e8vk

0000950123-09-052227.txt : 20091022 0000950123-09-052227.hdr.sgml : 20091022 20091022134304 ACCESSION NUMBER: 0000950123-09-052227 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20091022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091022 DATE AS OF CHANGE: 20091022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSOCIATED BANC-CORP CENTRAL INDEX KEY: 0000007789 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 391098068 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31343 FILM NUMBER: 091132041 BUSINESS ADDRESS: STREET 1: 1200 HANSEN ROAD CITY: GREEN BAY STATE: WI ZIP: 54304 BUSINESS PHONE: 920-431-8836 MAIL ADDRESS: STREET 1: 200 NORTH ADAMS STREET, MS 7829 CITY: GREEN BAY STATE: WI ZIP: 54301 FORMER COMPANY: FORMER CONFORMED NAME: ASSOCIATED BANK SERVICES INC DATE OF NAME CHANGE: 19770626 8-K 1 c54196e8vk.htm FORM 8-K e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 22, 2009

Associated Banc-Corp

(Exact name of registrant as specified in its chapter)


Wisconsin	0-5519 and 001-31343	39-1098068

(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1200 Hansen Road, Green Bay, Wisconsin		54304

(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code 920-491-7000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On October 22, 2009, Associated Banc-Corp announced its earnings for the third quarter of 2009. A copy of the registrant’s press release containing this information is being furnished as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933 or the Exchange Act.

Item 9.01. Financial Statements and Exhibits.

	(d)		Exhibits.

			The following exhibit is furnished as part of this Report on Form 8-K:

99.1

Press release of the registrant dated October 22, 2009, containing financial information for its third quarter ended September 30, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	Associated Banc-Corp (Registrant)
Date: October 22, 2009	By:	/s/ Brian R. Bodager
		Brian R. Bodager
		Chief Administrative Officer, General Counsel & Corporate Secretary

ASSOCIATED BANC-CORP

Exhibit Index to Current Report on Form 8-K


Exhibit
Number
99.1		Press release of the registrant dated October 22, 2009, containing financial information for its third quarter ended September 30, 2009.

EX-99.1 2 c54196exv99w1.htm EX-99.1 exv99w1

Exhibit 99.1


		NEWS RELEASE CONTACTS Investors: Joseph B. Selner, Chief Financial Officer, 920-491-7120 Media: Janet L. Ford, SVP Public Relations Director, 414-704-1211 janet.ford@associatedbank.com

Associated reports third quarter earnings of $0.07 per common share

	•		Net income available to common shareholders of $8.7 million for the third quarter

	•		Provision for loan losses of $95.4 million down from $155.0 million for the second quarter of 2009

	•		Total deposits of $16.4 billion at September 30, 2009 compared to $14.2 billion at September 30, 2008

	•		Total noninterest expenses of $141.1 million down $28.9 million from $170.0 million for the second quarter of 2009

	•		Tangible common equity ratio of 6.64% compared to 6.09% at June 30, 2009

GREEN BAY, Wis. — October 22, 2009 — Associated Banc-Corp (NASDAQ: ASBC) today reported third quarter 2009 net income available to common shareholders of $8.7 million, or $0.07 per common share, after a $7.3 million dividend to preferred shareholders. This compares to a net loss to common shareholders of $24.7 million, or $0.19 per common share for the second quarter of 2009, and to net income of $37.8 million, or $0.30 per common share, for the third quarter of 2008.

Net interest income for the quarter was $179.2 million compared to $179.1 million for the second quarter of 2009 and $166.5 million for the third quarter of 2008. The company’s net interest margin was 3.50% at September 30, 2009, up 10 basis points from 3.40% at June 30, 2009 and up 2 basis points from 3.48% at September 30, 2008. The quarterly improvement in net interest margin was due to a continued decline in the cost of funds and a shift in deposit balances from higher cost time deposits to lower cost transaction accounts, which was partially offset by lower levels of earning assets.

The provision for loan losses for the quarter was $95.4 million compared to $155.0 million for the second quarter of 2009 and $55.0 million for the same period one year ago. Net charge offs for the quarter were $90.0 million compared to $61.1 million for the second quarter of 2009 and $38.4 million for the third quarter of 2008. The increase in the level of net charge offs for the third quarter was significantly impacted by a $25 million charge off of a previously disclosed financial institution credit. Nonperforming loans were $885.8 million at September 30, 2009 compared to $733.4 million at June 30, 2009 and $452.2 million at March 31, 2009. Credit quality deterioration slowed during the third quarter as evidenced by the slower pace of growth in both potential problem loans and nonperforming loans. In addition, loans 30-89 days past due totaled $175.5 million, 16% lower than the prior quarter. This level for loans 30-89 days past due is the lowest the company has seen since the fourth quarter of 2007.

“The lower quarterly loan loss provision is the result of moderation in the pace of credit quality deterioration,” said Associated Chairman and CEO Paul S. Beideman. “Although credit quality deterioration has slowed and past due levels have improved, we believe that loan loss provisions and charge offs will continue to be elevated as the impact of the weak economy and stress on our customers continues.”

- More -

ASBC 3Q ‘09 page 2 of 2

Loans were $14.8 billion at September 30, 2009, down 3.6% from $15.3 billion at June 30, 2009, primarily due to the continued decline in the company’s commercial loan balances. Deposits were $16.4 billion at September 30, 2009, up 0.8% from $16.3 billion at June 30, 2009 and up 15.4% from $14.2 billion a year ago. All deposit categories experienced significant year-over-year growth, with the exception of small declines in time and savings deposits.

Mortgage loans originated for sale during the third quarter declined to $638 million compared to the record high level of $1.3 billion for the second quarter of 2009 and $218 million for the third quarter of 2008. For the third quarter of 2009, the Company experienced a net mortgage banking loss of $0.9 million, compared to net mortgage banking income of $28.3 million for the second quarter of 2009 and $3.6 million for the third quarter of 2008. Third quarter mortgage banking results included a $4.7 million valuation charge related to mortgage servicing rights compared to a $9.6 million valuation recovery in the second quarter of 2009.

Core fee-based revenue was $66.5 million for the third quarter compared to $64.9 million for the second quarter of 2009 and $71.1 million for the third quarter of 2008. The reduction in revenue between the comparable third quarter periods was primarily the result of continued lower levels of consumer fee-based activity and lower asset management revenue due to year-over-year equity market declines.

