Associated Banc (ASB) Financials

$23.52 +0.52 (+2.26%)

Closing price 03:59 PM Eastern

Extended Trading

$23.52 +0.00 (+0.02%)

As of 05:49 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	112	171	355	334	288	312	323	220	191	181
Consolidated Net Income / (Loss)	169	183	366	351	307	327	334	229	200	188
Net Income / (Loss) Continuing Operations	169	183	366	408	664	377	387	275	200	188
Total Pre-Tax Income	134	206	460	436	327	407	413	339	288	270
Total Revenue	1,038	1,103	1,240	1,115	1,545	1,266	1,288	1,120	1,060	1,006
Net Interest Income / (Expense)	1,047	1,040	957	726	763	836	880	741	707	676
Total Interest Income	2,123	1,958	1,145	798	913	1,173	1,154	887	792	754
Loans and Leases Interest Income	1,830	1,720	993	694	785	998	977	749	660	616
Investment Securities Interest Income	257	209	141	97	118	158	165	130	127	131
Other Interest Income	35	28	11	7.83	9.47	17	13	7.72	4.83	6.59
Total Interest Expense	1,075	918	188	72	150	337	275	145	84	77
Deposits Interest Expense	902	674	98	19	68	237	176	94	50	33
Short-Term Borrowings Interest Expense	18	0.00	0.00	0.02	0.05	0.14	0.18	0.29	0.25	0.47
Long-Term Debt Interest Expense	144	233	86	54	82	98	96	49	32	43
Federal Funds Purchased and Securities Sold Interest Expense	12	12	3.48	0.14	0.49	1.58	2.01	2.53	1.31	0.94
Total Non-Interest Income	-9.41	63	282	332	514	381	356	333	353	329
Other Service Charges	186	248	266	365	375	410	397	363	329	245
Net Realized & Unrealized Capital Gains on Investments	-276	-195	5.08	11	335	5.96	-1.99	-0.81	9.23	11
Other Non-Interest Income	80	10	11	13	72	15	14	16	14	9.80
Provision for Credit Losses	85	83	33	-88	174	16	0.00	26	70	38
Total Non-Interest Expense	818	814	747	710	776	794	822	709	703	698
Salaries and Employee Benefits	488	468	454	427	432	487	483	429	425	405
Net Occupancy & Equipment Expense	181	179	170	166	167	168	155	138	135	145
Marketing Expense	28	28	26	21	18	30	31	29	26	26
Property & Liability Insurance Claims	38	67	23	18	20	36	53	54	55	43
Other Operating Expenses	29	57	60	69	39	63	63	57	60	77
Amortization Expense	8.81	8.81	8.81	8.84	10	9.95	8.16	1.96	2.09	3.09
Income Tax Expense	11	23	94	85	20	80	80	110	87	81
Preferred Stock Dividends Declared	12	12	12	17	18	15	11	9.35	8.90	7.16
Basic Earnings per Share	$0.73	$1.14	$2.36	$2.20	$1.87	$1.93	$1.92	$1.45	$1.27	$1.20
Weighted Average Basic Shares Outstanding	151.93M	149.97M	149.16M	150.77M	153.01M	160.53M	167.35M	150.88M	148.77M	149.35M
Diluted Earnings per Share	$0.72	$1.13	$2.34	$2.18	$1.86	$1.91	$1.89	$1.42	$1.26	$1.19
Weighted Average Diluted Shares Outstanding	153.35M	150.86M	150.50M	151.99M	153.64M	161.93M	169.73M	153.65M	149.96M	150.60M
Weighted Average Basic & Diluted Shares Outstanding	166.25M	302.18M	301.08M	299.21M	305.66M	312.91M	164.34M	151.70M	150.70M	151M
Cash Dividends to Common per Share	$0.89	$0.85	$0.81	-	-	-	-	-	-	-

