![]() | 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) | September 30, 2022 | June 30, 2022 | Seql Qtr $ Change | March 31, 2022 | December 31, 2021 | September 30, 2021 | Comp Qtr $ Change | ||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and due from banks | $ | 386,231 | $ | 397,364 | $ | (11,133) | $ | 334,138 | $ | 343,831 | $ | 378,927 | $ | 7,304 | |||||||||
Interest-bearing deposits in other financial institutions | 112,173 | 436,887 | (324,714) | 166,929 | 681,684 | 1,281,916 | (1,169,743) | ||||||||||||||||
Federal funds sold and securities purchased under agreements to resell | 4,015 | 32,820 | (28,805) | — | — | 25,000 | (20,985) | ||||||||||||||||
Investment securities available for sale, at fair value | 2,487,312 | 2,677,511 | (190,199) | 2,780,803 | 4,332,015 | 3,893,379 | (1,406,067) | ||||||||||||||||
Investment securities held to maturity, net, at amortized cost | 3,951,491 | 3,945,206 | 6,285 | 3,939,855 | 2,238,947 | 1,929,735 | 2,021,756 | ||||||||||||||||
Equity securities | 24,879 | 19,039 | 5,840 | 18,560 | 18,352 | 17,939 | 6,940 | ||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 279,334 | 237,616 | 41,718 | 168,281 | 168,281 | 168,281 | 111,053 | ||||||||||||||||
Residential loans held for sale | 51,134 | 42,676 | 8,458 | 91,582 | 136,638 | 158,202 | (107,068) | ||||||||||||||||
Commercial loans held for sale | — | 44,721 | (44,721) | — | — | — | — | ||||||||||||||||
Loans | 27,817,280 | 26,494,698 | 1,322,582 | 24,531,926 | 24,224,949 | 23,621,673 | 4,195,607 | ||||||||||||||||
Allowance for loan losses | (292,904) | (280,771) | (12,133) | (279,058) | (280,015) | (290,997) | (1,907) | ||||||||||||||||
Loans, net | 27,524,376 | 26,213,927 | 1,310,449 | 24,252,867 | 23,944,934 | 23,330,676 | 4,193,700 | ||||||||||||||||
Tax credit and other investments | 275,247 | 275,165 | 82 | 284,561 | 293,733 | 301,490 | (26,243) | ||||||||||||||||
Premises and equipment, net | 379,462 | 387,633 | (8,171) | 387,550 | 385,173 | 383,131 | (3,669) | ||||||||||||||||
Bank and corporate owned life insurance | 677,129 | 675,347 | 1,782 | 679,538 | 680,021 | 683,610 | (6,481) | ||||||||||||||||
Goodwill | 1,104,992 | 1,104,992 | — | 1,104,992 | 1,104,992 | 1,104,992 | — | ||||||||||||||||
Other intangible assets, net | 51,485 | 53,687 | (2,202) | 55,890 | 58,093 | 60,296 | (8,811) | ||||||||||||||||
Mortgage servicing rights, net(a) | 78,352 | 76,570 | 1,782 | 67,015 | 54,862 | 50,329 | 28,023 | ||||||||||||||||
Interest receivable | 115,782 | 95,426 | 20,356 | 83,120 | 80,528 | 79,011 | 36,771 | ||||||||||||||||
Other assets | 546,214 | 519,403 | 26,811 | 540,218 | 582,168 | 592,753 | (46,539) | ||||||||||||||||
Total assets | $ | 38,049,607 | $ | 37,235,990 | $ | 813,617 | $ | 34,955,900 | $ | 35,104,253 | $ | 34,439,666 | $ | 3,609,941 | |||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 8,224,579 | $ | 8,085,702 | $ | 138,877 | $ | 8,315,699 | $ | 8,504,077 | $ | 8,170,105 | $ | 54,474 | |||||||||
Interest-bearing deposits | 20,974,003 | 20,490,874 | 483,129 | 20,089,710 | 19,962,353 | 19,681,161 | 1,292,842 | ||||||||||||||||
Total deposits | 29,198,581 | 28,576,577 | 622,004 | 28,405,409 | 28,466,430 | 27,851,266 | 1,347,315 | ||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 276,674 | 682,839 | (406,165) | 368,768 | 319,532 | 267,943 | 8,731 | ||||||||||||||||
Commercial paper | 7,687 | 22,781 | (15,094) | 30,593 | 34,730 | 54,553 | (46,866) | ||||||||||||||||
FHLB advances | 3,777,478 | 3,258,039 | 519,439 | 1,537,948 | 1,621,047 | 1,620,880 | 2,156,598 | ||||||||||||||||
Other long-term funding | 249,484 | 249,820 | (336) | 249,797 | 249,324 | 249,160 | 324 | ||||||||||||||||
Allowance for unfunded commitments | 39,776 | 36,776 | 3,000 | 38,776 | 39,776 | 41,276 | (1,500) | ||||||||||||||||
Accrued expenses and other liabilities | 545,976 | 449,776 | 96,200 | 376,322 | 348,560 | 359,626 | 186,350 | ||||||||||||||||
Total liabilities | 34,095,656 | 33,276,608 | 819,048 | 31,007,613 | 31,079,399 | 30,444,705 | 3,650,951 | ||||||||||||||||
Stockholders’ equity | |||||||||||||||||||||||
Preferred equity | 194,112 | 193,195 | 917 | 193,195 | 193,195 | 193,195 | 917 | ||||||||||||||||
Common equity | 3,759,840 | 3,766,187 | (6,347) | 3,755,092 | 3,831,658 | 3,801,766 | (41,926) | ||||||||||||||||
Total stockholders’ equity | 3,953,952 | 3,959,382 | (5,430) | 3,948,287 | 4,024,853 | 3,994,961 | (41,009) | ||||||||||||||||
Total liabilities and stockholders’ equity | $ | 38,049,607 | $ | 37,235,990 | $ | 813,617 | $ | 34,955,900 | $ | 35,104,253 | $ | 34,439,666 | $ | 3,609,941 |
Associated Banc-Corp Consolidated Statements of Income (Unaudited) | Comp Qtr | YTD | YTD | Comp YTD | ||||||||||||||||||||||
($ in thousands, except per share data) | 3Q22 | 3Q21 | $ Change | % Change | Sep 2022 | Sep 2021 | $ Change | % Change | ||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Interest and fees on loans | $ | 275,666 | $ | 174,643 | $ | 101,023 | 58 | % | $ | 643,239 | $ | 522,920 | $ | 120,319 | 23 | % | ||||||||||
Interest and dividends on investment securities | ||||||||||||||||||||||||||
Taxable | 19,221 | 8,745 | 10,476 | 120 | % | 54,009 | 24,600 | 29,409 | 120 | % | ||||||||||||||||
Tax-exempt | 16,538 | 14,613 | 1,925 | 13 | % | 49,025 | 43,141 | 5,884 | 14 | % | ||||||||||||||||
Other interest | 3,284 | 2,281 | 1,003 | 44 | % | 7,696 | 5,802 | 1,894 | 33 | % | ||||||||||||||||
Total interest income | 314,708 | 200,282 | 114,426 | 57 | % | 753,969 | 596,462 | 157,507 | 26 | % | ||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Interest on deposits | 26,000 | 4,427 | 21,573 | N/M | 37,590 | 14,945 | 22,645 | 152 | % | |||||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 756 | 48 | 708 | N/M | 1,200 | 103 | 1,097 | N/M | ||||||||||||||||||
Interest on other short-term funding | 1 | 8 | (7) | (88) | % | 2 | 21 | (19) | (90) | % | ||||||||||||||||
Interest on FHLB Advances | 20,792 | 8,962 | 11,830 | 132 | % | 38,663 | 27,979 | 10,684 | 38 | % | ||||||||||||||||
Interest on long-term funding | 2,722 | 3,163 | (441) | (14) | % | 8,182 | 14,323 | (6,141) | (43) | % | ||||||||||||||||
Total interest expense | 50,270 | 16,607 | 33,663 | N/M | 85,637 | 57,371 | 28,266 | 49 | % | |||||||||||||||||
Net interest income | 264,439 | 183,675 | 80,764 | 44 | % | 668,332 | 539,092 | 129,240 | 24 | % | ||||||||||||||||
Provision for credit losses | 16,998 | (24,010) | 41,008 | N/M | 13,006 | (82,018) | 95,024 | N/M | ||||||||||||||||||
Net interest income after provision for credit losses | 247,440 | 207,685 | 39,755 | 19 | % | 655,326 | 621,110 | 34,216 | 6 | % | ||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||
