ASB Associated Banc-Corp

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Associated Banc-Corp Missed Expectations, Sees Revenue Above Estimates

Thursday, October 22, 2026 · 4:15 PM ET

Associated Banc-Corp (ASB) reported earnings of $0.76 per share on revenue of $720.71 million for the third quarter ended September 2026. The consensus earnings estimate was $0.76 per share on revenue of $464.03 million. The Earnings Whisper number was $0.79 per share. The company missed expectations by 3.80% while revenue grew 12.99% on a year-over-year basis.

The company said it expects 2026 revenue of $2.926 billion to $2.976 billion. The current consensus revenue estimate is $1.780 billion for the year ending December 31, 2026.

Associated Banc-Corp is a bank holding company, through its network of bank and non-banking subsidiaries provides banking and related financial services to individual and corporate customers.

Earnings Whisper Grade —
Power Rating—
Reported Earnings
$0.76
Earnings Whisper®
$0.79
Consensus Estimate
$0.76
Earnings Surprise
Earnings Growth4.1 %
Reported Revenue
$720.71M
Revenue Estimate
$464.03M

Consensus estimates for banks and some financial institutions are for net interest income, which may not be comparable to reported revenue.

Revenue Surprise
Revenue Growth13.0 %

Associated Banc-Corp Reports Third Quarter 2026 Earnings of $0.76 Per Common Share, or $0.81 Per Common Share¹ Excluding Nonrecurring Items Recognized During the Quarter

Thursday, October 22, 2026 · 4:15 PM ET PR Newswire

Results fueled by deposit growth, margin expansion, enhanced profitability, and improving return profile.

GREEN BAY, Wis., Oct. 22, 2026 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $144 million, or $0.76 per common share, for the quarter ended September 30, 2026. These amounts compare to earnings of $121 million, or $0.63 per common share, for the quarter ended June 30, 2026 and earnings of $122 million, or $0.73 per common share, for the quarter ended September 30, 2025.

Associated Bank

The Company's results for the quarter ended September 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 $154 million, or $0.81 per common share1.

"Across the Company, we remain focused on attracting and deepening relationships to drive sustainable organic growth, enhance our profitability and improve our return profile," said President & CEO Andy Harmening. "In the third quarter, we maintained our momentum with strong core customer deposit1 growth, net interest margin expansion, fee income growth, and a strong bottom line--all of which gave us the confidence to execute $100 million in share repurchases during the quarter. We also recently completed the conversion of American National Corporation, giving us another lever to drive organic growth in attractive markets like Omaha and the Twin Cities.

"Our Company is on an upward trajectory, and our leadership team is currently finalizing plans for the next wave of strategic initiatives to sustain our momentum into 2027 and beyond. We look forward to sharing additional information in the coming months."

Third Quarter 2026 Highlights

  • Period end total loans of $36.5 billion (+0.1% vs. 2Q 2026; +18% vs. 3Q 2025)
  • Period end commercial & industrial loans of $13.8 billion (+0.4% vs. 2Q 2026; +19% vs. 3Q 2025)
  • Period end total deposits of $40.4 billion (+1% vs. 2Q 2026; +16% vs. 3Q 2025)
  • Period end core customer deposits1 of $34.8 billion (+2% vs. 2Q 2026; +21% vs. 3Q 2025)
  • Net interest income of $377 million (+2% vs. 2Q 2026; +24% vs. 3Q 2025)
  • Net interest margin of 3.20%
  • Noninterest income of $87 million
  • Noninterest expense of $260 million
  • Provision for credit losses of $14 million
  • Allowance for credit losses on loans / total loans of 1.34%
  • Net charge offs / average loans (annualized) of 0.19%
  • Repurchased $100 million (3.2 million shares) of ASB common stock at a weighted avg. share price of $30.88

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

Loans

Third quarter 2026 average total loans of $36.2 billion increased 1%, or $327 million, from the prior quarter and increased 18%, or $5.4 billion, from the same period last year. With respect to third quarter 2026 average balances by loan category:

  • Commercial and business lending increased $227 million from the prior quarter and increased $2.5 billion from the same period last year to $15.0 billion. 
  • Commercial real estate lending increased $161 million from the prior quarter and increased $1.8 billion from the same period last year to $9.1 billion. 
  • Consumer lending decreased $61 million from the prior quarter and increased $1.1 billion from the same period last year to $12.1 billion. 

Third quarter 2026 period end total loans of $36.5 billion increased $53 million from the prior quarter and increased 18%, or $5.6 billion, from the same period last year. With respect to third quarter 2026 period end balances by loan category:

  • Commercial and business lending increased $80 million from the prior quarter and increased $2.7 billion from the same period last year to $15.4 billion.
  • Commercial real estate lending increased $57 million from the prior quarter and increased $1.8 billion from the same period last year to $9.1 billion.
  • Consumer lending decreased $85 million from the prior quarter and increased $1.1 billion from the same period last year to $12.0 billion.

We continue to 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

Third quarter 2026 average deposits of $41.0 billion increased 1%, or $584 million, from the prior quarter and increased 18%, or $6.3 billion, from the same period last year. With respect to third quarter 2026 average balances by deposit category:

  • Noninterest-bearing demand deposits increased $309 million from the prior quarter and increased $1.6 billion from the same period last year to $7.4 billion.
  • Savings increased $141 million from the prior quarter and increased $850 million from the same period last year to $6.2 billion.
  • Interest-bearing demand deposits increased $315 million from the prior quarter and increased $1.1 billion from the same period last year to $9.0 billion.
  • Money market deposits decreased $23 million from the prior quarter and increased $1.8 billion from the same period last year to $7.6 billion.
  • Brokered CDs decreased $165 million from the prior quarter and increased $4 million from the same period last year to $3.9 billion.
  • Other time deposits increased $17 million from the prior quarter and increased $1.0 billion from the same period last year to $5.0 billion.
  • Network transaction deposits decreased $11 million from the prior quarter and decreased $65 million from the same period last year to $1.9 billion.
  • Core customer deposits1 increased $760 million from the prior quarter and increased $6.3 billion from the same period last year to $35.2 billion.

Third quarter 2026 period end deposits of $40.4 billion increased 1%, or $450 million, from the prior quarter and increased 16%, or $5.5 billion, from the same period last year. With respect to third quarter 2026 period end balances by deposit category:

  • Noninterest-bearing demand deposits increased $6 million from the prior quarter and increased $1.0 billion from the same period last year to $6.9 billion.
  • Savings increased $44 million from the prior quarter and increased $835 million from the same period last year to $6.2 billion.
  • Interest-bearing demand deposits increased $398 million from the prior quarter and increased $1.3 billion from the same period last year to $9.1 billion.
  • Money market deposits increased $41 million from the prior quarter and increased $1.9 billion from the same period last year to $7.7 billion.
  • Brokered CDs decreased $144 million from the prior quarter and decreased $166 million from the same period last year to $3.8 billion.
  • Other time deposits increased $181 million from the prior quarter and increased $917 million from the same period last year to $5.0 billion.
  • Network transaction deposits decreased $78 million from the prior quarter and decreased $269 million from the same period last year to $1.7 billion.
  • Core customer deposits1 increased $671 million from the prior quarter and increased $5.9 billion from the same period last year to $34.8 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

Third quarter 2026 net interest income of $377 million increased $7 million from the prior quarter and increased $72 million from the same period last year. The net interest margin of 3.20% was a 3 basis point increase from the prior quarter and a 16 basis point increase from the same period last year.

