Associated Banc (ASB) Financials

$31.28 +0.12 (+0.38%)

Closing price 08/7/2026 03:59 PM Eastern

Extended Trading

$31.28 +0.00 (+0.00%)

As of 08/7/2026 07:34 PM Eastern

Annual Income Statements for Associated Banc

This table shows Associated Banc's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	181	191	220	323	312	288	334	355	171	112	463
Consolidated Net Income / (Loss)	188	200	229	334	327	307	351	366	183	154	475
Net Income / (Loss) Continuing Operations	188	200	275	387	377	664	408	366	183	154	475
Total Pre-Tax Income	270	288	339	413	407	327	436	460	206	134	578
Total Revenue	1,006	1,060	1,120	1,288	1,266	1,545	1,115	1,240	1,103	1,038	1,488
Net Interest Income / (Expense)	676	707	741	880	836	763	726	957	1,040	1,047	1,201
Total Interest Income	754	792	887	1,154	1,173	913	798	1,145	1,958	2,123	2,173
Loans and Leases Interest Income	616	660	749	977	998	785	694	993	1,720	1,830	1,782
Investment Securities Interest Income	131	127	130	165	158	118	97	141	209	257	344
Other Interest Income	6.59	4.83	7.72	13	17	9.47	7.83	11	28	35	47
Total Interest Expense	77	84	145	275	337	150	72	188	918	1,075	972
Deposits Interest Expense	33	50	94	176	237	68	19	98	674	902	804
Short-Term Borrowings Interest Expense	0.47	0.25	0.29	0.18	0.14	0.05	0.02	0.00	0.00	18	1.02
Long-Term Debt Interest Expense	43	32	49	96	98	82	54	86	233	144	156
Federal Funds Purchased and Securities Sold Interest Expense	0.94	1.31	2.53	2.01	1.58	0.49	0.14	3.48	12	12	10
Total Non-Interest Income	329	353	333	356	381	514	332	282	63	-9.41	286
Other Service Charges	245	329	363	397	410	375	365	266	248	186	275
Net Realized & Unrealized Capital Gains on Investments	11	9.23	-0.81	-1.99	5.96	335	11	5.08	-195	-276	-5.36
Other Non-Interest Income	9.80	14	16	14	15	72	13	11	10	80	17
Provision for Credit Losses	38	70	26	0.00	16	174	-88	33	83	85	54
Total Non-Interest Expense	698	703	709	822	794	776	710	747	814	818	856
Salaries and Employee Benefits	405	425	429	483	487	432	427	454	468	488	522
Net Occupancy & Equipment Expense	145	135	138	155	168	167	166	170	179	181	186
Marketing Expense	26	26	29	31	30	18	21	26	28	28	32
Property & Liability Insurance Claims	43	55	54	53	36	20	18	23	67	38	37
Other Operating Expenses	77	60	57	63	63	39	69	60	57	43	62
Amortization Expense	3.09	2.09	1.96	8.16	9.95	10	8.84	8.81	8.81	8.81	8.81
Income Tax Expense	81	87	110	80	80	20	85	94	23	11	103
Preferred Stock Dividends Declared	7.16	8.90	9.35	11	15	18	17	12	12	12	12
Basic Earnings per Share	$1.20	$1.27	$1.45	$1.92	$1.93	$1.87	$2.20	$2.36	$1.14	$0.73	$2.79
Weighted Average Basic Shares Outstanding	149.35M	148.77M	150.88M	167.35M	160.53M	153.01M	150.77M	149.16M	149.97M	151.93M	165.08M
Diluted Earnings per Share	$1.19	$1.26	$1.42	$1.89	$1.91	$1.86	$2.18	$2.34	$1.13	$0.72	$2.77
Weighted Average Diluted Shares Outstanding	150.60M	149.96M	153.65M	169.73M	161.93M	153.64M	151.99M	150.50M	150.86M	153.35M	166.61M
Weighted Average Basic & Diluted Shares Outstanding	151M	150.70M	151.70M	164.34M	312.91M	305.66M	299.21M	301.08M	302.18M	166.25M	165.98M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	$0.81	$0.85	$0.89	$0.93

This table shows Associated Banc's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-94	78	113	85	-164	99	108	122	134	117	121
Consolidated Net Income / (Loss)	-91	81	116	88	-116	102	111	125	137	120	124
Net Income / (Loss) Continuing Operations	-93	81	116	91	-119	104	114	125	132	120	124
Total Pre-Tax Income	-138	101	103	108	-178	121	140	154	163	153	159
Total Revenue	122	319	322	330	64	345	367	386	389	383	450
Net Interest Income / (Expense)	253	258	257	263	270	286	300	305	310	307	370
Total Interest Income	525	523	530	540	529	526	546	557	545	528	623
Loans and Leases Interest Income	458	454	457	466	453	433	448	456	446	427	507
Investment Securities Interest Income	57	61	65	66	65	84	85	88	87	89	102
Other Interest Income	10	7.60	8.54	8.70	10	9.24	13	13	12	12	15
Total Interest Expense	272	266	274	278	258	240	246	251	235	221	253
Deposits Interest Expense	209	226	221	232	223	209	198	202	195	175	204
Short-Term Borrowings Interest Expense	0.00	4.71	6.08	6.14	0.67	0.41	0.29	0.21	0.52	0.12	0.19
Long-Term Debt Interest Expense	59	32	44	37	32	27	46	47	37	42	45
Federal Funds Purchased and Securities Sold Interest Expense	3.73	2.86	2.30	3.39	3.20	3.62	2.00	2.11	2.68	3.73	4.09
Total Non-Interest Income	-131	65	65	67	-207	59	67	81	79	76	80
Other Service Charges	61	9.04	61	64	20	61	65	74	75	71	75
Net Realized & Unrealized Capital Gains on Investments	-195	-0.31	-0.56	-0.37	-278	-7.85	-1.73	3.34	0.88	0.81	0.82
Other Non-Interest Income	3.38	52	4.58	4.00	52	5.20	4.14	4.05	3.81	3.82	4.62
Provision for Credit Losses	21	24	23	21	17	13	18	16	7.00	11	19
Total Non-Interest Expense	239	198	196	201	224	211	209	216	219	219	272
Salaries and Employee Benefits	121	119	122	121	126	124	127	136	135	135	161
Net Occupancy & Equipment Expense	47	44	45	45	46	47	44	46	50	49	52
Marketing Expense	8.35	6.52	7.54	6.68	7.41	6.39	7.75	8.36	9.12	7.83	8.55
Property & Liability Insurance Claims	41	14	7.13	8.22	9.14	10	9.71	9.98	6.59	8.84	11
Other Operating Expenses	16	7.21	11	14	-9.13	18	16	13	15	14	31
Amortization Expense	2.20	2.20	2.20	2.20	2.20	2.20	2.20	2.20	2.20	2.20	6.89
Income Tax Expense	-47	20	-13	20	-16	19	28	30	26	33	36
Preferred Stock Dividends Declared	2.88	2.88	2.88	2.88	2.88	2.88	2.88	2.88	2.88	2.88	2.88
Basic Earnings per Share	($0.62)	$0.52	$0.75	$0.56	($1.10)	$0.60	$0.65	$0.73	$0.81	$0.70	$0.64
Weighted Average Basic Shares Outstanding	149.97M	149.86M	149.87M	150.25M	151.93M	165.23M	164.94M	165.03M	165.08M	165.10M	188.08M
Diluted Earnings per Share	($0.62)	$0.52	$0.74	$0.56	($1.10)	$0.59	$0.65	$0.73	$0.80	$0.70	$0.63
Weighted Average Diluted Shares Outstanding	150.86M	151.29M	151.29M	151.49M	153.35M	166.60M	166.34M	166.70M	166.61M	166.56M	189.90M
Weighted Average Basic & Diluted Shares Outstanding	302.18M	301.53M	301.80M	151.26M	166.25M	165.81M	165.85M	165.92M	165.98M	165.94M	188.85M

This table details how cash moves in and out of Associated Banc's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-558	169	74	161	-288	445	154	-975	-192	96	-691
Net Cash From Operating Activities	301	641	458	497	574	550	530	847	443	580	616
Net Cash From Continuing Operating Activities	301	641	485	415	629	-1,083	289	276	793	583	612
Net Income / (Loss) Continuing Operations	188	200	229	334	327	307	351	366	183	123	475
Consolidated Net Income / (Loss)	188	200	229	334	327	307	351	366	183	123	475
Provision For Loan Losses	38	70	26	0.00	16	174	-88	33	83	85	54
Depreciation Expense	50	51	67	68	78	51	81	80	81	84	86
Amortization Expense	55	61	50	29	34	35	24	24	47	54	52
Non-Cash Adjustments to Reconcile Net Income	-22	246	117	-22	206	-1,650	-42	134	180	244	-16
Changes in Operating Assets and Liabilities, net	-7.39	14	-4.29	6.55	-32	-	-37	-360	218	-5.99	-38
Net Cash From Investing Activities	-1,534	-1,653	-1,397	-381	1,617	-794	-1,584	-5,255	-1,436	-2,219	-1,625
Net Cash From Continuing Investing Activities	-1,536	-1,653	-1,397	-500	572	-619	-1,584	-5,255	-2,281	-2,219	-2,189
Purchase of Investment Securities	-4,299	-3,300	-2,550	-2,211	-1,820	-3,384	-3,292	-6,090	-3,760	-4,884	-3,704
Sale and/or Maturity of Investments	2,817	1,751	1,200	1,777	2,460	2,819	1,707	835	1,479	2,665	1,514
Net Cash From Financing Activities	674	1,180	1,012	45	-2,480	371	1,364	4,004	1,296	1,735	1,710
Net Cash From Continuing Financing Activities	674	1,180	1,012	45	-2,098	2,148	1,449	4,001	1,293	1,729	882
Net Change in Deposits	2,244	881	898	270	-1,843	2,497	2,047	1,170	3,810	1,202	904
Issuance of Debt	250	515	750	2,138	0.00	-	94	3,375	-2,373	296	779
Issuance of Preferred Equity	63	97	0.00	97	0.00	97	-	-	0.00	0.00	0.00
Issuance of Common Equity	20	22	28	18	-	-	26	11	4.30	369	6.89
Repayment of Debt	-1,734	-172	-531	-2,115	58	-239	-282	-413	-0.69	37	-612
Repurchase of Common Equity	-5.15	-5.07	-9.29	-214	-186	-77	-138	-7.42	-6.59	-25	-29
Payment of Dividends	-70	-77	-86	-116	-127	-130	-133	-135	-141	-151	-167
Other Financing Activities, Net	-93	-20	-37	-33	-	-	-	-	0.00	0.00	-0.05
Cash Interest Paid	73	88	138	262	333	159	82	175	839	1,075	988
Cash Income Taxes Paid	84	76	81	18	41	18	58	18	69	18	1.52

This table details how cash moves in and out of Associated Banc's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-245	-72	108	7.95	97	213	592	33	-965	-334	460
Net Cash From Operating Activities	65	155	113	105	207	98	141	158	218	136	207
Net Cash From Continuing Operating Activities	453	155	113	105	251	108	708	156	-350	142	216
Net Income / (Loss) Continuing Operations	-91	81	116	88	-162	102	111	125	137	120	124
Consolidated Net Income / (Loss)	-91	81	116	88	-162	102	111	125	137	120	124
Provision For Loan Losses	21	24	23	21	17	13	18	16	7.00	11	19
Depreciation Expense	21	21	21	20	21	23	20	21	22	21	21
Amortization Expense	13	13	12	13	16	8.54	14	14	15	14	9.69
Non-Cash Adjustments to Reconcile Net Income	222	-20	-31	16	278	22	519	14	-571	-16	-1.12
Changes in Operating Assets and Liabilities, net	266	35	-27	-53	81	-60	25	-33	41	-8.19	44
Net Cash From Investing Activities	788	-275	-380	-518	-1,046	-127	-638	-485	-375	-824	-602
Net Cash From Continuing Investing Activities	-56	-275	-380	-518	-1,046	-127	-638	-485	-375	-824	-603
Purchase of Investment Securities	-1,038	-583	-594	-936	-2,771	-992	-995	-827	-890	-1,251	-2,101
Sale and/or Maturity of Investments	938	316	226	429	1,694	865	357	342	515	436	1,489
Net Cash From Financing Activities	-642	49	374	421	891	242	524	360	584	354	840
Net Cash From Continuing Financing Activities	-644	49	374	422	885	242	524	360	-243	354	840
Net Change in Deposits	1,323	267	-1,022	863	1,094	548	-1,049	734	671	179	-346
Issuance of Debt	-2,667	0.62	2.04	299	634	0.00	189	0.90	578	0.00	1,625
Issuance of Common Equity	1.94	3.91	0.53	8.85	355	2.19	0.09	2.59	2.01	7.12	3.11
Repayment of Debt	734	-164	1,431	-712	-1,157	-239	1,425	-336	-1,451	243	-394
Repurchase of Common Equity	-0.09	-23	-1.09	-0.35	-0.23	-28	-0.09	-0.35	-0.48	-32	-0.65
Payment of Dividends	-36	-36	-36	-36	-41	-41	-41	-41	-43	-43	-49
Cash Interest Paid	263	250	275	272	279	242	247	275	225	219	251

This table presents Associated Banc's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	27,712	29,139	30,484	33,615	32,386	33,420	35,104	39,406	41,016	43,023	45,203
Cash and Due from Banks	375	447	484	507	373	416	344	437	484	544	575
Federal Funds Sold	19	47	33	148	7.74	1.14	0.00	28	14	22	1.40
Interest Bearing Deposits at Other Banks	80	149	200	221	208	299	682	157	425	454	1,144
Trading Account Securities	6,293	6,006	6,396	6,689	5,483	3,101	-	2,767	3,643	4,605	5,424
Loans and Leases, Net of Allowance	18,440	19,776	20,519	22,702	22,620	24,068	23,945	28,487	28,865	29,405	30,786
Loans and Leases	18,714	20,055	20,785	22,940	22,821	24,452	24,225	28,800	29,216	29,769	31,164
Allowance for Loan and Lease Losses	274	278	266	238	201	384	280	313	351	364	378
Loans Held for Sale	-	120	86	79	151	129	-	20	123	679	72
Premises and Equipment, Net	268	330	331	363	435	419	385	377	373	379	382
Goodwill	969	972	976	1,169	1,176	1,109	1,105	1,105	1,105	1,105	1,105
Intangible Assets	16	15	16	76	88	68	58	49	40	32	23
Other Assets	1,252	1,276	1,444	1,660	1,844	3,810	3,195	5,979	5,943	5,799	5,691
Total Liabilities & Shareholders' Equity	27,712	29,139	30,484	33,615	32,386	33,420	35,104	39,406	41,016	43,023	45,203
Total Liabilities	24,775	26,048	27,246	29,834	28,464	29,329	20,311	35,390	36,842	38,418	40,227
Non-Interest Bearing Deposits	5,562	5,392	5,478	5,699	5,451	7,662	-	7,761	6,120	5,776	6,127
Interest Bearing Deposits	15,445	16,496	17,308	19,199	18,328	18,821	19,962	21,875	27,326	28,873	29,426
Short-Term Debt	403	584	67	45	32	59	-	21	0.00	470	308
Long-Term Debt	2,676	2,762	3,681	4,370	3,730	2,182	-	4,568	2,481	2,691	3,862
Other Long-Term Liabilities	256	306	386	410	490	412	349	580	588	607	504
Total Equity & Noncontrolling Interests	2,937	3,091	3,237	3,781	3,922	4,091	3,832	4,015	4,174	4,606	4,975
Total Preferred & Common Equity	2,937	3,091	3,237	3,781	3,922	4,091	4,025	4,015	4,174	4,606	4,975
Preferred Stock	121	160	160	257	257	354	-	194	194	194	194
Total Common Equity	2,816	2,931	3,078	3,524	3,665	3,737	3,832	3,821	3,980	4,411	4,781
Common Stock	1,460	1,461	1,340	1,714	1,718	1,722	1,716	1,714	1,717	2,049	2,052
Retained Earnings	1,593	1,696	1,935	2,181	2,381	2,459	2,673	2,905	2,947	2,919	3,227
Treasury Stock	-205	-171	-135	-247	-400	-456	-546	-525	-512	-483	-490
Accumulated Other Comprehensive Income / (Loss)	-33	-55	-63	-125	-33	13	-10	-273	-171	-74	-7.57

