# Associated Banc-Corp (ASB.US)

Canonical: https://gigainvestors.com/s/ASB

Analysis as of: 2026-10-16T07:26:36.515Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $28.84 per share; close as of 2026-10-15.

Estimated value: low $25.00 per share, central $31.25 per share, high $41.67 per share. Buy at or below the central value $31.25 per share. Valuation as of 2026-10-16T07:26:36.515Z; scenarios are not confidence intervals.

Expected annual return: 10.3% at the stated quote. About 10.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.31×

Chart: Net income; fiscal year observations.

- FY2016: $191M

- FY2017: $220M

- FY2018: $323M

- FY2019: $312M

- FY2020: $288M

- FY2021: $334M

- FY2022: $355M

- FY2023: $171M

- FY2024: $112M

- FY2025: $463M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- median cost/income ratio exceeds 65%

- Bank / P&C ROTE, median of available years: 11.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.7%

- Cost / income, median: 66.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.8%

- FY2017: 10.5%

- FY2018: 14.2%

- FY2019: 13.0%

- FY2020: 11.3%

- FY2021: 12.5%

- FY2022: 13.3%

- FY2023: 5.7%

- FY2024: 3.2%

- FY2025: 12.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 11.1%

- Book return interval: 10 years

- Starting book value per share: $12.15

- Ending book value per share: $23.09

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 10.4%

- FY2017: 8.5%

- FY2018: 3.5%

- FY2019: 15.5%

- FY2020: 17.3%

- FY2021: 10.0%

- FY2022: 5.6%

- FY2023: 18.1%

- FY2024: 17.2%

- FY2025: 6.2%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 1.0%

- Diluted shares, 5-year annual growth: 1.6%

- Share growth excluding flagged crisis recapitalisations: 1.0%

- Five-year share growth excluding flagged crisis recapitalisations: 1.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 2.48×

- Book value created per share: $10.94

- Earnings retained per share after dividends and buybacks: $4.42

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 102

- FY2018: 113

- FY2019: 108

- FY2020: 102

- FY2021: 101

- FY2022: 100

- FY2023: 100

- FY2024: 102

- FY2025: 111

### accounting: pass

- Financial accounting warning count: 0

- Loans, annualized growth: 5.3%

- Deposits, annualized growth: 5.4%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

- Years credit losses exceeded peer median: 4

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 5.7% a year forever · "Associated Banc-Corp Q2 2025 slides: NIM expansion drives updated guidance" (investing.com, Jul 2025) · net income +315%

Story as of 2026-10-16T09:58:19.824Z; price observation 2026-10-15.

The price assumes profits grow 5.7% a year forever

- 2025-07-25: Associated Banc-Corp Stock Gains on Q2 Earnings Beat, NII View Raised ([finance.yahoo.com](https://finance.yahoo.com/news/associated-banc-corp-stock-gains-120800956.html))

- 2026-04-24: Associated Banc-Corp Q1 Earnings Beat as Revenues Rise, Provisions Dip ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/associated-banc-corp-q1-earnings-130100843.html))

### Net income · FY2025

net income +315%; source https://www.sec.gov/Archives/edgar/data/7789/000000778926000071/asb-20251231.htm; observed 2026-02-12.

- FY2016: $191M 

- FY2017: $220M 

- FY2018: $323M 

- FY2019: $312M 

- FY2020: $288M 

- FY2021: $334M 

- FY2022: $355M 

- FY2023: $171M 

- FY2024: $112M 

- FY2025: $463M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 1.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/7789/000000778926000071/asb-20251231.htm#000000778926000071 (filed 2026-02-12); FY2025: revenue 1487545000.

### Why customers stay

It earns 11.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on tangible equity observations [[2016,0.09843908737149926],[2017,0.10544063249899914],[2018,0.14161240689628848],[2019,0.12978049271162162],[2020,0.1126671815371658],[2021,0.12511668221180383],[2022,0.132961444323131],[2023,0.05661397849107317],[2024,0.03218446140142004],[2025,0.12040968876981609]]; median 0.11653843515349094. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 29 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,76758000],[2017,85764000],[2018,116303000],[2019,127006000],[2020,130381000],[2021,133172000],[2022,134637000],[2023,141034000],[2024,150697000],[2025,167273000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/7789/000000778926000071/asb-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 29025000 USD.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/7789/000000778926000071/asb-20251231.htm (filed 2026-02-12); s suggested that real GDP had expanded solidly throughout 2025. The unemployment rate had increased, on net, but remained low relative to historic norms. Consumer price inflation, as measured by the 12-month change in the price index for personal consumption expenditures, decreased compared to its peak level in

14

2023, approaching the Federal Reserve’s two percent inflation objective. The U.S. economy had strong GDP growth, loosening of tight labor markets and slowed inflation in 2025.

