Associated Banc-Corp (NASDAQ: ASBC):
- Net income available to common shareholders of $8.7 million for the third quarter
- Provision for loan losses of $95.4 million down from $155.0 million for the second quarter of 2009
- Total deposits of $16.4 billion at September 30, 2009 compared to $14.2 billion at September 30, 2008
- Total noninterest expenses of $141.1 million down $28.9 million from $170.0 million for the second quarter of 2009
- Tangible common equity ratio of 6.64% compared to 6.09% at June 30, 2009
Associated Banc-Corp (NASDAQ: ASBC) today reported third quarter 2009 net income available to common shareholders of $8.7 million, or $0.07 per common share, after a $7.3 million dividend to preferred shareholders. This compares to a net loss to common shareholders of $24.7 million, or $0.19 per common share for the second quarter of 2009, and to net income of $37.8 million, or $0.30 per common share, for the third quarter of 2008.
Net interest income for the quarter was $179.2 million compared to $179.1 million for the second quarter of 2009 and $166.5 million for the third quarter of 2008. The company’s net interest margin was 3.50% at September 30, 2009, up 10 basis points from 3.40% at June 30, 2009 and up 2 basis points from 3.48% at September 30, 2008. The quarterly improvement in net interest margin was due to a continued decline in the cost of funds and a shift in deposit balances from higher cost time deposits to lower cost transaction accounts, which was partially offset by lower levels of earning assets.
The provision for loan losses for the quarter was $95.4 million compared to $155.0 million for the second quarter of 2009 and $55.0 million for the same period one year ago. Net charge offs for the quarter were $90.0 million compared to $61.1 million for the second quarter of 2009 and $38.4 million for the third quarter of 2008. The increase in the level of net charge offs for the third quarter was significantly impacted by a $25 million charge off of a previously disclosed financial institution credit. Nonperforming loans were $885.8 million at September 30, 2009 compared to $733.4 million at June 30, 2009 and $452.2 million at March 31, 2009. Credit quality deterioration slowed during the third quarter as evidenced by the slower pace of growth in both potential problem loans and nonperforming loans. In addition, loans 30-89 days past due totaled $175.5 million, 16% lower than the prior quarter. This level for loans 30-89 days past due is the lowest the company has seen since the fourth quarter of 2007.
“The lower quarterly loan loss provision is the result of moderation in the pace of credit quality deterioration,” said Associated Chairman and CEO Paul S. Beideman. “Although credit quality deterioration has slowed and past due levels have improved, we believe that loan loss provisions and charge offs will continue to be elevated as the impact of the weak economy and stress on our customers continues.”
Loans were $14.8 billion at September 30, 2009, down 3.6% from $15.3 billion at June 30, 2009, primarily due to the continued decline in the company’s commercial loan balances. Deposits were $16.4 billion at September 30, 2009, up 0.8% from $16.3 billion at June 30, 2009 and up 15.4% from $14.2 billion a year ago. All deposit categories experienced significant year-over-year growth, with the exception of small declines in time and savings deposits.
Mortgage loans originated for sale during the third quarter declined to $638 million compared to the record high level of $1.3 billion for the second quarter of 2009 and $218 million for the third quarter of 2008. For the third quarter of 2009, the Company experienced a net mortgage banking loss of $0.9 million, compared to net mortgage banking income of $28.3 million for the second quarter of 2009 and $3.6 million for the third quarter of 2008. Third quarter mortgage banking results included a $4.7 million valuation charge related to mortgage servicing rights compared to a $9.6 million valuation recovery in the second quarter of 2009.
Core fee-based revenue was $66.5 million for the third quarter compared to $64.9 million for the second quarter of 2009 and $71.1 million for the third quarter of 2008. The reduction in revenue between the comparable third quarter periods was primarily the result of continued lower levels of consumer fee-based activity and lower asset management revenue due to year-over-year equity market declines.
Total noninterest expense for the third quarter was $141.1 million, down $28.9 million from $170.0 million in the second quarter 2009. Expenses were driven lower in all categories. Most notably, personnel expense decreased $7.7 million, legal and professional fees decreased $2.2 million, and business development and advertising costs decreased $1.0 million. In addition, FDIC insurance expense decreased $9.6 million from the second quarter, which included a one-time special assessment of $11.3 million. Foreclosure/OREO expenses also decreased $4.9 million due to lower levels of property write-downs during the quarter. The efficiency ratio for the third quarter of 2009 was 54.14% compared to 58.65% for the second quarter of 2009 and 52.18% for the same period one year ago.
For the nine months ended September 30, 2009, net income available to common shareholders was $19.4 million, or $0.15 per common share, compared to $151.6 million, or $1.18 per common share, for the nine months ended September 30, 2008.
Associated Banc-Corp (NASDAQ: ASBC) will host a conference call for investors and analysts at 3 p.m. Central Time (CT) Thursday, October 22, 2009. The toll-free dial-in number for the live call is 877-941-4774. The number for international callers is 480-629-9760. Participants should ask the operator for the Associated Banc-Corp third quarter 2009 earnings call, or for call ID number 4170464. A replay of the call will be available starting at 6 p.m. CT on October 22, 2009 through 12:00 midnight CT on November 22, 2009 by calling 800-406-7325 (toll-free) domestically or 303-590-3030 internationally. The call ID number (replay pin number), 4170464, is required to access the replay.
Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified bank holding company with total assets of $23 billion. Associated has approximately 300 banking offices serving an estimated 160 communities in Wisconsin, Illinois, and Minnesota. The company offers a full range of traditional banking services and a variety of other financial products and services. More information about Associated Banc-Corp is available at www.associatedbank.com.
