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Associated Bank

ASB NYSE Regional Banks Financials FY2016–FY2025

Associated Bank's revenue rose 43.3% to $1.5 billion in fiscal 2025. Net income was $475 million, up 285.5%. Its return on equity was 9.9%, up from 2.8% a year earlier. Its efficiency ratio was 57.5%, down from 78.9% a year earlier. It paid out $156 million in dividends and buybacks. The diluted share count rose 8.7%.

Last close · Oct 23, 2026

$30.21

1.3%
Value it Compare
Revenue Total sales reported in the income statement.
$1.5B
43.3% vs prior year
Efficiency ratio Noninterest expense as a share of revenue. Lower is better for banks.
57.5%
21.3 pts
Net income Profit after all expenses, interest and tax.
$475M
285.7%
Return on equity Net income as a share of average shareholders' equity.
9.9%
7.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
10.5x
On $2.87 EPS (TTM)

What Associated Bank does

No business description yet.

Legal name
Associated Banc-Corp
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000007789-26-000071
0000007789

Revenue and margins

Associated Bank had $1.5B of revenue in fiscal 2025, up 43.3% on the year before.

Revenue
Revenue
Net interest income share and efficiency ratio
Net interest share Efficiency ratio
Net interest income share and efficiency ratio
Net interest share Efficiency ratio

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns and efficiency

For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.

Return on equity, return on tangible equity and efficiency ratio
ROE ROTE Efficiency ratio

Dividends, buybacks and share count

Associated Bank returned $156M to shareholders in fiscal 2025. The diluted share count rose 8.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Associated Bank yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Earnings multiple

Value per share

—

Reference multiples: today 10.5x · peers 12.6x · sector 13.7x.

Balance sheet

Loans, deposits and capital at each fiscal year end.

Loans and deposits
Loans Deposits
Fiscal year endFY21FY22FY23FY24FY25
Loans, net $23.9B$28.5B$28.9B$29.4B$30.8B
Deposits $28.5B$29.6B$33.4B$34.6B$35.6B
Loans / deposits 84.1%96.1%86.3%84.9%86.6%
Total assets $35.1B$39.4B$41.0B$43.0B$45.2B
Shareholders' equity $4.0B$4.0B$4.2B$4.6B$5.0B
Goodwill $1.1B$1.1B$1.1B$1.1B$1.1B
Intangible assets $58.1M$49.3M$40.5M$31.7M$22.8M
Provision / loans −0.4%0.1%0.3%0.3%0.2%

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$8.2M

8 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 3, 2026 Patrick Edward AhernExecutive Vice President Sold 1,309 $30.85 $0.0M Form 4
Aug 12, 2026 Gregory WarsekEVP Sold 16,300 $32.01 $0.5M Form 4
Aug 12, 2026 Randall J. EricksonExecutive Vice President Sold 43,561 $32.04 $1.4M Form 4
Aug 4, 2026 John A. UtzExecutive Vice President Sold 44,465 $31.73 $1.4M Form 4
Jul 30, 2026 Randall J. EricksonExecutive Vice President Sold 90,573 $30.76 $2.8M Form 4
Jul 29, 2026 Derek S. MeyerEVP, Chief Financial Officer Sold 10,000 $30.74 $0.3M Form 4
Jul 28, 2026 Nicole M KitowskiExecutive Vice President Sold 7,663 $30.91 $0.2M Form 4
Jun 10, 2026 John A. UtzExecutive Vice President Sold 5,000 $28.83 $0.1M Form 4
Jun 9, 2026 Matthew R BraegerExecutive Vice President Sold 5,000 $28.17 $0.1M Form 4
May 26, 2026 Dennis DeLoyeExecutive Vice President Sold 14,299 $28.26 $0.4M Form 4
May 4, 2026 Randall J. EricksonExecutive Vice President Sold 28,311 $27.84 $0.8M Form 4
May 1, 2026 Randall J. EricksonExecutive Vice President Sold 2,000 $28.30 $0.1M Form 4

