ASSOCIATED BANC-CORP ASB

Financials SIC 6022 - State Commercial Banks NAICS Finance and Insurance › Credit Intermediation and Related Activities › Depository Credit Intermediation › Commercial Banking derived NYSE

Associated Banc-Corp is a bank holding company registered pursuant to the BHC Act. Our bank subsidiary, Associated Bank, traces its history back to the founding of the Bank of Neenah in 1861. We were incorporated in Wisconsin in 1964 and were inactive until 1969 when permission was received from the Federal Reserve to acquire three banks. At December 31, 2025, we owned one nationally chartered commercial bank headquartered in Green Bay, Wisconsin, which serves local communities across the upper Midwest, one nationally chartered trust company headquartered in Milwaukee, Wisconsin, and 12 limited purpose banking and nonbanking subsidiaries either located in or conducting business primarily in our four-state branch footprint (Wisconsin, Illinois, Minnesota, and Missouri) that are closely related or incidental to the business of banking or financial in nature. Measured by total assets reported at December 31, 2025, we are the largest bank holding company headquartered in Wisconsin.

Last close 30.21 2026-10-23
Market cap $5.71B 2026-06-30 share count
52-week range 23.87 - 32.46

Valuation FY2025 figures against the last close

P/S2.6x
P/E10.9x
P/FCF9.3x
EV/EBITDA—
Dividend yield2.7%
Diluted EPS2.77

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $2.17B$2.12B$1.96B$1.15B$1.06B$1.28B$1.22B$1.24B$1.07B$1.06B
Interest expense $971.6M$1.08B$918.5M$187.9M$72.3M$149.9M$336.9M$274.6M$145.4M$84.3M
Pre-tax income $577.9M$134.5M$206.1M$459.6M$436.3M$327.0M$406.5M$413.3M$338.8M$287.6M
Income tax $103.1M$11.3M$23.1M$93.5M$85.3M$20.2M$79.7M$79.8M$109.5M$87.3M
Net income $474.8M$123.1M$183.0M$366.1M$351.0M$306.8M$326.8M$333.6M$229.3M$200.3M
EPS, basic 2.790.731.142.362.201.871.931.921.451.27
EPS, diluted 2.770.721.132.342.181.861.911.891.421.26
Shares, diluted (wtd. avg.) 166.6M153.3M150.9M150.5M152.0M153.6M161.9M169.7M153.6M150.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.72B$1.02B$923.8M$621.5M$1.03B$716.0M$588.7M$876.7M$716.0M$642.2M
Property, plant and equipment $381.6M$379.1M$373.0M$376.9M$385.2M$418.9M$435.3M$363.2M$331.0M$330.3M
Goodwill $1.10B$1.10B$1.10B$1.10B$1.10B$1.11B$1.18B$1.17B$976.2M$972.0M
Other intangibles $22.8M$31.7M$40.5M$49.3M$58.1M$68.3M$88.3M$75.8M$15.6M$15.4M
Total assets $45.20B$43.02B$41.02B$39.41B$35.10B$33.42B$32.39B$33.62B$30.48B$29.14B
Short-term debt $307.9M$470.4M$326.8M$605.9M$354.3M$252.3M$465.1M$157.1M$392.3M$1.09B
Long-term debt $1.01B$1.44B$1.74B$1.44B$1.87B$549.5M$3.21B$3.47B$3.40B$2.76B
Total liabilities $40.23B$38.42B$36.84B$35.39B$31.08B$29.33B$28.46B$29.83B$27.25B$26.05B
Retained earnings $3.23B$2.92B$2.95B$2.90B$2.67B$2.46B$2.38B$2.18B$1.93B$1.70B
Total equity $4.98B$4.61B$4.17B$4.02B$4.02B$4.09B$3.92B$3.78B$3.24B$3.09B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $615.7M$580.2M$442.7M$846.6M$529.6M$550.0M$574.3M$496.6M$458.4M$641.4M
Depreciation and amortisation $50.4M$48.8M$47.0M$45.1M$46.5M$50.6M$58.1M$48.3M$47.0M$32.0M
Investing cash flow -$1.62B-$2.22B-$1.44B-$5.25B-$1.58B-$793.7M$1.62B-$380.9M-$1.40B-$1.65B
Financing cash flow $1.71B$1.73B$1.30B$4.00B$1.36B$371.0M-$2.48B$45.0M$1.01B$1.18B
Dividends paid $155.8M$139.2M$129.5M$123.1M$116.1M$112.0M$111.8M$105.5M$76.4M$67.9M
Buybacks $22.3M$18.3M————$186.1M$213.6M$9.3M$5.1M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000007789-26-000071.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B Revenue, FY2016: 1.1B Net income, FY2016: 200.3M Revenue, FY2017: 1.1B Net income, FY2017: 229.3M Revenue, FY2018: 1.2B Net income, FY2018: 333.6M Revenue, FY2019: 1.2B Net income, FY2019: 326.8M Revenue, FY2020: 1.3B Net income, FY2020: 306.8M Revenue, FY2021: 1.1B Net income, FY2021: 351M Revenue, FY2022: 1.1B Net income, FY2022: 366.1M Revenue, FY2023: 2B Net income, FY2023: 183M Revenue, FY2024: 2.1B Net income, FY2024: 123.1M Revenue, FY2025: 2.2B Net income, FY2025: 474.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.06B $1.07B $1.24B $1.22B $1.28B $1.06B $1.15B $1.96B $2.12B $2.17B
Gross profit — — — — — — — — — —
Net income $200.3M $229.3M $333.6M $326.8M $306.8M $351.0M $366.1M $183.0M $123.1M $474.8M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Officer or director change Item 5.02
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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