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Associated Banc (ASB) Financials

Associated Banc logo
$26.49 +1.28 (+5.09%)
Closing price 08/22/2025 03:59 PM Eastern
Extended Trading
$26.49 0.00 (-0.02%)
As of 08/22/2025 05:09 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Associated Banc

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
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
Net Income / (Loss) Attributable to Common Shareholders		 181 191 220 323 312 288 334 355 171 112
Consolidated Net Income / (Loss)		 188 200 229 334 327 307 351 366 183 169
Net Income / (Loss) Continuing Operations		 188 200 275 387 377 664 408 366 183 169
Total Pre-Tax Income 		270 288 339 413 407 327 436 460 206 134
Total Revenue		 1,006 1,060 1,120 1,288 1,266 1,545 1,115 1,240 1,103 1,038
Net Interest Income / (Expense)		 676 707 741 880 836 763 726 957 1,040 1,047
Total Interest Income		 754 792 887 1,154 1,173 913 798 1,145 1,958 2,123
Loans and Leases Interest Income		 616 660 749 977 998 785 694 993 1,720 1,830
Investment Securities Interest Income		 131 127 130 165 158 118 97 141 209 257
Other Interest Income		 6.59 4.83 7.72 13 17 9.47 7.83 11 28 35
Total Interest Expense		 77 84 145 275 337 150 72 188 918 1,075
Deposits Interest Expense		 33 50 94 176 237 68 19 98 674 902
Short-Term Borrowings Interest Expense		 0.47 0.25 0.29 0.18 0.14 0.05 0.02 0.00 0.00 18
Long-Term Debt Interest Expense		 43 32 49 96 98 82 54 86 233 144
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
Total Non-Interest Income		 329 353 333 356 381 514 332 282 63 -9.41
Other Service Charges		 245 329 363 397 410 375 365 266 248 186
Net Realized & Unrealized Capital Gains on Investments		 11 9.23 -0.81 -1.99 5.96 335 11 5.08 -195 -276
Other Non-Interest Income		 9.80 14 16 14 15 72 13 11 10 80
Provision for Credit Losses		 38 70 26 0.00 16 174 -88 33 83 85
Total Non-Interest Expense		 698 703 709 822 794 776 710 747 814 818
Salaries and Employee Benefits		 405 425 429 483 487 432 427 454 468 488
Net Occupancy & Equipment Expense		 145 135 138 155 168 167 166 170 179 181
Marketing Expense		 26 26 29 31 30 18 21 26 28 28
Property & Liability Insurance Claims		 43 55 54 53 36 20 18 23 67 38
Other Operating Expenses		 77 60 57 63 63 39 69 60 57 29
Amortization Expense		 3.09 2.09 1.96 8.16 9.95 10 8.84 8.81 8.81 8.81
Income Tax Expense		 81 87 110 80 80 20 85 94 23 11
Preferred Stock Dividends Declared		 7.16 8.90 9.35 11 15 18 17 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
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
Diluted Earnings per Share		 $1.19 $1.26 $1.42 $1.89 $1.91 $1.86 $2.18 $2.34 $1.13 $0.72
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
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
Cash Dividends to Common per Share		 - - - - - - - $0.81 $0.85 $0.89

Quarterly Income Statements for Associated Banc

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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 93 106 100 84 80 -94 78 113 85 -164 99
Consolidated Net Income / (Loss)		 96 109 103 87 83 -91 81 116 88 -116 102
Net Income / (Loss) Continuing Operations		 96 109 103 87 85 -93 81 116 91 -119 104
Total Pre-Tax Income 		122 134 131 111 103 -138 101 103 108 -178 121
Total Revenue		 335 351 336 323 321 122 323 322 330 64 345
Net Interest Income / (Expense)		 264 289 274 258 254 253 258 257 263 270 286
Total Interest Income		 315 391 443 481 509 525 523 530 540 529 526
Loans and Leases Interest Income		 276 349 391 423 448 458 454 457 466 453 433
Investment Securities Interest Income		 36 38 46 52 54 57 61 65 66 65 84
Other Interest Income		 3.28 3.78 5.33 6.09 6.58 10 7.60 8.54 8.70 10 8.92
Total Interest Expense		 50 102 169 223 254 272 266 274 278 258 240
Deposits Interest Expense		 26 61 109 162 193 209 226 221 232 223 209
Short-Term Borrowings Interest Expense		 0.00 -0.00 0.00 0.00 0.00 0.00 4.71 6.08 6.14 0.67 0.00
Long-Term Debt Interest Expense		 24 39 56 59 58 59 32 44 37 32 27
Federal Funds Purchased and Securities Sold Interest Expense		 0.76 2.28 3.14 2.26 3.10 3.73 2.86 2.30 3.39 3.20 3.62
Total Non-Interest Income		 71 62 62 66 67 -131 65 65 67 -207 59
Other Service Charges		 63 61 59 64 64 61 59 44 64 20 61
Net Realized & Unrealized Capital Gains on Investments		 5.68 -2.48 0.31 -0.29 0.61 -195 3.57 -0.56 -0.37 -278 -7.85
Other Non-Interest Income		 1.83 3.43 2.66 2.17 2.05 3.38 2.57 21 4.00 52 5.20
Provision for Credit Losses		 17 20 18 22 22 21 24 23 21 17 13
Total Non-Interest Expense		 196 197 187 191 196 239 198 196 201 224 211
Salaries and Employee Benefits		 118 118 116 114 117 121 119 122 121 126 124
Net Occupancy & Equipment Expense		 41 46 44 43 45 47 44 45 45 46 47
Marketing Expense		 6.78 8.14 5.85 7.11 7.10 8.35 6.52 7.54 6.68 7.41 6.39
Property & Liability Insurance Claims		 5.80 6.35 6.88 9.55 9.15 41 14 7.13 8.22 9.14 10
Other Operating Expenses		 21 9.63 12 15 13 16 11 13 14 -9.13 18
Amortization Expense		 2.20 2.20 2.20 2.20 2.20 2.20 2.20 2.20 2.20 2.20 2.20
Income Tax Expense		 26 25 27 24 19 -47 20 -13 20 -16 19
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 $0.70 $0.67 $0.56 $0.53 ($0.62) $0.52 $0.75 $0.56 ($1.10) $0.60
Weighted Average Basic Shares Outstanding		 149.32M 149.16M 149.76M 149.99M 150.04M 149.97M 149.86M 149.87M 150.25M 151.93M 165.23M
Diluted Earnings per Share		 $0.62 $0.69 $0.66 $0.56 $0.53 ($0.62) $0.52 $0.74 $0.56 ($1.10) $0.59
Weighted Average Diluted Shares Outstanding		 150.26M 150.50M 151.13M 150.87M 151.01M 150.86M 151.29M 151.29M 151.49M 153.35M 166.60M
Weighted Average Basic & Diluted Shares Outstanding		 300.72M 301.08M 301.78M 301.84M 301.88M 302.18M 301.53M 301.80M 151.26M 166.25M 165.81M
Cash Dividends to Common per Share		 - - - - - - - - - - $0.23

