Associated Banc-Corp Reports Third Quarter Earnings of $0.04 per Share

- Net income to common shareholders of $6.9 million, or $0.04 per common share, for the quarter

- Credit quality indicators continued to show significant improvements

- $199 million of nonperforming loans were sold during the quarter

- Commercial and industrial (C&I) loan balances were up

- Capital ratios remain very strong, with a Tier 1 capital to risk-weighted assets ratio of 17.68% and total capital to risk-weighted assets ratio of 19.16% at September 30, 2010

Oct 21, 2010, 16:16 ET from Associated Banc-Corp

GREEN BAY, Wis., Oct. 21 /PRNewswire-FirstCall/ -- Associated Banc-Corp (Nasdaq: ASBC) today reported net income to common shareholders of $6.9 million, or $0.04 per common share, for the quarter ended September 30, 2010. This compares to a net loss to common shareholders of $10.2 million, or $0.06 per common share, for the quarter ended June 30, 2010, and net income to common shareholders of $8.7 million, or $0.07 per common share, for the quarter ended September 30, 2009.

“We are very pleased with the continued significant improvements in our credit quality metrics,” said Philip B. Flynn, President and Chief Executive Officer. “We are also encouraged by the growth we saw in commercial loans and our commercial loan pipeline during the quarter.”

At September 30, 2010, the Company’s Tier 1 capital to risk-weighted assets ratio was 17.68% and total capital to risk-weighted assets ratio was 19.16%. These ratios continue to significantly exceed the criteria for well capitalized banks and the requirements of banking regulators.

CREDIT QUALITY

Potential problem loans continued to decline to $1.13 billion at September 30, 2010, down $140 million, or 11%, from $1.27 billion at June 30, 2010. Loans 30-89 days past due totaled $124 million at September 30, 2010, down 16% from $149 million at June 30, 2010, and down 29% from $175 million at September 30, 2009.

Nonperforming loans declined to $817 million at September 30, 2010 from $1.0 billion at June 30, 2010 and a high of $1.2 billion at March 31, 2010. Through a combination of bulk and individual loan sales, the Company sold nonperforming loans with a net book value totaling $199 million during the quarter, which resulted in $85 million of charge-offs during the quarter. Nonperforming loans sold were primarily real estate construction and commercial real estate loans.

The provision for loan losses was $64 million for the quarter ended September 30, 2010, down 34% from $98 million for the second quarter of 2010, and down 33% from $95 million for the third quarter of 2009. Net charge-offs for the quarter were $110 million, up 4% from net charge-offs of $105 million for the quarter ended June 30, 2010, and up 22% from $90 million for the third quarter of 2009.

The Company’s allowance for loan losses was $522 million, or 4.22% of total loans, at September 30, 2010 compared to $568 million, or 4.51% of total loans, at June 30, 2010. This compares to an allowance for loan losses as a percent of total loans of 4.06% at December 31, 2009 and 2.79% at September 30, 2009.

LOANS AND DEPOSITS

At September 30, 2010, the Company’s loan portfolio was $12.4 billion, down 2% from $12.6 billion at June 30, 2010, and down 16% from $14.8 billion at September 30, 2009. On a year-over-year basis, the greatest decline in the portfolio was in the construction segment of the portfolio, which was down 54%, and represented 6% of the total loan portfolio at September 30, 2010. The majority of the net decline in the loan portfolio for the third quarter was related to loan sales during the quarter. The C&I, residential and home equity segments of the Company’s loan portfolio all grew modestly during the quarter. This was the first quarter of average and period-end growth in these segments of the Company’s loan portfolio since more than a year ago.

Total deposits were $16.8 billion at September 30, 2010, compared to $17.0 billion at June 30, 2010, and $16.4 billion at September 30, 2009. Network transaction deposits, including brokered and institutional money market funds, were down over $700 million for the quarter. Year-over-year, demand deposits and savings balances grew modestly, while brokered CDs of $442 million and other time deposits of $3.2 billion were down 32% and 17%, respectively, from September 30, 2009.

NET INTEREST INCOME AND NET INTEREST MARGIN

Net interest income was $154 million for the quarter ended September 30, 2010. This compares to $160 million for the quarter ended June 30, 2010, and $179 million for the quarter ended September 30, 2009. Interest income from earning assets declined $8.7 million quarter-over-quarter, reflecting lower overall levels of loans, lower yields on floating rate investments and lower realized yields on the reinvestment of proceeds from investment sales and maturities. The Company’s net interest margin was 3.08% for the third quarter. Interest expense of $42 million for the quarter ended September 30, 2010, was down $3 million from $45 million for the second quarter, primarily due to lower interest expense on CD deposits.

NONINTEREST INCOME AND EXPENSE

Noninterest income for the quarter ended September 30, 2010 was $82 million, up 1% from $81 million for the second quarter of 2010, and up 9% from $75 million from the third quarter of 2009. Noninterest income remained flat as a $4 million increase in net mortgage banking income for the quarter was partially offset by a $3 million decline in service charges on deposit accounts.

Core fee-based revenue was $61 million for the quarter ended September 30, 2010 compared to $64 million for the second quarter of 2010, and $67 million for the third quarter of 2009. Lower core fee revenue is primarily the result of lower service charges on deposits, which declined $3 million from $26 million in the second quarter and $7 million from $31 million for the third quarter of 2009.

Mortgage loans originated for sale were $728 million for the third quarter compared to $502 million for the second quarter of 2010. Net mortgage banking income for the quarter totaled $9 million, up $4 million, or 64%, from $5 million for the second quarter of 2010 and up $10 million from a net loss of $1 million for the third quarter of 2009. Third quarter mortgage banking results included a $9 million valuation charge related to mortgage servicing rights compared to a $2 million valuation recovery for the prior quarter and a $5 million valuation charge for the same quarter last year.

Total noninterest expense levels remained flat for the quarter ended September 30, 2010, totaling $157 million, up $2 million from $155 million for the second quarter of 2010, and up $15 million, or 11%, from $141 million in the third quarter of 2009.

“We have, over the past three quarters, recognized our credit problems, ensured sufficient capital and liquidity, and provided strong reserves. This is enabling us to work through our problem loans,” said Flynn. “We believe we have turned the corner on profitability and are positioned well for the future.”

CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 21, 2010. Interested parties can listen to the call live on the Internet through the investor relations section of the company’s website, www.associatedbank.com/investor, or by dialing 877-348-9354. 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 253-237-1160. Participants should ask the operator for the Associated Banc-Corp third quarter 2010 earnings call, or conference ID number 15998683.

An audio archive of the webcast will be available on the company’s website for one month following the call. A replay of the call will be available starting at 7:00 p.m. CT on October 21, 2010 through 11:00 p.m. CT on November 21, 2010 by dialing 800-642-1687 and entering the conference ID number 15998683. The replay number for international callers is 706-645-9291.  

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified bank holding company with total assets of $23 billion. Associated has 288 banking offices serving approximately 160 communities in Wisconsin, Illinois, and Minnesota. The Company offers a full range of traditional banking services and a variety of other financial products and services. More information about Associated Banc-Corp is available at www.associatedbank.com.

Statements made in this document that 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. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. These statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” or similar expressions. Outcomes related to such statements are subject to numerous risk factors and uncertainties including those listed in the Company’s most recent Annual Report filed on Form 10-K and any subsequent Form 10-Q.

For more information:

Joseph B. Selner, Chief Financial Officer, 920-491-7120

Janet L. Ford, SVP Investor Relations Director, 414-278-1890

Consolidated Balance Sheets (Unaudited)

Associated Banc-Corp

September 30,

June 30,

Seql Qtr

March 31,

December 31,

September 30,

Comp Qtr

(in thousands)

2010

2010

$ Change

2010

2009

2009

$ Change

Assets

Cash and due from banks

$          316,914

$      324,952

$     (8,038)

$      284,882

$      770,816

$       430,381

$  (113,467)

Interest-bearing deposits in other

financial institutions

1,717,853

2,210,946

(493,093)

1,998,528

26,091

13,145

1,704,708

Federal funds sold and securities purchased

under agreements to resell

503,950

13,515

490,435

19,220

23,785

17,000

486,950

Securities available for sale, at fair value

5,291,336

5,322,177

(30,841)

5,267,372

5,835,533

5,651,076

(359,740)

Federal Home Loan Bank and Federal

  Reserve Bank stocks, at cost

190,918

190,870

48

184,811

181,316

181,316

9,602

Loans held for sale

274,666

321,060

(46,394)

274,003

81,238

78,740

195,926

Loans

12,372,393

12,601,916

(229,523)

13,299,321

14,128,625

14,765,597

(2,393,204)

Allowance for loan losses

(522,018)

(567,912)

45,894

(575,573)

(573,533)

(412,530)

(109,488)

   Loans, net

11,850,375

12,034,004

(183,629)

12,723,748

13,555,092

14,353,067

(2,502,692)

Premises and equipment, net

181,236

181,231

5

183,401

186,564

185,544

(4,308)

Goodwill

929,168

929,168

-

929,168

929,168

929,168

-

Other intangible assets, net

84,824

92,176

(7,352)

91,991

92,807

91,506

(6,682)

Other assets

1,184,046

1,139,960

44,086

1,150,512

1,191,732

950,584

233,462

   Total assets

$     22,525,286

$ 22,760,059

$ (234,773)

$ 23,107,636

$ 22,874,142

$  22,881,527

$  (356,241)

Liabilities and Stockholders' Equity

Noninterest-bearing deposits

$       3,054,121

$   2,932,599

$  121,522

$   3,023,247

$   3,274,973

$    2,984,486

$     69,635

Interest-bearing deposits, excl Brokered CDs

13,308,530

13,465,974

(157,444)

13,731,421

13,311,672

12,808,533

499,997

Brokered CDs

442,209

571,626

(129,417)

742,119

141,968

653,090

(210,881)

   Total deposits

16,804,860

16,970,199

(165,339)

17,496,787

16,728,613

16,446,109

358,751

Short-term borrowings

539,263

513,406

25,857

575,564

1,226,853

1,517,594

(978,331)

Long-term funding

1,713,671

1,843,691

(130,020)

1,643,979

1,953,998

1,761,506

(47,835)

Accrued expenses and other liabilities

266,643

246,636

20,007

210,797

226,070

231,659

34,984

   Total liabilities

19,324,437

19,573,932

(249,495)

19,927,127

20,135,534

19,956,868

(632,431)

Stockholders' Equity

 Preferred equity

513,550

512,724

826

511,910

511,107

510,315

3,235

 Common stock

1,738

1,737

1

1,737

1,284

1,284

454

 Surplus

1,569,963

1,567,315

2,648

1,564,536

1,082,335

1,080,720

489,243

 Retained earnings

1,036,800

1,032,065

4,735

1,044,501

1,081,156

1,268,507

(231,707)

 Accumulated other comprehensive income

78,798

73,173

5,625

59,744

63,432

64,919

13,879

 Treasury stock

-

(887)

887

(1,919)

(706)

(1,086)

1,086

   Total stockholders' equity

3,200,849

3,186,127

14,722

3,180,509

2,738,608

2,924,659

276,190

   Total liabilities and stockholders' equity

$     22,525,286

$ 22,760,059

$ (234,773)

$ 23,107,636

$ 22,874,142

$  22,881,527

$  (356,241)

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)

2010

2009

$ Change

% Change

2010

2009

$ Change

% Change

Interest Income

Interest and fees on loans

$ 148,937

$ 183,264

$ (34,327)

(18.7%)

$ 462,043

$ 579,641

$ (117,598)

(20.3%)

Interest and dividends on investment securities

and deposits in other financial institutions:

 Taxable

38,433

46,873

(8,440)

(18.0%)

128,828

144,464

(15,636)

(10.8%)

 Tax-exempt

8,499

8,498

1

0.0%

25,765

26,811

(1,046)

(3.9%)

Interest on federal funds sold and securities

purchased under agreements to resell

347

16

331

N/M

398

130

268

206.2%

   Total interest income

196,216

238,651

(42,435)

(17.8%)

617,034

751,046

(134,012)

(17.8%)

Interest Expense

Interest on deposits

25,879

37,811

(11,932)

(31.6%)

82,984

129,403

(46,419)

(35.9%)

Interest on short-term borrowings

1,849

2,895

(1,046)

(36.1%)

5,695

13,137

(7,442)

(56.6%)

Interest on long-term funding

14,584

18,709

(4,125)