Total noninterest expense for the third quarter was $141.1 million, down $28.9 million from $170.0 million in the second quarter 2009. Expenses were driven lower in all categories. Most notably, personnel expense decreased $7.7 million, legal and professional fees decreased $2.2 million, and business development and advertising costs decreased $1.0 million. In addition, FDIC insurance expense decreased $9.6 million from the second quarter, which included a one-time special assessment of $11.3 million. Foreclosure/OREO expenses also decreased $4.9 million due to lower levels of property write-downs during the quarter. The efficiency ratio for the third quarter of 2009 was 54.14% compared to 58.65% for the second quarter of 2009 and 52.18% for the same period one year ago.

For the nine months ended September 30, 2009, net income available to common shareholders was $19.4 million, or $0.15 per common share, compared to $151.6 million, or $1.18 per common share, for the nine months ended September 30, 2008.

Associated Banc-Corp (NASDAQ: ASBC) will host a conference call for investors and analysts at 3 p.m. Central Time (CT) Thursday, October 22, 2009. The toll-free dial-in number for the live call is 877-941-4774. The number for international callers is 480-629-9760. Participants should ask the operator for the Associated Banc-Corp third quarter 2009 earnings call, or for call ID number 4170464. A replay of the call will be available starting at 6 p.m. CT on October 22, 2009 through 12:00 midnight CT on November 22, 2009 by calling 800-406-7325 (toll-free) domestically or 303-590-3030 internationally. The call ID number (replay pin number), 4170464, is required to access the replay.

Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified bank holding company with total assets of $23 billion. Associated has approximately 300 banking offices serving an estimated 160 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 at www.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.

# # #

Consolidated Balance Sheets (Unaudited)
Associated Banc-Corp


	September 30,			December 31,			Sept09 vs Dec08			September 30,			Sept09 vs Sept08
(in thousands)	2009			2008			% Change			2008			% Change

*Assets*
Cash and due from banks	$	430,381		$	533,338			(19.3	%)	$	623,132			(30.9	%)
Interest-bearing deposits in other financial institutions		13,145			12,649			3.9	%		12,288			7.0	%
Federal funds sold and securities purchased under agreements to resell		17,000			24,741			(31.3	%)		60,655			(72.0	%)
Investment securities available for sale, at fair value		5,651,076			5,143,414			9.9	%		3,435,625			64.5	%
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost		181,316			206,003			(12.0	%)		181,192			0.1	%
Loans held for sale		78,740			87,084			(9.6	%)		40,912			92.5	%
Loans		14,765,597			16,283,908			(9.3	%)		16,272,487			(9.3	%)
Allowance for loan losses		(412,530	)		(265,378	)		55.4	%		(246,189	)		67.6	%

Loans, net		14,353,067			16,018,530			(10.4	%)		16,026,298			(10.4	%)
Premises and equipment, net		185,544			190,942			(2.8	%)		188,817			(1.7	%)
Goodwill		929,168			929,168			0.0	%		929,168			0.0	%
Other intangible assets, net		91,506			80,165			14.1	%		90,138			1.5	%
Other assets		950,584			966,033			(1.6	%)		899,169			5.7	%

*Total assets*	$	22,881,527		$	24,192,067			(5.4	%)	$	22,487,394			1.8	%


*Liabilities and Stockholders’ Equity*
Noninterest-bearing deposits	$	2,984,486		$	2,814,079			6.1	%	$	2,545,779			17.2	%
Interest-bearing deposits, excluding Brokered CDs		12,808,533			11,551,181			10.9	%		11,120,281			15.2	%
Brokered CDs		653,090			789,536			(17.3	%)		579,607			12.7	%

Total deposits		16,446,109			15,154,796			8.5	%		14,245,667			15.4	%
Short-term borrowings		1,517,594			3,703,936			(59.0	%)		4,106,015			(63.0	%)
Long-term funding		1,761,506			1,861,647			(5.4	%)		1,561,722			12.8	%
Accrued expenses and other liabilities		231,659			595,185			(61.1	%)		209,743			10.4	%

Total liabilities		19,956,868			21,315,564			(6.4	%)		20,123,147			(0.8	%)
Stockholders’ Equity
Preferred equity		510,315			508,008			0.5	%		—			N/M
Common stock		1,284			1,281			0.2	%		1,280			0.3	%
Surplus		1,080,720			1,073,218			0.7	%		1,051,976			2.7	%
Retained earnings		1,268,507			1,293,941			(2.0	%)		1,321,323			(4.0	%)
Accumulated other comprehensive income (loss)		64,919			55			N/M			(10,332	)		N/M
Treasury stock		(1,086	)		—			N/M			—			N/M

Total stockholders’ equity		2,924,659			2,876,503			1.7	%		2,364,247			23.7	%

*Total liabilities and stockholders’ equity*	$	22,881,527		$	24,192,067			(5.4	%)	$	22,487,394			1.8	%


N/M = Not meaningful.

Consolidated Statements of Income (Unaudited)
Associated Banc-Corp


	For The Three Months Ended									For The Nine Months Ended,
	September 30,						Quarter			September 30,						Year-to-Date
(in thousands, except per share amounts)	2009			2008			% Change			2009			2008			% Change

*Interest Income*
Interest and fees on loans	$	183,264		$	229,001			(20.0	%)	$	579,641		$	721,781			(19.7	%)
Interest and dividends on investment securities and deposits in other financial institutions:
Taxable		46,873			32,209			45.5	%		144,464			95,439			51.4	%
Tax-exempt		8,498			9,887			(14.0	%)		26,811			29,922			(10.4	%)
Interest on federal funds sold and securities purchased under agreements to resell		16			279			(94.3	%)		130			698			(81.4	%)

Total interest income		238,651			271,376			(12.1	%)		751,046			847,840			(11.4	%)
*Interest Expense*
Interest on deposits		37,811			61,743			(38.8	%)		129,403			206,904			(37.5	%)
Interest on short-term borrowings		2,895			23,958			(87.9	%)		13,137			76,494			(82.8	%)
Interest on long-term funding		18,709			19,158			(2.3	%)		60,854			60,076			1.3	%

Total interest expense		59,415			104,859			(43.3	%)		203,394			343,474			(40.8	%)

*Net Interest Income*		179,236			166,517			7.6	%		547,652			504,366			8.6	%
Provision for loan losses		95,410			55,011			73.4	%		355,856			137,014			159.7	%

