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olivLaw · US equity research

Associated Banc-Corp ASB

State Commercial Banks · SIC 6022 · Vertical: State Commercial Banks (SIC 6022)

31.35USD+1.36% · 1 dayClose 04 Nov 2026

Associated Banc-Corp is a bank holding company based in Green Bay, Wisconsin, serving customers across four Midwest states with banking and nonbanking services. Attention has grown after the American National acquisition, which closed in April 2026, and the third quarter of 2026 showed deposit growth and margin expansion, with earnings of $0.76 per common share, or $0.81 excluding nonrecurring items.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Associated Banc-Corp (ASB) stock was 31.35 USD (+1.36% on the day), with market capitalisation 5.8 bn USD, P/E 10.8 on diluted EPS of 2.91 USD over the last 12 months, dividend yield 3.06%, beta 1.11, 52-week range 24.13–32.33 USD. Latest reported quarter (Q3 2026): net income of 146.6 m USD (+17.5% YoY), diluted EPS 0.76 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
5.8 bn USD
shares as of 23 Oct 2026
P/E (TTM)
10.8
Diluted EPS TTM 2.91 · TTM to 30 Sept 2026
E/P (TTM)
9.29%
TTM to 30 Sept 2026
Dividend yield
3.06%
DPS 12m 0.96
Beta (2y)
1.11
Volatility (1y) 24%
52-week range
24.1332.33

Price history

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Technical reading

RSI (14)
67.8
strong (55–70)
Bollinger (20, 2)
27.78 – 31.48
in the upper half of the band · %B 0.97 · band width 12.5%
SMA 50 / 200
29.73 / 28.73
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.43 / 0.20
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+8.0%−1.1%+9.1 pp—
3 months−0.6%−0.5%−0.1 pp—
6 months+8.6%+4.4%+4.2 pp—
Year to date+21.7%+12.3%+9.4 pp—
1 year+25.1%+13.5%+11.6 pp+25.6%
3 years+77.7%+76.4%+1.3 pp+70.2%
5 years+36.2%+63.7%−27.4 pp—
Max drawdown (1y)
−17.1%
06 Feb 2026 → 18 Mar 2026
Max drawdown (5y)
−43.7%
08 Feb 2022 → 16 May 2023
Compound annual growth (5y)
+6.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
unavailable USD
unavailable YoY
Net income
146.6 m USD
+17.5% YoY
Diluted EPS
0.76
+4.1% YoY
net / operating
unavailable / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Interest expense258.4 m240.3 m245.5 m251.4 m234.4 m220.9 m253.3 m256.3 m
Pre-tax income-177.8 m121.1 m139.6 m154.3 m162.9 m152.9 m159.2 m190.0 m
Income tax-16.1 m19.4 m28.4 m29.6 m25.8 m33.2 m35.6 m43.4 m
Net income-161.6 m101.7 m111.2 m124.7 m137.1 m119.6 m123.6 m146.6 m
Diluted EPS-1.01 ≈0.590.650.730.82 ≈0.700.630.76
Operating cash flow207.1 m98.2 m141.5 m ≈158.0 m ≈218.1 m135.9 m207.1 m ≈329.2 m ≈
Dividends paid38.6 m38.5 m38.5 m ≈38.5 m ≈40.2 m40.1 m45.7 m ≈45.2 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 53 percentile of its own 40-quarter history (min 6.3, median 10.6, max 31.0; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue1.2 bn1.2 bn1.3 bn1.1 bn1.2 bn1.1 bnunavailableunavailable
Revenue YoY+15.0%−1.5%+5.0%−17.1%+17.1%−11.0%unavailableunavailable
Net income333.6 m326.8 m306.8 m351.0 m366.1 m183.0 m123.1 m474.8 m
Net income YoY+45.5%−2.0%−6.1%+14.4%+4.3%−50.0%−32.7%+285.5%
Diluted EPS1.891.911.862.182.341.130.722.77
Diluted EPS YoY+33.1%+1.1%−2.6%+17.2%+7.3%−51.7%−36.3%+284.7%
net %27.0%26.9%24.0%33.2%29.5%16.6%unavailableunavailable
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.7 bn USD
Financial debt
902.1 m USD
Net debt
-818.1 m USD
Equity
5.0 bn USD
Total assets
45.2 bn USD
Debt / equity
0.18x
Current ratio
unavailable
ROE
9.9%
ROA
1.1%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Net interest income
2023
1.0 bn
2024
1.0 bn
2025
1.2 bn

