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Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products and services to individuals and businesses in Wisconsin, Illinois, Missouri, and Minnesota. It offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset-based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit. The company also provides deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; specialized financial services comprising interest rate risk management and foreign exchange solutions; fiduciary services consisting of administration of pension, profit-sharing and other employee benefit plans, fiduciary and corporate agency services, and institutional asset management services; and investable funds solutions, including savings, money market deposit accounts, IRA accounts, CDs, fixed and variable annuities, full-service, discount, and online investment brokerage; investment advisory services; and trust and investment management accounts. In addition, it offers deposit and transactional solutions, including checking, credit and debit cards, online banking and bill pay, and money transfer services. The company operates loan production offices in Indiana, Kansas, Michigan, New York, Ohio, and Texas. Associated Banc-Corp was founded in 1861 and is headquartered in Green Bay, Wisconsin.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.5B | - | $475M | $579M | 9.9% | 43.7% | 285.5% |
| 2024 | $1.0B | - | $123M | $535M | 2.8% | -6.2% | -32.7% |
| 2023 | $1.1B | - | $183M | $381M | 4.6% | -11.1% | -50.0% |
| 2022 | $1.2B | - | $366M | $784M | 9.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,233.77 | 1,097.35 | 1,029.37 | 1,479.28 |
| Operating Revenue | - | 1,233.77 | 1,097.35 | 1,029.37 | 1,479.28 |
| Selling General And Administration | - | 502.28 | 563.83 | 554.54 | 590.05 |
| Interest Income | - | 1,145.25 | 1,958.05 | 2,122.70 | 2,172.76 |
| Interest Expense | - | 187.93 | 918.48 | 1,075.46 | 971.61 |
| Net Interest Income | - | 957.32 | 1,039.57 | 1,047.25 | 1,201.14 |
| Pretax Income | - | 459.63 | 206.05 | 134.46 | 577.91 |
| Tax Provision | - | 93.51 | 23.10 | 11.31 | 103.13 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.27 | 0.05 | -1.29 | 0.28 |
| Net Income Continuous Operations | - | 366.12 | 182.96 | 123.14 | 474.78 |
| Net Income From Continuing And Discontinued Operation | - | 366.12 | 182.96 | 123.14 | 474.78 |
| Net Income From Continuing Operation Net Minority Interest | - | 366.12 | 182.96 | 123.14 | 474.78 |
| Net Income | - | 366.12 | 182.96 | 123.14 | 474.78 |
| Net Income Common Stockholders | - | 354.62 | 171.46 | 111.64 | 463.28 |
| Net Income Including Noncontrolling Interests | - | 366.12 | 182.96 | 123.14 | 474.78 |
| Normalized Income | - | 365.06 | 182.55 | 137.14 | 473.49 |
| Diluted NI Availto Com Stockholders | - | 354.62 | 171.46 | 111.64 | 463.28 |
| Basic Average Shares | - | 149.16 | 149.97 | 151.93 | 165.08 |
| Diluted Average Shares | - | 150.50 | 150.86 | 153.35 | 166.61 |
| Reconciled Depreciation | - | 68.88 | 94.31 | 102.51 | 102.14 |
| Total Unusual Items | - | 1.34 | 0.45 | -15.28 | 1.56 |
| Total Unusual Items Excluding Goodwill | - | 1.34 | 0.45 | -15.28 | 1.56 |
| Preferred Stock Dividends | - | 11.50 | 11.50 | 11.50 | 11.50 |
| Special Income Charges | - | 0 | 0 | -14.24 | 0 |
| Gain On Sale Of Business | 1.04 | 0 | 0 | - | - |
| Gain On Sale Of Security | - | 33.66 | -34.25 | -122.06 | 32.10 |
| Depreciation Amortization Depletion Income Statement | - | 8.81 | 8.81 | 8.81 | 8.81 |
| Depreciation And Amortization In Income Statement | - | 8.81 | 8.81 | 8.81 | 8.81 |
| General And Administrative Expense | - | 476.75 | 535.43 | 526.40 | 558.44 |
| Other Gand A | 81.69 | - | - | - | - |
| Salaries And Wages | - | 454.10 | 468.36 | 487.96 | 521.72 |
| Insurance And Claims | - | 22.65 | 67.07 | 38.44 | 36.71 |
| Selling And Marketing Expense | - | 25.52 | 28.40 | 28.14 | 31.61 |
| Amortization | - | 8.81 | 8.81 | 8.81 | 8.81 |
| Amortization Of Intangibles Income Statement | - | 8.81 | 8.81 | 8.81 | 8.81 |
| Occupancy And Equipment | - | 79.43 | 76.87 | 73.05 | 75.29 |
| Professional Expense And Contract Services Expense | - | 18.25 | 19.91 | 21.60 | 23.93 |
| Other Non Interest Expense | - | 132.38 | 138.85 | 137.68 | 149.29 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Associated Banc-Corpthis co. | ASB | $5.2B | 11.04 | 1.10 | 9.9% | - |
| Flagstar Bank, National Association | FLG | $5.9B | -33.23 | 0.77 | -2.3% | - |
| Hancock Whitney Corporation | HWC | $5.6B | 11.55 | 1.26 | 10.9% | - |
| Home BancShares, Inc. | HOMB | $5.4B | 11.37 | 1.26 | 11.1% | - |
| Essent Group Ltd. | ESNT | $5.3B |
| - |
| - |
| - |
| - |
| - |
| 7.64 |
| 0.92 |
| 12.0% |
| - |
| Selective Insurance Group, Inc. | SIGI | $5.1B | 11.04 | 1.51 | 13.7% | - |
| Nelnet, Inc. | NNI | $4.7B | 11.06 | 1.26 | 11.4% | - |
| First Financial Bankshares, Inc. | FFIN | $4.6B | 18.28 | 2.42 | 13.2% | - |
| International Bancshares Corporation | IBOC | $4.5B | 11.00 | 1.39 | 12.7% | - |
| Peer Median | - | 11.05 | 1.26 | 11.7% | - | |