Associated Banc-Corp (ASB) said late Wednesday that it expects to report a net loss in Q4 because of certain "balance-sheet repositioning" transactions.
The company sold $1.3 billion of investment securities and agreed to sell $700 million in mortgage loans. The transactions are expected to result in an after-tax loss of $253 million. The company has chosen to reinvest $1.5 billion into investment securities.
The sale of mortgage loans will likely close in Q1.
The transactions will likely lift wholesale funding capacity while removing low-yielding assets from the books, the company said.
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