A Business at a Glance
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ASSOCIATED BANC-CORP
ASB
$5.2B
Mkt Cap
$30.81
+1.82%
ASSOCIATED BANC-CORP (ASB) has a current P/E ratio of 11.1, compared to its historical median P/E of 9.2. The stock is currently considered Fair based on its historical valuation range.
ASSOCIATED BANC-CORP (ASB) has a 5-year average return on invested capital (ROIC) of 5.0%. This is below average and may indicate limited pricing power.
ASSOCIATED BANC-CORP (ASB) has a market capitalization of $5.1B. It is classified as a mid-cap stock.
Yes, ASSOCIATED BANC-CORP (ASB) pays a dividend with a trailing twelve-month yield of 3.09%.
Based on historical P/E analysis, ASSOCIATED BANC-CORP (ASB) appears fair. The current P/E of 11.1 is 21% above its historical median of 9.2. The estimated fair value CAGR (P/E method) is -6.9%.
ASSOCIATED BANC-CORP (ASB) operates in the State Commercial Banks industry, within the Financials sector.
ASSOCIATED BANC-CORP (ASB) reported annual revenue of $2.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Associated Banc-Corp is a Wisconsin-incorporated bank holding company and the largest bank holding company headquartered in Wisconsin, operating through a nationally chartered commercial bank headquartered in Green Bay and a nationally chartered trust company headquartered in Milwaukee, serving more than 100 communities across a four-state footprint (Wisconsin, Illinois, Minnesota, and Missouri) via 184 banking branches as of December 31, 2025. The company's business is organized into three reportable segments—Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services—and operates on a relationship-driven model, providing a broad array of banking and nonbanking products and services to individuals and businesses. The company generates revenue through commercial lending (particularly relationship-focused C&I loans and commercial real estate), consumer lending (including auto finance and residential mortgages), deposit gathering, and fee-based services; its strategy emphasizes replacing lower-yielding residential mortgage balances with higher-yielding relationship C&I loans while maintaining disciplined credit standards focused on high-quality commercial relationships and prime/super-prime consumer borrowers. Associated operates with approximately 4,000 colleagues, maintains a non-unionized workforce, and has demonstrated strong household growth momentum and deposit acquisition capabilities, positioning itself for continued expansion in major metropolitan markets including the Twin Cities, Kansas City, Dallas, and Chicago.
【Growth acceleration through integration】 Management expects strong momentum to carry through 2026 and beyond, driven by the April 2026 acquisition of American National Bank and continued investments in relationship managers and market expansion. The company anticipates 2026 period-end loan growth of 17%-19% and total deposit growth of 17%-19% (including American National), with core customer deposit growth of 19%-21%, reflecting both organic growth and acquisition contributions. Net interest income is expected to grow 8%-10% in 2026 compared to Associated standalone results, supported by favorable asset sensitivity positioning and the absence of significant rate cuts in the latter half of 2026. Management remains confident in achieving high-end guidance for C&I loan growth and household expansion in major metro markets, with pipelines remaining strong and additional relationship manager hires expected to drive sustainable growth into 2027 and beyond.
| Metric | Target | Period |
|---|---|---|
| Period-end loan growth | 17%-19% | FY2026 |
| Period-end total deposit growth | 17%-19% | FY2026 |
| Period-end customer deposit growth | 19%-21% | FY2026 |
| Net interest income growth | 8%-10% | FY2026 |
| Total bank loan growth | 5%-6% | FY2026 |
| Core customer deposit growth | 5%-6% | FY2026 |
| Net interest income growth | 5.5%-6.5% | FY2026 |
| Non-interest income growth | 4%-5% | FY2026 |
| Non-interest expense growth | 3% | FY2026 |
Period-end loan growth (FY2026): “After including the impact of American National acquisition, we now expect 2026 period-end loan growth of 17%-19%, as compared to Associated standalone results for the year ended December 31st, 2025.”
