Jefferies Updates ASBC EPS Estimates

Jefferies is updating its EPS estimates on shares of Associated Banc-Corp (NASDAQ: ASBC) following 1Q11 results released on 4/21.

“While GAAP EPS of $0.09 was in-line with consensus estimates, the result included a significant decline in credit costs, and core performance came off a little weak,” Jefferies writes. “We are lowering our 2011, 2012, and 2013 EPS estimates by $0.10 each to reflect lower than forecast loan growth and higher expenses. Estimates could come in some.

“The company met the consensus estimate on a temporary jump in the margin and steep decline in loan loss provision. Lower than expected loan growth should bleed through to estimates. Our '11 EPS estimate goes to $0.60 (from $0.70), '12 goes to $1.10 (from $1.20) and '13 goes to $1.40 (from $1.50).”

Associated Banc-Corp closed Monday at $14.37.