Net interest income accelerated 23.3% year-over-year to $370.0M in Q2 2026, but EPS of $0.63 missed estimates by $0.12, and the efficiency ratio rose to 38.6% from 36.3% in Q1, indicating expense growth outpacing revenue.
Associated Banc-Corp (ASB) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 1.29B | 1.2B | 1.05B | 1.04B | 957.32M | 725.86M | 762.96M | 835.67M | 879.58M | 741.22M | 707.27M | 676.28M | 680.97M | 645.54M | 625.99M | 612.83M | 633.78M | 726M | 696.15M | 643.81M | 669.55M | 672.25M | 552.63M | 510.76M | 501.27M | 421.99M | 383.57M | 395.7M | 374.7M | 376.3M | 355.8M |
| NII Growth % | 61.73% | 14.7% | 0.74% | 8.59% | 31.89% | -4.86% | -8.7% | -4.99% | 18.67% | 4.8% | 4.58% | -0.69% | 5.49% | 3.12% | 2.15% | -3.31% | -12.7% | 4.29% | 8.13% | -3.84% | -0.4% | 21.65% | 8.2% | 1.89% | 18.79% | 10.02% | -3.07% | 5.6% | -0.43% | 5.76% | 5.77% |
| Net Interest Margin % | 2.49% | 2.66% | 2.43% | 2.53% | 2.43% | 2.07% | 2.28% | 2.58% | 2.61% | 2.43% | 2.43% | 2.44% | 2.54% | 2.66% | 2.67% | 2.8% | 2.91% | 3.17% | 2.88% | 2.98% | 3.21% | 3.04% | 2.69% | 3.35% | 3.33% | 3.1% | 2.92% | 3.16% | 3.33% | 3.52% | 3.51% |
| Interest Income | 2.25B | 2.17B | 2.12B | 1.96B | 1.15B | 798.19M | 912.84M | 1.17B | 1.15B | 886.61M | 791.57M | 753.66M | 736.75M | 708.98M | 718.28M | 741.62M | 801.49M | 981.26M | 1.13B | 1.28B | 1.28B | 1.09B | 767.12M | 727.36M | 792.11M | 880.62M | 931.16M | 814.5M | 785.8M | 787.9M | 731.8M |
| Interest Expense | 959.84M | 971.61M | 1.08B | 918.48M | 187.93M | 72.33M | 149.88M | 336.94M | 274.56M | 145.38M | 84.3M | 77.38M | 55.78M | 63.44M | 92.29M | 128.79M | 172.35M | 255.25M | 430.56M | 631.9M | 609.83M | 421.77M | 214.5M | 216.6M | 290.84M | 458.64M | 547.59M | 418.8M | 411.1M | 411.6M | 376M |
| Loan Loss Provision | 53.39M | 54M | 84.99M | 83.02M | 33M | -88.01M | 174.01M | 16M | 0 | 26M | 70M | 37.5M | 16M | 10.1M | 10.1M | 52M | 390.01M | 750.64M | 202.06M | 34.51M | 19.06M | 13.02M | 14.67M | 46.81M | 50.7M | 28.21M | 20.21M | 19.4M | 14.7M | 31.7M | 13.7M |
| Non-Interest Income | 315.27M | 286.4M | -17.88M | 57.77M | 276.44M | 323.18M | 494.01M | 371.96M | 348.16M | 325.39M | 352.88M | 329.36M | 290.86M | 313.1M | 313.29M | 273.12M | 340.1M | 350.96M | 285.65M | 344.78M | 295.5M | 291.09M | 210.25M | 246.44M | 220.31M | 195.6M | 184.2M | 166.2M | 167.9M | 94.9M | 116.3M |
| Non-Interest Income % | 19.61% | 19.25% | -1.74% | 5.26% | 22.41% | 30.81% | 39.3% | 30.8% | 28.36% | 30.51% | 33.29% | 32.75% | 29.93% | 32.66% | 33.35% | 30.83% | 34.92% | 32.59% | 29.09% | 34.88% | 30.62% | 30.22% | 27.56% | 32.55% | 30.53% | 31.67% | 32.44% | 29.58% | 30.94% | 20.14% | 24.63% |
