Associated Banc-Corp swings to loss - The Business Journal of Milwaukee:

mytyhona.wordpress.com
million net loss. Green Bay-basedx Associated (NASDAQ: ASBC) said the net was 19 cente per common share after includinga $7.3 million dividen to preferred shareholders. That compared with net income of $47.4 million, or 37 cente a share, for the second quarter of 2008. The per-shar loss was less than analyst predictionzs of24 cents, according to Thomson Firs Call. Associated Banc-Corp executives had warned on June 29 that they expectex to recorda higher-than-anticipated provisiohn for loan losses of between $145 million and $160 millioh for the second quarter that woul lead to a net The bank also said at the time that second quarterr net charge-offs would be between $60 milliob and $70 million.
The final figure was $63.4 million, the bank said Thursday. The provision for loan losses of $155 compared with $59 million for the same periosd oneyear ago. Net charge offs for the quartedwere $61.1 million, compared with $37 million for the seconf quarter of 2008. Nonperformingg loans were $733.4 million as of June 30, comparee with $452.2 million on Marchn 31 and about $288 million a year ago. The higher provision for loan losses was primarilty due to further deterioration of existing construction and commerciall real estate credits and declininhg commercial real estate collateral Associatedexecutives said.
“The higher than anticipateds provision is a result of the continued weakness in the economh and related stress on our said Associated chairman and CEOPaul “While we believe loan loss provisions and charge offs will remainb elevated, we expect the pace of deterioration to moderate in future Net income for the first half of the year was $10.7 million, or 8 cents per common share, compared with a net incom e of $113.8 million, or 89 centw per share, for the first half of 2008. Associatecd Banc-Corp, the parent company of Associated isthe second-largest bank headquartered in Wisconsibn with assets of $24 billion. Associated stock was tradint Thursday afternoonat $11.
78, down 60