ASB Associated Banc-Corp

NYSE
$32.33

Associated Banc-Corp Reports First Quarter 2026 Net Income Available to Common Equity of $117 Million, or $0.70 per Common Share

Thursday, April 23, 2026 · 4:15 PM ET PR Newswire

GREEN BAY, Wis., April 23, 2026 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $117 million, or $0.70 per common share, for the quarter ended March 31, 2026. These amounts compare to earnings of $134 million, or $0.80 per common share, for the quarter ended December 31, 2025 and earnings of $99 million, or $0.59 per common share, for the quarter ended March 31, 2025.

"After posting the strongest bottom line in company history in 2025, we maintained our growth momentum in the first quarter of 2026, with over $500 million in C&I loan growth, strong customer household growth, and steady credit performance," said President & CEO Andy Harmening. "We've also taken proactive steps to accelerate our growth trajectory in major metro markets by announcing several key hires, expanding our commercial presence, and closing on our acquisition of American National Corporation."

"As we look to the remainder of 2026, we're well-positioned to navigate the current environment thanks to the resilience and stability of our Midwestern markets, our enhanced profitability profile, a solid capital position, and our ability to attract and deepen relationships. We look forward to providing additional updates on Associated's growth journey along the way."

First Quarter 2026 Highlights

  • Diluted earnings per common share of $0.70
  • Total period end loans of $31.8 billion (+2% vs. 4Q 2025; +5% vs. 1Q 2025)
  • Total period end commercial & industrial loans of $12.3 billion (+5% vs. 4Q 2025; +13% vs. 1Q 2025)
  • Total period end deposits of $35.7 billion (+1% vs. 4Q 2025; +2% vs. 1Q 2025)
  • Total period end core customer deposits1 of $30.4 billion (+3% vs. 4Q 2025; +4% vs. 1Q 2025)
  • Net interest income of $307 million ((1)% vs. 4Q 2025; +7% vs. 1Q 2025)
  • Net interest margin of 3.03%
  • Noninterest income of $76 million
  • Noninterest expense of $219 million
  • Provision for credit losses of $11 million
  • Allowance for credit losses on loans / total loans of 1.34%
  • Net charge offs / average loans (annualized) of 0.07%
  • Book value / share of $29.04
  • Tangible book value / share1 of $22.23

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

Loans

First quarter 2026 average total loans of $31.3 billion increased 1%, or $286 million, from the prior quarter and increased 4%, or $1.2 billion, from the same period last year. With respect to first quarter 2026 average balances by loan category:

  • Commercial and business lending increased $222 million from the prior quarter and increased $1.2 billion from the same period last year to $13.0 billion. 
  • Commercial real estate lending increased $67 million from the prior quarter and increased $19 million from the same period last year to $7.3 billion. 
  • Consumer lending decreased $2 million from the prior quarter and decreased $91 million from the same period last year to $11.0 billion. 

First quarter 2026 period end total loans of $31.8 billion increased 2%, or $635 million, from the prior quarter and increased 5%, or $1.5 billion, from the same period last year. With respect to first quarter 2026 period end balances by loan category:

  • Commercial and business lending increased $547 million from the prior quarter and increased $1.5 billion from the same period last year to $13.5 billion.
  • Commercial real estate lending increased $143 million from the prior quarter and decreased $22 million the same period last year to $7.4 billion.
  • Consumer lending decreased $56 million from the prior quarter and increased $37 million from the same period last year to $10.9 billion.

After including the impact of the acquisition of American National Corporation, we now expect 2026 period end loan growth of 17% to 19% as compared to Associated's standalone results for the year ended December 31, 2025.

Deposits

First quarter 2026 average deposits of $35.2 billion decreased 1%, or $468 million, from the prior quarter and increased 1%, or $327 million, from the same period last year. With respect to first quarter 2026 average balances by deposit category:

  • Noninterest-bearing demand deposits decreased $65 million from the prior quarter and increased $359 million from the same period last year to $6.0 billion.
  • Savings increased $96 million from the prior quarter and increased $370 million from the same period last year to $5.5 billion.
  • Interest-bearing demand deposits decreased $168 million from the prior quarter and decreased $145 million from the same period last year to $7.9 billion.
  • Money market deposits increased $171 million from the prior quarter and decreased $18 million from the same period last year to $6.1 billion.
  • Brokered CDs decreased $470 million from the prior quarter and decreased $787 million from the same period last year to $3.5 billion.
  • Other time deposits increased $141 million from the prior quarter and increased $478 million from the same period last year to $4.2 billion.
  • Network transaction deposits decreased $173 million from the prior quarter and increased $70 million from the same period last year to $1.9 billion.
  • Core customer deposits1 increased $174 million from the prior quarter and increased $1.0 billion from the same period last year to $29.7 billion.

First quarter 2026 period end deposits of $35.7 billion increased 1%, or $179 million, from the prior quarter and increased 2%, or $535 million, from the same period last year. With respect to first quarter 2026 period end balances by deposit category:

  • Noninterest-bearing demand deposits decreased $2 million from the prior quarter and decreased $11 million from the same period last year to $6.1 billion.
  • Savings increased $189 million from the prior quarter and increased $413 million from the same period last year to $5.7 billion.
  • Interest-bearing demand deposits increased $141 million from the prior quarter and increased $94 million from the same period last year to $8.0 billion.
  • Money market deposits increased $49 million from the prior quarter and increased $47 million from the same period last year to $6.2 billion.
  • Brokered CDs decreased $232 million from the prior quarter and decreased $635 million from the same period last year to $3.6 billion.
  • Other time deposits increased $443 million from the prior quarter and increased $763 million from the same period last year to $4.5 billion.
  • Network transaction deposits decreased $408 million from the prior quarter and decreased $136 million from the same period last year to $1.7 billion.
  • Core customer deposits1 increased $820 million from the prior quarter and increased $1.3 billion from the same period last year to $30.4 billion.

After including the impact of the acquisition of American National Corporation, we now 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.

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

First quarter 2026 net interest income of $307 million decreased $3 million from the prior quarter and increased $21 million from the same period last year. The net interest margin of 3.03% was a 3 basis point decrease from the prior quarter and a 6 basis point increase from the same period last year.

