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.
Freedom Financial Holdings, Inc. has successfully completed its statutory merger with The Freedom Bank of Virginia as of November 1, 2021. This reorganization allows the Company to act as the parent holding company for the Bank, with each Bank share converting into a Company share at a one-for-one exchange rate. The merger aims to enhance financial and operational flexibility and support the Bank's growth. The Bank will continue its operations without interruption, offering a full range of financial services. Shares will trade under the same OTC symbol, FDVA.
The Freedom Bank of Virginia (OTCQX: FDVA) reported a net income of $2.89 million or $0.39 per diluted share for Q3 2021, up from $2.63 million or $0.36 per diluted share in Q2 2021. Year-to-date net income increased to $7.98 million, compared to $4.95 million in the previous year. Key highlights include a 14.18% return on equity and a 10.37% growth in total assets to $846.6 million. The bank's net interest margin rose to 3.43%, with total deposits increasing by 8.58% during the quarter.
The Freedom Bank of Virginia (OTCQX: FDVA) earned an Honorable Mention in the ABA Foundation's 2021 Community Commitment Awards, recognizing its economic inclusion efforts through the NOVA Technology Loan Fund. This fund was launched in early 2021 to assist entrepreneurs of color in the DC Region impacted by COVID-19, providing financing and technical support. The bank is proud to be the only award winner from Virginia, highlighting its dedication to community service.
The Freedom Bank of Virginia (OTCQX: FDVA) received regulatory approval for its holding company reorganization, set to take effect on November 1, 2021. The Bank will become a wholly-owned subsidiary of Freedom Financial Holdings, Inc. Each share of the Bank's common stock will convert into corresponding shares of Freedom Financial. This restructuring aims to enhance financial flexibility and access to capital markets, fostering continued growth. Operations will remain unchanged, and the Bank will continue offering its full range of financial services from its headquarters in Fairfax, Virginia.
The Freedom Bank of Virginia (OTCQX: FDVA) announced a new Business Valuation Loan product for commercial clients in the Washington D.C. area, leveraging BizEquity's advanced valuation platform. This product offers a no-cost business valuation, including industry benchmarks, aiding businesses in strategic planning for growth or potential exit strategies. Joe Thomas, the bank's CEO, emphasized the importance of providing clients with accurate valuations to unlock their business potential. The partnership with BizEquity aims to enhance lending solutions based on business value.
The Freedom Bank of Virginia (OTCQX: FDVA) reported a net income of $2,626,381 ($0.36 per diluted share) for Q2 2021, up from $2,468,211 ($0.34) in Q1 2021 and $1,525,525 ($0.21) in Q2 2020. Year-to-date net income reached $5,094,592 ($0.69 per diluted share), a significant increase from $2,375,331 ($0.33) in 2020.
Key highlights include a 22.06% organic loan growth (excluding PPP loans) and a lowered cost of funds at 0.42%. The Board announced plans to form a new bank holding company for enhanced capital access. Non-interest income decreased by 25.10% due to lower mortgage activity, while asset quality improved with non-performing assets at 0.11%.
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The Freedom Bank of Virginia (OTCQX: FDVA) reported a net income of $2.47 million or $0.34 per diluted share for Q1 2021, up from $2.41 million or $0.33 per diluted share in the prior quarter and $849,806 or $0.11 the year before. Total assets rose to $871.04 million, a 13.56% increase since December 2020, driven by loan growth of $50.94 million, or 8.55%. The net interest margin improved to 3.55%, while non-interest income fell 35.16% due to reduced mortgage activity. The bank remains well-capitalized with strong asset quality.
The Freedom Bank of Virginia (OTCQX: FDVA) will have its President & CEO, Joe Thomas, present at VirtualInvestorConferences.com on March 10, 2021, at 12:30 PM ET. The event focuses on enhancing connections with businesses and real estate professionals in the Northern Virginia/DC MSA region. Investors unable to attend live can access an archived webcast post-event. Pre-registration and system checks are recommended for smooth participation. For more details, visit www.virtualinvestorconferences.com.
The Freedom Bank of Virginia (OTCQX:FDVA) reported a net income of $2,575,370, or $0.35 per diluted share, for Q3 2020, a 68.82% increase from the previous quarter and 176.22% year-over-year. Year-to-date earnings reached $4,950,701, up 152.92% from 2019. Key metrics include a Return on Average Assets of 1.45% and Return on Average Equity of 14.89%, with total assets at $751.58 million. Non-interest income surged 54.64% from Q2 2020, driven by mortgage division success. Despite increased expenses, the efficiency ratio improved to 69.22%, while asset quality remains strong.
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