Associated Banc-Corp (ASB) 8-K Associated earns 52 cents per share in first quarter of 2008

Exhibit 99.1

 
NEWS RELEASE
For more information:
Investors: Joe Selner, Chief Financial Officer, 920-491-7120
Media: Cindy Moon-Mogush, Corporate Communications, 920-431-8034

Associated earns 52 cents per share in first quarter of 2008

• Net income of $66.5 million, 3% higher than fourth quarter 2007

• Loans up 7 percent annualized over year end

• Net interest margin of 3.58%, down 4 bp from fourth quarter

• Provision for loan losses of $23 million, with net charge offs of $16 million

• Tangible capital ratio of 6.75%, up from 6.59% at year end 2007

GREEN BAY, Wis. —April 17, 2008 — Associated Banc-Corp (NASDAQ: ASBC) reported net income of $66.5 million, or $.52 per share, for the first quarter of 2008. Comparatively, net income was $64.8 million ($.51 per share) for the fourth quarter of 2007 and $73.4 million ($.57 per share) for the first quarter of 2007. Book value per share rose to $18.71 at March 31, 2008, up 7 percent over a year ago.

First quarter 2008 results included several notable items. The provision for loan losses was $23 million, $7 million higher than net charge offs. The reserve for unfunded commitments was increased by $2 million with a charge to other expense. Noninterest revenue included a $5 million gain recorded in other income related to our interest in the Visa, Inc. initial public offering, and a $3 million loss related to other-than-temporary impairment on certain equity securities recorded in net investment securities gains. Noninterest revenue was also impacted by recent accounting standards related to fair value measurement, which at adoption in the first quarter increased mortgage banking income by $2 million and reduced other income by $0.5 million related to derivatives. Tax expense was impacted by the resolution of certain tax matters and changes in estimated exposure of uncertain tax positions, partially offset by the increase in valuation allowance related to certain deferred tax assets, resulting in a $4 million net reduction of income tax expense.

Net interest income was $165 million for the first quarter, up from $164 million and $159 million for the fourth and first quarters of 2007, respectively. The net interest margin was 3.58 percent, compared to 3.62 percent for both the fourth and first quarters of 2007. “We are pleased with our revenue dynamics as we continue to generate loan growth, coupled with improved deposit flows,” said Associated Chairman and CEO Paul S. Beideman. “This has contributed to the improvement in our tangible capital ratio to 6.75 percent from 6.59 percent.”

On average, loans were $15.7 billion for the first quarter of 2008, up $0.4 billion or 11 percent annualized over the fourth quarter of 2007, led by 14 percent annualized growth in commercial loans and 6 percent annualized growth in home equity loans. At March 31, 2008, loans were $15.8 billion, up $0.3 billion (7 percent annualized) since year end 2007.

Deposits, on average, were $13.6 billion for the first quarter of 2008, down $0.1 billion compared to the fourth quarter of 2007, attributed primarily to seasonal first quarter declines in commercial deposits and lower time deposits, offset in part by increased money market deposits. Since year end, deposits were down $0.1 billion to $13.9 billion at March 31, 2008.

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ASBC 1Q ’08page 2 of 2

At March 31, 2008, the allowance for loan losses represented 1.32 percent of total loans, compared to 1.29 percent at year end 2007 and 1.37 percent a year ago. Since year end, nonperforming loans rose $45 million to $207 million at March 31, 2008, with commercial nonperforming loans up $41 million to $150 million and total consumer nonperforming loans up $4 million to $57 million. The rise in nonperforming loans includes four individual credits totaling approximately $49 million.

Core fee-based revenues were $61.3 million, up 2 percent over $60.1 million for first quarter 2007, led by a 3 percent increase in deposit service charges and a 4 percent increase in retail commissions. Total noninterest expense was $136.3 million for the first quarter of 2008, compared to $140.1 million for the fourth quarter of 2007.