Annual Cash Flow Statements for Associated Banc

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
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
Net Change in Cash & Equivalents		 -558 169 74 161 -288 445 154 -975 -154 140
Net Cash From Operating Activities		 301 641 458 497 574 550 530 847 443 580
Net Cash From Continuing Operating Activities		 301 641 485 415 629 -1,083 289 276 831 624
Net Income / (Loss) Continuing Operations		 188 200 229 334 327 307 351 366 183 123
Consolidated Net Income / (Loss)		 188 200 229 334 327 307 351 366 183 123
Provision For Loan Losses		 38 70 26 0.00 16 174 -88 33 83 85
Depreciation Expense		 50 51 67 68 78 51 81 80 81 84
Amortization Expense		 55 61 50 29 34 35 24 24 47 54
Non-Cash Adjustments to Reconcile Net Income		 -22 246 117 -22 206 -1,650 -42 134 180 244
Changes in Operating Assets and Liabilities, net		 -7.39 14 -4.29 6.55 -32 - -37 -360 256 35
Net Cash From Investing Activities		 -1,534 -1,653 -1,397 -381 1,617 -794 -1,584 -5,255 -1,436 -2,219
Net Cash From Continuing Investing Activities		 -1,536 -1,653 -1,397 -500 572 -619 -1,584 -5,255 -2,281 -2,219
Purchase of Investment Securities		 -4,299 -3,300 -2,550 -2,211 -1,820 -3,384 -3,292 -6,090 -3,760 -4,884
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
Net Cash From Financing Activities		 674 1,180 1,012 45 -2,480 371 1,364 4,004 1,296 1,735
Net Cash From Continuing Financing Activities		 674 1,180 1,012 45 -2,098 2,148 1,449 4,001 1,293 1,729
Net Change in Deposits		 2,244 881 898 270 -1,843 2,497 2,047 1,170 3,810 1,202
Issuance of Debt		 250 515 750 2,138 0.00 - 94 3,375 -2,373 935
Issuance of Common Equity		 20 22 28 18 - - 26 11 4.30 369
Repayment of Debt		 -1,734 -172 -531 -2,115 58 -239 -282 -413 -0.69 -602
Repurchase of Common Equity		 -5.15 -5.07 -9.29 -214 -186 -77 -138 -7.42 -6.59 -25
Payment of Dividends		 -70 -77 -86 -116 -127 -130 -133 -135 -141 -151
Cash Interest Paid		 73 88 138 262 333 159 82 175 839 1,075
Cash Income Taxes Paid		 84 76 81 18 41 18 58 18 69 18

Quarterly Cash Flow Statements for Associated Banc

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 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 -365 -451 201 -193 83 -245 -72 108 7.95 97 -352
Net Cash From Operating Activities		 233 124 47 131 199 65 155 113 105 207 98
Net Cash From Continuing Operating Activities		 233 -446 47 131 199 453 155 113 105 251 98
Net Income / (Loss) Continuing Operations		 96 109 103 87 83 -91 81 116 88 -162 102
Consolidated Net Income / (Loss)		 96 109 103 87 83 -91 81 116 88 -162 102
Provision For Loan Losses		 17 20 18 22 22 21 24 23 21 17 13
Depreciation Expense		 20 20 20 20 20 21 21 21 20 21 23
Amortization Expense		 5.17 3.90 2.54 18 13 13 13 12 13 16 8.54
Non-Cash Adjustments to Reconcile Net Income		 -12 68 -13 -8.18 -21 222 -20 -31 16 278 22
Changes in Operating Assets and Liabilities, net		 107 -667 -84 -8.29 82 266 35 -27 -53 81 -70
Net Cash From Investing Activities		 -1,300 -1,274 -1,076 -741 -407 788 -275 -380 -518 -1,046 -127
Net Cash From Continuing Investing Activities		 -1,300 -1,274 -1,076 -741 -407 -56 -275 -380 -518 -1,046 -691
Purchase of Investment Securities		 -1,434 -1,576 -1,201 -955 -566 -1,038 -583 -594 -936 -2,771 -992
Sale and/or Maturity of Investments		 146 257 139 230 173 938 316 226 429 1,694 301
Net Cash From Financing Activities		 702 1,269 1,230 417 291 -642 49 374 421 891 242
Net Cash From Continuing Financing Activities		 702 1,265 1,230 417 291 -644 49 374 422 885 242
Net Change in Deposits		 622 438 696 1,683 109 1,323 267 -1,022 863 1,094 548
Issuance of Debt		 0.44 3,374 293 - 1.25 -2,667 0.62 2.04 299 634 11
Issuance of Common Equity		 1.27 3.00 1.77 0.09 0.50 1.94 3.91 0.53 8.85 355 2.19
Repayment of Debt		 112 -2,513 280 -1,230 215 734 -164 1,431 -712 -1,157 -250
Repurchase of Common Equity		 -0.18 -1.16 -5.36 -0.88 -0.26 -0.09 -23 -1.09 -0.35 -0.23 -28
Payment of Dividends		 -33 -35 -35 -35 -35 -36 -36 -36 -36 -41 -41
Other Financing Activities, Net		 - - - - - - - - - - -0.05
Cash Interest Paid		 50 91 154 193 229 263 250 275 272 279 242
Cash Income Taxes Paid		 3.66 12 1.09 58 9.40 1.04 2.00 1.42 3.55 11 -16