Net interest income after provision for loan losses		83,826			111,506			(24.8	%)		191,796			367,352			(47.8	%)
*Noninterest Income*
Trust service fees		9,057			10,020			(9.6	%)		26,103			30,172			(13.5	%)
Service charges on deposit accounts		30,829			33,609			(8.3	%)		87,705			87,422			0.3	%
Card-based and other nondeposit fees		11,586			12,517			(7.4	%)		33,618			36,243			(7.2	%)
Retail commissions		15,041			14,928			0.8	%		45,382			47,047			(3.5	%)
Mortgage banking, net		(909	)		3,571			(125.5	%)		31,655			15,911			99.0	%
Treasury management fees, net		226			1,935			(88.3	%)		5,245			7,423			(29.3	%)
Bank owned life insurance income		3,789			5,235			(27.6	%)		12,722			15,093			(15.7	%)
Asset sale gains (losses), net		(126	)		573			(122.0	%)		(2,520	)		(614	)		310.4	%
Investment securities gains (losses), net		(42	)		(13,585	)		N/M			9,169			(17,243	)		N/M
Other		5,858			6,520			(10.2	%)		17,148			23,122			(25.8	%)

Total noninterest income		75,309			75,323			(0.0	%)		266,227			244,576			8.9	%
*Noninterest Expense*
Personnel expense		73,501			78,395			(6.2	%)		231,770			232,104			(0.1	%)
Occupancy		11,949			12,037			(0.7	%)		37,171			37,327			(0.4	%)
Equipment		4,575			5,088			(10.1	%)		13,834			14,338			(3.5	%)
Data processing		7,442			7,634			(2.5	%)		23,165			23,005			0.7	%
Business development and advertising		3,910			5,175			(24.4	%)		13,590			15,353			(11.5	%)
Other intangible amortization		1,386			1,568			(11.6	%)		4,157			4,705			(11.6	%)
Legal and professional fees		3,349			3,538			(5.3	%)		13,176			9,255			42.4	%
Foreclosure/OREO expense		8,688			2,427			258.0	%		27,277			6,969			291.4	%
FDIC expense		8,451			791			N/M			32,316			1,594			N/M
Other		17,860			19,924			(10.4	%)		55,950			64,060			(12.7	%)

Total noninterest expense		141,111			136,577			3.3	%		452,406			408,710			10.7	%

*Income before income taxes*		18,024			50,252			(64.1	%)		5,617			203,218			(97.2	%)
Income tax expense (benefit)		2,030			12,483			(83.7	%)		(35,761	)		51,625			(169.3	%)

*Net income*		15,994			37,769			(57.7	%)	$	41,378		$	151,593			(72.7	%)
Preferred stock dividends and discount		7,342			—			N/M			21,994			—			N/M

*Net income available to common equity*	$	8,652		$	37,769			(77.1	%)	$	19,384		$	151,593			(87.2	%)


Earnings Per Common Share:
Basic	$	0.07		$	0.30			(76.7	%)	$	0.15		$	1.19			(87.4	%)
Diluted	$	0.07		$	0.30			(76.7	%)	$	0.15		$	1.18			(87.3	%)

Average Common Shares Outstanding:
Basic		127,863			127,553			0.2	%		127,855			127,428			0.3	%
Diluted		127,863			127,622			0.2	%		127,859			127,799			0.0	%


N/M = Not meaningful.

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


(in thousands, except per share amounts)	3Q09			2Q09			1Q09			4Q08			3Q08

*Interest Income*
Interest and fees on loans	$	183,264		$	194,352		$	202,025		$	230,872		$	229,001
Interest and dividends on investment securities and deposits in other financial institutions:
Taxable		46,873			46,688			50,903			38,032			32,209
Tax-exempt		8,498			8,819			9,494			9,811			9,887
Interest on federal funds sold and securities purchased under agreements to resell		16			51			63			154			279

Total interest income		238,651			249,910			262,485			278,869			271,376
*Interest Expense*
Interest on deposits		37,811			44,993			46,599			56,402			61,743
Interest on short-term borrowings		2,895			5,088			5,154			10,090			23,958
Interest on long-term funding		18,709			20,691			21,454			20,595			19,158

Total interest expense		59,415			70,772			73,207			87,087			104,859

*Net Interest Income*		179,236			179,138			189,278			191,782			166,517
Provision for loan losses		95,410			155,022			105,424			65,044			55,011

Net interest income after provision for loan losses		83,826			24,116			83,854			126,738			111,506
*Noninterest Income*
Trust service fees		9,057			8,569			8,477			8,248			10,020
Service charges on deposit accounts		30,829			29,671			27,205			30,946			33,609
Card-based and other nondeposit fees		11,586			11,858			10,174			12,297			12,517
Retail commissions		15,041			14,829			15,512			15,541			14,928

Total core fee-based revenue		66,513			64,927			61,368			67,032			71,074
Mortgage banking, net		(909	)		28,297			4,267			(1,227	)		3,571
Treasury management fees, net		226			2,393			2,626			(33	)		1,935
Bank owned life insurance income		3,789			3,161			5,772			4,711			5,235
Asset sale gains (losses), net		(126	)		(1,287	)		(1,107	)		(1,054	)		573
Investment securities gains (losses), net		(42	)		(1,385	)		10,596			(35,298	)		(13,585	)
Other		5,858			5,835			5,455			6,943			6,520

Total noninterest income		75,309			101,941			88,977			41,074			75,323
*Noninterest Expense*
Personnel expense		73,501			81,171			77,098			77,374			78,395
Occupancy		11,949			12,341			12,881			13,134			12,037
Equipment		4,575			4,670			4,589			4,785			5,088
Data processing		7,442			8,126			7,597			7,446			7,634
Business development and advertising		3,910			4,943			4,737			6,047			5,175
Other intangible amortization		1,386			1,385			1,386			1,564			1,568
Legal and professional fees		3,349			5,586			4,241			5,311			3,538
Foreclosure/OREO expense		8,688			13,576			5,013			6,716			2,427
FDIC expense		8,451			18,090			5,775			930			791
Other		17,860			20,143			17,947			25,443			19,924

Total noninterest expense		141,111			170,031			141,264			148,750			136,577

*Income (loss) before income taxes*		18,024			(43,974	)		31,567			19,062			50,252
Income tax expense (benefit)		2,030			(26,633	)		(11,158	)		2,203			12,483

*Net income (loss)*		15,994			(17,341	)		42,725			16,859			37,769
Preferred stock dividends and discount		7,342			7,331			7,321			3,250			—

*Net income (loss) available to common equity*	$	8,652		$	(24,672	)	$	35,404		$	13,609		$	37,769


