Associated Banc-Corp (NYSE: ASB) (“Associated” or “Company”) today reported net income available to common equity (“earnings”) of $122 million, or $0.73 per common share, for the quarter ended September 30, 2025. These amounts compare to earnings of $108 million, or $0.65 per common share, for the quarter ended June 30, 2025 and earnings of $85 million, or $0.56 per common share, for the quarter ended September 30, 2024.
“We've continued to see promising results driven by the strategic growth investments we've made across our company,” said President & CEO Andy Harmening. “Here in the third quarter, we posted nearly $300 million in C&I loan growth, over $700 million in deposit growth, and strong revenue results including record-high net interest income. We also delivered solid credit performance and expanded CET1 capital by another 13 basis points.”
“As we look to the remainder of 2025 and into 2026, the Associated Bank franchise has strong momentum that continues to build. Our strategic plan puts us in a favorable position to grow and deepen our customer base, take market share, bolster capital, and improve our return profile-all while maintaining the disciplined approach that helped get us here.”
ThirdQuarter 2025 Highlights
— Diluted earnings per common share of $0.73
— Record net interest income of $305 million (+2% vs. 2Q 2025; +16% vs. 3Q 2024)
— Total period end loans of $31.0 billion (+1% vs. 2Q 2025; +3% vs. 3Q 2024)
— Total period end deposits of $34.9 billion (+2% vs. 2Q 2025; +4% vs. 3Q 2024)
— Total period end core customer deposits1 of $28.9 billion (+2% vs. 2Q 2025; +4% vs. 3Q 2024)
— Net interest margin of 3.04%
— Noninterest income of $81 million
— Noninterest expense of $216 million
— Provision for credit losses of $16 million
— Allowance for credit losses on loans / total loans of 1.34%
— Net charge offs / average loans (annualized) of 0.17%
— Book value / share of $28.17
— Tangible book value / share1 of $21.36
Loans
Thirdquarter 2025 average total loans of $30.8 billion increased 1%, or $258 million, from the prior quarter and increased 4%, or $1.1 billion, from the same period last year. With respect to third quarter 2025 average balances by loan category:
— Commercial and business lending increased $378 million from the prior quarter and increased $1.5 billion from the same period last year to $12.5 billion.
— Commercial real estate lending decreased $160 million from the prior quarter and increased $57 million from the same period last year to $7.3 billion.
— Consumer lending increased $40 million from the prior quarter and decreased $442 million from the same period last year to $11.0 billion.
Thirdquarter 2025 period end total loans of $31.0 billion increased 1%, or $344 million, from the prior quarter and increased 3%, or $961 million, from the same period last year. With respect to third quarter 2025 period end balances by loan category:
— Commercial and business lending increased $334 million from the prior quarter and increased $1.3 billion from the same period last year to $12.7 billion.
— Commercial real estate lending increased $8 million from the prior quarter and increased $143 million the same period last year to $7.3 billion.
— Consumer lending increased $3 million from the prior quarter and decreased $520 million from the same period last year to $10.9 billion.
We continue to expect 2025 period end loan growth of 5% to 6% as compared to the year ended December31, 2024.
Deposits
Third quarter 2025 average deposits of $34.7billion increased 1%, or $503 million, from the prior quarter and increased 4%, or $1.4billion, from the same period last year. With respect to third quarter 2025 average balances by deposit category:
— Noninterest-bearing demand deposits increased $148 million from the prior quarter and increased $144 million from the same period last year to $5.8 billion.
— Savings increased $115 million from the prior quarter and increased $213 million from the same period last year to $5.3 billion.
— Interest-bearing demand deposits increased $215 million from the prior quarter and increased $504 million from the same period last year to $7.9 billion.
— Money market deposits decreased $128 million from the prior quarter and decreased $81 million from the same period last year to $5.9 billion.
— Brokered CDs decreased $174 million from the prior quarter and decreased $332 million from the same period last year to $3.9 billion.
— Other time deposits increased $236 million from the prior quarter and increased $647 million from the same period last year to $4.0 billion.
— Network transaction deposits increased $90 million from the prior quarter and increased $289 million from the same period last year to $1.9 billion.
Third quarter 2025 period end deposits of $34.9 billion increased 2%, or $734million, from the prior quarter and increased 4%, or $1.3billion, from the same period last year. With respect to third quarter 2025 period end balances by deposit category:
— Noninterest-bearing demand deposits increased $124 million from the prior quarter and increased $49 million from the same period last year to $5.9 billion.
— Savings increased $89 million from the prior quarter and increased $308 million from the same period last year to $5.4 billion.
— Interest-bearing demand deposits increased $301 million from the prior quarter and increased $490 million from the same period last year to $7.8 billion.
— Money market deposits decreased $130 million from the prior quarter and decreased $46 million from the same period last year to $5.8 billion.
— Brokered CDs decreased $116 million from the prior quarter and decreased $286 million from the same period last year to $4.0 billion.
— Other time deposits increased $244 million from the prior quarter and increased $366 million from the same period last year to $4.0 billion.
— Network transaction deposits increased $222 million from the prior quarter and increased $447 million from the same period last year to $2.0 billion.
— Core customer deposits1 increased $628 million from the prior quarter and increased $1.2 billion from the same period last year to $28.9 billion.
We continue to expect 2025 period end total deposit growth of 1% to 3% and period end core customer deposit growth of 4% to 5% as compared to the year ended December31, 2024.
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Net Interest Income and Net Interest Margin
Thirdquarter 2025 net interest income of $305 million increased $5 million from the prior quarter and increased $43 million from the same period last year. The net interest margin of 3.04% was flat from the prior quarter and a 26 basis point increase from the same period last year.
— The average yield on total loans for the third quarter of 2025 remained flat from the prior quarter and decreased 38 basis points from the same period last year to 5.89%.
— The average cost of total interest-bearing liabilities for the third quarter of 2025 increased 1 basis point from the prior quarter and decreased 56 basis points from the same period last year to 3.03%.
— The net free funds benefit for the third quarter of 2025 increased 1 basis point from the prior quarter and decreased 12 basis points from the same period last year to 0.57%.
Based on our latest forecasts for balance sheet growth and mix, and current market conditions, we continue to expect total net interest income growth of 14% to 15% in 2025.
Noninterest Income
Thirdquarter 2025 total noninterest income of $81 million increased $14 million from the prior quarter and increased $14 million from the same period last year. With respect to third quarter 2025 noninterest income line items:
— Capital markets, net increased $5 million from the prior quarter and increased $6 million from the same period last year.
— Wealth management fees increased $2 million from the prior quarter and increased $1 million from the same period last year.
— Card-based fees increased $1 million from the prior quarter and increased $1 million from the same period last year.
— Asset gains (losses), net increased $5 million from the prior quarter and increased $4 million from the same period last year.
After adjusting to exclude the fourth quarter 2024 and first quarter 2025 impacts of the mortgage and investment securities sales we announced in December 2024, we now expect total noninterest income growth of between 5% and 6% in 2025.
Noninterest Expense
Thirdquarter 2025 total noninterest expense of $216 million increased $7 million from the prior quarter and increased $16 million from the same period last year. With respect to third quarter 2025 noninterest expense line items:
— Personnel expense increased $9 million from the prior quarter and increased $15 million from the same period last year.
— Business development and advertising expense increased $1 million from the prior quarter and increased $2 million from the same period last year.
