Related Parties

3 Months Ended

Mar. 31, 2022

Related Parties [Abstract]

Related Parties

Note 13 – Related Parties

In the ordinary course of business, the Company may grant loans to certain executive officers and directors and the companies with which they are associated. The Company had loans outstanding to related parties of $0.0 million as of March 31, 2022 and December 31, 2021. Total deposits from certain executive officers and directors and the companies with which they are associated were $0.9 million and $0.5 million as of March 31, 2022 and December 31, 2021, respectively.

BFG is a small business loan broker, primarily under the SBA’s 7(a) loan program. As noted in Note 9 Investments above, the Company has a 10% ownership in the outstanding membership units of BFG. The Company underwrites loans sourced by BFG in its normal course of business. If approved and funded, the Company pays BFG a commission fee based on the amount funded. There is no guarantee or commitment made by the Company to BFG to approve or fund loans referred by BFG. The Company is able to use its sole discretion in deciding to approve and fund loans referred by BFG.