Associated Banc Corp Financials

ASB

Source SEC Filings (10-K/10-Q) Updated Feb 12, 2026 Currency USD FYE February

Financial Health Signals

Piotroski F-Score Neutral

5/9

Associated Banc Corp passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.30x

For every $1 of reported earnings, Associated Banc Corp generates $1.30 in operating cash flow ($616K OCF vs $475K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Associated Banc Corp (ASB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Export CSV

Key Financial Metrics

Revenue

$530K

YoY-100.0%

5Y CAGR-78.9%

10Y CAGR-53.0%

Associated Banc Corp generated $530K in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$475K

YoY-99.6%

5Y CAGR-72.6%

10Y CAGR-45.0%

Associated Banc Corp reported $475K in net income in fiscal year 2025. This represents a decrease of 99.6% from the prior year.

EPS (Diluted)

$2.77

YoY+284.7%

5Y CAGR+8.3%

10Y CAGR+8.8%

Associated Banc Corp earned $2.77 per diluted share (EPS) in fiscal year 2025. This represents an increase of 284.7% from the prior year.

Cash & Debt

$249K

YoY-100.0%

5Y CAGR-79.7%

10Y CAGR-53.0%

Associated Banc Corp held $249K in cash against $1.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.24

YoY-73.0%

Associated Banc Corp paid $0.24 per share in dividends in fiscal year 2025. This represents a decrease of 73.0% from the prior year.

Shares Outstanding

166M

YoY-0.2%

5Y CAGR+1.7%

10Y CAGR+1.0%

Associated Banc Corp had 166M shares outstanding in fiscal year 2025. This represents a decrease of 0.2% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

89.6%

YoY+83.8pp

5Y CAGR+65.5pp

10Y CAGR+70.8pp

Associated Banc Corp's net profit margin was 89.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 83.8 percentage points from the prior year.

Return on Equity

9.5%

YoY+6.9pp

5Y CAGR+2.0pp

10Y CAGR+3.1pp

Associated Banc Corp's ROE was 9.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.9 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$22K

Associated Banc Corp spent $22K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

ASB Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$530K-100.0%	$2.1B+92.5%	$1.1B-11.0%	$1.2B+17.1%	$1.1B-17.1%	$1.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$972K-99.9%	$1.1B+17.1%	$918.5M+388.7%	$187.9M+159.8%	$72.3M-51.7%	$149.9M
Income Tax	$103K-99.1%	$11.3M-51.0%	$23.1M-75.3%	$93.5M+9.6%	$85.3M+322.3%	$20.2M
Net Income	$475K-99.6%	$123.1M-32.7%	$183.0M-50.0%	$366.1M+4.3%	$351.0M+14.4%	$306.8M
EPS (Diluted)	$2.77+284.7%	$0.72-36.3%	$1.13-51.7%	$2.34+7.3%	$2.18+17.2%	$1.86

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$544.8M-2.1%	$556.6M+2.0%	$545.5M+3.7%	$525.9M-54.2%	$1.1B+248.3%	$329.7M+2.5%	$321.8M-0.3%	$322.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$234.8M-6.6%	$251.4M+2.4%	$245.5M+2.3%	$239.9M-7.2%	$258.4M-7.0%	$277.8M+1.5%	$273.7M+3.1%	$265.5M
Income Tax	$25.8M-12.8%	$29.6M+4.1%	$28.4M+46.3%	$19.4M+220.3%	-$16.1M-180.2%	$20.1M+258.6%	-$12.7M-163.4%	$20.0M
Net Income	$137.1M+9.9%	$124.7M+12.1%	$111.2M+9.4%	$101.7M+162.9%	-$161.6M-283.6%	$88.0M-23.8%	$115.6M+42.4%	$81.2M
EPS (Diluted)	$0.80+9.6%	$0.73+12.3%	$0.65+10.2%	$0.59+153.6%	$-1.10-296.4%	$0.56-24.3%	$0.74+42.3%	$0.52

ASB Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$45.2M-99.9%	$43.0B+4.9%	$41.0B+4.1%	$39.4B+12.3%	$35.1B+5.0%	$33.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$249K-100.0%	$1.0B+10.4%	$923.8M+48.7%	$621.5M-39.4%	$1.0B+43.2%	$716.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.1M-99.9%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B-0.4%	$1.1B
Total Liabilities	$40.2M-99.9%	$38.4B+4.3%	$36.8B+4.1%	$35.4B+13.9%	$31.1B+6.0%	$29.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.0M-99.9%	$837.6M+54.8%	$541.3M+118.2%	$248.1M-0.5%	$249.3M-54.6%	$549.5M
Total Equity	$5.0M-99.9%	$4.6B+10.3%	$4.2B+3.9%	$4.0B-0.2%	$4.0B-1.6%	$4.1B
Retained Earnings	$3.2M-99.9%	$2.9B-0.9%	$2.9B+1.4%	$2.9B+8.7%	$2.7B+8.7%	$2.5B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$45.2B+1.7%	$44.5B+1.1%	$44.0B+1.6%	$43.3B+0.7%	$43.0B+1.9%	$42.2B+1.4%	$41.6B+1.2%	$41.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.7B+33.1%	$1.3B+2.6%	$1.3B+2.2%	$1.2B+20.9%	$1.0B+5.4%	$967.0M+0.8%	$959.1M+12.6%	$851.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B
Total Liabilities	$40.2B+1.6%	$39.6B+1.0%	$39.2B+1.5%	$38.6B+0.5%	$38.4B+1.6%	$37.8B+1.1%	$37.4B+1.1%	$37.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.0B+69.5%	$594.1M+0.1%	$593.5M+0.4%	$591.4M-29.4%	$837.6M-0.8%	$844.3M+57.5%	$536.1M0.0%	$536.1M
Total Equity	$5.0B+2.2%	$4.9B+1.8%	$4.8B+2.0%	$4.7B+1.8%	$4.6B+4.4%	$4.4B+4.0%	$4.2B+1.8%	$4.2B
Retained Earnings	$3.2B+3.0%	$3.1B+2.7%	$3.0B+2.3%	$3.0B+2.1%	$2.9B-6.5%	$3.1B+1.7%	$3.1B+2.6%	$3.0B

