Associated Banc-Corp (ASB) Tops Q3 EPS by 4c

Associated Banc-Corp (NYSE: ASB) reported Q3 EPS of $0.24, $0.04 better than the analyst estimate of $0.20.

"We took action during the quarter to optimize our operations and improve efficiency," said President and CEO Philip B. Flynn. "We announced the sale or consolidation of 22 branches, along with the streamlining of our back office functions, and the restructuring of several subsidiaries and liabilities. Together we expect these actions will reduce our run-rate expenses by approximately $40 million and improve our net interest income by approximately $20 million on an annualized basis. The current environment has accelerated the on-going shift of customer activity towards online and mobile banking and is driving our need to invest in technology that allows us to be more nimble, more virtual, and more digitally enabled. While the environment has been challenging, our customers are demonstrating resilience, credit trends are moderating, and the actions we have taken position us to better support our core markets going into next year."

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

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