Associated Reports 2014 Earnings of $1.16 per share on Record Loans and Deposits
Fourth Quarter Earnings of $0.31 per share, up 11% from last year
GREEN BAY, Wis., Jan. 22, 2015 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) today reported net income to common shareholders of $186 million, or $1.16 per common share, for the year ended December 31, 2014. This compares to net income to common shareholders of $184 million, or $1.10 per common share, for the year ended December 31, 2013.
For the quarter ended December 31, 2014, the Company reported earnings per share of $0.31 per common share. This compares to $0.28 per common share, for the quarter ended December 31, 2013.
"Overall we are pleased with this year's financial results and accomplishments. We continued to grow our balance sheet, total revenues, and bottom line earnings. In addition, we have continued to make substantial investments in the bank which will position us for the future, while slightly reducing total expenses" said President and CEO Philip B. Flynn. "We remain focused on opportunistic ways to deploy capital while delivering increased value to our shareholders. We are also happy to kick off 2015 with last week's announcement regarding the acquisition of the insurance agency, Ahmann-Martin."
2014 HIGHLIGHTS
- Average loans grew $1.2 billion, or 8% from a year ago to $16.8 billion
- Average total commercial loan balances grew $1 billion, or 10% from last year
- Average deposits grew $209 million, or 1% from a year ago to $17.6 billion
- Average checking balances grew $119 million, or 2% from last year
- Net interest income of $681 million increased $35 million, or 5% from last year
- Noninterest expenses of $679 million were down slightly from 2013
- During the year, the Company repurchased $259 million, or approximately 14.3 million shares, of common stock at an average cost of $18.12 per share
- Return on Tier 1 common equity for 2014 was 9.9%
- 2014 fourth quarter return on Tier 1 common equity was 10.4%
- Total dividends per common share of $0.37 in 2014 were up 12% from last year
- Capital ratios remain strong with a Tier 1 common equity ratio of 9.74% at year end
FOURTH QUARTER AND 2014 FINANCIAL RESULTS
Loans
Average loans of $16.8 billion for 2014 were up $1.2 billion, or 8% from 2013. Total average commercial loans for 2014 grew $1 billion, or 10% from a year ago to $10.5 billion. Commercial and business lending average balances grew $686 million, or 12% from 2013. Commercial real estate lending average balances grew $285 million, or 8% from 2013. Residential mortgage average balances for 2014 grew $488 million, or 13% from a year ago to $4.2 billion. Offsetting part of the 2014 total loan growth was the continued run off in home equity balances, with an average balance decline of $276 million, or 14% from 2013.
Fourth quarter 2014 average loans increased $246 million, or 1% from the third quarter and have increased $1.6 billion, or 10% from the year ago quarter. Growth in residential mortgage and commercial loans was partially offset by declines in the home equity and installment loan portfolios.
For the period ended December 31, 2014, total loans of $17.6 billion were up $435 million, or 3% from the end of the prior quarter, and were up $1.7 billion, or 11% from December 31, 2013. Total commercial loans of $11 billion at December 31, 2014 were up $1.2 billion, or 12% from the prior year end.
Deposits
2014 average deposits of $17.6 billion were up $209 million, or 1% from 2013. Total average checking, savings, and money market balances growth of $471 million was partially offset by declines in time deposit balances of $262 million during the year.
Average deposits of $18.5 billion for the fourth quarter were up $659 million, or 4% compared to the third quarter and have increased $651 million, or 4%, from the year ago quarter. Money market average balances increased $488 million, or 6% from the third quarter and are up $460 million, or 6% from the year ago quarter. Fourth quarter average checking balances increased $173 million, or 2% from the third quarter and are up $304 million, or 4% from the year ago quarter.
For the period ended December 31, 2014, total deposits of $18.8 billion were up $562 million, or 3% from the end of the prior quarter, and were up $1.5 billion, or 9% from December 31, 2013. Money market balances of $8.3 billion at December 31, 2014 were up $1.4 billion, or 21% from the prior year end.
Net Interest Income and Net Interest Margin
Net interest income of $681 million for 2014 was up $35 million, or 5% from 2013. Fourth quarter net interest income of $175 million increased 1% from the prior quarter and was up $7 million, or 4% compared to the year ago quarter.
Net interest margin of 3.08% for 2014 declined 9 basis points from 2013. Fourth quarter net interest margin was 3.04%, a decrease of 2 basis points from the 3.06% reported in the third quarter and a decrease of 19 basis points from a year ago.
Fourth quarter asset yields of 3.32% were up 3 basis points from the prior quarter. Asset yield compression was more than offset by interest recoveries and prepayment fees of nearly $5 million. The net interest margin impact of this $5 million was approximately 8 basis points during the quarter.
Total interest-bearing funding costs of 0.35% were up 6 basis points from the third quarter. Long-term funding costs increased in the fourth quarter as a result of the $500 million debt issued in November. The net effect of this transaction decreased net interest margin by approximately 5 basis points for the quarter.
Noninterest Income and Expense
Noninterest income of $290 million for 2014 was down $23 million, or 7% compared to 2013. This decline was primarily attributed to net mortgage banking income, which was down $28 million, or 56% from 2013.
Fourth quarter noninterest income was $70 million, down $5 million, or 7% from the third quarter and down $6 million, or 8% from the year ago quarter. Mortgage banking income declined $4 million from the prior quarter and $5 million from the year ago quarter. Insurance commissions increased $3 million from the prior quarter, primarily related to the establishment of a $4 million reserve in the third quarter for remediation on legacy debt protection products. Fourth quarter asset gains declined $1 million from the prior quarter.
2014 total noninterest expense of $679 million was down slightly from 2013. Increases in technology, FDIC, and advertising expenses were more than offset by declines in personnel, occupancy, professional fees and foreclosure/OREO expenses.
Total noninterest expense for the fourth quarter of $172 million was flat compared to the third quarter and down $7 million from the year ago quarter.
Taxes
2014 income taxes of $86 million were up $6 million from 2013. The effective tax rate for 2014 was 31% compared to 30% last year.
Credit
Net charge offs of $4 million for the fourth quarter were up $2 million from the third quarter, but are down $1 million from the year ago quarter. Potential problem loans of $190 million declined $30 million, or 13% from the prior quarter. The fourth quarter provision for credit losses of $5 million was up $4 million from the prior quarter.
The Company's allowance for loan losses was $266 million, equal to 1.51% of loans and reflects a coverage ratio of 150% of nonaccrual loans at December 31, 2014.
Nonaccrual loans of $177 million were down 4% compared to the third quarter and were also down 4% from the year ago quarter. The ratio of nonaccrual loans to total loans was down from the previous quarter and stands at 1.01%.
Capital
During the fourth quarter, the Company repurchased $100 million of common stock in two separate accelerated share repurchase transactions.
The Company's capital position remains strong, with a Tier 1 common equity ratio of 9.74% at December 31, 2014. The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis.
FOURTH QUARTER 2014 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 22, 2015. Interested parties can listen to the call live on the internet through the investor relations section of the company's website, https://www.associatedbank.com/investor or by dialing 877-407-8037. The slide presentation for the call will be available on the company's website just prior to the call. The number for international callers is 201-689-8037. Participants should ask the operator for the Associated Banc-Corp fourth quarter 2014 earnings call.
An audio archive of the webcast will be available on the company's website at https://www.associatedbank.com/investor approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $27 billion and is one of the top 50, publicly traded, U.S. bank holding companies. Headquartered in Green Bay, Wis., Associated is a leading Midwest banking franchise, offering a full range of financial products and services in over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD LOOKING STATEMENTS
Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe", "expect", "anticipate", "plan", "estimate", "should", "will", "intend", "outlook", or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.
NON-GAAP FINANCIAL MEASURES
This press release contains references to measures which are not defined in generally accepted accounting principles ("GAAP"), including "efficiency ratio," "Tier 1 common equity", and "core fee-based revenue." Information concerning these non-GAAP financial measures can be found in the attached tables.
