Associated Banc-Corp Reports Second Quarter 2026 Earnings of $0.63 Per Common Share, or $0.73 Per Common Share Excluding Nonrecurring Items Recognized During the Quarter¹

PR Newswire
Today at 8:15pm UTC

Associated Banc-Corp Reports Second Quarter 2026 Earnings of $0.63 Per Common Share, or $0.73 Per Common Share Excluding Nonrecurring Items Recognized During the Quarter¹

PR Newswire

GREEN BAY, Wis., July 23, 2026

Results fueled by sustained organic growth trends, ongoing integration of American National Corporation.

GREEN BAY, Wis., July 23, 2026 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $121 million, or $0.63 per common share, for the quarter ended June 30, 2026. These amounts compare to earnings of $117 million, or $0.70 per common share, for the quarter ended March 31, 2026 and earnings of $108 million, or $0.65 per common share, for the quarter ended June 30, 2025.

The Company's results for the quarter ended June 30, 2026 were impacted by several nonrecurring expenses associated with the acquisition of American National Corporation that closed on April 1, 2026. Excluding the impact of these nonrecurring items, the Company reported adjusted earnings of $140 million, or $0.73 per common share1.

"Organic growth continues to be a primary focus for our company, and midway through 2026, we've maintained our momentum in several important ways," said President & CEO Andy Harmening. "Through June 30th, we've seen double-digit C&I growth, excellent household growth, and strong, improving annual deposit growth--all while maintaining our disciplined approach to expense management and credit. We've also been pleased with the American National partnership, which has largely come in as expected."

"As we look to the back half of 2026 and into 2027, we expect to maintain our growth trajectory through steady execution of organic initiatives and the successful integration of American National Corporation. We look forward to demonstrating our ability to deliver profitable growth sustainably over time."

Second Quarter 2026 Highlights

  • Total period end loans of $36.5 billion (+15% vs. 1Q 2026; +19% vs. 2Q 2025)
  • Total period end commercial & industrial loans of $13.8 billion (+11% vs. 1Q 2026; +22% vs. 2Q 2025)
  • Total period end deposits of $39.9 billion (+12% vs. 1Q 2026; +17% vs. 2Q 2025)
  • Total period end core customer deposits1 of $34.2 billion (+12% vs. 1Q 2026; +21% vs. 2Q 2025)
  • Net interest income of $370 million (+20% vs. 1Q 2026; +23% vs. 2Q 2025)
  • Net interest margin of 3.17%
  • Noninterest income of $80 million
  • Noninterest expense of $272 million
  • Provision for credit losses of $19 million
  • Allowance for credit losses on loans / total loans of 1.36%
  • Net charge offs / average loans (annualized) of 0.26%

1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

Loans

Second quarter 2026 average total loans of $35.9 billion increased 15%, or $4.6 billion, from the prior quarter and increased 18%, or $5.4 billion, from the same period last year. With respect to second quarter 2026 average balances by loan category:

  • Commercial and business lending increased $1.8 billion from the prior quarter and increased $2.7 billion from the same period last year to $14.8 billion. 
  • Commercial real estate lending increased $1.6 billion from the prior quarter and increased $1.5 billion from the same period last year to $8.9 billion. 
  • Consumer lending increased $1.2 billion from the prior quarter and increased $1.2 billion from the same period last year to $12.2 billion. 

Second quarter 2026 period end total loans of $36.5 billion increased 15%, or $4.7 billion, from the prior quarter and increased 19%, or $5.9 billion, from the same period last year. With respect to second quarter 2026 period end balances by loan category:

  • Commercial and business lending increased $1.8 billion from the prior quarter and increased $2.9 billion from the same period last year to $15.3 billion.
  • Commercial real estate lending increased $1.7 billion from the prior quarter and increased $1.7 billion from the same period last year to $9.0 billion.
  • Consumer lending increased $1.2 billion from the prior quarter and increased $1.2 billion from the same period last year to $12.1 billion.

We now expect 2026 period end loan growth of 18% to 20% as compared to Associated's standalone results for the year ended December 31, 2025.

Deposits

Second quarter 2026 average deposits of $40.4 billion increased 15%, or $5.2 billion, from the prior quarter and increased 18%, or $6.2 billion, from the same period last year. With respect to second quarter 2026 average balances by deposit category:

  • Noninterest-bearing demand deposits increased $1.1 billion from the prior quarter and increased $1.4 billion from the same period last year to $7.1 billion.
  • Savings increased $514 million from the prior quarter and increased $824 million from the same period last year to $6.0 billion.
  • Interest-bearing demand deposits increased $834 million from the prior quarter and increased $1.0 billion from the same period last year to $8.7 billion.
  • Money market deposits increased $1.6 billion from the prior quarter and increased $1.7 billion from the same period last year to $7.6 billion.
  • Brokered CDs increased $558 million from the prior quarter and decreased $4 million from the same period last year to $4.1 billion.
  • Other time deposits increased $711 million from the prior quarter and increased $1.2 billion from the same period last year to $4.9 billion.
  • Network transaction deposits decreased $38 million from the prior quarter and increased $36 million from the same period last year to $1.9 billion.
  • Core customer deposits[1] increased $4.7 billion from the prior quarter and increased $6.1 billion from the same period last year to $34.4 billion.

Second quarter 2026 period end deposits of $39.9 billion increased 12%, or $4.2 billion, from the prior quarter and increased 17%, or $5.8 billion, from the same period last year. With respect to second quarter 2026 period end balances by deposit category:

  • Noninterest-bearing demand deposits increased $783 million from the prior quarter and increased $1.1 billion from the same period last year to $6.9 billion.
  • Savings increased $511 million from the prior quarter and increased $880 million from the same period last year to $6.2 billion.
  • Interest-bearing demand deposits increased $733 million from the prior quarter and increased $1.2 billion from the same period last year to $8.7 billion.
  • Money market deposits increased $1.4 billion from the prior quarter and increased $1.7 billion from the same period last year to $7.6 billion.
  • Brokered CDs increased $371 million from the prior quarter and decreased $138 million from the same period last year to $3.9 billion.
  • Other time deposits increased $298 million from the prior quarter and increased $980 million from the same period last year to $4.8 billion.
  • Network transaction deposits increased $77 million from the prior quarter and increased $31 million from the same period last year to $1.8 billion.
  • Core customer deposits1 increased $3.8 billion from the prior quarter and increased $5.9 billion from the same period last year to $34.2 billion.

1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.

We continue to 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.

Net Interest Income and Net Interest Margin

Second quarter 2026 net interest income of $370 million increased $63 million from the prior quarter and increased $70 million from the same period last year. The net interest margin of 3.17% was a 14 basis point increase from the prior quarter and a 13 basis point increase from the same period last year.

  • The average yield on total loans for the second quarter of 2026 increased 14 basis points from the prior quarter and decreased 22 basis points from the same period last year to 5.67%.
  • The average cost of total interest-bearing liabilities for the second quarter of 2026 decreased 1 basis point from the prior quarter and decreased 36 basis points from the same period last year to 2.66%.
  • The net free funds benefit for the second quarter of 2026 increased 2 basis points from the prior quarter and decreased 4 basis points from the same period last year to 0.52%.

We expect 2026 net interest income growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.

