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Associated Reports Third Quarter Earnings of $0.31 per share

Fastest growing bank in the state of Wisconsin


News provided by

Associated Banc-Corp

Oct 15, 2015, 04:15 ET

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GREEN BAY, Wis., Oct. 15, 2015 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) today reported net income available to common shareholders of $47 million, or $0.31 per common share, for the quarter ended September 30, 2015.   This compares to net income available to common shareholders of $48 million, or $0.31 per common share, for the quarter ended June 30, 2015.

According to the recently released FDIC 2015 U.S. Bank Branch Summary of Deposits Data, Associated was the fastest growing bank operating in Wisconsin for the year ended June 30, 2015, based on deposit market share.

"We have enjoyed strong deposit growth over the prior year and remarkable inflows during the third quarter. We are pleased to have increased our market share in each of the states in our branch footprint. Our continued focus on the customer experience has allowed us to gain market share in a competitive and transforming industry," said President and CEO Philip B. Flynn. "As we anticipated, commercial loan growth slowed during the third quarter. Overall loan growth was supported by strong production in our residential lending area and we remain on track to deliver high single digit loan growth for the year."

 HIGHLIGHTS  

  • Average loans of $18.5 billion are up 8% from a year ago quarter
    • Average Total Consumer loans grew $231 million, or 3% from the second quarter
    • Average Total Commercial loans grew $34 million from the second quarter
  • Average deposits grew to a record $20.3 billion, up 14% from a year ago quarter
    • Average noninterest-bearing demand deposits grew $283 million, or 7% from the second quarter
  • Net interest income of $171 million increased $4 million, or 2% from the second quarter
    • Net interest margin of 2.82% reflects 1 basis point of compression
  • Noninterest income of $80 million reflects lower mortgage banking revenue and reduced insurance commissions
  • Noninterest expenses of $171 million decreased $5 million, or 3% from the second quarter
  • Return on average common equity Tier 1 was 10.2% for the third quarter
  • Capital ratios remain strong with a common equity Tier 1 ratio of 9.39% at September 30, 2015

THIRD QUARTER 2015 FINANCIAL RESULTS

Loans

Average loans of $18.5 billion increased $264 million, or 1% from the second quarter, and have increased $1.3 billion, or 8% from the year ago quarter. Total consumer average loans were up $231 million from the prior quarter.  Residential lending growth of $247 million was the largest contributor for the quarter. Commercial real estate lending average balances grew $111 million, or 3% from the second quarter.  Lower levels of general commercial lending and mortgage warehouse borrowings contributed to commercial and business lending average balances declining $78 million, or 1% from the second quarter.

Deposits

Average deposits of $20.3 billion were up $667 million, or 3% compared to the second quarter and have increased $2.4 billion, or 14% from the year ago quarter.  Money market average balances increased $436 million, or 5% from the second quarter.  Total demand deposit average balances increased $231 million, or 3% from the prior quarter. Savings average balances increased slightly from the second quarter.  Time deposits declined slightly during the quarter.

During the third quarter, the Company used deposit funding to repay over $1 billion of short and long term advances borrowed from the Federal Home Loan Bank of Chicago.

Net Interest Income and Net Interest Margin

Net interest income of $171 million was up $4 million, or 2% from the second quarter and down $2 million from the year ago quarter. Third quarter net interest margin was 2.82%, a decrease of 1 basis point from the second quarter.   The third quarter yield on earning assets declined 2 basis points to 3.13% from 3.15% in the prior quarter.  The decline is primarily attributable to yield compression in the investment portfolio.  The third quarter yield on loans of 3.38% was unchanged due to slower commercial growth and less new production dilution to the margin. Third quarter deposit expense increased 1 basis point to 22 basis points while the overall cost of funding was unchanged at 40 basis points from the prior quarter.

Noninterest Income

Noninterest income for the third quarter was $80 million, down $7 million or 8% from the second quarter and up $5 million or 7% from the year ago quarter. In the third quarter, core fee-based revenues decreased primarily due to $3 million of seasonally lower insurance commissions. Mortgage banking income also decreased $3 million from the second quarter, primarily driven by a $5 million net change in the quarter-end mark-to-market of the residential mortgage pipeline due to interest rate movements. Third quarter net investment securities gains of $3 million were primarily related to the further restructuring of the Company's investment portfolio from Fannie Mae and Freddie Mac mortgage backed securities into Ginnie Mae securities. Aggregate net asset and investment securities gains were flat quarter over quarter.  The significant year over year noninterest income increase is primarily attributable to a $4 million reserve for remediation of legacy debt protection products booked in the third quarter of 2014.

Noninterest Expense

Total noninterest expense was $171 million, down $5 million or 3% from the second quarter, and down modestly from the year ago quarter.  In the third quarter, personnel expense decreased $2 million from the prior quarter primarily due to lower severance expense. Technology expense decreased $2 million from the second quarter related to the completion of several projects. Several other expense categories including business development and advertising, foreclosure/OREO expense, loan expense, legal and professional fees, and occupancy, were also down in the third quarter.

Taxes

Third quarter income taxes were $22 million, with an effective tax rate of 30%, compared to $22 million and an effective tax rate of 31% in the prior quarter.

Credit

Net charge offs of $8 million were down $1 million from the second quarter, and up $5 million from the year ago quarter.  Potential problem loans increased to $264 million from $200 million in the second quarter, and increased from $220 million in the prior year period, due to the migration of a small number of credits.

The third quarter provision for credit losses was $8 million, up $3 million from the prior quarter.

Nonaccrual loans of $147 million were down 8% compared to the second quarter, and down 20% from the year ago quarter.  The nonaccrual loans to total loans ratio improved to 0.80% in the third quarter, down from 0.88% in the prior quarter and down from 1.07% in the year ago quarter.

The Company's allowance for loan losses of $263 million was up $1 million from the second quarter, and down $4 million from the year ago quarter. The allowance for loan losses to total loans ratio declined modestly to 1.42% in the third quarter.

Capital Ratios

The Company's capital position remains strong, with a common equity Tier 1 ratio of 9.39% at September 30, 2015. 

The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis.

THIRD QUARTER 2015 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 15, 2015.  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 877-407-8037. The slide presentation for the call will be available on the company's website just prior to the call. The number for international callers is 201-689-8037. Participants should ask the operator for the Associated Banc-Corp third quarter 2015 earnings call.

An audio archive of the webcast will be available on the company's website at http://investor.associatedbank.com approximately fifteen minutes after the call is over.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of over $27 billion and is one of the top 50, publicly traded, U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

FORWARD LOOKING STATEMENTS

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

NON-GAAP FINANCIAL MEASURES

This press release contains references to measures which are not defined in generally accepted accounting principles ("GAAP"), including "efficiency ratio," "common equity Tier 1", and "core fee-based revenue."  Information concerning these non-GAAP financial measures can be found in the attached tables.

