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Sep 30, 2024
Associated Bank Q3 2024 Earnings Report
Associated Bank reported net income available to common equity of $85 million for Q3 2024.
Key Takeaways
Associated Banc-Corp reported a solid third quarter in 2024, driven by loan and deposit growth, margin expansion, and strong credit performance. The company's net income available to common equity was $85 million, or $0.56 per common share.
Diluted earnings per common share were $0.56.
Total period end core customer deposit growth was $618 million.
Total period end deposit growth was $863 million.
Total period end loan growth was $373 million.
Associated Bank
Associated Bank
Forward Guidance
Associated Banc-Corp provided forward guidance for 2024, including expectations for loan growth, deposit growth, and noninterest expense.
Positive Outlook
- Expecting 2024 period end loan growth to finish at the lower end of previous 4% to 6% range as compared to 2023.
- Expecting 2024 period end core customer deposit growth to finish at the lower end of previous 3% to 5% range as compared to 2023.
- Expect total net interest income growth of 0% to 1% in 2024.
- Continue to expect total noninterest income to finish within a range of negative 1% to 1% growth in 2024, excluding the impact of the mortgage and investment securities sales announced during the fourth quarter of 2023.
- Expect the annual effective tax rate to be between 19% and 21% in 2024, assuming no change in the corporate tax rate.
Challenges Ahead
- Unspecified changes to risk grades.
- Unspecified economic conditions.
- Unspecified loan volumes.
- Other indications of credit quality.
- Total noninterest expense to grow by 1% to 2% in 2024, after adjusting to exclude the impact of the $31 million FDIC special assessment booked during the fourth quarter of 2023 and $4 million of FDIC special assessment, net recognized over the first three quarters of 2024.