| Total Net Revenue | 1.61B | 1.49B | 1.03B | 1.1B | 1.23B | 1.05B | 1.26B | 1.21B | 1.23B | 1.07B | 1.06B | 1.01B | 971.83M | 958.64M | 939.28M | 885.95M | 973.88M | 1.08B | 981.8M | 988.59M | 965.05M | 963.34M | 762.87M | 757.2M | 721.57M | 617.59M | 567.76M | 561.9M | 542.6M | 471.2M | 472.1M |
| Revenue Growth % | 46.83% | 44.51% | -6.19% | -11.06% | 17.61% | -16.54% | 4.08% | -1.64% | 15.11% | 0.61% | 5.42% | 3.48% | 1.38% | 2.06% | 6.02% | -9.03% | -9.57% | 9.69% | -0.69% | 2.44% | 0.18% | 26.28% | 0.75% | 4.94% | 16.84% | 8.78% | 1.04% | 3.56% | 15.15% | -0.19% | 6.96% |
| Non-Interest Expense | 925.07M | 855.64M | 809.92M | 808.27M | 741.14M | 700.74M | 755.99M | 785.13M | 814.39M | 701.84M | 702.56M | 698.35M | 679.78M | 680.65M | 674.72M | 650.52M | 620.26M | 611.42M | 557.46M | 534.89M | 496.21M | 480.46M | 377.87M | 388.67M | 374.55M | 338.37M | 317.74M | 305.2M | 295M | 323.2M | 293.2M |
| Efficiency Ratio | 57.54% | 57.52% | 78.68% | 73.66% | 60.07% | 66.8% | 60.14% | 65.01% | 66.33% | 65.8% | 66.27% | 69.44% | 69.95% | 71% | 71.83% | 73.43% | 63.69% | 56.77% | 56.78% | 54.11% | 51.42% | 49.87% | 49.53% | 51.33% | 51.91% | 54.79% | 55.96% | 54.32% | 54.37% | 68.59% | 62.11% |
| Operating Income | 629.24M | 577.91M | 134.46M | 206.05M | 459.63M | 436.31M | 326.97M | 406.51M | 413.35M | 338.77M | 287.6M | 269.79M | 276.05M | 267.89M | 254.46M | 183.43M | -41.03M | -285.1M | 222.28M | 419.19M | 449.78M | 469.86M | 370.34M | 321.72M | 296.33M | 251.01M | 229.82M | 237.3M | 232.9M | 116.3M | 165.2M |
| Operating Margin % | 39.14% | 38.85% | 13.06% | 18.78% | 37.25% | 41.59% | 26.01% | 33.66% | 33.67% | 31.76% | 27.13% | 26.83% | 28.4% | 27.95% | 27.09% | 20.7% | -4.21% | -26.47% | 22.64% | 42.4% | 46.61% | 48.77% | 48.54% | 42.49% | 41.07% | 40.64% | 40.48% | 42.23% | 42.92% | 24.68% | 34.99% |
| Operating Income Growth % | - | 329.8% | -34.75% | -55.17% | 5.35% | 33.44% | -19.57% | -1.65% | 22.02% | 17.79% | 6.6% | -2.27% | 3.04% | 5.28% | 38.72% | 547.08% | 85.61% | -228.26% | -46.97% | -6.8% | -4.27% | 26.87% | 15.11% | 8.57% | 18.05% | 9.22% | -3.15% | 1.89% | 100.26% | -29.6% | -5.28% |
| Pretax Income | 629.24M | 577.91M | 134.46M | 206.05M | 459.63M | 436.31M | 326.97M | 406.51M | 413.35M | 338.77M | 287.6M | 269.79M | 276.05M | 267.89M | 254.46M | 183.43M | -41.03M | -285.1M | 222.28M | 419.19M | 449.78M | 469.86M | 370.34M | 321.72M | 296.33M | 251.01M | 229.82M | 237.3M | 232.9M | 116.3M | 165.2M |
| Pretax Margin % | 39.14% | 38.85% | 13.06% | 18.78% | 37.25% | 41.59% | 26.01% | 33.66% | 33.67% | 31.76% | 27.13% | 26.83% | 28.4% | 27.95% | 27.09% | 20.7% | -4.21% | -26.47% | 22.64% | 42.4% | 46.61% | 48.77% | 48.54% | 42.49% | 41.07% | 40.64% | 40.48% | 42.23% | 42.92% | 24.68% | 34.99% |
| Income Tax | 124.18M | 103.13M | 11.31M | 23.1M | 93.51M | 85.31M | 20.2M | 79.72M | 79.79M | 109.5M | 87.32M | 81.49M | 85.54M | 79.2M | 75.49M | 43.73M | -40.17M | -153.24M | 53.83M | 133.44M | 133.13M | 149.7M | 112.05M | 93.06M | 85.61M | 71.49M | 61.84M | 72.4M | 75.9M | 63.9M | 57.5M |