Noninterest Income

Second quarter 2026 total noninterest income of $80 million increased $5 million from the prior quarter and increased $13 million from the same period last year. With respect to second quarter 2026 noninterest income line items:

  • Card-based fees increased $3 million from the prior quarter and increased $3 million from the same period last year.
  • Service charges and deposit account fees increased $2 million from the prior quarter and increased $3 million from the same period last year.
  • Capital markets, net increased $1 million from the prior quarter and increased $2 million from the same period last year.
  • Wealth management fees increased $1 million from the prior quarter and increased $3 million from the same period last year.
  • Mortgage banking, net decreased $3 million from the prior quarter and decreased $1 million from the same period last year.

We continue to 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

Second quarter 2026 total noninterest expense of $272 million increased $53 million from the prior quarter and increased $63 million from the same period last year. Second quarter 2026 total noninterest expense included $24 million of nonrecurring costs associated with the acquisition of American National Corporation, which closed on April 1, 2026. With respect to second quarter 2026 noninterest expense line items:

  • Personnel expense increased $26 million from the prior quarter and increased $34 million from the same period last year.
  • Legal and professional expense increased $11 million from the prior quarter and increased $11 million from the same period last year.
  • Other intangible amortization increased $5 million from the prior quarter and increased $5 million from the same period last year.
  • Technology expense increased $3 million from the prior quarter and increased $6 million from the same period last year.

We expect 2026 noninterest expense growth of 20% to 21% as compared to Associated's standalone results for the year ended December 31, 2025. This figure includes nonrecurring costs incurred in connection with the acquisition of American National Corporation.

Taxes

Second quarter 2026 income tax expense was $36 million, compared to $33 million of income tax expense in the prior quarter and $28 million of income tax expense in the same period last year. The effective tax rate for the second quarter of 2026 was 22.37%, compared to 21.75% in the prior quarter and 20.34% in the same period last year.

We continue to expect the annual effective tax rate to be between 19% and 21% in 2026.

Credit

Second quarter 2026 provision for credit losses on loans was $19 million, compared to a provision of $11 million in the prior quarter and a provision of $18 million in the same period last year. With respect to second quarter 2026 credit quality:

  • Nonaccrual loans of $150 million increased $39 million from the prior quarter and increased $37 million from the same period last year. The nonaccrual loans to total loans ratio was 0.41% in the second quarter, up from 0.35% in the prior quarter and up from 0.37% in the same period last year.
  • Second quarter 2026 net charge offs of $23 million increased compared to net charge offs of $5 million in the prior quarter and increased compared to net charge offs of $13 million in the same period last year.
  • The allowance for credit losses on loans (ACLL) of $494 million increased $69 million compared to the prior quarter and increased $83 million compared to the same period last year. The ACLL to total loans ratio was 1.36% in the second quarter, up from 1.34% in the prior quarter and up from 1.35% 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 June 30, 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.

SECOND 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, July 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 second quarter 2026 earnings call. The second 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 $52 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)

June 30,
2026

March 31,
2026

Sequential
Quarter
Change

December 31,
2025

September 30,
2025

June 30,
2025

Comparable
Quarter
Change

Assets








Cash and due from banks

$      548,057

$       465,318

$       82,739

$       574,698

$       490,431

$                521,167

$     26,890

Interest-bearing deposits in other financial
institutions

1,268,379

920,684

347,695

1,144,123

802,251

738,938

529,441

Federal funds sold and securities purchased
under agreements to resell

14,355

175

14,180

1,400

90

—

14,355

Available for sale (AFS) investment securities, net, at
fair value

6,366,586

5,514,456

852,130

5,397,563

5,217,278

5,036,508

1,330,078

Held to maturity (HTM) investment securities, net, at
amortized cost

3,510,726

3,570,843

(60,117)

3,602,519

3,636,080

3,672,101

(161,375)

Equity securities

29,960

26,109

3,851

26,060

26,000

25,912

4,048

Regulatory stocks, at cost

329,436

290,189

39,247

252,514

251,642

278,356

51,080

Residential loans held for sale

94,490

87,461

7,029

72,499

74,563

96,804

(2,314)

Commercial loans held for sale

15,000

—

15,000

—

—

8,406

6,594

Loans

36,467,040

31,798,164

4,668,876

31,163,614

30,951,964

30,607,605

5,859,435

Allowance for loan losses

(443,729)

(385,756)

(57,973)

(378,068)

(378,341)

(376,515)

(67,214)

Loans, net

36,023,311

31,412,408

4,610,903

30,785,546

30,573,623

30,231,091

5,792,220

Tax credit and other investments

235,536

230,954

4,582

236,657

245,239

247,111

(11,575)

Premises and equipment, net

449,003

376,760

72,243

381,624

384,139

377,372

71,631

Bank and corporate owned life insurance

717,116

694,765

22,351

694,452

693,511

691,470

25,646

Goodwill

1,147,081

1,104,992

42,089

1,104,992

1,104,992

1,104,992

42,089

Other intangible assets, net

116,953

20,647

96,306

22,849

25,052

27,255

89,698

Mortgage servicing rights, net

87,683

87,599

84

86,337

85,063

85,245

2,438

Interest receivable

181,916

161,021

20,895

161,118

168,451

168,627

13,289

Other assets

676,918

629,359

47,559

657,645

677,458

682,373

(5,455)

Total assets

$ 51,812,506

$  45,593,740

$  6,218,766

$  45,202,596

$   44,455,863

$           43,993,729

$ 7,818,777

Liabilities and stockholders' equity








Noninterest-bearing demand deposits

$   6,908,338

$    6,125,067

$     783,271

$    6,126,632

$     5,906,251

$             5,782,487

$ 1,125,851

Interest-bearing deposits

33,022,917

29,606,698

3,416,219

29,425,976

28,975,602

28,365,079

4,657,838

Total deposits

39,931,255

35,731,765

4,199,490

35,552,608

34,881,853

34,147,565

5,783,690

Federal funds purchased and securities sold under
agreements to repurchase

529,276

395,652

133,624

307,864

399,665

75,585

453,691

FHLB advances

4,574,681

3,421,762

1,152,919

3,268,094

3,220,679

3,879,489

695,192

Senior and subordinated debt

591,080

592,629

(1,549)

594,276

594,074

593,530

(2,450)

Allowance for unfunded commitments

50,744

39,276

11,468

41,276

36,276

35,276

15,468

Accrued expenses and other liabilities

497,347

414,784

82,563

463,131

455,019

481,503

15,844

Total liabilities

46,174,383

40,595,868

5,578,515

40,227,249

39,587,565

39,212,948

6,961,435

Stockholders' equity








Preferred equity

194,112

194,112

—

194,112

194,112

194,112

—

Common equity

5,444,011

4,803,760

640,251

4,781,235

4,674,186

4,586,669

857,342

Total stockholders' equity

5,638,123

4,997,872

640,251

4,975,347

4,868,298

4,780,781

857,342

Total liabilities and stockholders' equity

$ 51,812,506

$  45,593,740

$  6,218,766

$  45,202,596

$   44,455,863

$           43,993,729

$ 7,818,777


Numbers may not recalculate due to rounding conventions.

 

Associated Banc-Corp

Consolidated Statements of Income (Unaudited)

Comparable Quarter

Year to Date (YTD)

Comparable YTD

(Dollars and shares in thousands, except per share data)

2Q26

2Q25

Dollar
Change

Percentage
Change

June 2026

June 2025

Dollar
Change

Percentage
Change

Interest income









Interest and fees on loans

$   506,528

$   447,781

$  58,747

13 %

$   933,516

$   881,080

$  52,436

6 %

Interest and dividends on investment securities









Taxable

88,347

71,174

17,173

24 %

164,023

140,962

23,061

16 %

Tax-exempt

13,725

13,902

(177)

(1) %

27,463

27,858

(395)

(1) %

Other interest

14,694

12,679

2,015

16 %

26,335

21,921

4,414

20 %

Total interest income

623,294

545,536

77,758

14 %

1,151,337

1,071,821

79,516

7 %

Interest expense









Interest on deposits

203,765

197,656

6,109

3 %

379,038

406,796

(27,758)

(7) %

Interest on federal funds purchased and securities sold
under agreements to repurchase

4,085

2,004

2,081

104 %

7,818

5,626

2,192

39 %

Interest on FHLB advances

35,052

34,889

163

— %

66,621

50,979

15,642

31 %

Interest on senior and subordinated debt

10,163

10,700

(537)

(5) %

20,326

21,785

(1,459)

(7) %

Interest on other interest-bearing liabilities

190

287

(97)

(34) %

306

695

(389)

(56) %

Total interest expense

253,255

245,536

7,719

3 %

474,109

485,881

(11,772)

(2) %

Net interest income

370,039

300,000

70,039

23 %

677,228

585,940

91,288

16 %

Provision for credit losses

19,388

17,996

1,392

8 %

30,389

30,999

(610)

(2) %

Net interest income after provision for credit losses

350,651

282,004

68,647

24 %

646,839

554,941

91,898

17 %

Noninterest income









Wealth management fees

26,217

23,025

3,192

14 %

51,435

45,522

5,913

13 %

Service charges and deposit account fees

15,863

13,147

2,716

21 %

29,916

25,961

3,955

15 %

Card-based fees

14,161

11,200

2,961

26 %

25,740

21,642

4,098

19 %

Other fee-based revenue

5,758

4,995

763

15 %

10,623

10,245

378

4 %

Capital markets, net

7,476

5,765

1,711

30 %

14,018

10,110

3,908

39 %

Mortgage banking, net

2,777

4,213

(1,436)

(34) %

8,888

8,035

853

11 %

Loss on mortgage portfolio sale

—

—

—

N/M

—

(6,976)

6,976

(100) %

Bank and corporate owned life insurance

4,615

4,135

480

12 %

8,430

9,339

(909)

(10) %

Asset gains (losses), net

789

(1,735)

2,524

N/M

1,629

(2,613)

4,242

N/M

Investment securities gains, net

35

7

28

N/M

6

11

(5)

(45) %

Other

2,707

2,226

481

22 %

5,571

4,477

1,094

24 %

Total noninterest income

80,398

66,977

13,421

20 %

156,256

125,754

30,502

24 %

Noninterest expense









Personnel

161,168

126,994

34,174

27 %

296,341

250,890

45,451

18 %

Technology

32,867

26,508

6,359

24 %

62,603

53,646

8,957

17 %

Occupancy

14,091

12,644

1,447

11 %

27,817

28,025

(208)

(1) %

Business development and advertising

8,548

7,748

800

10 %

16,374

14,134

2,240

16 %

Equipment

5,423

4,494

929

21 %

11,033

9,021

2,012

22 %

Legal and professional

17,454

6,674

10,780

162 %

24,176

12,757

11,419

90 %

Loan and foreclosure costs

1,552

2,705

(1,153)

(43) %

3,259

5,299

(2,040)

(38) %

FDIC assessment

10,595

9,708

887

9 %

19,432

20,144

(712)

(4) %

Other intangible amortization

6,894

2,203

4,691

N/M

9,096

4,405

4,691

106 %

Other

13,290

9,674

3,616

37 %

20,914

21,648

(734)

(3) %

Total noninterest expense

271,882

209,352

62,530

30 %

491,045

419,971

71,074

17 %

Income before income taxes

159,167

139,629

19,538

14 %

312,050

260,724

51,326

20 %

Income tax expense

35,603

28,399

7,204

25 %

68,850

47,808

21,042

44 %

Net income

123,564

111,230

12,334

11 %

243,200

212,916

30,284

14 %

Preferred stock dividends

2,875

2,875

—

— %

5,750

5,750

—

— %

Net income available to common equity

$   120,689

$   108,355

$  12,334

11 %

$   237,450

$   207,166

$  30,284

15 %










Pre-tax pre-provision income(a)

178,555

157,625

20,930

13 %

342,439

291,723

50,716

17 %

Earnings per common share









Basic

$        0.64

$         0.65

$     (0.01)

(2) %

$         1.34

$         1.25

$      0.09

7 %

Diluted

$        0.63

$         0.65

$     (0.02)

(3) %

$         1.33

$         1.24

$      0.09

7 %

Average common shares outstanding









Basic

188,084

164,936

23,148

14 %

176,654

165,081

11,573

7 %

Diluted

189,899

166,343

23,556

14 %

178,402

166,506

11,896

7 %


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

(Dollars and shares in thousands, except per share data)



Sequential Quarter




2Q26

1Q26

Dollar
Change

Percentage
Change

4Q25

3Q25

2Q25

Interest income








Interest and fees on loans

$ 506,528

$ 426,989

$  79,539

19 %

$ 445,687

$ 455,623

$ 447,781

Interest and dividends on investment securities








Taxable

88,347

75,676

12,671

17 %

73,511

73,727

71,174

Tax-exempt

13,725

13,738

(13)

— %

13,851

13,888

13,902

Other interest

14,694

11,641

3,053

26 %

11,294

13,353

12,679

Total interest income

623,294

528,044

95,250

18 %

544,343

556,591

545,536

Interest expense








Interest on deposits

203,765

175,273

28,492

16 %

194,778

202,344

197,656

Interest on federal funds purchased and securities sold under agreements
to repurchase

4,085

3,732

353

9 %

2,682

2,107

2,004

Interest on FHLB advances

35,052

31,570

3,482

11 %

26,309

35,965

34,889

Interest on senior and subordinated debt

10,163

10,163

—

— %

10,483

10,741

10,700

Interest on other interest-bearing liabilities

190

116

74

64 %

110

212

287

Total interest expense

253,255

220,854

32,401

15 %

234,362

251,369

245,536

Net interest income

370,039

307,190

62,849

20 %

309,981

305,222

300,000

Provision for credit losses

19,388

11,001

8,387

76 %

6,998

16,000

17,996

Net interest income after provision for credit losses

350,651

296,189

54,462

18 %

302,983

289,223

282,004

Noninterest income








Wealth management fees

26,217

25,219

998

4 %

25,742

25,315

23,025

Service charges and deposit account fees

15,863

14,054

1,809

13 %

13,827

13,861

13,147

Card-based fees

14,161

11,579

2,582

22 %

12,679

12,308

11,200

Other fee-based revenue

5,758

4,862

896

18 %

5,557

5,414

4,995

Capital markets, net

7,476

6,543

933

14 %

11,175

10,764

5,765

Mortgage banking, net

2,777

6,111

(3,334)

(55) %

2,926

3,541

4,213

Bank and corporate owned life insurance

4,615

3,816

799

21 %

3,804

4,051

4,135

Asset gains (losses), net

789

840

(51)

(6) %

838

3,340

(1,735)

Investment securities gains (losses), net

35

(28)

63

N/M

37

1

7

Other

2,707

2,861

(154)

