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Earnings transcript
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ASB
Associated Banc-Corp
$28.39
0.61
(2.2%)
| Exchange: | NYSE |
| Market Cap: | 4.711B |
| Shares Outstanding: | 26.643M |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Banks – Regional | |||||
| CEO: | Andrew John Harmening | |||||
| Full Time Employees: | 4006 | |||||
| Address: |
| |||||
| Website: | https://www.associatedbank.com |
Associated Banc-Corp (ASB) functions as a bank holding company, offering a broad spectrum of banking and nonbanking financial solutions to individual consumers and businesses throughout Wisconsin, Illinois, and Minnesota. The company’s operations are divided into three distinct segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The Corporate and Commercial Specialty segment caters to businesses and institutions, providing diverse financing options such as commercial loans, lines of credit, real estate and construction financing, leasing, asset-based lending, and loan syndications. It also offers treasury and cash management services, including business checking and interest-bearing deposit accounts, cash vault services, liquidity solutions, and tools for managing payables and receivables. Specialized financial services encompass interest rate risk management, foreign exchange solutions, and commodity hedging. Fiduciary services include the administration of pension and employee benefit plans, corporate agency services, and institutional asset management. Furthermore, it assists clients with investable funds, offering savings and money market accounts, IRAs, Certificates of Deposit (CDs), fixed and variable annuities, comprehensive brokerage services (full-service, discount, and online), investment advisory, and trust and investment management accounts. Conversely, the Community, Consumer, and Business segment focuses on serving individual consumers and smaller enterprises. Its lending portfolio features residential mortgages, home equity loans and lines of credit, personal and installment loans, auto loans, and business loans and lines of credit. For daily banking needs, this segment provides deposit and transactional services like checking accounts, various card options (credit, debit, and pre-paid), online banking with bill pay functionalities, and money transfer services. The Risk Management and Shared Services segment provides internal support for the company’s overall operations. As of December 31, 2021, Associated Banc-Corp maintained a network of 215 banking branches. Established in 1861, the company’s headquarters are located in Green Bay, Wisconsin.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2,015,826 | 2,104,826 | 2,459,156 |
| Gross Profit | 1,014,326 | 944,384 | 1,433,549 |
| EBITDA | 300,360 | 236,972 | 577,910 |
| Operating Income | 206,052 | 134,459 | 577,910 |
| Net Income | 182,956 | 123,145 | 474,777 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 41,015,855 | 43,023,068 | 45,202,596 |
| Total Liabilities | 36,841,882 | 38,417,507 | 40,227,249 |
| Total Stockholders Equity | 4,173,974 | 4,605,561 | 4,975,347 |
| Total Debt | 2,808,243 | 3,161,811 | 4,170,234 |
| Cash and Cash Equivalents | 909,473 | 997,649 | 574,698 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 442,740 | 580,249 | 615,692 |
| Capital Expenditure | -61,813 | -44,987 | 0 |
| Free Cash Flow | 380,927 | 535,262 | 615,692 |
| Net Income | 182,956 | 123,145 | 474,777 |
| Net Change in Cash | 302,368 | 95,781 | 700,617 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 2,017,781.230 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 2,017,781.691 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 2,017,781.461 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 532,788.662 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 532,788.783 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 532,788.723 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 590,813.033 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 628,407.591 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 604,801.861 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 627,439.806 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 627,439.949 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 627,439.878 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 3.630 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 3.770 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 3.550 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 1 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Revenue Performance: ASB has demonstrated strong revenue growth, as evidenced by historical income statement data showing consistent increases in revenue over recent calendar years. This aligns with positive industry trends in the [industryName] sector, indicating ASB's competitive positioning.
- Solid Financial Health: Key metrics such as a favorable currentRatioTTM and quickRatioTTM suggest strong liquidity, enabling ASB to meet short-term obligations effectively. Additionally, a healthy freeCashFlowYieldTTM reflects operational efficiency and capacity for reinvestment or dividend payouts.
- Strong Market Position: With a market capitalization of [mktCap] and consistent performance metrics (e.g., perf1y, perf5y) outperforming or aligning with sector averages, ASB holds a stable position within the [sectorName] sector, supported by a reputable brand and operational scale ([fullTimeEmployees]).
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates ASB intrinsic value between $34.71 – $51.36 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
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Common questions about ASB valuation
Is Associated Banc-Corp (ASB) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Associated Banc-Corp (ASB) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is ASB a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether ASB trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is ASB’s P/E ratio?
You can see ASB’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for ASB?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is ASB a good long-term investment?
Whether ASB fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
ASB
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