Company: ASB
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000007789-25-000049
Chunk: 168

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 8
Chunk 168
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20251,728 $22.49 3.17 years$2,359 (a) In thousandsIntrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the three months ended March 31, 2025, the intrinsic value of stock options exercised was $346,000, compared to approximately $722,000 for the three months ended March 31, 2024. All stock options were vested as of 

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December 31, 2024. The total fair value of stock options vested was approximately $489,000 for the three months ended March 31, 2024.The Corporation has issued time-based and performance-based restricted stock awards under the 2020 Incentive Compensation Plan. Performance awards are based on performance goals determined by the Compensation and Benefits Committee of the Corporation's Board of Directors, with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.The following table summarizes information about the Corporation’s restricted stock awards activity for the three months ended March 31, 2025:Restricted StockShares(a)Weighted AverageGrant Date Fair ValueOutstanding at December 31, 20242,310 $21.25 Granted838 24.59 Vested674 22.36 Forfeited2 21.12 Outstanding at March 31, 20252,471 $22.08 (a) In thousandsThe Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock awards granted during 2024 and 2025 will cliff-vest after the three year performance period has ended. Service-based restricted stock awards granted during 2024 and 2025 will generally vest ratably over a period of four years. Expense for restricted stock awards of $8 million was recorded for both the three months ended March 31, 2025 and the three months ended March 31, 2024. Included in compensation expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues was $4 million and $3 million of expense the first three months of 2025 and 2024, respectively. The Corporation had $29 million of unrecognized compensation costs related to restricted stock awards at March