Statements made in this document that are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. These statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” or similar expressions. Outcomes related to such statements are subject to numerous risk factors and uncertainties including those listed in the company’s Annual Report filed on Form 10-K.
| Consolidated Balance Sheets (Unaudited) | |||||||||||||||
| Associated Banc-Corp | |||||||||||||||
| September 30, | December 31, | Sept09 vs Dec08 | September 30, | Sept09 vs Sept08 | |||||||||||
| (in thousands) | 2009 | 2008 | % Change | 2008 | % Change | ||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ 430,381 | $ 533,338 | (19.3 | %) | $ 623,132 | (30.9 | %) | ||||||||
Interest-bearing deposits in other financial institutions | 13,145 | 12,649 | 3.9 | % | 12,288 | 7.0 | % | ||||||||
Federal funds sold and securities purchased under agreements to resell | 17,000 | 24,741 | (31.3 | %) | 60,655 | (72.0 | %) | ||||||||
| Investment securities available for sale, at fair value | 5,651,076 | 5,143,414 | 9.9 | % | 3,435,625 | 64.5 | % | ||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 181,316 | 206,003 | (12.0 | %) | 181,192 | 0.1 | % | ||||||||
| Loans held for sale | 78,740 | 87,084 | (9.6 | %) | 40,912 | 92.5 | % | ||||||||
| Loans | 14,765,597 | 16,283,908 | (9.3 | %) | 16,272,487 | (9.3 | %) | ||||||||
| Allowance for loan losses | (412,530 | ) | (265,378 | ) | 55.4 | % | (246,189 | ) | 67.6 | % | |||||
| Loans, net | 14,353,067 | 16,018,530 | (10.4 | %) | 16,026,298 | (10.4 | %) | ||||||||
| Premises and equipment, net | 185,544 | 190,942 | (2.8 | %) | 188,817 | (1.7 | %) | ||||||||
| Goodwill | 929,168 | 929,168 | 0.0 | % | 929,168 | 0.0 | % | ||||||||
| Other intangible assets, net | 91,506 | 80,165 | 14.1 | % | 90,138 | 1.5 | % | ||||||||
| Other assets | 950,584 | 966,033 | (1.6 | %) | 899,169 | 5.7 | % | ||||||||
| Total assets | $ 22,881,527 | $ 24,192,067 | (5.4 | %) | $ 22,487,394 | 1.8 | % | ||||||||
| Liabilities and Stockholders' Equity | |||||||||||||||
| Noninterest-bearing deposits | $ 2,984,486 | $ 2,814,079 | 6.1 | % | $ 2,545,779 | 17.2 | % | ||||||||
| Interest-bearing deposits, excluding Brokered CDs | 12,808,533 | 11,551,181 | 10.9 | % | 11,120,281 | 15.2 | % | ||||||||
| Brokered CDs | 653,090 | 789,536 | (17.3 | %) | 579,607 | 12.7 | % | ||||||||
| Total deposits | 16,446,109 | 15,154,796 | 8.5 | % | 14,245,667 | 15.4 | % | ||||||||
| Short-term borrowings | 1,517,594 | 3,703,936 | (59.0 | %) | 4,106,015 | (63.0 | %) | ||||||||
| Long-term funding | 1,761,506 | 1,861,647 | (5.4 | %) | 1,561,722 | 12.8 | % | ||||||||
| Accrued expenses and other liabilities | 231,659 | 595,185 | (61.1 | %) | 209,743 | 10.4 | % | ||||||||
| Total liabilities | 19,956,868 | 21,315,564 | (6.4 | %) | 20,123,147 | (0.8 | %) | ||||||||
| Stockholders' Equity | |||||||||||||||
| Preferred equity | 510,315 | 508,008 | 0.5 | % | - | N/M | |||||||||
| Common stock | 1,284 | 1,281 | 0.2 | % | 1,280 | 0.3 | % | ||||||||
| Surplus | 1,080,720 | 1,073,218 | 0.7 | % | 1,051,976 | 2.7 | % | ||||||||
| Retained earnings | 1,268,507 | 1,293,941 | (2.0 | %) | 1,321,323 | (4.0 | %) | ||||||||
| Accumulated other comprehensive income (loss) | 64,919 | 55 | N/M | (10,332 | ) | N/M | |||||||||
| Treasury stock | (1,086 | ) | - | N/M | - | N/M | |||||||||
| Total stockholders' equity | 2,924,659 | 2,876,503 | 1.7 | % | 2,364,247 | 23.7 | % | ||||||||
| Total liabilities and stockholders' equity | $ 22,881,527 | $ 24,192,067 | (5.4 | %) | $ 22,487,394 | 1.8 | % | ||||||||
| N/M = Not meaningful. | |||||||||||||||
| Consolidated Statements of Income (Unaudited) | ||||||||||||||||||
| Associated Banc-Corp | ||||||||||||||||||
| For The Three Months Ended | For The Nine Months Ended, | |||||||||||||||||
| September 30, | Quarter | September 30, | Year-to-Date | |||||||||||||||
| (in thousands, except per share amounts) | 2009 | 2008 | % Change | 2009 | 2008 | % Change | ||||||||||||
| Interest Income | ||||||||||||||||||
| Interest and fees on loans | $ 183,264 | $ 229,001 | (20.0 | %) | $ 579,641 | $ 721,781 | (19.7 | %) | ||||||||||
Interest and dividends on investment securities and deposits in other financial institutions: | ||||||||||||||||||
| Taxable | 46,873 | 32,209 | 45.5 | % | 144,464 | 95,439 | 51.4 | % | ||||||||||
| Tax-exempt | 8,498 | 9,887 | (14.0 | %) | 26,811 | 29,922 | (10.4 | %) | ||||||||||
Interest on federal funds sold and securities purchased under agreements to resell | 16 | 279 | (94.3 | %) | 130 | 698 | (81.4 | %) | ||||||||||
| Total interest income | 238,651 | 271,376 | (12.1 | %) | 751,046 | 847,840 | (11.4 | %) | ||||||||||
