10-Q · April 28, 2026
Associated Banc‑Corp reported net income of $119.6 million, or $0.70 diluted EPS, for Q1 2026 on revenue (net interest income $307.2M + noninterest income $75.9M) of $383.047 million. Performance showed loan growth and…
Earnings analysis · 10-Q
ASB earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Associated Banc-Corp delivered strong top-line and net-interest-income growth in Q2, aided by the April 1 American National acquisition, with GAAP revenue up 18% sequentially to $450.437 million and NIM expanding 14 bp…
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Associated Banc-Corp delivered strong top-line and net-interest-income growth in Q2, aided by the April 1 American National acquisition, with GAAP revenue up 18% sequentially to $450.437 million and NIM expanding 14 bp to 3.17%. Net income increased to $123.564 million, but diluted EPS fell to $0.63 from $0.70 as acquisition-related share issuance and elevated costs weighed on per-share results. Loan and deposit growth was substantial, but worsening nonaccruals, increased wholesale funding, and acquisition expenses temper the otherwise favorable operating momentum.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.63
What stood out
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Revenue accelerated on acquisition and NII
Q2 GAAP revenue was $450.437 million, up $67.390 million (18%) sequentially from $383.047 million and up $83.460 million (23%) from $366.977 million in Q2 2025. Net interest income rose to $370.039 million from $307.190 million sequentially as the American National acquisition lifted earning assets.
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NIM expanded 14 bp sequentially
Net interest margin expanded to 3.17% from 3.03% in Q1 2026 and 3.04% in Q2 2025. Fully tax-equivalent net interest income increased $62.849 million, or 20%, sequentially to $374.178 million.
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Net income rose, but EPS diluted
Q2 net income rose to $123.564 million from $119.635 million in Q1 and $111.230 million in Q2 2025. Diluted EPS was $0.63, however, down from $0.70 sequentially and $0.65 a year ago, reflecting the larger common-share base following the acquisition.
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Commercial segment drove segment growth
Corporate and Commercial Specialty produced Q2 net income of $80.077 million, up 38% year over year, on revenue growth of 20% to $177.331 million. Community, Consumer, and Business revenue grew 6% to $278.964 million, though segment net income declined 6% to $77.287 million.
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Loans and deposits grew materially
Loans increased $5.303 billion, or 17%, from year-end to $36.467 billion and deposits increased $4.379 billion, or 12%, to $39.931 billion. The loan-to-deposit ratio increased to 91.32% from 87.65%.
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Operating cash generation improved
YTD operating cash flow increased to $343.0 million from $239.6 million in the prior-year period. Investing activities used $1.4 billion, while financing activities provided $1.2 billion; free cash flow is not a meaningful disclosed metric for this bank.
What to watch
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Nonperforming assets increased sharply
Asset quality weakened: nonaccrual loans rose $49.525 million, or 49%, from year-end to $149.953 million, and nonperforming assets increased to $185.298 million from $129.201 million. The NPA ratio increased to 0.51% from 0.41%.
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Acquisition-related expense pressure
Q2 noninterest expense increased $52.719 million, or 24%, sequentially to $271.882 million and $62.530 million, or 30%, year over year. Legal and professional expense rose 160% sequentially to $17.454 million, principally due to American National acquisition costs.
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Higher wholesale funding and liquidity exposure
Funding reliance increased, with FHLB advances rising $1.306 billion, or 40%, from year-end to $4.575 billion; federal funds purchased and repos rose $221.380 million, or 72%, to $529.276 million. Estimated uninsured and uncollateralized deposits were $10.590 billion, or 26.5% of deposits.
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No formal risk-factor update; rate downside remains
There were no material changes in the Risk Factors described in the 2025 Form 10-K; Item 1A reports 0 material risk-factor changes. The filing nevertheless notes that a gradual 200-bp rate decrease would reduce dynamic 12-month earnings at risk by 2.6%.
Management's outlook
The 10-Q provides no explicit numerical revenue or EPS outlook. Management states the balance sheet is asset-sensitive: a gradual 100-bp rate increase is modeled to raise 12-month dynamic earnings at risk by 1.9%, while a 100-bp decrease would reduce it by 1.2%.
Earlier filings 4
10-K · February 12, 2026
Associated Banc‑Corp reported a strong operational recovery in 2025 with full‑year revenue of approximately $2.46 billion (sum of 2025 quarters) and materially higher margins and cash flow versus 2024. The company is…
10-Q · July 29, 2025
Associated Banc‑Corp reported a quarter of revenue and margin improvement driven by higher net interest income and lower provisions. Total revenue (net interest income plus noninterest income) was $366,977,000 and…
10-Q · April 29, 2025
Associated Banc‑Corp reported Q1 2025 diluted EPS of $0.59 (vs $0.52 in Q1 2024) on total revenue of $344,717,000 (net interest income $285,941,000 + noninterest income $58,776,000). Loans and deposits grew sequentially…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.