  • The average yield on total loans for the third quarter of 2026 remained flat 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 third quarter of 2026 increased 1 basis point from the prior quarter and decreased 36 basis points from the same period last year to 2.67%.
  • The net free funds benefit for the third quarter of 2026 increased 1 basis point from the prior quarter and decreased 4 basis points from the same period last year to 0.53%.

We continue to 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

Third quarter 2026 total noninterest income of $87 million increased $7 million from the prior quarter and increased $6 million from the same period last year. With respect to third quarter 2026 noninterest income line items:

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

We now expect total noninterest income growth of 12% to 14% in 2026 as compared to Associated's standalone results for the year ended December 31, 2025.

Noninterest Expense

Third quarter 2026 total noninterest expense of $260 million decreased $12 million from the prior quarter and increased $44 million from the same period last year. Third quarter 2026 total noninterest expense included $13 million of nonrecurring costs associated with the acquisition of American National Corporation, which closed on April 1, 2026. With respect to third quarter 2026 noninterest expense line items:

  • Personnel expense decreased $7 million from the prior quarter and increased $18 million from the same period last year.
  • Technology expense increased $10 million from the prior quarter and increased $14 million from the same period last year.
  • Legal and professional expense decreased $8 million from the prior quarter and increased $4 million from the same period last year.
  • Other intangible amortization remained flat from the prior quarter and increased $5 million from the same period last year.
  • Other noninterest expense decreased $10 million from the prior quarter and decreased $4 million from the same period last year.

We now expect 2026 noninterest expense growth of 19% to 20% 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

Third quarter 2026 income tax expense was $43 million, compared to $36 million of income tax expense in the prior quarter and $30 million of income tax expense in the same period last year. The effective tax rate for the third quarter of 2026 was 22.86%, compared to 22.37% in the prior quarter and 19.16% in the same period last year.

We now expect the annual effective tax rate to be between 20% and 22% in 2026.

Credit

Third quarter 2026 provision for credit losses on loans was $14 million, compared to a provision of $19 million in the prior quarter and a provision of $16 million in the same period last year. With respect to third quarter 2026 credit quality:

  • Nonaccrual loans of $183 million increased $33 million from the prior quarter and increased $77 million from the same period last year. The nonaccrual loans to total loans ratio was 0.50% in the third quarter, up from 0.41% in the prior quarter and up from 0.34% in the same period last year.
  • Third quarter 2026 net charge offs of $18 million decreased compared to net charge offs of $23 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 $491 million decreased $4 million compared to the prior quarter and increased $76 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the third quarter, down from 1.36% in the prior quarter and flat vs. 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

During the third quarter of 2026, the Company repurchased $100 million (3.2 million shares) of common stock at a weighted average share price of $30.88. The Company's capital position remains strong, with a CET1 capital ratio of 10.38% at September 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.

THIRD 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, October 22, 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 third quarter 2026 earnings call. The third 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 $51 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)

September 30,
2026

June 30,
2026

Sequential
Quarter
Change

March 31,
2026

December 31,
2025

September 30,
2025

Comparable
Quarter
Change

Assets






Cash and due from banks

$       644,519

$      548,057

$     96,462

$          465,318

$        574,698

$        490,431

$    154,088

Interest-bearing deposits in other financial
institutions

982,850

1,268,379

(285,529)

920,684

1,144,123

802,251

180,599

Federal funds sold and securities purchased under
agreements to resell

100

14,355

(14,255)

175

1,400

90

10

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

6,198,828

6,366,586

(167,758)

5,514,456

5,397,563

5,217,278

981,550

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

3,462,166

3,510,726

(48,560)

3,570,843

3,602,519

3,636,080

(173,914)

Equity securities

30,043

29,960

83

26,109

26,060

26,000

4,043

Regulatory stocks, at cost

304,330

329,436

(25,106)

290,189

252,514

251,642

52,688

Residential loans held for sale

66,770

94,490

(27,720)

87,461

72,499

74,563

(7,793)

Commercial loans held for sale

—

15,000

(15,000)

—

—

—

—

Loans

36,519,871

36,467,040

52,831

31,798,164

31,163,614

30,951,964

5,567,907

Allowance for loan losses

(441,124)

(443,729)

2,605

(385,756)

(378,068)

(378,341)

(62,783)

Loans, net

36,078,747

36,023,311

55,436

31,412,408

30,785,546

30,573,623

5,505,124

Tax credit and other investments

242,894

235,536

7,358

230,954

236,657

245,239

(2,345)

Premises and equipment, net

447,112

449,003

(1,891)

376,760

381,624

384,139

62,973

Bank and corporate owned life insurance

717,175

717,116

59

694,765

694,452

693,511

23,664

Goodwill

1,147,081

1,147,081

—

1,104,992

1,104,992

1,104,992

42,089

Other intangible assets, net

110,059

116,953

(6,894)

20,647

22,849

25,052

85,007

Mortgage servicing rights, net

94,919

87,683

7,236

87,599

86,337

85,063

9,856

Interest receivable

183,595

181,916

1,679

161,021

161,118

168,451

15,144

Other assets

688,664

676,918

11,746

629,359

657,645

677,458

11,206

Total assets

$  51,399,852

$ 51,812,506

$  (412,654)

$     45,593,740

$   45,202,596

$   44,455,863

$ 6,943,989

Liabilities and stockholders' equity






Noninterest-bearing demand deposits

$    6,914,688

$   6,908,338

$       6,350

$       6,125,067

$     6,126,632

$     5,906,251

$ 1,008,437

Interest-bearing deposits

33,466,262

33,022,917

443,345

29,606,698

29,425,976

28,975,602

4,490,660

Total deposits

40,380,950

39,931,255

449,695

35,731,765

35,552,608

34,881,853

5,499,097

Federal funds purchased and securities sold under
agreements to repurchase

266,329

529,276

(262,947)

395,652

307,864

399,665

(133,336)

FHLB advances

3,961,112

4,574,681

(613,569)

3,421,762

3,268,094

3,220,679

740,433

Senior and subordinated debt

589,168

591,080

(1,912)

592,629

594,276

594,074

(4,906)

Allowance for unfunded commitments

49,744

50,744

(1,000)

39,276

41,276

36,276

13,468

Accrued expenses and other liabilities

676,917

497,347

179,570

414,784

463,131

455,019

221,898

Total liabilities

45,924,220

46,174,383

(250,163)

40,595,868

40,227,249

39,587,565

6,336,655

Stockholders' equity






Preferred equity

194,112

194,112

—

194,112

194,112

194,112

—

Common equity

5,281,520

5,444,011

(162,491)

4,803,760

4,781,235

4,674,186

607,334

Total stockholders' equity

5,475,632

5,638,123

(162,491)

4,997,872

4,975,347

4,868,298

607,334

Total liabilities and stockholders' equity

$  51,399,852

$ 51,812,506

$  (412,654)

