![]() | 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) | June 30, 2022 | March 31, 2022 | Seql Qtr $ Change | December 31, 2021 | September 30, 2021 | June 30, 2021 | Comp Qtr $ Change | ||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and due from banks | $ | 397,364 | $ | 334,138 | $ | 63,226 | $ | 343,831 | $ | 378,927 | $ | 406,994 | $ | (9,630) | |||||||||
Interest-bearing deposits in other financial institutions | 436,887 | 166,929 | 269,958 | 681,684 | 1,281,916 | 1,340,385 | (903,498) | ||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | 32,820 | — | 32,820 | — | 25,000 | 25,000 | 7,820 | ||||||||||||||||
Investment securities available for sale, at fair value | 2,677,511 | 2,780,803 | (103,292) | 4,332,015 | 3,893,379 | 3,323,346 | (645,835) | ||||||||||||||||
Investment securities held to maturity, net, at amortized cost | 3,945,206 | 3,939,855 | 5,351 | 2,238,947 | 1,929,735 | 1,799,834 | 2,145,372 | ||||||||||||||||
Equity securities | 19,039 | 18,560 | 479 | 18,352 | 17,939 | 17,144 | 1,895 | ||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 237,616 | 168,281 | 69,335 | 168,281 | 168,281 | 168,281 | 69,335 | ||||||||||||||||
Residential loans held for sale | 42,676 | 91,582 | (48,906) | 136,638 | 158,202 | 160,547 | (117,871) | ||||||||||||||||
Commercial loans held for sale | 44,721 | — | 44,721 | — | — | — | 44,721 | ||||||||||||||||
Loans | 26,494,698 | 24,531,926 | 1,962,772 | 24,224,949 | 23,621,673 | 23,947,536 | 2,547,162 | ||||||||||||||||
Allowance for loan losses | (280,771) | (279,058) | (1,713) | (280,015) | (290,997) | (318,811) | 38,040 | ||||||||||||||||
Loans, net | 26,213,927 | 24,252,867 | 1,961,060 | 23,944,934 | 23,330,676 | 23,628,725 | 2,585,202 | ||||||||||||||||
Tax credit and other investments | 275,165 | 284,561 | (9,396) | 293,733 | 301,490 | 294,220 | (19,055) | ||||||||||||||||
Premises and equipment, net | 387,633 | 387,550 | 83 | 385,173 | 383,131 | 398,050 | (10,417) | ||||||||||||||||
Bank and corporate owned life insurance | 675,347 | 679,538 | (4,191) | 680,021 | 683,610 | 682,709 | (7,362) | ||||||||||||||||
Goodwill | 1,104,992 | 1,104,992 | — | 1,104,992 | 1,104,992 | 1,104,992 | — | ||||||||||||||||
Other intangible assets, net | 53,687 | 55,890 | (2,203) | 58,093 | 60,296 | 62,498 | (8,811) | ||||||||||||||||
Mortgage servicing rights, net(a) | 76,570 | 67,015 | 9,555 | 54,862 | 50,329 | 48,335 | 28,235 | ||||||||||||||||
Interest receivable | 95,426 | 83,120 | 12,306 | 80,528 | 79,011 | 81,797 | 13,629 | ||||||||||||||||
Other assets | 519,403 | 540,218 | (20,815) | 582,168 | 592,753 | 609,766 | (90,363) | ||||||||||||||||
Total assets | $ | 37,235,990 | $ | 34,955,900 | $ | 2,280,090 | $ | 35,104,253 | $ | 34,439,666 | $ | 34,152,625 | $ | 3,083,365 | |||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 8,085,702 | $ | 8,315,699 | $ | (229,997) | $ | 8,504,077 | $ | 8,170,105 | $ | 7,999,143 | $ | 86,559 | |||||||||
Interest-bearing deposits | 20,490,874 | 20,089,710 | 401,164 | 19,962,353 | 19,681,161 | 19,265,157 | 1,225,717 | ||||||||||||||||
Total deposits | 28,576,577 | 28,405,409 | 171,168 | 28,466,430 | 27,851,266 | 27,264,299 | 1,312,278 | ||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 682,839 | 368,768 | 314,071 | 319,532 | 267,943 | 170,419 | 512,420 | ||||||||||||||||
Commercial paper | 22,781 | 30,593 | (7,812) | 34,730 | 54,553 | 55,785 | (33,004) | ||||||||||||||||
FHLB advances | 3,258,039 | 1,537,948 | 1,720,091 | 1,621,047 | 1,620,880 | 1,619,826 | 1,638,213 | ||||||||||||||||
Other long-term funding | 249,820 | 249,797 | 23 | 249,324 | 249,160 | 549,024 | (299,204) | ||||||||||||||||
Allowance for unfunded commitments | 36,776 | 38,776 | (2,000) | 39,776 | 41,276 | 45,276 | (8,500) | ||||||||||||||||
Accrued expenses and other liabilities | 449,776 | 376,322 | 73,454 | 348,560 | 359,626 | 337,942 | 111,834 | ||||||||||||||||
Total liabilities | 33,276,608 | 31,007,613 | 2,268,995 | 31,079,399 | $ | 30,444,705 | $ | 30,042,573 | 3,234,035 | ||||||||||||||
Stockholders’ equity | |||||||||||||||||||||||
Preferred equity | 193,195 | 193,195 | — | 193,195 | 193,195 | 290,200 | (97,005) | ||||||||||||||||
Common equity | 3,766,187 | 3,755,092 | 11,095 | 3,831,658 | 3,801,766 | 3,819,852 | (53,665) | ||||||||||||||||
Total stockholders’ equity | 3,959,382 | 3,948,287 | 11,095 | 4,024,853 | 3,994,961 | 4,110,052 | (150,670) | ||||||||||||||||
Total liabilities and stockholders’ equity | $ | 37,235,990 | $ | 34,955,900 | $ | 2,280,090 | $ | 35,104,253 | $ | 34,439,666 | $ | 34,152,625 | $ | 3,083,365 |
Associated Banc-Corp Consolidated Statements of Income (Unaudited) | Comp Qtr | YTD | YTD | Comp YTD | ||||||||||||||||||||||
($ in thousands, except per share data) | 2Q22 | 2Q21 | $ Change | % Change | Jun 2022 | Jun 2021 | $ Change | % Change | ||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Interest and fees on loans | $ | 199,876 | $ | 174,228 | $ | 25,648 | 15 | % | $ | 367,573 | $ | 348,277 | $ | 19,296 | 6 | % | ||||||||||
Interest and dividends on investment securities | ||||||||||||||||||||||||||
Taxable | 18,317 | 8,840 | 9,477 | 107 | % | 34,789 | 15,855 | 18,934 | 119 | % | ||||||||||||||||
Tax-exempt | 16,379 | 14,366 | 2,013 | 14 | % | 32,487 | 28,528 | 3,959 | 14 | % | ||||||||||||||||
Other interest | 2,420 | 1,826 | 594 | 33 | % | 4,413 | 3,521 | 892 | 25 | % | ||||||||||||||||
Total interest income | 236,991 | 199,260 | 37,731 | 19 | % | 439,261 | 396,180 | 43,081 | 11 | % | ||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Interest on deposits | 8,019 | 4,609 | 3,410 | 74 | % | 11,591 | 10,519 | 1,072 | 10 | % | ||||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 406 | 30 | 376 | N/M | 444 | 55 | 389 | N/M | ||||||||||||||||||
Interest on other short-term funding | 1 | 7 | (6) | (86) | % | 2 | 13 | (11) | (85) | % | ||||||||||||||||
Interest on FHLB Advances | 9,689 | 9,524 | 165 | 2 | % | 17,871 | 19,017 | (1,146) | (6) | % | ||||||||||||||||
Interest on long-term funding | 2,730 | 5,575 | (2,845) | (51) | % | 5,460 | 11,160 | (5,700) | (51) | % | ||||||||||||||||
Total interest expense | 20,845 | 19,745 | 1,100 | 6 | % | 35,367 | 40,764 | (5,397) | (13) | % | ||||||||||||||||
Net interest income | 216,146 | 179,515 | 36,631 | 20 | % | 403,893 | 355,416 | 48,477 | 14 | % | ||||||||||||||||
Provision for credit losses | (2) | (35,004) | 35,002 | (100) | % | (3,992) | (58,009) | 54,017 | (93) | % | ||||||||||||||||
Net interest income after provision for credit losses | 216,148 | 214,519 | 1,629 | 1 | % | 407,886 | 413,425 | (5,539) | (1) | % | ||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||
Wealth management fees | 21,332 | 22,706 | (1,374) | (6) | % | 43,735 | 45,120 | (1,385) | (3) | % | ||||||||||||||||
