,912

 

283,664

 

(31.6)%

Home equity revolving lines of credit

202

 

247

 

(18.2)%

 

204

 

224

 

277

 

(27.1)%

Home equity loans junior liens

230

 

711

 

(67.7)%

 

676

 

687

 

822

 

(72.0)%

Home equity

432

 

958

 

(54.9)%

 

880

 

911

 

1,099

 

(60.7)%

Installment and credit cards

 

 

N/M

 

2

 

4

 

844

 

(100.0)%

Residential mortgage

5,341

 

6,621

 

(19.3)%

 

3,781

 

2,166

 

2,445

 

118.4%

Total consumer

5,773

 

7,579

 

(23.8)%

 

4,663

 

3,081

 

4,388

 

31.6%

Total potential problem loans

$

199,668

 

$

218,618

 

(8.7)%

 

$

190,408

 

$

219,993

 

$

288,052

 

(30.7)%

 

N/M = Not meaningful.

 

 

Associated Banc-Corp
Net Interest Income Analysis—Taxable Equivalent Basis
Sequential Quarter

               
 

Three months ended June 30, 2015

 

Three months ended March 31, 2015

(in thousands)

Average
Balance

 

Interest
Income /Expense

 

Average
Yield /Rate

 

Average
Balance

 

Interest
Income /Expense

 

Average
Yield /Rate

Earning assets:

                     

Loans: (1) (2) (3)

                     

Commercial and business lending

$

7,167,315

 

$

56,329

 

3.15%

 

$

6,993,169

 

$

55,915

 

3.24%

Commercial real estate lending

4,148,955

 

35,688

 

3.45

 

4,102,733

 

36,403

 

3.60

Total commercial

11,316,270

 

92,017

 

3.26

 

11,095,902

 

92,318

 

3.37

Residential mortgage

4,882,700

 

38,232

 

3.13

 

4,663,849

 

36,885

 

3.17

Retail

1,989,335

 

23,072

 

4.65

 

2,055,364

 

23,668

 

4.64

Total loans

18,188,305

 

153,321

 

3.38

 

17,815,115

 

152,871

 

3.46

Investment securities (1)

5,703,477

 

35,443

 

2.49

 

5,754,747

 

37,159

 

2.58

Other short-term investments

374,585

 

1,771

 

1.89

 

578,164

 

1,692

 

1.18

Investments and other

6,078,062

 

37,214

 

2.45

 

6,332,911

 

38,851

 

2.45

Total earning assets

24,266,367

 

$

190,535

 

3.15

 

24,148,026

 

$

191,722

 

3.20

Other assets, net

2,465,707

         

2,458,899

       

Total assets

$

26,732,074

         

$

26,606,925

       

Interest-bearing liabilities:

                     

Savings deposits

$

1,352,616

 

$

259

 

0.08%

 

$

1,277,469

 

$

238

 

0.08%

Interest-bearing demand deposits

3,251,196

 

1,037

 

0.13

 

3,203,727

 

1,050

 

0.13

Money market deposits

9,101,589

 

4,088

 

0.18

 

8,653,260

 

3,785

 

0.18

Time deposits

1,630,242

 

2,757

 

0.68

 

1,594,183

 

2,546

 

0.65

Total interest-bearing deposits

15,335,643

 

8,141

 

0.21

 

14,728,639

 

7,619

 

0.21

Federal funds purchased and securities sold under agreements to repurchase

662,047

 

235

 

0.14

 

585,498

 

231

 

0.16

Other short-term funding

236,459

 

115

 

0.20

 

119,240

 

81

 

0.27

Long-term funding

3,080,954

 

10,642

 

1.38

 

3,735,602

 

10,872

 

1.17

Total short and long-term funding

3,979,460

 

10,992

 

1.11

 

4,440,340

 

11,184

 

1.01

Total interest-bearing liabilities

19,315,103

 

$

19,133

 

0.40

 

19,168,979

 

$

18,803

 

0.39

Noninterest-bearing demand deposits

4,290,567

         

4,326,557

       

Other liabilities

251,743

         

266,660

       

Stockholders' equity

2,874,661

         

