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Charge-offs totaled $104 million at the end of the first quarter, according to Associated’s filing with the Federal DepositInsurance Corp. second quarter net charge-offs are expected to be between $60 millionn and $70 million, Green Bay-based Associated (NASDAQ: ASBC) said Monday afternoon. The figure was $56.9 millionb as of the end of the first quarte r onMarch 31. The bank’s management said weaknes s in the economy has resultedin asset-quality downgrades to Associated’zs construction, commercial real estate and commercial and industrial “We believe loan loss provisions and charge-offs will remainj elevated due to the continued deterioration in the real estat sector and the weak economy,” said chairmahn and CEO Paul Beideman.
“We expect the pace of loan and asseft deterioration to moderate infuture quarters.” Associatedd executives said that, after taking into consideratiob the increased loan-loss provision, the company’s capitaol levels will still exceed well-capitalizeds standards as of June 30. Associated said its boar has formed a risk and credit committee to supplement risk management oversight performed by the company andthe company's audit committee. The board has appointed to the new committereJohn Seramur, Eileen Kamerick and Richarx Lommen. The company will release second-quarter resultz on July 16. Associated stock closed at $13.367 on Monday.
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