Associated Banc-Corp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Net Charge Offs for the Fourth Quarter 2013
January 17, 2014 at 02:35 am IST
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Associated Banc-Corp reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total interest income was $181,537,000 compared to $180,470,000 a year ago. Net interest income was $167,199,000 compared to $161,455,000 a year ago. Income before income taxes was $61,605,000 compared to $60,032,000 a year ago. Net income available to common equity was $46,485,000 or $0.28 basic and diluted per share compared to $45,328,000 or $0.26 basic and diluted per share a year ago. Return on tangible common equity for the quarter was 9.87% compared to 9.15% a year ago. Book value per share was $17.40 against $16.97 a year ago. Return on average assets was 0.80% against 0.83% a year ago.
For the year, the company reported total interest income was $708,983,000 compared to $718,284,000 a year ago. Net interest income was $645,543,000 compared to $625,922,000 a year ago. Income before income taxes was $267,893,000 compared to $254,459,000 a year ago. Net income available to common equity was $183,534,000 or $1.10 basic and diluted per share compared to $173,773,000 or $0.10 basic and diluted per share a year ago. Return on tangible common equity for the quarter was 9.73% compared to 8.96% a year ago. Book value per share was $17.40 against $16.97 a year ago. Return on average assets was 0.81% against 0.81% a year ago.
The company reported net charge offs of $5 million for the fourth quarter were flat from the third quarter, both quarters experienced elevated recoveries.
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 Year Ended December 31, 2013; Reports Net Charge Offs for the Fourth Quarter 2013