$     45,593,740

$   45,202,596

$   44,455,863

$ 6,943,989

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)

3Q26

3Q25

Dollar
Change

Percentage
Change

September
2026

September
2025

Dollar
Change

Percentage
Change

Interest income







Interest and fees on loans

$   516,411

$   455,623

$  60,788

13 %

$ 1,449,927

$ 1,336,703

$ 113,224

8 %

Interest and dividends on investment securities







Taxable

87,551

73,727

13,824

19 %

251,574

214,689

36,885

17 %

Tax-exempt

13,510

13,888

(378)

(3) %

40,972

41,746

(774)

(2) %

Other interest

16,109

13,353

2,756

21 %

42,444

35,274

7,170

20 %

Total interest income

633,581

556,591

76,990

14 %

1,784,917

1,628,412

156,505

10 %

Interest expense







Interest on deposits

208,601

202,344

6,257

3 %

587,639

609,139

(21,500)

(4) %

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

3,008

2,107

901

43 %

10,826

7,733

3,093

40 %

Interest on FHLB advances

34,138

35,965

(1,827)

(5) %

100,760

86,944

13,816

16 %

Interest on senior and subordinated debt

10,231

10,741

(510)

(5) %

30,556

32,526

(1,970)

(6) %

Interest on other interest-bearing liabilities

352

212

140

66 %

657

907

(250)

(28) %

Total interest expense

256,330

251,369

4,961

2 %

730,438

737,250

(6,812)

(1) %

Net interest income

377,251

305,222

72,029

24 %

1,054,479

891,163

163,316

18 %

Provision for credit losses

14,005

16,000

(1,995)

(12) %

44,394

46,999

(2,605)

(6) %

Net interest income after provision for credit losses

363,246

289,223

74,023

26 %

1,010,085

844,164

165,921

20 %

Noninterest income







Wealth management fees

26,161

25,315

846

3 %

77,596

70,837

6,759

10 %

Service charges and deposit account fees

16,793

13,861

2,932

21 %

46,709

39,822

6,887

17 %

Card-based fees

14,549

12,308

2,241

18 %

40,289

33,950

6,339

19 %

Other fee-based revenue

6,630

5,414

1,216

22 %

17,250

15,659

1,591

10 %

Capital markets, net

10,702

10,764

(62)

(1) %

24,720

20,873

3,847

18 %

Mortgage banking, net

1,765

3,541

(1,776)

(50) %

10,653

11,577

(924)

(8) %

Loss on mortgage portfolio sale

—

—

—

— %

—

(6,976)

6,976

(100) %

Bank and corporate owned life insurance

4,691

4,051

640

16 %

13,122

13,391

(269)

(2) %

Asset gains, net

2,676

3,340

(664)

(20) %

4,305

727

3,578

492 %

Investment securities (losses) gains, net

(46)

1

(47)

N/M

(40)

13

(53)

(408) %

Other

3,210

2,670

540

20 %

8,783

7,147

1,636

23 %

Total noninterest income

87,131

81,265

5,866

7 %

243,387

207,019

36,368

18 %

Noninterest expense







Personnel

153,714

135,703

18,011

13 %

450,054

386,593

63,461

16 %

Technology

42,725

28,590

14,135

49 %

105,328

82,237

23,091

28 %

Occupancy

15,552

12,757

2,795

22 %

43,369

40,782

2,587

6 %

Business development and advertising

9,477

8,362

1,115

13 %

25,851

22,496

3,355

15 %

Equipment

5,480

4,368

1,112

25 %

16,514

13,389

3,125

23 %

Legal and professional

9,053

5,232

3,821

73 %

33,228

17,989

15,239

85 %

Loan and foreclosure costs

2,039

1,638

401

24 %

5,298

6,937

(1,639)

(24) %

FDIC assessment

11,802

9,980

1,822

18 %

31,234

30,124

1,110

4 %

Other intangible amortization

6,894

2,203

4,691

213 %

15,990

6,608

9,382

142 %

Other

3,606

7,369

(3,763)

(51) %

24,520

29,017

(4,497)

(15) %

Total noninterest expense

260,342

216,202

44,140

20 %

751,386

636,173

115,213

18 %

Income before income taxes

190,035

154,286

35,749

23 %

502,086

415,010

87,076

21 %

Income tax expense

43,449

29,554

13,895

47 %

112,301

77,362

34,939

45 %

Net income

146,586

124,732

21,854

18 %

389,785

337,648

52,137

15 %

Preferred stock dividends

2,875

2,875

—

— %

8,625

8,625

—

— %

Net income available to common equity

$   143,711

$   121,857

$  21,854

18 %

$   381,160

$    329,023

$   52,137

16 %









Pre-tax pre-provision income(a)

204,040

170,286

33,754

20 %

546,480

462,009

84,471

18 %

Earnings per common share







Basic

$         0.77

$         0.73

$      0.04

5 %

$          2.11

$          1.98

$       0.13

7 %

Diluted

$         0.76

$         0.73

$      0.03

4 %

$          2.09

$          1.96

$       0.13

7 %

Average common shares outstanding







Basic

186,685

165,029

21,656

13 %

180,034

165,064

14,970

9 %

Diluted

188,500

166,703

21,797

13 %

181,782

166,645

15,137

9 %

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


3Q26

2Q26

Dollar
Change

Percentage
Change

1Q26

4Q25

3Q25

Interest income






Interest and fees on loans

$ 516,411

$ 506,528

$   9,883

2 %

$ 426,989

$ 445,687

$ 455,623

Interest and dividends on investment securities






Taxable

87,551

88,347

(796)

(1) %

75,676

73,511

73,727

Tax-exempt

13,510

13,725

(215)

(2) %

13,738

13,851

13,888

Other interest

16,109

14,694

1,415

10 %

11,641

11,294

13,353

Total interest income

633,581

623,294

10,287

2 %

528,044

544,343

556,591

Interest expense






Interest on deposits

208,601

203,765

4,836

2 %

175,273

194,778

202,344

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

3,008

4,085

(1,077)

(26) %

3,732

2,682

2,107

Interest on FHLB advances

34,138

35,052

(914)

(3) %

31,570

26,309

35,965

Interest on senior and subordinated debt

10,231

10,163

68

1 %

10,163

10,483

10,741

Interest on other interest-bearing liabilities

352

190

162

85 %

116

110

212

Total interest expense

256,330

253,255

3,075

1 %

220,854

234,362

251,369

Net interest income

377,251

370,039

7,212

2 %

307,190

309,981

305,222

Provision for credit losses

14,005

19,388

(5,383)

(28) %

11,001

6,998

16,000

Net interest income after provision for credit losses

363,246

350,651

12,595

4 %

296,189

302,983

289,223

Noninterest income






Wealth management fees

26,161

26,217

(56)

— %

25,219

25,742

25,315

Service charges and deposit account fees

16,793

15,863

930

6 %

14,054

13,827

13,861

Card-based fees

14,549

14,161

388

3 %

11,579

12,679

12,308

Other fee-based revenue

6,630

5,758

872

15 %

4,862

5,557

5,414

Capital markets, net

10,702

7,476

3,226

43 %

6,543

11,175

10,764

Mortgage banking, net

1,765

2,777

(1,012)