This table presents Associated Banc's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	40,703	41,219	41,637	41,137	41,624	42,211	43,309	43,994	44,456	45,594	51,813
Cash and Due from Banks	311	408	389	430	471	555	521	521	490	465	548
Federal Funds Sold	-	31	0.97	1.61	3.60	4.31	0.11	0.00	0.09	0.18	14
Interest Bearing Deposits at Other Banks	511	191	323	420	485	408	711	739	802	921	1,268
Trading Account Securities	3,412	7,475	7,428	7,577	7,735	4,176	4,820	5,062	5,243	5,541	6,397
Loans and Leases, Net of Allowance	28,881	29,525	29,847	29,138	29,262	29,629	29,923	30,231	30,574	31,412	36,023
Loans and Leases	29,207	29,864	30,193	29,494	29,618	29,991	30,294	30,608	30,952	31,798	36,467
Allowance for Loan and Lease Losses	326	339	346	356	356	362	371	377	378	386	444
Loans Held for Sale	-	38	55	52	84	79	56	105	75	87	109
Premises and Equipment, Net	376	375	373	368	370	374	378	377	384	377	449
Goodwill	1,105	1,105	1,105	1,105	1,105	1,105	1,105	1,105	1,105	1,105	1,147
Intangible Assets	47	45	43	38	36	34	29	27	25	21	117
Other Assets	1,014	2,027	2,074	2,007	2,073	5,847	5,767	5,825	5,757	5,665	5,739
Total Liabilities & Shareholders' Equity	40,703	41,219	41,637	41,137	41,624	42,211	43,309	43,994	44,456	45,594	51,813
Total Liabilities	53,783	37,097	37,510	36,968	37,382	37,798	38,623	39,213	39,588	40,596	46,174
Non-Interest Bearing Deposits	30,332	6,566	6,423	6,254	5,815	5,857	6,136	5,782	5,906	6,125	6,908
Interest Bearing Deposits	23,003	25,449	25,700	27,459	26,876	27,697	29,061	28,365	28,976	29,607	33,023
Short-Term Debt	-	15	0.00	766	860	917	311	76	400	396	529
Long-Term Debt	-	4,165	4,263	1,869	3,209	2,758	2,619	4,473	3,815	4,014	5,166
Other Long-Term Liabilities	448	576	672	620	622	569	496	517	491	454	548
Total Equity & Noncontrolling Interests	3,932	4,123	4,128	4,169	4,242	4,413	4,687	4,781	4,868	4,998	5,638
Total Preferred & Common Equity	4,126	4,123	4,128	4,169	4,242	4,413	4,687	4,781	4,868	4,998	5,638
Preferred Stock	-	194	194	194	194	194	194	194	194	194	194
Total Common Equity	3,932	3,929	3,934	3,975	4,048	4,219	4,492	4,587	4,674	4,804	5,444
Common Stock	1,708	1,710	1,713	1,710	1,713	1,716	2,042	2,046	2,050	2,054	2,651
Retained Earnings	2,973	3,026	3,074	2,992	3,071	3,122	2,980	3,049	3,133	3,303	3,378
Treasury Stock	-516	-515	-515	-518	-516	-507	-494	-495	-492	-510	-506
Accumulated Other Comprehensive Income / (Loss)	-234	-292	-339	-210	-219	-112	-35	-14	-16	-45	-80

