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ASSOCIATED BANC-CORP ANNOUNCES SECOND QUARTER AND SIX-MONTH EARNINGS

 GREEN BAY, Wis., July 22 /PRNewswire/ -- Associated Banc-Corp (NASDAQ/NMS: ASBC) today reported net income for the 1993-second quarter of $9.0 million, or 79 cents per share. This is up 15.1 percent compared to $7.8 million, or 69 cents per share, for the same period in 1992.
 Net income for the first six months ended June 30, 1993 rose 14.6 percent to $17.5 million, or $1.53 per share, compared to $15.2 million, or $1.35 per share, a year ago.
 "Associated's second-quarter earnings continue to reflect a favorable upward trend," said H. B. Conlon, chairman and chief executive officer of Associated Banc-Corp. "The increase in earnings this period was again lead by improved net interest income and a 12.7 percent growth in noninterest income. The increase in noninterest income is partially attributable to higher mortgage loan origination activity. For the first six-months of 1993 noninterest expenses rose only 2.0 percent."
 Total stockholders' equity at June 30, 1993 increased 12.2 percent to $236.8 million, or $20.74 per share, compared to $211.0 million, or $18.64 per share at June 30, 1992.
 Total consolidated assets were $2.94 billion at June 30, 1993 up 2.5 percent from the company's assets at June 30, 1992. Loans, net of unearned income, were $2.02 billion at the end of the 1993-second quarter, up 4.9 percent from the $1.92 billion of a year earlier. Total consolidated deposits at quarter-end were up 3.0 percent to $2.4 billion compared to the level at June 30, 1992.
 As a result of the acquisition of the $80-million Citizens Bank and Trust, Wausau, Wis., in the 1993-second quarter, accounted for as a pooling-of-interests, all consolidated financial information has been restated as if the transaction had been effected as of the beginning of the earliest period presented.
 Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified multibank holding company with over 75 banking locations in Wisconsin and Illinois. The $2.94-billion company offers a full range of traditional banking services and a variety of financially related products and services through other Associated affiliates.
 ASSOCIATED BANC-CORP
 FINANCIAL HIGHLIGHTS
 Three months ended
 June 30, June 30,
 Operating Results (A) 1993 1992 percent change
 Interest income $50,088 $54,481 (8.1)
 Interest expense 19,311 25,402 (24.0)
 Net interest income 30,777 29,078 5.8
 Provision for possible
 loan losses 1,051 1,597 (34.2)
 Other income 12,520 11,106 12.7
 Other expense 28,699 27,798 3.2
 Net income 8,978 7,797 15.1
 Net income per share .79 .69 14.5
 Dividends per share $ .25 $ .20 25.0
 Six months ended
 June 30, June 30,
 Operating Results (A) 1993 1992 percent change
 Interest income $100,297 $110,015 (8.8)
 Interest expense 39,361 52,905 (25.6)
 Net interest income 60,936 57,110 6.7
 Provision for possible
 loan losses 2,228 3,110 (28.4)
 Other income 23,985 22,830 5.1
 Other expense 56,503 55,384 2.0
 Net income 17,454 15,227 14.6
 Net income per share 1.53 1.35 13.3
 Dividends per share $ .50 $ .40 25.0
 June 30,
 Financial Position (A) 1993 1992 percent change
 Assets $2,936,112 $2,864,341 2.5
 Securities 625,649 586,495 6.7
 Loans, net of unearned
 income 2,015,604 1,922,251 4.9
 Allowance for loan
 losses 33,947 32,355 4.9
 Nonperforming loans (B) 27,838 26,889 3.5
 Deposits 2,404,217 2,333,300 3.0
 Stockholders' equity 236,825 210,985 12.2
 Stockholders' equity
 per share $ 20.74 $ 18.64 11.3
 Other Financial Information
 For the six months
 ended (annualized)
 Return on average
 equity (pct.) 15.27 15.02
 Return on average
 assets (pct.) 1.21 1.08
 Weighted average shares
 outstanding 11,411 11,285
 As of June 30
 Allowance for possible
 loan losses as a
 percent of loans 1.68 1.68
 Nonperforming loans as
 a percent of loans (B) 1.38 1.40
 Stockholders' equity as
 a percent of assets 8.07 7.37
 (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- 7/22/93
 /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 -- CL029 -- 4628 07/22/93 14:02 EDT
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Date:Jul 22, 1993
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