Investor Contact: |
Media Contact: |
Associated Banc-Corp |
|||||||
Consolidated Balance Sheets (Unaudited) |
|||||||
December 31, |
September 30, |
Seql Qtr |
June 30, |
March 31, |
December 31, |
Comp Qtr |
|
(in thousands) |
2014 |
2014 |
$ Change |
2014 |
2014 |
2013 |
$ Change |
Assets |
|||||||
Cash and due from banks |
$ 444,113 |
$ 381,287 |
$ 62,826 |
$ 549,883 |
$ 526,951 |
$ 455,482 |
$ (11,369) |
Interest-bearing deposits in other |
|||||||
financial institutions |
571,924 |
74,945 |
496,979 |
78,233 |
92,071 |
126,018 |
445,906 |
Federal funds sold and securities purchased |
|||||||
under agreements to resell |
16,030 |
18,320 |
(2,290) |
18,135 |
4,400 |
20,745 |
(4,715) |
Securities held to maturity, at amortized cost |
404,455 |
301,941 |
102,514 |
246,050 |
193,759 |
175,210 |
229,245 |
Securities available for sale, at fair value |
5,396,812 |
5,345,422 |
51,390 |
5,506,379 |
5,277,908 |
5,250,585 |
146,227 |
Federal Home Loan Bank and Federal |
|||||||
Reserve Bank stocks, at cost |
189,107 |
188,875 |
232 |
186,247 |
181,360 |
181,249 |
7,858 |
Loans held for sale |
154,935 |
141,672 |
13,263 |
78,657 |
46,529 |
64,738 |
90,197 |
Loans |
17,593,846 |
17,159,090 |
434,756 |
17,045,052 |
16,441,444 |
15,896,261 |
1,697,585 |
Allowance for loan losses |
(266,302) |
(266,262) |
(40) |
(271,851) |
(267,916) |
(268,315) |
2,013 |
Loans, net |
17,327,544 |
16,892,828 |
434,716 |
16,773,201 |
16,173,528 |
15,627,946 |
1,699,598 |
Premises and equipment, net |
274,688 |
272,283 |
2,405 |
264,735 |
269,257 |
270,890 |
3,798 |
Goodwill |
929,168 |
929,168 |
- |
929,168 |
929,168 |
929,168 |
- |
Other intangible assets, net |
67,582 |
69,201 |
(1,619) |
70,538 |
72,629 |
74,464 |
(6,882) |
Trading assets |
35,163 |
34,005 |
1,158 |
40,630 |
40,822 |
43,728 |
(8,565) |
Other assets |
1,010,253 |
1,003,875 |
6,378 |
985,930 |
997,815 |
1,006,697 |
3,556 |
Total assets |
$ 26,821,774 |
$ 25,653,822 |
$ 1,167,952 |
$ 25,727,786 |
$ 24,806,197 |
$ 24,226,920 |
$ 2,594,854 |
Liabilities and Stockholders' Equity |
|||||||
Noninterest-bearing demand deposits |
$ 4,505,272 |
$ 4,302,454 |
$ 202,818 |
$ 4,211,057 |
$ 4,478,981 |
$ 4,626,312 |
$ (121,040) |
Interest-bearing deposits |
14,258,232 |
13,898,804 |
359,428 |
13,105,202 |
13,030,946 |
12,640,855 |
1,617,377 |
Total deposits |
18,763,504 |
18,201,258 |
562,246 |
17,316,259 |
17,509,927 |
17,267,167 |
1,496,337 |
Federal funds purchased and securities sold |
|||||||
under agreements to repurchase |
493,991 |
765,641 |
(271,650) |
959,051 |
939,254 |
475,442 |
18,549 |
Other short-term funding |
574,297 |
664,539 |
(90,242) |
1,378,120 |
308,652 |
265,484 |
308,813 |
Long-term funding |
3,930,117 |
2,931,547 |
998,570 |
2,931,809 |
2,932,040 |
3,087,267 |
842,850 |
Trading liabilities |
37,329 |
36,003 |
1,326 |
43,311 |
43,450 |
46,470 |
(9,141) |
Accrued expenses and other liabilities |
222,285 |
185,256 |
37,029 |
169,290 |
171,850 |
193,800 |
28,485 |
Total liabilities |
24,021,523 |
22,784,244 |
1,237,279 |
22,797,840 |
21,905,173 |
21,335,630 |
2,685,893 |
Stockholders' Equity |
|||||||
Preferred equity |
59,727 |
61,024 |
(1,297) |
61,024 |
61,158 |
61,862 |
(2,135) |
Common stock |
1,665 |
1,719 |
(54) |
1,750 |
1,750 |
1,750 |
(85) |
Surplus |
1,484,933 |
1,583,032 |
(98,099) |
1,628,356 |
1,623,323 |
1,617,990 |
(133,057) |
Retained earnings |
1,497,818 |
1,466,525 |
31,293 |
1,432,518 |
1,402,549 |
1,392,508 |
105,310 |
Accumulated other comprehensive |
|||||||
income (loss) |
(4,850) |
(1,725) |
(3,125) |
10,494 |
(11,577) |
(24,244) |
19,394 |
Treasury stock |
(239,042) |
(240,997) |
1,955 |
(204,196) |
(176,179) |
(158,576) |
(80,466) |
Total stockholders' equity |
2,800,251 |
2,869,578 |
(69,327) |
2,929,946 |
2,901,024 |
2,891,290 |
(91,039) |
Total liabilities and stockholders' equity |
$ 26,821,774 |
$ 25,653,822 |
$ 1,167,952 |
$ 25,727,786 |
$ 24,806,197 |
$ 24,226,920 |
$ 2,594,854 |
Associated Banc-Corp |
||||||||||||
Consolidated Statements of Income (Unaudited) |
||||||||||||
For The Three Months Ended |
For The Year Ended |
|||||||||||
December 31, |
Quarter |
December 31, |
Year-to-Date |
|||||||||
(in thousands, except per share amounts) |
2014 |
2013 |
$ Change |
% Change |
2014 |
2013 |
$ Change |
% Change |
||||
Interest Income |
||||||||||||
Interest and fees on loans |
$ 156,536 |
$ 148,884 |
$ 7,652 |
5.1% |
$ 598,582 |
$ 587,526 |
$ 11,056 |
1.9% |
||||
Interest and dividends on investment securities: |
||||||||||||
Taxable |
25,061 |
24,316 |
745 |
3.1% |
102,464 |
88,919 |
13,545 |
15.2% |
||||
Tax-exempt |
7,580 |
6,884 |
696 |
10.1% |
29,064 |
27,345 |
1,719 |
6.3% |
||||
Other interest |
1,821 |
1,453 |
368 |
25.3% |
6,635 |
5,193 |
1,442 |
27.8% |
||||
Total interest income |
190,998 |
181,537 |
9,461 |
5.2% |
736,745 |
708,983 |
27,762 |
3.9% |
||||
Interest Expense |
||||||||||||
Interest on deposits |
7,319 |
7,340 |
(21) |
(0.3%) |
26,294 |
31,267 |
(4,973) |
(15.9%) |
||||
Interest on Federal funds purchased and securities |
||||||||||||
sold under agreements to repurchase |
218 |
271 |
(53) |
(19.6%) |
1,219 |
1,322 |
(103) |
(7.8%) |
||||
Interest on other short-term funding |
156 |
228 |
(72) |
(31.6%) |
785 |
1,519 |
(734) |
(48.3%) |
||||
Interest on long-term funding |
8,644 |
6,499 |
2,145 |
33.0% |
27,480 |
29,332 |
(1,852) |
(6.3%) |
||||
Total interest expense |
16,337 |
14,338 |
1,999 |
13.9% |
55,778 |
63,440 |
(7,662) |
(12.1%) |
||||
Net Interest Income |
174,661 |
167,199 |
7,462 |
4.5% |
680,967 |
645,543 |
35,424 |
5.5% |
||||
Provision for credit losses |
5,000 |
2,300 |
2,700 |
117.4% |
16,000 |
10,100 |
5,900 |
58.4% |
||||
Net interest income after provision for |
||||||||||||
credit losses |
169,661 |
164,899 |
4,762 |
2.9% |
664,967 |
635,443 |
29,524 |
4.6% |
||||
Noninterest Income |
||||||||||||
Trust service fees |
12,457 |
11,938 |
519 |
4.3% |
48,403 |
45,633 |
2,770 |
6.1% |
||||
Service charges on deposit accounts |
17,006 |
17,330 |
(324) |
(1.9%) |
68,779 |
70,009 |
(1,230) |
(1.8%) |
||||
Card-based and other nondeposit fees |
12,019 |
12,684 |
(665) |
(5.2%) |
49,512 |
49,913 |
(401) |
(0.8%) |
||||
Insurance commissions |
10,593 |
11,274 |
(681) |
(6.0%) |
44,421 |
44,024 |
397 |
0.9% |
||||
Brokerage and annuity commissions |
3,496 |
3,881 |
(385) |
(9.9%) |
16,089 |
14,877 |
1,212 |
8.1% |
||||
Total core fee-based revenue |
55,571 |
57,107 |
(1,536) |
(2.7%) |
227,204 |
224,456 |
2,748 |
1.2% |
||||
Mortgage banking, net |
2,928 |
8,277 |
(5,349) |
(64.6%) |
21,320 |
48,847 |
(27,527) |
(56.4%) |
||||
Capital market fees, net |
2,613 |
2,771 |
(158) |
(5.7%) |
9,973 |
13,080 |
(3,107) |
(23.8%) |
||||
Bank owned life insurance income |