  • The average yield on total loans for the first quarter of 2026 decreased 19 basis points from the prior quarter and decreased 30 basis points from the same period last year to 5.53%.
  • The average cost of total interest-bearing liabilities for the first quarter of 2026 decreased 15 basis points from the prior quarter and decreased 39 basis points from the same period last year to 2.67%.
  • The net free funds benefit for the first quarter of 2026 decreased 5 basis points from the prior quarter and decreased 8 basis points from the same period last year to 0.50%.

We expect to share an updated 2026 net interest income outlook following the finalization of purchase accounting adjustments tied to the acquisition of American National Corporation.

Noninterest Income

First quarter 2026 total noninterest income of $76 million decreased $4 million from the prior quarter and increased $17 million from the same period last year. With respect to first quarter 2026 noninterest income line items:

  • Capital markets, net decreased $5 million from the prior quarter and increased $2 million from the same period last year.
  • Wealth management fees decreased $1 million from the prior quarter and increased $3 million from the same period last year.
  • Mortgage banking, net increased $3 million from the prior quarter and increased $2 million from the same period last year.
  • Card-based fees decreased $1 million from the prior quarter and increased $1 million from the same period last year.

After including the impact from the acquisition of American National Corporation, we now expect total noninterest income growth of 8% to 10% in 2026 as compared to Associated's standalone results for the year ended December 31, 2025.

Noninterest Expense

First quarter 2026 total noninterest expense of $219 million decreased slightly from the prior quarter and increased $9 million from the same period last year. With respect to first quarter 2026 noninterest expense line items:

  • Personnel expense increased slightly from the prior quarter and increased $11 million from the same period last year.
  • Technology expense increased $1 million from the prior quarter and increased $3 million from the same period last year.
  • Business development and advertising expense decreased $1 million from the prior quarter and increased $1 million from the same period last year.

We expect to share an updated 2026 noninterest expense outlook following the finalization of purchase accounting adjustments tied to the acquisition of American National Corporation.

Taxes

First quarter 2026 tax expense was $33 million, compared to $26 million of tax expense in the prior quarter and $19 million of tax expense in the same period last year. The effective tax rate for the first quarter of 2026 was 21.75%, compared to 15.82% in the prior quarter and 16.03% in the same period last year.

We continue to expect the annual effective tax rate to be between 19% and 21% in 2026.

Credit

First quarter 2026 provision for credit losses on loans was $11 million, compared to a provision of $7 million in the prior quarter and a provision of $13 million in the same period last year. With respect to first quarter 2026 credit quality:

  • Nonaccrual loans of $111 million increased $10 million from the prior quarter and decreased $24 million from the same period last year. The nonaccrual loans to total loans ratio was 0.35% in the first quarter, up from 0.32% in the prior quarter and down from 0.44% in the same period last year.
  • First quarter 2026 net charge offs of $5 million increased compared to net charge offs of $2 million in the prior quarter and decreased compared to net charge offs of $9 million in the same period last year.
  • The allowance for credit losses on loans (ACLL) of $425 million increased $6 million compared to the prior quarter and increased $18 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the first quarter, down from 1.35% in the prior quarter and flat compared to 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

The Company's capital position remains strong, with a CET1 capital ratio of 10.47% at March 31, 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.

FIRST 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, April 23, 2026. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp first quarter 2026 earnings call. The first 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 approximately $50 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)

March 31,
2026

December 31,
2025

Sequential
Quarter
Change

September 30,
2025

June 30,
2025

March 31,
2025

Comparable
Quarter
Change

Assets








Cash and due from banks

$       465,318

$       574,698

$  (109,380)

$       490,431

$      521,167

$      521,323

$     (56,005)

Interest-bearing deposits in other financial
institutions

920,684

1,144,123

(223,439)

802,251

738,938

711,033

209,651

Federal funds sold and securities purchased under
agreements to resell

175

1,400

(1,225)

90

—

105

70

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

5,514,456

5,397,563

116,893

5,217,278

5,036,508

4,796,570

717,886

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

3,570,843

3,602,519

(31,676)

3,636,080

3,672,101

3,705,793

(134,950)

Equity securities

26,109

26,060

49

26,000

25,912

23,331

2,778

Regulatory stocks, at cost

290,189

252,514

37,675

251,642

278,356

194,244

95,945

Residential loans held for sale

87,461

72,499

14,962

74,563

96,804

47,611

39,850

Commercial loans held for sale

—

—

—

—

8,406

7,910

(7,910)

Loans

31,798,164

31,163,614

634,550

30,951,964

30,607,605

30,294,127

1,504,037

Allowance for loan losses

(385,756)

(378,068)

(7,688)

(378,341)

(376,515)

(371,348)

(14,408)

Loans, net

31,412,408

30,785,546

626,862

30,573,623

30,231,091

29,922,780

1,489,628

Tax credit and other investments

230,954

236,657

(5,703)

245,239

247,111

254,187

(23,233)

Premises and equipment, net

376,760

381,624

(4,864)

384,139

377,372

377,521

(761)

Bank and corporate owned life insurance

694,765

694,452

313

693,511

691,470

690,551

4,214

Goodwill

1,104,992

1,104,992

—

1,104,992

1,104,992

1,104,992

—

Other intangible assets, net

20,647

22,849

(2,202)

25,052

27,255

29,457

(8,810)

Mortgage servicing rights, net

87,599

86,337

1,262

85,063

85,245

86,251

1,348

Interest receivable

161,021

161,118

(97)

168,451

168,627

159,729

1,292

Other assets

629,359

657,645

(28,286)

677,458

682,373

675,748

(46,389)

Total assets

$  45,593,740

$  45,202,596

$   391,144

$  44,455,863

$ 43,993,729

$ 43,309,136

$ 2,284,604

Liabilities and stockholders' equity








Noninterest-bearing demand deposits

$    6,125,067

$    6,126,632

$     (1,565)

$    5,906,251

$   5,782,487

$   6,135,946

$     (10,879)

Interest-bearing deposits

29,606,698

29,425,976

180,722

28,975,602

28,365,079

29,060,767

545,931

Total deposits

35,731,765

35,552,608

179,157

34,881,853

34,147,565

35,196,713

535,052

Federal funds purchased and securities sold under
agreements to repurchase

395,652

307,864

87,788

399,665

75,585

311,335

84,317

FHLB advances

3,421,762

3,268,094

153,668

3,220,679

3,879,489

2,027,297

1,394,465

Senior and subordinated debt

592,629

594,276

(1,647)

