NYSE : ASB
Associated Banc-Corp — Financial statements
Financials · Banks - Regional · United States
Last price 30.53 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.60B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 1.90B | 1.78B | 1.83B | 1.72B | 992.64M | 693.73M |
| Interest Income on Investments | 433.65M | 390.37M | 292.46M | 237.65M | 152.61M | 104.46M |
| Total Interest Income | 2.33B | 2.17B | 2.12B | 1.96B | 1.15B | 798.19M |
| Interest Paid on Deposits | 782.42M | 803.92M | 901.80M | 673.62M | 98.31M | 18.62M |
| Interest Paid on Borrowings | 182.38M | 167.69M | 173.65M | 244.85M | 89.62M | 53.71M |
| Total Interest Expense | 964.80M | 971.61M | 1.08B | 918.48M | 187.93M | 72.33M |
| Net Interest Income | 1.36B | 1.20B | 1.05B | 1.04B | 957.32M | 725.86M |
| Trust Income | 103.34M | 96.58M | 92.57M | 82.50M | 84.12M | 89.85M |
| Mortgage Banking Activities | 13.58M | 14.50M | 10.69M | 19.43M | 18.87M | 50.75M |
| Gain (Loss) on Sale of Assets | 5.14M | 1.56M | -1.04M | 454.00K | 1.34M | 12.05M |
| Gain (Loss) on Sale of Investments | -4.00K | -6.93M | -274.55M | -195.14M | 3.75M | -16.00K |
| Other Non-Interest Income | 140.18M | 127.03M | 111.29M | 106.89M | 111.98M | 115.32M |
| Total Non-Interest Income | 322.77M | 286.40M | -9.41M | 63.18M | 282.37M | 332.36M |
| Revenues Before Loan Losses | 1.69B | 1.49B | 1.04B | 1.10B | 1.24B | 1.06B |
| Provision for Loan Losses | 51.39M | 54.00M | 84.99M | 83.02M | 33.00M | -88.01M |
| Revenue | 1.64B | 1.43B | 952.86M | 1.02B | 1.21B | 1.15B |
| Salaries and Employee Benefits | 567.08M | 503.62M | 469.06M | 451.06M | 438.10M | 410.69M |
| Federal Deposit Insurance | 37.82M | 36.71M | 38.44M | 67.07M | 22.65M | 18.15M |
| Amortization of Goodwill & Intangibles | 18.19M | 8.81M | 8.81M | 8.81M | 8.81M | 8.84M |
| Selling, General & Administrative | 307.21M | 259.81M | 249.26M | 244.50M | 229.90M | 225.38M |
| Other Non-Interest Expense | 33.92M | 38.41M | 44.36M | 36.84M | 41.67M | 38.72M |
| Total Non-Interest Expense | 970.85M | 855.64M | 818.40M | 813.68M | 747.06M | 709.92M |
| EBT Excluding Unusual Items | 664.99M | 577.91M | 134.46M | 206.05M | 459.63M | 436.31M |
| Pretax Income | 664.99M | 577.91M | 134.46M | 206.05M | 459.63M | 436.31M |
| Income Tax Expense | 138.07M | 103.13M | 11.31M | 23.10M | 93.51M | 85.31M |
| Net Income | 526.91M | 474.78M | 123.14M | 182.96M | 366.12M | 350.99M |
| Preferred Dividends & Other Adjustments | 13.78M | 13.78M | 12.19M | 12.53M | 13.71M | 19.48M |
| Net Income to Common | 513.14M | 461.00M | 110.96M | 170.42M | 352.41M | 331.51M |
| Basic Shares Outstanding | 176.31M | 165.08M | 151.93M | 149.97M | 149.16M | 150.77M |
| Diluted Shares Outstanding | 177.97M | 166.61M | 153.35M | 150.86M | 150.50M | 151.99M |