Service charges and deposit account fees | 16,506 | 15,549 | 957 | 6 | % | 33,363 | 30,404 | 2,959 | 10 | % | ||||||||||||||||
Card-based fees | 11,442 | 10,982 | 460 | 4 | % | 21,368 | 20,725 | 643 | 3 | % | ||||||||||||||||
Other fee-based revenue | 4,360 | 4,244 | 116 | 3 | % | 8,126 | 8,840 | (714) | (8) | % | ||||||||||||||||
Capital markets, net | 8,010 | 5,696 | 2,314 | 41 | % | 16,656 | 13,814 | 2,842 | 21 | % | ||||||||||||||||
Mortgage banking, net | 6,145 | 8,128 | (1,983) | (24) | % | 14,536 | 32,054 | (17,518) | (55) | % | ||||||||||||||||
Bank and corporate owned life insurance | 4,106 | 3,088 | 1,018 | 33 | % | 6,177 | 5,791 | 386 | 7 | % | ||||||||||||||||
Asset gains (losses), net | 1,677 | (14) | 1,691 | N/M | 1,865 | 4,796 | (2,931) | (61) | % | |||||||||||||||||
Investment securities gains (losses), net | (8) | 24 | (32) | N/M | 12 | (16) | 28 | N/M | ||||||||||||||||||
Gains on sale of branches, net(a) | — | 36 | (36) | (100) | % | — | 1,038 | (1,038) | (100) | % | ||||||||||||||||
Other | 1,888 | 3,004 | (1,116) | (37) | % | 4,086 | 6,221 | (2,135) | (34) | % | ||||||||||||||||
Total noninterest income | 75,458 | 73,443 | 2,015 | 3 | % | 149,925 | 168,786 | (18,861) | (11) | % | ||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Personnel | 112,666 | 106,994 | 5,672 | 5 | % | 217,477 | 211,020 | 6,457 | 3 | % | ||||||||||||||||
Technology | 21,223 | 20,236 | 987 | 5 | % | 42,707 | 40,975 | 1,732 | 4 | % | ||||||||||||||||
Occupancy | 14,151 | 14,679 | (528) | (4) | % | 30,231 | 30,835 | (604) | (2) | % | ||||||||||||||||
Business development and advertising | 5,655 | 4,970 | 685 | 14 | % | 10,610 | 9,366 | 1,244 | 13 | % | ||||||||||||||||
Equipment | 4,960 | 5,481 | (521) | (10) | % | 9,920 | 10,999 | (1,079) | (10) | % | ||||||||||||||||
Legal and professional | 4,873 | 6,661 | (1,788) | (27) | % | 9,960 | 13,191 | (3,231) | (24) | % | ||||||||||||||||
Loan and foreclosure costs | 1,476 | 2,671 | (1,195) | (45) | % | 3,490 | 4,891 | (1,401) | (29) | % | ||||||||||||||||
FDIC assessment | 5,400 | 3,600 | 1,800 | 50 | % | 10,500 | 8,350 | 2,150 | 26 | % | ||||||||||||||||
Other intangible amortization | 2,203 | 2,203 | — | — | % | 4,405 | 4,439 | (34) | (1) | % | ||||||||||||||||
Other | 8,815 | 6,979 | 1,836 | 26 | % | 15,412 | 15,755 | (343) | (2) | % | ||||||||||||||||
Total noninterest expense | 181,420 | 174,475 | 6,945 | 4 | % | 354,712 | 349,821 | 4,891 | 1 | % | ||||||||||||||||
Income before income taxes | 110,187 | 113,487 | (3,300) | (3) | % | 203,099 | 232,389 | (29,290) | (13) | % | ||||||||||||||||
Income tax expense | 23,363 | 22,480 | 883 | 4 | % | 42,013 | 47,082 | (5,069) | (11) | % | ||||||||||||||||
Net income | 86,824 | 91,007 | (4,183) | (5) | % | 161,086 | 185,307 | (24,221) | (13) | % | ||||||||||||||||
Preferred stock dividends | 2,875 | 4,875 | (2,000) | (41) | % | 5,750 | 10,082 | (4,332) | (43) | % | ||||||||||||||||
Net income available to common equity | $ | 83,949 | $ | 86,131 | $ | (2,182) | (3) | % | $ | 155,336 | $ | 175,226 | $ | (19,890) | (11) | % | ||||||||||
Earnings per common share | ||||||||||||||||||||||||||
Basic | $ | 0.56 | $ | 0.56 | $ | — | — | % | $ | 1.04 | $ | 1.14 | $ | (0.10) | (9) | % | ||||||||||
Diluted | $ | 0.56 | $ | 0.56 | $ | — | — | % | $ | 1.03 | $ | 1.13 | $ | (0.10) | (9) | % | ||||||||||
Average common shares outstanding | ||||||||||||||||||||||||||
Basic | 149,083 | 152,042 | (2,959) | (2) | % | 148,933 | 152,198 | (3,265) | (2) | % | ||||||||||||||||
Diluted | 150,203 | 153,381 | (3,178) | (2) | % | 150,265 | 153,473 | (3,208) | (2) | % | ||||||||||||||||
Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend | |||||||||||||||||||||||||||||
($ in thousands, except per share data) | Seql Qtr | Comp Qtr | |||||||||||||||||||||||||||
2Q22 | 1Q22 | $ Change | % Change | 4Q21 | 3Q21 | 2Q21 | $ Change | % Change | |||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||
Interest and fees on loans | $ | 199,876 | $ | 167,697 | $ | 32,179 | 19 | % | $ | 170,809 | $ | 174,643 | $ | 174,228 | $ | 25,648 | 15 | % | |||||||||||
Interest and dividends on investment securities | |||||||||||||||||||||||||||||
Taxable | 18,317 | 16,472 | 1,845 | 11 | % | 13,317 | 8,745 | 8,840 | 9,477 | 107 | % | ||||||||||||||||||
Tax-exempt | 16,379 | 16,108 | 271 | 2 | % | 15,569 | 14,613 | 14,366 | 2,013 | 14 | % | ||||||||||||||||||
Other interest | 2,420 | 1,993 | 427 | 21 | % | 2,031 | 2,281 | 1,826 | 594 | 33 | % | ||||||||||||||||||
Total interest income | 236,991 | 202,270 | 34,721 | 17 | % | 201,726 | 200,282 | 199,260 | 37,731 | 19 | % | ||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Interest on deposits | 8,019 | 3,571 | 4,448 | 125 | % | 3,677 | 4,427 | 4,609 | 3,410 | 74 | % | ||||||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 406 | 38 | 368 | N/M | 40 | 48 | 30 | 376 | N/M | ||||||||||||||||||||
Interest on other short-term funding | 1 | 1 | — | — | % | 2 | 8 | 7 | (6) | (86) | % | ||||||||||||||||||
Interest on FHLB Advances | 9,689 | 8,182 | 1,507 | 18 | % | 8,514 | 8,962 | 9,524 | 165 | 2 | % | ||||||||||||||||||
Interest on long-term funding | 2,730 | 2,730 | — | — | % | 2,730 | 3,163 | 5,575 | (2,845) | (51) | % | ||||||||||||||||||
Total interest expense | 20,845 | 14,522 | 6,323 | 44 | % | 14,963 | 16,607 | 19,745 | 1,100 | 6 | % | ||||||||||||||||||
Net interest income | 216,146 | 187,747 | 28,399 | 15 | % | 186,763 | 183,675 | 179,515 | 36,631 | 20 | % | ||||||||||||||||||
Provision for credit losses | (2) | (3,990) | 3,988 | (100) | % | (5,993) | (24,010) | (35,004) | 35,002 | (100) | % | ||||||||||||||||||
Net interest income after provision for credit losses | 216,148 | 191,737 | 24,411 | 13 | % | 192,756 | 207,685 | 214,519 | 1,629 | 1 | % | ||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||
Wealth management fees | 21,332 | 22,404 | (1,072) | (5) | % | 22,625 | 22,110 | 22,706 | (1,374) | (6) | % | ||||||||||||||||||
Service charges and deposit account fees | 16,506 | 16,856 | (350) | (2) | % | 17,039 | 16,962 | 15,549 | 957 | 6 | % | ||||||||||||||||||
Card-based fees | 11,442 | 9,926 | 1,516 | 15 | % | 11,176 | 11,113 | 10,982 | 460 | 4 | % | ||||||||||||||||||
Other fee-based revenue | 4,360 | 3,766 | 594 | 16 | % | 4,316 | 3,929 | 4,244 | 116 | 3 | % | ||||||||||||||||||
Capital markets, net | 8,010 | 8,646 | (636) | (7) | % | 9,674 | 7,114 | 5,696 | 2,314 | 41 | % | ||||||||||||||||||
Mortgage banking, net | 6,145 | 8,391 | (2,246) | (27) | % | 8,041 | 10,657 | 8,128 | (1,983) | (24) | % | ||||||||||||||||||
Bank and corporate owned life insurance | 4,106 | 2,071 | 2,035 | 98 | % | 4,704 | 2,760 | 3,088 | 1,018 | 33 | % | ||||||||||||||||||
