Associated Banc-Corp
- Open
- 30.85
- Day high
- 30.93
- Day low
- 30.54
- Prev close
- 30.92
- Volume
- 2.1M
- Mkt cap
- $5.8B
- P/E (TTM)
- 10.6
- EPS (TTM)
- $2.89
- P/B
- 1.0
- P/S
- 2.3
- Yield
- 3.10%
- Per share
- $0.95
- ▼Insiders net selling -$6.9M over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions accumulating (13F)
Associated Banc-Corp (ASB) is a Financial Services company listed on NYSE. The stock is up 17% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4).
Associated Banc-Corp (ASB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ASB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $0.72 | $0.66 | -8.9% | $450M | +3.3% |
| Apr 23, 2026 | $0.69 | $0.70 | +1.3% | $383M | -0.4% |
| Jan 22, 2026 | $0.69 | $0.80 | +15.9% | $389M | +2.1% |
| Oct 23, 2025 | $0.68 | $0.73 | +8.0% | $385M | +2.7% |
| Jul 24, 2025 | $0.62 | $0.65 | +5.2% | $349M | -5.0% |
| Apr 24, 2025 | $0.57 | $0.59 | +2.6% | $342M | -1.0% |
| Jan 23, 2025 | $0.53 | $0.57 | +7.8% | $320M | -9.6% |
| Oct 24, 2024 | $0.50 | $0.56 | +12.2% | $327M | -1.6% |
| Jul 25, 2024 | $0.52 | $0.52 | +0.2% | $320M | -3.3% |
| Apr 25, 2024 | $0.49 | $0.52 | +5.5% | $321M | -1.9% |
| Jan 25, 2024 | $0.53 | $0.53 | +0.8% | $394M | +39.9% |
| Oct 19, 2023 | $0.53 | $0.53 | +1.0% | $319M | -2.9% |
ASB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 13, 2026 | Warsek Gregoryofficer: EVP | Sell | 13,018 | $32.01 |
| Aug 13, 2026 | Warsek Gregoryofficer: EVP | Sell | 3,282 | $32.00 |
| Aug 13, 2026 | Warsek Gregoryofficer: EVP | Option | 13,018 | $26.00 |
| Aug 13, 2026 | Erickson Randall J.officer: Executive Vice President | Sell | 43,561 | $32.04 |
| Aug 13, 2026 | Erickson Randall J.officer: Executive Vice President | Option | 43,561 | $20.32 |
| Aug 5, 2026 | Utz John A.officer: Executive Vice President | Sell | 44,465 | $31.73 |
| Aug 5, 2026 | Utz John A.officer: Executive Vice President | Option | 24,465 | $25.20 |
| Aug 3, 2026 | Erickson Randall J.officer: Executive Vice President | Option | 26,480 | $25.20 |
| Aug 3, 2026 | Erickson Randall J.officer: Executive Vice President | Sell | 90,573 | $30.75 |
| Jul 30, 2026 | Meyer Derek S.officer: EVP, Chief Financial Officer | Sell | 10,000 | $30.74 |
| Jul 29, 2026 | Kitowski Nicole Mofficer: Executive Vice President | Sell | 6,255 | $30.91 |
| Jul 29, 2026 | Kitowski Nicole Mofficer: Executive Vice President | Sell | 1,408 | $30.91 |
| Jul 22, 2026 | Haddad Michael Jdirector | Grant | 679 | — |
| Jun 17, 2026 | Ludgate Kristen Mdirector | Grant | 38 | $29.22 |
| Jun 17, 2026 | Nettles Cory Ldirector | Grant | 344 | $29.22 |
Source: ASB SEC Form 4 filings, latest Aug 13, 2026. For informational purposes only — not investment advice.
