Condensed Financial Information - Parent Company (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

Condensed Balance Sheets -

December 31, 2023 and 2022

ASSETS	2023			2022
Cash in subsidiary bank (1)	$	92,905		$	50,204
Cash in unaffiliated banks (1)		2			2
Interest-bearing deposits in subsidiary bank (1)		50,412			69,053
Total cash and cash equivalents		143,319			119,259
Securities available-for-sale, at fair value		2,200			2,235
Investment in and advances to subsidiaries, at equity (1)		1,376,986			1,171,095
Intangible assets		723			723
Other assets		7,044			5,355
Total assets	$	1,530,272		$	1,298,667
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	31,372		$	32,930
Shareholders’ equity:
Common stock		1,427			1,427
Capital surplus		681,246			677,593
Retained earnings		1,219,525			1,121,945
Treasury stock		(11,855	)		(11,035	)
Deferred compensation		11,855			11,035
Accumulated other comprehensive earnings		(403,298	)		(535,228	)
Total shareholders’ equity		1,498,900			1,265,737
Total liabilities and shareholders’ equity	$	1,530,272		$	1,298,667

(1)Eliminates in consolidation.

Condensed Statements of Earnings

Condensed Statements of Earnings -

For the Years Ended December 31, 2023, 2022 and 2021

	2023		2022		2021
Income:
Cash dividends from subsidiaries (1)	$	133,500	$	67,500	$	96,500
Excess of earnings over dividends of subsidiaries (1)		72,444		174,741		140,441
Other		1,783		62		279
Total income		207,727		242,303		237,220
Expenses:
Salaries and employee benefits		6,129		6,541		7,374
Other operating expenses		4,521		4,106		5,262
Total expense		10,650		10,647		12,636
Earnings before income taxes		197,077		231,656		224,584
Income tax benefit		1,900		2,819		2,978
Net earnings	$	198,977	$	234,475	$	227,562

(1)Eliminates in consolidation.

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows -

For the Years Ended December 31, 2023, 2022 and 2021

	2023			2022			2021
Cash flows from operating activities:
Net earnings	$	198,977		$	234,475		$	227,562
Adjustments to reconcile net earnings to    net cash provided by operating activities:
Excess of earnings over dividends of subsidiaries		(72,444	)		(174,741	)		(140,441	)
Depreciation and amortization, net		116			188			189
Decrease (increase) in other assets		698			645			(693	)
Increase (decrease) in other liabilities		(2,721	)		933			2,997
Other		2			—			(4	)
Net cash provided by operating activities		124,628			61,500			89,610
Cash flows from investing activities:
Purchases of bank premises and equipment and software		—			(385	)		(106	)
Net cash provided by (used in) investing activities		—			(385	)		(106	)
Cash flows from financing activities:
Proceeds from stock option exercises		2,132			6,545			5,905
Cash dividends paid		(99,965	)		(91,315	)		(79,712	)
Repurchase of stock		(2,735	)		(9,449	)		—
Net cash used in financing activities		(100,568	)		(94,219	)		(73,807	)
Net increase in cash and cash equivalents		24,060			(33,104	)		15,697
Cash and cash equivalents, beginning of year		119,259			152,363			136,666
Cash and cash equivalents, end of year	$	143,319		$	119,259		$	152,363