Logo

ASB-PF

Associated Banc-Corp

ASB-PF

Associated Banc-Corp • NYSE
$21.00 ▼ -1.18% (-0.25)
Market Cap $3.43 B
52w High $22.53
52w Low $18.51
Dividend Yield 1.41%
P/E 10.14
Volume 755
Outstanding Shares 163.23M

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 steadily over the last few years, which suggests the bank is successfully expanding its business and customer base. However, profit margins have narrowed compared with the strong year in 2022, with operating and net income drifting down from prior peaks. That pattern points to a tougher earnings environment, likely from higher funding costs and competitive pricing, even as the bank keeps growing. Overall, the income statement shows a solid franchise facing some pressure on profitability rather than a broken business model.

Balance Sheet

Balance Sheet The balance sheet has expanded at a measured pace, indicating controlled growth rather than aggressive balance sheet stretching. Total assets and shareholder equity have both trended upward, which is a healthy sign of retained strength over time. Debt levels have moved around but do not appear extreme relative to the size of the balance sheet, suggesting leverage is being managed. Cash holdings are moderate and have fluctuated, implying an ongoing balance between liquidity, lending growth, and investment needs.

Cash Flow

Cash Flow Cash generation from the core business has consistently been positive, which is a key sign of underlying health for a bank. Free cash flow has also remained positive each year, even after accounting for technology and infrastructure spending. Investment needs, such as capital spending, have been relatively modest and stable, allowing the bank to fund its initiatives without straining cash resources. Overall, the cash flow profile looks steady and supportive of ongoing operations and strategic investments.

Competitive Edge

Competitive Edge Associated Banc-Corp holds a meaningful regional position, especially in Wisconsin and nearby markets, where long-standing relationships and local decision-making are important advantages. It competes by combining traditional relationship banking with specialized expertise in areas like government banking, financial institutions, and certain commercial and energy-related sectors. This focus on niche segments and tailored solutions helps differentiate it from both large national banks and smaller community banks. The main competitive risk is that regional banking remains crowded and sensitive to economic cycles, which can pressure loan growth and pricing.

Innovation and R&D

Innovation and R&D The bank is leaning into digital and data-driven tools rather than relying only on branches and personal relationships. Partnerships with AI-driven lending platforms and updated credit scoring tools aim to speed up loan decisions and improve risk assessment. Its roadmap includes digital assistants, personalized online marketplaces, and enhanced tools for wealth clients, all designed to make the customer experience smoother and more engaging. The key question is execution: if these initiatives roll out effectively, they can deepen customer loyalty and improve efficiency; if not, they risk becoming costly experiments.

Summary

Associated Banc-Corp appears to be a steady regional bank that has grown its revenue and balance sheet while facing more recent pressure on margins and earnings. Its finances show consistent cash generation and a measured use of debt, which support resilience through changing interest rate and credit conditions. Strategically, the bank relies on strong local relationships, targeted industry niches, and an increasing emphasis on digital and AI-enabled services. The main opportunities lie in successfully scaling these digital and specialized offerings, while the main risks are continued margin pressure, regional economic softness, and intense competition across the banking landscape.