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Associated Banc-Corp

ASB

Associated Banc-Corp • NYSE
$26.29 ▼ -0.08% (-0.02)
Market Cap $4.36 B
52w High $27.46
52w Low $18.32
Dividend Yield 0.92%
P/E 30.57
Volume 555.88K
Outstanding Shares 165.92M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $636.218M ▲ $214.563M ▲ $124.732M ▲ 19.605% ▲ $0.74 ▲ $180.684M ▲
Q2-2025 $609.809M ▲ $206.648M ▼ $111.23M ▲ 18.24% ▲ $0.65 ▲ $165.798M ▲
Q1-2025 $582.06M ▲ $208.025M ▼ $101.687M ▲ 17.47% ▲ $0.6 ▲ $143.615M ▲
Q4-2024 $319.999M ▼ $222.33M ▲ $-161.615M ▼ -50.505% ▼ $-1.04 ▼ $-149.259M ▼
Q3-2024 $604.79M $197.848M $88.018M 14.553% $0.56 $132.833M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.294B ▼ $44.456B ▲ $39.588B ▲ $4.868B ▲
Q2-2025 $6.292B ▲ $43.994B ▲ $39.213B ▲ $4.781B ▲
Q1-2025 $6.024B ▲ $43.309B ▲ $38.623B ▲ $4.687B ▲
Q4-2024 $5.596B ▲ $43.023B ▲ $38.418B ▲ $4.606B ▲
Q3-2024 $5.115B $42.211B $37.798B $4.413B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $124.732M ▲ $157.973M ▲ $-485.254M ▲ $359.948M ▼ $32.667M ▲ $157.973M ▲
Q2-2025 $111.229M ▲ $141.471M ▲ $-637.502M ▼ $523.675M ▲ $27.645M ▼ $130.897M ▲
Q1-2025 $101.687M ▲ $98.166M ▼ $-127.119M ▲ $241.81M ▼ $212.856M ▲ $90.694M ▼
Q4-2024 $-161.615M ▼ $207.129M ▲ $-1.046B ▼ $891.395M ▲ $52.562M ▲ $193.844M ▲
Q3-2024 $88.018M $105.124M $-517.942M $420.765M $7.948M $93.438M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Credit and Debit Card
Credit and Debit Card
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Financial Service Other
Financial Service Other
 $10.00M ▲$10.00M ▲$0 ▼$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the past few years, especially more recently, showing that the bank is successfully expanding its business and loan base. However, profit margins have not kept up with this growth. Earnings were strongest a couple of years ago and have since stepped down, even as revenue rose. That points to rising funding costs, more competition for deposits, and possibly higher credit costs or operating expenses pressuring profitability. Overall, the income statement shows a bank that is growing the top line but working harder to convert that growth into bottom‑line profit, which is a key area to watch in a changing interest‑rate environment.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets rising over the period, which fits a growing regional bank. Equity has stayed broadly stable to slightly higher, suggesting the bank has maintained a solid capital base while growing. Debt levels spiked at one point and then came back down, which may reflect funding strategies during volatile markets. While leverage doesn’t look extreme, it deserves monitoring because wholesale funding and borrowing can be more sensitive to market stress. Cash balances are reasonable but not excessive, so liquidity management and deposit stability remain important, especially for a regional bank reliant on local markets.

Cash Flow

Cash Flow Operating cash flow has been consistently positive, which is encouraging and indicates the core banking engine is generating cash year after year. Free cash flow has also held up well, with only modest spending needs. Investment in physical assets (capital spending) is low and stable, which is typical for a bank that does not need heavy physical infrastructure beyond branches and technology. This frees up cash for dividends, buybacks, or balance‑sheet strengthening when management chooses. Overall, the cash flow profile looks steady and resilient, even though earnings have been under some pressure, which is a positive sign for financial flexibility.

Competitive Edge

Competitive Edge Associated Banc-Corp holds a strong regional position as one of the leading banks in Wisconsin and the broader Upper Midwest, with deep roots and a long history in its communities. Its brand is closely tied to local presence, relationship banking, and community involvement, which supports customer loyalty. Recognition for customer satisfaction in its home region suggests that clients value its service, trust level, and the ability to bank when and how they want. That’s an important advantage in a world where switching banks has become easier. At the same time, it competes against both large national banks with bigger technology budgets and nimble digital‑only players. Its regional focus also ties its fortunes closely to the health of the Midwest economy, which can be a strength in good times and a risk in downturns.

Innovation and R&D

Innovation and R&D The bank has clearly made digital banking a strategic focus, investing heavily in new platforms, online account opening, and mobile tools. Its newer digital platform, launched recently, is designed to make everyday banking faster, more self‑service, and more personalized for customers. On the payments and business side, it has upgraded services like contactless cards, peer‑to‑peer payments, and a consolidated digital portal for business clients. These features help it stay relevant against larger banks and fintechs and can deepen client relationships. The AI Academy and broader focus on artificial intelligence show an interest in building future capabilities, not just catching up. If executed well, this could support better risk management, more tailored financial advice, and operational efficiency over time, although the benefits will likely emerge gradually rather than all at once.

Summary

Associated Banc-Corp looks like a mature regional bank that is growing its revenue base while still working through pressure on profitability. The recent pattern is: higher revenue, but lower earnings than the peak, suggesting that funding costs, competition, and credit quality are key variables to monitor. Its balance sheet expansion has been controlled, with a stable capital base and manageable leverage, and its cash generation is steady, giving it room to invest and absorb shocks. That financial foundation supports its push into digital banking and technology. Competitively, the bank combines a strong local franchise and high customer satisfaction with a clear digital strategy, which together create a meaningful regional moat. The main opportunities lie in translating digital investments and AI efforts into better margins and deeper customer relationships, while the main risks stem from interest‑rate swings, credit cycles in its core markets, and intense competition from larger banks and fintech platforms.

NEWS

November 19, 2025 · 9:07 AM UTC

Associated Bank Promotes Jay Sodey to Madison Market President

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November 7, 2025 · 4:15 PM UTC

Associated Banc-Corp to Attend the 2025 Piper Sandler Financial Services Conference on November 10-12, 2025

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November 4, 2025 · 8:34 AM UTC

EdgeTI Announces Highly Strategic and Accretive Transaction with Austal Ltd. (ASB) by Executing Definitive Agreements to Acquire the Operations of Austal Australia's Digital Advanced Technology Division in an All Share Transaction at CAD $1.00 Resulting in Austal Ltd.

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October 29, 2025 · 4:33 PM UTC

Associated Banc-Corp Decreases Prime Rate

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October 29, 2025 · 3:29 PM UTC

Associated Bank Announces New Twin Cities Leadership, Brings Enhanced Banking Services to Minneapolis with New Branch in Iconic IDS Center

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