(22.0%)

45,436

60,854

(15,418)

(25.3%)

   Total interest expense

42,312

59,415

(17,103)

(28.8%)

134,115

203,394

(69,279)

(34.1%)

Net Interest Income

153,904

179,236

(25,332)

(14.1%)

482,919

547,652

(64,733)

(11.8%)

Provision for loan losses

64,000

95,410

(31,410)

(32.9%)

327,010

355,856

(28,846)

(8.1%)

Net interest income after provision for

loan losses

89,904

83,826

6,078

7.3%

155,909

191,796

(35,887)

(18.7%)

Noninterest Income

Trust service fees

9,462

9,057

405

4.5%

28,335

26,103

2,232

8.6%

Service charges on deposit accounts

23,845

30,829

(6,984)

(22.7%)

76,350

87,705

(11,355)

(12.9%)

Card-based and other nondeposit fees

12,093

11,586

507

4.4%

34,855

33,618

1,237

3.7%

Retail commissions

15,276

15,041

235

1.6%

46,815

45,382

1,433

3.2%

 Total core fee-based revenue

60,676

66,513

(5,837)

(8.8%)

186,355

192,808

(6,453)

(3.3%)

Mortgage banking, net

9,007

(909)

9,916

N/M

19,907

31,655

(11,748)

(37.1%)

Capital market fees, net

891

226

665

294.2%

885

5,245

(4,360)

(83.1%)

Bank owned life insurance income

3,756

3,789

(33)

(0.9%)

11,252

12,722

(1,470)

(11.6%)

Asset sale losses, net

(2,354)

(126)

(2,228)

N/M

(2,518)

(2,520)

2

(0.1%)

Investment securities gains (losses), net

3,365

(42)

3,407

N/M

26,800

9,169

17,631

192.3%

Other

6,556

5,858

698

11.9%

18,145

17,148

997

5.8%

   Total noninterest income

81,897

75,309

6,588

8.7%

260,826

266,227

(5,401)

(2.0%)

Noninterest Expense

Personnel expense

80,640

73,501

7,139

9.7%

239,337

231,770

7,567

3.3%

Occupancy

12,157

11,949

208

1.7%

37,038

37,171

(133)

(0.4%)

Equipment

4,637

4,575

62

1.4%

13,472

13,834

(362)

(2.6%)

Data processing

7,502

7,442

60

0.8%

22,667

23,165

(498)

(2.1%)

Business development and advertising

4,297

3,910

387

9.9%

13,515

13,590

(75)

(0.6%)

Other intangible amortization

1,206

1,386

(180)

(13.0%)

3,713

4,157

(444)

(10.7%)

Legal and professional fees

6,774

3,349

3,425

102.3%

15,086

13,176

1,910

14.5%

Foreclosure/OREO expense

7,349

8,688

(1,339)

(15.4%)

23,984

27,277

(3,293)

(12.1%)

FDIC expense

11,426

8,451

2,975

35.2%

35,282

32,316

2,966

9.2%

Other

20,592

17,860

2,732

15.3%

59,383

55,950

3,433

6.1%

   Total noninterest expense

156,580

141,111

15,469

11.0%

463,477

452,406

11,071

2.4%

Income (loss) before income taxes

15,221

18,024

(2,803)

(15.6%)

(46,742)

5,617

(52,359)

N/M

Income tax expense (benefit)

917

2,030

(1,113)

(54.8%)

(31,878)

(35,761)

3,883

(10.9%)

Net income (loss)

14,304

15,994

(1,690)

(10.6%)

$ (14,864)

$   41,378

$   (56,242)

(135.9%)

Preferred stock dividends and discount

7,389

7,342

47

0.6%

22,131

21,994

137

0.6%

Net income (loss) available to common equity

$     6,915

$     8,652

$   (1,737)

(20.1%)

$ (36,995)

$   19,384

$   (56,379)

(290.9%)

Earnings (Loss) Per Common Share:

 Basic

$       0.04

$       0.07

$     (0.03)

(42.9%)

$     (0.22)

$       0.15

$       (0.37)

(246.7%)

 Diluted

$       0.04

$       0.07

$     (0.03)

(42.9%)

$     (0.22)

$       0.15

$       (0.37)

(246.7%)

Average Common Shares Outstanding:

 Basic

172,989

127,863

45,126

35.3%

170,610

127,855

42,755

33.4%

 Diluted

172,990

127,863

45,127

35.3%

170,610

127,859

42,751

33.4%

N/M = Not meaningful.

Consolidated Statements of Income (Unaudited) - Quarterly Trend

Associated Banc-Corp

Sequential Qtr

Comparable Qtr

(in thousands, except per share amounts)

3Q10

2Q10

$ Change

% Change

1Q10

4Q09

3Q09

$ Change

% Change

Interest Income

Interest and fees on loans

$ 148,937

$ 153,815

$ (4,878)

(3.2%)

$ 159,291

$  172,624

$ 183,264

$ (34,327)

(18.7%)

Interest and dividends on investment securities

and deposits in other financial institutions:

 Taxable

38,433

42,477

(4,044)

(9.5%)

47,918

48,567

46,873

(8,440)

(18.0%)

 Tax-exempt

8,499

8,557

(58)

(0.7%)

8,709

8,987

8,498

1

0.0%

Interest on federal funds sold and securities

purchased under agreements to resell

347

29

318

N/M

22

32

16

331

N/M

   Total interest income

196,216

204,878

(8,662)

(4.2%)

215,940

230,210

238,651

(42,435)

(17.8%)

Interest Expense

Interest on deposits

25,879

28,360

(2,481)

(8.7%)

28,745

31,471

37,811

(11,932)

(31.6%)

Interest on short-term borrowings

1,849

1,820

29

1.6%

2,026

3,062

2,895

(1,046)

(36.1%)

Interest on long-term funding

14,584

14,905

(321)

(2.2%)

15,947

17,324

18,709

(4,125)

(22.0%)

   Total interest expense

42,312

45,085

(2,773)

(6.2%)

46,718

51,857

59,415

(17,103)

(28.8%)

Net Interest Income

153,904

159,793

(5,889)

(3.7%)

169,222

178,353

179,236

(25,332)

(14.1%)

Provision for loan losses

64,000

97,665

(33,665)

(34.5%)

