Associated Reports First Quarter Earnings of $0.27 per share Record Commercial loan growth

GREEN BAY, Wis., April 17, 2014 /PRNewswire/ -- Associated Banc-Corp (NASDAQ: ASBC) today reported net income to common shareholders of $44 million, or $0.27 per common share, for the quarter ended March 31, 2014.

"We are pleased with our solid results this quarter and remain optimistic about our long-term prospects.  This quarter's strong performance was driven by robust loan growth, particularly in our Commercial lines of business." said President and CEO Philip B. Flynn.  "In this environment, we remain focused on our strategies to enhance efficiency and manage expenses. We will continue to look for opportunities to deploy capital which are consistent with our commitment of building long-term shareholder value at Associated."

HIGHLIGHTS  

  • Average loans grew $416 million or 3% from the fourth quarter
    • Average total commercial loan balances grew a record $420 million, or 4% from the fourth quarter, and accounted for the majority of this quarter's average loan growth
  • Noninterest expenses of $168 million declined $12 million or 6% from the fourth quarter
  • Net interest income of $165 million increased $7 million or 5% from the comparable year ago period
    • Net interest income, net of interest recoveries, increased $1 million from the fourth quarter
  • Pretax income of $66 million increased $4 million or 7% from the fourth quarter
  • Credit quality continued to improve with net charge offs, nonaccrual loans, past due loans and potential problem loans all declining quarter over quarter
  • During the first quarter, the Company repurchased $39 million, or approximately 2.3 million shares, of common stock at an average cost of $17.20 per share
  • Return on Tier 1 common equity was 9.4% for the first quarter
  • Capital ratios remain very strong with a Tier 1 common equity ratio of 11.20% at March 31, 2014

FIRST QUARTER 2014 FINANCIAL RESULTS

Loans

Average loans of $16.2 billion increased $416 million, or 3% from the fourth quarter, and have increased $716 million on average or 5%, from the year ago quarter.  Record total commercial average loan growth of $420 million from the fourth quarter was attributed to increased line utilization, more origination activity, and fewer loan payoffs.  Commercial and business lending average balances grew $249 million, or 4% on a linked-quarter basis.   Commercial real estate lending average balances grew by $171 million, or 5% from the fourth quarter.  Total average consumer loans were essentially flat compared to the prior quarter as the growth in residential mortgage average balances of $70 million was entirely offset by continued, but slower, run off in home equity and installment loan average balances of $73 million during the quarter.

Deposits

As anticipated, first quarter average deposits of $17.0 billion declined $891 million, or 5% compared to the fourth quarter and have declined $156 million, or 1%, from the year ago quarter.  As part of the Company's previously announced funding strategy to reduce collateralized municipal deposits and replace them with lower cost, longer term FHLB borrowings, average money market balances declined $576 million or 7% from the fourth quarter.  Seasonal outflows led average checking balances to decline $243 million or 3% from the fourth quarter.  Average time deposits continued to decline during the quarter, and have declined $335 million or 17% from the year ago quarter.

Net Interest Income and Net Interest Margin

First quarter net interest income of $165 million was down $2 million from the fourth quarter.  However, net interest income, net of interest recoveries, actually increased $1 million from the fourth quarter.  In addition, the first quarter had approximately $2 million less interest income due to the day count difference between the quarters.

First quarter net interest margin was 3.12%, a decrease of 11 basis points from the 3.23% reported in the fourth quarter.   Asset yields declined 14 basis points from the fourth quarter. The first quarter had $4 million less in interest recoveries compared to the fourth quarter which accounted for approximately 7 basis points of the decline, with the remainder coming from continued loan yield compression.  Liability cost management actions reduced total funding costs to 31 basis points, and total interest-bearing deposit costs to 19 basis points, for the first quarter.

Noninterest Income and Expense

Noninterest income for the first quarter was $74 million, down $2 million or 3% from the fourth quarter and down $8 million or 10% from the year ago quarter.  The decrease from the year ago quarter was driven by an $11 million decline in net mortgage banking income as refinancing activity has drastically slowed.    Mortgage banking income decreased $2 million from the prior quarter related to a decline in the gain on sales of mortgage loans.  First quarter asset gains and losses declined $2 million from the prior quarter, primarily related to fourth quarter real estate gains.  Core fee-based revenue was relatively flat compared to the prior quarter, as increases in insurance and brokerage commissions were offset by declines in service charges, trust service fees and other non-deposit fees.   

Total noninterest expense for the quarter ended March 31, 2014 was $168 million, down $12 million from the fourth quarter.  With the decline in expenses, the efficiency ratio improved to 69% for the first quarter.  Personnel expense declined $4 million from the fourth quarter as the Company continues to reduce full time equivalent employees.  Business development and advertising expenses declined by $3 million from the previous quarter, primarily related to increased brand advertising during the fourth quarter.  Legal and professional fees declined $2 million from the prior quarter related to lower consultant expenses.  

Taxes

First quarter income taxes of $21 million were up $7 million from the prior quarter reflecting the recognition of a $6 million tax benefit in the fourth quarter related to a settlement of a tax issue and the expiration of various statutes of limitations.  The effective tax rate for the first quarter was 31%.

Credit

The Company reported another quarter of improving credit quality with nonaccrual loans down 4%, to $178 million compared to the fourth quarter, and down 21% from a year ago.  The ratio of nonaccrual loans to total loans now stands at 1.08%.

Net charge offs of $5 million for the first quarter were flat from the fourth quarter. 

The first quarter provision for credit losses was $5 million, compared to $2 million in the fourth quarter.  The Company's allowance for loan losses was $268 million, representing an allowance equal to 1.63% of loans and a coverage ratio of 151% of nonaccrual loans at March 31, 2014.

Capital Ratios

The Company's capital position remains very strong, with a Tier 1 common equity ratio of 11.20% at March 31, 2014.  The Company's capital ratios continue to be well in excess of both current and proposed "well-capitalized" regulatory benchmarks.

