Associated Reports Third Quarter Earnings of $0.26 per share

Earnings per share increased 30% from a year ago

Oct 18, 2012, 16:01 ET from Associated Banc-Corp

GREEN BAY, Wis., Oct. 18, 2012 /PRNewswire/ -- Associated Banc-Corp (NASDAQ: ASBC) today reported net income to common shareholders of $45 million, or $0.26 per common share, for the quarter ended September 30, 2012. This compares to net income to common shareholders of $34 million, or $0.20 per common share, for the comparable quarter ended September 30, 2011.

For the first nine months of 2012, Associated reported net income to common shareholders of $128 million, or $0.74 per common share.  This compares to net income to common shareholders of $75 million, or $0.43 per common share, for the comparable year ago period.

"We continue to be focused on taking advantage of the opportunities to grow Associated across the footprint," said President and CEO Philip B. Flynn.  "We are encouraged by the solid performance this quarter and we remain focused on delivering increased value for shareholders of Associated."

HIGHLIGHTS   

  • Net income to common shareholders of $45 million for the third quarter
    • Quarterly earnings per share increased 8% from the prior quarter and 30% year-over-year
    • Return on Tier 1 common equity for the quarter of 9.7%, compared to 7.8% a year ago
  • Total loan balances increased by $267 million, or 2%, during the third quarter to $15.0 billion, and have increased by $1.5 billion, or 11%, from a year ago
    • Commercial loans grew by $243 million, or 3% from the second quarter
    • Residential mortgage loans increased by $125 million, or 4%, from the second quarter
    • Retail loans, including home equity and installment loans, declined by $101 million from the second quarter
  • Average deposits increased by a net $565 million, or 4%, to $15.6 billion during the third quarter
  • Credit metrics continued to improve with levels of net charge offs, nonaccrual loans, potential problem loans, and delinquent loans all declining during the quarter
  • Capital ratios remain very strong with a Tier 1 common equity ratio of 12.01%
  • After the end of the quarter, we redeemed $150 million of 7.625% Trust Preferred Securities on October 1st and expect to redeem the remaining $30 million of Trust Preferred Securities during the fourth quarter

THIRD QUARTER 2012 FINANCIAL RESULTS

Loans

At September 30, 2012, the Company's loan portfolio was $15.0 billion, up $267 million, or 2%, from $14.7 billion at June 30, 2012, and up $1.5 billion, or 11%, from $13.5 billion a year ago.  Commercial loans, which include general commercial loans, specialized lending, and commercial real estate, grew by $243 million, or 3% from the second quarter and have increased by $1.4 billion, or 19% from a year ago.  The residential mortgage portfolio grew by $125 million, or 4%, during the quarter while the retail portfolio, which includes home equity and installment loan balances, experienced net run-off of $101 million as consumers continued to refinance home equity loans into new first mortgages.

Deposits

Average deposits of $15.6 billion were up $565 million, or 4%, from the second quarter, and have increased by $1.2 billion, or 8%, from a year ago.  Total deposits of $16.5 billion at the end of the third quarter were up $1.3 billion, or 9%, compared to second quarter levels.  Period-end noninterest-bearing account balances grew by $446 million, or 12%, from the second quarter, and have increased by $609 million, or 16%, from a year ago.  Money market balances increased by $860 million, or 15%, from the second quarter, and have increased by $1.5 billion, or 28%, from a year ago.

Net Interest Income and Net Interest Margin

Third quarter net interest income of $156 million increased by 1% compared to the prior quarter and was up 2% compared to the year-ago quarter.  The net interest margin for the quarter was 3.26%.  While yields on earning assets compressed by 7 basis points from the prior quarter, the cost of deposits and interest-bearing liabilities declined by 3 basis points, contributing to a net decrease in overall net interest margin of 4 basis points compared to the prior quarter.

Noninterest Income and Expense

Noninterest income for the quarter was $81 million, up $5 million, or 7%, from the second quarter.  This revenue growth included a $3 million gain on the sale of securities.  Revenue from trust service fees, service charges on deposit accounts, card-based fees, and capital markets fees all increased from the prior quarter.  However, lower mortgage banking revenue and insurance commissions during the third quarter partially off-set the revenue increases.

Total noninterest expense for the quarter ended September 30, 2012 was $170 million, up $4 million, or 2%, from the second quarter.  Personnel and occupancy expenses increased by $2 million from the prior quarter while legal and professional fees also increased by $2 million from the second quarter primarily related to ongoing BSA enhancements.  Other expense categories, in aggregate, were flat compared to the second quarter.

Credit

The Company recorded a provision of zero, reflecting another quarter of improving credit metrics.  Nonaccrual loans were down 13%, to $278 million compared to the second quarter, and down 31%, from $403 million a year ago.  Nonperforming assets declined 12% from the prior quarter to $314 million, and declined 30%, from $445 million a year ago.

Net charge offs of  $18 million for the third quarter were down $6 million, or 26%, from the second quarter, and were 42% lower than a year ago.  The Company's allowance for loan losses was $315 million, representing an allowance equal to 2.11% of loans, and which represented a coverage ratio of over 113% of nonaccrual loans at September 30, 2012.

Capital Ratios

The Company's capital position remains very strong, with a Tier 1 common equity ratio of 12.01% at September 30, 2012.  The Company's capital ratios continue to be well in excess of both current and proposed "well-capitalized" regulatory benchmarks.

THIRD QUARTER 2012 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 18, 2012.  Interested parties can listen to the call live on the Internet through the investor relations section of the company's website, http://investor.associatedbank.com/ or by dialing 877-317-6789. The slide presentation for the call will be available on the company's website just prior to the call. The number for international callers is 412-317-6789. Participants should ask the operator for the Associated Banc-Corp third quarter 2012 earnings call.

An audio archive of the webcast will be available on the company's website.  A telephone replay will be available two hours after the completion of the call through 8:00 a.m. CT on November 19, 2012, by dialing 877-344-7529 and entering the conference ID number 10018690. The replay number for international callers is 412-317-0088.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NASDAQ: ASBC) has total assets of $23 billion and is one of the top 50, publicly traded, U.S. bank holding companies.  Headquartered in Green Bay, Wis., Associated is a leading Midwest banking franchise, offering a full range of financial products and services through more than 250 banking locations serving more than 150 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC.  More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD LOOKING STATEMENTS

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

Investor Contact: Tim Sedabres, VP of Finance, Investor Relations            920-491-7059

Media Contact: Autumn Latimore, Senior Vice President, Public Relations Director 414-278-1860

 

Consolidated Balance Sheets (Unaudited)

Associated Banc-Corp

September 30,

June 30,

Seql Qtr

March 31,

December 31,

September 30,

Comp Qtr

(in thousands)

2012

2012

$ Change

2012

2011

2011

$ Change

Assets

Cash and due from banks

$        419,529

$         414,760

$        4,769

$        360,728

$        454,958

$        410,644

$         8,885

Interest-bearing deposits in other

 financial institutions

531,303

180,050

351,253

344,148

154,562

250,648

280,655

Federal funds sold and securities purchased

 under agreements to resell

2,460

3,800

(1,340)

7,100

7,075

4,180

(1,720)

Securities held to maturity, at amortized cost

21,852

-

21,852

-

-

-

21,852

Securities available for sale, at fair value

4,496,198

4,521,436

(25,238)

4,669,100

4,937,483

5,453,816

(957,618)

Federal Home Loan Bank and Federal 

   Reserve Bank stocks, at cost

166,100

176,041

(9,941)

177,808

191,188

191,128

(25,028)

Loans held for sale

157,093

157,481

(388)

196,570

249,195

201,142

(44,049)

Loans

14,966,214

14,698,902

267,312

14,253,725

14,031,071

13,503,507

1,462,707

Allowance for loan losses

(315,150)

(332,658)

