RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

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

December 31, 2020	$	12,284	$	24,453	$	(8,187)	$	(1,127)	$	27,423

We held related party deposits of $63.6 million and $73.8 million at December 31, 2021 and December 31, 2020, 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 ended December 31, 2021 from contracts with BillGO, Inc. totaled $0.3 million.