Streambank erosion may represent a significant source of sediment and phosphorus (P) to overall watershed loads; however, watershed-scale quantification of contributions is rare. In addition, streambanks are often comprised of highly variable stratigraphic source materials (e.g., alluvial deposits), which may differentially impact in-channel P dynamics once eroded. The objective of this study was to quantify sediment and total phosphorus (TP) losses from four materials comprising streambanks within a 5218 ha watershed in Iowa, USA. Streambank-face surveys, erosion pins, and soil analyses were used to quantify surface area representation, recession, and losses of sediment and TP over a two-year period. Cumulative, whole-bank gross mean recession totaled 18.6 cm over two years, and material-specific gross mean recession ranged from 15.5 to 64.1 cm. Cumulative, whole-bank mean gross mass losses totaled 0.28 Mg sediment and 0.7 × 10−5 Mg TP per meter channel length. Annual sediment losses equated to 4–44% of historic suspended sediment loads. Stratigraphy was significant in gross material erosion and losses, with lower materials (i.e., bank toe region) exhibiting the greatest recession rates and cumulative recession. Weathered/colluvial material dominated total bank face surface area (88.3%), and contributed the greatest proportion of sediment and TP mass loss (66, 68%, respectively) versus other streambank materials.