Associated Banc-Corp (NASDAQ: ASBC):
- Net loss to common shareholders of $24.7 million for the second quarter compared to net income of $35.4 million for the first quarter of 2009
- Net income available to common shareholders of $10.7 million for the six months ended June 30, 2009
- Provision for loan losses of $155.0 million exceeded net charge offs of $61.1 million by $93.9 million, increasing the allowance for loan losses to 2.66% of loans at June 30, 2009, up from 1.97% at March 31, 2009
- FDIC special assessment expense of $11.3 million was recorded during the quarter
- Total deposits grew by 7.7% to $16.3 billion at June 30, 2009 compared to $15.2 billion at December 31, 2008 and were up 22.0% from $13.4 billion at June 30, 2008
- Tangible common equity ratio of 6.09% compared to 6.10% at March 31, 2009
Associated Banc-Corp (NASDAQ: ASBC) today reported a 2009 second quarter net loss to common shareholders of $24.7 million, or $0.19 per common share after including a $7.3 million dividend to preferred shareholders. This compares to net income of $35.4 million, or $0.28 per common share for the first quarter of 2009, and net income of $47.4 million, or $0.37 per common share, for the second quarter of 2008.
Net income available to common shareholders was $10.7 million, or $0.08 per common share, for the six months ended June 30, 2009, compared to net income of $113.8 million, or $0.89 per common share, for the first half of 2008.
The provision for loan losses for the quarter was $155.0 million compared to $105.4 million for the first quarter of 2009, and $59.0 million for the same period one year ago. Net charge offs for the quarter were $61.1 million compared to $57.6 million for the first quarter of 2009, and $37.0 million for the second quarter of 2008. Nonperforming loans were $733.4 million at June 30, 2009 compared to $452.2 million at March 31, 2009. The higher provision is primarily due to further deterioration of existing construction and commercial real estate credits and declining commercial real estate collateral values.
“The higher than anticipated provision is a result of the continued weakness in the economy and related stress on our customers,” said Associated Chairman and CEO Paul S. Beideman. “While we believe loan loss provisions and charge offs will remain elevated, we expect the pace of deterioration to moderate in future quarters.”
Net interest income for the quarter was $179.1 million compared to $189.3 million for the first quarter of 2009 and $172.7 million for the same quarter a year ago. The company’s net interest margin was 3.40% compared to 3.59% at March 31, 2009 and 3.65% at June 30, 2008. The challenging economic climate had a negative impact on the company’s net interest margin during the quarter. Specifically, the lower net interest margin was due to an increase in the level of nonperforming loans along with lower loan balances and higher investment securities prepayments which were reinvested at lower spreads. These factors were partially offset by improved deposit pricing and higher spreads on new and renewed loans.
On average, loans were $16.1 billion for the second quarter of 2009 compared to $16.4 billion for the first quarter of 2009 as the company continues to experience declines in both commercial and retail balances. Deposits, on average, were $16.1 billion for the second quarter of 2009, up $1.1 billion compared to first quarter 2009 and up $2.6 billion for the same period one year ago.
Mortgage loans originated for sale during the second quarter continued to be strong at $1.3 billion, an increase of $255.4 million from the first quarter of 2009 and up $903.4 million from the second quarter of 2008. For the second quarter 2009, net mortgage banking income was $28.3 million compared to $4.3 million for the first quarter of 2009. Second quarter mortgage banking results included a $9.6 million valuation recovery related to mortgage servicing rights, compared to a $12.3 million valuation charge in the first quarter of 2009.
Core fee-based revenue was $64.9 million for the second quarter of 2009 compared to $61.4 million for the first quarter of 2009 and $68.5 million in second quarter 2008. Year-over-year reductions occurred in consumer fee-based revenue due to weaker consumer activity, and equity market declines resulted in lower asset management and brokerage revenue.
Total noninterest expenses were $170.0 million, up $28.8 million from $141.3 million in the first quarter 2009. Second quarter 2009 noninterest expenses were higher in several categories, including FDIC insurance costs which increased $12.3 million largely due to an $11.3 million special assessment imposed by the Federal Deposit Insurance Corporation (FDIC). Other significant increases include foreclosure and OREO expenses, up $8.6 million primarily due to a $7 million write-down on a foreclosed property, and a $1.3 million increase in legal expenses due to an increased level of loan work outs. The efficiency ratio increased to 58.65% in the second quarter of 2009, up from 51.31% in the previous quarter and 50.75% in the second quarter 2008.
Total income tax benefit was $26.6 million for the second quarter of 2009, an increase of $15.5 million from the $11.1 million benefit in the first quarter of 2009. The increase in income tax benefit is primarily due to the level of pretax income (loss) between quarters. In addition, the company recorded a $17.0 million net decrease in the valuation allowance on and changes to State deferred tax assets in the first quarter of 2009. In the second quarter, the company recorded a $5 million decrease in the valuation allowance on deferred tax assets.
Associated Banc-Corp (NASDAQ: ASBC) will host a conference call for investors and analysts at 3 p.m. Central Time (CT) Thursday, July 16, 2009. The toll-free dial-in number for the live call is 800-762-8779. The number for international callers is 480-248-5081. Participants should ask the operator for the Associated Banc-Corp second quarter 2009 earnings call, or for call ID number 4102400. A replay of the call will be available starting at 6 p.m. CT on July 16, 2009 through 12:00 midnight CT on August 16, 2009 by calling 800-406-7325 (toll-free) domestically or 303-590-3030 internationally. The call ID number (replay pin number), 4102400, is required to access the replay.
Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified bank holding company with total assets of $24 billion. Associated has approximately 300 banking offices serving approximately 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 | Jun09 vs Dec08 | Jun09 vs Jun08 | |||||||||||||
| June 30, | December 31, | June 30, | |||||||||||||
| (in thousands) | 2009 | 2008 | % Change | 2008 | % Change | ||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ 463,477 | $ 533,338 | (13.1 | %) | $ 600,972 | (22.9 | %) | ||||||||
Interest-bearing deposits in other financial institutions | 12,910 | 12,649 | 2.1 | % | 24,448 | (47.2 | %) | ||||||||
Federal funds sold and securities purchased under agreements to resell | 34,679 | 24,741 | 40.2 | % | 35,852 | (3.3 | %) | ||||||||
| Securities available for sale, at fair value | 6,000,491 | 5,349,417 | 12.2 | % | 3,574,373 | 67.9 | % | ||||||||
| Loans held for sale | 424,833 | 87,084 | 387.8 | % | 52,058 | 716.1 | % | ||||||||
| Loans | 15,310,107 | 16,283,908 | (6.0 | %) | 16,149,327 | (5.2 | %) | ||||||||
| Allowance for loan losses | (407,167 | ) | (265,378 | ) | 53.4 | % | (229,605 | ) | 77.3 | % | |||||
| Loans, net | 14,902,940 | 16,018,530 | (7.0 | %) | 15,919,722 | (6.4 | %) | ||||||||
| Premises and equipment, net | 185,794 | 190,942 | (2.7 | %) | 191,634 | (3.0 | %) | ||||||||
| Goodwill | 929,168 | 929,168 | 0.0 | % | 929,168 | 0.0 | % | ||||||||
| Other intangible assets, net | 91,588 | 80,165 | 14.2 | % | 92,621 | (1.1 | %) | ||||||||
| Other assets | 967,687 | 966,033 | 0.2 | % | 881,856 | 9.7 | % | ||||||||
| Total assets | $ 24,013,567 | $ 24,192,067 | (0.7 | %) | $ 22,302,704 | 7.7 | % | ||||||||
| Liabilities and Stockholders' Equity | |||||||||||||||
| Noninterest-bearing deposits | $ 2,846,570 | $ 2,814,079 | 1.2 | % | $ 2,602,026 | 9.4 | % | ||||||||
| Interest-bearing deposits, excluding Brokered CDs | 12,543,239 | 11,551,181 | 8.6 | % | 10,378,285 | 20.9 | % | ||||||||
| Brokered CDs | 930,582 | 789,536 | 17.9 | % | 398,423 | 133.6 | % | ||||||||
| Total deposits | 16,320,391 | 15,154,796 | 7.7 | % | 13,378,734 | 22.0 | % | ||||||||
| Short-term borrowings | 2,712,962 | 3,703,936 | (26.8 | %) | 4,923,462 | (44.9 | %) | ||||||||
| Long-term funding | 1,761,580 | 1,861,647 | (5.4 | %) | 1,436,349 | 22.6 | % | ||||||||
| Accrued expenses and other liabilities | 344,866 | 595,185 | (42.1 | %) | 210,277 | 64.0 | % | ||||||||
| Total liabilities | 21,139,799 | 21,315,564 | (0.8 | %) | 19,948,822 | 6.0 | % | ||||||||
| Stockholders' Equity | |||||||||||||||
| Preferred equity | 509,535 | 508,008 | 0.3 | % | - | N/M | |||||||||
| Common stock | 1,284 | 1,281 | 0.2 | % | 1,279 | 0.4 | % | ||||||||
| Surplus | 1,078,633 | 1,073,218 | 0.5 | % | 1,048,158 | 2.9 | % | ||||||||
| Retained earnings | 1,262,047 | 1,293,941 | (2.5 | %) | 1,324,476 | (4.7 | %) | ||||||||
| Accumulated other comprehensive income (loss) | 23,352 | 55 | N/M | (20,031 | ) | (216.6 | %) | ||||||||
| Treasury stock | (1,083 | ) | - | N/M | - | N/M | |||||||||
| Total stockholders' equity | 2,873,768 | 2,876,503 | (0.1 | %) | 2,353,882 | 22.1 | % | ||||||||
| Total liabilities and stockholders' equity | $ 24,013,567 | $ 24,192,067 | (0.7 | %) | $ 22,302,704 | 7.7 | % | ||||||||
| N/M = Not meaningful. | |||||||||||||||
| Consolidated Statements of Income (Unaudited) | ||||||||||||||||||
| Associated Banc-Corp | ||||||||||||||||||
| For The Three Months Ended | For The Six Months Ended, | |||||||||||||||||
| June 30, | Quarter | June 30, | Year-to-Date | |||||||||||||||
| (in thousands, except per share amounts) | 2009 | 2008 | % Change | 2009 | 2008 | % Change | ||||||||||||
| Interest Income | ||||||||||||||||||
| Interest and fees on loans | $ 194,352 | $ 237,727 | (18.2 | %) | $ 396,377 | $ 492,780 | (19.6 | %) | ||||||||||
Interest and dividends on investment securities | ||||||||||||||||||
| Taxable | 46,688 | 31,878 | 46.5 | % | 97,591 | 63,230 | 54.3 | % | ||||||||||
| Tax-exempt | 8,819 | 9,776 | (9.8 | %) | 18,313 | 20,035 | (8.6 | %) | ||||||||||
| Interest on federal funds sold and securities | ||||||||||||||||||
| purchased under agreements to resell | 51 | 213 | (76.1 | %) | 114 | 419 | (72.8 | %) | ||||||||||
| Total interest income | 249,910 | 279,594 | (10.6 | %) | 512,395 | 576,464 | (11.1 | %) | ||||||||||
| Interest Expense | ||||||||||||||||||
| Interest on deposits | 44,993 | 63,655 | (29.3 | %) | 91,592 | 145,161 | (36.9 | %) | ||||||||||
