NEWS RELEASE
Investor Contact:
Ben McCarville, Vice President, Director of Investor Relations
920-491-7059
Media Contact:
Jennifer Kaminski, Vice President, Public Relations Senior Manager
920-491-7576
|
Associated Banc-Corp Consolidated Balance Sheets (Unaudited) | ||||||||||||||
($ in thousands) | March 31, 2022 | December 31, 2021 | Seql Qtr $ Change | September 30, 2021 | June 30, 2021 | March 31, 2021 | Comp Qtr $ Change | |||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 334,138 | $ | 343,831 | $ | (9,693) | $ | 378,927 | $ | 406,994 | $ | 356,285 | $ | (22,147) |
Interest-bearing deposits in other financial institutions | 166,929 | 681,684 | (514,755) | 1,281,916 | 1,340,385 | 1,590,494 | (1,423,565) | |||||||
Federal funds sold and securities purchased under agreements to resell | - | - | - | 25,000 | 25,000 | - | - | |||||||
Investment securities available for sale, at fair value | 2,780,803 | 4,332,015 | (1,551,212) | 3,893,379 | 3,323,346 | 3,356,949 | (576,146) | |||||||
Investment securities held to maturity, net, at amortized cost | 3,939,855 | 2,238,947 | 1,700,908 | 1,929,735 | 1,799,834 | 1,857,087 | 2,082,768 | |||||||
Equity securities | 18,560 | 18,352 | 208 | 17,939 | 17,144 | 15,673 | 2,887 | |||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 168,281 | 168,281 | - | 168,281 | 168,281 | 168,281 | - | |||||||
Residential loans held for sale | 91,582 | 136,638 | (45,056) | 158,202 | 160,547 | 153,151 | (61,569) | |||||||
Loans | 24,531,926 | 24,224,949 | 306,977 | 23,621,673 | 23,947,536 | 24,162,328 | 369,598 | |||||||
Allowance for loan losses | (279,058) | (280,015) | 957 | (290,997) | (318,811) | (352,938) | 73,880 | |||||||
Loans, net | 24,252,867 | 23,944,934 | 307,933 | 23,330,676 | 23,628,725 | 23,809,389 | 443,478 | |||||||
Tax credit and other investments | 284,561 | 293,733 | (9,172) | 301,490 | 294,220 | 303,701 | (19,140) | |||||||
Premises and equipment, net | 387,550 | 385,173 | 2,377 | 383,131 | 398,050 | 398,671 | (11,121) | |||||||
Bank and corporate owned life insurance | 679,538 | 680,021 | (483) | 683,610 | 682,709 | 680,831 | (1,293) | |||||||
Goodwill | 1,104,992 | 1,104,992 | - | 1,104,992 | 1,104,992 | 1,104,992 | - | |||||||
Other intangible assets, net | 55,890 | 58,093 | (2,203) | 60,296 | 62,498 | 64,701 | (8,811) | |||||||
Mortgage servicing rights, net(a)
| 67,015 | 54,862 | 12,153 | 50,329 | 48,335 | 49,500 | 17,515 | |||||||
Interest receivable | 83,120 | 80,528 | 2,592 | 79,011 | 81,797 | 86,466 | (3,346) | |||||||
Other assets | 540,218 | 582,168 | (41,950) | 592,753 | 609,766 | 579,084 | (38,866) | |||||||
Total assets | $ | 34,955,900 | $ | 35,104,253 | $ | (148,353) | $ | 34,439,666 | $ | 34,152,625 | $ | 34,575,255 | $ | 380,645 |
Liabilities and stockholders' equity | ||||||||||||||
Noninterest-bearing demand deposits | $ | 8,315,699 | $ | 8,504,077 | $ | (188,378) | $ | 8,170,105 | $ | 7,999,143 | $ | 8,496,194 | $ | (180,495) |
Interest-bearing deposits | 20,089,710 | 19,962,353 | 127,357 | 19,681,161 | 19,265,157 | 19,180,972 | 908,738 | |||||||
Total deposits | 28,405,409 | 28,466,430 | (61,021) | 27,851,266 | 27,264,299 | 27,677,166 | 728,243 | |||||||
Federal funds purchased and securities sold under agreements to repurchase | 368,768 | 319,532 | 49,236 | 267,943 | 170,419 | 138,507 | 230,261 | |||||||
Commercial paper | 30,593 | 34,730 | (4,137) | 54,553 | 55,785 | 51,171 | (20,578) | |||||||
FHLB advances | 1,537,948 | 1,621,047 | (83,099) | 1,620,880 | 1,619,826 | 1,629,966 | (92,018) | |||||||
Other long-term funding | 249,797 | 249,324 | 473 | 249,160 | 549,024 | 549,729 | (299,932) | |||||||
Allowance for unfunded commitments | 38,776 | 39,776 | (1,000) | 41,276 | 45,276 | 50,776 | (12,000) | |||||||
Accrued expenses and other liabilities | 376,322 | 348,560 | 27,762 | 359,626 | 337,942 | 350,160 | 26,162 | |||||||
Total liabilities | 31,007,613 | 31,079,399 | (71,786) | 30,444,705 | 30,042,573 | 30,447,474 | 560,139 | |||||||
Stockholders' equity | ||||||||||||||
Preferred equity | 193,195 | 193,195 | - | 193,195 | 290,200 | 353,512 | (160,317) | |||||||
Common equity | 3,755,092 | 3,831,658 | (76,566) | 3,801,766 | 3,819,852 | 3,774,268 | (19,176) | |||||||
Total stockholders' equity | 3,948,287 | 4,024,853 | (76,566) | 3,994,961 | 4,110,052 | 4,127,780 | (179,493) | |||||||
Total liabilities and stockholders' equity | $ | 34,955,900 | $ | 35,104,253 | $ | (148,353) | $ | 34,439,666 | $ | 34,152,625 | $ | 34,575,255 | $ | 380,645 |
Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend | ||||||||||||||||||
($ in thousands, except per share data) | Seql Qtr | Comp Qtr | ||||||||||||||||
1Q22 | 4Q21 | $ Change | % Change | 3Q21 | 2Q21 | 1Q21 | $ Change | % Change | ||||||||||
Interest income | ||||||||||||||||||
Interest and fees on loans | $ | 167,697 | $ | 170,809 | $ | (3,112) | (2) | % | $ | 174,643 | $ | 174,228 | $ | 174,049 | $ | (6,352) | (4) | % |
