Associated Banc-Corp (NYSE: ASB) announced its third-quarter 2024 financial results, reporting net income available to common equity of $85 million, or $0.56 per common share. This marks a decrease from the previous quarter, when the company reported earnings of $113 million, or $0.74 per common share. In the third quarter of 2023, the company reported earnings of $80 million, or $0.53 per common share.
The company highlighted several key metrics, including total period end core customer deposit growth of $618 million, total period end deposit growth of $863 million, and total period end loan growth of $373 million. Net interest income for the third quarter of 2024 was reported at $263 million, with a net interest margin of 2.78%. Noninterest income for the same period totaled $67 million, while noninterest expense amounted to $201 million.
In terms of loans, average total loans for the third quarter of 2024 increased by $55 million from the prior quarter. However, average total loans decreased by 1%, or $251 million, from the same period last year. On the deposit side, average deposits for the third quarter of 2024 increased by 2%, or $691 million, from the prior quarter and by 4%, or $1.3 billion, from the same period last year.
The company's net interest income increased by $6 million from the prior quarter, reaching $263 million, with a net interest margin of 2.78%. Total noninterest income for the third quarter of 2024 was reported at $67 million, representing a $2 million increase from the prior quarter.
In terms of expenses, the company reported a total noninterest expense of $201 million for the third quarter of 2024, marking a $5 million increase from the prior quarter. The tax expense for the third quarter of 2024 was $20 million, compared to a $13 million tax benefit in the prior quarter.
Credit quality also showed improvements, with nonaccrual loans decreasing by $26 million from the prior quarter. The allowance for credit losses on loans (ACLL) increased to $398 million, up $8 million compared to the prior quarter.
Associated Banc-Corp emphasized that its capital position remains strong, with a Common Equity Tier 1 (CET1) capital ratio of 9.72% at September 30, 2024.
The company will be hosting a conference call for investors and analysts to discuss these results further.
Associated Banc-Corp, with total assets of $42 billion, is the largest bank holding company based in Wisconsin and operates in several Midwestern states. Following these announcements, the company's shares moved 1.0%, and are now trading at a price of $22.68. If you want to know more, read the company's complete 8-K report here.