— Technology expense increased $2 million from the prior quarter and increased $1 million from the same period last year.
After adjusting to exclude the $14 million impact of the loss on prepayments of FHLB advances recognized in the fourth quarter of 2024, we now expect total noninterest expense to grow by 5% to 6% in 2025.
Taxes
Thirdquarter 2025 tax expense was $30 million, compared to $28 million of tax expense in the prior quarter and $20 million of tax expense in the same period last year. The effective tax rate for the third quarter of 2025 was 19.16%, compared to 20.34% in the prior quarter and 18.61% in the same period last year.
We now expect the annual effective tax rate to be between 18% and 19% in 2025.
Credit
Thirdquarter 2025 provision for credit losses on loans was $16 million, compared to a provision of $18 million in the prior quarter and a provision of $21 million in the same period last year. With respect to third quarter 2025 credit quality:
— Nonaccrual loans of $106 million decreased $7 million from the prior quarter and decreased $22 million from the same period last year. The nonaccrual loans to total loans ratio was 0.34% in the third quarter, down from 0.37% in the prior quarter and down from 0.43% in the same period last year.
— Third quarter 2025 net charge offs of $13 million were flat compared to net charge offs of $13 million in the prior quarter and net charge offs of $13 million in the same period last year.
— The allowance for credit losses on loans (ACLL) of $415 million increased $3 million compared to the prior quarter and increased $17 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the third quarter, down from 1.35% in the prior quarter and up from 1.33% in the same period last year.
In 2025, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.
Capital
The Company's capital position remains strong, with a CET1 capital ratio of 10.33%at September30, 2025. The Company's capital ratios continue to be in excess of the Basel III “well-capitalized” regulatory benchmarks on a fully phased in basis.
THIRD QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, October23, 2025. 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 2025 earnings call. The third quarter 2025 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $44 billion and is the largest bank holding company based in Wisconsin.Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD-LOOKING STATEMENTS
Statements made in this 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-CorpConsolidated Balance Sheets(Unaudited)(Dollars in thousands) September 30, June 30, Sequential March 31, December 31, September 30, Comparable 2025 2025 Quarter 2025 2024 2024 Quarter Change ChangeAssetsCash and due from banks $ 490,431 $ 521,167 $ (30,736) $ 521,323 $ 544,059 $ 554,631 $ (64,200)Interest-bearing deposits in other financial institutions 802,251 738,938 63,313 711,033 453,590 408,101 394,150Federal funds sold and securities purchased under agreements to resell 90 – 90 105 21,955 4,310 (4,220)Available for sale (AFS) investment securities, at fair value 5,217,278 5,036,508 180,770 4,796,570 4,581,434 4,152,527 1,064,751Held to maturity (HTM) investment securities, net, at amortized cost 3,636,080 3,672,101 (36,021) 3,705,793 3,738,687 3,769,150 (133,070)Equity securities 26,000 25,912 88 23,331 23,242 23,158 2,842Federal Home Loan Bank (FHLB) and Federal Reserve Bank stocks, at cost 251,642 278,356 (26,714) 194,244 179,665 178,168 73,474Residential loans held for sale 74,563 96,804 (22,241) 47,611 646,687 67,219 7,344Commercial loans held for sale – 8,406 (8,406) 7,910 32,634 11,833 (11,833)Loans 30,951,964 30,607,605 344,359 30,294,127 29,768,586 29,990,897 961,067Allowance for loan losses (378,341) (376,515) (1,826) (371,348) (363,545) (361,765) (16,576)Loans, net 30,573,623 30,231,091 342,532 29,922,780 29,405,041 29,629,131 944,492Tax credit and other investments 245,239 247,111 (1,872) 254,187 258,886 265,385 (20,146)Premises and equipment, net 384,139 377,372 6,767 377,521 379,093 373,816 10,323Bank and corporate owned life insurance 693,511 691,470 2,041 690,551 689,000 686,704 6,807Goodwill 1,104,992 1,104,992 – 1,104,992 1,104,992 1,104,992 -Other intangible assets, net 25,052 27,255 (2,203) 29,457 31,660 33,863 (8,811)Mortgage servicing rights, net 85,063 85,245 (182) 86,251 87,683 81,977 3,086Interest receivable 168,451 168,627 (176) 159,729 167,772 167,777 674Other assets 677,458 682,373 (4,915) 675,748 676,987 698,073 (20,615)Total assets $ 44,455,863 $ 43,993,729 $ 462,134 $ 43,309,136 $ 43,023,068 $ 42,210,815 $ 2,245,048Liabilities and stockholders' equityNoninterest-bearing demand deposits $ 5,906,251 $ 5,782,487 $ 123,764 $ 6,135,946 $ 5,775,657 $ 5,857,421 $ 48,830Interest-bearing deposits 28,975,602 28,365,079 610,523 29,060,767 28,872,777 27,696,877 1,278,725Total deposits 34,881,853 34,147,565 734,288 35,196,713 34,648,434 33,554,298 1,327,555Short-term funding 399,665 75,585 324,080 311,335 470,369 917,028 (517,363)FHLB advances 3,220,679 3,879,489 (658,810) 2,027,297 1,853,807 1,913,294 1,307,385Other long-term funding 594,074 593,530 544 591,382 837,635 844,342 (250,268)Allowance for unfunded commitments 36,276 35,276 1,000 35,276 38,776 35,776 500Accrued expenses and other liabilities 455,019 481,503 (26,484) 460,574 568,485 532,842 (77,823)Total liabilities 39,587,565 39,212,948 374,617 38,622,578 38,417,506 37,797,579 1,789,986Stockholders' equityPreferred equity 194,112 194,112 – 194,112 194,112 194,112 -Common equity 4,674,186 4,586,669 87,517 4,492,446 4,411,450 4,219,125 455,061Total stockholders' equity 4,868,298 4,780,781 87,517 4,686,558 4,605,562 4,413,236 455,061Total liabilities and stockholders' equity $ 44,455,863 $ 43,993,729 $ 462,134 $ 43,309,136 $ 43,023,068 $ 42,210,815 $ 2,245,048
Numbers may not recalculate due to rounding conventions.