| Interest on short-term borrowings | 5,088 | 24,363 | (79.1 | %) | 10,242 | 52,536 | (80.5 | %) | ||||||||||
| Interest on long-term funding | 20,691 | 18,844 | 9.8 | % | 42,145 | 40,918 | 3.0 | % | ||||||||||
| Total interest expense | 70,772 | 106,862 | (33.8 | %) | 143,979 | 238,615 | (39.7 | %) | ||||||||||
| Net Interest Income | 179,138 | 172,732 | 3.7 | % | 368,416 | 337,849 | 9.0 | % | ||||||||||
| Provision for loan losses | 155,022 | 59,001 | 162.7 | % | 260,446 | 82,003 | 217.6 | % | ||||||||||
Net interest income after provision for loan losses | 24,116 | 113,731 | (78.8 | %) | 107,970 | 255,846 | (57.8 | %) | ||||||||||
| Noninterest Income | ||||||||||||||||||
| Trust service fees | 8,569 | 10,078 | (15.0 | %) | 17,046 | 20,152 | (15.4 | %) | ||||||||||
| Service charges on deposit accounts | 29,671 | 30,129 | (1.5 | %) | 56,876 | 53,813 | 5.7 | % | ||||||||||
| Card-based and other nondeposit fees | 11,858 | 12,301 | (3.6 | %) | 22,032 | 23,726 | (7.1 | %) | ||||||||||
| Retail commissions | 14,829 | 16,004 | (7.3 | %) | 30,341 | 32,119 | (5.5 | %) | ||||||||||
| Mortgage banking, net | 28,297 | 5,395 | 424.5 | % | 32,564 | 12,340 | 163.9 | % | ||||||||||
| Treasury management fees, net | 2,393 | 3,502 | (31.7 | %) | 5,019 | 5,488 | (8.5 | %) | ||||||||||
| Bank owned life insurance income | 3,161 | 4,997 | (36.7 | %) | 8,933 | 9,858 | (9.4 | %) | ||||||||||
| Asset sale (losses), net | (1,287 | ) | (731 | ) | 76.1 | % | (2,394 | ) | (1,187 | ) | 101.7 | % | ||||||
| Investment securities gains (losses), net | (1,385 | ) | (718 | ) | 92.9 | % | 9,211 | (3,658 | ) | N/M | ||||||||
| Other | 5,835 | 5,668 | 2.9 | % | 11,290 | 16,602 | (32.0 | %) | ||||||||||
| Total noninterest income | 101,941 | 86,625 | 17.7 | % | 190,918 | 169,253 | 12.8 | % | ||||||||||
| Noninterest Expense | ||||||||||||||||||
| Personnel expense | 81,171 | 78,066 | 4.0 | % | 158,269 | 153,709 | 3.0 | % | ||||||||||
| Occupancy | 12,341 | 12,026 | 2.6 | % | 25,222 | 25,290 | (0.3 | %) | ||||||||||
| Equipment | 4,670 | 4,653 | 0.4 | % | 9,259 | 9,250 | 0.1 | % | ||||||||||
| Data processing | 8,126 | 8,250 | (1.5 | %) | 15,723 | 15,371 | 2.3 | % | ||||||||||
| Business development and advertising | 4,943 | 5,137 | (3.8 | %) | 9,680 | 10,178 | (4.9 | %) | ||||||||||
| Other intangible amortization | 1,385 | 1,568 | (11.7 | %) | 2,771 | 3,137 | (11.7 | %) | ||||||||||
| Legal and professional fees | 5,586 | 2,944 | 89.7 | % | 9,827 | 5,717 | 71.9 | % | ||||||||||
| Foreclosure/OREO expense | 13,576 | 2,573 | 427.6 | % | 18,589 | 4,542 | 309.3 | % | ||||||||||
| FDIC expense | 18,090 | 397 | N/M | 23,865 | 803 | N/M | ||||||||||||
| Other | 20,143 | 20,207 | (0.3 | %) | 38,090 | 44,136 | (13.7 | %) | ||||||||||
| Total noninterest expense | 170,031 | 135,821 | 25.2 | % | 311,295 | 272,133 | 14.4 | % | ||||||||||
| Income (loss) before income taxes | (43,974 | ) | 64,535 | (168.1 | %) | (12,407 | ) | 152,966 | (108.1 | %) | ||||||||
| Income tax expense (benefit) | (26,633 | ) | 17,176 | (255.1 | %) | (37,791 | ) | 39,142 | (196.5 | %) | ||||||||
| Net income (loss) | (17,341 | ) | 47,359 | (136.6 | %) | $ 25,384 | $ 113,824 | (77.7 | %) | |||||||||
| Preferred stock dividends and discount | 7,331 | - | N/M | 14,652 | - | N/M | ||||||||||||
| Net income (loss) available to common equity | $ (24,672 | ) | $ 47,359 | (152.1 | %) | $ 10,732 | $ 113,824 | (90.6 | %) | |||||||||
| Earnings (Loss) Per Common Share: | ||||||||||||||||||
| Basic | $ (0.19 | ) | $ 0.37 | (151.4 | %) | $ 0.08 | $ 0.89 | (91.0 | %) | |||||||||
| Diluted | $ (0.19 | ) | $ 0.37 | (151.4 | %) | $ 0.08 | $ 0.89 | (91.0 | %) | |||||||||
| Average Common Shares Outstanding: | ||||||||||||||||||
| Basic | 127,861 | 127,433 | 0.3 | % | 127,850 | 127,365 | 0.4 | % | ||||||||||
| Diluted | 127,861 | 127,909 | (0.0 | %) | 127,856 | 127,849 | 0.0 | % | ||||||||||
| N/M = Not meaningful. | ||||||||||||||||||
| Consolidated Statements of Income (Unaudited) - Quarterly Trend | |||||||||||||||
| Associated Banc-Corp | |||||||||||||||
| (in thousands, except per share amounts) | 2Q09 | 1Q09 | 4Q08 | 3Q08 | 2Q08 | ||||||||||
| Interest Income | |||||||||||||||
| Interest and fees on loans | $ 194,352 | $ 202,025 | $ 230,872 | $ 229,001 | $ 237,727 | ||||||||||
Interest and dividends on investment securities | |||||||||||||||
| Taxable | 46,688 | 50,903 | 38,032 | 32,209 | 31,878 | ||||||||||