| Interest Expense | ||||||||||||||||||
| Interest on deposits | 37,811 | 61,743 | (38.8 | %) | 129,403 | 206,904 | (37.5 | %) | ||||||||||
| Interest on short-term borrowings | 2,895 | 23,958 | (87.9 | %) | 13,137 | 76,494 | (82.8 | %) | ||||||||||
| Interest on long-term funding | 18,709 | 19,158 | (2.3 | %) | 60,854 | 60,076 | 1.3 | % | ||||||||||
| Total interest expense | 59,415 | 104,859 | (43.3 | %) | 203,394 | 343,474 | (40.8 | %) | ||||||||||
| Net Interest Income | 179,236 | 166,517 | 7.6 | % | 547,652 | 504,366 | 8.6 | % | ||||||||||
| Provision for loan losses | 95,410 | 55,011 | 73.4 | % | 355,856 | 137,014 | 159.7 | % | ||||||||||
Net interest income after provision for loan losses | 83,826 | 111,506 | (24.8 | %) | 191,796 | 367,352 | (47.8 | %) | ||||||||||
| Noninterest Income | ||||||||||||||||||
| Trust service fees | 9,057 | 10,020 | (9.6 | %) | 26,103 | 30,172 | (13.5 | %) | ||||||||||
| Service charges on deposit accounts | 30,829 | 33,609 | (8.3 | %) | 87,705 | 87,422 | 0.3 | % | ||||||||||
| Card-based and other nondeposit fees | 11,586 | 12,517 | (7.4 | %) | 33,618 | 36,243 | (7.2 | %) | ||||||||||
| Retail commissions | 15,041 | 14,928 | 0.8 | % | 45,382 | 47,047 | (3.5 | %) | ||||||||||
| Mortgage banking, net | (909 | ) | 3,571 | (125.5 | %) | 31,655 | 15,911 | 99.0 | % | |||||||||
| Treasury management fees, net | 226 | 1,935 | (88.3 | %) | 5,245 | 7,423 | (29.3 | %) | ||||||||||
| Bank owned life insurance income | 3,789 | 5,235 | (27.6 | %) | 12,722 | 15,093 | (15.7 | %) | ||||||||||
| Asset sale gains (losses), net | (126 | ) | 573 | (122.0 | %) | (2,520 | ) | (614 | ) | 310.4 | % | |||||||
| Investment securities gains (losses), net | (42 | ) | (13,585 | ) | N/M | 9,169 | (17,243 | ) | N/M | |||||||||
| Other | 5,858 | 6,520 | (10.2 | %) | 17,148 | 23,122 | (25.8 | %) | ||||||||||
| Total noninterest income | 75,309 | 75,323 | (0.0 | %) | 266,227 | 244,576 | 8.9 | % | ||||||||||
| Noninterest Expense | ||||||||||||||||||
| Personnel expense | 73,501 | 78,395 | (6.2 | %) | 231,770 | 232,104 | (0.1 | %) | ||||||||||
| Occupancy | 11,949 | 12,037 | (0.7 | %) | 37,171 | 37,327 | (0.4 | %) | ||||||||||
| Equipment | 4,575 | 5,088 | (10.1 | %) | 13,834 | 14,338 | (3.5 | %) | ||||||||||
| Data processing | 7,442 | 7,634 | (2.5 | %) | 23,165 | 23,005 | 0.7 | % | ||||||||||
| Business development and advertising | 3,910 | 5,175 | (24.4 | %) | 13,590 | 15,353 | (11.5 | %) | ||||||||||
| Other intangible amortization | 1,386 | 1,568 | (11.6 | %) | 4,157 | 4,705 | (11.6 | %) | ||||||||||
| Legal and professional fees | 3,349 | 3,538 | (5.3 | %) | 13,176 | 9,255 | 42.4 | % | ||||||||||
| Foreclosure/OREO expense | 8,688 | 2,427 | 258.0 | % | 27,277 | 6,969 | 291.4 | % | ||||||||||
| FDIC expense | 8,451 | 791 | N/M | 32,316 | 1,594 | N/M | ||||||||||||
| Other | 17,860 | 19,924 | (10.4 | %) | 55,950 | 64,060 | (12.7 | %) | ||||||||||
| Total noninterest expense | 141,111 | 136,577 | 3.3 | % | 452,406 | 408,710 | 10.7 | % | ||||||||||
| Income before income taxes | 18,024 | 50,252 | (64.1 | %) | 5,617 | 203,218 | (97.2 | %) | ||||||||||
| Income tax expense (benefit) | 2,030 | 12,483 | (83.7 | %) | (35,761 | ) | 51,625 | (169.3 | %) | |||||||||
| Net income | 15,994 | 37,769 | (57.7 | %) | $ 41,378 | $ 151,593 | (72.7 | %) | ||||||||||
| Preferred stock dividends and discount | 7,342 | - | N/M | 21,994 | - | N/M | ||||||||||||
| Net income available to common equity | $ 8,652 | $ 37,769 | (77.1 | %) | $ 19,384 | $ 151,593 | (87.2 | %) | ||||||||||
| Earnings Per Common Share: | ||||||||||||||||||
| Basic | $ 0.07 | $ 0.30 | (76.7 | %) | $ 0.15 | $ 1.19 | (87.4 | %) | ||||||||||
| Diluted | $ 0.07 | $ 0.30 | (76.7 | %) | $ 0.15 | $ 1.18 | (87.3 | %) | ||||||||||
| Average Common Shares Outstanding: | ||||||||||||||||||
| Basic | 127,863 | 127,553 | 0.2 | % | 127,855 | 127,428 | 0.3 | % | ||||||||||
| Diluted | 127,863 | 127,622 | 0.2 | % | 127,859 | 127,799 | 0.0 | % | ||||||||||
| N/M = Not meaningful. | ||||||||||||||||||
| Consolidated Statements of Income (Unaudited) - Quarterly Trend | |||||||||||||||
| Associated Banc-Corp | |||||||||||||||
| (in thousands, except per share amounts) | 3Q09 | 2Q09 | 1Q09 | 4Q08 | 3Q08 | ||||||||||
| Interest Income | |||||||||||||||
| Interest and fees on loans | $ 183,264 | $ 194,352 | $ 202,025 | $ 230,872 | $ 229,001 | ||||||||||
Interest and dividends on investment securities and deposits in other financial institutions: | |||||||||||||||
| Taxable | 46,873 | 46,688 | 50,903 | 38,032 | 32,209 | ||||||||||
| Tax-exempt | 8,498 | 8,819 | 9,494 | 9,811 | 9,887 | ||||||||||
