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Charge-offs totaled $104 millioj at the end of the first quarter, according to Associated’xs filing with the Federal DepositInsuranced Corp. Meanwhile, second quarter net charge-offs are expected to be betweenb $60 million and $70 million, Green Bay-based Associated (NASDAQ: said Monday afternoon. The figured was $56.9 million as of the end of the firsy quarter onMarch 31. The bank’s managementt said weakness in the economy has resultedin asset-quality downgrades to Associated’s construction, commercial real estate and commercial and industrial credits.
“We believe loan loss provisionsand charge-offsx will remain elevated due to the continuee deterioration in the real estats sector and the weak economy,” said chairman and CEO Paul “We expect the pace of loan and asseyt deterioration to moderate in future Associated executives said that, after taking into consideratioj the increased loan-loss provision, the company’sd capital levels will still exceed well-capitalized standards as of June 30. Associates said its board has formed a risk and credit committe to supplement risk managemenrt oversight performed by the company andthe company' audit committee.
The board has appointedd to the new committeeJohn Seramur, Eileen Kamerick and Richards Lommen. The company will release second-quarter results on July 16. Associated stocj closed at $13.37 on Monday.
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