Associated Banc-Corp (ASBC) in Green Bay, Wis., reported that its third-quarter income increased 32% from a year earlier, to $45 million.
The $22.7 billion-asset company's net interest income rose 2% from a year earlier, to $155.6 million. Commercial loans rose 19% from a year earlier, to $8.9 billion; residential mortgages increased about 13%, to $3.2 billion.
Credit quality improved as net chargeoffs, nonaccrual loans and potential problem loans all fell compared to a year earlier. Associated did not record a loan-loss provision in the third quarter.
Noninterest income rose more than 17% from a year earlier, to $81 million. Trust service fees climbed 6% from a year earlier, to $10.4 million, and mortgage banking more than tripled from a year earlier.
Noninterest expenses increased more than 6% from a year earlier, to $170 million. Personnel and occupancy expenses rose almost 5% from a year earlier, to $95.2 million. Legal and professional fees climbed 79%, to $7.7 million, mostly related to changes to Associated's Bank Secrecy Act practices. The company
Associated also said Wednesday that it would