Interest on federal funds sold and securities purchased under agreements to resell | 16 | 51 | 63 | 154 | 279 | ||||||||||
| Total interest income | 238,651 | 249,910 | 262,485 | 278,869 | 271,376 | ||||||||||
| Interest Expense | |||||||||||||||
| Interest on deposits | 37,811 | 44,993 | 46,599 | 56,402 | 61,743 | ||||||||||
| Interest on short-term borrowings | 2,895 | 5,088 | 5,154 | 10,090 | 23,958 | ||||||||||
| Interest on long-term funding | 18,709 | 20,691 | 21,454 | 20,595 | 19,158 | ||||||||||
| Total interest expense | 59,415 | 70,772 | 73,207 | 87,087 | 104,859 | ||||||||||
| Net Interest Income | 179,236 | 179,138 | 189,278 | 191,782 | 166,517 | ||||||||||
| Provision for loan losses | 95,410 | 155,022 | 105,424 | 65,044 | 55,011 | ||||||||||
Net interest income after provision for loan losses | 83,826 | 24,116 | 83,854 | 126,738 | 111,506 | ||||||||||
| Noninterest Income | |||||||||||||||
| Trust service fees | 9,057 | 8,569 | 8,477 | 8,248 | 10,020 | ||||||||||
| Service charges on deposit accounts | 30,829 | 29,671 | 27,205 | 30,946 | 33,609 | ||||||||||
| Card-based and other nondeposit fees | 11,586 | 11,858 | 10,174 | 12,297 | 12,517 | ||||||||||
| Retail commissions | 15,041 | 14,829 | 15,512 | 15,541 | 14,928 | ||||||||||
| Total core fee-based revenue | 66,513 | 64,927 | 61,368 | 67,032 | 71,074 | ||||||||||
| Mortgage banking, net | (909 | ) | 28,297 | 4,267 | (1,227 | ) | 3,571 | ||||||||
| Treasury management fees, net | 226 | 2,393 | 2,626 | (33 | ) | 1,935 | |||||||||
| Bank owned life insurance income | 3,789 | 3,161 | 5,772 | 4,711 | 5,235 | ||||||||||
| Asset sale gains (losses), net | (126 | ) | (1,287 | ) | (1,107 | ) | (1,054 | ) | 573 | ||||||
| Investment securities gains (losses), net | (42 | ) | (1,385 | ) | 10,596 | (35,298 | ) | (13,585 | ) | ||||||
| Other | 5,858 | 5,835 | 5,455 | 6,943 | 6,520 | ||||||||||
| Total noninterest income | 75,309 | 101,941 | 88,977 | 41,074 | 75,323 | ||||||||||
| Noninterest Expense | |||||||||||||||
| Personnel expense | 73,501 | 81,171 | 77,098 | 77,374 | 78,395 | ||||||||||
| Occupancy | 11,949 | 12,341 | 12,881 | 13,134 | 12,037 | ||||||||||
| Equipment | 4,575 | 4,670 | 4,589 | 4,785 | 5,088 | ||||||||||
| Data processing | 7,442 | 8,126 | 7,597 | 7,446 | 7,634 | ||||||||||
| Business development and advertising | 3,910 | 4,943 | 4,737 | 6,047 | 5,175 | ||||||||||
| Other intangible amortization | 1,386 | 1,385 | 1,386 | 1,564 | 1,568 | ||||||||||
| Legal and professional fees | 3,349 | 5,586 | 4,241 | 5,311 | 3,538 | ||||||||||
| Foreclosure/OREO expense | 8,688 | 13,576 | 5,013 | 6,716 | 2,427 | ||||||||||
| FDIC expense | 8,451 | 18,090 | 5,775 | 930 | 791 | ||||||||||
| Other | 17,860 | 20,143 | 17,947 | 25,443 | 19,924 | ||||||||||
| Total noninterest expense | 141,111 | 170,031 | 141,264 | 148,750 | 136,577 | ||||||||||
| Income (loss) before income taxes | 18,024 | (43,974 | ) | 31,567 | 19,062 | 50,252 | |||||||||
| Income tax expense (benefit) | 2,030 | (26,633 | ) | (11,158 | ) | 2,203 | 12,483 | ||||||||
| Net income (loss) | 15,994 | (17,341 | ) | 42,725 | 16,859 | 37,769 | |||||||||
| Preferred stock dividends and discount | 7,342 | 7,331 | 7,321 | 3,250 | - | ||||||||||
| Net income (loss) available to common equity | $ 8,652 | $ (24,672 | ) | $ 35,404 | $ 13,609 | $ 37,769 | |||||||||
| Earnings (Loss) Per Common Share: | |||||||||||||||
| Basic | $ 0.07 | $ (0.19 | ) | $ 0.28 | $ 0.11 | $ 0.30 | |||||||||
| Diluted | $ 0.07 | $ (0.19 | ) | $ 0.28 | $ 0.11 | $ 0.30 | |||||||||
| Average Common Shares Outstanding: | |||||||||||||||
| Basic | 127,863 | 127,861 | 127,839 | 127,717 | 127,553 | ||||||||||
| Diluted | 127,863 | 127,861 | 127,845 | 127,810 | 127,622 | ||||||||||
| Selected Quarterly Information | |||||||||||||||||||||
| Associated Banc-Corp | |||||||||||||||||||||
| (in thousands, except per share and full time equivalent employee data) | YTD 2009 | YTD 2008 | 3rd Qtr 2009 | 2nd Qtr 2009 | 1st Qtr 2009 | 4th Qtr 2008 | 3rd Qtr 2008 | ||||||||||||||
| Summary of Operations | |||||||||||||||||||||
| Net interest income | $ 547,652 | $ 504,366 | $ 179,236 | $ 179,138 | $ 189,278 | $ 191,782 | $ 166,517 | ||||||||||||||
| Provision for loan losses | 355,856 | 137,014 | 95,410 | 155,022 | 105,424 | 65,044 | 55,011 | ||||||||||||||
| Asset sale gains (losses), net | (2,520 | ) | (614 | ) | (126 | ) | (1,287 | ) | (1,107 | ) | (1,054 | ) | 573 | ||||||||
| Investment securities gains (losses), net | 9,169 | (17,243 | ) | (42 | ) | (1,385 | ) | 10,596 | (35,298 | ) | (13,585 | ) | |||||||||
| Noninterest income (excluding securities & asset gains) | 259,578 | 262,433 | 75,477 | 104,613 | 79,488 | 77,426 | 88,335 | ||||||||||||||
