Record Quarterly Net Interest Income Drives Associated Banc-Corp's Second Quarter 2025 Earnings per Common Share of $0.65
GREEN BAY, Wis., July 24, 2025 /PRNewswire/ -- Associated Banc-Corp (NYSE:ASB) ("Associated" or "Company") today reported net income available to common equity ("earnings") of $108 million, or $0.65 per common share, for the quarter ended June 30, 2025. These amounts compare to earnings of $99 million, or $0.59 per common share, for the quarter ended March 31, 2025 and earnings of $113 million, or $0.74 per common share, for the quarter ended June 30, 2024.
"Midway through 2025, Associated Bank is seeing strong momentum from the strategic actions we've taken over the past several quarters," said President & CEO Andy Harmening. "In the second quarter, we delivered over $350 million in additional C&I loan growth, another 7 basis points of margin expansion, and the best checking household growth we've seen since we began tracking a decade ago--all of which contributed to the strongest quarterly net interest income we've seen in company history. Importantly, we also delivered another 9 basis points of CET1 capital accretion and solid credit performance."
"While uncertainty has been an ongoing theme at the macro level, we feel well-positioned to build on our momentum over the back half of the year thanks to our strengthened profitability profile, solid capital position, and disciplined approach to growth. We look forward to providing additional updates on our progress along the way."
Second Quarter 2025 Highlights
Diluted earnings per common share of $0.65
Record net interest income of $300 million (+5% vs. 1Q 2025; +17% vs. 2Q 2024)
Total period end loans of $30.6 billion (+1% vs. 1Q 2025; +3% vs. 2Q 2024)
Total period end deposits of $34.1 billion (-3% vs. 1Q 2025; +4% vs. 2Q 2024)
Total period end core customer deposits1 of $28.3 billion (-3% vs. 1Q 2025; +4% vs. 2Q 2024)
Net interest margin of 3.04%
Noninterest income of $67 million
Noninterest expense of $209 million
Provision for credit losses of $18 million
Allowance for credit losses on loans / total loans of 1.35%
Net charge offs / average loans (annualized) of 0.17%
Book value / share of $27.67
Tangible book value / share1 of $20.84
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Loans
Second quarter 2025 average total loans of $30.5 billion increased 1%, or $381 million, from the prior quarter and increased 3%, or $912 million, from the same period last year. With respect to second quarter 2025 average balances by loan category:
Commercial and business lending increased $371 million from the prior quarter and increased $1.1 billion from the same period last year to $12.1 billion.
Commercial real estate lending increased $138 million from the prior quarter and increased $202 million from the same period last year to $7.5 billion.
Consumer lending decreased $128 million from the prior quarter and decreased $374 million from the same period last year to $10.9 billion.
Second quarter 2025 period end total loans of $30.6 billion increased 1%, or $313 million, from the prior quarter and increased 3%, or $989 million, from the same period last year. With respect to second quarter 2025 period end balances by loan category:
Commercial and business lending increased $339 million from the prior quarter and increased $1.3 billion from the same period last year to $12.4 billion.
Commercial real estate lending decreased $86 million from the prior quarter and increased $64 million the same period last year to $7.3 billion.
Consumer lending increased $60 million from the prior quarter and decreased $385 million from the same period last year to $10.9 billion.
We continue to expect 2025 period end loan growth of 5% to 6% as compared to the year ended December 31, 2024.
Deposits
Second quarter 2025 average deposits of $34.2 billion decreased 2%, or $630 million, from the prior quarter and increased 5%, or $1.6 billion, from the same period last year. With respect to second quarter 2025 average balances by deposit category:
Noninterest-bearing demand deposits increased $9 million from the prior quarter and decreased $63 million from the same period last year to $5.6 billion.
Savings increased $60 million from the prior quarter and increased $89 million from the same period last year to $5.2 billion.
Interest-bearing demand deposits decreased $348 million from the prior quarter and increased $418 million from the same period last year to $7.7 billion.
