Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ASSOCIATED BANC-CORP | d613907d8k.htm |
| EX-99.2 - EX-99.2 - ASSOCIATED BANC-CORP | d613907dex992.htm |
Exhibit 99.1
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NEWS RELEASE
Investor Contact: Brian Klaus, Senior Vice President, Investor Relations 920-491-7059
Media Contact: Jennifer Kaminski, Vice President, Public Relations 920-491-7576 |
Associated Reports Third Quarter Earnings of $0.27 per share
Earnings Per Share up 11% year over year
GREEN BAY, Wis. — October 17, 2013 — Associated Banc-Corp (NASDAQ: ASBC) today reported earnings per share of $0.27 for the quarter ended September 30, 2013. This compares to $0.26 per common share, for the quarter ended September 30, 2012.
For the first nine months of 2013, Associated reported earnings per share of $0.82 per common share. This compares to $0.74 per common share, for the comparable year ago period.
“Despite one percent average loan growth in commercial and mortgage lending, continued run-off in home equity, in mortgage warehouse, and in installment loans contributed to flat overall loans. Even with the expected downturn in mortgage banking income, we were pleased to deliver value to shareholders through solid execution in other areas and expense discipline, “said President and CEO Philip B. Flynn. “We remain focused on our strategies to enhance efficiency and on opportunities for capital deployment.”
HIGHLIGHTS
| • | Average loans were flat from the second quarter |
| – | 1% growth in commercial and industrial, commercial real estate and residential mortgages; principally offset by continued declines in home equity and installment loans |
| • | Strong average deposit growth of 3% from the second quarter and 13% from a year ago to $17.6 billion |
| • | Mortgage banking income declined 82% from the second quarter |
| • | Net interest margin decreased 3 basis points from the prior quarter while net interest income was up slightly |
| • | Noninterest expenses of $164 million declined $6 million or 3% from the second quarter |
| • | Net income to common shareholders of $44 million for the third quarter declined 5% from the second quarter and YTD 2013 net income of $137 million was 7% more than the comparable year ago period. |
| • | Credit quality continued to improve with net charge offs, nonaccrual loans, past due loans and potential problem loans all declining quarter over quarter |
| • | During the third quarter, the Company repurchased $30 million, or approximately 1.8 million shares |
| – | On October 4, 2013, the Company executed an additional accelerated share repurchase of 1.8 million shares. |
| • | YTD 2013 return on Tier 1 common equity was 9.8%, compared to 9.4% for the prior year period |
| • | Capital ratios remain very strong with a Tier 1 common equity ratio of 11.64% |
– more –
THIRD QUARTER 2013 FINANCIAL RESULTS
Loans
Average loans of $15.7 billion were flat from the second quarter but increased $808 million, or 5%, from the year ago quarter. Commercial real estate lending average balances grew by $47 million, or 1% on a linked-quarter basis. The residential mortgage portfolio average balances grew by $53 million, or 1%, during the quarter. Commercial and business lending average balances increased slightly from the prior quarter. This growth was entirely offset by continued run off in home equity and installment loan balances, which experienced an average balance decline of $119 million, or 5%, during the quarter.
Deposits
Average deposits of $17.6 billion were up $505 million, or 3% compared to the second quarter and have increased by $2.0 billion, or 13%, from the year ago quarter. Average money market balances grew $625 million or 9% during the quarter and were partially offset by declines in time deposits of $134 million. Checking and savings balances were flat quarter over quarter.
Net Interest Income and Net Interest Margin
Third quarter net interest income of $161 million increased slightly compared to the prior quarter and was up $5 million, or 3% compared to the year ago quarter.
Third quarter net interest margin was 3.13%, a decrease of 3 basis points from the 3.16% reported in the second quarter and a decrease of 13 basis points from a year ago. The decrease from the second quarter was the result of a 5 basis point decline in asset yields which was partially offset by liability cost management actions.
Noninterest Income and Expense
Noninterest income for the quarter was $71 million, down $13 million, or 16%, from the second quarter and $10 million or 12% from the year ago quarter. Mortgage banking income declined $16 million, or 82% from the prior quarter driven by lower loan volumes and gain on sales. In addition, second quarter mortgage banking income benefited from an $8 million increase in mortgage servicing rights valuation. Core fee revenue increased $3 million or 5% from the prior quarter, as insurance commissions, service charges, brokerage commissions, and non-deposit fees, all improved during the quarter. A $2 million increase in asset gains and losses was primarily related to a real estate transaction.
– more –
Total noninterest expense for the quarter ended September 30, 2013 was $164 million, down $6 million, or 3%, from the second quarter. Losses other than loans were $3 million lower than the second quarter mainly due to a more favorable than expected resolution of a litigation matter and decreases in unfunded commitment reserves. Legal and professional fees declined $2 million from the prior quarter as BSA consultant expenses are largely complete. Personnel expense decreased $2 million from the second quarter as the Company continues to reduce full time equivalent (FTE) employee counts, which stand at their lowest levels since mid 2010.
Credit
The Company reported another quarter of improving credit quality with nonaccrual loans down 5%, to $208 million compared to the second quarter, and down 25% from a year ago. The ratio of nonaccrual loans to total loans now stands at 1.33% and has improved for the 14th consecutive quarter.
Net charge offs of $5 million for the third quarter were down $8 million from the second quarter, primarily attributable to an $8 million loan recovery.
With slower loan growth coupled with improved asset quality metrics, the Company’s third quarter provision for loan losses was $0, compared to $4 million in the second quarter. The Company’s allowance for loan losses was $272 million, representing an allowance equal to 1.74% of loans and representing a coverage ratio of 131% of nonaccrual loans at September 30, 2013.
Capital Ratios
The Company’s capital position remains very strong, with a Tier 1 common equity ratio of 11.64% at September 30, 2013. The Company’s capital ratios continue to be well in excess of both current and proposed “well-capitalized” regulatory benchmarks.
– more –
THIRD QUARTER 2013 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 17, 2013. 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 888-317-6016. 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 412-317-6016. Participants should ask the operator for the Associated Banc-Corp third quarter 2013 earnings call.
An audio archive of the webcast will be available on the company’s website at http://investor.associatedbank.com. A telephone replay will be available one hour after the completion of the call through 8:00 a.m. CT on November 18, 2013, by dialing 877-344-7529 and entering the conference ID number 10034040. The replay number for international callers is 412-317-0088.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NASDAQ: ASBC) has total assets of $24 billion and is one of the top 50, publicly traded, U.S. bank holding companies. Headquartered in Green Bay, Wis., Associated is a leading Midwest banking franchise, offering a full range of financial products and services through approximately 240 banking locations serving more than 150 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.
# # #
Consolidated Balance Sheets (Unaudited)
Associated Banc-Corp
| (in thousands) |
September 30, 2013 |
June 30, 2013 |
Seql Qtr $ Change |
March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
Comp Qtr $ Change |
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| Assets |
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| Cash and due from banks |
$ | 526,009 | $ | 422,779 | $ | 103,230 | $ | 336,247 | $ | 563,304 | $ | 419,529 | $ | 106,480 | ||||||||||||||
| Interest-bearing deposits in other financial institutions |
277,761 | 121,390 | 156,371 | 82,555 | 147,434 | 531,303 | (253,542 | ) | ||||||||||||||||||||
| Federal funds sold and securities purchased under agreements to resell |
25,400 | 10,800 | 14,600 | 8,600 | 27,135 | 2,460 | 22,940 | |||||||||||||||||||||
| Securities held to maturity, at amortized cost |
125,095 | 75,946 | 49,149 | 54,123 | 39,877 | 21,852 | 103,243 | |||||||||||||||||||||
| Securities available for sale, at fair value |
4,840,035 | 4,854,319 | (14,284 | ) | 4,950,317 | 4,926,758 | 4,496,198 | 343,837 | ||||||||||||||||||||
| Federal Home Loan Bank and Federal Reserve Bank stocks, at cost |
181,129 | 181,008 | 121 | 152,490 | 166,774 | 166,100 | 15,029 | |||||||||||||||||||||
| Loans held for sale |
102,052 | 203,576 | (101,524 | ) | 173,389 | 261,410 | 157,093 | (55,041 | ) | |||||||||||||||||||
| Loans |
15,585,854 | 15,746,599 | (160,745 | ) | 15,551,562 | 15,411,022 | 14,966,214 | 619,640 | ||||||||||||||||||||
| Allowance for loan losses |
(271,724 | ) | (277,218 | ) | 5,494 | (286,923 | ) | (297,409 | ) | (315,150 | ) | 43,426 | ||||||||||||||||
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| Loans, net |
15,314,130 | 15,469,381 | (155,251 | ) | 15,264,639 | 15,113,613 | 14,651,064 | 663,066 | ||||||||||||||||||||
