GREEN BAY, WI (WTAQ) - Wisconsin's largest homegrown bank produced more earnings than expected in the first quarter of this year -- but its profits were still less than a year ago.
Associated Banc-Corp of Green Bay reports a net income of $44 million from January through March, down from just over $46 million during the same period in 2013.
Earnings remained the about the same at 27 cents a share. That beat the estimate of 25 cents in a Yahoo poll of 17 Wall Street analysts.
Officials said higher interest rates put a crimp into home refinancing activity. Mortgage banking revenues dropped from about $18 million in the opening quarter of last year, to $6.4 million now.
Also, Associated added $5 million to the reserve fund that covers losses from bad loans.
Associated CEO Philip Flynn said the bank had a robust growth in its overall loan activity, especially in its commercial business lines.
(Story courtesy of Wheeler News Service)