2,844,729

       

Total liabilities and stockholders' equity

$

26,732,074

         

$

26,606,925

       

Net interest income and rate spread

   

$

171,402

 

2.75%

     

$

172,919

 

2.81%

Net interest margin

       

2.83%

         

2.89%

Taxable equivalent adjustment

   

$

4,914

         

$

5,106

   
                       

Net Interest Income Analysis—Taxable Equivalent Basis
Comparable Quarter

           
 

Three months ended June 30, 2015

 

Three months ended June 30, 2014

(in thousands)

Average
Balance

 

Interest
Income /Expense

 

Average
Yield /Rate

 

Average
Balance

 

Interest
Income /Expense

 

Average
Yield /Rate

Earning assets:

                     

Loans: (1) (2) (3)

                     

Commercial and business lending

$

7,167,315

 

$

56,329

 

3.15%

 

$

6,468,844

 

$

53,519

 

3.32%

Commercial real estate lending

4,148,955

 

35,688

 

3.45

 

3,967,848

 

36,309

 

3.67

Total commercial

11,316,270

 

92,017

 

3.26

 

10,436,692

 

89,828

 

3.45

Residential mortgage

4,882,700

 

38,232

 

3.13

 

4,077,617

 

33,575

 

3.29

Retail

1,989,335

 

23,072

 

4.65

 

2,132,080

 

24,157

 

4.54

Total loans

18,188,305

 

153,321

 

3.38

 

16,646,389

 

147,560

 

3.55

Investment securities (1)

5,703,477

 

35,443

 

2.49

 

5,606,279

 

36,865

 

2.63

Other short-term investments

374,585

 

1,771

 

1.89

 

284,847

 

1,862

 

2.62

Investments and other

6,078,062

 

37,214

 

2.45

 

5,891,126

 

38,727

 

2.63

Total earning assets

24,266,367

 

$

190,535

 

3.15

 

22,537,515

 

$

186,287

 

3.31

Other assets, net

2,465,707

         

2,320,557

       

Total assets

$

26,732,074

         

$

24,858,072

       

Interest-bearing liabilities:

                     

Savings deposits

$

1,352,616

 

$

259

 

0.08%

 

$

1,267,297

 

$

242

 

0.08%

Interest-bearing demand deposits

3,251,196

 

1,037

 

0.13

 

2,894,446

 

969

 

0.13

Money market deposits

9,101,589

 

4,088

 

0.18

 

7,340,244

 

2,928

 

0.16

Time deposits

1,630,242

 

2,757

 

0.68

 

1,597,535

 

2,056

 

0.52

Total interest-bearing deposits

15,335,643

 

8,141

 

0.21

 

13,099,522

 

6,195

 

0.19

Federal funds purchased and securities sold under agreements to repurchase

662,047

 

235

 

0.14

 

847,756

 

306

 

0.14

Other short-term funding

236,459

 

115

 

0.20

 

832,299

 

280

 

0.13

Long-term funding

3,080,954

 

10,642

 

1.38

 

2,931,957

 

6,146

 

0.84

Total short and long-term funding

3,979,460

 

10,992

 

1.11

 

4,612,012

 

6,732

 

0.58

Total interest-bearing liabilities

19,315,103

 

$

19,133

 

0.40

 

17,711,534

 

$

12,927

 

0.29

Noninterest-bearing demand deposits

4,290,567

         

4,073,310

       

Other liabilities

251,743

         

182,110

       

Stockholders' equity

2,874,661

         

2,891,118

       

Total liabilities and stockholders' equity

$

26,732,074

         

$

24,858,072

       

Net interest income and rate spread

   

$

171,402

 

2.75%

     

$

173,360

 

3.02%

Net interest margin

       

2.83%

         

3.08%

Taxable equivalent adjustment

   

$

4,914

         

$

4,657

   
   

(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

             
 

Six months ended June 30, 2015

 

Six months ended June 30, 2014

(in thousands)

Average
Balance

 

Interest
Income /Expense

 

Average
Yield /Rate

 

Average
Balance

 

Interest
Income /Expense

 

Average
Yield /Rate

Earning assets:

