Related Party Transactions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 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:
Unfunded commitments to management, executive officers, the directors, and significant shareholders and their related interests totaled $29,906 and $14,510 at June 30, 2025 and December 31, 2024, respectively. Deposits The Bank held deposits from related parties totaling $254,877 and $282,963 as of June 30, 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 $98 and $200 for the three and six months ended June 30, 2025, respectively, and $121 and $211 for the three and six months ended June 30, 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 $6 and $25 for the three and six months ended June 30, 2025, respectively, and $19 and $43 for the three and six months ended June 30, 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 $18,516 and $28,010 of loans for the three and six months ended June 30, 2025, respectively, and purchased $17,581 and $26,806 of loans for the three and six months ended June 30, 2024. As of June 30, 2025 and December 31, 2024, the amortized cost of these loans HFI amounted to $112,307 and $86,890, respectively. See Note 2, “Investment securities”, for additional information on this investment.
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