Associated Banc-Corp’s sees positive results from more customer deposits

Freeman Staff

Oct. 20, 2017

GREEN BAY — With an increase in deposits from customers, Associated Banc-Corp saw an increase in income during the third quarter.

According to a Thursday announcement from the parent company of Associated Bank, net income available to common equity was $63 million, or $0.41 per common share, for the quarter ended Sept. 30. During the third quarter of 2016, net income available to common equity was $52 million, or $0.34 per common share.

“Associated continues to benefit from its strong customer deposit franchise. According to recently released FDIC 2017 Summary of Deposit data, Associated increased its deposit market share across its footprint and grew deposits by 10 percent in our Wisconsin market. Customer deposits and funding, excluding network deposits, increased by a net 8 percent from the prior year and funded all of our year-over-year growth,” said President and CEO Philip B. Flynn in a statement.

In addition during the third quarter, when compared to the third quarter of 2016, average loans were $20.9 billion, which grew $846 million, or 4 percent, and average deposits were $22.4 billion, growing $1 billion, or 5 percent.