Associated Banc-Corp reports higher 4Q, 2014 earnings

Green Bay-based Associated Banc-Corp reported fourth quarter net income of $48.7 million, or 31 cents per share, up from $47.8 million, or 28 cents per share, in the fourth quarter of 2013.

Total revenue was $249 million, up from $248 million in the fourth quarter of 2013.

The bank’s net interest margin was 3.04 percent, down from 3.23 percent in the same period a year ago.

Associated’s provision for loan losses was $4.5 million, up 125 percent from the $2 million it allotted for loan losses in the fourth quarter of 2013. Net charge declined to $4.5 million, compared with $5.4 million in net charge offs in the same period a year ago.

Total nonperforming assets totaled $194.1 million, down from $203.5 million in the fourth quarter of 2013.

Full-year net income was $190.5 million, or $1.17 per share, up from $188.7 million, or $1.10 per share, in 2013.

Total revenue for 2014 was $991 million, up from $979 million in 2013.

“Overall we are pleased with this year’s financial results and accomplishments,” said Associated president and chief executive officer Philip Flynn. “We continued to grow our balance sheet, total revenues, and bottom line earnings. In addition, we have continued to make substantial investments in the bank, which will position us for the future while slightly reducing total expenses. We remain focused on opportunistic ways to deploy capital while delivering increased value to our shareholders. We are also happy to kick off 2015 with last week’s announcement regarding the acquisition of the insurance agency, Ahmann-Martin.”

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