Bank Headquartered In Green Bay Declares Shareholder Income Increase
WISCONSINREPORT.COM (04/20/2012) - A Green Bay, Wisconsin based bank, with branches in many cities, has declared a net increase in income to common shareholders. Associated Banc-Corp reports net income to common shareholders of $41 million, or $0.24 per common share, for the quarter ended March 31, 2012.
This compares to net income to common shareholders of $15 million, or $0.09 per common share, for the comparable quarter ended March 31, 2011.
"We are pleased with the solid results of this quarter and remain optimistic on the outlook for our business," said President and CEO Philip B. Flynn.
"We have announced an increase to the common dividend this quarter and we remain focused on growing the company consistent with our commitment to building shareholder value through our long-term strategy for growth at Associated," Flynn added.
At March 31, 2012, the Company's loan portfolio was $14.3 billion, up $223 million, or 2%, from $14.0 billion at December 31, 2011, and up $1.6 billion, or 13%, from $12.7 billion a year ago.
The retail and residential mortgage portfolio grew by a net $155 million from the fourth quarter of 2011, driven by strong mortgage refinancing activity.
Commercial real estate lending grew by a net $82 million on a linked-quarter basis with growth in the investor commercial real estate portfolio of $100 million partially offset by run-off in the construction portfolio of $18 million.
Commercial and business lending declined by a net $15 million from the prior quarter as middle market commercial lending growth of $27 million was offset by run-off in other portfolios, including a $37 million decline in the mortgage warehouse lending portfolio.
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