Associated attributed the lower profit to slower commercial loan growth in the third quarter. Fewer general commercial and mortgage warehouse loans led to a $78 million decline in commercial and business lending average balances.
The company, which has a major Associated Bank branch presence in the Milwaukee market, reported $255 million in revenue in the quarter, up from $252 million in the same period a year ago.
“We have enjoyed strong deposit growth over the prior year and remarkable inflows during the third quarter,” said Philip Flynn, president of Associated Banc-Corp. “We are pleased to have increased our market share in each of the states in our branch footprint. Our continued focus on the customer experience has allowed us to gain market share in a competitive and transforming industry. As we anticipated, commercial loan growth slowed during the third quarter. Overall loan growth was supported by strong production in our residential lending area and we remain on track to deliver high single digit loan growth for the year.”
Associated had $27.5 billion in total assets at the end of the quarter, up from $27.2 billion at the end of the third quarter last year. The company has more than 200 branches in Wisconsin, Illinois and Minnesota, and commercial financial services offices in Indiana, Michigan, Ohio and Texas.