ASSOCIATED BANC-CORP — Annual Report 1995

Jun 30, 1995

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1994 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from to ---------- ---------- Commission file number 0-5519 (Associated Banc-Corp) A. Full title of the plan and the address of the plan, if different from that of the issuer named below: ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive officer: ASSOCIATED BANC-CORP 112 North Adams Street P.O. Box 13307 Green Bay, Wisconsin 54307-3307 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Associated Banc-Corp Retirement Program Committee has duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN /s/ Richard H. Langer ----------------------------------- Richard H. Langer, Chairman Retirement Program Committee The Board of Directors Associated Banc-Corp: We consent to incorporation by reference in the registration statement (No. 33- 54658) on Form S-8 of Associated Banc-Corp of our report dated June 2, 1995, relating to the statement of net assets available for plan benefits of the Associated Banc-Corp Profit Sharing and Retirement Savings Plan as of December 31, 1994, and the related statement of changes in net assets available for plan benefits for the year then ended, the schedule of assets held for investment purposes as of December 31, 1994, and the schedule of reportable transactions for the year then ended, which report appears in the December 31, 1994, annual report on Form 11-K of the Associated Banc-Corp Profit Sharing and Retirement Savings Plan. /s/ KPMG Peat Marwick LLP ------------------------- Chicago, Illinois June 27, 1995 ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Financial Statements December 31, 1994 and 1993 (With Independent Auditors' Report Thereon) ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN TABLE OF CONTENTS Independent Auditors' Report Statement of Net Assets Available for Plan Benefits, December 31, 1994 Statement of Net Assets Available for Plan Benefits, December 31, 1993 Statement of Changes in Net Assets Available for Plan Benefits, Year Ended December 31, 1994 Statement of Changes in Net Assets Available for Plan Benefits, Year Ended December 31, 1993 Notes to Financial Statements Item 27a - Schedule of Assets Held for Investment Purposes Item 27d - Schedule of Reportable Transactions Independent Auditors Report The Board of Directors Associated Banc-Corp Profit Sharing and Retirement Savings Plan: We have audited the accompanying statements of net assets available for plan benefits of the Associated Banc-Corp Profit Sharing and Retirement Plan (Plan) as of December 31, 1994 and 1993, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 1994 and 1993, and the changes in net assets available for plan benefits for the years then ended in conformity with generally accepted accounting principles. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes as of December 31, 1994 and reportable transactions for the year then ended are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information on the statement of net assets available for plan benefits and the statement of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. June 2, 1995 /s/ KPMG Peat Marwick LLP ------------------------- ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1994 - ------------------------------------------------------------------------------- Principal Fixed Common Balanced Preservation Income Stock Fund Fund Fund Fund - ------------------------------------------------------------------------------- Assets: Investments: Common trust funds $ 2,068,934 --- --- 13,815,841 Government securities 5,244,500 --- 1,644,719 --- Corporate bonds 304,830 --- 2,641,655 --- Common stocks 8,582,523 --- --- --- Loans to participants --- --- --- --- - ------------------------------------------------------------------------------- Total investments 16,200,787 --- 4,286,374 13,815,841 Cash and cash equivalents 118,360 4,995,233 133,462 66,238 Accrued interest and dividends receivable 116,485 23,931 78,208 679 Cash surrender value of insurance --- --- --- --- Employer contribution receivable 783,077 429,267 245,308 835,636 Participant contributions receivable --- --- --- --- Due from (to) other funds 165,934 2,793 27,582 70,811 Other (269) --- (398) ( 663) - ------------------------------------------------------------------------------- Net assets available for plan benefits $17,384,374 5,451,224 4,770,536 14,788,542 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1994 - ------------------------------------------------------------------------------- Associated Banc-Corp Self- Common Directed Stock Fund Funds Other Total - ------------------------------------------------------------------------------- Assets: Investments: Common trust funds --- 2,393,817 --- 18,278,592 Government