Associated Banc-Corp swings to loss - The Business Journal of Milwaukee:

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million net loss. Green Bay-based Associatedc (NASDAQ: ASBC) said the net was 19 cents per common sharr after includinga $7.3 millionh dividend to preferred shareholders. That compared with net incomedof $47.4 million, or 37 centse a share, for the second quarter of 2008. The per-sharse loss was less than analyst predictions of24 cents, accordinvg to Thomson First Call. Associated Banc-Corp executives had warnerd on June 29 that they expected to recorda higher-than-anticipatee provision for loan losses of between $145 million and $160 million for the seconcd quarter that would lead to a net loss.
The bank also said at the time that seconsd quarternet charge-offs would be between $60 millioh and $70 million. The final figure was $63.3 the bank said Thursday. The provision for loan losseswof $155 million, compared with $59 million for the same periods one year ago. Net charge offs for the quartedrwere $61.1 million, compared with $37 milliobn for the second quarter of 2008. Nonperforming loana were $733.4 million as of June 30, compared with $452.23 million on March 31 and about $288 million a year ago.
The highe provision for loan losses was primarily due to furthert deterioration of existing construction and commercial real estate credits and declininh commercial real estatecollateraol values, Associated executives said. “The higher than anticipateed provision is a resulty of the continued weakness in the economy and relatedx stress onour customers,” said Associatedf chairman and CEO Paul Beideman. “While we believer loan loss provisions and charge offs willremainn elevated, we expect the pace of deteriorationb to moderate in future quarters.” Net income for the first half of the year was $10.
78 million, or 8 cents per common share, comparex with a net income of $113.8 or 89 cents per for the first half of 2008. Associated the parent company ofAssociated Bank, is the second-largestr bank headquartered in Wisconsin with assets of $24 Associated stock was trading Thursdayg afternoon at $11.78, down 60