 SECOND QUARTER 2014
ASSOCIATED BANC-CORP
INVESTOR
PRESENTATION
Exhibit 99.1 |
 FORWARD-LOOKING STATEMENTS
1
Important
note
regarding
forward-looking
statements:
Statements made in this presentation which are not purely historical are forward-looking
statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes
any statements regarding management’s plans, objectives, or goals for future operations,
products or services, and forecasts of its revenues, earnings, or other measures of
performance. Such forward-looking statements may be identified by the use of words
such as “believe”, “expect”, “anticipate”, “plan”,
“estimate”, “should”, “will”, “intend”, “outlook”,
or similar expressions. Forward-looking statements are based on current management
expectations and, by their nature, are subject to risks and uncertainties. Actual results may
differ materially from those contained in the forward-looking statements. Factors
which may cause actual results to differ materially from those contained in such
forward-looking statements include those identified in the company’s most recent Form
10-K and subsequent SEC filings. Such factors are incorporated herein by reference.
|
 OUR
FOOTPRINT AND FRANCHISE •
Top 50, publicly traded,
U.S. bank holding
company
•
$25 billion in assets;
largest bank
headquartered in
Wisconsin
•
227 branches serving
approximately one
million customers
ASBC
Deposits²
($ in billions)
ASBC
Branches²
WI
$12.2
161
IL
$3.8
43
MN
$1.5
23
Total
$17.5
227
1
FDIC market share data 6/30/13
2
As of 3/31/14 (Period End)
2
>$1bn
deposits¹
>$500mm
deposits¹ About
Associated 1861
1999
1987
2011
2011
2006
2012 |
 ATTRACTIVE MIDWEST MARKETS
3
•
Service a Large Market
Place:
(Footprint is ~ 20% of
USA)¹
•
Manufacturing
Concentrated:
(Indiana, Wisconsin, and Iowa)
for concentration of
manufacturing jobs and two
other states in the top 10
•
Favorable Employment
Dynamics:
Minnesota, and Wisconsin all
have unemployment rates that
are under 6%³
•
Positive Economic Trends:
Adding jobs in footprint
1
US Census Bureau 2012 ;
2
Area Development Online
–
Author: Mark Crawford (Winter 2013);
March 2014 US Bureau of Labor
Statistics;
4
March
2014
US
Bureau
of
Labor
Statistics
-
Local
Area
Unemployment
Statistics
Manufacturing
Share
of
Non-Farm
Employment
²
4 of Top 5
29.8
26.8
25.1
23.9
21.0
6.5
6.1
-10.8
March 2013 to March 2014 Net Change in
Employment (in ‘000’s)
4
Top 3 states
Indiana,
Iowa,
3 |
 ASSOCIATED AT ITS CORE
4
Community
bank values,
flexibility,
decision-
making,
attention to
relationships
and service
Big bank
products,
strength,
lending limits,
efficiency,
innovation,
depth of
expertise |
 1Q
2014 HIGHLIGHTS AND OUTLOOK 5
•
Record Commercial Loan
Growth of $420 mm
–
Total average loans of $16.2
bn, up 3% from 4Q13
•
Disciplined Expense
Management
–
Noninterest expenses down
$12 mm from 4Q13
–
FTEs down 7% from 1Q13
•
Consistent Capital Deployment
–
Repurchased $39 mm of
common stock
1Q 2014 Highlights:
Outlook –
Growing the
Franchise & Creating Long-
Term Shareholder Value
•
Continued focus on organic
growth opportunities
•
Defending NIM compression in
low-rate environment
•
Strong focus on efficiency &
expense management
•
Disciplined focus on deploying
capital to drive long-term
shareholder value
–
Repurchased 1.6 million
shares of common stock
in April 2014 |
 RESHAPING & REBUILDING THE LOAN
PORTFOLIO
6
1
Based on Average Annual Balances, $ in Billions
Installment
HELOCs &
2 Liens
Residential
Mortgage &
HE 1 Liens
Construction
CRE
Investor
Commercial
& Business
Lending
$16.4
$13.9
$12.7
$14.3
$15.5
5%
7%
5%
12%
12%
13%
14%
14%
20%
35%
10%
19%
20%
31%
4%
18%
28%
33%
$15.7
$16.2
4%
10%
4%
18%
31%
33%
3%
8%
4%
19%
30%
36%
3%
7%
5%
18%
29%
38%
2%
7%
6%
19%
29%
37%
Q1 2009
Q1 2010
Q1 2011
Q1 2012
Q1 2013
Q4 2013
Q1 2014
nd
st
¹ |
 LOAN
PORTFOLIO GROWTH AVERAGE LOAN GROWTH OF $416 MILLION OR 3% FROM FOURTH QUARTER
2013 7
1Q 2014 From Prior Quarter Average Net Loan Change
($ in millions)
Home Equity & Installment
Commercial Real Estate
Residential Mortgage
Power & Utilities
Oil & Gas
Mortgage Warehouse
General Commercial Loans
Total
Commercial &
Business
Lending =
+4%
(+$249)
+5%
%
Change
+7%
(3%)
(21%)
+3%
+21%
+2%
($73)
($40)
$38
$70
$94
$157
$171 |
 COMMERCIAL LINE UTILIZATION TRENDS
8
Line utilization increased in all Commercial lines of business
Increase from 4Q 13
CRE + 110 bps
Specialized + 170 bps
Commercial + 200 bps
46.7%
48.5%
48.3%
46.6%
44.8%
46.8%
51.3%
56.5%
60.4%
61.1%
63.1%
64.2%
55.0%
52.9%
56.2%
52.1%
50.4%
52.1%
40.0%
50.0%
60.0%
70.0%
4Q 2012
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
Commercial Banking
Commercial Real Estate
Specialized Industries |
 GROWING NET INTEREST INCOME WHILE
MARGIN COMPRESSES
9
Yield on Interest-earning Assets
Cost of Interest-bearing Liabilities
Net Interest Income & Net Interest Margin
($ in millions)
$158
$160
$161
$167
Net Interest Margin
$165
<$1
<$1
0.45%
0.41%
0.38%
0.35%
0.31%
0.18%
0.17%
0.15%
0.13%
0.12%
0.27%
0.24%
0.23%
0.22%
0.19%
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
Interest Bearing Other Costs
Interest Bearning Deposit Costs
3.52%
3.47%
3.42%
3.50%
3.36%
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
$157
$159
$159
$163
$164
$1
$1
$4
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
Net Interest Income Net of Interest Recoveries
Interest Recoveries
3.17%
3.16%
3.13%
3.23%
3.12% |
 COMMERCIAL & BUSINESS LENDING
10
($6.4 billion –
Mar 2014 –
Period End)
•
More than 280 colleagues serving businesses,
municipal governments, and entrepreneurs:
–
Includes General Commercial and Specialized
Lending efforts
–
Offers unsecured and customized commercial
finance lending solutions secured by accounts
receivable, inventory, machinery, and
equipment
–
Capital Markets revenue of $13 million in 2013
•
Approximately 50 Commercial Deposit and
Treasury Management colleagues
–
Streamlined cash management solutions via
our Associated Connect platform for
businesses, municipalities, and correspondent
banks
•
Associated Financial Group : More than 240
colleagues supporting our insurance brokerage
–
Leading benefits consultant in our markets
–
Providing Risk Management, HR, and Benefits
solutions for over 40 years
–
Insurance revenue of $44 million in 2013
1
Includes Missouri, Indiana, Ohio, Michigan, & Iowa
($6.4 billion –
Mar 2014 –
Period End)
C&BL Loans by Industry
C&BL Loans by State |
 COMMERCIAL REAL ESTATE LENDING
11
CRE Loans by Industry
($4.0 billion –
Mar 2014 –
Period End)
•
More than 90 CRE colleagues:
–
Offices in Chicago, Cincinnati, Detroit, Green
Bay, Indianapolis, Madison, Milwaukee,
Minneapolis, and St. Louis
•
Recognized as:
–
#1 in US Syndicated CRE facilities under
$50MM transaction size
–
#13 in US Syndicated CRE facilities Overall
1
Thomson Reuters LPC-January, 2014
2
Includes Missouri, Indiana, Ohio, Michigan, & Iowa
CRE Loans by State
($4.0 billion –
Mar 2014 –
Period End)
1
1 |
 PRIVATE CLIENT & INSTITUTIONAL SERVICES
12
•
More than 170 colleagues:
–
Private banking, personal trust, and
portfolio management services for
individuals ($500k to $10 million in
investible assets)
–
Corporate trust, asset management
and retirement plan services
–
$20.0 billion of AUM and AUA at
March 31, 2014
Assets Under Management ($ in billions)
Assets Under Administration ($ in billions)
$6.0
$6.9
$7.5
(Thought Papers)
$7.9
$8.0
$12.5
Mar 2012
Mar 2013
Mar 2014
$2.3
$2.7
$2.6
$3.7
$4.2
$4.9
Mar 2012
Mar 2013
Mar 2014
Fixed and Cash
Equity
CAGR = 11%
CAGR = 23% |
 RETAIL BANKING
13
•
Over 2,000 colleagues servicing individuals and
small business owners through five business units:
–
Consumer Banking, Business Banking,
Residential Lending, Retail Payments, and
Retail Brokerage
•
#1 mortgage originator in Wisconsin
•
A leading SBA lender in our markets
•
Official bank of the Green Bay Packers
Beloit, Wisconsin (2013)
Residential Mortgage Loans by State
($3.9 billion –
Mar 2014 –
Period End)
1
Includes Missouri, Indiana, Ohio, Michigan, & Iowa
2
Approximately 40% is in first-lien position
Home Equity Loans by State
($1.8 billion –
Mar 2014 –
Period End)
2
Wisconsin
50%
Illinois
32%
Minnesota
12%
In-
Footprint
1
3%
Other
3%
Wisconsin
62%
Illinois
17%
Minnesota
12%
Other
9% |
 UPDATING OUR MODEL
14
1
Named Top 10 Mobile Banking App in August 2013 (The Financial Brand)
Strategic Channel Evolution
Deploying Lower Cost Branch Concepts
Enhancing Virtual Banking
•
Deposit
Automation
ATM
•
Transaction
Express
•
Financial
Outlets
•
Online &
Mobile
Banking
•
Remote
Deposit
•
Person-to-
Person
Delivering Via Digital Channels
Selling Person
to Person
•
Inbound Sales
•
Outbound
Sales
•
Service to
Sales
Mobile Banking &
Remote Deposit
Deposit
Automation
ATM
Financial
Outlet
•
Digital
Shopping
•
Digital Sales
•
Digital Service
1 |
 RATIONALIZING THE FOOTPRINT
15
Consolidated or sold 28% of branches
since 2007
1
Branch counts are as of period end.
1
315
291
270
237
227
2Q 2007
2Q 2009
2Q 2011
4Q 2013
1Q 2014 |
 CHANGING CUSTOMER PREFERENCES
(PERCENTAGE OF TOTAL BANK DEPOSIT CUSTOMER BASE)
16
40%
43%
47%
49%
50%
0%
5%
8%
14%
15%
0%
10%
20%
30%
40%
50%
60%
2010
2011
2012
2013
Q1 2014
Active On-line
Mobile Banking |
 BRANCH EVOLUTION
17
•
West Bend, Wisconsin
•
Green Bay, Wisconsin
Branches coming in 2014: Lower construction costs, higher visibility profile
•
Madison, Wisconsin (UW Campus)
Express
Branch:
Demonstration
Kiosk
–
“Hands
On”
&
Automated
Teller
Machine |
 PURSUING EFFICIENCY GAINS
18
Areas of Focus
Back Office Initiatives:
•
Implementing
technology solutions
in labor intensive
processes
Real Estate Initiatives:
•
Actions to optimize
our real estate
holdings and capacity
Distribution Model
Initiatives:
•
Optimize the ways
that we interact with
our customers
Examples
Examples
Examples
•
Consolidation of
corporate offices in
Green Bay and Chicago
•
Consolidation of
certain operations in
Green Bay and Stevens
Point
•
Branch design
improvements
•
Channel development
and optimization
•
New commercial loan
system with end to
end processing
•
Outsourcing testing
and development
•
Right-sizing
mortgage processing |
 NONINTEREST INCOME TRENDS
($ IN MILLIONS)
19
Mortgage Banking Income
Core
Fee-based
¹
Revenue
Other Non-Core²
Fee Income
Total Noninterest Income
1
–
= Trust service
fees plus Service charges on deposit accounts plus Card-based and other
nondeposit fees plus Insurance commissions plus Brokerage and annuity
commissions. This is a non-GAAP measure. Please refer to the April
17,2014 press release tables for a definition of this non-GAAP measure.
