FREEDOM FINL HLDGS INC - FDVA STOCK NEWS

Freedom Financial Holdings (OTCQX: FDVA) reported net income of $2,044,233 or $0.28 per diluted share for Q2 2024, a 75.6% increase from Q1 2024 and 15.5% ahead of Q2 2023. The strong earnings were partly due to a reserve release related to resolving the largest non-performing loan. Total assets reached $1.10 billion, up 1.05% from December 31, 2023. Loans held-for-investment increased by 1.97%, while total deposits decreased by 1.65%. The net interest margin decreased to 2.41%, down 13 basis points from Q1 2024. Non-interest income increased by 3.66% compared to Q1 2024, while non-interest expense decreased by 2.80%. The efficiency ratio was 81.72%. The company remains well-capitalized with strong capital ratios.

Freedom Financial Holdings reported net income of $1,164,226 for Q1 2024, compared to a loss in the previous quarter, and announced a refreshed stock buyback program. Pretax income increased by 28.4% fueled by higher non-interest income and reduced expenses. The company's total assets increased by 0.72% to $1.09 billion, while total deposits decreased by 2.93% due to seasonal activities. The net interest margin decreased to 2.54%, with cost of funds at 3.60%. Non-interest income increased by 14.53%, driven by higher gain-on-sale revenue from mortgage and SBA loans. Non-interest expense increased by 8.04%, mainly related to compensation and occupancy costs. Asset quality improved, with a decrease in non-accrual loans and pending Trustee sale of non-performing assets. The company remains well-capitalized with strong capital ratios.

Freedom Financial Holdings (FDVA) announced a net loss of $2,006,393, or -$0.27 per diluted share for the three months ended December 31, 2023. Despite the loss, tangible book value per share increased by 2.70% during the quarter. The Company recognized a provision for loan losses of $4,751,441 in the fourth quarter, largely related to a single relationship. Net income for the full year 2023 was $2,318,695 or $0.32 per diluted share, compared to $10,563,572 or $1.45 per diluted share for the full year 2022. Total assets were $1.08 billion on December 31, 2023, an increase of $99.60 million or 10.11% from total assets on December 31, 2022.

Freedom Financial Holdings announces net income of $1.3 million for Q3 2023

Freedom Financial Holdings reports net income of $1,770,075 for Q2 2023, an increase of 43% compared to the previous quarter. The company achieved steady growth in loans and total deposits. Net interest margin declined due to higher deposit costs, but non-interest income increased by 18%. The management team has launched performance projects to increase fee-based revenues and lower expenses.

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.