India | UK | US

Associated Banc-Corp profit lags Wall Street

Posted : Mon, 14 Jul 2008 11:18:02 GMT
By : Reuters
Category : US (Business)
News Alerts by Email ( click here )
US Business News | Home
(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)


(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

Share/Save/Bookmark

Article : Associated Banc-Corp profit lags Wall Street
Print this article
Email this article

Stay Updated
News gadget on your Google homepage
Subscribe to a news feed in Google Reader


Related News

Five more US bank failures bring total for 2009 to 120
New York - Bank failures in the United States have risen to 120 this year as five more regional institutions were added to the list, the US agency that guarantees the safety of bank deposits said. United Commercial Bank in San Francisco with assets o...

US stocks climb slightly despite double-digit jobless rate
New York - US stocks posted mild gains Friday to end the week as investors shrugged off government figures that put the unemployment rate above 10 per cent. The Labour Department said the jobless rate hit 10.2 per cent in the month of October, the hi...

US joblessness hits 10.2 per cent, highest in 26 years - Summary
Washington - The US unemployment rate surged to 10.2 per cent in October, the highest in 26 years as another 190,000 people lost their jobs, the Labour Department reported Friday. The figure comes after a 9.8-per-cent jobless rate in September and wa...

US joblessness jumps to 10.2 per cent, highest since 1983 - Update
Washington - The US unemployment rate surged to 10.2 per cent in October, the highest in 26 years, as another 190,000 people lost their jobs during the month, the US reported Friday. The figure reported by US Labour Department came after the 9.8 per ...

US jobless rate jumps to 10.2 per cent
Washington - The US unemployment rate surged to 10.2 per cent in October as another 190,000 people lost their jobs, according to US Labour Department figures released Friday. The jobless rate stood at 9.8 per cent in September. Unemployment had been ...

Bulls stop James, edge Cavs - Summary
Los Angeles - The King couldn't deliver in the clutch. Luol Deng and Joakim Noah combined to deny LeBron James a potential game-winning drive in the final seconds as and the visiting Chicago Bulls snapped the Cleveland Cavaliers' three-game winning...

Mortgage lender Fannie Mae posts nearly 19-billion-dollar loss
Washington - US mortgage lender Fannie Mae said Thursday that it would seek 15 billion dollars in federal aid, after posting its ninth consecutive quarterly loss. Fannie Mae reported a net loss of 18.9 billion dollars in the third quarter of 2009, co...

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 

 

More US (Business) News click here
Follow The Earth Times
Subscribe to RSS Follow Earth Times on TwitterNews by email
Share/Save/Bookmark

 
 



 
Subscribe to free Earthtimes
News Alerts by Email Click here
For RSS Feeds Click here
or Create your own RSS

Add to Google Toolbar
Breaking News
Press Releases

 


The Earth Times
News Category

© 2009 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy
Earth Times accept no responsibility or liability either directly or indirectly for views or opinions expressed in articles or comments.