Associated Banc-Corp (ASB) Misses Q1 EPS by 1c

Associated Banc-Corp (NYSE: ASB) reported Q1 EPS of $0.40, $0.01 worse than the analyst estimate of $0.41.

"The Bank Mutual acquisition was integral to Associated's results in the quarter. With the merger closing on February 1, we added $1.9 billion of loans and $1.8 billion of deposits to our franchise. The integration is going well and we look forward to introducing Bank Mutual customers to Associated\'s products and services over the next few months," said President and CEO Philip B. Flynn. "In the first quarter, credit dynamics continued to be favorable and fee income increased. Our conversations with customers have been upbeat, and our growth outlook is optimistic."

FIRST QUARTER 2018 SUMMARY (all comparisons to the first quarter of 2017)

• Average loans of $22.1 billion were up 10%, or $2.0 billion
• Average deposits of $23.7 billion were up 10%, or $2.2 billion
• Net interest income of $210 million increased $30 million, or 16%
• Net interest margin of 2.92% improved 8 basis points from 2.84%
• Provision for credit losses was zero, down from $9 million
• Noninterest income of $90 million was up $11 million, or 13%
• Noninterest expense of $213 million was up $39 million and included $21 million of acquisition related costs
• Income before income taxes was up 13%, or $10 million
• During the quarter, the Company repurchased approximately 1.1 million shares, or $26 million, of common stock
• Total dividends paid per common share were $0.15, up 25%

For earnings history and earnings-related data on Associated Banc-Corp (ASB) click here.

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