| Tax-exempt | 8,819 | 9,494 | 9,811 | 9,887 | 9,776 | ||||||||||
Interest on federal funds sold and securities | 51 | 63 | 154 | 279 | 213 | ||||||||||
| Total interest income | 249,910 | 262,485 | 278,869 | 271,376 | 279,594 | ||||||||||
| Interest Expense | |||||||||||||||
| Interest on deposits | 44,993 | 46,599 | 56,402 | 61,743 | 63,655 | ||||||||||
| Interest on short-term borrowings | 5,088 | 5,154 | 10,090 | 23,958 | 24,363 | ||||||||||
| Interest on long-term funding | 20,691 | 21,454 | 20,595 | 19,158 | 18,844 | ||||||||||
| Total interest expense | 70,772 | 73,207 | 87,087 | 104,859 | 106,862 | ||||||||||
| Net Interest Income | 179,138 | 189,278 | 191,782 | 166,517 | 172,732 | ||||||||||
| Provision for loan losses | 155,022 | 105,424 | 65,044 | 55,011 | 59,001 | ||||||||||
Net interest income after provision for loan losses | 24,116 | 83,854 | 126,738 | 111,506 | 113,731 | ||||||||||
| Noninterest Income | |||||||||||||||
| Trust service fees | 8,569 | 8,477 | 8,248 | 10,020 | 10,078 | ||||||||||
| Service charges on deposit accounts | 29,671 | 27,205 | 30,946 | 33,609 | 30,129 | ||||||||||
| Card-based and other nondeposit fees | 11,858 | 10,174 | 12,297 | 12,517 | 12,301 | ||||||||||
| Retail commissions | 14,829 | 15,512 | 15,541 | 14,928 | 16,004 | ||||||||||
| Total core fee-based revenue | 64,927 | 61,368 | 67,032 | 71,074 | 68,512 | ||||||||||
| Mortgage banking, net | 28,297 | 4,267 | (1,227 | ) | 3,571 | 5,395 | |||||||||
| Treasury management fees, net | 2,393 | 2,626 | (33 | ) | 1,935 | 3,502 | |||||||||
| Bank owned life insurance income | 3,161 | 5,772 | 4,711 | 5,235 | 4,997 | ||||||||||
| Asset sale gains (losses), net | (1,287 | ) | (1,107 | ) | (1,054 | ) | 573 | (731 | ) | ||||||
| Investment securities gains (losses), net | (1,385 | ) | 10,596 | (35,298 | ) | (13,585 | ) | (718 | ) | ||||||
| Other | 5,835 | 5,455 | 6,943 | 6,520 | 5,668 | ||||||||||
| Total noninterest income | 101,941 | 88,977 | 41,074 | 75,323 | 86,625 | ||||||||||
| Noninterest Expense | |||||||||||||||
| Personnel expense | 81,171 | 77,098 | 77,374 | 78,395 | 78,066 | ||||||||||
| Occupancy | 12,341 | 12,881 | 13,134 | 12,037 | 12,026 | ||||||||||
| Equipment | 4,670 | 4,589 | 4,785 | 5,088 | 4,653 | ||||||||||
| Data processing | 8,126 | 7,597 | 7,446 | 7,634 | 8,250 | ||||||||||
| Business development and advertising | 4,943 | 4,737 | 6,047 | 5,175 | 5,137 | ||||||||||
| Other intangible amortization | 1,385 | 1,386 | 1,564 | 1,568 | 1,568 | ||||||||||
| Legal and professional fees | 5,586 | 4,241 | 5,311 | 3,538 | 2,944 | ||||||||||
| Foreclosure/OREO expense | 13,576 | 5,013 | 6,716 | 2,427 | 2,573 | ||||||||||
| FDIC expense | 18,090 | 5,775 | 930 | 791 | 397 | ||||||||||
| Other | 20,143 | 17,947 | 25,443 | 19,924 | 20,207 | ||||||||||
| Total noninterest expense | 170,031 | 141,264 | 148,750 | 136,577 | 135,821 | ||||||||||
| Income (loss) before income taxes | (43,974 | ) | 31,567 | 19,062 | 50,252 | 64,535 | |||||||||
| Income tax expense (benefit) | (26,633 | ) | (11,158 | ) | 2,203 | 12,483 | 17,176 | ||||||||
| Net income (loss) | (17,341 | ) | 42,725 | 16,859 | 37,769 | 47,359 | |||||||||
| Preferred stock dividends and discount | 7,331 | 7,321 | 3,250 | - | - | ||||||||||
| Net income (loss) available to common equity | $ (24,672 | ) | $ 35,404 | $ 13,609 | $ 37,769 | $ 47,359 | |||||||||
| Earnings (Loss) Per Common Share: | |||||||||||||||
| Basic | $ (0.19 | ) | $ 0.28 | $ 0.11 | $ 0.30 | $ 0.37 | |||||||||
| Diluted | $ (0.19 | ) | $ 0.28 | $ 0.11 | $ 0.30 | $ 0.37 | |||||||||
| Average Common Shares Outstanding: | |||||||||||||||
| Basic | 127,861 | 127,839 | 127,717 | 127,553 | 127,433 | ||||||||||
| Diluted | 127,861 | 127,845 | 127,810 | 127,622 | 127,909 | ||||||||||
| Selected Quarterly Information | ||||||||||||||||||||||
| Associated Banc-Corp | ||||||||||||||||||||||
| (in thousands, except per share and full time equivalent employee data) | YTD 2009 | YTD 2008 | 2nd Qtr 2009 | 1st Qtr 2009 | 4th Qtr 2008 | 3rd Qtr 2008 | 2nd Qtr 2008 | |||||||||||||||
| Summary of Operations | ||||||||||||||||||||||
| Net interest income | $ 368,416 | $ 337,849 | $ 179,138 | $ 189,278 | $ 191,782 | $ 166,517 | $ 172,732 | |||||||||||||||
| Provision for loan losses | 260,446 | 82,003 | 155,022 | 105,424 | 65,044 | 55,011 | 59,001 | |||||||||||||||
| Asset sale gains (losses), net | (2,394 | ) | (1,187 | ) | (1,287 | ) | (1,107 | ) | (1,054 | ) | 573 | (731 | ) | |||||||||