Investor Contact:
Teresa Gutierrez, Senior Vice President, Director of Investor Relations      
920-491-7059

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

Associated Banc-Corp
Consolidated Balance Sheets (Unaudited)













(in thousands)


Sep 30, 2015


Jun 30, 2015


Seql Qtr
$ Change


Mar 31, 2015


Dec 31, 2014


Sep 30, 2014


Comp Qtr
$ Change

Assets















Cash and due from banks


$

303,701



$

375,369



$

(71,668)



$

355,541



$

444,113



$

381,287



$

(77,586)


Interest-bearing deposits in other financial institutions


70,023



101,573



(31,550)



488,426



571,924



74,945



(4,922)


Federal funds sold and securities purchased under agreements to resell


36,490



39,850



(3,360)



3,380



16,030



18,320



18,170


Securities held to maturity, at amortized cost


604,799



532,382



72,417



438,047



404,455



301,941



302,858


Securities available for sale, at fair value


5,403,656



5,407,998



(4,342)



5,358,310



5,396,812



5,345,422



58,234


Federal Home Loan Bank and Federal Reserve Bank stocks, at cost


160,871



160,765



106



189,222



189,107



188,875



(28,004)


Loans held for sale


105,144



151,146



(46,002)



159,963



154,935



141,672



(36,528)


Loans


18,524,773



18,303,252



221,521



17,979,032



17,593,846



17,159,090



1,365,683


Allowance for loan losses


(262,536)



(261,538)



(998)



(265,268)



(266,302)



(266,262)



3,726


Loans, net


18,262,237



18,041,714



220,523



17,713,764



17,327,544



16,892,828



1,369,409


Premises and equipment, net


271,119



274,338



(3,219)



274,591



274,688



272,283



(1,164)


Goodwill


968,844



968,844



—



968,774



929,168



929,168



39,676


Other intangible assets, net


78,380



79,055



(675)



77,984



67,582



69,201



9,179


Trading assets


43,752



35,386



8,366



42,336



35,163



34,005



9,747


Other assets


1,158,227



1,016,725



141,502



998,402



1,010,253



1,003,875



154,352


Total assets


$

27,467,243



$

27,185,145



$

282,098



$

27,068,740



$

26,821,774



$

25,653,822



$

1,813,421


Liabilities and Stockholders' Equity















Noninterest-bearing demand deposits


$

4,657,261



$

4,332,171



$

325,090



$

4,570,872



$

4,505,272



$

4,302,454



$

354,807


Interest-bearing deposits


15,901,134



14,937,392



963,742



15,280,720



14,258,232



13,898,804



2,002,330


Total deposits


20,558,395



19,269,563



1,288,832



19,851,592



18,763,504



18,201,258



2,357,137


Federal funds purchased and securities sold under agreements to repurchase


702,569



689,699



12,870



587,272



493,991



765,641



(63,072)


Other short-term funding


319,766



905,837



(586,071)



75,265



574,297



664,539



(344,773)


Long-term funding


2,679,542



3,179,734



(500,192)



3,429,925



3,930,117



2,931,547



(252,005)


Trading liabilities


45,817



37,169



8,648



44,730



37,329



36,003



9,814


Accrued expenses and other liabilities


207,357



198,752



8,605



197,818



222,285



185,256



22,101


Total liabilities


24,513,446



24,280,754



232,692



24,186,602



24,021,523



22,784,244



1,729,202


Stockholders' Equity















Preferred equity


121,379



122,015



(636)



59,727



59,727



61,024



60,355


Common stock


1,642



1,642



—



1,674



1,665



1,719



(77)


Surplus


1,455,034



1,450,200



4,834



1,505,170



1,484,933



1,583,032



(127,998)


Retained earnings


1,570,199



1,538,684



31,515



1,509,967



1,497,818



1,466,525



103,674


Accumulated other comprehensive income (loss)


15,376



2,594



12,782



24,800



(4,850)



(1,725)



17,101


Treasury stock


(209,833)



(210,744)



911



(219,200)



(239,042)



(240,997)



31,164


Total stockholders' equity


2,953,797



2,904,391



49,406



2,882,138



2,800,251



2,869,578



84,219


Total liabilities and stockholders' equity


$

27,467,243



$

27,185,145



$

282,098



$

27,068,740



$

26,821,774



$

25,653,822



$

1,813,421


Associated Banc-Corp
Consolidated Statements of Income (Unaudited)
































Comp Qtr




Comp YTD

(in thousands, except per share amounts)


3Q15


3Q14


$ Change


% Change


YTD

Sep 2015


YTD

Sep 2014


$ Change


% Change

Interest Income

















Interest and fees on loans


$

155,663



$

152,030



$

3,633



2.4

%


$

460,025



$

442,046



$

17,979



4.1

%

Interest and dividends on investment securities:

















Taxable


24,937



25,037



(100)



(0.4)

%


73,897



77,403



(3,506)



(4.5)

%

Tax-exempt


7,917



7,483



434



5.8

%


23,369



21,484



1,885



8.8

%

Other interest


1,489



1,503



(14)



(0.9)

%


4,952



4,814



138



2.9

%

Total interest income


190,006



186,053



3,953



2.1

%


562,243



545,747



16,496



3.0

%

Interest Expense

















Interest on deposits


8,521



6,621



1,900



28.7

%


24,281



18,975



5,306



28.0

%

Interest on Federal funds purchased and securities sold under agreements to repurchase


248



390



(142)



(36.4)

%


714



1,001



(287)



(28.7)

%

Interest on other short-term funding


83



233



(150)



(64.4)

%


279



629



(350)



(55.6)

%

Interest on long-term funding


10,645



6,179



4,466



72.3

%


32,159



18,836



13,323



70.7

%

Total interest expense


19,497



13,423



6,074



45.3

%


57,433



39,441



17,992



45.6

%

Net Interest Income


170,509



172,630



(2,121)



(1.2)

%


504,810



506,306



(1,496)



(0.3)

%

Provision for credit losses


8,000



1,000



7,000



N/M


17,500



11,000



6,500



59.1

%

Net interest income after provision for credit losses


162,509



171,630



(9,121)



(5.3)

%


487,310



495,306



(7,996)



(1.6)

%

Noninterest Income

















Trust service fees


12,273



12,218



55



0.5

%


36,875



35,946



929



2.6

%

Service charges on deposit accounts


17,385



17,961



(576)



(3.2)

%


48,894



51,773



(2,879)



(5.6)

%

Card-based and other nondeposit fees


12,618



12,407



211



1.7

%


38,631



37,493



1,138



3.0

%

Insurance commissions


17,561



7,860



9,701



123.4

%


57,366



33,828



23,538



69.6

%

Brokerage and annuity commissions


3,809



4,040



(231)



(5.7)

%


11,684



12,593



(909)



(7.2)

%

Total core fee-based revenue


63,646



54,486



9,160



16.8

%


193,450



171,633



21,817



12.7

%

Mortgage banking, net


6,643



6,669



(26)



(0.4)

%


23,992



18,392



5,600



30.4

%

Capital market fees, net


2,170



2,939



(769)



(26.2)

%


7,329



7,360



(31)



(0.4)

%

Bank owned life insurance income


2,448



3,506



(1,058)



(30.2)

%


7,704



10,837



(3,133)



(28.9)

%

Asset gains, net


95



4,934



(4,839)



(98.1)

%


3,084



6,561



(3,477)



(53.0)

%

Investment securities gains, net


2,796



57



2,739



N/M


4,038



469



3,569



N/M

Other


2,118



2,317



(199)



(8.6)

%


6,916



5,424



1,492



27.5

%

Total noninterest income


79,916



74,908



5,008



6.7

%


246,513



220,676



25,837



11.7

%

Noninterest Expense

















Personnel expense


101,134



97,650



3,484



3.6

%


304,272



293,141



11,131



3.8

%

Occupancy


14,187



13,743



444



3.2

%


46,178



43,088



3,090



7.2

%

Equipment


6,003



6,133



(130)



(2.1)

%


17,514



18,636



(1,122)



(6.0)

%

Technology


14,748



13,573



1,175



8.7

%


46,660



40,891



5,769



14.1

%

Business development and advertising


5,964



7,467



(1,503)



(20.1)

%


18,120



17,606



514



2.9

%

Other intangible amortization


885



990



(105)



(10.6)

%


2,574



2,972



(398)



(13.4)

%

Loan expense


3,305



3,813



(508)



(13.3)

%


9,982



10,220



(238)



(2.3)

%

Legal and professional fees


4,207



4,604



(397)



(8.6)

%


13,089



13,228



(139)



(1.1)

%

Foreclosure / OREO expense


496



2,083



(1,587)



(76.2)

