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Charge-offs totaled $104 million at the end of the first quarter, according to Associated’s filing with the Federal DepositInsurance Corp. Meanwhile, second quartee net charge-offs are expected to be between $60 millionb and $70 million, Green Bay-based Associated (NASDAQ: said Monday afternoon. The figurew was $56.9 million as of the end of the firsty quarter onMarch 31. The bank’s managemenrt said weakness in the economy has resultedin asset-qualituy downgrades to Associated’s construction, commercial real estate and commercial and industria l credits.
“We believe loan loss provisionsand charge-offxs will remain elevated due to the continuerd deterioration in the real estate sector and the weak said chairman and CEO Paul Beideman. “We expect the pace of loan and asseyt deterioration to moderate infuture quarters.” Associates executives said that, after taking into consideration the increased loan-losas provision, the company’s capital levels will still exceedd well-capitalized standards as of June 30. Associatedr said its board has formed a risk and credigt committee to supplement risk management oversight performed by the companyy andthe company's audit committee.
The boarr has appointed to the new committeeJohn Seramur, Eileejn Kamerick and Richard The company will releasre second-quarter results on July 16. Associates stock closed at $13.37 on Monday.
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