This table displays calculated financial ratios and metrics derived from Associated Banc's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	165,922,444.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	165,922,444.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.86
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.20	$1.27	$1.45	$1.92	$1.93	$1.87	$2.20	$2.36	$1.14	$0.73	$2.79
Adjusted Weighted Average Basic Shares Outstanding	149.35M	148.77M	150.88M	167.35M	160.53M	153.01M	150.77M	149.16M	149.97M	151.93M	165.08M
Adjusted Diluted Earnings per Share	$1.19	$1.26	$1.42	$1.89	$1.91	$1.86	$2.18	$2.34	$1.13	$0.72	$2.77
Adjusted Weighted Average Diluted Shares Outstanding	150.60M	149.96M	153.65M	169.73M	161.93M	153.64M	151.99M	150.50M	150.86M	153.35M	166.61M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	149.71M	151.81M	151.69M	164.34M	312.91M	305.66M	299.21M	301.08M	302.18M	166.25M	165.98M
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Associated Banc's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	165,922,444.00	165,975,086.00	165,941,629.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	165,922,444.00	165,975,086.00	165,941,629.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.83	0.72	0.74
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-65.10%	-3.94%	-0.53%	2.78%	-48.10%	8.07%	14.06%	17.21%	-	11.12%	22.74%
EBITDA Growth	-165.77%	-11.64%	-8.99%	3.82%	-35.32%	15.80%	28.27%	34.37%	-	23.45%	9.18%
EBIT Growth	-202.92%	-22.58%	-7.05%	5.32%	-28.80%	24.45%	35.72%	42.67%	-	26.25%	13.99%
NOPAT Growth	-188.82%	-21.47%	32.61%	5.73%	-28.80%	25.28%	-3.76%	41.71%	-	17.65%	11.09%
Net Income Growth	-183.49%	-21.47%	32.61%	5.73%	-27.95%	25.28%	-3.76%	41.71%	-	17.65%	11.09%
EPS Growth	-189.86%	-21.21%	32.14%	5.66%	-77.42%	13.46%	-12.16%	30.36%	-	18.64%	-3.08%
Operating Cash Flow Growth	-47.98%	225.47%	-13.56%	-47.26%	220.48%	-36.46%	24.65%	50.27%	-	38.40%	46.39%
Free Cash Flow Firm Growth	-70.59%	-205.90%	114.84%	222.61%	-141.36%	96.41%	-941.80%	-322.95%	-	-135.10%	-107.27%
Invested Capital Growth	-22.65%	152.01%	0.09%	-3.60%	9.64%	11.95%	12.25%	12.30%	-	23.52%	21.48%
Revenue Q/Q Growth	-61.85%	81.98%	-0.34%	2.48%	-80.74%	442.72%	6.46%	5.32%	-	-1.62%	17.59%
EBITDA Q/Q Growth	-176.38%	376.46%	0.28%	4.10%	-199.56%	208.23%	14.35%	9.05%	-	-5.59%	1.14%
EBIT Q/Q Growth	-234.41%	221.91%	1.68%	5.11%	-264.37%	168.13%	15.31%	10.50%	-	-6.15%	4.11%
NOPAT Q/Q Growth	-216.05%	184.02%	42.39%	-23.84%	-241.36%	181.72%	9.39%	12.14%	-	-12.76%	3.28%
Net Income Q/Q Growth	-209.08%	189.39%	42.39%	-23.84%	-232.00%	187.52%	9.38%	12.14%	-	-12.76%	3.28%
EPS Q/Q Growth	-216.98%	183.87%	42.31%	-24.32%	-296.43%	153.64%	10.17%	12.31%	-	-12.50%	-10.00%
Operating Cash Flow Q/Q Growth	-67.58%	139.05%	-26.54%	-7.38%	97.03%	-52.61%	44.11%	11.66%	-	-37.70%	52.43%
Free Cash Flow Firm Q/Q Growth	681.91%	-1,398.25%	100.54%	262.16%	-296.28%	7.17%	-27.57%	4.08%	-	-34.70%	-12.47%
Invested Capital Q/Q Growth	-20.68%	-2.56%	22.15%	-2.68%	-9.78%	4.38%	22.49%	-2.64%	-	2.87%	20.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-84.97%	41.94%	42.20%	42.87%	-221.56%	44.18%	47.46%	49.14%	-	49.09%	42.22%
EBIT Margin	-112.76%	31.34%	31.98%	32.80%	-279.85%	35.13%	38.05%	39.92%	-	39.91%	35.34%
Profit (Net Income) Margin	-74.19%	25.14%	35.92%	26.69%	-182.93%	29.50%	30.31%	32.27%	-	31.23%	27.43%
Tax Burden Percent	65.80%	80.22%	112.33%	81.39%	65.37%	83.97%	79.66%	80.84%	-	78.25%	77.63%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	-	100.00%	100.00%
Effective Tax Rate	0.00%	19.78%	-12.33%	18.61%	0.00%	16.03%	20.34%	19.16%	-	21.75%	22.37%
Return on Invested Capital (ROIC)	-11.41%	0.00%	4.94%	3.73%	-29.14%	4.35%	3.81%	4.38%	-	5.60%	4.27%
ROIC Less NNEP Spread (ROIC-NNEP)	-11.24%	0.00%	4.94%	3.73%	-28.84%	4.35%	3.81%	4.38%	-	5.60%	4.27%
