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Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions
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 YearBorrowings, net of participations Executive Officer and Director RetirementsRepaymentsBalance at End of Year
December 31, 2024$22,372 $97,966 $— $(94,784)$25,554 
December 31, 2023$33,433 $866,011 $— $(877,072)$22,372 

We held related party deposits of $303.3 million and $256.0 million at December 31, 2024 and December 31, 2023, respectively.

In January 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. As of December 31, 2023 the line of credit to BillGO, Inc. has been closed. Interest income on the line of credit totaled $0.3 million for the year ended December 31, 2023. There was no interest income on the line of credit for the year ended December 31, 2024. Issuing sponsorship income generated during the year from contracts with BillGO, Inc. totaled $0.4 million and $0.3 million for December 31, 2024 and December 31, 2023, respectively.

In October 2022, we acquired an interest in Warp Speed and account for our ownership as an equity method investment, initially recorded at cost including costs incurred to obtain the equity method investment. As part of the purchase, we are able to designate two out of seven directors to the board of directors of Warp Speed. We purchase loan participations from CalCon Mutual Mortgage LLC ("CalCon"), a subsidiary of Warp Speed. As of December 31, 2024 and December 31, 2023, loans purchased from CalCon had an outstanding balance of $51.2 million and $46.0 million. Interest income recognized on these participations was $3.0 million and $2.2 million for the years ended December 31, 2024 and December 31, 2023.

We account for our ownership interests in ICM as an equity method investment and purchase loan participations from ICM. As of December 31, 2024 and December 31, 2023, loans purchased from ICM had an outstanding balance of $540.9 million and $564.8 million. In December 2022, we completed the placement of $5.0 million subordinated note to ICM. In December 2023, the subordinated note was amended and restated to extend the maturity date until December 2024. In October 2024, principal and interest was paid in the amount of $2.8 million and the maturity date was extended a second time to January 2026, with total of $3.0 million remaining. Further, in October 2022, we completed the placement of $1.4 million subordinated note to ICM with an interest rate of 8% per annum, compounded annually. The principal and interest of this note will be paid in one sum balloon payment no later than January 2026. As of July 2020, 100 preferred units are issued and outstanding from ICM. The preferred units are valued at $7.5 million and will receive priority distribution equal to an annual rate of 5.5%.