(36) %

6,111

2,926

3,541

Bank and corporate owned life insurance

4,691

4,615

76

2 %

3,816

3,804

4,051

Asset gains, net

2,676

789

1,887

239 %

840

838

3,340

Investment securities (losses) gains, net

(46)

35

(81)

(231) %

(28)

37

1

Other

3,210

2,707

503

19 %

2,861

2,799

2,670

Total noninterest income

87,131

80,398

6,733

8 %

75,857

79,384

81,265

Noninterest expense






Personnel

153,714

161,168

(7,454)

(5) %

135,172

135,130

135,703

Technology

42,725

32,867

9,858

30 %

29,736

28,641

28,590

Occupancy

15,552

14,091

1,461

10 %

13,725

14,229

12,757

Business development and advertising

9,477

8,548

929

11 %

7,827

9,118

8,362

Equipment

5,480

5,423

57

1 %

5,610

6,888

4,368

Legal and professional

9,053

17,454

(8,401)

(48) %

6,721

5,945

5,232

Loan and foreclosure costs

2,039

1,552

487

31 %

1,707

1,327

1,638

FDIC assessment

11,802

10,595

1,207

11 %

8,837

6,589

9,980

Other intangible amortization

6,894

6,894

—

— %

2,203

2,203

2,203

Other

3,606

13,290

(9,684)

(73) %

7,625

9,396

7,369

Total noninterest expense

260,342

271,882

(11,540)

(4) %

219,163

219,466

216,202

Income before income taxes

190,035

159,167

30,868

19 %

152,883

162,901

154,286

Income tax expense

43,449

35,603

7,846

22 %

33,248

25,772

29,554

Net income

146,586

123,564

23,022

19 %

119,635

137,129

124,732

Preferred stock dividends

2,875

2,875

—

— %

2,875

2,875

2,875

Net income available to common equity

$ 143,711

$ 120,689

$  23,022

19 %

$ 116,760

$ 134,254

$ 121,857








Pre-tax pre-provision income(a)

204,040

178,555

25,485

14 %

163,884

169,899

170,286

Earnings per common share






Basic

$       0.77

$       0.64

$      0.13

20 %

$       0.70

$       0.81

$       0.73

Diluted

$       0.76

$       0.63

$      0.13

21 %

$       0.70

$       0.80

$       0.73

Average common shares outstanding






Basic

186,685

188,084

(1,399)

(1) %

165,097

165,126

165,029

Diluted

188,500

189,899

(1,399)

(1) %

166,561

166,746

166,703

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

September 30, 2026

June 30, 2026

September 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

$ 13,419,967

$  203,370

6.01 %

$ 13,185,643

$   197,248

6.00 %

$  11,367,533

$  187,046

6.53 %

Commercial real estate—owner occupied

1,570,109

22,270

5.63 %

1,577,489

22,000

5.59 %

1,105,787

15,827

5.68 %

Commercial and business lending

14,990,076

225,640

5.97 %

14,763,132

219,248

5.96 %

12,473,319

202,873

6.45 %

Commercial real estate—investor

6,464,811

98,026

6.02 %

6,502,707

99,131

6.11 %

5,300,765

87,114

6.52 %

Real estate construction

2,609,406

44,332

6.74 %

2,410,500

40,425

6.73 %

1,991,565

36,770

7.32 %

Commercial real estate lending

9,074,217

142,358

6.23 %

8,913,207

139,556

6.28 %

7,292,330

123,884

6.74 %

Total commercial

24,064,293

367,998

6.07 %

23,676,339

358,804

6.08 %

19,765,649

326,757

6.56 %

Residential mortgage

6,849,299

65,911

3.85 %

6,916,754

65,963

3.81 %

6,987,858

65,553

3.75 %

Auto finance

4,082,986

59,941

5.82 %

4,044,290

58,768

5.83 %

3,000,978

42,230

5.58 %

Home equity

836,914

13,391

6.39 %

817,378

13,096

6.41 %

690,330

12,641

7.32 %

Other consumer

363,543

9,665

10.55 %

415,476

10,388

10.03 %

305,644

8,972

11.65 %

Total consumer

12,132,742

148,908

4.89 %

12,193,898

148,215

4.87 %

10,984,811

129,396

4.70 %

Total loans

36,197,035

516,906

5.67 %

35,870,237

507,019

5.67 %

30,750,460

456,153

5.89 %

Investments








Taxable securities

7,963,260

87,551

4.40 %

8,153,435

88,347

4.33 %

6,767,664

73,727

4.36 %

Tax-exempt securities(b)

1,941,019

17,101

3.52 %

1,971,946

17,373

3.52 %

1,997,416

17,580

3.52 %

Other short-term investments

1,401,842

16,109

4.56 %

1,291,636

14,694

4.56 %

1,046,723

13,353

5.06 %

Total investments

11,306,121

120,761

4.27 %

11,417,017

120,414

4.22 %

9,811,804

104,660

4.26 %

Total earning assets and related
interest income

47,503,156

$  637,667

5.34 %

47,287,254

$   627,433

5.32 %

40,562,264

$  560,813

5.50 %

Other assets, net

4,096,534

3,948,588

3,452,939

Total assets

$ 51,599,690

$ 51,235,842

$  44,015,203

Liabilities and stockholders' equity








Interest-bearing liabilities








Interest-bearing deposits








Savings

$   6,187,886

$    21,207

1.36 %

$   6,046,605

$     19,815

1.31 %

$    5,338,129

$    19,042

1.42 %

Interest-bearing demand

9,035,081

40,602

1.78 %

8,720,180

37,161

1.71 %

7,898,770

44,763

2.25 %

Money market

7,619,006

46,757

2.43 %

7,641,652

45,976

2.41 %

5,860,802

38,061

2.58 %

Network transaction deposits

1,869,045

17,727

3.76 %

1,879,876

17,459

3.73 %

1,933,659

21,276

4.37 %

Brokered CDs

3,920,540

39,334

3.98 %

4,085,995

40,487

3.97 %

3,916,329

42,878

4.34 %

Other time deposits

4,963,185

42,974

3.44 %

4,945,821

42,867

3.48 %

3,961,522

36,323

3.64 %

Total interest-bearing deposits

33,594,743

208,601

2.46 %

33,320,129

203,765

2.45 %

28,909,211

202,344

2.78 %

Federal funds purchased and securities
sold under agreements to repurchase

337,397

3,008

3.54 %

460,414

4,085

3.56 %

227,460

2,107

3.68 %

FHLB advances

3,528,243

34,138

3.84 %

3,733,950

35,052

3.77 %

3,181,903

35,965

4.48 %

Senior and subordinated debt

590,928

10,231

6.93 %

592,195

10,163

6.86 %

593,045

10,741

7.24 %

Other interest-bearing liabilities

35,181

352

3.97 %

16,430

190

4.64 %

19,276

212

4.36 %

Total funding

4,491,749

47,729

4.22 %

4,802,989

49,490

4.13 %

4,021,685

49,025

4.85 %

Total interest-bearing liabilities and
related interest expense

38,086,492

$  256,330

2.67 %

38,123,118

$   253,255

2.66 %

32,930,896

$  251,369

3.03 %

Noninterest-bearing demand deposits

7,371,331

7,062,098

5,796,676

Other liabilities

484,357

422,642

466,482

Stockholders' equity

5,657,510

5,627,984

4,821,150

Total liabilities and stockholders' equity

$ 51,599,690

$ 51,235,842

$  44,015,203

Interest rate spread

2.67 %

2.65 %

2.47 %

Net free funds

0.53 %

0.52 %

0.57 %

Fully tax-equivalent net interest income
and net interest margin

$  381,337

3.20 %

$   374,178

3.17 %

$  309,444

3.04 %

Fully tax-equivalent adjustment

(4,086)

