Company: ASB
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0000007789-25-000097
Chunk: 5

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-06-27
Form: 11-K
Chunk 5
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 Plan. In addition, certain investment related expenses are included in net appreciation of fair value of investments.

(3) Risks and Uncertainties

The Plan, at the direction of the participant, invests in various investment securities. The Plan’s investments are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the values of investments, it is at least reasonably possible that changes in risks in the near term could materially affect participant account balances and the amounts reported in the financial statements of the Plan.

#### Interest Rate Risk
Interest rate risk refers to the impact of interest rate changes on the Plan’s financial position. Interest rate changes directly impact the fair value of U.S. government obligations and have an indirect impact on the other investments held by the Plan.

#### Market Risk
Market risk is the risk that the fair value of an investment will fluctuate as a result of changes in market price.

#### Credit Risk
Credit risk is associated with the potential failure of a counterparty to fulfill its obligations based on the contractual terms of the agreements. The amount of credit risk will increase or decrease during the lives of the investments as interest rates or foreign exchange rates or credit spreads fluctuate.

(4) Transactions with Related Parties

The Associated Banc-Corp Common Stock Fund at December 31, 2024 and 2023 included 1,573,235 shares and 1,809,675 shares, respectively, of common stock of the Corporation with fair values of $37,600,318 and $38,708,949, respectively. Dividend income from Corporation stock totaled $1,511,618 and $1,588,339 in 2024 and 2023, respectively. Also included in the Associated Banc-Corp Common Stock Fund at December 31, 2024 and 2023 were units of Goldman Sachs Government Money Market Institutional Fund with fair values of $528,027 and $469,531, respectively. The Goldman Sachs Government Money Market Institutional Fund is an unrelated party.

<div align='center'>6</div>

### ASSOCIATED BANC-CORP

#### 401(k) & EMPLOYEE STOCK OWNERSHIP PLAN
<div align='center'>Notes to Financial Statements

December 31, 2024 and 2023</div>

Fees paid by the Plan for asset management, participant recordkeeping and other administrative services amounted to $298,197 and $255,259 and are