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)
Sequential Comparable
March 31, December 31, Quarter September 30, June 30, March 31, Quarter
(Dollars in thousands) 2026 2025 Change 2025 2025 2025 Change
----------------------- ------------- ------------- ------------- ------------- ------------ ------------ ------------
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
institutions 920,684 1,144,123 (223,439) 802,251 738,938 711,033 209,651
Federal funds sold and
securities purchased
under agreements to
resell 175 1,400 (1,225) 90 -- 105 70
Available for sale
(AFS) investment
securities, at fair
value 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 amortized
cost 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 agreements to
repurchase 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 Dollar Percentage
data) 1Q26 1Q25 Change Change
---------------------------- ----------- ----------- ---------- ----------
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
Consolidated Statements of Income (Unaudited) - Quarterly Trend
Sequential Quarter
--------------------
(Dollars and shares
in thousands, except Dollar Percentage
per share data) 1Q26 4Q25 Change Change 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 to
repurchase 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)
---------------------------------- ----------------------------------- ----------------------------------
Interest Average Interest Average Interest Average
Average Income / Yield / Average Income / Yield / Average Income / Yield /
(Dollars in thousands) Balance Expense Rate Balance Expense Rate Balance Expense Rate
----------------------- ------------ ----------- ------- ------------ ----------- -------- ------------- ---------- -------
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
interest income 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 sold
under agreements to
repurchase 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
related interest
expense 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'
equity $ 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
and net interest
margin $ 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)
---------------------------- ------------- ------------- ------ ------------- ------------- ------------- ------
Seql Comp
Qtr % Qtr %
Period end loan composition Mar 31, 2026 Dec 31, 2025 Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Change
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 %
============= ============= ============= ============= =============
Seql Comp
Quarter average loan Qtr % Qtr %
composition(a) Mar 31, 2026 Dec 31, 2025 Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Change
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 Seql Comp
customer funding Qtr % Qtr %
composition(b) Mar 31, 2026 Dec 31, 2025 Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Change
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 %
Seql Comp
Quarter average deposit Qtr % Qtr %
composition Mar 31, 2026 Dec 31, 2025 Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Change
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
Seql Comp
Mar 31, Dec 31, Qtr % Sep 30, Jun 30, Mar 31, Qtr %
(Dollars in thousands) 2026 2025 Change 2025 2025 2025 Change
----------------------- ----------- ----------- ------- ----------- ----------- ----------- ------
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) %
Seql Comp
Mar 31, Dec 31, Qtr % Sep 30, Jun 30, Mar 31, Qtr %
(Dollars in thousands) 2026 2025 Change 2025 2025 2025 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) %
Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
(In basis points) 2026 2025 2025 2025 2025
----------------------- ----------- ----------- ------- ----------- ----------- ----------- ------
Net (charge offs)
recoveries to average
loans (annualized)
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)
Seql Comp
Mar 31, Dec 31, Qtr % Sep 30, Jun 30, Mar 31, Qtr %
(Dollars in thousands) 2026 2025 Change 2025 2025 2025 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 loans 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 repossessed
assets 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
Selected Asset Quality Information (continued)
Seql
Qtr % Comp Qtr %
(Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Change
----------------------- ------------- ------------- ------- ------------- ------------- ------------- ----------
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) %
Seql
Qtr % Comp Qtr %
(Dollars in thousands) Mar 31, 2026 Dec 31, 2025 Change Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Change
----------------------- ------------- ------------- ------- ------------- ------------- ------------- ----------
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 noted) 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 reconciliation
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
(END) Dow Jones Newswires
April 23, 2026 16:15 ET (20:15 GMT)
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