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Sep 30, 2022
Associated Bank Q3 2022 Earnings Report
Net income available to common equity of $93 million, or $0.62 per common share, was reported.
Key Takeaways
Associated Banc-Corp reported a net income available to common equity of $93 million, or $0.62 per common share, for Q3 2022. The results were driven by strong loan and deposit growth, expanding margins, and stable credit trends.
Total commercial loans were up $720 million to $17.5 billion.
Total consumer loans were up $602 million to $10.3 billion.
Total deposits were up $622 million to $29.2 billion.
Net interest margin was up 42 basis points to 3.13%.
Forward Guidance
Associated Banc-Corp expects short-term interest rates to rise by 75 basis points following the Federal Open Market Committee (FOMC) meeting in November and expects a 50 basis point increase following the FOMC's December meeting. Based on these assumptions, they now expect their 2022 net interest income to exceed $935 million and total noninterest expense of approximately $740 million to $750 million for 2022.
Positive Outlook
- Expects short-term interest rates to rise by 75 basis points following the Federal Open Market Committee (FOMC) meeting in November.
- Expects a 50 basis point increase following the FOMC's December meeting.
- Expects their 2022 net interest income to exceed $935 million.
- Strong loan growth
- Strong deposit growth
Challenges Ahead
- Expects total noninterest expense of approximately $740 million to $750 million for 2022.
- Slowing refinance activity
- Higher retention of mortgages on balance sheet
Historical Earnings Impact
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Avg. Return Before/After Earnings
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