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ASSOCIATED BANC-CORP ANNOUNCES 1992 EARNINGS

 GREEN BAY, Wis., Jan. 20 /PRNewswire/ -- Associated Banc-Corp (NASDAQ/NMS: ASBC) today reported net income for the year ended Dec. 31, 1992 of $31.6 million, or $2.84 per share compared to the $1.10 per share for the year ending 1991.
 Net income for the 1992-fourth quarter was $8.5 million, or 76 cents ($0.76) per share, as compared to the 67 cents ($0.67) per share loss for the same period in 1991.
 As a result of the acquisitions of F&M Financial Services Corp. and Northeast Wisconsin Financial Services, Inc., completed in the 1992- second quarter and accounted for as a pooling-of-interests, all consolidated financial information has been restated as if the transactions had been effected as of the beginning of the earliest period presented. The financial results reflect fourth quarter 1991 pre-tax charges of $16.6 million for loan loss provisions and other expenses incurred by F&M Financial Services Corp. The after-tax effect of these adjustments decreased both 1991 full-year and fourth quarter earnings by $1.28 per share.
 Prior to restatement to account for the two acquisitions, the net income of Associated reported for the full-year 1991 and fourth quarter of 1991 were $21.3 million and $5.7 million, respectively, or $2.56 and 68 cents ($0.68) per share, respectively.
 "Loan activity at our banking offices and residential and commercial mortgage affiliates continued strong throughout the year in spite of the generally slow national economy," said H.B. Conlon, chairman and chief executive officer of Associated Banc-Corp. "Our earnings benefited from favorable interest rate margins resulting in a net interest income increase of 10.4 percent for the year. Also contributing to Associated's stronger earnings was a 15.5 percent increase in other non- interest income, which included higher fee income at our bank and mortgage affiliates."
 Total stockholders' equity at Dec. 31, 1992 increased 13.5 percent to $221.9 million, or $19.77 per share, compared to $195.5 million, or $17.63 per share at Dec. 31, 1991.
 Total consolidated assets were up approximately $25.0 million to $2.88 billion at Dec. 31, 1992 compared to $2.86 billion a year earlier. Loans, net of unearned income, were $1.91 billion at the end of 1992, up 3.5 percent from the $1.85 billion at Dec. 31, 1991. Total consolidated deposits at 1992-year-end were up 2.0 percent to $2.38 billion compared to the 1991-year-end level.
 Year-end 1992 assets increased $785 million or 37.4 percent when compared to the $2.1 billion at Dec. 31, 1991 prior to the acquisitions.
 In December 1992, Associated announced a definitive agreement to acquire Wausau Financial Corp. and its $75-million subsidiary Citizens Bank and Trust, Wausau, Wis. The merger of the banking company into Associated in a stock-for-stock transaction is expected to be completed during the second quarter of 1993.
 Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified multibank holding company with over 75 banking locations in Wisconsin and Illinois. The $2.9-billion company also offers a variety of financially related products and services through other Associated affiliates, to complement its traditional line of banking products.
 ASSOCIATED BANC-CORP
 Three months ended
 FINANCIAL HIGHLIGHTS Dec. 31,
 Operating Results (A) 1992 1991 percent change
 Interest income $51,010 $56,803 (10.2)
 Interest expense 21,034 29,841 (29.5)
 Net interest income 29,976 26,962 11.2
 Provision for possible
 loan losses 1,796 14,637 NMN
 Other income 11,842 10,145 16.7
 Other expense 27,961 30,122 (7.2)
 Net income 8,511 (7,384) NMN
 Net income per share .76 (.67) NMN
 Dividends per share $ .22 $ .20 10.0
 Year ended
 Dec. 31,
 Operating Results (A) 1992 1991 percent change
 Interest income $209,732 $230,004 (8.8)
 Interest expense 95,182 126,198 (24.6)
 Net interest income 114,550 103,806 10.4
 Provision for possible
 loan losses 6,209 19,722 (68.5)
 Other income 45,446 39,356 15.5
 Other expense 108,951 103,668 5.1
 Net income 31,631 12,050 NMN
 Net income per share 2.84 1.10 NMN
 Dividends per share $ .84 $ .78 7.7
 December 31,
 Financial Position (A) 1992 1991 percent change
 Assets $2,882,135 $2,857,451 .9
 Investment securities 594,984 572,240 4.0
 Loans, net of unearned
 income 1,911,910 1,847,849 3.5
 Allowance for possible
 loan losses 31,530 29,672 6.3
 Nonperforming loans (B) 27,512 22,291 23.4
 Deposits 2,379,491 2,333,198 2.0
 Stockholders' equity 221,898 195,507 13.5
 Stockholders' equity
 per share $ 19.77 $ 17.63 12.1
 Other Financial Information
 For the year ended (annualized)
 Return on average
 equity (pct.) 15.26 6.17
 Return on average
 assets (pct.) 1.13 .46
 Weighted average shares
 outstanding 11,146 10,911
 As of Dec. 31
 Allowance for possible
 loan losses as a
 percent of loans 1.65 1.61
 Nonperforming loans as
 a percent of loans (B) 1.44 1.21
 Stockholders equity as
 a percent of assets 7.70 6.84
 NMN -- Not a meaningful number - distorted by 1991 year end charges taken by F&M Financial Services Corp. (NASDAQ/FMFS) in anticipation of the merger with Associated Banc-Corp.
 (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.
 -0- 1/20/93
 /CONTACT: Mary K. Magyar, media, 414-765-0638, or Joseph B. Selner, analysts, 414-433-3203, both of Associated Banc-Corp/
 (ASBC)


CO: Associated Banc-Corp ST: Wisconsin IN: FIN SU: ERN

BM -- CL021 -- 7142 01/20/93 17:41 EST
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