Associated Banc-Corp Comparable Quarter Year to Date (YTD) Comparable YTDConsolidatedStatementsofIncome(Unaudited)(Dollars in thousands, except per share data) 3Q25 3Q24 Dollar Percentage September September Dollar Percentage Change Change 2025 2024 Change ChangeInterest incomeInterest and fees on loans $ 455,623 $ 465,728 $ (10,105) (2)% $ 1,336,703 $ 1,376,988 $ (40,285) (3)%Interest and dividends on investment securitiesTaxable 73,727 51,229 22,498 44% 214,689 148,055 66,634 45%Tax-exempt 13,888 14,660 (772) (5)% 41,746 44,103 (2,357) (5)%Other interest 13,353 8,701 4,652 53% 35,274 24,834 10,440 42%Total interest income 556,591 540,318 16,273 3% 1,628,412 1,593,980 34,432 2%Interest expenseInterest on deposits 202,344 231,623 (29,279) (13)% 609,139 678,916 (69,777) (10)%Interest on federal funds purchased and securities sold 2,107 3,385 (1,278) (38)% 7,733 8,551 (818) (10)%under agreements to repurchaseInterest on other short-term funding 212 6,144 (5,932) (97)% 907 16,929 (16,022) (95)%Interest on FHLB advances 35,965 24,799 11,166 45% 86,944 80,612 6,332 8%Interest on other long-term funding 10,741 11,858 (1,117) (9)% 32,526 32,012 514 2%Total interest expense 251,369 277,809 (26,440) (10)% 737,250 817,021 (79,771) (10)%Net interest income 305,222 262,509 42,713 16% 891,163 776,960 114,203 15%Provision for credit losses 16,000 20,991 (4,991) (24)% 46,999 68,000 (21,001) (31)%Net interest income after provision for credit losses 289,223 241,518 47,705 20% 844,164 708,960 135,204 19%Noninterest incomeWealth management fees 25,315 24,144 1,171 5% 70,837 68,466 2,371 3%Service charges and deposit account fees 13,861 13,708 153 1% 39,822 38,410 1,412 4%Card-based fees 12,308 11,731 577 5% 33,950 34,973 (1,023) (3)%Other fee-based revenue 5,414 5,057 357 7% 15,659 14,316 1,343 9%Capital markets, net 10,764 4,317 6,447 149% 20,873 13,052 7,821 60%Mortgage banking, net 3,541 2,132 1,409 66% 11,577 7,299 4,278 59%Loss on mortgage portfolio sale – – – N/M (6,976) – (6,976) N/MBank and corporate owned life insurance 4,051 4,001 50 1% 13,391 11,156 2,235 20%Asset gains (losses), net 3,340 (474) 3,814 N/M 727 (1,407) 2,134 N/MInvestment securities gains, net 1 100 (99) (99)% 13 4,047 (4,034) (100)%Other 2,670 2,504 166 7% 7,147 7,054 93 1%Total noninterest income 81,265 67,221 14,044 21% 207,019 197,365 9,654 5%Noninterest expensePersonnel 135,703 121,036 14,667 12% 386,593 362,012 24,581 7%Technology 28,590 27,217 1,373 5% 82,237 80,579 1,658 2%Occupancy 12,757 13,536 (779) (6)% 40,782 40,297 485 1%Business development and advertising 8,362 6,683 1,679 25% 22,496 20,735 1,761 8%Equipment 4,368 4,653 (285) (6)% 13,389 13,702 (313) (2)%Legal and professional 5,232 5,639 (407) (7)% 17,989 14,740 3,249 22%Loan and foreclosure costs 1,638 2,748 (1,110) (40)% 6,937 6,519 418 6%FDIC assessment 9,980 8,223 1,757 21% 30,124 29,300 824 3%Other intangible amortization 2,203 2,203 – -% 6,608 6,608 – -%Other 7,369 8,659 (1,290) (15)% 29,017 19,622 9,395 48%Total noninterest expense 216,202 200,597 15,605 8% 636,173 594,115 42,058 7%Income before income taxes 154,286 108,142 46,144 43% 415,010 312,211 102,799 33%Income tax expense 29,554 20,124 9,430 47% 77,362 27,451 49,911 182%Net income 124,732 88,018 36,714 42% 337,648 284,760 52,888 19%Preferred stock dividends 2,875 2,875 – -% 8,625 8,625 – -%Net income available to common equity $ 121,857 $ 85,143 $ 36,714 43% $ 329,023 $ 276,135 $ 52,888 19%Pre-tax pre-provision income(a) 170,286 129,133 41,153 32% 462,009 380,211 81,798 22%Earnings per common shareBasic $ 0.73 $ 0.56 $ 0.17 30% $ 1.98 $ 1.83 $ 0.15 8%Diluted $ 0.73 $ 0.56 $ 0.17 30% $ 1.96 $ 1.82 $ 0.14 8%Average common shares outstandingBasic 165,029 150,247 14,782 10% 165,064 149,993 15,071 10%Diluted 166,703 151,492 15,211 10% 166,645 151,244 15,401 10%
N/M = Not meaningfulNumbers may not sum due to rounding.(a) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
Associated Banc-CorpConsolidatedStatementsofIncome(Unaudited) – Quarterly Trend(Dollars and shares in thousands, except per share data) Sequential Quarter 3Q25 2Q25 Dollar Percentage 1Q25 4Q24 3Q24 Change ChangeInterest incomeInterest and fees on loans $ 455,623 $ 447,781 $ 7,842 2% $ 433,299 $ 453,253 $ 465,728Interest and dividends on investment securitiesTaxable 73,727 71,174 2,553 4% 69,788 50,524 51,229Tax-exempt 13,888 13,902 (14) -% 13,956 14,469 14,660Other interest 13,353 12,679 674 5% 9,243 10,478 8,701Total interest income 556,591 545,536 11,055 2% 526,285 528,724 540,318Interest expenseInterest on deposits 202,344 197,656 4,688 2% 209,140 222,888 231,623Interest on federal funds purchased and securities sold under agreements 2,107 2,004 103 5% 3,622 3,203 3,385to repurchaseInterest on other short-term funding 212 287 (75) (26)% 408 668 6,144Interest on FHLB advances 35,965 34,889 1,076 3% 16,090 17,908 24,799Interest on other long-term funding 10,741 10,700 41 -% 11,085 13,769 11,858Total interest expense 251,369 245,536 5,833 2% 240,345 258,436 277,809Net interest income 305,222 300,000 5,222 2% 285,941 270,289 262,509Provision for credit losses 16,000 17,996 (1,996) (11)% 13,003 16,986 20,991Net interest income after provision for credit losses 289,223 282,004 7,219 3% 272,938 253,303 241,518Noninterest incomeWealth management fees 25,315 23,025 2,290 10% 22,498 24,103 24,144Service charges and deposit account fees 13,861 13,147 714 5% 12,814 13,232 13,708Card-based fees 12,308 11,200 1,108 10% 10,442 11,948 11,731Other fee-based revenue 5,414 4,995 419 8% 5,251 5,182 5,057Capital markets, net 10,764 5,765 4,999 87% 4,345 9,032 4,317Mortgage banking, net 3,541 4,213 (672) (16)% 3,822 3,387 2,132Loss on mortgage portfolio sale – – – N/M (6,976) (130,406) -Bank and corporate owned life insurance 4,051 4,135 (84) (2)% 5,204 2,322 4,001Asset gains (losses), net 3,340 (1,735) 5,075 N/M (878) 364 (474)Investment securities gains (losses), net 1 7 (6) (86)% 4 (148,194) 100Other 2,670 2,226 444 20% 2,251 2,257 2,504Total noninterest