OTC-PINK:FDVA

Freedom Financial Holdings Announces Earnings for First Quarter of 2024 and Reauthorization of Stock Buyback Program

Retrieved on: 
Thursday, April 25, 2024
Sale, OTCQX, Bank, Federal Home Loan Banks, Federal Reserve Bank, SBA, PPP, Asset, Real estate owned, FDICIA, Environment, Freedom, AOCI, Federal funds, Share repurchase, Calendar, Efficiency ratio

The Board approved and has implemented a refreshed stock repurchase program following the extinguishment of the prior buyback program in February 2024.

Key Points: 
  • The Board approved and has implemented a refreshed stock repurchase program following the extinguishment of the prior buyback program in February 2024.
  • Tangible Book Value per share1 increased during the quarter to $10.83 on March 31, 2024, compared to $10.78 on December 31, 2023.
  • Non-interest-bearing demand deposits decreased by $2.26 million from the linked quarter to $141.70 million and represented 15.85% of total deposits on March 31, 2024.
  • Yields on average earning assets were 5.99% in the first quarter of 2024, unchanged from the linked quarter and 5.38% in the calendar quarter.

Freedom Financial Holdings Announces Earnings for Fourth Quarter and Full Year 2023

Retrieved on: 
Friday, January 26, 2024
Freedom, Real estate owned, SBIC, Bank, Efficiency ratio, Federal funds, Fraud, Sale, Investment, Federal Home Loan Banks, Calendar, Comprehensive income, SBA, AOCI, OTCQX, Fidelity bond, Federal Reserve Bank, Asset, Collectable, PPP, Cryptocurrency

Pre-provision pretax income1 for the fourth quarter was $2,031,758 compared to pre-provision, pretax income of $1,730,376 in the prior quarter.

Key Points: 
  • Pre-provision pretax income1 for the fourth quarter was $2,031,758 compared to pre-provision, pretax income of $1,730,376 in the prior quarter.
  • Despite the loss in the fourth quarter, tangible book value per share2 increased by 2.70% during the quarter and by 2.01% in 2023.
  • Non-interest-bearing demand deposits decreased by $24.15 million during the fourth quarter and comprised 15.63% of total deposits at the end of the fourth quarter.
  • AOCI increased during the fourth quarter of 2023 due to a decline in unrealized losses related to available-for-sale securities.

Freedom Financial Holdings Announces Earnings for Third Quarter of 2023

Retrieved on: 
Friday, October 27, 2023
Asset, Insurance, Sale, Federal funds, Bank, Freedom, OTCQX, Allowance for Loan and Lease Losses, Efficiency ratio, PPP, AOCI, Environment, Growth, Comprehensive income, Real estate owned, Risk-weighted asset, Tier 1 capital, Fed, Current Expected Credit Losses, SBA, Calendar, Cryptocurrency, Security (finance), Rare-earth element, Life insurance, Coal, Real estate, Payment card

Freedom Bank enjoyed 17.2% annualized growth in loans and 10.2% annualized growth in deposits during the third quarter compared to the linked quarter.

Key Points: 
  • Freedom Bank enjoyed 17.2% annualized growth in loans and 10.2% annualized growth in deposits during the third quarter compared to the linked quarter.
  • Return on Average Assets ("ROAA") was 0.49% for the quarter ended September 30, 2023, compared to 0.69% for the linked quarter and 1.15% for the three months ended September 30, 2022.
  • The Efficiency Ratio3 was 76.43% for the quarter ended September 30, 2023, compared to 69.02% for the linked quarter and 59.19% for the same period in 2022.
  • The Efficiency Ratio was 76.43% for the quarter ended September 30, 2023, compared to 69.02% for the linked quarter and 59.19% for the same period in 2022.

Freedom Financial Holdings Announces Earnings for Second Quarter of 2023

Retrieved on: 
Friday, July 28, 2023
Freedom, Total, Allowance for Loan and Lease Losses, Federal, Current Expected Credit Losses, Calendar, AOCI, Efficiency ratio, Sale, Asset, PPP, Federal Reserve, Real estate owned, OTCQX, SBA, Growth, Bank, Federal funds, Cryptocurrency, Life insurance, Security (finance), Rare-earth element, Real estate, Insurance

Joseph J. Thomas, President, and CEO, commented, "We are encouraged by improvements in the Company's second quarter performance with pre-tax income increasing by 83.97% compared to the first quarter of 2023.

