Associated Banc-Corp Reports Third Quarter 2024 Net Income Available to Common Equity of $85 Million, or $0.56 per Common Share
Associated Banc-Corp (ASB) reported Q3 2024 net income of $85 million, or $0.56 per share, compared to $113 million ($0.74/share) in Q2 2024 and $80 million ($0.53/share) in Q3 2023. The quarter saw $373 million in loan growth and $618 million in core customer deposit growth. Key metrics include net interest income of $263 million, net interest margin of 2.78%, and noninterest income of $67 million. The company maintains strong credit quality with an allowance for credit losses ratio of 1.33% and net charge-offs of 0.18%. ASB expects 2024 loan growth at the lower end of 4-6% range and core customer deposit growth at the lower end of 3-5% range.
Associated Banc-Corp (ASB) ha riportato un reddito netto per il terzo trimestre del 2024 di 85 milioni di dollari, ovvero 0,56 dollari per azione, rispetto a 113 milioni di dollari (0,74 dollari/azione) nel secondo trimestre del 2024 e 80 milioni di dollari (0,53 dollari/azione) nel terzo trimestre del 2023. Nel trimestre si è registrato un aumento di 373 milioni di dollari nei prestiti e un aumento di 618 milioni di dollari nei depositi dei clienti core. I principali indicatori includono un reddito da interessi netto di 263 milioni di dollari, un margine di interesse netto del 2,78% e un reddito non da interessi di 67 milioni di dollari. L'azienda mantiene una solida qualità creditizia con un rapporto di accantonamento per perdite creditizie dell'1,33% e una percentuale di svalutazione netta dello 0,18%. ASB prevede una crescita dei prestiti nel 2024 al limite inferiore del range del 4-6% e una crescita dei depositi dei clienti core al limite inferiore del range del 3-5%.
Associated Banc-Corp (ASB) reportó un ingreso neto para el tercer trimestre de 2024 de 85 millones de dólares, o 0,56 dólares por acción, en comparación con 113 millones de dólares (0,74 dólares/acción) en el segundo trimestre de 2024 y 80 millones de dólares (0,53 dólares/acción) en el tercer trimestre de 2023. Durante el trimestre, se vio un crecimiento de 373 millones de dólares en préstamos y un crecimiento de 618 millones de dólares en depósitos de clientes principales. Las métricas clave incluyen un ingreso por intereses netos de 263 millones de dólares, un margen de interés neto del 2,78% y un ingreso no por intereses de 67 millones de dólares. La empresa mantiene una sólida calidad crediticia con una proporción de reservas para pérdidas crediticias del 1,33% y un porcentaje de cancelaciones netas del 0,18%. ASB espera un crecimiento en préstamos de 2024 en el límite inferior del rango del 4-6% y un crecimiento de depósitos de clientes principales en el límite inferior del rango del 3-5%.
Associated Banc-Corp (ASB)는 2024년 3분기에 8,500만 달러의 순이익을 기록했으며, 주당 0.56달러로, 2024년 2분기의 1억 1,300만 달러(주당 0.74달러)와 2023년 3분기의 8,000만 달러(주당 0.53달러)와 비교됩니다. 이번 분기에는 3억 7,300만 달러의 대출 성장과 6억 1,800만 달러의 핵심 고객 예금 성장이 있었습니다. 주요 지표로는 2억 6,300만 달러의 순이자 수익, 2.78%의 순이자 마진, 6천 700만 달러의 비이자 수익이 포함됩니다. ASB는 1.33%의 대손충당금 비율과 0.18%의 순 청산 비율로 강력한 신용 품질을 유지하고 있습니다. ASB는 2024년 대출 성장이 4-6% 범위의 하단에 있을 것으로 예상하며, 핵심 고객 예금 성장도 3-5% 범위의 하단에 있을 것으로 예상합니다.
Associated Banc-Corp (ASB) a annoncé un bénéfice net de 85 millions de dollars pour le troisième trimestre 2024, soit 0,56 dollar par action, comparé à 113 millions de dollars (0,74 dollar/action) au deuxième trimestre 2024 et 80 millions de dollars (0,53 dollar/action) au troisième trimestre 2023. Le trimestre a connu une croissance des prêts de 373 millions de dollars et une croissance des dépôts des clients principaux de 618 millions de dollars. Les indicateurs clés comprennent des revenus d'intérêts nets de 263 millions de dollars, une marge d'intérêt nette de 2,78% et des revenus non liés aux intérêts de 67 millions de dollars. L'entreprise maintient une solide qualité de crédit avec un ratio de provisions pour pertes de crédit de 1,33% et des charges nettes de 0,18%. ASB s'attend à une croissance des prêts en 2024 dans la fourchette inférieure de 4 à 6% et une croissance des dépôts des clients principaux dans la fourchette inférieure de 3 à 5%.
Associated Banc-Corp (ASB) meldete für das 3. Quartal 2024 einen Nettogewinn von 85 Millionen US-Dollar, oder 0,56 US-Dollar pro Aktie, verglichen mit 113 Millionen US-Dollar (0,74 US-Dollar/Aktie) im 2. Quartal 2024 und 80 Millionen US-Dollar (0,53 US-Dollar/Aktie) im 3. Quartal 2023. Im Quartal gab es ein Wachstum der Darlehen um 373 Millionen US-Dollar und ein Wachstum der Kernkundeneinlagen um 618 Millionen US-Dollar. Zu den wichtigsten Kennzahlen gehören ein Zinsertrag von 263 Millionen US-Dollar, eine Nettomarge von 2,78% und ein Zinsertrag ohne Zinsen von 67 Millionen US-Dollar. Das Unternehmen behält eine starke Kreditqualität bei, mit einer Rückstellung für Kreditverluste von 1,33% und einer Nettoausfallquote von 0,18%. ASB erwartet ein Wachstum der Darlehen 2024 im unteren Bereich von 4-6% und ein Wachstum der Kernkundeneinlagen im unteren Bereich von 3-5%.