594,074

593,530

591,382

1,247

Allowance for unfunded commitments

39,276

41,276

(2,000)

36,276

35,276

35,276

4,000

Accrued expenses and other liabilities

414,784

463,131

(48,347)

455,019

481,503

460,574

(45,790)

Total liabilities

40,595,868

40,227,249

368,619

39,587,565

39,212,948

38,622,578

1,973,290

Stockholders' equity








Preferred equity

194,112

194,112

—

194,112

194,112

194,112

—

Common equity

4,803,760

4,781,235

22,525

4,674,186

4,586,669

4,492,446

311,314

Total stockholders' equity

4,997,872

4,975,347

22,525

4,868,298

4,780,781

4,686,558

311,314

Total liabilities and stockholders' equity

$  45,593,740

$  45,202,596

$   391,144

$  44,455,863

$ 43,993,729

$ 43,309,136

$ 2,284,604

Numbers may not recalculate due to rounding conventions.

Associated Banc-Corp

Consolidated Statements of Income (Unaudited)

Comparable Quarter

(Dollars and shares in thousands, except per share data)

1Q26

1Q25

Dollar
Change

Percentage
Change

Interest income





Interest and fees on loans

$   426,989

$   433,299

$  (6,310)

(1) %

Interest and dividends on investment securities





Taxable

75,676

69,788

5,888

8 %

Tax-exempt

13,738

13,956

(218)

(2) %

Other interest

11,641

9,243

2,398

26 %

Total interest income

528,044

526,285

1,759

— %

Interest expense





Interest on deposits

175,273

209,140

(33,867)

(16) %

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

3,732

3,622

110

3 %

Interest on FHLB advances

31,570

16,090

15,480

96 %

Interest on senior and subordinated debt

10,163

11,085

(922)

(8) %

Interest on other interest-bearing liabilities

116

408

(292)

(72) %

Total interest expense

220,854

240,345

(19,491)

(8) %

Net interest income

307,190

285,941

21,249

7 %

Provision for credit losses

11,001

13,003

(2,002)

(15) %

Net interest income after provision for credit losses

296,189

272,938

23,251

9 %

Noninterest income





Wealth management fees

25,219

22,498

2,721

12 %

Service charges and deposit account fees

14,054

12,814

1,240

10 %

Card-based fees

11,579

10,442

1,137

11 %

Other fee-based revenue

4,862

5,251

(389)

(7) %

Capital markets, net

6,543

4,345

2,198

51 %

Mortgage banking, net

6,111

3,822

2,289

60 %

Loss on mortgage portfolio sale

—

(6,976)

6,976

(100) %

Bank and corporate owned life insurance

3,816

5,204

(1,388)

(27) %

Asset gains (losses), net

840

(878)

1,718

N/M

Investment securities (losses) gains, net

(28)

4

(32)

N/M

Other

2,861

2,251

610

27 %

Total noninterest income

75,857

58,776

17,081

29 %

Noninterest expense





Personnel

135,172

123,897

11,275

9 %

Technology

29,736

27,139

2,597

10 %

Occupancy

13,725

15,381

(1,656)

(11) %

Business development and advertising

7,827

6,386

1,441

23 %

Equipment

5,610

4,527

1,083

24 %

Legal and professional

6,721

6,083

638

10 %

Loan and foreclosure costs

1,707

2,594

(887)

(34) %

FDIC assessment

8,837

10,436

(1,599)

(15) %

Other intangible amortization

2,203

2,203

—

— %

Other

7,625

11,974

(4,349)

(36) %

Total noninterest expense

219,163

210,619

8,544

4 %

Income before income taxes

152,883

121,095

31,788

26 %

Income tax expense

33,248

19,409

13,839

71 %

Net income

119,635

101,687

17,948

18 %

Preferred stock dividends

2,875

2,875

—

— %

Net income available to common equity

$   116,760

$    98,812

$  17,948

18 %






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

163,884

134,098

29,786

22 %

Earnings per common share





Basic

$         0.70

$        0.60

$     0.10

17 %

Diluted

$         0.70

$        0.59

$     0.11

19 %

Average common shares outstanding





Basic

165,097

165,228

(131)

— %

Diluted

166,561

166,604

(43)

— %

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




1Q26

4Q25

Dollar
Change

Percentage
Change

3Q25

2Q25

1Q25

Interest income








Interest and fees on loans

$ 426,989

$ 445,687

$ (18,698)

(4) %

$ 455,623

$ 447,781

$ 433,299

Interest and dividends on investment securities








Taxable

75,676

73,511

2,165

3 %

73,727

71,174

69,788

Tax-exempt

13,738

13,851

(113)

(1) %

13,888

13,902

13,956

Other interest

11,641

11,294

347

3 %

13,353

12,679

9,243

Total interest income

528,044

544,343

(16,299)

(3) %

556,591

545,536

526,285

Interest expense








Interest on deposits

175,273

194,778

(19,505)

(10) %

202,344

197,656

209,140

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

3,732

2,682

1,050

39 %

2,107

2,004

3,622

Interest on FHLB advances

31,570

26,309

5,261

20 %

35,965

34,889

16,090

Interest on senior and subordinated debt

10,163

10,483

(320)

(3) %

10,741

10,700

11,085

Interest on other interest-bearing liabilities

116

110

6

5 %

212

287

408

Total interest expense

220,854

234,362

(13,508)

(6) %

251,369

245,536

240,345

Net interest income

307,190

309,981

(2,791)

(1) %

305,222

300,000

285,941

Provision for credit losses

11,001

6,998

4,003

57 %

16,000

17,996

13,003

Net interest income after provision for credit losses

296,189

302,983

(6,794)

(2) %

289,223

282,004

272,938

Noninterest income








Wealth management fees

25,219

25,742

(523)

(2) %

25,315

23,025

22,498

Service charges and deposit account fees

14,054

13,827

227

2 %

13,861

13,147

12,814

Card-based fees

11,579

12,679

(1,100)

(9) %

12,308

11,200

10,442

Other fee-based revenue

4,862

5,557

(695)