Period-end total deposit growth (FY2026): “After including the impact of American National acquisition, we now expect 2026 period-end total deposit growth of 17%-19%, and period-end customer deposit growth of 19%-21%, as compared to Associated standalone results for the year ended December 31st, 2025.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 2.5B | 2.1B | 2.0B | 1.4B | 1.1B |
| Net Income | 481M | 463M | 112M | 171M | 355M | 334M |
| EPS | $2.90 | $2.77 | $0.72 | $1.13 | $2.34 | $2.18 |
| Free Cash Flow | 616M | 579M | 535M | 381M | 784M | 477M |
| ROIC | 8.6% | 7.7% | 1.9% | 3.0% | 6.2% | 6.3% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.20 | 0.26 | 0.42 | 0.50 | 0.51 | 0.55 |
| Dividends/Share | $0.95 | $0.93 | $0.89 | $0.85 | $0.81 | $0.76 |
| Operating Income | 11M | 578M | 9.3M | 9.7M | 460M | 436M |
| Operating Margin | 0.7% | 23.5% | 0.4% | 0.5% | 32.2% | 38.6% |
| ROE | 9.6% | 9.7% | 2.5% | 4.2% | 8.8% | 8.2% |
| Shares Outstanding | 165M | 167M | 155M | 152M | 152M | 153M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.0B | 1.1B | 1.1B | 1.2B | 1.5B | 1.6B | 1.4B | 1.1B | 1.4B | 2.0B | 2.1B | 2.5B | 1.5B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 390M | 405M | 425M | 429M | 483M | 487M | 432M | 427M | 454M | 468M | 488M | 522M | 533M |
| EBIT | 276M | 9.1M | 288M | 339M | 413M | 407M | 55M | 436M | 460M | 9.7M | 9.3M | 578M | 11M |
| Op. Margin | 26.9% | 0.8% | 25.1% | 27.8% | 27.4% | 26.2% | 3.9% | 38.6% | 32.2% | 0.5% | 0.4% | 23.5% | 0.7% |
| Net Income | 186M | 181M | 191M | 220M | 323M | 312M | 288M | 334M | 355M | 171M | 112M | 463M | 481M |
| Net Margin | 18.1% | 16.7% | 16.7% | 18.0% | 21.4% | 20.1% | 20.2% | 29.5% | 24.8% | 8.5% | 5.3% | 18.8% | 31.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 156M | 11M | 1.3M | 454K | -1.0M | 1.6M | 1.6M |
| Returns on Capital | |||||||||||||
| ROIC | 2.9% | 2.9% | 3.3% | 3.5% | 4.6% | 4.3% | 4.9% | 6.3% | 6.2% | 3.0% | 1.9% | 7.7% | 8.6% |
| ROE | 6.5% | 6.3% | 6.3% | 6.9% | 9.2% | 8.1% | 7.2% | 8.2% | 8.8% | 4.2% | 2.5% | 9.7% | 9.6% |
| ROA | 0.7% | 0.7% | 0.7% | 0.7% | 1.0% | 0.9% | 0.9% | 1.0% | 1.0% | 0.4% | 0.3% | 1.1% | 1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 200M | 301M | 641M | 458M | 497M | 574M | 550M | 530M | 847M | 443M | 580M | 616M | 653M |
| Free Cash Flow | 149M | 247M | 538M | 411M | 431M | 507M | 495M | 477M | 784M | 381M | 535M | 579M | 616M |
| Owner Earnings | 148M | 234M | 574M | 384M | 430M | 495M | 485M | 448M | 782M | 383M | 485M | 550M | 202M |
| CapEx | 50M | 55M | 104M | 47M | 66M | 67M | 55M | 52M | 63M | 62M | 45M | 36M | 38M |
| Maint. CapEx | 50M | 47M | 45M | 47M | 48M | 68M | 61M | 55M | 54M | 56M | 58M | 59M | 440M |
| Growth CapEx | 115K | 7.5M | 58M | 402K | 18M | 0 | 0 | 0 | 8.8M | 6.0M | 0 | 0 | 0 |
| D&A | 50M | 47M | 45M | 47M | 48M | 68M | 61M | 55M | 54M | 56M | 58M | 59M | 440M |
| CapEx/OCF | 25.3% | 18.1% | 16.2% | 10.3% | 13.3% | 11.7% | 9.9% | 9.9% | 7.4% | 14.0% | 7.8% | 5.9% | 5.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 59M | 62M | 68M | 76M | 106M | 112M | 112M | 116M | 123M | 130M | 139M | 156M | 157M |
| Dividend Yield | 3.0% | 3.1% | 3.3% | 2.8% | 3.2% | 4.2% | 6.1% | 4.3% | 4.3% | 5.2% | 4.4% | 3.9% | 3.1% |
| Share Buybacks | 109M | 0 | 0 | 0 | 537K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 5.5% | N/A | 0.2% | 0.3% | 8.5% | 6.3% | 3.3% | N/A | 0.0% | N/A | 0.5% | 0.5% | 0.0% |
| Stock-Based Comp | 1.3M | 20M | 22M | 28M | 18M | 11M | 4.0M | 26M | 11M | 4.3M | 38M | 6.9M | 12M |
| Debt Repayment | 155M | 1.5B | 430M | 0 | 0 | 250M | 0 | 300M | 0 | 0 | 144M | 163M | 163M |
| Balance Sheet | |||||||||||||
| Net Debt | 3.4B | 3.0B | 3.1B | 2.9B | 2.6B | 2.8B | -3.0B | -3.1B | -1.3B | -2.5B | -3.7B | -5.8B | -629M |
| Cash & Equiv. | 1.0B | 474M | 642M | 716M | 877M | 589M | 716M | 1.0B | 621M | 924M | 1.0B | 1.7B | 1.6B |
| Long-Term Debt | 3.9B | 2.7B | 2.8B | 3.4B | 3.5B | 3.2B | 549M | 1.9B | 1.4B | 1.7B | 1.4B | 1.0B | 593M |
| Debt/Equity | 1.78 | 1.20 | 1.25 | 1.17 | 0.96 | 0.94 | 0.20 | 0.55 | 0.51 | 0.50 | 0.42 | 0.26 | 0.20 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0 |
| Equity | 2.8B | 2.9B | 3.1B | 3.2B | 3.8B | 3.9B | 4.1B | 4.0B | 4.0B | 4.2B | 4.6B | 5.0B | 5.0B |
| Total Assets | 26.8B | 27.7B | 29.1B | 30.5B | 33.6B | 32.4B | 33.4B | 35.1B | 39.4B | 41.0B | 43.0B | 45.2B | 45.6B |
| Total Liabilities | 24.0B | 24.8B | 26.0B | 27.2B | 29.8B | 28.5B | 29.3B | 31.1B | 35.4B | 36.8B | 38.4B | 40.2B | 40.6B |
| Intangibles | 7.4M | 16M | 15M | 16M | 76M | 88M | 68M | 58M | 49M | 40M | 32M | 23M | 21M |
| Retained Earnings | 1.5B | 1.6B | 1.7B | 1.9B | 2.2B | 2.4B | 2.5B | 2.7B | 2.9B | 2.9B | 2.9B | 3.2B | 3.3B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.16 | 1.19 | 1.26 | 1.42 | 1.89 | 1.91 | 1.86 | 2.18 | 2.34 | 1.13 | 0.72 | 2.77 | 2.90 |
| Owner EPS | 0.93 | 1.54 | 3.78 | 2.48 | 2.52 | 3.03 | 3.13 | 2.93 | 5.16 | 2.52 | 3.13 | 3.29 | 1.22 |
| Book Value | 17.51 | 19.30 | 20.35 | 20.90 | 22.14 | 24.04 | 26.38 | 26.28 | 26.50 | 27.51 | 29.70 | 29.75 | 30.21 |
| Cash Flow/Share | 1.25 | 1.98 | 4.22 | 2.96 | 2.91 | 3.52 | 3.55 | 3.46 | 5.59 | 2.92 | 3.74 | 3.68 | 5.57 |
| Dividends/Share | 0.37 | 0.41 | 0.45 | 0.49 | 0.62 | 0.69 | 0.72 | 0.76 | 0.81 | 0.85 | 0.89 | 0.93 | 0.95 |
| Shares Out. | 159.9M | 152.2M | 151.9M | 154.9M | 170.8M | 163.1M | 155.1M | 153.2M | 151.5M | 151.7M | 155.1M | 167.2M | 165.4M |
| Valuation | |||||||||||||
| P/E Ratio | 11.1 | 11.2 | 14.3 | 13.3 | 7.8 | 9.0 | 7.5 | 8.8 | 8.5 | 17.7 | 31.9 | 9.4 | 10.6 |
| P/FCF | 13.8 | 8.3 | 5.1 | 7.1 | 5.9 | 5.5 | 4.4 | 6.2 | 3.8 | 7.9 | 6.7 | 7.5 | 8.3 |
| EV/EBIT | 17.3 | 479.7 | 15.3 | 6.0 | 4.0 | 3.7 | 8.1 | 5.3 | 4.0 | 3.7 | 436.8 | 2.9 | 423.4 |
| Price/Book | 0.7 | 0.7 | 0.9 | 0.9 | 0.7 | 0.7 | 0.5 | 0.7 | 0.7 | 0.7 | 0.8 | 0.9 | 1.0 |
| Price/Sales | 2.0 | 2.0 | 1.9 | 2.6 | 2.6 | 2.2 | 1.4 | 2.5 | 2.3 | 2.3 | 3.1 | 2.7 | 3.3 |
| FCF Yield | 7.3% | 12.1% | 19.7% | 14.0% | 17.1% | 18.1% | 22.8% | 16.3% | 26.0% | 12.6% | 15.0% | 13.3% | 12.1% |
| Market Cap | 2.1B | 2.0B | 2.7B | 2.9B | 2.5B | 2.8B | 2.2B | 2.9B | 3.0B | 3.0B | 3.6B | 4.4B | 5.1B |
| Avg. Price | 12.07 | 13.20 | 13.52 | 17.79 | 19.03 | 16.21 | 11.91 | 17.60 | 18.79 | 16.55 | 20.63 | 23.78 | 30.81 |
| Year-End Price | 12.83 | 13.39 | 17.99 | 18.95 | 14.78 | 17.14 | 14.00 | 19.17 | 19.87 | 19.95 | 22.97 | 26.12 | 30.81 |
ASSOCIATED BANC-CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
