Company: ASB
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000007789-25-000025
Chunk: 48

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 48
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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 1 . 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 1 . The balance sheet repositioning transactions that occurred in 2023 and 2024 allowed us to capitalize on unique opportunities to accelerate our strategic plan and increase long-term shareholder value. Despite management’s 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 an adjustment 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 . (1) All figures shown on an end of period basis. FY 2024 results compared to FY 2023 unless otherwise noted. 2024 Overview The Committee typically reviews the total compensation of the CEO and other ELT members annually in October against Associated’s pay philosophy and leverages research by the compensation consultant in determining appropriate levels of compensation. The Committee uses input from the CEO in setting the compensation of the ELT members and his assessment of executive performance against financial and budgetary goal achievement, significant business line project and objective success, and other individual performance objectives in determining pay outcomes. Total compensation packages for the CEO and other NEOs are composed of both fixed and variable (which are primarily performance-based) components and include short- and long-term compensation. In making