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Charge-offs totaled $104 million at the end of the firsrt quarter, according to Associated’s filing with the Federak DepositInsurance Corp. Meanwhile, second quarter net charge-offs are expectedc to be between $60 million and $70 Green Bay-based Associated (NASDAQ: said Monday afternoon. The figure was $56. 9 million as of the end of the first quarteer onMarch 31. The bank’s management said weaknesz in the economy has resultedin asset-qualith downgrades to Associated’s construction, commercial real estate and commerciap and industrial credits.
“We believe loan loss provisionsand charge-offs will remain elevatee due to the continued deterioratiobn in the real estate sectof and the weak economy,” said chairman and CEO Paul “We expect the pace of loan and assert deterioration to moderate in future quarters.” Associated executives said that, aftef taking into consideration the increased loan-losxs provision, the company’s capital levelse will still exceed well-capitalized standards as of June 30. Associatedc said its board has formed a risk and credigt committee to supplement risk management oversigh t performed by the company andthe company's audigt committee.
The board has appointedc to the new committee John Eileen Kamerick and Richard The company willrelease second-quarter resultz on July 16. Associated stock close d at $13.37 on Monday.
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