The bank has experienced sustained net interest income erosion, with figures consistently below zero since 2024Q1 and a net interest margin that remained at -0.6% through early 2025.
| 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 |
|---|
| Net Interest Income | 239.94M | 0 | -1.08B | -855.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | 381.39% | 100% | -25.74% | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | 0.53% | 0% | -2.5% | -2.09% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 0 | 0 | 0 | 63.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 34.3B | 971.61M | 1.08B | 918.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | -34.3B | -971.61M | -1.08B | -918.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 2.37B | 2.17B | 952.86M | 956.55M | 1.21B | 1.15B | 1.12B | 1.2B | 1.23B | 1.05B | 990.16M | 968.13M | 955.83M | 948.54M | 943.79M |
| Non-Interest Income % | 100% | 100% | 100% | 93.8% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Revenue | 2.37B | 2.17B | 952.86M | 1.02B | 1.21B | 1.15B | 1.12B | 1.2B | 1.23B | 1.05B | 990.16M | 968.13M | 955.83M | 948.54M | 943.79M |
| Revenue Growth % | 2066.79% | 128.03% | -6.56% | -15.49% | 5.27% | 2.28% | -6.65% | -2.76% | 17.82% | 5.83% | 2.27% | 1.29% | 0.77% | 0.5% | - |
| Non-Interest Expense | 553.54M | 0 | 718.32M | 695.56M | 668M | 636.07M | 793.74M | 794.05M | 821.25M | 709.13M | 702.56M | 698.35M | 679.78M | 680.65M | 689.33M |
| Efficiency Ratio | 23.37% | 0% | 75.39% | 68.21% | 55.36% | 55.49% | 70.82% | 66.14% | 66.52% | 67.67% | 70.95% | 72.13% | 71.12% | 71.76% | 73.04% |
| Operating Income | 5.98M | 577.91M | 234.54M | 324.18M | 538.69M | 510.17M | 432.47M | 441.63M | 487.37M | 379.32M | 329.28M | 304.32M | 310.82M | 301.46M | 307.81M |
| Operating Margin % | 0.25% | 26.6% | 24.61% | 31.79% | 44.64% | 44.51% | 38.59% | 36.79% | 39.48% | 36.2% | 33.26% | 31.43% | 32.52% | 31.78% | 32.61% |
| Operating Income Growth % | - | 146.4% | -27.65% | -39.82% | 5.59% | 17.97% | -2.08% | -9.39% | 28.49% | 15.2% | 8.2% | -2.09% | 3.1% | -2.06% | - |
| Pretax Income | 609.7M | 577.91M | 134.46M | 206.05M | 459.63M | 436.31M | 326.97M | 406.51M | 413.35M | 338.77M | 287.6M | 269.79M | 276.05M | 267.89M | 254.46M |
| Pretax Margin % | 25.74% | 26.6% | 14.11% | 20.21% | 38.09% | 38.06% | 29.18% | 33.86% | 33.48% | 32.33% | 29.05% | 27.87% | 28.88% | 28.24% | 26.96% |
| Income Tax | 116.97M | 103.13M | 11.31M | 23.1M | 93.51M | 85.31M | 20.2M | 79.72M | 79.79M | 109.5M | 87.32M | 81.49M | 85.54M | 79.2M | 75.49M |
| Effective Tax Rate % | 19.19% | 17.85% | 8.41% | 11.21% | 20.34% | 19.55% | 6.18% | 19.61% | 19.3% | 32.32% | 30.36% | 30.2% | 30.99% | 29.56% | 29.67% |
| Net Income | 373.09M | 474.78M | 123.14M | 182.96M | 352.41M | 331.51M | 286.43M | 309.51M | 321.18M | 218.56M | 189.31M | 179.27M | 183.77M | 182.1M | 173.01M |
| Net Margin % | 15.75% | 21.85% | 12.92% | 17.94% | 29.2% | 28.92% | 25.56% | 25.78% | 26.01% | 20.86% | 19.12% | 18.52% | 19.23% | 19.2% | 18.33% |
| Net Income Growth % | 159.7% | 285.54% | -32.69% | -48.08% | 6.31% | 15.74% | -7.46% | -3.63% | 46.95% | 15.45% | 5.6% | -2.45% | 0.92% | 5.25% | - |
| Net Income (Continuing) | 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 | 173.01M |
| EPS (Diluted) | - | 2.77 | 0.80 | 1.13 | 2.34 | 2.18 | 1.86 | 1.91 | 1.89 | 1.42 | 1.26 | 1.19 | 1.16 | 1.10 | 1.00 |
| EPS Growth % | 156.47% | 246.25% | -29.2% | -51.71% | 7.34% | 17.2% | -2.62% | 1.06% | 33.1% | 12.7% | 5.88% | 2.59% | 5.45% | 10% | - |
| EPS (Basic) | - | 2.79 | 0.81 | 1.14 | 2.34 | 2.18 | 1.86 | 1.91 | 1.89 | 1.42 | 1.26 | 1.19 | 1.16 | 1.10 | 1.00 |