| Noninterest expense | 452,406 | 408,710 | 141,111 | 170,031 | 141,264 | 148,750 | 136,577 | ||||||||||||||
| Income (loss) before income taxes | 5,617 | 203,218 | 18,024 | (43,974 | ) | 31,567 | 19,062 | 50,252 | |||||||||||||
| Income tax expense (benefit) | (35,761 | ) | 51,625 | 2,030 | (26,633 | ) | (11,158 | ) | 2,203 | 12,483 | |||||||||||
| Net income (loss) | 41,378 | 151,593 | 15,994 | (17,341 | ) | 42,725 | 16,859 | 37,769 | |||||||||||||
| Net income (loss) available to common equity | 19,384 | 151,593 | 8,652 | (24,672 | ) | 35,404 | 13,609 | 37,769 | |||||||||||||
| Taxable equivalent adjustment | 18,632 | 20,809 | 5,938 | 6,150 | 6,544 | 6,902 | 6,899 | ||||||||||||||
| Per Common Share Data | |||||||||||||||||||||
| Net income (loss): | |||||||||||||||||||||
| Basic | $ 0.15 | $ 1.19 | $ 0.07 | $ (0.19 | ) | $ 0.28 | $ 0.11 | $ 0.30 | |||||||||||||
| Diluted | 0.15 | 1.18 | 0.07 | (0.19 | ) | 0.28 | 0.11 | 0.30 | |||||||||||||
| Dividends | 0.42 | 0.95 | 0.05 | 0.05 | 0.32 | 0.32 | 0.32 | ||||||||||||||
| Market Value: | |||||||||||||||||||||
| High | $ 21.39 | $ 29.23 | $ 12.67 | $ 19.00 | $ 21.39 | $ 24.21 | $ 25.92 | ||||||||||||||
| Low | 9.21 | 14.85 | 9.21 | 12.50 | 10.60 | 15.72 | 14.85 | ||||||||||||||
| Close | 11.42 | 19.95 | 11.42 | 12.50 | 15.45 | 20.93 | 19.95 | ||||||||||||||
| Book value | 18.88 | 18.52 | 18.88 | 18.49 | 18.68 | 18.54 | 18.52 | ||||||||||||||
| Tangible book value | 11.38 | 10.96 | 11.38 | 10.97 | 11.15 | 10.99 | 10.96 | ||||||||||||||
| Performance Ratios (annualized) | |||||||||||||||||||||
| Earning assets yield | 4.75 | % | 5.90 | % | 4.62 | % | 4.70 | % | 4.94 | % | 5.57 | % | 5.58 | % | |||||||
| Interest-bearing liabilities rate | 1.51 | 2.71 | 1.36 | 1.57 | 1.61 | 2.00 | 2.44 | ||||||||||||||
| Net interest margin | 3.50 | 3.57 | 3.50 | 3.40 | 3.59 | 3.88 | 3.48 | ||||||||||||||
| Return on average assets | 0.23 | 0.93 | 0.27 | (0.29 | ) | 0.71 | 0.30 | 0.68 | |||||||||||||
| Return on average equity | 1.90 | 8.57 | 2.19 | (2.40 | ) | 5.98 | 2.58 | 6.38 | |||||||||||||
| Return on average tangible common equity (1) | 1.81 | 14.52 | 2.39 | (6.88 | ) | 10.05 | 3.83 | 10.83 | |||||||||||||
| Efficiency ratio (2) | 54.78 | 51.89 | 54.14 | 58.65 | 51.31 | 53.87 | 52.18 | ||||||||||||||
| Effective tax rate (benefit) | (636.66 | ) | 25.40 | 11.26 | (60.57 | ) | (35.35 | ) | 11.56 | 24.84 | |||||||||||
| Dividend payout ratio (3) | 280.00 | 79.83 | 71.43 | N/M | 114.29 | 290.91 | 106.67 | ||||||||||||||
| Average Balances | |||||||||||||||||||||
| Assets | $ 23,891,164 | $ 21,833,664 | $ 23,362,954 | $ 24,064,567 | $ 24,255,783 | $ 22,646,421 | $ 22,072,948 | ||||||||||||||
| Earning assets | 21,619,838 | 19,639,329 | 21,063,016 | 21,847,267 | 21,959,077 | 20,436,483 | 19,884,434 | ||||||||||||||
| Interest-bearing liabilities | 17,994,706 | 16,904,447 | 17,412,341 | 18,125,389 | 18,457,879 | 17,363,481 | 17,107,551 | ||||||||||||||
| Loans | 15,929,440 | 16,011,627 | 15,248,895 | 16,122,063 | 16,430,347 | 16,285,881 | 16,203,717 | ||||||||||||||
| Deposits | 15,808,077 | 13,616,134 | 16,264,181 | 16,100,686 | 15,045,976 | 14,395,626 | 13,710,297 | ||||||||||||||
| Wholesale funding | 5,006,918 | 5,707,467 | 4,067,830 | 4,876,970 | 6,098,266 | 5,496,248 | 5,876,051 | ||||||||||||||
| Common stockholders' equity | 2,395,478 | 2,363,033 | 2,394,410 | 2,400,664 | 2,391,325 | 2,376,639 | 2,353,606 | ||||||||||||||
| Stockholders' equity | 2,904,521 | 2,363,033 | 2,904,210 | 2,909,700 | 2,899,603 | 2,602,917 | 2,353,606 | ||||||||||||||
| Common stockholders' equity / assets | 10.03 | % | 10.82 | % | 10.25 | % | 9.98 | % | 9.86 | % | 10.49 | % | 10.66 | % | |||||||
| Stockholders' equity / assets | 12.16 | % | 10.82 | % | 12.43 | % | 12.09 | % | 11.95 | % | 11.49 | % | 10.66 | % | |||||||
| At Period End | |||||||||||||||||||||
| Assets | $ 22,881,527 | $ 24,013,567 | $ 24,349,725 | $ 24,192,067 | $ 22,487,394 | ||||||||||||||||
| Loans | 14,765,597 | 15,310,107 | 15,917,952 | 16,283,908 | 16,272,487 | ||||||||||||||||
| Allowance for loan losses | 412,530 | 407,167 | 313,228 | 265,378 | 246,189 | ||||||||||||||||
| Goodwill | 929,168 | 929,168 | 929,168 | 929,168 | 929,168 | ||||||||||||||||
| Mortgage servicing rights at fair value, net | 61,066 | 59,762 | 39,754 | 45,568 | 53,977 | ||||||||||||||||
| Other intangible assets | 30,440 | 31,826 | 33,211 | 34,597 | 36,161 | ||||||||||||||||
| Deposits | 16,446,109 | 16,320,391 | 15,873,189 | 15,154,796 | 14,245,667 | ||||||||||||||||
| Wholesale funding | 3,279,100 | 4,474,542 | 5,326,734 | 5,565,583 | 5,667,737 | ||||||||||||||||
| Stockholders' equity | 2,924,659 | 2,873,768 | 2,897,169 | 2,876,503 | 2,364,247 | ||||||||||||||||
