ASSOCIATED BANC-CORP ASB
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 2.79 | 0.73 | 1.14 | 2.36 | 2.20 | 1.87 | 1.93 | 1.92 | 1.45 | 1.27 |
| EPS, diluted | 2.77 | 0.72 | 1.13 | 2.34 | 2.18 | 1.86 | 1.91 | 1.89 | 1.42 | 1.26 |
| Shares, diluted (wtd. avg.) | $166.6M | $153.3M | $150.9M | $150.5M | $152.0M | $153.6M | $161.9M | $169.7M | $153.6M | $150.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |