Restrictions on Subsidiary Dividends, Loans, or Advances	12 Months Ended
Dec. 31, 2020
Restrictions on Subsidiary Dividends, Loans, or Advances
Restrictions on Subsidiary Dividends, Loans, or Advances.	Note 17—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. Prior to the merger with CSFL, the Bank was required to get the approval of the South Carolina Board of Financial Institutions (“SCBFI”) to pay dividends that exceeds 100% of net income in any calendar year. With the merger with CSFL, the Bank became a national bank regulated by the OCC. The approval of the OCC is required if the total of all dividends declared by a national bank in any calendar year exceeds the total of its net profits for that year combined with its retained net profits for the preceding two years, less any required transfers to surplus. The federal banking agencies have issued policy statements which provide that bank holding companies and insured banks should generally pay dividends only out of current earnings. During first quarter of 2020, the Bank paid special dividends to the Company totaling $24.7 million for which SCBFI approval was not required. These funds were used to repurchase Company stock on the open market totaling $24.7 million during the first quarter of 2020. The Bank also paid a special dividend of $33.0 million during the first quarter of 2020 to provide the Company more general operating liquidity during the COVID pandemic. The Bank paid approximately $32 million to fund quarterly shareholder divided payments. 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. 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 $479.5 million and $246.4 million at December 31, 2020 and 2019, respectively.

Restrictions on Subsidiary Dividends, Loans, or Advances

12 Months Ended

Dec. 31, 2020

Restrictions on Subsidiary Dividends, Loans, or Advances

Restrictions on Subsidiary Dividends, Loans, or Advances.

Note 17—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. Prior to the merger with CSFL, the Bank was required to get the approval of the South Carolina Board of Financial Institutions (“SCBFI”) to pay dividends that exceeds 100% of net income in any calendar year. With the merger with CSFL, the Bank became a national bank regulated by the OCC. The approval of the OCC is required if the total of all dividends declared by a national bank in any calendar year exceeds the total of its net profits for that year combined with its retained net profits for the preceding two years, less any required transfers to surplus. The federal banking agencies have issued policy statements which provide that bank holding companies and insured banks should generally pay dividends only out of current earnings.

During first quarter of 2020, the Bank paid special dividends to the Company totaling $24.7 million for which SCBFI approval was not required. These funds were used to repurchase Company stock on the open market totaling $24.7 million during the first quarter of 2020. The Bank also paid a special dividend of $33.0 million during the first quarter of 2020 to provide the Company more general operating liquidity during the COVID pandemic. The Bank paid approximately $32 million to fund quarterly shareholder divided payments. 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.

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 $479.5 million and $246.4 million at December 31, 2020 and 2019, respectively.