securities --- 64,501 --- 6,953,720 Corporate bonds --- 70,055 --- 3,016,540 Common stocks 14,426,206 530,497 --- 23,539,226 Loans to participants --- --- 321,575 321,575 - ------------------------------------------------------------------------------- Total investments 14,426,206 3,058,870 321,575 52,109,653 Cash and cash equivalents 98,865 264,031 267,592 5,943,781 Accrued interest and dividends receivable 2,472 6,891 1,492 230,158 Cash surrender value of insurance --- --- 559,028 559,028 Employer contribution receivable 961,800 15,744 --- 3,270,832 Participant contributions receivable --- --- 34,506 34,506 Due from (to) other funds (6,962) --- (260,158) --- Other --- (39,800) ( 39) (41,169) - ------------------------------------------------------------------------------- Net assets available for plan benefits 15,482,381 3,305,736 923,996 62,106,789 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1993 - ------------------------------------------------------------------------------- Principal Fixed Common Balanced Preservation Income Stock Fund Fund Fund Fund - ------------------------------------------------------------------------------- Assets: Investments: Common trust funds $2,828,447 --- --- 13,408,277 Government securities 4,517,253 --- 1,361,625 --- Corporate bonds 532,250 --- 2,581,828 --- Common stocks 9,037,768 --- --- 204,125 Loans to participants --- --- --- --- - ------------------------------------------------------------------------------ Total investments 16,915,718 --- 3,943,453 13,612,402 Cash and cash equivalents 190,601 5,122,696 610,892 158,996 Accrued interest and dividends receivable 102,031 13,996 74,164 785 Cash surrender value of insurance --- --- --- --- Employer contribution receivable 862,048 427,902 257,610 814,558 Participant contributions receivable --- --- --- --- Due from (to) other funds 241,987 41,918 54,764 174,941 Other --- --- --- --- - ------------------------------------------------------------------------------- Net assets available for plan benefits $18,312,385 5,606,512 4,940,883 14,761,682 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1993 - ------------------------------------------------------------------------------- Associated Banc-Corp Self- Common Directed Stock Fund Funds Other Total - ------------------------------------------------------------------------------- Assets: Investments: Common trust funds --- 2,554,754 --- 18,791,478 Government securities --- 864,543 --- 6,743,421 Corporate bonds --- 86,786 --- 3,200,864 Common stocks 10,230,595 787,340 --- 20,259,828 Loans to participants --- --- 186,132 186,132 - ------------------------------------------------------------------------------- Total investments 10,230,595 4,293,423 186,132 49,181,723 Cash and cash equivalents (1,428) 295,015 721,455 7,098,227 Accrued interest and dividends receivable 200 29,131 817 221,124 Cash surrender value of insurance --- --- 549,338 549,338 Employer contribution receivable 666,952 15,168 --- 3,044,238 Participant contributions receivable --- --- 26,346 26,346 Due from (to) other funds 100,562 --- (614,172) --- Other --- ( 3,514) --- ( 3,514) - ------------------------------------------------------------------------------- Net assets available for plan benefits 10,996,881 4,629,223 869,916 60,117,482 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits December 31, 1994 - ------------------------------------------------------------------------------- Principal Fixed Common Balanced Preservation Income Stock Fund Fund Fund Fund - ------------------------------------------------------------------------------- Additions: Investment Income: Net appreciation/ (depreciation) in fair value of investments $(626,155) --- (437,348) (1,891,758) Interest and dividends 878,147 219,993 300,320 1,884,008 - ------------------------------------------------------------------------------- Subtotal 251,992 219,993 (137,028) ( 7,750) Participant contributions 406,636 144,251 123,997 439,766 Employer contributions 782,891 429,828 245,378 834,336 Rollover contributions 126,675 18,458 101,456 119,391 Asset transfers 119,348 63,199 97,249 263,954 Interfund transfers (1,212,706) (373,600) (365,868) (514,971) Other 36,656 (22,051) (5,406) (12,804) - ------------------------------------------------------------------------------- Total Additions 511,492 480,078 59,778 1,121,922 Deductions: Distributions to participants 1,353,396 622,143 207,131 1,009,651 Administrative expenses 86,107 13,223 22,994 85,411 - ------------------------------------------------------------------------------- Total Deductions 1,439,503 635,366 230,125 1,095,062 Net increase/(decrease) in net assets available for plan benefits (928,011) (155,288) (170,347) 26,860 Net assets available for plan benefits: Beginning of year 18,312,385 5,606,512 4,940,883 14,761,682 - ------------------------------------------------------------------------------- End of year $17,384,374 5,451,224 4,770,536 14,788,542 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits December 31, 1994 - ------------------------------------------------------------------------------- Associated Banc-Corp Self- Common Directed Stock Fund Funds Other Total - ------------------------------------------------------------------------------- Additions: Investment Income: Net appreciation/ (depreciation) in fair value of investments 432,454 (497,174) --- (3,019,981) Interest and dividends 385,292 377,272 26,789 4,071,821 - ------------------------------------------------------------------------------- Subtotal 817,746 (119,902) 26,789 1,051,840 Participant contributions 447,091 10,526 --- 1,572,267 Employer contributions 961,498 15,744 --- 3,269,675 Rollover contributions 654,466 --- --- 1,020,446 Asset transfers 91,372 --- 30,139 665,261 Interfund transfers 2,466,763 382 --- --- Other 23,398 277 1,980 22,050 - ------------------------------------------------------------------------------ Total Additions 5,462,334 (92,973) 58,908 7,601,539 Deductions: Distributions to participants 947,095 1,208,275 4,328 5,352,019 Administrative expenses 29,739 22,239 500 260,213 - ------------------------------------------------------------------------------- Total Deductions 976,834 1,230,514 4,828 5,612,232 Net increase/(decrease) in net assets available for plan benefits 4,485,500 (1,323,487) 54,080 1,989,307 Net assets available for plan benefits: Beginning of year 10,996,881 4,629,223 869,916 60,117,482 - ------------------------------------------------------------------------------- End of year 15,482,381 3,305,736 923,996 62,106,789 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits Year Ended December 31, 1993 - ------------------------------------------------------------------------------- Principal Fixed Common Balanced Preservation Income Stock Fund Fund Fund Fund - ------------------------------------------------------------------------------- Additions: Investment Income: Net appreciation in fair value of investments $ 543,418 --- 92,543 1,655,647 Interest and dividends 646,273 186,367 289,844 16,396 - ------------------------------------------------------------------------------- Subtotal 1,189,691 186,367 382,387 1,672,043 Participant contributions 426,650 158,465 131,238 438,769 Employer contributions 862,048 427,902 257,610 814,558 Rollover contributions 50,855 5,739 16,836 66,592 Asset transfers 909,856 563,463 2,651,586 515,235 Interfund transfers 1,496,482 (127,938) (2,161,950) 701,192 Other 2,739 1,383 1,400 1,221 - ------------------------------------------------------------------------------- Total additions 4,938,321 1,215,381 1,279,107 4,209,610 Deductions: Distributions to participants 724,768 571,746 140,410 315,017 Administrative expenses 75,890 12,558 20,217 66,433 - ------------------------------------------------------------------------------- Net increase in net assets available for plan benefits 4,137,663 631,077 1,118,480 3,828,160 Net assets available for plan benefits: Beginning of year 14,174,722 4,975,435 3,822,403 10,933,522 - ------------------------------------------------------------------------------- End of year $18,312,385 5,606,512 4,940,883 14,761,682 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits Year Ended December 31, 1993 - ------------------------------------------------------------------------------- Associated Banc-Corp Self- Common Directed Stock Fund Funds Other Total - ------------------------------------------------------------------------------- Additions: Investment Income: Net appreciation in fair value of investments 1,296,104 235,660 --- 3,823,372 Interest and dividends 268,627 187,824 15,747 1,611,078 - ------------------------------------------------------------------------------ Subtotal 1,564,731 423,484 15,747 5,434,450 Participant contributions 351,678 10,515 --- 1,517,315 Employer contributions 666,952 15,168 --- 3,044,238 Rollover contributions 104,279 --- --- 244,301 Asset transfers 2,353,844 --- --- 6,993,984 Interfund transfers (19,017) --- 111,231 --- Other 1,693 --- 25,858 34,294 - ------------------------------------------------------------------------------- Total additions 5,024,160 449,167 152,836 17,268,582 Deductions: Distributions to participants 188,920 395,580 31,703 2,368,144 Administrative expenses 21,097 --- 500 196,695 - ------------------------------------------------------------------------------- Net increase in net assets available for plan benefits 4,814,143 53,587 120,633 14,703,743 Net assets available for plan benefits: Beginning of year 6,182,738 4,575,636 749,283 45,413,739 - ------------------------------------------------------------------------------- End of year 10,996,881 