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

 ASSOCIATED BANC-CORP ANNOUNCES SECOND QUARTER
 AND SIX-MONTHS EARNINGS
 GREEN BAY, Wis., July 20 /PRNewswire/ -- Associated Banc-Corp (NASDAQ: ASBC) today reported that net income for the second quarter of 1992 was $7.6 million, or 69 cents per share, up 21.5 percent compared to $6.3 million, or 58 cents per share for the same period in 1991.
 Net income for the first six months ended June 30, 1992 rose 19.7 percent to $14.9 million, or $1.34 per share, compared to $12.4 million, or $1.14 per share, a year ago.
 "The completion of the mergers with the $700 million F&M Financial Services Corp., Menomonee Falls, Wis., and the $50 million Northeast Wisconsin Financial Services Inc., Sturgeon Bay, Wis., has strengthened our company and better positioned us to take advantage of future opportunities," said H.B. "Nick" Conlon, chairman and chief executive of Associated Banc-Corp.
 Total stockholders' equity at June 30, 1992 increased 6.6 percent to $208.2 million, or $18.68 per share, compared to $195.3 million, or $17.92 per share at June 30, 1991.
 Total consolidated assets were $2.8 billion at June 30, 1992, up 5.3 percent compared to June 30, 1991. Loans, net of unearned income, were $1.9 billion at the end of the 1992-second quarter, up 5.6 percent from the $1.8 billion reported a year earlier. Total consolidated deposits at June 30, 1992 were $2.3 billion
 As a result of the acquisition of F&M Financial Services Corp. and Northeast Wisconsin Financial Services, Inc. in the second quarter of 1992, 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.
 Associated Banc-Corp is a diversified multiband holding company headquartered in Green Bay, Wis., with 74 banking locations in Wisconsin and Illinois. The $2.8 billion company offers a variety of financially related services to complement its traditional line of banking products.
 ASSOCIATED BANC-CORP FINANCIAL HIGHLIGHTS
 Three months ended
 June 30 June 30 Pct.
 1992 1991 Change
 OPERATING RESULTS(A)
 Interest income $52,829 $57,935 (8.8)
 Interest expense 24,625 32,241 (23.6)
 Net interest income 28,204 25,694 9.8
 Provision for possible
 loan losses 1,387 1,689 (17.9)
 Other income 10,917 9,757 11.9
 Other expense 27,203 24,923 9.1
 Net income 7,640 6,288 21.5
 Net income per share .69 .58 19.0
 Dividends per share $ .20 $ .20 ---
 Six months ended
 June 30 June 30 Pct.
 1992 1991 Change
 OPERATING RESULTS(A)
 Interest income $106,762 $115,491 (7.6)
 Interest expenses 51,336 65,442 (21.6)
 Net interest income 55,426 50,049 10.7
 Provision for possible
 loan losses 2,850 3,128 (8.9)
 Other income 22,389 19,378 15.5
 Other expense 54,120 48,895 10.7
 Net income 14,865 12,415 19.7
 Net income per share 1.34 1.14 17.5
 Dividends per share $ .40 $ .38 5.3
 June 30 Pct.
 1992 1991 Change
 FINANCIAL POSITION(A)
 Assets $2,783,097 $2,642,541 5.3
 Investment securities 564,065 565,678 (0.3)
 Loans, net of unearned
 income 1,874,086 1,775,346 5.6
 Allowance for loan losses 31,438 21,531 46.0
 Nonperforming loans(B) 24,965 20,012 24.8
 Deposits 2,264,388 2,153,687 5.1
 Stockholders' equity 208,220 195,267 6.6
 Stockholders' equity
 per share $ 18.68 $ 17.92 4.2
 OTHER FINANCIAL INFORMATION
 For the Six Months Ended (annualized)
 Return on average equity 14.86 pct. 13.18 pct.
 Return on average assets 1.08 pct. .97 pct.
 Weighted average shares
 outstanding 11,114 10,881
 As of June 30
 Allowance for possible
 loan losses as
 a percent of loans 1.68 pct. 1.21 pct.
 Nonperforming loans as
 a percent of loans(B) 1.33 pct. 1.13 pct.
 Stockholders' equity
 as a percent of assets 7.48 pct. 7.39 pct.
 (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- 7/20/92
 /CONTACT: Mary K. Magyar, 414-765-0638 or Joseph B. Seiner 414-433-3203, both of Associated Banc-Corp/
 (ASBC) CO: Associated Banc-Corp ST: Wisconsin IN: FIN SU: ERN


LD -- NY091 -- 0992 07/20/92 20:49 EDT
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