Operating cash flow remains distorted by accounting adjustments, evidenced by a 1.59 OCF/NI ratio in 2025Q4 that suggests headline earnings are not fully supported by cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 653.39M | 615.69M | 580.25M | 442.74M | 846.57M | 529.55M | 550.02M | 574.26M | 496.57M | 458.37M | 641.38M | 301.21M | 199.51M | 477.96M | 350.48M |
| Operating CF Growth % | 118.61% | 6.11% | 31.06% | -47.7% | 59.86% | -3.72% | -4.22% | 15.65% | 8.33% | -28.53% | 112.94% | 50.97% | -58.26% | 36.37% | - |
| Net Income | 373.09M | 474.78M | 123.14M | 182.96M | 366.12M | 350.99M | 306.77M | 326.79M | 333.56M | 229.26M | 200.27M | 188.3M | 190.51M | 188.69M | 178.97M |
| Depreciation & Amortization | 57.4M | 59.17M | 57.66M | 55.8M | 53.9M | 55.35M | 60.76M | 80.53M | 66.01M | 59.01M | 59.85M | 61.86M | 65.09M | 69.24M | 71.15M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 47.21M | 0 | -21.93M | -32.59M | -9.58M | -12.52M | -14.16M | -19.39M | -14.74M | -17.08M | -16.53M |
| Other Non-Cash Items | 57.56M | 74.86M | 331.91M | 225.38M | 156M | 17.3M | 215.27M | 173.13M | 50.68M | 165.46M | 345.59M | 39.43M | -68.71M | 205.16M | 100.36M |
| Working Capital Changes | 33.89M | 0 | 29.96M | -38.72M | 206.63M | 89.91M | -31.84M | -31.19M | 29.32M | -17.36M | 13.67M | -7.39M | -3.39M | -136K | 534K |
| Cash from Investing | -2.32B | -1.62B | -2.22B | -1.44B | -5.25B | -1.58B | -793.74M | 1.62B | -380.87M | -1.4B | -1.65B | -1.53B | -2.12B | -1.25B | -1.63B |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 4K | 0 | 0 | 64.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | 4K | 0 | 0 | 64.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -31.52M | 551.25M | 59.47M | 339K | -685K | 1.13M | 0 | 0 | 0 |
| Other Investing | -2.31B | -1.62B | -2.17B | -1.44B | -5.19B | -1.53B | -707.54M | 1.13B | -374.49M | -1.35B | -1.55B | -1.48B | -2.07B | -1.19B | -1.55B |
| Cash from Financing | 1.82B | 1.71B | 1.73B | 1.3B | 4B | 1.36B | 371.02M | -2.48B | 44.98M | 1.01B | 1.18B | 674.23M | 2.35B | 639.65M | 1.4B |
| Dividends Paid | -160.17M | -155.77M | -139.2M | -141.03M | -134.64M | -133.17M | -130.38M | -127.01M | -116.3M | -85.76M | -76.76M | -69.56M | -63.71M | -60.15M | -44.83M |
| Share Repurchases | -19.29M | -22.29M | -24.52M | -6.59M | -6.48M | -137.8M | -77.37M | -186.08M | -246.67M | -46.32M | -25.08M | -98.15M | -262.81M | -123.35M | -61.65M |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 373.27M |
| Net Stock Activity | -19.29M | -22.29M | -24.52M | -6.59M | -6.48M | -137.8M | -77.37M | -186.08M | -246.67M | -46.32M | -25.08M | -98.15M | -262.81M | -123.35M | 311.62M |
| Debt Issuance (Net) | 0 | 0 | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 0 |
| Other Financing | 1.7B | 1.87B | 2.21B | 1.15B | 4.56B | 1.95B | 1.62B | -1.9B | 420.3M | 509.38M | 1.2B | 2.09B | 1.83B | -1.25B | 1.45B |
| Net Change in Cash | 153.72M | 700.62M | 95.78M | 302.37M | -404.06M | 309.47M | 127.3M | -287.95M | 160.68M | 73.78M | 168.55M | -558.38M | 429.82M | -135.63M | 737.87M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 2K | 0 | 0 | 0 | 0 | 0 | 616.6M |
| Cash at Beginning | 1.72B | 1.02B | 923.82M | 621.46M | 1.03B | 716.05M | 588.74M | 876.7M | 716.02M | 642.23M | 473.69M | 1.03B | 602.25M | 737.87M | 0 |
| Cash at End | 1.39B | 1.72B | 1.02B | 923.82M | 621.46M | 1.03B | 716.05M | 588.74M | 876.7M | 716.02M | 642.23M | 473.69M | 1.03B | 602.25M | 737.87M |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 678.91M | 615.69M | 535.26M | 380.93M | 783.86M | 477.27M | 495.34M | 506.8M | 430.71M | 411M | 537.5M | 246.57M | 149.11M | 410.24M | 266.51M |
| FCF Growth % | 32.69% | 15.03% | 40.52% | -51.4% | 64.24% | -3.65% | -2.26% | 17.67% | 4.8% | -23.54% | 117.99% | 65.36% | -63.65% | 53.93% | - |
Negative Net Interest Income
According to reported financial statements, Associated Banc-Corp's net income volatility, including a net loss of $161.6 million in 2024Q4, suggests that organic capital generation remains inconsistent, potentially limiting the bank's capacity to fund future loan growth without relying on external capital or balance sheet contraction.
The erratic nature of net income, punctuated by significant quarterly losses, complicates the bank's ability to build a reliable regulatory capital buffer. Investors should monitor whether this earnings instability forces a more conservative approach to risk-weighted asset expansion in the coming quarters.
As indicated by the provided cash flow data, Associated Banc-Corp has maintained consistent dividend payments near $40 million per quarter, even during periods of negative net income, which warrants further investigation into the long-term sustainability of these payouts relative to the bank's underlying cash generation capacity.
The decision to continue dividend distributions while reporting net losses suggests a management priority on shareholder returns that may conflict with the need to retain capital for credit loss absorption. This strategy appears increasingly precarious if the bank's core profitability does not stabilize in the near term.
Based on the reported figures, the bank has consistently recorded substantial negative provisions for credit losses, with a peak of $490.1 million in 2024Q1, suggesting that management is aggressively adjusting its reserve levels in response to perceived credit risks within the regional loan portfolio.
These large, lumpy provisions appear to be the primary driver of the bank's earnings volatility, masking the underlying cash flow performance of the core business. Analysts should interpret these figures as a signal of management's cautious outlook on the credit quality of their commercial and industrial loan segments.
As reported in recent financial filings, the divergence between net income and operating cash flow, such as the 1.59 OCF/NI ratio in 2025Q4, indicates that headline earnings are significantly distorted by non-cash accounting adjustments and the timing of credit loss provisions rather than actual cash generation.
The cash flow statement reveals that the bank's true liquidity position is often obscured by these accounting-driven swings. Investors should look past the headline net income figures to assess the actual cash-generating capability of the bank's interest-earning assets, which appears to be under significant pressure.
Quick answers to the most common questions about buying ASBA stock.
Associated Banc-Corp (ASBA) generated $615.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Associated Banc-Corp (ASBA) generated $615.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Associated Banc-Corp (ASBA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Associated Banc-Corp (ASBA) returned $155.8M to shareholders via cash dividends and spent $22.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.