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Overview of Associated Banc-Corp (NYSE: ASB)
Associated Banc-Corp is a prominent bank holding company in the Midwest, renowned for its comprehensive suite of financial services and its strong operational footprint across the region. As a key player in the banking and commercial lending space, the company provides both banking and nonbanking products with an unwavering commitment to delivering personalized service and robust financial solutions. With a network of nearly 200 banking locations spanning Wisconsin, Illinois, Minnesota, and extended operations in several other states, Associated Banc-Corp successfully serves a diverse customer base comprising individuals, small to mid-size businesses, and commercial enterprises.
Core Business Segments and Operations
Operating through its subsidiaries, the company is organized into three distinct reportable segments that underline its diverse revenue model and operational depth:
- Corporate and Commercial Specialty: This segment focuses on sophisticated financial products tailored for businesses and commercial clients. It leverages expertise in commercial lending, treasury management, and specialized financing solutions to cater to the evolving needs of corporate customers.
- Community, Consumer, and Business: Catering to a broad spectrum of retail and small business customers, this segment offers a complete range of consumer products, including deposit accounts, personal loans, mortgages, and other essential banking services. Its extensive branch network ensures localized service and strong community ties.
- Risk Management and Shared Services: Providing the operational backbone for the organization, this segment ensures that risk is effectively managed across all business units while delivering critical back-office support and shared services that drive efficiency and maintain regulatory compliance.
Rhea-AI Summary
Associated Banc-Corp (ASB) reported a significant decrease in net income for the year ended December 31, 2023, compared to the previous year. The company's net income available to common equity was $171 million, or $1.13 per common share, a decrease from $355 million, or $2.34 per common share, in 2022. For the quarter ended December 31, 2023, the company reported a loss of $94 million, or $(0.62) per common share, compared to earnings of $106 million, or $0.70 per common share, in the same quarter of 2022. President and CEO Andy Harmening acknowledged the challenges faced by the regional banking industry in 2023 and highlighted the company's response to the uncertain macro environment.
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Associated Bank appoints Steven Zandpour as Executive Vice President, Director of Retail Banking, focusing on consumer and small business growth across major metropolitan markets. The company aims to deepen core customer deposit relationships and leverage customer feedback to deliver targeted product and service enhancements. Zandpour joins from BMO in Chicago, bringing extensive experience in specialty sales and leadership at Fifth Third Bank in Illinois. He is currently completing his MBA at the University of Notre Dame and will be located in Milwaukee.
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Associated Banc-Corp (ASB) to Release Q4 2023 Financial Results on January 25, 2024
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Associated Bank (ASB) proudly announced a perfect score of 100 on the Human Rights Campaign Foundation's 2023-2024 Corporate Equality Index, showcasing its commitment to LGBTQ+ workplace equality. The bank's Pride & Equality Colleague Resource Group played a pivotal role in this achievement. The CEI rates companies based on non-discrimination policies, equitable benefits, inclusive culture, and corporate social responsibility. Associated Bank's recognition highlights its dedication to fostering an inclusive workplace environment.
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Associated Bank appoints Phillip Trier as Executive Vice President, Commercial Banking Group Leader. Trier will focus on accelerating core Commercial Middle Market business development across major metropolitan markets, lead equipment finance and leasing, and commercial deposit and treasury management sales and service strategies. The bank announced plans for a people-led, digitally enabled strategic plan to grow the loan portfolio, customer deposit growth, and improve the banking experience.
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Associated Banc-Corp (NYSE: ASB) announces plans for the next phase of their strategic plan, focusing on loan portfolio growth, core customer deposit growth, and enhancing the banking experience for customers. The company will bolster talent, drive core customer deposit growth, and continue digital roadmap execution. The company also plans to fund investments with expense control and balance sheet repositioning.
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Associated Banc-Corp announces an increase in its quarterly cash dividend. The common share dividend is raised from $0.21 to $0.22 per share. Dividends on preferred stocks are also declared.
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Associated Banc-Corp reports Q3 earnings of $80 million, a decrease from Q2 and Q3 2022. The company saw growth in core customer deposits and balanced loan growth. They expect total loan growth of 5-6% for 2023. Net interest income decreased by 1% and net interest margin decreased by 9 basis points. Noninterest income increased by 2%. Noninterest expense increased by 3%. The effective tax rate for Q3 was 18.9%. The provision for credit losses on loans remained flat at $22 million.
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Jay Williams, Chairman of Associated Banc-Corp Board of Directors, recognized as one of the most influential leaders in corporate governance by NACD Directorship 100. Honorees to be featured in NACD Directorship magazine and recognized at the upcoming awards gala.
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Associated Banc-Corp to release Q3 2023 financial results on October 19, 2023
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FAQ
What is the current stock price of Associated Banc (ASB)?
The current stock price of Associated Banc (ASB) is $19.66 as of April 16, 2025.
What is the market cap of Associated Banc (ASB)?
The market cap of Associated Banc (ASB) is approximately 2.9B.
What are the primary business segments of Associated Banc-Corp?
Associated Banc-Corp operates across three main segments: Corporate and Commercial Specialty, Community, Consumer and Business, and Risk Management and Shared Services. These segments collectively support a diversified business model and robust revenue generation through banking and nonbanking activities.
How does Associated Banc-Corp generate its revenue?
The company primarily generates revenue through interest income from its loan portfolio, fee-based services, and noninterest income from various banking and financial services. Its business model is designed to balance consumer and commercial lending with effective risk management.
What distinguishes Associated Banc-Corp in the Midwest banking market?
Its extensive branch network, strong community ties, and a commitment to personalized service set Associated Banc-Corp apart. The company has consistently demonstrated operational excellence and customer satisfaction, which reinforces its reputation in the regional market.
What types of financial services does the company offer?
Associated Banc-Corp provides a wide array of financial products including deposit accounts, various loan products, risk management services, and specialized commercial financing. This extensive range of services is designed to meet the needs of both individual consumers and business clients.
How does the company maintain robust risk management across its operations?
The company integrates advanced risk management practices across all its segments, focusing on credit quality, operational efficiency, and regulatory compliance. This structured approach helps in mitigating risks while supporting sustainable growth in both consumer and commercial areas.
What is the geographic scope of Associated Banc-Corp’s operations?
Headquartered in Green Bay, Wisconsin, the company operates nearly 200 banking locations serving more than 100 communities across Wisconsin, Illinois, and Minnesota, with additional loan production offices in several other states.
How does Associated Banc-Corp enhance customer service?
The company continuously invests in digital technology and product innovations to enhance the customer experience. Coupled with its strong community banking ethos, these efforts result in high customer satisfaction and long-standing client relationships.
What type of customers does Associated Banc-Corp serve?
Associated Banc-Corp serves a diverse customer base that includes retail consumers, small to mid-size businesses, and commercial enterprises. Its extensive service offerings ensure tailored financial solutions for various client segments.
Associated Banc Corp
NYSE:ASB
ASB Rankings
ASB Stock Data
2.95B
164.06M
0.79%
88.74%
2.45%
Banks - Regional
State Commercial Banks
United States
GREEN BAY