ASSOCIATED BANC-CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - FORM 8-K - ASSOCIATED BANC-CORP	asb03312017form8-kpr.htm
EX-99.2 - EXHIBIT 99.2 - ASSOCIATED BANC-CORP	asb1q17presentationfinal.htm

Exhibit 99.1



	NEWS RELEASE Investor Contact: Jessica Vanden Heuvel, Vice President, Director of Investor Relations 920-491-7059 Media Contact: Jennifer Kaminski, Vice President, Manager of Public Relations 920-491-7576

Associated Banc-Corp Reports First Quarter Earnings of $0.35 per share

Earnings per share up 30% from prior year

GREEN BAY, Wis. -- April 20, 2017 -- Associated Banc-Corp (NYSE: ASB) today reported net income available to common equity of $54 million, or $0.35 per common share for the quarter ended March 31, 2017. This compares to net income available to common equity of $40 million, or $0.27 per common share for the quarter ended March 31, 2016.

“The quarter’s margin expansion coupled with higher residential mortgage and steady commercial real estate loan growth contributed to a 30% year over year increase in earnings per common share. We continued to show progress across our fee businesses while holding expenses flat. Year over year results were also supported by an improving credit environment.” said President and CEO Philip B. Flynn. "We are in a good place - strongly positioned and fully committed to a path of continued disciplined growth. We look forward to delivering against our full year guidance."

FIRST QUARTER SUMMARY


•	Average loans of $20.1 billion grew $1.1 billion, or 6% from the year ago quarter


•	Average deposits of $21.5 billion grew $891 million, or 4% from the year ago quarter


•	Net interest income of $180 million increased $8 million, or 5% from the year ago quarter


•	Net interest margin of 2.84% improved from 2.81% in the year ago quarter


•	Provision for credit losses of $9 million decreased $11 million, or 55% from the year ago quarter


•	Noninterest income of $80 million reflected less investment gains from the year ago quarter


•	Noninterest expense was essentially flat at $174 million from the year ago quarter


•	Return on average common equity Tier 1 (CET1) was 10.6%


•	Total dividends per common share of $0.12 were up 9% from the year ago quarter


•	Capital ratios remain strong with a CET1 ratio of 9.9% at quarter end

FIRST QUARTER FINANCIAL RESULTS

Loans

First quarter average loans of $20.1 billion were up 6%, or $1.1 billion from the year ago quarter and were up $96 million from the fourth quarter.

With respect to first quarter average balances:


•	Commercial real estate lending increased 12%, or $530 million from the year ago quarter and grew $85 million from the fourth quarter to $5.0 billion.


•	Consumer lending increased 7%, or $541 million from the year ago quarter and grew $218 million from the fourth quarter to $7.9 billion.


•	Commercial and business lending increased 1%, or $78 million from the year ago quarter to $7.2 billion, but decreased $207 million from the fourth quarter, primarily driven by $200 million of lower mortgage warehouse activity.

Deposits

First quarter average deposits of $21.5 billion were up 4%, or $891 million from the year ago quarter and were down $277 million from the fourth quarter.

With respect to first quarter average balances:


•	Interest-bearing demand deposits increased 32%, or $1.0 billion from the year ago quarter and increased $111 million from the fourth quarter to $4.3 billion.


•	Savings and time deposits increased 5%, or $153 million from the year ago quarter and increased $67 million from the fourth quarter to $3.1 billion.


•	Noninterest-bearing demand deposits decreased 1%, or $31 million from the year ago quarter and decreased $328 million from the fourth quarter to $5.0 billion.


•	Money market deposits decreased 3%, or $263 million from the year ago quarter and decreased $127 million from the fourth quarter to $9.2 billion.

Net Interest Income and Net Interest Margin

Net interest income was up 5%, or $8 million from the year ago quarter, with net interest margin increasing 3 basis points. First quarter net interest income of $180 million was essentially flat from the fourth quarter as higher yields on loans offset the impact of two fewer days in the quarter. Net interest margin of 2.84% increased 4 basis points from the fourth quarter.


•	The average yield on total loans increased to 3.51% from 3.41% in the year ago quarter and increased from 3.40% in the prior quarter.


•	The average cost of interest-bearing deposits increased to 0.42% from 0.30% in the year ago quarter and increased from 0.33% in the prior quarter.

Noninterest Income

First quarter total noninterest income of $80 million was down 4%, or $3 million from the year ago quarter, reflecting less investment gains. As expected, total noninterest income was down 13%, or $12 million from the prior quarter, primarily related to a shift in the Company's mortgage retention strategy.

With respect to first quarter noninterest income line items:


•	Brokerage and annuity commissions were up 14% from the year ago quarter and 3% from the prior quarter primarily due to a stronger market backdrop.


•	Capital market fees were up 10% from the year ago quarter, but decreased $4 million from the fourth quarter primarily due to fewer customer hedging transactions, lower valuation gains, and lower loan syndication activity.


•	Mortgage banking was up 9% from the year ago quarter, but decreased $7 million from the prior quarter reflecting reduced settlements, the Company's increased retention of mortgages on balance sheet, and the Company's switch to fair value accounting for the mortgage pipeline.


•	Insurance commissions were up 1% from the year ago quarter and increased 20% from the prior quarter primarily related to seasonally higher property and casualty insurance revenues.


•	BOLI, asset gains, and investment securities gains were down from both the year ago and prior quarters.

Noninterest Expense

First quarter total noninterest expense of $174 million was essentially flat compared to the year ago quarter and decreased $5 million, or 3% from the prior quarter.

With respect to first quarter noninterest expense line items:


•	Personnel expense was up $3 million from the year ago quarter, but decreased 3% from the prior quarter reflecting increased severance in the fourth quarter.


•	Occupancy expense was up $1 million from the year ago quarter and was up 11% from the prior quarter primarily related to increased snow plowing and higher lease terminations and adjustments.

Noninterest Expense cont.


