Associated Banc-Corp Reports First Quarter 2026 Net Income Available to Common Equity of $117 Million, or $0.70 per Common Share
GREEN BAY, Wis., April 23, 2026 /PRNewswire/ -- Associated Banc-Corp (NYSE:ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $117 million, or $0.70 per common share, for the quarter ended March 31, 2026. These amounts compare to earnings of $134 million, or $0.80 per common share, for the quarter ended December 31, 2025 and earnings of $99 million, or $0.59 per common share, for the quarter ended March 31, 2025.
"After posting the strongest bottom line in company history in 2025, we maintained our growth momentum in the first quarter of 2026, with over $500 million in C&I loan growth, strong customer household growth, and steady credit performance," said President & CEO Andy Harmening. "We've also taken proactive steps to accelerate our growth trajectory in major metro markets by announcing several key hires, expanding our commercial presence, and closing on our acquisition of American National Corporation."
"As we look to the remainder of 2026, we're well-positioned to navigate the current environment thanks to the resilience and stability of our Midwestern markets, our enhanced profitability profile, a solid capital position, and our ability to attract and deepen relationships. We look forward to providing additional updates on Associated's growth journey along the way."
First Quarter 2026 Highlights
- Diluted earnings per common share of $0.70
- Total period end loans of $31.8 billion (+2% vs. 4Q 2025; +5% vs. 1Q 2025)
- Total period end commercial & industrial loans of $12.3 billion (+5% vs. 4Q 2025; +13% vs. 1Q 2025)
- Total period end deposits of $35.7 billion (+1% vs. 4Q 2025; +2% vs. 1Q 2025)
- Total period end core customer deposits1 of $30.4 billion (+3% vs. 4Q 2025; +4% vs. 1Q 2025)
- Net interest income of $307 million ((1)% vs. 4Q 2025; +7% vs. 1Q 2025)
- Net interest margin of 3.03%
- Noninterest income of $76 million
- Noninterest expense of $219 million
- Provision for credit losses of $11 million
- Allowance for credit losses on loans / total loans of 1.34%
- Net charge offs / average loans (annualized) of 0.07%
- Book value / share of $29.04
- Tangible book value / share1 of $22.23
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures. |
Loans
First quarter 2026 average total loans of $31.3 billion increased 1%, or $286 million, from the prior quarter and increased 4%, or $1.2 billion, from the same period last year. With respect to first quarter 2026 average balances by loan category:
- Commercial and business lending increased $222 million from the prior quarter and increased $1.2 billion from the same period last year to $13.0 billion.
- Commercial real estate lending increased $67 million from the prior quarter and increased $19 million from the same period last year to $7.3 billion.
- Consumer lending decreased $2 million from the prior quarter and decreased $91 million from the same period last year to $11.0 billion.
First quarter 2026 period end total loans of $31.8 billion increased 2%, or $635 million, from the prior quarter and increased 5%, or $1.5 billion, from the same period last year. With respect to first quarter 2026 period end balances by loan category:
- Commercial and business lending increased $547 million from the prior quarter and increased $1.5 billion from the same period last year to $13.5 billion.
- Commercial real estate lending increased $143 million from the prior quarter and decreased $22 million the same period last year to $7.4 billion.
- Consumer lending decreased $56 million from the prior quarter and increased $37 million from the same period last year to $10.9 billion.
After including the impact of the acquisition of American National Corporation, we now expect 2026 period end loan growth of 17% to 19% as compared to Associated's standalone results for the year ended December 31, 2025.
Deposits
First quarter 2026 average deposits of $35.2 billion decreased 1%, or $468 million, from the prior quarter and increased 1%, or $327 million, from the same period last year. With respect to first quarter 2026 average balances by deposit category:
- Noninterest-bearing demand deposits decreased $65 million from the prior quarter and increased $359 million from the same period last year to $6.0 billion.
- Savings increased $96 million from the prior quarter and increased $370 million from the same period last year to $5.5 billion.
- Interest-bearing demand deposits decreased $168 million from the prior quarter and decreased $145 million from the same period last year to $7.9 billion.
- Money market deposits increased $171 million from the prior quarter and decreased $18 million from the same period last year to $6.1 billion.
- Brokered CDs decreased $470 million from the prior quarter and decreased $787 million from the same period last year to $3.5 billion.
- Other time deposits increased $141 million from the prior quarter and increased $478 million from the same period last year to $4.2 billion.
- Network transaction deposits decreased $173 million from the prior quarter and increased $70 million from the same period last year to $1.9 billion.
- Core customer deposits1 increased $174 million from the prior quarter and increased $1.0 billion from the same period last year to $29.7 billion.
First quarter 2026 period end deposits of $35.7 billion increased 1%, or $179 million, from the prior quarter and increased 2%, or $535 million, from the same period last year. With respect to first quarter 2026 period end balances by deposit category:
- Noninterest-bearing demand deposits decreased $2 million from the prior quarter and decreased $11 million from the same period last year to $6.1 billion.
- Savings increased $189 million from the prior quarter and increased $413 million from the same period last year to $5.7 billion.
- Interest-bearing demand deposits increased $141 million from the prior quarter and increased $94 million from the same period last year to $8.0 billion.
- Money market deposits increased $49 million from the prior quarter and increased $47 million from the same period last year to $6.2 billion.
- Brokered CDs decreased $232 million from the prior quarter and decreased $635 million from the same period last year to $3.6 billion.
- Other time deposits increased $443 million from the prior quarter and increased $763 million from the same period last year to $4.5 billion.
- Network transaction deposits decreased $408 million from the prior quarter and decreased $136 million from the same period last year to $1.7 billion.
- Core customer deposits1 increased $820 million from the prior quarter and increased $1.3 billion from the same period last year to $30.4 billion.
After including the impact of the acquisition of American National Corporation, we now expect 2026 period end total deposit growth of 17% to 19% and period end core customer deposit growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures. |
Net Interest Income and Net Interest Margin
First quarter 2026 net interest income of $307 million decreased $3 million from the prior quarter and increased $21 million from the same period last year. The net interest margin of 3.03% was a 3 basis point decrease from the prior quarter and a 6 basis point increase from the same period last year.
- The average yield on total loans for the first quarter of 2026 decreased 19 basis points from the prior quarter and decreased 30 basis points from the same period last year to 5.53%.
- The average cost of total interest-bearing liabilities for the first quarter of 2026 decreased 15 basis points from the prior quarter and decreased 39 basis points from the same period last year to 2.67%.
- The net free funds benefit for the first quarter of 2026 decreased 5 basis points from the prior quarter and decreased 8 basis points from the same period last year to 0.50%.
We expect to share an updated 2026 net interest income outlook following the finalization of purchase accounting adjustments tied to the acquisition of American National Corporation.
Noninterest Income
First quarter 2026 total noninterest income of $76 million decreased $4 million from the prior quarter and increased $17 million from the same period last year. With respect to first quarter 2026 noninterest income line items:
- Capital markets, net decreased $5 million from the prior quarter and increased $2 million from the same period last year.
- Wealth management fees decreased $1 million from the prior quarter and increased $3 million from the same period last year.
- Mortgage banking, net increased $3 million from the prior quarter and increased $2 million from the same period last year.
- Card-based fees decreased $1 million from the prior quarter and increased $1 million from the same period last year.
After including the impact from the acquisition of American National Corporation, we now expect total noninterest income growth of 8% to 10% in 2026 as compared to Associated's standalone results for the year ended December 31, 2025.
Noninterest Expense
First quarter 2026 total noninterest expense of $219 million decreased slightly from the prior quarter and increased $9 million from the same period last year. With respect to first quarter 2026 noninterest expense line items:
- Personnel expense increased slightly from the prior quarter and increased $11 million from the same period last year.