(5) %

2,799

2,670

2,226

Total noninterest income

80,398

75,857

4,541

6 %

79,384

81,265

66,977

Noninterest expense








Personnel

161,168

135,172

25,996

19 %

135,130

135,703

126,994

Technology

32,867

29,736

3,131

11 %

28,641

28,590

26,508

Occupancy

14,091

13,725

366

3 %

14,229

12,757

12,644

Business development and advertising

8,548

7,827

721

9 %

9,118

8,362

7,748

Equipment

5,423

5,610

(187)

(3) %

6,888

4,368

4,494

Legal and professional

17,454

6,721

10,733

160 %

5,945

5,232

6,674

Loan and foreclosure costs

1,552

1,707

(155)

(9) %

1,327

1,638

2,705

FDIC assessment

10,595

8,837

1,758

20 %

6,589

9,980

9,708

Other intangible amortization

6,894

2,203

4,691

N/M

2,203

2,203

2,203

Other

13,290

7,625

5,665

74 %

9,396

7,369

9,674

Total noninterest expense

271,882

219,163

52,719

24 %

219,466

216,202

209,352

Income before income taxes

159,167

152,883

6,284

4 %

162,901

154,286

139,629

Income tax expense

35,603

33,248

2,355

7 %

25,772

29,554

28,399

Net income

123,564

119,635

3,929

3 %

137,129

124,732

111,230

Preferred stock dividends

2,875

2,875

—

— %

2,875

2,875

2,875

Net income available to common equity

$ 120,689

$ 116,760

$   3,929

3 %

$ 134,254

$ 121,857

$ 108,355









Pre-tax pre-provision income(a)

178,555

163,884

14,671

9 %

169,899

170,286

157,625

Earnings per common share








Basic

$       0.64

$      0.70

$    (0.06)

(9) %

$       0.81

$       0.73

$       0.65

Diluted

$       0.63

$      0.70

$    (0.07)

(10) %

$       0.80

$       0.73

$       0.65

Average common shares outstanding








Basic

188,084

165,097

22,987

14 %

165,126

165,029

164,936

Diluted

189,899

166,561

23,338

14 %

166,746

166,703

166,343


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


June 30, 2026

March 31, 2026

June 30, 2025(a)

(Dollars in thousands)

Average

Balance

Interest

Income 
/Expense

Average
Yield /Rate

Average

Balance

Interest

Income 
/Expense

Average
Yield /Rate

Average

Balance

Interest

Income 
/Expense

Average
Yield /Rate

Assets










Earning assets










Loans (b)(c)










Commercial and industrial

$ 13,185,643

$  197,248

6.00 %

$ 11,776,702

$   172,507

5.94 %

$  10,981,221

$  179,955

6.57 %

Commercial real estate—owner occupied

1,577,489

22,000

5.59 %

1,190,708

15,968

5.44 %

1,114,054

16,014

5.77 %

Commercial and business lending

14,763,132

219,248

5.96 %

12,967,410

188,475

5.89 %

12,095,274

195,969

6.50 %

Commercial real estate—investor

6,502,707

99,131

6.11 %

5,277,283

78,154

6.01 %

5,582,333

91,569

6.58 %

Real estate construction

2,410,500

40,425

6.73 %

2,055,338

34,043

6.72 %

1,869,708

33,883

7.27 %

Commercial real estate lending

8,913,207

139,556

6.28 %

7,332,621

112,197

6.21 %

7,452,041

125,452

6.75 %

Total commercial

23,676,339

358,804

6.08 %

20,300,031

300,672

6.01 %

19,547,316

321,421

6.59 %

Residential mortgage

6,916,754

65,963

3.81 %

6,831,984

64,640

3.78 %

7,034,607

64,995

3.70 %

Auto finance

4,044,290

58,768

5.83 %

3,125,504

41,969

5.45 %

2,933,161

41,156

5.63 %

Home equity

817,378

13,096

6.41 %

709,865

11,692

6.60 %

667,339

12,098

7.25 %

Other consumer

415,476

10,388

10.03 %

314,118

8,504

10.98 %

309,578

8,644

11.20 %

Total consumer

12,193,898

148,215

4.87 %

10,981,471

126,805

4.65 %

10,944,685

126,893

4.64 %

Total loans

35,870,237

507,019

5.67 %

31,281,502

427,477

5.53 %

30,492,001

448,313

5.89 %

Investments










Taxable securities

8,153,435

88,347

4.33 %

7,071,751

75,676

4.28 %

6,578,690

71,174

4.33 %

Tax-exempt securities(b)

1,971,946

17,373

3.52 %

1,978,501

17,389

3.52 %

2,004,725

17,598

3.51 %

Other short-term investments

1,291,636

14,694

4.56 %

1,016,795

11,641

4.64 %

999,294

12,679

5.09 %

Total investments

11,417,017

120,414

4.22 %

10,067,047

104,706

4.17 %

9,582,709

101,451

4.24 %

Total earning assets and related
interest income

47,287,254

$  627,433

5.32 %

41,348,549

$   532,183

5.20 %

40,074,710

$  549,764

5.50 %

Other assets, net

3,948,588



3,670,399



3,345,353



Total assets

$ 51,235,842



$ 45,018,948



$  43,420,063



Liabilities and stockholders' equity










Interest-bearing liabilities










Interest-bearing deposits










Savings

$  6,046,605

$    19,815

1.31 %

$  5,532,848

$     17,690

1.30 %

$    5,222,869

$    17,139

1.32 %

Interest-bearing demand

8,720,180

37,161

1.71 %

7,886,442

34,236

1.76 %

7,683,402

42,485

2.22 %

Money market

7,641,652

45,976

2.41 %

6,061,442

34,239

2.29 %

5,988,947

38,695

2.59 %

Network transaction deposits

1,879,876

17,459

3.73 %

1,917,854

17,502

3.70 %

1,843,998

20,211

4.40 %

Brokered CDs

4,085,995

40,487

3.97 %

3,528,294

34,811

4.00 %

4,089,844

45,418

4.45 %

Other time deposits

4,945,821

42,867

3.48 %

4,234,785

36,795

3.52 %

3,725,205

33,707

3.63 %

Total interest-bearing deposits

33,320,129

203,765

2.45 %

29,161,665

175,273

2.44 %

28,554,266

197,656

2.78 %

Federal funds purchased and securities
sold under agreements to repurchase

460,414

4,085

3.56 %

425,142

3,732

3.56 %

220,872

2,004

3.64 %

FHLB advances

3,733,950

35,052

3.77 %

3,380,379

31,570

3.79 %

3,221,749

34,889

4.34 %

Senior and subordinated debt

592,195

10,163

6.86 %

594,401

10,163

6.84 %

592,399

10,700

7.22 %

Other interest-bearing liabilities

16,430

190

4.64 %

11,212

116

4.18 %

17,844

287

6.45 %

Total funding

4,802,989

49,490

4.13 %

4,411,134

45,581

4.18 %

4,052,863

47,880

4.74 %

Total interest-bearing liabilities and
related interest expense

38,123,118

$  253,255

2.66 %

33,572,799

$   220,854

2.67 %

32,607,129

$  245,536

3.02 %

Noninterest-bearing demand deposits

7,062,098



5,999,278



5,648,935



Other liabilities

422,642



440,344



431,338



Stockholders' equity

5,627,984



5,006,527



4,732,661



Total liabilities and stockholders'
equity

$ 51,235,842



$ 45,018,948



$  43,420,063



Interest rate spread



2.65 %



2.53 %



2.48 %

Net free funds



0.52 %



0.50 %



0.56 %

Fully tax-equivalent net interest income
and net interest margin


$  374,178

3.17 %


$   311,329

3.03 %


$  304,228

3.04 %

Fully tax-equivalent adjustment


(4,139)



