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Restrictions on Subsidiary Dividends, Loans, or Advances | 12 Months Ended
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Dec. 31, 2023
Restrictions on Subsidiary Dividends, Loans, or Advances |
Restrictions on Subsidiary Dividends, Loans, or Advances. | Note 16—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 banking subsidiary to transfer funds to the Company in form of cash dividends, loans or advances. The approval of the OCC is required if the total of all dividends declared by the 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 2023, the Bank paid dividends to the Company of $180.0 million. These funds were used to pay dividends to shareholders of approximately $154.9 million during 2023. ​ 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 $579.8 million and $536.1 million at December 31, 2023 and 2022, respectively. There were no outstanding loans or advances at December 31, 2023 and 2022.

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- Definition The entire disclosure for a banking or savings institution's compliance during the year with (a) federal and state laws and regulations relative to dividend restrictions and (b) federal laws and regulations relative to insider loans. + References No definition available. + Details
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