- Technology expense increased $1 million from the prior quarter and increased $3 million from the same period last year.
- Business development and advertising expense decreased $1 million from the prior quarter and increased $1 million from the same period last year.
We expect to share an updated 2026 noninterest expense outlook following the finalization of purchase accounting adjustments tied to the acquisition of American National Corporation.
Taxes
First quarter 2026 tax expense was $33 million, compared to $26 million of tax expense in the prior quarter and $19 million of tax expense in the same period last year. The effective tax rate for the first quarter of 2026 was 21.75%, compared to 15.82% in the prior quarter and 16.03% in the same period last year.
We continue to expect the annual effective tax rate to be between 19% and 21% in 2026.
Credit
First quarter 2026 provision for credit losses on loans was $11 million, compared to a provision of $7 million in the prior quarter and a provision of $13 million in the same period last year. With respect to first quarter 2026 credit quality:
- Nonaccrual loans of $111 million increased $10 million from the prior quarter and decreased $24 million from the same period last year. The nonaccrual loans to total loans ratio was 0.35% in the first quarter, up from 0.32% in the prior quarter and down from 0.44% in the same period last year.
- First quarter 2026 net charge offs of $5 million increased compared to net charge offs of $2 million in the prior quarter and decreased compared to net charge offs of $9 million in the same period last year.
- The allowance for credit losses on loans (ACLL) of $425 million increased $6 million compared to the prior quarter and increased $18 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the first quarter, down from 1.35% in the prior quarter and flat compared to 1.34% in the same period last year.
In 2026, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.
Capital
The Company's capital position remains strong, with a CET1 capital ratio of 10.47% at March 31, 2026. The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis.
FIRST QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 23, 2026. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp first quarter 2026 earnings call. The first quarter 2026 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE:ASB) has total assets of approximately $50 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and Nebraska. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD-LOOKING STATEMENTS
Statements made in this presentation 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's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "intend," "target," "outlook," "project," "guidance," "forecast," or similar expressions. 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. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.
NON-GAAP FINANCIAL MEASURES
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). Information concerning these non-GAAP financial measures can be found in the financial tables. 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.
Associated Banc-Corp Consolidated Balance Sheets (Unaudited) | |||||||
(Dollars in thousands) | March 31, | December 31, | Sequential | September 30, | June 30, | March 31, | Comparable |
Assets | |||||||
Cash and due from banks | $ 465,318 | $ 574,698 | $ (109,380) | $ 490,431 | $ 521,167 | $ 521,323 | $ (56,005) |
Interest-bearing deposits in other financial | 920,684 | 1,144,123 | (223,439) | 802,251 | 738,938 | 711,033 | 209,651 |
Federal funds sold and securities purchased under | 175 | 1,400 | (1,225) | 90 | — | 105 | 70 |
Available for sale (AFS) investment securities, at fair | 5,514,456 | 5,397,563 | 116,893 | 5,217,278 | 5,036,508 | 4,796,570 | 717,886 |
Held to maturity (HTM) investment securities, net, at | 3,570,843 | 3,602,519 | (31,676) | 3,636,080 | 3,672,101 | 3,705,793 | (134,950) |
Equity securities | 26,109 | 26,060 | 49 | 26,000 | 25,912 | 23,331 | 2,778 |
Regulatory stocks, at cost | 290,189 | 252,514 | 37,675 | 251,642 | 278,356 | 194,244 | 95,945 |
Residential loans held for sale | 87,461 | 72,499 | 14,962 | 74,563 | 96,804 | 47,611 | 39,850 |
Commercial loans held for sale | — | — | — | — | 8,406 | 7,910 | (7,910) |
Loans | 31,798,164 | 31,163,614 | 634,550 | 30,951,964 | 30,607,605 | 30,294,127 | 1,504,037 |
Allowance for loan losses | (385,756) | (378,068) | (7,688) | (378,341) | (376,515) | (371,348) | (14,408) |
Loans, net | 31,412,408 | 30,785,546 | 626,862 | 30,573,623 | 30,231,091 | 29,922,780 | 1,489,628 |
Tax credit and other investments | 230,954 | 236,657 | (5,703) | 245,239 | 247,111 | 254,187 | (23,233) |
Premises and equipment, net | 376,760 | 381,624 | (4,864) | 384,139 | 377,372 | 377,521 | (761) |
Bank and corporate owned life insurance | 694,765 | 694,452 | 313 | 693,511 | 691,470 | 690,551 | 4,214 |
Goodwill | 1,104,992 | 1,104,992 | — | 1,104,992 | 1,104,992 | 1,104,992 | — |
Other intangible assets, net | 20,647 | 22,849 | (2,202) | 25,052 | 27,255 | 29,457 | (8,810) |
Mortgage servicing rights, net | 87,599 | 86,337 | 1,262 | 85,063 | 85,245 | 86,251 | 1,348 |
Interest receivable | 161,021 | 161,118 | (97) | 168,451 | 168,627 | 159,729 | 1,292 |
Other assets | 629,359 | 657,645 | (28,286) | 677,458 | 682,373 | 675,748 | (46,389) |
Total assets | $ 45,593,740 | $ 45,202,596 | $ 391,144 | $ 44,455,863 | $ 43,993,729 | $ 43,309,136 | $ 2,284,604 |
Liabilities and stockholders' equity | |||||||
Noninterest-bearing demand deposits | $ 6,125,067 | $ 6,126,632 | $ (1,565) | $ 5,906,251 | $ 5,782,487 | $ 6,135,946 | $ (10,879) |
Interest-bearing deposits | 29,606,698 | 29,425,976 | 180,722 | 28,975,602 | 28,365,079 | 29,060,767 | 545,931 |
Total deposits | 35,731,765 | 35,552,608 | 179,157 | 34,881,853 | 34,147,565 | 35,196,713 | 535,052 |
Federal funds purchased and securities sold under | 395,652 | 307,864 | 87,788 | 399,665 | 75,585 | 311,335 | 84,317 |
FHLB advances | 3,421,762 | 3,268,094 | 153,668 | 3,220,679 | 3,879,489 | 2,027,297 | 1,394,465 |
Senior and subordinated debt | 592,629 | 594,276 | (1,647) | 594,074 | 593,530 | 591,382 | 1,247 |
Allowance for unfunded commitments | 39,276 | 41,276 | (2,000) | 36,276 | 35,276 | 35,276 | 4,000 |
Accrued expenses and other liabilities | 414,784 | 463,131 | (48,347) | 455,019 | 481,503 | 460,574 | (45,790) |
Total liabilities | 40,595,868 | 40,227,249 | 368,619 | 39,587,565 | 39,212,948 | 38,622,578 | 1,973,290 |
Stockholders' equity | |||||||
Preferred equity | 194,112 | 194,112 | — | 194,112 | 194,112 | 194,112 | — |
Common equity | 4,803,760 | 4,781,235 | 22,525 | 4,674,186 | 4,586,669 | 4,492,446 | 311,314 |
Total stockholders' equity | 4,997,872 | 4,975,347 | 22,525 | 4,868,298 | 4,780,781 | 4,686,558 | 311,314 |
Total liabilities and stockholders' equity | $ 45,593,740 | $ 45,202,596 | $ 391,144 | $ 44,455,863 | $ 43,993,729 | $ 43,309,136 | $ 2,284,604 |
Numbers may not recalculate due to rounding conventions. |
Associated Banc-Corp Consolidated Statements of Income (Unaudited) | Comparable Quarter | |||
(Dollars and shares in thousands, except per share data) | 1Q26 | 1Q25 | Dollar | Percentage |
Interest income | ||||
Interest and fees on loans | $ 426,989 | $ 433,299 | $ (6,310) | (1) % |
Interest and dividends on investment securities | ||||
Taxable | 75,676 | 69,788 | 5,888 | 8 % |
Tax-exempt | 13,738 | 13,956 | (218) | (2) % |
Other interest | 11,641 | 9,243 | 2,398 | 26 % |
Total interest income | 528,044 | 526,285 | 1,759 | — % |
Interest expense | ||||
Interest on deposits | 175,273 | 209,140 | (33,867) | (16) % |
Interest on federal funds purchased and securities sold under agreements to repurchase | 3,732 | 3,622 | 110 | 3 % |
Interest on FHLB advances | 31,570 | 16,090 | 15,480 | 96 % |
Interest on senior and subordinated debt | 10,163 | 11,085 | (922) | (8) % |
Interest on other interest-bearing liabilities | 116 | 408 | (292) | (72) % |
Total interest expense | 220,854 | 240,345 | (19,491) | (8) % |
Net interest income | 307,190 | 285,941 | 21,249 | 7 % |
Provision for credit losses | 11,001 | 13,003 | (2,002) | (15) % |
Net interest income after provision for credit losses | 296,189 | 272,938 | 23,251 | 9 % |
Noninterest income | ||||
Wealth management fees | 25,219 | 22,498 | 2,721 | 12 % |
Service charges and deposit account fees | 14,054 | 12,814 | 1,240 | 10 % |
Card-based fees | 11,579 | 10,442 | 1,137 | 11 % |
Other fee-based revenue | 4,862 | 5,251 | (389) | (7) % |
Capital markets, net | 6,543 | 4,345 | 2,198 | 51 % |
Mortgage banking, net | 6,111 | 3,822 | 2,289 | 60 % |
Loss on mortgage portfolio sale | — | (6,976) | 6,976 | (100) % |
Bank and corporate owned life insurance | 3,816 | 5,204 | (1,388) | (27) % |
Asset gains (losses), net | 840 | (878) | 1,718 | N/M |
Investment securities (losses) gains, net | (28) | 4 | (32) | N/M |
Other | 2,861 | 2,251 | 610 | 27 % |
Total noninterest income | 75,857 | 58,776 | 17,081 | 29 % |
Noninterest expense | ||||
Personnel | 135,172 | 123,897 | 11,275 | 9 % |
Technology | 29,736 | 27,139 | 2,597 | 10 % |
Occupancy | 13,725 | 15,381 | (1,656) | (11) % |
Business development and advertising | 7,827 | 6,386 | 1,441 | 23 % |
Equipment | 5,610 | 4,527 | 1,083 | 24 % |
Legal and professional | 6,721 | 6,083 | 638 | 10 % |
Loan and foreclosure costs | 1,707 | 2,594 | (887) | (34) % |
FDIC assessment | 8,837 | 10,436 | (1,599) | (15) % |
Other intangible amortization | 2,203 | 2,203 | — | — % |
Other | 7,625 | 11,974 | (4,349) | (36) % |
Total noninterest expense | 219,163 | 210,619 | 8,544 | 4 % |
Income before income taxes | 152,883 | 121,095 | 31,788 | 26 % |
Income tax expense | 33,248 | 19,409 | 13,839 | 71 % |
Net income | 119,635 | 101,687 | 17,948 | 18 % |
Preferred stock dividends | 2,875 | 2,875 | — | — % |
Net income available to common equity | $ 116,760 | $ 98,812 | $ 17,948 | 18 % |
Pre-tax pre-provision income (loss)(a) | 163,884 | 134,098 | 29,786 | 22 % |
Earnings per common share | ||||
Basic | $ 0.70 | $ 0.60 | $ 0.10 | 17 % |
Diluted | $ 0.70 | $ 0.59 | $ 0.11 | 19 % |
Average common shares outstanding | ||||
Basic | 165,097 | 165,228 | (131) | — % |
Diluted | 166,561 | 166,604 | (43) | — % |
N/M = Not meaningful | |
Numbers may not recalculate due to rounding conventions. | |
Prior periods have been adjusted to conform with current period presentation. | |
(a) | This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures. |
Associated Banc-Corp | |||||||
(Dollars and shares in thousands, except per share data) | Sequential Quarter | ||||||
1Q26 | 4Q25 | Dollar | Percentage | 3Q25 | 2Q25 | 1Q25 | |
Interest income | |||||||
Interest and fees on loans | $ 426,989 | $ 445,687 | $ (18,698) | (4) % | $ 455,623 | $ 447,781 | $ 433,299 |
Interest and dividends on investment securities | |||||||
Taxable | 75,676 | 73,511 | 2,165 | 3 % | 73,727 | 71,174 | 69,788 |
Tax-exempt | 13,738 | 13,851 | (113) | (1) % | 13,888 | 13,902 | 13,956 |
Other interest | 11,641 | 11,294 | 347 | 3 % | 13,353 | 12,679 | 9,243 |
Total interest income | 528,044 | 544,343 | (16,299) | (3) % | 556,591 | 545,536 | 526,285 |
Interest expense | |||||||
Interest on deposits | 175,273 | 194,778 | (19,505) | (10) % | 202,344 | 197,656 | 209,140 |
Interest on federal funds purchased and securities sold under agreements | 3,732 | 2,682 | 1,050 | 39 % | 2,107 | 2,004 | 3,622 |
Interest on FHLB advances | 31,570 | 26,309 | 5,261 | 20 % | 35,965 | 34,889 | 16,090 |
Interest on senior and subordinated debt | 10,163 | 10,483 | (320) | (3) % | 10,741 | 10,700 | 11,085 |
Interest on other interest-bearing liabilities | 116 | 110 | 6 | 5 % | 212 | 287 | 408 |
Total interest expense | 220,854 | 234,362 | (13,508) | (6) % | 251,369 | 245,536 | 240,345 |
Net interest income | 307,190 | 309,981 | (2,791) | (1) % | 305,222 | 300,000 | 285,941 |
Provision for credit losses | 11,001 | 6,998 | 4,003 | 57 % | 16,000 | 17,996 | 13,003 |