Annual Balance Sheets for Associated Banc

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
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
Total Assets		 27,712 29,139 30,484 33,615 32,386 33,420 35,104 39,406 41,016 43,023
Cash and Due from Banks		 375 447 484 507 373 416 344 437 484 544
Federal Funds Sold		 19 47 33 148 7.74 1.14 0.00 28 14 22
Interest Bearing Deposits at Other Banks		 80 149 200 221 208 299 682 157 425 454
Trading Account Securities		 6,293 6,006 6,396 6,689 5,483 3,101 - 2,767 3,643 4,605
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
Loans and Leases		 18,714 20,055 20,785 22,940 22,821 24,452 24,225 28,800 29,216 29,769
Allowance for Loan and Lease Losses		 274 278 266 238 201 384 280 313 351 364
Loans Held for Sale		 - 120 86 79 151 129 - 20 123 30,084
Premises and Equipment, Net		 268 330 331 363 435 419 385 377 373 379
Goodwill		 969 972 976 1,169 1,176 1,109 1,105 1,105 1,105 1,105
Intangible Assets		 16 15 16 76 88 68 58 49 40 32
Other Assets		 1,252 1,276 1,444 1,660 1,844 3,810 3,195 5,979 5,943 5,799
Total Liabilities & Shareholders' Equity		 27,712 29,139 30,484 33,615 32,386 33,420 35,104 39,406 41,016 43,023
Total Liabilities		 24,775 26,048 27,246 29,834 28,464 29,329 20,311 35,390 36,842 38,418
Non-Interest Bearing Deposits		 5,562 5,392 5,478 5,699 5,451 7,662 - 7,761 6,120 5,776
Interest Bearing Deposits		 15,445 16,496 17,308 19,199 18,328 18,821 19,962 21,875 27,326 28,873
Federal Funds Purchased and Securities Sold		 431 508 325 112 433 193 - 585 327 470
Short-Term Debt		 403 584 67 45 32 59 - 21 0.00 0.00
Long-Term Debt		 2,676 2,762 3,681 4,370 3,730 2,182 - 4,568 2,481 2,691
Other Long-Term Liabilities		 256 306 386 410 490 412 349 580 588 607
Total Equity & Noncontrolling Interests		 2,937 3,091 3,237 3,781 3,922 4,091 3,832 4,015 4,174 4,411
Total Preferred & Common Equity		 2,937 3,091 3,237 3,781 3,922 4,091 4,025 4,015 4,174 4,606
Total Common Equity		 2,816 2,931 3,078 3,524 3,665 3,737 3,832 3,821 3,980 4,411
Common Stock		 1,460 1,461 1,340 1,714 1,718 1,722 1,716 1,714 1,717 0.00
Retained Earnings		 1,593 1,696 1,935 2,181 2,381 2,459 2,673 2,905 2,947 0.00
Treasury Stock		 -205 -171 -135 -247 -400 -456 -546 -525 -512 0.00
Accumulated Other Comprehensive Income / (Loss)		 -33 -55 -63 -125 -33 13 -10 -273 -171 0.00
Other Equity Adjustments		 - - - - - - - - - 4,411

Quarterly Balance Sheets for Associated Banc

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets		 38,050 40,703 41,219 41,637 41,137 41,624 42,211 43,309
Cash and Due from Banks		 386 311 408 389 430 471 555 521
Federal Funds Sold		 4.02 - 31 0.97 1.61 3.60 4.31 0.11
Interest Bearing Deposits at Other Banks		 112 511 191 323 420 485 408 711
Trading Account Securities		 6,464 3,412 7,475 7,428 7,577 7,735 4,176 4,820
Loans and Leases, Net of Allowance		 27,524 28,881 29,525 29,847 29,138 29,262 29,629 29,923
Loans and Leases		 27,817 29,207 29,864 30,193 29,494 29,618 29,991 30,294
Allowance for Loan and Lease Losses		 293 326 339 346 356 356 362 371
Loans Held for Sale		 51 - 38 55 52 84 79 56
Premises and Equipment, Net		 379 376 375 373 368 370 374 378
Goodwill		 1,105 1,105 1,105 1,105 1,105 1,105 1,105 1,105
Intangible Assets		 51 47 45 43 38 36 34 29
Other Assets		 1,972 1,014 2,027 2,074 2,007 2,073 5,847 5,767
Total Liabilities & Shareholders' Equity		 38,050 40,703 41,219 41,637 41,137 41,624 42,211 43,309
Total Liabilities		 34,096 53,783 37,097 37,510 36,968 37,382 37,798 38,623
Non-Interest Bearing Deposits		 8,225 30,332 6,566 6,423 6,254 5,815 5,857 6,136
Interest Bearing Deposits		 20,974 23,003 25,449 25,700 27,459 26,876 27,697 29,061
Short-Term Debt		 7.69 - 15 0.00 766 860 917 311
Long-Term Debt		 4,027 - 4,165 4,263 1,869 3,209 2,758 2,619
Other Long-Term Liabilities		 586 448 576 672 620 622 569 496
Total Equity & Noncontrolling Interests		 3,954 3,932 4,123 4,128 4,169 4,242 4,413 4,687
Total Preferred & Common Equity		 3,954 4,126 4,123 4,128 4,169 4,242 4,413 4,687
Preferred Stock		 194 - 194 194 194 194 194 194
Total Common Equity		 3,760 3,932 3,929 3,934 3,975 4,048 4,219 4,492
Common Stock		 1,712 1,708 1,710 1,713 1,710 1,713 1,716 2,042
Retained Earnings		 2,831 2,973 3,026 3,074 2,992 3,071 3,122 2,980
Treasury Stock		 -527 -516 -515 -515 -518 -516 -507 -494
Accumulated Other Comprehensive Income / (Loss)		 -255 -234 -292 -339 -210 -219 -112 -35

