Associated Banc-Corp - ASB STOCK NEWS

Associated Banc-Corp (NYSE: ASB) has announced its quarterly dividend declarations. The company's Board of Directors declared a regular quarterly cash dividend of $0.23 per common share, payable on March 17, 2025, to shareholders of record as of March 3, 2025.

Additionally, the Board declared dividends on two preferred stock series: a quarterly cash dividend of $0.3671875 per depositary share on the 5.875% Series E Perpetual Preferred Stock and a quarterly cash dividend of $0.3515625 per depositary share on the 5.625% Series F Perpetual Preferred Stock. Both preferred stock dividends share the same payment and record dates as the common share dividend.

Associated Banc-Corp (NYSE: ASB) reported full-year 2024 earnings of $112 million, or $0.72 per common share, compared to $171 million ($1.13 per share) in 2023. The company posted a Q4 2024 loss of $164 million (-$1.03 per share), impacted by several nonrecurring items from balance sheet repositioning.

Key Q4 2024 nonrecurring items included a $130 million loss on mortgage portfolio sale, $148 million net loss on investment sales, and $14 million loss on FHLB advances prepayments. Excluding these items, adjusted earnings were $367 million ($2.38 per share) for 2024.

Notable 2024 performance metrics include:

• Total deposit growth of $1.2 billion
• Total loan growth of $552 million
• Net interest income of $1.0 billion
• Net charge offs/average loans of 0.23%

For 2025, ASB expects 5-6% loan growth, 1-2% total deposit growth, and 12-13% net interest income growth.

Associated Banc-Corp (NYSE: ASB) has announced its plans to release fourth quarter 2024 financial results on Thursday, January 23, 2025, after market close. The company will host a conference call for investors and analysts at 4:00 p.m. Central Time on the same day.

Investors can access the live webcast through the company's Investor Relations website or dial in at 877-407-8037 (domestic) or 201-689-8037 (international). Financial tables and presentation slides will be available on the website before the call, and an audio archive will be accessible approximately fifteen minutes after the call concludes.

Associated Banc-Corp (NYSE: ASB) has announced the addition of four senior relationship managers to strengthen its commercial banking team. This hiring initiative is part of the company's multi-year strategic growth plan aimed at expanding commercial capabilities and deepening client relationships across the Midwest. The new hires include: Stacy Quick (Minnesota market), bringing 20+ years of experience from US Bank; Kevin Kopaska (Iowa market) with 25+ years of experience from Wells Fargo; Mike Hauswirth (Minnesota market) with 30+ years of experience from US Bank; and Scott Rothenbush (Specialty Deposit and Payment Solutions) with 30+ years of banking experience from US Bank.

Associated Banc-Corp (NYSE: ASB) announced a decrease in its prime rate from 7.75% to 7.50%, effective December 19, 2024. This adjustment affects Associated Bank, N.A., the company's banking subsidiary.

Associated Banc-Corp (NYSE: ASB) has announced the appointment of Steven Zandpour to its Executive Leadership Team, effective January 1, 2025. Zandpour, 48, will serve as executive vice president and deputy head of Consumer and Business Banking, reporting to David Stein. He joined Associated Bank in January 2024, focusing on consumer and small business growth across major metropolitan markets.

In his expanded role, Zandpour will be responsible for all revenue growth in the Consumer and Business Banking division, including Consumer Lending. Prior to Associated, he served as U.S. head of Specialty Sales at BMO in Chicago and spent 14 years at Fifth Third Bank in Illinois. Zandpour holds an MBA from Notre Dame and a BS in economics from the University of Iowa.

Associated Banc-Corp (NYSE: ASB) has announced the appointment of Heath Sorenson as Executive Vice President and Managing Director of Associated Trust Company. Effective February 1, 2025, Sorenson will assume the role of CEO, succeeding John Thayer, who will transition to Executive Vice President and Senior Leadership Advisor. Sorenson brings over 25 years of wealth management experience and will lead Personal, Corporate and Institutional Trust Services, Investment Management, Retirement Plan Solutions, and Trust Administration/Operations.

The transition follows Thayer's nearly 25-year tenure, during which he unified the bank's wealth management operations and led a team of over 300 professionals to generate nearly $150M in revenue within three years. Sorenson, who joined on December 9, will report to Jayne Hladio, Executive Vice President and Associated Private Wealth President.

Associated Banc-Corp (NYSE: ASB) has announced the appointment of two new members to its Board of Directors: Kristen M. Ludgate and Owen J. Sullivan. Ludgate, 62, currently serves as Chief People Officer at HP Inc. and previously held the position of Chief Human Resources Officer at 3M Company. Sullivan, 67, recently retired as President and Chief Operating Officer of NCR, where he served from 2018 to 2023. Ludgate will serve on Associated's Compensation and Benefits Committee, while Sullivan joins the Enterprise Risk Committee.

Associated Banc-Corp (NYSE: ASB) has announced strategic balance sheet repositioning transactions to accelerate organic growth. The company has sold $1.3 billion of investment securities and plans to sell $0.7 billion in mortgage loans in Q1 2025. The transactions are expected to result in an after-tax loss of approximately $253 million, leading to a net loss in Q4 2024.

The company plans to reinvest $1.5 billion into investment securities and increase wholesale funding capacity by paying down FHLB advances. CEO Andy Harmening stated this repositioning supports their organic strategy by enhancing earnings profile, boosting capital, and providing additional loan growth capacity.