At a glance
Associated Banc-Corp is worth $5.57B, about 11 times its fiscal 2025 earnings. Revenue grew 43.3% to $1.49B in fiscal 2025, with 31.9% kept as profit; over 5 years it has grown 3.1% a year. It pays a 3.2% dividend yield, raised every year for at least 9 years, and returned $663.7M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +24.2% over the past year with dividends reinvested and +9.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.3% in the 2020 crash (S&P 500: 33.7%) and 30.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 4 months after the lows.
The business in plain English
Associated Banc-Corp is a bank holding company: a parent company that owns a bank. Its main subsidiary, Associated Bank, is a national bank based in Green Bay, Wisconsin, with roots in the Bank of Neenah, founded in 1861. It also owns a national trust company in Milwaukee. By total assets at December 31, 2025, it was the largest bank holding company headquartered in Wisconsin. At that date it had 184 branches serving more than 100 communities, mainly in Wisconsin, Illinois, Minnesota and Missouri.
Like most banks, it earns the bulk of its money from net interest income. That is the gap between the interest it collects on loans and securities and the interest it pays on deposits and borrowings. In 2025, net interest income was about $1.20 billion of $1.49 billion in total revenue. The other $286 million was noninterest income from sources such as overdraft fees, mortgage banking, card services and investment management. At September 30, 2026, the company held $36.1 billion of loans and $40.4 billion of deposits.
The business is built on customer relationships and reports three segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. It does not depend on any single customer. In November 2025, it agreed to acquire American National for Associated shares, in a deal valued at about $604 million at the time.
Price history
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ASB +24.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $464.4M, up 20.2% from a year earlier, and net income was $146.6M (+17.5%).
- For fiscal 2025, revenue was $1.49B (+43.3% year over year; +3.1% a year from FY2020 to FY2025) with a 31.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.1% watch |
|---|---|
| Return on equity | 9.5% watch |
| Net income / revenue | 31.9% good |
| Deposits | $40.38B |
| Loans | $36.08B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.28B | $306.8M | — |
| FY2021 | $1.06B | $351.0M | — |
| FY2022 | $1.24B | $366.1M | — |
| FY2023 | $1.10B | $183.0M | — |
| FY2024 | $1.04B | $123.1M | — |
| FY2025 | $1.49B | $474.8M | — |
Valuation snapshot
| Market value | $5.57B |
|---|---|
| P/E ratio | 10.8 |
| Dividend yield | 3.2% |
Rank among 1514 US companies
Market value at each year end
Associated Banc-Corp’s market value went from $3.72B at the end of 2016 to $5.57B on Oct 28, 2026, up 50%; since the end of 2025 it is up 30%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.57B | +30.3% |
| 2025 | $4.27B | +18.2% |
| 2024 | $3.61B | +12.0% |
| 2023 | $3.23B | -7.0% |
| 2022 | $3.47B | +2.4% |
| 2021 | $3.39B | +29.5% |
| 2020 | $2.62B | -25.4% |
| 2019 | $3.51B | +7.0% |
| 2018 | $3.28B | -14.6% |
| 2017 | $3.84B | +3.3% |
| 2016 | $3.72B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ASB price data to Oct 28, 2026 | +19.5% | +24.2% | +27.9% | +9.6% | +8.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +19.5% |
| 2025 | +11.9% |
| 2024 | +16.2% |
| 2023 | -2.9% |
| 2022 | +6.0% |
| 2021 | +37.3% |
| 2020 | -18.8% |
| 2019 | +15.1% |
| 2018 | -20.2% |
| 2017 | +5.0% |
| 2016 | +34.8% |
| 2015 | +2.8% |
| 2014 | +9.3% |
| 2013 | +35.4% |
| 2012 | +19.6% |
| 2011 | -26.0% |
| 2010 | +38.0% |
| 2009 | -45.6% |
| 2008 | -18.3% |
| 2007 | -19.1% |
| 2006 | +10.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61.8% over that stretch · deepest drop along the way 61.8%, back to its old high 93 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.4% over that stretch · deepest drop along the way 46.3%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.3% over that stretch · deepest drop along the way 30.2%, back to its old high 3.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.2% | Sep 30, 2026 |
| Vanguard Portfolio Management | 6.64% | Mar 31, 2026 |
| Dianne S. Lozier | 6.28% | Apr 1, 2026 |
| Dimensional Fund Advisors LP | 6% | Mar 31, 2025 |
| STATE STREET CORPORATION | 5.1% | Jun 30, 2025 |
| Vanguard Capital Management | 4.77% | Jun 30, 2026 |
| FMR LLC | 1.2% | Mar 31, 2026 |
ETFs with the most weight in ASB
| SMDV ProShares Russell 2000 Dividend Growers ETF | 0.98% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.78% |
| SVAL iShares US Small Cap Value Factor ETF | 0.49% |
| DFSV Dimensional US Small Cap Value ETF | 0.37% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.32% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.31% |
| IVOV Vanguard S&P Mid-Cap 400 Value ETF | 0.28% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.28% |
What could go wrong
- Integrating the American National acquisition. The all-stock American National deal, valued at about $604 million, issues new shares. Combining the two companies may deliver fewer benefits than planned, and merging computer systems after closing can raise cyber-attack risk.