2
–
=
Total Noninterest Income minus Core Fee-based Revenue minus Mortgage Banking
Income. This is a non-GAAP financial measure.
$18
$19
$4
$8
$6
1Q 20132Q 20133Q 20134Q 20131Q 2014
$55
$55
$58
$57
$57
1Q
2013
2Q
2013
3Q
2013
4Q
2013
1Q
2014
$9
$10
$10
$10
$10
1Q 20132Q 20133Q 20134Q 20131Q 2014
$82
$84
$71
$76
$74
1Q
2013
2Q
2013
3Q
2013
4Q
2013
1Q
2014
Core Fee-based Revenue
Other Non-core Fee Income |
 NONINTEREST EXPENSE TRENDS
($ IN MILLIONS)
20
Total Noninterest Expense
Personnel
Spend
/
FTE
²
Trend
Efficiency Ratio
¹
68%
67%
70%
73%
69%
Technology
Spend
³
Trend
Other
Non-Personnel
Spend
4
Trend
1
–
= Noninterest expense, excluding amortization of intangibles, divided by sum
of taxable equivalent net interest income plus noninterest income, excluding
investment securities gains, net, and asset gains, net. This is
a
non-GAAP financial measure and the reconciliation to a GAAP measure can be
found in the appendix. 2
–
FTE
=
Average Full Time Equivalent Employees
3
–
Technology Spend
=
Data Processing and Equipment expenses
4
–
Other Non-Personnel Spend
=
Total Noninterest Expense less Personnel and Technology spend
$168
$169
$165
$179
$168
1Q
2013
2Q
2013
3Q
2013
4Q
2013
1Q
2014
$98
$100
$98
$101
$98
4,841
4,790
4,699
4,584
4,517
1Q
2013
2Q
2013
3Q
2013
4Q
2013
1Q
2014
Personnel Spend
FTE
$18
$19
$19
$19
$19
$12
$22
1Q
2013
2Q
2013
3Q
2013
4Q
2013
1Q
2014
$52
$50
$49
$58
$51
$20
1Q
2013
2Q
2013
3Q
2013
4Q
2013
1Q
2014
-
Efficiency ratio |
 CAPITAL MANAGEMENT PRIORITIES
21
Funding
Organic Growth
Paying a
Competitive
Dividend
Non-organic
Growth
Opportunities
Share Buybacks
and
Redemptions
2012
2013
•
Fund Loan Growth and other Capital Investments
•
Repurchased $60
mm of Common
Stock
•
Redeemed $205
mm in Trust
Preferred
•
Repurchased
$120 mm of
Common Stock
•
Retired $26 mm
in Sub-Debt
•
Increased
quarterly dividend
in Q4 2012
•
Paid $0.23/
common share
•
Increased
quarterly dividend
in Q4 2013
•
Paid $0.33/
common share
•
Focused on Cost Take-out Driven Depository M&A
•
Maintaining Discipline in Pricing of any Transaction
2014
•
Repurchased $39 mm
of Common Stock in
Q1 2014 and $30 mm
in Q2 2014
•
Retired $155 mm in
Senior Notes in Q1
2014
•
Declared quarterly
common dividend
of $0.09/ share in
Q1 2014 |
 CAPITAL DEPLOYMENT OPPORTUNITIES
22
Basel I ASBC
1Q = 11.2%
1Q 10.5%
8%
-
9.5%
Basel III ASBC
³
Basel III
2
Systematically Important Financial Institutions
1
Regional and Community Banks
= 7%
¹
+1 -
2.5%
2
Organic Asset
Growth
Non Organic
Cash Acquisition
Repurchase /
Special Dividend
Capacity
3
In July 2013, the Federal Reserve and the OCC published final rules (the
“Basel III Capital Rules”) establishing a new comprehensive
capital
framework
for
U.S.
banking
organizations.