During the first quarter, Associated paid a dividend of $.31 cents per share, up 7 percent over the first quarter of last year.

Associated will host a conference call for investors and analysts at 3 p.m. CT today. The toll-free dial-in number for the live call is800-762-8779. The number for international callers is 480-248-5081. Participants should ask the operator for the Associated Banc-Corp first quarter 2008 earnings call, or for call ID number 3859529. A replay of the call will be available starting at 6 p.m. CT on April 17 through May 8, 2008, by calling 800-406-7325 (toll-free) domestically or 303-590-3030 internationally. The call ID number, 3859529, is required to access the replay.

Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified bank holding company with total assets of $22 billion. Associated has approximately 300 banking offices serving 180 communities in Wisconsin, Illinois, and Minnesota. The company offers a full range of traditional banking services and a variety of other financial products and services. More information about Associated Banc-Corp is available atwww.associatedbank.com.

Statements made in this document that are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. These statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” or similar expressions. Outcomes related to such statements are subject to numerous risk factors and uncertainties including those listed in the company’s Annual Report filed on Form 10-K.

Six pages of tables follow.

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Consolidated Balance Sheets (Unaudited)
Associated Banc-Corp

	March 31,			December 31,			Mar08 vs Dec07			March 31,			Mar08 vs Mar07
(in thousands)	2008			2007			% Change			2007			% Change
Assets
Cash and due from banks	$	477,971		$	553,031			(13.6	%)	$	315,157			51.7	%
Interest-bearing deposits in other financial institutions		25,216			11,671			116.1	%		33,280			(24.2	%)
Federal funds sold and securities purchased under agreements to resell		20,250			22,447			(9.8	%)		4,698			331.0	%
Investment securities available for sale, at fair value		3,616,280			3,543,019			2.1	%		3,467,732			4.3	%
Loans held for sale		123,652			94,441			30.9	%		92,303			34.0	%
Loans		15,785,283			15,516,252			1.7	%		14,856,003			6.3	%
Allowance for loan losses		(207,602	)		(200,570	)		3.5	%		(203,495	)		2.0	%
Loans, net		15,577,681			15,315,682			1.7	%		14,652,508		��	6.3	%
Premises and equipment, net		193,774			197,446			(1.9	%)		190,309			1.8	%
Goodwill		929,168			929,168			0.0	%		871,629			6.6	%
Other intangible assets, net		90,477			92,220			(1.9	%)		89,295			1.3	%
Other assets		849,284			832,958			2.0	%		790,502			7.4	%
Total assets	$	21,903,753		$	21,592,083			1.4	%	$	20,507,413			6.8	%
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	2,516,265		$	2,661,078			(5.4	%)	$	2,425,248			3.8	%
Interest-bearing deposits, excluding Brokered CDs		10,634,511			10,903,198			(2.5	%)		10,905,635			(2.5	%)
Brokered CDs		731,398			409,637			78.5	%		650,084			12.5	%
Total deposits		13,882,174			13,973,913			(0.7	%)		13,980,967			(0.7	%)
Short-term borrowings		3,852,524			3,226,787			19.4	%		2,332,816			65.1	%
Long-term funding		1,536,399			1,864,771			(17.6	%)		1,743,103			(11.9	%)
Accrued expenses and other liabilities		250,238			196,907			27.1	%		214,393			16.7	%
Total liabilities		19,521,335			19,262,378			1.3	%		18,271,279			6.8	%
Stockholders’ Equity
Preferred stock		—			—						—
Common stock		1,278			1,278			0.0	%		1,284			(0.5	%)
Surplus		1,043,839			1,040,694			0.3	%		1,055,914			(1.1	%)
Retained earnings		1,318,573			1,305,136			1.0	%		1,215,551			8.5	%
Accumulated other comprehensive income (loss)		20,131			(2,498	)		(905.9	%)		(11,564	)		(274.1	%)
Treasury stock, at cost		(1,403	)		(14,905	)		(90.6	%)		(25,051	)		(94.4	%)
Total stockholders’ equity		2,382,418			2,329,705			2.3	%		2,236,134			6.5	%
Total liabilities and stockholders’ equity	$	21,903,753		$	21,592,083			1.4	%	$	20,507,413			6.8	%