Net interest income after provision for credit losses | 296,189 | 302,983 | (6,794) | (2) % | 289,223 | 282,004 | 272,938 |
Noninterest income | |||||||
Wealth management fees | 25,219 | 25,742 | (523) | (2) % | 25,315 | 23,025 | 22,498 |
Service charges and deposit account fees | 14,054 | 13,827 | 227 | 2 % | 13,861 | 13,147 | 12,814 |
Card-based fees | 11,579 | 12,679 | (1,100) | (9) % | 12,308 | 11,200 | 10,442 |
Other fee-based revenue | 4,862 | 5,557 | (695) | (13) % | 5,414 | 4,995 | 5,251 |
Capital markets, net | 6,543 | 11,175 | (4,632) | (41) % | 10,764 | 5,765 | 4,345 |
Mortgage banking, net | 6,111 | 2,926 | 3,185 | 109 % | 3,541 | 4,213 | 3,822 |
Loss on mortgage portfolio sale | — | — | — | — % | — | — | (6,976) |
Bank and corporate owned life insurance | 3,816 | 3,804 | 12 | — % | 4,051 | 4,135 | 5,204 |
Asset gains (losses), net | 840 | 838 | 2 | — % | 3,340 | (1,735) | (878) |
Investment securities (losses) gains, net | (28) | 37 | (65) | N/M | 1 | 7 | 4 |
Other | 2,861 | 2,799 | 62 | 2 % | 2,670 | 2,226 | 2,251 |
Total noninterest income | 75,857 | 79,384 | (3,527) | (4) % | 81,265 | 66,977 | 58,776 |
Noninterest expense | |||||||
Personnel | 135,172 | 135,130 | 42 | — % | 135,703 | 126,994 | 123,897 |
Technology | 29,736 | 28,641 | 1,095 | 4 % | 28,590 | 26,508 | 27,139 |
Occupancy | 13,725 | 14,229 | (504) | (4) % | 12,757 | 12,644 | 15,381 |
Business development and advertising | 7,827 | 9,118 | (1,291) | (14) % | 8,362 | 7,748 | 6,386 |
Equipment | 5,610 | 6,888 | (1,278) | (19) % | 4,368 | 4,494 | 4,527 |
Legal and professional | 6,721 | 5,945 | 776 | 13 % | 5,232 | 6,674 | 6,083 |
Loan and foreclosure costs | 1,707 | 1,327 | 380 | 29 % | 1,638 | 2,705 | 2,594 |
FDIC assessment | 8,837 | 6,589 | 2,248 | 34 % | 9,980 | 9,708 | 10,436 |
Other intangible amortization | 2,203 | 2,203 | — | — % | 2,203 | 2,203 | 2,203 |
Other | 7,625 | 9,396 | (1,771) | (19) % | 7,369 | 9,674 | 11,974 |
Total noninterest expense | 219,163 | 219,466 | (303) | — % | 216,202 | 209,352 | 210,619 |
Income before income taxes | 152,883 | 162,901 | (10,018) | (6) % | 154,286 | 139,629 | 121,095 |
Income tax expense | 33,248 | 25,772 | 7,476 | 29 % | 29,554 | 28,399 | 19,409 |
Net income | 119,635 | 137,129 | (17,494) | (13) % | 124,732 | 111,230 | 101,687 |
Preferred stock dividends | 2,875 | 2,875 | — | — % | 2,875 | 2,875 | 2,875 |
Net income available to common equity | $ 116,760 | $ 134,254 | $ (17,494) | (13) % | $ 121,857 | $ 108,355 | $ 98,812 |
Pre-tax pre-provision income(a) | 163,884 | 169,899 | (6,015) | (4) % | 170,286 | 157,625 | 134,098 |
Earnings per common share | |||||||
Basic | $ 0.70 | $ 0.81 | $ (0.11) | (14) % | $ 0.73 | $ 0.65 | $ 0.60 |
Diluted | $ 0.70 | $ 0.80 | $ (0.10) | (13) % | $ 0.73 | $ 0.65 | $ 0.59 |
Average common shares outstanding | |||||||
Basic | 165,097 | 165,126 | (29) | — % | 165,029 | 164,936 | 165,228 |
Diluted | 166,561 | 166,746 | (185) | — % | 166,703 | 166,343 | 166,604 |
N/M = Not meaningful | |
Numbers may not recalculate due to rounding conventions. | |
Prior periods have been adjusted to conform with current period presentation. | |
(a) | This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures. |
Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter | |||||||||
Three Months Ended | |||||||||
March 31, 2026 | December 31, 2025(a) | March 31, 2025(a) | |||||||
(Dollars in thousands) | Average Balance | Interest Income / | Average | Average Balance | Interest Income / | Average | Average Balance | Interest Income / | Average |
Assets | |||||||||
Earning assets | |||||||||
Loans (b)(c) | |||||||||
Commercial and industrial | $ 11,776,702 | $ 172,507 | 5.94 % | $ 11,588,059 | $ 182,101 | 6.24 % | $ 10,583,318 | $ 169,785 | 6.50 % |
Commercial real estate—owner occupied | 1,190,708 | 15,968 | 5.44 % | 1,157,531 | 16,358 | 5.61 % | 1,141,167 | 16,200 | 5.76 % |
Commercial and business lending | 12,967,410 | 188,475 | 5.89 % | 12,745,590 | 198,459 | 6.18 % | 11,724,484 | 185,985 | 6.43 % |
Commercial real estate—investor | 5,277,283 | 78,154 | 6.01 % | 5,291,562 | 84,153 | 6.31 % | 5,415,412 | 87,089 | 6.52 % |
Real estate construction | 2,055,338 | 34,043 | 6.72 % | 1,974,318 | 34,870 | 7.01 % | 1,898,582 | 33,945 | 7.25 % |
Commercial real estate lending | 7,332,621 | 112,197 | 6.21 % | 7,265,880 | 119,023 | 6.50 % | 7,313,994 | 121,034 | 6.71 % |
Total commercial | 20,300,031 | 300,672 | 6.01 % | 20,011,470 | 317,482 | 6.30 % | 19,038,479 | 307,020 | 6.54 % |
Residential mortgage | 6,831,984 | 64,640 | 3.78 % | 6,899,778 | 64,779 | 3.76 % | 7,256,320 | 66,823 | 3.68 % |
Auto finance | 3,125,504 | 41,969 | 5.45 % | 3,064,457 | 42,915 | 5.56 % | 2,844,730 | 39,176 | 5.59 % |
Home equity | 709,865 | 11,692 | 6.60 % | 706,923 | 12,570 | 7.11 % | 657,625 | 12,052 | 7.34 % |
Other consumer | 314,118 | 8,504 | 10.98 % | 312,730 | 8,454 | 10.72 % | 313,828 | 8,773 | 11.34 % |
Total consumer | 10,981,471 | 126,805 | 4.65 % | 10,983,888 | 128,718 | 4.67 % | 11,072,503 | 126,824 | 4.61 % |
Total loans | 31,281,502 | 427,477 | 5.53 % | 30,995,358 | 446,200 | 5.72 % | 30,110,982 | 433,844 | 5.83 % |
Investments | |||||||||
Taxable securities | 7,071,751 | 75,676 | 4.28 % | 6,912,251 | 73,511 | 4.25 % | 6,398,584 | 69,788 | 4.36 % |
Tax-exempt securities(b) | 1,978,501 | 17,389 | 3.52 % | 1,990,389 | 17,534 | 3.52 % | 2,016,144 | 17,666 | 3.50 % |
Other short-term investments | 1,016,795 | 11,641 | 4.64 % | 972,884 | 11,294 | 4.61 % | 757,227 | 9,243 | 4.95 % |
Total investments | 10,067,047 | 104,706 | 4.17 % | 9,875,524 | 102,339 | 4.14 % | 9,171,955 | 96,696 | 4.22 % |
Total earning assets and related | 41,348,549 | $ 532,183 | 5.20 % | 40,870,882 | $ 548,539 | 5.34 % | 39,282,937 | $ 530,540 | 5.45 % |
Other assets, net | 3,670,399 | 3,531,889 | 3,347,690 | ||||||
Total assets | $ 45,018,948 | $ 44,402,771 | $ 42,630,627 | ||||||
Liabilities and stockholders' equity | |||||||||
Interest-bearing liabilities | |||||||||