17,508

(356,298)

(378,151)

(399,723)

84,573

    Loans, net

14,651,064

14,366,244

284,820

13,897,427

13,652,920

13,103,784

1,547,280

Premises and equipment, net

238,756

225,245

13,511

225,164

223,736

208,301

30,455

Goodwill

929,168

929,168

-

929,168

929,168

929,168

-

Other intangible assets, net

61,294

64,812

(3,518)

68,374

67,574

67,970

(6,676)

Trading assets

76,159

73,484

2,675

69,081

73,253

76,694

(535)

Other assets

987,378

968,579

18,799

969,002

983,105

1,005,174

(17,796)

    Total assets

$   22,738,354

$    22,081,100

$    657,254

$   21,913,670

$   21,924,217

$   21,902,649

$     835,705

Liabilities and Stockholders' Equity

Noninterest-bearing demand deposits

$     4,320,437

$      3,874,429

$    446,008

$     3,989,156

$     3,928,792

$     3,711,570

$     608,867

Interest-bearing deposits

12,130,155

11,232,442

897,713

11,664,220

11,161,863

11,070,840

1,059,315

    Total deposits

16,450,592

15,106,871

1,343,721

15,653,376

15,090,655

14,782,410

1,668,182

Federal funds purchased and securities sold

 under agreements to repurchase

1,138,027

1,253,270

(115,243)

1,236,219

1,514,485

2,213,364

(1,075,337)

Other short-term funding

615,258

1,400,000

(784,742)

700,000

1,000,000

318,412

296,846

Long-term funding

1,305,422

1,150,729

154,693

1,176,736

1,177,071

1,477,408

(171,986)

Trading liabilities

82,861

80,107

2,754

75,130

80,046

84,376

(1,515)

Accrued expenses and other liabilities

195,742

180,502

15,240

171,336

196,166

176,060

19,682

    Total liabilities

19,787,902

19,171,479

616,423

19,012,797

19,058,423

19,052,030

735,872

Stockholders' Equity

  Preferred equity

63,272

63,272

-

63,272

63,272

63,272

-

  Common stock

1,750

1,750

-

1,750

1,746

1,746

4

  Surplus

1,599,070

1,594,995

4,075

1,590,336

1,586,401

1,585,208

13,862

  Retained earnings

1,250,189

1,213,735

36,454

1,181,247

1,148,773

1,111,080

139,109

  Accumulated other comprehensive income 

67,303

66,579

724

65,278

65,602

89,313

(22,010)

  Treasury stock

(31,132)

(30,710)

(422)

(1,010)

-

-

(31,132)

    Total stockholders' equity

2,950,452

2,909,621

40,831

2,900,873

2,865,794

2,850,619

99,833

    Total liabilities and stockholders' equity

$   22,738,354

$    22,081,100

$    657,254

$   21,913,670

$   21,924,217

$   21,902,649

$     835,705

 

 

 

Consolidated Statements of Income (Unaudited)

Associated Banc-Corp

For The Three Months Ended

For The Nine Months Ended,

September 30,

Quarter

September 30,

Year-to-Date

(in thousands, except per share amounts)

2012

2011

$ Change

% Change

2012

2011

$ Change

% Change

Interest Income

Interest and fees on loans

$       149,647

$     145,778

$      3,869

2.7%

$        445,858

$      432,907

$        12,951

3.0%

Interest and dividends on investment securities:

  Taxable

20,548

30,513

(9,965)

(32.7%)

66,577

100,516

(33,939)

(33.8%)

  Tax-exempt

7,127

7,376

(249)

(3.4%)

21,536

22,593

(1,057)

(4.7%)

Other interest 

1,334

1,428

(94)

(6.6%)

3,843

4,324

(481)

(11.1%)

    Total interest income

178,656

185,095

(6,439)

(3.5%)

537,814

560,340

(22,526)

(4.0%)

Interest Expense

Interest on deposits 

9,751

15,644

(5,893)

(37.7%)

