Associated Banc-Corp (ASB) Stock

Associated Banc-Corp (ASB) is a Financials stock trading at $30.77 (as of 2026-08-20), with a market capitalization of $5.81B and a trailing P/E of 11.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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Understand Associated Banc-Corp: how it makes money

Associated Banc-Corp provides banking and nonbanking products, including lending solutions and deposit and cash management solutions, to individuals and businesses in Wisconsin, Illinois, and Minnesota.

The profit engine is closely tied to how the company manages customer funding (core deposits versus wholesale funding) and how credit performs (tracked through non-accrual and delinquency metrics).

Business quality (Strong): We have strong clarity on business lines and a set of operating KPIs, but no segment-level revenue figures were provided, limiting how precisely we can attribute results across the three reportable segments.

Valuation: At 10× earnings, ASB trades 19% below the Banking average (13×). Note: one-time items can distort reported P/E.

Bull case

  • Customer funding support: Core Customer Deposits Added Since Midpoint of 2023 is 1.4 USD_B, and Core Customer Deposits (Year Over Year) is 1.3 USD_B.
  • Wholesale funding reduction: Aggregated Wholesale Funding Decrease is 2.0 USD_B (and Wholesale Funding Reduction is 5.0 percent).
  • Credit metrics show decreases in non-accrual: Non-Accrual Loans Decrease is 24.0 percent, and Non-Accrual Loan Decrease is 3.0 percent.

Bear case

  • Time deposits declined: Time Deposits Decrease is 1.3 USD_B.
  • Credit still shows measurable levels of issues: Non-Accrual Balances are 0.11 USD_B, and Bank-Wide Delinquencies are 0.09 USD_B.
  • Commercial real estate credit concentration exists in non-accrual metrics: Commercial Real Estate Nonaccrual Loans to Loans is 0.11 percent, and Commercial Real Estate Allowance for Credit Losses on Loans to Loans is 1.68 percent.
Valuation — source: SEC EDGAR (first-party)
Price$30.77
Market Cap$5.81B
P/E Ratio11.9
EV / EBITDA7.2
Price / Book1.03
Price / Sales2.60
DCF Value (model)$43.09
DCF Upside vs Price40.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.17B
Net Margin21.9%
Revenue Growth (YoY)2.4%
EPS Growth (YoY)282.2%
Valuation vs Sector & Industry
Stock P/E11.9
Sector P/E (Financials)15.1
Industry P/E (Banking)12.9
vs Sector-21.3%
vs Industry-7.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($579.79M)
Institutional Holders Tracked10
Congressional Trades (recent)1
Company
SectorFinancials
IndustryBanking
CEOAndrew John Harmening
Employees4,006
CountryUS
IPO Date1980-03-17

Related Companies (Business model: Universal / Commercial Bank; 8 closest by market cap; US-domiciled)

  • United Bankshares, Inc. (UBSI)
  • Glacier Bancorp, Inc. (GBCI)
  • Hancock Whitney Corporation (HWC)
  • Home Bancshares, Inc. (HOMB)
  • Atlantic Union Bankshares Corporation (AUB)
  • Ameris Bancorp (ABCB)
  • First Financial Bankshares, Inc. (FFIN)
  • ServisFirst Bancshares, Inc. (SFBS)
ASB earnings history · ASB institutional & insider holders · ASB KPIs & operating metrics · ASB financials · ASB investor presentations & press releases · ASB SEC filings · ASB peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.