Associated Banc-Corp 3rd Quarter EPS 68 cents, up 11.5%.Business Editors 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)--Oct. 18, 2001 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. (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 ) reported earnings of $45.1 million, or 68 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the third quarter of 2001. This compares to $41.5 million or 61 cents per share for the third quarter of 2000. Net income was $133.2 million for the first nine months of the year, compared to $128.3 million in the same period in 2000. Cash earnings per share were 71 cents in the third quarter of 2001, compared to 63 cents in the year-earlier quarter. Total assets as of the end of the third quarter were $13.6 billion, up from $13.2 billion in the previous quarter and $13.1 billion in the year-earlier quarter. Return on average assets and return on average equity for the third quarter were 1.36 percent and 17.03 percent, respectively, compared to 1.28 percent and 17.75 percent for the previous year's quarter. Book value per share increased to $16.39 compared to $13.94 in the year-earlier quarter. The third quarter's strong results reflect continued improvement in the company's net interest margin, increasing to 3.63 percent, from 3.56 percent in the second quarter of 2001, and from 3.25 percent in the third quarter of 2000. Net interest income in the third quarter was $107.0 million, up 3 percent from the second quarter and up 13 percent from third quarter of 2000. Noninterest revenue for the quarter was $48.1 million, up 8.5 percent from the year-earlier quarter. Mortgage banking income more than doubled, increasing to $11.1 million for the quarter, compared to $5.1 million for the year-earlier quarter, primarily due to lower interest rates, increased refinancing Refinancing An extension and/or increase in amount of existing debt. activity and continued strong originations, and the sale of fixed rate first mortgages, which Associated services for its customers. The increase in mortgage banking income was offset somewhat by a decrease in trust service fees and investment brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. activity. Trust fees, which are based on portfolio valuations, decreased primarily due to a volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. and declining stock market. Net charge-offs for the quarter were $6.7 million, compared to $1.9 million a year earlier. Year to date, annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. net charge-offs were .18 percent of average loans, up from .10 percent in the first nine months of 2000, but still within the company's stringent targets. Nonperforming loans were likewise up, at $68.3 million as of Sept. 30, from $45.5 million a year earlier. Allowance for loan losses at the end of the quarter was 1.41 percent of total loans, up from 1.33 percent a year earlier. "Obviously, the weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. economy is affecting the banking
industry and we are certainly not isolated. However, we feel confident
our consistent performance in this area will help us maintain our very
strong asset quality record," Associated Banc-Corp President and
CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Robert Robert, Henry Martyn 1837-1923.American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. C. Gallagher Gallagher may refer to: People
For the third quarter, noninterest expense was up 4.9 percent, due primarily to increases in fringe benefit fringe benefit Any nonwage payment or benefit granted to employees by employers. Examples include pension plans, profit-sharing programs, vacation pay, and company-paid life, health, and unemployment insurance. expenses and costs related to the production and servicing of mortgages. The year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. increase, however, was only 2.1 percent, reflecting focused expense control and improved productivity. "Our ability to deliver solid performance in the face of current economic conditions reflects the strength of Associated's community banking philosophy, and the benefits of our strategic initiatives," Gallagher said. "While total loans and core deposits were relatively flat year over year, commercial loans grew 11.0 percent compared to the third quarter of 2000, while residential mortgages were reduced in keeping with our initiative to change the mix of our business. Likewise, we increased noninterest-bearing deposits while reducing our positions in brokered certificates of deposit." Additionally, to take advantage of lower rates, improve liquidity and mitigate mit·i·gate v. To moderate in force or intensity. mit  i·gation n. interest rate risk, the company continued to increase its
levels of long-term debt Long-Term DebtLoans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Also in the third quarter Associated issued $200 million in subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". to enhance its capital. Also in the third quarter, Associated announced it has reached a definitive agreement to acquire Signal Financial Corp., a Minneapolis Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. , Minn.-based community bank holding company with total assets of $1.1 billion and nine offices in the Twin Cities and Southeastern south·east n. 1. Abbr. SE The direction or point on the mariner's compass halfway between due south and due east, or 135° east of due north. 2. An area or region lying in the southeast. 3. Minnesota Minnesota, state, United States Minnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces . The transaction is expected to close in the first quarter of 2002. Gallagher added, "We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op our 2001 earnings per share will be at the higher end Coordinates: For other places with the same name, see Billinge. Higher End or Billinge Higher End is a district of the Metropolitan Borough of Wigan, in Greater Manchester, England. of our original estimate of $2.60 to $2.65 per share." Associated Banc-Corp, headquartered in Green Bay, 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 approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4,000 employees. Associated has more than 200 banking offices serving more than 150 communities 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 , 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. , and Minnesota. The company offers a full range of traditional banking services and a variety of financially-related products and services through other Associated affiliates. More information about Associated Banc-Corp is available at www.AssociatedBank.com. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are interest rates, changes in the mix of the company's business, competitive pressures, general economic conditions and the risk factors detailed in the company's periodic reports and registration statements filed with the Securities and Exchange Commission. Associated undertakes no obligation to revise these statements following the date of this press release.