Interest and dividends on investment securities | ||||||||||||||||||
Taxable | 16,472 | 13,317 | 3,155 | 24 | % | 8,745 | 8,840 | 7,014 | 9,458 | 135 | % | |||||||
Tax-exempt | 16,108 | 15,569 | 539 | 3 | % | 14,613 | 14,366 | 14,162 | 1,946 | 14 | % | |||||||
Other interest | 1,993 | 2,031 | (38) | (2) | % | 2,281 | 1,826 | 1,694 | 299 | 18 | % | |||||||
Total interest income | 202,270 | 201,726 | 544 | - | % | 200,282 | 199,260 | 196,920 | 5,350 | 3 | % | |||||||
Interest expense | ||||||||||||||||||
Interest on deposits | 3,571 | 3,677 | (106) | (3) | % | 4,427 | 4,609 | 5,909 | (2,338) | (40) | % | |||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 38 | 40 | (2) | (5) | % | 48 | 30 | 26 | 12 | 46 | % | |||||||
Interest on other short-term funding | 1 | 2 | (1) | (50) | % | 8 | 7 | 6 | (5) | (83) | % | |||||||
Interest on FHLB Advances | 8,182 | 8,514 | (332) | (4) | % | 8,962 | 9,524 | 9,493 | (1,311) | (14) | % | |||||||
Interest on long-term funding | 2,730 | 2,730 | - | - | % | 3,163 | 5,575 | 5,585 | (2,855) | (51) | % | |||||||
Total interest expense | 14,522 | 14,963 | (441) | (3) | % | 16,607 | 19,745 | 21,018 | (6,496) | (31) | % | |||||||
Net interest income | 187,747 | 186,763 | 984 | 1 | % | 183,675 | 179,515 | 175,902 | 11,845 | 7 | % | |||||||
Provision for credit losses | (3,990) | (5,993) | 2,003 | (33) | % | (24,010) | (35,004) | (23,004) | 19,014 | (83) | % | |||||||
Net interest income after provision for credit losses | 191,737 | 192,756 | (1,019) | (1) | % | 207,685 | 214,519 | 198,906 | (7,169) | (4) | % | |||||||
Noninterest income | ||||||||||||||||||
Wealth management fees | 22,404 | 22,625 | (221) | (1) | % | 22,110 | 22,706 | 22,414 | (10) | - | % | |||||||
Service charges and deposit account fees | 16,856 | 17,039 | (183) | (1) | % | 16,962 | 15,549 | 14,855 | 2,001 | 13 | % | |||||||
Card-based fees | 9,926 | 11,176 | (1,250) | (11) | % | 11,113 | 10,982 | 9,743 | 183 | 2 | % | |||||||
Other fee-based revenue | 3,766 | 4,316 | (550) | (13) | % | 3,929 | 4,244 | 4,596 | (830) | (18) | % | |||||||
Capital markets, net | 8,646 | 9,674 | (1,028) | (11) | % | 7,114 | 5,696 | 8,118 | 528 | 7 | % | |||||||
Mortgage banking, net | 8,391 | 8,041 | 350 | 4 | % | 10,657 | 8,128 | 23,925 | (15,534) | (65) | % | |||||||
Bank and corporate owned life insurance | 2,071 | 4,704 | (2,633) | (56) | % | 2,760 | 3,088 | 2,702 | (631) | (23) | % | |||||||
Asset gains (losses), net | 188 | 985 | (797) | (81) | % | 5,228 | (14) | 4,809 | (4,621) | (96) | % | |||||||
Investment securities gains (losses), net | 21 | - | 21 | N/M | - | 24 | (39) | 60 | N/M | |||||||||
Gains on sale of branches, net(a)
| - | - | - | N/M | - | 36 | 1,002 | (1,002) | (100) | % | ||||||||
Other | 2,198 | 2,941 | (743) | (25) | % | 2,205 | 3,004 | 3,216 | (1,018) | (32) | % | |||||||
Total noninterest income | 74,467 | 81,502 | (7,035) | (9) | % | 82,076 | 73,443 | 95,343 | (20,876) | (22) | % | |||||||
Noninterest expense | ||||||||||||||||||
Personnel | 104,811 | 107,787 | (2,976) | (3) | % | 107,880 | 106,994 | 104,026 | 785 | 1 | % | |||||||
Technology | 21,485 | 20,787 | 698 | 3 | % | 19,927 | 20,236 | 20,740 | 745 | 4 | % | |||||||
Occupancy | 16,080 | 16,863 | (783) | (5) | % | 15,814 | 14,679 | 16,156 | (76) | - | % | |||||||
Business development and advertising | 4,954 | 5,627 | (673) | (12) | % | 6,156 | 4,970 | 4,395 | 559 | 13 | % | |||||||
Equipment | 4,960 | 4,905 | 55 | 1 | % | 5,200 | 5,481 | 5,518 | (558) | (10) | % | |||||||
Legal and professional | 5,087 | 4,428 | 659 | 15 | % | 4,304 | 6,661 | 6,530 | (1,443) | (22) | % | |||||||
Loan and foreclosure costs | 2,014 | 1,636 | 378 | 23 | % | 1,616 | 2,671 | 2,220 | (206) | (9) | % | |||||||
FDIC assessment | 5,100 | 4,800 | 300 | 6 | % | 5,000 | 3,600 | 4,750 | 350 | 7 | % | |||||||
Other intangible amortization | 2,203 | 2,203 | - | - | % | 2,203 | 2,203 | 2,236 | (33) | (1) | % | |||||||
Other | 6,597 | 13,173 | (6,576) | (50) | % | 9,793 | 6,979 | 8,775 | (2,178) | (25) | % | |||||||
Total noninterest expense | 173,292 | 182,210 | (8,918) | (5) | % | 177,892 | 174,475 | 175,347 | (2,055) | (1) | % | |||||||
Income before income taxes | 92,912 | 92,048 | 864 | 1 | % | 111,870 | 113,487 | 118,903 | (25,991) | (22) | % | |||||||
Income tax expense | 18,650 | 15,171 | 3,479 | 23 | % | 23,060 | 22,480 | 24,602 | (5,952) | (24) | % | |||||||
Net income | 74,262 | 76,877 | (2,615) | (3) | % | 88,809 | 91,007 | 94,301 | (20,039) | (21) | % | |||||||
Preferred stock dividends | 2,875 | 2,875 | - | - | % | 4,155 | 4,875 | 5,207 | (2,332) | (45) | % | |||||||
Net income available to common equity | $ | 71,387 | $ | 74,002 | $ | (2,615) | (4) | % | $ | 84,655 | $ | 86,131 | $ | 89,094 | $ | (17,707) | (20) | % |
Earnings per common share | ||||||||||||||||||
Basic | $ | 0.48 | $ | 0.49 | $ | (0.01) | (2) | % | $ | 0.56 | $ | 0.56 | $ | 0.58 | $ | (0.10) | (17) | % |