FIRST 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, April 17, 2014.  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 877-445-2557. 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 973-935-2959. Participants should ask the operator for the Associated Banc-Corp first quarter 2014 earnings call.

An audio archive of the webcast will be available on the company's website at https://www.associatedbank.com/investor.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NASDAQ: ASBC) has total assets of $25 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 on page 3 of the attached tables.

Investor Contact:
Brian Klaus, Senior Vice President, Director of Investor Relations           
920-491-7059

Media Contact:
Cliff Bowers, Senior Vice President, Director of Public Relations
920-491-7542  

 










Associated Banc-Corp

Consolidated Balance Sheets (Unaudited)


March 31,

December 31,

Seql Qtr

September 30,

June 30,

March 31,

Comp Qtr

(in thousands)

2014

2013

$ Change

2013

2013

2013

$ Change

Assets








Cash and due from banks

$ 526,951

$ 455,482

$ 71,469

$ 526,009

$ 422,779

$ 336,247

$ 190,704

Interest-bearing deposits in other








 financial institutions

92,071

126,018

(33,947)

277,761

121,390

82,555

9,516

Federal funds sold and securities purchased








 under agreements to resell

4,400

20,745

(16,345)

25,400

10,800

8,600

(4,200)

Securities held to maturity, at amortized cost

193,759

175,210

18,549

125,095

75,946

54,123

139,636

Securities available for sale, at fair value

5,277,908

5,250,585

27,323

4,840,035

4,854,319

4,950,317

327,591

Federal Home Loan Bank and Federal








   Reserve Bank stocks, at cost

181,360

181,249

111

181,129

181,008

152,490

28,870

Loans held for sale

46,529

64,738

(18,209)

102,052

203,576

173,389

(126,860)

Loans

16,441,444

15,896,261

545,183

15,585,854

15,746,599

15,551,562

889,882

Allowance for loan losses

(267,916)

(268,315)

399

(271,724)

(277,218)

(286,923)

19,007

    Loans, net

16,173,528

15,627,946

545,582

15,314,130

15,469,381

15,264,639

908,889

Premises and equipment, net

269,257

270,890

(1,633)

265,636

258,903

254,674

14,583

Goodwill

929,168

929,168

-

929,168

929,168

929,168

-

Other intangible assets, net

72,629

74,464

(1,835)

75,730

74,612

66,294

6,335

Trading assets

40,822

43,728

(2,906)

49,402

49,732

65,014

(24,192)

Other assets

997,815

1,006,697

(8,882)

977,128

965,330

940,258

57,557

    Total assets

$ 24,806,197

$ 24,226,920

$ 579,277

$ 23,688,675

$ 23,616,944

$ 23,277,768

$ 1,528,429









Liabilities and Stockholders' Equity








Noninterest-bearing demand deposits

$ 4,478,981

$ 4,626,312

$ (147,331)

$ 4,453,663

$ 4,259,776

$ 4,453,109

$ 25,872

Interest-bearing deposits

13,030,946

12,640,855

390,091

13,884,245

12,872,660

12,968,185

62,761

    Total deposits

17,509,927

17,267,167

242,760

18,337,908

17,132,436

17,421,294

88,633

Federal funds purchased and securities sold








 under agreements to repurchase

939,254

475,442

463,812

580,479

545,740

730,855

208,399

Other short-term funding

308,652

265,484

43,168

1,046,401

2,218,760

1,038,697

(730,045)

Long-term funding

2,932,040

3,087,267

(155,227)

614,568

614,822

915,063

2,016,977

Trading liabilities

43,450

46,470

(3,020)

52,430

52,598

70,236

(26,786)

Accrued expenses and other liabilities

171,850

193,800

(21,950)

184,607

175,612

165,358

6,492

    Total liabilities

21,905,173

21,335,630

569,543

20,816,393

20,739,968

20,341,503

1,563,670

Stockholders' Equity








  Preferred equity

61,158

61,862

(704)

62,737

63,272

63,272

(2,114)

  Common stock

1,750

1,750

-

1,750

1,750

1,750

-

  Surplus

1,623,323

1,617,990

5,333

1,614,516

1,610,243

1,605,966

17,357

  Retained earnings

1,402,549

1,392,508

10,041

1,361,498

1,330,737

1,297,692

104,857

  Accumulated other comprehensive








   income (loss)

(11,577)

(24,244)

12,667

(37,120)

(25,015)

42,991

(54,568)

  Treasury stock

(176,179)

(158,576)

(17,603)

(131,099)

(104,011)

(75,406)

(100,773)

    Total stockholders' equity

2,901,024

2,891,290

9,734

2,872,282

2,876,976

2,936,265

(35,241)

    Total liabilities and stockholders' equity

$ 24,806,197

$ 24,226,920

$ 579,277

$ 23,688,675

$ 23,616,944

$ 23,277,768

$ 1,528,429

 

 

 













Associated Banc-Corp

Consolidated Statements of Income (Unaudited) - Quarterly Trend




Sequential Qtr




Comparable Qtr

(in thousands, except per share amounts)

1Q14

4Q13

$ Change

% Change

3Q13

2Q13

1Q13

$ Change

% Change

Interest Income










Interest and fees on loans

$ 143,387

$ 148,884

$ (5,497)

(3.7%)

$ 146,219

$ 146,896

$ 145,527

$ (2,140)

(1.5%)

Interest and dividends on investment securities:










  Taxable

26,257

24,316

1,941

8.0%

21,544

21,446

21,613

4,644

21.5%

  Tax-exempt

6,971

6,884

87

1.3%

6,711

6,785

6,965

6

0.1%

Other interest

1,449

1,453

(4)

(0.3%)

1,260

1,233

1,247

202

16.2%

    Total interest income

178,064

181,537

(3,473)

(1.9%)

175,734

176,360

175,352

2,712

1.5%

Interest Expense










Interest on deposits

6,159

7,340

(1,181)

(16.1%)

7,617

7,769

8,541

(2,382)

(27.9%)

Interest on Federal funds purchased and










 securities  sold under agreements to repurchase

305

271

34

12.5%

308

333

410

(105)

