ASSOCIATED BANC-CORP
For the period ended Sep 30, 2024. Filed Oct 29, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 29, 2024
ASB$30.89+1.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended Sep 30, | ||
|---|---|---|
| ($ in thousands) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net income | $284,760 | $273,762 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses | 68,000 | 62,014 |
| Depreciation and amortization | 36,414 | 34,703 |
| Change in MSRs valuation | 959 | (14,658) |
| Amortization of other intangible assets | 6,608 | 6,608 |
| Amortization and accretion on earning assets, funding, and other, net | 30,998 | 27,394 |
| Net amortization of tax credit investments | 26,307 | 25,830 |
| (Gains) on sales of investment securities, net | (3,857) | — |
| Asset losses (gains), net | 1,407 | (590) |
| Loss on mortgage banking activities, net | 2,284 | 2,154 |
| Mortgage loans originated and acquired for sale | (450,532) | (283,469) |
| Proceeds from sales of mortgage loans held for sale | 415,840 | 254,619 |
| Changes in certain assets and liabilities: | ||
| Decrease (increase) in interest receivable | 1,792 | (26,670) |
| Increase in interest payable | 19,507 | 69,461 |
| Increase (decrease) in expense payable | 332 | (22,632) |
| (Decrease) increase in net derivative position | (61,615) | 3,721 |
| Net change in other assets and other liabilities | (6,084) | (34,137) |
| Net cash provided by operating activities | 373,120 | 378,110 |
| Cash flows from investing activities | ||
| Net (increase) in loans | (795,057) | (1,436,901) |
| Purchases of: | ||
| AFS securities | (1,177,627) | (1,109,501) |
| HTM securities | — | (41,524) |
| FHLB and Federal Reserve Bank stocks and equity securities | (122,205) | (114,985) |
| Proceeds from: | ||
| Sales of AFS securities | 9,472 | — |
| Sale of FHLB and Federal Reserve Bank stocks and equity securities | 196,049 | 131,272 |
| Prepayments, calls, and maturities of AFS securities | 660,732 | 288,313 |
| Prepayments, calls, and maturities of HTM securities | 92,402 | 101,847 |
| Sales, prepayments, calls, and maturities of other assets | 12,759 | 20,224 |
| Premises, equipment, and software | (31,702) | (43,541) |
| Net change in tax credit and alternative investments | (17,856) | (19,615) |
| Net cash (used in) investing activities | (1,173,035) | (2,224,411) |
| Cash flows from financing activities | ||
| Net increase in deposits | 108,249 | 2,487,225 |
| Net increase (decrease) in short-term funding | 590,248 | (154,292) |
| Net (decrease) in short-term FHLB advances | (35,000) | (580,000) |
| Repayment of long-term FHLB advances | (727) | (568) |
| Proceeds from long-term FHLB advances | 2,656 | 1,369 |
| Proceeds from issuance of long-term funding | 298,800 | 292,740 |
| Payment of debt issuance costs | (751) | — |
| (Repayment) of finance lease principal | (66) | (64) |
| Proceeds from issuance of common stock for stock-based compensation plans | 13,281 | 2,362 |
| Purchase of treasury stock, open market purchases | (18,289) | — |
| Purchase of treasury stock, stock-based compensation plans | (6,007) | (6,507) |
| Cash dividends on common stock | (100,633) | (96,005) |
| Cash dividends on preferred stock | (8,625) | (8,625) |
| Net cash provided by financing activities | 843,134 | 1,937,635 |
| Net increase in cash and cash equivalents | 43,219 | 91,334 |
| Cash and cash equivalents at beginning of period | 923,823 | 621,455 |
| Cash and cash equivalents at end of period(a) | $967,042 | $712,789 |
(a) No restricted cash due to the Federal Reserve reducing the required reserve ratio to zero.
Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended Sep 30, | ||
|---|---|---|
| ($ in thousands) | 2024 | 2023 |
| Supplemental disclosures of cash flow information | ||
| Cash paid for interest | $796,621 | $576,221 |
| Cash paid for income and franchise taxes | 6,963 | 68,382 |
| Loans and bank premises transferred to OREO | 12,586 | 5,917 |
| Capitalized mortgage servicing rights | 4,458 | 2,477 |
| Loans transferred (from) into held for sale (into) from portfolio, net | (74,737) | 6,833 |
| Fair value adjustments on hedged long-term FHLB advances and subordinated debt | (10,369) | 18,652 |
| Fair value adjustments on foreign currency exchange forwards | 1,899 | 3,308 |
| Fair value adjustments on cash flow hedges | 18,871 | (19,391) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.