(13) %

5,414

4,995

5,251

Capital markets, net

6,543

11,175

(4,632)

(41) %

10,764

5,765

4,345

Mortgage banking, net

6,111

2,926

3,185

109 %

3,541

4,213

3,822

Loss on mortgage portfolio sale

—

—

—

— %

—

—

(6,976)

Bank and corporate owned life insurance

3,816

3,804

12

— %

4,051

4,135

5,204

Asset gains (losses), net

840

838

2

— %

3,340

(1,735)

(878)

Investment securities (losses) gains, net

(28)

37

(65)

N/M

1

7

4

Other

2,861

2,799

62

2 %

2,670

2,226

2,251

Total noninterest income

75,857

79,384

(3,527)

(4) %

81,265

66,977

58,776

Noninterest expense








Personnel

135,172

135,130

42

— %

135,703

126,994

123,897

Technology

29,736

28,641

1,095

4 %

28,590

26,508

27,139

Occupancy

13,725

14,229

(504)

(4) %

12,757

12,644

15,381

Business development and advertising

7,827

9,118

(1,291)

(14) %

8,362

7,748

6,386

Equipment

5,610

6,888

(1,278)

(19) %

4,368

4,494

4,527

Legal and professional

6,721

5,945

776

13 %

5,232

6,674

6,083

Loan and foreclosure costs

1,707

1,327

380

29 %

1,638

2,705

2,594

FDIC assessment

8,837

6,589

2,248

34 %

9,980

9,708

10,436

Other intangible amortization

2,203

2,203

—

— %

2,203

2,203

2,203

Other

7,625

9,396

(1,771)

(19) %

7,369

9,674

11,974

Total noninterest expense

219,163

219,466

(303)

— %

216,202

209,352

210,619

Income before income taxes

152,883

162,901

(10,018)

(6) %

154,286

139,629

121,095

Income tax expense

33,248

25,772

7,476

29 %

29,554

28,399

19,409

Net income

119,635

137,129

(17,494)

(13) %

124,732

111,230

101,687

Preferred stock dividends

2,875

2,875

—

— %

2,875

2,875

2,875

Net income available to common equity

$ 116,760

$ 134,254

$ (17,494)

(13) %

$ 121,857

$ 108,355

$   98,812









Pre-tax pre-provision income(a)

163,884

169,899

(6,015)

(4) %

170,286

157,625

134,098

Earnings per common share








Basic

$       0.70

$       0.81

$     (0.11)

(14) %

$       0.73

$       0.65

$       0.60

Diluted

$       0.70

$       0.80

$     (0.10)

(13) %

$       0.73

$       0.65

$       0.59

Average common shares outstanding








Basic

165,097

165,126

(29)

— %

165,029

164,936

165,228

Diluted

166,561

166,746

(185)

— %

166,703

166,343

166,604

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

Net Interest Income Analysis - Fully Tax-Equivalent Basis - Sequential and Comparable Quarter





Three Months Ended


March 31, 2026

December 31, 2025(a)

March 31, 2025(a)

(Dollars in thousands)

Average

Balance

Interest

Income /
Expense

Average
Yield /
Rate

Average

Balance

Interest

Income /
Expense

Average
Yield /
Rate

Average

Balance

Interest

Income /
Expense

Average
Yield /
Rate

Assets










Earning assets










Loans (b)(c)










Commercial and industrial

$ 11,776,702

$   172,507

5.94 %

$ 11,588,059

$   182,101

6.24 %

$  10,583,318

$  169,785

6.50 %

Commercial real estate—owner occupied

1,190,708

15,968

5.44 %

1,157,531

16,358

5.61 %

1,141,167

16,200

5.76 %

Commercial and business lending

12,967,410

188,475

5.89 %

12,745,590

198,459

6.18 %

11,724,484

185,985

6.43 %

Commercial real estate—investor

5,277,283

78,154

6.01 %

5,291,562

84,153

6.31 %

5,415,412

87,089

6.52 %

Real estate construction

2,055,338

34,043

6.72 %

1,974,318

34,870

7.01 %

1,898,582

33,945

7.25 %

Commercial real estate lending

7,332,621

112,197

6.21 %

7,265,880

119,023

6.50 %

7,313,994

121,034

6.71 %

Total commercial

20,300,031

300,672

6.01 %

20,011,470

317,482

6.30 %

19,038,479

307,020

6.54 %

Residential mortgage

6,831,984

64,640

3.78 %

6,899,778

64,779

3.76 %

7,256,320

66,823

3.68 %

Auto finance

3,125,504

41,969

5.45 %

3,064,457

42,915

5.56 %

2,844,730

39,176

5.59 %

Home equity

709,865

11,692

6.60 %

706,923

12,570

7.11 %

657,625

12,052

7.34 %

Other consumer

314,118

8,504

10.98 %

312,730

8,454

10.72 %

313,828

8,773

11.34 %

Total consumer

10,981,471

126,805

4.65 %

10,983,888

128,718

4.67 %

11,072,503

126,824

4.61 %

Total loans

31,281,502

427,477

5.53 %

30,995,358

446,200

5.72 %

30,110,982

433,844

5.83 %

Investments










Taxable securities

7,071,751

75,676

4.28 %

6,912,251

73,511

4.25 %

6,398,584

69,788

4.36 %

Tax-exempt securities(b)