•	Business development and advertising decreased $2 million from the year ago quarter and decreased 7% from the prior quarter driven by a shift in strategy largely from television to digital advertising.


•	All other noninterest expense line items, collectively, decreased $2 million from the year ago quarter and decreased 6% from the prior quarter.

Taxes

First quarter income tax expense was $21 million with an effective tax rate of 27%, compared to $19 million and 31% in the year ago quarter, and $24 million and 30% in the prior quarter. The first quarter's lower effective tax rate was due to a change in accounting standards related to stock compensation which lowered income tax expense by $3 million. These tax effects are expected to be higher in the first quarter when the majority of the Company’s restricted stock awards vest.

Credit

First quarter provision for credit losses of $9 million decreased $11 million from the year ago quarter and was down $6 million from the prior quarter.


•	Potential problem loans of $340 million were down $61 million from the year ago quarter and down $11 million from the prior quarter.


•	Nonaccrual loans of $260 million were down $26 million from the year ago quarter and down $15 million from the prior quarter. The nonaccrual loans to total loans ratio was 1.29% in the first quarter, compared to 1.49% in the year ago quarter, and 1.37% in the prior quarter.


•	First quarter net charge offs of $6 million were down $11 million from the year ago quarter and down $4 million from the prior quarter.


•	The allowance for loan losses of $283 million was up $5 million from the year ago quarter and was up $4 million from the prior quarter. The allowance for loan losses to total loans ratio was 1.40% in the first quarter, compared to 1.44% in the year ago quarter, and 1.39% in the prior quarter.


•	The allowance related to the oil and gas portfolio was $42 million at March 31, 2017 and represented 6.7% of total oil and gas loans.

Capital

The Company’s capital position remains strong, with a CET1 ratio of 9.9% at March 31, 2017. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

FIRST QUARTER 2017 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 20, 2017. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp first quarter 2017 earnings call. The first quarter 2017 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $29 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio, and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” “outlook,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.

NON-GAAP FINANCIAL MEASURES

This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (“GAAP”). Information concerning these non-GAAP financial measures can be found in the financial tables.

# # #



Associated Banc-Corp Consolidated Balance Sheets (Unaudited)
(In thousands)	Mar 31, 2017			Dec 31, 2016			Seql Qtr $ Change			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Comp Qtr $ Change
Assets
Cash and due from banks	$	332,601		$	446,558		$	(113,957	)	$	356,047		$	333,000		$	287,183		$	45,418
Interest-bearing deposits in other financial institutions	337,167			149,175			187,992			240,010			131,680			68,025			269,142
Federal funds sold and securities purchased under agreements to resell	19,700			46,500			(26,800		)	14,250			13,200			20,200			(500		)
Investment securities held to maturity, at amortized cost	1,554,843			1,273,536			281,307			1,253,494			1,236,140			1,176,821			378,022
Investment securities available for sale, at fair value	4,300,490			4,680,226			(379,736		)	4,846,088			4,801,766			4,905,841			(605,351		)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	139,273			140,001			(728		)	140,215			194,501			181,853			(42,580		)
Residential loans held for sale⁽¹⁾	34,051			108,010			(73,959		)	213,883			253,682			98,250			(64,199		)
Commercial loans held for sale	2,901			12,474			(9,573		)	16,912			30,694			30,089			(27,188		)
Loans	20,147,683			20,054,716			92,967			19,844,005			19,815,286			19,227,240			920,443
Allowance for loan losses	(282,672		)	(278,335		)	(4,337		)	(269,540		)	(267,780		)	(277,370		)	(5,302		)
Loans, net	19,865,011			19,776,381			88,630			19,574,465			19,547,506			18,949,870			915,141
Premises and equipment, net	332,884			330,315			2,569			329,726			331,427			331,711			1,173
Goodwill	972,006			971,951			55			971,951			971,951			971,951			55
Mortgage servicing rights, net	60,702			61,476			(774		)	58,414			57,474			59,414			1,288
Other intangible assets, net	15,026			15,377			(351		)	15,902			16,427			16,966			(1,940		)
Trading assets	49,306			52,398			(3,092		)	60,780			77,112			53,087			(3,781		)
Other assets	1,093,896			1,074,937			18,959			1,060,627			1,042,139			1,027,606			66,290
Total assets	$	29,109,857		$	29,139,315		$	(29,458	)	$	29,152,764		$	29,038,699		$	28,178,867		$	930,990
Liabilities and Stockholders’ Equity
Noninterest-bearing demand deposits	$	5,338,212		$	5,392,208		$	(53,996	)	$	5,337,677		$	5,039,336		$	5,272,685		$	65,527
Interest-bearing deposits	16,489,823			16,496,240			(6,417		)	16,410,035			15,253,514			15,412,775			1,077,048
Total deposits	21,828,035			21,888,448			(60,413		)	21,747,712			20,292,850			20,685,460			1,142,575
Federal funds purchased and securities sold under agreements to repurchase	650,188			508,347			141,841			698,772			509,150			583,247			66,941
Other short-term funding	430,679			583,688			(153,009		)	541,321			1,402,407			834,161			(403,482		)
Long-term funding	2,761,955			2,761,795			160			2,761,635			3,511,475			2,861,316			(99,361		)
Trading liabilities	47,561			51,103			(3,542		)	62,301			79,466			55,223			(7,662		)
Accrued expenses and other liabilities	246,645			254,622			(7,977		)	243,908			213,204			176,962			69,683
Total liabilities	25,965,063			26,048,003			(82,940		)	26,055,649			26,008,552			25,196,369			768,694
Stockholders’ Equity
Preferred equity	159,929			159,929			—			159,929			120,201			120,347			39,582
Common equity:
Common stock	1,630			1,630			—			1,630			1,630			1,630			—
Surplus	1,469,744			1,459,498			10,246			1,459,161			1,453,285			1,447,368			22,376
Retained earnings	1,709,514			1,695,764			13,750			1,662,778			1,629,915			1,599,835			109,679
Accumulated other comprehensive income (loss)	(56,344		)	(54,679		)	(1,665		)	(1,254		)	13,453			2,167			(58,511		)
Treasury stock, at cost	(139,679		)	(170,830		)	31,151			(185,129		)	(188,337		)	(188,849		)	49,170
Total common equity	2,984,865			2,931,383			53,482			2,937,186			2,909,946			2,862,151			122,714
Total stockholders’ equity	3,144,794			3,091,312			53,482			3,097,115			3,030,147			2,982,498			162,296
Total liabilities and stockholders’ equity	$	29,109,857		$	29,139,315		$	(29,458	)	$	29,152,764		$	29,038,699		$	28,178,867		$	930,990


(1)	Effective January 1, 2017, residential loans originated for sale are accounted for under the fair value option. Prior periods have not been restated.