See the full ASB insider & 13F page →Associated Banc-Corp company profile
Overview
Associated Banc-Corp (NASDAQ:ASB) is a regional bank holding company founded in 1861 and headquartered in Green Bay, Wisconsin. The company has grown from its origins as a local Wisconsin bank into a multi-state financial services provider serving customers across Wisconsin, Illinois, and Minnesota through 215 banking branches as of 2021. As one of the larger regional banks in the Upper Midwest, Associated Banc-Corp has evolved through strategic acquisitions and organic growth to become a diversified financial institution offering comprehensive banking, lending, and wealth management services to both individual consumers and commercial clients.
Business
Associated Banc-Corp operates as a traditional regional bank in the financial services sector, providing a comprehensive suite of banking products and services through three main business segments. The banking industry serves as a financial intermediary, taking deposits from customers and lending those funds to borrowers while earning income from the interest rate spread between what they pay depositors and what they charge borrowers. The company's Corporate and Commercial Specialty segment focuses on serving larger business clients and represents a significant portion of the bank's operations. This division provides commercial loans and lines of credit for business operations, commercial real estate financing for property purchases and development, construction loans for building projects, and letters of credit that guarantee payments between businesses. The segment also offers sophisticated cash management solutions including commercial checking accounts, liquidity management, and payables/receivables processing. Additionally, it provides specialized services such as interest rate risk management products that help businesses hedge against fluctuating rates, foreign exchange solutions for international transactions, fiduciary services for employee benefit plans, and institutional asset management. The Community, Consumer, and Business segment serves individual consumers and smaller businesses, offering traditional retail banking products. This includes residential mortgages for home purchases, home equity loans and lines of credit, personal installment loans, auto loans, and small business lending. On the deposit side, this segment provides checking and savings accounts, certificates of deposit (CDs), individual retirement accounts (IRAs), and various investment products including annuities and brokerage services. The segment also encompasses digital banking platforms, debit and credit cards, and money transfer services. The Risk Management and Shared Services segment handles the bank's internal operations, including credit risk assessment, regulatory compliance, technology infrastructure, and other back-office functions that support the customer-facing segments. While this segment doesn't generate direct revenue from external customers, it's essential for maintaining the bank's operational efficiency and regulatory compliance. Based on typical regional bank structures and the company's focus areas, the Corporate and Commercial Specialty segment likely generates approximately 60-65% of total revenue, while the Community, Consumer, and Business segment contributes around 35-40% of revenue.
Revenue model
Associated Banc-Corp generates revenue primarily through net interest income, which is the difference between interest earned on loans and investments and interest paid on deposits and borrowed funds. This represents the core banking business model where the bank acts as a financial intermediary. The company also earns non-interest income through various fee-based services including wealth management fees, transaction processing fees, loan origination fees, and service charges on deposit accounts. The bank's primary customers are businesses and consumers in the Upper Midwest region. Commercial customers include middle-market companies needing lending, cash management, and treasury services, while consumer customers seek traditional banking products like mortgages, auto loans, and deposit accounts. The company has been particularly focused on growing relationships with mass affluent customers - individuals with higher account balances who generate more fee income and maintain larger deposit relationships. Several factors significantly impact the bank's profitability margins. Interest rate environment is the most critical factor - when rates rise, the bank can charge more for loans but must also pay more for deposits, with the timing and magnitude of these changes affecting net interest margin. Credit quality directly impacts profitability through loan loss provisions - economic downturns or industry-specific stress can force the bank to set aside more money for potential loan losses. Deposit competition affects funding costs, as customers may move money to higher-yielding alternatives during rising rate environments. Regulatory changes can impact both costs and revenue opportunities, while economic conditions in the bank's geographic footprint affect loan demand and credit performance. The bank's focus on prime and super-prime lending in areas like auto loans helps maintain better credit quality but may limit growth opportunities during economic expansions.
