Associated Banc-Corp. of Green Bay, Wis., slashed its dividend from 32 cents a share to 5 cents and reported that its first-quarter profit fell 47%, to $35.4 million, or 28 cents a share.
Associated said that its loan-loss provision was $105.4 million, versus $23 million in last year's first quarter, as nonperforming loans climbed to $452.2 million.
Deposits rose 14% from a year earlier, to $15.9 billion, and mortgages originated for sale were $1.08 billion, versus $517 million in the year-earlier quarter and $247 million in the fourth quarter.
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Corrected April 17, 2009 at 6:40PM: An earlier version of this story had an incorrect headline. As the item correctly reported, Associated posted a profit decline, not a loss.