Green Bay-based Associated Banc-Corp today reported its first quarter profits increased 32 percent year-over-year.
The company, which operates more than 200 Associated Bank branches in the Midwest, reported net income of $56.3 million in the first quarter, up from $42.5 million in the first quarter of 2016. The bank increased its provision for credit losses from $20 million in the year-ago quarter to $9 million in the most recent quarter. Total interest income was up 7 percent, driven by “other interest” and net interest income after provision for credit losses was up 13 percent. Noninterest income declined from $83.2 million to $79.8 million year-over-year.
Net loans were $19.9 billion, up from $19 billion in the first quarter of 2016. Commercial real estate lending was up 12 percent, and consumer lending increased 7 percent year-over-year.
Associated Banc-Corp had $29.1 billion in total assets at the end of the first quarter, up from $28.2 billion in the first quarter of 2016.
“The quarter’s margin expansion coupled with higher residential mortgage and steady commercial real estate loan growth contributed to a 30 percent year-over-year increase in earnings per common share,” said Philip Flynn, president and chief executive officer of Associated. “We continued to show progress across our fee businesses while holding expenses flat. Year-over-year results were also supported by an improving credit environment. We are in a good place – strongly positioned and fully committed to a path of continued disciplined growth. We look forward to delivering against our full-year guidance.”