Money market deposits decreased $91 million from the prior quarter and decreased $6 million from the same period last year to $6.0 billion.
Brokered CDs decreased $225 million from the prior quarter and increased $162 million from the same period last year to $4.1 billion.
Other time deposits decreased $31 million from the prior quarter and increased $725 million from the same period last year to $3.7 billion.
Network transaction deposits decreased $4 million from the prior quarter and increased $249 million from the same period last year to $1.8 billion.
Second quarter 2025 period end deposits of $34.1 billion decreased 3%, or $1.0 billion, from the prior quarter and increased 4%, or $1.5 billion, from the same period last year. With respect to second quarter 2025 period end balances by deposit category:
Noninterest-bearing demand deposits decreased $353 million from the prior quarter and decreased $33 million from the same period last year to $5.8 billion.
Savings increased $44 million from the prior quarter and increased $135 million from the same period last year to $5.3 billion.
Interest-bearing demand deposits decreased $380 million from the prior quarter and increased $297 million from the same period last year to $7.5 billion.
Money market deposits decreased $225 million from the prior quarter and increased $33 million from the same period last year to $5.9 billion.
Brokered CDs decreased $125 million from the prior quarter and increased $10 million from the same period last year to $4.1 billion.
Other time deposits increased $82 million from the prior quarter and increased $724 million from the same period last year to $3.8 billion.
Network transaction deposits decreased $91 million from the prior quarter and increased $289 million from the same period last year to $1.8 billion.
Core customer deposits1 decreased $833 million from the prior quarter and increased $1.2 billion from the same period last year to $28.3 billion.
We now expect 2025 period end total deposit growth of 1% to 3% and continue to expect period end core customer deposit growth of 4% to 5% as compared to the year ended December 31, 2024.
1 This is a non-GAAP financial measure. See financial tables for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Net Interest Income and Net Interest Margin
Second quarter 2025 net interest income of $300 million increased $14 million from the prior quarter and increased $43 million from the same period last year. The net interest margin increased to 3.04%, reflecting a 7 basis point increase from the prior quarter and a 29 basis point increase from the same period last year.
The average yield on total loans for the second quarter of 2025 increased 6 basis points from the prior quarter and decreased 32 basis points from the same period last year to 5.89%.
The average cost of total interest-bearing liabilities for the second quarter of 2025 decreased 4 basis points from the prior quarter and decreased 58 basis points from the same period last year to 3.02%.
The net free funds benefit for the second quarter of 2025 decreased 2 basis points from the prior quarter and decreased 14 basis points from the same period last year to 0.56%.
Based on our latest forecasts for balance sheet growth and mix, and current market conditions, we now expect total net interest income growth of 14% to 15% in 2025.
Noninterest Income
Second quarter 2025 total noninterest income of $67 million increased $8 million from the prior quarter and increased $2 million from the same period last year. The increase relative to the prior quarter was primarily driven by a $7 million loss recognized in the first quarter of 2025 related to the settlement of the mortgage sale originally announced in December of 2024. With respect to second quarter 2025 noninterest income line items:
Capital markets, net increased $1 million from the prior quarter and $1 million from the same period a year ago.
Card-based fees increased $1 million from the prior quarter and decreased $1 million from the same period last year.
Wealth management fees increased $1 million from the prior quarter and increased slightly from the same period last year.
After adjusting to exclude the fourth quarter 2024 and first quarter 2025 impacts of the mortgage and investment securities sales we announced in December 2024, we now expect total noninterest income growth of between 1% and 2% in 2025.
Noninterest Expense
Second quarter 2025 total noninterest expense of $209 million decreased $1 million from the prior quarter and increased $13 million from the same period last year. With respect to second quarter 2025 noninterest expense line items:
Personnel expense increased $3 million from the prior quarter and increased $5 million from the same period last year.
Business development and advertising expense increased $1 million from the prior quarter and increased slightly from the same period last year.
Legal and professional expense increased $1 million from the prior quarter and increased $2 million from the same period last year.
