Results fueled by deposit growth, margin expansion, enhanced profitability, and improving return profile.
GREEN BAY, Wis., Oct. 22, 2026 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $144 million, or $0.76 per common share, for the quarter ended September 30, 2026. These amounts compare to earnings of $121 million, or $0.63 per common share, for the quarter ended June 30, 2026 and earnings of $122 million, or $0.73 per common share, for the quarter ended September 30, 2025.
The Company's results for the quarter ended September 30, 2026 were impacted by several nonrecurring expenses associated with the acquisition of American National Corporation that closed on April 1, 2026. Excluding the impact of these nonrecurring items, the Company reported adjusted earnings of $154 million, or $0.81 per common share1.
"Across the Company, we remain focused on attracting and deepening relationships to drive sustainable organic growth, enhance our profitability and improve our return profile," said President & CEO Andy Harmening. "In the third quarter, we maintained our momentum with strong core customer deposit1 growth, net interest margin expansion, fee income growth, and a strong bottom line--all of which gave us the confidence to execute $100 million in share repurchases during the quarter. We also recently completed the conversion of American National Corporation, giving us another lever to drive organic growth in attractive markets like Omaha and the Twin Cities.
"Our Company is on an upward trajectory, and our leadership team is currently finalizing plans for the next wave of strategic initiatives to sustain our momentum into 2027 and beyond. We look forward to sharing additional information in the coming months."
Third Quarter 2026 Highlights
- Period end total loans of $36.5 billion (+0.1% vs. 2Q 2026; +18% vs. 3Q 2025)
- Period end commercial & industrial loans of $13.8 billion (+0.4% vs. 2Q 2026; +19% vs. 3Q 2025)
- Period end total deposits of $40.4 billion (+1% vs. 2Q 2026; +16% vs. 3Q 2025)
- Period end core customer deposits1 of $34.8 billion (+2% vs. 2Q 2026; +21% vs. 3Q 2025)
- Net interest income of $377 million (+2% vs. 2Q 2026; +24% vs. 3Q 2025)
- Net interest margin of 3.20%
- Noninterest income of $87 million
- Noninterest expense of $260 million
- Provision for credit losses of $14 million
- Allowance for credit losses on loans / total loans of 1.34%
- Net charge offs / average loans (annualized) of 0.19%
- Repurchased $100 million (3.2 million shares) of ASB common stock at a weighted avg. share price of $30.88
(1) This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Loans
Third quarter 2026 average total loans of $36.2 billion increased 1%, or $327 million, from the prior quarter and increased 18%, or $5.4 billion, from the same period last year. With respect to third quarter 2026 average balances by loan category:
- Commercial and business lending increased $227 million from the prior quarter and increased $2.5 billion from the same period last year to $15.0 billion.
- Commercial real estate lending increased $161 million from the prior quarter and increased $1.8 billion from the same period last year to $9.1 billion.
- Consumer lending decreased $61 million from the prior quarter and increased $1.1 billion from the same period last year to $12.1 billion.
Third quarter 2026 period end total loans of $36.5 billion increased $53 million from the prior quarter and increased 18%, or $5.6 billion, from the same period last year. With respect to third quarter 2026 period end balances by loan category:
- Commercial and business lending increased $80 million from the prior quarter and increased $2.7 billion from the same period last year to $15.4 billion.
- Commercial real estate lending increased $57 million from the prior quarter and increased $1.8 billion from the same period last year to $9.1 billion.
- Consumer lending decreased $85 million from the prior quarter and increased $1.1 billion from the same period last year to $12.0 billion.
We continue to expect 2026 period end loan growth of 18% to 20% as compared to Associated's standalone results for the year ended December 31, 2025.
Deposits
Third quarter 2026 average deposits of $41.0 billion increased 1%, or $584 million, from the prior quarter and increased 18%, or $6.3 billion, from the same period last year. With respect to third quarter 2026 average balances by deposit category:
- Noninterest-bearing demand deposits increased $309 million from the prior quarter and increased $1.6 billion from the same period last year to $7.4 billion.
- Savings increased $141 million from the prior quarter and increased $850 million from the same period last year to $6.2 billion.
- Interest-bearing demand deposits increased $315 million from the prior quarter and increased $1.1 billion from the same period last year to $9.0 billion.
- Money market deposits decreased $23 million from the prior quarter and increased $1.8 billion from the same period last year to $7.6 billion.
- Brokered CDs decreased $165 million from the prior quarter and increased $4 million from the same period last year to $3.9 billion.
- Other time deposits increased $17 million from the prior quarter and increased $1.0 billion from the same period last year to $5.0 billion.
- Network transaction deposits decreased $11 million from the prior quarter and decreased $65 million from the same period last year to $1.9 billion.
- Core customer deposits1 increased $760 million from the prior quarter and increased $6.3 billion from the same period last year to $35.2 billion.
Third quarter 2026 period end deposits of $40.4 billion increased 1%, or $450 million, from the prior quarter and increased 16%, or $5.5 billion, from the same period last year. With respect to third quarter 2026 period end balances by deposit category:
- Noninterest-bearing demand deposits increased $6 million from the prior quarter and increased $1.0 billion from the same period last year to $6.9 billion.
- Savings increased $44 million from the prior quarter and increased $835 million from the same period last year to $6.2 billion.
- Interest-bearing demand deposits increased $398 million from the prior quarter and increased $1.3 billion from the same period last year to $9.1 billion.
- Money market deposits increased $41 million from the prior quarter and increased $1.9 billion from the same period last year to $7.7 billion.
- Brokered CDs decreased $144 million from the prior quarter and decreased $166 million from the same period last year to $3.8 billion.
- Other time deposits increased $181 million from the prior quarter and increased $917 million from the same period last year to $5.0 billion.
- Network transaction deposits decreased $78 million from the prior quarter and decreased $269 million from the same period last year to $1.7 billion.
- Core customer deposits1 increased $671 million from the prior quarter and increased $5.9 billion from the same period last year to $34.8 billion.
(1) This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
We continue to expect 2026 period end total deposit growth of 17% to 19% and period end core customer deposit growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.
Net Interest Income and Net Interest Margin
Third quarter 2026 net interest income of $377 million increased $7 million from the prior quarter and increased $72 million from the same period last year. The net interest margin of 3.20% was a 3 basis point increase from the prior quarter and a 16 basis point increase from the same period last year.
- The average yield on total loans for the third quarter of 2026 remained flat from the prior quarter and decreased 22 basis points from the same period last year to 5.67%.
- The average cost of total interest-bearing liabilities for the third quarter of 2026 increased 1 basis point from the prior quarter and decreased 36 basis points from the same period last year to 2.67%.
- The net free funds benefit for the third quarter of 2026 increased 1 basis point from the prior quarter and decreased 4 basis points from the same period last year to 0.53%.
We continue to expect 2026 net interest income growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.
Noninterest Income
Third quarter 2026 total noninterest income of $87 million increased $7 million from the prior quarter and increased $6 million from the same period last year. With respect to third quarter 2026 noninterest income line items:
- Wealth management fees decreased slightly from the prior quarter and increased $1 million from the same period last year.
- Service charges and deposit account fees increased $1 million from the prior quarter and increased $3 million from the same period last year.
- Card-based fees increased slightly from the prior quarter and increased $2 million from the same period last year.
- Capital markets, net increased $3 million from the prior quarter and decreased slightly from the same period last year.
