Associated Bank

ASB · NYSE · Financials · Financials, fiscal 2016 to 2025

ASB · Last close · October 26, 2026

$30.23

Associated Bank's revenue rose 43.3% to $1.5 billion in fiscal 2025. Net income was $475 million, up 285.5%. Its return on equity was 9.9%, up from 2.8% a year earlier. Its efficiency ratio was 57.5%, down from 78.9% a year earlier. It paid out $156 million in dividends and buybacks. The diluted share count rose 8.7%.

Associated Banc-Corp Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0000007789-26-000071 Updated October 18, 2026

Revenue

$1.5B

43.3%

Net income

$475M

285.5%

Return on equity

9.9%

7.1 pts

Return on tangible equity

12.7%

9.2 pts

Efficiency ratio

57.5%

21.3 pts

Market cap

$5.7B

Oct 26 close

P/E

10.5x

On $2.87 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 9.1% a year and net income 10.1% a year, as new shares raised the share count by 11% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value Associated Bank yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Associated Bank's earnings per share of $2.87 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 12.6×, the middle of Associated Bank's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Hancock Whitney, Texas Capital Bancshares, FNB, Prosperity Bancshares.

Earnings growth in the years ahead (% a year) Starts at Associated Bank's revenue growth over the last 3 years, 6.3% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $30.23
Value at this multiple, against the last close: —
Associated Bank's P/E at the last close: 10.5×

Company	Last close	Earnings per share	P/E today
Hancock WhitneyHWC	$72.96	$5.11	14.3×
Texas Capital BancsharesTCBI	$101.61	$7.79	13.0×
Prosperity BancsharesPB	$69.74	$5.77	12.1×
FNBFNB	$18.33	$1.68	10.9×
Associated BankASB	$30.23	$2.87	10.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	23,945	28,487	28,865	29,405	30,786
Deposits	28,466	29,636	33,446	34,648	35,553
Loans to deposits	84.1%	96.1%	86.3%	84.9%	86.6%
Provision for credit losses	−88	33	83	85	54
Provision to average loans	−0.4%	0.1%	0.3%	0.3%	0.2%
Total assets	35,104	39,406	41,016	43,023	45,203
Shareholders' equity	4,025	4,016	4,174	4,606	4,975

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Associated Bank shares on the open market, and 10 insiders sold $9.9 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 3, 2026	Patrick Edward AhernExecutive Vice President	Sold	1,309	$30.85	$40,383	Form 4
Aug 12, 2026	Randall J. EricksonExecutive Vice President	Sold	43,561	$32.04	$1.4 million	Form 4
Aug 12, 2026	Gregory WarsekEVP	Sold	16,300	$32.01	$521,730	Form 4
Aug 4, 2026	John A. UtzExecutive Vice President	Sold	44,465	$31.73	$1.4 million	Form 4
Jul 30, 2026	Randall J. EricksonExecutive Vice President	Sold	90,573	$30.76	$2.8 million	Form 4
Jul 29, 2026	Derek S. MeyerEVP, Chief Financial Officer	Sold	10,000	$30.74	$307,400	Form 4
Jul 28, 2026	Nicole M KitowskiExecutive Vice President	Sold	7,663	$30.91	$236,877	Form 4
Jun 10, 2026	John A. UtzExecutive Vice President	Sold	5,000	$28.83	$144,150	Form 4
Jun 9, 2026	Matthew R BraegerExecutive Vice President	Sold	5,000	$28.17	$140,860	Form 4
May 26, 2026	Dennis DeLoyeExecutive Vice President	Sold	14,299	$28.26	$404,090	Form 4
May 4, 2026	Randall J. EricksonExecutive Vice President	Sold	28,311	$27.84	$788,178	Form 4
May 1, 2026	Randall J. EricksonExecutive Vice President	Sold	2,000	$28.30	$56,600	Form 4

The latest 12 of 19 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Associated Bank side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Associated Bank	FY25	43.3%	31.9%	9.9%	12.7%	57.5%
Hancock Whitney	FY25	4.8%	32.1%	11.3%	14.3%	56.2%	Compare
Texas Capital Bancshares	FY25	34.7%	26.3%	9.4%	9.8%	61.2%	Compare
FNB	FY25	10.6%	32.0%	8.7%	14.1%	57.2%	Compare
Prosperity Bancshares	FY25	4.8%	43.4%	7.2%	13.5%	44.5%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,060	1,074	1,235	1,216	1,277	1,058	1,240	1,103	1,038	1,488
Revenue growth	5.4%	1.3%	15.0%	−1.5%	5.0%	−17.1%	17.1%	−11.1%	−5.9%	43.3%
Net interest income	707	741	880	836	763	726	957	1,040	1,047	1,201
Noninterest income	353	333	356	381	514	332	282	63	−9	286
Noninterest expense	703	709	822	794	776	710	747	814	818	856
Provision for credit losses	70	26	0	16	174	−88	33	83	85	54
Net income	200	229	334	327	307	351	366	183	123	475
Diluted EPS (US$)	1.26	1.42	1.89	1.91	1.86	2.18	2.34	1.13	0.72	2.77
Diluted shares (millions)	150	154	170	162	154	152	150	151	153	167
Payouts
Dividends paid	68	76	106	112	112	116	123	130	139	156
Share buybacks	0	0	0	0	0	0	0	0	0	0
Balance sheet at fiscal year end
Loans, net	19,776	20,519	22,702	22,620	24,068	23,945	28,487	28,865	29,405	30,786
Deposits	21,888	22,786	24,897	23,779	26,482	28,466	29,636	33,446	34,648	35,553
Total assets	29,139	30,484	33,615	32,386	33,420	35,104	39,406	41,016	43,023	45,203
Shareholders' equity	3,091	3,237	3,781	3,922	4,091	4,025	4,016	4,174	4,606	4,975
Ratios
Return on equity	6.6%	7.2%	9.5%	8.5%	7.7%	8.7%	9.1%	4.5%	2.8%	9.9%
Return on tangible common equity	9.4%	10.1%	13.5%	12.0%	10.3%	11.6%	12.4%	5.8%	3.4%	12.7%
Return on assets	0.7%	0.8%	1.0%	1.0%	0.9%	1.0%	1.0%	0.5%	0.3%	1.1%
Efficiency ratio	66.3%	66.0%	66.5%	65.3%	60.8%	67.1%	60.3%	73.8%	78.9%	57.5%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Associated Bank's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Associated Bank.