Interest-bearing deposits | |||||||||
Savings | $ 5,532,848 | $ 17,690 | 1.30 % | $ 5,436,968 | $ 18,823 | 1.37 % | $ 5,162,468 | $ 17,929 | 1.41 % |
Interest-bearing demand | 7,886,442 | 34,236 | 1.76 % | 8,054,088 | 40,309 | 1.99 % | 8,031,707 | 45,430 | 2.29 % |
Money market | 6,061,442 | 34,239 | 2.29 % | 5,890,836 | 35,353 | 2.38 % | 6,079,551 | 39,560 | 2.64 % |
Network transaction deposits | 1,917,854 | 17,502 | 3.70 % | 2,090,587 | 20,882 | 3.96 % | 1,847,972 | 20,067 | 4.40 % |
Brokered CDs | 3,528,294 | 34,811 | 4.00 % | 3,998,012 | 42,056 | 4.17 % | 4,315,311 | 49,292 | 4.63 % |
Other time deposits | 4,234,785 | 36,795 | 3.52 % | 4,093,939 | 37,355 | 3.62 % | 3,756,332 | 36,862 | 3.98 % |
Total interest-bearing deposits | 29,161,665 | 175,273 | 2.44 % | 29,564,430 | 194,778 | 2.61 % | 29,193,341 | 209,140 | 2.91 % |
Federal funds purchased and securities | 425,142 | 3,732 | 3.56 % | 289,679 | 2,682 | 3.67 % | 375,910 | 3,622 | 3.91 % |
FHLB advances | 3,380,379 | 31,570 | 3.79 % | 2,504,464 | 26,309 | 4.17 % | 1,595,972 | 16,090 | 4.09 % |
Senior and subordinated debt | 594,401 | 10,163 | 6.84 % | 594,104 | 10,483 | 7.06 % | 627,371 | 11,085 | 7.07 % |
Other interest-bearing liabilities | 11,212 | 116 | 4.18 % | 13,212 | 110 | 3.29 % | 31,599 | 408 | 5.24 % |
Total funding | 4,411,134 | 45,581 | 4.18 % | 3,401,459 | 39,584 | 4.63 % | 2,630,852 | 31,205 | 4.79 % |
Total interest-bearing liabilities and | 33,572,799 | $ 220,854 | 2.67 % | 32,965,889 | $ 234,362 | 2.82 % | 31,824,193 | $ 240,345 | 3.06 % |
Noninterest-bearing demand deposits | 5,999,278 | 6,064,487 | 5,640,123 | ||||||
Other liabilities | 440,344 | 464,838 | 535,732 | ||||||
Stockholders' equity | 5,006,527 | 4,907,557 | 4,630,578 | ||||||
Total liabilities and stockholders' | $ 45,018,948 | $ 44,402,771 | $ 42,630,627 | ||||||
Interest rate spread | 2.53 % | 2.52 % | 2.39 % | ||||||
Net free funds | 0.50 % | 0.55 % | 0.58 % | ||||||
Fully tax-equivalent net interest income | $ 311,329 | 3.03 % | $ 314,177 | 3.06 % | $ 290,195 | 2.97 % | |||
Fully tax-equivalent adjustment | (4,139) | (4,196) | (4,254) | ||||||
Net interest income | $ 307,190 | $ 309,981 | $ 285,941 | ||||||
Numbers may not recalculate due to rounding conventions. | |
(a) | Prior period has been adjusted to conform with current period presentation. |
(b) | The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%. |
(c) | Loans held for sale have been included in the average balances. |
Associated Banc-Corp Loan and Deposit Composition | |||||||
(Dollars in thousands) | |||||||
Period end loan composition | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % |
Commercial and industrial | $ 12,339,597 | $ 11,799,757 | 5 % | $ 11,567,651 | $ 11,281,964 | $ 10,925,769 | 13 % |
Commercial real estate—owner occupied | 1,193,778 | 1,186,324 | 1 % | 1,149,939 | 1,101,501 | 1,118,363 | 7 % |
Commercial and business lending | 13,533,375 | 12,986,081 | 4 % | 12,717,590 | 12,383,465 | 12,044,132 | 12 % |
Commercial real estate—investor | 5,266,584 | 5,246,030 | — % | 5,369,441 | 5,370,422 | 5,597,442 | (6) % |
Real estate construction | 2,117,479 | 1,994,642 | 6 % | 1,958,766 | 1,950,267 | 1,809,054 | 17 % |
Commercial real estate lending | 7,384,063 | 7,240,672 | 2 % | 7,328,207 | 7,320,689 | 7,406,496 | — % |
Total commercial | 20,917,438 | 20,226,753 | 3 % | 20,045,797 | 19,704,154 | 19,450,628 | 8 % |
Residential mortgage | 6,727,734 | 6,793,957 | (1) % | 6,858,285 | 6,949,387 | 6,999,654 | (4) % |
Auto finance | 3,136,334 | 3,106,498 | 1 % | 3,041,644 | 2,969,495 | 2,878,765 | 9 % |
Home equity | 706,075 | 713,271 | (1) % | 698,112 | 676,208 | 654,140 | 8 % |
Other consumer | 310,583 | 323,135 | (4) % | 308,126 | 308,361 | 310,940 | — % |
Total consumer | 10,880,726 | 10,936,861 | (1) % | 10,906,167 | 10,903,451 | 10,843,499 | — % |
Total loans | $ 31,798,164 | $ 31,163,614 | 2 % | $ 30,951,964 | $ 30,607,605 | $ 30,294,127 | 5 % |
Quarter average loan composition(a) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % |
Commercial and industrial | $ 11,776,702 | $ 11,588,059 | 2 % | $ 11,367,533 | $ 10,981,221 | $ 10,583,318 | 11 % |
Commercial real estate—owner occupied | 1,190,708 | 1,157,531 | 3 % | 1,105,787 | 1,114,054 | 1,141,167 | 4 % |
Commercial and business lending | 12,967,410 | 12,745,590 | 2 % | 12,473,319 | 12,095,274 | 11,724,484 | 11 % |
Commercial real estate—investor | 5,277,283 | 5,291,562 | — % | 5,300,765 | 5,582,333 | 5,415,412 | (3) % |
Real estate construction | 2,055,338 | 1,974,318 | 4 % | 1,991,565 | 1,869,708 | 1,898,582 | 8 % |
Commercial real estate lending | 7,332,621 | 7,265,880 | 1 % | 7,292,330 | 7,452,041 | 7,313,994 | — % |
Total commercial | 20,300,031 | 20,011,470 | 1 % | 19,765,649 | 19,547,316 | 19,038,479 | 7 % |
Residential mortgage | 6,831,984 | 6,899,778 | (1) % | 6,987,858 | 7,034,607 | 7,256,320 | (6) % |
Auto finance | 3,125,504 | 3,064,457 | 2 % | 3,000,978 | 2,933,161 | 2,844,730 | 10 % |
Home equity | 709,865 | 706,923 | — % | 690,330 | 667,339 | 657,625 | 8 % |
Other consumer | 314,118 | 312,730 | — % | 305,644 | 309,578 | 313,828 | — % |
Total consumer | 10,981,471 | 10,983,888 | — % | 10,984,811 | 10,944,685 | 11,072,503 | (1) % |
Total loans | $ 31,281,502 | $ 30,995,358 | 1 % | $ 30,750,460 | $ 30,492,001 | $ 30,110,982 | 4 % |
Period end deposit and customer funding | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % |
Noninterest-bearing demand | $ 6,125,067 | $ 6,126,632 | — % | $ 5,906,251 | $ 5,782,487 | $ 6,135,946 | — % |
Savings | 5,660,641 | 5,471,870 | 3 % | 5,380,574 | 5,291,674 | 5,247,291 | 8 % |
Interest-bearing demand | 7,964,665 | 7,823,362 | 2 % | 7,791,861 | 7,490,772 | 7,870,965 | 1 % |
Money market | 6,188,045 | 6,139,438 | 1 % | 5,785,871 | 5,915,867 | 6,141,275 | 1 % |
Network transaction deposits | 1,746,518 | 2,154,995 | (19) % | 2,013,964 | 1,792,362 | 1,882,930 | (7) % |
Brokered CDs | 3,562,752 | 3,795,133 | (6) % | 3,956,517 | 4,072,048 | 4,197,512 | (15) % |