(25.6%)

Interest on other short-term funding

116

228

(112)

(49.1%)

434

525

332

(216)

(65.1%)

Interest on long-term funding

6,511

6,499

12

0.2%

6,866

7,551

8,416

(1,905)

(22.6%)

    Total interest expense

13,091

14,338

(1,247)

(8.7%)

15,225

16,178

17,699

(4,608)

(26.0%)

Net Interest Income

164,973

167,199

(2,226)

(1.3%)

160,509

160,182

157,653

7,320

4.6%

Provision for credit losses

5,000

2,300

2,700

117.4%

(800)

5,300

3,300

1,700

51.5%

Net interest income after provision for










credit losses

159,973

164,899

(4,926)

(3.0%)

161,309

154,882

154,353

5,620

3.6%

Noninterest Income










Trust service fees

11,711

11,938

(227)

(1.9%)

11,380

11,405

10,910

801

7.3%

Service charges on deposit accounts

16,400

17,330

(930)

(5.4%)

18,407

17,443

16,829

(429)

(2.5%)

Card-based and other nondeposit fees

12,509

12,684

(175)

(1.4%)

12,688

12,591

11,950

559

4.7%

Insurance commissions

12,317

11,274

1,043

9.3%

11,356

9,631

11,763

554

4.7%

Brokerage and annuity commissions

4,033

3,881

152

3.9%

3,792

3,688

3,516

517

14.7%

  Total core fee-based revenue

56,970

57,107

(137)

(0.2%)

57,623

54,758

54,968

2,002

3.6%











Mortgage banking, net

6,361

8,277

(1,916)

(23.1%)

3,542

19,263

17,765

(11,404)

(64.2%)

Capital market fees, net

2,322

2,771

(449)

(16.2%)

2,652

5,074

2,583

(261)

(10.1%)

Bank owned life insurance income

4,320

2,787

1,533

55.0%

2,817

3,281

2,970

1,350

45.5%

Asset gains (losses), net

728

2,687

(1,959)

(72.9%)

1,934

(44)

836

(108)

(12.9%)

Investment securities gains (losses), net

378

(18)

396

N/M

248

34

300

78

26.0%

Other

2,442

2,262

180

8.0%

2,100

1,944

2,578

(136)

(5.3%)

    Total noninterest income

73,521

75,873

(2,352)

(3.1%)

70,916

84,310

82,000

(8,479)

(10.3%)

Noninterest Expense










Personnel expense

97,698

101,215

(3,517)

(3.5%)

98,102

99,791

97,907

(209)

(0.2%)

Occupancy

15,560

14,684

876

6.0%

14,758

14,305

15,662

(102)

(0.7%)

Equipment

6,276

6,509

(233)

(3.6%)

6,213

6,462

6,167

109

1.8%

Technology

12,724

12,963

(239)

(1.8%)

12,323

12,651

11,508

1,216

10.6%

Business development and advertising

5,062

7,834

(2,772)

(35.4%)

5,947

5,028

4,537

525

11.6%

Other intangible amortization

991

1,011

(20)

(2.0%)

1,010

1,011

1,011

(20)

(2.0%)

Loan expense

2,787

3,677

(890)

(24.2%)

3,157

3,044

3,284

(497)

(15.1%)

Legal and professional fees

4,188

5,916

(1,728)

(29.2%)

3,482

5,483

5,345

(1,157)

(21.6%)

Losses other than loans

544

1,559

(1,015)

(65.1%)

(600)

499

384

160

41.7%

Foreclosure/OREO expense

1,896

2,829

(933)

(33.0%)

2,515

2,302

2,422

(526)

(21.7%)

FDIC expense

5,001

4,879

122

2.5%

4,755

4,395

5,432

(431)

(7.9%)

Other

14,931

16,091

(1,160)

(7.2%)

13,509

13,725

13,956

975

7.0%

    Total noninterest expense

167,658

179,167

(11,509)

(6.4%)

165,171

168,696

167,615

43

0.0%

Income before income taxes

65,836

61,605

4,231

6.9%

67,054

70,496

68,738

(2,902)

(4.2%)

Income tax expense

20,637

13,847

6,790

49.0%

21,396

22,608

21,350

(713)

(3.3%)

Net income

45,199

47,758

(2,559)

(5.4%)

45,658

47,888

47,388

(2,189)

(4.6%)

Preferred stock dividends

1,244

1,273

(29)

(2.3%)

1,285

1,300

1,300

(56)

(4.3%)

Net income available to common equity

$ 43,955

$ 46,485

$ (2,530)

(5.4%)

$ 44,373

$ 46,588

$ 46,088

$ (2,133)

(4.6%)











Earnings Per Common Share:










  Basic

$ 0.27

$ 0.28

$ (0.01)

(3.6%)

$ 0.27

$ 0.28

$ 0.27

$ -

0.0%

  Diluted

$ 0.27

$ 0.28

$ (0.01)

(3.6%)

$ 0.27

$ 0.28

$ 0.27

$ -

0.0%











Average Common Shares Outstanding:










  Basic

161,467

162,611

(1,144)

(0.7%)

164,954

166,605

168,234

(6,767)

(4.0%)

  Diluted

162,188

163,235

(1,047)

(0.6%)

165,443

166,748

168,404

(6,216)

(3.7%)











N/M = Not meaningful.