Return on Net Nonoperating Assets (RNNOA)	-9.71%	0.00%	4.87%	3.47%	-18.03%	2.73%	3.64%	3.72%	-	4.24%	4.20%
Return on Equity (ROE)	-21.12%	3.97%	9.81%	7.20%	-47.17%	7.09%	7.45%	8.11%	-	9.84%	8.47%
Cash Return on Invested Capital (CROIC)	27.94%	-289.89%	2.18%	6.02%	-7.43%	-9.28%	-9.97%	-9.54%	-	-15.26%	-14.51%
Operating Return on Assets (OROA)	-3.09%	0.88%	0.88%	0.90%	-6.91%	0.88%	0.99%	1.07%	-	1.37%	1.19%
Return on Assets (ROA)	-2.03%	0.70%	0.99%	0.73%	-4.52%	0.74%	0.79%	0.87%	-	1.07%	0.92%
Return on Common Equity (ROCE)	-20.12%	3.87%	9.36%	6.87%	-46.10%	6.78%	7.13%	7.77%	-	9.45%	8.16%
Return on Equity Simple (ROE_SIMPLE)	0.00%	3.86%	4.46%	4.39%	0.00%	4.03%	3.86%	4.55%	-	9.86%	8.96%
Net Operating Profit after Tax (NOPAT)	-97	81	116	88	-124	102	111	125	-	120	124
NOPAT Margin	-78.93%	25.14%	35.92%	26.69%	-195.90%	29.50%	30.31%	32.27%	-	31.23%	27.43%
Net Nonoperating Expense Percent (NNEP)	-0.16%	0.00%	0.00%	0.00%	-0.31%	0.00%	0.00%	0.00%	-	0.00%	0.00%
SG&A Expenses to Revenue	144.00%	52.76%	54.03%	52.51%	282.43%	51.44%	48.61%	49.10%	-	50.14%	49.31%
Operating Expenses to Revenue	195.60%	61.22%	60.87%	60.84%	353.11%	61.10%	57.05%	55.94%	-	57.22%	60.36%
Earnings before Interest and Taxes (EBIT)	-138	101	103	108	-178	121	140	154	-	153	159
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-104	135	136	141	-141	152	174	190	-	188	190
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.78	0.81	0.79	0.77	0.82	0.83	0.88	0.91	-	0.89	0.94
Price to Tangible Book Value (P/TBV)	1.10	1.13	1.10	1.06	1.10	1.12	1.17	1.20	-	1.17	1.22
Price to Revenue (P/Rev)	2.81	2.81	2.79	2.82	3.48	3.52	3.65	3.66	-	2.81	3.17
Price to Earnings (P/E)	18.10	21.53	17.95	17.81	32.38	28.34	31.64	25.92	-	8.92	10.35
Dividend Yield	4.13%	4.04%	4.11%	4.09%	3.72%	3.99%	3.73%	3.58%	-	3.64%	3.09%
Earnings Yield	5.52%	4.65%	5.57%	5.61%	3.09%	3.53%	3.16%	3.86%	-	11.21%	9.67%
Enterprise Value to Invested Capital (EV/IC)	0.73	0.76	0.78	0.76	0.72	0.74	0.81	0.81	-	0.80	0.81
Enterprise Value to Revenue (EV/Rev)	4.40	4.54	5.68	5.34	5.09	5.30	6.79	6.33	-	4.92	5.69
Enterprise Value to EBITDA (EV/EBITDA)	14.51	13.96	18.12	16.92	19.45	19.27	22.74	19.44	-	10.00	11.94
Enterprise Value to EBIT (EV/EBIT)	23.57	22.42	29.02	26.84	39.32	35.62	38.60	30.60	-	12.32	14.56
Enterprise Value to NOPAT (EV/NOPAT)	26.54	32.29	34.32	31.72	42.93	39.24	54.03	41.92	-	15.24	18.15
Enterprise Value to Operating Cash Flow (EV/OCF)	10.97	9.44	12.20	14.05	9.11	10.76	13.64	12.20	-	11.49	12.75
Enterprise Value to Free Cash Flow (EV/FCFF)	2.28	0.00	35.80	12.40	0.00	0.00	0.00	0.00	-	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.59	0.63	0.96	0.83	0.61	0.63	0.95	0.87	-	0.88	1.01
Long-Term Debt to Equity	0.59	0.45	0.76	0.62	0.61	0.56	0.94	0.78	-	0.80	0.92
Financial Leverage	0.86	-1.77	0.99	0.93	0.63	0.63	0.96	0.85	-	0.76	0.98
Leverage Ratio	9.82	10.10	9.90	9.82	9.79	9.54	9.49	9.34	-	9.18	9.20
Compound Leverage Factor	9.82	10.10	9.90	9.82	9.79	9.54	9.49	9.34	-	9.18	9.20
Debt to Total Capital	37.28%	38.73%	48.96%	45.43%	37.89%	38.47%	48.76%	46.40%	-	46.88%	50.25%
Short-Term Debt to Total Capital	0.00%	11.25%	10.34%	11.34%	0.00%	4.09%	0.81%	4.40%	-	4.21%	4.67%
Long-Term Debt to Total Capital	37.28%	27.48%	38.61%	34.10%	37.89%	34.38%	47.95%	42.00%	-	42.67%	45.58%
Preferred Equity to Total Capital	2.92%	2.85%	2.34%	2.40%	0.00%	2.55%	2.08%	2.14%	-	2.06%	1.71%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Common Equity to Total Capital	59.80%	58.42%	48.71%	52.17%	62.11%	58.98%	49.16%	51.46%	-	51.06%	48.04%
Debt to EBITDA	7.42	7.09	11.35	10.11	9.90	10.01	13.74	11.10	-	5.87	7.42
Net Debt to EBITDA	4.66	4.80	8.68	7.45	6.15	5.80	9.94	7.70	-	4.03	5.04
Long-Term Debt to EBITDA	7.42	5.03	8.96	7.59	9.90	8.95	13.51	10.05	-	5.34	6.73
Debt to NOPAT	13.56	16.39	21.51	18.95	21.86	20.40	32.65	23.94	-	8.95	11.28