(4,139)

(4,222)

Net interest income

$  377,251

$   370,039

$  305,222

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

Nine Months Ended September 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

$ 12,800,123

$       573,125

5.99 %

$ 10,980,230

$        536,786

6.54 %

Commercial real estate—owner occupied

1,447,492

60,238

5.56 %

1,120,206

48,042

5.73 %

Commercial and business lending

14,247,615

633,363

5.94 %

12,100,436

584,828

6.46 %

Commercial real estate—investor

6,085,950

275,310

6.05 %

5,432,417

265,772

6.54 %

Real estate construction

2,360,444

118,800

6.73 %

1,920,292

104,598

7.28 %

Commercial real estate lending

8,446,394

394,110

6.24 %

7,352,709

370,370

6.73 %

Total commercial

22,694,009

1,027,473

6.05 %

19,453,145

955,197

6.56 %

Residential mortgage 

6,866,076

196,514

3.82 %

7,091,945

197,371

3.71 %

Auto finance

3,754,434

160,677

5.72 %

2,926,862

122,562

5.60 %

Home equity

788,518

38,179

6.46 %

671,884

36,791

7.30 %

Other consumer

364,560

28,557

10.47 %

309,654

26,389

11.39 %

Total consumer

11,773,588

423,927

4.81 %

11,000,345

383,113

4.65 %

Total loans

34,467,597

1,451,400

5.63 %

30,453,490

1,338,311

5.87 %

Investments





Taxable securities

7,732,748

251,574

4.34 %

6,582,998

214,689

4.35 %

Tax-exempt securities(b)

1,963,684

51,864

3.52 %

2,006,027

52,844

3.51 %

Other short-term investments

1,238,168

42,444

4.58 %

935,475

35,274

5.04 %

Total investments

10,934,600

345,882

4.22 %

9,524,500

302,806

4.24 %

Total earning assets and related interest income

45,402,197

$    1,797,282

5.29 %

39,977,990

$     1,641,117

5.48 %

Other assets, net

3,906,735

3,382,379

Total assets

$ 49,308,932

$ 43,360,369

Liabilities and stockholders' equity





Interest-bearing liabilities





Interest-bearing deposits





Savings

$   5,924,846

$         58,712

1.32 %

$   5,241,799

$          54,110

1.38 %

Interest-bearing demand

8,551,442

111,999

1.75 %

7,870,806

132,678

2.25 %

Money market

7,113,072

126,973

2.39 %

5,975,632

116,316

2.60 %

Network transaction deposits

1,888,746

52,687

3.73 %

1,875,523

61,554

4.39 %

Brokered CDs

3,834,723

114,325

3.99 %

4,105,700

137,589

4.48 %

Other time deposits

4,728,922

122,943

3.48 %

3,815,105

106,892

3.75 %

Total interest-bearing deposits

32,041,751

587,639

2.45 %

28,884,565

609,139

2.82 %

Federal funds purchased and securities sold under agreements to
repurchase

407,330

10,826

3.55 %

274,204

7,733

3.77 %

FHLB advances

3,548,066

100,760

3.80 %

2,672,351

86,944

4.35 %

Senior and subordinated debt

592,495

30,556

6.88 %

604,146

32,526

7.18 %

Other interest-bearing liabilities

21,029

657

4.18 %

22,861

907

5.30 %

Total funding

4,568,920

142,799

4.18 %

3,573,561

128,110

4.79 %

Total interest-bearing liabilities and related interest expense

36,610,671

$       730,438

2.67 %

32,458,126

$        737,250

3.04 %

Noninterest-bearing demand deposits

6,815,928

5,695,818

Other liabilities

449,275

477,597

Stockholders' equity

5,433,058

4,728,828

Total liabilities and stockholders' equity

$ 49,308,932

$ 43,360,369

Interest rate spread

2.62 %

2.45 %

Net free funds

0.52 %

0.57 %

Fully tax-equivalent net interest income and net interest margin

$    1,066,844

3.14 %

$        903,867

3.02 %

Fully tax-equivalent adjustment

(12,365)

(12,705)

Net interest income

$    1,054,479

$        891,163

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

Sep 30, 2026

Jun 30, 2026

Seql Qtr %
Change

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Comp Qtr %
Change

Commercial and industrial

$ 13,804,140

$  13,750,175

— %

$  12,339,597

$ 11,799,757

$ 11,567,651

19 %

Commercial real estate—owner occupied

1,601,925

1,575,445

2 %

1,193,778

1,186,324

1,149,939

39 %

Commercial and business lending

15,406,065

15,325,620

1 %

13,533,375

12,986,081

12,717,590

21 %

Commercial real estate—investor

6,494,991

6,492,950

— %

5,266,584

5,246,030

5,369,441

21 %

Real estate construction

2,601,571

2,546,186

2 %

2,117,479

1,994,642

1,958,766

33 %

Commercial real estate lending

9,096,562

9,039,136

1 %

7,384,063

7,240,672

7,328,207

24 %

Total commercial

24,502,627

24,364,756

1 %

20,917,438

20,226,753

20,045,797

22 %

Residential mortgage

6,740,214

6,808,398

(1) %

6,727,734

6,793,957

6,858,285

(2) %

Auto finance

4,093,215

4,044,416

1 %

3,136,334

3,106,498

3,041,644

35 %

Home equity

848,507

826,343

3 %

706,075

713,271

698,112

22 %

Other consumer

335,308

423,127

(21) %

310,583

323,135

308,126

9 %

Total consumer

12,017,244

12,102,284

(1) %

10,880,726

10,936,861

10,906,167

10 %

Total loans

$ 36,519,871

$  36,467,040

— %

$  31,798,164

$ 31,163,614

$ 30,951,964

18 %








Quarter average loan composition(a)