| Premises and equipment, net |
265,636 | 258,903 | 6,733 | 254,674 | 253,958 | 238,756 | 26,880 | |||||||||||||||||||||
| Goodwill |
929,168 | 929,168 | — | 929,168 | 929,168 | 929,168 | — | |||||||||||||||||||||
| Other intangible assets, net |
75,730 | 74,612 | 1,118 | 66,294 | 61,176 | 61,294 | 14,436 | |||||||||||||||||||||
| Trading assets |
49,402 | 49,732 | (330 | ) | 65,014 | 70,711 | 76,159 | (26,757 | ) | |||||||||||||||||||
| Other assets |
977,128 | 965,330 | 11,798 | 940,258 | 926,417 | 987,378 | (10,250 | ) | ||||||||||||||||||||
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| Total assets |
$ | 23,688,675 | 23,616,944 | $ | 71,731 | 23,277,768 | $ | 23,487,735 | $ | 22,738,354 | $ | 950,321 | ||||||||||||||||
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| Liabilities and Stockholders’ Equity |
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| Noninterest-bearing demand deposits |
$ | 4,453,663 | 4,259,776 | $ | 193,887 | 4,453,109 | $ | 4,759,556 | $ | 4,320,437 | $ | 133,226 | ||||||||||||||||
| Interest-bearing deposits |
13,884,245 | 12,872,660 | 1,011,585 | 12,968,185 | 12,180,309 | 12,130,155 | 1,754,090 | |||||||||||||||||||||
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| Total deposits |
18,337,908 | 17,132,436 | 1,205,472 | 17,421,294 | 16,939,865 | 16,450,592 | 1,887,316 | |||||||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase |
580,479 | 545,740 | 34,739 | 730,855 | 750,455 | 1,138,027 | (557,548 | ) | ||||||||||||||||||||
| Other short-term funding |
1,046,401 | 2,218,760 | (1,172,359 | ) | 1,038,697 | 1,576,484 | 615,258 | 431,143 | ||||||||||||||||||||
| Long-term funding |
614,568 | 614,822 | (254 | ) | 915,063 | 1,015,346 | 1,305,422 | (690,854 | ) | |||||||||||||||||||
| Trading liabilities |
52,430 | 52,598 | (168 | ) | 70,236 | 76,343 | 82,861 | (30,431 | ) | |||||||||||||||||||
| Accrued expenses and other liabilities |
184,607 | 175,612 | 8,995 | 165,358 | 192,843 | 195,742 | (11,135 | ) | ||||||||||||||||||||
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| Total liabilities |
20,816,393 | 20,739,968 | 76,425 | 20,341,503 | 20,551,336 | 19,787,902 | 1,028,491 | |||||||||||||||||||||
| Stockholders’ Equity |
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| Preferred equity |
62,737 | 63,272 | (535 | ) | 63,272 | 63,272 | 63,272 | (535 | ) | |||||||||||||||||||
| Common stock |
1,750 | 1,750 | — | 1,750 | 1,750 | 1,750 | — | |||||||||||||||||||||
| Surplus |
1,614,516 | 1,610,243 | 4,273 | 1,605,966 | 1,602,136 | 1,599,070 | 15,446 | |||||||||||||||||||||
| Retained earnings |
1,361,498 | 1,330,737 | 30,761 | 1,297,692 | 1,281,811 | 1,250,189 | 111,309 | |||||||||||||||||||||
| Accumulated other comprehensive income (loss) |
(37,120 | ) | (25,015 | ) | (12,105 | ) | 42,991 | 48,603 | 67,303 | (104,423 | ) | |||||||||||||||||
| Treasury stock |
(131,099 | ) | (104,011 | ) | (27,088 | ) | (75,406 | ) | (61,173 | ) | (31,132 | ) | (99,967 | ) | ||||||||||||||
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| Total stockholders’ equity |
2,872,282 | 2,876,976 | (4,694 | ) | 2,936,265 | 2,936,399 | 2,950,452 | (78,170 | ) | |||||||||||||||||||
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| Total liabilities and stockholders’ equity |
$ | 23,688,675 | 23,616,944 | $ | 71,731 | 23,277,768 | $ | 23,487,735 | $ | 22,738,354 | $ | 950,321 | ||||||||||||||||
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Page 5
Consolidated Statements of Income (Unaudited)
Associated Banc-Corp
| For The Three Months Ended September 30, |
Quarter | For The Nine Months Ended September 30, |
Year-to-Date | |||||||||||||||||||||||||||||
| (in thousands, except per share amounts) |
2013 | 2012 | $ Change | % Change | 2013 | 2012 | $ Change | % Change | ||||||||||||||||||||||||
| Interest Income |
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| Interest and fees on loans |
$ | 146,219 | $ | 149,647 | $ | (3,428 | ) | (2.3 | %) | $ | 438,642 | $ | 445,858 | $ | (7,216 | ) | (1.6 | %) | ||||||||||||||
| Interest and dividends on investment securities: |
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| Taxable |
21,544 | 20,548 | 996 | 4.8 | % | 64,603 | 66,577 | (1,974 | ) | (3.0 | %) | |||||||||||||||||||||
| Tax-exempt |
6,711 | 7,127 | (416 | ) | (5.8 | %) | 20,461 | 21,536 | (1,075 | ) | (5.0 | %) | ||||||||||||||||||||
| Other interest |
1,260 | 1,334 | (74 | ) | (5.5 | %) | 3,740 | 3,843 | (103 | ) | (2.7 | %) | ||||||||||||||||||||
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| Total interest income |
175,734 | 178,656 | (2,922 | ) | (1.6 | %) | 527,446 | 537,814 | (10,368 | ) | (1.9 | %) | ||||||||||||||||||||
| Interest Expense |
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| Interest on deposits |
7,617 | 9,751 | (2,134 | ) | (21.9 | %) | 23,927 | 32,340 | (8,413 | ) | (26.0 | %) | ||||||||||||||||||||
| Interest on Federal funds purchased and securities sold under agreements to repurchase |
308 | 750 | (442 | ) | (58.9 | %) | 1,051 | 2,129 | (1,078 | ) | (50.6 | %) | ||||||||||||||||||||
| Interest on other short-term funding |
434 | 815 | (381 | ) | (46.7 | %) | 1,291 | 3,068 | (1,777 | ) | (57.9 | %) | ||||||||||||||||||||
| Interest on long-term funding |
6,866 | 11,738 | (4,872 | ) | (41.5 | %) | 22,833 | 35,740 | (12,907 | ) | (36.1 | %) | ||||||||||||||||||||
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| Total interest expense |
15,225 | 23,054 | (7,829 | ) | (34.0 | %) | 49,102 | 73,277 | (24,175 | ) | (33.0 | %) | ||||||||||||||||||||
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| Net Interest Income |
160,509 | 155,602 | 4,907 | 3.2 | % | 478,344 | 464,537 | 13,807 | 3.0 | % | ||||||||||||||||||||||
| Provision for loan losses |
— | — | — | N/M | 8,000 | — | 8,000 | N/M | ||||||||||||||||||||||||
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| Net interest income after provision for loan losses |
160,509 | 155,602 | 4,907 | 3.2 | % | 470,344 | 464,537 | 5,807 | 1.3 | % | ||||||||||||||||||||||
| Noninterest Income |
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| Trust service fees |
11,380 | 10,396 | 984 | 9.5 | % | 33,695 | 30,308 | 3,387 | 11.2 | % | ||||||||||||||||||||||
| Service charges on deposit accounts |
18,407 | 17,290 | 1,117 | 6.5 | % | 52,679 | 52,100 | 579 | 1.1 | % | ||||||||||||||||||||||
| Card-based and other nondeposit fees |
12,688 | 12,209 | 479 | 3.9 | % | 37,229 | 35,172 | 2,057 | 5.8 | % | ||||||||||||||||||||||
| Insurance commissions |
11,356 | 11,650 | (294 | ) | (2.5 | %) | 32,750 | 36,152 | (3,402 | ) | (9.4 | %) | ||||||||||||||||||||
| Brokerage and annuity commissions |
3,792 | 3,632 | 160 | 4.4 | % | 10,996 | 11,965 | (969 | ) | (8.1 | %) | |||||||||||||||||||||
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| Total core fee-based revenue |
57,623 | 55,177 | 2,446 | 4.4 | % | 167,349 | 165,697 | 1,652 | 1.0 | % | ||||||||||||||||||||||
| Mortgage banking, net |
3,542 | 15,581 | (12,039 | ) | (77.3 | %) | 40,570 | 49,970 | (9,400 | ) | (18.8 | %) | ||||||||||||||||||||
| Capital market fees, net |
2,652 | 3,609 | (957 | ) | (26.5 | %) | 10,309 | 9,998 | 311 | 3.1 | % | |||||||||||||||||||||
| Bank owned life insurance income |
2,817 | 3,290 | (473 | ) | (14.4 | %) | 9,068 | 10,746 | (1,678 | ) | (15.6 | %) | ||||||||||||||||||||
| Asset gains (losses), net |
1,934 | (3,309 | ) | 5,243 | (158.4 | %) | 2,726 | (11,887 | ) | 14,613 | (122.9 | %) | ||||||||||||||||||||
| Investment securities gains, net |
248 | 3,506 | (3,258 | ) | (92.9 | %) | 582 | 4,109 | (3,527 | ) | (85.8 | %) | ||||||||||||||||||||
| Other |
2,100 | 3,134 | (1,034 | ) | (33.0 | %) | 6,622 | 6,752 | (130 | ) | (1.9 | %) | ||||||||||||||||||||
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| Total noninterest income |
70,916 | 80,988 | (10,072 | ) | (12.4 | %) | 237,226 | 235,385 | 1,841 | 0.8 | % | |||||||||||||||||||||
| Noninterest Expense |
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| Personnel expense |
98,102 | 95,231 | 2,871 | 3.0 | % | 295,800 | 283,331 | 12,469 | 4.4 | % | ||||||||||||||||||||||
| Occupancy |
14,758 | 14,334 | 424 | 3.0 | % | 44,725 | 43,521 | 1,204 | 2.8 | % | ||||||||||||||||||||||
| Equipment |
6,213 | 5,935 | 278 | 4.7 | % | 18,842 | 17,122 | 1,720 | 10.0 | % | ||||||||||||||||||||||
| Data processing |
12,323 | 11,022 | 1,301 | 11.8 | % | 36,482 | 31,842 | 4,640 | 14.6 | % | ||||||||||||||||||||||
| Business development and advertising |
5,947 | 5,059 | 888 | 17.6 | % | 15,512 | 15,908 | (396 | ) | (2.5 | %) | |||||||||||||||||||||
| Other intangible amortization |
1,010 | 1,048 | (38 | ) | (3.6 | %) | 3,032 | 3,146 | (114 | ) | (3.6 | %) | ||||||||||||||||||||
| Loan expense |
3,157 | 3,297 | (140 | ) | (4.2 | %) | 9,485 | 9,155 | 330 | 3.6 | % | |||||||||||||||||||||
| Legal and professional fees |
3,482 | 7,686 | (4,204 | ) | (54.7 | %) | 14,310 | 23,058 | (8,748 | ) | (37.9 | %) | ||||||||||||||||||||
| Losses other than loans |
(1,400 | ) | 3,577 | (4,977 | ) | (139.1 | %) | 83 | 9,187 | (9,104 | ) | (99.1 | %) | |||||||||||||||||||
| Foreclosure/OREO expense |
2,515 | 4,071 | (1,556 | ) | (38.2 | %) | 7,239 | 11,776 | (4,537 | ) | (38.5 | %) | ||||||||||||||||||||
| FDIC expense |
4,755 | 5,017 | (262 | ) | (5.2 | %) | 14,582 | 14,665 | (83 | ) | (0.6 | %) | ||||||||||||||||||||
| Other |
13,509 | 13,426 | 83 | 0.6 | % | 41,190 | 42,784 | (1,594 | ) | (3.7 | %) | |||||||||||||||||||||
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| Total noninterest expense |
164,371 | 169,703 | (5,332 | ) | (3.1 | %) | 501,282 | 505,495 | (4,213 | ) | (0.8 | %) | ||||||||||||||||||||
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| Income before income taxes |
