Associated Banc-Corp in Green Bay, Wis., reported higher quarterly profit on the strength of tight expense control and strong mortgage banking revenue.
The $29 billion-asset company reported that its third-quarter earnings rose 11% from a year earlier, to $52 million. Total revenue increased 9% to $295 million.
Fee income increased 19% to $95 million. Mortgage banking revenue totaled $18 million in the quarter.
Deposits proved to be another bright spot, reaching a record level of $21.7 million.
Noninterest expenses were virtually unchanged, at $175 million.
Total loans increased 9% to $20.1 billion.
Nonaccrual loans totaled $290 million, or 1.46% of total loans. Nearly half that total, $127 million, involved oil and gas credits, which accounted for all of the $22 million that Associated charged off during the third quarter. Despite those problems, Associated remains an active energy lender, funding 12 credits with an outstanding balance of $148 million so far this year.