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

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	140	-154	-975	154	445	-288	161	74	169	-558
Net Cash From Operating Activities	580	443	847	530	550	574	497	458	641	301
Net Cash From Continuing Operating Activities	624	831	276	289	-1,083	629	415	485	641	301
Net Income / (Loss) Continuing Operations	123	183	366	351	307	327	334	229	200	188
Consolidated Net Income / (Loss)	123	183	366	351	307	327	334	229	200	188
Provision For Loan Losses	85	83	33	-88	174	16	0.00	26	70	38
Depreciation Expense	84	81	80	81	51	78	68	67	51	50
Amortization Expense	54	47	24	24	35	34	29	50	61	55
Non-Cash Adjustments to Reconcile Net Income	244	180	134	-42	-1,650	206	-22	117	246	-22
Changes in Operating Assets and Liabilities, net	35	256	-360	-37	-	-32	6.55	-4.29	14	-7.39
Net Cash From Investing Activities	-2,219	-1,436	-5,255	-1,584	-794	1,617	-381	-1,397	-1,653	-1,534
Net Cash From Continuing Investing Activities	-2,219	-2,281	-5,255	-1,584	-619	572	-500	-1,397	-1,653	-1,536
Purchase of Investment Securities	-4,884	-3,760	-6,090	-3,292	-3,384	-1,820	-2,211	-2,550	-3,300	-4,299
Sale and/or Maturity of Investments	2,665	1,479	835	1,707	2,819	2,460	1,777	1,200	1,751	2,817
Net Cash From Financing Activities	1,735	1,296	4,004	1,364	371	-2,480	45	1,012	1,180	674
Net Cash From Continuing Financing Activities	1,729	1,293	4,001	1,449	2,148	-2,098	45	1,012	1,180	674
Net Change in Deposits	1,202	3,810	1,170	2,047	2,497	-1,843	270	898	881	2,244
Issuance of Debt	935	-2,373	3,375	94	-	0.00	2,138	750	515	250
Issuance of Common Equity	369	4.30	11	26	-	-	18	28	22	20
Repayment of Debt	-602	-0.69	-413	-282	-239	58	-2,115	-531	-172	-1,734
Repurchase of Common Equity	-25	-6.59	-7.42	-138	-77	-186	-214	-9.29	-5.07	-5.15
Payment of Dividends	-151	-141	-135	-133	-130	-127	-116	-86	-77	-70
Cash Interest Paid	1,075	839	175	82	159	333	262	138	88	73
Cash Income Taxes Paid	18	69	18	58	18	41	18	81	76	84

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

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	43,023	41,016	39,406	35,104	33,420	32,386	33,615	30,484	29,139	27,712
Cash and Due from Banks	544	484	437	344	416	373	507	484	447	375
Federal Funds Sold	22	14	28	0.00	1.14	7.74	148	33	47	19
Interest Bearing Deposits at Other Banks	454	425	157	682	299	208	221	200	149	80
Trading Account Securities	4,605	3,643	2,767	-	3,101	5,483	6,689	6,396	6,006	6,293
Loans and Leases, Net of Allowance	29,405	28,865	28,487	23,945	24,068	22,620	22,702	20,519	19,776	18,440
Loans and Leases	29,769	29,216	28,800	24,225	24,452	22,821	22,940	20,785	20,055	18,714
Allowance for Loan and Lease Losses	364	351	313	280	384	201	238	266	278	274
Loans Held for Sale	30,084	123	20	-	129	151	79	86	120	-
Premises and Equipment, Net	379	373	377	385	419	435	363	331	330	268
Goodwill	1,105	1,105	1,105	1,105	1,109	1,176	1,169	976	972	969
Intangible Assets	32	40	49	58	68	88	76	16	15	16
Other Assets	5,799	5,943	5,979	3,195	3,810	1,844	1,660	1,444	1,276	1,252
Total Liabilities & Shareholders' Equity	43,023	41,016	39,406	35,104	33,420	32,386	33,615	30,484	29,139	27,712
Total Liabilities	38,418	36,842	35,390	20,311	29,329	28,464	29,834	27,246	26,048	24,775
Non-Interest Bearing Deposits	5,776	6,120	7,761	-	7,662	5,451	5,699	5,478	5,392	5,562
Interest Bearing Deposits	28,873	27,326	21,875	19,962	18,821	18,328	19,199	17,308	16,496	15,445
Federal Funds Purchased and Securities Sold	470	327	585	-	193	433	112	325	508	431
Short-Term Debt	0.00	0.00	21	-	59	32	45	67	584	403
Long-Term Debt	2,691	2,481	4,568	-	2,182	3,730	4,370	3,681	2,762	2,676
Other Long-Term Liabilities	607	588	580	349	412	490	410	386	306	256
Total Equity & Noncontrolling Interests	4,411	4,174	4,015	3,832	4,091	3,922	3,781	3,237	3,091	2,937
Total Preferred & Common Equity	4,606	4,174	4,015	4,025	4,091	3,922	3,781	3,237	3,091	2,937
Total Common Equity	4,411	3,980	3,821	3,832	3,737	3,665	3,524	3,078	2,931	2,816
Common Stock	0.00	1,717	1,714	1,716	1,722	1,718	1,714	1,340	1,461	1,460
Retained Earnings	0.00	2,947	2,905	2,673	2,459	2,381	2,181	1,935	1,696	1,593
Treasury Stock	0.00	-512	-525	-546	-456	-400	-247	-135	-171	-205
Accumulated Other Comprehensive Income / (Loss)	0.00	-171	-273	-10	13	-33	-125	-63	-55	-33
Other Equity Adjustments	4,411	-	-	-	-	-	-	-	-	-

