Associated Banc (ASB) Financials

$26.28 -0.15 (-0.55%)

Closing price 09/12/2025 03:59 PM Eastern

Extended Trading

$26.24 -0.03 (-0.11%)

As of 09/12/2025 04:57 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
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

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

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

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

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

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

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%

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 Banc (NYSE:ASB) has demonstrated a solid financial performance over the last several quarters, with some fluctuations primarily due to marked changes in non-interest income and provisions for credit losses.

Financial Highlights and Trends:

Q1 2025 showed a strong net income of $101.7 million, a significant recovery from the losses in Q4 2024, reflecting improving operational performance.
Net interest income remains robust, with Q1 2025 reporting $285.9 million, up from $270.3 million in Q4 2024, supported by stable loan and lease interest income around $433 million.
Total assets increased from $41.1 billion in Q1 2024 to $43.3 billion in Q1 2025, highlighting balance sheet growth driven by loans and leases, which increased from approximately $29.1 billion to $30.3 billion.
Deposits grew substantially with interest-bearing deposits rising to over $29 billion in Q1 2025, up from around $27.5 billion in Q1 2024, indicating strong customer deposit inflows.
Operating cash flow remains positive and healthy, with Q1 2025 cash from operating activities near $97.5 million, supporting liquidity and operational strength.
Non-interest income has been volatile, including large negative net realized & unrealized capital losses in Q4 2024 (-$278 million) that depressed total non-interest income to -$207 million, while Q1 2025 recovered somewhat to positive $58.8 million.
Provisions for credit losses have fluctuated, rising to $23 million in prior quarters but moderating to $13 million in Q1 2025, reflecting careful risk management but signaling some asset quality concern.
Marketing and operating expenses have remained elevated but stable, with total non-interest expenses around $210 million in Q1 2025, slightly lower than $224 million in Q4 2024.
Q4 2024 experienced a net loss of $116 million, mostly due to large investment losses and high expenses, showcasing vulnerability to market and credit risk.
The effective tax rate appears volatile, with negative income tax expense in some periods (e.g., Q4 2024), hinting at tax timing differences or valuation allowances that complicate earnings consistency.

Summary: Associated Banc has generally maintained a strong net interest margin and growing asset base, demonstrating resilience in core banking operations. While the bank faced significant volatility in investment results and credit loss provisions in late 2024, the positive earnings rebound in early 2025 is encouraging. Investors should watch for continued stability in non-interest income and credit trends to confirm sustainability of recent improvements. Operational efficiency is steady, but expense control will remain important.

Overall, the financial data suggest a recovery and cautious optimism for Associated Banc's near-term outlook following a challenging quarter at the end of 2024.

09/13/25 05:04 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

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

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 9/13/2025 by MarketBeat.com Staff

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Associated Banc (ASB) Financials

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Associated Banc (ASB) Financials

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