Associated Banc-Corp, a leading Midwest banking franchise, revealed positive financial outcomes in their first-quarter report for 2024. The company reported net income available to common equity of $78 million, translating to $0.52 per common share. This marks a significant improvement compared to the previous quarter's loss of $94 million and a decrease from the earnings of $100 million in the same period last year.
President and CEO Andy Harmening expressed satisfaction with the results, stating, "During the first quarter, we continued to make strong progress against our strategic plan." He highlighted key achievements such as talent acquisition, operational efficiency enhancements, and improved customer experience. The company's efforts were acknowledged with the prestigious recognition of being named #1 for Retail Banking Customer Satisfaction in the Upper Midwest Region by J.D. Power.
Looking ahead, Harmening acknowledged existing macroeconomic uncertainties but expressed confidence in the company's strategic positioning. He stated, "We feel well-positioned thanks to the stability of our markets, the resilience of our customer base, and the quarterly momentum from our initiatives. We're excited to share our progress over the remainder of the year."
The report outlined several financial highlights for the first quarter of 2024, including growth in loans, deposits, net interest income, and noninterest income. The company expects continued growth in total loans and core customer deposits throughout the year.
Associated Banc-Corp emphasized its strong capital position, with a CET1 capital ratio of 9.43% as of March 31, 2024, exceeding regulatory benchmarks. The company also provided information about its upcoming conference call for investors and analysts scheduled for later in the day.
Overall, the company's positive first-quarter results reflect its commitment to strategic initiatives and customer satisfaction in a challenging economic environment.
For more information about Associated Banc-Corp and its financial performance, visit their website at www.associatedbank.com.