Associated Banc-Corp (ASB) Q4 2025 earnings summary

Executive summary

• Achieved record net income of $463 million and net interest income in 2025, with diluted EPS of $2.77 and strong organic household and C&I loan growth across all four quarters.

• Completed phase two of the strategic plan, driving momentum into 2026 and positioning for further expansion in major metropolitan markets.

• Announced acquisition of American National Corporation, providing entry into Omaha and strengthening the Twin Cities presence, with closing expected in Q2 2026 and integration in Q3.

• Focused on disciplined credit management, expense control, and profitability, supporting capital generation.

• Total assets reached $45.2 billion at year-end 2025.

Financial highlights

• Q4 2025 EPS was $0.80; full-year EPS reached $2.77; net interest income for 2025 was $1.2 billion, up 15% year-over-year, with net interest margin at 3.06%.

• Total loans grew 4.7% year-over-year to $31.2 billion; C&I loans up 11.6% to $11.8 billion; total deposits increased 2.6% to $35.6 billion.

• Core customer deposits increased by $700 million in Q4 and $1 billion year-over-year.

• Noninterest income was $79 million in Q4 and $286 million for the year, up 9% year-over-year on an adjusted basis.

• Noninterest expense was $219 million in Q4, up $3 million sequentially; full-year noninterest expense rose 5% to $856 million.

Outlook and guidance

• Expects 2026 period-end loan and deposit growth of 5–6%, with C&I loans up 9–10%, excluding the impact of the American National acquisition.

• Net interest income forecasted to rise 5.5–6.5% in 2026, assuming two Fed rate cuts; noninterest income expected to grow 4–5% and noninterest expense by 3%.

• CET1 capital ratio forecasted at 10–10.75% for FY26; annual effective tax rate anticipated at 19–21%.