Associated Banc-Corp 8-K, filed Oct 22, 2026
Associated Banc-Corp (ASB)
8-K
2026-10-22
For: 2026-10-22
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Added on
October 22, 2026
About this 8-K
Associated Banc-Corp filed this 8-K on October 22, 2026.
Associated Banc-Corp reported $144 million, or $0.76 per common share, in third-quarter earnings, and $154 million, or $0.81 per common share, excluding nonrecurring items. Net interest margin was 3.20%, and the company repurchased $100 million of common stock. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 | |||||
| FORM | |||||
| CURRENT REPORT | |||||
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | |||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
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Securities Registered Pursuant to Section 12(b) of the act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
Emerging growth company | |||||
☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ||||
| Item 2.02 Results of Operations and Financial Condition. | ||
On | ||
| Item 9.01 Financial Statements and Exhibits. | ||
(d) Exhibits. | ||
The following exhibits are furnished as part of this Report on Form 8-K: | ||
| SIGNATURES | ||||||||
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | ||||||||
| Associated Banc-Corp | ||||||||
| (Registrant) | ||||||||
Date: | By: /s/ Derek S. Meyer | |||||||
| Derek S. Meyer | ||||||||
| Chief Financial Officer | ||||||||
Exhibit 99.1
 | NEWS RELEASE 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 | ||||
Associated Banc-Corp Reports Third Quarter 2026 Earnings of $0.76 Per Common Share, or $0.81 Per Common Share1 Excluding Nonrecurring Items Recognized During the Quarter
Results fueled by deposit growth, margin expansion, enhanced profitability, and improving return profile.
GREEN BAY, Wis. -- October 22, 2026 -- 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.
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%.
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
•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, 2026 | June 30, 2026 | Sequential Quarter Change | March 31, 2026 | December 31, 2025 | September 30, 2025 | Comparable Quarter 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 institutions | 982,850 | 1,268,379 | (285,529) | 920,684 | 1,144,123 | 802,251 | 180,599 | ||||||||||||||||
| Federal funds sold and securities purchased under agreements to resell | 100 | 14,355 | (14,255) | 175 | 1,400 | 90 | 10 | ||||||||||||||||
| Available for sale (AFS) investment securities, net, at fair value | 6,198,828 | 6,366,586 | (167,758) | 5,514,456 | 5,397,563 | 5,217,278 | 981,550 | ||||||||||||||||
| Held to maturity (HTM) investment securities, net, at amortized cost | 3,462,166 | 3,510,726 | (48,560) | 3,570,843 | 3,602,519 | 3,636,080 | (173,914) | ||||||||||||||||
| 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 agreements to repurchase | 266,329 | 529,276 | (262,947) | 395,652 | 307,864 | 399,665 | (133,336) | ||||||||||||||||
| 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.
1
| Associated Banc-Corp Consolidated Statements of Income (Unaudited) | Comparable Quarter | Year to Date (YTD) | Comparable YTD | |||||||||||||||||||||||
| (Dollars and shares in thousands, except per share data) | 3Q26 | 3Q25 | Dollar Change | Percentage Change | September 2026 | September 2025 | Dollar Change | Percentage 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 under agreements to repurchase | 3,008 | 2,107 | 901 | 43 | % | 10,826 | 7,733 | 3,093 | 40 | % | ||||||||||||||||
| 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.
2
| Associated Banc-Corp Consolidated Statements of Income (Unaudited) - Quarterly Trend | |||||||||||||||||||||||||||||
| (Dollars and shares in thousands, except per share data) | Sequential Quarter | ||||||||||||||||||||||||||||
| 3Q26 | 2Q26 | Dollar Change | Percentage Change | 1Q26 | 4Q25 | 3Q25 | |||||||||||||||||||||||
| 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 to repurchase | 3,008 | 4,085 | (1,077) | (26) | % | 3,732 | 2,682 | 2,107 | |||||||||||||||||||||
| 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.