Annual Metrics And Ratios for Associated Banc

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
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
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 3.48% 5.42% 5.65% 15.01% -1.70% 21.99% -27.81% 11.16% -11.05% -5.89%
EBITDA Growth		 1.43% 6.62% 25.52% 12.41% 0.82% 19.81% -12.16% -5.79% -40.59% -18.77%
EBIT Growth		 -2.27% 6.60% 33.84% 21.17% -2.15% 30.34% -17.07% -6.82% -55.17% -34.75%
NOPAT Growth		 -1.16% 6.36% 14.48% 45.49% -2.03% -6.13% 14.42% 4.31% -50.03% -32.69%
Net Income Growth		 -1.16% 6.36% 14.48% 45.49% -2.03% -6.13% 14.42% 4.31% -50.03% -7.86%
EPS Growth		 2.59% 5.88% 12.70% 33.10% 1.06% -2.62% 17.20% 7.34% -51.71% -36.28%
Operating Cash Flow Growth		 50.97% 112.94% -28.53% 8.33% 15.65% -4.22% -3.72% 59.86% -47.70% 31.06%
Free Cash Flow Firm Growth		 279.27% -114.91% -45.50% -173.61% 195.69% 97.79% -588.91% 180.83% -67.48% -124.32%
Invested Capital Growth		 -17.64% 6.99% 8.54% 17.32% -6.24% -17.59% 133.61% -41.84% -22.65% 9.64%
Revenue Q/Q Growth		 0.97% 1.71% 4.22% 0.41% -1.19% 14.47% -16.27% 5.48% -20.47% -9.89%
EBITDA Q/Q Growth		 -0.78% 5.24% 13.46% -0.65% -6.51% 33.86% -21.19% 4.38% -48.70% -25.24%
EBIT Q/Q Growth		 -3.24% 7.45% 17.59% -1.52% -5.14% 54.21% -29.17% 5.51% -61.39% -41.34%
NOPAT Q/Q Growth		 -3.06% 6.40% -2.06% 13.23% -4.91% -1.64% 2.89% 9.54% -52.17% -36.51%
Net Income Q/Q Growth		 -3.06% 6.40% -2.06% 13.23% -4.91% -1.64% 2.90% 9.54% -52.17% -13.09%
EPS Q/Q Growth		 -2.46% 5.88% -2.74% 12.50% -4.02% -2.11% 4.31% 9.86% -53.69% -40.00%
Operating Cash Flow Q/Q Growth		 2.87% 30.00% -15.35% 11.63% -13.49% 4.30% 7.83% -4.64% -11.87% 32.55%
Free Cash Flow Firm Q/Q Growth		 108.91% 31.43% -32.09% -19.24% 22.18% 4.63% -857.56% 5,853.80% 11,307.88% -204.48%
Invested Capital Q/Q Growth		 1.06% -0.40% 0.68% 2.86% 0.77% -0.31% 96.19% 7.71% -20.68% -9.78%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 37.25% 37.67% 44.75% 43.74% 44.86% 44.06% 53.60% 45.43% 30.34% 26.19%
EBIT Margin		 26.83% 27.13% 34.37% 36.20% 36.04% 38.50% 44.23% 37.08% 18.69% 12.96%
Profit (Net Income) Margin		 18.72% 18.89% 20.47% 25.89% 25.81% 19.86% 31.47% 29.53% 16.59% 16.24%
Tax Burden Percent		 69.80% 69.64% 67.68% 80.70% 80.39% 93.82% 80.45% 79.66% 88.79% 125.37%
Interest Burden Percent		 100.00% 100.00% 88.01% 88.63% 89.08% 54.97% 88.45% 100.00% 100.00% 100.00%
Effective Tax Rate		 30.20% 30.36% 32.32% 19.30% 19.61% 6.18% 19.55% 20.34% 11.21% 8.41%
Return on Invested Capital (ROIC)		 2.83% 3.22% 3.42% 4.39% 4.12% 4.38% 3.32% 3.13% 2.40% 1.77%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.83% 3.22% 3.42% 4.39% 4.12% 4.38% 3.32% 3.13% 2.40% 3.46%
Return on Net Nonoperating Assets (RNNOA)		 3.74% 3.43% 3.83% 5.11% 4.37% 3.28% 5.54% 6.20% 2.07% 2.16%
Return on Equity (ROE)		 6.56% 6.64% 7.25% 9.51% 8.48% 7.66% 8.86% 9.33% 4.47% 3.93%
Cash Return on Invested Capital (CROIC)		 22.17% -3.54% -4.77% -11.54% 10.56% 23.67% -76.78% 56.03% 27.94% -7.43%
Operating Return on Assets (OROA)		 0.99% 1.01% 1.29% 1.46% 1.38% 1.81% 1.44% 1.23% 0.51% 0.32%
Return on Assets (ROA)		 0.69% 0.70% 0.77% 1.04% 0.99% 0.93% 1.02% 0.98% 0.46% 0.40%
Return on Common Equity (ROCE)		 6.36% 6.33% 6.88% 8.94% 7.92% 7.07% 8.47% 9.10% 4.26% 3.84%
Return on Equity Simple (ROE_SIMPLE)		 6.41% 6.48% 7.08% 8.82% 8.33% 7.50% 8.72% 9.12% 4.38% 3.66%
Net Operating Profit after Tax (NOPAT)		 188 200 229 334 327 307 351 366 183 123
NOPAT Margin		 18.72% 18.89% 20.47% 25.89% 25.81% 19.86% 31.47% 29.53% 16.59% 11.87%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1.69%
SG&A Expenses to Revenue		 57.20% 55.26% 53.21% 51.91% 54.10% 39.98% 55.07% 52.41% 61.27% 67.13%
Operating Expenses to Revenue		 69.44% 66.27% 63.31% 63.80% 62.70% 50.23% 63.66% 60.26% 73.79% 78.86%
Earnings before Interest and Taxes (EBIT)		 270 288 385 466 456 595 493 460 206 134
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 375 399 501 563 568 681 598 563 335 272
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.75 0.97 0.98 0.75 0.79 0.61 0.80 0.83 0.78 0.82
Price to Tangible Book Value (P/TBV)		 1.15 1.47 1.44 1.16 1.21 0.89 1.14 1.19 1.10 1.10
Price to Revenue (P/Rev)		 2.10 2.69 2.69 2.04 2.30 1.47 2.74 2.57 2.81 3.48
Price to Earnings (P/E)		 11.67 14.91 13.68 8.16 9.35 7.89 9.14 8.98 18.10 32.38
Dividend Yield		 2.92% 2.37% 2.51% 3.90% 3.77% 4.86% 3.74% 3.83% 4.13% 3.72%
Earnings Yield		 8.57% 6.71% 7.31% 12.25% 10.69% 12.67% 10.94% 11.14% 5.52% 3.09%
Enterprise Value to Invested Capital (EV/IC)		 0.80 0.89 0.89 0.78 0.83 0.66 0.14 0.85 0.73 0.72
Enterprise Value to Revenue (EV/Rev)		 4.81 5.39 5.54 4.99 5.01 2.69 1.82 5.92 4.40 5.09
Enterprise Value to EBITDA (EV/EBITDA)		 12.92 14.31 12.37 11.41 11.17 6.11 3.39 13.04 14.51 19.45
Enterprise Value to EBIT (EV/EBIT)		 17.94 19.88 16.11 13.79 13.90 6.99 4.11 15.98 23.57 39.32
