ASB - Why Associated Banc-Corp. Stock Dropped Today
2023-10-20 15:18:24 ET
Shares of Associated Banc-Corp (NYSE: ASB) fell as much as 8% early Friday, then tempered its losses to trade down 3.4% as of 2:30 p.m. ET after the regional bank announced mixed quarterly results relative to Wall Street's expectations.
For its fiscal second quarter ended Sept. 30, Associated's revenue declined 4.2% year over year, to $320.8 million, missing analysts' consensus models for revenue closer to $325 million. On the bottom line, that translated to generally accepted accounting principles ( GAAP ) earnings of $80.4 million, or $0.53 per share, slightly beating estimates calling for earnings of $0.52 per share.
Associated CEO Andy Harmening lauded improvements in customer acquisition, retention, and satisfaction scores, which helped increase core customer deposits by over $500 million while lowering reliance on noncustomer funding sources. He added, "While we fell well-positioned today, we recognize that the banking environment continues to evolve, and we look forward to sharing more details about the second phase of our strategic plan later this quarter."
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Why Associated Banc-Corp. Stock Dropped Today