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Associated Banc-Corp Delivers Record Annual Net Income Available to Common Equity of $463 Million in 2025

PR Newswire

GREEN BAY, Wis., Jan. 22, 2026 /PRNewswire/ — Associated Banc-Corp (NYSE: ASB) (“Associated” or “Company”) today reported net income available to common equity (“earnings”) of $463 million, or $2.77 per common share for the year ended December 31, 2025. These amounts compare to earnings of $112 million, or $0.72 per common share, for the year ended December 31, 2024. For the quarter ended December 31, 2025, the Company reported earnings of $134 million, or $0.80 per common share. These amounts compare to a loss of $164 million, or $1.03 per common share for the quarter ended December 31, 2024 and earnings of $122 million, or $0.73 per common share for the quarter ended September 30, 2025.

“2025 was a pivotal year for Associated Bank,” said President and CEO Andy Harmening. “We achieved several key milestones of our strategic plan, proved we can win in key growth markets, drove high-quality, relationship loan and deposit growth, and posted the strongest bottom line in company history.”

“We enter 2026 with a stronger growth profile, enhanced profitability, stronger capital generation and consistently solid credit results. We have the talent, the product set and the value proposition to build on our momentum organically going forward. We’re also excited to welcome American National Bank colleagues, customers and communities to the Associated family later this year. We look forward to providing additional updates on Associated’s growth journey throughout the year.”

2025 Highlights
 (all comparisons on a period end basis compared to 2024)

  • Diluted GAAP earnings per common share of $2.77
  • Total period end loans of $31.2 billion (+5% vs. 2024)
  • Total period end deposits of $35.6 billion (+3% vs. 2024)
  • Total period end core customer deposits1 of $29.6 billion (+3% vs. 2024)
  • Record net interest income of $1.2 billion (+15% vs. 2024)
  • Net interest margin of 3.03%
  • Noninterest income of $286 million
  • Noninterest expense of $856 million
  • Provision for credit losses of $54 million
  • Allowance for credit losses on loans / total loans of 1.35%
  • Net charge offs / average loans of 0.12%
  • Book value / share of $28.81
  • Tangible book value / share1 of $22.01


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

Loans

Fourth quarter 2025 period end total loans of $31.2 billion increased 1%, or $212 million, from the prior quarter. Compared to the same period last year, period end total loans increased 5%, or $1.4 billion. With respect to fourth quarter 2025 period end balances by loan category:

  • Commercial and business lending increased $268 million from the prior quarter and increased $1.3 billion from the same period last year to $13.0 billion.
  • Commercial real estate lending decreased $88 million from the prior quarter and increased $30 million from the same period last year to $7.2 billion.
  • Consumer lending increased $31 million from the prior quarter and increased $96 million from the same period last year to $10.9 billion.

Fourth quarter 2025 average total loans of $31.0 billion increased 1%, or $245 million, from the prior quarter and increased 3%, or $793 million, from the same period last year. With respect to fourth quarter 2025 average balances by loan category:

  • Commercial and business lending increased $272 million from the prior quarter and increased $1.3 billion from the same period last year to $12.7 billion.
  • Commercial real estate lending decreased $26 million from the prior quarter and increased $59 million from the same period last year to $7.3 billion.
  • Consumer lending decreased $1 million from the prior quarter and decreased $537 million from the same period last year to $11.0 billion.

Full year 2025 average loans of $30.6 billion were up 3%, or $893 million, from 2024. With respect to full year 2025 average balances by loan category:

  • Commercial and business lending increased $1.2 billion to $12.3 billion.
  • Commercial real estate lending increased $61 million to $7.3 billion.
  • Consumer lending decreased $362 million to $11.0 billion.

In 2026, we expect total period end loan growth of 5% to 6% as compared to the year ended December 31, 2025, excluding any impact from the acquisition of American National Corporation.

Deposits

Fourth quarter 2025 period end deposits of $35.6 billion were up 2%, or $671 million, from the prior quarter and were up 3%, or $904 million from the same period last year. With respect to fourth quarter 2025 period end balances by deposit category:

  • Noninterest-bearing demand deposits increased $220 million from the prior quarter and increased $351 million from the same period last year to $6.1 billion.
  • Savings increased $91 million from the prior quarter and increased $339 million from the same period last year to $5.5 billion.
  • Interest-bearing demand deposits increased $32 million from the prior quarter and decreased $171 million from the same period last year to $7.8 billion.
  • Money market deposits increased $354 million from the prior quarter and increased $130 million from the same period last year to $6.1 billion.
  • Brokered CDs decreased $161 million from the prior quarter and decreased $481 million from the same period last year to $3.8 billion.
  • Other time deposits decreased $6 million from the prior quarter and increased $341 million from the same period last year to $4.0 billion.
  • Network transaction deposits increased $141 million from the prior quarter and increased $397 million from the same period last year to $2.2 billion.
  • Core customer deposits1 increased $691 million from the prior quarter and increased $989 million from the same period last year to $29.6 billion.

Fourth quarter 2025 average deposits of $35.6 billion increased 3%, or $923 million, from the prior quarter and increased 4%, or $1.3 billion, from the same period last year. With respect to fourth quarter 2025 average balances by deposit category:

  • Noninterest-bearing demand deposits increased $268 million from the prior quarter and increased $326 million from the same period last year to $6.1 billion.
  • Savings increased $99 million from the prior quarter and increased $305 million from the same period last year to $5.4 billion.
  • Interest-bearing demand deposits increased $155 million from the prior quarter and increased $431 million from the same period last year to $8.1 billion.
  • Money market deposits increased $30 million from the prior quarter and decreased $33 million from the same period last year to $5.9 billion.
  • Brokered CDs increased $82 million from the prior quarter and decreased $517 million from the same period last year to $4.0 billion.
  • Other time deposits increased $132 million from the prior quarter and increased $380 million from the same period last year to $4.1 billion.
  • Network transaction deposits increased $157 million from the prior quarter and increased $400 million from the same period last year to $2.1 billion.

Full year 2025 average deposits of $34.8 billion increased 4%, or $1.5 billion from 2024. With respect to full year 2025 average balances by deposit category:

  • Noninterest-bearing demand deposits increased $43 million to $5.8 billion.
  • Savings increased $211 million to $5.3 billion.
  • Interest-bearing demand deposits increased $473 million to $7.9 billion.
  • Money market deposits decreased $40 million to $6.0 billion.
  • Brokered CDs decreased $162 million to $4.1 billion.
  • Other time deposits increased $645 million to $3.9 billion.
  • Network transaction deposits increased $284 million to $1.9 billion.

In 2026, we expect period end total deposit growth of 5% to 6% and period end core customer deposit growth of 5% to 6% as compared to the year ended December 31, 2025, excluding any impact from the acquisition of American National Corporation.


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

Net Interest Income and Net Interest Margin

Full year 2025 net interest income of $1.2 billion was up 15%, or $154 million, from 2024. Net interest margin of 3.03% increased 25 basis points from the prior year.

  • The average yield on total earning assets decreased 16 basis points from the prior year to 5.45%.
  • The average cost of interest-bearing liabilities decreased 53 basis points from the prior year to 2.98%.
  • The net free funds benefit decreased 12 basis points from the prior year to 0.56%.

Fourth quarter 2025 net interest income of $310 million increased 2%, or $5 million, from the prior quarter. Net interest margin of 3.06% increased 2 basis points from the prior quarter. Compared to the same period last year, net interest income increased 15%, or $40 million, and the net interest margin increased 25 basis points.

  • The average yield on total earning assets for the fourth quarter of 2025 decreased 16 basis points from the prior quarter and decreased 12 basis points from the same period last year to 5.34%.
  • The average cost of total interest-bearing liabilities for the fourth quarter of 2025 decreased 21 basis points from the prior quarter and decreased 47 basis points from the same period last year to 2.82%.
  • The net free funds benefit for the fourth quarter of 2025 decreased 2 basis points from the prior quarter and decreased 9 basis points from the same period last year to 0.55%.

We expect total net interest income growth of 5.5% to 6.5% in 2026, excluding any impact from the acquisition of American National Corporation.

Noninterest Income

Full year 2025 noninterest income of $286 million increased $296 million from the prior year. The increase was primarily driven by nonrecurring items associated with a balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to 2025 noninterest income line items:

  • Capital markets, net increased $10 million from the prior year.
  • Wealth management fees increased $4 million from the prior year.
  • Mortgage banking, net increased $4 million from the prior year.
  • Bank and corporate owned life insurance increased $4 million from the prior year.

Fourth quarter 2025 total noninterest income of $79 million decreased $2 million from the prior quarter and increased $286 million from the same period last year. The comparable quarter decrease was primarily driven by nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024, including a $130 million loss on a mortgage portfolio sale and a $148 million net loss on a sale of investments. With respect to fourth quarter 2025 noninterest income line items:

  • Wealth management fees were up slightly from the prior quarter and increased $2 million from the same period last year.
  • Capital markets, net increased slightly from the prior quarter and increased $2 million from the same period last year.
  • Asset gains (losses), net decreased $3 million from the prior quarter and were up slightly from the same period last year.
  • Mortgage banking, net decreased $1 million from the prior quarter and decreased slightly from the same period last year.

We expect total noninterest income growth of between 4% and 5% in 2026, excluding any impact from the acquisition of American National Corporation.

Noninterest Expense

Full year 2025 noninterest expense of $856 million increased 5%, or $37 million, from 2024. With respect to full year 2025 noninterest expense line items:

  • Personnel expense increased $34 million from the prior year.
  • Technology expense increased $3 million from the prior year.
  • Business development and advertising expense increased $3 million from the prior year.
  • Loss on prepayments of FHLB advances decreased $14 million from the prior year, driven by the nonrecurring expense recognized in 2024 for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024.
  • Other noninterest expense increased $8 million from the prior year.

Fourth quarter 2025 noninterest expense of $219 million increased $3 million from the prior quarter and decreased $5 million from the same period last year. With respect to fourth quarter 2025 noninterest expense line items:

  • Personnel expense decreased $1 million from the prior quarter and increased $9 million from the same period last year.
  • FDIC assessment expense decreased $3 million from the prior quarter and decreased $3 million from the same period last year.
  • Loss on prepayments of FHLB advances decreased $14 million from the prior year, driven by the nonrecurring expense recognized in 2024 for a loss on prepayments of FHLB advances associated with the balance sheet repositioning announced during the fourth quarter of 2024.

We expect total noninterest expense to grow by 3% in 2026, excluding any impact from the acquisition of American National Corporation.

Taxes

The fourth quarter of 2025 had a tax expense of $26 million compared to $30 million of tax expense in the prior quarter and $16 million of tax benefit in the same period last year. The tax benefit in the comparable quarter was driven primarily by a loss on income before income taxes as a result of nonrecurring items associated with the balance sheet repositioning announced during the fourth quarter of 2024.

In 2026, we expect the annual effective tax rate to be between 19% and 21%, assuming no change in the corporate tax rate and excluding any impact from the acquisition of American National Corporation.

Credit

Full year 2025 provision for credit losses was $54 million, compared to a provision of $85 million in the prior year.

The fourth quarter 2025 provision for credit losses was $7 million, compared to a provision of $16 million in the prior quarter and a provision of $17 million in the same period last year. With respect to fourth quarter 2025 credit quality:

  • Nonaccrual loans of $100 million decreased $6 million, or 5%, from the prior quarter and decreased $23 million, or 19%, from the same period last year. The nonaccrual loans to total loans ratio was 0.32% in the fourth quarter, down from 0.34% in the prior quarter and down from 0.41% in the same period last year.
  • Net charge offs of $2 million decreased $11 million, or 83%, from the prior quarter and decreased $10 million, or 81%, from the same period last year.
  • The allowance for credit losses on loans (ACLL) of $419 million increased $5 million from the prior quarter and increased $17 million from the same period last year. The ACLL to total loans ratio was 1.35% in the fourth quarter, up from 1.34% in the prior quarter and flat from the same period last year.

In 2026, we expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality, excluding any impact from the acquisition of American National Corporation.

Capital

The Company’s capital position remains strong, with a CET1 capital ratio of 10.49% at December 31, 2025. The Company’s capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.

FOURTH QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL

The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, January 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 fourth quarter 2025 earnings call. The fourth quarter 2025 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 $45 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 nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota, and Missouri. 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 document 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 the ability or anticipated timing to complete the proposed transaction involving Associated Banc-Corp (“Associated”) and American National Bank (“American National”); the ability to integrate the two businesses successfully and in a timely manner, if at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all; the possibility that the transaction may be more expensive to complete than anticipated; and such other risk factors as 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”). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. 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)


December 31,
2025

September 30,
2025

Sequential
Quarter
Change

June 30,
2025

March 31,
2025

December 31,
2024

Comparable
Quarter
Change


Assets

Cash and due from banks


$        574,698

$        490,431

$       84,267

$    521,167

$     521,323

$         544,059

$       30,639

Interest-bearing deposits in other financial institutions


1,144,123

802,251

341,872

738,938

711,033

453,590

690,533

Federal funds sold and securities purchased under agreements to resell


1,400

90

1,310

—

105

21,955

(20,555)

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


5,397,563

5,217,278

180,285

5,036,508

4,796,570

4,581,434

816,129

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


3,602,519

3,636,080

(33,561)

3,672,101

3,705,793

3,738,687

(136,168)

Equity securities


26,060

26,000

60

25,912

23,331

23,242

2,818

Regulatory stocks, at cost


252,514

251,642

872

278,356

194,244

179,665

72,849

Residential loans held for sale


72,499

74,563

(2,064)

96,804

47,611

646,687

(574,188)

Commercial loans held for sale


—

—

—

8,406

7,910

32,634

(32,634)

Loans


31,163,614

30,951,964

211,650

30,607,605

30,294,127

29,768,586

1,395,028

Allowance for loan losses


(378,068)

(378,341)

273

(376,515)

(371,348)

(363,545)

(14,523)

Loans, net


30,785,546

30,573,623

211,923

30,231,091

29,922,780

29,405,041

1,380,505

Tax credit and other investments


236,657

245,239

(8,582)

247,111

254,187

258,886

(22,229)

Premises and equipment, net


381,624

384,139

(2,515)

377,372

377,521

379,093

2,531

Bank and corporate owned life insurance


694,452

693,511

941

691,470

690,551

689,000

5,452

Goodwill


1,104,992

1,104,992

—

1,104,992

1,104,992

1,104,992

—

Other intangible assets, net


22,849

25,052

(2,203)

27,255

29,457

31,660

(8,811)

Mortgage servicing rights, net


86,337

85,063

1,274

85,245

86,251

87,683

(1,346)

Interest receivable


161,118

168,451

(7,333)

168,627

159,729

167,772

(6,654)

Other assets


657,645

677,458

(19,813)

682,373

675,748

676,987

(19,342)

Total assets


$    45,202,596

$    44,455,863

$     746,733

$  43,993,729

$ 43,309,136

$     43,023,068

$  2,179,528


Liabilities and stockholders’ equity

Noninterest-bearing demand deposits


$     6,126,632

$     5,906,251

$     220,381

$  5,782,487

$  6,135,946

$      5,775,657

$     350,975

Interest-bearing deposits


29,425,976

28,975,602

450,374

28,365,079

29,060,767

28,872,777

553,199

Total deposits


35,552,608

34,881,853

670,755

34,147,565

35,196,713

34,648,434

904,174

Short-term funding


307,864

399,665

(91,801)

75,585

311,335

470,369

(162,505)

FHLB advances


3,268,094

3,220,679

47,415

3,879,489

2,027,297

1,853,807

1,414,287

Other long-term funding


594,276

594,074

202

593,530

591,382

837,635

(243,359)

Allowance for unfunded commitments


41,276

36,276

5,000

35,276

35,276

38,776

2,500

Accrued expenses and other liabilities


463,131

455,019

8,112

481,503

460,574

568,485

(105,354)

Total liabilities


40,227,249

39,587,565

639,684

39,212,948

38,622,578

38,417,506

1,809,743


Stockholders’ equity

Preferred equity


194,112

194,112

—

194,112

194,112

194,112

—

Common equity


4,781,235

4,674,186

107,049

4,586,669

4,492,446

4,411,450

369,785

Total stockholders’ equity


4,975,347

4,868,298

107,049

4,780,781

4,686,558

4,605,562

369,785

Total liabilities and stockholders’ equity


$    45,202,596

$    44,455,863

$     746,733

$  43,993,729

$ 43,309,136

$     43,023,068

$  2,179,528

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 in thousands, except per share data)


4Q25

4Q24

Dollar
Change

Percentage
Change


December
2025

December
2024

Dollar
Change

Percentage
Change


Interest income

Interest and fees on loans


$     445,687

$     453,253

$   (7,566)

(2) %


$  1,782,390

$  1,830,241

$ (47,851)

(3) %

Interest and dividends on investment securities

Taxable


73,511

50,524

22,987

45 %


288,200

198,579

89,621

45 %

Tax-exempt


13,851

14,469

(618)

(4) %


55,598

58,572

(2,974)

(5) %

Other interest


11,294

10,478

816

8 %


46,568

35,312

11,256

32 %

Total interest income


544,343

528,724

15,619

3 %


2,172,756

2,122,704

50,052

2 %


Interest expense

Interest on deposits


194,778

222,888

(28,110)

(13) %


803,918

901,804

(97,886)

(11) %

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


2,682

3,203

(521)

(16) %


10,415

11,754

(1,339)

(11) %

Interest on other short-term funding


110

668

(558)

(84) %


1,016

17,597

(16,581)

(94) %

Interest on FHLB advances


26,309

17,908

8,401

47 %


113,253

98,520

14,733

15 %

Interest on other long-term funding


10,483

13,769

(3,286)

(24) %


43,009

45,781

(2,772)

(6) %

Total interest expense


234,362

258,436

(24,074)

(9) %


971,611

1,075,456

(103,845)

(10) %


Net interest income


309,981

270,289

39,692

15 %


1,201,145

1,047,248

153,897

15 %

Provision for credit losses


6,998

16,986

(9,988)

(59) %


53,996

84,986

(30,990)

(36) %

Net interest income after provision for credit losses


302,983

253,303

49,680

20 %


1,147,149

962,263

184,886

19 %


Noninterest income

Wealth management fees


25,742

24,103

1,639

7 %


96,579

92,569

4,010

4 %

Service charges and deposit account fees


13,827

13,232

595

4 %


53,649

51,642

2,007

4 %

Card-based fees


12,679

11,948

731

6 %


46,629

46,921

(292)

(1) %

Other fee-based revenue


5,557

5,182

375

7 %


21,216

19,499

1,717

9 %

Capital markets, net 


11,175

9,032

2,143

24 %


32,048

22,084

9,964

45 %

Mortgage banking, net


2,926

3,387

(461)

(14) %


14,502

10,686

3,816

36 %

Loss on mortgage portfolio sale


—

(130,406)

130,406

(100) %


(6,976)

(130,406)

123,430

(95) %

Bank and corporate owned life insurance


3,804

2,322

1,482

64 %


17,195

13,477

3,718

28 %

Asset gains (losses), net


838

364

474

130 %


1,565

(1,042)

2,607

N/M

Investment securities gains (losses), net


37

(148,194)

148,231

N/M


49

(144,147)

144,196

N/M

Other 


2,799

2,257

542

24 %


9,944

9,310

634

7 %

Total noninterest income (loss)


79,384

(206,772)

286,156

N/M


286,400

(9,407)

295,807

N/M


Noninterest expense

Personnel


135,130

125,944

9,186

7 %


521,723

487,956

33,767

7 %

Technology


28,641

26,984

1,657

6 %


110,877

107,563

3,314

3 %

Occupancy


14,229

14,325

(96)

(1) %


55,011

54,622

389

1 %

Business development and advertising


9,118

7,408

1,710

23 %


31,614

28,142

3,472

12 %

Equipment


6,888

4,729

2,159

46 %


20,277

18,431

1,846

10 %

Legal and professional


5,945

6,861

(916)

(13) %


23,934

21,601

2,333

11 %

Loan and foreclosure costs


1,327

1,951

(624)

(32) %


8,264

8,471

(207)

(2) %

FDIC assessment


6,589

9,139

(2,550)

(28) %


36,713

38,439

(1,726)

(4) %

Other intangible amortization


2,203

2,203

—

— %


8,811

8,811

—

— %

Loss on prepayments of FHLB advances


—

14,243

(14,243)

(100) %


—

14,243

(14,243)

(100) %

Other


9,396

10,496

(1,100)

(10) %


38,415

30,118

8,297

28 %

Total noninterest expense


219,466

224,282

(4,816)

(2) %


855,639

818,397

37,242

5 %


Income (loss) before income taxes


162,901

(177,752)

340,653

N/M


577,910

134,459

443,451

N/M

Income tax expense (benefit)


25,772

(16,137)

41,909

N/M


103,133

11,314

91,819

N/M


Net income (loss)


137,129

(161,615)

298,744

N/M


474,777

123,145

351,632

N/M

Preferred stock dividends


2,875

2,875

—

— %


11,500

11,500

—

— %


Net income (loss) available to common equity


$     134,254

$   (164,490)

$ 298,744

N/M


$     463,277

$     111,645

$ 351,632

N/M

Pre-tax pre-provision income (loss)(a)


169,899

(160,766)

330,665

N/M


631,906

219,445

412,461

188 %


Earnings (losses) per common share

Basic


$          0.81

$        (1.04)

$      1.85

N/M


$          2.79

$          0.73

$      2.06

N/M

Diluted


$          0.80

$        (1.03)

$      1.83

N/M


$          2.77

$          0.72

$      2.05

N/M


Average common shares outstanding

Basic


165,126

157,710

7,416

5 %


165,079

151,933

13,146

9 %

Diluted


166,746

159,164

7,582

5 %


166,613

153,347

13,266

9 %

N/M = Not meaningful

Numbers may not sum due to rounding.

(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


4Q25

3Q25

Dollar
Change

Percentage
Change

2Q25

1Q25

4Q24


Interest income

Interest and fees on loans


$  445,687

$  455,623

$    (9,936)

(2) %

$  447,781

$  433,299

$  453,253

Interest and dividends on investment securities

Taxable


73,511

73,727

(216)

— %

71,174

69,788

50,524

Tax-exempt


13,851

13,888

(37)

— %

13,902

13,956

14,469

Other interest


11,294

13,353

(2,059)

(15) %

12,679

9,243

10,478

Total interest income


544,343

556,591

(12,248)

(2) %

545,536

526,285

528,724


Interest expense

Interest on deposits


194,778

202,344

(7,566)

(4) %

197,656

209,140

222,888

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


2,682

2,107

575

27 %

2,004

3,622

3,203

Interest on other short-term funding


110

212

(102)

(48) %

287

408

668

Interest on FHLB advances


26,309

35,965

(9,656)

(27) %

34,889

16,090

17,908

Interest on other long-term funding


10,483

10,741

(258)

(2) %

10,700

11,085

13,769

Total interest expense


234,362

251,369

(17,007)

(7) %

245,536

240,345

258,436


Net interest income


309,981

305,222

4,759

2 %

300,000

285,941

270,289

Provision for credit losses


6,998

16,000

(9,002)

(56) %

17,996

13,003

16,986

Net interest income after provision for credit losses


302,983

289,223

13,760

5 %

282,004

272,938

253,303


Noninterest income

Wealth management fees


25,742

25,315

427

2 %

23,025

22,498

24,103

Service charges and deposit account fees


13,827

13,861

(34)