 

 


Associated Banc-Corp


Selected Quarterly Information


(in thousands, except per share, full time equivalent employee data and otherwise noted)

1st Qtr 2014

4th Qtr 2013

3rd Qtr 2013

2nd Qtr 2013

1st Qtr 2013


Per Common Share Data







Dividends

$ 0.09

$ 0.09

$ 0.08

$ 0.08

$ 0.08


Market Value:







  High

18.35

17.56

17.60

15.69

15.30


  Low

15.58

15.34

15.29

13.81

13.46


  Close

18.06

17.40

15.49

15.55

15.19


Book value

17.64

17.40

17.10

16.97

17.13


Tier 1 common equity / share

11.88

11.77

11.59

11.42

11.22


Tangible book value / share

$ 11.80

$ 11.62

$ 11.37

$ 11.28

$ 11.51


Performance Ratios (annualized)







Return on average assets

0.76%

0.80%

0.78%

0.82%

0.83%


Return on average tangible common equity

9.45

9.87

9.48

9.76

9.81


Return on average Tier 1 common equity (1)

9.38

9.78

9.31

9.94

10.07


Effective tax rate

31.35

22.48

31.91

32.07

31.06


Dividend payout ratio (3)

33.33

32.14

29.63

28.57

29.63


Average Balances







Common stockholders' equity

$ 2,826,933

$ 2,810,130

$ 2,799,885

$ 2,857,722

$ 2,850,227


Average Tier 1 common equity (1)

$ 1,899,535

$ 1,885,377

$ 1,890,398

$ 1,880,826

$ 1,856,431


Selected Trend Information







Average full time equivalent employees

4,517

4,584

4,699

4,790

4,841


Trust assets under management, at market value ($ in millions)

$ 7,535

$ 7,424

$ 7,078

$ 6,894

$ 6,913


Total revenue (4)

$ 243,150

$ 248,110

$ 236,373

$ 249,488

$ 244,743


Core fee-based revenue (5)

$ 56,970

$ 57,107

$ 57,623

$ 54,758

$ 54,968


Mortgage loans originated for sale during period

$ 203,764

$ 326,648

$ 513,549

$ 782,398

$ 681,410


Mortgage portfolio serviced for others ($ in millions)

$ 8,084

$ 8,084

$ 8,014

$ 7,794

$ 7,585


Mortgage servicing rights, net / Portfolio serviced for others

0.77%

0.78%

0.79%

0.79%

0.69%


At Period End







Loans / deposits

93.90%

92.06%

84.99%

91.91%

89.27%


Risk weighted assets ($ in millions) (6) (7)

$ 17,075

$ 16,694

$ 16,359

$ 16,479

$ 16,163


Tier 1 common equity (1)

$ 1,912,083

$ 1,913,320

$ 1,904,060

$ 1,893,875

$ 1,881,410


Stockholders' equity / assets

11.69%

11.93%

12.13%

12.18%

12.61%


Tangible common equity / tangible assets (8)

7.96%

8.11%

8.21%

8.25%

8.64%


Tangible equity / tangible assets (8)

8.22%

8.38%

8.49%

8.53%

8.92%


Tier 1 common equity / risk-weighted assets (6) (7)

11.20%

11.46%

11.64%

11.49%

11.64%


Tier 1 leverage ratio (6) (7)

8.46%

8.70%

8.76%

8.73%

8.78%


Tier 1 risk-based capital ratio (6) (7)

11.56%

11.83%

12.02%

11.88%

12.03%


Total risk-based capital ratio (6) (7)

12.81%

13.09%

13.44%

13.29%

13.45%


Shares outstanding, end of period

161,012

162,623

164,303

165,837

167,673


Non-GAAP Financial Measures Reconciliation







Efficiency ratio (2)

70.41%

73.70%

71.45%

69.01%

70.03%


Taxable equivalent adjustment

(1.35)

(1.49)

(1.50)

(1.38)

(1.46)


Asset gains (losses), net

0.22

0.80

0.59

(0.01)

0.24


Other intangible amortization

(0.42)

(0.42)

(0.44)

(0.41)

(0.42)


Efficiency ratio, fully taxable equivalent (2)

68.86%

72.59%

70.10%

67.21%

68.39%









(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) March 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



Mar14 vs Dec13





Mar14 vs Mar13

(in thousands)

Mar 31, 2014

Dec 31, 2013

% Change


Sep 30, 2013

Jun 30, 2013

Mar 31, 2013

% Change

Allowance for Loan Losses









Beginning balance

$ 268,315

$ 271,724

(1.3%)


$ 277,218

$ 286,923

$ 297,409

(9.8%)

Provision for loan losses

5,000

2,000

150.0%


-

4,000

4,000

25.0%

Charge offs

(11,361)

(18,742)

(39.4%)


(20,288)

(21,904)

(27,128)

(58.1%)

Recoveries

5,962

13,333

(55.3%)


14,794

8,199

12,642

(52.8%)

Net charge offs

(5,399)

(5,409)

(0.2%)


(5,494)

(13,705)

(14,486)

(62.7%)

Ending balance

$ 267,916

$ 268,315

(0.1%)


$ 271,724

$ 277,218

$ 286,923

(6.6%)










Allowance for Unfunded Commitments









Beginning balance

$ 21,900

$ 21,600

1.4%


$ 22,400

$ 21,100

$ 21,800

0.5%

Provision for unfunded commitments

-

300

N/M


(800)

1,300

(700)

N/M

Ending balance

$ 21,900

$ 21,900

0.0%


$ 21,600

$ 22,400

$ 21,100

3.8%










Allowance for credit losses

$ 289,816

$ 290,215

(0.1%)


$ 293,324

$ 299,618

$ 308,023

(5.9%)










Net Charge Offs



Mar14 vs Dec13





Mar14 vs Mar13


Mar 31, 2014

Dec 31, 2013

% Change


Sep 30, 2013

Jun 30, 2013

Mar 31, 2013

% Change

Commercial and industrial

$ 2,725

$ 4,555

(40.2%)


$ (447)

$ 1,477

$ 696

291.5%

Commercial real estate - owner occupied

(124)

967

(112.8%)


2,076

1,574

1,518

(108.2%)

Lease financing

-

(16)

N/M


-

16

(12)

N/M

  Commercial and business lending

2,601

5,506

(52.8%)


1,629

3,067

2,202

18.1%

Commercial real estate - investor

(1,031)

137

N/M


(414)

2,999

163

N/M

Real estate construction

113

(3,130)

(103.6%)


(303)

(95)

1,392

(91.9%)

  Commercial real estate lending

(918)

(2,993)

(69.3%)


(717)

2,904

1,555

(159.0%)