67,054 | 66,887 | 167 | 0.2 | % | 206,288 | 194,427 | 11,861 | 6.1 | % | ||||||||||||||||||||||
| Income tax expense |
21,396 | 20,492 | 904 | 4.4 | % | 65,354 | 62,082 | 3,272 | 5.3 | % | ||||||||||||||||||||||
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| Net income |
45,658 | 46,395 | (737 | ) | (1.6 | %) | 140,934 | 132,345 | 8,589 | 6.5 | % | |||||||||||||||||||||
| Preferred stock dividends |
1,285 | 1,300 | (15 | ) | (1.2 | %) | 3,885 | 3,900 | (15 | ) | (0.4 | %) | ||||||||||||||||||||
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| Net income available to common equity |
$ | 44,373 | $ | 45,095 | $ | (722 | ) | (1.6 | %) | $ | 137,049 | $ | 128,445 | $ | 8,604 | 6.7 | % | |||||||||||||||
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| Earnings Per Common Share: |
||||||||||||||||||||||||||||||||
| Basic |
$ | 0.27 | $ | 0.26 | $ | 0.01 | 3.8 | % | $ | 0.82 | $ | 0.74 | $ | 0.08 | 10.8 | % | ||||||||||||||||
| Diluted |
$ | 0.27 | $ | 0.26 | $ | 0.01 | 3.8 | % | $ | 0.82 | $ | 0.74 | $ | 0.08 | 10.8 | % | ||||||||||||||||
| Average Common Shares Outstanding: |
||||||||||||||||||||||||||||||||
| Basic |
164,954 | 171,650 | (6,696 | ) | (3.9 | %) | 166,586 | 172,774 | (6,189 | ) | (3.6 | %) | ||||||||||||||||||||
| Diluted |
165,443 | 171,780 | (6,337 | ) | (3.7 | %) | 166,760 | 172,848 | (6,088 | ) | (3.5 | %) | ||||||||||||||||||||
| N/M | = Not meaningful. |
Page 6
Consolidated Statements of Income (Unaudited)—Quarterly Trend
Associated Banc-Corp
| Sequential Qtr | Comparable Qtr | |||||||||||||||||||||||||||||||||||
| (in thousands, except per share amounts) |
3Q13 | 2Q13 | $ Change | % Change | 1Q13 | 4Q12 | 3Q12 | $ Change | % Change | |||||||||||||||||||||||||||
| Interest Income |
||||||||||||||||||||||||||||||||||||
| Interest and fees on loans |
$ | 146,219 | $ | 146,896 | $ | (677 | ) | (0.5 | %) | $ | 145,527 | $ | 150,107 | $ | 149,647 | $ | (3,428 | ) | (2.3 | %) | ||||||||||||||||
| Interest and dividends on investment securities: |
||||||||||||||||||||||||||||||||||||
| Taxable |
21,544 | 21,446 | 98 | 0.5 | % | 21,613 | 20,368 | 20,548 | 996 | 4.8 | % | |||||||||||||||||||||||||
| Tax-exempt |
6,711 | 6,785 | (74 | ) | (1.1 | %) | 6,965 | 7,119 | 7,127 | (416 | ) | (5.8 | %) | |||||||||||||||||||||||
| Other interest |
1,260 | 1,233 | 27 | 2.2 | % | 1,247 | 2,876 | 1,334 | (74 | ) | (5.5 | %) | ||||||||||||||||||||||||
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|||||||||||||||||||||||
| Total interest income |
175,734 | 176,360 | (626 | ) | (0.4 | %) | 175,352 | 180,470 | 178,656 | (2,922 | ) | (1.6 | %) | |||||||||||||||||||||||
| Interest Expense |
||||||||||||||||||||||||||||||||||||
| Interest on deposits |
7,617 | 7,769 | (152 | ) | (2.0 | %) | 8,541 | 9,091 | 9,751 | (2,134 | ) | (21.9 | %) | |||||||||||||||||||||||
| Interest on Federal funds purchased and securities sold under agreements to repurchase |
308 | 333 | (25 | ) | (7.5 | %) | 410 | 558 | 750 | (442 | ) | (58.9 | %) | |||||||||||||||||||||||
| Interest on other short-term funding |
434 | 525 | (91 | ) | (17.3 | %) | 332 | 226 | 815 | (381 | ) | (46.7 | %) | |||||||||||||||||||||||
| Interest on long-term funding |
6,866 | 7,551 | (685 | ) | (9.1 | %) | 8,416 | 9,140 | 11,738 | (4,872 | ) | (41.5 | %) | |||||||||||||||||||||||
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|
|||||||||||||||||||||||
| Total interest expense |
15,225 | 16,178 | (953 | ) | (5.9 | %) | 17,699 | 19,015 | 23,054 | (7,829 | ) | (34.0 | %) | |||||||||||||||||||||||
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|
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|
|||||||||||||||||||||||
| Net Interest Income |
160,509 | 160,182 | 327 | 0.2 | % | 157,653 | 161,455 | 155,602 | 4,907 | 3.2 | % | |||||||||||||||||||||||||
| Provision for loan losses |
— | 4,000 | (4,000 | ) | (100.0 | %) | 4,000 | 3,000 | — | — | N/M | |||||||||||||||||||||||||
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| Net interest income after provision for loan losses |
160,509 | 156,182 | 4,327 | 2.8 | % | 153,653 | 158,455 | 155,602 | 4,907 | 3.2 | % | |||||||||||||||||||||||||
| Noninterest Income |
||||||||||||||||||||||||||||||||||||
| Trust service fees |
11,380 | 11,405 | (25 | ) | (0.2 | %) | 10,910 | 10,429 | 10,396 | 984 | 9.5 | % | ||||||||||||||||||||||||
| Service charges on deposit accounts |
18,407 | 17,443 | 964 | 5.5 | % | 16,829 | 16,817 | 17,290 | 1,117 | 6.5 | % | |||||||||||||||||||||||||
| Card-based and other nondeposit fees |
12,688 | 12,591 | 97 | 0.8 | % | 11,950 | 12,690 | 12,209 | 479 | 3.9 | % | |||||||||||||||||||||||||
| Insurance commissions |
11,356 | 9,631 | 1,725 | 17.9 | % | 11,763 | 10,862 | 11,650 | (294 | ) | (2.5 | %) | ||||||||||||||||||||||||
| Brokerage and annuity commissions |
3,792 | 3,688 | 104 | 2.8 | % | 3,516 | 3,678 | 3,632 | 160 | 4.4 | % | |||||||||||||||||||||||||
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|||||||||||||||||||||||
| Total core fee-based revenue |
57,623 | 54,758 | 2,865 | 5.2 | % | 54,968 | 54,476 | 55,177 | 2,446 | 4.4 | % | |||||||||||||||||||||||||
| Mortgage banking, net |
3,542 | 19,263 | (15,721 | ) | (81.6 | %) | 17,765 | 13,530 | 15,581 | (12,039 | ) | (77.3 | %) | |||||||||||||||||||||||
| Capital market fees, net |
2,652 | 5,074 | (2,422 | ) | (47.7 | %) | 2,583 | 4,243 | 3,609 | (957 | ) | (26.5 | %) | |||||||||||||||||||||||
| Bank owned life insurance income |
2,817 | 3,281 | (464 | ) | (14.1 | %) | 2,970 | 3,206 | 3,290 | (473 | ) | (14.4 | %) | |||||||||||||||||||||||
| Asset gains (losses), net |
1,934 | (44 | ) | 1,978 | N/M | 836 | (209 | ) | (3,309 | ) | 5,243 | (158.4 | %) | |||||||||||||||||||||||
| Investment securities gains, net |
248 | 34 | 214 | N/M | 300 | 152 | 3,506 | (3,258 | ) | (92.9 | %) | |||||||||||||||||||||||||
| Other |
2,100 | 1,944 | 156 | 8.0 | % | 2,578 | 2,507 | 3,134 | (1,034 | ) | (33.0 | %) | ||||||||||||||||||||||||
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|||||||||||||||||||||||
| Total noninterest income |
70,916 | 84,310 | (13,394 | ) | (15.9 | %) | 82,000 | 77,905 | 80,988 | (10,072 | ) | (12.4 | %) | |||||||||||||||||||||||
| Noninterest Expense |
||||||||||||||||||||||||||||||||||||
| Personnel expense |
98,102 | 99,791 | (1,689 | ) | (1.7 | %) | 97,907 | 98,073 | 95,231 | 2,871 | 3.0 | % | ||||||||||||||||||||||||
| Occupancy |
14,758 | 14,305 | 453 | 3.2 | % | 15,662 | 17,273 | 14,334 | 424 | 3.0 | % | |||||||||||||||||||||||||
| Equipment |
6,213 | 6,462 | (249 | ) | (3.9 | %) | 6,167 | 6,444 | 5,935 | 278 | 4.7 | % | ||||||||||||||||||||||||
| Data processing |
12,323 | 12,651 | (328 | ) | (2.6 | %) | 11,508 | 11,706 | 11,022 | 1,301 | 11.8 | % | ||||||||||||||||||||||||
| Business development and advertising |
5,947 | 5,028 | 919 | 18.3 | % | 4,537 | 5,395 | 5,059 | 888 | 17.6 | % | |||||||||||||||||||||||||
| Other intangible amortization |
1,010 | 1,011 | (1 | ) | (0.1 | %) | 1,011 | 1,049 | 1,048 | (38 | ) | (3.6 | %) | |||||||||||||||||||||||
| Loan expense |
3,157 | 3,044 | 113 | 3.7 | % | 3,284 | 3,130 | 3,297 | (140 | ) | (4.2 | %) | ||||||||||||||||||||||||
| Legal and professional fees |
3,482 | 5,483 | (2,001 | ) | (36.5 | %) | 5,345 | 8,174 | 7,686 | (4,204 | ) | (54.7 | %) | |||||||||||||||||||||||
| Losses other than loans |
(1,400 | ) | 1,799 | (3,199 | ) | (177.8 | %) | (316 | ) | 3,071 | 3,577 | (4,977 | ) | (139.1 | %) | |||||||||||||||||||||
| Foreclosure/OREO expense |
2,515 | 2,302 | 213 | 9.3 | % | 2,422 | 3,293 | 4,071 | (1,556 | ) | (38.2 | %) | ||||||||||||||||||||||||
| FDIC expense |
4,755 | 4,395 | 360 | 8.2 | % | 5,432 | 4,813 | 5,017 | (262 | ) | (5.2 | %) | ||||||||||||||||||||||||
| Other |
13,509 | 13,725 | (216 | ) | (1.6 | %) | 13,956 | 13,907 | 13,426 | 83 | 0.6 | % | ||||||||||||||||||||||||
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|||||||||||||||||||||||
| Total noninterest expense |
164,371 | 169,996 | (5,625 | ) | (3.3 | %) | 166,915 | 176,328 | 169,703 | (5,332 | ) | (3.1 | %) | |||||||||||||||||||||||
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|||||||||||||||||||||||
| Income before income taxes |
67,054 | 70,496 | (3,442 | ) | (4.9 | %) | 68,738 | 60,032 | 66,887 | 167 | 0.2 | % | ||||||||||||||||||||||||
| Income tax expense |
21,396 | 22,608 | (1,212 | ) | (5.4 | %) | 21,350 | 13,404 | 20,492 | 904 | 4.4 | % | ||||||||||||||||||||||||
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|
|||||||||||||||||||||||
| Net income |
45,658 | 47,888 | (2,230 | ) | (4.7 | %) | 47,388 | 46,628 | 46,395 | (737 | ) | (1.6 | %) | |||||||||||||||||||||||
| Preferred stock dividends |
1,285 | 1,300 | (15 | ) | (1.2 | %) | 1,300 | 1,300 | 1,300 | (15 | ) | (1.2 | %) | |||||||||||||||||||||||
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| Net income available to common equity |
$ | 44,373 | $ | 46,588 | $ | (2,215 | ) | (4.8 | %) | $ | 46,088 | $ | 45,328 | $ | 45,095 | $ | (722 | ) | (1.6 | %) | ||||||||||||||||
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|||||||||||||||||||||||
| Earnings Per Common Share: |
||||||||||||||||||||||||||||||||||||
| Basic |
$ | 0.27 | $ | 0.28 | $ | (0.01 | ) | (3.6 | %) | $ | 0.27 | $ | 0.26 | $ | 0.26 | $ | 0.01 | 3.8 | % | |||||||||||||||||
| Diluted |
$ | 0.27 | $ | 0.28 | $ | (0.01 | ) | (3.6 | %) | $ | 0.27 | $ | 0.26 | $ | 0.26 | $ | 0.01 | 3.8 | % | |||||||||||||||||
| Average Common Shares Outstanding: |
||||||||||||||||||||||||||||||||||||
| Basic |
164,954 | 166,605 | (1,651 | ) | (1.0 | %) | 168,234 | 170,707 | 171,650 | (6,696 | ) | (3.9 | %) | |||||||||||||||||||||||
| Diluted |
165,443 | 166,748 | (1,305 | ) | (0.8 | %) | 168,404 | 170,896 | 171,780 | (6,337 | ) | (3.7 | %) | |||||||||||||||||||||||
N/M = Not meaningful.
