Associated Banc-Corp Reports $112M Net Income

By Tamara Parker • Friday, January 24 06:09 • Permanent Link

Associated Banc-Corp (NYSE: ASB) has reported its full-year 2024 earnings, revealing a net income available to common equity of $112 million, or $0.72 per common share. This represents a significant decrease from the previous year's earnings of $171 million, or $1.13 per common share. However, after adjusting for nonrecurring items, the company reported adjusted earnings of $367 million, or $2.38 per common share for the year, and $91 million, or $0.57 per common share for the fourth quarter.

In terms of loan growth, the company saw a 2% increase in period end total loans compared to the same period last year, reaching $29.8 billion. However, this figure decreased by 1% from the prior quarter due to a sale of residential mortgages associated with a balance sheet repositioning announced during the fourth quarter of 2024. Commercial and business lending increased by $338 million from the prior quarter and $924 million from the same period last year, reaching $11.7 billion.

Deposits also grew, with period end deposits reaching $34.6 billion, up 3% from the prior quarter and 4% from the same period last year. Notably, interest-bearing demand deposits increased by $519 million from the prior quarter and $281 million from the same period last year, reaching $9.1 billion.

Net interest income for the full year 2024 reached $1.0 billion, up 1% from 2023, while net interest margin decreased by 3 basis points to 2.78%. The company expects total net interest income growth of 12% to 13% in 2025.

Noninterest income for the full year 2024 was negative $9 million, primarily due to nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024. Excluding these items, the company expects total noninterest income growth of between 0% and 1% in 2025.

Noninterest expense for the full year 2024 was $818 million, increasing by 1% from the prior year. The company expects total noninterest expense to grow by 3% to 4% in 2025 after adjusting to exclude the impact of certain nonrecurring items.

Finally, the provision for credit losses in 2024 was $85 million, compared to $83 million in the prior year, primarily driven by loan growth related to the company's strategic initiatives.

Today the company's shares have moved -0.7% to a price of $25.33. Check out the company's full 8-K submission here.

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