Earnings (Loss) Per Common Share:
Basic	$	0.07		$	(0.19	)	$	0.28		$	0.11		$	0.30
Diluted	$	0.07		$	(0.19	)	$	0.28		$	0.11		$	0.30

Average Common Shares Outstanding:
Basic		127,863			127,861			127,839			127,717			127,553
Diluted		127,863			127,861			127,845			127,810			127,622

Selected Quarterly Information
Associated Banc-Corp


(in thousands, except per share and full time equivalent employee data)	YTD 2009			YTD 2008			3rd Qtr 2009			2nd Qtr 2009			1st Qtr 2009			4th Qtr 2008			3rd Qtr 2008

*Summary of Operations*
Net interest income	$	547,652		$	504,366		$	179,236		$	179,138		$	189,278		$	191,782		$	166,517
Provision for loan losses		355,856			137,014			95,410			155,022			105,424			65,044			55,011
Asset sale gains (losses), net		(2,520	)		(614	)		(126	)		(1,287	)		(1,107	)		(1,054	)		573
Investment securities gains (losses), net		9,169			(17,243	)		(42	)		(1,385	)		10,596			(35,298	)		(13,585	)
Noninterest income (excluding securities & asset gains)		259,578			262,433			75,477			104,613			79,488			77,426			88,335
Noninterest expense		452,406			408,710			141,111			170,031			141,264			148,750			136,577
Income (loss) before income taxes		5,617			203,218			18,024			(43,974	)		31,567			19,062			50,252
Income tax expense (benefit)		(35,761	)		51,625			2,030			(26,633	)		(11,158	)		2,203			12,483
Net income (loss)		41,378			151,593			15,994			(17,341	)		42,725			16,859			37,769
Net income (loss) available to common equity		19,384			151,593			8,652			(24,672	)		35,404			13,609			37,769
Taxable equivalent adjustment		18,632			20,809			5,938			6,150			6,544			6,902			6,899

*Per Common Share Data*
Net income (loss):
Basic	$	0.15		$	1.19		$	0.07		$	(0.19	)	$	0.28		$	0.11		$	0.30
Diluted		0.15			1.18			0.07			(0.19	)		0.28			0.11			0.30
Dividends		0.42			0.95			0.05			0.05			0.32			0.32			0.32
Market Value:
High	$	21.39		$	29.23		$	12.67		$	19.00		$	21.39		$	24.21		$	25.92
Low		9.21			14.85			9.21			12.50			10.60			15.72			14.85
Close		11.42			19.95			11.42			12.50			15.45			20.93			19.95
Book value		18.88			18.52			18.88			18.49			18.68			18.54			18.52
Tangible book value		11.38			10.96			11.38			10.97			11.15			10.99			10.96

*Performance Ratios (annualized)*
Earning assets yield		4.75	%		5.90	%		4.62	%		4.70	%		4.94	%		5.57	%		5.58	%
Interest-bearing liabilities rate		1.51			2.71			1.36			1.57			1.61			2.00			2.44
Net interest margin		3.50			3.57			3.50			3.40			3.59			3.88			3.48
Return on average assets		0.23			0.93			0.27			(0.29	)		0.71			0.30			0.68
Return on average equity		1.90			8.57			2.19			(2.40	)		5.98			2.58			6.38
Return on average tangible common equity (1)		1.81			14.52			2.39			(6.88	)		10.05			3.83			10.83
Efficiency ratio (2)		54.78			51.89			54.14			58.65			51.31			53.87			52.18
Effective tax rate (benefit)		(636.66	)		25.40			11.26			(60.57	)		(35.35	)		11.56			24.84
Dividend payout ratio (3)		280.00			79.83			71.43			N/M			114.29			290.91			106.67

*Average Balances*
Assets	$	23,891,164		$	21,833,664		$	23,362,954		$	24,064,567		$	24,255,783		$	22,646,421		$	22,072,948
Earning assets		21,619,838			19,639,329			21,063,016			21,847,267			21,959,077			20,436,483			19,884,434
Interest-bearing liabilities		17,994,706			16,904,447			17,412,341			18,125,389			18,457,879			17,363,481			17,107,551
Loans		15,929,440			16,011,627			15,248,895			16,122,063			16,430,347			16,285,881			16,203,717
Deposits		15,808,077			13,616,134			16,264,181			16,100,686			15,045,976			14,395,626			13,710,297
Wholesale funding		5,006,918			5,707,467			4,067,830			4,876,970			6,098,266			5,496,248			5,876,051
Common stockholders’ equity		2,395,478			2,363,033			2,394,410			2,400,664			2,391,325			2,376,639			2,353,606
Stockholders’ equity		2,904,521			2,363,033			2,904,210			2,909,700			2,899,603			2,602,917			2,353,606
Common stockholders’ equity / assets		10.03	%		10.82	%		10.25	%		9.98	%		9.86	%		10.49	%		10.66	%
Stockholders’ equity / assets		12.16	%		10.82	%		12.43	%		12.09	%		11.95	%		11.49	%		10.66	%

*At Period End*
Assets							$	22,881,527		$	24,013,567		$	24,349,725		$	24,192,067		$	22,487,394
Loans								14,765,597			15,310,107			15,917,952			16,283,908			16,272,487
Allowance for loan losses								412,530			407,167			313,228			265,378			246,189
Goodwill								929,168			929,168			929,168			929,168			929,168
Mortgage servicing rights at fair value, net								61,066			59,762			39,754			45,568			53,977
Other intangible assets								30,440			31,826			33,211			34,597			36,161
Deposits								16,446,109			16,320,391			15,873,189			15,154,796			14,245,667
Wholesale funding								3,279,100			4,474,542			5,326,734			5,565,583			5,667,737
Stockholders’ equity								2,924,659			2,873,768			2,897,169			2,876,503			2,364,247
Stockholders’ equity / assets								12.78	%		11.97	%		11.90	%		11.89	%		10.51	%
Tangible common equity / tangible assets (4)								6.64	%		6.09	%		6.10	%		6.05	%		6.50	%
Tangible equity / tangible assets (5)								8.96	%		8.30	%		8.27	%		8.23	%		6.50	%
Shares outstanding, end of period								127,864			127,861			127,860			127,762			127,646

*Selected trend information*
Average full time equivalent employees								5,004			5,116			5,143			5,109			5,141
Trust assets under management, at market value							$	5,200,000		$	5,000,000		$	4,800,000		$	5,100,000		$	5,600,000
Mortgage loans originated for sale during period								638,229			1,335,175			1,079,732			247,465			217,993
Mortgage portfolio serviced for others								7,473,000			6,904,000			6,582,000			6,606,000			6,596,000
Mortgage servicing rights, net / Portfolio serviced for others								0.82	%		0.87	%		0.60	%		0.69	%		0.82	%


N/M = Not meaningful.