(4,139)



(4,228)


Net interest income


$  370,039



$   307,190



$  300,000



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

Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year


Six Months Ended June 30,


2026

2025(a)

(Dollars in thousands)

Average

Balance

Interest

Income 
/Expense

Average
Yield / Rate

Average

Balance

Interest

Income 
/Expense

Average
Yield / Rate

Assets







Earning assets







Loans (b) (c)







Commercial and industrial

$ 12,485,064

$      369,755

5.97 %

$ 10,783,368

$      349,740

6.54 %

Commercial real estate—owner occupied

1,385,167

37,968

5.53 %

1,127,535

32,214

5.76 %

Commercial and business lending

13,870,231

407,723

5.93 %

11,910,904

381,954

6.46 %

Commercial real estate—investor

5,893,380

177,285

6.06 %

5,499,334

178,658

6.55 %

Real estate construction

2,233,900

74,468

6.72 %

1,884,065

67,829

7.26 %

Commercial real estate lending

8,127,280

251,753

6.24 %

7,383,399

246,486

6.73 %

Total commercial

21,997,511

659,476

6.04 %

19,294,303

628,440

6.57 %

Residential mortgage 

6,874,603

130,603

3.80 %

7,144,851

131,818

3.69 %

Auto finance

3,587,435

100,736

5.66 %

2,889,190

80,332

5.61 %

Home equity

763,919

24,788

6.49 %

662,509

24,150

7.29 %

Other consumer

365,077

18,892

10.44 %

311,691

17,417

11.27 %

Total consumer

11,591,034

275,019

4.76 %

11,008,241

253,717

4.62 %

Total loans

33,588,545

934,495

5.60 %

30,302,544

882,157

5.86 %

Investments







Taxable securities

7,615,581

164,023

4.31 %

6,489,135

140,962

4.34 %

Tax-exempt securities(b)

1,975,205

34,763

3.52 %

2,010,403

35,264

3.51 %

Other short-term investments

1,154,975

26,335

4.60 %

878,929

21,921

5.03 %

Total investments

10,745,761

225,121

4.19 %

9,378,467

198,147

4.23 %

Total earning assets and related interest income

44,334,306

$    1,159,616

5.26 %

39,681,011

$     1,080,304

5.48 %

Other assets, net

3,810,263



3,346,515



Total assets

$ 48,144,569



$ 43,027,526



Liabilities and stockholders' equity







Interest-bearing liabilities







Interest-bearing deposits







Savings

$  5,791,146

$         37,505

1.31 %

$   5,192,835

$          35,068

1.36 %

Interest-bearing demand

8,305,614

71,397

1.73 %

7,856,593

87,915

2.26 %

Money market

6,855,912

80,215

2.36 %

6,033,999

78,255

2.62 %

Network transaction deposits

1,898,760

34,961

3.71 %

1,845,974

40,278

4.40 %

Brokered CDs

3,808,685

75,298

3.99 %

4,201,955

94,711

4.55 %

Other time deposits

4,592,267

79,662

3.50 %

3,740,683

70,569

3.80 %

Total interest-bearing deposits

31,252,384

379,038

2.45 %

28,872,038

406,796

2.84 %

Federal funds purchased and securities sold under agreements to repurchase

442,876

7,818

3.56 %

297,963

5,626

3.81 %

FHLB advances

3,558,141

66,621

3.78 %

2,413,352

50,979

4.26 %

Senior and subordinated debt

593,292

20,326

6.85 %

609,788

21,785

7.15 %

Other interest-bearing liabilities

13,835

306

4.46 %

24,683

695

5.68 %

Total funding

4,608,144

95,071

4.15 %

3,345,786

79,085

4.76 %

Total interest-bearing liabilities and related interest expense

35,860,528

$       474,109

2.67 %

32,217,824

$        485,881

3.04 %

Noninterest-bearing demand deposits

6,533,624



5,644,554



Other liabilities

431,445



483,247



Stockholders' equity

5,318,972



4,681,901



Total liabilities and stockholders' equity

$ 48,144,569



$ 43,027,526



Interest rate spread



2.59 %



2.44 %

Net free funds



0.51 %



0.57 %

Fully tax-equivalent net interest income and net interest margin


$       685,507

3.10 %


$       594,423

3.01 %

Fully tax-equivalent adjustment


(8,279)



(8,483)


Net interest income


$       677,228



$       585,940



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

Jun 30, 2026

Mar 31, 2026

Seql Qtr %
Change

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Comp Qtr %
Change

Commercial and industrial

$ 13,750,175

$  12,339,597

11 %

$  11,799,757

$ 11,567,651

$ 11,281,964

22 %

Commercial real estate—owner occupied

1,575,445

1,193,778

32 %

1,186,324

1,149,939

1,101,501

43 %

Commercial and business lending

15,325,620

13,533,375

13 %

12,986,081

12,717,590

12,383,465

24 %

Commercial real estate—investor

6,492,950

5,266,584

23 %

5,246,030

5,369,441

5,370,422

21 %

Real estate construction

2,546,186

2,117,479

20 %

1,994,642

1,958,766

1,950,267

31 %

Commercial real estate lending

9,039,136

7,384,063

22 %

7,240,672

7,328,207

7,320,689

23 %

Total commercial

24,364,756

20,917,438

16 %

20,226,753

20,045,797

19,704,154

24 %

Residential mortgage

6,808,398

6,727,734

1 %

6,793,957

6,858,285

6,949,387

(2) %

Auto finance

4,044,416

3,136,334

29 %

3,106,498

3,041,644

2,969,495

36 %

Home equity

826,343

706,075

17 %

713,271

698,112

676,208

22 %

Other consumer

423,127

310,583

36 %

323,135

308,126

308,361

37 %

Total consumer

12,102,284

10,880,726

11 %

10,936,861

10,906,167

10,903,451

11 %

Total loans

$ 36,467,040

$  31,798,164

15 %

$  31,163,614

$ 30,951,964

$ 30,607,605

19 %









Quarter average loan composition(a)

