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Associated Banc-Corp (ASB-1.97%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including net interest income of $1.0 billion, an increase of 1% from the previous year. The net interest margin decreased slightly to 2.78% from 2.81% in 2023.
Average loans increased by $163 million, or 1%, from the previous year, with notable growth in auto finance and commercial and business lending.
Total deposits grew by $1.2 billion, or 4%, driven by increases in time deposits and interest-bearing demand deposits.
Noninterest income decreased significantly due to higher investment securities losses, primarily related to a balance sheet repositioning in the fourth quarter of 2024.
Noninterest expense increased by 1% to $818 million, with personnel expenses rising as the company continued its growth strategy.
The provision for credit losses was $85 million, slightly up from $83 million in 2023, reflecting the company's evaluation of credit risk and economic conditions.
Total assets at the end of 2024 were $43.0 billion, an increase of $2.0 billion from the previous year, with significant growth in AFS investment securities.
The filing also discusses Associated Banc-Corp's regulatory compliance, credit risk management, and capital adequacy, noting that the company remains well-capitalized under current regulatory standards.
The company's liquidity position is supported by diverse funding sources, including lines of credit with the Federal Reserve Bank and the Federal Home Loan Bank, as well as available brokered deposits capacity.
Associated Banc-Corp's capital ratios exceed regulatory minimum requirements, with a CET1 capital ratio of 10.01% and a total capital ratio of 12.61% at the end of 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Associated Banc-Corp annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.