Green Bay-based Associated Banc-Corp reported first quarter net income of $45.1 million, or 27 cents per share, down from $47.3 million, or 28 cents per share, in the first quarter of 2013.
Associated Bank’s quarterly revenue was $243.1 million, down from $244.7 million in the same period a year ago.
The company’s net interest income was $164.9 million, up from $157.6 million in the first quarter of 2013. Noninterest income was $74 million, down 10 percent from $82 million in the first quarter of 2013. The bank attributed the steep drop to the drastic reduction in refinancing activity.
The firm’s total assets were at $24.8 billion, up from $23.2 billion in the first quarter of 2013.
“We are pleased with our solid results this quarter and remain optimistic about our long-term prospects. This quarter’s strong performance was driven by robust loan growth, particularly in our Commercial lines of business.” said Associated president and chief executive officer Philip Flynn. “In this environment, we remain focused on our strategies to enhance efficiency and manage expenses. We will continue to look for opportunities to deploy capital which are consistent with our commitment of building long-term shareholder value at Associated.”