Jun 30, 2026

Mar 31, 2026

Seql Qtr %
Change

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Comp Qtr %
Change

Commercial and industrial

$ 13,185,643

$  11,776,702

12 %

$  11,588,059

$ 11,367,533

$ 10,981,221

20 %

Commercial real estate—owner occupied

1,577,489

1,190,708

32 %

1,157,531

1,105,787

1,114,054

42 %

Commercial and business lending

14,763,132

12,967,410

14 %

12,745,590

12,473,319

12,095,274

22 %

Commercial real estate—investor

6,502,707

5,277,283

23 %

5,291,562

5,300,765

5,582,333

16 %

Real estate construction

2,410,500

2,055,338

17 %

1,974,318

1,991,565

1,869,708

29 %

Commercial real estate lending

8,913,207

7,332,621

22 %

7,265,880

7,292,330

7,452,041

20 %

Total commercial

23,676,339

20,300,031

17 %

20,011,470

19,765,649

19,547,316

21 %

Residential mortgage

6,916,754

6,831,984

1 %

6,899,778

6,987,858

7,034,607

(2) %

Auto finance

4,044,290

3,125,504

29 %

3,064,457

3,000,978

2,933,161

38 %

Home equity

817,378

709,865

15 %

706,923

690,330

667,339

22 %

Other consumer

415,476

314,118

32 %

312,730

305,644

309,578

34 %

Total consumer

12,193,898

10,981,471

11 %

10,983,888

10,984,811

10,944,685

11 %

Total loans

$ 35,870,237

$  31,281,502

15 %

$  30,995,358

$ 30,750,460

$ 30,492,001

18 %









Period end deposit and customer funding composition

Jun 30, 2026

Mar 31, 2026

Seql Qtr %
Change

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Comp Qtr %
Change

Noninterest-bearing demand

$  6,908,338

$   6,125,067

13 %

$   6,126,632

$   5,906,251

$   5,782,487

19 %

Savings

6,171,614

5,660,641

9 %

5,471,870

5,380,574

5,291,674

17 %

Interest-bearing demand

8,697,879

7,964,665

9 %

7,823,362

7,791,861

7,490,772

16 %

Money market

7,614,164

6,188,045

23 %

6,139,438

5,785,871

5,915,867

29 %

Network transaction deposits

1,823,130

1,746,518

4 %

2,154,995

2,013,964

1,792,362

2 %

Brokered CDs

3,933,787

3,562,752

10 %

3,795,133

3,956,517

4,072,048

(3) %

Other time deposits

4,782,343

4,484,077

7 %

4,041,178

4,046,815

3,802,356

26 %

Total deposits

39,931,255

35,731,765

12 %

35,552,608

34,881,853

34,147,565

17 %

Other customer funding(b)

55,371

42,372

31 %

47,794

64,570

75,440

(27) %

Total deposits and other customer funding

$ 39,986,626

$  35,774,137

12 %

$  35,600,402

$ 34,946,423

$ 34,223,005

17 %

Core customer deposits(c) and other customer funding

$ 34,229,709

$  30,464,867

12 %

$  29,650,274

$ 28,975,941

$ 28,358,595

21 %









Quarter average deposit composition

Jun 30, 2026

Mar 31, 2026

Seql Qtr %
Change

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Comp Qtr %
Change

Noninterest-bearing demand

$  7,062,098

$   5,999,278

18 %

$   6,064,487

$   5,796,676

$   5,648,935

25 %

Savings

6,046,605

5,532,848

9 %

5,436,968

5,338,129

5,222,869

16 %

Interest-bearing demand

8,720,180

7,886,442

11 %

8,054,088

7,898,770

7,683,402

13 %

Money market

7,641,652

6,061,442

26 %

5,890,836

5,860,802

5,988,947

28 %

Network transaction deposits

1,879,876

1,917,854

(2) %

2,090,587

1,933,659

1,843,998

2 %

Brokered CDs

4,085,995

3,528,294

16 %

3,998,012

3,916,329

4,089,844

— %

Other time deposits

4,945,821

4,234,785

17 %

4,093,939

3,961,522

3,725,205

33 %

Total deposits

40,382,227

35,160,943

15 %

35,628,917

34,705,887

34,203,201

18 %

Other customer funding(b)

57,029

43,973

30 %

45,973

74,305

80,010

(29) %

Total deposits and other customer funding

$ 40,439,256

$  35,204,916

15 %

$  35,674,890

$ 34,780,192

$ 34,283,211

18 %

Core customer deposits(c) and other customer funding

$ 34,473,385

$  29,758,768

16 %

$  29,586,291

$ 28,930,204

$ 28,349,369

22 %


Numbers may not recalculate due to rounding conventions.

(a) Loans held for sale have been included in the average balances.

(b) Includes repurchase agreements.

(c) 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)

Jun 30, 2026

Mar 31, 2026

Seql Qtr %
Change

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Comp Qtr %
Change

Allowance for loan losses








Balance at beginning of period

$  385,756

$  378,068

2 %

$  378,341

$  376,515

$  371,348

4 %

Provision for loan losses recorded at acquisition

397

—

N/M

—

—

—

N/M

Allowance for PCD loans acquired

39,512

—

N/M

—

—

—

N/M

Allowance for purchased seasoned loans acquired

28,263

—

N/M

—

—

—

N/M

Balance at April 1, 2026

453,928

—

N/M

—

—

—

N/M

Provision for loan losses

13,000

13,000

— %

2,000

15,000

18,000

(28) %

Charge offs

(26,282)

(8,210)

N/M

(7,636)

(15,254)

(18,348)

43 %

Recoveries

3,083

2,898

6 %

5,363

2,081

5,515

(44) %

Net charge offs

(23,199)

(5,312)

N/M

(2,273)

(13,173)

(12,833)

81 %

Balance at end of period

$  443,729

$  385,756

15 %

$  378,068

$  378,341

$  376,515

18 %

Allowance for unfunded commitments








Balance at beginning of period

$    39,276

$    41,276

(5) %

$    36,276

$    35,276

$    35,276

11 %

Allowance for PCD unfunded commitments acquired

3,597

—

N/M

—

—

—

N/M

Allowance for purchased seasoned unfunded commitments acquired

1,871

—

N/M

—

—

—

N/M

Balance at April 1, 2026

44,744

—

N/M

—

—

—

N/M

Provision for unfunded commitments

6,000

(2,000)

N/M

5,000

1,000

—

N/M

Balance at end of period

50,744

39,276

29 %

41,276

36,276

35,276

44 %

Allowance for credit losses on loans (ACLL)

$  494,473

$  425,032

16 %

$  419,344

$  414,618

$  411,791

20 %

Provision for credit losses on loans

$    19,397

$    11,000

76 %

$      7,000

$    16,000

$    18,000

8 %

(Dollars in thousands)

Jun 30, 2026

Mar 31, 2026

Seql Qtr %

Change

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Comp Qtr %

Change

Net (charge offs) recoveries








Commercial and industrial

$   (17,604)

$    (2,736)

N/M

$      1,524

$     (1,230)

$     (1,826)

N/M

Commercial real estate—owner occupied

—

—

N/M

(113)

—

—

N/M

Commercial and business lending

(17,604)

(2,736)

N/M

1,411

(1,230)

(1,826)

N/M

Commercial real estate—investor

(2,710)

500

N/M

94

(8,930)

(8,493)

(68) %

Real estate construction

2

2

— %

2

2

121

(98) %

Commercial real estate lending

(2,708)

502

N/M

96

(8,928)

(8,372)

(68) %

Total commercial

(20,312)

(2,234)

N/M

1,507

(10,158)

(10,198)

99 %

Residential mortgage

(197)

148

N/M

(197)

(231)

(302)

(35) %

Auto finance

(1,508)

(1,843)

(18) %

(2,010)

(1,505)

(689)

119 %

Home equity

251

439

(43) %

2

56

237

6 %

Other consumer

(1,433)

(1,822)

(21) %

(1,575)

(1,336)

(1,881)

(24) %

Total consumer

(2,887)

(3,078)

(6) %

(3,780)

(3,015)

(2,636)

10 %

Total net charge offs

$   (23,199)

$    (5,312)

N/M

$    (2,273)

$   (13,173)

$   (12,833)

81 %

(In basis points)

Jun 30, 2026

Mar 31, 2026


Dec 31, 2025

Sep 30, 2025

Jun 30, 2025


Net (charge offs) recoveries to average loans (annualized)








Commercial and industrial

(54)

(9)


5

(4)

(7)


Commercial real estate—owner occupied

—

—


(4)

