Associated Banc-Corp posts Q3 2026 EPS of $0.76, driven by deposit growth

Associated Banc-Corp (NYSE: ASB) reported net income available to common equity of $144 million for the third quarter of 2026, resulting in earnings of $0.76 per common share. The Green Bay-based bank attributed the results to deposit growth, margin expansion, and enhanced profitability, noting that these figures compare to $121 million, or $0.63 per share, for the prior quarter and $122 million, or $0.73 per share, for the same period in 2025.

Excluding nonrecurring expenses associated with the acquisition of American National Corporation, which closed on April 1, 2026, the company reported adjusted earnings of $154 million, or $0.81 per common share. President and CEO Andy Harmening stated that the company maintained momentum through strong core customer deposit growth and net interest margin expansion. He noted that these factors provided the confidence to execute $100 million in share repurchases during the quarter.

The company repurchased 3.2 million shares of ASB common stock at a weighted average price of $30.88. Harmening added that the recent completion of the American National Corporation conversion provides another lever to drive organic growth in markets such as Omaha and the Twin Cities. Leadership is currently finalizing plans for strategic initiatives to sustain momentum into 2027.

Period-end total loans reached $36.5 billion, an increase of 18% compared to the third quarter of 2025. Commercial and industrial loans stood at $13.8 billion, up 19% year-over-year. Total deposits reached $40.4 billion at period end, representing a 16% increase from the prior year's third quarter. Core customer deposits grew to $34.8 billion, a 21% increase from the same period last year.

Net interest income for the quarter was $377 million, up 24% from the third quarter of 2025. The net interest margin expanded to 3.20%. Noninterest income totaled $87 million, while noninterest expense was $260 million. The provision for credit losses was $14 million, with net charge-offs averaging 0.19% of loans on an annualized basis.

The company expects full-year 2026 period-end loan growth of 18% to 20% compared to standalone results for the year ended December 31, 2025. It also anticipates period-end total deposit growth of 17% to 19% and core customer deposit growth of 19% to 21% over the same comparison period.