Associated Banc Corp Stock Price, News & Analysis

Associated Banc-Corp (NYSE: ASB) reported Q2 2024 earnings of $113 million, or $0.74 per common share. Excluding a one-time tax benefit, earnings were $80 million, or $0.52 per share. Key highlights include:

- Average total loans increased 1% to $29.6 billion
- Average deposits decreased 2% to $32.6 billion
- Net interest income was $257 million
- Net interest margin decreased to 2.75%
- Noninterest income was $65 million
- Noninterest expense was $196 million
- Provision for credit losses was $23 million

The company expects 2024 total loan growth at the lower end of 4-6% range and core customer deposit growth at the lower end of 3-5% range. Net interest income growth is projected at 1-3% for 2024.

Associated Banc-Corp (NYSE: ASB) announced that Tammy C. Stadler, Executive Vice President, Corporate Controller, and Chief Accounting Officer, will retire effective July 15, 2024. Stadler will remain in a consultative role until September 1, 2024, ensuring a smooth transition. Ryan Beld, currently the Assistant Controller, will succeed Stadler. Beld joined Associated in 2020 and has prior experience as a senior financial analyst at Northwestern Mutual and as a CPA with KPMG LLP from 2012-2018. Beld will report to CFO Derek S. Meyer. CEO Andrew Harmening thanked Stadler for her 28-year contribution to Associated.

Associated Banc-Corp (NYSE: ASB) will announce its second quarter 2024 financial results on July 25, 2024, after market close. The company will host a conference call for investors and analysts at 4:00 p.m. Central Time on the same day. The live webcast of the call can be accessed through the Investor Relations section of the company's website, or by dialing 877-407-8037 (domestic) or 201-689-8037 (international) and requesting the Associated Banc-Corp earnings call. Financial tables and a slide presentation will be available on the company's website before the call, and an audio archive will be posted approximately fifteen minutes after the call concludes.

Associated Banc-Corp (NYSE: ASB) announced its 2024 Stock the Box and Day of Service initiatives. Over 2,400 employees across Wisconsin, Illinois, and Minnesota will participate in community service activities focusing on food security and youth support from May 13 to June 3. Last year, 2,114 employees donated over 6,300 volunteer hours to 210 nonprofits. This year, activities will include food packaging, distribution, and youth mentoring. The Stock the Box food drive will collect nonperishable items at all bank locations. The bank's Roots in our Community program has contributed over $18.5 million in community service value since 2012.

Associated Bank (NYSE: ASB) announced a $2 billion Community Commitment Plan (CCP) for 2024-2026. This plan focuses on empowering communities in Wisconsin, Minnesota, and Illinois through various financial services and resources. Key highlights include $1.006 billion in residential mortgages and $9 million in down payment assistance for low-to-moderate-income (LMI) and minority borrowers, $377 million in small business loans, $600 million in community development loans and investments, and $8 million in CRA-qualified grants and in-kind donations. The initiative aims to enhance affordable housing, small business growth, workforce development, sustainability, and racial/social equity, reflecting the bank's ongoing dedication to community support.

Associated Banc-Corp (NYSE: ASB) has appointed Chun Schiros as the new senior vice president and chief analytics officer, focusing on leveraging data to enhance customer relationships across all business lines. Schiros brings expertise in analytics, predictive models, machine learning, and AI from her previous role at Regions Bank, aligning with Associated Bank's strategic plan to improve customer experience through data-driven strategies.

Associated Banc-Corp (ASB) will attend three investor events in the second quarter of 2024, including Stephens Inc. Chicago Bank Trip, RBC Capital Markets Virtual Mid-Cap Bank Fixed Income Investor Conference, and Raymond James Chicago Bank Tour. Investor materials will be accessible on the company's website before the events.

Associated Banc-Corp (ASB) announced the election of directors, approval of executive compensation, and selection of an accounting firm at its 2024 Annual Meeting of Shareholders. The company also declared regular quarterly cash dividends for common shares and preferred stocks.

Associated Banc-Corp (ASB) welcomed Rodney Jones-Tyson to its Board of Directors. Rodney, a seasoned professional with 30+ years in global financial services, joined after being elected at the Shareholders' Annual Meeting. His extensive experience in human resources and operations leadership roles at Robert W. Baird & Co. Incorporated positions him as a valuable asset for ASB's strategic growth.