3
| 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 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 | $ | 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 interest income | 47,503,156 | $ | 637,667 | 5.34 | % | 47,287,254 | $ | 627,433 | 5.32 | % | 40,562,264 | $ | 560,813 | 5.50 | % | ||||||||||||||
| 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 sold under agreements to repurchase | 337,397 | 3,008 | 3.54 | % | 460,414 | 4,085 | 3.56 | % | 227,460 | 2,107 | 3.68 | % | |||||||||||||||||
| 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 related interest expense | 38,086,492 | $ | 256,330 | 2.67 | % | 38,123,118 | $ | 253,255 | 2.66 | % | 32,930,896 | $ | 251,369 | 3.03 | % | ||||||||||||||
| 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 and net interest margin | $ | 381,337 | 3.20 | % | $ | 374,178 | 3.17 | % | $ | 309,444 | 3.04 | % | |||||||||||||||||
| 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.
4
| 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 Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | ||||||||||||||
| 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 repurchase | 407,330 | 10,826 | 3.55 | % | 274,204 | 7,733 | 3.77 | % | ||||||||||||
| 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.
5
| Associated Banc-Corp Loan and Deposit Composition | |||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
| Period end loan composition | Sep 30, 2026 | Jun 30, 2026 | Seql Qtr % Change | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Comp Qtr % 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 % Change | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Comp Qtr % 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 % Change | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Comp Qtr % 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 % Change | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Comp Qtr % 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.
6
| Associated Banc-Corp Selected Asset Quality Information | ||||||||||||||||||||||||||
| (Dollars in thousands) | Sep 30, 2026 | Jun 30, 2026 | Seql Qtr % Change | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Comp Qtr % 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 commitments | — | 1,871 | (100) | % | — | — | — | — | % | |||||||||||||||||
| 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, 2026 | Seql Qtr % Change | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Comp Qtr % 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, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 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, 2026 | Seql Qtr % Change | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Comp Qtr % 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 loans | 267.60 | % | 329.75 | % | 384.36 | % | 417.56 | % | 390.49 | % | ||||||||||||||||
| Nonaccrual loans to total loans | 0.50 | % | 0.41 | % | 0.35 | % | 0.32 | % | 0.34 | % | ||||||||||||||||
| Nonperforming assets to total loans plus OREO and repossessed assets | 0.55 | % | 0.51 | % | 0.45 | % | 0.41 | % | 0.44 | % | ||||||||||||||||
| Nonperforming assets to total assets | 0.39 | % | 0.36 | % | 0.32 | % | 0.29 | % | 0.31 | % | ||||||||||||||||
7
| Associated Banc-Corp Selected Asset Quality Information (continued) | ||||||||||||||||||||||||||
| (Dollars in thousands) | Sep 30, 2026 | Jun 30, 2026 | Seql Qtr % Change | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Comp Qtr % 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 % Change | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Comp Qtr % 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.
8
| Associated Banc-Corp Selected Quarterly Information | ||||||||||||||||||||||||||
| (Dollars and shares in thousands, except per share data and as noted) | YTD Sep 2026 | YTD Sep 2025 | 3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | |||||||||||||||||||
| 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 (ROATCE)(b)(c) | 13.08 | % | 13.13 | % | 14.05 | % | 12.12 | % | 13.03 | % | 15.04 | % | 14.02 | % | ||||||||||||
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.
9
| Associated Banc-Corp Non-GAAP Financial Measures Reconciliation | YTD | YTD | |||||||||||||||||||||
| (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 Ratio | $ | 4,024,380 | $ | 4,179,977 | $ | 3,678,121 | $ | 3,653,393 | $ | 3,544,142 | |||||||||||||
| 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 tangible assets | $ | 48,090,036 | $ | 42,226,853 | $ | 50,339,098 | $ | 49,967,966 | $ | 43,892,200 | $ | 43,273,716 | $ | 42,883,818 | |||||||||
| 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 assets | $ | 401,778 | $ | 342,604 | $ | 151,756 | $ | 128,734 | $ | 121,287 | $ | 138,781 | $ | 126,384 | |||||||||
| 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 ROATCE | $ | 393,153 | $ | 333,979 | $ | 148,881 | $ | 125,859 | $ | 118,412 | $ | 135,906 | $ | 123,509 | |||||||||
| 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 | |||||||||
(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.
