Associated Banc-Corp
Midwest bank providing commercial, consumer, treasury, mortgage, and wealth services.
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Profile
Takes deposits and provides commercial, small-business, and consumer loans across a six-state Midwest branch network, alongside treasury, equipment-finance, mortgage, and wealth services. Net interest income from loans and securities is the main revenue source, making funding costs and credit performance defining sensitivities.
Provides commercial, small-business, and consumer banking through Associated Bank, alongside treasury management, equipment finance, residential mortgages, auto lending, private banking, and wealth and trust services. Corporate and Commercial Specialty handles larger businesses, developers, municipalities, and specialized finance; Community, Consumer and Business gathers most customer deposits and serves households and smaller companies.
The branch franchise spans Wisconsin, Illinois, Minnesota, Missouri, Iowa, and Nebraska, with additional loan-production offices outside that core. The American National acquisition added Nebraska and Iowa and deepened Minnesota coverage, with integration ongoing. A relationship-driven model combines local offices, digital channels, and specialized commercial capabilities. Revenue comes mainly from net interest income on loans and investment securities, making funding costs, interest-rate spreads, and credit quality central operating dependencies under bank regulation.
Company facts
Categories
Key statistics
Year to date +20.0% · Average volume (30d) 1.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | Piper Sandler | Target | $30 | $34 | ||
| Aug 4, 2026 | Truist Financial | Target | $32 | $33 | ||
| Jul 10, 2026 | Truist Financial | Target | $30 | $32 | ||
| Jul 7, 2026 | Barclays | Reiterate | Overweight | $30 | $34 | |
| Jul 1, 2026 | Raymond James | Reiterate | Outperform | $31 | $35 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $0.72 | $0.66 | −8.6% | $438.0M | $450.4M | +2.8% | +1.82% |
| Apr 23, 2026Q1 FY26 | $0.69 | $0.70 | +1.4% | $384.5M | $383.0M | −0.4% | −2.01% |
| Jan 22, 2026Q4 FY25 | $0.69 | $0.80 | +15.9% | $382.4M | $389.4M | +1.8% | −3.75% |
| Oct 23, 2025Q3 FY25 | $0.68 | $0.73 | +7.8% | $377.4M | $384.8M | +2.0% | +1.07% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $582.1M | $609.8M | $636.2M | $623.7M | $603.9M | $703.7M | |
| Gross profit | $329.1M | $346.3M | $368.8M | $382.4M | $372.0M | $431.0M | |
| Operating income | $121.1M | $139.6M | $154.3M | $162.9M | $152.9M | $159.2M | |
| Net income | $101.7M | $111.2M | $124.7M | $137.1M | $119.6M | $123.6M | |
| Diluted EPS | $0.59 | $0.65 | $0.73 | $0.80 | $0.70 | $0.63 | |
| Gross margin | 56.5% | 56.8% | 58.0% | 61.3% | 61.6% | 61.3% | |
| Operating margin | 20.8% | 22.9% | 24.3% | 26.1% | 25.3% | 22.6% |
Fiscal years (4-quarter sums)FY21 $1.12B · FY22 $1.42B · FY23 $2.02B · FY24 $2.10B · FY25 $2.45B
Revenue by product · Q1 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $6.91B · Total debt $5.70B · Total assets $51.81B · Shareholders' equity $5.64B
Dividends
Raised for 15 straight years — most recently to $0.24 from $0.23 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 1, 2026 | Jun 1 | Jun 15 | $0.24 | |
| Mar 2, 2026 | Mar 2 | Mar 16 | $0.24 | |
| Dec 1, 2025 | Dec 1 | Dec 15 | $0.24 | raised from $0.23 |
| Sep 2, 2025 | Sep 2 | Sep 15 | $0.23 | |
| Jun 2, 2025 | Jun 2 | Jun 16 | $0.23 | |
| Mar 3, 2025 | Mar 3 | Mar 17 | $0.23 | |
| Dec 2, 2024 | Dec 2 | Dec 16 | $0.23 | raised from $0.22 |
| Sep 3, 2024 | Sep 3 | Sep 16 | $0.22 |
Ownership
Shares outstanding 188.72M · Float 160.46M · 85.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 23.27M | 12.33% | 13F | Aug 7, 2026 |
| Dianne S. Lozier | 11.83M | 6.28% | 13G | Apr 6, 2026 |
| Vanguard Portfolio Management LLC | 10.37M | 5.49% | 13F | Aug 13, 2026 |
| Dimensional Fund Advisors LP | 10.04M | 5.32% | 13F | Aug 11, 2026 |
| John F. Kotouc | 9.59M | 5.09% | 13D | Apr 6, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | Gregory Warsek | officer: EVP | −16,300 | $32.01 |
| Aug 12, 2026 | Randall J. Erickson | officer: Executive Vice President | −43,561 | $32.04 |
| Aug 4, 2026 | John A. Utz | officer: Executive Vice President | −44,465 | $31.73 |
| Jul 30, 2026 | Randall J. Erickson | officer: Executive Vice President | −90,573 | $30.76 |
| Jul 29, 2026 | Derek S. Meyer | officer: EVP, Chief Financial Officer | −10,000 | $30.74 |
Peers
- U.S. Bancorp
Largest Midwestern bank; dominant retail and commercial presence across WI/MN/IL
- Old National Bancorp
Midwest regional bank with ~$54B assets, strong in IL, WI, MN, and IN
- Wintrust Financial
~$71B Illinois-anchored Midwest bank with WI/IL commercial overlap
- Fifth Third
Large Midwest–Southeast regional bank with deep Illinois commercial banking scale
- Huntington Bancshares
$204B Midwest bank with IL/MN retail and retained WI commercial presence
- Commerce Bancshares
Missouri-anchored $32B bank with dominant MO/IL commercial and trust franchises
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Associated Banc-Corp | $30.92 | −0.00% | $5.84B | 10.8 | 9.9 | 2.3 | +29.1% |
| U.S. Bancorp | $62.47 | +0.01% | $97.31B | 12.5 | 11.5 | 2.2 | +10.6% |
| Old National Bancorp | $25.85 | +0.02% | $9.89B | 11.4 | 9.5 | 2.5 | +12.3% |
| Wintrust Financial | $161.72 | +5.73% | $10.32B | 12.1 | 11.6 | 2.4 | +10.1% |
| Fifth Third | $54.60 | +0.14% | $49.43B | 18.6 | 11.9 | 3.3 | +45.2% |
| Huntington Bancshares | $16.95 | +0.18% | $34.19B | 12.6 | 9.8 | 2.4 | +47.4% |
| Commerce Bancshares | $58.04 | +0.02% | $8.46B | 14.1 | 13.1 | 3.9 | +11.9% |
| Median | 12.6 | 11.5 | 2.4 | +12.1% |