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ASBA

Associated Banc-Corp

ASBA

Associated Banc-Corp • NYSE
$24.76 ▲ 0.78% (+0.19)
Market Cap $4.08 B
52w High $25.30
52w Low $22.99
Dividend Yield 1.66%
P/E 0
Volume 9.77K
Outstanding Shares 164.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $556.591M ▲ $0 ▼ $124.732M ▲ 22.41% ▼ $0.73 ▲ $419.811M ▲
Q2-2025 $348.982M ▲ $185.062M ▲ $111.23M ▲ 31.873% ▲ $0.65 ▲ $0
Q1-2025 $331.715M ▲ $183.413M ▼ $101.687M ▲ 30.655% ▲ $0.6 ▲ $0 ▼
Q4-2024 $46.529M ▼ $186.25M ▲ $-161.615M ▼ -347.343% ▼ $-1.04 ▼ $291.867M ▲
Q3-2024 $308.738M $178.764M $88.018M 28.509% $0.59 $108.142M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.708B ▲ $44.456B ▲ $39.588B ▲ $4.674B ▲
Q2-2025 $5.558B ▲ $43.994B ▲ $39.213B ▲ $4.587B ▲
Q1-2025 $5.318B ▲ $43.309B ▲ $38.623B ▲ $4.492B ▲
Q4-2024 $5.125B ▲ $43.023B ▲ $38.418B ▲ $4.411B ▲
Q3-2024 $4.707B $42.211B $37.798B $4.219B

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 ▼ $141.471M ▲
Q1-2025 $101.687M ▲ $98.166M ▼ $-127.119M ▲ $241.81M ▼ $212.856M ▲ $98.166M ▼
Q4-2024 $-161.615M ▼ $207.129M ▲ $-1.046B ▼ $891.395M ▲ $52.562M ▲ $207.129M ▲
Q3-2024 $88.018M $105.124M $-517.942M $420.765M $7.948M $125.14M

Revenue by Products

Product Q3-2024Q4-2024Q2-2025Q3-2025
Credit and Debit Card
Credit and Debit Card
 $10.00M ▲$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 Earnings have been consistently positive over the past five years, but profitability has clearly cooled from its peak a few years ago. Revenue has softened more recently, and both operating profit and net income have trended down from earlier, stronger years. This points to pressure on margins, likely reflecting higher funding costs and a tougher interest-rate environment for a regional bank. The business still looks fundamentally profitable, just not as strong as it was at its best point in the early 2020s. The key watch point is whether recent strategic and balance sheet moves can stabilize or rebuild earnings power over time.

Balance Sheet

Balance Sheet The balance sheet has grown steadily, with total assets rising each year, which is typical of a regional bank that is gradually expanding its lending and customer base. Shareholders’ equity has been edging higher, signaling the bank is generally adding to its capital base rather than relying heavily on new external capital. Debt levels spiked and then were pulled back, suggesting active balance sheet management and some de‑leveraging after a period of higher borrowing. Cash balances are modest relative to total assets, which is normal for a bank where loans and securities do most of the work. Overall, the balance sheet looks like that of a traditional, moderately growing regional bank, where the main questions are about interest-rate risk and loan quality rather than sheer solvency.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive, even through more volatile years for the banking sector. Operating cash flow has comfortably covered the bank’s relatively modest investment spending, leaving room for ongoing technology projects and other strategic initiatives. Free cash flow has stayed positive across the period, a good sign that earnings are largely backed by cash and not just accounting. This pattern gives the bank flexibility to keep investing in digital capabilities, absorb credit costs when cycles turn, and manage capital returns without stretching its resources. The key risk is that a sharp downturn in credit quality or funding conditions could still pressure cash generation, as with any bank.

Competitive Edge

Competitive Edge Associated Banc-Corp holds a strong regional position as the largest bank holding company based in Wisconsin, with deep roots and a long operating history. Its community banking heritage, combined with high customer satisfaction scores in the Upper Midwest, gives it loyalty and brand strength that newer or purely digital competitors lack. The bank offers a full range of services—retail, commercial, and wealth management—which helps it stay relevant to customers as their needs evolve. At the same time, it competes directly with national banks, credit unions, and fintech players, all of which can pressure pricing and deposit retention. Its real edge appears to be familiarity with its markets, branch presence, and relationship banking, which it is now trying to enhance with better technology rather than replace.

Innovation and R&D

Innovation and R&D Innovation at Associated is focused on digital banking, data, and AI rather than traditional lab-style research and development. The bank has invested meaningfully over several years in new digital platforms for both consumers and businesses, with tools for budgeting, early pay access, credit monitoring, and more sophisticated treasury and payment solutions. Partnerships, such as its wealth platform integration, allow it to offer a modern, consolidated financial view while still leaning on human advice. The creation of specialty deposit and payment verticals, plus planned AI-enabled chat, sales, and personalization tools, shows an intent to compete not just on relationships but also on user experience and speed. The main execution risk is ensuring customers adopt these tools at scale and that the bank converts technology spending into better growth and efficiency, not just higher costs.

Summary

Associated Banc-Corp looks like a traditional Midwest regional bank in the middle of a strategic transition. Financially, it remains profitable with solid, cash-backed earnings, but profits are below prior peaks, reflecting a more challenging rate and funding environment. The balance sheet is growing and generally strengthening, with a stable capital base and managed leverage. Competitively, its strengths lie in regional scale, customer satisfaction, and deep community ties, while it faces ongoing competition from big banks and digital-first players. Its digital and AI investments, new specialty deposit lines, and market expansion plans offer clear growth opportunities, but they also introduce execution risk and require continued spending. Overall, the story is one of a stable regional bank working to modernize and slightly re-accelerate growth, with the key questions around how quickly those initiatives can translate into a sustained improvement in earnings quality and resilience.