165,345

394,789

95,410

(31,410)

(32.9%)

Net interest income (loss) after provision for

loan losses

89,904

62,128

27,776

44.7%

3,877

(216,436)

83,826

6,078

7.3%

Noninterest Income

Trust service fees

9,462

9,517

(55)

(0.6%)

9,356

9,906

9,057

405

4.5%

Service charges on deposit accounts

23,845

26,446

(2,601)

(9.8%)

26,059

29,213

30,829

(6,984)

(22.7%)

Card-based and other nondeposit fees

12,093

11,942

151

1.3%

10,820

12,359

11,586

507

4.4%

Retail commissions

15,276

15,722

(446)

(2.8%)

15,817

15,296

15,041

235

1.6%

 Total core fee-based revenue

60,676

63,627

(2,951)

(4.6%)

62,052

66,774

66,513

(5,837)

(8.8%)

Mortgage banking, net

9,007

5,493

3,514

64.0%

5,407

9,227

(909)

9,916

N/M

Capital market fees, net

891

(136)

1,027

N/M

130

291

226

665

294.2%

Bank owned life insurance income

3,756

4,240

(484)

(11.4%)

3,256

3,310

3,789

(33)

(0.9%)

Asset sale gains (losses), net

(2,354)

1,477

(3,831)

N/M

(1,641)

(1,551)

(126)

(2,228)

N/M

Investment securities gains (losses), net

3,365

(146)

3,511

N/M

23,581

(395)

(42)

3,407

N/M

Other

6,556

6,336

220

3.5%

5,253

7,078

5,858

698

11.9%

   Total noninterest income

81,897

80,891

1,006

1.2%

98,038

84,734

75,309

6,588

8.7%

Noninterest Expense

Personnel expense

80,640

79,342

1,298

1.6%

79,355

72,620

73,501

7,139

9.7%

Occupancy

12,157

11,706

451

3.9%

13,175

12,170

11,949

208

1.7%

Equipment

4,637

4,450

187

4.2%

4,385

4,551

4,575

62

1.4%

Data processing

7,502

7,866

(364)

(4.6%)

7,299

7,728

7,442

60

0.8%

Business development and advertising

4,297

4,773

(476)

(10.0%)

4,445

4,443

3,910

387

9.9%

Other intangible amortization

1,206

1,254

(48)

(3.8%)

1,253

1,386

1,386

(180)

(13.0%)

Legal and professional fees

6,774

5,517

1,257

22.8%

2,795

6,386

3,349

3,425

102.3%

Foreclosure/OREO expense

7,349

8,906

(1,557)

(17.5%)

7,729

10,852

8,688

(1,339)

(15.4%)

FDIC expense

11,426

12,027

(601)

(5.0%)

11,829

9,618

8,451

2,975

35.2%

Other

20,592

19,197

1,395

7.3%

19,594

29,260

17,860

2,732

15.3%

   Total noninterest expense

156,580

155,038

1,542

1.0%

151,859

159,014

141,111

15,469

11.0%

Income (loss) before income taxes

15,221

(12,019)

27,240

(226.6%)

(49,944)

(290,716)

18,024

(2,803)

(15.6%)

Income tax expense (benefit)

917

(9,240)

10,157

(109.9%)

(23,555)

(117,479)

2,030

(1,113)

(54.8%)

Net income (loss)

14,304

(2,779)

17,083

(614.7%)

(26,389)

(173,237)

15,994

(1,690)

(10.6%)

Preferred stock dividends and discount

7,389

7,377

12

0.2%

7,365

7,354

7,342

47

0.6%

Net income (loss) available to common equity

$     6,915

$ (10,156)

$ 17,071

(168.1%)

$ (33,754)

$ (180,591)

$     8,652

$   (1,737)

(20.1%)

Earnings (Loss) Per Common Share:

 Basic

$       0.04

$     (0.06)

$     0.10

(166.7%)

$     (0.20)

$       (1.41)

$       0.07

$     (0.03)

(42.9%)

 Diluted

$       0.04

$     (0.06)

$     0.10

(166.7%)

$     (0.20)

$       (1.41)

$       0.07

$     (0.03)

(42.9%)

Average Common Shares Outstanding:

 Basic

172,989

172,921

68

0.0%

165,842

127,869

127,863

45,126

35.3%

 Diluted

172,990

172,921

69

0.0%

165,842

127,869

127,863

45,127

35.3%

N/M = Not meaningful.

Selected Quarterly Information

Associated Banc-Corp

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

YTD 2010

YTD 2009

3rd Qtr 2010

2nd Qtr 2010

1st Qtr 2010

4th Qtr 2009

3rd Qtr 2009

Summary of Operations

Net interest income

$      482,919

$      547,652

$      153,904

$      159,793

$      169,222

$      178,353

$      179,236

Provision for loan losses

327,010

355,856

64,000

97,665

165,345

394,789

95,410

Asset sale gains (losses), net

(2,518)

(2,520)

(2,354)

1,477

(1,641)

(1,551)

(126)

Investment securities gains (losses), net

26,800

9,169

3,365

(146)

23,581

(395)

(42)

Noninterest income (excluding securities & asset sales)

236,544

259,578

80,886

79,560

76,098

86,680

75,477

Noninterest expense

463,477

452,406

156,580

155,038

151,859

159,014

141,111

Income (loss) before income taxes

(46,742)

5,617

15,221

(12,019)

(49,944)

(290,716)

18,024

Income tax expense (benefit)

(31,878)

(35,761)

917

(9,240)

(23,555)

(117,479)

2,030

Net income (loss)

(14,864)

41,378

14,304

(2,779)

(26,389)

(173,237)

15,994

Net income (loss) available to common equity

(36,995)

19,384

6,915

(10,156)

(33,754)

(180,591)

8,652

Taxable equivalent adjustment

17,914

18,632

5,914

5,966

6,034

6,188

5,938

Per Common Share Data

Net income (loss):

 Basic

$          (0.22)

$            0.15

$            0.04

$          (0.06)

$          (0.20)

$          (1.41)

$            0.07

 Diluted

(0.22)

0.15

0.04

(0.06)

(0.20)

(1.41)

0.07

Dividends

0.03

0.42

0.01

0.01

0.01

0.05

0.05

Market Value:

 High

$          16.10

$          21.39

$          13.90

$          16.10

$          14.54

$          13.00

$          12.67

 Low

11.48

9.21

11.96

12.26

11.48

10.37

9.21

 Close

13.19

11.42

13.19

12.26

13.76

11.01

11.42

Book value

15.53

18.88

15.53

15.46

15.44

17.42

18.88

Tangible book value

10.02

11.38

10.02

9.93

9.90

9.93

11.38

Performance Ratios (annualized)

Earning assets yield

4.08%

4.75%

3.90%

4.10%

4.24%

4.59%

4.62%

Interest-bearing liabilities rate

1.08

1.51

1.03

1.10

1.11

1.24

1.36

Net interest margin

3.22

3.50

3.08

3.22

3.35

3.59

3.50

Return on average assets

(0.09)

0.23

0.25

(0.05)

(0.46)

(3.02)

0.27

Return on average equity

(0.63)

1.90

1.77

(0.35)

(3.40)

(23.72)

2.18

Return on average tangible common equity (1)

(2.89)

1.81

1.58

(2.37)

(8.17)

(50.16)

2.39

Efficiency ratio (2)

62.85

54.78

65.05

63.20

60.42

58.63

54.14

Effective tax rate (benefit)

(68.20)

(636.66)

6.03

(76.88)

(47.16)

(40.41)

11.26

Dividend payout ratio (3)

N/M

280.00

25.02

N/M

N/M

N/M

71.43

Average Balances

Assets

$ 22,824,238

$ 23,891,164

$ 22,727,208

$ 22,598,695

$ 23,151,767

$ 22,773,576

$ 23,362,954

Earning assets

20,776,661

21,619,838

20,660,498

20,598,637

21,075,408

20,499,225

21,063,016

Interest-bearing liabilities

16,583,326

17,994,706

16,376,904

16,408,718

16,970,884

16,663,947

17,412,341

Loans

13,388,577

15,929,440

12,855,791

13,396,710

13,924,978

14,605,107

15,248,895

Deposits

17,112,719

15,808,077

17,138,105

17,056,193

17,143,924

16,407,034

16,264,181

Wholesale funding

2,500,326

5,006,918

2,326,469

2,343,119

2,837,001

3,332,642

4,067,830

Common stockholders' equity

2,667,294

2,395,478

2,693,735

2,674,097

2,633,680

2,387,534

2,394,410

Stockholders' equity

3,179,500

2,904,521

3,206,742

3,186,295

3,145,074

2,898,132

2,904,210

Common stockholders' equity/assets

11.69%

10.03%

11.85%

11.83%

11.38%

10.48%

10.25%

Stockholders' equity / assets

13.93%

12.16%

14.11%

14.10%

13.58%

12.73%

12.43%

At Period End

Assets

$ 22,525,286

$ 22,760,059

$ 23,107,636

$ 22,874,142

$ 22,881,527

Loans

12,372,393

12,601,916

13,299,321

14,128,625

14,765,597

Allowance for loan losses

522,018

567,912

575,573

573,533

412,530

Goodwill

929,168

929,168

929,168

929,168

929,168

Mortgage servicing rights, net

59,483

65,629

64,190

63,753

61,066

Other intangible assets

25,341

26,547

27,801

29,054

30,440

Deposits

16,804,860

16,970,199

17,496,787

16,728,613

16,446,109

Wholesale funding

2,252,934

2,357,097

2,219,543

3,180,851

3,279,100

Stockholders' equity

3,200,849

3,186,127

3,180,509

2,738,608

2,924,659

Stockholders' equity / assets

14.21%

14.00%

13.76%

11.97%

12.78%

Tangible common equity / tangible assets (4)

8.03%

7.88%

7.73%

5.79%

6.64%

Tangible equity/tangible assets (5)

10.41%

10.23%

10.04%

8.12%

8.96%

Tier 1 risk-based capital ratio

17.68%

17.25%

16.40%

12.52%

13.14%

Tier 1 leverage ratio

10.78%

10.80%

10.57%

8.76%

9.35%

Total risk-based capital ratio

19.16%

19.02%

18.15%

14.24%

14.83%

Shares outstanding, end of period

173,019

172,955

172,880

127,876

127,864

Selected trend information

Average full time equivalent employees

4,827

4,766

4,777

4,802

5,004

Trust assets under management, at market value

$   5,400,000

$   5,100,000

$   5,500,000

$   5,300,000

$   5,200,000

Mortgage loans originated for sale during period

727,868

501,965

454,746

671,305

638,229

Mortgage portfolio serviced for others

7,860,000

7,822,000

7,751,000

7,667,000

7,473,000

Mortgage servicing rights, net / Portfolio serviced for others

0.76%

0.84%

0.83%

0.83%

0.82%

N/M = Not meaningful.  

(1)

Return on average tangible common equity = Net income available to common equity divided by average common equity excluding average goodwill and other intangible assets. This is a non-GAAP financial measure.  

(2)

Efficiency ratio = Noninterest expense divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains, net, and asset sales gains, net.   This is a non-GAAP financial measure.  

(3)

Ratio is based upon basic earnings per common share.  

(4)

Tangible common equity to tangible assets = Common stockholders' equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets.   This is a non-GAAP financial measure.  

(5)

Tangible equity to tangible assets = Stockholders' equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets.   This is a non-GAAP financial measure.  

Selected Asset Quality Information

Associated Banc-Corp

Sep10 vs Jun10

Sep10 vs Sep09

(in thousands)

Sept 30, 2010

Jun 30, 2010

% Change

Mar 31, 2010

Dec 31, 2009

Sept 30, 2009

% Change

Allowance for Loan Losses

Beginning balance

$       567,912

$     575,573

(1.3%)

$     573,533

$     412,530

$       407,167

39.5%

Provision for loan losses

64,000

97,665

(34.5%)

165,345

394,789

95,410

(32.9%)

Charge offs

(122,327)

(113,170)

8.1%

(174,627)

(236,367)

(92,340)

32.5%

Recoveries

12,433

7,844

58.5%

11,322

2,581

2,293

442.2%

Net charge offs

(109,894)

(105,326)

4.3%

(163,305)

(233,786)

(90,047)

22.0%

Ending balance

$       522,018

$     567,912

(8.1%)