- Mortgage banking, net decreased $1 million from the prior quarter and decreased $2 million from the same period last year.
- Asset gains, net increased $2 million from the prior quarter and decreased $1 million from the same period last year.
We now expect total noninterest income growth of 12% to 14% in 2026 as compared to Associated's standalone results for the year ended December 31, 2025.
Noninterest Expense
Third quarter 2026 total noninterest expense of $260 million decreased $12 million from the prior quarter and increased $44 million from the same period last year. Third quarter 2026 total noninterest expense included $13 million of nonrecurring costs associated with the acquisition of American National Corporation, which closed on April 1, 2026. With respect to third quarter 2026 noninterest expense line items:
- Personnel expense decreased $7 million from the prior quarter and increased $18 million from the same period last year.
- Technology expense increased $10 million from the prior quarter and increased $14 million from the same period last year.
- Legal and professional expense decreased $8 million from the prior quarter and increased $4 million from the same period last year.
- Other intangible amortization remained flat from the prior quarter and increased $5 million from the same period last year.
- Other noninterest expense decreased $10 million from the prior quarter and decreased $4 million from the same period last year.
We now expect 2026 noninterest expense growth of 19% to 20% as compared to Associated's standalone results for the year ended December 31, 2025. This figure includes nonrecurring costs incurred in connection with the acquisition of American National Corporation.
Taxes
Third quarter 2026 income tax expense was $43 million, compared to $36 million of income tax expense in the prior quarter and $30 million of income tax expense in the same period last year. The effective tax rate for the third quarter of 2026 was 22.86%, compared to 22.37% in the prior quarter and 19.16% in the same period last year.
We now expect the annual effective tax rate to be between 20% and 22% in 2026.
Credit
Third quarter 2026 provision for credit losses on loans was $14 million, compared to a provision of $19 million in the prior quarter and a provision of $16 million in the same period last year. With respect to third quarter 2026 credit quality:
- Nonaccrual loans of $183 million increased $33 million from the prior quarter and increased $77 million from the same period last year. The nonaccrual loans to total loans ratio was 0.50% in the third quarter, up from 0.41% in the prior quarter and up from 0.34% in the same period last year.
- Third quarter 2026 net charge offs of $18 million decreased compared to net charge offs of $23 million in the prior quarter and increased compared to net charge offs of $13 million in the same period last year.
- The allowance for credit losses on loans (ACLL) of $491 million decreased $4 million compared to the prior quarter and increased $76 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the third quarter, down from 1.36% in the prior quarter and flat vs. 1.34% in the same period last year.
In 2026, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.
Capital
During the third quarter of 2026, the Company repurchased $100 million (3.2 million shares) of common stock at a weighted average share price of $30.88. The Company's capital position remains strong, with a CET1 capital ratio of 10.38% at September 30, 2026. The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis.
THIRD QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October 22, 2026. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp third quarter 2026 earnings call. The third quarter 2026 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $51 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and Nebraska. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD-LOOKING STATEMENTS
Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "intend," "target," "outlook," "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.
NON-GAAP FINANCIAL MEASURES
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
Associated Banc-Corp
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands) September 30, June 30, Sequential March 31, December 31, September 30, Comparable
2026 2026 Quarter 2026 2025 2025 Quarter
Change Change
Assets
Cash and due from banks $644,519 $548,057 $96,462 $465,318 $574,698 $490,431 $154,088
Interest-bearing deposits in other financial 982,850 1,268,379 (285,529) 920,684 1,144,123 802,251 180,599
institutions
Federal funds sold and securities purchased under 100 14,355 (14,255) 175 1,400 90 10
agreements to resell
Available for sale (AFS) investment securities, net, 6,198,828 6,366,586 (167,758) 5,514,456 5,397,563 5,217,278 981,550
at fair value
Held to maturity (HTM) investment securities, net, 3,462,166 3,510,726 (48,560) 3,570,843 3,602,519 3,636,080 (173,914)
at amortized cost
Equity securities 30,043 29,960 83 26,109 26,060 26,000 4,043
Regulatory stocks, at cost 304,330 329,436 (25,106) 290,189 252,514 251,642 52,688
Residential loans held for sale 66,770 94,490 (27,720) 87,461 72,499 74,563 (7,793)
Commercial loans held for sale 15,000 (15,000)
Loans 36,519,871 36,467,040 52,831 31,798,164 31,163,614 30,951,964 5,567,907
Allowance for loan losses (441,124) (443,729) 2,605 (385,756) (378,068) (378,341) (62,783)
Loans, net 36,078,747 36,023,311 55,436 31,412,408 30,785,546 30,573,623 5,505,124
Tax credit and other investments 242,894 235,536 7,358 230,954 236,657 245,239 (2,345)
Premises and equipment, net 447,112 449,003 (1,891) 376,760 381,624 384,139 62,973
Bank and corporate owned life insurance 717,175 717,116 59 694,765 694,452 693,511 23,664
Goodwill 1,147,081 1,147,081 1,104,992 1,104,992 1,104,992 42,089
Other intangible assets, net 110,059 116,953 (6,894) 20,647 22,849 25,052 85,007
Mortgage servicing rights, net 94,919 87,683 7,236 87,599 86,337 85,063 9,856
Interest receivable 183,595 181,916 1,679 161,021 161,118 168,451 15,144
Other assets 688,664 676,918 11,746 629,359 657,645 677,458 11,206
Total assets $51,399,852 $51,812,506 $(412,654) $45,593,740 $45,202,596 $44,455,863 $6,943,989
Liabilities and stockholders' equity
Noninterest-bearing demand deposits $6,914,688 $6,908,338 $6,350 $6,125,067 $6,126,632 $5,906,251 $1,008,437
Interest-bearing deposits 33,466,262 33,022,917 443,345 29,606,698 29,425,976 28,975,602 4,490,660
Total deposits 40,380,950 39,931,255 449,695 35,731,765 35,552,608 34,881,853 5,499,097
Federal funds purchased and securities sold under 266,329 529,276 (262,947) 395,652 307,864 399,665 (133,336)
agreements to repurchase
FHLB advances 3,961,112 4,574,681 (613,569) 3,421,762 3,268,094 3,220,679 740,433
Senior and subordinated debt 589,168 591,080 (1,912) 592,629 594,276 594,074 (4,906)
Allowance for unfunded commitments 49,744 50,744 (1,000) 39,276 41,276 36,276 13,468
Accrued expenses and other liabilities 676,917 497,347 179,570 414,784 463,131 455,019 221,898
Total liabilities 45,924,220 46,174,383 (250,163) 40,595,868 40,227,249 39,587,565 6,336,655
Stockholders' equity
Preferred equity 194,112 194,112 194,112 194,112 194,112
Common equity 5,281,520 5,444,011 (162,491) 4,803,760 4,781,235 4,674,186 607,334
Total stockholders' equity 5,475,632 5,638,123 (162,491) 4,997,872 4,975,347 4,868,298 607,334
Total liabilities and stockholders' equity $51,399,852 $51,812,506 $(412,654) $45,593,740 $45,202,596 $44,455,863 $6,943,989
Numbers may not recalculate due to rounding conventions.