(continued)
10
| 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 | ||||
11
Associated Banc-Corp Third Quarter 2026 Earnings Presentation October 22, 2026
Important Disclosures 2 Forward-looking statements: Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should," “intend,” "target," “outlook,” "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward- looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include the ability to integrate the American National Bank (“ANB”) business successfully and in a timely manner; the possibility that the anticipated benefits of the ANB transaction are not realized when expected or at all; the possibility that the ANB transaction may be more expensive to integrate than anticipated; and such other risk factors as identified in the Company’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference. Trademarks: All trademarks, service marks, and trade names referenced in this material are official trademarks and the property of their respective owners. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Non-GAAP measures: This presentation includes certain non-GAAP financial measures. These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation’s results of operations. These non-GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Unless otherwise noted, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation.
Financial Results Associated Bank River Center – Milwaukee, WI
$0.76 Diluted GAAP EPS $0.81 Diluted Adj. EPS1 10.38% CET1 Ratio 12.68% Total Capital Ratio 10.65% Total Stockholders’ Equity / Total Assets 8.03% TCE Ratio1 10.28% Return on Avg. Equity 14.05% ROATCE1 15.02% Adj. ROATCE1 $28.44 Book Value / Share $21.67 TBV / Share1 Third Quarter 2026 Results 4 ▪ Period end total loans of $36.5 billion ▪ +0.1% vs. 2Q26; +18.0% vs. 3Q25 ▪ Period end C&I loans of $13.8 billion ▪ +0.4% vs. 2Q26; +19.3% vs. 3Q25 ▪ Period end total deposits of $40.4 billion ▪ +1.1% vs. 2Q26; +15.8% vs. 3Q25 ▪ Period end core customer deposits1 of $34.8 billion ▪ +2.0% vs. 2Q26; +20.5% vs. 3Q25 ▪ Net interest income of $377 million ▪ Net interest margin of 3.20% ▪ Noninterest income of $87 million ▪ Noninterest expense of $260 million ▪ Provision for credit losses of $14 million ▪ ACLL / total loans of 1.34% ▪ NCOs / average loans (annualized) of 0.19% ▪ Repurchased $100 million (3.2 million shares) of ASB common stock at a weighted average share price of $30.88 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Areas of Focus Continuing our Organic Growth Story 5 2026 results through 3Q reflect continued growth momentum; add’l initiatives being planned to sustain momentum through 2029 Legacy ASB Franchise Driving Sustainable Organic Growth American National Acquisition Completed Developing Strategic Growth Plans for 2027-2029 Seven consecutive quarters of customer household growth Cultivating full commercial relationships Funding growth primarily with core customer deposits1 Winning in major metro markets Financials coming in as expected Strong cultural alignment Supports organic growth strategy Enhancing customer household & deposit growth Investing in commercial relationship growth Competing in major metro markets & expanding organically Improving our return profile via margin expansion & fee growth Maintaining discipline on credit, risk & expense management Accounts, systems & branches converted to Associated Bank in early October as planned 1 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. This is a non- GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures.