2,739 |
2,787 |
(48) |
(1.7%) |
13,576 |
11,855 |
1,721 |
14.5% |
||||
Asset gains, net |
3,727 |
2,687 |
1,040 |
38.7% |
10,288 |
5,413 |
4,875 |
90.1% |
||||
Investment securities gains (losses), net |
25 |
(18) |
43 |
N/M |
494 |
564 |
(70) |
(12.4%) |
||||
Other |
2,040 |
2,262 |
(222) |
(9.8%) |
7,464 |
8,884 |
(1,420) |
(16.0%) |
||||
Total noninterest income |
69,643 |
75,873 |
(6,230) |
(8.2%) |
290,319 |
313,099 |
(22,780) |
(7.3%) |
||||
Noninterest Expense |
||||||||||||
Personnel expense |
97,258 |
101,215 |
(3,957) |
(3.9%) |
390,399 |
397,015 |
(6,616) |
(1.7%) |
||||
Occupancy |
14,589 |
14,684 |
(95) |
(0.6%) |
57,677 |
59,409 |
(1,732) |
(2.9%) |
||||
Equipment |
6,148 |
6,509 |
(361) |
(5.5%) |
24,784 |
25,351 |
(567) |
(2.2%) |
||||
Technology |
14,581 |
12,963 |
1,618 |
12.5% |
55,472 |
49,445 |
6,027 |
12.2% |
||||
Business development and advertising |
8,538 |
7,834 |
704 |
9.0% |
26,144 |
23,346 |
2,798 |
12.0% |
||||
Other intangible amortization |
775 |
1,011 |
(236) |
(23.3%) |
3,747 |
4,043 |
(296) |
(7.3%) |
||||
Loan expense |
3,646 |
3,677 |
(31) |
(0.8%) |
13,866 |
13,162 |
704 |
5.3% |
||||
Legal and professional fees |
4,257 |
5,916 |
(1,659) |
(28.0%) |
17,485 |
20,226 |
(2,741) |
(13.6%) |
||||
Foreclosure / OREO expense |
1,168 |
2,829 |
(1,661) |
(58.7%) |
6,722 |
10,068 |
(3,346) |
(33.2%) |
||||
FDIC expense |
6,956 |
4,879 |
2,077 |
42.6% |
23,761 |
19,461 |
4,300 |
22.1% |
||||
Other |
13,889 |
17,650 |
(3,761) |
(21.3%) |
59,184 |
59,123 |
61 |
0.1% |
||||
Total noninterest expense |
171,805 |
179,167 |
(7,362) |
(4.1%) |
679,241 |
680,649 |
(1,408) |
(0.2%) |
||||
Income before income taxes |
67,499 |
61,605 |
5,894 |
9.6% |
276,045 |
267,893 |
8,152 |
3.0% |
||||
Income tax expense |
18,761 |
13,847 |
4,914 |
35.5% |
85,536 |
79,201 |
6,335 |
8.0% |
||||
Net income |
48,738 |
47,758 |
980 |
2.1% |
190,509 |
188,692 |
1,817 |
1.0% |
||||
Preferred stock dividends |
1,225 |
1,273 |
(48) |
(3.8%) |
5,002 |
5,158 |
(156) |
(3.0%) |
||||
Net income available to common equity |
$ 47,513 |
$ 46,485 |
$ 1,028 |
2.2% |
$ 185,507 |
$ 183,534 |
$ 1,973 |
1.1% |
||||
Earnings Per Common Share: |
||||||||||||
Basic |
$ 0.31 |
$ 0.28 |
$ 0.03 |
10.7% |
$ 1.17 |
$ 1.10 |
$ 0.07 |
6.4% |
||||
Diluted |
$ 0.31 |
$ 0.28 |
$ 0.03 |
10.7% |
$ 1.16 |
$ 1.10 |
$ 0.06 |
5.5% |
||||
Average Common Shares Outstanding: |
||||||||||||
Basic |
151,931 |
162,611 |
(10,680) |
(6.6%) |
157,286 |
165,584 |
(8,298) |
(5.0%) |
||||
Diluted |
153,083 |
163,235 |
(10,152) |
(6.2%) |
158,254 |
165,802 |
(7,548) |
(4.6%) |
||||
N/M = Not meaningful |
Associated Banc-Corp |
|||||||||
Consolidated Statements of Income (Unaudited) - Quarterly Trend |
|||||||||
Sequential Qtr |
Comparable Qtr |
||||||||
(in thousands, except per share amounts) |
4Q14 |
3Q14 |
$ Change |
% |
2Q14 |
1Q14 |
4Q13 |
$ Change |
% |
Interest Income |
|||||||||
Interest and fees on loans |
$ 156,536 |
$ 152,030 |
$ 4,506 |
3.0% |
$ 146,629 |
$ 143,387 |
$ 148,884 |
$ 7,652 |
5.1% |
Interest and dividends on investment securities: |
|||||||||
Taxable |
25,061 |
25,037 |
24 |
0.1% |
26,109 |
26,257 |
24,316 |
745 |
3.1% |
Tax-exempt |
7,580 |
7,483 |
97 |
1.3% |
7,030 |
6,971 |
6,884 |
696 |
10.1% |
Other interest |
1,821 |
1,503 |
318 |
21.2% |
1,862 |
1,449 |
1,453 |
368 |
25.3% |
Total interest income |
190,998 |
186,053 |
4,945 |
2.7% |
181,630 |
178,064 |
181,537 |
9,461 |
5.2% |
Interest Expense |
|||||||||
Interest on deposits |
7,319 |
6,621 |
698 |
10.5% |
6,195 |
6,159 |
7,340 |
(21) |
(0.3%) |
Interest on Federal funds purchased and |
|||||||||
securities sold under agreements to repurchase |
218 |
390 |
(172) |
(44.1%) |
306 |
305 |
271 |
(53) |
(19.6%) |
Interest on other short-term funding |
156 |
233 |
(77) |
(33.0%) |
280 |
116 |
228 |
(72) |
(31.6%) |
Interest on long-term funding |
8,644 |
6,179 |
2,465 |
39.9% |
6,146 |
6,511 |
6,499 |
2,145 |
33.0% |
Total interest expense |
16,337 |
13,423 |
2,914 |
21.7% |
12,927 |
13,091 |
14,338 |
1,999 |
13.9% |
Net Interest Income |
174,661 |
172,630 |
2,031 |
1.2% |
168,703 |
164,973 |
167,199 |
7,462 |
4.5% |
Provision for credit losses |
5,000 |
1,000 |
4,000 |
N/M |
5,000 |
5,000 |
2,300 |
2,700 |
117.4% |
Net interest income after provision for |
|||||||||
credit losses |
169,661 |
171,630 |
(1,969) |
(1.1%) |
163,703 |
159,973 |
164,899 |
4,762 |
2.9% |
Noninterest Income |
|||||||||
Trust service fees |
12,457 |
12,218 |
239 |
2.0% |
12,017 |
11,711 |
11,938 |
519 |
4.3% |
Service charges on deposit accounts |
17,006 |
17,961 |
(955) |
(5.3%) |
17,412 |
16,400 |
17,330 |
(324) |
(1.9%) |
Card-based and other nondeposit fees |
12,019 |
12,407 |
(388) |
(3.1%) |
12,577 |
12,509 |
12,684 |
(665) |
(5.2%) |
Insurance commissions |
10,593 |
7,860 |
2,733 |
34.8% |
13,651 |
12,317 |
11,274 |
(681) |
(6.0%) |
Brokerage and annuity commissions |
3,496 |
4,040 |
(544) |
(13.5%) |
4,520 |
4,033 |
3,881 |
(385) |
(9.9%) |
Total core fee-based revenue |
55,571 |
54,486 |
1,085 |
2.0% |
60,177 |
56,970 |
57,107 |
(1,536) |
(2.7%) |
Mortgage banking, net |
2,928 |
6,669 |
(3,741) |
(56.1%) |
5,362 |
6,361 |
8,277 |
(5,349) |
(64.6%) |
Capital market fees, net |
2,613 |
2,939 |
(326) |
(11.1%) |
2,099 |
2,322 |
2,771 |
(158) |
(5.7%) |
Bank owned life insurance income |
2,739 |
3,506 |
(767) |
(21.9%) |
3,011 |
4,320 |
2,787 |
(48) |
(1.7%) |
Asset gains, net |
3,727 |
4,934 |
(1,207) |
(24.5%) |
899 |
728 |
2,687 |
1,040 |
38.7% |
Investment securities gains (losses), net |
25 |
57 |
(32) |
(56.1%) |
34 |
378 |
(18) |
43 |
N/M |
Other |
2,040 |
2,317 |
(277) |
(12.0%) |
665 |
2,442 |
2,262 |
(222) |
(9.8%) |
Total noninterest income |
69,643 |
74,908 |
(5,265) |
(7.0%) |
72,247 |
73,521 |
75,873 |
(6,230) |
(8.2%) |
Noninterest Expense |
|||||||||
Personnel expense |
97,258 |
97,650 |
(392) |
(0.4%) |
97,793 |
97,698 |
101,215 |
(3,957) |
(3.9%) |
Occupancy |
14,589 |
13,743 |
846 |
6.2% |
13,785 |
15,560 |
14,684 |
(95) |
(0.6%) |
Equipment |
6,148 |
6,133 |
15 |
0.2% |
6,227 |
6,276 |
6,509 |
(361) |
(5.5%) |
Technology |
14,581 |
13,573 |
1,008 |
7.4% |
14,594 |
12,724 |
12,963 |
1,618 |
12.5% |
Business development and advertising |
8,538 |
7,467 |
1,071 |
14.3% |
5,077 |
5,062 |
7,834 |
704 |
9.0% |
Other intangible amortization |
775 |
990 |
(215) |
(21.7%) |
991 |
991 |
1,011 |
(236) |
(23.3%) |
Loan expense |
3,646 |
3,813 |
(167) |
(4.4%) |
3,620 |
2,787 |
3,677 |
(31) |
(0.8%) |
Legal and professional fees |
4,257 |
4,604 |
(347) |
(7.5%) |
4,436 |
4,188 |
5,916 |
(1,659) |
(28.0%) |
Foreclosure / OREO expense |
1,168 |
2,083 |
(915) |
(43.9%) |
1,575 |
1,896 |
2,829 |
(1,661) |
(58.7%) |
FDIC expense |
6,956 |
6,859 |
97 |
1.4% |