While this positive growth may continue in 2026, external factors such as stricter immigration policies, tariffs, and other trade policies, sanctions, geopolitical tensions, high unemployment, civil unrest, and other political or trade-related policies affecting domestic and global markets may cause greater economic uncertainty. Such conditions may adversely affect our asset quality, deposit levels, loan demand and results of operations.

As a result of the economic and geopolitical factors discussed above, financial institutions face heightened credit risk, among other forms of risk. Of note, because we have a significant amount of real estate loans, decreases in real estate values could adversely affect the value of property used as collateral, which, in turn, can adversely affect the value of our loan and investment portfolios. Adverse economic developments, specifically including inflation-related impacts, may have a negative effect on the ability of our borrowers to make timely repayments of their loans or to finance future home purchases. The outlook for CRE is dependent on the economic environment and how major subsectors respond to the interest rate environment and continued higher prices for commodities, goods and services. Credit performance over the medium- and long-term is susceptible to economic and market forces and therefore forecasts remain uncertain; however, some degree of instability in the CRE markets is expected in the coming quarters as loans continue to be refinanced in markets with higher vacancy rates.

Changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations.

The Trump Administration, during its second term beginning 2025, imposed tariffs against goods imported from U.S. trading partners, including Canada, Mexico and China. The tariffs have resulted in threats of retaliatory tariffs against U.S. goods, discussions with the countries which have delayed many of the U.S. imposed tariffs while discussions with each trading partner continue and litigation in the U.S. courts.

Tariffs and trade restrictions may cause the prices of our customers' products to increase, which could reduce demand for such products, or reduce our customers' margins, and adversely impact their revenues, financial results, and ability to service debt

### What the price says

The price assumes profits grow 5.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Price 28.84; FX 1; original perpetual distributable cash 1.2501170664418637; discount 0.1; growth 0.05665336108037921. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $20.30 per share