Associated Banc-Corp Comparable Quarter Year to Date (YTD) Comparable YTD
Consolidated Statements of Income (Unaudited)
(Dollars and shares in thousands, except per share data) 3Q26 3Q25 Dollar Percentage September September Dollar Percentage
Change Change 2026 2025 Change Change
Interest income
Interest and fees on loans $516,411 $455,623 $60,788 13 % $1,449,927 $1,336,703 $113,224 8 %
Interest and dividends on investment securities
Taxable 87,551 73,727 13,824 19 % 251,574 214,689 36,885 17 %
Tax-exempt 13,510 13,888 (378) (3) % 40,972 41,746 (774) (2) %
Other interest 16,109 13,353 2,756 21 % 42,444 35,274 7,170 20 %
Total interest income 633,581 556,591 76,990 14 % 1,784,917 1,628,412 156,505 10 %
Interest expense
Interest on deposits 208,601 202,344 6,257 3 % 587,639 609,139 (21,500) (4) %
Interest on federal funds purchased and securities sold 3,008 2,107 901 43 % 10,826 7,733 3,093 40 %
under agreements to repurchase
Interest on FHLB advances 34,138 35,965 (1,827) (5) % 100,760 86,944 13,816 16 %
Interest on senior and subordinated debt 10,231 10,741 (510) (5) % 30,556 32,526 (1,970) (6) %
Interest on other interest-bearing liabilities 352 212 140 66 % 657 907 (250) (28) %
Total interest expense 256,330 251,369 4,961 2 % 730,438 737,250 (6,812) (1) %
Net interest income 377,251 305,222 72,029 24 % 1,054,479 891,163 163,316 18 %
Provision for credit losses 14,005 16,000 (1,995) (12) % 44,394 46,999 (2,605) (6) %
Net interest income after provision for credit losses 363,246 289,223 74,023 26 % 1,010,085 844,164 165,921 20 %
Noninterest income
Wealth management fees 26,161 25,315 846 3 % 77,596 70,837 6,759 10 %
Service charges and deposit account fees 16,793 13,861 2,932 21 % 46,709 39,822 6,887 17 %
Card-based fees 14,549 12,308 2,241 18 % 40,289 33,950 6,339 19 %
Other fee-based revenue 6,630 5,414 1,216 22 % 17,250 15,659 1,591 10 %
Capital markets, net 10,702 10,764 (62) (1) % 24,720 20,873 3,847 18 %
Mortgage banking, net 1,765 3,541 (1,776) (50) % 10,653 11,577 (924) (8) %
Loss on mortgage portfolio sale - - % (6,976) 6,976 (100) %
Bank and corporate owned life insurance 4,691 4,051 640 16 % 13,122 13,391 (269) (2) %
Asset gains, net 2,676 3,340 (664) (20) % 4,305 727 3,578 492 %
Investment securities (losses) gains, net (46) 1 (47) N/M (40) 13 (53) (408) %
Other 3,210 2,670 540 20 % 8,783 7,147 1,636 23 %
Total noninterest income 87,131 81,265 5,866 7 % 243,387 207,019 36,368 18 %
Noninterest expense
Personnel 153,714 135,703 18,011 13 % 450,054 386,593 63,461 16 %
Technology 42,725 28,590 14,135 49 % 105,328 82,237 23,091 28 %
Occupancy 15,552 12,757 2,795 22 % 43,369 40,782 2,587 6 %
Business development and advertising 9,477 8,362 1,115 13 % 25,851 22,496 3,355 15 %
Equipment 5,480 4,368 1,112 25 % 16,514 13,389 3,125 23 %
Legal and professional 9,053 5,232 3,821 73 % 33,228 17,989 15,239 85 %
Loan and foreclosure costs 2,039 1,638 401 24 % 5,298 6,937 (1,639) (24) %
FDIC assessment 11,802 9,980 1,822 18 % 31,234 30,124 1,110 4 %
Other intangible amortization 6,894 2,203 4,691 213 % 15,990 6,608 9,382 142 %
Other 3,606 7,369 (3,763) (51) % 24,520 29,017 (4,497) (15) %
Total noninterest expense 260,342 216,202 44,140 20 % 751,386 636,173 115,213 18 %
Income before income taxes 190,035 154,286 35,749 23 % 502,086 415,010 87,076 21 %
Income tax expense 43,449 29,554 13,895 47 % 112,301 77,362 34,939 45 %
Net income 146,586 124,732 21,854 18 % 389,785 337,648 52,137 15 %
Preferred stock dividends 2,875 2,875 - % 8,625 8,625 - %
Net income available to common equity $143,711 $121,857 $21,854 18 % $381,160 $329,023 $52,137 16 %
Pre-tax pre-provision income(a) 204,040 170,286 33,754 20 % 546,480 462,009 84,471 18 %
Earnings per common share
Basic $0.77 $0.73 $0.04 5 % $2.11 $1.98 $0.13 7 %
Diluted $0.76 $0.73 $0.03 4 % $2.09 $1.96 $0.13 7 %
Average common shares outstanding
Basic 186,685 165,029 21,656 13 % 180,034 165,064 14,970 9 %
Diluted 188,500 166,703 21,797 13 % 181,782 166,645 15,137 9 %
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
Prior periods have been adjusted to conform with current period presentation.
(a) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
Associated Banc-Corp
Consolidated Statements of Income (Unaudited) - Quarterly Trend
(Dollars and shares in thousands, except per share data) Sequential Quarter
3Q26 2Q26 Dollar Percentage 1Q26 4Q25 3Q25
Change Change
Interest income
Interest and fees on loans $516,411 $506,528 $9,883 2 % $426,989 $445,687 $455,623
Interest and dividends on investment securities
Taxable 87,551 88,347 (796) (1) % 75,676 73,511 73,727
Tax-exempt 13,510 13,725 (215) (2) % 13,738 13,851 13,888
Other interest 16,109 14,694 1,415 10 % 11,641 11,294 13,353
Total interest income 633,581 623,294 10,287 2 % 528,044 544,343 556,591
Interest expense
Interest on deposits 208,601 203,765 4,836 2 % 175,273 194,778 202,344
Interest on federal funds purchased and securities sold under agreements 3,008 4,085 (1,077) (26) % 3,732 2,682 2,107
to repurchase
Interest on FHLB advances 34,138 35,052 (914) (3) % 31,570 26,309 35,965
Interest on senior and subordinated debt 10,231 10,163 68 1 % 10,163 10,483 10,741
Interest on other interest-bearing liabilities 352 190 162 85 % 116 110 212
Total interest expense 256,330 253,255 3,075 1 % 220,854 234,362 251,369
Net interest income 377,251 370,039 7,212 2 % 307,190 309,981 305,222
Provision for credit losses 14,005 19,388 (5,383) (28) % 11,001 6,998 16,000
Net interest income after provision for credit losses 363,246 350,651 12,595 4 % 296,189 302,983 289,223
Noninterest income
Wealth management fees 26,161 26,217 (56) - % 25,219 25,742 25,315
Service charges and deposit account fees 16,793 15,863 930 6 % 14,054 13,827 13,861
Card-based fees 14,549 14,161 388 3 % 11,579 12,679 12,308
Other fee-based revenue 6,630 5,758 872 15 % 4,862 5,557 5,414
Capital markets, net 10,702 7,476 3,226 43 % 6,543 11,175 10,764
