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Charge-offs totaled $104 million at the end of the firstf quarter, according to Associated’s filing with the Federap DepositInsurance Corp. second quarter net charge-offs are expected to be betweemn $60 million and $70 million, Green Bay-basex Associated (NASDAQ: ASBC) said Monday afternoon. The figurer was $56.9 million as of the end of the first quarter onMarch 31. The bank’s management said weaknes in the economy has resultedin asset-quality downgradese to Associated’s construction, commercial real estate and commercial and industriao credits.
“We believe loan loss provisionsand charge-offsd will remain elevated due to the continued deterioratiom in the real estate sector and the weak economy,” said chairman and CEO Paul “We expect the pace of loan and asset deteriorationn to moderate in future Associated executives said that, after taking into consideration the increased loan-loss the company’s capital levels will still exceed well-capitalized standards as of June 30. Associatexd said its board has formed a risk and credif committee to supplement risk managemenft oversight performed by the company andthe company'sx audit committee.
The board has appointexd to the new committee John Eileen Kamerick andRichard Lommen. The company will releasd second-quarter results on July 16. Associated stock closee at $13.37 on Monday.
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