                     

Loans: (1) (2) (3)

                     

Commercial and business lending

$

7,080,723

 

$

112,244

 

3.19%

 

$

6,300,948

 

$

105,199

 

3.37%

Commercial real estate lending

4,125,972

 

72,091

 

3.52

 

3,937,772

 

71,900

 

3.68

Total commercial

11,206,695

 

184,335

 

3.32

 

10,238,720

 

177,099

 

3.49

Residential mortgage

4,773,879

 

75,117

 

3.15

 

4,002,592

 

66,239

 

3.31

Retail

2,022,167

 

46,740

 

4.64

 

2,165,522

 

48,570

 

4.51

Total loans

18,002,741

 

306,192

 

3.42

 

16,406,834

 

291,908

 

3.58

Investment securities (1)

5,728,970

 

72,602

 

2.53

 

5,528,604

 

73,788

 

2.67

Other short-term investments

475,812

 

3,463

 

1.46

 

281,353

 

3,311

 

2.36

Investments and other

6,204,782

 

76,065

 

2.45

 

5,809,957

 

77,099

 

2.65

Total earning assets

24,207,523

 

$

382,257

 

3.17

 

22,216,791

 

$

369,007

 

3.34

Other assets, net

2,462,322

         

2,320,633

       

Total assets

$

26,669,845

         

$

24,537,424

       

Interest-bearing liabilities:

                     

Savings deposits

$

1,315,250

 

$

497

 

0.08%

 

$

1,231,516

 

$

462

 

0.08%

Interest-bearing demand deposits

3,227,593

 

2,087

 

0.13

 

2,845,618

 

1,792

 

0.13

Money market deposits

8,878,663

 

7,873

 

0.18

 

7,257,137

 

5,752

 

0.16

Time deposits

1,612,312

 

5,303

 

0.66

 

1,628,235

 

4,348

 

0.54

Total interest-bearing deposits

15,033,818

 

15,760

 

0.21

 

12,962,506

 

12,354

 

0.19

Federal funds purchased and securities sold under agreements to repurchase

623,984

 

466

 

0.15

 

826,589

 

611

 

0.15

Other short-term funding

178,173

 

196

 

0.22

 

581,799

 

396

 

0.14

Long-term funding

3,406,469

 

21,514

 

1.26

 

2,968,038

 

12,657

 

0.85

Total short and long-term funding

4,208,626

 

22,176

 

1.05

 

4,376,426

 

13,664

 

0.63

Total interest-bearing liabilities

19,242,444

 

$

37,936

 

0.40

 

17,338,932

 

$

26,018

 

0.30

Noninterest-bearing demand deposits

4,308,463

         

4,119,551

       

Other liabilities

259,160

         

188,992

       

Stockholders' equity

2,859,778

         

2,889,949

       

Total liabilities and stockholders' equity

$

26,669,845

         

$

24,537,424

       

Net interest income and rate spread

   

$

344,321

 

2.77%

     

$

342,989

 

3.04%

Net interest margin

       

2.86%

         

3.10%

Taxable equivalent adjustment

   

$

10,020

         

$

9,313

   
   

(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

Financial Summary and Comparison

(in thousands)

           

Period End Loan Composition

Jun 30, 2015

 

Mar 31, 2015

 

Jun15 vs Mar15 % Change

 

Dec 31, 2014

 

Sep 30, 2014

 

Jun 30, 2014

 

Jun15 vs Jun14 % Change

Commercial and industrial

$

6,208,192

 

$

6,140,420

 

1.1%

 

$

5,905,902

 

$

5,603,899

 

$

5,616,205

 

10.5%

Commercial real estate—owner occupied

978,183

 

1,003,885

 

(2.6)%

 

1,007,937

 

1,014,335

 

1,070,463

 

(8.6)%

Lease financing

46,900

 

49,496

 

(5.2)%

 

51,529

 

52,600

 

51,873

 

(9.6)%

Commercial and business lending

7,233,275

 

7,193,801

 

0.5%

 

6,965,368

 

6,670,834

 

6,738,541

 

7.3%

Commercial real estate—investor

3,126,440

 