Wealth management fees | 19,984 | 22,110 | (2,126) | (10) | % | 63,719 | 67,229 | (3,510) | (5) | % | ||||||||||||||||
Service charges and deposit account fees | 15,029 | 16,962 | (1,933) | (11) | % | 48,392 | 47,366 | 1,026 | 2 | % | ||||||||||||||||
Card-based fees | 11,479 | 11,113 | 366 | 3 | % | 32,847 | 31,838 | 1,009 | 3 | % | ||||||||||||||||
Other fee-based revenue | 4,487 | 3,929 | 558 | 14 | % | 12,613 | 12,769 | (156) | (1) | % | ||||||||||||||||
Capital markets, net | 7,675 | 7,114 | 561 | 8 | % | 24,331 | 20,928 | 3,403 | 16 | % | ||||||||||||||||
Mortgage banking, net | 2,098 | 10,657 | (8,559) | (80) | % | 16,635 | 42,710 | (26,075) | (61) | % | ||||||||||||||||
Bank and corporate owned life insurance | 1,827 | 2,760 | (933) | (34) | % | 8,004 | 8,551 | (547) | (6) | % | ||||||||||||||||
Asset gains, net | 18 | 5,228 | (5,210) | (100) | % | 1,883 | 10,024 | (8,141) | (81) | % | ||||||||||||||||
Investment securities gains (losses), net | 5,664 | — | 5,664 | N/M | 5,676 | (16) | 5,692 | N/M | ||||||||||||||||||
Gains on sale of branches, net(a) | — | — | — | N/M | — | 1,038 | (1,038) | (100) | % | |||||||||||||||||
Other | 2,527 | 2,205 | 322 | 15 | % | 6,613 | 8,425 | (1,812) | (22) | % | ||||||||||||||||
Total noninterest income | 70,788 | 82,076 | (11,288) | (14) | % | 220,713 | 250,862 | (30,149) | (12) | % | ||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Personnel | 118,243 | 107,880 | 10,363 | 10 | % | 335,720 | 318,900 | 16,820 | 5 | % | ||||||||||||||||
Technology | 22,694 | 19,927 | 2,767 | 14 | % | 65,401 | 60,902 | 4,499 | 7 | % | ||||||||||||||||
Occupancy | 13,717 | 15,814 | (2,097) | (13) | % | 43,948 | 46,649 | (2,701) | (6) | % | ||||||||||||||||
Business development and advertising | 6,778 | 6,156 | 622 | 10 | % | 17,388 | 15,522 | 1,866 | 12 | % | ||||||||||||||||
Equipment | 4,921 | 5,200 | (279) | (5) | % | 14,841 | 16,199 | (1,358) | (8) | % | ||||||||||||||||
Legal and professional | 4,159 | 4,304 | (145) | (3) | % | 14,118 | 17,495 | (3,377) | (19) | % | ||||||||||||||||
Loan and foreclosure costs | 1,631 | 1,616 | 15 | 1 | % | 5,121 | 6,508 | (1,387) | (21) | % | ||||||||||||||||
FDIC assessment | 5,800 | 5,000 | 800 | 16 | % | 16,300 | 13,350 | 2,950 | 22 | % | ||||||||||||||||
Other intangible amortization | 2,203 | 2,203 | — | — | % | 6,608 | 6,642 | (34) | (1) | % | ||||||||||||||||
Other | 15,645 | 9,793 | 5,852 | 60 | % | 31,057 | 25,547 | 5,510 | 22 | % | ||||||||||||||||
Total noninterest expense | 195,791 | 177,892 | 17,899 | 10 | % | 550,503 | 527,713 | 22,790 | 4 | % | ||||||||||||||||
Income before income taxes | 122,438 | 111,870 | 10,568 | 9 | % | 325,536 | 344,259 | (18,723) | (5) | % | ||||||||||||||||
Income tax expense | 26,163 | 23,060 | 3,103 | 13 | % | 68,176 | 70,142 | (1,966) | (3) | % | ||||||||||||||||
Net income | 96,275 | 88,809 | 7,466 | 8 | % | 257,360 | 274,117 | (16,757) | (6) | % | ||||||||||||||||
Preferred stock dividends | 2,875 | 4,155 | (1,280) | (31) | % | 8,625 | 14,236 | (5,611) | (39) | % | ||||||||||||||||
Net income available to common equity | $ | 93,400 | $ | 84,655 | $ | 8,745 | 10 | % | $ | 248,735 | $ | 259,880 | $ | (11,145) | (4) | % | ||||||||||
Earnings per common share | ||||||||||||||||||||||||||
Basic | $ | 0.62 | $ | 0.56 | $ | 0.06 | 11 | % | $ | 1.66 | $ | 1.70 | $ | (0.04) | (2) | % | ||||||||||
Diluted | $ | 0.62 | $ | 0.56 | $ | 0.06 | 11 | % | $ | 1.65 | $ | 1.69 | $ | (0.04) | (2) | % | ||||||||||
Average common shares outstanding | ||||||||||||||||||||||||||
Basic | 149,321 | 150,046 | (725) | — | % | 149,063 | 151,473 | (2,410) | (2) | % | ||||||||||||||||
Diluted | 150,262 | 151,143 | (881) | (1) | % | 150,205 | 152,701 | (2,496) | (2) | % | ||||||||||||||||
Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend | |||||||||||||||||||||||||||||
($ in thousands, except per share data) | Seql Qtr | Comp Qtr | |||||||||||||||||||||||||||
3Q22 | 2Q22 | $ Change | % Change | 1Q22 | 4Q21 | 3Q21 | $ Change | % Change | |||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||
Interest and fees on loans | $ | 275,666 | $ | 199,876 | $ | 75,790 | 38 | % | $ | 167,697 | $ | 170,809 | $ | 174,643 | $ | 101,023 | 58 | % | |||||||||||
Interest and dividends on investment securities | |||||||||||||||||||||||||||||
Taxable | 19,221 | 18,317 | 904 | 5 | % | 16,472 | 13,317 | 8,745 | 10,476 | 120 | % | ||||||||||||||||||
Tax-exempt | 16,538 | 16,379 | 159 | 1 | % | 16,108 | 15,569 | 14,613 | 1,925 | 13 | % | ||||||||||||||||||
Other interest | 3,284 | 2,420 | 864 | 36 | % | 1,993 | 2,031 | 2,281 | 1,003 | 44 | % | ||||||||||||||||||
Total interest income | 314,708 | 236,991 | 77,717 | 33 | % | 202,270 | 201,726 | 200,282 | 114,426 | 57 | % | ||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Interest on deposits | 26,000 | 8,019 | 17,981 | N/M | 3,571 | 3,677 | 4,427 | 21,573 | N/M | ||||||||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 756 | 406 | 350 | 86 | % | 38 | 40 | 48 | 708 | N/M | |||||||||||||||||||
Interest on other short-term funding | 1 | 1 | — | — | % | 1 | 2 | 8 | (7) | (88) | % | ||||||||||||||||||
Interest on FHLB Advances | 20,792 | 9,689 | 11,103 | 115 | % | 8,182 | 8,514 | 8,962 | 11,830 | 132 | % | ||||||||||||||||||
Interest on long-term funding | 2,722 | 2,730 | (8) | — | % | 2,730 | 2,730 | 3,163 | (441) | (14) | % | ||||||||||||||||||
Total interest expense | 50,270 | 20,845 | 29,425 | 141 | % | 14,522 | 14,963 | 16,607 | 33,663 | N/M | |||||||||||||||||||
Net interest income | 264,439 | 216,146 | 48,293 | 22 | % | 187,747 | 186,763 | 183,675 | 80,764 | 44 | % | ||||||||||||||||||
Provision for credit losses | 16,998 | (2) | 17,000 | N/M | (3,990) | (5,993) | (24,010) | 41,008 | N/M | ||||||||||||||||||||
Net interest income after provision for credit losses | 247,440 | 216,148 | 31,292 | 14 | % | 191,737 | 192,756 | 207,685 | 39,755 | 19 | % | ||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||
Wealth management fees | 19,984 | 21,332 | (1,348) | (6) | % | 22,404 | 22,625 | 22,110 | (2,126) | (10) | % | ||||||||||||||||||
Service charges and deposit account fees | 15,029 | 16,506 | (1,477) | (9) | % | 16,856 | 17,039 | 16,962 | (1,933) | (11) | % | ||||||||||||||||||
Card-based fees | 11,479 | 11,442 | 37 | — | % | 9,926 | 11,176 | 11,113 | 366 | 3 | % | ||||||||||||||||||
Other fee-based revenue | 4,487 | 4,360 | 127 | 3 | % | 3,766 | 4,316 | 3,929 | 558 | 14 | % | ||||||||||||||||||
Capital markets, net | 7,675 | 8,010 | (335) | (4) | % | 8,646 | 9,674 | 7,114 | 561 | 8 | % | ||||||||||||||||||
Mortgage banking, net | 2,098 | 6,145 | (4,047) | (66) | % | 8,391 | 8,041 | 10,657 | (8,559) | (80) | % | ||||||||||||||||||