| Investment securities gains (losses), net | 9,211 | (3,658 | ) | (1,385 | ) | 10,596 | (35,298 | ) | (13,585 | ) | (718 | ) | ||||||||||
| Noninterest income (excluding securities & asset gains) | 184,101 | 174,098 | 104,613 | 79,488 | 77,426 | 88,335 | 88,074 | |||||||||||||||
| Noninterest expense | 311,295 | 272,133 | 170,031 | 141,264 | 148,750 | 136,577 | 135,821 | |||||||||||||||
| Income before income taxes | (12,407 | ) | 152,966 | (43,974 | ) | 31,567 | 19,062 | 50,252 | 64,535 | |||||||||||||
| Income tax expense (benefit) | (37,791 | ) | 39,142 | (26,633 | ) | (11,158 | ) | 2,203 | 12,483 | 17,176 | ||||||||||||
| Net income (loss) | 25,384 | 113,824 | (17,341 | ) | 42,725 | 16,859 | 37,769 | 47,359 | ||||||||||||||
| Net income (loss) available to common equity | 10,732 | 113,824 | (24,672 | ) | 35,404 | 13,609 | 37,769 | 47,359 | ||||||||||||||
| Taxable equivalent adjustment | 12,694 | 13,910 | 6,150 | 6,544 | 6,902 | 6,899 | 6,814 | |||||||||||||||
| Per Common Share Data | ||||||||||||||||||||||
| Net income (loss): | ||||||||||||||||||||||
| Basic | $ 0.08 | $ 0.89 | $ (0.19 | ) | $ 0.28 | $ 0.11 | $ 0.30 | $ 0.37 | ||||||||||||||
| Diluted | 0.08 | 0.89 | (0.19 | ) | 0.28 | 0.11 | 0.30 | 0.37 | ||||||||||||||
| Dividends | 0.37 | 0.63 | 0.05 | 0.32 | 0.32 | 0.32 | 0.32 | |||||||||||||||
| Market Value: | ||||||||||||||||||||||
| High | $ 21.39 | $ 29.23 | $ 19.00 | $ 21.39 | $ 24.21 | $ 25.92 | $ 29.23 | |||||||||||||||
| Low | 10.60 | 19.29 | 12.50 | 10.60 | 15.72 | 14.85 | 19.29 | |||||||||||||||
| Close | 12.50 | 19.29 | 12.50 | 15.45 | 20.93 | 19.95 | 19.29 | |||||||||||||||
| Book value | 18.49 | 18.46 | 18.49 | 18.68 | 18.54 | 18.52 | 18.46 | |||||||||||||||
| Performance Ratios (annualized) | ||||||||||||||||||||||
| Earning assets yield | 4.82 | % | 6.07 | % | 4.70 | % | 4.94 | % | 5.57 | % | 5.58 | % | 5.82 | % | ||||||||
| Interest-bearing liabilities rate | 1.59 | 2.86 | 1.57 | 1.61 | 2.00 | 2.44 | 2.53 | |||||||||||||||
| Net interest margin | 3.49 | 3.61 | 3.40 | 3.59 | 3.88 | 3.48 | 3.65 | |||||||||||||||
| Return on average assets | 0.21 | 1.05 | (0.29 | ) | 0.71 | 0.30 | 0.68 | 0.87 | ||||||||||||||
| Return on average equity | 1.76 | 9.67 | (2.40 | ) | 5.98 | 2.58 | 6.38 | 8.01 | ||||||||||||||
| Return on average tangible common equity (1) | 1.51 | 16.36 | (6.88 | ) | 10.05 | 3.83 | 10.83 | 13.51 | ||||||||||||||
| Efficiency ratio (2) | 55.08 | 51.75 | 58.65 | 51.31 | 53.87 | 52.18 | 50.75 | |||||||||||||||
| Effective tax rate | 304.59 | 25.59 | 60.57 | (35.35 | ) | 11.56 | 24.84 | 26.61 | ||||||||||||||
| Dividend payout ratio (3) | 462.50 | 70.79 | N/M | 114.29 | 290.91 | 106.67 | 86.49 | |||||||||||||||
| Average Balances | ||||||||||||||||||||||
| Assets | $ 24,159,647 | $ 21,712,707 | $ 24,064,567 | $ 24,255,783 | $ 22,646,421 | $ 22,072,948 | $ 21,975,451 | |||||||||||||||
| Earning assets | 21,902,825 | 19,515,429 | 21,847,191 | 21,959,077 | 20,436,483 | 19,884,434 | 19,754,651 | |||||||||||||||
| Interest-bearing liabilities | 18,290,716 | 16,801,778 | 18,125,389 | 18,457,879 | 17,363,481 | 17,107,551 | 16,992,508 | |||||||||||||||
| Loans | 16,275,353 | 15,914,526 | 16,122,063 | 16,430,347 | 16,285,881 | 16,203,717 | 16,120,732 | |||||||||||||||
| Deposits | 15,576,244 | 13,568,535 | 16,100,686 | 15,045,976 | 14,395,626 | 13,710,297 | 13,493,511 | |||||||||||||||
| Wholesale funding | 5,484,245 | 5,622,248 | 4,876,970 | 6,098,266 | 5,496,248 | 5,876,051 | 5,950,699 | |||||||||||||||
| Common stockholders' equity | 2,396,020 | 2,367,799 | 2,400,664 | 2,391,325 | 2,376,639 | 2,353,606 | 2,377,841 | |||||||||||||||
| Stockholders' equity | 2,904,679 | 2,367,799 | 2,909,700 | 2,899,603 | 2,602,917 | 2,353,606 | 2,377,841 | |||||||||||||||
| Common stockholders' equity/assets | 9.92 | % | 10.91 | % | 9.98 | % | 9.86 | % | 10.49 | % | 10.66 | % | 10.82 | % | ||||||||
| Stockholders' equity / assets | 12.02 | % | 10.91 | % | 12.09 | % | 11.95 | % | 11.49 | % | 10.66 | % | 10.82 | % | ||||||||
| At Period End | ||||||||||||||||||||||
| Assets | $ 24,013,567 | $ 24,349,725 | $ 24,192,067 | $ 22,487,394 | $ 22,302,704 | |||||||||||||||||
| Loans | 15,310,107 | 15,917,952 | 16,283,908 | 16,272,487 | 16,149,327 | |||||||||||||||||
| Allowance for loan losses | 407,167 | 313,228 | 265,378 | 246,189 | 229,605 | |||||||||||||||||
