Associated Banc-Corp Management
Management criteria checks 4/4
Associated Banc-Corp's CEO is Andy Harmening, appointed in Apr 2021, has a tenure of 5.25 years. total yearly compensation is $6.35M, comprised of 17.6% salary and 82.4% bonuses, including company stock and options. directly owns 0.21% of the company’s shares, worth $12.26M. The average tenure of the management team and the board of directors is 5.3 years and 7.3 years respectively.
Key information
Andy Harmening
Chief executive officer
US$6.4m
Total compensation
| CEO salary percentage | 17.62% |
| CEO tenure | 5.3yrs |
| CEO ownership | 0.2% |
| Management average tenure | 5.3yrs |
| Board average tenure | 7.3yrs |
Recent management updates
Recent updates
Seeking Alpha • Jul 13
Associated Banc-Corp's ASBA Is Looking Good
Summary Associated Banc-Corp's (ASB) Reset Rate Subordinated Notes (ASBA) offer compelling yields and appear undervalued relative to comparable securities. ASBA currently yields 6.625% fixed, with a potential reset to ~7.14% in 2028, and is priced at a discount, offering 8.6% YTC or 7.7% YTM. ASB demonstrates strong capital ratios, robust forward growth, and interest coverage, supporting the safety of ASBA's principal and interest payments. ASBA's higher risk premium and higher credit rating versus ASB's preferreds and undervaluation compared to OTC debt suggest market mispricing, supporting a potential buying opportunity. Read the full article on Seeking Alpha
Narrative Update • Jul 08
ASB: Texas Expansion And Ongoing Buybacks Will Support Balanced Outlook
Analysts have raised their price target on Associated Banc-Corp to about $32.33 from $31.00, citing updated assumptions for fair value, discount rate, revenue growth, profit margins, and future P/E, which together point to a modestly higher valuation range. What's in the News Associated Banc-Corp is expanding its commercial banking presence in Dallas, adding a dedicated Corporate and Commercial Banking team, new leadership, additional relationship managers, and enhanced deposit and treasury management offerings for Texas commercial clients.Narrative Update • Jun 24
ASB: Texas Commercial Expansion And Buybacks Will Support Balanced Forward Outlook
Analysts have kept their price target for Associated Banc-Corp steady at $31.00, reflecting only minor model adjustments to discount rate, revenue growth, profit margin, and future P/E assumptions, without a change to fair value. What's in the News Associated Banc-Corp is expanding its commercial banking capabilities into the Dallas market, adding a dedicated Corporate and Commercial Banking team alongside its existing Commercial Real Estate business in Texas.Narrative Update • Jun 10
ASB: Texas Commercial Expansion And New Buyback Program Will Support Steady Outlook
Analysts have maintained their $31.00 price target for Associated Banc-Corp, citing only marginal refinements to inputs such as discount rate, revenue growth, profit margin, and future P/E assumptions rather than any major shift in the story. What's in the News Associated Banc-Corp is growing its commercial banking capabilities in Texas by expanding into the Dallas market and adding a dedicated Corporate and Commercial Banking team to sit alongside its existing Commercial Real Estate business.Narrative Update • May 27
ASB: Texas Expansion And Ongoing Buybacks Will Support Balanced Future Upside
Analysts have nudged their price target for Associated Banc-Corp slightly higher to $31.0 from $30.9, reflecting updated assumptions around discount rate, profit margin, and future P/E that keep the valuation view broadly steady. What's in the News Associated Banc-Corp is expanding its commercial banking capabilities in Dallas, adding a dedicated Corporate and Commercial Banking team to build on its existing Commercial Real Estate presence in Texas, with new leadership, relationship manager hiring and enhanced deposit and treasury management offerings for commercial clients.Narrative Update • May 11
ASB: Buybacks And Lower Credit Costs Will Support Measured Future Upside
Analysts have nudged their price target on Associated Banc-Corp slightly higher to $30.90 from $30.50, citing updated views on revenue growth, profit margins and future P/E expectations. What's in the News The Board of Directors authorized a new share repurchase plan on April 28, 2026, giving the company additional capacity to buy back stock over time (Key Developments).Analysis Article • Apr 26
Associated Banc-Corp (NYSE:ASB) First-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year
Shareholders might have noticed that Associated Banc-Corp ( NYSE:ASB ) filed its first-quarter result this time last...Narrative Update • Apr 25