Mortgage banking, net 1,765 2,777 (1,012) (36) % 6,111 2,926 3,541
Bank and corporate owned life insurance 4,691 4,615 76 2 % 3,816 3,804 4,051
Asset gains, net 2,676 789 1,887 239 % 840 838 3,340
Investment securities (losses) gains, net (46) 35 (81) (231) % (28) 37 1
Other 3,210 2,707 503 19 % 2,861 2,799 2,670
Total noninterest income 87,131 80,398 6,733 8 % 75,857 79,384 81,265
Noninterest expense
Personnel 153,714 161,168 (7,454) (5) % 135,172 135,130 135,703
Technology 42,725 32,867 9,858 30 % 29,736 28,641 28,590
Occupancy 15,552 14,091 1,461 10 % 13,725 14,229 12,757
Business development and advertising 9,477 8,548 929 11 % 7,827 9,118 8,362
Equipment 5,480 5,423 57 1 % 5,610 6,888 4,368
Legal and professional 9,053 17,454 (8,401) (48) % 6,721 5,945 5,232
Loan and foreclosure costs 2,039 1,552 487 31 % 1,707 1,327 1,638
FDIC assessment 11,802 10,595 1,207 11 % 8,837 6,589 9,980
Other intangible amortization 6,894 6,894 - % 2,203 2,203 2,203
Other 3,606 13,290 (9,684) (73) % 7,625 9,396 7,369
Total noninterest expense 260,342 271,882 (11,540) (4) % 219,163 219,466 216,202
Income before income taxes 190,035 159,167 30,868 19 % 152,883 162,901 154,286
Income tax expense 43,449 35,603 7,846 22 % 33,248 25,772 29,554
Net income 146,586 123,564 23,022 19 % 119,635 137,129 124,732
Preferred stock dividends 2,875 2,875 - % 2,875 2,875 2,875
Net income available to common equity $143,711 $120,689 $23,022 19 % $116,760 $134,254 $121,857
Pre-tax pre-provision income(a) 204,040 178,555 25,485 14 % 163,884 169,899 170,286
Earnings per common share
Basic $0.77 $0.64 $0.13 20 % $0.70 $0.81 $0.73
Diluted $0.76 $0.63 $0.13 21 % $0.70 $0.80 $0.73
Average common shares outstanding
Basic 186,685 188,084 (1,399) (1) % 165,097 165,126 165,029
Diluted 188,500 189,899 (1,399) (1) % 166,561 166,746 166,703
Numbers may not recalculate due to rounding conventions.
Prior periods have been adjusted to conform with current period presentation.
(a) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter
Three Months Ended
September 30, 2026 June 30, 2026
September 30, 2025(a)
(Dollars in thousands) Average 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 $13,419,967 $203,370 6.01 % $13,185,643 $197,248 6.00 % $11,367,533 $187,046 6.53 %
Commercial real estate-owner occupied 1,570,109 22,270 5.63 % 1,577,489 22,000 5.59 % 1,105,787 15,827 5.68 %
Commercial and business lending 14,990,076 225,640 5.97 % 14,763,132 219,248 5.96 % 12,473,319 202,873 6.45 %
Commercial real estate-investor 6,464,811 98,026 6.02 % 6,502,707 99,131 6.11 % 5,300,765 87,114 6.52 %
Real estate construction 2,609,406 44,332 6.74 % 2,410,500 40,425 6.73 % 1,991,565 36,770 7.32 %
Commercial real estate lending 9,074,217 142,358 6.23 % 8,913,207 139,556 6.28 % 7,292,330 123,884 6.74 %
Total commercial 24,064,293 367,998 6.07 % 23,676,339 358,804 6.08 % 19,765,649 326,757 6.56 %
Residential mortgage 6,849,299 65,911 3.85 % 6,916,754 65,963 3.81 % 6,987,858 65,553 3.75 %
Auto finance 4,082,986 59,941 5.82 % 4,044,290 58,768 5.83 % 3,000,978 42,230 5.58 %
Home equity 836,914 13,391 6.39 % 817,378 13,096 6.41 % 690,330 12,641 7.32 %
Other consumer 363,543 9,665 10.55 % 415,476 10,388 10.03 % 305,644 8,972 11.65 %
Total consumer 12,132,742 148,908 4.89 % 12,193,898 148,215 4.87 % 10,984,811 129,396 4.70 %
Total loans 36,197,035 516,906 5.67 % 35,870,237 507,019 5.67 % 30,750,460 456,153 5.89 %
Investments
Taxable securities 7,963,260 87,551 4.40 % 8,153,435 88,347 4.33 % 6,767,664 73,727 4.36 %
Tax-exempt securities(b) 1,941,019 17,101 3.52 % 1,971,946 17,373 3.52 % 1,997,416 17,580 3.52 %
Other short-term investments 1,401,842 16,109 4.56 % 1,291,636 14,694 4.56 % 1,046,723 13,353 5.06 %
Total investments 11,306,121 120,761 4.27 % 11,417,017 120,414 4.22 % 9,811,804 104,660 4.26 %
Total earning assets and related 47,503,156 $637,667 5.34 % 47,287,254 $627,433 5.32 % 40,562,264 $560,813 5.50 %
interest income
Other assets, net 4,096,534 3,948,588 3,452,939
Total assets $51,599,690 $51,235,842 $44,015,203
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings $6,187,886 $21,207 1.36 % $6,046,605 $19,815 1.31 % $5,338,129 $19,042 1.42 %
Interest-bearing demand 9,035,081 40,602 1.78 % 8,720,180 37,161 1.71 % 7,898,770 44,763 2.25 %
Money market 7,619,006 46,757 2.43 % 7,641,652 45,976 2.41 % 5,860,802 38,061 2.58 %
Network transaction deposits 1,869,045 17,727 3.76 % 1,879,876 17,459 3.73 % 1,933,659 21,276 4.37 %
Brokered CDs 3,920,540 39,334 3.98 % 4,085,995 40,487 3.97 % 3,916,329 42,878 4.34 %
Other time deposits 4,963,185 42,974 3.44 % 4,945,821 42,867 3.48 % 3,961,522 36,323 3.64 %
Total interest-bearing deposits 33,594,743 208,601 2.46 % 33,320,129 203,765 2.45 % 28,909,211 202,344 2.78 %
Federal funds purchased and securities 337,397 3,008 3.54 % 460,414 4,085 3.56 % 227,460 2,107 3.68 %
sold under agreements to repurchase
FHLB advances 3,528,243 34,138 3.84 % 3,733,950 35,052 3.77 % 3,181,903 35,965 4.48 %
Senior and subordinated debt 590,928 10,231 6.93 % 592,195 10,163 6.86 % 593,045 10,741 7.24 %
Other interest-bearing liabilities 35,181 352 3.97 % 16,430 190 4.64 % 19,276 212 4.36 %
Total funding 4,491,749 47,729 4.22 % 4,802,989 49,490 4.13 % 4,021,685 49,025 4.85 %
Total interest-bearing liabilities and 38,086,492 $256,330 2.67 % 38,123,118 $253,255 2.66 % 32,930,896 $251,369 3.03 %
related interest expense
Noninterest-bearing demand deposits 7,371,331 7,062,098 5,796,676
Other liabilities 484,357 422,642 466,482
Stockholders' equity 5,657,510 5,627,984 4,821,150
Total liabilities and stockholders' equity $51,599,690 $51,235,842 $44,015,203
Interest rate spread 2.67 % 2.65 % 2.47 %
Net free funds 0.53 % 0.52 % 0.57 %
Fully tax-equivalent net interest income $381,337 3.20 % $374,178 3.17 % $309,444 3.04 %
and net interest margin
Fully tax-equivalent adjustment (4,086) (4,139) (4,222)
Net interest income $377,251 $370,039 $305,222
Numbers may not recalculate due to rounding conventions.