----------------------------------------------------------------------
Consolidated Balance Sheets (Unaudited)
Associated Banc-Corp
September 30, December 31, September 30,
(in thousands) 2001 2000 2000
----------------------------------------------------------------------
Assets
Cash and due
from banks $ 340,830 $ 368,186 $ 323,129
Interest-bearing
deposits in other
financial institutions 25,379 5,024 20,052
Federal funds sold and
securities purchased
under agreements to resell 305,825 23,310 21,075
Securities held to maturity,
at amortized cost - 368,558 382,617
Securities available
for sale, at fair value 3,245,240 2,891,647 2,903,275
Loans held for sale 142,134 24,593 37,563
Loans 9,010,370 8,913,379 8,858,665
Allowance for loan losses (126,631) (120,232) (117,607)
------------- ------------ ------------
Loans, net 8,883,739 8,793,147 8,741,058
Premises and equipment 120,300 127,600 130,977
Other assets 501,378 526,329 560,256
------------- ------------ ------------
Total assets $ 13,564,825 $ 13,128,394 $ 13,120,002
============= ============ ============
Liabilities and Stockholders' Equity
Noninterest-bearing
deposits $ 1,213,541 $ 1,243,949 $ 1,194,405
Interest-bearing deposits,
excluding Brokered CDs 6,875,173 7,131,637 7,113,917
Brokered CDs 310,198 916,060 1,022,994
------------- ------------ ------------
Total deposits 8,398,912 9,291,646 9,331,316
Short-term borrowings 2,882,156 2,598,203 2,590,127
Long-term debt 1,020,116 122,420 122,463
Accrued expenses and
other liabilities 184,767 147,429 145,913
------------- ------------ ------------
Total liabilities 12,485,951 12,159,698 12,189,819
Stockholders' Equity
Preferred stock - - -
Common stock 664 664 670
Surplus 296,381 296,479 311,239
Retained earnings 734,345 663,566 645,413
Accumulated other
comprehensive income (loss) 65,147 15,581 (18,926)
Treasury stock at cost (17,663) (7,594) (8,213)
------------- ------------ ------------
------------- ------------ ------------
Total stockholders' equity 1,078,874 968,696 930,183
------------- ------------ ------------
Total liabilities and
stockholders' equity $ 13,564,825 $ 13,128,394 $ 13,120,002
============= ============ ============
----------------------------------------------------------------------
Consolidated Statements of Income (Unaudited)
Associated Banc-Corp
For The For The
Three Months Ended, Nine Months Ended,
September 30, September 30,
----------------------- ----------------------
(in thousands, except
per share amounts) 2001 2000 2001 2000
----------------------------------------------------------------------
Interest Income
Interest and fees on loans $ 170,895 $ 186,556 $ 533,506 $ 536,445
Interest and dividends on
investment securities:
Taxable 36,079 40,486 111,733 122,990
Tax-exempt 10,123 10,170 30,329 27,537
Interest on deposits in
other financial
institutions 91 122 306 292
Interest on federal funds
sold and securities
purchased under
agreements to resell 246 558 887 1,699
---------- --------- --------- ---------
Total interest income 217,434 237,892 676,761 688,963
Interest Expense
Interest on deposits 70,314 100,727 240,706 274,422
Interest on short-term
borrowings 30,247 40,469 111,691 119,964
Interest on long-term debt 9,862 2,158 16,398 5,328
---------- --------- --------- ---------
Total interest expense 110,423 143,354 368,795 399,714