3,086,980

 

1.3%

 

3,056,485

 

3,043,361

 

2,990,732

 

4.5%

Real estate construction

1,092,308

 

1,019,571

 

7.1%

 

1,008,956

 

982,426

 

1,000,421

 

9.2%

Commercial real estate lending

4,218,748

 

4,106,551

 

2.7%

 

4,065,441

 

4,025,787

 

3,991,153

 

5.7%

Total commercial

11,452,023

 

11,300,352

 

1.3%

 

11,030,809

 

10,696,621

 

10,729,694

 

6.7%

Home equity revolving lines of credit

880,628

 

879,827

 

0.1%

 

887,779

 

880,435

 

866,042

 

1.7%

Home equity loans 1st liens

508,491

 

549,667

 

(7.5)%

 

584,131

 

619,774

 

659,598

 

(22.9)%

Home equity loans junior liens

141,344

 

154,120

 

(8.3)%

 

164,148

 

176,316

 

187,732

 

(24.7)%

Home equity

1,530,463

 

1,583,614

 

(3.4)%

 

1,636,058

 

1,676,525

 

1,713,372

 

(10.7)%

Installment and credit cards

430,823

 

436,492

 

(1.3)%

 

454,219

 

459,682

 

469,203

 

(8.2)%

Residential mortgage

4,889,943

 

4,658,574

 

5.0%

 

4,472,760

 

4,326,262

 

4,132,783

 

18.3%

Total consumer

6,851,229

 

6,678,680

 

2.6%

 

6,563,037

 

6,462,469

 

6,315,358

 

8.5%

Total loans

$

18,303,252

 

$

17,979,032

 

1.8%

 

$

17,593,846

 

$

17,159,090

 

$

17,045,052

 

7.4%

Period End Deposit and Customer Funding Composition

Jun 30, 2015

 

Mar 31, 2015

 

Jun15 vs Mar15 % Change

 

Dec 31, 2014

 

Sep 30, 2014

 

Jun 30, 2014

 

Jun15 vs Jun14 % Change

Noninterest-bearing demand

$

4,332,171

 

$

4,570,872

 

(5.2)%

 

$

4,505,272

 

$

4,302,454

 

$

4,211,057

 

2.9%

Savings

1,359,478

 

1,337,643

 

1.6%

 

1,235,277

 

1,256,567

 

1,275,493

 

6.6%

Interest-bearing demand

3,576,311

 

3,525,870

 

1.4%

 

3,126,854

 

3,637,411

 

2,918,900

 

22.5%

Money market

8,374,186

 

8,781,206

 

(4.6)%

 

8,324,646

 

7,491,460

 

7,348,650

 

14.0%

Brokered CDs

39,760

 

40,699

 

(2.3)%

 

42,556

 

9,242

 

44,809

 

(11.3)%

Other time

1,587,657

 

1,595,302

 

(0.5)%

 

1,528,899

 

1,504,124

 

1,517,350

 

4.6%

Total deposits

19,269,563

 

19,851,592

 

(2.9)%

 

18,763,504

 

18,201,258

 

17,316,259

 

11.3%

Customer repo sweeps

433,044

 

528,572

 

(18.1)%

 

384,221

 

493,451

 

489,886

 

(11.6)%

Total deposits and customer funding

$

19,702,607

 

$

20,380,164

 

(3.3)%

 

$

19,147,725

 

$

18,694,709

 

$

17,806,145

 

10.7%

Network transaction deposits included above in interest-bearing demand & money market

$

2,920,939

 

$

2,900,325

 

0.7%

 

$

2,852,943

 

$

2,207,055

 

$

2,238,923

 

30.5%

Brokered CDs

39,760

 

40,699

 

(2.3)%

 

42,556

 

9,242

 

44,809

 

(11.3)%

Total network and brokered funding

2,960,699

 

2,941,024

 

0.7%

 

2,895,499

 

2,216,297

 

2,283,732

 

29.6%

Net customer deposits and funding (1)

$

16,741,908

 

$

17,439,140

 

(4.0)%

 

$

16,252,226

 

$

16,478,412

 

$

15,522,413

 

7.9%

(1) Total deposits and customer funding excluding total network and brokered funding.