%


3,224



5,554



(2,330)



(42.0)

%

FDIC expense


6,000



6,859



(859)



(12.5)

%


18,500



16,805



1,695



10.1

%

Other


14,507



14,938



(431)



(2.9)

%


42,394



45,295



(2,901)



(6.4)

%

Total noninterest expense


171,436



171,853



(417)



(0.2)

%


522,507



507,436



15,071



3.0

%

Income before income taxes


70,989



74,685



(3,696)



(4.9)

%


211,316



208,546



2,770



1.3

%

Income tax expense


21,551



24,478



(2,927)



(12.0)

%


65,806



66,775



(969)



(1.5)

%

Net income


49,438



50,207



(769)



(1.5)

%


145,510



141,771



3,739



2.6

%

Preferred stock dividends


2,184



1,255



929



74.0

%


4,957



3,777



1,180



31.2

%

Net income available to common equity


$

47,254



$

48,952



$

(1,698)



(3.5)

%


$

140,553



$

137,994



$

2,559



1.9

%

Earnings Per Common Share:

















Basic


$

0.31



$

0.31



$

—



—

%


$

0.93



$

0.86



$

0.07



8.1

%

Diluted


$

0.31



$

0.31



$

—



—

%


$

0.92



$

0.85



$

0.07



8.2

%

Average Common Shares Outstanding:

















Basic


148,614



155,925



(7,311)



(4.7)

%


149,524



159,090



(9,566)



(6.0)

%

Diluted


149,799



156,991



(7,192)



(4.6)

%


150,704



159,993



(9,289)



(5.8)

%


















N/M=Not  meaningful

















Associated Banc-Corp
Consolidated Statements of Income (Unaudited)—Quarterly Trend







Seql Qtr








Comp Qtr

(in thousands, except per share amounts)


3Q15


2Q15


$ Change


% Change


1Q15


4Q14


3Q14


$ Change


% Change

Interest Income



















Interest and fees on loans


$

155,663



$

152,417



$

3,246



2.1

%


$

151,945



$

156,536



$

152,030



$

3,633



2.4

%

Interest and dividends on investment securities:



















Taxable


24,937



23,868



1,069



4.5

%


25,092



25,061



25,037



(100)



(0.4)

%

Tax-exempt


7,917



7,565



352



4.7

%


7,887



7,580



7,483



434



5.8

%

Other interest


1,489



1,771



(282)



(15.9)

%


1,692



1,821



1,503



(14)



(0.9)

%

Total interest income


190,006



185,621



4,385



2.4

%


186,616



190,998



186,053



3,953



2.1

%

Interest Expense



















Interest on deposits


8,521



8,141



380



4.7

%


7,619



7,319



6,621



1,900



28.7

%

Interest on Federal funds purchased and securities sold under agreements to repurchase


248



235



13



5.5

%


231



218



390



(142)



(36.4)

%

Interest on other short-term funding


83



115



(32)



(27.8)

%


81



156



233



(150)



(64.4)

%

Interest on long-term funding


10,645



10,642



3



—

%


10,872



8,644



6,179



4,466



72.3

%

Total interest expense


19,497



19,133



364



1.9

%


18,803



16,337



13,423



6,074



45.3

%

Net Interest Income


170,509



166,488



4,021



2.4

%


167,813



174,661



172,630



(2,121)



(1.2)

%

Provision for credit losses


8,000



5,000



3,000



60.0

%


4,500



5,000



1,000



7,000



N/M

Net interest income after provision for credit losses


162,509



161,488



1,021



0.6

%


163,313



169,661



171,630



(9,121)



(5.3)

%

Noninterest Income



















Trust service fees


12,273



12,515



(242)



(1.9)

%


12,087



12,457



12,218



55



0.5

%

Service charges on deposit accounts


17,385



15,703



1,682



10.7

%


15,806



17,006



17,961



(576)



(3.2)

%

Card-based and other nondeposit fees


12,618



13,597



(979)



(7.2)

%


12,416



12,019



12,407



211



1.7

%

Insurance commissions


17,561



20,077



(2,516)



(12.5)

%


19,728



10,593



7,860



9,701



123.4

%

Brokerage and annuity commissions


3,809



4,192



(383)



(9.1)

%


3,683



3,496



4,040



(231)



(5.7)

%

Total core fee-based revenue


63,646



66,084



(2,438)



(3.7)

%


63,720



55,571



54,486



9,160



16.8

%

Mortgage banking, net


6,643



9,941



(3,298)



(33.2)

%


7,408



2,928



6,669



(26)



(0.4)

%

Capital market fees, net


2,170



2,692



(522)



(19.4)

%


2,467



2,613



2,939



(769)



(26.2)

%

Bank owned life insurance income


2,448



2,381



67



2.8

%


2,875



2,739



3,506



(1,058)



(30.2)

%

Asset gains, net


95



1,893



(1,798)



(95.0)

%


1,096



3,727



4,934



(4,839)



(98.1)

%

Investment securities gains, net


2,796



1,242



1,554



125.1

%


—



25



57



2,739



N/M

Other


2,118



2,288



(170)



(7.4)

%


2,510



2,040



2,317



(199)



(8.6)

%

Total noninterest income


79,916



86,521



(6,605)



(7.6)

%


80,076



69,643



74,908



5,008



6.7

%

Noninterest Expense



















Personnel expense


101,134



102,986



(1,852)



(1.8)

%


100,152



97,258



97,650



3,484



3.6

%

Occupancy


14,187



14,308



(121)



(0.8)

%


17,683



14,589



13,743



444



3.2

%

Equipment


6,003



5,739



264



4.6

%


5,772



6,148



6,133



(130)



(2.1)

%

Technology


14,748



16,354



(1,606)



(9.8)

%


15,558



14,581



13,573



1,175



8.7

%

Business development and advertising


5,964



6,829



(865)



(12.7)

%


5,327



8,538



7,467



(1,503)



(20.1)

%

Other intangible amortization


885



888



(3)



(0.3)

%


801



775



990



(105)



(10.6)

%

Loan expense


3,305



3,681



(376)



(10.2)

%


2,996



3,646



3,813



(508)



(13.3)

%

Legal and professional fees


4,207



4,344



(137)



(3.2)

%


4,538



4,257



4,604



(397)



(8.6)

%

Foreclosure / OREO expense


496



1,303



(807)



(61.9)

%


1,425



1,168



2,083



(1,587)



(76.2)

%

FDIC expense


6,000



6,000



—



—

%


6,500



6,956



6,859



(859)



(12.5)

%

Other


14,507



14,384



123



0.9

%


13,503



13,889



14,938



(431)



(2.9)

%

Total noninterest expense


171,436



176,816



(5,380)



(3.0)

%


174,255



171,805



171,853



(417)



(0.2)

%

Income before income taxes


70,989



71,193



(204)



(0.3)

%


69,134



67,499



74,685



(3,696)



(4.9)

%

Income tax expense


21,551



21,793



(242)



(1.1)

%


22,462



18,761



24,478



(2,927)



(12.0)

%

Net income


49,438



49,400



38



0.1

%


46,672



48,738



50,207



(769)



(1.5)

%

Preferred stock dividends


2,184



1,545



639



41.4

%


1,228



1,225



1,255



929



74.0

%

Net income available to common equity


$

47,254



$

47,855



$

(601)



(1.3)

%


$

45,444



$

47,513



$

48,952



$

(1,698)



(3.5)

%

Earnings Per Common Share:



















Basic


$

0.31



$

0.32



$

(0.01)



(3.1)

%


$

0.30



$

0.31



$

0.31



$

—



—

%

Diluted


$

0.31



$

0.31



$

—



—

%


$

0.30



$

0.31



$

0.31



$

—



—

%

Average Common Shares Outstanding:



















