Associated Banc-Corp

Latest Results (22.11.2025):

Associated Banc-Corp (ASB) reported results for the third quarter of 2025: net income available to common equity of $122 million, or $0.73 per diluted common share (up from $108 million / $0.65 in Q2 2025 and $85 million / $0.56 in Q3 2024). The quarter featured record net interest income, quarter-over-quarter loan and deposit growth, solid credit metrics, and modest capital expansion.

Earnings

Net income available to common equity: $122 million; diluted EPS: $0.73 (Q3 2025). Both metrics rose vs. Q2 2025 and Y/Y (Q3 2024).

Net Interest Income & Margin

Record net interest income of $305 million (+2% vs. Q2 2025; +16% vs. Q3 2024). Net interest margin was 3.04%, flat Q/Q and +26 basis points Y/Y. Management continues to expect total NII growth of 14%–15% for 2025.

Loans

Period-end total loans: $31.0 billion (+1% Q/Q; +3% Y/Y). Average total loans were $30.8 billion (+1% Q/Q; +4% Y/Y). Commercial & business lending led growth (period-end $12.7B), while consumer lending declined Y/Y to ~$10.9B. Company expects 2025 period-end loan growth of 5%–6% vs. 2024.

Deposits

Period-end deposits: $34.9 billion (+2% Q/Q; +4% Y/Y). Core customer deposits: $28.9 billion (+2% Q/Q; +4% Y/Y). Category shifts: growth in demand and other time deposits, declines in money market and brokered CDs. 2025 guidance: total deposit growth of 1%–3% and core customer deposit growth of 4%–5% vs. 2024.

Credit Quality

Provision for credit losses on loans: $16 million (down from $18M Q/Q and $21M Y/Y). Allowance for credit losses on loans / total loans: 1.34%. Annualized net charge-offs: 0.17%. Nonaccrual loans: $106 million (decreased $7M Q/Q). Overall credit metrics described as solid.

Noninterest Income & Expense

Noninterest income: $81 million (+$14M Q/Q; +$14M Y/Y) — increases in capital markets, asset gains, wealth and card fees. Noninterest expense: $216 million (+$7M Q/Q; +$16M Y/Y) — personnel, technology and marketing drove increases. Adjusted guidance: noninterest income growth ~5%–6% and noninterest expense growth ~5%–6% for 2025.

Taxes

Tax expense: $30 million; effective tax rate: 19.16% (Q3 2025). Management now expects the 2025 annual effective tax rate to be 18%–19%.

Capital & Book Value

Associated expanded CET1 capital by ~13 basis points in the quarter. Book value per share: $28.17; tangible book value per share: $21.36.

Outlook

Management sees continued momentum into late 2025 and 2026, with stated targets for 2025: loan growth 5%–6%, total deposit growth 1%–3%, core deposit growth 4%–5%, NII growth 14%–15%, and modest noninterest income/expense growth ranges noted above.