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Associated Bank ASB $5.0B 43.3% — — — 10.5x —
Hancock Whitney HWC $6.3B 4.8% — — — 14.4x — Compare →
Texas Capital Bancshares TCBI $4.7B 34.7% — — — 13.1x — Compare →
FNB FNB $6.6B 10.6% — — — 10.8x — Compare →
Prosperity Bancshares PB $6.6B 4.8% — — — 12.1x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.1B $1.1B $1.2B $1.2B $1.3B $1.1B $1.2B $1.1B $1.0B $1.5B
Net interest income $707M $741M $880M $836M $763M $726M $957M $1.0B $1.0B $1.2B
Noninterest income $353M $333M $356M $381M $514M $332M $282M $63.2M −$9.4M $286M
Noninterest expense $703M $709M $822M $794M $776M $710M $747M $814M $818M $856M
Provision for credit losses $70.0M $26.0M $0.0M $16.0M $174M −$88.0M $33.0M $83.0M $85.0M $54.0M
Pretax income $288M $339M $413M $407M $327M $436M $460M $206M $135M $578M
Income tax $87.3M $110M $79.8M $79.7M $20.2M $85.3M $93.5M $23.1M $11.3M $103M
Net income $200M $229M $334M $327M $307M $351M $366M $183M $123M $475M
Net income to common $191M $220M $323M $312M $288M $334M $355M $172M $112M $463M
Diluted EPS $1.26 $1.42 $1.89 $1.91 $1.86 $2.18 $2.34 $1.13 $0.72 $2.77
Diluted shares 0.15B 0.15B 0.17B 0.16B 0.15B 0.15B 0.15B 0.15B 0.15B 0.17B
Cash flow
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $67.9M $76.4M $106M $112M $112M $116M $123M $130M $139M $156M
Dividends and buybacks $67.9M $76.4M $106M $112M $112M $116M $123M $130M $139M $156M
Balance sheet
Loans, net $19.8B $20.5B $22.7B $22.6B $24.1B $23.9B $28.5B $28.9B $29.4B $30.8B
Deposits $21.9B $22.8B $24.9B $23.8B $26.5B $28.5B $29.6B $33.4B $34.6B $35.6B
Goodwill $972M $976M $1.2B $1.2B $1.1B $1.1B $1.1B $1.1B $1.1B $1.1B
Intangible assets $15.4M $15.6M $75.8M $88.3M $68.3M $58.1M $49.3M $40.5M $31.7M $22.8M
Total assets $29.1B $30.5B $33.6B $32.4B $33.4B $35.1B $39.4B $41.0B $43.0B $45.2B
Preferred stock $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Shareholders' equity $3.1B $3.2B $3.8B $3.9B $4.1B $4.0B $4.0B $4.2B $4.6B $5.0B
Margins
Net margin 18.9% 21.4% 27.0% 26.9% 24.0% 33.2% 29.5% 16.6% 11.9% 31.9%
Net interest share of revenue 66.7% 69.0% 71.2% 68.7% 59.8% 68.6% 77.2% 94.3% 100.9% 80.8%
Efficiency ratio 66.3% 66.0% 66.5% 65.3% 60.8% 67.1% 60.3% 73.8% 78.9% 57.5%
Returns
Return on equity 6.6% 7.3% 9.5% 8.5% 7.7% 8.7% 9.1% 4.5% 2.8% 9.9%
Return on assets 0.7% 0.8% 1.0% 1.0% 0.9% 1.0% 1.0% 0.5% 0.3% 1.1%
Return on tangible equity 9.4% 10.1% 13.5% 12.0% 10.4% 11.6% 12.4% 5.8% 3.4% 12.7%
Growth
Revenue growth 5.4% 1.3% 15.0% −1.5% 5.0% −17.1% 17.2% −11.1% −5.9% 43.3%
Net income growth 6.4% 14.5% 45.5% −2.0% −6.1% 14.4% 4.3% −50.0% −32.7% 285.5%
EPS growth 5.9% 12.7% 33.1% 1.1% −2.6% 17.2% 7.3% −51.7% −36.3% 284.7%
Share count change −0.4% 2.5% 10.5% −4.6% −5.1% −1.1% −1.0% 0.2% 1.7% 8.7%
Financial health
Loans / deposits 90.4% 90.1% 91.2% 95.1% 90.9% 84.1% 96.1% 86.3% 84.9% 86.6%
Provision / loans 0.4% 0.1% 0.0% 0.1% 0.8% −0.4% 0.1% 0.3% 0.3% 0.2%

Source: SEC EDGAR XBRL filings (CIK 0000007789). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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