Pay vs Performance Disclosure, Table

Pay Versus Performance Disclosure

In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and Non-PEO NEOs along with certain Company performance information for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.


Year	Summary Compensation Table Total for PEO(1) ($)	Compensation Actually Paid to PEO(¹)(²)(³) ($)	Average Summary Compensation Table Total for Non-PEO NEOs(1) ($)	Average Compensation Actually Paid to Non-PEO NEOs(1)(2)(3) ($)	Value of Initial Fixed $100 Investment based on:(4)		Net Income ($ Thousands)	Return on Average Assets
					TSR ($)	Peer Group TSR ($)
2024	1,229,082	1,927,809	628,327	705,822	202.55	132.60	44,245	1.20%
2023	1,978,750	2,422,445	475,638	659,922	171.01	96.65	37,027	1.13%
2022	1,835,629	2,407,904	630,011	864,228	151.43	97.52	40,858	1.46%
2021	1,629,663	2,424,342	562,326	883,253	118.14	124.06	35,755	1.37%
2020	1,375,012	919,724	509,438	378,943	72.55	89.96	16,978	0.70%

(1)

Corey A. Chambas was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for each year presented are listed below.


2020	2021	2022	2023	2024
Edward G. Sloane, Jr.	Edward G. Sloane, Jr.	Edward G. Sloane, Jr.	Edward G. Sloane, Jr.	Brian D. Spielmann
David R. Seiler	David R. Seiler	David R. Seiler	Brian D. Spielmann	David R. Seiler
Mark J. Meloy	Mark J. Meloy	Mark J. Meloy	David R. Seiler	Bradley A. Quade
Bradley A. Quade	Bradley A. Quade	Bradley A. Quade	Mark J. Meloy	James E. Hartlieb
			Bradley A. Quade

(2)

The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.

(3)

Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table. Amounts in the Exclusion of Change in Pension Value column reflect the amounts attributable to the Change in Pension Value reported in the Summary Compensation Table in this proxy statement. Amounts in the Inclusion of Pension Service Cost are based on the service cost for services rendered during the listed year.


Year	Summary Compensation Table Total for PEO ($)	Exclusion of Change in Pension Value for PEO ($)	Exclusion of Stock Awards for PEO ($)	Inclusion of Pension Service Cost for PEO ($)	Inclusion of Equity Values for PEO ($)	Compensation Actually Paid to PEO ($)
2024	1,229,082	—	(352,781)	523,452	528,056	1,927,809
2023	1,978,750	(691,210)	(336,580)	489,453	982,032	2,422,445
2022	1,835,629	(399,848)	(336,093)	341,316	966,900	2,407,904
2021	1,629,663	(400,697)	(311,904)	265,893	1,241,387	2,424,342
2020	1,375,012	(269,817)	(276,612)	204,375	(113,235)	919,724


Year	Average Summary Compensation Table Total for Non-PEO NEOs ($)	Average Exclusion of Change in Pension Value for Non-PEO NEOs ($)	Average Exclusion of Stock Awards for Non-PEO NEOs ($)	Average Inclusion of Pension Service Cost for Non-PEO NEOs ($)	Average Inclusion of Equity Values for Non-PEO NEOs ($)	Average Compensation Actually Paid to Non-PEO NEOs ($)
2024	628,327	—	(116,489)	—	193,984	705,822
2023	475,638	—	(85,032)	—	269,316	659,922
2022	630,011	—	(113,090)	—	347,307	864,228
2021	562,326	—	(109,275)	—	430,202	883,253
2020	509,438	—	(98,244)	—	(32,250)	378,943

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:


Year	Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for PEO ($)	Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for PEO ($)	Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for PEO ($)	Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for PEO ($)	Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for PEO ($)	Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for PEO ($)	Total - Inclusion of Equity Values for PEO ($)
2024	593,955	6,066	—	(71,965)	—	—	528,056
2023	462,821	159,402	—	359,809	—	—	982,032
2022	480,790	350,123	—	135,987	—	—	966,900
2021	545,944	652,825	—	42,618	—	—	1,241,387
2020	192,942	(284,317)	—	(21,860)	—	—	(113,235)


Year	Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs ($)	Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs ($)	Average Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for Non-PEO NEOs ($)	Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs ($)	Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-PEO NEOs ($)	Average Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Non-PEO NEOs ($)	Total - Average Inclusion of Equity Values for Non-PEO NEOs ($)
2024	196,224	13,182	—	(15,422)	—	—	193,984
2023	117,508	46,801	—	105,007	—	—	269,316
2022	173,325	129,057	—	44,925	—	—	347,307
2021	201,133	212,231	—	16,839	—	—	430,202
2020	70,586	(88,904)	—	(13,932)	—	—	(32,250)

(4)

The Peer Group TSR set forth in this table utilizes the KBW Nasdaq Bank Index (“KBW Bank Index”), which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report on Form 10-K for the year ended December 31, 2024. The comparison assumes $100 was invested in the Company's common stock and in the KBW Bank Index, respectively, for the period starting December 31, 2019 through the end of the listed year. All dollar values assume reinvestment of the pre-tax value of dividends paid by companies, where applicable, included in the KBW Bank Index. Historical stock performance is not necessarily indicative of future stock performance.

Company Selected Measure Name

Return on Average Assets

Named Executive Officers, Footnote

(1)

Corey A. Chambas was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for each year presented are listed below.


2020	2021	2022	2023	2024
Edward G. Sloane, Jr.	Edward G. Sloane, Jr.	Edward G. Sloane, Jr.	Edward G. Sloane, Jr.	Brian D. Spielmann
David R. Seiler	David R. Seiler	David R. Seiler	Brian D. Spielmann	David R. Seiler
Mark J. Meloy	Mark J. Meloy	Mark J. Meloy	David R. Seiler	Bradley A. Quade
Bradley A. Quade	Bradley A. Quade	Bradley A. Quade	Mark J. Meloy	James E. Hartlieb
			Bradley A. Quade

Peer Group Issuers, Footnote

(4)

PEO Total Compensation Amount

$ 1,229,082

$ 1,978,750

$ 1,835,629

$ 1,629,663

$ 1,375,012

PEO Actually Paid Compensation Amount

$ 1,927,809

2,422,445

2,407,904

2,424,342

919,724

Adjustment To PEO Compensation, Footnote

(3)


Year	Summary Compensation Table Total for PEO ($)	Exclusion of Change in Pension Value for PEO ($)	Exclusion of Stock Awards for PEO ($)	Inclusion of Pension Service Cost for PEO ($)	Inclusion of Equity Values for PEO ($)	Compensation Actually Paid to PEO ($)
2024	1,229,082	—	(352,781)	523,452	528,056	1,927,809
2023	1,978,750	(691,210)	(336,580)	489,453	982,032	2,422,445
2022	1,835,629	(399,848)	(336,093)	341,316	966,900	2,407,904
2021	1,629,663	(400,697)	(311,904)	265,893	1,241,387	2,424,342
2020	1,375,012	(269,817)	(276,612)	204,375	(113,235)	919,724

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:


Year	Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for PEO ($)	Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for PEO ($)	Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for PEO ($)	Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for PEO ($)	Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for PEO ($)	Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for PEO ($)	Total - Inclusion of Equity Values for PEO ($)
2024	593,955	6,066	—	(71,965)	—	—	528,056
2023	462,821	159,402	—	359,809	—	—	982,032
2022	480,790	350,123	—	135,987	—	—	966,900
2021	545,944	652,825	—	42,618	—	—	1,241,387
2020	192,942	(284,317)	—	(21,860)	—	—	(113,235)

Non-PEO NEO Average Total Compensation Amount

$ 628,327

475,638

630,011

562,326

509,438

Non-PEO NEO Average Compensation Actually Paid Amount

$ 705,822

659,922

864,228

883,253

378,943

Adjustment to Non-PEO NEO Compensation Footnote

(3)


Year	Average Summary Compensation Table Total for Non-PEO NEOs ($)	Average Exclusion of Change in Pension Value for Non-PEO NEOs ($)	Average Exclusion of Stock Awards for Non-PEO NEOs ($)	Average Inclusion of Pension Service Cost for Non-PEO NEOs ($)	Average Inclusion of Equity Values for Non-PEO NEOs ($)	Average Compensation Actually Paid to Non-PEO NEOs ($)
2024	628,327	—	(116,489)	—	193,984	705,822
2023	475,638	—	(85,032)	—	269,316	659,922
2022	630,011	—	(113,090)	—	347,307	864,228
2021	562,326	—	(109,275)	—	430,202	883,253
2020	509,438	—	(98,244)	—	(32,250)	378,943