$4.0 $4.1 $4.1 $5.3 $5.3 $7.0 $6.9 $6.8 $6.9 $6.8 $7.3 $7.3 $7.3 $8.9 $9.1 $12.5 $12.7 $13.0 $14.8 $15.0 $30.8 $31.0 $31.3 $35.9 $36.2 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Quarterly Loan Trends 6 Average Quarterly Loans ($ in billions) Period End Balance Change 6/30/26 to 9/30/26 ($ in millions) Commercial & Business Lending Commercial Real Estate Residential Mortgage Auto Finance, Home Equity & Other Consumer Average quarterly loans grew by 1% vs. the prior quarter $(68) $(17) $2 $26 $54 $55 CRE-Construction Auto Finance, Home Equity & Other Consumer Commercial & Industrial Residential Mortgage CRE-Owner Occupied CRE-Investor
$1.9 $2.1 $1.9 $1.9 $1.9 $3.9 $4.0 $3.5 $4.1 $3.9 $4.0 $4.1 $4.2 $5.0 $5.0 $5.9 $5.9 $6.1 $7.6 $7.6 $5.3 $5.4 $5.5 $6.0 $6.2 $7.9 $8.1 $7.9 $8.7 $9.0 $5.8 $6.1 $6.0 $7.1 $7.4 $34.7 $35.6 $35.2 $40.4 $41.0 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Quarterly Deposit & Funding Trends 7 Average Quarterly Deposits ($ in billions) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. Customer CDs Savings Money Market Network Trans. Deposits Noninterest-Bearing Demand Interest-Bearing Demand Brokered CDs Period End Balance Change 6/30/26 to 9/30/26 ($ in millions) Period end total deposits grew by 1% & core customer deposits1 grew by 2% in 3Q, enabling a reduction in wholesale funding $(265) $(144) $(78) $6 $41 $44 $182 $398 Customer CDs FHLB Advances Core Customer Deposits1 +$671 (+2%) Wholesale Funding Sources $(1,100) (-10%) Total Deposits +$450 (+1%) Interest-Bearing Demand Savings Money Market Other Wholesale Funding Brokered CDs Network Transaction Deposits $(614) Noninterest-Bearing Demand
Average Yield Trends 8 Quarterly Average Yields (%) 6.74 6.50 6.21 6.28 6.23 6.45 6.18 5.89 5.96 5.97 5.58 5.56 5.45 5.83 5.82 3.75 3.76 3.78 3.81 3.85 4.26 4.14 4.17 4.22 4.27 2.78 2.61 2.44 2.45 2.46 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Residential Mortgage Commercial & Business Lending Commercial Real Estate Total Interest- Bearing Deposits Auto Finance Asset & Liability Yield / Rate Trends (%) Rate on Total Interest- Bearing Liabilities Yield on Total Earning Assets 5.50 5.34 5.20 5.32 5.34 3.03 2.82 2.67 2.66 2.67 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Investments Earning asset yields increased by 2 bps in 3Q, while total interest-bearing liability costs increased by 1 bp
Net Interest Income & Net Interest Margin Trends 9 $305 $310 $307 $370 $377 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 3.04% Quarterly Net Interest Income Quarterly Net Interest Margin 3.06% 3.03% 3.17% 3.20% Net interest income increased $7 million vs. the prior quarter, while net interest margin improved by 3 bps to 3.20% ($ in millions) +0.03% of Accretion Impact Embedded +0.02% of Accretion Impact Embedded
Interest Rate Risk Management1 10 Contractual Funding Obligations ($ in billions) Contractual Swaps Balances ($ in billions) Estimated NII Sensitivity Profile (%) 9.2 4.0 2.9 2.1 3.5 4.6 2.0 1.6 1.1 1.8 -4.3 -0.6 -1.0 -0.5 -1.1 -8.5 -0.8 -2.0 -1.4 -2.3 3Q 2022 3Q 2023 3Q 2024 3Q 2025 3Q 2026 Up 200 bps Up 100 bps Down 100 bps Down 200 bps (12-Month Ramp, Dynamic Forecast) $2.45 $2.45 $2.05 $1.58 $1.58 3Q 2026 4Q 2026 1Q 2027 2Q 2027 3Q 2027 ≤ 1 Yr. 1-3 Yrs. 3+ Yrs. Total Time Deposits $8.5 $0.2 $0.1 $8.8 Short-Term Funding $0.3 - - $0.3 FHLB Advances $3.7 $0.2 $0.0 $3.9 Other Long-Term Funding - - $0.6 $0.6 Total $12.5 $0.4 $0.6 $13.6 3.66%3.67%3.69%3.68% 3.66% Notional Balances Weighted Avg. Yield 1 All updates as of or for the period ended September 30, 2026 unless otherwise noted. We’ve taken proactive steps to reduce our asset sensitivity & protect NII in a volatile rate environment