1,978,501

17,389

3.52 %

1,990,389

17,534

3.52 %

2,016,144

17,666

3.50 %

Other short-term investments

1,016,795

11,641

4.64 %

972,884

11,294

4.61 %

757,227

9,243

4.95 %

Total investments

10,067,047

104,706

4.17 %

9,875,524

102,339

4.14 %

9,171,955

96,696

4.22 %

Total earning assets and related
interest income

41,348,549

$   532,183

5.20 %

40,870,882

$   548,539

5.34 %

39,282,937

$  530,540

5.45 %

Other assets, net

3,670,399



3,531,889



3,347,690



Total assets

$ 45,018,948



$ 44,402,771



$  42,630,627



Liabilities and stockholders' equity










Interest-bearing liabilities










Interest-bearing deposits










Savings

$   5,532,848

$     17,690

1.30 %

$   5,436,968

$     18,823

1.37 %

$    5,162,468

$    17,929

1.41 %

Interest-bearing demand

7,886,442

34,236

1.76 %

8,054,088

40,309

1.99 %

8,031,707

45,430

2.29 %

Money market

6,061,442

34,239

2.29 %

5,890,836

35,353

2.38 %

6,079,551

39,560

2.64 %

Network transaction deposits

1,917,854

17,502

3.70 %

2,090,587

20,882

3.96 %

1,847,972

20,067

4.40 %

Brokered CDs

3,528,294

34,811

4.00 %

3,998,012

42,056

4.17 %

4,315,311

49,292

4.63 %

Other time deposits

4,234,785

36,795

3.52 %

4,093,939

37,355

3.62 %

3,756,332

36,862

3.98 %

Total interest-bearing deposits

29,161,665

175,273

2.44 %

29,564,430

194,778

2.61 %

29,193,341

209,140

2.91 %

Federal funds purchased and securities
sold under agreements to repurchase

425,142

3,732

3.56 %

289,679

2,682

3.67 %

375,910

3,622

3.91 %

FHLB advances

3,380,379

31,570

3.79 %

2,504,464

26,309

4.17 %

1,595,972

16,090

4.09 %

Senior and subordinated debt

594,401

10,163

6.84 %

594,104

10,483

7.06 %

627,371

11,085

7.07 %

Other interest-bearing liabilities

11,212

116

4.18 %

13,212

110

3.29 %

31,599

408

5.24 %

Total funding

4,411,134

45,581

4.18 %

3,401,459

39,584

4.63 %

2,630,852

31,205

4.79 %

Total interest-bearing liabilities and
related interest expense

33,572,799

$    220,854

2.67 %

32,965,889

$   234,362

2.82 %

31,824,193

$  240,345

3.06 %

Noninterest-bearing demand deposits

5,999,278



6,064,487



5,640,123



Other liabilities

440,344



464,838



535,732



Stockholders' equity

5,006,527



4,907,557



4,630,578



Total liabilities and stockholders'
equity

$  45,018,948



$ 44,402,771



$  42,630,627



Interest rate spread



2.53 %



2.52 %



2.39 %

Net free funds



0.50 %



0.55 %



0.58 %

Fully tax-equivalent net interest income
and net interest margin


$   311,329

3.03 %


$   314,177

3.06 %


$  290,195

2.97 %

Fully tax-equivalent adjustment


(4,139)



(4,196)



(4,254)


Net interest income


$   307,190



$   309,981



$  285,941


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

Mar 31, 2026

Dec 31, 2025

Seql Qtr %
Change

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Comp Qtr %
Change

Commercial and industrial

$  12,339,597

$  11,799,757

5 %

$  11,567,651

$  11,281,964

$  10,925,769

13 %

Commercial real estate—owner occupied

1,193,778

1,186,324

1 %

1,149,939

1,101,501

1,118,363

7 %

Commercial and business lending

13,533,375

12,986,081

4 %

12,717,590

12,383,465

12,044,132

12 %

Commercial real estate—investor

5,266,584

5,246,030

— %

5,369,441

5,370,422

5,597,442

(6) %

Real estate construction

2,117,479

1,994,642

6 %

1,958,766

1,950,267

1,809,054

17 %

Commercial real estate lending

7,384,063

7,240,672

2 %

7,328,207

7,320,689

7,406,496

— %

Total commercial

20,917,438

20,226,753

3 %

20,045,797

19,704,154

19,450,628

8 %

Residential mortgage

6,727,734

6,793,957

(1) %

6,858,285

6,949,387

6,999,654

(4) %

Auto finance

3,136,334

3,106,498

1 %

3,041,644

2,969,495

2,878,765

9 %

Home equity

706,075

713,271

(1) %

698,112

676,208

654,140

8 %

Other consumer

310,583

323,135

(4) %

308,126

308,361

310,940

— %

Total consumer

10,880,726

10,936,861

(1) %

10,906,167

10,903,451

10,843,499

— %

Total loans

$  31,798,164

$  31,163,614

2 %

$  30,951,964

$  30,607,605

$  30,294,127

5 %









Quarter average loan composition(a)

Mar 31, 2026

Dec 31, 2025

Seql Qtr %
Change

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Comp Qtr %
Change

Commercial and industrial

$  11,776,702

$  11,588,059

2 %

$  11,367,533

$  10,981,221

$  10,583,318

11 %

Commercial real estate—owner occupied

1,190,708

1,157,531

3 %

1,105,787

1,114,054

1,141,167

4 %

Commercial and business lending

12,967,410

12,745,590

2 %

12,473,319

12,095,274

11,724,484

11 %

Commercial real estate—investor

5,277,283

5,291,562

— %

5,300,765

5,582,333

5,415,412

(3) %

Real estate construction

2,055,338

1,974,318

4 %

1,991,565

1,869,708

1,898,582

8 %

Commercial real estate lending

7,332,621

7,265,880

1 %

7,292,330

7,452,041

7,313,994

— %

Total commercial

20,300,031

20,011,470

1 %

19,765,649

19,547,316

19,038,479

7 %

Residential mortgage

6,831,984

6,899,778

(1) %

6,987,858

7,034,607

7,256,320

(6) %

Auto finance

3,125,504

3,064,457

2 %

3,000,978

2,933,161

2,844,730

10 %

Home equity

709,865

706,923

— %

690,330

667,339

657,625

8 %

Other consumer

314,118

312,730

— %

305,644

309,578

313,828

— %

Total consumer

10,981,471

10,983,888

— %

10,984,811

10,944,685

11,072,503

(1) %

Total loans

$  31,281,502

$  30,995,358

1 %

$  30,750,460

$  30,492,001

$  30,110,982

4 %









Period end deposit and customer funding
composition(b)

Mar 31, 2026

Dec 31, 2025

Seql Qtr %
Change

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Comp Qtr %
Change

Noninterest-bearing demand

$    6,125,067

$    6,126,632

— %

$    5,906,251

$    5,782,487

$    6,135,946

— %

Savings

5,660,641

5,471,870

3 %

5,380,574

5,291,674

5,247,291

8 %

Interest-bearing demand

7,964,665

7,823,362

2 %

7,791,861

7,490,772

7,870,965

1 %

Money market

6,188,045

6,139,438

1 %

5,785,871

5,915,867

6,141,275

1 %

Network transaction deposits

1,746,518

2,154,995

(19) %

2,013,964

1,792,362

1,882,930

(7) %

Brokered CDs

3,562,752

3,795,133

(6) %

3,956,517

4,072,048

4,197,512

(15) %

Other time deposits

4,484,077

4,041,178

11 %

4,046,815

3,802,356

3,720,793

21 %

Total deposits

35,731,765

35,552,608

1 %

34,881,853

34,147,565

35,196,713

2 %

Other customer funding(c)