(1)		Return on average tangible common equity = Net income available to common equity divided by average common equity excluding average goodwill and other intangible assets. This is a non-GAAP financial measure.

(2)		Efficiency ratio = Noninterest expense divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains, net, and asset sales gains, net. This is a non-GAAP financial measure.

(3)		Ratio is based upon basic earnings per common share.

(4)		Tangible common equity to tangible assets = Common stockholders’ equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. This is a non-GAAP financial measure.

(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.

Financial Summary and Comparison
Associated Banc-Corp


	Three months ended									Nine months ended
	September 30,									September 30,
(in thousands)	2009			2008			% Change			2009			2008			% Change

*Allowance for Loan Losses*
Beginning balance	$	407,167		$	229,605			77.3	%	$	265,378		$	200,570			32.3	%
Provision for loan losses		95,410			55,011			73.4	%		355,856			137,014			159.7	%
Charge offs		(92,340	)		(40,344	)		128.9	%		(215,839	)		(98,076	)		120.1	%
Recoveries		2,293			1,917			19.6	%		7,135			6,681			6.8	%

Net charge offs		(90,047	)		(38,427	)		134.3	%		(208,704	)		(91,395	)		128.4	%

Ending balance	$	412,530		$	246,189			67.6	%	$	412,530		$	246,189			67.6	%

Credit Quality


							Sep09 vs Jun09												Sep09 vs Sep08
	Sept 30, 2009			Jun 30, 2009			% Change			Mar 31, 2009			Dec 31, 2008			Sept 30, 2008			% Change

Nonaccrual loans	$	845,320		$	700,514			20.7	%	$	433,246		$	326,857		$	290,039			191.5	%
Loans 90 or more days past due and still accruing		23,174			19,785			17.1	%		16,002			13,811			14,631			58.4	%
Restructured loans		17,256			13,089			31.8	%		2,927			—			—			N/M

Total nonperforming loans		885,750			733,388			20.8	%		452,175			340,668			304,670			190.7	%
Other real estate owned (OREO)		60,010			51,633			16.2	%		54,883			48,710			46,473			29.1	%

Total nonperforming assets	$	945,760		$	785,021			20.5	%	$	507,058		$	389,378		$	351,143			169.3	%

Provision for loan losses		95,410			155,022			(38.5	%)		105,424			65,044			55,011			73.4	%
Net charge offs		90,047			61,083			47.4	%		57,574			45,855			38,427			134.3	%

Allowance for loan losses / loans		2.79	%		2.66	%					1.97	%		1.63	%		1.51	%
Allowance for loan losses / nonperforming loans		46.57			55.52						69.27			77.90			80.81
Nonperforming loans / total loans		6.00			4.79						2.84			2.09			1.87
Nonperforming assets / total loans plus OREO		6.38			5.11						3.17			2.38			2.15
Nonperforming assets / total assets		4.13			3.27						2.08			1.61			1.56
Net charge offs / average loans (annualized)		2.34			1.52						1.42			1.12			0.94
Year-to-date net charge offs / average loans		1.75			1.47						1.42			0.85			0.76

Nonperforming loans by type:
Commercial, financial & agricultural	$	209,843		$	187,943			11.7	%	$	102,257		$	104,664		$	85,995			144.0	%
Commercial real estate		213,736			165,929			28.8	%		100,838			62,423			52,875			304.2	%
Real estate — construction		301,844			264,402			14.2	%		152,008			90,048			98,205			207.4	%
Lease financing		18,814			1,929			N/M			1,707			187			83			N/M

Total commercial		744,237			620,203			20.0	%		356,810			257,322			237,158			213.8	%
Home equity		45,905			38,474			19.3	%		35,224			31,035			25,372			80.9	%
Installment		7,387			7,545			(2.1	%)		6,755			7,155			6,035			22.4	%

Total retail		53,292			46,019			15.8	%		41,979			38,190			31,407			69.7	%
Residential mortgage		88,221			67,166			31.3	%		53,386			45,156			36,105			144.3	%

Total nonperforming loans	$	885,750		$	733,388			20.8	%	$	452,175		$	340,668		$	304,670			190.7	%


Loans past due 30-89 days	$	175,492		$	209,323			(16.2	%)	$	245,854		$	190,112		$	191,514			(8.4	%)
Potential problem loans	$	1,573,903		$	1,426,171			10.4	%	$	1,016,551		$	937,802		$	765,641			105.6	%

Period End Loan Composition


					Sep09 vs Jun09									Sep09 vs Sep08
	Sept 30, 2009		Jun 30, 2009		% Change			Mar 31, 2009		Dec 31, 2008		Sept 30, 2008		% Change

Commercial, financial & agricultural	$	3,613,457	$	3,904,925		(7.5	%)	$	4,160,274	$	4,388,691	$	4,343,208		(16.8	%)
Commercial real estate		3,902,340		3,737,749		4.4	%		3,575,301		3,566,551		3,534,791		10.4	%
Real estate — construction		1,611,857		1,963,919		(17.9	%)		2,228,090		2,260,888		2,363,116		(31.8	%)
Lease financing		102,130		110,262		(7.4	%)		116,100		122,113		125,907		(18.9	%)

Total commercial		9,229,784		9,716,855		(5.0	%)		10,079,765		10,338,243		10,367,022		(11.0	%)
Home equity		2,591,262		2,656,747		(2.5	%)		2,784,248		2,883,317		2,892,952		(10.4	%)
Installment		885,970		844,065		5.0	%		853,214		827,303		842,741		5.1	%

Total retail		3,477,232		3,500,812		(0.7	%)		3,637,462		3,710,620		3,735,693		(6.9	%)
Residential mortgage		2,058,581		2,092,440		(1.6	%)		2,200,725		2,235,045		2,169,772		(5.1	%)

Total loans	$	14,765,597	$	15,310,107		(3.6	%)	$	15,917,952	$	16,283,908	$	16,272,487		(9.3	%)

Period End Deposit Composition


					Sep09 vs Jun09									Sep09 vs Sep08
	Sept 30, 2009		Jun 30, 2009		% Change			Mar 31, 2009		Dec 31, 2008		Sept 30, 2008		% Change

