-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MHBnzzangXDSYFSZ/IqmsbQNe93K0WgvU5sHggLuDSsqNVACJB+pSyZAYGucIW+p TxNuUMj130Agz1ibpC0abQ== 0000007789-96-000026.txt : 19970806 0000007789-96-000026.hdr.sgml : 19970806 ACCESSION NUMBER: 0000007789-96-000026 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSOCIATED BANC-CORP CENTRAL INDEX KEY: 0000007789 STANDARD INDUSTRIAL CLASSIFICATION: 6022 IRS NUMBER: 391098068 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05519 FILM NUMBER: 96587815 BUSINESS ADDRESS: STREET 1: 112 NORTH ADAMS ST STREET 2: P O BOX 13307 CITY: GREEN BAY STATE: WI ZIP: 54301 BUSINESS PHONE: 4144333166 MAIL ADDRESS: STREET 1: 112 NORTH ADAMS STREET STREET 2: P O BOX 13307 CITY: GREEN BAY STATE: WI ZIP: 54307-3307 FORMER COMPANY: FORMER CONFORMED NAME: ASSOCIATED BANK SERVICES INC DATE OF NAME CHANGE: 19770626 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1995 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from to ---------- ---------- Commission file number 0-5519 (Associated Banc-Corp) A. Full title of the plan and the address of the plan, if different from that of the issuer named below: ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive officer: ASSOCIATED BANC-CORP 112 North Adams Street P.O. Box 13307 Green Bay, Wisconsin 54307-3307 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Associated Banc-Corp Retirement Program Committee has duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN /s/ Richard H. Langer ----------------------------------- Richard H. Langer, Chairman Retirement Program Committee The Board of Directors Associated Banc-Corp: We consent to incorporation by reference in the registration statement (No. 33- 54658) on Form S-8 of Associated Banc-Corp of our report dated June 7, 1996, relating to the statement of net assets available for plan benefits of the Associated Banc-Corp Profit Sharing and Retirement Savings Plan as of December 31, 1995 and 1994 and the related statement of changes in net assets available for plan benefits for the year then ended, the schedule of assets held for investment purposes as of December 31, 1995, and the schedule of reportable transactions for the year ended December 31, 1995, which report appears in the December 31, 1995, annual report on Form 11-K of the Associated Banc-Corp Profit Sharing and Retirement Savings Plan. /s/ KPMG Peat Marwick LLP ------------------------- Chicago, Illinois June 25, 1996 ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN TABLE OF CONTENTS - - ------------------------------------------------------------------------------- Page(s) - - ------------------------------------------------------------------------------- Independent Auditors' Report Statement of Net Assets Available for Plan Benefits, December 31, 1995 Statement of Net Assets Available for Plan Benefits, December 31, 1994 Statement of Changes in Net Assets Available for Plan Benefits, Year Ended December 31, 1995 Statement of Changes in Net Assets Available for Plan Benefits, Year Ended December 31, 1994 Notes to Financial Statements Item 27a - Schedule of Assets Held for Investment Purposes, December 31, 1995 Item 27d - Schedule of Reportable Transactions, Year Ended December 31, 1995 Independent Auditors' Report The Board of Directors Associated Banc-Corp Profit Sharing and Retirement Savings Plan: We have audited the accompanying statements of net assets available for plan benefits of the Associated Banc-Corp Profit Sharing and Retirement Plan (Plan) as of December 31, 1995 and 1994, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 1995 and 1994, and the changes in net assets available for plan benefits for the years then ended in conformity with generally accepted accounting principles. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes as of December 31, 1995 and reportable transactions for the year then ended are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information on the statement of net assets available for plan benefits and the statement of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. June 7, 1996 ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1995 - - ------------------------------------------------------------------------------- Principal Fixed Common Balanced Preservation Income Stock Fund Fund Fund Fund - - ------------------------------------------------------------------------------- Assets: Investments: Common trust funds $ 2,245,110 --- --- 19,372,188 Government securities 7,096,332 --- 1,817,913 --- Corporate bonds 307,080 --- 3,457,591 --- Common stocks 10,363,213 --- --- --- Loans to participants --- --- --- --- - - ------------------------------------------------------------------------------- Total investments 20,011,735 --- 5,275,504 19,372,188 Cash and cash equivalents 1,151,878 5,154,378 463,742 278,920 Accrued interest and dividends receivable 134,639 24,697 80,901 1,478 Cash surrender value of insurance --- --- --- --- Employer contribution receivable 843,098 493,618 268,157 986,235 Participant contributions receivable --- --- --- --- Due from (to) other funds 60,583 13,560 12,314 43,915 Other (2,377) (516) (650) (2,193) - - ------------------------------------------------------------------------------- Net assets available for plan benefits $22,199,556 5,685,737 6,099,968 20,680,543 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1995 - - ------------------------------------------------------------------------------- Associated Banc-Corp Self- Common Directed Stock Fund Funds Other Total - - ------------------------------------------------------------------------------- Assets: Investments: Common trust funds --- 2,776,044 --- 24,393,342 Government securities --- 66,075 --- 8,980,320 Corporate bonds --- 25,352 --- 3,790,023 Common stocks 22,925,689 400,663 --- 33,689,565 Loans to participants --- --- 294,218 294,218 - - ------------------------------------------------------------------------------- Total investments 22,925,689 3,268,134 294,218 71,147,468 Cash and cash equivalents 22,584 150,420 239,679 7,461,601 Accrued interest and dividends receivable 366 5,018 1,218 248,317 Cash surrender value of insurance --- --- 492,155 492,155 Employer contribution receivable 1,185,060 --- --- 3,776,168 Participant contributions receivable --- --- 19,277 19,277 Due from (to) other funds 38,722 --- (169,094) --- Other (5,921) (305) (679) (12,641) - - ------------------------------------------------------------------------------- Net assets available for plan benefits 24,166,500 3,423,267 876,774 83,132,345 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1994 - - ------------------------------------------------------------------------------- Principal Fixed Common Balanced Preservation Income Stock Fund Fund Fund Fund - - ------------------------------------------------------------------------------- Assets: Investments: Common trust funds $ 2,068,934 --- --- 13,815,841 Government securities 5,244,500 --- 1,644,719 --- Corporate bonds 304,830 --- 2,641,655 --- Common stocks 8,582,523 --- --- --- Loans to participants --- --- --- --- - - ------------------------------------------------------------------------------- Total investments 16,200,787 --- 4,286,374 13,815,841 Cash and cash equivalents 118,360 4,995,233 133,462 66,238 Accrued interest and dividends receivable 116,485 23,931 78,208 679 Cash surrender value of insurance --- --- --- --- Employer contribution receivable 783,077 429,267 245,308 835,636 Participant contributions receivable --- --- --- --- Due from (to) other funds 165,934 2,793 27,582 70,811 Other (269) --- (398) ( 663) - - ------------------------------------------------------------------------------- Net assets available for plan benefits $17,384,374 5,451,224 4,770,536 14,788,542 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1994 - - ------------------------------------------------------------------------------- Associated Banc-Corp Self- Common Directed Stock Fund Funds Other Total - - ------------------------------------------------------------------------------- Assets: Investments: Common trust funds --- 2,393,817 --- 18,278,592 Government securities --- 64,501 --- 6,953,720 Corporate bonds --- 70,055 --- 3,016,540 Common stocks 14,426,206 530,497 --- 23,539,226 Loans to participants --- --- 321,575 321,575 - - ------------------------------------------------------------------------------- Total investments 14,426,206 3,058,870 321,575 52,109,653 Cash and cash equivalents 98,865 264,031 267,592 5,943,781 Accrued interest and dividends receivable 2,472 6,891 1,492 230,158 Cash surrender value of insurance --- --- 559,028 559,028 Employer contribution receivable 961,800 15,744 --- 3,270,832 Participant contributions receivable --- --- 34,506 34,506 Due from (to) other funds (6,962) --- (260,158) --- Other --- (39,800) ( 39) (41,169) - - ------------------------------------------------------------------------------- Net assets available for plan benefits 15,482,381 3,305,736 923,996 62,106,789 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits December 31, 1995 - - ------------------------------------------------------------------------------- Principal Fixed Common Balanced Preservation Income Stock Fund Fund Fund Fund - - ------------------------------------------------------------------------------- Additions: Investment Income: Net realized and unrealized gains/ (losses) $3,785,074 --- 488,642 4,629,510 Interest and dividends 667,293 318,450 333,672 22,528 - - ------------------------------------------------------------------------------- Subtotal 4,452,367 318,450 822,314 4,652,038 Participant contributions 399,409 157,184 122,273 494,893 Employer contributions 843,098 493,619 268,157 985,542 Rollover contributions 335,102 16,789 104,896 293,073 Interfund transfers (470,967) (193,880) 319,613 144,165 Other 50,729 6,090 12,641 (7,053) - - ------------------------------------------------------------------------------- Total Additions 5,609,738 798,252 1,649,894 6,562,658 Deductions: Distributions to participants 705,134 546,595 302,182 571,350 Administrative expenses 89,422 17,144 18,280 99,307 - - ------------------------------------------------------------------------------- Total Deductions 794,556 563,739 320,462 670,657 Net increase/(decrease) in net assets available for plan benefits 4,815,182 234,513 1,329,432 5,892,001 Net assets available for plan benefits: Beginning of year 17,384,374 5,451,224 4,770,536 14,788,542 - - ------------------------------------------------------------------------------- End of year $22,199,556 5,685,737 6,099,968 20,680,543 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits December 31, 1995 - - ------------------------------------------------------------------------------- Associated Banc-Corp Self- Common Directed Stock Fund Funds Other Total - - ------------------------------------------------------------------------------- Additions: Investment Income: Net realized and unrealized gains/ (losses) 6,958,168 723,594 --- 16,584,988 Interest and dividends 562,642 57,129 28,958 1,990,672 - - ------------------------------------------------------------------------------- Subtotal 7,520,810 780,723 28,958 18,575,660 Participant contributions 586,929 5,388 --- 1,766,076 Employer contributions 1,183,444 --- --- 3,773,860 Rollover contributions 393,565 --- 49,920 1,193,345 Interfund transfers 176,363 23,845 861 --- Other (28,208) --- (27,756) 6,443 - - ------------------------------------------------------------------------------ Total Additions 9,832,903 809,956 51,983 25,315,384 Deductions: Distributions to participants 1,093,860 677,862 98,144 3,995,127 Administrative expenses 54,924 14,563 1,061 294,701 - - ------------------------------------------------------------------------------- Total Deductions 1,148,784 692,425 99,205 4,289,828 Net increase/(decrease) in net assets available for plan benefits 8,684,119 117,531 (47,222) 21,025,556 Net assets available for plan benefits: Beginning of year 15,482,381 3,305,736 923,996 62,106,789 - - ------------------------------------------------------------------------------- End of year 24,166,500 3,423,267 876,774 83,132,345 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits December 31, 1994 - - ------------------------------------------------------------------------------- Principal Fixed Common Balanced Preservation Income Stock Fund Fund Fund Fund - - ------------------------------------------------------------------------------- Additions: Investment Income: Net realized and unrealized gains/ (losses) $(419,927) --- (438,725) (23,754) Interest and dividends 671,919 219,993 301,697 16,004 - - ------------------------------------------------------------------------------- Subtotal 251,992 219,993 (137,028) ( 7,750) Participant contributions 406,636 144,251 123,997 439,766 Employer contributions 782,891 429,828 245,378 834,336 Rollover contributions 126,675 18,458 101,456 119,391 Asset transfers 119,348 63,199 97,249 263,954 Interfund transfers (1,212,706) (373,600) (365,868) (514,971) Other 36,656 (22,051) (5,406) (12,804) - - ------------------------------------------------------------------------------- Total Additions 511,492 480,078 59,778 1,121,922 Deductions: Distributions to participants 1,353,396 622,143 207,131 1,009,651 Administrative expenses 86,107 13,223 22,994 85,411 - - ------------------------------------------------------------------------------- Total Deductions 1,439,503 635,366 230,125 1,095,062 Net increase/(decrease) in net assets available for plan benefits (928,011) (155,288) (170,347) 26,860 Net assets available for plan benefits: Beginning of year 18,312,385 5,606,512 4,940,883 14,761,682 - - ------------------------------------------------------------------------------- End of year $17,384,374 5,451,224 4,770,536 14,788,542 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits December 31, 1994 - - ------------------------------------------------------------------------------- Associated