Associated Banc-Corp reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. Total revenue for Q3 2024 was $329.7 million, a slight increase from $320.8 million in Q3 2023. However, total revenue for the nine months ended September 30, 2024, decreased to $974.3 million from $980.4 million in the same period of 2023.
Net income for Q3 2024 rose to $88 million, up from $83.2 million in Q3 2023, while net income for the nine months increased to $284.8 million from $273.8 million year-over-year. The net income available to common equity for Q3 2024 was $85.1 million, or $0.56 per share, compared to $80.4 million, or $0.53 per share, in Q3 2023.
The bank's net interest income for the three months ended September 30, 2024, was $262.5 million, slightly up from $254.2 million in the same quarter of 2023. However, net interest income for the nine months decreased to $777 million from $786 million in the prior year, reflecting a net interest margin decline to 2.77% from 2.86%. The provision for credit losses increased to $68 million for the nine months ended September 30, 2024, compared to $62 million in the same period of 2023.
Total loans as of September 30, 2024, reached $30 billion, an increase of $775 million from December 31, 2023, but a decrease of $202 million from September 30, 2023. Total deposits were $33.6 billion, up $108 million from the end of 2023 and $1.4 billion from the previous year. The bank's total assets increased to $42.2 billion, a rise of $1.2 billion from December 31, 2023.
In terms of strategic developments, Associated Banc-Corp issued $300 million in senior notes in August 2024, contributing to a significant increase in short-term funding, which rose by 181% to $917 million. The bank also reported a decrease in nonperforming assets to $148.1 million, down from $163.4 million in the previous quarter.
The bank's capital ratios remained strong, with a Common Equity Tier 1 (CET1) capital ratio of 9.72% as of September 30, 2024. The effective tax rate from continuing operations decreased to 8.79% from 20.43% in the same period last year, attributed to a strategic reallocation of the investment portfolio and recognition of deferred tax benefits.
Overall, while Associated Banc-Corp experienced growth in net income and total deposits, it faced challenges in net interest income and loan balances compared to the previous fiscal period.
About ASSOCIATED BANC-CORP
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.