| Goodwill | 929,168 | 929,168 | 929,168 | 929,168 | 929,168 | |||||||||||||||||
| Mortgage servicing rights, net | 59,762 | 39,754 | 45,568 | 53,977 | 54,725 | |||||||||||||||||
| Other intangible assets | 31,826 | 33,211 | 34,597 | 36,161 | 37,896 | |||||||||||||||||
| Deposits | 16,320,391 | 15,873,189 | 15,154,796 | 14,245,667 | 13,378,734 | |||||||||||||||||
| Wholesale funding | 4,474,542 | 5,326,734 | 5,565,583 | 5,667,737 | 6,359,811 | |||||||||||||||||
| Stockholders' equity | 2,873,768 | 2,897,169 | 2,876,503 | 2,364,247 | 2,353,882 | |||||||||||||||||
| Stockholders' equity / assets | 11.97 | % | 11.90 | % | 11.89 | % | 10.51 | % | 10.55 | % | ||||||||||||
| Tangible common equity / tangible assets (4) | 6.09 | % | 6.10 | % | 6.05 | % | 6.50 | % | 6.50 | % | ||||||||||||
| Tangible equity/tangible assets (5) | 8.30 | % | 8.27 | % | 8.23 | % | 6.50 | % | 6.50 | % | ||||||||||||
| Shares outstanding, end of period | 127,861 | 127,860 | 127,762 | 127,646 | 127,537 | |||||||||||||||||
| Selected trend information | ||||||||||||||||||||||
| Average full time equivalent employees | 5,116 | 5,143 | 5,109 | 5,141 | 5,179 | |||||||||||||||||
| Trust assets under management, at market value | $ 5,000,000 | $ 4,800,000 | $ 5,100,000 | $ 5,600,000 | $ 5,900,000 | |||||||||||||||||
| Mortgage loans originated for sale during period | 1,335,175 | 1,079,732 | 247,465 | 217,993 | 431,757 | |||||||||||||||||
| Mortgage portfolio serviced for others | 6,904,000 | 6,582,000 | 6,606,000 | 6,596,000 | 6,584,000 | |||||||||||||||||
| Mortgage servicing rights, net / Portfolio serviced for others | 0.87 | % | 0.60 | % | 0.69 | % | 0.82 | % | 0.83 | % | ||||||||||||
N/M = Not meaningful. | ||||||||||||||||||||||
(1) | Return on average tangible common equity = Net income available to common equity divided by average common equity excluding average goodwill and other intangible assets. This is a non-GAAP financial measure. |
(2) | Efficiency ratio = Noninterest expense divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains, net, and asset sales gains, net. |
| This is a non-GAAP financial measure. | |
(3) | Ratio is based upon basic earnings per common share. |
(4) | Tangible common equity to tangible assets = Common stockholders' equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. |
| This is a non-GAAP financial measure. | |
(5) | Tangible equity to tangible assets = Stockholders' equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. |
| This is a non-GAAP financial measure. |
| Financial Summary and Comparison | ||||||||||||||||
Associated Banc-Corp | ||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (in thousands) | 2009 | 2008 | % Change | 2009 | 2008 | % Change | ||||||||||
| Allowance for Loan Losses | ||||||||||||||||
| Beginning balance | $ 313,228 | $ 207,602 | 50.9 | % | $ 265,378 | $ 200,570 | 32.3 | % | ||||||||
| Provision for loan losses | 155,022 | 59,001 | 162.7 | % | 260,446 | 82,003 | 217.6 | % | ||||||||
| Charge offs | (63,325 | ) | (38,238 | ) | 65.6 | % | (123,499 | ) | (57,732 | ) | 113.9 | % | ||||
| Recoveries | 2,242 | 1,240 | 80.8 | % | 4,842 | 4,764 | 1.6 | % | ||||||||
| Net charge offs | (61,083 | ) | (36,998 | ) | 65.1 | % | (118,657 | ) | (52,968 | ) | 124.0 | % | ||||
| Ending balance | $ 407,167 | $ 229,605 | 77.3 | % | $ 407,167 | $ 229,605 | 77.3 | % | ||||||||
| Credit Quality | Jun09 vs Mar09 | Jun09 vs Jun08 | ||||||||||||||
| Jun 30, 2009 | Mar 31, 2009 | % Change | Dec 31, 2008 | Sept 30, 2008 | Jun 30, 2008 | % Change | ||||||||||
| Nonaccrual loans | $ 700,514 | $ 433,246 | 61.7 | % | $ 326,857 | $ 290,039 | $ 277,100 | 152.8 | % | |||||||
| Loans 90 or more days past due and still accruing | 19,785 | 16,002 | 23.6 | % | 13,811 | 14,631 | 11,762 | 68.2 | % | |||||||
| Restructured loans | 13,089 | 2,927 | 347.2 | % | - | - | - | N/M | ||||||||
| Total nonperforming loans | 733,388 | 452,175 | 62.2 | % | 340,668 | 304,670 | 288,862 | 153.9 | % | |||||||
| Other real estate owned (OREO) | 51,633 | 54,883 | (5.9 | %) | 48,710 | 46,473 | 46,579 | 10.9 | % | |||||||
| Total nonperforming assets | $ 785,021 | $ 507,058 | 54.8 | % | $ 389,378 | $ 351,143 | $ 335,441 | 134.0 | % | |||||||
| Provision for loan losses | 155,022 | 105,424 | 47.0 | % | 65,044 | 55,011 | 59,001 | 162.7 | % | |||||||
| Net charge offs | 61,083 | 57,574 | 6.1 | % | 45,855 | 38,427 | 36,998 | 65.1 | % | |||||||