Bank and corporate owned life insurance | 1,827 | 4,106 | (2,279) | (56) | % | 2,071 | 4,704 | 2,760 | (933) | (34) | % | ||||||||||||||||||
Asset gains, net | 18 | 1,677 | (1,659) | (99) | % | 188 | 985 | 5,228 | (5,210) | (100) | % | ||||||||||||||||||
Investment securities gains (losses), net | 5,664 | (8) | 5,672 | N/M | 21 | — | — | 5,664 | N/M | ||||||||||||||||||||
Other | 2,527 | 1,888 | 639 | 34 | % | 2,198 | 2,941 | 2,205 | 322 | 15 | % | ||||||||||||||||||
Total noninterest income | 70,788 | 75,458 | (4,670) | (6) | % | 74,467 | 81,502 | 82,076 | (11,288) | (14) | % | ||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Personnel | 118,243 | 112,666 | 5,577 | 5 | % | 104,811 | 107,787 | 107,880 | 10,363 | 10 | % | ||||||||||||||||||
Technology | 22,694 | 21,223 | 1,471 | 7 | % | 21,485 | 20,787 | 19,927 | 2,767 | 14 | % | ||||||||||||||||||
Occupancy | 13,717 | 14,151 | (434) | (3) | % | 16,080 | 16,863 | 15,814 | (2,097) | (13) | % | ||||||||||||||||||
Business development and advertising | 6,778 | 5,655 | 1,123 | 20 | % | 4,954 | 5,627 | 6,156 | 622 | 10 | % | ||||||||||||||||||
Equipment | 4,921 | 4,960 | (39) | (1) | % | 4,960 | 4,905 | 5,200 | (279) | (5) | % | ||||||||||||||||||
Legal and professional | 4,159 | 4,873 | (714) | (15) | % | 5,087 | 4,428 | 4,304 | (145) | (3) | % | ||||||||||||||||||
Loan and foreclosure costs | 1,631 | 1,476 | 155 | 11 | % | 2,014 | 1,636 | 1,616 | 15 | 1 | % | ||||||||||||||||||
FDIC assessment | 5,800 | 5,400 | 400 | 7 | % | 5,100 | 4,800 | 5,000 | 800 | 16 | % | ||||||||||||||||||
Other intangible amortization | 2,203 | 2,203 | — | — | % | 2,203 | 2,203 | 2,203 | — | — | % | ||||||||||||||||||
Other | 15,645 | 8,815 | 6,830 | 77 | % | 6,597 | 13,173 | 9,793 | 5,852 | 60 | % | ||||||||||||||||||
Total noninterest expense | 195,791 | 181,420 | 14,371 | 8 | % | 173,292 | 182,210 | 177,892 | 17,899 | 10 | % | ||||||||||||||||||
Income before income taxes | 122,438 | 110,187 | 12,251 | 11 | % | 92,912 | 92,048 | 111,870 | 10,568 | 9 | % | ||||||||||||||||||
Income tax expense | 26,163 | 23,363 | 2,800 | 12 | % | 18,650 | 15,171 | 23,060 | 3,103 | 13 | % | ||||||||||||||||||
Net income | 96,275 | 86,824 | 9,451 | 11 | % | 74,262 | 76,877 | 88,809 | 7,466 | 8 | % | ||||||||||||||||||
Preferred stock dividends | 2,875 | 2,875 | — | — | % | 2,875 | 2,875 | 4,155 | (1,280) | (31) | % | ||||||||||||||||||
Net income available to common equity | $ | 93,400 | $ | 83,949 | $ | 9,451 | 11 | % | $ | 71,387 | $ | 74,002 | $ | 84,655 | $ | 8,745 | 10 | % | |||||||||||
Earnings per common share | |||||||||||||||||||||||||||||
Basic | $ | 0.62 | $ | 0.56 | $ | 0.06 | 11 | % | $ | 0.48 | $ | 0.49 | $ | 0.56 | $ | 0.06 | 11 | % | |||||||||||
Diluted | $ | 0.62 | $ | 0.56 | $ | 0.06 | 11 | % | $ | 0.47 | $ | 0.49 | $ | 0.56 | $ | 0.06 | 11 | % | |||||||||||
Average common shares outstanding | |||||||||||||||||||||||||||||
Basic | 149,321 | 149,083 | 238 | — | % | 148,781 | 148,697 | 150,046 | (725) | — | % | ||||||||||||||||||
Diluted | 150,262 | 150,203 | 59 | — | % | 150,492 | 150,057 | 151,143 | (881) | (1) | % | ||||||||||||||||||
Associated Banc-Corp Selected Quarterly Information | |||||||||||||||||||||||
($ in millions except per share data; shares repurchased and outstanding in thousands) | YTD Sep 2022 | YTD Sep 2021 | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | ||||||||||||||||
Per common share data | |||||||||||||||||||||||
Dividends | $ | 0.60 | $ | 0.56 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | |||||||||
Market value: | |||||||||||||||||||||||
High | 25.71 | 23.33 | 21.87 | 22.48 | 25.71 | 23.92 | 21.85 | ||||||||||||||||
Low | 17.63 | 17.20 | 17.63 | 18.01 | 22.41 | 21.49 | 18.56 | ||||||||||||||||
Close | 20.08 | 18.26 | 22.76 | 22.59 | 21.42 | ||||||||||||||||||
Book value / share | 25.01 | 25.09 | 25.03 | 25.66 | 25.35 | ||||||||||||||||||
Tangible book value / share | 17.32 | 17.37 | 17.29 | 17.87 | 17.58 | ||||||||||||||||||
Performance ratios (annualized) | |||||||||||||||||||||||
Return on average assets | 0.95 | % | 1.07 | % | 1.02 | % | 0.97 | % | 0.86 | % | 0.87 | % | 1.01 | % | |||||||||
Noninterest expense / average assets | 2.04 | % | 2.06 | % | 2.08 | % | 2.04 | % | 2.00 | % | 2.06 | % | 2.03 | % | |||||||||
Effective tax rate | 20.94 | % | 20.37 | % | 21.37 | % | 21.20 | % | 20.07 | % | 16.48 | % | 20.61 | % | |||||||||
Dividend payout ratio(a) | 36.14 | % | 32.94 | % | 32.26 | % | 35.71 | % | 41.67 | % | 40.82 | % | 35.71 | % | |||||||||
Net interest margin | 2.76 | % | 2.38 | % | 3.13 | % | 2.71 | % | 2.42 | % | 2.40 | % | 2.38 | % | |||||||||
Selected trend information | |||||||||||||||||||||||
Average full time equivalent employees(b) | 4,101 | 4,006 | 4,182 | 4,101 | 4,018 | 3,992 | 4,010 | ||||||||||||||||
Branch count | 215 | 215 | 215 | 215 | 224 | ||||||||||||||||||
Assets under management, at market value(c) | $ | 11,142 | $ | 11,561 | $ | 12,937 | $ | 13,679 | $ | 13,148 | |||||||||||||
Mortgage loans originated for sale during period | $ | 536 | $ | 1,345 | $ | 132 | $ | 152 | $ | 252 | $ | 404 | $ | 456 | |||||||||
Mortgage loan settlements during period | $ | 620 | $ | 1,348 | $ | 120 | $ | 204 | $ | 296 | $ | 427 | $ | 463 | |||||||||
Mortgage portfolio serviced for others | $ | 6,800 | $ | 6,910 | $ | 6,972 | $ | 6,995 | $ | 7,057 | |||||||||||||
Mortgage servicing rights, net / mortgage portfolio serviced for others(d) | 1.15 | % | 1.11 | % | 0.96 | % | 0.78 | % | 0.71 | % | |||||||||||||
Shares repurchased during period(e) | — | 5,199 | — | — | — | 1,096 | 2,919 | ||||||||||||||||
Shares outstanding, end of period | 150,328 | 150,126 | 150,038 | 149,343 | 149,961 | ||||||||||||||||||
Selected quarterly ratios | |||||||||||||||||||||||
Loans / deposits | 95.27 | % | 92.71 | % | 86.36 | % | 85.10 | % | 84.81 | % | |||||||||||||
Stockholders’ equity / assets | 10.39 | % | 10.63 | % | 11.30 | % | 11.47 | % | 11.60 | % | |||||||||||||
Risk-based capital(f)(g) | |||||||||||||||||||||||
Total risk-weighted assets | $ | 31,406 | $ | 29,864 | $ | 27,781 | $ | 27,243 | $ | 26,304 | |||||||||||||
Common equity Tier 1 | $ | 2,956 | $ | 2,897 | $ | 2,838 | $ | 2,808 | $ | 2,780 | |||||||||||||
Common equity Tier 1 capital ratio | 9.41 | % | 9.70 | % | 10.22 | % | 10.31 | % | 10.57 | % | |||||||||||||
Tier 1 capital ratio | 10.03 | % | 10.35 | % | 10.91 | % | 11.02 | % | 11.30 | % | |||||||||||||
Total capital ratio | 11.41 | % | 11.74 | % | 12.41 | % | 13.10 | % | 13.50 | % | |||||||||||||
Tier 1 leverage ratio | 8.66 | % | 8.87 | % | 8.86 | % | 8.83 | % | 8.81 | % | |||||||||||||
Mortgage banking, net | |||||||||||||||||||||||
Mortgage servicing fees, net(h) | $ | 6 | $ | (1) | $ | 2 | $ | 2 | $ | 2 | $ | 1 | $ | — | |||||||||
