Restrictions on Subsidiary Dividends, Loans, or Advances	12 Months Ended
Dec. 31, 2019
Restrictions on Subsidiary Dividends, Loans, or Advances
Restrictions on Subsidiary Dividends, Loans, or Advances.	Note 15—Restrictions on Subsidiary Dividends, Loans, or Advances The Company pays cash dividends to shareholders from its assets, which are mainly provided by dividends from its banking subsidiary. However, certain restrictions exist regarding the ability of its subsidiary to transfer funds to the Company in form of cash dividends, loans or advances. The approval of the South Carolina Board of Financial Institutions (“SCBFI”) is required to pay dividends that exceeds 100% of net income in any calendar year. The Federal Reserve Board, the OCC, and the FDIC have issued policy statements which provide that bank holding companies and insured banks should generally pay dividends only out of current earnings. During 2019, the Bank paid special dividends to the Company totaling $157.0 million for which SCBFI approval was required. The Bank received approval from the SCBFI in June 2019 to pay an additional $60.0 million above current year net income in dividends to the Company. These funds were used to repurchase Company stock on the open market totaling $156.9 million during 2019. In 2018, the Bank paid special dividends to the Company totaling $66.6 million for which SCBFI approval was not required. These funds were used to repurchase Company stock on the open market totaling $68.4 million in the third and fourth quarters of 2018. In November 2017, the Bank paid a special dividend to the Company of $25.0 million for which SCBFI approval was not required. These funds were used to redeem $30.0 million in senior debt that was acquired in the Park Sterling merger. Under Federal Reserve regulations, the bank is also limited as to the amount it may lend to the Company. The maximum amount available for transfer from the bank to the Company in the form of loans or advances was approximately $246.4 million and $245.8 million at December 31, 2019 and 2018, respectively.

Restrictions on Subsidiary Dividends, Loans, or Advances

12 Months Ended

Dec. 31, 2019

Restrictions on Subsidiary Dividends, Loans, or Advances

Restrictions on Subsidiary Dividends, Loans, or Advances.

Note 15—Restrictions on Subsidiary Dividends, Loans, or Advances

The Company pays cash dividends to shareholders from its assets, which are mainly provided by dividends from its banking subsidiary. However, certain restrictions exist regarding the ability of its subsidiary to transfer funds to the Company in form of cash dividends, loans or advances. The approval of the South Carolina Board of Financial Institutions (“SCBFI”) is required to pay dividends that exceeds 100% of net income in any calendar year. The Federal Reserve Board, the OCC, and the FDIC have issued policy statements which provide that bank holding companies and insured banks should generally pay dividends only out of current earnings.

During 2019, the Bank paid special dividends to the Company totaling $157.0 million for which SCBFI approval was required. The Bank received approval from the SCBFI in June 2019 to pay an additional $60.0 million above current year net income in dividends to the Company. These funds were used to repurchase Company stock on the open market totaling $156.9 million during 2019. In 2018, the Bank paid special dividends to the Company totaling $66.6 million for which SCBFI approval was not required. These funds were used to repurchase Company stock on the open market totaling $68.4 million in the third and fourth quarters of 2018. In November 2017, the Bank paid a special dividend to the Company of $25.0 million for which SCBFI approval was not required. These funds were used to redeem $30.0 million in senior debt that was acquired in the Park Sterling merger.

Under Federal Reserve regulations, the bank is also limited as to the amount it may lend to the Company. The maximum amount available for transfer from the bank to the Company in the form of loans or advances was approximately $246.4 million and $245.8 million at December 31, 2019 and 2018, respectively.