Diluted | $ | 0.47 | $ | 0.49 | $ | (0.02) | (4) | % | $ | 0.56 | $ | 0.56 | $ | 0.58 | $ | (0.11) | (19) | % |
Average common shares outstanding | ||||||||||||||||||
Basic | 148,781 | 148,697 | 84 | - | % | 150,046 | 152,042 | 152,355 | (3,574) | (2) | % | |||||||
Diluted | 150,492 | 150,057 | 435 | - | % | 151,143 | 153,381 | 153,688 | (3,196) | (2) | % |
Associated Banc-Corp Selected Quarterly Information | ||||||||||
($ in millions except per share data; shares repurchased and outstanding in thousands) | 1Q22 | 4Q21 | 3Q21 | 2Q21 | 1Q21 | |||||
Per common share data | ||||||||||
Dividends | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.18 | $ | 0.18 |
Market value: | ||||||||||
High | 25.71 | 23.92 | 21.85 | 23.33 | 23.14 | |||||
Low | 22.41 | 21.49 | 18.56 | 20.36 | 17.20 | |||||
Close | 22.76 | 22.59 | 21.42 | 20.48 | 21.34 | |||||
Book value / share | 25.03 | 25.66 | 25.35 | 24.99 | 24.56 | |||||
Tangible book value / share | 17.29 | 17.87 | 17.58 | 17.35 | 16.95 | |||||
Performance ratios (annualized) | ||||||||||
Return on average assets | 0.86 | % | 0.87 | % | 1.01 | % | 1.06 | % | 1.14 | % |
Noninterest expense / average assets | 2.00 | % | 2.06 | % | 2.03 | % | 2.04 | % | 2.11 | % |
Effective tax rate | 20.07 | % | 16.48 | % | 20.61 | % | 19.81 | % | 20.69 | % |
Dividend payout ratio(a)
| 41.67 | % | 40.82 | % | 35.71 | % | 32.14 | % | 31.03 | % |
Net interest margin | 2.42 | % | 2.40 | % | 2.38 | % | 2.37 | % | 2.39 | % |
Selected trend information | ||||||||||
Average full time equivalent employees(b)
| 4,018 | 3,992 | 4,010 | 3,990 | 4,020 | |||||
Branch count | 215 | 215 | 224 | 224 | 227 | |||||
Assets under management, at market value(c)
| $ | 12,937 | $ | 13,679 | $ | 13,148 | $ | 13,141 | $ | 12,553 |
Mortgage loans originated for sale during period | $ | 252 | $ | 404 | $ | 456 | $ | 477 | $ | 413 |
Mortgage loan settlements during period | $ | 296 | $ | 427 | $ | 463 | $ | 484 | $ | 400 |
Mortgage portfolio serviced for others | $ | 6,972 | $ | 6,995 | $ | 7,057 | $ | 7,150 | $ | 7,313 |
Mortgage servicing rights, net / mortgage portfolio serviced for others(d)
| 0.96 | % | 0.78 | % | 0.71 | % | 0.68 | % | 0.68 | % |
Shares repurchased during period(e)
| - | 1,096 | 2,919 | 1,314 | 966 | |||||
Shares outstanding, end of period | 150,038 | 149,343 | 149,961 | 152,865 | 153,685 | |||||
Selected quarterly ratios | ||||||||||
Loans / deposits | 86.36 | % | 85.10 | % | 84.81 | % | 87.83 | % | 87.30 | % |
Stockholders' equity / assets | 11.30 | % | 11.47 | % | 11.60 | % | 12.03 | % | 11.94 | % |
Risk-based capital(f)(g)
| ||||||||||
Total risk-weighted assets | $ | 27,781 | $ | 27,243 | $ | 26,304 | $ | 26,073 | $ | 25,640 |
Common equity Tier 1 | $ | 2,838 | $ | 2,808 | $ | 2,780 | $ | 2,790 | $ | 2,759 |
Common equity Tier 1 capital ratio | 10.22 | % | 10.31 | % | 10.57 | % | 10.70 | % | 10.76 | % |
Tier 1 capital ratio | 10.91 | % | 11.02 | % | 11.30 | % | 11.81 | % | 12.14 | % |
Total capital ratio | 12.41 | % | 13.10 | % | 13.50 | % | 14.02 | % | 14.36 | % |
Tier 1 leverage ratio | 8.86 | % | 8.83 | % | 8.81 | % | 9.23 | % | 9.53 | % |
Mortgage banking, net | ||||||||||
Mortgage servicing fees, net(h)
| $ | 2 | $ | 1 | $ | - | $ | - | $ | (1) |
Gains (losses) and fair value adjustments on loans held for sale | 1 | 3 | 8 | 9 | 15 | |||||
Changes in mortgage servicing rights valuation, net of economic hedge(d)
| 6 | 4 | 2 | - | 11 | |||||
Mortgage banking, net | $ | 8 | $ | 8 | $ | 11 | $ | 8 | $ | 24 |
Associated Banc-Corp Selected Asset Quality Information | ||||||||||||||
($ in thousands) | Mar 31, 2022 | Dec 31, 2021 |
Seql Qtr % Change | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
Comp Qtr % Change | |||||||
Allowance for loan losses | ||||||||||||||
Balance at beginning of period | $ | 280,015 | $ | 290,997 | (4) | % | $ | 318,811 | $ | 352,938 | $ | 383,702 | (27) | % |
Provision for loan losses | (3,000) | (4,500) | (33) | % | (20,000) | (29,500) | (26,000) | (88) | % | |||||
Charge offs | (2,028) | (8,869) | (77) | % | (10,929) | (7,681) | (13,174) | (85) | % | |||||
Recoveries | 4,072 | 2,387 | 71 | % | 3,115 | 3,054 | 8,410 | (52) | % | |||||
Net (charge offs) recoveries | 2,044 | (6,482) | N/M | (7,814) | (4,628) | (4,764) | N/M | |||||||
Balance at end of period | $ | 279,058 | $ | 280,015 | - | % | $ | 290,997 | $ | 318,811 | $ | 352,938 | (21) | % |
Allowance for unfunded commitments | ||||||||||||||
Balance at beginning of period | $ | 39,776 | $ | 41,276 | (4) | % | $ | 45,276 | $ | 50,776 | $ | 47,776 | (17) | % |
Provision for unfunded commitments | (1,000) | (1,500) | (33) | % | (4,000) | (5,500) | 3,000 | N/M | ||||||
Balance at end of period | $ | 38,776 | $ | 39,776 | (3) | % | $ | 41,276 | $ | 45,276 | $ | 50,776 | (24) | % |
Allowance for credit losses on loans (ACLL) | $ | 317,835 | $ | 319,791 | (1) | % | $ | 332,273 | $ | 364,087 | $ | 403,714 | (21) | % |
