Associated Banc-Corp third quarter and nine month earnings climb.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. 19, 1995--Associated Banc-Corp (NASDAQ/ASBC) today reported net income for the 1995 third quarter of $12.2 million, or 74 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. . Net income is up 14.8 percent compared to $10.6 million, or 64 cents per share, for the same period in 1994. Net income for the first nine months ended Sept. 30, 1995 rose 11.0 percent to $34.1 million, or $2.07 per share, compared to $30.7 million, or $1.87 per share, a year ago. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. H.B. Conlon, 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. , "The recent reduction in the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. insurance premium was one of the factors contributing to our earnings improvement. This reduction was a benefit long overdue OVERDUE. A bill, note, bond or other contract, for the payment of money at a particular day, when not paid upon the day, is overdue. 2. The indorsement of a note or bill overdue, is equivalent to drawing a new bill payable at sight. 2 Conn. 419; 18 Pick. the banking industry." Conlon added, "We experienced continued growth in net interest income primarily due to additional earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin ." 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 Sept. 30, 1995 increased 12.0 percent to $315.1 million, or $19.09 per share, compared to $281.4 million, or $17.05 per share at Sept. 30, 1994. Total consolidated assets were $3.54 billion at Sept. 30, 1995, up 10.3 percent from the company's assets at Sept. 30, 1994. 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 $2.54 billion at the end of the 1995 third quarter, up 13.1 percent from the $2.25 billion of a year earlier. Total consolidated deposits at quarter-end were up 11.4 percent to $2.88 billion compared to the level at Sept. 30, 1994. On July 5, 1995, Associated acquired Great Northern Mortgage Co., Rolling Meadows Rolling Meadows, city (1990 pop. 22,591), Cook co., NE Ill., a suburb of Chicago; inc. 1955. There is research and development and the manufacture of office supplies and electronic components. , Ill., in a transaction accounted for as a purchase. Accordingly, Great Northern Mortgage's financial information has only been included since the date of acquisition. During the third quarter of 1995, Associated also expanded its position in the Chicago marketplace with the completion of the acquisition of GN Bancorp Inc. and its commercial bank subsidiary Gladstone-Norwood Trust & Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. . As a result of the acquisition of the $130 million asset Gladstone-Norwood Trust & Savings Bank, accounted for as a pooling of interest Noun 1. pooling of interest - an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free , all consolidated financial information has been restated as if the transaction had been effected as of the beginning of the earliest reporting period. All per share financial information has also been adjusted to reflect a 5-for-4 stock split effected in the form of a 25 percent stock dividend paid to shareholders on June 15, 1995. Associated also announced the signing of letters of intent to acquire the $140 million asset F&M Bankshares of Reedsburg Inc., Reedsburg, Wis. and its banking subsidiary Farmers & Merchants Bank, and the $211 million asset Greater Columbia Bancshares Inc. in Portage Portage (1, 2 pôr`təj; 3 pôr`tĭj). 1 Town (1990 pop. 29,060), Porter co., NW Ind., a suburb of Gary, on Lake Michigan; inc. 1959. , Wis. and its banking subsidiary The First National Bank of Portage. When completed in the first quarter of 1996 the banking organizations, located in South Central Wisconsin Central Wisconsin is a colloquial term for a region of Wisconsin. This region generally coincides with the Wausau-Rhinelander Television Market. Counties in Central Wisconsin
Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified 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 and Illinois. The $3.54 billion company offers a full range of traditional banking services and a variety of financially related products and services through other Associated affiliates. Editor's Note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : Third quarter and nine months Financial Highlights are attached. -0-
Associated Banc-Corp
____________________
Financial Highlights ____________________
Three months Nine months
ended ended
Sept. 30, Sept. 30,
___________ % ___________ %
1995 1994 chng 1995 1994 chng
Operating Results(1) ______ ______ _____ ______ ______ _____
Interest income $ 67,508 $ 55,918 20.7% $195,472 $158,338 23.5%
Interest expense 30,575 21,039 45.3% 86,767 58,728 47.7%
Net interest income 36,933 34,879 5.9% 108,705 99,610 9.1%
Provision for possible
loan losses 672 582 15.5% 2,368 1,529 54.9%
Noninterest income 13,816 11,837 16.7% 39,332 37,463 5.0%
Noninterest expense 30,775 29,487 4.4% 92,232 88,284 4.5%
Net income 12,208 10,637 14.8% 34,122 30,728 11.0%
Net income per share .74 .64 15.6% 2.07 1.87 10.7%
Dividends per share .27 .22 22.7% .70 .63 11.1%
Sept. 30, %
1995 1994 chng
Financial Position(1) ______ ______ _____
Assets $3,540,384 $3,210,435 10.3%
Investment Securities 727,867 713,779 2.0%
Loans, net of unearned income 2,539,574 2,246,099 13.1%
Allowance for loan losses 39,197 36,520 7.3%
Nonperforming loans(2) 18,397 20,166 (8.8%)
Deposits 2,881,512 2,587,255 11.4%
Stockholders' equity 315,063 281,378 12.0%
Stockholders' equity per share 19.09 17.05 12.0%
Other Financial Information(1) For the three months ended (annualized) Return on average equity 15.65% 15.14% Return on average assets 1.39% 1.34% Net interest margin (tax-equivalent) 4.63% 4.83% Weighted average shares outstanding 16,501 16,501 For the nine months ended (annualized) Return on average equity 15.23% 15.05% Return on average assets 1.34% 1.32% Net interest margin (tax-equivalent) 4.69% 4.75% Weighted average shares outstanding 16,503 16,476 At Sept. 30 Allowance for possible loan losses as a percent of loans 1.54% 1.63% Nonperforming loans as a percent of loans(2) .72% .90% Stockholders' equity as a percent of assets 8.91% 8.76%
(1) Amounts in thousands except per share data and percentage data.
(2) 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 Mary K. Magyar, 414/283-2306 (media) Joseph B. Selner, 414/433-3203 (analysts) |
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