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Freedom Financial Holdings Inc. reports developments for its role as the holding company for The Freedom Bank of Virginia, a community bank serving business, commercial, personal, and mortgage banking clients in Northern Virginia. Recurring company updates include quarterly earnings, net interest margin, cost of funds, credit provisions, loan and deposit activity, non-interest income, and regulatory capital ratios.
Company news also covers Freedom Bank branch activity, corporate office moves, leadership appointments, board additions, technology and client-service initiatives, and the bank's positioning across markets such as Fairfax County, Tysons, Chantilly, Manassas, Reston, and Vienna.
Freedom Financial Holdings (FDVA) reported Q4 2024 net income of $1.16 million ($0.16 per diluted share), compared to $344,919 in Q3 2024 and a loss of $2.01 million in Q4 2023. Full-year 2024 net income reached $4.71 million ($0.64 per share), up 103.2% from 2023.
Key Q4 metrics include: net interest margin increased to 2.44%, non-interest income grew 10.14%, and total assets reached $1.09 billion. The efficiency ratio was 84.07%, while non-accrual loans represented 1.78% of loans held-for-investment. The bank maintains strong capital ratios with a Total Capital ratio of 14.35%.
Notable developments include a decrease in uninsured deposits to 21.55% of total deposits, increased available secured liquidity at 162.14% of uninsured deposits, and continuation of an open share buyback program with 213,000 shares remaining.
Freedom Financial Holdings (FDVA) reported Q3 2024 net income of $344,919 ($0.05 per diluted share), down from $2,044,233 ($0.28 per share) in Q2 2024 and $1,318,378 ($0.18 per share) in Q3 2023. The company faced increased costs including $337,000 in non-recurring expenses related to personnel, FDICIA consulting, software, and legal fees. Despite profitability challenges, tangible book value increased to $11.64 per share, up 10.63% annualized from December 2023. Total assets reached $1.10 billion, with deposits increasing by $8.41 million during the quarter. The net interest margin decreased to 2.32%, while the efficiency ratio rose to 88.13%.
Freedom Financial Holdings (OTCQX: FDVA) reported net income of $2,044,233 or $0.28 per diluted share for Q2 2024, a 75.6% increase from Q1 2024 and 15.5% ahead of Q2 2023. The strong earnings were partly due to a reserve release related to resolving the largest non-performing loan. Total assets reached $1.10 billion, up 1.05% from December 31, 2023. Loans held-for-investment increased by 1.97%, while total deposits decreased by 1.65%. The net interest margin decreased to 2.41%, down 13 basis points from Q1 2024. Non-interest income increased by 3.66% compared to Q1 2024, while non-interest expense decreased by 2.80%. The efficiency ratio was 81.72%. The company remains well-capitalized with strong capital ratios.
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Freedom Financial Holdings (FDVA) reported a net income of $1,236,635 for Q1 2023, translating to $0.17 per diluted share, a significant decrease from $2,861,940 ($0.39 per share) in Q4 2022. Year-over-year, net income also declined from $2,784,297 ($0.38 per share) in Q1 2022. Total assets rose by 2.98% to $1.01 billion. The tangible common equity ratio stood at 7.38%, while total deposits increased by $25.97 million (3.06%). However, net interest income decreased by 11.32% quarter-over-quarter due to margin compression. Operating expenses surged by 19.18%, impacting profitability. On a positive note, non-performing assets fell to 0.67% of total assets, and liquidity ratios showed strong stability with a total liquidity to uninsured deposits ratio of 149.16%.