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

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

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.89%	-11.05%	11.16%	-27.81%	21.99%	-1.70%	15.01%	5.65%	5.42%	3.48%
EBITDA Growth	-18.77%	-40.59%	-5.79%	-12.16%	19.81%	0.82%	12.41%	25.52%	6.62%	1.43%
EBIT Growth	-34.75%	-55.17%	-6.82%	-17.07%	30.34%	-2.15%	21.17%	33.84%	6.60%	-2.27%
NOPAT Growth	-32.69%	-50.03%	4.31%	14.42%	-6.13%	-2.03%	45.49%	14.48%	6.36%	-1.16%
Net Income Growth	-7.86%	-50.03%	4.31%	14.42%	-6.13%	-2.03%	45.49%	14.48%	6.36%	-1.16%
EPS Growth	-36.28%	-51.71%	7.34%	17.20%	-2.62%	1.06%	33.10%	12.70%	5.88%	2.59%
Operating Cash Flow Growth	31.06%	-47.70%	59.86%	-3.72%	-4.22%	15.65%	8.33%	-28.53%	112.94%	50.97%
Free Cash Flow Firm Growth	-124.32%	-67.48%	180.83%	-588.91%	97.79%	195.69%	-173.61%	-45.50%	-114.91%	279.27%
Invested Capital Growth	9.64%	-22.65%	-41.84%	133.61%	-17.59%	-6.24%	17.32%	8.54%	6.99%	-17.64%
Revenue Q/Q Growth	-9.89%	-20.47%	5.48%	-16.27%	14.47%	-1.19%	0.41%	4.22%	1.71%	0.97%
EBITDA Q/Q Growth	-25.24%	-48.70%	4.38%	-21.19%	33.86%	-6.51%	-0.65%	13.46%	5.24%	-0.78%
EBIT Q/Q Growth	-41.34%	-61.39%	5.51%	-29.17%	54.21%	-5.14%	-1.52%	17.59%	7.45%	-3.24%
NOPAT Q/Q Growth	-36.51%	-52.17%	9.54%	2.89%	-1.64%	-4.91%	13.23%	-2.06%	6.40%	-3.06%
Net Income Q/Q Growth	-13.09%	-52.17%	9.54%	2.90%	-1.64%	-4.91%	13.23%	-2.06%	6.40%	-3.06%
EPS Q/Q Growth	-40.00%	-53.69%	9.86%	4.31%	-2.11%	-4.02%	12.50%	-2.74%	5.88%	-2.46%
Operating Cash Flow Q/Q Growth	32.55%	-11.87%	-4.64%	7.83%	4.30%	-13.49%	11.63%	-15.35%	30.00%	2.87%
Free Cash Flow Firm Q/Q Growth	-204.48%	11,307.88%	5,853.80%	-857.56%	4.63%	22.18%	-19.24%	-32.09%	31.43%	108.91%
Invested Capital Q/Q Growth	-9.78%	-20.68%	7.71%	96.19%	-0.31%	0.77%	2.86%	0.68%	-0.40%	1.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	26.19%	30.34%	45.43%	53.60%	44.06%	44.86%	43.74%	44.75%	37.67%	37.25%
EBIT Margin	12.96%	18.69%	37.08%	44.23%	38.50%	36.04%	36.20%	34.37%	27.13%	26.83%
Profit (Net Income) Margin	16.24%	16.59%	29.53%	31.47%	19.86%	25.81%	25.89%	20.47%	18.89%	18.72%
Tax Burden Percent	125.37%	88.79%	79.66%	80.45%	93.82%	80.39%	80.70%	67.68%	69.64%	69.80%
Interest Burden Percent	100.00%	100.00%	100.00%	88.45%	54.97%	89.08%	88.63%	88.01%	100.00%	100.00%
Effective Tax Rate	8.41%	11.21%	20.34%	19.55%	6.18%	19.61%	19.30%	32.32%	30.36%	30.20%
Return on Invested Capital (ROIC)	1.77%	2.40%	3.13%	3.32%	4.38%	4.12%	4.39%	3.42%	3.22%	2.83%
ROIC Less NNEP Spread (ROIC-NNEP)	3.46%	2.40%	3.13%	3.32%	4.38%	4.12%	4.39%	3.42%	3.22%	2.83%
Return on Net Nonoperating Assets (RNNOA)	2.16%	2.07%	6.20%	5.54%	3.28%	4.37%	5.11%	3.83%	3.43%	3.74%
