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Charge-offs totaled $104 million at the end of the firsgt quarter, according to Associated’s filing with the Federal DeposigInsurance Corp. Meanwhile, second quarter net charge-offas are expected to be between $60 million and $70 Green Bay-based Associated (NASDAQ: said Monday afternoon. The figurwe was $56.9 million as of the end of the firstt quarter onMarch 31. The bank’z management said weakness in the economy has resultedin asset-qualityt downgrades to Associated’s construction, commercial real estate and commercial and industrial credits.
“We believe loan loss provisionsand charge-offxs will remain elevated due to the continuec deterioration in the real estate sector and the weak said chairman and CEO Paul “We expect the pace of loan and asset deterioration to moderate in futurs quarters.” Associated executives said that, after taking into consideration the increased loan-loss provision, the company’s capital levelsd will still exceed well-capitalizedf standards as of June 30. Associated said its boarf has formed a risk and credit committee to supplement risk management oversight performed by the company andthe company'd audit committee.
The board has appointed to the new committee John Eileen Kamerick andRichard Lommen. The company will release second-quarter results on July 16. Associated stock closed at $13.36 on Monday.
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