10.5%
is
1Q
estimate
of
Basel
III
capital
ratio.
Potential
Excess Capital
1.0 –
2.5%
Capital
Deployment
Options
~
~ |
 WHY
ASSOCIATED 23
•
Strong Capital Profile & Opportunities for
Capital Deployment
•
Committed to Efficiency Ratio Improvement
•
Leading Midwest Bank Operating in
Attractive Markets
•
Core Organic Growth Opportunity
•
Disciplined Loan and Deposit Pricing
•
Improving Credit Quality
•
Improving Earnings Profile
Reasons to Invest
Net
Income
Available
to
Common
&
ROT1CE
¹
Management Team Focused on Creating
Long-Term Shareholder Value
Net Income Available
to Common
($ in millions)
Return on Tier 1
Common Equity
1
–
Return on Tier 1 Common Equity (ROT1CE)
= Management uses Tier 1 common equity, along with other
capital measures, to assess and monitor our capital position. This is a
non-GAAP financial measure. Please refer to the appendix for a
definition of this and other non-GAAP items. $115
$174
$184
6.7%
9.5%
9.8%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
$0
$30
$60
$90
$120
$150
$180
$210
$240
2011
2012
2013 |
 APPENDIX
24 |
 IMPROVEMENT IN CREDIT QUALITY INDICATORS
($ IN MILLIONS)
25
$344
$310
$277
$235
$220
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
Potential Problem Loans
$225
$217
$208
$185
$178
1.45%
1.38%
1.33%
1.17%
1.08%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
$-
$4
$8
$12
$16
$20
$24
$28
$36
$40
$48
$52
$56
$60
$64
$68
$72
$76
$80
$84
$88
$96
$100
$108
$112
$116
$120
$124
$132
$136
$140
$144
$148
$152
$156
$160
$164
$168
$176
$180
$188
$192
$196
$200
$204
$212
$216
$220
$224
$228
$232
$236
$240
$244
$248
$252
$256
$264
$268
$272
$276
$280
$284
$288
$292
$300
$304
$308
$312
$316
$320
$324
$328
$332
$336
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
Nonaccruals
Nonaccruals / Loans
$14
$14
$5
$5
$5
0.38%
0.35%
0.14%
0.14%
0.14%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
$20
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
Net Charge Offs
NCOs / Avg Loans
127%
127%
131%
145%
151%
1.84%
1.76%
1.74%
1.69%
1.63%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
0%
80%
160%
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
ALLL/ Nonaccruals
ALLL/ Total Loans |
 Fair Value Composition –
March 31, 2014
Investment Portfolio –
March 31, 2014
Credit Rating
($ in thousands)
Fair Value
(000’s)
% of Total
Govt & Agency
$4,583,810
83.8%
AAA
97,113
1.8%
AA
640,647
11.7%
A
140,683
2.6%
BAA1, BAA2 & BAA3
-
0.0%
BA1 & Lower
1,943
0.0%
Non-rated
6,857
0.2%
TOTAL Market Value
$5,471,054
100.0%
Type
Amortized
Cost
(000’s)
Fair Value
(000’s)
TEY
(%)
Duration
(Yrs)
Govt & Agencies
$1,001
$1,002
0.30
0.38
MBS
2,922,287
2,925,249
2.64
3.62
CMOs
848,403
846,690
2.54
3.00
GNMA CMBS
839,488
813,567
2.02
4.76
Municipals
834,192
858,490
5.26
4.81
ABS
21,318
21,282
0.55
0.28
Corporates
4,702
4,721
1.22
1.92
Other
18
53
-
-
TOTAL HTM &
AFS
$5,471,409
$5,471,054
2.90
3.85
INVESTMENT SECURITIES PORTFOLIO
26
Portfolio Ratings Composition –
March 31, 2014
Type
Fair Value
(000’s)
% of Total
0% RWA
$881,534
16.1%
20% RWA
4,562,745
83.4%
50% RWA
21,930
0.4%
=>100% RWA
7,149
0.1%
Not subject to RW
(2,304)
-0.0%
TOTAL Market Value
$5,471,054
100%
Risk Weighting Profile –
March 31, 2014
MBS Fixed
17%
MBS Hybrid
37%
CMOs