Consolidated Statements of Income (Unaudited)
Associated Banc-Corp

	For The Three Months Ended
	March 31,					Quarter
(in thousands, except per share amounts)	2008			2007		% Change
Interest Income
Interest and fees on loans	$	255,053		$	273,961		(6.9	%)
Interest and dividends on investment securities and deposits in other financial institutions
Taxable		31,352			30,526		2.7	%
Tax-exempt		10,259			9,794		4.7	%
Interest on federal funds sold and securities purchased under agreements to resell		206			183		12.6	%
Total interest income		296,870			314,464		(5.6	%)
Interest Expense
Interest on deposits		81,506			98,299		(17.1	%)
Interest on short-term borrowings		28,173			35,183		(19.9	%)
Interest on long-term funding		22,074			21,936		0.6	%
Total interest expense		131,753			155,418		(15.2	%)
Net Interest Income		165,117			159,046		3.8	%
Provision for loan losses		23,002			5,082		352.6	%
Net interest income after provision for loan losses		142,115			153,964		(7.7	%)
Noninterest Income
Trust service fees		10,074			10,309		(2.3	%)
Service charges on deposit accounts		23,684			23,022		2.9	%
Card-based and other nondeposit fees		11,425			11,323		0.9	%
Retail commissions		16,115			15,479		4.1	%
Mortgage banking, net		6,945			9,550		(27.3	%)
Bank owned life insurance income		4,861			4,164		16.7	%
Asset sale gains (losses), net		(456	)		1,883		(124.2	%)
Investment securities gains (losses), net		(2,940	)		1,035		(384.1	%)
Other		12,920			5,935		117.7	%
Total noninterest income		82,628			82,700		(0.1	%)
Noninterest Expense
Personnel expense		75,643			74,047		2.2	%
Occupancy		13,264			11,587		14.5	%
Equipment		4,597			4,394		4.6	%
Data processing		7,121			7,678		(7.3	%)
Business development and advertising		5,041			4,405		14.4	%
Other intangible amortization		1,569			1,661		(5.5	%)
Other		29,077			24,364		19.3	%
Total noninterest expense		136,312			128,136		6.4	%
Income before income taxes		88,431			108,528		(18.5	%)
Income tax expense		21,966			35,133		(37.5	%)
Net Income	$	66,465		$	73,395		(9.4	%)
Earnings Per Share:
Basic	$	0.52		$	0.57		(8.8	%)
Diluted	$	0.52		$	0.57		(8.8	%)
Average Shares Outstanding:
Basic		127,298			127,988		(0.5	%)
Diluted		127,825			129,299		(1.1	%)

Consolidated Statements of Income (Unaudited) — Quarterly Trend
Associated Banc-Corp

