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Associated Banc-Corp’s 2024 Financial Performance and Outlook

Associated Banc-Corp’s 2024 Financial Performance and Outlook

Associated Banc-corp ( (ASB) ) has released its Q4 earnings. Here is a breakdown of the information Associated Banc-corp presented to its investors.

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Associated Banc-Corp is a prominent Midwest banking franchise offering a comprehensive range of financial services across various states in the U.S., and is headquartered in Green Bay, Wisconsin. The company recently reported its earnings for the year 2024, highlighting a net income of $112 million, or $0.72 per common share. Adjusted for nonrecurring items, the earnings were $367 million or $2.38 per share. The results for the fourth quarter were impacted by strategic balance sheet repositioning, including losses from sales of mortgage and investment portfolios.

Key financial metrics from the earnings report show a total loan growth of $552 million and core customer deposit growth of $1.2 billion for the year. Despite a challenging fourth quarter, the company maintained stable credit quality with a provision for credit losses at $85 million. The net interest income for the year was $1.0 billion, showing a slight increase from the previous year, while noninterest income was adversely affected due to one-time losses.

The company’s strategic initiatives included an expansion of its commercial team and consumer value proposition, as well as balance sheet repositioning, which are expected to foster growth in 2025. The leadership is optimistic about the upcoming year, supported by record-high customer satisfaction scores and a robust pipeline for commercial and consumer lending.

Looking ahead, Associated Banc-Corp expects to leverage its strengthened profitability profile and strategic initiatives to deliver enhanced value to stakeholders. The management remains confident about achieving growth in loans and deposits while maintaining credit quality and operational efficiency.

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