income (loss) 81,265 66,977 14,288 21% 58,776 (206,772) 67,221Noninterest expensePersonnel 135,703 126,994 8,709 7% 123,897 125,944 121,036Technology 28,590 26,508 2,082 8% 27,139 26,984 27,217Occupancy 12,757 12,644 113 1% 15,381 14,325 13,536Business development and advertising 8,362 7,748 614 8% 6,386 7,408 6,683Equipment 4,368 4,494 (126) (3)% 4,527 4,729 4,653Legal and professional 5,232 6,674 (1,442) (22)% 6,083 6,861 5,639Loan and foreclosure costs 1,638 2,705 (1,067) (39)% 2,594 1,951 2,748FDIC assessment 9,980 9,708 272 3% 10,436 9,139 8,223Other intangible amortization 2,203 2,203 – -% 2,203 2,203 2,203Loss on prepayments of FHLB advances – – – N/M – 14,243 -Other 7,369 9,674 (2,305) (24)% 11,974 10,496 8,659Total noninterest expense 216,202 209,352 6,850 3% 210,619 224,282 200,597Income (loss) before income taxes 154,286 139,629 14,657 10% 121,095 (177,752) 108,142Income tax expense (benefit) 29,554 28,399 1,155 4% 19,409 (16,137) 20,124Net income (loss) 124,732 111,230 13,502 12% 101,687 (161,615) 88,018Preferred stock dividends 2,875 2,875 – -% 2,875 2,875 2,875Net income (loss) available to common equity $ 121,857 $ 108,355 $ 13,502 12% $ 98,812 $ (164,490) $ 85,143Pre-tax pre-provision income (loss)(a) 170,286 157,625 12,661 8% 134,098 (160,766) 129,133Earnings (loss) per common shareBasic $ 0.73 $ 0.65 $ 0.08 12% $ 0.60 $ (1.04) $ 0.56Diluted $ 0.73 $ 0.65 $ 0.08 12% $ 0.59 $ (1.03) $ 0.56Average common shares outstandingBasic 165,029 164,936 93 -% 165,228 157,710 150,247Diluted 166,703 166,343 360 -% 166,604 159,164 151,492
N/M = Not meaningfulNumbers may not recalculate due to rounding conventions.(a) This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
Associated Banc-CorpNet Interest Income Analysis – Fully Tax-Equivalent Basis – Sequential and Comparable Quarter(a) Three Months Ended September 30, 2025 June 30, 2025 September 30, 2024(Dollars in thousands) Average Interest Average Average Interest Average Average Interest Average Balance Income/Expense Yield/Rate Balance Income/Expense Yield/Rate Balance Income/Expense Yield/RateAssetsEarning assetsLoans (b)(c)Commercial and industrial $ 11,367,533 $ 187,046 6.53% $ 10,981,221 $ 179,955 6.57% $ 9,884,246 $ 183,687 7.39%Commercial real estate-owner occupied 1,105,787 15,827 5.68% 1,114,054 16,014 5.77% 1,087,144 16,640 6.09%Commercial and business lending 12,473,319 202,873 6.45% 12,095,274 195,969 6.50% 10,971,390 200,327 7.27%Commercial real estate-investor 5,300,765 87,114 6.52% 5,582,333 91,569 6.58% 5,085,090 93,351 7.30%Real estate construction 1,991,565 36,770 7.32% 1,869,708 33,883 7.27% 2,150,416 43,348 8.02%Commercial real estate lending 7,292,330 123,884 6.74% 7,452,041 125,452 6.75% 7,235,505 136,699 7.52%Total commercial 19,765,649 326,757 6.56% 19,547,316 321,421 6.59% 18,206,896 337,027 7.36%Residential mortgage 6,987,858 65,553 3.75% 7,034,607 64,995 3.70% 7,888,290 70,171 3.56%Auto finance 3,000,978 42,230 5.58% 2,933,161 41,156 5.63% 2,635,890 37,904 5.72%Home equity 690,330 12,641 7.32% 667,339 12,098 7.25% 642,463 13,350 8.31%Other consumer 305,644 8,972 11.65% 309,578 8,644 11.20% 260,547 7,774 11.87%Total consumer 10,984,811 129,396 4.70% 10,944,685 126,893 4.64% 11,427,191 129,199 4.51%Total loans 30,750,460 456,153 5.89% 30,492,001 448,313 5.89% 29,634,087 466,226 6.27%InvestmentsTaxable securities 6,767,664 73,727 4.36% 6,578,690 71,174 4.33% 5,816,102 51,466 3.54%Tax-exempt securities(b) 1,997,416 17,580 3.52% 2,004,725 17,598 3.51% 2,110,896 17,885 3.39%Other short-term investments 1,046,723 13,353 5.06% 999,294 12,679 5.09% 629,431 8,959 5.66%Total investments 9,811,804 104,660 4.26% 9,582,709 101,451 4.24% 8,556,429 78,310 3.66%Total earning assets and related 40,562,264 $ 560,813 5.50% 40,074,710 $ 549,764 5.50% 38,190,516 $ 544,535 5.68%interest incomeOther assets, net 3,452,939 3,345,353 3,199,195Total assets $ 44,015,203 $ 43,420,063 $ 41,389,711Liabilities and stockholders' equityInterest-bearing liabilitiesInterest-bearing depositsSavings $ 5,338,129 $ 19,042 1.42% $ 5,222,869 $ 17,139 1.32% $ 5,125,147 $ 21,611 1.68%Interest-bearing demand 7,898,770 44,763 2.25% 7,683,402 42,485 2.22% 7,394,550 49,740 2.68%Money market 5,860,802 38,061 2.58% 5,988,947 38,695 2.59% 5,942,147 46,290 3.10%Network transaction deposits 1,933,659 21,276 4.37% 1,843,998 20,211 4.40% 1,644,305 22,077 5.34%Brokered CDs 3,916,329 42,878 4.34% 4,089,844 45,418 4.45% 4,247,941 56,307 5.27%Other time deposits 3,961,522 36,323 3.64% 3,725,205 33,707 3.63% 3,314,507 35,600 4.27%Total interest-bearing deposits 28,909,211 202,344 2.78% 28,554,266 197,656 2.78% 27,668,597 231,623 3.33%Federal funds purchased and securities 227,460 2,107 3.68% 220,872 2,004 3.64% 299,286 3,385 4.50%sold under agreements to repurchaseOther short-term funding 19,033 212 4.42% 17,580 287 6.55% 519,421 6,638 5.08%FHLB advances 3,181,903 35,965 4.48% 3,221,749 34,889 4.34% 1,750,590 24,799 5.64%Other long-term funding 593,288 10,741 7.24% 592,664 10,700 7.22% 647,440 11,858 7.33%Total short and long-term funding 4,021,685 49,025 4.85% 4,052,863 47,880 4.74% 3,216,737 46,680 5.78%Total interest-bearing liabilities and 32,930,896 $ 251,369 3.03% 32,607,129 $ 245,536 3.02% 30,885,334 $ 278,304 3.59%related interest expenseNoninterest-bearing demand deposits 5,796,676 5,648,935 5,652,228Other liabilities 466,482 431,338 521,423Stockholders' equity 4,821,150 4,732,661 4,330,727Total liabilities and stockholders' equity $ 44,015,203 $ 43,420,063 $ 41,389,711Interest rate spread 2.47% 2.48% 2.10%Net free funds 0.57% 0.56% 0.69%Fully tax-equivalent net interest income $ 309,444 3.04% $ 304,228 3.04% $ 266,232 2.78%and net interest marginFully tax-equivalent adjustment (4,222) (4,228) (3,723)Net interest income $ 305,222 $ 300,000 $ 262,509
Numbers may not recalculate due to rounding conventions.(a)Prior periods have 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)Nonaccrual loans and loans held for sale have been included in the average balances.