Competitive moat
Associated Banc-Corp's competitive moat is moderate but not particularly strong compared to larger national banks or specialized financial institutions. The company's primary competitive advantages stem from its regional market presence and established customer relationships in Wisconsin, Illinois, and Minnesota. Local market knowledge and community ties provide some protection against larger national competitors who may lack the same regional focus and customer intimacy. The bank's relationship-based approach to commercial banking creates some customer stickiness, as businesses often value having dedicated relationship managers who understand their specific needs and local market conditions. The company's focus on digital platform improvements and customer experience enhancements, including achieving #1 customer satisfaction rankings in J.D. Power's Upper Midwest region, provides some differentiation in an increasingly commoditized industry. However, the banking industry faces significant competitive pressures that limit moat strength. Larger national banks can offer more competitive pricing, broader product suites, and superior technology platforms. Credit unions often provide better rates to consumers due to their tax-advantaged status. Fintech companies are disrupting traditional banking services with more convenient digital solutions, particularly in payments, lending, and wealth management. Online banks can offer higher deposit rates by avoiding the costs of physical branch networks. The bank's geographic concentration, while providing local market advantages, also creates vulnerability to regional economic downturns. Additionally, the relatively small size compared to major national banks limits the company's ability to invest heavily in technology and compete on scale advantages. The regulatory environment continues to favor larger institutions that can better absorb compliance costs, potentially pressuring smaller regional banks over time.
Risks & safety
Associated Banc-Corp demonstrates moderate financial stability typical of a well-established regional bank, though with some areas of concern regarding profitability consistency. 1. Liquidity and Cash Position: The bank maintains substantial liquidity with $521 million in cash and short-term investments as of Q1 2024, providing adequate operational flexibility. 2. Debt and Solvency: Debt-to-equity ratio of 0.63 is reasonable for a bank, though the institution carries typical banking leverage with total liabilities of $38.6 billion against $43.3 billion in total assets. 3. Capital Adequacy: CET1 capital ratio target of 9-9.75% indicates strong regulatory capital position, well above minimum requirements. 4. Profitability Volatility: Significant earnings inconsistency with Q4 2023 showing a net loss of $161 million compared to positive earnings in other quarters, indicating potential asset quality or one-time charge issues. 5. Valuation Metrics: Trading at P/E ratio of 9.15 and price-to-book of 0.79, suggesting the market views the bank as undervalued or facing challenges. 6. Credit Risk: Allowance for credit losses at 1.31% of loans provides reasonable cushion, though economic sensitivity remains a concern given regional concentration. 7. Operational Cash Flow: Positive operating cash flow of $98 million in Q1 2024 demonstrates underlying business cash generation capability.
Recent development
Over the past few years, Associated Banc-Corp has undergone significant strategic transformation through a multi-phase strategic plan. Phase 1 focused on foundational improvements including expanding loan verticals beyond traditional banking, launching a comprehensive digital platform overhaul that achieved 99.9% uptime, and implementing customer retention strategies that reduced attrition by 17% while increasing household acquisition by 20%. The company has made substantial investments in commercial banking talent, hiring 10 high-quality commercial bankers in just 2.5 months and expanding the commercial relationship manager team by 33% since 2022. This talent acquisition strategy supports the bank's focus on relationship-based commercial lending and fee income generation. A key strategic initiative has been the mass affluent strategy, which has successfully attracted over $730 million in net new deposits by targeting higher-net-worth individuals who generate more fee income and maintain larger account balances. This strategy has been complemented by digital banking improvements and enhanced customer experience initiatives that earned the bank #1 customer satisfaction rankings in the Upper Midwest according to J.D. Power. The bank has also undertaken balance sheet repositioning efforts, including selling $969 million in mortgage loans and $800 million in securities to optimize asset mix and reduce interest rate risk. The company has strategically reduced its exposure to third-party originated mortgages and focused on prime and super-prime lending, particularly in auto finance where average FICO scores range from 760-770. Phase 2 of the strategic plan, launched in 2024, emphasizes expense control, organic growth acceleration, and continued balance sheet optimization. The company has achieved $25-30 million in expense run-rate reductions while maintaining disciplined growth targets of 4-6% loan growth and 3-5% core customer deposit growth. Management has indicated that the residential real estate portfolio is expected to decrease to 25% of total loans by end of 2024 as part of the strategic repositioning.
ASB company profile · for informational purposes only — not investment advice.
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