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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.
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.