Enterprise Value to NOPAT (EV/NOPAT)		 25.71 28.54 27.05 19.27 19.41 13.55 5.78 20.06 26.54 42.93
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.07 8.91 13.53 12.95 11.05 7.56 3.83 8.68 10.97 9.11
Enterprise Value to Free Cash Flow (EV/FCFF)		 3.28 0.00 0.00 0.00 7.56 2.51 0.00 1.12 2.28 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 1.05 1.08 1.16 1.17 0.96 0.55 0.00 1.14 0.59 0.61
Long-Term Debt to Equity		 0.91 0.89 1.14 1.16 0.95 0.53 0.00 1.14 0.59 0.61
Financial Leverage		 1.32 1.07 1.12 1.16 1.06 0.75 1.67 1.98 0.86 0.63
Leverage Ratio		 9.50 9.43 9.42 9.13 8.57 8.21 8.65 9.50 9.82 9.79
Compound Leverage Factor		 9.50 9.43 8.29 8.09 7.63 4.51 7.65 9.50 9.82 9.79
Debt to Total Capital		 51.18% 51.97% 53.66% 53.87% 48.96% 35.40% 0.00% 53.33% 37.28% 37.89%
Short-Term Debt to Total Capital		 6.70% 9.07% 0.97% 0.55% 0.42% 0.94% 0.00% 0.24% 0.00% 0.00%
Long-Term Debt to Total Capital		 44.48% 42.91% 52.69% 53.32% 48.54% 34.46% 0.00% 53.09% 37.28% 37.89%
Preferred Equity to Total Capital		 2.02% 2.48% 2.29% 3.13% 3.34% 5.58% 0.00% 2.26% 2.92% 0.00%
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		 46.80% 45.54% 44.05% 43.00% 47.70% 59.02% 100.00% 44.41% 59.80% 62.11%
Debt to EBITDA		 8.22 8.38 7.48 7.84 6.62 3.29 0.00 8.15 7.42 9.90
Net Debt to EBITDA		 6.96 6.77 6.05 6.28 5.59 2.24 0.00 7.04 4.66 6.15
Long-Term Debt to EBITDA		 7.14 6.92 7.34 7.76 6.57 3.21 0.00 8.11 7.42 9.90
Debt to NOPAT		 16.35 16.70 16.35 13.24 11.51 7.31 0.00 12.53 13.56 21.86
Net Debt to NOPAT		 13.84 13.50 13.23 10.61 9.71 4.97 0.00 10.84 8.51 13.58
Long-Term Debt to NOPAT		 14.21 13.79 16.06 13.10 11.42 7.11 0.00 12.48 13.56 21.86
Noncontrolling Interest Sharing Ratio		 3.16% 4.67% 5.05% 5.94% 6.67% 7.62% 4.46% 2.47% 4.74% 2.26%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,477 -220 -320 -876 839 1,659 -8,110 6,555 2,132 -518
Operating Cash Flow to CapEx		 551.30% 617.42% 967.65% 754.04% 851.27% 1,005.85% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 19.08 -2.61 -2.20 -3.19 2.49 11.07 -112.12 34.88 2.32 -0.48
Operating Cash Flow to Interest Expense		 3.89 7.61 3.15 1.81 1.70 3.67 7.32 4.50 0.48 0.54
Operating Cash Flow Less CapEx to Interest Expense		 3.19 6.38 2.83 1.57 1.50 3.30 7.32 4.50 0.48 0.54
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.04 0.05 0.03 0.03 0.03 0.02
Fixed Asset Turnover		 3.71 3.55 3.39 3.71 3.17 3.62 2.77 3.25 2.94 2.76
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 6,016 6,437 6,986 8,196 7,684 6,332 14,793 8,604 6,655 7,297
Invested Capital Turnover		 0.15 0.17 0.17 0.17 0.16 0.22 0.11 0.11 0.14 0.15
Increase / (Decrease) in Invested Capital		 -1,288 420 550 1,210 -512 -1,352 8,461 -6,189 -1,949 642
Enterprise Value (EV)		 4,840 5,716 6,201 6,429 6,344 4,156 2,028 7,345 4,856 5,287
Market Capitalization		 2,113 2,853 3,008 2,634 2,914 2,277 3,053 3,183 3,104 3,615
Book Value per Share		 $18.73 $19.48 $20.36 $21.26 $23.00 $24.33 $25.53 $25.42 $26.37 $29.17
Tangible Book Value per Share		 $12.18 $12.92 $13.80 $13.75 $15.07 $16.67 $17.78 $17.74 $18.78 $21.65
Total Capital		 6,016 6,437 6,986 8,196 7,684 6,332 3,832 8,604 6,655 7,103
Total Debt		 3,079 3,345 3,749 4,415 3,762 2,242 0.00 4,589 2,481 2,691
Total Long-Term Debt		 2,676 2,762 3,681 4,370 3,730 2,182 0.00 4,568 2,481 2,691
Net Debt		 2,605 2,703 3,033 3,539 3,174 1,525 -1,026 3,967 1,558 1,672
Capital Expenditures (CapEx)		 55 104 47 66 67 55 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 -0.00 0.00 0.00 0.00 -0.00 -45
Net Nonoperating Obligations (NNO)		 3,079 3,345 3,749 4,415 3,762 2,242 10,962 4,589 2,481 2,886
Total Depreciation and Amortization (D&A)		 105 112 116 97 112 86 105 104 129 137
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
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
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
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
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
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
Normalized Net Operating Profit after Tax (NOPAT)		 188 200 229 357 327 307 351 366 183 123
Normalized NOPAT Margin		 18.72% 18.89% 20.47% 27.71% 25.81% 19.86% 31.47% 29.53% 16.59% 11.87%
Pre Tax Income Margin		 26.83% 27.13% 30.25% 32.09% 32.10% 21.17% 39.12% 37.08% 18.69% 12.96%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 3.49 3.41 2.65 1.70 1.35 3.97 6.82 2.45 0.22 0.13
NOPAT to Interest Expense		 2.43 2.38 1.58 1.21 0.97 2.05 4.85 1.95 0.20 0.11
EBIT Less CapEx to Interest Expense		 2.78 2.18 2.32 1.46 1.15 3.60 6.82 2.45 0.22 0.13
NOPAT Less CapEx to Interest Expense		 1.73 1.14 1.25 0.98 0.77 1.68 4.85 1.95 0.20 0.11
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 36.94% 38.33% 37.41% 34.87% 38.86% 42.50% 37.94% 36.77% 77.09% 89.40%
Augmented Payout Ratio		 39.68% 40.86% 41.46% 98.90% 95.81% 67.72% 77.20% 38.80% 80.69% 103.94%