Sep 30, 2026

Jun 30, 2026

Seql Qtr %
Change

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Comp Qtr %
Change

Commercial and industrial

$ 13,419,967

$  13,185,643

2 %

$  11,776,702

$ 11,588,059

$ 11,367,533

18 %

Commercial real estate—owner occupied

1,570,109

1,577,489

— %

1,190,708

1,157,531

1,105,787

42 %

Commercial and business lending

14,990,076

14,763,132

2 %

12,967,410

12,745,590

12,473,319

20 %

Commercial real estate—investor

6,464,811

6,502,707

(1) %

5,277,283

5,291,562

5,300,765

22 %

Real estate construction

2,609,406

2,410,500

8 %

2,055,338

1,974,318

1,991,565

31 %

Commercial real estate lending

9,074,217

8,913,207

2 %

7,332,621

7,265,880

7,292,330

24 %

Total commercial

24,064,293

23,676,339

2 %

20,300,031

20,011,470

19,765,649

22 %

Residential mortgage

6,849,299

6,916,754

(1) %

6,831,984

6,899,778

6,987,858

(2) %

Auto finance

4,082,986

4,044,290

1 %

3,125,504

3,064,457

3,000,978

36 %

Home equity

836,914

817,378

2 %

709,865

706,923

690,330

21 %

Other consumer

363,543

415,476

(12) %

314,118

312,730

305,644

19 %

Total consumer

12,132,742

12,193,898

(1) %

10,981,471

10,983,888

10,984,811

10 %

Total loans

$ 36,197,035

$  35,870,237

1 %

$  31,281,502

$ 30,995,358

$ 30,750,460

18 %








Period end deposit and customer funding composition

Sep 30, 2026

Jun 30, 2026

Seql Qtr %
Change

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Comp Qtr %
Change

Noninterest-bearing demand

$   6,914,688

$    6,908,338

— %

$    6,125,067

$   6,126,632

$   5,906,251

17 %

Savings

6,216,008

6,171,614

1 %

5,660,641

5,471,870

5,380,574

16 %

Interest-bearing demand

9,096,012

8,697,879

5 %

7,964,665

7,823,362

7,791,861

17 %

Money market

7,655,206

7,614,164

1 %

6,188,045

6,139,438

5,785,871

32 %

Network transaction deposits

1,745,224

1,823,130

(4) %

1,746,518

2,154,995

2,013,964

(13) %

Brokered CDs

3,790,075

3,933,787

(4) %

3,562,752

3,795,133

3,956,517

(4) %

Other time deposits

4,963,737

4,782,343

4 %

4,484,077

4,041,178

4,046,815

23 %

Total deposits

40,380,950

39,931,255

1 %

35,731,765

35,552,608

34,881,853

16 %

Other customer funding(b)

66,124

55,371

19 %

42,372

47,794

64,570

2 %

Total deposits and other customer funding

$ 40,447,074

$  39,986,626

1 %

$  35,774,137

$ 35,600,402

$ 34,946,423

16 %

Core customer deposits(c) and other customer funding

$ 34,911,775

$  34,229,709

2 %

$  30,464,867

$ 29,650,274

$ 28,975,941

20 %








Quarter average deposit composition

Sep 30, 2026

Jun 30, 2026

Seql Qtr %
Change

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Comp Qtr %
Change

Noninterest-bearing demand

$   7,371,331

$    7,062,098

4 %

$    5,999,278

$   6,064,487

$   5,796,676

27 %

Savings

6,187,886

6,046,605

2 %

5,532,848

5,436,968

5,338,129

16 %

Interest-bearing demand

9,035,081

8,720,180

4 %

7,886,442

8,054,088

7,898,770

14 %

Money market

7,619,006

7,641,652

— %

6,061,442

5,890,836

5,860,802

30 %

Network transaction deposits

1,869,045

1,879,876

(1) %

1,917,854

2,090,587

1,933,659

(3) %

Brokered CDs

3,920,540

4,085,995

(4) %

3,528,294

3,998,012

3,916,329

— %

Other time deposits

4,963,185

4,945,821

— %

4,234,785

4,093,939

3,961,522

25 %

Total deposits

40,966,074

40,382,227

1 %

35,160,943

35,628,917

34,705,887

18 %

Other customer funding(b)

55,322

57,029

(3) %

43,973

45,973

74,305

(26) %

Total deposits and other customer funding

$ 41,021,396

$  40,439,256

1 %

$  35,204,916

$ 35,674,890

$ 34,780,192

18 %

Core customer deposits(c) and other customer funding

$ 35,231,811

$  34,473,385

2 %

$  29,758,768

$ 29,586,291

$ 28,930,204

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)

Sep 30, 2026

Jun 30, 2026

Seql Qtr %
Change

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Comp Qtr %
Change

Allowance for loan losses






Balance at beginning of period

$  443,729

$  385,756

15 %

$  378,068

$  378,341

$  376,515

18 %

Provision for loan losses recorded at acquisition

—

397

(100) %

—

—

—

— %

Initial allowance for PCD loans

—

39,512

(100) %

—

—

—

— %

Initial allowance for PSL

—

28,263

(100) %

—

—

—

— %

Provision for loan losses

15,000

13,000

15 %

13,000

2,000

15,000

— %

Charge offs

(26,735)

(26,282)

2 %

(8,210)

(7,636)

(15,254)

75 %

Recoveries

9,130

3,083

196 %

2,898

5,363

2,081

339 %

Net charge offs

(17,605)

(23,199)

(24) %

(5,312)

(2,273)

(13,173)

34 %

Balance at end of period

$  441,124

$  443,729

(1) %

$  385,756

$  378,068

$  378,341

17 %

Allowance for unfunded commitments






Balance at beginning of period

$    50,744

$    39,276

29 %

$    41,276

$    36,276

$    35,276

44 %

Initial allowance for PCD unfunded commitments

—

3,597

(100) %

—

—

—

— %

Initial allowance for purchased seasoned unfunded
commitments

—

1,871

(100) %

—

—

—

— %

Provision for unfunded commitments

(1,000)

6,000

(117) %

(2,000)

5,000

1,000

(200) %

Balance at end of period

49,744

50,744

(2) %

39,276

41,276

36,276

37 %

Allowance for credit losses on loans (ACLL)

$  490,868

$  494,473

(1) %

$  425,032

$  419,344

$  414,618

18 %

Provision for credit losses on loans

$    14,000

$    19,397

(28) %

$    11,000

$      7,000

$    16,000

(13) %

(Dollars in thousands)

Sep 30, 2026

Jun 30, 2026

Seql Qtr %

Change

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Comp Qtr %

Change

Net (charge offs) recoveries






Commercial and industrial

$   (12,614)

$   (17,604)

(28) %

$     (2,736)

$      1,524

$     (1,230)

926 %

Commercial real estate—owner occupied

—

—

— %

—

(113)

—

— %

Commercial and business lending

(12,614)

(17,604)

(28) %

(2,736)

1,411

(1,230)

926 %

Commercial real estate—investor

—

(2,710)

(100) %

500

94

(8,930)

(100) %

Real estate construction

3

2

50 %

2

2

2

50 %

Commercial real estate lending

3

(2,708)

(100) %

502

96

(8,928)

(100) %

Total commercial

(12,611)

(20,312)

(38) %

(2,234)

1,507

(10,158)

24 %

Residential mortgage

(91)

(197)

(54) %

148

(197)

(231)

(61) %

Auto finance

(3,628)

(1,508)

141 %

(1,843)

(2,010)

(1,505)

141 %

Home equity

(92)

251

(137) %

439

2

56

(264) %

Other consumer

(1,183)

(1,433)

(17) %

(1,822)

(1,575)

(1,336)

(11) %

Total consumer

(4,994)

(2,887)

73 %

(3,078)

(3,780)

(3,015)

66 %

Total net charge offs

$   (17,605)

$   (23,199)

(24) %

$     (5,312)

$     (2,273)

$   (13,173)

34 %

(In basis points)

Sep 30, 2026

Jun 30, 2026

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

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








Commercial and industrial

(37)

