"After posting the strongest bottom line in company history in 2025, we maintained our growth momentum in the first quarter of 2026, with over $500 million in C&I loan growth, strong customer household growth, and steady credit performance," said President & CEO Andy Harmening. "We've also taken proactive steps to accelerate our growth trajectory in major metro markets by announcing several key hires, expanding our commercial presence, and closing on our acquisition of American National Corporation."
"As we look to the remainder of 2026, we're well-positioned to navigate the current environment thanks to the resilience and stability of our Midwestern markets, our enhanced profitability profile, a solid capital position, and our ability to attract and deepen relationships. We look forward to providing additional updates on Associated's growth journey along the way."
First Quarter 2026 Highlights
Diluted earnings per common share of $0.70
Total period end loans of $31.8 billion (+2% vs. 4Q 2025; +5% vs. 1Q 2025)
Total period end commercial & industrial loans of $12.3 billion (+5% vs. 4Q 2025; +13% vs. 1Q 2025)
Total period end deposits of $35.7 billion (+1% vs. 4Q 2025; +2% vs. 1Q 2025)
Total period end core customer deposits1 of $30.4 billion (+3% vs. 4Q 2025; +4% vs. 1Q 2025)
Net interest income of $307 million ((1)% vs. 4Q 2025; +7% vs. 1Q 2025)
Net interest margin of 3.03%
Noninterest income of $76 million
Noninterest expense of $219 million
Provision for credit losses of $11 million
Allowance for credit losses on loans / total loans of 1.34%
Net charge offs / average loans (annualized) of 0.07%
Book value / share of $29.04
Tangible book value / share1 of $22.23
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Loans
First quarter 2026 average total loans of $31.3 billion increased 1%, or $286 million, from the prior quarter and increased 4%, or $1.2 billion, from the same period last year. With respect to first quarter 2026 average balances by loan category:
Commercial and business lending increased $222 million from the prior quarter and increased $1.2 billion from the same period last year to $13.0 billion.
Commercial real estate lending increased $67 million from the prior quarter and increased $19 million from the same period last year to $7.3 billion.
Consumer lending decreased $2 million from the prior quarter and decreased $91 million from the same period last year to $11.0 billion.
First quarter 2026 period end total loans of $31.8 billion increased 2%, or $635 million, from the prior quarter and increased 5%, or $1.5 billion, from the same period last year. With respect to first quarter 2026 period end balances by loan category:
Commercial and business lending increased $547 million from the prior quarter and increased $1.5 billion from the same period last year to $13.5 billion.
Commercial real estate lending increased $143 million from the prior quarter and decreased $22 million the same period last year to $7.4 billion.
Consumer lending decreased $56 million from the prior quarter and increased $37 million from the same period last year to $10.9 billion.
After including the impact of the acquisition of American National Corporation, we now expect 2026 period end loan growth of 17% to 19% as compared to Associated's standalone results for the year ended December 31, 2025.
Deposits
First quarter 2026 average deposits of $35.2 billion decreased 1%, or $468 million, from the prior quarter and increased 1%, or $327 million, from the same period last year. With respect to first quarter 2026 average balances by deposit category:
Noninterest-bearing demand deposits decreased $65 million from the prior quarter and increased $359 million from the same period last year to $6.0 billion.
Savings increased $96 million from the prior quarter and increased $370 million from the same period last year to $5.5 billion.
Interest-bearing demand deposits decreased $168 million from the prior quarter and decreased $145 million from the same period last year to $7.9 billion.
Money market deposits increased $171 million from the prior quarter and decreased $18 million from the same period last year to $6.1 billion.
Brokered CDs decreased $470 million from the prior quarter and decreased $787 million from the same period last year to $3.5 billion.
Other time deposits increased $141 million from the prior quarter and increased $478 million from the same period last year to $4.2 billion.
Network transaction deposits decreased $173 million from the prior quarter and increased $70 million from the same period last year to $1.9 billion.
Core customer deposits1 increased $174 million from the prior quarter and increased $1.0 billion from the same period last year to $29.7 billion.
First quarter 2026 period end deposits of $35.7 billion increased 1%, or $179 million, from the prior quarter and increased 2%, or $535 million, from the same period last year. With respect to first quarter 2026 period end balances by deposit category:
Noninterest-bearing demand deposits decreased $2 million from the prior quarter and decreased $11 million from the same period last year to $6.1 billion.
Savings increased $189 million from the prior quarter and increased $413 million from the same period last year to $5.7 billion.
Interest-bearing demand deposits increased $141 million from the prior quarter and increased $94 million from the same period last year to $8.0 billion.
Money market deposits increased $49 million from the prior quarter and increased $47 million from the same period last year to $6.2 billion.
Brokered CDs decreased $232 million from the prior quarter and decreased $635 million from the same period last year to $3.6 billion.
Other time deposits increased $443 million from the prior quarter and increased $763 million from the same period last year to $4.5 billion.
Network transaction deposits decreased $408 million from the prior quarter and decreased $136 million from the same period last year to $1.7 billion.
Core customer deposits1 increased $820 million from the prior quarter and increased $1.3 billion from the same period last year to $30.4 billion.
After including the impact of the acquisition of American National Corporation, we now expect 2026 period end total deposit growth of 17% to 19% and period end core customer deposit growth of 19% to 21% as compared to Associated's standalone results for the year ended December 31, 2025.
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Net Interest Income and Net Interest Margin
First quarter 2026 net interest income of $307 million decreased $3 million from the prior quarter and increased $21 million from the same period last year. The net interest margin of 3.03% was a 3 basis point decrease from the prior quarter and a 6 basis point increase from the same period last year.
The average yield on total loans for the first quarter of 2026 decreased 19 basis points from the prior quarter and decreased 30 basis points from the same period last year to 5.53%.
The average cost of total interest-bearing liabilities for the first quarter of 2026 decreased 15 basis points from the prior quarter and decreased 39 basis points from the same period last year to 2.67%.
The net free funds benefit for the first quarter of 2026 decreased 5 basis points from the prior quarter and decreased 8 basis points from the same period last year to 0.50%.
We expect to share an updated 2026 net interest income outlook following the finalization of purchase accounting adjustments tied to the acquisition of American National Corporation.
Noninterest Income
First quarter 2026 total noninterest income of $76 million decreased $4 million from the prior quarter and increased $17 million from the same period last year. With respect to first quarter 2026 noninterest income line items:
Capital markets, net decreased $5 million from the prior quarter and increased $2 million from the same period last year.
Wealth management fees decreased $1 million from the prior quarter and increased $3 million from the same period last year.
Mortgage banking, net increased $3 million from the prior quarter and increased $2 million from the same period last year.
Card-based fees decreased $1 million from the prior quarter and increased $1 million from the same period last year.
After including the impact from the acquisition of American National Corporation, we now expect total noninterest income growth of 8% to 10% in 2026 as compared to Associated's standalone results for the year ended December 31, 2025.
Noninterest Expense
First quarter 2026 total noninterest expense of $219 million decreased slightly from the prior quarter and increased $9 million from the same period last year. With respect to first quarter 2026 noninterest expense line items:
Personnel expense increased slightly from the prior quarter and increased $11 million from the same period last year.
Technology expense increased $1 million from the prior quarter and increased $3 million from the same period last year.
Business development and advertising expense decreased $1 million from the prior quarter and increased $1 million from the same period last year.
We expect to share an updated 2026 noninterest expense outlook following the finalization of purchase accounting adjustments tied to the acquisition of American National Corporation.
Taxes
First quarter 2026 tax expense was $33 million, compared to $26 million of tax expense in the prior quarter and $19 million of tax expense in the same period last year. The effective tax rate for the first quarter of 2026 was 21.75%, compared to 15.82% in the prior quarter and 16.03% in the same period last year.
