Associated Banc-Corp (ASB) Bundle
An Overview of Associated Banc-Corp (ASB)
General Summary of Associated Banc-Corp (ASB)
Associated Banc-Corp (ASB), founded in 1970, operates as a bank holding company providing a range of financial services. The company offers commercial and retail banking, wealth management, and capital markets services. Its primary products include checking and savings accounts, loans, credit cards, and investment services.
As of 2024, Associated Banc-Corp reported total assets of approximately $42.2 billion, with total deposits reaching $33.6 billion, reflecting a growth of $108 million from the end of 2023. The company serves clients primarily in the Midwest, leveraging a network of over 200 banking locations across Wisconsin, Illinois, and Minnesota.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024, Associated Banc-Corp reported a net income of $88 million, which marked an increase from $83 million in the same period of 2023. The net income available to common equity was $85 million, or $0.56 per common share. The company's total revenue for the quarter was $329.73 million, compared to $320.82 million in the prior year, reflecting a year-over-year growth of 2.7%.
The fully tax-equivalent net interest income for the third quarter was $266 million, up 3% from the previous year, with a net interest margin of 2.78%. The provision for credit losses was recorded at $21 million for the quarter, slightly down from $22 million in the third quarter of 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income | $88 million | $83 million | 6% |
| Net Income Available to Common Equity | $85 million | $80 million | 6% |
| Total Revenue | $329.73 million | $320.82 million | 2.7% |
| Fully Tax-Equivalent Net Interest Income | $266 million | $258 million | 3% |
| Provision for Credit Losses | $21 million | $22 million | -4.5% |
Introduction to Associated Banc-Corp as an Industry Leader
Associated Banc-Corp is recognized as one of the leading financial institutions in the Midwest, consistently demonstrating strong financial performance and a robust growth strategy. The company has positioned itself effectively within the competitive landscape of community banking, focusing on enhancing customer experience and expanding its service offerings. Its commitment to innovation and community engagement has been pivotal in maintaining its competitive edge.
With a strategic focus on sustainable growth and customer-centric solutions, Associated Banc-Corp continues to thrive in the financial sector, making it a noteworthy player for investors and stakeholders looking to understand the dynamics of the banking industry.
Mission Statement of Associated Banc-Corp (ASB)
Mission Statement Overview
Associated Banc-Corp (ASB) is committed to delivering high-quality financial products and services to its customers while maintaining a strong focus on community engagement and sustainable practices. The mission statement serves as a guiding principle for the company's long-term goals, ensuring that all operations align with its core purpose of enhancing the financial well-being of its clients.
Core Component 1: Customer Commitment
ASB's mission emphasizes its dedication to customer satisfaction. The bank strives to understand and meet the unique needs of its diverse clientele, providing tailored financial solutions. This commitment is reflected in the reported net income of $284.8 million for the first nine months of 2024, up from $273.8 million in the same period of 2023.
The company has reported an increase in noninterest income, which reached $197 million for the nine months ended September 30, 2024, compared to $194 million for the same period in 2023. This growth indicates a positive response to customer needs, showcasing ASB's ability to adapt and innovate in its service offerings.
Core Component 2: Community Engagement
Another essential aspect of ASB's mission is its focus on community involvement. The bank actively invests in local initiatives and programs aimed at improving the quality of life in the communities it serves. For instance, ASB has directed resources towards financial literacy programs and community development projects, demonstrating its commitment to social responsibility.
In 2024, ASB reported total assets of $42.2 billion, a 3% increase from the previous year, largely driven by a focus on community-based lending. This growth supports the bank's mission to uplift local economies and foster sustainable development. Additionally, average loans have increased to $30 billion, reflecting a 3% growth from December 31, 2023, which further illustrates the bank's commitment to supporting community growth.
Core Component 3: Sustainable Practices
ASB is also dedicated to implementing sustainable practices in its operations. The mission statement highlights the importance of environmental stewardship, guiding the bank to integrate sustainability into its business model. In 2024, ASB has made strides to reduce its carbon footprint and invest in renewable energy initiatives.
Financially, ASB's efficiency ratio stood at 59.96% for the third quarter of 2024, reflecting effective cost management while pursuing sustainability goals. The bank also reported a return on average allocated capital of 20.54%, indicating strong financial health and the ability to invest in environmentally responsible projects.
| Financial Metric | 2024 (Q3) | 2023 (Q3) | Change (%) |
|---|---|---|---|
| Net Income | $88 million | $83 million | 6% |
| Noninterest Income | $67 million | $66 million | 2% |
| Total Assets | $42.2 billion | $41.0 billion | 3% |
| Average Loans | $30 billion | $29.5 billion | 2% |
| Efficiency Ratio | 59.96% | 56.67% | 3.29% |
Vision Statement of Associated Banc-Corp (ASB)
Vision Statement Overview
The vision statement of Associated Banc-Corp (ASB) as of 2024 emphasizes a commitment to be the most trusted financial partner, providing exceptional service and innovative solutions to meet the evolving needs of customers. This vision is centered on fostering relationships and enhancing customer experiences across all service offerings.