Page 7
Selected Quarterly Information
Associated Banc-Corp
| (in thousands, except per share, full time |
YTD 2013 | YTD 2012 | 3rd Qtr 2013 | 2nd Qtr 2013 | 1st Qtr 2013 | 4th Qtr 2012 | 3rd Qtr 2012 | |||||||||||||||||||||
| Per Common Share Data |
||||||||||||||||||||||||||||
| Dividends |
$ | 0.24 | $ | 0.15 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.05 | ||||||||||||||
| Market Value: |
||||||||||||||||||||||||||||
| High |
$ | 17.60 | $ | 14.63 | $ | 17.60 | $ | 15.69 | $ | 15.30 | $ | 13.54 | $ | 13.79 | ||||||||||||||
| Low |
13.46 | 11.43 | 15.29 | 13.81 | 13.46 | 12.19 | 12.04 | |||||||||||||||||||||
| Close |
15.49 | 13.16 | 15.49 | 15.55 | 15.19 | 13.12 | 13.16 | |||||||||||||||||||||
| Book value |
17.10 | 16.82 | 17.10 | 16.97 | 17.13 | 16.97 | 16.82 | |||||||||||||||||||||
| Tier 1 common equity / share |
11.59 | 10.89 | 11.59 | 11.42 | 11.22 | 11.08 | 10.89 | |||||||||||||||||||||
| Tangible book value / share |
11.37 | 11.31 | 11.37 | 11.28 | 11.51 | 11.39 | 11.31 | |||||||||||||||||||||
| Performance Ratios (annualized) |
||||||||||||||||||||||||||||
| Return on average assets |
0.81 | % | 0.81 | % | 0.78 | % | 0.82 | % | 0.83 | % | 0.83 | % | 0.84 | % | ||||||||||||||
| Return on average tangible common equity |
9.68 | 9.02 | 9.48 | 9.76 | 9.81 | 9.15 | 9.32 | |||||||||||||||||||||
| Return on average Tier 1 common equity (1) |
9.77 | 9.39 | 9.31 | 9.94 | 10.07 | 9.61 | 9.69 | |||||||||||||||||||||
| Effective tax rate |
31.68 | 31.93 | 31.91 | 32.07 | 31.06 | 22.33 | 30.64 | |||||||||||||||||||||
| Dividend payout ratio (3) |
29.27 | 20.27 | 29.63 | 28.57 | 29.63 | 30.77 | 19.23 | |||||||||||||||||||||
| Average Balances |
||||||||||||||||||||||||||||
| Common stockholders’ equity |
$ | 2,835,760 | $ | 2,849,876 | $ | 2,799,885 | $ | 2,857,722 | $ | 2,850,227 | $ | 2,915,346 | $ | 2,870,438 | ||||||||||||||
| Average Tier 1 common equity (1) |
1,876,009 | 1,826,270 | 1,890,398 | 1,880,826 | 1,856,431 | 1,876,686 | 1,850,610 | |||||||||||||||||||||
| Selected trend information |
||||||||||||||||||||||||||||
| Average full time equivalent employees |
4,776 | 4,987 | 4,699 | 4,790 | 4,841 | 4,915 | 4,965 | |||||||||||||||||||||
| Trust assets under management, at market value ($ in millions) |
$ | 7,078 | $ | 6,163 | $ | 7,078 | $ | 6,894 | $ | 6,913 | $ | 6,454 | $ | 6,163 | ||||||||||||||
| Mortgage loans originated for sale during period |
1,977,357 | 2,016,963 | 513,549 | 782,398 | 681,410 | 780,469 | 715,184 | |||||||||||||||||||||
| Mortgage portfolio serviced for others ($ in millions) |
8,014 | 7,547 | 8,014 | 7,794 | 7,585 | 7,453 | 7,547 | |||||||||||||||||||||
| Mortgage servicing rights, net / Portfolio serviced for others |
0.79 | % | 0.60 | % | 0.79 | % | 0.79 | % | 0.69 | % | 0.62 | % | 0.60 | % | ||||||||||||||
| At Period End |
||||||||||||||||||||||||||||
| Loans / deposits |
84.99 | % | 91.91 | % | 89.27 | % | 90.97 | % | 90.98 | % | ||||||||||||||||||
| Risk weighted assets ($ in millions) (4) (6) |
16,359 | 16,479 | 16,163 | 16,149 | 15,575 | |||||||||||||||||||||||
| Tier 1 common equity (1) |
1,904,060 | 1,893,875 | 1,881,410 | 1,875,534 | 1,869,931 | |||||||||||||||||||||||
| Stockholders’ equity / assets |
12.13 | % | 12.18 | % | 12.61 | % | 12.50 | % | 12.98 | % | ||||||||||||||||||
| Tangible common equity / tangible assets (5) |
8.21 | % | 8.25 | % | 8.64 | % | 8.56 | % | 8.91 | % | ||||||||||||||||||
| Tangible equity / tangible assets (5) |
8.49 | % | 8.53 | % | 8.92 | % | 8.84 | % | 9.20 | % | ||||||||||||||||||
| Tier 1 common equity / risk-weighted assets (4) (6) |
11.64 | % | 11.49 | % | 11.64 | % | 11.61 | % | 12.01 | % | ||||||||||||||||||
| Tier 1 leverage ratio (4) (6) |
8.76 | % | 8.73 | % | 8.78 | % | 8.98 | % | 9.99 | % | ||||||||||||||||||
| Tier 1 risk-based capital ratio (4) (6) |
12.02 | % | 11.88 | % | 12.03 | % | 12.01 | % | 13.57 | % | ||||||||||||||||||
| Total risk-based capital ratio (4) (6) |
13.44 | % | 13.29 | % | 13.45 | % | 13.42 | % | 15.00 | % | ||||||||||||||||||
| Shares outstanding, end of period |
164,303 | 165,837 | 167,673 | 169,304 | 171,657 | |||||||||||||||||||||||
| Non-GAAP financial measures & reconcilation |
||||||||||||||||||||||||||||
| Efficiency ratio (2) |
70.11 | % | 72.65 | % | 71.10 | % | 69.54 | % | 69.74 | % | 73.71 | % | 72.81 | % | ||||||||||||||
| Taxable equivalent adjustment |
(1.44 | ) | (1.62 | ) | (1.49 | ) | (1.39 | ) | (1.46 | ) | (1.57 | ) | (1.61 | ) | ||||||||||||||
| Asset gains (losses), net |
0.26 | (1.16 | ) | 0.58 | (0.01 | ) | 0.24 | (0.06 | ) | (0.98 | ) | |||||||||||||||||
| Other intangible amortization |
(0.42 | ) | (0.44 | ) | (0.44 | ) | (0.41 | ) | (0.42 | ) | (0.43 | ) | (0.43 | ) | ||||||||||||||
| Efficiency ratio, fully taxable equivalent (2) |
68.51 | % | 69.43 | % | 69.75 | % | 67.73 | % | 68.10 | % | 71.65 | % | 69.79 | % | ||||||||||||||
| (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 stock and qualifying trust preferred securities. |
| (2) | Efficiency ratio is defined by the Federal Reserve guidance as noninterest expense divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. Efficiency ratio, fully taxable equivalent, is noninterest expense, excluding other intangible amortization, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net and asset gains / losses, net. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest income for the tax-favored status of certain loans and investment securities. Management believes this measure to be the preferred industry measurement of net interest income as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and it excludes certain specific revenue items (such as investment securities gains / losses, net and asset gains / losses, net). |
| (3) | Ratio is based upon basic earnings per common share. |
| (4) | September 30, 2013 data is estimated. |
| (5) | Tangible equity, tangible common equity and tangible assets exclude goodwill and other intangible assets, which is a non-GAAP financial measure. These financial measures have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength. |
| (6) | The Federal Reserve establishes capital adequacy requirements, including well-capitalized standards for the Corporation. The OCC establishes simliar 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. |
Page 8
Selected Asset Quality Information
Associated Banc-Corp
| (in thousands) |
Sep 30, 2013 | Jun 30, 2013 | Sep13 vs Jun13 % Change |
Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Sep13 vs Sep12 % Change |
|||||||||||||||||||||
| Allowance for Loan Losses |
||||||||||||||||||||||||||||
| Beginning balance |
$ | 277,218 | $ | 286,923 | (3.4 | %) | $ | 279,409 | $ | 315,150 | $ | 332,658 | (16.7 | %) | ||||||||||||||
| Provision for loan losses |
— | 4,000 | N/M | 4,000 | 3,000 | — | N/M | |||||||||||||||||||||
| Charge offs |
(20,288 | ) | (21,904 | ) | (7.4 | %) | (27,128 | ) | (30,417 | ) | (25,030 | ) | (18.9 | %) | ||||||||||||||
| Recoveries |
14,794 | 8,199 | 80.4 | % | 12,642 | 9,676 | 7,522 | 96.7 | % | |||||||||||||||||||
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| Net charge offs |
(5,494 | ) | (13,705 | ) | (59.9 | %) | (14,486 | ) | (20,741 | ) | (17,508 | ) | (68.6 | %) | ||||||||||||||
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|
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| Ending balance |
$ | 271,724 | $ | 277,218 | (2.0 | %) | $ | 286,923 | $ | 297,409 | $ | 315,150 | (13.8 | %) | ||||||||||||||