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Associated Banc-Corp Consolidated Statements of Income (Unaudited)—Quarterly Trend
						Seql Qtr													Comp Qtr
(In thousands, except per share data)	1Q17			4Q16		$ Change			% Change		3Q16			2Q16			1Q16		$ Change			% Change
Interest Income
Interest and fees on loans	$	173,649		$	169,473	$	4,176		2	%	$	167,350		$	163,059		$	159,656	$	13,993		9	%
Interest and dividends on investment securities:
Taxable	23,475			22,418		1,057			5	%	22,948			24,270			25,516		(2,041		)	(8	)%
Tax-exempt	8,129			8,184		(55		)	(1	)%	8,141			7,894			7,830		299			4	%
Other interest	1,536			1,380		156			11	%	1,064			1,318			1,067		469			44	%
Total interest income	206,789			201,455		5,334			3	%	199,503			196,541			194,069		12,720			7	%
Interest Expense
Interest on deposits	16,924			13,773		3,151			23	%	13,118			11,678			11,766		5,158			44	%
Interest on Federal funds purchased and securities sold under agreements to repurchase	515			314		201			64	%	326			378			296		219			74	%
Interest on other short-term funding	1,080			458		622			136	%	296			845			515		565			110	%
Interest on long-term funding	7,996			6,875		1,121			16	%	7,229			6,923			9,505		(1,509		)	(16	)%
Total interest expense	26,515			21,420		5,095			24	%	20,969			19,824			22,082		4,433			20	%
Net Interest Income	180,274			180,035		239			—	%	178,534			176,717			171,987		8,287			5	%
Provision for credit losses	9,000			15,000		(6,000		)	(40	)%	21,000			14,000			20,000		(11,000		)	(55	)%
Net interest income after provision for credit losses	171,274			165,035		6,239			4	%	157,534			162,717			151,987		19,287			13	%
Noninterest Income
Trust service fees	11,935			12,211		(276		)	(2	)%	11,700			11,509			11,447		488			4	%
Service charges on deposit accounts	16,356			16,447		(91		)	(1	)%	17,445			16,444			16,273		83			1	%
Card-based and other nondeposit fees	12,465			12,592		(127		)	(1	)%	12,777			12,717			11,991		474			4	%
Insurance commissions	21,620			17,977		3,643			20	%	19,431			22,005			21,382		238			1	%
Brokerage and annuity commissions	4,333			4,188		145			3	%	4,155			4,098			3,794		539			14	%
Mortgage banking, net	4,579			11,559		(6,980		)	(60	)%	18,291			4,067			4,204		375			9	%
Capital market fees, net	3,883			7,716		(3,833		)	(50	)%	7,012			3,793			3,538		345			10	%
Bank owned life insurance income	2,615			3,338		(723		)	(22	)%	3,290			2,973			4,770		(2,155		)	(45	)%
Asset gains (losses), net	(234		)	767		(1,001		)	(131	)%	(1,034		)	(343		)	524		(758		)	(145	)%
Investment securities gains (losses), net	—			3,115		(3,115		)	(100	)%	(13		)	3,116			3,098		(3,098		)	(100	)%
Other	2,279			2,379		(100		)	(4	)%	2,180			1,789			2,171		108			5	%
Total noninterest income	79,831			92,289		(12,458		)	(13	)%	95,234			82,168			83,192		(3,361		)	(4	)%
Noninterest Expense
Personnel expense	104,419			107,491		(3,072		)	(3	)%	103,819			102,129			101,398		3,021			3	%
Occupancy	15,219			13,690		1,529			11	%	15,362			13,215			13,802		1,417			10	%
Equipment	5,485			5,328		157			3	%	5,319			5,396			5,446		39			1	%
Technology	14,420			14,413		7			—	%	14,173			14,450			14,264		156			1	%
Business development and advertising	5,835			6,298		(463		)	(7	)%	5,251			6,591			8,211		(2,376		)	(29	)%
Other intangible amortization	513			525		(12		)	(2	)%	525			539			504		9			2	%
Loan expense	2,620			3,443		(823		)	(24	)%	3,535			3,442			3,221		(601		)	(19	)%
Legal and professional fees	4,166			5,184		(1,018		)	(20	)%	4,804			4,856			5,025		(859		)	(17	)%
Foreclosure / OREO expense, net	1,505			677		828			122	%	960			1,330			1,877		(372		)	(20	)%
FDIC expense	8,000			9,250		(1,250		)	(14	)%	9,000			8,750			7,750		250			3	%
Other	11,509			12,616		(1,107		)	(9	)%	12,566			13,662			12,473		(964		)	(8	)%
Total noninterest expense	173,691			178,915		(5,224		)	(3	)%	175,314			174,360			173,971		(280		)	—	%
Income before income taxes	77,414			78,409		(995		)	(1	)%	77,454			70,525			61,208		16,206			26	%
Income tax expense	21,144			23,576		(2,432		)	(10	)%	23,638			21,434			18,674		2,470			13	%
Net income	56,270			54,833		1,437			3	%	53,816			49,091			42,534		13,736			32	%
Preferred stock dividends	2,330			2,348		(18		)	(1	)%	2,188			2,169			2,198		132			6	%
Net income available to common equity	$	53,940		$	52,485	$	1,455		3	%	$	51,628		$	46,922		$	40,336	$	13,604		34	%
Earnings Per Common Share:
Basic	$	0.36		$	0.35	$	0.01		3	%	$	0.34		$	0.31		$	0.27	$	0.09		33	%
Diluted	$	0.35		$	0.34	$	0.01		3	%	$	0.34		$	0.31		$	0.27	$	0.08		30	%
Average Common Shares Outstanding:
Basic	150,815			149,253		1,562			1	%	148,708			148,511			148,601		2,214			1	%
Diluted	153,869			151,563		2,306			2	%	149,973			149,530			149,454		4,415			3	%

