{"id":516793,"date":"2021-07-22T16:19:23","date_gmt":"2021-07-22T20:19:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share\/"},"modified":"2021-07-22T16:19:23","modified_gmt":"2021-07-22T20:19:23","slug":"associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share\/","title":{"rendered":"Associated Banc-Corp Reports Second Quarter 2021 Net Income Available to Common Equity of $86 million, or $0.56 Per Common Share"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">Results driven by improving credit dynamics, growing net interest income and continued expense discipline.<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">GREEN BAY, Wis.<\/span>, <span class=\"xn-chron\">July 22, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Associated Banc-Corp (NYSE: ASB) (&#8220;Associated&#8221; or &#8220;Company&#8221;) today reported net income available to common equity (&#8220;earnings&#8221;) of <span class=\"xn-money\">$86 million<\/span>, or <span class=\"xn-money\">$0.56<\/span> per common share, for the quarter ended <span class=\"xn-chron\">June 30, 2021<\/span>. These amounts compare to earnings of <span class=\"xn-money\">$145 million<\/span> in the quarter ended <span class=\"xn-chron\">June 30, 2020<\/span>, or <span class=\"xn-money\">$0.94<\/span> per common share, including the net gain recognized on the sale of Associated Benefits and Risk Consulting (&#8220;ABRC&#8221;). Excluding the gain on ABRC, second quarter 2020 earnings per share were <span class=\"xn-money\">$0.26<\/span> per common share<sup>1<\/sup>. Second quarter 2021 results also compare to earnings of <span class=\"xn-money\">$89 million<\/span>, or <span class=\"xn-money\">$0.58<\/span> per common share for the quarter ended <span class=\"xn-chron\">March 31, 2021<\/span>. <\/p>\n<p>&#8220;Our second quarter results were driven by continuing improvement in our loan portfolios,&#8221; remarked President and CEO <span class=\"xn-person\">Andy Harmening<\/span>. &#8220;Our credit metrics continued to improve, our C&amp;I and CRE customers began to modestly borrow on their lines, and we saw accelerating PPP pay downs &#8211; all of which are indicators of an improving economic backdrop. We also saw signs of increased business and consumer confidence; evidenced by rising spending and payments activity. We remain optimistic about the unfolding recovery in our regional footprint and are proactively pursuing various initiatives to lean into the growth we expect to see in our markets. We look forward to updating investors on these initiatives, later this quarter.&#8221;<\/p>\n<p>\n        <b>Second Quarter 2021 Highlights (all comparisons to the first quarter of 2021)<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Period-end loans (excluding PPP) were up <span class=\"xn-money\">$216 million<\/span>, to <span class=\"xn-money\">$23.5 billion<\/span><\/li>\n<li>Period-end deposits were down <span class=\"xn-money\">$413 million<\/span>, to <span class=\"xn-money\">$27.3 billion<\/span><\/li>\n<li>Net interest income was up <span class=\"xn-money\">$4 million<\/span>, to <span class=\"xn-money\">$180 million<\/span><\/li>\n<li>Fee-based revenue<sup>1 <\/sup>was up <span class=\"xn-money\">$2 million<\/span>, to <span class=\"xn-money\">$53 million<\/span><\/li>\n<li>Noninterest expense was down <span class=\"xn-money\">$1 million<\/span>, to <span class=\"xn-money\">$174 million<\/span><\/li>\n<li>Provision for credit losses was negative <span class=\"xn-money\">$35 million<\/span>, compared to negative <span class=\"xn-money\">$23 million<\/span><\/li>\n<li>Net income available to common equity was down <span class=\"xn-money\">$3 million<\/span>, to <span class=\"xn-money\">$86 million<\/span><\/li>\n<li>Earnings per common share were down <span class=\"xn-money\">$0.02<\/span>, to <span class=\"xn-money\">$0.56<\/span><\/li>\n<li>Tangible book value per share was up <span class=\"xn-money\">$0.40<\/span>, to <span class=\"xn-money\">$17.35<\/span><\/li>\n<\/ul>\n<p>\n        <sup>1<\/sup>This is a non-GAAP\u00a0financial measure. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to\u00a0evaluate the adequacy of\u00a0earnings per common share, provide greater understanding of\u00a0ongoing operations and enhance comparability of\u00a0results with prior periods.\u00a0See page 10 of\u00a0the attached tables for\u00a0a reconciliation of\u00a0GAAP\u00a0financial measures to\u00a0non-GAAP\u00a0financial measures.<\/p>\n<p>\n        <b>Loans<\/b>\n      <\/p>\n<p>Second quarter 2021 average total loans of <span class=\"xn-money\">$24.1 billion<\/span> were down 1%, or <span class=\"xn-money\">$365 million<\/span> from the prior quarter and were down 4%, or <span class=\"xn-money\">$1.1 billion<\/span> from the same period last year. Excluding PPP, average total loans of <span class=\"xn-money\">$23.4 billion<\/span> were down 1%, or <span class=\"xn-money\">$259 million<\/span> from the prior quarter and were down 4%, or <span class=\"xn-money\">$945 million<\/span> from the same period last year. With respect to second quarter 2021 average balances by loan category:<\/p>\n<ul type=\"disc\">\n<li>Commercial and business lending (excluding PPP) decreased <span class=\"xn-money\">$100 million<\/span> from the prior quarter and decreased <span class=\"xn-money\">$755 million<\/span> compared to the same period last year to <span class=\"xn-money\">$8.4 billion<\/span>. <\/li>\n<li>Commercial real estate lending decreased <span class=\"xn-money\">$11 million<\/span> from the prior quarter and increased <span class=\"xn-money\">$439 million<\/span> from the same period last year to <span class=\"xn-money\">$6.2 billion<\/span>. <\/li>\n<li>Consumer lending was <span class=\"xn-money\">$8.8 billion<\/span>, down <span class=\"xn-money\">$148 million<\/span> from the prior quarter and down <span class=\"xn-money\">$629 million<\/span> from the same period last year. <\/li>\n<li>PPP loans decreased <span class=\"xn-money\">$105 million<\/span> from the prior quarter and decreased <span class=\"xn-money\">$147 million<\/span> from the same period last year to <span class=\"xn-money\">$701 million<\/span>.<\/li>\n<\/ul>\n<p>Second quarter 2021 period-end total loans of <span class=\"xn-money\">$23.9 billion<\/span> were down 1%, or <span class=\"xn-money\">$215 million<\/span> from the prior quarter and were down 4%, or <span class=\"xn-money\">$885 million<\/span> from the same period last year. Excluding PPP, period-end total loans of <span class=\"xn-money\">$23.5 billion<\/span> were up 1%, or <span class=\"xn-money\">$216 million<\/span> from the prior quarter and were down 1%, or <span class=\"xn-money\">$279 million<\/span> from the same period last year. With respect to second quarter 2021 period-end balances by loan category:<\/p>\n<ul type=\"disc\">\n<li>Commercial and business lending (excluding PPP) increased <span class=\"xn-money\">$242 million<\/span> from the prior quarter and decreased <span class=\"xn-money\">$93 million<\/span> from the same period last year to <span class=\"xn-money\">$8.8 billion<\/span>. <\/li>\n<li>Commercial real estate lending increased <span class=\"xn-money\">$39 million<\/span> from the prior quarter and increased <span class=\"xn-money\">$299 million<\/span> from the same period last year to <span class=\"xn-money\">$6.2 billion<\/span>. <\/li>\n<li>Consumer lending was <span class=\"xn-money\">$8.6 billion<\/span>, down <span class=\"xn-money\">$64 million<\/span> from the prior quarter and down <span class=\"xn-money\">$485 million<\/span> from the same period last year. <\/li>\n<li>PPP loans decreased by <span class=\"xn-money\">$431 million<\/span> from the prior quarter and decreased <span class=\"xn-money\">$607 million<\/span> from the same period last year to <span class=\"xn-money\">$405 million<\/span>.