0000007789-26-000191
SEC filingQ2盈利超预期，美国国家银行收购整合顺利，有机增长强劲。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue (Net Interest Income) | $370.0M | $300.0M | +23% |
| Net Interest Margin | 3.17% | 3.04% | +13bp |
| Noninterest Income | $80.4M | $67.0M | +20% |
| Noninterest Expense | $271.9M | $209.4M | +30% |
| Provision for Credit Losses | $19.4M | $18.0M | +8% |
| Net Income | $123.6M | $111.2M | +11% |
| Diluted EPS (GAAP) | $0.63 | $0.65 | -3% |
| Diluted EPS (Non-GAAP, Adjusted) | $0.73 | — | — |
| Pre-tax Pre-provision Income (Non-GAAP) | $178.6M | $157.6M | +13% |
| Period End Loans | $36.5B | $30.6B | +19% |
| Period End Deposits | $39.9B | $34.1B | +17% |
| Nonaccrual Loans | $150.0M | $113.0M | +33% |
| Net Charge Offs / Average Loans (annualized) | 0.26% | 0.17% | +9bp |
| ACLL / Total Loans | 1.36% | 1.35% | +1bp |
| CET1 Capital Ratio | 10.47% | 10.20% | +27bp |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Period End Loan Growth | 18% - 20% | vs. 2025 standalone |
| FY2026 | Period End Total Deposit Growth | 17% - 19% | vs. 2025 standalone |
| FY2026 | Period End Core Customer Deposit Growth | 19% - 21% | vs. 2025 standalone |
| FY2026 | Net Interest Income Growth | 19% - 21% | vs. 2025 standalone |
| FY2026 | Total Noninterest Income Growth | 8% - 10% | vs. 2025 standalone |
| FY2026 | Noninterest Expense Growth | 20% - 21% | vs. 2025 standalone |
| FY2026 | Annual Effective Tax Rate | 19% - 21% | — |
简评
Associated Banc-Corp 2026年第二季度业绩表现强劲，核心驱动来自美国国家银行（American National Corporation）收购的整合以及持续的有机增长。净利息收入同比大增23%至$370M，净息差扩大13个基点至3.17%，主要得益于贷款收益率提升（环比+14bp）和负债成本下降（同比-36bp）。期末贷款总额达$36.5B，同比+19%，其中商业与工业贷款（C&I）同比+22%，显示企业信贷需求旺盛。存款端同样表现优异，期末存款同比+17%，核心客户存款同比+21%，资金基础持续夯实。
盈利能力方面，GAAP EPS为$0.63，同比下降3%，主要受$24M收购相关一次性费用拖累；剔除该影响后，调整后EPS为$0.73，显著高于去年同期GAAP EPS $0.65。非利息支出同比+30%至$272M，主要反映收购整合成本（人员、法律及专业费用、无形资产摊销增加）。信贷质量整体稳定，ACLL比率维持在1.36%，但非应计贷款环比增加$39M至$150M，净核销率升至0.26%，需关注商业贷款组合的信用表现。资本充足，CET1比率10.47%，高于监管要求。
管理层对下半年及2027年展望积极，CEO Andy Harmening表示"美国国家银行合作基本符合预期"，并预计通过有机举措和整合的持续执行维持增长轨迹。公司上调2026年贷款增长指引至18%-20%，并维持存款、净利息收入及非利息收入的增长预期。尽管费用增长指引（20%-21%）包含收购相关成本，但调整后效率比改善至54.23%，显示运营杠杆逐步显现。整体而言，本次业绩验证了收购战略的协同效应，为未来盈利增长奠定基础。