SEC (XBRL)· 12 Feb 2026verified

Net fee income
2023
63.2 m
2024
-9.4 m
2025
286.4 m

SEC (XBRL)· 12 Feb 2026verified

Non-interest expense
2023
813.7 m
2024
818.4 m
2025
855.6 m

SEC (XBRL)· 12 Feb 2026verified

Pre-tax income
2023
206.1 m
2024
134.5 m
2025
577.9 m

SEC (XBRL)· 12 Feb 2026verified

Net income
2023
183.0 m
2024
123.1 m
2025
474.8 m

SEC (XBRL)· 12 Feb 2026verified

Diluted EPS
2023
1.13
2024
0.72
2025
2.77

SEC (XBRL)· 12 Feb 2026verified

Dividend per share
2023
0.85
2024
0.89
2025
0.93

SEC (XBRL)· 12 Feb 2026verified

Balance sheet · USD

Cash
2023
923.8 m
2024
1.0 bn
2025
1.7 bn

SEC (XBRL)· 12 Feb 2026verified

Loans
2023
28.9 bn
2024
29.4 bn
2025
30.8 bn

SEC (XBRL)· 12 Feb 2026verified

Total assets
2023
41.0 bn
2024
43.0 bn
2025
45.2 bn

SEC (XBRL)· 12 Feb 2026verified

Deposits
2023
33.4 bn
2024
34.6 bn
2025
35.6 bn

SEC (XBRL)· 12 Feb 2026verified

Short-term debt
2023
326.8 m
2024
470.4 m
2025
307.9 m

SEC (XBRL)· 12 Feb 2026verified

Long-term debt
2023
541.3 m
2024
837.6 m
2025
594.3 m

SEC (XBRL)· 28 Apr 2026verified

Total liabilities
2023
36.8 bn
2024
38.4 bn
2025
40.2 bn

SEC (XBRL)· 12 Feb 2026verified

Equity
2023
4.2 bn †
2024
4.6 bn †
2025
5.0 bn †

SEC (XBRL)· 12 Feb 2026verified

Cash flow · USD

Dividends paid
2023
129.5 m
2024
139.2 m
2025
155.8 m

SEC (XBRL)· 12 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-11.0%
computed by olivLawFY 2023
Revenue CAGR 3Y
-4.8%
computed by olivLawFY 2020 → FY 2023
Revenue CAGR 5Y
-2.2%
computed by olivLawFY 2018 → FY 2023
Net income growth (YoY)
-50.0%
computed by olivLawFY 2023
Net income CAGR 3Y
-15.8%
computed by olivLawFY 2020 → FY 2023
Net income CAGR 5Y
-11.3%
computed by olivLawFY 2018 → FY 2023
EPS growth (YoY)
-51.7%
computed by olivLawFY 2023
EPS CAGR 3Y
-15.3%
computed by olivLawFY 2020 → FY 2023
EPS CAGR 5Y
-9.8%
computed by olivLawFY 2018 → FY 2023

Profitability

Net margin
unavailable
input data missing

Returns

ROE
10.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
1.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
32.9%
computed by olivLawTTM to 30 Sept 2026

Market and valuation

Market capitalisation
5.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
11.0x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
10.8x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
9.3%
computed by olivLawTTM to 30 Sept 2026
P/B
1.1x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
unavailable
input data missing
Dividend yield
3.1%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
2.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Banking

Net interest margin
2.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cost-to-income
57.5%
computed by olivLawTTM to 30 Sept 2026
Loan-to-deposit
89.3%
computed by olivLawbalance sheet at 30 Sept 2026
NPL ratio
unavailable
input data missing
CET1 ratio
unavailable
input data missing
Cost of risk
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 45 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

31.35 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 5.8 bn USD

Key indicators

Market capitalisation
5.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
10.8x
computed by olivLawTTM to 30 Sept 2026
P/B
1.1x
computed by olivLawbalance sheet at 30 Sept 2026
ROE
10.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
unavailable
input data missing
Revenue growth (YoY)
-11.0%
computed by olivLawFY 2023
Dividend yield
3.1%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

