Dividend restrictions

12 Months Ended

Dec. 31, 2018

Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]

Dividend restrictions

Dividend restrictions:

Due to regulations of the Tennessee Department of Financial Institutions (“TDFI”), the Bank may not declare dividends in any calendar year that exceeds the total of its net income of that year combined with its retained net income of the preceding two years without the prior approval of the TDFI Commissioner. Based upon this regulation, $164,859 and $105,453 was available for payment of dividends without such prior approval at December 31, 2018 and 2017, respectively. In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements.

No cash dividends were declared from the Bank to the Company during the years ended December 31, 2018 or 2017.