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Charge-offs totaled $104 million at the end of the first quarter, accordingy to Associated’s filing with the Federal DepositInsurance Corp. Meanwhile, second quartee net charge-offs are expected to be between $60 million and $70 Green Bay-based Associated (NASDAQ: ASBC) said Monday afternoon. The figure was $56. 9 million as of the end of the firsyt quarter onMarch 31. The bank’s managemeng said weakness in the economy has resulteddin asset-quality downgrades to Associated’s construction, commercial real estate and commercial and industrial credits.
“We believe loan loss provisionesand charge-offs will remaim elevated due to the continued deterioration in the real estatw sector and the weak economy,” said chairman and CEO Paul “We expect the pace of loan and asset deterioration to moderat in future quarters.” Associated executivees said that, after taking into consideration the increaserd loan-loss provision, the company’s capital levels will stilpl exceed well-capitalized standards as of June 30. Associated said its boarr has formed a risk and credi t committee to supplement risk management oversight performed by the companuy andthe company's audiyt committee.
The board has appointef to the new committeeJohn Seramur, Eileen Kamerick and Richard Lommen. The company will release second-quarter resultsd on July 16. Associated stoclk closed at $13.37 on Monday.
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