16/20 reporting lines present
Latest full fiscal year: 2023
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 23 Oct 2026
Source: SEC (XBRL)published 27 Oct 2026
verified 2464derived 217

Score by group

  • Valuation78
  • Returns73
  • Quality40
  • Balance sheet27
  • Growth0

Estimated value range

Low
29.41
USD per share
Mid
33.34
USD per share
High
37.89
USD per share
Price: 31.35 USD
The price is within the range
Potential to the central value: 6.3% (value / price − 1)
Margin of safety: 6.0% (1 − price / value)
Agreement between methods: high · 5 methods used · 4 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.22 – 45.13 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income29.41 – 30.75 (Mid 30.07)
  • Justified P/B29.06 – 39.08 (Mid 33.34)
  • Dividend discount (DDM)12.22 – 16.44 (Mid 14.02)
  • Peers: P/E31.69 – 37.89 (Mid 34.23)
    31 companies used · median multiple 11.7x · quartiles 10.9x – 13.0x
    ALLY, AUBN, BFST, BNY, BOH, BPOP, BSRR, BWFG, CFFI, CFG, CIVB, COLB, COSO, EWBC, IBCP, INBK, ISBA, JMSB, LKFN, MCHB, MTB, NTRS, OFG, OPBK, ORRF, PEBK, PEBO, RBB, STT, TCBK, UBCP
  • Peers: P/B33.32 – 45.13 (Mid 38.33)
    32 companies used · median multiple 1.3x · quartiles 1.1x – 1.5x
    ALLY, AUBN, AVBH, BFST, BOH, BPOP, BRBS, BSRR, BWFG, CFFI, CFG, CIVB, COLB, COSO, EWBC, FITB, GBCI, IBCP, INBK, ISBA, JMSB, LKFN, MTB, OFG, OPBK, ORRF, PEBK, PEBO, RBB, STT, TCBK, UBCP
Multiple comparisons use the SIC vertical: State Commercial Banks (SIC 6022)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 45/100

FactorValueScoreWeight used
ROE · Quality10.2%37 (vs peers)19%
ROA · Quality1.1%50 (on a fixed band)7%
Cost-to-income · Quality57.5%30 (on a fixed band)12%
Net interest margin · Quality2.8%54 (on a fixed band)7%
EPS CAGR 3Y · Growth-15.3%0 (on a fixed band)10%
Revenue CAGR 3Y · Growth-4.8%0 (on a fixed band)7%
NPL ratio · Balance sheetunavailableunavailable—
Cost of risk · Balance sheetunavailableunavailable—
Loan-to-deposit · Balance sheet89.3%27 (on a fixed band)5%
P/B · Valuation1.1x75 (vs peers)12%
P/E (TTM) · Valuation10.8x80 (vs peers)12%
Dividend yield · Returns3.1%73 (vs peers)10%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial27/100 · 1/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality40/100 · 4/4 factors with a value
  • Returns73/100 · 1/1 factors with a value
  • Valuation78/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Associated Banc-Corp (ASB). Latest full fiscal year: 2023; data up to 2026-09-30.

Figures computed from the financial statements: net interest income 1.2 bn USD in 2025; YoY growth -11.0%; ROE 10.2%.

The estimated value range is 29.41–37.89 USD per share (median of 5 methods, agreement: high); assumptions are illustrative. Against the central value of 33.34 USD, the price of 31.35 USD leaves a potential of 6.3% (value / price − 1) and a margin of safety of 6.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • P/B: 1.1x
  • P/E (TTM): 10.8x
  • Dividend yield: 3.1%

What contradicts it

  • Cost-to-income: 57.5%
  • EPS CAGR 3Y: -15.3%
  • Revenue CAGR 3Y: -4.8%
  • Loan-to-deposit: 89.3%

Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.