---------- --------- --------- ---------
Net Interest Income 107,011 94,538 307,966 289,249
Provision for loan losses 6,966 4,122 18,913 15,003
---------- --------- --------- ---------
Net interest income after
provision for
loan losses 100,045 90,416 289,053 274,246
Noninterest Income
Trust service fees 6,627 9,665 22,038 29,314
Service charges on deposit
accounts 9,672 8,821 27,967 24,502
Mortgage banking 11,144 5,125 35,709 14,617
Credit card and other
nondeposit fees 6,896 6,475 20,916 19,011
Retail commissions 4,119 4,632 12,868 15,577
Bank owned life insurance
income 3,308 3,081 9,626 9,111
Asset sale gains, net 59 3,179 974 24,486
Investment securities
gains (losses), net 476 (2) 718 (7,194)
Other 5,848 3,393 12,681 11,377
---------- --------- --------- ---------
Total noninterest income 48,149 44,369 143,497 140,801
Noninterest Expense
Personnel expense 43,266 40,380 124,804 117,934
Occupancy 5,635 5,733 17,916 17,549
Equipment 3,493 3,755 10,823 11,607
Data processing 4,870 5,313 14,535 17,700
Business development and
advertising 3,310 3,353 9,502 9,852
Stationery and supplies 959 1,970 5,021 5,793
FDIC expense 399 462 1,279 1,360
Mortgage servicing rights
amortization 5,703 2,324 12,312 7,103
Other 16,453 16,875 48,624 50,909
---------- --------- --------- ---------
Total noninterest
expense 84,088 80,165 244,816 239,807
---------- --------- --------- ---------
Income before income taxes 64,106 54,620 187,734 175,240
Income tax expense 19,001 13,116 54,524 46,958
---------- --------- --------- ---------
Net Income $ 45,105 $ 41,504 $ 133,210 $ 128,282
========== ========= ========= =========
Earnings Per Share:
Basic $ 0.68 $ 0.61 $ 2.01 $ 1.86
Diluted $ 0.68 $ 0.61 $ 2.00 $ 1.86
Average Shares Outstanding:
Basic 66,083 68,031 66,126 68,815
Diluted 66,633 68,293 66,653 69,089
Selected Quarterly Information
Associated Banc-Corp
----------------------------------------------------------------------
(in thousands,
except per 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
share data) 2001 2001 2001 2000 2000
----------------------------------------------------------------------
Summary of Operations
Interest income $ 217,434 $ 225,648 $ 233,679 $ 242,194 $ 237,892
Interest expense 110,423 121,696 136,676 147,876 143,354
Net interest
income 107,011 103,952 97,003 94,318 94,538
Provision for
loan losses 6,966 6,365 5,582 5,203 4,122
Net interest
income after
provision for
loan losses 100,045 97,587 91,421 89,115 90,416
Asset sale
gains, net 59 383 532 (66) 3,179
Investment
securities
gains (losses) 476 (4) 246 (455) (2)
Noninterest
income
(excluding
securities &
asset gains) 47,614 50,650 43,541 43,916 41,192
Noninterest
expense 84,088 82,278 78,450 77,929 80,165
Income taxes 19,001 20,319 15,204 14,880 13,116
Net income 45,105 46,019 42,086 39,701 41,504
Taxable
equivalent
adjustment 5,580 5,541 5,601 5,869 5,840
----------------------------------------------------------------------
At Period End
Assets $13,564,825$13,212,289$13,122,386$13,128,394$13,120,002
Earning assets 12,728,948 12,408,285 12,336,663 12,226,511 12,223,247
Loans 9,010,370 8,983,678 8,935,543 8,913,379 8,858,665
Allowance for
loan losses 126,631 126,390 123,668 120,232 117,607
Deposits 8,398,912 8,500,226 8,687,691 9,291,646 9,331,316
Stockholders'
equity 1,078,874 1,050,678 1,023,978 968,696 930,183
Stockholders'
