2014

Associated Reports Third Quarter Earnings of $0.26 per share Earnings per share increased 30% from a year ago

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%

Stockholders' equity / assets

13.37%


14.14%


13.32%


13.44%


13.34%


13.13%


13.75%















At Period End














Assets





$      22,738,354


$      22,081,100


$      21,913,670


$      21,924,217


$      21,902,649

Loans





14,966,214


14,698,902


14,253,725


14,031,071


13,503,507

Allowance for loan losses





315,150


332,658


356,298


378,151


399,723

Goodwill





929,168


929,168


929,168


929,168


929,168

Mortgage servicing rights, net





45,018


47,488


50,001


48,152


47,370

Other intangible assets, net





16,276


17,324


18,373


19,422


20,600

Deposits





16,450,592


15,106,871


15,653,376


15,090,655


14,782,410

Short and long-term funding





3,058,707


3,803,999


3,112,955


3,691,556


4,009,184

Stockholders' equity





2,950,452


2,909,621


2,900,873


2,865,794


2,850,619

Stockholders' equity / assets





12.98%