Provision for credit losses on loans | $ | (4,000) | $ | (6,000) | (33) | % | $ | (24,000) | $ | (35,000) | $ | (23,000) | (83) | % |
($ in thousands) | Mar 31, 2022 | Dec 31, 2021 | Seql Qtr % Change | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
Comp Qtr % Change | |||||||
Net (charge offs) recoveries | ||||||||||||||
Asset-based lending & equipment finance(a)
| $ | - | $ | 27 | (100) | % | $ | 91 | $ | 261 | $ | 33 | (100) | % |
Commercial and industrial | 1,854 | (6,669) | N/M | (9,149) | 1,072 | 1,334 | 39 | % | ||||||
Commercial real estate-owner occupied | 3 | 4 | (25) | % | 106 | 5 | 4 | (25) | % | |||||
Commercial and business lending | 1,857 | (6,638) | N/M | (8,951) | 1,338 | 1,370 | 36 | % | ||||||
Commercial real estate-investor | - | 109 | (100) | % | 181 | (5,589) | (5,886) | (100) | % | |||||
Real estate construction | 32 | 52 | (38) | % | 18 | 23 | 29 | 10 | % | |||||
Commercial real estate lending | 32 | 162 | (80) | % | 199 | (5,566) | (5,857) | N/M | ||||||
Total commercial | 1,889 | (6,476) | N/M | (8,752) | (4,228) | (4,487) | N/M | |||||||
Residential mortgage | 288 | (6) | N/M | 300 | (223) | (109) | N/M | |||||||
Auto finance | 4 | (11) | N/M | 8 | 3 | 9 | (56) | % | ||||||
Home equity | 315 | 546 | (42) | % | 959 | 337 | 344 | (8) | % | |||||
Other consumer | (451) | (534) | (16) | % | (329) | (517) | (521) | (13) | % | |||||
Total consumer | 155 | (6) | N/M | 938 | (400) | (277) | N/M | |||||||
Total net (charge offs) recoveries | $ | 2,044 | $ | (6,482) | N/M | $ | (7,814) | $ | (4,628) | $ | (4,764) | N/M | ||
(In basis points) | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||||
Net (charge offs) recoveries to average loans (annualized) | ||||||||||||||
Asset-based lending & equipment finance(a)
| - | 9 | 36 | 87 | 10 | |||||||||
Commercial and industrial | 10 | (34) | (47) | 6 | 7 | |||||||||
Commercial real estate-owner occupied | - | - | 5 | - | - | |||||||||
Commercial and business lending | 8 | (29) | (40) | 6 | 6 | |||||||||
Commercial real estate-investor | - | 1 | 2 | (52) | (55) | |||||||||
Real estate construction | 1 | 1 | - | 1 | 1 | |||||||||
Commercial real estate lending | - | 1 | 1 | (36) | (38) | |||||||||
Total commercial | 5 | (17) | (23) | (11) | (12) | |||||||||
Residential mortgage | 2 | - | 2 | (1) | (1) | |||||||||
Auto finance | 1 | (9) | 43 | 15 | 37 | |||||||||
Home equity | 22 | 36 | 61 | 21 | 21 | |||||||||
Other consumer | (62) | (71) | (44) | (72) | (72) | |||||||||
Total consumer | 1 | - | 4 | (2) | (1) | |||||||||
Total net (charge offs) recoveries | 3 | (11) | (13) | (8) | (8) | |||||||||
($ in thousands) | Mar 31, 2022 | Dec 31, 2021 |
Seql Qtr % Change | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
Comp Qtr % Change | |||||||
Credit Quality | ||||||||||||||
Nonaccrual loans | $ | 143,221 | $ | 130,443 | 10 | % | $ | 135,062 | $ | 147,135 | $ | 163,292 | (12) | % |
Other real estate owned (OREO) | 18,194 | 29,619 | (39) | % | 33,855 | 24,000 | 24,588 | (26) | % | |||||
Total nonperforming assets | $ | 161,414 | $ | 160,062 | 1 | % | $ | 168,917 | $ | 171,135 | $ | 187,880 | (14) | % |
Loans 90 or more days past due and still accruing | $ | 1,595 | $ | 1,263 | 26 | % | $ | 1,029 | $ | 1,302 | $ | 1,675 | (5) | % |
Allowance for credit losses on loans to total loans | 1.30 | % | 1.32 | % | 1.41 | % | 1.52 | % | 1.67 | % | ||||
Allowance for credit losses on loans to nonaccrual loans | 221.92 | % | 245.16 | % | 246.02 | % | 247.45 | % | 247.23 | % | ||||
Nonaccrual loans to total loans | 0.58 | % | 0.54 | % | 0.57 | % | 0.61 | % | 0.68 | % | ||||
Nonperforming assets to total loans plus OREO | 0.66 | % | 0.66 | % | 0.71 | % | 0.71 | % | 0.78 | % | ||||
Nonperforming assets to total assets | 0.46 | % | 0.46 | % | 0.49 | % | 0.50 | % | 0.54 | % | ||||
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans | (0.03) | % | 0.10 | % | 0.10 | % | 0.08 | % | 0.08 | % |
Associated Banc-Corp Selected Asset Quality Information (continued) | ||||||||||||||
(In thousands) | Mar 31, 2022 | Dec 31, 2021 |
Seql Qtr % Change | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
Comp Qtr % Change | |||||||
Nonaccrual loans | ||||||||||||||
PPP Loans | $ | 41 | $ | 46 | (11) | % | $ | - | $ | - | $ | - | N/M | |
Commercial and industrial | 225 | 6,233 | (96) | % | 8,497 | 18,380 | 33,192 | (99) | % | |||||
Commercial real estate-owner occupied | - | - | N/M | 7 | 7 | 7 | (100) | % | ||||||
Commercial and business lending | 266 | 6,279 | (96) | % | 8,504 | 18,387 | 33,200 | (99) | % | |||||
Commercial real estate-investor | 80,886 | 60,677 | 33 | % | 61,504 | 63,003 | 58,485 | 38 | % | |||||
Real estate construction | 609 | 177 | N/M | 247 | 247 | 327 | 86 | % | ||||||
Commercial real estate lending | 81,495 | 60,855 | 34 | % | 61,751 | 63,250 | 58,813 | 39 | % | |||||
Total commercial | 81,761 | 67,134 | 22 | % | 70,256 | 81,637 | 92,012 | (11) | % | |||||