Associated Banc-CorpNet Interest Income Analysis – Fully Tax-Equivalent Basis – Year Over Year(a) Nine Months Ended September 30, 2025 2024(Dollars in thousands) Average Interest Average Average Interest Average Balance Income/Expense Yield/ Rate Balance Income/Expense Yield/ RateAssetsEarning assetsLoans (b)(c)Commercial and industrial $ 10,980,230 $ 536,786 6.54% $ 9,843,435 $ 542,989 7.37%Commercial real estate-owner occupied 1,120,206 48,042 5.73% 1,089,662 49,619 6.08%Commercial and business lending 12,100,436 584,828 6.46% 10,933,098 592,609 7.24%Commercial real estate-investor 5,432,417 265,772 6.54% 5,030,534 274,450 7.29%Real estate construction 1,920,292 104,598 7.28% 2,261,008 135,302 7.99%Commercial real estate lending 7,352,709 370,370 6.73% 7,291,541 409,752 7.51%Total commercial 19,453,145 955,197 6.56% 18,224,639 1,002,361 7.35%Residential mortgage 7,091,945 197,371 3.71% 7,939,493 208,291 3.50%Auto finance 2,926,862 122,562 5.60% 2,511,694 105,528 5.61%Home equity 671,884 36,791 7.30% 590,340 39,386 8.90%Other consumer 309,654 26,389 11.39% 261,781 22,959 11.71%Total consumer 11,000,345 383,113 4.65% 11,303,307 376,164 4.44%Total loans 30,453,490 1,338,311 5.87% 29,527,946 1,378,524 6.23%InvestmentsTaxable securities 6,582,998 214,689 4.35% 5,671,823 148,672 3.50%Tax-exempt securities(b) 2,006,027 52,844 3.51% 2,120,107 53,806 3.38%Other short-term investments 935,475 35,274 5.04% 609,143 26,574 5.83%Total investments 9,524,500 302,806 4.24% 8,401,073 229,051 3.64%Total earning assets and related interest income 39,977,990 $ 1,641,117 5.48% 37,929,019 $ 1,607,575 5.66%Other assets, net 3,382,379 3,157,137Total assets $ 43,360,369 $ 41,086,156Liabilities and stockholders' equityInterest-bearing liabilitiesInterest-bearing depositsSavings $ 5,241,799 $ 54,110 1.38% $ 5,062,518 $ 65,330 1.72%Interest-bearing demand 7,870,806 132,678 2.25% 7,383,471 147,838 2.67%Money market 5,975,632 116,316 2.60% 6,017,642 139,987 3.11%Network transaction deposits 1,875,523 61,554 4.39% 1,630,568 65,697 5.38%Brokered CDs 4,105,700 137,589 4.48% 4,148,547 165,423 5.33%Other time deposits 3,815,105 106,892 3.75% 3,082,143 94,640 4.10%Total interest-bearing deposits 28,884,565 609,139 2.82% 27,324,889 678,916 3.32%Federal funds purchased and securities sold under agreements to repurchase 274,204 7,733 3.77% 259,209 8,551 4.41%Other short-term funding 22,597 907 5.37% 508,913 19,285 5.06%FHLB advances 2,672,351 86,944 4.35% 1,907,104 80,612 5.65%Other long-term funding 604,410 32,526 7.18% 573,676 32,012 7.44%Total short and long-term funding 3,573,561 128,110 4.79% 3,248,902 140,461 5.77%Total interest-bearing liabilities and related interest expense 32,458,126 $ 737,250 3.04% 30,573,791 $ 819,377 3.58%Noninterest-bearing demand deposits 5,695,818 5,748,446Other liabilities 477,597 537,432Stockholders' equity 4,728,828 4,226,487Total liabilities and stockholders' equity $ 43,360,369 $ 41,086,156Interest rate spread 2.45% 2.08%Net free funds 0.57% 0.69%Fully tax-equivalent net interest income and net interest margin $ 903,867 3.02% $ 788,199 2.77%Fully tax-equivalent adjustment (12,705) (11,239)Net interest income $ 891,163 $ 776,960
Numbers may not recalculate due to rounding conventions.(a)Prior periods have 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)Nonaccrual loans and loans held for sale have been included in the average balances.
Associated Banc-CorpLoan and Deposit Composition(Dollars in thousands)Periodendloancomposition Sep 30, 2025 Jun 30, 2025 Seql Qtr % Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Comp Qtr % Change ChangeCommercial and industrial $ 11,567,651 $ 11,281,964 3% $ 10,925,769 $ 10,573,741 $ 10,258,899 13%Commercial real estate-owner occupied 1,149,939 1,101,501 4% 1,118,363 1,143,741 1,120,849 3%Commercial and business lending 12,717,590 12,383,465 3% 12,044,132 11,717,483 11,379,748 12%Commercial real estate-investor 5,369,441 5,370,422 -% 5,597,442 5,227,975 5,070,635 6%Real estate construction 1,958,766 1,950,267 -% 1,809,054 1,982,632 2,114,300 (7)%Commercial real estate lending 7,328,207 7,320,689 -% 7,406,496 7,210,607 7,184,934 2%Total commercial 20,045,797 19,704,154 2% 19,450,628 18,928,090 18,564,683 8%Residential mortgage 6,858,285 6,949,387 (1)% 6,999,654 7,047,541 7,803,083 (12)%Auto finance 3,041,644 2,969,495 2% 2,878,765 2,810,220 2,708,946 12%Home equity 698,112 676,208 3% 654,140 664,252 651,379 7%Other consumer 308,126 308,361 -% 310,940 318,483 262,806 17%Total consumer 10,906,167 10,903,451 -% 10,843,499 10,840,496 11,426,214 (5)%Total loans $ 30,951,964 $ 30,607,605 1% $ 30,294,127 $ 29,768,586 $ 29,990,897 3%Quarter average loan composition Sep 30, 2025 Jun 30, 2025 Seql Qtr % Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Comp Qtr % Change ChangeCommercial and industrial(a) $ 11,367,533 $ 10,981,221 4% $ 10,583,318 $ 10,338,865 $ 9,884,246 15%Commercial real estate-owner occupied 1,105,787 1,114,054 (1)% 1,141,167 1,135,624 1,087,144 2%Commercial and business lending 12,473,319 12,095,274 3% 11,724,484 11,474,489 10,971,390 14%Commercial real estate-investor 5,300,765 5,582,333 (5)% 5,415,412 5,120,608 5,085,090 4%Real estate construction 1,991,565 1,869,708 7% 1,898,582 2,086,188 2,150,416 (7)%Commercial real estate lending 7,292,330 7,452,041 (2)% 7,313,994 7,206,796 7,235,505 1%Total commercial 19,765,649 19,547,316 1% 19,038,479 18,681,285 18,206,896 9%Residential mortgage(a) 6,987,858 7,034,607 (1)% 7,256,320 7,814,056 7,888,290 (11)%Auto finance 3,000,978 2,933,161 2% 2,844,730 2,771,414 2,635,890 14%Home equity 690,330 667,339 3% 657,625 656,792 