2024

2023

2022

Operating activities:

Net income

$

409,167

$

411,768

$

300,232

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

Provision for credit loss

625

500

437

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

(27)

(14)

36

Stock compensation expense

214

330

449

(Decrease) increase in other liabilities

(1,251)

4,911

1,743

Equity in undistributed net income of subsidiaries

(287,668)

(240,654)

(74,413)

Net cash provided by operating activities

121,060

176,841

228,484

Investing activities:

Net increase in loans

(24,528)

(20,170)

(32,556)

Increase in other assets and other investments

(56,575)

(33,285)

(43,343)

Net cash used in investing activities

(81,103)

(53,455)

(75,899)

Financing activities:

Redemption of long-term debt

—

(25,774)

—

Proceeds from stock transactions

3,758

1,167

1,537

Payments of cash dividends - common

(82,078)

(78,247)

(75,375)

Purchase of treasury stock

(963)

(4,611)

(52,048)

Net cash used in financing activities

(79,283)

(107,465)

(125,886)

(Decrease) increase in cash

(39,326)

15,921

26,699

Cash at beginning of year

105,184

89,263

62,564

Cash at end of year

$

65,858

$

105,184

$

89,263

Non-cash investing activities:

Net transfers from loans to other investments

$

25,551

$

—

$

—