Customer-Centric Approach
Associated Banc-Corp aims to prioritize customer satisfaction and trust as essential components of its vision. In 2024, the bank reported a net income of $284.76 million for the nine months ended September 30, representing an increase from $273.76 million in the same period of 2023. The bank's focus on customer-centric services has led to a growth in noninterest income, which reached $197 million, a 2% increase from the previous year.
Innovative Financial Solutions
Innovation is a core aspect of Associated Banc-Corp's vision. In 2024, the corporation's total assets grew to $42.21 billion, up from $41.01 billion at the end of 2023. This growth reflects the bank's investment in technology and new product offerings, aimed at enhancing customer engagement and operational efficiency.
Commitment to Community
Associated Banc-Corp's vision also includes a strong commitment to community involvement and corporate responsibility. The bank has increased its community investment initiatives, with a notable contribution of $1.5 million in charitable donations in 2024. This reflects an increase from $1.3 million in 2023, showcasing the bank's dedication to social impact.
Financial Performance Metrics
The following table summarizes key financial metrics for Associated Banc-Corp as of September 30, 2024:
| Metric | Value |
|---|---|
| Net Income | $284.76 million |
| Noninterest Income | $197 million |
| Total Assets | $42.21 billion |
| Community Investment | $1.5 million |
| Deposits | $33.6 billion |
| Return on Assets (ROA) | 0.68% |
| Return on Equity (ROE) | 10.5% |
Strategic Growth Initiatives
In alignment with its vision, Associated Banc-Corp has implemented several strategic initiatives aimed at growth and market expansion. The bank has increased its average loans to $29.5 billion for the nine months ended September 30, 2024, a 6% increase from the previous year. This growth is attributed to a focus on enhancing lending capabilities and expanding into new markets.
Conclusion
Through its vision statement, Associated Banc-Corp aims to position itself as a leader in the financial services industry, focusing on customer trust, innovative solutions, community commitment, and strategic growth. This comprehensive approach is reflected in its strong financial performance and ongoing initiatives to enhance customer experiences.
Core Values of Associated Banc-Corp (ASB)
Integrity
Integrity is fundamental to Associated Banc-Corp's operations, emphasizing ethical behavior and transparency in all dealings. The company has demonstrated its commitment to integrity through comprehensive compliance programs and regular training for employees on ethical standards.
In 2024, Associated Banc-Corp reported an increase in customer trust metrics, with 92% of surveyed customers indicating they would recommend the bank based on their experiences. This reflects the company's ongoing efforts to maintain high ethical standards in service delivery.
Customer Commitment
Customer commitment is a core value that drives Associated Banc-Corp to prioritize the needs and satisfaction of its clients. The bank has launched several initiatives aimed at enhancing customer service, including a 24/7 customer support line and personalized financial advisory services.
As of September 30, 2024, the bank reported a 15% increase in customer engagement metrics, with over 1 million active users on its digital banking platform. This growth is attributed to the bank's focus on providing innovative solutions and exceptional service.
Teamwork
Teamwork fosters collaboration and mutual support among employees, which is vital for achieving organizational goals. Associated Banc-Corp promotes a culture of teamwork through various team-building activities and inter-departmental projects.
In 2024, the bank implemented a new internal communication tool that improved project collaboration efficiency by 20%. Employee satisfaction regarding teamwork initiatives also rose to 85% in the latest internal survey.
Community Involvement
Community involvement is an essential value that underscores Associated Banc-Corp's commitment to social responsibility. The bank actively engages in community development through various philanthropic initiatives, including financial literacy programs and local sponsorships.
In 2024, Associated Banc-Corp contributed over $1.5 million to local charities and community projects, impacting more than 50,000 residents. This commitment to community service enhances the bank's reputation and strengthens its ties with local stakeholders.
Innovation
Innovation drives Associated Banc-Corp to continuously improve its products and services. The bank invests in technology to enhance customer experience and operational efficiency.
As of 2024, the bank has allocated $10 million towards technological advancements, resulting in the launch of a new mobile banking app that increased transaction speeds by 30%. Additionally, customer satisfaction with digital services reached 90% following these upgrades.
| Core Value | Initiatives | Impact (2024) |
|---|---|---|
| Integrity | Compliance programs and ethical training | 92% customer recommendation rate |
| Customer Commitment | 24/7 support and personalized services | 15% increase in customer engagement |
| Teamwork | Team-building and collaboration tools | 20% improvement in project efficiency |
| Community Involvement | Philanthropic contributions and programs | $1.5 million in community contributions |
| Innovation | Investment in technology | 30% increase in transaction speeds |
Associated Banc-Corp (ASB) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- Associated Banc-Corp (ASB) Financial Statements – Access the full quarterly financial statements for Q3 2023 to get an in-depth view of Associated Banc-Corp (ASB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Associated Banc-Corp (ASB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.