(a) Prior period has been adjusted to conform with current period presentation.
(b) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(c) Loans held for sale have been included in the average balances.
Associated Banc-Corp
Net Interest Income Analysis - Fully Tax-Equivalent Basis - Year Over Year
Nine Months Ended September 30,
2026
2025(a)
(Dollars in thousands) Average Interest Average Average Interest Average
Yield / Yield /
Rate Rate
Balance Income / Balance Income /
Expense Expense
Assets
Earning assets
Loans (b) (c)
Commercial and industrial $12,800,123 $573,125 5.99 % $10,980,230 $536,786 6.54 %
Commercial real estate-owner occupied 1,447,492 60,238 5.56 % 1,120,206 48,042 5.73 %
Commercial and business lending 14,247,615 633,363 5.94 % 12,100,436 584,828 6.46 %
Commercial real estate-investor 6,085,950 275,310 6.05 % 5,432,417 265,772 6.54 %
Real estate construction 2,360,444 118,800 6.73 % 1,920,292 104,598 7.28 %
Commercial real estate lending 8,446,394 394,110 6.24 % 7,352,709 370,370 6.73 %
Total commercial 22,694,009 1,027,473 6.05 % 19,453,145 955,197 6.56 %
Residential mortgage 6,866,076 196,514 3.82 % 7,091,945 197,371 3.71 %
Auto finance 3,754,434 160,677 5.72 % 2,926,862 122,562 5.60 %
Home equity 788,518 38,179 6.46 % 671,884 36,791 7.30 %
Other consumer 364,560 28,557 10.47 % 309,654 26,389 11.39 %
Total consumer 11,773,588 423,927 4.81 % 11,000,345 383,113 4.65 %
Total loans 34,467,597 1,451,400 5.63 % 30,453,490 1,338,311 5.87 %
Investments
Taxable securities 7,732,748 251,574 4.34 % 6,582,998 214,689 4.35 %
Tax-exempt securities(b) 1,963,684 51,864 3.52 % 2,006,027 52,844 3.51 %
Other short-term investments 1,238,168 42,444 4.58 % 935,475 35,274 5.04 %
Total investments 10,934,600 345,882 4.22 % 9,524,500 302,806 4.24 %
Total earning assets and related interest income 45,402,197 $1,797,282 5.29 % 39,977,990 $1,641,117 5.48 %
Other assets, net 3,906,735 3,382,379
Total assets $49,308,932 $43,360,369
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings $5,924,846 $58,712 1.32 % $5,241,799 $54,110 1.38 %
Interest-bearing demand 8,551,442 111,999 1.75 % 7,870,806 132,678 2.25 %
Money market 7,113,072 126,973 2.39 % 5,975,632 116,316 2.60 %
Network transaction deposits 1,888,746 52,687 3.73 % 1,875,523 61,554 4.39 %
Brokered CDs 3,834,723 114,325 3.99 % 4,105,700 137,589 4.48 %
Other time deposits 4,728,922 122,943 3.48 % 3,815,105 106,892 3.75 %
Total interest-bearing deposits 32,041,751 587,639 2.45 % 28,884,565 609,139 2.82 %
Federal funds purchased and securities sold under agreements to 407,330 10,826 3.55 % 274,204 7,733 3.77 %
repurchase
FHLB advances 3,548,066 100,760 3.80 % 2,672,351 86,944 4.35 %
Senior and subordinated debt 592,495 30,556 6.88 % 604,146 32,526 7.18 %
Other interest-bearing liabilities 21,029 657 4.18 % 22,861 907 5.30 %
Total funding 4,568,920 142,799 4.18 % 3,573,561 128,110 4.79 %
Total interest-bearing liabilities and related interest expense 36,610,671 $730,438 2.67 % 32,458,126 $737,250 3.04 %
Noninterest-bearing demand deposits 6,815,928 5,695,818
Other liabilities 449,275 477,597
Stockholders' equity 5,433,058 4,728,828
Total liabilities and stockholders' equity $49,308,932 $43,360,369
Interest rate spread 2.62 % 2.45 %
Net free funds 0.52 % 0.57 %
Fully tax-equivalent net interest income and net interest margin $1,066,844 3.14 % $903,867 3.02 %
Fully tax-equivalent adjustment (12,365) (12,705)
Net interest income $1,054,479 $891,163
Numbers may not recalculate due to rounding conventions.
(a) Prior period has been adjusted to conform with current period presentation.
(b) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.
(c) Loans held for sale have been included in the average balances.
Associated Banc-Corp
Loan and Deposit Composition
(Dollars in thousands)
Period end loan composition Sep 30, 2026 Jun 30, 2026 Seql Qtr
% Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Comp Qtr %
Change Change
Commercial and industrial $13,804,140 $13,750,175 - % $12,339,597 $11,799,757 $11,567,651 19 %
Commercial real estate-owner occupied 1,601,925 1,575,445 2 % 1,193,778 1,186,324 1,149,939 39 %
Commercial and business lending 15,406,065 15,325,620 1 % 13,533,375 12,986,081 12,717,590 21 %
Commercial real estate-investor 6,494,991 6,492,950 - % 5,266,584 5,246,030 5,369,441 21 %
Real estate construction 2,601,571 2,546,186 2 % 2,117,479 1,994,642 1,958,766 33 %
Commercial real estate lending 9,096,562 9,039,136 1 % 7,384,063 7,240,672 7,328,207 24 %
Total commercial 24,502,627 24,364,756 1 % 20,917,438 20,226,753 20,045,797 22 %
Residential mortgage 6,740,214 6,808,398 (1) % 6,727,734 6,793,957 6,858,285 (2) %
Auto finance 4,093,215 4,044,416 1 % 3,136,334 3,106,498 3,041,644 35 %
Home equity 848,507 826,343 3 % 706,075 713,271 698,112 22 %
Other consumer 335,308 423,127 (21) % 310,583 323,135 308,126 9 %
Total consumer 12,017,244 12,102,284 (1) % 10,880,726 10,936,861 10,906,167 10 %
Total loans $36,519,871 $36,467,040 - % $31,798,164 $31,163,614 $30,951,964 18 %
Quarter average loan composition(a) Sep 30, 2026 Jun 30, 2026 Seql Qtr
% Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Comp Qtr %
Change Change
Commercial and industrial $13,419,967 $13,185,643 2 % $11,776,702 $11,588,059 $11,367,533 18 %
Commercial real estate-owner occupied 1,570,109 1,577,489 - % 1,190,708 1,157,531 1,105,787 42 %
Commercial and business lending 14,990,076 14,763,132 2 % 12,967,410 12,745,590 12,473,319 20 %
Commercial real estate-investor 6,464,811 6,502,707 (1) % 5,277,283 5,291,562 5,300,765 22 %
Real estate construction 2,609,406 2,410,500 8 % 2,055,338 1,974,318 1,991,565 31 %
Commercial real estate lending 9,074,217 8,913,207 2 % 7,332,621 7,265,880 7,292,330 24 %
Total commercial 24,064,293 23,676,339 2 % 20,300,031 20,011,470 19,765,649 22 %