Other time deposits | 4,484,077 | 4,041,178 | 11 % | 4,046,815 | 3,802,356 | 3,720,793 | 21 % |
Total deposits | 35,731,765 | 35,552,608 | 1 % | 34,881,853 | 34,147,565 | 35,196,713 | 2 % |
Other customer funding(c) | 42,372 | 47,794 | (11) % | 64,570 | 75,440 | 85,950 | (51) % |
Total deposits and other customer funding | $ 35,774,137 | $ 35,600,402 | — % | $ 34,946,423 | $ 34,223,005 | $ 35,282,663 | 1 % |
Core customer deposits(d) and other customer funding | $ 30,464,867 | $ 29,650,274 | 3 % | $ 28,975,941 | $ 28,358,595 | $ 29,202,221 | 4 % |
Quarter average deposit composition | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % |
Noninterest-bearing demand | $ 5,999,278 | $ 6,064,487 | (1) % | $ 5,796,676 | $ 5,648,935 | $ 5,640,123 | 6 % |
Savings | 5,532,848 | 5,436,968 | 2 % | 5,338,129 | 5,222,869 | 5,162,468 | 7 % |
Interest-bearing demand | 7,886,442 | 8,054,088 | (2) % | 7,898,770 | 7,683,402 | 8,031,707 | (2) % |
Money market | 6,061,442 | 5,890,836 | 3 % | 5,860,802 | 5,988,947 | 6,079,551 | — % |
Network transaction deposits | 1,917,854 | 2,090,587 | (8) % | 1,933,659 | 1,843,998 | 1,847,972 | 4 % |
Brokered CDs | 3,528,294 | 3,998,012 | (12) % | 3,916,329 | 4,089,844 | 4,315,311 | (18) % |
Other time deposits | 4,234,785 | 4,093,939 | 3 % | 3,961,522 | 3,725,205 | 3,756,332 | 13 % |
Total deposits | 35,160,943 | 35,628,917 | (1) % | 34,705,887 | 34,203,201 | 34,833,464 | 1 % |
Other customer funding(c) | 43,973 | 45,973 | (4) % | 74,305 | 80,010 | 87,693 | (50) % |
Total deposits and other customer funding | $ 35,204,916 | $ 35,674,890 | (1) % | $ 34,780,192 | $ 34,283,211 | $ 34,921,157 | 1 % |
Core customer deposits(d) and other customer funding | $ 29,758,768 | $ 29,586,291 | 1 % | $ 28,930,204 | $ 28,349,369 | $ 28,757,874 | 3 % |
Numbers may not recalculate due to rounding conventions. | |
(a) | Loans held for sale have been included in the average balances. |
(b) | March 31, 2025 has been adjusted to conform with current period presentation. |
(c) | Includes repurchase agreements. |
(d) | This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures. |
Associated Banc-Corp Selected Asset Quality Information | |||||||
(Dollars in thousands) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % |
Allowance for loan losses | |||||||
Balance at beginning of period | $ 378,068 | $ 378,341 | — % | $ 376,515 | $ 371,348 | $ 363,545 | 4 % |
Provision for loan losses | 13,000 | 2,000 | N/M | 15,000 | 18,000 | 16,500 | (21) % |
Charge offs | (8,210) | (7,636) | 8 % | (15,254) | (18,348) | (13,714) | (40) % |
Recoveries | 2,898 | 5,363 | (46) % | 2,081 | 5,515 | 5,017 | (42) % |
Net charge offs | (5,312) | (2,273) | 134 % | (13,173) | (12,833) | (8,698) | (39) % |
Balance at end of period | $ 385,756 | $ 378,068 | 2 % | $ 378,341 | $ 376,515 | $ 371,348 | 4 % |
Allowance for unfunded commitments | |||||||
Balance at beginning of period | $ 41,276 | $ 36,276 | 14 % | $ 35,276 | $ 35,276 | $ 38,776 | 6 % |
Provision for unfunded commitments | (2,000) | 5,000 | N/M | 1,000 | — | (3,500) | (43) % |
Balance at end of period | 39,276 | 41,276 | (5) % | 36,276 | 35,276 | 35,276 | 11 % |
Allowance for credit losses on loans (ACLL) | $ 425,032 | $ 419,344 | 1 % | $ 414,618 | $ 411,791 | $ 406,624 | 5 % |
Provision for credit losses on loans | $ 11,000 | $ 7,000 | 57 % | $ 16,000 | $ 18,000 | $ 13,000 | (15) % |
(Dollars in thousands) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % Change | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % Change |
Net (charge offs) recoveries | |||||||
Commercial and industrial | $ (2,736) | $ 1,524 | N/M | $ (1,230) | $ (1,826) | $ (4,726) | (42) % |
Commercial real estate—owner occupied | — | (113) | (100) % | — | — | — | N/M |
Commercial and business lending | (2,736) | 1,411 | N/M | (1,230) | (1,826) | (4,726) | (42) % |
Commercial real estate—investor | 500 | 94 | N/M | (8,930) | (8,493) | (892) | N/M |
Real estate construction | 2 | 2 | — % | 2 | 121 | 30 | (93) % |
Commercial real estate lending | 502 | 96 | N/M | (8,928) | (8,372) | (863) | N/M |
Total commercial | (2,234) | 1,507 | N/M | (10,158) | (10,198) | (5,589) | (60) % |
Residential mortgage | 148 | (197) | N/M | (231) | (302) | 197 | (25) % |
Auto finance | (1,843) | (2,010) | (8) % | (1,505) | (689) | (1,519) | 21 % |
Home equity | 439 | 2 | N/M | 56 | 237 | 289 | 52 % |
Other consumer | (1,822) | (1,575) | 16 % | (1,336) | (1,881) | (2,076) | (12) % |
Total consumer | (3,078) | (3,780) | (19) % | (3,015) | (2,636) | (3,109) | (1) % |
Total net charge offs | $ (5,312) | $ (2,273) | 134 % | $ (13,173) | $ (12,833) | $ (8,698) | (39) % |
(In basis points) | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | ||
Net (charge offs) recoveries to average loans | |||||||
Commercial and industrial | (9) | 5 | (4) | (7) | (18) | ||
Commercial real estate—owner occupied | — | (4) | — | — | — | ||
Commercial and business lending | (9) | 4 | (4) | (6) | (16) | ||
Commercial real estate—investor | 4 | 1 | (67) | (61) | (7) | ||
Real estate construction | — | — | — | 3 | 1 | ||
Commercial real estate lending | 3 | 1 | (49) | (45) | (5) | ||
Total commercial | (4) | 3 | (20) | (21) | (12) | ||
Residential mortgage | 1 | (1) | (1) | (2) | 1 | ||
Auto finance | (24) | (26) | (20) | (9) | (22) | ||
Home equity | 25 | — | 3 | 14 | 18 | ||
Other consumer | (235) | (200) | (173) | (244) | (268) | ||
Total consumer | (11) | (14) | (11) | (10) | (11) | ||
Total net charge offs | (7) | (3) | (17) | (17) | (12) | ||
(Dollars in thousands) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % Change | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % Change |
Credit quality | |||||||
Nonaccrual loans | $ 110,581 | $ 100,428 | 10 % | $ 106,179 | $ 112,999 | $ 134,808 | (18) % |
Other real estate owned (OREO) | 32,534 | 28,016 | 16 % | 29,268 | 34,287 | 23,475 | 39 % |
Repossessed assets | 806 | 757 | 6 % | 789 | 882 | 688 | 17 % |