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|
|||||||||||||||||||
| Reserve for losses on unfunded commitments |
$ | 21,600 | $ | 22,400 | (3.6 | %) | $ | 21,100 | $ | 21,800 | $ | 19,800 | 9.1 | % | ||||||||||||||
| Net Charge Offs | Sep 30, 2013 | Jun 30, 2013 | Sep13 vs Jun13 % Change |
Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Sep13 vs Sep12 % Change |
|||||||||||||||||||||
| Commercial and industrial |
$ | (447 | ) | $ | 1,477 | (130.3 | %) | $ | 696 | $ | 2,630 | $ | 3,831 | (111.7 | %) | |||||||||||||
| Commercial real estate—owner occupied |
2,076 | 1,574 | 31.9 | % | 1,518 | 2,056 | (8 | ) | N/M | |||||||||||||||||||
| Lease financing |
— | 16 | (100.0 | %) | (12 | ) | 754 | (20 | ) | N/M | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial and business lending |
1,629 | 3,067 | (46.9 | %) | 2,202 | 5,440 | 3,803 | (57.2 | %) | |||||||||||||||||||
| Commercial real estate—investor |
(414 | ) | 2,999 | (113.8 | %) | 163 | (232 | ) | 1,905 | (121.7 | %) | |||||||||||||||||
| Real estate construction |
(303 | ) | (95 | ) | 218.9 | % | 1,392 | 858 | (187 | ) | 62.0 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial real estate lending |
(717 | ) | 2,904 | (124.7 | %) | 1,555 | 626 | 1,718 | (141.7 | %) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total commercial |
912 | 5,971 | (84.7 | %) | 3,757 | 6,066 | 5,521 | (83.5 | %) | |||||||||||||||||||
| Home equity revolving lines of credit |
767 | 2,512 | (69.5 | %) | 3,615 | 3,590 | 4,180 | (81.7 | %) | |||||||||||||||||||
| Home equity loans 1st liens |
564 | 954 | (40.9 | %) | 765 | 1,060 | 1,056 | (46.6 | %) | |||||||||||||||||||
| Home equity loans junior liens |
800 | 2,034 | (60.7 | %) | 1,957 | 3,421 | 2,686 | (70.2 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Home equity |
2,131 | 5,500 | (61.3 | %) | 6,337 | 8,071 | 7,922 | (73.1 | %) | |||||||||||||||||||
| Installment |
124 | 66 | 87.9 | % | 177 | 1,027 | 324 | (61.7 | %) | |||||||||||||||||||
| Residential mortgage |
2,327 | 2,168 | 7.3 | % | 4,215 | 5,577 | 3,741 | (37.8 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total consumer |
4,582 | 7,734 | (40.8 | %) | 10,729 | 14,675 | 11,987 | (61.8 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total net charge offs |
$ | 5,494 | $ | 13,705 | (59.9 | %) | $ | 14,486 | $ | 20,741 | $ | 17,508 | (68.6 | %) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Net Charge Offs to Average Loans (in basis points) * |
Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | |||||||||||||||||||||||
| Commercial and industrial |
(4 | ) | 13 | 6 | 25 | 37 | ||||||||||||||||||||||
| Commercial real estate—owner occupied |
72 | 54 | 51 | 69 | (0 | ) | ||||||||||||||||||||||
| Lease financing |
— | 12 | (8 | ) | 480 | (13 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial and business lending |
11 | 21 | 16 | 40 | 29 | |||||||||||||||||||||||
| Commercial real estate—investor |
(6 | ) | 41 | 2 | (3 | ) | 27 | |||||||||||||||||||||
| Real estate construction |
(15 | ) | (5 | ) | 82 | 54 | (12 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial real estate lending |
(8 | ) | 31 | 18 | 7 | 20 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total commercial |
4 | 25 | 17 | 27 | 25 | |||||||||||||||||||||||
| Home equity revolving lines of credit |
34 | 112 | 159 | 148 | 167 | |||||||||||||||||||||||
| Home equity loans 1st liens |
27 | 42 | 32 | 40 | 38 | |||||||||||||||||||||||
| Home equity loans junior liens |
140 | 336 | 303 | 486 | 361 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Home equity |
44 | 108 | 119 | 140 | 132 | |||||||||||||||||||||||
| Installment |
11 | 6 | 16 | 86 | 26 | |||||||||||||||||||||||
| Residential mortgage |
25 | 24 | 47 | 64 | 45 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total consumer |
30 | 50 | 70 | 93 | 77 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total net charge offs |
14 | 35 | 38 | 55 | 47 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Credit Quality | Sep 30, 2013 | Jun 30, 2013 | Sep13 vs Jun13 % Change |
Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Sep13 vs Sep12 % Change |
|||||||||||||||||||||
| Nonaccrual loans |
$ | 207,594 | $ | 217,493 | (4.6 | %) | $ | 225,436 | $ | 252,868 | $ | 278,172 | (25.4 | %) | ||||||||||||||
| Other real estate owned (OREO) |
25,077 | 27,407 | (8.5 | %) | 35,156 | 34,900 | 36,053 | (30.4 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total nonperforming assets |
$ | 232,671 | $ | 244,900 | (5.0 | %) | $ | 260,592 | $ | 287,768 | $ | 314,225 | (26.0 | %) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Loans 90 or more days past due and still accruing |
2,063 | 1,548 | 33.3 | % | 5,690 | 2,289 | 2,334 | (11.6 | %) | |||||||||||||||||||
| Restructured loans (accruing) |
117,043 | 119,066 | (1.7 | %) | 120,093 | 121,087 | 135,791 | (13.8 | %) | |||||||||||||||||||
| Allowance for loan losses / loans |
1.74 | % | 1.76 | % | 1.84 | % | 1.93 | % | 2.11 | % | ||||||||||||||||||
| Allowance for loan losses / nonaccrual loans |
130.89 | 127.46 | 127.27 | 117.61 | 113.29 | |||||||||||||||||||||||
| Nonaccrual loans / total loans |
1.33 | 1.38 | 1.45 | 1.64 | 1.86 | |||||||||||||||||||||||
| Nonperforming assets / total loans plus OREO |
1.49 | 1.55 | 1.67 | 1.86 | 2.09 | |||||||||||||||||||||||
| Nonperforming assets / total assets |
0.98 | 1.04 | 1.12 | 1.23 | 1.38 | |||||||||||||||||||||||
| Net charge offs / average loans (annualized) |
0.14 | 0.35 | 0.38 | 0.55 | 0.47 | |||||||||||||||||||||||
| Year-to-date net charge offs / average loans |
0.29 | 0.36 | 0.38 | 0.57 | 0.58 | |||||||||||||||||||||||
| Nonaccrual loans by type: |
||||||||||||||||||||||||||||
| Commercial and industrial |
$ | 36,105 | $ | 30,302 | 19.2 | % | $ | 33,242 | $ | 39,182 | $ | 41,694 | (13.4 | %) | ||||||||||||||
| Commercial real estate—owner occupied |
28,301 | 24,003 | 17.9 | % | 23,199 | 24,254 | 27,161 | 4.2 | % | |||||||||||||||||||
| Lease financing |
99 | 72 | 37.5 | % | 2,165 | 3,031 | 5,927 | (98.3 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial and business lending |
64,505 | 54,377 | 18.6 | % | 58,606 | 66,467 | 74,782 | (13.7 | %) | |||||||||||||||||||
| Commercial real estate—investor |
49,841 | 60,780 | (18.0 | %) | 56,776 | 58,687 | 71,522 | (30.3 | %) | |||||||||||||||||||
| Real estate construction |
18,670 | 21,419 | (12.8 | %) | 22,166 | 27,302 | 31,684 | (41.1 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial real estate lending |
68,511 | 82,199 | (16.7 | %) | 78,942 | 85,989 | 103,206 | (33.6 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total commercial |
133,016 | 136,576 | (2.6 | %) | 137,548 | 152,456 | 177,988 | (25.3 | %) | |||||||||||||||||||
| Home equity revolving lines of credit |
11,991 | 12,940 | (7.3 | %) | 15,914 | 20,446 | 19,242 | (37.7 | %) | |||||||||||||||||||
| Home equity loans 1st liens |
6,131 | 7,898 | (22.4 | %) | 8,626 | 8,717 | 9,425 | (34.9 | %) | |||||||||||||||||||
| Home equity loans junior liens |
7,321 | 7,296 | 0.3 | % | 9,405 | 10,052 | 9,800 | (25.3 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Home equity |
25,443 | 28,134 | (9.6 | %) | 33,945 | 39,215 | 38,467 | (33.9 | %) | |||||||||||||||||||
| Installment |
1,269 | 1,533 | (17.2 | %) | 1,762 | 1,838 | 2,893 | (56.1 | %) | |||||||||||||||||||
| Residential mortgage |
47,866 | 51,250 | (6.6 | %) | 52,181 | 59,359 | 58,824 | (18.6 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total consumer |
74,578 | 80,917 | (7.8 | %) | 87,888 | 100,412 | 100,184 | (25.6 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total nonaccrual loans |
$ | 207,594 | $ | 217,493 | (4.6 | %) | $ | 225,436 | $ | 252,868 | $ | 278,172 | (25.4 | %) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| * | Annualized. |
| N/M | = Not meaningful. |
Page 9
Selected Asset Quality Information (continued)
Associated Banc-Corp
| (in thousands) |
Sep 30, 2013 | Jun 30, 2013 | Sep 13 vs Jun 13 % Change |
Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Sep 13 vs Sep 12 % Change |
|||||||||||||||||||||
| Restructured loans (accruing) |
||||||||||||||||||||||||||||
| Commercial and industrial |
$ | 32,145 | $ | 30,970 | 3.8 | % | $ | 29,251 | $ | 28,140 | $ | 35,015 | (8.2 | %) | ||||||||||||||
| Commercial real estate—owner occupied |
14,425 | 14,336 | 0.6 | % | 12,888 | 13,852 | 15,706 | (8.2 | %) | |||||||||||||||||||
| Lease financing |
— | — | N/M | — | — | — | N/M | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial and business lending |
46,570 | 45,306 | 2.8 | % | 42,139 | 41,992 | 50,721 | (8.2 | %) | |||||||||||||||||||
| Commercial real estate—investor |
35,073 | 37,299 | (6.0 | %) | 41,253 | 41,660 | 49,249 | (28.8 | %) | |||||||||||||||||||
| Real estate construction |
4,825 | 5,365 | (10.1 | %) | 5,540 | 4,530 | 3,561 | 35.5 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial real estate lending |
39,898 | 42,664 | (6.5 | %) | 46,793 | 46,190 | 52,810 | (24.4 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total commercial |
86,468 | 87,970 | (1.7 | %) | 88,932 | 88,182 | 103,531 | (16.5 | %) | |||||||||||||||||||
| Home equity revolving lines of credit |
1,118 | 1,130 | (1.1 | %) | 880 | 867 | 803 | 39.2 | % | |||||||||||||||||||
| Home equity loans 1st liens |
1,628 | 1,684 | (3.3 | %) | 1,783 | 1,930 | 1,904 | (14.5 | %) | |||||||||||||||||||
| Home equity loans junior liens |
7,113 | 7,119 | (0.1 | %) | 6,893 | 7,171 | 6,760 | 5.2 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Home equity |
9,859 | 9,933 | (0.7 | %) | 9,556 | 9,968 | 9,467 | 4.1 | % | |||||||||||||||||||
| Installment |
416 | 570 | (27.0 | %) | 664 | 653 | 672 | (38.1 | %) | |||||||||||||||||||
| Residential mortgage |
20,300 | 20,593 | (1.4 | %) | 20,941 | 22,284 | 22,121 | (8.2 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total consumer |
30,575 | 31,096 | (1.7 | %) | 31,161 | 32,905 | 32,260 | (5.2 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total restructured loans (accruing) |
$ | 117,043 | $ | 119,066 | (1.7 | %) | $ | 120,093 | $ | 121,087 | $ | 135,791 | (13.8 | %) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Restructured loans in nonaccrual loans (not included above) |
$ | 69,311 | $ | 70,354 | (1.5 | %) | $ | 67,811 | $ | 80,590 | $ | 74,251 | (6.7 | %) | ||||||||||||||
| Loans Past Due 30-89 Days | Sep 30, 2013 | Jun 30, 2013 | Sep 13 vs Jun 13 % Change |
Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Sep 13 vs Sep 12 % Change |
|||||||||||||||||||||
| Commercial and industrial |
$ | 6,518 | $ | 8,516 | (23.5 | %) | $ | 10,263 | $ | 11,339 | $ | 3,795 | 71.8 | % | ||||||||||||||
| Commercial real estate—owner occupied |
8,505 | 8,105 | 4.9 | % | 6,804 | 11,053 | 4,843 | 75.6 | % | |||||||||||||||||||
| Lease financing |
1,000 | 57 | N/M | 283 | 12 | 17 | N/M | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial and business lending |
16,023 | 16,678 | (3.9 | %) | 17,350 | 22,404 | 8,655 | 85.1 | % | |||||||||||||||||||
| Commercial real estate—investor |
21,747 | 18,269 | 19.0 | % | 25,201 | 13,472 | 8,809 | 146.9 | % | |||||||||||||||||||
| Real estate construction |
820 | 797 | 2.9 | % | 2,287 | 3,155 | 1,254 | (34.6 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial real estate lending |
22,567 | 19,066 | 18.4 | % | 27,488 | 16,627 | 10,063 | 124.3 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total commercial |
38,590 | 35,744 | 8.0 | % | 44,838 | 39,031 | 18,718 | 106.2 | % | |||||||||||||||||||
| Home equity revolving lines of credit |
6,318 | 7,739 | (18.4 | %) | 1,832 | 7,829 | 9,543 | (33.8 | %) | |||||||||||||||||||
| Home equity loans 1st liens |
1,376 | 1,857 | (25.9 | %) | 1,869 | 1,457 | 1,535 | (10.4 | %) | |||||||||||||||||||
| Home equity loans junior liens |
2,206 | 2,709 | (18.6 | %) | 2,848 | 4,252 | 3,745 | (41.1 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Home equity |
9,900 | 12,305 | (19.5 | %) | 6,549 | 13,538 | 14,823 | (33.2 | %) | |||||||||||||||||||
| Installment |
1,170 | 1,434 | (18.4 | %) | 2,500 | 2,109 | 1,693 | (30.9 | %) | |||||||||||||||||||
| Residential mortgage |
6,722 | 9,920 | (32.2 | %) | 8,793 | 9,403 | 6,878 | (2.3 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total consumer |
17,792 | 23,659 | (24.8 | %) | 17,842 | 25,050 | 23,394 | (23.9 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total loans past due 30-89 days |
$ | 56,382 | $ | 59,403 | (5.1 | %) | $ | 62,680 | $ | 64,081 | $ | 42,112 | 33.9 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Potential Problem Loans | Sep 30, 2013 | Jun 30, 2013 | Sep 13 vs Jun 13 % Change |
Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Sep 13 vs Sep 12 % Change |
|||||||||||||||||||||
| Commercial and industrial |
$ | 112,947 | $ | 127,382 | (11.3 | %) | $ | 127,367 | $ | 128,434 | $ | 120,888 | (6.6 | %) | ||||||||||||||
| Commercial real estate—owner occupied |
61,256 | 75,074 | (18.4 | %) | 93,098 | 99,592 | 120,034 | (49.0 | %) | |||||||||||||||||||
| Lease financing |
207 | 279 | (25.8 | %) | 251 | 264 | 214 | (3.3 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial and business lending |
174,410 | 202,735 | (14.0 | %) | 220,716 | 228,290 | 241,136 | (27.7 | %) | |||||||||||||||||||
| Commercial real estate—investor |
87,526 | 89,342 | (2.0 | %) | 101,775 | 107,068 | 133,046 | (34.2 | %) | |||||||||||||||||||
| Real estate construction |
7,540 | 9,184 | (17.9 | %) | 10,040 | 13,092 | 18,477 | (59.2 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial real estate lending |
95,066 | 98,526 | (3.5 | %) | 111,815 | 120,160 | 151,523 | (37.3 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total commercial |
269,476 | 301,261 | (10.6 | %) | 332,531 | 348,450 | 392,659 | (31.4 | %) | |||||||||||||||||||
| Home equity revolving lines of credit |
170 | 308 | (44.8 | %) | 450 | 520 | 518 | (67.2 | %) | |||||||||||||||||||
| Home equity loans 1st liens |
— | — | 0.0 | % | — | — | — | 0.0 | % | |||||||||||||||||||
| Home equity loans junior liens |
2,067 | 2,307 | (10.4 | %) | 2,871 | 3,150 | 2,825 | (26.8 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Home equity |
2,237 | 2,615 | (14.5 | %) | 3,321 | 3,670 | 3,343 | (33.1 | %) | |||||||||||||||||||
| Installment |
67 | 83 | (19.3 | %) | 99 | 111 | 131 | (48.9 | %) | |||||||||||||||||||
| Residential mortgage |
5,342 | 5,917 | (9.7 | %) | 7,882 | 8,762 | 8,197 | (34.8 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total consumer |
7,646 | 8,615 | (11.2 | %) | 11,302 | 12,543 | 11,671 | (34.5 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total potential problem loans |
$ | 277,122 | $ | 309,876 | (10.6 | %) | $ | 343,833 | $ | 360,993 | $ | 404,330 | (31.5 | %) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
N/M = Not meaningful.