$     575,573

$     573,533

$       412,530

26.5%

Net Charge Offs

Sep10 vs Jun10

Sep10 vs Sep09

Sept 30, 2010

Jun 30, 2010

% Change

Mar 31, 2010

Dec 31, 2009

Sept 30, 2009

% Change

Commercial and industrial

$           4,274

$         5,557

(23.1%)

$       63,699

$       42,940

$         57,480

(92.6%)

Commercial real estate

28,517

37,004

(22.9%)

21,328

40,550

4,449

541.0%

Real estate - construction

60,488

46,135

31.1%

60,186

124,659

12,837

371.2%

Lease financing

826

297

178.1%

774

261

319

158.9%

   Total commercial

94,105

88,993

5.7%

145,987

208,410

75,085

25.3%

Home equity

10,875

11,213

(3.0%)

11,769

16,503

11,202

(2.9%)

Installment

1,640

1,887

(13.1%)

2,222

2,099

2,433

(32.6%)

   Total retail

12,515

13,100

(4.5%)

13,991

18,602

13,635

(8.2%)

   Residential mortgage

3,274

3,233

1.3%

3,327

6,774

1,327

146.7%

       Total net charge offs

$       109,894

$     105,326

4.3%

$     163,305

$     233,786

$         90,047

22.0%

Net Charge Offs to Average Loans (in basis points)

Sept 30, 2010

Jun 30, 2010

Mar 31, 2010

Dec 31, 2009

Sept 30, 2009

Commercial and industrial

57

73

795

490

611

Commercial real estate

319

398

230

412

45

Real estate - construction

2,598

1,582

1,780

3,185

285

Lease financing

416

141

341

105

119

   Total commercial

498

444

698

915

313

Home equity

175

183

190

254

170

Installment

74

83

98

94

113

   Total retail

148

156

166

213

156

   Residential mortgage

65

65

67

127

23

       Total net charge offs

339

315

476

635

234

Credit Quality

Sep10 vs Jun10

Sep10 vs Sep09

Sept 30, 2010

Jun 30, 2010

% Change

Mar 31, 2010

Dec 31, 2009

Sept 30, 2009

% Change

Nonaccrual loans

$       727,877

$     975,641

(25.4%)

$  1,180,185

$  1,077,799

$       845,320

(13.9%)

Loans 90 or more days past due and still accruing

26,593

3,207

729.2%

6,353

24,981

23,174

14.8%

Restructured loans

62,778

40,865

53.6%

23,420

19,037

17,256

263.8%

   Total nonperforming loans

817,248

1,019,713

(19.9%)

1,209,958

1,121,817

885,750

(7.7%)

Other real estate owned (OREO)

53,101

51,223

3.7%

62,220

68,441

60,010

(11.5%)

   Total nonperforming assets

$       870,349

$  1,070,936

(18.7%)

$  1,272,178

$  1,190,258

$       945,760

(8.0%)

Allowance for loan losses / loans

4.22%

4.51%

4.33%

4.06%

2.79%

Allowance for loan losses / nonperforming loans

63.88

55.69

47.57

51.13

46.57

Allowance for loan losses / nonaccrual loans

71.72

58.21

48.77

53.21

48.80

Nonperforming loans / total loans

6.61

8.09

9.10

7.94

6.00

Nonaccrual loans / total loans

5.88

7.74

8.87

7.63

5.72

Nonperforming assets / total loans plus OREO

7.00

8.46

9.52

8.38

6.38

Nonperforming assets / total assets

3.86

4.71

5.51

5.20

4.13

Net charge offs / average loans (annualized)

3.39

3.15

4.76

6.35

2.34

Year-to-date net charge offs / average loans

3.78

3.97

4.76

2.84

1.75

Nonperforming loans by type:

Commercial and industrial

$       157,358

$     184,808

(14.9%)

$     180,182

$     234,418

$       209,843

(25.0%)

Commercial real estate

300,208

360,974

(16.8%)

356,853

307,478

213,736

40.5%

Real estate - construction

163,621

284,646

(42.5%)

487,552

413,360

301,844

(45.8%)

Lease financing

26,922

27,953

(3.7%)

29,466

19,506

18,814

43.1%

   Total commercial

648,109

858,381

(24.5%)

1,054,053

974,762

744,237

(12.9%)

Home equity

61,815

46,534

32.8%

47,231

44,257

45,905

34.7%

Installment

10,102

7,243

39.5%

7,059

7,577

7,387

36.8%

   Total retail

71,917

53,777

33.7%

54,290

51,834

53,292

34.9%

   Residential mortgage

97,222

107,555

(9.6%)

101,615

95,221

88,221

10.2%

       Total nonperforming loans

$       817,248

$  1,019,713

(19.9%)

$  1,209,958

$  1,121,817

$       885,750

(7.7%)

Selected Asset Quality Information (continued)

Associated Banc-Corp

Sep10 vs Jun10

Sep10 vs Sep09

(in thousands)

Sept 30, 2010

Jun 30, 2010

% Change

Mar 31, 2010

Dec 31, 2009

Sept 30, 2009

% Change

Restructured loans

Commercial and industrial

$              620

$            635

(2.4%)

$               -

$               -

$                -

N/M

Commercial real estate

23,387

7,820

199.1%

-

-

-

N/M

Real estate - construction

7,076

4,835

46.3%

763

480

265

N/M

Lease financing

-

-

0.0%

-

-

-

N/M

   Total commercial

31,083

13,290

133.9%

763

480

265

N/M

Home equity

10,269

3,601

185.2%

6,482

5,068

4,437

131.4%

Installment

793

560

41.6%

300

79

14

N/M

   Total retail

11,062

4,161

165.8%

6,782

5,147

4,451

148.5%

   Residential mortgage

20,633

23,414

(11.9%)

15,875

13,410

12,540

64.5%

       Total restructured loans

$         62,778

$       40,865

53.6%

$       23,420

$       19,037

$         17,256

263.8%

Restructured loans in nonaccrual loans (not included above)

$         32,657

$       48,215

$         9,862

$         9,393

$           5,353

Loans Past Due 30-89 Days

Sep10 vs Jun10

Sep10 vs Sep09

Sept 30, 2010

Jun 30, 2010

% Change

Mar 31, 2010

Dec 31, 2009

Sept 30, 2009

% Change

Commercial and industrial

$         14,505

$       40,415

(64.1%)

