Associated Banc-Corp 4Q Profit Falls Associated Press 01.18.07, 1:56 PM ET
Associated Banc-Corp, which runs banks in Illinois, Minnesota and Wisconsin, said Thursday fourth-quarter profit fell 15 percent, as net interest income declined.
Quarterly profit dropped to $74.5 million, or 57 cents per share, from $87.6 million, or 64 cents per share, during the same period last year.
Analysts polled by Thomson Financial expected net income of 59 cents per share.
Net interest income, or income from loans and deposits, after provision for loan losses, fell nearly 8 percent to $159 million, from $171.9 million last year.
Noninterest income, or income from fees and charges, fell 8 percent to $74.5 million, from $81 million last year.
For the year, net income dipped 1 percent to $316.6 million, from $320.2 million last year.
Net interest income after provision for loan losses, fell 1 percent to $650.5 million, while noninterest income grew nearly 2 percent to $295.5 million.
The Federal Reserve has increased short-term interest rates 15 consecutive times to 4.75 percent, the highest level since April 2001, while long-term rates have remained fairly stagnant. This narrow gap between short- and long-term interest rates, also known as a flat yield curve, is putting the squeeze on lenders even as new loan development continues to surge.
mfg J.B. -------------------------------------------------- Call oder Put?? Tja, so ist das Leben, manche wissen es und viele nicht!!
|