The GAAP EPS miss is largely due to $24M in nonrecurring acquisition costs, while core operating trends (NII, loan/deposit growth) are strong. Traders should focus on the adjusted EPS beat and the raised full-year guidance for NII and loan growth, which signal underlying momentum. Monitor the integration of American National and credit quality trends (rising NCOs) in coming quarters.
Price Chart
Executive Summary
Associated Banc-Corp (ASB) reported Q2 2026 GAAP EPS of $0.63, a miss vs the $0.72 consensus, but adjusted EPS of $0.73 excluding acquisition-related nonrecurring items. Net interest income surged 23% YoY to $370M, driven by the American National acquisition and organic loan growth, with 2026 NII growth guidance of 19-21%. The headline EPS miss is tempered by strong core operating trends and the integration of American National, making the overall read mixed.
Key Financial Metrics
Key Facts
- Reported GAAP EPS of $0.63 vs consensus of $0.72 (miss of -12.5%)
- Adjusted EPS (excluding nonrecurring items) was $0.73, above the $0.72 consensus
- Net interest income of $370M, up 23% YoY and 20% sequentially
- Total loans of $36.5B, up 19% YoY; total deposits of $39.9B, up 17% YoY
- Completed acquisition of American National Corporation on April 1, 2026
- 2026 guidance: NII growth 19-21%, loan growth 18-20%, deposit growth 17-19%
- Net charge-offs increased to $23M (0.26% annualized) from $5M in prior quarter
- CET1 ratio of 10.47%, well above regulatory minimums
Financial Impact
GAAP EPS miss of $0.09 per share vs consensus, but adjusted EPS beat by $0.01. Net interest income grew $70M YoY.
Risk Factors
- Integration risk from the American National acquisition
- Rising net charge-offs ($23M vs $5M in prior quarter) and nonaccrual loans ($150M, up 36% QoQ)
- Potential for further EPS dilution from share issuance related to the acquisition
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302833675 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Institutional Cluster | $30.21 | awaiting T+20 | — | $30.23 (+0.07%) |
Oct 22, 2026 4d ago | 8-K | $30.21 | awaiting T+20 | — | $30.23 (+0.07%) |
Oct 22, 2026 4d ago | Press Release | $30.21 | awaiting T+20 | — | $30.23 (+0.07%) |
Oct 1, 2026 25d ago | Press Release | $29.00 | awaiting T+20 | — | $30.23 (+4.24%) |
Sep 14, 2026 6w ago | 8-K | $30.32 $28.56 | ▼ −5.80% | ▼ −8.53% | $30.23 (−0.30%) |
Sep 2, 2026 7w ago | Press Release | $30.91 $29.00 | ▼ −6.18% | ▼ −4.99% | $30.23 (−2.20%) |
Aug 13, 2026 10w ago | Insider Cluster | $32.16 $30.04 | ▼ −6.59% | ▼ −4.84% | $30.23 (−6.00%) |
Aug 13, 2026 10w ago | Insider Cluster | $32.16 $30.04 | ▼ −6.59% | ▼ −4.84% | $30.23 (−6.00%) |
Aug 13, 2026 10w ago | Insider Cluster | $32.16 $30.04 | ▼ −6.59% | ▼ −4.84% | $30.23 (−6.00%) |
Aug 5, 2026 11w ago | Insider Cluster | $31.53 $30.58 | ▼ −3.01% | ▼ −2.41% | $30.23 (−4.12%) |
US Market Status
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