                     

Quarter Average Loan Composition

Jun 30, 2015

 

Mar 31, 2015

 

Jun15 vs Mar15 % Change

 

Dec 31, 2014

 

Sep 30, 2014

 

Jun 30, 2014

 

Jun15 vs Jun14 % Change

Commercial and industrial

$

6,122,864

 

$

5,944,152

 

3.0%

 

$

5,665,396

 

$

5,558,135

 

$

5,335,488

 

14.8%

Commercial real estate—owner occupied

995,981

 

998,293

 

(0.2)%

 

1,003,179

 

1,043,001

 

1,081,552

 

(7.9)%

Lease financing

48,470

 

50,724

 

(4.4)%

 

52,318

 

51,091

 

51,804

 

(6.4)%

Commercial and business lending

7,167,315

 

6,993,169

 

2.5%

 

6,720,893

 

6,652,227

 

6,468,844

 

10.8%

Commercial real estate—investor

3,110,637

 

3,106,965

 

0.1%

 

3,062,427

 

3,013,210

 

3,014,827

 

3.2%

Real estate construction

1,038,318

 

995,768

 

4.3%

 

1,003,716

 

1,006,076

 

953,021

 

9.0%

Commercial real estate lending

4,148,955

 

4,102,733

 

1.1%

 

4,066,143

 

4,019,286

 

3,967,848

 

4.6%

Total commercial

11,316,270

 

11,095,902

 

2.0%

 

10,787,036

 

10,671,513

 

10,436,692

 

8.4%

Home equity revolving lines of credit

881,036

 

882,869

 

(0.2)%

 

883,580

 

875,388

 

866,952

 

1.6%

Home equity loans 1st liens

528,493

 

567,849

 

(6.9)%

 

601,719

 

638,592

 

681,607

 

(22.5)%

Home equity loans junior liens

147,391

 

159,378

 

(7.5)%

 

169,845

 

181,880

 

193,727

 

(23.9)%

Home equity

1,556,920

 

1,610,096

 

(3.3)%

 

1,655,144

 

1,695,860

 

1,742,286

 

(10.6)%

Installment and credit cards

432,415

 

445,268

 

(2.9)%

 

455,000

 

464,467

 

389,794

 

10.9%

Residential mortgage

4,882,700

 

4,663,849

 

4.7%

 

4,490,075

 

4,309,121

 

4,077,617

 

19.7%

Total consumer

6,872,035

 

6,719,213

 

2.3%

 

6,600,219

 

6,469,448

 

6,209,697

 

10.7%

Total loans

$

18,188,305

 

$

17,815,115

 

2.1%

 

$

17,387,255

 

$

17,140,961

 

$

16,646,389

 

9.3%

Quarter Average Deposit Composition

Jun 30, 2015

 

Mar 31, 2015

 

Jun15 vs Mar15 % Change

 

Dec 31, 2014

 

Sep 30, 2014

 

Jun 30, 2014

 

Jun15 vs Jun14 % Change

Noninterest-bearing demand

$

4,290,567

 

$

4,326,557

 

(0.8)%

 

$

4,367,031

 

$

4,239,654

 

$

4,073,310

 

5.3%

Savings

1,352,616

 

1,277,469

 

5.9%

 

1,264,195

 

1,269,994

 

1,267,297

 

6.7%

Interest-bearing demand

3,251,196

 

3,203,727

 

1.5%

 

3,142,537

 

3,096,712

 

2,894,446

 

12.3%

Money market

9,101,589

 

8,653,260

 

5.2%

 

8,209,091

 

7,721,167

 

7,340,244

 

24.0%

Time deposits

1,630,242

 

1,594,183

 

2.3%

 

1,549,565

 

1,545,851

 

1,597,535

 

2.0%

Total deposits

$

19,626,210

 

$

19,055,196

 

3.0%

 

$

18,532,419

 

$

17,873,378

 

$

17,172,832

 

14.3%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/associated-reports-second-quarter-earnings-of-031-per-share-300114571.html

SOURCE Associated Banc-Corp