| Stockholders' equity / assets | 12.78 | % | 11.97 | % | 11.90 | % | 11.89 | % | 10.51 | % | |||||||||||
| Tangible common equity / tangible assets (4) | 6.64 | % | 6.09 | % | 6.10 | % | 6.05 | % | 6.50 | % | |||||||||||
| Tangible equity / tangible assets (5) | 8.96 | % | 8.30 | % | 8.27 | % | 8.23 | % | 6.50 | % | |||||||||||
| Shares outstanding, end of period | 127,864 | 127,861 | 127,860 | 127,762 | 127,646 | ||||||||||||||||
| Selected trend information | |||||||||||||||||||||
| Average full time equivalent employees | 5,004 | 5,116 | 5,143 | 5,109 | 5,141 | ||||||||||||||||
| Trust assets under management, at market value | $ 5,200,000 | $ 5,000,000 | $ 4,800,000 | $ 5,100,000 | $ 5,600,000 | ||||||||||||||||
| Mortgage loans originated for sale during period | 638,229 | 1,335,175 | 1,079,732 | 247,465 | 217,993 | ||||||||||||||||
| Mortgage portfolio serviced for others | 7,473,000 | 6,904,000 | 6,582,000 | 6,606,000 | 6,596,000 | ||||||||||||||||
| Mortgage servicing rights, net / Portfolio serviced for others | 0.82 | % | 0.87 | % | 0.60 | % | 0.69 | % | 0.82 | % | |||||||||||
| N/M = Not meaningful. | |||||||||||||||||||||
(1) | Return on average tangible common equity = Net income available to common equity divided by average common equity excluding average goodwill and other intangible assets. This is a non-GAAP financial measure. | |
(2) | Efficiency ratio = Noninterest expense divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains, net, and asset sales gains, net. | |
| This is a non-GAAP financial measure. | ||
(3) | Ratio is based upon basic earnings per common share. | |
(4) | Tangible common equity to tangible assets = Common stockholders' equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. | |
| This is a non-GAAP financial measure. | ||
(5) | Tangible equity to tangible assets = Stockholders' equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. | |
| This is a non-GAAP financial measure. |
| Financial Summary and Comparison | |||||||||||||||||||||
| Associated Banc-Corp | Three months ended | Nine months ended | |||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||
| (in thousands) | 2009 | 2008 | % Change | 2009 | 2008 | % Change | |||||||||||||||
| Allowance for Loan Losses | |||||||||||||||||||||
| Beginning balance | $ 407,167 | $ 229,605 | 77.3 | % | $ 265,378 | $ 200,570 | 32.3 | % | |||||||||||||
| Provision for loan losses | 95,410 | 55,011 | 73.4 | % | 355,856 | 137,014 | 159.7 | % | |||||||||||||
| Charge offs | (92,340 | ) | (40,344 | ) | 128.9 | % | (215,839 | ) | (98,076 | ) | 120.1 | % | |||||||||
| Recoveries | 2,293 | 1,917 | 19.6 | % | 7,135 | 6,681 | 6.8 | % | |||||||||||||
| Net charge offs | (90,047 | ) | (38,427 | ) | 134.3 | % | (208,704 | ) | (91,395 | ) | 128.4 | % | |||||||||
| Ending balance | $ 412,530 | $ 246,189 | 67.6 | % | $ 412,530 | $ 246,189 | 67.6 | % | |||||||||||||
| Credit Quality | Sep09 vs Jun09 | Sep09 vs Sep08 | |||||||||||||||||||
| Sept 30, 2009 | Jun 30, 2009 | % Change | Mar 31, 2009 | Dec 31, 2008 | Sept 30, 2008 | % Change | |||||||||||||||
| Nonaccrual loans | $ 845,320 | $ 700,514 | 20.7 | % | $ 433,246 | $ 326,857 | $ 290,039 | 191.5 | % | ||||||||||||
| Loans 90 or more days past due and still accruing | 23,174 | 19,785 | 17.1 | % | 16,002 | 13,811 | 14,631 | 58.4 | % | ||||||||||||
| Restructured loans | 17,256 | 13,089 | 31.8 | % | 2,927 | - | - | N/M | |||||||||||||
| Total nonperforming loans | 885,750 | 733,388 | 20.8 | % | 452,175 | 340,668 | 304,670 | 190.7 | % | ||||||||||||
| Other real estate owned (OREO) | 60,010 | 51,633 | 16.2 | % | 54,883 | 48,710 | 46,473 | 29.1 | % | ||||||||||||
| Total nonperforming assets | $ 945,760 | $ 785,021 | 20.5 | % | $ 507,058 | $ 389,378 | $ 351,143 | 169.3 | % | ||||||||||||
| Provision for loan losses | 95,410 | 155,022 | (38.5 | %) | 105,424 | 65,044 | 55,011 | 73.4 | % | ||||||||||||
| Net charge offs | 90,047 | 61,083 | 47.4 | % | 57,574 | 45,855 | 38,427 | 134.3 | % | ||||||||||||
| Allowance for loan losses / loans | 2.79 | % | 2.66 | % | 1.97 | % | 1.63 | % | 1.51 | % | |||||||||||
| Allowance for loan losses / nonperforming loans | 46.57 | 55.52 | 69.27 | 77.90 | 80.81 | ||||||||||||||||
| Nonperforming loans / total loans | 6.00 | 4.79 | 2.84 | 2.09 | 1.87 | ||||||||||||||||
| Nonperforming assets / total loans plus OREO | 6.38 | 5.11 | 3.17 | 2.38 | 2.15 | ||||||||||||||||
| Nonperforming assets / total assets | 4.13 | 3.27 | 2.08 | 1.61 | 1.56 | ||||||||||||||||
| Net charge offs / average loans (annualized) | 2.34 | 1.52 | 1.42 | 1.12 | 0.94 | ||||||||||||||||