| EPS (Basic) | 2.91 | 2.79 | 0.73 | 1.14 | 2.36 | 2.20 |
| EPS (Diluted) | 2.89 | 2.77 | 0.72 | 1.13 | 2.34 | 2.18 |
| Dividend Per Share | 0.96 | 0.93 | 0.89 | 0.85 | 0.81 | 0.76 |
| Effective Tax Rate | 20.76% | 17.85% | 8.41% | 11.21% | 20.34% | 19.55% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 644.62M | 1.72B | 1.02B | 923.82M | 464.76M | 1.03B |
| Investment Securities | 4.72B | 3.97B | 2.06B | 2.25B | 2.70B | 2.67B |
| Trading Asset Securities | 19.29M | 31.95M | 32.98M | 33.34M | 111.00K | |
| Mortgage-Backed Securities | 6.20B | 5.30B | 6.55B | 5.51B | 4.46B | 4.22B |
| Total Investments | 10.92B | 9.28B | 8.63B | 7.79B | 7.19B | 6.88B |
| Gross Loans | 36.52B | 31.16B | 29.77B | 29.22B | 28.80B | 24.22B |
| Allowance for Loan Losses | -441.12M | -378.07M | -363.55M | -351.09M | -312.72M | -280.01M |
| Net Loans | 36.08B | 30.79B | 29.41B | 28.87B | 28.49B | 23.94B |
| Property, Plant & Equipment | 447.11M | 381.62M | 379.09M | 373.35M | 377.36M | 385.32M |
| Goodwill | 1.15B | 1.10B | 1.10B | 1.10B | 1.10B | 1.10B |
| Other Intangible Assets | 110.06M | 22.85M | 31.66M | 40.47M | 49.28M | 58.09M |
| Loans Held for Sale | 66.77M | 72.50M | 679.32M | 123.31M | 20.38M | 136.64M |
| Accrued Interest Receivable | 183.59M | 161.12M | 167.77M | 169.57M | 144.45M | 80.53M |
| Long-Term Deferred Tax Assets | 252.57M | 250.13M | 229.34M | 238.04M | 148.76M | |
| Other Real Estate Owned & Foreclosed | 19.27M | 28.77M | 20.90M | 11.43M | 15.00M | 29.62M |
| Other Long-Term Assets | 1.79B | 1.24B | 1.24B | 1.24B | 1.10B | 1.22B |
| Total Assets | 51.40B | 45.20B | 43.02B | 41.02B | 39.41B | 35.10B |
| Accrued Expenses | 676.92M | 172.09M | 312.70M | 325.93M | 317.80M | 90.55M |
| Interest Bearing Deposits | 33.47B | 28.59B | 28.12B | 26.80B | 21.59B | 19.75B |
| Institutional Deposits | 834.31M | 757.67M | 523.00M | 282.00M | 215.00M | |
| Non-Interest Bearing Deposits | 6.91B | 6.13B | 5.78B | 6.12B | 7.76B | 8.50B |
| Total Deposits | 40.38B | 35.55B | 34.65B | 33.45B | 29.64B | 28.47B |
| Short-Term Borrowings | 266.33M | 3.16B | 1.72B | 1.07B | 3.73B | 356.38M |
| Current Portion of Long-Term Debt | 204.28M | |||||
| Current Portion of Leases | 5.30M | |||||
| Long-Term Debt | 589.17M | 594.28M | 837.34M | 540.89M | 247.60M | 249.16M |
| Federal Home Loan Bank Debt, Long-Term | 3.96B | 208.56M | 603.81M | 1.20B | 1.19B | 1.62B |
| Long-Term Leases | 33.83M | 35.89M | 27.69M | 28.83M | 31.51M | |
| Long-Term Deferred Tax Liabilities | 226.97M | 188.44M | 171.21M | 154.19M | 143.54M | |
| Other Long-Term Liabilities | 49.74M | 64.38M | 69.08M | 62.61M | 79.78M | 120.78M |
| Total Liabilities | 45.92B | 40.23B | 38.42B | 36.84B | 35.39B | 31.08B |
| Preferred Stock, Redeemable | 194.11M | 194.11M | 194.11M | 194.11M | 194.11M | 193.19M |