Cash & Investment Securities Portfolio 11 Period End Investment Securities ($ in billions) Period End Securities + Cash / Total Assets $5.2 $5.4 $5.5 $6.3 $6.2 $3.6 $3.6 $3.6 $3.5 $3.5 $0.3 $0.3 $0.3 $0.4 $0.3$9.1 $9.3 $9.4 $10.2 $10.0 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Held to MaturityAvailable for Sale Other Securities 20.5% 20.5% 20.6% 19.8% 19.4% 2.9% 3.8% 3.1% 3.5% 3.2% 23.4% 24.3% 23.7% 23.3% 22.6% 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Investment Securities / Total Assets Cash / Total Assets We continue to target securities + cash / total assets of 22% to 24% in 2026 We’ve continued to manage our cash & investment securities positions in proportion to broader balance sheet growth
$25 $26 $25 $26 $26 $14 $14 $14 $16 $17 $12 $13 $12 $14 $14 $11 $11 $7 $7 $11 $4 $3 $6 $3 $2 $15 $12 $12 $14 $17 $81 $79 $76 $80 $87 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Quarterly Noninterest Income Trends 12 Wealth Mgmt. Fees Capital Markets, net Other1 Mortgage Banking, net Service Charges & Deposit Account Fees Card-Based Fees 1 Other is comprised of other fee-based revenue, bank and corporate owned life insurance, asset gains (losses), net, investment securities gains (losses), net, and other noninterest income. Capital Markets, Net ($ in millions) $24 $16 $13 $21 $25 YTD Sep 2022 YTD Sep 2023 YTD Sep 2024 YTD Sep 2025 YTD Sep 2026 $64 $61 $68 $71 $78 YTD Sep 2022 YTD Sep 2023 YTD Sep 2024 YTD Sep 2025 YTD Sep 2026 Wealth Management Fees ($ in millions)Total Quarterly Noninterest Income ($ in millions) 3Q 2026 noninterest income of $87 million was up 8% vs. the prior quarter
54.8 55.2 56.0 58.3 54.154.8 55.2 55.8 52.9 51.3 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Quarterly Noninterest Expense Trends 13 Total Quarterly Noninterest Expense ($ in millions) Efficiency Ratio (%) $136 $135 $135 $161 $154 $29 $29 $30 $33 $43 $13 $14 $14 $14 $15 $10 $7 $9 $11 $12 $29 $34 $31 $53 $36 $216 $219 $219 $272 $260 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Personnel Other1 Technology FDIC AssessmentOccupancy Adjusted Efficiency Ratio3Fully Tax-Equivalent Efficiency Ratio 1 Other is comprised of business development & advertising, equipment, legal & professional, loan & foreclosure costs, other intangible amortization & other noninterest expenses. 2 Represents a $4 million decrease from the ~$52.5 million estimate provided in the 2Q 2026 Earnings Presentation on July 23, 2026. 3 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 3Q 2026 noninterest expense includes $13 million of nonrecurring costs tied to the acquisition of American National Corporation 3Q 2026 YTD Sep 2026 Personnel $0.7 $14.1 Legal & Professional 2.0 12.3 Technology 9.0 9.8 Business Dev. & Advertising 0.9 1.5 Other 0.7 1.0 Total $13.3 $38.7 Nonrecurring Acquisition-Related Expenses ($ in millions) ~$48.5M Grand total of expected nonrecurring expense from ANC acquisition, with remaining ~$10M to be recognized by 12/31/20262
Capital Profile 14 Additional Capital Ratios (%) Per Common Share Data ($) 1 This is a non-GAAP financial measure. See appendix for a reconciliation of non-GAAP financial measures to GAAP financial measures. 2 3Q 2026 TCE ratio includes an AOCI impact of -33 basis points relative to the prior quarter. 28.17 28.81 29.04 28.85 28.44 21.36 22.01 22.23 22.15 21.67 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Tangible Common Equity / Tangible Assets (TCE Ratio)1 Total Shareholders’ Equity / Total Assets 10.95 11.01 10.96 10.88 10.65 8.18 8.29 8.27 8.27 8.03 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Tangible Book Value / Share1Book Value / Share Regulatory Capital Ratios (%) 10.33 10.89 12.94 10.38 10.84 12.68 CET1 Tier 1 Capital Total Capital 3Q 2025 3Q 2026 We repurchased $100M (3.2M shares) of ASB common stock at a weighted average share price of $30.88 during 3Q 2026 2
