Associated Banc-Corp profit lags Wall Street
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(Reuters) - Associated Banc-Corp , a U.S. Midwest banking company, reported quarterly profit well below Wall Street estimates, weighed down by an eleven-fold increase in provision for bad loans.The Green Bay, Wisconsin-based company said second-quarter net income was $47.4 million, or 37 cents a share, compared with $75.8 million, or 59 cents a share, in the year ago period.Analysts expected earnings of 47 cents a share, excluding items, according to Reuters Estimates.The increase in provision for loan losses was mainly due to deterioration of collateral values in a number of commercial real estate and other commercial credits," Chief Executive Paul Beideman said.Provision for loan losses rose to $59.0 million from $5.2 million, offsetting the 10 percent increase in net interest income that was $172.7 million for the quarter.Net charge-offs for the quarter were $37 million and nonperforming loans stood at $289 million at the end of June.For the rest of 2008, the company expects nonperforming loans to stabilize at the quarter end levels and net charge offs to continue at levels experienced in the second quarter.The company's stock closed at $17.40 Friday on Nasdaq.(Reporting by Sweta Singh in Bangalore; Editing by Amitha Rajan)
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