Associated Banc-Corp · Q3 2021 earnings

Briefing

Net income available to common equity of $85 million, or $0.56 per common share, was reported.

Associated Banc-Corp reported a net income available to common equity of $85 million, or $0.56 per common share, for the quarter ended September 30, 2021, driven by expanding revenue trends and increasing signs of business confidence.

• Average commercial and business lending (excluding PPP) loans grew by over 3% from the second quarter.
• Net interest income and noninterest income also increased.
• Return on average tangible common equity of over 12.7%.
• Successfully launched new Auto Finance vertical.

Headline financials

Revenue & EPS history

The company expects full-year commercial loan growth, excluding PPP, of approximately 2% in 2021 and our full-year net interest margin to finish 2021 at approximately 2.40%. We expect noninterest income to finish at the upper end of a range between $315 million and $325 million in 2021. We continue to expect approximately $705 million to $711 million of noninterest expense for 2021, which includes expenses from our previously announced growth and efficiency initiatives and proposed facilities exit costs. We expect the annual 2021 tax rate to be between 19% and 21%, assuming no change in the statutory corporate tax rate.