Residential mortgage | 53,827 | 55,362 | (3) | % | 56,678 | 56,795 | 61,256 | (12) | % | |||||
Auto finance | 49 | 52 | (6) | % | 67 | 56 | 36 | 36 | % | |||||
Home equity | 7,490 | 7,726 | (3) | % | 7,838 | 8,517 | 9,792 | (24) | % | |||||
Other consumer | 95 | 170 | (44) | % | 222 | 131 | 195 | (51) | % | |||||
Total consumer | 61,460 | 63,309 | (3) | % | 64,806 | 65,498 | 71,280 | (14) | % | |||||
Total nonaccrual loans | $ | 143,221 | $ | 130,443 | 10 | % | $ | 135,062 | $ | 147,135 | $ | 163,292 | (12) | % |
Mar 31, 2022 | Dec 31, 2021 |
Seql Qtr % Change | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
Comp Qtr % Change | ||||||||
Restructured loans (accruing) | ||||||||||||||
Commercial and industrial | $ | 7,426 | $ | 8,687 | (15) | % | $ | 11,067 | $ | 11,569 | $ | 11,985 | (38) | % |
Commercial real estate-owner occupied | 473 | 967 | (51) | % | 1,031 | 1,225 | 1,488 | (68) | % | |||||
Commercial and business lending | 7,899 | 9,655 | (18) | % | 12,098 | 12,794 | 13,473 | (41) | % | |||||
Commercial real estate-investor | 2,045 | 12,866 | (84) | % | 13,236 | 13,306 | 13,627 | (85) | % | |||||
Real estate construction | 183 | 242 | (24) | % | 248 | 253 | 256 | (29) | % | |||||
Commercial real estate lending | 2,228 | 13,108 | (83) | % | 13,484 | 13,559 | 13,884 | (84) | % | |||||
Total commercial | 10,127 | 22,763 | (56) | % | 25,582 | 26,353 | 27,356 | (63) | % | |||||
Residential mortgage | 16,644 | 16,316 | 2 | % | 15,253 | 12,227 | 10,462 | 59 | % | |||||
Home equity | 2,486 | 2,648 | (6) | % | 2,787 | 2,451 | 1,929 | 29 | % | |||||
Other consumer | 747 | 803 | (7) | % | 877 | 904 | 1,073 | (30) | % | |||||
Total consumer | 19,876 | 19,768 | 1 | % | 18,917 | 15,582 | 13,464 | 48 | % | |||||
Total restructured loans (accruing) | $ | 30,003 | $ | 42,530 | (29) | % | $ | 44,499 | $ | 41,935 | $ | 40,820 | (26) | % |
Nonaccrual restructured loans (included in nonaccrual loans) | $ | 19,352 | $ | 17,426 | 11 | % | $ | 15,226 | $ | 17,237 | $ | 17,624 | 10 | % |
Mar 31, 2022 | Dec 31, 2021 |
Seql Qtr % Change | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
Comp Qtr % Change | ||||||||
Accruing Loans 30-89 Days Past Due | ||||||||||||||
PPP Loans | $ | 1 | $ | 83 | (99) | % | $ | 568 | $ | - | $ | - | N/M | |
Commercial and industrial | 1,085 | 632 | 72 | % | 1,229 | 258 | 526 | 106 | % | |||||
Commercial real estate-owner occupied | 198 | 163 | 21 | % | 30 | 47 | - | N/M | ||||||
Commercial and business lending | 1,284 | 878 | 46 | % | 1,827 | 306 | 526 | 144 | % | |||||
Commercial real estate-investor | - | 616 | (100) | % | 17,021 | 391 | 5,999 | (100) | % | |||||
Real estate construction | - | 1,620 | (100) | % | - | 117 | 977 | (100) | % | |||||
Commercial real estate lending | - | 2,236 | (100) | % | 17,021 | 509 | 6,976 | (100) | % | |||||
Total commercial | 1,284 | 3,114 | (59) | % | 18,848 | 814 | 7,502 | (83) | % | |||||
Residential mortgage | 4,957 | 6,169 | (20) | % | 7,095 | 5,015 | 3,973 | 25 | % | |||||
Auto finance | 949 | 11 | N/M | 10 | 38 | 24 | N/M | |||||||
Home equity | 4,207 | 3,711 | 13 | % | 2,931 | 2,472 | 2,352 | 79 | % | |||||
Other consumer | 1,232 | 2,307 | (47) | % | 1,272 | 1,036 | 1,246 | (1) | % | |||||
Total consumer | 11,345 | 12,198 | (7) | % | 11,308 | 8,562 | 7,594 | 49 | % | |||||
Total accruing loans 30-89 days past due | $ | 12,629 | $ | 15,312 | (18) | % | $ | 30,156 | $ | 9,376 | $ | 15,097 | (16) | % |
Mar 31, 2022 | Dec 31, 2021 |
Seql Qtr % Change | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 |
Comp Qtr % Change | ||||||||
Potential Problem Loans | ||||||||||||||
PPP Loans(b)
| $ | 54 | $ | 2,000 | (97) | % | $ | 4,160 | $ | 8,695 | $ | 22,398 | (100) | % |
Asset-based lending & equipment finance(a)
| 19,057 | 17,697 | 8 | % | - | - | - | N/M | ||||||
Commercial and industrial | 93,396 | 120,561 | (23) | % | 124,990 | 77,064 | 122,143 | (24) | % | |||||
Commercial real estate-owner occupied | 24,005 | 26,723 | (10) | % | 21,241 | 17,828 | 15,965 | 50 | % | |||||
Commercial and business lending | 136,513 | 166,981 | (18) | % | 150,391 | 103,587 | 160,506 | (15) | % | |||||
Commercial real estate-investor | 130,792 | 106,138 | 23 | % | 78,962 | 71,613 | 85,752 | 53 | % | |||||
Real estate construction | 200 | 21,408 | (99) | % | 19,187 | 16,465 | 13,977 | (99) | % | |||||
Commercial real estate lending | 130,992 | 127,546 | 3 | % | 98,150 | 88,078 | 99,728 | 31 | % | |||||
Total commercial | 267,505 | 294,527 | (9) | % | 248,541 | 191,665 | 260,234 | 3 | % | |||||
Residential mortgage | 3,032 | 2,214 | 37 | % | 2,374 | 3,024 | 2,524 | 20 | % | |||||
Home equity | 156 | 165 | (5) | % | 171 | 1,558 | 1,729 | (91) | % | |||||
Total consumer | 3,188 | 2,379 | 34 | % | 2,546 | 4,583 | 4,254 | (25) | % | |||||
Total potential problem loans | $ | 270,693 | $ | 296,905 | (9) | % | $ | 251,087 | $ | 196,248 | $ | 264,488 | 2 | % |
Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||