(in thousands, except per share amounts)	1Q08			4Q07			3Q07		2Q07		1Q07
Interest Income
Interest and fees on loans	$	255,053		$	277,647		$	283,330	$	276,981	$	273,961
Interest and dividends on investment securities and deposits in other financial institutions
Taxable		31,352			30,712			31,140		30,583		30,526
Tax-exempt		10,259			10,394			9,924		9,785		9,794
Interest on federal funds sold and securities purchased under agreements to resell		206			214			214		324		183
Total interest income		296,870			318,967			324,608		317,673		314,464
Interest Expense
Interest on deposits		81,506			98,678			104,596		101,780		98,299
Interest on short-term borrowings		28,173			32,470			31,548		35,423		35,183
Interest on long-term funding		22,074			23,600			25,391		22,995		21,936
Total interest expense		131,753			154,748			161,535		160,198		155,418
Net Interest Income		165,117			164,219			163,073		157,475		159,046
Provision for loan losses		23,002			15,501			8,733		5,193		5,082
Net interest income after provision for loan losses		142,115			148,718			154,340		152,282		153,964
Noninterest Income
Trust service fees		10,074			10,723			10,886		10,711		10,309
Service charges on deposit accounts		23,684			25,866			26,609		25,545		23,022
Card-based and other nondeposit fees		11,425			12,088			12,436		11,711		11,323
Retail commissions		16,115			14,917			15,476		15,773		15,479
Mortgage banking, net		6,945			498			3,006		9,696		9,550
Bank owned life insurance income		4,861			4,240			4,650		4,365		4,164
Asset sale gains (losses), net		(456	)		11,062			2,220		442		1,883
Investment securities gains (losses), net		(2,940	)		(815	)		1,879		6,075		1,035
Other		12,920			7,094			7,758		7,170		5,935
Total noninterest income		82,628			85,673			84,920		91,488		82,700
Noninterest Expense
Personnel expense		75,643			76,487			76,617		76,277		74,047
Occupancy		13,264			11,784			11,967		11,321		11,587
Equipment		4,597			4,820			4,440		4,254		4,394
Data processing		7,121			8,189			7,991		7,832		7,678
Business development and advertising		5,041			5,482			4,830		5,068		4,405
Other intangible amortization		1,569			1,758			1,979		1,718		1,661
Other		29,077			31,582			26,185		26,174		24,364
Total noninterest expense		136,312			140,102			134,009		132,644		128,136
Income before income taxes		88,431			94,289			105,251		111,126		108,528
Income tax expense		21,966			29,498			33,510		35,301		35,133
Net Income	$	66,465		$	64,791		$	71,741	$	75,825	$	73,395
Earnings Per Share:
Basic	$	0.52		$	0.51		$	0.57	$	0.59	$	0.57
Diluted	$	0.52		$	0.51		$	0.56	$	0.59	$	0.57
Average Shares Outstanding:
Basic		127,298			127,095			126,958		127,606		127,988
Diluted		127,825			127,835			127,847		128,750		129,299