ASB Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$616K-99.9%	$580.2M+31.1%	$442.7M-47.7%	$846.6M+59.9%	$529.6M-3.7%	$550.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$1.6M+100.1%	-$2.2B-54.5%	-$1.4B+72.7%	-$5.3B-231.7%	-$1.6B-99.6%	-$793.7M
Financing Cash Flow	$1.7M-99.9%	$1.7B+33.8%	$1.3B-67.6%	$4.0B+193.5%	$1.4B+267.7%	$371.0M
Dividends Paid	$156K-99.9%	$139.2M+7.5%	$129.5M+5.2%	$123.1M+6.1%	$116.1M+3.6%	$112.0M
Share Buybacks	$22K	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$218.1M+38.1%	$158.0M+11.7%	$141.5M+44.1%	$98.2M-52.6%	$207.1M+97.0%	$105.1M-7.4%	$113.5M-26.5%	$154.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$374.9M+22.7%	-$485.3M+23.9%	-$637.5M-401.5%	-$127.1M+87.8%	-$1.0B-101.9%	-$517.9M-36.4%	-$379.8M-37.9%	-$275.3M
Financing Cash Flow	$584.3M+62.3%	$359.9M-31.3%	$523.7M+116.6%	$241.8M-72.9%	$891.4M+111.9%	$420.8M+12.6%	$373.8M+669.4%	$48.6M
Dividends Paid	$40.2M+4.4%	$38.5M+0.1%	$38.5M-0.1%	$38.5M-0.1%	$38.6M+14.8%	$33.6M+0.3%	$33.5M-0.1%	$33.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ASB Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	89.6%+83.8pp	5.8%-10.8pp	16.6%-12.9pp	29.5%-3.6pp	33.2%+9.2pp	24.0%
Return on Equity	9.5%+6.9pp	2.7%-1.7pp	4.4%-4.7pp	9.1%+0.4pp	8.7%+1.2pp	7.5%
Return on Assets	1.1%+0.8pp	0.3%-0.2pp	0.4%-0.5pp	0.9%-0.1pp	1.0%+0.1pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.20+0.0	0.18+0.1	0.13+0.1	0.060.0	0.06-0.1	0.13
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	25.2%+2.8pp	22.4%+2.0pp	20.4%+1.1pp	19.3%+33.4pp	-14.1%-40.8pp	26.7%-9.2pp	35.9%+10.8pp	25.1%
Return on Equity	2.8%+0.2pp	2.6%+0.2pp	2.3%+0.2pp	2.2%	N/A	2.0%-0.7pp	2.7%+0.8pp	1.9%
Return on Assets	0.3%+0.0pp	0.3%+0.0pp	0.3%+0.0pp	0.2%+0.6pp	-0.4%-0.6pp	0.2%-0.1pp	0.3%+0.1pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.20+0.1	0.120.0	0.120.0	0.13-0.1	0.180.0	0.19+0.1	0.130.0	0.13
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Bancfirst Corp BANF

$3.9B

International Bancshares IBOC

$4.5B

United Cmnty Bks Blairsvle Ga UCB

$4.2B

Servisfirst Bancshares Inc SFBS

$4.7B

Grupo Avl Acions AVAL

$5.3B

Frequently Asked Questions

What is Associated Banc Corp's annual revenue?

Associated Banc Corp (ASB) reported $530K in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Associated Banc Corp's revenue growing?

Associated Banc Corp (ASB) revenue declined by 100% year-over-year, from $2.1B to $530K in fiscal year 2025.

Is Associated Banc Corp profitable?

Yes, Associated Banc Corp (ASB) reported a net income of $475K in fiscal year 2025, with a net profit margin of 89.6%.

What is Associated Banc Corp's earnings per share (EPS)?

Associated Banc Corp (ASB) reported diluted earnings per share of $2.77 for fiscal year 2025. This represents a 284.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Associated Banc Corp have?

As of fiscal year 2025, Associated Banc Corp (ASB) had $249K in cash and equivalents against $1.0M in long-term debt.

What is Associated Banc Corp's net profit margin?

Associated Banc Corp (ASB) had a net profit margin of 89.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Associated Banc Corp pay dividends?

Yes, Associated Banc Corp (ASB) paid $0.24 per share in dividends during fiscal year 2025.

What is Associated Banc Corp's return on equity (ROE)?

Associated Banc Corp (ASB) has a return on equity of 9.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Associated Banc Corp's operating cash flow?

Associated Banc Corp (ASB) generated $616K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Associated Banc Corp's total assets?

Associated Banc Corp (ASB) had $45.2M in total assets as of fiscal year 2025, including both current and long-term assets.

Does Associated Banc Corp buy back shares?

Yes, Associated Banc Corp (ASB) spent $22K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Associated Banc Corp have outstanding?

Associated Banc Corp (ASB) had 166M shares outstanding as of fiscal year 2025.

What is Associated Banc Corp's debt-to-equity ratio?

Associated Banc Corp (ASB) had a debt-to-equity ratio of 0.20 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Associated Banc Corp's return on assets (ROA)?

Associated Banc Corp (ASB) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Associated Banc Corp's Piotroski F-Score?

Associated Banc Corp (ASB) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Associated Banc Corp's earnings high quality?

Associated Banc Corp (ASB) has an earnings quality ratio of 1.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.