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Associated Banc-Corp Selected Quarterly Information
($ in millions, except share and per share, full time equivalent employee data and branch count)	1Q17			4Q16			3Q16			2Q16			1Q16
Per Common Share Data
Dividends	$	0.12		$	0.12		$	0.11		$	0.11		$	0.11
Market value:
High	26.50			25.15			19.91			18.84			18.79
Low	23.40			19.05			16.49			15.84			15.48
Close	24.40			24.70			19.59			17.15			17.94
Book value	19.42			19.27			19.42			19.27			18.96
Tangible book value / share	$	13.00		$	12.78		$	12.89		$	12.72		$	12.41
Performance Ratios (Annualized)
Return on average assets	0.79		%	0.75		%	0.74		%	0.69		%	0.62		%
Effective tax rate	27.31		%	30.07		%	30.52		%	30.39		%	30.51		%
Dividend payout ratio⁽¹⁾	33.33		%	34.29		%	32.35		%	35.48		%	40.74		%
Selected Trend Information
Average full time equivalent employees	4,370			4,439			4,477			4,415			4,374
Branch count	215			217			217			215			215
Trust assets under management, at market value	$	8,716		$	8,302		$	8,179		$	7,944		$	7,844
Mortgage loans originated for sale during period	$	101		$	287		$	466		$	324		$	194
Mortgage loan settlements during period	$	197		$	396		$	655		$	270		$	222
Mortgage portfolio serviced for others	$	7,909		$	7,975		$	8,011		$	7,776		$	7,877
Mortgage servicing rights, net / mortgage portfolio serviced for others	0.77		%	0.77		%	0.73		%	0.74		%	0.75		%
Shares outstanding, end of period	153,734			152,121			151,243			151,036			150,994
Selected Quarterly Ratios
Loans / deposits	92.30		%	91.62		%	91.25		%	97.65		%	92.95		%
Stockholders’ equity / assets	10.80		%	10.61		%	10.62		%	10.43		%	10.58		%
Risk-based Capital ^{(2) (3)}
Total risk-weighted assets	$	21,121		$	21,341		$	21,265		$	21,168		$	20,454
Common equity Tier 1	$	2,085		$	2,033		$	1,984		$	1,941		$	1,903
Common equity Tier 1 capital ratio	9.87		%	9.52		%	9.33		%	9.17		%	9.30		%
Tier 1 capital ratio	10.63		%	10.27		%	10.08		%	9.73		%	9.88		%
Total capital ratio	13.05		%	12.68		%	12.49		%	12.16		%	12.35		%
Tier 1 leverage ratio	8.05		%	7.83		%	7.64		%	7.43		%	7.55		%


(1)	Ratio is based upon basic earnings per common share.


(2)	The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.


(3)	March 31, 2017 data is estimated.

