Associated Banc-Corp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Announces Net Charge Offs for the Fourth Quarter 2014
January 22, 2015 at 04:05 pm
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Associated Banc-Corp reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total interest income was $190,998,000 compared to $181,537,000 a year ago. Net interest income was $174,661,000 compared to $167,199,000 a year ago. Income before income taxes was $67,499,000 compared to $61,605,000 a year ago. Net income available to common equity was $47,513,000 or $0.31 basic and diluted per share compared to $46,485,000 or $0.28 basic and diluted per share a year ago. Return on tangible common equity for the quarter was 10.27% compared to 9.87% a year ago. Tangible book value per share was $12.06 against $11.62 a year ago. Return on average assets was 0.75% against $0.80 a year ago.
For the year, the company reported total interest income was $736,745,000 compared to $708,983,000 a year ago. Net interest income was $680,967,000 compared to $645,543,000 a year ago. Income before income taxes was $276,045,000 compared to $267,893,000 a year ago. Net income available to common equity was $185,507,000 or $1.16 basic and diluted per share compared to $183,534,000 or $1.10 basic and diluted per share a year ago. Return on tangible common equity for the quarter was 9.91% compared to 9.73% a year ago. Tangible book value per share was $12.06 against $11.60 a year ago. Return on average assets was 0.76% against 0.81% a year ago.
The company announced net charge offs of $4 million for the fourth quarter 2014 were up $2 million from the third quarter, but are down $1 million from the year ago quarter.
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, 2014; Announces Net Charge Offs for the Fourth Quarter 2014