We continue to expect the annual effective tax rate to be between 19% and 21% in 2026.
Credit
First quarter 2026 provision for credit losses on loans was $11 million, compared to a provision of $7 million in the prior quarter and a provision of $13 million in the same period last year. With respect to first quarter 2026 credit quality:
Nonaccrual loans of $111 million increased $10 million from the prior quarter and decreased $24 million from the same period last year. The nonaccrual loans to total loans ratio was 0.35% in the first quarter, up from 0.32% in the prior quarter and down from 0.44% in the same period last year.
First quarter 2026 net charge offs of $5 million increased compared to net charge offs of $2 million in the prior quarter and decreased compared to net charge offs of $9 million in the same period last year.
The allowance for credit losses on loans (ACLL) of $425 million increased $6 million compared to the prior quarter and increased $18 million compared to the same period last year. The ACLL to total loans ratio was 1.34% in the first quarter, down from 1.35% in the prior quarter and flat compared to 1.34% in the same period last year.
In 2026, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.
Capital
The Company's capital position remains strong, with a CET1 capital ratio of 10.47% at March 31, 2026. The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis.
FIRST QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, April 23, 2026. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp first quarter 2026 earnings call. The first quarter 2026 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE:ASB) has total assets of approximately $50 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations throughout Wisconsin, Illinois, Iowa, Minnesota, Missouri and Nebraska. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD-LOOKING STATEMENTS
Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "intend," "target," "outlook," "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.
NON-GAAP FINANCIAL MEASURES
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
Associated Banc-Corp
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)
March 31, 2026
December 31, 2025
Sequential Quarter Change
September 30, 2025
June 30, 2025
March 31, 2025
Comparable Quarter Change
Assets
Cash and due from banks
$ 465,318
$ 574,698
$ (109,380)
$ 490,431
$ 521,167
$ 521,323
$ (56,005)
Interest-bearing deposits in other financial institutions
920,684
1,144,123
(223,439)
802,251
738,938
711,033
209,651
Federal funds sold and securities purchased under agreements to resell
175
1,400
(1,225)
90
—
105
70
Available for sale (AFS) investment securities, at fair value
5,514,456
5,397,563
116,893
5,217,278
5,036,508
4,796,570
717,886
Held to maturity (HTM) investment securities, net, at amortized cost
3,570,843
3,602,519
(31,676)
3,636,080
3,672,101
3,705,793
(134,950)
Equity securities
26,109
26,060
49
26,000
25,912
23,331
2,778
Regulatory stocks, at cost
290,189
252,514
37,675
251,642
278,356
194,244
95,945
Residential loans held for sale
87,461
72,499
14,962
74,563
96,804
47,611
39,850
Commercial loans held for sale
—
—
—
—
8,406
7,910
(7,910)
Loans
31,798,164
31,163,614
634,550
30,951,964
30,607,605
30,294,127
1,504,037
Allowance for loan losses
(385,756)
(378,068)
(7,688)
(378,341)
(376,515)
(371,348)
(14,408)
Loans, net
31,412,408
30,785,546
626,862
30,573,623
30,231,091
