Associated Banc-Corp Reports Second Quarter Earnings Of $0.36 Per Share

GREEN BAY, Wis., July 20, 2017 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) today reported net income available to common equity of $56 million, or $0.36 per common share for the quarter ended June 30, 2017.   This compares to net income available to common equity of $47 million, or $0.31 per common share for the quarter ended June 30, 2016.

"Robust loan growth and improving fee-based income trends drove this quarter's results. Our residential mortgage retention strategy contributed to most of this quarter's loan growth and we are also pleased to report solid commercial and business lending growth. We also benefited from improving fee-based revenue streams;  particularly, card-based and nondeposit fees, trust service fees, and brokerage and annuity commissions which contributed to bottom line expansion," said President and CEO Philip B. Flynn. "Disciplined expense controls combined with improving credit trends rounded out the quarter.  We remain on track to deliver on our full year guidance."

SECOND QUARTER SUMMARY
  • Average loans of $20.5 billion grew $880 million, or 4% from the year ago quarter
  • Average deposits of $21.5 billion grew $1.2 billion, or 6% from the year ago quarter
  • Net interest income of $184 million increased $7 million, or 4% from the year ago quarter
  • Net interest margin of 2.83% improved from 2.81% in the year ago quarter
  • Provision for credit losses of $12 million improved $2 million, or 14% from the year ago quarter
  • Noninterest income of $82 million improved modestly from the year ago quarter
  • Noninterest expense of $176 million increased $2 million, or 1% from the year ago quarter
  • Return on average common equity Tier 1 (CET1) improved to 10.6% from 9.9% in the year ago quarter
  • Total dividends per common share of $0.12 were up 9% from the year ago quarter
  • Capital ratios remain strong with a CET1 ratio of 9.9% at quarter end

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