Related Party Transactions

12 Months Ended

Dec. 31, 2022

Note 10 – Related Party Transactions

We have granted loans to our officers and directors and to their immediate family members, as well as loans to related companies. These related party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated parties and do not involve more than normal risk of collectability. Set forth below is a summary of the related loan activity.


(Dollars in thousands)	Balance at Beginning of Year		Borrowings, net of participations		Executive Officer and Director Retirements		Repayments		Balance at End of Year
December 31, 2022	$	27,606	$	221,825	$	(998)	$	(215,000)	$	33,433

December 31, 2021	$	27,423	$	4,373	$	(996)	$	(3,194)	$	27,606

We held related party deposits of $112.5 million and $63.6 million at December 31, 2022 and December 31, 2021, respectively.

On January 17, 2022, the MVB Bank Inc. Board of Directors approved a $35.0 million line of credit to BillGO, Inc. a related party of the Bank. Revenue generated during the year from contracts with BillGO, Inc. totaled $0.3 million at December 31, 2022 and December 31, 2021, respectively.

In October 2022, we acquired an interest in Warp Speed and account for our ownership as an equity method investment, initially recorded at cost including costs incurred to obtain the equity method investment. As part of the purchase, we are able to designate two out of seven directors to the board of directors of Warp Speed. We purchase loan participations from CalCon Mutual Mortgage LLC, a subsidiary of Warp Speed. As of December 31, 2022, loans purchased from CalCon had an outstanding balance of $39.1 million. Interest income recognized on these participations was $0.9 million for the year ended December 31, 2022.

We account for our ownership interest in ICM as an equity method investment and purchase loan participations from ICM. As of December 31, 2022, loans purchased from ICM had an outstanding balance of $572.7 million.