Welcome to our dedicated page for FREEDOM FINL HLDGS news (Ticker: FDVA), a resource for investors and traders seeking the latest updates and insights on FREEDOM FINL HLDGS stock.
Freedom Financial Holdings, Inc. (OTCQX: FDVA) is the holding company for The Freedom Bank of Virginia, a community bank headquartered in Fairfax, Virginia. News about FDVA often centers on the financial performance and strategic direction of the bank, which offers commercial banking, personal banking, and mortgage banking services with a focus on businesses, real estate owners, and professionals.
On this page, readers can follow FDVA news related to quarterly and annual earnings, trends in net interest margin, cost of funds, non-interest income, asset quality, and capital ratios. Company releases frequently discuss net income, tangible book value per share, efficiency ratio, and regulatory capital metrics, providing insight into how management is navigating interest rate changes, funding mix, and credit conditions.
Freedom Financial Holdings also issues news updates about corporate developments such as leadership appointments, including senior finance roles and market presidents, as well as branch relocations designed to enhance client accessibility. Announcements may highlight initiatives to reduce wholesale funding, adjust loan and deposit mixes, and manage problem loans, reflecting the company’s approach to balance sheet resilience.
In addition, FDVA news includes items on technology and product enhancements, such as the launch of digital invoicing and payment solutions for small business clients, and community-focused activities led by the Freedom Bank Foundation and the NOVA Freedom Fund. Investors and clients who want to monitor these earnings reports, strategic updates, and community initiatives can use this news feed as a centralized source of company-issued information.
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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%.
Freedom Financial Holdings (OTCQX: FDVA) reported a net income of $2,861,940, or $0.39 per diluted share, for Q4 2022, marking a 6.39% increase from the prior quarter. Full-year net income was $10,563,572, down 1.53% from 2021. Despite a significant drop in mortgage revenue by $5.2 million, loan growth was robust at 21.78%, and the net interest margin improved to 3.63%. Tangible book value per share increased to $12.87, with a strong Tier 1 Capital Ratio of 13.37%. However, total revenue declined by 2.49% year-over-year, reflecting challenges in non-interest income due to decreased mortgage activity.
The Freedom Bank of Virginia (OTCQX: FDVA) has received regulatory approval to relocate its Chantilly branch and combine it with its Mortgage Division at a new site on Lafayette Center Drive, effective January 3, 2023. This strategic move aims to enhance client access, with improved facilities and ample parking to better serve the growing Northern Virginia market. President and CEO Joe Thomas emphasized the bank's commitment to delivering seamless services and fostering relationships in the community as part of its ongoing growth strategy.
The Freedom Bank of Virginia (OTCQX: FDVA) has introduced a new digital invoicing and payment solution for small business clients, powered by Autobooks. This service enables businesses to create professional invoices and send them directly to customers, facilitating secure payments via credit card or ACH with no monthly fees. Joe Thomas, President and CEO, highlighted the bank's commitment to combining technology with personalized service, enhancing the banking experience for small businesses.
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