Associated Banc-Corp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Net Charge-Offs for the Fourth Quarter of 2012
January 17, 2013 at 05:00 pm EST
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Associated Banc-Corp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net income to common shareholders of $45 million or $0.26 a share. That compares to net income of $40 million or $0.23 a share a year ago. Return on common equity for the quarter was 9.6%, up from 9% a year ago. Net interest income was $161,455,000 against $151,825,000 a year ago. Income before income taxes was $60,032,000 against $50,030,000 a year ago. Net income was $46,628,000 compared to $41,125,000 a year ago. Book value per share was $16.97 against $16.15 a year ago. Return on average assets was 0.83% against 0.75% a year ago.
For the full year, the company reported return on common equity was 9.5%, up from 6.7% last year. Net interest income was $625,992,000 against $612,831,000 a year ago. Income before income taxes was $254,459,000 against $183,427,000 a year ago. Net income was $178,973,000 compared to $139,699,000 a year ago. Net income available to common equity was $173,773,000 or $1.00 per basic and diluted share against $114,869,000 or $0.66 per basic and diluted share a year ago. Book value per share was $16.97 against $16.15 a year ago. Return on average assets was 0.81% against 0.65% a year ago.
The company announced net charge-offs of $20.7 million for the quarter up $3 million from $17.5 million the third quarter, and were $2 million lower than $22.6 million a year ago.
Associated Banc-Corp is a bank holding company. The Company, through Associated Bank and various nonbanking subsidiaries, provides a range of banking and nonbanking products and services to individuals and businesses. The Company is a banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, and Minnesota. Its Corporate and Commercial Specialty segment consists of lending and deposit solutions to larger businesses, developers, not-for-profits, municipalities, and financial institutions, and the support to deliver, fund, and manage such banking solutions. Its Community, Consumer, and Business segment consists of lending and deposit solutions to individuals and small to mid-sized businesses. Its Risk Management and Shared Services segment includes key shared corporate functions, parent company activity, intersegment eliminations, and residual revenues and expenses.
Associated Banc-Corp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Net Charge-Offs for the Fourth Quarter of 2012