15%
GNMA CMBS
15%
Municipals
16% |
 SEGMENT PROFITABILITY
YTD MARCH 2014
27
* Average Earning Assets
ASBC
Earning Assets* = $21.9 bn
Total Revenue = $238.5 mm
Net Income = $45.2 mm
ROT1CE: 9.4%
Consumer Banking Segment
Earning Assets* = $7.2 bn
Total Revenue = $115.4 mm
Net Income = $7.2 mm
ROT1CE: 5.9%
Risk Management & Shared
Services Segment
Earning Assets* = $5.8 bn
Total Revenue = $25.3 mm
Net Income = $13.7 mm
ROT1CE: 8.1%
Commercial Banking
Segment
Earning Assets* = $8.9 bn
Total Revenue = $97.8 mm
Net Income = $24.4 mm
ROT1CE: 12.5% |
 NONINTEREST INCOME AND EXPENSE
COMPOSITION
FIRST QUARTER 2014
28
Noninterest Income by Category
Noninterest Expense by Category
($74 million)
($168 million)
Mortgage
Banking
9%
Svc Chg on
Deposits
22%
Card & Other
Non Deposit
17%
Trust Service
Fees
16%
Insurance
17%
Capital Market
3%
Brokerage &
Annuity
5%
BOLI
6%
Other
5%
Personnel
58%
All other
16%
Occupancy
9%
Technology
8%
Equipment
4%
Legal &
Professional
2%
FDIC
3% |
 RECONCILIATION AND DEFINITIONS OF
NON-GAAP ITEMS
29
(1) Efficiency
ratio
is
defined
by
the
Federal
Reserve
guidance
as
noninterest
expense
divided
by
the
sum
of
net
interest
income
plus
noninterest
income, excluding investment securities gains / losses, net. Efficiency
ratio, fully taxable equivalent, is noninterest expense, excluding other
intangible amortization, divided by the sum of taxable equivalent net interest
income plus noninterest income, excluding investment securities gains /
losses, net and asset gains / losses, net. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest
income for the tax-favored status of certain loans and investment
securities. Management believes this measure to be the preferred industry
measurement of net interest income as it enhances the comparability of net interest
income arising from taxable and tax-exempt sources and it excludes
certain specific revenue items (such as investment securities gains / losses, net and asset gains / losses, net).
Definition
of
Tier
1
Common
Equity :
Tier
1
Common
Equity
(T1CE),
a
non-GAAP
financial
measure,
is
used
by
banking
regulators,
investors
and
analysts
to
assess
and
compare
the
quality and composition of our capital with the capital of other
financial services companies. Management uses Tier 1 common equity, along with
other capital measures, to assess and monitor our capital position. Tier 1
Common Equity is Tier 1 capital excluding qualifying perpetual preferred
stock and qualifying trust preferred securities. 1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
Efficiency Ratio Reconciliation:
Efficiency ratio (1)
70.03%
69.01%
71.45%
73.70%
70.41%
Taxable equivalent adjustment
(1.46)
(1.38)
(1.50)
(1.49)
(1.35)
Asset gains (losses), net
0.24
(0.01)
0.59
0.80
0.22
Other intangible amortization
(0.42)
(0.41)
(0.44)
(0.42)
(0.42)
Efficiency ratio, fully taxable equivalent (1)
68.39%
67.21%
70.10%
72.59%
68.86% |
 OUR
VISION 30
will be the most
admired Midwestern financial
services company, distinguished by
sound, value-added financial
solutions with personal service for
our customers, built upon a strong
commitment to our colleagues and
the communities we serve, resulting
in exceptional value for our
shareholders.
ASSOCIATED |