Asset gains (losses), net | 1,677 | 188 | 1,489 | N/M | 985 | 5,228 | (14) | 1,691 | N/M | ||||||||||||||||||||
Investment securities gains (losses), net | (8) | 21 | (29) | N/M | — | — | 24 | (32) | N/M | ||||||||||||||||||||
Gains on sale of branches, net(a) | — | — | — | N/M | — | — | 36 | (36) | (100) | % | |||||||||||||||||||
Other | 1,888 | 2,198 | (310) | (14) | % | 2,941 | 2,205 | 3,004 | (1,116) | (37) | % | ||||||||||||||||||
Total noninterest income | 75,458 | 74,467 | 991 | 1 | % | 81,502 | 82,076 | 73,443 | 2,015 | 3 | % | ||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Personnel | 112,666 | 104,811 | 7,855 | 7 | % | 107,787 | 107,880 | 106,994 | 5,672 | 5 | % | ||||||||||||||||||
Technology | 21,223 | 21,485 | (262) | (1) | % | 20,787 | 19,927 | 20,236 | 987 | 5 | % | ||||||||||||||||||
Occupancy | 14,151 | 16,080 | (1,929) | (12) | % | 16,863 | 15,814 | 14,679 | (528) | (4) | % | ||||||||||||||||||
Business development and advertising | 5,655 | 4,954 | 701 | 14 | % | 5,627 | 6,156 | 4,970 | 685 | 14 | % | ||||||||||||||||||
Equipment | 4,960 | 4,960 | — | — | % | 4,905 | 5,200 | 5,481 | (521) | (10) | % | ||||||||||||||||||
Legal and professional | 4,873 | 5,087 | (214) | (4) | % | 4,428 | 4,304 | 6,661 | (1,788) | (27) | % | ||||||||||||||||||
Loan and foreclosure costs | 1,476 | 2,014 | (538) | (27) | % | 1,636 | 1,616 | 2,671 | (1,195) | (45) | % | ||||||||||||||||||
FDIC assessment | 5,400 | 5,100 | 300 | 6 | % | 4,800 | 5,000 | 3,600 | 1,800 | 50 | % | ||||||||||||||||||
Other intangible amortization | 2,203 | 2,203 | — | — | % | 2,203 | 2,203 | 2,203 | — | — | % | ||||||||||||||||||
Other | 8,815 | 6,597 | 2,218 | 34 | % | 13,173 | 9,793 | 6,979 | 1,836 | 26 | % | ||||||||||||||||||
Total noninterest expense | 181,420 | 173,292 | 8,128 | 5 | % | 182,210 | 177,892 | 174,475 | 6,945 | 4 | % | ||||||||||||||||||
Income before income taxes | 110,187 | 92,912 | 17,275 | 19 | % | 92,048 | 111,870 | 113,487 | (3,300) | (3) | % | ||||||||||||||||||
Income tax expense | 23,363 | 18,650 | 4,713 | 25 | % | 15,171 | 23,060 | 22,480 | 883 | 4 | % | ||||||||||||||||||
Net income | 86,824 | 74,262 | 12,562 | 17 | % | 76,877 | 88,809 | 91,007 | (4,183) | (5) | % | ||||||||||||||||||
Preferred stock dividends | 2,875 | 2,875 | — | — | % | 2,875 | 4,155 | 4,875 | (2,000) | (41) | % | ||||||||||||||||||
Net income available to common equity | $ | 83,949 | $ | 71,387 | $ | 12,562 | 18 | % | $ | 74,002 | $ | 84,655 | $ | 86,131 | $ | (2,182) | (3) | % | |||||||||||
Earnings per common share | |||||||||||||||||||||||||||||
Basic | $ | 0.56 | $ | 0.48 | $ | 0.08 | 17 | % | $ | 0.49 | $ | 0.56 | $ | 0.56 | $ | — | — | % | |||||||||||
Diluted | $ | 0.56 | $ | 0.47 | $ | 0.09 | 19 | % | $ | 0.49 | $ | 0.56 | $ | 0.56 | $ | — | — | % | |||||||||||
Average common shares outstanding | |||||||||||||||||||||||||||||
Basic | 149,083 | 148,781 | 302 | — | % | 148,697 | 150,046 | 152,042 | (2,959) | (2) | % | ||||||||||||||||||
Diluted | 150,203 | 150,492 | (289) | — | % | 150,057 | 151,143 | 153,381 | (3,178) | (2) | % | ||||||||||||||||||
Associated Banc-Corp Selected Quarterly Information | |||||||||||||||||||||||
($ in millions except per share data; shares repurchased and outstanding in thousands) | YTD Jun 2022 | YTD Jun 2021 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | 2Q21 | ||||||||||||||||
Per common share data | |||||||||||||||||||||||
Dividends | $ | 0.40 | $ | 0.36 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.18 | |||||||||
Market value: | |||||||||||||||||||||||
High | 25.71 | 23.33 | 22.48 | 25.71 | 23.92 | 21.85 | 23.33 | ||||||||||||||||
Low | 18.01 | 17.20 | 18.01 | 22.41 | 21.49 | 18.56 | 20.36 | ||||||||||||||||
Close | 18.26 | 22.76 | 22.59 | 21.42 | 20.48 | ||||||||||||||||||
Book value / share | 25.09 | 25.03 | 25.66 | 25.35 | 24.99 | ||||||||||||||||||
Tangible book value / share | 17.37 | 17.29 | 17.87 | 17.58 | 17.35 | ||||||||||||||||||
Performance ratios (annualized) | |||||||||||||||||||||||
Return on average assets | 0.92 | % | 1.10 | % | 0.97 | % | 0.86 | % | 0.87 | % | 1.01 | % | 1.06 | % | |||||||||
Noninterest expense / average assets | 2.02 | % | 2.07 | % | 2.04 | % | 2.00 | % | 2.06 | % | 2.03 | % | 2.04 | % | |||||||||
Effective tax rate | 20.69 | % | 20.26 | % | 21.20 | % | 20.07 | % | 16.48 | % | 20.61 | % | 19.81 | % | |||||||||
Dividend payout ratio(a) | 38.46 | % | 31.58 | % | 35.71 | % | 41.67 | % | 40.82 | % | 35.71 | % | 32.14 | % | |||||||||
Net interest margin | 2.57 | % | 2.38 | % | 2.71 | % | 2.42 | % | 2.40 | % | 2.38 | % | 2.37 | % | |||||||||
Selected trend information | |||||||||||||||||||||||
Average full time equivalent employees(b) | 4,060 | 4,005 | 4,101 | 4,018 | 3,992 | 4,010 | 3,990 | ||||||||||||||||
Branch count | 215 | 215 | 215 | 224 | 224 | ||||||||||||||||||
Assets under management, at market value(c) | $ | 11,561 | $ | 12,937 | $ | 13,679 | $ | 13,148 | $ | 13,141 | |||||||||||||
Mortgage loans originated for sale during period | $ | 404 | $ | 889 | $ | 152 | $ | 252 | $ | 404 | $ | 456 | $ | 477 | |||||||||
Mortgage loan settlements during period | $ | 500 | $ | 885 | $ | 204 | $ | 296 | $ | 427 | $ | 463 | $ | 484 | |||||||||
Mortgage portfolio serviced for others | $ | 6,910 | $ | 6,972 | $ | 6,995 | $ | 7,057 | $ | 7,150 | |||||||||||||
Mortgage servicing rights, net / mortgage portfolio serviced for others(d) | 1.11 | % | 0.96 | % | 0.78 | % | 0.71 | % | 0.68 | % | |||||||||||||
Shares repurchased during period(e) | — | 2,280 | — | — | 1,096 | 2,919 | 1,314 | ||||||||||||||||
Shares outstanding, end of period | 150,126 | 150,038 | 149,343 | 149,961 | 152,865 | ||||||||||||||||||
Selected quarterly ratios | |||||||||||||||||||||||
Loans / deposits | 92.71 | % | 86.36 | % | 85.10 | % | 84.81 | % | 87.83 | % | |||||||||||||
Stockholders’ equity / assets | 10.63 | % | 11.30 | % | 11.47 | % | 11.60 | % | 12.03 | % | |||||||||||||
Risk-based capital(f)(g) | |||||||||||||||||||||||
Total risk-weighted assets | $ | 29,864 | $ | 27,781 | $ | 27,243 | $ | 26,304 | $ | 26,073 | |||||||||||||
Common equity Tier 1 | $ | 2,897 | $ | 2,838 | $ | 2,808 | $ | 2,780 | $ | 2,790 | |||||||||||||
Common equity Tier 1 capital ratio | 9.70 | % | 10.22 | % | 10.31 | % | 10.57 | % | 10.70 | % | |||||||||||||
Tier 1 capital ratio | 10.35 | % | 10.91 | % | 11.02 | % | 11.30 | % | 11.81 | % | |||||||||||||
Total capital ratio | 11.74 | % | 12.41 | % | 13.10 | % | 13.50 | % | 14.02 | % | |||||||||||||
Tier 1 leverage ratio | 8.87 | % | 8.86 | % | 8.83 | % | 8.81 | % | 9.23 | % | |||||||||||||
Mortgage banking, net | |||||||||||||||||||||||
Mortgage servicing fees, net(h) | $ | 4 | $ | (2) | $ | 2 | $ | 2 | $ | 1 | $ | — | $ | — | |||||||||