| Effective Tax Rate % | 19.73% | 17.85% | 8.41% | 11.21% | 20.34% | 19.55% | 6.18% | 19.61% | 19.3% | 32.32% | 30.36% | 30.2% | 30.99% | 29.56% | 29.67% | 23.84% | 97.91% | 53.75% | 24.22% | 31.83% | 29.6% | 31.86% | 30.26% | 28.93% | 28.89% | 28.48% | 26.91% | 30.51% | 32.59% | 54.94% | 34.81% |
| Net Income | 505.06M | 474.78M | 123.14M | 182.96M | 366.12M | 350.99M | 306.77M | 326.79M | 333.56M | 229.26M | 200.27M | 188.3M | 190.51M | 188.69M | 178.97M | 139.7M | -856K | -131.86M | 168.45M | 285.75M | 316.64M | 320.16M | 258.29M | 228.66M | 210.72M | 179.52M | 167.98M | 164.9M | 157M | 52.4M | 107M |
| Net Margin % | 31.42% | 31.92% | 11.96% | 16.67% | 29.68% | 33.46% | 24.41% | 27.06% | 27.17% | 21.49% | 18.89% | 18.72% | 19.6% | 19.68% | 19.05% | 15.77% | -0.09% | -12.24% | 17.16% | 28.9% | 32.81% | 33.23% | 33.86% | 30.2% | 29.2% | 29.07% | 29.59% | 29.35% | 28.93% | 11.12% | 22.66% |
| Net Income Growth % | 262.52% | 285.54% | -32.69% | -50.03% | 4.31% | 14.42% | -6.13% | -2.03% | 45.49% | 14.48% | 6.36% | -1.16% | 0.96% | 5.43% | 28.11% | 16419.98% | 99.35% | -178.28% | -41.05% | -9.76% | -1.1% | 23.96% | 12.96% | 8.51% | 17.38% | 6.87% | 1.87% | 5.03% | 199.62% | -51.03% | -4.46% |
| Net Income (Continuing) | 505.06M | 474.78M | 123.14M | 182.96M | 366.12M | 350.99M | 306.77M | 326.79M | 333.56M | 229.26M | 200.27M | 188.3M | 190.51M | 188.69M | 178.97M | 139.7M | -856K | -131.86M | 168.45M | 285.75M | 316.64M | 320.16M | 258.29M | 228.66M | 210.72M | 179.52M | 167.98M | 164.9M | 157M | 52.4M | 107.7M |
| EPS (Diluted) | 2.66 | 2.77 | 0.72 | 1.13 | 2.34 | 2.18 | 1.86 | 1.91 | 1.89 | 1.42 | 1.26 | 1.19 | 1.16 | 1.10 | 1.00 | 0.66 | -0.18 | -1.26 | 1.29 | 2.23 | 2.38 | 2.43 | 2.25 | 2.05 | 1.86 | 1.64 | 1.49 | 1.42 | 1.36 | 0.45 | 0.92 |
| EPS Growth % | 276.32% | 284.72% | -36.28% | -51.71% | 7.34% | 17.2% | -2.62% | 1.06% | 33.1% | 12.7% | 5.88% | 2.59% | 5.45% | 10% | 51.52% | 466.67% | 85.71% | -197.67% | -42.15% | -6.3% | -2.06% | 8% | 9.76% | 10.22% | 13.41% | 10.07% | 4.93% | 4.41% | 202.22% | -51.09% | -7.07% |
| EPS (Basic) | - | 2.81 | 0.73 | 1.14 | 2.36 | 2.20 | 1.87 | 1.93 | 1.92 | 1.45 | 1.27 | 1.20 | 1.17 | 1.10 | 1.00 | 0.66 | -0.18 | -1.26 | 1.29 | 2.24 | 2.40 | 2.45 | 2.28 | 2.07 | 1.88 | 1.65 | 1.49 | 1.43 | 1.37 | 0.46 | 0.93 |
| Diluted Shares Outstanding | 189.9M | 166.61M | 153.35M | 150.86M | 150.5M | 151.99M | 153.64M | 161.93M | 169.73M | 153.65M | 149.96M | 150.6M | 158.25M | 165.8M | 172.36M | 173.37M | 171.23M | 127.86M | 127.89M | 128.43M | 133.13M | 131.93M | 115.03M | 111.76M | 113.24M | 109.75M | 112.88M | 116.27M | 115.78M | 115.98M | 50.04M |
Quick answers to the most common questions about buying ASB stock.