Loan Category ACLL ACLL / Loans ACLL ACLL / Loans ACLL ACLL / Loans C&BL 189,277$ 1.49% 234,735$ 1.53% 236,590$ 1.54% CRE - Investor 62,454 1.16% 65,698 1.01% 59,270 0.91% CRE - Construction 65,324 3.33% 85,681 3.37% 85,074 3.27% Residential Mortgage 34,815 0.51% 35,452 0.52% 34,182 0.51% Other Consumer 62,748 1.55% 72,907 1.38% 75,752 1.44% Total 414,618$ 1.34% 494,473$ 1.36% 490,868$ 1.34% 6/30/2026 9/30/20269/30/2025 $415 $419 $425 $494 $491 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Allowance for Credit Losses on Loans (ACLL)1 15 ACLL Trends ($ in millions) 1 Includes funded and unfunded reserve for loans, excludes reserve for securities. ($ in thousands) 1.34% 1.35% 1.34% 1.36% 1.34% 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 ACLL / Total Loans ACLL decreased to $491 million in 3Q 2026, while ACLL / total loans decreased 2 bps to 1.34%
Credit Quality Trends 16 Total Delinquent Loans ($ in millions) Nonaccrual Loans ($ in millions) Total Criticized Loans ($ in millions) Net Charge Offs & Provision ($ in millions) $3 $3 $3 $2 $9 $49 $58 $85 $58 $80 $52 $61 $88 $60 $89 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Accruing Loans 30-89 Days PD $13 $2 $5 $23 $18 $16 $7 $11 $19 $14 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Total Net Charge Offs Provision for Credit Losses on Loans Accruing Loans 90+ Days PD $106 $100 $111 $150 $183 $1,125 $1,067 $1,066 $1,129 $930 $412 $310 $272 $460 $505 $1,643 $1,478 $1,449 $1,739 $1,618 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 $86 $85 $83 $88 $98 $7 $8 $8 $14 $19 $13 $7 $20 $48 $66 $106 $100 $111 $150 $183 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 CREConsumer Commercial & Business Lending Substandard AccruingSpecial Mention Nonaccrual Loans Credit quality remained solid in 3Q 2026 with decreases in total criticized loans & net charge offs vs. the prior quarter
FY 2026 Outlook1 17 Previous FY 2026 Outlook September 14, 2026 Updated FY 2026 Outlook Total Loans Up 18% to 20% No Change Total C&I Loans Up 20% to 22% No Change Total Deposits Up 17% to 19% No Change Core Customer Deposits2 Up 19% to 21% No Change Net Interest Income Up 19% to 21% No Change Noninterest Income Up 8% to 10% Up 12% to 14% Noninterest Expense3 Up 20% to 21% Up 19% to 20% Effective Tax Rate 19% to 21% 20% to 22% CET1 Capital Ratio 10% to 10.75% No Change 1 Projections are on an end of period basis for Associated Banc-Corp and American National Corporation combined as of and for the year ended December 31, 2026 as compared to Associated Banc-Corp standalone 2025 results as of December 31, 2025 unless otherwise noted. 2 Core customer deposits is a non-GAAP financial measure which excludes network transaction deposits and brokered CDs from total deposits. We have not provided a reconciliation of the projection for core customer deposits to the projection for total deposits due to the low visibility and unpredictability of the components of total deposits necessary for such reconciliation. 3 Includes nonrecurring costs incurred in connection with the acquisition of American National Corporation.
Appendix Minneapolis, MN
American National Corporation Acquisition Purchase Accounting Accretion (PAA) Summary 19 Actual Scheduled1 3Q 2026 4Q 2026 1Q 2027 2Q 2027 3Q 2027 Loans (Interest Income) $2.3 $1.5 $1.0 $0.8 $0.6 Deposits (Interest Expense) (0.1) (0.1) (0.1) (0.1) (0.1) Core Deposit Intangible (Noninterest Expense) (4.7) (4.7) (4.6) (4.2) (4.2) Pre-Tax Purchase Accounting Impact, Net $(2.5) $(3.3) $(3.7) $(3.5) $(3.7) ($ in millions) 1 These scheduled amounts may vary from future actuals as they do not include potential impacts of prepayments, early withdrawals or impairments that may occur in the future.