Page 3



Associated Banc-Corp Selected Asset Quality Information
(In thousands)	Mar 31, 2017			Dec 31, 2016			Seql Qtr % Change		Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Comp Qtr % Change
Allowance for Loan Losses
Balance at beginning of period	$	278,335		$	269,540		3	%	$	267,780		$	277,370		$	274,264		1	%
Provision for loan losses	10,000			18,000			(44	)%	20,000			11,000			20,000			(50	)%
Charge offs	(11,854		)	(11,609		)	2	%	(28,964		)	(24,621		)	(21,245		)	(44	)%
Recoveries	6,191			2,404			158	%	10,724			4,031			4,351			42	%
Net charge offs	(5,663		)	(9,205		)	(38	)%	(18,240		)	(20,590		)	(16,894		)	(66	)%
Balance at end of period	$	282,672		$	278,335		2	%	$	269,540		$	267,780		$	277,370		2	%
Allowance for Unfunded Commitments
Balance at beginning of period	$	25,400		$	28,400		(11	)%	$	27,400		$	24,400		$	24,400		4	%
Provision for unfunded commitments	(1,000		)	(3,000		)	(67	)%	1,000			3,000			—			N/M
Balance at end of period	$	24,400		$	25,400		(4	)%	$	28,400		$	27,400		$	24,400		—	%
Allowance for credit losses	$	307,072		$	303,735		1	%	$	297,940		$	295,180		$	301,770		2	%
Provision for credit losses	$	9,000		$	15,000		(40	)%	$	21,000		$	14,000		$	20,000		(55	)%
Net Charge Offs	Mar 31, 2017			Dec 31, 2016			Seql Qtr % Change		Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Comp Qtr % Change
Commercial and industrial	$	(4,368	)	$	(6,566	)	(33	)%	$	(16,407	)	$	(18,564	)	$	(14,936	)	(71	)%
Commercial real estate—owner occupied	19			(221		)	(109	)%	(154		)	(20		)	(43		)	(144	)%
Commercial and business lending	(4,349		)	(6,787		)	(36	)%	(16,561		)	(18,584		)	(14,979		)	(71	)%
Commercial real estate—investor	(514		)	5			N/M		(564		)	(560		)	1,239			(141	)%
Real estate construction	11			(86		)	(113	)%	(22		)	(219		)	(28		)	(139	)%
Commercial real estate lending	(503		)	(81		)	N/M		(586		)	(779		)	1,211			(142	)%
Total commercial	(4,852		)	(6,868		)	(29	)%	(17,147		)	(19,363		)	(13,768		)	(65	)%
Residential mortgage	(128		)	(1,048		)	(88	)%	(540		)	(757		)	(1,232		)	(90	)%
Home equity revolving lines of credit	85			(611		)	(114	)%	36			275			(902		)	(109	)%
Home equity loans junior liens	88			120			(27	)%	89			42			(244		)	(136	)%
Home equity	173			(491		)	(135	)%	125			317			(1,146		)	(115	)%
Other consumer	(856		)	(798		)	7	%	(678		)	(787		)	(748		)	14	%
Total consumer	(811		)	(2,337		)	(65	)%	(1,093		)	(1,227		)	(3,126		)	(74	)%
Total net charge offs	$	(5,663	)	$	(9,205	)	(38	)%	$	(18,240	)	$	(20,590	)	$	(16,894	)	(66	)%
Net Charge Offs to Average Loans (in basis points)*	Mar 31, 2017			Dec 31, 2016					Sep 30, 2016			Jun 30, 2016			Mar 31, 2016
Commercial and industrial	(28		)	(40		)			(98		)	(114		)	(97		)
Commercial real estate—owner occupied	1			(10		)			(7		)	(1		)	(2		)
Commercial and business lending	(24		)	(36		)			(87		)	(100		)	(85		)
Commercial real estate—investor	(6		)	N/M					(6		)	(7		)	15
Real estate construction	N/M			(3		)			(1		)	(7		)	(1		)
Commercial real estate lending	(4		)	(1		)			(5		)	(7		)	11
Total commercial	(16		)	(22		)			(55		)	(64		)	(48		)
Residential mortgage	(1		)	(7		)			(3		)	(5		)	(8		)
Home equity revolving lines of credit	4			(29		)			2			13			(41		)
Home equity loans junior liens	39			49					34			15			(83		)
Home equity	8			(21		)			5			13			(46		)
Other consumer	(90		)	(80		)			(67		)	(78		)	(72		)
Total consumer	(4		)	(12		)			(6		)	(7		)	(17		)
Total net charge offs	(11		)	(18		)			(36		)	(42		)	(36		)
Credit Quality	Mar 31, 2017			Dec 31, 2016			Seql Qtr % Change		Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Comp Qtr % Change
Nonaccrual loans	$	259,991		$	275,303		(6	)%	$	289,911		$	282,602		$	286,395		(9	)%
Other real estate owned (OREO)	7,540			10,274			(27	)%	14,499			13,669			16,056			(53	)%
Other nonperforming assets	7,418			7,418			—	%	—			—			—			N/M
Total nonperforming assets	$	274,949		$	292,995		(6	)%	$	304,410		$	296,271		$	302,451		(9	)%
Loans 90 or more days past due and still accruing	$	1,720		$	1,613		7	%	$	1,511		$	1,494		$	1,629		6	%
Allowance for loan losses to loans	1.40		%	1.39		%			1.36		%	1.35		%	1.44		%
Allowance for loan losses to nonaccrual loans	108.72		%	101.10		%			92.97		%	94.76		%	96.85		%
Nonaccrual loans to total loans	1.29		%	1.37		%			1.46		%	1.43		%	1.49		%
Nonperforming assets to total loans plus OREO	1.36		%	1.46		%			1.53		%	1.49		%	1.57		%
Nonperforming assets to total assets	0.94		%	1.01		%			1.04		%	1.02		%	1.07		%
Year-to-date net charge offs to average loans *	0.11		%	0.33		%			0.38		%	0.39		%	0.36		%
* Annualized
N/M = Not meaningful

Page 4



Associated Banc-Corp Selected Asset Quality Information (continued)
(in thousands)	Mar 31, 2017		Dec 31, 2016		Seql Qtr % Change		Sep 30, 2016		Jun 30, 2016		Mar 31, 2016		Comp Qtr % Change
Nonaccrual loans
Commercial and industrial	$	164,891	$	183,371	(10	)%	$	205,902	$	193,439	$	197,115	(16	)%
Commercial real estate—owner occupied	17,925		9,544		88	%	6,995		9,635		9,443		90	%
Commercial and business lending	182,816		192,915		(5	)%	212,897		203,074		206,558		(11	)%
Commercial real estate—investor	8,273		18,051		(54	)%	8,028		11,528		12,330		(33	)%
Real estate construction	1,247		844		48	%	864		957		840		48	%
Commercial real estate lending	9,520		18,895		(50	)%	8,892		12,485		13,170		(28	)%
Total commercial	192,336		211,810		(9	)%	221,789		215,559		219,728		(12	)%
Residential mortgage	54,183		50,236		8	%	53,475		52,300		52,212		4	%
Home equity revolving lines of credit	8,817		8,588		3	%	9,462		8,797		8,822		—	%
Home equity loans junior liens	4,395		4,413		—	%	4,885		5,566		5,250		(16	)%
Home equity	13,212		13,001		2	%	14,347		14,363		14,072		(6	)%
Other consumer	260		256		2	%	300		380		383		(32	)%
Total consumer	67,655		63,493		7	%	68,122		67,043		66,667		1	%
Total nonaccrual loans	$	259,991	$	275,303	(6	)%	$	289,911	$	282,602	$	286,395	(9	)%