642,463 7%Other consumer 305,644 309,578 (1)% 313,828 278,370 260,547 17%Total consumer 10,984,811 10,944,685 -% 11,072,503 11,520,632 11,427,191 (4)%Total loans(a) $ 30,750,460 $ 30,492,001 1% $ 30,110,982 $ 30,201,918 $ 29,634,087 4%Period end deposit and customer funding Sep 30, 2025 Jun 30, 2025 Seql Qtr % Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Comp Qtr %composition(b) Change ChangeNoninterest-bearing demand $ 5,906,251 $ 5,782,487 2% $ 6,135,946 $ 5,775,657 $ 5,857,421 1%Savings 5,380,574 5,291,674 2% 5,247,291 5,133,295 5,072,508 6%Interest-bearing demand 7,791,861 7,490,772 4% 7,870,965 7,994,475 7,302,239 7%Money market 5,785,871 5,915,867 (2)% 6,141,275 6,009,793 5,831,637 (1)%Network transaction deposits 2,013,964 1,792,362 12% 1,882,930 1,758,388 1,566,908 29%Brokered CDs 3,956,517 4,072,048 (3)% 4,197,512 4,276,309 4,242,670 (7)%Other time deposits 4,046,815 3,802,356 6% 3,720,793 3,700,518 3,680,914 10%Total deposits 34,881,853 34,147,565 2% 35,196,713 34,648,434 33,554,298 4%Other customer funding(c) 64,570 75,440 (14)% 85,950 100,044 110,988 (42)%Total deposits and other customer funding $ 34,946,423 $ 34,223,005 2% $ 35,282,663 $ 34,748,478 $ 33,665,286 4%Net deposits and other customer funding(d) $ 28,975,941 $ 28,358,595 2% $ 29,202,221 $ 28,713,780 $ 27,855,707 4%Quarter average deposit composition Sep 30, 2025 Jun 30, 2025 Seql Qtr % Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Comp Qtr % Change ChangeNoninterest-bearing demand $ 5,796,676 $ 5,648,935 3% $ 5,640,123 $ 5,738,557 $ 5,652,228 3%Savings 5,338,129 5,222,869 2% 5,162,468 5,132,247 5,125,147 4%Interest-bearing demand 7,898,770 7,683,402 3% 8,031,707 7,623,230 7,394,550 7%Money market 5,860,802 5,988,947 (2)% 6,079,551 5,924,269 5,942,147 (1)%Network transaction deposits 1,933,659 1,843,998 5% 1,847,972 1,690,745 1,644,305 18%Brokered CDs 3,916,329 4,089,844 (4)% 4,315,311 4,514,841 4,247,941 (8)%Other time deposits 3,961,522 3,725,205 6% 3,756,332 3,713,579 3,314,507 20%Total deposits 34,705,887 34,203,201 1% 34,833,464 34,337,468 33,320,825 4%Other customer funding(c) 74,305 80,010 (7)% 87,693 94,965 104,115 (29)%Total deposits and other customer funding $ 34,780,192 $ 34,283,211 1% $ 34,921,157 $ 34,432,433 $ 33,424,940 4%Net deposits and other customer funding(d) $ 28,930,204 $ 28,349,369 2% $ 28,757,874 $ 28,226,848 $ 27,532,694 5%
N/M = Not meaningfulNumbers may not recalculate due to rounding conventions.(a) Loans held for sale have been included in the average balances.(b) Prior periods have been adjusted to conform with current period presentation.(c) Includes repurchase agreements.(d) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.
Associated Banc-CorpSelected Asset Quality Information(Dollars in thousands) Sep 30, 2025 Jun 30, 2025 Seql Qtr % Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Comp Qtr % Change ChangeAllowance for loan lossesBalance at beginning of period $ 376,515 $ 371,348 1% $ 363,545 $ 361,765 $ 355,844 6%Provision for loan losses 15,000 18,000 (17)% 16,500 14,000 19,000 (21)%Charge offs (15,254) (18,348) (17)% (13,714) (13,770) (15,337) (1)%Recoveries 2,081 5,515 (62)% 5,017 1,551 2,258 (8)%Net charge offs (13,173) (12,833) 3% (8,698) (12,220) (13,078) 1%Balance at end of period $ 378,341 $ 376,515 -% $ 371,348 $ 363,545 $ 361,765 5%Allowance for unfunded commitmentsBalance at beginning of period $ 35,276 $ 35,276 -% $ 38,776 $ 35,776 $ 33,776 4%Provision for unfunded commitments 1,000 – N/M (3,500) 3,000 2,000 (50)%Balance at end of period 36,276 35,276 3% 35,276 38,776 35,776 1%Allowance for credit losses on loans (ACLL) $ 414,618 $ 411,791 1% $ 406,624 $ 402,322 $ 397,541 4%Provision for credit losses on loans $ 16,000 $ 18,000 (11)% $ 13,000 $ 17,000 $ 21,000 (24)%(Dollars in thousands) Sep 30, 2025 Jun 30, 2025 Seql Qtr % Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Comp Qtr % Change ChangeNet (charge offs) recoveriesCommercial and industrial $ (1,230) $ (1,826) (33)% $ (4,726) $ (2,406) $ (10,649) (88)%Commercial real estate-owner occupied – – N/M – – – N/MCommercial and business lending (1,230) (1,826) (33)% (4,726) (2,406) (10,649) (88)%Commercial real estate-investor (8,930) (8,493) 5% (892) (6,617) (1) N/MReal estate construction 2 121 (98)% 30 4 2 -%Commercial real estate lending (8,928) (8,372) 7% (863) (6,612) 2 N/MTotal commercial (10,158) (10,198) -% (5,589) (9,018) (10,647) (5)%Residential mortgage (231) (302) (24)% 197 (239) (160) 44%Auto finance (1,505) (689) 118% (1,519) (1,782) (1,281) 17%Home equity 56 237 (76)% 289 277 424 (87)%Other consumer (1,336) (1,881) (29)% (2,076) (1,457) (1,414) (6)%Total consumer (3,015) (2,636) 14% (3,109) (3,202) (2,431) 24%Total net charge offs $ (13,173) $ (12,833) 3% $ (8,698) $ (12,220) $ (13,078) 1%(in basis points) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024Net (charge offs) recoveries to average loans (annualized)Commercial and industrial (4) (7) (18) (9) (43)Commercial real estate-owner occupied – – – – -Commercial and business lending (4) (6) (16) (8) (39)Commercial real estate-investor (67) (61) (7) (51) -Real estate construction – 3 1 – -Commercial real estate lending (49) (45) (5) (37) -Total commercial (20) (21) (12) (19) (23)Residential mortgage (1) (2) 1 (1) (1)Auto finance (20) (9) (22) (26) (19)Home equity 3 14 18 17 26Other consumer (173) (244) (268) (208) (216)Total consumer (11) (10) (11) (11) (8)Total net charge offs (17) (17) (12) (16) (18)(Dollars in thousands) Sep 30, 2025 Jun 30, 2025 Seql Qtr % Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Comp Qtr % Change ChangeCredit qualityNonaccrual loans $ 106,179 $ 112,999 (6)% $ 134,808 $ 123,260 $ 128,476 (17)%Other real estate owned (OREO) 29,268 34,287 (15)% 23,475 20,217 18,830 55%Repossessed assets 789 882 (11)% 688 687 793 (1)%Total nonperforming assets $ 136,236 $ 148,169 (8)% $ 158,971 $ 144,164 $ 148,098 (8)%Accruing loans past due 90 days or more(a) $ 2,692 $ 14,160 (81)% $ 3,036 $ 3,189 $ 7,107 (62)%Allowance for credit losses on loans to total loans 1.34% 1.35% 1.34% 1.35% 1.33%Allowance for credit losses on loans to nonaccrual loans 390.49% 364.42% 301.63% 326.40% 309.43%Nonaccrual loans to total loans 0.34% 0.37% 0.44% 0.41% 0.43%Nonperforming assets to total loans plus OREO and repossessed assets 0.44% 0.48% 0.52% 0.48% 0.49%Nonperforming assets to total assets 0.31% 0.34% 0.37% 0.34% 0.35%
