Associated Banc-Corp Delivers Record Annual Net Income Available to Common Equity of $463 Million in 2025
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, | September 30, | Sequential | June 30, | March 31, | December 31, | Comparable |
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 | Percentage | December | December | Dollar | Percentage |
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 | |||||||
(Dollars and shares in thousands, except per share data) | Sequential Quarter | ||||||
4Q25 | 3Q25 | Dollar | Percentage | 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 / | Average | Average Balance | Interest Income / | Average | Average Balance | Interest Income / | Average |
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 | Average Balance | Interest Income /Expense | Average |
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 % | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % |
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 % | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % |
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 % | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % |
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 % | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % |
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 % | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % |
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 | |||||||
(Dollars in thousands) | Dec 31, 2025 | Sep 30, 2025 | Seql Qtr % | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % |
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 % | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Comp Qtr % |
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
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SOURCE Associated Banc-Corp