Twin Cities 165-Year Foundation in Wisconsin…Accelerating Household, Deposit and C&I Growth in Major Metro Markets 20 ASB Branch Footprint States Strategic Major Metro Growth Markets Milwaukee Chicago Omaha St. Louis Kansas City Dallas/Ft. Worth Driving Growth in Legacy Metros Expanding in Strategic Growth Markets Milwaukee Chicago Twin Cities Omaha Kansas City Dallas/Ft. Worth Expanding in 2026 New in 2026 New in 2025 Expanded in 2026 Expanding in 2026 St. Louis First MO branch in 2025
9/30/2026 1 % of Total Loans 9/30/2026 1 % of Total Loans C&BL (by NAICS 2 ) CRE (by property type) Utilities 3,359$ 9.2% Multi-Family 4,009$ 11.0% Manufacturing & Wholesale Trade 3,265 8.9% Industrial 1,928 5.3% Real Estate (includes REITs) 2,429 6.7% Office 760 2.1% Finance & Insurance 1,133 3.1% Retail 701 1.9% Construction 749 2.1% Hotel/Motel 347 1.0% Retail Trade 627 1.7% Medical 285 0.8% Transportation and Warehousing 582 1.6% Single Family Construction 281 0.8% Mortgage Warehouse 572 1.6% Warehouse 232 0.6% Rental and Leasing Services 549 1.5% Data Center 162 0.4% Health Care and Social Assistance 471 1.3% Land 97 0.3% Professional, Scientific, and Tech. Serv. 335 0.9% Other 295 0.6% Information 295 0.8% Total CRE 9,097$ 24.8% Waste Management 247 0.7% Accommodation and Food Services 171 0.5% Consumer Management of Companies & Enterprises 123 0.3% Residential Mortgage 6,740$ 18.5% Educational Services 71 0.2% Auto Finance 4,093 11.2% Arts, Entertainment, and Recreation 57 0.2% Home Equity 849 2.3% Agriculture, Forestry, Fishing and Hunting 53 0.1% Credit Cards 207 0.6% Public Administration 19 0.1% Other 128 0.4% Mining 3 0.0% Total Consumer 12,017$ 33.0% Other 295 0.7% Total C&BL 15,406$ 42.2% Total Loans 36,520$ 100.0% Total Loans Outstanding Balances as of September 30, 2026 21 1 All values as of period end. 2 North American Industry Classification System. ($ in millions)
Residential Mortgage 56% Auto Finance 34% Home Equity 7% Credit Cards 2%Other 1% CRE by Property Type $9.1 billion Wisconsin 19% Illinois 12% Minnesota 10% Nebraska 9% Other Midwest2 19% Texas 10% Other 21% Loan Stratification Outstanding Balances as of September 30, 2026 22 1 Excludes Other Consumer portfolio. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. Multi-Family 44% Retail 8% Office 8% Industrial 21% Warehouse 3% Hotel / Motel 4% Other 12% Wisconsin 23% Illinois 15% Minnesota 9% Nebraska 5% Other Midwest 14% Texas 5% Other 29% Manufacturing & Wholesale Trade 21% Power & Utilities 22% Real Estate 16% Mortgage Warehouse 4% Finance & Insurance 7% Wisconsin 19% Illinois 13% Minnesota 8% Nebraska 4% Other Midwest 10% Texas 6% Other 40% 2 2 C&BL by State $15.4 billion Consumer by Category $12.0 billion C&BL by Industry $15.4 billion Total Loans by State1 CRE by State $9.1 billion
Multi-Family 44% Retail 8% Office 8% Industrial 21% Other 19% High-Quality Commercial Real Estate Portfolio1 23 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 Portfolio LTV 58% 57% 57% 53% 57% Delinquencies3/Loans 0.19% 0.27% 0.45% 0.05% 0.09% NALs/Loans 0.10% 0.12% 0.11% 0.16% 0.21% ACLL/Loans 1.74% 1.70% 1.68% 1.67% 1.59% NCOs/Avg. Loans4 0.49% (0.01)% (0.03)% 0.12% 0.00% CRE Credit Quality CRE Loan Portfolio Granularity % of Total Loans Largest Single CRE Borrower 0.20% Top 10 Largest CRE Borrowers 1.26% Largest CRE Property Type (Multi-Family) 10.98% CRE Office Loans 2.08% CRE Office Highlights WAvg. Debt Service Coverage Ratio5 1.25x 2026 Remaining Maturities $136 million Central Business District vs. Suburban ~81% Suburban Property Class Mix6 ~53% Class A Consumer 33% Com'l & Business Lending 42% CRE 25% Total Loans by Segment Wisconsin 19% Illinois 12% Minnesota 10% Nebraska 9% Other Midwest2 19% Texas 10% Other 21% CRE by State CRE by Property Type 1 All updates as of or for the period ended September 30, 2026 unless otherwise noted. 2 Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa. 3 Accruing loans 30-89 days past due + accruing loans 90+ days past due. 4 Calculated on an annualized basis. Negative value represents a net recovery. 5 Calculated based on the 10-year Treasury rate plus 300 basis points/25-year amortization. Excludes American National Corporation loans. 6 Property class mix determined by third-party vendor partner mapping of portfolio.