Restructured loans (accruing)	Mar 31, 2017		Dec 31, 2016		Seql Qtr % Change		Sep 30, 2016		Jun 30, 2016		Mar 31, 2016		Comp Qtr % Change
Commercial and industrial	$	30,852	$	31,884	(3	)%	$	30,248	$	29,179	$	28,908	7	%
Commercial real estate—owner occupied	5,532		5,490		1	%	7,445		7,509		7,693		(28	)%
Commercial and business lending	36,384		37,374		(3	)%	37,693		36,688		36,601		(1	)%
Commercial real estate—investor	14,563		15,289		(5	)%	15,352		20,191		20,993		(31	)%
Real estate construction	327		359		(9	)%	365		372		386		(15	)%
Commercial real estate lending	14,890		15,648		(5	)%	15,717		20,563		21,379		(30	)%
Total commercial	51,274		53,022		(3	)%	53,410		57,251		57,980		(12	)%
Residential mortgage	18,535		18,100		2	%	18,049		18,314		19,807		(6	)%
Home equity revolving lines of credit	683		555		23	%	585		576		1,377		(50	)%
Home equity loans junior liens	7,526		7,201		5	%	7,100		6,379		5,540		36	%
Home equity	8,209		7,756		6	%	7,685		6,955		6,917		19	%
Other consumer	1,041		979		6	%	926		906		893		17	%
Total consumer	27,785		26,835		4	%	26,660		26,175		27,617		1	%
Total restructured loans (accruing)	$	79,059	$	79,857	(1	)%	$	80,070	$	83,426	$	85,597	(8	)%
Restructured loans included in nonaccrual loans (not included with restructed loans (accruing))	$	78,902	$	29,385	169	%	$	31,758	$	34,841	$	35,232	124	%

Accruing Loans 30-89 Days Past Due	Mar 31, 2017		Dec 31, 2016		Seql Qtr % Change		Sep 30, 2016		Jun 30, 2016		Mar 31, 2016		Comp Qtr % Change
Commercial and industrial	$	1,675	$	1,413	19	%	$	950	$	2,124	$	2,901	(42	)%
Commercial real estate—owner occupied	970		1,384		(30	)%	869		193		520		87	%
Commercial and business lending	2,645		2,797		(5	)%	1,819		2,317		3,421		(23	)%
Commercial real estate—investor	1,122		931		21	%	630		2,715		1,072		5	%
Real estate construction	431		369		17	%	402		524		415		4	%
Commercial real estate lending	1,553		1,300		19	%	1,032		3,239		1,487		4	%
Total commercial	4,198		4,097		2	%	2,851		5,556		4,908		(14	)%
Residential mortgage	7,243		8,142		(11	)%	6,697		7,382		3,594		102	%
Home equity revolving lines of credit	3,332		4,219		(21	)%	4,137		6,075		3,582		(7	)%
Home equity loans junior liens	1,180		1,630		(28	)%	1,336		1,655		2,222		(47	)%
Home equity	4,512		5,849		(23	)%	5,473		7,730		5,804		(22	)%
Other consumer	1,658		3,189		(48	)%	2,046		1,895		1,682		(1	)%
Total consumer	13,413		17,180		(22	)%	14,216		17,007		11,080		21	%
Total accruing loans 30-89 days past due	$	17,611	$	21,277	(17	)%	$	17,067	$	22,563	$	15,988	10	%

Potential Problem Loans	Mar 31, 2017		Dec 31, 2016		Seql Qtr % Change		Sep 30, 2016		Jun 30, 2016		Mar 31, 2016		Comp Qtr % Change
Commercial and industrial	$	218,930	$	227,196	(4	)%	$	351,290	$	379,818	$	328,464	(33	)%
Commercial real estate—owner occupied	58,994		64,524		(9	)%	47,387		45,671		41,107		44	%
Commercial and business lending	277,924		291,720		(5	)%	398,677		425,489		369,571		(25	)%
Commercial real estate—investor	49,217		51,228		(4	)%	36,765		25,081		25,385		94	%
Real estate construction	10,141		2,465		N/M		1,929		2,117		2,422		N/M
Commercial real estate lending	59,358		53,693		11	%	38,694		27,198		27,807		113	%
Total commercial	337,282		345,413		(2	)%	437,371		452,687		397,378		(15	)%
Residential mortgage	2,155		5,615		(62	)%	3,226		3,953		3,488		(38	)%
Home equity revolving lines of credit	46		46		—	%	46		62		48		(4	)%
Home equity loans junior liens	174		68		156	%	32		32		161		8	%
Home equity	220		114		93	%	78		94		209		5	%
Total consumer	2,375		5,729		(59	)%	3,304		4,047		3,697		(36	)%
Total potential problem loans	$	339,657	$	351,142	(3	)%	$	440,675	$	456,734	$	401,075	(15	)%
N/M = Not meaningful

