Associated Banc-Corp reported a solid second quarter after posted loan growth and improved credit from a quarter earlier.
The $22 billion-asset company reported net income available to shareholders of $25.6 million, compared to $15.4 million in the first quarter and a net loss of $10.2 million a year earlier. Earnings per share of 15 cents exceeded the average analysts' estimate by 2 cents, according to Thomson Reuters.
Total loans rose 3% from the first quarter, to $13.1 billion, after the Green Bay, Wis., company added $230 million in commercial and industrial loans and $156 million in residential mortgages.
The loan-loss provision fell 48% from the first quarter and 84% from a year earlier, to $16 million. Nonperforming assets fell 4.5% from the first quarter and 50% from a year earlier, to $513.3 million.
"We are pleased with our performance this quarter as we continue to execute on our strategic priorities," Philip B. Flynn, the company's president and chief executive, said in a press release. "We are beginning to see results from the steps we are taking to drive loan growth and earnings expansion."