Gains (losses) and fair value adjustments on loans held for sale | — | 23 | — | 1 | 3 | 8 | 9 | ||||||||||||||||
Changes in mortgage servicing rights valuation, net of economic hedge(d) | 10 | 10 | 5 | 6 | 4 | 2 | — | ||||||||||||||||
Mortgage banking, net | $ | 15 | $ | 32 | $ | 6 | $ | 8 | $ | 8 | $ | 11 | $ | 8 |
Associated Banc-Corp Selected Asset Quality Information | |||||||||||||||||||||||
($ in thousands) | Jun 30, 2022 | Mar 31, 2022 | Seql Qtr % Change | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Comp Qtr % Change | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||
Balance at beginning of period | $ | 279,058 | $ | 280,015 | — | % | $ | 290,997 | $ | 318,811 | $ | 352,938 | (21) | % | |||||||||
Provision for loan losses | 2,000 | (3,000) | N/M | (4,500) | (20,000) | (29,500) | N/M | ||||||||||||||||
Charge offs | (1,791) | (2,028) | (12) | % | (8,869) | (10,929) | (7,681) | (77) | % | ||||||||||||||
Recoveries | 1,504 | 4,072 | (63) | % | 2,387 | 3,115 | 3,054 | (51) | % | ||||||||||||||
Net (charge offs) recoveries | (287) | 2,044 | N/M | (6,482) | (7,814) | (4,628) | (94) | % | |||||||||||||||
Balance at end of period | $ | 280,771 | $ | 279,058 | 1 | % | $ | 280,015 | $ | 290,997 | $ | 318,811 | (12) | % | |||||||||
Allowance for unfunded commitments | |||||||||||||||||||||||
Balance at beginning of period | $ | 38,776 | $ | 39,776 | (3) | % | $ | 41,276 | $ | 45,276 | $ | 50,776 | (24) | % | |||||||||
Provision for unfunded commitments | (2,000) | (1,000) | 100 | % | (1,500) | (4,000) | (5,500) | (64) | % | ||||||||||||||
Balance at end of period | $ | 36,776 | $ | 38,776 | (5) | % | $ | 39,776 | $ | 41,276 | $ | 45,276 | (19) | % | |||||||||
Allowance for credit losses on loans (ACLL) | $ | 317,547 | $ | 317,835 | — | % | $ | 319,791 | $ | 332,273 | $ | 364,087 | (13) | % | |||||||||
Provision for credit losses on loans | $ | — | $ | (4,000) | (100) | % | $ | (6,000) | $ | (24,000) | $ | (35,000) | (100) | % | |||||||||
($ in thousands) | Jun 30, 2022 | Mar 31, 2022 | Seql Qtr % Change | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Comp Qtr % Change | ||||||||||||||||
Net (charge offs) recoveries | |||||||||||||||||||||||
Asset-based lending & equipment finance(a) | $ | — | $ | — | N/M | $ | 27 | $ | 91 | $ | 261 | (100) | % | ||||||||||
Commercial and industrial | (444) | 1,854 | N/M | (6,669) | (9,149) | 1,072 | N/M | ||||||||||||||||
Commercial real estate—owner occupied | 4 | 3 | 33 | % | 4 | 106 | 5 | (20) | % | ||||||||||||||
Commercial and business lending | (440) | 1,857 | N/M | (6,638) | (8,951) | 1,338 | N/M | ||||||||||||||||
Commercial real estate—investor | — | — | N/M | 109 | 181 | (5,589) | (100) | % | |||||||||||||||
Real estate construction | 2 | 32 | (94) | % | 52 | 18 | 23 | (91) | % | ||||||||||||||
Commercial real estate lending | 2 | 32 | (94) | % | 162 | 199 | (5,566) | N/M | |||||||||||||||
Total commercial | (439) | 1,889 | N/M | (6,476) | (8,752) | (4,228) | (90) | % | |||||||||||||||
Residential mortgage | 220 | 288 | (24) | % | (6) | 300 | (223) | N/M | |||||||||||||||
Auto finance | (14) | 4 | N/M | (11) | 8 | 3 | N/M | ||||||||||||||||
Home equity | 461 | 315 | 46 | % | 546 | 959 | 337 | 37 | % | ||||||||||||||
Other consumer | (516) | (451) | 14 | % | (534) | (329) | (517) | — | % | ||||||||||||||
Total consumer | 151 | 155 | (3) | % | (6) | 938 | (400) | N/M | |||||||||||||||
Total net (charge offs) recoveries | $ | (287) | $ | 2,044 | N/M | $ | (6,482) | $ | (7,814) | $ | (4,628) | (94) | % | ||||||||||
(In basis points) | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||||||||||||||
Net (charge offs) recoveries to average loans (annualized) | |||||||||||||||||||||||
Asset-based lending & equipment finance(a) | — | — | 9 | 36 | 87 | ||||||||||||||||||
Commercial and industrial | (2) | 10 | (34) | (47) | 6 | ||||||||||||||||||
Commercial real estate—owner occupied | — | — | — | 5 | — | ||||||||||||||||||
Commercial and business lending | (2) | 8 | (29) | (40) | 6 | ||||||||||||||||||
Commercial real estate—investor | — | — | 1 | 2 | (52) | ||||||||||||||||||
Real estate construction | — | 1 | 1 | — | 1 | ||||||||||||||||||
Commercial real estate lending | — | — | 1 | 1 | (36) | ||||||||||||||||||
Total commercial | (1) | 5 | (17) | (23) | (11) | ||||||||||||||||||
Residential mortgage | 1 | 2 | — | 2 | (1) | ||||||||||||||||||
Auto finance | (1) | 1 | (9) | 43 | 15 | ||||||||||||||||||
Home equity | 32 | 22 | 36 | 61 | 21 | ||||||||||||||||||
Other consumer | (70) | (62) | (71) | (44) | (72) | ||||||||||||||||||
Total consumer | 1 | 1 | — | 4 | (2) | ||||||||||||||||||
Total net (charge offs) recoveries | — | 3 | (11) | (13) | (8) | ||||||||||||||||||
($ in thousands) | Jun 30, 2022 | Mar 31, 2022 | Seql Qtr % Change | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Comp Qtr % Change | ||||||||||||||||
Credit Quality | |||||||||||||||||||||||
Nonaccrual loans | $ | 108,345 | $ | 143,221 | (24) | % | $ | 130,443 | $ | 135,062 | $ | 147,135 | (26) | % | |||||||||
Other real estate owned (OREO) | 17,879 | 18,194 | (2) | % | 29,619 | 33,855 | 24,000 | (26) | % | ||||||||||||||
Repossessed Assets | $ | 102 | $ | — | N/M | $ | — | $ | — | $ | — | N/M | |||||||||||
Total nonperforming assets | $ | 126,327 | $ | 161,414 | (22) | % | $ | 160,062 | $ | 168,917 | $ | 171,135 | (26) | % | |||||||||
Loans 90 or more days past due and still accruing | $ | 1,555 | $ | 1,595 | (3) | % | $ | 1,263 | $ | 1,029 | $ | 1,302 | 19 | % | |||||||||
Allowance for credit losses on loans to total loans | 1.20 | % | 1.30 | % | 1.32 | % | 1.41 | % | 1.52 | % | |||||||||||||
Allowance for credit losses on loans to nonaccrual loans | 293.09 | % | 221.92 | % | 245.16 | % | 246.02 | % | 247.45 | % | |||||||||||||
Nonaccrual loans to total loans | 0.41 | % | 0.58 | % | 0.54 | % | 0.57 | % | 0.61 | % | |||||||||||||
Nonperforming assets to total loans plus OREO and repossessed assets | 0.48 | % | 0.66 | % | 0.66 | % | 0.71 | % | 0.71 | % | |||||||||||||
Nonperforming assets to total assets | 0.34 | % | 0.46 | % | 0.46 | % | 0.49 | % | 0.50 | % | |||||||||||||
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans | (0.01) | % | (0.03) | % | 0.10 | % | 0.10 | % | 0.08 | % | |||||||||||||
Associated Banc-Corp Selected Asset Quality Information (continued) | |||||||||||||||||||||||
(In thousands) | Jun 30, 2022 | Mar 31, 2022 | Seql Qtr % Change | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Comp Qtr % Change | ||||||||||||||||
Nonaccrual loans | |||||||||||||||||||||||
PPP Loans | $ | — | $ | 41 | (100) | % | $ | 46 | $ | — | $ | — | N/M | ||||||||||
Commercial and industrial | 843 | 225 | N/M | 6,233 | 8,497 | 18,380 | (95) | % | |||||||||||||||