— %

13,147

12,814

13,232

Card-based fees


12,679

12,308

371

3 %

11,200

10,442

11,948

Other fee-based revenue


5,557

5,414

143

3 %

4,995

5,251

5,182

Capital markets, net


11,175

10,764

411

4 %

5,765

4,345

9,032

Mortgage banking, net


2,926

3,541

(615)

(17) %

4,213

3,822

3,387

Loss on mortgage portfolio sale


—

—

—

— %

—

(6,976)

(130,406)

Bank and corporate owned life insurance


3,804

4,051

(247)

(6) %

4,135

5,204

2,322

Asset gains (losses), net


838

3,340

(2,502)

(75) %

(1,735)

(878)

364

Investment securities gains (losses), net


37

1

36

N/M

7

4

(148,194)

Other


2,799

2,670

129

5 %

2,226

2,251

2,257

Total noninterest income (loss)


79,384

81,265

(1,881)

(2) %

66,977

58,776

(206,772)


Noninterest expense

Personnel


135,130

135,703

(573)

— %

126,994

123,897

125,944

Technology


28,641

28,590

51

— %

26,508

27,139

26,984

Occupancy


14,229

12,757

1,472

12 %

12,644

15,381

14,325

Business development and advertising


9,118

8,362

756

9 %

7,748

6,386

7,408

Equipment


6,888

4,368

2,520

58 %

4,494

4,527

4,729

Legal and professional


5,945

5,232

713

14 %

6,674

6,083

6,861

Loan and foreclosure costs


1,327

1,638

(311)

(19) %

2,705

2,594

1,951

FDIC assessment


6,589

9,980

(3,391)

(34) %

9,708

10,436

9,139

Other intangible amortization


2,203

2,203

—

— %

2,203

2,203

2,203

Loss on prepayments of FHLB advances


—

—

—

— %

—

—

14,243

Other


9,396

7,369

2,027

28 %

9,674

11,974

10,496

Total noninterest expense


219,466

216,202

3,264

2 %

209,352

210,619

224,282


Income (loss) before income taxes


162,901

154,286

8,615

6 %

139,629

121,095

(177,752)

Income tax expense (benefit)


25,772

29,554

(3,782)

(13) %

28,399

19,409

(16,137)


Net income (loss)


137,129

124,732

12,397

10 %

111,230

101,687

(161,615)

Preferred stock dividends


2,875

2,875

—

— %

2,875

2,875

2,875


Net income (loss) available to common equity


$  134,254

$  121,857

$    12,397

10 %

$  108,355

$    98,812

$ (164,490)

Pre-tax pre-provision income (loss)(a)


169,899

170,286

(387)

— %

157,625

134,098

(160,766)


Earnings (losses) per common share

Basic


$       0.81

$       0.73

$       0.08

11 %

$       0.65

$       0.60

$      (1.04)

Diluted


$       0.80

$       0.73

$       0.07

10 %

$       0.65

$       0.59

$      (1.03)


Average common shares outstanding

Basic


165,126

165,029

97

— %

164,936

165,228

157,710

Diluted


166,746

166,703

43

— %

166,343

166,604

159,164

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(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


December 31, 2025

September 30, 2025

December 31, 2024(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


$  11,588,059


$    182,101


6.24 %

$  11,367,533

$    187,046

6.53 %

$   10,338,865

$   177,369

6.83 %

Commercial real estate—owner occupied


1,157,531


16,358


5.61 %

1,105,787

15,827

5.68 %

1,135,624

16,985

5.95 %

Commercial and business lending


12,745,590


198,459


6.18 %

12,473,319

202,873

6.45 %

11,474,489

194,355

6.74 %

Commercial real estate—investor


5,291,562


84,153


6.31 %

5,300,765

87,114

6.52 %

5,120,608

88,737

6.89 %

Real estate construction


1,974,318


34,870


7.01 %

1,991,565

36,770

7.32 %

2,086,188

39,739

7.58 %

Commercial real estate lending


7,265,880


119,023


6.50 %

7,292,330

123,884

6.74 %

7,206,796

128,476

7.09 %

Total commercial


20,011,470


317,482


6.30 %

19,765,649

326,757

6.56 %

18,681,285

322,831

6.88 %

Residential mortgage


6,899,778


64,779


3.76 %

6,987,858

65,553

3.75 %

7,814,056

70,513

3.61 %

Auto finance


3,064,457


42,915


5.56 %

3,000,978

42,230

5.58 %

2,771,414

39,365

5.65 %

Home equity


706,923


12,570


7.11 %

690,330

12,641

7.32 %

656,792

13,018

7.93 %

Other consumer


312,730


8,454


10.72 %

305,644

8,972

11.65 %

278,370

8,023

11.47 %

Total consumer


10,983,888


128,718


4.67 %

10,984,811

129,396

4.70 %

11,520,632

130,919

4.54 %

Total loans


30,995,358


446,200


5.72 %

30,750,460

456,153

5.89 %

30,201,918

453,750

5.98 %

Investments

Taxable securities


6,912,251


73,511


4.25 %

6,767,664

73,727

4.36 %

5,745,085

50,752

3.53 %

Tax-exempt securities(b)


1,990,389


17,534


3.52 %

1,997,416

17,580

3.52 %

2,085,957

17,653

3.39 %

Other short-term investments


972,884


11,294


4.61 %

1,046,723

13,353

5.06 %

846,195

10,717

5.04 %

Total investments


9,875,524


102,339


4.14 %

9,811,804

104,660

4.26 %

8,677,238

79,122

3.64 %

Total earning assets and related interest income


40,870,882


$    548,539


5.34 %

40,562,264

$    560,813

5.50 %

38,879,155

$   532,871

5.46 %

Other assets, net


3,531,889

3,452,939

3,192,406

Total assets


$  44,402,771

$  44,015,203

$   42,071,562


Liabilities and stockholders’ equity

Interest-bearing liabilities

Interest-bearing deposits

Savings


$   5,436,968


$      18,823


1.37 %

$   5,338,129

$      19,042

1.42 %

$     5,132,247

$     20,120

1.56 %

Interest-bearing demand


8,054,088


40,309


1.99 %

7,898,770

44,763

2.25 %

7,623,230

46,061

2.40 %

Money market


5,890,836


35,353


2.38 %

5,860,802

38,061

2.58 %

5,924,269

41,457

2.78 %

Network transaction deposits


2,090,587


20,882


3.96 %

1,933,659

21,276

4.37 %

1,690,745

20,091

4.73 %

Brokered CDs


3,998,012


42,056


4.17 %

3,916,329

42,878

4.34 %

4,514,841

55,734

4.91 %

Other time deposits


4,093,939


37,355


3.62 %

3,961,522

36,323

3.64 %

3,713,579

39,425

4.22 %

Total interest-bearing deposits


29,564,430


194,778


2.61 %

28,909,211

202,344

2.78 %

28,598,911

222,888

3.10 %

Federal funds purchased and securities sold under agreements to repurchase


289,679


2,682


3.67 %

227,460

2,107

3.68 %

310,370

3,203

4.11 %

Other short-term funding


12,997


110


3.34 %

19,033

212

4.42 %

88,415

1,135

5.11 %

FHLB advances


2,504,464


26,309


4.17 %

3,181,903

35,965

4.48 %

1,456,087

17,908

4.89 %

Other long-term funding


594,319


10,483


7.06 %

593,288

10,741

7.24 %

840,880

13,769

6.55 %

Total short and long-term funding


3,401,459


39,584


4.63 %

4,021,685

49,025

4.85 %

2,695,752

36,015

5.33 %

Total interest-bearing liabilities and related interest expense


32,965,889


$    234,362


2.82 %

32,930,896

$    251,369

3.03 %

31,294,664

$   258,903

3.29 %

Noninterest-bearing demand deposits


6,064,487

5,796,676

5,738,557

Other liabilities


464,838

466,482

510,000

Stockholders’ equity


4,907,557

4,821,150

4,528,342

Total liabilities and stockholders’ equity


$  44,402,771

$  44,015,203

$   42,071,562

Interest rate spread


2.52 %

2.47 %

2.17 %

Net free funds


0.55 %

0.57 %

0.64 %

Fully tax-equivalent net interest income and net interest margin


$    314,177


3.06 %

$    309,444

3.04 %

$   273,968

2.81 %

Fully tax-equivalent adjustment


(4,196)

(4,222)

(3,680)

Net interest income


$    309,981

$    305,222

$   270,289

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

Twelve Months Ended December 31,


2025

2024(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


$   11,133,436


$          718,887


6.46 %

$    9,967,970

$          720,359

7.23 %

Commercial real estate—owner occupied


1,129,614


64,400


5.70 %

1,101,216

66,605

6.05 %

Commercial and business lending


12,263,050


783,287


6.39 %

11,069,185

786,963

7.11 %

Commercial real estate—investor


5,396,914


349,925


6.48 %

5,053,175

363,187

7.19 %

Real estate construction


1,933,910


139,468


7.21 %

2,217,064

175,041

7.90 %

Commercial real estate lending


7,330,824


489,393


6.68 %

7,270,239

538,228

7.40 %

Total commercial


19,593,874


1,272,680


6.50 %

18,339,424

1,325,191

7.23 %

Residential mortgage 


7,043,508


262,150


3.72 %

7,907,962

278,804

3.53 %

Auto finance


2,961,544


165,476


5.59 %

2,576,979

144,892

5.62 %

Home equity


680,716


49,361


7.25 %

607,044

52,404

8.63 %

Other consumer


310,429


34,843


11.22 %

265,951

30,982

11.65 %

Total consumer


10,996,197


511,830


4.65 %

11,357,935

507,083

4.46 %

Total loans


30,590,071


1,784,510


5.83 %

29,697,360

1,832,274

6.17 %

Investments

Taxable securities


6,665,988


288,200


4.32 %

5,690,238

199,424

3.50 %

Tax-exempt securities(b)


2,002,085


70,377


3.52 %

2,111,523

71,458

3.38 %

Other short-term investments


944,904


46,568


4.93 %

668,730

37,291

5.58 %

Total investments


9,612,977


405,145


4.21 %

8,470,491

308,173

3.64 %

Total earning assets and related interest income


40,203,048


$       2,189,655


5.45 %

38,167,851

$       2,140,446

5.61 %

Other assets, net


3,420,064

3,166,002

Total assets


$   43,623,112

$   41,333,853


Liabilities and stockholders’ equity

Interest-bearing liabilities

Interest-bearing deposits

Savings


$    5,290,992


$            72,932


1.38 %

$    5,080,045

$            85,450

1.68 %

Interest-bearing demand


7,917,003


172,987


2.19 %

7,443,738

193,900

2.60 %

Money market


5,954,259


151,669


2.55 %

5,994,171

181,444

3.03 %

Network transaction deposits


1,929,731


82,437


4.27 %

1,645,695

85,788

5.21 %

Brokered CDs


4,078,557


179,645


4.40 %

4,240,621

221,157

5.22 %

Other time deposits


3,885,386


144,248


3.71 %

3,240,865

134,065

4.14 %

Total interest-bearing deposits


29,055,928


803,918


2.77 %

27,645,135

901,804

3.26 %

Federal funds purchased and securities sold under agreements to repurchase


278,104


10,415


3.75 %

272,069

11,754

4.32 %

Other short-term funding


20,177


1,016


5.04 %

403,214

20,420

5.06 %

FHLB advances


2,630,034


113,253


4.31 %

1,793,734

98,520

5.49 %

Other long-term funding


601,867


43,009


7.15 %

640,842

45,781

7.14 %

Total short and long-term funding


3,530,182


167,693


4.75 %

3,109,859

176,475

5.67 %

Total interest-bearing liabilities and related interest expense


32,586,110


$          971,611


2.98 %

30,754,994

$       1,078,279

3.51 %

Noninterest-bearing demand deposits


5,788,743

5,745,960

Other liabilities


474,382

530,537

Stockholders’ equity


4,773,877

4,302,362

Total liabilities and stockholders’ equity


$   43,623,112

$   41,333,853

Interest rate spread


2.46 %

2.10 %

Net free funds


0.56 %

0.68 %

Fully tax-equivalent net interest income and net interest margin


$       1,218,044


3.03 %

$       1,062,167

2.78 %

Fully tax-equivalent adjustment


(16,899)

(14,919)

Net interest income


$       1,201,145

$       1,047,248

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


Dec 31, 2025

Sep 30, 2025

Seql Qtr %
Change

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Comp Qtr %
Change

Commercial and industrial


$   11,799,757

$   11,567,651

2 %

$   11,281,964

$   10,925,769

$   10,573,741

12 %

Commercial real estate—owner occupied


1,186,324

1,149,939

3 %

1,101,501

1,118,363

1,143,741

4 %

Commercial and business lending


12,986,081

12,717,590

2 %

12,383,465

12,044,132

11,717,483

11 %

Commercial real estate—investor


5,246,030

5,369,441

(2) %

5,370,422

5,597,442

5,227,975

— %

Real estate construction


1,994,642

1,958,766

2 %

1,950,267

1,809,054

1,982,632

1 %

Commercial real estate lending


7,240,672

7,328,207

(1) %

7,320,689

7,406,496

7,210,607

— %

Total commercial


20,226,753

20,045,797

1 %

19,704,154

19,450,628

18,928,090

7 %

Residential mortgage


6,793,957

6,858,285

(1) %

6,949,387

6,999,654

7,047,541

(4) %

Auto finance


3,106,498

3,041,644

2 %

2,969,495

2,878,765

2,810,220

11 %

Home equity


713,271

698,112

2 %

676,208

654,140

664,252

7 %

Other consumer


323,135

308,126

5 %

308,361

310,940

318,483

1 %

Total consumer


10,936,861

10,906,167

— %

10,903,451

10,843,499

10,840,496

1 %

Total loans


$   31,163,614

$   30,951,964

1 %

$   30,607,605

$   30,294,127

$   29,768,586

5 %

Quarter average loan composition(a)


Dec 31, 2025

Sep 30, 2025

Seql Qtr %
Change

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Comp Qtr %
Change

Commercial and industrial


$   11,588,059

$   11,367,533

2 %

$   10,981,221

$   10,583,318

$   10,338,865

12 %

Commercial real estate—owner occupied


1,157,531

1,105,787

5 %

1,114,054

1,141,167

1,135,624

2 %

Commercial and business lending


12,745,590

12,473,319

2 %

12,095,274

11,724,484

11,474,489

11 %

Commercial real estate—investor


5,291,562

5,300,765

— %

5,582,333

5,415,412

5,120,608

3 %

Real estate construction


1,974,318

1,991,565

(1) %

1,869,708

1,898,582

2,086,188

(5) %

Commercial real estate lending


7,265,880

7,292,330

— %

7,452,041

7,313,994

7,206,796

1 %

Total commercial


20,011,470

19,765,649

1 %

19,547,316

19,038,479

18,681,285

7 %

Residential mortgage


6,899,778

6,987,858

(1) %

7,034,607

7,256,320

7,814,056

(12) %

Auto finance


3,064,457

3,000,978

2 %

2,933,161

2,844,730

2,771,414

11 %

Home equity


706,923

690,330

2 %

667,339

657,625

656,792

8 %

Other consumer


312,730

305,644

2 %

309,578

313,828

278,370

12 %

Total consumer


10,983,888

10,984,811

— %

10,944,685

11,072,503

11,520,632

(5) %

Total loans


$   30,995,358

$   30,750,460

1 %

$   30,492,001

$   30,110,982

$   30,201,918

3 %

Period end deposit and customer funding composition(b)