Basic


148,614



149,903



(1,289)



(0.9)

%


150,070



151,931



155,925



(7,311)



(4.7)

%

Diluted


149,799



151,108



(1,309)



(0.9)

%


151,164



153,083



156,991



(7,192)



(4.6)

%




















N/M=Not meaningful



















Associated Banc-Corp
Selected Quarterly Information









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


YTD

Sep 2015

YTD

Sep 2014

3Q15

2Q15

1Q15

4Q14

3Q14

Per Common Share Data









Dividends


$

0.30


$

0.27


$

0.10


$

0.10


$

0.10


$

0.10


$

0.09


Market Value:









High


20.84


18.90


20.55


20.84


19.07


19.37


18.90


Low


16.62


15.58


17.17


18.50


16.62


16.75


17.42


Close


17.97


17.42


17.97


20.27


18.60


18.63


17.42


Book value


18.77


18.15


18.77


18.44


18.38


18.32


18.15


Common equity Tier 1 / share (1) (6)


12.36


12.10


12.36


12.10


11.97


12.09


12.10


Tangible book value / share


$

12.23


$

12.09


$

12.23


$

11.90


$

11.95


$

12.06


$

12.09


Performance Ratios (annualized)









Return on average assets


0.72

%

0.76

%

0.72

%

0.74

%

0.71

%

0.75

%

0.78

%

Return on average tangible common equity


10.38


9.79


10.35


10.62


10.16


10.27


10.35


Return on average common equity Tier 1 (1) (6)


10.32


9.78


10.20


10.55


10.22


10.35


10.38


Effective tax rate


31.14


32.02


30.36


30.61


32.49


27.79


32.77


Dividend payout ratio (2)


32.26


31.40


32.26


31.25


33.33


32.26


29.03


Average Balances









Common stockholders' equity


$

2,792


$

2,824


$

2,798


$

2,794


$

2,785


$

2,772


$

2,815


Average common equity Tier 1 (1) (6)


$

1,821


$

1,887


$

1,837


$

1,820


$

1,804


$

1,821


$

1,871


Selected Trend Information









Average full time equivalent employees


4,436


4,435


4,421


4,465


4,422


4,320


4,359


Trust assets under management, at market value


$

7,626


$

7,700


$

7,626


$

8,068


$

8,138


$

7,993


$

7,700


Total revenue (3)


$

766


$

741


$

255


$

258


$

253


$

249


$

252


Core fee-based revenue (4)


$

194


$

172


$

64


$

66


$

64


$

56


$

54


Mortgage loans originated for sale during period


$

911


$

778


$

292


$

351


$

268


$

292


$

298


Mortgage portfolio serviced for others


$

7,907


$

8,012


$

7,907


$

7,898


$

7,920


$

7,999


$

8,012


Mortgage servicing rights, net / portfolio serviced for others


0.78

%

0.76

%

0.78

%

0.77

%

0.75

%

0.75

%

0.76

%

At Period End









Loans / deposits




90.11

%

94.99

%

90.57

%

93.77

%

94.27

%

Stockholders' equity / assets




10.75

%

10.68

%

10.65

%

10.44

%

11.19

%

Tangible common equity / tangible assets (5)




6.97

%

6.85

%

7.04

%

6.97

%

7.57

%

Tangible equity / tangible assets (5)




7.43

%

7.32

%

7.27

%

7.20

%

7.82

%

Shares outstanding, end of period




150,928


150,862


153,567


149,560


154,743


Capital (6)









Risk weighted assets (7) (8)




$

19,866


$

19,629


$

19,565


$

18,568


$

18,031


Common equity Tier 1 (1)




$

1,865


$

1,825


$

1,838


$

1,808


$

1,873


Common equity Tier 1 / risk-weighted assets (7) (8)




9.39

%

9.30

%

9.39

%

9.74

%

10.39

%

Tier 1 leverage ratio (7) (8)




7.53

%

7.53

%

7.39

%

7.48

%

7.87

%

Tier 1 risk-based capital ratio (7) (8)




9.98

%

9.89

%

9.70

%

10.06

%

10.73

%

Total risk-based capital ratio (7) (8)




12.49

%

12.41

%

12.21

%

12.66

%

11.98

%



(1)

Common equity Tier 1, a non-GAAP financial measure, is used by banking regulators, investors and analysts to assess and compare the quality and composition of our capital with the capital of other financial services companies. Management uses common equity Tier 1, along with other capital measures, to assess and monitor our capital position. Common equity Tier 1 (period end and average) is Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities.

(2)

Ratio is based upon basic earnings per common share.

(3)

Total revenue, a non-GAAP financial measure, is the sum of taxable equivalent net interest income, core fee-based revenues, and other noninterest income categories, as presented on Pages 2 and 3 in the Consolidated Statements of Income and Pages 7 and 8 in the Net Interest Income Analysis.

(4)

Core fee-based revenue, a non-GAAP financial measure, is the sum of trust service fees, service charges on deposit accounts, card-based and other nondeposit fees, insurance commissions, and brokerage and annuity commissions, as presented on Pages 2 and 3 in the Consolidated Statements of Income.

(5)

The ratios tangible common equity to tangible assets and tangible equity to tangible assets exclude goodwill and other intangible assets, which is a non-GAAP financial measure. These financial measures have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength.

(6)

Prior to 2015, the regulatory capital requirements effective for the Corporation followed the Capital Accord of the Basel Committee on Banking Supervision ("Basel I"). Beginning January 1, 2015, the regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions from Basel I over the next three years to full implementation by January 1, 2018.

(7)

September 30, 2015 data is estimated.

(8)

The Federal Reserve establishes capital adequacy requirements, including well-capitalized standards for the Corporation. The OCC establishes similar capital adequacy requirements and standards for the Bank. Regulatory capital primarily consists of Tier 1 risk-based capital and Tier 2 risk-based capital. The sum of Tier 1 risk-based capital and Tier 2 risk-based capital equals our total risk-based capital. Risk-based capital guidelines require a minimum level of capital as a percentage of risk-weighted assets. Risk-weighted assets consist of total assets plus certain off-balance sheet and market items, subject to adjustment for predefined credit risk factors.

Associated Banc-Corp
Selected Asset Quality Information















(in thousands)


Sep 30, 2015


Jun 30, 2015


Seql Qtr

% Change


Mar 31, 2015


Dec 31, 2014


Sep 30, 2014


Comp Qtr

% Change

Allowance for Loan Losses















Beginning balance


$

261,538



$

265,268



(1.4)

%


$

266,302



$

266,262



$

271,851



(3.8)

%

Provision for loan losses


9,000



5,000



80.0

%


4,500



4,500



(3,000)



(400.0)

%

Charge offs


(11,732)



(14,537)



(19.3)

%


(13,270)



(8,778)



(14,850)



(21.0)

%

Recoveries


3,730



5,807



(35.8)

%


7,736



4,318



12,261



(69.6)

%

Net charge offs


(8,002)



(8,730)



(8.3)

%


(5,534)



(4,460)



(2,589)



209.1

%

Ending balance


$

262,536



$

261,538



0.4

%


$

265,268



$

266,302



$

266,262



(1.4)

%

Allowance for Unfunded Commitments















Beginning balance


$

24,900



$

24,900



—

%


$

24,900



$

24,400



$

20,400



22.1

%

Provision for unfunded commitments


(1,000)



—



N/M


—



500



4,000



(125.0)

%

Ending balance


$

23,900



$

24,900



(4.0)

%


$

24,900



$

24,900



$

24,400



(2.0)

%

Allowance for credit losses


$

286,436



$

286,438



—

%


$

290,168



$

291,202



$

290,662



(1.5)

