View on SEC.gov| NEWS RELEASE 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 |
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 Results fueled by sustained organic growth trends, ongoing integration of American National Corporation.
GREEN BAY, Wis. -- July 23, 2026 -- 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 deposits¹ 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.
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%.
¹ This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
- 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.
| Metric | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|
| Non Current Assets Cash and Due From Banks | — | — | $544.06M | $521.32M | $521.17M | $490.43M | $574.7M | $465.32M | $548.06M |
| Fin Interest Bearing Deposits In Banks | — | — | $453.59M | $711.03M | $738.94M | $802.25M | $1.14B | $920.68M | $1.27B |
| Bank Fed Funds Sold Reverse Repos | — | — | $21.96M | $105K | $0 | $90K | $1.4M | $175K | $14.36M |
| Fin Afs Securities | — | $4.15B | $4.58B | $4.8B | $5.04B | $5.22B | $5.4B | $5.51B | $6.37B |
| Fin Htm Securities | — | $3.77B | $3.74B | $3.71B | $3.67B | $3.64B | $3.6B | $3.57B | $3.51B |
| Equity Securities Fvni No Fv Cost | — | $23.16M | $23.24M | $23.33M | $25.91M | $26M | $26.06M | $26.11M | $29.96M |
| Fin Total Investment Securities | $212.1M | — | $179.67M | $194.24M | $278.36M | $251.64M | $252.51M | $290.19M | $329.44M |
| Bank Net Loans | — | $29.99B | $29.77B | $30.29B | $30.61B | $30.95B | $31.16B | $31.8B | $36.02B |
| Bank Allowance for Credit Losses | — | $361.77M | $363.55M | $371.35M | $376.52M | $378.34M | $378.07M | $385.76M | $443.73M |
| Property Plant Equipment Net | — | $373.82M | $379.09M | $377.52M | $377.37M | $384.14M | $381.62M | $376.76M | $449M |
| Goodwill | — | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.15B |
| Intangible Assets Net | — | $33.86M | $31.66M | $29.46M | $27.26M | $25.05M | $22.85M | $20.65M | $116.95M |
| Mortgage Servicing Rights | — | $81.98M | $87.68M | $86.25M | $85.25M | $85.06M | $86.34M | $87.6M | $87.68M |
| Accrued Interest | — | $167.78M | $167.77M | $159.73M | $168.63M | $168.45M | $161.12M | $161.02M | $181.92M |
| Other Non Current Assets | — | $698.07M | $676.99M | $675.75M | $682.37M | $677.46M | $657.65M | $629.36M | $676.92M |
| Total Assets | — | $42.21B | $43.02B | $43.31B | $43.99B | $44.46B | $45.2B | $45.59B | $51.81B |
| Non Current Liabilities Noninterest Bearing Domestic Dep 663a4c | $5.82B | — | $5.78B | $6.14B | $5.78B | $5.91B | $6.13B | $6.13B | $6.91B |
| Other Interest Bearing Deposit Liabilities Domestic | — | $27.7B | $28.87B | $29.06B | $28.37B | $28.98B | $29.43B | $29.61B | $33.02B |
| Fin Deposits | — | $33.55B | $34.65B | $35.2B | $34.15B | $34.88B | $35.55B | $35.73B | $39.93B |
| Other Non Current Liabilities | — | $532.84M | $568.49M | $460.57M | $481.5M | $455.02M | $463.13M | $414.78M | $497.35M |
| Long Term Debt | — | — | $837.64M | $591.38M | $593.53M | $594.07M | $594.28M | $592.63M | $591.08M |
| Total Liabilities | — | $37.8B | $38.42B | $38.62B | $39.21B | $39.59B | $40.23B | $40.6B | $46.17B |
| Preferred Stock | — | $194.11M | $194.11M | $194.11M | $194.11M | $194.11M | $194.11M | $194.11M | $194.11M |
| Equity Total Common Equity | — | $4.22B | $4.41B | $4.49B | $4.59B | $4.67B | $4.78B | $4.8B | $5.44B |
| Total Stockholders Equity | — | $4.41B | $4.61B | $4.69B | $4.78B | $4.87B | $4.98B | $5B | $5.64B |
| Total Liabilities and Equity | — | $42.21B | $43.02B | $43.31B | $43.99B | $44.46B | $45.2B | $45.59B | $51.81B |
Numbers may not recalculate due to rounding conventions.