Associated Banc-CorpSelected Asset Quality Information (continued)(Dollars in thousands) Sep 30, 2025 Jun 30, 2025 Seql Qtr % Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Comp Qtr % Change ChangeNonaccrual loansCommercial and industrial $ 12,802 $ 6,945 84% $ 12,898 $ 19,084 $ 14,369 (11)%Commercial real estate-owner occupied 203 – N/M 1,501 1,501 9,285 (98)%Commercial and business lending 13,006 6,945 87% 14,399 20,585 23,654 (45)%Commercial real estate-investor 7,333 15,805 (54)% 31,689 16,705 18,913 (61)%Real estate construction 145 146 (1)% 125 30 15 N/MCommercial real estate lending 7,478 15,950 (53)% 31,814 16,735 18,928 (60)%Total commercial 20,484 22,895 (11)% 46,213 37,320 42,582 (52)%Residential mortgage 69,093 73,817 (6)% 72,455 70,038 70,138 (1)%Auto finance 8,218 8,004 3% 7,692 7,402 7,456 10%Home equity 8,299 8,201 1% 8,275 8,378 8,231 1%Other consumer 85 82 4% 173 122 70 21%Total consumer 85,696 90,104 (5)% 88,595 85,941 85,894 -%Total nonaccrual loans $ 106,179 $ 112,999 (6)% $ 134,808 $ 123,260 $ 128,476 (17)%(Dollars in thousands) Sep 30, 2025 Jun 30, 2025 Seql Qtr % Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Comp Qtr % Change ChangeAccruing loans 30-89 days past dueCommercial and industrial $ 1,071 $ 2,593 (59)% $ 7,740 $ 1,260 $ 1,212 (12)%Commercial real estate-owner occupied – 5,628 (100)% 1,156 1,634 2,209 (100)%Commercial and business lending 1,071 8,221 (87)% 8,896 2,893 3,421 (69)%Commercial real estate-investor 14,190 1,042 N/M 2,463 36,391 10,746 32%Real estate construction 21 90 (77)% – 21 88 (76)%Commercial real estate lending 14,211 1,132 N/M 2,463 36,412 10,834 31%Total commercial 15,282 9,353 63% 11,360 39,305 14,255 7%Residential mortgage 12,684 8,744 45% 13,568 14,892 13,630 (7)%Auto finance 14,013 13,149 7% 12,522 14,850 15,458 (9)%Home equity 4,265 4,338 (2)% 3,606 4,625 3,146 36%Other consumer(a) 2,728 2,578 6% 2,381 3,128 2,163 26%Total consumer 33,689 28,810 17% 32,076 37,496 34,397 (2)%Total accruing loans 30-89 days past due $ 48,971 $ 38,163 28% $ 43,435 $ 76,801 $ 48,651 1%
N/M = Not meaningfulNumbers may not recalculate due to rounding conventions.(a) Excluding guaranteed student loans.
Associated Banc-CorpSelected Quarterly Information(Dollars and shares in thousands, except per share data and as noted) YTD YTD 3Q25 2Q25 1Q25 4Q24 3Q24 Sep 2025 Sep 2024Per common share dataDividends $ 0.69 $ 0.66 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.22Market value:High 27.01 23.95 27.01 24.56 25.63 28.14 23.95Low 18.91 19.73 23.78 18.91 21.06 20.64 20.07Close 25.71 24.39 22.53 23.90 21.54Book value / share(a) 28.17 27.67 27.09 26.55 27.90Tangible book value (TBV) / share(a)(b) 21.36 20.84 20.25 19.71 20.37Selected trend informationNet interest margin(c) 3.02% 2.77% 3.04% 3.04% 2.97% 2.81% 2.78%Effective tax rate 18.64% 8.79% 19.16% 20.34% 16.03% N/M 18.61%Noninterest expense / average assets(c) 1.96% 1.93% 1.95% 1.93% 2.00% 2.12% 1.93%Dividend payout ratio(c)(d) 34.85% 36.07% 31.51% 35.38% 38.33% N/M 39.29%Loans / deposits ratio 88.73% 89.63% 86.07% 85.92% 89.38%Assets under management, at market value(e) $ 16,178 $ 15,537 $ 14,685 $ 14,773 $ 15,033Common shares repurchased during period(f) 900 900 – – 900 – -Common shares outstanding, end of period 165,904 165,778 165,807 166,178 151,213Risk-based capital(g)(h)Total risk-weighted assets $ 34,688,358 $ 34,241,408 $ 33,800,823 $ 33,950,173 $ 33,326,479Common equity Tier 1(i) $ 3,584,712 $ 3,493,316 $ 3,417,432 $ 3,396,836 $ 3,238,155Common equity Tier 1 capital ratio(i) 10.33% 10.20% 10.11% 10.01% 9.72%Tier 1 capital ratio 10.89% 10.77% 10.68% 10.58% 10.30%Total capital ratio 12.94% 12.83% 12.75% 12.61% 12.36%Tier 1 leverage ratio 8.81% 8.72% 8.69% 8.73% 8.49%Selected equity and performance ratiosStockholders' equity / assets ratio 10.95% 10.87% 10.82% 10.70% 10.46%Tangible common equity / tangible assets (TCE Ratio)(b) 8.18% 8.06% 7.96% 7.82% 7.50%Average stockholders' equity / average assets 10.91% 10.29% 10.95% 10.90% 10.86% 10.76% 10.46%Return on average equity(c) 9.55% 9.00% 10.26% 9.43% 8.91% (14.20)% 8.09%Return on average tangible common equity (ROATCE)(b)(c) 13.13% 12.99% 14.02% 12.96% 12.34% (20.27)% 11.52%Return on average assets(c) 1.04% 0.93% 1.12% 1.03% 0.97% (1.53)% 0.85%Return on average tangible assets(b)(c) 1.08% 0.97% 1.17% 1.07% 1.01% (1.55)% 0.89%Efficiency ratios (expense / revenue)Fully tax-equivalent efficiency ratio 56.67% 59.86% 54.77% 55.81% 59.72% 103.11% 59.51%Adjusted efficiency ratio(b) 56.32% 59.07% 54.77% 55.81% 58.55% 60.10% 59.51%
N/M = Not meaningfulNumbers 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)September30, 2025data is estimated.(i) The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating common equity tier 1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in common equity tier 1 capital.