%

Net Charge Offs


Sep 30, 2015


Jun 30, 2015


Seql Qtr
% Change


Mar 31, 2015


Dec 31, 2014


Sep 30, 2014


Comp Qtr
% Change

Commercial and industrial


$

4,709



$

3,921



20.1

%


$

4,650



$

1,323



$

572



N/M

Commercial real estate—owner occupied


(504)



1,198



(142.1)

%


739



134



2,210



(122.8)

%

Lease financing


—



—



N/M


—



9



(6)



(100.0)

%

Commercial and business lending


4,205



5,119



(17.9)

%


5,389



1,466



2,776



51.5

%

Commercial real estate—investor


496



1,856



(73.3)

%


(2,529)



(132)



(4,065)



(112.2)

%

Real estate construction


38



(673)



(105.6)

%


(743)



(116)



350



(89.1)

%

Commercial real estate lending


534



1,183



(54.9)

%


(3,272)



(248)



(3,715)



(114.4)

%

Total commercial


4,739



6,302



(24.8)

%


2,117



1,218



(939)



N/M

Home equity revolving lines of credit


533



246



116.7

%


1,220



1,094



1,098



(51.5)

%

Home equity loans junior liens


358



118



203.4

%


423



457



728



(50.8)

%

Home equity (1)


891



364



144.8

%


1,643



1,551



1,826



(51.2)

%

Installment and credit cards


810



786



3.1

%


769



990



910



(11.0)

%

Residential mortgage (1)


1,562



1,278



22.2

%


1,005



701



792



97.2

%

Total consumer


3,263



2,428



34.4

%


3,417



3,242



3,528



(7.5)

%

Total net charge offs


$

8,002



$

8,730



(8.3)

%


$

5,534



$

4,460



$

2,589



209.1

%

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


Sep 30, 2015


Jun 30, 2015




Mar 31, 2015


Dec 31, 2014


Sep 30, 2014



Commercial and industrial


31



26





32



9



4




Commercial real estate—owner occupied


(21)



48





30



5



84




Lease financing


—



—





—



7



(5)




Commercial and business lending


24



29





31



9



17




Commercial real estate—investor


6



24





(33)



(2)



(54)




Real estate construction


1



(26)





(30)



(5)



14




Commercial real estate lending


5



11





(32)



(2)



(37)




Total commercial


17



22





8



4



(3)




Home equity revolving lines of credit


24



11





56



49



50




Home equity loans junior liens


104



32





108



107



159




Home equity (1)


35



14





64



58



69




Installment and credit cards


75



73





70



86



78




Residential mortgage (1)


11



9





8



5



6




Total consumer


18



14





21



19



22




Total net charge offs


17



19





13



10



6




Credit Quality


Sep 30, 2015


Jun 30, 2015


Seql Qtr
% Change


Mar 31, 2015


Dec 31, 2014


Sep 30, 2014


Comp Qtr
% Change

Nonaccrual loans


$

147,454



$

160,361



(8.0)

%


$

174,346



$

177,413



$

184,138



(19.9)

%

Other real estate owned (OREO)


13,740



13,557



1.3

%


14,926



16,732



16,840



(18.4)

%

Total nonperforming assets


$

161,194



$

173,918



(7.3)

%


$

189,272



$

194,145



$

200,978



(19.8)

%

Loans 90 or more days past due and still accruing


$

1,484



$

1,662



(10.7)

%


$

1,715



$

1,623



$

1,690



(12.2)

%

Allowance for loan losses / loans


1.42

%


1.43

%




1.48

%


1.51

%


1.55

%



Allowance for loan losses / nonaccrual loans


178.05



163.09





152.15



150.10



144.60




Nonaccrual loans / total loans


0.80



0.88





0.97



1.01



1.07




Nonperforming assets / total loans plus OREO


0.87



0.95





1.05



1.10



1.17




Nonperforming assets / total assets


0.59



0.64





0.70



0.72



0.78




Net charge offs / average loans (annualized)


0.17



0.19





0.13



0.10



0.06




Year-to-date net charge offs / average loans


0.16



0.16





0.13



0.09



0.08




* Annualized















Associated Banc-Corp
Selected Asset Quality Information (continued)

(in thousands)


Sep 30, 2015


Jun 30, 2015


Seql Qtr
% Change


Mar 31, 2015


Dec 31, 2014


Sep 30, 2014


Comp Qtr
% Change

Nonaccrual loans by type:















Commercial and industrial


$

58,421



$

64,738



(9.8)

%


$

61,620



$

49,663



$

51,143



14.2

%

Commercial real estate—owner occupied


13,368



18,821



(29.0)

%


21,861



25,825



24,340



(45.1)

%

Lease financing


1,763



1,656



6.5

%


1,720



1,801



1,947



(9.5)

%

Commercial and business lending


73,552



85,215



(13.7)

%


85,201



77,289



77,430



(5.0)

%

Commercial real estate—investor


6,921



6,090



13.6

%


13,742



22,685



25,106



(72.4)

%

Real estate construction


997



2,906



(65.7)

%


5,423



5,399



8,187



(87.8)

%

Commercial real estate lending


7,918



8,996



(12.0)

%


19,165



28,084



33,293



(76.2)

%

Total commercial


81,470



94,211



(13.5)

%


104,366



105,373



110,723



(26.4)

%

Home equity revolving lines of credit


8,060



8,420



(4.3)

%


9,171



9,853



10,154



(20.6)

%

Home equity loans junior liens


5,581



5,356



4.2

%


6,145



6,598



6,443



(13.4)

%

Home equity (1)


13,641



13,776



(1.0)

%


15,316



16,451



16,597



(17.8)

%

Installment and credit cards


386



454



(15.0)

%


515



613



653



(40.9)

%

Residential mortgage (1)


51,957



51,920



0.1

%


54,149



54,976



56,165



(7.5)

%

Total consumer


65,984



66,150



(0.3)

%


69,980



72,040



73,415



(10.1)

%

Total nonaccrual loans


$

147,454



$

160,361



(8.0)

%


$

174,346



$

177,413



$

184,138



(19.9)

%

Restructured loans (accruing)


Sep 30, 2015


Jun 30, 2015


Seql Qtr
% Change


Mar 31, 2015


Dec 31, 2014


Sep 30, 2014


Comp Qtr
% Change

Commercial and industrial


$

28,598



$

32,063



(10.8)

%


$

26,466



$

33,892



$

36,955



(22.6)

%

Commercial real estate—owner occupied


7,343



5,433



35.2

%


9,780



10,454



11,574



(36.6)

%

Commercial and business lending


35,941



37,496



(4.1)

%


36,246



44,346



48,529



(25.9)

%

Commercial real estate—investor


18,580



22,009



(15.6)

%


22,775



23,127



24,440



(24.0)

%

Real estate construction


485



714



(32.1)

%


717



727



805



(39.8)

%

Commercial real estate lending


19,065



22,723



(16.1)

%


23,492



23,854



25,245



(24.5)

%

Total commercial


55,006



60,219



(8.7)

%


59,738



68,200



73,774



(25.4)

%

Home equity revolving lines of credit


1,121



1,222



(8.3)

%


1,251



1,508



1,531



(26.8)

%

Home equity loans junior liens


5,824



6,610



(11.9)

%


6,642



6,701



7,184



(18.9)

%

Home equity (1)


6,945



7,832



(11.3)

%


7,893



8,209



8,715



(20.3)

%

Installment and credit cards


804



796



1.0

%


891



974



1,106



(27.3)

%

Residential mortgage (1)


20,054



21,373



(6.2)

%


20,295



20,833



21,008



(4.5)

%

Total consumer


27,803



30,001



(7.3)

%


29,079



30,016



30,829



(9.8)

%

Total restructured loans (accruing)


$

82,809



$

90,220



(8.2)

%


$

88,817



$

98,216



$

104,603



(20.8)

%

Restructured loans in nonaccrual loans (not included above)


