Associated Banc-Corp (NASDAQ NMS) reports earnings for 1994.GREEN BAY, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Jan. 19, 1995--Associated Banc-Corp (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ASBC ASBC American Society of Brewing Chemists (St. Paul, MN) ASBC American Small Business Coalition ASBC Air and Space Basic Course (USAF) ASBC Archaeological Society of British Columbia ) today reported net income for the year ended Dec. 31, 1994 of $40.4 million, or $3.21 per share. Net income was up 11.5 percent compared to $36.2 million, or $2.89 per share, for the year ended 1993. Net income for the 1994 fourth quarter rose 12.1 percent to $10.7 million, or 85 cents ($0.85) per share, compared to $9.5 million, or 76 cents ($0.76) per share for the same period in 1993. ``Associated's 1994 earnings performance is primarily due to a 6.2 percent increase in net interest income. Our positive results were also impacted by moderate growth in noninterest expenses and lower loan loss provisions when compared with 1993. The credit quality of our loan portfolio remains strong,'' said H.B. Conlon Conlon is an Irish family name, the gaelic spelling being Ó Connalláin. It is a variartion of the anglcised version of Ó Connalláin. It is sometimes spelt Conlan, Conlen and Conlin. Like most surnames, it is sometimes used as a first name. , chairman and chief executive officer of Associated Banc-Corp Associated Banc-Corp is a bank holding company headquartered in Green Bay, Wisconsin. As of early 2007, it had $20.8 billion in assets and was the 41st largest bank holding company in the United States.[1] The company has over 5101 employees. . Return on Average Equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) in the fourth quarter of 1994 was 15.73 percent, up from 15.34 percent during the same period the previous year. ROE for all of 1994 was 15.31 percent compared with 15.30 percent in 1993. Return on Average Assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) for the 1994 fourth quarter was 1.34 percent, up from 1.27 percent during the same period the previous year, while 1994 year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. ROA was also 1.34 percent up from the 1.24 percent for 1993. Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. at Dec. 31, 1994 increased 6.8 percent to $274.6 million, or $21.78 per share, compared to $257.0 million, or $20.41 per share at Dec. 31, 1993. Total consolidated assets were $3.28 billion at Dec. 31, 1994, up 10.2 percent from the company's reported assets at Dec. 31, 1993. Loans, net of unearned income Unearned Income Any income that comes from investments and other sources unrelated to employment services. Notes: Examples of unearned income include interest from a savings account, bond interest, tips, alimony, and dividends from stock. , were $2.28 billion at the end of the 1994 fourth quarter, up 11.8 percent from the $2.04 billion reported a year earlier. Total consolidated deposits at Dec. 31, 1994 were $2.66 billion, or 9.6 percent higher than the level at year-end 1993. During the 1994 fourth quarter Associated completed the cash acquisitions of the former Valley First National Bank in Rhinelander, Wis., the former M&I Western State Bank in Oshkosh, Wis., and two former North Shore Bank S.S.B. banking offices in Oconto and Oconto Falls, Wis. The combined deposits acquired totaled approximately $153 million, while loans acquired were approximately $93 million. Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified diversified (di·verˑ·s multibank holding company Noun 1. multibank holding company - a bank holding company owning several banks bank holding company - a holding company owning or controlling one or more banks with over 85 banking locations in Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee and Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. . The $3.28 billion asset company offers a full range of traditional banking services and a variety of financially related products and services through other Associated affiliates. Editors' note: Fourth quarter and full year Financial Highlights follow. -0-
Associated Banc-Corp
Financial Highlights
Three Months Year Ended
Ended Dec. 31, % Dec. 31, %
Operating Results(a) 1994 1993 Change 1994 1993 Change
Interest income $58,860 $50,073 17.5% $210,951 $200,491 5.2% Interest expense 23,259 18,575 25.2% 79,680 76,913 3.6% Net interest income 35,601 31,498 13.0% 131,271 123,578 6.2% Provision for possible loan losses 729 967 (24.6%) 2,788 5,475 (49.1%) Noninterest income 11,341 12,265 (7.5%) 47,813 48,579 (1.6%) Noninterest expense 29,435 28,134 4.6% 113,818 111,836 1.8% Net income 10,704 9,546 12.1% 40,428 36,249 11.5% Net income per share 0.85 0.76 11.8% 3.21 2.89 11.1% Dividends per share $ 0.27 $ 0.25 8.0% $ 1.06 $ 0.93 14.0%
Dec. 31, Percent
Financial Position(a) 1994 1993 Change
Assets $3,284,318 $2,981,606 10.2% Investment securities 666,875 633,529 5.3% Loans, net of unearned income 2,277,283 2,037,154 11.8% Allowance for possible loan losses 36,369 33,939 7.2% Nonperforming loans(b) 16,246 23,937 (32.1%) Deposits 2,663,613 2,431,367 9.6% Shareholders' equity 274,582 257,015 6.8% Shareholders' equity per share $ 21.78 $ 20.41 6.7% Other Financial Information(a) For the three months ended (annualized) Return on average equity 15.73% 15.34% Return on average assets 1.34% 1.27% Net interest margin (tax-equivalent) 4.88% 4.66% Weighted average shares outstanding 12,609 12,569 For the year ended Return on average equity 15.31% 15.30% Return on average assets 1.34% 1.24% Net interest margin (tax-equivalent) 4.79% 4.71% Weighted average shares outstanding 12,609 12,559 At Dec. 31 Allowance for possible loan losses as a percent of loans 1.60% 1.67% Nonperforming loans as a percent of loans(b) .71% 1.18% Shareholders' equity as a percent of assets 8.36% 8.62% (a) Amounts in thousands except per share data and percentage data. (b) In this context, nonperforming loans are defined as nonaccrual loans, loans 90 days or more past due and renegotiated loans. CONTACT: Associated Banc-Corp, Green Bay Media - Mary K. Magyar, 414/283-2306 Analysts - Joseph B. Selner, 414/433-3203 |
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