Associated Banc-Corp (ASB) Q4 2025 earnings summary

Executive summary

• Achieved record net income of $463 million and diluted EPS of $2.77 for 2025, with strong organic growth in loans and deposits, and continued momentum expected into 2026.

• Net interest income reached $1.2 billion for 2025, with a record $310 million in Q4 and net interest margin above 3%.

• Completed phase two of the strategic plan, driving growth in major metro markets and setting the stage for further expansion, including the announced acquisition of American National Corporation.

• Focused on deepening customer relationships, remixing the balance sheet toward higher-yielding C&I loans, and maintaining disciplined credit standards.

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

Financial highlights

• Q4 2025 earnings per share were $0.80; full-year EPS was $2.77.

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

• Core customer deposits increased by $700 million in Q4 and $1 billion year-over-year, with 5% growth on a quarterly average basis.

• Noninterest income was $286 million for 2025, up 9% year-over-year on an adjusted basis.

• Book value per share increased to $28.81; tangible book value per share rose to $22.01.

Outlook and guidance

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

• Net interest income projected to grow 5.5–6.5% in 2026; noninterest income expected to rise 4–5%; noninterest expense to increase by 3%.

• CET1 capital ratio forecasted at 10–10.75% for FY26.

• Anticipates annual effective tax rate of 19–21% in 2026.