Selected Quarterly Information
Associated Banc-Corp

(in thousands, except per share and full time equivalent employee data)	1st Qtr 2008			4th Qtr 2007			3rd Qtr 2007			2nd Qtr 2007			1st Qtr 2007
Summary of Operations
Net interest income	$	165,117		$	164,219		$	163,073		$	157,475		$	159,046
Provision for loan losses		23,002			15,501			8,733			5,193			5,082
Asset sale gains (losses), net		(456	)		11,062			2,220			442			1,883
Investment securities gains (losses), net		(2,940	)		(815	)		1,879			6,075			1,035
Noninterest income (excluding securities & asset gains)		86,024			75,426			80,821			84,971			79,782
Noninterest expense		136,312			140,102			134,009			132,644			128,136
Income before income taxes		88,431			94,289			105,251			111,126			108,528
Income taxes		21,966			29,498			33,510			35,301			35,133
Net income		66,465			64,791			71,741			75,825			73,395
Taxable equivalent adjustment		7,096			7,119			6,856			6,724			6,560
Per Common Share Data (1)
Net income:
Basic	$	0.52		$	0.51		$	0.57		$	0.59		$	0.57
Diluted		0.52			0.51			0.56			0.59			0.57
Dividends		0.31			0.31			0.31			0.31			0.29
Market Value:
High	$	28.86		$	30.49		$	33.05		$	33.49		$	35.43
Low		22.60			25.23			26.86			32.14			33.16
Close		26.63			27.09			29.63			32.70			33.60
Book value		18.71			18.32			18.04			17.56			17.54
Performance Ratios (annualized)
Earning assets yield		6.33	%		6.88	%		7.05	%		6.99	%		7.03	%
Interest-bearing liabilities rate		3.19			3.82			4.02			4.06			4.02
Net interest margin		3.58			3.62			3.62			3.53			3.62
Return on average assets		1.25			1.23			1.38			1.48			1.46
Return on average equity		11.34			11.23			12.69			13.49			13.35
Return on tangible average equity (2)		19.26			19.50			22.42			23.14			22.63
Efficiency ratio (3)		52.79			56.78			53.44			53.23			52.22
Effective tax rate		24.84			31.28			31.84			31.77			32.37
Dividend payout ratio (4)		59.62			60.78			54.39			52.54			50.88
Average Balances
Assets	$	21,449,963		$	20,935,023		$	20,678,498		$	20,558,803		$	20,373,075
Earning assets		19,276,208			18,849,079			18,685,978			18,605,024			18,433,986
Interest-bearing liabilities		16,611,047			16,090,488			15,941,683			15,834,843			15,674,645
Loans		15,708,321			15,301,761			15,183,444			15,082,850			14,958,148
Deposits		13,643,559			13,760,991			13,940,970			13,702,872			13,557,958
Wholesale funding		5,293,797			4,750,471			4,386,354			4,482,437			4,462,713
Stockholders’ equity		2,357,757			2,289,522			2,242,665			2,253,872			2,228,909
Stockholders’ equity / assets		10.99	%		10.94	%		10.85	%		10.96	%		10.94	%
At Period End
Assets	$	21,903,753		$	21,592,083		$	20,940,007		$	20,849,140		$	20,507,413
Loans		15,785,283			15,516,252			15,174,758			15,154,232			14,856,003
Allowance for loan losses		207,602			200,570			200,560			206,493			203,495
Goodwill		929,168			929,168			929,168			929,168			871,629
Mortgage servicing rights, net		51,013			51,187			53,636			55,829			48,342
Other intangible assets		39,464			41,033			42,791			44,770			40,953
Deposits		13,882,174			13,973,913			14,158,369			14,077,618			13,980,967
Wholesale funding		5,388,923			5,091,558			4,283,396			4,348,565			4,075,919
Stockholders’ equity		2,382,418			2,329,705			2,291,182			2,228,911			2,236,134
Stockholders’ equity / assets		10.88	%		10.79	%		10.94	%		10.69	%		10.90	%
Tangible equity / tangible assets (5)		6.75	%		6.59	%		6.61	%		6.31	%		6.75	%
Shares outstanding, end of period		127,365			127,160			127,035			126,910			127,497
Shares repurchased during period, including settlements (6)		—			—			11			2,000			1,909
Average per share cost of shares repurchased during period (6)	$	—		$	—		$	—		$	32.81		$	35.74
YTD shares repurchased during period, including settlements (6)		—			3,920			3,920			3,909			1,909
YTD average per share cost of shares repurchased during period (6)	$	—		$	34.15		$	34.15		$	34.24		$	35.74
Selected trend information
Average full time equivalent employees		5,093			5,095			5,200			5,069			5,089
Trust assets under management, at market value	$	6,000,000		$	6,100,000		$	6,200,000		$	6,100,000		$	5,900,000
Mortgage loans originated for sale during period		516,780			333,331			353,233			455,928			338,802
Mortgage portfolio serviced for others		6,472,000			6,403,000			6,297,000			6,571,000			6,087,000
Mortgage servicing rights, net / Portfolio serviced for others		0.79	%		0.80	%		0.85	%		0.85	%		0.79	%

(1)	Per share data adjusted retroactively for stock splits and stock dividends.
(2)	Return on tangible average equity = Net income divided by average equity excluding average goodwill and other intangible assets. This is a non-GAAP financial measure.
(3)	Efficiency ratio = Noninterest expense divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gain, net, and asset sales gains, net.
(4)	Ratio is based upon basic earnings per share.
(5)	Tangible equity to tangible assets = Stockholders’ equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. This is a non-GAAP financial measure.
(6)	Does not include shares repurchased for minimum tax withholding settlements on equity compensation.