Page 5



Associated Banc-Corp Net Interest Income Analysis—Fully Tax-Equivalent Basis — Sequential and Comparable Quarter
	Quarter ended,
	March 31, 2017						December 31, 2016						March 31, 2016
(In thousands)	Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate		Average Balance		Interest Income /Expense		Average Yield /Rate
Assets
Earning assets:
Loans:^{(1) (2) (3)}
Commercial and business lending	$	7,199,481	$	60,680	3.42	%	$	7,406,810	$	61,501	3.30	%	$	7,121,061	$	57,291	3.23	%
Commercial real estate lending	4,999,994		45,135		3.66	%	4,914,643		42,663		3.45	%	4,469,531		38,989		3.51	%
Total commercial	12,199,475		105,815		3.52	%	12,321,453		104,164		3.36	%	11,590,592		96,280		3.34	%
Residential mortgage	6,564,600		53,306		3.25	%	6,317,769		49,557		3.14	%	5,920,280		47,748		3.23	%
Retail	1,308,650		15,450		4.74	%	1,337,848		16,679		4.98	%	1,411,958		16,607		4.71	%
Total loans	20,072,725		174,571		3.51	%	19,977,070		170,400		3.40	%	18,922,830		160,635		3.41	%
Investment securities:
Taxable	4,830,421		23,475		1.94	%	4,963,633		22,418		1.81	%	5,034,072		25,516		2.03	%
Tax-exempt⁽¹⁾	1,138,010		12,438		4.37	%	1,140,175		12,523		4.39	%	1,045,210		11,980		4.58	%
Other short-term investments	298,158		1,536		2.08	%	342,344		1,380		1.61	%	270,261		1,067		1.59	%
Investments and other	6,266,589		37,449		2.39	%	6,446,152		36,321		2.25	%	6,349,543		38,563		2.43	%
Total earning assets	26,339,314		$	212,020	3.24	%	26,423,222		$	206,721	3.12	%	25,272,373		$	199,198	3.16	%
Other assets, net	2,441,013						2,482,062						2,426,475
Total assets	$	28,780,327					$	28,905,284					$	27,698,848
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing deposits:
Savings	$	1,465,811	$	188	0.05	%	$	1,451,803	$	198	0.05	%	$	1,367,646	$	236	0.07	%
Interest-bearing demand	4,251,357		4,210		0.40	%	4,140,072		3,248		0.31	%	3,220,409		2,032		0.25	%
Money market	9,169,141		9,388		0.42	%	9,296,364		7,269		0.31	%	9,432,245		6,444		0.27	%
Time deposits	1,613,331		3,138		0.79	%	1,560,145		3,058		0.78	%	1,558,278		3,054		0.79	%
Total interest-bearing deposits	16,499,640		16,924		0.42	%	16,448,384		13,773		0.33	%	15,578,578		11,766		0.30	%
Federal funds purchased and securities sold under agreements to repurchase	495,311		515		0.42	%	549,738		314		0.23	%	559,459		296		0.21	%
Other short-term funding	683,306		1,080		0.64	%	491,800		458		0.37	%	777,898		515		0.27	%
Total short-term funding	1,178,617		1,595		0.55	%	1,041,538		772		0.29	%	1,337,357		811		0.24	%
Long-term funding	2,761,850		7,996		1.17	%	2,761,695		6,875		0.99	%	2,582,538		9,505		1.47	%
Total short and long-term funding	3,940,467		9,591		0.98	%	3,803,233		7,647		0.80	%	3,919,895		10,316		1.05	%
Total interest-bearing liabilities	20,440,107		$	26,515	0.52	%	20,251,617		$	21,420	0.42	%	19,498,473		$	22,082	0.45	%
Noninterest-bearing demand deposits	4,966,082						5,294,078						4,996,596
Other liabilities	250,747						274,829						233,029
Stockholders’ equity	3,123,391						3,084,760						2,970,750
Total liabilities and stockholders’ equity	$	28,780,327					$	28,905,284					$	27,698,848
Interest rate spread					2.72	%					2.70	%					2.71	%
Net free funds					0.12	%					0.10	%					0.10	%
Fully tax-equivalent net interest income and net interest margin			$	185,505	2.84	%			$	185,301	2.80	%			$	177,116	2.81	%
Fully tax-equivalent adjustment			5,231						5,266						5,129
Net interest income			$	180,274					$	180,035					$	171,987


(1)	The yield on tax-exempt loans and securities is computed on a fully tax-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 6



Associated Banc-Corp Loan and Deposit Composition (In thousands)
Period End Loan Composition	Mar 31, 2017		Dec 31, 2016		Seql Qtr % Change		Sep 30, 2016		Jun 30, 2016		Mar 31, 2016		Comp Qtr % Change
Commercial and industrial	$	6,300,646	$	6,489,014	(3	)%	$	6,721,557	$	6,701,986	$	6,511,648	(3	)%
Commercial real estate—owner occupied	878,391		897,724		(2	)%	892,678		921,736		917,285		(4	)%
Commercial and business lending	7,179,037		7,386,738		(3	)%	7,614,235		7,623,722		7,428,933		(3	)%
Commercial real estate—investor	3,415,355		3,574,732		(4	)%	3,530,370		3,495,791		3,276,733		4	%
Real estate construction	1,553,205		1,432,497		8	%	1,314,431		1,285,573		1,184,398		31	%
Commercial real estate lending	4,968,560		5,007,229		(1	)%	4,844,801		4,781,364		4,461,131		11	%
Total commercial	12,147,597		12,393,967		(2	)%	12,459,036		12,405,086		11,890,064		2	%
Residential mortgage	6,715,282		6,332,327		6	%	6,034,166		6,035,720		5,944,457		13	%
Home equity revolving lines of credit	823,594		840,872		(2	)%	851,382		861,311		867,860		(5	)%
Home equity loans junior liens	88,375		93,571		(6	)%	100,212		107,460		115,134		(23	)%
Home equity	911,969		934,443		(2	)%	951,594		968,771		982,994		(7	)%
Other consumer	372,835		393,979		(5	)%	399,209		405,709		409,725		(9	)%
Total consumer	8,000,086		7,660,749		4	%	7,384,969		7,410,200		7,337,176		9	%
Total loans	$	20,147,683	$	20,054,716	—	%	$	19,844,005	$	19,815,286	$	19,227,240	5	%

Period End Deposit and Customer Funding Composition	Mar 31, 2017		Dec 31, 2016		Seql Qtr % Change		Sep 30, 2016		Jun 30, 2016		Mar 31, 2016		Comp Qtr % Change
Noninterest-bearing demand	$	5,338,212	$	5,392,208	(1	)%	$	5,337,677	$	5,039,336	$	5,272,685	1	%
Savings	1,530,155		1,431,494		7	%	1,441,187		1,451,801		1,426,951		7	%
Interest-bearing demand	4,736,236		4,687,656		1	%	4,548,390		3,789,138		3,698,941		28	%
Money market	8,608,523		8,770,963		(2	)%	8,894,357		8,448,543		8,718,841		(1	)%
Brokered CDs	54,993		52,725		4	%	44,373		46,268		41,440		33	%
Other time	1,559,916		1,553,402		—	%	1,481,728		1,517,764		1,526,602		2	%
Total deposits	21,828,035		21,888,448		—	%	21,747,712		20,292,850		20,685,460		6	%
Customer funding	326,823		300,197		9	%	477,607		464,880		508,262		(36	)%
Total deposits and customer funding	$	22,154,858	$	22,188,645	—	%	$	22,225,319	$	20,757,730	$	21,193,722	5	%
Network transactions deposits ⁽¹⁾	$	3,417,380	$	3,895,467	(12	)%	$	3,730,513	$	3,141,214	$	3,399,054	1	%
Total deposits and customer funding, excluding Brokered CDs and network transaction deposits	$	18,682,485	$	18,240,453	2	%	$	18,450,433	$	17,570,248	$	17,753,228	5	%