—

—


Commercial and business lending

(48)

(9)


4

(4)

(6)


Commercial real estate—investor

(17)

4


1

(67)

(61)


Real estate construction

—

—


—

—

3


Commercial real estate lending

(12)

3


1

(49)

(45)


Total commercial

(34)

(4)


3

(20)

(21)


Residential mortgage

(1)

1


(1)

(1)

(2)


Auto finance

(15)

(24)


(26)

(20)

(9)


Home equity

12

25


—

3

14


Other consumer

(138)

(235)


(200)

(173)

(244)


Total consumer

(9)

(11)


(14)

(11)

(10)


Total net charge offs

(26)

(7)


(3)

(17)

(17)


(Dollars in thousands)

Jun 30, 2026

Mar 31, 2026

Seql Qtr %

Change

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Comp Qtr %

Change

Credit quality








Nonaccrual loans

$  149,953

$  110,581

36 %

$  100,428

$  106,179

$  112,999

33 %

Other real estate owned (OREO)

34,052

32,534

5 %

28,016

29,268

34,287

(1) %

Repossessed assets

1,293

806

60 %

757

789

882

47 %

Total nonperforming assets

$  185,298

$  143,921

29 %

$  129,201

$  136,236

$  148,169

25 %

Accruing loans past due 90 days or more(a)

$      2,288

$      2,490

(8) %

$      2,814

$      2,692

$    14,160

(84) %

Allowance for credit losses on loans to total loans

1.36 %

1.34 %


1.35 %

1.34 %

1.35 %


Allowance for credit losses on loans to nonaccrual loans

329.75 %

384.36 %


417.56 %

390.49 %

364.42 %


Nonaccrual loans to total loans

0.41 %

0.35 %


0.32 %

0.34 %

0.37 %


Nonperforming assets to total loans plus OREO and repossessed assets

0.51 %

0.45 %


0.41 %

0.44 %

0.48 %


Nonperforming assets to total assets

0.36 %

0.32 %


0.29 %

0.31 %

0.34 %


 

Associated Banc-Corp
Selected Asset Quality Information (continued)

(Dollars in thousands)

Jun 30, 2026

Mar 31, 2026

Seql Qtr %
Change

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Comp Qtr %
Change

Nonaccrual loans








Commercial and industrial

$     44,388

$      19,606

126 %

$       7,178

$      12,802

$       6,945

N/M

Commercial real estate—owner occupied

3,255

34

N/M

203

203

—

N/M

Commercial and business lending

47,643

19,640

143 %

7,381

13,006

6,945

N/M

Commercial real estate—investor

11,184

8,078

38 %

8,311

7,333

15,805

(29) %

Real estate construction

2,974

25

N/M

144

145

146

N/M

Commercial real estate lending

14,158

8,103

75 %

8,455

7,478

15,950

(11) %

Total commercial

61,801

27,743

123 %

15,836

20,484

22,895

170 %

Residential mortgage

70,335

66,890

5 %

68,492

69,093

73,817

(5) %

Auto finance

10,973

8,888

23 %

8,271

8,218

8,004

37 %

Home equity

6,582

6,950

(5) %

7,774

8,299

8,201

(20) %

Other consumer

262

110

138 %

55

85

82

N/M

Total consumer

88,152

82,838

6 %

84,592

85,696

90,104

(2) %

Total nonaccrual loans

$    149,953

$    110,581

36 %

$    100,428

$    106,179

$    112,999

33 %

(Dollars in thousands)

Jun 30, 2026

Mar 31, 2026

Seql Qtr %
Change

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Comp Qtr %
Change

Accruing loans 30-89 days past due








Commercial and industrial

$     10,668

$      24,253

(56) %

$       2,683

$       1,071

$       2,593

N/M

Commercial real estate—owner occupied

893

345

159 %

34

—

5,628

(84) %

Commercial and business lending

11,561

24,598

(53) %

2,717

1,071

8,221

41 %

Commercial real estate—investor

3,089

33,487

(91) %

19,405

14,190

1,042

196 %

Real estate construction

1,437

—

N/M

117

21

90

N/M

Commercial real estate lending

4,526

33,487

(86) %

19,522

14,211

1,132

N/M

Total commercial

16,087

58,085

(72) %

22,239

15,282

9,353

72 %

Residential mortgage

14,034

7,755

81 %

13,135

12,684

8,744

60 %

Auto finance

20,367

14,549

40 %

16,445

14,013

13,149

55 %

Home equity

4,536

2,742

65 %

3,779

4,265

4,338

5 %

Other consumer(a)

2,988

2,173

38 %

2,704

2,728

2,578

16 %

Total consumer

41,925

27,219

54 %

36,063

33,689

28,810

46 %

Total accruing loans 30-89 days past due

$     58,012

$      85,304

(32) %

$      58,302

$      48,971

$      38,163

52 %


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)

YTD

Jun 2026

YTD

Jun 2025

2Q26

1Q26

4Q25

3Q25

2Q25

Per common share data








Dividends

$     0.48

$     0.46

$     0.24

$     0.24

$     0.24

$     0.23

$     0.23

Market value:








High

31.34

25.63

31.34

29.37

27.14

27.01

24.56

Low

24.34

18.91

25.98

24.34

24.11

23.78

18.91

Close



30.77

25.86

25.76

25.71

24.39

Book value / share(a)



28.85

29.04

28.81

28.17

27.67

Tangible book value (TBV) / share(a)(b)



22.15

22.23

22.01

21.36

20.84

Selected trend information








Net interest margin(c)

3.10 %

3.01 %

3.17 %

3.03 %

3.06 %

3.04 %

3.04 %

Effective tax rate

22.06 %

18.34 %

22.37 %

21.75 %

15.82 %

19.16 %

20.34 %

Noninterest expense / average assets(c)

2.06 %

1.97 %

2.13 %

1.97 %

1.96 %

1.95 %

1.93 %

Dividend payout ratio(d)

35.82 %

36.80 %

37.50 %

34.29 %

29.63 %

31.51 %

35.38 %

Loans / deposits ratio



91.32 %

88.99 %

87.65 %

88.73 %

89.63 %

Assets under management, at market value(e)



$   17,009

$   15,708

$   16,132

$   16,178

$   15,537

Common shares repurchased during period(f)

894

900

—

894

—

—

—

Common shares outstanding, end of period



188,718

165,438

165,980

165,904

165,778

Risk-based capital(g)(h)








Total risk-weighted assets



$            41,108,329

$            35,773,810

$            35,125,680

$            34,688,358

$            34,241,408

Common equity Tier 1(i)



$ 4,304,915

$ 3,744,610

$ 3,683,711

$ 3,584,712

$ 3,493,316

Common equity Tier 1 capital ratio(i)



10.47 %

10.47 %

10.49 %

10.33 %

10.20 %

Tier 1 capital ratio



10.94 %

11.01 %

11.04 %

10.89 %

10.77 %

Total capital ratio



12.79 %

13.02 %

13.08 %

12.94 %

12.83 %

Tier 1 leverage ratio



8.99 %

8.98 %

8.96 %

8.81 %

8.72 %

Selected equity and performance ratios








Total stockholders' equity / total assets



10.88 %

10.96 %

11.01 %

10.95 %

10.87 %

Tangible common equity / tangible assets (TCE Ratio)(b)



