Associated Banc-p(US:ASB) Prnewswire·2024-07-25 20:15Core Viewpoint - Associated Banc-Corp reported a net income of $113 million for Q2 2024, with adjusted earnings of $80 million, reflecting a strategic execution and positive trends in customer satisfaction and checking household growth [1][2]. Financial Performance - Net income available to common equity was $113 million, or $0.74 per share, for Q2 2024, compared to $78 million ($0.52 per share) in Q1 2024 and $84 million ($0.56 per share) in Q2 2023 [1][2]. - Total quarterly average loan growth was $211 million, while total average core customer deposits decreased by $240 million compared to Q1 2024 [2][3]. - Net interest income for Q2 2024 was $257 million, with a net interest margin of 2.75%, reflecting a slight decrease from the previous quarter [4]. Loan and Deposit Trends - Average total loans increased to $29.6 billion, with commercial and business lending up by $195 million from the prior quarter [2][3]. - Average deposits decreased to $32.6 billion, with noninterest-bearing demand deposits down by $170 million from the prior quarter [3]. Noninterest Income and Expense - Total noninterest income was $65 million, showing slight increases in wealth management fees and card-based fees, but a decrease in investment securities gains [5]. - Total noninterest expense was $196 million, a decrease of 1% from the prior quarter, with personnel and technology expenses increasing [6]. Credit Quality - Provision for credit losses was $23 million, with nonaccrual loans decreasing to $154 million, resulting in a nonaccrual loans to total loans ratio of 0.52% [7]. - The allowance for credit losses on loans was $390 million, representing a ratio of 1.32% [7]. Capital Position - The company's capital position remains strong, with a CET1 capital ratio of 9.68% as of June 30, 2024, exceeding Basel III regulatory benchmarks [7].