Total nonperforming assets | $ 143,921 | $ 129,201 | 11 % | $ 136,236 | $ 148,169 | $ 158,971 | (9) % |
Accruing loans past due 90 days or more(a) | $ 2,490 | $ 2,814 | (12) % | $ 2,692 | $ 14,160 | $ 3,036 | (18) % |
Allowance for credit losses on loans to total loans | 1.34 % | 1.35 % | 1.34 % | 1.35 % | 1.34 % | ||
Allowance for credit losses on loans to nonaccrual | 384.36 % | 417.56 % | 390.49 % | 364.42 % | 301.63 % | ||
Nonaccrual loans to total loans | 0.35 % | 0.32 % | 0.34 % | 0.37 % | 0.44 % | ||
Nonperforming assets to total loans plus OREO and | 0.45 % | 0.41 % | 0.44 % | 0.48 % | 0.52 % | ||
Nonperforming assets to total assets | 0.32 % | 0.29 % | 0.31 % | 0.34 % | 0.37 % | ||
Associated Banc-Corp | |||||||
(Dollars in thousands) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % |
Nonaccrual loans | |||||||
Commercial and industrial | $ 19,606 | $ 7,178 | 173 % | $ 12,802 | $ 6,945 | $ 12,898 | 52 % |
Commercial real estate—owner occupied | 34 | 203 | (83) % | 203 | — | 1,501 | (98) % |
Commercial and business lending | 19,640 | 7,381 | 166 % | 13,006 | 6,945 | 14,399 | 36 % |
Commercial real estate—investor | 8,078 | 8,311 | (3) % | 7,333 | 15,805 | 31,689 | (75) % |
Real estate construction | 25 | 144 | (83) % | 145 | 146 | 125 | (80) % |
Commercial real estate lending | 8,103 | 8,455 | (4) % | 7,478 | 15,950 | 31,814 | (75) % |
Total commercial | 27,743 | 15,836 | 75 % | 20,484 | 22,895 | 46,213 | (40) % |
Residential mortgage | 66,890 | 68,492 | (2) % | 69,093 | 73,817 | 72,455 | (8) % |
Auto finance | 8,888 | 8,271 | 7 % | 8,218 | 8,004 | 7,692 | 16 % |
Home equity | 6,950 | 7,774 | (11) % | 8,299 | 8,201 | 8,275 | (16) % |
Other consumer | 110 | 55 | 100 % | 85 | 82 | 173 | (36) % |
Total consumer | 82,838 | 84,592 | (2) % | 85,696 | 90,104 | 88,595 | (6) % |
Total nonaccrual loans | $ 110,581 | $ 100,428 | 10 % | $ 106,179 | $ 112,999 | $ 134,808 | (18) % |
(Dollars in thousands) | Mar 31, 2026 | Dec 31, 2025 | Seql Qtr % | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Comp Qtr % |
Accruing loans 30-89 days past due | |||||||
Commercial and industrial | $ 24,253 | $ 2,683 | N/M | $ 1,071 | $ 2,593 | $ 7,740 | N/M |
Commercial real estate—owner occupied | 345 | 34 | N/M | — | 5,628 | 1,156 | (70) % |
Commercial and business lending | 24,598 | 2,717 | N/M | 1,071 | 8,221 | 8,896 | 177 % |
Commercial real estate—investor | 33,487 | 19,405 | 73 % | 14,190 | 1,042 | 2,463 | N/M |
Real estate construction | — | 117 | (100) % | 21 | 90 | — | N/M |
Commercial real estate lending | 33,487 | 19,522 | 72 % | 14,211 | 1,132 | 2,463 | N/M |
Total commercial | 58,085 | 22,239 | 161 % | 15,282 | 9,353 | 11,360 | N/M |
Residential mortgage | 7,755 | 13,135 | (41) % | 12,684 | 8,744 | 13,568 | (43) % |
Auto finance | 14,549 | 16,445 | (12) % | 14,013 | 13,149 | 12,522 | 16 % |
Home equity | 2,742 | 3,779 | (27) % | 4,265 | 4,338 | 3,606 | (24) % |
Other consumer(a) | 2,173 | 2,704 | (20) % | 2,728 | 2,578 | 2,381 | (9) % |
Total consumer | 27,219 | 36,063 | (25) % | 33,689 | 28,810 | 32,076 | (15) % |
Total accruing loans 30-89 days past due | $ 85,304 | $ 58,302 | 46 % | $ 48,971 | $ 38,163 | $ 43,435 | 96 % |
N/M = Not meaningful | |
Numbers may not recalculate due to rounding conventions. | |
(a) | Excluding guaranteed student loans. |
Associated Banc-Corp Selected Quarterly Information | |||||
(Dollars and shares in thousands, except per share data and as | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 |
Per common share data | |||||
Dividends | $ 0.24 | $ 0.24 | $ 0.23 | $ 0.23 | $ 0.23 |
Market value: | |||||
High | 29.37 | 27.14 | 27.01 | 24.56 | 25.63 |
Low | 24.34 | 24.11 | 23.78 | 18.91 | 21.06 |
Close | 25.86 | 25.76 | 25.71 | 24.39 | 22.53 |
Book value / share(a) | 29.04 | 28.81 | 28.17 | 27.67 | 27.09 |
Tangible book value (TBV) / share(a)(b) | 22.23 | 22.01 | 21.36 | 20.84 | 20.25 |
Selected trend information | |||||
Net interest margin(c) | 3.03 % | 3.06 % | 3.04 % | 3.04 % | 2.97 % |
Effective tax rate | 21.75 % | 15.82 % | 19.16 % | 20.34 % | 16.03 % |
Noninterest expense / average assets(c) | 1.97 % | 1.96 % | 1.95 % | 1.93 % | 2.00 % |
Dividend payout ratio(d) | 34.29 % | 29.63 % | 31.51 % | 35.38 % | 38.33 % |
Loans / deposits ratio | 88.99 % | 87.65 % | 88.73 % | 89.63 % | 86.07 % |
Assets under management, at market value(e) | $ 15,708 | $ 16,132 | $ 16,178 | $ 15,537 | $ 14,685 |
Common shares repurchased during period(f) | 894 | — | — | — | 900 |
Common shares outstanding, end of period | 165,438 | 165,980 | 165,904 | 165,778 | 165,807 |
Risk-based capital(g)(h) | |||||
Total risk-weighted assets | $ 35,773,810 | $ 35,125,680 | $ 34,688,358 | $ 34,241,408 | $ 33,800,823 |
Common equity Tier 1(i) | $ 3,744,610 | $ 3,683,711 | $ 3,584,712 | $ 3,493,316 | $ 3,417,432 |
Common equity Tier 1 capital ratio(i) | 10.47 % | 10.49 % | 10.33 % | 10.20 % | 10.11 % |
Tier 1 capital ratio | 11.01 % | 11.04 % | 10.89 % | 10.77 % | 10.68 % |
Total capital ratio | 13.02 % | 13.08 % | 12.94 % | 12.83 % | 12.75 % |
Tier 1 leverage ratio | 8.98 % | 8.96 % | 8.81 % | 8.72 % | 8.69 % |
Selected equity and performance ratios | |||||
Total stockholders' equity / total assets | 10.96 % | 11.01 % | 10.95 % | 10.87 % | 10.82 % |
Tangible common equity / tangible assets (TCE Ratio)(b) | 8.27 % | 8.29 % | 8.18 % | 8.06 % | 7.96 % |
Average stockholders' equity / average assets | 11.12 % | 11.05 % | 10.95 % | 10.90 % | 10.86 % |
Return on average equity(c) | 9.69 % | 11.09 % | 10.26 % | 9.43 % | 8.91 % |
Return on average tangible common equity (ROATCE)(b)(c) | 13.03 % | 15.04 % | 14.02 % | 12.96 % | 12.34 % |
Return on average assets(c) | 1.08 % | 1.23 % | 1.12 % | 1.03 % | 0.97 % |
Return on average tangible assets(b)(c) | 1.12 % | 1.27 % | 1.17 % | 1.07 % | 1.01 % |
Efficiency ratios (expense / revenue) | |||||
Fully tax-equivalent efficiency ratio | 56.03 % | 55.21 % | 54.77 % | 55.81 % | 59.72 % |
Adjusted efficiency ratio(b) | 55.77 % | 55.15 % | 54.77 % | 55.81 % | 58.55 % |