equity/assets 7.95% 7.95% 7.80% 7.38% 7.09%
Goodwill and
core deposit
intangibles 100,396 102,497 104,598 106,700 108,885
----------------------------------------------------------------------
Average Balances
Assets $13,113,470$13,036,595$13,014,503$13,086,752$12,903,544
Earning assets 12,289,628 12,228,357 12,197,015 12,288,402 12,122,879
Interest-
bearing
liabilities 10,747,124 10,760,548 10,805,833 10,854,175 10,724,729
Loans 9,107,577 9,063,780 8,985,659 8,921,729 8,771,251
Deposits 8,468,508 8,504,760 8,788,540 9,435,473 9,252,903
Stockholders'
equity 1,051,064 1,024,287 993,284 931,665 930,256
Stockholders'
equity/assets 8.02% 7.86% 7.63% 7.12% 7.21%
----------------------------------------------------------------------
Credit Quality
Nonaccrual loans$ 56,651 $ 49,147 $ 50,310 $ 41,045 $ 39,907
Loans 90 or
more days past
due and still
accruing(4) 11,376 3,779 4,788 6,492 5,520
Restructured
loans 241 143 146 159 23
---------- ---------- ---------- ---------- ----------
Total
nonperforming
loans 68,268 53,069 55,244 47,696 45,450
Other real
estate owned
(ORE) 2,396 2,603 3,285 4,032 3,710
---------- ---------- ---------- ---------- ----------
Total
nonperforming
assets 70,664 55,672 58,529 51,728 49,160
========== ========== ========== ========== ==========
Net charge-offs 6,725 3,643 2,146 2,578 1,910
Allowance for
loan losses/
loans 1.41% 1.41% 1.38% 1.35% 1.33%
Allowance for
loan losses/
nonperforming
assets 179.20 227.03 211.29 232.43 239.23
Allowance for
loan losses/
nonperforming
loans 185.49 238.16 223.86 252.08 258.76
Nonperforming
assets/loans
plus ORE 0.78 0.62 0.65 0.58 0.55
Nonperforming
assets/total
assets 0.52 0.42 0.45 0.39 0.37
Net charge-offs
/average loans
(annualized) 0.29 0.16 0.10 0.11 0.09
Year-to-date
net charge-offs
/average loans 0.18 0.13 0.10 0.10 0.10
---------------------------------------------------------------------
Per Common Share Data (1)
Net income:
Basic $ 0.68 $ 0.70 $ 0.64 $ 0.60 $ 0.61
Diluted 0.68 0.69 0.63 0.60 0.61
Cash diluted(2) 0.71 0.72 0.66 0.63 0.63
Dividends 0.31 0.31 0.29 0.29 0.29
Market Value:
High $ 36.91 $ 35.99 $ 36.19 $ 30.63 $ 26.63
Low 29.83 31.63 29.75 21.84 22.13
Close 33.89 35.99 33.25 30.38 26.25
Book value 16.39 15.89 15.48 14.65 13.94
Shares
outstanding,
end of period
(000) 65,805 66,105 66,135 66,116 66,725
----------------------------------------------------------------------
Performance Ratios (annualized)
Net interest
margin (FTE) 3.63% 3.56% 3.34% 3.20% 3.25%
Return on
average assets 1.36 1.42 1.31 1.21 1.28
Return on
average equity 17.03 18.02 17.18 16.95 17.75
Efficiency
ratio (3) 52.49 51.38 53.68 54.08 56.63
Effective tax
rate 29.64 30.63 26.54 27.26 24.01
Dividend payout
ratio (basic) 45.59 44.29 45.31 48.33 47.54
----------------------------------------------------------------------
(1) Per share data adjusted retroactively for stock splits and stock
dividends.
(2) Cash diluted EPS excludes the after-tax effect of the
amortization of goodwill related intangibles in net income.
(3) Efficiency ratio = Noninterest expense divided by sum of taxable
equivalent net interest income plus noninterest income, excluding
investment securities gain, net, and asset sales gains, net.
(4) - Does not include guaranteed student loans. Guaranteed student
loans 90+ days past due and still accruing totaled $18.1 million
as of September 30, 2001.