Demand	$	2,984,486	$	2,846,570		4.8	%	$	2,818,088	$	2,814,079	$	2,545,779		17.2	%
Savings		871,539		898,527		(3.0	%)		895,310		841,129		888,731		(1.9	%)
Interest-bearing demand		2,395,429		2,242,800		6.8	%		1,796,724		1,796,405		1,667,640		43.6	%
Money market		5,724,418		5,410,498		5.8	%		5,410,095		4,926,088		4,608,686		24.2	%
Brokered CDs		653,090		930,582		(29.8	%)		922,491		789,536		579,607		12.7	%
Other time deposits		3,817,147		3,991,414		(4.4	%)		4,030,481		3,987,559		3,955,224		(3.5	%)

Total deposits	$	16,446,109	$	16,320,391		0.8	%	$	15,873,189	$	15,154,796	$	14,245,667		15.4	%


Network transaction deposits included above in interest-bearing demand and money market	$	1,767,271	$	1,605,722		10.1	%	$	1,759,656	$	1,530,675	$	1,356,616		30.3	%
Customer repo sweeps (a)	$	242,575	$	269,809		(10.1	%)	$	333,706	$	505,788	$	657,032		(63.1	%)


(a)		Included within short-term borrowings.

N/M — Not meaningful.

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


	Nine months ended September 30, 2009							Nine months ended September 30, 2008
	Average		Interest		Average			Average		Interest		Average
(in thousands)	Balance		Income / Expense		Yield / Rate			Balance		Income / Expense		Yield / Rate


Earning assets:
Loans: (1) (2) (3)
Commercial	$	9,887,868	$	334,930		4.53	%	$	10,405,893	$	455,899		5.85	%
Residential mortgage		2,457,663		98,159		5.33			2,193,992		97,776		5.95
Retail		3,583,909		149,098		5.56			3,411,742		170,962		6.69

Total loans		15,929,440		582,187		4.88			16,011,627		724,637		6.04
Investments and other		5,690,398		187,491		4.39			3,627,702		144,012		5.29

Total earning assets		21,619,838		769,678		4.75			19,639,329		868,649		5.90
Other assets, net		2,271,326							2,194,335

Total assets	$	23,891,164						$	21,833,664


Interest-bearing liabilities:
Savings deposits	$	884,098	$	1,034		0.16	%	$	894,389	$	3,118		0.47	%
Interest-bearing demand deposits		2,002,929		3,164		0.21			1,791,808		13,131		0.98
Money market deposits		5,300,646		34,516		0.87			4,010,968		61,577		2.05
Time deposits, excluding Brokered CDs		3,951,577		82,275		2.78			3,959,126		115,830		3.91

Total interest-bearing deposits, excluding Brokered CDs		12,139,250		120,989		1.33			10,656,291		193,656		2.43
Brokered CDs		848,538		8,414		1.33			540,689		13,248		3.27

Total interest-bearing deposits		12,987,788		129,403		1.33			11,196,980		206,904		2.47
Wholesale funding		5,006,918		73,991		1.97			5,707,467		136,570		3.20

Total interest-bearing liabilities		17,994,706		203,394		1.51			16,904,447		343,474		2.71
Noninterest-bearing demand deposits		2,820,289							2,419,154
Other liabilities		171,648							147,030
Stockholders’ equity		2,904,521							2,363,033

Total liabilities and stockholders’ equity	$	23,891,164						$	21,833,664


Net interest income and rate spread (1)			$	566,284		3.24	%			$	525,175		3.19	%

Net interest margin (1)						3.50	%						3.57	%
Taxable equivalent adjustment			$	18,632						$	20,809


	Three months ended September 30, 2009							Three months ended September 30, 2008
	Average		Interest		Average			Average		Interest		Average
	Balance		Income / Expense		Yield / Rate			Balance		Income / Expense		Yield / Rate


Earning assets:
Loans: (1) (2) (3)
Commercial	$	9,503,565	$	106,506		4.45	%	$	10,393,313	$	141,040		5.40	%
Residential mortgage		2,270,025		29,928		5.26			2,151,163		31,452		5.84
Retail		3,475,305		47,670		5.46			3,659,241		57,477		6.26

Total loans		15,248,895		184,104		4.80			16,203,717		229,969		5.65
Investments and other		5,814,121		60,485		4.16			3,680,717		48,306		5.25

Total earning assets		21,063,016		244,589		4.62			19,884,434		278,275		5.58
Other assets, net		2,299,938							2,188,514

Total assets	$	23,362,954						$	22,072,948


Interest-bearing liabilities:
Savings deposits	$	887,176	$	353		0.16	%	$	911,216	$	1,027		0.45	%
Interest-bearing demand deposits		2,330,976		1,298		0.22			1,771,091		3,366		0.76
Money market deposits		5,540,272		10,538		0.75			4,191,771		19,577		1.86
Time deposits, excluding Brokered CDs		3,847,942		23,998		2.47			3,941,384		34,860		3.52

Total interest-bearing deposits, excluding Brokered CDs		12,606,366		36,187		1.14			10,815,462		58,830		2.16
Brokered CDs		738,145		1,624		0.87			416,038		2,913		2.79

Total interest-bearing deposits		13,344,511		37,811		1.12			11,231,500		61,743		2.19
Wholesale funding		4,067,830		21,604		2.11			5,876,051		43,116		2.92

Total interest-bearing liabilities		17,412,341		59,415		1.36			17,107,551		104,859		2.44
Noninterest-bearing demand deposits		2,919,670							2,478,797
Other liabilities		126,733							132,994
Stockholders’ equity		2,904,210							2,353,606

Total liabilities and stockholders’ equity	$	23,362,954						$	22,072,948


Net interest income and rate spread (1)			$	185,174		3.26	%			$	173,416		3.14	%

Net interest margin (1)						3.50	%						3.48	%
Taxable equivalent adjustment			$	5,938						$	6,899


(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.