Versus the vertical median

State Commercial Banks (SIC 6022) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
10.8x
vertical median 12.3x
below median (−12.6%)
EV/EBITDA
—
vertical median —
P/S
—
vertical median 24.4x
P/B
1.1x
vertical median 1.3x
below median (−18.2%)
ROE
10.2%
vertical median 11.2%
below median (−9.1%)
Net margin
—
vertical median 225.4%
EBIT margin
—
vertical median —
Revenue YoY
-11.0%
vertical median 4.3%
below median (−357.9%)
Net debt/EBITDA
—
vertical median —
Dividend yield
3.1%
vertical median 2.7%
above median (+14.6%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BNYThe Bank Of New York Mellon Corporation102.8 bn16.815.0%32.6%+7.8%+36% / +216%
FITBFifth Third Bancorp49.4 bn18.49.4%—−2.0%+26% / +89%
STTState Street Corporation47.2 bn13.913.1%23.8%+7.3%+46% / +138%
MTBM&T Bank Corp32.4 bn11.710.7%178.1%+7.5%+18% / +75%
NTRSNorthern Trust Corporation32.2 bn13.718.4%28.8%−2.5%+36% / +125%
CFGCitizens Financial Group Inc27.6 bn13.08.9%25.4%+5.6%+22% / +142%
EWBCEast West Bancorp, Inc.18.4 bn12.916.6%—+4.4%+26% / +113%
ALLYAlly Financial Inc.11.8 bn8.89.9%16.8%−3.3%−5% / +35%
BPOPPopular, Inc.10.1 bn10.715.6%—unavailable+38% / +115%
COLBColumbia Banking System, Inc.8.9 bn12.511.0%401.7%+18.8%+13% / +40%
GBCIGlacier Bancorp, Inc.6.5 bn18.68.8%308.8%+7.5%+17% / +48%
ASBAssociated Banc-Corp5.8 bn10.810.2%—−11.0%+25% / +78%
BOHBank Of Hawaii Corporation2.8 bn12.313.6%202.1%−0.1%+9% / +23%
OFGOFG Bancorp2.2 bn10.116.1%—unavailable+30% / +53%
TCBKTriCo Bancshares1.7 bn12.910.4%249.7%+4.1%+12% / +57%
LKFNLakeland Financial Corporation1.6 bn14.115.4%—−2.1%+8% / +13%
PEBOPeoples Bancorp Inc.1.4 bn11.710.1%136.3%+2.3%+34% / +35%
BFSTBusiness First Bancshares, Inc.1.1 bn11.610.1%768.0%+1.2%+27% / +63%
ORRFOrrstown Financial Services, Inc.890.4 m10.214.8%232.4%+36.0%+27% / +89%
IBCPIndependent Bank Corporation822.4 m11.013.5%218.4%+0.3%+14% / +72%
CUBBCustomers Bancorp, Inc.701.4 m2.514.3%—−14.0%−3% / +9%
CIVBCivista Bancshares, Inc.599.1 m11.011.2%276.9%−0.5%+27% / +84%
BWFGBankwell Financial Group, Inc.584.1 m12.914.5%1,437.5%+44.0%+60% / +172%
BSRRSierra Bancorp555.6 m11.114.0%—unavailable+38% / +129%
RBBRBB Bancorp443.9 m10.87.9%720.3%−2.4%+32% / +72%

1- and 3-year price returns: for ASB from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 22 Oct 2026; since then the company filed 10-Q (27 Oct 2026).

In brief

Associated Banc-Corp is a bank holding company based in Green Bay, Wisconsin, serving customers across four Midwest states with banking and nonbanking services. Attention has grown after the American National acquisition, which closed in April 2026, and the third quarter of 2026 showed deposit growth and margin expansion, with earnings of $0.76 per common share, or $0.81 excluding nonrecurring items 3.

SWOT

Strengths

  • The deposit base is broad and relationship-driven, and core deposits grew strongly after the acquisition 3.
  • The company is the largest bank holding company headquartered in Wisconsin, with a branch network across four states 1.
  • The net interest margin improved during 2025 and continued to rise in the third quarter of 2026 13.

Weaknesses

  • The loan portfolio is concentrated in commercial lending, which carries a higher default risk than residential mortgages 1.
  • A large share of deposits is uninsured, which exposes the bank to rapid withdrawals in periods of stress 1.
  • Integrating a large acquisition brought nonrecurring costs and pressure on expenses in the third quarter of 2026 3.

Opportunities

  • Organic growth in urban markets such as Omaha and the Twin Cities could support higher loan and deposit income 3.
  • Noninterest income from wealth management and capital markets has grown and could keep expanding 3.
  • Lower deposit costs, if sustained, could widen the net interest margin in coming quarters 13.

Threats

  • An economic recession could hurt loan quality, deposits and loan demand in the region 1.
  • Falling property values could reduce the value of collateral in the commercial real estate portfolio 1.
  • Changes in trade and banking regulation could alter the bank's operating conditions 1.

