Associated Banc-Corp announced Thursday a $10.2 million loss for the second quarter, down from a $33.8 million loss a year earlier.
The $23 billion-asset company, based in Wisconsin, also reported a significant decline in the quarter in loss provisioning, down 41% to $98 million, and charge-offs, down 36% to $105 million. Nonperforming loans declined to $1 billion, though the company's decision to sell off $216 million in troubled construction and commercial real estate loans accounted for the entire decline.
"We continued to make good progress in addressing the company's credit quality issues during the quarter," the president and CEO, Philip B. Flynn, said in the company's earnings release.
Associated's total loan portfolio continued to decline in the quarter. Its bank unit's loan balance dropped 5% to $12.6 billion from the first quarter, with the heaviest shrinkage in commercial real estate and construction, areas in which Associated is seeking "planned runoff."