Year	Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs ($)	Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs ($)	Average Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for Non-PEO NEOs ($)	Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs ($)	Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-PEO NEOs ($)	Average Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Non-PEO NEOs ($)	Total - Average Inclusion of Equity Values for Non-PEO NEOs ($)
2024	196,224	13,182	—	(15,422)	—	—	193,984
2023	117,508	46,801	—	105,007	—	—	269,316
2022	173,325	129,057	—	44,925	—	—	347,307
2021	201,133	212,231	—	16,839	—	—	430,202
2020	70,586	(88,904)	—	(13,932)	—	—	(32,250)

Compensation Actually Paid vs. Total Shareholder Return

The following charts display the relationship between Compensation Actually Paid and cumulative total shareholder return, net income, and return on average assets.

Compensation Actually Paid vs. Company Selected Measure

Tabular List, Table

      Total Shareholder Return ("TSR")

     

      Return on Average Tangible Common Equity ("ROATCE")

     

      Return on Average Assets ("ROAA")

     

      Top Line Revenue

     

      Efficiency Ratio

     

Equity Awards Grant Policies

Equity awards are discretionary, and the Compensation Committee generally determines and approves equity grants to the NEOs and the related vesting schedules at its regularly scheduled meeting in January each year, subject to ratification by the Board. The Compensation Committee may also make grants to NEOs at other times during the year, as it deems appropriate. The Company does not currently grant stock options to NEOs or other employees. The Compensation Committee did not take the existence of material nonpublic information into account when determining the timing and terms of equity awards in 2024, and the Company does not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. In the event material nonpublic information becomes known to the Compensation Committee before granting an equity-based compensation award, the Compensation Committee will consider such information and use its business judgment to determine whether to delay the grant of equity to avoid any appearance of impropriety.

Total Shareholder Return Amount

$ 202.55

171.01

151.43

118.14

72.55

Peer Group Total Shareholder Return Amount

132.6

96.65

97.52

124.06

89.96

Net Income (Loss)

$ 44,245,000

$ 37,027,000

$ 40,858,000

$ 35,755,000

$ 16,978,000

Company Selected Measure Amount

0.012

0.0113

0.0146

0.0137

0.007

PEO Name

Corey A. Chambas

PEO | Measure:: 1

Total Shareholder Return ("TSR")

PEO | Measure:: 2

Return on Average Tangible Common Equity ("ROATCE")

PEO | Measure:: 3

Return on Average Assets ("ROAA")

PEO | Measure:: 4

Top Line Revenue

PEO | Measure:: 5

PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

Efficiency Ratio

PEO | Aggregate Pension Adjustments Service Cost

$ 0

$ (691,210)

$ (399,848)

$ (400,697)

$ (269,817)

PEO | Equity Awards Adjustments

523,452

489,453

341,316

265,893

204,375

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

528,056

982,032

966,900

1,241,387

(113,235)

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

593,955

462,821

480,790

545,944

192,942

PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

(71,965)

359,809

135,987

42,618

(21,860)

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

6,066

159,402

350,123

652,825

(284,317)

PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

PEO | Exclusion of Stock Awards

Non-PEO NEO | Measure:: 1

$ (352,781)

(336,580)

(336,093)

(311,904)

(276,612)

Non-PEO NEO | Measure:: 2

Total Shareholder Return ("TSR")

Non-PEO NEO | Measure:: 3

Return on Average Tangible Common Equity ("ROATCE")

Non-PEO NEO | Measure:: 4

Return on Average Assets ("ROAA")

Non-PEO NEO | Measure:: 5

Top Line Revenue

Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table

Efficiency Ratio

Non-PEO NEO | Aggregate Pension Adjustments Service Cost

$ 0

Non-PEO NEO | Equity Awards Adjustments

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

193,984

269,316

347,307

430,202

(32,250)

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

196,224

117,508

173,325

201,133

70,586

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

(15,422)

105,007

44,925

16,839

(13,932)

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

13,182

46,801

129,057

212,231

(88,904)

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Non-PEO NEO | Exclusion of Stock Awards