4,629,223 869,916 60,117,482 =============================================================================== See accompanying notes to financial statements ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements December 31, 1994 and 1993 - ------------------------------------------------------------------------------- (1) Description of the Plan The following brief description of the Associated Banc-Corp Profit Sharing and Retirement Savings Plan (Plan) is provided for general information. The Plan contains both profit sharing provisions and retirement savings provisions. Participants should refer to the summary plan description for more complete information. Background Associated Banc-Corp (Company) established the Associated Banc-Corp Profit Sharing and Retirement Savings Plan, a defined contribution plan. The profit sharing provisions of the Plan provide for discretionary employer contributions. The retirement savings provisions of the Plan provides for employee contributions complying with the provisions of Internal Revenue Code (Code) Section 401(k) as well as discretionary employer contributions. The Plan is subject to the provisions of the Employee Income Retirement Act of 1974 (ERISA). On January 1, 1993, the net assets of the F&M Financial Services Retirement Savings and Profit Sharing Plan (F&M Plan) and the First National Bank of Sturgeon Bay Profit Sharing Plan (FNB Plan) were merged into the net assets of the Plan. Net assets transferred from the F&M Plan and the FNB Plan totaled $6,556,480 and $437,504, respectively. On January 1, 1994, the net assets of Citizens Bank and Trust Profit Sharing Plan totaling $665,261 were merged into the net assets of the Plan. Participants Employees of the Company and its subsidiaries that have adopted the Plan are eligible to participate in the profit sharing provisions and in the discretionary employer retirement savings contribution provisions of the Plan on the January 1 of the year in which 1,000 hours of service are completed. Employees are eligible to participate in the employee retirement savings contribution portion of the Plan on the earlier of the January 1 or July 1 following the date of employment, if it is expected that 1,000 hours of service will be completed in subsequent plan years. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements - ------------------------------------------------------------------------------- Contributions In conjunction with the retirement savings provisions of the Plan, participants can elect to contribute an amount between 1% and a maximum of percentage set by the Retirement Program Committee (6% in 1994 and 1993) of their compensation in multiples of 1% to the Plan by means of regular payroll deductions. Participants are also allowed to contribute amounts qualifying as rollover contributions under Section 402(c)(4) of the Code. The Plan provides for discretionary Company contributions under both the profit sharing and retirement savings provisions of the Plan. Such contributions are allocated to each participant's account based upon total participants' compensation, as defined by the Plan, for the year. Vesting Participants are 100% vested at all times in their benefits under the retirement savings portion of the Plan. The following is a schedule of vesting in the Company discretionary profit sharing contribution: - ------------------------------------------------------------------------------- Years of Service Vested Percentage - ------------------------------------------------------------------------------- Less than three 0% Three but less than four 20% Four but less than five 40% Five but less than six 60% Six but less than seven 80% Seven or more 100% - ------------------------------------------------------------------------------- The Plan document specifies that forfeitures are allocated based upon the ratio of each participant's compensation for the plan year to the total compensation of all participants for that plan year. Investment of Plan Assets Participants have the right to direct that investments be made in either the Balanced Fund, Principal Preservation Fund, Fixed Income Fund, Common Stock Fund, Associated Banc-Corp Common Stock Fund, or a combination of funds. The following is a brief description of each fund: Balanced Fund - Invests primarily in fixed income investments and common stocks. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements - ------------------------------------------------------------------------------- Principal Preservation Fund - Invests primarily in certificates issued or guaranteed by the United States Government. Fixed Income Fund - Invests primarily in U.S. Treasury obligations, fixed income corporate bonds, and common trust funds with similar characteristics. Common Stock Fund - Invests primarily in common stocks, common funds, or mutual funds expected to achieve capital and income growth. Associated Banc-Corp Common Stock Fund - Invests in Associated Banc-Corp common stock. Participants previously had the right to maintain a separate trust for self-directed investments. Current plan provisions do not provide for this. Plan assets are held in trust with subsidiary banks of the Company (trustee). Participants can elect to invest in one of the aforementioned funds or in 10% increments in two or more funds. The election can be changed quarterly each January 1, April 1, July 1, and October 1. A participant in the Plan can receive a loan for emergency conditions which result from medical expenses in the participant's immediate family, establishing or preserving the home in which the participant resides, or for the purpose of providing an education for the participant, spouse, and children of the participant. Loans are limited to the lesser of (1) $50,000, reduced by the excess of the highest outstanding balance of loans from the Plan during the one-year period ending on the day before the date on which such loan was made over the outstanding balance of loans from the Plan on the date on which such loan was made or (2) 50% of the vested benefit of the participant's account balance. A participant may not request a loan for less than $1,000. Distributions Distributions are made in the form of lump-sum payments or payments over a period in monthly, quarterly, semi-annual or annual installments. Distributions must begin no later than 60 days after the close of the plan year in which the later of the participant s attainment of age 65 or the termination date occurs, unless the participant elects to delay commencement of the distribution until the April 1 following the attainment of age 70 1/2. Participants may withdraw amounts for any reason upon reaching age 59 1/2. Earnings are credited to a participant's account through the end of the most recent accounting period. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements - ------------------------------------------------------------------------------- Termination of Plan While the Company has not expressed any intent to terminate the Plan, it is free to do so at any time subject to the provisions of ERISA. In the event of termination, participants become fully vested to the extent of the balance in their account, including investment income through the termination date. (2) Summary of Significant Accounting Policies The accounting policies followed by the Plan conform with generally accepted accounting principles for such plans. The more significant policies are as follows: Basis of Presentation The accompanying financial statements have been prepared on the accrual basis. Investments Investments are quoted at market prices. Securities for which no quoted market price is available are valued at estimated fair value. Short-term investments are stated at cost, which approximates fair value. Plan assets are held with the trustee. Purchases and sales of securities are recorded on a trade-date basis. (3) Investments The fair value of investments that represent 5% or more of the Plan s net assets at December 31 are presented in the following table: 1994 1993 -------------------------------------------------------------------------- Associated Banc-Corp common stock $14,748,049 10,543,372 Associated Bank, N.A. Associated common stock fund 6,761,960 7,247,005 -------------------------------------------------------------------------- (4) Transactions with Related Parties The Associated Banc-Corp common stock fund of the Plan at December 31, 1994 and 1993 included 415,438 shares and 305,605 shares, respectively, of common stock of the Company with fair values of $14,748,049 and $10,543,372, respectively. Dividend income from Company stock totaled $384,787 and $268,627 in 1994 and 1993, respectively. ASSOCIATED BANC-CORP PROFIT SHARING AND RETIREMENT SAVINGS PLAN Notes to Financial Statements - ---------------------------------------------------------------------------- (5) Benefits Payable Amounts as presented in the accompanying financial statements differ from the amounts reported in Form 5500 due to benefits payable to terminated and retired participants. As of December 31, 1994 and 1993, net assets available for plan benefits include vested balances for terminated and retired participants of approximately $579,000 and $838,000, respectively. (6) Income Taxes The Plan administrator has received a favorable tax determination letter, dated May 22, 1995, from the Internal Revenue Service indicating that the Plan qualifies under the provisions of Section 401(a) of the Code, and the related trust is, therefore, exempt from tax under Section 501(a). Therefore, a provision for income taxes has not been included in the Plan's financial statements. Participants