Section 06.05.445 - Net undivided profits and dividends(a) A bank may not declare or pay a dividend in an amount greater than its net undivided profits then on hand.(b) In determining net profits for the purpose of declaring a dividend, a bank may not include in its calculations (1) loan loss reserves and losses in excess of reserves, including loans or other credits upon which interest for a period of six months is due and unpaid, unless the loan or credit is well secured and in the process of collection;(2) interest accrued but not collected on loans or other credits upon which the interest due is more than 90 days delinquent;(3) interest collected but not earned;(4) assets or depreciation that the department has required to be charged off;(5) the appreciation of any asset above its actual cost to the bank; and(6) any accrued expenses, interest or taxes due from the bank.