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Associated BANC-CORP Executive Compensation (FY25)

ASB · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Andrew Harmening
Latest say-on-pay support
=
April 28, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 18, 2026Latest filing (8-K): April 28, 2026
9 filings cited on this page
A report that fails to generate is refunded in full
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288 figures on this page: 283 cited to the filing that reported them, 5 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Andrew Harmening: $5,473,089 → $6,354,626 (16.1% higher)
Say-on-pay support: 97.5% → 97.1% (0.4 points lower)
CEO pay ratio: 79:1 → 91:1 (15.2% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Associated BANC-CORP's chief executive and what were they paid?
Andrew Harmening was paid $6,354,626 in total compensation as President and CEO for fiscal 2025. Harmening's total was 16.1% higher than the $5,473,089 reported for fiscal 2024.
What was Associated BANC-CORP's say-on-pay result?
The say-on-pay proposal drew 97.1% of votes cast for or against in favor at the meeting held April 28, 2026 for fiscal 2025.
Which companies are in Associated BANC-CORP's peer group?
Companies named in the disclosed peer group include Bank OZK, BankUnited, Inc., BOK Financial Corporation, Columbia Banking System, Inc. and Commerce Bancshares, Inc., among others.
What is Associated BANC-CORP's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 91:1, against median employee compensation of $69,689.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Andrew Harmening
President and CEO
◇—◇—◇◇◇◇
Derek Meyer
Executive Vice President, Chief Financial Officer
◇◇◇—◇—◇◇
John Utz
Executive Vice President, Head of Corporate Banking and Milwaukee Market President
◇—◇—◇◇◇◇
Randall Erickson
Executive Vice President, General Counsel & Corporate Secretary
◇—◇—◇◇◇◇
David Stein
Executive Vice President, Head of Consumer & Business Banking and Madison Market President
◇—◇—◇◇◇◇
Christopher Moral-Niles
Executive Vice President, Chief Financial Officer (Retired)
◇————◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Andrew Harmening
President and CEO
◇—◇—◇◇◇◇
Derek Meyer
Executive Vice President, Chief Financial Officer
◇—◇—◇—◇◇
John Utz
Executive Vice President, Head of Specialized Industries & Capital Markets and Milwaukee Market President
◇—◇—◇◇◇◇
Randall Erickson
Executive Vice President, General Counsel & Corporate Secretary
◇—◇—◇◇◇◇
David Stein
Executive Vice President, Head of Consumer & Business Banking and Madison Market President
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Andrew Harmening
President and CEO
◇—◇—◇◇◇◇
Derek Meyer
Executive Vice President, Chief Financial Officer
◇—◇—◇◇◇◇
John Utz
Executive Vice President, Head of Specialized Industries & Capital Markets and Milwaukee Market President
◇—◇—◇◇◇◇
Randall Erickson
Executive Vice President, General Counsel & Corporate Secretary
◇—◇—◇◇◇◇
David Stein
Executive Vice President, Head of Consumer & Business Banking and Madison Market President
◇—◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Andrew Harmening
President and CEO
◇—◇—◇◇◇◇
Derek Meyer
Executive Vice President, Chief Financial Officer
◇—◇—◇◇◇◇
John Utz
Executive Vice President, Head of Specialized Industries & Capital Markets and Milwaukee Market President
◇—◇—◇◇◇◇
Randall Erickson
Executive Vice President, General Counsel & Corporate Secretary
◇—◇—◇◇◇◇
Julio Manso
Executive Vice President, Chief Human Resources Officer
◇◇◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Andrew J. HarmeningPSU◇◇◇—◇—◇
Andrew J. HarmeningRSU◇——◇——◇
Derek S. MeyerPSU◇◇◇—◇—◇
Derek S. MeyerRSU◇——◇——◇
John A. UtzPSU◇◇◇—◇—◇
John A. UtzRSU◇——◇——◇
Julio N. MansoPSU◇◇◇—◇—◇
Julio N. MansoRSU◇——◇——◇
Randall J. EricksonPSU◇◇◇—◇—◇
Randall J. EricksonRSU◇——◇——◇
Fiscal 2022, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Derek MeyerRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
Andrew HarmeningRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
John UtzPSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Randall EricksonPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Andrew Harmening
President and CEO · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-solicit period◇
Derek Meyer
Executive Vice President, Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-solicit period◇
John Utz
Executive Vice President, Head of Specialized Industries & Capital Markets and Milwaukee Market President · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-solicit period◇
Julio Manso
Executive Vice President, Chief Human Resources Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-solicit period◇
Randall Erickson
Executive Vice President, General Counsel & Corporate Secretary · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John (Jay) B. Williams
Board chair
◇◇————◇
Eileen A. Kamerick
◇◇————◇
Karen T. van Lith
◇◇————◇
Cory L. Nettles
◇◇————◇
Michael J. Haddad
◇◇————◇
Owen J. Sullivan
◇◇————◇
Rodney Jones-Tyson
◇◇————◇
Judith P. Greffin
◇◇————◇
Kristen M. Ludgate
◇◇————◇
Andrew J. Harmening served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Compensation committee chair◇
Stock ownership guideline: These balances are included for purposes of the non-employee director holding requirements under the Director Stock Ownership Guidelines.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Bank OZK OZK
  • BankUnited, Inc. BKU
  • BOK Financial Corporation BOKF
  • Columbia Banking System, Inc. COLB
  • Commerce Bancshares, Inc. CBSH
  • Cullen/Frost Bankers, Inc. CFR
  • F.N.B. Corporation FNB
  • Pinnacle Financial Partners, Inc. PNFP
  • Simmons First National Corp SFNC
  • Trustmark Corporation TRMK
  • United Bankshares, Inc. UBSI
  • Webster Financial Corporation WBS
  • Wintrust Financial Corporation WTFC