$       51,042

$       64,369

$         43,159

(66.4%)

Commercial real estate

56,710

50,721

11.8%

69,836

81,975

50,029

13.4%

Real estate - construction

12,225

23,368

(47.7%)

13,805

56,559

39,184

(68.8%)

Lease financing

168

628

(73.2%)

98

823

873

(80.8%)

   Total commercial

83,608

115,132

(27.4%)

134,781

203,726

133,245

(37.3%)

Home equity

20,044

15,869

26.3%

12,919

14,304

16,852

18.9%

Installment

10,536

6,567

60.4%

4,794

8,499

7,401

42.4%

   Total retail

30,580

22,436

36.3%

17,713

22,803

24,253

26.1%

   Residential mortgage

10,065

11,110

(9.4%)

12,786

14,226

17,994

(44.1%)

       Total loans past due 30-89 days

$       124,253

$     148,678

(16.4%)

$     165,280

$     240,755

$       175,492

(29.2%)

Potential Problem Loans

Sep10 vs Jun10

Sep10 vs Sep09

Sept 30, 2010

Jun 30, 2010

% Change

Mar 31, 2010

Dec 31, 2009

Sept 30, 2009

% Change

Commercial and industrial

$       373,955

$     482,686

(22.5%)

$     505,903

$     563,836

$       481,034

(22.3%)

Commercial real estate

553,126

553,316

(0.0%)

565,969

598,137

588,013

(5.9%)

Real estate - construction

175,817

203,560

(13.6%)

262,572

391,105

462,029

(61.9%)

Lease financing

2,302

6,784

(66.1%)

5,158

8,367

9,572

(76.0%)

   Total commercial

1,105,200

1,246,346

(11.3%)

1,339,602

1,561,445

1,540,648

(28.3%)

Home equity

6,495

7,778

(16.5%)

7,446

13,400

15,933

(59.2%)

Installment

692

725

(4.6%)

1,103

1,524

1,908

(63.7%)

   Total retail

7,187

8,503

(15.5%)

8,549

14,924

17,841

(59.7%)

   Residential mortgage

19,416

17,304

12.2%

19,591

19,150

15,414

26.0%

       Total potential problem loans

$    1,131,803

$  1,272,153

(11.0%)

$  1,367,742

$  1,595,519

$    1,573,903

(28.1%)

N/M - Not meaningful.

Net Interest Income Analysis - Taxable Equivalent Basis

Associated Banc-Corp

Nine months ended September 30, 2010

Nine months ended September 30, 2009

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

$   8,002,403

$              258,475

4.32%

$   9,887,868

$              334,930

4.53%

     Residential mortgage

2,006,806

74,277

4.94

2,457,663

98,159

5.33

     Retail

3,379,368

131,747

5.21

3,583,909

149,098

5.56

        Total loans

13,388,577

464,499

4.64

15,929,440

582,187

4.88

     Investment securities

5,574,111

166,840

3.99

5,640,595

187,142

4.42

     Other short-term investments

1,813,973

3,609

0.27

49,803

349

0.94

        Investments and other

7,388,084

170,449

3.08

5,690,398

187,491

4.39

Total earning assets

20,776,661

634,948

4.08

21,619,838

769,678

4.75

  Other assets, net

2,047,577

2,271,326

Total assets

$ 22,824,238

$ 23,891,164

Interest-bearing liabilities:

  Savings deposits

$      894,445

$                     857

0.13%

$      884,098

$                  1,034

0.16%

  Interest-bearing demand deposits

2,796,295

4,968

0.24

2,002,929

3,164

0.21

  Money market deposits

6,490,856

26,215

0.54

5,300,646

34,516

0.87

  Time deposits, excluding Brokered CDs

3,317,251

47,294

1.91

3,951,577

82,275

2.78

     Total interest-bearing deposits, excluding Brokered CDs

13,498,847

79,334

0.79

12,139,250

120,989

1.33

  Brokered CDs

584,153

3,650

0.84

848,538

8,414

1.33

     Total interest-bearing deposits

14,083,000

82,984

0.79

12,987,788

129,403

1.33

  Wholesale funding

2,500,326

51,131

2.73

5,006,918

73,991

1.97

Total interest-bearing liabilities

16,583,326

134,115

1.08

17,994,706

203,394

1.51

  Noninterest-bearing demand deposits

3,029,719

2,820,289

  Other liabilities

31,693

171,648

  Stockholders' equity

3,179,500

2,904,521

Total liabilities and stockholders' equity

$ 22,824,238

$ 23,891,164

Net interest income and rate spread (1)

$              500,833

3.00%

$              566,284

3.24%

Net interest margin (1)

3.22%

3.50%

Taxable equivalent adjustment

$                17,914

$                18,632

Net Interest Income Analysis - Taxable Equivalent Basis

Associated Banc-Corp

Three months ended September 30, 2010

Three months ended September 30, 2009

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

$   7,502,980

$                82,606

4.37%

$   9,503,565

$              106,506

4.45%

     Residential mortgage

2,004,284

24,025

4.78

2,270,025

29,928

5.26

     Retail

3,348,527

43,121

5.12

3,475,305

47,670

5.46

        Total loans

12,855,791

149,752

4.63

15,248,895

184,104

4.80

     Investment securities

5,452,490

50,795

3.73

5,772,358

60,406

4.19

     Other short-term investments

2,352,217

1,583

0.27

41,763

79

0.76

        Investments and other

7,804,707

52,378

2.69

5,814,121

60,485

4.16

Total earning assets

20,660,498

202,130

3.90

21,063,016

244,589

4.62

  Other assets, net

2,066,710

2,299,938

Total assets

$ 22,727,208

$ 23,362,954

Interest-bearing liabilities:

  Savings deposits

$      910,970

$                     316

0.14%

$      887,176

$                     353

0.16%

  Interest-bearing demand deposits

2,637,952

1,292

0.19

2,330,976

1,298

0.22

  Money market deposits

6,824,352

9,216

0.54

5,540,272

10,538

0.75

  Time deposits, excluding Brokered CDs

3,197,087

13,805

1.71

3,847,942

23,998

2.47

     Total interest-bearing deposits, excluding Brokered CDs

13,570,361

24,629

0.72

12,606,366

36,187

1.14

  Brokered CDs

480,074

1,250

1.03

738,145

1,624

0.87

     Total interest-bearing deposits

14,050,435

25,879

0.73

13,344,511

37,811

1.12

  Wholesale funding

2,326,469

16,433

2.81

4,067,830

21,604

2.11

Total interest-bearing liabilities

16,376,904

42,312

1.03

17,412,341

59,415

1.36

  Noninterest-bearing demand deposits

3,087,670

2,919,670

  Other liabilities

55,892

126,733

  Stockholders' equity

3,206,742

2,904,210

Total liabilities and stockholders' equity

$ 22,727,208

$ 23,362,954

Net interest income and rate spread (1)

$              159,818

2.87%

$              185,174

3.26%

Net interest margin (1)

3.08%

3.50%

Taxable equivalent adjustment

$                  5,914

$                  5,938

(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.