Gains (losses) and fair value adjustments on loans held for sale | 1 | 32 | 1 | — | 1 | 3 | 8 | ||||||||||||||||
Changes in mortgage servicing rights valuation, net of economic hedge(d) | 10 | 12 | (1) | 5 | 6 | 4 | 2 | ||||||||||||||||
Mortgage banking, net | $ | 17 | $ | 43 | $ | 2 | $ | 6 | $ | 8 | $ | 8 | $ | 11 |
Associated Banc-Corp Selected Asset Quality Information | |||||||||||||||||||||||
($ in thousands) | Sep 30, 2022 | Jun 30, 2022 | Seql Qtr % Change | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Comp Qtr % Change | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||
Balance at beginning of period | $ | 280,771 | $ | 279,058 | 1 | % | $ | 280,015 | $ | 290,997 | $ | 318,811 | (12) | % | |||||||||
Provision for loan losses | 14,000 | 2,000 | N/M | (3,000) | (4,500) | (20,000) | N/M | ||||||||||||||||
Charge offs | (3,346) | (1,791) | 87 | % | (2,028) | (8,869) | (10,929) | (69) | % | ||||||||||||||
Recoveries | 1,478 | 1,504 | (2) | % | 4,072 | 2,387 | 3,115 | (53) | % | ||||||||||||||
Net (charge offs) recoveries | (1,867) | (287) | N/M | 2,044 | (6,482) | (7,814) | (76) | % | |||||||||||||||
Balance at end of period | $ | 292,904 | $ | 280,771 | 4 | % | $ | 279,058 | $ | 280,015 | $ | 290,997 | 1 | % | |||||||||
Allowance for unfunded commitments | |||||||||||||||||||||||
Balance at beginning of period | $ | 36,776 | $ | 38,776 | (5) | % | $ | 39,776 | $ | 41,276 | $ | 45,276 | (19) | % | |||||||||
Provision for unfunded commitments | 3,000 | (2,000) | N/M | (1,000) | (1,500) | (4,000) | N/M | ||||||||||||||||
Balance at end of period | $ | 39,776 | $ | 36,776 | 8 | % | $ | 38,776 | $ | 39,776 | $ | 41,276 | (4) | % | |||||||||
Allowance for credit losses on loans (ACLL) | $ | 332,680 | $ | 317,547 | 5 | % | $ | 317,835 | $ | 319,791 | $ | 332,273 | — | % | |||||||||
Provision for credit losses on loans | $ | 17,000 | $ | — | N/M | $ | (4,000) | $ | (6,000) | $ | (24,000) | N/M | |||||||||||
($ in thousands) | Sep 30, 2022 | Jun 30, 2022 | Seql Qtr % Change | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Comp Qtr % Change | ||||||||||||||||
Net (charge offs) recoveries | |||||||||||||||||||||||
Asset-based lending & equipment finance(a) | $ | — | $ | — | N/M | $ | — | $ | 27 | $ | 91 | (100) | % | ||||||||||
Commercial and industrial | (897) | (444) | 102 | % | 1,854 | (6,669) | (9,149) | (90) | % | ||||||||||||||
Commercial real estate—owner occupied | 3 | 4 | (25) | % | 3 | 4 | 106 | (97) | % | ||||||||||||||
Commercial and business lending | (894) | (440) | 103 | % | 1,857 | (6,638) | (8,951) | (90) | % | ||||||||||||||
Commercial real estate—investor | — | — | N/M | — | 109 | 181 | (100) | % | |||||||||||||||
Real estate construction | 9 | 2 | N/M | 32 | 52 | 18 | (50) | % | |||||||||||||||
Commercial real estate lending | 9 | 2 | N/M | 32 | 162 | 199 | (95) | % | |||||||||||||||
Total commercial | (885) | (439) | 102 | % | 1,889 | (6,476) | (8,752) | (90) | % | ||||||||||||||
Residential mortgage | (42) | 220 | N/M | 288 | (6) | 300 | N/M | ||||||||||||||||
Auto finance | (165) | (14) | N/M | 4 | (11) | 8 | N/M | ||||||||||||||||
Home equity | (101) | 461 | N/M | 315 | 546 | 959 | N/M | ||||||||||||||||
Other consumer | (675) | (516) | 31 | % | (451) | (534) | (329) | 105 | % | ||||||||||||||
Total consumer | (983) | 151 | N/M | 155 | (6) | 938 | N/M | ||||||||||||||||
Total net (charge offs) recoveries | $ | (1,867) | $ | (287) | N/M | $ | 2,044 | $ | (6,482) | $ | (7,814) | (76) | % | ||||||||||
(In basis points) | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | ||||||||||||||||||
Net (charge offs) recoveries to average loans (annualized) | |||||||||||||||||||||||
Asset-based lending & equipment finance(a) | — | — | — | 9 | 36 | ||||||||||||||||||
Commercial and industrial | (4) | (2) | 10 | (34) | (47) | ||||||||||||||||||
Commercial real estate—owner occupied | — | — | — | — | 5 | ||||||||||||||||||
Commercial and business lending | (3) | (2) | 8 | (29) | (40) | ||||||||||||||||||
Commercial real estate—investor | — | — | — | 1 | 2 | ||||||||||||||||||
Real estate construction | — | — | 1 | 1 | — | ||||||||||||||||||
Commercial real estate lending | — | — | — | 1 | 1 | ||||||||||||||||||
Total commercial | (2) | (1) | 5 | (17) | (23) | ||||||||||||||||||
Residential mortgage | — | 1 | 2 | — | 2 | ||||||||||||||||||
Auto finance | (7) | (1) | 1 | (9) | 43 | ||||||||||||||||||
Home equity | (7) | 32 | 22 | 36 | 61 | ||||||||||||||||||
Other consumer | (89) | (70) | (62) | (71) | (44) | ||||||||||||||||||
Total consumer | (4) | 1 | 1 | — | 4 | ||||||||||||||||||
Total net (charge offs) recoveries | (3) | — | 3 | (11) | (13) | ||||||||||||||||||
($ in thousands) | Sep 30, 2022 | Jun 30, 2022 | Seql Qtr % Change | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Comp Qtr % Change | ||||||||||||||||
Credit Quality | |||||||||||||||||||||||
Nonaccrual loans | $ | 116,406 | $ | 108,345 | 7 | % | $ | 143,221 | $ | 130,443 | $ | 135,062 | (14) | % | |||||||||
Other real estate owned (OREO) | 16,373 | 17,879 | (8) | % | 18,194 | 29,619 | 33,855 | (52) | % | ||||||||||||||
Repossessed Assets | $ | 299 | $ | 102 | 193 | % | $ | — | $ | — | $ | — | N/M | ||||||||||
Total nonperforming assets | $ | 133,078 | $ | 126,327 | 5 | % | $ | 161,414 | $ | 160,062 | $ | 168,917 | (21) | % | |||||||||
Loans 90 or more days past due and still accruing | $ | 1,417 | $ | 1,555 | (9) | % | $ | 1,595 | $ | 1,263 | $ | 1,029 | 38 | % | |||||||||
Allowance for credit losses on loans to total loans | 1.20 | % | 1.20 | % | 1.30 | % | 1.32 | % | 1.41 | % | |||||||||||||
Allowance for credit losses on loans to nonaccrual loans | 285.79 | % | 293.09 | % | 221.92 | % | 245.16 | % | 246.02 | % | |||||||||||||
Nonaccrual loans to total loans | 0.42 | % | 0.41 | % | 0.58 | % | 0.54 | % | 0.57 | % | |||||||||||||
Nonperforming assets to total loans plus OREO and repossessed assets | 0.48 | % | 0.48 | % | 0.66 | % | 0.66 | % | 0.71 | % | |||||||||||||
Nonperforming assets to total assets | 0.35 | % | 0.34 | % | 0.46 | % | 0.46 | % | 0.49 | % | |||||||||||||
Annualized year-to-date net charge offs (recoveries) to year-to-date average loans | — | % | (0.01) | % | (0.03) | % | 0.10 | % | 0.10 | % | |||||||||||||
Associated Banc-Corp Selected Asset Quality Information (continued) | |||||||||||||||||||||||
(In thousands) | Sep 30, 2022 | Jun 30, 2022 | Seql Qtr % Change | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Comp Qtr % Change | ||||||||||||||||
Nonaccrual loans | |||||||||||||||||||||||
PPP Loans | $ | — | $ | — | N/M | $ | 41 | $ | 46 | $ | — | N/M | |||||||||||
Commercial and industrial | 15,576 | 843 | N/M | 225 | 6,233 | 8,497 | 83 | % | |||||||||||||||
Commercial real estate—owner occupied | — | — | N/M | — | — | 7 | (100) | % | |||||||||||||||
Commercial and business lending | 15,576 | 843 | N/M | 266 | 6,279 | 8,504 | 83 | % | |||||||||||||||
Commercial real estate—investor | 37,479 | 46,823 | (20) | % | 80,886 | 60,677 | 61,504 | (39) | % | ||||||||||||||
Real estate construction | 141 | 604 | (77) | % | 609 | 177 | 247 | (43) | % | ||||||||||||||
Commercial real estate lending | 37,620 | 47,427 | (21) | % | 81,495 | 60,855 | 61,751 | (39) | % | ||||||||||||||
Total commercial | 53,196 | 48,270 | 10 | % | 81,761 | 67,134 | 70,256 | (24) | % | ||||||||||||||
Residential mortgage | 55,485 | 52,840 | 5 | % | 53,827 | 55,362 | 56,678 | (2) | % | ||||||||||||||
Auto finance | 302 | 53 | N/M | 49 | 52 | 67 | N/M | ||||||||||||||||
Home equity | 7,325 | 7,100 | 3 | % | 7,490 | 7,726 | 7,838 | (7) | % | ||||||||||||||
Other consumer | 98 | 83 | 18 | % | 95 | 170 | 222 | (56) | % | ||||||||||||||
Total consumer | 63,210 | 60,075 | 5 | % | 61,460 | 63,309 | 64,806 | (2) | % | ||||||||||||||
Total nonaccrual loans | $ | 116,406 | $ | 108,345 | 7 | % | $ | 143,221 | $ | 130,443 | $ | 135,062 | (14) | % | |||||||||
Sep 30, 2022 | Jun 30, 2022 | Seql Qtr % Change | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Comp Qtr % Change | |||||||||||||||||
Restructured loans (accruing) | |||||||||||||||||||||||
Commercial and industrial | $ | 14,829 | $ | 13,882 | 7 | % | $ | 7,426 | $ | 8,687 | $ | 11,067 | 34 | % | |||||||||
Commercial real estate—owner occupied | 369 | 421 | (12) | % | 473 | 967 | 1,031 | (64) | % | ||||||||||||||
Commercial and business lending | 15,198 | 14,303 | 6 | % | 7,899 | 9,655 | 12,098 | 26 | % | ||||||||||||||
Commercial real estate—investor | 733 | 943 | (22) | % | 2,045 | 12,866 | 13,236 | (94) | % | ||||||||||||||
Real estate construction | 165 | 179 | (8) | % | 183 | 242 | 248 | (33) | % | ||||||||||||||
Commercial real estate lending | 898 | 1,122 | (20) | % | 2,228 | 13,108 | 13,484 | (93) | % | ||||||||||||||
Total commercial | 16,097 | 15,425 | 4 | % | 10,127 | 22,763 | 25,582 | (37) | % | ||||||||||||||
Residential mortgage | 16,169 | 15,829 | 2 | % | 16,644 | 16,316 | 15,253 | 6 | % | ||||||||||||||
Home equity | 2,103 | 2,246 | (6) | % | 2,486 | 2,648 | 2,787 | (25) | % | ||||||||||||||
Other consumer | 764 | 753 | 1 | % | 747 | 803 | 877 | (13) | % | ||||||||||||||
Total consumer | 19,036 | 18,828 | 1 | % | 19,876 | 19,768 | 18,917 | 1 | % | ||||||||||||||
Total restructured loans (accruing) | $ | 35,132 | $ | 34,253 | 3 | % | $ | 30,003 | $ | 42,530 | $ | 44,499 | (21) | % | |||||||||
Nonaccrual restructured loans (included in nonaccrual loans) | $ | 21,650 | $ | 22,172 | (2) | % | $ | 19,352 | $ | 17,426 | $ | 15,226 | 42 | % | |||||||||
Sep 30, 2022 | Jun 30, 2022 | Seql Qtr % Change | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Comp Qtr % Change | |||||||||||||||||
Accruing Loans 30-89 Days Past Due | |||||||||||||||||||||||
PPP Loans | $ | 252 | $ | 1,475 | (83) | % | $ | 1 | $ | 83 | $ | 568 | (56) | % | |||||||||
Commercial and industrial | 1,609 | 167 | N/M | 1,085 | 632 | 1,229 | 31 | % | |||||||||||||||
Commercial real estate—owner occupied | — | — | N/M | 198 | 163 | 30 | (100) | % | |||||||||||||||
Commercial and business lending | 1,861 | 1,642 | 13 | % | 1,284 | 878 | 1,827 | 2 | % | ||||||||||||||
Commercial real estate—investor | — | 5,484 | (100) | % | — | 616 | 17,021 | (100) | % | ||||||||||||||
Real estate construction | 43 | — | N/M | — | 1,620 | — | N/M | ||||||||||||||||
Commercial real estate lending | 43 | 5,484 | (99) | % | — | 2,236 | 17,021 | (100) | % | ||||||||||||||
Total commercial | 1,904 | 7,126 | (73) | % | 1,284 | 3,114 | 18,848 | (90) | % | ||||||||||||||
Residential mortgage | 6,517 | 5,315 | 23 | % | 4,957 | 6,169 | 7,095 | (8) | % | ||||||||||||||
Auto finance | 6,206 | 2,906 | 114 | % | 949 | 11 | 10 | N/M | |||||||||||||||
Home equity | 4,234 | 2,961 | 43 | % | 4,207 | 3,711 | 2,931 | 44 | % | ||||||||||||||
Other consumer | 1,592 | 1,365 | 17 | % | 1,232 | 2,307 | 1,272 | 25 | % | ||||||||||||||
Total consumer | 18,549 | 12,547 | 48 | % | 11,345 | 12,198 | 11,308 | 64 | % | ||||||||||||||
Total accruing loans 30-89 days past due | $ | 20,452 | $ | 19,673 | 4 | % | $ | 12,629 | $ | 15,312 | $ | 30,156 | (32) | % | |||||||||
Sep 30, 2022 | Jun 30, 2022 | Seql Qtr % Change | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Comp Qtr % Change | |||||||||||||||||
Potential Problem Loans | |||||||||||||||||||||||
PPP Loans(b) | $ | 40 | $ | 47 | (15) | % | $ | 54 | $ | 2,000 | $ | 4,160 | (99) | % | |||||||||
Asset-based lending & equipment finance(a) | 19,266 | 19,813 | (3) | % | 19,057 | 17,697 | — | N/M | |||||||||||||||
Commercial and industrial | 89,250 | 84,785 | 5 | % | 93,396 | 120,561 | 124,990 | (29) | % | ||||||||||||||
Commercial real estate—owner occupied | 28,287 | 38,628 | (27) | % | 24,005 | 26,723 | 21,241 | 33 | % | ||||||||||||||
Commercial and business lending | 136,843 | 143,273 | (4) | % | 136,513 | 166,981 | 150,391 | (9) | % | ||||||||||||||
Commercial real estate—investor | 117,982 | 132,635 | (11) | % | 130,792 | 106,138 | 78,962 | 49 | % | ||||||||||||||
Real estate construction | — | 82 | (100) | % | 200 | 21,408 | 19,187 | (100) | % | ||||||||||||||
Commercial real estate lending | 117,982 | 132,717 | (11) | % | 130,992 | 127,546 | 98,150 | 20 | % | ||||||||||||||
Total commercial | 254,825 | 275,990 | (8) | % | 267,505 | 294,527 | 248,541 | 3 | % | ||||||||||||||
Residential mortgage | 2,845 | 3,297 | (14) | % | 3,032 | 2,214 | 2,374 | 20 | % | ||||||||||||||
Home equity | 185 | 188 | (2) | % | 156 | 165 | 171 | 8 | % | ||||||||||||||
Total consumer | 3,030 | 3,486 | (13) | % | 3,188 | 2,379 | 2,546 | 19 | % | ||||||||||||||
Total potential problem loans | $ | 257,855 | $ | 279,475 | (8) | % | $ | 270,693 | $ | 296,905 | $ | 251,087 | 3 | % | |||||||||
Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter | |||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 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 | $ | 4,531 | $ | 261 | 22.83 | % | $ | 14,026 | $ | 346 | 9.91 | % | $ | 275,414 | $ | 9,633 | 13.88 | % | |||||||||||
Asset-based lending (ABL) & equipment finance (d) | 317,857 | 4,027 | 5.03 | % | 244,369 | 2,181 | 3.58 | % | 99,463 | 766 | 3.06 | % | |||||||||||||||||
Commercial and business lending (excl PPP, ABL and equipment finance) | 9,870,075 | 105,927 | 4.26 | % | 9,346,218 | 68,748 | 2.95 | % | 8,609,196 | 53,333 | 2.46 | % | |||||||||||||||||
Commercial real estate lending | 6,768,054 | 78,887 | 4.62 | % | 6,363,395 | 53,233 | 3.36 | % | 6,160,241 | 44,859 | 2.89 | % | |||||||||||||||||
Total commercial | 16,960,517 | 189,101 | 4.42 | % | 15,968,007 | 124,509 | 3.13 | % | 15,144,314 | 108,591 | 2.85 | % | |||||||||||||||||
Residential mortgage | 8,223,531 | 64,069 | 3.12 | % | 7,860,220 | 58,434 | 2.97 | % | 7,817,737 | 55,305 | 2.83 | % | |||||||||||||||||
Auto finance | 969,918 | 9,170 | 3.75 | % | 689,027 | 6,017 | 3.50 | % | 7,157 | 79 | 4.39 | % | |||||||||||||||||
Other retail | 901,738 | 13,868 | 6.13 | % | 880,910 | 11,370 | 5.17 | % | 914,749 | 11,041 | 4.81 | % | |||||||||||||||||
Total loans | 27,055,703 | 276,209 | 4.06 | % | 25,398,163 | 200,331 | 3.16 | % | 23,883,957 | 175,016 | 2.92 | % | |||||||||||||||||
Investment securities | |||||||||||||||||||||||||||||
Taxable | 4,344,409 | 19,221 | 1.77 | % | 4,448,811 | 18,317 | 1.65 | % | 3,258,587 | 8,745 | 1.07 | % | |||||||||||||||||
Tax-exempt(a) | 2,435,957 | 20,838 | 3.42 | % | 2,427,068 | 20,637 | 3.40 | % | 2,029,126 | 18,412 | 3.63 | % | |||||||||||||||||
Other short-term investments | 378,528 | 3,284 | 3.45 | % | 352,310 | 2,420 | 2.75 | % | 2,215,805 | 2,281 | 0.41 | % | |||||||||||||||||
Investments and other | 7,158,894 | 43,342 | 2.42 | % | 7,228,189 | 41,374 | 2.29 | % | 7,503,518 | 29,439 | 1.57 | % | |||||||||||||||||
Total earning assets | 34,214,597 | $ | 319,551 | 3.72 | % | 32,626,351 | $ | 241,705 | 2.97 | % | 31,387,475 | $ | 204,455 | 2.59 | % | ||||||||||||||
Other assets, net | 3,057,182 | 3,106,232 | 3,372,013 | ||||||||||||||||||||||||||
Total assets | $ | 37,271,779 | $ | 35,732,583 | $ | 34,759,489 | |||||||||||||||||||||||
Liabilities and stockholders' equity | |||||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||||||||||
Savings | $ | 4,735,285 | $ | 516 | 0.04 | % | $ | 4,682,783 | $ | 530 | 0.05 | % | $ | 4,248,493 | $ | 377 | 0.04 | % | |||||||||||
Interest-bearing demand | 6,587,404 | 10,306 | 0.62 | % | 6,413,077 | 2,977 | 0.19 | % | 6,344,504 | 1,361 | 0.09 | % | |||||||||||||||||
Money market | 7,328,165 | 9,474 | 0.51 | % | 6,910,505 | 2,203 | 0.13 | % | 7,011,075 | 1,019 | 0.06 | % | |||||||||||||||||
Network transaction deposits | 873,168 | 4,716 | 2.14 | % | 775,593 | 1,480 | 0.77 | % | 893,991 | 290 | 0.13 | % | |||||||||||||||||
Time deposits | 1,230,859 | 989 | 0.32 | % | 1,255,292 | 829 | 0.26 | % | 1,434,588 | 1,379 | 0.38 | % | |||||||||||||||||
Total interest-bearing deposits | 20,754,882 | 26,000 | 0.50 | % | 20,037,250 | 8,019 | 0.16 | % | 19,932,650 | 4,427 | 0.09 | % | |||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 380,674 | 756 | 0.79 | % | 454,519 | 406 | 0.36 | % | 238,735 | 48 | 0.08 | % | |||||||||||||||||
Commercial Paper | 18,308 | 1 | 0.01 | % | 23,154 | 1 | 0.01 | % | 55,864 | 8 | 0.05 | % | |||||||||||||||||
FHLB advances | 3,283,328 | 20,792 | 2.51 | % | 2,423,771 | 9,689 | 1.60 | % | 1,620,790 | 8,962 | 2.19 | % | |||||||||||||||||
Long-term funding | 249,838 | 2,722 | 4.36 | % | 249,805 | 2,730 | 4.37 | % | 288,236 | 3,163 | 4.39 | % | |||||||||||||||||
Total short and long-term funding | 3,932,149 | 24,270 | 2.45 | % | 3,151,249 | 12,826 | 1.63 | % | 2,203,625 | 12,180 | 2.20 | % | |||||||||||||||||
Total interest-bearing liabilities | 24,687,031 | $ | 50,270 | 0.81 | % | 23,188,499 | $ | 20,845 | 0.36 | % | 22,136,276 | $ | 16,607 | 0.30 | % | ||||||||||||||
Noninterest-bearing demand deposits | 8,119,475 | 8,133,492 | 8,141,723 | ||||||||||||||||||||||||||
Other liabilities | 480,672 | 473,478 | 401,077 | ||||||||||||||||||||||||||
Stockholders’ equity | 3,984,602 | 3,937,114 | 4,080,413 | ||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 37,271,779 | $ | 35,732,583 | $ | 34,759,489 | |||||||||||||||||||||||
Interest rate spread | 2.91 | % | 2.61 | % | 2.29 | % | |||||||||||||||||||||||
Net free funds | 0.22 | % | 0.10 | % | 0.09 | % | |||||||||||||||||||||||
Fully tax-equivalent net interest income and net interest margin ("NIM") | $ | 269,281 | 3.13 | % | $ | 220,860 | 2.71 | % | $ | 187,848 | 2.38 | % | |||||||||||||||||
Fully tax-equivalent adjustment | 4,843 | 4,713 | 4,172 | ||||||||||||||||||||||||||
Net interest income | $ | 264,439 | $ | 216,146 | $ | 183,675 |
Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year | ||||||||||||||||||||
Nine Months Ended Sep 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 | $ | 20,633 | $ | 1,885 | 12.21 | % | $ | 592,571 | $ | 28,582 | 6.45 | % | ||||||||
Asset-based lending (ABL) & equipment finance (d) | 255,442 | 7,658 | 4.01 | % | 119,352 | 2,732 | 3.06 | % | ||||||||||||
Commercial and business lending (excl PPP, ABL, and equipment finance) | 9,347,852 | 227,429 | 3.25 | % | 8,442,471 | 159,343 | 2.52 | % | ||||||||||||
Commercial real estate lending | 6,438,335 | 176,006 | 3.65 | % | 6,163,684 | 133,314 | 2.89 | % | ||||||||||||
Total commercial | 16,062,262 | 412,977 | 3.44 | % | 15,318,077 | 323,971 | 2.83 | % | ||||||||||||
Residential mortgage | 7,920,382 | 177,906 | 2.99 | % | 7,879,992 | 166,146 | 2.81 | % | ||||||||||||
Auto finance | 657,150 | 17,837 | 3.63 | % | 8,591 | 284 | 4.41 | % | ||||||||||||
Other retail | 888,241 | 35,900 | 5.40 | % | 939,858 | 33,664 | 4.78 | % | ||||||||||||
Total loans | 25,528,036 | 644,621 | 3.37 | % | 24,146,518 | 524,065 | 2.90 | % | ||||||||||||
Investment securities | ||||||||||||||||||||
Taxable | 4,385,580 | 54,009 | 1.64 | % | 3,152,994 | 24,600 | 1.04 | % | ||||||||||||
Tax-exempt (a) | 2,416,064 | 61,771 | 3.41 | % | 1,961,528 | 54,357 | 3.69 | % | ||||||||||||
Other short-term investments | 625,748 | 7,696 | 1.64 | % | 1,662,571 | 5,802 | 0.47 | % | ||||||||||||
Investments and other | 7,427,392 | 123,477 | 2.22 | % | 6,777,093 | 84,759 | 1.67 | % | ||||||||||||
Total earning assets | 32,955,428 | $ | 768,098 | 3.11 | % | 30,923,610 | $ | 608,824 | 2.63 | % | ||||||||||
Other assets, net | 3,120,342 | 3,354,657 | ||||||||||||||||||
Total assets | $ | 36,075,770 | $ | 34,278,268 | ||||||||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||||
Savings | $ | 4,650,105 | $ | 1,427 | 0.04 | % | $ | 4,061,728 | $ | 1,066 | 0.04 | % | ||||||||
Interest-bearing demand | 6,573,680 | 14,307 | 0.29 | % | 5,981,295 | 3,596 | 0.08 | % | ||||||||||||
Money market | 7,090,960 | 12,642 | 0.24 | % | 6,956,591 | 3,101 | 0.06 | % | ||||||||||||
Network transaction deposits | 795,059 | 6,460 | 1.09 | % | 960,308 | 880 | 0.12 | % | ||||||||||||
Time deposits | 1,266,116 | 2,754 | 0.29 | % | 1,533,466 | 6,302 | 0.55 | % | ||||||||||||
Total interest-bearing deposits | 20,375,920 | 37,590 | 0.25 | % | 19,493,387 | 14,945 | 0.10 | % | ||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 376,687 | 1,200 | 0.43 | % | 177,875 | 103 | 0.08 | % | ||||||||||||
Commercial Paper | 23,106 | 2 | 0.01 | % | 51,330 | 21 | 0.05 | % | ||||||||||||
