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Overview of Associated Banc-Corp (NYSE: ASB)
Associated Banc-Corp is a prominent bank holding company in the Midwest, renowned for its comprehensive suite of financial services and its strong operational footprint across the region. As a key player in the banking and commercial lending space, the company provides both banking and nonbanking products with an unwavering commitment to delivering personalized service and robust financial solutions. With a network of nearly 200 banking locations spanning Wisconsin, Illinois, Minnesota, and extended operations in several other states, Associated Banc-Corp successfully serves a diverse customer base comprising individuals, small to mid-size businesses, and commercial enterprises.
Core Business Segments and Operations
Operating through its subsidiaries, the company is organized into three distinct reportable segments that underline its diverse revenue model and operational depth:
- Corporate and Commercial Specialty: This segment focuses on sophisticated financial products tailored for businesses and commercial clients. It leverages expertise in commercial lending, treasury management, and specialized financing solutions to cater to the evolving needs of corporate customers.
- Community, Consumer, and Business: Catering to a broad spectrum of retail and small business customers, this segment offers a complete range of consumer products, including deposit accounts, personal loans, mortgages, and other essential banking services. Its extensive branch network ensures localized service and strong community ties.
- Risk Management and Shared Services: Providing the operational backbone for the organization, this segment ensures that risk is effectively managed across all business units while delivering critical back-office support and shared services that drive efficiency and maintain regulatory compliance.
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.
Associated Banc-Corp (NYSE: ASB) has announced the pricing of a public offering of 12 million shares of common stock at $25.00 per share, aiming to raise $300 million in gross proceeds. The underwriters have a 30-day option to purchase up to an additional 1.8 million shares. The offering is expected to close on November 18, 2024. The proceeds will support organic growth, capital generation, and potential balance sheet optimization strategies, including investments in Associated Bank, N.A. BofA Securities and J.P. Morgan are serving as joint book-running managers.
Associated Banc-Corp (NYSE: ASB) has announced a proposed public offering of 11.5 million shares of its common stock, with an additional option for underwriters to purchase up to 1.725 million shares within 30 days of pricing. The company plans to use the net proceeds for general corporate purposes, including supporting organic growth, capital generation, and potential investments in Associated Bank, N.A. BofA Securities and J.P. Morgan are serving as joint book-running managers for the offering. The stock will be issued under an effective shelf registration statement with the SEC.
Associated Banc-Corp (NYSE: ASB) announced a decrease in its prime rate from 8.00% to 7.75%, effective November 8, 2024. The rate change affects Associated Bank, N.A., the company's banking subsidiary.
Associated Banc-Corp (NYSE: ASB) has announced its participation in the 2024 Piper Sandler East Coast Financial Services Conference in Naples, FL, scheduled for November 13-15, 2024. The company's management team will engage with investors during the event. Fourth quarter investor materials will be accessible before the conference through the company's Investor Relations website section at investor.associatedbank.com.
Associated Banc-Corp (NYSE: ASB) announced two key appointments to its Executive Leadership Team effective November 1, 2024. Phillip Trier, 46, will become executive vice president, head of Corporate and Commercial Banking, while Gregory Warsek, 60, will serve as executive vice president, deputy head of Commercial Real Estate and Facilities. The appointments come as part of a leadership restructuring, with Paul Schmidt stepping down from the ELT in March 2025 but remaining as Twin Cities market president until his planned retirement at the end of 2025. Additionally, John Utz will transition to head of Specialized Industries and Capital Markets while maintaining his role as Milwaukee market president.
Associated Banc-Corp (NYSE: ASB) has announced an increase in its quarterly cash dividend. The company's Board of Directors declared a regular quarterly dividend of $0.23 per common share, representing a $0.01 increase from the previous $0.22. The dividend will be payable on December 16, 2024, to shareholders of record as of December 2, 2024. Additionally, the Board declared quarterly dividends for Series E Preferred Stock at $0.3671875 per depositary share and Series F Preferred Stock at $0.3515625 per depositary share, both payable on the same dates.
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 (NYSE: ASB) has announced the launch of a new Specialty Deposits and Payment Solutions national vertical, appointing Rick Bruhn as senior vice president and head of this division. Bruhn, with over 20 years of financial services experience, will be responsible for:
- Building the new business vertical
- Driving the specialty deposits and payment solutions strategy
- Aligning with the bank's growth goals
- Driving new client acquisition
- Helping fund overall enterprise growth
This appointment is part of Associated's Phase 2 strategy to expand corporate and commercial banking capabilities and boost deposit and treasury management revenue. Bruhn's expertise is expected to accelerate this strategic initiative.
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