Risks

  • Concentration in commercial lendinghigh

    Commercial, construction and commercial real estate loans make up most of the portfolio, and default on a few large loans could affect results 1.

  • Uninsured depositshigh

    A large share of deposits exceeds FDIC insurance limits, which could create liquidity pressure if clients withdraw funds during stress 1.

  • Adequacy of loan loss reservesmedium

    The credit loss allowance could prove insufficient if economic conditions deteriorate, requiring additional provisions 1.

  • Acquisition integrationmedium

    Integrating American National could take longer or cost more than planned, affecting efficiency and profit 3.

  • Trade and banking regulationlow

    Tariffs and changes in banking regulation could alter client costs and the bank's capital requirements 1.

Investment thesis

What would need to be true (bull case)

  • If core deposit growth and net interest margin expansion persist, profit could keep improving after the acquisition 3.
  • The leading regional position in Wisconsin and the wider Midwest network could support organic growth in new markets 13.
  • Share repurchases and higher capital returns could support shareholder value if managed prudently 3.

What would break the thesis

  • If the regional economy cools, commercial loan quality could weaken quickly, affecting profit 1.
  • Reliance on uninsured deposits could expose the bank to unexpected withdrawals during financial stress 1.
  • Nonrecurring integration costs and expense pressure could reduce efficiency if not controlled 3.

What to watch

  • Trend of the net interest margin and cost of depositsQ4 2026
  • Delivery against guidance for loan and deposit growth2026
  • Progress of the American National integration and cost synergies2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 22 Oct 2026; since then the company filed 10-Q (27 Oct 2026).

The business

The American National acquisition, announced in November 2025 as an all-stock deal valued at about 604 million dollars, closed in April 2026 and changed the size and profile of the balance sheet 13. Management has pointed to growth markets such as Omaha and the Twin Cities as levers for organic growth 3.

Segments

Corporate and Commercial Specialty

This segment serves corporate and commercial clients and includes business lending, commercial real estate and capital markets activity, which form a large part of the loan book 1. Commercial loans made up 65 percent of the loan portfolio at December 31, 2025, which makes this segment the most sensitive to the economic cycle 1.

Community, Consumer, and Business

This segment serves retail customers and small businesses with deposits, mortgages, auto loans and wealth management services 13. In the third quarter of 2026, growth in core customer deposits was a main driver of results 3.

Risk Management and Shared Services

This segment groups risk management and shared functions that support the other two segments, without generating direct market revenue 1.

Market context

Associated operates in regional Midwest banking markets, where competition is intense among local banks, out-of-market internet banks, money market funds, brokerage houses and fintech companies 1. On this basis the company holds the position of largest bank holding company in Wisconsin, but its market share is limited by regional competition 1.

Trends

  • Lower reference interest ratesmixed

    Successive cuts to the federal funds rate reduced deposit costs and supported the net interest margin; however, lower rates can also reduce loan yields if the bank does not offset them 1.

  • Tariffs and trade uncertaintyheadwind

    US tariffs on imports and retaliation by trading partners could affect industrial and agricultural clients in the Midwest, with effects on loan quality if their margins shrink 1.

  • Integration of American Nationalmixed

    Integration brought nonrecurring costs in the third quarter of 2026 and widened the customer base, and realizing synergies could support profit growth if integration proceeds as planned 3.

Competitive position

The company competes with local and regional banks, with branches of much larger bank holding companies, with internet banks, mutual funds, brokerage houses and nonbank lenders 1. Competition covers deposits, loans and related services, including on interest rates 1.

Larger competitors with greater financial resources can offer products at greater scale, while fintech and cryptocurrency-related firms draw customers in payments 1.

  • Branches of large bank holding companies

    Subsidiaries of bank holding companies with much larger assets that compete directly for loans and deposits in Midwest markets.

  • Local and regional banks

    Community banks in Associated's markets competing for retail and small business relationships.

  • Internet banks

    Banks operating only online that offer competitive deposit rates in markets without branches.

  • Fintech and payments companies

    Nonbank firms offering payments, credit and digital products, including those tied to cryptocurrencies and stablecoins.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Associated Banc-Corp · 12 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Associated Banc-Corp · 04 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Associated Banc-Corp · 22 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.