42,372

47,794

(11) %

64,570

75,440

85,950

(51) %

Total deposits and other customer funding

$  35,774,137

$  35,600,402

— %

$  34,946,423

$  34,223,005

$  35,282,663

1 %

Core customer deposits(d) and other customer funding

$  30,464,867

$  29,650,274

3 %

$  28,975,941

$  28,358,595

$  29,202,221

4 %









Quarter average deposit composition

Mar 31, 2026

Dec 31, 2025

Seql Qtr %
Change

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Comp Qtr %
Change

Noninterest-bearing demand

$    5,999,278

$    6,064,487

(1) %

$    5,796,676

$    5,648,935

$    5,640,123

6 %

Savings

5,532,848

5,436,968

2 %

5,338,129

5,222,869

5,162,468

7 %

Interest-bearing demand

7,886,442

8,054,088

(2) %

7,898,770

7,683,402

8,031,707

(2) %

Money market

6,061,442

5,890,836

3 %

5,860,802

5,988,947

6,079,551

— %

Network transaction deposits

1,917,854

2,090,587

(8) %

1,933,659

1,843,998

1,847,972

4 %

Brokered CDs

3,528,294

3,998,012

(12) %

3,916,329

4,089,844

4,315,311

(18) %

Other time deposits

4,234,785

4,093,939

3 %

3,961,522

3,725,205

3,756,332

13 %

Total deposits

35,160,943

35,628,917

(1) %

34,705,887

34,203,201

34,833,464

1 %

Other customer funding(c)

43,973

45,973

(4) %

74,305

80,010

87,693

(50) %

Total deposits and other customer funding

$  35,204,916

$  35,674,890

(1) %

$  34,780,192

$  34,283,211

$  34,921,157

1 %

Core customer deposits(d) and other customer funding

$  29,758,768

$  29,586,291

1 %

$  28,930,204

$  28,349,369

$  28,757,874

3 %

Numbers may not recalculate due to rounding conventions.

(a)

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

(b)

March 31, 2025 has been adjusted to conform with current period presentation.

(c)

Includes repurchase agreements.

(d)

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)

Mar 31, 2026

Dec 31, 2025

Seql Qtr %
Change

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Comp Qtr %
Change

Allowance for loan losses








Balance at beginning of period

$   378,068

$   378,341

— %

$   376,515

$   371,348

$   363,545

4 %

Provision for loan losses

13,000

2,000

N/M

15,000

18,000

16,500

(21) %

Charge offs

(8,210)

(7,636)

8 %

(15,254)

(18,348)

(13,714)

(40) %

Recoveries

2,898

5,363

(46) %

2,081

5,515

5,017

(42) %

Net charge offs

(5,312)

(2,273)

134 %

(13,173)

(12,833)

(8,698)

(39) %

Balance at end of period

$   385,756

$   378,068

2 %

$   378,341

$   376,515

$   371,348

4 %

Allowance for unfunded commitments








Balance at beginning of period

$     41,276

$     36,276

14 %

$     35,276

$     35,276

$     38,776

6 %

Provision for unfunded commitments

(2,000)

5,000

N/M

1,000

—

(3,500)

(43) %

Balance at end of period

39,276

41,276

(5) %

36,276

35,276

35,276

11 %

Allowance for credit losses on loans (ACLL)

$   425,032

$   419,344

1 %

$   414,618

$   411,791

$   406,624

5 %

Provision for credit losses on loans

$     11,000

$       7,000

57 %

$     16,000

$     18,000

$     13,000

(15) %

(Dollars in thousands)

Mar 31, 2026

Dec 31, 2025

Seql Qtr %

Change

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Comp Qtr %

Change

Net (charge offs) recoveries








Commercial and industrial

$      (2,736)

$       1,524

N/M

$      (1,230)

$      (1,826)

$      (4,726)

(42) %

Commercial real estate—owner occupied

—

(113)

(100) %

—

—

—

N/M

Commercial and business lending

(2,736)

1,411

N/M

(1,230)

(1,826)

(4,726)

(42) %

Commercial real estate—investor

500

94

N/M

(8,930)

(8,493)

(892)

N/M

Real estate construction

2

2

— %

2

121

30

(93) %

Commercial real estate lending

502

96

N/M

(8,928)

(8,372)

(863)

N/M

Total commercial

(2,234)

1,507

N/M

(10,158)

(10,198)

(5,589)

(60) %

Residential mortgage

148

(197)

N/M

(231)

(302)

197

(25) %

Auto finance

(1,843)

(2,010)

(8) %

(1,505)

(689)

(1,519)

21 %

Home equity

439

2

N/M

56

237

289

52 %

Other consumer

(1,822)

(1,575)

16 %

(1,336)

(1,881)

(2,076)

(12) %

Total consumer

(3,078)

(3,780)

(19) %

(3,015)

(2,636)

(3,109)

(1) %

Total net charge offs

$      (5,312)

$      (2,273)

134 %

$    (13,173)

$    (12,833)

$      (8,698)

(39) %

(In basis points)

Mar 31, 2026

Dec 31, 2025


Sep 30, 2025

Jun 30, 2025

Mar 31, 2025


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








Commercial and industrial

(9)

5


(4)

(7)

(18)


Commercial real estate—owner occupied

—

(4)


—

—

—


Commercial and business lending

(9)

4


(4)

(6)

(16)


Commercial real estate—investor

4

1


(67)

(61)

(7)


Real estate construction

—

—


—

3

1


Commercial real estate lending

3

1


(49)

(45)

(5)


Total commercial

(4)

3


(20)

(21)

(12)


Residential mortgage

1

(1)


(1)

(2)

1


Auto finance

(24)

(26)


(20)

(9)

(22)