$

36,583



$

43,699



(16.3)

%


$

53,553



$

57,656



$

63,314



(42.2)

%

Loans Past Due 30-89 Days


Sep 30, 2015


Jun 30, 2015


Seql Qtr
% Change


Mar 31, 2015


Dec 31, 2014


Sep 30, 2014


Comp Qtr
% Change

Commercial and industrial


$

2,921



$

6,357



(54.1)

%


$

1,717



$

14,747



$

3,947



(26.0)

%

Commercial real estate—owner occupied


2,018



1,090



85.1

%


1,849



10,628



2,675



(24.6)

%

Lease financing


375



—



N/M


—



—



—



N/M

Commercial and business lending


5,314



7,447



(28.6)

%


3,566



25,375



6,622



(19.8)

%

Commercial real estate—investor


1,218



19,843



(93.9)

%


2,215



1,208



15,869



(92.3)

%

Real estate construction


373



312



19.6

%


317



984



399



(6.5)

%

Commercial real estate lending


1,591



20,155



(92.1)

%


2,532



2,192



16,268



(90.2)

%

Total commercial


6,905



27,602



(75.0)

%


6,098



27,567



22,890



(69.8)

%

Home equity revolving lines of credit


6,142



5,157



19.1

%


7,150



6,725



6,739



(8.9)

%

Home equity loans junior liens


2,423



1,894



27.9

%


1,905



2,058



2,496



(2.9)

%

Home equity (1)


8,565



7,051



21.5

%


9,055



8,783



9,235



(7.3)

%

Installment and credit cards


1,723



1,655



4.1

%


1,818



1,932



1,818



(5.2)

%

Residential mortgage (1)


4,811



6,602



(27.1)

%


4,356



4,846



4,734



1.6

%

Total consumer


15,099



15,308



(1.4)

%


15,229



15,561



15,787



(4.4)

%

Total loans past due 30-89 days


$

22,004



$

42,910



(48.7)

%


$

21,327



$

43,128



$

38,677



(43.1)

%

Potential Problem Loans


Sep 30, 2015


Jun 30, 2015


Seql Qtr
% Change


Mar 31, 2015


Dec 31, 2014


Sep 30, 2014


Comp Qtr
% Change

Commercial and industrial


$

191,941



$

125,643



52.8

%


$

138,403



$

108,522



$

133,416



43.9

%

Commercial real estate—owner occupied


41,466



41,997



(1.3)

%


43,114



48,695



49,008



(15.4)

%

Lease financing


233



1,385



(83.2)

%


2,009



2,709



3,787



(93.8)

%

Commercial and business lending


233,640



169,025



38.2

%


183,526



159,926



186,211



25.5

%

Commercial real estate—investor


23,633



23,543



0.4

%


26,026



24,043



28,474



(17.0)

%

Real estate construction


2,354



1,327



77.4

%


1,487



1,776



2,227



5.7

%

Commercial real estate lending


25,987



24,870



4.5

%


27,513



25,819



30,701



(15.4)

%

Total commercial


259,627



193,895



33.9

%


211,039



185,745



216,912



19.7

%

Home equity revolving lines of credit


141



202



(30.2)

%


247



204



224



(37.1)

%

Home equity loans junior liens


86



230



(62.6)

%


711



676



687



(87.5)

%

Home equity (1)


227



432



(47.5)

%


958



880



911



(75.1)

%

Installment and credit cards


—



—



N/M


—



2



4



(100.0)

%

Residential mortgage (1)


3,966



5,341



(25.7)

%


6,621



3,781



2,166



83.1

%

Total consumer


4,193



5,773



(27.4)

%


7,579



4,663



3,081



36.1

%

Total potential problem loans


$

263,820



$

199,668



32.1

%


$

218,618



$

190,408



$

219,993



19.9

%

N/M = Not meaningful
















(1)   During the third quarter of 2015, the Corporation completed a loan system conversion that moved closed end first lien home equity loans from a legacy system to our residential mortgage servicing platform. All prior periods have been restated to reflect this change. See Page 9 of the Financial Summary and Comparison Press Release for additional information on the dollar impact of the loan system conversion.

Associated Banc-Corp
Net Interest Income Analysis—Taxable Equivalent Basis
Sequential Quarter



Three months ended September 30, 2015


Three months ended June 30, 2015

(in thousands)


Average
Balance


Interest
Income /Expense


Average
Yield /Rate


Average
Balance


Interest
Income /Expense


Average
Yield /Rate

Earning assets:













Loans: (1) (2) (3)













Commercial and business lending


$

7,089,664



$

55,944



3.13

%


$

7,167,315



$

56,329



3.15

%

Commercial real estate lending


4,260,329



36,694



3.42



4,148,955



35,688



3.45


Total commercial


11,349,993



92,638



3.24



11,316,270



92,017



3.26


Residential mortgage (4)


5,658,253



47,004



3.32



5,411,193



44,447



3.29


Retail (4)


1,444,503



16,913



4.67



1,460,842



16,857



4.62


Total loans


18,452,749



156,555



3.38



18,188,305



153,321



3.38


Investment securities (1)


5,965,769



37,049



2.48



5,703,477



35,443



2.49


Other short-term investments


415,496



1,489



1.43



374,585



1,771



1.89


Investments and other


6,381,265



38,538



2.42



6,078,062



37,214



2.45


Total earning assets


24,834,014



$

195,093



3.13



24,266,367



$

190,535



3.15


Other assets, net


2,446,062







2,465,707






Total assets


$

27,280,076







$

26,732,074






Interest-bearing liabilities:













Savings deposits


$

1,357,677



$

254



0.07

%


$

1,352,616



$

259



0.08

%

Interest-bearing demand deposits


3,199,391



962



0.12



3,251,196



1,037



0.13


Money market deposits


9,538,030



4,350



0.18



9,101,589



4,088



0.18


Time deposits


1,624,661



2,955



0.72



1,630,242



2,757



0.68


Total interest-bearing deposits


15,719,759



8,521



0.22



15,335,643



8,141



0.21


Federal funds purchased and securities sold under agreements to repurchase


649,891



248



0.15



662,047



235



0.14


Other short-term funding


154,811



83



0.21



236,459



115



0.20


Long-term funding


3,024,774



10,645



1.41



3,080,954



10,642



1.38


Total short and long-term funding


3,829,476



10,976



1.15



3,979,460



10,992



1.11


Total interest-bearing liabilities


19,549,235



$

19,497



0.40



19,315,103



$

19,133



0.40


Noninterest-bearing demand deposits


4,573,840







4,290,567






Other liabilities


237,725







251,743






Stockholders' equity


2,919,276







2,874,661






Total liabilities and stockholders' equity


$

27,280,076







$

26,732,074






Net interest income and rate spread




$

175,596



2.73

%




$

171,402



2.75

%

Net interest margin






2.82

%






2.83

%

Fully tax-equivalent adjustment




$

5,087







$

4,914

















Net Interest Income Analysis—Taxable Equivalent Basis
Comparable Quarter













Three months ended September 30, 2015


Three months ended September 30, 2014

(in thousands)


Average
Balance


Interest
Income /Expense


Average
Yield /Rate


Average
Balance


Interest
Income /Expense


Average
Yield /Rate

Earning assets:













Loans: (1) (2) (3)













Commercial and business lending


$

7,089,664



$

55,944



3.13

%


$

6,652,227



$

54,990



3.28

%

Commercial real estate lending


4,260,329



36,694



3.42



4,019,286



37,780



3.73


Total commercial


11,349,993



92,638



3.24



10,671,513



92,770



3.45


Residential mortgage (4)


5,658,253



47,004



3.32



4,947,713



42,840



3.46


Retail (4)