| Year-to-date net charge offs / average loans | 1.75 | 1.47 | 1.42 | 0.85 | 0.76 | ||||||||||||||||
| Nonperforming loans by type: | |||||||||||||||||||||
| Commercial, financial & agricultural | $ 209,843 | $ 187,943 | 11.7 | % | $ 102,257 | $ 104,664 | $ 85,995 | 144.0 | % | ||||||||||||
| Commercial real estate | 213,736 | 165,929 | 28.8 | % | 100,838 | 62,423 | 52,875 | 304.2 | % | ||||||||||||
| Real estate - construction | 301,844 | 264,402 | 14.2 | % | 152,008 | 90,048 | 98,205 | 207.4 | % | ||||||||||||
| Lease financing | 18,814 | 1,929 | N/M | 1,707 | 187 | 83 | N/M | ||||||||||||||
| Total commercial | 744,237 | 620,203 | 20.0 | % | 356,810 | 257,322 | 237,158 | 213.8 | % | ||||||||||||
| Home equity | 45,905 | 38,474 | 19.3 | % | 35,224 | 31,035 | 25,372 | 80.9 | % | ||||||||||||
| Installment | 7,387 | 7,545 | (2.1 | %) | 6,755 | 7,155 | 6,035 | 22.4 | % | ||||||||||||
| Total retail | 53,292 | 46,019 | 15.8 | % | 41,979 | 38,190 | 31,407 | 69.7 | % | ||||||||||||
| Residential mortgage | 88,221 | 67,166 | 31.3 | % | 53,386 | 45,156 | 36,105 | 144.3 | % | ||||||||||||
| Total nonperforming loans | $ 885,750 | $ 733,388 | 20.8 | % | $ 452,175 | $ 340,668 | $ 304,670 | 190.7 | % | ||||||||||||
| Loans past due 30-89 days | $ 175,492 | $ 209,323 | (16.2 | %) | $ 245,854 | $ 190,112 | $ 191,514 | (8.4 | %) | ||||||||||||
| Potential problem loans | $ 1,573,903 | $ 1,426,171 | 10.4 | % | $ 1,016,551 | $ 937,802 | $ 765,641 | 105.6 | % | ||||||||||||
| Period End Loan Composition | Sep09 vs Jun09 | Sep09 vs Sep08 | |||||||||||||||||||
| Sept 30, 2009 | Jun 30, 2009 | % Change | Mar 31, 2009 | Dec 31, 2008 | Sept 30, 2008 | % Change | |||||||||||||||
| Commercial, financial & agricultural | $ 3,613,457 | $ 3,904,925 | (7.5 | %) | $ 4,160,274 | $ 4,388,691 | $ 4,343,208 | (16.8 | %) | ||||||||||||
| Commercial real estate | 3,902,340 | 3,737,749 | 4.4 | % | 3,575,301 | 3,566,551 | 3,534,791 | 10.4 | % | ||||||||||||
| Real estate - construction | 1,611,857 | 1,963,919 | (17.9 | %) | 2,228,090 | 2,260,888 | 2,363,116 | (31.8 | %) | ||||||||||||
| Lease financing | 102,130 | 110,262 | (7.4 | %) | 116,100 | 122,113 | 125,907 | (18.9 | %) | ||||||||||||
| Total commercial | 9,229,784 | 9,716,855 | (5.0 | %) | 10,079,765 | 10,338,243 | 10,367,022 | (11.0 | %) | ||||||||||||
| Home equity | 2,591,262 | 2,656,747 | (2.5 | %) | 2,784,248 | 2,883,317 | 2,892,952 | (10.4 | %) | ||||||||||||
| Installment | 885,970 | 844,065 | 5.0 | % | 853,214 | 827,303 | 842,741 | 5.1 | % | ||||||||||||
| Total retail | 3,477,232 | 3,500,812 | (0.7 | %) | 3,637,462 | 3,710,620 | 3,735,693 | (6.9 | %) | ||||||||||||
| Residential mortgage | 2,058,581 | 2,092,440 | (1.6 | %) | 2,200,725 | 2,235,045 | 2,169,772 | (5.1 | %) | ||||||||||||
| Total loans | $ 14,765,597 | $ 15,310,107 | (3.6 | %) | $ 15,917,952 | $ 16,283,908 | $ 16,272,487 | (9.3 | %) | ||||||||||||
| Period End Deposit Composition | Sep09 vs Jun09 | Sep09 vs Sep08 | |||||||||||||||||||
| Sept 30, 2009 | Jun 30, 2009 | % Change | Mar 31, 2009 | Dec 31, 2008 | Sept 30, 2008 | % Change | |||||||||||||||
| Demand | $ 2,984,486 | $ 2,846,570 | 4.8 | % | $ 2,818,088 | $ 2,814,079 | $ 2,545,779 | 17.2 | % | ||||||||||||
| Savings | 871,539 | 898,527 | (3.0 | %) | 895,310 | 841,129 | 888,731 | (1.9 | %) | ||||||||||||
| Interest-bearing demand | 2,395,429 | 2,242,800 | 6.8 | % | 1,796,724 | 1,796,405 | 1,667,640 | 43.6 | % | ||||||||||||
| Money market | 5,724,418 | 5,410,498 | 5.8 | % | 5,410,095 | 4,926,088 | 4,608,686 | 24.2 | % | ||||||||||||
| Brokered CDs | 653,090 | 930,582 | (29.8 | %) | 922,491 | 789,536 | 579,607 | 12.7 | % | ||||||||||||
| Other time deposits | 3,817,147 | 3,991,414 | (4.4 | %) | 4,030,481 | 3,987,559 | 3,955,224 | (3.5 | %) | ||||||||||||
| Total deposits | $ 16,446,109 | $ 16,320,391 | 0.8 | % | $ 15,873,189 | $ 15,154,796 | $ 14,245,667 | 15.4 | % | ||||||||||||
| Network transaction deposits included above in | |||||||||||||||||||||
| interest-bearing demand and money market | $ 1,767,271 | $ 1,605,722 | 10.1 | % | $ 1,759,656 | $ 1,530,675 | $ 1,356,616 | 30.3 | % | ||||||||||||
| Customer repo sweeps (a) | $ 242,575 | $ 269,809 | (10.1 | %) | $ 333,706 | $ 505,788 | $ 657,032 | (63.1 | %) | ||||||||||||
| (a) Included within short-term borrowings. | |||||||||||||||||||||
| N/M - Not meaningful. | |||||||||||||||||||||
| Net Interest Income Analysis - Taxable Equivalent Basis | ||||||||||||||
| Associated Banc-Corp | Nine months ended September 30, 2009 | Nine months ended September 30, 2008 | ||||||||||||
| 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 | $ 9,887,868 | $ 334,930 | 4.53 | % | $ 10,405,893 | $ 455,899 | 5.85 | % | ||||||
