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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Associated Banc Corp | NYSE:ASB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.12 | 0.55% | 21.99 | 22.32 | 21.92 | 22.14 | 292,212 | 18:17:15 |
GREEN BAY, Wis., July 21, 2016 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) today reported net income available to common equity of $47 million, or $0.31 per common share, for the quarter ended June 30, 2016. This compares to net income available to common equity of $40 million, or $0.27 per common share, for the quarter ended March 31, 2016.
"This quarter's results demonstrated our ability to grow in a challenging environment. We benefit from a mix of diverse businesses and are encouraged by the consistent demand across our product offerings. We delivered record loan growth, and together with a stable margin, saw a significant increase in net interest income. We are also pleased to report stronger fee-based revenue which highlights the resiliency of our fee product offerings," said President and CEO Philip B. Flynn. "We held expenses in line with prior quarters and we are on target to deliver improved efficiency for the fifth straight year. Outside of energy, our credit quality metrics remain sound and net charge offs were at cyclical lows. Our customers look to Associated as a partner for growth as we continue to enhance our capabilities while delivering value to our shareholders."
SECOND QUARTER SUMMARY
SECOND QUARTER RESULTS
Loans
Second quarter average loans of $19.6 billion increased $719 million from the first quarter, and have increased $1.5 billion from the year ago quarter.
With respect to second quarter average balances,
Deposits
Second quarter average deposits of $20.3 billion decreased $286 million from the first quarter, and have increased $663 million from the year ago quarter.
With respect to second quarter average balances,
Net Interest Income and Net Interest Margin
Second quarter net interest income of $177 million was up $5 million, or 3% from the first quarter and up $10 million, or 6% from the year ago quarter. Second quarter net interest margin of 2.81% was flat from the prior quarter and 2 basis points lower than the year ago quarter.
Noninterest Income
Second quarter total noninterest income of $82 million was down $1 million, or 1% from the first quarter and down $4 million, or 5% from the year ago quarter.
Noninterest Expense
Second quarter total noninterest expense of $174 million was flat from the first quarter, and down $2 million, or 1% from the year ago quarter.
Taxes
Second quarter income taxes were $21 million with an effective tax rate of 30%, compared to $19 million and 31% in the first quarter, and $22 million and 31% in the year ago quarter.
Credit
The provision for credit losses was $14 million in the second quarter, down $6 million from the prior quarter, primarily attributed to a change in estimate resulting from further segmentation of mortgage warehouse loans within our specialized lending business.
Capital
The Company's capital position remains strong, with a common equity Tier 1 ratio of 9.2% at June 30, 2016. The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis.
SECOND QUARTER 2016 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, July 21, 2016. Interested parties can listen to the call live on the internet through the investor relations section of the Company's website, http://investor.associatedbank.com or by dialing 877-407-8037. The second quarter 2016 financial tables and an accompanying slide presentation for the call will be available on the Company's website just prior to the call. The number for international callers is 201-689-8037. Participants should ask the operator for the Associated Banc-Corp second quarter 2016 earnings call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $29 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD LOOKING STATEMENTS
Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe", "expect", "anticipate", "plan", "estimate", "should", "will", "intend", "outlook", or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent SEC filings. Such factors are incorporated herein by reference.
NON-GAAP FINANCIAL MEASURES
This press release contains references to measures which are not defined in generally accepted accounting principles ("GAAP"). Information concerning these non-GAAP financial measures can be found in the financial tables.
Investor Contact:
Teresa Gutierrez, Senior Vice President, Director of Investor Relations
920-491-7059
Media Contact:
Jennifer Kaminski, Vice President, Manager of Public Relations
920-491-7576
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/associated-banc-corp-reports-second-quarter-earnings-of-031-per-share-300302221.html
SOURCE Associated Banc-Corp
Copyright 2016 PR Newswire
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