Company: ASB
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000007789-25-000025
Chunk: 42

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 42
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 of non-GAAP financial measures to GAAP financial measures. (3) Adjusted loan growth excludes $723 million in residential mortgage balances that were moved to loans held for sale as a result of the balance sheet repositioning announced during the fourth quarter of 2024. This is a non-GAAP financial measure. See Appendix B for a reconciliation of non-GAAP financial measures to GAAP financial measures (4) This adjusted figure excludes the impact of the balance sheet repositionings that impacted 4Q 2023 and 4Q 2024 financial results. Adjusted noninterest expense growth also excludes $14 million of FHLB prepayment penalty expense incurred in the fourth quarter of 2024 and $31 million of FDIC special assessment expense incurred in the fourth quarter of 2023. This is a non-GAAP financial measure. See Appendix B for a reconciliation of non-GAAP financial measures to GAAP financial measures (5) Based on JD Power 2024 U.S. Retail Banking Satisfaction study conducted January 2023 through January 2024. For award information, visit jdpower.com/awards.

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awareness that these transactions would result in short term unbudgeted financial impacts, they proceeded because these actions

are in the long-term interests of our shareholders.

To reward management for significant operational performance and balance sheet improvements, and to aid in the retention of

critical talent, we approved adjustments to the 2024 Management Incentive Plan (MIP) and the 2022-2024 Long-Term

Incentive Performance Plan (LTIPP). More details are provided in the Short-Term and Long-Term Incentive sections of the

Compensation Discussion & Analysis and the “Reconciliation of Non-GAAP Financial Measures” provided in Appendix B .

Below are high level summaries:

• 2024 MIP

Without adjusting MIP performance for the balance sheet reposition, MIP achievement would have been below threshold

performance under the plan. Accordingly, the calculated payout would be zero. After removing the financial impacts of the

repositioning, the adjusted MIP achievement was 103.3% of target performance which is approximately the same funding

level estimated prior to the balance sheet repositioning. Since the achievement percentages were not nominally different

and well aligned with expected year-end achievement results, the Committee approved a plan payout of 103.3%.

• 2022-2024 LTIPP

Since the 2022-2024 LTIPP three