4,945 |
5,001 |
4,879 |
2,077 |
42.6% |
Other |
13,889 |
14,938 |
(1,049) |
(7.0%) |
14,882 |
15,475 |
17,650 |
(3,761) |
(21.3%) |
Total noninterest expense |
171,805 |
171,853 |
(48) |
(0.0%) |
167,925 |
167,658 |
179,167 |
(7,362) |
(4.1%) |
Income before income taxes |
67,499 |
74,685 |
(7,186) |
(9.6%) |
68,025 |
65,836 |
61,605 |
5,894 |
9.6% |
Income tax expense |
18,761 |
24,478 |
(5,717) |
(23.4%) |
21,660 |
20,637 |
13,847 |
4,914 |
35.5% |
Net income |
48,738 |
50,207 |
(1,469) |
(2.9%) |
46,365 |
45,199 |
47,758 |
980 |
2.1% |
Preferred stock dividends |
1,225 |
1,255 |
(30) |
(2.4%) |
1,278 |
1,244 |
1,273 |
(48) |
(3.8%) |
Net income available to common equity |
$ 47,513 |
$ 48,952 |
$ (1,439) |
(2.9%) |
$ 45,087 |
$ 43,955 |
$ 46,485 |
$ 1,028 |
2.2% |
Earnings Per Common Share: |
|||||||||
Basic |
$ 0.31 |
$ 0.31 |
$ - |
0.0% |
$ 0.28 |
$ 0.27 |
$ 0.28 |
$ 0.03 |
10.7% |
Diluted |
$ 0.31 |
$ 0.31 |
$ - |
0.0% |
$ 0.28 |
$ 0.27 |
$ 0.28 |
$ 0.03 |
10.7% |
Average Common Shares Outstanding: |
|||||||||
Basic |
151,931 |
155,925 |
(3,994) |
(2.6%) |
159,940 |
161,467 |
162,611 |
(10,680) |
(6.6%) |
Diluted |
153,083 |
156,991 |
(3,908) |
(2.5%) |
160,838 |
162,188 |
163,235 |
(10,152) |
(6.2%) |
N/M = Not meaningful. |
Associated Banc-Corp |
|||||||
Selected Quarterly Information |
|||||||
($ in millions, except per share and full time equivalent employee data) |
YTD 2014 |
YTD 2013 |
4Q14 |
3Q14 |
2Q14 |
1Q14 |
4Q13 |
Per Common Share Data |
|||||||
Dividends |
$ 0.37 |
$ 0.33 |
$ 0.10 |
$ 0.09 |
$ 0.09 |
$ 0.09 |
$ 0.09 |
Market Value: |
|||||||
High |
19.37 |
17.60 |
19.37 |
18.90 |
18.39 |
18.35 |
17.56 |
Low |
15.58 |
13.46 |
16.75 |
17.42 |
16.82 |
15.58 |
15.34 |
Close |
18.63 |
17.40 |
18.63 |
17.42 |
18.08 |
18.06 |
17.40 |
Book value |
18.32 |
17.40 |
18.32 |
18.15 |
17.99 |
17.64 |
17.40 |
Tier 1 common equity / share |
12.09 |
11.77 |
12.09 |
12.10 |
12.04 |
11.88 |
11.77 |
Tangible book value / share |
$ 12.06 |
$ 11.62 |
$ 12.06 |
$ 12.09 |
$ 12.11 |
$ 11.80 |
$ 11.62 |
Performance Ratios (annualized) |
|||||||
Return on average assets |
0.76% |
0.81% |
0.75% |
0.78% |
0.75% |
0.76% |
0.80% |
Return on average tangible common equity |
9.91 |
9.73 |
10.27 |
10.35 |
9.56 |
9.45 |
9.87 |
Return on average Tier 1 common equity (1) |
9.92 |
9.77 |
10.35 |
10.38 |
9.56 |
9.38 |
9.78 |
Effective tax rate |
30.99 |
29.56 |
27.79 |
32.77 |
31.84 |
31.35 |
22.48 |
Dividend payout ratio (3) |
31.62 |
30.00 |
32.26 |
29.03 |
32.14 |
33.33 |
32.14 |
Average Balances |
|||||||
Common stockholders' equity |
$ 2,811 |
$ 2,829 |
$ 2,772 |
$ 2,815 |
$ 2,830 |
$ 2,827 |
$ 2,810 |
Average Tier 1 common equity (1) |
$ 1,871 |
$ 1,878 |
$ 1,821 |
$ 1,871 |
$ 1,892 |
$ 1,900 |
$ 1,885 |
Selected Trend Information |
|||||||
Average full time equivalent employees |
4,406 |
4,728 |
4,320 |
4,359 |
4,431 |
4,517 |
4,584 |
Trust assets under management, at market value |
$ 7,993 |
$ 7,424 |
$ 7,993 |
$ 7,700 |
$ 7,720 |
$ 7,535 |
$ 7,424 |
Total revenue (4) |
$ 991 |
$ 979 |
$ 249 |
$ 252 |
$ 246 |
$ 243 |
$ 248 |
Core fee-based revenue (5) |
$ 227 |
$ 224 |
$ 56 |
$ 54 |
$ 60 |
$ 57 |
$ 57 |
Mortgage loans originated for sale during period |
$ 1,070 |
$ 2,304 |
$ 292 |
$ 298 |
$ 276 |
$ 204 |
$ 327 |
Mortgage portfolio serviced for others |
$ 7,999 |
$ 8,084 |
$ 7,999 |
$ 8,012 |
$ 8,052 |
$ 8,084 |
$ 8,084 |
Mortgage servicing rights, net / Portfolio serviced for others |
0.75% |
0.78% |
0.75% |
0.76% |
0.76% |
0.77% |
0.78% |
At Period End |
|||||||
Loans / deposits |
93.77% |
94.27% |
98.43% |
93.90% |
92.06% |
||
Risk weighted assets (6) (7) |
$ 18,568 |
$ 18,031 |
$ 17,911 |
$ 17,075 |
$ 16,694 |
||
Tier 1 common equity (1) |
$ 1,808 |
$ 1,873 |
$ 1,920 |
$ 1,912 |
$ 1,913 |
||
Stockholders' equity / assets |
10.44% |
11.19% |
11.39% |
11.69% |
11.93% |
||
Tangible common equity / tangible assets (8) |
6.97% |
7.57% |
7.79% |
7.96% |
8.11% |
||
Tangible equity / tangible assets (8) |
7.20% |
7.82% |
8.03% |
8.22% |
8.38% |
||
Tier 1 common equity / risk-weighted assets (6) (7) |
9.74% |
10.39% |
10.72% |
11.20% |
11.46% |
||
Tier 1 leverage ratio (6) (7) |
7.48% |
7.87% |
8.26% |
8.46% |
8.70% |
||
Tier 1 risk-based capital ratio (6) (7) |
10.06% |
10.73% |
11.06% |
11.56% |
11.83% |
||
Total risk-based capital ratio (6) (7) |
12.66% |
11.98% |
12.31% |
12.81% |
13.09% |
||
Shares outstanding, end of period |
149,560 |
154,743 |
159,480 |
161,012 |
162,623 |
||
Non-GAAP Financial Measures Reconciliation |
|||||||
Efficiency ratio (2) |
69.97% |
71.04% |
70.33% |
69.44% |
69.70% |
70.41% |
73.70% |
Taxable equivalent adjustment |
(1.36) |
(1.45) |
(1.40) |
(1.36) |
(1.32) |
(1.35) |
(1.49) |
Asset gains, net |
0.73 |
0.39 |
1.05 |
1.36 |
0.26 |
0.22 |
0.80 |
Other intangible amortization |
(0.39) |
(0.42) |
(0.32) |
(0.40) |
(0.41) |
(0.42) |
(0.42) |
Efficiency ratio, fully taxable equivalent (2) |
68.95% |
69.56% |
69.66% |
69.04% |
68.23% |
68.86% |
72.59% |
(1) Tier 1 common equity, a non-GAAP financial measure, is used by banking regulators, investors and analysts to assess and compare the quality and composition of our capital with the capital of other financial services companies. Management uses Tier 1 common equity, along with other capital measures, to assess and monitor our capital position. Tier 1 common equity (period end and average) is Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities. |
|||||||
(2) 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) Total revenue, a non-GAAP financial measure, is the sum of taxable equivalent net interest income, core fee-based revenues, and other noninterest income categories, as presented on Page 2 in the Consolidated Statements of Income and Page 6 in the Net Interest Income Analysis. |
|||||||
(5) Core fee-based revenue, a non-GAAP financial measure, is the sum of trust service fees, service charges on deposit accounts, card-based and other nondeposit fees, insurance commissions, and brokerage and annuity commissions, as presented on Page 2 in the Consolidated Statements of Income. |
|||||||
(6) December 31, 2014 data is estimated. |
|||||||
(7) The Federal Reserve establishes capital adequacy requirements, including well-capitalized standards for the Corporation. The OCC establishes similar capital adequacy requirements and standards for the Bank. Regulatory capital primarily consists of Tier 1 risk-based capital and Tier 2 risk-based capital. The sum of Tier 1 risk-based capital and Tier 2 risk-based capital equals our total risk-based capital. Risk-based capital guidelines require a minimum level of capital as a percentage of risk-weighted assets. Risk-weighted assets consist of total assets plus certain off-balance sheet and market items, subject to adjustment for predefined credit risk factors. |