Return on Equity (ROE)	3.93%	4.47%	9.33%	8.86%	7.66%	8.48%	9.51%	7.25%	6.64%	6.56%
Cash Return on Invested Capital (CROIC)	-7.43%	27.94%	56.03%	-76.78%	23.67%	10.56%	-11.54%	-4.77%	-3.54%	22.17%
Operating Return on Assets (OROA)	0.32%	0.51%	1.23%	1.44%	1.81%	1.38%	1.46%	1.29%	1.01%	0.99%
Return on Assets (ROA)	0.40%	0.46%	0.98%	1.02%	0.93%	0.99%	1.04%	0.77%	0.70%	0.69%
Return on Common Equity (ROCE)	3.84%	4.26%	9.10%	8.47%	7.07%	7.92%	8.94%	6.88%	6.33%	6.36%
Return on Equity Simple (ROE_SIMPLE)	3.66%	4.38%	9.12%	8.72%	7.50%	8.33%	8.82%	7.08%	6.48%	6.41%
Net Operating Profit after Tax (NOPAT)	123	183	366	351	307	327	334	229	200	188
NOPAT Margin	11.87%	16.59%	29.53%	31.47%	19.86%	25.81%	25.89%	20.47%	18.89%	18.72%
Net Nonoperating Expense Percent (NNEP)	-1.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	67.13%	61.27%	52.41%	55.07%	39.98%	54.10%	51.91%	53.21%	55.26%	57.20%
Operating Expenses to Revenue	78.86%	73.79%	60.26%	63.66%	50.23%	62.70%	63.80%	63.31%	66.27%	69.44%
Earnings before Interest and Taxes (EBIT)	134	206	460	493	595	456	466	385	288	270
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	272	335	563	598	681	568	563	501	399	375
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.82	0.78	0.83	0.80	0.61	0.79	0.75	0.98	0.97	0.75
Price to Tangible Book Value (P/TBV)	1.10	1.10	1.19	1.14	0.89	1.21	1.16	1.44	1.47	1.15
Price to Revenue (P/Rev)	3.48	2.81	2.57	2.74	1.47	2.30	2.04	2.69	2.69	2.10
Price to Earnings (P/E)	32.38	18.10	8.98	9.14	7.89	9.35	8.16	13.68	14.91	11.67
Dividend Yield	3.72%	4.13%	3.83%	3.74%	4.86%	3.77%	3.90%	2.51%	2.37%	2.92%
Earnings Yield	3.09%	5.52%	11.14%	10.94%	12.67%	10.69%	12.25%	7.31%	6.71%	8.57%
Enterprise Value to Invested Capital (EV/IC)	0.72	0.73	0.85	0.14	0.66	0.83	0.78	0.89	0.89	0.80
Enterprise Value to Revenue (EV/Rev)	5.09	4.40	5.92	1.82	2.69	5.01	4.99	5.54	5.39	4.81
Enterprise Value to EBITDA (EV/EBITDA)	19.45	14.51	13.04	3.39	6.11	11.17	11.41	12.37	14.31	12.92
Enterprise Value to EBIT (EV/EBIT)	39.32	23.57	15.98	4.11	6.99	13.90	13.79	16.11	19.88	17.94
Enterprise Value to NOPAT (EV/NOPAT)	42.93	26.54	20.06	5.78	13.55	19.41	19.27	27.05	28.54	25.71
Enterprise Value to Operating Cash Flow (EV/OCF)	9.11	10.97	8.68	3.83	7.56	11.05	12.95	13.53	8.91	16.07
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.28	1.12	0.00	2.51	7.56	0.00	0.00	0.00	3.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.59	1.14	0.00	0.55	0.96	1.17	1.16	1.08	1.05
Long-Term Debt to Equity	0.61	0.59	1.14	0.00	0.53	0.95	1.16	1.14	0.89	0.91
Financial Leverage	0.63	0.86	1.98	1.67	0.75	1.06	1.16	1.12	1.07	1.32
Leverage Ratio	9.79	9.82	9.50	8.65	8.21	8.57	9.13	9.42	9.43	9.50
Compound Leverage Factor	9.79	9.82	9.50	7.65	4.51	7.63	8.09	8.29	9.43	9.50