in the Plan are not subject to federal income taxes until they receive a distribution from the Plan. ASSOCIATED BANC-CORP PROFIT SHARING & RETIREMENT SAVINGS PLAN Item 27a - Schedule of Assets Held for Investment Purposes December 31, 1994 - ------------------------------------------------------------------------------- Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - ------------------------------------------------------------------------------- United States gov t agency securities: Federal Home Loan Mtg Corp. 8.70%, due 07/06/95, 200,007 201,750 par value $200,000 Federal Farm Credit Bank 5.10%, due 03/10/98, 248,942 229,800 par value $250,000 Federal Home Loan Mtg Corp. 4.50%, due 10/30/98, 99,220 90,547 step up to 5.50% on 10/30/95, callable 10/30/95 @100 par, par value $100,000 Federal National Mtg Assn. 4.94%, due 01/25/99, 200,878 179,340 par value $200,000 Federal Farm Credit Bank 6.10%, due 02/25/96, 250,000 229,650 callable 02/25/96 @100 par, par value $250,000 Federal Home Loan Bank 5.05% subject to 30 day 250,000 245,625 call notice 10/02/2002, step up to 7.84% after 10/02/95, callable 10/02/95 @100 par, par value $250,000 Federal National Mtg Assn. 6.24%, due 08/19/2003, 250,000 219,100 callable 08/19/96 @100 par, par value $250,000 Federal National Mtg Assn. 6.31%, due 08/25/2003, 250,000 213,000 callable 08/25/94 @100 par, par value $250,000 Federal Home Loan Bank 9.50%, due 05/01/97, 255 261 7-year balloon pool, U.S. Treasury Note 6.875%, due 10/31/96, 125,922 123,281 par value $125,000 U.S. Treasury Note 6.75%, due 05/03/97, 200,313 195,470 par value $200,000 U.S. Treasury Note 5.625%, due 08/31/97, 497,530 474,220 par value $500,000 Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - ------------------------------------------------------------------------------- U.S. Treasury Note 5.125%, due 02/28/98, 497,715 462,505 par value $500,000 U.S. Treasury Note 5.125%, due 03/31/98, 299,151 276,984 par value $300,000 U.S. Treasury Note 4.125%, due 06/30/95, 300,235 296,625 par value $300,000 U.S. Treasury Note 5.125%, due 06/30/98, 200,000 183,594 par value $200,000 U.S. Treasury Note 4.375%, due 08/15/96 100,594 95,188 par value $100,000 U.S. Treasury Note 4.75%, due 08/31/98, 199,688 180,532 par value $200,000 U.S. Treasury Note 4.75%, due 02/15/97, 396,125 376,688 par value $400,000 U.S. Treasury Note 5.50%, due 02/28/99, 994,036 918,750 par value $1,000,000 U.S. Treasury Note 6.75%, due 05/31/99, 499,375 479,690 par value $500,000 U.S. Treasury Note 7.375%, due 05/15/96, 195,441 199,688 par value $200,000 U.S. Treasury Note 8.375%, due 04/15/95, 101,020 100,688 par value $100,000 U.S. Treasury Note 8.50%, due 05/15/95, 399,241 403,128 par value $400,000 U.S. Treasury Note 7.50%, due 02/29/96 299,882 300,375 par value $300,000 U.S. Treasury Note 6.75%, due 02/28/97, 25,055 24,504 par value $25,000 U.S. Treasury Note 8.00%, due 10/15/96, 15,020 15,080 par value $15,000 U.S. Treasury Note 6.50%, due 04/30/99, 248,950 237,657 par value $250,000 - ------------------------------------------------------------------------------- Total agency securities $7,344,595 $6,953,720 - ------------------------------------------------------------------------------- Corporate Bonds: Associates Corp. of 6.875%, due 01/15/97, 24,630 24,520 North America par value $25,000 Banc One 7.375%, due 12/01/2002, 248,345 235,375 par value $250,000 Campbell Soup 8.58%, due 03/15/2001, 199,790 204,020 par value $200,000 Coca Cola Co. 7.875%, due 09/15/98, 9,969 9,976 par value $10,000 Duke Power 5.875%, due 03/01/2003, 390,732 344,640 par value $400,000 Du Pont 6.00%, due 12/01/2001, 250,000 220,938 par value $250,000 Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - ------------------------------------------------------------------------------- Du Pont 9.15%, due 04/15/2000, 99,831 105,420 par value $100,000 Florida Pwr & Lt 5.375%, due 04/01/2000, 229,443 221,775 par value $250,000 General Telephone of WI 7.50%, due 03/01/2002, 87,668 95,220 par value $100,000 International Bus. Machines 6.375%, due 11/01/97, 246,630 238,750 par value $250,000 Iowa Southern Utility 7.375%, due 02/01/2003, 246,825 238,700 callable 02/01/02 @100, callable 07/30/92 @102.55, par value $100,000 Kimberly Clark 9.125%, due 06/01/97, 100,000 102,390 par value $100,000 Kimberly Clark 8.625%, due 05/01/2001, 10,013 10,248 par value $10,000 Phillip Morris 9.80%, due 12/15/98, 15,188 15,345 par value $15,000 Safety Kleen Corp. 9.25%, due 09/15/99, 10,000 9,965 par value $10,000 Sears Roebuck 9.00%, due 09/15/96, 290,847 304,830 par value $300,000 Southern CA Edison Co. 7.50%, due 04/15/99, 247,110 244,275 par value $250,000 Walmart Stores 6.50%, due 06/01/2003, 99,781 89,250 par value $100,000 WI Power & Lt 7.60%, due 07/01/2005, 101,000 94,690 par value $100,000 WI Public Service 5.25%, due 