|||||||
(8) 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. |
Associated Banc-Corp |
||||||||
Selected Asset Quality Information |
Dec14 vs Sep14 |
Dec14 vs Dec13 |
||||||
(in thousands) |
Dec 31, 2014 |
Sep 30, 2014 |
% Change |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
% Change |
|
Allowance for Loan Losses |
||||||||
Beginning balance |
$ 266,262 |
$ 271,851 |
(2.1%) |
$ 267,916 |
$ 268,315 |
$ 271,724 |
(2.0%) |
|
Provision for loan losses |
4,500 |
(3,000) |
N/M |
6,500 |
5,000 |
2,000 |
125.0% |
|
Charge offs |
(8,778) |
(14,850) |
(40.9%) |
(9,107) |
(11,361) |
(18,742) |
(53.2%) |
|
Recoveries |
4,318 |
12,261 |
(64.8%) |
6,542 |
5,962 |
13,333 |
(67.6%) |
|
Net charge offs |
(4,460) |
(2,589) |
72.3% |
(2,565) |
(5,399) |
(5,409) |
(17.5%) |
|
Ending balance |
$ 266,302 |
$ 266,262 |
0.0% |
$ 271,851 |
$ 267,916 |
$ 268,315 |
(0.8%) |
|
Allowance for Unfunded Commitments |
||||||||
Beginning balance |
$ 24,400 |
$ 20,400 |
19.6% |
$ 21,900 |
$ 21,900 |
$ 21,600 |
13.0% |
|
Provision for unfunded commitments |
500 |
4,000 |
(87.5%) |
(1,500) |
- |
300 |
66.7% |
|
Ending balance |
$ 24,900 |
$ 24,400 |
2.0% |
$ 20,400 |
$ 21,900 |
$ 21,900 |
13.7% |
|
Allowance for credit losses |
$ 291,202 |
$ 290,662 |
0.2% |
$ 292,251 |
$ 289,816 |
$ 290,215 |
0.3% |
|
Net Charge Offs |
Dec14 vs Sep14 |
Dec14 vs Dec13 |
||||||
Dec 31, 2014 |
Sep 30, 2014 |
% Change |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
% Change |
||
Commercial and industrial |
$ 1,323 |
$ 572 |
131.3% |
$ (1,377) |
$ 2,725 |
$ 4,555 |
(71.0%) |
|
Commercial real estate - owner occupied |
134 |
2,210 |
(93.9%) |
(550) |
(124) |
967 |
(86.1%) |
|
Lease financing |
9 |
(6) |
N/M |
29 |
- |
(16) |
N/M |
|
Commercial and business lending |
1,466 |
2,776 |
(47.2%) |
(1,898) |
2,601 |
5,506 |
(73.4%) |
|
Commercial real estate - investor |
(132) |
(4,065) |
(96.8%) |
(239) |
(1,031) |
137 |
N/M |
|
Real estate construction |
(116) |
350 |
(133.1%) |
795 |
113 |
(3,130) |
(96.3%) |
|
Commercial real estate lending |
(248) |
(3,715) |
(93.3%) |
556 |
(918) |
(2,993) |
(91.7%) |
|
Total commercial |
1,218 |
(939) |
N/M |
(1,342) |
1,683 |
2,513 |
(51.5%) |
|
Home equity revolving lines of credit |
1,094 |
1,098 |
(0.4%) |
1,380 |
1,182 |
966 |
13.3% |
|
Home equity loans 1st liens |
206 |
118 |
74.6% |
448 |
406 |
372 |
(44.6%) |
|
Home equity loans junior liens |
457 |
728 |
(37.2%) |
948 |
859 |
1,111 |
(58.9%) |
|
Home equity |
1,757 |
1,944 |
(9.6%) |
2,776 |
2,447 |
2,449 |
(28.3%) |
|
Installment and credit cards |
990 |
910 |
8.8% |
247 |
113 |
(611) |
N/M |
|
Residential mortgage |
495 |
674 |
(26.6%) |
884 |
1,156 |
1,058 |
(53.2%) |
|
Total consumer |
3,242 |
3,528 |
(8.1%) |
3,907 |
3,716 |
2,896 |
11.9% |
|
Total net charge offs |
$ 4,460 |
$ 2,589 |
72.3% |
$ 2,565 |
$ 5,399 |
$ 5,409 |
(17.5%) |
|
Net Charge Offs to Average Loans (in basis points) * |
Dec 31, 2014 |
Sep 30, 2014 |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
|||
Commercial and industrial |
9 |
4 |
(10) |
22 |
38 |
|||
Commercial real estate - owner occupied |
5 |
84 |
(20) |
(5) |
34 |
|||
Lease financing |
7 |
(5) |
22 |
- |
(12) |
|||
Commercial and business lending |
9 |
17 |
(12) |
17 |
37 |
|||
Commercial real estate - investor |
(2) |
(54) |
(3) |
(14) |
2 |
|||
Real estate construction |
(5) |
14 |
33 |
5 |
(145) |
|||
Commercial real estate lending |
(2) |
(37) |
6 |
(10) |
(32) |
|||
Total commercial |
4 |
(3) |
(5) |
7 |
10 |
|||
Home equity revolving lines of credit |
49 |
50 |
64 |
55 |
44 |
|||
Home equity loans 1st liens |
14 |
7 |
26 |
23 |
19 |
|||
Home equity loans junior liens |
107 |
159 |
196 |
171 |
205 |
|||
Home equity |
42 |
45 |
64 |
55 |
52 |
|||
Installment and credit cards |
86 |
78 |
25 |
11 |
(59) |
|||
Residential mortgage |
4 |
6 |
9 |
12 |
11 |
|||
Total consumer |
19 |
22 |
25 |
25 |
19 |
|||
Total net charge offs |
10 |
6 |
6 |
14 |
14 |
|||
Credit Quality |
Dec14 vs Sep14 |
Dec14 vs Dec13 |
||||||
Dec 31, 2014 |
Sep 30, 2014 |
% Change |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
% Change |
||
Nonaccrual loans |
$ 177,413 |
$ 184,138 |
(3.7%) |
$ 179,226 |
$ 177,978 |
$ 185,428 |
(4.3%) |
|
Other real estate owned (OREO) |
16,732 |
16,840 |
(0.6%) |
17,729 |
19,173 |
18,118 |
(7.6%) |
|
Total nonperforming assets |
$ 194,145 |
$ 200,978 |
(3.4%) |
$ 196,955 |
$ 197,151 |
$ 203,546 |
(4.6%) |
|
Loans 90 or more days past due and still accruing |
$ 1,623 |
$ 1,690 |
(4.0%) |
$ 1,776 |
$ 723 |
$ 2,350 |
(30.9%) |
|
Allowance for loan losses / loans |
1.51% |
1.55% |
1.59% |
1.63% |
1.69% |
|||
Allowance for loan losses / nonaccrual loans |
150.10 |
144.60 |
151.68 |
150.53 |
144.70 |
|||
Nonaccrual loans / total loans |
1.01 |
1.07 |
1.05 |
1.08 |
1.17 |
|||
Nonperforming assets / total loans plus OREO |
1.10 |
1.17 |
1.15 |
1.20 |
1.28 |
|||
Nonperforming assets / total assets |
0.72 |
0.78 |
0.77 |
0.79 |
0.84 |
|||
Net charge offs / average loans (annualized) |
0.10 |
0.06 |
0.06 |
0.14 |
0.14 |
|||
Year-to-date net charge offs / average loans |
0.09 |
0.08 |
0.10 |
0.14 |
0.25 |
|||
Nonaccrual loans by type: |
||||||||
Commercial and industrial |
$ 49,663 |
$ 51,143 |
(2.9%) |
$ 40,846 |
$ 38,488 |
$ 37,719 |
31.7% |
|
Commercial real estate - owner occupied |
25,825 |
24,340 |
6.1% |
31,725 |
26,735 |
29,664 |
(12.9%) |
|
Lease financing |
1,801 |
1,947 |
(7.5%) |
1,541 |
172 |
69 |
N/M |
|
Commercial and business lending |
77,289 |
77,430 |
(0.2%) |
74,112 |
65,395 |
67,452 |
14.6% |
|
Commercial real estate - investor |
22,685 |
25,106 |
(9.6%) |
28,135 |
33,611 |
37,596 |
(39.7%) |
|
Real estate construction |
5,399 |
8,187 |
(34.1%) |
6,988 |
6,667 |
6,467 |
(16.5%) |
|
Commercial real estate lending |
28,084 |
33,293 |
(15.6%) |
35,123 |
40,278 |
44,063 |
(36.3%) |
|
Total commercial |
105,373 |
110,723 |
(4.8%) |
109,235 |
105,673 |
111,515 |
(5.5%) |
|
Home equity revolving lines of credit |
9,853 |
10,154 |
(3.0%) |
10,056 |
10,356 |
11,883 |
(17.1%) |
|
Home equity loans 1st liens |
5,290 |
4,664 |
13.4% |
4,634 |
5,341 |
6,135 |
(13.8%) |
|
Home equity loans junior liens |
6,598 |
6,443 |
2.4% |
6,183 |
6,788 |
7,149 |
(7.7%) |
|
Home equity |
21,741 |
21,261 |
2.3% |
20,873 |
22,485 |
25,167 |
(13.6%) |
|
Installment and credit cards |
613 |
653 |
(6.1%) |
771 |
915 |
1,114 |
(45.0%) |
|
Residential mortgage |
49,686 |
51,501 |
(3.5%) |
48,347 |
48,905 |
47,632 |
4.3% |
|
Total consumer |
72,040 |
73,415 |
(1.9%) |
69,991 |
72,305 |
73,913 |
(2.5%) |
|
Total nonaccrual loans |
$ 177,413 |
$ 184,138 |
(3.7%) |
$ 179,226 |
$ 177,978 |
$ 185,428 |
