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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2025 | Jun. 30, 2024
Cash flows from operating activities: |  |
Net cash provided by (used in) operating activities | $ 292,992 | $ 156,073
Cash flows from investing activities: |  |
Proceeds from sale of property and equipment | 12 | 92
Purchases of property and equipment | (2,204) | (4,815)
Purchases of equity securities | (18,431) | (2,180)
Purchases of available-for-sale debt securities | (210,052) | (253,650)
Proceeds from sales of equity securities | 3,446 | 10,952
Proceeds from sales of available-for-sale debt securities | 25,476 | 7,530
Proceeds from sale of private equity limited partnership | 11,463 | 0
Maturities of available-for-sale debt securities | 89,778 | 57,735
Net cash provided by (used in) investing activities | (100,512) | (184,336)
Cash flows from financing activities: |  |
Preferred stock dividend | (5) | (5)
Common stock dividend | (9,356) | (9,276)
Purchase of treasury stock inclusive of excise taxes paid | (7,427) | (9,763)
Payments related to tax withholding for share-based compensation | (1,290) | 0
Repayment of debt | (735) | (735)
Net cash provided by (used in) financing activities | (18,813) | (19,779)
Cash and cash equivalents and restricted cash and cash equivalents: |  |
Net increase (decrease) during the period | 173,667 | (48,042)
Balance, beginning of period | 262,076 | 399,941
Balance, end of period | $ 435,743 | $ 351,899

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