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ASB-PE

Associated Banc-Corp

ASB-PE

Associated Banc-Corp • NYSE
$21.84 ▼ -0.50% (-0.11)
Market Cap $3.58 B
52w High $23.01
52w Low $19.25
Dividend Yield 1.47%
P/E 10.55
Volume 3.88K
Outstanding Shares 163.78M

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
 $40.00M ▲$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, showing that the bank is successfully expanding its business and customer base. However, profits have moved in the opposite direction more recently. Earnings were stronger earlier in the period and have been squeezed lately, suggesting higher funding costs, competitive pressure on loan pricing, or rising expenses. In short, the top line is healthy, but margins and bottom-line profitability have come under pressure, which is an important trend to watch for a regional bank.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets climbing each year, which signals ongoing growth in lending and customer relationships. Equity has inched up over time as well, indicating that the bank is adding to its capital base rather than consuming it. Debt levels have moved around but remain manageable relative to the overall size of the bank. Liquidity, as seen in cash levels, has been adequate but not excessive. Overall, the balance sheet looks like that of a growing regional bank that is reasonably well capitalized, though it still depends on prudent risk management in a cyclical industry.

Cash Flow

Cash Flow Cash generation from the core banking business has been consistently positive, even as earnings have softened. Free cash flow has remained healthy after modest investment spending, which suggests the bank does not need heavy capital investment to operate or grow. Its spending on physical and technology assets is steady and relatively small compared with the cash coming in, giving management room to fund dividends, maintain capital, and invest in new initiatives without obvious strain. The cash flow profile is a relative strength in this story.

Competitive Edge

Competitive Edge Associated Banc-Corp holds a strong regional position as a leading bank in Wisconsin and the broader Upper Midwest, with deep local relationships and a community-focused model. Its customer satisfaction scores, including independent recognition in its home region, point to a service advantage versus some peers. At the same time, it competes against much larger national banks and digital-first players that often have more scale and lower unit costs. The bank’s advantage lies in local presence and relationships tied to its upgraded digital platforms, but it operates in a crowded market where pricing and deposit competition can erode profitability if not carefully managed.

Innovation and R&D

Innovation and R&D While it does not run a traditional research lab, the bank has been investing steadily in technology and data capabilities. It has refreshed its digital banking platforms for both consumers and businesses, added tools for budgeting and financial wellness, and is rolling out AI-enabled features like a virtual assistant. Hiring a chief analytics officer and building specialty deposit and payment solutions show a deliberate push into data-driven banking and niche commercial segments. These efforts are more about modernizing operations and deepening customer relationships than about breakthrough innovation, but they do help defend and potentially widen its moat in a changing banking landscape.

Summary

Associated Banc-Corp looks like a growing regional bank that is successfully expanding its revenue base and modernizing its technology, but facing pressure on profitability as the interest-rate and competitive environment has shifted. Its balance sheet and cash flows appear sound and supportive of its strategy, with steady capital and solid underlying cash generation. The bank’s edge comes from its strong Midwest footprint, relationship banking model, and improving digital experience, supported by targeted technology and data investments. Key things to monitor going forward are whether it can restore stronger margins, maintain credit quality through the cycle, and execute on its digital and specialty-business initiatives quickly enough to offset competitive and rate-driven pressures.