ASB: New Buyback Plan And Lower Credit Costs Will Support Upside
Analysts have raised their price target on Associated Banc-Corp slightly to $30.50 from $30.10, citing updated assumptions related to revenue growth, profit margins and future P/E expectations. What's in the News Associated Banc-Corp reported net charge offs of $5,312,000 for the quarter ended March 31, 2026, compared with $8,698,000 for the same period a year earlier (Key Developments).Narrative Update • Apr 10
ASB: Buybacks And Lower Credit Costs Will Support Fairly Valued Outlook
Analysts have adjusted their price target on Associated Banc-Corp to $30.10 from $29.90, reflecting model updates that pair a slightly lower discount rate with modestly softer revenue growth assumptions, as well as somewhat higher profit margin and future P/E inputs. What's in the News The board of directors authorized a new share repurchase plan on January 27, 2026, signaling continued use of buybacks in the company’s capital management toolkit (Key Developments).Narrative Update • Mar 26
ASB: New Share Repurchases And Lower Credit Costs Will Support Upside
Analysts have slightly reduced their price target on Associated Banc-Corp from $30.20 to $29.90, reflecting updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News Completion of a prior share repurchase program, with 2,692,276 shares bought back for $60.93 million under the authorization announced on October 26, 2021, representing 1.76% of shares (Key Developments).Narrative Update • Mar 11
ASB: New Buyback Authorization And Lower Credit Costs Will Support Upside
Analysts kept their price target for Associated Banc-Corp steady at $30.20, citing largely unchanged assumptions around fair value, discount rate, revenue growth, profit margins, and future P/E multiples. What's in the News The Board of Directors authorized a new share repurchase plan on January 27, 2026, giving the company approval to buy back common stock under a fresh program (Key Developments).Narrative Update • Feb 24
ASB: Buybacks And Lower Credit Costs Will Support Steady Future Upside
Analysts have maintained their price target for Associated Banc-Corp at $30.20, making small adjustments to assumptions around the discount rate, profit margin and future P/E to support this unchanged view. What's in the News The Board of Directors authorized a share buyback plan on January 27, 2026, indicating approval for repurchases of Associated Banc-Corp stock (Key Developments).Narrative Update • Feb 08
ASB: Share Repurchases And Lower Credit Costs Will Support Measured Upside
Analysts have made a small upward adjustment to their price target on Associated Banc-Corp to around $30.20, citing updated assumptions for fair value, discount rate, revenue growth, profit margins and future P/E that together provide a slightly more refined overall valuation view. What's in the News The Board of Directors authorized a share buyback plan for Associated Banc-Corp on January 27, 2026, indicating approval for returning capital to shareholders through repurchases (Key Developments).Analysis Article • Jan 31
Associated Banc-Corp (NYSE:ASB) Will Pay A Dividend Of $0.24
The board of Associated Banc-Corp ( NYSE:ASB ) has announced that it will pay a dividend of $0.24 per share on the 16th...Narrative Update • Jan 25
ASB: Higher Dividend And Lower Credit Losses Will Support Future Upside
Analysts have nudged their fair value estimate for Associated Banc-Corp up from US$29.40 to US$30.10, reflecting updated assumptions on revenue growth, profit margins and the stock's future P/E. What's in the News Reported fourth quarter 2025 net charge offs of US$2,273,000 compared with US$12,220,000 a year earlier, both within the impairments and write offs line item (Key Developments).Narrative Update • Jan 10
ASB: Dividend And Buyback Will Support Stronger Future Share Performance
Analysts have adjusted their price target on Associated Banc-Corp slightly higher to $29.40, citing updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News Grand opening of a new IDS Center branch in downtown Minneapolis, with 1,665 square feet of retail space and over 6,000 square feet of office space, replacing the former Baker Center branch and increasing total branch square footage by 400 square feet (Key Developments).Narrative Update • Dec 17
ASB: Dividend And Buyback Moves Will Support Balanced Future Performance