<\/li>\n<\/ul>\n<p>We continue to expect full-year commercial loan growth, excluding PPP, of 2% to 4% in 2021, driven by an expected 4% to 6% increase in CRE balances and an expected 1% to 2% increase in commercial and business lending outstandings.<\/p>\n<p>\n        <b>Deposits<\/b>\n      <\/p>\n<p>Second quarter 2021 average deposits of <span class=\"xn-money\">$27.5 billion<\/span> were up 2%, or <span class=\"xn-money\">$666 million<\/span> compared to the prior quarter and were up 5%, or <span class=\"xn-money\">$1.3 billion<\/span> from the same period last year. With respect to second quarter 2021 average balances by deposit category:<\/p>\n<ul type=\"disc\">\n<li>Noninterest-bearing demand deposits increased <span class=\"xn-money\">$403 million<\/span> from the prior quarter and increased <span class=\"xn-money\">$1.1 billion<\/span> from the same period last year to <span class=\"xn-money\">$8.1 billion<\/span>. <\/li>\n<li>Savings increased <span class=\"xn-money\">$311 million<\/span> from the prior quarter and increased <span class=\"xn-money\">$862 million<\/span> from the same period last year to <span class=\"xn-money\">$4.1 billion<\/span>. <\/li>\n<li>Interest-bearing demand deposits increased <span class=\"xn-money\">$166 million<\/span> from the prior quarter and increased <span class=\"xn-money\">$434 million<\/span> from the same period last year to <span class=\"xn-money\">$5.9 billion<\/span>. <\/li>\n<li>Money market deposits increased <span class=\"xn-money\">$106 million<\/span> from the prior quarter and increased <span class=\"xn-money\">$485 million<\/span> from the same period last year to <span class=\"xn-money\">$7.0 billion<\/span>. <\/li>\n<li>Network transaction deposits decreased <span class=\"xn-money\">$171 million<\/span> from the prior quarter and decreased <span class=\"xn-money\">$636 million<\/span> from the same period last year to <span class=\"xn-money\">$909 million<\/span>. <\/li>\n<li>Time deposits decreased <span class=\"xn-money\">$149 million<\/span> from the prior quarter and decreased <span class=\"xn-money\">$960 million<\/span> from the same period last year to <span class=\"xn-money\">$1.5 billion<\/span>.<\/li>\n<\/ul>\n<p>Second quarter 2021 period-end deposits of <span class=\"xn-money\">$27.3 billion<\/span> were down 1%, or <span class=\"xn-money\">$413 million<\/span> compared to the prior quarter and were up 3%, or <span class=\"xn-money\">$713 million<\/span> from the same period last year. Low-cost core deposits (interest-bearing demand, noninterest-bearing demand and savings) made up 66% of deposit balances as of <span class=\"xn-chron\">June 30, 2021<\/span>. With respect to second quarter 2021 period-end balances by deposit category:<\/p>\n<ul type=\"disc\">\n<li>Noninterest-bearing demand deposits decreased <span class=\"xn-money\">$497 million<\/span> from the prior quarter and increased <span class=\"xn-money\">$425 million<\/span> from the same period last year to <span class=\"xn-money\">$8.0 billion<\/span>. <\/li>\n<li>Savings increased <span class=\"xn-money\">$150 million<\/span> from the prior quarter and increased <span class=\"xn-money\">$788 million<\/span> from the same period last year to <span class=\"xn-money\">$4.2 billion<\/span>. <\/li>\n<li>Interest-bearing demand deposits increased <span class=\"xn-money\">$221 million<\/span> from the prior quarter and increased <span class=\"xn-money\">$122 million<\/span> from the same period last year to <span class=\"xn-money\">$6.0 billion<\/span>. <\/li>\n<li>Money market deposits decreased <span class=\"xn-money\">$198 million<\/span> from the prior quarter and increased <span class=\"xn-money\">$155 million<\/span> from the same period last year to <span class=\"xn-money\">$7.6 billion<\/span>. <\/li>\n<li>Time deposits (excluding brokered CDs) decreased <span class=\"xn-money\">$89 million<\/span> from the prior quarter and decreased <span class=\"xn-money\">$772 million<\/span> from the same period last year to <span class=\"xn-money\">$1.5 billion<\/span>. <\/li>\n<li>Network transaction deposits (included in money market and interest-bearing deposits) decreased <span class=\"xn-money\">$183 million<\/span> from the prior quarter and decreased <span class=\"xn-money\">$625 million<\/span> from the same period last year to <span class=\"xn-money\">$872 million<\/span>.