Commercial real estate—owner occupied | — | — | N/M | — | 7 | 7 | (100) | % | |||||||||||||||
Commercial and business lending | 843 | 266 | N/M | 6,279 | 8,504 | 18,387 | (95) | % | |||||||||||||||
Commercial real estate—investor | 46,823 | 80,886 | (42) | % | 60,677 | 61,504 | 63,003 | (26) | % | ||||||||||||||
Real estate construction | 604 | 609 | (1) | % | 177 | 247 | 247 | 145 | % | ||||||||||||||
Commercial real estate lending | 47,427 | 81,495 | (42) | % | 60,855 | 61,751 | 63,250 | (25) | % | ||||||||||||||
Total commercial | 48,270 | 81,761 | (41) | % | 67,134 | 70,256 | 81,637 | (41) | % | ||||||||||||||
Residential mortgage | 52,840 | 53,827 | (2) | % | 55,362 | 56,678 | 56,795 | (7) | % | ||||||||||||||
Auto finance | 53 | 49 | 8 | % | 52 | 67 | 56 | (5) | % | ||||||||||||||
Home equity | 7,100 | 7,490 | (5) | % | 7,726 | 7,838 | 8,517 | (17) | % | ||||||||||||||
Other consumer | 83 | 95 | (13) | % | 170 | 222 | 131 | (37) | % | ||||||||||||||
Total consumer | 60,075 | 61,460 | (2) | % | 63,309 | 64,806 | 65,498 | (8) | % | ||||||||||||||
Total nonaccrual loans | $ | 108,345 | $ | 143,221 | (24) | % | $ | 130,443 | $ | 135,062 | $ | 147,135 | (26) | % | |||||||||
Jun 30, 2022 | Mar 31, 2022 | Seql Qtr % Change | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Comp Qtr % Change | |||||||||||||||||
Restructured loans (accruing) | |||||||||||||||||||||||
Commercial and industrial | $ | 13,882 | $ | 7,426 | 87 | % | $ | 8,687 | $ | 11,067 | $ | 11,569 | 20 | % | |||||||||
Commercial real estate—owner occupied | 421 | 473 | (11) | % | 967 | 1,031 | 1,225 | (66) | % | ||||||||||||||
Commercial and business lending | 14,303 | 7,899 | 81 | % | 9,655 | 12,098 | 12,794 | 12 | % | ||||||||||||||
Commercial real estate—investor | 943 | 2,045 | (54) | % | 12,866 | 13,236 | 13,306 | (93) | % | ||||||||||||||
Real estate construction | 179 | 183 | (2) | % | 242 | 248 | 253 | (29) | % | ||||||||||||||
Commercial real estate lending | 1,122 | 2,228 | (50) | % | 13,108 | 13,484 | 13,559 | (92) | % | ||||||||||||||
Total commercial | 15,425 | 10,127 | 52 | % | 22,763 | 25,582 | 26,353 | (41) | % | ||||||||||||||
Residential mortgage | 15,829 | 16,644 | (5) | % | 16,316 | 15,253 | 12,227 | 29 | % | ||||||||||||||
Home equity | 2,246 | 2,486 | (10) | % | 2,648 | 2,787 | 2,451 | (8) | % | ||||||||||||||
Other consumer | 753 | 747 | 1 | % | 803 | 877 | 904 | (17) | % | ||||||||||||||
Total consumer | 18,828 | 19,876 | (5) | % | 19,768 | 18,917 | 15,582 | 21 | % | ||||||||||||||
Total restructured loans (accruing) | $ | 34,253 | $ | 30,003 | 14 | % | $ | 42,530 | $ | 44,499 | $ | 41,935 | (18) | % | |||||||||
Nonaccrual restructured loans (included in nonaccrual loans) | $ | 22,172 | $ | 19,352 | 15 | % | $ | 17,426 | $ | 15,226 | $ | 17,237 | 29 | % | |||||||||
Jun 30, 2022 | Mar 31, 2022 | Seql Qtr % Change | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Comp Qtr % Change | |||||||||||||||||
Accruing Loans 30-89 Days Past Due | |||||||||||||||||||||||
PPP Loans | $ | 1,475 | $ | 1 | N/M | $ | 83 | $ | 568 | $ | — | N/M | |||||||||||
Commercial and industrial | 167 | 1,085 | (85) | % | 632 | 1,229 | 258 | (35) | % | ||||||||||||||
Commercial real estate—owner occupied | — | 198 | (100) | % | 163 | 30 | 47 | (100) | % | ||||||||||||||
Commercial and business lending | 1,642 | 1,284 | 28 | % | 878 | 1,827 | 306 | N/M | |||||||||||||||
Commercial real estate—investor | 5,484 | — | N/M | 616 | 17,021 | 391 | N/M | ||||||||||||||||
Real estate construction | — | — | N/M | 1,620 | — | 117 | (100) | % | |||||||||||||||
Commercial real estate lending | 5,484 | — | N/M | 2,236 | 17,021 | 509 | N/M | ||||||||||||||||
Total commercial | 7,126 | 1,284 | N/M | 3,114 | 18,848 | 814 | N/M | ||||||||||||||||
Residential mortgage | 5,315 | 4,957 | 7 | % | 6,169 | 7,095 | 5,015 | 6 | % | ||||||||||||||
Auto finance | 2,906 | 949 | N/M | 11 | 10 | 38 | N/M | ||||||||||||||||
Home equity | 2,961 | 4,207 | (30) | % | 3,711 | 2,931 | 2,472 | 20 | % | ||||||||||||||
Other consumer | 1,365 | 1,232 | 11 | % | 2,307 | 1,272 | 1,036 | 32 | % | ||||||||||||||
Total consumer | 12,547 | 11,345 | 11 | % | 12,198 | 11,308 | 8,562 | 47 | % | ||||||||||||||
Total accruing loans 30-89 days past due | $ | 19,673 | $ | 12,629 | 56 | % | $ | 15,312 | $ | 30,156 | $ | 9,376 | 110 | % | |||||||||
Jun 30, 2022 | Mar 31, 2022 | Seql Qtr % Change | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Comp Qtr % Change | |||||||||||||||||
Potential Problem Loans | |||||||||||||||||||||||
PPP Loans(b) | $ | 47 | $ | 54 | (13) | % | $ | 2,000 | $ | 4,160 | $ | 8,695 | (99) | % | |||||||||
Asset-based lending & equipment finance(a) | 19,813 | 19,057 | 4 | % | 17,697 | — | — | N/M | |||||||||||||||
Commercial and industrial | 84,785 | 93,396 | (9) | % | 120,561 | 124,990 | 77,064 | 10 | % | ||||||||||||||
Commercial real estate—owner occupied | 38,628 | 24,005 | 61 | % | 26,723 | 21,241 | 17,828 | 117 | % | ||||||||||||||
Commercial and business lending | 143,273 | 136,513 | 5 | % | 166,981 | 150,391 | 103,587 | 38 | % | ||||||||||||||
Commercial real estate—investor | 132,635 | 130,792 | 1 | % | 106,138 | 78,962 | 71,613 | 85 | % | ||||||||||||||
Real estate construction | 82 | 200 | (59) | % | 21,408 | 19,187 | 16,465 | (100) | % | ||||||||||||||
Commercial real estate lending | 132,717 | 130,992 | 1 | % | 127,546 | 98,150 | 88,078 | 51 | % | ||||||||||||||
Total commercial | 275,990 | 267,505 | 3 | % | 294,527 | 248,541 | 191,665 | 44 | % | ||||||||||||||
Residential mortgage | 3,297 | 3,032 | 9 | % | 2,214 | 2,374 | 3,024 | 9 | % | ||||||||||||||
Home equity | 188 | 156 | 21 | % | 165 | 171 | 1,558 | (88) | % | ||||||||||||||
Total consumer | 3,486 | 3,188 | 9 | % | 2,379 | 2,546 | 4,583 | (24) | % | ||||||||||||||
Total potential problem loans | $ | 279,475 | $ | 270,693 | 3 | % | $ | 296,905 | $ | 251,087 | $ | 196,248 | 42 | % | |||||||||
Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter | |||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2022 | March 31, 2022 | June 30, 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 | $ | 14,026 | $ | 346 | 9.91 | % | $ | 43,774 | $ | 1,277 | 11.83 | % | $ | 701,440 | $ | 10,048 | 5.75 | % | |||||||||||
Asset-based lending (ABL) & equipment finance (d) | 244,369 | 2,181 | 3.58 | % | 202,836 | 1,449 | 2.90 | % | 121,153 | 894 | 2.96 | % | |||||||||||||||||
Commercial and business lending (excl PPP, ABL and equipment finance) | 9,346,218 | 68,748 | 2.95 | % | 8,815,676 | 52,754 | 2.43 | % | 8,316,472 | 52,992 | 2.56 | % | |||||||||||||||||
Commercial real estate lending | 6,363,395 | 53,233 | 3.36 | % | 6,177,062 | 43,886 | 2.88 | % | 6,159,728 | 44,139 | 2.87 | % | |||||||||||||||||
