v3.25.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
In the ordinary course of business, the Bank may grant loans to certain executive officers and directors and the companies with which they are associated. The Company had de minimis loans outstanding to related parties as of June 30, 2025 and December 31, 2024. Total deposits from certain executive officers and directors and the companies with which they are associated were $2.3 million and $2.1 million as of June 30, 2025 and December 31, 2024, respectively.
BFG is a small business loan broker, primarily under the SBA’s 7(a) loan program. As noted in Note 7 - Investment in Business Funding Group, the Company has a 20% ownership in the outstanding membership units of BFG. The Company underwrites loans sourced by BFG in its normal course of business. If approved and funded, the Company pays BFG a commission fee based on the amount funded. There is no guarantee or commitment made by the Company to BFG to approve or fund loans referred by BFG. The Company is able to use its sole discretion in deciding to approve and fund loans referred by BFG.
The following table represents a summary of related party transactions with BFG for the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
($ in thousands)2025202420252024
SBA 7(a) loans sourced from BFG$26,015 $10,684 $47,742 $23,941 
Commission fees paid to BFG$1,041 $427 $1,910 $958 
Distributions received from BFG(1)
$240 $170 $760 $380 
(1) Recorded in the consolidated statements of income in other miscellaneous income