Dec 31, 2025

Sep 30, 2025

Seql Qtr %
Change

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Comp Qtr %
Change

Noninterest-bearing demand


$    6,126,632

$     5,906,251

4 %

$     5,782,487

$    6,135,946

$    5,775,657

6 %

Savings


5,471,870

5,380,574

2 %

5,291,674

5,247,291

5,133,295

7 %

Interest-bearing demand


7,823,362

7,791,861

— %

7,490,772

7,870,965

7,994,475

(2) %

Money market


6,139,438

5,785,871

6 %

5,915,867

6,141,275

6,009,793

2 %

Network transaction deposits


2,154,995

2,013,964

7 %

1,792,362

1,882,930

1,758,388

23 %

Brokered CDs


3,795,133

3,956,517

(4) %

4,072,048

4,197,512

4,276,309

(11) %

Other time deposits


4,041,178

4,046,815

— %

3,802,356

3,720,793

3,700,518

9 %

Total deposits


35,552,608

34,881,853

2 %

34,147,565

35,196,713

34,648,434

3 %

Other customer funding(c)


47,794

64,570

(26) %

75,440

85,950

100,044

(52) %

Total deposits and other customer funding


$   35,600,402

$   34,946,423

2 %

$   34,223,005

$   35,282,663

$   34,748,478

2 %

Core customer deposits(d) and other customer funding


$   29,650,274

$   28,975,941

2 %

$   28,358,595

$   29,202,221

$   28,713,780

3 %

Quarter average deposit composition


Dec 31, 2025

Sep 30, 2025

Seql Qtr %
Change

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Comp Qtr %
Change

Noninterest-bearing demand


$    6,064,487

$     5,796,676

5 %

$     5,648,935

$    5,640,123

$    5,738,557

6 %

Savings


5,436,968

5,338,129

2 %

5,222,869

5,162,468

5,132,247

6 %

Interest-bearing demand


8,054,088

7,898,770

2 %

7,683,402

8,031,707

7,623,230

6 %

Money market


5,890,836

5,860,802

1 %

5,988,947

6,079,551

5,924,269

(1) %

Network transaction deposits


2,090,587

1,933,659

8 %

1,843,998

1,847,972

1,690,745

24 %

Brokered CDs


3,998,012

3,916,329

2 %

4,089,844

4,315,311

4,514,841

(11) %

Other time deposits


4,093,939

3,961,522

3 %

3,725,205

3,756,332

3,713,579

10 %

Total deposits


35,628,917

34,705,887

3 %

34,203,201

34,833,464

34,337,468

4 %

Other customer funding(c)


45,973

74,305

(38) %

80,010

87,693

94,965

(52) %

Total deposits and other customer funding


$   35,674,890

$   34,780,192

3 %

$   34,283,211

$   34,921,157

$   34,432,433

4 %

Core customer deposits(d) and other customer funding


$   29,586,291

$   28,930,204

2 %

$   28,349,369

$   28,757,874

$   28,226,848

5 %

N/M = Not meaningful

Numbers may not recalculate due to rounding conventions.

(a) 

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

(b)

Prior periods have been adjusted to conform with current period presentation.

(c)

Includes repurchase agreements.

(d)

Total deposits excluding brokered CDs and network transaction deposits. 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)


Dec 31, 2025

Sep 30, 2025

Seql Qtr %
Change

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Comp Qtr %
Change


Allowance for loan losses

Balance at beginning of period


$    378,341

$    376,515

— %

$    371,348

$    363,545

$    361,765

5 %

Provision for loan losses


2,000

15,000

(87) %

18,000

16,500

14,000

(86) %

Charge offs


(7,636)

(15,254)

(50) %

(18,348)

(13,714)

(13,770)

(45) %

Recoveries


5,363

2,081

158 %

5,515

5,017

1,551

N/M

Net charge offs


(2,273)

(13,173)

(83) %

(12,833)

(8,698)

(12,220)

(81) %

Balance at end of period


$    378,068

$    378,341

— %

$    376,515

$    371,348

$    363,545

4 %


Allowance for unfunded commitments

Balance at beginning of period


$      36,276

$      35,276

3 %

$      35,276

$      38,776

$      35,776

1 %

Provision for unfunded commitments


5,000

1,000

N/M

—

(3,500)

3,000

67 %

Balance at end of period


41,276

36,276

14 %

35,276

35,276

38,776

6 %

Allowance for credit losses on loans (ACLL)


$    419,344

$    414,618

1 %

$    411,791

$    406,624

$    402,322

4 %

Provision for credit losses on loans


$        7,000

$      16,000

(56) %

$      18,000

$      13,000

$      17,000

(59) %

(Dollars in thousands)


Dec 31, 2025

Sep 30, 2025

Seql Qtr %

Change

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Comp Qtr %

Change


Net (charge offs) recoveries

Commercial and industrial


$        1,524

$      (1,230)

N/M

$      (1,826)

$      (4,726)

$      (2,406)

N/M

Commercial real estate—owner occupied


(113)

—

N/M

—

—

—

N/M

Commercial and business lending


1,411

(1,230)

N/M

(1,826)

(4,726)

(2,406)

N/M

Commercial real estate—investor


94

(8,930)

N/M

(8,493)

(892)

(6,617)

N/M

Real estate construction


2

2

— %

121

30

4

(50) %

Commercial real estate lending


96

(8,928)

N/M

(8,372)

(863)

(6,612)

N/M

Total commercial


1,507

(10,158)

N/M

(10,198)

(5,589)

(9,018)

N/M

Residential mortgage


(197)

(231)

(15) %

(302)

197

(239)

(18) %

Auto finance


(2,010)

(1,505)

34 %

(689)

(1,519)

(1,782)

13 %

Home equity


2

56

(96) %

237

289

277

(99) %

Other consumer


(1,575)

(1,336)

18 %

(1,881)

(2,076)

(1,457)

8 %

Total consumer


(3,780)

(3,015)

25 %

(2,636)

(3,109)

(3,202)

18 %

Total net charge offs


$      (2,273)

$    (13,173)

(83) %

$    (12,833)

$      (8,698)

$    (12,220)

(81) %

(in basis points)


Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024


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

Commercial and industrial


5

(4)

(7)

(18)

(9)

Commercial real estate—owner occupied


(4)

—

—

—

—

Commercial and business lending


4

(4)

(6)

(16)

(8)

Commercial real estate—investor


1

(67)

(61)

(7)

(51)

Real estate construction


—

—

3

1

—

Commercial real estate lending


1

(49)

(45)

(5)

(37)

Total commercial


3

(20)

(21)

(12)

(19)

Residential mortgage


(1)

(1)

(2)

1

(1)

Auto finance


(26)

(20)

(9)

(22)

(26)

Home equity


—

3

14

18

17

Other consumer


(200)

(173)

(244)

(268)

(208)

Total consumer


(14)

(11)

(10)

(11)

(11)

Total net charge offs


(3)

(17)

(17)

(12)

(16)

(Dollars in thousands)


Dec 31, 2025

Sep 30, 2025

Seql Qtr %

Change

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Comp Qtr %

Change


Credit quality

Nonaccrual loans


$    100,428

$    106,179

(5) %

$    112,999

$    134,808

$    123,260

(19) %

Other real estate owned (OREO)


28,016

29,268

(4) %

34,287

23,475

20,217

39 %

Repossessed assets


757

789

(4) %

882

688

687

10 %

Total nonperforming assets


$    129,201

$    136,236

(5) %

$    148,169

$    158,971

$    144,164

(10) %

Accruing loans past due 90 days or more(a)


$        2,814

$        2,692

5 %

$      14,160

$        3,036

$        3,189

(12) %

Allowance for credit losses on loans to total loans


1.35 %

1.34 %

1.35 %

1.34 %

1.35 %

Allowance for credit losses on loans to nonaccrual loans


417.56 %

390.49 %

364.42 %

301.63 %

326.40 %

Nonaccrual loans to total loans


0.32 %

0.34 %

0.37 %

0.44 %

0.41 %

Nonperforming assets to total loans plus OREO and repossessed assets


0.41 %

0.44 %

0.48 %

0.52 %

0.48 %

Nonperforming assets to total assets


0.29 %

0.31 %

0.34 %

0.37 %

0.34 %

 