Debt to Total Capital	37.89%	37.28%	53.33%	0.00%	35.40%	48.96%	53.87%	53.66%	51.97%	51.18%
Short-Term Debt to Total Capital	0.00%	0.00%	0.24%	0.00%	0.94%	0.42%	0.55%	0.97%	9.07%	6.70%
Long-Term Debt to Total Capital	37.89%	37.28%	53.09%	0.00%	34.46%	48.54%	53.32%	52.69%	42.91%	44.48%
Preferred Equity to Total Capital	0.00%	2.92%	2.26%	0.00%	5.58%	3.34%	3.13%	2.29%	2.48%	2.02%
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	62.11%	59.80%	44.41%	100.00%	59.02%	47.70%	43.00%	44.05%	45.54%	46.80%
Debt to EBITDA	9.90	7.42	8.15	0.00	3.29	6.62	7.84	7.48	8.38	8.22
Net Debt to EBITDA	6.15	4.66	7.04	0.00	2.24	5.59	6.28	6.05	6.77	6.96
Long-Term Debt to EBITDA	9.90	7.42	8.11	0.00	3.21	6.57	7.76	7.34	6.92	7.14
Debt to NOPAT	21.86	13.56	12.53	0.00	7.31	11.51	13.24	16.35	16.70	16.35
Net Debt to NOPAT	13.58	8.51	10.84	0.00	4.97	9.71	10.61	13.23	13.50	13.84
Long-Term Debt to NOPAT	21.86	13.56	12.48	0.00	7.11	11.42	13.10	16.06	13.79	14.21
Noncontrolling Interest Sharing Ratio	2.26%	4.74%	2.47%	4.46%	7.62%	6.67%	5.94%	5.05%	4.67%	3.16%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-518	2,132	6,555	-8,110	1,659	839	-876	-320	-220	1,477
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	1,005.85%	851.27%	754.04%	967.65%	617.42%	551.30%
Free Cash Flow to Firm to Interest Expense	-0.48	2.32	34.88	-112.12	11.07	2.49	-3.19	-2.20	-2.61	19.08
Operating Cash Flow to Interest Expense	0.54	0.48	4.50	7.32	3.67	1.70	1.81	3.15	7.61	3.89
Operating Cash Flow Less CapEx to Interest Expense	0.54	0.48	4.50	7.32	3.30	1.50	1.57	2.83	6.38	3.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.02	0.03	0.03	0.03	0.05	0.04	0.04	0.04	0.04	0.04
Fixed Asset Turnover	2.76	2.94	3.25	2.77	3.62	3.17	3.71	3.39	3.55	3.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,297	6,655	8,604	14,793	6,332	7,684	8,196	6,986	6,437	6,016
Invested Capital Turnover	0.15	0.14	0.11	0.11	0.22	0.16	0.17	0.17	0.17	0.15
Increase / (Decrease) in Invested Capital	642	-1,949	-6,189	8,461	-1,352	-512	1,210	550	420	-1,288
Enterprise Value (EV)	5,287	4,856	7,345	2,028	4,156	6,344	6,429	6,201	5,716	4,840
Market Capitalization	3,615	3,104	3,183	3,053	2,277	2,914	2,634	3,008	2,853	2,113
Book Value per Share	$29.17	$26.37	$25.42	$25.53	$24.33	$23.00	$21.26	$20.36	$19.48	$18.73
Tangible Book Value per Share	$21.65	$18.78	$17.74	$17.78	$16.67	$15.07	$13.75	$13.80	$12.92	$12.18
Total Capital	7,103	6,655	8,604	3,832	6,332	7,684	8,196	6,986	6,437	6,016
Total Debt	2,691	2,481	4,589	0.00	2,242	3,762	4,415	3,749	3,345	3,079
Total Long-Term Debt	2,691	2,481	4,568	0.00	2,182	3,730	4,370	3,681	2,762	2,676
Net Debt	1,672	1,558	3,967	-1,026	1,525	3,174	3,539	3,033	2,703	2,605
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	55	67	66	47	104	55