- Core customer deposits increased by $618 million
- Net interest income grew to $263 million, up $6 million from previous quarter
- Net interest margin improved to 2.78%, up 3 basis points quarter-over-quarter
- Nonaccrual loans decreased by $26 million to $128 million
- Strong capital position with CET1 ratio of 9.72%
- Net income declined to $85 million from $113 million in Q2 2024
- EPS decreased to $0.56 from $0.74 in previous quarter
- Noninterest expense increased by $5 million to $201 million
- Average total loans decreased 1% year-over-year
- Noninterest-bearing deposits decreased $566 million year-over-year
Insights
Associated Banc-Corp delivered mixed Q3 2024 results with
The bank's net interest margin expanded to
The CET1 ratio of
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
"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
"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
- Commercial and business lending decreased
$40 million $14 million $11.0 billion - Commercial real estate lending decreased
$14 million $77 million $7.2 billion - Consumer lending increased
$109 million $159 million $11.4 billion
Third quarter 2024 period end total loans of
- Commercial and business lending increased
$307 million $226 million $11.4 billion - Commercial real estate lending decreased
$72 million $165 million $7.2 billion - Consumer lending increased
$138 million $263 million $11.4 billion
We continue to expect 2024 period end loan growth to finish at the lower end of our previous
Deposits
Third quarter 2024 average deposits of
- Noninterest-bearing demand deposits decreased
$60 million $667 million $5.7 billion - Savings decreased
$9 million $311 million $5.1 billion - Interest-bearing demand deposits increased
$129 million $415 million $7.4 billion - Money market deposits decreased
$53 million $352 million $5.9 billion - Total time deposits increased
$635 million $1.6 billion $7.6 billion - Network transaction deposits increased
$49 million $5 million $1.6 billion
Third quarter 2024 period end deposits of
- Noninterest-bearing demand deposits increased
$42 million $566 million $5.9 billion - Savings decreased
$85 million $236 million $5.1 billion - Interest-bearing demand deposits increased
$322 million $1.1 billion $8.6 billion - Money market deposits decreased
$200 million $1.2 billion $6.1 billion - Total time deposits increased
$784 million $1.9 billion $7.9 billion - Network transaction deposits (included in money market and interest-bearing demand deposits) increased
$64 million $82 million $1.6 billion
We continue to expect 2024 period end core customer deposit growth to finish at the lower end of our previous
Net Interest Income and Net Interest Margin
Third quarter 2024 net interest income of
- The average yield on total loans for the third quarter of 2024 increased 6 basis points from the prior quarter and increased 31 basis points from the same period last year to
6.27% . - The average cost of total interest-bearing liabilities for the third quarter of 2024 decreased 1 basis point from the prior quarter and increased 23 basis points from the same period last year to
3.59% . - The net free funds benefit for the third quarter of 2024 decreased 1 basis point from the prior quarter and decreased 2 basis points from the same period last year to
0.69% .
Based on current market conditions, we now expect total net interest income growth of
Noninterest Income
Third quarter 2024 total noninterest income of
- Wealth management fees increased
$2 million $3 million - Service charges and deposit account fees increased
$1 million - Mortgage banking, net decreased slightly from the prior quarter and decreased
$4 million
Excluding the impact of the mortgage and investment securities sales announced during the fourth quarter of 2023, we continue to expect total noninterest income to finish within a range of negative
Noninterest Expense
Third quarter 2024 total noninterest expense of
- Personnel expense decreased
$1 million $4 million - Legal and professional expense increased
$1 million - Technology expense increased slightly from the prior quarter and increased
$1 million - FDIC assessment expense increased
$1 million $1 million
After adjusting to exclude the impact of the
Taxes
Third quarter 2024 tax expense was
After excluding the impact of the one time
Credit
The third quarter 2024 provision for credit losses on loans was
- Nonaccrual loans of
$128 million $26 million $40 million 0.43% in the third quarter, down from0.52% in the prior quarter and down from0.56% in the same period last year. - Third quarter 2024 net charge offs of
$13 million $21 million $18 million - The allowance for credit losses on loans (ACLL) of
$398 million $8 million $17 million 1.33% in the third quarter, up from1.32% in the prior quarter and up from1.26% in the same period last year.
In 2024, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.
Capital
The Company's capital position remains strong, with a CET1 capital ratio of
THIRD QUARTER 2024 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 24, 2024. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp third quarter 2024 earnings call. The third quarter 2024 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of
FORWARD-LOOKING STATEMENTS
Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "intend," "target," "outlook," "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.
NON-GAAP FINANCIAL MEASURES
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
Investor Contact:
Ben McCarville, Vice President, Director of Investor Relations
920-491-7059
Media Contact:
Andrea Kozek, Senior Manager, Public Relations
920-491-7518
View original content:https://www.prnewswire.com/news-releases/associated-banc-corp-reports-third-quarter-2024-net-income-available-to-common-equity-of-85-million-or-0-56-per-common-share-302286573.html
SOURCE Associated Banc-Corp
FAQ
What was Associated Banc-Corp's (ASB) earnings per share in Q3 2024?
How much did Associated Banc-Corp's (ASB) core customer deposits grow in Q3 2024?
What was Associated Banc-Corp's (ASB) net interest margin in Q3 2024?
What is Associated Banc-Corp's (ASB) loan growth guidance for 2024?