Associated Banc-Corp
Selected Asset Quality Information (continued)

(Dollars in thousands)


Dec 31, 2025

Sep 30, 2025

Seql Qtr %
Change

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Comp Qtr %
Change


Nonaccrual loans

Commercial and industrial


$           7,178

$         12,802

(44) %

$           6,945

$         12,898

$         19,084

(62) %

Commercial real estate—owner occupied


203

203

— %

—

1,501

1,501

(86) %

Commercial and business lending


7,381

13,006

(43) %

6,945

14,399

20,585

(64) %

Commercial real estate—investor


8,311

7,333

13 %

15,805

31,689

16,705

(50) %

Real estate construction


144

145

(1) %

146

125

30

N/M

Commercial real estate lending


8,455

7,478

13 %

15,950

31,814

16,735

(49) %

Total commercial


15,836

20,484

(23) %

22,895

46,213

37,320

(58) %

Residential mortgage


68,492

69,093

(1) %

73,817

72,455

70,038

(2) %

Auto finance


8,271

8,218

1 %

8,004

7,692

7,402

12 %

Home equity


7,774

8,299

(6) %

8,201

8,275

8,378

(7) %

Other consumer


55

85

(35) %

82

173

122

(55) %

Total consumer


84,592

85,696

(1) %

90,104

88,595

85,941

(2) %

Total nonaccrual loans


$       100,428

$       106,179

(5) %

$       112,999

$       134,808

$       123,260

(19) %

(Dollars in thousands)


Dec 31, 2025

Sep 30, 2025

Seql Qtr %
Change

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Comp Qtr %
Change


Accruing loans 30-89 days past due

Commercial and industrial


$           2,683

$           1,071

151 %

$           2,593

$           7,740

$           1,260

113 %

Commercial real estate—owner occupied


34

—

N/M

5,628

1,156

1,634

(98) %

Commercial and business lending


2,717

1,071

154 %

8,221

8,896

2,893

(6) %

Commercial real estate—investor


19,405

14,190

37 %

1,042

2,463

36,391

(47) %

Real estate construction


117

21

N/M

90

—

21

N/M

Commercial real estate lending


19,522

14,211

37 %

1,132

2,463

36,412

(46) %

Total commercial


22,239

15,282

46 %

9,353

11,360

39,305

(43) %

Residential mortgage


13,135

12,684

4 %

8,744

13,568

14,892

(12) %

Auto finance


16,445

14,013

17 %

13,149

12,522

14,850

11 %

Home equity


3,779

4,265

(11) %

4,338

3,606

4,625

(18) %

Other consumer(a)


2,704

2,728

(1) %

2,578

2,381

3,128

(14) %

Total consumer


36,063

33,689

7 %

28,810

32,076

37,496

(4) %

Total accruing loans 30-89 days past due


$         58,302

$         48,971

19 %

$         38,163

$         43,435

$         76,801

(24) %

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


Dec 2025

YTD

Dec 2024


4Q25

3Q25

2Q25

1Q25

4Q24


Per common share data

Dividends


$      0.93

$      0.89


$      0.24

$      0.23

$      0.23

$      0.23

$      0.23

Market value:

High


27.14

28.14


27.14

27.01

24.56

25.63

28.14

Low


18.91

19.73


24.11

23.78

18.91

21.06

20.64

Close


25.76

25.71

24.39

22.53

23.90

Book value / share(a)


28.81

28.17

27.67

27.09

26.55

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


22.01

21.36

20.84

20.25

19.71


Selected trend information

Net interest margin(c)


3.03 %

2.78 %


3.06 %

3.04 %

3.04 %

2.97 %

2.81 %

Effective tax rate


17.85 %

8.41 %


15.82 %

19.16 %

20.34 %

16.03 %

N/M

Noninterest expense / average assets(c)


1.96 %

1.98 %


1.96 %

1.95 %

1.93 %

2.00 %

2.12 %

Dividend payout ratio(d)


33.33 %

121.92 %


29.63 %

31.51 %

35.38 %

38.33 %

N/M

Loans / deposits ratio


87.65 %

88.73 %

89.63 %

86.07 %

85.92 %

Assets under management, at market value(e)


$   16,132

$   16,178

$   15,537

$   14,685

$   14,773

Common shares repurchased during period(f)


900

900


—

—

—

900

—

Common shares outstanding, end of period


165,980

165,904

165,778

165,807

166,178


Risk-based capital(g)(h)

Total risk-weighted assets


$  35,125,680

$  34,688,358

$  34,241,408

$  33,800,823

$  33,950,173

Common equity Tier 1(i)


$    3,683,711

$    3,584,712

$    3,493,316

$    3,417,432

$    3,396,836

Common equity Tier 1 capital ratio(i)


10.49 %

10.33 %

10.20 %

10.11 %

10.01 %

Tier 1 capital ratio


11.04 %

10.89 %

10.77 %

10.68 %

10.58 %

Total capital ratio


13.08 %

12.94 %

12.83 %

12.75 %

12.61 %

Tier 1 leverage ratio


8.96 %

8.81 %

8.72 %

8.69 %

8.73 %


Selected equity and performance ratios

Stockholders’ equity / assets ratio


11.01 %

10.95 %

10.87 %

10.82 %

10.70 %

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


8.29 %

8.18 %

8.06 %

7.96 %

7.82 %

Average stockholders’ equity / average assets


10.94 %

10.41 %


11.05 %

10.95 %

10.90 %

10.86 %

10.76 %

Return on average equity(c)


9.95 %

2.86 %


11.09 %

10.26 %

9.43 %

8.91 %

(14.20) %

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


13.63 %

3.99 %


15.04 %

14.02 %

12.96 %

12.34 %

(20.27) %

Return on average assets(c)


1.09 %

0.30 %


1.23 %

1.12 %

1.03 %

0.97 %

(1.53) %

Return on average tangible assets(b)(c)


1.13 %

0.32 %


1.27 %

1.17 %

1.07 %

1.01 %

(1.55) %


Efficiency ratios (expense / revenue)

Fully tax-equivalent efficiency ratio


56.29 %

67.64 %


55.21 %

54.77 %

55.81 %

59.72 %

103.11 %

Adjusted efficiency ratio(b)


56.01 %

59.34 %


55.15 %

54.77 %

55.81 %

58.55 %

60.10 %

N/M = Not meaningful

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)

December 31, 2025 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)


Dec 2025

Dec 2024


4Q25

3Q25

2Q25

1Q25

4Q24


Tangible common equity reconciliation

Common equity


$  4,781,235

$ 4,674,186

$ 4,586,669

$ 4,492,446

$ 4,411,450

Less: Goodwill and other intangible assets, net


1,127,842

1,130,044

1,132,247

1,134,450

1,136,653

Tangible common equity for TBV / share and TCE Ratio


$  3,653,393

$ 3,544,142

$ 3,454,422

$ 3,357,996

$ 3,274,797


Tangible assets reconciliation

Total assets


$  45,202,596

$  44,455,863

$  43,993,729

$  43,309,136

$  43,023,068

Less: Goodwill and other intangible assets, net


1,127,842

1,130,044

1,132,247

1,134,450

1,136,653

Tangible assets for TCE Ratio


$  44,074,754

$  43,325,819

$  42,861,482

$  42,174,686

$  41,886,415


Average tangible common equity reconciliation

Average common equity


$              4,579,765

$              4,108,251


$  4,713,445

$   4,627,038

$ 4,538,549

$ 4,436,467

$ 4,334,230

Less: Average goodwill and other intangible assets, net


1,132,392

1,141,198


1,129,055

1,131,385

1,133,627

1,135,584

1,137,826

Average tangible common equity for ROATCE


3,447,373

2,967,052


3,584,390

3,495,653

3,404,922

3,300,883

3,196,404


Average tangible assets reconciliation

Average total assets


$  43,623,112

$  41,333,853


$  44,402,771

$  44,015,203

$  43,420,063

$  42,630,627

$  42,071,562

Less: Average goodwill and other intangible assets, net


1,132,392

1,141,198


1,129,055

1,131,385

1,133,627

1,135,584

1,137,826

Average tangible assets for return on average tangible assets


$  42,490,720

$  40,192,655


$  43,273,716

$  42,883,818

$  42,286,436

$  41,495,043

$  40,933,736


Adjusted net income (loss) reconciliation

Net income (loss)