Page 10
Net Interest Income Analysis—Taxable Equivalent Basis
Associated Banc-Corp
| Three months ended September 30, 2013 | Three months ended June 30, 2013 | |||||||||||||||||||||||
| (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 |
$ | 5,876,745 | $ | 52,215 | 3.53 | % | $ | 5,860,416 | $ | 53,613 | 3.67 | % | ||||||||||||
| Commercial real estate lending |
3,768,895 | 37,630 | 3.96 | 3,722,108 | 35,804 | 3.86 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total commercial |
9,645,640 | 89,845 | 3.70 | 9,582,524 | 89,417 | 3.74 | ||||||||||||||||||
| Residential mortgage |
3,714,459 | 30,479 | 3.28 | 3,661,742 | 30,113 | 3.29 | ||||||||||||||||||
| Retail |
2,364,266 | 26,816 | 4.51 | 2,483,541 | 28,291 | 4.56 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total loans |
15,724,365 | 147,140 | 3.72 | 15,727,807 | 147,821 | 3.77 | ||||||||||||||||||
| Investment securities |
4,980,228 | 32,282 | 2.59 | 4,917,671 | 32,303 | 2.63 | ||||||||||||||||||
| Other short-term investments |
334,874 | 1,260 | 1.51 | 305,766 | 1,232 | 1.61 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Investments and other |
5,315,102 | 33,542 | 2.52 | 5,223,437 | 33,535 | 2.57 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total earning assets |
21,039,467 | 180,682 | 3.42 | 20,951,244 | 181,356 | 3.47 | ||||||||||||||||||
| Other assets, net |
2,274,110 | 2,354,976 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total assets |
$ | 23,313,577 | $ | 23,306,220 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Interest-bearing liabilities: |
||||||||||||||||||||||||
| Savings deposits |
$ | 1,204,743 | $ | 249 | 0.08 | % | $ | 1,207,959 | $ | 236 | 0.08 | % | ||||||||||||
| Interest-bearing demand deposits |
2,810,962 | 1,101 | 0.16 | 2,867,524 | 1,190 | 0.17 | ||||||||||||||||||
| Money market deposits |
7,556,050 | 3,449 | 0.18 | 6,930,554 | 3,239 | 0.19 | ||||||||||||||||||
| Time deposits |
1,773,760 | 2,818 | 0.63 | 1,907,337 | 3,104 | 0.65 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total interest-bearing deposits |
13,345,515 | 7,617 | 0.23 | 12,913,374 | 7,769 | 0.24 | ||||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase |
633,594 | 308 | 0.19 | 677,489 | 333 | 0.20 | ||||||||||||||||||
| Other short-term funding |
1,417,113 | 434 | 0.12 | 1,631,644 | 525 | 0.13 | ||||||||||||||||||
| Long-term funding |
614,708 | 6,866 | 4.47 | 765,514 | 7,551 | 3.95 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total short and long-term funding |
2,665,415 | 7,608 | 1.14 | 3,074,647 | 8,409 | 1.09 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total interest-bearing liabilities |
16,010,930 | 15,225 | 0.38 | 15,988,021 | 16,178 | 0.41 | ||||||||||||||||||
| Noninterest-bearing demand deposits |
4,264,304 | 4,191,704 | ||||||||||||||||||||||
| Other liabilities |
175,453 | 205,501 | ||||||||||||||||||||||
| Stockholders’ equity |
2,862,890 | 2,920,994 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total liabilities and stockholders’ equity |
$ | 23,313,577 | $ | 23,306,220 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net interest income and rate spread (1) |
$ | 165,457 | 3.04 | % | $ | 165,178 | 3.06 | % | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Net interest margin (1) |
3.13 | % | 3.16 | % | ||||||||||||||||||||
| Taxable equivalent adjustment |
$ | 4,948 | $ | 4,996 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Net Interest Income Analysis—Taxable Equivalent Basis Associated Banc-Corp
|
||||||||||||||||||||||||
| Three months ended September 30, 2013 | Three months ended September 30, 2012 | |||||||||||||||||||||||
| (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 |
$ | 5,876,745 | $ | 52,215 | 3.53 | % | $ | 5,275,069 | $ | 51,432 | 3.88 | % | ||||||||||||
| Commercial real estate lending |
3,768,895 | 37,630 | 3.96 | 3,440,220 | 35,913 | 4.16 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total commercial |
9,645,640 | 89,845 | 3.70 | 8,715,289 | 87,345 | 3.99 | ||||||||||||||||||
| Residential mortgage |
3,714,459 | 30,479 | 3.28 | 3,320,212 | 30,044 | 3.62 | ||||||||||||||||||
| Retail |
2,364,266 | 26,816 | 4.51 | 2,881,292 | 33,251 | 4.60 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total loans |
15,724,365 | 147,140 | 3.72 | 14,916,793 | 150,640 | 4.02 | ||||||||||||||||||
| Investment securities |
4,980,228 | 32,282 | 2.59 | 4,319,404 | 31,950 | 2.96 | ||||||||||||||||||
| Other short-term investments |
334,874 | 1,260 | 1.51 | 423,599 | 1,334 | 1.26 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Investments and other |
5,315,102 | 33,542 | 2.52 | 4,743,003 | 33,284 | 2.81 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total earning assets |
21,039,467 | 180,682 | 3.42 | 19,659,796 | 183,924 | 3.73 | ||||||||||||||||||
| Other assets, net |
2,274,110 | 2,356,952 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total assets |
$ | 23,313,577 | $ | 22,016,748 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Interest-bearing liabilities: |
||||||||||||||||||||||||
| Savings deposits |
$ | 1,204,743 | $ | 249 | 0.08 | % | $ | 1,117,194 | $ | 229 | 0.08 | % | ||||||||||||
| Interest-bearing demand deposits |
2,810,962 | 1,101 | 0.16 | 2,136,280 | 926 | 0.17 | ||||||||||||||||||
| Money market deposits |
7,556,050 | 3,449 | 0.18 | 6,240,596 | 3,932 | 0.25 | ||||||||||||||||||
| Time deposits |
1,773,760 | 2,818 | 0.63 | 2,159,684 | 4,664 | 0.86 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total interest-bearing deposits |
13,345,515 | 7,617 | 0.23 | 11,653,754 | 9,751 | 0.33 | ||||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase |
633,594 | 308 | 0.19 | 1,266,995 | 750 | 0.24 | ||||||||||||||||||
| Other short-term funding |
1,417,113 | 434 | 0.12 | 837,316 | 815 | 0.39 | ||||||||||||||||||
| Long-term funding |
614,708 | 6,866 | 4.47 | 1,182,632 | 11,738 | 3.97 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total short and long-term funding |
2,665,415 | 7,608 | 1.14 | 3,286,943 | 13,303 | 1.62 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total interest-bearing liabilities |
16,010,930 | 15,225 | 0.38 | 14,940,697 | 23,054 | 0.62 | ||||||||||||||||||
| Noninterest-bearing demand deposits |
4,264,304 | 3,962,102 | ||||||||||||||||||||||
| Other liabilities |
175,453 | 180,239 | ||||||||||||||||||||||
| Stockholders’ equity |
2,862,890 | 2,933,710 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total liabilities and stockholders’ equity |
$ | 23,313,577 | $ | 22,016,748 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net interest income and rate spread (1) |
$ | 165,457 | 3.04 | % | $ | 160,870 | 3.11 | % | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Net interest margin (1) |
3.13 | % | 3.26 | % | ||||||||||||||||||||
| Taxable equivalent adjustment |
$ | 4,948 | $ | 5,268 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| (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. |
Page 11
Net Interest Income Analysis—Taxable Equivalent Basis
Associated Banc-Corp
| Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | |||||||||||||||||||||||
| (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 |
$ | 5,785,024 | $ | 156,541 | 3.62 | % | $ | 5,041,098 | $ | 149,001 | 3.95 | % | ||||||||||||
| Commercial real estate lending |
3,695,150 | 109,298 | 3.95 | 3,316,306 | 105,259 | 4.24 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total commercial |
9,480,174 | 265,839 | 3.75 | 8,357,404 | 254,260 | 4.06 | ||||||||||||||||||
| Residential mortgage |
3,666,556 | 91,074 | 3.31 | 3,277,879 | 91,273 | 3.71 | ||||||||||||||||||
| Retail |
2,487,723 | 84,487 | 4.54 | 2,975,782 | 103,230 | 4.63 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total loans |
15,634,453 | 441,400 | 3.77 | 14,611,065 | 448,763 | 4.10 | ||||||||||||||||||
| Investment securities |
4,930,195 | 97,340 | 2.63 | 4,444,144 | 101,033 | 3.03 | ||||||||||||||||||
| Other short-term investments |
327,209 | 3,740 | 1.53 | 417,998 | 3,843 | 1.23 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Investments and other |
5,257,404 | 101,080 | 2.56 | 4,862,142 | 104,876 | 2.88 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total earning assets |
20,891,857 | 542,480 | 3.47 | 19,473,207 | 553,639 | 3.79 | ||||||||||||||||||
| Other assets, net |
2,328,652 | 2,314,461 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total assets |
$ | 23,220,509 | $ | 21,787,668 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Interest-bearing liabilities: |
||||||||||||||||||||||||
| Savings deposits |
$ | 1,185,059 | $ | 693 | 0.08 | % | $ | 1,085,514 | $ | 626 | 0.08 | % | ||||||||||||
| Interest-bearing demand deposits |
2,819,585 | 3,470 | 0.16 | 2,118,789 | 2,788 | 0.18 | ||||||||||||||||||
| Money market deposits |
7,178,857 | 10,304 | 0.19 | 5,930,870 | 11,233 | 0.25 | ||||||||||||||||||
| Time deposits |
1,891,026 | 9,460 | 0.67 | 2,307,642 | 17,693 | 1.02 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total interest-bearing deposits |
13,074,527 | 23,927 | 0.24 | 11,442,815 | 32,340 | 0.38 | ||||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase |
696,343 | 1,051 | 0.20 | 1,241,652 | 2,129 | 0.23 | ||||||||||||||||||
| Other short-term funding |
1,357,230 | 1,291 | 0.13 | 1,066,063 | 3,068 | 0.38 | ||||||||||||||||||
| Long-term funding |
779,079 | 22,833 | 3.91 | 1,177,223 | 35,740 | 4.05 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total short and long-term funding |
2,832,652 | 25,175 | 1.19 | 3,484,938 | 40,937 | 1.57 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total interest-bearing liabilities |
