Associated Banc-Corp (ASB) Tops Q1 EPS by 17c

Associated Banc-Corp (NYSE: ASB) reported Q1 EPS of $0.27, $0.17 better than the analyst estimate of $0.10.

FIRST QUARTER 2020 SUMMARY (all comparisons to the first quarter of 2019)

• Average loans of $23.3 billion were up 1%, or $0.2 billion; period end loans were $24.4 billion
• Average deposits of $24.3 billion were down 1%, or $0.3 billion; period end deposits were $25.7 billion
• Net interest income of $203 million decreased $13 million, or 6%
• Net interest margin of 2.84% declined 6 basis points from 2.90%
• Provision for credit losses was $53 million compared to $6 million
• Noninterest income of $98 million increased 8%, or $7 million
• Noninterest expense of $192 million, up $1 million
• Pre-tax pre-provision income of $109 million decreased 5%, or $6 million1
• Tangible book value per share was $14.64, up 3%

"The past two months have been one of the most extraordinary periods in this country's history. The coronavirus pandemic has presented many challenges, both personal and economic, and we at Associated Bank are committed to helping our customers and communities through this difficult time," said President and CEO Philip B. Flynn. "We have taken action to help our colleagues and customers stay safe and we have contributed to relief efforts in our communities. Associated Bank has strong capital and liquidity and we will continue to help our customers through our COVID-19 Relief Program, which includes suspension of certain fees and loan payment deferrals, and through participation in federal initiatives like the Paycheck Protection Program. Standing together with our customers and communities, we will make it through this turbulent period, and we will be part of the economic recovery that will surely follow."

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

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