32,340

50,794

(18,454)

(36.3%)

Interest on Federal funds purchased and securities 

 sold under agreements to repurchase

750

1,810

(1,060)

(58.6%)

2,129

4,919

(2,790)

(56.7%)

Interest on other short-term funding

815

1,229

(414)

(33.7%)

3,068

5,336

(2,268)

(42.5%)

Interest on long-term funding

11,738

13,252

(1,514)

(11.4%)

35,740

38,285

(2,545)

(6.6%)

    Total interest expense

23,054

31,935

(8,881)

(27.8%)

73,277

99,334

(26,057)

(26.2%)

Net Interest Income

155,602

153,160

2,442

1.6%

464,537

461,006

3,531

0.8%

Provision for loan losses

-

4,000

(4,000)

(100.0%)

-

51,000

(51,000)

(100.0%)

Net interest income after provision for 

 loan losses

155,602

149,160

6,442

4.3%

464,537

410,006

54,531

13.3%

Noninterest Income

Trust service fees

10,396

9,791

605

6.2%

30,308

29,634

674

2.3%

Service charges on deposit accounts

17,290

19,949

(2,659)

(13.3%)

52,100

58,125

(6,025)

(10.4%)

Card-based and other nondeposit fees

12,209

15,291

(3,082)

(20.2%)

35,172

46,636

(11,464)

(24.6%)

Insurance commissions

11,650

11,020

630

5.7%

36,152

34,338

1,814

5.3%

Brokerage and annuity commissions

3,632

4,027

(395)

(9.8%)

11,965

13,565

(1,600)

(11.8%)

  Total core fee-based revenue

55,177

60,078

(4,901)

(8.2%)

165,697

182,298

(16,601)

(9.1%)

Mortgage banking, net

15,581

4,521

11,060

N/M

49,970

3,046

46,924

N/M

Capital market fees, net

3,609

3,273

336

10.3%

9,998

4,761

5,237

110.0%

Bank owned life insurance income

3,290

3,990

(700)

(17.5%)

10,746

11,076

(330)

(3.0%)

Asset losses, net

(3,309)

(3,859)

550

(14.3%)

(11,887)

(10,400)

(1,487)

14.3%

Investment securities gains (losses), net

3,506

(744)

4,250

N/M

4,109

(802)

4,911

N/M

Other

3,134

1,737

1,397

80.4%

6,752

11,608

(4,856)

(41.8%)

    Total noninterest income

80,988

68,996

11,992

17.4%

235,385

201,587

33,798

16.8%

Noninterest Expense

Personnel expense

95,231

91,084

4,147

4.6%

283,331

269,838

13,493

5.0%

Occupancy 

14,334

14,205

129

0.9%

43,521

42,143

1,378

3.3%

Equipment 

5,935

4,851

1,084

22.3%

17,122

14,587

2,535

17.4%

Data processing

11,022

7,887

3,135

39.7%

31,842

23,395

8,447

36.1%

Business development and advertising

5,059

5,539

(480)

(8.7%)

15,908

16,134

(226)

(1.4%)

Other intangible amortization

1,048

1,179

(131)

(11.1%)

3,146

3,535

(389)

(11.0%)

Loan expense

3,297

2,600

697

26.8%

9,155

8,539

616

7.2%

Legal and professional fees

7,686

4,289

3,397

79.2%

23,058

13,554

9,504

70.1%

Losses other than loans

3,577

1,659

1,918

115.6%

9,187

6,031

3,156

52.3%

Foreclosure/OREO expense

4,071

4,982

(911)

(18.3%)

11,776

16,224

(4,448)

(27.4%)

FDIC expense

5,017

6,906

(1,889)

(27.4%)

14,665

22,348

(7,683)

(34.4%)

Other

13,426

14,299

(873)

(6.1%)