    Total commercial

1,683

2,513

(33.0%)


912

5,971

3,757

(55.2%)

Home equity revolving lines of credit

1,182

966

22.4%


767

2,512

3,615

(67.3%)

Home equity loans 1st liens

406

372

9.1%


564

954

765

(46.9%)

Home equity loans junior liens

859

1,111

(22.7%)


800

2,034

1,957

(56.1%)

  Home equity

2,447

2,449

(0.1%)


2,131

5,500

6,337

(61.4%)

Installment

113

(611)

(118.5%)


124

66

177

(36.2%)

Residential mortgage

1,156

1,058

9.3%


2,327

2,168

4,215

(72.6%)

  Total consumer

3,716

2,896

28.3%


4,582

7,734

10,729

(65.4%)

        Total net charge offs

$ 5,399

$ 5,409

(0.2%)


$ 5,494

$ 13,705

$ 14,486

(62.7%)










Net Charge Offs to Average Loans (in basis points) *

Mar 31, 2014

Dec 31, 2013



Sep 30, 2013

Jun 30, 2013

Mar 31, 2013


Commercial and industrial

22

38



(4)

13

6


Commercial real estate - owner occupied

(5)

34



72

54

51


Lease financing

-

(12)



-

12

(8)


  Commercial and business lending

17

37



11

21

16


Commercial real estate - investor

(14)

2



(6)

41

2


Real estate construction

5

(145)



(15)

(5)

82


  Commercial real estate lending

(10)

(32)



(8)

31

18


    Total commercial

7

10



4

25

17


Home equity revolving lines of credit

55

44



34

112

159


Home equity loans 1st liens

23

19



27

42

32


Home equity loans junior liens

171

205



140

336

303


  Home equity

55

52



44

108

119


Installment

11

(59)



11

6

16


Residential mortgage

12

11



25

24

47


  Total consumer

25

19



30

50

70


        Total net charge offs

14

14



14

35

38











Credit Quality



Mar14 vs Dec13





Mar14 vs Mar13


Mar 31, 2014

Dec 31, 2013

% Change


Sep 30, 2013

Jun 30, 2013

Mar 31, 2013

% Change

Nonaccrual loans

$ 177,978

$ 185,428

(4.0%)


$ 207,594

$ 217,493

$ 225,436

(21.1%)

Other real estate owned (OREO)

19,173

18,118

5.8%


25,077

27,407

35,156

(45.5%)

    Total nonperforming assets

$ 197,151

$ 203,546

(3.1%)


$ 232,671

$ 244,900

$ 260,592

(24.3%)










Loans 90 or more days past due and still accruing

$ 723

$ 2,350

(69.2%)


$ 2,063

$ 1,548

$ 5,690

(87.3%)










Allowance for loan losses / loans

1.63%

1.69%



1.74%

1.76%

1.84%


Allowance for loan losses / nonaccrual loans

150.53

144.70



130.89

127.46

127.27


Nonaccrual loans / total loans

1.08

1.17



1.33

1.38

1.45


Nonperforming assets / total loans plus OREO

1.20

1.28



1.49

1.55

1.67


Nonperforming assets / total assets

0.79

0.84



0.98

1.04

1.12


Net charge offs / average loans (annualized)

0.14

0.14



0.14

0.35

0.38


Year-to-date net charge offs / average loans

0.14

0.25



0.29

0.36

0.38











Nonaccrual loans by type:









Commercial and industrial

$ 38,488

$ 37,719

2.0%


$ 36,105

$ 30,302

$ 33,242

15.8%

Commercial real estate - owner occupied

26,735

29,664

(9.9%)


28,301

24,003

23,199

15.2%

Lease financing

172

69

149.3%


99

72

2,165

(92.1%)

  Commercial and business lending

65,395

67,452

(3.0%)


64,505

54,377

58,606

11.6%

Commercial real estate - investor

33,611

37,596

(10.6%)


49,841

60,780

56,776

(40.8%)

Real estate construction

6,667

6,467

3.1%


18,670

21,419

22,166

(69.9%)

  Commercial real estate lending

40,278

44,063

(8.6%)


68,511

82,199

78,942

(49.0%)

    Total commercial

105,673

111,515

(5.2%)


133,016

136,576

137,548

(23.2%)

Home equity revolving lines of credit

10,356

11,883

(12.9%)


11,991

12,940

15,914

(34.9%)

Home equity loans 1st liens

5,341

6,135

(12.9%)


6,131

7,898

8,626

(38.1%)

Home equity loans junior liens

6,788

7,149

(5.0%)


7,321

7,296

9,405

(27.8%)

  Home equity

22,485

25,167

(10.7%)


25,443

28,134

33,945

(33.8%)

Installment

915

1,114

(17.9%)


1,269

1,533

1,762

(48.1%)

Residential mortgage

48,905

47,632

2.7%


47,866

51,250

52,181

(6.3%)

  Total consumer

72,305

73,913

(2.2%)


74,578

80,917

87,888

(17.7%)

        Total nonaccrual loans

$ 177,978

$ 185,428

(4.0%)


$ 207,594

$ 217,493

$ 225,436

(21.1%)



















* Annualized.









N/M = Not meaningful.























 

 

 


Associated Banc-Corp

Selected Asset Quality Information (continued)



Mar14 vs Dec13





Mar14 vs Mar13

(in thousands)

Mar 31, 2014

Dec 31, 2013

% Change


Sep 30, 2013

Jun 30, 2013

Mar 31, 2013

% Change

Restructured loans (accruing)









Commercial and industrial

$ 27,776

$ 32,517

(14.6%)


$ 32,145

$ 30,970

$ 29,251

(5.0%)

Commercial real estate - owner occupied

11,579

13,009

(11.0%)


14,425

14,336

12,888

(10.2%)

  Commercial and business lending

39,355

45,526

(13.6%)


46,570

45,306

42,139

(6.6%)

Commercial real estate - investor

46,020

44,946

2.4%


35,073

37,299

41,253

11.6%

Real estate construction

2,954

3,793

(22.1%)


4,825

5,365

5,540

(46.7%)

  Commercial real estate lending

48,974

48,739

0.5%


39,898

42,664

46,793

4.7%

    Total commercial

88,329

94,265

(6.3%)


86,468

87,970

88,932

(0.7%)

Home equity revolving lines of credit

1,178

1,117

5.5%


1,118

1,130

880

33.9%

Home equity loans 1st liens

1,656

1,436

15.3%


1,628

1,684

1,783

(7.1%)

Home equity loans junior liens

6,738

7,080

(4.8%)


7,113

7,119

6,893

(2.2%)

  Home equity

9,572

9,633

(0.6%)


9,859

9,933

9,556

0.2%

Installment

225

246

(8.5%)


416

570

664

(66.1%)

Residential mortgage

18,798

19,841

(5.3%)


20,300

20,593

20,941

(10.2%)

  Total consumer

28,595

29,720

(3.8%)


30,575

31,096

31,161

(8.2%)

        Total restructured loans (accruing)

$ 116,924

$ 123,985

(5.7%)


$ 117,043

$ 119,066

$ 120,093

(2.6%)










Restructured loans in nonaccrual loans (not included above)

$ 74,231

$ 59,585

24.6%


$ 69,311

$ 70,354

$ 67,811

9.5%



















Loans Past Due 30-89 Days



Mar14 vs Dec13





Mar14 vs Mar13


Mar 31, 2014

Dec 31, 2013

% Change


Sep 30, 2013

Jun 30, 2013

Mar 31, 2013

% Change

Commercial and industrial

$ 4,126

$ 6,826

(39.6%)


$ 6,518

$ 8,516

$ 10,263

(59.8%)

Commercial real estate - owner occupied

5,342

3,106

72.0%


8,505

8,105

6,804

(21.5%)

Lease financing

567

-

N/M


1,000

57

283

100.4%

  Commercial and business lending

10,035

9,932

1.0%


16,023

16,678

17,350

(42.2%)

Commercial real estate - investor

7,188

23,215

(69.0%)


21,747

18,269

25,201

(71.5%)

Real estate construction

679

1,954

(65.3%)


820

797

2,287

(70.3%)

  Commercial real estate lending

7,867

25,169

(68.7%)


22,567

19,066

27,488

(71.4%)

    Total commercial

17,902

35,101

(49.0%)


38,590

35,744

44,838

(60.1%)

Home equity revolving lines of credit

5,344

6,728

(20.6%)


6,318

7,739

1,832

191.7%

Home equity loans 1st liens

1,469

1,110

32.3%


1,376

1,857

1,869

(21.4%)

Home equity loans junior liens

3,006

2,842

5.8%


2,206

2,709

2,848

5.5%

  Home equity

9,819

10,680

(8.1%)


9,900

12,305

6,549

49.9%

Installment

1,269

1,150

10.3%


1,170

1,434

2,500

(49.2%)

Residential mortgage

4,498

6,118

(26.5%)


6,722

9,920

8,793

(48.8%)

  Total consumer

15,586

17,948

(13.2%)


17,792

23,659

17,842

(12.6%)

        Total loans past due 30-89 days

$ 33,488

$ 53,049

(36.9%)


$ 56,382

$ 59,403

$ 62,680

(46.6%)



















Potential Problem Loans



Mar14 vs Dec13





Mar14 vs Mar13


Mar 31, 2014

Dec 31, 2013

% Change


Sep 30, 2013

Jun 30, 2013

Mar 31, 2013

% Change

Commercial and industrial

$ 109,027

$ 113,669

(4.1%)


$ 112,947

$ 127,382

$ 127,367

(14.4%)

Commercial real estate - owner occupied

64,785

56,789

14.1%


61,256

75,074

93,098

(30.4%)

Lease financing

3,065

1,784

71.8%


207

279

251

N/M

  Commercial and business lending

176,877

172,242

2.7%


174,410

202,735

220,716

(19.9%)

Commercial real estate - investor

34,790

52,429

(33.6%)


87,526

89,342

101,775

(65.8%)

Real estate construction

4,870

5,263

(7.5%)


7,540

9,184

10,040

(51.5%)

  Commercial real estate lending

39,660

57,692

(31.3%)


95,066

98,526

111,815

(64.5%)

    Total commercial

216,537

229,934

(5.8%)


269,476

301,261

332,531

(34.9%)

Home equity revolving lines of credit

310

303

2.3%


170

308

450

(31.1%)

Home equity loans junior liens

741

1,810

(59.1%)


2,067

2,307

2,871

(74.2%)

  Home equity

1,051

2,113

(50.3%)


2,237

2,615

3,321

(68.4%)

Installment

-

50

(100.0%)


67

83

99

(100.0%)

Residential mortgage

2,091

3,312

(36.9%)


5,342

5,917

7,882

(73.5%)

  Total consumer

3,142

5,475

(42.6%)


7,646

8,615

11,302

(72.2%)

        Total potential problem loans

$ 219,679

$ 235,409

(6.7%)


$ 277,122

$ 309,876

$ 343,833

(36.1%)



















N/M = Not meaningful.









 

 

 



Associated Banc-Corp

Net Interest Income Analysis - Taxable Equivalent Basis

Sequential Quarter

Three months ended March 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

$ 6,131,185

$ 51,681

3.42%


$ 5,882,438

$ 51,498

3.47%

      Commercial real estate lending

3,907,363

35,591

3.69


3,736,314

40,241

4.28

         Total commercial

10,038,548

87,272

3.52


9,618,752

91,739

3.79

      Residential mortgage

3,926,734

32,664

3.33


3,856,944

32,201

3.34

      Retail

2,199,335

24,413

4.48


2,272,588

25,851

4.53

         Total loans

16,164,617

144,349

3.61


15,748,284

149,791

3.78

      Investment securities

5,450,066

36,922

2.71


5,188,616

35,331

2.72

      Other short-term investments

277,820

1,449

2.09


305,165

1,453

1.90

         Investments and other

5,727,886

38,371

2.68


5,493,781

36,784

2.68

Total earning assets

21,892,503

$ 182,720

3.36


21,242,065

$ 186,575

3.50

   Other assets, net

2,320,710




2,316,660



Total assets

$ 24,213,213




$ 23,558,725











Interest-bearing liabilities:








   Savings deposits

$ 1,195,337

$ 220

0.07%


$ 1,200,338

$ 248

0.08%

   Interest-bearing demand deposits

2,796,247

823

0.12


2,852,090

1,047

0.15

   Money market deposits

7,173,106

2,825

0.16


7,748,650

3,399

0.17

   Time deposits

1,659,277

2,291

0.56


1,727,138

2,646

0.61

      Total interest-bearing deposits

12,823,967

6,159

0.19


13,528,216

7,340

0.22

   Federal funds purchased and securities sold under








   agreements to repurchase

805,187

305

0.15


613,943

271

0.18

   Other short-term funding

328,516

116

0.14


726,551

228

0.12

   Long-term funding

3,004,520

6,511

0.87


1,266,464

6,499

2.05

      Total short and long-term funding

4,138,223

6,932

0.67


2,606,958

6,998

1.07

Total interest-bearing liabilities

16,962,190

$ 13,091

0.31


16,135,174

$ 14,338

0.35

   Noninterest-bearing demand deposits

4,166,305




4,353,315



   Other liabilities

195,950




197,598



   Stockholders' equity

2,888,768




2,872,638



Total liabilities and stockholders' equity

$ 24,213,213




$ 23,558,725











Net interest income and rate spread (1)


$ 169,629

3.05%



$ 172,237

3.15%

Net interest margin (1)



3.12%




3.23%

Taxable equivalent adjustment


$ 4,656




$ 5,038










Net Interest Income Analysis - Taxable Equivalent Basis







Comparable Quarter

Three months ended March 31, 2014


Three months ended March 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

$ 6,131,185

$ 51,681

3.42%


$ 5,615,036

$ 50,712

3.66%

      Commercial real estate lending

3,907,363

35,591

3.69


3,592,509

35,864

4.04

         Total commercial

10,038,548

87,272

3.52


9,207,545

86,576

3.81

      Residential mortgage

3,926,734

32,664

3.33


3,622,455

30,481

3.37

      Retail

2,199,335

24,413

4.48


2,618,152

29,381

4.53

         Total loans

16,164,617

144,349

3.61


15,448,152

146,438

3.83

      Investment securities

5,450,066

36,922

2.71


4,891,714

32,757

2.68

      Other short-term investments

277,820

1,449

2.09


341,053

1,247

1.47

         Investments and other

5,727,886

38,371

2.68


5,232,767

34,004

2.60

Total earning assets

21,892,503

$ 182,720

3.36


20,680,919

$ 180,442

3.52

   Other assets, net

2,320,710




2,357,789



Total assets

$ 24,213,213




$ 23,038,708











Interest-bearing liabilities:








   Savings deposits

$ 1,195,337

$ 220

0.07%


$ 1,141,781

$ 208

0.07%

   Interest-bearing demand deposits

2,796,247

823

0.12


2,779,929

1,179

0.17

   Money market deposits

7,173,106

2,825

0.16


7,044,344

3,615

0.21

   Time deposits

1,659,277

2,291

0.56


1,994,406

3,539

0.72

      Total interest-bearing deposits

12,823,967

6,159

0.19


12,960,460

8,541

0.27

   Federal funds purchased and securities sold under








   agreements to repurchase

805,187

305

0.15


779,550

410

0.21

   Other short-term funding

328,516

116

0.14


1,018,553

332

0.13

   Long-term funding

3,004,520

6,511

0.87


960,820

8,416

3.51

      Total short and long-term funding

4,138,223

6,932

0.67


2,758,923

9,158

1.33

Total interest-bearing liabilities

16,962,190

$ 13,091

0.31


15,719,383

$ 17,699

0.45

   Noninterest-bearing demand deposits

4,166,305




4,185,924



   Other liabilities

195,950




219,902



   Stockholders' equity

2,888,768




2,913,499



Total liabilities and stockholders' equity

$ 24,213,213




$ 23,038,708











Net interest income and rate spread (1)


$ 169,629

3.05%



$ 162,743

3.07%

Net interest margin (1)



3.12%




3.17%

Taxable equivalent adjustment


$ 4,656




$ 5,090










(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



 Mar14 vs Dec13





Mar14 vs Mar13


Mar 31, 2014

Dec 31, 2013

% Change


Sep 30, 2013

Jun 30, 2013

Mar 31, 2013

% Change

Commercial and industrial

$ 5,222,141

$ 4,822,680

8.3%


$ 4,703,056

$ 4,752,838

$ 4,651,143

12.3%

Commercial real estate - owner occupied

1,098,089

1,114,715

(1.5%)


1,147,352

1,174,866

1,199,513

(8.5%)

Lease financing

52,500

55,483

(5.4%)


51,727

55,084

57,908

(9.3%)

  Commercial and business lending

6,372,730

5,992,878

6.3%


5,902,135

5,982,788

5,908,564

7.9%

Commercial real estate - investor

3,001,219

2,939,456

2.1%


2,847,152

3,010,992

2,900,167

3.5%

Real estate construction

969,617

896,248

8.2%


834,744

800,569

729,145

33.0%

  Commercial real estate lending

3,970,836

3,835,704

3.5%


3,681,896

3,811,561

3,629,312

9.4%

  Total commercial

10,343,566

9,828,582

5.2%


9,584,031

9,794,349

9,537,876

8.4%

Home equity revolving lines of credit

856,679

874,840

(2.1%)


875,703

888,162

904,187

(5.3%)

Home equity loans 1st liens

705,835

742,120

(4.9%)


794,912

863,779

940,017

(24.9%)

Home equity loans junior liens

199,488

208,054

(4.1%)


220,763

234,292

254,203

(21.5%)

  Home equity

1,762,002

1,825,014

(3.5%)


1,891,378

1,986,233

2,098,407

(16.0%)

Installment

393,321

407,074

(3.4%)


420,268

434,029

447,445

(12.1%)

Residential mortgage

3,942,555

3,835,591

2.8%


3,690,177

3,531,988

3,467,834

13.7%

    Total consumer

6,097,878

6,067,679

0.5%


6,001,823

5,952,250

6,013,686

1.4%

Total loans

$ 16,441,444

$ 15,896,261

3.4%


$ 15,585,854

$ 15,746,599

$ 15,551,562

5.7%



















Period End Deposit and Customer Funding Composition

 Mar14 vs Dec13





Mar14 vs Mar13


Mar 31, 2014

Dec 31, 2013

% Change


Sep 30, 2013

Jun 30, 2013

Mar 31, 2013

% Change

Noninterest-bearing demand

$ 4,478,981

$ 4,626,312

(3.2%)


$ 4,453,663

$ 4,259,776

$ 4,453,109

0.6%

Savings

1,252,669

1,159,512

8.0%


1,195,944

1,211,567

1,197,134

4.6%

Interest-bearing demand

3,084,457

2,889,705

6.7%


2,735,529

2,802,277

2,966,934

4.0%

Money market

7,069,173

6,906,442

2.4%


8,199,281

7,040,317

6,836,678

3.4%

Brokered CDs

51,235

50,450

1.6%


56,024

59,206

49,919

2.6%

Other time

1,573,412

1,634,746

(3.8%)


1,697,467

1,759,293

1,917,520

(17.9%)

  Total deposits

17,509,927

17,267,167

1.4%


18,337,908

17,132,436

17,421,294

0.5%

Customer repo sweeps

548,179

419,247

30.8%


515,555

489,700

617,038

(11.2%)

Customer repo term

-

-

N/M


-

-

4,882

(100.0%)

  Total customer funding

548,179

419,247

30.8%


515,555

489,700

621,920

(11.9%)

    Total deposits and customer funding

$18,058,106

$ 17,686,414

2.1%


$ 18,853,463

$ 17,622,136

$ 18,043,214

0.1%










Network transaction deposits included above in









  interest-bearing demand and money market

$ 2,141,976

$ 1,936,403

10.6%


$ 2,222,810

$ 2,135,306

$ 2,054,714

4.2%

Brokered CDs

51,235

50,450

1.6%


56,024

59,206

49,919

2.6%

    Total network and brokered funding

2,193,211

1,986,853

10.4%


2,278,834

2,194,512

2,104,633

4.2%










    Net customer deposits and funding (1)

$ 15,864,895

$ 15,699,561

1.1%


$ 16,574,629

$ 15,427,624

$ 15,938,581

(0.5%)










(1) Total deposits and customer funding excluding total network and brokered funding.



















Quarter Average Loan Composition


 Mar14 vs Dec13





Mar14 vs Mar13


Mar 31, 2014

Dec 31, 2013

% Change


Sep 30, 2013

Jun 30, 2013

Mar 31, 2013

% Change

Commercial and industrial

$ 4,983,943

$ 4,709,435

5.8%


$ 4,680,582

$ 4,635,892

$ 4,358,486

14.4%

Commercial real estate - owner occupied

1,093,114

1,119,186

(2.3%)


1,142,919

1,169,124

1,196,912

(8.7%)

Lease financing

54,128

53,817

0.6%


53,244

55,400

59,638

(9.2%)

  Commercial and business lending

6,131,185

5,882,438

4.2%


5,876,745

5,860,416

5,615,036

9.2%

Commercial real estate - investor

2,993,046

2,878,176

4.0%


2,940,115

2,951,524

2,899,930

3.2%

Real estate construction

914,317

858,138

6.5%


828,780

770,584

692,579

32.0%

  Commercial real estate lending

3,907,363

3,736,314

4.6%


3,768,895

3,722,108

3,592,509

8.8%

  Total commercial

10,038,548

9,618,752

4.4%


9,645,640

9,582,524

9,207,545

9.0%

Home equity revolving lines of credit

868,614

876,938

(0.9%)


882,478

896,931

922,084

(5.8%)

Home equity loans 1st liens

724,995

767,857

(5.6%)


826,653

902,554

976,466

(25.8%)

Home equity loans junior liens

203,984

214,557

(4.9%)


227,021

242,796

262,193

(22.2%)

  Home equity

1,797,593

1,859,352

(3.3%)


1,936,152

2,042,281

2,160,743

(16.8%)

Installment

401,742

413,236

(2.8%)


428,114

441,260

457,409

(12.2%)

Residential mortgage

3,926,734

3,856,944

1.8%


3,714,459

3,661,742

3,622,455

8.4%

  Total consumer

6,126,069

6,129,532

(0.1%)


6,078,725

6,145,283

6,240,607

(1.8%)

Total loans

$ 16,164,617

$ 15,748,284

2.6%


$ 15,724,365

$ 15,727,807

$ 15,448,152

4.6%



















Quarter Average Deposit Composition



 Mar14 vs Dec13





Mar14 vs Mar13


Mar 31, 2014

Dec 31, 2013

% Change


Sep 30, 2013

Jun 30, 2013

Mar 31, 2013

% Change

Noninterest-bearing demand

$ 4,166,305

$ 4,353,315

(4.3%)


$ 4,264,304

$ 4,191,704

$ 4,185,924

(0.5%)

Savings

1,195,337

1,200,338

(0.4%)


1,204,743

1,207,959

1,141,781

4.7%

Interest-bearing demand

2,796,247

2,852,090

(2.0%)


2,810,962

2,867,524

2,779,929

0.6%

Money market

7,173,106

7,748,650

(7.4%)


7,556,050

6,930,554

7,044,344

1.8%

Time deposits

1,659,277

1,727,138

(3.9%)


1,773,760

1,907,337

1,994,406

(16.8%)

  Total deposits

$16,990,272

$17,881,531

(5.0%)


$17,609,819

$17,105,078

$17,146,384

(0.9%)










SOURCE Associated Banc-Corp



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