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
2025 2025 Quarter 2025 2025 2024 Quarter
Change 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 Comparable Quarter Year to Date (YTD) Comparable YTD
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data) 4Q25 4Q24 Dollar Percentage December December Dollar Percentage
Change Change 2025 2024 Change 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 Percentage 2Q25 1Q25 4Q24
Change Change
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 Interest Average Average Interest Average Average Interest Average
Yield / Yield / Yield /
Balance Income / Rate Balance Income / Rate Balance Income / Rate
Expense Expense Expense
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 Interest Average Average Interest Average
Yield / Yield /
Rate Rate
Balance Income /Expense Balance Income
/Expense
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 %
Change 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
% Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Comp Qtr %
Change 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
% Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Comp Qtr %
Change 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
% Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Comp Qtr %
Change 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 Jun 30, 2025 Mar 31, 2025 Dec 31,
% 2024 Comp Qtr %
Change 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 Jun 30, 2025 Mar 31, 2025 Dec 31,
% 2024 Comp Qtr %
Change 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 Jun 30, 2025 Mar 31, 2025 Dec 31,
% 2024 Comp Qtr %
Change 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
% Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Comp Qtr %
Change 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
% Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Comp Qtr %
Change 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 YTD 4Q25 3Q25 2Q25 1Q25 4Q24
Dec 2025 Dec 2024
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 YTD
YTD
Non-GAAP Financial Measures Reconciliation
(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