For fiscal year 2025, Associated Banc-Corp (ASB) reported total revenue of $1.49B. This represents a 215.1% increase compared to $472.1M in 1996.
Associated Banc-Corp (ASB) is profitable, generating $474.8M in net income for the fiscal year ending 2025 with a net profit margin of 19.3%.
Associated Banc-Corp (ASB) reported an operating income of $577.9M, resulting in an operating profit margin of 23.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Associated Banc-Corp (ASB) generated $1.43B in gross profit for the year, representing a gross profit margin of 58.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
CRE concentration in softening markets
Metrics are mathematically derived from official filings.
NII Momentum Accelerates on Loan Growth
Net interest income surged 23.3% year-over-year in Q2 2026 to $370.0M, driven by double-digit C&I growth and improving deposit trends, according to recent financial statements.
The sequential jump from $307.2M in Q1 2026 to $370.0M in Q2 2026 represents a 20.4% increase, far outpacing the prior quarter's 7.4% growth. This acceleration appears tied to the CEO's commentary on double-digit C&I loan growth and improving annual deposit growth, suggesting the bank is successfully deploying its low-cost funding base into higher-yielding commercial assets. However, the sustainability of this pace warrants monitoring, as deposit betas may rise if rate cuts materialize.
NIM Stability Masks Yield Dynamics
Net interest margin held at 0.7% for the past five quarters, per reported figures, indicating stable asset yields and funding costs despite a shifting rate environment.
The flat NIM suggests that loan repricing is being offset by deposit cost increases, a common pattern in a mature rate cycle. While the absolute NIM appears low, it may reflect a conservative asset mix with a large securities portfolio. The stability is a positive sign, but investors should watch for compression if the Fed cuts rates and loan yields reset faster than deposit costs.
Efficiency Ratio Creeps Higher
Efficiency ratio rose to 38.6% in Q2 2026 from 36.3% in Q1, based on company filings, indicating that expense growth is outpacing revenue growth in the near term.
Despite the strong NII growth, the efficiency ratio deteriorated by 230 basis points sequentially, suggesting that operating expenses are growing faster than total revenue. This may reflect investments in digital transformation or elevated personnel costs. The ratio remains well below the 69.5% seen in Q4 2024, but the upward trend warrants monitoring for potential margin pressure.
Provision Expense Spikes in Q2
Provision for credit losses jumped to $19.4M in Q2 2026 from $11.0M in Q1, as disclosed in the income statement, signaling a potential uptick in credit risk.
The 76% sequential increase in provision expense is notable, especially given the bank's maintained guidance and commentary on strong C&I growth. This could indicate reserve building for CRE exposure in softening urban markets, as flagged in recent context. While the absolute level remains manageable relative to net income, the trend suggests that credit costs may be normalizing from historically low levels.
Fee Income Volatility Raises Questions
Non-interest income fell to $80.4M in Q2 2026 from $79.4M in Q1, but fee income as a percentage of revenue dropped to 11.4%, per financial statements, highlighting reliance on NII.
The fee income ratio has been volatile, swinging from -65.2% in Q4 2024 to 12.7% in Q4 2025, largely due to one-time items. The current 11.4% level is below the 12.6% seen in Q1 2026, suggesting that non-interest income is not providing a stable offset to NII fluctuations. This dependency on net interest income increases sensitivity to rate changes and could impact earnings stability.
Earnings Quality Under Scrutiny
Q2 2026 EPS of $0.63 missed estimates by $0.12 despite strong NII growth, as reported, suggesting that the earnings beat may be driven by non-recurring items or lower credit costs.
The EPS miss, despite a 23.3% NII growth, indicates that other line items, such as higher expenses or provisions, are offsetting the top-line strength. The maintained full-year guidance suggests management views this as a timing issue, but the magnitude of the miss warrants caution. Additionally, the bank's exposure to CRE in softening urban markets could lead to higher provisions in future quarters, pressuring earnings further.