----------------------------------------------------------------------
Financial Summary and Comparison
Associated Banc-Corp Three months ended
September 30,
(in thousands, ------------------------------------------
except per share data) 2001 2000 % Change
----------------------------------------------------------------
Summary of Operations
Interest income $ 217,434 $ 237,892 (8.6)
Interest expense 110,423 143,354 (23.0)
Net interest income 107,011 94,538 13.2
Provision for loan losses 6,966 4,122 69.0
Net interest income after
provision for loan losses 100,045 90,416 10.6
Asset sale gains, net 59 3,179 (98.1)
Investment securities
gains (losses) 476 (2) N/M
Noninterest income
(excluding securities &
asset gains) 47,614 41,192 15.6
Noninterest expense 84,088 80,165 4.9
Income taxes 19,001 13,116 44.9
Net income 45,105 41,504 8.7
Taxable equivalent
adjustment 5,580 5,840 (4.5)
------------------------ -------------------------------------
At Period End
Assets
Earning assets
Loans
Allowance for loan losses
Deposits
Stockholders' equity
------------------------ -------------------------------------
Average Balances
Assets $ 13,113,470 $ 12,903,544 1.6
Earning assets 12,289,628 12,122,879 1.4
Interest-bearing
liabilities 10,747,124 10,724,729 0.2
Loans 9,107,577 8,771,251 3.8
Deposits 8,468,508 9,252,903 (8.5)
Stockholders' equity 1,051,064 930,256 13.0
Stockholders' equity/assets 8.02% 7.21%
------------------------ -------------------------------------
Per Common Share Data (1)
Net income:
Basic $ 0.68 $ 0.61 11.5
Diluted 0.68 0.61 11.5
Cash diluted (2) 0.71 0.63 12.7
Dividends 0.3100 0.2900 6.9
Market Value:
High $ 36.91 $ 26.63 38.6
Low 29.83 22.13 34.8
Close 33.89 26.25 29.1
Book value 16.39 13.94 17.6
Shares outstanding, end of
period (000) 65,805 66,725 (1.4)
------------------------ -------------------------------------
Performance Ratios (annualized)
Net interest margin (FTE) 3.63% 3.25%
Return on average assets 1.36 1.28
Return on average equity 17.03 17.75
Efficiency ratio (3) 52.49 56.63
Effective tax rate 29.64 24.01
Dividend payout ratio
(basic) 45.59 47.54
------------------------ -------------------------------------
Financial Summary and Comparison
Associated Banc-Corp Nine months ended
September 30,
(in thousands, ------------------------------------------
except per share data) 2001 2000 % Change
----------------------------------------------------------------
Summary of Operations
Interest income $ 676,761 $ 688,963 (1.8)
Interest expense 368,795 399,714 (7.7)
Net interest income 307,966 289,249 6.5
Provision for loan losses 18,913 15,003 26.1
Net interest income after
provision for loan losses 289,053 274,246 5.4
Asset sale gains, net 974 24,486 (96.0)
Investment securities
gains (losses) 718 (7,194) (110.0)
Noninterest income
(excluding securities &
asset gains) 141,805 123,509 14.8
Noninterest expense 244,816 239,807 2.1
Income taxes 54,524 46,958 16.1
Net income 133,210 128,282 3.8
Taxable equivalent
adjustment 16,722 15,878 5.3
------------------------ -------------------------------------
At Period End
Assets $ 13,564,825 $ 13,120,002 3.4
Earning assets 12,728,948 12,223,247 4.1
Loans 9,010,370 8,858,665 1.7
Allowance for loan losses 126,631 117,607 7.7
Deposits 8,398,912 9,331,316 (10.0)
Stockholders' equity 1,078,874 930,183 16.0
------------------------ -------------------------------------
Average Balances
Assets $ 13,054,494 $ 12,717,389 2.7
Earning assets 12,238,671 11,965,804 2.3
Interest-bearing
liabilities 10,770,953 10,610,266 1.5
Loans 9,052,783 8,609,637 5.1
Deposits 8,586,097 8,991,287 (4.5)
Stockholders' equity 1,023,090 916,309 11.7
Stockholders' equity/assets 7.84% 7.21%
------------------------ -------------------------------------
Per Common Share Data (1)
Net income:
Basic $ 2.01 $ 1.86 8.1
Diluted 2.00 1.86 7.5
Cash diluted (2) 2.09 1.94 7.7
Dividends 0.9100 0.8172 11.4
Market Value:
High $ 36.91 $ 30.06 22.8
Low 29.75 20.29 46.6
Close 33.89 26.25 29.1
Book value 16.39 13.94 17.6
Shares outstanding, end of
period (000) 65,805 66,725 (1.4)
------------------------ -------------------------------------
Performance Ratios (annualized)
Net interest margin (FTE) 3.51% 3.35%
Return on average assets 1.36 1.35
Return on average equity 17.41 18.70
Efficiency ratio (3) 52.48 55.95
Effective tax rate 29.04 26.80
Dividend payout ratio (basic) 45.27 43.94
------------------------ -------------------------------------
(1) Per share data adjusted retroactively for stock splits and stock
dividends.
(2) Cash diluted EPS excludes the after-tax effect of the
amortization of goodwill related intangibles in net income.
(3) Efficiency ratio = Noninterest expense divided by sum of taxable
equivalent net interest income plus noninterest income, excluding
investment securities gain, net, and asset sales gains, net.
N/M - Not meaningful.
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