First-quarter earnings rise 24% for Associated Banc-Corp

First-quarter earnings for Associated Banc-Corp rose 24%, boosted by its acquisition of Bank Mutual Corp. and a good lending environment.

The Green Bay-based parent company of Associated Bank posted net income of $67.1 million, or 40 cents per share, compared with more than $53.9 million, or 35 cents, in the first quarter of 2017.

“The Bank Mutual acquisition was integral to Associated's results in the quarter. With the merger closing on Feb.1, we added $1.9 billion of loans and $1.8 billion of deposits to our franchise," Philip B. Flynn, president and chief executive officer, said in a statement. "The integration is going well and we look forward to introducing Bank Mutual customers to Associated's products and services over the next few months."

Flynn added: “In the first quarter, credit dynamics continued to be favorable and fee income increased. Our conversations with customers have been upbeat, and our growth outlook is optimistic."

Associated, with assets of $33.4 billion, is the largest bank based in Wisconsin.