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 28, 2026=◇◇◇
2024April 29, 2025=◇◇◇
2023April 30, 2024=◇◇◇
2022April 25, 2023=◇◇◇
2021April 26, 2022=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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- Andrew Harmening (President and CEO), FY2025 total compensation $6,354,626 (base salary $1,120,000) [exec_comp, SEC accession 0000007789-26-000097, filed 2026-03-16]

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What this page does not include

Everything above is a fact Associated BANC-CORP disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
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Where Associated BANC-CORP sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
288 figures on this page: 283 cited to the filing that reported them, 5 calculated from figures it prints.
283 cited to the filing
5 calculated from the filing

Documents cited

  1. 0001104659-26-050452
    Item 5.07. Submission of Matters to a Vote of Security Holders.
  2. 0000007789-26-000097
    CEO PAY RATIO AND MEDIAN ANNUAL TOTAL COMPENSATION · Compensation Discussion and Analysis · DIRECTOR COMPENSATION · DIRECTOR COMPENSATION IN · and 2 more sections
  3. 0001104659-25-043817
    Item 5.07. Submission of Matters to a Vote of Security Holders.
  4. 0000007789-25-000025
    SUMMARY COMPENSATION TABLE
  5. 0001104659-24-056390
  6. 0000007789-24-000031
    EXECUTIVE COMPENSATION TABLES · SUMMARY COMPENSATION TABLE
  7. 0001104659-23-050943
  8. 0000007789-23-000019
    EXECUTIVE COMPENSATION TABLES
  9. 0000892712-22-000102
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Associated BANC-CORP executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/ASB (accessed 2026).
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9 filings cited on this page
Method: intel.velarion.ai/methodology
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers Associated BANC-CORP discloses

The companies named in ASB's own disclosed peer group.

Bank OZKBankUnited, Inc.BOK Financial CorporationColumbia Banking System, Inc.Commerce Bancshares, Inc.Cullen/Frost Bankers, Inc.F.N.B. CorporationPinnacle Financial Partners, Inc.Simmons First National CorpTrustmark CorporationUnited Bankshares, Inc.Webster Financial CorporationWintrust Financial Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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