Associated Banc-Corp Reports Third Quarter 2024 Net Income Available to Common Equity of $85 Million, or $0.56 per Common Share
GREEN BAY, Wis., Oct. 24, 2024 /PRNewswire/ --Associated Banc-Corp (NYSE:ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $85 million, or $0.56 per common share, for the quarter ended September 30, 2024. These amounts compare to earnings of $113 million, or $0.74 per common share, for the quarter ended June 30, 2024 and earnings of $80 million, or $0.53 per common share, for the quarter ended September 30, 2023.
"In the first nine months of 2024, we've remained squarely focused on executing Phase 2 of our strategic growth plan, and the financial tailwinds have started to emerge here in the third quarter," said President and CEO Andy Harmening. "During the quarter, we drove nearly $400 million in balanced loan growth and over $600 million in core customer deposit1 growth, which enabled us to decrease our reliance on wholesale funding and expand our margin. We also saw strong credit performance again during the quarter, helping us to deliver solid bottom line results for our shareholders."
"We're growing our customer base, delivering industry-leading customer satisfaction, and adding top talent to our commercial banking team. We look forward to building on this momentum and providing additional updates along the way."
Third Quarter 2024 Highlights (all comparisons to Second Quarter 2024)
Diluted earnings per common share of $0.56
Total period end core customer deposit1 growth of $618 million
Total period end deposit growth of $863 million
Total period end loan growth of $373 million
Net interest income of $263 million
Net interest margin of 2.78%
Noninterest income of $67 million
Noninterest expense of $201 million
Provision for credit losses of $21 million
Allowance for credit losses on loans / total loans of 1.33%
Net charge offs / average loans (annualized) of 0.18%
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Loans
Third quarter 2024 average total loans of $29.6 billion increased $55 million from the prior quarter and decreased 1%, or $251 million, from the same period last year. With respect to third quarter 2024 average balances by loan category:
Commercial and business lending decreased $40 million from the prior quarter and decreased $14 million from the same period last year to $11.0 billion.
Commercial real estate lending decreased $14 million from the prior quarter and decreased $77 million from the same period last year to $7.2 billion.
Consumer lending increased $109 million from the prior quarter and decreased $159 million from the same period last year to $11.4 billion.
Third quarter 2024 period end total loans of $30.0 billion increased 1%, or $373 million, from the prior quarter and decreased 1%, or $202 million, from the same period last year. With respect to third quarter 2024 period end balances by loan category:
Commercial and business lending increased $307 million from the prior quarter and increased $226 million from the same period last year to $11.4 billion.
Commercial real estate lending decreased $72 million from the prior quarter and decreased $165 million the same period last year to $7.2 billion.
Consumer lending increased $138 million from the prior quarter and decreased $263 million from the same period last year to $11.4 billion.
We continue to expect 2024 period end loan growth to finish at the lower end of our previous 4% to 6% range as compared to 2023.
Deposits
Third quarter 2024 average deposits of $33.3 billion increased 2%, or $691 million, from the prior quarter and increased 4%, or $1.3 billion, from the same period last year. With respect to third quarter 2024 average balances by deposit category:
Noninterest-bearing demand deposits decreased $60 million from the prior quarter and decreased $667 million from the same period last year to $5.7 billion.
Savings decreased $9 million from the prior quarter and increased $311 million from the same period last year to $5.1 billion.
Interest-bearing demand deposits increased ...