ASSOCIATED BANC-CORP trades at 11.1x trailing earnings, compared to its 15-year median P/E of 9.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 8.8x vs a median of 6.0x. The company's 5-year average ROIC is 5.0%. Total shareholder yield (dividends) is 3.1%. At current prices, the estimated annualized return to fair value is +0.9%.
ASSOCIATED BANC-CORP (ASB) has a net profit margin of 18.8%. This is a healthy margin.
ASSOCIATED BANC-CORP (ASB) generated $579 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ASSOCIATED BANC-CORP (ASB) has a debt-to-equity ratio of 0.26. This indicates a conservatively financed balance sheet.
ASSOCIATED BANC-CORP (ASB) reported earnings per share (EPS) of $2.77 in its most recent fiscal year.
ASSOCIATED BANC-CORP (ASB) has a return on equity (ROE) of 9.7%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for ASSOCIATED BANC-CORP (ASB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ASSOCIATED BANC-CORP (ASB) has a book value per share of $29.75, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects strong momentum to carry through 2026 and beyond, driven by the April 2026 acquisition of American National Bank and continued investments in relationship managers and market expansion. The company anticipates 2026 period-end loan growth of 17%-19% and total deposit growth of 17%-19% (including American National), with core customer deposit growth of 19%-21%, reflecting both organic growth and acquisition contributions. Net interest income is expected to grow 8%-10% in 2026 compared to Associated standalone results, supported by favorable asset sensitivity positioning and the absence of significant rate cuts in the latter half of 2026. Management remains confident in achieving high-end guidance for C&I loan growth and household expansion in major metro markets, with pipelines remaining strong and additional relationship manager hires expected to drive sustainable growth into 2027 and beyond.
Based on recent SEC filings and earnings calls, ASSOCIATED BANC-CORP (ASB) has provided the following forward guidance: Period-end loan growth: 17%-19% (FY2026); Period-end total deposit growth: 17%-19% (FY2026); Period-end customer deposit growth: 19%-21% (FY2026); Net interest income growth: 8%-10% (FY2026); Total bank loan growth: 5%-6% (FY2026), plus 4 additional metrics.
Period-end customer deposit growth (FY2026): “After including the impact of American National acquisition, we now expect 2026 period-end total deposit growth of 17%-19%, and period-end customer deposit growth of 19%-21%, as compared to Associated standalone results for the year ended December 31st, 2025.”
Net interest income growth (FY2026): “We expect to see an income growth of 8%-10% in 2026 as compared to Associated standalone results for the year ended December 31st, 2025.”
Total bank loan growth (FY2026): “At the top of the house, we expect total bank loan growth of 5% to 6% for the year.”
Core customer deposit growth (FY2026): “As such, we expect core customer deposits to grow by 5%-6% for the year, excluding the impact of American National acquisition.”
Net interest income growth (FY2026): “In 2026, we expect to drive net interest income growth of between 5.5 and 6.5%.”
Non-interest income growth (FY2026): “As such, we expect non-interest income to grow by 4% to 5% in 2026, excluding any potential impacts from the American National acquisition.”