ASSOCIATED BANC-CORP
For the period ended Apr 28, 2026. Filed Mar 16, 2026.
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Apr 28, 2026 · Filed Mar 16, 2026
Contents
Peer Group
Each year, the Committee, with the input and advice of our compensation consultant, reviews and assesses the peer group. Our
peer group selection process considers the following:
Regional banks generally with asset size between 0.5x to 2.0x of Associated’s assets;
An overall comparison of company structure and services; and
How frequently the banks were selected as peers by other banks.
After a comprehensive review, the Committee approved retaining the same peer group in 2025 that was used in 2024. The peer
group consists of 21 bank holding companies that the Committee and compensation consultant believe are appropriate for
comparison purposes in terms of size (based on total assets) and business composition (engaged in lines of business similar to
Associated). Overall, the companies included in the 2025 peer group ranged in asset size from approximately $18.7 billion to
approximately $75.0 billion. The median asset size of the companies in the peer group was approximately $44 billion,
compared to Associated’s total assets of $45.2 billion as of December 31,2025.
The 2025 peer group companies were:
| 2025 Peer Group | ||
|---|---|---|
| Bank OZK (OZK) | Fulton Financial Corporation (FULT) | Texas Capital Bancshares (TCBI) |
| BankUnited, Inc. (BKU) | Hancock Whitney Corp (HWC) | Trustmark Corporation (TRMK) |
| BOK Financial Corporation (BOKF) | Old National Bancorp (ONB) | UMB Financial Corporation (UMBF) |
| Columbia Banking System, Inc. (COLB) | Pinnacle Financial Partners, Inc. (PNFP) | United Bankshares, Inc. (UBSI) |
| Commerce Bancshares, Inc. (CBSH) | Prosperity Bancshares (PB) | Valley National Bancorp (VLY) |
| Cullen/Frost Bankers, Inc. (CFR) | Simmons First National Corp (SFNC) | Webster Financial Corporation (WBS) |
| F.N.B. Corporation (FNB) | Synovus Financial Corporation (SNV) | Wintrust Financial Corporation (WTFC) |
While the peer group is a key point of comparison in the total compensation strategy, the Committee also considered broader
banking and financial services industry survey data as part of its compensation determinations to provide additional market
context. The compensation consultant analyzed compensation data from peer company public filings and the McLagan and
Willis Towers Watson executive financial services surveys, each of which included members of Associated’s peer group. In
analyzing the data, the compensation consultant advised that the additional comparisons, beyond the peer group, provided a
broader perspective from which to appropriately compare compensation.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.