Quarterly Metrics And Ratios for Associated Banc

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

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 19.82% 22.48% 28.17% 10.92% -4.30% -65.10% -3.94% -0.53% 2.78% -48.10% 8.07%
EBITDA Growth		 -1.73% 17.60% 26.99% 8.94% -7.66% -165.77% -11.64% -8.99% 3.82% -35.32% 15.80%
EBIT Growth		 -2.75% 21.82% 40.67% 0.45% -16.14% -202.92% -22.58% -7.05% 5.32% -28.80% 24.45%
NOPAT Growth		 8.41% 41.48% 39.18% 0.38% -13.53% -188.82% -21.47% 32.61% 5.73% -28.80% 25.28%
Net Income Growth		 8.41% 41.47% 39.18% 0.38% -13.53% -183.49% -21.47% 32.61% 5.73% -27.95% 25.28%
EPS Growth		 10.71% 43.75% 40.43% 0.00% -14.52% -189.86% -21.21% 32.14% 5.66% -77.42% 13.46%
Operating Cash Flow Growth		 74.18% -24.89% -80.71% -45.95% -14.55% -47.98% 225.47% -13.56% -47.26% 220.48% -36.46%
Free Cash Flow Firm Growth		 67.99% 175.12% 634.51% 32.05% 9.55% -70.59% -205.90% 114.84% 222.61% -141.36% 96.41%
Invested Capital Growth		 5.94% -41.84% -337.11% 10.86% 5.03% -22.65% 152.01% 0.09% -3.60% 9.64% 11.95%
Revenue Q/Q Growth		 14.96% 4.60% -17.25% -3.76% -0.82% -61.85% 81.98% -0.34% 2.48% -80.74% 442.72%
EBITDA Q/Q Growth		 7.66% 7.23% -28.27% -2.64% -8.74% -176.38% 376.46% 0.28% 4.10% -199.56% 208.23%
EBIT Q/Q Growth		 11.12% 9.52% -31.07% -15.31% -7.24% -234.41% 221.91% 1.68% 5.11% -264.37% 168.13%
NOPAT Q/Q Growth		 10.89% 12.97% -4.97% -15.68% -4.48% -216.05% 184.02% 42.39% -23.84% -241.36% 181.72%
Net Income Q/Q Growth		 10.89% 12.97% -4.97% -15.68% -4.48% -209.08% 189.39% 42.39% -23.84% -232.00% 187.52%
EPS Q/Q Growth		 10.71% 11.29% -4.35% -15.15% -5.36% -216.98% 183.87% 42.31% -24.32% -296.43% 153.64%
Operating Cash Flow Q/Q Growth		 -3.96% -46.75% -61.79% 176.60% 51.82% -67.58% 139.05% -26.54% -7.38% 97.03% -52.61%
Free Cash Flow Firm Q/Q Growth		 67.07% 1,889.72% 196.94% -103.88% 56.16% 681.91% -1,398.25% 100.54% 262.16% -296.28% 7.17%
Invested Capital Q/Q Growth		 6.66% 7.71% -252.03% 163.48% 1.05% -20.68% -2.56% 22.15% -2.68% -9.78% 4.38%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 43.99% 45.09% 45.60% 46.13% 42.44% -84.97% 41.94% 42.20% 42.87% -221.56% 44.18%
EBIT Margin		 36.52% 38.24% 38.89% 34.22% 32.00% -112.76% 31.34% 31.98% 32.80% -279.85% 35.13%
Profit (Net Income) Margin		 28.72% 31.02% 30.75% 26.94% 25.95% -74.19% 25.14% 35.92% 26.69% -182.93% 29.50%
Tax Burden Percent		 78.63% 81.11% 79.08% 78.74% 81.08% 65.80% 80.22% 112.33% 81.39% 65.37% 83.97%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 21.37% 18.89% 20.92% 21.26% 18.92% 0.00% 19.78% -12.33% 18.61% 0.00% 16.03%
Return on Invested Capital (ROIC)		 4.35% 3.29% 0.00% 4.78% 4.39% -11.41% 0.00% 4.94% 3.73% -29.14% 4.35%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.35% 3.29% 0.00% 4.78% 4.39% -11.24% 0.00% 4.94% 3.73% -28.84% 4.35%
Return on Net Nonoperating Assets (RNNOA)		 4.15% 6.51% 0.00% 4.56% 4.51% -9.71% 0.00% 4.87% 3.47% -18.03% 2.73%
Return on Equity (ROE)		 8.49% 9.80% 10.03% 9.34% 8.90% -21.12% 3.97% 9.81% 7.20% -47.17% 7.09%
Cash Return on Invested Capital (CROIC)		 -1.47% 56.03% 0.00% -5.29% -0.23% 27.94% -289.89% 2.18% 6.02% -7.43% -9.28%
Operating Return on Assets (OROA)		 1.18% 1.27% 1.41% 1.22% 1.11% -3.09% 0.88% 0.88% 0.90% -6.91% 0.88%
Return on Assets (ROA)		 0.93% 1.03% 1.11% 0.96% 0.90% -2.03% 0.70% 0.99% 0.73% -4.52% 0.74%
Return on Common Equity (ROCE)		 8.08% 9.56% 9.79% 8.89% 8.48% -20.12% 3.87% 9.36% 6.87% -46.10% 6.78%
Return on Equity Simple (ROE_SIMPLE)		 8.45% 0.00% 9.58% 9.59% 9.27% 0.00% 3.86% 4.46% 4.39% 0.00% 4.03%
Net Operating Profit after Tax (NOPAT)		 96 109 103 87 83 -97 81 116 88 -124 102
NOPAT Margin		 28.72% 31.02% 30.75% 26.94% 25.95% -78.93% 25.14% 35.92% 26.69% -195.90% 29.50%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% -0.16% 0.00% 0.00% 0.00% -0.31% 0.00%
SG&A Expenses to Revenue		 49.62% 49.18% 49.35% 50.69% 52.86% 144.00% 52.76% 54.03% 52.51% 282.43% 51.44%
Operating Expenses to Revenue		 58.41% 56.06% 55.76% 58.95% 61.16% 195.60% 61.22% 60.87% 60.84% 353.11% 61.10%
Earnings before Interest and Taxes (EBIT)		 122 134 131 111 103 -138 101 103 108 -178 121
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 147 158 153 149 136 -104 135 136 141 -141 152
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.74 0.83 0.65 0.60 0.63 0.78 0.81 0.79 0.77 0.82 0.83
Price to Tangible Book Value (P/TBV)		 1.07 1.19 0.92 0.84 0.89 1.10 1.13 1.10 1.06 1.10 1.12
Price to Revenue (P/Rev)		 2.38 2.57 1.86 1.67 1.78 2.81 2.81 2.79 2.82 3.48 3.52
Price to Earnings (P/E)		 8.66 8.98 6.65 6.09 6.67 18.10 21.53 17.95 17.81 32.38 28.34
Dividend Yield		 4.30% 3.83% 4.84% 5.35% 5.13% 4.13% 4.04% 4.11% 4.09% 3.72% 3.99%
Earnings Yield		 11.55% 11.14% 15.05% 16.42% 15.00% 5.52% 4.65% 5.57% 5.61% 3.09% 3.53%
Enterprise Value to Invested Capital (EV/IC)		 0.82 0.85 0.00 0.73 0.74 0.73 0.76 0.78 0.76 0.72 0.74
Enterprise Value to Revenue (EV/Rev)		 5.55 5.92 1.26 4.34 4.48 4.40 4.54 5.68 5.34 5.09 5.30
Enterprise Value to EBITDA (EV/EBITDA)		 12.09 13.04 2.65 9.17 9.53 14.51 13.96 18.12 16.92 19.45 19.27
Enterprise Value to EBIT (EV/EBIT)		 14.97 15.98 3.13 10.99 11.65 23.57 22.42 29.02 26.84 39.32 35.62
Enterprise Value to NOPAT (EV/NOPAT)		 19.51 20.06 4.37 15.38 16.25 26.54 32.29 34.32 31.72 42.93 39.24
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.35 8.68 2.67 11.34 12.38 10.97 9.44 12.20 14.05 9.11 10.76