Banc-Corp Self- Common Directed Stock Fund Funds Other Total - - ------------------------------------------------------------------------------- Additions: Investment Income: Net realized and unrealized gains/ (losses) 432,454 (263,382) --- (713,334) Interest and dividends 385,292 143,480 26,789 1,765,174 - - ------------------------------------------------------------------------------- Subtotal 817,746 (119,902) 26,789 1,051,840 Participant contributions 447,091 10,526 --- 1,572,267 Employer contributions 961,498 15,744 --- 3,269,675 Rollover contributions 654,466 --- --- 1,020,446 Asset transfers 91,372 --- 30,139 665,261 Interfund transfers 2,466,763 382 --- --- Other 23,398 277 1,980 22,050 - - ------------------------------------------------------------------------------ Total Additions 5,462,334 (92,973) 58,908 7,601,539 Deductions: Distributions to participants 947,095 1,208,275 4,328 5,352,019 Administrative expenses 29,739 22,239 500 260,213 - - ------------------------------------------------------------------------------- Total Deductions 976,834 1,230,514 4,828 5,612,232 Net increase/(decrease) in net assets available for plan benefits 4,485,500 (1,323,487) 54,080 1,989,307 Net assets available for plan benefits: Beginning of year 10,996,881 4,629,223 869,916 60,117,482 - - ------------------------------------------------------------------------------- End of year 15,482,381 3,305,736 923,996 62,106,789 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements December 31, 1995 and 1994 - - ------------------------------------------------------------------------------- (1) Description of the Plan The following brief description of the Associated Banc-Corp Profit Sharing and Retirement Savings Plan (Plan) is provided for general information. The Plan contains both profit sharing provisions and retirement savings provisions. Participants should refer to the summary plan description for more complete information. Background Associated Banc-Corp (Company) has established the Associated Banc-Corp Profit Sharing and Retirement Savings Plan, a defined contribution plan. The profit sharing provisions of the Plan provide for discretionary employer contributions. The retirement savings provisions of the Plan provides for employee contributions complying with the provisions of Internal Revenue Code (Code) Section 401(k) as well as discretionary employer contributions. The Plan is subject to the provisions of the Employee Income Retirement Act of 1974 (ERISA). On January 1, 1994, the net assets of Citizens Bank and Trust Profit Sharing Plan totaling $665,261 were merged into the net assets of the Plan. Participants Employees of the Company and its subsidiaries that have adopted the Plan are eligible to participate in the profit sharing provisions and in the discretionary employer retirement savings contribution provisions of the Plan on the January 1 of the year in which 1,000 hours of service are completed. Employees are eligible to participate in the employee retirement savings contribution portion of the Plan on the earlier of the January 1 or July 1 following the date of employment, if it is expected that 1,000 hours of service will be completed in subsequent plan years. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements - - ------------------------------------------------------------------------------- Contributions In conjunction with the retirement savings provisions of the Plan, participants can elect to contribute an amount between 1% and a maximum percentage set by the Retirement Program Committee (6% in 1995 and 1994) of their compensation in multiples of 1% to the Plan by means of regular payroll deductions. Participants are also allowed to contribute amounts qualifying as rollover contributions under Section 402(c)(4) of the Code. The Plan provides for discretionary Company contributions under both the profit sharing and retirement savings provisions of the Plan. Such contributions are allocated to each participant's account based upon total participants' compensation, as defined by the Plan, for the year. Vesting Participants are 100% vested at all times in their benefits under the retirement savings portion of the Plan. The following is a schedule of vesting in the Company discretionary profit sharing contribution: -------------------------------------------------------------------------- Years of Service Vested Percentage -------------------------------------------------------------------------- Less than three 0% Three but less than four 20% Four but less than five 40% Five but less than six 60% Six but less than seven 80% Seven or more 100% -------------------------------------------------------------------------- The Plan document specifies that forfeitures are allocated based upon the ratio of each participant's compensation for the plan year to the total compensation of all participants for that plan year. Investment of Plan Assets Participants have the right to direct that investments be made in either the Balanced Fund, Principal Preservation Fund, Fixed Income Fund, Common Stock Fund, Associated Banc-Corp Common Stock Fund, or a combination of funds. The following is a brief description of each fund: Balanced Fund - Invests primarily in fixed income investments and common stocks. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements - - ------------------------------------------------------------------------------- Principal Preservation Fund - Invests primarily in certificates issued or guaranteed by the United States Government. Fixed Income Fund - Invests primarily in U.S. Treasury obligations, fixed income corporate bonds, and common trust funds with similar characteristics. Common Stock Fund - Invests primarily in common stocks, common funds, or mutual funds expected to achieve capital and income growth. Associated Banc-Corp Common Stock Fund - Invests in Associated Banc-Corp common stock. Participants can elect to invest in one of the aforementioned funds or in 10% increments in two or more funds. The election can be changed quarterly each January 1, April 1, July 1, and October 1. Certain participants previously had the right to maintain a separate trust for self-directed investments. Current plan provisions do not provide for this. Plan assets are held in trust with subsidiary banks of the Company (trustee). A participant in the Plan can receive a loan for emergency conditions which result from medical expenses in the participant's immediate family, establishing or preserving the home in which the participant resides, or for the purpose of providing an education for the participant, spouse, and children of the participant. Loans are limited to the lesser of (1) $50,000, reduced by the excess of the highest outstanding balance of loans from the Plan during the one-year period ending on the day before the date on which such loan was made over the outstanding balance of loans from the Plan on the date on which such loan was made or (2) 50% of the vested benefit of the participant's account balance. A participant may not request a loan for less than $1,000. Distributions Distributions are made in the form of lump-sum payments or payments over a period in monthly, quarterly, semi-annual or annual installments. Distributions must begin no later than 60 days after the close of the plan year in which the later of the participant's attainment of age 65 or the termination date occurs, unless the participant elects to delay commencement of the distribution until the April 1 following the attainment of age 70 1/2. Participants may withdraw amounts for any reason upon reaching age 59 1/2. Earnings are credited to a participant's account through the end of the most recent accounting period. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements - - ------------------------------------------------------------------------------- Termination of Plan While the Company has not expressed any intent to terminate the Plan, it is free to do so at any time subject to the provisions of ERISA. In the event of termination, participants become fully vested to the extent of the balance in their account, including investment income through the termination date. Reclassification Certain amounts in prior years report have been reclassified to conform with the 1995 presentation. (2) Summary of Significant Accounting Policies The accounting policies followed by the Plan conform with generally accepted accounting principles for such plans. The more significant policies are as follows: Basis of Presentation The accompanying financial statements have been prepared on the accrual basis. Investments Investments are quoted at market prices. Securities for which no quoted market price are available are valued at estimated fair value. Short-term investments are stated at cost, which approximates fair value. Plan assets are held with the trustee. Purchases and sales of securities are recorded on a trade-date basis. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires plan administrator estimates and assumptions that affect the reported amounts of assets available for benefits and plan benefit obligations and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements - - ------------------------------------------------------------------------------- (3) Investments The fair value of investments that represent 5% or more of the Plan's net assets at December 31 are presented in the following table: 1995 1994 -------------------------------------------------------------------------- Associated Banc-Corp common stock $23,376,007 14,748,049 Associated Bank, N.A. Associated common stock fund 9,329,403 6,761,960 Goldman Sachs Financial Square 5,154,377 --- Treasury Obligation Fund ------------------------------------------------------------------------- (4) Transactions with Related Parties The Associated Banc-Corp common stock fund of the Plan at December 31, 1995 and 1994 included 571,010 shares and 415,438 shares, respectively, of common stock of the Company with fair values of $23,376,007 and $14,748,049, respectively. Dividend income from Company stock totaled $550,931 and $384,787 in 1995 and 1994, respectively. (5) Benefits Payable Amounts as presented in the accompanying financial statements differ from the amounts reported in Form 5500 due to benefits payable to terminated and retired participants. As of December 31, 1995 and 1994, net assets available for plan benefits include vested balances for terminated and retired participants of approximately $670,000 and $579,000, respectively. (6) Income Taxes The Plan administrator has received a favorable tax determination letter, dated May 22, 1995, from the Internal Revenue Service indicating that the Plan qualifies under the provisions of Section 401(a) of the Code, and the related trust is, therefore, exempt from tax under Section 501(a). Therefore, a provision for income taxes has not been included in the Plan's financial statements. Participants in the Plan are not subject to federal income taxes until they receive a distribution from the Plan. ASSOCIATED BANC-CORP PROFIT SHARING & RETIREMENT SAVINGS PLAN Item 27a - Schedule of Assets Held for Investment Purposes December 31, 1995 - - ------------------------------------------------------------------------------- Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - - ------------------------------------------------------------------------------- United States gov t agency securities: Federal Home Loan Mtg Corp. Deb. 6.52%, due 08/10/99, 249,844 250,391 par value $250,000 Federal Farm Credit Bank 5.10%, due 03/10/98, 248,942 248,800 par value $250,000 Federal Home Loan Mtg Corp. 4.50%, due 10/30/98, 99,220 99,688 step up to 5.50% on 10/30/95, callable 10/30/95 @100 par, par value $100,000 Federal National Mtg Assn. 4.94%, due 01/25/99, 200,878 196,840 par value $200,000 Federal Farm Credit Bank 6.10%, due 02/25/00, 250,000 252,700 callable 02/25/96 @100 par, par value $250,000 Federal National Mtg Assn. 6.24%, due 08/19/2003, 250,000 250,575 callable 08/19/96 @ 100 par, par value $250,000 Federal National Mtg Assn. 7.21%, due 08/18/05, 250,000 259,700 par value $250,000 U.S. Treasury Note 6.875%, due 10/31/96, 125,922 126,641 par value $125,000 U.S. Treasury Note 6.75%, due 05/31/97, 200,313 204,188 par value $200,000 U.S. Treasury Note 5.625%, due 08/31/97, 497,530 503,438 par value $500,000 U.S. Treasury Note 5.125%, due 02/28/98, 497,715 499,375 par value $500,000 U.S. Treasury Note 5.125%, due 03/31/98, 299,151 299,625 par value $300,000 U.S. Treasury Note 5.125%, due 06/30/98, 200,000 199,688 par value $200,000 U.S. Treasury Note 4.375%, due 08/15/96 100,594 99,500 par value $100,000 U.S. Treasury Note 4.75%, due 08/31/98, 199,688 197,625 par value $200,000 U.S. Treasury Note 4.75%, due 02/15/97, 247,578 248,829 par value $250,000 Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - - ------------------------------------------------------------------------------- U.S. Treasury Note 5.50%, due 02/28/99, 994,036 1,006,875 par value $1,000,000 U.S. Treasury Note 6.75%, due 05/31/99, 499,375 522,345 par value $500,000 U.S. Treasury Note 7.375%, due 05/15/96, 195,441 201,625 par value $200,000 U.S. Treasury Note 7.50%, due 02/29/96, 299,882 301,220 par value $300,000 U.S. Treasury Note 6.75%, due 02/28/97, 25,055 25,438 par value $25,000 U.S. Treasury Note 8.00%, due 10/15/96 15,020 15,309 par value $15,000 U.S. Treasury Note 6.50%, due 04/30/99, 248,950 259,219 par value $250,000 U.S. Treasury Note 7.125%, due 02/29/00, 400,000 426,000 par value $400,000 U.S. Treasury Note 6.25%, due 04/30/00, 199,458 210,500 par value $200,000 U.S. Treasury Note 5.875%, due 06/30/00, 599,232 612,750 par value $600,000 U.S. Treasury Note 5.75%, due 08/15/03, 490,234 506,563 par value $500,000 U.S. Treasury Note 5.875%, due 02/15/04, 494,766 510,625 par value $500,000 U.S. Treasury Note 7.25%, due 05/15/04, 395,688 