Key Points: 
  • Joseph J. Thomas, President, and CEO, commented, "We are encouraged by improvements in the Company's second quarter performance with pre-tax income increasing by 83.97% compared to the first quarter of 2023.
  • The increase in non-interest income in the second quarter of 2023 compared to the linked quarter was primarily due to a rebound in gain-on-sale revenue from mortgage loans.
  • Non-interest-bearing demand deposits decreased by $5.13 million during the second quarter and comprised 18.33% of total deposits at the end of the second quarter.
  • Retained earnings were $37.24 million on June 30, 2023, compared to $35.47 million on March 31, 2023, and $34.11 million on December 31, 2022.

Freedom Financial Holdings, Inc. is Recognized by American Banker as One of the Top Performing Bank Holding Companies Under $2 Billion in the US

Retrieved on: 
Wednesday, June 14, 2023
Freedom, Washington Metro, Security, American Banker, S&P Global, OTCQX, Environment, Cryptocurrency

FAIRFAX, Va., June 14, 2023 /PRNewswire/ -- Freedom Financial Holdings, Inc. (OTCQX FDVA), (the "Company" or "Freedom"), is thrilled to announce that it was recognized by American Banker as one of the top performing bank holding companies with under $2 billion in assets in the United States. Freedom received the highest rank of any bank holding company in the DC Metro area, was the fourth highest ranked bank holding company in the state of Virginia and was 99th in the overall nationwide list. Freedom's significant climb in rank since 2021 is especially significant given the exceptionally challenging environment in 2022.

Key Points: 
  • Freedom received the highest rank of any bank holding company in the DC Metro area, was the fourth highest ranked bank holding company in the state of Virginia and was 99th in the overall nationwide list.
  • Freedom's significant climb in rank since 2021 is especially significant given the exceptionally challenging environment in 2022.
  • The American Banker publishes the list of the top 200 performing publicly traded banks and holding companies with under $2 billion in assets annually.
  • The Capital Performance Group compiles and analyzes the data provided by S&P Global Market Intelligence which utilizes Security and Exchange Commission filings.

Freedom Financial Holdings Announces Earnings for First Quarter of 2023

Retrieved on: 
Thursday, April 27, 2023
Total, Federal, Current Expected Credit Losses, HTM, Calendar, AOCI, Efficiency ratio, Sale, Federal Home Loan Banks, PPP, Federal Reserve responses to the subprime crisis, Federal Reserve, Real estate owned, CECL, SBA, ASU, Bank, Fraud, ACL, Federal funds, Life insurance, Cryptocurrency

The first quarter of the year is also a seasonally low quarter for residential mortgage originations.

Key Points: 
  • The first quarter of the year is also a seasonally low quarter for residential mortgage originations.
  • Non-interest expense in the first quarter increased by 19.18% compared to the linked quarter and increased by 10.18% compared to the same period in 2022.
  • The Efficiency Ratio was 78.76% for the quarter ended March 31, 2023, compared to 58.44% for the linked quarter and 61.70% for the same period in 2022.
  • Retained earnings were $35.47 million on March 31, 2023, compared to $34.11 million at the end of the prior quarter.

Freedom Financial Holdings Announces Earnings for Fourth Quarter and Full Year 2022

Retrieved on: 
Friday, January 27, 2023
Government, Tier 1 capital, Comprehensive income, Inter-satellite service, Bank, CECL, Federal Home Loan Banks, Federal Reserve, Current Expected Credit Losses, Calendar, Sale, OTCQX, Risk-weighted asset, PPP, Total, Real estate owned, Credit, Privacy and the US government, Freedom, Efficiency ratio, ASU, Federal, SBA, Federal funds, AOCI, Investment, Cryptocurrency, Video game, Life insurance, Security (finance), Real estate, Insurance

Available for sale investment securities were unchanged during the fourth quarter and increased by $10.04 million in 2022.