Home equity

25

—


3

14

18


Other consumer

(235)

(200)


(173)

(244)

(268)


Total consumer

(11)

(14)


(11)

(10)

(11)


Total net charge offs

(7)

(3)


(17)

(17)

(12)


(Dollars in thousands)

Mar 31, 2026

Dec 31, 2025

Seql Qtr %

Change

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Comp Qtr %

Change

Credit quality








Nonaccrual loans

$   110,581

$   100,428

10 %

$   106,179

$   112,999

$   134,808

(18) %

Other real estate owned (OREO)

32,534

28,016

16 %

29,268

34,287

23,475

39 %

Repossessed assets

806

757

6 %

789

882

688

17 %

Total nonperforming assets

$   143,921

$   129,201

11 %

$   136,236

$   148,169

$   158,971

(9) %

Accruing loans past due 90 days or more(a)

$       2,490

$       2,814

(12) %

$       2,692

$     14,160

$       3,036

(18) %

Allowance for credit losses on loans to total loans

1.34 %

1.35 %


1.34 %

1.35 %

1.34 %


Allowance for credit losses on loans to nonaccrual
loans

384.36 %

417.56 %


390.49 %

364.42 %

301.63 %


Nonaccrual loans to total loans

0.35 %

0.32 %


0.34 %

0.37 %

0.44 %


Nonperforming assets to total loans plus OREO and
repossessed assets

0.45 %

0.41 %


0.44 %

0.48 %

0.52 %


Nonperforming assets to total assets

0.32 %

0.29 %


0.31 %

0.34 %

0.37 %


Associated Banc-Corp
Selected Asset Quality Information (continued)

(Dollars in thousands)

Mar 31, 2026

Dec 31, 2025

Seql Qtr %
Change

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Comp Qtr %
Change

Nonaccrual loans








Commercial and industrial

$       19,606

$         7,178

173 %

$       12,802

$         6,945

$       12,898

52 %

Commercial real estate—owner occupied

34

203

(83) %

203

—

1,501

(98) %

Commercial and business lending

19,640

7,381

166 %

13,006

6,945

14,399

36 %

Commercial real estate—investor

8,078

8,311

(3) %

7,333

15,805

31,689

(75) %

Real estate construction

25

144

(83) %

145

146

125

(80) %

Commercial real estate lending

8,103

8,455

(4) %

7,478

15,950

31,814

(75) %

Total commercial

27,743

15,836

75 %

20,484

22,895

46,213

(40) %

Residential mortgage

66,890

68,492

(2) %

69,093

73,817

72,455

(8) %

Auto finance

8,888

8,271

7 %

8,218

8,004

7,692

16 %

Home equity

6,950

7,774

(11) %

8,299

8,201

8,275

(16) %

Other consumer

110

55

100 %

85

82

173

(36) %

Total consumer

82,838

84,592

(2) %

85,696

90,104

88,595

(6) %

Total nonaccrual loans

$     110,581

$     100,428

10 %

$     106,179

$     112,999

$     134,808

(18) %

(Dollars in thousands)

Mar 31, 2026

Dec 31, 2025

Seql Qtr %
Change

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Comp Qtr %
Change

Accruing loans 30-89 days past due








Commercial and industrial

$       24,253

$         2,683

N/M

$         1,071

$         2,593

$         7,740

N/M

Commercial real estate—owner occupied

345

34

N/M

—

5,628

1,156

(70) %

Commercial and business lending

24,598

2,717

N/M

1,071

8,221

8,896

177 %

Commercial real estate—investor

33,487

19,405

73 %

14,190

1,042

2,463

N/M

Real estate construction

—

117

(100) %

21

90

—

N/M

Commercial real estate lending

33,487

19,522

72 %

14,211

1,132

2,463

N/M

Total commercial

58,085

22,239

161 %

15,282

9,353

11,360

N/M

Residential mortgage

7,755

13,135

(41) %

12,684

8,744

13,568

(43) %

Auto finance

14,549

16,445

(12) %

14,013

13,149

12,522

16 %

Home equity

2,742

3,779

(27) %

4,265

4,338

3,606

(24) %

Other consumer(a)

2,173

2,704

(20) %

2,728

2,578

2,381

(9) %

Total consumer

27,219

36,063

(25) %

33,689

28,810

32,076

(15) %

Total accruing loans 30-89 days past due

$       85,304

$       58,302

46 %

$       48,971

$       38,163

$       43,435

96 %

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)

1Q26

4Q25

3Q25

2Q25

1Q25

Per common share data






Dividends

$             0.24

$             0.24

$             0.23

$             0.23

$             0.23

Market value:






High

29.37

27.14

27.01

24.56

25.63

Low

24.34

24.11

23.78

18.91

21.06

Close

25.86

25.76

25.71

24.39

22.53

Book value / share(a)

29.04

28.81

28.17

27.67

27.09

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

22.23

22.01

21.36

20.84

20.25

Selected trend information






Net interest margin(c)

3.03 %

3.06 %

3.04 %

3.04 %

2.97 %

Effective tax rate

21.75 %

15.82 %

19.16 %

20.34 %

16.03 %

Noninterest expense / average assets(c)

1.97 %

1.96 %

1.95 %

1.93 %

2.00 %

Dividend payout ratio(d)

34.29 %

29.63 %

31.51 %

35.38 %

38.33 %

Loans / deposits ratio

88.99 %

87.65 %

88.73 %

89.63 %

86.07 %

Assets under management, at market value(e)

$         15,708

$         16,132

$         16,178

$         15,537

$         14,685

Common shares repurchased during period(f)

894

—

—

—

900

Common shares outstanding, end of period

165,438

165,980

165,904

165,778

165,807

Risk-based capital(g)(h)






Total risk-weighted assets

$  35,773,810

$  35,125,680

$  34,688,358

$  34,241,408

$  33,800,823

Common equity Tier 1(i)

$    3,744,610

$    3,683,711

$    3,584,712

$    3,493,316

$    3,417,432

Common equity Tier 1 capital ratio(i)

