Associated Banc-Corp, the largest Wisconsin-based bank, second quarter net income of $42 million, or 24 cents per share, up from $26 million, or 15 cents per share, in the same period a year ago.
The Green Bay-based company reported another quarter of improving credit metrics with nonaccrual loans down 3 percent to $318 million compared to the first quarter, and down 32 percent, from $468 million a year ago. The company’s potential problem loans declined 15 percent from the prior quarter to $410 million, and declined 41 percent, from $699 million a year ago.
Associated Bank’s net charge offs were $24 million for the second quarter, an increase of $2 million from the first quarter, but were 47 percent lower than a year ago.
“We are pleased to report another quarter of improving results and business prospects,” Flynn said. “We remain focused on strengthening our franchise and deploying our capital in a disciplined manner, consistent with our commitment to building long-term shareholder value at Associated.”
In a conference call with analysts on Thursday, Flynn said Milwaukee continues to be a key market for Associated Bank.
“We’re doing well in Milwaukee, and Milwaukee is obviously a critically important market for us. We’ve been very active in calling on prospects. I’ve personally been doing a lot of that this year. We’re getting some nice traction with moving some accounts from competitors. So, we’re pleased with that. We have a lot more to do there,” Flynn said.
