2023

2022

2021

Operating activities:

Net income

$

411,768

$

300,232

$

253,922

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit loss

500

437

—

Unrealized (gain) loss on equity securities with readily determinable fair values

(14)

36

(51)

Stock compensation expense

330

449

506

Increase (decrease) in other liabilities

4,911

1,743

(8,084)

Equity in undistributed net income of subsidiaries

(240,654)

(74,413)

(168,603)

Net cash provided by operating activities

176,841

228,484

77,690

Investing activities:

Net (increase) decrease in notes receivable

(20,170)

(32,556)

1,549

Increase in other assets and other investments

(33,285)

(43,343)

(11,787)

Net cash used in investing activities

(53,455)

(75,899)

(10,238)

Financing activities:

Redemption of long-term debt

(25,774)

—

Proceeds from stock transactions

1,167

1,537

2,414

Payments of cash dividends - common

(78,247)

(75,375)

(72,838)

Purchase of treasury stock

(4,611)

(52,048)

(716)

Net cash used in financing activities

(107,465)

(125,886)

(71,140)

Increase (decrease) in cash

15,921

26,699

(3,688)

Cash at beginning of year

89,263

62,564

66,252

Cash at end of year

$

105,184

$

89,263

$

62,564