Occupancy expense decreased $3 million from the prior quarter and decreased slightly from the same period last year.
FDIC assessment expense decreased $1 million from the prior quarter and increased $3 million from the same period last year.
After adjusting to exclude the $14 million impact of the loss on prepayments of FHLB advances recognized in the fourth quarter of 2024, we now expect total noninterest expense to grow by 4% to 5% in 2025.
Taxes
Second quarter 2025 tax expense was $28 million, compared to $19 million of tax expense in the prior quarter and $13 million of tax benefit in the same period last year. The effective tax rate for the second quarter of 2025 was 20.34%, compared to 16.03% in the prior quarter.
We continue to expect the annual effective tax rate to be between 19% and 21% in 2025.
Credit
Second quarter 2025 provision for credit losses on loans was $18 million, compared to a provision of $13 million in the prior quarter and a provision of $23 million in the same period last year. With respect to second quarter 2025 credit quality:
Nonaccrual loans of $113 million decreased $22 million from the prior quarter and decreased $41 million from the same period last year. The nonaccrual loans to total loans ratio was 0.37% in the first quarter, down from 0.44% in the prior quarter and down from 0.52% in the same period last year.
Second quarter 2025 net charge offs of $13 million increased compared to net charge offs of $9 million in the prior quarter and decreased compared to net charge offs of $21 million in the same period last year.
The allowance for credit losses on loans (ACLL) of $412 million increased $5 million compared to the prior quarter and increased $22 million compared to the same period last year. The ACLL to total loans ratio was 1.35% in the first quarter, up from 1.34% in the prior quarter and up from 1.32% in the same period last year.
In 2025, we continue to expect to adjust provision to reflect changes to risk grades, economic conditions, loan volumes, and other indications of credit quality.
Capital
The Company's capital position remains strong, with a CET1 capital ratio of 10.20% at June 30, 2025. The Company's capital ratios continue to be in excess of the Basel III "well-capitalized" regulatory benchmarks on a fully phased in basis.
SECOND QUARTER 2025 EARNINGS RELEASE CONFERENCE CALL
The Company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) today, July 24, 2025. Interested parties can access the live webcast of the call through the Investor Relations section of the Company's website, http://investor.associatedbank.com. Parties may also dial into the call at 877-407-8037 (domestic) or 201-689-8037 (international) and request the Associated Banc-Corp second quarter 2025 earnings call. The second quarter 2025 financial tables with an accompanying slide presentation will be available on the Company's website just prior to the call. An audio archive of the webcast will be available on the Company's website approximately fifteen minutes after the call is over.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE:ASB) has total assets of $44 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, Minnesota and Missouri. The Company also operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
FORWARD-LOOKING STATEMENTS
Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "intend," "target," "outlook," "project," "guidance," "forecast," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.
