Associated Banc-Corp Reports Earnings Results for Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2016; Provides Effective Tax Rate Guidance for the Full Year of 2017
January 20, 2017 at 02:45 am IST
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Associated Banc-Corp reported earnings results for fourth quarter and year ended December 31, 2016. For the quarter, the company reported net interest income of $180 million was up $1.5 million, or 1% from the third quarter, and was up $9 million, or 5% from the year ago quarter. Total noninterest income of $92 million was down $3 million, or 3% from the third quarter, and was up $9 million, or 11% from the year ago quarter. Earnings of $0.34 per common share for the quarter ended December 31, 2016, compared to $0.27 per common share for the quarter ended December 31, 2015.
For the full year, the company reported net interest income of $707 million was up $31 million, or 5% from 2015. Total noninterest income of $353 million was up $24 million, or 7% from 2015. Net income available to common equity of $191 million, or $1.26 per common share for the year ended December 31, 2016. This compares to net income available to common equity of $181 million, or $1.19 per common share for the year ended December 31, 2015.
For 2017, the company expects an annual average effective tax rate between 28% and 30%.
For the quarter, the company reported net charge offs of $9 million were down $9 million from the prior quarter.
Associated Banc-Corp is a bank holding company. The Company, through Associated Bank and various nonbanking subsidiaries, provides a range of banking and nonbanking products and services to individuals and businesses. The Company is a banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, and Minnesota. Its Corporate and Commercial Specialty segment consists of lending and deposit solutions to larger businesses, developers, not-for-profits, municipalities, and financial institutions, and the support to deliver, fund, and manage such banking solutions. Its Community, Consumer, and Business segment consists of lending and deposit solutions to individuals and small to mid-sized businesses. Its Risk Management and Shared Services segment includes key shared corporate functions, parent company activity, intersegment eliminations, and residual revenues and expenses.
Associated Banc-Corp Reports Earnings Results for Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2016; Provides Effective Tax Rate Guidance for the Full Year of 2017