Residential mortgage 6,849,299 6,916,754 (1) % 6,831,984 6,899,778 6,987,858 (2) %
Auto finance 4,082,986 4,044,290 1 % 3,125,504 3,064,457 3,000,978 36 %
Home equity 836,914 817,378 2 % 709,865 706,923 690,330 21 %
Other consumer 363,543 415,476 (12) % 314,118 312,730 305,644 19 %
Total consumer 12,132,742 12,193,898 (1) % 10,981,471 10,983,888 10,984,811 10 %
Total loans $36,197,035 $35,870,237 1 % $31,281,502 $30,995,358 $30,750,460 18 %
Period end deposit and customer funding composition Sep 30, 2026 Jun 30, 2026 Seql Qtr
% Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Comp Qtr %
Change Change
Noninterest-bearing demand $6,914,688 $6,908,338 - % $6,125,067 $6,126,632 $5,906,251 17 %
Savings 6,216,008 6,171,614 1 % 5,660,641 5,471,870 5,380,574 16 %
Interest-bearing demand 9,096,012 8,697,879 5 % 7,964,665 7,823,362 7,791,861 17 %
Money market 7,655,206 7,614,164 1 % 6,188,045 6,139,438 5,785,871 32 %
Network transaction deposits 1,745,224 1,823,130 (4) % 1,746,518 2,154,995 2,013,964 (13) %
Brokered CDs 3,790,075 3,933,787 (4) % 3,562,752 3,795,133 3,956,517 (4) %
Other time deposits 4,963,737 4,782,343 4 % 4,484,077 4,041,178 4,046,815 23 %
Total deposits 40,380,950 39,931,255 1 % 35,731,765 35,552,608 34,881,853 16 %
Other customer funding(b) 66,124 55,371 19 % 42,372 47,794 64,570 2 %
Total deposits and other customer funding $40,447,074 $39,986,626 1 % $35,774,137 $35,600,402 $34,946,423 16 %
Core customer deposits(c) and other customer funding $34,911,775 $34,229,709 2 % $30,464,867 $29,650,274 $28,975,941 20 %
Quarter average deposit composition Sep 30, 2026 Jun 30, 2026 Seql Qtr
% Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Comp Qtr %
Change Change
Noninterest-bearing demand $7,371,331 $7,062,098 4 % $5,999,278 $6,064,487 $5,796,676 27 %
Savings 6,187,886 6,046,605 2 % 5,532,848 5,436,968 5,338,129 16 %
Interest-bearing demand 9,035,081 8,720,180 4 % 7,886,442 8,054,088 7,898,770 14 %
Money market 7,619,006 7,641,652 - % 6,061,442 5,890,836 5,860,802 30 %
Network transaction deposits 1,869,045 1,879,876 (1) % 1,917,854 2,090,587 1,933,659 (3) %
Brokered CDs 3,920,540 4,085,995 (4) % 3,528,294 3,998,012 3,916,329 - %
Other time deposits 4,963,185 4,945,821 - % 4,234,785 4,093,939 3,961,522 25 %
Total deposits 40,966,074 40,382,227 1 % 35,160,943 35,628,917 34,705,887 18 %
Other customer funding(b) 55,322 57,029 (3) % 43,973 45,973 74,305 (26) %
Total deposits and other customer funding $41,021,396 $40,439,256 1 % $35,204,916 $35,674,890 $34,780,192 18 %
Core customer deposits(c) and other customer funding $35,231,811 $34,473,385 2 % $29,758,768 $29,586,291 $28,930,204 22 %
Numbers may not recalculate due to rounding conventions.
(a) Loans held for sale have been included in the average balances.
(b) Includes repurchase agreements.
(c) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
Associated Banc-Corp
Selected Asset Quality Information
(Dollars in thousands) Sep 30, 2026 Jun 30, Seql Qtr Mar 31, Dec 31, Sep 30,
2026 % 2026 2025 2025 Comp Qtr %
Change Change
Allowance for loan losses
Balance at beginning of period $443,729 $385,756 15 % $378,068 $378,341 $376,515 18 %
Provision for loan losses recorded at acquisition - 397 (100) % - %
Initial allowance for PCD loans - 39,512 (100) % - %
Initial allowance for PSL - 28,263 (100) % - %
Provision for loan losses 15,000 13,000 15 % 13,000 2,000 15,000 - %
Charge offs (26,735) (26,282) 2 % (8,210) (7,636) (15,254) 75 %
Recoveries 9,130 3,083 196 % 2,898 5,363 2,081 339 %
Net charge offs (17,605) (23,199) (24) % (5,312) (2,273) (13,173) 34 %
Balance at end of period $441,124 $443,729 (1) % $385,756 $378,068 $378,341 17 %
Allowance for unfunded commitments
Balance at beginning of period $50,744 $39,276 29 % $41,276 $36,276 $35,276 44 %
Initial allowance for PCD unfunded commitments - 3,597 (100) % - %
Initial allowance for purchased seasoned unfunded - 1,871 (100) % - %
commitments
Provision for unfunded commitments (1,000) 6,000 (117) % (2,000) 5,000 1,000 (200) %
Balance at end of period 49,744 50,744 (2) % 39,276 41,276 36,276 37 %
Allowance for credit losses on loans (ACLL) $490,868 $494,473 (1) % $425,032 $419,344 $414,618 18 %
Provision for credit losses on loans $14,000 $19,397 (28) % $11,000 $7,000 $16,000 (13) %
(Dollars in thousands) Sep 30, 2026 Jun 30, Seql Qtr Mar 31, Dec 31, Sep 30,
2026 % 2026 2025 2025 Comp Qtr %
Change Change
Net (charge offs) recoveries
Commercial and industrial $(12,614) $(17,604) (28) % $(2,736) $1,524 $(1,230) 926 %
Commercial real estate-owner occupied - - % (113) - %
Commercial and business lending (12,614) (17,604) (28) % (2,736) 1,411 (1,230) 926 %
Commercial real estate-investor - (2,710) (100) % 500 94 (8,930) (100) %
Real estate construction 3 2 50 % 2 2 2 50 %
Commercial real estate lending 3 (2,708) (100) % 502 96 (8,928) (100) %
Total commercial (12,611) (20,312) (38) % (2,234) 1,507 (10,158) 24 %
Residential mortgage (91) (197) (54) % 148 (197) (231) (61) %
Auto finance (3,628) (1,508) 141 % (1,843) (2,010) (1,505) 141 %
Home equity (92) 251 (137) % 439 2 56 (264) %
Other consumer (1,183) (1,433) (17) % (1,822) (1,575) (1,336) (11) %
Total consumer (4,994) (2,887) 73 % (3,078) (3,780) (3,015) 66 %
Total net charge offs $(17,605) $(23,199) (24) % $(5,312) $(2,273) $(13,173) 34 %
(In basis points) Sep 30, 2026 Jun 30, Mar 31, Dec 31, Sep 30,
2026 2026 2025 2025
Net (charge offs) recoveries to average loans
(annualized)
Commercial and industrial (37) (54) (9) 5 (4)
Commercial real estate-owner occupied - (4)
Commercial and business lending (33) (48) (9) 4 (4)
Commercial real estate-investor - (17) 4 1 (67)
Real estate construction -
Commercial real estate lending - (12) 3 1 (49)
Total commercial (21) (34) (4) 3 (20)
Residential mortgage (1) (1) 1 (1) (1)
Auto finance (35) (15) (24) (26) (20)