- Commercial real estate and loan concentrations. The bank holds a significant amount of real estate loans. It expects some instability in commercial real estate as loans refinance in markets with higher vacancies, and falling property values would weaken collateral.
- Reliance on the upper Midwest economy. Branches are concentrated in Wisconsin, Illinois, Minnesota and Missouri. A regional slowdown, or tariffs that hurt business customers' sales and margins, could reduce loan demand and borrowers' ability to repay.
- Uninsured deposits could leave quickly. Some deposit balances exceed the FDIC insurance limit (the federal guarantee on bank accounts). In a panic like the 2023 bank failures, those depositors may withdraw quickly, straining the bank's ready cash.
- Overdraft fees face regulatory scrutiny. The company says overdraft fees make up a significant portion of its noninterest (fee-based) income. Closer scrutiny from bank regulators could force changes that shrink this revenue.
- Interest rate moves hit income and capital. Net interest income, the gap between loan and deposit rates, was about $1.20 billion of 2025's $1.49 billion revenue. Rate moves can shrink it, lower the value of its bond holdings and reduce shareholders' equity.
Recent events
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Executive or board change; Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Unregistered sale of shares; Executive or board change; Other company announcement
- Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Associated Banc-Corp has raised its dividend per share for at least nine consecutive years through fiscal 2025. Regular dividends grew from about $0.73 a share in 2020 to $0.93 in 2025, roughly 5% a year. In 2025, dividends took 32.8% of net income (the payout ratio). But in 2024, the $0.89 dividend exceeded earnings of $0.72 per share. The yield, annual dividends divided by the share price, was 3.2% as of October 28, 2026. No share buybacks are recorded for 2021 through 2025, and the share count rose 23.7% from October 2021 to October 2026, diluting existing owners.
The shares have fallen hard in past downturns. They dropped 61.8% in the 2008 financial crisis and took 93 months to regain their prior peak. They fell 46.3% in the 2020 COVID crash, recovering in about 10 months, and 30.2% in 2022, recovering in about four months. As a single stock, ASB carries more risk than a diversified fund.
Questions investors ask
Does Associated Banc-Corp raise its dividend every year?
Yes. It has raised its dividend per share for at least nine consecutive years through fiscal 2025, and the streak may be longer. Regular dividends grew from about $0.73 a share in 2020 to $0.93 in 2025, roughly 5% a year. Increases aren't guaranteed: the company warns it may reduce or eliminate dividends, and it relies on dividends from its subsidiaries for most of its cash flow.
How does Associated Banc-Corp make money?
Mostly from lending. In 2025, net interest income was about $1.20 billion of its $1.49 billion in revenue. Net interest income is the difference between the interest earned on loans and securities and the interest paid on deposits and borrowings. The remaining $286 million was noninterest income from sources such as overdraft fees, mortgage banking, card services and investment management. It had 184 branches at December 31, 2025, mainly in Wisconsin, Illinois, Minnesota and Missouri.
What is Associated Banc-Corp's dividend yield?
About 3.2%, as of October 28, 2026. Dividend yield is annual dividends divided by the share price, so it moves as the price changes. On that date the shares traded at 10.8 times 2025 earnings (the price-to-earnings, or P/E, ratio). In 2025, dividends paid took 32.8% of net income. The dividend was less well covered in 2024, when the $0.89 dividend per share exceeded earnings of $0.72 per share.
Is Associated Banc-Corp acquiring American National?
Yes, it agreed to. Under a November 30, 2025, agreement, American National would merge into Associated, and its shareholders would receive 36.250 Associated shares for each share they owned. The all-stock deal was valued at about $604 million, based on Associated's November 28, 2025, closing price of $26.29. In its 10-K filed February 12, 2026, the company said it expected the deal to close in the second quarter of 2026, subject to regulatory approvals. It also warned that the combination may not deliver the expected benefits.
How has Associated Banc-Corp stock performed over the long term?
It has gained over the long run, but with deep drops along the way. As of October 28, 2026, its share price return was 8% a year over 10 years (115% in total) and 9.6% a year over five years (58% in total). It rose 24.2% over one year. Its largest drop from a high to a later low in about 21 years of price history was 71.4%. It also fell 61.8% in the 2008 financial crisis and took 93 months to recover.