FHLB advances | 2,445,486 | 38,663 | 2.11 | % | 1,624,320 | 27,979 | 2.30 | % | ||||||||||||
Long-term funding | 249,759 | 8,182 | 4.37 | % | 461,390 | 14,323 | 4.14 | % | ||||||||||||
Total short and long-term funding | 3,095,039 | 48,047 | 2.07 | % | 2,314,915 | 42,425 | 2.45 | % | ||||||||||||
Total interest-bearing liabilities | 23,470,959 | $ | 85,637 | 0.49 | % | 21,808,303 | $ | 57,371 | 0.35 | % | ||||||||||
Noninterest-bearing demand deposits | 8,189,067 | 7,961,119 | ||||||||||||||||||
Other liabilities | 446,249 | 403,925 | ||||||||||||||||||
Stockholders’ equity | 3,969,495 | 4,104,921 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 36,075,770 | $ | 34,278,268 | ||||||||||||||||
Interest rate spread | 2.62 | % | 2.28 | % | ||||||||||||||||
Net free funds | 0.14 | % | 0.10 | % | ||||||||||||||||
Fully tax-equivalent net interest income and net interest margin ("NIM") | $ | 682,461 | 2.76 | % | $ | 551,453 | 2.38 | % | ||||||||||||
Fully tax-equivalent adjustment | 14,129 | 12,362 | ||||||||||||||||||
Net interest income | $ | 668,332 | $ | 539,092 |
Associated Banc-Corp Loan and Deposit Composition | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Period end loan composition | Sep 30, 2022 | Jun 30, 2022 | Seql Qtr % Change | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Comp Qtr % Change | ||||||||||||||||
PPP Loans | $ | 1,050 | $ | 9,514 | (89) | % | $ | 17,995 | $ | 66,070 | $ | 182,121 | (99) | % | |||||||||
Asset-based lending & equipment finance(a) | 380,830 | 263,044 | 45 | % | 231,040 | 178,027 | 111,027 | N/M | |||||||||||||||
Commercial and industrial | 9,190,045 | 8,984,127 | 2 | % | 8,102,380 | 8,208,289 | 7,816,432 | 18 | % | ||||||||||||||
Commercial real estate—owner occupied | 999,786 | 928,152 | 8 | % | 973,572 | 971,326 | 879,554 | 14 | % | ||||||||||||||
Commercial and business lending | 10,571,711 | 10,184,836 | 4 | % | 9,324,986 | 9,423,711 | 8,989,133 | 18 | % | ||||||||||||||
Commercial real estate—investor | 5,064,289 | 4,790,241 | 6 | % | 4,469,241 | 4,384,569 | 4,296,489 | 18 | % | ||||||||||||||
Real estate construction | 1,835,159 | 1,775,648 | 3 | % | 1,760,076 | 1,808,976 | 1,834,871 | — | % | ||||||||||||||
Commercial real estate lending | 6,899,449 | 6,565,889 | 5 | % | 6,229,317 | 6,193,545 | 6,131,360 | 13 | % | ||||||||||||||
Total commercial | 17,471,159 | 16,750,726 | 4 | % | 15,554,303 | 15,617,256 | 15,120,493 | 16 | % | ||||||||||||||
Residential mortgage | 8,314,902 | 8,002,943 | 4 | % | 7,609,343 | 7,567,310 | 7,590,895 | 10 | % | ||||||||||||||
Auto finance | 1,117,136 | 847,969 | 32 | % | 497,523 | 143,045 | 6,739 | N/M | |||||||||||||||
Home equity | 612,608 | 592,843 | 3 | % | 580,867 | 595,615 | 608,566 | 1 | % | ||||||||||||||
Other consumer | 301,475 | 300,217 | — | % | 289,889 | 301,723 | 294,979 | 2 | % | ||||||||||||||
Total consumer | 10,346,121 | 9,743,972 | 6 | % | 8,977,622 | 8,607,693 | 8,501,180 | 22 | % | ||||||||||||||
Total loans | $ | 27,817,280 | $ | 26,494,698 | 5 | % | $ | 24,531,926 | $ | 24,224,949 | $ | 23,621,673 | 18 | % | |||||||||
Period end deposit and customer funding composition | Sep 30, 2022 | Jun 30, 2022 | Seql Qtr % Change | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Comp Qtr % Change | ||||||||||||||||
Noninterest-bearing demand | $ | 8,224,579 | $ | 8,085,702 | 2 | % | $ | 8,315,699 | $ | 8,504,077 | $ | 8,170,105 | 1 | % | |||||||||
Savings | 4,708,720 | 4,708,156 | — | % | 4,661,232 | 4,410,198 | 4,278,453 | 10 | % | ||||||||||||||
Interest-bearing demand | 7,122,218 | 6,789,722 | 5 | % | 6,616,767 | 7,019,782 | 6,407,844 | 11 | % | ||||||||||||||
Money market | 7,909,232 | 7,769,415 | 2 | % | 7,522,797 | 7,185,111 | 7,583,978 | 4 | % | ||||||||||||||
Time deposits | 1,233,833 | 1,223,581 | 1 | % | 1,288,913 | 1,347,262 | 1,410,886 | (13) | % | ||||||||||||||
Total deposits | 29,198,581 | 28,576,577 | 2 | % | 28,405,409 | 28,466,430 | 27,851,266 | 5 | % | ||||||||||||||
Customer funding(b) | 283,856 | 296,440 | (4) | % | 299,301 | 354,142 | 322,081 | (12) | % | ||||||||||||||
Total deposits and customer funding | $ | 29,482,437 | $ | 28,873,017 | 2 | % | $ | 28,704,710 | $ | 28,820,572 | $ | 28,173,348 | 5 | % | |||||||||
Network transaction deposits(c) | $ | 864,086 | $ | 891,902 | (3) | % | $ | 762,680 | $ | 766,965 | $ | 929,174 | (7) | % | |||||||||
Net deposits and customer funding (Total deposits and customer funding, excluding network transaction deposits) | $ | 28,618,351 | $ | 27,981,114 | 2 | % | $ | 27,942,029 | $ | 28,053,607 | $ | 27,244,174 | 5 | % | |||||||||
Quarter average loan composition | Sep 30, 2022 | Jun 30, 2022 | Seql Qtr % Change | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Comp Qtr % Change | ||||||||||||||||
PPP Loans | $ | 4,531 | $ | 14,026 | (68) | % | $ | 43,774 | $ | 115,074 | $ | 275,414 | (98) | % | |||||||||
Asset-based lending & equipment finance(a) | 317,857 | 244,369 | 30 | % | 202,836 | 125,507 | 99,463 | N/M | |||||||||||||||
Commercial and industrial | 8,899,582 | 8,393,415 | 6 | % | 7,842,179 | 7,816,260 | 7,733,148 | 15 | % | ||||||||||||||
Commercial real estate—owner occupied | 970,493 | 952,802 | 2 | % | 973,496 | 899,536 | 876,047 | 11 | % | ||||||||||||||
Commercial and business lending | 10,192,463 | 9,604,612 | 6 | % | 9,062,286 | 8,956,378 | 8,984,072 | 13 | % | ||||||||||||||
Commercial real estate—investor | 4,891,530 | 4,570,300 | 7 | % | 4,439,051 | 4,304,579 | 4,297,783 | 14 | % | ||||||||||||||
Real estate construction | 1,876,524 | 1,793,095 | 5 | % | 1,738,011 | 1,829,470 | 1,862,458 | 1 | % | ||||||||||||||
Commercial real estate lending | 6,768,054 | 6,363,395 | 6 | % | 6,177,062 | 6,134,049 | 6,160,241 | 10 | % | ||||||||||||||
Total commercial | 16,960,517 | 15,968,007 | 6 | % | 15,239,348 | 15,090,427 | 15,144,314 | 12 | % | ||||||||||||||
Residential mortgage | 8,223,531 | 7,860,220 | 5 | % | 7,671,329 | 7,751,337 | 7,817,737 | 5 | % | ||||||||||||||
Auto finance | 969,918 | 689,027 | 41 | % | 305,202 | 53,120 | 7,157 | N/M | |||||||||||||||
Home equity | 601,821 | 586,072 | 3 | % | 588,281 | 600,963 | 620,601 | (3) | % | ||||||||||||||
Other consumer | 299,917 | 294,837 | 2 | % | 293,578 | 299,406 | 294,147 | 2 | % | ||||||||||||||
Total consumer | 10,095,186 | 9,430,156 | 7 | % | 8,858,390 | 8,704,826 | 8,739,643 | 16 | % | ||||||||||||||
Total loans(d) | $ | 27,055,703 | $ | 25,398,163 | 7 | % | $ | 24,097,738 | $ | 23,795,253 | $ | 23,883,957 | 13 | % | |||||||||
Quarter average deposit composition | Sep 30, 2022 | Jun 30, 2022 | Seql Qtr % Change | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Comp Qtr % Change | ||||||||||||||||