Numbers may not recalculate due to rounding conventions. | |
(a) | Based on period end common shares outstanding. |
(b) | This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures. |
(c) | This ratio is annualized. |
(d) | Ratio is based upon basic earnings per common share. |
(e) | In millions. Excludes assets held in brokerage accounts. |
(f) | Does not include repurchases related to tax withholding on equity compensation. |
(g) | The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions. |
(h) | March 31, 2026 data is estimated. |
(i) | The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital. |
Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | |||||
(Dollars in thousands) | 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 |
Tangible common equity reconciliation | |||||
Common equity | $ 4,803,760 | $ 4,781,235 | $ 4,674,186 | $ 4,586,669 | $ 4,492,446 |
Less: Goodwill and other intangible assets, net | 1,125,639 | 1,127,842 | 1,130,044 | 1,132,247 | 1,134,450 |
Tangible common equity for TBV / share and TCE Ratio | $ 3,678,121 | $ 3,653,393 | $ 3,544,142 | $ 3,454,422 | $ 3,357,996 |
Tangible assets reconciliation | |||||
Total assets | $ 45,593,740 | $ 45,202,596 | $ 44,455,863 | $ 43,993,729 | $ 43,309,136 |
Less: Goodwill and other intangible assets, net | 1,125,639 | 1,127,842 | 1,130,044 | 1,132,247 | 1,134,450 |
Tangible assets for TCE Ratio | $ 44,468,101 | $ 44,074,754 | $ 43,325,819 | $ 42,861,482 | $ 42,174,686 |
Average tangible common equity reconciliation | |||||
Average common equity | $ 4,812,415 | $ 4,713,445 | $ 4,627,038 | $ 4,538,549 | $ 4,436,467 |
Less: Average goodwill and other intangible assets, net | 1,126,748 | 1,129,055 | 1,131,385 | 1,133,627 | 1,135,584 |
Average tangible common equity for ROATCE | $ 3,685,667 | $ 3,584,390 | $ 3,495,653 | $ 3,404,922 | $ 3,300,883 |
Average tangible assets reconciliation | |||||
Average total assets | $ 45,018,948 | $ 44,402,771 | $ 44,015,203 | $ 43,420,063 | $ 42,630,627 |
Less: Average goodwill and other intangible assets, net | 1,126,748 | 1,129,055 | 1,131,385 | 1,133,627 | 1,135,584 |
Average tangible assets for return on average tangible assets | $ 43,892,200 | $ 43,273,716 | $ 42,883,818 | $ 42,286,436 | $ 41,495,043 |
Adjusted net income reconciliation | |||||
Net income | $ 119,635 | $ 137,129 | $ 124,732 | $ 111,230 | $ 101,687 |
Other intangible amortization, net of tax | 1,652 | 1,652 | 1,652 | 1,652 | 1,652 |
Adjusted net income for return on average tangible assets | $ 121,287 | $ 138,781 | $ 126,384 | $ 112,882 | $ 103,339 |
Adjusted net income available to common equity | |||||
Net income available to common equity | $ 116,760 | $ 134,254 | $ 121,857 | $ 108,355 | $ 98,812 |
Other intangible amortization, net of tax | 1,652 | 1,652 | 1,652 | 1,652 | 1,652 |
Adjusted net income available to common equity for ROATCE | $ 118,412 | $ 135,906 | $ 123,509 | $ 110,007 | $ 100,464 |
Pre-tax pre-provision income | |||||
Income before income taxes | $ 152,883 | $ 162,901 | $ 154,286 | $ 139,629 | $ 121,095 |
Provision for credit losses | 11,001 | 6,998 | 16,000 | 17,996 | 13,003 |
Pre-tax pre-provision income | $ 163,884 | $ 169,899 | $ 170,286 | $ 157,625 | $ 134,098 |
Period end core customer deposits reconciliation | |||||
Total deposits | $ 35,731,765 | $ 35,552,608 | $ 34,881,853 | $ 34,147,565 | $ 35,196,713 |
Less: Network transaction deposits | 1,746,518 | 2,154,995 | 2,013,964 | 1,792,362 | 1,882,930 |
Less: Brokered CDs | 3,562,752 | 3,795,133 | 3,956,517 | 4,072,048 | 4,197,512 |
Core customer deposits | $ 30,422,495 | $ 29,602,480 | $ 28,911,371 | $ 28,283,155 | $ 29,116,271 |
Average core customer deposits reconciliation | |||||
Average total deposits | $ 35,160,943 | $ 35,628,917 | $ 34,705,887 | $ 34,203,201 | $ 34,833,464 |
Less: Average network transaction deposits | 1,917,854 | 2,090,587 | 1,933,659 | 1,843,998 | 1,847,972 |
Less: Average brokered CDs | 3,528,294 | 3,998,012 | 3,916,329 | 4,089,844 | 4,315,311 |
Average core customer deposits | $ 29,714,795 | $ 29,540,318 | $ 28,855,899 | $ 28,269,359 | $ 28,670,181 |
Total expense for efficiency ratios reconciliation | |||||
Noninterest expense | $ 219,163 | $ 219,466 | $ 216,202 | $ 209,352 | $ 210,619 |
Less: Other intangible amortization | 2,203 | 2,203 | 2,203 | 2,203 | 2,203 |
Total expense for fully tax-equivalent efficiency ratio | 216,960 | 217,263 | 213,999 | 207,149 | 208,416 |
Less: Acquisition costs(a) | 1,007 | 252 | — | — | — |
Total expense for adjusted efficiency ratio | $ 215,953 | $ 217,011 | $ 213,999 | $ 207,149 | $ 208,416 |
Total revenue for efficiency ratios reconciliation | |||||
Net interest income | $ 307,190 | $ 309,981 | $ 305,222 | $ 300,000 | $ 285,941 |
Noninterest income | 75,857 | 79,384 | 81,265 | 66,977 | 58,776 |
Less: Investment securities (losses) gains, net | (28) | 37 | 1 | 7 | 4 |
Fully tax-equivalent adjustment | 4,139 | 4,196 | 4,222 | 4,228 | 4,254 |
Total revenue for fully tax-equivalent efficiency ratio | 387,214 | 393,524 | 390,708 | 371,198 | 348,968 |
Less: Announced initiatives(b) | — | — | — | — | (6,976) |
Total revenue for adjusted efficiency ratio | $ 387,214 | $ 393,524 | $ 390,708 | $ 371,198 | $ 355,943 |
Numbers may not recalculate due to rounding conventions. | |
(a) | During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs. |
(b) | Announced initiatives include the loss on mortgage portfolio sale as a result of balance sheet repositioning that the Corporation announced in the fourth quarter of 2024. |
Investor Contact:
Ben McCarville, Senior Vice President, Director of Investor Relations
920-491-7059
Media Contact:
Andrea Kozek, Vice President, Public Relations Senior Manager
920-491-7518
View original content to download multimedia:https://www.prnewswire.com/news-releases/associated-banc-corp-reports-first-quarter-2026-net-income-available-to-common-equity-of-117-million-or-0-70-per-common-share-302752246.html
SOURCE Associated Banc-Corp