High-Quality Consumer Loan Portfolio1 24 1 All data as of or for the period ended September 30, 2026 unless otherwise noted. 9/30/2026 % of Total Loans Residential Mortgage $6,740 18.5% Auto Finance 4,093 11.2% Home Equity 849 2.3% Credit Cards 207 0.6% Other 128 0.4% Total Consumer $12,017 33.0% Prime/Super Prime Consumer Loan Portfolio 788 783 793 792 Resi. Mortgage Auto Finance Home Equity Credit Cards Weighted Avg. Portfolio FICO Scores 86% 8% 7% Portfolio FICOs Prime (660-719) Super Prime (720+) Exceptions & Other Period End Consumer Loans ($ in millions)
Stable, Granular Deposit Portfolio 25 Associated Bank, N.A. Period End Deposits ($ in billions) Liquidity Sources ($ in millions) 25% 26% 26% 26% 27% 75% 74% 74% 74% 73% $34.9 $35.6 $35.8 $40.1 $40.4 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Total of Insured & Collateralized Deposits Total of Uninsured & Uncollateralized Deposits 6/30/2026 9/30/2026 Federal Reserve Balance $1,265.7 $980.2 FHLB Chicago Capacity $5,330.8 $5,723.1 Fed Discount Window Capacity $6,387.4 $6,458.8 Funding Available Within One Business Day1 $12,983.9 $13,162.1 Fed Funds Lines $1,967.0 $2,236.0 Brokered Deposits Capacity2 $2,015.0 $2,174.6 Unsecured Debt Capacity3 $1,000.0 $1,000.0 Total Available Liquidity $17,965.9 $18,572.7 168% of uninsured, uncollateralized deposits 1 Estimated based on normal course of operations with the indicated institution. 2 Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits. 3 Estimated availability based on the Corporation’s current internal funding considerations.
Tangible Common Equity & Tangible Assets Reconciliation ($ in thousands) 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 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 TCE Ratio and TBV / share $4,024,380 $4,179,977 $3,678,121 $3,653,393 $3,544,142 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 $43,325,819 Reconciliation & Definitions of Non-GAAP Items 26 Period End Core Customer Deposits Reconciliation ($ in thousands) 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 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 $28,911,371 Adjusted Net Income Available to Common Equity Reconciliation ($ in thousands) 3Q 2026 Net income available to common equity $143,711 Acquisition costs, net of tax1 10,227 Adjusted net income available to common equity for adjusted earnings per share $153,938 1 During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National Corporation. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs.
Reconciliation & Definitions of Non-GAAP Items 27 Update 1 During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National Corporation. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs. Non-GAAP Efficiency Ratios Reconciliation ($ in thousands) 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Total expense for efficiency ratios reconciliation Noninterest expense $260,342 $271,882 $219,163 $219,466 $216,202 Less: Other intangible amortization 6,894 6,894 2,203 2,203 2,203 Total expense for fully tax-equivalent efficiency ratio 253,448 264,988 216,960 217,263 213,999 Less: Acquisition costs1 13,258 24,469 1,007 252 - Total expense for adjusted efficiency ratio $240,190 $240,519 $215,953 $217,011 $213,999 Total revenue for efficiency ratios reconciliation Net interest income $377,251 $370,039 $307,190 $309,981 $305,222 Noninterest income 87,131 80,398 75,857 79,384 81,265 Less: Investment securities (losses) gains, net (46) 35 (28) 37 1 Fully tax-equivalent adjustment 4,086 4,139 4,139 4,196 4,222 Total revenue for fully tax-equivalent efficiency ratio and adjusted efficiency ratio 468,514 454,541 387,214 393,524 390,708 Return on Average Tangible Common Equity (ROATCE) Reconciliation ($ in thousands) 3Q 2026 Net income available to common equity $143,711 Other intangible amortization, net of tax 5,170 Adjusted net income available to common equity for ROATCE $148,881 Acquisition costs, net of tax1 10,227 Adjusted net income available to common equity for adjusted ROATCE $159,108 Average common equity $5,463,396 Less: Average goodwill and other intangible assets, net 1,260,592 Average tangible common equity for ROATCE and adjusted ROATCE $4,202,804
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