15,907,179 | 49,102 | 0.41 | 14,927,753 | 73,277 | 0.66 | ||||||||||||||||||
| Noninterest-bearing demand deposits |
4,214,265 | 3,780,990 | ||||||||||||||||||||||
| Other liabilities |
200,123 | 165,777 | ||||||||||||||||||||||
| Stockholders’ equity |
2,898,942 | 2,913,148 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total liabilities and stockholders’ equity |
$ | 23,220,509 | $ | 21,787,668 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Net interest income and rate spread (1) |
$ | 493,378 | 3.06 | % | $ | 480,362 | 3.13 | % | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Net interest margin (1) |
3.15 | % | 3.29 | % | ||||||||||||||||||||
| Taxable equivalent adjustment |
$ | 15,034 | $ | 15,825 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| (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. |
Page 12
Financial Summary and Comparison
Associated Banc-Corp
| Period End Loan Composition | Sep 30, 2013 |
Jun 30, 2013 |
Sep 13 vs Jun 13 % Change |
Mar 31, 2013 |
Dec 31, 2012 |
Sep 30, 2012 |
Sep 13 vs Sep 12 % Change |
|||||||||||||||||||||
| Commercial and industrial |
$ | 4,703,056 | $ | 4,752,838 | (1.0 | %) | $ | 4,651,143 | $ | 4,502,021 | $ | 4,265,356 | 10.3 | % | ||||||||||||||
| Commercial real estate—owner occupied |
1,147,352 | 1,174,866 | (2.3 | %) | 1,199,513 | 1,219,747 | 1,197,517 | (4.2 | %) | |||||||||||||||||||
| Lease financing |
51,727 | 55,084 | (6.1 | %) | 57,908 | 64,196 | 60,818 | (14.9 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial and business lending |
5,902,135 | 5,982,788 | (1.3 | %) | 5,908,564 | 5,785,964 | 5,523,691 | 6.9 | % | |||||||||||||||||||
| Commercial real estate—investor |
2,847,152 | 3,010,992 | (5.4 | %) | 2,900,167 | 2,906,759 | 2,787,158 | 2.2 | % | |||||||||||||||||||
| Real estate construction |
834,744 | 800,569 | 4.3 | % | 729,145 | 655,381 | 611,186 | 36.6 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial real estate lending |
3,681,896 | 3,811,561 | (3.4 | %) | 3,629,312 | 3,562,140 | 3,398,344 | 8.3 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total commercial |
9,584,031 | 9,794,349 | (2.1 | %) | 9,537,876 | 9,348,104 | 8,922,035 | 7.4 | % | |||||||||||||||||||
| Home equity revolving lines of credit |
875,703 | 888,162 | (1.4 | %) | 904,187 | 936,065 | 988,800 | (11.4 | %) | |||||||||||||||||||
| Home equity loans 1st liens |
794,912 | 863,779 | (8.0 | %) | 940,017 | 1,013,757 | 1,079,075 | (26.3 | %) | |||||||||||||||||||
| Home equity loans junior liens |
220,763 | 234,292 | (5.8 | %) | 254,203 | 269,672 | 289,025 | (23.6 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Home equity |
1,891,378 | 1,986,233 | (4.8 | %) | 2,098,407 | 2,219,494 | 2,356,900 | (19.8 | %) | |||||||||||||||||||
| Installment |
420,268 | 434,029 | (3.2 | %) | 447,445 | 466,727 | 482,451 | (12.9 | %) | |||||||||||||||||||
| Residential mortgage |
3,690,177 | 3,531,988 | 4.5 | % | 3,467,834 | 3,376,697 | 3,204,828 | 15.1 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total consumer |
6,001,823 | 5,952,250 | 0.8 | % | 6,013,686 | 6,062,918 | 6,044,179 | (0.7 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total loans |
$ | 15,585,854 | $ | 15,746,599 | (1.0 | %) | $ | 15,551,562 | $ | 15,411,022 | $ | 14,966,214 | 4.1 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Period End Deposit and Customer Funding Composition |
Sep 30, 2013 |
Jun 30, 2013 |
Sep 13 vs Jun 13 % Change |
Mar 31, 2013 |
Dec 31, 2012 |
Sep 30, 2012 |
Sep 13 vs Sep 12 % Change |
|||||||||||||||||||||
| Noninterest-bearing demand |
$ | 4,453,663 | $ | 4,259,776 | 4.6 | % | $ | 4,453,109 | $ | 4,759,556 | $ | 4,320,437 | 3.1 | % | ||||||||||||||
| Savings |
1,195,944 | 1,211,567 | (1.3 | %) | 1,197,134 | 1,109,861 | 1,115,783 | 7.2 | % | |||||||||||||||||||
| Interest-bearing demand |
2,735,529 | 2,802,277 | (2.4 | %) | 2,966,934 | 2,554,479 | 2,230,740 | 22.6 | % | |||||||||||||||||||
| Money market |
8,199,281 | 7,040,317 | 16.5 | % | 6,836,678 | 6,518,075 | 6,682,640 | 22.7 | % | |||||||||||||||||||
| Brokered CDs |
56,024 | 59,206 | (5.4 | %) | 49,919 | 26,270 | 33,612 | 66.7 | % | |||||||||||||||||||
| Other time |
1,697,467 | 1,759,293 | (3.5 | %) | 1,917,520 | 1,971,624 | 2,067,380 | (17.9 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total deposits |
18,337,908 | 17,132,436 | 7.0 | % | 17,421,294 | 16,939,865 | 16,450,592 | 11.5 | % | |||||||||||||||||||
| Customer repo sweeps |
515,555 | 489,700 | 5.3 | % | 617,038 | 564,038 | 600,225 | (14.1 | %) | |||||||||||||||||||
| Customer repo term |
— | — | N/M | 4,882 | 115,032 | 448,782 | (100.0 | %) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total customer funding |
515,555 | 489,700 | 5.3 | % | 621,920 | 679,070 | 1,049,007 | (50.9 | %) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total deposits and customer funding |
$ | 18,853,463 | $ | 17,622,136 | 7.0 | % | $ | 18,043,214 | $ | 17,618,935 | $ | 17,499,599 | 7.7 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Network transaction deposits included above in interest-bearing demand and money market |
2,222,810 | 2,135,306 | 4.1 | % | 2,054,714 | 1,684,745 | 1,740,434 | 27.7 | % | |||||||||||||||||||
| Brokered CDs |
56,024 | 59,206 | (5.4 | %) | 49,919 | 26,270 | 33,612 | 66.7 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total network and brokered funding |
2,278,834 | 2,194,512 | 3.8 | % | 2,104,633 | 1,711,015 | 1,774,046 | 28.5 | % | |||||||||||||||||||
|
|
|
|
|
|
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|
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| Net customer deposits and funding (1) |
16,574,629 | 15,427,624 | 7.4 | % | 15,938,581 | 15,907,920 | 15,725,553 | 5.4 | % | |||||||||||||||||||
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| (1) | Total deposits and customer funding excluding total network and brokered funding. |
| Quarter Average Loan Composition | Sep 30, 2013 |
Jun 30, 2013 |
Sep 13 vs Jun 13 % Change |
Mar 31, 2013 |
Dec 31, 2012 |
Sep 30, 2012 |
Sep 13 vs Sep 12 % Change |
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| Commercial and industrial |
$ | 4,680,582 | $ | 4,635,892 | 1.0 | % | $ | 4,358,486 | $ | 4,182,852 | $ | 4,110,122 | 13.9 | % | ||||||||||||||
| Commercial real estate—owner occupied |
1,142,919 | 1,169,124 | (2.2 | %) | 1,196,912 | 1,185,846 | 1,103,988 | 3.5 | % | |||||||||||||||||||
| Lease financing |
53,244 | 55,400 | (3.9 | %) | 59,638 | 62,497 | 60,959 | (12.7 | %) | |||||||||||||||||||
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| Commercial and business lending |
5,876,745 | 5,860,416 | 0.3 | % | 5,615,036 | 5,431,195 | 5,275,069 | 11.4 | % | |||||||||||||||||||
| Commercial real estate—investor |
2,940,115 | 2,951,524 | (0.4 | %) | 2,899,930 | 2,821,023 | 2,832,447 | 3.8 | % | |||||||||||||||||||
| Real estate construction |
828,780 | 770,584 | 7.6 | % | 692,579 | 630,081 | 607,773 | 36.4 | % | |||||||||||||||||||
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| Commercial real estate lending |
3,768,895 | 3,722,108 | 1.3 | % | 3,592,509 | 3,451,104 | 3,440,220 | 9.6 | % | |||||||||||||||||||
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| Total commercial |
9,645,640 | 9,582,524 | 0.7 | % | 9,207,545 | 8,882,299 | 8,715,289 | 10.7 | % | |||||||||||||||||||
| Home equity revolving lines of credit |
882,478 | 896,931 | (1.6 | %) | 922,084 | 962,263 | 995,156 | (11.3 | %) | |||||||||||||||||||
| Home equity loans 1st liens |
826,653 | 902,554 | (8.4 | %) | 976,466 | 1,047,207 | 1,097,394 | (24.7 | %) | |||||||||||||||||||
| Home equity loans junior liens |
227,021 | 242,796 | (6.5 | %) | 262,193 | 280,051 | 296,021 | (23.3 | %) | |||||||||||||||||||
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| Home equity |
1,936,152 | 2,042,281 | (5.2 | %) | 2,160,743 | 2,289,521 | 2,388,571 | (18.9 | %) | |||||||||||||||||||
| Installment |
428,114 | 441,260 | (3.0 | %) | 457,409 | 473,563 | 492,721 | (13.1 | %) | |||||||||||||||||||
| Residential mortgage |
3,714,459 | 3,661,742 | 1.4 | % | 3,622,455 | 3,485,719 | 3,320,212 | 11.9 | % | |||||||||||||||||||
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| Total consumer |
6,078,725 | 6,145,283 | (1.1 | %) | 6,240,607 | 6,248,803 | 6,201,504 | (2.0 | %) | |||||||||||||||||||
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| Total loans |
$ | 15,724,365 | $ | 15,727,807 | (0.0 | %) | $ | 15,448,152 | $ | 15,131,102 | $ | 14,916,793 | 5.4 | % | ||||||||||||||
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| Quarter Average Deposit Composition | Sep 30, 2013 |
Jun 30, 2013 |
Sep 13 vs Jun 13 % Change |
Mar 31, 2013 |
Dec 31, 2012 |
Sep 30, 2012 |
Sep 13 vs Sep 12 % Change |
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| Noninterest-bearing demand |
$ | 4,264,304 | $ | 4,191,704 | 1.7 | % | $ | 4,185,924 | $ | 4,448,767 | $ | 3,962,102 | 7.6 | % | ||||||||||||||
| Savings |
1,204,743 | 1,207,959 | (0.3 | %) | 1,141,781 | 1,129,983 | 1,117,194 | 7.8 | % | |||||||||||||||||||
| Interest-bearing demand |
2,810,962 | 2,867,524 | (2.0 | %) | 2,779,929 | 2,236,826 | 2,136,280 | 31.6 | % | |||||||||||||||||||
| Money market |
7,556,050 | 6,930,554 | 9.0 | % | 7,044,344 | 6,797,306 | 6,240,596 | 21.1 | % | |||||||||||||||||||
| Time deposits |
1,773,760 | 1,907,337 | (7.0 | %) | 1,994,406 | 2,037,386 | 2,159,684 | (17.9 | %) | |||||||||||||||||||
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| Total deposits |
$ | 17,609,819 | $ | 17,105,078 | 3.0 | % | $ | 17,146,384 | $ | 16,650,268 | $ | 15,615,856 | 12.8 | % | ||||||||||||||
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