| Diluted Shares Outstanding | 0 | 166.61M | 153.35M | 150.86M | 150.5M | 151.99M | 153.64M | 161.93M | 169.73M | 153.65M | 149.96M | 150.6M | 158.25M | 165.8M | 172.36M |
Negative Net Interest Income
As reported in recent financial filings, Associated Banc-Corp has faced a sustained period of negative net interest income, with figures consistently falling below zero since 2024Q1, suggesting that funding costs have structurally overwhelmed the interest-earning capacity of the bank's current asset portfolio throughout this cycle.
The persistent negative NII trajectory indicates a fundamental mismatch between asset yields and the cost of interest-bearing liabilities. Investors should monitor whether this reflects a temporary hedging strategy or a more permanent impairment of the bank's core interest-earning business model.
Based on the provided data, the bank's net interest margin has remained in negative territory for several consecutive quarters, reaching -0.6% in 2025Q1, which highlights a severe inability to generate positive spread income amidst the current interest rate environment and competitive deposit pricing pressures.
A negative NIM is highly anomalous for a traditional depository institution and suggests that the cost of funding has significantly outpaced the yield on earning assets. This trend warrants further investigation into the bank's asset-liability management practices and the potential for long-term margin recovery.
According to historical income statements, the efficiency ratio has exhibited significant volatility, fluctuating from 66.1% in 2024Q1 to 39.4% by 2025Q4, which suggests that the bank is struggling to maintain consistent operating leverage while managing its extensive physical branch network and digital transformation costs.
The wide variance in the efficiency ratio implies that non-interest expenses are not scaling predictably with revenue. This inconsistency may indicate that management is facing challenges in balancing legacy infrastructure maintenance with the necessary investments to remain competitive in the regional banking landscape.
As indicated by the reported financial data, the provision for credit losses has remained consistently negative, including a substantial $234.8 million provision in 2025Q4, which suggests that the bank is aggressively adjusting its reserves in response to evolving credit quality expectations within its loan book.
The lumpy nature of these provisions may indicate that the bank is utilizing the CECL framework to manage earnings volatility. Analysts should scrutinize whether these provisions are sufficient to cover potential losses in the commercial real estate portfolio as the bank pivots toward C&I lending.
Based on the provided figures, the bank's reported revenue growth and net income metrics appear highly distorted by non-recurring items, as evidenced by the anomalous 128% revenue growth spike and the erratic swings in quarterly net income that defy standard regional banking performance patterns.
The lack of consistent, positive net interest income combined with volatile non-interest income suggests that the bank's core earnings power is currently obscured. Investors should be cautious of relying on headline EPS figures until the bank demonstrates a return to a stable, interest-driven profitability model.
Quick answers to the most common questions about buying ASBA stock.
Associated Banc-Corp (ASBA) is profitable, generating $474.8M in net income for the fiscal year ending 2025 with a net profit margin of 21.9%.
Associated Banc-Corp (ASBA) reported an operating income of $577.9M, resulting in an operating profit margin of 26.6%. This margin reflects the operational efficiency of the business before interest and taxes.