Total commercial | 15,968,007 | 124,509 | 3.13 | % | 15,239,348 | 99,366 | 2.64 | % | 15,298,792 | 108,073 | 2.83 | % | |||||||||||||||||
Residential mortgage | 7,860,220 | 58,434 | 2.97 | % | 7,671,329 | 55,403 | 2.89 | % | 7,861,139 | 55,337 | 2.82 | % | |||||||||||||||||
Auto finance | 689,027 | 6,017 | 3.50 | % | 305,202 | 2,649 | 3.52 | % | 8,458 | 93 | 4.42 | % | |||||||||||||||||
Other retail | 880,910 | 11,370 | 5.17 | % | 881,859 | 10,662 | 4.87 | % | 930,224 | 11,104 | 4.78 | % | |||||||||||||||||
Total loans | 25,398,163 | 200,331 | 3.16 | % | 24,097,738 | 168,081 | 2.81 | % | 24,098,614 | 174,607 | 2.90 | % | |||||||||||||||||
Investment securities | |||||||||||||||||||||||||||||
Taxable | 4,448,811 | 18,317 | 1.65 | % | 4,363,733 | 16,472 | 1.51 | % | 3,220,825 | 8,840 | 1.10 | % | |||||||||||||||||
Tax-exempt(a) | 2,427,068 | 20,637 | 3.40 | % | 2,384,601 | 20,296 | 3.40 | % | 1,953,696 | 18,101 | 3.71 | % | |||||||||||||||||
Other short-term investments | 352,310 | 2,420 | 2.75 | % | 1,154,939 | 1,993 | 0.70 | % | 1,766,615 | 1,826 | 0.41 | % | |||||||||||||||||
Investments and other | 7,228,189 | 41,374 | 2.29 | % | 7,903,273 | 38,761 | 1.96 | % | 6,941,135 | 28,767 | 1.66 | % | |||||||||||||||||
Total earning assets | 32,626,351 | $ | 241,705 | 2.97 | % | 32,001,010 | $ | 206,842 | 2.60 | % | 31,039,749 | $ | 203,375 | 2.62 | % | ||||||||||||||
Other assets, net | 3,106,232 | 3,199,172 | 3,339,898 | ||||||||||||||||||||||||||
Total assets | $ | 35,732,583 | $ | 35,200,182 | $ | 34,379,647 | |||||||||||||||||||||||
Liabilities and stockholders' equity | |||||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||||||||||
Savings | $ | 4,682,783 | $ | 530 | 0.05 | % | $ | 4,529,991 | $ | 380 | 0.03 | % | $ | 4,121,553 | $ | 357 | 0.03 | % | |||||||||||
Interest-bearing demand | 6,413,077 | 2,977 | 0.19 | % | 6,722,038 | 1,025 | 0.06 | % | 5,879,173 | 1,057 | 0.07 | % | |||||||||||||||||
Money market | 6,910,505 | 2,203 | 0.13 | % | 7,030,945 | 965 | 0.06 | % | 6,981,482 | 1,023 | 0.06 | % | |||||||||||||||||
Network transaction deposits | 775,593 | 1,480 | 0.77 | % | 734,895 | 265 | 0.15 | % | 908,869 | 264 | 0.12 | % | |||||||||||||||||
Time deposits | 1,255,292 | 829 | 0.26 | % | 1,313,101 | 937 | 0.29 | % | 1,509,705 | 1,909 | 0.51 | % | |||||||||||||||||
Total interest-bearing deposits | 20,037,250 | 8,019 | 0.16 | % | 20,330,970 | 3,571 | 0.07 | % | 19,400,781 | 4,609 | 0.10 | % | |||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 454,519 | 406 | 0.36 | % | 293,915 | 38 | 0.05 | % | 157,619 | 30 | 0.08 | % | |||||||||||||||||
Commercial Paper | 23,154 | 1 | 0.01 | % | 27,963 | 1 | 0.01 | % | 55,209 | 7 | 0.05 | % | |||||||||||||||||
FHLB advances | 2,423,771 | 9,689 | 1.60 | % | 1,610,983 | 8,182 | 2.06 | % | 1,620,397 | 9,524 | 2.36 | % | |||||||||||||||||
Long-term funding | 249,805 | 2,730 | 4.37 | % | 249,632 | 2,730 | 4.38 | % | 549,222 | 5,575 | 4.06 | % | |||||||||||||||||
Total short and long-term funding | 3,151,249 | 12,826 | 1.63 | % | 2,182,492 | 10,951 | 2.03 | % | 2,382,446 | 15,136 | 2.55 | % | |||||||||||||||||
Total interest-bearing liabilities | 23,188,499 | $ | 20,845 | 0.36 | % | 22,513,462 | $ | 14,522 | 0.26 | % | 21,783,227 | $ | 19,745 | 0.36 | % | ||||||||||||||
Noninterest-bearing demand deposits | 8,133,492 | 8,316,399 | 8,069,851 | ||||||||||||||||||||||||||
Other liabilities | 473,478 | 383,528 | 395,950 | ||||||||||||||||||||||||||
Stockholders’ equity | 3,937,114 | 3,986,792 | 4,130,618 | ||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 35,732,583 | $ | 35,200,182 | $ | 34,379,647 | |||||||||||||||||||||||
Interest rate spread | 2.61 | % | 2.34 | % | 2.26 | % | |||||||||||||||||||||||
Net free funds | 0.10 | % | 0.08 | % | 0.11 | % | |||||||||||||||||||||||
Fully tax-equivalent net interest income and net interest margin ("NIM") | $ | 220,860 | 2.71 | % | $ | 192,320 | 2.42 | % | $ | 183,629 | 2.37 | % | |||||||||||||||||
Fully tax-equivalent adjustment | 4,713 | 4,573 | 4,115 | ||||||||||||||||||||||||||
Net interest income | $ | 216,146 | $ | 187,747 | $ | 179,515 |
Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year | ||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
($ in thousands) | 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 | $ | 28,818 | $ | 1,624 | 11.36 | % | $ | 753,778 | $ | 18,949 | 5.07 | % | ||||||||
Asset-based lending (ABL) & equipment finance (d) | 223,717 | 3,631 | 3.27 | % | 129,461 | 1,966 | 3.06 | % | ||||||||||||
Commercial and business lending (excl PPP, ABL, and equipment finance) | 9,082,412 | 121,502 | 2.70 | % | 8,357,726 | 106,010 | 2.56 | % | ||||||||||||
Commercial real estate lending | 6,270,743 | 97,119 | 3.12 | % | 6,165,433 | 88,455 | 2.89 | % | ||||||||||||
Total commercial | 15,605,690 | 223,876 | 2.89 | % | 15,406,399 | 215,380 | 2.82 | % | ||||||||||||
Residential mortgage | 7,766,296 | 113,837 | 2.93 | % | 7,911,635 | 110,841 | 2.80 | % | ||||||||||||
Auto finance | 498,175 | 8,667 | 3.51 | % | 9,319 | 204 | 4.42 | % | ||||||||||||
Other retail | 881,382 | 22,032 | 5.02 | % | 952,621 | 22,623 | 4.77 | % | ||||||||||||
Total loans | 24,751,542 | 368,412 | 2.99 | % | 24,279,974 | 349,049 | 2.89 | % | ||||||||||||
Investment securities | ||||||||||||||||||||
Taxable | 4,406,507 | 34,789 | 1.58 | % | 3,099,322 | 15,855 | 1.02 | % | ||||||||||||
Tax-exempt (a) | 2,405,952 | 40,933 | 3.40 | % | 1,927,169 | 35,945 | 3.73 | % | ||||||||||||
Other short-term investments | 751,407 | 4,413 | 1.18 | % | 1,381,370 | 3,521 | 0.51 | % | ||||||||||||
Investments and other | 7,563,866 | 80,135 | 2.12 | % | 6,407,860 | 55,320 | 1.73 | % | ||||||||||||
Total earning assets | 32,315,408 | $ | 448,547 | 2.79 | % | 30,687,834 | $ | 404,369 | 2.65 | % | ||||||||||
Other assets, net | 3,152,445 | 3,345,982 | ||||||||||||||||||
Total assets | $ | 35,467,853 | $ | 34,033,816 | ||||||||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||||
Savings | 4,606,809 | 910 | 0.04 | % | $ | 3,966,797 | $ | 689 | 0.04 | % | ||||||||||
Interest-bearing demand | 6,566,704 | 4,002 | 0.12 | % | 5,796,680 | 2,234 | 0.08 | % | ||||||||||||
Money market | 6,970,392 | 3,168 | 0.09 | % | 6,928,898 | 2,082 | 0.06 | % | ||||||||||||
Network transaction deposits | 755,357 | 1,745 | 0.47 | % | 994,016 | 591 | 0.12 | % | ||||||||||||
Time deposits | 1,284,037 | 1,766 | 0.28 | % | 1,583,725 | 4,923 | 0.63 | % | ||||||||||||
Total interest-bearing deposits | 20,183,299 | 11,591 | 0.12 | % | 19,270,116 | 10,519 | 0.11 | % | ||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 374,661 | 444 | 0.24 | % | 146,941 | 55 | 0.08 | % | ||||||||||||
Commercial Paper | 25,545 | 2 | 0.01 | % | 49,026 | 13 | 0.05 | % | ||||||||||||