NON-GAAP FINANCIAL MEASURES
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
Associated Banc-Corp
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)
June 30,2025
March 31,2025
SequentialQuarterChange
December 31,2024
September 30,2024
June 30,2024
ComparableQuarterChange
Assets
Cash and due from banks
$ 521,167
$ 521,323
$ (156)
$ 544,059
$ 554,631
$ 470,818
$ 50,349
Interest-bearing deposits in other financial institutions
738,938
711,033
27,905
453,590
408,101
484,677
254,261
Federal funds sold and securities purchased under agreements to resell
—
105
(105)
21,955
4,310
3,600
(3,600)
Investment securities available for sale, at fair value
5,036,508
4,796,570
239,938
4,581,434
4,152,527
3,912,730
1,123,778
Investment securities held to maturity, net, at amortized cost
3,672,101
3,705,793
(33,692)
3,738,687
3,769,150
3,799,035
(126,934)
Equity securities
25,912
23,331
2,581
23,242
23,158
22,944
2,967
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost
278,356
194,244
84,112
179,665
178,168
212,102
66,254
Residential loans held for sale
96,804
47,611
49,193
646,687
67,219
83,795
13,009
Commercial loans held for sale
8,406
7,910
496
32,634
11,833
—
8,406
Loans
30,607,605
30,294,127
313,478
29,768,586
29,990,897
29,618,271
989,334
Allowance for loan losses
(376,515)
(371,348)
(5,167)
(363,545)
(361,765)
(355,844)
(20,671)
Loans, net
30,231,091
29,922,780
308,311
29,405,041
29,629,131
29,262,428
968,663
Tax credit and other investments
247,111
254,187
(7,076)
258,886
265,385
246,300
811
Premises and equipment, net
377,372
377,521
(149)
379,093
373,816
369,968
7,403
Bank and corporate owned life insurance
691,470
690,551
919
689,000
686,704
683,451
8,019
Goodwill
1,104,992
1,104,992
—
1,104,992
1,104,992
1,104,992
—
Other intangible assets, net
27,255
29,457
(2,203)
31,660
33,863
36,066
(8,811)
Mortgage servicing rights, net
85,245
86,251
(1,005)
87,683
81,977
85,640
(395)
Interest receivable
168,627
159,729
8,898
167,772
167,777
173,106
(4,479)
Other assets
682,373
675,748
6,625
676,987
698,073
672,256
10,118
Total assets
$ 43,993,729
$ 43,309,136
$ 684,593
$ 43,023,068
$ 42,210,815
$ 41,623,908
$ 2,369,821
Liabilities and stockholders' equity
Noninterest-bearing demand deposits
$ 5,782,487
$ 6,135,946
$ (353,459)
$ 5,775,657
$ 5,857,421
$ 5,815,045
$ (32,558)
Interest-bearing deposits
28,365,079
29,060,767
(695,688)
28,872,777
27,696,877
26,875,995
1,489,084
Total deposits
34,147,565
35,196,713
(1,049,147)
34,648,434
33,554,298
32,691,039
1,456,526
Short-term funding
75,585
311,335
(235,750)
470,369
917,028
859,539
(783,955)
FHLB advances
3,879,489
2,027,297
1,852,192
1,853,807
1,913,294
2,673,046
1,206,443
Other long-term funding
593,530
591,382
2,147
837,635
844,342
536,113
57,417
Allowance for unfunded commitments
35,276
35,276
—
38,776
35,776
33,776
1,500
Accrued expenses and other liabilities
481,503
460,574
20,929
568,485
532,842
588,057
(106,554)
Total liabilities
39,212,948
38,622,578
590,370
38,417,506
37,797,579
37,381,571
1,831,377
Stockholders' equity
Preferred equity
194,112
194,112
—
194,112
194,112
194,112
—
Common equity
4,586,669
4,492,446
94,223
4,411,450
4,219,125
4,048,225
538,444
Total stockholders' equity
4,780,781
4,686,558
94,223
4,605,562
4,413,236
4,242,337
538,444
Total liabilities and stockholders' equity
$ 43,993,729
$ 43,309,136
$ 684,593
$ 43,023,068
$ 42,210,815
$ 41,623,908
$ 2,369,821
Numbers may not recalculate due to rounding conventions.
