Associated Banc-Corp (ASBA) 10-Year Financial Performance & Capital Metrics

ASBA • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutAssociated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. Its Corporate and Commercial Specialty segment offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending, and loan syndications; 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 such as interest rate risk management, foreign exchange solutions, and commodity hedging; fiduciary services such as administration of pension, profit-sharing and other employee benefit plans, fiduciary and corporate agency services, and institutional asset management; and investable funds solutions such as 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. The company's Community, Consumer, and Business segment offers lending solutions, such as residential mortgages, home equity loans and lines of credit, personal and installment loans, auto loans, business loans, and business lines of credit; and deposit and transactional solutions such as checking, credit, debit and pre-paid cards, online banking and bill pay; and money transfer services. As of December 31, 2021, the company operated 215 banking branches. Associated Banc-Corp was founded in 1861 and is headquartered in Green Bay, Wisconsin.Show more

Net Interest Income -$1.08B -25.7%
Total Revenue $953M -6.6%
Net Income $123M -32.7%
Return on Equity 2.81% -37.2%
Net Interest Margin -2.5% -19.9%
Efficiency Ratio 75.39% +10.5%
ROA 0.29% -35.6%
Equity / Assets 10.7% +5.2%
Book Value per Share 30.03 +8.6%
Tangible BV/Share 22.62 +12.7%
Debt/Equity 0.17 -58.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Well capitalized: 10.7% equity/assets
✓Healthy dividend yield of 3.7%
✓Diversified revenue: 100.0% from non-interest income
✓Trading near 52-week high
✓Trading at only 0.8x book value

✗Weaknesses

✗Profits declining 16.8% over 5 years
✗Weak NIM of -2.5%
✗High cost structure: 75.4% efficiency ratio
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.03%

5Y-4.52%

3Y-5.97%

TTM-

Profit (Net Income) CAGR

10Y-3.92%

5Y-16.83%

3Y-28.11%

TTM-6.56%

EPS CAGR

10Y-3.65%

5Y-15.97%

3Y-28.41%

TTM-26.61%

ROCE

10Y Avg1.19%

5Y Avg1.08%

3Y Avg0.9%

Latest0.56%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	0	0	0	0	0	0	0	0	-855.3M	-1.08B
NII Growth %	-	-	-	-	-	-	-	-	-	-0.26%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	0	0	0	0	63.18M	0
Interest Expense	0	0	0	0	0	0	0	0	918.48M	1.08B
Loan Loss Provision	0	0	0	0	0	0	16.19M	9.6M	-1.86B	-1.08B
Non-Interest Income+	968.13M	990.16M	1.05B	1.23B	1.2B	1.12B	1.15B	1.21B	956.55M	952.86M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	968.13M	990.16M	1.05B	1.23B	1.2B	1.12B	1.15B	1.21B	1.02B	952.86M
Revenue Growth %	0.01%	0.02%	0.06%	0.18%	-0.03%	-0.07%	0.02%	0.05%	-0.15%	-0.07%
Non-Interest Expense	698.35M	702.56M	709.13M	821.25M	794.05M	793.74M	709.92M	747.06M	695.56M	718.32M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	304.32M	329.28M	379.32M	487.37M	441.63M	432.47M	471.44M	497.02M	324.18M	234.54M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.02%	0.08%	0.15%	0.28%	-0.09%	-0.02%	0.09%	0.05%	-0.35%	-0.28%
Pretax Income+	269.79M	287.6M	338.77M	413.35M	406.51M	326.97M	436.31M	459.63M	206.05M	134.46M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	81.49M	87.32M	109.5M	79.79M	79.72M	20.2M	85.31M	93.51M	23.1M	11.31M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	179.27M	189.31M	218.56M	321.18M	309.51M	286.43M	331.51M	352.41M	182.96M	123.14M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.02%	0.06%	0.15%	0.47%	-0.04%	-0.07%	0.16%	0.06%	-0.48%	-0.33%
Net Income (Continuing)	188.3M	200.27M	229.26M	333.56M	326.79M	306.77M	350.99M	366.12M	182.96M	123.14M
EPS (Diluted)+	1.19	1.26	1.42	1.89	1.91	1.86	2.18	2.34	1.13	0.80
EPS Growth %	0.03%	0.06%	0.13%	0.33%	0.01%	-0.03%	0.17%	0.07%	-0.52%	-0.29%
EPS (Basic)	1.19	1.26	1.42	1.89	1.91	1.86	2.18	2.34	1.14	0.81
Diluted Shares Outstanding	150.6M	149.96M	153.65M	169.73M	161.93M	153.64M	151.99M	150.5M	150.86M	153.35M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	473.69M	642.23M	643.04M	782.78M	400.23M	716.05M	1.03B	464.76M	498.73M	544.06M
Short Term Investments	0	0	0	0	0	0	0	0	1000K	1000K
Total Investments+	0	0	0	0	0	0	0	0	3.6B	4.58B
Investments Growth %	-	-	-	-	-	-	-	-	-	0.27%
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivables	0	0	0	0	0	0	0	0	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	968.84M	971.95M	976.24M	1.17B	1.18B	1.11B	1.1B	1.1B	1.1B	1.1B
Intangible Assets	77.8M	76.85M	73.96M	144.03M	155.61M	110.22M	112.95M	126.63M	40.47M	31.66M
PP&E (Net)	267.61M	330.31M	330.96M	363.23M	437.47M	419.88M	385.32M	377.36M	372.98M	379.09M
Other Assets	25.92B	27.12B	28.46B	31.16B	30.22B	31.06B	32.48B	37.33B	0	0
Total Current Assets	473.69M	642.23M	643.04M	782.78M	400.23M	716.05M	1.03B	464.76M	4.25B	5.29B
Total Non-Current Assets	27.24B	28.5B	29.84B	32.83B	31.99B	32.7B	34.08B	38.94B	1.52B	1.52B
Total Assets+	27.71B	29.14B	30.48B	33.62B	32.39B	33.42B	35.1B	39.41B	41.02B	43.02B
Asset Growth %	0.03%	0.05%	0.05%	0.1%	-0.04%	0.03%	0.05%	0.12%	0.04%	0.05%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	2.71B	2.79B	1.28B	2.11B	3.21B	2.18B	1.87B	1.44B	1.74B	792.4M
Net Debt	2.23B	2.15B	632.44M	1.32B	2.81B	1.47B	844.69M	977.7M	1.24B	-227.21M
Long-Term Debt	2.71B	2.79B	1.28B	2.11B	3.21B	2.18B	1.87B	1.44B	1.74B	792.4M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	22.07B	23.25B	25.97B	27.73B	25.26B	27.15B	29.21B	33.95B	35.1B	37.63B
Total Current Liabilities	195.8M	226.65M	292.91M	367.82M	294.46M	207.27M	90.55M	317.8M	0	0
Total Non-Current Liabilities	24.58B	25.82B	26.95B	29.47B	28.17B	29.12B	30.99B	35.07B	36.84B	38.42B
Total Liabilities	24.77B	26.05B	27.25B	29.83B	28.46B	29.33B	31.08B	35.39B	36.84B	38.42B
Total Equity+	2.94B	3.09B	3.24B	3.78B	3.92B	4.09B	4.02B	4.02B	4.17B	4.61B
Equity Growth %	0.05%	0.05%	0.05%	0.17%	0.04%	0.04%	-0.02%	-0%	0.04%	0.1%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.06%	0.06%	0.07%	0.09%	0.08%	0.07%	0.08%	0.09%	0.04%	0.03%
Book Value per Share	19.50	20.61	21.07	22.28	24.22	26.63	26.48	26.68	27.67	30.03
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	1.64M	1.63M	1.62M	1.75M	1.75M	1.75M	1.75M	1.75M	1.75M	1.89M