42,784

41,868

916

2.2%

    Total noninterest expense

169,703

159,480

10,223

6.4%

505,495

478,196

27,299

5.7%

Income before income taxes

66,887

58,676

8,211

14.0%

194,427

133,397

61,030

45.8%

Income tax expense 

20,492

17,337

3,155

18.2%

62,082

34,823

27,259

78.3%

Net income

46,395

41,339

5,056

12.2%

132,345

98,574

$        33,771

34.3%

Preferred stock dividends and discount

1,300

7,305

(6,005)

(82.2%)

3,900

23,530

(19,630)

(83.4%)

Net income available to common equity

$         45,095

$       34,034

$    11,061

32.5%

$        128,445

$        75,044

$        53,401

71.2%

Earnings Per Common Share:

  Basic

$             0.26

$           0.20

$        0.06

30.0%

$              0.74

$            0.43

$            0.31

72.1%

  Diluted

$             0.26

$           0.20

$        0.06

30.0%

$              0.74

$            0.43

$            0.31

72.1%

Average Common Shares Outstanding:

  Basic

171,650

173,418

(1,768)

(1.0%)

172,774

173,319

(545)

(0.3%)

  Diluted

171,780

173,418

(1,638)

(0.9%)

172,848

173,321

(473)

(0.3%)

N/M = Not meaningful.

 

 

Consolidated Statements of Income (Unaudited) - Quarterly Trend

Associated Banc-Corp

Sequential Qtr

Comparable Qtr

(in thousands, except per share amounts)

3Q12

2Q12

$ Change

% Change

1Q12

4Q11

3Q11

$ Change

% Change

Interest Income

Interest and fees on loans

$      149,647

$      147,188

$      2,459

1.7%

$      149,023

$      149,832

$     145,778

$      3,869

2.7%

Interest and dividends on investment securities:

  Taxable

20,548

23,000

(2,452)

(10.7%)

23,029

22,855

30,513

(9,965)

(32.7%)

  Tax-exempt

7,127

7,135

(8)

(0.1%)

7,274

7,344

7,376

(249)

(3.4%)

Other interest 

1,334

1,262

72

5.7%

1,247

1,251

1,428

(94)

(6.6%)

    Total interest income

178,656

178,585

71

0.0%

180,573

181,282

185,095

(6,439)

(3.5%)

Interest Expense

Interest on deposits 

9,751

10,553

(802)

(7.6%)

12,036

14,954

15,644

(5,893)

(37.7%)

Interest on Federal funds purchased and securities 

 sold under agreements to repurchase

750

612

138

22.5%

767

1,278

1,810

(1,060)

(58.6%)

Interest on other short-term funding

815

1,197

(382)

(31.9%)

1,056

879

1,229

(414)

(33.7%)

Interest on long-term funding

11,738

11,956

(218)

(1.8%)

12,046

12,346

13,252

(1,514)

(11.4%)

    Total interest expense

23,054

24,318

(1,264)

(5.2%)

25,905

29,457

31,935

(8,881)

(27.8%)

Net Interest Income

155,602

154,267

1,335

0.9%

154,668

151,825

153,160

2,442

1.6%

Provision for loan losses

-

-

-

N/M

-

1,000

4,000

(4,000)

(100.0%)

Net interest income after provision for 

 loan losses

155,602

154,267

1,335

0.9%

154,668

150,825

149,160

6,442

4.3%

Noninterest Income

Trust service fees

10,396

10,125

271

2.7%

9,787

9,511

9,791

605

6.2%

Service charges on deposit accounts

17,290

16,768

522

3.1%

18,042

17,783

19,949

(2,659)

(13.3%)

Card-based and other nondeposit fees

12,209

12,084

125

1.0%

10,879

11,269

15,291

(3,082)

(20.2%)

Insurance commissions

11,650

12,912

(1,262)

(9.8%)

11,590

11,216

11,020

630

5.7%

Brokerage and annuity commissions

3,632

4,206

(574)

(13.6%)

4,127

3,665

4,027

(395)

(9.8%)

  Total core fee-based revenue

55,177

56,095

(918)

(1.6%)

54,425

53,444

60,078

(4,901)

(8.2%)

Mortgage banking, net

15,581

16,735

(1,154)

(6.9%)

17,654

9,677

4,521

11,060

N/M

Capital market fees, net

3,609

2,673

936

35.0%

3,716

3,950

3,273

336

10.3%

Bank owned life insurance income

3,290

3,164

126

4.0%

4,292

3,820

3,990

(700)

(17.5%)

Asset losses, net

(3,309)

(4,984)

1,675

(33.6%)

(3,594)

(1,799)

(3,859)

550

(14.3%)

Investment securities gains (losses), net

3,506

563

2,943

N/M

40

(310)

(744)

4,250

N/M

Other

3,134

1,705

1,429

83.8%

1,913

2,750

1,737

1,397

80.4%

    Total noninterest income

80,988

75,951

5,037

6.6%

78,446

71,532

68,996

11,992

17.4%

Noninterest Expense

Personnel expense

95,231

93,819

1,412

1.5%

94,281

90,306

91,084

4,147

4.6%

Occupancy 

14,334

14,008

326

2.3%

15,179

13,796

14,205

129

0.9%

Equipment 

5,935

5,719

216

3.8%

5,468

5,286

4,851

1,084

22.3%

Data processing

11,022

11,304

(282)

(2.5%)

9,516

9,080

7,887

3,135

39.7%

Business development and advertising

5,059

5,468

(409)

(7.5%)

5,381

6,904

5,539

(480)

(8.7%)

Other intangible amortization

1,048

1,049

(1)

(0.1%)

1,049

1,179

1,179

(131)

(11.1%)

Loan expense

3,297

2,948

349

11.8%

2,910

3,469

2,600

697

26.8%

Legal and professional fees

7,686

5,657

2,029

35.9%

9,715

4,651

4,289

3,397

79.2%

Losses other than loans

3,577

2,060

1,517

73.6%

3,550

11,890

1,659

1,918

115.6%

Foreclosure/OREO expense

4,071

4,343

(272)

(6.3%)

3,362

5,169

4,982

(911)

(18.3%)

FDIC expense

5,017

4,778

239

5.0%

4,870

6,136

6,906

(1,889)

(27.4%)

Other

13,426

14,877

(1,451)

(9.8%)

14,481

14,461

14,299

(873)

(6.1%)

    Total noninterest expense

169,703

166,030

3,673

2.2%

169,762

172,327

159,480

10,223

6.4%

Income before income taxes

66,887

64,188

2,699

4.2%

63,352

50,030

58,676

8,211

14.0%

Income tax expense 

20,492

20,871

(379)

(1.8%)

20,719

8,905

17,337

3,155

18.2%

Net income

46,395

43,317

3,078

7.1%

42,633

41,125

41,339

5,056

12.2%

Preferred stock dividends and discount

1,300

1,300

-

0.0%

1,300

1,300

7,305

(6,005)

(82.2%)

Net income available to common equity

$        45,095

$        42,017

$      3,078

7.3%

$        41,333

$        39,825

$       34,034

$    11,061

32.5%

Earnings Per Common Share:

  Basic

$            0.26

$            0.24

$        0.02

8.3%

$            0.24

$            0.23

$           0.20

$        0.06

30.0%

  Diluted

$            0.26

$            0.24

$        0.02

8.3%

$            0.24

$            0.23

$           0.20

$        0.06

30.0%

Average Common Shares Outstanding:

  Basic

171,650

172,839

(1,189)

(0.7%)

173,846

173,523

173,418

(1,768)

(1.0%)

  Diluted

171,780

172,841

(1,061)

(0.6%)

173,848

173,523

173,418

(1,638)

(0.9%)

N/M = Not meaningful.

 

Selected Quarterly Information

Associated Banc-Corp

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

YTD 2012

YTD 2011

3rd Qtr 2012

2nd Qtr 2012

1st Qtr 2012

4th Qtr 2011

3rd Qtr 2011

Summary of Operations

Net interest income

$           464,537

$           461,006

$           155,602

$           154,267

$           154,668

$           151,825

$           153,160

Provision for loan losses

-

51,000

-

-

-

1,000

4,000

Asset losses, net

(11,887)

(10,400)

(3,309)

(4,984)

(3,594)

(1,799)

(3,859)

Investment securities gains (losses), net

4,109

(802)

3,506

563

40

(310)

(744)

Noninterest income (excluding securities & asset gains)

243,163

212,789

80,791

80,372

82,000

73,641

73,599

Noninterest expense

505,495

478,196

169,703

166,030

169,762

172,327

159,480

Income before income taxes

194,427

133,397

66,887

64,188

63,352

50,030

58,676

Income tax expense

62,082

34,823

20,492

20,871

20,719

8,905

17,337

Net income

132,345

98,574

46,395

43,317

42,633

41,125

41,339

Net income available to common equity

128,445

75,044

45,095

42,017

41,333

39,825

34,034

Taxable equivalent adjustment

15,825

16,067

5,268

5,254

5,303

5,307

5,295

Per Common Share Data 

Net income:

  Basic

$                 0.74

$                 0.43

$                 0.26

$                 0.24

$                 0.24

$                 0.23

$                 0.20

  Diluted

0.74

0.43

0.26

0.24

0.24

0.23

0.20

Dividends

0.15

0.03

0.05

0.05

0.05

0.01

0.01

Market Value:

  High

$               14.63

$               15.36

$               13.79

$               13.97

$               14.63

$               11.78

$               14.17

  Low

11.43

8.95

12.04

11.76

11.43

9.15

8.95

  Close

13.16

9.30

13.16

13.19

13.96

11.17

9.30

Book value

16.82

16.07

16.82

16.59

16.32

16.15

16.07

Tangible book value

11.31

10.59

11.31

11.07

10.87

10.68

10.59

Performance Ratios (annualized)

Earning assets yield

3.79%

3.96%

3.73%

3.80%

3.85%

3.81%

3.88%

Interest-bearing liabilities rate

0.66

0.88

0.62

0.65

0.70

0.78

0.83

Net interest margin

3.29

3.28

3.26

3.30

3.31

3.21

3.23

Return on average assets

0.81

0.61

0.84

0.80

0.79

0.75

0.75

Return on average equity

6.07

4.33

6.29

5.98

5.93

5.71

5.49

Return on average Tier 1 common equity (1)

9.39

5.92

9.69

9.26

9.23

8.96

7.83

Efficiency ratio (2)

69.87

69.32

70.22

69.21

70.16

74.67

68.73

Effective tax rate

31.93

26.10

30.64

32.52

32.70

17.80

29.55

Dividend payout ratio (3)

20.27

6.98

19.23

20.83

20.83

4.35

5.00

Average Balances

Assets

$      21,787,668

$      21,532,170

$      22,016,748

$      21,684,600

$      21,659,139

$      21,755,870

$      21,729,187

Earning assets

19,473,207

19,420,572

19,659,796

19,386,046

19,371,729

19,506,627

19,530,007

Interest-bearing liabilities

14,927,753

15,129,294

14,940,697

14,922,006

14,920,413

15,095,689

15,215,517

Loans (4)

14,611,065

13,021,134

14,916,793

14,602,602

14,310,441

14,043,585

13,376,928

Deposits

15,223,805

14,235,123

15,615,856

15,050,684

15,000,567

14,893,469

14,405,311

Short and long-term funding

3,484,938

4,182,908

3,286,943

3,566,346

3,603,700

3,857,252

4,227,319

Common stockholders' equity

2,849,876

2,709,688

2,870,438

2,852,050

2,826,913

2,792,823

2,765,023

Stockholders' equity

2,913,148

3,044,872

2,933,710

2,915,322

2,890,185

2,856,095

2,987,178

Common stockholders' equity / assets

13.08%

12.58%

13.04%

13.15%

13.05%

12.84%

12.72%