Associated Banc-Corp
Consolidated Statements of Income (Unaudited)
Comparable Quarter
Year to Date (YTD)
Comparable YTD
(Dollars in thousands, except per share data)
2Q25
2Q24
DollarChange
PercentageChange
June 2025
June 2024
DollarChange
PercentageChange
Interest income
Interest and fees on loans
$ 447,781
$ 456,788
$ (9,007)
(2) %
$ 881,080
$ 911,260
$ (30,179)
(3) %
Interest and dividends on investment securities
Taxable
71,174
50,278
20,896
42 %
140,962
96,826
44,136
46 %
Tax-exempt
13,902
14,669
(767)
(5) %
27,858
29,443
(1,585)
(5) %
Other interest
12,679
8,539
4,140
48 %
21,921
16,133
5,788
36 %
Total interest income
545,536
530,274
15,262
3 %
1,071,821
1,053,662
18,159
2 %
Interest expense
Interest on deposits
197,656
221,062
(23,406)
(11) %
406,796
447,293
(40,497)
(9) %
Interest on federal funds purchased and securities sold under agreements to repurchase
2,004
2,303
(299)
(13) %
5,626
5,166
460
9 %
Interest on other short-term funding
287
6,077
(5,790)
(95) %
695
10,785
(10,090)
(94) %
Interest on FHLB advances
34,889
34,143
746
2 %
50,979
55,814
(4,835)
(9) %
Interest on other long-term funding
10,700
10,096
604
6 %
21,785
20,154
1,631
8 %
Total interest expense
245,536
273,681
(28,145)
(10) %
485,881
539,211
(53,330)
(10) %
Net interest income
300,000
256,593
43,407
17 %
585,940
514,451
71,490
14 %
Provision for credit losses
17,996
23,008
(5,012)
(22) %
30,999
47,009
(16,010)
(34) %
Net interest income after provision for credit losses
282,004
233,585
48,419
21 %
554,941
467,442
87,499
19 %
Noninterest income
Wealth management fees
23,025
22,628
396
2 %
45,522
44,323
1,200
3 %
Service charges and deposit account fees
13,147
12,263
883
7 %
25,961
24,702
1,259
5 %
Card-based fees
11,200
11,975
(775)
(6) %
21,642
23,242
(1,600)
(7) %
Other fee-based revenue
4,995
4,857
138
3 %
10,245
9,259
986
11 %
Capital markets, net
5,765
4,685
1,080
23 %
10,110
8,735
1,374
16 %
Mortgage banking, net
4,213
2,505
1,709
68 %
8,035
5,166
2,869
56 %
Loss on mortgage portfolio sale
—
—
—
N/M
(6,976)
—
(6,976)
N/M
Bank and corporate owned life insurance
4,135
4,584
(449)
(10) %
9,339
7,154
2,185
31 %
Asset losses, net
(1,735)
(627)
(1,108)
177 %
(2,613)
(933)
(1,680)
180 %
Investment securities gains, net
7
67
(60)
(90) %
11
3,947
(3,935)
(100) %
Other
2,226
2,222
4
— %
4,477
4,549
(72)
(2) %
Total noninterest income
66,977
65,159
1,818
3 %
125,754
130,144
(4,390)
(3) %
Noninterest expense
Personnel
126,994
121,581
5,413
4 %
250,890
240,976
9,914
4 %
Technology
26,508
27,161
(654)
(2) %
53,646
53,362
285
1 %
Occupancy
12,644
13,128
(484)
(4) %
28,025
26,761
1,264
5 %
Business development and advertising
7,748
7,535
213
3 %
14,134
14,052
82
1 %
Equipment
4,494
4,450
44
1 %
9,021
9,049
(28)
— %
Legal and professional
6,674
4,429
2,245
51 %
12,757
9,101
3,656
40 %
Loan and foreclosure costs
2,705
1,793
913
51 %
5,299
3,771
1,528
41 %
FDIC assessment
9,708
7,131
2,577
36 %
20,144
21,077
(933)
(4) %
Other intangible amortization
2,203
2,203
—
— %
4,405
4,405
—
— %
Other
9,674
6,450
3,224
50 %
21,648
10,963
10,685
97 %
Total noninterest expense
209,352
195,861
13,492
7 %
419,971
393,518
26,453
7 %
Income before income taxes
139,629
102,884
36,745
36 %
260,724
204,068
56,656
28 %
Income tax expense (benefit)
28,399
(12,689)
41,089
N/M
47,808
7,326
40,482
N/M
Net income
111,230
115,573
(4,344)
(4) %
212,916
196,742
16,174
8 %
Preferred stock dividends
2,875
2,875
—
— %
5,750
5,750
—
— %
Net income available to common equity
$ 108,355
$ 112,698
$ (4,344)
(4) %
$ 207,166
$ 190,992
$ 16,174
8 %
Pre-tax pre-provision income (loss)(a)
157,625
125,892
31,733
25 %
291,723
251,077
40,646
16 %
Earnings per common share
Basic
$ 0.65
$ 0.75
$ (0.10)
(13) %
$ 1.25
$ 1.27
$ (0.02)
(2) %
Diluted
$ 0.65
$ 0.74
$ (0.09)
(12) %
$ 1.24
$ 1.26
$ (0.02)
(2) %
Average common shares outstanding
Basic
164,936
149,872
15,063
10 %
165,081
149,864
15,217
10 %
Diluted
166,343
151,288
15,055
10 %
166,506
151,310
15,196
10 %
N/M = Not meaningful
Numbers may not sum due to rounding.