1,444,503



16,913



4.67



1,521,735



17,392



4.56


Total loans


18,452,749



156,555



3.38



17,140,961



153,002



3.55


Investment securities (1)


5,965,769



37,049



2.48



5,619,982



36,486



2.60


Other short-term investments


415,496



1,489



1.43



335,774



1,503



1.79


Investments and other


6,381,265



38,538



2.42



5,955,756



37,989



2.55


Total earning assets


24,834,014



$

195,093



3.13



23,096,717



$

190,991



3.29


Other assets, net


2,446,062







2,375,335






Total assets


$

27,280,076







$

25,472,052






Interest-bearing liabilities:













Savings deposits


$

1,357,677



$

254



0.07

%


$

1,269,994



$

254



0.08

%

Interest-bearing demand deposits


3,199,391



962



0.12



3,096,712



1,111



0.14


Money market deposits


9,538,030



4,350



0.18



7,721,167



3,153



0.16


Time deposits


1,624,661



2,955



0.72



1,545,851



2,103



0.54


Total interest-bearing deposits


15,719,759



8,521



0.22



13,633,724



6,621



0.19


Federal funds purchased and securities sold under agreements to repurchase


649,891



248



0.15



927,904



390



0.17


Other short-term funding


154,811



83



0.21



665,647



233



0.14


Long-term funding


3,024,774



10,645



1.41



2,931,714



6,179



0.84


Total short and long-term funding


3,829,476



10,976



1.15



4,525,265



6,802



0.60


Total interest-bearing liabilities


19,549,235



$

19,497



0.40



18,158,989



$

13,423



0.29


Noninterest-bearing demand deposits


4,573,840







4,239,654






Other liabilities


237,725







197,330






Stockholders' equity


2,919,276







2,876,079






Total liabilities and stockholders' equity


$

27,280,076







$

25,472,052






Net interest income and rate spread




$

175,596



2.73

%




$

177,568



3.00

%

Net interest margin






2.82

%






3.06

%

Fully tax-equivalent adjustment




$

5,087







$

4,938






(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.

(4)

During the third quarter of 2015, the Corporation completed a loan system conversion that moved closed end first lien home equity loans from a legacy system to our residential mortgage servicing platform. All prior periods have been restated to reflect this change. See Page 9 of the Financial Summary and Comparison Press Release for additional information on the dollar impact of the loan system conversion.

Associated Banc-Corp
Net Interest Income Analysis—Taxable Equivalent Basis
Year Over Year



Nine months ended September 30, 2015


Nine months ended September 30, 2014

(in thousands)


Average
Balance


Interest
Income /Expense


Average
Yield /Rate


Average
Balance


Interest
Income /Expense


Average
Yield /Rate

Earning assets:













Loans: (1) (2) (3)













Commercial and business lending


$

7,083,736



$

168,188



3.17

%


$

6,419,328



$

160,189



3.34

%

Commercial real estate lending


4,171,250



108,785



3.49



3,965,242



109,681



3.70


Total commercial


11,254,986



276,973



3.29



10,384,570



269,870



3.47


Residential mortgage (4)


5,435,277



134,923



3.31



4,787,306



125,460



3.50


Retail (4)


1,464,129



50,851



4.64



1,482,357



49,581



4.46


Total loans


18,154,392



462,747



3.40



16,654,233



444,911



3.57


Investment securities (1)


5,808,771



109,651



2.52



5,559,398



110,273



2.64


Other short-term investments


455,485



4,952



1.45



299,692



4,814



2.14


Investments and other


6,264,256



114,603



2.44



5,859,090



115,087



2.62


Total earning assets


24,418,648



$

577,350



3.16



22,513,323



$

559,998



3.32


Other assets, net


2,456,843







2,339,067






Total assets


$

26,875,491







$

24,852,390






Interest-bearing liabilities:













Savings deposits


$

1,329,548



$

751



0.08

%


$

1,244,483



$

715



0.08

%

Interest-bearing demand deposits


3,218,089



3,049



0.13



2,930,236



2,903



0.13


Money market deposits


9,100,867



12,223



0.18



7,413,513



8,906



0.16


Time deposits


1,616,474



8,258



0.68



1,600,472



6,451



0.54


Total interest-bearing deposits


15,264,978



24,281



0.21



13,188,704



18,975



0.19


Federal funds purchased and securities sold under agreements to repurchase


632,714



714



0.15



860,732



1,001



0.16


Other short-term funding


170,300



279



0.22



610,055



629



0.14


Long-term funding


3,277,840



32,159



1.31



2,955,797



18,836



0.85


Total short and long-term funding


4,080,854



33,152



1.08



4,426,584



20,466



0.62


Total interest-bearing liabilities


19,345,832



$

57,433



0.40



17,615,288



$

39,441



0.30


Noninterest-bearing demand deposits


4,397,894







4,160,025






Other liabilities


251,937







191,802






Stockholders' equity


2,879,828







2,885,275






Total liabilities and stockholders' equity


$

26,875,491







$

24,852,390






Net interest income and rate spread




$

519,917



2.76

%




$

520,557



3.02

%

Net interest margin






2.84

%






3.09

%

Fully tax-equivalent adjustment




$

15,107







$

14,251






(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.

(4)

During the third quarter of 2015, the Corporation completed a loan system conversion that moved closed end first lien home equity loans from a legacy system to our residential mortgage servicing platform. All prior periods have been restated to reflect this change. See Page 9 of the Financial Summary and Comparison Press Release for additional information on the dollar impact of the loan system conversion.

Associated Banc-Corp         Financial Summary and Comparison

(in thousands)















Period End Loan Composition


Sep 30, 2015


Jun 30, 2015


Seql Qtr
% Change


Mar 31, 2015


Dec 31, 2014


Sep 30, 2014


Comp Qtr
% Change

Commercial and industrial


$

6,085,473



$

6,208,192



(2.0)

%


$

6,140,420



$

5,905,902



$

5,603,899



8.6

%

Commercial real estate—owner occupied


966,689



978,183



(1.2)

%


1,003,885



1,007,937



1,014,335



(4.7)

%

Lease financing


42,607



46,900



(9.2)

%


49,496



51,529



52,600



(19.0)

%

Commercial and business lending


7,094,769



7,233,275



(1.9)

%


7,193,801



6,965,368



6,670,834



6.4

%

Commercial real estate—investor


3,183,352



3,126,440



1.8

%


3,086,980



3,056,485



3,043,361



4.6

%

Real estate construction


1,124,280



1,092,308



2.9

%


1,019,571



1,008,956



982,426



14.4

%

Commercial real estate lending


4,307,632



4,218,748



2.1

%


4,106,551



4,065,441



4,025,787



7.0

%

Total commercial


11,402,401



11,452,023



(0.4)

%


11,300,352



11,030,809



10,696,621



6.6

%

Home equity revolving lines of credit


883,573



880,628



0.3

%


879,827



887,779



880,435



0.4

%

Home equity loans junior liens


130,892



141,344



(7.4)

%


154,120



164,148



176,316



(25.8)

%

Home equity  (1)


1,014,465



1,021,972



(0.7)

%


1,033,947



1,051,927



1,056,751



(4.0)

%

Installment and credit cards


425,729



430,823



(1.2)

%


436,492



454,219



459,682



(7.4)

%

Residential mortgage (1)


5,682,178



5,398,434



5.3

%


5,208,241



5,056,891



4,946,036



14.9

%

Total consumer


7,122,372



6,851,229



4.0

%


6,678,680



6,563,037



6,462,469



10.2

%

Total loans


$

18,524,773



$

18,303,252



1.2

%


$

17,979,032



$

17,593,846



$

17,159,090



8.0

%

Period End Deposit and Customer Funding Composition


Sep 30, 2015


Jun 30, 2015


Seql Qtr
% Change


Mar 31, 2015


Dec 31, 2014


Sep 30, 2014


Comp Qtr
% Change

Noninterest-bearing demand


$

4,657,261



$

4,332,171



7.5

%


$

4,570,872



$

4,505,272



$

4,302,454



8.2

%

Savings


1,346,407



1,359,478



(1.0)