| Allowance for loan losses / loans | 2.66 | % | 1.97 | % | 1.63 | % | 1.51 | % | 1.42 | % | ||||||
| Allowance for loan losses / nonperforming loans | 55.52 | 69.27 | 77.90 | 80.81 | 79.49 | |||||||||||
| Nonperforming loans / total loans | 4.79 | 2.84 | 2.09 | 1.87 | 1.79 | |||||||||||
| Nonperforming assets / total loans plus OREO | 5.11 | 3.17 | 2.38 | 2.15 | 2.07 | |||||||||||
| Nonperforming assets / total assets | 3.27 | 2.08 | 1.61 | 1.56 | 1.50 | |||||||||||
| Net charge offs / average loans (annualized) | 1.52 | 1.42 | 1.12 | 0.94 | 0.92 | |||||||||||
| Year-to-date net charge offs / average loans | 1.47 | 1.42 | 0.85 | 0.76 | 0.67 | |||||||||||
| Nonperforming loans by type: | ||||||||||||||||
| Commercial, financial & agricultural | $ 187,943 | $ 102,257 | 83.8 | % | $ 104,664 | $ 85,995 | $ 78,731 | 138.7 | % | |||||||
| Commercial real estate | 165,929 | 100,838 | 64.6 | % | 62,423 | 52,875 | 42,280 | 292.5 | % | |||||||
| Real estate - construction | 264,402 | 152,008 | 73.9 | % | 90,048 | 98,205 | 110,717 | 138.8 | % | |||||||
| Lease financing | 1,929 | 1,707 | 13.0 | % | 187 | 83 | 522 | 269.5 | % | |||||||
| Total commercial | 620,203 | 356,810 | 73.8 | % | 257,322 | 237,158 | 232,250 | 167.0 | % | |||||||
| Home equity | 38,474 | 35,224 | 9.2 | % | 31,035 | 25,372 | 23,555 | 63.3 | % | |||||||
| Installment | 7,545 | 6,755 | 11.7 | % | 7,155 | 6,035 | 5,184 | 45.5 | % | |||||||
| Total retail | 46,019 | 41,979 | 9.6 | % | 38,190 | 31,407 | 28,739 | 60.1 | % | |||||||
| Residential mortgage | 67,166 | 53,386 | 25.8 | % | 45,156 | 36,105 | 27,873 | 141.0 | % | |||||||
| Total nonperforming loans | $ 733,388 | $ 452,175 | 62.2 | % | $ 340,668 | $ 304,670 | $ 288,862 | 153.9 | % | |||||||
| Period End Loan Composition | Jun09 vs Mar09 | Jun09 vs Jun08 | ||||||||||||||
| Jun 30, 2009 | Mar 31, 2009 | % Change | Dec 31, 2008 | Sept 30, 2008 | Jun 30, 2008 | % Change | ||||||||||
| Commercial, financial & agricultural | $ 3,904,925 | $ 4,160,274 | (6.1 | %) | $ 4,388,691 | $ 4,343,208 | $ 4,423,192 | (11.7 | %) | |||||||
| Commercial real estate | 3,737,749 | 3,575,301 | 4.5 | % | 3,566,551 | 3,534,791 | 3,583,877 | 4.3 | % | |||||||
| Real estate - construction | 1,963,919 | 2,228,090 | (11.9 | %) | 2,260,888 | 2,363,116 | 2,351,401 | (16.5 | %) | |||||||
| Lease financing | 110,262 | 116,100 | (5.0 | %) | 122,113 | 125,907 | 124,661 | (11.6 | %) | |||||||
| Total commercial | 9,716,855 | 10,079,765 | (3.6 | %) | 10,338,243 | 10,367,022 | 10,483,131 | (7.3 | %) | |||||||
| Home equity | 2,656,747 | 2,784,248 | (4.6 | %) | 2,883,317 | 2,892,952 | 2,757,684 | (3.7 | %) | |||||||
| Installment | 844,065 | 853,214 | (1.1 | %) | 827,303 | 842,741 | 826,895 | 2.1 | % | |||||||
| Total retail | 3,500,812 | 3,637,462 | (3.8 | %) | 3,710,620 | 3,735,693 | 3,584,579 | (2.3 | %) | |||||||
| Residential mortgage | 2,092,440 | 2,200,725 | (4.9 | %) | 2,235,045 | 2,169,772 | 2,081,617 | 0.5 | % | |||||||
| Total loans | $ 15,310,107 | $ 15,917,952 | (3.8 | %) | $ 16,283,908 | $ 16,272,487 | $ 16,149,327 | (5.2 | %) | |||||||
| Period End Deposit Composition | Jun09 vs Mar09 | Jun09 vs Jun08 | ||||||||||||||
| Jun 30, 2009 | Mar 31, 2009 | % Change | Dec 31, 2008 | Sept 30, 2008 | Jun 30, 2008 | % Change | ||||||||||
| Demand | $ 2,846,570 | $ 2,818,088 | 1.0 | % | $ 2,814,079 | $ 2,545,779 | $ 2,602,026 | 9.4 | % | |||||||
| Savings | 898,527 | 895,310 | 0.4 | % | 841,129 | 888,731 | 921,000 | (2.4 | %) | |||||||
| Interest-bearing demand | 2,242,800 | 1,796,724 | 24.8 | % | 1,796,405 | 1,667,640 | 1,697,910 | 32.1 | % | |||||||
| Money market | 5,410,498 | 5,410,095 | 0.0 | % | 4,926,088 | 4,608,686 | 3,917,505 | 38.1 | % | |||||||
| Brokered CDs | 930,582 | 922,491 | 0.9 | % | 789,536 | 579,607 | 398,423 | 133.6 | % | |||||||
| Other time deposits | 3,991,414 | 4,030,481 | (1.0 | %) | 3,987,559 | 3,955,224 | 3,841,870 | 3.9 | % | |||||||
| Total deposits | $ 16,320,391 | $ 15,873,189 | 2.8 | % | $ 15,154,796 | $ 14,245,667 | $ 13,378,734 | 22.0 | % | |||||||
Network transaction deposits included above in interest-bearing demand and money market | $ 1,605,722 | $ 1,759,656 | (8.7 | %) | $ 1,530,675 | $ 1,356,616 | $ 620,440 | 158.8 | % | |||||||
| Customer repo sweeps (a) | $ 269,809 | $ 333,706 | (19.1 | %) | $ 505,788 | $ 657,032 | $ 667,720 | (59.6 | %) | |||||||
| (a) Included within short-term borrowings. | ||||||||||||||||
| N/M - Not meaningful. | ||||||||||||||||
