Start here if you're new
what it is
Associated Banc-Corp is a regional bank serving people and businesses across Wisconsin, Illinois, and Minnesota.
how it gets paid
Revenue line items are n/a in this feed— banks report net interest income and non-interest income, not "sales" like a retailer. Use the 10-K for the real revenue bridge; commercial lending is still the core of the loan book (~65% mix where disclosed).
what just happened
ASB's latest reported quarter beat expectations, with EPS at $0.80 versus a $0.68 estimate.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
60/100 earnings predictability — reasonably predictable
10.1x trailing p/e — the market's not buying it — or you found a deal
3.6% dividend yield — cash in your pocket every quarter
xvary composite: 59/100 — below average
What they do
Associated Banc-Corp is a regional bank serving people and businesses across Wisconsin, Illinois, and Minnesota.
This is a three-state bank, not a national empire. That sounds small until you see net loan losses were just 0.12% of average loans in 2025 and nonperforming assets were 0.41% at 12/31/25. Banking jargon → loan loss reserve of 1.35% of loans → money set aside for bad loans → so what: your bank is not cleaning up a giant credit mess right now.
How they make money
n/a
annual revenue
Commercial lending
n/a
n/a
Consumer lending
n/a
n/a
Fee revenue businesses
n/a
up
Non-banking services
n/a
n/a
The products that matter
takes deposits and makes loans
core banking franchise
$5B market cap · 10.1x p/e
this is the business you actually own: a regional bank priced at 10.1x earnings, which tells you the market expects steadiness, not magic.
main earnings engine
consumer and business relationships
deposit base
B++ strength · 3.6% yield
deposits are the raw material. A B++ balance sheet and 3.6% dividend say the franchise is serviceable, but funding stability still has to be earned every quarter.
funding matters
interest spread plus fees
earnings power
$3.15 fy2027 eps est · 10% roe
the forward setup points to $3.15 in earnings per share and a 10% return on equity. That's respectable. It is not the kind of profitability that bails you out if credit turns.
the bet
Key numbers
10.1x
trailing p/e
P/E → price-to-earnings ratio → what you pay for each dollar of profit → so what: ASB is priced like a no-drama bank despite a huge earnings rebound.
$38
18-mo target
The published 18-month target is $38 versus a $27.85 stock price, which is about $10.15 of upside, or roughly 36%.
3.6%
dividend yield
You get paid 3.6% a year to wait, which matters more when a stock trades in a $23 to $52 18-month range.
0.12%
loan losses
Net loan losses of 0.12% of average loans in 2025 tell you credit quality was clean, which helped the profit rebound stick.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 65 / 100
- return on equity 10% — $0.10 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in ASB 3 years ago → it's now worth $13,260.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
ASB's latest reported quarter beat expectations, with EPS at $0.80 versus a $0.68 estimate.
2025 was the real story. Full-year EPS jumped to $2.77 from $0.72 in 2024 as net interest income hit an organizational high and provision costs eased. The latest quarter in the feed shows ~$974M of total revenue (bank accounting) with EPS about $0.80— do not mix that up with full-year $2.77.
$974M
quarter revenue (bank)
$0.80
quarter EPS
17.65%
surprise
the number that mattered
The jump from $0.72 in 2024 EPS to $2.77 in 2025 EPS matters most because it shows this was not a tiny beat. It was a full reset in profitability.
-
associated banc-corp performed well in 2025.
-
the wisconsin-based bank posted record-setting performances for both net income and earnings per share last year.
-
results were driven in part by a strong surge in net interest income (nii), which reached a new organizational high of $1.2 billion (+15% vs. prior year) on the back of commercial loan growth, a strategic shift to higher-yielding assets, and nii margin expansion.
-
lower provision costs were also supportive of the bottom line, along with an acceleration in fee revenues, highlighted by improved capital markets and mortgage banking activity.
-
our presentation calls for continued earnings improvement this year.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is net interest margin compression if deposit costs stay high.
med
net interest margin pressure
This is a spread business. If funding costs stay elevated while loan yields stop improving, the earnings case behind a 10.1x trailing multiple gets thinner fast.
hits the core profit engine
med
credit quality deterioration
Regional banks look boring right up until loan losses rise. ASB's 10% return on equity is respectable, but not so high that it can absorb a meaningful credit stumble without investors noticing.
pressures earnings and valuation at the same time
low
deposit competition
There is no moat in the tech-platform sense here. If customers demand higher rates or move cash elsewhere, the funding base gets more expensive and the local-franchise argument weakens.
raises funding costs
med
limited margin for disappointment near the top of the range
At $27.85, the stock is already close to its $30 52-week high. When a below-average-rated bank trades near the top of its own range, you need execution to keep doing the work.
less room for multiple expansion
For a bank yielding 3.6% and trading at 8.8x forward earnings, weaker margins or credit costs would directly test both the valuation case and the income case.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
forward earnings versus the current price
$3.15 in fy2027 EPS against a $27.85 stock price implies about 8.8x forward earnings. If that estimate starts slipping, the "cheap" argument weakens immediately.
risk
credit quality, not just valuation
A 10.1x trailing multiple looks fine until losses rise. For regional banks, credit quality is the quiet part. It stays quiet until it doesn't.
trend
institutional buying momentum
Net buying lasted 3 straight quarters through 3q2025. You want to see that support continue if the stock keeps pressing the top end of its $18–$30 range.
cal
the next clean earnings update
This snapshot is light on fresh operating detail. The next earnings release matters more than usual because it should tell you whether margin improvement is real or still just the hope embedded in the stock.
Analyst rankings
earnings predictability
60 / 100
The earnings stream is decent, not pristine. In human-speak: you should expect a regional bank, not a metronome.
risk rank
3
Safer than roughly 50% of stocks. That's middle-of-the-pack safety, which is exactly where many regional banks live.
price stability
65 / 100
Less chaotic than many cyclicals, but not a bunker stock. Banks stay calm until the market starts worrying about deposits or credit.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 141 buyers vs. 128 sellers in 3q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$23
$52
$28
current price
$38
target midpoint · +36% from current · 3-5yr high: $40 (+45% · 12% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive