Associated Banc-Corp announces strategic repositioning with $157M loss from asset sales, $25-30M expense cuts

ASSOCIATED BANC-CORP

Sold ~$0.8B securities and agreed to sell ~$1B mortgage loans; expects $157M one-time loss in Q4 2023.
Identified $25M-$30M in expense reductions for 2024 via 3% workforce reduction, branch closures, vendor review.
Plans to hire 20+ commercial RMs, new leadership hires in private wealth and commercial banking.
Medium-term targets: NIM 3.00%+, mid-teens ROATCE, efficiency ratio 55-60%, NCOs <0.35%.
Expects cumulative incremental deposit growth of $2.5B and loan growth of $750M by end 2025.

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