Additional Paid-in Capital	1.46B	1.46B	1.34B	1.71B	1.72B	1.72B	1.71B	1.71B	1.71B	2.05B
Retained Earnings	1.59B	1.7B	1.93B	2.18B	2.38B	2.46B	2.67B	2.9B	2.95B	2.92B
Accumulated OCI	-32.62M	-54.68M	-62.76M	-124.97M	-33.18M	12.62M	-10.32M	-272.8M	-171.1M	-74.42M
Treasury Stock	-204.92M	-170.83M	-134.76M	-246.64M	-400.46M	-456.2M	-546.23M	-525.19M	-512.42M	-482.63M
Preferred Stock	121.38M	159.93M	159.93M	256.72M	256.72M	353.51M	193.19M	194.11M	194.11M	194.11M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	301.21M	641.38M	458.37M	496.57M	574.26M	550.02M	529.55M	846.57M	442.74M	580.25M
Operating CF Growth %	0.51%	1.13%	-0.29%	0.08%	0.16%	-0.04%	-0.04%	0.6%	-0.48%	0.31%
Net Income	188.3M	200.27M	229.26M	333.56M	326.79M	306.77M	350.99M	366.12M	182.96M	123.14M
Depreciation & Amortization	61.86M	59.85M	59.01M	66.01M	80.53M	60.76M	55.35M	53.9M	55.8M	57.66M
Deferred Taxes	-19.39M	-14.16M	-12.52M	-9.58M	-32.59M	-21.93M	-25.73M	47.21M	0	0
Other Non-Cash Items	39.43M	345.59M	165.46M	50.68M	173.13M	193.33M	17.3M	472.98M	131.46M	331.91M
Working Capital Changes	-7.39M	13.67M	-17.36M	29.32M	-31.19M	-31.84M	89.91M	-63.15M	55.19M	29.96M
Cash from Investing+	-1.53B	-1.65B	-1.4B	-380.87M	1.62B	-793.74M	-1.58B	-5.25B	-1.44B	-2.22B
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale/Maturity of Investments	0	0	0	0	0	0	0	0	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	1.13M	-685K	339K	59.47M	551.25M	-31.52M	0	0	0	0
Other Investing	-1.48B	-1.55B	-1.35B	-374.49M	1.13B	-707.54M	-1.53B	-5.19B	-1.44B	-2.36B
Cash from Financing+	674.23M	1.18B	1.01B	44.98M	-2.48B	371.02M	1.36B	4B	1.3B	1.73B
Dividends Paid	-69.56M	-76.76M	-85.76M	-116.3M	-127.01M	-130.38M	-133.17M	-134.64M	-141.03M	-139.2M
Share Repurchases	-98.15M	-25.08M	-46.32M	-246.67M	-186.08M	-77.37M	-137.8M	-6.48M	-6.59M	-24.52M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K
Other Financing	2.09B	1.2B	509.38M	420.3M	-1.9B	1.62B	1.95B	4.56B	1.15B	2.21B
Net Change in Cash+	-558.38M	168.55M	73.78M	160.68M	-287.95M	127.3M	309.47M	-404.06M	302.37M	95.78M
Exchange Rate Effect	0	0	0	2K	0	1K	0	0	0	0
Cash at Beginning	1.03B	473.69M	642.23M	716.02M	876.7M	588.74M	716.05M	1.03B	621.46M	923.82M
Cash at End	473.69M	642.23M	716.02M	876.7M	588.74M	716.05M	1.03B	621.46M	923.82M	1.02B
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	246.57M	537.5M	411M	430.71M	506.8M	495.34M	477.27M	783.86M	380.93M	535.26M
FCF Growth %	0.65%	1.18%	-0.24%	0.05%	0.18%	-0.02%	-0.04%	0.64%	-0.51%	0.41%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.25%	6.28%	6.91%	9.15%	8.04%	7.15%	8.17%	8.77%	4.47%	2.81%
Return on Assets (ROA)	0.66%	0.67%	0.73%	1%	0.94%	0.87%	0.97%	0.95%	0.46%	0.29%
Net Interest Margin	0%	0%	0%	0%	0%	0%	0%	0%	-2.09%	-2.5%
Efficiency Ratio	72.13%	70.95%	67.67%	66.52%	66.14%	70.82%	61.94%	61.91%	68.21%	75.39%
Equity / Assets	10.6%	10.61%	10.62%	11.25%	12.11%	12.24%	11.47%	10.19%	10.18%	10.7%
Book Value / Share	19.5	20.61	21.07	22.28	24.22	26.63	26.48	26.68	27.67	30.03
NII Growth	-	-	-	-	-	-	-	-	-	-25.74%
Dividend Payout	38.8%	40.55%	39.24%	36.21%	41.03%	45.52%	40.17%	38.2%	77.09%	113.03%

Revenue by Segment

	2023	2024
Credit and Debit Card	45.02M	46.92M
Credit and Debit Card Growth	-	4.22%
Financial Service, Other	17.27M	19.5M
Financial Service, Other Growth	-	12.92%

Frequently Asked Questions

Valuation & Price

Associated Banc-Corp (ASBA) has a price-to-earnings (P/E) ratio of 31.0x. This suggests investors expect higher future growth.

Growth & Financials

Associated Banc-Corp (ASBA) saw revenue decline by 6.6% over the past year.

Yes, Associated Banc-Corp (ASBA) is profitable, generating $176.0M in net income for fiscal year 2024 (12.9% net margin).

Dividend & Returns

Yes, Associated Banc-Corp (ASBA) pays a dividend with a yield of 3.66%. This makes it attractive for income-focused investors.

Associated Banc-Corp (ASBA) has a return on equity (ROE) of 2.8%. This is below average, suggesting room for improvement.

Industry Metrics

Associated Banc-Corp (ASBA) has a net interest margin (NIM) of -2.5%. NIM has been under pressure due to interest rate environment.

Associated Banc-Corp (ASBA) has an efficiency ratio of 75.4%. This is higher than peers, suggesting room for cost optimization.

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