Q2 2024 Associated Banc-Corp Earnings Call Transcript
Key Points
- Associated Banc-Corp (ASB) reported a GAAP earnings per share (EPS) of $0.74 for the quarter, including a one-time $33 million tax benefit.
- The company saw a significant improvement in customer satisfaction scores, achieving the highest net promoter scores since 2017.
- ASB experienced a net positive growth in consumer checking households in both Q1 and Q2, with the fastest rate of growth in over a decade.
- The company has added several new loan verticals and expanded its commercial team, contributing to a diversified asset base.
- ASB's credit performance remains solid, with decreases in delinquencies, criticized loans, and net charge-offs compared to the prior quarter.
- Average core customer deposits decreased by less than 1%, reflecting a slower deposit growth quarter.
- The pace of loan growth slowed in several categories due to payoffs and slightly lower loan demand in an elevated rate environment.
- Total interest expense for the quarter was $196 million, indicating ongoing funding cost pressures.
- ASB's net interest margin (NIM) decreased by 4 basis points due to higher funding costs and asset yield impacts.
- The company now expects total loan growth to land at the lower end of its original range of 4% to 6% due to market conditions and increased CRE payoffs.
Good afternoon, everyone, and welcome to Associated Banc-Corp Second Quarter 2024 earnings conference call. My name is Paul, and I will be your operator today. (Operator Instructions) Copies of the slides that will be referenced during today's call are available on the company's website at investor.associatedbank.com. As a reminder, this conference call is being recorded.
As outlined on slide 1, during the course of the discussion today, Management may make statements that constitute projections, expectations, beliefs or similar forward-looking statements associated actual results could differ materially from the results anticipated or projected in any such forward-looking statements.
Additional detailed information concerning the important factors that could cause associated actual results to differ materially from the information discussed today is readily available on the SEC website and the Risk Factors section of Associateâs most recent Form 10-K and subsequent SEC filings.
As these factors are incorporated herein by reference for a reconciliation of the non-GAAP financial
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