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 1.12 0.09 0.00 0.00 2.28 0.00 35.80 12.40 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.02 1.14 0.00 1.01 1.03 0.59 0.63 0.96 0.83 0.61 0.63
Long-Term Debt to Equity		 1.02 1.14 0.00 1.01 1.03 0.59 0.45 0.76 0.62 0.61 0.56
Financial Leverage		 0.95 1.98 -1.96 0.95 1.03 0.86 -1.77 0.99 0.93 0.63 0.63
Leverage Ratio		 9.12 9.50 9.60 9.71 9.86 9.82 10.10 9.90 9.82 9.79 9.54
Compound Leverage Factor		 9.12 9.50 9.60 9.71 9.86 9.82 10.10 9.90 9.82 9.79 9.54
Debt to Total Capital		 50.51% 53.33% 0.00% 50.35% 50.80% 37.28% 38.73% 48.96% 45.43% 37.89% 38.47%
Short-Term Debt to Total Capital		 0.10% 0.24% 0.00% 0.18% 0.00% 0.00% 11.25% 10.34% 11.34% 0.00% 4.09%
Long-Term Debt to Total Capital		 50.41% 53.09% 0.00% 50.16% 50.80% 37.28% 27.48% 38.61% 34.10% 37.89% 34.38%
Preferred Equity to Total Capital		 2.43% 2.26% 0.00% 2.34% 2.31% 2.92% 2.85% 2.34% 2.40% 0.00% 2.55%
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% 0.00%
Common Equity to Total Capital		 47.07% 44.41% 100.00% 47.32% 46.88% 59.80% 58.42% 48.71% 52.17% 62.11% 58.98%
Debt to EBITDA		 7.48 8.15 0.00 6.30 6.54 7.42 7.09 11.35 10.11 9.90 10.01
Net Debt to EBITDA		 6.55 7.04 0.00 5.35 5.44 4.66 4.80 8.68 7.45 6.15 5.80
Long-Term Debt to EBITDA		 7.46 8.11 0.00 6.28 6.54 7.42 5.03 8.96 7.59 9.90 8.95
Debt to NOPAT		 12.07 12.53 0.00 10.57 11.14 13.56 16.39 21.51 18.95 21.86 20.40
Net Debt to NOPAT		 10.57 10.84 0.00 8.98 9.28 8.51 11.09 16.44 13.96 13.58 11.82
Long-Term Debt to NOPAT		 12.05 12.48 0.00 10.53 11.14 13.56 11.63 16.96 14.22 21.86 18.23
Noncontrolling Interest Sharing Ratio		 4.87% 2.47% 2.45% 4.79% 4.80% 4.74% 2.40% 4.64% 4.55% 2.26% 4.38%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -352 6,298 18,701 -726 -318 1,852 -19,803 108 390 -766 -711
Operating Cash Flow to CapEx		 1,933.14% 0.00% 341.56% 832.86% 1,436.37% 0.00% 1,817.65% 985.55% 899.57% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -7.00 61.57 110.78 -3.25 -1.25 6.81 -74.58 0.39 1.40 -2.96 -2.96
Operating Cash Flow to Interest Expense		 4.64 1.21 0.28 0.59 0.78 0.24 0.58 0.41 0.38 0.80 0.41
Operating Cash Flow Less CapEx to Interest Expense		 4.40 1.21 0.20 0.52 0.73 0.24 0.55 0.37 0.34 0.80 0.41
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.03 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.02 0.03
Fixed Asset Turnover		 3.08 3.25 3.59 3.67 3.69 2.94 3.08 3.07 3.08 2.76 2.85
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 7,989 8,604 -13,081 8,303 8,390 6,655 6,804 8,311 8,088 7,297 7,617
Invested Capital Turnover		 0.15 0.11 -0.36 0.18 0.17 0.14 -0.36 0.14 0.14 0.15 0.15
Increase / (Decrease) in Invested Capital		 448 -6,189 -18,598 813 402 -1,949 19,885 7.81 -302 642 813
Enterprise Value (EV)		 6,521 7,345 1,728 6,084 6,217 4,856 5,191 6,492 6,152 5,287 5,637
Market Capitalization		 2,794 3,183 2,550 2,339 2,473 3,104 3,213 3,189 3,250 3,615 3,746
Book Value per Share		 $25.01 $25.42 $26.12 $26.04 $26.06 $26.37 $26.52 $26.85 $27.96 $29.17 $27.02
Tangible Book Value per Share		 $17.32 $17.74 $18.46 $18.42 $18.46 $18.78 $18.89 $19.28 $20.41 $21.65 $20.20
Total Capital		 7,989 8,604 3,932 8,303 8,390 6,655 6,804 8,311 8,088 7,103 7,617
Total Debt		 4,035 4,589 0.00 4,180 4,263 2,481 2,635 4,069 3,675 2,691 2,930
Total Long-Term Debt		 4,027 4,568 0.00 4,165 4,263 2,481 1,869 3,209 2,758 2,691 2,619
Net Debt		 3,532 3,967 -822 3,551 3,550 1,558 1,784 3,110 2,708 1,672 1,698
Capital Expenditures (CapEx)		 12 0.00 14 16 14 0.00 8.50 12 12 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 -5.80 0.00 0.00 0.00 -8.24 -0.00
Net Nonoperating Obligations (NNO)		 4,035 4,589 -17,012 4,180 4,263 2,481 2,635 4,069 3,675 2,886 2,930
Total Depreciation and Amortization (D&A)		 25 24 23 39 33 34 34 33 33 37 31
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.62 $0.70 $0.67 $0.56 $0.53 ($0.62) $0.52 $0.75 $0.56 ($1.10) $0.60
Adjusted Weighted Average Basic Shares Outstanding		 149.32M 149.16M 149.76M 149.99M 150.04M 149.97M 149.86M 149.87M 150.25M 151.93M 165.23M
Adjusted Diluted Earnings per Share		 $0.62 $0.69 $0.66 $0.56 $0.53 ($0.62) $0.52 $0.74 $0.56 ($1.10) $0.59
Adjusted Weighted Average Diluted Shares Outstanding		 150.26M 150.50M 151.13M 150.87M 151.01M 150.86M 151.29M 151.29M 151.49M 153.35M 166.60M
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		 300.72M 301.08M 301.78M 301.84M 301.88M 302.18M 301.53M 301.80M 151.26M 166.25M 165.81M
Normalized Net Operating Profit after Tax (NOPAT)		 96 109 103 87 83 -97 81 72 88 -124 102
Normalized NOPAT Margin		 28.72% 31.02% 30.75% 26.94% 25.95% -78.93% 25.14% 22.38% 26.69% -195.90% 29.50%
Pre Tax Income Margin		 36.52% 38.24% 38.89% 34.22% 32.00% -112.76% 31.34% 31.98% 32.80% -279.85% 35.13%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.44 1.31 0.77 0.50 0.40 -0.51 0.38 0.38 0.39 -0.69 0.50
NOPAT to Interest Expense		 1.92 1.06 0.61 0.39 0.33 -0.36 0.31 0.42 0.32 -0.48 0.42
EBIT Less CapEx to Interest Expense		 2.20 1.31 0.69 0.43 0.35 -0.51 0.35 0.33 0.35 -0.69 0.50
NOPAT Less CapEx to Interest Expense		 1.68 1.06 0.53 0.32 0.27 -0.36 0.27 0.38 0.27 -0.48 0.42
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 39.67% 36.77% 34.43% 34.82% 36.44% 77.09% 88.67% 76.15% 75.10% 89.40% 82.35%
Augmented Payout Ratio		 49.11% 38.80% 36.35% 36.74% 38.44% 80.69% 103.65% 88.99% 87.67% 103.94% 98.09%