- 2016-11: $22.85 per share

- 2016-12: $24.70 per share

- 2017-01: $25.30 per share

- 2017-02: $25.75 per share

- 2017-03: $24.40 per share

- 2017-04: $24.90 per share

- 2017-05: $23.85 per share

- 2017-06: $25.20 per share

- 2017-07: $23.95 per share

- 2017-08: $21.90 per share

- 2017-09: $24.25 per share

- 2017-10: $25.30 per share

- 2017-11: $25.50 per share

- 2017-12: $25.40 per share

- 2018-01: $24.75 per share

- 2018-02: $24.70 per share

- 2018-03: $24.85 per share

- 2018-04: $26.45 per share

- 2018-05: $27.60 per share

- 2018-06: $27.30 per share

- 2018-07: $27.00 per share

- 2018-08: $27.25 per share

- 2018-09: $26.00 per share

- 2018-10: $23.18 per share

- 2018-11: $23.17 per share

- 2018-12: $19.79 per share

- 2019-01: $21.65 per share

- 2019-02: $23.28 per share

- 2019-03: $21.35 per share

- 2019-04: $22.69 per share

- 2019-05: $19.81 per share

- 2019-06: $21.14 per share

- 2019-07: $21.67 per share

- 2019-08: $19.24 per share

- 2019-09: $20.25 per share

- 2019-10: $20.11 per share

- 2019-11: $21.44 per share

- 2019-12: $22.04 per share

- 2020-01: $19.93 per share

- 2020-02: $16.93 per share

- 2020-03: $12.79 per share

- 2020-04: $14.14 per share

- 2020-05: $14.01 per share

- 2020-06: $13.68 per share

- 2020-07: $12.84 per share

- 2020-08: $13.44 per share

- 2020-09: $12.62 per share

- 2020-10: $13.69 per share

- 2020-11: $15.32 per share

- 2020-12: $17.05 per share

- 2021-01: $17.94 per share

- 2021-02: $20.15 per share

- 2021-03: $21.34 per share

- 2021-04: $21.89 per share

- 2021-05: $22.99 per share

- 2021-06: $20.48 per share

- 2021-07: $19.80 per share

- 2021-08: $20.62 per share

- 2021-09: $21.42 per share

- 2021-10: $22.28 per share

- 2021-11: $21.90 per share

- 2021-12: $22.59 per share

- 2022-01: $23.90 per share

- 2022-02: $24.39 per share

- 2022-03: $22.76 per share

- 2022-04: $19.95 per share

- 2022-05: $20.70 per share

- 2022-06: $18.26 per share

- 2022-07: $20.10 per share

- 2022-08: $20.04 per share

- 2022-09: $20.08 per share

- 2022-10: $24.35 per share

- 2022-11: $24.60 per share

- 2022-12: $23.09 per share

- 2023-01: $22.41 per share

- 2023-02: $23.15 per share

- 2023-03: $17.98 per share

- 2023-04: $17.83 per share

- 2023-05: $14.81 per share

- 2023-06: $16.23 per share

- 2023-07: $18.95 per share

- 2023-08: $17.33 per share

- 2023-09: $17.11 per share

- 2023-10: $16.21 per share

- 2023-11: $17.74 per share

- 2023-12: $21.39 per share

- 2024-01: $21.01 per share

- 2024-02: $20.84 per share

- 2024-03: $21.51 per share

- 2024-04: $21.07 per share

- 2024-05: $21.42 per share

- 2024-06: $21.15 per share

- 2024-07: $22.98 per share

- 2024-08: $22.88 per share

- 2024-09: $21.54 per share

- 2024-10: $23.74 per share

- 2024-11: $26.69 per share

- 2024-12: $23.90 per share

- 2025-01: $25.14 per share

- 2025-02: $24.85 per share

- 2025-03: $22.53 per share

- 2025-04: $22.06 per share

- 2025-05: $23.17 per share

- 2025-06: $24.39 per share

- 2025-07: $24.74 per share

- 2025-08: $26.97 per share

- 2025-09: $25.71 per share

- 2025-10: $24.77 per share

- 2025-11: $26.29 per share

- 2025-12: $25.76 per share

- 2026-01: $27.26 per share

- 2026-02: $26.41 per share

- 2026-03: $25.86 per share

- 2026-04: $28.16 per share

- 2026-05: $27.81 per share

- 2026-06: $30.77 per share

- 2026-07: $30.88 per share

- 2026-08: $30.61 per share

- 2026-09: $28.65 per share

- 2026-10: $28.84 per share

## Annual estimated value (USD per share)

- FY2016: low $9.42 per share, central $11.78 per share, high $15.70 per share

- FY2017: low $9.82 per share, central $12.27 per share, high $16.36 per share

- FY2018: low $10.71 per share, central $13.38 per share, high $17.84 per share

- FY2019: low $12.54 per share, central $15.68 per share, high $20.91 per share

- FY2020: low $15.56 per share, central $19.45 per share, high $25.93 per share

- FY2021: low $17.49 per share, central $19.24 per share, high $21.37 per share

- FY2022: low $16.64 per share, central $20.80 per share, high $27.73 per share

- FY2023: low $18.94 per share, central $20.83 per share, high $23.14 per share

- FY2024: low $21.32 per share, central $23.46 per share, high $26.06 per share

- FY2025: low $24.93 per share, central $31.16 per share, high $41.55 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/7789/000000778926000071/asb-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Andrew Adams](https://gigainvestors.com/MPF): 270,040 ASB shares; USD 8,309,000 reported position value; 0.08% of portfolio; hold; quarter 2026 Q2.
- [Richard Pzena](https://gigainvestors.com/PIM): 1,990,243 ASB shares; USD 61,240,000 reported position value; 0.18% of portfolio; add; quarter 2026 Q2.

# ASB — Associated Banc-Corp

Held by 2 investors · USD 69,549,000 total · 2026 Q2 · reported price USD 30.77 (split-adjusted).
Page: https://gigainvestors.com/s/ASB

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Richard Pzena (https://gigainvestors.com/PIM) | USD 61,240,000 | 0.2% | add +3.5% |
| Andrew Adams (https://gigainvestors.com/MPF) | USD 8,309,000 | 0.1% | hold |

## Total held by quarter

- 2024 Q1: USD 65,980,570 · 2 holders · USD 21.51
- 2024 Q2: USD 61,994,330 · 2 holders · USD 21.15
- 2024 Q3: USD 60,975,562 · 2 holders · USD 21.54
- 2024 Q4: USD 51,752,677 · 2 holders · USD 23.90
- 2025 Q1: USD 47,799,242 · 2 holders · USD 22.53
- 2025 Q2: USD 52,620,864 · 2 holders · USD 24.39
- 2025 Q3: USD 53,775,318 · 2 holders · USD 25.71
- 2025 Q4: USD 51,659,928 · 2 holders · USD 25.76
- 2026 Q1: USD 56,711,549 · 2 holders · USD 25.86
- 2026 Q2: USD 69,549,000 · 2 holders · USD 30.77