FHLB advances | 2,019,622 | 17,871 | 1.78 | % | 1,626,114 | 19,017 | 2.36 | % | ||||||||||||
Long-term funding | 249,719 | 5,460 | 4.37 | % | 549,402 | 11,160 | 4.06 | % | ||||||||||||
Total short and long-term funding | 2,669,547 | 23,776 | 1.79 | % | 2,371,483 | 30,245 | 2.56 | % | ||||||||||||
Total interest-bearing liabilities | 22,852,845 | $ | 35,367 | 0.31 | % | 21,641,598 | $ | 40,764 | 0.38 | % | ||||||||||
Noninterest-bearing demand deposits | 8,224,440 | 7,869,320 | ||||||||||||||||||
Other liabilities | 428,752 | 405,519 | ||||||||||||||||||
Stockholders’ equity | 3,961,816 | 4,117,378 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 35,467,853 | $ | 34,033,816 | ||||||||||||||||
Interest rate spread | 2.48 | % | 2.27 | % | ||||||||||||||||
Net free funds | 0.09 | % | 0.11 | % | ||||||||||||||||
Fully tax-equivalent net interest income and net interest margin ("NIM") | $ | 413,179 | 2.57 | % | $ | 363,605 | 2.38 | % | ||||||||||||
Fully tax-equivalent adjustment | 9,286 | 8,189 | ||||||||||||||||||
Net interest income | $ | 403,893 | $ | 355,416 |
Associated Banc-Corp Loan and Deposit Composition | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Period end loan composition | Jun 30, 2022 | Mar 31, 2022 | Seql Qtr % Change | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Comp Qtr % Change | ||||||||||||||||
PPP Loans | $ | 9,514 | $ | 17,995 | (47) | % | $ | 66,070 | $ | 182,121 | $ | 405,482 | (98) | % | |||||||||
Asset-based lending & equipment finance(a) | 263,044 | 231,040 | 14 | % | 178,027 | 111,027 | 105,726 | 149 | % | ||||||||||||||
Commercial and industrial | 8,984,127 | 8,102,380 | 11 | % | 8,208,289 | 7,816,432 | 7,803,393 | 15 | % | ||||||||||||||
Commercial real estate—owner occupied | 928,152 | 973,572 | (5) | % | 971,326 | 879,554 | 880,755 | 5 | % | ||||||||||||||
Commercial and business lending | 10,184,836 | 9,324,986 | 9 | % | 9,423,711 | 8,989,133 | 9,195,355 | 11 | % | ||||||||||||||
Commercial real estate—investor | 4,790,241 | 4,469,241 | 7 | % | 4,384,569 | 4,296,489 | 4,300,651 | 11 | % | ||||||||||||||
Real estate construction | 1,775,648 | 1,760,076 | 1 | % | 1,808,976 | 1,834,871 | 1,880,897 | (6) | % | ||||||||||||||
Commercial real estate lending | 6,565,889 | 6,229,317 | 5 | % | 6,193,545 | 6,131,360 | 6,181,549 | 6 | % | ||||||||||||||
Total commercial | 16,750,726 | 15,554,303 | 8 | % | 15,617,256 | 15,120,493 | 15,376,904 | 9 | % | ||||||||||||||
Residential mortgage | 8,002,943 | 7,609,343 | 5 | % | 7,567,310 | 7,590,895 | 7,638,372 | 5 | % | ||||||||||||||
Auto finance | 847,969 | 497,523 | 70 | % | 143,045 | 6,739 | 7,817 | N/M | |||||||||||||||
Home equity | 592,843 | 580,867 | 2 | % | 595,615 | 608,566 | 631,783 | (6) | % | ||||||||||||||
Other consumer | 300,217 | 289,889 | 4 | % | 301,723 | 294,979 | 292,660 | 3 | % | ||||||||||||||
Total consumer | 9,743,972 | 8,977,622 | 9 | % | 8,607,693 | 8,501,180 | 8,570,632 | 14 | % | ||||||||||||||
Total loans | $ | 26,494,698 | $ | 24,531,926 | 8 | % | $ | 24,224,949 | $ | 23,621,673 | $ | 23,947,536 | 11 | % | |||||||||
Period end deposit and customer funding composition | Jun 30, 2022 | Mar 31, 2022 | Seql Qtr % Change | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Comp Qtr % Change | ||||||||||||||||
Noninterest-bearing demand | $ | 8,085,702 | $ | 8,315,699 | (3) | % | $ | 8,504,077 | $ | 8,170,105 | $ | 7,999,143 | 1 | % | |||||||||
Savings | 4,708,156 | 4,661,232 | 1 | % | 4,410,198 | 4,278,453 | 4,182,651 | 13 | % | ||||||||||||||
Interest-bearing demand | 6,789,722 | 6,616,767 | 3 | % | 7,019,782 | 6,407,844 | 5,969,285 | 14 | % | ||||||||||||||
Money market | 7,769,415 | 7,522,797 | 3 | % | 7,185,111 | 7,583,978 | 7,640,825 | 2 | % | ||||||||||||||
Time deposits | 1,223,581 | 1,288,913 | (5) | % | 1,347,262 | 1,410,886 | 1,472,395 | (17) | % | ||||||||||||||
Total deposits | 28,576,577 | 28,405,409 | 1 | % | 28,466,430 | 27,851,266 | 27,264,299 | 5 | % | ||||||||||||||
Customer funding(b) | 296,440 | 299,301 | (1) | % | 354,142 | 322,081 | 226,160 | 31 | % | ||||||||||||||
Total deposits and customer funding | $ | 28,873,017 | $ | 28,704,710 | 1 | % | $ | 28,820,572 | $ | 28,173,348 | $ | 27,490,459 | 5 | % | |||||||||
Network transaction deposits(c) | $ | 891,902 | $ | 762,680 | 17 | % | $ | 766,965 | $ | 929,174 | $ | 871,603 | 2 | % | |||||||||
Net deposits and customer funding (Total deposits and customer funding, excluding network transaction deposits) | $ | 27,981,114 | $ | 27,942,029 | — | % | $ | 28,053,607 | $ | 27,244,174 | $ | 26,618,856 | 5 | % | |||||||||
Quarter average loan composition | Jun 30, 2022 | Mar 31, 2022 | Seql Qtr % Change | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Comp Qtr % Change | ||||||||||||||||
PPP Loans | $ | 14,026 | $ | 43,774 | (68) | % | $ | 115,074 | $ | 275,414 | $ | 701,440 | (98) | % | |||||||||
Asset-based lending & equipment finance(a) | 244,369 | 202,836 | 20 | % | 125,507 | 99,463 | 121,153 | 102 | % | ||||||||||||||
Commercial and industrial | 8,393,415 | 7,842,179 | 7 | % | 7,816,260 | 7,733,148 | 7,437,726 | 13 | % | ||||||||||||||
Commercial real estate—owner occupied | 952,802 | 973,496 | (2) | % | 899,536 | 876,047 | 878,746 | 8 | % | ||||||||||||||
Commercial and business lending | 9,604,612 | 9,062,286 | 6 | % | 8,956,378 | 8,984,072 | 9,139,064 | 5 | % | ||||||||||||||
Commercial real estate—investor | 4,570,300 | 4,439,051 | 3 | % | 4,304,579 | 4,297,783 | 4,321,109 | 6 | % | ||||||||||||||
Real estate construction | 1,793,095 | 1,738,011 | 3 | % | 1,829,470 | 1,862,458 | 1,838,619 | (2) | % | ||||||||||||||
Commercial real estate lending | 6,363,395 | 6,177,062 | 3 | % | 6,134,049 | 6,160,241 | 6,159,728 | 3 | % | ||||||||||||||
Total commercial | 15,968,007 | 15,239,348 | 5 | % | 15,090,427 | 15,144,314 | 15,298,792 | 4 | % | ||||||||||||||
Residential mortgage | 7,860,220 | 7,671,329 | 2 | % | 7,751,337 | 7,817,737 | 7,861,139 | — | % | ||||||||||||||
Auto finance | 689,027 | 305,202 | 126 | % | 53,120 | 7,144 | 8,458 | N/M | |||||||||||||||
Home equity | 586,072 | 588,281 | — | % | 600,963 | 620,601 | 641,438 | (9) | % | ||||||||||||||
Other consumer | 294,837 | 293,578 | — | % | 299,406 | 294,160 | 288,786 | 2 | % | ||||||||||||||
Total consumer | 9,430,156 | 8,858,390 | 6 | % | 8,704,826 | 8,739,643 | 8,799,822 | 7 | % | ||||||||||||||
Total loans(d) | $ | 25,398,163 | $ | 24,097,738 | 5 | % | $ | 23,795,253 | $ | 23,883,957 | $ | 24,098,614 | 5 | % | |||||||||
Quarter average deposit composition | Jun 30, 2022 | Mar 31, 2022 | Seql Qtr % Change | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Comp Qtr % Change | ||||||||||||||||
