Associated Banc-Corp in Green Bay, Wis., posted lower third-quarter profit, citing lower yields on earning assets.
Net income at the $27.5 billion-asset company fell 3.5% to $47 million, or 31 cents per share, compared to the same period last year.
Net interest income dropped 1.2% to $170.5 million. The average yield on earning assets fell 16 basis points to 3.13%. The net interest margin dropped 24 basis points to 2.82%.
Loans increased 8% to $18.5 billion, with growth in commercial and industrial, residential mortgage and commercial real estate loans.
Noninterest income increased 6.7% to $79.9 million. Insurance commissions rose 123% to $17.6 million. Card fees and trust service fees also increased.
Noninterest expense posted a negligible drop to $171 million. Business development and advertising expenses fell 20% to $6 million, but that decline was offset by increases in salaries and technology-related items. The efficiency ratio improved by 40 basis points to 69.79%.