($ in thousands) |
Average Balance |
Interest Income /Expense |
Average Yield /Rate |
Average Balance |
Interest Income /Expense |
Average Yield /Rate |
Average Balance |
Interest Income /Expense |
Average Yield /Rate | |||||||||
Assets | ||||||||||||||||||
Earning assets | ||||||||||||||||||
Loans (a) (b) (c)
| ||||||||||||||||||
Commercial PPP lending | $ | 43,774 | $ | 1,277 | 11.83 | % | $ | 115,074 | $ | 5,055 | 17.43 | % | $ | 806,699 | $ | 8,900 | 4.47 | % |
Asset-based lending (ABL) & equipment finance (d)
| 202,836 | 1,449 | 2.90 | % | 125,507 | 971 | 3.07 | % | 137,862 | 1,072 | 3.15 | % | ||||||
Commercial and business lending (excl PPP, ABL and equipment finance) | 8,815,676 | 52,754 | 2.43 | % | 8,715,796 | 53,401 | 2.43 | % | 8,399,439 | 53,019 | 2.56 | % | ||||||
Commercial real estate lending | 6,177,062 | 43,886 | 2.88 | % | 6,134,049 | 45,040 | 2.91 | % | 6,171,202 | 44,315 | 2.91 | % | ||||||
Total commercial | 15,239,348 | 99,366 | 2.64 | % | 15,090,427 | 104,468 | 2.75 | % | 15,515,202 | 107,307 | 2.80 | % | ||||||
Residential mortgage | 7,671,329 | 55,403 | 2.89 | % | 7,751,337 | 54,952 | 2.84 | % | 7,962,691 | 55,504 | 2.79 | % | ||||||
Auto finance | 305,202 | 2,649 | 3.52 | % | 53,120 | 587 | 4.39 | % | 10,190 | 111 | 4.43 | % | ||||||
Other retail | 881,859 | 10,662 | 4.87 | % | 900,369 | 11,188 | 4.95 | % | 975,266 | 11,519 | 4.75 | % | ||||||
Total loans | 24,097,738 | 168,081 | 2.81 | % | 23,795,253 | 171,195 | 2.86 | % | 24,463,349 | 174,442 | 2.88 | % | ||||||
Investment securities | ||||||||||||||||||
Taxable | 4,363,733 | 16,472 | 1.51 | % | 4,067,612 | 13,317 | 1.31 | % | 2,976,469 | 7,014 | 0.94 | % | ||||||
Tax-exempt(a)
| 2,384,601 | 20,296 | 3.40 | % | 2,257,106 | 19,617 | 3.48 | % | 1,900,346 | 17,844 | 3.76 | % | ||||||
Other short-term investments | 1,154,939 | 1,993 | 0.70 | % | 1,592,840 | 2,031 | 0.51 | % | 991,844 | 1,694 | 0.69 | % | ||||||
Investments and other | 7,903,273 | 38,761 | 1.96 | % | 7,917,558 | 34,965 | 1.76 | % | 5,868,659 | 26,553 | 1.81 | % | ||||||
Total earning assets | 32,001,010 | $ | 206,842 | 2.60 | % | 31,712,810 | $ | 206,160 | 2.59 | % | 30,332,008 | $ | 200,994 | 2.67 | % | |||
Other assets, net | 3,199,172 | 3,303,349 | 3,352,135 | |||||||||||||||
Total assets | $ | 35,200,182 | $ | 35,016,159 | $ | 33,684,143 | ||||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||
Savings | $ | 4,529,991 | $ | 380 | 0.03 | % | $ | 4,367,233 | $ | 369 | 0.03 | % | $ | 3,810,321 | $ | 332 | 0.04 | % |
Interest-bearing demand | 6,722,038 | 1,025 | 0.06 | % | 6,506,438 | 1,015 | 0.06 | % | 5,713,270 | 1,178 | 0.08 | % | ||||||
Money market | 7,030,945 | 965 | 0.06 | % | 6,892,803 | 927 | 0.05 | % | 6,875,730 | 1,059 | 0.06 | % | ||||||
Network transaction deposits | 734,895 | 265 | 0.15 | % | 838,255 | 239 | 0.11 | % | 1,080,109 | 327 | 0.12 | % | ||||||
Time deposits | 1,313,101 | 937 | 0.29 | % | 1,381,092 | 1,127 | 0.32 | % | 1,658,568 | 3,014 | 0.74 | % | ||||||
Total interest-bearing deposits | 20,330,970 | 3,571 | 0.07 | % | 19,985,821 | 3,677 | 0.07 | % | 19,137,998 | 5,909 | 0.13 | % | ||||||
Federal funds purchased and securities sold under agreements to repurchase | 293,915 | 38 | 0.05 | % | 293,948 | 40 | 0.05 | % | 136,144 | 26 | 0.08 | % | ||||||
Commercial Paper | 27,963 | 1 | 0.01 | % | 44,250 | 2 | 0.01 | % | 42,774 | 6 | 0.05 | % | ||||||
FHLB advances | 1,610,983 | 8,182 | 2.06 | % | 1,621,097 | 8,514 | 2.08 | % | 1,631,895 | 9,493 | 2.36 | % | ||||||
Long-term funding | 249,632 | 2,730 | 4.38 | % | 249,223 | 2,730 | 4.38 | % | 549,585 | 5,585 | 4.07 | % | ||||||
Total short and long-term funding | 2,182,492 | 10,951 | 2.03 | % | 2,208,518 | 11,286 | 2.03 | % | 2,360,397 | 15,109 | 2.58 | % | ||||||
Total interest-bearing liabilities | 22,513,462 | $ | 14,522 | 0.26 | % | 22,194,339 | $ | 14,963 | 0.27 | % | 21,498,395 | $ | 21,018 | 0.40 | % | |||
Noninterest-bearing demand deposits | 8,316,399 | 8,416,525 | 7,666,561 | |||||||||||||||
Other liabilities | 383,528 | 401,433 | 415,195 | |||||||||||||||
Stockholders' equity | 3,986,792 | 4,003,863 | 4,103,991 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 35,200,182 | $ | 35,016,159 | $ | 33,684,143 | ||||||||||||
Interest rate spread | 2.34 | % | 2.32 | % | 2.27 | % | ||||||||||||
Net free funds | 0.08 | % | 0.08 | % | 0.12 | % | ||||||||||||
Fully tax-equivalent net interest income and net interest margin ("NIM") | $ | 192,320 | 2.42 | % | $ | 191,197 | 2.40 | % | $ | 179,976 | 2.39 | % | ||||||
Fully tax-equivalent adjustment | 4,573 | 4,434 | 4,074 | |||||||||||||||
Net interest income | $ | 187,747 | $ | 186,763 | $ | 175,902 |
Associated Banc-Corp Loan and Deposit Composition | ||||||||||||||
($ in thousands) | ||||||||||||||
Period end loan composition | Mar 31, 2022 | Dec 31, 2021 | Seql Qtr % Change | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Comp Qtr % Change | |||||||