Home equity (4) 12 25 3
Other consumer (129) (138) (235) (200) (173)
Total consumer (16) (9) (11) (14) (11)
Total net charge offs (19) (26) (7) (3) (17)
(Dollars in thousands) Sep 30, 2026 Jun 30, Seql Qtr Mar 31, Dec 31, Sep 30,
2026 % 2026 2025 2025 Comp Qtr %
Change Change
Credit quality
Nonaccrual loans $183,436 $149,953 22 % $110,581 $100,428 $106,179 73 %
Other real estate owned (OREO) 17,901 34,052 (47) % 32,534 28,016 29,268 (39) %
Repossessed assets 1,365 1,293 6 % 806 757 789 73 %
Total nonperforming assets $202,702 $185,298 9 % $143,921 $129,201 $136,236 49 %
Accruing loans past due 90 days or more(a) $9,429 $2,288 312 % $2,490 $2,814 $2,692 250 %
Allowance for credit losses on loans to total loans 1.34 % 1.36 % 1.34 % 1.35 % 1.34 %
Allowance for credit losses on loans to nonaccrual 267.60 % 329.75 % 384.36 % 417.56 % 390.49 %
loans
Nonaccrual loans to total loans 0.50 % 0.41 % 0.35 % 0.32 % 0.34 %
Nonperforming assets to total loans plus OREO and 0.55 % 0.51 % 0.45 % 0.41 % 0.44 %
repossessed assets
Nonperforming assets to total assets 0.39 % 0.36 % 0.32 % 0.29 % 0.31 %
Associated Banc-Corp
Selected Asset Quality Information (continued)
(Dollars in thousands) Sep 30, 2026 Jun 30, 2026 Seql Qtr Mar 31, 2026 Dec 31,
% 2025 Sep 30, 2025 Comp Qtr %
Change Change
Nonaccrual loans
Commercial and industrial $64,960 $44,388 46 % $19,606 $7,178 $12,802 407 %
Commercial real estate-owner occupied 1,658 3,255 (49) % 34 203 203 717 %
Commercial and business lending 66,618 47,643 40 % 19,640 7,381 13,006 412 %
Commercial real estate-investor 14,115 11,184 26 % 8,078 8,311 7,333 92 %
Real estate construction 4,533 2,974 52 % 25 144 145 N/M
Commercial real estate lending 18,648 14,158 32 % 8,103 8,455 7,478 149 %
Total commercial 85,266 61,801 38 % 27,743 15,836 20,484 316 %
Residential mortgage 77,924 70,335 11 % 66,890 68,492 69,093 13 %
Auto finance 12,871 10,973 17 % 8,888 8,271 8,218 57 %
Home equity 7,320 6,582 11 % 6,950 7,774 8,299 (12) %
Other consumer 55 262 (79) % 110 55 85 (35) %
Total consumer 98,170 88,152 11 % 82,838 84,592 85,696 15 %
Total nonaccrual loans $183,436 $149,953 22 % $110,581 $100,428 $106,179 73 %
(Dollars in thousands) Sep 30, 2026 Jun 30, 2026 Seql Qtr Mar 31, 2026 Dec 31,
% 2025 Sep 30, 2025 Comp Qtr %
Change Change
Accruing loans 30-89 days past due
Commercial and industrial $3,517 $10,668 (67) % $24,253 $2,683 $1,071 228 %
Commercial real estate-owner occupied 139 893 (84) % 345 34 N/M
Commercial and business lending 3,656 11,561 (68) % 24,598 2,717 1,071 241 %
Commercial real estate-investor 1,470 3,089 (52) % 33,487 19,405 14,190 (90) %
Real estate construction 1,033 1,437 (28) % 117 21 N/M
Commercial real estate lending 2,503 4,526 (45) % 33,487 19,522 14,211 (82) %
Total commercial 6,159 16,087 (62) % 58,085 22,239 15,282 (60) %
Residential mortgage 20,045 14,034 43 % 7,755 13,135 12,684 58 %
Auto finance 46,182 20,367 127 % 14,549 16,445 14,013 230 %
Home equity 5,008 4,536 10 % 2,742 3,779 4,265 17 %
Other consumer(a) 2,382 2,988 (20) % 2,173 2,704 2,728 (13) %
Total consumer 73,617 41,925 76 % 27,219 36,063 33,689 119 %
Total accruing loans 30-89 days past due $79,776 $58,012 38 % $85,304 $58,302 $48,971 63 %
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
(a) Excluding guaranteed student loans.
Associated Banc-Corp
Selected Quarterly Information
(Dollars and shares in thousands, except per share data YTD YTD 3Q26 2Q26 1Q26 4Q25 3Q25
and as noted)
Sep 2026 Sep 2025
Per common share data
Dividends $0.72 $0.69 $0.24 $0.24 $0.24 $0.24 $0.23
Market value:
High 32.33 27.01 32.33 31.34 29.37 27.14 27.01
Low 24.34 18.91 28.65 25.98 24.34 24.11 23.78
Close 28.65 30.77 25.86 25.76 25.71
Book value / share(a) 28.44 28.85 29.04 28.81 28.17
Tangible book value (TBV) / share(a)(b) 21.67 22.15 22.23 22.01 21.36
Selected trend information
Net interest margin(c) 3.14 % 3.02 % 3.20 % 3.17 % 3.03 % 3.06 % 3.04 %
Effective tax rate 22.37 % 18.64 % 22.86 % 22.37 % 21.75 % 15.82 % 19.16 %
Noninterest expense / average assets(c) 2.04 % 1.96 % 2.00 % 2.13 % 1.97 % 1.96 % 1.95 %
Dividend payout ratio(d) 34.12 % 34.85 % 31.17 % 37.50 % 34.29 % 29.63 % 31.51 %
Loans / deposits ratio 90.44 % 91.32 % 88.99 % 87.65 % 88.73 %
Assets under management, at market value(e) $16,818 $17,009 $15,708 $16,132 $16,178
Common shares repurchased during period(f) 4,132 900 3,238 894
Common shares outstanding, end of period 185,694 188,718 165,438 165,980 165,904
Risk-based capital
(g)(h)
Total risk-weighted assets $41,587,042 $41,108,330 $35,773,810 $35,125,680 $34,688,358
Common equity Tier 1(i) $4,315,910 $4,304,915 $3,744,610 $3,683,711 $3,584,712
Common equity Tier 1 capital ratio(i) 10.38 % 10.47 % 10.47 % 10.49 % 10.33 %
Tier 1 capital ratio 10.84 % 10.94 % 11.01 % 11.04 % 10.89 %
Total capital ratio 12.68 % 12.79 % 13.02 % 13.08 % 12.94 %
Tier 1 leverage ratio 8.94 % 8.99 % 8.98 % 8.96 % 8.81 %
Selected equity and performance ratios
Total stockholders' equity / total assets 10.65 % 10.88 % 10.96 % 11.01 % 10.95 %
Tangible common equity / tangible assets (TCE Ratio)(b) 8.03 % 8.27 % 8.27 % 8.29 % 8.18 %
Average stockholders' equity / average assets 11.02 % 10.91 % 10.96 % 10.98 % 11.12 % 11.05 % 10.95 %
Return on average equity(c) 9.59 % 9.55 % 10.28 % 8.81 % 9.69 % 11.09 % 10.26 %
Return on average tangible common equity 13.08 % 13.13 % 14.05 % 12.12 % 13.03 % 15.04 % 14.02 %
(ROATCE)(b)(c)
Return on average assets(c) 1.06 % 1.04 % 1.13 % 0.97 % 1.08 % 1.23 % 1.12 %
Return on average tangible assets(b)(c) 1.12 % 1.08 % 1.20 % 1.03 % 1.12 % 1.27 % 1.17 %
Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio 56.13 % 56.67 % 54.10 % 58.30 % 56.03 % 55.21 % 54.77 %
Adjusted efficiency ratio(b) 53.17 % 56.32 % 51.27 % 52.91 % 55.77 % 55.15 % 54.77 %
Numbers may not recalculate due to rounding conventions.