29,922,780
1,489,628
Tax credit and other investments
230,954
236,657
(5,703)
245,239
247,111
254,187
(23,233)
Premises and equipment, net
376,760
381,624
(4,864)
384,139
377,372
377,521
(761)
Bank and corporate owned life insurance
694,765
694,452
313
693,511
691,470
690,551
4,214
Goodwill
1,104,992
1,104,992
—
1,104,992
1,104,992
1,104,992
—
Other intangible assets, net
20,647
22,849
(2,202)
25,052
27,255
29,457
(8,810)
Mortgage servicing rights, net
87,599
86,337
1,262
85,063
85,245
86,251
1,348
Interest receivable
161,021
161,118
(97)
168,451
168,627
159,729
1,292
Other assets
629,359
657,645
(28,286)
677,458
682,373
675,748
(46,389)
Total assets
$ 45,593,740
$ 45,202,596
$ 391,144
$ 44,455,863
$ 43,993,729
$ 43,309,136
$ 2,284,604
Liabilities and stockholders' equity
Noninterest-bearing demand deposits
$ 6,125,067
$ 6,126,632
$ (1,565)
$ 5,906,251
$ 5,782,487
$ 6,135,946
$ (10,879)
Interest-bearing deposits
29,606,698
29,425,976
180,722
28,975,602
28,365,079
29,060,767
545,931
Total deposits
35,731,765
35,552,608
179,157
34,881,853
34,147,565
35,196,713
535,052
Federal funds purchased and securities sold under agreements to repurchase
395,652
307,864
87,788
399,665
75,585
311,335
84,317
FHLB advances
3,421,762
3,268,094
153,668
3,220,679
3,879,489
2,027,297
1,394,465
Senior and subordinated debt
592,629
594,276
(1,647)
594,074
593,530
591,382
1,247
Allowance for unfunded commitments
39,276
41,276
(2,000)
36,276
35,276
35,276
4,000
Accrued expenses and other liabilities
414,784
463,131
(48,347)
455,019
481,503
460,574
(45,790)
Total liabilities
40,595,868
40,227,249
368,619
39,587,565
39,212,948
38,622,578
1,973,290
Stockholders' equity
Preferred equity
194,112
194,112
—
194,112
194,112
194,112
—
Common equity
4,803,760
4,781,235
22,525
4,674,186
4,586,669
4,492,446
311,314
Total stockholders' equity
4,997,872
4,975,347
22,525
4,868,298
4,780,781
4,686,558
311,314
Total liabilities and stockholders' equity
$ 45,593,740
$ 45,202,596
$ 391,144
$ 44,455,863
$ 43,993,729
$ 43,309,136
$ 2,284,604
Numbers may not recalculate due to rounding conventions.
Associated Banc-Corp
Consolidated Statements of Income (Unaudited)
Comparable Quarter
(Dollars and shares in thousands, except per share data)
1Q26
1Q25
Dollar Change
Percentage Change
Interest income
Interest and fees on loans
$ 426,989
$ 433,299
$ (6,310)
(1) %
Interest and dividends on investment securities
Taxable
75,676
69,788
5,888
8 %
Tax-exempt
13,738
13,956
(218)
(2) %
Other interest
11,641
9,243
2,398
26 %
Total interest income
528,044
526,285
1,759
— %
Interest expense
Interest on deposits
175,273
209,140
(33,867)
(16) %
Interest on federal funds purchased and securities sold under agreements to repurchase
3,732
3,622
110
3 %
Interest on FHLB advances
31,570
16,090
15,480
96 %
Interest on senior and subordinated debt
10,163
11,085
(922)
(8) %
Interest on other interest-bearing liabilities
116
408
(292)
(72) %
Total interest expense
220,854
240,345
(19,491)
(8) %
Net interest income
307,190
285,941
21,249
7 %
Provision for credit losses
11,001
13,003
(2,002)
(15) %
Net interest income after provision for credit losses
296,189
272,938
23,251
9 %
Noninterest income
Wealth management fees
25,219
22,498
2,721
12 %
Service charges and deposit account fees
14,054
12,814
1,240
10 %
Card-based fees
11,579
10,442
1,137
11 %
Other fee-based revenue
4,862
5,251
(389)
(7) %
Capital markets, net
6,543
4,345
2,198
51 %
Mortgage banking, net
