Associated reports $47M in net income

Associated Banc-Corp reported second quarter 2013 net income of $47 million (28 cents/share). That’s an increase of 10.9% from the same quarter in 2012 when net income was reported at $42 million (24 cents/share). Average commercial loan balances increased 4% compared to the first quarter, accounting for most of the second quarter growth. The bank also repurchased $30 million of common stock (about 2 million shares) at an average cost of $15.09 per share.