Analysts have nudged their price target for Associated Banc-Corp slightly higher to align with updated expectations for modestly stronger revenue growth, improved profit margins, and a lower required return, while still applying a somewhat more conservative future earnings multiple. What's in the News Opened a new full service IDS Center branch in downtown Minneapolis, adding larger retail and office space to deepen its presence in the market (Key Developments) Increased the regular quarterly cash dividend to $0.24 per common share, up from $0.23, payable December 15, 2025 (Key Developments) Completed repurchases totaling 2,692,276 shares, or about 1.76 percent of shares, for $60.93 million under the October 2021 buyback program (Key Developments) Reported third quarter 2025 net charge offs of $13.17 million, roughly flat versus $13.08 million a year earlier (Key Developments) Valuation Changes Fair Value Estimate: Unchanged at $29.20 per share; this reflects a stable intrinsic value assessment.Narrative Update • Dec 03
ASB: Dividend And Buyback Strength Will Support Future Upside Potential
Analysts have modestly lowered their price target on Associated Banc-Corp to approximately $29.20 per share, citing a blend of slightly higher long term revenue growth expectations, offset by a lower projected future P E multiple and marginally softer profit margin assumptions. What's in the News Opened a new full service IDS Center branch in downtown Minneapolis, expanding to 1,665 square feet of retail and over 6,000 square feet of office space to deepen its presence in the city center (company announcement).Analysis Article • Nov 19
Associated Banc-Corp (NYSE:ASB) Is Increasing Its Dividend To $0.24
Associated Banc-Corp ( NYSE:ASB ) will increase its dividend from last year's comparable payment on the 15th of...Narrative Update • Nov 10
ASB: Dividend Increase and Share Buyback Are Expected to Drive Upside
Analysts have maintained their price target for Associated Banc-Corp at $29.20 per share. They cite slight shifts in forecasted discount rate, revenue growth, and profit margin estimates as factors supporting their unchanged outlook.Analysis Article • Nov 01
Associated Banc-Corp (NYSE:ASB) Is Increasing Its Dividend To $0.24
The board of Associated Banc-Corp ( NYSE:ASB ) has announced that it will be paying its dividend of $0.24 on the 15th...Narrative Update • Oct 27
Share Repurchase Program And Margin Trends Will Drive Future Performance
Analysts have modestly increased their price target for Associated Banc-Corp from $28.60 to $29.20, citing adjustments in expected revenue growth and profit margins. What's in the News Reported net charge offs of $13.17 million for the third quarter ended September 30, 2025, which is a slight increase compared to $13.08 million in the same quarter of 2024 (Key Developments).Seeking Alpha • Feb 18
Associated Banc-Corp: Baby Bonds With Good Income, Opportunity To Reset At Higher Yield
Summary Associated Banc-Corp's baby bonds, with a 6.625% coupon, are attractive due to potential higher rates when reset in 2028. The bank's net interest income rose in Q4, driven by a favorable interest rate environment, despite a slight decline in loan balances. Deposit growth outpaced loans, reducing the loan to deposit ratio and positioning the bank to reduce external financing, enhancing profitability. Risks include a heavily commercial loan portfolio and underfunded credit loss allowance, but current loan performance remains strong, making baby bonds a safer bet. Read the full article on Seeking AlphaSeeking Alpha • Dec 08
A Downgrade Could Be On The Horizon For Associated Banc-Corp
Summary Associated Banc-Corp has shown significant stock performance, rising 71.9% since October, outperforming the S&P 500's 38.1% increase. Despite higher share prices, the company's asset quality and favorable price-to-book ratios suggest potential for further upside. Recent balance sheet improvements include increased deposits, loan growth, and higher non-interest income, leading to improved profitability. While the stock is nearing a potential downgrade, continued fundamental improvements could justify maintaining the current rating. Read the full article on Seeking AlphaCEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | US$479m |
| Dec 31 2025 | US$6m | US$1m | US$461m |
| Sep 30 2025 | n/a | n/a | US$164m |
| Jun 30 2025 | n/a | n/a | US$127m |
| Mar 31 2025 | n/a | n/a | US$131m |
| Dec 31 2024 | US$5m | US$1m | US$111m |
| Sep 30 2024 | n/a | n/a | US$182m |
| Jun 30 2024 | n/a | n/a | US$177m |
| Mar 31 2024 | n/a | n/a | US$148m |
| Dec 31 2023 | US$5m | US$1m | US$170m |
| Sep 30 2023 | n/a | n/a | US$369m |
| Jun 30 2023 | n/a | n/a | US$382m |
| Mar 31 2023 | n/a | n/a | US$381m |
| Dec 31 2022 | US$6m | US$1m | US$352m |
| Sep 30 2022 | n/a | n/a | US$321m |
| Jun 30 2022 | n/a | n/a | US$312m |
| Mar 31 2022 | n/a | n/a | US$314m |
| Dec 31 2021 | US$11m | US$675k | US$332m |
Compensation vs Market: Andy's total compensation ($USD6.35M) is about average for companies of similar size in the US market ($USD8.38M).