10.47 %

10.49 %

10.33 %

10.20 %

10.11 %

Tier 1 capital ratio

11.01 %

11.04 %

10.89 %

10.77 %

10.68 %

Total capital ratio

13.02 %

13.08 %

12.94 %

12.83 %

12.75 %

Tier 1 leverage ratio

8.98 %

8.96 %

8.81 %

8.72 %

8.69 %

Selected equity and performance ratios






Total stockholders' equity / total assets

10.96 %

11.01 %

10.95 %

10.87 %

10.82 %

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

8.27 %

8.29 %

8.18 %

8.06 %

7.96 %

Average stockholders' equity / average assets

11.12 %

11.05 %

10.95 %

10.90 %

10.86 %

Return on average equity(c)

9.69 %

11.09 %

10.26 %

9.43 %

8.91 %

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

13.03 %

15.04 %

14.02 %

12.96 %

12.34 %

Return on average assets(c)

1.08 %

1.23 %

1.12 %

1.03 %

0.97 %

Return on average tangible assets(b)(c)

1.12 %

1.27 %

1.17 %

1.07 %

1.01 %

Efficiency ratios (expense / revenue)






Fully tax-equivalent efficiency ratio

56.03 %

55.21 %

54.77 %

55.81 %

59.72 %

Adjusted efficiency ratio(b)

55.77 %

55.15 %

54.77 %

55.81 %

58.55 %

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)

March 31, 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

Non-GAAP Financial Measures Reconciliation






(Dollars in thousands)

1Q26

4Q25

3Q25

2Q25

1Q25

Tangible common equity reconciliation






Common equity

$     4,803,760

$     4,781,235

$     4,674,186

$     4,586,669

$     4,492,446

Less: Goodwill and other intangible assets, net

1,125,639

1,127,842

1,130,044

1,132,247

1,134,450

Tangible common equity for TBV / share and TCE Ratio

$     3,678,121

$     3,653,393

$     3,544,142

$     3,454,422

$     3,357,996

Tangible assets reconciliation






Total assets

$   45,593,740

$   45,202,596

$   44,455,863

$   43,993,729

$   43,309,136

Less: Goodwill and other intangible assets, net

1,125,639

1,127,842

1,130,044

1,132,247

1,134,450

Tangible assets for TCE Ratio

$   44,468,101

$   44,074,754

$   43,325,819

$   42,861,482

$   42,174,686

Average tangible common equity reconciliation






Average common equity

$     4,812,415

$     4,713,445

$     4,627,038

$     4,538,549

$     4,436,467

Less: Average goodwill and other intangible assets, net

1,126,748

1,129,055

1,131,385

1,133,627

1,135,584

Average tangible common equity for ROATCE

$     3,685,667

$     3,584,390

$     3,495,653

$     3,404,922

$     3,300,883

Average tangible assets reconciliation






Average total assets

$   45,018,948

$   44,402,771

$   44,015,203

$   43,420,063

$   42,630,627

Less: Average goodwill and other intangible assets, net

1,126,748

1,129,055

1,131,385

1,133,627

1,135,584

Average tangible assets for return on average tangible assets

$   43,892,200

$   43,273,716

$   42,883,818

$   42,286,436

$   41,495,043

Adjusted net income reconciliation






Net income

$        119,635

$        137,129

$        124,732

$        111,230

$        101,687

Other intangible amortization, net of tax

1,652

1,652

1,652

1,652

1,652

Adjusted net income for return on average tangible assets

$        121,287

$        138,781

$        126,384

$        112,882

$        103,339

Adjusted net income available to common equity
reconciliation






Net income available to common equity

$        116,760

$        134,254

$        121,857

$        108,355

$         98,812

Other intangible amortization, net of tax

1,652

1,652

1,652

1,652

1,652

Adjusted net income available to common equity for ROATCE

$        118,412

$        135,906

$        123,509

$        110,007

$        100,464

Pre-tax pre-provision income






Income before income taxes

$        152,883

$        162,901

$        154,286

$        139,629

$        121,095

Provision for credit losses

11,001

6,998

16,000

17,996

13,003

Pre-tax pre-provision income

$        163,884

$        169,899

$        170,286

$        157,625

$        134,098

Period end core customer deposits reconciliation






Total deposits

$   35,731,765

$   35,552,608

$   34,881,853

$   34,147,565

$   35,196,713

Less: Network transaction deposits

1,746,518

2,154,995

2,013,964

1,792,362

1,882,930

Less: Brokered CDs

3,562,752

3,795,133

3,956,517

4,072,048

4,197,512

Core customer deposits

$   30,422,495

$   29,602,480

$   28,911,371

$   28,283,155

$   29,116,271

Average core customer deposits reconciliation






Average total deposits

$   35,160,943

$   35,628,917

$   34,705,887

$   34,203,201

$   34,833,464

Less: Average network transaction deposits

1,917,854

2,090,587

1,933,659

1,843,998

1,847,972

Less: Average brokered CDs

3,528,294

3,998,012

3,916,329

4,089,844

4,315,311

Average core customer deposits

$   29,714,795

$   29,540,318

$   28,855,899

$   28,269,359

$   28,670,181

Total expense for efficiency ratios reconciliation






Noninterest expense

$        219,163

$        219,466

$        216,202

$        209,352

$        210,619

Less: Other intangible amortization

2,203

2,203

2,203

2,203

2,203

Total expense for fully tax-equivalent efficiency ratio

216,960

217,263

213,999

207,149

208,416

Less: Acquisition costs(a)

1,007

252

—

—

—

Total expense for adjusted efficiency ratio

$        215,953

$        217,011

$        213,999

$        207,149

$        208,416

Total revenue for efficiency ratios reconciliation






Net interest income

$        307,190

$        309,981

$        305,222

$        300,000

$        285,941

Noninterest income

75,857

79,384

81,265

66,977

58,776

Less: Investment securities (losses) gains, net

(28)

37

1

7

4

Fully tax-equivalent adjustment

4,139

4,196

4,222

4,228

4,254

Total revenue for fully tax-equivalent efficiency ratio

387,214

393,524

390,708

371,198

348,968

Less: Announced initiatives(b)

—

—

—

—

(6,976)

Total revenue for adjusted efficiency ratio

$        387,214

$        393,524

$        390,708

$        371,198

$        355,943

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.

 

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

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

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/associated-banc-corp-reports-first-quarter-2026-net-income-available-to-common-equity-of-117-million-or-0-70-per-common-share-302752246.html

SOURCE Associated Banc-Corp

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