(4.3%) |
|
* Annualized. |
||||||||
N/M = Not meaningful. |
Associated Banc-Corp |
||||||||
Selected Asset Quality Information (continued) |
Dec14 vs Sep14 |
Dec14 vs Dec13 |
||||||
(in thousands) |
Dec 31, 2014 |
Sep 30, 2014 |
% Change |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
% Change |
|
Restructured loans (accruing) |
||||||||
Commercial and industrial |
$ 33,892 |
$ 36,955 |
(8.3%) |
$ 28,849 |
$ 27,776 |
$ 32,517 |
4.2% |
|
Commercial real estate - owner occupied |
10,454 |
11,574 |
(9.7%) |
12,168 |
11,579 |
13,009 |
(19.6%) |
|
Commercial and business lending |
44,346 |
48,529 |
(8.6%) |
41,017 |
39,355 |
45,526 |
(2.6%) |
|
Commercial real estate - investor |
23,127 |
24,440 |
(5.4%) |
41,758 |
46,020 |
44,946 |
(48.5%) |
|
Real estate construction |
727 |
805 |
(9.7%) |
1,224 |
2,954 |
3,793 |
(80.8%) |
|
Commercial real estate lending |
23,854 |
25,245 |
(5.5%) |
42,982 |
48,974 |
48,739 |
(51.1%) |
|
Total commercial |
68,200 |
73,774 |
(7.6%) |
83,999 |
88,329 |
94,265 |
(27.7%) |
|
Home equity revolving lines of credit |
1,508 |
1,531 |
(1.5%) |
1,527 |
1,178 |
1,117 |
35.0% |
|
Home equity loans 1st liens |
1,857 |
1,867 |
(0.5%) |
1,674 |
1,656 |
1,436 |
29.3% |
|
Home equity loans junior liens |
6,701 |
7,184 |
(6.7%) |
7,243 |
6,738 |
7,080 |
(5.4%) |
|
Home equity |
10,066 |
10,582 |
(4.9%) |
10,444 |
9,572 |
9,633 |
4.5% |
|
Installment and credit cards |
974 |
1,106 |
(11.9%) |
1,185 |
225 |
246 |
295.9% |
|
Residential mortgage |
18,976 |
19,141 |
(0.9%) |
18,753 |
18,798 |
19,841 |
(4.4%) |
|
Total consumer |
30,016 |
30,829 |
(2.6%) |
30,382 |
28,595 |
29,720 |
1.0% |
|
Total restructured loans (accruing) |
$ 98,216 |
$ 104,603 |
(6.1%) |
$ 114,381 |
$ 116,924 |
$ 123,985 |
(20.8%) |
|
Restructured loans in nonaccrual loans (not included above) |
$ 57,656 |
$ 63,314 |
(8.9%) |
$ 72,388 |
$ 74,231 |
$ 59,585 |
(3.2%) |
|
Loans Past Due 30-89 Days |
Dec14 vs Sep14 |
Dec14 vs Dec13 |
||||||
Dec 31, 2014 |
Sep 30, 2014 |
% Change |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
% Change |
||
Commercial and industrial |
$ 14,747 |
$ 3,947 |
273.6% |
$ 2,519 |
$ 4,126 |
$ 6,826 |
116.0% |
|
Commercial real estate - owner occupied |
10,628 |
2,675 |
297.3% |
6,323 |
5,342 |
3,106 |
242.2% |
|
Lease financing |
- |
- |
N/M |
556 |
567 |
- |
N/M |
|
Commercial and business lending |
25,375 |
6,622 |
283.2% |
9,398 |
10,035 |
9,932 |
155.5% |
|
Commercial real estate - investor |
1,208 |
15,869 |
(92.4%) |
2,994 |
7,188 |
23,215 |
(94.8%) |
|
Real estate construction |
984 |
399 |
146.6% |
258 |
679 |
1,954 |
(49.6%) |
|
Commercial real estate lending |
2,192 |
16,268 |
(86.5%) |
3,252 |
7,867 |
25,169 |
(91.3%) |
|
Total commercial |
27,567 |
22,890 |
20.4% |
12,650 |
17,902 |
35,101 |
(21.5%) |
|
Home equity revolving lines of credit |
6,725 |
6,739 |
(0.2%) |
6,986 |
5,344 |
6,728 |
(0.0%) |
|
Home equity loans 1st liens |
1,800 |
1,503 |
19.8% |
1,685 |
1,469 |
1,110 |
62.2% |
|
Home equity loans junior liens |
2,058 |
2,496 |
(17.5%) |
2,138 |
3,006 |
2,842 |
(27.6%) |
|
Home equity |
10,583 |
10,738 |
(1.4%) |
10,809 |
9,819 |
10,680 |
(0.9%) |
|
Installment and credit cards |
1,932 |
1,818 |
6.3% |
1,734 |
1,269 |
1,150 |
68.0% |
|
Residential mortgage |
3,046 |
3,231 |
(5.7%) |
7,070 |
4,498 |
6,118 |
(50.2%) |
|
Total consumer |
15,561 |
15,787 |
(1.4%) |
19,613 |
15,586 |
17,948 |
(13.3%) |
|
Total loans past due 30-89 days |
$ 43,128 |
$ 38,677 |
11.5% |
$ 32,263 |
$ 33,488 |
$ 53,049 |
(18.7%) |
|
Potential Problem Loans |
Dec14 vs Sep14 |
Dec14 vs Dec13 |
||||||
Dec 31, 2014 |
Sep 30, 2014 |
% Change |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
% Change |
||
Commercial and industrial |
$ 108,522 |
$ 133,416 |
(18.7%) |
$ 187,251 |
$ 109,027 |
$ 113,669 |
(4.5%) |
|
Commercial real estate - owner occupied |
48,695 |
49,008 |
(0.6%) |
57,757 |
64,785 |
56,789 |
(14.3%) |
|
Lease financing |
2,709 |
3,787 |
(28.5%) |
2,280 |
3,065 |
1,784 |
51.8% |
|
Commercial and business lending |
159,926 |
186,211 |
(14.1%) |
247,288 |
176,877 |
172,242 |
(7.2%) |
|
Commercial real estate - investor |
24,043 |
28,474 |
(15.6%) |
31,903 |
34,790 |
52,429 |
(54.1%) |
|
Real estate construction |
1,776 |
2,227 |
(20.3%) |
4,473 |
4,870 |
5,263 |
(66.3%) |
|
Commercial real estate lending |
25,819 |
30,701 |
(15.9%) |
36,376 |
39,660 |
57,692 |
(55.2%) |
|
Total commercial |
185,745 |
216,912 |
(14.4%) |
283,664 |
216,537 |
229,934 |
(19.2%) |
|
Home equity revolving lines of credit |
204 |
224 |
(8.9%) |
277 |
310 |
303 |
(32.7%) |
|
Home equity loans junior liens |
676 |
687 |
(1.6%) |
822 |
741 |
1,810 |
(62.7%) |
|
Home equity |
880 |
911 |
(3.4%) |
1,099 |
1,051 |
2,113 |
(58.4%) |
|
Installment and credit cards |
2 |
4 |
(50.0%) |
844 |
- |
50 |
(96.0%) |
|
Residential mortgage |
3,781 |
2,166 |
74.6% |
2,445 |
2,091 |
3,312 |
14.2% |
|
Total consumer |
4,663 |
3,081 |
51.3% |
4,388 |
3,142 |
5,475 |
(14.8%) |
|
Total potential problem loans |
$ 190,408 |
$ 219,993 |
(13.4%) |
$ 288,052 |
$ 219,679 |
$ 235,409 |
(19.1%) |
|
N/M = Not meaningful. |
Associated Banc-Corp |
|||||||
Net Interest Income Analysis - Taxable Equivalent Basis |
|||||||
Sequential Quarter |
Three months ended December 31, 2014 |
Three months ended September 30, 2014 |
|||||
Average |
Interest |
Average |
Average |
Interest |
Average |
||
(in thousands) |
Balance |
Income / Expense |
Yield / Rate |
Balance |
Income / Expense |
Yield / Rate |
|
Earning assets: |
|||||||
Loans: (1) (2) (3) |
|||||||
Commercial and business lending |
$ 6,720,893 |
$ 59,197 |
3.50% |
$ 6,652,227 |
$ 54,990 |
3.28% |
|
Commercial real estate lending |
4,066,143 |
37,122 |
3.62 |
4,019,286 |
37,780 |
3.73 |
|
Total commercial |
10,787,036 |
96,319 |
3.54 |
10,671,513 |
92,770 |
3.45 |
|
Residential mortgage |
4,490,075 |
36,228 |
3.23 |
4,309,121 |
35,264 |
3.27 |
|
Retail |
2,110,144 |
24,942 |
4.71 |
2,160,327 |
24,968 |
4.60 |
|
Total loans |
17,387,255 |
157,489 |
3.60 |
17,140,961 |
153,002 |
3.55 |
|
Investment securities (1) |
5,697,598 |
36,658 |
2.57 |
5,619,982 |
36,486 |
2.60 |
|
Other short-term investments |
407,644 |
1,821 |
1.78 |
335,774 |
1,503 |
1.79 |
|
Investments and other |
6,105,242 |
38,479 |
2.52 |
5,955,756 |
37,989 |
2.55 |
|
Total earning assets |
23,492,497 |
$ 195,968 |
3.32 |
23,096,717 |
$ 190,991 |
3.29 |
|
Other assets, net |
2,388,268 |
2,375,335 |
|||||
Total assets |
$ 25,880,765 |
$ 25,472,052 |
|||||
Interest-bearing liabilities: |
|||||||
Savings deposits |
$ 1,264,195 |
$ 253 |
0.08% |
$ 1,269,994 |
$ 254 |
0.08% |
|
Interest-bearing demand deposits |
3,142,537 |
1,220 |
0.15 |
3,096,712 |
1,111 |
0.14 |
|
Money market deposits |
8,209,091 |