| Common Stock | 5.28B | 1.89M | 1.89M | 1.75M | 1.75M | 1.75M |
| Additional Paid-In Capital | 2.05B | 2.05B | 1.71B | 1.71B | 1.71B | |
| Retained Earnings | 3.23B | 2.92B | 2.95B | 2.90B | 2.67B | |
| Treasury Stock | -490.25M | -482.63M | -512.42M | -525.19M | -546.23M | |
| Comprehensive Income & Other | -7.57M | -74.42M | -171.10M | -272.80M | -10.32M | |
| Total Common Equity | 5.28B | 4.78B | 4.41B | 3.98B | 3.82B | 3.83B |
| Shareholders' Equity | 5.48B | 4.98B | 4.61B | 4.17B | 4.02B | 4.02B |
| Total Liabilities & Equity | 51.40B | 45.20B | 43.02B | 41.02B | 39.41B | 35.10B |
| Total Debt | 4.82B | 4.21B | 3.20B | 2.84B | 5.20B | 2.26B |
| Net Cash (Debt) | -3.19B | -2.47B | -2.15B | -1.88B | -4.55B | -1.23B |
| Net Cash Per Share | -17.92 | -14.83 | -14.00 | -12.46 | -30.22 | -8.11 |
| Filing Date Shares Outstanding | 183.32M | 163.60M | 163.94M | 148.74M | 147.88M | 146.95M |
| Total Common Shares Outstanding | 183.32M | 163.61M | 163.87M | 148.69M | 147.78M | 146.69M |
| Book Value Per Share | 28.81 | 29.22 | 26.92 | 26.77 | 25.86 | 26.12 |
| Tangible Book Value | 4.02B | 3.65B | 3.27B | 2.83B | 2.67B | 2.67B |
| Tangible Book Value Per Share | 21.95 | 22.33 | 19.98 | 19.06 | 18.05 | 18.19 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 474.78M | 123.14M | 182.96M | 366.12M | 350.99M | |
| Depreciation & Amortization | 59.17M | 57.66M | 55.80M | 53.90M | 55.35M | |
| Gain (Loss) on Sale of Assets | -1.56M | 1.04M | -454.00K | -1.34M | -12.05M | |
| Gain (Loss) on Sale of Investments | 144.33M | 64.86M | 1.67M | 16.00K | ||
| Provision for Credit Losses | 54.00M | 84.99M | 83.02M | 33.00M | -88.01M | |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | -20.00M | -33.11M | -28.13M | 114.92M | 25.23M | |
| Change in Trading Asset Securities | 120.42M | |||||
| Accrued Interest Receivable | 6.65M | 1.80M | -25.12M | -63.92M | 9.73M | |
| Change in Income Taxes | 67.98M | -36.75M | -77.85M | 40.61M | -6.18M | |
| Change in Other Net Operating Assets | -68.94M | 49.67M | -73.25M | 257.94M | 90.85M | |
| Other Operating Activities | 12.23M | 9.65M | 4.69M | 12.42M | 17.88M | |
| Operating Cash Flow | 615.69M | 580.25M | 442.74M | 846.57M | 529.55M | |
| Capital Expenditures | -36.37M | -44.99M | -61.81M | -62.71M | -52.28M | |
| Investment in Securities | -652.29M | -925.28M | -749.83M | -518.37M | -1.76B | |
| Divestitures | 2.42M | |||||
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -885.04M | -1.33B | -702.03M | -4.58B | 198.63M | |
| Other Investing Activities | -51.10M | 85.88M | 77.41M | -94.30M | 27.11M | |
| Investing Cash Flow | -1.62B | -2.22B | -1.44B | -5.25B | -1.58B | |
| Short-Term Debt Issued | 1.61B | 653.59M | 3.38B | 101.95M | ||
| Long-Term Debt Issued | 413.82M | 301.46M | 294.11M | 2.08M | 6.95M | |