Net Debt to NOPAT	8.51	11.09	16.44	13.96	13.58	11.82	23.60	16.60	-	6.14	7.65
Long-Term Debt to NOPAT	13.56	11.63	16.96	14.22	21.86	18.23	32.11	21.67	-	8.15	10.23
Noncontrolling Interest Sharing Ratio	4.74%	2.40%	4.64%	4.55%	2.26%	4.38%	4.30%	4.18%	-	4.01%	3.73%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,852	-19,803	108	390	-766	-711	-907	-870	-	-1,672	-1,880
Operating Cash Flow to CapEx	0.00%	1,817.65%	985.55%	899.57%	0.00%	0.00%	0.00%	0.00%	-	1,561.49%	0.00%
Free Cash Flow to Firm to Interest Expense	6.81	-74.58	0.39	1.40	-2.96	-2.96	-3.69	-3.46	-	-7.57	-7.42
Operating Cash Flow to Interest Expense	0.24	0.58	0.41	0.38	0.80	0.41	0.58	0.63	-	0.62	0.82
Operating Cash Flow Less CapEx to Interest Expense	0.24	0.55	0.37	0.34	0.80	0.41	0.58	0.63	-	0.58	0.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.03	0.03	0.03	0.02	0.03	0.03	0.03	-	0.03	0.03
Fixed Asset Turnover	2.94	3.08	3.07	3.08	2.76	2.85	2.97	3.08	-	4.05	3.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,655	6,804	8,311	8,088	7,297	7,617	9,329	9,083	-	9,408	11,333
Invested Capital Turnover	0.14	-0.36	0.14	0.14	0.15	0.15	0.13	0.14	-	0.18	0.16
Increase / (Decrease) in Invested Capital	-1,949	19,885	7.81	-302	642	813	1,018	995	-	1,791	2,004
Enterprise Value (EV)	4,856	5,191	6,492	6,152	5,287	5,637	7,527	7,380	-	7,510	9,164
Market Capitalization	3,104	3,213	3,189	3,250	3,615	3,746	4,044	4,264	-	4,292	5,106
Book Value per Share	$26.37	$26.52	$26.85	$27.96	$29.17	$27.02	$27.66	$28.18	-	$28.94	$32.81
Tangible Book Value per Share	$18.78	$18.89	$19.28	$20.41	$21.65	$20.20	$20.83	$21.37	-	$22.16	$25.19
Total Capital	6,655	6,804	8,311	8,088	7,103	7,617	9,329	9,083	-	9,408	11,333
Total Debt	2,481	2,635	4,069	3,675	2,691	2,930	4,549	4,214	-	4,410	5,695
Total Long-Term Debt	2,481	1,869	3,209	2,758	2,691	2,619	4,473	3,815	-	4,014	5,166
Net Debt	1,558	1,784	3,110	2,708	1,672	1,698	3,288	2,922	-	3,024	3,864
Capital Expenditures (CapEx)	0.00	8.50	12	12	0.00	0.00	0.00	0.00	-	8.70	0.00
Net Nonoperating Expense (NNE)	-5.80	0.00	0.00	0.00	-8.24	-0.00	0.00	0.00	-	0.00	0.00
Net Nonoperating Obligations (NNO)	2,481	2,635	4,069	3,675	2,886	2,930	4,549	4,214	-	4,410	5,695
Total Depreciation and Amortization (D&A)	34	34	33	33	37	31	35	36	-	35	31
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.62)	$0.52	$0.75	$0.56	($1.10)	$0.60	$0.65	$0.73	$0.81	$0.70	$0.64
Adjusted Weighted Average Basic Shares Outstanding	149.97M	149.86M	149.87M	150.25M	151.93M	165.23M	164.94M	165.03M	165.08M	165.10M	188.08M
Adjusted Diluted Earnings per Share	($0.62)	$0.52	$0.74	$0.56	($1.10)	$0.59	$0.65	$0.73	$0.80	$0.70	$0.63
Adjusted Weighted Average Diluted Shares Outstanding	150.86M	151.29M	151.29M	151.49M	153.35M	166.60M	166.34M	166.70M	166.61M	166.56M	189.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	302.18M	301.53M	301.80M	151.26M	166.25M	165.81M	165.85M	165.92M	165.98M	165.94M	188.85M
Normalized Net Operating Profit after Tax (NOPAT)	-97	81	72	88	-124	102	111	125	-	120	124
Normalized NOPAT Margin	-78.93%	25.14%	22.38%	26.69%	-195.90%	29.50%	30.31%	32.27%	-	31.23%	27.43%
Pre Tax Income Margin	-112.76%	31.34%	31.98%	32.80%	-279.85%	35.13%	38.05%	39.92%	-	39.91%	35.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.51	0.38	0.38	0.39	-0.69	0.50	0.57	0.61	-	0.69	0.63
NOPAT to Interest Expense	-0.36	0.31	0.42	0.32	-0.48	0.42	0.45	0.50	-	0.54	0.49
EBIT Less CapEx to Interest Expense	-0.51	0.35	0.33	0.35	-0.69	0.50	0.57	0.61	-	0.65	0.63
NOPAT Less CapEx to Interest Expense	-0.36	0.27	0.38	0.27	-0.48	0.42	0.45	0.50	-	0.50	0.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	77.09%	88.67%	76.15%	75.10%	89.40%	82.35%	86.98%	74.79%	-	34.26%	34.85%
Augmented Payout Ratio	80.69%	103.65%	88.99%	87.67%	103.94%	98.09%	102.56%	87.78%	-	40.85%	41.40%