Compensation vs Earnings: Andy's compensation has been consistent with company performance over the past year.
CEO
Andy Harmening (57 yo)
5.3yrs
Tenure
US$6,354,626
Compensation
Mr. Andrew John Harmening, also known as Andy, serves as President, Chief Executive Officer and Director at Associated Banc-Corp since April 28, 2021. He has been President and Chief Executive Officer at A...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 5.3yrs | US$6.35m | 0.21% $ 12.3m | |
| Executive VP & CFO | 3.9yrs | US$1.93m | 0.039% $ 2.2m | |
| Executive VP | 14.3yrs | US$1.51m | 0.075% $ 4.3m | |
| Executive VP & CHRO | 1.1yrs | US$1.41m | 0.0080% $ 460.3k | |
| Executive VP and Head of Specialized Industries & Milwaukee Market President | 15.1yrs | US$1.58m | 0.072% $ 4.2m | |
| Corporate Controller & Chief Accounting Officer | 2yrs | no data | 0.0060% $ 342.4k | |
| Executive VP & Chief Information Officer | 3.5yrs | no data | 0.013% $ 748.0k | |
| Senior VP & Director of Investor Relations | no data | no data | no data | |
| Senior VP | 10.6yrs | no data | no data | |
| Executive VP and Chief Product & Marketing Officer | 4yrs | no data | 0.021% $ 1.2m | |
| Executive VP & Chief Risk Officer | 8.4yrs | no data | 0.030% $ 1.7m | |
| Senior VP | 14.8yrs | no data | no data |
5.3yrs
Average Tenure
58yo
Average Age
Experienced Management: ASB's management team is seasoned and experienced (5.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 5.3yrs | US$6.35m | 0.21% $ 12.3m | |
| Independent Director | 2.3yrs | US$206.25k | 0.0050% $ 286.0k | |
| Independent Director | 19.3yrs | US$222.50k | 0.0044% $ 250.9k | |
| Independent Director | 1.6yrs | US$206.25k | 0.0029% $ 167.4k | |
| Independent Chairman of the Board | 15yrs | US$307.50k | 0.0099% $ 568.5k | |
| Independent Director | 22.3yrs | US$222.50k | 0.0040% $ 230.2k | |
| Independent Director | 12.6yrs | US$222.50k | no data | |
| Independent Director | 9.3yrs | US$206.25k | no data | |
| Independent Director | 1.6yrs | US$206.25k | 0.00014% $ 8.1k | |
| Director | less than a year | no data | 0.95% $ 54.8m | |
| Independent Director | 7.3yrs | US$206.25k | 0.0078% $ 450.0k |
7.3yrs
Average Tenure
64yo
Average Age
Experienced Board: ASB's board of directors are considered experienced (7.3 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/16 21:54 |
| End of Day Share Price | 2026/07/16 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Associated Banc-Corp is covered by 25 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| David George | Baird |
| Matthew Keating | Barclays |
| Jared David Shaw | Barclays |