<\/li>\n<\/ul>\n<p>\n        <b>Net Interest Income and Net Interest Margin<\/b>\n      <\/p>\n<p>Second quarter 2021 net interest income of <span class=\"xn-money\">$180 million<\/span> was up 2%, or <span class=\"xn-money\">$4 million<\/span> from the prior quarter and the net interest margin decreased 2 basis points from the prior quarter to 2.37%.\u00a0 Compared to the same period last year,\u00a0net interest income decreased 5%, or <span class=\"xn-money\">$10 million<\/span>, and the net interest margin decreased 12 basis points. <\/p>\n<ul type=\"disc\">\n<li>The average yield on total loans for the second quarter of 2021 increased 2 basis points from the prior quarter and decreased 16 basis points from the same period last year to 2.90%. <\/li>\n<li>The average cost of total interest-bearing liabilities for the second quarter of 2021 decreased 4 basis points from the prior quarter and decreased 24 basis points from the same period last year to 0.36%. <\/li>\n<li>The net free funds benefit for the second quarter of 2021 decreased one basis point from the prior quarter and compressed 4 basis points compared to the same period last year to 0.11%.<\/li>\n<\/ul>\n<p>We expect the full year margin for 2021 to be between 2.45% and 2.55%.<\/p>\n<p>\n        <b>Noninterest Income <\/b>\n      <\/p>\n<p>Second quarter 2021 total noninterest income of <span class=\"xn-money\">$73 million<\/span> decreased <span class=\"xn-money\">$22 million<\/span> from the prior quarter and decreased by <span class=\"xn-money\">$181 million<\/span> from the same period last year, driven by the gain recognized last year on the sale of Associated Benefits and Risk Consulting in the second quarter of 2020 and the decrease in ABRC-related income. <\/p>\n<p>With respect to second quarter 2021 noninterest income line items:<\/p>\n<ul type=\"disc\">\n<li>Service charges and deposit account fees increased <span class=\"xn-money\">$1 million<\/span> from the prior quarter and increased <span class=\"xn-money\">$4 million<\/span> from the same period last year. <\/li>\n<li>Card-based fees increased <span class=\"xn-money\">$1 million<\/span> from the prior quarter and increased <span class=\"xn-money\">$2 million<\/span> from the same period last year. <\/li>\n<li>Mortgage Banking, net was <span class=\"xn-money\">$8 million<\/span> for the second quarter, down <span class=\"xn-money\">$16 million<\/span> from the prior quarter, driven by declining gain on sale margins and no additional mortgage servicing rights recoveries. Relative to the prior-year period, Mortgage Banking was down <span class=\"xn-money\">$4 million<\/span>, principally due to lower gain on sale margins, offset by an <span class=\"xn-money\">$8 million<\/span> MSR impairment in the prior-year period.<\/li>\n<\/ul>\n<p>We expect noninterest income of between <span class=\"xn-money\">$315 million<\/span> and <span class=\"xn-money\">$325 million<\/span> in 2021.<\/p>\n<p>\n        <b>Noninterest Expense<\/b>\n      <\/p>\n<p>Second quarter 2021 total noninterest expense of <span class=\"xn-money\">$174 million<\/span> decreased <span class=\"xn-money\">$1 million<\/span> from the prior quarter and decreased <span class=\"xn-money\">$9 million<\/span> compared to the same period last year.