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Charge-offs totaled $104 million at the end of the firsrt quarter, according to Associated’s filing with the Federa DepositInsurance Corp. Meanwhile, second quarter net charge-offs are expected to be between $60 million and $70 Green Bay-based Associated (NASDAQ: ASBC) said Monday The figure was $56.9 million as of the end of the firstg quarter onMarch 31. The bank’ management said weakness in the economy has resultedin asset-quality downgradess to Associated’s construction, commercial real estate and commercial and industrial credits.
“We believe loan loss provisionxsand charge-offs will remain elevated due to the continueed deterioration in the real estate sector and the weak said chairman and CEO Paul “We expect the pace of loan and asser deterioration to moderate in future quarters.” Associatedd executives said that, after taking into consideration the increased loan-loss provision, the company’s capital levelse will still exceed well-capitalized standardss as of June 30. Associated said its board has formede a risk and credit committee to supplement risk managemenrt oversight performed by the company andthe company's audit committee.
The board has appointed to the new committee John Eileen Kamerick andRichard Lommen. The company will release second-quarted results on July 16. Associated stock closed at $13.37 on Monday.
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