Noninterest-bearing demand | $ | 8,133,492 | $ | 8,316,399 | (2) | % | $ | 8,416,525 | $ | 8,141,723 | $ | 8,069,851 | 1 | % | |||||||||
Savings | 4,682,783 | 4,529,991 | 3 | % | 4,367,233 | 4,248,493 | 4,121,553 | 14 | % | ||||||||||||||
Interest-bearing demand | 6,413,077 | 6,722,038 | (5) | % | 6,506,438 | 6,344,504 | 5,879,173 | 9 | % | ||||||||||||||
Money market | 6,910,505 | 7,030,945 | (2) | % | 6,892,803 | 7,011,075 | 6,981,482 | (1) | % | ||||||||||||||
Network transaction deposits | 775,593 | 734,895 | 6 | % | 838,255 | 893,991 | 908,869 | (15) | % | ||||||||||||||
Time deposits | 1,255,292 | 1,313,101 | (4) | % | 1,381,092 | 1,434,588 | 1,509,705 | (17) | % | ||||||||||||||
Total deposits | $ | 28,170,742 | $ | 28,647,369 | (2) | % | $ | 28,402,345 | $ | 28,074,374 | $ | 27,470,633 | 3 | % |
Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | YTD | YTD | |||||||||||||||||||||
($ in millions, except per share data) | Jun 2022 | Jun 2021 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | 2Q21 | ||||||||||||||||
Selected equity and performance ratios(a)(b)(c) | |||||||||||||||||||||||
Tangible common equity / tangible assets | 7.23 | % | 7.68 | % | 7.86 | % | 7.92 | % | 8.04 | % | |||||||||||||
Return on average equity | 8.20 | % | 9.08 | % | 8.85 | % | 7.55 | % | 7.62 | % | 8.63 | % | 8.84 | % | |||||||||
Return on average tangible common equity | 12.27 | % | 13.86 | % | 13.29 | % | 11.26 | % | 11.34 | % | 12.97 | % | 13.44 | % | |||||||||
Return on average common equity Tier 1 | 11.03 | % | 12.87 | % | 11.77 | % | 10.27 | % | 10.50 | % | 12.11 | % | 12.51 | % | |||||||||
Return on average tangible assets | 0.97 | % | 1.16 | % | 1.03 | % | 0.90 | % | 0.92 | % | 1.07 | % | 1.12 | % | |||||||||
Average stockholders' equity / average assets | 11.17 | % | 12.10 | % | 11.02 | % | 11.33 | % | 11.43 | % | 11.74 | % | 12.01 | % | |||||||||
Tangible common equity reconciliation(a) | |||||||||||||||||||||||
Common equity | $ | 3,766 | $ | 3,755 | $ | 3,832 | $ | 3,802 | $ | 3,820 | |||||||||||||
Goodwill and other intangible assets, net | (1,159) | (1,161) | (1,163) | (1,165) | (1,167) | ||||||||||||||||||
Tangible common equity | $ | 2,608 | $ | 2,594 | $ | 2,669 | $ | 2,636 | $ | 2,652 | |||||||||||||
Tangible assets reconciliation(a) | |||||||||||||||||||||||
Total assets | $ | 37,236 | $ | 34,956 | $ | 35,104 | $ | 34,440 | $ | 34,153 | |||||||||||||
Goodwill and other intangible assets, net | (1,159) | (1,161) | (1,163) | (1,165) | (1,167) | ||||||||||||||||||
Tangible assets | $ | 36,077 | $ | 33,795 | $ | 33,941 | $ | 33,274 | $ | 32,985 | |||||||||||||
Average tangible common equity and average common equity tier 1 reconciliation(a) | |||||||||||||||||||||||
Common equity | $ | 3,769 | $ | 3,769 | $ | 3,744 | $ | 3,794 | $ | 3,811 | $ | 3,807 | $ | 3,788 | |||||||||
Goodwill and other intangible assets, net | (1,161) | (1,172) | (1,160) | (1,162) | (1,164) | (1,167) | (1,169) | ||||||||||||||||
Tangible common equity | 2,608 | 2,598 | 2,584 | 2,631 | 2,646 | 2,640 | 2,619 | ||||||||||||||||
Modified CECL transitional amount | 67 | 111 | 67 | 67 | 91 | 97 | 106 | ||||||||||||||||
Accumulated other comprehensive loss (income) | 126 | (4) | 170 | 80 | 19 | (5) | (3) | ||||||||||||||||
Deferred tax assets, net | 39 | 40 | 39 | 39 | 40 | 40 | 40 | ||||||||||||||||
Average common equity tier 1 | $ | 2,840 | $ | 2,745 | $ | 2,860 | $ | 2,818 | $ | 2,795 | $ | 2,772 | $ | 2,762 | |||||||||
Average tangible assets reconciliation(a) | |||||||||||||||||||||||
Total assets | $ | 35,468 | $ | 34,034 | $ | 35,733 | $ | 35,200 | $ | 35,016 | $ | 34,759 | $ | 34,380 | |||||||||
Goodwill and other intangible assets, net | (1,161) | (1,172) | (1,160) | (1,162) | (1,164) | (1,167) | (1,169) | ||||||||||||||||
Tangible assets | $ | 34,307 | $ | 32,862 | $ | 34,573 | $ | 34,038 | $ | 33,852 | $ | 33,593 | $ | 33,211 | |||||||||
Adjusted net income reconciliation(b) | |||||||||||||||||||||||
Net income | $ | 161 | $ | 185 | $ | 87 | $ | 74 | $ | 77 | $ | 89 | $ | 91 | |||||||||
Other intangible amortization, net of tax | 3 | 3 | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||
Adjusted net income | $ | 164 | $ | 189 | $ | 88 | $ | 76 | $ | 79 | $ | 90 | $ | 93 | |||||||||
Adjusted net income available to common equity reconciliation(b) | |||||||||||||||||||||||
Net income available to common equity | $ | 155 | $ | 175 | $ | 84 | $ | 71 | $ | 74 | $ | 85 | $ | 86 | |||||||||
Other intangible amortization, net of tax | 3 | 3 | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||
Adjusted net income available to common equity | $ | 159 | $ | 179 | $ | 86 | $ | 73 | $ | 76 | $ | 86 | $ | 88 | |||||||||
Selected trend information(d) | |||||||||||||||||||||||
Wealth management fees | $ | 44 | $ | 45 | $ | 21 | $ | 22 | $ | 23 | $ | 22 | $ | 23 | |||||||||
Service charges and deposit account fees | 33 | 30 | 17 | 17 | 17 | 17 | 16 | ||||||||||||||||
Card-based fees | 21 | 21 | 11 | 10 | 11 | 11 | 11 | ||||||||||||||||
Other fee-based revenue | 8 | 9 | 4 | 4 | 4 | 4 | 4 | ||||||||||||||||
Fee-based revenue | 107 | 105 | 54 | 53 | 55 | 54 | 53 | ||||||||||||||||
Other | 43 | 64 | 22 | 22 | 26 | 28 | 20 | ||||||||||||||||
Total noninterest income | $ | 150 | $ | 169 | $ | 75 | $ | 74 | $ | 82 | $ | 82 | $ | 73 | |||||||||
Pre-tax pre-provision income(e) | |||||||||||||||||||||||
Income before income taxes | $ | 203 | $ | 232 | $ | 110 | $ | 93 | $ | 92 | $ | 112 | $ | 113 | |||||||||
Provision for credit losses | (4) | (58) | — | (4) | (6) | (24) | (35) | ||||||||||||||||
Pre-tax pre-provision income | $ | 199 | $ | 174 | $ | 110 | $ | 89 | $ | 86 | $ | 88 | $ | 78 | |||||||||
Efficiency ratio reconciliation(f) | |||||||||||||||||||||||
Federal Reserve efficiency ratio | 63.51 | % | 66.26 | % | 61.53 | % | 65.71 | % | 67.36 | % | 65.43 | % | 66.81 | % | |||||||||
Fully tax-equivalent adjustment | (1.05) | % | (1.02) | % | (0.98) | % | (1.13) | % | (1.10) | % | (1.01) | % | (1.07) | % | |||||||||
Other intangible amortization | (0.80) | % | (0.85) | % | (0.76) | % | (0.84) | % | (0.82) | % | (0.83) | % | (0.87) | % | |||||||||
Fully tax-equivalent efficiency ratio | 61.68 | % | 64.40 | % | 59.80 | % | 63.76 | % | 65.46 | % | 63.61 | % | 64.88 | % | |||||||||
Provision for unfunded commitments adjustment | 0.53 | % | 0.47 | % | 0.67 | % | 0.37 | % | 0.55 | % | 1.48 | % | 2.14 | % | |||||||||
Asset gains, net adjustment | 0.21 | % | 0.59 | % | 0.34 | % | 0.05 | % | 0.24 | % | 1.29 | % | — | % | |||||||||
Acquisitions, branch sales, and initiatives | — | % | 0.12 | % | — | % | — | % | (1.43) | % | (0.91) | % | 0.01 | % | |||||||||
Adjusted efficiency ratio | 62.42 | % | 65.58 | % | 60.82 | % | 64.18 | % | 64.82 | % | 65.46 | % | 67.02 | % |