8.27 %

8.27 %

8.29 %

8.18 %

8.06 %

Average stockholders' equity / average assets

11.05 %

10.88 %

10.98 %

11.12 %

11.05 %

10.95 %

10.90 %

Return on average equity(c)

9.22 %

9.17 %

8.81 %

9.69 %

11.09 %

10.26 %

9.43 %

Return on average tangible common equity (ROATCE)(b)(c)

12.54 %

12.66 %

12.12 %

13.03 %

15.04 %

14.02 %

12.96 %

Return on average assets(c)

1.02 %

1.00 %

0.97 %

1.08 %

1.23 %

1.12 %

1.03 %

Return on average tangible assets(b)(c)

1.07 %

1.04 %

1.03 %

1.12 %

1.27 %

1.17 %

1.07 %

Efficiency ratios (expense / revenue)








Fully tax-equivalent efficiency ratio

57.26 %

57.70 %

58.30 %

56.03 %

55.21 %

54.77 %

55.81 %

Adjusted efficiency ratio(b)

54.23 %

57.15 %

52.91 %

55.77 %

55.15 %

54.77 %

55.81 %



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)

June 30, 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

YTD

YTD






(Dollars in thousands)

Jun 2026

Jun 2025

2Q26

1Q26

4Q25

3Q25

2Q25

Tangible common equity reconciliation








Common equity



$           5,444,011

$           4,803,760

$           4,781,235

$           4,674,186

$           4,586,669

Less: Goodwill and other intangible assets, net



1,264,034

1,125,639

1,127,842

1,130,044

1,132,247

Tangible common equity for TBV / share and TCE
Ratio



$           4,179,977

$           3,678,121

$           3,653,393

$           3,544,142

$           3,454,422

Tangible assets reconciliation








Total assets



$         51,812,506

$         45,593,740

$         45,202,596

$         44,455,863

$         43,993,729

Less: Goodwill and other intangible assets, net



1,264,034

1,125,639

1,127,842

1,130,044

1,132,247

Tangible assets for TCE Ratio



$         50,548,472

$         44,468,101

$         44,074,754

$         43,325,819

$         42,861,482

Average tangible common equity reconciliation








Average common equity

$           5,124,860

$           4,487,789

$ 5,433,872

$ 4,812,415

$ 4,713,445

$ 4,627,038

$ 4,538,549

Less: Average goodwill and other intangible assets, net

1,197,702

1,134,600

1,267,876

1,126,748

1,129,055

1,131,385

1,133,627

Average tangible common equity for ROATCE

3,927,158

3,353,189

$ 4,165,996

$ 3,685,667

$ 3,584,390

$ 3,495,653

$ 3,404,922

Average tangible assets reconciliation








Average total assets

$         48,144,569

$         43,027,526

$         51,235,842

$         45,018,948

$         44,402,771

$         44,015,203

$         43,420,063

Less: Average goodwill and other intangible assets, net

1,197,702

1,134,600

1,267,876

1,126,748

1,129,055

1,131,385

1,133,627

Average tangible assets for return on average
tangible assets

$         46,946,867

$         41,892,926

$         49,967,966

$         43,892,200

$         43,273,716

$         42,883,818

$         42,286,436

Adjusted net income reconciliation








Net income

$              243,200

$              212,916

$              123,564

$              119,635

$              137,129

$              124,732

$              111,230

Other intangible amortization, net of tax

6,822

3,304

5,170

1,652

1,652

1,652

1,652

Adjusted net income for return on average tangible
assets

$              250,022

$              216,220

$              128,734

$              121,287

$              138,781

$              126,384

$              112,882

Adjusted net income available to common equity
reconciliation








Net income available to common equity

$              237,450

$              207,166

$              120,689

$              116,760

$              134,254

$              121,857

$              108,355

Other intangible amortization, net of tax

6,822

3,304

5,170

1,652

1,652

1,652

1,652

Adjusted net income available to common equity for
ROATCE

$              244,272

$              210,470

$              125,859

$              118,412

$              135,906

$              123,509

$              110,007

Pre-tax pre-provision income








Income before income taxes

$              312,050

$              260,724

$              159,167

$              152,883

$              162,901

$              154,286

$              139,629

Provision for credit losses

30,389

30,999

19,388

11,001

6,998

16,000

17,996

Pre-tax pre-provision income

$              342,439

$              291,723

$              178,555

$              163,884

$              169,899

$              170,286

$              157,625

Period end core customer deposits reconciliation








Total deposits



$         39,931,255

$         35,731,765

$         35,552,608

$         34,881,853

$         34,147,565

Less: Network transaction deposits



1,823,130

1,746,518

2,154,995

2,013,964

1,792,362

Less: Brokered CDs



3,933,787

3,562,752

3,795,133

3,956,517

4,072,048

Core customer deposits



$         34,174,338

$         30,422,495

$         29,602,480

$         28,911,371

$         28,283,155

Average core customer deposits reconciliation








Average total deposits

$         37,786,008

$         34,516,592

$         40,382,227

$         35,160,943

$         35,628,917

$         34,705,887

$         34,203,201

Less: Average network transaction deposits

1,898,760

1,845,974

1,879,876

1,917,854

2,090,587

1,933,659

1,843,998

Less: Average brokered CDs

3,808,685

4,201,955

4,085,995

3,528,294

3,998,012

3,916,329

4,089,844

Average core customer deposits

$         32,078,563

$         28,468,663

$         34,416,356

$         29,714,795

$         29,540,318

$         28,855,899

$         28,269,359

Total expense for efficiency ratios reconciliation








Noninterest expense

$              491,045

$              419,971

$             271,882

$              219,163

$              219,466

$              216,202

$              209,352

Less: Other intangible amortization

9,096

4,405

6,894

2,203

2,203

2,203

2,203

Total expense for fully tax-equivalent efficiency ratio

481,949

415,566

264,988

216,960

217,263

213,999

207,149

Less: Acquisition costs(a)

25,476

—

24,469

1,007

252

—

—

Total expense for adjusted efficiency ratio

$              456,473

$              415,566

$             240,519

$              215,953

$              217,011

$              213,999

$              207,149

Total revenue for efficiency ratios reconciliation








Net interest income

$              677,228

$              585,940

$             370,039

$              307,190

$              309,981

$              305,222

$              300,000

Noninterest income

156,256

125,754

80,398

75,857

79,384

81,265

66,977

Less: Investment securities (losses) gains, net

6

11

35

(28)

37

1

7

Fully tax-equivalent adjustment

8,279

8,483

4,139

4,139

4,196

4,222

4,228

Total revenue for fully tax-equivalent efficiency ratio

841,757

720,166

454,541

387,214

393,524

390,708

371,198

Less: Announced initiatives(b)

—

(6,976)

—

—

—

—

—

Total revenue for adjusted efficiency ratio

$              841,757

$              727,142

$             454,541

$              387,214

$              393,524

$              390,708

$              371,198


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.



Associated Banc-Corp

Non-GAAP Financial Measures Reconciliation


(Dollars in thousands)

2Q26

Adjusted net income available to common equity reconciliation


Net income available to common equity

$    120,689

Acquisition costs, net of tax

18,996

Adjusted net income available to common equity for adjusted earnings per share

$    139,685

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

 

Cision View original content:https://www.prnewswire.com/news-releases/associated-banc-corp-reports-second-quarter-2026-earnings-of-0-63-per-common-share-or-0-73-per-common-share-excluding-nonrecurring-items-recognized-during-the-quarter-302833675.html

SOURCE Associated Banc-Corp