444,250 par value $400,000 - - ------------------------------------------------------------------------------- Total agency securities $8,774,512 $8,980,320 - - ------------------------------------------------------------------------------- Corporate Bonds: Associates Corp. of 6.875%, due 01/15/97, 24,630 25,353 North America par value $25,000 Banc One 7.375%, due 12/01/02, 248,345 273,025 par value $250,000 Campbell Soup 8.58%, due 03/15/01, 199,790 226,180 par value $200,000 Du Pont 6.00%, due 12/01/01, 250,000 248,438 par value $250,000 Du Pont 9.15%, due 04/15/00, 99,831 112,840 par value $100,000 Florida Power & Light 5.375%, due 04/01/00, 229,443 247,975 par value $250,000 General Telephone of WI 7.50%, due 03/01/02, 87,668 101,550 par value $100,000 International Business 6.375%, due 11/01/97, 246,630 253,125 Machines par value $250,000 J P Morgan & Co. 6.25%, due 12/15/05, 324,139 327,698 par value $325,000 Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - - ------------------------------------------------------------------------------- J P Morgan & Co. 7.25%, due 10/01/10, 520,000 560,664 par value $520,000 Pepsico 7.50%, due 04/24/02, 248,750 267,850 callable 04/24/96 @ 100, par value $250,000 Phillip Morris 6.00%, due 07/15/01, 239,008 248,825 par value $250,000 Sears Roebuck 9.00%, due 09/15/96, 290,847 307,080 par value $300,000 Southern CA Edison Co. 7.50%, due 04/15/99, 247,110 263,250 par value $250,000 Walmart Stores 6.50%, due 06/01/03, 99,781 103,130 par value $100,000 Wisconsin Public 5.25%, due 07/01/98, 224,345 223,040 Service par value $225,000 - - ------------------------------------------------------------------------------- Total Corporate Bonds $3,580,317 $3,790,023 - - ------------------------------------------------------------------------------- Corporate Stock: Abbott Labs Common Stock, 5,200 shares 82,696 216,450 Adobe Systems, Inc. Common Stock, 3,000 shares 112,500 186,000 Alltel Corp. Common Stock, 6,000 shares 144,170 177,000 American International Common Stock, 3,000 shares 173,854 277,500 Group, Inc. Ameritech Corp. Common Stock, 4,400 shares 149,525 259,050 Amoco Corp. Common Stock, 3,300 shares 158,755 235,950 Associated Banc-Corp Common Stock, 571,010 12,394,442 23,376,007 shares AT&T Corp. Common Stock, 3,000 shares 142,370 194,250 Atlantic Richfield Co. Common Stock, 1,600 shares 154,114 177,200 Auto Data Process Common Stock, 3,000 shares 103,780 222,750 Baltimore Gas & Electric Co. Common Stock, 2,400 shares 47,248 68,400 Bellsouth Corp. Common Stock, 6,400 shares 159,043 278,400 Capital Cities ABC Inc. Common Stock, 1,600 shares 139,328 197,400 Central & Southwest Corp. Common Stock, 2,400 shares 45,633 66,900 Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - - ------------------------------------------------------------------------------- Coca Cola Co. Common Stock, 4,000 shares 49,025 297,000 Colgate Palmolive Co. Common Stock, 2,400 shares 115,470 168,600 Diebold Inc. Common Stock, 3,800 shares 137,564 210,425 Disney Walt Co. Common Stock, 4,000 shares 165,353 235,500 Donnelley RR & Sons Co. Common Stock, 6,000 shares 147,793 236,250 Dow Jones & Co. Common Stock, 3,900 shares 137,534 155,513 Federal National Mortgage Common Stock, 1,500 shares 102,582 185,813 Association Florida Progress Corp. Common Stock, 1,600 shares 52,048 56,601 Ford Mtr Co. Del Common Stock, 5,000 shares 88,702 144,375 General Elec Co. Common Stock, 3,400 shares 109,359 244,800 Georgia Gulf Corp. Common Stock, 6,000 shares 119,362 183,750 Gillette Co. Common Stock, 6,200 shares 88,355 323,175 Heilig Meyers Co. Common Stock, 5,237 shares 57,034 96,230 Hewlett Packard Co. Common Stock, 3,000 shares 86,943 251,250 Hubbell Inc. Common Stock, 3,147 shares 134,180 206,915 Illinois Cent Corp. Common Stock, 4,000 shares 136,200 153,500 Illinois Tool Works Inc. Common Stock, 2,000 shares 80,850 118,000 LG & E Energy Corp. Common Stock, 1,500 shares 22,906 63,375 Mcgraw Hill Inc. Common Stock, 3,000 shares 222,151 261,375 Medtronic Inc. Common Stock, 8,000 shares 74,939 447,000 Merck & Co. Inc. Common Stock, 5,900 shares 141,668 387,188 Microsoft Corp. Common Stock, 700 shares 47,600 61,425 Molex Inc. Common Stock, 7,813 shares 162,250 248,063 Motorola, Inc. Common Stock, 4,000 shares 178,740 228,000 Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - - ------------------------------------------------------------------------------- New England Elec Sys Common Stock, 500 shares 15,812 19,813 Phillip Morris COS Inc. Common Stock, 2,000 shares 64,047 180,500 Pitney Bowes Inc. Common Stock, 4,300 shares 124,571 202,100 Public SVC Enterprise Common Stock, 1,600 shares 44,724 