Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Related party transactions

Loans

The Bank has made and expects to continue to make loans to management, executive officers, the directors and significant shareholders of the Company and their related interests in the ordinary course of business, in compliance with regulatory requirements.

An analysis of loans to management, executive officers, the directors and significant shareholders of the Bank and their related interests is presented below:

Loans outstanding at January 1, 2025	$	31,406
New loans and advances	1,863
Change in related party status	—
Repayments	(287)
Loans outstanding at March 31, 2025	$	32,982

Unfunded commitments to management, executive officers, the directors, and significant shareholders and their related interests totaled $27,282 and $14,510 at March 31, 2025 and December 31, 2024, respectively.

Deposits

The Bank held deposits from related parties totaling $262,237 and $282,963 as of March 31, 2025 and December 31, 2024, respectively.

Leases

The Bank leases various office spaces from entities owned by certain directors of the Company under varying terms. Lease expense for these properties totaled $102 and $90 for the three months ended March 31, 2025 and 2024, respectively.

Aviation lease

Through a wholly-owned subsidiary, FBK Aviation, LLC, the Company owns and maintains an aircraft. FBK Aviation, LLC maintains non-exclusive aircraft leases with entities owned by certain directors. The Company recognized income of $19 and $24 during the three months ended March 31, 2025 and 2024, respectively, under these agreements.

Equity investment in preferred stock and master loan purchase agreement

The Company holds an equity investment in a privately held entity which originates manufactured housing loans through utilization of its proprietary developed technology. As a result of the investment, the Company holds two board seats on the entity’s board of directors. The Company also has a master loan purchase agreement with the entity to purchase up to $250,000 in manufactured housing loan production over an initial five-year term. Under this agreement, the Company purchased $9,494 and $9,225 of loans for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and December 31, 2024, the amortized cost of these loans HFI amounted to $95,093 and $86,890, respectively. See Note 2, “Investment securities”, for additional information on this investment.