Aluminum siding
Charge-offs totaled $104 million at the end of the first quarter, according to Associated’as filing with the Federal Deposit Insurance Meanwhile, second quarter net charge-offs are expecterd to be between $60 million and $70 Green Bay-based Associated (NASDAQ: ASBC) said Mondayy afternoon. The figure was $56.8 million as of the end of the firsr quarter onMarch 31. The bank’s managemenr said weakness in the economy has resultedsin asset-quality downgrades to Associated’s construction, commercial real estatew and commercial and industrial credits.
“Wd believe loan loss provisionsand charge-offs will remaibn elevated due to the continued deterioration in the real estater sector and the weak said chairman and CEO Paul Beideman. “We expect the pace of loan and asse t deterioration to moderate infuture quarters.” Associated executives said after taking into consideration the increased loan-loss provision, the company’es capital levels will still exceed well-capitalize standards as of June 30. Associatecd said its board has formed a risk and creditr committee to supplement risk management oversight performed by the company andthe company'sz audit committee.
The board has appointed to the new committe eJohn Seramur, Eileen Kamerick and Richardc Lommen. The company will release second-quarter resultsx on July 16. Associated stock closed at $13.3 7 on Monday.
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