GRAPHIC 3 c54196c5419600.gif GRAPHIC begin 644 c54196c5419600.gif M1TE&.#EAGP"-`/<````Q```Y```Y"`!"``!""`!"$`!*"`!*$`!*&`"E0@"E M2@"E4@"M2@"M4@A*$`A*&`A2&`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`` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M`````````````````````"'Y!```````+`````"?`(T`AP`Q```Y```Y"`!" M``!""`!"$`!*"`!*$`!*&`"E0@"E2@"E4@"M2@"M4@A*$`A*&`A2&`BM4@BM M6A!2&!!2(1!:(1"M4A"M6A"U8QA2(1A2*1A:(1A:*1BM6ABM8QBU8R%:*2%: M,2%C,2%C.2&U8R&U:REC,2EC.2EK.2FU8RFU:S%C.3%K.3%K0C&U:S&UT)S2D)S4D)[2D)[4D*]TI[4DI[6DJ$ M6DJ]>TJ]A$K&A%)[6E*$6E*$8U*,8U*]A%+&A%+&C%J$8UJ,8UJ,:UK&A%K& MC&.,8V.,:V.4:V.4VN<W.< MW/.G'N<>WNM9RU MG)RUI9R]G)R]I9S>M9S>O:6]I:6]K:7&K:7>O:7>QJ7GQJV]K:W&K:W&M:W> MO:W>QJWGQK7&M;7&O;7.M;7.O;7GQK7GSKW.O;W.QKW6QKWGQKWGSL;6QL;6 MSL;>SL;GSL;GUL;OUL[6SL[>SL[>UL[OUL[OWM;>UM;GUM;GWM;OWM;WY][G MWM[GY][OWM[OY][WY^?GWN?OWN?OY^?O[^?WY^?W[^_OY^_O[^_W[^_W]^__ M]_?W[_?W]_?_]_?_____]____P`````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````````````````````````C^`'L)'$BP MH$&#N08F%+BP8,.#$",RC/A0(L2*%BUBS,BQH2V%'$->!"FR9,B-$E'V4DE0 M)4N3+S.Z/-APILR6,"-^S(B+HLF4/U<&G7AS)-&2-8>25,H4Y]&-,9M*%8K4 M9]&<`GL>G4HS:%2@2T]&U*K1XLZI7ZTZI?HTX]FN2M,:'!'=KX(-G$32L?WAQV:T&]#S5[QFSP M+5RTBPOC#=V9=,'+JN^RA1J;DZ;8K@F:GBQ;,&Z_81/FX?%0LEVRC443YLU4 M^6R'IP\24D!EH%ZLRWF6W2ZUW6W'VIQ46@1(0LP,`""D2P2(($U:?6A;F9 M)Q)+Z_TTW8,**"`!(4P9F&%K^T'DVVC];;C60O\IT`"$#,AQT'4H(L@>8B[V ME>*.&7T(X0(0*C"%+/+QV%Z*SD'FH8P*0#BC`@G`<`E]22XXWXL*.J9C02;V M(B2``$:90`1DA)DEAFO^R!B*R4%TF2(,1!FEE'8F\,*`O?"RD&8QI<671SG^ MIN9`Y>7AX*(/2NE@B$)62^S5IGTB@)*%%B$1&">*05#9PQ"*Z]*ADFRQZ MJ>J);Q)4BPO^-=@"1`*+`DCD@[@ND(`"0"#9F5POQ0G8>K29*I$3"?#0BRD> M<'IGHW="V<$JEVJ9*JJGZ>>F7&10:8-`EUB@0*YVD@DE":I0F!F3ZS;5;9T\ M&!?)!<[.".VC)%![JK4MJN;=EYVQX6R\`PT2@:=#TM@INOPU7*U]SI76*I#X M'20PE`I\VXMQBUQ`*YXS/NK!*Q,#W"_$%3_GYLD,;6HGA#S@""X)SG:Z`(`, MKWK@CQ&'5.I`JP01HKD*$-P+6:;PL*NMN"K@@;XI?]GSOE'_FE$D*8P+*LSE M$20+%1'0^JP".;-I]K5;#ENRU1S)\H6N"3\(H,;Y]2G0(BKLNBC^V5!WZ+"& M/BZWXLH%$>+"T(QV6K1%KWSA<9%ERZ;EU,;B==DE1]3Y8:44ZUS6+A(60 MN8):YAB*2$B0S`+ME`LG9-2R-JM9Z1ALW;^K?M`8]6XNXZ()!*'+(@F4`/7P M_IJL=F$]R3'TLS=#6:0+)#>HP`Z^$M3UI-@ZVLJFQAJ"Q.%EGWI9B$@@"H%\ M2`%':`CT5DR89G&CR`*4IU8],I0O%0`C1-"?\[#63X1#PTI8ROV'G M*V/@W-Z(E``5W&:$G@J1$ZQWD%U<$#7^?TM/Q`K8"_EUL%Q4>H$I"H>P$`%A M?3LCC:7:E9X#;FU*"F@"+`P2'GN%2`6<`.##4%>HN@@O@/*34IEH%8<"QHA, M$+J`'B0"FC(2L#L#&9P8#R,/1#"F8D#U.XA%;^A*A?]H(,.Y#$ MP62HO%`!H1"5'";A+%DU[@E$+_\C2/.^U4E[)0Z.5.H`*RB5(T%1<8_<-(@H M/*:L7E`A1`K^!%6N3`?/!&433-=;U7I6<;BB2<862*!5+LUY*[+U+G`JP^04 M(]I/;4;D%36@50+H5@L>#!*)"S0D(K=948Z$*2JKR.B4ZID062'NB/6+W#N# M6<&SG8ZDH<@;J(PFD%K49;FP1"2"$#9]EPJ?F0D0PB M*F>I3V29NZW??*4B%<'1!._87#D5N#.P8:]JG;0C(K[/H@'DRGWY>^#>R+>^ M[%O*7U7CU4-)K,(A,4XE,;+A"$]8*1/D3>I2_$W3]O`EYA@P\ZA MPY<+0(`!A*&Y,1E"`)R/-4/I$!/O<`O5/110O27(`#$,`$//1? M1,#I$Q;WXF=Q%L@N>`&).MCA#K08J8$L<*3'W"%!_"9"!L!!1VD M`(4KO*$2#4'%':X`!2BD`1*F*44=R`T%-$PB(IA`0[FO0(<;>@(1@DA$J@6B M"TR\@=Q1$,,DC(.)0]P!