$   474,777

$   123,145


$   137,129

$   124,732

$   111,230

$   101,687

$ (161,615)

Other intangible amortization, net of tax


6,608

6,608


1,652

1,652

1,652

1,652

1,652

Adjusted net income (loss) for return on average tangible assets


$   481,385

$   129,753


$   138,781

$   126,384

$   112,882

$   103,339

$ (159,963)


Adjusted net income (loss) available to common equity reconciliation

Net income (loss) available to common equity


$   463,277

$   111,645


$   134,254

$   121,857

$   108,355

$    98,812

$ (164,490)

Other intangible amortization, net of tax


6,608

6,608


1,652

1,652

1,652

1,652

1,652

Adjusted net income (loss) available to common equity for ROATCE


$   469,885

$   118,253


$   135,906

$   123,509

$   110,007

$   100,464

$ (162,838)


Pre-tax pre-provision income (loss)

Income (loss) before income taxes


$   577,910

$   134,459


$   162,901

$   154,286

$   139,629

$   121,095

$ (177,752)

Provision for credit losses


53,996

84,986


6,998

16,000

17,996

13,003

16,986

Pre-tax pre-provision income (loss)


$   631,906

$   219,444


$   169,899

$   170,286

$   157,625

$   134,098

$ (160,766)


Period end core customer deposits reconciliation

Total deposits


$  35,552,608

$  34,881,853

$  34,147,565

$  35,196,713

$  34,648,434

Less: Network transaction deposits


2,154,995

2,013,964

1,792,362

1,882,930

1,758,388

Less: Brokered CDs


3,795,133

3,956,517

4,072,048

4,197,512

4,276,309

Core customer deposits


$  29,602,480

$  28,911,371

$  28,283,155

$  29,116,271

$  28,613,737


Average core customer deposits reconciliation

Average total deposits


$  34,844,671

$  33,391,095


$  35,628,917

$  34,705,887

$  34,203,201

$  34,833,464

$  34,337,468

Less: Average network transaction deposits


1,929,731

1,645,695


2,090,587

1,933,659

1,843,998

1,847,972

1,690,745

Less: Average brokered CDs


4,078,557

4,240,621


3,998,012

3,916,329

4,089,844

4,315,311

4,514,841

Average core customer deposits


$  28,836,383

$  27,504,780


$  29,540,318

$  28,855,899

$  28,269,359

$  28,670,181

$  28,131,882


Total expense for efficiency ratios reconciliation(a)

Noninterest expense


$    855,639

$    818,397


$    219,466

$    216,202

$    209,352

$    210,619

$    224,282

Less: Other intangible amortization


8,811

8,811


2,203

2,203

2,203

2,203

2,203

Total expense for fully tax-equivalent efficiency ratio


846,828

809,586


217,263

213,999

207,149

208,416

222,080

Less: FDIC special assessment


—

7,696


—

—

—

—

—

Less: Announced initiatives(b)


—

14,243


—

—

—

—

14,243

Less: Acquisition costs(c)


252

—


252

—

—

—

—

Total expense for adjusted efficiency ratio


$    846,576

$    787,647


$    217,011

$    213,999

$    207,149

$    208,416

$    207,836


Total revenue for efficiency ratios reconciliation(a)

Net interest income


$  1,201,145

$  1,047,248


$    309,981

$    305,222

$    300,000

$    285,941

$    270,289

Noninterest income (loss)


286,400

(9,407)


79,384

81,265

66,977

58,776

(206,772)

Less: Investment securities gains (losses), net


49

(144,147)


37

1

7

4

(148,194)

Fully tax-equivalent adjustment


16,899

14,919


4,196

4,222

4,228

4,254

3,680

Total revenue for fully tax-equivalent efficiency ratio


1,504,395

1,196,907


393,524

390,708

371,198

348,968

215,390

Less: Announced initiatives(b)


(6,976)

(130,406)


—

—

—

(6,976)

(130,406)

Total revenue for adjusted efficiency ratio


$  1,511,371

$  1,327,313


$    393,524

$    390,708

$    371,198

$    355,943

$    345,795

Numbers may not recalculate due to rounding conventions.

(a)

Prior periods have been adjusted to conform with current period presentation.

(b)

Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio.

(c)

During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. These costs, incurred in connection with the proposed acquisition, represent nonrecurring costs.

 

Nonrecurring Items Noninterest Income Reconciliation


YTD

YTD

(Dollars in thousands)


Dec 2025

Dec 2024

4Q24

GAAP noninterest income (loss)


$               286,400

$                 (9,407)

$             (206,772)

Less: Loss on mortgage portfolio sale(a)


(6,976)

(130,406)

(130,406)

Less: Net loss on sale of investments(a)


—

(148,183)

(148,183)

Noninterest income, excluding nonrecurring items


$               293,376

$               269,182

$                 71,816

 

2020 Non-GAAP Financial Measures Reconciliation(b)


YTD   

(Dollars in thousands)


2020


Adjusted net income available to common equity reconciliation

Net income available to common equity


$             288,413

Other intangible amortization, net of tax


7,644

Adjusted net income available to common equity for ROATCE


$             296,057


Average tangible common equity reconciliation

Average common equity


$           3,633,259

Less: Average goodwill and other intangible assets, net


1,227,561

Average tangible common equity for ROATCE


$           2,405,698

Return on average tangible common equity (ROATCE)


12.31 %


Total expense for efficiency ratios reconciliation

Noninterest expense


$            776,034

Less: Other intangible amortization


10,192

Total expense for fully tax-equivalent efficiency ratio


765,842

Less: Announced initiatives(c)


59,917

Less: Acquisition costs(d)


2,447

Total expense for adjusted efficiency ratio


$            703,478


Total revenue for efficiency ratios reconciliation

Net interest income


$            762,957

Noninterest income


514,056

Less: Investment securities gains (losses), net


9,222

Fully tax-equivalent adjustment


15,959

Total revenue for fully tax-equivalent efficiency ratio


1,283,750

Less: Announced initiatives(e)


170,736

Total revenue for adjusted efficiency ratio


$          1,113,014

Fully tax-equivalent efficiency ratio


59.66 %

Adjusted efficiency ratio


63.20 %

Numbers may not recalculate due to rounding conventions.

(a)

These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024.

(b)

Prior periods have been adjusted to conform with current period presentation.

(c)

2020 announced initiatives impacting noninterest expense consisted of cost saving efforts that were executed during the third quarter of 2020. These initiatives included a $44.7 million loss on prepayment of FHLB advances, $9.6 million in severance, and $5.6 million in write-downs related to branch sales and lease breakage related to announced branch consolidations.

(d)

During the first quarter of 2020, the Corporation finalized the acquisition of First Staunton. These costs, incurred in connection with the acquisition, represent nonrecurring costs.

(e)

2020 announced initiatives impacting noninterest income consisted of a $163.3 million asset gain related to the sale of ABRC (Associated Benefits and Risk Consulting, the Corporation’s insurance division) which was sold in June 2020, as well as a gain on sale of branches totalling $7.4 million, which occurred in the fourth quarter of 2020.

 


Investor Contact:

Ben McCarville, Senior Vice President, Director of Investor Relations     
920-491-7059


Media Contact:

Andrea Kozek, Vice President, Public Relations Senior Manager
920-491-7518

Cision View original content:https://www.prnewswire.com/news-releases/associated-banc-corp-delivers-record-annual-net-income-available-to-common-equity-of-463-million-in-2025-302668513.html

SOURCE Associated Banc-Corp