\u00a0 <\/p>\n<p>With respect to second quarter 2021 noninterest expense line items:<\/p>\n<ul type=\"disc\">\n<li>Personnel expense increased <span class=\"xn-money\">$3 million<\/span> from the prior quarter and decreased <span class=\"xn-money\">$4 million<\/span> from the same period last year. <\/li>\n<li>Other expense decreased <span class=\"xn-money\">$2 million<\/span> from the prior quarter and <span class=\"xn-money\">$4 million<\/span> from the same period last year. <\/li>\n<\/ul>\n<p>We are withdrawing our prior 2021 total expense guidance. Total expense for 2021 will reflect incremental growth and efficiency initiatives which are under development and expected to be announced later in the third quarter. Before the impact of such initiatives, we expect total expense for 2021 would be approximately <span class=\"xn-money\">$695 million<\/span> to <span class=\"xn-money\">$700 million<\/span>.<\/p>\n<p>\n        <b>Taxes<\/b>\n      <\/p>\n<p>The second quarter 2021 tax expense was <span class=\"xn-money\">$22 million<\/span> compared to <span class=\"xn-money\">$25 million<\/span> of tax expense in the prior quarter and <span class=\"xn-money\">$51 million<\/span> of tax expense in the same period last year.\u00a0The effective tax rate for second quarter 2021 was 19.8% compared to an effective tax rate of 20.7% in the prior quarter and an effective tax rate of 25.6% in the same period last year, which was driven by the sale of ABRC.<\/p>\n<p>We expect the annual 2021 tax rate to be between 19% and 21%, assuming no change in the corporate tax rate.<\/p>\n<p>\n        <b>Credit<\/b>\n      <\/p>\n<p>The second quarter 2021 provision for credit losses was negative <span class=\"xn-money\">$35 million<\/span>, compared to a negative <span class=\"xn-money\">$23 million<\/span> in the prior quarter and provision of <span class=\"xn-money\">$61 million<\/span> in the same period last year.<\/p>\n<p>With respect to second quarter 2021 credit quality:<\/p>\n<ul type=\"disc\">\n<li>Potential problem loans of <span class=\"xn-money\">$196 million<\/span> were down <span class=\"xn-money\">$68 million<\/span>, or 26%, from the prior quarter and down <span class=\"xn-money\">$111 million<\/span>, or 36%, from the same period last year. <\/li>\n<li>Nonaccrual loans of <span class=\"xn-money\">$147 million<\/span> were down <span class=\"xn-money\">$16 million<\/span>, or 10%, from the prior quarter and down <span class=\"xn-money\">$24 million<\/span>, or 14% from the same period last year. The nonaccrual loans to total loans ratio was 0.61% in the second quarter, down from 0.68% in the prior quarter and down from 0.69% in the same period last year. <\/li>\n<li>Net charge offs of <span class=\"xn-money\">$5 million<\/span> were down 3% from the prior quarter and down <span class=\"xn-money\">$22 million<\/span>, or 83%, from the same period last year. <\/li>\n<li>The allowance for credit losses on loans (ACLL) of <span class=\"xn-money\">$364 million<\/span> was down <span class=\"xn-money\">$40 million<\/span> from the prior quarter and down <span class=\"xn-money\">$64 million<\/span> compared to the same period last year. The ACLL to total loans ratio was 1.52% in the second quarter, down from 1.67% in the prior quarter and down from 1.73% in the same period last year.<\/li>\n<\/ul>\n<p>We continue to experience positive credit trends due to economic conditions and expect our provision to adjust with changes to risk grade, other indications of credit quality, and loan volume.<\/p>\n<p>\n        <b>Capital <\/b>\n      <\/p>\n<p>The Company&#8217;s capital position remains strong, with a CET1 capital ratio of 10.7%\u00a0at <span class=\"xn-chron\">June 30, 2021<\/span>. The Company&#8217;s capital ratios continue to be in excess of the Basel III &#8220;well-capitalized&#8221; regulatory benchmarks on a fully phased in basis.<\/p>\n<p>\n        <b>SECOND QUARTER 2021 EARNINGS RELEASE CONFERENCE CALL<\/b>\n      <\/p>\n<p>The Company will host a conference call for investors and analysts at <span class=\"xn-chron\">4:00 p.m. Central Time<\/span> (CT) today, <span class=\"xn-chron\">July 22, 2021<\/span>. Interested parties can access the live webcast of the call through the Investor Relations section of the Company&#8217;s website, <a href=\"http:\/\/investor.associatedbank.com\" rel=\"nofollow\">http:\/\/investor.associatedbank.com<\/a>. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp second quarter 2021 earnings call. The second quarter 2021 financial tables with an accompanying slide presentation will be available on the Company&#8217;s website just prior to the call. An audio archive of the webcast will be available on the Company&#8217;s website approximately fifteen minutes after the call is over.<\/p>\n<p>\n        <b>ABOUT ASSOCIATED BANC-CORP<\/b>\n      <\/p>\n<p>Associated Banc-Corp (NYSE: ASB) has total assets of <span class=\"xn-money\">$34 billion<\/span> and is <span class=\"xn-location\">Wisconsin&#8217;s<\/span> largest bank holding company.\u00a0Headquartered in <span class=\"xn-location\">Green Bay, Wisconsin<\/span>, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 220 banking locations serving more than 120 communities throughout <span class=\"xn-location\">Wisconsin<\/span>, <span class=\"xn-location\">Illinois<\/span> and <span class=\"xn-location\">Minnesota<\/span>, and commercial financial services in <span class=\"xn-location\">Indiana<\/span>, <span class=\"xn-location\">Michigan<\/span>, <span class=\"xn-location\">Missouri<\/span>, <span class=\"xn-location\">Ohio<\/span> and <span class=\"xn-location\">Texas<\/span>. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at <a href=\"http:\/\/www.associatedbank.com\" rel=\"nofollow\">www.associatedbank.com<\/a>.<\/p>\n<p>\n        <b>FORWARD-LOOKING STATEMENTS<\/b>\n      <\/p>\n<p>\n        <i>Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management&#8217;s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. \u00a0Such forward-looking statements may be identified by the use of words such as &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;plan,&#8221; &#8220;estimate,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;intend,&#8221; &#8220;target,&#8221; &#8220;outlook,&#8221; &#8220;guidance,&#8221; or similar expressions.\u00a0 Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements.\u00a0 Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company&#8217;s most recent Form 10-K and subsequent SEC filings.\u00a0 Such factors are incorporated herein by reference.\u00a0<\/i>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>NON-GAAP FINANCIAL MEASURES<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <i>This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles (&#8220;GAAP&#8221;). Information concerning these non-GAAP financial measures can be found in the financial tables.\u00a0 Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. <\/i>\n      <\/p>\n<p>\n        <u><br \/>\n          <b>Investor Contact: <br \/><\/b><br \/>\n        <\/u><br \/>\n        <span class=\"xn-person\">Ben McCarville<\/span>, Vice President, Director of Investor Relations\u00a0 <br \/>920-491-7059 <\/p>\n<p>\n        <u><br \/>\n          <b>Media Contact:<\/b><br \/>\n        <\/u><br \/>\n        <br \/>\n        <span class=\"xn-person\">Jennifer Kaminski<\/span>, Vice President, Public Relations Senior Manager <br \/>920-491-7576<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CG52359&amp;sd=2021-07-22\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share-301339845.html\">https:\/\/www.prnewswire.com\/news-releases\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share-301339845.html<\/a><\/p>\n<p>SOURCE  Associated Banc-Corp<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CG52359&amp;Transmission_Id=202107221615PR_NEWS_USPR_____CG52359&amp;DateId=20210722\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Results driven by improving credit dynamics, growing net interest income and continued expense discipline. PR Newswire GREEN BAY, Wis., July 