`GP.P1X2D8A9#`06@0"X&"!Q$%L(8@M,@$(=7D$* M"CC:S/0]3"K^.,#G%J#"!$^F@)A;$@8("�@RZ`(`3RA@T(X,J#)H`;!E(+ M+]#YY0,0P`%T@(F"E&((![@YS%N0:B5X&0%K[@4F8H``F`=`Z#U(12]\X.5* MZYH`#RAT+Q`A@CK#O``]*$6+/R&#.A,@``,X01J8[6P']_4.:2:`&'IQA2?K MO2!G^D#P3KYY`0)`@7<+I!0B@/R7`[`!DBU! M`&F.``"X%X#/7L9R+FY0>E[S.N=%3X0#G-SUU+?@S:\P00#X[.1!'X#7 MS@YU7'3P90BL&1((^#(*R)**LE<:"I.@A""N\.X8#.#T1&@$)1+^P869]P(+ M`6@VM?>`!A8\>0`B0(5`FNQZ(M1A#UB`@L.5\.0#B/X-!"#"'B@Q"3J$8/"0 M,'U0X`"61@%7P`5@D`JU$`+7]P!A0`F/4`1I)@!_U@MA,`"65@!+P`=@8&6Z M]FR!-1"88&T$0`,)40OF=WJ),!"?,`&G9P*F40L<\&03H&AVXPD0,&V-,!"O M@`,3V'B9D(.G1P<'\01?]@"B1PD41Q"8@`!\=@8"\0J-1@`LD&GX5VEW0!!# M\&4A4`NT<`)^UW@",0ET9FDZP&#_-1!><'T%\`8#$09Y1P0#,0HN:``/<`;J MIQ`@4']<0`J`YW=0(&IZ,0G&1@`B@`O^;N!W/>`_"T%_!8``HN2@0?>=H0582M#"# M!;`!K3@*=%8`%."'O4`+,A``P,&!-$(P`>">(%XIU0:J^`!C.0@VD6`"&`"CK0D3LH:BMA?KPV"=I8:89W$-H(9E&&!H)' M`4N`!GMP!S-(`#EYCGR&`ONV@-/&`12P`1FP`1J`EQ-0!XAP>OD'$I50B(MX M7ASA0P*!@X!9>E8'`$]F``>0E?E1"5!@;956=`R1"5Y@;9Q@1/!@%B M=Q"CD`'UMX0"X0.#QX]-(1FO((T'(*`$X0>Z1@'JUPB@,(?L>`"3,`E1UPNO M0`-^%PBO$),$``4DDPN"4(8$D(6H,(-)IP,3JJ&9T!/Z"7;M*80Y8&.@P(YN M&87.!P$[6`NYT`A^QP+]V6]7P`6YH8Z,`$]<`5+4'8'X&JT,)`Z``51`(8%J'Z(YW5W^?D`LM('0%T`)2H`3^&[![EE:8N4`$P-B..-`"[R9HR-BE M4$`##Q``4-@+@F"1!$`!.F!^3^9HD`9A=I,+/0!W`;!W?P$%O7<"M`%;V=V`0``'$`R3;9[:Y8($]![ MQ1H`-*`#@S8#.]$()ED`.)>%KY`#5_9R5C<`1+@Q6Y!X,"<")AD`-R!5N#40 MJ,`"(1`"+"!Z$C2&(6`"]>H)=-`"M.D`'*`$F,D',<`!3IH!1$!QSK21(."D M$R`#=\!,`A$(-T`!EO8`'``%"8$%("`")[!RE)`#=&8`'"`%KU`'(``"17!" M@G`"#D"#WI?^"W40`Q*;9AEP`WA0I;GP!N.89B``!:-0!"!0L:72,[F`"JJ` M"E6J:1OS"JBPM!^!"Y\P"8Y`":W($*,`@92P<@>!"I30")/0IPWVM(XP":B0 M5;WH"J@P7@R1"Y\0MBMG"TN+MCRXM9#@"9>AMI.0"%=[:PQ!"Y7`M2U*B:]P MM'T54>JZ2:C4)AMQ8G2D(25FF!"U3<7T7I626R!F'?L%8?^D8(0S"I_@"9[[ M"7"+/081:H$"C9-P!VK@!G>0"*A@=]="8AQ""X``"P+,& M00N9YCW/HVH%YJ<$P*"]T`<$<`+S&Q3):V:2$80!X(889A')FQ'!)E",@0(% M`&0$,0H00`'[^PIWFPB3\&9ZX;8GN'V)`)L&40J0P'`A;!2\,*N8N$DRLPN> MT`B)``E8RX.J4"JC<,,)00NJD!"OX`B)T`B\B&,112A;11/H*\"9<``@8`MZ M40I$D`'>BGZ!,!"!D`&(4`G1&W,Z<,3U:003X*T"8`(Y;!"@<``4$'4H81R3 M,(\P!P%,,+5;``*>L`?-^@!^"`4A``K^?@`",#&@Z/I^:'`"I!R)U1@%!1`"/J`$ZM<#!2"L+?`&'$@!`*`#^TLX?FH` M2Y@+H'`%E`>;J(#"O6"6]#EVIQ<#BH8*+3``>)")"7D%1VL++/$$`1":&4&' M!(`&Y?$*BDH#/'0%E48$4TL$8*8$9)$)"=D&N(%D`'P"-Q`#)V!L.A")$(&+ M)I`0B)!F17=B?!``, M-U8'YU"R( M`#PM"`.``PF!$8W0F,::$$YGD!91BBV08J3P`!NP1=5(O%M'`/W)U!U]2#X" MP`*Z$,;HAJA`RQG`!8,@MIX0`AS0$X@@`&==$*2@UH:Q\1P"R3<_2+!!%(``>?13JM<0(8<$83!!;$`"- MYP4!$`-J]W`B0-:830#+31">@``YT`N/<``G(+@L(1F?H(MI;!"$:`(VEM-^ M_=$$8-A:*`!WW6*K1P")C5PDA M@2.D&@#5*1&OP`$.<-ZC%P`_(!#25M[NR]4"V^`\TP(%(,"?<)\4)P(721"9 MRM^9C=8[O7X1O2:2@0DYB-H1L00T;A#1&`#C6XV#(&H+H:BL6A!^(``M4+B3 MQ1A-S*Z"(,CXB`.!31`G)P`@@-#^K97^`O$)++X2(T@`8("&(*%G`R`%#4X+ M6_0)QE8'+<'(H-P+TM;A`K&%!(`%&:Q[@LW/DM41*#``+&#=-)"0`8`#>;@' M`N``7M`(C8`&'&`")E`!UG,(`0"?./())?@S>(>N=P`)C9`&O,P1?$#,$-`# M9W`'Y.?'8:EG;BD(ITL#`:`!L*FJ,RJ$+:%"IH->3H^#'ZI<(#^#4]2F,!)$(Y@=W+T$;3P\C$?"(Z0GK7@ M"#&_!P\?A? M]Q21"[E0\WK_]X`?^(*_]7