PPP Loans | $ | 17,995 | $ | 66,070 | (73) | % | $ | 182,121 | $ | 405,482 | $ | 836,566 | (98) | % |
Asset-based lending & equipment finance(a)
| 231,040 | 178,027 | 30 | % | 111,027 | 105,726 | 137,537 | 68 | % | |||||
Commercial and industrial | 8,102,380 | 8,208,289 | (1) | % | 7,816,432 | 7,803,393 | 7,526,964 | 8 | % | |||||
Commercial real estate-owner occupied | 973,572 | 971,326 | - | % | 879,554 | 880,755 | 883,237 | 10 | % | |||||
Commercial and business lending | 9,324,986 | 9,423,711 | (1) | % | 8,989,133 | 9,195,355 | 9,384,303 | (1) | % | |||||
Commercial real estate-investor | 4,469,241 | 4,384,569 | 2 | % | 4,296,489 | 4,300,651 | 4,260,706 | 5 | % | |||||
Real estate construction | 1,760,076 | 1,808,976 | (3) | % | 1,834,871 | 1,880,897 | 1,882,299 | (6) | % | |||||
Commercial real estate lending | 6,229,317 | 6,193,545 | 1 | % | 6,131,360 | 6,181,549 | 6,143,004 | 1 | % | |||||
Total commercial | 15,554,303 | 15,617,256 | - | % | 15,120,493 | 15,376,904 | 15,527,307 | - | % | |||||
Residential mortgage | 7,609,343 | 7,567,310 | 1 | % | 7,590,895 | 7,638,372 | 7,685,218 | (1) | % | |||||
Auto finance | 497,523 | 143,045 | N/M | 6,739 | 7,817 | 9,165 | N/M | |||||||
Home equity | 580,867 | 595,615 | (2) | % | 608,566 | 631,783 | 651,647 | (11) | % | |||||
Other consumer | 289,889 | 301,723 | (4) | % | 294,979 | 292,660 | 288,990 | - | % | |||||
Total consumer | 8,977,622 | 8,607,693 | 4 | % | 8,501,180 | 8,570,632 | 8,635,020 | 4 | % | |||||
Total loans | $ | 24,531,926 | $ | 24,224,949 | 1 | % | $ | 23,621,673 | $ | 23,947,536 | $ | 24,162,328 | 2 | % |
Period end deposit and customer funding composition | Mar 31, 2022 | Dec 31, 2021 | Seql Qtr % Change | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Comp Qtr % Change | |||||||
Noninterest-bearing demand | $ | 8,315,699 | $ | 8,504,077 | (2) | % | $ | 8,170,105 | $ | 7,999,143 | $ | 8,496,194 | (2) | % |
Savings | 4,661,232 | 4,410,198 | 6 | % | 4,278,453 | 4,182,651 | 4,032,830 | 16 | % | |||||
Interest-bearing demand | 6,616,767 | 7,019,782 | (6) | % | 6,407,844 | 5,969,285 | 5,748,353 | 15 | % | |||||
Money market | 7,522,797 | 7,185,111 | 5 | % | 7,583,978 | 7,640,825 | 7,838,437 | (4) | % | |||||
Time deposits | 1,288,913 | 1,347,262 | (4) | % | 1,410,886 | 1,472,395 | 1,561,352 | (17) | % | |||||
Total deposits | 28,405,409 | 28,466,430 | - | % | 27,851,266 | 27,264,299 | 27,677,166 | 3 | % | |||||
Customer funding(b)
| 299,301 | 354,142 | (15) | % | 322,081 | 226,160 | 182,228 | 64 | % | |||||
Total deposits and customer funding | $ | 28,704,710 | $ | 28,820,572 | - | % | $ | 28,173,348 | $ | 27,490,459 | $ | 27,859,394 | 3 | % |
Network transaction deposits(c)
| $ | 762,680 | $ | 766,965 | (1) | % | $ | 929,174 | $ | 871,603 | $ | 1,054,634 | (28) | % |
Net deposits and customer funding (Total deposits and customer funding, excluding network transaction deposits) | $ | 27,942,029 | $ | 28,053,607 | - | % | $ | 27,244,174 | $ | 26,618,856 | $ | 26,804,761 | 4 | % |
Quarter average loan composition | Mar 31, 2022 | Dec 31, 2021 | Seql Qtr % Change | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Comp Qtr % Change | |||||||
PPP Loans | $ | 43,774 | $ | 115,074 | (62) | % | $ | 275,414 | $ | 701,440 | $ | 806,699 | (95) | % |
Asset-based lending & equipment finance(a)
| 202,836 | 125,507 | 62 | % | 99,463 | 121,153 | 137,862 | 47 | % | |||||
Commercial and industrial | 7,842,179 | 7,816,260 | - | % | 7,733,148 | 7,437,726 | 7,493,413 | 5 | % | |||||
Commercial real estate-owner occupied | 973,496 | 899,536 | 8 | % | 876,047 | 878,746 | 906,027 | 7 | % | |||||
Commercial and business lending | 9,062,286 | 8,956,378 | 1 | % | 8,984,072 | 9,139,064 | 9,344,000 | (3) | % | |||||
Commercial real estate-investor | 4,439,051 | 4,304,579 | 3 | % | 4,297,783 | 4,321,109 | 4,303,365 | 3 | % | |||||
Real estate construction | 1,738,011 | 1,829,470 | (5) | % | 1,862,458 | 1,838,619 | 1,867,836 | (7) | % | |||||
Commercial real estate lending | 6,177,062 | 6,134,049 | 1 | % | 6,160,241 | 6,159,728 | 6,171,202 | - | % | |||||
Total commercial | 15,239,348 | 15,090,427 | 1 | % | 15,144,314 | 15,298,792 | 15,515,202 | (2) | % | |||||
Residential mortgage | 7,671,329 | 7,751,337 | (1) | % | 7,817,737 | 7,861,139 | 7,962,691 | (4) | % | |||||
Auto finance | 305,202 | 53,120 | N/M | 7,144 | 8,458 | 10,190 | N/M | |||||||
Home equity | 588,281 | 600,963 | (2) | % | 620,601 | 641,438 | 680,738 | (14) | % | |||||
Other consumer | 293,578 | 299,406 | (2) | % | 294,160 | 288,786 | 294,528 | - | % | |||||
Total consumer | 8,858,390 | 8,704,826 | 2 | % | 8,739,643 | 8,799,822 | 8,948,147 | (1) | % | |||||
Total loans(d)
| $ | 24,097,738 | $ | 23,795,253 | 1 | % | $ | 23,883,957 | $ | 24,098,614 | $ | 24,463,349 | (1) | % |
Quarter average deposit composition | Mar 31, 2022 | Dec 31, 2021 | Seql Qtr % Change | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Comp Qtr % Change | |||||||
