Company: ASB
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0000007789-25-000116
Chunk: 70

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-07-29
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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See accompanying notes to consolidated financial statements.

9

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows (Unaudited)Six Months Ended Jun 30, (in thousands)20252024Cash flows from operating activitiesNet income$212,916 $196,742 Adjustments to reconcile net income to net cash provided by operating activities:Provision for credit losses30,999 47,009 Depreciation and amortization26,006 24,519 Change in MSRs valuation1,632 (2,567)Amortization of other intangible assets4,405 4,405 Amortization and accretion on earning assets, funding, and other, net18,278 20,405 Net amortization of tax credit investments17,058 17,788 Gains on sales of investment securities, net— (3,857)Asset losses, net2,613 933 (Gain) loss on mortgage banking activities, net(683)882 Loss on mortgage portfolio sale6,976 — Mortgage loans originated for sale(273,947)(274,358)Proceeds from sales of mortgage loans held for sale238,557 228,732 Changes in certain assets and liabilities:Increase in interest receivable(854)(3,537)(Decrease) increase in interest payable(3,681)13,646 Decrease in expense payable(11,116)(15,042)(Decrease) increase in net derivative position(50,962)10,523 Net change in other assets and other liabilities21,440 1,772 Net cash provided by operating activities239,637 267,996 Cash flows from investing activitiesNet increase in loans(865,086)(378,926)Purchases of:AFS securities(910,262)(695,457)HTM securities(994)— FHLB and Federal Reserve Bank stocks and equity securities(177,712)(99,192)Proceeds from:Sales of AFS securities— 9,472 Sales of FHLB and Federal Reserve Bank stocks and equity securities76,535 139,110 Prepayments, calls, and maturities of AFS securities 504,380 328,990 Prepayments, calls, and maturities of HTM securities 69,279 62,894 Sales, prepayments, calls,