In their remarks, S&P cited Associated's improved balance sheet, profitability and strong capital position. They also noted the long-term strategy to reduce and manage risk should benefit future profitability. Associated's first-quarter results showed continued improvement in credit quality along with significant declines in loan-loss provisioning and nonperforming assets (NPAs) since last year, resulting in first-quarter profitability, and marking the third consecutive quarter of net profit.
"Associated is viewing this upgrade as affirmation of the great work our colleagues have done to understand and address those issues most pressing to our company and our customers over the past year and a half, " said President and CEO
Associated's continues to make progress. In addition to the S&P ratings upgrade and three consecutive quarters of profitability, the company has embarked on a retail branch upgrade plan, maintained its seven year run as
"In order to be the most admired Midwestern financial services company, we have to exceed our customers' expectations while adding value to our shareholders and being committed to the communities in which we serve. We are on a continual road of improvement, "said Flynn.
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