Key Financial Trends

Associated BancCorp (NYSE: ASB) has shown a strong financial recovery and improvement through recent quarters, culminating in a solid Q1 2025 performance. Here are the key trends and highlights observed from the last four years of quarterly financial data:

  • Net Interest Income has generally increased over the last year, with Q1 2025 posting $286 million, up from $257 million in Q1 2024, indicating improved earnings from the core lending and investment portfolio.
  • Non-Interest Income rebounded substantially from a negative in Q4 2024 (-$207 million) due to large unrealized capital losses to a positive $58.8 million in Q1 2025, showing better performance in fee income and reduced volatility.
  • The company returned to profitability in Q1 2025 with net income attributable to common shareholders at $98.8 million, a strong bounce back from Q4 2024's net loss of $164.5 million.
  • Deposits increased significantly, with net changes indicating deposit growth ($548 million in Q1 2025 vs negative moves prior), improving the funding base and liquidity position.
  • Total assets have steadily increased over time, with Q1 2025 assets at $43.3 billion, up from $40.7 billion in Q1 2023, reflecting growth in lending and investment activities.
  • Provision for Credit Losses remains elevated in Q1 2025 at $13 million, though lower than some prior quarters, suggesting cautiousness in credit risk but an improvement trend.
  • Non-Interest Expenses remain substantial, totaling $210 million in Q1 2025, slightly down from $224 million in Q4 2024, indicating operational costs are stable but remain a significant expense.
  • Q4 2024 saw a large net loss driven mainly by a steep net unrealized capital loss on investments (-$278 million); such volatility can impact earnings stability.
  • Long-term debt interest expense remains relatively high ($27 million in Q1 2025) and was higher in previous quarters, presenting ongoing interest cost pressures.
  • Cash flow from investing activities remains negative and significant, with large purchases of investments outpacing sales, indicating considerable capital deployment that may pressure near-term liquidity.

Summary: Associated BancCorp has demonstrated meaningful earnings recovery in early 2025 after a challenging Q4 2024, driven primarily by improvements in net interest income and normalization of non-interest income. Deposit growth and total asset expansion reflect strength in core banking operations and funding. However, attention should be paid to investment portfolio volatility and interest expense pressures. Cost control also remains crucial given sizable non-interest expenses. Overall, the bank appears on a positive trajectory with potential for earnings stabilization and growth, though volatile market conditions may continue to impact short-term results.

08/24/25 06:56 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Associated Banc's Financials

When does Associated Banc's fiscal year end?

According to the most recent income statement we have on file, Associated Banc's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Associated Banc's net income changed over the last 9 years?

Associated Banc's net income were at $168.57 million at the end of 2024, a 7.9% decrease from 2023, and a 10.5% decrease since 2015. View Associated Banc's forecast to see where analysts expect Associated Banc to go next.

How has Associated Banc's revenue changed over the last 9 years?

Over the last 9 years, Associated Banc's total revenue changed from $1.01 billion in 2015 to $1.04 billion in 2024, a change of 3.2%.

How much debt does Associated Banc have?

Associated Banc's total liabilities were at $38.42 billion at the end of 2024, a 4.3% increase from 2023, and a 55.1% increase since 2015.

How much cash does Associated Banc have?

In the past 9 years, Associated Banc's cash and equivalents has ranged from $343.83 million in 2021 to $544.06 million in 2024, and is currently $544.06 million as of their latest financial filing in 2024.

How has Associated Banc's book value per share changed over the last 9 years?

Over the last 9 years, Associated Banc's book value per share changed from 18.73 in 2015 to 29.17 in 2024, a change of 55.7%.


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This page (NYSE:ASB) was last updated on 8/24/2025 by MarketBeat.com Staff
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