Associated Banc-Corp YTD YTDNon-GAAP Financial Measures Reconciliation(Dollars in thousands) Sep 2025 Sep 2024 3Q25 2Q25 1Q25 4Q24 3Q24Tangible common equity reconciliationCommon equity $ 4,674,186 $ 4,586,669 $ 4,492,446 $ 4,411,450 $ 4,219,125Less: Goodwill and other intangible assets, net 1,130,044 1,132,247 1,134,450 1,136,653 1,138,855Tangible common equity for TBV / share and TCE Ratio $ 3,544,142 $ 3,454,422 $ 3,357,996 $ 3,274,797 $ 3,080,269Tangible assets reconciliationTotal assets $ 44,455,863 $ 43,993,729 $ 43,309,136 $ 43,023,068 $ 42,210,815Less: Goodwill and other intangible assets, net 1,130,044 1,132,247 1,134,450 1,136,653 1,138,855Tangible assets for TCE Ratio $ 43,325,819 $ 42,861,482 $ 42,174,686 $ 41,886,415 $ 41,071,960Average tangible common equity reconciliationAverage common equity $ 4,534,716 $ 4,032,375 $ 4,627,038 $ 4,538,549 $ 4,436,467 $ 4,334,230 $ 4,136,615Less: Average goodwill and other intangible assets, net 1,133,517 1,142,331 1,131,385 1,133,627 1,135,584 1,137,826 1,140,060Average tangible common equity for ROATCE 3,401,200 2,890,045 3,495,653 3,404,922 3,300,883 3,196,404 2,996,555Average tangible assets reconciliationAverage total assets $ 43,360,369 $ 41,086,156 $ 44,015,203 $ 43,420,063 $ 42,630,627 $ 42,071,562 $ 41,389,711Less: Average goodwill and other intangible assets, net 1,133,517 1,142,331 1,131,385 1,133,627 1,135,584 1,137,826 1,140,060Average tangible assets for return on average tangible assets $ 42,226,853 $ 39,943,825 $ 42,883,818 $ 42,286,436 $ 41,495,043 $ 40,933,736 $ 40,249,651Adjusted net income (loss) reconciliationNet income (loss) $ 337,648 $ 284,760 $ 124,732 $ 111,230 $ 101,687 $ (161,615) $ 88,018Other intangible amortization, net of tax 4,956 4,956 1,652 1,652 1,652 1,652 1,652Adjusted net income (loss) for return on average tangible assets $ 342,604 $ 289,716 $ 126,384 $ 112,882 $ 103,339 $ (159,963) $ 89,670Adjusted net income (loss) available to common equity reconciliationNet income (loss) available to common equity $ 329,023 $ 276,135 $ 121,857 $ 108,355 $ 98,812 $ (164,490) $ 85,143Other intangible amortization, net of tax 4,956 4,956 1,652 1,652 1,652 1,652 1,652Adjusted net income (loss) available to common equity for ROATCE $ 333,979 $ 281,091 $ 123,509 $ 110,007 $ 100,464 $ (162,838) $ 86,795Pre-tax pre-provision income (loss)Income (loss) before income taxes $ 415,010 $ 312,211 $ 154,286 $ 139,629 $ 121,095 $ (177,752) $ 108,142Provision for credit losses 46,999 68,000 16,000 17,996 13,003 16,986 20,991Pre-tax pre-provision income (loss) $ 462,009 $ 380,211 $ 170,286 $ 157,625 $ 134,098 $ (160,766) $ 129,133Period end core customer deposits reconciliationTotal deposits $ 34,881,853 $ 34,147,565 $ 35,196,713 $ 34,648,434 $ 33,554,298Less: Network transaction deposits 2,013,964 1,792,362 1,882,930 1,758,388 1,566,908Less: Brokered CDs 3,956,517 4,072,048 4,197,512 4,276,309 4,242,670Core customer deposits $ 28,911,371 $ 28,283,155 $ 29,116,271 $ 28,613,737 $ 27,744,719Average core customer deposits reconciliationAverage total deposits $ 34,580,383 $ 33,073,335 $ 34,705,887 $ 34,203,201 $ 34,833,464 $ 34,337,468 $ 33,320,825Less: Average network transaction deposits 1,875,523 1,630,568 1,933,659 1,843,998 1,847,972 1,690,745 1,644,305Less: Average brokered CDs 4,105,700 4,148,547 3,916,329 4,089,844 4,315,311 4,514,841 4,247,941Average core customer deposits $ 28,599,160 $ 27,294,220 $ 28,855,899 $ 28,269,359 $ 28,670,181 $ 28,131,882 $ 27,428,578Total expense for efficiency ratios reconciliation(a)Noninterest expense $ 636,173 $ 594,115 $ 216,202 $ 209,352 $ 210,619 $ 224,282 $ 200,597Less: Other intangible amortization 6,608 6,608 2,203 2,203 2,203 2,203 2,203Total expense for fully tax-equivalent efficiency ratio 629,565 587,506 213,999 207,149 208,416 222,080 198,394Less: FDIC special assessment – 7,696 – – – – -Less: Announced initiatives(b) – – – – – 14,243 -Total expense for adjusted efficiency ratio $ 629,565 $ 579,810 $ 213,999 $ 207,149 $ 208,416 $ 207,836 $ 198,394Total revenue for efficiency ratios reconciliation(a)Net interest income $ 891,163 $ 776,960 $ 305,222 $ 300,000 $ 285,941 $ 270,289 $ 262,509Noninterest income (loss) 207,019 197,365 81,265 66,977 58,776 (206,772) 67,221Less: Investment securities gains (losses), net 13 4,047 1 7 4 (148,194) 100Fully tax-equivalent adjustment 12,705 11,239 4,222 4,228 4,254 3,680 3,723Total revenue for fully tax-equivalent efficiency ratio 1,110,874 981,518 390,708 371,198 348,968 215,390 333,353Less: Announced initiatives(b) (6,976) – – – (6,976) (130,406) -Total revenue for adjusted efficiency ratio $ 1,117,850 $ 981,518 $ 390,708 $ 371,198 $ 355,943 $ 345,795 $ 333,353
Numbers may not recalculate due to rounding conventions.(a)Prior periods have been adjusted to conform with current period presentation.(b)Announced initiatives include the loss on mortgage portfolio sale and loss on prepayment of FHLB advances as a result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024. The net loss on the sale of investments is already excluded from noninterest income within the efficiency ratio.
Nonrecurring Item Reconciliation(Dollars in thousands, except per share data) 4Q24 4Q24 per share data (diluted)GAAP net (loss) $ (161,615) $ (1.03)Loss on mortgage portfolio sale(a) 130,406 0.82Provision on initiatives 1,460 0.01Net loss on sale of investments(a) 148,183 0.93Loss on prepayments of FHLB advances 14,243 0.09Tax effect (38,655) (0.24)Net income, excluding nonrecurring items, net of tax 94,022 $ 0.57Less preferred stock dividends (2,875)Net income available to common equity, excluding nonrecurring items, net of tax $ 91,147
Nonrecurring Item Noninterest Income Reconciliation YTD YTD(Dollars in thousands) Sep 2025 1Q25 Dec 2024 4Q24GAAP noninterest income (loss) $ 207,019 $ 58,776 $ (9,407) $ (206,772)Less: Loss on mortgage portfolio sale(a) (6,976) (6,976) (130,406) (130,406)Less: Net loss on sale of investments(a) – – (148,183) (148,183)Noninterest income, excluding nonrecurring items $ 213,995 $ 65,752 $ 269,182 $ 71,816Nonrecurring Item Noninterest Expense Reconciliation YTD(Dollars in thousands) Dec 2024 4Q24GAAP noninterest expense $ 818,397 $ 224,282Loss on prepayments of FHLB advances(a) (14,243) (14,243)Noninterest expense, excluding nonrecurring items $ 804,154 $ 210,039
Numbers may not recalculate due to rounding conventions.(a)These items classified as nonrecurring items are the result of balance sheet repositionings that the Corporation announced in the fourth quarter of 2024.
Investor Contact:Ben McCarville, Senior Vice President, Director of Investor Relations 920-491-7059
Media Contact:Andrea Kozek, Vice President, Public Relations Senior Manager920-491-7518
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SOURCE Associated Banc-Corp
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