Key Points: 
  • Available for sale investment securities were unchanged during the fourth quarter and increased by $10.04 million in 2022.
  • Additional paid-in capital was $58.24 million on December 31, 2022, compared to $58.45 million as of September 30, 2022.
  • Retained earnings were $34.11 million on December 31, 2022, compared to $31.25 million at the end of the prior quarter.
  • Total shares issued and outstanding were 7,184,259 as of December 31, 2022, compared to 7,281,606 shares as of September 30, 2022.

Freedom Bank Receives Regulatory Approval to Relocate its Chantilly Branch

Retrieved on: 
Tuesday, December 6, 2022
Suite, Environment, OTCQX, Financial institution, Bank, Dream, Virginia State Route 609 (Fairfax County), Federal Reserve Bank, Multimedia, Federal Reserve Bank of St. Louis, Bureau

FAIRFAX, Va., Dec. 6, 2022 /PRNewswire/ -- The Freedom Bank of Virginia (OTCQX: FDVA) announced today that it received regulatory approval from the Federal Reserve Bank of Richmond and Bureau of Financial Institutions – State Corporation Commission to relocate its current branch at 4500 Daly Drive, Suite 240, Chantilly, Virginia to establish a new branch at 4090 Lafayette Center Drive, Suite B in Chantilly. In connection with this, the Freedom Bank Mortgage Division located at 4211 Pleasant Valley Road, Chantilly will also move to this new location when it opens on Tuesday, January 3, 2023.  This conveniently located office will give the Bank and the Mortgage Division improved space and access to better serve clients with ample parking and easy access off Route 50 and Pleasant Valley Road.

Key Points: 
  • FAIRFAX, Va., Dec. 6, 2022 /PRNewswire/ -- The Freedom Bank of Virginia (OTCQX: FDVA) announced today that it received regulatory approval from the Federal Reserve Bank of Richmond and Bureau of Financial Institutions State Corporation Commission to relocate its current branch at 4500 Daly Drive, Suite 240, Chantilly, Virginia to establish a new branch at 4090 Lafayette Center Drive, Suite B in Chantilly.
  • Freedom Bank (OTCQX: FDVA) is a next-generation community bank, headquartered in Fairfax, Virginia, offering commercial banking, personal banking, and mortgage banking solutions using banker expertise and innovative technology to build lead relationships with clients.
  • Freedom Bank has sales office locations in Fairfax, Vienna, Reston, Manassas, and Chantilly, VA.
  • The Freedom Bank Mortgage Division is headquartered in Chantilly, VA and the Freedom Bank Small Business Lending Division is headquartered in Harrison, NY.

Freedom Bank Announces Partnership with FinTech Autobooks to Deliver Digital Invoicing and Payment Solutions to Business Clients

Retrieved on: 
Monday, November 28, 2022
Bank, OTCQX, Freedom, ACH, Dream, Financial services

FAIRFAX, Va., Nov. 28, 2022 /PRNewswire/ -- The Freedom Bank of Virginia (OTCQX: FDVA) announced it launched a new digital invoicing and payment solution for business clients powered by Autobooks. These new services allow Freedom's small business clients to leverage easy invoicing and payments options seamlessly integrated and available within the Bank's online and mobile banking platform. Business clients can quickly and easily generate professional looking invoices and send them directly to their customers' inbox. Each invoice includes a "pay now" button that recipients can use to make their payment safely and securely using a credit card or ACH. There is no monthly cost for the service and clients only pay the merchant fees for credit card transactions and ACH payment sent by their customer.

Key Points: 
  • FAIRFAX, Va., Nov. 28, 2022 /PRNewswire/ --The Freedom Bank of Virginia (OTCQX: FDVA) announced it launched a new digital invoicing and payment solution for business clients powered by Autobooks.
  • Business clients can quickly and easily generate professional looking invoices and send them directly to their customers' inbox.
  • "Freedom Bank is thrilled to add these new digital and payment services to our robust suite of digital banking solutions.
  • The Freedom Bank Mortgage Division is headquartered in Chantilly, VA and the Freedom Bank Small Business Lending Division is headquartered in Harrison, NY.