Company: ASB
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000007789-25-000025
Chunk: 41

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 41
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 balance sheet with the sale of approximately $1.3 billion of investment securities and $0.7 billion in mortgage loans, and the purchase of $55 million in existing credit card balances. This repositioning supports and accelerates our strategy by enhancing our earnings profile, boosting capital, and providing additional capacity for loan growth. We believe we are well-positioned to attract and deepen customer relationships, grow market share in key commercial markets, and enhance the value of our franchise. In 2025, we expect to benefit from several tailwinds that emerged in 2024, including record-high customer satisfaction scores, net customer household growth, balance sheet growth and a strengthened profitability profile. Given our current momentum and continued prioritization of our strategic initiatives, we expect to deliver enhanced value to our shareholders in 2025. Balance Sheet Repositioning Impacts on Variable Compensation Programs Our financial results for the years ended December 31, 2023 and December 31, 2024 were impacted by several nonrecurring items associated with the balance sheet repositionings announced in November of 2023 and December of 2024, respectively. For the year ended December 31, 2023, we reported net income available to common equity (“earnings”) of $171 million. Our results included a net after-tax loss of $150 million driven by several nonrecurring items associated with the balance sheet repositioning announced in November of 2023. Our results also included an additional pre-tax $38 million of FDIC special assessment expense recognized during the fourth quarter. Excluding the impact of these nonrecurring items, we reported adjusted earnings of $351 million 2 . For the year ended December 31, 2024, we reported net income available to common equity (“earnings”) of $112 million. Our results included a net after-tax loss of $253 million driven by several nonrecurring items associated with the balance sheet repositioning announced in December of 2024. Excluding the impact of these nonrecurring items, we reported adjusted earnings of $365 million 2 . The balance sheet repositioning transactions that occurred in 2023 and 2024 were nonrecurring transactions where we capitalized on opportunities to accelerate our strategic plan and increase long-term shareholder value. Despite management’s (1) All figures shown on an end of period basis. FY 2024 results compared to FY 2023 unless otherwise noted. (2) This is a non-GAAP financial measure. See Appendix B for a reconciliation