49,000 Grp. Inc. Schulman A Inc. Common Stock, 3,750 shares 90,500 84,375 Sigma Aldrich Corp. Common Stock, 3,800 shares 167,063 188,100 Southwestern Bell Corp. Comm. Common Stock, 4,000 shares 125,257 229,000 Southwestern Public SVC Co. Common Stock, 1,300 shares 22,868 42,575 State Street Boston Corp. Common Stock, 4,200 shares 107,761 189,000 Student Loan Marketing Common Stock, 3,750 shares 157,259 247,500 Association Sungard Data Systems, Inc. Common Stock, 6,600 shares 140,663 188,100 Sysco Corp. Common Stock, 3,000 shares 90,405 97,500 Texaco Inc. Common Stock, 3,000 shares 192,043 235,500 Texas Instr Inc. Common Stock, 4,000 shares 74,473 206,000 Union Pac Corp. Common Stock, 2,700 shares 158,155 178,200 United Healthcare Corp. Common Stock, 2,600 shares 94,549 169,972 Walgreen Co. Common Stock, 8,400 shares 122,255 250,950 WPS Resources Corp Common Stock, 1,000 shares 21,795 34,000 - - ------------------------------------------------------------------------------- Total Common Stocks $18,480,266 $33,689,565 - - ------------------------------------------------------------------------------- Common Funds: Associated Common Stock Fund 112,746 units 5,731,689 9,329,403 Associated Regional Bank Fund 31,895 units 1,434,534 2,071,467 Associated Capital 93,305 units 2,076,489 3,394,306 Appreciation Fund Associated Equity Income Fund 80,228 units 1,746,534 2,544,705 Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - - ------------------------------------------------------------------------------- Associated Telecommunicatons Fund 79,116 units 801,954 940,813 Associated Intermediate Term 119,235 units 1,275,296 1,674,377 Bond Fund Associated Foreign Equity Fund 158,032 units 2,912,904 3,712,707 Associated Short Term Bond Fund 70,487 units 655,932 725,564 - - ------------------------------------------------------------------------------- Total Common Trust Funds $16,635,332 $24,393,342 - - ------------------------------------------------------------------------------- - - ------------------------------------------------------------------------------- Loans to Participants 294,218 294,218 - - ------------------------------------------------------------------------------- Total Investments Held $48,089,935 $71,147,468 =============================================================================== Cash Equivalents: Associated Bank Lakeshore Four Hundred Fifty-Five Day CD, #903863 18,042 18,042 Associated Bank Lakeshore Seven Hundred Ten Day CD, #903864 25,087 25,087 Associated Money Market Fund 2,262,140 shares 2,262,140 2,262,140 Goldman Sachs Financial Square Treasury Obligation Fund 5,154,377 5,154,377 Cash in Bank 1,955 1,955 - - ------------------------------------------------------------------------------- Total Cash Equivalents $7,461,601 $7,461,601 - - ------------------------------------------------------------------------------- See accompanying independent auditors' report ASSOCIATED BANC-CORP PROFIT SHARING & RETIREMENT SAVINGS PLAN Item 27d - Schedule of Reportable Transactions Year Ended December 31, 1995 - - ------------------------------------------------------------------------------- Expense Incurred Identity of Description Purchase Selling Lease with Party Involved of Assets Price Price Rental Transaction - - ------------------------------------------------------------------------------- Associated Cash Investment Fund --- 8,945,199 --- --- Bank, N.A. 3,704,328 --- --- --- Goldman Sachs Financial Square --- 6,340,465 --- --- Treasury Obligation 11,494,842 --- --- --- Fund Associated Associated Money --- 18,377,354 --- --- Bank, N.A. Market Fund 20,251,314 --- --- --- - - ------------------------------------------------------------------------------ See accompanying independent auditors' report ASSOCIATED BANC-CORP PROFIT SHARING & RETIREMENT SAVINGS PLAN Item 27d - Schedule of Reportable Transactions Year Ended December 31, 1995 - - ------------------------------------------------------------------------------- Current Value Identity of Description Cost of of Asset at Net Gain/ Party Involved of Assets Asset Transaction Date (Loss) - - ------------------------------------------------------------------------------- Associated Cash Investment Fund 8,945,199 8,945,199 --- Bank, N.A. 3,704,328 3,704,328 Goldman Sachs Financial Square 6,340,465 6,340,465 --- Treasury Obligation 11,494,842 11,494,842 --- Fund Associated Associated Money 18,377,354 18,337,354 --- Bank, N.A. Market Fund 20,251,314 20,251,314 --- - - ------------------------------------------------------------------------------- See accompanying independent auditors' report -----END PRIVACY-ENHANCED MESSAGE-----