Financials Breakdown Chart

Key Financial Trends

Associated Banc-Corp (NYSE: ASB) entered 2026 with a larger balance sheet, solid core profitability, and generally healthy deposit funding, but its latest quarter also showed some pressure on earnings quality and volatility in operating cash flow. Over the last four years, the company has moved from a much more stressed 2022 environment into a more stable, profitable 2025–2026 profile.

What stands out most: ASB’s loan book has expanded, deposits remain the main funding source, and quarterly net income has recovered meaningfully from the weak 2024 period. However, earnings are still being affected by credit-loss provisions, interest-rate-driven margin pressure, and swings in non-interest income, especially investment gains/losses.

Net income in Q1 2026 was $119.6 million, up from $101.7 million in Q1 2025 and a sharp rebound from the loss reported in Q4 2024.
Quarterly earnings per share improved to $0.70 in Q1 2026 from $0.60 in Q1 2025.
Loans and leases, net of allowance, rose to $31.4 billion in Q1 2026 from $29.9 billion a year earlier, showing continued balance-sheet growth.
Total common equity increased to $4.80 billion in Q1 2026 from $4.49 billion in Q1 2025, which supports capital strength.
Core deposit funding remains substantial, with $36.0 billion in total deposits at Q1 2026, helping finance the loan book.
Net interest income improved to $307.2 million in Q1 2026 from $285.9 million in Q1 2025, suggesting better underlying revenue generation.
Non-interest income remains an important contributor, but it is still somewhat uneven quarter to quarter.
The allowance for loan and lease losses increased to $385.8 million in Q1 2026 from $371.3 million in Q1 2025, indicating a somewhat more cautious credit stance.
Q1 2026 operating cash flow fell to $135.9 million from $218.1 million in Q4 2025, showing weaker quarter-to-quarter cash generation.
Deposit balances declined sequentially in Q1 2026 by $179 million, which is worth watching if funding costs rise or competition for deposits intensifies.

Looking at the year-over-year trend, ASB’s revenue profile is improving, but not perfectly smoothly. In Q1 2026, total revenue was $383.0 million versus $344.7 million in Q1 2025. The main driver was stronger net interest income, while non-interest income and expenses were more mixed.

Net interest income has generally held up well across the recent quarters, staying in the low-to-mid $300 million range in 2025 and early 2026. That said, deposit interest expense is still high, and the bank is clearly operating in a tighter spread environment than a few years ago. For retail investors, that means margins remain an important swing factor for future earnings.

Credit costs also deserve attention. Provision for credit losses was $11.0 million in Q1 2026, down from $17.0 million in Q4 2025 but still above the very low levels seen in some prior periods. That suggests management is still reserving prudently rather than assuming a sharply improving credit cycle.

The balance sheet shows a few encouraging signs. Total assets reached $45.6 billion in Q1 2026, up from $43.3 billion in Q1 2025. At the same time, the company continues to carry significant goodwill and other intangible-related assets, which is normal for a bank with a history of acquisitions, but something investors should keep in mind when evaluating tangible capital.

Cash flow has been less consistent than earnings. ASB generated operating cash flow in most quarters, but the reported figures swing substantially because of securities activity, deposit changes, and debt repayment/issuance. For banks, that’s not unusual, but it means investors should focus more on recurring earnings power and balance-sheet trends than on one quarter of cash flow alone.

Bottom line: ASB looks materially healthier than it did in the weaker 2024 period, with better earnings, a larger loan book, and solid equity growth. The main risks are still margin pressure, deposit competition, and credit costs. Overall, the trend is constructive, but not without some volatility.

08/09/26 11:27 PM ETAI Generated. May Contain Errors.

Associated Banc Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Associated Banc's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Associated Banc's net income appears to be on an upward trend, with a most recent value of $474.78 million in 2025, rising from $188.30 million in 2015. The previous period was $154.33 million in 2024. See Associated Banc's forecast for analyst expectations on what's next for the company.

Over the last 10 years, Associated Banc's total revenue changed from $1.01 billion in 2015 to $1.49 billion in 2025, a change of 47.9%.

Associated Banc's total liabilities were at $40.23 billion at the end of 2025, a 4.7% increase from 2024, and a 62.4% increase since 2015.

In the past 10 years, Associated Banc's cash and equivalents has ranged from $343.83 million in 2021 to $574.70 million in 2025, and is currently $574.70 million as of their latest financial filing in 2025.

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Financial statements for NYSE:ASB last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Associated Banc (ASB) Financials

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Associated Banc (ASB) Financials

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