%


1,337,643



1,235,277



1,256,567



7.1

%

Interest-bearing demand


3,416,429



3,576,311



(4.5)

%


3,525,870



3,126,854



3,637,411



(6.1)

%

Money market


9,516,503



8,374,186



13.6

%


8,781,206



8,324,646



7,491,460



27.0

%

Brokered CDs


42,689



39,760



7.4

%


40,699



42,556



9,242



361.9

%

Other time


1,579,106



1,587,657



(0.5)

%


1,595,302



1,528,899



1,504,124



5.0

%

Total deposits


20,558,395



19,269,563



6.7

%


19,851,592



18,763,504



18,201,258



13.0

%

Customer repo sweeps


524,630



433,044



21.1

%


528,572



384,221



493,451



6.3

%

Total deposits and customer funding


$

21,083,025



$

19,702,607



7.0

%


$

20,380,164



$

19,147,725



$

18,694,709



12.8

%

Network transaction deposits included above in interest-bearing demand & money market


$

3,207,867



$

2,920,939



9.8

%


$

2,900,325



$

2,852,943



$

2,207,055



45.3

%

Brokered CDs


42,689



39,760



7.4

%


40,699



42,556



9,242



N/M

Total network and brokered funding


3,250,556



2,960,699



9.8

%


2,941,024



2,895,499



2,216,297



46.7

%

Net customer deposits and funding (2)


$

17,832,469



$

16,741,908



6.5

%


$

17,439,140



$

16,252,226



$

16,478,412



8.2

%


Quarter Average Loan Composition


Sep 30, 2015


Jun 30, 2015


Seql Qtr
% Change


Mar 31, 2015


Dec 31, 2014


Sep 30, 2014


Comp Qtr
% Change

Commercial and industrial


$

6,074,168



$

6,122,864



(0.8)

%


$

5,944,152



$

5,665,396



$

5,558,135



9.3

%

Commercial real estate—owner occupied


970,112



995,981



(2.6)

%


998,293



1,003,179



1,043,001



(7.0)

%

Lease financing


45,384



48,470



(6.4)

%


50,724



52,318



51,091



(11.2)

%

Commercial and business lending


7,089,664



7,167,315



(1.1)

%


6,993,169



6,720,893



6,652,227



6.6

%

Commercial real estate—investor


3,134,454



3,110,637



0.8

%


3,106,965



3,062,427



3,013,210



4.0

%

Real estate construction


1,125,875



1,038,318



8.4

%


995,768



1,003,716



1,006,076



11.9

%

Commercial real estate lending


4,260,329



4,148,955



2.7

%


4,102,733



4,066,143



4,019,286



6.0

%

Total commercial


11,349,993



11,316,270



0.3

%


11,095,902



10,787,036



10,671,513



6.4

%

Home equity revolving lines of credit


880,660



881,036



—

%


882,869



883,580



875,388



0.6

%

Home equity loans junior liens


136,254



147,391



(7.6)

%


159,378



169,845



181,880



(25.1)

%

Home equity  (1)


1,016,914



1,028,427



(1.1)

%


1,042,247



1,053,425



1,057,268



(3.8)

%

Installment and credit cards


427,589



432,415



(1.1)

%


445,268



455,000



464,467



(7.9)

%

Residential mortgage (1)


5,658,253



5,411,193



4.6

%


5,231,698



5,091,794



4,947,713



14.4

%

Total consumer


7,102,756



6,872,035



3.4

%


6,719,213



6,600,219



6,469,448



9.8

%

Total loans


$

18,452,749



$

18,188,305



1.5

%


$

17,815,115



$

17,387,255



$

17,140,961



7.7

%

Quarter Average Deposit Composition


Sep 30, 2015


Jun 30, 2015


Seql Qtr
% Change


Mar 31, 2015


Dec 31, 2014


Sep 30, 2014


Comp Qtr
% Change

Noninterest-bearing demand


$

4,573,840



$

4,290,567



6.6

%


$

4,326,557



$

4,367,031



$

4,239,654



7.9

%

Savings


1,357,677



1,352,616



0.4

%


1,277,469



1,264,195



1,269,994



6.9

%

Interest-bearing demand


3,199,391



3,251,196



(1.6)

%


3,203,727



3,142,537



3,096,712



3.3

%

Money market


9,538,030



9,101,589



4.8

%


8,653,260



8,209,091



7,721,167



23.5

%

Time deposits


1,624,661



1,630,242



(0.3)

%


1,594,183



1,549,565



1,545,851



5.1

%

Total deposits


$

20,293,599



$

19,626,210



3.4

%


$

19,055,196



$

18,532,419



$

17,873,378



13.5

%

N/M = Not meaningful

















(1)

During the third quarter of 2015, the Corporation completed a loan system conversion that moved approximately $500 million of closed end first lien home equity loans from a legacy system to our residential mortgage servicing platform. As a result, in the third quarter of 2015, the home equity portfolio was reported at just over $1 billion and reflects only junior liens and revolving lines of credit. This compares to the $1.5 billion originally reported as home equity in the second quarter of 2015. All prior periods have been restated to reflect this change. There will be no change for regulatory reporting purposes, as these closed end first lien home equity loans have always been reported with our closed end first lien residential mortgage loans.

(2)

Total deposits and customer funding excluding total network and brokered funding.

Associated Banc-Corp
Non-GAAP Financial Measures  Reconciliation









($ in millions)


YTD

Sep 2015

YTD

Sep 2014

3Q15

2Q15

1Q15

4Q14

3Q14

Common Equity Tier 1 Reconciliation (1):









Common Equity




$

2,832


$

2,782


$

2,823


$

2,740


$

2,809


Goodwill & Intangibles, net of deferred tax liabilities (DTLs)




(950)


(951)


(951)


(937)


(937)


Tangible Common Equity




1,882


1,831


1,872


1,803


1,872


Accumulated other comprehensive income (AOCI)




(15)


(2)


(25)


5


1


Deferred tax assets (DTAs) / Disallowed servicing assets




(2)


(4)


(9)


—


—


Common Equity Tier 1




$

1,865


$

1,825


$

1,838


$

1,808


$

1,873


Efficiency Ratio Reconciliation:









Federal Reserve efficiency ratio (2)


69.79

%

70.19

%

68.83

%

70.23

%

70.30

%

70.54

%

71.06

%

Taxable equivalent adjustment


(1.38)

%

(1.35)

%

(1.39)

%

(1.34)

%

(1.42)

%

(1.41)

%

(1.39)

%

Other intangible amortization


(0.34)

%

(0.40)

%

(0.35)

%

(0.35)

%

(0.32)

%

(0.31)

%

(0.40)

%

Fully tax-equivalent efficiency ratio (2)


68.07

%

68.44

%

67.09

%

68.54

%

68.56

%

68.82

%

69.27

%



(1)

Common equity Tier 1, a non-GAAP financial measure, is used by banking regulators, investors and analysts to assess and compare the quality and composition of our capital with the capital of other financial services companies. Management uses common equity Tier 1, along with other capital measures, to assess and monitor our capital position. Common equity Tier 1 (period end and average) is Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities.

(2)

The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains / losses.  Management believes the fully tax-equivalent efficiency ratio, which adjusts net interest income for the tax-favored status of certain loans and investment securities, to be the preferred industry measurement as it enhances the comparability of net interest income arising from taxable and tax-exempt sources. This presentation differs from our prior reporting. All periods have been adjusted to conform.

SOURCE Associated Banc-Corp

Related Links

http://investor.associatedbank.com

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