(a)
This is a non-GAAP financial measure. See the non-GAAP financial measures reconciliation below for a reconciliation to GAAP financial measures.
Associated Banc-CorpConsolidated Statements of Income (Unaudited) - Quarterly Trend
(Dollars and shares in thousands, except per share data)
Sequential Quarter
2Q25
1Q25
DollarChange
PercentageChange
4Q24
3Q24
2Q24
Interest income
Interest and fees on loans
$ 447,781
$ 433,299
$ 14,482
3 %
$ 453,253
$ 465,728
$ 456,788
Interest and dividends on investment securities
Taxable
71,174
69,788
1,387
2 %
50,524
51,229
50,278
Tax-exempt
13,902
13,956
(53)
— %
14,469
14,660
14,669
Other interest
12,679
9,243
3,436
37 %
10,478
8,701
8,539
Total interest income
545,536
526,285
19,251
4 %
528,724
540,318
530,274
Interest expense
Interest on deposits
197,656
209,140
(11,484)
(5) %
222,888
231,623
221,062
Interest on federal funds purchased and securities sold under agreements to repurchase
2,004
3,622
(1,618)
(45) %
3,203
3,385
2,303
Interest on other short-term funding
287
408
(121)
(30) %
668
6,144
6,077
Interest on FHLB advances
34,889
16,090
18,799
117 %
17,908
24,799
34,143
Interest on other long-term funding
10,700
11,085
(385)
(3) %
13,769
11,858
10,096
Total interest expense
245,536
240,345
5,192
2 %
258,436
277,809
273,681
Net interest income
300,000
285,941
14,059
5 %
270,289
262,509
256,593
Provision for credit losses
17,996
13,003
4,993
38 %
16,986
20,991
23,008
Net interest income after provision for credit losses
282,004
272,938
9,066
3 %
253,303
241,518
233,585
Noninterest income
Wealth management fees
23,025
22,498
527
2 %
24,103
24,144
22,628
Service charges and deposit account fees
13,147
12,814
332
3 %
13,232
13,708
12,263
Card-based fees
11,200
10,442
758
7 %
11,948
11,731
11,975
Other fee-based revenue
4,995
5,251
(256)
(5) %
5,182
5,057
4,857
Capital markets, net
5,765
4,345
1,420
33 %
9,032
4,317
4,685
Mortgage banking, net
4,213
3,822
391
10 %
3,387
2,132
2,505
Loss on mortgage portfolio sale
—
(6,976)
6,976
(100) %
(130,406)
—
—
Bank and corporate owned life insurance
4,135
5,204
(1,069)
(21) %
2,322
4,001
4,584
Asset (losses) gains, net
(1,735)
(878)
(857)
98 %
364
(474)
(627)
Investment securities gains (losses), net
7
4
3
66 %
(148,194)
100
67
Other
2,226
2,251
(25)
(1) %
2,257
2,504
2,222
Total noninterest income (loss)
66,977
58,776
8,201
14 %
(206,772)
67,221
65,159
Noninterest expense
Personnel
126,994
123,897
3,097
2 %
125,944
121,036
121,581
Technology
26,508
27,139
(631)
(2) %
26,984
27,217
27,161
Occupancy