22, 2021 \/PRNewswire\/ &#8212;\u00a0Associated Banc-Corp (NYSE: ASB) (&#8220;Associated&#8221; or &#8220;Company&#8221;) today reported net income available to common equity (&#8220;earnings&#8221;) of $86 million, or $0.56 per common share, for the quarter ended June 30, 2021. These amounts compare to earnings of $145 million in the quarter ended June 30, 2020, or $0.94 per common share, including the net gain recognized on the sale of Associated Benefits and Risk Consulting (&#8220;ABRC&#8221;). Excluding the gain on ABRC, second quarter 2020 earnings per share were $0.26 per common share1. Second quarter 2021 results also compare to earnings of $89 million, or $0.58 per common &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Associated Banc-Corp Reports Second Quarter 2021 Net Income Available to Common Equity of $86 million, or $0.56 Per Common Share&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-516793","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Associated Banc-Corp Reports Second Quarter 2021 Net Income Available to Common Equity of $86 million, or $0.56 Per Common Share - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Associated Banc-Corp Reports Second Quarter 2021 Net Income Available to Common Equity of $86 million, or $0.56 Per Common Share - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Results driven by improving credit dynamics, growing net interest income and continued expense discipline. PR Newswire GREEN BAY, Wis., July 22, 2021 \/PRNewswire\/ &#8212;\u00a0Associated Banc-Corp (NYSE: ASB) (&#8220;Associated&#8221; or &#8220;Company&#8221;) today reported net income available to common equity (&#8220;earnings&#8221;) of $86 million, or $0.56 per common share, for the quarter ended June 30, 2021. These amounts compare to earnings of $145 million in the quarter ended June 30, 2020, or $0.94 per common share, including the net gain recognized on the sale of Associated Benefits and Risk Consulting (&#8220;ABRC&#8221;). Excluding the gain on ABRC, second quarter 2020 earnings per share were $0.26 per common share1. Second quarter 2021 results also compare to earnings of $89 million, or $0.58 per common &hellip; Continue reading &quot;Associated Banc-Corp Reports Second Quarter 2021 Net Income Available to Common Equity of $86 million, or $0.56 Per Common Share&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-22T20:19:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CG52359&amp;sd=2021-07-22\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Associated Banc-Corp Reports Second Quarter 2021 Net Income Available to Common Equity of $86 million, or $0.56 Per Common Share\",\"datePublished\":\"2021-07-22T20:19:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share\\\/\"},\"wordCount\":2297,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=CG52359&amp;sd=2021-07-22\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/associated-banc-corp-reports-second-quarter-2021-net-income-available-to-common-equity-of-86-million-or-0-56-per-common-share\\\/\",\"name\":\"Associated Banc-Corp Reports Second Quarter 2021 Net Income Available to Common Equity of $86 million, or $0.56 Per Common Share - 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PR Newswire GREEN BAY, Wis., July 22, 2021 \/PRNewswire\/ &#8212;\u00a0Associated Banc-Corp (NYSE: ASB) (&#8220;Associated&#8221; or &#8220;Company&#8221;) today reported net income available to common equity (&#8220;earnings&#8221;) of $86 million, or $0.56 per common share, for the quarter ended June 30, 2021. These amounts compare to earnings of $145 million in the quarter ended June 30, 2020, or $0.94 per common share, including the net gain recognized on the sale of Associated Benefits and Risk Consulting (&#8220;ABRC&#8221;). Excluding the gain on ABRC, second quarter 2020 earnings per share were $0.26 per common share1. 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