Associated Bank reports 2Q income, will close 13 branches in 2015

Freeman Staff

July 16, 2015

GREEN BAY — On Thursday, Associated Banc-Corp reported net income to common shareholders of $48 million, or $0.31 per common share, for the second quarter, but that it also intends to close 13 branches during the second half of the year.

“Steady loan growth, strong fee revenues, and a benign credit environment have all contributed to this quarter’s solid performance,” said President and CEO Philip B. Flynn in a statement. “We continue to optimize our delivery strategies, in terms of branches and digital channels, in response to evolving customer preferences. We are investing in more digital and mobile solutions, while being capital and expense disciplined.”

The 13 branch closures, according to the report, reflect changing customer branch usage patterns and a continuing shift to digital banking solutions. Associated Bank will experience approximately $3 million related to the closures this year, and should result in net savings in 2016 and beyond, according to the company.

Other second quarter highlights included average loans growing $373 million, or 2 percent from the first quarter and average total commercial loans growing $220 million, or 2 percent from the first quarter.

Average deposits grew $571 million, or 3 percent from the first quarter and average money market and savings balances grew a combined $523 million, or 5 percent from the first quarter, according to the release.