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Mar 31, 2024
Associated Bank Q1 2024 Earnings Report
Reported net income available to common equity with balance sheet growth and margin expansion.
Key Takeaways
Associated Banc-Corp reported a net income available to common equity of $78 million, or $0.52 per common share, for the quarter ended March 31, 2024. The results were driven by balance sheet growth, margin expansion and continued execution of strategic initiatives.
Total period end commercial & business lending loans increased $161 million to $11.0 billion
Total period end deposits increased $267 million to $33.7 billion
Net interest income increased $4 million to $258 million
Quarterly net interest margin increased 10 basis points to 2.79%
Forward Guidance
The company expects total loan growth of 4% to 6% and core customer deposit growth of 3% to 5% on an end of period basis as compared to the year ended December 31, 2023. Total net interest income growth of 2% to 4% in 2024. Expects total noninterest income to decrease by 0% to 2% in 2024. Expects total noninterest expense to grow by 2% to 3% in 2024. The annual effective tax rate to be between 19% and 21%, assuming no change in the corporate tax rate.
Positive Outlook
- Expects total loan growth of 4% to 6%
- Core customer deposit growth of 3% to 5%
- Total net interest income growth of 2% to 4%
- The annual effective tax rate to be between 19% and 21%
Challenges Ahead
- Total noninterest income to decrease by 0% to 2%
- Total noninterest expense to grow by 2% to 3%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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