| Metric | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|
| Interest Income | — | $465.73M | $453.25M | $433.3M | $447.78M | $455.62M | $445.69M | $426.99M | $506.53M |
| Other Interest and Fee Income Loans and Leases | — | $465.73M | $453.25M | $433.3M | $447.78M | $455.62M | $445.69M | $426.99M | $506.53M |
| Total Interest Income | — | $540.32M | $528.72M | $526.29M | $545.54M | $556.59M | $544.34M | $528.04M | $623.29M |
| Interest Expense | — | $277.81M | $258.44M | $240.35M | $245.54M | $251.37M | $234.36M | $220.85M | $253.26M |
| Total Interest Expense Bank | — | $11.86M | $13.77M | $11.09M | $10.7M | $10.74M | $10.48M | $10.16M | $253.26M |
| Net Interest Income | — | $262.51M | $270.29M | $285.94M | $300M | $305.22M | $309.98M | $307.19M | $370.04M |
| Provision for Credit Losses | — | $20.99M | $16.99M | $13M | $18M | $16M | $7M | $11M | $19.39M |
| Net Interest Income After Provision | — | $241.52M | $253.3M | $272.94M | $282M | $289.22M | $302.99M | $296.19M | $350.65M |
| Total Noninterest Income | — | $67.22M | -$206.77M | $58.78M | $66.98M | $81.27M | $79.38M | $75.86M | $80.4M |
| Other Bank Owned Life Insurance Income | — | $4M | $2.32M | $5.2M | $4.14M | $4.05M | $3.8M | $3.82M | $4.62M |
| Other Capital Market Fees Net | — | $4.32M | $9.03M | $4.35M | $5.77M | $10.76M | $11.18M | $6.54M | $7.48M |
| Gain Loss On Sale of Assets | -$627K | -$474K | — | -$878K | -$1.74M | $3.34M | $838K | $840K | $789K |
| Total Noninterest Expense | — | $200.6M | $224.28M | $210.62M | $209.35M | $216.2M | $219.47M | $219.16M | $271.88M |
| Other Noninterest Expense | — | $200.6M | $224.28M | $210.62M | $209.35M | $216.2M | $219.47M | $219.16M | $271.88M |
| Compensation and Benefits | — | $121.04M | $125.94M | $123.9M | $126.99M | $135.7M | $135.13M | $135.17M | $161.17M |
| Other Information Technology and Data Processing | — | $27.22M | $26.98M | $27.14M | $26.51M | $28.59M | $28.64M | $29.74M | $32.87M |
| Occupancy and Equipment | — | $13.54M | $14.33M | $15.38M | $12.64M | $12.76M | $14.23M | $13.73M | $14.09M |
| Other Equipment Expense | — | $4.65M | $4.73M | $4.53M | $4.49M | $4.37M | $6.89M | $5.61M | $5.42M |
| Professional Fees | — | $5.64M | $6.86M | $6.08M | $6.67M | $5.23M | $5.95M | $6.72M | $17.45M |
| Other Federal Deposit Insurance Corporation Premium Expense | — | $8.22M | $9.14M | $10.44M | $9.71M | $9.98M | $6.59M | $8.84M | $10.6M |
| Depreciation and Amortization | — | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | $6.89M |
| Income Before Tax | $102.88M | $108.14M | — | $121.1M | $139.63M | $154.29M | $162.9M | $152.88M | $159.17M |
| Income Tax Expense | -$12.69M | $20.12M | — | $19.41M | $28.4M | $29.55M | $25.77M | $33.25M | $35.6M |
| Net Income | $115.57M | $88.02M | — | $101.69M | $111.23M | $124.73M | $137.13M | $119.64M | $123.56M |
| Preferred Dividends | — | $2.88M | $2.88M | $2.88M | $2.88M | $2.88M | $2.88M | $2.88M | $2.88M |
| Operating Net Income Loss Available to Common Stockholde 551d72 | $112.7M | $85.14M | — | $98.81M | $108.36M | $121.86M | $134.25M | $116.76M | $120.69M |
| Weighted Shares Basic | — | 150.2M | 151.9M | 165.2M | 164.9M | 165M | 165.1M | 165.1M | 188.1M |
| Weighted Shares Diluted | — | 151.5M | 153.3M | 166.6M | 166.3M | 166.7M | 166.6M | 166.6M | 189.9M |
| Eps Basic | $0.75 | $0.56 | — | $0.60 | $0.65 | $0.73 | $0.81 | $0.70 | $0.64 |
| Eps Diluted | $0.74 | $0.56 | — | $0.59 | $0.65 | $0.73 | $0.81 | $0.70 | $0.63 |
N/M = Not meaningful 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 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.
| (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 |
|---|---|---|---|---|---|---|---|---|---|
| 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) | |||||||
| 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 |
(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.
| (Dollars in thousands) | Average Balance | Interest Income /Expense | Average Yield / Rate | Average Balance | Interest Income /Expense | Average Yield / Rate |
|---|---|---|---|---|---|---|
| Associated Banc-Corp Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year | ||||||
| Six Months Ended June 30, | ||||||
| 2026 | 2025(a) | |||||
| 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 |
(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% |
(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% |
| (Dollars in thousands) | Jun 30, 2026 | Mar 31, 2026 | Seql Qtr % Change | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Comp Qtr % Change |
|---|---|---|---|---|---|---|---|
| Associated Banc-Corp Selected Asset Quality Information (continued) | |||||||
| 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
(a) Excluding guaranteed student loans.
| (Dollars and shares in thousands, except per share data and as noted) | YTD Jun 2026 | YTD Jun 2025 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2Q25 |
|---|---|---|---|---|---|---|---|
| Associated Banc-Corp Selected Quarterly Information | |||||||
| 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% |
(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.
| (Dollars in thousands) | Jun 2026 | Jun 2025 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2Q25 |
|---|---|---|---|---|---|---|---|
| Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | YTD | YTD | |||||
| 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 |
(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.
(continued)
| (Dollars in thousands) | 2Q26 |
|---|---|
| Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | |
| 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 |