3,547 |
0.17 |
7,721,167 |
3,153 |
0.16 |
|
Time deposits |
1,549,565 |
2,299 |
0.59 |
1,545,851 |
2,103 |
0.54 |
|
Total interest-bearing deposits |
14,165,388 |
7,319 |
0.20 |
13,633,724 |
6,621 |
0.19 |
|
Federal funds purchased and securities sold under |
|||||||
agreements to repurchase |
600,969 |
218 |
0.14 |
927,904 |
390 |
0.17 |
|
Other short-term funding |
464,866 |
156 |
0.13 |
665,647 |
233 |
0.14 |
|
Long-term funding |
3,221,574 |
8,644 |
1.07 |
2,931,714 |
6,179 |
0.84 |
|
Total short and long-term funding |
4,287,409 |
9,018 |
0.84 |
4,525,265 |
6,802 |
0.60 |
|
Total interest-bearing liabilities |
18,452,797 |
$ 16,337 |
0.35 |
18,158,989 |
$ 13,423 |
0.29 |
|
Noninterest-bearing demand deposits |
4,367,031 |
4,239,654 |
|||||
Other liabilities |
228,600 |
197,330 |
|||||
Stockholders' equity |
2,832,337 |
2,876,079 |
|||||
Total liabilities and stockholders' equity |
$ 25,880,765 |
$ 25,472,052 |
|||||
Net interest income and rate spread |
$ 179,631 |
2.97% |
$ 177,568 |
3.00% |
|||
Net interest margin |
3.04% |
3.06% |
|||||
Taxable equivalent adjustment |
$ 4,970 |
$ 4,938 |
|||||
Net Interest Income Analysis - Taxable Equivalent Basis |
|||||||
Comparable Quarter |
Three months ended December 31, 2014 |
Three months ended December 31, 2013 |
|||||
Average |
Interest |
Average |
Average |
Interest |
Average |
||
(in thousands) |
Balance |
Income / Expense |
Yield / Rate |
Balance |
Income / Expense |
Yield / Rate |
|
Earning assets: |
|||||||
Loans: (1) (2) (3) |
|||||||
Commercial and business lending |
$ 6,720,893 |
$ 59,197 |
3.50% |
$ 5,882,438 |
$ 51,498 |
3.47% |
|
Commercial real estate lending |
4,066,143 |
37,122 |
3.62 |
3,736,314 |
40,241 |
4.28 |
|
Total commercial |
10,787,036 |
96,319 |
3.54 |
9,618,752 |
91,739 |
3.79 |
|
Residential mortgage |
4,490,075 |
36,228 |
3.23 |
3,856,944 |
32,201 |
3.34 |
|
Retail |
2,110,144 |
24,942 |
4.71 |
2,272,588 |
25,851 |
4.53 |
|
Total loans |
17,387,255 |
157,489 |
3.60 |
15,748,284 |
149,791 |
3.78 |
|
Investment securities (1) |
5,697,598 |
36,658 |
2.57 |
5,188,616 |
35,331 |
2.72 |
|
Other short-term investments |
407,644 |
1,821 |
1.78 |
305,165 |
1,453 |
1.90 |
|
Investments and other |
6,105,242 |
38,479 |
2.52 |
5,493,781 |
36,784 |
2.68 |
|
Total earning assets |
23,492,497 |
$ 195,968 |
3.32 |
21,242,065 |
$ 186,575 |
3.50 |
|
Other assets, net |
2,388,268 |
2,316,660 |
|||||
Total assets |
$ 25,880,765 |
$ 23,558,725 |
|||||
Interest-bearing liabilities: |
|||||||
Savings deposits |
$ 1,264,195 |
$ 253 |
0.08% |
$ 1,200,338 |
$ 248 |
0.08% |
|
Interest-bearing demand deposits |
3,142,537 |
1,220 |
0.15 |
2,852,090 |
1,047 |
0.15 |
|
Money market deposits |
8,209,091 |
3,547 |
0.17 |
7,748,650 |
3,399 |
0.17 |
|
Time deposits |
1,549,565 |
2,299 |
0.59 |
1,727,138 |
2,646 |
0.61 |
|
Total interest-bearing deposits |
14,165,388 |
7,319 |
0.20 |
13,528,216 |
7,340 |
0.22 |
|
Federal funds purchased and securities sold under |
|||||||
agreements to repurchase |
600,969 |
218 |
0.14 |
613,943 |
271 |
0.18 |
|
Other short-term funding |
464,866 |
156 |
0.13 |
726,551 |
228 |
0.12 |
|
Long-term funding |
3,221,574 |
8,644 |
1.07 |
1,266,464 |
6,499 |
2.05 |
|
Total short and long-term funding |
4,287,409 |
9,018 |
0.84 |
2,606,958 |
6,998 |
1.07 |
|
Total interest-bearing liabilities |
18,452,797 |
$ 16,337 |
0.35 |
16,135,174 |
$ 14,338 |
0.35 |
|
Noninterest-bearing demand deposits |
4,367,031 |
4,353,315 |
|||||
Other liabilities |
228,600 |
197,598 |
|||||
Stockholders' equity |
2,832,337 |
2,872,638 |
|||||
Total liabilities and stockholders' equity |
$ 25,880,765 |
$ 23,558,725 |
|||||
Net interest income and rate spread |
$ 179,631 |
2.97% |
$ 172,237 |
3.15% |
|||
Net interest margin |
3.04% |
3.23% |
|||||
Taxable equivalent adjustment |
$ 4,970 |
$ 5,038 |
|||||
(1) The yield on tax exempt loans and securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions. |
|||||||
(2) Nonaccrual loans and loans held for sale have been included in the average balances. |
|||||||
(3) Interest income includes net loan fees. |
Associated Banc-Corp |
|||||||
Net Interest Income Analysis - Taxable Equivalent Basis |
|||||||
Year Over Year |
Year ended December 31, 2014 |
Year ended December 31, 2013 |
|||||
Average |
Interest |
Average |
Average |
Interest |
Average |
||
(in thousands) |
Balance |
Income / Expense |
Yield / Rate |
Balance |
Income / Expense |
Yield / Rate |
|
Earning assets: |
|||||||
Loans: (1) (2) (3) |
|||||||
Commercial and business lending |
$ 6,495,338 |
$ 219,386 |
3.38% |
$ 5,809,578 |
$ 208,039 |
3.58% |
|
Commercial real estate lending |
3,990,675 |
146,802 |
3.68 |
3,705,526 |
149,539 |
4.04 |
|
Total commercial |
10,486,013 |
366,188 |
3.49 |
9,515,104 |
357,578 |
3.76 |
|
Residential mortgage |
4,202,727 |
137,731 |
3.28 |
3,714,544 |
123,275 |
3.32 |
|
Retail |
2,150,254 |
98,481 |
4.58 |
2,433,497 |
110,338 |
4.53 |
|
Total loans |
16,838,994 |
602,400 |
3.58 |
15,663,145 |
591,191 |
3.77 |
|
Investment securities (1) |
5,594,232 |
146,931 |
2.63 |
4,995,331 |
132,671 |
2.66 |
|
Other short-term investments |
326,902 |
6,635 |
2.03 |
321,652 |
5,193 |
1.61 |
|
Investments and other |
5,921,134 |
153,566 |
2.59 |
5,316,983 |
137,864 |
2.59 |
|
Total earning assets |
22,760,128 |
$ 755,966 |
3.32 |
20,980,128 |
$ 729,055 |
3.47 |
|
Other assets, net |
2,351,469 |
2,325,630 |
|||||
Total assets |
$ 25,111,597 |
$ 23,305,758 |
|||||
Interest-bearing liabilities: |
|||||||
Savings deposits |
$ 1,249,452 |
$ 968 |
0.08% |
$ 1,188,910 |
$ 942 |
0.08% |
|
Interest-bearing demand deposits |
2,983,747 |
4,124 |
0.14 |
2,827,778 |
4,517 |
0.16 |
|
Money market deposits |
7,614,042 |
12,452 |
0.16 |
7,322,476 |
13,702 |
0.19 |
|
Time deposits |
1,587,641 |
8,750 |
0.55 |
1,849,718 |
12,106 |
0.65 |
|
Total interest-bearing deposits |
13,434,882 |
26,294 |
0.20 |
13,188,882 |
31,267 |
0.24 |
|
Federal funds purchased and securities sold under |
|||||||
agreements to repurchase |
795,257 |
1,219 |
0.15 |
675,574 |
1,322 |
0.20 |
|
Other short-term funding |
573,460 |
785 |
0.14 |
1,198,264 |
1,519 |
0.13 |
|
Long-term funding |
3,022,787 |
27,480 |
0.91 |
901,927 |
29,332 |
3.25 |
|
Total short and long-term funding |
4,391,504 |
29,484 |
0.67 |
2,775,765 |
32,173 |
1.16 |
|
Total interest-bearing liabilities |
17,826,386 |
$ 55,778 |
0.31 |
15,964,647 |
$ 63,440 |
0.40 |
|
Noninterest-bearing demand deposits |
4,212,202 |
4,249,313 |
|||||
Other liabilities |
201,077 |
199,486 |
|||||
Stockholders' equity |
2,871,932 |
2,892,312 |
|||||
Total liabilities and stockholders' equity |
$ 25,111,597 |
$ 23,305,758 |
|||||
Net interest income and rate spread |
$ 700,188 |
3.01% |
$ 665,615 |
