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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.
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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.
Freedom Financial Holdings (OTCQX: FDVA) reported a net income of $2,689,950 or $0.37 per diluted share for Q3 2022, an increase from $2,227,385 or $0.30 in Q2 2022 but down from $2,890,281 or $0.39 in Q3 2021. For the first nine months of 2022, net income was $7,701,632 or $1.05 per diluted share. Total assets grew to $964.28 million, with annualized organic loan growth of 22.33% and deposit growth of 43.01%. Non-interest income saw a decline of 31.44% due to mortgage revenue reductions. The Company maintains a strong balance sheet with a Tier 1 Capital Ratio of 13.62%.
The Freedom Bank of Virginia (OTCQX: FDVA) announced that its inaugural Fall Gala raised over $110,000 to support economic inclusion for entrepreneurs of color in Northern Virginia. The funds will be allocated to the NOVA Freedom Fund, which offers financing and technical assistance to minority business owners in the DC Region. President Joe Thomas expressed gratitude for the community's support, emphasizing the gala's success in exceeding its fundraising goal. The Freedom Bank Foundation is a 501(c)(3) nonprofit organization dedicated to these initiatives.
Freedom Bank (OTCQX: FDVA) has been designated as a Preferred Lender by the Small Business Administration (SBA), enabling it to process most SBA-guaranteed loans without prior SBA review. This designation allows for a more efficient loan process, benefiting small businesses and entrepreneurs. President and CEO, Joe Thomas, highlighted the bank's commitment to serving clients in the DC Region while expanding nationwide. This strategic move aims to enhance service and product offerings, addressing funding needs in the business community.
The Freedom Bank of Virginia (OTCQX: FDVA) is set to host its inaugural Freedom Bank Foundation Gala on September 29, 2022, at Reston Town Center. This event aims to raise funds for economic inclusion efforts in the local community, specifically targeting minorities and entrepreneurs of color through the NOVA Freedom Fund, developed in partnership with the Community Business Partnership (CBP). CEO Joe Thomas highlighted the gala's role in enhancing awareness and funding for initiatives that propel local businesses. The Freedom Bank Foundation operates as a nonprofit focused on expanding access to capital.
Freedom Financial Holdings (FDVA) reported a net income of $2.23 million or $0.30 per diluted share for Q2 2022, down from $2.78 million in Q1 2022. The decline was attributed to a significant drop in fee-based revenue, particularly from mortgage banking, which fell by 51.29%. However, a robust 18.24% growth in net interest income helped mitigate losses. The company's Tier 1 Capital Ratio stands at 13.84%. Total assets increased to $895.52 million, up 3.75% from the prior quarter, while non-interest income decreased by 27.72%.