| Net Interest Income Analysis - Taxable Equivalent Basis | ||||||||||
Associated Banc-Corp | ||||||||||
| Six months ended June 30, 2009 | Six months ended June 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 | $ 10,083,205 | $ 228,424 | 4.57 | % | $ 10,412,253 | $ 314,859 | 6.08 | % | ||
| Residential mortgage | 2,553,037 | 68,231 | 5.36 | 2,215,641 | 66,325 | 6.00 | ||||
| Retail | 3,639,111 | 101,428 | 5.61 | 3,286,632 | 113,484 | 6.93 | ||||
| Total loans | 16,275,353 | 398,083 | 4.92 | 15,914,526 | 494,668 | 6.24 | ||||
| Investments and other | 5,627,472 | 127,006 | 4.51 | 3,600,903 | 95,706 | 5.32 | ||||
| Total earning assets | 21,902,825 | 525,089 | 4.82 | 19,515,429 | 590,374 | 6.07 | ||||
| Other assets, net | 2,256,822 | 2,197,278 | ||||||||
| Total assets | $ 24,159,647 | $ 21,712,707 | ||||||||
| Interest-bearing liabilities: | ||||||||||
| Savings deposits | $ 882,533 | $ 681 | 0.16 | % | $ 885,883 | $ 2,091 | 0.47 | % | ||
| Interest-bearing demand deposits | 1,836,187 | 1,867 | 0.21 | 1,802,280 | 9,765 | 1.09 | ||||
| Money market deposits | 5,178,848 | 23,977 | 0.93 | 3,919,573 | 42,000 | 2.15 | ||||
| Time deposits, excluding Brokered CDs | 4,004,253 | 58,277 | 2.93 | 3,968,095 | 80,970 | 4.10 | ||||
| Total interest-bearing deposits, excluding Brokered CDs | 11,901,821 | 84,802 | 1.44 | 10,575,831 | 134,826 | 2.56 | ||||
| Brokered CDs | 904,650 | 6,790 | 1.51 | 603,699 | 10,335 | 3.44 | ||||
| Total interest-bearing deposits | 12,806,471 | 91,592 | 1.44 | 11,179,530 | 145,161 | 2.61 | ||||
| Wholesale funding | 5,484,245 | 52,387 | 1.92 | 5,622,248 | 93,454 | 3.34 | ||||
| Total interest-bearing liabilities | 18,290,716 | 143,979 | 1.59 | 16,801,778 | 238,615 | 2.86 | ||||
| Noninterest-bearing demand deposits | 2,769,773 | 2,389,005 | ||||||||
| Other liabilities | 194,479 | 154,125 | ||||||||
| Stockholders' equity | 2,904,679 | 2,367,799 | ||||||||
| Total liabilities and stockholders' equity | $ 24,159,647 | $ 21,712,707 | ||||||||
| Net interest income and rate spread (1) | $ 381,110 | 3.23 | % | $ 351,759 | 3.21 | % | ||||
| Net interest margin (1) | 3.49 | % | 3.61 | % | ||||||
| Taxable equivalent adjustment | $ 12,694 | $ 13,910 | ||||||||
| Three months ended June 30, 2009 | Three months ended June 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 | $ 9,940,732 | $ 111,760 | 4.51 | % | $ 10,501,226 | $ 150,134 | 5.75 | % | ||
| Residential mortgage | 2,605,638 | 34,363 | 5.28 | 2,195,007 | 32,530 | 5.94 | ||||
| Retail | 3,575,693 | 49,088 | 5.50 | 3,424,499 | 56,010 | 6.57 | ||||
| Total loans | 16,122,063 | 195,211 | 4.85 | 16,120,732 | 238,674 | 5.95 | ||||
| Investments and other | 5,725,128 | 60,849 | 4.25 | 3,633,919 | 47,734 | 5.25 | ||||
| Total earning assets | 21,847,191 | 256,060 | 4.70 | 19,754,651 | 286,408 | 5.82 | ||||
| Other assets, net | 2,217,376 | 2,220,800 | ||||||||
| Total assets | $ 24,064,567 | $ 21,975,451 | ||||||||
| Interest-bearing liabilities: | ||||||||||
| Savings deposits | $ 907,677 | $ 359 | 0.16 | % | $ 910,930 | $ 1,009 | 0.45 | % | ||
| Interest-bearing demand deposits | 1,970,889 | 1,038 | 0.21 | 1,796,373 | 3,774 | 0.84 | ||||
| Money market deposits | 5,409,953 | 12,412 | 0.92 | 3,864,739 | 17,546 | 1.83 | ||||
| Time deposits, excluding Brokered CDs | 4,015,230 | 28,220 | 2.82 | 3,892,910 | 37,229 | 3.85 | ||||
| Total interest-bearing deposits, excluding Brokered CDs | 12,303,749 | 42,029 | 1.37 | 10,464,952 | 59,558 | 2.29 | ||||
| Brokered CDs | 944,670 | 2,964 | 1.26 | 576,857 | 4,097 | 2.86 | ||||
| Total interest-bearing deposits | 13,248,419 | 44,993 | 1.36 | 11,041,809 | 63,655 | 2.32 | ||||
| Wholesale funding | 4,876,970 | 25,779 | 2.12 | 5,950,699 | 43,207 | 2.92 | ||||
| Total interest-bearing liabilities | 18,125,389 | 70,772 | 1.57 | 16,992,508 | 106,862 | 2.53 | ||||
| Noninterest-bearing demand deposits | 2,852,267 | 2,451,702 | ||||||||
| Other liabilities | 177,211 | 153,400 | ||||||||
| Stockholders' equity | 2,909,700 | 2,377,841 | ||||||||
| Total liabilities and stockholders' equity | $ 24,064,567 | $ 21,975,451 | ||||||||
| Net interest income and rate spread (1) | $ 185,288 | 3.13 | % | $ 179,546 | 3.29 | % | ||||
| Net interest margin (1) | 3.40 | % | 3.65 | % | ||||||
| Taxable equivalent adjustment | $ 6,150 | $ 6,814 | ||||||||
(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
or
Media:
Janet L. Ford,
SVP of Public Relations, 414-207-5070
