Associated Banc-Corp reported a net income of $101.7 million for the first quarter of 2025, a significant increase from $81.2 million in the same period last year. This translates to earnings per share of $0.60, compared to $0.52 in the first quarter of 2024. The bank's net interest income rose to $285.9 million, an 11% increase from $257.9 million a year earlier, driven by a higher net interest margin of 2.97%, up from 2.79%. The provision for credit losses decreased to $13 million from $24 million in the prior year, reflecting stable credit quality and macroeconomic conditions.
Total assets for Associated Banc-Corp increased to $43.3 billion, up from $43.0 billion at the end of 2024, and total loans rose to $30.3 billion, a 2% increase from the previous quarter. The growth in loans was primarily attributed to commercial and business lending, which offset a decline in residential mortgage lending due to the bank's strategic repositioning. Deposits also saw a rise, reaching $35.2 billion, a 2% increase from the previous quarter, with notable growth in interest-bearing deposits.
In terms of operational developments, the bank's average loans increased by $742 million year-over-year, while average deposits rose by $1.6 billion. The bank's noninterest income, however, decreased by 10% to $58.8 million, primarily due to a $7 million loss related to a mortgage portfolio sale. Noninterest expenses increased to $210.6 million, up from $197.7 million a year earlier, driven by higher personnel costs and a $4 million write-down on other real estate owned (OREO).
Looking ahead, Associated Banc-Corp remains focused on maintaining its capital ratios above regulatory requirements, with a common equity tier 1 capital ratio of 10.11% as of March 31, 2025. The bank's management continues to evaluate strategic opportunities for growth, including potential acquisitions and product expansions, while also managing liquidity and credit risks effectively. The bank's proactive approach to credit quality management and its diversified loan portfolio position it well for future performance amidst changing economic conditions.
About ASSOCIATED BANC-CORP
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