Financial Summary and Comparison
Associated Banc-Corp

	Three months ended
	March 31,
(in thousands)	2008			2007			% Change
Allowance for Loan Losses
Beginning balance	$	200,570		$	203,481			(1.4	%)
Provision for loan losses		23,002			5,082			352.6	%
Charge offs		(19,494	)		(6,869	)		183.8	%
Recoveries		3,524			1,801			95.7	%
Net charge offs		(15,970	)		(5,068	)		215.1	%
Ending Balance	$	207,602		$	203,495			2.0	%

Credit Quality

							Mar08 vs Dec07												Mar08 vs Mar07
	Mar 31, 2008			Dec 31,2007			% Change			Sept 30, 2007			Jun 30, 2007			Mar 31, 2007			% Change
Nonaccrual loans	$	197,498		$	152,528			29.5	%	$	142,509		$	171,303		$	146,864			34.5	%
Loans 90 or more days past due and still accruing		9,959			10,118			(1.6	%)		8,163			8,446			6,131			62.4	%
Restructured loans		—			—			N/M			—			—			25			N/M
Total nonperforming loans		207,457			162,646			27.6	%		150,672			179,749			153,020			35.6	%
Other real estate owned (OREO)		26,798			26,489			1.2	%		20,866			19,237			16,439			63.0	%
Total nonperforming assets	$	234,255		$	189,135			23.9	%	$	171,538		$	198,986		$	169,459			38.2	%
Provision for loan losses		23,002			15,501			48.4	%		8,733			5,193			5,082			352.6	%
Net charge offs		15,970			15,491			3.1	%		14,666			5,186			5,068			215.1	%
Allowance for loan losses / loans		1.32	%		1.29	%					1.32	%		1.36	%		1.37	%
Allowance for loan losses / nonperforming loans		100.07			123.32						133.11			114.88			132.99
Nonperforming loans / total loans		1.31			1.05						0.99			1.19			1.03
Nonperforming assets / total loans plus OREO		1.48			1.22						1.13			1.31			1.14
Nonperforming assets / total assets		1.07			0.88						0.82			0.95			0.83
Net charge offs / average loans (annualized)		0.41			0.40						0.38			0.14			0.14
Year-to-date net charge offs / average loans		0.41			0.27						0.22			0.14			0.14

Period End Loan Composition

					Mar08 vs Dec07									Mar08 vs Mar07
	Mar 31, 2008		Dec 31, 2007		% Change			Sept 30, 2007		Jun 30, 2007		Mar 31, 2007		% Change
Commercial, financial & agricultural	$	4,458,639	$	4,281,091		4.1	%	$	3,935,976	$	3,958,911	$	3,788,800		17.7	%
Commercial real estate		3,585,779		3,635,365		(1.4	%)		3,656,937		3,703,464		3,723,289		(3.7	%)
Real estate — construction		2,273,125		2,260,766		0.5	%		2,215,264		2,137,276		2,084,883		9.0	%
Lease financing		118,613		108,794		9.0	%		95,644		88,967		89,524		32.5	%
Commercial		10,436,156		10,286,016		1.5	%		9,903,821		9,888,618		9,686,496		7.7	%
Home equity (a)		2,387,223		2,269,122		5.2	%		2,230,640		2,144,357		2,042,284		16.9	%
Installment		842,564		841,136		0.2	%		866,185		865,474		869,719		(3.1	%)
Retail		3,229,787		3,110,258		3.8	%		3,096,825		3,009,831		2,912,003		10.9	%
Residential mortgage		2,119,340		2,119,978		(0.0	%)		2,174,112		2,255,783		2,257,504		(6.1	%)
Total loans	$	15,785,283	$	15,516,252		1.7	%	$	15,174,758	$	15,154,232	$	14,856,003		6.3	%

(a) Home equity includes home equity lines and residential mortgage junior liens.