(a)
Based on period end common shares outstanding.
(b)
This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
(c)
This ratio is annualized.
(d)
Ratio is based upon basic earnings per common share.
(e)
In millions. Excludes assets held in brokerage accounts.
(f)
Does not include repurchases related to tax withholding on equity compensation.
(g) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The regulatory capital
requirements effective for the Corporation follow Basel III, subject to certain transition provisions.
(h)
September 30, 2026 data is estimated.
(i) The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be
subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to
include most components of AOCI in common equity tier 1 capital.
Associated Banc-Corp YTD YTD
Non-GAAP Financial Measures Reconciliation
(Dollars in thousands) Sep 2026 Sep 2025 3Q26 2Q26 1Q26 4Q25 3Q25
Tangible common equity reconciliation
Common equity $5,281,520 $5,444,011 $4,803,760 $4,781,235 $4,674,186
Less: Goodwill and other intangible assets, net 1,257,140 1,264,034 1,125,639 1,127,842 1,130,044
Tangible common equity for TBV / share and TCE $4,024,380 $4,179,977 $3,678,121 $3,653,393 $3,544,142
Ratio
Tangible assets reconciliation
Total assets $51,399,852 $51,812,506 $45,593,740 $45,202,596 $44,455,863
Less: Goodwill and other intangible assets, net 1,257,140 1,264,034 1,125,639 1,127,842 1,130,044
Tangible assets for TCE Ratio $50,142,712 $50,548,472 $44,468,101 $44,074,754 $43,325,819
Average tangible common equity reconciliation
Average common equity $5,238,946 $4,534,716 $5,463,396 $5,433,872 $4,812,415 $4,713,445 $4,627,038
Less: Average goodwill and other intangible assets, net 1,218,896 1,133,517 1,260,592 1,267,876 1,126,748 1,129,055 1,131,385
Average tangible common equity for ROATCE 4,020,050 3,401,200 $4,202,804 $4,165,996 $3,685,667 $3,584,390 $3,495,653
Average tangible assets reconciliation
Average total assets $49,308,932 $43,360,369 $51,599,690 $51,235,842 $45,018,948 $44,402,771 $44,015,203
Less: Average goodwill and other intangible assets, net 1,218,896 1,133,517 1,260,592 1,267,876 1,126,748 1,129,055 1,131,385
Average tangible assets for return on average $48,090,036 $42,226,853 $50,339,098 $49,967,966 $43,892,200 $43,273,716 $42,883,818
tangible assets
Adjusted net income reconciliation
Net income $389,785 $337,648 $146,586 $123,564 $119,635 $137,129 $124,732
Other intangible amortization, net of tax 11,993 4,956 5,170 5,170 1,652 1,652 1,652
Adjusted net income for return on average tangible $401,778 $342,604 $151,756 $128,734 $121,287 $138,781 $126,384
assets
Adjusted net income available to common equity
reconciliation
Net income available to common equity $381,160 $329,023 $143,711 $120,689 $116,760 $134,254 $121,857
Other intangible amortization, net of tax 11,993 4,956 5,170 5,170 1,652 1,652 1,652
Adjusted net income available to common equity for $393,153 $333,979 $148,881 $125,859 $118,412 $135,906 $123,509
ROATCE
Pre-tax pre-provision income
Income before income taxes $502,086 $415,010 $190,035 $159,167 $152,883 $162,901 $154,286
Provision for credit losses 44,394 46,999 14,005 19,388 11,001 6,998 16,000
Pre-tax pre-provision income $546,480 $462,009 $204,040 $178,555 $163,884 $169,899 $170,286
Period end core customer deposits reconciliation
Total deposits $40,380,950 $39,931,255 $35,731,765 $35,552,608 $34,881,853
Less: Network transaction deposits 1,745,224 1,823,130 1,746,518 2,154,995 2,013,964
Less: Brokered CDs 3,790,075 3,933,787 3,562,752 3,795,133 3,956,517
Core customer deposits $34,845,651 $34,174,338 $30,422,495 $29,602,480 $28,911,371
Average core customer deposits reconciliation
Average total deposits $38,857,679 $34,580,383 $40,966,074 $40,382,227 $35,160,943 $35,628,917 $34,705,887
Less: Average network transaction deposits 1,888,746 1,875,523 1,869,045 1,879,876 1,917,854 2,090,587 1,933,659
Less: Average brokered CDs 3,834,723 4,105,700 3,920,540 4,085,995 3,528,294 3,998,012 3,916,329
Average core customer deposits $33,134,210 $28,599,160 $35,176,489 $34,416,356 $29,714,795 $29,540,318 $28,855,899
Total expense for efficiency ratios reconciliation
Noninterest expense $751,386 $636,173 $260,342 $271,882 $219,163 $219,466 $216,202
Less: Other intangible amortization 15,990 6,608 6,894 6,894 2,203 2,203 2,203
Total expense for fully tax-equivalent efficiency ratio 735,396 629,565 253,448 264,988 216,960 217,263 213,999
Less: Acquisition costs(a) 38,734 13,258 24,469 1,007 252
Total expense for adjusted efficiency ratio $696,662 $629,565 $240,190 $240,519 $215,953 $217,011 $213,999
Total revenue for efficiency ratios reconciliation
Net interest income $1,054,479 $891,163 $377,251 $370,039 $307,190 $309,981 $305,222
Noninterest income 243,387 207,019 87,131 80,398 75,857 79,384 81,265
Less: Investment securities (losses) gains, net (40) 13 (46) 35 (28) 37 1
Fully tax-equivalent adjustment 12,365 12,705 4,086 4,139 4,139 4,196 4,222
Total revenue for fully tax-equivalent efficiency ratio 1,310,271 1,110,874 468,514 454,541 387,214 393,524 390,708
Less: Announced initiatives(b) (6,976)
Total revenue for adjusted efficiency ratio $1,310,271 $1,117,850 $468,514 $454,541 $387,214 $393,524 $390,708
Numbers may not recalculate due to rounding conventions.
(a) During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. The acquisition was completed on April
1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs.
(b) Announced initiatives include the loss on mortgage portfolio sale as a result of balance sheet repositioning that the Corporation announced in the fourth
quarter of 2024.
Associated Banc-Corp
Non-GAAP Financial Measures Reconciliation
(Dollars in thousands) 3Q26 2Q26
Adjusted net income available to common equity reconciliation
Net income available to common equity $143,711 $120,689
Acquisition costs, net of tax 10,227 18,996
Adjusted net income available to common equity for adjusted earnings per share $153,938 $139,685
Investor Contact:
Ben McCarville, Senior Vice President, Director of Investor Relations
920-491-7059
Media Contact:
Andrea Kozek, Vice President, Public Relations Senior Manager
920-491-7518
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SOURCE Associated Banc-Corp