(54)

(9)

5

(4)

Commercial real estate—owner occupied

—

—

—

(4)

—

Commercial and business lending

(33)

(48)

(9)

4

(4)

Commercial real estate—investor

—

(17)

4

1

(67)

Real estate construction

—

—

—

—

—

Commercial real estate lending

—

(12)

3

1

(49)

Total commercial

(21)

(34)

(4)

3

(20)

Residential mortgage

(1)

(1)

1

(1)

(1)

Auto finance

(35)

(15)

(24)

(26)

(20)

Home equity

(4)

12

25

—

3

Other consumer

(129)

(138)

(235)

(200)

(173)

Total consumer

(16)

(9)

(11)

(14)

(11)

Total net charge offs

(19)

(26)

(7)

(3)

(17)

(Dollars in thousands)

Sep 30, 2026

Jun 30, 2026

Seql Qtr %

Change

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Comp Qtr %

Change

Credit quality






Nonaccrual loans

$  183,436

$  149,953

22 %

$  110,581

$  100,428

$  106,179

73 %

Other real estate owned (OREO)

17,901

34,052

(47) %

32,534

28,016

29,268

(39) %

Repossessed assets

1,365

1,293

6 %

806

757

789

73 %

Total nonperforming assets

$  202,702

$  185,298

9 %

$  143,921

$  129,201

$  136,236

49 %

Accruing loans past due 90 days or more(a)

$      9,429

$      2,288

312 %

$      2,490

$      2,814

$      2,692

250 %

Allowance for credit losses on loans to total loans

1.34 %

1.36 %

1.34 %

1.35 %

1.34 %

Allowance for credit losses on loans to nonaccrual
loans

267.60 %

329.75 %

384.36 %

417.56 %

390.49 %

Nonaccrual loans to total loans

0.50 %

0.41 %

0.35 %

0.32 %

0.34 %

Nonperforming assets to total loans plus OREO and
repossessed assets

0.55 %

0.51 %

0.45 %

0.41 %

0.44 %

Nonperforming assets to total assets

0.39 %

0.36 %

0.32 %

0.29 %

0.31 %

 

Associated Banc-Corp
Selected Asset Quality Information (continued)

(Dollars in thousands)

Sep 30, 2026

Jun 30, 2026

Seql Qtr %
Change

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Comp Qtr %
Change

Nonaccrual loans






Commercial and industrial

$      64,960

$      44,388

46 %

$      19,606

$        7,178

$      12,802

407 %

Commercial real estate—owner occupied

1,658

3,255

(49) %

34

203

203

717 %

Commercial and business lending

66,618

47,643

40 %

19,640

7,381

13,006

412 %

Commercial real estate—investor

14,115

11,184

26 %

8,078

8,311

7,333

92 %

Real estate construction

4,533

2,974

52 %

25

144

145

N/M

Commercial real estate lending

18,648

14,158

32 %

8,103

8,455

7,478

149 %

Total commercial

85,266

61,801

38 %

27,743

15,836

20,484

316 %

Residential mortgage

77,924

70,335

11 %

66,890

68,492

69,093

13 %

Auto finance

12,871

10,973

17 %

8,888

8,271

8,218

57 %

Home equity

7,320

6,582

11 %

6,950

7,774

8,299

(12) %

Other consumer

55

262

(79) %

110

55

85

(35) %

Total consumer

98,170

88,152

11 %

82,838

84,592

85,696

15 %

Total nonaccrual loans

$    183,436

$    149,953

22 %

$     110,581

$    100,428

$    106,179

73 %

(Dollars in thousands)

Sep 30, 2026

Jun 30, 2026

Seql Qtr %
Change

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Comp Qtr %
Change

Accruing loans 30-89 days past due






Commercial and industrial

$        3,517

$      10,668

(67) %

$      24,253

$        2,683

$        1,071

228 %

Commercial real estate—owner occupied

139

893

(84) %

345

34

—

N/M

Commercial and business lending

3,656

11,561

(68) %

24,598

2,717

1,071

241 %

Commercial real estate—investor

1,470

3,089

(52) %

33,487

19,405

14,190

(90) %

Real estate construction

1,033

1,437

(28) %

—

117

21

N/M

Commercial real estate lending

2,503

4,526

(45) %

33,487

19,522

14,211

(82) %

Total commercial

6,159

16,087

(62) %

58,085

22,239

15,282

(60) %

Residential mortgage

20,045

14,034

43 %

7,755

13,135

12,684

58 %

Auto finance

46,182

20,367

127 %

14,549

16,445

14,013

230 %

Home equity

5,008

4,536

10 %

2,742

3,779

4,265

17 %

Other consumer(a)

2,382

2,988

(20) %

2,173

2,704

2,728

(13) %

Total consumer

73,617

41,925

76 %

27,219

36,063

33,689

119 %

Total accruing loans 30-89 days past due

$      79,776

$      58,012

38 %

$      85,304

$      58,302

$      48,971

63 %

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

Sep 2026

YTD

Sep 2025

3Q26

2Q26

1Q26

4Q25

3Q25

Per common share data






Dividends

$     0.72

$     0.69

$             0.24

$ 0.24

$ 0.24

$ 0.24

$ 0.23

Market value:






High

32.33

27.01

32.33

31.34

29.37

27.14

27.01

Low

24.34

18.91

28.65

25.98

24.34

24.11

23.78

Close

28.65

30.77

25.86

25.76

25.71

Book value / share(a)

28.44

28.85

29.04

28.81

28.17

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

21.67

22.15

22.23

22.01

21.36

Selected trend information






Net interest margin(c)

3.14 %

3.02 %

3.20 %

3.17 %

3.03 %

3.06 %

3.04 %

Effective tax rate

22.37 %

18.64 %

22.86 %

22.37 %

21.75 %

15.82 %

19.16 %

Noninterest expense / average assets(c)

2.04 %

1.96 %

2.00 %

2.13 %

1.97 %

1.96 %

1.95 %

Dividend payout ratio(d)

34.12 %

34.85 %

31.17 %

37.50 %

34.29 %

29.63 %

31.51 %

Loans / deposits ratio

90.44 %

91.32 %

88.99 %

87.65 %

88.73 %

Assets under management, at market value(e)

$         16,818

$         17,009

$         15,708

$         16,132

$         16,178

Common shares repurchased during period(f)

4,132

900

3,238

—

894

—

—

Common shares outstanding, end of period

185,694

188,718

165,438

165,980

165,904

Risk-based capital(g)(h)






Total risk-weighted assets

$  41,587,042

$  41,108,330

$  35,773,810

$  35,125,680

$  34,688,358

Common equity Tier 1(i)

$    4,315,910

$    4,304,915

$    3,744,610

$    3,683,711

$    3,584,712

Common equity Tier 1 capital ratio(i)

10.38 %

10.47 %

10.47 %

10.49 %

10.33 %

Tier 1 capital ratio

10.84 %

10.94 %

11.01 %

11.04 %

10.89 %

Total capital ratio

12.68 %

12.79 %

13.02 %

13.08 %

12.94 %

Tier 1 leverage ratio

8.94 %

8.99 %

8.98 %

8.96 %

8.81 %

Selected equity and performance ratios






Total stockholders' equity / total assets

10.65 %

10.88 %

10.96 %

11.01 %

10.95 %

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

8.03 %

8.27 %

8.27 %

8.29 %

8.18 %

Average stockholders' equity / average assets

11.02 %

10.91 %

10.96 %

10.98 %

11.12 %

11.05 %

10.95 %

Return on average equity(c)