Period End Deposit Composition

					Mar08 vs Dec07									Mar08 vs Mar07
	Mar 31, 2008		Dec 31, 2007		% Change			Sept 30, 2007		Jun 30, 2007		Mar 31, 2007		% Change
Demand	$	2,516,265	$	2,661,078		(5.4	%)	$	2,407,026	$	2,466,130	$	2,425,248		3.8	%
Savings		891,806		853,618		4.5	%		919,891		966,673		903,738		(1.3	%)
Interest-bearing demand		1,788,404		1,947,551		(8.2	%)		1,881,235		1,900,227		1,805,658		(1.0	%)
Money market		3,972,080		3,923,063		1.2	%		3,770,487		3,564,539		3,880,744		2.4	%
Brokered CDs		731,398		409,637		78.5	%		800,422		751,900		650,084		12.5	%
Other time deposits		3,982,221		4,178,966		(4.7	%)		4,379,308		4,428,149		4,315,495		(7.7	%)
Total deposits	$	13,882,174	$	13,973,913		(0.7	%)	$	14,158,369	$	14,077,618	$	13,980,967		(0.7	%)
Customer Repo Sweeps (b)	$	789,218	$	844,414		(6.5	%)	$	874,737	$	900,964	$	945,019		(16.5	%)

(b) Included within short-term borrowings.

N/M — Not meaningful.

Net Interest Income Analysis — Taxable Equivalent Basis
Associated Banc-Corp

	Three months ended March 31, 2008							Three months ended March 31, 2007
	Average		Interest		Average			Average		Interest		Average
	Balance		Income / Expense		Yield / Rate			Balance		Income / Expense		Yield / Rate
Earning assets:
Loans: (1) (2) (3)
Commercial	$	10,323,280	$	164,725		6.41	%	$	9,581,543	$	178,441		7.55	%
Residential mortgage		2,236,275		33,795		6.06			2,356,944		35,383		6.04
Retail		3,148,766		57,474		7.32			3,019,661		60,820		8.11
Total loans		15,708,321		255,994		6.55			14,958,148		274,644		7.43
Investments and other		3,567,887		47,972		5.38			3,475,838		46,380		5.34
Total earning assets		19,276,208		303,966		6.33			18,433,986		321,024		7.03
Other assets, net		2,173,755							1,939,089
Total assets	$	21,449,963						$	20,373,075
Interest-bearing liabilities:
Savings deposits	$	860,836	$	1,082		0.51	%	$	882,783	$	801		0.37	%
Interest-bearing demand deposits		1,808,187		5,991		1.33			1,799,385		8,587		1.94
Money market deposits		3,974,406		24,454		2.47			3,819,228		36,093		3.83
Time deposits, excluding Brokered CDs		4,043,280		43,741		4.35			4,310,365		47,594		4.48
Total interest-bearing deposits, excluding Brokered CDs		10,686,709		75,268		2.83			10,811,761		93,075		3.49
Brokered CDs		630,541		6,238		3.98			400,171		5,224		5.29
Total interest-bearing deposits		11,317,250		81,506		2.90			11,211,932		98,299		3.56
Wholesale funding		5,293,797		50,247		3.81			4,462,713		57,119		5.18
Total interest-bearing liabilities		16,611,047		131,753		3.19			15,674,645		155,418		4.02
Noninterest-bearing demand deposits		2,326,309							2,346,026
Other liabilities		154,850							123,495
Stockholders’ equity		2,357,757							2,228,909
Total liabilities and stockholders’ equity	$	21,449,963						$	20,373,075
Net interest income and rate spread (1)			$	172,213		3.14	%			$	165,606		3.01	%
Net interest margin (1)						3.58	%						3.62	%
Taxable equivalent adjustment			$	7,096						$	6,560

(1)	The yield on tax exempt loans and securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions.
(2)	Nonaccrual loans and loans held for sale have been included in the average balances.
(3)	Interest income includes net loan fees.