Noninterest-bearing demand | $ | 8,119,475 | $ | 8,133,492 | — | % | $ | 8,316,399 | $ | 8,416,525 | $ | 8,141,723 | — | % | |||||||||
Savings | 4,735,285 | 4,682,783 | 1 | % | 4,529,991 | 4,367,233 | 4,248,493 | 11 | % | ||||||||||||||
Interest-bearing demand | 6,587,404 | 6,413,077 | 3 | % | 6,722,038 | 6,506,438 | 6,344,504 | 4 | % | ||||||||||||||
Money market | 7,328,165 | 6,910,505 | 6 | % | 7,030,945 | 6,892,803 | 7,011,075 | 5 | % | ||||||||||||||
Network transaction deposits | 873,168 | 775,593 | 13 | % | 734,895 | 838,255 | 893,991 | (2) | % | ||||||||||||||
Time deposits | 1,230,859 | 1,255,292 | (2) | % | 1,313,101 | 1,381,092 | 1,434,588 | (14) | % | ||||||||||||||
Total deposits | $ | 28,874,357 | $ | 28,170,742 | 2 | % | $ | 28,647,369 | $ | 28,402,345 | $ | 28,074,374 | 3 | % |
Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | YTD | YTD | |||||||||||||||||||||
($ in millions, except per share data) | Sep 2022 | Sep 2021 | 3Q22 | 2Q22 | 1Q22 | 4Q21 | 3Q21 | ||||||||||||||||
Selected equity and performance ratios(a)(b)(c) | |||||||||||||||||||||||
Tangible common equity / tangible assets | 7.06 | % | 7.23 | % | 7.68 | % | 7.86 | % | 7.92 | % | |||||||||||||
Return on average equity | 8.67 | % | 8.93 | % | 9.59 | % | 8.85 | % | 7.55 | % | 7.62 | % | 8.63 | % | |||||||||
Return on average tangible common equity | 12.96 | % | 13.56 | % | 14.32 | % | 13.29 | % | 11.26 | % | 11.34 | % | 12.97 | % | |||||||||
Return on average common equity Tier 1 | 11.60 | % | 12.62 | % | 12.69 | % | 11.77 | % | 10.27 | % | 10.50 | % | 12.11 | % | |||||||||
Return on average tangible assets | 1.00 | % | 1.13 | % | 1.08 | % | 1.03 | % | 0.90 | % | 0.92 | % | 1.07 | % | |||||||||
Average stockholders' equity / average assets | 11.00 | % | 11.98 | % | 10.69 | % | 11.02 | % | 11.33 | % | 11.43 | % | 11.74 | % | |||||||||
Tangible common equity reconciliation(a) | |||||||||||||||||||||||
Common equity | $ | 3,760 | $ | 3,766 | $ | 3,755 | $ | 3,832 | $ | 3,802 | |||||||||||||
Goodwill and other intangible assets, net | (1,156) | (1,159) | (1,161) | (1,163) | (1,165) | ||||||||||||||||||
Tangible common equity | $ | 2,603 | $ | 2,608 | $ | 2,594 | $ | 2,669 | $ | 2,636 | |||||||||||||
Tangible assets reconciliation(a) | |||||||||||||||||||||||
Total assets | $ | 38,050 | $ | 37,236 | $ | 34,956 | $ | 35,104 | $ | 34,440 | |||||||||||||
Goodwill and other intangible assets, net | (1,156) | (1,159) | (1,161) | (1,163) | (1,165) | ||||||||||||||||||
Tangible assets | $ | 36,893 | $ | 36,077 | $ | 33,795 | $ | 33,941 | $ | 33,274 | |||||||||||||
Average tangible common equity and average common equity tier 1 reconciliation(a) | |||||||||||||||||||||||
Common equity | $ | 3,776 | $ | 3,782 | $ | 3,791 | $ | 3,744 | $ | 3,794 | $ | 3,811 | $ | 3,807 | |||||||||
Goodwill and other intangible assets, net | (1,160) | (1,170) | (1,158) | (1,160) | (1,162) | (1,164) | (1,167) | ||||||||||||||||
Tangible common equity | 2,616 | 2,612 | 2,634 | 2,584 | 2,631 | 2,646 | 2,640 | ||||||||||||||||
Modified CECL transitional amount | 67 | 106 | 67 | 67 | 67 | 91 | 97 | ||||||||||||||||
Accumulated other comprehensive loss (income) | 147 | (5) | 190 | 170 | 80 | 19 | (5) | ||||||||||||||||
Deferred tax assets, net | 36 | 40 | 30 | 39 | 39 | 40 | 40 | ||||||||||||||||
Average common equity tier 1 | $ | 2,867 | $ | 2,754 | $ | 2,921 | $ | 2,860 | $ | 2,818 | $ | 2,795 | $ | 2,772 | |||||||||
Average tangible assets reconciliation(a) | |||||||||||||||||||||||
Total assets | $ | 36,076 | $ | 34,278 | $ | 37,272 | $ | 35,733 | $ | 35,200 | $ | 35,016 | $ | 34,759 | |||||||||
Goodwill and other intangible assets, net | (1,160) | (1,170) | (1,158) | (1,160) | (1,162) | (1,164) | (1,167) | ||||||||||||||||
Tangible assets | $ | 34,916 | $ | 33,108 | $ | 36,114 | $ | 34,573 | $ | 34,038 | $ | 33,852 | $ | 33,593 | |||||||||
Adjusted net income reconciliation(b) | |||||||||||||||||||||||
Net income | $ | 257 | $ | 274 | $ | 96 | $ | 87 | $ | 74 | $ | 77 | $ | 89 | |||||||||
Other intangible amortization, net of tax | 5 | 5 | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||
Adjusted net income | $ | 262 | $ | 279 | $ | 98 | $ | 88 | $ | 76 | $ | 79 | $ | 90 | |||||||||
Adjusted net income available to common equity reconciliation(b) | |||||||||||||||||||||||
Net income available to common equity | $ | 249 | $ | 260 | $ | 93 | $ | 84 | $ | 71 | $ | 74 | $ | 85 | |||||||||
Other intangible amortization, net of tax | 5 | 5 | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||
Adjusted net income available to common equity | $ | 254 | $ | 265 | $ | 95 | $ | 86 | $ | 73 | $ | 76 | $ | 86 | |||||||||
Selected trend information(d) | |||||||||||||||||||||||
Wealth management fees | $ | 64 | $ | 67 | $ | 20 | $ | 21 | $ | 22 | $ | 23 | $ | 22 | |||||||||
Service charges and deposit account fees | 48 | 47 | 15 | 17 | 17 | 17 | 17 | ||||||||||||||||
Card-based fees | 33 | 32 | 11 | 11 | 10 | 11 | 11 | ||||||||||||||||
Other fee-based revenue | 13 | 13 | 4 | 4 | 4 | 4 | 4 | ||||||||||||||||
Fee-based revenue | 158 | 159 | 51 | 54 | 53 | 55 | 54 | ||||||||||||||||
Other | 63 | 92 | 20 | 22 | 22 | 26 | 28 | ||||||||||||||||
Total noninterest income | $ | 221 | $ | 251 | $ | 71 | $ | 75 | $ | 74 | $ | 82 | $ | 82 | |||||||||
Pre-tax pre-provision income(e) | |||||||||||||||||||||||
Income before income taxes | $ | 326 | $ | 344 | $ | 122 | $ | 110 | $ | 93 | $ | 92 | $ | 112 | |||||||||
Provision for credit losses | 13 | (82) | 17 | — | (4) | (6) | (24) | ||||||||||||||||
Pre-tax pre-provision income | $ | 339 | $ | 262 | $ | 139 | $ | 110 | $ | 89 | $ | 86 | $ | 88 | |||||||||
Efficiency ratio reconciliation(f) | |||||||||||||||||||||||
Federal Reserve efficiency ratio | 62.32 | % | 65.98 | % | 60.32 | % | 61.53 | % | 65.71 | % | 67.36 | % | 65.43 | % | |||||||||
Fully tax-equivalent adjustment | (0.98) | % | (1.02) | % | (0.87) | % | (0.98) | % | (1.13) | % | (1.10) | % | (1.01) | % | |||||||||
Other intangible amortization | (0.75) | % | (0.84) | % | (0.67) | % | (0.76) | % | (0.84) | % | (0.82) | % | (0.83) | % | |||||||||
Fully tax-equivalent efficiency ratio | 60.60 | % | 64.13 | % | 58.79 | % | 59.80 | % | 63.76 | % | 65.46 | % | 63.61 | % | |||||||||
Provision for unfunded commitments adjustment | — | % | 0.81 | % | (0.90) | % | 0.67 | % | 0.37 | % | 0.55 | % | 1.48 | % | |||||||||
Asset gains, net adjustment | 0.13 | % | 0.82 | % | — | % | 0.34 | % | 0.05 | % | 0.24 | % | 1.29 | % | |||||||||
Acquisitions, branch sales, and initiatives | (0.20) | % | (0.22) | % | (0.53) | % | — | % | — | % | (1.43) | % | (0.91) | % | |||||||||
Adjusted efficiency ratio | 60.53 | % | 65.54 | % | 57.36 | % | 60.82 | % | 64.18 | % | 64.82 | % | 65.46 | % |