9.59 %

9.55 %

10.28 %

8.81 %

9.69 %

11.09 %

10.26 %

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

13.08 %

13.13 %

14.05 %

12.12 %

13.03 %

15.04 %

14.02 %

Return on average assets(c)

1.06 %

1.04 %

1.13 %

0.97 %

1.08 %

1.23 %

1.12 %

Return on average tangible assets(b)(c)

1.12 %

1.08 %

1.20 %

1.03 %

1.12 %

1.27 %

1.17 %

Efficiency ratios (expense / revenue)






Fully tax-equivalent efficiency ratio

56.13 %

56.67 %

54.10 %

58.30 %

56.03 %

55.21 %

54.77 %

Adjusted efficiency ratio(b)

53.17 %

56.32 %

51.27 %

52.91 %

55.77 %

55.15 %

54.77 %

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)

September 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)

Sep 2026

Sep 2025

3Q26

2Q26

1Q26

4Q25

3Q25

Tangible common equity reconciliation






Common equity

$    5,281,520

$    5,444,011

$    4,803,760

$    4,781,235

$    4,674,186

Less: Goodwill and other intangible assets, net

1,257,140

1,264,034

1,125,639

1,127,842

1,130,044

Tangible common equity for TBV / share and TCE
Ratio

$    4,024,380

$    4,179,977

$    3,678,121

$    3,653,393

$    3,544,142

Tangible assets reconciliation






Total assets

$  51,399,852

$  51,812,506

$  45,593,740

$  45,202,596

$  44,455,863

Less: Goodwill and other intangible assets, net

1,257,140

1,264,034

1,125,639

1,127,842

1,130,044

Tangible assets for TCE Ratio

$  50,142,712

$  50,548,472

$  44,468,101

$  44,074,754

$  43,325,819

Average tangible common equity reconciliation






Average common equity

$    5,238,946

$    4,534,716

$    5,463,396

$    5,433,872

$    4,812,415

$    4,713,445

$    4,627,038

Less: Average goodwill and other intangible assets, net

1,218,896

1,133,517

1,260,592

1,267,876

1,126,748

1,129,055

1,131,385

Average tangible common equity for ROATCE

4,020,050

3,401,200

$    4,202,804

$    4,165,996

$    3,685,667

$    3,584,390

$    3,495,653

Average tangible assets reconciliation






Average total assets

$  49,308,932

$ 43,360,369

$  51,599,690

$  51,235,842

$  45,018,948

$  44,402,771

$  44,015,203

Less: Average goodwill and other intangible assets, net

1,218,896

1,133,517

1,260,592

1,267,876

1,126,748

1,129,055

1,131,385

Average tangible assets for return on average
tangible assets

$  48,090,036

$ 42,226,853

$  50,339,098

$  49,967,966

$  43,892,200

$  43,273,716

$  42,883,818

Adjusted net income reconciliation






Net income

$       389,785

$       337,648

$       146,586

$       123,564

$       119,635

$       137,129

$       124,732

Other intangible amortization, net of tax

11,993

4,956

5,170

5,170

1,652

1,652

1,652

Adjusted net income for return on average tangible
assets

$       401,778

$       342,604

$       151,756

$       128,734

$       121,287

$       138,781

$       126,384

Adjusted net income available to common equity
reconciliation






Net income available to common equity

$       381,160

$       329,023

$       143,711

$       120,689

$       116,760

$       134,254

$       121,857

Other intangible amortization, net of tax

11,993

4,956

5,170

5,170

1,652

1,652

1,652

Adjusted net income available to common equity for
ROATCE

$       393,153

$       333,979

$       148,881

$       125,859

$       118,412

$       135,906

$       123,509

Pre-tax pre-provision income






Income before income taxes

$       502,086

$       415,010

$       190,035

$       159,167

$       152,883

$       162,901

$       154,286

Provision for credit losses

44,394

46,999

14,005

19,388

11,001

6,998

16,000

Pre-tax pre-provision income

$       546,480

$       462,009

$       204,040

$       178,555

$       163,884

$       169,899

$       170,286

Period end core customer deposits reconciliation






Total deposits

$  40,380,950

$  39,931,255

$  35,731,765

$  35,552,608

$  34,881,853

Less: Network transaction deposits

1,745,224

1,823,130

1,746,518

2,154,995

2,013,964

Less: Brokered CDs

3,790,075

3,933,787

3,562,752

3,795,133

3,956,517

Core customer deposits

$  34,845,651

$  34,174,338

$  30,422,495

$  29,602,480

$  28,911,371

Average core customer deposits reconciliation






Average total deposits

$  38,857,679

$ 34,580,383

$  40,966,074

$  40,382,227

$  35,160,943

$  35,628,917

$  34,705,887

Less: Average network transaction deposits

1,888,746

1,875,523

1,869,045

1,879,876

1,917,854

2,090,587

1,933,659

Less: Average brokered CDs

3,834,723

4,105,700

3,920,540

4,085,995

3,528,294

3,998,012

3,916,329

Average core customer deposits

$  33,134,210

$ 28,599,160

$  35,176,489

$  34,416,356

$  29,714,795

$  29,540,318

$  28,855,899

Total expense for efficiency ratios reconciliation






Noninterest expense

$       751,386

$       636,173

$       260,342

$       271,882

$       219,163

$       219,466

$       216,202

Less: Other intangible amortization

15,990

6,608

6,894

6,894

2,203

2,203

2,203

Total expense for fully tax-equivalent efficiency ratio

735,396

629,565

253,448

264,988

216,960

217,263

213,999

Less: Acquisition costs(a)

38,734

—

13,258

24,469

1,007

252

—

Total expense for adjusted efficiency ratio

$       696,662

$       629,565

$       240,190

$       240,519

$       215,953

$       217,011

$       213,999

Total revenue for efficiency ratios reconciliation






Net interest income

$    1,054,479

$       891,163

$       377,251

$       370,039

$       307,190

$       309,981

$       305,222

Noninterest income

243,387

207,019

87,131

80,398

75,857

79,384

81,265

Less: Investment securities (losses) gains, net

(40)

13

(46)

35

(28)

37

1

Fully tax-equivalent adjustment

12,365

12,705

4,086

4,139

4,139

4,196

4,222

Total revenue for fully tax-equivalent efficiency ratio

1,310,271

1,110,874

468,514

454,541

387,214

393,524

390,708

Less: Announced initiatives(b)

—

(6,976)

—

—

—

—

—

Total revenue for adjusted efficiency ratio

$    1,310,271

$    1,117,850

$       468,514

$       454,541

$       387,214

$       393,524

$       390,708

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)

3Q26

2Q26

Adjusted net income available to common equity reconciliation

Net income available to common equity

$    143,711

$    120,689

Acquisition costs, net of tax

10,227

18,996

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

$    153,938

$    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

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SOURCE Associated Banc-Corp