Extract
Associated Banc-Corp First Quarter EPS $.80.
Business Editors
GREEN BAY, Wis.--(BUSINESS WIRE)--April 22, 2004 Associated Banc-Corp (Nasdaq:ASBC) earned $0.80 per diluted share in the first quarter of 2004, compared to $0.77 and $0.75 per diluted share for the first and fourth quarters of 2003, respectively. Return on average assets was 1.57 percent and return on average equity was 17.37 percent in 2004, compared to 1.58 percent and 18.36 percent, respectively, for the first quarter of 2003, on an annualized basis. Compared to fourth quarter 2003, return on average assets was up 8 basis points, and return on average equity increased 52 basis points. Book value per share rose to $19.00 at March 31, 2004. "Our performance in the first quarter is evidence of significant progress toward implementing our strategic priorities," Associated President and CEO Paul Beideman said. "We are experiencing positive momentum in our wealth management and consumer businesses, as well as improved volume in our commercial banking business." "As a result of our efforts over the last six months, asset quality has improved significantly. Additionally, our focus on expense management is creating positive operating leverage," Beideman said. The comparison between the first quarter periods was impacted by anticipated changes in mortgage banking, as higher mortgage rates caused a slow-down in refinancing activity throughout the industry beginning in fourth quarter 2003. While mortgage banking fee revenue was down $15....See the full content of this document
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