07/01/98, 224,345 206,213 par value $225,000 - ------------------------------------------------------------------------------- Total Corporate Bonds $3,132,147 $3,016,540 - ------------------------------------------------------------------------------- Corporate Stock: Abbott Labs Common Stock, 5,200 shares 82,696 169,650 Alltel Corp. Common Stock, 6,000 shares 144,170 180,750 Aluminum Co. Amer Common Stock, 1,700 shares 117,897 147,262 American Intl Group Inc. Common Stock, 2,000 shares 173,854 196,000 Ameritech Corp. Common Stock, 4,400 shares 149,525 177,650 Amoco Corp. Common Stock, 3,300 shares 158,755 195,113 AMP Inc. Common Stock, 100 shares 4,303 7,275 Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - ------------------------------------------------------------------------------- Associated Banc-Corp Common Stock, 415,438 10,509,164 14,748,049 shares AT&T Corp. Common Stock, 3,000 shares 142,370 150,750 Atlantic Richfield Co. Common Stock, 1,600 shares 154,114 162,800 Auto Data Process Common Stock, 3,000 shares 103,780 175,500 Baltimore Gas & Elec Common Stock, 2,400 shares 47,248 53,100 Bellsouth Corp. Common Stock, 3,200 shares 159,043 173,200 Bristol-Myers Squibb Co. Common Stock, 100 shares 6,640 5,787 Central & Southwest Corp. Common Stock, 2,400 shares 45,633 54,300 Coca Cola Co. Common Stock, 4,000 shares 49,025 206,000 Colgate Palmolive Co. Common Stock, 2,400 shares 115,470 152,100 Disney Walt Co. Common Stock, 4,000 shares 165,353 184,000 Donnelley RR & Sons Co. Common Stock, 6,000 shares 147,793 177,000 Eli Lilly & Co. Common Stock, 100 shares 6,603 6,562 Federal Natl Mtg Assn Common Stock, 1,500 shares 102,582 109,313 First Bank of America Common Stock, 1,414 shares 12,888 42,420 Firstar Corp. Common Stock, 2,348 shares 25,545 63,102 Florida Progress CP Common Stock, 1,600 shares 52,048 48,000 Ford Mtr Co. Del Common Stock, 8,000 shares 141,924 223,000 General Elec Co. Common Stock, 3,400 shares 109,359 173,400 General Elec Co. Common Stock, 200 shares 4,268 10,200 Georgia Gulf Corp. Common Stock, 6,000 shares 119,362 233,250 Gillette Co. Common Stock, 3,100 shares 88,355 232,112 Hartmarx Corp. Common Stock, 100 shares 2,451 587 Heilig Meyers Co. Common Stock, 5,237 shares 57,034 130,108 Hewlett Packard Co. Common Stock, 2,500 shares 144,905 249,688 Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - ------------------------------------------------------------------------------- Hubbell Inc. Common Stock, 2,997 shares 134,172 159,590 Illinois Tool Works Inc. Common Stock, 2,000 shares 80,850 87,500 Interpublic Group Common Stock, 5,200 shares 143,188 167,050 Johnson & Johnson Common Stock, 400 shares 4,901 21,900 Kimberly Clark Common Stock, 250 shares 5,063 5,897 LG & E Energy Corp. Common Stock, 1,500 shares 22,906 55,313 LTV Corp. New Common Stock, 481 shares 5,176 7,936 Mcgraw Hill Inc. Common Stock, 3,000 shares 222,151 200,625 Medtronic Inc. Common Stock, 4,000 shares 74,939 222,500 Merck & Co. Inc. Common Stock, 5,900 shares 141,668 224,937 Minnesota Mining & Common Stock, 2,600 shares 99,040 138,775 Manuf Co. Molex Inc. Common Stock, 6,250 shares 162,232 215,625 Morgan Products Common Stock, 600 shares 8,177 3,375 Motorola, Inc. Common Stock, 4,000 shares 178,740 232,000 New England Elec Sys Common Stock, 500 shares 15,812 16,063 North Fork Bancorp Common Stock, 300 shares 4,603 4,125 Northern Trust Corp. Common Stock, 3,250 shares 98,750 113,750 Northwest Natural Gas Co. Common Stock, 2,700 shares 78,690 79,650 Penney J C Inc. Common Stock, 3,000 shares 98,103 133,875 Phillip Morris Common Stock, 200 shares 7,821 11,500 Phillip Morris COS Inc. Common Stock, 3,000 shares 96,070 172,500 Pitney Bowes Inc. Common Stock, 4,300 shares 124,571 136,525 Public Serv Enterprise Group Common Stock, 1,600 shares 44,724 42,400 Schulman A Inc. Common Stock, 3,750 shares 90,500 103,125 Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - ------------------------------------------------------------------------------- Scott Paper Co. Common Stock, 4,400 shares 174,055 304,150 Sears Roebuck & Co. Common Stock, 3,000 shares 172,425 138,000 Sherwin Williams Co. Common Stock, 6,000 shares 198,520 200,250 Sigma Aldrich Corp. Common Stock, 3,800 shares 167,063 125,400 Southwestern Bell Corp. Common Stock, 4,000 shares 125,257 161,500 Southwestern Public Service Common Stock, 1,300 shares 22,868 34,450 Standard Federal Savings Common Stock, 1,000 shares 5,000 10 State Street Boston Corp. Common Stock, 4,200 shares 107,760 120,225 Student Ln Mktg Assn Com Common Stock, 3,750 shares 157,259 121,875 Sysco Corp. Common Stock, 3,000 shares 90,405 77,250 Texaco Inc. Common Stock, 3,000 shares 192,043 179,625 Texas Instr Inc. Common Stock, 3,100 shares 115,433 232,113 Union Pac Corp. Common Stock, 2,700 shares 158,155 122,514 United Healthcare Corp. Common