Quarter Average Loan Composition	Mar 31, 2017		Dec 31, 2016		Seql Qtr % Change		Sep 30, 2016		Jun 30, 2016		Mar 31, 2016		Comp Qtr % Change
Commercial and industrial	$	6,313,389	$	6,514,974	(3	)%	$	6,674,688	$	6,559,613	$	6,207,458	2	%
Commercial real estate—owner occupied	886,092		891,836		(1	)%	902,782		915,020		913,603		(3	)%
Commercial and business lending	7,199,481		7,406,810		(3	)%	7,577,470		7,474,633		7,121,061		1	%
Commercial real estate—investor	3,502,769		3,546,559		(1	)%	3,532,861		3,448,741		3,298,522		6	%
Real estate construction	1,497,225		1,368,084		9	%	1,322,966		1,205,370		1,171,009		28	%
Commercial real estate lending	4,999,994		4,914,643		2	%	4,855,827		4,654,111		4,469,531		12	%
Total commercial	12,199,475		12,321,453		(1	)%	12,433,297		12,128,744		11,590,592		5	%
Residential mortgage	6,564,600		6,317,769		4	%	6,255,264		6,129,924		5,920,280		11	%
Home equity revolving lines of credit	833,032		845,740		(2	)%	857,244		863,941		876,820		(5	)%
Home equity loans junior liens	90,864		96,880		(6	)%	103,790		111,372		118,610		(23	)%
Home equity	923,896		942,620		(2	)%	961,034		975,313		995,430		(7	)%
Other consumer	384,754		395,228		(3	)%	403,181		408,004		416,528		(8	)%
Total consumer	7,873,250		7,655,617		3	%	7,619,479		7,513,241		7,332,238		7	%
Total loans	$	20,072,725	$	19,977,070	—	%	$	20,052,776	$	19,641,985	$	18,922,830	6	%

Quarter Average Deposit Composition	Mar 31, 2017		Dec 31, 2016		Seql Qtr % Change		Sep 30, 2016		Jun 30, 2016		Mar 31, 2016		Comp Qtr % Change
Noninterest-bearing demand	$	4,966,082	$	5,294,078	(6	)%	$	5,161,802	$	4,969,994	$	4,996,596	(1	)%
Savings	1,465,811		1,451,803		1	%	1,448,223		1,445,020		1,367,646		7	%
Interest-bearing demand	4,251,357		4,140,072		3	%	4,151,708		3,640,733		3,220,409		32	%
Money market	9,169,141		9,296,364		(1	)%	9,088,943		8,692,782		9,432,245		(3	)%
Time deposits	1,613,331		1,560,145		3	%	1,553,349		1,540,424		1,558,278		4	%
Total deposits	$	21,465,722	$	21,742,462	(1	)%	$	21,404,025	$	20,288,953	$	20,575,174	4	%


(1)	Included above in interest-bearing demand and money market.

Page 7



Associated Banc-Corp Non-GAAP Financial Measures Reconciliation
($ in millions)	1Q17			4Q16			3Q16			2Q16			1Q16
Tangible Common Equity Reconciliation ⁽¹⁾
Common equity	$	2,985		$	2,931		$	2,937		$	2,910		$	2,862
Goodwill and other intangible assets, net	(987		)	(987		)	(988		)	(988		)	(989		)
Tangible common equity	$	1,998		$	1,944		$	1,949		$	1,922		$	1,873
Tangible Assets Reconciliation ⁽¹⁾
Total assets	$	29,110		$	29,139		$	29,153		$	29,039		$	28,179
Goodwill and other intangible assets, net	(987		)	(987		)	(988		)	(988		)	(989		)
Tangible assets	$	28,123		$	28,152		$	28,165		$	28,051		$	27,190
Average Tangible Common Equity and Average Common Equity Tier 1 Reconciliation⁽¹⁾
Common equity	$	2,963		$	2,925		$	2,911		$	2,869		$	2,849
Goodwill and other intangible assets, net	(987		)	(988		)	(988		)	(989		)	(989		)
Tangible common equity	1,976			1,937			1,923			1,880			1,860
Less: Accumulated other comprehensive income / loss	54			28			(3		)	1			3
Less: Deferred tax assets / deferred tax liabilities, net	32			33			33			32			33
Average common equity Tier 1	$	2,062		$	1,998		$	1,953		$	1,913		$	1,896
Selected Equity and Performance Ratios ^{(1) (2)}
Tangible common equity / tangible assets	7.10		%	6.91		%	6.92		%	6.85		%	6.89		%
Return on average equity	7.31		%	7.07		%	7.03		%	6.19		%	5.76		%
Return on average tangible common equity	11.07		%	10.78		%	10.68		%	10.04		%	8.72		%
Return on average common equity Tier 1	10.61		%	10.45		%	10.52		%	9.86		%	8.55		%
Efficiency Ratio Reconciliation ⁽³⁾
Federal Reserve efficiency ratio	66.39		%	65.35		%	64.40		%	69.34		%	69.01		%
Fully tax-equivalent adjustment	(1.30		)%	(1.25		)%	(1.21		)%	(1.36		)%	(1.37		)%
Other intangible amortization	(0.20		)%	(0.20		)%	(0.19		)%	(0.21		)%	(0.20		)%
Fully tax-equivalent efficiency ratio	64.89		%	63.90		%	63.00		%	67.77		%	67.44		%


(1)	The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength.


(2)	These capital measurements are used by management, regulators, investors, and analysts to assess, monitor and compare the quality and composition of our capital with the capital of other financial services companies.

(3)

The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net. Management believes the fully tax-equivalent efficiency ratio, which adjusts net interest income for the tax-favored status of certain loans and investment securities, to be the preferred industry measurement as it enhances the comparability of net interest income arising from taxable and tax-exempt sources.

Page 8

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