Associated Banc-p(US:ASB)2025-01-24 00:58Strategic Initiatives - Associated Banc-Corp is advancing its growth strategy by combining targeted initiatives with legacy strengths, moving from a foundational phase (2021-2023) to an acceleration phase (2023-Present)[7] - The company is on track to add 26 commercial & business RMs[7] - The company executed a balance sheet repositioning in 4Q23[7] Recent Performance & Recognition - Associated Banc-Corp was named 1 for Retail Banking Customer Satisfaction in the Upper Midwest by J D Power[9] - The company experienced total checking household growth of 15% in 3Q (annualized)[9] - Commercial & business RMs expanded by 39% from 12/31/21 to 12/4/24[9] Balance Sheet Repositioning - The company sold approximately $13 billion of AFS securities and reinvested into approximately $15 billion of securities at higher rates[16] - The weighted average yield on securities sold was 187%, while the reinvested securities have a weighted average yield of 508%[16] - The company agreed to sell approximately $07 billion in low-yielding residential mortgage loans with a weighted average yield of approximately 299%[16] Pro Forma Impacts - The balance sheet repositioning is estimated to result in a one-time loss (after-tax) of $253 million in 4Q 2024[18] - The pro forma net interest margin is expected to improve by approximately 19bps to 297% compared to the 3Q 2024 actual of 278%[35] - The pro forma CET1 ratio is projected to increase by approximately 39bps to 1011% compared to the 3Q 2024 actual of 972%[35]