3.07% |
|||
Net interest margin |
3.08% |
3.17% |
|||||
Taxable equivalent adjustment |
$ 19,221 |
$ 20,072 |
|||||
(1) The yield on tax exempt loans and securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions. |
|||||||
(2) Nonaccrual loans and loans held for sale have been included in the average balances. |
|||||||
(3) Interest income includes net loan fees. |
Associated Banc-Corp |
||||||||
Financial Summary and Comparison |
||||||||
Period End Loan Composition |
Dec14 vs Sep14 |
Dec14 vs Dec13 |
||||||
Dec 31, 2014 |
Sep 30, 2014 |
% Change |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
% Change |
||
Commercial and industrial |
$ 5,905,902 |
$ 5,603,899 |
5.4% |
$ 5,616,205 |
$ 5,222,141 |
$ 4,822,680 |
22.5% |
|
Commercial real estate - owner occupied |
1,007,937 |
1,014,335 |
(0.6%) |
1,070,463 |
1,098,089 |
1,114,715 |
(9.6%) |
|
Lease financing |
51,529 |
52,600 |
(2.0%) |
51,873 |
52,500 |
55,483 |
(7.1%) |
|
Commercial and business lending |
6,965,368 |
6,670,834 |
4.4% |
6,738,541 |
6,372,730 |
5,992,878 |
16.2% |
|
Commercial real estate - investor |
3,056,485 |
3,043,361 |
0.4% |
2,990,732 |
3,001,219 |
2,939,456 |
4.0% |
|
Real estate construction |
1,008,956 |
982,426 |
2.7% |
1,000,421 |
969,617 |
896,248 |
12.6% |
|
Commercial real estate lending |
4,065,441 |
4,025,787 |
1.0% |
3,991,153 |
3,970,836 |
3,835,704 |
6.0% |
|
Total commercial |
11,030,809 |
10,696,621 |
3.1% |
10,729,694 |
10,343,566 |
9,828,582 |
12.2% |
|
Home equity revolving lines of credit |
887,779 |
880,435 |
0.8% |
866,042 |
856,679 |
874,840 |
1.5% |
|
Home equity loans 1st liens |
584,131 |
619,774 |
(5.8%) |
659,598 |
705,835 |
742,120 |
(21.3%) |
|
Home equity loans junior liens |
164,148 |
176,316 |
(6.9%) |
187,732 |
199,488 |
208,054 |
(21.1%) |
|
Home equity |
1,636,058 |
1,676,525 |
(2.4%) |
1,713,372 |
1,762,002 |
1,825,014 |
(10.4%) |
|
Installment and credit cards |
454,219 |
459,682 |
(1.2%) |
469,203 |
393,321 |
407,074 |
11.6% |
|
Residential mortgage |
4,472,760 |
4,326,262 |
3.4% |
4,132,783 |
3,942,555 |
3,835,591 |
16.6% |
|
Total consumer |
6,563,037 |
6,462,469 |
1.6% |
6,315,358 |
6,097,878 |
6,067,679 |
8.2% |
|
Total loans |
$ 17,593,846 |
$ 17,159,090 |
2.5% |
$ 17,045,052 |
$ 16,441,444 |
$ 15,896,261 |
10.7% |
|
Period End Deposit and Customer Funding Composition |
Dec14 vs Sep14 |
Dec14 vs Dec13 |
||||||
Dec 31, 2014 |
Sep 30, 2014 |
% Change |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
% Change |
||
Noninterest-bearing demand |
$ 4,505,272 |
$ 4,302,454 |
4.7% |
$ 4,211,057 |
$ 4,478,981 |
$ 4,626,312 |
(2.6%) |
|
Savings |
1,235,277 |
1,256,567 |
(1.7%) |
1,275,493 |
1,252,669 |
1,159,512 |
6.5% |
|
Interest-bearing demand |
3,126,854 |
3,637,411 |
(14.0%) |
2,918,900 |
3,084,457 |
2,889,705 |
8.2% |
|
Money market |
8,324,646 |
7,491,460 |
11.1% |
7,348,650 |
7,069,173 |
6,906,442 |
20.5% |
|
Brokered CDs |
42,556 |
9,242 |
360.5% |
44,809 |
51,235 |
50,450 |
(15.6%) |
|
Other time |
1,528,899 |
1,504,124 |
1.6% |
1,517,350 |
1,573,412 |
1,634,746 |
(6.5%) |
|
Total deposits |
18,763,504 |
18,201,258 |
3.1% |
17,316,259 |
17,509,927 |
17,267,167 |
8.7% |
|
Customer repo sweeps |
384,221 |
493,451 |
(22.1%) |
489,886 |
548,179 |
419,247 |
(8.4%) |
|
Total deposits and customer funding |
$19,147,725 |
$18,694,709 |
2.4% |
$ 17,806,145 |
$ 18,058,106 |
$ 17,686,414 |
8.3% |
|
Network transaction deposits included above |
||||||||
in interest-bearing demand & money market |
$ 2,852,943 |
$ 2,207,055 |
29.3% |
$ 2,238,923 |
$ 2,141,976 |
$ 1,936,403 |
47.3% |
|
Brokered CDs |
42,556 |
9,242 |
360.5% |
44,809 |
51,235 |
50,450 |
(15.6%) |
|
Total network and brokered funding |
2,895,499 |
2,216,297 |
30.6% |
2,283,732 |
2,193,211 |
1,986,853 |
45.7% |
|
Net customer deposits and funding (1) |
$ 16,252,226 |
$ 16,478,412 |
(1.4%) |
$ 15,522,413 |
$ 15,864,895 |
$ 15,699,561 |
3.5% |
|
(1) Total deposits and customer funding excluding total network and brokered funding. |
||||||||
Quarter Average Loan Composition |
Dec14 vs Sep14 |
Dec14 vs Dec13 |
||||||
Dec 31, 2014 |
Sep 30, 2014 |
% Change |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
% Change |
||
Commercial and industrial |
$ 5,665,396 |
$ 5,558,135 |
1.9% |
$ 5,335,488 |
$ 4,983,943 |
$ 4,709,435 |
20.3% |
|
Commercial real estate - owner occupied |
1,003,179 |
1,043,001 |
(3.8%) |
1,081,552 |
1,093,114 |
1,119,186 |
(10.4%) |
|
Lease financing |
52,318 |
51,091 |
2.4% |
51,804 |
54,128 |
53,817 |
(2.8%) |
|
Commercial and business lending |
6,720,893 |
6,652,227 |
1.0% |
6,468,844 |
6,131,185 |
5,882,438 |
14.3% |
|
Commercial real estate - investor |
3,062,427 |
3,013,210 |
1.6% |
3,014,827 |
2,993,046 |
2,878,176 |
6.4% |
|
Real estate construction |
1,003,716 |
1,006,076 |
(0.2%) |
953,021 |
914,317 |
858,138 |
17.0% |
|
Commercial real estate lending |
4,066,143 |
4,019,286 |
1.2% |
3,967,848 |
3,907,363 |
3,736,314 |
8.8% |
|
Total commercial |
10,787,036 |
10,671,513 |
1.1% |
10,436,692 |
10,038,548 |
9,618,752 |
12.1% |
|
Home equity revolving lines of credit |
883,580 |
875,388 |
0.9% |
866,952 |
868,614 |
876,938 |
0.8% |
|
Home equity loans 1st liens |
601,719 |
638,592 |
(5.8%) |
681,607 |
724,995 |
767,857 |
(21.6%) |
|
Home equity loans junior liens |
169,845 |
181,880 |
(6.6%) |
193,727 |
203,984 |
214,557 |
(20.8%) |
|
Home equity |
1,655,144 |
1,695,860 |
(2.4%) |
1,742,286 |
1,797,593 |
1,859,352 |
(11.0%) |
|
Installment and credit cards |
455,000 |
464,467 |
(2.0%) |
389,794 |
401,742 |
413,236 |
10.1% |
|
Residential mortgage |
4,490,075 |
4,309,121 |
4.2% |
4,077,617 |
3,926,734 |
3,856,944 |
16.4% |
|
Total consumer |
6,600,219 |
6,469,448 |
2.0% |
6,209,697 |
6,126,069 |
6,129,532 |
7.7% |
|
Total loans |
$ 17,387,255 |
$ 17,140,961 |
1.4% |
$ 16,646,389 |
$ 16,164,617 |
$ 15,748,284 |
10.4% |
|
Quarter Average Deposit Composition |
Dec14 vs Sep14 |
Dec14 vs Dec13 |
||||||
Dec 31, 2014 |
Sep 30, 2014 |
% Change |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
% Change |
||
Noninterest-bearing demand |
$ 4,367,031 |
$ 4,239,654 |
3.0% |
$ 4,073,310 |
$ 4,166,305 |
$ 4,353,315 |
0.3% |
|
Savings |
1,264,195 |
1,269,994 |
(0.5%) |
1,267,297 |
1,195,337 |
1,200,338 |
5.3% |
|
Interest-bearing demand |
3,142,537 |
3,096,712 |
1.5% |
2,894,446 |
2,796,247 |
2,852,090 |
10.2% |
|
Money market |
8,209,091 |
7,721,167 |
6.3% |
7,340,244 |
7,173,106 |
7,748,650 |
5.9% |
|
Time deposits |
1,549,565 |
1,545,851 |
0.2% |
1,597,535 |
1,659,277 |
1,727,138 |
(10.3%) |
|
Total deposits |
$18,532,419 |
$ 17,873,378 |
3.7% |
$17,172,832 |
$16,990,272 |
$17,881,531 |
3.6% |
|
SOURCE Associated Banc-Corp
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