Net Nonoperating Expense (NNE)	-45	-0.00	0.00	0.00	0.00	-0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	2,886	2,481	4,589	10,962	2,242	3,762	4,415	3,749	3,345	3,079
Total Depreciation and Amortization (D&A)	137	129	104	105	86	112	97	116	112	105
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.73	$1.14	$2.36	$2.20	$1.87	$1.93	$1.92	$1.45	$1.27	$1.20
Adjusted Weighted Average Basic Shares Outstanding	151.93M	149.97M	149.16M	150.77M	153.01M	160.53M	167.35M	150.88M	148.77M	149.35M
Adjusted Diluted Earnings per Share	$0.72	$1.13	$2.34	$2.18	$1.86	$1.91	$1.89	$1.42	$1.26	$1.19
Adjusted Weighted Average Diluted Shares Outstanding	153.35M	150.86M	150.50M	151.99M	153.64M	161.93M	169.73M	153.65M	149.96M	150.60M
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	166.25M	302.18M	301.08M	299.21M	305.66M	312.91M	164.34M	151.69M	151.81M	149.71M
Normalized Net Operating Profit after Tax (NOPAT)	123	183	366	351	307	327	357	229	200	188
Normalized NOPAT Margin	11.87%	16.59%	29.53%	31.47%	19.86%	25.81%	27.71%	20.47%	18.89%	18.72%
Pre Tax Income Margin	12.96%	18.69%	37.08%	39.12%	21.17%	32.10%	32.09%	30.25%	27.13%	26.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.13	0.22	2.45	6.82	3.97	1.35	1.70	2.65	3.41	3.49
NOPAT to Interest Expense	0.11	0.20	1.95	4.85	2.05	0.97	1.21	1.58	2.38	2.43
EBIT Less CapEx to Interest Expense	0.13	0.22	2.45	6.82	3.60	1.15	1.46	2.32	2.18	2.78
NOPAT Less CapEx to Interest Expense	0.11	0.20	1.95	4.85	1.68	0.77	0.98	1.25	1.14	1.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	89.40%	77.09%	36.77%	37.94%	42.50%	38.86%	34.87%	37.41%	38.33%	36.94%
Augmented Payout Ratio	103.94%	80.69%	38.80%	77.20%	67.72%	95.81%	98.90%	41.46%	40.86%	39.68%

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

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

Frequently Asked Questions About Associated Banc's Financials

When does Associated Banc's financial year end?

According to the most recent income statement we have on file, Associated Banc's fiscal year ends in December. Their fiscal 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 for the last 5 years looks like this:

2020: $306.77 million
2021: $350.99 million
2022: $366.12 million
2023: $182.96 million
2024: $168.57 million

See Associated Banc's forecast for analyst expectations on what’s next for the company.

How has Associated Banc 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 5/27/2025 by MarketBeat.com Staff

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Associated Banc (ASB) Financials

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Associated Banc (ASB) Financials

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