Stock, 2,600 shares 94,549 117,325 W P S Resources Corp Common Stock, 1,000 shares 21,795 26,750 Walgreen Co. Common Stock, 4,200 shares 122,255 183,225 - ------------------------------------------------------------------------------- Total Common Stocks $17,211,846 $23,539,226 - ------------------------------------------------------------------------------- Common Funds: Associated Common Stock Fund 114,732 units 5,736,547 6,761,960 Associated Regional Bank Fund 32,866 units 1,463,773 1,502,529 Associated Capital 49,298 units 1,148,320 1,379,433 Appreciation Fund Associated Equity Income Fund 78,456 units 1,668,711 1,829,369 Associated Telecommunicatons Fund 71,237 units 701,827 720,575 Description of investment, including maturity date, Identity of issue, borrower, rate of interest, collateral Current lessor, or similar party par, or maturity value Cost Value - ------------------------------------------------------------------------------- Associated Bank Employee 99,896 units 929,604 900,145 Benefit Fixed Income Fund Associated Intermediate Term 121,937 units 1,293,948 1,440,848 Bond Fd Associated Foreign Equity Fund 124,156 units 2,153,952 2,574,945 Associated Bank Growth Stock Fund 16,244 units 823,634 1,168,788 - ------------------------------------------------------------------------------- Total Common Trust Funds $15,920,316 $18,278,592 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- Loans to Participants 321,575 321,575 - ------------------------------------------------------------------------------- Total Investments Held $43,930,479 $52,109,653 =============================================================================== Cash Equivalents: Cash Investment Fund 5,240,871 shares 5,240,871 5,240,871 Employee Benefit Associated Short Term 441,306 shares 441,306 441,306 Investment Fund Associated Money Market Fund 37,874 shares 37,874 37,874 Navigator Money Market Fund 151,218 shares 151,218 151,218 Associated Bank Lakeshore 5 yr CD, #38357 17,702 17,702 Associated Bank Lakeshore 5 yr CD, #39325 25,000 25,000 Dreyfus Treasury Prime 13,823 shares 13,823 13,823 Cash Mgmt North Shore Bank CD 5,171 par 5,171 5,171 Fox Valley Savings CD 5,177 par 5,177 5,177 Cash in Bank 5,639 5,639 - ------------------------------------------------------------------------------- Total Cash Equivalents $5,943,781 $5,943,781 - ------------------------------------------------------------------------------- See accompanying independent auditors report ASSOCIATED BANC-CORP PROFIT SHARING & RETIREMENT SAVINGS PLAN Item 27d - Schedule of Reportable Transactions Year Ended December 31, 1994 - ------------------------------------------------------------------------------- Expense Incurred Identity of Description Purchase Selling Lease with Party Involved of Assets Price Price Rental Transaction - ------------------------------------------------------------------------------- Associated Bank, Cash Investment 4,526,332 --- --- --- N.A. Fund Employee Benefit --- 4,685,224 --- --- Associated Bank, Employee Benefit 5,475,877 --- --- --- N.A. Bond Fund --- 5,433,702 --- --- Associated Bank, Employee Benefit 3,645,186 --- --- --- N.A. Stock Fund --- 4,205,275 --- --- Associated Bank Associated Short 16,223,208 --- --- --- Green Bay Term Investment Fund --- 16,628,940 --- --- Associated Bank, Associated Employee 2,049,846 --- --- --- N.A. Benefit Equity Income Fund --- 1,504,974 --- --- Associated Bank Associated Banc-Corp 3,834,373 --- --- --- Green Bay Common Stock --- 71,216 --- --- - ------------------------------------------------------------------------------- See accompanying independent auditors' report ASSOCIATED BANC-CORP PROFIT SHARING & RETIREMENT SAVINGS PLAN Item 27d - Schedule of Reportable Transactions Year Ended December 31, 1994 - ------------------------------------------------------------------------------- Current Value Identity of Description Cost of of Asset at Net Gain/ Party Involved of Assets Asset Transaction Date (Loss) - ------------------------------------------------------------------------------- Associated Bank, Cash Investment Fund 4,526,332 4,526,332 --- N.A. Employee Benefit 4,685,224 4,685,224 --- Associated Bank, Employee Benefit 5,475,877 5,475,877 --- N.A. Bond Fund 5,415,900 5,433,702 17,802 Associated Bank, Employee Benefit 3,645,186 3,645,186 --- N.A. Stock Fund 3,145,308 4,205,275 1,059,967 Associated Bank Associated Short 16,223,208 16,223,208 --- Green Bay Term Investment Fund 16,628,940 16,628,940 --- Associated Bank, Associated Employee 2,049,846 2,049,846 --- N.A. Benefit Equity Income Fund 1,256,925 1,504,974 248,049 Associated Bank Associated Banc-Corp 3,834,373 3,834,373 --- Green Bay Common Stock 71,216 71,216 --- - ------------------------------------------------------------------------------- See accompanying independent auditors' report