Noninterest-bearing demand | $ | 8,316,399 | $ | 8,416,525 | (1) | % | $ | 8,141,723 | $ | 8,069,851 | $ | 7,666,561 | 8 | % |
Savings | 4,529,991 | 4,367,233 | 4 | % | 4,248,493 | 4,121,553 | 3,810,321 | 19 | % | |||||
Interest-bearing demand | 6,722,038 | 6,506,438 | 3 | % | 6,344,504 | 5,879,173 | 5,713,270 | 18 | % | |||||
Money market | 7,030,945 | 6,892,803 | 2 | % | 7,011,075 | 6,981,482 | 6,875,730 | 2 | % | |||||
Network transaction deposits | 734,895 | 838,255 | (12) | % | 893,991 | 908,869 | 1,080,109 | (32) | % | |||||
Time deposits | 1,313,101 | 1,381,092 | (5) | % | 1,434,588 | 1,509,705 | 1,658,568 | (21) | % | |||||
Total deposits | $ | 28,647,369 | $ | 28,402,345 | 1 | % | $ | 28,074,374 | $ | 27,470,633 | $ | 26,804,559 | 7 | % |
Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | ||||||||||
($ in millions, except per share data) | 1Q22 | 4Q21 | 3Q21 | 2Q21 | 1Q21 | |||||
Tangible common equity reconciliation(a)
| ||||||||||
Common equity | $ | 3,755 | $ | 3,832 | $ | 3,802 | $ | 3,820 | $ | 3,774 |
Goodwill and other intangible assets, net | (1,161) | (1,163) | (1,165) | (1,167) | (1,170) | |||||
Tangible common equity | $ | 2,594 | $ | 2,669 | $ | 2,636 | $ | 2,652 | $ | 2,605 |
Tangible assets reconciliation(a)
| ||||||||||
Total assets | $ | 34,956 | $ | 35,104 | $ | 34,440 | $ | 34,153 | $ | 34,575 |
Goodwill and other intangible assets, net | (1,161) | (1,163) | (1,165) | (1,167) | (1,170) | |||||
Tangible assets | $ | 33,795 | $ | 33,941 | $ | 33,274 | $ | 32,985 | $ | 33,406 |
Average tangible common equity and average common equity tier 1 reconciliation(a)
| ||||||||||
Common equity | $ | 3,794 | $ | 3,811 | $ | 3,807 | $ | 3,788 | $ | 3,750 |
Goodwill and other intangible assets, net | (1,162) | (1,164) | (1,167) | (1,169) | (1,175) | |||||
Tangible common equity | 2,631 | 2,646 | 2,640 | 2,619 | 2,576 | |||||
Modified CECL transitional amount | 67 | 91 | 97 | 106 | 116 | |||||
Accumulated other comprehensive loss (income) | 80 | 19 | (5) | (3) | (5) | |||||
Deferred tax assets, net | 39 | 40 | 40 | 40 | 41 | |||||
Average common equity tier 1 | $ | 2,818 | $ | 2,795 | $ | 2,772 | $ | 2,762 | $ | 2,727 |
Average tangible assets reconciliation(a)
| ||||||||||
Total assets | $ | 35,200 | $ | 35,016 | $ | 34,759 | $ | 34,380 | $ | 33,684 |
Goodwill and other intangible assets, net | (1,162) | (1,164) | (1,167) | (1,169) | (1,175) | |||||
Tangible assets | $ | 34,038 | $ | 33,852 | $ | 33,593 | $ | 33,211 | $ | 32,510 |
Selected trend information(b)
| ||||||||||
Wealth management fees | $ | 22 | $ | 23 | $ | 22 | $ | 23 | $ | 22 |
Service charges and deposit account fees | 17 | 17 | 17 | 16 | 15 | |||||
Card-based fees | 10 | 11 | 11 | 11 | 10 | |||||
Other fee-based revenue | 4 | 4 | 4 | 4 | 5 | |||||
Fee-based revenue | 53 | 55 | 54 | 53 | 52 | |||||
Other | 22 | 26 | 28 | 20 | 44 | |||||
Total noninterest income | $ | 74 | $ | 82 | $ | 82 | $ | 73 | $ | 95 |
Pre-tax pre-provision income(c)
| ||||||||||
Income before income taxes | $ | 93 | $ | 92 | $ | 112 | $ | 113 | $ | 119 |
Provision for credit losses | (4) | (6) | (24) | (35) | (23) | |||||
Pre-tax pre-provision income | $ | 89 | $ | 86 | $ | 88 | $ | 78 | $ | 96 |
Selected equity and performance ratios(a)(d)
| ||||||||||
Tangible common equity / tangible assets | 7.68 | % | 7.86 | % | 7.92 | % | 8.04 | % | 7.80 | % |
Return on average equity | 7.55 | % | 7.62 | % | 8.63 | % | 8.84 | % | 9.32 | % |
Return on average tangible common equity | 11.00 | % | 11.09 | % | 12.72 | % | 13.19 | % | 14.03 | % |
Return on average common equity Tier 1 | 10.27 | % | 10.50 | % | 12.11 | % | 12.51 | % | 13.25 | % |
Return on average tangible assets | 0.88 | % | 0.90 | % | 1.05 | % | 1.10 | % | 1.18 | % |
Average stockholders' equity / average assets | 11.33 | % | 11.43 | % | 11.74 | % | 12.01 | % | 12.18 | % |
Efficiency ratio reconciliation(e)
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Federal Reserve efficiency ratio | 65.71 | % | 67.36 | % | 65.43 | % | 66.81 | % | 65.74 | % |
Fully tax-equivalent adjustment | (1.13) | % | (1.10) | % | (1.01) | % | (1.07) | % | (0.97) | % |
Other intangible amortization | (0.84) | % | (0.82) | % | (0.83) | % | (0.87) | % | (0.82) | % |
Fully tax-equivalent efficiency ratio | 63.76 | % | 65.46 | % | 63.61 | % | 64.88 | % | 63.96 | % |
Provision for unfunded commitments adjustment | 0.37 | % | 0.55 | % | 1.48 | % | 2.14 | % | (1.09) | % |
Asset gains, net adjustment | 0.05 | % | 0.24 | % | 1.29 | % | - | % | 1.12 | % |
Acquisitions, branch sales, and initiatives | - | % | (1.43) | % | (0.91) | % | 0.01 | % | 0.22 | % |
Adjusted efficiency ratio | 64.18 | % | 64.82 | % | 65.46 | % | 67.02 | % | 64.21 | % |
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Associated Banc-Corp published this content on 21 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2022 20:27:04 UTC.