Associated Banc-Corp (NYSE:ASB) Q3 2023 Earnings Call Transcript

But with regards to SNCs, there’s not a view that this is a high-risk portfolio and we’ve not seen the emergence of that or indication of it, particularly in businesses that we’ve been in for an extended period of time that have those type of loans.

Brody Preston: Understood. And then on the office portfolio, do you have what the reserve that you set aside against the office loans is?

Andy Harmening: Just a second here. I want to say we’ve been building that — I don’t have that specific number in front of me, but we’ve been building that over the last couple quarters. Our office portfolio has continued to remain pretty stable. We have not seen a lot of degradation there but we do have an outsized reserve against it just given the uncertainty in that market.

Brody Preston: Okay, got it. Understood. And then, Andy, I do just want to ask one last one just on the 2.0 version of the plan that we’re going to get here down the road. Are those going to have kind of like any medium or longer term profitability targets that you’re going to set out to achieve?

Andy Harmening: Yeah, Brody, what I’ll say about that is I try very hard not to get in front of the board. And so we’ll be meeting with them over the course of the next 10 days to go over in detail. Once I make sure that I have proper governance, I am very prepared. In fact, they’re holding me back from sharing what we’re going to do. So they’re fair questions. They are good questions. And we intend to have something later this quarter before year-end that announces specifically what actions we intend to take. So I hate to delay it that way, but I must in this case.

Brody Preston: Understood. I appreciate you taking my questions, everyone. Have a good night.

Andy Harmening: All right. Thank you.

Andy Harmening: I think that’s it, Alicia. Thank you all for the interest. We appreciate that and we look forward to further conversations.

Operator: Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.