6,111
3,822
2,289
60 %
Loss on mortgage portfolio sale
—
(6,976)
6,976
(100) %
Bank and corporate owned life insurance
3,816
5,204
(1,388)
(27) %
Asset gains (losses), net
840
(878)
1,718
N/M
Investment securities (losses) gains, net
(28)
4
(32)
N/M
Other
2,861
2,251
610
27 %
Total noninterest income
75,857
58,776
17,081
29 %
Noninterest expense
Personnel
135,172
123,897
11,275
9 %
Technology
29,736
27,139
2,597
10 %
Occupancy
13,725
15,381
(1,656)
(11) %
Business development and advertising
7,827
6,386
1,441
23 %
Equipment
5,610
4,527
1,083
24 %
Legal and professional
6,721
6,083
638
10 %
Loan and foreclosure costs
1,707
2,594
(887)
(34) %
FDIC assessment
8,837
10,436
(1,599)
(15) %
Other intangible amortization
2,203
2,203
—
— %
Other
7,625
11,974
(4,349)
(36) %
Total noninterest expense
219,163
210,619
8,544
4 %
Income before income taxes
152,883
121,095
31,788
26 %
Income tax expense
33,248
19,409
13,839
71 %
Net income
119,635
101,687
17,948
18 %
Preferred stock dividends
2,875
2,875
—
— %
Net income available to common equity
$ 116,760
$ 98,812
$ 17,948
18 %
Pre-tax pre-provision income (loss)(a)
163,884
134,098
29,786
22 %
Earnings per common share
Basic
$ 0.70
$ 0.60
$ 0.10
17 %
Diluted
$ 0.70
$ 0.59
$ 0.11
19 %
Average common shares outstanding
Basic
165,097
165,228
(131)
— %
Diluted
166,561
166,604
(43)
— %
N/M = Not meaningful
Numbers may not recalculate due to rounding conventions.
Prior periods have been adjusted to conform with current period presentation.
(a)
This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
Associated Banc-CorpConsolidated Statements of Income (Unaudited) - Quarterly Trend
(Dollars and shares in thousands, except per share data)
Sequential Quarter
1Q26
4Q25
Dollar Change
Percentage Change
3Q25
2Q25
1Q25
Interest income
Interest and fees on loans
$ 426,989
$ 445,687
$ (18,698)
(4) %
$ 455,623
$ 447,781
$ 433,299
Interest and dividends on investment securities
Taxable
75,676
73,511
2,165
3 %
73,727
71,174
69,788
Tax-exempt
13,738
13,851
(113)
(1) %
13,888
13,902
13,956
Other interest
11,641
11,294
347
3 %
13,353
12,679
9,243
Total interest income
528,044
544,343
(16,299)
(3) %
556,591
545,536
526,285
Interest expense
Interest on deposits
175,273
194,778
(19,505)
(10) %
202,344
197,656
209,140
Interest on federal funds purchased and securities sold under agreements to repurchase
3,732
2,682
1,050
39 %
2,107
2,004
3,622
Interest on FHLB advances
31,570
26,309
5,261
20 %
35,965
34,889
16,090
Interest on senior and subordinated debt
10,163
10,483
(320)
(3) %
10,741
10,700
11,085
Interest on other interest-bearing liabilities
116
110
6
5 %
212
287
408
Total interest expense
220,854
234,362
(13,508)
(6) %
251,369
245,536
240,345
Net interest income
307,190
309,981
(2,791)
(1) %
305,222
300,000
285,941
Provision for credit losses
11,001
6,998
4,003
57 %
16,000
17,996
13,003
Net interest income after provision for credit losses
296,189
302,983
(6,794)
(2) %
289,223
282,004
272,938
Noninterest income
Wealth management fees
25,219
25,742
(523)
(2) %
25,315
23,025
22,498
Service charges and deposit account fees
14,054
13,827
227
2 %
13,861
13,147
12,814
Card-based fees
11,579
12,679
(1,100)
(9) %
12,308
11,200
10,442
Other fee-based revenue
4,862
5,557
(695)
(13) %
5,414
4,995
5,251
Capital markets, net
6,543
11,175
(4,632)
(41) %
10,764
5,765
4,345
Mortgage banking, net
6,111
2,926
3,185
109 %
3,541
4,213
3,822
Loss on mortgage portfolio sale
—
—
—
— %
—
—
