Associated Banc Corp Stock Price, News & Analysis

Associated Banc-Corp (NYSE: ASB) has announced an increase in its quarterly cash dividend. The company's Board of Directors declared a regular quarterly dividend of $0.23 per common share, representing a $0.01 increase from the previous $0.22. The dividend will be payable on December 16, 2024, to shareholders of record as of December 2, 2024. Additionally, the Board declared quarterly dividends for Series E Preferred Stock at $0.3671875 per depositary share and Series F Preferred Stock at $0.3515625 per depositary share, both payable on the same dates.

Associated Banc-Corp (ASB) reported Q3 2024 net income of $85 million, or $0.56 per share, compared to $113 million ($0.74/share) in Q2 2024 and $80 million ($0.53/share) in Q3 2023. The quarter saw $373 million in loan growth and $618 million in core customer deposit growth. Key metrics include net interest income of $263 million, net interest margin of 2.78%, and noninterest income of $67 million. The company maintains strong credit quality with an allowance for credit losses ratio of 1.33% and net charge-offs of 0.18%. ASB expects 2024 loan growth at the lower end of 4-6% range and core customer deposit growth at the lower end of 3-5% range.

Associated Banc-Corp (NYSE: ASB) has announced the launch of a new Specialty Deposits and Payment Solutions national vertical, appointing Rick Bruhn as senior vice president and head of this division. Bruhn, with over 20 years of financial services experience, will be responsible for:

• Building the new business vertical
• Driving the specialty deposits and payment solutions strategy
• Aligning with the bank's growth goals
• Driving new client acquisition
• Helping fund overall enterprise growth

This appointment is part of Associated's Phase 2 strategy to expand corporate and commercial banking capabilities and boost deposit and treasury management revenue. Bruhn's expertise is expected to accelerate this strategic initiative.

Associated Banc-Corp (NYSE: ASB) has announced its plans to release third quarter 2024 financial results on Thursday, October 24, 2024, after market close. The company will also host a conference call for investors and analysts at 4:00 p.m. Central Time on the same day.

Interested parties can access the live webcast through the Investor Relations section of the company's website. Alternatively, they can dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international). Financial tables and an accompanying slide presentation are expected to be available on the company's website prior to the call. An audio archive of the webcast will be accessible on the website approximately fifteen minutes after the call concludes.

Associated Banc-Corp (NYSE: ASB), the holding company for Associated Bank, N.A., has announced a decrease in its prime rate from 8.50% to 8.00%. This change will take effect on September 19, 2024. The prime rate is a key benchmark used by banks to set interest rates for various financial products, including loans and credit lines. This reduction in the prime rate could potentially impact the company's lending activities and overall financial performance.

Associated Banc-Corp (NYSE: ASB) has announced its participation in two major investor events in September 2024. The company's management will attend the Raymond James U.S. Bank and Banking on Tech Conferences in Chicago from September 4-5, and the Barclays Global Financial Services Conference in New York from September 9-11.

At the Barclays conference, Associated Banc-Corp will make a presentation on September 10 at 10:30 a.m. ET, which will be accessible via live webcast through the company's Investor Relations website. A replay will be available for 90 days after the presentation. Additionally, third quarter investor materials are expected to be released prior to these events and will be accessible on the company's website.

Associated Banc-Corp (NYSE: ASB) has announced its quarterly dividend payments. The Board of Directors declared a regular quarterly cash dividend of $0.22 per common share, payable on September 16, 2024, to shareholders of record as of September 3, 2024. Additionally, dividends were declared for two series of preferred stock:

1. 5.875% Series E Perpetual Preferred Stock: $0.3671875 per depositary share
2. 5.625% Series F Perpetual Preferred Stock: $0.3515625 per depositary share

Both preferred stock dividends are also payable on September 16, 2024, to shareholders of record on September 3, 2024. This announcement demonstrates Associated Banc-Corp's commitment to providing regular returns to its shareholders across different classes of stock.

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.