| Residential mortgage | 2,457,663 | 98,159 | 5.33 | 2,193,992 | 97,776 | 5.95 | ||||||||
| Retail | 3,583,909 | 149,098 | 5.56 | 3,411,742 | 170,962 | 6.69 | ||||||||
| Total loans | 15,929,440 | 582,187 | 4.88 | 16,011,627 | 724,637 | 6.04 | ||||||||
| Investments and other | 5,690,398 | 187,491 | 4.39 | 3,627,702 | 144,012 | 5.29 | ||||||||
| Total earning assets | 21,619,838 | 769,678 | 4.75 | 19,639,329 | 868,649 | 5.90 | ||||||||
| Other assets, net | 2,271,326 | 2,194,335 | ||||||||||||
| Total assets | $ 23,891,164 | $ 21,833,664 | ||||||||||||
| Interest-bearing liabilities: | ||||||||||||||
| Savings deposits | $ 884,098 | $ 1,034 | 0.16 | % | $ 894,389 | $ 3,118 | 0.47 | % | ||||||
| Interest-bearing demand deposits | 2,002,929 | 3,164 | 0.21 | 1,791,808 | 13,131 | 0.98 | ||||||||
| Money market deposits | 5,300,646 | 34,516 | 0.87 | 4,010,968 | 61,577 | 2.05 | ||||||||
| Time deposits, excluding Brokered CDs | 3,951,577 | 82,275 | 2.78 | 3,959,126 | 115,830 | 3.91 | ||||||||
| Total interest-bearing deposits, excluding Brokered CDs | 12,139,250 | 120,989 | 1.33 | 10,656,291 | 193,656 | 2.43 | ||||||||
| Brokered CDs | 848,538 | 8,414 | 1.33 | 540,689 | 13,248 | 3.27 | ||||||||
| Total interest-bearing deposits | 12,987,788 | 129,403 | 1.33 | 11,196,980 | 206,904 | 2.47 | ||||||||
| Wholesale funding | 5,006,918 | 73,991 | 1.97 | 5,707,467 | 136,570 | 3.20 | ||||||||
| Total interest-bearing liabilities | 17,994,706 | 203,394 | 1.51 | 16,904,447 | 343,474 | 2.71 | ||||||||
| Noninterest-bearing demand deposits | 2,820,289 | 2,419,154 | ||||||||||||
| Other liabilities | 171,648 | 147,030 | ||||||||||||
| Stockholders' equity | 2,904,521 | 2,363,033 | ||||||||||||
| Total liabilities and stockholders' equity | $ 23,891,164 | $ 21,833,664 | ||||||||||||
| Net interest income and rate spread (1) | $ 566,284 | 3.24 | % | $ 525,175 | 3.19 | % | ||||||||
| Net interest margin (1) | 3.50 | % | 3.57 | % | ||||||||||
| Taxable equivalent adjustment | $ 18,632 | $ 20,809 | ||||||||||||
| Three months ended September 30, 2009 | Three months ended September 30, 2008 | |||||||||||||
| Average | Interest | Average | Average | Interest | Average | |||||||||
| Balance | Income / Expense | Yield / Rate | Balance | Income / Expense | Yield / Rate | |||||||||
| Earning assets: | ||||||||||||||
| Loans: (1) (2) (3) | ||||||||||||||
| Commercial | $ 9,503,565 | $ 106,506 | 4.45 | % | $ 10,393,313 | $ 141,040 | 5.40 | % | ||||||
| Residential mortgage | 2,270,025 | 29,928 | 5.26 | 2,151,163 | 31,452 | 5.84 | ||||||||
| Retail | 3,475,305 | 47,670 | 5.46 | 3,659,241 | 57,477 | 6.26 | ||||||||
| Total loans | 15,248,895 | 184,104 | 4.80 | 16,203,717 | 229,969 | 5.65 | ||||||||
| Investments and other | 5,814,121 | 60,485 | 4.16 | 3,680,717 | 48,306 | 5.25 | ||||||||
| Total earning assets | 21,063,016 | 244,589 | 4.62 | 19,884,434 | 278,275 | 5.58 | ||||||||
| Other assets, net | 2,299,938 | 2,188,514 | ||||||||||||
| Total assets | $ 23,362,954 | $ 22,072,948 | ||||||||||||
| Interest-bearing liabilities: | ||||||||||||||
| Savings deposits | $ 887,176 | $ 353 | 0.16 | % | $ 911,216 | $ 1,027 | 0.45 | % | ||||||
| Interest-bearing demand deposits | 2,330,976 | 1,298 | 0.22 | 1,771,091 | 3,366 | 0.76 | ||||||||
| Money market deposits | 5,540,272 | 10,538 | 0.75 | 4,191,771 | 19,577 | 1.86 | ||||||||
| Time deposits, excluding Brokered CDs | 3,847,942 | 23,998 | 2.47 | 3,941,384 | 34,860 | 3.52 | ||||||||
| Total interest-bearing deposits, excluding Brokered CDs | 12,606,366 | 36,187 | 1.14 | 10,815,462 | 58,830 | 2.16 | ||||||||
| Brokered CDs | 738,145 | 1,624 | 0.87 | 416,038 | 2,913 | 2.79 | ||||||||
| Total interest-bearing deposits | 13,344,511 | 37,811 | 1.12 | 11,231,500 | 61,743 | 2.19 | ||||||||
| Wholesale funding | 4,067,830 | 21,604 | 2.11 | 5,876,051 | 43,116 | 2.92 | ||||||||
| Total interest-bearing liabilities | 17,412,341 | 59,415 | 1.36 | 17,107,551 | 104,859 | 2.44 | ||||||||
| Noninterest-bearing demand deposits | 2,919,670 | 2,478,797 | ||||||||||||
| Other liabilities | 126,733 | 132,994 | ||||||||||||
| Stockholders' equity | 2,904,210 | 2,353,606 | ||||||||||||
| Total liabilities and stockholders' equity | $ 23,362,954 | $ 22,072,948 | ||||||||||||
| Net interest income and rate spread (1) | $ 185,174 | 3.26 | % | $ 173,416 | 3.14 | % | ||||||||
| Net interest margin (1) | 3.50 | % | 3.48 | % | ||||||||||
| Taxable equivalent adjustment | $ 5,938 | $ 6,899 | ||||||||||||
(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. |
Contacts:
Investors: Joseph B. Selner, Chief Financial
Officer, 920-491-7120
Media: Janet L. Ford, SVP Public Relations
Director, 414-704-1211
janet.ford@associatedbank.com
