ASBC Reports $0.23 vs. $0.04 in Q4-10
ASBC Reports $0.23 vs. $0.04 in Q4-10 Business Wire 1-19
Green Bay's Associated Banc-Corp reported Q4-11 Net income available to common shareholders of $39.825 million [$0.23/share] compared to $6.608 million [$0.04/share] for Q4-10. ROA was 0.65% and ROE was 4.66%. Book value was $16.15 compared to $16.07 last quarter. Tier 1 risk-based capital ratio was 14.08%. The Tier 1 leverage ratio was 9.81%. The total risk-based capital ratio was 15.53%.
The net interest income was $151.825 million compared with $150.860 million in Q4-10 while the provision for loan losses was $1.000 million compared with $63.000 million in Q4-10; resulting in a Net Interest Income after provision of $150.825 million compared with $87.860 million in Q4-10. [The provision to NII ratio was 0.65% compared with 2.61% in Q3-11.] The net interest margin was 3.26% compared with 3.32% in Q4-10. Total earning assets of $19.507 million earned $186.859 million at an average yield of 3.81% [compared with 3.89% in Q4-10]. Total interest-bearing liabilities of $15.096 billion cost $29.457 million at an avereage yield of 0.78% [compared with 0.98% in Q4-10]. ASBC had $3.857 billion in 'short and long term funding' costing $14.503 million at an average yield of 1.50%. Total fee-based revenues were $53.444 million compared with $60.191 million in Q4-10. Service charges on deposit accounts were $17.783 million compared with $20.390 million in Q4-10. Total noninterest income [which includes fee-based revenues] was $73.856 million compared with $84.697 million in Q4-10. Q4-11 had mortgage banking revenues of $9.677 million compared with $13.229 million in Q4-10. Capital Market Fees were $3.950 million compared with $5.187 million in Q4-10. Q4-11 had investment securities losses of $0.310 million compared with losses of $1.883 million in Q4-10. Non-investment expenses were $174.651 million compared with $166.843 million in Q4-10.
Net charge offs were $22.572 million [0.64% of average loans] compared to $108.205 million [0.90%] in Q4-10. Nonaccrual loans of $356.772 million plus Loans 90 or more days past due and still accruing of $4.925 million plus (accruing) restructured loans of $113.164 million plus OREO of $41.571 million resulted in Total nonperforming assets of $559.7xx million. With total assets of $21.924 billion, NPAs were 2.5x% of assets. when the accruing restructured loans and accuring >90 are subtracted from NPAs, NPAs were only 1.82% of assets.