| Total Debt Issued | 2.02B | 955.04M | 294.11M | 3.38B | 108.90M | |
| Short-Term Debt Repaid | -162.50M | -2.66B | ||||
| Long-Term Debt Repaid | -861.55M | -615.34M | -685.00K | -413.56M | -319.40M | |
| Total Debt Repaid | -1.02B | -615.34M | -2.66B | -413.56M | -319.40M | |
| Net Debt Issued (Repaid) | 995.02M | 339.70M | -2.37B | 2.97B | -210.51M | |
| Issuance of Common Stock | 6.89M | 368.60M | 4.30M | 11.06M | 25.70M | |
| Repurchase of Common Stock | -29.02M | -24.52M | -6.59M | -6.48M | -137.80M | |
| Preferred Share Repurchases | -164.46M | |||||
| Common Dividends Paid | -155.77M | -139.20M | -129.53M | -123.14M | -116.06M | |
| Preferred Dividends Paid | -11.50M | -11.50M | -11.50M | -11.50M | -17.11M | |
| Total Dividends Paid | -167.27M | -150.70M | -141.03M | -134.64M | -133.17M | |
| Net Increase (Decrease) in Deposit Accounts | 904.17M | 1.20B | 3.81B | 1.17B | 1.98B | |
| Other Financing Activities | -52.00K | -938.00K | -939.00K | -2.00K | ||
| Financing Cash Flow | 1.71B | 1.73B | 1.30B | 4.00B | 1.36B | |
| Net Cash Flow | 700.62M | 95.78M | 302.37M | -404.06M | 309.47M | |
| Free Cash Flow | 579.32M | 535.26M | 380.93M | 783.86M | 477.27M | |
| Free Cash Flow Margin | 40.41% | 56.17% | 37.35% | 64.96% | 41.64% | |
| Free Cash Flow Per Share | 3.48 | 3.49 | 2.52 | 5.21 | 3.14 | |
| Cash Interest Paid | 988.32M | 1.08B | 838.83M | 174.68M | 81.60M | |
| Cash Income Tax Paid | 1.52M | 17.75M | 69.42M | 18.39M | 57.73M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.71B | 4.21B | 3.89B | 3.18B | 3.41B | 3.33B |
| Last Close Price | 31.13 | 25.11 | 22.45 | 19.32 | 19.88 | 18.76 |
| PE Ratio | 10.76 | 9.14 | 35.05 | 18.65 | 9.68 | 10.04 |
| PS Ratio | 3.49 | 2.94 | 4.08 | 3.12 | 2.83 | 2.90 |
| PB Ratio | 1.08 | 0.85 | 0.84 | 0.76 | 0.85 | 0.83 |
| P/FCF Ratio | 8.40 | 7.27 | 7.26 | 8.35 | 4.35 | 6.98 |
| P/OCF Ratio | 7.94 | 6.84 | 6.70 | 7.18 | 4.03 | 6.29 |
| Debt / Equity Ratio | 0.88 | 0.85 | 0.69 | 0.68 | 1.30 | 0.56 |
| Debt / FCF Ratio | 7.27 | 5.98 | 7.45 | 6.64 | 4.73 | |
| Net Debt / Equity Ratio | 0.58 | 0.50 | 0.47 | 0.45 | 1.13 | 0.31 |
| Net Debt / FCF Ratio | 4.27 | 4.01 | 4.93 | 5.80 | 2.58 | |
| Return on Equity (ROE) | 10.19% | 9.91% | 2.80% | 4.47% | 9.11% | 8.65% |
| Return on Assets (ROA) | 1.10% | 1.08% | 0.29% | 0.46% | 0.98% | 1.02% |
| Earnings Yield | 9.29% | 11.27% | 3.17% | 5.75% | 10.74% | 10.54% |
| FCF Yield | 11.90% | 13.75% | 13.76% | 11.98% | 22.98% | 14.33% |
| Dividend Yield | 3.21% | 3.61% | 3.75% | 3.98% | 3.51% | 3.35% |
| Payout Ratio | 34.57% | 35.23% | 122.37% | 77.09% | 36.77% | 37.94% |
| Buyback Yield / Dilution | -7.96% | -8.65% | -1.65% | -0.24% | 0.98% | 1.08% |
| Total Shareholder Return | -4.75% | -5.04% | 2.10% | 3.73% | 4.49% | 4.42% |