Net Interest Income Analysis - Taxable Equivalent Basis

Associated Banc-Corp

Three months ended September 30, 2010

Three months ended June 30, 2010

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

$    7,502,980

$                82,606

4.37%

$   8,036,688

$                85,974

4.29%

     Residential mortgage

2,004,284

24,025

4.78

1,996,448

24,781

4.97

     Retail

3,348,527

43,121

5.12

3,363,574

43,892

5.23

        Total loans

12,855,791

149,752

4.63

13,396,710

154,647

4.63

     Investment securities

5,452,490

50,795

3.73

5,365,745

55,009

4.10

     Other short-term investments

2,352,217

1,583

0.27

1,836,182

1,188

0.26

        Investments and other

7,804,707

52,378

2.69

7,201,927

56,197

3.12

Total earning assets

20,660,498

202,130

3.90

20,598,637

210,844

4.10

  Other assets, net

2,066,710

2,000,058

Total assets

$  22,727,208

$ 22,598,695

Interest-bearing liabilities:

  Savings deposits

$       910,970

$                     316

0.14%

$      913,347

$                     291

0.13%

  Interest-bearing demand deposits

2,637,952

1,292

0.19

2,833,530

1,898

0.27

  Money market deposits

6,824,352

9,216

0.54

6,398,892

8,778

0.55

  Time deposits, excluding Brokered CDs

3,197,087

13,805

1.71

3,305,825

16,035

1.95

     Total interest-bearing deposits, excluding Brokered CDs

13,570,361

24,629

0.72

13,451,594

27,002

0.81

  Brokered CDs

480,074

1,250

1.03

614,005

1,358

0.89

     Total interest-bearing deposits

14,050,435

25,879

0.73

14,065,599

28,360

0.81

  Wholesale funding

2,326,469

16,433

2.81

2,343,119

16,725

2.86

Total interest-bearing liabilities

16,376,904

42,312

1.03

16,408,718

45,085

1.10

  Noninterest-bearing demand deposits

3,087,670

2,990,594

  Other liabilities

55,892

13,088

  Stockholders' equity

3,206,742

3,186,295

Total liabilities and stockholders' equity

$  22,727,208

$ 22,598,695

Net interest income and rate spread (1)

$              159,818

2.87%

$              165,759

3.00%

Net interest margin (1)

3.08%

3.22%

Taxable equivalent adjustment

$                  5,914

$                  5,966

(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.

Financial Summary and Comparison

Associated Banc-Corp

Period End Loan Composition

Sep10 vs Jun10

Sep10 vs Sep09

Sept 30, 2010

Jun 30, 2010

% Change

Mar 31, 2010

Dec 31, 2009

Sept 30, 2009

% Change

Commercial and industrial

$    2,989,238

$           2,969,662

0.7%

$   3,099,265

$           3,450,632

$    3,613,457

(17.3%)

Commercial real estate

3,494,342

3,576,716

(2.3%)

3,699,139

3,817,066

3,902,340

(10.5%)

Real estate - construction

736,387

925,697

(20.5%)

1,281,868

1,397,493

1,611,857

(54.3%)

Lease financing

74,690

82,375

(9.3%)

87,568

95,851

102,130

(26.9%)

   Total commercial

7,294,657

7,554,450

(3.4%)

8,167,840

8,761,042

9,229,784

(21.0%)

Home equity

2,457,461

2,455,181

0.1%

2,468,587

2,546,167

2,591,262

(5.2%)

Installment

721,480

749,588

(3.7%)

759,025

873,568

885,970

(18.6%)

   Total retail

3,178,941

3,204,769

(0.8%)

3,227,612

3,419,735

3,477,232

(8.6%)

   Residential mortgage

1,898,795

1,842,697

3.0%

1,903,869

1,947,848

2,058,581

(7.8%)

       Total loans

$  12,372,393

$         12,601,916

(1.8%)

$ 13,299,321

$         14,128,625

$  14,765,597

(16.2%)

Period End Deposit Composition

Sep10 vs Jun10

Sep10 vs Sep09

Sept 30, 2010

Jun 30, 2010

% Change

Mar 31, 2010

Dec 31, 2009

Sept 30, 2009

% Change

Demand

$    3,054,121

$           2,932,599

4.1%

$   3,023,247

$           3,274,973

$    2,984,486

2.3%

Savings

902,077

913,146

(1.2%)

897,740

845,509

871,539

3.5%

Interest-bearing demand

2,921,700

2,745,541

6.4%

2,939,390

3,099,358

2,395,429

22.0%

Money market

6,312,912

6,554,559

(3.7%)

6,522,901

5,806,661

5,724,418

10.3%

Brokered CDs

442,209

571,626

(22.6%)

742,119

141,968

653,090

(32.3%)

Other time deposits

3,171,841

3,252,728

(2.5%)

3,371,390

3,560,144

3,817,147

(16.9%)

 Total deposits

$  16,804,860

$         16,970,199

(1.0%)

$ 17,496,787

$         16,728,613

$  16,446,109

2.2%

Network transaction deposits included above in

 interest-bearing demand and money market

1,970,050

$           2,698,204

(27.0%)

$   2,641,648

$           1,926,539

$    1,767,271

11.5%

Customer repo sweeps (a)

209,866

$              184,043

14.0%

$      188,314

$              195,858

$       242,575

(13.5%)

(a) Included within short-term borrowings.

SOURCE Associated Banc-Corp



RELATED LINKS

http://www.associatedbank.com